Gilat Reports Q4 and Full Year 2019
February 19 2020 - 10:25AM
Gilat Satellite Networks Ltd. (NASDAQ, TASE: GILT), a worldwide
leader in satellite networking technology, solutions and services,
today reported its unaudited financial results for the fourth
quarter and full year ended December 31, 2019.
Key Financial Highlights:
- Revenues for Q4 2019 were $78.3
million compared to $69.7 million for Q4 2018. Full year 2019
revenues totaled $263.5 million versus $266.4 million in 2018.
- Continued strong profitability:
- Q4 2019 GAAP operating income
increased to $9.2 million from $7.5 million in Q4 2018. Non-GAAP
operating income in Q4 2019 totaled $9.9 million, compared to $7.9
million in Q4 2018. Full year 2019 GAAP operating income
totaled $25.6 million versus $21.3 million for 2018. Non-GAAP
operating income for full year 2019 of increased to $29.2 million
from $25.1 million in 2018.
- Q4 2019 GAAP net income totaled
$24.0 million, or $0.43 per diluted share, including a tax benefit
of $15.5 million due to the first-time recording of deferred tax
assets on NOLs mainly in Israel. GAAP net income was $5.3 million,
or $0.09 per diluted share, in Q4 2018. Non-GAAP Q4 2019 net
income increased to $9.1 million, from $5.7 million in Q4
2018.
- Full year 2019 GAAP net income
totaled $36.5 million, or $0.65 per diluted share, including the Q4
tax benefit. Non-GAAP net income for full year 2019 increased
to $24.7 million, or $0.44 per diluted share, compared with $18.2
million, or $0.32 per diluted share in 2018.
- Q4 2019 Adjusted EBITDA was $13.1
million, compared to $10.5 million in Q4 2018. Full Year 2019
Adjusted EBITDA was $40.2 million versus $35.2 million for full
year 2018.
- Gilat's tail-mount Ku-band antenna
project, previously announced on August 5th, 2019, was
discontinued. Gilat will refocus on other opportunities that the
significant growth in the IFC terminal market offers.
In light of the merger agreement between
Comtech and Gilat and as previously announced, Gilat will not hold
a fourth quarter and fiscal 2019 year-end conference call and
webcast.
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, merger and acquisition costs, expenses for tax contingencies
to be paid under an amnesty program and initial recognition of
deferred tax asset with respect to carry-forward losses.
Adjusted EBITDA is presented to compare the
Company’s performance to that of prior periods and evaluate the
Company’s financial and operating results on a consistent basis
from period to period. The Company also believes this measure, when
viewed in combination with the Company’s financial results prepared
in accordance with GAAP, provides useful information to investors
to evaluate ongoing operating results and trends. Adjusted EBITDA,
however, should not be considered as an alternative to operating
income or net income for the period and may not be indicative of
the historic operating results of the Company; nor is it meant to
be predictive of potential future results. Adjusted EBITDA is not a
measure of financial performance under GAAP and may not be
comparable to other similarly titled measures for other companies.
Reconciliation between the Company's Operating income and Adjusted
EBITDA is presented in the attached summary financial
statements.
Non-GAAP presentations of net income, operating
income, Adjusted EBITDA and earnings per share should not be
considered in isolation or as a substitute for any of the
consolidated statements of operations prepared in accordance with
GAAP, or as an indication of Gilat’s operating performance or
liquidity.
About GilatGilat Satellite
Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global
provider of satellite-based broadband communications. With 30 years
of experience, we design and manufacture cutting-edge ground
segment equipment, and provide comprehensive solutions and
end-to-end services, powered by our innovative technology.
Delivering high value competitive solutions, our portfolio
comprises of a cloud based VSAT network platform, high-speed
modems, high performance on-the-move antennas and high efficiency,
high power Solid State Amplifiers (SSPA) and Block Upconverters
(BUC).
Gilat’s comprehensive solutions support multiple
applications with a full portfolio of products to address key
applications including broadband access, cellular backhaul,
enterprise, in-flight connectivity, maritime, trains, defense and
public safety, all while meeting the most stringent service level
requirements. Gilat controlling shareholders are the FIMI
Private Equity Funds. For more information, please visit:
www.gilat.com
Safe Harbor StatementCertain
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. For example, when we discuss the
benefits of the pending acquisition of Gilat by Comtech
Telecommunications Corp., we are using forward-looking statements.
In addition, announced results for the fourth quarter and full year
2019 are preliminary, unaudited and subject to year-end audit
adjustment. 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 and
uncertainties relating to the pending acquisition of Gilat by
Comtech Telecommunications Corp., 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.
Contacts:Gilat Satellite NetworksDoreet Oren,
Director Corporate CommunicationsDoreetO@gilat.com
Comm-Partners LLCJune Filingeri,
President+1-203-972-0186junefil@optonline.net
|
|
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|
GILAT SATELLITE NETWORKS LTD. |
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS |
|
|
|
|
|
|
U.S. dollars in thousands (except share and per share
data) |
|
|
|
|
|
|
Twelve
months ended |
|
Three months
ended |
|
December 31, |
|
December 31, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
Unaudited |
|
Audited |
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
263,492 |
|
|
$ |
266,391 |
|
|
$ |
78,314 |
|
|
$ |
69,729 |
Cost of
revenues |
|
167,615 |
|
|
|
172,354 |
|
|
|
51,246 |
|
|
|
43,715 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
95,877 |
|
|
|
94,037 |
|
|
|
27,068 |
|
|
|
26,014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development expenses |
|
32,208 |
|
|
|
34,449 |
|
|
|
8,120 |
|
|
|
9,169 |
Less -
grants |
|
2,024 |
|
|
|
1,426 |
|
|
|
414 |
|
|
|
222 |
Research and
development expenses, net |
|
30,184 |
|
|
|
33,023 |
|
|
|
7,706 |
|
|
|
8,947 |
Selling and
marketing expenses |
|
21,488 |
|
|
|
22,706 |
|
|
|
5,156 |
|
|
|
5,497 |
General and
administrative expenses |
|
18,633 |
|
|
|
17,024 |
|
|
|
4,967 |
|
|
|
4,061 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
70,305 |
|
|
|
72,753 |
|
|
|
17,829 |
|
|
|
18,505 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
25,572 |
|
|
|
21,284 |
|
|
|
9,239 |
|
|
|
7,509 |
|
|
|
|
|
|
|
Financial
expenses, net |
|
2,617 |
|
|
|
4,298 |
|
|
|
677 |
|
|
|
1,132 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes on income |
|
22,955 |
|
|
|
16,986 |
|
|
|
8,562 |
|
|
|
6,377 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxes on
income (tax benefit) |
|
(13,583 |
) |
|
|
(1,423 |
) |
|
|
(15,459 |
) |
|
|
1,082 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
$ |
36,538 |
|
|
$ |
18,409 |
|
|
$ |
24,021 |
|
|
$ |
5,295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
$ |
0.66 |
|
|
$ |
0.34 |
|
|
$ |
0.43 |
|
|
$ |
0.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
$ |
0.65 |
|
|
$ |
0.33 |
|
|
$ |
0.43 |
|
|
$ |
0.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in computing
earnings per share |
|
|
|
|
|
|
Basic |
|
55,368,703 |
|
|
|
54,927,272 |
|
|
|
55,485,961 |
|
|
|
55,134,977 |
Diluted |
|
56,030,976 |
|
|
|
55,752,642 |
|
|
|
56,034,744 |
|
|
|
55,962,447 |
|
|
|
|
|
|
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|
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|
|
|
GILAT SATELLITE NETWORKS LTD. |
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|
|
|
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 |
|
|
December 31, 2019 |
|
December 31, 2018 |
|
|
GAAP |
|
Adjustments (1) |
|
Non-GAAP |
|
GAAP |
|
Adjustments (1) |
|
Non-GAAP |
|
|
|
|
|
|
|
Unaudited |
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
$ |
27,068 |
|
|
70 |
|
|
$ |
27,138 |
|
$ |
26,014 |
|
|
269 |
|
|
$ |
26,283 |
|
Operating
expenses |
|
17,829 |
|
|
(550 |
) |
|
|
17,279 |
|
|
18,505 |
|
|
(91 |
) |
|
|
18,414 |
|
Operating
income |
|
9,239 |
|
|
620 |
|
|
|
9,859 |
|
|
7,509 |
|
|
360 |
|
|
|
7,869 |
|
Income
before taxes on income |
|
8,562 |
|
|
620 |
|
|
|
9,182 |
|
|
6,377 |
|
|
360 |
|
|
|
6,737 |
|
Net
income |
$ |
24,021 |
|
|
(14,908 |
) |
|
$ |
9,113 |
|
$ |
5,295 |
|
|
360 |
|
|
$ |
5,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share |
$ |
0.43 |
|
$ |
(0.27 |
) |
|
$ |
0.16 |
|
$ |
0.10 |
|
$ |
- |
|
|
$ |
0.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share |
$ |
0.43 |
|
$ |
(0.27 |
) |
|
$ |
0.16 |
|
$ |
0.09 |
|
$ |
0.01 |
|
|
$ |
0.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares used in computing earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
55,485,961 |
|
|
|
|
55,485,961 |
|
|
55,134,977 |
|
|
|
|
55,134,977 |
|
Diluted |
|
56,034,744 |
|
|
|
|
56,122,960 |
|
|
55,962,447 |
|
|
|
|
56,160,425 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 and
other litigation expenses, re-organiztion costs, merger and
acquisition costs and initial recogniztion of deferred tax asset
with respect to carry forward losses. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended |
|
|
|
|
|
|
|
Three months
ended |
|
|
|
|
|
|
|
|
December 31,
2019 |
|
|
|
|
|
|
|
December 31,
2018 |
|
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income |
|
|
$ |
24,021 |
|
|
|
|
|
|
$ |
5,295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash
stock-based compensation expenses |
|
|
|
58 |
|
|
|
|
|
|
|
37 |
|
|
|
|
Amortization
of intangible assets related to acquisition transactions |
|
|
|
12 |
|
|
|
|
|
|
|
232 |
|
|
|
|
|
|
|
|
70 |
|
|
|
|
|
|
|
269 |
|
|
|
|
Operating
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash
stock-based compensation expenses |
|
|
|
347 |
|
|
|
|
|
|
|
239 |
|
|
|
|
Amortization
of intangible assets related to acquisition transactions |
|
|
|
49 |
|
|
|
|
|
|
|
52 |
|
|
|
|
Trade
secrets and other litigation expenses (income) |
|
|
|
36 |
|
|
|
|
|
|
|
(200 |
) |
|
|
|
Merger and
acquisition costs |
|
|
|
118 |
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
550 |
|
|
|
|
|
|
|
91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax
benefit |
|
|
|
(15,528 |
) |
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income |
|
|
$ |
9,113 |
|
|
|
|
|
|
$ |
5,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve
months ended |
|
Twelve
months ended |
|
|
December 31, 2019 |
|
December 31, 2018 |
|
|
GAAP |
|
Adjustments (1) |
|
Non-GAAP |
|
GAAP |
|
Adjustments (1) |
|
Non-GAAP |
|
|
|
|
|
|
|
|
|
Unaudited |
|
Audited |
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
$ |
95,877 |
|
|
776 |
|
|
$ |
96,653 |
|
$ |
94,037 |
|
|
2,967 |
|
|
$ |
97,004 |
|
Operating
expenses |
|
70,305 |
|
|
(2,890 |
) |
|
|
67,415 |
|
|
72,753 |
|
|
(896 |
) |
|
|
71,857 |
|
Operating
income |
|
25,572 |
|
|
3,666 |
|
|
|
29,238 |
|
|
21,284 |
|
|
3,863 |
|
|
|
25,147 |
|
Income
before taxes on income |
|
22,955 |
|
|
3,666 |
|
|
|
26,621 |
|
|
16,986 |
|
|
3,863 |
|
|
|
20,849 |
|
Net
income |
$ |
36,538 |
|
|
(11,862 |
) |
|
$ |
24,676 |
|
$ |
18,409 |
|
|
(248 |
) |
|
$ |
18,161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share |
$ |
0.66 |
|
$ |
(0.21 |
) |
|
$ |
0.45 |
|
$ |
0.34 |
|
$ |
(0.01 |
) |
|
$ |
0.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share |
$ |
0.65 |
|
$ |
(0.21 |
) |
|
$ |
0.44 |
|
$ |
0.33 |
|
$ |
(0.01 |
) |
|
$ |
0.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares used in computing earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
55,368,703 |
|
|
|
|
55,368,703 |
|
|
54,927,272 |
|
|
|
|
54,927,272 |
|
Diluted |
|
56,030,976 |
|
|
|
|
56,165,945 |
|
|
55,752,642 |
|
|
|
|
55,962,811 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 and
other litigation expenses, re-organiztion costs, merger and
acquisition costs and initial recogniztion of deferred tax asset
with respect to carry forward losses. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve
months ended |
|
Twelve
months ended |
|
|
|
|
December 31, 2019 |
|
|
|
|
|
December 31, 2018 |
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income |
|
|
$ |
36,538 |
|
|
|
|
|
|
$ |
18,409 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash
stock-based compensation expenses |
|
|
|
257 |
|
|
|
|
|
|
|
114 |
|
|
|
|
Amortization
of intangible assets related to acquisition transactions |
|
|
|
490 |
|
|
|
|
|
|
|
2,853 |
|
|
|
|
Re-organization costs |
|
|
|
29 |
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
776 |
|
|
|
|
|
|
|
2,967 |
|
|
|
|
Operating
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash
stock-based compensation expenses |
|
|
|
1,878 |
|
|
|
|
|
|
|
892 |
|
|
|
|
Amortization
of intangible assets related to acquisition transactions |
|
|
|
203 |
|
|
|
|
|
|
|
204 |
|
|
|
|
Trade
secrets and other litigation expenses (income) |
|
|
|
136 |
|
|
|
|
|
|
|
(200 |
) |
|
|
|
Merger and
acquisition costs |
|
|
|
118 |
|
|
|
|
|
|
|
- |
|
|
|
|
Re-organization costs |
|
|
|
555 |
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
2,890 |
|
|
|
|
|
|
|
896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax
benefit |
|
|
|
(15,528 |
) |
|
|
|
|
|
|
(4,111 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income |
|
|
$ |
24,676 |
|
|
|
|
|
|
$ |
18,161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GILAT SATELLITE NETWORKS LTD. |
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
U.S. dollars in
thousands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED
EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months
ended |
|
Three months
ended |
|
December
31, |
|
December
31, |
|
2019 |
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
|
|
|
Unaudited |
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating income |
$ |
25,572 |
|
$ |
21,284 |
|
$ |
9,239 |
|
$ |
7,509 |
Add (deduct): |
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock-based
compensation expenses |
|
2,135 |
|
|
1,006 |
|
|
405 |
|
|
276 |
Re-organization costs |
|
584 |
|
|
- |
|
|
- |
|
|
- |
Trade secrets and other
litigation expenses (income) |
|
136 |
|
|
(200) |
|
|
36 |
|
|
(200) |
Merger and acquisition
costs |
|
118 |
|
|
- |
|
|
118 |
|
|
- |
Depreciation and amortization
(*) |
|
11,676 |
|
|
13,149 |
|
|
3,263 |
|
|
2,944 |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
$ |
40,221 |
|
$ |
35,239 |
|
$ |
13,061 |
|
$ |
10,529 |
|
|
|
|
|
|
|
|
|
|
|
|
(*) includng amortization of
lease incentive |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT
REVENUE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months
ended |
|
Three months
ended |
|
December
31, |
|
December
31, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
|
|
|
Unaudited |
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Networks |
$ |
127,265 |
|
$ |
144,208 |
|
$ |
33,161 |
|
$ |
35,421 |
Mobility Solutions |
|
104,665 |
|
|
97,180 |
|
|
34,050 |
|
|
29,555 |
Terrestrial Infrastructure
Projects |
|
31,562 |
|
|
25,003 |
|
|
11,103 |
|
|
4,753 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue |
$ |
263,492 |
|
$ |
266,391 |
|
$ |
78,314 |
|
$ |
69,729 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GILAT SATELLITE NETWORKS LTD. |
|
|
|
CONSOLIDATED BALANCE SHEETS |
|
|
|
U.S.
dollars in thousands |
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
2019 |
|
2018 |
|
Unaudited |
|
Audited |
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
Cash and cash equivalents |
$ |
74,778 |
|
|
$ |
67,381 |
|
Restricted cash |
|
27,067 |
|
|
|
32,305 |
|
Restricted cash held by trustees |
|
- |
|
|
|
4,372 |
|
Trade receivables, net |
|
47,731 |
|
|
|
47,164 |
|
Contract assets |
|
23,698 |
|
|
|
47,760 |
|
Inventories |
|
27,203 |
|
|
|
21,109 |
|
Other current assets |
|
23,007 |
|
|
|
26,022 |
|
|
|
|
|
Total current assets |
|
223,484 |
|
|
|
246,113 |
|
|
|
|
|
LONG-TERM ASSETS: |
|
|
|
Long-term restricted cash |
|
124 |
|
|
|
146 |
|
Severance pay funds |
|
6,831 |
|
|
|
6,780 |
|
Deferred taxes |
|
18,455 |
|
|
|
4,127 |
|
Operating lease right-of-use asset |
|
5,211 |
|
|
|
- |
|
Other long term receivables |
|
10,156 |
|
|
|
7,276 |
|
|
|
|
|
Total long-term assets |
|
40,777 |
|
|
|
18,329 |
|
|
|
|
|
PROPERTY AND EQUIPMENT, NET |
|
82,584 |
|
|
|
84,403 |
|
|
|
|
|
INTANGIBLE ASSETS, NET |
|
1,523 |
|
|
|
2,434 |
|
|
|
|
|
GOODWILL |
|
43,468 |
|
|
|
43,468 |
|
|
|
|
|
TOTAL ASSETS |
$ |
391,836 |
|
|
$ |
394,747 |
|
|
|
|
|
|
|
|
|
GILAT SATELLITE NETWORKS LTD. |
|
|
|
CONSOLIDATED BALANCE SHEETS (Cont.) |
|
|
|
U.S.
dollars in thousands |
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
2019 |
|
2018 |
|
Unaudited |
|
Audited |
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
Current maturities of long-term loans |
$ |
4,096 |
|
|
$ |
4,458 |
|
Trade payables |
|
20,725 |
|
|
|
24,636 |
|
Accrued expenses |
|
54,676 |
|
|
|
67,533 |
|
Advances from customers and deferred revenues |
|
27,220 |
|
|
|
29,133 |
|
Operating lease liability |
|
1,977 |
|
|
|
- |
|
Other current liabilities |
|
12,261 |
|
|
|
14,588 |
|
|
|
|
|
Total current liabilities |
|
120,955 |
|
|
|
140,348 |
|
|
|
|
|
LONG-TERM LIABILITIES: |
|
|
|
Long-term loans, net of current maturities |
|
4,000 |
|
|
|
8,098 |
|
Accrued severance pay |
|
7,061 |
|
|
|
6,649 |
|
Long-term advances from customers |
|
2,866 |
|
|
|
- |
|
Operating lease liability |
|
3,258 |
|
|
|
- |
|
Other long-term liabilities |
|
108 |
|
|
|
580 |
|
|
|
|
|
Total long-term liabilities |
|
17,293 |
|
|
|
15,327 |
|
|
|
|
|
SHAREHOLDERS' EQUITY: |
|
|
|
Share capital - ordinary shares of NIS 0.2 par value |
|
2,643 |
|
|
|
2,625 |
|
Additional paid-in capital |
|
927,348 |
|
|
|
924,856 |
|
Accumulated other comprehensive loss |
|
(5,048 |
) |
|
|
(5,380 |
) |
Accumulated deficit |
|
(671,355 |
) |
|
|
(683,029 |
) |
|
|
|
|
Total shareholders' equity |
|
253,588 |
|
|
|
239,072 |
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
391,836 |
|
|
$ |
394,747 |
|
|
|
|
|
GILAT SATELLITE NETWORKS LTD. |
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
|
|
|
|
|
|
U.S.
dollars in thousands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve
months ended |
|
Three months
ended |
|
December 31, |
|
December 31, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
Unaudited |
|
Audited |
|
Unaudited |
Cash
flows from operating activities: |
|
|
|
|
|
|
|
Net income |
$ |
36,538 |
|
|
$ |
18,409 |
|
|
$ |
24,021 |
|
|
$ |
5,295 |
|
Adjustments required to reconcile net income to net
cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
Depreciation
and amortization |
|
10,978 |
|
|
|
13,149 |
|
|
|
2,730 |
|
|
|
2,944 |
|
Capital loss
from disposal of property and equipment |
|
461 |
|
|
|
761 |
|
|
|
461 |
|
|
|
665 |
|
Stock-based
compensation of options |
|
2,135 |
|
|
|
1,006 |
|
|
|
405 |
|
|
|
276 |
|
Accrued
severance pay, net |
|
361 |
|
|
|
57 |
|
|
|
16 |
|
|
|
12 |
|
Exchange
rate differences on long-term loans |
|
(12 |
) |
|
|
(34 |
) |
|
|
(12 |
) |
|
|
(10 |
) |
Deferred
income taxes, net |
|
(12,555 |
) |
|
|
(3,672 |
) |
|
|
(13,636 |
) |
|
|
744 |
|
Decrease
(increase) in trade receivables, net |
|
(1,323 |
) |
|
|
2,061 |
|
|
|
(1,464 |
) |
|
|
(9,355 |
) |
Decrease
(increase) in contract assets |
|
24,062 |
|
|
|
11,029 |
|
|
|
(1,346 |
) |
|
|
236 |
|
Decrease
(increase) in other assets (including short-term,
long-term and deferred charges) |
|
(817 |
) |
|
|
(4,917 |
) |
|
|
603 |
|
|
|
1,007 |
|
Decrease
(increase) in inventories |
|
(8,076 |
) |
|
|
5,257 |
|
|
|
(391 |
) |
|
|
4,423 |
|
Increase
(decrease) in trade payables |
|
(3,884 |
) |
|
|
(8,926 |
) |
|
|
631 |
|
|
|
3,323 |
|
Decrease in
accrued expenses |
|
(11,671 |
) |
|
|
(7,206 |
) |
|
|
(2,767 |
) |
|
|
(2,283 |
) |
Increase
(decrease) in advance from customers and deferred revenues |
|
1,112 |
|
|
|
12,433 |
|
|
|
10,019 |
|
|
|
(2,703 |
) |
Decrease in
advances from customers, held by trustees |
|
- |
|
|
|
(1,478 |
) |
|
|
- |
|
|
|
- |
|
Decrease
(increase) in other current and non current liabilities |
|
(2,527 |
) |
|
|
(5,912 |
) |
|
|
765 |
|
|
|
(584 |
) |
Net
cash provided by operating activities |
|
34,782 |
|
|
|
32,017 |
|
|
|
20,035 |
|
|
|
3,990 |
|
|
|
|
|
|
|
|
|
Cash
flows from investing activities: |
|
|
|
|
|
|
|
Purchase of
property and equipment |
|
(7,982 |
) |
|
|
(10,759 |
) |
|
|
(2,333 |
) |
|
|
(2,854 |
) |
Net
cash used in investing activities |
|
(7,982 |
) |
|
|
(10,759 |
) |
|
|
(2,333 |
) |
|
|
(2,854 |
) |
|
|
|
|
|
|
|
|
Cash
flows from financing activities: |
|
|
|
|
|
|
|
Exercise of
stock options |
|
375 |
|
|
|
2,149 |
|
|
|
- |
|
|
|
511 |
|
Repayment of
long-term loans |
|
(4,447 |
) |
|
|
(4,470 |
) |
|
|
(94 |
) |
|
|
(114 |
) |
Dividend
payment |
|
(24,864 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net
cash provided by (used in) financing activities |
|
(28,936 |
) |
|
|
(2,321 |
) |
|
|
(94 |
) |
|
|
397 |
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash, cash equivalents
and restricted cash |
|
(99 |
) |
|
|
(1,490 |
) |
|
|
136 |
|
|
|
(652 |
) |
|
|
|
|
|
|
|
|
Increase (decrease) in cash, cash equivalents and
restricted cash |
|
(2,235 |
) |
|
|
17,447 |
|
|
|
17,744 |
|
|
|
881 |
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash at the beginning
of the period |
|
104,204 |
|
|
|
86,757 |
|
|
|
84,225 |
|
|
|
103,323 |
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash at the end of
the period |
$ |
101,969 |
|
|
$ |
104,204 |
|
|
$ |
101,969 |
|
|
$ |
104,204 |
|
Gilat Satellite Networks (NASDAQ:GILT)
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