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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.17 | 3.46% | 5.09 | 5.07 | 5.09 | 5.09 | 4.82 | 4.90 | 112,531 | 20:50:26 |
Exhibit
|
Description
|
|
|
CAESARSTONE LTD.
|
|
|
|
|
|
|
Date: August 9, 2023
|
By:
|
/s/ Ron Mosberg
|
|
|
|
Name: Ron Mosberg
|
|
|
|
Title: General Counsel & Corporate Secretary
|
|
Caesarstone Ltd. and its subsidiaries
Condensed consolidated balance sheets |
As of
|
||||||||
U.S. dollars in thousands
|
June 30, 2023
|
December 31, 2022
|
||||||
(Unaudited)
|
(Audited)
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents and short-term bank deposits
|
$
|
54,994
|
$
|
52,081
|
||||
Short-term available for sale marketable securities
|
2,303
|
7,077
|
||||||
Trade receivables, net
|
73,458
|
77,898
|
||||||
Other accounts receivable and prepaid expenses
|
28,709
|
32,570
|
||||||
Inventories
|
172,999
|
238,232
|
||||||
Total current assets
|
332,463
|
407,858
|
||||||
LONG-TERM ASSETS:
|
||||||||
Severance pay fund
|
3,167
|
3,410
|
||||||
Deferred tax assets, net
|
12,462
|
16,251
|
||||||
Long-term deposits and prepaid expenses
|
3,286
|
3,255
|
||||||
Operating lease right-of-use assets
|
119,426
|
144,098
|
||||||
Property, plant and equipment, net
|
159,515
|
169,292
|
||||||
Intangible assets, net
|
7,455
|
8,817
|
||||||
Total long-term assets
|
305,311
|
345,123
|
||||||
Total assets
|
$
|
637,774
|
$
|
752,981
|
||||
LIABILITIES AND EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Short-term bank credit
|
$
|
4,523
|
$
|
26,135
|
||||
Trade payables
|
41,917
|
62,194
|
||||||
Related parties and other loans
|
296
|
283
|
||||||
Short term legal settlements and loss contingencies
|
16,034
|
17,595
|
||||||
Accrued expenses and other liabilities
|
59,324
|
58,777
|
||||||
Total current liabilities
|
122,094
|
164,984
|
||||||
LONG-TERM LIABILITIES:
|
||||||||
Long-term bank and other loans and financing liability of land from a related party
|
3,798
|
4,823
|
||||||
Legal settlements and loss contingencies long-term
|
14,050
|
19,572
|
||||||
Deferred tax liabilities, net
|
3,153
|
4,288
|
||||||
Long-term lease liabilities
|
117,407
|
124,353
|
||||||
Accrued severance pay
|
4,388
|
4,750
|
||||||
Long-term warranty provision
|
1,229
|
1,262
|
||||||
Total long-term liabilities
|
144,025
|
159,048
|
||||||
REDEEMABLE NON-CONTROLLING INTEREST
|
7,946
|
7,903
|
||||||
EQUITY:
|
||||||||
Ordinary shares
|
371
|
371
|
||||||
Treasury shares - at cost
|
(39,430
|
)
|
(39,430
|
)
|
||||
Additional paid-in capital
|
163,926
|
163,431
|
||||||
Capital fund related to non-controlling interest
|
(5,587
|
)
|
(5,587
|
)
|
||||
Accumulated other comprehensive income (loss), net
|
(10,890
|
)
|
(9,578
|
)
|
||||
Retained earnings
|
255,319
|
311,839
|
||||||
Total equity
|
363,709
|
421,046
|
||||||
Total liabilities and equity
|
$
|
637,774
|
$
|
752,981
|
Caesarstone Ltd. and its subsidiaries
Condensed consolidated statements of income (loss) |
Three months ended June 30,
|
Six months ended June 30,
|
|||||||||||||||
U.S. dollars in thousands (except per share data)
|
2023
|
2022
|
2023
|
2022
|
||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Revenues
|
$
|
143,679
|
$
|
180,272
|
$
|
294,312
|
$
|
350,710
|
||||||||
Cost of revenues
|
131,811
|
132,747
|
252,842
|
260,013
|
||||||||||||
Gross profit
|
11,868
|
47,525
|
41,470
|
90,697
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Research and development
|
1,549
|
1,190
|
2,595
|
2,094
|
||||||||||||
Sales and Marketing
|
20,235
|
24,884
|
42,060
|
48,259
|
||||||||||||
General and administrative
|
13,199
|
13,761
|
27,178
|
26,548
|
||||||||||||
Restructuring expenses and Impairment related to long lived assets (**)
|
23,573
|
-
|
23,573
|
-
|
||||||||||||
Legal settlements and loss contingencies, net
|
243
|
1,334
|
(1,087
|
)
|
458
|
|||||||||||
Total operating expenses
|
58,799
|
41,169
|
94,319
|
77,359
|
||||||||||||
Operating income (loss)
|
(46,931
|
)
|
6,356
|
(52,849
|
)
|
13,338
|
||||||||||
Finance income, net
|
(1,188
|
)
|
(6,445
|
)
|
(3,524
|
)
|
(7,793
|
)
|
||||||||
Income (loss) before taxes
|
(45,743
|
)
|
12,801
|
(49,325
|
)
|
21,131
|
||||||||||
Tax expenses, net
|
6,980
|
1,571
|
7,249
|
3,245
|
||||||||||||
Net income (loss)
|
$
|
(52,723
|
)
|
$
|
11,230
|
$
|
(56,574
|
)
|
$
|
17,886
|
||||||
Net loss (income) attributable to non-controlling interest
|
253
|
(83
|
)
|
326
|
(511
|
)
|
||||||||||
Net income (loss) attributable to controlling interest
|
$
|
(52,470
|
)
|
$
|
11,147
|
$
|
(56,248
|
)
|
$
|
17,375
|
||||||
Basic net income (loss) per ordinary share (*)
|
$
|
(1.52
|
)
|
$
|
0.32
|
$
|
(1.64
|
)
|
$
|
0.50
|
||||||
Diluted net income (loss) per ordinary share (*)
|
$
|
(1.52
|
)
|
$
|
0.32
|
$
|
(1.64
|
)
|
$
|
0.50
|
||||||
Weighted average number of ordinary shares used in computing
basic income (loss) per ordinary share
|
34,514,431
|
34,479,635
|
34,511,873
|
34,479,978
|
||||||||||||
Weighted average number of ordinary shares used in computing
diluted income (loss) per ordinary share
|
34,523,855
|
34,524,257
|
34,525,892
|
34,527,107
|
Caesarstone Ltd. and its subsidiaries
Selected Condensed consolidated statements of cash flows |
Six months ended June 30,
|
||||||||
U.S. dollars in thousands
|
2023
|
2022
|
||||||
(Unaudited)
|
(Unaudited)
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income (loss)
|
$
|
(56,574
|
)
|
$
|
17,886
|
|||
Adjustments required to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
||||||||
Depreciation and amortization
|
15,239
|
18,023
|
||||||
Share-based compensation expense
|
495
|
868
|
||||||
Accrued severance pay, net
|
(118
|
)
|
(72
|
)
|
||||
Changes in deferred tax, net
|
2,617
|
(1,219
|
)
|
|||||
Capital (gain) loss
|
83
|
(2
|
)
|
|||||
Legal settlemnets and loss contingencies, net
|
(1,087
|
)
|
458
|
|||||
Increase in trade receivables
|
4,546
|
(13,923
|
)
|
|||||
Decrease in other accounts receivable and prepaid expenses
|
4,939
|
(2,363
|
)
|
|||||
Decrease (increase) in inventories
|
65,439
|
(50,543
|
)
|
|||||
Increase (decrease) in trade payables
|
(26,062
|
)
|
13,987
|
|||||
Decrease in warranty provision
|
(91
|
)
|
(35
|
)
|
||||
Changes in right of use assets
|
3,849
|
10,088
|
||||||
Changes in lease liabilities
|
(6,676
|
)
|
(18,807
|
)
|
||||
Contingent consideration related to acquisitions
|
165
|
-
|
||||||
Amortization of premium and accretion of discount on marketable securities, net
|
54
|
146
|
||||||
Changes in Accrued interest related to Marketable Securities
|
21
|
64
|
||||||
Decrease in accrued expenses and other liabilities including related parties
|
(5,263
|
)
|
(2,307
|
)
|
||||
Restructuring expenses and Impairment related to long lived assets
|
23,573
|
-
|
||||||
Net cash provided by (used in) operating activities
|
25,149
|
(27,751
|
)
|
|||||
Cash flows from investing activities:
|
||||||||
Purchase of property, plant and equipment
|
(4,460
|
)
|
(8,611
|
)
|
||||
Proceeds from sale of property, plant and equipment
|
10
|
7
|
||||||
Maturity of marketable securities
|
4,800
|
10,801
|
||||||
Decreae (increase) in long term deposits
|
(29
|
)
|
134
|
|||||
Net provided by investing activities
|
321.00
|
2,331
|
||||||
Cash flows from financing activities:
|
||||||||
Changes in short-term bank credits and long-term loans, including related parties
|
(22,776
|
)
|
5,752
|
|||||
Repayment of a financing leaseback related to Bar-Lev transaction
|
-
|
(648
|
)
|
|||||
Net cash provided by (used in) financing activities
|
(22,776
|
)
|
5,104
|
|||||
Effect of exchange rate differences on cash and cash equivalents
|
219
|
(516
|
)
|
|||||
Increase (decrease) in cash and cash equivalents and short-term bank deposits
|
2,913
|
(20,832
|
)
|
|||||
Cash and cash equivalents and short-term bank deposits at beginning of the period
|
52,081
|
74,315
|
||||||
Cash and cash equivalents and short-term bank deposits at end of the period
|
$
|
54,994
|
$ |
53,483
|
||||
Non - cash investing:
|
||||||||
Changes in trade payables balances related to purchase of fixed assets
|
18
|
(837
|
)
|
Three months ended June 30,
|
Six months ended June 30,
|
|||||||||||||||
U.S. dollars in thousands
|
2023
|
2022
|
2023
|
2022
|
||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Reconciliation of Gross profit to Adjusted Gross profit:
|
||||||||||||||||
Gross profit
|
$
|
11,868
|
$
|
47,525
|
$
|
41,470
|
$
|
90,697
|
||||||||
Share-based compensation expense (a)
|
69
|
59
|
137
|
149
|
||||||||||||
Amortization of assets related to acquisitions
|
72
|
76
|
144
|
154
|
||||||||||||
Residual operating expenses related to Sdot-Yam after closing
|
1,784
|
-
|
1,784
|
-
|
||||||||||||
Adjusted Gross profit (Non-GAAP)
|
$
|
13,793
|
$
|
47,660
|
$
|
43,535
|
$
|
91,001
|
Three months ended June 30,
|
Six months ended June 30,
|
|||||||||||||||
U.S. dollars in thousands
|
2023
|
2022
|
2023
|
2022
|
||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Reconciliation of Net Income (loss) to Adjusted EBITDA:
|
||||||||||||||||
Net income (loss)
|
$
|
(52,723
|
)
|
$
|
11,230
|
$
|
(56,574
|
)
|
$
|
17,886
|
||||||
Finance income, net
|
(1,188
|
)
|
(6,445
|
)
|
(3,524
|
)
|
(7,793
|
)
|
||||||||
Taxes on income
|
6,980
|
1,571
|
7,249
|
3,245
|
||||||||||||
Depreciation and amortization
|
7,668
|
8,823
|
15,239
|
18,023
|
||||||||||||
Legal settlements and loss contingencies, net (a)
|
243
|
1,334
|
(1,087
|
)
|
458
|
|||||||||||
Contingent consideration adjustment related to acquisition
|
87
|
-
|
165
|
-
|
||||||||||||
Acquisition and integration related expenses
|
-
|
80
|
-
|
80
|
||||||||||||
Share-based compensation expense (b)
|
179
|
480
|
495
|
868
|
||||||||||||
Restructuring expenses and Impairment related to long lived assets (c)
|
23,573
|
-
|
23,573
|
-
|
||||||||||||
Residual operating expenses related to Sdot-Yam after closing (c)
|
1,784
|
-
|
1,784
|
-
|
||||||||||||
Adjusted EBITDA (Non-GAAP)
|
$
|
(13,397
|
)
|
$
|
17,073
|
$
|
(12,680
|
)
|
$
|
32,767
|
Three months ended June 30,
|
Six months ended June 30,
|
|||||||||||||||
U.S. dollars in thousands (except per share data)
|
2023
|
2022
|
2023
|
2022
|
||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Reconciliation of net income (loss) attributable to controlling interest to adjusted net income (loss) attributable to controlling interest:
|
||||||||||||||||
Net income (loss) attributable to controlling interest
|
$
|
(52,470
|
)
|
$
|
11,147
|
$
|
(56,248
|
)
|
$
|
17,375
|
||||||
Legal settlements and loss contingencies, net (a)
|
243
|
1,334
|
(1,087
|
)
|
458
|
|||||||||||
Contingent consideration adjustment related to acquisition
|
87
|
165
|
||||||||||||||
Amortization of assets related to acquisitions, net of tax
|
491
|
498
|
1,026
|
1,000
|
||||||||||||
Share-based compensation expense (b)
|
179
|
480
|
495
|
868
|
||||||||||||
Acquisition and integration related expenses
|
-
|
80
|
-
|
80
|
||||||||||||
Non cash revaluation of lease liabilities (c)
|
(1,297
|
)
|
(7,478
|
)
|
(3,002
|
)
|
(9,407
|
)
|
||||||||
Restructuring expenses and Impairment related to long lived assets (d)
|
23,573
|
-
|
23,573
|
-
|
||||||||||||
Residual operating expenses related to Sdot-Yam after closing (d)
|
1,784
|
-
|
1,784
|
-
|
||||||||||||
Total adjustments
|
25,060
|
(5,086
|
)
|
22,954
|
(7,001
|
)
|
||||||||||
Less tax on non-tax adjustments (e)
|
(3,532
|
)
|
(690
|
)
|
(3,373
|
)
|
(1,075
|
)
|
||||||||
Total adjustments after tax
|
28,592
|
(4,396
|
)
|
26,327
|
(5,926
|
)
|
||||||||||
Adjusted net income (loss) attributable to controlling interest (Non-GAAP)
|
$
|
(23,878
|
)
|
$
|
6,751
|
$
|
(29,921
|
)
|
$
|
11,449
|
||||||
Adjusted earning (loss) per share (f)
|
$
|
(0.69
|
)
|
$
|
0.20
|
$
|
(0.87
|
)
|
$
|
0.33
|
|
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
|
2023
|
2022
|
2023
|
2022
|
||||||||||||||||||||||||||||
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
YoY %
change
|
YoY %
change CCB
|
YoY %
change
|
YoY %
change CCB
|
|||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
USA
|
$
|
69,411
|
$
|
93,039
|
$
|
145,481
|
$
|
178,276
|
(25.4
|
)%
|
(25.4
|
)%
|
(18.4
|
)%
|
(18.4
|
)%
|
||||||||||||||||
Canada
|
20,432
|
25,363
|
38,756
|
49,097
|
(19.4
|
)%
|
(15.3
|
)%
|
(21.1
|
)%
|
(16.4
|
)%
|
||||||||||||||||||||
Latin America
|
312
|
1,272
|
818
|
2,047
|
(75.5
|
)%
|
(75.4
|
)%
|
(60.0
|
)%
|
(60.0
|
)%
|
||||||||||||||||||||
America's
|
90,155
|
119,674
|
185,055
|
229,420
|
(24.7
|
)%
|
(23.8
|
)%
|
(19.3
|
)%
|
(18.3
|
)%
|
||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Australia
|
26,817
|
30,195
|
52,213
|
55,734
|
(11.2
|
)%
|
(5.3
|
)%
|
(6.3
|
)%
|
(0.4
|
)%
|
||||||||||||||||||||
Asia
|
6,323
|
8,157
|
13,322
|
17,882
|
(22.5
|
)%
|
(21.0
|
)%
|
(25.5
|
)%
|
(23.3
|
)%
|
||||||||||||||||||||
APAC
|
33,140
|
38,352
|
65,535
|
73,616
|
(13.6
|
)%
|
(8.6
|
)%
|
(11.0
|
)%
|
(5.9
|
)%
|
||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
EMEA
|
14,288
|
15,827
|
30,210
|
31,050
|
(9.7
|
)%
|
(10.2
|
)% |
(2.7
|
)%
|
(0.1
|
)%
|
||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Israel
|
6,096
|
6,419
|
13,512
|
16,624
|
(5.0
|
)%
|
(1.9
|
)%
|
(18.7
|
)%
|
(12.2
|
)%
|
||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Total Revenues
|
$
|
143,679
|
$
|
180,272
|
$
|
294,312
|
$
|
350,710
|
(20.3
|
)%
|
(18.4
|
)%
|
(16.1
|
)%
|
(13.8
|
)%
|
1 Year Caesarstone Chart |
1 Month Caesarstone Chart |
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