In the news release, Allot Announces Fourth Quarter & Full
Year 2020 Financial Results, issued 09-Feb-2021 by Allot Ltd. over PR Newswire, we
are advised by the company that the US conference call number
should read "1-888-642-5032" rather than "1-888-668-5032" as
originally issued inadvertently. The complete, corrected release
follows:
Allot Announces Fourth Quarter & Full Year 2020 Financial
Results 2020 revenue grew by 23% year-over-year New security
recurring revenue deals executed in 2020 reached total of
$192M MAR
HOD HASHARON, Israel,
Feb. 9, 2021 /PRNewswire/
-- Allot Ltd. (NASDAQ: ALLT) (TASE: ALLT), a leading global
provider of innovative network intelligence and security solutions
for service providers and enterprises worldwide, today announced
its unaudited fourth quarter and full year 2020 financial
results.
Financial Highlights
- Fourth quarter revenues were $39.1
million, up 28% year-over-year;
- Full year revenues were $135.9
million, up 23% year-over-year;
- Gross margin on a non-GAAP basis increased in 2020 to 71%
compared to 70% in 2019;
- MAR *(maximum annual revenue potential of concluded
transactions) reported for 2020 reached $192
million;
- GAAP operating loss for Q4 2020 was $1.2
million compared to $1.9 in Q4
2019;
- Non-GAAP operating profit for Q4 2020 was $0.5 million compared to a loss of $1.8 million in Q4 2019;
Financial Outlook
- Management expects 2021 revenues to grow to between
$145-150 million;
- Management expects to close additional recurring security deals
to be executed in 2021 with MAR* expected to
exceed $180 million;
- Management expects recurring security revenues in 2021 to be
between $6 -$8
million, and expected to exceed $25
million in 2022;
Management Comment
Erez Antebi, President &
CEO of Allot, commented: "We are very happy with our
achievements in 2020, showing strong continued revenue growth and
solid performance throughout the year. Threats on the internet are
on the rise and growing numbers of consumers and operators see the
need for Network based protection. Despite travel restrictions and
delays as result of COVID, we signed recurring security revenue
deals with a total MAR of $192M –
significantly above our target for the year. We see this as a
testament for the strong need for easy to use network based
cybersecurity services."
Continued Mr. Antebi, "We see 2021 as a transformation
year for the market as our recurring security partners begin
to launch their services and we will see the early ramp of
revenues. We continue to invest in our offerings and in sales and
marketing, to capitalize on the opportunities ahead of us. We are
very encouraged by the traction we are gaining and expect to
continue signing additional recurring security revenue deals during
2021 with an MAR of $180 million,
ensuring our long-term sustainable growth. We look forward to
reaping the rewards in the coming years."
Q4 2020 Financial Results Summary
Total revenues for the fourth quarter of 2020 were
$39.1 million, an increase of 28%
compared to $30.6 million in the
fourth quarter of 2019.
Gross profit on a GAAP basis for the fourth quarter of
2020 was $27.5 million (gross margin
of 70.3%), a 32% improvement compared with $20.8 million (gross margin of 68.0%) in the
fourth quarter of 2019.
Gross profit on a non-GAAP basis for the fourth quarter
of 2020 was $27.7 million (gross
margin of 70.9%), a 32% improvement compared with $21.0 million (gross margin of 68.7%) in the
fourth quarter of 2019.
Net loss on a GAAP basis for the fourth quarter of 2020
was $1.7 million, or $0.05 per basic share, compared with a net loss
of $1.7 million, or $0.05 per basic share, in the fourth quarter of
2019.
Net income on a non-GAAP for the fourth quarter of 2020
was $0.4 million, or $0.01 earnings per basic share compared with a
non-GAAP net loss of $1.7 million, or
$0.05 loss per basic share, in the
fourth quarter of 2019.
2020 Financial Results Summary
Total revenues for 2020 were $135.9 million, an increase of 23% compared to
$110.1 million in 2019.
Gross profit on a GAAP basis for 2020 was $95.8 million (gross margin of 70.5%), a 26%
improvement compared with $76.3
million (gross margin of 69.3%) in 2019.
Gross profit on a non-GAAP basis for 2020 was
$96.8 million (gross margin of
71.2%), a 25% improvement compared with $77.3 million (gross margin of 70.2%) in
2019.
Net loss on a GAAP basis for 2020 was $9.3 million, or $0.27 per basic share, compared with a net loss
of $8.7 million, or $0.25 per basic share, in 2019.
Net loss on a non-GAAP for 2020 was
$3.6 million, or $0.10 per basic share, a decrease compared with a
non-GAAP net loss of $7.5 million, or
$0.22 per basic share, in 2019.
Cash and investments as of December 31, 2020 totaled $99.4 million, compared to $107.2 million as of September 30, 2020 and $117.6 million as of December 31, 2019.
Conference Call & Webcast:
The Allot management team will host a conference call to discuss
fourth quarter and full year 2020 earnings results today,
February 9, 2021 at 8:30 am ET, 3:30 pm
Israel time. To access the
conference call, please dial one of the following numbers:
US: 1-888-642-5032, Israel: +972-3-918-0609
A live webcast and, following the end of the call, an archive of
the conference call, will be accessible on the Allot website at:
http://investors.allot.com/index.cfm
About Allot
Allot Ltd. (NASDAQ: ALLT) (TASE: ALLT) is a provider of leading
innovative network intelligence and security solutions for service
providers and enterprises worldwide, enhancing value to their
customers. Our solutions are deployed globally for network and
application analytics, traffic control and shaping, network-based
security services, and more. Allot's multi-service platforms are
deployed by over 500 mobile, fixed and cloud service providers and
over 1,000 enterprises. Our industry leading network-based security
as a service solution has achieved over 50% penetration with some
service providers and is already used by over 20 million
subscribers in Europe. Allot. See.
Control. Secure.
For more information, visit www.allot.com
*MAR (maximum annual revenue potential of concluded
transactions) was estimated by Allot upon transaction signature and
constitutes an approximation of the theoretical annual revenues
Allot would receive if 100% of the customer's subscribers, as
estimated by Allot, signed up for the service.
GAAP to Non-GAAP Reconciliation:
The difference between GAAP and non-GAAP revenues is related to
the acquisitions made by the Company and represents revenues
adjusted for the impact of the fair value adjustment to acquired
deferred revenue related to purchase accounting. Non-GAAP net
income is defined as GAAP net income after including deferred
revenues related to the fair value adjustment resulting from
purchase accounting and excluding stock-based compensation
expenses, amortization of acquisition-related intangible assets,
deferred tax asset adjustment, changes in taxes related items and
other acquisition-related expenses.
These non-GAAP measures should be considered in addition to, and
not as a substitute for, comparable GAAP measures. The non-GAAP
results and a full reconciliation between GAAP and non-GAAP results
is provided in the accompanying Table 2. The Company provides these
non-GAAP financial measures because it believes they present a
better measure of the Company's core business and management uses
the non-GAAP measures internally to evaluate the Company's ongoing
performance. Accordingly, the Company believes they are useful to
investors in enhancing an understanding of the Company's operating
performance.
Safe Harbor Statement
This release contains forward-looking statements, which express
the current beliefs and expectations of Company management. Such
statements involve a number of known and unknown risks and
uncertainties that could cause our future results, performance or
achievements to differ significantly from the results, performance
or achievements set forth in such forward-looking statements.
Important factors that could cause or contribute to such
differences include risks relating to: our ability to compete
successfully with other companies offering competing technologies;
the loss of one or more significant customers; consolidation of,
and strategic alliances by, our competitors, government regulation;
the timing of completion of key project milestones which impact the
timing of our revenue recognition; lower demand for key value-added
services; our ability to keep pace with advances in technology and
to add new features and value-added services; managing lengthy
sales cycles; operational risks associated with large projects; our
dependence on fourth party channel partners for a material portion
of our revenues; court approval of the Company's proposed share
buy-back program; and other factors discussed under the heading
"Risk Factors" in the Company's annual report on Form 20-F filed
with the Securities and Exchange Commission. Forward-looking
statements in this release are made pursuant to the safe harbor
provisions contained in the Private Securities Litigation Reform
Act of 1995. These forward-looking statements are made only as of
the date hereof, and the company undertakes no obligation to update
or revise the forward-looking statements, whether as a result of
new information, future events or otherwise.
|
Investor Relations
Contact:
GK Investor
Relations
Ehud Helft
+1 646 201
9246
allot@gkir.com
|
Public Relations
Contact:
Seth Greenberg, Allot
Ltd.
+972 54 922 2294
sgreenberg@allot.com
|
|
TABLE -
1
|
|
ALLOT
LTD.
|
|
AND ITS
SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
(U.S. dollars in
thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Year
Ended
|
|
December
31,
|
|
|
December
31,
|
|
2020
|
|
2019
|
|
|
2020
|
|
2019
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
39,091
|
|
$
30,567
|
|
|
$
135,922
|
|
$
110,100
|
|
Cost of
revenues
|
11,627
|
|
9,784
|
|
|
40,082
|
|
33,834
|
|
Gross profit
|
27,464
|
|
20,783
|
|
|
95,840
|
|
76,266
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Research and
development costs, net
|
12,611
|
|
8,563
|
|
|
43,447
|
|
31,461
|
|
Sales and
marketing
|
12,787
|
|
12,186
|
|
|
47,528
|
|
47,105
|
|
General and
administrative
|
3,223
|
|
1,954
|
|
|
13,894
|
|
6,678
|
|
Total operating
expenses
|
28,621
|
|
22,703
|
|
|
104,869
|
|
85,244
|
|
Operating
loss
|
(1,157)
|
|
(1,920)
|
|
|
(9,029)
|
|
(8,978)
|
|
Financial and other
income, net
|
343
|
|
600
|
|
|
1,857
|
|
1,960
|
|
Loss before income
tax expenses
|
(814)
|
|
(1,320)
|
|
|
(7,172)
|
|
(7,018)
|
|
|
|
|
|
|
|
|
|
|
Tax
expenses
|
867
|
|
362
|
|
|
2,176
|
|
1,641
|
|
Net Loss
|
(1,681)
|
|
(1,682)
|
|
|
(9,348)
|
|
(8,659)
|
|
|
|
|
|
|
|
|
|
|
Basic net
loss per share
|
$
(0.05)
|
|
$
(0.05)
|
|
|
$
(0.27)
|
|
$
(0.25)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net
loss per share
|
$
(0.05)
|
|
$
(0.05)
|
|
|
$
(0.27)
|
|
$
(0.25)
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares used in
|
|
|
|
|
|
|
|
|
|
computing basic net
loss per share
|
35,317,213
|
|
34,450,317
|
|
|
35,007,201
|
|
34,250,582
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares used in
|
|
|
|
|
|
|
|
|
|
computing diluted net
loss per share
|
35,317,213
|
|
34,450,317
|
|
|
35,007,201
|
|
34,250,582
|
|
TABLE -
2
|
|
ALLOT
LTD.
|
|
AND ITS
SUBSIDIARIES
|
|
RECONCILIATION OF
GAAP TO NON-GAAP CONSOLIDATED STATEMENTS OF
OPERATIONS
|
|
(U.S. dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
GAAP cost of
revenues
|
$
11,627
|
|
$
9,784
|
|
$
40,082
|
|
$
33,834
|
|
Share-based
compensation (1)
|
(113)
|
|
(76)
|
|
(355)
|
|
(264)
|
|
Amortization of
intangible assets (2)
|
(152)
|
|
(152)
|
|
(608)
|
|
(853)
|
|
Changes in
taxes and headcount related items (4)
|
-
|
|
-
|
|
-
|
|
75
|
|
Non-GAAP cost of
revenues
|
$
11,362
|
|
$
9,556
|
|
$
39,119
|
|
$
32,792
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit
|
$
27,464
|
|
$
20,783
|
|
$
95,840
|
|
$
76,266
|
|
Gross profit
adjustments
|
265
|
|
228
|
|
963
|
|
1,042
|
|
Non-GAAP gross
profit
|
$
27,729
|
|
$
21,011
|
|
$
96,803
|
|
$
77,308
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
expenses
|
$
28,621
|
|
$
22,703
|
|
$
104,869
|
|
$
85,244
|
|
Share-based
compensation (1)
|
(1,663)
|
|
(942)
|
|
(4,843)
|
|
(3,156)
|
|
Amortization of
intangible assets (2)
|
-
|
|
(189)
|
|
-
|
|
(754)
|
|
Income
(Expenses) related to M&A activities (3)
|
-
|
|
1,246
|
|
(82)
|
|
3,980
|
|
Changes in
taxes and headcount related items (4)
|
296
|
|
-
|
|
296
|
|
(31)
|
|
Non-GAAP
operating expenses
|
$
27,254
|
|
$
22,818
|
|
$
100,240
|
|
$
85,283
|
|
|
|
|
|
|
|
|
|
|
GAAP financial
and other income
|
$
343
|
|
$
600
|
|
$
1,857
|
|
$
1,960
|
|
Exchange rate
differences*
|
(84)
|
|
(119)
|
|
(552)
|
|
83
|
|
Non-GAAP
Financial and other income
|
$
259
|
|
$
481
|
|
$
1,305
|
|
$
2,043
|
|
|
|
|
|
|
|
|
|
|
GAAP taxes on
income
|
$
867
|
|
$
362
|
|
$
2,176
|
|
$
1,641
|
|
Tax expenses in
respect of net deferred tax asset recorded
|
(15)
|
|
(25)
|
|
(202)
|
|
(74)
|
|
Changes in tax
related items
|
(500)
|
|
-
|
|
(500)
|
|
-
|
|
Non-GAAP taxes
on income
|
$
352
|
|
$
337
|
|
$
1,474
|
|
$
1,567
|
|
|
|
|
|
|
|
|
|
|
GAAP Net
Loss
|
$
(1,681)
|
|
$
(1,682)
|
|
$
(9,348)
|
|
$
(8,659)
|
|
Share-based
compensation (1)
|
1,776
|
|
1,018
|
|
5,198
|
|
3,420
|
|
Amortization of
intangible assets (2)
|
152
|
|
341
|
|
608
|
|
1,607
|
|
Expenses
(Income) related to M&A activities (3)
|
-
|
|
(1,246)
|
|
82
|
|
(3,980)
|
|
Changes in
taxes and headcount related items (4)
|
(296)
|
|
-
|
|
(296)
|
|
(44)
|
|
Exchange rate
differences*
|
(84)
|
|
(119)
|
|
(552)
|
|
83
|
|
Tax expenses in
respect of net deferred tax asset recorded
|
15
|
|
25
|
|
202
|
|
74
|
|
Changes in tax
related items
|
|
500
|
|
-
|
|
500
|
|
-
|
|
Non-GAAP Net
income (loss)
|
$
382
|
|
$
(1,663)
|
|
$
(3,606)
|
|
$
(7,499)
|
|
|
|
|
|
|
|
|
|
|
GAAP Loss per
share (diluted)
|
$
(0.05)
|
|
$
(0.05)
|
|
$
(0.27)
|
|
$
(0.25)
|
|
Share-based
compensation
|
0.05
|
|
0.03
|
|
0.15
|
|
0.10
|
|
Amortization of
intangible assets
|
0.01
|
|
0.01
|
|
0.02
|
|
0.05
|
|
Expenses
(Income) related to M&A activities
|
-
|
|
(0.04)
|
|
0.01
|
|
(0.12)
|
|
Changes in taxes and
headcount related items (4)
|
|
(0.01)
|
|
-
|
|
(0.01)
|
|
(0.00)
|
|
Exchange rate
differences*
|
(0.00)
|
|
(0.00)
|
|
(0.01)
|
|
0.00
|
|
Changes in tax
related items
|
|
0.01
|
|
-
|
|
0.01
|
|
-
|
|
Non-GAAP Net
income (loss) per share (diluted)
|
$
0.01
|
|
$
(0.05)
|
|
$
(0.10)
|
|
$
(0.22)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares used in
|
|
|
|
|
|
|
|
|
computing GAAP
diluted net loss per share
|
35,317,213
|
|
34,450,317
|
|
35,007,201
|
|
34,250,582
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares used in
|
|
|
|
|
|
|
|
|
computing non-GAAP
diluted net income (loss) per share
|
37,574,546
|
|
34,450,317
|
|
35,007,201
|
|
34,250,582
|
|
|
|
|
|
|
|
|
|
|
* Financial income or
expenses related to exchange rate differences in connection with
revaluation of assets and liabilities in non-dollar denominated
currencies.
|
|
TABLE - 2
cont.
|
|
ALLOT
LTD.
|
|
AND ITS
SUBSIDIARIES
|
|
RECONCILIATION OF
GAAP TO NON-GAAP CONSOLIDATED STATEMENTS OF
OPERATIONS
|
|
(U.S. dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
(1) Share-based
compensation:
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
$
113
|
|
$
76
|
|
$
355
|
|
$
264
|
|
Research and
development costs, net
|
412
|
|
230
|
|
1,368
|
|
847
|
|
Sales and
marketing
|
683
|
|
350
|
|
2,145
|
|
1,257
|
|
General and
administrative
|
568
|
|
362
|
|
1,330
|
|
1,052
|
|
|
$
1,776
|
|
$
1,018
|
|
$
5,198
|
|
$
3,420
|
|
|
|
|
|
|
|
|
|
|
(2)
Amortization of intangible assets
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
$
152
|
|
$
152
|
|
$
608
|
|
$
853
|
|
Sales and
marketing
|
-
|
|
189
|
|
-
|
|
754
|
|
|
$
152
|
|
$
341
|
|
$
608
|
|
$
1,607
|
|
|
|
|
|
|
|
|
|
|
(3) Expenses
(Income) related to M&A activities
|
|
|
|
|
|
|
|
|
General and
administrative
|
$
-
|
|
$
(1,374)
|
|
$
-
|
|
$
(4,882)
|
|
Research and
development costs, net
|
-
|
|
128
|
|
82
|
|
902
|
|
|
$
-
|
|
$
(1,246)
|
|
$
82
|
|
$
(3,980)
|
|
|
|
|
|
|
|
|
|
|
(4) Changes in
taxes and headcount related items
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
$
-
|
|
$
-
|
|
$
-
|
|
$
(75)
|
|
Sales and
marketing
|
(296)
|
|
-
|
|
(296)
|
|
16
|
|
General and
administrative
|
-
|
|
-
|
|
-
|
|
15
|
|
|
$
(296)
|
|
$
-
|
|
$
(296)
|
|
$
(44)
|
|
TABLE -
3
|
|
ALLOT
LTD.
|
|
AND ITS
SUBSIDIARIES
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
(U.S. dollars in
thousands)
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
2020
|
|
2019
|
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
|
ASSETS
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
23,599
|
|
$
16,930
|
|
Short-term bank
deposits
|
|
47,225
|
|
5,557
|
|
Restricted
deposit
|
|
1,200
|
|
23,183
|
|
Available-for-sale
marketable securities
|
|
27,178
|
|
61,012
|
|
Trade receivables,
net
|
|
20,685
|
|
29,008
|
|
Other receivables and
prepaid expenses
|
|
14,205
|
|
6,528
|
|
Inventories
|
|
12,586
|
|
10,668
|
|
Total current
assets
|
|
146,678
|
|
152,886
|
|
|
|
|
|
|
LONG-TERM
ASSETS:
|
|
|
|
|
|
Restricted
deposit
|
|
-
|
|
10,913
|
|
Long-term bank
deposits
|
|
215
|
|
-
|
|
Severance pay
fund
|
|
434
|
|
387
|
|
Operating lease
right-of-use assets
|
|
4,458
|
|
6,368
|
|
Deferred
taxes
|
|
420
|
|
517
|
|
Other
assets
|
|
2,975
|
|
926
|
|
Total long-term
assets
|
|
8,502
|
|
19,111
|
|
|
|
|
|
|
PROPERTY AND
EQUIPMENT, NET
|
|
11,993
|
|
8,135
|
|
GOODWILL AND
INTANGIBLE ASSETS, NET
|
|
34,427
|
|
35,037
|
|
|
|
|
|
|
Total
assets
|
|
$
201,600
|
|
$
215,169
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
Trade
payables
|
|
$
2,092
|
|
$
11,676
|
|
Deferred
revenues
|
|
26,658
|
|
36,360
|
|
Short-term operating
lease liabilities
|
|
2,813
|
|
3,151
|
|
Other payables and
accrued expenses
|
|
27,299
|
|
22,255
|
|
Total current
liabilities
|
|
58,862
|
|
73,442
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
|
Deferred
revenues
|
|
9,782
|
|
5,262
|
|
Long-term operating
lease liabilities
|
|
1,835
|
|
3,820
|
|
Accrued severance
pay
|
|
969
|
|
794
|
|
Total long-term
liabilities
|
|
12,586
|
|
9,876
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
130,152
|
|
131,851
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
201,600
|
|
$
215,169
|
|
TABLE -
4
|
|
ALLOT
LTD.
|
|
AND ITS
SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
(U.S. dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss
|
$
(1,681)
|
|
$
(1,682)
|
|
$
(9,348)
|
|
$
(8,659)
|
|
Adjustments to
reconcile net income to net cash provided by (used in)
operating activities:
|
|
|
|
|
|
|
|
Depreciation
|
1,041
|
|
837
|
|
3,704
|
|
2,752
|
|
Stock-based
compensation related to options granted to employees
|
1,776
|
|
1,018
|
|
5,198
|
|
3,420
|
|
Amortization of
intangible assets
|
152
|
|
341
|
|
608
|
|
1,607
|
|
Capital
loss
|
18
|
|
-
|
|
18
|
|
-
|
|
Increase (Decrease)
in accrued severance pay, net
|
92
|
|
(21)
|
|
128
|
|
(54)
|
|
Increase in other
assets
|
(2,315)
|
|
(160)
|
|
(2,048)
|
|
(326)
|
|
Decrease in accrued
interest and amortization of premium on marketable
securities
|
11
|
|
7
|
|
357
|
|
343
|
|
Changes in operating
leases, net
|
198
|
|
456
|
|
(413)
|
|
603
|
|
Decrease (Increase)
in trade receivables
|
(1,740)
|
|
(8,034)
|
|
8,323
|
|
(2,915)
|
|
Increase in other
receivables and prepaid expenses
|
(6,126)
|
|
(2,479)
|
|
(7,272)
|
|
(3,168)
|
|
Decrease (Increase)
in inventories
|
2,950
|
|
(1,502)
|
|
(1,918)
|
|
(253)
|
|
Decrease (Increase)
in long-term deferred taxes, net
|
(76)
|
|
33
|
|
96
|
|
(236)
|
|
Increase (Decrease)
in trade payables
|
(8,807)
|
|
4,389
|
|
(9,584)
|
|
3,863
|
|
Increase in employees
and payroll accruals
|
2,395
|
|
4,048
|
|
2,047
|
|
4,635
|
|
Increase (Decrease)
in deferred revenues
|
4,215
|
|
5,760
|
|
(5,182)
|
|
23,520
|
|
Increase (Decrease)
in other payables, accrued expenses and other long term
liabilities
|
2,091
|
|
464
|
|
3,061
|
|
(9,040)
|
|
Net cash provided by
(used in) operating activities
|
(5,806)
|
|
3,475
|
|
(12,225)
|
|
16,092
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
Decrease (Increase)
in restricted deposit
|
519
|
|
(23,331)
|
|
32,896
|
|
(33,374)
|
|
Redemption of
(Investment in) short-term deposits
|
7,936
|
|
3,000
|
|
(41,883)
|
|
16,986
|
|
Purchase of property
and equipment
|
(2,035)
|
|
(918)
|
|
(7,582)
|
|
(3,708)
|
|
Investment in
available-for sale marketable securities
|
(844)
|
|
(8,154)
|
|
(1,219)
|
|
(39,950)
|
|
Proceeds from
redemption or sale of available-for sale marketable
securities
|
5,483
|
|
11,173
|
|
34,847
|
|
43,555
|
|
Net cash provided by
(used in) investing activities
|
11,059
|
|
(18,230)
|
|
17,059
|
|
(16,491)
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise of employee
stock options
|
155
|
|
220
|
|
1,835
|
|
993
|
|
Net cash provided by
financing activities
|
155
|
|
220
|
|
1,835
|
|
993
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease)
in cash and cash equivalents
|
5,408
|
|
(14,535)
|
|
6,669
|
|
594
|
|
Cash and cash
equivalents at the beginning of the period
|
18,191
|
|
31,465
|
|
16,930
|
|
16,336
|
|
Cash and cash
equivalents at the end of the period
|
$
23,599
|
|
$
16,930
|
|
$
23,599
|
|
$
16,930
|
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SOURCE Allot Ltd.
