Ceragon Networks Ltd 6-K, filed Sep 19, 2022
Ceragon Networks Ltd (CRNT)
About this 6-K
Ceragon Networks Ltd filed this 6-K on September 19, 2022.
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Exhibit Number
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Description
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101
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Interactive Data File relating to the materials in this report on Form 6-K is formatted in Extensible Business Reporting Language (XBRL).
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CERAGON NETWORKS LTD.
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Date: September 19, 2022
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By:
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/s/ Doron Arazi
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Name:
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Doron Arazi
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Title:
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Chief Executive Officer
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Exhibit 99.1
CERAGON NETWORKS LTD. AND SUBSIDIARIES
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
AS OF JUNE 30, 2022
U.S. DOLLARS IN THOUSANDS
UNAUDITED
INDEX
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2 - 3 | |
4 | |
5 | |
Interim Consolidated Statements of Changes in Shareholders’ Equity | 6 |
7 | |
8 - 17 |
INTERIM CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
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Note |
December 31, 2021 |
June 30, 2022 |
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Unaudited |
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ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
$ |
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$ |
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Trade receivables (net of allowance for credit losses of $ |
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Other accounts receivable and prepaid expenses |
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Inventories |
3 |
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Total current assets |
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NON-CURRENT ASSETS: |
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Trade receivables (net of allowance for credit losses of $ |
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Severance pay and pension fund |
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Property and equipment, net |
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Operating lease right-of-use assets |
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Intangible assets, net |
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Other non-current assets |
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Total non-current assets |
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Total assets |
$ |
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$ |
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The accompanying notes are an integral part of the interim consolidated financial statements
2
INTERIM CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands (except share and per share data)
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Note |
December 31, 2021 |
June 30, 2022 |
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Unaudited |
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LIABILITIES AND SHAREHOLDERS' EQUITY |
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CURRENT LIABILITIES: |
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Trade payables |
$ |
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$ |
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Deferred revenues |
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Short-term loans |
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Operating lease liabilities |
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Other accounts payable and accrued expenses |
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Total current liabilities |
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LONG-TERM LIABILITIES: |
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Accrued severance pay and pension |
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Deferred revenues |
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Operating lease liabilities |
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Other long-term payables |
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Total long-term liabilities |
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COMMITMENTS AND CONTINGENT LIABILITIES |
6 |
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SHAREHOLDERS' EQUITY: |
8 |
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Share capital: |
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Ordinary shares of NIS Authorized: |
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Additional paid-in capital |
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Treasury shares at cost – |
( |
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( |
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Accumulated other comprehensive loss |
( |
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( |
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Accumulated deficit |
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Total shareholders' equity |
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Total liabilities and shareholders' equity |
$ |
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$ |
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The accompanying notes are an integral part of the interim consolidated financial statements
3
INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands (except per share data)
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Six months ended June 30, |
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2021 |
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2022 |
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Unaudited |
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Revenues |
$ |
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$ |
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Cost of revenues |
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Gross profit |
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Operating expenses: |
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Research and development, net |
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Sales and Marketing |
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General and administrative |
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Total operating expenses |
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Operating income (loss) |
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( |
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Financial expenses and others, net |
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Loss before taxes on income |
( |
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Taxes on income |
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Net loss |
$ |
( |
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$ |
( |
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Basic and diluted net loss per share |
$ |
( |
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$ |
( |
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Weighted average number of shares used in computing basic and diluted net loss per share |
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The accompanying notes are an integral part of the interim consolidated financial statements
4
INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
U.S. dollars in thousands
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Six months ended June 30, |
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2021 |
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2022 |
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Unaudited |
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Net loss |
$ |
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$ |
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Other comprehensive loss: |
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Change in foreign currency translation adjustment |
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Cash flow hedges: |
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Change in net unrealized losses |
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Amounts reclassified into net loss |
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Net change |
( |
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Other comprehensive loss, net |
( |
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( |
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Total of comprehensive loss |
$ |
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$ |
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The accompanying notes are an integral part of the interim consolidated financial statements
5
INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
U.S. dollars in thousands (except share and per share data)
Six months ended June 30, 2021:
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Ordinary shares |
Share capital |
Additional paid-in capital |
Treasury shares at cost |
Accumulated other comprehensive loss |
Accumulated deficit |
Total shareholders’ equity |
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Balance as of January 1, 2021 |
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$ |
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$ |
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$ |
( |
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$ |
( |
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$ |
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$ |
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Exercise of options and vesting of RSUs |
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Share-based compensation |
- |
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Other comprehensive loss, net |
- |
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( |
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( |
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Net loss |
- |
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( |
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( |
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Balance as of June 30, 2021 (Unaudited) |
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$ |
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$ |
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$ |
( |
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$ |
( |
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$ |
( |
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$ |
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Six months ended June 30, 2022:
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Ordinary shares |
Share capital |
Additional paid-in capital |
Treasury shares at cost |
Accumulated other comprehensive loss |
Accumulated deficit |
Total shareholders’ equity |
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Balance as of January 1, 2022 |
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$ |
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$ |
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$ |
( |
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$ |
( |
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$ |
( |
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$ |
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Exercise of options and vesting of RSUs |
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) |
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Share-based compensation |
- |
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Other comprehensive loss, net |
- |
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( |
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( |
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Net loss |
- |
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( |
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( |
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Balance as of June 30, 2022 (Unaudited) |
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$ |
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$ |
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$ |
( |
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$ |
( |
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$ |
( |
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$ |
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*)
The accompanying notes are an integral part of the interim consolidated financial statements
6
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
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Six months ended June 30, |
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2021 |
2022 |
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Unaudited |
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Cash flow from operating activities: |
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Net loss |
$ |
( |
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$ |
( |
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Adjustments to reconcile net loss to net cash used in operating activities: |
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Depreciation and amortization |
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Loss from sale of property and equipment, net |
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Share-based compensation expense |
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Decrease in accrued severance pay and pensions, net |
( |
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( |
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Decrease (increase) in trade receivables, net |
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( |
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Increase in other accounts receivables and prepaid expenses (including other long-term assets) |
( |
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( |
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Decrease in operating lease right-of-use assets |
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Decrease (increase) in inventory, net of write off |
( |
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Increase in deferred tax asset, net |
( |
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Increase in trade payables |
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Decrease in other accounts payable and accrued expenses (including other long-term liabilities) |
( |
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( |
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Decrease in operating lease liability |
( |
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( |
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Increase in deferred revenues |
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Net cash used in operating activities |
( |
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( |
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Cash flow from investing activities: |
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Purchase of property and equipment |
( |
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( |
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Proceeds from sale of property and equipment |
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Purchase of intangible assets |
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( |
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Net cash used in investing activities |
( |
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( |
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Cash flow from financing activities: |
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Proceeds from exercise of stock options |
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Proceeds from bank credits and loans, net |
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Net cash provided by financing activities |
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Translation adjustments on cash and cash equivalents |
( |
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Increase in cash and cash equivalents |
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Cash and cash equivalents at the beginning of the period |
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Cash and cash equivalents at the end of the period |
$ |
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$ |
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Supplemental disclosure of cash flow information: |
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Cash paid for income taxes |
$ |
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$ |
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Cash paid for interest on bank loans |
$ |
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$ |
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Changes of property and equipment not resulted in cash outflows as of June 30, 2021 and 2022 amounted of $
The accompanying notes are an integral part of the interim consolidated financial statements
7
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
NOTE 1: GENERAL
Ceragon Networks Ltd. ("the Company") is a global innovator and leading solutions provider of wireless transport. The Company helps operators and other service providers worldwide increase operational efficiency and enhance end customers’ quality of experience with innovative wireless backhaul and fronthaul solutions. The Company’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. The Company delivers 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 its customers.
The Company sells its products through a direct sales force, systems integrators, distributors and original equipment manufacturers.
The Company's wholly owned subsidiaries provide research and development, marketing, manufacturing, distribution, sales and technical support to the Company's customers worldwide.
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
a.Interim consolidated financial statements
The accompanying interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. In the management`s opinion, the interim consolidated financial statements include all adjustments of a normal recurring nature necessary for the fair presentation of the Company’s interim consolidated financial position as of June 30, 2022, as well as its results of operations and cash flows for the six months ended June 30, 2021 and 2022. The results of operations for the six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022.
b.Use of estimates
The preparation of the interim consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. Actual results could differ materially from those estimates.
c.Significant accounting policies
The accompanying interim consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission (the "SEC") on May 2, 2022.
There have been no changes to the significant accounting policies described in the Annual Report on Form 20-F for the fiscal year ended December 31, 2021 that have had a material impact on the interim consolidated financial statements and related notes.
8
CERAGON NETWORKS LTD. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
NOTE 3: INVENTORIES
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December 31, |
June 30, |
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2021 |
2022 |
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Unaudited |
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Raw materials |
$ |
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$ |
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Work in progress |
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Finished products |
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$ |
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$ |
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NOTE 4: FAIR VALUE MEASUREMENT
The carrying amounts of financial instruments carried at cost, including cash and cash equivalents, short-term deposits, accounts receivable, prepaid expenses and other assets, accounts payable, accrued expenses and other liabilities, approximate their fair value due to the short-term maturities of such instruments.
The following table sets forth the Company’s assets that were measured at fair value on a recurring bases as of December 31, 2021 and June 30, 2022, by level within the fair value hierarchy:
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Fair value measurements using input type |
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Fair value hierarchy |
December 31, 2021 |
June 30, 2022 |
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Unaudited |
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Derivatives instruments, net |
Level 2 |
$ |
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$ |
( |
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Total assets (liabilities) |
$ |
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$ |
( |
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NOTE 5: DERIVATIVE INSTRUMENTS
The Company enters into foreign currency forward and option contracts with financial institutions to protect against the exposure to changes in exchange rates of several foreign currencies that are associated with forecasted cash flows and existing assets and liabilities. The Company accounts for its derivative instruments as either assets or liabilities and carries them at fair value. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and the resulting designation.
9
CERAGON NETWORKS LTD. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
NOTE 5: DERIVATIVE INSTRUMENTS (Cont.)
The fair value of derivative contracts in the interim consolidated balance sheets at June 30, 2022 and December 31, 2021 were as follows:
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Other
accounts
receivable
and prepaid
expenses
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Other
accounts
payable and
accrued
expenses
|
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December 31, 2021
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Derivatives designated as hedging instruments
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Currency forward contracts
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$
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$
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Derivatives not designated as hedging instruments
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Currency forward and option contracts
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$
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$
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Total derivatives
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$
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$
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Other
accounts
receivable
and prepaid
expenses
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Other
accounts
payable and
accrued
expenses
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June 30, 2022
|
||||||||
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Unaudited
|
||||||||
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Derivatives designated as hedging instruments
|
||||||||
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Currency forward contracts
|
$
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$
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Derivatives not designated as hedging instruments
|
||||||||
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Currency forward and option contracts
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$
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$
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Total derivatives
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$
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$
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The notional amounts of outstanding derivative contracts in U.S. dollars at December 31, 2021 and June 30, 2022 were as follows:
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December 31,
2021
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June 30,
2022
|
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Unaudited
|
||||||||
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Derivatives designated as hedging instruments
|
||||||||
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Currency forward contracts
|
$
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$
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||||
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Derivatives not designated as hedging instruments
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||||||||
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Currency forward and option contracts
|
$
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$
|
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||||
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Total derivatives
|
$
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$
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|
||||
The maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for forecasted transactions is up to 12 months.
For derivative instruments that are designated and qualify as a cash flow hedge (i.e., hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains or losses from contracts that were not designated as hedging instruments are recognized in "financial expenses and others, net".
10
CERAGON NETWORKS LTD. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
NOTE 5: DERIVATIVE INSTRUMENTS (Cont.)
The effect of derivative contracts on the interim consolidated statements of operations for the six months ended June 30, 2021 and 2022 was as follows:
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Six months ended June 30, |
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2021 |
2022 |
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Unaudited |
||||||||
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Operating income (expenses) |
$ |
|
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$ |
( |
) | ||
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Financial income (expenses) |
$ |
|
$ |
( |
) | |||
NOTE 6: COMMITMENTS AND CONTINGENT LIABILITIES
a.Israeli Innovation Authority:
During the six months ended June 30, 2021 and 2022, the Company received several grants from the Israeli Innovation Authority (“IIA”). The grants require the Company to comply with the requirements of the Research and Development Law, however, the Company is not obligated to pay royalties on sales of products based on technology or know how developed from the grants. In a case involving the transfer of technology or know how developed from the grants outside of Israel, the Company may be required to pay royalties related to past sales of products based on the technology or the developed know how. The Company recorded the IIA grants as a reduction of research and development expenses in the six months ended June 30, 2021 and 2022 in the amount of $
b.Charges and guarantees:
As of June 30, 2022, and December 31, 2021, the Company provided bank guarantees in an aggregate amount of $
c.Litigations:
The Company is currently involved in various claims and legal proceedings. The Company reviews the status of each matter and assesses its potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable and the amount can be reasonably estimated, the Company accrues a liability for the estimated loss.
On January 6, 2015 the Company was served with a motion to approve a purported class action, naming the Company, its Chief Executive Officer and its directors as defendants. The motion was filed with the District Court of Tel-Aviv (the “Court”). The purported class action alleges breaches of duties by making false and misleading statements in the Company's SEC filings and public statements. The plaintiff seeks specified compensatory damages in a sum of up to $
The Company filed its defense on June 21, 2015, which was followed by disclosure proceedings.
The plaintiff filed his reply to the Company’s defense by April 2, 2017. A preliminary hearing was held on May 22, 2017, in the framework of which the Court set dates for response to the Company’s above-mentioned requests as well as dates for evidence hearings.
11
CERAGON NETWORKS LTD. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
NOTE 6: COMMITMENTS AND CONTINGENT LIABILITIES (Cont.)
12
CERAGON NETWORKS LTD. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
NOTE 6: COMMITMENTS AND CONTINGENT LIABILITIES (Cont.)
13
CERAGON NETWORKS LTD. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
NOTE 6: COMMITMENTS AND CONTINGENT LIABILITIES (Cont.)
NOTE 7: SHAREHOLDERS' EQUITY
a.Ordinary shares
The ordinary shares of the Company entitle their holders to receive notice to participate and vote in general meetings of the Company, the right to share in distributions upon liquidation of the Company and to receive dividends, if declared.
b.Stock Options and RSUs plans
In 2003, the Company adopted a share option plan which has been extended or replaced from time to time, including on September 6, 2010, December 2012 and August 2014. To date, the plan that is currently in effect is the Amended and Restated Share Option and RSU Plan as amended August 10, 2014 (the “Plan”). Under the Plan, options and RSUs may be granted to officers, directors, employees and consultants of the Company or its subsidiaries. The options vest primarily over
14
CERAGON NETWORKS LTD. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
NOTE 7: SHAREHOLDERS' EQUITY (Cont.)
The following table summarizes the activities for the Company’s stock options for the six months ended June 30, 2022:
|
Six months ended June 30, 2022 |
||||||||||||||||
|
|
Number of options |
|
|
Weighted average exercise price |
|
|
Weighted average remaining contractual term (in years) |
|
|
Aggregate intrinsic value |
|
|||||
|
|
||||||||||||||||
|
Outstanding at beginning of year |
|
$ |
|
|
$ |
|
||||||||||
|
Granted |
|
|
||||||||||||||
|
Exercised |
( |
) |
|
|||||||||||||
|
Forfeited or expired |
( |
) |
|
|||||||||||||
|
|
||||||||||||||||
|
Outstanding at end of the period |
|
|
|
$ |
|
|||||||||||
|
|
||||||||||||||||
|
Options exercisable at end of the period |
|
$ |
|
|
$ |
|
||||||||||
|
|
||||||||||||||||
|
Vested and expected to vest |
|
$ |
|
|
$ |
|
||||||||||
The weighted average fair value of options granted during the six months ended June 30, 2021 and 2022 was $
The intrinsic value of options exercised during the six months ended June 30, 2021 and 2022 was $
The following table summarizes the activities for the Company’s RSUs for the six months ended June 30, 2022:
|
Number of RSUs |
|
|
Aggregate intrinsic value |
|||||
|
|
||||||||
|
Unvested at beginning of year |
|
$ |
|
|||||
|
Granted |
|
|||||||
|
Vested |
( |
) |
|
|||||
|
Forfeited |
( |
) |
|
|
||||
|
|
||||||||
|
Unvested at end of period |
|
$ |
|
|||||
The weighted average fair value at grant date of RSUs granted for the six months ended June 30, 2021 and 2022 was $
As of June 30, 2022, the total unrecognized estimated compensation cost related to non-vested stock options and RSUs granted prior to that date was $
15
CERAGON NETWORKS LTD. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
NOTE 7: SHAREHOLDERS' EQUITY (Cont.)
The following table sets forth the total share-based compensation expenses included in the interim consolidated statements of operations for the six months ended June 30, 2021 and 2022:
|
Six months ended June 30, |
||||||||
|
2021 |
2022 |
|||||||
|
Unaudited |
||||||||
|
|
||||||||
|
Cost of revenues |
|
|
||||||
|
Research and development |
|
|
||||||
|
Sales and Marketing |
|
|
||||||
|
General and administrative |
|
|
||||||
|
|
||||||||
|
Total share-based compensation expense |
$ |
|
$ |
|
||||
NOTE 8: REVENUES
The Company recognizes contract liabilities, or deferred revenues, when it receives advance payments from customers before performance obligations have been performed. The balance of deferred revenues approximates the aggregate amount of the transaction price allocated to the unsatisfied performance obligations at the end of reporting period.
The following table presents the changes in deferred revenues balance during the six months ended June 30, 2022:
|
Six months ended June 30, 2022 |
||||
|
|
||||
|
Balance, beginning of the period |
$ |
|
||
|
New unsatisfied performance obligations |
|
|||
|
Reclassification to revenue as a result of satisfying performance obligations |
( |
) |
||
|
|
||||
|
Balance, end of the period |
|
|||
|
Less: long-term portion of deferred revenue |
|
|||
|
Current portion, end of period |
$ |
|
||
16
CERAGON NETWORKS LTD. AND SUBSIDIARIES
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
NOTE 8: REVENUES (Cont.)
Remaining performance obligations represent contracted revenues that have not yet been recognized, which includes deferred revenues and non-cancelable contracts that will be recognized as revenue in future periods. The following table represents the remaining performance obligations as of June 30, 2022, which are expected to be satisfied and recognized in future periods:
|
Remaining 2022 |
|
|
2023 |
|
|
2024 and thereafter |
||||||
|
Unsatisfied performance obligations |
$ |
|
$ |
|
$ |
|
||||||
The Company elected to apply the optional exemption under ASC 606 paragraph 10-50-14(a) not to disclose the remaining performance obligations that relate to contracts with an original expected duration of one year or less.
NOTE 9: CUSTOMERS AND GEOGRAPHIC INFORMATION
a. The following table presents the total revenues for the six months ended June 30, 2021 and 2022, allocated to the geographic areas in which it was generated. Revenues are attributed to geographic areas based on the location of the end-users.
|
Six months ended June 30, |
||||||||
|
2021 |
2022 |
|||||||
|
|
Unaudited |
|||||||
|
North America |
$ |
|
$ |
|
||||
|
Europe |
|
|
||||||
|
Africa |
|
|
||||||
|
Asia-Pacific and Middle East |
|
|
||||||
|
India |
|
|
||||||
|
Latin America |
|
|
||||||
|
|
||||||||
|
$ |
|
$ |
|
|||||
b.Major customer data as a percentage of total revenues:
In the six months ended June 30, 2021, the Company had revenues from a single customer that represents a group of affiliated companies equaling
17
|
Six months ended
June 30, 2021
(Unaudited)
|
Six months ended
June 30, 2022
(Unaudited)
|
|||||||||||||||
| $ |
|
%
|
$ |
|
%
|
|||||||||||
|
Revenues
|
136,891
|
100
|
140,993
|
100
|
||||||||||||
|
Cost of revenues
|
94,860
|
69.3
|
100,250
|
71.1
|
||||||||||||
|
Gross profit
|
42,031
|
30.7
|
40,743
|
28.9
|
||||||||||||
|
Operating expenses:
|
||||||||||||||||
|
Research and development, net
|
14,965
|
10.9
|
14,292
|
10.1
|
||||||||||||
|
Sales and Marketing
|
15,933
|
11.6
|
18,134
|
12.9
|
||||||||||||
|
General and administrative
|
10,290
|
7.5
|
9,898
|
7.0
|
||||||||||||
|
Total operating expenses
|
41,188
|
30.0
|
42,324
|
30.0
|
||||||||||||
|
Operating income (loss)
|
843
|
0.7
|
(1,581
|
)
|
(1.1
|
)
|
||||||||||
|
Financial expenses and others, net
|
(2,853
|
)
|
(2.1
|
)
|
(1,516
|
)
|
(1.1
|
)
|
||||||||
|
Taxes on income
|
(872
|
)
|
(0.6
|
)
|
(711
|
)
|
(0.5
|
)
|
||||||||
|
Net loss
|
(2,882
|
)
|
(2.0
|
)
|
(3,808
|
)
|
(2.7
|
)
|
||||||||
|
|
• our net loss of $3.8 million;
• a $7.2 million increase in trade receivables and other accounts receivables;
• a $2.2 million decrease in operating lease liability, net;
• a $0.3 million decrease in trade payables and accrued liabilities; and
• a $0.4 million decrease in accrued severance pay and pensions, net.
|
|
|
• a $5.8 million of depreciation and amortization expenses;
• a $1.4 million increase in stock-based compensation expenses;
• a $1.3 million increase in deferred revenues; and
• a $0.4 million decrease in inventories, net of write-offs.
|
|
|
• our net loss of $2.9 million;
• a $5.6 million increase in trade receivables and other accounts receivables;
• a $2.0 million increase in inventories, net of write-offs;
• a $1.5 million decrease in trade payables and accrued liabilities;
• a $0.5 million decrease in accrued severance pay and pensions, net; and
• a $0.1 million increase in deferred tax asset, net.
|
|
|
• a $5.8 million of depreciation and amortization expenses;
• a $1.3 million increase in deferred revenues;
• a $0.6 million increase in stock-based compensation expenses;
• a $0.2 million decrease in operating lease right of use asset, net; and
• a $0.1 million loss from sale of property and equipment, net.
|