Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT), a
worldwide leader in satellite networking technology, solutions and
services, reported today its results for the third quarter, ended
September 30, 2023.
Third Quarter
2023 Financial
Highlights
-
Revenues of $63.9 million,
up 6% compared with $60.4 million in Q3 2022;
- GAAP
operating income of $12.7 million compared with $3.4
million in Q3 2022;GAAP operating income in this quarter includes a
one-time other income, net, of $7.4 million, that was recorded with
respect to a settlement of legal proceedings in the Philippines and
a real estate sale in Bulgaria;
-
Non-GAAP operating income of $6.1 million, up 40%
compared with $4.4 million in Q3 2022;
- GAAP
net income of $10.2 million, or $0.18 per
diluted share, compared with $2.1 million, or $0.04 per diluted
share in Q3 2022; GAAP net income in Q3 2023 excluding the one-time
other income, net, mentioned above and its relevant tax effect, was
$3.8 million, or $0.07 per diluted share;
-
Non-GAAP net income of $4.6 million, or $0.08 per
diluted share, up 51% compared with $3 million, or $0.06 per
diluted share in Q3 2022;
- Adjusted EBITDA of
$9.5 million, up 30% compared with $7.3 million in Q3 2022;
Forward-Looking Expectations
The Company narrowed the range of its 2023 revenue guidance,
with expectations of between $265 million to $275 million,
representing year-over-year growth of 13% at the mid-point. The
Company increased the range of its GAAP operating income guidance
range to between $29 million to $31 million representing
significant year-over-year growth compared with $10 million in
2022. The Company also narrowed the range of its Adjusted EBITDA
guidance to between $35 to $37 million, representing year-over-year
growth of 43% at the mid-point.
Adi Sfadia, Gilat's CEO,
commented:
“We are deeply saddened by the tragic events of
October 7th in Israel. Our thoughts and prayers are with the
victims and families of this horrific attack – the murdered,
the hostages, the wounded and their families. We are very
proud of our employees’ response to this crisis and their
dedication to the company during these times. We also want to thank
our customers and suppliers and the world community at large for
their full hearted support.
As a strong global company with operation and
development centers worldwide, our operation remains unaffected by
recent events in Israel. We continue to closely monitor the
situation and have implemented relevant measures, and refreshed our
business continuity plans to minimize any potential effect, if at
all, to our business.”
Mr. Sfadia
continued, ”We are pleased with
our results, particularly the continued revenue growth combined
with the solid improvement in our profitability. We reported
significantly improved profitability including Adjusted EBITDA,
demonstrating the operating leverage inherent in our business. The
ongoing good performance was due to the continued growing interest
in our solutions as well as advancements in the satellite
communications space in general.”
Mr. Sfadia concluded, "Our
strong performance in 2023 to date, has generated Adjusted EBITDA
of $27 million in the nine months ended September 30, 2023 which
already exceeds the Adjusted EBITDA from the whole of 2022. Given
our leading position in the market and the opportunities we see
ahead, we look forward to continuing our growth into 2024 and
beyond.”
Key Recent Announcements
- Gilat Awarded Approximately $20
Million in Contract Renewal and Extension from Tier-1 MNO in the
USA
- Gilat Awarded Contract for
Satellite Network Modernization at Ethio Telecom
Conference
Call
DetailsGilat’s management will
discuss its third quarter 2023 results and business achievements
and participate in a question-and-answer session:
Date: |
Tuesday,
November 7, 2023 |
Start: |
09:30 AM EST / 16:30 IST |
Dial-in: |
US: 1-888-407-2553 |
|
International: +972-3-918-0609 |
|
|
A simultaneous webcast of the conference call will be available
on the Gilat website at www.gilat.com and through this link:
https://Veidan.activetrail.biz/gilatq3-2023
The webcast will also be archived for a period of 30 days on the
Company’s website and through the link above.
Non-GAAP Measures
The attached summary unaudited financial
statements were prepared in accordance with U.S. Generally Accepted
Accounting Principles (GAAP). To supplement the consolidated
financial statements presented in accordance with GAAP, the Company
presents non-GAAP presentations of gross profit, operating
expenses, operating income, income before taxes on income, net
income, adjusted EBITDA, and earnings per share. The adjustments to
the Company’s GAAP results are made with the intent of providing
both management and investors with a more complete understanding of
the Company’s underlying operational results, trends, and
performance. Non-GAAP financial measures mainly exclude, if and
when applicable, the effect of non-cash stock-based compensation
expenses, amortization of purchased intangibles, amortization of
intangible assets related to acquisition transactions, lease
incentive amortization, impairment of held for sale asset, income
tax effect on adjustments, one-time changes of deferred tax assets,
and other operating expenses (income), net.
Adjusted EBITDA is presented to compare the
Company’s performance to that of prior periods and evaluate the
Company’s financial and operating results on a consistent basis
from period to period. The Company also believes this measure, when
viewed in combination with the Company’s financial results prepared
in accordance with GAAP, provides useful information to investors
to evaluate ongoing operating results and trends. Adjusted EBITDA,
however, should not be considered as an alternative to operating
income or net income for the period and may not be indicative of
the historic operating results of the Company; nor is it meant to
be predictive of potential future results. Adjusted EBITDA is not a
measure of financial performance under GAAP and may not be
comparable to other similarly titled measures for other companies.
Reconciliation between the Company's net income and adjusted EBITDA
is presented in the attached summary financial statements.
Non-GAAP presentations of gross profit,
operating expenses, operating income, income before taxes on
income, net income, adjusted EBITDA and earnings per share should
not be considered in isolation or as a substitute for any of the
consolidated statements of operations prepared in accordance with
GAAP, or as an indication of Gilat’s operating performance or
liquidity.
About Gilat
Gilat Satellite Networks Ltd. (NASDAQ: GILT,
TASE: GILT) is a leading global provider of satellite-based
broadband communications.
With over 35 years of experience, we create and
deliver deep technology solutions for satellite, ground and new
space connectivity and provide comprehensive end-to-end solutions
and services, powered by our innovative technology. We believe in
the right of all people to be connected and are united in our
resolution to provide communication solutions to all reaches of the
world.
Delivering high value solutions, our portfolio
is comprised of a cloud-based platform and high performance
satellite terminals designed to work in harmony with satellite
constellations, including Very High Throughput Satellites (VHTS)
and Software-Defined Satellites (SDS) in multiple orbits; high
performance Satellite On-the-Move (SOTM) antennas; and highly
efficient, high-power Solid State Power Amplifiers (SSPA) and Block
Upconverters (BUC).
Gilat’s comprehensive solutions support multiple
applications with a full portfolio of products to address key
applications including broadband access, mobility, cellular
backhaul, military, government, and enterprise, all while meeting
the most stringent service level requirements. For more
information, please visit: www.gilat.com
Certain statements made herein that are not
historical are forward-looking within the meaning of the Private
Securities Litigation Reform Act of 1995. The words “estimate”,
“project”, “intend”, “expect”, “believe” and similar expressions
are intended to identify forward-looking statements. These
forward-looking statements involve known and unknown risks and
uncertainties. Many factors could cause the actual results,
performance or achievements of Gilat to be materially different
from any future results, performance or achievements that may be
expressed or implied by such forward-looking statements, including,
among others, risks associated with the outbreak and global spread
of the coronavirus (COVID-19) pandemic; changes in general economic
and business conditions, inability to maintain market acceptance to
Gilat’s products, inability to timely develop and introduce new
technologies, products and applications, rapid changes in the
market for Gilat’s products, loss of market share and pressure on
prices resulting from competition, introduction of competing
products by other companies, inability to manage growth and
expansion, loss of key OEM partners, inability to attract and
retain qualified personnel, inability to protect the Company’s
proprietary technology and risks associated with Gilat’s
international operations and its location in Israel. For additional
information regarding these and other risks and uncertainties
associated with Gilat’s business, reference is made to Gilat’s
reports filed from time to time with the Securities and Exchange
Commission. We undertake no obligation to update or revise any
forward-looking statements for any reason.
Contact:Gilat Satellite
NetworksDoreet Oren, Senior Director Corporate
CommunicationsDoreetO@gilat.com
Gilat Satellite NetworksMayrav Sher, Head of
Finance and Investor Relations MayravS@gilat.com
EK Global IREhud Helft, Managing
Partnerehud@ekgir.com
GILAT SATELLITE NETWORKS LTD. |
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF INCOME |
|
|
|
|
|
|
|
|
U.S. dollars in thousands (except share and per share
data) |
|
|
|
|
|
|
|
|
|
Nine months ended |
|
Three months ended |
|
|
September 30, |
|
September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
Unaudited |
|
Unaudited |
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
190,478 |
|
|
$ |
167,213 |
|
$ |
63,927 |
|
|
$ |
60,350 |
Cost of revenues |
|
|
114,453 |
|
|
|
108,021 |
|
|
38,123 |
|
|
|
37,315 |
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
76,025 |
|
|
|
59,192 |
|
|
25,804 |
|
|
|
23,035 |
|
|
|
|
|
|
|
|
|
Research and development expenses, net |
|
|
29,549 |
|
|
|
25,542 |
|
|
10,546 |
|
|
|
9,156 |
Selling and marketing expenses |
|
|
18,124 |
|
|
|
15,724 |
|
|
6,183 |
|
|
|
5,414 |
General and administrative expenses |
|
|
12,903 |
|
|
*) |
13,214 |
|
|
3,748 |
|
|
*) |
4,719 |
Impairment of held for sale asset |
|
|
- |
|
|
|
718 |
|
|
- |
|
|
|
279 |
Other operating expenses (income), net |
|
|
(9,757 |
) |
|
*) |
111 |
|
|
(7,417 |
) |
|
*) |
51 |
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
50,819 |
|
|
|
55,309 |
|
|
13,060 |
|
|
|
19,619 |
|
|
|
|
|
|
|
|
|
Operating income |
|
|
25,206 |
|
|
|
3,883 |
|
|
12,744 |
|
|
|
3,416 |
|
|
|
|
|
|
|
|
|
Financial expenses, net |
|
|
1,087 |
|
|
|
2,716 |
|
|
352 |
|
|
|
1,053 |
|
|
|
|
|
|
|
|
|
Income before taxes on income |
|
|
24,119 |
|
|
|
1,167 |
|
|
12,392 |
|
|
|
2,363 |
|
|
|
|
|
|
|
|
|
Taxes on income |
|
|
4,062 |
|
|
|
1,075 |
|
|
2,240 |
|
|
|
243 |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
20,057 |
|
|
$ |
92 |
|
$ |
10,152 |
|
|
$ |
2,120 |
|
|
|
|
|
|
|
|
|
Earnings per share (basic and diluted) |
|
$ |
0.35 |
|
|
$ |
0.00 |
|
$ |
0.18 |
|
|
$ |
0.04 |
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in computing
earnings per share |
|
|
|
|
|
|
|
|
Basic |
|
|
56,618,407 |
|
|
|
56,585,858 |
|
|
56,623,793 |
|
|
|
56,608,981 |
Diluted |
|
|
56,623,125 |
|
|
|
56,604,854 |
|
|
56,624,966 |
|
|
|
56,626,283 |
|
|
|
|
|
|
|
|
|
*) Reclassified |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GILAT SATELLITE NETWORKS LTD. |
RECONCILIATION BETWEEN GAAP AND NON-GAAP CONSOLIDATED
STATEMENTS OF INCOME |
FOR COMPARATIVE PURPOSES |
U.S. dollars in thousands (except share and per share
data) |
|
|
Three months ended |
|
Three months ended |
|
|
September 30, 2023 |
|
September 30, 2022 |
|
|
GAAP |
|
Adjustments(*) |
|
Non-GAAP |
|
GAAP |
|
Adjustments(*) |
|
Non-GAAP |
|
|
Unaudited |
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
$ |
25,804 |
|
$ |
108 |
|
|
$ |
25,912 |
|
$ |
23,035 |
|
$ |
74 |
|
|
$ |
23,109 |
Operating expenses |
|
13,060 |
|
|
6,753 |
|
|
|
19,813 |
|
|
19,619 |
|
|
(879 |
) |
|
|
18,740 |
Operating income |
|
12,744 |
|
|
(6,645 |
) |
|
|
6,099 |
|
|
3,416 |
|
|
953 |
|
|
|
4,369 |
Income before taxes on income |
|
12,392 |
|
|
(6,645 |
) |
|
|
5,747 |
|
|
2,363 |
|
|
953 |
|
|
|
3,316 |
Net income |
$ |
10,152 |
|
$ |
(5,568 |
) |
|
$ |
4,584 |
|
$ |
2,120 |
|
$ |
911 |
|
|
$ |
3,031 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share (basic and diluted) |
$ |
0.18 |
|
$ |
(0.10 |
) |
|
$ |
0.08 |
|
$ |
0.04 |
|
$ |
0.02 |
|
|
$ |
0.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in computing earnings per
share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
56,623,793 |
|
|
|
|
56,623,793 |
|
|
56,608,981 |
|
|
|
|
56,608,981 |
|
Diluted |
|
56,624,966 |
|
|
|
|
56,906,057 |
|
|
56,626,283 |
|
|
|
|
56,652,855 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) |
Adjustments reflect the effect of non-cash stock-based compensation
expenses as per ASC 718, amortization of intangible assets related
to acquisition transactions, impairment of held for sale
asset, other operating expenses (income), net and income tax effect
on adjustments which is calculated using the relevant effective tax
rate. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Three months ended |
|
|
September 30, 2023 |
|
September 30, 2022 |
|
|
|
|
Unaudited |
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income |
|
|
$ |
10,152 |
|
|
|
|
|
|
$ |
2,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock-based compensation expenses |
|
|
|
|
108 |
|
|
|
|
|
|
|
74 |
|
|
|
|
|
|
|
|
108 |
|
|
|
|
|
|
|
74 |
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock-based compensation expenses |
|
|
|
|
614 |
|
|
|
|
|
|
|
498 |
|
|
|
Amortization of
intangible assets related to acquisition transactions |
|
|
|
50 |
|
|
|
|
|
|
|
51 |
|
|
|
Impairment of held for sale asset |
|
|
|
- |
|
|
|
|
|
|
|
279 |
|
|
|
Other operating expenses (income), net |
|
|
|
(7,417 |
) |
|
|
|
|
|
|
51 |
|
|
|
|
|
|
|
|
(6,753 |
) |
|
|
|
|
|
|
879 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax effect on adjustments |
|
|
|
1,077 |
|
|
|
|
|
|
|
(42 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income |
|
|
$ |
4,584 |
|
|
|
|
|
|
$ |
3,031 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GILAT SATELLITE NETWORKS LTD. |
RECONCILIATION BETWEEN GAAP AND NON-GAAP CONSOLIDATED
STATEMENTS OF INCOME |
FOR COMPARATIVE PURPOSES |
U.S. dollars in thousands (except share and per share
data) |
|
|
Nine months ended |
|
Nine months ended |
|
|
September 30, 2023 |
|
September 30, 2022 |
|
|
GAAP |
|
Adjustments(*) |
|
Non-GAAP |
|
GAAP |
|
Adjustments(*) |
|
Non-GAAP |
|
|
Unaudited |
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
$ |
76,025 |
|
$ |
278 |
|
|
$ |
76,303 |
|
$ |
59,192 |
|
$ |
230 |
|
|
$ |
59,422 |
Operating expenses |
|
50,819 |
|
|
8,049 |
|
|
|
58,868 |
|
|
55,309 |
|
|
(2,394 |
) |
|
|
52,915 |
Operating income |
|
25,206 |
|
|
(7,771 |
) |
|
|
17,435 |
|
|
3,883 |
|
|
2,624 |
|
|
|
6,507 |
Income before taxes on income |
|
24,119 |
|
|
(7,771 |
) |
|
|
16,348 |
|
|
1,167 |
|
|
2,624 |
|
|
|
3,791 |
Net income |
$ |
20,057 |
|
$ |
(6,694 |
) |
|
$ |
13,363 |
|
$ |
92 |
|
$ |
2,582 |
|
|
$ |
2,674 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share (basic and diluted) |
$ |
0.35 |
|
$ |
(0.11 |
) |
|
$ |
0.24 |
|
$ |
0.00 |
|
$ |
0.05 |
|
|
$ |
0.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in computing earnings
per share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
56,618,407 |
|
|
|
|
56,618,407 |
|
|
56,585,858 |
|
|
|
|
56,585,858 |
|
Diluted |
|
56,623,125 |
|
|
|
|
56,716,822 |
|
|
56,604,854 |
|
|
|
|
56,659,298 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) |
Adjustments
reflect the effect of non-cash stock-based compensation expenses as
per ASC 718, amortization of intangible assets related to
acquisition transactions, impairment of held for sale asset, other
operating expenses (income), net and income tax effect on
adjustments which is calculated using the relevant effective tax
rate. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
Nine months ended |
|
|
September 30, 2023 |
|
September 30, 2022 |
|
|
|
|
Unaudited |
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income |
|
|
$ |
20,057 |
|
|
|
|
|
|
$ |
92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock-based compensation expenses |
|
|
|
278 |
|
|
|
|
|
|
|
220 |
|
|
|
Amortization of intangible assets related to acquisition
transactions |
|
|
|
|
- |
|
|
|
|
|
|
|
10 |
|
|
|
|
|
|
|
|
278 |
|
|
|
|
|
|
|
230 |
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock-based compensation expenses |
|
|
|
1,558 |
|
|
|
|
|
|
|
1,413 |
|
|
|
Amortization of intangible assets related to acquisition
transactions |
|
|
|
|
150 |
|
|
|
|
|
|
|
152 |
|
|
|
Impairment of held for sale asset |
|
|
|
- |
|
|
|
|
|
|
|
718 |
|
|
|
Other operating expenses (income), net |
|
|
|
(9,757 |
) |
|
|
|
|
|
|
111 |
|
|
|
|
|
|
|
|
(8,049 |
) |
|
|
|
|
|
|
2,394 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax effect on adjustments |
|
|
|
1,077 |
|
|
|
|
|
|
|
(42 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income |
|
|
$ |
13,363 |
|
|
|
|
|
|
$ |
2,674 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GILAT SATELLITE NETWORKS LTD. |
|
|
|
|
|
|
|
SUPPLEMENTAL INFORMATION |
|
|
|
|
|
|
|
U.S. dollars in thousands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
Three months ended |
|
September 30, |
|
September 30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Unaudited |
|
Unaudited |
|
|
|
|
|
|
|
|
GAAP net income |
$ |
20,057 |
|
|
$ |
92 |
|
$ |
10,152 |
|
|
$ |
2,120 |
Adjustments: |
|
|
|
|
|
|
|
Financial expenses, net |
|
1,087 |
|
|
|
2,716 |
|
|
352 |
|
|
|
1,053 |
Taxes on income |
|
4,062 |
|
|
|
1,075 |
|
|
2,240 |
|
|
|
243 |
Non-cash stock-based compensation expenses |
|
1,836 |
|
|
|
1,633 |
|
|
722 |
|
|
|
572 |
Impairment of held for sale asset |
|
- |
|
|
|
718 |
|
|
- |
|
|
|
279 |
Other operating expenses (income), net |
|
(9,757 |
) |
|
|
111 |
|
|
(7,417 |
) |
|
|
51 |
Depreciation and amortization (*) |
|
9,765 |
|
|
|
8,770 |
|
|
3,430 |
|
|
|
2,978 |
|
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
27,050 |
|
|
$ |
15,115 |
|
$ |
9,479 |
|
|
$ |
7,296 |
|
|
|
|
|
|
|
|
(*) Including amortization of lease incentive |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT REVENUES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
Three months ended |
|
September 30, |
|
September 30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Unaudited |
|
Unaudited |
|
|
|
|
|
|
|
|
Satellite Networks |
$ |
115,010 |
|
|
$ |
83,993 |
|
$ |
40,737 |
|
|
$ |
32,366 |
Integrated Solutions |
|
36,630 |
|
|
|
45,047 |
|
|
11,011 |
|
|
|
15,650 |
Network Infrastructure and Services |
|
38,838 |
|
|
|
38,173 |
|
|
12,179 |
|
|
|
12,334 |
|
|
|
|
|
|
|
|
Total revenues |
$ |
190,478 |
|
|
$ |
167,213 |
|
$ |
63,927 |
|
|
$ |
60,350 |
|
|
|
|
|
|
|
|
GILAT SATELLITE NETWORKS LTD. |
|
|
|
|
CONSOLIDATED BALANCE SHEETS |
|
|
|
|
U.S. dollars in thousands |
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
Unaudited |
|
Audited |
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
Cash and cash equivalents |
|
$ |
99,530 |
|
|
$ |
86,591 |
|
Restricted cash |
|
|
749 |
|
|
|
541 |
|
Trade receivables, net |
|
|
46,966 |
|
|
|
50,644 |
|
Contract assets |
|
|
20,522 |
|
|
|
24,971 |
|
Inventories |
|
|
37,673 |
|
|
|
33,024 |
|
Other current assets |
|
|
20,407 |
|
|
|
19,283 |
|
|
|
|
|
|
Total current assets |
|
|
225,847 |
|
|
|
215,054 |
|
|
|
|
|
|
LONG-TERM ASSETS: |
|
|
|
|
Restricted cash |
|
|
14 |
|
|
|
13 |
|
Long-term contract assets |
|
|
9,283 |
|
|
|
11,149 |
|
Severance pay funds |
|
|
5,407 |
|
|
|
5,947 |
|
Deferred taxes |
|
|
14,500 |
|
|
|
18,265 |
|
Operating lease right-of-use assets |
|
|
3,609 |
|
|
|
3,891 |
|
Other long-term assets |
|
|
8,920 |
|
|
|
10,737 |
|
|
|
|
|
|
Total long-term assets |
|
|
41,733 |
|
|
|
50,002 |
|
|
|
|
|
|
PROPERTY AND EQUIPMENT, NET |
|
|
73,697 |
|
|
|
76,578 |
|
|
|
|
|
|
INTANGIBLE ASSETS, NET |
|
|
165 |
|
|
|
309 |
|
|
|
|
|
|
GOODWILL |
|
|
43,468 |
|
|
|
43,468 |
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
384,910 |
|
|
$ |
385,411 |
|
|
|
|
|
|
GILAT SATELLITE NETWORKS LTD. |
|
|
|
|
CONSOLIDATED BALANCE SHEETS (Cont.) |
|
|
|
|
U.S. dollars in thousands |
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
Unaudited |
|
Audited |
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
Trade payables |
|
$ |
13,884 |
|
|
$ |
20,668 |
|
Accrued expenses |
|
|
45,534 |
|
|
|
50,356 |
|
Advances from customers and deferred revenues |
|
|
33,108 |
|
|
|
30,531 |
|
Operating lease liabilities |
|
|
2,128 |
|
|
|
1,941 |
|
Other current liabilities |
|
|
15,745 |
|
|
|
22,291 |
|
|
|
|
|
|
Total current liabilities |
|
|
110,399 |
|
|
|
125,787 |
|
|
|
|
|
|
LONG-TERM LIABILITIES: |
|
|
|
|
Accrued severance pay |
|
|
6,195 |
|
|
|
6,580 |
|
Long-term advances from customers and deferred revenues |
|
|
1,123 |
|
|
|
1,041 |
|
Operating lease liabilities |
|
|
1,403 |
|
|
|
1,890 |
|
Other long-term liabilities |
|
|
279 |
|
|
|
5,988 |
|
|
|
|
|
|
Total long-term liabilities |
|
|
9,000 |
|
|
|
15,499 |
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY: |
|
|
|
|
Share capital - ordinary shares of NIS 0.2 par value |
|
|
2,712 |
|
|
|
2,711 |
|
Additional paid-in capital |
|
|
933,921 |
|
|
|
932,086 |
|
Accumulated other comprehensive loss |
|
|
(7,354 |
) |
|
|
(6,847 |
) |
Accumulated deficit |
|
|
(663,768 |
) |
|
|
(683,825 |
) |
|
|
|
|
|
Total shareholders’ equity |
|
|
265,511 |
|
|
|
244,125 |
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ |
384,910 |
|
|
$ |
385,411 |
|
|
|
|
|
|
GILAT SATELLITE NETWORKS LTD. |
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
|
|
|
|
|
|
|
U.S. dollars in thousands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
Three months ended |
|
|
September 30, |
|
September 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
Unaudited |
|
Unaudited |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
20,057 |
|
|
$ |
92 |
|
|
$ |
10,152 |
|
|
$ |
2,120 |
|
Adjustments required to reconcile net income to net
cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
9,597 |
|
|
|
8,604 |
|
|
|
3,375 |
|
|
|
2,921 |
|
Capital gain from sale of property |
|
|
(2,084 |
) |
|
|
- |
|
|
|
(2,084 |
) |
|
|
- |
|
Impairment of held for sale asset |
|
|
- |
|
|
|
718 |
|
|
|
- |
|
|
|
279 |
|
Stock-based compensation |
|
|
1,836 |
|
|
|
1,633 |
|
|
|
722 |
|
|
|
572 |
|
Accrued severance pay, net |
|
|
155 |
|
|
|
92 |
|
|
|
(41 |
) |
|
|
(22 |
) |
Deferred taxes, net |
|
|
3,865 |
|
|
|
1,823 |
|
|
|
2,045 |
|
|
|
159 |
|
Decrease (increase) in trade receivables, net |
|
|
3,887 |
|
|
|
(12,270 |
) |
|
|
(5,511 |
) |
|
|
(387 |
) |
Decrease (increase) in contract assets |
|
|
6,110 |
|
|
|
(2,290 |
) |
|
|
(2,268 |
) |
|
|
318 |
|
Decrease (increase) in other
assets and other adjustments (including short-term,
long-term and effect of exchange rate changes on cash and cash
equivalents) |
|
|
3,598 |
|
|
|
(8,652 |
) |
|
|
3,355 |
|
|
|
(889 |
) |
Decrease (increase) in inventories |
|
|
(6,185 |
) |
|
|
(6,030 |
) |
|
|
1,710 |
|
|
|
(1,955 |
) |
Increase (decrease) in trade payables |
|
|
(5,321 |
) |
|
|
4,315 |
|
|
|
(1,081 |
) |
|
|
110 |
|
Increase (decrease) in accrued expenses |
|
|
(2,782 |
) |
|
|
(1,767 |
) |
|
|
2,257 |
|
|
|
(77 |
) |
Increase (decrease) in advance from customers and deferred
revenues |
|
|
2,646 |
|
|
|
7,397 |
|
|
|
(478 |
) |
|
|
387 |
|
Increase (decrease) in other liabilities |
|
|
(13,392 |
) |
|
|
365 |
|
|
|
1,617 |
|
|
|
1,175 |
|
Net cash provided by (used in) operating
activities |
|
|
21,987 |
|
|
|
(5,970 |
) |
|
|
13,770 |
|
|
|
4,711 |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Purchase of property and equipment |
|
|
(8,656 |
) |
|
|
(9,225 |
) |
|
|
(2,100 |
) |
|
|
(4,710 |
) |
Proceeds from short term deposits |
|
|
- |
|
|
|
2,159 |
|
|
|
- |
|
|
|
- |
|
Investment in financial instrument |
|
|
- |
|
|
|
(1,536 |
) |
|
|
- |
|
|
|
(1,536 |
) |
Receipts from sale of property |
|
|
2,168 |
|
|
|
- |
|
|
|
2,168 |
|
|
|
- |
|
Net cash provided by (used in) investing
activities |
|
|
(6,488 |
) |
|
|
(8,602 |
) |
|
|
68 |
|
|
|
(6,246 |
) |
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash, cash equivalents
and restricted cash |
|
|
(2,351 |
) |
|
|
(15 |
) |
|
|
(1,341 |
) |
|
|
(47 |
) |
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash, cash equivalents and
restricted cash |
|
|
13,148 |
|
|
|
(14,587 |
) |
|
|
12,497 |
|
|
|
(1,582 |
) |
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash at the beginning
of the period |
|
|
87,145 |
|
|
|
84,463 |
|
|
|
87,796 |
|
|
|
71,458 |
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash at the end of
the period |
|
$ |
100,293 |
|
|
$ |
69,876 |
|
|
$ |
100,293 |
|
|
$ |
69,876 |
|
|
|
|
|
|
|
|
|
|
Gilat Satellite Networks (NASDAQ:GILT)
Historical Stock Chart
From Apr 2024 to May 2024
Gilat Satellite Networks (NASDAQ:GILT)
Historical Stock Chart
From May 2023 to May 2024