Item 1. Financial Statements
Item 1. Financial Statements
NOVOCURE LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands (except share data)
March 31,
2023 December 31, 2022
Unaudited Audited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 185,963 $ 115,326
Short-term investments 772,072 854,099
Restricted cash 676 508
Trade receivables, net 74,830 86,261
Receivables and prepaid expenses 23,730 25,959
Inventories 31,723 29,376
Total current assets 1,088,994 1,111,529
LONG-TERM ASSETS:
Property and equipment, net 36,454 32,678
Field equipment, net 12,216 12,684
Right-of-use assets 25,529 23,596
Other long-term assets 11,147 11,161
Total long-term assets 85,346 80,119
TOTAL ASSETS $ 1,174,340 $ 1,191,648
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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NOVOCURE LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands (except share data)
March 31,
2023 December 31, 2022
Unaudited Audited
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Trade payables $ 81,469 $ 85,197
Other payables, lease liabilities and accrued expenses 67,306 73,580
Total current liabilities 148,775 158,777
LONG-TERM LIABILITIES:
Long-term debt, net 566,324 565,509
Deferred revenues 1,843 2,878
Long-term leases 19,973 18,762
Employee benefit liabilities 5,143 4,404
Other long-term liabilities 136 148
Total long-term liabilities 593,419 591,701
TOTAL LIABILITIES 742,194 750,478
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Share capital -
Ordinary shares no par value, unlimited shares authorized; issued and outstanding:
106,187,162 shares and 105,049,411 shares at March 31, 2023 (unaudited) and December 31, 2022, respectively
— —
Additional paid-in capital 1,266,358 1,222,063
Accumulated other comprehensive income (loss) ( 2,691 ) ( 2,433 )
Retained earnings (accumulated deficit) ( 831,521 ) ( 778,460 )
TOTAL SHAREHOLDERS' EQUITY 432,146 441,170
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 1,174,340 $ 1,191,648
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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NOVOCURE LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands (except share and per share data)
Three months ended March 31, Year ended December 31,
2023 2022 2022
Unaudited Audited
Net revenues $ 122,182 $ 137,547 $ 537,840
Cost of revenues 29,614 27,727 114,867
Gross profit 92,568 109,820 422,973
Operating costs and expenses:
Research, development and clinical studies 59,704 42,234 206,085
Sales and marketing 51,169 37,884 173,658
General and administrative 41,944 30,508 132,753
Total operating costs and expenses 152,817 110,626 512,496
Operating income (loss) ( 60,249 ) ( 806 ) ( 89,523 )
Financial income (expenses), net 9,169 ( 1,709 ) 7,677
Income (loss) before income tax ( 51,080 ) ( 2,515 ) ( 81,846 )
Income tax 1,981 2,132 10,688
Net income (loss) $ ( 53,061 ) $ ( 4,647 ) $ ( 92,534 )
Basic net income (loss) per ordinary share $ ( 0.50 ) $ ( 0.04 ) $ ( 0.88 )
Weighted average number of ordinary shares used in computing basic net income (loss) per share 105,667,072 104,186,120 104,660,476
Diluted net income (loss) per ordinary share $ ( 0.50 ) $ ( 0.04 ) $ ( 0.88 )
Weighted average number of ordinary shares used in computing diluted net income (loss) per share 105,667,072 104,186,120 104,660,476
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
U.S. dollars in thousands
Three months ended March 31, Year ended December 31,
2023 2022 2022
Unaudited Audited
Net income (loss) $ ( 53,061 ) $ ( 4,647 ) $ ( 92,534 )
Other comprehensive income (loss), net of tax:
Change in foreign currency translation adjustments 300 330 1,425
Unrealized gain (loss) from debt securities 357 — ( 445 )
Pension benefit plan ( 915 ) 1,511 ( 244 )
Total comprehensive income (loss) $ ( 53,319 ) $ ( 2,806 ) $ ( 91,798 )
NOVOCURE LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
U.S. dollars in thousands (except share data)
Ordinary shares Additional
paid-in
capital Accumulated
other
comprehensive
loss Retained earnings (accumulated
deficit) Total shareholders'
equity
Balance as of December 31, 2022 (audited) 105,049,411 $ 1,222,063 $ ( 2,433 ) $ ( 778,460 ) $ 441,170
Share-based compensation to employees — 39,084 — — 39,084
Exercise of options and vested RSUs 1,137,751 5,211 — — 5,211
Other comprehensive income (loss), net of tax benefit of $ 0
— — ( 258 ) — ( 258 )
Net income (loss) — — — ( 53,061 ) ( 53,061 )
Balance as of March 31, 2023 (Unaudited) 106,187,162 $ 1,266,358 $ ( 2,691 ) $ ( 831,521 ) $ 432,146
Ordinary shares Additional
paid-in
capital Accumulated
other
comprehensive
loss Retained earnings (accumulated
deficit) Total shareholders'
equity
Balance as of December 31, 2021 (audited) 103,971,263 $ 1,099,589 $ ( 3,169 ) $ ( 685,926 ) $ 410,494
Share-based compensation to employees — 25,045 — — 25,045
Exercise of options and vested RSUs 587,825 3,148 — — 3,148
Other comprehensive income (loss), net of tax benefit of $ 0
— — 1,841 — 1,841
Net income (loss) — — — ( 4,647 ) ( 4,647 )
Balance as of March 31, 2022 (Unaudited) 104,559,088 $ 1,127,782 $ ( 1,328 ) $ ( 690,573 ) $ 435,881
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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NOVOCURE LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
Three months ended March 31, Year ended December 31,
2023 2022 2022
Unaudited Audited
Cash flows from operating activities:
Net income (loss) $ ( 53,061 ) $ ( 4,647 ) $ ( 92,534 )
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization 2,722 2,610 10,624
Accrued Interest ( 1,120 ) ( 221 ) ( 2,216 )
Asset write-downs and impairment of field equipment 126 135 955
Share-based compensation 39,084 25,045 106,955
Foreign currency remeasurement loss (gain) ( 127 ) 249 ( 3,256 )
Decrease (increase) in accounts receivables 14,511 ( 7,461 ) 2,547
Amortization of discount (premium) ( 4,056 ) 684 ( 1,536 )
Decrease (increase) in inventories ( 2,718 ) ( 4,804 ) ( 4,342 )
Decrease (increase) in other long-term assets 1,534 1,863 7,107
Increase (decrease) in accounts payables and accrued expenses ( 10,464 ) ( 14,809 ) 14,257
Increase (decrease) in other long-term liabilities ( 3,158 ) ( 2,331 ) ( 7,773 )
Net cash provided by (used in) operating activities ( 16,727 ) ( 3,687 ) 30,788
Cash flows from investing activities:
Purchase of property, equipment and field equipment ( 6,088 ) ( 5,093 ) ( 21,358 )
Proceeds from maturity of short-term investments 326,287 279,000 1,179,289
Purchase of short-term investments ( 237,912 ) ( 291,317 ) ( 1,297,888 )
Net cash provided by (used in) investing activities 82,287 ( 17,410 ) ( 139,957 )
Cash flows from financing activities:
Proceeds from issuance of shares, net — — 5,224
Repayment of long-term debt ( 7 ) ( 7 ) ( 28 )
Exercise of options 5,211 3,148 10,295
Net cash provided by (used in) financing activities 5,204 3,141 15,491
Effect of exchange rate changes on cash, cash equivalents and restricted cash 41 ( 25 ) ( 97 )
Increase (decrease) in cash, cash equivalents and restricted cash 70,805 ( 17,981 ) ( 93,775 )
Cash, cash equivalents and restricted cash at the beginning of the period 115,834 209,609 209,609
Cash, cash equivalents and restricted cash at the end of the period $ 186,639 $ 191,628 $ 115,834
Supplemental cash flow activities:
Cash paid during the period for:
Income taxes paid (refunded), net $ 1,712 $ 1,173 $ 5,480
Interest paid $ 1 $ 1 $ 41
Non-cash activities:
Right-of-use assets obtained in exchange for lease liabilities $ 3,451 $ 3,580 $ 12,117
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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NOVOCURE LIMITED AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share data)
NOTE 1: ORGANIZATION AND BASIS OF PRESENTATION
Organization . NovoCure Limited (including its consolidated subsidiaries, the "Company") was incorporated in the Bailiwick of Jersey and is principally engaged in the development, manufacture and commercialization of Tumor Treating Fields ("TTFields") devices, including Optune and Optune Lua (collectively, our "Products"), for the treatment of solid tumor cancers. The Company currently markets Optune in the United States ("U.S."), Germany, Japan and certain other countries. The Company currently markets Optune Lua in the U.S. and European Union. The Company also has a License and Collaboration Agreement (the "Zai Agreement") with Zai Lab (Shanghai) Co., Ltd. ("Zai") to market Optune in China, Hong Kong, Macau and Taiwan ("Greater China").
Financial statement preparation . The accompanying unaudited consolidated financial statements include the accounts of the Company and intercompany accounts and transactions have been eliminated. In the opinion of the Company’s management, the consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation for the periods presented. The preparation of these consolidated financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. These consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the "2022 10-K") filed with the Securities and Exchange Commission on February 23, 2023.
The significant accounting policies applied in the audited annual consolidated financial statements of the Company as disclosed in the 2022 10-K are applied consistently in these unaudited interim consolidated financial statements.
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NOTE 2: CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
Cash equivalents include items almost as liquid as cash, with maturity periods of three months or less when purchased, and short-term investments include items with maturity dates between three months and one year when purchased. As of March 31, 2023 and December 31, 2022, the Company’s cash and cash equivalents and short-term investments were composed of:
March 31, 2023
Unaudited
Fair value level Adjusted cost basis Unrealized gains Unrealized losses Fair market value Recorded basis Cash and cash equivalents Short-term investments
Cash $ 11,602 $ — $ — $ 11,602 $ 11,602 $ 11,602 $ —
Money market funds Level 1 132,636 — — 132,636 132,636 132,636 —
Certificate of deposits and term deposits Level 2 295,804 — — 295,804 295,804 2,000 293,804
HTM securities (1)
U.S. Treasury bills Level 1 $ 166,659 $ 8 $ ( 272 ) 166,395 166,659 $ — $ 166,659
Government and governmental agencies Level 2 $ 26,512 $ 95 $ ( 9 ) 26,598 26,512 $ — $ 26,512
Corporate debt securities Level 2 $ 324,822 $ 1,570 $ ( 1,186 ) 325,206 324,822 $ 39,725 $ 285,097
$ 517,993 $ 1,673 $ ( 1,467 ) $ 518,199 $ 517,993 $ 39,725 $ 478,268
Total $ 958,035 $ 1,673 $ ( 1,467 ) $ 958,241 $ 958,035 $ 185,963 $ 772,072
December 31, 2022
Audited
Fair value level Adjusted cost basis Unrealized gains Unrealized losses Fair market value Recorded basis Cash and cash equivalents Short-term investments
Cash $ 9,697 $ — $ — $ 9,697 $ 9,697 $ 9,697 $ —
Money market funds Level 1 105,629 — — 105,629 105,629 105,629 —
Certificate of deposits and term deposits Level 2 316,946 — — 316,946 316,946 — 316,946
HTM securities (1)
U.S. Treasury bills Level 1 $ 188,030 $ 8 $ ( 540 ) 187,498 188,030 $ — $ 188,030
Government and governmental agencies Level 2 $ 44,357 $ 12 $ ( 12 ) 44,357 44,357 $ — $ 44,357
Corporate debt securities Level 2 $ 304,766 $ 1,066 $ ( 587 ) 305,245 304,766 $ — $ 304,766
$ 537,153 $ 1,086 $ ( 1,139 ) $ 537,100 $ 537,153 $ — $ 537,153
Total $ 969,425 $ 1,086 $ ( 1,139 ) $ 969,372 $ 969,425 $ 115,326 $ 854,099
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(1) Changes in fair value of held-to-maturity ("HTM") securities are presented for disclosure purposes as required by ASC 320 and are recorded as finance expenses only if the unrealized loss is identified as a credit loss.
In November 2022, the Company transferred all of its available-for-sale portfolio to HTM as part of the Company's investment strategy. Such transfers are made at fair value at the date of transfer. The net unrealized loss on these securities at the date of transfer was $ 911 . These securities continue to be reported in accumulated comprehensive income (loss) and are amortized over the remaining lives of the securities as an adjustment to the yield. As of March 31, 2023 and December 31, 2022, the unamortized unrealized loss balances were $ 88 and $ 445 , respectively, and are reported in accumulated other comprehensive income (loss).
In accordance with ASC No. 820, the Company measures its money market funds at fair value. The fair value of the money market funds and HTM securities, which is presented for disclosure purposes, are classified within Level 1 or Level 2. This is because these assets are valued using quoted market prices or alternative pricing sources and models utilizing market observable inputs.
As of March 31, 2023 and December 31, 2022, all investments mature in one year or less.
Unrealized losses from debt securities are primarily attributable to changes in interest rates. The Company does not believe any remaining unrealized losses represent impairments based on the evaluation of available evidence.
Debt securities with continuous unrealized losses for less than 12 months and their related fair values were as follows:
March 31, 2023 December 31, 2022
Unaudited Audited
Less than 12 months Less than 12 months
Fair value Unrealized loss Fair value Unrealized loss
U.S. Treasury bills 116,323 ( 272 ) 162,813 ( 540 )
Government and governmental agencies 1,597 ( 9 ) 38,477 ( 12 )
Corporate debt securities 224,483 ( 1,186 ) 162,085 ( 587 )
Total 342,403 ( 1,467 ) 363,375 ( 1,139 )
As of March 31, 2023, no continuous unrealized losses for 12 months or greater was identified.
NOTE 3: INVENTORIES
Inventories are stated at the lower of cost or net realizable value. The weighted average methodology is applied to determine cost. As of March 31, 2023 and December 31, 2022, the Company’s inventories were composed of:
March 31,
2023 December 31,
2022
Unaudited Audited
Raw materials $ 4,590 $ 4,314
Work in progress 9,797 9,321
Finished products 17,336 15,741
Total $ 31,723 $ 29,376
NOTE 4: COMMITMENTS AND CONTINGENT LIABILITIES
Operating Leases. The facilities of the Company are leased under various operating lease agreements for periods, including options for extensions, ending no later than 2044. The Company also leases motor vehicles under various operating leases, which expire on various dates, the latest of which is in 2026.
Pledged deposits and bank guarantees. As of March 31, 2023 and December 31, 2022, the Company pledged bank deposits of $ 2,341 and $ 2,296 , respectively, to cover bank guarantees in respect of its leases of operating facilities
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and obtained bank guarantees for the fulfillment of the Company’s lease and other contractual commitments of $ 2,700 and $ 2,459 , respectively .
Senior secured revolving credit facility. On November 6, 2020, the Company entered into a three-year $ 150,000 senior secured revolving credit facility ("2020 Credit Facility") with a syndicate of relationship banks. On February 17, 2023, the Company gave irrevocable notice to the administrative agent under the 2020 Credit Facility that the Company terminated all commitments, effective February 22, 2023. This effectively terminated the 2020 Credit Facility, as the Company's ability to borrow and the Company's obligations to comply with all covenants ended on such date. The liens and guaranties in favor of the lenders are released. There was no early termination fee payable and the Company had no outstanding balance borrowed under the 2020 Credit Facility.
The commitments under the 2020 Credit Facility were guaranteed by certain of the Company's subsidiaries and secured by a first lien on the Company's and certain of its subsidiaries’ assets. Outstanding loans bore interest per annum at a sliding scale based on the our secured leverage ratio from 2.75 % to 3.25 % above the applicable interbank borrowing reference rate for the currency in which the loan is denominated. Additionally, the 2020 Credit Facility contained a fee for the unused revolving credit commitments at a sliding scale based on our secured leverage ratio from 0.35 % to 0.45 %. The 2020 Credit Facility contained financial covenants requiring maintenance of a minimum fixed charge coverage ratio and specifying a maximum senior secured net leverage ratio, as well as customary events of default which include a change of control, which are no longer applicable.
NOTE 5: CONVERTIBLE NOTE
On November 5, 2020, the Company issued $ 575,000 aggregate principal amount of 0 % Convertible Senior Notes due 2025 (the “Notes”).
The Notes mature on November 1, 2025, unless earlier repurchased, redeemed or converted as set forth in the Notes. As of March 31, 2023, the conditions allowing holders of the Notes to convert were not met. The Notes are therefore not convertible as of March 31, 2023 and are classified as long-term liability.
The net carrying amount of the liability of the Notes as of March 31, 2023 and December 31, 2022 are as follows:
March 31,
2023 December 31,
2022
Unaudited Audited
Liability component, net:
Principal amount $ 575,000 $ 575,000
Unamortized issuance costs ( 8,676 ) ( 9,491 )
Net carrying amount of liability component (1) $ 566,324 $ 565,509
(1) An effective interest rate determines the fair value of the Notes, therefore they are categorized as Level 3 in accordance with ASC 820, "Fair Value Measurements and Disclosures." The estimated fair value of the net carrying amount of liability component of the Notes as of March 31, 2023 and December 31, 2022 were $ 468,271 and $ 455,091 , respectively.
Finance expense related to the Notes was as follows:
Three months ended March 31, Year ended December 31,
2022
2023 2022
Unaudited Audited
Amortization of debt issuance costs
815 810 3,293
Total finance expense recognized
$ 815 $ 810 $ 3,293
NOTE 6: SHARE OPTION PLANS AND ESPP
In September 2015, the Company adopted the 2015 Omnibus Incentive Plan (the “2015 Plan”). Under the 2015 Plan, the Company can issue various types of equity compensation awards such as share options, restricted
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shares, performance shares, restricted share units (“RSUs”), performance-based share units (“PSUs”), long-term cash awards and other share-based awards.
Options granted under the 2015 Plan generally have a two-year or four-year vesting period and expire ten years after the date of grant. Options granted under the 2015 Plan that are canceled or forfeited before expiration become available for future grants. RSUs granted under the 2015 Plan generally vest over a three year period. PSUs granted under the 2015 Plan generally vest between a three - and six-year period as performance targets are attained. RSUs and PSUs granted under the 2015 Plan that are canceled before expiration become available for future grants. As of March 31, 2023, 19,010,778 ordinary shares were available for grant under the 2015 Plan.
A summary of the status of the Company’s option plans as of March 31, 2023 and changes during the period then ended is presented below:
Three months ended March 31, 2023
Unaudited
Number
of options Weighted
average
exercise
price
Outstanding at beginning of year 8,786,364 $ 37.27
Granted 627,764 76.97
Exercised ( 429,752 ) 12.07
Forfeited and canceled ( 63,147 ) 96.06
Outstanding as of March 31, 2023 8,921,229 $ 40.86
Exercisable options 7,204,441 $ 30.28
For the three months ended March 31, 2023, options to purchase 429,752 ordinary shares were exercised, resulting in the issuance of 429,752 ordinary shares.
A summary of the status of the Company’s RSUs and PSUs as of March 31, 2023 and changes during the period then ended is presented below.
Three months ended March 31, 2023
Unaudited
Number
of RSU/PSUs Weighted
average
grant date fair value
Unvested at beginning of year 5,377,459 $ 66.87
Granted 1,133,373 76.97
Vested ( 707,999 ) 85.08
Forfeited and cancelled ( 78,002 ) 99.08
Unvested as of March 31, 2023 (1) 5,724,831 66.21
(1) Includes PSUs that have a mix of service, market and other milestone performance vesting conditions which are vested upon achievements of performance milestones which are not probable, as of March 31, 2023, in accordance with ASC 718 as follows:
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March 31, 2023
Number of
PSUs Fair value at grant date per PSU Total fair value at grant date
2,703,852 $ 48.16 $ 130,218
189,029 76.97 14,550
124,701 80.59 10,050
7,605 87.66 667
10,532 94.94 1,000
161,912 $ 114.26 18,500
3,197,631 $ 174,985
These PSUs will be expensed over the performance period when the vesting conditions become probable in accordance with ASC 718.
In September 2015, the Company adopted an employee share purchase plan (“ESPP”) to encourage and enable eligible employees to acquire ownership of the Company’s ordinary shares purchased through accumulated payroll deductions on an after-tax basis. In the United States, the ESPP is intended to be an “employee stock purchase plan” within the meaning of Section 423 of the Internal Revenue Code and the provisions of the ESPP are construed in a manner consistent with the requirements of such section. As of March 31, 2023, 4,868,733 ordinary shares were available to be purchased by eligible employees under the ESPP.
The fair value of share-based awards was estimated using the Black-Scholes model for all equity grants. For market condition awards, the Company also applied the Monte-Carlo simulation model. We assessed fair value using the following underlying assumptions:
Three months ended March 31, Year ended December 31,
2022
2023 2022
Unaudited Audited
Stock Option Plans
Expected term (years) 5.75 - 6.00
5.33 - 5.83
5.33 - 5.83
Expected volatility 63 %- 64 %
60 %- 62 %
60 %- 62 %
Risk-free interest rate 4.08 %- 4.10 %
1.58 %- 1.61 %
1.58 %- 4.23 %
Dividend yield 0.00 % 0.00 % 0.00 %
ESPP
Expected term (years) 0.50 0.50 0.50
Expected volatility 56 % 51 % 51 %- 77 %
Risk-free interest rate 4.76 % 0.19 % 0.19 %- 2.52 %
Dividend yield 0.00 % 0.00 % 0.00 %
The total non-cash share-based compensation expense related to all of the Company’s equity-based awards recognized for the three months ended March 31, 2023 and 2022 and the year ended December 31, 2022 was:
Three months ended March 31, Year ended December 31,
2022
2023 2022
Unaudited Audited
Cost of revenues $ 2,006 $ 952 $ 4,690
Research, development and clinical studies 11,779 6,801 30,790
Sales and marketing 11,644 6,655 28,826
General and administrative 13,655 10,637 42,649
Total share-based compensation expense $ 39,084 $ 25,045 $ 106,955
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NOTE 7: Basic and diluted net income (loss) per ordinary share
Basic net income (loss) per share is computed based on the weighted average number of ordinary shares outstanding during each period. Diluted net income per share is computed based on the weighted average number of ordinary shares outstanding during the period, plus potential dilutive shares (deriving from options, RSUs, PSUs, convertible notes and the ESPP) considered outstanding during the period, in accordance with ASC 260-10, as determined under the if-converted method.
The following table sets forth the computation of the Company’s basic and diluted net income (loss) per ordinary share:
Three months ended March 31, Year ended December 31,
2022
2023 2022
Unaudited Audited
Net income (loss) attributable to ordinary shares as reported used in computing basic and diluted net income (loss) per share $ ( 53,061 ) $ ( 4,647 ) $ ( 92,534 )
Weighted average number of ordinary shares used in computing basic net income (loss) per share 105,667,072 104,186,120 104,660,476
Weighted average number of ordinary shares used in computing diluted net income (loss) per share 105,667,072 104,186,120 104,660,476
Weighted anti-dilutive shares outstanding which were not included in the diluted calculation 7,543,657 7,874,118 7,272,606
Basic net income (loss) per ordinary share $ ( 0.50 ) $ ( 0.04 ) $ ( 0.88 )
Diluted net income (loss) per ordinary share $ ( 0.50 ) $ ( 0.04 ) $ ( 0.88 )
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NOTE 8: SUPPLEMENTAL INFORMATION
The Company operates in a single reportable segment.
The following table presents long-lived assets by location:
March 31,
2023 December 31,
2022
Unaudited Audited
United States $ 32,859 $ 30,012
Israel 7,335 7,180
Switzerland 5,049 5,084
Japan 1,077 1,063
Germany 1,086 762
Others 1,264 1,261
Total long lived assets $ 48,670 $ 45,362
The Company’s revenues by geographic region, based on the customer’s location, are summarized as follows:
Three months ended March 31, Year ended December 31,
2022
2023 2022
Unaudited Audited
United States $ 85,228 $ 97,416 $ 406,894
Germany 15,120 19,238 46,120
Japan 8,669 8,750 32,781
Greater China (1) 5,315 4,368 21,332
Others 7,850 7,775 30,713
Total net revenues $ 122,182 $ 137,547 $ 537,840
(1) For additional information, see Note 12 to the Consolidated Financial Statements in the 2022 10-K.
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Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.