Q2 2024 Kornit Digital Ltd Earnings Call Transcript
Key Points
- Kornit Digital Ltd (KRNT) reported positive cash flow from operations for the third consecutive quarter, indicating improved financial health.
- The company saw growth in impressions and consumables, suggesting strong utilization of existing capacity by customers.
- The Apollo system continues to be well-received, with several new orders, indicating strong market demand.
- The AIC model is gaining traction, providing predictable unit economics for customers and a clearer revenue view for Kornit.
- Kornit Digital Ltd (KRNT) expects a stronger second half of 2024, with sales projected to increase by 20% to 25%.
- The company reported an adjusted EBITDA margin of negative 3%, indicating ongoing profitability challenges.
- Sales of systems and services declined year-over-year, reflecting potential weaknesses in these segments.
- The macroeconomic environment remains unstable, delaying investments in capital equipment.
- An allowance for doubtful debts of approximately $1.5 million was recorded due to a North American customer's bankruptcy filing.
- The share repurchase program was limited due to a blackout period, and the existing authorization expired in July.
Good morning, ladies and gentlemen, and welcome to the Kornit Digital second quarter 2024 earnings conference call. (Operator Instructions) This call is being recorded on Wednesday, August 7, 2024.
I would now like to turn the conference over to Mr. Jared Maymon, Global Head of Investor Relations. Please go ahead.
Thank you, operator. Good day, everyone, and welcome to Kornit Digital's second quarter of 2024 earnings conference call. Joining me today are Chief Executive Officer, Ronen Samuel; and Lauri Hanover Kornit's Chief Financial Officer. For today's call Ronen will provide comments on the second quarter of 2024. Lauri will then review the second quarter numbers and provide our third quarter outlook before we open it up for Q&A.
Before we begin, I would like to remind you that forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other US securities laws will be made on this call. These
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