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WKN: 941230 | ISIN: IL0010851660 | Ticker-Symbol: GGN
Tradegate
19.04.24
14:31 Uhr
2,500 Euro
-0,060
-2,34 %
Branche
Netzwerktechnik
Aktienmarkt
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1-Jahres-Chart
CERAGON NETWORKS LTD Chart 1 Jahr
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CERAGON NETWORKS LTD 5-Tage-Chart
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2,5202,62020.04.
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Ceragon Networks Ltd.: Ceragon Reports 20% Growth in the Fourth Quarter of 2023; Exceeds Full-Year 2023 Guidance

Company Guides for Double Digit Growth; Targeting to Further Penetrate Private Network Markets

ROSH HA'AIN, Israel, Feb. 20, 2024 /PRNewswire/ -- Ceragon Networks Ltd. (NASDAQ: CRNT), the global innovator and leading solutions provider of 5G wireless transport, today reported its financial results for the fourth quarter and full year period ended December 31, 2023.

Q4 2023 Financial Highlights:

  • Revenues of $90.4 million, up 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 on a GAAP basis, or $7.8 million on a non-GAAP basis
  • Net loss of $(1.2) million on a GAAP basis, and net income of $3.7 million on a non-GAAP basis
  • EPS of $(0.01) per diluted share on a GAAP basis, or $0.04 per diluted share on a non-GAAP basis

FY 2023 Financial Highlights:

  • Revenues of $347.2 million, up 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 on a GAAP basis, or a record $29.0 million on a non-GAAP basis
  • Net income of $6.2 million on a GAAP basis, and $16.7 million on a non-GAAP basis
  • EPS of $0.07 per diluted share on a GAAP basis, or $0.20 per diluted share on a non-GAAP basis

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 project from global integrator, in support of a network modernization project for a Tier 1 Operator
    • Strongest region in terms of revenue, with record quarterly revenue since Q2 2018

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, North America and India, we continue to experience strong demand and we remain optimistic that these markets will continue to drive our growth. During 2023, we expanded our presence in the private network market, establishing a scalable foundation for continued growth."

"We have also reached the point where we can unlock meaningful operating leverage," continued Arazi. "Our non-GAAP gross margins in the quarter exceeded 35%, and we delivered record levels of annual non-GAAP operating profit. Ceragon has also generated significant full-year free cash flow, enabling us to continue enhancing our product portfolio while growing our profitability."

Primary Fourth Quarter 2023 Financial Results:

Revenues were $90.4 million, up 20% from $75.5 million in Q4 2022 and up 3.6% from $87.3 million in Q3 2023.

Gross profit was $31.1 million, giving us a gross margin of 34.4%, compared to gross margin of 32.5% in Q4 2022 and 34.7% in Q3 2023.

Operating income was $4.2 million compared to $(10.6) million for Q4 2022 and $6.7 million for Q3 2023. The fourth quarter of 2023 included expenses related to the acquisition of Siklu and the consolidation of Siklu results since closing on December 4, 2023.

Net income (loss) was $(1.2) million, or $(0.01) per diluted share, compared to $(15.0) million, or $(0.18) per diluted share for Q4 2022 and $3.4 million, or $0.04 per diluted share for Q3 2023.

Non-GAAP results were as follows: Gross margin was 35.1%, operating profit was $7.8 million, and net income of $3.7 million, or $0.04 per diluted share. Management continues to expect Siklu to be accretive to non-GAAP earnings by the second-half of 2024.

Primary Full-Year 2023 unaudited Financial Results:

Revenues were $347.2 million, up 18% from $295.2 million in 2022.

Gross profit was $119.9 million, giving us a gross margin of 34.5%, compared to a gross margin of 31.5% in 2022.

Operating income (loss) was $21.2 million compared to $(10.9) million for 2022.

Net income (loss) was $6.2 million, or $0.07 per diluted share, compared to $(19.7) million, or $(0.23) per diluted share for 2022.

Non-GAAP results were as follows: Gross margin was 34.8%, operating profit was $29.0 million, and net income was $16.7 million, or $0.20 per diluted share.

Balance Sheet

Cash and cash equivalents were $28.2 million at December 31, 2023, compared to $22.9 million at December 31, 2022.

For a reconciliation of GAAP to non-GAAP results, see the attached tables.

Revenue Breakout by Geography:


Q4 2023

India

34 %

North America

27 %

Latin America

13 %

Europe

11 %

Africa

8 %

APAC

7 %

Outlook
For 2024, management expects:

  • Revenue of $385 million to $405 million, representing growth of 11% to 17% 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 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.

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 Israel, including in Gaza with the Hamas and in Lebanon with the Hezbollah and the related evolving regional conflict, including without limitation, the Houti attacks on marine vessels; risks associated with delays in the transition to 5G technologies and in the 5G rollout; the risks associated with the introduction of new products to the market, including but not limited to potential delays, unexpected costs, regulatory hurdles and potential technical flaws; risks relating to the concentration of our business on a limited number of large mobile operators and the fact that the significant weight of their ordering, compared to the overall ordering by other customers, coupled with inconsistent ordering patterns, could negatively affect us; risks resulting from the volatility in our revenues, margins and working capital needs; disagreements with tax authorities regarding tax positions that we have taken could result in increased tax liabilities; the high volatility in the supply needs of our customers, which from time to time lead to delivery issues and may lead to us being unable to timely fulfill our customer commitments; risks associated with inaccurate forecasts or business changes, which may expose us to inventory-related losses on inventory purchased by our contract manufacturers and other suppliers, to increased expenses should unexpected production ramp up be required, or to write off to parts of our inventory, which would increase our cost of revenues; potential adverse reactions or changes to business relationships resulting from the completion of the transaction with Siklu, and ongoing or potential litigations or disputes, incidental to the conduct of Siklu's business and other risks related to the integration of Siklu's business into Ceragon business; disagreements with tax authorities regarding tax positions that we have taken could result in increased tax liabilities and such other risks, uncertainties and other factors that could affect our results of operation, as further detailed in Ceragon's most recent Annual Report on Form 20-F, as published on May 1, 2023, as well as other documents that may be subsequently filed by Ceragon from time to time with the SEC.

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
[email protected]

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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

(Unaudited)



Three months ended

December 3 1 ,


Year ended

December 3 1 ,



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

(U.S. dollars in thousands)








December 3 1 ,

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, U.S. dollars, in thousands)

(Unaudited)






Three months ended

December 3 1 ,


Year ended

December 3 1 ,


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
provided by (used in) operating activities:








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
expenses (including other long term assets)

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
expenses (including other long term liabilities)

(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
of acquired cash

(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

(U.S. dollars in thousands, except share and per share data

(Unaudited)







Three months ended


Year ended



December 3 1 ,


December 3 1 ,



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

(U.S. dollars in thousands, except share and per share data

(Unaudited)




Three months ended


Year Ended




December 3 1 ,


December 3 1 ,




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

(U.S. dollars in thousands, except share and per share data

(Unaudited)




Three months ended


Year Ended




December 3 1 ,


December 3 1 ,




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.
(**) Weighted average number of shares used in computing diluted net income (loss) per share is the same as in GAAP

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SOURCE Ceragon Networks Ltd.

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