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Caesarstone Reports Fourth Quarter and Full Year 2021 Financial Results

February, 09, 2022

– Fourth Quarter Revenue up 25.0% to $171.1 Million; up 24.2% on a Constant Currency Basis –

– Fourth Quarter Net Loss attributable to controlling Interest of $2.9 Million, or $0.11 Loss Per Share; Adjusted EPS of $0.01 –

– Full Year Revenue up 32.4% to a Record $643.9 Million; up 28.1% on a Constant Currency Basis –

– Full Year Net Income Attributable to Controlling Interest of $19.0 Million, Diluted EPS of $0.51; Adjusted Diluted EPS of $0.83 –

– Full Year Adjusted EBITDA up 9.9% to $68.2 Million –

– Introduces 2022 Annual Outlook –

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, 2021.

“2021 marked a year of meaningful progress as we strive to reach our long-term growth targets in the coming years,” commented Yuval Dagim, Caesarstone’s Chief Executive Officer. “Our record fourth quarter and full year revenue reflects effective execution of our multi-faceted growth strategy and the benefits from increasing demand for our premium countertops globally. We benefitted substantially from the successful integration of our acquired businesses, multi-material strategy and our CS Connect platform.”

Mr. Dagim continued, “We are proud of our milestone revenue growth in 2021 and believe that our cash position(*), planned multi-material product innovations, recent pricing actions and demand tailwinds allow us to confidently grow our business while navigating through the current cost environment. Caesarstone’s three strategic pillars continue to lay the foundation for financial growth as we become a global countertop leader with a long term goal of over $1 billion in revenues.”

(*) 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 2021 Results

Revenue in the fourth quarter of 2021 grew 25.0% to a fourth quarter record of $171.1 million compared to $136.9 million in the prior year quarter. On a constant currency basis, fourth quarter revenue was higher by 24.2% year-over-year. Sales growth was primarily driven by improved demand across the majority of our global footprint in addition to the contribution of the Omicron acquisition.

Gross margin in the fourth quarter was 23.2% compared to 28.1% in the prior year quarter. Adjusted gross margin in the fourth quarter was 23.3% compared to 28.6% in the prior year quarter. The year-over-year reduction in gross margin mainly reflects higher raw material prices, particularly polyester, and shipping price increases which were partially offset by favorable product mix and selling price increases.

Operating expenses in the fourth quarter were $36.3 million, or 21.2% of revenue, compared to $30.4 million, or 22.2% of revenue in the prior year quarter. Excluding legal settlements and loss contingencies, adjusted operating expenses were 21.9% of revenue, compared to 21.2% in the prior year quarter, mainly due to a return to normalized levels of marketing and selling expenses and investments related to initiatives under the Company’s Global Growth Acceleration Plan.

Operating income in the fourth quarter was $3.3 million compared to operating income of $8.1 million in the prior year quarter. The year-over-year difference mainly reflects higher operating expenses.

Adjusted EBITDA, which excludes expenses for non-cash share-based compensation, legal settlements and loss contingencies and for non-recurring items, was $11.5 million in the fourth quarter, representing a margin of 6.7%. This compares to adjusted EBITDA of $18.8 million, representing a margin of 13.7%, in the prior year quarter. The year-over-year decrease primarily reflects the lower operating income.

Finance expense in the fourth quarter was $7.4 million compared to finance expense of $8.6 million in the prior year quarter. The difference was primarily a result of more favorable foreign currency exchange rates.

Net loss attributable to controlling interest for the fourth quarter was $2.9 million compared to net loss of $2.4 million in the prior year quarter. Net loss per share for the fourth quarter was $0.11 compared to net loss per share of $0.07 in the prior year quarter. Adjusted diluted net income per share for the fourth quarter was $0.01 on 34.6 million shares, compared to adjusted diluted net income per share of $0.05 in the prior year quarter on 34.5 million shares.

Full Year 2021 Results

Revenue in the full year 2021 grew 32.4% year over year and reached a company record of $643.9 million compared to $486.4 million in the prior year. On a constant currency basis, 2021 revenue was higher by 28.1% year-over-year, primarily due to improved demand across the majority of our global footprint in addition to the contribution of acquisitions.

Gross margin in 2021 was 26.6% compared to 27.5% in the prior year. Adjusted gross margin in 2021 was 26.8%, compared to 27.7% in the prior year. The difference in adjusted gross margin mainly reflects higher raw material prices, particularly polyester, and shipping price increases which were partially offset by favorable product mix, selling price increases and more favorable exchange rates.

Operating expenses in 2021 were $144.1 million, or 22.4% of revenue compared to $111.4 million, or 22.9% of revenue in the prior year. Excluding legal settlements and loss contingencies, adjusted operating expenses were 21.9% of revenue, compared to 21.6% of revenue in the prior year mainly due to cost cutting efforts in the prior year to mitigate pandemic related impacts.

Operating income in 2021 improved to $27.4 million compared to $22.5 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 $68.2 million in 2021, representing a margin of 10.6%. This compares to adjusted EBITDA of $62.1 million, representing a margin of 12.8% in the prior year. This year-over-year margin decrease primarily reflects lower gross margin and higher operating expenses to support revenue growth.

Finance expenses in 2021 were $7.6 million compared to $10.2 million in the prior year. The difference was primarily a result of higher income from the Company’s derivatives instruments.

Net income attributable to controlling interest for the full year 2021 was $19.0 million compared to net income of $7.2 million in the prior year. Diluted net income per share for 2021 was $0.51 compared to $0.21 in the prior year. Adjusted diluted net income per share for 2021 was $0.83 compared to $0.48 in the prior year.

Balance Sheet & Liquidity

As of December 31, 2021, the Company’s balance sheet remained strong, including cash, cash equivalents and short-term bank deposits and short and long-term marketable securities of $94.2 million and total debt to financial institutions of $12.5 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 2021, based on its reported net loss attributable to controlling interest for the period.

Outlook

The Company is introducing guidance for 2022 revenue to be in the range of $710 million to $725 million, implying approximately 11% growth over 2021 at the midpoint of the range, driven by volume and price improvements in our markets. Adjusted EBITDA as a percentage of sales is expected to be similar compared to 2021, primarily attributable to higher costs in connection with raw material prices, particularly polyester, and shipping costs that are anticipated to offset higher sales and selling prices.

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 13726580. The replay will be available beginning at 11:30 a.m. ET on Wednesday, February 9, 2022 and will last through 11:59 p.m. ET on Wednesday, February 16, 2022.

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" within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as ”goals," “intend,” “seek,” “anticipate,” “believe,” “could,” “continue,” “expect,” “estimate,” “may,” “plan,” “outlook,” “future” and “project” and other similar expressions that predict, project or indicate future events or trends or that are not statements of historical matters. Such forward looking statements include statements regarding the Company’s sustainability goals and plans, intentions, expectations, assumptions, goals and beliefs regarding the Company’s business and sustainability vision. These forward-looking statements also may 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, and expectations of the results of the Company’s business optimization initiatives. 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; raw material shortages and prices and effects of challenges in global shipping; the ability of the company to realign aspects of its business based on the business optimization initiatives, the strength of the home renovation and construction sectors; intense competitive pressures; the extent of the Company’s ability to meet its ESG goals and targets, including the extent of the Company’s ability to maintain a healthy and safe environment for the Company’s employees; management of GHG and silica emissions; the degree of the Company’s ability to develop, produce and deliver high quality and safe products; the Company’s ability to effectively manage changes in its production and supply chain; the extent of the Company’s ability to build-out and expand into certain markets; the Company’s ability to effective manage its relationship with suppliers; the outcome of silicosis and other bodily injury claims; regulatory requirements relating to hazards associated with exposure to silica dust; efficiently manufacturing our products and managing 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; the 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, risks and uncertainties discussed under the sections "Risk Factors" and “Special Note Regarding Forward-Looking Statements and Risk Factor Summary” in our most recent annual report on Form 20-F filed with the Securities and Exchange Commission (the “SEC”) on March 22, 2021, and in other documents filed by Caesarstone with the SEC, which are available free of charge at www.sec.gov. 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, 2021   December 31, 2020
  (Unaudited)   (Audited)
ASSETS    
     
CURRENT ASSETS:    
     
Cash and cash equivalents and short-term bank deposits  

$

74,315

 

 

$

114,248

 

Short-term available for sale marketable securities  

 

11,228

 

 

 

8,112

 

Trade receivables, net  

 

82,815

 

 

 

84,822

 

Other accounts receivable and prepaid expenses  

 

35,443

 

 

 

26,481

 

Inventories  

 

204,725

 

 

 

152,073

 

     
Total current assets  

 

408,526

 

 

 

385,736

 

     
LONG-TERM ASSETS:    
     
Severance pay fund  

 

4,090

 

 

 

4,007

 

Long-term deposits  

 

3,832

 

 

 

3,837

 

Deferred tax assets, net  

 

10,880

 

 

 

8,359

 

Other long-term receivables  

 

449

 

 

 

1,675

 

Operating lease right-of-use assets  

 

154,652

 

 

 

123,928

 

Long-term available for sale marketable securities  

 

8,647

 

 

 

10,926

 

Property, plant and equipment, net  

 

221,150

 

 

 

222,883

 

Goodwill and intangible assets, net  

 

55,427

 

 

 

59,570

 

     
Total long-term assets  

 

459,127

 

 

 

435,185

 

     
Total assets  

$

867,653

 

 

$

820,921

 

     
LIABILITIES AND EQUITY    
     
CURRENT LIABILITIES:    
     
Short-term bank credit  

$

12,523

 

 

$

13,122

 

Trade payables  

 

81,369

 

 

 

55,063

 

Related parties and other loans  

 

2,276

 

 

 

2,221

 

Short term legal settlements and loss contingencies  

 

22,592

 

 

 

31,039

 

Accrued expenses and other liabilities  

 

64,534

 

 

 

55,570

 

     
Total current liabilities  

 

183,294

 

 

 

157,015

 

     
LONG-TERM LIABILITIES:    
     
Long-term bank and other loans and financing liability of land from a related party  

 

6,240

 

 

 

20,706

 

Legal settlements and loss contingencies long-term  

 

20,859

 

 

 

21,910

 

Deferred tax liabilities, net  

 

4,992

 

 

 

6,943

 

Long-term lease liabilities  

 

143,324

 

 

 

112,719

 

Accrued severance pay  

 

5,500

 

 

 

5,303

 

Long-term warranty provision  

 

1,280

 

 

 

1,274

 

     
Total long-term liabilities  

 

182,195

 

 

 

168,855

 

     
REDEEMABLE NON-CONTROLLING INTEREST  

 

7,869

 

 

 

7,701

 

     
EQUITY:    
     
Ordinary shares  

 

371

 

 

 

371

 

Treasury shares - at cost  

 

(39,430

)

 

 

(39,430

)

Additional paid-in capital  

 

161,929

 

 

 

160,083

 

Capital fund related to non-controlling interest  

 

(5,587

)

 

 

(5,587

)

Accumulated other comprehensive loss  

 

(704

)

 

 

1,083

 

Retained earnings  

 

377,716

 

 

 

370,830

 

     
Total equity  

 

494,295

 

 

 

487,350

 

     
Total liabilities and equity  

$

867,653

 

 

$

820,921

 

 
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)

2021

2020

2021

2020

(Unaudited)

(Unaudited)

(Unaudited)

(Audited)

 
Revenues

$

171,057

 

$

136,896

 

$

643,892

$

486,412

 

Cost of revenues

 

131,379

 

 

98,381

 

 

472,394

 

352,470

 

 
Gross profit

 

39,678

 

 

38,515

 

 

171,498

 

133,942

 

 
Operating expenses:
Research and development

 

1,177

 

 

1,501

 

 

4,216

 

3,974

 

Marketing and selling

 

22,594

 

 

17,752

 

 

85,725

 

62,047

 

General and administrative

 

13,746

 

 

9,779

 

 

50,845

 

39,081

 

Legal settlements and loss contingencies, net

 

(1,181

)

 

1,392

 

 

3,283

 

6,319

 

 
Total operating expenses

 

36,336

 

 

30,424

 

 

144,069

 

111,421

 

 
Operating income

 

3,342

 

 

8,091

 

 

27,429

 

22,521

 

Finance expenses, net

 

7,425

 

 

8,613

 

 

7,590

 

10,199

 

 
Income (loss) before taxes

 

(4,083

)

 

(522

)

 

19,839

 

12,322

 

Taxes on income

 

(780

)

 

1,459

 

 

1,950

 

4,700

 

 
Net income

$

(3,303

)

$

(1,981

)

$

17,889

$

7,622

 

 
Net loss (income) attributable to non-controlling interest

 

426

 

 

(404

)

 

1,077

 

(404

)

 
Net income (loss) attributable to controlling interest

$

(2,877

)

$

(2,385

)

$

18,966

$

7,218

 

Basic net income (loss) per ordinary share (*)

$

(0.11

)

$

(0.07

)

$

0.51

$

0.21

 

Diluted net income (loss) per ordinary share (*)

$

(0.11

)

$

(0.07

)

$

0.51

$

0.21

 

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

 

34,471,363

 

 

34,436,345

 

 

34,462,328

 

34,419,129

 

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

 

34,471,363

 

 

34,436,345

 

 

34,570,111

 

34,473,911

 

 

(*) The numerator for the calculation of net income per share for the three and twelve months ended December 31, 2021 has been decreased by approximately $1.1 and $1.4 million, respectively, to reflect the adjustment to redemption value associated with the redeemable non-controlling interest.

 
Caesarstone Ltd. and its subsidiaries
Selected Condensed consolidated statements of cash flows
  Twelve months ended
December 31,
U.S. dollars in thousands  

 

2021

 

 

 

2020

 

  (Unaudited)   (Audited)
Cash flows from operating activities:    
     
Net income  

$

17,889

 

 

$

7,622

 

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

 

35,407

 

 

 

29,460

 

Share-based compensation expense  

 

1,845

 

 

 

2,858

 

Accrued severance pay, net  

 

121

 

 

 

(14

)

Changes in deferred tax, net  

 

(4,473

)

 

 

(895

)

Capital (gain) loss  

 

(3

)

 

 

340

 

Legal settlements and loss contingencies, net  

 

3,283

 

 

 

6,319

 

Decrease in trade receivables  

 

815

 

 

 

6,070

 

Decrease (increase) in other accounts receivable and prepaid expenses  

 

(9,035

)

 

 

9,318

 

Decrease (increase) in inventories  

 

(54,189

)

 

 

313

 

Increase (decrease) in trade payables  

 

28,277

 

 

 

(17,938

)

Increase (decrease) in warranty provision  

 

112

 

 

 

(371

)

Changes in right of use assets  

 

(31,437

)

 

 

(26,738

)

Changes in lease liabilities  

 

35,258

 

 

 

30,710

 

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

 

412

 

 

 

161

 

Changes in Accrued interest related to Marketable Securities  

 

42

 

 

 

(1

)

Increase (decrease) in accrued expenses and other liabilities including related parties  

 

(3,352

)

 

 

404

 

     
Net cash provided by operating activities  

 

20,972

 

 

 

47,618

 

     
     
Cash flows from investing activities:    
     
Net cash paid for acquisitions  

 

-

 

 

 

(28,962

)

Repayment of assumed shareholders loan related to acquisition  

 

(1,966

)

 

 

-

 

Repayment of contingent consideration related to acquisition  

 

(1,780

)

 

 

-

 

Purchase of property, plant and equipment  

 

(31,477

)

 

 

(19,824

)

Proceeds from sale of property, plant and equipment  

 

9

 

 

 

13

 

Investment in marketable securities, net  

 

(1,343

)

 

 

(19,185

)

Increase in long term deposits  

 

(108

)

 

 

(347

)

     
Net cash used in investing activities  

 

(36,665

)

 

 

(68,305

)

     
     
Cash flows from financing activities:    
     
Dividend paid  

 

(10,681

)

 

 

(4,821

)

Changes in short-term bank credits and long-term loans  

 

(11,761

)

 

 

(18

)

Repayment of a financing leaseback related to Bar-Lev transaction  

 

(1,320

)

 

 

(1,245

)

     
Net cash used in financing activities  

 

(23,762

)

 

 

(6,084

)

     
     
Effect of exchange rate differences on cash and cash equivalents  

 

(478

)

 

 

1,647

 

   

 

-

 

Decrease in cash and cash equivalents and short-term bank deposits  

 

(39,933

)

 

 

(25,124

)

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

 

114,248

 

 

 

139,372

 

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

$

74,315

 

 

$

114,248

 

     
Non - cash investing:    
Changes in trade payables balances related to purchase of fixed assets  

 

(56

)

 

 

(356

)

 
Caesarstone Ltd. and its subsidiaries    
       
Three months ended
December 31,
  Twelve months ended
December 31,
U.S. dollars in thousands

2021

 

2020

 

2021

 

2020

(Unaudited)   (Unaudited)
Reconciliation of Gross profit to Adjusted Gross profit:      
Gross profit

$

39,678

 

$

38,515

 

$

171,498

 

$

133,942

Share-based compensation expense (a)

 

107

 

 

63

 

 

321

 

 

416

Amortization of assets related to acquisitions

 

79

 

 

529

 

 

852

 

 

529

Adjusted Gross profit (Non-GAAP)

$

39,864

 

$

39,107

 

$

172,671

 

$

134,887

       
(a) Share-based compensation includes expenses related to stock options and restricted stock units granted to employees and directors of the Company.
 
Caesarstone Ltd. and its subsidiaries    
       
Three months ended
December 31,
  Twelve months ended
December 31,
U.S. dollars in thousands

 

2021

 

 

 

2020

 

 

 

2021

 

 

2020

(Unaudited)   (Unaudited)
Reconciliation of Net Income (loss) to Adjusted EBITDA:      
Net income (loss)

$

(3,303

)

 

$

(1,981

)

 

$

17,889

 

$

7,622

Finance expenses, net

 

7,425

 

 

 

8,613

 

 

 

7,590

 

 

10,199

Taxes on income

 

(780

)

 

 

1,459

 

 

 

1,950

 

 

4,700

Depreciation and amortization related to acquisitions

 

8,916

 

 

 

8,300

 

 

 

35,407

 

 

29,460

Legal settlements and loss contingencies, net (a)

 

(1,181

)

 

 

1,392

 

 

 

3,283

 

 

6,319

Contingent consideration adjustment related to acquisition

 

-

 

 

 

-

 

 

 

284

 

 

-

Acquisition and integration related expenses

 

-

 

 

 

444

 

 

 

-

 

 

921

Share-based compensation expense (b)

 

458

 

 

 

523

 

 

 

1,845

 

 

2,858

       
Adjusted EBITDA (Non-GAAP)

$

11,535

 

 

$

18,750

 

 

$

68,248

 

$

62,079

       
       
(a) Consists primarily of legal settlements expenses and loss contingencies, net, related to product liability claims.      
(b) Share-based compensation includes expenses related to stock options and restricted stock units granted to employees and directors of the Company.    
       
       
       
Caesarstone Ltd. and its subsidiaries    
       
Three months ended
December 31,
  Twelve months ended
December 31,
U.S. dollars in thousands (except per share data)

 

2021

 

 

 

2020

 

 

 

2021

 

 

2020

(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

$

(2,877

)

 

$

(2,385

)

 

$

18,966

 

$

7,218

Legal settlements and loss contingencies, net (a)

 

(1,181

)

 

 

1,392

 

 

 

3,283

 

 

6,319

Contingent consideration adjustment related to acquisition

 

-

 

 

 

-

 

 

 

284

 

 

-

Amortization of assets related to acquisitions, net of tax

 

502

 

 

 

446

 

 

 

2,391

 

 

446

M&A related expenses

 

-

 

 

 

444

 

 

 

-

 

 

921

Share-based compensation expense (b)

 

458

 

 

 

523

 

 

 

1,845

 

 

2,858

Non cash revaluation of lease liabilities (c)

 

3,461

 

 

 

3,177

 

 

 

2,918

 

 

3,189

Total adjustments

 

3,240

 

 

 

5,982

 

 

 

10,721

 

 

13,733

Less tax on non-tax adjustments (d)

 

200

 

 

 

1,955

 

 

 

1,054

 

 

4,488

Total adjustments after tax

 

3,040

 

 

 

4,027

 

 

 

9,667

 

 

9,245

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

$

163

 

 

$

1,642

 

 

$

28,633

 

$

16,463

Adjusted diluted EPS (e)

$

0.01

 

 

$

0.05

 

 

$

0.83

 

$

0.48

       
       
(a) Consists primarily of legal settlements expenses and loss contingencies, net, related to product liability claims.
(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 differences deriving from revaluation of lease contracts in accordance with FASB ASC 842.    
(d) Tax adjustments for the twelve months ended December 31, 2021 and 2020, based on the effective tax rates.    
(e) In calculating adjusted diluted (Non-GAAP) EPS for the three and twelve months ended December 31, 2021 and 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  

2021

 

2020

 

2021

 

2020

  (Unaudited)   (Unaudited)   (Unaudited)   (Audited)
         
USA  

$

77,613

 

$

53,618

 

$

305,353

 

$

207,496

Canada  

 

22,263

 

 

20,325

 

 

84,467

 

 

72,492

Latin America  

 

1,618

 

 

1,387

 

 

4,702

 

 

2,149

America's  

 

101,494

 

 

75,330

 

 

394,522

 

 

282,137

         
Australia  

 

30,730

 

 

29,953

 

 

118,714

 

 

103,587

Asia  

 

8,011

 

 

7,122

 

 

30,390

 

 

14,566

APAC  

 

38,741

 

 

37,075

 

 

149,104

 

 

118,153

         
EMEA  

 

18,160

 

 

14,408

 

 

60,836

 

 

45,201

         
Israel  

 

12,662

 

 

10,083

 

 

39,430

 

 

40,921

         
Total Revenues  

$

171,057

 

$

136,896

 

$

643,892

 

$

486,412

   
Caesarstone Ltd. and its subsidiaries

Geographic breakdown of revenues by region - Supplemental data

   
  Three months ended
U.S. dollars in thousands   12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 9/30/2019
  (Unaudited)
   
USA  

$

77,613

 

$

79,065

 

$

77,844

 

$

70,831

 

$

53,618

 

$

52,097

 

$

41,726

$

60,055

$

64,659

$

64,805

Canada  

 

22,263

 

 

22,479

 

 

21,946

 

 

17,779

 

 

20,325

 

 

19,174

 

 

14,435

 

18,558

 

20,575

 

21,881

Latin America  

 

1,618

 

 

1,485

 

 

741

 

 

858

 

 

1,387

 

 

124

 

 

132

 

506

 

735

 

1,434

America's  

 

101,494

 

 

103,029

 

 

100,531

 

 

89,468

 

 

75,330

 

 

71,395

 

 

56,293

 

79,119

 

85,969

 

88,120

   
Australia  

 

30,730

 

 

29,215

 

 

31,597

 

 

27,172

 

 

29,953

 

 

27,746

 

 

23,534

 

22,354

 

26,000

 

28,642

Asia  

 

8,011

 

 

7,232

 

 

7,370

 

 

7,777

 

 

7,122

 

 

2,881

 

 

1,732

 

2,831

 

3,932

 

3,675

APAC  

 

38,741

 

 

36,447

 

 

38,967

 

 

34,949

 

 

37,075

 

 

30,627

 

 

25,266

 

25,185

 

29,932

 

32,317

   
EMEA  

 

18,160

 

 

14,106

 

 

15,852

 

 

12,718

 

 

14,408

 

 

11,422

 

 

8,031

 

11,340

 

9,464

 

11,719

   
Israel  

 

12,662

 

 

9,759

 

 

8,112

 

 

8,897

 

 

10,083

 

 

10,478

 

 

9,447

 

10,913

 

8,502

 

10,683

   
Total Revenues  

$

171,057

 

$

163,341

 

$

163,462

 

$

146,032

 

$

136,896

 

$

123,922

 

$

99,037

$

126,557

$

133,867

$

142,839

   
   
  Year-over-year % change
  12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 9/30/2020
  (Unaudited)
   
USA  

 

44.8

%

 

51.8

%

 

86.6

%

 

17.9

%

 

-17.1

%

 

-19.6

%

Canada  

 

9.5

%

 

17.2

%

 

52.0

%

 

-4.2

%

 

-1.2

%

 

-12.4

%

Latin America  

 

16.7

%

 

1097.6

%

 

461.4

%

 

69.6

%

 

88.8

%

 

-91.4

%

America's  

 

34.7

%

 

44.3

%

 

78.6

%

 

13.1

%

 

-12.4

%

 

-19.0

%

   
Australia  

 

2.6

%

 

5.3

%

 

34.3

%

 

21.6

%

 

15.2

%

 

-3.1

%

Asia  

 

12.5

%

 

151.0

%

 

325.5

%

 

174.7

%

 

81.1

%

 

-21.6

%

APAC  

 

4.5

%

 

19.0

%

 

54.2

%

 

38.8

%

 

23.9

%

 

-5.2

%

   
EMEA  

 

26.0

%

 

23.5

%

 

97.4

%

 

12.2

%

 

52.2

%

 

-2.5

%

   
Israel  

 

25.6

%

 

-6.9

%

 

-14.1

%

 

-18.5

%

 

18.6

%

 

-1.9

%

   
Total Revenues  

 

25.0

%

 

31.8

%

 

65.1

%

 

15.4

%

 

2.3

%

 

-13.2

%

   
   
  Year-over-year % change in constant currency (*)
  12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 9/30/2020
  (Unaudited)
   
USA  

 

44.8

%

 

51.8

%

 

86.6

%

 

17.9

%

 

-17.1

%

 

-19.6

%

Canada  

 

5.8

%

 

11.0

%

 

35.1

%

 

-9.6

%

 

-2.4

%

 

-11.7

%

Latin America  

 

16.7

%

 

1097.3

%

 

460.5

%

 

69.8

%

 

88.7

%

 

-91.3

%

America's  

 

33.7

%

 

42.6

%

 

74.2

%

 

11.8

%

 

-12.7

%

 

-18.8

%

   
Australia  

 

2.3

%

 

2.5

%

 

14.6

%

 

2.8

%

 

7.9

%

 

-7.1

%

Asia  

 

13.0

%

 

148.9

%

 

312.8

%

 

169.5

%

 

80.7

%

 

-21.2

%

APAC  

 

4.4

%

 

16.3

%

 

35.1

%

 

21.5

%

 

17.5

%

 

-8.7

%

   
EMEA  

 

27.8

%

 

18.2

%

 

77.6

%

 

3.3

%

 

45.8

%

 

-5.9

%

   
Israel  

 

20.1

%

 

-12.2

%

 

-20.5

%

 

-24.6

%

 

9.4

%

 

-4.5

%

   
Total Revenues  

 

24.2

%

 

29.2

%

 

55.5

%

 

9.8

%

 

-0.4

%

 

-14.4

%

   

(*) Change in revenues at constant currency is calculated so that revenues can be viewed without the impact of fluctuations s 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) 200-8870

Source: Caesarstone Ltd.
Categories: Press Releases
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