Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Taro Provides Results for the Quarter Ended June 30, 2023 By: Taro Pharmaceutical Industries Ltd. via Business Wire July 26, 2023 at 20:36 PM EDT Taro Pharmaceutical Industries Ltd. (NYSE: TARO) (“Taro” or the “Company”) today provided unaudited financial results for the quarter ended June 30, 2023. Quarter ended June 30, 2023 Highlights ─ compared to June 30, 2022 Net sales increased $2.2 million, or 1.4%, to $158.9 million. Gross profit of $64.1 million (40.3% of net sales) compared to $81.6 million (52.1% of net sales). Research and development (R&D) expenses of $16.1 million increased $4.6 million. Selling, marketing, general and administrative expenses (“SMGA”) of $55.9 million includes certain one-time items of $6.2 million related to transitional expenses for the planned relocation of our Alchemee operations from California to New York. Excluding this charge, SMGA was $49.7 million, or $6.4 million below the prior year quarter. Operating income/(loss) of $(7.9) million compared to an operating income of $14.0 million. Excluding the impact from the aforementioned certain one-time items, operating income/(loss) was $(1.7) million in the current year quarter. Interest and other financial income of $10.9 million increased $9.0 million. Foreign Exchange (FX) income of $2.1 compared to FX expense of $0.3 million in the prior year quarter; a favorable impact of $2.4 million. Tax/(benefit) of $(4.6) million compared to tax expense of $2.0 million in the prior year quarter. Net income was $10.0 million compared to net income of $14.1 million, resulting in earnings per share of $0.27 compared to net earnings per share of $0.37. Excluding the impact from the certain one-time items in the current year quarter, net income was $14.9 million resulting in earnings per share of $0.40. Cash Flow and Balance Sheet Highlights Cash flow provided by operations for the quarter ended June 30, 2023, was $7.8 million; compared to cash flow used in operations for the quarter ended June 30, 2022, of $58.0 million (excluding the impact from the settlement and loss contingencies charges in the prior year quarter, cash flow provided by operations was $9.6 million). As of June 30, 2023, cash and cash equivalents, short-term bank deposits and marketable securities (both short- and long-term) was $1.3 billion in line with March 31, 2023. Form 20-F Filings with the SEC On June 29, 2023, Taro filed its Annual Report on Form 20-F with the U.S. Securities and Exchange Commission (“SEC”) for the fiscal year ended March 31, 2023. The Company cautions that the foregoing 2023 financial information is unaudited and is subject to change. ************************ About Taro Taro Pharmaceutical Industries Ltd. is a multinational, science-based pharmaceutical company dedicated to meeting the needs of its customers through the discovery, development, manufacturing and marketing of the highest quality healthcare products. For further information on Taro Pharmaceutical Industries Ltd., please visit the Company’s website at www.taro.com. SAFE HARBOR STATEMENT The unaudited consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments necessary to present fairly the financial condition and results of operations of the Company. The unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 20-F, as filed with the SEC. Certain statements in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements that do not describe historical facts or that refer or relate to events or circumstances the Company “estimates,” “believes,” or “expects” to happen or similar language, and statements with respect to the Company’s financial performance, availability of financial information, and estimates of financial results and information for fiscal year 2024. Although the Company believes the expectations reflected in such forward-looking statements to be based on reasonable assumptions, it can give no assurances that its expectations will be attained. Factors that could cause actual results to differ include general domestic and international economic conditions, industry and market conditions, changes in the Company's financial position, litigation brought by any party in any court in Israel, the United States, or any country in which Taro operates, regulatory and legislative actions in the countries in which Taro operates, and other risks detailed from time to time in the Company’s SEC reports, including its Annual Reports on Form 20-F. Forward-looking statements are applicable only as of the date on which they are made. The Company undertakes no obligations to update, change or revise any forward-looking statement, whether as a result of new information, additional or subsequent developments or otherwise. **Financial Tables Follow** TARO PHARMACEUTICAL INDUSTRIES LTD. SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (U.S. dollars in thousands, except share data) Quarter Ended June 30, 2023 2022 (unaudited) (unaudited) Sales, net $ 158,894 $ 156,665 Cost of sales 94,810 75,059 Gross profit 64,084 81,606 Operating Expenses: Research and development 16,145 11,508 Selling, marketing, general and administrative 55,861 56,122 Operating income/(loss) * (7,922 ) 13,976 Financial (income) expense, net: Interest and other financial income (10,890 ) (1,926 ) Foreign exchange (income)/expense (2,083 ) 294 Other gain, net 390 445 Income/(loss) before income taxes 5,440 16,053 Tax expense/(benefit) (4,593 ) 1,974 Net income/(loss) * $ 10,033 $ 14,079 Net income/(loss) per ordinary share: Basic and Diluted * $ 0.27 $ 0.37 Weighted-average number of shares used to compute net income/(loss) per share: Basic and Diluted 37,584,891 37,584,891 May not foot due to rounding. TARO PHARMACEUTICAL INDUSTRIES LTD. SUMMARY CONSOLIDATED BALANCE SHEETS (U.S. dollars in thousands) June 30, March 31, 2023 2023 ASSETS (unaudited) (audited) CURRENT ASSETS: Cash and cash equivalents $ 124,165 $ 154,495 Short-term bank deposits 119,980 119,980 Marketable securities 562,008 575,814 Accounts receivable and other: Trade, net 226,873 202,260 Other receivables and prepaid expenses 56,555 57,210 Inventories 204,592 226,669 TOTAL CURRENT ASSETS 1,294,173 1,336,428 Marketable securities 451,174 404,896 Property, plant and equipment, net 189,590 190,139 Deferred income taxes 101,386 103,672 Goodwill 17,231 17,231 Other assets 81,495 83,147 TOTAL ASSETS $ 2,135,049 $ 2,135,513 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Trade payables $ 59,368 $ 68,485 Other current liabilities 325,638 317,064 TOTAL CURRENT LIABILITIES 385,006 385,549 Deferred taxes and other long-term liabilities 11,511 19,106 TOTAL LIABILITIES 396,517 404,655 Taro shareholders' equity 1,738,532 1,730,858 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 2,135,049 $ 2,135,513 TARO PHARMACEUTICAL INDUSTRIES LTD. SUMMARY CONSOLIDATED STATEMENTS OF CASH FLOWS (U.S. dollars in thousands) Quarter Ended June 30, 2023 2022 (unaudited) (unaudited) Cash flows from operating activities: Net income $ 10,033 $ 14,079 Adjustments required to reconcile net income (loss) to net cash used in operating activities: Depreciation and amortization 7,892 6,978 Change in derivative instruments, net — (24 ) Effect of change in exchange rate on marketable securities and bank deposits (953 ) 747 Deferred income taxes, net 2,379 2,415 Increase in trade receivables, net (24,814 ) (19,321 ) Decrease (increase) in inventories, net 21,977 (6,566 ) Decrease (increase) in other receivables, income tax receivables, prepaid expenses and other 505 (467 ) Decrease in trade, income tax, accrued expenses and other payables (6,513 ) (59,819 ) (Income)/expense from amortization of marketable securities bonds, net (2,729 ) 3,950 Net cash provided by (used in) operating activities 7,777 (58,028 ) Cash flows from investing activities: Purchase of plant, property & equipment, net (6,793 ) (2,074 ) Investment in other intangible assets (51 ) (34 ) Proceeds from short-term bank deposits, net — 25,000 Investment in long-term deposits and other assets — (73 ) (Investment in) proceeds from marketable securities, net (31,860 ) 11,936 Net cash used in investing activities (38,704 ) 34,755 Cash flows from financing activities: Net cash used in financing activities — — Effect of exchange rate changes on cash and cash equivalents 597 (2,060 ) Decrease in cash and cash equivalents (30,330 ) (25,333 ) Cash and cash equivalents at beginning of period 154,495 251,134 Cash and cash equivalents at end of period $ 124,165 $ 225,801 Cash Paid during the year for: Income taxes $ 261 $ 2,410 Cash Received during the year for: Income taxes $ — $ 12,511 Non-cash investing transactions: Purchase of property, plant and equipment included in accounts payable $ 740 $ 1,232 Non-cash financing transactions: Purchase of marketable securities, net $ 3,023 $ 2,050 Sale of marketable securities $ 157 $ — View source version on businesswire.com: https://www.businesswire.com/news/home/20230726580223/en/Contacts William J. Coote VP, CFO (914) 345-9001 William.Coote@taro.com Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Taro Provides Results for the Quarter Ended June 30, 2023 By: Taro Pharmaceutical Industries Ltd. via Business Wire July 26, 2023 at 20:36 PM EDT Taro Pharmaceutical Industries Ltd. (NYSE: TARO) (“Taro” or the “Company”) today provided unaudited financial results for the quarter ended June 30, 2023. Quarter ended June 30, 2023 Highlights ─ compared to June 30, 2022 Net sales increased $2.2 million, or 1.4%, to $158.9 million. Gross profit of $64.1 million (40.3% of net sales) compared to $81.6 million (52.1% of net sales). Research and development (R&D) expenses of $16.1 million increased $4.6 million. Selling, marketing, general and administrative expenses (“SMGA”) of $55.9 million includes certain one-time items of $6.2 million related to transitional expenses for the planned relocation of our Alchemee operations from California to New York. Excluding this charge, SMGA was $49.7 million, or $6.4 million below the prior year quarter. Operating income/(loss) of $(7.9) million compared to an operating income of $14.0 million. Excluding the impact from the aforementioned certain one-time items, operating income/(loss) was $(1.7) million in the current year quarter. Interest and other financial income of $10.9 million increased $9.0 million. Foreign Exchange (FX) income of $2.1 compared to FX expense of $0.3 million in the prior year quarter; a favorable impact of $2.4 million. Tax/(benefit) of $(4.6) million compared to tax expense of $2.0 million in the prior year quarter. Net income was $10.0 million compared to net income of $14.1 million, resulting in earnings per share of $0.27 compared to net earnings per share of $0.37. Excluding the impact from the certain one-time items in the current year quarter, net income was $14.9 million resulting in earnings per share of $0.40. Cash Flow and Balance Sheet Highlights Cash flow provided by operations for the quarter ended June 30, 2023, was $7.8 million; compared to cash flow used in operations for the quarter ended June 30, 2022, of $58.0 million (excluding the impact from the settlement and loss contingencies charges in the prior year quarter, cash flow provided by operations was $9.6 million). As of June 30, 2023, cash and cash equivalents, short-term bank deposits and marketable securities (both short- and long-term) was $1.3 billion in line with March 31, 2023. Form 20-F Filings with the SEC On June 29, 2023, Taro filed its Annual Report on Form 20-F with the U.S. Securities and Exchange Commission (“SEC”) for the fiscal year ended March 31, 2023. The Company cautions that the foregoing 2023 financial information is unaudited and is subject to change. ************************ About Taro Taro Pharmaceutical Industries Ltd. is a multinational, science-based pharmaceutical company dedicated to meeting the needs of its customers through the discovery, development, manufacturing and marketing of the highest quality healthcare products. For further information on Taro Pharmaceutical Industries Ltd., please visit the Company’s website at www.taro.com. SAFE HARBOR STATEMENT The unaudited consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments necessary to present fairly the financial condition and results of operations of the Company. The unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 20-F, as filed with the SEC. Certain statements in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements that do not describe historical facts or that refer or relate to events or circumstances the Company “estimates,” “believes,” or “expects” to happen or similar language, and statements with respect to the Company’s financial performance, availability of financial information, and estimates of financial results and information for fiscal year 2024. Although the Company believes the expectations reflected in such forward-looking statements to be based on reasonable assumptions, it can give no assurances that its expectations will be attained. Factors that could cause actual results to differ include general domestic and international economic conditions, industry and market conditions, changes in the Company's financial position, litigation brought by any party in any court in Israel, the United States, or any country in which Taro operates, regulatory and legislative actions in the countries in which Taro operates, and other risks detailed from time to time in the Company’s SEC reports, including its Annual Reports on Form 20-F. Forward-looking statements are applicable only as of the date on which they are made. The Company undertakes no obligations to update, change or revise any forward-looking statement, whether as a result of new information, additional or subsequent developments or otherwise. **Financial Tables Follow** TARO PHARMACEUTICAL INDUSTRIES LTD. SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (U.S. dollars in thousands, except share data) Quarter Ended June 30, 2023 2022 (unaudited) (unaudited) Sales, net $ 158,894 $ 156,665 Cost of sales 94,810 75,059 Gross profit 64,084 81,606 Operating Expenses: Research and development 16,145 11,508 Selling, marketing, general and administrative 55,861 56,122 Operating income/(loss) * (7,922 ) 13,976 Financial (income) expense, net: Interest and other financial income (10,890 ) (1,926 ) Foreign exchange (income)/expense (2,083 ) 294 Other gain, net 390 445 Income/(loss) before income taxes 5,440 16,053 Tax expense/(benefit) (4,593 ) 1,974 Net income/(loss) * $ 10,033 $ 14,079 Net income/(loss) per ordinary share: Basic and Diluted * $ 0.27 $ 0.37 Weighted-average number of shares used to compute net income/(loss) per share: Basic and Diluted 37,584,891 37,584,891 May not foot due to rounding. TARO PHARMACEUTICAL INDUSTRIES LTD. SUMMARY CONSOLIDATED BALANCE SHEETS (U.S. dollars in thousands) June 30, March 31, 2023 2023 ASSETS (unaudited) (audited) CURRENT ASSETS: Cash and cash equivalents $ 124,165 $ 154,495 Short-term bank deposits 119,980 119,980 Marketable securities 562,008 575,814 Accounts receivable and other: Trade, net 226,873 202,260 Other receivables and prepaid expenses 56,555 57,210 Inventories 204,592 226,669 TOTAL CURRENT ASSETS 1,294,173 1,336,428 Marketable securities 451,174 404,896 Property, plant and equipment, net 189,590 190,139 Deferred income taxes 101,386 103,672 Goodwill 17,231 17,231 Other assets 81,495 83,147 TOTAL ASSETS $ 2,135,049 $ 2,135,513 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Trade payables $ 59,368 $ 68,485 Other current liabilities 325,638 317,064 TOTAL CURRENT LIABILITIES 385,006 385,549 Deferred taxes and other long-term liabilities 11,511 19,106 TOTAL LIABILITIES 396,517 404,655 Taro shareholders' equity 1,738,532 1,730,858 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 2,135,049 $ 2,135,513 TARO PHARMACEUTICAL INDUSTRIES LTD. SUMMARY CONSOLIDATED STATEMENTS OF CASH FLOWS (U.S. dollars in thousands) Quarter Ended June 30, 2023 2022 (unaudited) (unaudited) Cash flows from operating activities: Net income $ 10,033 $ 14,079 Adjustments required to reconcile net income (loss) to net cash used in operating activities: Depreciation and amortization 7,892 6,978 Change in derivative instruments, net — (24 ) Effect of change in exchange rate on marketable securities and bank deposits (953 ) 747 Deferred income taxes, net 2,379 2,415 Increase in trade receivables, net (24,814 ) (19,321 ) Decrease (increase) in inventories, net 21,977 (6,566 ) Decrease (increase) in other receivables, income tax receivables, prepaid expenses and other 505 (467 ) Decrease in trade, income tax, accrued expenses and other payables (6,513 ) (59,819 ) (Income)/expense from amortization of marketable securities bonds, net (2,729 ) 3,950 Net cash provided by (used in) operating activities 7,777 (58,028 ) Cash flows from investing activities: Purchase of plant, property & equipment, net (6,793 ) (2,074 ) Investment in other intangible assets (51 ) (34 ) Proceeds from short-term bank deposits, net — 25,000 Investment in long-term deposits and other assets — (73 ) (Investment in) proceeds from marketable securities, net (31,860 ) 11,936 Net cash used in investing activities (38,704 ) 34,755 Cash flows from financing activities: Net cash used in financing activities — — Effect of exchange rate changes on cash and cash equivalents 597 (2,060 ) Decrease in cash and cash equivalents (30,330 ) (25,333 ) Cash and cash equivalents at beginning of period 154,495 251,134 Cash and cash equivalents at end of period $ 124,165 $ 225,801 Cash Paid during the year for: Income taxes $ 261 $ 2,410 Cash Received during the year for: Income taxes $ — $ 12,511 Non-cash investing transactions: Purchase of property, plant and equipment included in accounts payable $ 740 $ 1,232 Non-cash financing transactions: Purchase of marketable securities, net $ 3,023 $ 2,050 Sale of marketable securities $ 157 $ — View source version on businesswire.com: https://www.businesswire.com/news/home/20230726580223/en/Contacts William J. Coote VP, CFO (914) 345-9001 William.Coote@taro.com
Taro Pharmaceutical Industries Ltd. (NYSE: TARO) (“Taro” or the “Company”) today provided unaudited financial results for the quarter ended June 30, 2023. Quarter ended June 30, 2023 Highlights ─ compared to June 30, 2022 Net sales increased $2.2 million, or 1.4%, to $158.9 million. Gross profit of $64.1 million (40.3% of net sales) compared to $81.6 million (52.1% of net sales). Research and development (R&D) expenses of $16.1 million increased $4.6 million. Selling, marketing, general and administrative expenses (“SMGA”) of $55.9 million includes certain one-time items of $6.2 million related to transitional expenses for the planned relocation of our Alchemee operations from California to New York. Excluding this charge, SMGA was $49.7 million, or $6.4 million below the prior year quarter. Operating income/(loss) of $(7.9) million compared to an operating income of $14.0 million. Excluding the impact from the aforementioned certain one-time items, operating income/(loss) was $(1.7) million in the current year quarter. Interest and other financial income of $10.9 million increased $9.0 million. Foreign Exchange (FX) income of $2.1 compared to FX expense of $0.3 million in the prior year quarter; a favorable impact of $2.4 million. Tax/(benefit) of $(4.6) million compared to tax expense of $2.0 million in the prior year quarter. Net income was $10.0 million compared to net income of $14.1 million, resulting in earnings per share of $0.27 compared to net earnings per share of $0.37. Excluding the impact from the certain one-time items in the current year quarter, net income was $14.9 million resulting in earnings per share of $0.40. Cash Flow and Balance Sheet Highlights Cash flow provided by operations for the quarter ended June 30, 2023, was $7.8 million; compared to cash flow used in operations for the quarter ended June 30, 2022, of $58.0 million (excluding the impact from the settlement and loss contingencies charges in the prior year quarter, cash flow provided by operations was $9.6 million). As of June 30, 2023, cash and cash equivalents, short-term bank deposits and marketable securities (both short- and long-term) was $1.3 billion in line with March 31, 2023. Form 20-F Filings with the SEC On June 29, 2023, Taro filed its Annual Report on Form 20-F with the U.S. Securities and Exchange Commission (“SEC”) for the fiscal year ended March 31, 2023. The Company cautions that the foregoing 2023 financial information is unaudited and is subject to change. ************************ About Taro Taro Pharmaceutical Industries Ltd. is a multinational, science-based pharmaceutical company dedicated to meeting the needs of its customers through the discovery, development, manufacturing and marketing of the highest quality healthcare products. For further information on Taro Pharmaceutical Industries Ltd., please visit the Company’s website at www.taro.com. SAFE HARBOR STATEMENT The unaudited consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments necessary to present fairly the financial condition and results of operations of the Company. The unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 20-F, as filed with the SEC. Certain statements in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements that do not describe historical facts or that refer or relate to events or circumstances the Company “estimates,” “believes,” or “expects” to happen or similar language, and statements with respect to the Company’s financial performance, availability of financial information, and estimates of financial results and information for fiscal year 2024. Although the Company believes the expectations reflected in such forward-looking statements to be based on reasonable assumptions, it can give no assurances that its expectations will be attained. Factors that could cause actual results to differ include general domestic and international economic conditions, industry and market conditions, changes in the Company's financial position, litigation brought by any party in any court in Israel, the United States, or any country in which Taro operates, regulatory and legislative actions in the countries in which Taro operates, and other risks detailed from time to time in the Company’s SEC reports, including its Annual Reports on Form 20-F. Forward-looking statements are applicable only as of the date on which they are made. The Company undertakes no obligations to update, change or revise any forward-looking statement, whether as a result of new information, additional or subsequent developments or otherwise. **Financial Tables Follow** TARO PHARMACEUTICAL INDUSTRIES LTD. SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (U.S. dollars in thousands, except share data) Quarter Ended June 30, 2023 2022 (unaudited) (unaudited) Sales, net $ 158,894 $ 156,665 Cost of sales 94,810 75,059 Gross profit 64,084 81,606 Operating Expenses: Research and development 16,145 11,508 Selling, marketing, general and administrative 55,861 56,122 Operating income/(loss) * (7,922 ) 13,976 Financial (income) expense, net: Interest and other financial income (10,890 ) (1,926 ) Foreign exchange (income)/expense (2,083 ) 294 Other gain, net 390 445 Income/(loss) before income taxes 5,440 16,053 Tax expense/(benefit) (4,593 ) 1,974 Net income/(loss) * $ 10,033 $ 14,079 Net income/(loss) per ordinary share: Basic and Diluted * $ 0.27 $ 0.37 Weighted-average number of shares used to compute net income/(loss) per share: Basic and Diluted 37,584,891 37,584,891 May not foot due to rounding. TARO PHARMACEUTICAL INDUSTRIES LTD. SUMMARY CONSOLIDATED BALANCE SHEETS (U.S. dollars in thousands) June 30, March 31, 2023 2023 ASSETS (unaudited) (audited) CURRENT ASSETS: Cash and cash equivalents $ 124,165 $ 154,495 Short-term bank deposits 119,980 119,980 Marketable securities 562,008 575,814 Accounts receivable and other: Trade, net 226,873 202,260 Other receivables and prepaid expenses 56,555 57,210 Inventories 204,592 226,669 TOTAL CURRENT ASSETS 1,294,173 1,336,428 Marketable securities 451,174 404,896 Property, plant and equipment, net 189,590 190,139 Deferred income taxes 101,386 103,672 Goodwill 17,231 17,231 Other assets 81,495 83,147 TOTAL ASSETS $ 2,135,049 $ 2,135,513 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Trade payables $ 59,368 $ 68,485 Other current liabilities 325,638 317,064 TOTAL CURRENT LIABILITIES 385,006 385,549 Deferred taxes and other long-term liabilities 11,511 19,106 TOTAL LIABILITIES 396,517 404,655 Taro shareholders' equity 1,738,532 1,730,858 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 2,135,049 $ 2,135,513 TARO PHARMACEUTICAL INDUSTRIES LTD. SUMMARY CONSOLIDATED STATEMENTS OF CASH FLOWS (U.S. dollars in thousands) Quarter Ended June 30, 2023 2022 (unaudited) (unaudited) Cash flows from operating activities: Net income $ 10,033 $ 14,079 Adjustments required to reconcile net income (loss) to net cash used in operating activities: Depreciation and amortization 7,892 6,978 Change in derivative instruments, net — (24 ) Effect of change in exchange rate on marketable securities and bank deposits (953 ) 747 Deferred income taxes, net 2,379 2,415 Increase in trade receivables, net (24,814 ) (19,321 ) Decrease (increase) in inventories, net 21,977 (6,566 ) Decrease (increase) in other receivables, income tax receivables, prepaid expenses and other 505 (467 ) Decrease in trade, income tax, accrued expenses and other payables (6,513 ) (59,819 ) (Income)/expense from amortization of marketable securities bonds, net (2,729 ) 3,950 Net cash provided by (used in) operating activities 7,777 (58,028 ) Cash flows from investing activities: Purchase of plant, property & equipment, net (6,793 ) (2,074 ) Investment in other intangible assets (51 ) (34 ) Proceeds from short-term bank deposits, net — 25,000 Investment in long-term deposits and other assets — (73 ) (Investment in) proceeds from marketable securities, net (31,860 ) 11,936 Net cash used in investing activities (38,704 ) 34,755 Cash flows from financing activities: Net cash used in financing activities — — Effect of exchange rate changes on cash and cash equivalents 597 (2,060 ) Decrease in cash and cash equivalents (30,330 ) (25,333 ) Cash and cash equivalents at beginning of period 154,495 251,134 Cash and cash equivalents at end of period $ 124,165 $ 225,801 Cash Paid during the year for: Income taxes $ 261 $ 2,410 Cash Received during the year for: Income taxes $ — $ 12,511 Non-cash investing transactions: Purchase of property, plant and equipment included in accounts payable $ 740 $ 1,232 Non-cash financing transactions: Purchase of marketable securities, net $ 3,023 $ 2,050 Sale of marketable securities $ 157 $ — View source version on businesswire.com: https://www.businesswire.com/news/home/20230726580223/en/