FORM 6 – K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report on Foreign Issuer

Pursuant to Rule 13a – 16 or 15d – 16
of the Securities Exchange Act of 1934

For the Month of November, 2019

Gilat Satellite Networks Ltd.

(Translation of Registrant’s Name into English)

Gilat House, Yegia Kapayim Street
Daniv Park, Kiryat Arye, Petah Tikva, Israel
(Address of Principal Corporate Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F  ☒       Form 40-F  ☐

Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ☐       No  ☒

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):   N/A


Attached hereto is Registrant’s press release dated November 19, 2019, announcing Gilat’s Third Quarter 2019 results.

We consent to the incorporation by reference of the GAAP financial information included herein, in the Registration Statements on Form S-8 (Registration Nos. 333-180552, 333-187021, 333-204867, 333-210820, 333-217022, 333-221546, 333-223839 and 333-231442) and on Form F-3 (Registration No. 333-232597).

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
Gilat Satellite Networks Ltd.
 
 
(Registrant)
 
       
Dated November 19, 2019
By:
/s/ Yael Shofar  
   
Yael Shofar
 
   
General Counsel
 
2


Gilat Reports Strong Growth in Q3 2019

GAAP Operating Income Increases 43.1% sequentially; Adjusted EBITDA
reaches double digits totaling $10.1 million

Gilat wins coveted deal for SES O3b mPOWER MEO Communications System

Petah Tikva, Israel – November 19, 2019 – Gilat Satellite Networks Ltd. (NASDAQ, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, today reported its results for the third quarter ended September 30, 2019.
 
Key Financial Highlights:
 
Revenues for Q3 2019 increased to $63.4 million compared with $59.7 million for Q2 2019 and $62.8 million in Q3 2018.
Continued strong profitability:

o
Q3 2019 GAAP operating income increased 17.1% to $7.0 million from $6.0 million in Q3 2018 and was up 43.1% from $4.9 million in Q2 2019. Non-GAAP operating income in Q3 2019 rose to $7.5 million, or by 15.4% from Q3 2018 and rose 19.4% sequentially.

o
Q3 2019 GAAP net income totaled $6.3 million, or $0.11 per diluted share a decrease of 27.3% compared with $8.7 million, or $0.16 per diluted share, in Q3 2018, which included a one-time tax benefit of $4.1 million. Q3 2019 net income increased 84.7% from $3.4 million, or $0.06 per diluted share, in Q2 2019.  On a non-GAAP basis, Q3 2019 net income increased 34.1% to $6.8 million, or $0.12 per diluted share, compared with $5.1 million, or $0.09 per diluted share, in Q3 2018 and was up 41.6% from $4.8 million, or $0.09 per diluted share, in Q2 2019.

o
Q3 2019 Adjusted EBITDA totaled $10.1 million, an increase of 10.6% year over year and 13.0% quarter over quarter.  Q3 2019 Adjusted EBITDA represented 15.9% of revenues versus 14.5% of revenues in Q3 2018 and 14.9% in Q2 2019.

o
Updated management objectives for 2019: Reiterating GAAP operating income of between $23 million and $27 million, and Adjusted EBITDA of between $38 million and $42 million, while reducing the revenue range to between $260 million to $270 million. The adjustment in the revenue objectives is due to delay of several key orders, coupled with delivery constraints that have since been mostly resolved.
 
Yona Ovadia, CEO of Gilat, commented:
"We achieved significant milestones in the Third Quarter, both on the financial and the business sides, as we continued to execute our strategy to build high quality, profitable revenues through our growth engines of Broadband, Mobile Cellular Backhaul and Mobility IFC.
"On the financial side we attained substantial progress as we continued to improve profitability. We have attained a record achievement of double-digit millions of dollars of Adjusted EBITDA, $10.1 million to be exact. This has been achieved only once before since we made growth in profitability one of the pillars of our strategy, and we have every intention to repeat it going forward.
"On the business side, I am excited to report that Gilat reached a landmark achievement with the selection of Gilat's platform by SES for the O3b mPOWER Medium Earth Orbit (MEO) Communications System. Gilat was selected due to our innovative ground segment, that significantly reduces cost per bit, best-in-class spectral efficiency, and a step function in modem performance. This win positions Gilat at the forefront of ground networks for Non-Geo Stationary Orbit (NGSO) constellations and as well as a prominent player for the new generation of HTS and VHTS GEO satellites.
"In Peru, our goal has always been the profitable recurring revenues from operations and sales of services, and indeed, further to last quarter’s achievement of moving to Operations in three awarded regions, I am pleased to share that this quarter we won a $10 million five-year project for 3G/4G backhaul services over the network that we built and just started to operate. We are pleased to see our vision materializing, and expect that this contract will significantly expand over time to additional multiple millions of dollars, as well as to selling additional services over our networks.
"In Australia we have reached an important milestone this quarter with NBN Co. with the launch of NBN’s business satellite services. The commercial launch of this flagship project initiates our managed service to NBN, delivering revenue of tens of millions of US dollars over a ten-year period.
"In addition, we have seen continued progress in our mobile and mobility growth areas. Particularly in cellular backhaul Gilat continues to be recognized as the global leader with the selection of the leading Japanese MNO, NTT DoCoMo. In Aero Mobility, we are encouraged by the clear direction of airlines to offer free wifi, as we already saw it starting to generate significant demand for Gilat equipment in this quarter. Both mobile and mobility continue to be major growth engines for Gilat.
"Lastly, in Q3, we also continued to strengthen our partnership with China Satcom with an agreement to upgrade to the most up-to-date, efficient, and high-performance communication network for aero and maritime mobility applications as well as fixed applications."
Mr. Ovadia concluded:
“In closing, we are pleased with our momentum in the market-place and in parallel with our continued improvement in our bottom line. We are engaged these days in planning our work plan for 2020. We will base it on the same guidelines as the existing growth engines, with continued if not increased investment in maintaining our product leadership, and in improvement of both the top line and bottom line."   

3

Key Recent Announcements:
 

Gilat Signs Significant Contract with SES to Develop and Deploy O3b mPOWER MEO Communications System

Global Eagle Places $5m Order with Gilat's Wavestream for In-Flight Connectivity Transceivers

Gilat and China Satcom Lay Foundation for Future Chinese Satellite Communication for Aero, Maritime, Land Mobility and Fixed Applications

NTT DOCOMO Awards Gilat an LTE Satellite Backhaul Project to Expand its LTE Footprint
 
Conference Call and Webcast Details:
 
Following the release, Yona Ovadia, Chief Executive Officer, and Adi Sfadia, Chief Financial Officer, will discuss Gilat’s third quarter 2019 results and participate in a question and answer session:

Date:
Tuesday, November 19, 2019
Start:
09:30 AM EST / 16:30 IST
Dial-in:
US: 1-888-668-9141
 
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: www.veidan-stream.com/gilatq3-2019.html

The webcast will also be archived for a period of 30 days on the Company’s website and through the link above.

Conference Call Replay

Start:
November 19, 2019 at 12:00 PM EST / 19:00 IST
End:
November 22, 2019 at 12:00 PM EST / 19:00 IST
Dial-in:
US: 1-888-326-9310
 
International: (972) 3-925-5904

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 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, expenses for tax contingencies to be paid under an amnesty program and initial recognition of deferred tax asset with respect to carry-forward losses.

4

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.

This news release also contains a forward-looking estimate of Adjusted EBITDA projected to be generated by Gilat in 2019. A forward-looking estimate of net income and reconciliations of the forward-looking estimates of Adjusted EBITDA to net income are not provided because the items necessary to estimate net income are not estimable at this time. 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
 
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. We undertake no obligation to update or revise any forward-looking statements for any reason. 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.

Contact:
Gilat Satellite Networks
Doreet Oren, Director Corporate Communications
DoreetO@gilat.com

Comm-Partners LLC
June Filingeri, President
+1-203-972-0186
junefil@optonline.net

5


GILAT SATELLITE NETWORKS LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands (except share and per share data)

   
Nine months ended
   
Three months ended
 
   
September 30,
   
September 30,
 
   
2019
   
2018
   
2019
   
2018
 
   
Unaudited
   
Unaudited
 
                         
Revenues
 
$
185,178
   
$
196,662
   
$
63,384
   
$
62,780
 
Cost of revenues
   
116,369
     
128,639
     
40,130
     
38,586
 
                                 
Gross profit
   
68,809
     
68,023
     
23,254
     
24,194
 
                                 
Research and development expenses
   
24,088
     
25,280
     
7,596
     
8,550
 
Less - grants
   
1,610
     
1,204
     
516
     
394
 
Research and development expenses, net
   
22,478
     
24,076
     
7,080
     
8,156
 
Selling and marketing expenses
   
16,332
     
17,209
     
5,044
     
5,493
 
General and administrative expenses
   
13,666
     
12,963
     
4,139
     
4,574
 
                                 
Total operating expenses
   
52,476
     
54,248
     
16,263
     
18,223
 
                                 
Operating income
   
16,333
     
13,775
     
6,991
     
5,971
 
                                 
Financial expenses, net
   
1,940
     
3,166
     
540
     
978
 
                                 
Income before taxes on income
   
14,393
     
10,609
     
6,451
     
4,993
 
                                 
Taxes on income  (tax benefit)
   
1,876
     
(2,505
)
   
163
     
(3,659
)
                                 
Net income
 
$
12,517
   
$
13,114
   
$
6,288
   
$
8,652
 
                                 
Basic earnings per share
 
$
0.23
   
$
0.24
   
$
0.11
   
$
0.16
 
                                 
Diluted earnings per share
 
$
0.22
   
$
0.24
   
$
0.11
   
$
0.16
 
                                 
Weighted average number of shares used in
                               
computing earnings per share
                               
Basic
   
55,329,617
     
54,858,038
     
55,463,945
     
54,950,327
 
Diluted
   
56,029,698
     
55,682,707
     
56,059,239
     
55,818,557
 

6


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
 
   
September 30, 2019
   
September 30, 2018
 
   
GAAP
   
Adjustments (1)
   
Non-GAAP
   
GAAP
   
Adjustments (1)
   
Non-GAAP
 
   
Unaudited
   
Unaudited
 
                                     
Gross profit
 
$
23,254
     
68
   
$
23,322
   
$
24,194
     
268
   
$
24,462
 
Operating expenses
   
16,263
     
(433
)
   
15,830
     
18,223
     
(254
)
   
17,969
 
Operating income
   
6,991
     
501
     
7,492
     
5,971
     
522
     
6,493
 
Income before taxes on income
   
6,451
     
501
     
6,952
     
4,993
     
522
     
5,515
 
Net income
   
6,288
     
501
     
6,789
     
8,652
     
(3,589
)
   
5,063
 
                                                 
Earnings per share (basic and diluted)
 
$
0.11
   
$
0.01
   
$
0.12
   
$
0.16
   
$
(0.07
)
 
$
0.09
 
                                                 
Weighted average number of shares used in
                         
   computing earnings per share
                                               
    Basic
   
55,463,945
             
55,463,945
     
54,950,327
             
54,950,327
 
    Diluted
   
56,059,239
             
56,179,331
     
55,818,557
             
56,020,550
 
                                                 
(1) Adjustments reflect the effect of non-cash stock-based compensation as per ASC 718, amortization of intangible assets related to shares acquisition transactions, trade secrets litigation expenses and re-organiztion costs.
 
   

                   

                 
           
Three months
ended
                   
Three months
ended
         
           
September
30, 2019
                   
September
30, 2018
         
           
Unaudited
                   
Unaudited
         
                                                 
GAAP net income
         
$
6,288
                   
$
8,652
         
                                                 
Gross profit
                                               
Non-cash stock-based compensation expenses
            55
                      35
         
Amortization of intangible assets related to acquisition transactions
            13
                       233          
             
68
                     
268
         
Operating expenses
                                               
Non-cash stock-based compensation expenses
            382
                      203
         
Amortization of intangible assets related to acquisition transactions
            51
                       51          
             
433
                     
254
         
                                                 
Tax benefit adjustment
           
-
                     
(4,111
)
       
                                                 
Non-GAAP net income
         
$
6,789
                   
$
5,063
         

7

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)

   
Nine months ended
   
Nine months ended
 
   
September 30, 2019
   
September 30, 2018
 
   
GAAP
   
Adjustments (1)
   
Non-GAAP
   
GAAP
   
Adjustments (1)
   
Non-GAAP
 
   
Unaudited
   
Unaudited
 
                                     
Gross profit
 
$
68,809
     
706
   
$
69,515
   
$
68,023
     
2,698
   
$
70,721
 
Operating expenses
   
52,476
     
(2,339
)
   
50,137
     
54,248
     
(805
)
   
53,443
 
Operating income
   
16,333
     
3,045
     
19,378
     
13,775
     
3,503
     
17,278
 
Income before taxes on income
   
14,393
     
3,045
     
17,438
     
10,609
     
3,503
     
14,112
 
Net income
   
12,517
     
3,045
     
15,562
     
13,114
     
(608
)
   
12,506
 
                                                 
Basic earnings per share
 
$
0.23
   
$
0.05
   
$
0.28
   
$
0.24
   
$
(0.01
)
 
$
0.23
 
                                                 
Diluted earnings per share
 
$
0.22
   
$
0.06
   
$
0.28
   
$
0.24
   
$
(0.02
)
 
$
0.22
 
                                                 
Weighted average number of shares used in
                                               
   computing earnings per share
                                               
    Basic
   
55,329,617
             
55,329,617
     
54,858,038
             
54,858,038
 
    Diluted
   
56,029,698
             
56,180,242
     
55,682,707
             
55,896,940
 
                                                 
(1) Adjustments reflect the effect of non-cash stock-based compensation as per ASC 718, amortization of intangible assets related to shares acquisition transactions, trade secrets litigation expenses or income and re-organization costs.
 
                                                 
           
Nine months ended
                   
Nine months ended
         
           
September
30, 2019
                   
September
30, 2018
         
           
Unaudited
                   
Unaudited
         
                                                 
GAAP net income
         
$
12,517
                   
$
13,114
         
                                                 
Gross profit
                                               
Non-cash stock-based compensation expenses
            198                       77
         
Amortization of intangible assets related to acquisition transactions
             479                        2,621          
Re-organization costs
           
29
                     
-
         
             
706
                     
2,698
         
Operating expenses
                                               
Non-cash stock-based compensation expenses
            1,532
                       653          
Amortization of intangible assets related to acquisition transactions
             152                       152
         
Trade secrets litigation expenses
           
100
                     
-
         
Re-organization costs
           
555
                     
-
         
             
2,339
                     
805
         
                                                 
Tax benefit adjustment
           
-
                     
(4,111
)
       
                                                 
Non-GAAP net income
         
$
15,562
                   
$
12,506
         

8


GILAT SATELLITE NETWORKS LTD.
SUPPLEMENTAL INFORMATION
U.S. dollars in thousands

ADJUSTED EBITDA:

   
Nine months ended
   
Three months ended
 
   
September 30,
   
September 30,
 
   
2019
   
2018
   
2019
   
2018
 
   
Unaudited
   
Unaudited
 
                         
GAAP operating income
 
$
16,333
   
$
13,775
   
$
6,991
   
$
5,971
 
Add:
                               
Non-cash stock-based compensation expenses
   
1,730
     
730
     
437
     
238
 
Re-organization costs
   
585
     
-
     
-
     
-
 
Trade secrets litigation expenses
   
100
     
-
     
-
     
-
 
Depreciation and amortization (*)
   
8,413
     
10,205
     
2,627
     
2,883
 
                                 
Adjusted EBITDA
 
$
27,161
   
$
24,710
   
$
10,055
   
$
9,092
 

(*) includng amortization of lease incentive

SEGMENT REVENUE:

   
Nine months ended
   
Three months ended
 
   
September 30,
   
September 30,
 
   
2019
   
2018
   
2019
   
2018
 
   
Unaudited
   
Unaudited
 
                         
Fixed Networks
 
$
94,104
   
$
108,786
   
$
27,268
   
$
34,943
 
Mobility Solutions
   
70,615
     
67,626
     
27,116
     
21,848
 
Terrestrial Infrastructure Projects
   
20,459
     
20,250
     
9,000
     
5,989
 
                                 
Total revenue
 
$
185,178
   
$
196,662
   
$
63,384
   
$
62,780
 

9

GILAT SATELLITE NETWORKS LTD.
CONSOLIDATED BALANCE SHEET
U.S. dollars in thousands

   
September 30,
   
December 31,
 
   
2019
   
2018
 
   
Unaudited
   
Audited
 
             
ASSETS
           
             
CURRENT ASSETS:
           
Cash and cash equivalents
 
$
53,089
   
$
67,381
 
Restricted cash
   
30,916
     
32,305
 
Restricted cash held by trustees
   
75
     
4,372
 
Trade receivables, net
   
44,184
     
47,164
 
Contract assets
   
21,392
     
47,760
 
Inventories
   
27,512
     
21,109
 
Other current assets
   
25,901
     
26,022
 
                 
Total current assets
   
203,069
     
246,113
 
                 
LONG-TERM INVESTMENTS AND RECEIVABLES:
               
Long-term restricted cash
   
145
     
146
 
Severance pay funds
   
6,871
     
6,780
 
Long term deferred tax assets
   
2,491
     
4,127
 
Operating lease right-of-use assets
   
4,595
     
-
 
Other long term receivables
   
13,519
     
7,276
 
                 
Total long-term investments and receivables
   
27,621
     
18,329
 
                 
PROPERTY AND EQUIPMENT, NET
   
82,976
     
84,403
 
                 
INTANGIBLE ASSETS, NET
   
1,640
     
2,434
 
                 
GOODWILL
   
43,468
     
43,468
 
                 
TOTAL ASSETS
 
$
358,774
   
$
394,747
 

10


GILAT SATELLITE NETWORKS LTD.
CONSOLIDATED BALANCE SHEET
U.S. dollars in thousands

   
September 30,
   
December 31,
 
   
2019
   
2018
 
   
Unaudited
   
Audited
 
             
LIABILITIES AND SHAREHOLDERS' EQUITY
           
             
CURRENT LIABILITIES:
           
Current maturities of long-term loans
 
$
4,203
   
$
4,458
 
Trade payables
   
20,070
     
24,636
 
Accrued expenses
   
57,906
     
67,533
 
Advances from customers and deferred revenues
   
20,056
     
29,133
 
Operating lease liabilities
   
1,628
     
-
 
Other current liabilities
   
12,104
     
14,588
 
                 
   Total current liabilities
   
115,967
     
140,348
 
                 
LONG-TERM LIABILITIES:
               
Accrued severance pay
   
7,085
     
6,649
 
Long-term loans, net of current maturities
   
4,000
     
8,098
 
Operating lease liabilities
   
2,975
     
-
 
Other long-term liabilities
   
109
     
580
 
                 
   Total long-term liabilities
   
14,169
     
15,327
 
                 
SHAREHOLDERS' EQUITY:
               
Share capital - ordinary shares of NIS 0.2 par value
   
2,642
     
2,625
 
Additional paid-in capital
   
926,944
     
924,856
 
Accumulated other comprehensive loss
   
(5,572
)
   
(5,380
)
Accumulated deficit
   
(695,376
)
   
(683,029
)
                 
Total shareholders' equity
   
228,638
     
239,072
 
                 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
 
$
358,774
   
$
394,747
 

11

GILAT SATELLITE NETWORKS LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands

   
Nine months ended
   
Three months ended
 
   
September 30,
   
September 30,
 
   
2019
   
2018
   
2019
   
2018
 
   
Unaudited
   
Unaudited
 
Cash flows from operating activities:
                       
Net income
 
$
12,517
   
$
13,114
   
$
6,288
   
$
8,652
 
Adjustments required to reconcile net income
                               
 to net cash provided by operating activities:
                               
Depreciation and amortization
   
8,247
     
10,205
     
2,565
     
2,883
 
Capital loss from disposal of property and equipment
   
-
     
96
     
-
     
96
 
Stock-based compensation of options
   
1,730
     
730
     
437
     
238
 
Accrued severance pay, net
   
345
     
45
     
(37
)
   
(2
)
Exchange rate differences on long-term loans
   
-
     
(24
)
   
-
     
(11
)
Deferred income taxes, net
   
1,081
     
(4,415
)
   
(304
)
   
(4,386
)
Decrease (increase) in trade receivables, net
   
141
     
11,416
     
(2,365
)
   
(3,673
)
Decrease (increase) in contract assets
   
25,408
     
10,793
     
25,640
     
(3,587
)
Increase in other assets (including short-term, long-term and deferred charges)
   
(1,419
)
   
(10,659
)
   
(1,390
)
   
(1,508
)
Decrease (increase) in inventories
   
(7,685
)
   
834
     
(1,548
)
   
502
 
Decrease in trade payables
   
(4,515
)
   
(12,249
)
   
(8,448
)
   
(615
)
Decrease in accrued expenses
   
(8,904
)
   
(5,108
)
   
(1,828
)
   
(3,128
)
Increase (decrease) in advance from customers
   
(9,540
)
   
11,129
     
(1,135
)
   
16,109
 
Decrease in advances from customers, held by trustees
   
-
     
(1,478
)
   
-
     
-
 
Increase (decrease) in other current liabilities and other long term liabilities
   
(2,659
)
   
3,597
     
(708
)
   
(1,978
)
Net cash provided by operating activities
   
14,747
     
28,026
     
17,167
     
9,592
 
                                 
Cash flows from investing activities:
                               
Purchase of property and equipment
   
(5,649
)
   
(7,905
)
   
(2,062
)
   
(2,891
)
Net cash used in investing activities
   
(5,649
)
   
(7,905
)
   
(2,062
)
   
(2,891
)
                                 
Cash flows from financing activities:
                               
Exercise of stock options
   
375
     
1,638
     
-
     
1,065
 
Repayment of long-term loans
   
(4,353
)
   
(4,356
)
   
(122
)
   
(107
)
Dividend payment
   
(24,864
)
   
-
     
-
     
-
 
Net cash provided by (used in) financing activities
   
(28,842
)
   
(2,718
)
   
(122
)
   
958
 
                                 
Effect of exchange rate changes on cash, cash equivalents and restricted cash
   
(235
)
   
(837
)
   
(256
)
   
(128
)
                                 
Increase (decrease) in cash, cash equivalents and restricted cash
   
(19,979
)
   
16,566
     
14,727
     
7,531
 
                                 
Cash, cash equivalents and restricted cash at the beginning of the period
   
104,204
     
86,757
     
69,498
     
95,792
 
                                 
Cash, cash equivalents and restricted cash at the end of the period
 
$
84,225
   
$
103,323
   
$
84,225
   
$
103,323
 

12
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