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Caesarstone Reports Fourth Quarter and Full Year 2020 Financial Results

February, 24, 2021

– 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 –

MP MENASHE, Israel--(BUSINESS WIRE)-- 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.

 

Investor Relations:
ICR, Inc. - Rodny Nacier
CSTE@icrinc.com
+1 646 277-1237

Source: Caesarstone Ltd.

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