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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Caesarstone Ltd | NASDAQ:CSTE | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.14 | -3.07% | 4.42 | 3.71 | 4.99 | 4.58 | 4.40 | 4.56 | 41,654 | 21:30:00 |
Exhibit
|
Description
|
|
|
CAESARSTONE LTD.
|
|
|
|
|
|
|
Date: August 7, 2024
|
By:
|
/s/ Ron Mosberg
|
|
|
|
Name: Ron Mosberg
|
|
|
|
Title: General Counsel & Corporate Secretary
|
|
As of
|
||||||||
U.S. dollars in thousands
|
June 30, 2024
|
December 31, 2023
|
||||||
(Unaudited)
|
(Audited)
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents and short-term bank deposits
|
$
|
103,572
|
$
|
91,123
|
||||
Trade receivables, net
|
62,671
|
66,888
|
||||||
Other accounts receivable and prepaid expenses (*)
|
70,123
|
25,489
|
||||||
Inventories
|
108,787
|
136,446
|
||||||
|
||||||||
Total current assets
|
345,153
|
319,946
|
||||||
LONG-TERM ASSETS:
|
||||||||
Severance pay fund
|
1,553
|
1,994
|
||||||
Deferred tax assets, net
|
3,394
|
3,061
|
||||||
Long-term deposits and prepaid expenses
|
4,982
|
4,961
|
||||||
Operating lease right-of-use assets
|
113,216
|
120,156
|
||||||
Property, plant and equipment, net (*)
|
77,931
|
123,480
|
||||||
Intangible assets, net
|
4,853
|
6,257
|
||||||
Total long-term assets
|
205,929
|
259,909
|
||||||
Total assets
|
$
|
551,082
|
$
|
579,855
|
||||
LIABILITIES AND EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Short-term bank credit
|
$
|
5,000
|
$
|
5,118
|
||||
Trade payables
|
37,016
|
42,848
|
||||||
Related parties
|
205
|
257
|
||||||
Short term legal settlements and loss contingencies
|
19,659
|
16,106
|
||||||
Accrued expenses and other liabilities
|
57,291
|
56,894
|
||||||
Total current liabilities
|
119,171
|
121,223
|
||||||
LONG-TERM LIABILITIES:
|
||||||||
Long-term bank and other loans
|
1,308
|
2,549
|
||||||
Legal settlements and loss contingencies long-term and other liabilities
|
11,025
|
11,814
|
||||||
Deferred tax liabilities, net
|
2,870
|
3,006
|
||||||
Long-term lease liabilities
|
105,195
|
114,146
|
||||||
Accrued severance pay
|
2,944
|
3,065
|
||||||
Long-term warranty provision
|
1,118
|
1,204
|
||||||
Total long-term liabilities
|
124,460
|
135,784
|
||||||
REDEEMABLE NON-CONTROLLING INTEREST
|
7,804
|
7,789
|
||||||
EQUITY:
|
||||||||
Ordinary shares
|
371
|
371
|
||||||
Treasury shares - at cost
|
(39,430
|
)
|
(39,430
|
)
|
||||
Additional paid-in capital
|
165,541
|
164,456
|
||||||
Capital fund related to non-controlling interest
|
(5,587
|
)
|
(5,587
|
)
|
||||
Accumulated other comprehensive income (loss), net
|
(10,633
|
)
|
(8,402
|
)
|
||||
Retained earnings
|
189,385
|
203,651
|
||||||
Total equity
|
299,647
|
315,059
|
||||||
Total liabilities and equity
|
$
|
551,082
|
$
|
579,855
|
(*) In Q2'24 we reclassified $ 41.3M from fixed assets to held for sale assets in accordance with ASC360.
|
Three months ended June 30,
|
Six months ended June 30,
|
|||||||||||||||
U.S. dollars in thousands (except per share data)
|
2024
|
2023
|
2024
|
2023
|
||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Revenues
|
$
|
119,432
|
$
|
143,679
|
$
|
237,724
|
$
|
294,312
|
||||||||
Cost of revenues
|
92,098
|
131,811
|
181,403
|
252,842
|
||||||||||||
Gross profit
|
27,334
|
11,868
|
56,321
|
41,470
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Research and development
|
1,100
|
1,549
|
2,312
|
2,595
|
||||||||||||
Sales and Marketing
|
22,554
|
20,235
|
44,922
|
42,060
|
||||||||||||
General and administrative
|
10,012
|
13,199
|
20,317
|
27,178
|
||||||||||||
Restructuring and Impairment expenses related to long lived assets (*)
|
90
|
23,573
|
90
|
23,573
|
||||||||||||
Legal settlements and loss contingencies, net
|
2,831
|
243
|
3,536
|
(1,087
|
)
|
|||||||||||
Total operating expenses
|
36,587
|
58,799
|
71,177
|
94,319
|
||||||||||||
Operating loss
|
(9,253
|
)
|
(46,931
|
)
|
(14,856
|
)
|
(52,849
|
)
|
||||||||
Finance income, net
|
(1,848
|
)
|
(1,188
|
)
|
(2,554
|
)
|
(3,524
|
)
|
||||||||
Loss before taxes
|
(7,405
|
)
|
(45,743
|
)
|
(12,302
|
)
|
(49,325
|
)
|
||||||||
Tax expenses, net
|
1,965
|
6,980
|
1,991
|
7,249
|
||||||||||||
Net loss
|
$
|
(9,370
|
)
|
$
|
(52,723
|
)
|
$
|
(14,293
|
)
|
$
|
(56,574
|
)
|
||||
Net loss (income) attributable to non-controlling interest
|
191
|
253
|
27
|
326
|
||||||||||||
Net loss attributable to controlling interest
|
$
|
(9,179
|
)
|
$
|
(52,470
|
)
|
$
|
(14,266
|
)
|
$
|
(56,248
|
)
|
||||
Basic net loss per ordinary share
|
$
|
(0.27
|
)
|
$
|
(1.52
|
)
|
$
|
(0.41
|
)
|
$
|
(1.64
|
)
|
||||
Diluted net loss per ordinary share
|
$
|
(0.27
|
)
|
$
|
(1.52
|
)
|
$
|
(0.41
|
)
|
$
|
(1.64
|
)
|
||||
Weighted average number of ordinary shares used in computing basic loss per ordinary share
|
34,536,399
|
34,514,431
|
34,535,293
|
34,511,873
|
||||||||||||
Weighted average number of ordinary shares used in computing diluted loss per ordinary share
|
34,536,399
|
34,514,431
|
34,535,293
|
34,511,873
|
(*) Including long-lived assets impairment and restructuring expenses related to plants closure.
|
Six months ended June 30,
|
||||||||
U.S. dollars in thousands
|
2024
|
2023
|
||||||
(Unaudited)
|
(Unaudited)
|
|||||||
Cash flows from operating activities:
|
||||||||
Net loss
|
$
|
(14,293
|
)
|
$
|
(56,574
|
)
|
||
Adjustments required to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
||||||||
Depreciation and amortization
|
8,638
|
15,239
|
||||||
Share-based compensation expense
|
1,085
|
495
|
||||||
Accrued severance pay, net
|
321
|
(118
|
)
|
|||||
Changes in deferred tax, net
|
(215
|
)
|
2,617
|
|||||
Capital loss
|
535
|
83
|
||||||
Legal settlemnets and loss contingencies, net
|
3,536
|
(1,087
|
)
|
|||||
Decrease in trade receivables
|
3,365
|
4,546
|
||||||
Decrease (increase) in other accounts receivable and prepaid expenses
|
(995
|
)
|
4,939
|
|||||
Decrease in inventories
|
26,650
|
65,439
|
||||||
Decrease in trade payables
|
(6,468
|
)
|
(26,062
|
)
|
||||
Decrease in warranty provision
|
(138
|
)
|
(91
|
)
|
||||
Changes in right of use assets
|
6,468
|
3,849
|
||||||
Changes in lease liabilities
|
(9,206
|
)
|
(6,676
|
)
|
||||
Contingent consideration related to acquisitions
|
||||||||
Amortization of premium and accretion of discount on marketable securities, net
|
-
|
-
|
||||||
Changes in Accrued interest related to Marketable Securities
|
-
|
-
|
||||||
Decrease in accrued expenses and other liabilities including related parties
|
(673
|
)
|
(5,023
|
)
|
||||
Restructuring expenses and Impairment related to long lived assets
|
90
|
23,573
|
||||||
Net cash provided by operating activities
|
18,700
|
25,149
|
||||||
Cash flows from investing activities:
|
||||||||
Purchase of property, plant and equipment
|
(4,378
|
)
|
(4,460
|
)
|
||||
Proceeds from sale of property, plant and equipment
|
42
|
10
|
||||||
Maturity of marketable securities
|
-
|
4,800
|
||||||
Increase in long term deposits
|
(75
|
)
|
(29
|
)
|
||||
Net used in investing activities
|
(4,411
|
)
|
321
|
|||||
Cash flows from financing activities:
|
||||||||
Changes in short-term bank credits and long-term loans, including related parties
|
(1,363
|
)
|
(22,776
|
)
|
||||
Net cash used in financing activities
|
(1,363
|
)
|
(22,776
|
)
|
||||
Effect of exchange rate differences on cash and cash equivalents
|
(477
|
)
|
219
|
|||||
Increase (decrease) in cash and cash equivalents and short-term bank deposits
|
12,449
|
2,913
|
||||||
Cash and cash equivalents and short-term bank deposits at beginning of the period
|
91,123
|
52,081
|
||||||
Cash and cash equivalents and short-term bank deposits at end of the period
|
$
|
103,572
|
$
|
54,994
|
||||
Non - cash investing:
|
||||||||
Changes in trade payables balances related to purchase of fixed assets
|
(369
|
)
|
18
|
Three months ended June 30,
|
Six months ended June 30,
|
|||||||||||||||
U.S. dollars in thousands
|
2024
|
2023
|
2024
|
2023
|
||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Reconciliation of Gross profit to Adjusted Gross profit:
|
||||||||||||||||
Gross profit
|
$
|
27,334
|
$
|
11,868
|
$
|
56,321
|
$
|
41,470
|
||||||||
Share-based compensation expense (a)
|
24
|
69
|
36
|
137
|
||||||||||||
Amortization of assets related to acquisitions
|
71
|
72
|
142
|
144
|
||||||||||||
Residual operating expenses related to closed plants after closing
|
612
|
1,784
|
612
|
1,784
|
||||||||||||
Other non recuring items
|
345
|
-
|
193
|
-
|
||||||||||||
Adjusted Gross profit (Non-GAAP)
|
$
|
28,386
|
$
|
13,793
|
$
|
57,304
|
$
|
43,535
|
(a)
|
Share-based compensation includes expenses related to stock options and restricted stock units granted to employees and directors of the Company.
|
Three months ended June 30,
|
Six months ended June 30,
|
|||||||||||||||
U.S. dollars in thousands
|
2024
|
2023
|
2024
|
2023
|
||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Reconciliation of Net Loss to Adjusted EBITDA:
|
||||||||||||||||
Net loss
|
$
|
(9,370
|
)
|
$
|
(52,723
|
)
|
$
|
(14,293
|
)
|
$
|
(56,574
|
)
|
||||
Finance income, net
|
(1,848
|
)
|
(1,188
|
)
|
(2,554
|
)
|
(3,524
|
)
|
||||||||
Taxes on income
|
1,965
|
6,980
|
1,991
|
7,249
|
||||||||||||
Depreciation and amortization
|
4,462
|
7,668
|
8,942
|
15,239
|
||||||||||||
Legal settlements and loss contingencies, net (a)
|
2,831
|
243
|
3,536
|
(1,087
|
)
|
|||||||||||
Contingent consideration adjustment related to acquisition
|
(106
|
)
|
87
|
(81
|
)
|
165
|
||||||||||
Share-based compensation expense (b)
|
500
|
179
|
1,085
|
495
|
||||||||||||
Restructuring expenses and Impairment related to long lived assets (c)
|
90
|
23,573
|
90
|
23,573
|
||||||||||||
Residual operating expenses related to closed plants after closing
|
1,047
|
1,784
|
1,642
|
1,784
|
||||||||||||
Other non recuring items
|
345
|
-
|
193
|
-
|
||||||||||||
Adjusted EBITDA (Non-GAAP)
|
$
|
(84
|
)
|
$
|
(13,397
|
)
|
$
|
551
|
$
|
(12,680
|
)
|
(a)
|
Consists primarily of legal settlements expenses and loss contingencies, net, related to product liability claims.
|
(b)
|
Share-based compensation includes expenses related to stock options and restricted stock units granted to employees and directors of the Company.
|
(c)
|
Including long-lived assets impairment and restructuring expenses related to plants closure.
|
Three months ended June 30,
|
Six months ended June 30,
|
|||||||||||||||
U.S. dollars in thousands (except per share data)
|
2024
|
2023
|
2024
|
2023
|
||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Reconciliation of net loss attributable to controlling interest to adjusted net loss attributable to controlling interest:
|
||||||||||||||||
Net loss attributable to controlling interest
|
$
|
(9,179
|
)
|
$
|
(52,470
|
)
|
$
|
(14,266
|
)
|
$
|
(56,248
|
)
|
||||
Legal settlements and loss contingencies, net (a)
|
2,831
|
243
|
3,536
|
(1,087
|
)
|
|||||||||||
Contingent consideration adjustment related to acquisition
|
(106
|
)
|
87
|
(81
|
)
|
165
|
||||||||||
Amortization of assets related to acquisitions, net of tax
|
534
|
491
|
1,069
|
1,026
|
||||||||||||
Share-based compensation expense (b)
|
500
|
179
|
1,085
|
495
|
||||||||||||
Non cash revaluation of lease liabilities (c)
|
(1,793
|
)
|
(1,297
|
)
|
(3,360
|
)
|
(3,002
|
)
|
||||||||
Restructuring expenses and Impairment related to long lived assets (d)
|
90
|
23,573
|
90
|
23,573.00
|
||||||||||||
Residual operating expenses related to closed plants after closing
|
1,047
|
1,784
|
1,642
|
1,784.00
|
||||||||||||
Other non recuring items
|
345
|
-
|
193
|
-
|
||||||||||||
Total adjustments
|
3,448
|
25,060
|
4,174
|
22,954
|
||||||||||||
Less tax on non-tax adjustments (e)
|
(672
|
)
|
(3,531
|
)
|
(675
|
)
|
(3,373
|
)
|
||||||||
Total adjustments after tax
|
4,119
|
28,593
|
4,849
|
26,327
|
||||||||||||
Adjusted net loss attributable to controlling interest (Non-GAAP)
|
$
|
(5,060
|
)
|
$
|
(23,877
|
)
|
$
|
(9,417
|
)
|
$
|
(29,921
|
)
|
||||
Adjusted loss per share (f)
|
$
|
(0.14
|
)
|
$
|
(0.69
|
)
|
$
|
(0.27
|
)
|
$
|
(0.87
|
)
|
(a)
|
Consists primarily of legal settlements expenses and loss contingencies, net, related to product liability claims.
|
||
(b)
|
Share-based compensation includes expenses related to stock options and restricted stock units granted to employees and directors of the Company.
|
||
(c)
|
Exchange rate diffrences deriving from revaluation of lease contracts in accordance with FASB ASC 842.
|
||
(d)
|
Including long-lived assets impairment and restructuring expenses related to plants closure.
|
||
(e)
|
Tax adjustments for the three months ended June 30, 2024 and 2023, based on the effective tax rates.
|
||
(f)
|
In calculating adjusted (Non-GAAP) loss per share, the diluted weighted average number of shares outstanding excludes the effects of share-based compensation
expense in accordance with FASB ASC 718.
|
Three months ended June 30,
|
Six months ended June 30,
|
Three months ended June 30,
|
Six months ended June 30,
|
|||||||||||||||||||||||||||||
U.S. dollars in thousands
|
2024
|
2023
|
2024
|
2023
|
||||||||||||||||||||||||||||
(Unaudited)
|
(Unaudited)
|
(Audited)
|
YoY % change
|
YoY % change CCB
|
YoY % change | YoY % change CCB | ||||||||||||||||||||||||||
USA
|
$
|
59,819
|
$
|
69,411
|
$
|
120,818
|
$
|
145,481
|
(13.8
|
)%
|
(13.8
|
)%
|
(17.0
|
)%
|
(17.0
|
)%
|
||||||||||||||||
Canada
|
16,880
|
20,432
|
33,436
|
38,756
|
(17.4
|
)%
|
(15.9
|
)%
|
(13.7
|
)%
|
(13.1
|
)%
|
||||||||||||||||||||
Latin America
|
133
|
312
|
909
|
818
|
(57.4
|
)%
|
(57.5
|
)%
|
11.1
|
%
|
11.0
|
%
|
||||||||||||||||||||
America's
|
76,832
|
90,155
|
155,163
|
185,055
|
(14.8
|
)%
|
(14.5
|
)%
|
(16.2
|
)%
|
(16.0
|
)%
|
||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Australia
|
20,929
|
26,817
|
41,075
|
52,213
|
(22.0
|
)%
|
(20.8
|
)%
|
(21.3
|
)%
|
(19.2
|
)%
|
||||||||||||||||||||
Asia
|
5,917
|
6,323
|
9,825
|
13,322
|
(6.4
|
)%
|
(5.1
|
)%
|
(26.3
|
)%
|
(26.0
|
)%
|
||||||||||||||||||||
APAC
|
26,846
|
33,140
|
50,900
|
65,535
|
(19.0
|
)%
|
(17.8
|
)%
|
(22.3
|
)%
|
(20.6
|
)%
|
||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
EMEA
|
12,101
|
14,288
|
23,636
|
30,210
|
(15.3
|
)%
|
(14.9
|
)%
|
(21.8
|
)%
|
(22.4
|
)%
|
||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Israel
|
3,653
|
6,096
|
8,025
|
13,512
|
(40.1
|
)%
|
(38.9
|
)%
|
(40.6
|
)%
|
(39.2
|
)%
|
||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Total Revenues
|
$
|
119,432
|
$
|
143,679
|
$
|
237,724
|
$
|
294,312
|
(16.9
|
)%
|
(16.3
|
)%
|
(19.2
|
)%
|
(18.8
|
)%
|
1 Year Caesarstone Chart |
1 Month Caesarstone Chart |
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