Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT), a
worldwide leader in satellite networking technology, solutions and
services, today reported its unaudited results for the fourth
quarter and full year ended December 31, 2023.
Fourth Quarter
2023 Financial
Highlights
- Revenue of $75.6 million, up 4% compared with
$72.6 million in Q4 2022;
- GAAP operating income of $2.9 million,
compared with $6.1 million in Q4 2022;
- Non-GAAP operating income of $6.1 million,
compared with $7.1 million in Q4 2022;
- GAAP net income of $3.4
million, or $0.06 per diluted share, compared with GAAP net loss of
$6.0 million, or $0.11 loss per share, in Q4 2022;
- Non-GAAP net income of $6.5 million, or $0.11
per diluted share, compared with $7.9 million, or $0.14 per diluted
share, in Q4 2022;
- Adjusted EBITDA of $9.4 million compared with
$10.1 million in Q4 2022.
Full year 2023
Financial Highlights
- Revenue of $266.1 million, up 11% compared
with $239.8 million in 2022;
- GAAP operating income of $28.1 million, almost
tripled compared to $10.0 million in 2022;
- Non-GAAP operating income of $23.5 million, up
73% compared with $13.6 million in 2022;
- GAAP net income of $23.5
million, or $0.41 per diluted share, compared with GAAP net loss of
$5.9 million in 2022, or $0.10 loss per share;
- Non-GAAP net income of $19.9 million, or $0.35
per diluted share, almost doubled compared to non-GAAP net income
of $10.6 million or $0.19 per diluted share in 2022;
- Adjusted EBITDA was $36.4 million, up 44%
compared with adjusted EBITDA of $25.2 million in 2022.
Forward-Looking
Expectations
Management’s financial guidance for 2024 is for
revenues of between $305 to $325 million, representing
year-over-year growth of 18% at the midpoint. GAAP operating income
is expected to be between $15 to $19 million, and Adjusted EBITDA
is expected to be between $40 to $44 million, representing
year-over-year growth of 15% at the midpoint.
Management Commentary
Adi Sfadia, Gilat’s CEO,
commented: “We are pleased with the financial results,
capping off a strong 2023 with $266 million in revenue, up 11% over
last year, and very strong growth in EBITDA at $36.4 million, up
44% over last year. This demonstrates the operating leverage
inherent to our business model combined with a favorable product
revenue mix during 2023.
“Furthermore, 2023 was also particularly
successful from a strategic perspective. Looking back, we have a
lot to be proud of. In mid-November, we concluded the acquisition
of DataPath in the US, which brings several synergies for both
businesses and we see DataPath as a significant long-term growth
asset for Gilat in the defense sector. Moreover, our strong cash
position is allowing us to explore additional inorganic growth
opportunities and we are currently exploring several of these
opportunities.
Mr. Sfadia added, “Throughout the year, we
achieved highly strategic contract wins with market-dominating
satellite operators, and we extended Gilat’s market leadership in
satellite-based cellular backhaul and In-Flight Connectivity,
including a very significant Electronic Steered Antenna (ESA) award
for business aviation.
Mr. Sfadia concluded, “Our
ongoing success is due to the continued growing market interest in
the satellite communications sector in general and for our leading
technological solutions in particular. We see these favorable
trends continuing into 2024 and therefore our expectations for the
year ahead are for continued strong growth in revenue and
profit.”
Key Recent Announcements
-
Gilat Awarded $10 Million Follow-On Order from the US Department of
Defense
-
Gilat Awarded Multimillion-Dollar Defense Satellite Connectivity
Project
-
Gilat Awarded $17 Million by Pronatel for Expansion of Regional
Telecommunications Project in Peru
-
Gilat Announces New Brand Identity Embracing the Company’s
Commitment to the New Space Revolution
-
Gilat Awarded Approximately $3M for a Satellite Connectivity
Project for a National Police Force
-
US Army Awards Nearly $20 Million Contract Extension to Gilat to
Sustain Anytime, Anywhere Satellite Connectivity
-
Gilat Completes Acquisition of DataPath, Inc.
Conference Call Details
Gilat’s management will discuss its fourth
quarter and full year 2023 results and business achievements and
participate in a question-and-answer session:
Date: |
Monday, February 26, 2024 |
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/gilatq4-2023
The webcast will also be archived for a period
of 30 days on the Company’s website and through the link above.
Unaudited ResultsThe attached
summary unaudited financial statements represent the most current
information available to management. Audited results will be
reported in our annual report on Form 20-F.
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 (loss), Adjusted EBITDA, and earnings (losses) 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, other expenses, one-time changes of
deferred tax assets, one-time tax expense related to the release of
historical tax-trapped earnings, other operating expenses (income),
net and income tax effect on the relevant adjustments.
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 (loss) 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, secure
end-to-end solutions and services for mission-critical operations,
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.
Our portfolio includes a diverse offering to
deliver high value solutions for multiple orbit constellations with
very high throughput satellites (VHTS) and software defined
satellites (SDS). Our offering is comprised of a cloud-based
platform and high-performance satellite terminals; high performance
Satellite On-the-Move (SOTM) antennas; highly efficient, high-power
Solid State Power Amplifiers (SSPA) and Block Upconverters (BUC)
and includes integrated ground systems for commercial and defense,
field services, network management software, and cybersecurity
services.
Gilat’s comprehensive offering supports multiple
applications with a full portfolio of products and tailored
solutions to address key applications including broadband access,
mobility, cellular backhaul, enterprise, defense, aerospace,
broadcast, government, and critical infrastructure clients 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, 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, including those related to the current terrorist attacks
by Hamas, and the war and hostilities between Israel and Hamas and
Israel and Hezbollah. 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 NetworksHagay Katz,
Chief Products and Marketing Officerhagayk@gilat.com
Gilat Satellite NetworksMayrav Sher, Head of Finance and
Investor Relationsmayravs@gilat.com
EK Global IREhud Helft, Managing Partnerehud@ekgir.com
GILAT SATELLITE NETWORKS LTD. |
CONSOLIDATED STATEMENTS OF INCOME (LOSS) |
U.S. dollars in thousands (except share and per share
data) |
|
Twelve months ended |
|
Three months ended |
|
December 31, |
|
December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
|
Unaudited |
|
Audited |
|
Unaudited |
|
|
|
|
|
|
|
|
Revenues |
$ |
266,090 |
|
|
$ |
239,840 |
|
|
$ |
75,612 |
|
$ |
72,627 |
|
Cost of revenues |
|
161,145 |
|
|
|
152,932 |
|
|
|
46,692 |
|
|
44,911 |
|
|
|
|
|
|
|
|
|
Gross profit |
|
104,945 |
|
|
|
86,908 |
|
|
|
28,920 |
|
|
27,716 |
|
|
|
|
|
|
|
|
|
Research and development expenses, net |
|
41,173 |
|
|
|
35,640 |
|
|
|
11,624 |
|
|
10,098 |
|
Selling and marketing expenses |
|
25,243 |
|
|
|
21,694 |
|
|
|
7,119 |
|
|
5,970 |
|
General and administrative expenses |
|
19,215 |
|
|
*) |
18,412 |
|
|
|
6,312 |
|
*) |
5,198 |
|
Impairment of held for sale asset |
|
- |
|
|
|
771 |
|
|
|
- |
|
|
53 |
|
Other operating expenses (income), net |
|
(8,771 |
) |
|
*) |
438 |
|
|
|
986 |
|
*) |
327 |
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
76,860 |
|
|
|
76,955 |
|
|
|
26,041 |
|
|
21,646 |
|
|
|
|
|
|
|
|
|
|
Operating income |
|
28,085 |
|
|
|
9,953 |
|
|
|
2,879 |
|
|
6,070 |
|
|
|
|
|
|
|
|
|
Financial income (expenses), net |
|
109 |
|
|
|
(2,818 |
) |
|
|
1,196 |
|
|
(102 |
) |
|
|
|
|
|
|
|
|
Income before taxes on income |
|
28,194 |
|
|
|
7,135 |
|
|
|
4,075 |
|
|
5,968 |
|
|
|
|
|
|
|
|
|
Taxes on income |
|
4,690 |
|
|
|
13,063 |
|
|
|
628 |
|
|
11,988 |
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
23,504 |
|
|
$ |
(5,928 |
) |
|
$ |
3,447 |
|
$ |
(6,020 |
) |
|
|
|
|
|
|
|
|
Earnings (losses) per share (basic and
diluted) |
$ |
0.41 |
|
|
$ |
(0.10 |
) |
|
$ |
0.06 |
|
$ |
(0.11 |
) |
|
|
|
|
|
|
|
|
Weighted average number of shares used in computing
earnings (losses) per share |
|
|
|
|
|
|
|
Basic |
|
56,668,999 |
|
|
|
56,591,994 |
|
|
|
56,820,774 |
|
|
56,610,404 |
|
Diluted |
|
56,672,537 |
|
|
|
56,591,994 |
|
|
|
56,820,774 |
|
|
56,610,404 |
|
|
|
|
|
|
|
|
|
*) Reclassified |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GILAT SATELLITE NETWORKS
LTD. |
RECONCILIATION BETWEEN GAAP AND NON-GAAP CONSOLIDATED
STATEMENTS OF INCOME (LOSS) |
FOR COMPARATIVE PURPOSES
|
U.S. dollars in thousands (except share and per share
data) |
|
|
Three months ended |
|
Three months ended |
|
December 31, 2023 |
|
December 31, 2022 |
|
GAAP |
|
Adjustments (*) |
|
Non-GAAP |
|
GAAP |
|
Adjustments (*) |
|
Non-GAAP |
|
Unaudited |
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
$ |
28,920 |
|
$ |
617 |
|
|
$ |
29,537 |
|
$ |
27,716 |
|
|
$ |
73 |
|
|
$ |
27,789 |
Operating expenses |
|
26,041 |
|
|
(2,615 |
) |
|
|
23,426 |
|
|
21,646 |
|
|
|
(943 |
) |
|
|
20,703 |
Operating income |
|
2,879 |
|
|
3,232 |
|
|
|
6,111 |
|
|
6,070 |
|
|
|
1,016 |
|
|
|
7,086 |
Income before taxes on income |
|
4,075 |
|
|
3,232 |
|
|
|
7,307 |
|
|
5,968 |
|
|
|
1,016 |
|
|
|
6,984 |
Net income (loss) |
$ |
3,447 |
|
$ |
3,097 |
|
|
$ |
6,544 |
|
$ |
(6,020 |
) |
|
$ |
13,896 |
|
|
$ |
7,876 |
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (losses) per share |
$ |
0.06 |
|
$ |
0.06 |
|
|
$ |
0.12 |
|
$ |
(0.11 |
) |
|
$ |
0.25 |
|
|
$ |
0.14 |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (losses) per share |
$ |
0.06 |
|
$ |
0.05 |
|
|
$ |
0.11 |
|
$ |
(0.11 |
) |
|
$ |
0.25 |
|
|
$ |
0.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in computing earnings
(losses) per share |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
56,820,774 |
|
|
|
|
56,820,774 |
|
|
56,610,404 |
|
|
|
|
|
56,610,404 |
Diluted |
|
56,820,774 |
|
|
|
|
56,987,939 |
|
|
56,610,404 |
|
|
|
|
|
56,623,366 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) 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, one-time
tax expense related to the release of historical tax-exempt
earnings and income tax effect on adjustments which is
calculated using the relevant effective tax rate. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Three months ended |
|
December 31, 2023 |
|
December 31, 2022 |
|
|
|
Unaudited |
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss) |
|
|
$ |
3,447 |
|
|
|
|
|
|
$ |
(6,020 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock-based compensation expenses |
|
|
|
129 |
|
|
|
|
|
|
|
73 |
|
|
|
Amortization of intangible assets related to acquisition
transactions |
|
|
|
448 |
|
|
|
|
|
|
|
- |
|
|
|
Others |
|
|
|
40 |
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
617 |
|
|
|
|
|
|
|
73 |
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock-based compensation expenses |
|
|
|
1,458 |
|
|
|
|
|
|
|
513 |
|
|
|
Amortization of intangible assets related to acquisition
transactions |
|
|
|
162 |
|
|
|
|
|
|
|
50 |
|
|
|
Impairment of held for sale asset |
|
|
|
- |
|
|
|
|
|
|
|
53 |
|
|
|
Other operating expenses (income), net |
|
|
|
986 |
|
|
|
|
|
|
|
327 |
|
|
|
Others |
|
|
|
9 |
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
2,615 |
|
|
|
|
|
|
|
943 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxes on income |
|
|
|
(135 |
) |
|
|
|
|
|
|
12,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income |
|
|
$ |
6,544 |
|
|
|
|
|
|
$ |
7,876 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GILAT SATELLITE NETWORKS LTD. |
RECONCILIATION BETWEEN GAAP AND NON-GAAP CONSOLIDATED
STATEMENTS OF INCOME (LOSS) |
FOR COMPARATIVE PURPOSES |
U.S. dollars in thousands (except share and per share
data) |
|
|
Twelve months ended |
|
Twelve months ended |
|
December 31, 2023 |
|
December 31, 2022 |
|
GAAP |
|
Adjustments (*) |
|
Non-GAAP |
|
GAAP |
|
Adjustments (*) |
|
Non-GAAP |
|
Unaudited |
|
Audited |
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
$ |
104,945 |
|
$ |
895 |
|
|
$ |
105,840 |
|
$ |
86,908 |
|
|
$ |
303 |
|
|
$ |
87,211 |
Operating expenses |
|
76,860 |
|
|
5,434 |
|
|
|
82,294 |
|
|
76,955 |
|
|
|
(3,337 |
) |
|
|
73,618 |
Operating income |
|
28,085 |
|
|
(4,539 |
) |
|
|
23,546 |
|
|
9,953 |
|
|
|
3,640 |
|
|
|
13,593 |
Income before taxes on income |
|
28,194 |
|
|
(4,539 |
) |
|
|
23,655 |
|
|
7,135 |
|
|
|
3,640 |
|
|
|
10,775 |
Net income (loss) |
$ |
23,504 |
|
$ |
(3,597 |
) |
|
$ |
19,907 |
|
$ |
(5,928 |
) |
|
$ |
16,478 |
|
|
$ |
10,550 |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (losses) per share (basic and diluted) |
$ |
0.41 |
|
$ |
(0.06 |
) |
|
$ |
0.35 |
|
$ |
(0.10 |
) |
|
$ |
0.29 |
|
|
$ |
0.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in computing earnings
(losses) per share |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
56,668,999 |
|
|
|
|
56,668,999 |
|
|
56,591,994 |
|
|
|
|
|
56,591,994 |
Diluted |
|
56,672,537 |
|
|
|
|
56,784,601 |
|
|
56,591,994 |
|
|
|
|
|
56,650,362 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) 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, one-time tax
expense related to the release of historical tax-exempt
earnings and income tax effect on adjustments which is calculated
using the relevant effective tax rate. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months ended |
|
Twelve months ended |
|
December 31, 2023 |
|
December 31, 2022 |
|
|
|
Unaudited |
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss) |
|
|
$ |
23,504 |
|
|
|
|
|
|
$ |
(5,928 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock-based compensation expenses |
|
|
|
407 |
|
|
|
|
|
|
|
293 |
|
|
|
Amortization of intangible assets related to acquisition
transactions |
|
|
|
448 |
|
|
|
|
|
|
|
10 |
|
|
|
Others |
|
|
|
40 |
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
895 |
|
|
|
|
|
|
|
303 |
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock-based compensation expenses |
|
|
|
3,016 |
|
|
|
|
|
|
|
1,927 |
|
|
|
Amortization of intangible assets related to acquisition
transactions |
|
|
|
312 |
|
|
|
|
|
|
|
201 |
|
|
|
Impairment of held for sale asset |
|
|
|
- |
|
|
|
|
|
|
|
771 |
|
|
|
Other operating expenses (income), net |
|
|
|
(8,771 |
) |
|
|
|
|
|
|
438 |
|
|
|
Others |
|
|
|
9 |
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
(5,434 |
) |
|
|
|
|
|
|
3,337 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxes on income |
|
|
|
942 |
|
|
|
|
|
|
|
12,838 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income |
|
|
$ |
19,907 |
|
|
|
|
|
|
$ |
10,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GILAT SATELLITE NETWORKS LTD. |
|
|
|
|
|
|
|
SUPPLEMENTAL INFORMATION |
|
|
|
|
|
|
|
U.S. dollars in thousands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months ended |
|
Three months ended |
|
December 31, |
|
December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Unaudited |
|
Unaudited |
|
|
|
|
|
|
|
|
GAAP net income (loss) |
$ |
23,504 |
|
|
$ |
(5,928 |
) |
|
$ |
3,447 |
|
|
$ |
(6,020 |
) |
Adjustments: |
|
|
|
|
|
|
|
Financial expenses (income), net |
|
(109 |
) |
|
|
2,818 |
|
|
|
(1,196 |
) |
|
|
102 |
|
Taxes on income |
|
4,690 |
|
|
|
13,063 |
|
|
|
628 |
|
|
|
11,988 |
|
Non-cash stock-based
compensation expenses |
|
3,423 |
|
|
|
2,220 |
|
|
|
1,587 |
|
|
|
586 |
|
Impairment of held for sale asset |
|
- |
|
|
|
771 |
|
|
|
- |
|
|
|
53 |
|
Depreciation and amortization (*) |
|
13,627 |
|
|
|
11,832 |
|
|
|
3,862 |
|
|
|
3,063 |
|
Other operating expenses (income), net |
|
(8,771 |
) |
|
|
438 |
|
|
|
986 |
|
|
|
327 |
|
Others |
|
49 |
|
|
|
- |
|
|
|
49 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
36,413 |
|
|
$ |
25,214 |
|
|
$ |
9,363 |
|
|
$ |
10,099 |
|
|
|
|
|
|
|
|
|
(*) Including amortization of lease incentive |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT REVENUES: |
|
|
|
|
|
|
|
|
Twelve months ended |
|
Three months ended |
|
December 31, |
|
December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Unaudited |
|
Audited |
|
Unaudited |
|
|
|
|
|
|
|
|
Satellite Networks |
$ |
168,527 |
|
|
$ |
120,381 |
|
|
$ |
53,517 |
|
|
$ |
36,388 |
|
Integrated Solutions |
|
46,133 |
|
|
|
61,376 |
|
|
|
9,503 |
|
|
|
16,329 |
|
Network Infrastructure and Services |
|
51,430 |
|
|
|
58,083 |
|
|
|
12,592 |
|
|
|
19,910 |
|
|
|
|
|
|
|
|
|
Total revenues |
$ |
266,090 |
|
|
$ |
239,840 |
|
|
$ |
75,612 |
|
|
$ |
72,627 |
|
|
|
|
|
|
|
|
|
GILAT SATELLITE NETWORKS LTD. |
CONSOLIDATED BALANCE SHEETS |
U.S. dollars in thousands |
|
|
|
|
|
December 31, |
|
December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
Unaudited |
|
Audited |
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
Cash and cash equivalents |
$ |
103,961 |
|
|
$ |
86,591 |
|
Restricted cash |
|
736 |
|
|
|
541 |
|
Trade receivables, net |
|
44,725 |
|
|
|
50,644 |
|
Contract assets |
|
28,327 |
|
|
|
24,971 |
|
Inventories |
|
38,525 |
|
|
|
33,024 |
|
Other current assets |
|
24,299 |
|
|
|
19,283 |
|
|
|
|
|
Total current assets |
|
240,573 |
|
|
|
215,054 |
|
|
|
|
|
LONG-TERM ASSETS: |
|
|
|
Restricted cash |
|
54 |
|
|
|
13 |
|
Long-term contract assets |
|
9,283 |
|
|
|
11,149 |
|
Severance pay funds |
|
5,737 |
|
|
|
5,947 |
|
Deferred taxes |
|
11,484 |
|
|
|
18,265 |
|
Operating lease right-of-use assets |
|
5,105 |
|
|
|
3,891 |
|
Other long-term assets |
|
9,544 |
|
|
|
10,737 |
|
|
|
|
|
Total long-term assets |
|
41,207 |
|
|
|
50,002 |
|
|
|
|
|
PROPERTY AND EQUIPMENT, NET |
|
74,315 |
|
|
|
76,578 |
|
|
|
|
|
INTANGIBLE ASSETS, NET |
|
16,051 |
|
|
|
309 |
|
|
|
|
|
GOODWILL |
|
54,740 |
|
|
|
43,468 |
|
|
|
|
|
TOTAL ASSETS |
$ |
426,886 |
|
|
$ |
385,411 |
|
|
|
|
|
GILAT SATELLITE NETWORKS LTD. |
|
|
|
CONSOLIDATED BALANCE SHEETS (Cont.) |
|
|
|
U.S. dollars in thousands |
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
Unaudited |
|
Audited |
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
Short-term loan |
$ |
7,453 |
|
|
$ |
- |
|
Trade payables |
|
13,873 |
|
|
|
20,668 |
|
Accrued expenses |
|
51,906 |
|
|
|
50,356 |
|
Advances from customers and deferred revenues |
|
34,495 |
|
|
|
30,531 |
|
Operating lease liabilities |
|
2,426 |
|
|
|
1,941 |
|
Other current liabilities |
|
16,431 |
|
|
|
22,291 |
|
|
|
|
|
Total current liabilities |
|
126,584 |
|
|
|
125,787 |
|
|
|
|
|
LONG-TERM LIABILITIES: |
|
|
|
Long-term loan |
|
2,000 |
|
|
|
- |
|
Accrued severance pay |
|
6,537 |
|
|
|
6,580 |
|
Long-term advances from customers and deferred revenues |
|
1,139 |
|
|
|
1,041 |
|
Operating lease liabilities |
|
3,022 |
|
|
|
1,890 |
|
Other long-term liabilities |
|
12,916 |
|
|
|
5,988 |
|
|
|
|
|
Total long-term liabilities |
|
25,614 |
|
|
|
15,499 |
|
|
|
|
|
SHAREHOLDERS' EQUITY: |
|
|
|
Share capital - ordinary shares of NIS 0.2 par value |
|
2,733 |
|
|
|
2,711 |
|
Additional paid-in capital |
|
937,591 |
|
|
|
932,086 |
|
Accumulated other comprehensive loss |
|
(5,315 |
) |
|
|
(6,847 |
) |
Accumulated deficit |
|
(660,321 |
) |
|
|
(683,825 |
) |
|
|
|
|
Total shareholders' equity |
|
274,688 |
|
|
|
244,125 |
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
426,886 |
|
|
$ |
385,411 |
|
|
|
|
|
GILAT SATELLITE NETWORKS LTD. |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
U.S. dollars in thousands |
|
|
|
|
|
|
|
|
|
Twelve months ended |
|
Three months ended |
|
December 31, |
|
December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Unaudited |
|
Audited |
|
Unaudited |
Cash flows from operating activities: |
|
|
|
|
|
|
|
Net income (loss) |
$ |
23,504 |
|
|
$ |
(5,928 |
) |
|
$ |
3,447 |
|
|
$ |
(6,020 |
) |
Adjustments required to reconcile net income (loss) to net
cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
13,402 |
|
|
|
11,608 |
|
|
|
3,805 |
|
|
|
3,004 |
|
Capital gain from sale of property |
|
(2,084 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Impairment of held for sale asset |
|
- |
|
|
|
771 |
|
|
|
- |
|
|
|
53 |
|
Stock-based compensation |
|
3,423 |
|
|
|
2,220 |
|
|
|
1,587 |
|
|
|
586 |
|
Accrued severance pay, net |
|
167 |
|
|
|
136 |
|
|
|
12 |
|
|
|
44 |
|
Deferred taxes, net |
|
2,662 |
|
|
|
(627 |
) |
|
|
(1,203 |
) |
|
|
(2,450 |
) |
Decrease (increase) in trade receivables, net |
|
13,448 |
|
|
|
(11,162 |
) |
|
|
9,561 |
|
|
|
1,108 |
|
Decrease (increase) in contract assets |
|
(1,694 |
) |
|
|
2,481 |
|
|
|
(7,804 |
) |
|
|
4,771 |
|
Decrease (increase) in other assets and other adjustments
(including short-term, long-term and effect of exchange rate
changes on cash and cash equivalents) |
|
(351 |
) |
|
|
(3,445 |
) |
|
|
(3,949 |
) |
|
|
5,208 |
|
Decrease (increase) in inventories |
|
(2,387 |
) |
|
|
(5,416 |
) |
|
|
3,798 |
|
|
|
614 |
|
Decrease in trade payables |
|
(7,635 |
) |
|
|
(259 |
) |
|
|
(2,314 |
) |
|
|
(4,574 |
) |
Increase in accrued expenses |
|
735 |
|
|
|
549 |
|
|
|
3,517 |
|
|
|
2,316 |
|
Increase (decrease) in advance from customers and deferred
revenues |
|
803 |
|
|
|
5,929 |
|
|
|
(1,843 |
) |
|
|
(1,468 |
) |
Increase (decrease) in other liabilities |
|
(12,049 |
) |
|
|
13,957 |
|
|
|
1,343 |
|
|
|
13,592 |
|
Net cash provided by operating activities |
|
31,944 |
|
|
|
10,814 |
|
|
|
9,957 |
|
|
|
16,784 |
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
Purchase of property and equipment |
|
(10,746 |
) |
|
|
(12,793 |
) |
|
|
(2,090 |
) |
|
|
(3,568 |
) |
Proceeds from short-term deposits |
|
- |
|
|
|
2,159 |
|
|
|
- |
|
|
|
- |
|
Investment in financial instrument |
|
- |
|
|
|
(1,536 |
) |
|
|
- |
|
|
|
- |
|
Acquisitions of subsidiary, net of cash acquired |
|
(4,107 |
) |
|
|
- |
|
|
|
(4,107 |
) |
|
|
- |
|
Receipts from sales of properties |
|
2,168 |
|
|
|
4,006 |
|
|
|
- |
|
|
|
4,006 |
|
Net cash provided by (used in) investing
activities |
|
(12,685 |
) |
|
|
(8,164 |
) |
|
|
(6,197 |
) |
|
|
438 |
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
Repayment of short-term loan |
|
(1,590 |
) |
|
|
- |
|
|
|
(1,590 |
) |
|
|
- |
|
Net cash used in financing activities |
|
(1,590 |
) |
|
|
- |
|
|
|
(1,590 |
) |
|
|
- |
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash, cash equivalents
and restricted cash |
|
(63 |
) |
|
|
32 |
|
|
|
2,288 |
|
|
|
47 |
|
|
|
|
|
|
|
|
|
Increase in cash, cash equivalents and restricted
cash |
|
17,606 |
|
|
|
2,682 |
|
|
|
4,458 |
|
|
|
17,269 |
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash at the beginning
of the period |
|
87,145 |
|
|
|
84,463 |
|
|
|
100,293 |
|
|
|
69,876 |
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash at the end of
the period |
$ |
104,751 |
|
|
$ |
87,145 |
|
|
$ |
104,751 |
|
|
$ |
87,145 |
|
|
|
|
|
|
|
|
|
Gilat Satellite Networks (NASDAQ:GILT)
Historical Stock Chart
From May 2024 to Jun 2024
Gilat Satellite Networks (NASDAQ:GILT)
Historical Stock Chart
From Jun 2023 to Jun 2024