Highlights
Kornit Digital Ltd. (NASDAQ:KRNT), a leading provider of digital
printing solutions for the global printed textile industry, today
reported results for the second quarter ended June 30, 2017.
Kornit reported non-GAAP net income of $3.0
million, or $0.09 per diluted share, compared to non-GAAP net
income of $0.7 million, or $0.02 per diluted share in 2016. Higher
profitability on a non-GAAP basis was the result of 25.3% revenue
growth year-over-year, improved gross margin, and improved
operating cost efficiencies which were reflected in lower operating
expenses as a percentage of sales based on higher revenue
levels.
During the quarter Kornit participated in
several industry trade shows, most notably FESPA Hamburg, where
Kornit showcased its various products and closed several deals in
both DTG and roll-to-roll, leading to an excellent outcome for the
EMEA region during the second quarter.
Gabi Seligsohn, Kornit Digital’s Chief Executive
Officer commented, “The printed textile market continues to evolve,
demanding faster turnaround times and greater optionality. This
trend has continued to drive demand for our industrial systems,
while high customer utilization rates expand the usage for our inks
and consumables. Our strong first half results with 27% non-GAAP
revenue growth reflect the market success of our products that
support this ongoing evolution in the supply chain.”
Seligsohn added, “We also recognized substantial
operating leverage in the second quarter as our global
infrastructure investments are now running below the pace of
revenue growth. This led to a 500 basis point expansion in our
non-GAAP operating margin which combined with our revenue growth,
nearly tripled our non-GAAP operating profit compared to the second
quarter of 2016.”
Second Quarter Results of
Operations Second quarter GAAP sales for the period which
are net of the fair value of the warrants associated with revenues
recognized from Amazon were $28.6 million. On a non-GAAP basis,
Kornit reported sales of $30.0 million, an increase of 25.3%
compared with the prior-year level of $24.0 million. Higher
revenues were attributable to an increase across all revenue
sources, most notably services which included an increase in system
upgrades.
GAAP second quarter gross profit increased 12.6%
to $13.2 million, compared with $11.7 million, in the prior-year.
Non-GAAP gross profit in the second quarter was $14.7 million, or
49.1% of sales, compared with $11.9 million, or 49.5% of sales in
the prior-year.
GAAP operating expenses in the second quarter
were $13.2 million, compared to $11.6 million in the prior year
period. Non-GAAP operating expenses in the second quarter increased
to $12.0 million, or 40.0% of sales, compared to $10.9 million, or
45.4% of sales in the prior year. The decrease in operating
expenses as a percentage of sales was consistent with the Company’s
previously communicated plans to continue to invest in its global
infrastructure buildout, but at a rate slower than revenue growth.
Second quarter non-GAAP research and development
expenses were $4.4 million, or 14.6% of sales, compared to $4.0
million, or 16.8% of sales in the prior-year. Second quarter
GAAP research and development expenses were $4.6 million, compared
to the prior-year period of $4.1 million.
Second quarter non-GAAP selling and marketing
expenses were $4.8 million, or 16.0% of sales, compared to $4.1
million, or 17.3% of sales in the prior-year. Second quarter
GAAP selling and marketing expenses were $5.3 million, compared to
the prior-year period of $4.3 million.
Second quarter non-GAAP general and
administrative expenses were $2.8 million, or 9.4% of sales,
compared to $2.7 million, or 11.4% of sales in the prior-year.
Second quarter GAAP general and administrative expenses were $3.3
million, compared to the prior-year period of $3.1 million.
Non-GAAP operating profit in the second quarter
increased to $2.7 million, compared to $1.0 million in the prior
year. As a percent of sales, adjusted operating margin for the
second quarter was 9.2% of sales, compared with 4.0% of sales in
the prior year. On a GAAP basis, second quarter operating
loss was $0.1 million, compared to the prior year period profit of
$0.1 million.
Non-GAAP net income for the second quarter of
2017 was $3.0 million, or $0.09 per diluted share, compared to $0.7
million in the prior year period. On a GAAP basis, the
Company reported net income of $0.2 million, or $0.01 per diluted
share, compared to a net loss of $0.1 million, in the second
quarter of 2016.
Balance Sheet and Cash FlowAt
June 30, 2017, the Company had cash and marketable securities of
$89.3 million, and no long-term debt. Cash flow used in operations
for the second quarter of 2017 was $(5.7) million, attributable
mostly to the increase in accounts receivable and inventory.
Third 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 0:00 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 1-888-576-4398 or +1-719-325-4876. The toll-free
Israeli number is 1 80 925 8350. The confirmation code is
9490050.
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 9490050. The telephonic
replay will be available beginning at 8:00 p.m. ET on Monday,
August 7, 2017, and will last through 11:59 p.m. ET on Monday,
August 21, 2017. 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: 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 Annual Report on Form 20-F filed with the
U.S. Securities and Exchange Commission on March 30, 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 Disclosure
Non-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,
share-based compensation expenses, amortization of acquired
intangible assets and restructuring expenses. 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.
KORNIT DIGITAL LTD. |
|
|
AND ITS SUBSIDIARIES |
|
|
CONSOLIDATED STATEMENTS OF
OPERATIONS |
|
|
(U.S. dollars in thousands, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
Three Months Ended |
|
June 30, |
|
June 30, |
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
Revenues, net |
$ |
55,691 |
|
|
$ |
45,787 |
|
|
$ |
28,589 |
|
|
$ |
23,952 |
|
Cost of revenues |
|
30,631 |
|
|
|
23,625 |
|
|
|
15,424 |
|
|
|
12,260 |
|
Gross profit |
|
25,060 |
|
|
|
22,162 |
|
|
|
13,165 |
|
|
|
11,692 |
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
Research and
development |
|
9,342 |
|
|
|
7,896 |
|
|
|
4,562 |
|
|
|
4,141 |
|
Selling and
marketing |
|
10,829 |
|
|
|
8,772 |
|
|
|
5,271 |
|
|
|
4,320 |
|
General and
administrative |
|
6,138 |
|
|
|
5,528 |
|
|
|
3,301 |
|
|
|
3,106 |
|
Restructuring
expenses |
|
93 |
|
|
|
- |
|
|
|
93 |
|
|
|
- |
|
Total
operating |
|
26,402 |
|
|
|
22,196 |
|
|
|
13,227 |
|
|
|
11,567 |
|
Operating income
(loss) |
|
(1,342 |
) |
|
|
(34 |
) |
|
|
(62 |
) |
|
|
125 |
|
Financial income (expenses), net |
|
93 |
|
|
|
96 |
|
|
|
389 |
|
|
|
(18 |
) |
Income
(loss) before taxes on income |
|
(1,249 |
) |
|
|
62 |
|
|
|
327 |
|
|
|
107 |
|
|
|
|
|
|
|
|
|
Taxes on
income |
|
273 |
|
|
|
415 |
|
|
|
112 |
|
|
|
234 |
|
Net income (loss) |
|
(1,522 |
) |
|
|
(353 |
) |
|
|
215 |
|
|
|
(127 |
) |
|
|
|
|
|
|
|
|
Basic net income (loss) per share |
$ |
(0.05 |
) |
|
$ |
(0.01 |
) |
|
$ |
0.01 |
|
|
$ |
(0.00 |
) |
|
|
|
|
|
|
|
|
Weighted average number
of shares |
|
|
|
|
|
|
|
used in computing
basic |
|
|
|
|
|
|
|
net
income (loss) per share |
|
33,151,633 |
|
|
|
30,420,165 |
|
|
|
33,658,867 |
|
|
|
30,474,543 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net
income (loss) per share |
$ |
(0.05 |
) |
|
$ |
(0.01 |
) |
|
$ |
0.01 |
|
|
$ |
(0.00 |
) |
|
|
|
|
|
|
|
|
Weighted average number
of shares |
|
|
|
|
|
|
|
used in computing
diluted |
|
|
|
|
|
|
|
net
income (loss) per share |
|
33,151,633 |
|
|
|
30,420,165 |
|
|
|
34,719,784 |
|
|
|
30,474,543 |
|
|
|
|
|
|
|
|
|
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) |
|
|
Six Months Ended |
|
|
|
Three Months Ended |
|
|
June 30, |
|
|
|
June 30, |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
2017 |
|
|
2016 |
|
|
|
(Unaudited) |
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss) as reported |
$ |
(1,522 |
) |
|
$ |
(353 |
) |
|
|
|
$ |
215 |
|
$ |
(127 |
) |
Non-GAAP
adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
Fair value
of warrants deducted from revenues (a) |
|
2,352 |
|
|
|
|
|
|
|
1,414 |
|
|
Expenses
recorded for share-based compensation |
|
|
|
|
|
|
|
|
|
|
Cost of
revenues |
|
287 |
|
|
|
206 |
|
|
|
|
|
143 |
|
|
103 |
|
|
Research and
development |
|
297 |
|
|
|
156 |
|
|
|
|
|
180 |
|
|
69 |
|
|
Selling and
marketing |
|
430 |
|
|
|
332 |
|
|
|
|
|
210 |
|
|
179 |
|
|
General and
administrative |
|
934 |
|
|
|
768 |
|
|
|
|
|
477 |
|
|
385 |
|
Acquisition
related expenses |
|
|
|
|
|
|
|
|
|
|
Research and
development |
|
- |
|
|
|
100 |
|
|
|
|
|
- |
|
|
50 |
|
Intangible
assets amortization |
|
|
|
|
|
|
|
|
|
|
Cost of
revenues |
|
50 |
|
|
|
113 |
|
|
|
|
|
25 |
|
|
57 |
|
|
Selling
and marketing |
|
677 |
|
|
|
- |
|
|
|
|
|
266 |
|
|
- |
|
Restructuring expenses |
|
93 |
|
|
|
- |
|
|
|
|
|
93 |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,120 |
|
|
|
1,675 |
|
|
|
|
|
2,808 |
|
|
843 |
|
Non-GAAP net income |
$ |
3,598 |
|
|
$ |
1,322 |
|
|
|
|
$ |
3,023 |
|
$ |
716 |
|
|
|
|
|
|
|
|
|
|
|
|
Non- GAAP diluted net
income per
share |
$ |
0.10 |
|
|
$ |
0.04 |
|
|
|
|
$ |
0.09 |
|
$ |
0.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares |
|
|
|
|
|
|
|
|
|
used in
computing diluted net |
|
|
|
|
|
|
|
|
|
income per share |
|
34,702,588 |
|
|
|
32,006,613 |
|
|
|
|
|
35,235,330 |
|
|
31,985,387 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Reflects a
non cash expense for warrants granted to Amazon that is being
accounted for as deduction from revenues |
|
|
|
|
|
|
|
|
|
|
|
KORNIT DIGITAL LTD. |
|
AND ITS SUBSIDIARIES |
|
CONDENSED
CONSOLIDATED
BALANCE
SHEETS |
|
(U.S. dollars in thousands) |
|
|
|
June 30, |
|
December 31, |
|
|
|
|
2017 |
|
|
2016 |
|
|
|
(Unaudited) |
|
|
|
ASSETS |
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
25,707 |
|
$ |
22,789 |
|
Available for sale
marketable securities |
|
|
2,657 |
|
|
16,500 |
|
Trade receivables,
net |
|
|
29,193 |
|
|
31,638 |
|
Other accounts
receivables and prepaid expenses |
|
|
2,991 |
|
|
3,735 |
|
Inventory |
|
|
32,880 |
|
|
24,122 |
|
Total current
assets |
|
|
93,428 |
|
|
98,784 |
|
|
|
|
|
|
|
LONG-TERM ASSETS: |
|
|
|
|
|
Available for sale
marketable securities |
|
|
60,955 |
|
|
21,724 |
|
Severance pay fund |
|
|
599 |
|
|
768 |
|
Property and equipment,
net |
|
|
11,204 |
|
|
9,247 |
|
Intangible assets,
net |
|
|
2,658 |
|
|
3,385 |
|
Goodwill |
|
|
5,092 |
|
|
5,092 |
|
Other assets |
|
|
1,041 |
|
|
1,046 |
|
Total long-term
assets |
|
|
81,549 |
|
|
41,262 |
|
|
|
|
|
|
|
Total assets |
|
$ |
174,977 |
|
$ |
140,046 |
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
|
Trade payables |
|
$ |
14,440 |
|
$ |
16,433 |
|
Employees and payroll
accruals |
|
|
5,119 |
|
|
5,918 |
|
Deferred revenues and
advances from customers |
|
|
1,020 |
|
|
1,679 |
|
Other payables and
accrued expenses |
|
|
5,622 |
|
|
6,103 |
|
Total current
liabilities |
|
|
26,201 |
|
|
30,133 |
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES: |
|
|
|
|
|
Accrued severance
pay |
|
|
1,128 |
|
|
1,269 |
|
Payment obligation
related to acquisition |
|
|
312 |
|
|
1,070 |
|
Other long-term
liabilities |
|
|
757 |
|
|
386 |
|
|
|
|
|
|
|
Total long-term
liabilities |
|
|
2,197 |
|
|
2,725 |
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY |
|
|
146,579 |
|
|
107,188 |
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity |
|
$ |
174,977 |
|
$ |
140,046 |
|
|
|
|
|
|
|
KORNIT DIGITAL LTD. |
|
AND ITS SUBSIDIARIES |
|
CONSOLIDATED STATEMENTS OF CASH
FLOWS |
|
(U.S. dollars in thousands) |
|
|
|
|
|
|
|
Six Months Ended |
|
Three Months Ended |
|
|
June 30, |
|
June 30, |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (loss) |
$ |
(1,522 |
) |
|
$ |
(353 |
) |
|
$ |
215 |
|
|
$ |
(127 |
) |
|
Adjustments to
reconcile net income (loss) to net cash used in operating
activities: |
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
2,427 |
|
|
|
1,110 |
|
|
|
1,154 |
|
|
|
586 |
|
|
Fair value of warrants
deducted from revenues |
|
2,352 |
|
|
|
- |
|
|
|
1,414 |
|
|
|
- |
|
|
Share-based
compensation |
|
1,948 |
|
|
|
1,462 |
|
|
|
1,010 |
|
|
|
736 |
|
|
Amortization of premium
on marketable securities |
|
277 |
|
|
|
218 |
|
|
|
145 |
|
|
|
111 |
|
|
Increase (decrease) in
accrued severance pay, net |
|
28 |
|
|
|
- |
|
|
|
(4 |
) |
|
|
(23 |
) |
|
Decrease
(increase) in trade receivables |
|
2,894 |
|
|
|
(3,560 |
) |
|
|
(4,332 |
) |
|
|
(4,959 |
) |
|
Decrease in other
receivables and prepaid expenses |
|
747 |
|
|
|
491 |
|
|
|
1,016 |
|
|
|
830 |
|
|
Increase in
inventory |
|
(8,652 |
) |
|
|
(5,003 |
) |
|
|
(2,716 |
) |
|
|
(2,391 |
) |
|
Increase in deferred
taxes, net |
|
(183 |
) |
|
|
(132 |
) |
|
|
(19 |
) |
|
|
(467 |
) |
|
Decrease (increase) in
other long term assets |
|
194 |
|
|
|
(13 |
) |
|
|
45 |
|
|
|
20 |
|
|
Increase (decrease) in
trade payables |
|
(2,060 |
) |
|
|
(1,680 |
) |
|
|
(1,851 |
) |
|
|
29 |
|
|
Increase
(decrease) in employees and payroll accruals |
|
(833 |
) |
|
|
(260 |
) |
|
|
(1,087 |
) |
|
|
479 |
|
|
Increase (decrease) in
deferred revenues |
|
(692 |
) |
|
|
203 |
|
|
|
390 |
|
|
|
214 |
|
|
Increase (decrease) in
other payables and accrued expenses |
|
122 |
|
|
|
852 |
|
|
|
(755 |
) |
|
|
964 |
|
|
Increase (decrease) in
other long term liabilities |
|
369 |
|
|
|
(45 |
) |
|
|
133 |
|
|
|
(45 |
) |
|
Loss from sale of
property and equipment |
|
29 |
|
|
|
- |
|
|
|
29 |
|
|
|
- |
|
|
Foreign currency
translation gain (loss) on inter company balances with foreign
subsidiaries |
|
(588 |
) |
|
|
(82 |
) |
|
|
(475 |
) |
|
|
303 |
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
operating activities |
|
(3,143 |
) |
|
|
(6,792 |
) |
|
|
(5,688 |
) |
|
|
(3,740 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment |
|
(3,431 |
) |
|
|
(1,533 |
) |
|
|
(2,536 |
) |
|
|
(797 |
) |
|
Proceeds from bank
deposits, net |
|
- |
|
|
|
3,999 |
|
|
|
- |
|
|
|
2,000 |
|
|
Proceeds from sale of
marketable securities |
|
38,283 |
|
|
|
1,523 |
|
|
|
38,283 |
|
|
|
1,523 |
|
|
Proceeds from maturity
of marketable securities |
|
6,740 |
|
|
|
2,500 |
|
|
|
2,000 |
|
|
|
1,500 |
|
|
Purchase of marketable
securities |
|
(70,648 |
) |
|
|
(7,131 |
) |
|
|
(22,520 |
) |
|
|
(3,622 |
) |
|
Net cash provided by
(used in) investing activities |
|
(29,056 |
) |
|
|
(642 |
) |
|
|
15,227 |
|
|
|
604 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from secondary
offering |
|
36,052 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Payment of deferred
issuance cost |
|
(981 |
) |
|
|
- |
|
|
|
(559 |
) |
|
|
- |
|
|
Exercise of employee
stock options |
|
1,347 |
|
|
|
273 |
|
|
|
872 |
|
|
|
34 |
|
|
Payment of contingent
consideration |
|
(1,400 |
) |
|
|
- |
|
|
|
- |
|
|
|
|
Net cash provided by
financing activities |
|
35,018 |
|
|
|
273 |
|
|
|
313 |
|
|
|
34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments on cash and cash equivalents |
|
99 |
|
|
|
6 |
|
|
|
85 |
|
|
|
(17 |
) |
|
Increase (decrease) in
cash and cash equivalents |
|
2,819 |
|
|
|
(7,161 |
) |
|
|
9,852 |
|
|
|
(3,102 |
) |
|
Cash and cash
equivalents at the beginning of the period |
|
22,789 |
|
|
|
18,464 |
|
|
|
15,770 |
|
|
|
14,428 |
|
|
Cash and cash
equivalents at the end of the period |
|
25,707 |
|
|
|
11,309 |
|
|
|
25,707 |
|
|
|
11,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash
investing and financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase
of property and equipment on credit |
|
863 |
|
|
|
373 |
|
|
|
863 |
|
|
|
373 |
|
|
Inventory transferred
to be used as property and equipment |
|
167 |
|
|
|
799 |
|
|
|
167 |
|
|
|
799 |
|
|
|
|
|
|
|
|
|
|
|
Investor Contact:
Michael Callahan, ICR
(203) 682-8311
Michael.Callahan@icrinc.com
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