Gilat Satellite Networks Ltd. (NASDAQ, TASE: GILT), a worldwide
leader in satellite networking technology, solutions and services,
today reported its results for the first quarter ended March 31,
2020.
Key Financial Highlights:
- Revenues for Q1 2020 totaled $47.7
million compared with $62.1 million for Q1 2019.
- Results for the quarter:
- Q1 2020 - GAAP operating loss was
$10.8 million compared to operating income of $4.5 million in Q1
2019. Q1 2020 Non-GAAP operating loss was $7.6 million compared to
Non-GAAP operating income of $5.6 in Q1 2019.
- Q1 2020 GAAP net loss was $11.8
million, or loss of $0.21 per diluted share, compared with net
income of $2.8 million, or income of $0.05 per diluted share in Q1
2019. Q1 2020 non-GAAP net loss was $8.6 million, or $0.15 per
diluted share, compared with net income of $4.0 million, or $0.07
per diluted share, in Q1 2019.
- Q1 2020 Adjusted EBITDA loss was
$5.0 million compared with Adjusted EBITDA of $8.2 million in Q1
2019.
- The results of the first quarter of
2020 were significantly impacted by the COVID-19 outbreak. The
pandemic has had an adverse impact on Gilat’s different segments
though to varying degrees. It has significantly impacted the travel
and aviation markets in which Gilat's IFC customers operate and has
resulted in a slowdown of our business with these customers. Other
parts of Gilat's business such as the Fixed networks and Cellular
Backhaul have demonstrated relative resilience, however order
postponements and delays were experienced. In order to mitigate the
impact to the business, Gilat executed a plan to reduce expenses,
including a reduction in headcount as well as other cost-saving
measures.
The acquisition of Gilat by Comtech
Telecommunications Corp ("Comtech") was approved at the general
meeting of Gilat’s shareholders held on May 8, by shareholders
representing approximately 99.7% of the Gilat shares present and
voting at the meeting. The acquisition remains subject to certain
conditions to closing, including regulatory approval in Russia from
the Federal Antimonopoly Service, which had notified Comtech in May
2020 that it was extending the review period for Comtech’s
application pending a decision under the Foreign Investment
Law whether approval is required from the Chairman of the Russian
Government Commission for Supervising Foreign Investments.
Non-GAAP MeasuresThe 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 net income, operating 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 a more
complete understanding of the Company’s underlying operational
results, trends and performance. Non-GAAP financial measures mainly
exclude the effect of stock based compensation, amortization of
purchased intangibles, lease incentive amortization, litigation
expenses, income related to trade secrets claims, re-organization
costs, merger and acquisition costs, expenses for tax contingencies
to be paid under an amnesty program and initial recognition of
deferred tax asset with respect to carry-forward losses.
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 Operating income and Adjusted
EBITDA is presented in the attached summary financial
statements.
Non-GAAP presentations of net income, operating
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 30 years
of experience, we design and manufacture cutting-edge ground
segment equipment, and provide comprehensive solutions and
end-to-end services, powered by our innovative technology.
Delivering high value competitive solutions, our portfolio
comprises of a cloud based VSAT network platform, high-speed
modems, high performance on-the-move antennas and high efficiency,
high power Solid State 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, cellular backhaul,
enterprise, in-flight connectivity, maritime, trains, defense and
public safety, all while meeting the most stringent service level
requirements. Gilat controlling shareholders are the FIMI
Private Equity Funds. For more information, please visit:
www.gilat.com
Safe Harbor Statement
Certain statements made herein that are not
historical are forward-looking within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements involve known and unknown risks and uncertainties that
could cause the actual results, performance or achievements of
Gilat, or the expected results of the proposed transaction with
Comtech to be materially different from any future results,
performance or achievements that may be expressed or implied by
such forward-looking statements. Due to such uncertainties and
risks, no assurances can be given that such expectations will prove
to have been correct, and readers are cautioned not to place undue
reliance on such forward-looking statements, which speak only as of
the date hereof. The forward-looking statements contained
herein include, but are not limited to, statements about the
results, performance or achievements of Gilat, Gilat’s plans,
objectives and expectations for future operations, the expected
completion of the proposed transaction with Comtech, the
satisfaction or waiver of any conditions to the proposed
transaction, and other events relating to the proposed transaction.
Forward-looking statements are often characterized by the use of
forward-looking terminology such as “may,” “will,” “expect,”
“anticipate,” “estimate,” “continue,” “believe,” “should,”
“intend,” “plan,” “project” or other similar words, but are not the
only way these statements are identified. These
forward-looking statements are based upon Gilat’s management’s
current estimates and projections of future results or
trends. In addition to the risks and uncertainties
described in the Annual Report on Form 20-F for the year ended
December 31, 2019 and in the proxy statement/prospectus dated April
3, 2020 and those described in any other documents filed with the
Securities and Exchange Commission, such risks and uncertainties
include, among others, (i) changes in general economic and business
conditions, (ii) the inability to maintain market acceptance of
Gilat's products, (iii) the inability to timely develop and
introduce new technologies, products and applications, (iv) rapid
changes in the market for Gilat's products, (v) loss of market
share and pressure on prices resulting from competition, (vi)
introduction of competing products by other companies, (vii) the
inability to manage growth and expansion, (viii) loss of key OEM
partners, (ix) the inability to attract and retain qualified
personnel, (x) the inability to protect the Company's proprietary
technology, (xi) risks associated with Gilat's international
operations and its location in Israel and (xii) risks relating to
the Merger of wholly owned subsidiary of Comtech with and into
Gilat (the “Merger”), including, among others: (1) the risk that
the conditions to the closing of the are not satisfied, including
the risk that required approvals for the Merger from governmental
authorities are not received; (2) changes or circumstances that
could give rise to the termination of the Merger Agreement; (3) the
risk that the value of the stock merger consideration will
fluctuate over time; (4) litigation relating to the Merger; (5)
uncertainties as to the timing of the consummation of the Merger
and the ability of each party to consummate the Merger; (6) risks
that the proposed Merger disrupts the current plans and operations
of Gilat or Comtech, or both; (7) the ability of Gilat and Comtech
to retain and hire key personnel; (8) competitive responses to the
proposed Merger and the impact of competitive products; (9)
unexpected costs, charges or expenses resulting from the Merger;
(10) potential adverse reactions or changes to business
relationships resulting from the announcement or completion of the
Merger; (11) the combined company’s ability to achieve the
financial and operating results, growth prospects and synergies
expected from the Merger, as well as delays, challenges and
expenses associated with integrating the existing businesses of
Comtech and Gilat; (12) the combined company’s ability to maintain
and improve relationships with customers, suppliers and other third
parties following the Merger; (13) the terms and availability of
the indebtedness that may be incurred in connection with the
Merger; (14) the timing and funding of government contracts; (15)
risks associated with international sales; (16) risks associated
with legal proceedings, customer claims for indemnification and
other similar matters; (17) risks associated with Comtech’s
obligations under its credit facility; (18) risks associated with
the outbreak and global spread of the coronavirus (COVID-19)
pandemic; and (19) legislative, regulatory, technological,
political and economic developments, including changing business
conditions in the industries in which Comtech and Gilat operate and
the overall economy. as well as the financial performance and
expectations of Comtech’s and Gilat’s existing and prospective
customers.
The foregoing list of factors is not exclusive
and you should not place undue reliance on any forward-looking
statement. All forward-looking statements contained herein are made
only as of the date of the date hereof and, except as required by
law, Gilat does not undertake any obligation to update publicly any
of these forward-looking statements to reflect events or
circumstances that may arise after the date hereof.
For additional information regarding these and
other risks and uncertainties associated with Gilat's business and
the pending acquisition of Gilat by Comtech, reference is made to
Gilat's reports filed from time to time with the Securities and
Exchange Commission.
Contact:Gilat Satellite NetworksDoreet Oren,
Director Corporate CommunicationsDoreetO@gilat.com
GILAT SATELLITE NETWORKS LTD. |
CONSOLIDATED STATEMENTS OF OPERATIONS |
U.S. dollars in thousands (except share and per share
data) |
|
|
Three
months ended |
|
|
March, 31 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
Unaudited |
|
|
|
|
|
Revenues |
$ |
47,673 |
|
|
$ |
62,109 |
|
Cost of revenues |
|
38,787 |
|
|
|
38,539 |
|
|
|
|
|
|
Gross profit |
|
8,886 |
|
|
|
23,570 |
|
|
|
|
|
|
Research and development expenses |
|
7,634 |
|
|
|
8,857 |
|
Less - grants |
|
272 |
|
|
|
555 |
|
Research and development expenses, net |
|
7,362 |
|
|
|
8,302 |
|
Selling and marketing expenses |
|
5,066 |
|
|
|
5,871 |
|
General and administrative expenses |
|
4,545 |
|
|
|
4,942 |
|
Merger and acquisition costs |
|
2,405 |
|
|
|
- |
|
Restructuring costs |
|
273 |
|
|
|
- |
|
|
|
|
|
|
Total operating expenses |
|
19,651 |
|
|
|
19,115 |
|
|
|
|
|
|
Operating income (loss) |
|
(10,765 |
) |
|
|
4,455 |
|
|
|
|
|
|
Financial expenses, net |
|
(972 |
) |
|
|
(821 |
) |
|
|
|
|
|
Income (loss) before taxes on income |
|
(11,737 |
) |
|
|
3,634 |
|
|
|
|
|
|
Taxes on income |
|
18 |
|
|
|
810 |
|
|
|
|
|
|
Net income (loss) |
$ |
(11,755 |
) |
|
$ |
2,824 |
|
|
|
|
|
|
Basic and Diluted earnings (loss) per share |
$ |
(0.21 |
) |
|
$ |
0.05 |
|
|
|
|
|
|
Weighted average number of shares used in |
|
|
|
|
computing earnings (loss) per share |
|
|
|
|
Basic |
|
55,493,258 |
|
|
|
55,197,588 |
|
|
Diluted |
|
55,493,258 |
|
|
|
55,959,504 |
|
|
|
|
|
|
GILAT
SATELLITE NETWORKS LTD. |
RECONCILIATION
BETWEEN GAAP AND NON-GAAP STATEMENTS OF OPERATIONS |
FOR
COMPARATIVE PURPOSES |
U.S. dollars
in thousands (except share and per share data) |
|
Three months
ended |
|
Three months
ended |
|
March 31, 2020 |
|
March 31, 2019 |
|
GAAP |
|
Adjustments (1) |
|
Non-GAAP |
|
GAAP |
|
Adjustments (1) |
|
Non-GAAP |
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
$ |
8,886 |
|
|
|
62 |
|
|
$ |
8,948 |
|
|
$ |
23,570 |
|
|
326 |
|
|
$ |
23,896 |
Operating
expenses |
|
19,651 |
|
|
|
(3,106 |
) |
|
|
16,545 |
|
|
|
19,115 |
|
|
(829 |
) |
|
|
18,286 |
Operating
income (loss) |
|
(10,765 |
) |
|
|
3,168 |
|
|
|
(7,597 |
) |
|
|
4,455 |
|
|
1,155 |
|
|
|
5,610 |
Income
(loss) before taxes on income |
|
(11,737 |
) |
|
|
3,168 |
|
|
|
(8,569 |
) |
|
|
3,634 |
|
|
1,155 |
|
|
|
4,789 |
Net income
(loss) |
|
(11,755 |
) |
|
|
3,168 |
|
|
|
(8,587 |
) |
|
|
2,824 |
|
|
1,155 |
|
|
|
3,979 |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
(loss) per share (basic and diluted) |
$ |
(0.21 |
) |
|
$ |
0.06 |
|
|
$ |
(0.15 |
) |
|
$ |
0.05 |
|
$ |
0.02 |
|
|
$ |
0.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares used in |
|
|
|
|
|
|
|
|
|
|
|
computing earnings per share |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
55,493,258 |
|
|
|
|
|
55,493,258 |
|
|
|
55,197,588 |
|
|
|
|
55,197,588 |
Diluted |
|
55,493,258 |
|
|
|
|
|
55,493,258 |
|
|
|
55,959,504 |
|
|
|
|
56,142,723 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Adjustments
reflect the effect of non-cash stock-based compensation as per ASC
718, amortization of intangible assets related to shares
acquisition transactions, |
|
|
|
|
merger and acquisition costs, trade secrets and other
litigation expenses and restructuring costs. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended |
|
|
|
|
|
|
|
|
Three months
ended |
|
|
|
|
|
|
|
|
March 31,
2020 |
|
|
|
|
|
|
|
|
March 31,
2019 |
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income (loss) |
|
|
$ |
(11,755 |
) |
|
|
|
|
|
$ |
2,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
|
|
|
|
|
|
|
|
|
|
Non-cash
stock-based compensation expenses |
|
|
|
57 |
|
|
|
|
|
|
|
94 |
|
|
|
Amortization
of intangible assets related to acquisition transactions |
|
|
|
5 |
|
|
|
|
|
|
|
232 |
|
|
|
|
|
|
|
62 |
|
|
|
|
|
|
|
326 |
|
|
|
Operating
expenses |
|
|
|
|
|
|
|
|
|
|
|
Non-cash
stock-based compensation expenses |
|
|
|
366 |
|
|
|
|
|
|
|
777 |
|
|
|
Amortization
of intangible assets related to acquisition transactions |
|
|
|
51 |
|
|
|
|
|
|
|
52 |
|
|
|
Trade
secrets and other litigation expenses |
|
|
|
11 |
|
|
|
|
|
|
|
- |
|
|
|
Merger and
acquisition costs |
|
|
|
2,405 |
|
|
|
|
|
|
|
- |
|
|
|
Restructuring costs |
|
|
|
273 |
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
3,106 |
|
|
|
|
|
|
|
829 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income (loss) |
|
|
$ |
(8,587 |
) |
|
|
|
|
|
$ |
3,979 |
|
|
|
GILAT SATELLITE NETWORKS LTD. |
SUPPLEMENTAL INFORMATION |
U.S. dollars in thousands |
|
|
|
|
|
|
|
|
ADJUSTED EBITDA: |
|
|
|
|
|
|
|
|
Three
months ended |
|
March 31, |
|
2020 |
|
2019 |
|
Unaudited |
|
|
|
|
GAAP operating income (loss) |
$ |
(10,765 |
) |
|
$ |
4,455 |
Add: |
|
|
|
Non-cash
stock-based compensation expenses |
|
423 |
|
|
|
871 |
Trade
secrets and other litigation expenses |
|
11 |
|
|
|
- |
Restructuring costs |
|
273 |
|
|
|
- |
Merger and
acquisition costs |
|
2,405 |
|
|
|
- |
Depreciation
and amortization (*) |
|
2,664 |
|
|
|
2,877 |
|
|
|
|
Adjusted EBITDA |
$ |
(4,989 |
) |
|
$ |
8,203 |
|
|
|
|
(*) includng
amortization of lease incentive |
|
|
|
|
|
|
|
SEGMENT REVENUE: |
|
|
|
|
|
|
|
|
Three months
ended |
|
March 31, |
|
2020 |
|
2019 |
|
Unaudited |
|
|
|
|
Fixed
Networks |
$ |
23,011 |
|
|
$ |
36,428 |
Mobility
Solutions |
|
19,201 |
|
|
|
20,912 |
Terrestrial
Infrastructure Projects |
|
5,461 |
|
|
|
4,769 |
|
|
|
|
Total revenue |
$ |
47,673 |
|
|
$ |
62,109 |
GILAT SATELLITE NETWORKS LTD. |
CONSOLIDATED BALANCE SHEETS |
U.S. dollars in thousands |
|
|
|
|
|
March 31, |
|
December 31, |
|
2020 |
|
2019 |
|
Unaudited |
|
Audited |
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
Cash and cash equivalents |
$ |
66,818 |
|
|
$ |
74,778 |
|
Restricted cash |
|
25,710 |
|
|
|
27,067 |
|
Trade receivables, net |
|
33,667 |
|
|
|
47,731 |
|
Contract assets |
|
28,549 |
|
|
|
23,698 |
|
Inventories |
|
33,515 |
|
|
|
27,203 |
|
Other current assets |
|
18,245 |
|
|
|
23,007 |
|
|
|
|
|
Total current assets |
|
206,504 |
|
|
|
223,484 |
|
|
|
|
|
LONG-TERM ASSETS: |
|
|
|
Long-term restricted cash |
|
116 |
|
|
|
124 |
|
Severance pay funds |
|
6,588 |
|
|
|
6,831 |
|
Deferred taxes |
|
17,794 |
|
|
|
18,455 |
|
Operating lease right-of-use assets |
|
6,726 |
|
|
|
5,211 |
|
Other long term receivables |
|
10,504 |
|
|
|
10,156 |
|
|
|
|
|
Total long-term assets |
|
41,728 |
|
|
|
40,777 |
|
|
|
|
|
PROPERTY AND EQUIPMENT, NET |
|
80,918 |
|
|
|
82,584 |
|
|
|
|
|
INTANGIBLE ASSETS, NET |
|
1,413 |
|
|
|
1,523 |
|
|
|
|
|
GOODWILL |
|
43,468 |
|
|
|
43,468 |
|
|
|
|
|
TOTAL ASSETS |
$ |
374,031 |
|
|
$ |
391,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
GILAT SATELLITE NETWORKS LTD. |
|
|
|
CONSOLIDATED BALANCE SHEETS (Cont.) |
|
|
|
U.S.
dollars in thousands |
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
2020 |
|
2019 |
|
Unaudited |
|
Audited |
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
Current maturities of long-term loans |
$ |
4,000 |
|
|
$ |
4,096 |
|
Trade payables |
|
23,019 |
|
|
|
20,725 |
|
Accrued expenses |
|
52,726 |
|
|
|
54,676 |
|
Advances from customers and deferred revenues |
|
25,878 |
|
|
|
27,220 |
|
Operating lease liabilities |
|
2,130 |
|
|
|
1,977 |
|
Other current liabilities |
|
13,701 |
|
|
|
12,261 |
|
|
|
|
|
Total current liabilities |
|
121,454 |
|
|
|
120,955 |
|
|
|
|
|
LONG-TERM LIABILITIES: |
|
|
|
Long-term loans, net of current maturities |
|
- |
|
|
|
4,000 |
|
Accrued severance pay |
|
6,860 |
|
|
|
7,061 |
|
Long-term advances from customers |
|
1,330 |
|
|
|
2,866 |
|
Operating lease liabilities |
|
4,535 |
|
|
|
3,258 |
|
Other long-term liabilities |
|
107 |
|
|
|
108 |
|
|
|
|
|
Total long-term liabilities |
|
12,832 |
|
|
|
17,293 |
|
|
|
|
|
SHAREHOLDERS' EQUITY: |
|
|
|
Share capital - ordinary shares of NIS 0.2 par value |
|
2,643 |
|
|
|
2,643 |
|
Additional paid-in capital |
|
927,771 |
|
|
|
927,348 |
|
Accumulated other comprehensive loss |
|
(7,559 |
) |
|
|
(5,048 |
) |
Accumulated deficit |
|
(683,110 |
) |
|
|
(671,355 |
) |
|
|
|
|
Total shareholders' equity |
|
239,745 |
|
|
|
253,588 |
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
374,031 |
|
|
$ |
391,836 |
|
GILAT SATELLITE NETWORKS LTD. |
|
|
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
|
|
|
U.S.
dollars in thousands |
|
|
|
|
|
|
|
|
|
|
|
Three
months ended |
|
|
March 31, |
|
|
2020 |
|
2019 |
|
|
Unaudited |
Cash
flows from operating activities: |
|
|
|
|
Net
income (loss) |
|
$ |
(11,755 |
) |
|
$ |
2,824 |
|
Adjustments required to reconcile net income |
|
|
|
|
to net cash provided by operating
activities: |
|
|
|
|
Depreciation
and amortization |
|
|
2,604 |
|
|
|
2,822 |
|
Capital loss
(gain) from disposal of property and equipment |
|
|
(33 |
) |
|
|
7 |
|
Stock-based
compensation of options |
|
|
423 |
|
|
|
871 |
|
Accrued
severance pay, net |
|
|
43 |
|
|
|
285 |
|
Deferred
income taxes, net |
|
|
634 |
|
|
|
683 |
|
Decrease in
trade receivables, net |
|
|
13,607 |
|
|
|
7,831 |
|
Increase in
contract assets |
|
|
(4,851 |
) |
|
|
(430 |
) |
Decrease
(increase) in other assets (including short-term, long-term |
|
|
|
|
and
deferred charges) |
|
|
1,673 |
|
|
|
(86 |
) |
Increase in
inventories |
|
|
(6,635 |
) |
|
|
(3,659 |
) |
Increase
(decrease) in trade payables |
|
|
2,375 |
|
|
|
(922 |
) |
Decrease in
accrued expenses |
|
|
(1,652 |
) |
|
|
(2,169 |
) |
Decrease in
advance from customers |
|
|
(2,827 |
) |
|
|
(3,087 |
) |
Increase in
current and non current liabilities |
|
|
2,811 |
|
|
|
863 |
|
Net
cash provided by (used in) operating activities |
|
|
(3,583 |
) |
|
|
5,833 |
|
|
|
|
|
|
Cash
flows from investing activities: |
|
|
|
|
Purchase of
property and equipment |
|
|
(951 |
) |
|
|
(2,014 |
) |
Net
cash used in investing activities |
|
|
(951 |
) |
|
|
(2,014 |
) |
|
|
|
|
|
Cash
flows from financing activities: |
|
|
|
|
Exercise of
stock options |
|
|
- |
|
|
|
338 |
|
Repayment of
long-term loans |
|
|
(4,096 |
) |
|
|
(4,123 |
) |
Net
cash used in financing activities |
|
|
(4,096 |
) |
|
|
(3,785 |
) |
|
|
|
|
|
Effect of exchange rate changes on cash, cash equivalents
and restricted cash |
|
|
(695 |
) |
|
|
97 |
|
|
|
|
|
|
Increase (decrease) in cash, cash equivalents and
restricted cash |
|
|
(9,325 |
) |
|
|
131 |
|
|
|
|
|
|
Cash, cash equivalents and restricted cash at the beginning
of the period |
|
|
101,969 |
|
|
|
104,204 |
|
|
|
|
|
|
Cash, cash equivalents and restricted cash at the end of
the period |
|
$ |
92,644 |
|
|
$ |
104,335 |
|
|
|
|
|
|
Supplementary disclosure of cash flows
activities: |
|
|
|
|
Non-cash
transactions: |
|
|
|
|
|
|
|
|
|
Declaration
of cash dividend not yet distributed |
|
$ |
- |
|
|
$ |
24,862 |
|
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