- Fourth Quarter Revenue of $128.5 Million
and Full Year Revenue of $565.2 Million - - Full Year Cash
Flow from Operations of $66.5 Million - - Initiated
Restructuring Actions During 2023 to Reignite Long-term Growth and
Profitability - - Expects to Realize Restructuring-Related
Cost Savings of Approximately $20.0 Million in Full Year 2024 and
$30.0 Million Thereafter Compared to Full Year 2023 -
Caesarstone Ltd. (NASDAQ: CSTE), a leading developer and
manufacturer of high-quality engineered surfaces, today reported
financial results for its fourth quarter and full year ended
December 31, 2023.
Yos Shiran, Caesarstone’s Chief Executive Officer commented, “In
2023, we implemented a new strategic plan and initiated significant
restructuring actions which allowed us to achieve our primary
financial objective for 2023, to generate positive cash flow from
operations and end the year with a solid net cash position. We
achieved that despite challenging macro-economic, regional
geo-political and regulatory dynamics in key markets. We continue
to position Caesarstone’s production footprint advantageously
around the world and our teams have executed well to generate
meaningful cost savings from our global restructuring actions. We
are investing a portion of those savings into our brand, improving
sales and marketing and R&D activities, as well as expanding
our premium porcelain products to reignite profitable growth across
our business to drive value to our customers and shareholders.”
Fourth Quarter 2023 Results
Revenue in the fourth quarter of 2023 was $128.5 million,
compared to $159.4 million in the prior year quarter. On a constant
currency basis, fourth quarter revenue was down 19.6%
year-over-year mainly due to lower volumes. Volumes were primarily
impacted by global economic headwinds, particularly in renovation
and remodeling channels, across the Company’s main regions
resulting in lower demand accompanied by greater competitive
pressures.
Gross margin in the fourth quarter of 2023 was 18.1%
compared to 19.4% in the prior year quarter. Adjusted gross margin
in the fourth quarter was 18.9% compared to 19.7% in the prior year
quarter. The decrease in gross margin resulted from lower revenues,
unfavorable product mix, and higher production costs due to lower
fixed cost absorption mainly related to lower capacity utilization.
The reduction in gross margin was partially offset by the benefits
of our improved production footprint.
Operating expenses in the fourth quarter of 2023 were
$56.5 million, or 43.9% of revenue, compared to $106.1 million, or
66.6% of revenue in the prior year quarter. The lower percentage is
primarily attributable to lower restructuring and impairment
expenses. During the fourth quarter, the Company recorded a $27.7
million non-cash pre-tax restructuring and impairment expenses
related to Richmond Hill facility closure. Excluding legal
settlements and loss contingencies and restructuring and impairment
expenses, operating expenses were 24.3% of revenue, compared to
22.2% in the prior year quarter with the higher percentage mainly
reflecting lower revenues.
Operating loss in the fourth quarter of 2023 was $33.2
million compared to operating loss of $75.2 million in the prior
year quarter. The difference mainly reflects lower restructuring
and impairment expenses partially offset by lower gross margin.
Adjusted EBITDA in the fourth quarter of 2023, which
excludes expenses for non-cash share-based compensation, legal
settlements and loss contingencies, restructuring and impairment
expenses and for other non-recurring items, was $1.4 million,
compared to adjusted EBITDA of $5.7 million in the prior year
quarter. The year-over-year decrease primarily reflects the
operating loss and lower gross margin.
Finance expenses in the fourth quarter of 2023 were $3.7
million compared to expenses of $0.4 million in the prior year
quarter. The difference primarily reflects foreign currency
exchange rate fluctuations.
Net loss attributable to controlling interest for the
fourth quarter of 2023 was $50.5 million compared to net loss of
$74.0 million in the prior year quarter. Net loss per share for the
fourth quarter was $1.47 compared to net loss per share of $2.15 in
the prior year quarter. Adjusted diluted net loss per share for the
fourth quarter was $0.28 on 34.5 million shares, compared to
adjusted diluted net loss per share of $0.02 in the prior year
quarter on a similar share count.
Full Year 2023 Results
Revenue in the full year 2023 was $565.2 million compared
to $690.8 million in the prior year. On a constant currency basis,
2023 revenue was lower by 17.0% year-over-year, primarily
attributable to lower volume.
Gross margin in 2023 was 16.3% compared to 23.6% in the
prior year. Adjusted gross margin in 2023 was 17.0%, compared to
23.8% in the prior year. The difference in gross margin was
primarily attributable to lower revenues and increased
manufacturing unit costs due to lower fixed cost absorption mainly
related to lower capacity utilization. This was partially offset by
the benefits of an improved production footprint.
Operating expenses in 2023 were $180.0 million compared
to $221.9 million in the prior year. During 2023, the Company
recorded a $47.9 million non-cash pre-tax impairment charge related
to the Sdot Yam and Richmond Hill manufacturing facility closures.
Excluding legal settlements, loss contingencies, impairment and
restructuring charges, adjusted operating expenses were 24.2% of
revenue, compared to 21.7% in the prior year.
Operating loss in 2023 was $88.0 million compared to
operating loss of $58.7 million in the prior year. The
year-over-year difference mainly reflects lower gross margins
partially offset by lower restructuring and impairment
expenses.
Adjusted EBITDA, which excludes non-cash impairment
charges, expenses for share-based compensation, legal settlements
and loss contingencies, restructuring and impairment expenses and
for other non-recurring items, was a loss of $9.4 million in 2023,
compared to adjusted EBITDA of $51.9 million in the prior year. The
year-over-year decrease primarily reflects the lower gross margin
and operating loss.
Finance income in 2023 was $1.1 million compared to
finance expense of $3.1 million in the prior year. The difference
was primarily a result of foreign currency exchange rate
fluctuations.
Net loss attributable to controlling interest in 2023 was
$107.7 million compared to net loss of $57.1 million in the prior
year. Net loss per share for 2023 was $3.13 compared to diluted net
loss per share of $1.66 in the prior year. Adjusted diluted net
loss per share for 2023 was $1.34 on 34.6 million shares compared
to adjusted diluted net income per share of $0.31 in the prior year
on a similar share count.
Balance Sheet & Liquidity
During the fourth quarter, the Company generated positive cash
flow from operations of $13.2 million mainly driven by inventory
reductions, compared to operating cash flow of $1.0 million in the
fourth quarter of 2022. As of December 31, 2023, the Company’s
balance sheet included cash, cash equivalents and short-term bank
deposits of $91.1 million and total debt to financial institutions
of $7.6 million. The Company’s net cash position as of December 31,
2023, was $83.5 million compared to $28.2 million as of December
31, 2022.
Restructuring and Cost Optimization Update
During 2023, the Company initiated several actions under its
strategic restructuring plan across the Company’s operations. These
included the closure of its manufacturing facility in Sdot-Yam,
Israel in mid-2023, the closure of its Richmond Hill manufacturing
facility in January 2024, and a reduction in related workforce.
These actions were undertaken to better align the Company’s
organizational structure, streamline global production and drive
additional cost efficiencies through an optimized manufacturing
footprint.
In connection with the facility closures, the Company incurred
restructuring expenses and a one-time non-cash impairment charge
totaling $27.7 million during the fourth quarter of 2023 and $47.9
million for the full year 2023, including a non-cash write-down of
the long term non-cancellable lease agreement related to the
Sdot-Yam property. Cash costs related to the facility closures were
$1.4 million for the full year 2023. The Company estimates
remaining cash costs associated with closing the facilities during
2024, will be in the range of $3.0 million to $5.0 million.
The facility closures are intended to help improve the Company’s
profitability and expected to collectively contribute savings of
approximately $20.0 million in 2024 and $30.0 million thereafter
compared to full year 2023, by optimizing the Company’s
manufacturing footprint, with the potential for additional cash
savings as subleases are executed on the non-cancellable long-term
facility lease agreement.
Following these restructuring actions, the Company continues to
maintain its high level of service to customers through its
remaining capacity and its third-party strategic manufacturing
partners.
Australia Market Update
On December 13, 2023, Australian federal, state and territory
governments announced a joint decision to ban the use, supply and
manufacture of engineered stone slabs containing crystalline silica
(including our quartz-based products) in Australia. Subject to the
formal adoption of the legislation and regulations, the ban will go
into effect on July 1, 2024 in most Australian states and
territories.
Following the decision and although there are still
uncertainties as it relates to the transition period, the Company
is taking the necessary steps to ensure supply of alternative
materials to its Australian customers in line with its high
standards in the first half of 2024 to maintain its leading
position.
Outlook
“As we enter 2024, we believe our business is seeing signs of
stabilization. The U.S. macro environment appears more encouraging
with potential Fed rate cuts on the horizon to catalyze
construction activity. In Australia, we are determined to maintain
our leading position as we introduce our high-quality alternative
products in the first half of 2024. Based on these factors, we
expect first quarter revenues to trend in line with the fourth
quarter and improve sequentially in accordance with our historic
seasonal cadence. While macro uncertainties and the competitive
landscape persist, our strategic restructuring actions initiated
over the past year have put us on more solid footing with leaner
operations to deliver positive adjusted EBITDA in 2024. We also
expect to produce another full year of positive operating cash
flow. We believe that we are poised to take hold of the promising
opportunities that lie ahead,” concluded Nahum Trost, Caesarstone’s
Chief Financial Officer.
Webcast and Conference Call Details
The Company will host a webcast and conference call today,
February 21, 2024, at 8:30 a.m. ET to discuss the results, followed
by a question and answer session for the investment community. The
live webcast can be accessed through the Investor Relations section
of the Company’s website at ir.caesarstone.com. For those unable to
access the webcast, the conference call will be accessible
domestically or internationally, by dialing 1-844-825-9789 and
1-412-317-5180, respectively. The toll-free Israeli number is 1 80
921 3284. Upon dialing in, please request to join the Caesarstone
Fourth Quarter 2023 Earnings Conference Call.
To listen to a telephonic replay of the conference call, dial
toll-free 1-844-512-2921 or +1-412-317-6671 (international) and
enter pass code 10185872. The replay will be available beginning at
12:30 p.m. ET on Wednesday, February 21, 2024 and will last through
11:59 p.m. ET on Wednesday, February 28, 2024.
About Caesarstone
Caesarstone is a global leader of premium surfaces, specializing
in countertops that create dynamic spaces of inspiration in the
heart of the home. Established in 1987, its multi-material
portfolio of over 100 colors combines the company’s innovative
technology with its powerful design passion. Spearheading
high-quality, sustainable surfaces, Caesarstone delivers functional
resilience with timeless beauty, for a vast range of applications,
including kitchen countertops, bathroom vanities, and more, for
indoor and outdoor spaces.
Since it pioneered quartz countertops over thirty years ago, the
brand has expanded into porcelain and natural stone and is on the
ground in more than 50 countries worldwide while enhancing customer
experience through the expansion of groundbreaking digital
platforms & services. More information on Caesarstone:
caesarstoneus.com, Facebook, Twitter, YouTube, Pinterest, and
Instagram
Non-GAAP Financial Measures
The non-GAAP measures presented by the Company should be
considered in addition to, and not as a substitute for, comparable
GAAP measures. Reconciliations of GAAP gross profit to adjusted
gross profit, GAAP net income (loss) to adjusted net income (loss)
and net income (loss) to adjusted EBITDA are provided in the
schedules to this release. To calculate revenues growth rates that
exclude the impact of changes in foreign currency exchange rates,
the Company converts actual reported results from local currency to
U.S. dollars using constant foreign currency exchange rates in the
current and comparable period. The Company provides these non-GAAP
financial measures because it believes that they present a better
measure of the Company's core business and management uses the
non-GAAP measures internally to evaluate the Company's ongoing
performance. Accordingly, the Company believes that they are useful
to investors in enhancing an understanding of the Company's
operating performance.
Forward-Looking Statements
Information provided in this press release may contain
statements relating to current expectations, estimates, forecasts
and projections about future events that are "forward-looking
statements" within the meaning of the “safe harbor” provisions of
the United States Private Securities Litigation Reform Act of 1995.
Forward-looking statements may be identified by the use of words
such as “goals," “intend,” “seek,” “anticipate,” “believe,”
“could,” “continue,” “expect,” “estimate,” “may,” “plan,”
“outlook,” “future” and “project” and other similar expressions
that predict, project or indicate future events or trends or that
are not statements of historical matters. Such forward looking
statements include statements regarding the Company’s
sustainability goals and plans, intentions, expectations,
assumptions, goals and beliefs regarding the Company’s business and
sustainability vision. These forward-looking statements also may
relate to the Company's plans, objectives and expectations for
future operations, including estimations relating to the
restructuring plan, the closure of the Sdot Yam and Richmond Hill
Facilities, the estimated closure costs and the estimated potential
savings relating to said closures, the ability to sell or sublease
all or part of the facilities Actual results may differ materially
from those projected as a result of certain risks and
uncertainties, both known or unknown. These factors include, but
are not limited to: the effects of global and regional economy and
geo-politics on the Company’s business and operations; the outcome
of silicosis and other bodily injury claims; regulatory
requirements relating to hazards associated with fabricating our
products; ; our R&D and product introduction efforts, managing
constraints in the global supply chain and effectively procuring
raw materials and goods, inflation and effects of challenges in
global shipping and transportation; Company’s ability to pass such
increases to its customers; the strength of the home renovation and
construction sectors; competitive pressures; disruptions to our
information technology systems globally, including by deliberate
cyber-attacks;; fluctuations in currency exchange rates against the
U.S. Dollar; Company’s ability to build-out and expand into certain
markets and successfully integrate our acquisitions; the Company’s
ability to effective manage its relationship with key suppliers, ;
the extent of the Company’s ability to meet its ESG goals and
targets the unpredictability of seasonal fluctuations in revenues;
disturbances to the Company’s operations or the operations of its
suppliers, distributors, customers or other third parties and other
factors, risks and uncertainties discussed under the sections "Risk
Factors" and “Special Note Regarding Forward-Looking Statements and
Risk Factor Summary” in our most recent annual report on Form 20-F
filed with the Securities and Exchange Commission (the “SEC”) on
March 15, 2023, and in other documents filed by Caesarstone with
the SEC, which are available free of charge at www.sec.gov. These
forward-looking statements are made only as of the date hereof, and
the Company undertakes no obligation to update or revise the
forward-looking statements, whether as a result of new information,
future events or otherwise.
Further, the estimates of the charges and expenditures that the
Company expects to incur in connection with the restructuring plan
and facility closure and the timing thereof, are subject to a
number of assumptions, and actual amounts may differ materially
from estimates. In addition, the Company may incur other charges or
cash expenditures not currently contemplated due to unanticipated
events that may occur, including in connection with the
implementation of the restructuring plan and facility closure.
Caesarstone Ltd. and its subsidiaries Condensed
consolidated balance sheets
As of
U.S. dollars in thousands
December 31, 2023
December 31, 2022
(Unaudited)
(Audited)
ASSETS CURRENT ASSETS: Cash and cash equivalents and
short-term bank deposits
$
91,123
$
52,081
Short-term available for sale marketable securities
-
7,077
Trade receivables, net
66,888
77,898
Other accounts receivable and prepaid expenses
25,489
32,570
Inventories
136,446
238,232
Total current assets
319,946
407,858
LONG-TERM ASSETS: Severance pay fund
1,994
3,410
Deferred tax assets, net
3,061
16,251
Long-term deposits and prepaid expenses
4,961
3,255
Operating lease right-of-use assets
120,156
144,098
Property, plant and equipment, net
123,480
169,292
Intangible assets, net
6,257
8,817
Total long-term assets
259,909
345,123
Total assets
$
579,855
$
752,981
LIABILITIES AND EQUITY CURRENT LIABILITIES:
Short-term bank credit
$
5,118
$
26,135
Trade payables
42,848
62,194
Related parties
257
283
Short term legal settlements and loss contingencies
16,106
17,595
Accrued expenses and other liabilities
56,894
58,777
Total current liabilities
121,223
164,984
LONG-TERM LIABILITIES: Long-term bank and other loans
2,549
4,823
Legal settlements and loss contingencies long-term and other
liabilities
11,814
19,572
Deferred tax liabilities, net
3,006
4,288
Long-term lease liabilities
114,146
124,353
Accrued severance pay
3,065
4,750
Long-term warranty provision
1,204
1,262
Total long-term liabilities
135,784
159,048
REDEEMABLE NON-CONTROLLING INTEREST
7,789
7,903
EQUITY: Ordinary shares
371
371
Treasury shares - at cost
(39,430
)
(39,430
)
Additional paid-in capital
164,456
163,431
Capital fund related to non-controlling interest
(5,587
)
(5,587
)
Accumulated other comprehensive income (loss), net
(8,402
)
(9,578
)
Retained earnings
203,651
311,839
Total equity
315,059
421,046
Total liabilities and equity
$
579,855
$
752,981
Caesarstone Ltd. and its subsidiariesCondensed consolidated
statements of income (loss)
Three months ended December
31,
Twelve months ended December
31,
U.S. dollars in thousands (except per share data)
2023
2022
2023
2022
(Unaudited) (Unaudited) Revenues
$
128,525
$
159,369
$
565,231
$
690,806
Cost of revenues
105,245
128,438
473,292
527,561
Gross profit
23,280
30,931
91,939
163,245
Operating expenses: Research and development
1,249
1,151
5,086
4,098
Sales and Marketing
19,764
22,332
82,222
94,412
General and administrative
10,168
11,861
49,490
51,596
Restructuring and Impairment expenses (income) related to long
lived assets (**)
27,715
71,258
47,939
71,258
Legal settlements and loss contingencies, net
(2,424
)
(491
)
(4,770
)
568
Total operating expenses
56,472
106,111
179,967
221,932
Operating loss
(33,192
)
(75,180
)
(88,028
)
(58,687
)
Finance expenses (income), net
3,747
407
(1,069
)
(3,079
)
Loss before taxes
(36,939
)
(75,587
)
(86,959
)
(55,608
)
Tax expenses (income), net
13,949
(1,699
)
21,281
758
Net loss
$
(50,888
)
$
(73,888
)
$
(108,240
)
$
(56,366
)
Net loss (income) attributable to non-controlling interest
367
(78
)
584
(688
)
Net loss attributable to controlling interest
$
(50,521
)
$
(73,966
)
$
(107,656
)
$
(57,054
)
Basic net loss per ordinary share (*)
$
(1.47
)
$
(2.15
)
$
(3.13
)
$
(1.66
)
Diluted net loss per ordinary share (*)
$
(1.47
)
$
(2.15
)
$
(3.13
)
$
(1.66
)
Weighted average number of ordinary shares used in computing basic
loss per ordinary share
34,527,235
34,504,904
34,519,126
34,488,275
Weighted average number of ordinary shares used in computing
diluted loss per ordinary share
34,527,235
34,504,904
34,519,126
34,488,275
(*) The numerator for the calculation of net loss per share
for the three and twelve months ended December 31, 2023 and 2022,
has been decreased by approximately $0.1 and $0.5 million, and $0.1
and $0.2 million, respectively, to reflect the adjustment to
redemption value associated with the redeemable non-controlling
interest.
(**) Q4'23 results including long-lived
assets impairment and restructuring expenses in the amount of $27.5
million, related to closure of Richmond plant.
YTD results including also impairment and
restructuring expenses related to Sdot Yam plant closure.
Caesarstone Ltd. and its subsidiaries Selected Condensed
consolidated statements of cash flows
Twelve months ended December
31,
U.S. dollars in thousands
2023
2022
(Unaudited) (Unaudited) Cash flows from operating activities:
Net loss
$
(108,240
)
$
(56,366
)
Adjustments required to reconcile net income (loss) to net cash
provided by (used in) operating activities:
Depreciation and amortization
30,007
36,344
Share-based compensation expense
1,025
1,502
Accrued severance pay, net
(268
)
(58
)
Changes in deferred tax, net
11,965
(5,693
)
Capital loss
18
67
Legal settlements and loss contingencies, net
(4,770
)
568
Decrease in trade receivables
11,760
2,612
Decrease in other accounts receivable and prepaid expenses
8,145
3,645
Decrease (increase) in inventories
102,586
(40,884
)
Decrease in trade payables
(30,483
)
(21,032
)
Decrease in warranty provision
(165
)
(119
)
Changes in right of use assets
7,865
28,056
Changes in lease liabilities
(9,516
)
(36,478
)
Contingent consideration related to acquisitions
264
120
Amortization of premium and accretion of discount on marketable
securities, net
63
238
Changes in Accrued interest related to Marketable Securities
39
74
Decrease in accrued expenses and other liabilities including
related parties
(1,705
)
(7,165
)
Restructuring expenses and Impairment related to long lived assets
47,939
71,258
Net cash provided by (used in) operating activities
66,529
(23,311
)
Cash flows from investing activities:
Net cash paid for acquisitions
(511
)
(2,245
)
Purchase of property, plant and equipment
(11,168
)
(17,801
)
Proceeds from sale of property, plant and equipment
177
12
Maturity of marketable securities
7,100
12,401
Decrease (increase) in long term deposits
(135
)
348
Net used in investing activities
(4,537
)
(7,285
)
Cash flows from financing activities:
Dividend paid
-
(8,625
)
Changes in short-term bank credits and long-term loans, including
related parties
(23,268
)
18,640
Repayment of a financing leaseback related to Bar-Lev transaction
-
(859
)
Net cash provided by (used in) financing
activities
(23,268
)
9,156
Effect of exchange rate
differences on cash and cash equivalents
318
(794
)
Increase (decrease) in cash and cash
equivalents and short-term bank deposits
39,042
(22,234
)
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
$
91,123
$
52,081
Non - cash
investing: Changes in trade payables
balances related to purchase of fixed assets
188
(925
)
Caesarstone Ltd. and its subsidiaries
Three months ended December
31,
Twelve months ended December
31,
U.S. dollars in thousands
2023
2022
2023
2022
(Unaudited) (Unaudited) Reconciliation of Gross
profit to Adjusted Gross profit: Gross profit
$
23,280
$
30,931
$
91,939
$
163,245
Share-based compensation expense (a)
(59
)
86
94
315
Amortization of assets related to acquisitions
71
72
286
306
Residual operating expenses related to Sdot-Yam after closing
1,129
237
3,924
237
Other non recuring items
(152
)
-
(304
)
-
Adjusted Gross profit (Non-GAAP)
$
24,269
$
31,326
$
95,939
$
164,103
(a) Share-based compensation includes expenses related to
stock options and restricted stock units granted to employees and
directors of the Company.
Caesarstone Ltd. and its
subsidiaries
Three months ended December
31,
Twelve months ended December
31,
U.S. dollars in thousands
2023
2022
2023
2022
(Unaudited) (Unaudited) Reconciliation of Net Loss
to Adjusted EBITDA: Net loss
$
(50,888
)
$
(73,888
)
$
(108,240
)
$
(56,366
)
Finance expenses (income), net
3,747
407
(1,069
)
(3,079
)
Taxes on income
13,949
(1,699
)
21,281
758
Depreciation and amortization
7,296
9,121
30,007
36,344
Legal settlements and loss contingencies, net (a)
(2,424
)
(492
)
(4,770
)
568
Contingent consideration adjustment related to acquisition
24
63
264
120.00
Acquisition and integration related expenses
-
-
-
80
Share-based compensation expense (b)
469
259
1,025
1,502
Restructuring expenses and Impairment related to long lived assets
(c)
27,715
71,258
47,939
71,258
Residual operating expenses related to closed plants after closing
1,643
684
4,438
684
Other non recuring items
(152
)
-
(304
)
-
Adjusted EBITDA (Non-GAAP)
$
1,379
$
5,713
$
(9,429
)
$
51,869
(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) Q4'23 results including long-lived
assets impairment and restructuring expenses related to closure of
Richmond plant. YTD results including also impairment and
restructuring expenses related to Sdot Yam plant closure.
Caesarstone Ltd. and its subsidiaries
Three months ended December
31,
Twelve months ended December
31,
U.S. dollars in thousands (except per share data)
2023
2022
2023
2022
(Unaudited) (Unaudited) Reconciliation of net
income attributable to controlling interest to adjusted net income
(loss) attributable to controlling interest: Net loss
attributable to controlling interest
$
(50,521
)
$
(73,966
)
$
(107,656
)
$
(57,054
)
Legal settlements and loss contingencies, net (a)
(2,424
)
(492
)
(4,770
)
568
Contingent consideration adjustment related to acquisition
24
63
264
120
Amortization of assets related to acquisitions, net of tax
534
536
2,142
2,084
Share-based compensation expense (b)
469
259
1,025
1,502
Acquisition and integration related expenses
-
-
-
80
Non cash revaluation of lease liabilities (c)
3,538
676
(1,556
)
(9,527
)
Restructuring expenses and Impairment related to long lived assets
(d)
27,715
71,258
47,939
71,258.00
Residual operating expenses related to closed plants after closing
1,643
684
4,438
684.00
Other non recuring items
(152
)
-
(304
)
-
Total adjustments
31,347
72,984
49,178
66,769
Less tax on non-tax adjustments (e)
(9,421
)
(144
)
(12,035
)
(910
)
Total adjustments after tax
40,768
73,130
61,213
67,679
Adjusted net income (loss) attributable to controlling
interest (Non-GAAP)
$
(9,753
)
$
(836
)
$
(46,443
)
$
10,625
Adjusted earning (loss) per share (f)
$
(0.28
)
$
(0.02
)
$
(1.34
)
$
0.31
(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 differences deriving
from revaluation of lease contracts in accordance with FASB ASC
842. (e) Tax adjustments for the three and twelve months ended
December 31, 2023 and 2022, based on the effective tax rates. (f)
In calculating adjusted (Non-GAAP) earning (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.
Caesarstone Ltd. and its subsidiaries Geographic
breakdown of revenues by region
Three months ended December
31,
Twelve months ended December
31,
Three months ended December
31,
Twelve months ended December
31,
U.S. dollars in thousands
2023
2022
2023
2022
(Unaudited)
(Unaudited)
(Audited)
YoY % change
YoY % change CCB
YoY % change
YoY % change CCB
USA
$
60,283
$
76,394
$
271,647
$
342,293
-21.1
%
-21.1
%
-20.6
%
-20.6
%
Canada
17,750
20,673
75,462
93,377
-14.1
%
-13.8
%
-19.2
%
-16.1
%
Latin America
817
964
3,285
4,481
-15.2
%
-15.2
%
-26.7
%
-26.7
%
America's
78,850
98,031
350,394
440,151
-19.6
%
-19.5
%
-20.4
%
-19.7
%
Australia
26,684
29,346
106,223
116,284
-9.1
%
-8.1
%
-8.7
%
-4.7
%
Asia
5,890
7,891
25,959
34,607
-25.4
%
-26.1
%
-25.0
%
-26.0
%
APAC
32,574
37,237
132,182
150,891
-12.5
%
-11.9
%
-12.4
%
-9.6
%
EMEA
14,513
15,266
59,908
63,320
-4.9
%
-10.7
%
-5.4
%
-7.6
%
Israel
2,588
8,835
22,747
36,444
-70.7
%
-68.0
%
-37.6
%
-31.4
%
Total Revenues
$
128,525
$
159,369
$
565,231
$
690,806
-19.4
%
-19.6
%
-18.2
%
-17.0
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240221191174/en/
Investor Relations: ICR, Inc. - Rodny Nacier
CSTE@icrinc.com +1 (646) 200-8870
Grafico Azioni Caesarstone (NASDAQ:CSTE)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni Caesarstone (NASDAQ:CSTE)
Storico
Da Dic 2023 a Dic 2024
