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 November 2019
 
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
 
On November 6, 2019, Caesarstone Ltd. issued a press release titled “Caesarstone Reports 2019 Third Quarter Financial Results”, a copy of which is furnished as Exhibit 99.1 herewith.
 
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 Registrant’s Registration Statements on Form S-8 (Files No. 333- 180313 and No. 333-210444) and (ii) the Registrant’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: November 6, 2019
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 2019 Third Quarter Financial Results

Revenue of $142.8 million
Net Income of $7.1 million, or $0.21 per share
Adjusted Net Income of $10.0 million, or $0.29 per share
Adjusted EBITDA of $22.5 million
Global Growth Acceleration Plan drove higher adjusted EBITDA and margin
Declares Dividend of $0.15 per share
Outlook Update: Expects to be at low end of previously provided full year 2019 outlook ranges for revenue and adjusted EBITDA

MP MENASHE, Israel - November 6, 2019 - Caesarstone Ltd. (NASDAQ: CSTE), a leading developer and manufacturer of high-quality engineered quartz surfaces, today reported financial results for its third quarter ended September 30, 2019.

Yuval Dagim, Chief Executive Officer, commented, “Our third quarter 2019 results reflect the progress we are making in our focused efforts to execute the various facets of our Global Growth Acceleration Plan, contributing to year-over-year improvement in our margins. I am encouraged by the results of the implementation of our new strategy in the U.S., resulting in 8% core growth. While many of our markets outside the U.S. continue to experience intense competition from Chinese-based manufacturers, I am confident in the steps we are taking to improve our performance and enhance our position. We will continue to implement our strategy in order to better leverage our strong brand, reignite growth, increase efficiencies and streamline processes. Moving into 2020 and beyond, our strategic initiatives along with our strong balance sheet leave us well situated to generate additional value for our shareholders.”

Ophir Yakovian, Chief Financial Officer, added, “We are pleased with the improvement in gross margin and Adjusted EBITDA in a challenging environment. The execution of our Global Growth Acceleration Plan allowed us to generate additional efficiencies throughout our organization. While we expect our ongoing initiatives to favorably impact results and our core U.S. business to remain strong, the competitive environment in most of the other regions is likely to persist in the coming quarters. That said, we remain confident that the steps we are taking through our Global Growth Acceleration Plan will contribute towards our efforts to drive improved operating performance in the long-term.”

Third Quarter 2019 Results

Revenue in the third quarter of 2019 was $142.8 million compared to $147.7 million in the prior year quarter. On a constant currency basis, third quarter revenue was lower by 1.5% year-over-year. Sales improvement in the Company’s core business in the U.S. and the continued strong momentum in the U.K. was more than offset by softer performance in Australia and Canada as well as weaker results in Ikea U.S. and in other regions.

Gross margin in the third quarter was 29.8% compared to 29.6% in the prior year quarter. Adjusted gross margin in the third quarter was 29.9% compared to 29.7% in the prior year quarter. The modest improvement in adjusted gross margin mainly reflects lower raw material costs and more favorable regional mix, partly offset by increased manufacturing unit costs due to lower fixed cost absorption resulting from lower capacity utilization, lower average selling price and foreign exchange headwinds.


Operating expenses in the third quarter were $29.7 million, or 20.8% of revenue, compared to $29.7 million, or 20.1% of revenue in the prior year quarter. Excluding legal settlements and loss contingencies, operating expenses decreased to 19.5% of revenue, compared to 20.3% in the prior year quarter mainly due to lower marketing and sales expenses combined with lower general and administrative expenses.

Operating income in the third quarter was $12.9 million compared to $14.0 million in the prior year quarter.

Adjusted EBITDA, which excludes expenses for share-based compensation, legal settlements and loss contingencies and for non-recurring items, was $22.5 million in the third quarter, representing a margin of 15.8%. This compares to adjusted EBITDA of $21.6 million, representing a margin of 14.6%, in the prior year quarter. This year-over-year margin improvement primarily reflects higher gross margin and lower operating expenses as a percentage of revenue, excluding legal settlements and loss contingencies.

Finance expenses in the third quarter were $4.1 million compared to finance expenses of $1.6 million in the prior year quarter. The difference was primarily a result of the adverse impact of foreign currencies exchange rates mainly related to the revaluation of the lease liabilities in accordance with the new lease accounting standard.

Net income attributable to controlling interest for the third quarter was $7.1 million, compared to net income of $10.5 million in the prior year quarter. Diluted net income per share for the third quarter was $0.21, compared to diluted net income per share of $0.31 in the prior year quarter.  Adjusted diluted net income per share for the third quarter was $0.29 on 34.6 million shares, compared to $0.31 on 34.5 million shares in the prior year quarter.

Balance Sheet

The Company's balance sheet as of September 30, 2019 remained strong, including cash, cash equivalents and short-term bank deposits of $116.8 million with no financial debts to banks.

Dividend

The Company’s dividend policy provides for a quarterly cash dividend in the range of $0.10 to $0.15 per share up to the lesser of 50% of reported net income attributable to controlling interest (i) on a quarterly basis or (ii) on a year-to-date basis, subject in each case to approval by its board of directors.

In order to reflect 2019 year-to-date net income attributable to controlling interest, the board of directors declared a special cash dividend of $0.15 per share for the third quarter of 2019, representing an increase from the dividend of $0.10 per share that would have been paid according to the Company’s dividend policy. The dividend will be paid on December 10, 2019 to shareholders of record as of November 20, 2019. The dividend payment is subject to withholding tax of 20%.

Global Growth Acceleration Plan

In May 2019, the Company began executing its Global Growth Acceleration Plan. The plan is designed to improve operational inefficiencies and reignite growth through a variety of projects and a better alignment of resources. To date, the Company has commenced the execution of 90% out of  30 identified projects focusing on expanding its selling efforts in key markets, improving production and supply chain efficiency, enhancing its innovative portfolio of premier product offerings, streamlining core processes and implement a digital transformation within the Company. Beyond currently identified opportunities, the Company will continue to pursue additional avenues to drive efficiencies and to accelerate growth through its multi-year Global Growth Acceleration Plan.


Outlook
For the full year 2019, the Company now expects to be at the low end of its previously announced outlook for revenue in the range of $550 million to $565 million, and adjusted EBITDA in the range of $72 million to $80 million.  For the fourth quarter, the Company anticipates a higher Adjusted EBITDA margin year-over-year, mainly attributable to operational efficiencies and cost controls despite a continuation of market pressures on revenue primarily outside the U.S. and less favorable currency exchange rates.

Conference Call Details

The Company will host a conference call today at 8:30 a.m. ET to discuss the results, followed by a question and answer session for the investment community. A live webcast of the call can be accessed at ir.caesarstone.com. To access the call, dial toll-free 1-877-407-4018 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 Third Quarter Earnings Call.

To listen to a telephonic replay of the conference call, dial toll-free 1-844-512-2921 or +1-412-317-6671 (international) and enter pass code 13695291. The replay will be available beginning at 11:30 a.m. ET on Wednesday, November 6, 2019 and will last through 11:59 p.m. ET on Wednesday, November 13, 2019.

About Caesarstone

Caesarstone is a concept and lifestyle-driven company with a customer-centered approach to designing, developing, and producing high-end engineered quartz surfaces used in residential and commercial buildings. Caesarstone® 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 40 countries where the four distinct Caesarstone product collections are available: Classico, Supernatural, Metropolitan and Concetto. 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 attributable to controlling interest to adjusted net income attributable to controlling interest and net income to Adjusted EBITDA are provided in the schedules to this release. 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 expectations of the results of its 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. These factors include, but are not limited to: 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; 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; delays in manufacturing 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:

Public Relations:
Caesarstone - Maya Lustig
Maya.Lustig@caesarstone.com
+ 972 54 677 8100

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
 
September 30, 2019
   
December 31, 2018
 
   
(Unaudited)
   
(Audited)
 
ASSETS
           
             
CURRENT ASSETS:
           
             
Cash and cash equivalents and short-term bank deposits
 
$
116,836
   
$
93,562
 
Trade receivables, net
   
87,067
     
72,555
 
Other accounts receivable and prepaid expenses
   
34,338
     
25,495
 
Inventories
   
123,638
     
158,492
 
                 
Total current assets
   
361,879
     
350,104
 
                 
LONG-TERM ASSETS:
               
                 
Severance pay fund
   
3,402
     
3,591
 
Other long-term receivables
   
5,327
     
5,435
 
Deferred tax assets, net
   
7,511
     
6,372
 
Long-term deposits and prepaid expenses
   
2,918
     
2,799
 
Right of use assets
   
73,969
     
-
 
Property, plant and equipment, net
   
204,553
     
213,338
 
Goodwill
   
34,650
     
35,283
 
                 
Total long-term assets
   
332,330
     
266,818
 
                 
Total assets
 
$
694,209
   
$
616,922
 
                 
  LIABILITIES AND EQUITY
               
                 
CURRENT LIABILITIES:
               
                 
Short-term bank credit
 
$
-
   
$
7,567
 
Trade payables
   
44,408
     
55,787
 
Related party and other loan
   
2,195
     
2,908
 
Short term legal settlements and loss contingencies
   
19,382
     
13,146
 
Accrued expenses and other liabilities
   
41,926
     
31,873
 
                 
Total current liabilities
   
107,911
     
111,281
 
                 
LONG-TERM LIABILITIES:
               
                 
Long-term loan and financing leaseback from a related party
   
8,024
     
7,089
 
Legal settlements and loss contingencies long-term
   
24,408
     
26,089
 
Long-term lease liabilities
   
65,962
     
-
 
Accrued severance pay
   
4,423
     
4,695
 
Long-term warranty provision
   
1,376
     
1,267
 
                 
Total long-term liabilities
   
104,193
     
39,140
 
                 
EQUITY:
               
                 
Ordinary shares
   
371
     
371
 
Treasury shares - at cost
   
(39,430
)
   
(39,430
)
Additional paid-in capital
   
156,446
     
153,593
 
Capital fund related to non-controlling interest
   
(5,587
)
   
(5,587
)
Accumulated other comprehensive loss
   
(3,563
)
   
(3,177
)
Retained earnings
   
373,868
     
360,731
 
                 
Total equity
   
482,105
     
466,501
 
                 
Total liabilities and equity
 
$
694,209
   
$
616,922
 
 




Caesarstone Ltd. and its subsidiaries
Condensed consolidated statements of income
 
                         
   
Three months ended September 30,
   
Nine months ended September 30,
 
U.S. dollars in thousands (except per share data)
 
2019
   
2018
   
2019
   
2018
 
   
(Unaudited)
   
(Unaudited)
 
                         
Revenues
 
$
142,839
   
$
147,689
   
$
412,107
   
$
432,990
 
Cost of revenues
   
100,215
     
103,918
     
298,451
     
306,646
 
                                 
Gross profit
   
42,624
     
43,771
     
113,656
     
126,344
 
                                 
Operating expenses:
                               
Research and development
   
962
     
863
     
3,184
     
2,504
 
Marketing and selling
   
17,419
     
18,584
     
50,072
     
57,193
 
General and administrative
   
9,451
     
10,466
     
31,056
     
32,914
 
Legal settlements and loss contingencies, net
   
1,853
     
(172
)
   
5,158
     
5,001
 
                                 
Total operating expenses
   
29,685
     
29,741
     
89,470
     
97,612
 
                                 
Operating income
   
12,939
     
14,030
     
24,186
     
28,732
 
Finance expenses, net
   
4,053
     
1,551
     
6,200
     
1,542
 
                                 
Income before taxes on income
   
8,886
     
12,479
     
17,986
     
27,190
 
Taxes on income
   
1,758
     
1,892
     
4,849
     
4,106
 
                                 
Net income
 
$
7,128
   
$
10,587
   
$
13,137
   
$
23,084
 
                                 
Net income attributable to non-controlling interest
   
-
     
(51
)
   
-
     
(45
)
Net income attributable to controlling interest
 
$
7,128
   
$
10,536
   
$
13,137
   
$
23,039
 
Basic net income per ordinary share (*)
 
$
0.21
   
$
0.31
   
$
0.38
   
$
0.67
 
Diluted net income per ordinary share (*)
 
$
0.21
   
$
0.31
   
$
0.38
   
$
0.67
 
Weighted average number of ordinary shares used in computing basic income per ordinary share
   
34,390,244
     
34,362,673
     
34,379,402
     
34,355,838
 
Weighted average number of ordinary shares used in computing diluted income per ordinary share
   
34,442,592
     
34,394,808
     
34,438,797
     
34,397,572
 

(*) The numerator for the calculation of net income per share for the three and nine months ended September 30, 2018 has been increased by approximately $0.1 million and $0.1 million, respectively, to reflect the adjustment to redemption value associated with the redeemable non-controlling interest.




Caesarstone Ltd. and its subsidiaries
Selected Condensed consolidated statements of cash flows
 
             
   
Nine months ended September 30,
 
U.S. dollars in thousands
 
2019
   
2018
 
   
(Unaudited)
 
Cash flows from operating activities:
           
             
Net income
 
$
13,137
   
$
23,084
 
Adjustments required to reconcile net income to net cash provided by operating activities:
               
Depreciation and amortization
   
21,617
     
21,538
 
Share-based compensation expense
   
2,852
     
933
 
Accrued severance pay, net
   
(78
)
   
(475
)
Changes in deferred tax, net
   
(1,359
)
   
(3,061
)
Capital loss
   
342
     
73
 
Legal settlemnets and loss contingencies, net
   
5,158
     
5,001
 
Increase in trade receivables
   
(14,930
)
   
(7,855
)
Increase in other accounts receivable and prepaid expenses
   
(7,787
)
   
(8,930
)
Decrerase (increase) in inventories
   
33,466
     
(29,227
)
Decrease in trade payables
   
(9,292
)
   
(16,234
)
Increase in warranty provision
   
97
     
212
 
Changes in right of use assets
   
(73,969
)
   
-
 
Changes in lease liabilities
   
77,318
     
-
 
Increase (decrease) in accrued expenses and other liabilities including related party
   
1,202
     
(6,571
)
                 
Net cash provided by (used in) operating activities
   
47,774
     
(21,512
)
                 
Cash flows from investing activities:
               
                 
Purchase of property, plant and equipment
   
(15,770
)
   
(13,702
)
Proceeds from sale of property, plant and equipment
   
52
     
6
 
Increase in long term deposits
   
(200
)
   
(224
)
                 
Net cash used in investing activities
   
(15,918
)
   
(13,920
)
                 
Cash flows from financing activities:
               
                 
Dividend paid
   
-
     
(15,114
)
Dividend paid by subsidiary to non-controlling interest
   
-
     
(559
)
Changes in short-term bank credit and loans, net
   
(7,771
)
   
(1,219
)
Repayment of a financing leaseback related to Bar-Lev transaction
   
(891
)
   
(877
)
                 
Net cash used in financing activities
   
(8,662
)
   
(17,769
)
                 
Effect of exchange rate differences on cash and cash equivalents
   
80
     
(215
)
                 
Incresase (decrease) in cash and cash equivalents and short-term bank deposits
   
23,274
     
(53,416
)
Cash and cash equivalents and short-term bank deposits at beginning of the period
   
93,562
     
138,707
 
                 
Cash and cash equivalents and short-term bank deposits at end of the period
 
$
116,836
   
$
85,291
 
                 
Non - cash investing:
               
Changes in trade payables balances related to purchase of fixed assets
   
(2,463
)
   
(31
)



Caesarstone Ltd. and its subsidiaries
                         
   
Three months ended September 30,
   
Nine months ended September 30,
 
U.S. dollars in thousands
 
2019
   
2018
   
2019
   
2018
 
   
(Unaudited)
   
(Unaudited)
 
Reconciliation of Gross profit to Adjusted Gross profit:
                       
Gross profit
 
$
42,624
   
$
43,771
   
$
113,656
   
$
126,344
 
Share-based compensation expense (a)
   
136
   
$
61
     
274
   
$
78
 
Non-recurring import related income
   
-
     
-
     
(1,501
)
   
-
 
Other non-recurring items (b)
   
-
     
-
     
1,367
     
-
 
Adjusted Gross profit (Non-GAAP)
 
$
42,760
   
$
43,832
   
$
113,796
   
$
126,422
 

(a)
Share-based compensation includes expenses related to stock options and restricted stock units granted to employees and directors of the Company.
(b)
Nine months ended September 30, 2019 figures include one time amortization of machinnery equipment with no future alternative use.

Caesarstone Ltd. and its subsidiaries
                         
   
Three months ended September 30,
   
Nine months ended September 30,
 
U.S. dollars in thousands
 
2019
   
2018
   
2019
   
2018
 
   
(Unaudited)
   
(Unaudited)
 
Reconciliation of Net Income to Adjusted EBITDA:
                       
Net income
 
$
7,128
   
$
10,587
   
$
13,137
   
$
23,084
 
Finance expenses, net
   
4,053
     
1,551
     
6,200
     
1,542
 
Taxes on income
   
1,758
     
1,892
     
4,849
     
4,106
 
Depreciation and amortization (*)
   
6,755
     
7,156
     
21,617
     
21,538
 
Legal settlements and loss contingencies, net (a)
   
1,853
     
(172
)
   
5,158
     
5,001
 
Share-based compensation expense (b)
   
968
     
541
     
2,852
     
933
 
Non-recurring import related income
   
-
     
-
     
(1,501
)
   
-
 
Other non-recurring items (c)
   
-
     
-
     
993
     
1,157
 
                                 
Adjusted EBITDA (Non-GAAP)
 
$
22,515
   
$
21,555
   
$
53,305
   
$
57,361
 

(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)
Relates to non-recurring expenses related to North American region establishment, one time charge related to reduction in headcount, and in 2018 also relocation expenses of Caesarstone USA headquarters (Company's subsidiary).
(*)
Nine months ended September 30, 2019 figures include one time amortization of machinnery equipment with no future alternative use.


Caesarstone Ltd. and its subsidiaries
                         
   
Three months ended September 30,
   
Nine months ended September 30,
 
U.S. dollars in thousands (except per share data)
 
2019
   
2018
   
2019
   
2018
 
   
(Unaudited)
   
(Unaudited)
 
    Reconciliation of net income attributable to controlling
    interest to adjusted net income attributable to controlling interest:
 
Net income attributable to controlling interest
 
$
7,128
   
$
10,536
   
$
13,137
   
$
23,039
 
Legal settlements and loss contingencies, net (a)
   
1,853
     
(172
)
   
5,158
     
5,001
 
Share-based compensation expense (b)
   
968
     
541
     
2,852
     
933
 
Non cash revaluation of lease liabilities (c)
   
1,123
     
-
     
3,349
     
-
 
Non-recurring import related income
   
-
     
-
     
(1,501
)
   
-
 
Other non-recurring items (d)
   
-
     
-
     
2,193
     
1,157
 
Total adjustments
   
3,944
     
369
     
12,051
     
7,091
 
Less tax on non-tax adjustments (e)
   
1,063
     
59
     
3,249
     
1,071
 
Total adjustments after tax
   
2,881
     
310
     
8,802
     
6,020
 
                                 
Adjusted net income attributable to controlling interest (Non-GAAP)
 
$
10,009
   
$
10,846
   
$
21,939
   
$
29,059
 
Adjusted diluted EPS (f)
 
$
0.29
   
$
0.31
   
$
0.64
   
$
0.84
 

(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)
Relates to non-recurring expenses related to North American region establishment, one time charge related to reduction in headcount, one time amortization of machinnery equipment with no future alternative use, and in 2018 also relocation expenses of Caesarstone USA headquarters (Company's subsidiary).
(e)
Tax adjustments for the three and nine months ended September 30, 2019 and 2018, based on the effective tax rates for these periods.
(f)
In calculating adjusted diluted (Non-GAAP) EPS, 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 September 30,
   
Nine months ended September 30,
 
U.S. dollars in thousands
 
2019
   
2018
   
2019
   
2018
 
   
(Unaudited)
   
(Unaudited)
 
                         
USA (*)
 
$
64,805
   
$
61,933
   
$
185,812
   
$
179,041
 
Australia (incl. New Zealand)
   
28,642
     
33,968
     
82,150
     
97,603
 
Canada (*)
   
21,881
     
25,140
     
65,400
     
75,844
 
Israel
   
10,683
     
9,709
     
30,190
     
30,625
 
Europe
   
10,149
     
9,170
     
28,936
     
25,735
 
Rest of World
   
6,679
     
7,769
     
19,619
     
24,142
 
   
$
142,839
   
$
147,689
   
$
412,107
   
$
432,990
 

(*)
Total revenues for the three and nine months ended September 30, 2019 and 2018 in the North American region were $86,686 and $251,212, and $87,073 and $254,885, respectively.