EX-99.1 2 ea173707ex99-1_kornit.htm PRESS RELEASE, DATED FEBRUARY 15, 2023, TITLED "KORNIT DIGITAL REPORTS FOURTH QUARTER AND FULL-YEAR 2022 RESULTS"

Exhibit 99.1

 

Investor Contact:

Andrew G. Backman

Global Head of Investor Relations

andrew.backman@kornit.com

 

 

 

Kornit Digital Reports Fourth Quarter and Full-Year 2022 Results

 

●Fourth quarter revenues of $63.3 million, net of non-cash warrants impact of $4.3 million

 

●Fourth quarter GAAP operating loss of $16.7 million; non-GAAP operating loss of $9.9 million, net of non-cash warrants impact of $4.3 million

 

●Solid peak season; Consumables and services revenues up for the fourth quarter and full year

 

●Key 2023 focus areas include returning to profitability, successfully launching Apollo, and scaling KornitX

 

●Long-term growth drivers firmly intact as supply chain turmoil in the textile industry continues

 

Rosh-Ha’Ayin, Israel – February 15, 2023 – Kornit Digital Ltd. (“Kornit” or “the Company”) (Nasdaq: KRNT), a worldwide market leader in sustainable, on-demand, digital fashionX and textile production technologies, reported today results for the fourth quarter and full year ended December 31, 2022.

 

“A solid peak season drove fourth quarter growth in consumables and services revenues,” said Ronen Samuel, Kornit’s Chief Executive Officer. “There is no doubt that 2022 was a very difficult year for us, our customers and the global fashion and textile industry. We took decisive actions throughout the year to adjust operations to reflect market conditions and are positioning ourselves to return to sustainable, profitable growth.”

 

Mr. Samuel concluded, “In 2023 we will focus on three key areas including: returning to profitability; successfully launching the Apollo and scaling KornitX. We believe Kornit continues to be best positioned to lead the retail supply chain transformation of the fashion and textile industry, enabling us to meaningfully scale the business and achieve our long-term financial objectives.”

 

 

 

 

The following table compares the adverse, non-cash impact that the Company’s outstanding warrants had on the Company’s results of operations during the fourth quarters of 2022 and 2021, respectively:

 

Fourth Quarter Warrants Impact

 

   Three Months Ended 
   December 31, 
   2022   2021 
   Net of
Warrants
Impact		   Warrants
Impact		   Net of
Warrants
Impact		   Warrants
Impact		 
                 
Revenue  $63.3M  $4.3M  $87.5M  $7.9M
Non-GAAP Gross Margin   36.4%   4.1%   49.6%   4.1%
Non-GAAP Operating Margin   (15.7)%   7.4%   5.8%   7.8%
Non-GAAP Net Margin   (10.4)%   7.1%   7.3%   7.6%
Non-GAAP Diluted Earnings (Loss) Per Share  $(0.13)  $0.09   $0.13   $0.16 

 

The following table compares the adverse, non-cash impact that the Company’s outstanding warrants had on the Company’s results of operations during the full-years 2022 and 2021, respectively:

 

Full-Year Warrants Impact

 

   Year Ended 
   December 31, 
   2022   2021 
   Net of
Warrants
Impact		   Warrants
Impact		   Net of
Warrants
Impact		   Warrants
Impact		 
                 
Revenue  $271.5M  $22.5M  $322.0M  $25.4M
Non-GAAP Gross Margin   38.2%   4.7%   48.2%   3.8%
Non-GAAP Operating Margin   (15.4)%   8.8%   9.4%   6.6%
Non-GAAP Net Margin   (12.0)%   8.6%   11.2%   6.5%
Non-GAAP Diluted Earnings (Loss) Per Share  $(0.65)  $0.45   $0.74   $0.52 

 

“I am pleased to have a more active role with the Company and be part of this journey to transform the textile industry,” said Lauri Hanover, Kornit’s Chief Financial Officer. “In the fourth quarter, we started to realize benefits from the actions taken to adjust our business operations to the current market dynamics. We will continue to reallocate resources to higher ROI projects that further position the Company for sustainable, long-term, profitable growth.”

 

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Fourth Quarter 2022 Results of Operations

 

●Total revenue for the fourth quarter of 2022 was $63.3 million, net of $4.3 million attributed to the non-cash impact of warrants, compared to $87.5 million, net of $7.9 million attributed to the non-cash impact of warrants in the prior year period.

 

●GAAP net loss for the fourth quarter of 2022 was $35.4 million, or ($0.71) per basic share, compared to net income of $1.0 million, or $0.02 per diluted share, for the fourth quarter of 2021.

 

●Non-GAAP net loss for the fourth quarter of 2022 was $6.6 million, or ($0.13) per basic share, net of $0.09 per basic share attributed to the non-cash impact of warrants, compared to non-GAAP net income of $6.4 million, or $0.13 per diluted share, net of $0.16 per diluted share attributed to the non-cash impact of warrants, for the fourth quarter of 2021.

 

Full-Year 2022 Results of Operations

 

●Total revenue for the full-year 2022 was $271.5 million, net of $22.5 million attributed to the non-cash impact of warrants, compared to $322.0 million, net of $25.4 million attributed to the non-cash impact of warrants in the prior year period.

 

●GAAP net loss for the full-year 2022 was $79.1 million, or ($1.58) per basic share, compared to net income of $15.5 million, or $0.32 per diluted share, for the full-year 2021.

 

●Non-GAAP net loss for the full-year 2022 was $32.6 million, or ($0.65) per basic share, net of $0.45 per basic share attributed to the non-cash impact of warrants, compared to non-GAAP net income of $36.1 million, or $0.74 per diluted share, net of $0.52 per diluted share attributed to the non-cash impact of warrants, for the full-year 2021.

 

First Quarter 2023 Guidance

 

For the first quarter of 2023, the Company expects revenues to be in the range of $47 million to $52 million and adjusted EBITDA margin between -27% to -35% of revenue. The guidance for revenue and adjusted EBITDA margin includes the impact of the non-cash expense associated with the fair value of the Company’s warrants. Prior to this period, the Company had not included such impact in its guidance and has changed its prior practice to align better with its reported metrics.

 

Fourth Quarter and Full-Year 2022 Earnings Conference Call Information

 

The Company will host a conference call today at 8:30 a.m. ET, or 3:30 p.m. Israel time, to discuss the results, followed by a question-and-answer session with the investor 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 conference confirmation code is 13735879.

 

To listen to a replay of the conference call, dial toll-free 1-844-512-2921 or 1-412-317-6671 (international) and enter confirmation code 13735879. The telephonic replay will be available approximately three hours after the completion of the live call until 11:59 pm ET on Wednesday, March 1, 2023. The call will also be available for replay via the webcast link on Kornit’s Investor Relations website.

 

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About Kornit Digital

 

Kornit Digital Ltd. (NASDAQ: KRNT) is a worldwide market leader in sustainable, on-demand, digital fashionx and textile production technologies. The Company is writing the operating system for fashion with end-to-end solutions including digital printing systems, inks, consumables, and an entire global ecosystem that manages workflows and fulfillment. Headquartered in Israel with offices in the USA, Europe, and Asia Pacific, Kornit serves customers in more than one hundred countries and states worldwide. To learn more about how Kornit Digital is boldly transforming the world of fashion and textiles, visit www.kornit.com.

 

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 and severity of current adverse macro-economic headwinds being caused by supply-chain delays, inflationary pressures, and rising interest rates, which have been impacting, and may continue to impact, in an adverse manner, the Company’s operations, financial position and cash flows, in part due to the adverse impact on the Company’s customers and suppliers; the Company’s degree of success in developing, introducing and selling new or improved products and product enhancements including specifically the Company’s Poly Pro and Presto products; the extent of the Company’s ability to consummate sales to large accounts with multi-system delivery plans; the degree of the Company’s ability to fill orders for its systems; the extent of the Company’s ability to increase sales of its systems, ink and consumables; the extent of the Company’s ability to leverage its global infrastructure build-out; the development of the market for digital textile printing; the availability of alternative ink; competition; sales concentration; changes to the Company’s relationships with suppliers; the extent of the Company’s 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 years ended December 31, 2021 and December 31, 2022, filed with the SEC on March 30, 2022, and to be filed with the SEC in the coming weeks, respectively. Any forward-looking statements in this press release are made as of the date hereof, whether as a result of new information, future events or otherwise, except as required by law.

 

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Non-GAAP Discussion Disclosure

 

The Company presents certain non-GAAP financial measures, in this press release and in the accompanying conference call to discuss the Company’s quarterly and annual results. These non-GAAP financial measures reflect adjustments to corresponding GAAP financial measures in order to exclude the impact of the following: share-based compensation expenses; amortization of intangible assets; acquisition related expenses; restructuring expenses; foreign exchange differences associated with ASC 842; non-cash deferred tax expenses (income); and taxes attributed to tax settlement.

 

The Company defines “Adjusted EBITDA” as non-GAAP operating income (loss), which reflects the adjustments described in the preceding paragraph, as further adjusted to exclude depreciation expense.

 

The purpose of the foregoing non-GAAP financial measures is to convey the Company’s performance exclusive of non-cash charges and other items that are considered by management to be outside of the Company’s 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 the Company’s business and make operating decisions, and the Company believes that they are useful to investors as a consistent and comparable measure of the ongoing performance of the Company’s business. The Company’s 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 the Company’s 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.

 

The reconciliation tables included below present a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP financial measures.

 

In order to enable investors to compare our Adjusted EBITDA and other non-GAAP financial results for the three-month and full-year periods ended December 31, 2022 presented herein with our corresponding results for prior periods, the Company has included herein reconciliation tables of our GAAP net income to adjusted EBITDA covering the following additional historical periods: each quarter of the years ended December 31, 2022 and 2021; and each of the years ended December 31, 2022, 2021, and 2020.

 

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KORNIT DIGITAL LTD.

AND ITS SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(U.S. dollars in thousands)

 

   December 31,   December 31, 
   2022   2021 
   (Unaudited)   (Audited) 
ASSETS        
CURRENT ASSETS:        
Cash and cash equivalents  $104,597   $611,551 
Short-term bank deposit   275,033    9,168 
Marketable securities   20,380    28,116 
Trade receivables, net   67,360    49,797 
Inventory   89,415    63,017 
Other accounts receivable and prepaid expenses   22,054    13,694 
Total current assets   578,839    775,343 
           
LONG-TERM ASSETS:          
Marketable securities  $245,970   $149,269 
Deposits and other long-term assets   5,927    856 
Severance pay fund   274    357 
Deferred taxes   -    9,339 
Property,plant and equipment, net   60,463    45,046 
Operating lease right-of-use assets   27,139    25,155 
Intangible assets, net   9,890    10,063 
Goodwill   29,164    25,447 
Total long-term assets   378,827    265,532 
           
Total assets  $957,666   $1,040,875 
           
LIABILITIES AND SHAREHOLDERS’ EQUITY          
CURRENT LIABILITIES:          
Trade payables  $14,833   $46,448 
Employees and payroll accruals   14,255    22,482 
Deferred revenues and advances from customers   5,701    5,401 
Operating lease liabilities   4,989    5,058 
Other payables and accrued expenses   25,592    17,287 
Total current liabilities   65,370    96,676 
           
LONG-TERM LIABILITIES:          
Accrued severance pay  $1,223   $1,543 
Operating lease liabilities   21,035    21,900 
Other long-term liabilities   1,216    1,203 
Total long-term liabilities   23,474    24,646 
           
SHAREHOLDERS’ EQUITY   868,822    919,553 
           
Total liabilities and shareholders’ equity  $957,666   $1,040,875 

 

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KORNIT DIGITAL LTD.

AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(U.S. dollars in thousands, except share and per share data)

 

   Three Months Ended   Year Ended 
   December 31,   December 31, 
   2022   2021   2022   2021 
   (Unaudited)   (Unaudited)   (Audited) 
                 
Revenues                
Products  $49,795   $75,955   $222,502   $282,637 
Services   13,503    11,593    49,016    39,369 
Total revenues   63,298    87,548    271,518    322,006 
                     
Cost of revenues                    
Products   29,026    34,273    125,935    132,730 
Services   12,923    10,888    49,083    37,365 
Total cost of revenues   41,949    45,161    175,018    170,095 
                     
Gross profit   21,349    42,387    96,500    151,911 
                     
Operating expenses:                    
Research and development, net   13,251    12,993    56,026    43,729 
Sales and marketing   16,150    18,036    71,067    58,752 
General and administrative   8,657    11,665    39,289    36,637 
Total operating expenses   38,058    42,694    166,382    139,118 
                     
Operating income (loss)   (16,709)   (307)   (69,882)   12,793 
                     
Financial income (expenses), net   5,052    (36)   13,382    2,599 
Income (loss) before taxes on income (tax benefits)   (11,657)   (343)   (56,500)   15,392 
                     
Taxes on income (tax benefits)   23,703    (1,297)   22,565    (135)
Net income (loss)   (35,360)   954    (79,065)   15,527 
                     
Basic net income (loss) per share  $(0.71)  $0.02   $(1.58)  $0.33 
                     
Weighted average number of shares used in computing basic net income (loss) per share   49,913,898    47,778,868    50,104,342    47,079,358 
                     
Diluted net income (loss) per share  $(0.71)  $0.02   $(1.58)  $0.32 
                     
Weighted average number of shares used in computing diluted net income (loss) per share   49,913,898    48,926,240    50,104,342    48,600,095 

 

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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)

 

   Three Months Ended   Year Ended 
   December 31,   December 31, 
   2022   2021   2022   2021 
   (Unaudited)   (Unaudited) 
                 
Revenues  $63,298   $87,548   $271,518   $322,006 
                     
GAAP cost of revenues  $41,949   $45,161   $175,018   $170,095 
Cost of product recorded for share-based compensation (1)   (543)   (355)   (2,185)   (1,355)
Cost of service recorded for share-based compensation (1)   (408)   (355)   (1,676)   (1,105)
Intangible assets amortization on cost of product (3)   (266)   (176)   (1,402)   (337)
Intangible assets amortization on cost of service (3)   (160)   (160)   (640)   (640)
Excess cost of product on acquired inventory (2)   -    -    (663)   - 
Restructuring expenses (4)   (305)   -    (701)   - 
Non-GAAP cost of revenues  $40,267   $44,115   $167,751   $166,658 
                     
GAAP gross profit  $21,349   $42,387   $96,500   $151,911 
Gross profit adjustments   1,682    1,046    7,267    3,437 
Non-GAAP gross profit  $23,031   $43,433   $103,767   $155,348 
                     
GAAP operating expenses  $38,058   $42,694   $166,382   $139,118 
Share-based compensation (1)   (4,264)   (3,454)   (18,788)   (12,673)
Acquisition related expenses (2)   -    (766)   (512)   (960)
Intangible assets amortization (3)   (138)   (97)   (501)   (433)
Restructuring expenses   (711)   -    (992)   - 
Non-GAAP operating expenses  $32,945   $38,377   $145,589   $125,052 
                     
GAAP Financial income, net  $5,052   $(36)  $13,382   $2,599 
Foreign exchange losses associated with ASC 842   285    638    (3,123)   336 
Non-GAAP Financial income , net  $5,337   $602   $10,259   $2,935 
                     
GAAP Taxes on income (tax benefit)  $23,703   $(1,297)  $22,565   $(135)
Non-cash deferred tax income (expenses)   (10,234)   581    (10,014)   (2,733)
Non-recurring tax payment (a)   (11,485)   -    (11,485)   - 
Non-GAAP Taxes on income (tax benefit)  $1,984   $(716)  $1,066   $(2,868)
                     
GAAP net income (loss)  $(35,360)  $954   $(79,065)  $15,527 
Share-based compensation (1)   5,215    4,164    22,649    15,133 
Acquisition related expenses (2)   -    766    512    960 
Intangible assets amortization (3)   564    433    2,543    1,410 
Restructuring expenses (4)   1,016    -    1,693    - 
Excess cost of product on acquired inventory (2)   -    -    663    - 
Foreign exchange losses associated with ASC 842   285    638    (3,123)   336 
Non-cash deferred tax expenses (income)   10,234    (581)   10,014    2,733 
Non-recurring tax payment (a)   11,485    -    11,485    - 
Non-GAAP net income (Loss)  $(6,561)  $6,374   $(32,629)  $36,099 
                     
GAAP diluted earnings (loss) per share  $(0.71)  $0.02   $(1.58)  $0.32 
                     
Non-GAAP diluted earnings (loss) per share  $(0.13)  $0.13   $(0.65)  $0.74 
                     
Weighted average number of shares                    
                     
Shares used in computing GAAP diluted net earnings (loss) per share   49,913,898    48,926,240    50,104,342    48,600,095 
                     
Shares used in computing Non-GAAP diluted net earnings (loss) per share   49,913,898    49,163,475    50,104,342    48,836,435 
                     
(1) Share-based compensation                    
Cost of product revenues  $543   $355   $2,185   $1,355 
Cost of service revenues   408    355    1,676    1,105 
Research and development   1,340    875    5,312    2,685 
Sales and marketing   1,693    1,354    7,361    5,005 
General and administrative   1,231    1,225    6,115    4,983 
   $5,215   $4,164   $22,649   $15,133 
                     
(2) Acquisition related expenses                    
Cost of product revenues   -    -    663    - 
General and administrative  $-   $766   $512   $960 
   $-   $766   $1,175   $960 
                     
(3) Intangible assets amortization                    
Cost of product revenues  $266   $176   $1,402   $337 
Cost of service revenues   160    160    640    640 
Sales and marketing   138    97    501    433 
   $564   $433   $2,543   $1,410 
                     
(4) Restructuring expenses                    
Cost of product revenues  $305   $-   $689   $- 
Cost of service revenues   -    -    12    - 
Research and development   137    -    201    - 
Selling and marketing   487    -    675    - 
General and administrative   87    -    116    - 
   $1,016   $-   $1,693   $    - 

 

(a)Attributed to tax settlement with the Israeli Tax Authority
(b)Non cash impact related to the recognition of deferred taxes with respect to carryforward losses in Israel.
(c)Offering costs related to the secondary offering of the company’s shares.

 

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KORNIT DIGITAL LTD.

AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(U.S. dollars in thousands)

 

   Three Months Ended   Year Ended 
   December 31,   December 31, 
   2022   2021   2022   2021 
   (Unaudited)   (Unaudited)   (Audited) 
Cash flows from operating activities:                
                 
Net income (loss)  $(35,360)  $954   $(79,065)  $15,527 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation and amortization   4,399    2,151    13,565    7,096 
Fair value of warrants deducted from revenues   4,339    7,855    22,500    25,423 
Share-based compensation   5,215    4,164    22,649    15,133 
Amortization of premium and accretion of discount on marketable securities, net   373    2,899    1,820    1,279 
Realized gain on sale and redemption of marketable securities   -    -    10    (32)
Change in operating assets and liabilities:                    
Trade receivables, net   (3,673)   69    (15,891)   1,782 
Other accounts receivables and prepaid expenses   (2,501)   (2,281)   (8,635)   (4,134)
Inventory   (2,437)   (10,314)   (29,004)   (14,079)
Operating leases right-of-use assets and liabilities, net   229    608    (2,918)   211 
Deferred taxes   11,523    (198)   8,530    (2,064)
Deposits and other long term assets   (1,859)   (34)   (4,251)   (110)
Trade payables   (9,068)   15,265    (26,948)   12,865 
Employees and payroll accruals   (2,222)   820    (7,674)   9,698 
Deferred revenues and advances from customers   107    (6,318)   (1,426)   (21,668)
Other payables and accrued expenses   (8,873)   (4,831)   7,190    5,648 
Accrued severance pay, net   43    201    (237)   309 
Other long - term liabilities   330    (496)   13    760 
Loss (gain) from sale and disposal of property, plant and Equipment   (142)   -    425    - 
Net cash provided by (used in) operating activities   (39,577)   10,514    (99,347)   53,644 
                     
Cash flows from investing activities:                    
                     
Purchase of property, plant and equipment  $(5,776)  $(5,055)  $(18,042)  $(14,477)
Investment in equity securities   (193)   (351)   (820)   (351)
Acquisition of intangible assets   (73)   (130)   (308)   (130)
Proceeds from sale of property, plant and equipment   -    -    71    - 
Cash paid in connection with acquisition, net of cash acquired   -    -    (14,654)   (14,991)
Investment in bank deposits   85,089    231,935    (265,865)   215,636 
Proceeds from sales and redemption of marketable securities   -    -    1,945    1,000 
Proceeds from maturity of marketable securities   6,500    4,222    27,898    13,526 
Investment in marketable securities   (8,135)   (66,148)   (137,500)   (110,458)
Net cash provided by (used in) investing activities   77,412    164,473    (407,275)   89,755 
                     
Cash flows from financing activities:                    
                     
Proceeds from public offering, net of issuance cost  $-   $339,760   $-   $339,760 
Exercise of employee stock options   159    709    619    4,850 
Payments related to shares withheld for taxes   (90)   (573)   (951)   (2,235)
Net cash provided by (used in) financing activities   69    339,896    (332)   342,375 
                     
Increase (decrease) in cash and cash equivalents   37,904    514,883    (506,954)   485,774 
Cash and cash equivalents at the beginning of the period   66,693    96,668    611,551    125,777 
Cash and cash equivalents at the end of the period  $104,597   $611,551   $104,597   $611,551 
                     
Non-cash investing and financing activities:                    
                     
Purchase of property and equipment on credit   1,692    2,461    1,692    2,461 
Inventory transferred to be used as property and equipment   5,248    2,641    6,792    3,572 
Lease liabilities arising from obtaining right-of-use assets   408    4,171    7,585    5,688 

 

9

 

 

KORNIT DIGITAL LTD.

AND ITS SUBSIDIARIES

RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA

(U.S. dollars in thousands, except share and per share data)

 

   Three Months Ended   Three Months Ended   Year Ended 
   March 31,   June 30,   September 30,   December 31,   March 31,   June 30,   September 30,   December 31,   December 31, 
   2022   2021   2022   2021   2020 
   (Unaudited)   (Unaudited)   (Unaudited) 
                                             
GAAP Revenues  $83,293   $58,136   $66,791   $63,298   $66,123   $81,666   $86,669   $87,548   $271,518   $322,006   $193,331 
                                                        
GAAP Net Income (Loss)   (5,197)   (19,476)   (19,032)   (35,360)   5,099    5,602    3,872    954    (79,065)   15,527    (4,783)
Taxes on income (tax benefits)   91    (1,099)   (130)   23,703    75    821    266    (1,297)   22,565    (135)   1,552 
Financial expenses (income)   (1,799)   (4,324)   (2,207)   (5,052)   (2,065)   (351)   (219)   36    (13,382)   (2,599)   (3,498)
Share-based compensation   5,298    5,481    6,655    5,215    3,072    3,827    4,070    4,164    22,649    15,133    10,036 
Intangible assets amortization   419    790    770    564    304    304    369    433    2,543    1,410    812 
Acquisition related expenses   512    -    -    -    -    -    194    766    512    960    648 
Excess cost of product on acquired inventory   -    369    294    -    -    -    -    -    663    -    - 
Restructuring expenses   -    -    677    1,016    -    -    -    -    1,693    -    - 
Other   -    -    -    -    -    -    -    -    -    -    451 
Non-GAAP Operating Income (Loss)   (676)   (18,259)   (12,973)   (9,914)   6,485    10,203    8,552    5,056    (41,822)   30,296    5,218 
Depreciation   2,161    2,532    2,494    3,835    1,188    1,239    1,541    1,718    11,022    5,686    3,899 
Adjusted EBITDA  $1,485   $(15,727)  $(10,479)  $(6,079)  $7,673   $11,442   $10,093   $6,774   $(30,800)  $35,982   $9,117 
                                                        
Warrants Impact   8,005    4,516    5,640    4,339    3,139    6,572    7,857    7,855    22,500    25,423    5,366 
Adjusted EBITDA, ex. Warrants Impact  $9,490   $(11,211)  $(4,839)  $(1,740)  $10,812   $18,014   $17,950   $14,629   $(8,300)  $61,405   $14,483 

 

 

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