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,
Feb. 8, 2021 /PRNewswire/ -- 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
|
|
Year
ended
|
December
31,
|
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,
|
|
December
31,
2019
|
2020
|
ASSETS
|
|
|
|
Audited
|
|
|
|
|
|
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
|
|
Year
ended
|
December
31,
|
December
31,
|
|
2020
|
2019
|
|
2020
|
|
2019
|
Cash flow from
operating activities:
|
|
|
|
Audited
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
8,562
|
|
$
|
10,130
|
|
$
|
33,021
|
|
$
|
39,469
|
GAAP Sales and
Marketing expenses
|
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
|
|
|
$
|
(1,464)
|
|
$
|
(2,191)
|
|
$
|
(7,572)
|
|
$
|
7,302
|
GAAP operating income
(loss)
|
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
|
|
|
$
|
2,756
|
|
$
|
2,204
|
|
$
|
5,923
|
|
$
|
6,521
|
GAAP financial
expenses and others, net
|
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
|
|
Year
ended
|
|
|
|
|
December
31,
|
|
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
|
|
|
|
|
$
|
(0.08)
|
|
$
|
(0.05)
|
|
$
|
(0.21)
|
|
$
|
(0.03)
|
|
GAAP basic net loss
per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(0.08)
|
|
$
|
(0.05)
|
|
$
|
(0.21)
|
|
$
|
(0.03)
|
|
GAAP diluted net loss
per share
|
|
|
|
$
|
(0.04)
|
|
$
|
(0.06)
|
|
$
|
(0.16)
|
|
$
|
0.00
|
|
Non-GAAP diluted net
income (loss) per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
81,536,498
|
|
|
80,574,892
|
|
|
80,574,892
|
|
|
80,296,581
|
|
Weighted average
number of shares
used in computing GAAP
|
basic net loss per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
81,536,498
|
|
|
80,574,892
|
|
|
80,574,892
|
|
|
80,296,581
|
|
Weighted average
number of shares
used in computing GAAP diluted net loss
per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
81,536,498
|
|
|
80,574,892
|
|
|
80,574,892
|
|
|
82,124,615
|
|
Weighted average
number of shares
used in computing
|
Non-GAAP diluted net
income (loss) per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/ceragon-networks-reports-2020-fourth-quarter-and-full-year-financial-results-301223845.html
SOURCE Ceragon Networks Ltd