HOD HASHARON, Israel,
Feb. 15, 2022 /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 2021 financial
results.
Financial Highlights
- Fourth quarter revenues were $41.0
million, up 5% year-over-year;
- Full year revenues were $145.6
million, up 7% year-over-year;
- Gross margin on a non-GAAP basis in 2021 was 70% compared to
71% in 2020;
- Total ARR* for December 2021,
including SECaaS ARR* and Support & Maintenance ARR* was
$47 million, up 39%
year-over-year;
- Incremental MAR** (maximum annual revenue potential of
concluded transactions) reported for the year 2021 was $193 million;
- GAAP operating loss for Q4 2021 was $3.7
million compared to $1.2 in Q4
2020;
- Non-GAAP operating loss for Q4 2021 was $2 million compared to an operating profit of
$0.5 million in Q4 2020.
Financial Outlook
For 2022, management expects:
- Revenues to be between $147-153
million;
- Additional recurring security deals to be executed, providing
incremental MAR** of more than $180 million;
- December 2022 total ARR*
including SECaaS ARR* and Support & Maintenance ARR* to be
between $61-$73 million, representing more than 40%
year-over-year growth versus 2021 at the midpoint;
- December 2022 SECaaS ARR* to be
between $20-$30 million;
- Recurring security revenue to be between $10-$15
million.
Management Comment
Erez Antebi, President &
CEO of Allot, commented: "During 2021 more of our SECaaS
partners began to launch their service, and we started to show
traction and revenue growth from recurring security services. This
year, more network-based security deals were signed by operators
worldwide than in any previous year. By our count, we won most of
these deals that were closed during the year. We see this as a
testament to the accelerated growth in the network-based security
market, as well as our leadership and strength in the market. I
expect this trend will continue in 2022 and beyond."
Convertible Notes
The Company issued a separate Press Release announcing the
signing of a $40 million private
financing with Lynrock Lake Master Fund LP.
Q4 2021 Financial Results Summary
Total revenues for the fourth quarter of 2021 were
$41.0 million, an increase of 5%
compared to $39.1 million in the
fourth quarter of 2020.
Gross profit on a GAAP basis for the fourth quarter of
2021 was $28.5 million (gross margin
of 69.5%), a 4% improvement compared with $27.5 million (gross margin of 70.3%) in the
fourth quarter of 2020.
Gross profit on a non-GAAP basis for the fourth quarter
of 2021 was $28.7 million (gross
margin of 70.2%), a 4% improvement compared with $27.7 million (gross margin of 70.9%) in the
fourth quarter of 2020.
Net loss on a GAAP basis for the fourth quarter of 2021
was $4.0 million, or $0.11 per basic share, compared
with a net loss of $1.7 million, or
$0.05 per basic share, in the fourth
quarter of 2020.
Net loss on a non-GAAP for the fourth quarter of 2021 was
$2.1 million, or $0.06 loss per basic share compared with a net
income of $0.4 million, or
$0.01 earning per basic share, in the
fourth quarter of 2020.
2021 Financial Results Summary
Total revenues for 2021 were $145.6 million, an increase of 7% compared to
$135.9 million in 2020.
Gross profit on a GAAP basis for 2021 was
$101.0 million (gross margin of 69.4%), a 5%
improvement compared with $95.8
million (gross margin of 70.5%) in 2020.
Gross profit on a non-GAAP basis for 2021 was
$102.2 million (gross margin of
70.2%), a 6% improvement compared with $96.8
million (gross margin of 71.2%) in 2020.
Net loss on a GAAP basis for 2021 was
$15.0 million, or $0.42 per basic share, compared
with a net loss of $9.3 million, or $0.27 per basic share, in 2020.
Net loss on a non-GAAP basis for 2021 was $6.0 million, or $0.17 per basic share, compared with a net loss
of $3.6 million, or $0.10 per basic share, in 2020.
Cash and investments as of December 31, 2021 totaled $85.7 million, compared to $99.4 million as of December 31, 2020.
Conference Call & Webcast:
The Allot management team will host a conference call to discuss
fourth quarter and full year 2021 earnings results today,
February 15, 2022 at 8:30 am ET, 3:30 pm
Israel time. To access the
conference call, please dial one of the following numbers:
US: 1-888-668-5032, 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 leading provider of
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
* Total ARR - Support & Maintenance ARR (measures the
current annual run rate of the support & maintenance revenues,
which is calculated based on these expected revenues in the fourth
quarter and multiplied by 4) and SECaaS ARR (measures the current
annual run rate of the SECaaS revenues, which is calculated based
on these expected revenues in the current month of December and
multiplied by 12).
** 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
+1 212 378
8040
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,
|
|
2021
|
|
2020
|
|
|
2021
|
|
2020
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
40,974
|
|
$
39,091
|
|
|
$
145,600
|
|
$
135,922
|
|
Cost of
revenues
|
12,516
|
|
11,627
|
|
|
44,553
|
|
40,082
|
|
Gross
profit
|
28,458
|
|
27,464
|
|
|
101,047
|
|
95,840
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Research and
development costs, net
|
13,005
|
|
12,611
|
|
|
47,093
|
|
43,447
|
|
Sales and
marketing
|
15,025
|
|
12,787
|
|
|
52,337
|
|
47,528
|
|
General and
administrative
|
4,145
|
|
3,223
|
|
|
15,145
|
|
13,894
|
|
Total operating
expenses
|
32,175
|
|
28,621
|
|
|
114,575
|
|
104,869
|
|
Operating
loss
|
(3,717)
|
|
(1,157)
|
|
|
(13,528)
|
|
(9,029)
|
|
Financial and other
income, net
|
176
|
|
343
|
|
|
339
|
|
1,857
|
|
Loss before income
tax expenses
|
(3,541)
|
|
(814)
|
|
|
(13,189)
|
|
(7,172)
|
|
|
|
|
|
|
|
|
|
|
Tax
expenses
|
489
|
|
867
|
|
|
1,851
|
|
2,176
|
|
Net Loss
|
(4,030)
|
|
(1,681)
|
|
|
(15,040)
|
|
(9,348)
|
|
|
|
|
|
|
|
|
|
|
Basic net
loss per share
|
$
(0.11)
|
|
$
(0.05)
|
|
|
$
(0.42)
|
|
$
(0.27)
|
|
|
|
|
|
|
|
|
|
|
Diluted net
loss per share
|
$
(0.11)
|
|
$
(0.05)
|
|
|
$
(0.42)
|
|
$
(0.27)
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares used in
|
|
|
|
|
|
|
|
|
|
computing basic net
loss per share
|
36,426,471
|
|
35,317,213
|
|
|
36,050,540
|
|
35,007,201
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares used in
|
|
|
|
|
|
|
|
|
|
computing diluted net
loss per share
|
36,426,471
|
|
35,317,213
|
|
|
36,050,540
|
|
35,007,201
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
GAAP cost of
revenues
|
$
12,516
|
|
$
11,627
|
|
$
44,553
|
|
$
40,082
|
|
Share-based
compensation (1)
|
(137)
|
|
(113)
|
|
(581)
|
|
(355)
|
|
Amortization of
intangible assets (2)
|
(152)
|
|
(152)
|
|
(608)
|
|
(608)
|
|
Non-GAAP cost of
revenues
|
$
12,227
|
|
$
11,362
|
|
$
43,364
|
|
$
39,119
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit
|
$
28,458
|
|
$
27,464
|
|
$
101,047
|
|
$
95,840
|
|
Gross profit
adjustments
|
289
|
|
265
|
|
1,189
|
|
963
|
|
Non-GAAP gross
profit
|
$
28,747
|
|
$
27,729
|
|
$
102,236
|
|
$
96,803
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
expenses
|
$
32,175
|
|
$
28,621
|
|
$
114,575
|
|
$
104,869
|
|
Share-based
compensation (1)
|
(1,749)
|
|
(1,663)
|
|
(7,419)
|
|
(4,843)
|
|
Expenses
related to M&A activities (3)
|
-
|
|
-
|
|
-
|
|
(82)
|
|
Changes in
taxes and headcount related items (4)
|
367
|
|
296
|
|
367
|
|
296
|
|
Non-GAAP
operating expenses
|
$
30,793
|
|
$
27,254
|
|
$
107,523
|
|
$
100,240
|
|
|
|
|
|
|
|
|
|
|
GAAP financial
and other income
|
$
176
|
|
$
343
|
|
$
339
|
|
$
1,857
|
|
Exchange rate
differences*
|
12
|
|
(84)
|
|
454
|
|
(552)
|
|
Non-GAAP
Financial and other income
|
$
188
|
|
$
259
|
|
$
793
|
|
$
1,305
|
|
|
|
|
|
|
|
|
|
|
GAAP taxes on
income
|
$
489
|
|
$
867
|
|
$
1,851
|
|
$
2,176
|
|
Tax expenses in
respect of net deferred tax asset recorded
|
(118)
|
|
(15)
|
|
(282)
|
|
(202)
|
|
Changes in tax
related items
|
(100)
|
|
(500)
|
|
(100)
|
|
(500)
|
|
Non-GAAP taxes
on income
|
$
271
|
|
$
352
|
|
$
1,469
|
|
$
1,474
|
|
|
|
|
|
|
|
|
|
|
GAAP Net
Loss
|
$
(4,030)
|
|
$
(1,681)
|
|
$
(15,040)
|
|
$
(9,348)
|
|
Share-based
compensation (1)
|
1,886
|
|
1,776
|
|
8,000
|
|
5,198
|
|
Amortization of
intangible assets (2)
|
152
|
|
152
|
|
608
|
|
608
|
|
Expenses
related to M&A activities (3)
|
|
-
|
|
-
|
|
-
|
|
82
|
|
Changes in
taxes and headcount related items (4)
|
(367)
|
|
(296)
|
|
(367)
|
|
(296)
|
|
Exchange rate
differences*
|
12
|
|
(84)
|
|
454
|
|
(552)
|
|
Tax expenses in
respect of net deferred tax asset recorded
|
118
|
|
15
|
|
282
|
|
202
|
|
Changes in tax
related items
|
|
100
|
|
500
|
|
100
|
|
500
|
|
Non-GAAP Net
income (loss)
|
$
(2,129)
|
|
$
382
|
|
$
(5,963)
|
|
$
(3,606)
|
|
|
|
|
|
|
|
|
|
|
GAAP Loss per
share (diluted)
|
$
(0.11)
|
|
$
(0.05)
|
|
$
(0.42)
|
|
$
(0.27)
|
|
Share-based
compensation
|
0.05
|
|
0.05
|
|
0.22
|
|
0.15
|
|
Amortization of
intangible assets
|
0.00
|
|
0.01
|
|
0.02
|
|
0.02
|
|
Expenses
related to M&A activities
|
-
|
|
-
|
|
-
|
|
0.01
|
|
Changes in
taxes and headcount related items
|
|
(0.01)
|
|
(0.01)
|
|
(0.01)
|
|
(0.01)
|
|
Exchange rate
differences*
|
0.01
|
|
(0.00)
|
|
0.02
|
|
(0.01)
|
|
Changes in tax
related items
|
|
0.00
|
|
0.01
|
|
0.00
|
|
0.01
|
|
Non-GAAP Net
income (loss) per share (diluted)
|
$
(0.06)
|
|
$
0.01
|
|
$
(0.17)
|
|
$
(0.10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares used in
|
|
|
|
|
|
|
|
|
computing GAAP
diluted net loss per share
|
36,426,471
|
|
35,317,213
|
|
36,050,540
|
|
35,007,201
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares used in
|
|
|
|
|
|
|
|
|
computing non-GAAP
diluted net loss per share
|
36,426,471
|
|
37,574,546
|
|
36,050,540
|
|
35,007,201
|
|
|
|
|
|
|
|
|
|
|
* 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,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
(1) Share-based
compensation:
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
$
137
|
|
$
113
|
|
$
581
|
|
$
355
|
|
Research and
development costs, net
|
646
|
|
412
|
|
2,499
|
|
1,368
|
|
Sales and
marketing
|
740
|
|
683
|
|
3,212
|
|
2,145
|
|
General and
administrative
|
363
|
|
568
|
|
1,708
|
|
1,330
|
|
|
$
1,886
|
|
$
1,776
|
|
$
8,000
|
|
$
5,198
|
|
|
|
|
|
|
|
|
|
|
(2)
Amortization of intangible assets
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
$
152
|
|
$
152
|
|
$
608
|
|
$
608
|
|
|
$
152
|
|
$
152
|
|
$
608
|
|
$
608
|
|
|
|
|
|
|
|
|
|
|
(3) Expenses
related to M&A activities
|
|
|
|
|
|
|
|
|
Research and
development costs, net
|
$
-
|
|
$
-
|
|
$
-
|
|
$
82
|
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
82
|
|
|
|
|
|
|
|
|
|
|
(4) Changes in
taxes and headcount related items
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
$
(367)
|
|
$
(296)
|
|
$
(367)
|
|
$
(296)
|
|
|
$
(367)
|
|
$
(296)
|
|
$
(367)
|
|
$
(296)
|
|
|
|
|
|
|
|
|
|
|
TABLE -
3
|
|
ALLOT
LTD.
|
|
AND ITS
SUBSIDIARIES
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
(U.S. dollars in
thousands)
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
2021
|
|
2020
|
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
|
ASSETS
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
11,717
|
|
$
23,599
|
|
Short-term bank
deposits
|
|
60,720
|
|
47,225
|
|
Restricted
deposits
|
|
1,480
|
|
1,200
|
|
Available-for-sale
marketable securities
|
|
11,531
|
|
27,178
|
|
Trade receivables,
net
|
|
30,829
|
|
20,685
|
|
Other receivables and
prepaid expenses
|
|
8,490
|
|
14,205
|
|
Inventories
|
|
11,092
|
|
12,586
|
|
Total current
assets
|
|
135,859
|
|
146,678
|
|
|
|
|
|
|
LONG-TERM
ASSETS:
|
|
|
|
|
|
Long-term bank
deposits
|
|
215
|
|
215
|
|
Severance pay
fund
|
|
407
|
|
434
|
|
Operating lease
right-of-use assets
|
|
8,513
|
|
4,458
|
|
Trade receivables,
net
|
|
6,643
|
|
-
|
|
Deferred
taxes
|
|
(0)
|
|
420
|
|
Other
assets
|
|
1,639
|
|
2,975
|
|
Total long-term
assets
|
|
17,417
|
|
8,502
|
|
|
|
|
|
|
PROPERTY AND
EQUIPMENT, NET
|
|
15,000
|
|
11,993
|
|
GOODWILL AND
INTANGIBLE ASSETS, NET
|
|
35,138
|
|
34,427
|
|
|
|
|
|
|
Total
assets
|
|
$
203,414
|
|
$
201,600
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
Trade
payables
|
|
$
3,940
|
|
$
2,092
|
|
Deferred
revenues
|
|
22,138
|
|
26,658
|
|
Short-term operating
lease liabilities
|
|
2,785
|
|
2,813
|
|
Other payables and
accrued expenses
|
|
26,250
|
|
27,299
|
|
Total current
liabilities
|
|
55,113
|
|
58,862
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
|
Deferred
revenues
|
|
15,942
|
|
9,782
|
|
Long-term operating
lease liabilities
|
|
5,467
|
|
1,835
|
|
Accrued severance
pay
|
|
884
|
|
969
|
|
Total long-term
liabilities
|
|
22,293
|
|
12,586
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
126,008
|
|
130,152
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
203,414
|
|
$
201,600
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss
|
$
(4,030)
|
|
$
(1,681)
|
|
$
(15,040)
|
|
$
(9,348)
|
|
Adjustments to
reconcile net income to net cash used in
operating activities:
|
|
|
|
|
|
|
|
|
Depreciation
|
1,255
|
|
1,041
|
|
4,635
|
|
3,704
|
|
Stock-based
compensation
|
1,886
|
|
1,776
|
|
8,000
|
|
5,198
|
|
Amortization of
intangible assets
|
235
|
|
152
|
|
941
|
|
608
|
|
Capital
loss
|
-
|
|
18
|
|
-
|
|
18
|
|
Increase (Decrease)
in accrued severance pay, net
|
(14)
|
|
92
|
|
(58)
|
|
128
|
|
Decrease (Increase)
in other assets
|
(138)
|
|
(2,315)
|
|
1,006
|
|
(2,048)
|
|
Decrease in accrued
interest and amortization of premium on marketable
securities
|
17
|
|
11
|
|
182
|
|
357
|
|
Changes in operating
leases, net
|
(84)
|
|
198
|
|
(451)
|
|
(413)
|
|
Decrease (Increase)
in trade receivables
|
(6,250)
|
|
(1,740)
|
|
(16,787)
|
|
8,323
|
|
Decrease (Increase)
in other receivables and prepaid expenses
|
1,197
|
|
(6,126)
|
|
4,902
|
|
(7,272)
|
|
Decrease
(Increase) in inventories
|
(2,194)
|
|
2,950
|
|
1,494
|
|
(1,918)
|
|
Decrease (Increase)
in long-term deferred taxes, net
|
255
|
|
(76)
|
|
420
|
|
96
|
|
Increase (Decrease)
in trade payables
|
2,552
|
|
(8,807)
|
|
1,848
|
|
(9,584)
|
|
Increase in employees
and payroll accruals
|
2,531
|
|
2,395
|
|
458
|
|
2,047
|
|
Increase (Decrease)
in deferred revenues
|
(9,684)
|
|
4,215
|
|
1,640
|
|
(5,182)
|
|
Increase (Decrease)
in other payables, accrued expenses and other long term
liabilities
|
1,938
|
|
2,091
|
|
(1,559)
|
|
3,061
|
|
Net cash used in
operating activities
|
(10,528)
|
|
(5,806)
|
|
(8,369)
|
|
(12,225)
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
Decrease (Increase)
in restricted deposit
|
120
|
|
519
|
|
(280)
|
|
32,896
|
|
Redemption of
(Investment in) short-term deposits
|
14,205
|
|
7,936
|
|
(13,495)
|
|
(41,883)
|
|
Purchase of property
and equipment
|
(3,051)
|
|
(2,035)
|
|
(7,642)
|
|
(7,582)
|
|
Investment in
available-for sale marketable securities
|
-
|
|
(844)
|
|
-
|
|
(1,219)
|
|
Proceeds from
redemption or sale of available-for sale marketable
securities
|
5,162
|
|
5,483
|
|
15,094
|
|
34,847
|
|
Net cash provided by
(used in) investing activities
|
16,436
|
|
11,059
|
|
(6,323)
|
|
17,059
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from
exercise of stock options
|
150
|
|
155
|
|
2,810
|
|
1,835
|
|
Net cash provided by
financing activities
|
150
|
|
155
|
|
2,810
|
|
1,835
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease)
in cash and cash equivalents
|
6,058
|
|
5,408
|
|
(11,882)
|
|
6,669
|
|
Cash and cash
equivalents at the beginning of the period
|
5,659
|
|
18,191
|
|
23,599
|
|
16,930
|
|
Cash and cash
equivalents at the end of the period
|
$
11,717
|
|
$
23,599
|
|
$
11,717
|
|
$
23,599
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial
metrics (Unaudited)
|
|
U.S. dollars in
millions, except number of full time employees, % of top-10
end-
customers out of revenues and number of shares
|
|
|
|
Q4-2021
|
FY
2021
|
|
FY
2020
|
|
Revenues
geographic breakdown
|
|
|
|
|
|
|
Americas
|
|
9.8
|
24%
|
19.4
|
14%
|
8.1
|
6%
|
|
EMEA
|
|
16.5
|
40%
|
82.0
|
56%
|
104.3
|
77%
|
|
Asia
Pacific
|
|
14.7
|
36%
|
44.2
|
30%
|
23.5
|
17%
|
|
|
|
41.0
|
100%
|
145.6
|
100%
|
135.9
|
100%
|
|
|
|
|
|
|
|
|
|
|
Breakdown between
products & services revenues
|
|
|
|
|
|
Products
|
|
23.2
|
56%
|
88.1
|
60%
|
92.5
|
68%
|
|
Professional
Services
|
7.3
|
18%
|
19.3
|
14%
|
13.3
|
10%
|
|
Support &
Maintenance
|
10.5
|
26%
|
38.2
|
26%
|
30.1
|
22%
|
|
|
|
41.0
|
100%
|
145.6
|
100%
|
135.9
|
100%
|
|
|
|
|
|
|
|
|
|
|
Revenues per
customer type
|
|
|
|
|
|
|
|
CSP
|
|
34.5
|
84%
|
116.9
|
80%
|
114.8
|
84%
|
|
Enterprise
|
|
6.5
|
16%
|
28.7
|
20%
|
21.1
|
16%
|
|
|
|
41.0
|
100%
|
145.6
|
100%
|
135.9
|
100%
|
|
|
|
|
|
|
|
|
|
|
Security
revenues
|
|
|
|
40.1
|
|
22.8
|
|
|
|
|
|
|
|
|
|
|
|
SECaaS (Security as a
Service) revenues
|
|
4.1
|
|
1.9
|
|
|
|
|
|
|
|
|
|
|
|
Incremental
MAR*
|
|
|
|
|
193.0
|
|
192.0
|
|
|
|
|
|
|
|
|
|
|
|
Backlog (end of
period)
|
|
|
|
88.6
|
|
109.7
|
|
|
|
|
|
|
|
|
|
|
|
% of top-10
end-customers out of revenues
|
69%
|
|
51%
|
|
71%
|
|
|
|
|
|
|
|
|
|
|
|
Total number of full
time employees
|
741
|
|
741
|
|
676
|
|
|
(end of
period)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Weighted
average number of basic shares (in
millions)
|
36.4
|
|
36.1
|
|
35
|
|
|
|
|
|
|
|
|
Non-GAAP weighted
average number of fully diluted
shares (in millions)
|
38.6
|
|
38.4
|
|
37.2
|
|
|
*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 (the MAR of
previous years ($ millions): 2018- 3, 2019- 85)
|
|
|
|
|
|
|
|
|
|
|
SECaaS (Security
as a Service) revenues- U.S. dollars in millions
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4-2021:
|
1.3
|
|
|
|
|
|
|
|
|
|
Q3-2021:
|
1.2
|
|
|
|
|
|
|
|
|
|
Q2-2021:
|
0.9
|
|
|
|
|
|
|
|
|
|
Q1-2021:
|
0.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SECaaS ARR *
(annualized recurring revenues)- U.S. dollars in
millions (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec. 2021:
|
5.2
|
|
|
|
|
|
|
|
|
|
Dec. 2020:
|
2.7
|
|
|
|
|
|
|
|
|
|
Dec. 2019:
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*ARR: annualized
recurring SECaaS revenues, calculated based on the monthly revenues
multiplied by 12
|
|
|
|
|
|
|
|
|
|
|
|
|
ARR- U.S. dollars
in millions (Unaudited)
|
|
|
|
Dec.
2020
|
|
Dec.
2021
|
|
Dec. 2022
estimation
|
|
2021 vs.
2020
|
|
2022 (est.) vs.
2021
|
|
Support &
maintenance ARR *
|
31.2
|
|
42.0
|
|
41-43
|
|
35%
|
|
(2%) -2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SECaaS ARR
**
|
2.7
|
|
5.2
|
|
20-30
|
|
93%
|
|
285%-477%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
ARR
|
33.9
|
|
47.2
|
|
61-73
|
|
39%
|
|
29%-55%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Support &
Maintenance ARR measures the current annual run rate of the support
& maintenance revenues, which is
calculated based on these expected revenues in the fourth quarter
and multiplied by 4.
** SECaaS ARR
measures the current annual run rate of the SECaaS revenues, which
is calculated based on these expected
revenues in the current month of December and multiplied by
12.
|
|
|
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multimedia:https://www.prnewswire.com/news-releases/allot-announces-fourth-quarter--full-year-2021-financial-results-301482342.html
SOURCE Allot Ltd.
