Kornit Digital(KRNT)
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Kornit Digital(KRNT) - 2023 Q4 - Earnings Call Transcript
2024-02-14 17:44
Financial Data and Key Metrics - Q4 2023 revenue was $56 6 million within the guidance range with double-digit year-over-year growth in consumable sales offset by a decline in systems and services sales [43] - Full-year 2023 revenue was $219 8 million compared to $271 5 million in 2022 primarily due to lower system sales [76] - Q4 2023 non-GAAP gross margin improved to 48 6% from 36 4% in the same period last year driven by higher-margin consumables [70] - Full-year 2023 non-GAAP gross margin was 38 4% slightly up from 38 2% in 2022 due to higher consumables volumes and ASPs and growth in services [44] - Q4 2023 adjusted EBITDA margin was 0 3% at the high end of guidance marking an improvement year-over-year and sequentially [59] - Full-year 2023 adjusted EBITDA loss was $30 9 million with a margin of -14% compared to -11 3% in 2022 due to lower revenues [59] - Q1 2024 revenue guidance is $43-48 million with adjusted EBITDA margin expected to be -16% to -26% [3] - The company expects modest revenue growth and adjusted EBITDA profitability for full-year 2024 [75] Business Line Data and Key Metrics - Consumables sales showed double-digit year-over-year growth in Q4 2023 indicating improved system utilization [66] - System sales were weak in Q4 2023 mainly due to the macro environment [38] - Service revenue grew strongly in 2023 and is expected to continue growing in 2024 [38] - The Apollo platform represents a new incremental market in bulk apparel production with strong customer interest and a robust pipeline for 2024 and beyond [78][79] - The company is piloting a new recurring revenue model for the Apollo platform shifting from CapEx to OpEx which is expected to generate around $1 million per system per year [41][15] Market Data and Key Metrics - The direct-to-fabric market represents a significant long-term growth opportunity especially with global brands and retailers moving to sustainable production [20] - The company has expanded into new geographies such as India Latin America and other key textile production hubs [19] - The MAX technology has become the industry standard for quality with strong customer adoption and upgrades [39] - The company is seeing growth in new market segments such as bulk apparel athleisure fashion home decor technical and footwear [19] Company Strategy and Industry Competition - The company is focused on transitioning the market from analog to digital production with innovative solutions like the Apollo platform and MAX technology [57] - Key objectives include strengthening the product portfolio broadening applications diversifying the customer base and optimizing the operating model [63] - The company is leveraging its cash position for organic and inorganic growth opportunities including share repurchases and potential M&A [26] - The recurring revenue model for the Apollo platform is expected to create more predictability and visibility for both the company and its customers [15] Management Commentary on Operating Environment and Future Outlook - The consumer environment remains uncertain impacting customer purchasing appetite and visibility [2] - The company expects a challenging macro environment in 2024 similar to 2023 [2] - Despite macroeconomic headwinds the company is focused on returning to profitability and cash flow generation in 2024 [69] - The company sees strong potential for growth in the direct-to-fabric market and is investing in new technologies and business models to capture this opportunity [20][41] Other Important Information - The company took a $19 1 million restructuring charge in Q4 2023 to align its cost structure with revenue expectations and enable operating leverage [45] - The restructuring plan is expected to save approximately $20 million in operating expenses in 2024 [16] - The company repurchased 2 7 million shares in 2023 spending $55 8 million and plans to continue repurchasing shares in Q1 2024 [46] - The company has a strong cash position with $556 million in cash and marketable securities at the end of Q4 2023 [65] Q&A Session Summary Question: Can you confirm if the beta units for Apollo will be recognized as revenue in Q1? [5] - Answer: Revenue recognition for the Apollo beta units will be split over the years with the recurring revenue model and some revenue will be recognized in Q1 [85] Question: What is the outlook for Apollo's contribution in 2024? [5] - Answer: Apollo is expected to contribute meaningfully in 2024 with more revenue skewed towards the second half of the year [29][103] Question: What is the update on Atlas MAX upgrades? [7] - Answer: The company had a strong year for MAX upgrades in 2023 and expects continued upgrades in 2024 with the introduction of the Atlas MAX plus [7][8] Question: What is the catalyst for unlocking customer spending? [94] - Answer: The recurring revenue model and the need for sustainable production are key catalysts for unlocking customer spending [94][95] Question: What is the outlook for 2024 revenue growth? [97] - Answer: The company expects modest revenue growth in 2024 driven by ink services and systems with higher visibility on ink and services [113] Question: What is the potential for the recurring revenue model in other products? [114] - Answer: The company is starting with the Apollo platform and will consider leveraging the model to other products and segments if successful [114]
Kornit Digital(KRNT) - 2024 Q1 - Quarterly Report
2024-02-14 14:43
[Kornit Digital Q4 and Full Year 2023 Earnings Release](index=1&type=section&id=Kornit%20Digital%20Q4%20and%20Full%20Year%202023%20Earnings%20Release) [Management Commentary and Business Outlook](index=1&type=section&id=Management%20Commentary%20and%20Business%20Outlook) Management reported a strong Q4 peak season, key 2023 achievements, and a 2024 outlook for modest growth and profitability amid macroeconomic headwinds - Experienced a healthy peak season with year-over-year growth in impressions and **double-digit growth in consumable sales**[3](index=3&type=chunk) - Achieved **positive adjusted EBITDA and cash from operations** in the fourth quarter[3](index=3&type=chunk) - Diversified customer base and established **MAX technology as the new industry standard**[3](index=3&type=chunk) - Successfully completed the beta program for the **Apollo platform**[3](index=3&type=chunk) - The outlook for 2024 anticipates continued macroeconomic headwinds, modest full-year revenue growth, and a focus on achieving **adjusted EBITDA profitability and positive operating cash flow**[3](index=3&type=chunk) First Quarter 2024 Guidance | Metric | Guidance Range | | :--- | :--- | | Revenues | $43 million to $48 million | | Adjusted EBITDA Margin | -16% to -26% of revenue | [Financial Performance Highlights](index=1&type=section&id=Financial%20Performance%20Highlights) The company reported a year-over-year revenue decline for Q4 and the full year, though Q4 profitability improved significantly from the prior-year period [Fourth Quarter 2023 Performance](index=1&type=section&id=Fourth%20Quarter%202023%20Performance) Q4 revenue declined, but improved gross margins and lower expenses drove a shift from a non-GAAP net loss in the prior year to positive non-GAAP net income Q4 2023 vs Q4 2022 Financial Results (in millions, except per share data) | Metric | Q4 2023 | Q4 2022 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $56.6 | $63.3 | -10.6% | | GAAP Gross Margin | 25.8% | 33.7% | -7.9 p.p. | | Non-GAAP Gross Margin | 48.6% | 36.4% | +12.2 p.p. | | GAAP Net Loss | $(22.9) | $(35.4) | +35.3% | | Non-GAAP Net Income (Loss) | $3.8 | $(6.6) | N/A | | Adjusted EBITDA | $0.2 | $(6.1) | N/A | | GAAP EPS | $(0.48) | $(0.71) | +32.4% | | Non-GAAP EPS | $0.08 | $(0.13) | N/A | [Full Year 2023 Performance](index=2&type=section&id=Full%20Year%202023%20Performance) Full-year revenue decreased due to lower systems sales, though both GAAP and non-GAAP net losses narrowed compared to 2022 Full Year 2023 vs Full Year 2022 Financial Results (in millions, except per share data) | Metric | FY 2023 | FY 2022 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $219.8 | $271.5 | -19.0% | | GAAP Gross Margin | 30.5% | 35.5% | -5.0 p.p. | | Non-GAAP Gross Margin | 38.4% | 38.2% | +0.2 p.p. | | GAAP Net Loss | $(64.4) | $(79.1) | +18.6% | | Non-GAAP Net Loss | $(20.4) | $(32.6) | +37.4% | | Adjusted EBITDA Loss | $(30.9) | $(30.8) | -0.3% | | GAAP EPS | $(1.31) | $(1.59) | +17.6% | | Non-GAAP EPS | $(0.42) | $(0.66) | +36.4% | [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) The statements show a decline in total assets and shareholders' equity, a persistent but improved net loss, and a significant net decrease in cash for the year [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) Total assets and shareholders' equity decreased year-over-year, primarily driven by a reduction in cash and inventory balances Key Balance Sheet Items (in thousands) | Account | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Cash and cash equivalents | $39,605 | $104,597 | | Inventory | $67,712 | $89,415 | | Total Current Assets | $522,387 | $578,839 | | Total Assets | $865,580 | $957,666 | | Total Liabilities | $69,913 | $88,844 | | Total Shareholders' Equity | $795,667 | $868,822 | [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) Full-year revenue and gross profit declined, and despite lower operating expenses, the operating loss widened while the net loss improved from the prior year Key Statement of Operations Items - Full Year (in thousands) | Account | FY 2023 | FY 2022 | | :--- | :--- | :--- | | Total Revenues | $219,786 | $271,518 | | Gross Profit | $66,957 | $96,500 | | Total Operating Expenses | $154,488 | $166,382 | | Operating Loss | $(87,531) | $(69,882) | | Net Loss | $(64,351) | $(79,065) | | Basic Loss Per Share | $(1.31) | $(1.59) | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) The company significantly reduced cash used in operations and generated cash from investing, but share repurchases led to a net decrease in cash for the year Key Cash Flow Items - Full Year (in thousands) | Account | FY 2023 | FY 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | $(34,682) | $(99,347) | | Net cash provided by (used in) investing activities | $26,212 | $(407,275) | | Net cash used in financing activities | $(56,522) | $(332) | | **Net decrease in cash and cash equivalents** | **$(64,992)** | **$(506,954)** | | Cash and cash equivalents at end of period | $39,605 | $104,597 | [Reconciliation of GAAP to Non-GAAP Measures](index=7&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) The reconciliation details adjustments for items like restructuring costs and share-based compensation, which turned a Q4 GAAP loss into non-GAAP income [Reconciliation of Statements of Operations](index=7&type=section&id=Reconciliation%20of%20Statements%20of%20Operations) Restructuring expenses and share-based compensation were the primary adjustments that narrowed the non-GAAP loss relative to the GAAP loss for the full year Key GAAP to Non-GAAP Reconciliation Items (in thousands) | Adjustment | Q4 2023 | FY 2023 | | :--- | :--- | :--- | | **GAAP Net Loss** | **$(22,934)** | **$(64,351)** | | Share-based compensation | $5,645 | $22,589 | | Intangible assets amortization | $513 | $2,243 | | Restructuring expenses | $19,080 | $19,375 | | Other adjustments | $1,479 | $(2,274) | | **Non-GAAP Net Income (Loss)** | **$3,795** | **$(20,432)** | [Reconciliation to Adjusted EBITDA](index=11&type=section&id=Reconciliation%20to%20Adjusted%20EBITDA) Adjustments for non-cash and non-recurring items, notably restructuring costs, converted a significant Q4 GAAP net loss to positive adjusted EBITDA GAAP Net Loss to Adjusted EBITDA Reconciliation (in thousands) | Line Item | Q4 2023 | FY 2023 | | :--- | :--- | :--- | | **GAAP Net Loss** | **$(22,934)** | **$(64,351)** | | Taxes on income | $539 | $970 | | Financial income, net | $(5,424) | $(24,150) | | Share-based compensation | $5,645 | $22,589 | | Intangible assets amortization | $513 | $2,243 | | Restructuring expenses | $19,080 | $19,375 | | Depreciation | $2,774 | $12,457 | | **Adjusted EBITDA** | **$193** | **$(30,867)** |
Kornit Digital(KRNT) - 2023 Q3 - Earnings Call Presentation
2023-11-09 04:04
Earnings Conference Call Supporting Slides November 8, 2023 CEO 2 ©2023 Kornit Digital. All rights reserved. UPDATE ON SITUATION IN ISRAEL 6 • Selling to new customers in key growth regions, including LATAM & APAC ©2023 Kornit Digital. All rights reserved. 5 • System sales improved sequentially as we continued to convert orders from ITMA • Continued to focus on: • Building a good pipeline of existing and new customers ©2023 Kornit Digital. All rights reserved. CONTINUED PROGRESS TOWARDS APPROACHING BREAKEVE ...
Kornit Digital(KRNT) - 2023 Q4 - Annual Report
2023-11-08 21:05
Investor Contact: Jared Maymon Global Head of Investor Relations jared.maymon@kornit.com Kornit Digital Reports Third Quarter 2023 Results Rosh-Ha`Ayin, Israel – November 8, 2023 – Kornit Digital Ltd. ("Kornit" or the "Company") (Nasdaq: KRNT), a worldwide market leader in sustainable, on-demand, digital fashion and textile production technologies, reported today its results for the third quarter ended September 30, 2023. "We delivered third quarter revenues within our guidance range, despite a challenging ...
Kornit Digital(KRNT) - 2023 Q3 - Earnings Call Transcript
2023-11-08 18:20
Kornit Digital Ltd. (NASDAQ:KRNT) Q3 2023 Earnings Conference Call November 8, 2023 8:30 AM ET Company Participants Jared Maymon – Global Head-Investor Relations Ronen Samuel – Chief Executive Officer Lauri Hanover – Chief Financial Officer Amir Shaked-Mandel – Executive Vice President-Corporate Development Conference Call Participants Greg Palm – Craig-Hallum Capital Group Brian Drab – William Blair Tavy Rosner – Barclays Erik Woodring – Morgan Stanley Chris Moore – CJS Securities Chris Grenga – Needham O ...
Kornit Digital(KRNT) - 2023 Q2 - Earnings Call Transcript
2023-08-09 18:28
Financial Data and Key Metrics Changes - The company reported second quarter revenues of $56.2 million, aligning with the guidance provided in May, despite lower system sales volumes leading to a decline in gross margin to 36.1% from 38.6% year-over-year [4][8][63] - Adjusted EBITDA loss for Q2 2023 was $10.7 million, an improvement from a loss of $15.7 million in the same period last year, with an adjusted EBITDA margin of negative 19% [64] - The company expects revenues for Q3 2023 to be between $58 million and $62 million, with adjusted EBITDA margins projected to be in the negative 6% to negative 13% range [65] Business Line Data and Key Metrics Changes - Consumable revenue grew at a strong double-digit rate across customer segments, contributing to overall revenue growth despite lower system sales [4][63] - The services business demonstrated exceptional revenue growth during Q2, driven by customer upgrades to MAX technology [44][63] Market Data and Key Metrics Changes - In the Americas, year-over-year growth was attributed to a double-digit increase in consumables across strategic accounts, while EMEA faced a decline in system sales due to financing challenges [63] - The APAC region experienced healthy growth in consumables and services compared to the same period last year, particularly in key textile producing countries like India and China [47] Company Strategy and Development Direction - The company is focusing on diversifying its customer base and entering new markets, with a strong emphasis on launching the Apollo platform and capitalizing on growth opportunities in direct-to-fabric business [5][6] - Kornit aims to achieve breakeven on an adjusted EBITDA basis in Q4 2023 and deliver profitable growth for the full year 2024 [5][64] Management's Comments on Operating Environment and Future Outlook - Management noted that while system sales volumes remain soft due to capital equipment spending challenges, there is a positive trend in consumables and services revenue growth [44][63] - The company anticipates a strong Q3 and Q4 driven by increased engagement with brands and retailers, particularly in the sports and athleisure markets [22][27] Other Important Information - Kornit successfully introduced new technologies at the ITMA trade show, receiving positive feedback and securing a significant number of leads and sales orders [6][61] - The company has repurchased approximately 938,000 shares for an aggregate amount of $21.8 million, reflecting confidence in its financial position [48] Q&A Session Summary Question: Can you discuss the upgrade timing for larger customers going into 2024? - Management indicated that upgrades are expected to continue in Q3, with a strong focus on completing upgrades before Q4, as customers are busy during that period [54][72] Question: How is the relationship with Amaze progressing? - The company is optimistic about the growth potential with Amaze, noting that they are testing the Apollo system and exploring additional opportunities [56][74] Question: What is the outlook for revenue recognition for new products? - Management stated that many deals signed at ITMA will be implemented in early 2024, with a strong pipeline for direct-to-fabric systems [84][86] Question: Can you provide insight into financing alternatives for customers? - The company is exploring third-party financing options to support qualified buyers, which could drive conversions moving forward [63][76]
Kornit Digital(KRNT) - 2023 Q3 - Quarterly Report
2023-08-09 13:09
Investor Contact: Andrew G. Backman Global Head of Investor Relations andrew.backman@kornit.com Kornit Digital Reports Second Quarter 2023 Results Rosh-Ha'Ayin, Israel – August 9, 2023 – Kornit Digital Ltd. ("Kornit" or "the Company") (Nasdaq: KRNT), a worldwide market leader in sustainable, on-demand, digital fashion and textile production technologies, reported today its results for the second quarter ended June 30, 2023. "During the quarter, impressions grew at a double-digit pace year-over-year for the ...
Kornit Digital(KRNT) - 2023 Q2 - Earnings Call Presentation
2023-08-09 12:21
KORNIT DIGITAL (NASDAQ: KRNT) Second Quarter 2023 ON TODAY'S CALL Amir Shaked Mandel EVP Corp Dev SAFE HARBOR Kornit, Kornit Digital, the K logo, and NeoPigment are trademarks of Kornit Digital Ltd. All other trademarks are the property of their respective owners and are used for reference purposes only. Such use should not be construed as an endorsement of our products or services. BUSINESS 4 ©2023 Kornit Digital. All rights reserved. • As a reminder, revenues include the impact from the fair value of issu ...
Kornit Digital(KRNT) - 2023 Q2 - Quarterly Report
2023-05-10 20:26
[Report Highlights and Management Commentary](index=1&type=section&id=Report%20Highlights%20and%20Management%20Commentary) Management discusses Q1 results amid macroeconomic pressures, highlighting strategic account growth and new technology showcases Q1 2023 Key Metrics | Metric | Value | | :--- | :--- | | Revenues | $47.8 million | | GAAP Net Loss | $18.9 million | | Non-GAAP Net Loss | $13.4 million | - Several larger direct-to-garment (DTG) strategic accounts in the customized design market showed **double-digit year-over-year impressions growth**[3](index=3&type=chunk)[4](index=4&type=chunk) - The company is gaining momentum with its **MAX technology**, which is becoming an industry standard, and had a strong quarter for Atlas MAX Poly and Presto MAX[3](index=3&type=chunk) - Kornit plans to showcase new cutting-edge solutions, including the **Apollo system**, at the ITMA tradeshow in Milan, aiming to revolutionize markets traditionally served by analog production[3](index=3&type=chunk)[4](index=4&type=chunk) [Financial Performance](index=2&type=section&id=Financial%20Performance) Q1 financials show a significant revenue decline and wider net loss, with modest revenue guidance for Q2 [First Quarter 2023 Results of Operations](index=2&type=section&id=First%20Quarter%202023%20Results%20of%20Operations) Q1 2023 revenue fell to $47.8 million from $83.3 million YoY, driving a GAAP net loss of $18.9 million and lower gross margins Q1 2023 vs Q1 2022 Financial Comparison (in millions, except per share data) | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Total Revenue | $47.8 | $83.3 | | GAAP Gross Profit Margin | 27.4% | 40.1% | | Non-GAAP Gross Profit Margin | 30.2% | 41.5% | | GAAP Net Loss | $(18.9) | $(5.2) | | GAAP Loss per Share | $(0.38) | $(0.10) | | Non-GAAP Net (Loss)/Income | $(13.4) | $0.2 | | Non-GAAP (Loss)/Earnings per Share | $(0.27) | $0.00 | | Adjusted EBITDA | $(14.7) | $1.5 | [Second Quarter 2023 Guidance](index=2&type=section&id=Second%20Quarter%202023%20Guidance) The company projects Q2 2023 revenues of $54-$59 million with a negative adjusted EBITDA margin Q2 2023 Guidance | Metric | Guidance Range | | :--- | :--- | | Revenues | $54 million - $59 million | | Adjusted EBITDA Margin | -19% to -27% | [Financial Statements](index=4&type=section&id=Financial%20Statements) The statements detail the company's financial position, operating results, and cash flow activities for Q1 2023 [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets slightly decreased to $947.1 million, with a major shift from bank deposits to cash and equivalents Balance Sheet Highlights (in thousands) | Account | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Cash and cash equivalents | $352,950 | $104,597 | | Short-term bank deposit | $101 | $275,033 | | Total Assets | $947,057 | $957,666 | | Total Liabilities | $94,027 | $88,844 | | Total Shareholders' Equity | $853,030 | $868,822 | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) Q1 revenues fell to $47.8 million due to lower Product sales, resulting in an operating loss of $24.1 million Q1 Statement of Operations (in thousands, except per share data) | Line Item | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Product Revenues | $31,903 | $72,514 | | Services Revenues | $15,875 | $10,779 | | **Total Revenues** | **$47,778** | **$83,293** | | Gross Profit | $13,072 | $33,402 | | Operating Loss | $(24,141) | $(6,905) | | Net Loss | $(18,931) | $(5,197) | | Basic Loss Per Share | $(0.38) | $(0.10) | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operations was $14.0 million, while investing activities provided $269.2 million in cash Q1 Cash Flow Summary (in thousands) | Cash Flow Activity | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | $(14,004) | $(47,082) | | Net cash provided by (used in) investing activities | $269,202 | $(486,974) | | Net cash used in financing activities | $(6,845) | $(211) | | **Increase (decrease) in cash and cash equivalents** | **$248,353** | **$(534,267)** | [Reconciliation of GAAP to Non-GAAP Measures](index=6&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) This section reconciles GAAP to non-GAAP results, adjusting for items like share-based compensation and amortization [Reconciliation of GAAP to Non-GAAP Statements of Operations](index=6&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Statements%20of%20Operations) Adjustments for non-cash items resulted in a non-GAAP net loss of $13.4 million versus a GAAP loss of $18.9 million Q1 2023 GAAP to Non-GAAP Net Loss Reconciliation (in thousands) | Description | Amount | | :--- | :--- | | **GAAP Net Loss** | **$(18,931)** | | Share-based compensation | $5,245 | | Intangible assets amortization | $611 | | Restructuring expenses | $295 | | Foreign exchange differences associated with ASC 842 | $(376) | | Non-cash deferred tax income | $(221) | | **Non-GAAP Net Loss** | **$(13,377)** | [Reconciliation of GAAP Net Income to Adjusted EBITDA](index=9&type=section&id=Reconciliation%20of%20GAAP%20Net%20Income%20to%20Adjusted%20EBITDA) Adjusted EBITDA was a loss of $14.7 million in Q1 2023, down from a positive $1.5 million in the prior year Q1 GAAP Net Loss to Adjusted EBITDA Reconciliation (in thousands) | Description | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | **GAAP Net Loss** | **$(18,931)** | **$(5,197)** | | Taxes on income | $194 | $91 | | Financial income | $(5,404) | $(1,799) | | Share-based compensation | $5,245 | $5,298 | | Intangible assets amortization | $611 | $419 | | Depreciation | $3,262 | $2,161 | | Other adjustments | $295 | $512 | | **Adjusted EBITDA** | **$(14,728)** | **$1,485** | [Other Information](index=2&type=section&id=Other%20Information) This section includes forward-looking statements, non-GAAP disclosures, and conference call details [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) The company outlines potential risks including macroeconomic conditions, product adoption, and competition - Identified risks include the duration of **macroeconomic headwinds**, success in selling new products like Poly Pro and Presto, and competition[11](index=11&type=chunk) [Non-GAAP Discussion Disclosure](index=3&type=section&id=Non-GAAP%20Discussion%20Disclosure) The company explains its use of non-GAAP measures to provide a view of core operating performance - Non-GAAP measures are used by management for **planning, forecasting, and evaluating** the business's ongoing performance[14](index=14&type=chunk) - Adjustments to GAAP measures include **share-based compensation**, amortization of intangible assets, acquisition-related expenses, restructuring expenses, and certain foreign exchange differences[12](index=12&type=chunk) [Conference Call Information](index=2&type=section&id=Conference%20Call%20Information) The company hosted a conference call on May 10, 2023, to discuss Q1 results, with a replay available - The earnings conference call was held on **May 10, 2023**, with a replay available until May 24, 2023[7](index=7&type=chunk)[8](index=8&type=chunk)
Kornit Digital(KRNT) - 2023 Q1 - Earnings Call Transcript
2023-05-10 19:08
Kornit Digital Ltd. (NASDAQ:KRNT) Q1 2023 Earnings Conference Call May 10, 2023 8:30 AM ET Company Participants Andrew G. Backman - Global Head of Investor Relations Ronen Samuel - Chief Executive Officer Lauri Hanover - Chief Financial Officer Conference Call Participants Tavy Rosner - Barclays Erik Woodring - Morgan Stanley Chris Moore - CJS Securities Jared Maymon - Berenberg Capital Markets Danny Eggerichs - Craig-Hallum Operator Greetings, and welcome to Kornit Digital's First Quarter 2023 Earnings Con ...