Ceragon Reports 20% Growth in the Fourth Quarter of 2023; Exceeds Full-Year 2023 Guidance
- Significant revenue growth of 20% year-over-year in Q4 2023, reaching $90.4 million.
- Acquisition of Siklu contributed to quarterly revenue in line with expectations.
- Operating income of $4.2 million on a GAAP basis and $7.8 million on a non-GAAP basis in Q4 2023.
- Net loss of $(1.2) million on a GAAP basis, with net income of $3.7 million on a non-GAAP basis in Q4 2023.
- FY 2023 revenues reached $347.2 million, up 18% year-over-year, exceeding full-year guidance.
- Record operating income of $21.2 million on a GAAP basis and $29.0 million on a non-GAAP basis for FY 2023.
- Ceragon achieved strong revenue growth in North America and India, with continued demand for 5G solutions.
- Non-GAAP gross margins exceeded 35% in Q4 2023, enabling meaningful operating leverage.
- Management expects revenue growth of 11% to 17% in 2024, targeting increased non-GAAP profit and positive free cash flow.
- Conference call scheduled to discuss results and outlook for investors.
- Cash and cash equivalents were $28.2 million at the end of December 2023.
- None.
Insights
The reported financial results from Ceragon Networks Ltd. indicate a significant year-over-year revenue increase of 18%, with a notable 20% increase in Q4 2023. This growth surpasses the company's full-year guidance, suggesting a robust demand for their 5G wireless transport solutions. The acquisition of Siklu appears to be strategically aimed at enhancing Ceragon's market share in the Fixed Wireless Access market, particularly in North America. The company's operating income on a non-GAAP basis reached a record $29.0 million, a stark contrast to the previous year's operating loss. This turnaround is reflective of effective cost management and operational efficiency.
Investors should note the difference between GAAP and non-GAAP measures, particularly the net loss on a GAAP basis versus net income on a non-GAAP basis for Q4 2023. Non-GAAP measures exclude certain items and may not be directly comparable to GAAP results, but they provide an alternative view of the company's performance that management believes is more reflective of the core business. The increase in non-GAAP gross margins to over 35% indicates an improvement in profitability, which is a positive sign for stakeholders.
Looking ahead, the projected revenue for 2024, with an 11% to 17% growth and a targeted non-GAAP operating margin of at least 10%, suggests that management is confident in the company's growth trajectory. However, investors should also consider the risks associated with integrating Siklu and the need to maintain momentum in key markets such as North America and India.
The performance of Ceragon Networks in the private network market, especially in North America and India, is an indicator of the growing demand for 5G infrastructure. The company's record revenue in India since Q2 2018 and consistent bookings from Tier-1 customers in North America showcase a strong market position and customer confidence. The acquisition of Siklu not only diversifies Ceragon's offerings but also suggests a strategic move to capture a larger share of the market in North America, addressing the increasing demand for Fixed Wireless Access solutions.
From a market perspective, Ceragon's ability to exceed revenue expectations even without Siklu's contribution indicates inherent strength in its core business. However, the market will be observing how the integration of Siklu contributes to Ceragon's performance in the second half of 2024 and whether it will indeed be accretive to non-GAAP earnings as management expects.
Geographically, Ceragon's revenue breakout indicates a strong reliance on the Indian and North American markets, which could pose a risk if these markets face economic downturns or policy changes affecting the telecommunications sector. Diversification across other geographies and market segments could mitigate such risks. Additionally, the company's positive free cash flow is a healthy sign for potential reinvestment and further innovation, which could drive future growth.
Ceragon's focus on 5G wireless transport solutions positions the company favorably within the rapidly evolving telecommunications industry. The importance of high-speed, reliable wireless communication infrastructure is underscored by the global push towards 5G adoption. Ceragon's reported increase in revenue and operating income reflects the industry's overall growth trajectory and the company's successful capitalization on this trend.
The acquisition of Siklu is particularly noteworthy as it represents a strategic expansion into the Fixed Wireless Access (FWA) market, which is anticipated to grow significantly as an alternative to traditional wired broadband. FWA can provide high-speed internet access in areas where laying fiber is impractical or too costly, which could be a substantial growth driver for Ceragon, especially in underserved regions. The company's performance and strategic moves should be evaluated within the context of the broader industry's shift towards more flexible and cost-effective wireless solutions.
Furthermore, Ceragon's financial health, as evidenced by their cash and cash equivalents increase and positive free cash flow, provides the company with a buffer to navigate market uncertainties and invest in R&D. Continuous innovation is crucial in the telecommunications sector to keep up with technological advancements and competitive pressures.
Company Guides for Double Digit Growth; Targeting to Further Penetrate Private Network Markets
ROSH HA'
Q4 2023 Financial Highlights:
- Revenues of
$90.4 million 20% year-over-year - Siklu acquisition, which closed on December 4, 2023, contributed modestly to quarterly revenue, in-line with expectations
- Operating income of
$4.2 million $7.8 million - Net loss of
$(1.2) million $3.7 million - EPS of
$(0.01) $0.04
FY 2023 Financial Highlights:
- Revenues of
$347.2 million 18% year-over-year, exceeding full-year guidance - Ceragon would have achieved the higher-end of its full-year revenue guidance even without contribution from Siklu
- Operating income of
$21.2 million $29.0 million - Net income of
$6.2 million $16.7 million - EPS of
$0.07 $0.20
Q4 2023 Business Highlights:
- Completed the acquisition of Siklu, expanding presence in
North America and augmenting Ceragon's offering in the Fixed Wireless Access market North America :- Continued strong bookings, supported by demand for 5G capabilities from Tier-1 customers and increased footprint with private network customers
- Fourth consecutive quarter of revenues exceeding
$20 million
India :- Continued strong bookings, including initial orders from the approximately
$150 million - Strongest region in terms of revenue, with record quarterly revenue since Q2 2018
- Continued strong bookings, including initial orders from the approximately
Doron Arazi, CEO, commented: "Ceragon delivered revenue growth that exceeded our full-year outlook and record full-year non-GAAP operating income. We are encouraged with the recent acquisition of Siklu bolstering our position in the fastest-growing verticals of our market, and continued strong demand for our solutions. In our two key markets,
"We have also reached the point where we can unlock meaningful operating leverage," continued Arazi. "Our non-GAAP gross margins in the quarter exceeded
Primary Fourth Quarter 2023 Financial Results:
Revenues were
Gross profit was
Operating income was
Net income (loss) was
Non-GAAP results were as follows: Gross margin was
Primary Full-Year 2023 unaudited Financial Results:
Revenues were
Gross profit was
Operating income (loss) was
Net income (loss) was
Non-GAAP results were as follows: Gross margin was
Balance Sheet
Cash and cash equivalents were
For a reconciliation of GAAP to non-GAAP results, see the attached tables.
Revenue Breakout by Geography:
Q4 2023 | |
34 % | |
North America | 27 % |
Latin America | 13 % |
Europe | 11 % |
Africa | 8 % |
APAC | 7 % |
Outlook
For 2024, management expects:
- Revenue of
$385 million $405 million 11% to17% compared to 2023 revenue. This guidance includes the contribution from Siklu, which was acquired in December 2023. - Non-GAAP operating margins are targeted to be at least
10% at the mid-point of the revenue guidance. - As a result, management expects increased non-GAAP profit and positive free cash flow for the full year of 2024.
Conference Call
The Company will host a Zoom web conference today at 8:30 a.m. ET to discuss the results, followed by a question-and-answer session for the investment community.
Investors are invited to register by clicking here. All relevant information will be sent upon registration.
If you are unable to join the live call, a replay will be available on our website at www.ceragon.com within 24 hours after the call.
About Ceragon Networks
Ceragon Networks Ltd. (NASDAQ: CRNT) is the global innovator and leading solutions provider of 5G wireless transport. 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 service providers, public safety organizations, government agencies and utility companies, which use our solutions to deliver 5G & 4G broadband wireless connectivity, mission-critical multimedia services, stabilized communications, and other applications at high reliability and speed.
Ceragon's unique multicore technology and disaggregated approach to wireless transport provides highly reliable, fast to deploy, high-capacity wireless transport for 5G and 4G networks with minimal use of spectrum, power, real estate, and labor 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 complete portfolio of turnkey end-to-end AI-based managed and professional services that ensure efficient network rollout and optimization to achieve the highest value for our customers. Our solutions are deployed by more than 400 service providers, as well as more than 800 private network owners, in more than 150 countries. For more information please visit: www.ceragon.com.
Ceragon Networks® and FibeAir® are registered trademarks of Ceragon Networks Ltd. in
Safe Harbor
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, but are not limited to, statements regarding: projections of demand, revenues, net income, gross margin, capital expenditures and liquidity, competitive pressures, order timing, supply chain and shipping, components availability; 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 not all forward-looking statements contain these identifying words.
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 forward-looking statements involve known and unknown risks and uncertainties that may cause Ceragon's future results or performance to differ materially from those anticipated, expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: the effects of global economic trends, including recession, rising inflation, rising interest rates, commodity price increases and fluctuations, commodity shortages and exposure to economic slowdown; The effects of the evolving nature of the war situation in
We caution you not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Ceragon does not assume any obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release unless required by law.
While we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In addition, any forward-looking statements represent Ceragon's views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Ceragon does not assume any obligation to update any forward-looking statements unless required by law.
The results reported in this press-release are preliminary and unaudited results, and investors should be aware of possible discrepancies between these results and the audited results to be reported, due to various factors.
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.
Ceragon Investor & Media Contact:
Rob Fink
FNK IR
Tel. 1+646-809-4048
crnt@fnkir.com
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
(Unaudited, | ||||||||
(Unaudited) | ||||||||
Three months ended December 31, | Year ended December 31, | |||||||
2023 | 2022 | 2023 | 2022 | |||||
Revenues | $ 90,359 | $ 75,531 | $ 347,179 | $ 295,173 | ||||
Cost of revenues | 59,296 | 50,999 | 227,310 | 202,110 | ||||
Gross profit | 31,063 | 24,532 | 119,869 | 93,063 | ||||
Operating expenses: | ||||||||
Research and development, net | 9,070 | 8,080 | 32,274 | 29,690 | ||||
Sales and Marketing | 10,544 | 8,998 | 40,577 | 35,795 | ||||
General and administrative | 6,445 | 17,826 | 23,793 | 34,295 | ||||
Restructuring and related charges | - | - | 897 | - | ||||
Acquisition and integration-related charges | 835 | - | 1,118 | - | ||||
Other operating expenses (*) | - | 249 | - | 4,220 | ||||
Total operating expenses | 26,894 | 35,153 | 98,659 | 104,000 | ||||
Operating income (loss) | 4,169 | (10,621) | 21,210 | (10,937) | ||||
Financial expenses and others, net | 3,402 | 3,012 | 8,468 | 6,306 | ||||
Income (loss) before taxes | 767 | (13,633) | 12,742 | (17,243) | ||||
Taxes on income | 1,970 | 1,385 | 6,522 | 2,446 | ||||
Net income (loss) | $ (1,203) | $ (15,018) | $ 6,220 | $ (19,689) | ||||
Basic net income (loss) per share | $ (0.01) | $ (0.18) | $ 0.07 | $ (0.23) | ||||
Weighted average number of shares used in computing basic net income (loss) per share | 85,054,173 | 84,347,548 | 84,617,774 | 84,132,982 | ||||
Diluted net income (loss) per share | $ (0.01) | $ (0.18) | $ 0.07 | $ (0.23) | ||||
Weighted average number of shares used in computing diluted net income (loss) per share | 85,054,173 | 84,347,548 | 85,482,626 | 84,132,982 | ||||
(*) Hostile attempt related costs. | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS ( | ||||
December 31, 2023 | December 31, 2022 | |||
ASSETS | Unaudited | Audited | ||
CURRENT ASSETS: | ||||
Cash and cash equivalents | $ 28,237 | $ 22,948 | ||
Trade receivables, net | 104,321 | 100,034 | ||
Other accounts receivable and prepaid expenses | 16,571 | 15,756 | ||
Inventories | 68,811 | 72,009 | ||
Total current assets | 217,940 | 210,747 | ||
NON-CURRENT ASSETS: | ||||
Severance pay and pension fund | 4,985 | 4,633 | ||
Property and equipment, net | 30,659 | 29,456 | ||
Operating lease right-of-use assets | 18,837 | 17,962 | ||
Intangible assets, net | 16,401 | 8,208 | ||
Goodwill | 7,749 | - | ||
Other non-current assets | 1,954 | 18,312 | ||
Total non-current assets | 80,585 | 78,571 | ||
Total assets | $ 298,525 | $ 289,318 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
CURRENT LIABILITIES: | ||||
Trade payables | 67,032 | 67,384 | ||
Deferred revenues | 5,507 | 3,343 | ||
Short-term loans | 32,600 | 37,500 | ||
Operating lease liabilities | 3,889 | 3,745 | ||
Other accounts payable and accrued expenses | 23,925 | 20,864 | ||
Total current liabilities | 132,953 | 132,836 | ||
LONG-TERM LIABILITIES: | ||||
Accrued severance pay and pension | 9,399 | 9,314 | ||
Deferred revenues | 670 | 11,545 | ||
Other long-term payables | 7,768 | 2,653 | ||
Operating lease liabilities | 13,716 | 13,187 | ||
Total long-term liabilities | 31,553 | 36,699 | ||
SHAREHOLDERS' EQUITY: | ||||
Share capital: | ||||
Ordinary shares | 222 | 224 | ||
Additional paid-in capital | 437,161 | 432,214 | ||
Treasury shares at cost | (20,091) | (20,091) | ||
Other comprehensive loss | (8,085) | (11,156) | ||
Accumulated deficit | (275,188) | (281,408) | ||
Total shareholders' equity | 134,019 | 119,783 | ||
Total liabilities and shareholders' equity | $ 298,525 | $ 289,318 | ||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited, (Unaudited) | ||||||||
Three months ended December 31, | Year ended December 31, | |||||||
2023 | 2022 | 2023 | 2022 | |||||
Cash flow from operating activities: | ||||||||
Net income (loss) | $ (1,203) | $ (15,018) | $ 6,220 | $ (19,689) | ||||
Adjustments to reconcile net income (loss) to net cash | ||||||||
Depreciation and amortization | 2,466 | 2,622 | 9,967 | 11,040 | ||||
Loss from sale of property and equipment, net | - | - | 61 | 20 | ||||
Stock-based compensation expense | 938 | 958 | 3,964 | 3,560 | ||||
Increase (decrease) in accrued severance pay and pensions, net | 88 | 245 | (267) | (445) | ||||
Decrease (increase) in trade receivables, net | 1,856 | 15,942 | (2,370) | 18,428 | ||||
Decrease (increase) in other accounts receivable and prepaid | 15,085 | 1,414 | 16,994 | (345) | ||||
Decrease (increase) in inventory | 4,681 | (7,845) | 6,303 | (11,155) | ||||
Decrease in operating lease right-of-use assets | 794 | 845 | 3,781 | 3,571 | ||||
Increase in trade payables | (1,121) | (5,191) | (1,847) | (2,018) | ||||
Increase (decrease) in other accounts payable and accrued | (2,720) | (2,190) | 1,677 | (4,154) | ||||
Decrease in operating lease liability | (73) | (779) | (4,034) | (5,937) | ||||
Increase (decrease) in deferred revenues | (9,830) | 494 | (9,562) | 2,229 | ||||
Net cash provided by (used in) operating activities | $ 10,961 | $ (8,503) | $ 30,887 | $ (4,895) | ||||
Cash flow from investing activities: | ||||||||
Purchases of property and equipment, net | (2,548) | (1,432) | (9,955) | (10,464) | ||||
Purchases of intangible assets | (661) | (697) | (2,944) | (1,957) | ||||
Payments made in connection with business acquisitions, net | (7,971) | - | (7,971) | - | ||||
Net cash used in investing activities | $ (11,180) | $ (2,129) | $ (20,870) | $ (12,421) | ||||
Cash flow from financing activities: | ||||||||
Proceeds from exercise of options | 9 | - | 39 | 410 | ||||
Proceeds from (repayments of) bank credits and loans, net | (5,600) | 7,600 | (4,900) | 22,700 | ||||
Net cash provided by (used in) financing activities | $ (5,591) | $ 7,600 | $ (4,861) | $ 23,110 | ||||
Translation adjustments on cash and cash equivalents | $ 81 | $ 16 | $ 133 | $ 75 | ||||
Increase (decrease) in cash and cash equivalents | $ (5,729) | $ (3,016) | $ 5,289 | $ 5,869 | ||||
Cash and cash equivalents at the beginning of the period | 33,966 | 25,964 | 22,948 | 17,079 | ||||
Cash and cash equivalents at the end of the period | $ 28,237 | $ 22,948 | $ 28,237 | $ 22,948 | ||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS ( (Unaudited) | |||||||||||||||||||||||||||
Three months ended | Year ended | ||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||
GAAP cost of revenues | $ | 59,296 | $ | 50,999 | $ | 227,310 | $ | 202,110 | |||||||||||||||||||
Stock-based compensation expenses | (115) | (169) | (482) | (587) | |||||||||||||||||||||||
Changes in indirect tax positions | - | (279) | (3) | (281) | |||||||||||||||||||||||
Amortization of acquired intangible assets | (57) | - | (57) | - | |||||||||||||||||||||||
Excess cost on acquired inventory in business combination* | (525) | - | (525) | - | |||||||||||||||||||||||
Non-GAAP cost of revenues | $ | 58,599 | $ | 50,551 | $ | 226,243 | $ | 201,242 | |||||||||||||||||||
GAAP gross profit | $ | 31,063 | $ | 24,532 | $ | 119,869 | $ | 93,063 | |||||||||||||||||||
Stock-based compensation expenses | 115 | 169 | 482 | 587 | |||||||||||||||||||||||
Changes in indirect tax positions | - | 279 | 3 | 281 | |||||||||||||||||||||||
Amortization of acquired intangible assets | 57 | - | 57 | - | |||||||||||||||||||||||
Excess cost on acquired inventory in business combination | 525 | - | 525 | - | |||||||||||||||||||||||
Non-GAAP gross profit | $ | 31,760 | $ | 24,980 | $ | 120,936 | $ | 93,931 | |||||||||||||||||||
GAAP Research and development expenses | $ | 9,070 | $ | 8,080 | $ | 32,274 | $ | 29,690 | |||||||||||||||||||
Stock-based compensation expenses | (156) | (217) | (828) | (405) | |||||||||||||||||||||||
Loss from termination of joint development agreement | (1,199) | - | (1,199) | - | |||||||||||||||||||||||
Non-GAAP Research and development expenses | $ | 7,715 | $ | 7,863 | $ | 30,247 | $ | 29,285 | |||||||||||||||||||
GAAP Sales and Marketing expenses | $ | 10,544 | $ | 8,998 | $ | 40,577 | $ | 35,795 | |||||||||||||||||||
Stock-based compensation expenses | (320) | (393) | (1,416) | (1,355) | |||||||||||||||||||||||
Amortization of acquired intangible assets | (49) | - | (49) | - | |||||||||||||||||||||||
Non-GAAP Sales and Marketing expenses | $ | 10,175 | $ | 8,605 | $ | 39,112 | $ | 34,440 | |||||||||||||||||||
GAAP General and Administrative expenses | $ | 6,445 | $ | 17,826 | $ | 23,793 | $ | 34,295 | |||||||||||||||||||
Stock-based compensation expenses | (347) | (179) | (1,238) | (1,213) | |||||||||||||||||||||||
Retired CEO compensation | - | - | - | 96 | |||||||||||||||||||||||
Non-GAAP General and Administrative expenses | $ | 6,098 | $ | 17,647 | $ | 22,555 | $ | 33,178 | |||||||||||||||||||
GAAP Restructuring and related charges | $ | - | $ | - | $ | 897 | $ | - | |||||||||||||||||||
Restructuring and related charges | - | - | (897) | - | |||||||||||||||||||||||
Non-GAAP restructuring and related charges | $ | - | $ - | $ - | $ - | ||||||||||||||||||||||
GAAP Acquisition and integration-related charges | $ | 835 | $ | - | $ | 1,118 | $ | - | |||||||||||||||||||
Acquisition and integration-related | (835) | - | (1,118) | - | |||||||||||||||||||||||
Non-GAAP acquisition and integration-related charges | $ | - | $ - | $ - | $ - | ||||||||||||||||||||||
GAAP Other operating expenses | $ | - | $ | 249 | $ | - | $ | 4,220 | |||||||||||||||||||
Hostile attempt related costs | - | (249) | - | (4,220) | |||||||||||||||||||||||
Non-GAAP other operating expenses | $ | - | $ - | $ - | $ - | ||||||||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS ( (Unaudited) | |||||||||||||||
Three months ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
GAAP operating income (loss) | $ | 4,169 | $ | (10,621) | $ | 21,210 | $ | (10,937) | |||||||
Stock-based compensation expenses | 938 | 958 | 3,964 | 3,560 | |||||||||||
Changes in indirect tax positions | - | 279 | 3 | 281 | |||||||||||
Amortization of acquired intangible assets | 106 | - | 106 | - | |||||||||||
Excess cost on acquired inventory in business combination* | 525 | - | 525 | - | |||||||||||
Loss from termination of joint development agreement | 1,199 | - | 1,199 | - | |||||||||||
Retired CEO compensation | - | - | - | (96) | |||||||||||
Hostile attempt related costs | - | 249 | - | 4,220 | |||||||||||
Restructuring and other charges | - | - | 897 | - | |||||||||||
Acquisition and integration-related charges | 835 | - | 1,118 | - | |||||||||||
Non-GAAP operating income (loss) | $ | 7,772 | $ | (9,135) | $ | 29,022 | $ | (2,972) | |||||||
GAAP financial expenses and others, net | $ | 3,402 | $ | 3,012 | $ | 8,468 | $ | 6,306 | |||||||
Non-cash revaluation associated with acquisition | (110) | - | (110) | - | |||||||||||
Leases – financial income (expenses) | (754) | (154) | 253 | 2,278 | |||||||||||
Non-GAAP financial expenses & others, net | $ | 2,538 | $ | 2,858 | $ | 8,611 | $ | 8,584 | |||||||
GAAP Tax expenses | $ | 1,970 | $ | 1,385 | $ | 6,522 | $ | 2,446 | |||||||
Non-cash tax adjustments | (478) | (851) | (2,851) | (1,278) | |||||||||||
Non-GAAP Tax expenses | $ | 1,492 | $ | 534 | $ | 3,671 | $ | 1,168 | |||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS ( (Unaudited) | ||||||||||||||||
Three months ended | Year Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
GAAP net income (loss) | $ | (1,203) | $ | (15,018) | $ | 6,220 | $ | (19,689) | ||||||||
Stock-based compensation expenses | 938 | 958 | 3,964 | 3,560 | ||||||||||||
Changes in indirect tax positions | - | 279 | 3 | 281 | ||||||||||||
Amortization of acquired intangible assets | 106 | - | 106 | - | ||||||||||||
Excess cost on acquired inventory in business combination* | 525 | - | 525 | - | ||||||||||||
Loss from termination of joint development agreement | 1,199 | - | 1,199 | - | ||||||||||||
Retired CEO compensation | - | - | - | (96) | ||||||||||||
Hostile attempt related costs | - | 249 | - | 4,220 | ||||||||||||
Restructuring and other charges | - | - | 897 | - | ||||||||||||
Acquisition and integration-related charges | 835 | - | 1,118 | - | ||||||||||||
Non-cash revaluation associated with acquisition | 110 | - | 110 | - | ||||||||||||
Non-cash tax adjustments | 478 | 851 | 2,851 | 1,278 | ||||||||||||
Leases – financial income (expenses) | 754 | 154 | (253) | (2,278) | ||||||||||||
Non-GAAP net income (loss) | $ | 3,742 | $ | (12,527) | $ | 16,740 | $ | (12,724) | ||||||||
GAAP Basic net income (loss) per share | $ | (0.01) | $ | (0.18) | $ | 0.07 | $ | (0.23) | ||||||||
GAAP Diluted net income (loss) per share | $ | (0.01) | $ | (0.18) | $ | 0.07 | $ | (0.23) | ||||||||
Non GAAP Diluted net income (loss) per share (**) | $ | 0.04 | $ | (0.15) | $ | 0.20 | $ | (0.15) | ||||||||
(*) Consists of charges to cost of revenues for the difference between the fair value of acquired inventory in business combination, which was recorded at fair value, and the actual cost of this inventory, which impacts the Company's gross profit. | ||||||||||||||||
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SOURCE Ceragon Networks Ltd.
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