Kornit Digital Ltd. (“Kornit” or “the Company”) (Nasdaq: KRNT), a
worldwide market leader in sustainable, on-demand, digital fashionX
and textile production technologies, reported today its results for
the first quarter ended March 31, 2023.
“Promising indicators emerged during the first
quarter in certain parts of our business, despite the persistent
macroeconomic pressures,” said Ronen Samuel, Kornit’s Chief
Executive Officer. “These indicators included the double-digit
year-over-year impressions growth from several of our larger
direct-to-garment (DTG) strategic accounts in the customized design
market, and the continued adoption of our MAX technology. While
capacity utilization is still not optimal, we see immense
opportunities unfolding with major demand generating platforms and
expect this market to resume growth as overall macro conditions
improve.”
Mr. Samuel continued, “With our MAX technology
as the cornerstone, we’ve been steadily gaining momentum on our
strategy in targeting brands, retailers, and their global
fulfillers, all of whom will greatly benefit from Kornit’s
sustainable on-demand digital solutions, instead of existing analog
production. We had a strong quarter for Atlas MAX Poly, and
continued to strengthen our market-leading position in
direct-to-fabric (DTF) with Presto MAX. The progress made in the
first quarter offers additional proof points that our MAX
technology is becoming the industry standard and an excellent
solution that offers top retail quality output, increased
productivity, better cost efficiencies, and new product
capabilities and offerings.”
Mr. Samuel concluded, “We are excited to attend
the upcoming ITMA tradeshow in Milan, where we will demonstrate how
digital production goes mainstream with sustainable
on-demand manufacturing at scale. We will showcase a
diverse range of new cutting-edge DTF and DTG solutions, including
unveiling our highly anticipated Apollo, which will revolutionize
markets traditionally served by analog. These new systems and
solutions significantly extend the breadth of print applications
and offer levels of automation never before seen in any of the
markets we serve.”
First Quarter 2023 Results of
Operations
- Total revenue for the first quarter
of 2023 was $47.8 million compared with $83.3 million in the prior
year period, primarily due to expected lower systems revenues.
- GAAP gross profit margin for the
first quarter of 2023 was 27.4% compared with 40.1% in the prior
year period. On a non-GAAP basis, gross profit margin was 30.2%
compared with 41.5% in the prior year period.
- GAAP operating expenses for the
first quarter of 2023 decreased by 7.7% to $37.2 million compared
with the prior year period. On a non-GAAP basis, operating expenses
also decreased by 8.0% to $32.4 million compared with the prior
year period.
- GAAP net loss for the first quarter
of 2023 was $18.9 million, or ($0.38) per basic share, compared
with net loss of $5.2 million, or ($0.10) per basic share, for the
first quarter of 2022.
- Non-GAAP net loss for the first
quarter of 2023 was $13.4 million, or ($0.27) per basic share,
compared with non-GAAP net income of $0.2 million, or $0.00 per
diluted share, for the first quarter of 2022.
- Adjusted EBITDA loss for the first
quarter of 2023 was $14.7 million compared with adjusted EBITDA of
$1.5 million for the first quarter of 2022. Adjusted EBITDA margin
for the first quarter of 2023 was -30.8% compared with 1.8% for the
first quarter of 2022.
Second Quarter 2023
Guidance
For the second quarter of 2023, the Company
expects revenues to be in the range of $54 million to $59 million
and adjusted EBITDA margin between -19% to -27% of revenue. The
guidance for revenue and adjusted EBITDA margin includes the impact
of the non-cash expense associated with the fair value of the
Company’s warrants.
First Quarter Earnings Conference Call
Information
The Company will host a conference call today at
8:30 a.m. ET, or 3:30 p.m. Israel time, to discuss the results,
followed by a question-and-answer session with the investor
community.
A live webcast of the call can
be accessed at ir.kornit.com. To access the call, participants may
dial toll-free at 1-888-886-7786 or 1-416-764-8658. The toll-free
Israeli number is 1 809 468 221. The conference confirmation code
is 79530398.
To listen to a replay of the conference call,
dial toll-free 1-844-512-2921 or 1-412-317-6671 (international) and
enter confirmation code 79530398. The telephonic replay will be
available approximately three hours after the completion of the
live call until 11:59 pm ET on Wednesday, May 24, 2023. The call
will also be available for replay via the webcast link on Kornit’s
Investor Relations website.
About Kornit Digital
Kornit Digital Ltd. (NASDAQ: KRNT) is a
worldwide market leader in sustainable, on-demand, digital fashionx
and textile production technologies. The Company is writing the
operating system for fashion with end-to-end solutions including
digital printing systems, inks, consumables, and an entire global
ecosystem that manages workflows and fulfillment. Headquartered in
Israel with offices in the USA, Europe, and Asia Pacific, Kornit
serves customers in more than one hundred countries and states
worldwide. To learn more about how Kornit Digital is boldly
transforming the world of fashion and textiles, visit
www.kornit.com.
Forward Looking Statements
Certain statements in this press release are
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995 and other U.S. securities
laws. Forward-looking statements are characterized by the use of
forward-looking terminology such as “will,” “expects,”
“anticipates,” “continue,” “believes,” “should,” “intended,”
“guidance,” “preliminary,” “future,” “planned,” or other words.
These forward-looking statements include, but are not limited to,
statements relating to the Company’s objectives, plans and
strategies, statements of preliminary or projected results of
operations or of financial condition and all statements that
address activities, events, or developments that the Company
intends, expects, projects, believes or anticipates will or may
occur in the future. Forward-looking statements are not guarantees
of future performance and are subject to risks and uncertainties.
The Company has based these forward-looking statements on
assumptions and assessments made by its management in light of
their experience and their perception of historical trends, current
conditions, expected future developments and other factors they
believe to be appropriate. Important factors that could cause
actual results, developments and business decisions to differ
materially from those anticipated in these forward-looking
statements include, among other things: the duration and severity
of current adverse macro-economic headwinds being caused by
supply-chain delays, inflationary pressures, and rising interest
rates, which have been impacting, and may continue to impact, in an
adverse manner, the Company’s operations, financial position and
cash flows, in part due to the adverse impact on the Company’s
customers and suppliers; the Company’s degree of success in
developing, introducing and selling new or improved products and
product enhancements including specifically the Company’s Poly Pro
and Presto products; the extent of the Company’s ability to
consummate sales to large accounts with multi-system delivery
plans; the degree of the Company’s ability to fill orders for its
systems; the extent of the Company’s ability to increase sales of
its systems, ink and consumables; the extent of the Company’s
ability to leverage its global infrastructure build-out; the
development of the market for digital textile printing; the
availability of alternative ink; competition; sales concentration;
changes to the Company’s relationships with suppliers; the extent
of the Company’s success in marketing; and those additional factors
referred to under “Risk Factors” in Item 3.D of the Company’s
Annual Report on Form 20-F for the year ended December 31, 2022,
filed with the SEC on March 30, 2023. Any forward-looking
statements in this press release are made as of the date hereof,
whether as a result of new information, future events or otherwise,
except as required by law.
Non-GAAP Discussion
Disclosure
The Company presents certain non-GAAP financial
measures, in this press release and in the accompanying conference
call to discuss the Company’s quarterly results. These non-GAAP
financial measures reflect adjustments to corresponding GAAP
financial measures in order to exclude the impact of the following:
share-based compensation expenses; amortization of intangible
assets; acquisition related expenses; restructuring expenses;
foreign exchange differences associated with ASC 842; and non-cash
deferred tax income.
The Company defines “Adjusted EBITDA” as
non-GAAP operating income (loss), which reflects the adjustments
described in the preceding paragraph, as further adjusted to
exclude depreciation expense.
The purpose of the foregoing non-GAAP financial
measures is to convey the Company’s performance exclusive of
non-cash charges and other items that are considered by management
to be outside of the Company’s core operating results. These
non-GAAP measures are among the primary factors management uses in
planning for and forecasting future periods. Furthermore, the
non-GAAP measures are regularly used internally to understand,
manage, and evaluate the Company’s business and make operating
decisions, and the Company believes that they are useful to
investors as a consistent and comparable measure of the ongoing
performance of the Company’s business. The Company’s non-GAAP
financial measures are not meant to be considered in isolation or
as a substitute for comparable GAAP measures and should be read
only in conjunction with the Company’s consolidated financial
statements prepared in accordance with GAAP. Additionally, these
non-GAAP financial measures may differ materially from the non-GAAP
financial measures used by other companies.
The reconciliation tables included below present
a reconciliation of our non-GAAP financial measures to the most
directly comparable GAAP financial measures.
Investor Contact:Andrew G.
BackmanGlobal Head of Investor
Relationsandrew.backman@kornit.com
KORNIT
DIGITAL LTD. |
|
AND ITS
SUBSIDIARIES |
|
CONSOLIDATED
BALANCE SHEETS |
|
(U.S.
dollars in thousands) |
|
|
|
|
|
|
|
|
|
March
31, |
|
December
31, |
|
|
|
2023 |
|
2022 |
|
|
|
(Unaudited) |
|
(Audited) |
|
ASSETS |
|
|
|
|
|
CURRENT
ASSETS: |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
352,950 |
|
$ |
104,597 |
|
Short-term bank deposit |
|
|
101 |
|
|
275,033 |
|
Marketable securities |
|
|
25,948 |
|
|
20,380 |
|
Trade receivables, net |
|
|
72,968 |
|
|
67,360 |
|
Inventory |
|
|
92,727 |
|
|
89,415 |
|
Other accounts receivable and prepaid expenses |
|
|
21,138 |
|
|
22,054 |
|
Total
current assets |
|
|
565,832 |
|
|
578,839 |
|
|
|
|
|
|
|
LONG-TERM
ASSETS: |
|
|
|
|
|
Marketable securities |
|
|
244,946 |
|
|
245,970 |
|
Deposits and other long-term assets |
|
|
6,954 |
|
|
5,927 |
|
Severance pay fund |
|
|
301 |
|
|
274 |
|
Property, plant and equipment, net |
|
|
58,717 |
|
|
60,463 |
|
Operating lease right-of-use assets |
|
|
31,910 |
|
|
27,139 |
|
Intangible assets, net |
|
|
9,233 |
|
|
9,890 |
|
Goodwill |
|
|
29,164 |
|
|
29,164 |
|
Total
long-term assets |
|
|
381,225 |
|
|
378,827 |
|
|
|
|
|
|
|
Total assets |
|
|
947,057 |
|
|
957,666 |
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
|
Trade payables |
|
|
11,837 |
|
|
14,833 |
|
Employees and payroll accruals |
|
|
14,857 |
|
|
14,255 |
|
Deferred revenues and advances from customers |
|
|
4,663 |
|
|
5,701 |
|
Operating lease liabilities |
|
|
4,975 |
|
|
4,989 |
|
Other payables and accrued expenses |
|
|
30,127 |
|
|
25,592 |
|
Total
current liabilities |
|
|
66,459 |
|
|
65,370 |
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES: |
|
|
|
|
|
Accrued severance pay |
|
|
1,349 |
|
|
1,223 |
|
Operating lease liabilities |
|
|
25,363 |
|
|
21,035 |
|
Other long-term liabilities |
|
|
856 |
|
|
1,216 |
|
Total
long-term liabilities |
|
|
27,568 |
|
|
23,474 |
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY |
|
|
853,030 |
|
|
868,822 |
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
947,057 |
|
$ |
957,666 |
|
|
|
|
|
|
|
KORNIT
DIGITAL LTD. |
AND ITS
SUBSIDIARIES |
CONSOLIDATED
STATEMENTS OF OPERATIONS |
(U.S. dollars in
thousands, except share and per share data) |
|
|
|
|
|
Three Months
Ended |
|
March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
(Unaudited) |
|
|
|
|
Revenues |
|
|
|
Products |
$ |
31,903 |
|
|
$ |
72,514 |
|
Services |
|
15,875 |
|
|
|
10,779 |
|
Total
revenues |
|
47,778 |
|
|
|
83,293 |
|
|
|
|
|
Cost of
revenues |
|
|
|
Products |
|
20,379 |
|
|
|
39,237 |
|
Services |
|
14,327 |
|
|
|
10,654 |
|
Total cost
of revenues |
|
34,706 |
|
|
|
49,891 |
|
|
|
|
|
Gross
profit |
|
13,072 |
|
|
|
33,402 |
|
|
|
|
|
Operating
expenses: |
|
|
|
Research and development, net |
|
13,082 |
|
|
|
14,010 |
|
Sales and marketing |
|
15,183 |
|
|
|
16,531 |
|
General and administrative |
|
8,948 |
|
|
|
9,766 |
|
Total
operating expenses |
|
37,213 |
|
|
|
40,307 |
|
|
|
|
|
Operating
loss |
|
(24,141 |
) |
|
|
(6,905 |
) |
|
|
|
|
Financial
income, net |
|
5,404 |
|
|
|
1,799 |
|
Loss before
taxes on income |
|
(18,737 |
) |
|
|
(5,106 |
) |
|
|
|
|
Taxes on
income |
|
194 |
|
|
|
91 |
|
Net
loss |
$ |
(18,931 |
) |
|
$ |
(5,197 |
) |
|
|
|
|
Basic loss
per share |
$ |
(0.38 |
) |
|
$ |
(0.10 |
) |
|
|
|
|
|
|
|
|
Weighted
average number of shares |
|
|
|
used in
computing basic net loss per share |
|
49,887,982 |
|
|
|
49,658,028 |
|
|
|
|
|
|
|
|
|
Diluted net
loss per share |
$ |
(0.38 |
) |
|
$ |
(0.10 |
) |
|
|
|
|
|
|
|
|
Weighted
average number of shares |
|
|
|
used in
computing diluted net loss per share |
|
49,887,982 |
|
|
|
49,658,028 |
|
|
|
|
|
|
KORNIT
DIGITAL LTD. |
|
AND ITS
SUBSIDIARIES |
|
RECONCILIATION OF GAAP TO NON-GAAP CONSOLIDATED STATEMENTS
OF OPERATIONS |
|
(U.S. dollars in
thousands, except share and per share data) |
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
|
March
31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
Revenues |
$ |
47,778 |
|
|
$ |
83,293 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP cost of revenues |
$ |
34,706 |
|
|
$ |
49,891 |
|
|
Cost of product recorded for share-based compensation (1) |
|
(507 |
) |
|
|
(449 |
) |
|
Cost of service recorded for share-based compensation (1) |
|
(351 |
) |
|
|
(385 |
) |
|
Intangible assets amortization on cost of product (3) |
|
(263 |
) |
|
|
(173 |
) |
|
Intangible assets amortization on cost of service (3) |
|
(160 |
) |
|
|
(160 |
) |
|
Restructuring expenses (4) |
|
(89 |
) |
|
|
- |
|
|
Non-GAAP cost of revenues |
$ |
33,336 |
|
|
$ |
48,724 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit |
$ |
13,072 |
|
|
$ |
33,402 |
|
|
Gross profit adjustments |
|
1,370 |
|
|
|
1,167 |
|
|
Non-GAAP gross profit |
$ |
14,442 |
|
|
$ |
34,569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating expenses |
$ |
37,213 |
|
|
$ |
40,307 |
|
|
Share-based compensation (1) |
|
(4,387 |
) |
|
|
(4,464 |
) |
|
Acquisition related expenses (2) |
|
- |
|
|
|
(512 |
) |
|
Intangible assets amortization (3) |
|
(188 |
) |
|
|
(86 |
) |
|
Restructuring expenses (4) |
|
|
(206 |
) |
|
|
- |
|
|
Non-GAAP operating expenses |
$ |
32,432 |
|
|
$ |
35,245 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Financial income, net |
$ |
5,404 |
|
|
$ |
1,799 |
|
|
Foreign exchange differences associated with ASC 842 |
|
(376 |
) |
|
|
(649 |
) |
|
Non-GAAP Financial income , net |
$ |
5,028 |
|
|
$ |
1,150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Taxes on income |
$ |
194 |
|
|
$ |
91 |
|
|
Non-cash deferred tax income |
|
221 |
|
|
|
217 |
|
|
Non-GAAP Taxes on income |
$ |
415 |
|
|
$ |
308 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss |
$ |
(18,931 |
) |
|
$ |
(5,197 |
) |
|
Share-based compensation (1) |
|
5,245 |
|
|
|
5,298 |
|
|
Acquisition related expenses (2) |
|
- |
|
|
|
512 |
|
|
Intangible assets amortization (3) |
|
611 |
|
|
|
419 |
|
|
Restructuring expenses (4) |
|
295 |
|
|
|
- |
|
|
Foreign exchange differences associated with ASC 842 |
|
(376 |
) |
|
|
(649 |
) |
|
Non-cash deferred tax income |
|
(221 |
) |
|
|
(217 |
) |
|
Non-GAAP net income (Loss) |
$ |
(13,377 |
) |
|
$ |
166 |
|
|
|
|
|
|
|
|
GAAP diluted loss per share |
$ |
(0.38 |
) |
|
$ |
(0.10 |
) |
|
|
|
|
|
|
|
Non-GAAP diluted earnings (loss) per share |
$ |
(0.27 |
) |
|
$ |
0.00 |
|
|
|
|
|
|
|
|
Weighted average number of shares |
|
|
|
|
|
|
|
|
|
|
Shares used in computing GAAP diluted net loss per share |
|
49,887,982 |
|
|
|
49,658,028 |
|
|
|
|
|
|
|
|
Shares used in computing Non-GAAP diluted net earnings (loss) per
share |
|
49,887,982 |
|
|
|
50,955,776 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Share-based compensation |
|
|
|
|
Cost of product revenues |
$ |
507 |
|
|
$ |
449 |
|
|
Cost of service revenues |
|
351 |
|
|
|
385 |
|
|
Research and development |
|
1,351 |
|
|
|
1,189 |
|
|
Sales and marketing |
|
1,363 |
|
|
|
1,809 |
|
|
General and administrative |
|
1,673 |
|
|
|
1,466 |
|
|
|
|
$ |
5,245 |
|
|
$ |
5,298 |
|
|
(2) Acquisition related expenses |
|
|
|
|
General and administrative |
$ |
- |
|
|
$ |
512 |
|
|
|
|
$ |
- |
|
|
$ |
512 |
|
|
(3) Intangible assets amortization |
|
|
|
|
Cost of product revenues |
$ |
263 |
|
|
$ |
173 |
|
|
Cost of service revenues |
|
160 |
|
|
|
160 |
|
|
Sales and marketing |
|
188 |
|
|
|
86 |
|
|
|
|
$ |
611 |
|
|
$ |
419 |
|
|
|
|
|
|
|
|
(4) Restructuring expenses |
|
|
|
|
Cost of product revenues |
$ |
89 |
|
|
$ |
- |
|
|
Research and development |
|
20 |
|
|
|
- |
|
|
Sales and marketing |
|
186 |
|
|
|
- |
|
|
|
|
$ |
295 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
KORNIT
DIGITAL LTD. |
|
AND ITS
SUBSIDIARIES |
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS |
|
(U.S.
dollars in thousands) |
|
|
|
|
Three Months
Ended |
|
|
March 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
(Unaudited) |
|
Cash flows
from operating activities: |
|
|
|
|
|
|
|
|
|
Net
loss |
$ |
(18,931 |
) |
|
$ |
(5,197 |
) |
|
Adjustments
to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
Depreciation and amortization |
|
3,873 |
|
|
|
2,580 |
|
|
Fair value of warrants deducted from revenues |
|
2,344 |
|
|
|
8,005 |
|
|
Share-based compensation |
|
5,245 |
|
|
|
5,298 |
|
|
Amortization of premium and accretion of discount on marketable
securities, net |
|
323 |
|
|
|
528 |
|
|
Realized loss on sale and redemption of marketable securities |
|
40 |
|
|
|
3 |
|
|
Change in
operating assets and liabilities: |
|
|
|
|
Trade receivables, net |
|
(5,608 |
) |
|
|
(31,193 |
) |
|
Other accounts receivables and prepaid expenses |
|
916 |
|
|
|
(2,464 |
) |
|
Inventory |
|
(3,023 |
) |
|
|
(9,036 |
) |
|
Operating leases right-of-use assets and liabilities, net |
|
(457 |
) |
|
|
(408 |
) |
|
Deferred taxes |
|
- |
|
|
|
(305 |
) |
|
Deposits and other long term assets |
|
(1,027 |
) |
|
|
6 |
|
|
Trade payables |
|
(1,477 |
) |
|
|
(7,444 |
) |
|
Employees and payroll accruals |
|
737 |
|
|
|
(6,470 |
) |
|
Deferred revenues and advances from customers |
|
(1,038 |
) |
|
|
(1,471 |
) |
|
Other payables and accrued expenses |
|
4,340 |
|
|
|
359 |
|
|
Accrued severance pay, net |
|
99 |
|
|
|
(189 |
) |
|
Other long-term liabilities |
|
(360 |
) |
|
|
316 |
|
|
Net cash
used in operating activities |
$ |
(14,004 |
) |
|
$ |
(47,082 |
) |
|
|
|
|
|
|
Cash flows
from investing activities: |
|
|
|
|
|
|
|
|
|
Purchase of
property, plant and equipment |
$ |
(3,278 |
) |
|
$ |
(7,462 |
) |
|
Proceeds
from (investment in) short-term bank deposits, net |
|
274,932 |
|
|
|
(410,985 |
) |
|
Proceeds
from sales and redemption of marketable securities |
|
4,000 |
|
|
|
445 |
|
|
Proceeds
from maturities of marketable securities |
|
3,572 |
|
|
|
11,922 |
|
|
Investment
in marketable securities |
|
(10,024 |
) |
|
|
(80,894 |
) |
|
Net cash
provided by (used in) investing activities |
$ |
269,202 |
|
|
$ |
(486,974 |
) |
|
|
|
|
|
|
|
|
|
|
|
Cash flows
from financing activities: |
|
|
|
|
|
|
|
|
|
Exercise of
employee stock options |
$ |
42 |
|
|
$ |
299 |
|
|
Payments
related to shares withheld for taxes |
|
(135 |
) |
|
|
(510 |
) |
|
Repurchase
of ordinary shares |
|
(6,752 |
) |
|
|
- |
|
|
Net cash
used in financing activities |
$ |
(6,845 |
) |
|
$ |
(211 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase
(decrease) in cash and cash equivalents |
$ |
248,353 |
|
|
$ |
(534,267 |
) |
|
Cash and
cash equivalents at the beginning of the period |
|
104,597 |
|
|
|
611,551 |
|
|
Cash and
cash equivalents at the end of the period |
$ |
352,950 |
|
|
$ |
77,284 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash investing and financing activities: |
|
|
|
|
|
|
|
|
|
Purchase of
property and equipment on credit |
|
173 |
|
|
|
1,292 |
|
|
Inventory
transferred to be used as property and equipment |
|
365 |
|
|
|
697 |
|
|
Property,
plant and equipment transferred to be used as inventory |
|
653 |
|
|
|
4 |
|
|
Receipt on
account of shares |
|
- |
|
|
|
63 |
|
|
Lease
liabilities arising from obtaining right-of-use assets |
|
6,037 |
|
|
|
5,746 |
|
|
|
|
|
|
KORNIT
DIGITAL LTD. |
AND ITS
SUBSIDIARIES |
RECONCILIATION OF GAAP NET INCOME TO ADJUSTED
EBITDA |
(U.S. dollars in
thousands, except share and per share data) |
|
|
|
|
|
|
|
Three Months
Ended |
|
|
March 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
(Unaudited) |
|
|
|
|
|
GAAP
Revenues |
|
$ |
47,778 |
|
|
$ |
83,293 |
|
|
|
|
|
|
GAAP Net
Loss |
|
|
(18,931 |
) |
|
|
(5,197 |
) |
Taxes on income |
|
|
194 |
|
|
|
91 |
|
Financial income |
|
|
(5,404 |
) |
|
|
(1,799 |
) |
Share-based compensation |
|
|
5,245 |
|
|
|
5,298 |
|
Intangible assets amortization |
|
|
611 |
|
|
|
419 |
|
Acquisition related expenses |
|
|
- |
|
|
|
512 |
|
Restructuring expenses |
|
|
295 |
|
|
|
- |
|
Non-GAAP
Operating Loss |
|
|
(17,990 |
) |
|
|
(676 |
) |
Depreciation |
|
|
3,262 |
|
|
|
2,161 |
|
Adjusted
EBITDA |
|
$ |
(14,728 |
) |
|
$ |
1,485 |
|
|
|
|
|
|
Kornit Digital (NASDAQ:KRNT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Kornit Digital (NASDAQ:KRNT)
Historical Stock Chart
From Apr 2023 to Apr 2024