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ROSH-HA`AYIN, Israel, Nov. 09, 2022 (GLOBE NEWSWIRE) -- Kornit Digital Ltd. (“Kornit” or “the Company”) (Nasdaq: KRNT), a worldwide market leader in sustainable, on-demand, digital fashionX and textile production technologies, reported today results for the third quarter ended September 30, 2022.
“Consumables and Services revenues grew nicely from the second quarter, and year-over-year, due to solid demand from our key strategic accounts as they gear up for their peak season, as well as the execution of a major fleet upgrade to Atlas MAX with a large strategic customer,” said Ronen Samuel, Kornit Digital’s Chief Executive Officer. “And while we continue to see good receptivity and interest for our Atlas MAX family of products, macro-related headwinds and other pressures continue to impact customers’ systems purchasing decisions and their projected pace of growth.”
Mr. Samuel concluded, “We are a resilient company, with the right strategy, product and service offerings, a pristine balance sheet, and a global team that is energized, dedicated, and focused to move the Company forward. We have and will continue to take the necessary steps to return
to sustainable, profitable growth.”
The following table compares the adverse, non-cash impact that the Company’s outstanding warrants had on the Company’s results of operations during the third quarters of 2022 and 2021, respectively:
| Third Quarter Warrants Impact | ||||||||
| Three Months Ended | ||||||||
| September 30, | ||||||||
| 2022 | 2021 | |||||||
| Net of Warrants Impact | Warrants Impact | Net of Warrants Impact | Warrants Impact | |||||
| Revenue | $66.8M | $5.6M | $86.7M | $7.9M | ||||
| Non-GAAP Gross Margin | 35.5% | 5.0% | 47.8% | 4.3% | ||||
| Non-GAAP Operating Margin | (19.4%) | 9.3% | 9.9% | 7.5% | ||||
| Non-GAAP Net Margin | (16.0%) | 9.0% | 13.3% | 7.2% | ||||
| Non-GAAP Diluted Earnings (Loss) Per Share | ($0.21) | $0.11 | $0.24 | $0.16 | ||||
“Our infrastructure was built to be profitable at a materially higher revenue run rate,” said Alon Rozner, Kornit Digital’s Chief Financial Officer. “As macro-related and other pressures continue to impact our business in the near-term, we are building upon the decisive expense reductions and other initiatives performed earlier this year to adjust the business to the near-term market environment.”
Third Quarter 2022 Results of Operations
Fourth Quarter 2022 Guidance
For the fourth quarter of 2022, the Company expects revenue to be in the range of $66 million to $70 million; non-GAAP operating margins to be in the range of -6% to -10% of revenue. Consistent with past practice, this guidance excludes the impact of the fair value of issued warrants in the quarter.
Third Quarter Earnings Conference Call Information
The Company will host a conference call today at 8:30 a.m. ET, or 3:30 p.m. Israel time, to discuss the results, followed by a question-and-answer session with the investor community.
A live webcast of the call can be accessed at ir.kornit.com. To access the call, participants may dial toll-free at 1-877-300-8521 or 1-412-317-6026. The toll-free Israeli number is 1-80-9213284. The conference confirmation code is 10171559.
To listen to a replay of the conference call, dial toll-free 1-844-512-2921 or 1-412-317-6671 (international) and enter confirmation code 10171559. The telephonic replay will be available approximately five hours after the completion of the live call until 11:59 pm ET on Wednesday, November 23, 2022. The call will also be available for replay via the webcast link on Kornit’s Investor Relations website.
About Kornit Digital
Kornit Digital (NASDAQ: KRNT) is a worldwide market leader in sustainable, on-demand, digital fashionx and textile production technologies. The Company is writing the operating system for fashion with end-to-end solutions including digital printing systems, inks, consumables, and an entire global ecosystem that manages workflows and fulfillment. Headquartered in Israel with offices in the USA, Europe, and Asia Pacific, Kornit Digital serves customers in more than one hundred countries and states worldwide. To learn more about how Kornit Digital is boldly transforming the world of fashion and textiles, visit www.kornit.com.
Forward Looking Statements
Certain statements in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other U.S. securities laws. Forward-looking statements are characterized by the use of forward-looking terminology such as “will,” “expects,” “anticipates,” “continue,” “believes,” “should,” “intended,” “guidance,” “preliminary,” “future,” “planned,” or other words. These forward-looking statements include, but are not limited to, statements relating to the Company’s objectives, plans and strategies, statements of preliminary or projected results of operations or of financial condition and all statements that address activities, events, or developments that the Company intends, expects, projects, believes or anticipates will or may occur in the future. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. The Company has based these forward-looking statements on assumptions and assessments made by its management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Important factors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements include, among other things: the duration and severity of current adverse macro-economic conditions, such as supply-chain delays, inflationary pressures, and rising interest rates, which have been impacting, and may continue to impact, in an adverse manner, the Company’s operations, financial position and cash flows, in part due to the adverse impact on the Company’s customers and suppliers; the Company’s degree of success in developing, introducing and selling new or improved products and product enhancements including specifically the Company’s Poly Pro and Presto products; the extent of the Company’s ability to consummate sales to large accounts with multi-system delivery plans; the degree of the Company’s ability to fill orders for Kornit’s systems; the extent of the Company’s ability to increase sales of Kornit’s systems, ink and consumables; the extent of the Company’s ability to leverage Kornit’s global infrastructure build-out; the development of the market for digital textile printing; the availability of alternative ink; competition; sales concentration; changes to the Company’s relationships with suppliers; the extent of the Company’s success in marketing; whether court approval is received to effect the Company’s proposed share repurchase program; and those additional factors referred to under “Risk Factors” in Item 3.D of the Company’s Annual Report on Form 20-F for the year ended December 31, 2021, filed with the SEC on March 30, 2022. Any forward-looking statements in this press release are made as of the date hereof, whether as a result of new information, future events or otherwise, except as required by law.
Non-GAAP Discussion Disclosure
The non-GAAP financial measures presented by the Company in this press release and in the accompanying conference call to discuss the Company’s quarterly results consist of GAAP financial measures adjusted to exclude the impact of share-based compensation expenses, amortization of acquired intangible assets, acquisition related expenses, foreign exchange differences associated with ASC 842 and the related tax effect of the foregoing. The purpose of such adjustments is to provide an indication of the Company’s performance exclusive of non-cash charges and other items that are considered by management to be outside of the Company’s core operating results. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Furthermore, the non-GAAP measures are regularly used internally to understand, manage, and evaluate the Company’s business and make operating decisions, and the Company believes that they are useful to investors as a consistent and comparable measure of the ongoing performance of the Company’s business. However, the Company’s non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ materially from the non-GAAP financial measures used by other companies. Please see the reconciliation table included below in order to compare our non-GAAP financial measures with the most directly comparable financial measures presented in accordance with GAAP.
Investor Contact:
Andrew G. Backman
Global Head of Investor Relations
andrew.backman@kornit.com
| KORNIT DIGITAL LTD. | ||||||||
| AND ITS SUBSIDIARIES | ||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| (U.S. dollars in thousands) | ||||||||
| September 30, | December 31, | |||||||
| 2022 | 2021 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 66,693 | $ | 611,551 | ||||
| Short-term bank deposit | $ | 360,122 | 9,168 | |||||
| Marketable securities | $ | 20,608 | 28,116 | |||||
| Trade receivables, net | $ | 63,687 | 49,797 | |||||
| Inventory | $ | 92,223 | 63,017 | |||||
| Other accounts receivable and prepaid expenses | $ | 18,197 | 13,694 | |||||
| Total current assets | 621,530 | 775,343 | ||||||
| LONG-TERM ASSETS: | ||||||||
| Marketable securities | $ | 242,348 | $ | 149,269 | ||||
| Deposits and other long-term assets | 3,875 | 856 | ||||||
| Severance pay fund | 271 | 357 | ||||||
| Deferred taxes | 16,081 | 9,339 | ||||||
| Property,plant and equipment, net | 52,364 | 45,046 | ||||||
| Operating lease right-of-use assets | 28,057 | 25,155 | ||||||
| Intangible assets, net | 10,494 | 10,063 | ||||||
| Goodwill | 29,163 | 25,447 | ||||||
| Total long-term assets | 382,653 | 265,532 | ||||||
| Total assets | $ | 1,004,183 | $ | 1,040,875 | ||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Trade payables | $ | 24,038 | $ | 46,448 | ||||
| Employees and payroll accruals | 16,567 | 22,482 | ||||||
| Deferred revenues and advances from customers | 5,594 | 5,401 | ||||||
| Operating lease liabilities | 4,958 | 5,058 | ||||||
| Other payables and accrued expenses | 33,669 | 17,287 | ||||||
| Total current liabilities | 84,826 | 96,676 | ||||||
| LONG-TERM LIABILITIES: | ||||||||
| Accrued severance pay | $ | 1,177 | $ | 1,543 | ||||
| Operating lease liabilities | 21,755 | 21,900 | ||||||
| Other long-term liabilities | 886 | 1,203 | ||||||
| Total long-term liabilities | 23,818 | 24,646 | ||||||
| SHAREHOLDERS' EQUITY | 895,539 | 919,553 | ||||||
| Total liabilities and shareholders' equity | $ | 1,004,183 | $ | 1,040,875 | ||||
| KORNIT DIGITAL LTD. | |||||||||||||||
| AND ITS SUBSIDIARIES | |||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
| (U.S. dollars in thousands, except share and per share data) | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| (Unaudited) | (Unaudited) | ||||||||||||||
| Revenues | |||||||||||||||
| Products | $ | 52,627 | $ | 76,560 | $ | 172,707 | $ | 206,682 | |||||||
| Services | 14,164 | 10,109 | 35,513 | 27,776 | |||||||||||
| Total revenues | 66,791 | 86,669 | 208,220 | 234,458 | |||||||||||
| Cost of revenues | |||||||||||||||
| Products | 31,789 | 36,028 | 96,909 | 98,457 | |||||||||||
| Services | 13,569 | 10,109 | 36,160 | 26,477 | |||||||||||
| Total cost of revenues | 45,358 | 46,137 | 133,069 | 124,934 | |||||||||||
| Gross profit | 21,433 | 40,532 | 75,151 | 109,524 | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development, net | 14,684 | 11,493 | 42,775 | 30,736 | |||||||||||
| Sales and marketing | 17,502 | 15,837 | 54,917 | 40,716 | |||||||||||
| General and administrative | 10,616 | 9,283 | 30,632 | 24,972 | |||||||||||
| Total operating expenses | 42,802 | 36,613 | 128,324 | 96,424 | |||||||||||
| Operating income (loss) | (21,369 | ) | 3,919 | (53,173 | ) | 13,100 | |||||||||
| Financial income, net | 2,207 | 219 | 8,330 | 2,635 | |||||||||||
| Income (loss) before taxes on income (tax benefits) | (19,162 | ) | 4,138 | (44,843 | ) | 15,735 | |||||||||
| Taxes on income (tax benefits) | (130 | ) | 266 | (1,138 | ) | 1,162 | |||||||||
| Net income (loss) | (19,032 | ) | 3,872 | (43,705 | ) | 14,573 | |||||||||
| Basic net income (loss) per share | $ | (0.38 | ) | $ | 0.08 | $ | (0.88 | ) | $ | 0.32 | |||||
| Weighted average number of shares | |||||||||||||||
| used in computing basic net | |||||||||||||||
| income (loss) per share | 49,834,417 | 46,361,164 | 49,750,458 | 46,200,884 | |||||||||||
| Diluted net income (loss) per share | $ | (0.38 | ) | $ | 0.08 | $ | (0.88 | ) | $ | 0.30 | |||||
| Weighted average number of shares | |||||||||||||||
| used in computing diluted | |||||||||||||||
| net income (loss) per share | 49,834,417 | 48,116,716 | 49,750,458 | 47,846,077 | |||||||||||
| KORNIT DIGITAL LTD. | ||||||||||||||||
| AND ITS SUBSIDIARIES | ||||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| (U.S. dollars in thousands, except share and per share data) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| Revenues | $ | 66,791 | $ | 86,669 | $ | 208,220 | $ | 234,458 | ||||||||
| GAAP cost of revenues | $ | 45,358 | $ | 46,137 | $ | 133,069 | $ | 124,934 | ||||||||
| Cost of product recorded for share-based compensation (1) | (587 | ) | (381 | ) | (1,642 | ) | (1,000 | ) | ||||||||
| Cost of service recorded for share-based compensation (1) | (422 | ) | (251 | ) | (1,268 | ) | (750 | ) | ||||||||
| Intangible assets amortization on cost of product (3) | (744 | ) | (111 | ) | (1,799 | ) | (161 | ) | ||||||||
| Intangible assets amortization on cost of service (3) | (160 | ) | (160 | ) | (480 | ) | (480 | ) | ||||||||
| Restructuring expenses (4) | (396 | ) | - | (396 | ) | - | ||||||||||
| Non-GAAP cost of revenues | $ | 43,049 | $ | 45,234 | $ | 127,484 | $ | 122,543 | ||||||||
| GAAP gross profit | $ | 21,433 | $ | 40,532 | $ | 75,151 | $ | 109,524 | ||||||||
| Gross profit adjustments | 2,309 | 903 | 5,585 | 2,391 | ||||||||||||
| Non-GAAP gross profit | $ | 23,742 | $ | 41,435 | $ | 80,736 | $ | 111,915 | ||||||||
| GAAP operating expenses | $ | 42,802 | $ | 36,613 | $ | 128,324 | $ | 96,424 | ||||||||
| Share-based compensation (1) | (5,646 | ) | (3,438 | ) | (14,524 | ) | (9,219 | ) | ||||||||
| Acquisition related expenses (2) | - | (194 | ) | (512 | ) | (194 | ) | |||||||||
| Intangible assets amortization (3) | (160 | ) | (98 | ) | (363 | ) | (336 | ) | ||||||||
| Restructuring expenses (4) | (281 | ) | - | (281 | ) | |||||||||||
| Non-GAAP operating expenses | $ | 36,715 | $ | 32,883 | $ | 112,644 | $ | 86,675 | ||||||||
| GAAP Financial income, net | $ | 2,207 | $ | 219 | $ | 8,330 | $ | 2,635 | ||||||||
| Foreign exchange losses associated with ASC 842 | (279 | ) | 113 | (3,408 | ) | (302 | ) | |||||||||
| Non-GAAP Financial income , net | $ | 1,928 | $ | 332 | $ | 4,922 | $ | 2,333 | ||||||||
| GAAP Taxes on income (tax benefit) | $ | (130 | ) | $ | 266 | $ | (1,138 | ) | $ | 1,162 | ||||||
| Tax effect on to the above non-GAAP adjustments | (45 | ) | (2,119 | ) | 95 | (1,954 | ) | |||||||||
| Deferred tax benefit based on an Israeli statutory tax rate | (202 | ) | (774 | ) | 125 | (1,360 | ) | |||||||||
| Non-GAAP Taxes on income (tax benefit) | $ | (377 | ) | $ | (2,627 | ) | $ | (918 | ) | $ | (2,152 | ) | ||||
| GAAP net income (loss) | $ | (19,032 | ) | $ | 3,872 | $ | (43,705 | ) | $ | 14,573 | ||||||
| Share-based compensation (1) | 6,655 | 4,070 | 17,434 | 10,969 | ||||||||||||
| Acquisition related expenses (2) | - | 194 | 512 | 194 | ||||||||||||
| Intangible assets amortization (3) | 1,064 | 369 | 2,642 | 977 | ||||||||||||
| Restructuring expenses (4) | 677 | - | 677 | - | ||||||||||||
| Foreign exchange losses associated with ASC 842 | (279 | ) | 113 | (3,408 | ) | (302 | ) | |||||||||
| Tax effect of the above non-GAAP adjustments | 45 | 2,119 | (95 | ) | 1,954 | |||||||||||
| Deferred tax benefit at the Israeli statutory tax rate | 202 | 774 | (125 | ) | 1,360 | |||||||||||
| Non-GAAP net income (Loss) | $ | (10,668 | ) | $ | 11,511 | $ | (26,068 | ) | $ | 29,725 | ||||||
| GAAP diluted earning (loss) per share | $ | (0.38 | ) | $ | 0.08 | $ | (0.88 | ) | $ | 0.30 | ||||||
| Non-GAAP diluted earning (loss) per share | $ | (0.21 | ) | $ | 0.24 | $ | (0.52 | ) | $ | 0.62 | ||||||
| Weighted average number of shares | ||||||||||||||||
| Shares used in computing GAAP diluted net earning (loss) per share | 49,834,417 | 48,116,716 | 49,750,458 | 47,846,077 | ||||||||||||
| Shares used in computing Non-GAAP diluted net earning (loss) per share | 49,834,417 | 48,361,472 | 49,750,458 | 48,082,118 | ||||||||||||
| (1) Share-based compensation | ||||||||||||||||
| Cost of product revenues | $ | 587 | $ | 381 | $ | 1,642 | $ | 1,000 | ||||||||
| Cost of service revenues | 422 | 251 | 1,268 | 750 | ||||||||||||
| Research and development | 1,515 | 739 | 3,972 | 1,810 | ||||||||||||
| Sales and marketing | 2,368 | 1,318 | 5,668 | 3,651 | ||||||||||||
| General and administrative | 1,763 | 1,381 | 4,884 | 3,758 | ||||||||||||
| $ | 6,655 | $ | 4,070 | $ | 17,434 | $ | 10,969 | |||||||||
| (2) Acquisition related expenses | ||||||||||||||||
| General and administrative | $ | - | $ | 194 | $ | 512 | $ | 194 | ||||||||
| $ | - | $ | 194 | $ | 512 | $ | 194 | |||||||||
| (3) Intangible assets amortization | ||||||||||||||||
| Cost of product revenues | $ | 744 | $ | 111 | $ | 1,799 | $ | 161 | ||||||||
| Cost of service revenues | 160 | 160 | 480 | 480 | ||||||||||||
| Sales and marketing | 160 | 98 | 363 | 336 | ||||||||||||
| $ | 1,064 | $ | 369 | $ | 2,642 | $ | 977 | |||||||||
| (4) Restructuring expenses | ||||||||||||||||
| Cost of product revenues | $ | 384 | $ | - | $ | 384 | $ | - | ||||||||
| Cost of service revenues | 12 | - | 12 | - | ||||||||||||
| Research and development | 64 | - | 64 | - | ||||||||||||
| Selling and marketing | 188 | - | 188 | - | ||||||||||||
| General and administrative | 29 | - | 29 | - | ||||||||||||
| $ | 677 | $ | - | $ | 677 | $ | - | |||||||||
| KORNIT DIGITAL LTD. | |||||||||||||||
| AND ITS SUBSIDIARIES | |||||||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||
| (U.S. dollars in thousands) | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| (Unaudited) | (Unaudited) | ||||||||||||||
| Cash flows from operating activities: | |||||||||||||||
| Net income (loss) | $ | (19,032 | ) | $ | 3,872 | $ | (43,705 | ) | $ | 14,573 | |||||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||
| Depreciation and amortization | 3,264 | 1,910 | 9,166 | 4,945 | |||||||||||
| Fair value of warrants deducted from revenues | 5,640 | 7,857 | 18,161 | 17,568 | |||||||||||
| Share-based compensation | 6,655 | 4,070 | 17,434 | 10,969 | |||||||||||
| Amortization of premium and accretion of discount on marketable securities, net | 435 | (322 | ) | 1,447 | (1,620 | ) | |||||||||
| Realized gain on sale and redemption of marketable securities | - | (32 | ) | 10 | (32 | ) | |||||||||
| Change in operating assets and liabilities: | |||||||||||||||
| Trade receivables, net | (3,214 | ) | 12,798 | (12,218 | ) | 1,713 | |||||||||
| Other accounts receivables and prepaid expenses | (4,343 | ) | (340 | ) | (6,134 | ) | (1,853 | ) | |||||||
| Inventory | (2,715 | ) | (3,239 | ) | (26,567 | ) | (3,765 | ) | |||||||
| Operating leases right-of-use assets and liabilities, net | (290 | ) | 122 | (3,147 | ) | (397 | ) | ||||||||
| Deferred taxes | (577 | ) | (2,111 | ) | (2,993 | ) | (1,866 | ) | |||||||
| Deposits and other long term assets | (1,071 | ) | 55 | (2,392 | ) | (76 | ) | ||||||||
| Trade payables | (5,960 | ) | 17 | (17,880 | ) | (2,400 | ) | ||||||||
| Operating lease liabilities | |||||||||||||||
| Employees and payroll accruals | 1,382 | 6,774 | (5,452 | ) | 8,878 | ||||||||||
| Deferred revenues and advances from customers | 2,581 | (3,949 | ) | (1,533 | ) | (15,350 | ) | ||||||||
| Other payables and accrued expenses | 12,623 | 4,803 | 16,063 | 10,479 | |||||||||||
| Accrued severance pay, net | 12 | 59 | (280 | ) | 108 | ||||||||||
| Other long - term liabilities | (1,046 | ) | 456 | (317 | ) | 1,256 | |||||||||
| Loss from sale and disposal of property, plant and Equipment | 526 | - | 567 | - | |||||||||||
| Net cash provided by (used in) operating activities | (5,130 | ) | 32,800 | (59,770 | ) | 43,130 | |||||||||
| Cash flows from investing activities: | |||||||||||||||
| Purchase of property, plant and equipment | (2,819 | ) | (3,867 | ) | (12,266 | ) | (9,422 | ) | |||||||
| Investment in equity securities | (273 | ) | - | (627 | ) | - | |||||||||
| Acquisition of intangible assets | (102 | ) | - | (235 | ) | - | |||||||||
| Proceeds from sale of property, plant and equipment | 16 | - | 71 | - | |||||||||||
| Cash paid in connection with acquisition, net of cash acquired | - | (14,991 | ) | (14,654 | ) | (14,991 | ) | ||||||||
| Investment in bank deposits | (100,059 | ) | (6,167 | ) | (350,954 | ) | (16,299 | ) | |||||||
| Proceeds from sales and redemption of marketable securities | - | 1,000 | 1,945 | 1,000 | |||||||||||
| Proceeds from maturity of marketable securities | 3,976 | 7,254 | 21,398 | 9,304 | |||||||||||
| Investment in marketable securities | (25,468 | ) | (13,800 | ) | (129,365 | ) | (44,310 | ) | |||||||
| Net cash provided by (used in) investing activities | (124,729 | ) | (30,571 | ) | (484,687 | ) | (74,718 | ) | |||||||
| Cash flows from financing activities: | |||||||||||||||
| Exercise of employee stock options | 120 | 2,387 | 460 | 4,141 | |||||||||||
| Payments related to shares withheld for taxes | (179 | ) | (516 | ) | (861 | ) | (1,662 | ) | |||||||
| Net cash provided by (used in) financing activities | (59 | ) | 1,871 | (401 | ) | 2,479 | |||||||||
| Increase (decrease) in cash and cash equivalents | (129,918 | ) | 4,100 | (544,858 | ) | (29,109 | ) | ||||||||
| Cash and cash equivalents at the beginning of the period | 196,611 | 92,568 | 611,551 | 125,777 | |||||||||||
| Cash and cash equivalents at the end of the period | $ | 66,693 | $ | 96,668 | $ | 66,693 | $ | 96,668 | |||||||
| Non-cash investing and financing activities: | |||||||||||||||
| Purchase of property and equipment on credit | 1,033 | 1,907 | 1,033 | 1,907 | |||||||||||
| Inventory transferred to be used as property and equipment | 255 | 51 | 1,544 | 931 | |||||||||||
| Property, plant and equipment transferred to be used as inventory | 183 | - | 192 | - | |||||||||||
| Lease liabilities arising from obtaining right-of-use assets | 790 | 1,033 | 7,177 | 1,517 | |||||||||||