SECURITIES AND EXCHANGE COMMISSION
 
Washington, D.C.  20549
 
______________________
 
FORM 6-K
 
REPORT OF FOREIGN PRIVATE ISSUER
 
Pursuant to Rule 13a-16 or 15d-16 of the
 Securities Exchange Act of 1934
 
For the month of August 2020
 
Commission File Number: 001-35464
 
Caesarstone Ltd.
 (Translation of registrant’s name into English)
 
Kibbutz Sdot-Yam
 MP Menashe
 Israel 3780400
  (Address of principal executive offices)
 
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
 
Form 20-F ☒   Form 40-F ☐
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):   __ 
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):   __ 
 


EXPLANATORY NOTE
 
Second Quarter 2020 Financial Results
 
On August 5, 2020, Caesarstone Ltd. (the “Company”) issued a press release titled “Caesarstone Reports Second Quarter 2020 Financial Results”, a copy of which is furnished as Exhibit 99.1 herewith.
 
Change in Board of Directors
 
On August 3, 2020, Eric D. Herschmann, a member of the Board of Directors (the “Board”) of Caesarstone Ltd.  notified the Board that he was resigning from the Company’s Board effective immediately, as he assumed a position with the U.S. government.
 
The Company noted that Mr. Herschmann’s resignation did not result from any disagreement with the Company regarding financial, operational or other matters. The Board accepted Mr. Herschmann’s resignation and wishes to thank Mr. Herschmann for his efforts and contribution to the Company.
 
Following Mr. Herschmann’s resignation, the Board consists of nine members, five of whom satisfy the independence requirements of the Nasdaq Stock Market (“Nasdaq”).  The independent members of the board are Irit Ben-Dov, Ofer Borovsky, Ofer Tsimchi, Ronald Kaplan and Roger Abravanel.  The non-independent members of the board are Ariel Halperin, Dori Brown, Shai Bober and Tom Pardo Itzhaki. As a result, following the resignation of Mr. Herschmann, the Company remains compliant with the Nasdaq rule requiring that a majority of its board be comprised of directors that satisfy Nasdaq’s independence requirements.
 
The GAAP financial information included in consolidated balance sheets, consolidated statements of income and condensed consolidated statements of cash flows contained in the press release attached as Exhibit 99.1 to this Report on Form 6-K is hereby incorporated by reference into (i) the Company’s Registration Statements on Form S-8 (Files No. 333- 180313 and No. 333-210444) and (ii) the Company’s Registration Statement on Form F-3 (File No. 333-196335).
 


SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
CAESARSTONE LTD.
 
 
 
 
 
Date: August 5, 2020
By:
/s/ Ron Mosberg
 
 
 
Name:  Ron Mosberg
 
 
 
Title:     General Counsel & Corporate Secretary
 
 

 
EXHIBIT INDEX
 
The following exhibits are furnished as part of this Form 6-K:
 
Exhibit
Description

 



Exhibit 99.1

Caesarstone Reports Second Quarter 2020 Financial Results

- Revenue of $99.0 Million, With Encouraging Demand Improvement in All Regions During June -
- Net Loss of $5.9 Million, or ($0.17) Per Share -
- Adjusted Net Loss of $3.5 Million, or ($0.10) Per Share -
- Adjusted EBITDA of $6.5 Million -
- Strong Liquidity Position With $130.1 Million in Cash and Marketable Securities -

MP MENASHE, Israel - August 5, 2020 - Caesarstone Ltd. (NASDAQ: CSTE), a leading developer and manufacturer of high-quality engineered surfaces, today reported financial results for its second quarter ended June 30, 2020.

Yuval Dagim, Chief Executive Officer, commented, “Our proactive actions taken in March allowed us to effectively right size our resources and mitigate the impact of the unprecedented environment brought on by the COVID-19 pandemic. At the same time, we continue to focus on factors that are in our control, such as executing our Global Growth Acceleration Plan and making strategic investments to strengthen our position as a leading premium countertop Company. With our strong cash position, we will continue to execute this strategy to improve our business over the long-term, most particularly in areas of product innovation, production processes, technology, and go-to-market capabilities. Looking ahead, we are fortunate to have a talented workforce, leading products and solid financial resources to deliver on our focused approach to value creation in the quarters and years ahead.”

Ophir Yakovian, Chief Financial Officer, added, “Second quarter sales in all of our four global regions were better than initially expected at the onset of the pandemic. We experienced the majority of adverse impacts in our Americas region during April and May. Since that time, we have been encouraged to see sequential improvement in June as more customers opened for business and demand began to return. As we look to the balance of 2020, we recognize that there is potential for additional limitations through national and local government orders aimed to safeguard the public from the pandemic. That said, we will continue to focus on managing cash, controlling costs and adjusting our production as needed to appropriately manage our inventory in this volatile environment. We remain committed to our strategy and continue allocating resources to enhance our position as a global, premium countertop expert with a leading and valued customer-focused brand.”

Second Quarter 2020 Results

Revenue in the second quarter of 2020 was $99.0 million compared to $141.1 million in the prior year quarter. On a constant currency basis, second quarter revenue was lower by 28.3% year-over-year, driven by extended shelter-in-place guidelines, particularly during the first two months of the quarter with the biggest impact in the Americas region.

Gross margin in the second quarter was 20.4% compared to 28.2% in the prior year quarter. Adjusted gross margin in the second quarter was 20.5% compared to 27.3% in the prior year quarter. The lower adjusted gross margin primarily reflects lower sales volume and less favorable regional and product mix as well as currency exchange headwinds, partially offset by lower raw material prices.


Operating loss in the second quarter was $2.9 million compared to operating income of $10.6 million in the prior year quarter. The year-over-year difference mainly reflects lower gross margin.

Adjusted EBITDA, which excludes expenses for share-based compensation, legal settlements and loss contingencies and for non-recurring items, was $6.5 million in the second quarter, representing a margin of 6.6%. This compares to adjusted EBITDA of $19.2 million, representing a margin of 13.6%, in the prior year quarter.

Finance expense in the second quarter was $2.5 million compared to $1.8 million in the prior year quarter. The difference was primarily a result of the unfavorable impact of foreign currency exchange rates.

Net loss for the second quarter was $5.9 million compared to net income of $6.4 million in the prior year quarter. Loss per share for the second quarter was ($0.17) compared to diluted net income per share of $0.19 in the prior year quarter. Adjusted diluted net loss per share for the second quarter was ($0.10) on 34.5 million shares, compared to adjusted diluted net income per share of $0.23 on a similar share count in the prior year quarter.

Balance Sheet & Liquidity

The Company believes it has a strong financial position and the flexibility required to support its global operations during this volatile period. The Company's balance sheet as of June 30, 2020 remained strong, including cash, cash equivalents and short-term bank deposits and short and long term marketable securities of $130.1 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 second quarter of 2020, based on its reported net loss for the period.

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. Due to potential extended wait times to access the conference call via dial-in, the Company encourages use of the webcast.  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 Second 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 13706779. The replay will be available beginning at 11:00 a.m. ET on Wednesday, August 5, 2020 and will last through 11:59 p.m. ET on Wednesday, August 12, 2020.


About Caesarstone

Caesarstone is a concept and lifestyle-driven company with a customer-centered approach to designing, developing, and producing high-end engineered surfaces 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 countertops, vanities, wall cladding, floors, and other interior surfaces. Marked by their inherent longevity characteristics such as non-porousness, scratch and stain resistance, and durability, the company’s product umbrella offers a highly desirable alternative to other surfaces. Strong commitment to service has fostered growing customer loyalty in over 50 countries where the five distinct Caesarstone product collections are available: Classico, Supernatural, Metropolitan, Concetto 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" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements 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, expectations of the results of the Company’s business optimization initiative and its projected results of operations. 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; the ability of the company to realign aspects of its business based on the business optimization initiative, the strength of the home renovation and construction sectors; intense competitive pressures; the outcome of silicosis and other bodily injury claims; regulatory requirements relating to hazards associated with exposure to silica dust; manufacturing of existing products and managing required 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; 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 discussed under the heading "Risk Factors" in our most recent annual report on Form 20-F and other documents filed with the Securities and Exchange Commission. 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.

Contacts:

Investor Relations:
ICR, Inc. - Rodny Nacier
CSTE@icrinc.com
+1 646 277-1237


Caesarstone Ltd. and its subsidiaries
 Condensed consolidated balance sheets

   
As of
 
U.S. dollars in thousands
 
June 30,
2020
   
December 31,
2019
 
   
(Unaudited)
   
(Audited)
 
ASSETS
           
             
CURRENT ASSETS:
           
             
Cash and cash equivalents and short-term bank deposits
 
$
117,064
   
$
139,372
 
Short-term available for sale marketable securities
   
2,025
     
-
 
Trade receivables, net
   
67,007
     
78,282
 
Other accounts receivable and prepaid expenses
   
27,987
     
34,066
 
Inventories
   
133,611
     
122,686
 
                 
Total current assets
   
347,694
     
374,406
 
                 
LONG-TERM ASSETS:
               
                 
Severance pay fund
   
3,510
     
3,475
 
Other long-term receivables
   
3,577
     
3,176
 
Deferred tax assets, net
   
8,513
     
7,881
 
Long-term deposits and prepaid expenses
   
4,260
     
2,887
 
Operating lease right-of-use assets
   
73,544
     
72,047
 
Long-term available for sale marketable securities
   
10,978
     
-
 
Property, plant and equipment, net
   
201,980
     
204,776
 
Goodwill
   
34,804
     
35,218
 
                 
Total long-term assets
   
341,166
     
329,460
 
                 
Total assets
 
$
688,860
   
$
703,866
 
                 
LIABILITIES AND EQUITY
               
                 
CURRENT LIABILITIES:
               
                 
Trade payables
   
37,274
     
53,072
 
Related party and other loan
   
2,076
     
2,212
 
Short term legal settlements and loss contingencies
   
23,377
     
28,300
 
Accrued expenses and other liabilities
   
44,414
     
42,782
 
                 
Total current liabilities
   
107,141
     
126,366
 
                 
LONG-TERM LIABILITIES:
               
                 
Long-term loan and financing liability of land from a related party
   
7,044
     
7,915
 
Legal settlements and loss contingencies long-term
   
27,891
     
21,505
 
Long-term lease liabilities
   
65,264
     
64,638
 
Accrued severance pay
   
4,373
     
4,333
 
Long-term warranty provision
   
1,372
     
1,385
 
                 
Total long-term liabilities
   
105,944
     
99,776
 
                 
EQUITY:
               
                 
Ordinary shares
   
371
     
371
 
Treasury shares - at cost
   
(39,430
)
   
(39,430
)
Additional paid-in capital
   
158,932
     
157,225
 
Capital fund related to non-controlling interest
   
(5,587
)
   
(5,587
)
Accumulated other comprehensive loss
   
(3,740
)
   
(3,288
)
Retained earnings
   
365,229
     
368,433
 
                 
Total equity
   
475,775
     
477,724
 
                 
Total liabilities and equity
 
$
688,860
   
$
703,866
 


 
Caesarstone Ltd. and its subsidiaries
 Condensed consolidated statements of income (loss)


   
Three months ended June 30,
   
Six months ended June 30,
 
U.S. dollars in thousands (except per share data)
 
2020
   
2019
   
2020
   
2019
 
   
(Unaudited)
   
(Unaudited)
 
                         
Revenues
 
$
99,037
   
$
141,071
   
$
225,594
   
$
269,268
 
Cost of revenues
   
78,865
     
101,308
     
169,021
     
198,236
 
                                 
Gross profit
   
20,172
     
39,763
     
56,573
     
71,032
 
                                 
Operating expenses:
                               
Research and development
   
763
     
1,280
     
1,543
     
2,222
 
Marketing and selling
   
11,435
     
15,579
     
30,064
     
32,653
 
General and administrative
   
9,241
     
10,572
     
21,108
     
21,605
 
Legal settlements and loss contingencies, net
   
1,637
     
1,729
     
4,475
     
3,305
 
                                 
Total operating expenses
   
23,076
     
29,160
     
57,190
     
59,785
 
                                 
Operating income (loss)
   
(2,904
)
   
10,603
     
(617
)
   
11,247
 
Finance expenses, net
   
2,507
     
1,825
     
1,638
     
2,147
 
                                 
Income (loss) before taxes
   
(5,411
)
   
8,778
     
(2,255
)
   
9,100
 
Taxes on income (loss)
   
471
     
2,364
     
949
     
3,091
 
                                 
Net income (loss)
 
$
(5,882
)
 
$
6,414
   
$
(3,204
)
 
$
6,009
 
                                 
Basic net income (loss) per ordinary share
 
$
(0.17
)
 
$
0.19
   
$
(0.09
)
 
$
0.17
 
Diluted net income (loss) per ordinary share
 
$
(0.17
)
 
$
0.19
   
$
(0.09
)
 
$
0.17
 
Weighted average number of ordinary shares used in computing basic income (loss) per ordinary share
   
34,412,369
     
34,380,799
     
34,406,107
     
34,373,848
 
Weighted average number of ordinary shares used in computing diluted income (loss) per ordinary share
   
34,412,369
     
34,425,797
     
34,406,107
     
34,427,899
 


 
Caesarstone Ltd. and its subsidiaries
Selected Condensed consolidated statements of cash flows

   
Six months ended June 30,
 
U.S. dollars in thousands
 
2020
   
2019
 
   
(Unaudited)
 
Cash flows from operating activities:
           
             
Net income (loss)
 
$
(3,204
)
 
$
6,009
 
Adjustments required to reconcile net income (loss) to net cash provided by operating activities:
               
Depreciation and amortization
   
14,102
     
14,862
 
Share-based compensation expense
   
1,707
     
1,884
 
Accrued severance pay, net
   
7
     
(8
)
Changes in deferred tax, net
   
(640
)
   
(1,242
)
Capital loss
   
22
     
338
 
Legal settlemnets and loss contingencies, net
   
4,475
     
3,305
 
Decrease (increase) in trade receivables
   
9,942
     
(10,479
)
Decrease (increase) in other accounts receivable and prepaid expenses
   
3,172
     
(4,726
)
Decrerase (increase) in inventories
   
(12,621
)
   
21,571
 
Decrease in trade payables
   
(16,117
)
   
(9,800
)
Decrease in warranty provision
   
(98
)
   
(82
)
Changes in right of use assets
   
(1,347
)
   
(74,159
)
Changes in lease liabilities
   
1,554
     
76,385
 
Amortization of premium and accretion of discount on marketable securities, net
   
6
     
-
 
Changes in Accrued interest related to Marketable Securities
   
(8
)
   
-
 
Increase in accrued expenses and other liabilities including related party
   
4,173
     
2,088
 
                 
Net cash provided by operating activities
   
5,125
     
25,946
 
                 
Cash flows from investing activities:
               
                 
Purchase of property, plant and equipment
   
(12,459
)
   
(11,955
)
Proceeds from sale of property, plant and equipment
   
6
     
54
 
Investment in marketable securities
   
(13,002
)
   
-
 
Increase in long term deposits
   
(711
)
   
(192
)
                 
Net cash used in investing activities
   
(26,166
)
   
(12,093
)
                 
Cash flows from financing activities:
               
                 
Changes in short-term bank credit and loans, net
   
(459
)
   
(7,771
)
Repayment of a financing leaseback related to Bar-Lev transaction
   
(610
)
   
(588
)
                 
Net cash used in financing activities
   
(1,069
)
   
(8,359
)
                 
Effect of exchange rate differences on cash and cash equivalents
   
(198
)
   
304
 
                 
Decrease in cash and cash equivalents and short-term bank deposits
   
(22,308
)
   
5,798
 
Cash and cash equivalents and short-term bank deposits at beginning of the period
   
139,372
     
93,562
 
                 
Cash and cash equivalents and short-term bank deposits at end of the period
 
$
117,064
   
$
99,360
 
                 
Non - cash investing:
               
Changes in trade payables balances related to purchase of fixed assets
   
(954
)
   
(2,500
)


 
Caesarstone Ltd. and its subsidiaries

   
Three months ended June 30,
   
Six months ended June 30,
 
U.S. dollars in thousands
 
2020
   
2019
   
2020
   
2019
 
   
(Unaudited)
   
(Unaudited)
 
Reconciliation of Gross profit to Adjusted Gross profit:
                       
Gross profit
 
$
20,172
   
$
39,763
   
$
56,573
   
$
71,032
 
Share-based compensation expense (a)
   
122
     
63
     
253
     
139
 
Non-recurring import related income
   
-
     
(2,611
)
   
-
     
(1,501
)
Other non-recurring items (b)
   
-
     
1,367
   
$
-
     
1,367
 
Adjusted Gross profit (Non-GAAP)
 
$
20,294
   
$
38,582
   
$
56,826
   
$
71,037
 

(a)
Share-based compensation includes expenses related to stock options and restricted stock units granted to employees and directors of the Company.
(b)
Relates mainly to one time amortization of machinery equipment with no future alternative use.
         

Caesarstone Ltd. and its subsidiaries

   
Three months ended June 30,
   
Six months ended June 30,
 
U.S. dollars in thousands
 
2020
   
2019
   
2020
   
2019
 
   
(Unaudited)
   
(Unaudited)
 
Reconciliation of Net Income (loss) to Adjusted EBITDA:
                       
Net income (loss)
 
$
(5,882
)
 
$
6,414
   
$
(3,204
)
 
$
6,009
 
Finance expenses, net
   
2,507
     
1,825
     
1,638
     
2,147
 
Taxes on income
   
471
     
2,364
     
949
     
3,091
 
Depreciation and amortization
   
6,987
     
8,099
     
14,102
     
14,862
 
Legal settlements and loss contingencies, net (a)
   
1,637
     
1,729
     
4,475
     
3,305
 
Share-based compensation expense (b)
   
801
     
832
     
1,707
     
1,884
 
Non-recurring import related expense (income)
   
-
     
(2,611
)
   
-
     
(1,501
)
Other non-recurring items (c)
   
-
     
504
     
-
     
993
 
                                 
Adjusted EBITDA (Non-GAAP)
 
$
6,521
   
$
19,156
   
$
19,667
   
$
30,790
 

(a)
Consists of legal settlements expenses and loss contingencies, net, related to product liability claims and other adjustments to on-going legal claims, including related legal fees.
(b)
Share-based compensation includes expenses related to stock options and restricted stock units granted to employees and directors of the Company.
(c)
Three and six months ended June 30, 2019  relates to non-recurring expenses related to North American region establishment and one time charge related to reduction in headcount.


 
Caesarstone Ltd. and its subsidiaries
 
   
Three months ended June 30,
   
Six months ended June 30,
 
U.S. dollars in thousands (except per share data)
 
2020
   
2019
   
2020
   
2019
 
   
(Unaudited)
   
(Unaudited)
 
Reconciliation of net income (loss) to adjusted net income:
                       
Net income (loss)
 
$
(5,882
)
 
$
6,414
   
$
(3,204
)
 
$
6,009
 
Legal settlements and loss contingencies, net (a)
   
1,637
     
1,729
     
4,475
     
3,305
 
Share-based compensation expense (b)
   
801
     
832
     
1,707
     
1,884
 
Non cash revaluation of lease liabilities (c)
   
1,256
     
799
     
(215
)
   
2,226
 
Non-recurring import related income (d)
   
-
     
(2,611
)
   
-
     
(1,501
)
Other non-recurring items (e)
   
-
     
1,704
     
-
     
2,193
 
Total adjustments
   
3,694
     
2,453
     
5,967
     
8,107
 
Less tax on non-tax adjustments (f)
   
1,310
     
871
     
2,116
     
2,875
 
Total adjustments after tax
   
2,384
     
1,582
     
3,851
     
5,232
 
                                 
Adjusted net income (loss) (Non-GAAP)
 
$
(3,498
)
 
$
7,996
   
$
647
   
$
11,241
 
Adjusted diluted EPS (g)
 
$
(0.10
)
 
$
0.23
   
$
0.02
   
$
0.33
 

(a)
Consists of legal settlements expenses and loss contingencies, net, related to product liability claims and other adjustments to on-going legal claims, including related legal fees.
(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 diffrences deriving from revaluation of lease contracts in accoradance with FASB ASC 842.
(d)
Three and six months ended June 30, 2019 relates mainly to non-recurring import related expenses and relocation expenses of Caesarstone USA headquarters, the Company's subsidiary.
(e)
Three and six months ended June 30, 2019 relates to non-recurring expenses related to North American region establishment and one time charge related to reduction in headcount.
(f)
Tax adjustments for the three and six months ended June 30, 2020, based on the effective tax rates of the comparative periods.
(g)
In calculating adjusted diluted (Non-GAAP) EPS for the six month ended June 30, 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 June 30,
   
Six months ended June 30,
 
U.S. dollars in thousands
 
2020
   
2019
   
2020
   
2019
 
   
(Unaudited)
   
(Unaudited)
 
                         
USA
 
$
41,726
   
$
64,590
   
$
101,781
   
$
121,007
 
Canada
   
14,435
     
23,342
     
32,993
     
43,520
 
Latin America
   
132
     
1,351
     
638
     
1,947
 
America's
   
56,293
     
89,283
     
135,412
     
166,474
 
                                 
Australia
   
23,534
     
28,292
     
45,888
     
53,506
 
Asia
   
1,732
     
3,311
     
4,563
     
7,907
 
APAC
   
25,266
     
31,603
     
50,451
     
61,413
 
                                 
EMEA
   
8,031
     
11,419
     
19,371
     
21,874
 
                                 
Israel
   
9,447
     
8,766
     
20,360
     
19,507
 
                                 
Total Revenues
 
$
99,037
   
$
141,071
   
$
225,594
   
$
269,268
 


Caesarstone Ltd. and its subsidiaries
Geographic breakdown of revenues by region - Supplemental data
 
   
Three months ended
 
U.S. dollars in thousands
 
6/30/2020
   
3/31/2020
   
12/31/2019
   
9/30/2019
   
6/30/2019
   
3/30/2019
   
12/31/2018
   
9/30/2018
   
6/30/2018
 
   
(Unaudited)
 
                                                       
USA
 
$
41,726
   
$
60,055
   
$
64,659
   
$
64,805
   
$
64,590
   
$
56,417
   
$
60,200
   
$
61,933
   
$
60,358
 
Canada
   
14,435
     
18,558
     
20,575
     
21,881
     
23,341
     
20,178
     
23,834
     
25,140
     
27,349
 
Latin America
   
132
     
506
     
735
     
1,434
     
1,351
     
596
     
1,212
     
1,635
     
1,738
 
America's
   
56,293
     
79,119
     
85,969
     
88,120
     
89,282
     
77,191
     
85,246
     
88,708
     
89,445
 
                                                                         
Australia
   
23,534
     
22,354
     
26,000
     
28,642
     
28,294
     
25,214
     
33,484
     
33,968
     
34,731
 
Asia
   
1,732
     
2,831
     
3,932
     
3,675
     
3,311
     
4,596
     
4,929
     
4,189
     
4,221
 
APAC
   
25,266
     
25,185
     
29,932
     
32,317
     
31,605
     
29,810
     
38,413
     
38,157
     
38,952
 
                                                                         
EMEA
   
8,031
     
11,340
     
9,464
     
11,719
     
11,418
     
10,455
     
9,954
     
11,115
     
11,721
 
                                                                         
Israel
   
9,447
     
10,913
     
8,502
     
10,683
     
8,766
     
10,741
     
9,268
     
9,709
     
9,125
 
                                                                         
Total Revenues
 
$
99,037
   
$
126,557
   
$
133,867
   
$
142,839
   
$
141,071
   
$
128,197
   
$
142,881
   
$
147,689
   
$
149,243
 

   
YoY % change
   
YoY % Constant Currency change (*)
 
   
6/30/2020
   
3/31/2020
   
12/31/2019
   
9/30/2019
   
6/30/2019
   
6/30/2020
   
3/31/2020
   
12/31/2019
   
9/30/2019
   
6/30/2019
 
   
(Unaudited)
   
(Unaudited)
 
                                                             
USA
   
(35.4
)%
   
6.4
%
   
7.4
%
   
4.6
%
   
7.0
%
   
(35.4
)%
   
6.4
%
   
7.4
%
   
4.6
%
   
7.0
%
Canada
   
(38.2
)%
   
(8.0
)%
   
(13.7
)%
   
(13.0
)%
   
(14.7
)%
   
(36.0
)%
   
(7.1
)%
   
(13.6
)%
   
(12.1
)%
   
(11.6
)%
Latin America
   
(90.2
)%
   
(15.1
)%
   
(39.4
)%
   
(12.3
)%
   
(22.3
)%
   
(90.2
)%
   
(15.2
)%
   
(39.4
)%
   
(12.3
)%
   
(22.3
)%
America's
   
(36.9
)%
   
2.5
%
   
0.8
%
   
(0.7
)%
   
(0.2
)%
   
(36.4
)%
   
2.7
%
   
0.9
%
   
(0.4
)%
   
0.7
%
                                                                                 
Australia
   
(16.8
)%
   
(11.3
)%
   
(22.3
)%
   
(15.7
)%
   
(18.5
)%
   
(11.5
)%
   
(3.3
)%
   
(18.2
)%
   
(10.0
)%
   
(12.0
)%
Asia
   
(47.7
)%
   
(38.4
)%
   
(20.2
)%
   
(12.3
)%
   
(21.5
)%
   
(45.9
)%
   
(37.1
)%
   
(14.7
)%
   
(8.8
)%
   
(18.6
)%
APAC
   
(20.1
)%
   
(15.5
)%
   
(22.1
)%
   
(15.3
)%
   
(18.9
)%
   
(15.1
)%
   
(8.5
)%
   
(17.8
)%
   
(9.9
)%
   
(12.7
)%
                                                                                 
EMEA
   
(29.7
)%
   
8.5
%
   
(4.9
)%
   
5.4
%
   
(2.6
)%
   
(26.9
)%
   
11.4
%
   
(4.4
)%
   
10.9
%
   
2.8
%
                                                                                 
Israel
   
7.8
%
   
1.6
%
   
(8.3
)%
   
10.0
%
   
(3.9
)%
   
4.5
%
   
(1.5
)%
   
(14.0
)%
   
7.8
%
   
(3.5
)%
                                                                                 
Total Revenues
   
(29.8
)%
   
(1.3
)%
   
(6.3
)%
   
(3.3
)%
   
(5.5
)%
   
(28.3
)%
   
0.5
%
   
(5.5
)%
   
(1.5
)%
   
(2.9
)%

(*) 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.