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Caesarstone Reports Fourth Quarter and Full Year 2020 Financial Results

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·18 min read
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– Revenue of $136.9 Million Grew 2.3% Over Prior Year Fourth Quarter –

– Per Share Net Loss of ($0.07) and Adjusted Diluted EPS of $0.05 in the Fourth Quarter –

– Gross Margin Expanded 200 Basis Points to 28.1% in the Fourth Quarter –

– Adjusted EBITDA Grew 19.1% to $18.8 Million at a 13.7% Margin in the Fourth Quarter –

– Ended 2020 With Net Cash Position(*) of $110.6 Million –

– Completed Acquisition of Lioli Ceramica, Establishing Leadership Position as a Premium, Multi-Material Countertop Company –

– Closed Acquisition of Omicron Granite and Tile at the end of 2020, Enhancing Go-to-Market Approach and Vertical Integration in Attractive U.S. Markets –

Caesarstone Ltd. (NASDAQ: CSTE), a leading developer and manufacturer of high-quality engineered surfaces, today reported financial results for its fourth quarter and full year ended December 31, 2020.

"We made significant progress streamlining the business in 2020 as we successfully executed on our business transformation during a year marked by unprecedented global economic challenges," commented Yuval Dagim, Chief Executive Officer. "We now enter 2021 as a much stronger Company, with the right foundation in place to more effectively leverage Caesarstone’s world-class brand to pursue sustainable long-term growth. This includes further implementation of innovative go-to-market initiatives developed under our Global Growth Acceleration Plan to unlock value. Our strong financial position supported the successful execution of two accretive transactions in recent months that are directly aligned with our strategy to enhance our position as a leading premium, multi-material countertop company. With our dedicated focus on driving results, we are well situated to capture additional market share."

"We were encouraged to finish 2020 with annual year-over-year improvement in gross margin and adjusted EBITDA margin," added Ophir Yakovian, Chief Financial Officer. "Following two quarters of significant cost cutting, we increased operating expenses to a more normalized level to support our brand and future growth. Caesarstone’s strong balance sheet enabled us to successfully weather the challenges of 2020 and to further invest in accretive future growth. We are happy with our 2020 operating cash flow of $47.6 million and our significant net cash position(*) of $110.6 million that provides us with the confidence we can execute on our plan in 2021, to produce strong long-term returns for our shareholders."

(*) Cash position is defined as cash and cash equivalents and short-term bank deposits and long and short-term investment in marketable securities less debt from financial institutions.

Fourth Quarter 2020 Results

Revenue in the fourth quarter of 2020 grew 2.3% to $136.9 million compared to $133.9 million in the prior year quarter. On a constant currency basis, fourth quarter revenue was slightly lower by 0.4% year-over-year, due primarily to pandemic related disruptions, particularly in the Americas region, partially offset by the contribution from the Lioli acquisition and growth in all other regions.

Gross margin in the fourth quarter improved 200 basis points to 28.1% compared to 26.1% in the prior year quarter. Adjusted gross margin in the fourth quarter was 28.6% compared to 26.4% in the prior year quarter. The year-over-year improvement in gross margin mainly reflects lower raw material costs, more favorable currency exchange rates, better product mix, and improved efficiency partly offset by the impact of lower sales volume, lower sale prices and less favorable regional mix.

Operating expenses in the fourth quarter were $30.4 million, or 22.2% of revenue, compared to $34.5 million, or 25.8% of revenue in the prior year quarter. Excluding legal settlements and loss contingencies, operating expenses were 21.2% of revenue, compared to 20.4% in the prior year quarter, mainly due to increased investments to support the Company’s growth initiatives.

Operating income grew to $8.1 million compared to operating income of $0.5 million in the prior year quarter. The year-over-year growth mainly reflects higher gross margin and lower legal settlements and loss contingencies.

Adjusted EBITDA, which excludes expenses for share-based compensation, legal settlements and loss contingencies and for non-recurring items, grew 19.1% year-over-year to $18.8 million in the fourth quarter, representing a margin of 13.7%. This compares to adjusted EBITDA of $15.7 million, representing a margin of 11.8%, in the prior year quarter. The year-over-year margin improvement primarily reflects the higher gross margin.

Finance (income) expenses in the fourth quarter were $8.6 million compared to finance income of $0.6 million in the prior year quarter. The difference was mainly a result of the unfavorable impact of foreign currency exchange rates.

Net loss attributable to controlling interest for the fourth quarter was $2.4 million compared to net loss of $0.3 million in the prior year quarter. Net loss per share for the fourth quarter was $0.07 compared to net loss per share of $0.01 in the prior year quarter. Adjusted diluted net income per share for the fourth quarter was $0.05 on 34.5 million shares, compared to adjusted diluted net income per share of $0.16 on 34.6 million shares in the prior year quarter.

Full Year 2020 Results

Revenue in the full year 2020 was $486.4 million compared to $546.0 million in the prior year. On a constant currency basis, 2020 revenue was lower by 11.1% year-over-year, primarily due to pandemic related disruptions impacting our business since the second quarter of 2020.

Gross margin in 2020 expanded to 27.5% compared to 27.2% in the prior year. Adjusted gross margin in 2020 was 27.7%, compared to 27.3% in the prior year. The higher adjusted gross margin mainly reflects improved efficiency, lower raw material costs and improved product mix partly offset by the impact of lower sales volume, lower sale prices and less favorable regional mix.

Operating expenses in 2020 were $111.4 million, or 22.9% of revenue compared to $124.0 million, or 22.7% of revenue in the prior year. Excluding legal settlements and loss contingencies, operating expenses were 21.6% of revenue, compared to 20.4% of revenue in the prior year mainly due to lower revenues partly offset by cost cutting efforts to mitigate pandemic related impacts.

Operating income in 2020 was $22.5 million compared to $24.7 million in the prior year.

Adjusted EBITDA, which excludes expenses for share-based compensation, legal settlements and loss contingencies and for non-recurring items, was $62.1 million in 2020, representing a margin of 12.8%. This compares to adjusted EBITDA of $69.0 million, representing a margin of 12.6% in the prior year. This year-over-year margin improvement primarily reflects the higher gross margin.

Finance expenses in 2020 were $10.2 million compared to $5.6 million in the prior year. The difference was primarily a result of the adverse impact of foreign currency exchange rates.

Net income attributable to controlling interest for the full year 2020 was $7.2 million compared to net income of $12.9 million in the prior year. Diluted net income per share for 2020 was $0.21 compared to $0.37 in the prior year. Adjusted diluted net income per share for 2020 was $0.48 compared to $0.77 in the prior year.

Balance Sheet & Liquidity

The Company's balance sheet as of December 31, 2020 remained strong, including cash, cash equivalents and short-term bank deposits and short and long-term marketable securities of $133.2 million and total debt to financial institutions of $22.6 million.

Dividend

The Company’s dividend policy provides for a quarterly cash dividend of up to 50% of reported net income on a year-to-date basis, less any amount already paid as dividend for the respective period (the "calculated dividend"), subject in each case to approval by the Company’s board of directors. No dividend is paid if it would be less than $0.10 per share. Pursuant to the Company’s dividend policy, the Company does not intend to pay a dividend for the fourth quarter of 2020, based on its reported net loss attributable to controlling interest for the period.

Outlook

The Company anticipates 2021 revenue and Adjusted EBITDA to be higher year-over-year. The company anticipates revenue to grow faster than EBITDA in 2021 mainly due to headwinds from higher shipping and raw material costs, coupled with a return to more normalized levels of sales and marketing expenses and other investments to support the Company’s growth initiatives. The Company’s outlook includes the investment costs associated with its Global Growth Acceleration Plan. The Company’s outlook also assumes the pandemic related business restrictions will fade as the year progresses.

Webcast and Conference Call Details

The Company will host a live webcast and conference call today at 8:30 a.m. ET to discuss the results, followed by a question and answer session for the investment community. The live webcast of the call can be accessed at ir.caesarstone.com. For those unable to access the webcast, the conference call will be accessible by dialing 1-877-407-4018 (domestic) or +1-201-689-8471 (international). The toll-free Israeli number is 1 80 940 6247. Upon dialing in, please request to join the Caesarstone Fourth Quarter Earnings Call.

To listen to a telephonic replay of the conference call, dial toll-free 1-844-512-2921 (domestic) or +1-412-317-6671 (international) and enter pass code 13715282. The replay will be available beginning at 11:30 a.m. ET on Wednesday, February 24, 2021 and will last through 11:59 p.m. ET on Wednesday, March 3, 2021.

About Caesarstone

Caesarstone is a concept and lifestyle-driven company with a customer-centered approach to designing, developing, and producing high-end engineered stone countertops, used in residential and commercial buildings. Our products offer superior aesthetic appeal and perfected functionality through a distinct variety of colors, styles, textures, and finishes used in diverse countertop applications, marked by inherent longevity. Strong commitment to service has fostered growing customer loyalty in over 50 countries where the Caesarstone product collections are available: Classico, Supernatural, Metropolitan and Outdoor. For more information please visit our website: www.caesarstone.com.

Non-GAAP Financial Measures

The non-GAAP measures presented by the Company should be considered in addition to, and not as a substitute for, comparable GAAP measures. Reconciliations of GAAP gross profit to adjusted gross profit, GAAP net income (loss) to adjusted net income (loss) and net income (loss) to Adjusted EBITDA are provided in the schedules to this release. To calculate revenues growth rates that exclude the impact of changes in foreign currency exchange rates, the Company converts actual reported results from local currency to U.S. dollars using constant foreign currency exchange rates in the current and comparable period. The Company provides these non-GAAP financial measures because it believes that they present a better measure of the Company's core business and management uses the non-GAAP measures internally to evaluate the Company's ongoing performance. Accordingly, the Company believes that they are useful to investors in enhancing an understanding of the Company's operating performance.

Forward-Looking Statements

Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to the Company's plans, objectives and expectations for future operations, including estimations relating to the impact of the COVID-19 pandemic and mitigation measures in connection thereto, expectations of the results of the Company’s business optimization initiative and its projected results of operations. These forward-looking statements are based upon management's current estimates and projections of future results or trends. Actual results may differ materially from those projected as a result of certain risks and uncertainties, both known or unknown. These factors include, but are not limited to: the impact of the COVID-19 pandemic on end-consumers, the global economy and the Company’s business and results of operations; the ability of the company to realign aspects of its business based on the business optimization initiative, the strength of the home renovation and construction sectors; intense competitive pressures; the outcome of silicosis and other bodily injury claims; regulatory requirements relating to hazards associated with exposure to silica dust; manufacturing of existing products and managing required changes in production and supply chain; economic conditions within any of our key existing markets changes in raw material prices; fluctuations in currency exchange rates; the success of our expansion efforts in the United States; unpredictability of seasonal fluctuations in revenues; disturbances to the Company’s operations or the operations of its suppliers, distributors, customers or other third parties and other factors discussed under the heading "Risk Factors" in our most recent annual report on Form 20-F and other documents filed with the Securities and Exchange Commission. These forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Caesarstone Ltd. and its subsidiaries
Condensed consolidated balance sheets

As of

U.S. dollars in thousands

December 31, 2020

December 31, 2019

(Unaudited)

(Audited)

ASSETS

CURRENT ASSETS:

Cash and cash equivalents and short-term bank deposits

$

114,248

$

139,372

Short-term available for sale marketable securities

8,112

-

Trade receivables, net

84,822

78,282

Other accounts receivable and prepaid expenses

26,481

34,066

Inventories

152,073

122,686

Total current assets

385,736

374,406

LONG-TERM ASSETS:

Severance pay fund

4,007

3,475

Other long-term receivables

3,837

3,176

Deferred tax assets, net

8,359

7,881

Long-term deposits and prepaid expenses

1,675

2,887

Operating lease right-of-use assets

123,928

72,047

Long-term available for sale marketable securities

10,926

-

Property, plant and equipment, net

222,883

204,776

Goodwill and intangible assets, net

59,570

35,218

Total long-term assets

435,185

329,460

Total assets

$

820,921

$

703,866

LIABILITIES AND EQUITY

CURRENT LIABILITIES:

Short-term bank credit

$

13,122

$

-

Trade payables

55,063

53,072

Related parties and other loans

2,221

2,212

Short term legal settlements and loss contingencies

31,039

28,300

Accrued expenses and other liabilities

55,570

42,782

Total current liabilities

157,015

126,366

LONG-TERM LIABILITIES:

Long-term loan and financing liability of land from a related party

20,706

7,915

Legal settlements and loss contingencies long-term

21,910

21,505

Deferred tax liabilities, net

6,943

Long-term lease liabilities

112,719

64,638

Accrued severance pay

5,303

4,333

Long-term warranty provision

1,274

1,385

Total long-term liabilities

168,855

99,776

REDEEMABLE NON-CONTROLLING INTEREST

7,701

-

EQUITY:

Ordinary shares

371

371

Treasury shares - at cost

(39,430

)

(39,430

)

Additional paid-in capital

160,083

157,225

Capital fund related to non-controlling interest

(5,587

)

(5,587

)

Accumulated other comprehensive loss

1,083

(3,288

)

Retained earnings

370,830

368,433

Total equity

487,350

477,724

Total liabilities and equity

$

820,921

$

703,866

Caesarstone Ltd. and its subsidiaries
Condensed consolidated statements of income

Three months ended
December 31,

Twelve months ended
December 31,

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

2020

2019

2020

2019

(Unaudited)

(Audited)

(Unaudited)

(Audited)

Revenues

$ 136,896

$ 133,867

$ 486,412

$ 545,974

Cost of revenues

98,381

98,884

352,470

397,335

Gross profit

38,515

34,983

133,942

148,639

Operating expenses:

Research and development

1,501

962

3,974

4,146

Marketing and selling

17,752

16,698

62,047

66,770

General and administrative

9,779

9,625

39,081

40,681

Legal settlements and loss contingencies, net

1,392

7,201

6,319

12,359

Total operating expenses

30,424

34,486

111,421

123,956

Operating income

8,091

497

22,521

24,683

Finance (income) expenses, net

8,613

(622)

10,199

5,578

Income (loss) before taxes

(522)

1,119

12,322

19,105

Taxes on income

1,459

1,394

4,700

6,243

Net income (loss)

$ (1,981)

$ (275)

$ 7,622

$ 12,862

Net Income attributable to non-controlling interest

(404)

-

(404)

-

Net income (loss) attributable to controlling interest

$ (2,385)

$ (275)

$ 7,218

$ 12,862

Basic net income (loss) per ordinary share

$ (0.07)

$ (0.01)

$ 0.21

$ 0.37

Diluted net income (loss) per ordinary share

$ (0.07)

$ (0.01)

$ 0.21

$ 0.37

Weighted average number of ordinary shares used in computing basic income (loss) per ordinary share

34,436,345

34,397,410

34,419,129

34,383,895

Weighted average number of ordinary shares used in computing diluted income (loss) per ordinary share

34,436,345

34,397,410

34,473,911

34,459,599

Caesarstone Ltd. and its subsidiaries
Selected Condensed consolidated statements of cash flows

Twelve months ended
December 31,

U.S. dollars in thousands

2020

2019

(Unaudited)

(Audited)

Cash flows from operating activities:

Net income

$

7,622

$

12,862

Adjustments required to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

29,460

28,587

Share-based compensation expense

2,858

3,632

Accrued severance pay, net

(14

)

(246

)

Changes in deferred tax, net

(895

)

(1,509

)

Capital loss

340

326

Legal settlemnets and loss contingencies, net

6,319

12,359

Decrease (increase) in trade receivables

6,070

(5,032

)

Decrease (increase) in other accounts receivable and prepaid expenses

9,318

(6,346

)

Decrerase in inventories

313

35,303

Decrease in trade payables

(17,938

)

(6,663

)

Increase (decrease) in warranty provision

(371

)

69

Changes in right of use assets

(26,738

)

1,319

Changes in lease liabilities

30,710

2,602

Amortization of premium and accretion of discount on marketable securities, net

161

-

Changes in Accrued interest related to Marketable Securities

(1

)

-

Increase in accrued expenses and other liabilities including related parties

404

5,786

Net cash provided by operating activities

47,618

83,049

Cash flows from investing activities:

Net cash paid for acquisitions

(28,962

)

-

Purchase of property, plant and equipment

(19,824

)

(23,590

)

Proceeds from sale of property, plant and equipment

13

66

Investment in marketable securities

(19,185

)

-

Increase in long term deposits

(347

)

(63

)

Net cash used in investing activities

(68,305

)

(23,587

)

Cash flows from financing activities:

Dividend paid

(4,821

)

(5,160

)

Changes in short-term bank credit and loans, net

(18

)

(7,771

)

Repayment of a financing leaseback related to Bar-Lev transaction

(1,245

)

(1,196

)

Net cash used in financing activities

(6,084

)

(14,127

)

Effect of exchange rate differences on cash and cash equivalents

1,647

475

Increase (decrease) in cash and cash equivalents and short-term bank deposits

(25,124

)

45,810

Cash and cash equivalents and short-term bank deposits at beginning of the period

139,372

93,562

Cash and cash equivalents and short-term bank deposits at end of the period

$

114,248

$

139,372

Non - cash investing:

Changes in trade payables balances related to purchase of fixed assets

(356

)

(3,235

)

Caesarstone Ltd. and its subsidiaries

Three months ended
December 31,

Twelve months ended
December 31,

U.S. dollars in thousands

2020

2019

2020

2019

(Unaudited)

(Unaudited)

Reconciliation of Gross profit to Adjusted Gross profit:

Gross profit

$

38,515

$

34,983

$

133,942

$

148,639

Share-based compensation expense (a)

63

10

416

285

Non-recurring import related income

-

-

-

(1,501

)

Amortization of assets related to acquisitions

529

-

529

-

Other non-recurring items (b)

-

294

-

1,661

Adjusted Gross profit (Non-GAAP)

$

39,107

$

35,287

$

134,887

$

149,084

(a) Share-based compensation includes expenses related to stock options and restricted stock units granted to employees and directors of the Company.

(b) In 2019, relates mainly to one time amortization of machinery equipment with no future alternative use, and one time inventory write down due to
discontinuation of certain product group manufacturing.

Caesarstone Ltd. and its subsidiaries

Three months ended
December 31,

Twelve months ended
December 31,

U.S. dollars in thousands

2020

2019

2020

2019

(Unaudited)

(Unaudited)

Reconciliation of Net Income (loss) to Adjusted EBITDA:

Net income (loss)

$

(1,981

)

$

(275

)

$

7,622

$

12,862

Finance (income) expenses, net

8,613

(622

)

10,199

5,578

Taxes on income

1,459

1,394

4,700

6,243

Depreciation and amortization related to acquisitions

8,300

6,970

29,460

28,587

Legal settlements and loss contingencies, net (a)

1,392

7,201

6,319

12,359

Share-based compensation expense (b)

523

779

2,858

3,632

Non-recurring import related income

-

-

-

(1,501

)

Acquisitions related expenses

444

-

921

-

Other non-recurring items (c)

-

294

-

1,286

Adjusted EBITDA (Non-GAAP)

$

18,750

$

15,741

$

62,079

$

69,046

(a) Consists of legal settlements expenses and loss contingencies, net, related to product liability claims and other adjustments to on-going legal claims, including related legal fees.
(b) Share-based compensation includes expenses related to stock options and restricted stock units granted to employees and directors of the Company.
(c) In 2019, relates mainly to non-recurring expenses related to North American region establishment, one time charge related to reduction in headcount and certain activities including discontinuation of certain product group manufacturing.

Caesarstone Ltd. and its subsidiaries

Three months ended December 31,

Twelve months ended December 31,

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

2020

2019

...

2020

2019

(Unaudited)

(Unaudited)

Reconciliation of net income (loss) attributable to controlling interest to adjusted net income attributable to controlling interest:

Net income (loss) attributable to controlling interest

$

(2,385

)

$

(275

)

$

7,218

$

12,862

Legal settlements and loss contingencies, net (a)

1,392

7,201

6,319

12,359

Amortization of assets related to acquisitions, net of tax

446

-

446

-

Share-based compensation expense (b)

523

779

2,858

3,632

Non cash revaluation of lease liabilities (c)

3,177

266

3,189

3,615

Non-recurring import related income (d)

-

-

-

(1,501

)

Acquisitions related expenses

444

-

921

-

Other non-recurring items (e)

-

294

-

2,486

Total adjustments

5,982

8,540

13,733

20,591

Less tax on non-tax adjustments (f)

1,955

2,791

4,488

6,729

Total adjustments after tax

4,027

5,749

9,245

13,862

Adjusted net income attributable to controlling interest (Non-GAAP)

$

1,642

$

5,474

$

16,463

$

26,724

Adjusted diluted EPS (g)

$

0.05

$

0.16

$

0.48

$

0.77

(a) Consists of legal settlements expenses and loss contingencies, net, related to product liability claims and other adjustments to on-going legal claims, including related legal fees.
(b) Share-based compensation includes expenses related to stock options and restricted stock units granted to employees and directors of the Company.
(c) Exchange rate diffrences deriving from revaluation of lease contracts in accoradance with FASB ASC 842.
(d) In 2019, relates mainly to non-recurring import related expenses and relocation expenses of Caesarstone USA headquarters, the Company's subsidiary.
(e) In 2019, relates to non-recurring expenses related to North American region establishment, one time charge related to reduction in headcount and certain activities including discontinuation of certain product group manufacturing and one time amortization of machinery equipment with no future alternative use.
(f) Tax adjustments for the three and twelve months ended December 31, 2020, based on the effective tax rates of the comparative periods.
(g) In calculating adjusted diluted (Non-GAAP) EPS for the three and twelve months ended December 31, 2020, the diluted weighted average number of shares outstanding excludes the effects of share-based compensation expense in accordance with FASB ASC 718.

Caesarstone Ltd. and its subsidiaries

Geographic breakdown of revenues by region

Three months ended
December 31,

Twelve months ended
December 31,

U.S. dollars in thousands

2020

2019

2020

2019

(Unaudited)

(Unaudited)

USA

$

53,618

$

64,659

$

207,496

$

250,471

Canada

20,325

20,575

72,492

85,979

Latin America

1,387

735

2,149

4,115

America's

75,330

85,969

282,137

340,565

Australia

29,953

26,002

103,587

108,149

Asia

7,122

3,931

14,566

15,514

APAC

37,075

29,933

118,153

123,663

EMEA

14,408

9,463

45,201

43,054

Israel

10,083

8,502

40,921

38,692

Total Revenues

$

136,896

$

133,867

$

486,412

$

545,974

Caesarstone Ltd. and its subsidiaries

Geographic breakdown of revenues by region - Supplemental data

Three months ended

U.S. dollars in thousands

12/31/2020

9/30/2020

6/30/2020

3/31/2020

12/31/2019

9/30/2019

6/30/2019

3/30/2019

12/31/2018

9/30/2018

6/30/2018

(Unaudited)

USA

$

53,618

$

52,097

$

41,726

$

60,055

$

64,659

$

64,805

$

64,590

$

56,417

$

60,200

$

61,933

$

60,358

Canada

20,325

19,174

14,435

18,558

20,575

21,881

23,341

20,178

23,834

25,140

27,349

Latin America

1,387

124

132

506

735

1,434

1,351

596

1,212

1,635

1,738

America's

75,330

71,395

56,293

79,119

85,969

88,120

89,282

77,191

85,246

88,708

89,445

Australia

29,953

27,746

23,534

22,354

26,000

28,642

28,294

25,214

33,484

33,968

34,731

Asia

7,122

2,881

1,732

2,831

3,932

3,675

3,311

4,596

4,929

4,189

4,221

APAC

37,075

30,627

25,266

25,185

29,932

32,317

31,605

29,810

38,413

38,157

38,952

EMEA

14,408

11,422

8,031

11,340

9,464

11,719

11,418

10,455

9,954

11,115

11,721

Israel

10,083

10,478

9,447

10,913

8,502

10,683

8,766

10,741

9,268

9,709

9,125

Total Revenues

$

136,896

$

123,922

$

99,037

$

126,557

$

133,867

$

142,839

$

141,071

$

128,197

$

142,881

$

147,689

$

149,243

Year-over-year % change

12/31/2020

9/30/2020

6/30/2020

3/31/2020

12/31/2019

9/30/2019

6/30/2019

(Unaudited)

USA

-17.1

%

-19.6

%

-35.4

%

6.4

%

7.4

%

4.6

%

7.0

%

Canada

-1.2

%

-12.4

%

-38.2

%

-8.0

%

-13.7

%

-13.0

%

-14.7

%

Latin America

88.8

%

-91.4

%

-90.2

%

-15.1

%

-39.4

%

-12.3

%

-22.3

%

America's

-12.4

%

-19.0

%

-36.9

%

2.5

%

0.8

%

-0.7

%

-0.2

%

Australia

15.2

%

-3.1

%

-16.8

%

-11.3

%

-22.3

%

-15.7

%

-18.5

%

Asia

81.1

%

-21.6

%

-47.7

%

-38.4

%

-20.2

%

-12.3

%

-21.5

%

APAC

23.9

%

-5.2

%

-20.1

%

-15.5

%

-22.1

%

-15.3

%

-18.9

%

EMEA

52.2

%

-2.5

%

-29.7

%

8.5

%

-4.9

%

5.4

%

-2.6

%

Israel

18.6

%

-1.9

%

7.8

%

1.6

%

-8.3

%

10.0

%

-3.9

%

Total Revenues

2.3

%

-13.2

%

-29.8

%

-1.3

%

-6.3

%

-3.3

%

-5.5

%

Year-over-year % change in constant currency (*)

12/31/2020

9/30/2020

6/30/2020

3/31/2020

12/31/2019

9/30/2019

6/30/2019

(Unaudited)

USA

-17.1

%

-19.6

%

-35.4

%

6.4

%

7.4

%

4.6

%

7.0

%

Canada

-2.4

%

-11.7

%

-36.0

%

-7.1

%

-13.6

%

-12.1

%

-11.6

%

Latin America

88.7

%

-91.3

%

-90.2

%

-15.2

%

-39.4

%

-12.3

%

-22.3

%

America's

-12.7

%

-18.8

%

-36.4

%

2.7

%

0.9

%

-0.4

%

0.7

%

Australia

7.9

%

-7.1

%

-11.5

%

-3.3

%

-18.2

%

-10.0

%

-12.0

%

Asia

80.7

%

-21.2

%

-45.9

%

-37.1

%

-14.7

%

-8.8

%

-18.6

%

APAC

17.5

%

-8.7

%

-15.1

%

-8.5

%

-17.8

%

-9.9

%

-12.7

%

EMEA

45.8

%

-5.9

%

-26.9

%

11.4

%

-4.4

%

10.9

%

2.8

%

Israel

9.4

%

-4.5

%

4.5

%

-1.5

%

-14.0

%

7.8

%

-3.5

%

Total Revenues

-0.4

%

-14.4

%

-28.3

%

0.5

%

-5.5

%

-1.5

%

-2.9

%

(*) Change in revenues at constant currency is calculated so that revenues can be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of business performance. Change in revenues adjusted for currency are calculated by translating current period activity in local currency using the comparable prior-year period’s currency conversion rate. Exchange rates used, are the representative exchange rate published by the Bank of Israel for the relevant periods.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210224005133/en/

Contacts

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CSTE@icrinc.com
+1 646 277-1237