Highlights
Kornit Digital Ltd. (NASDAQ:KRNT), a leading provider of digital
printing solutions for the global printed textile industry, today
reported results for the fourth quarter and fiscal year ended
December 31, 2016.
GAAP Sales for the fourth quarter of 2016, which
are net of the fair value of the warrants associated with revenues
recognized from Amazon, were $32.0 million. Non-GAAP sales were
$34.0 million, an increase of 33.4% over the prior-year of $25.5
million. Higher sales were attributable to growth in volume
of sales across all of the Company’s products, including systems,
ink and consumables as well as services.
GAAP net income in the fourth quarter of 2016
was $820 thousand, or $0.03 per diluted share, compared to GAAP net
income of $2.1 million, in the fourth quarter of 2015. On a
non-GAAP basis net income was $5.1 million, or $0.16 per diluted
share, compared to prior-year non-GAAP net income of $3.2
million.
Gabi Seligsohn, Kornit Digital’s Chief Executive
Officer commented, “We are proud to deliver a record breaking
fourth quarter on many measures, including revenue and
profitability. We achieved this performance on broad product growth
with deliveries to multiple new and existing customers,
underscoring our momentum in the printed textile market.” Seligsohn
continued, “New platforms including the Allegro and Vulcan are
gaining traction, which helped us deliver on our commitments for
2016, and set the stage for continued growth in the year
ahead.”
Key Business Achievements
The company achieved several meaningful
milestones during 2016 and in the start of 2017, including:
- Successfully closed a follow on and secondary
public offering on January 31, 2017, which raised a total of
$37.9 million gross proceeds for the Company and a total of $104.4
million, gross proceeds, for selling shareholders. Mr. Seligsohn
added, "We are honored by the tremendous support we received from
the investment community, and thankful for the vote of confidence
that our existing investors and new stakeholders put in our
team.”
- Signed an agreement with Amazon to deliver the Company’s
flagship high- throughput system, the Avalanche 1000, to support
Amazon’s expansion of production capacity for the Merch by Amazon
service. This multi-year agreement includes the delivery of
systems, ink and consumables, and software and services support. It
also grants Amazon warrants to acquire up to 2.9 million shares of
Kornit at a price of $13.03 per share (representing the 30 day VWAP
at the time the agreement was announced), as a function of Amazon
spending up to $150 million dollars on Kornit products and services
over a 5-year period.
- Received multiple new orders for the Allegro Roll-to-Roll
printer in the fourth quarter. The latest additions to the
global installed base of Allegro systems will now serve more than
20 customer sites, ranging from North America, Central Europe,
Latin America, Turkey and South East Asia.
- Shipped the fourth Vulcan system, and recognized revenue from
sales of a first system, marking a significant milestone in
Kornit’s most sophisticated and capable system to date.
- Acquired the digital direct to garment printing assets of one
of our U.S. distributors. This strategic move will help improve
customer intimacy by expanding our leadership position in the
digital textile market with larger accounts as well as provide
direct access to a large number of traditional screen printing
customers, some of which may transition wholly or in part to
digital printing over the next several years.
- Recognized initial revenue for system upgrades in the fourth
quarter; expecting upgrades to become a more meaningful part of our
services business starting 2017.
Fourth Quarter Results of
Operations Kornit reported fourth quarter GAAP sales which
are net of the fair value of the warrants associated with revenues
recognized from Amazon, were $32.0 million. On a non-GAAP basis,
Kornit reported sales of $34.0 million, an increase of 33.4%
compared with the prior-year level of $25.5 million. Higher sales
were the result of contributions from all product categories
comprising systems, ink and consumables, and services.
On a GAAP basis, fourth quarter gross profit was
$13.6 million, compared with $12.1 million, in the prior-year.
Non-GAAP gross profit in the fourth quarter was $16.9 million, or
49.8% of sales, compared with $12.4 million, or 48.6% of sales in
the prior-year. Higher gross margins primarily reflected a
favorable sales mix of high throughput systems, and a stronger
contribution from ink and consumables during the current
period.
On a GAAP basis, total operating expenses in the
fourth quarter were $12.8 million, compared to $9.9 million in the
prior period. Non-GAAP operating expenses in the fourth quarter
increased to $11.8 million, or 34.7% of sales, compared to $9.1
million, or 35.5% of sales in the prior year. The increase in
total operating expenses was consistent with the previously stated
growth strategy, as the Company continues to execute to its global
infrastructure build out.
Fourth quarter GAAP research and development
expenses were $5.1 million, compared to the prior-year period of
$3.4 million. Fourth quarter non-GAAP research and development
expenses were $4.9 million, or 14.5% of sales, compared to $3.2
million, or 12.7% of sales in the prior-year.
On a GAAP basis, fourth quarter operating income
was $804 thousand, compared to the prior year period of $2.2
million. Non-GAAP operating income in the fourth quarter increased
to $5.1 million, compared to $3.3 million in the prior year. As a
percent of sales, adjusted operating margin for the fourth quarter
was 15.1% of sales, compared with 13.1% of sales in the prior
year.
On a GAAP basis, the Company reported net income
of $820 thousand, or $0.03 per diluted share, compared to a net
income of $2.1 million, in the fourth quarter of 2015. Non-GAAP net
income for the fourth quarter of 2016 were $5.1 million, or $0.16
per diluted share, compared to $3.2 million in the prior year
period.
Full Year 2016 Results of
OperationsFull year 2016 GAAP sales which are net of the
fair value of the warrants associated with revenues recognized from
Amazon were $108.7 million. Full year 2016 non-GAAP sales increased
28.1% to $110.7 million, compared to the prior year period of $86.4
million. Higher sales compared to the prior year were primarily
related to higher volume of products sold, an improved mix of
industrial systems, the success of new product introductions, and
incremental sales from services. For the full-year, the Company
recorded 61% of revenue from systems and services, and 39% of
revenue from ink and consumables.
Full year GAAP gross profit was $49.4 million,
compared to $40.6 million in the prior year. Non-GAAP gross profit
for the full year 2016 was $54.6 million, or 49.3% of sales,
compared to $41.3 million, or 47.8% of sales for the full year
2015. Higher gross margins compared to the prior year were
primarily the result of a favorable system sales mix with increased
sales of industrial systems, and a higher volume of ink &
consumables.
Full year 2016 operating expenses on a GAAP
basis were $48.0 million, compared to $34.8 million for the full
year of 2015. Non-GAAP operating expenses for the full year of 2016
were $44.0 million, or 39.7% of sales, compared to the prior year
level of $30.8 million, or 35.7% of sales. The increase in total
operating expenses was consistent with the previously stated growth
strategy, as the Company continues to execute to its global
infrastructure build out.
Full year 2016 research and development expenses
on a GAAP basis were $17.4 million, compared to the prior year of
$12.0 million. Full year non-GAAP research and development expenses
were $17.0 million, or 15.3% of sales, compared to $11.4 million,
or 13.2% of sales in the prior year.
Full year 2016 GAAP operating income decreased
to $1.4 million, compared to $5.8 million in the year ago period.
Non-GAAP operating income in the full year 2016 increased
1.7% to $10.6 million, compared to the prior year period of $10.5
million.
On a GAAP basis, full year 2016 net earnings
were $828 thousand, or $0.03 per diluted share, compared to $4.7
million in the prior year. Non-GAAP full year 2016 net income
was $10.0 million, or $0.31 per diluted share, compared with
non-GAAP net income of $9.4 million in the prior year.
Balance Sheet and Cash FlowAt
December 31, 2016, the Company had cash and marketable securities
of $61 million, and no long-term bank debt. This amount does
not reflect the net proceeds from the offering completed in January
2017. Cash flow from operating activity for the fourth
quarter was $5.3 million. Cash flow from operations for the
full-year of 2016 were a $1.0 million.
First Quarter 2017 Guidance The
Company will discuss the details of its guidance live during its
earnings conference call, which will be available for replay via
webcast at ir.kornit.com.
Conference Call InformationGabi
Seligsohn, the Company’s Chief Executive Officer, and Guy Avidan,
the Company’s Chief Financial Officer, 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 1-888-337-8169 or +1-719-325-2484. The toll-free
Israeli number is 1 80 924 5906. The confirmation code is
3336010.
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 3336010. The telephonic
replay will be available beginning at 8:00 p.m. ET on Tuesday,
February 14, 2017, and will last through 11:59 p.m. ET on Tuesday,
February 28, 2017. The call will also be available for replay
via the webcast link on Kornit’s Investor Relations website.
Forward Looking
StatementsCertain 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: our success in developing,
introducing and selling new or improved products and product
enhancements, our ability to consummate sales to large accounts
with multi-system delivery plans, our ability to fill orders for
our systems, our ability to continue to increase sales of our
systems and ink and consumables, our ability to leverage our global
infrastructure build-out, the development of the market for digital
textile printing, availability of alternative ink, competition,
sales concentration, changes to our relationships with suppliers,
our success in marketing, and those factors referred to under "Risk
Factors" in the company's final prospectus filed with the U.S.
Securities and Exchange Commission on January 26, 2017. 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
DisclosureNon-GAAP financial measures consist of GAAP
financial measures adjusted to exclude the impact of the fair value
of warrants deducted from revenues, acquisition related expenses,
compensation in relation to the IPO, one-time expenses, excess cost
of acquired inventory, share-based compensation expenses,
amortization of acquired intangible assets and expenses related to
settlement with OCS grants. The purpose of such adjustments is to
give 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 (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 2003, 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.
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KORNIT DIGITAL LTD. |
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AND ITS SUBSIDIARIES |
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CONSOLIDATED STATEMENTS OF
INCOME |
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(U.S. dollars in thousands, except share and per share
data) |
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Year Ended |
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Three Months Ended |
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December 31, |
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December 31, |
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2016 |
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2015 |
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2016 |
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2015 |
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(Unaudited) |
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(Unaudited) |
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|
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|
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|
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Revenues, net |
$ |
108,694 |
|
$ |
86,405 |
|
|
$ |
31,987 |
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|
$ |
25,498 |
|
|
|
Cost of revenues |
|
59,284 |
|
|
45,820 |
|
|
|
18,360 |
|
|
$ |
13,443 |
|
|
|
Gross profit |
|
49,410 |
|
|
40,585 |
|
|
|
13,627 |
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|
12,055 |
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Operating
expenses: |
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Research and
development |
|
17,383 |
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|
11,950 |
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|
|
5,090 |
|
|
|
3,377 |
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Selling and
marketing |
|
18,338 |
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|
13,367 |
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|
4,753 |
|
|
|
4,192 |
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General and
administrative |
|
12,259 |
|
|
9,500 |
|
|
|
2,980 |
|
|
|
2,287 |
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|
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Total operating
expenses |
|
47,980 |
|
|
34,817 |
|
|
|
12,823 |
|
|
|
9,856 |
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|
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Operating income |
|
1,430 |
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|
5,768 |
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|
|
804 |
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|
|
2,199 |
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Financial income (expenses), net |
|
46 |
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|
(334 |
) |
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(47 |
) |
|
|
(164 |
) |
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Income
before taxes on income |
|
1,476 |
|
|
5,434 |
|
|
|
757 |
|
|
|
2,035 |
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|
|
|
|
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Taxes on income
(benefit) |
|
648 |
|
|
709 |
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(63 |
) |
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(30 |
) |
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Net income |
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828 |
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|
4,725 |
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|
820 |
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|
2,065 |
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Basic net income per share |
$ |
0.03 |
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$ |
0.19 |
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$ |
0.03 |
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$ |
0.07 |
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Weighted average number
of shares |
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used in computing basic
and diluted |
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net
income per share |
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30,562,255 |
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24,633,369 |
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30,820,905 |
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30,183,089 |
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Diluted net
income per share |
$ |
0.03 |
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$ |
0.18 |
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$ |
0.03 |
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$ |
0.07 |
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Weighted average number
of shares |
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used in computing
diluted |
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net
income per share |
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31,732,532 |
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26,458,584 |
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31,850,639 |
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31,723,327 |
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KORNIT DIGITAL LTD. |
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AND ITS SUBSIDIARIES |
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RECONCILIATION OF GAAP TO
NON-GAAP
CONSOLIDATED
STATEMENTS
OF
INCOME |
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(U.S. dollars in thousands, except share and per share
data) |
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Year Ended |
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Three Months Ended |
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December 31, |
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December 31, |
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2016 |
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2015 |
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2016 |
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2015 |
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(Unaudited) |
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(Unaudited) |
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GAAP net income as reported |
$ |
828 |
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$ |
4,725 |
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$ |
820 |
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$ |
2,065 |
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Non-GAAP adjustments |
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Fair value
of warrants deducted from revenues (a) |
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2,030 |
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- |
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2,030 |
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- |
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Expenses
recorded for share-based compensation |
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Cost of
revenues |
|
482 |
|
|
306 |
|
|
|
|
145 |
|
|
109 |
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Research and
development |
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217 |
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|
281 |
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|
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|
91 |
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|
72 |
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Selling and
marketing |
|
654 |
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|
537 |
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|
|
|
219 |
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|
199 |
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|
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General and
administrative |
|
1,641 |
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|
1,259 |
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|
|
459 |
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|
377 |
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Acquisition
related expenses |
|
|
|
|
|
|
|
|
|
|
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Research and
development |
|
200 |
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|
250 |
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|
50 |
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|
62 |
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Selling and
marketing |
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56 |
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56 |
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|
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General and
administrative |
|
681 |
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|
550 |
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- |
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- |
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Intangible
assets amortization |
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Cost of
revenues |
|
225 |
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|
222 |
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|
56 |
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|
53 |
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Selling and
marketing |
|
294 |
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|
147 |
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- |
|
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Compensation in relation to the IPO |
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Separation payment to
shareholder |
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- |
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|
750 |
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|
- |
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|
- |
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|
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IPO bonuses to
employees |
|
- |
|
|
270 |
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|
|
- |
|
|
- |
|
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Expense
related to settlement of OCS grants |
|
|
|
165 |
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|
165 |
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Excess cost
of acquired inventory (b) |
|
2,471 |
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|
- |
|
|
|
|
1,073 |
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|
- |
|
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Other one
time expense |
|
241 |
|
|
90 |
|
|
|
- |
|
|
90 |
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|
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|
|
9,192 |
|
|
4,680 |
|
|
|
|
4,326 |
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|
1,127 |
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Non-GAAP net income |
$ |
10,020 |
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$ |
9,405 |
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$ |
5,146 |
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$ |
3,192 |
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Non- GAAP diluted net
income per
share |
$ |
0.31 |
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$ |
0.35 |
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$ |
0.16 |
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$ |
0.10 |
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Weighted
average number of shares |
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|
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|
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used in
computing diluted net |
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income per share |
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32,035,680 |
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26,824,370 |
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32,145,815 |
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32,054,699 |
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(a) |
Reflects a
non cash expense for warrants granted to Amazon that is being
accounted for as deduction from revenues |
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(b) |
Consists of charges to cost of revenues for the difference
between the higher carrying cost of the acquired inventory from a
distributor purchased on July 1, 2016 which was recorded at fair
value and the standard cost of the Company's inventory, which
adversely impacts the Company's gross profit. |
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KORNIT DIGITAL LTD. |
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AND ITS SUBSIDIARIES |
|
|
CONDENSED
CONSOLIDATED
BALANCE
SHEETS |
|
|
(U.S. dollars in thousands) |
|
|
|
|
December 31, |
|
December 31, |
|
|
|
|
|
2016 |
|
|
2015 |
|
|
|
|
(Unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
22,789 |
|
$ |
18,464 |
|
|
Short term bank
deposits |
|
|
- |
|
|
22,000 |
|
|
Available for sale
marketable securities |
|
|
16,500 |
|
|
4,527 |
|
|
Trade receivables,
net |
|
|
31,638 |
|
|
22,598 |
|
|
Other accounts
receivables and prepaid expenses |
|
|
3,735 |
|
|
3,314 |
|
|
Inventory |
|
|
24,122 |
|
|
15,803 |
|
|
Total current
assets |
|
|
98,784 |
|
|
86,706 |
|
|
|
|
|
|
|
|
|
LONG-TERM ASSETS: |
|
|
|
|
|
|
Available for sale
marketable securities |
|
|
21,724 |
|
|
29,152 |
|
|
Property and equipment,
net |
|
|
9,247 |
|
|
4,778 |
|
|
Goodwill and
Intangible assets, net |
|
|
8,477 |
|
|
1,023 |
|
|
Severance pay fund |
|
|
768 |
|
|
1,125 |
|
|
Other assets |
|
|
1,046 |
|
|
568 |
|
|
Total long-term
assets |
|
|
41,262 |
|
|
36,646 |
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
140,046 |
|
$ |
123,352 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
|
|
Trade payables |
|
$ |
16,433 |
|
$ |
13,230 |
|
|
Employees and payroll
accruals |
|
|
5,918 |
|
|
4,383 |
|
|
Deferred revenues and
advances from customers |
|
|
1,679 |
|
|
1,008 |
|
|
Other payables and
accrued expenses |
|
|
6,103 |
|
|
2,630 |
|
|
Total current
liabilities |
|
|
30,133 |
|
|
21,251 |
|
|
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES: |
|
|
|
|
|
|
Accrued severance
pay |
|
|
1,269 |
|
|
1,839 |
|
|
Payment obligation
related to acquisition |
|
|
1,070 |
|
|
- |
|
|
Other long term
liabilities |
|
|
386 |
|
|
- |
|
|
Total long-term
liabilities |
|
|
2,725 |
|
|
1,839 |
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY |
|
|
107,188 |
|
|
100,262 |
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity |
|
$ |
140,046 |
|
$ |
123,352 |
|
|
|
|
|
|
|
|
|
KORNIT DIGITAL LTD. |
|
|
AND ITS SUBSIDIARIES |
|
|
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS |
|
|
(U.S. dollars in thousands) |
|
|
|
|
|
|
|
|
|
Year Ended |
|
Three Months Ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
(Unaudited) |
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
828 |
|
|
$ |
4,725 |
|
|
$ |
820 |
|
|
$ |
2,065 |
|
|
|
Adjustments to
reconcile net income to net cash provided by (used in)
operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
2,964 |
|
|
|
1,782 |
|
|
|
957 |
|
|
|
503 |
|
|
|
Fair value of warrants
deducted from revenues |
|
2,030 |
|
|
|
- |
|
|
|
2,030 |
|
|
|
- |
|
|
|
Share-based
compensation |
|
2,994 |
|
|
|
2,383 |
|
|
|
914 |
|
|
|
757 |
|
|
|
Tax benefit related to
exercise of stock options |
|
(71 |
) |
|
|
- |
|
|
|
(71 |
) |
|
|
- |
|
|
|
Amortization of premium
and accretion of discount on available for sale marketable
securities |
|
448 |
|
|
|
(113 |
) |
|
|
110 |
|
|
|
(70 |
) |
|
|
Accretion of payment
obligation |
|
180 |
|
|
|
- |
|
|
|
90 |
|
|
|
- |
|
|
|
Increase in trade
receivables |
|
(9,258 |
) |
|
|
(13,117 |
) |
|
|
(2,528 |
) |
|
|
(5,391 |
) |
|
|
Decrease (increase) in
other receivables and prepaid expenses |
|
(411 |
) |
|
|
(1,648 |
) |
|
|
118 |
|
|
|
(39 |
) |
|
|
Increase in
inventory |
|
(6,061 |
) |
|
|
(4,610 |
) |
|
|
(1,322 |
) |
|
|
(1,249 |
) |
|
|
Changes in deferred
income taxes, net |
|
(181 |
) |
|
|
(57 |
) |
|
|
187 |
|
|
|
14 |
|
|
|
Increase in other long
term assets |
|
(282 |
) |
|
|
(70 |
) |
|
|
74 |
|
|
|
(36 |
) |
|
|
Increase in trade
payables |
|
2,819 |
|
|
|
7,036 |
|
|
|
1,370 |
|
|
|
3,935 |
|
|
|
Increase (decrease) in
employees and payroll accruals |
|
1,550 |
|
|
|
1,435 |
|
|
|
1,351 |
|
|
|
(51 |
) |
|
|
Increase (decrease) in
deferred revenues and advances from customers |
|
675 |
|
|
|
(820 |
) |
|
|
377 |
|
|
|
461 |
|
|
|
Increase
(decrease) in other payables and accrued expenses |
|
1,944 |
|
|
|
223 |
|
|
|
(117 |
) |
|
|
(506 |
) |
|
|
Increase in other long
term liabilities |
|
388 |
|
|
|
- |
|
|
|
388 |
|
|
|
- |
|
|
|
Loss from sale of
property and equipment |
|
9 |
|
|
|
51 |
|
|
|
3 |
|
|
|
51 |
|
|
|
Foreign currency
translation gain on inter company balances with foreign
subsidiaries |
|
391 |
|
|
|
590 |
|
|
|
529 |
|
|
|
187 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) operating activities |
|
956 |
|
|
|
(2,210 |
) |
|
|
5,280 |
|
|
|
631 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment |
|
(5,462 |
) |
|
|
(1,861 |
) |
|
|
(975 |
) |
|
|
(809 |
) |
|
|
Cash paid in connection
with acquisition |
|
(9,206 |
) |
|
|
(1,000 |
) |
|
|
- |
|
|
|
- |
|
|
|
Proceeds from bank
deposits, net |
|
22,000 |
|
|
|
(22,000 |
) |
|
|
- |
|
|
|
(11,000 |
) |
|
|
Proceeds from maturity
of marketable securities |
|
4,500 |
|
|
|
1,500 |
|
|
|
1,000 |
|
|
|
- |
|
|
|
Proceeds from sale of
marketable securities |
|
2,086 |
|
|
|
8 |
|
|
|
563 |
|
|
|
- |
|
|
|
Purchase of marketable
securities |
|
(11,455 |
) |
|
|
(35,518 |
) |
|
|
(1,891 |
) |
|
|
(8,090 |
) |
|
|
Net cash provided by
(used in) investing activities |
|
2,463 |
|
|
|
(58,871 |
) |
|
|
(1,303 |
) |
|
|
(19,899 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from initial
public offering, net |
|
- |
|
|
|
74,180 |
|
|
|
- |
|
|
|
- |
|
|
|
Payment of issuance
cost related to warrants |
|
(90 |
) |
|
|
- |
|
|
|
(90 |
) |
|
|
- |
|
|
|
Exercise of employee
stock options |
|
958 |
|
|
|
421 |
|
|
|
394 |
|
|
|
360 |
|
|
|
Tax benefit related to
exercise of stock options |
|
71 |
|
|
|
|
|
71 |
|
|
|
- |
|
|
|
Net cash provided by
financing activities |
|
939 |
|
|
|
74,601 |
|
|
|
375 |
|
|
|
360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments on cash and cash equivalents |
|
(33 |
) |
|
|
(49 |
) |
|
|
(40 |
) |
|
|
(5 |
) |
|
|
Increase (decrease) in
cash and cash equivalents |
|
4,325 |
|
|
|
13,471 |
|
|
|
4,312 |
|
|
|
(18,913 |
) |
|
|
Cash and cash
equivalents at the beginning of the period |
|
18,464 |
|
|
|
4,993 |
|
|
|
18,477 |
|
|
|
37,377 |
|
|
|
Cash and cash
equivalents at the end of the period |
|
22,789 |
|
|
|
18,464 |
|
|
|
22,789 |
|
|
|
18,464 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) |
|
|
|
|
|
- |
|
|
|
|
|
Non-cash
investing and financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase
of property and equipment on credit |
|
808 |
|
|
|
422 |
|
|
|
95 |
|
|
|
422 |
|
|
|
Inventory transferred
to be used as property and equipment |
|
1,090 |
|
|
|
692 |
|
|
|
290 |
|
|
|
100 |
|
|
|
Property and equipment
transferred to be used as inventory |
|
- |
|
|
|
106 |
|
|
|
- |
|
|
|
- |
|
|
|
Issuance expenses on
credit |
|
300 |
|
|
|
- |
|
|
|
300 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Contact:
Michael Callahan, ICR
(203) 682-8311
Michael.Callahan@icrinc.com
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