Company Generates $2.1 Million
in GAAP Net Income and Positive Free Cash Flow
Raises Full Year Revenue Outlook to $334 - $348
Million
ROSH
HA'AIN, Israel,
August 1,
2023 /PRNewswire/ -- Ceragon Networks Ltd.
(NASDAQ: CRNT), the global innovator and leading solutions provider
of 5G wireless transport, today reported its financial results for
the second quarter and six months ended June
30, 2023.
Q2 2023 Financial Highlights:
- Revenues of $86.2
million
- Operating income of $5.7
million on a GAAP basis, or $7.4
million on a non-GAAP basis; The non-GAAP operating income
excludes an $0.9 million
restructuring charge related to European operations.
- EPS of $0.02 per diluted share
on a GAAP basis, or $0.05 per diluted
share on a non-GAAP basis
Q2 2023 Business Highlights:
- Book-to-bill above 1 on a quarterly and trailing 12-month
basis
- Ceragon won a multi-year contract worth up to $4.2 million with the City of Cincinnati to upgrade its public
safety network
- North
America:
- Nearly matched India in Q2 bookings, with bookings increasing
nearly 10% sequentially compared to Q1
- Continued strong
revenue in Q2
- India:
- Strongest region
in terms of Q2 bookings and revenue
- Strong demand for
ongoing 4G network and 5G network rollouts
Doron Arazi, CEO, commented:
"Ceragon delivered strong double digit year-over-year revenue
growth, margin expansion and solid profitability in the second
quarter. During the quarter, we again recorded bookings that
exceeded our revenue levels which improved our visibility into the
third quarter and strengthened our confidence for the full year. We
have not seen any signs of a slowdown or changes in demand across
our customer base and remain focused on our operational execution
as well as efforts to enhance our product portfolio including new
product line based on system-on-a-chip technology."
"Demand in key geographies remains robust, and we continue to
deliver solid execution," Arazi added. "Our year-to-date
performance and improved visibility into the third quarter has
given us the confidence to increase our full-year guidance and
narrow the range to increase the midpoint."
Primary Second Quarter 2023 Financial Results:
Revenues were $86.2 million, up 21.9% from
$70.7 million in Q2 2022 and up 3.3%
from $83.4 million in Q1 2023.
Gross profit was $30.4
million, giving us a gross margin of 35.2%, compared
with a gross margin of 30.3% in Q2 2022 and 33.8% in Q1 2023.
Operating income (loss) was $5.7 million compared
with $(0.3) million for Q2 2022 and
$4.7 million for Q1 2023.
Net Income (loss) was $2.1 million, or $0.02 per diluted share compared with
$(1.5) million, or $(0.02) per diluted share for Q2 2022 and
$2.0 million, or $0.02 per diluted share for Q1 2023.
Non-GAAP results were as follows: Gross margin was
35.3%, operating profit was $7.4
million, and net income was $4.4
million, or $0.05 per diluted
share.
Cash and cash equivalents were $24.5 million at June 30,
2023, compared to $26.4
million at March 31, 2023.
For a reconciliation of GAAP to non-GAAP results, see the
attached tables.
Revenue Breakout by Geography:
|
Q2
2023
|
India
|
31 %
|
North
America
|
26 %
|
Latin
America
|
15 %
|
Europe
|
12 %
|
APAC
|
11 %
|
Africa
|
5 %
|
Outlook
Ceragon management increased full-year revenue guidance to
$334 million to $348 million, up from prior guidance of
$325 - $345
million and expects full-year non-GAAP profitability. Our
guidance is based on current visibility and assumes normal
conversion of bookings to revenue. Our revenue target for fiscal
2027 is approximately $500 million,
and we also target increasing our gross margins to at least 34-36%
over the same period.
Conference Call
The Company will host a Zoom web conference today at
8:30a.m. ET to discuss the results,
followed by a question-and-answer session for the investment
community.
Investors are invited to register by clicking here. All relevant
information will be sent upon registration.
If you are unable to join us live, a recording of the call will
be available on our website at www.ceragon.com within 24 hours
after the call.
About Ceragon Networks
Ceragon Networks Ltd. (NASDAQ: CRNT) is the global innovator and
leading solutions provider of 5G wireless transport. We help
operators and other service providers worldwide increase
operational efficiency and enhance end customers' quality of
experience with innovative wireless backhaul and fronthaul
solutions. Our customers include service providers, public safety
organizations, government agencies and utility companies, which use
our solutions to deliver 5G & 4G broadband wireless
connectivity, mission-critical multimedia services, stabilized
communications, and other applications at high reliability and
speed.
Ceragon's unique multicore technology and disaggregated approach
to wireless transport provides highly reliable, fast to deploy,
high-capacity wireless transport for 5G and 4G networks with
minimal use of spectrum, power, real estate, and labor resources.
It enables increased productivity, as well as simple and quick
network modernization, positioning Ceragon as a leading solutions
provider for the 5G era. We deliver a complete portfolio of turnkey
end-to-end AI-based managed and professional services that ensure
efficient network rollout and optimization to achieve the highest
value for our customers. Our solutions are deployed by more than
600 service providers, as well as more than 1,600 private network
owners, in more than 130 countries. For more information please
visit: www.ceragon.com
Ceragon Networks® and FibeAir® are registered trademarks of
Ceragon Networks Ltd. in the United
States and other countries. CERAGON ® is a trademark of
Ceragon Networks Ltd., registered in various countries. Other names
mentioned are owned by their respective holders.
Safe Harbor
This press release contains statements that constitute
"forward-looking statements" within the meaning of the Securities
Act of 1933, as amended and the Securities Exchange Act of 1934, as
amended, and the safe-harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements are
based on the current beliefs, expectations and assumptions of
Ceragon's management about Ceragon's business, financial condition,
results of operations, micro and macro market trends and other
issues addressed or reflected therein. Examples of forward-looking
statements include, but are not limited to, statements regarding:
projections of demand, revenues, net income, gross margin, capital
expenditures and liquidity, competitive pressures, order timing,
supply chain and shipping, components availability, growth
prospects, product development, financial resources, cost savings
and other financial and market matters. You may identify these and
other forward-looking statements by the use of words such as "may",
"plans", "anticipates", "believes", "estimates", "targets",
"expects", "intends", "potential" or the negative of such terms, or
other comparable terminology, although not all forward-looking
statements contain these identifying words.
Although we believe that the projections reflected in such
forward-looking statements are based upon reasonable assumptions,
we can give no assurance that our expectations will be obtained or
that any deviations therefrom will not be material. Such
forward-looking statements involve known and unknown risks and
uncertainties that may cause Ceragon's future results or
performance to differ materially from those anticipated, expressed
or implied by such forward-looking statements. These risks and
uncertainties include, but are not limited to: the effects of
global economic trends, including recession, rising inflation,
rising interest rates, commodity price increases and fluctuations,
commodity shortages and exposure to economic slowdown; risks
associated with delays in the transition to 5G technologies and in
the 5G rollout; risks relating to the concentration of our business
on a limited number of large mobile operators and the fact that the
significant weight of their ordering, compared to the overall
ordering by other customers, coupled with inconsistent ordering
patterns, could negatively affect us; risks resulting from the
volatility in our revenues, margins and working capital needs,
substantial losses incurred and negative cash flows generated,
which, if continue, may significantly adversely impact our results
of operations and cash flow; the high volatility in the supply
needs of our customers, which from time to time lead to delivery
issues and may lead to us being unable to timely ulfil our customer
commitments; risks associated with inaccurate forecasts or business
changes, which may expose us to inventory-related losses on
inventory purchased by our contract manufacturers and other
suppliers, to increased expenses should unexpected production ramp
up be required, or to write off to parts of our inventory, which
would increase our cost of revenues; and such other risks,
uncertainties and other factors that could affect our results of
operation, as further detailed in Ceragon's most recent Annual
Report on Form 20-F, as published on May 1,
2023, as well as other documents that may be subsequently
filed by Ceragon from time to time with the SEC.
We caution you not to place undue reliance on forward-looking
statements, which speak only as of the date hereof. Ceragon does
not assume any obligation to update any forward-looking statements
in order to reflect events or circumstances that may arise after
the date of this release unless required by law.
While we believe that we have a reasonable basis for each
forward-looking statement contained in this press release, we
caution you that these statements are based on a combination of
facts and factors currently known by us and our projections of the
future, about which we cannot be certain. In addition, any
forward-looking statements represent Ceragon's views only as of the
date of this press release and should not be relied upon as
representing its views as of any subsequent date. Ceragon does not
assume any obligation to update any forward-looking statements
unless required by law.
Ceragon's public filings are available on the Securities and
Exchange Commission's website at www.sec.gov and may also be
obtained from Ceragon's website at www.ceragon.com.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(U.S. dollars in
thousands, except share and per share data)
|
|
|
|
Three months
ended
June
30,
|
|
Six months
ended
June
30,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
86,151
|
|
$
70,674
|
|
$
169,560
|
|
$
140,993
|
Cost of
revenues
|
|
55,795
|
|
49,268
|
|
111,028
|
|
100,250
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
30,356
|
|
21,406
|
|
58,532
|
|
40,743
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Research
and development, net
|
|
7,812
|
|
7,527
|
|
15,750
|
|
14,292
|
Sales and
Marketing
|
|
9,778
|
|
9,362
|
|
19,974
|
|
18,134
|
General and
administrative
|
|
6,218
|
|
4,840
|
|
11,542
|
|
9,898
|
Restructuring and
related charges
|
|
897
|
|
-
|
|
897
|
|
-
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
$
24,705
|
|
$
21,729
|
|
$
48,163
|
|
$
42,324
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
5,651
|
|
(323)
|
|
10,369
|
|
(1,581)
|
|
|
|
|
|
|
|
|
|
Financial expenses and
others, net
|
|
1,886
|
|
757
|
|
3,344
|
|
1,516
|
|
|
|
|
|
|
|
|
|
Income (loss) before
taxes
|
|
3,765
|
|
(1,080)
|
|
7,025
|
|
(3,097)
|
|
|
|
|
|
|
|
|
|
Taxes on
income
|
|
1,677
|
|
440
|
|
2,969
|
|
711
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
2,088
|
|
$
(1,520)
|
|
$
4,056
|
|
$
(3,808)
|
|
|
|
|
|
|
|
|
|
Basic net income (loss)
per share
|
|
$
0.02
|
|
$
(0.02)
|
|
$
0.05
|
|
$
(0.05)
|
Diluted net income
(loss) per share
|
|
$
0.02
|
|
$
(0.02)
|
|
$
0.05
|
|
$
(0.05)
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares used in
computing basic net income
(loss) per share
|
|
84,365,168
|
|
84,019,188
|
|
84,359,762
|
|
83,989,766
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares
used in computing diluted net income
(loss) per share
|
|
85,312,954
|
|
84,019,188
|
|
85,152,634
|
|
83,989,766
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(U.S. dollars in
thousands)
|
|
|
|
June
30,
2023
|
|
December
31,
2022
|
ASSETS
|
|
Unaudited
|
|
Audited
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
24,529
|
|
$
22,948
|
Trade receivables,
net
|
|
107,592
|
|
100,034
|
Other accounts
receivable and prepaid expenses
|
|
15,813
|
|
15,756
|
Inventories
|
|
67,836
|
|
72,009
|
|
|
|
|
|
Total current
assets
|
|
215,770
|
|
210,747
|
|
|
|
|
|
NON-CURRENT
ASSETS:
|
|
|
|
|
Severance
pay and pension fund
|
|
4,705
|
|
4,633
|
Property
and equipment, net
|
|
30,494
|
|
29,456
|
Operating lease right-of-use assets
|
|
16,724
|
|
17,962
|
Intangible
assets, net
|
|
9,027
|
|
8,208
|
Other
non-current assets
|
|
17,744
|
|
18,312
|
|
|
|
|
|
Total non-current
assets
|
|
78,694
|
|
78,571
|
|
|
|
|
|
Total assets
|
|
$
294,464
|
|
$
289,318
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
Trade
payables
|
|
$
62,769
|
|
$
67,384
|
Deferred
revenues
|
|
3,104
|
|
3,343
|
Short-term
loans
|
|
39,550
|
|
37,500
|
Operating lease
liabilities
|
|
3,246
|
|
3,745
|
Other accounts payable
and accrued expenses
|
|
23,565
|
|
20,864
|
|
|
|
|
|
Total current
liabilities
|
|
132,234
|
|
132,836
|
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
Accrued severance pay
and pensions
|
|
9,054
|
|
9,314
|
Deferred
revenues
|
|
12,170
|
|
11,545
|
Other long-term
payables
|
|
2,797
|
|
2,653
|
Operating lease
liabilities
|
|
11,827
|
|
13,187
|
|
|
|
|
|
Total long-term
liabilities
|
|
35,848
|
|
36,699
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY:
|
|
|
|
|
Share
capital:
|
|
|
|
|
Ordinary
shares
|
|
224
|
|
224
|
Additional paid-in
capital
|
|
434,221
|
|
432,214
|
Treasury shares at
cost
|
|
(20,091)
|
|
(20,091)
|
Other comprehensive
loss
|
|
(10,620)
|
|
(11,156)
|
Accumulated
deficits
|
|
(277,352)
|
|
(281,408)
|
|
|
|
|
|
Total shareholders'
equity
|
|
126,382
|
|
119,783
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
294,464
|
|
$
289,318
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOW
|
(U.S. dollars, in
thousands)
|
(Unaudited)
|
|
|
Three months ended
June 30,
|
|
Six months ended
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Cash flow from operating
activities:
|
|
|
|
|
|
|
|
Net income (loss)
|
$
2,088
|
|
$
(1,520)
|
|
$
4,056
|
|
$
(3,808)
|
Adjustments required to
reconcile net income (loss)
to net cash
provided by (used in) operating activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
2,582
|
|
2,834
|
|
5,135
|
|
5,775
|
Loss from sale of
property and equipment, net
|
20
|
|
2
|
|
30
|
|
20
|
Stock-based
compensation expense
|
808
|
|
689
|
|
1,977
|
|
1,435
|
Decrease in accrued
severance pay and pensions, net
|
(280)
|
|
(296)
|
|
(344)
|
|
(369)
|
Increase in trade
receivables, net
|
(6,620)
|
|
(2,609)
|
|
(6,910)
|
|
(4,173)
|
Decrease (increase) in
other accounts receivable and
prepaid expenses (including other long term
assets)
|
(445)
|
|
(1,278)
|
|
551
|
|
(3,056)
|
Decrease in operating
lease right-of-use assets
|
886
|
|
892
|
|
1,897
|
|
1,873
|
Decrease (increase) in
inventory, net of write off
|
893
|
|
(3,102)
|
|
4,059
|
|
449
|
Increase (decrease) in
trade payables
|
2,835
|
|
3,103
|
|
(3,955)
|
|
1,339
|
Increase (decrease) in
other accounts payable and accrued
expenses (including other long term liabilities)
|
2,620
|
|
(433)
|
|
2,326
|
|
(1,706)
|
Decrease in operating
lease liability
|
(1,152)
|
|
(2,666)
|
|
(2,518)
|
|
(4,071)
|
Increase
(decrease) in deferred
revenues
|
(1,054)
|
|
1,211
|
|
386
|
|
1,303
|
Net cash provided by (used in) operating
activities
|
$
3,181
|
|
$
(3,173)
|
|
$
6,690
|
|
$
(4,989)
|
Cash flow from investing
activities:
|
|
|
|
|
|
|
|
Purchase of property
and equipment, net
|
(2,330)
|
|
(2,845)
|
|
(5,472)
|
|
(5,368)
|
Purchase of intangible
assets, net
|
(549)
|
|
(234)
|
|
(1,837)
|
|
(437)
|
Net cash used in investing
activities
|
$
(2,879)
|
|
$
(3,079)
|
|
$
(7,309)
|
|
$
(5,805)
|
|
|
|
|
|
|
|
|
Cash flow from financing
activities:
|
|
|
|
|
|
|
|
Proceeds from exercise
of options
|
30
|
|
32
|
|
30
|
|
113
|
Proceeds from
(repayment of) bank credits and loans, net
|
(2,300)
|
|
4,950
|
|
2,050
|
|
17,100
|
Net cash provided by (used in) financing activities
|
$
(2,270)
|
|
$
4,982
|
|
$
2,080
|
|
$
17,213
|
|
|
|
|
|
|
|
|
Translation adjustments on cash and cash
equivalents
|
$
74
|
|
$
(98)
|
|
$
120
|
|
$
94
|
Increase (decrease) in cash and cash
equivalents
|
$
(1,894)
|
|
$
(1,368)
|
|
$
1,581
|
|
$
6,513
|
Cash and cash
equivalents at the beginning of the period
|
26,423
|
|
24,960
|
|
22,948
|
|
17,079
|
Cash and cash equivalents at the end of the
period
|
$
24,529
|
|
$
23,592
|
|
$
24,529
|
|
$
23,592
|
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL RESULTS
|
(U.S. dollars in
thousands)
|
(Unaudited)
|
|
|
|
Three months
ended
|
|
Six months
ended
|
|
|
June
30,
|
|
June
30,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP cost
of revenues
|
|
$
|
55,795
|
|
$
|
49,268
|
|
$
|
111,028
|
|
$
|
100,250
|
Stock based
compensation expenses
|
|
|
(46)
|
|
|
(125)
|
|
|
(225)
|
|
|
(257)
|
Changes in indirect tax
positions
|
|
|
(2)
|
|
|
(1)
|
|
|
(3)
|
|
|
(1)
|
Non-GAAP cost
of revenues
|
|
$
|
55,747
|
|
$
|
49,142
|
|
$
|
110,800
|
|
$
|
99,992
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit
|
|
$
|
30,356
|
|
$
|
21,406
|
|
$
|
58,532
|
|
$
|
40,743
|
Gross profit
adjustments
|
|
|
48
|
|
|
126
|
|
|
228
|
|
|
258
|
Non-GAAP gross
profit
|
|
$
|
30,404
|
|
$
|
21,532
|
|
$
|
58,760
|
|
$
|
41,001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Research and
development expenses
|
|
$
|
7,812
|
|
$
|
7,527
|
|
$
|
15,750
|
|
$
|
14,292
|
Stock based
compensation expenses
|
|
|
(232)
|
|
|
(34)
|
|
|
(478)
|
|
|
(20)
|
Non-GAAP Research and
development expenses
|
|
$
|
7,580
|
|
$
|
7,493
|
|
$
|
15,272
|
|
$
|
14,272
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Sales and
Marketing expenses
|
|
$
|
9,778
|
|
$
|
9,362
|
|
$
|
19,974
|
|
$
|
18,134
|
Stock based
compensation expenses
|
|
|
(363)
|
|
|
(302)
|
|
|
(739)
|
|
|
(579)
|
Non-GAAP Sales and
Marketing expenses
|
|
$
|
9,415
|
|
$
|
9,060
|
|
$
|
19,235
|
|
$
|
17,555
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP General and
Administrative expenses
|
|
$
|
6,218
|
|
$
|
4,840
|
|
$
|
11,542
|
|
$
|
9,898
|
Retired CEO
compensation
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
96
|
Stock based
compensation expenses
|
|
|
(167)
|
|
|
(228)
|
|
|
(535)
|
|
|
(579)
|
Non-GAAP General and
Administrative expenses
|
|
$
|
6,051
|
|
$
|
4,612
|
|
$
|
11,007
|
|
$
|
9,415
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Restructuring and
related charges
|
|
$
|
897
|
|
$
|
-
|
|
$
|
897
|
|
$
|
-
|
Restructuring
|
|
|
(897)
|
|
|
-
|
|
|
(897)
|
|
|
-
|
Non-GAAP Restructuring
and related charges
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating income
(loss)
|
|
$
|
5,651
|
|
$
|
(323)
|
|
$
|
10,369
|
|
$
|
(1,581)
|
Stock based
compensation expenses
|
|
|
808
|
|
|
689
|
|
|
1,977
|
|
|
1,435
|
Changes in indirect tax
positions
|
|
|
2
|
|
|
1
|
|
|
3
|
|
|
1
|
Restructuring and
related charges
|
|
|
897
|
|
|
-
|
|
|
897
|
|
|
-
|
Retired CEO
compensation
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(96)
|
Non-GAAP operating
income (loss)
|
|
$
|
7,358
|
|
$
|
367
|
|
$
|
13,246
|
|
$
|
(241)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP financial expenses
and others, net
|
|
$
|
1,886
|
|
$
|
757
|
|
$
|
3,344
|
|
$
|
1,516
|
Leases – financial
income
|
|
|
285
|
|
|
1,774
|
|
|
643
|
|
|
2,199
|
Non-GAAP financial
expenses and others,
net
|
|
$
|
2,171
|
|
$
|
2,531
|
|
$
|
3,987
|
|
$
|
3,715
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Tax
expenses
|
|
$
|
1,677
|
|
$
|
440
|
|
$
|
2,969
|
|
$
|
711
|
Non cash tax
adjustments
|
|
|
(890)
|
|
|
(136)
|
|
|
(1,743)
|
|
|
(346)
|
Non-GAAP Tax
expenses
|
|
$
|
787
|
|
$
|
304
|
|
$
|
1,226
|
|
$
|
365
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL RESULTS
|
(U.S. dollars in
thousands, except share and per share data)
|
(Unaudited)
|
|
|
|
|
Three months
ended
|
|
|
Six months
ended
June
30,
|
|
|
|
|
June
30,
|
|
|
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income (loss)
|
|
$
|
2,088
|
|
$
|
(1,520)
|
|
$
|
4,056
|
|
$
|
(3,808)
|
|
|
Stock
based compensation
expenses
|
|
|
808
|
|
|
689
|
|
|
1,977
|
|
|
1,435
|
|
|
Changes in
indirect tax positions
|
|
|
2
|
|
|
1
|
|
|
3
|
|
|
1
|
|
|
Leases –
financial income
|
|
|
(285)
|
|
|
(1,774)
|
|
|
(643)
|
|
|
(2,199)
|
|
|
Retired
CEO compensation
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(96)
|
|
|
Restructuring and related charges
|
|
|
897
|
|
|
-
|
|
|
897
|
|
|
-
|
|
|
Non-cash
tax adjustments
|
|
|
890
|
|
|
136
|
|
|
1,743
|
|
|
346
|
|
|
Non-GAAP net income
(loss)
|
|
$
|
4,400
|
|
$
|
(2,468)
|
|
$
|
8,033
|
|
$
|
(4,321)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP basic net income
(loss) per share
|
|
$
|
0.02
|
|
$
|
(0.02)
|
|
$
|
0.05
|
|
$
|
(0.05)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted net income
(loss) per share
|
|
$
|
0.02
|
|
$
|
(0.02)
|
|
$
|
0.05
|
|
$
|
(0.05)
|
|
|
Non-GAAP diluted net
income (loss) per share
|
|
$
|
0.05
|
|
$
|
(0.03)
|
|
$
|
0.09
|
|
$
|
(0.05)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares used in computing GAAP
basic net income (loss) per share
|
|
|
84,365,168
|
|
|
84,019,188
|
|
|
84,359,762
|
|
|
83,989,766
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares used in computing GAAP
diluted net income (loss) per share
|
|
|
85,312,954
|
|
|
84,019,188
|
|
|
85,152,634
|
|
|
83,989,766
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares used in computing Non-GAAP
diluted net income (loss) per share
|
|
|
86,747,484
|
|
|
84,019,188
|
|
|
86,729,802
|
|
|
83,989,766
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ceragon Investor & Media Contact:
Rob Fink or Bob Meyers
FNK IR
Tel. 1+646-809-4048
crnt@fnkir.com
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SOURCE Ceragon Networks Ltd.