Kornit Digital Reports Third Quarter 2020 Results
- Third quarter revenue of $57.4 million, net of non-cash warrants impact of $2.2 million
- Third quarter GAAP operating profit of $2.7 million; Non-GAAP operating profit of $6.5 million, net of $2.2 million attributed to the non-cash impact of warrants
- Revenue growth and overall business performance exceed previous expectations
- Milestone in sustainable services profitability achieved a quarter ahead of plan
- Strong operating leverage, inclusive of investments in innovation and scaling go-to-market
- Excellent momentum with Custom Gateway introduction and integration
ROSH-HA'AYIN, Israel, Nov. 10, 2020 (GLOBE NEWSWIRE) -- Kornit Digital Ltd. (NASDAQ: KRNT), a company that develops, manufactures and markets industrial digital printing technologies for the garment, apparel and textile industries, today reported results for the third quarter ended September 30, 2020.
“We delivered a very strong third quarter, exceeding our expectations on revenue growth and profitability, as we continue to engage in exciting projects with leading global brands and fulfillers across geographies. Our industry is accelerating the transition to digital sustainable on-demand manufacturing and we have never been better positioned to meet the market opportunities ahead of us,” said Ronen Samuel, Kornit Digital’s CEO. “Looking forward, we see huge momentum in the business, and we are entering 2021 with a very strong pipeline.”
2019 GAAP and Non-GAAP figures in today’s press release are presented using a different valuation basis for the warrants impact compared to previous years as a result of the recently issued accounting standards update (ASU 2019-08).
The following table compares the adverse, non-cash impact that our outstanding warrants had on our results of operations during the third quarter of 2020 and 2019, respectively:
Third Quarter Warrants Impact
| Three Months Ended | |||||||||
| September 30, | |||||||||
| 2020 | 2019 | ||||||||
| Net ofWarrantsImpact | WarrantsImpact | Net ofWarrantsImpact | WarrantsImpact | ||||||
| Revenue | $57.4M | $2.2M | $47.3M | $2.4M | |||||
| Non-GAAP Gross Margin | 48.1% | 188bps | 47.7% | 255bps | |||||
| Non-GAAP Operating Margin | 11.3% | 322bps | 13.0% | 425bps | |||||
| Non-GAAP Net Margin | 13.5% | 314bps | 13.9% | 420bps | |||||
| Non-GAAP Diluted Earnings Per Share | $0.18 | $0.05 | $0.16 | $0.05 | |||||
“We are very pleased with our business acceleration as third quarter revenue of $57.4 million, net of $2.2 million attributed to the non-cash impact of warrants reflects an increase of 21.4 percent year-over-year. Customers and partners are ramping production not only to meet the upcoming holiday season but also the unprecedented and sustained demand in e-commerce,” said Guy Avidan, Kornit Digital’s Chief Financial Officer. “Given third quarter outperformance and the strength of our pipeline we are raising our previously provided second-half 2020 revenue outlook from low double-digit to 25 percent year-over-year growth.”
Third Quarter 2020 Results of Operations
- Total revenue for the third quarter of 2020 was $57.4 million, net of $2.2 million attributed to the non-cash impact of warrants, compared to $47.3 million, net of $2.4 million attributed to the non-cash impact of warrants in the prior year period.
- GAAP net income for the third quarter of 2020 was $3.9 million, or $0.09 per diluted share, compared to net income of $4.7 million, or $0.11 per diluted share, for the third quarter of 2019.
- Non-GAAP net income for the third quarter of 2020 was $7.7 million, or $0.18 per diluted share, including $0.05 per diluted share attributed to the non-cash impact of warrants, compared to non-GAAP net income of $6.6 million, or $0.16 per diluted share, net of $0.05 per diluted share attributed to the non-cash impact of warrants, for the third quarter of 2019.
Fourth Quarter 2020 Guidance
The Company will discuss its expectations for the fourth quarter of 2020 live during its earnings conference call, which will be available for replay via webcast at ir.kornit.com, as referenced below.
Third Quarter Earnings Conference Call Information
The Company will host a conference call today at 5:00 p.m. ET, or 12:00 a.m. Israel time, to discuss the results, followed by a question and answer session for the investment community. A live webcast of the call can be accessed at ir.kornit.com. To access the call, participants may dial toll-free at 1-877-407-0792 or +1-201-689-8263. The toll-free Israeli number is 1 809 406 247. The confirmation code is 13711406.
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 confirmation code 13711406. The telephonic replay will be available beginning at 8:00 p.m. ET on Tuesday, November 10, 2020, until 11:59 p.m. ET on Tuesday, November 24, 2020. The call will also be available for replay via the webcast link on Kornit’s Investor Relations website.
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 of the global COVID-19 pandemic, which, if extending for further significant periods of time, may continue to impact, in a material adverse manner, our operations, financial position and cash flows, and those of our customers and suppliers; the degree of our success in developing, introducing and selling new or improved products and product enhancements including specifically our Poly Pro and Presto products the extent of our ability to consummate sales to large accounts with multi-system delivery plans, the degree of our ability to fill orders for our systems, the extent of our ability to continue to increase sales of our systems, ink and consumables, the extent of our ability to leverage our global infrastructure build-out, the development of the market for digital textile printing, the availability of alternative ink, competition, sales concentration, changes to our relationships with suppliers, the extent of our 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, 2019, filed with the U.S. Securities and Exchange Commission on March 23, 2020. Any forward-looking statements in this press release are made as of the date hereof, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Non-GAAP Discussion Disclosure
Non-GAAP financial measures consist of GAAP financial measures adjusted to exclude the impact of share-based compensation expenses, acquisition related expenses, excess cost of acquired inventory, foreign exchange differences associated with ASC 842, amortization of acquired intangible assets, deferred tax impact and the one-time impact of COVID-19, and the tax effect of the foregoing. The purpose of such adjustments is to provide an indication of our performance exclusive of non-cash charges and other items that are considered by management to be outside of our 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 our business and make operating decisions, and we believe that they are useful to investors as a consistent and comparable measure of the ongoing performance of our business. However, our 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 our 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.
About Kornit
Kornit Digital Ltd. (NASDAQ: KRNT) develops, manufactures and markets industrial digital printing technologies for the garment, apparel and textile industries. Kornit delivers complete solutions, including digital printing systems, inks, consumables, software and after-sales support. Leading the digital direct-to-garment printing market with its exclusive eco-friendly NeoPigment printing process, Kornit caters directly to the changing needs of the textile printing value chain. Kornit’s technology enables innovative business models based on web-to-print, on-demand and mass customization concepts. With its immense experience in the direct-to-garment market, Kornit also offers a revolutionary approach to the roll-to-roll textile printing industry: digitally printing with a single ink set onto multiple types of fabric with no additional finishing processes. Founded in 2002, Kornit Digital is a global company, headquartered in Israel with offices in the USA, Europe and Asia Pacific, and serves customers in more than 100 countries worldwide.
| KORNIT DIGITAL LTD. | |||||||
| AND ITS SUBSIDIARIES | |||||||
| CONSOLIDATED BALANCE SHEETS | |||||||
| (U.S. dollars in thousands) | |||||||
| September 30, | December 31, | ||||||
| 2020 | 2019 | ||||||
| (Unaudited) | |||||||
| ASSETS | |||||||
| CURRENT ASSETS: | |||||||
| Cash and cash equivalents | $ | 283,680 | $ | 40,743 | |||
| Short-term bank deposit | 51,808 | 95,000 | |||||
| Marketable securities | 10,723 | 32,567 | |||||
| Trade receivables, net | 49,685 | 40,510 | |||||
| Inventory | 46,268 | 37,477 | |||||
| Other accounts receivable and prepaid expenses | 8,495 | 6,985 | |||||
| Total current assets | 450,659 | 253,282 | |||||
| LONG-TERM ASSETS: | |||||||
| Marketable securities | 59,057 | 95,393 | |||||
| Deposits and prepaid expenses | 406 | 356 | |||||
| Severance pay fund | 297 | 301 | |||||
| Deferred taxes | 7,067 | 7,781 | |||||
| Property, plant and equipment, net | 25,844 | 17,489 | |||||
| Operating lease right-of-use assets | 21,837 | 22,806 | |||||
| Intangible assets, net | 11,474 | 2,494 | |||||
| Goodwill | 13,629 | 5,564 | |||||
| Total long-term assets | 139,611 | 152,184 | |||||
| Total assets | $ | 590,270 | $ | 405,466 | |||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
| CURRENT LIABILITIES: | |||||||
| Trade payables | $ | 24,812 | $ | 23,449 | |||
| Employees and payroll accruals | 13,434 | 9,165 | |||||
| Deferred revenues and advances from customers | 10,373 | 2,688 | |||||
| Operating lease liabilities | 3,893 | 3,902 | |||||
| Other payables and accrued expenses | 9,421 | 6,373 | |||||
| Total current liabilities | 61,933 | 45,577 | |||||
| LONG-TERM LIABILITIES: | |||||||
| Accrued severance pay | 1,112 | 1,035 | |||||
| Operating lease liabilities | 18,271 | 19,231 | |||||
| Other long-term liabilities | 1,368 | 1,320 | |||||
| Total long-term liabilities | 20,751 | 21,586 | |||||
| SHAREHOLDERS' EQUITY | 507,586 | 338,303 | |||||
| Total liabilities and shareholders' equity | $ | 590,270 | $ | 405,466 | |||
| KORNIT DIGITAL LTD. | |||||||||||||
| AND ITS SUBSIDIARIES | |||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||
| (U.S. dollars in thousands, except share and per share data) | |||||||||||||
| Nine Months Ended | Three Months Ended | ||||||||||||
| September 30, | September 30, | ||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||
| (Unaudited) | (Unaudited) | ||||||||||||
| Revenues | |||||||||||||
| Products | $ | 103,536 | $ | 114,347 | $ | 49,290 | $ | 43,317 | |||||
| Services | 17,504 | 16,869 | 8,102 | 3,976 | |||||||||
| Total revenues | 121,040 | 131,216 | 57,392 | 47,293 | |||||||||
| Cost of revenues | |||||||||||||
| Products | 50,117 | 53,311 | 23,031 | 19,102 | |||||||||
| Services | 20,066 | 19,863 | 7,330 | 5,972 | |||||||||
| Total cost of revenues | 70,183 | 73,174 | 30,361 | 25,074 | |||||||||
| Gross profit | 50,857 | 58,042 | 27,031 | 22,219 | |||||||||
| Operating expenses: | |||||||||||||
| Research and development | 22,213 | 16,386 | 8,689 | 5,610 | |||||||||
| Selling and marketing | 25,375 | 24,322 | 8,587 | 7,849 | |||||||||
| General and administrative | 18,957 | 13,044 | 7,093 | 4,688 | |||||||||
| Total operating expenses | 66,545 | 53,752 | 24,369 | 18,147 | |||||||||
| Operating income (loss) | (15,688 | ) | 4,290 | 2,662 | 4,072 | ||||||||
| Financial income, net | 4,427 | 1,127 | 1,630 | 582 | |||||||||
| Income (loss) before taxes on income | (11,261 | ) | 5,417 | 4,292 | 4,654 | ||||||||
| Taxes on income (Tax benefit) | (577 | ) | 6 | 350 | (14 | ) | |||||||
| Net income (loss) | (10,684 | ) | 5,411 | 3,942 | 4,668 | ||||||||
| Basic earnings (losses) per share | $ | (0.26 | ) | $ | 0.15 | $ | 0.09 | $ | 0.12 | ||||
| Weighted average number of shares | |||||||||||||
| used in computing basic earnings (losses) | |||||||||||||
| per share | 41,059,090 | 37,208,558 | 41,536,835 | 40,471,832 | |||||||||
| Diluted earnings (losses) per share | $ | (0.26 | ) | $ | 0.14 | $ | 0.09 | $ | 0.11 | ||||
| Weighted average number of shares | |||||||||||||
| used in computing diluted earnings (losses) | |||||||||||||
| per share | 41,059,090 | 38,584,788 | 42,692,989 | 42,159,655 | |||||||||
| 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) | ||||||||||||||||
| Nine Months Ended | Three Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| GAAP cost of revenues | $ | 70,183 | $ | 73,174 | $ | 30,361 | $ | 25,074 | ||||||||
| Cost of product recorded for share-based compensation (1) | (772 | ) | (419 | ) | (281 | ) | (182 | ) | ||||||||
| Cost of service recorded for share-based compensation (1) | (568 | ) | (374 | ) | (208 | ) | (144 | ) | ||||||||
| Intangible assets amortization on cost of product (3) | (75 | ) | (75 | ) | (25 | ) | (25 | ) | ||||||||
| Excess cost of product on acquired inventory (a) | - | (2,790 | ) | - | - | |||||||||||
| Acquisition related expenses (2) | - | (28 | ) | - | - | |||||||||||
| COVID-19 one time impact (4) | (520 | ) | - | (74 | ) | - | ||||||||||
| Non-GAAP cost of revenues | $ | 68,248 | $ | 69,488 | $ | 29,773 | $ | 24,723 | ||||||||
| GAAP gross profit | $ | 50,857 | $ | 58,042 | $ | 27,031 | $ | 22,219 | ||||||||
| Gross profit adjustments | 1,935 | 3,686 | 588 | 351 | ||||||||||||
| Non-GAAP gross profit | $ | 52,792 | $ | 61,728 | $ | 27,619 | $ | 22,570 | ||||||||
| GAAP operating expenses | $ | 66,545 | $ | 53,752 | $ | 24,369 | $ | 18,147 | ||||||||
| Share-based compensation (1) | (5,970 | ) | (3,791 | ) | (2,191 | ) | (1,515 | ) | ||||||||
| Acquisition related expenses (2) | (648 | ) | (57 | ) | (648 | ) | - | |||||||||
| Intangible assets amortization (3) | (622 | ) | (532 | ) | (371 | ) | (224 | ) | ||||||||
| COVID-19 one time impact (4) | 69 | - | - | - | ||||||||||||
| Non-GAAP operating expenses | $ | 59,374 | $ | 49,372 | $ | 21,159 | $ | 16,408 | ||||||||
| GAAP Financial income | $ | 4,427 | $ | 1,127 | $ | 1,630 | $ | 582 | ||||||||
| Foreign exchange losses associated with ASC 842 | 28 | 780 | 110 | 242 | ||||||||||||
| Non-GAAP Financial income | $ | 4,455 | $ | 1,907 | $ | 1,740 | $ | 824 | ||||||||
| GAAP Taxes on income (Tax benefit) | $ | (577 | ) | $ | 6 | $ | 350 | $ | (14 | ) | ||||||
| Tax effect on to the above non-GAAP adjustments | 346 | 933 | 526 | 62 | ||||||||||||
| Taxes on income (Tax benefit) (b) | 610 | 807 | (405 | ) | 347 | |||||||||||
| Non-GAAP Taxes on income (Tax benefit) | $ | 379 | $ | 1,746 | $ | 471 | $ | 395 | ||||||||
| GAAP net income (loss) | $ | (10,684 | ) | $ | 5,411 | $ | 3,942 | $ | 4,668 | |||||||
| Share-based compensation (1) | 7,310 | 4,584 | 2,680 | 1,841 | ||||||||||||
| Acquisition related expenses (2) | 648 | 85 | 648 | - | ||||||||||||
| Intangible assets amortization (3) | 697 | 607 | 396 | 249 | ||||||||||||
| COVID-19 one time impact (4) | 451 | - | 74 | - | ||||||||||||
| Excess cost of product on acquired inventory (a) | - | 2,790 | - | - | ||||||||||||
| Foreign exchange losses associated with ASC 842 | 28 | 780 | 110 | 242 | ||||||||||||
| Tax effect on to the above non-GAAP adjustments | (346 | ) | (933 | ) | (526 | ) | (62 | ) | ||||||||
| Deferred taxes on income (Tax benefit) (b) | (610 | ) | (807 | ) | 405 | (347 | ) | |||||||||
| Non-GAAP net income (loss) | $ | (2,506 | ) | $ | 12,517 | $ | 7,729 | $ | 6,591 | |||||||
| GAAP diluted earnings (losses) per share | $ | (0.26 | ) | $ | 0.14 | $ | 0.09 | $ | 0.11 | |||||||
| Non-GAAP diluted earnings (losses) per share | $ | (0.06 | ) | $ | 0.32 | $ | 0.18 | $ | 0.16 | |||||||
| Weighted average number of shares | ||||||||||||||||
| Shares used in computing GAAP diluted net earnings (losses) per share | 41,059,090 | 38,584,788 | 42,692,989 | 42,159,655 | ||||||||||||
| Shares used in computing Non-GAAP diluted net earnings (losses) per share | 41,059,090 | 38,753,127 | 42,972,182 | 42,247,859 | ||||||||||||
| (1) Share-based compensation | ||||||||||||||||
| Cost of product revenues | 772 | 419 | 281 | 182 | ||||||||||||
| Cost of service revenues | 568 | 374 | 208 | 144 | ||||||||||||
| Research and development | 1,243 | 934 | 463 | 334 | ||||||||||||
| Selling and marketing | 2,150 | 1,132 | 769 | 496 | ||||||||||||
| General and administrative | 2,635 | 1,725 | 1,017 | 685 | ||||||||||||
| 7,368 | 4,584 | 2,738 | 1,841 | |||||||||||||
| (2) Acquisition related expenses | ||||||||||||||||
| Cost of product revenues | - | 28 | - | - | ||||||||||||
| Research and development | - | - | - | - | ||||||||||||
| Selling and marketing | - | 14 | - | - | ||||||||||||
| General and administrative | 648 | 43 | 648 | - | ||||||||||||
| 648 | 85 | 648 | - | |||||||||||||
| (3) Intangible assets amortization | ||||||||||||||||
| Cost of product revenues | 75 | 75 | 25 | 25 | ||||||||||||
| Research and development | 315 | - | 315 | - | ||||||||||||
| Selling and marketing | 307 | 532 | 56 | 224 | ||||||||||||
| 697 | 607 | 396 | 249 | |||||||||||||
| (4) COVID-19 one time impact | ||||||||||||||||
| Cost of product revenues | 527 | - | 74 | - | ||||||||||||
| Cost of service revenues | (7 | ) | - | - | - | |||||||||||
| Research and development | (57 | ) | - | - | - | |||||||||||
| Selling and marketing | (1 | ) | - | - | - | |||||||||||
| General and administrative | (11 | ) | - | - | - | |||||||||||
| 451 | - | 74 | - | |||||||||||||
| (a) | Consists of charges to cost of revenues for the difference between the higher carrying cost of the acquired inventory from a distributor purchased on February 8, 2019 which was recorded at fair value and the standard cost of the Company's inventory, which adversely impacts the Company's gross profit. | |||||||||||||||
| (b) | Non cash impact related to the recognition of deferred taxes with respect to carryforward losses in Israel. | |||||||||||||||
| KORNIT DIGITAL LTD. | ||||||||||||||||
| AND ITS SUBSIDIARIES | ||||||||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||
| (U.S. dollars in thousands) | ||||||||||||||||
| Nine Months Ended | Three Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| Cash flows from operating activities: | ||||||||||||||||
| Net income (loss) | $ | (10,684 | ) | $ | 5,411 | $ | 3,942 | $ | 4,668 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||
| Depreciation and amortization | 3,411 | 3,359 | 1,215 | 1,137 | ||||||||||||
| Fair value of warrants deducted from revenues | 3,564 | 3,964 | 2,158 | 2,430 | ||||||||||||
| Share-based compensation | 7,310 | 4,584 | 2,680 | 1,841 | ||||||||||||
| Amortization of discount on marketable securities | 248 | (119 | ) | 83 | (35 | ) | ||||||||||
| Realized gain on sale of marketable securities | (503 | ) | (271 | ) | (401 | ) | - | |||||||||
| Increase in trade receivables | (7,933 | ) | (23,344 | ) | (8,549 | ) | (11,181 | ) | ||||||||
| Decrease (increase) in other receivables and prepaid expenses | (1,615 | ) | 405 | (771 | ) | (345 | ) | |||||||||
| Decrease (increase) in inventory | (9,529 | ) | (1,107 | ) | (4,324 | ) | 418 | |||||||||
| Decrease (increase) in operating leases right-of-use assets | (29 | ) | 52 | (62 | ) | 18 | ||||||||||
| Decrease (increase) in deferred taxes, net | (823 | ) | (632 | ) | 561 | 14 | ||||||||||
| Decrease in other long term assets | 38 | 204 | 120 | - | ||||||||||||
| Increase (decrease) in trade payables | 571 | 447 | 10,462 | (3,335 | ) | |||||||||||
| Increase in operating lease liabilities | 29 | 780 | 111 | 242 | ||||||||||||
| Increase in employees and payroll accruals | 4,318 | 1,184 | 3,983 | 1,967 | ||||||||||||
| Increase (decrease) in deferred revenues and advances from customers | 7,663 | (1,123 | ) | 7,770 | 651 | |||||||||||
| Increase in other payables and accrued expenses | 2,120 | 1,654 | 1,688 | 702 | ||||||||||||
| Increase in accrued severance pay, net | 81 | 46 | 18 | 39 | ||||||||||||
| Increase (decrease) in other long term liabilities | 48 | (123 | ) | 191 | 87 | |||||||||||
| Loss from sale and disposal of property and Equipment | 75 | 1 | - | 1 | ||||||||||||
| Foreign currency translation income (loss) on inter company balances with foreign subsidiaries | (294 | ) | 684 | (477 | ) | 673 | ||||||||||
| Net cash provided by (used in) operating activities | (1,934 | ) | (3,944 | ) | 20,398 | (8 | ) | |||||||||
| Cash flows from investing activities: | ||||||||||||||||
| Purchase of property and equipment | (10,758 | ) | (4,065 | ) | (2,247 | ) | (2,101 | ) | ||||||||
| Acquisition of intangible assets and capitalization of software development costs | (121 | ) | (799 | ) | - | (149 | ) | |||||||||
| Proceeds from sale of property and equipment | 4 | 3 | - | 3 | ||||||||||||
| Cash paid in connection with acquisition | (15,059 | ) | (4,715 | ) | (15,059 | ) | - | |||||||||
| Decrease (increase) in bank deposits | 43,192 | (89,000 | ) | 27,996 | (12,000 | ) | ||||||||||
| Proceeds from sale of marketable securities | 58,532 | 31,445 | 37,730 | 1,000 | ||||||||||||
| Proceeds from maturity of marketable securities | 20,006 | 1,500 | 2,561 | 1,000 | ||||||||||||
| Purchase of marketable securities | (18,542 | ) | (44,599 | ) | - | - | ||||||||||
| Net cash provided by (used in) investing activities | 77,254 | (110,230 | ) | 50,981 | (12,247 | ) | ||||||||||
| Cash flows from financing activities: | ||||||||||||||||
| Proceeds from secondary offering, net | 162,720 | 129,710 | 162,720 | (669 | ) | |||||||||||
| Exercise of employee stock options | 4,942 | 5,400 | 2,138 | 3,131 | ||||||||||||
| Payments related to shares withheld for taxes | (82 | ) | - | (18 | ) | - | ||||||||||
| Payment of contingent consideration | - | (303 | ) | - | - | |||||||||||
| Net cash provided by financing activities | 167,580 | 134,807 | 164,840 | 2,462 | ||||||||||||
| Foreign currency translation adjustments on cash and cash equivalents | 37 | (95 | ) | 13 | (87 | ) | ||||||||||
| Increase (decrease) in cash and cash equivalents | 242,937 | 20,538 | 236,232 | (9,880 | ) | |||||||||||
| Cash and cash equivalents at the beginning of the period | 40,743 | 74,132 | 47,448 | 104,550 | ||||||||||||
| Cash and cash equivalents at the end of the period | 283,680 | 94,670 | 283,680 | 94,670 | ||||||||||||
| Non-cash investing and financing activities: | ||||||||||||||||
| Purchase of property and equipment on credit | 382 | 359 | 382 | 359 | ||||||||||||
| Inventory transferred to be used as property and equipment | 823 | 167 | 312 | 167 | ||||||||||||
| Property and equipment transferred to be used as inventory | 51 | - | - | - | ||||||||||||
| Issuance expenses on credit | 739 | - | 739 | - | ||||||||||||
| Acquisition costs on credit | 204 | - | 204 | - | ||||||||||||
| Lease liabilities arising from obtaining right-of-use assets | 2,769 | 1,333 | 849 | 531 | ||||||||||||
| Capitalization of software development costs | - | 151 | - | 151 | ||||||||||||
Investor Contact:Kelsey TurcotteThe Blueshirt Group(917) 842-0334[email protected]
