On-demand, medium-runs production enables company to deliver custom apparel for large sports organizations while seamlessly switching designed team logos, names, and numbersSecond purchase of Kornit’s Atlas MAX POLY allows DO Apparel to leverage a faster, cost-effective solution for digital production of sportswear and teamwear – more effectively than screen printing ROSH-HA`AYIN, Israel, Sept. 16, 2024 (GLOBE NEWSWIRE) -- Kornit Digital LTD. (NASDAQ: KRNT) (“Kornit” or the “Company”), a worldwide market le ...

German-based provider of music and event merchandise, branded fashion, and promotional apparel makes first move to digital to streamline production operations with adoption of the Kornit Apollo With Kornit’s new All-Inclusive Click (AIC) Model, Print Palace embraces shift from analog to digital production, more rapidly meeting medium-run production requirements, with the highest level of quality LAS VEGAS, Sept. 12, 2024 (GLOBE NEWSWIRE) --  PRINTING UNITED EXPO - Kornit Digital LTD. (NASDAQ: KRNT) (“Kornit ...

Global leader in print mass customization, known for its groundbreaking innovations, teams with Kornit to set new industry standards OGAT redefines traditional mass production models with cutting-edge technology, combining Kornit's digital direct-to-fabric pigment printing with a comprehensive on-demand production workflowThe future of fashion is here – limitless creativity, finished garments within days, no minimum orders, increased profitability through the elimination of unsold inventory, all within a su ...

T-Formation Inc. of Tallahassee, a leading screen printer for major international brands such as Adidas, PVH Corporate, and Champion, will transition large production volumes from traditional screen-printing to a fully digital print process, utilizing Kornit ApolloIncreased investment in on-demand production from legacy techniques made possible with the unparalleled quality of Kornit’s MAX technology LAS VEGAS, Sept. 11, 2024 (GLOBE NEWSWIRE) -- PRINTING UNITED EXPO – Kornit Digital LTD. (NASDAQ: KRNT) (“Ko ...

Shifts significant volume from traditional screen to high-quality, sustainable on-demand digital production – unleashing creativity and delivering designs without compromise Kornit MAX technology powers premium-quality apparel with exceptional agility, allowing Custom Ink to offer a world-class custom apparel and swag experience LAS VEGAS, Sept. 10, 2024 (GLOBE NEWSWIRE) --  PRINTING UNITED EXPO 2024 – Kornit Digital LTD. (NASDAQ: KRNT) (“Kornit” or the “Company”), a worldwide market leader in sustainable, ...

ROSH-HA`AYIN, Israel, Sept. 10, 2024 (GLOBE NEWSWIRE) -- Kornit Digital Ltd. (“Kornit” or the “Company”) (Nasdaq: KRNT), a worldwide market leader in sustainable, on-demand, digital fashion and textile production technologies, today announced that its Board of Directors has authorized a program to repurchase up to $100 million of the Company’s ordinary shares as part of its capital allocation strategy. This repurchase program, in addition to the $65 million of aggregate share repurchases executed by the Com ...

The shift from analog to on-demand digital production is accelerating, evidenced by a growing number of screen printers adopting Kornit Apollo and other Kornit MAX-powered platformsThe All-Inclusive Click (AIC) model moves beyond its pilot phase, providing predictable costs, lowering barriers to entry, and unlocking a significant incremental market opportunityManagement’s long-term financial targets include double-digit revenue growth, meaningful recurring revenue contribution from the AIC model, and strong ...

文章核心观点 - 公司在第二季度业绩有所下滑,收入处于管理层指引下限,但调整后EBITDA利润率处于上限 [2] - 公司持续面临宏观经济环境的不利影响,导致客户推迟系统采购 [3] - 但通过一系列重组活动,公司最近几个季度的利润率和现金流已大幅改善 [3] 财务数据总结 - 收入分别为47.8亿、56.2亿和59.2亿美元 [4] - 非GAAP毛利率分别为30.2%、36.1%和37.4% [4] - 非GAAP营业费用分别为32.4亿、34.1亿和31.1亿美元 [4] - 调整后EBITDA分别为-14.7亿、-10.7亿和-5.6亿美元,利润率分别为-30.8%、-19.1%和-9.5% [4] - 经营活动现金流分别为-14.0亿、-15.5亿和-7.7亿美元,自由现金流分别为-17.3亿、-17.3亿和-8.7亿美元 [5] - 公司现金及流动性投资余额为5.54亿美元,无债务 [6] 未来展望 - 公司第三季度收入指引低于当时市场预期,但预计下半年销售将增长20%-25% [6][7] - 全年收入预计在2.03亿-2.08亿美元,略低于去年同期,但调整后EBITDA有望转正 [7][8][9] - 公司推出新的"全包费"(AIC)租赁模式,可以提高客户接受度和公司的收入、利润及现金流可见性 [10][11][12][13][14] - 尽管短期内该模式会影响系统销售收入和现金流,但预计每台AIC系统每年可带来约100万美元收入 [13] 评级调整 - 由于股价在最近两周上涨超过40%,已超过我的20美元目标价,因此将评级从"买入"下调为"持有" [17] - 但如果AIC模式确实能带来大幅改善的利润率,可能需要提高估值倍数 [17]

财务数据和关键指标变化 - 第二季度收入为4860万美元,在公司5月份提供的指引范围内 [11] - 第二季度非GAAP毛利率为48.6%,去年同期为36.1%,主要得益于耗材收入占比提高以及成本削减措施 [25] - 第二季度非GAAP经营费用为2800万美元,同比下降17.9%,反映了公司成本节约和重组措施的成效 [27] - 第二季度调整后EBITDA亏损160万美元,去年同期为1070万美元亏损,大幅改善 [29] - 第二季度经营活动产生正现金流4.5百万美元,连续第三个季度实现正现金流 [30] 各条业务线数据和关键指标变化 - 耗材收入同比增长,支撑了公司业绩改善 [12] - 系统和服务收入同比下降,符合预期 [24] 各个市场数据和关键指标变化 - 亚太地区成为公司直接数字印花业务的重要增长驱动力,包括印度、中国、秘鲁和葡萄牙等关键市场 [18] - 公司正在开发鞋类应用,计划在未来几个季度推出相关解决方案 [18] 公司战略和发展方向及行业竞争 - 公司推出了Apollo和Atlas MAX等创新解决方案,帮助客户在动态市场环境中取得成功 [14] - 公司的All-Inclusive Click (AIC)模式被客户广泛接受,有助于降低客户进入门槛,提高公司的收入、利润和现金流可见性 [15][16][17] - 公司决定将AIC模式拓展至Atlas MAX系统,以满足不同客户的需求 [17] - 公司看好直接数字印花市场的发展前景,正在积极开拓新的应用领域 [18][50] 管理层对经营环境和未来前景的评论 - 尽管宏观环境仍不稳定,但公司看到时尚行业向按需生产的关键转变,速度、及时交货和SKU多样性变得至关重要 [13] - 公司预计下半年业绩将好于上半年,收入有望增长20%-25%,主要得益于耗材销售的顺序增长 [19] - 公司有信心全年实现正EBITDA和正经营现金流 [19] 其他重要信息 - 公司将于9月10日在拉斯维加斯举办投资者活动,届时将分享公司的长期战略规划、产品路线图、资本配置策略等 [20][21] 问答环节重要的提问和回答 问题1 **Greg Palm 提问** 询问公司AIC模式在Apollo和Atlas MAX系统上的进展情况,以及拓展至Atlas MAX的原因 [38][39][40][41] **Ronen Samuel 回答** AIC模式是行业的游戏规则改变者,可以帮助公司进入新市场,带来增量业务。公司已经签订了多个Apollo AIC订单,并决定将其拓展至Atlas MAX,以满足不同客户的需求 [39][40][41] 问题2 **Chris Grenga 提问** 询问公司对直接数字印花业务的看法,以及是否会在系统销售恢复时看到与直接数字印花和直接数字印花的不同恢复节奏 [47][48] **Ronen Samuel 回答** 公司看好直接数字印花业务的发展前景,正在积极开拓新的应用领域,如鞋类和家居等。与直接数字印花相比,这些新领域具有较大的市场空间和增长潜力 [48][49][50] 问题3 **Brian Drab 提问** 询问公司在吸引传统screen印刷客户方面的进展,以及是否有具体案例可以分享 [65][66][67] **Ronen Samuel 回答** 公司的Apollo和Atlas MAX系统在质量、生产效率和总拥有成本方面已经超越了传统screen印刷,成功吸引了不少传统screen印刷客户。公司将在9月的投资者活动上分享更多客户案例 [66][67][68]

Kornit Digital (NASDAQ: KRNT) Second Quarter 2024 Earnings Conference Call Supporting Slides August 7, 2024 Kornit Digital. All Rights Reserved. Kornit Digital. All Rights Reserved. On Today's Call Ronen Samuel Lauri Hanover Jared Maymon CEO CFO Investor Relations Kornit Digital. All Rights Reserved. Safe Harbor This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and other U.S. securities laws. Forward-looking statements are char ...