Exhibit A
CERAGON NETWORKS REPORTS 2020 FOURTH QUARTER AND
FULL YEAR FINANCIAL RESULTS
Q4 2020 Financial Highlights:
| • |
Revenues of $74.0 million
|
| • |
Operating Income (loss) of $(1.5) million on a GAAP basis, or $0.5 million on a non-GAAP basis
|
| • |
EPS of $(0.08) per diluted share on a GAAP basis, or $(0.04) per diluted share on a non-GAAP basis
|
| • |
Cash flow provided by operating activities of $11.1 million; Returned $11.9M of short-term loans
|
Q4 2020 Business Highlights:
| • |
Revenues return to normal run-rates as customers begin to accelerate network deployment in response to strong global demand for connectivity
|
| • |
From five 5G design wins in Q3 2020 to nine 5G design wins in Q4 2020, across all geographies
|
| • |
Accelerated 5G tailwinds and increased OpenRAN momentum expected to drive multi-year growth
|
| • |
Provides outlook for 2021
|
Full Year 2020 Financial Highlights:
| • |
Revenues of $262.9 million
|
| • |
Operating loss of $(7.6) million on a GAAP basis, or $(4.3) million on a non-GAAP basis
|
| • |
EPS of $(0.21) per diluted share on a GAAP basis, or $(0.16) per diluted share on a non-GAAP basis
|
Little Falls, New Jersey, February 8, 2021 - Ceragon Networks Ltd. (NASDAQ: CRNT), the #1 wireless hauling specialist,
today reported its financial results for the fourth quarter and full year ended December 31, 2020.
Ira Palti, President & CEO, commented: “2020 was a unique year, to say the least. Given the mass exodus to remote work, back-to-back
lockdowns, and reduced travel, online services have become more important and in-demand than ever before. Fueled by this ‘new normal,’ there arose a strong global demand for connectivity which drove telcos to accelerate their evolution to 5G.”
“As the recognized best-in-class provider of wireless hauling solutions, we believe we are ideally positioned to provide operators with everything they need to make this 5G transition successful: the technology, including both our signature IP-50 Platform available today, and our advanced 5G hauling chipset which we expect to complete tape-out during the first half of 2021 and be integrated into our
advanced 5G solutions in 2022; the expertise, ranging from regulatory and deployment strategy to design and more; and finally the on-the-ground deployment and operational
services. In fact, we are already in progress with large 5G network development processes moving us from design wins to proof of concepts and purchase orders.”
“At Ceragon, we have a history of benefitting from the transition between wireless generations, first as 2G moved to 3G, and later when 3G transitioned to 4G. As the new 5G technology builds momentum, we believe we
will do again what we do best: leverage this transition to take our company story to the next level.”
Primary Fourth Quarter 2020 Financial Results:
Revenues were $74.0 million, up 3.8% from $71.3 million in Q4 2019 and up 4.8% from $70.6 million in Q3 2020. Our
revenues varied from region to region and were in line with the effect that COVID has had on local business operations and network build-out plans.
Gross profit was $21.6 million, giving us a gross margin of 29.1%, compared with a gross margin of 31.7% in Q4 2019
and 33.4% in Q3 2020. The relatively low gross margin reflects a one-time impact of agreements reached with several customers, which we believe will improve our future business with them, as well as continued high supply chain costs due to the
COVID-19 environment.
Operating income (loss) was $(1.5) million compared with $(2.2) million for Q4 2019 and $3.4 million for Q3 2020.
Net income (loss) was $(6.3) million, or $(0.08) per diluted share compared with $(4.1) million, or $(0.05) per diluted share for Q4 2019 and $1.6 million,
or $0.02 per diluted share for Q3 2020.
Non-GAAP results were as follows: Gross margin was 28.9%, operating income was $0.5 million, and net loss was $(3.5)
million, or $(0.04) per diluted share.
Cash and cash equivalents was $27.1 million at December 31, 2020, compared to $29.2 million at September 30, 2020.
Primary Full Year 2020 Financial Results:
Revenues were $262.9 million, down 7.9% from $285.6 million in 2019.
Gross profit was $75.6 million, giving us a gross margin of 28.8%, compared with a gross margin of 33.9% in 2019.
Operating income (loss) was $(7.6) million, compared to operating income of $7.3 million in 2019.
Net loss was $(17.1) million, or $(0.21) per diluted share. Net loss for 2019 was $(2.3) million, or $ (0.03) per diluted share.
Non-GAAP results were as follows: Gross margin was 28.7%, operating loss was $(4.3) million, and net loss was $(12.8) million, or
$(0.16) per diluted share.
For a reconciliation of GAAP to non-GAAP results, see the attached tables.
Revenue Breakouts by Geography:
|
Q4 2020
|
Full Year 2020
|
|
|
Europe
|
19%
|
17%
|
|
Africa
|
10%
|
9%
|
|
North America
|
16%
|
14%
|
|
Latin America
|
18%
|
18%
|
|
India
|
23%
|
24%
|
|
APAC
|
14%
|
18%
|
Outlook
We are targeting revenue growth in 2021. Although we expect a slow start for the first half of the year, we continue to expect yearly revenue to be between $275-$295 million.
Conference Call
The Company will host a conference call today at 9:00 a.m. ET to discuss the results, followed by a question and answer session for the investment community. Investors are invited to join by
calling USA: (877)-692-8955 or international: +1 (234)-720-6979 and using the following access code: 8323785.
A live webcast of the call can be accessed at www.ceragon.com/investors/webcasts/.
If you are unable to join us live, the replay numbers are: USA: (866) 207-1041 International: +1 (402) 970-0847, with access code: 4510933. This audio replay will be available through March 8, 2021.
About Ceragon Networks
Ceragon Networks Ltd. (NASDAQ: CRNT) is the #1 wireless hauling specialist. We help operators and other service providers worldwide increase operational efficiency and enhance end customers’ quality of experience with
innovative wireless backhaul and fronthaul solutions. Our customers include wireless service providers, public safety organizations, government agencies and utility companies, which use our solutions to deliver 5G & 4G, mission-critical
multimedia services and other applications at high reliability and speed.
Ceragon’s unique multicore technology and disaggregated approach to wireless hauling provides highly reliable, fast to deploy, high-capacity wireless hauling for 5G and 4G networks with minimal use of spectrum, power
and other resources. It enables increased productivity, as well as simple and quick network modernization, positioning Ceragon as a leading solutions provider for the 5G era. We deliver a range of professional services that ensure efficient network
rollout and optimization to achieve the highest value for our customers. Our solutions are deployed by more than 460 service providers, as well as hundreds of private network owners, in more than 130 countries.
Safe Harbor
Ceragon Networks® and FibeAir® are registered trademarks of Ceragon Networks Ltd. in the United States and other countries. CERAGON ® is a trademark of Ceragon Networks Ltd.,
registered in various countries. Other names mentioned are owned by their respective holders.
This press release contains statements that constitute “forward-looking statements” within the meaning of the Securities Act of 1933, as amended and the Securities Exchange Act
of 1934, as amended, and the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the current beliefs, expectations and assumptions of Ceragon’s management about Ceragon’s
business, financial condition, results of operations, micro and macro market trends and other issues addressed or reflected therein. Examples of forward-looking statements include: projections of demand, revenues, net income, gross margin, capital
expenditures and liquidity, competitive pressures, order timing, growth prospects, product development, financial resources, cost savings and other financial and market matters. You may identify these and other forward-looking statements by the use
of words such as “may”, “plans”, “anticipates”, “believes”, “estimates”, “targets”, “expects”, “intends”, “potential” or the negative of such terms, or other comparable terminology.
Although we believe that the projections reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will
be obtained or that any deviations therefrom will not be material. Such statements involve risks and uncertainties that may cause future results to differ materially from those anticipated. These risks and uncertainties include, but are not limited
to, the effects of general economic conditions, the effect of the COVID-19 crisis on the global markets and on the markets in which we operate, including the risk of a continued disruption to our and our customers’, providers’, business partners
and contractors’ business and operations as a result of the COVID-19 pandemic effects and the restrictions on operations created thereby, and of an adverse effect on our and our customers’ financial performance, cash flow, revenue and financial
results, available cash and financing, and our ability to bill and collect amounts due from our customers as a result therefrom; the risks relating to the concentration of a significant portion of Ceragon’s expected business in certain countries
and particularly in India, where a small number of customers are expected to represent a significant portion of our revenues; risks associated with any failure to meet our product development timetable; the risk that the rollout of 5G services
could take longer or be performed differently than anticipated and such other risks, uncertainties and other factors that could affect our results, as further detailed in Ceragon’s most recent Annual Report on Form 20-F and in Ceragon’s other
filings with the Securities and Exchange Commission.
Such forward-looking statements, including the risks, uncertainties and other factors that could affect our results, represent our views only as of the date they are made and
should not be relied upon as representing our views as of any subsequent date. Such forward-looking statements do not purport to be predictions of future events or results and there can be no assurance that it will prove to be accurate. Ceragon may
elect to update these forward-looking statements at some point in the future but the company specifically disclaims any obligation to do so except as may be required by law.
Ceragon’s public filings are available on the Securities and Exchange Commission’s website at www.sec.gov and may also be obtained from Ceragon’s website at www.ceragon.com.
Investor & Media Contact:
Maya Lustig
Ceragon Networks
Tel. +972-54-677-8100
mayal@ceragon.com
-Tables Follow-
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. dollars in thousands, except share and per share data)
(Unaudited)
|
Three months ended
December 31,
|
Year ended
December 31,
|
|||||||||||||||
|
2020
|
2019
|
2020
|
2019
|
|||||||||||||
|
Audited
|
||||||||||||||||
|
Revenues
|
$
|
74,002
|
$
|
71,256
|
$
|
262,881
|
$
|
285,583
|
||||||||
|
Cost of revenues
|
52,447
|
48,646
|
187,236
|
188,741
|
||||||||||||
|
Gross profit
|
21,555
|
22,610
|
75,645
|
96,842
|
||||||||||||
|
Operating expenses:
|
||||||||||||||||
|
Research and development, net
|
9,608
|
7,639
|
30,997
|
26,793
|
||||||||||||
|
Selling and marketing
|
8,562
|
10,130
|
33,021
|
39,469
|
||||||||||||
|
General and administrative
|
4,849
|
7,032
|
19,199
|
23,278
|
||||||||||||
|
Total operating expenses
|
$
|
23,019
|
$
|
24,801
|
$
|
83,217
|
$
|
89,540
|
||||||||
|
Operating income (loss)
|
(1,464
|
)
|
(2,191
|
)
|
(7,572
|
)
|
7,302
|
|||||||||
|
Financial expenses and others, net
|
2,756
|
2,204
|
5,923
|
6,521
|
||||||||||||
|
Income (loss) before taxes
|
(4,220
|
)
|
(4,395
|
)
|
(13,495
|
)
|
781
|
|||||||||
|
Taxes on income (benefit)
|
1,561
|
(471
|
)
|
2,618
|
2,476
|
|||||||||||
|
Equity loss in affiliates
|
538
|
177
|
979
|
649
|
||||||||||||
|
Net loss
|
$
|
(6,319
|
)
|
$
|
(4,101
|
)
|
$
|
(17,092
|
)
|
$
|
(2,344
|
)
|
||||
|
Basic net loss per share
|
$
|
(0.08
|
)
|
$
|
(0.05
|
)
|
$
|
(0.21
|
)
|
$
|
(0.03
|
)
|
||||
|
Diluted net loss per share
|
$
|
(0.08
|
)
|
$
|
(0.05
|
)
|
$
|
(0.21
|
)
|
$
|
(0.03
|
)
|
||||
|
Weighted average number of shares used in computing basic net loss per share
|
81,536,498
|
80,574,892
|
81,149,687
|
80,296,581
|
||||||||||||
|
Weighted average number of shares used in computing diluted net loss per share
|
81,536,498
|
80,574,892
|
81,149,687
|
80,296,581
|
||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands)
(Unaudited)
|
December 31,
2020
|
December 31,
2019
|
|||||||
|
Audited
|
||||||||
|
ASSETS
|
|
|||||||
|
CURRENT ASSETS:
|
||||||||
|
Cash and cash equivalents
|
$
|
27,101
|
$
|
23,939
|
||||
|
Trade receivables, net
|
107,388
|
118,531
|
||||||
|
Other accounts receivable and prepaid expenses
|
14,633
|
11,033
|
||||||
|
Inventories
|
50,627
|
62,132
|
||||||
|
Total current assets
|
199,749
|
215,635
|
||||||
|
NON-CURRENT ASSETS:
|
||||||||
|
Long-term bank deposits
|
17
|
17
|
||||||
|
Deferred tax assets
|
8,279
|
8,106
|
||||||
|
Severance pay and pension fund
|
6,059
|
5,661
|
||||||
|
Property and equipment, net
|
32,299
|
34,865
|
||||||
|
Operating lease right-of-use assets
|
6,780
|
10,128
|
||||||
|
Intangible assets, net
|
6,117
|
7,898
|
||||||
|
Other non-current assets
|
13,119
|
7,579
|
||||||
|
Total non-current assets
|
72,670
|
74,254
|
||||||
|
Total assets
|
$
|
272,419
|
$
|
289,889
|
||||
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
|
CURRENT LIABILITIES:
|
||||||||
|
Trade payables
|
$
|
63,722
|
$
|
59,635
|
||||
|
Deferred revenues
|
3,492
|
1,734
|
||||||
|
Short-term loans
|
5,979
|
14,600
|
||||||
|
Other accounts payable and accrued expenses
|
24,048
|
22,755
|
||||||
|
Operating lease liabilities
|
3,183
|
5,644
|
||||||
|
Total current liabilities
|
100,424
|
104,368
|
||||||
|
LONG-TERM LIABILITIES:
|
||||||||
|
Accrued severance pay and pension
|
11,601
|
10,709
|
||||||
|
Deferred revenues
|
7,495
|
6,265
|
||||||
|
Other long-term payables
|
2,933
|
3,408
|
||||||
|
Operating lease liabilities
|
3,840
|
4,718
|
||||||
|
Total long-term liabilities
|
25,869
|
25,100
|
||||||
|
SHAREHOLDERS' EQUITY:
|
||||||||
|
Share capital:
|
||||||||
|
Ordinary shares
|
218
|
215
|
||||||
|
Additional paid-in capital
|
420,958
|
418,062
|
||||||
|
Treasury shares at cost
|
(20,091
|
)
|
(20,091
|
)
|
||||
|
Other comprehensive loss
|
(8,068
|
)
|
(8,666
|
)
|
||||
|
Accumulated deficits
|
(246,891
|
)
|
(229,099
|
)
|
||||
|
Total shareholders' equity
|
146,126
|
160,421
|
||||||
|
Total liabilities and shareholders' equity
|
$
|
272,419
|
$
|
289,889
|
||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(U.S. dollars, in thousands)
(Unaudited)
|
Three months ended
December 31,
|
Year ended
December 31,
|
|||||||||||||||
|
2020
|
2019
|
2020
|
2019
|
|||||||||||||
|
Audited
|
||||||||||||||||
|
Cash flow from operating activities:
|
|
|||||||||||||||
|
Net loss
|
$
|
(6,319
|
)
|
$
|
(4,101
|
)
|
$
|
(17,092
|
)
|
$
|
(2,344
|
)
|
||||
|
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
|
||||||||||||||||
|
Depreciation and amortization
|
4,749
|
2,680
|
12,861
|
9,691
|
||||||||||||
|
Stock-based compensation expense
|
411
|
459
|
1,662
|
2,053
|
||||||||||||
|
Decrease in trade receivables, net
|
1,168
|
7,871
|
9,345
|
4,533
|
||||||||||||
|
Decrease (increase) in other accounts receivable and prepaid expenses (including other long term assets)
|
(732
|
)
|
2,185
|
(6,110
|
)
|
(2,086
|
)
|
|||||||||
|
Decrease in operating lease right-of-use assets
|
1,259
|
1,311
|
5,121
|
5,348
|
||||||||||||
|
Decrease (increase) in inventory, net of write off
|
1,009
|
5,602
|
9,919
|
(9,475
|
)
|
|||||||||||
|
Increase in deferred tax asset, net
|
(137
|
)
|
(1,300
|
)
|
(173
|
)
|
(258
|
)
|
||||||||
|
Increase (decrease) in trade payables
|
6,919
|
(487
|
)
|
1,831
|
(15,933
|
)
|
||||||||||
|
Increase (decrease) in other accounts payable and accrued expenses (including other long term liabilities)
|
2,081
|
(1,852
|
)
|
1,946
|
(3,767
|
)
|
||||||||||
|
Decrease in operating lease liability
|
(1,066
|
)
|
(1,178
|
)
|
(5,112
|
)
|
(5,114
|
)
|
||||||||
|
Increase (decrease) in deferred revenues
|
1,110
|
(3,023
|
)
|
2,988
|
4,150
|
|||||||||||
|
Accrued severance pay and pensions, net
|
654
|
440
|
488
|
271
|
||||||||||||
|
Net cash provided by (used in) operating activities
|
$
|
11,106
|
$
|
8,607
|
$
|
17,674
|
$
|
(12,931
|
)
|
|||||||
|
Cash flow from investing activities:
|
||||||||||||||||
|
Purchase of property and equipment, net
|
(1,702
|
)
|
(2,476
|
)
|
(6,506
|
)
|
(11,592
|
)
|
||||||||
|
Purchase of intangible assets, net
|
(69
|
)
|
(233
|
)
|
(412
|
)
|
(3,274
|
)
|
||||||||
|
Proceeds from bank deposits
|
-
|
82
|
-
|
1,002
|
||||||||||||
|
Net cash used in investing activities
|
$
|
(1,771
|
)
|
$
|
(2,627
|
)
|
$
|
(6,918
|
)
|
$
|
(13,864
|
)
|
||||
|
Cash flow from financing activities:
|
||||||||||||||||
|
Proceeds from exercise of options
|
390
|
211
|
1,237
|
602
|
||||||||||||
|
Proceeds from (repayment of) bank credits and loans, net
|
(11,900
|
)
|
(2,800
|
)
|
(8,621
|
)
|
14,600
|
|||||||||
|
Net cash provided by (used in) financing activities
|
$
|
(11,510
|
)
|
$
|
(2,589
|
)
|
$
|
(7,384
|
)
|
$
|
15,202
|
|||||
|
Translation adjustments on cash and cash equivalents
|
$
|
121
|
$
|
24
|
$
|
(210
|
)
|
$
|
(49
|
)
|
||||||
|
Increase (decrease) in cash and cash equivalents
|
$
|
(2,054
|
)
|
$
|
3,415
|
$
|
3,162
|
$
|
(11,642
|
)
|
||||||
|
Cash and cash equivalents at the beginning of the period
|
29,155
|
20,524
|
23,939
|
35,581
|
||||||||||||
|
Cash and cash equivalents at the end of the period
|
$
|
27,101
|
$
|
23,939
|
$
|
27,101
|
$
|
23,939
|
||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS
(U.S. dollars in thousands)
(Unaudited)
|
Three months ended
|
Year ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
2020
|
2019
|
2020
|
2019
|
|||||||||||||
|
GAAP cost of revenues
|
$
|
52,447
|
$
|
48,646
|
$
|
187,236
|
$
|
188,741
|
||||||||
|
Stock based compensation expenses
|
(18
|
)
|
(27
|
)
|
(110
|
)
|
(71
|
)
|
||||||||
|
Changes in indirect tax positions
|
202
|
361
|
199
|
327
|
||||||||||||
|
Non-GAAP cost of revenues
|
$
|
52,631
|
$
|
48,980
|
$
|
187,325
|
$
|
188,997
|
||||||||
|
GAAP gross profit
|
$
|
21,555
|
$
|
22,610
|
$
|
75,645
|
$
|
96,842
|
||||||||
|
Stock based compensation expenses
|
18
|
27
|
110
|
71
|
||||||||||||
|
Changes in indirect tax positions
|
(202
|
)
|
(361
|
)
|
(199
|
)
|
(327
|
)
|
||||||||
|
Non-GAAP gross profit
|
$
|
21,371
|
$
|
22,276
|
$
|
75,556
|
$
|
96,586
|
||||||||
|
GAAP Research and development expenses
|
$
|
9,608
|
$
|
7,639
|
$
|
30,997
|
$
|
26,793
|
||||||||
|
Amortization of intangible assets
|
(1,800
|
)
|
-
|
(1,800
|
)
|
-
|
||||||||||
|
Stock based compensation expenses
|
(114
|
)
|
(81
|
)
|
(243
|
)
|
(366
|
)
|
||||||||
|
Non-GAAP Research and development expenses
|
$
|
7,694
|
$
|
7,558
|
$
|
28,954
|
$
|
26,427
|
||||||||
|
GAAP Sales and Marketing expenses
|
$
|
8,562
|
$
|
10,130
|
$
|
33,021
|
$
|
39,469
|
||||||||
|
Stock based compensation expenses
|
(110
|
)
|
(155
|
)
|
(545
|
)
|
(708
|
)
|
||||||||
|
Non-GAAP Sales and Marketing expenses
|
$
|
8,452
|
$
|
9,975
|
$
|
32,476
|
$
|
38,761
|
||||||||
|
GAAP General and Administrative expenses
|
$
|
4,849
|
$
|
7,032
|
$
|
19,199
|
$
|
23,278
|
||||||||
|
Stock based compensation expenses
|
(169
|
)
|
(196
|
)
|
(764
|
)
|
(908
|
)
|
||||||||
|
Non-GAAP General and Administrative expenses
|
$
|
4,680
|
$
|
6,836
|
$
|
18,435
|
$
|
22,370
|
||||||||
|
GAAP operating income (loss)
|
$
|
(1,464
|
)
|
$
|
(2,191
|
)
|
$
|
(7,572
|
)
|
$
|
7,302
|
|||||
|
Stock based compensation expenses
|
411
|
459
|
1,662
|
2,053
|
||||||||||||
|
Changes in indirect tax positions
|
(202
|
)
|
(361
|
)
|
(199
|
)
|
(327
|
)
|
||||||||
|
Amortization of intangible assets
|
1,800
|
-
|
1,800
|
-
|
||||||||||||
|
Non-GAAP operating income (loss)
|
$
|
545
|
$
|
(2,093
|
)
|
$
|
(4,309
|
)
|
$
|
9,028
|
||||||
|
GAAP financial expenses and others, net
|
$
|
2,756
|
$
|
2,204
|
$
|
5,923
|
$
|
6,521
|
||||||||
|
Leases – financial expenses
|
(229
|
)
|
(133
|
)
|
(46
|
)
|
(234
|
)
|
||||||||
|
Non-GAAP financial expenses and others, net
|
$
|
2,527
|
$
|
2,071
|
$
|
5,877
|
$
|
6,287
|
||||||||
|
GAAP Tax (income) expenses
|
$
|
1,561
|
$
|
(471
|
)
|
$
|
2,618
|
$
|
2,476
|
|||||||
|
Non cash tax adjustments
|
(2
|
)
|
1,272
|
(6
|
)
|
182
|
||||||||||
|
Non-GAAP Tax expenses
|
$
|
1,559
|
$
|
801
|
$
|
2,612
|
$
|
2,658
|
||||||||
|
GAAP equity loss in affiliates
|
$
|
538
|
$
|
177
|
$
|
979
|
$
|
649
|
||||||||
|
Other non-cash adjustments
|
(538
|
)
|
(177
|
)
|
(979
|
)
|
(649
|
)
|
||||||||
|
Non-GAAP equity loss in affiliates
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS
(U.S. dollars in thousands, except share and per share data)
(Unaudited)
|
Three months ended
December 31, |
Year ended,
December 31,
|
|||||||||||||||
|
2020
|
2019
|
2020
|
2019
|
|||||||||||||
|
GAAP net loss
|
$
|
(6,319
|
)
|
$
|
(4,101
|
)
|
$
|
(17,092
|
)
|
$
|
(2,344
|
)
|
||||
|
Amortization of intangible assets
|
1,800
|
-
|
1,800
|
-
|
||||||||||||
|
Stock based compensation expenses
|
411
|
459
|
1,662
|
2,053
|
||||||||||||
|
Changes in indirect tax positions
|
(202
|
)
|
(361
|
)
|
(199
|
)
|
(327
|
)
|
||||||||
|
Leases – financial expenses
|
229
|
133
|
46
|
234
|
||||||||||||
|
Non-cash tax adjustments
|
2
|
(1,272
|
)
|
6
|
(182
|
)
|
||||||||||
|
Other non-cash adjustment
|
538
|
177
|
979
|
649
|
||||||||||||
|
Non-GAAP net income (loss)
|
$
|
(3,541
|
)
|
$
|
(4,965
|
)
|
$
|
(12,798
|
)
|
$
|
83
|
|||||
|
GAAP basic net loss per share
|
$
|
(0.08
|
)
|
$
|
(0.05
|
)
|
$
|
(0.21
|
)
|
$
|
(0.03
|
)
|
||||
|
GAAP diluted net loss per share
|
$
|
(0.08
|
)
|
$
|
(0.05
|
)
|
$
|
(0.21
|
)
|
$
|
(0.03
|
)
|
||||
|
Non-GAAP diluted net income (loss) per share
|
$
|
(0.04
|
)
|
$
|
(0.06
|
)
|
$
|
(0.16
|
)
|
$
|
0.00
|
|||||
|
Weighted average number of shares used in computing GAAP basic net loss per share
|
81,536,498
|
80,574,892
|
81,149,687
|
80,296,581
|
||||||||||||
|
Weighted average number of shares used in computing GAAP diluted net loss per share
|
81,536,498
|
80,574,892
|
81,149,687
|
80,296,581
|
||||||||||||
| Weighted average number of shares used in computing |
||||||||||||||||
|
Non-GAAP diluted net income (loss) per share
|
81,536,498
|
80,574,892
|
81,149,687
|
82,124,615
|
||||||||||||