Investor Presentation 2023
ADJUSTED EBITDA RECONCILIATION
USD (0,000)
2012A
2013 A
2014A
2015A
2016A
2017 A
2018A
2019A
2020A
2021A
2022A
Net income (loss)
$40,367
$64,353
$80,256
$79,458
$76,483
$27,558
$24,568
$12,862
$7,622
$17,889
Finance Expense (income), net
2,773
1,314
1,048
3,085
3,318
5,583
3,639
5,578
10,199
7,590
($56,366)
(3,079)
Taxes on income
6,821
10,336
13,738
13,843
13,003
7,402
4,560
6,243
4,700
1,950
758
Depreciation and Amortization
14,368
14,994
17,176
22,334
28,254
29,926
28,590
28,587
29,460
35,407
36,344
Legal settlements and loss contingencies (1)
4,654
5,868
24,797
8,903
12,359
6,319
3,283
568
Compensation paid by a shareholder (2)
266
Excess cost of acquired inventory (3)
885
188
231
Share-based compensation expense (4)
3,007
2,514
2,642
2,293
3,068
5,277
1,684
3,631
2,858
1,845
1,502
-
Inventory change of estimate
-3,458
Follow-on expenses (5)
IPO bonus
1,470
657
1,970
Contingent consideration adjustment
255
284
120
Litigation gain
-1,001
Provision for employees fringe benefits (6)
Settlement with the tax authorities
939
-134
-114
Acquisition related expenses
Impairment expenses related to goodwill and long-lived
assets
Non- recurring items (7)
ADJUSTED EBITDA
% OF SALES
921
80
71,258
0
$69,445
23.4%
$91,711
25.7%
$116,553
26.1%
$125,667
25.2%
$129,994
24.1%
$100,429
17.1%
3,261
$75,205
13.1%
-214
684
$69,046
62,079
$68,248
$51,869
12.6%
12.8%
10.6%
7.5%
caesarstone
(1) Consists of legal settlements expenses and loss contingencies, net, in 2017 related primarily to Kfar Giladi arbitration, as well as to product liability claims and other adjustments to on-going legal claims.
(2) One time bonus paid by a shareholder to Company's employees.
(3) Consists of charges to cost of goods sold for the difference between the higher carrying cost of the inventory of two of the Company's subsidiaries- Caesarstone USA's inventory at the time of its acquisition and inventory that was purchased from its distributor and
Caesarstone Australia Pty Limited's inventory that was purchased from its distributor, and the standard cost of the Company's inventory- which adversely impacts the Company's gross margins until such inventory is sold. The majority of the inventory acquired from
Caesarstone USA was sold in 2011, and the majority of the inventory acquired from the Australian distributor was sold in 2012.
(4) Share-based compensation includes expenses related to stock options and restricted stock units granted to employees of the Company. In addition, includes expenses for phantom awards granted and related payroll expenses as a result of exercises.
(5) Consists of direct expenses related to a follow-on offering that closed in June 2014.
(6) Relates to an adjustment of provision for taxable employee fringe benefits as a result of a settlement with the Israel Tax Authority and with the National Insurance Institute of Israel.
(7) Relates mainly to one time workforce reduction expenses, non-recurring import related expenses and relocation expenses of Caesarstone USA headquarters (Company's subsidiary).
Investor Presentation 2023
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