Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT), a
worldwide leader in satellite networking technology, solutions and
services, reported today its results for the second quarter, ended
June 30, 2023.
Second Quarter
2023 Financial
Highlights
-
Revenues of $67.6 million, up 22%
compared with $55.5 million in Q2 2022;
- GAAP
operating income of $5.4 million, compared with $1.5
million in Q2 2022;
-
Non-GAAP operating income of $6.1 million,
compared with $2.4 million in Q2 2022;
- GAAP
net income of $4.3 million, or $0.08
earnings per diluted share, compared with $0.5 million, or $0.01
earnings per diluted share in Q2 2022;
-
Non-GAAP net income of $4.9 million, or $0.09
earnings per diluted share, compared with $1.4 million, or $0.03
earnings per diluted share in Q2 2022;
- Adjusted EBITDA of
$9.2 million, up 74% compared with $5.3 million in Q2 2022;
Forward-Looking Expectations
The Company today raised its 2023 revenues
guidance to between $265 to $285 million, representing
year-over-year growth of 15% at the mid-point, as well as increased
its GAAP operating income guidance to between $18 to $22 million,
representing year-over-year growth of 101% at the mid-point and its
adjusted EBITDA guidance to between $33 to $37 million,
representing year-over-year growth of 39% at the mid-point.
Adi Sfadia, Gilat's CEO,
commented:
“We are very pleased with our strong second
quarter results, with solid growth in revenue, which was up 22%
year-over-year, and a stronger growth in Adjusted EBITDA, up 74%
year-over-year, demonstrating operating leverage in our business
model. The revenue growth was broad across most of our business
areas, a testimony to the strong market interest in Gilat’s
solutions as well as growing interest in satellite communications
overall.
We are experiencing a significant expansion in
our in-flight connectivity (IFC) business with a growing demand for
both electronically steered antennas (ESA) and Solid-State Power
Amplifiers (SSPA) from existing and new customers.
We signed a significant agreement and received
the first orders from Satcom Direct, for the development and supply
of new ultra-low profile electronically steered antennas (ESA) to
operate over OneWeb’s LEO constellation. This ESA project is an
important turning point and an important future growth engine as we
increase our presence by entering new market segments such as IFC
for business jets, as well as connectivity for government and
military aviation.
We are progressing in obtaining the necessary
regulatory approvals for our acquisition of DataPath Inc., which
was announced during the first quarter. Conditioned upon this
process's satisfactory conclusion, we anticipate that the closing
of the transaction will occur in Q4 2023."
Mr. Sfadia concluded, "Not only
did we report strong results in the quarter, but we also had strong
bookings and signed some strategic deals this quarter, all of which
led us to increase our 2023 guidance and makes me confident about
our ability to materialize our long-term growth potential.”
Key Recent Announcements
- Satcom Direct and Gilat Sign
Strategic Agreement for Joint ESA Project to Expand Plane Simple®
Portfolio
- Tier 1 Telecom Operator Selects
Gilat Satellite Connectivity for a Major Western European Utility
Company
- Gilat Awarded Millions of Dollars
in Orders for Cellular Backhaul Over Satellite Project in
Mexico
Conference
Call
DetailsGilat’s management will
discuss its second quarter 2023 results and business achievements
and participate in a question-and-answer session:
Date: Tuesday, August 8, 2023Start: 09:30 AM EDT / 16:30
IDTDial-in: US: 1-888-407-2553 International: +972-3-918-0609
A simultaneous webcast of the conference call
will be available on the Gilat website at www.gilat.com and through
this link: https://veidan.activetrail.biz/gilatq2-2023
The webcast will also be archived for a
period of 30 days on the Company’s website and through the link
above.
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 gross profit, operating expenses, operating income, income
before taxes on income, net income (loss), adjusted EBITDA, and
earnings (losses) per share. The adjustments to the Company’s GAAP
results are made with the intent of providing both management and
investors with a more complete understanding of the Company’s
underlying operational results, trends, and performance. Non-GAAP
financial measures mainly exclude, if and when applicable, the
effect of non-cash stock-based compensation expenses, amortization
of purchased intangibles, amortization of intangible assets related
to acquisition transactions, lease incentive amortization,
impairment of held for sale asset, income tax effect on
adjustments, one-time changes of deferred tax assets, and other
operating expenses (income), net.
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 (loss) for the period and may not be
indicative of the historic operating results of the Company; nor is
it meant to be predictive of potential future results. Adjusted
EBITDA is not a measure of financial performance under GAAP and may
not be comparable to other similarly titled measures for other
companies. Reconciliation between the Company's net income (loss)
and adjusted EBITDA is presented in the attached summary financial
statements.
Non-GAAP presentations of gross profit,
operating expenses, operating income, income before taxes on
income, net income (loss), adjusted EBITDA and earnings (losses)
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 GilatGilat Satellite
Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global
provider of satellite-based broadband communications.
With over 35 years of experience, we create and
deliver deep technology solutions for satellite, ground and new
space connectivity and provide comprehensive end-to-end solutions
and services, powered by our innovative technology. We believe in
the right of all people to be connected and are united in our
resolution to provide communication solutions to all reaches of the
world.
Delivering high value solutions, our portfolio
is comprised of a cloud-based platform and high performance
satellite terminals designed to work in harmony with satellite
constellations, including Very High Throughput Satellites (VHTS)
and Software-Defined Satellites (SDS) in multiple orbits; high
performance Satellite On-the-Move (SOTM) antennas; and highly
efficient, high-power Solid State Power 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, mobility, cellular
backhaul, military, government, and enterprise, all while meeting
the most stringent service level requirements. For more
information, please visit: www.gilat.com
Certain statements made herein that are not
historical are forward-looking within the meaning of the Private
Securities Litigation Reform Act of 1995. The words “estimate”,
“project”, “intend”, “expect”, “believe” and similar expressions
are intended to identify forward-looking statements. These
forward-looking statements involve known and unknown risks and
uncertainties. Many factors could cause the actual results,
performance or achievements of Gilat to be materially different
from any future results, performance or achievements that may be
expressed or implied by such forward-looking statements, including,
among others, risks associated with the outbreak and global spread
of the coronavirus (COVID-19) pandemic; 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. For additional
information regarding these and other risks and uncertainties
associated with Gilat’s business, reference is made to Gilat’s
reports filed from time to time with the Securities and Exchange
Commission. We undertake no obligation to update or revise any
forward-looking statements for any reason.
Contact:Gilat Satellite
NetworksDoreet Oren, Senior Director Corporate
CommunicationsDoreetO@gilat.com
Gilat Satellite NetworksMayrav Sher, Head of
Finance and Investor Relations MayravS@gilat.com
EK Global IREhud Helft, Managing
Partnerehud@ekgir.com
GILAT SATELLITE NETWORKS LTD. |
CONSOLIDATED STATEMENTS OF INCOME (LOSS) |
U.S. dollars in thousands (except share and per share
data) |
|
|
|
|
Six months ended |
|
Three months ended |
|
|
|
|
June 30, |
|
June 30, |
|
|
|
|
|
2023 |
|
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
Unaudited |
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
$ |
126,551 |
|
|
$ |
|
106,863 |
|
|
$ |
67,589 |
|
$ |
|
55,454 |
|
Cost of revenues |
|
|
|
76,330 |
|
|
|
|
70,706 |
|
|
|
42,053 |
|
|
|
35,685 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
|
50,221 |
|
|
|
|
36,157 |
|
|
|
25,536 |
|
|
|
19,769 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development expenses, net |
|
|
19,003 |
|
|
|
|
16,386 |
|
|
|
9,384 |
|
|
|
8,718 |
|
Selling and marketing expenses |
|
|
11,941 |
|
|
|
|
10,310 |
|
|
|
5,932 |
|
|
|
4,960 |
|
General and administrative expenses |
|
|
9,155 |
|
|
|
*) |
8,495 |
|
|
|
4,724 |
|
|
*) |
4,311 |
|
Impairment of held for sale asset |
|
|
- |
|
|
|
|
439 |
|
|
|
- |
|
|
|
229 |
|
Other operating expenses (income), net |
|
|
(2,340 |
) |
|
|
*) |
60 |
|
|
|
47 |
|
|
*) |
60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
|
37,759 |
|
|
|
|
35,690 |
|
|
|
20,087 |
|
|
|
18,278 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
|
12,462 |
|
|
|
|
467 |
|
|
|
5,449 |
|
|
|
1,491 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial expenses, net |
|
|
|
735 |
|
|
|
|
1,663 |
|
|
|
586 |
|
|
|
468 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before taxes on income |
|
|
11,727 |
|
|
|
|
(1,196 |
) |
|
|
4,863 |
|
|
|
1,023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxes on income |
|
|
|
1,822 |
|
|
|
|
832 |
|
|
|
538 |
|
|
|
517 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
$ |
9,905 |
|
|
$ |
|
(2,028 |
) |
|
$ |
4,325 |
|
$ |
|
506 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (losses) per share (basic and
diluted) |
|
$ |
0.17 |
|
|
$ |
|
(0.04 |
) |
|
$ |
0.08 |
|
$ |
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in computing
earnings (losses) per share |
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
56,615,714 |
|
|
|
|
56,574,296 |
|
|
|
56,617,943 |
|
|
|
56,597,523 |
|
|
Diluted |
|
|
|
56,622,204 |
|
|
|
|
56,574,296 |
|
|
|
56,620,977 |
|
|
|
56,637,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
*) Reclassified |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GILAT SATELLITE NETWORKS LTD. |
|
RECONCILIATION BETWEEN GAAP AND NON-GAAP CONSOLIDATED
STATEMENTS OF INCOME |
|
FOR COMPARATIVE PURPOSES |
|
U.S. dollars in thousands (except share and per share
data) |
|
|
Three months ended |
|
Three months ended |
|
|
June 30, 2023 |
|
June 30, 2022 |
|
|
GAAP |
|
Adjustments(*) |
|
Non-GAAP |
|
GAAP |
|
Adjustments(*) |
|
Non-GAAP |
|
|
Unaudited |
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
$ |
25,536 |
|
|
95 |
|
|
$ |
25,631 |
|
$ |
19,769 |
|
|
81 |
|
|
$ |
19,850 |
|
Operating expenses |
|
20,087 |
|
|
(513 |
) |
|
|
19,574 |
|
|
18,278 |
|
|
(832 |
) |
|
|
17,446 |
|
Operating income |
|
5,449 |
|
|
608 |
|
|
|
6,057 |
|
|
1,491 |
|
|
913 |
|
|
|
2,404 |
|
Income before taxes on income |
|
4,863 |
|
|
608 |
|
|
|
5,471 |
|
|
1,023 |
|
|
913 |
|
|
|
1,936 |
|
Net income |
$ |
4,325 |
|
|
608 |
|
|
$ |
4,933 |
|
$ |
506 |
|
|
913 |
|
|
$ |
1,419 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share (basic and diluted) |
$ |
0.08 |
|
$ |
0.01 |
|
|
$ |
0.09 |
|
$ |
0.01 |
|
$ |
0.02 |
|
|
$ |
0.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in computing earnings
per share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
56,617,943 |
|
|
|
|
56,617,943 |
|
|
56,597,523 |
|
|
|
|
56,597,523 |
|
Diluted |
|
56,620,977 |
|
|
|
|
56,620,977 |
|
|
56,637,208 |
|
|
|
|
56,773,970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) Adjustments reflect the effect of non-cash stock-based
compensation as per ASC 718, amortization of intangible assets
related to acquisition transactions, impairment of held for
sale asset and other operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Three months ended |
|
|
June 30, 2023 |
|
June 30, 2022 |
|
|
|
|
Unaudited |
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income |
|
|
$ |
4,325 |
|
|
|
|
|
|
$ |
506 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock-based compensation expenses |
|
|
95 |
|
|
|
|
|
|
|
76 |
|
|
|
|
Amortization of intangible assets related to acquisition
transactions |
|
|
- |
|
|
|
|
|
|
|
5 |
|
|
|
|
|
|
|
|
95 |
|
|
|
|
|
|
|
81 |
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock-based compensation expenses |
|
|
417 |
|
|
|
|
|
|
|
493 |
|
|
|
|
Amortization of intangible assets related to acquisition
transactions |
|
|
49 |
|
|
|
|
|
|
|
50 |
|
|
|
|
Impairment of held for sale asset |
|
|
- |
|
|
|
|
|
|
|
229 |
|
|
|
|
Other operating expenses |
|
|
|
47 |
|
|
|
|
|
|
|
60 |
|
|
|
|
|
|
|
|
513 |
|
|
|
|
|
|
|
832 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income |
|
|
$ |
4,933 |
|
|
|
|
|
|
$ |
1,419 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GILAT SATELLITE NETWORKS
LTD. |
RECONCILIATION BETWEEN GAAP AND NON-GAAP CONSOLIDATED
STATEMENTS OF INCOME (LOSS) |
FOR COMPARATIVE PURPOSES |
U.S. dollars in thousands (except share and per share
data) |
|
Six months ended |
|
Six months ended |
|
June 30, 2023 |
|
June 30, 2022 |
|
GAAP |
|
Adjustments(*) |
Non-GAAP |
|
GAAP |
|
Adjustments(*) |
Non-GAAP |
|
Unaudited |
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
$ |
50,221 |
|
|
170 |
|
|
$ |
50,391 |
|
$ |
36,157 |
|
|
|
156 |
|
|
$ |
36,313 |
|
Operating expenses |
|
37,759 |
|
|
1,296 |
|
|
|
39,055 |
|
|
35,690 |
|
|
|
(1,515 |
) |
|
|
34,175 |
|
Operating income |
|
12,462 |
|
|
(1,126 |
) |
|
|
11,336 |
|
|
467 |
|
|
|
1,671 |
|
|
|
2,138 |
|
Income (loss) before taxes on income |
|
11,727 |
|
|
(1,126 |
) |
|
|
10,601 |
|
|
(1,196 |
) |
|
|
1,671 |
|
|
|
475 |
|
Net income (loss) |
|
9,905 |
|
|
(1,126 |
) |
|
|
8,779 |
|
|
(2,028 |
) |
|
|
1,671 |
|
|
|
(357 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (losses) per share (basic and diluted) |
$ |
0.17 |
|
$ |
(0.01 |
) |
|
$ |
0.16 |
|
$ |
(0.04 |
) |
|
$ |
0.03 |
|
|
$ |
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in computing earnings
(losses) per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
56,615,714 |
|
|
|
|
56,615,714 |
|
|
56,574,296 |
|
|
|
|
|
56,574,296 |
|
Diluted |
|
56,622,204 |
|
|
|
|
56,622,204 |
|
|
56,574,296 |
|
|
|
|
|
56,574,296 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) Adjustments reflect the effect of non-cash stock-based
compensation as per ASC 718, amortization of intangible assets
related to acquisition transactions, impairment of held for
sale asset and other operating expenses (income), net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended |
|
Six months ended |
|
June 30, 2023 |
|
June 30, 2022 |
|
|
|
Unaudited |
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss) |
|
|
$ |
9,905 |
|
|
|
|
|
|
$ |
(2,028 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock-based compensation expenses |
|
|
|
170 |
|
|
|
|
|
|
|
145 |
|
|
|
Amortization of intangible assets related to acquisition
transactions |
|
|
|
- |
|
|
|
|
|
|
|
11 |
|
|
|
|
|
|
|
170 |
|
|
|
|
|
|
|
156 |
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock-based compensation expenses |
|
|
|
944 |
|
|
|
|
|
|
|
916 |
|
|
|
Amortization of intangible assets related to acquisition
transactions |
|
|
|
100 |
|
|
|
|
|
|
|
100 |
|
|
|
Impairment of held for sale asset |
|
|
|
- |
|
|
|
|
|
|
|
439 |
|
|
|
Other operating expenses (income), net |
|
|
|
(2,340 |
) |
|
|
|
|
|
|
60 |
|
|
|
|
|
|
|
(1,296 |
) |
|
|
|
|
|
|
1,515 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income (loss) |
|
|
$ |
8,779 |
|
|
|
|
|
|
$ |
(357 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GILAT SATELLITE NETWORKS LTD. |
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL INFORMATION |
|
|
|
|
|
|
|
|
|
U.S. dollars in thousands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended |
|
Three months ended |
|
|
June 30, |
|
June 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
|
|
Unaudited |
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss) |
|
$ |
9,905 |
|
|
$ |
(2,028 |
) |
|
$ |
4,325 |
|
$ |
506 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Financial expenses, net |
|
|
735 |
|
|
|
1,663 |
|
|
|
586 |
|
|
468 |
|
Taxes on income |
|
|
1,822 |
|
|
|
832 |
|
|
|
538 |
|
|
517 |
|
Non-cash stock-based compensation expenses |
|
1,114 |
|
|
|
1,061 |
|
|
|
512 |
|
|
569 |
|
Impairment of held for sale asset |
|
|
- |
|
|
|
439 |
|
|
|
- |
|
|
229 |
|
Other operating expenses (income), net |
|
|
(2,340 |
) |
|
|
60 |
|
|
|
47 |
|
|
60 |
|
Depreciation and amortization (*) |
|
|
6,335 |
|
|
|
5,792 |
|
|
|
3,172 |
|
|
2,941 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
$ |
17,571 |
|
|
$ |
7,819 |
|
|
$ |
9,180 |
|
$ |
5,290 |
|
|
|
|
|
|
|
|
|
|
|
(*) Including amortization of lease incentive |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT REVENUES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended |
|
Three months ended |
|
|
|
June 30, |
|
June 30, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
|
|
Unaudited |
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
Satellite Networks |
|
$ |
74,273 |
|
|
$ |
51,627 |
|
|
$ |
40,727 |
|
$ |
26,857 |
|
Integrated Solutions |
|
|
25,619 |
|
|
|
29,397 |
|
|
|
12,700 |
|
|
15,691 |
|
Network Infrastructure and Services |
|
|
26,659 |
|
|
|
25,839 |
|
|
|
14,162 |
|
|
12,906 |
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
|
$ |
126,551 |
|
|
$ |
106,863 |
|
|
$ |
67,589 |
|
$ |
55,454 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GILAT SATELLITE NETWORKS LTD. |
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEETS |
|
|
|
|
|
|
U.S. dollars in thousands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
Unaudited |
|
Audited |
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
87,408 |
|
|
$ |
86,591 |
|
|
|
Restricted cash |
|
|
374 |
|
|
|
541 |
|
|
|
Trade receivables, net |
|
|
41,577 |
|
|
|
50,644 |
|
|
|
Contract assets |
|
|
17,557 |
|
|
|
24,971 |
|
|
|
Inventories |
|
|
40,049 |
|
|
|
33,024 |
|
|
|
Other current assets |
|
|
22,744 |
|
|
|
19,283 |
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
209,709 |
|
|
|
215,054 |
|
|
|
|
|
|
|
|
|
LONG-TERM ASSETS: |
|
|
|
|
|
|
Restricted cash |
|
|
14 |
|
|
|
13 |
|
|
|
Long-term contract assets |
|
|
9,980 |
|
|
|
11,149 |
|
|
|
Severance pay funds |
|
|
5,551 |
|
|
|
5,947 |
|
|
|
Deferred taxes |
|
|
16,445 |
|
|
|
18,265 |
|
|
|
Operating lease right-of-use assets |
|
|
3,198 |
|
|
|
3,891 |
|
|
|
Other long-term assets |
|
|
9,086 |
|
|
|
10,737 |
|
|
|
|
|
|
|
|
|
|
Total long-term assets |
|
|
44,274 |
|
|
|
50,002 |
|
|
|
|
|
|
|
|
|
PROPERTY AND EQUIPMENT, NET |
|
|
73,895 |
|
|
|
76,578 |
|
|
|
|
|
|
|
|
|
INTANGIBLE ASSETS, NET |
|
|
209 |
|
|
|
309 |
|
|
|
|
|
|
|
|
|
GOODWILL |
|
|
43,468 |
|
|
|
43,468 |
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
371,555 |
|
|
$ |
385,411 |
|
|
|
|
|
|
|
|
|
GILAT SATELLITE NETWORKS LTD. |
|
|
|
|
|
CONSOLIDATED BALANCE SHEETS (Cont.) |
|
|
|
|
|
U.S. dollars in thousands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
Unaudited |
|
Audited |
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
|
Trade payables |
|
$ |
14,662 |
|
|
$ |
20,668 |
|
|
|
Accrued expenses |
|
|
43,091 |
|
|
|
50,356 |
|
|
|
Advances from customers and deferred revenues |
|
|
33,240 |
|
|
|
30,531 |
|
|
|
Operating lease liabilities |
|
|
1,870 |
|
|
|
1,941 |
|
|
|
Other current liabilities |
|
|
14,353 |
|
|
|
22,291 |
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
107,216 |
|
|
|
125,787 |
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES: |
|
|
|
|
|
|
Accrued severance pay |
|
|
6,381 |
|
|
|
6,580 |
|
|
|
Long-term advances from customers and deferred revenues |
|
|
1,480 |
|
|
|
1,041 |
|
|
|
Operating lease liabilities |
|
|
1,261 |
|
|
|
1,890 |
|
|
|
Other long-term liabilities |
|
|
181 |
|
|
|
5,988 |
|
|
|
|
|
|
|
|
|
|
Total long-term liabilities |
|
|
9,303 |
|
|
|
15,499 |
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY: |
|
|
|
|
|
|
Share capital - ordinary shares of NIS 0.2 par value |
|
|
2,711 |
|
|
|
2,711 |
|
|
|
Additional paid-in capital |
|
|
933,200 |
|
|
|
932,086 |
|
|
|
Accumulated other comprehensive loss |
|
|
(6,955 |
) |
|
|
(6,847 |
) |
|
|
Accumulated deficit |
|
|
(673,920 |
) |
|
|
(683,825 |
) |
|
|
|
|
|
|
|
|
|
Total shareholders' equity |
|
|
255,036 |
|
|
|
244,125 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
371,555 |
|
|
$ |
385,411 |
|
|
|
|
|
|
|
|
|
GILAT SATELLITE NETWORKS LTD. |
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
|
|
|
|
|
|
|
U.S. dollars in thousands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended |
|
Three months ended |
|
|
|
June 30, |
|
June 30, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Unaudited |
|
Unaudited |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
9,905 |
|
|
$ |
(2,028 |
) |
|
$ |
4,325 |
|
|
$ |
506 |
|
Adjustments required to reconcile net income (loss) to
net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
6,222 |
|
|
|
5,683 |
|
|
|
3,115 |
|
|
|
2,887 |
|
Impairment of held for sale asset |
|
|
- |
|
|
|
439 |
|
|
|
- |
|
|
|
229 |
|
Stock-based compensation of options |
|
|
1,114 |
|
|
|
1,061 |
|
|
|
512 |
|
|
|
569 |
|
Accrued severance pay, net |
|
|
196 |
|
|
|
114 |
|
|
|
(101 |
) |
|
|
177 |
|
Deferred taxes, net |
|
|
1,820 |
|
|
|
1,664 |
|
|
|
694 |
|
|
|
1,358 |
|
Decrease (increase) in trade receivables, net |
|
|
9,398 |
|
|
|
(11,883 |
) |
|
|
2,907 |
|
|
|
(5,471 |
) |
Decrease (increase) in contract assets |
|
|
8,378 |
|
|
|
(2,608 |
) |
|
|
3,461 |
|
|
|
(599 |
) |
Decrease (increase) in other assets and other adjustments
(including short-term, long-term and effect of exchange rate
changes on cash and cash equivalents) |
|
|
243 |
|
|
|
(7,763 |
) |
|
|
3,010 |
|
|
|
(4,047 |
) |
Increase in inventories |
|
|
(7,895 |
) |
|
|
(4,075 |
) |
|
|
(272 |
) |
|
|
(1,731 |
) |
Increase (decrease) in trade payables |
|
|
(4,240 |
) |
|
|
4,205 |
|
|
|
(6,229 |
) |
|
|
2,533 |
|
Decrease in accrued expenses |
|
|
(5,039 |
) |
|
|
(1,690 |
) |
|
|
(2,840 |
) |
|
|
(2,442 |
) |
Increase in advance from customers and deferred revenue |
|
|
3,124 |
|
|
|
7,010 |
|
|
|
7,593 |
|
|
|
4,700 |
|
Decrease in other liabilities |
|
|
(15,009 |
) |
|
|
(810 |
) |
|
|
(14,161 |
) |
|
|
(1,975 |
) |
Net cash provided by (used in) operating
activities |
|
|
8,217 |
|
|
|
(10,681 |
) |
|
|
2,014 |
|
|
|
(3,306 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Purchase of property and equipment |
|
|
(6,556 |
) |
|
|
(4,515 |
) |
|
|
(3,524 |
) |
|
|
(2,314 |
) |
Repayment of short term deposits |
|
|
- |
|
|
|
2,159 |
|
|
|
- |
|
|
|
2,159 |
|
Net cash used in investing activities |
|
|
(6,556 |
) |
|
|
(2,356 |
) |
|
|
(3,524 |
) |
|
|
(155 |
) |
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash, cash equivalents
and restricted cash |
|
|
(1,010 |
) |
|
|
32 |
|
|
|
(433 |
) |
|
|
(221 |
) |
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash, cash equivalents and
restricted cash |
|
|
651 |
|
|
|
(13,005 |
) |
|
|
(1,943 |
) |
|
|
(3,682 |
) |
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash at the beginning
of the period |
|
|
87,145 |
|
|
|
84,463 |
|
|
|
89,739 |
|
|
|
75,140 |
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash at the end of
the period |
|
$ |
87,796 |
|
|
$ |
71,458 |
|
|
$ |
87,796 |
|
|
$ |
71,458 |
|
|
|
|
|
|
|
|
|
|
|
Gilat Satellite Networks (NASDAQ:GILT)
Historical Stock Chart
From Apr 2024 to May 2024
Gilat Satellite Networks (NASDAQ:GILT)
Historical Stock Chart
From May 2023 to May 2024