Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT), a
worldwide leader in satellite networking technology, solutions and
services, today reported its results for the first quarter, ended
March 31, 2024.
First
Quarter 2024
Financial Highlights
- Revenue of $76.1 million, up 29% compared with
$59.0 million in Q1 2023;
- GAAP operating income of $5.4
million, compared with $7.0 million in Q1 2023;
-
The decline is mainly due to lower other income, higher stock-based
compensation, mainly related to the Datapath acquisition, and
amortization of purchased intangibles;
- Non-GAAP operating income of $6.6 million, up
25% compared with $5.3 million in Q1 2023;
- GAAP net income of $5.0
million, or $0.09 per diluted share, compared with $5.6 million, or
$0.10 per diluted share, in Q1 2023;
- Non-GAAP net income of $6.0 million, or $0.11
per diluted share, almost doubled compared with $3.8 million, or
$0.07 per diluted share, in Q1 2023;
- Adjusted EBITDA of $9.3 million compared with
$8.4 million in Q1 2023.
Forward-Looking Expectations
The Company today reiterated its guidance for 2024.
Expectations are for revenue between $305 and
$325 million, representing year-over-year growth of 18% at the
midpoint. GAAP operating income is expected to be between $15 and
$19 million, and Adjusted EBITDA is expected to be between $40 and
$44 million, representing year-over-year growth of 15% at the
mid-point.
Management Commentary
Adi Sfadia, Gilat's CEO,
commented: “We are pleased with our financial results
representing another strong quarter of growth and profitability,
with revenue up 29% year-over-year and Adjusted EBITDA up 11%
year-over-year. Our revenue growth was driven by solid organic
growth in both our Satellite Networks and our Network
Infrastructure and Services segments, as well as a full quarter of
contribution from Datapath, the defense communications business we
acquired in November of last year. Our pipeline of potential orders
throughout our business continues to increase and broaden,
supported by our next-generation platforms and growth engines.”
Mr. Sfadia added, “Our strong
revenue growth demonstrates the continued growing traction for many
of Gilat’s products and services among both new and existing
customers. In particular, we are pleased with the strong level of
orders from the Defense sector in recent months, which is a
strategic growth vector for us. We continue to work on extracting
potential synergies from the Datapath acquisition, which we believe
will increasingly benefit our profitability over the coming
quarters.”
Mr. Sfadia
concluded, “Given the fundamental advantages of
satellite communications that are driving market interest and
generating growing orders for our leading technological solutions,
we are excited by Gilat’s potential in both the near and long term.
Furthermore, Gilat’s strong financial position is allowing us to
explore potential inorganic growth opportunities, which we believe
can significantly accelerate our growth trajectory.”
Key Recent Announcements
-
SES’s O3b mPOWER System Launches Service via Gilat’s SkyEdge IV
Platform
-
Gilat Received Approximately $5 Million for Providing Services to a
Leading LATAM Service Provider
-
Gilat Received Multimillion-Dollar Order from a Leading Defense
Organization
-
Gilat Expanding into Additional IFC Market Segments After Receiving
Over $3 Million in Orders from a Leading IFC Service Provider
-
Gilat Awarded Over $3M Follow-On Order for Public WiFi Service in
Latin America
-
Gilat Awarded over $5 Million Order from the US Department of
Defense
-
US Army Awards $12 Million Contract Extension to Gilat to Sustain
Anytime, Anywhere Satellite Connectivity
-
Gilat Awarded Over $13M in Additional Orders from Satellite
Operators for its World Leading SkyEdge IV and SkyEdge II-c
Platforms
Conference Call Details
Gilat’s management will discuss its first
quarter 2024 results and business achievements and participate in a
question-and-answer session:
Date: |
Wednesday, May
8, 2024 |
Start: |
09:30 AM EDT / 16:30 IDT |
Dial-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/gilatq1-2024
The webcast will also be archived for a period
of 30 days on the Company’s website and through the link above.
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 gross profit, operating
expenses, operating income, income before taxes on income, net
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 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 stock-based compensation expenses,
amortization of purchased intangibles, lease incentive
amortization, other integration expenses, one-time changes of
deferred tax assets, other operating expenses (income), net and
income tax effect on the relevant adjustments.
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 net income 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, 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 over 35 years of experience, we
create and deliver deep technology solutions for satellite, ground
and new space connectivity and provide comprehensive, secure
end-to-end solutions and services for mission-critical operations,
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.
Our portfolio includes a diverse offering to
deliver high value solutions for multiple orbit constellations with
very high throughput satellites (VHTS) and software defined
satellites (SDS). Our offering is comprised of a cloud-based
platform and high-performance satellite terminals; high performance
Satellite On-the-Move (SOTM) antennas; highly efficient, high-power
Solid State Power Amplifiers (SSPA) and Block Upconverters (BUC)
and includes integrated ground systems for commercial and defense,
field services, network management software, and cybersecurity
services.
Gilat’s comprehensive offering supports multiple
applications with a full portfolio of products and tailored
solutions to address key applications including broadband access,
mobility, cellular backhaul, enterprise, defense, aerospace,
broadcast, government, and critical infrastructure clients 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, 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, including those related to the current terrorist attacks
by Hamas, and the war and hostilities between Israel and Hamas and
Israel and Hezbollah. 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 NetworksHagay Katz, Chief Products and Marketing
Officerhagayk@gilat.com
Gilat Satellite NetworksMayrav Sher, Head of Finance and
Investor Relationsmayravs@gilat.com
EK Global IREhud Helft, Managing Partnerehud@ekgir.com
GILAT SATELLITE NETWORKS LTD. |
|
|
|
|
CONSOLIDATED STATEMENTS OF INCOME |
|
|
|
U.S. dollars in thousands (except share and per share
data) |
|
|
|
|
|
|
Three months ended |
|
|
|
|
March 31, |
|
|
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
Revenues |
|
|
$ |
76,078 |
|
|
$ |
58,962 |
|
|
Cost of revenues |
|
|
48,024 |
|
|
|
34,277 |
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
|
28,054 |
|
|
|
24,685 |
|
|
|
|
|
|
|
|
|
|
Research and development expenses, net |
|
9,319 |
|
|
|
9,619 |
|
|
Selling and marketing expenses |
|
7,077 |
|
|
|
6,009 |
|
|
General and administrative expenses |
|
8,077 |
|
|
|
4,431 |
|
|
Other operating income, net |
|
(1,810 |
) |
|
|
(2,387 |
) |
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
22,663 |
|
|
|
17,672 |
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
5,391 |
|
|
|
7,013 |
|
|
|
|
|
|
|
|
|
|
Financial income (expenses), net |
|
513 |
|
|
|
(149 |
) |
|
|
|
|
|
|
|
|
|
Income before taxes on income |
|
5,904 |
|
|
|
6,864 |
|
|
|
|
|
|
|
|
|
|
Taxes on income |
|
|
940 |
|
|
|
1,284 |
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
$ |
4,964 |
|
|
$ |
5,580 |
|
|
|
|
|
|
|
|
|
|
Earnings per share (basic and diluted) |
$ |
0.09 |
|
|
$ |
0.10 |
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in |
|
|
|
|
computing earnings per share |
|
|
|
|
|
Basic |
|
|
|
57,016,585 |
|
|
|
56,613,485 |
|
|
|
Diluted |
|
|
57,016,585 |
|
|
|
56,623,432 |
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
March 31, 2024 |
|
|
March 31, 2023 |
|
|
|
|
|
GAAP |
|
|
Adjustments (*) |
|
Non-GAAP |
|
GAAP |
|
Adjustments (*) |
|
Non-GAAP |
|
|
|
|
Unaudited |
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
$ |
28,054 |
|
|
|
726 |
|
|
$ |
28,780 |
|
|
$ |
24,685 |
|
|
|
75 |
|
|
$ |
24,760 |
|
|
Operating expenses |
|
22,663 |
|
|
|
(499 |
) |
|
|
22,164 |
|
|
|
17,672 |
|
|
|
1,809 |
|
|
|
19,481 |
|
|
Operating income |
|
5,391 |
|
|
|
1,225 |
|
|
|
6,616 |
|
|
|
7,013 |
|
|
|
(1,734 |
) |
|
|
5,279 |
|
|
Income before taxes on income |
|
5,904 |
|
|
|
1,225 |
|
|
|
7,129 |
|
|
|
6,864 |
|
|
|
(1,734 |
) |
|
|
5,130 |
|
|
Net income |
|
$ |
4,964 |
|
|
|
1,050 |
|
|
$ |
6,014 |
|
|
$ |
5,580 |
|
|
|
(1,734 |
) |
|
$ |
3,846 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share (basic and diluted) |
$ |
0.09 |
|
|
$ |
0.02 |
|
|
$ |
0.11 |
|
|
$ |
0.10 |
|
|
$ |
(0.03 |
) |
|
$ |
0.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
computing earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
57,016,585 |
|
|
|
|
|
57,016,585 |
|
|
|
56,613,485 |
|
|
|
|
|
|
56,613,485 |
|
|
Diluted |
|
57,016,585 |
|
|
|
|
|
57,108,734 |
|
|
|
56,623,432 |
|
|
|
|
|
|
56,623,432 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) Adjustments reflect the effect of stock-based
compensation expenses as per ASC 718, amortization of purchased
intangibles, other operating income, net, |
other integration expenses and income tax
effect on such adjustments which is calculated using the relevant
effective tax rate. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
|
|
Three months ended |
|
|
|
|
|
|
|
|
|
|
March 31, 2024 |
|
|
|
|
|
|
|
|
|
March 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income |
|
|
|
$ |
4,964 |
|
|
|
|
|
|
|
|
$ |
5,580 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expenses |
|
|
|
|
150 |
|
|
|
|
|
|
|
|
|
75 |
|
|
|
|
Amortization of purchased intangibles |
|
|
|
|
507 |
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
Other integration expenses |
|
|
|
|
69 |
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
726 |
|
|
|
|
|
|
|
|
|
75 |
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expenses |
|
|
|
|
717 |
|
|
|
|
|
|
|
|
|
527 |
|
|
|
|
Stock-based compensation expenses related to business
combination |
|
1,324 |
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
Amortization of purchased intangibles |
|
|
|
|
257 |
|
|
|
|
|
|
|
|
|
51 |
|
|
|
|
Other operating income, net |
|
|
|
|
(1,810 |
) |
|
|
|
|
|
|
|
|
(2,387 |
) |
|
|
|
Other integration expenses |
|
|
|
|
11 |
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
499 |
|
|
|
|
|
|
|
|
|
(1,809 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxes on income |
|
|
|
|
(175 |
) |
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income |
|
|
|
$ |
6,014 |
|
|
|
|
|
|
|
|
$ |
3,846 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GILAT SATELLITE NETWORKS LTD. |
|
|
SUPPLEMENTAL INFORMATION |
|
|
|
U.S. dollars in thousands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
|
March 31, |
|
|
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
GAAP net income |
|
$ |
4,964 |
|
|
$ |
5,580 |
|
|
Adjustments: |
|
|
|
|
|
|
Financial expenses (income), net |
|
|
|
|
(513 |
) |
|
|
149 |
|
|
Taxes on income |
|
|
940 |
|
|
|
1,284 |
|
|
Stock-based compensation expenses |
|
|
|
|
867 |
|
|
|
602 |
|
|
Stock-based compensation expenses related to business
combination |
|
|
|
|
1,324 |
|
|
|
- |
|
|
Depreciation and amortization (*) |
|
|
|
|
3,481 |
|
|
|
3,163 |
|
|
Other operating income, net |
|
(1,810 |
) |
|
|
(2,387 |
) |
|
Other integration expenses |
|
80 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
$ |
9,333 |
|
|
$ |
8,391 |
|
|
|
|
|
|
|
|
|
|
(*) Including amortization of lease incentive |
|
|
|
|
|
|
|
|
|
|
SEGMENT REVENUES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
|
March 31, |
|
|
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
Satellite Networks |
|
$ |
46,773 |
|
|
$ |
33,546 |
|
|
Integrated Solutions |
|
|
11,650 |
|
|
|
12,919 |
|
|
Network Infrastructure and Services |
|
|
|
|
17,655 |
|
|
|
12,497 |
|
|
|
|
|
|
|
|
|
|
Total revenues |
|
$ |
76,078 |
|
|
$ |
58,962 |
|
|
|
|
|
|
|
|
|
|
GILAT SATELLITE NETWORKS LTD. |
CONSOLIDATED BALANCE SHEETS |
U.S. dollars in thousands |
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
2024 |
|
2023 |
|
|
|
Unaudited |
|
Audited |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
Cash and cash equivalents |
|
$ |
104,057 |
|
|
$ |
103,961 |
|
Restricted cash |
|
|
1,057 |
|
|
|
736 |
|
Trade receivables, net |
|
|
53,459 |
|
|
|
44,725 |
|
Contract assets |
|
|
22,775 |
|
|
|
28,327 |
|
Inventories |
|
41,241 |
|
|
|
38,525 |
|
Other current assets |
|
|
20,873 |
|
|
|
24,299 |
|
|
|
|
|
|
|
Total current assets |
|
|
243,462 |
|
|
|
240,573 |
|
|
|
|
|
|
|
LONG-TERM ASSETS: |
|
|
Restricted cash |
|
|
52 |
|
|
|
54 |
|
Long-term contract assets |
|
|
8,587 |
|
|
|
9,283 |
|
Severance pay funds |
|
|
5,673 |
|
|
|
5,737 |
|
Deferred taxes |
|
|
10,893 |
|
|
|
11,484 |
|
Operating lease right-of-use assets |
|
|
4,911 |
|
|
|
5,105 |
|
Other long-term assets |
|
|
9,772 |
|
|
|
9,544 |
|
|
|
|
|
|
|
Total long-term assets |
|
|
39,888 |
|
|
|
41,207 |
|
|
|
|
|
|
|
PROPERTY AND EQUIPMENT, NET |
|
|
72,624 |
|
|
|
74,315 |
|
|
|
|
|
|
|
INTANGIBLE ASSETS, NET |
|
|
15,354 |
|
|
|
16,051 |
|
|
|
|
|
|
|
GOODWILL |
|
|
54,740 |
|
|
|
54,740 |
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
426,068 |
|
|
$ |
426,886 |
|
|
|
|
|
|
|
GILAT SATELLITE NETWORKS LTD. |
CONSOLIDATED BALANCE SHEETS (Cont.) |
U.S. dollars in thousands |
|
|
|
|
|
|
|
|
|
|
March 31, |
December 31, |
|
|
2024 |
|
|
2023 |
|
|
|
Unaudited |
|
Audited |
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
Short-term debt |
|
$ |
4,709 |
|
|
$ |
7,453 |
|
Trade payables |
|
|
13,169 |
|
|
|
13,873 |
|
Accrued expenses |
|
|
50,489 |
|
|
|
51,906 |
|
Advances from customers and deferred revenues |
|
|
31,967 |
|
|
|
34,495 |
|
Operating lease liabilities |
|
|
2,643 |
|
|
|
2,426 |
|
Other current liabilities |
|
|
18,915 |
|
|
|
16,431 |
|
|
|
|
|
|
|
Total current liabilities |
|
|
121,892 |
|
|
|
126,584 |
|
|
|
|
|
|
|
LONG-TERM LIABILITIES: |
|
Long-term loan |
|
|
2,000 |
|
|
2,000 |
|
Accrued severance pay |
|
|
6,418 |
|
|
6,537 |
|
Long-term advances from customers and deferred revenues |
|
|
906 |
|
|
1,139 |
|
Operating lease liabilities |
|
|
2,516 |
|
|
3,022 |
|
Other long-term liabilities |
|
|
11,516 |
|
|
|
12,916 |
|
|
|
|
|
|
|
Total long-term liabilities |
|
|
23,356 |
|
|
|
25,614 |
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY: |
|
Share capital - ordinary shares of NIS 0.2 par value |
|
|
2,733 |
|
|
2,733 |
|
Additional paid-in capital |
|
|
939,062 |
|
|
|
937,591 |
|
Accumulated other comprehensive loss |
|
|
(5,618 |
) |
|
|
(5,315 |
) |
Accumulated deficit |
|
|
(655,357 |
) |
|
|
(660,321 |
) |
|
|
|
|
|
|
Total shareholders' equity |
|
|
280,820 |
|
|
|
274,688 |
|
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
|
$ |
426,068 |
|
|
$ |
426,886 |
|
|
|
|
|
|
|
GILAT SATELLITE NETWORKS LTD. |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
U.S. dollars in thousands |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
March 31, |
|
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
Unaudited |
|
Cash flows from operating activities: |
|
Net income |
|
$ |
4,964 |
|
|
$ |
5,580 |
|
|
Adjustments required to reconcile net income |
to net cash provided by operating
activities: |
Depreciation and amortization |
|
|
|
3,425 |
|
|
|
3,107 |
|
|
Stock-based compensation expenses |
|
|
|
2,191 |
|
|
|
602 |
|
|
Accrued severance pay, net |
|
|
|
(55 |
) |
|
|
297 |
|
|
Deferred taxes, net |
|
451 |
|
|
|
1,126 |
|
|
Decrease (increase) in trade receivables, net |
|
|
|
(8,797 |
) |
|
|
6,491 |
|
|
Decrease in contract assets |
|
|
|
6,248 |
|
|
|
4,917 |
|
|
Decrease (increase) in other assets and other adjustments
(including short-term, long-term |
and effect of exchange rate changes on cash and cash
equivalents) |
|
|
|
3,507 |
|
|
|
(2,767 |
) |
|
Increase in inventories |
|
|
|
(3,193 |
) |
|
|
(7,623 |
) |
|
Increase (decrease) in trade payables |
|
|
|
(666 |
) |
|
|
1,989 |
|
|
Decrease in accrued expenses |
|
|
|
(1,240 |
) |
|
|
(2,199 |
) |
|
Decrease in advances from customers and deferred revenues |
|
|
|
(2,754 |
) |
|
|
(4,469 |
) |
|
Increase (decrease) in other liabilities |
|
|
|
139 |
|
|
|
(848 |
) |
|
Net cash provided by operating activities |
|
|
|
4,220 |
|
|
|
6,203 |
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
Purchase of property and equipment |
|
|
|
(793 |
) |
|
|
(3,032 |
) |
|
Net cash used in investing activities |
|
|
|
(793 |
) |
|
|
(3,032 |
) |
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
Repayment of short-term debt, net |
|
|
|
(2,744 |
) |
|
|
- |
|
|
Net cash used in financing activities |
|
|
|
(2,744 |
) |
|
|
- |
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash, cash equivalents
and restricted cash |
|
|
|
(268 |
) |
|
|
(577 |
) |
|
|
|
|
|
|
|
|
Increase in cash, cash equivalents and restricted
cash |
|
|
|
415 |
|
|
|
2,594 |
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash at the beginning
of the period |
|
|
|
104,751 |
|
|
|
87,145 |
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash at the end of
the period |
|
|
$ |
105,166 |
|
|
$ |
89,739 |
|
|
|
|
|
|
|
|
|
Gilat Satellite Networks (NASDAQ:GILT)
Historical Stock Chart
From Sep 2024 to Oct 2024
Gilat Satellite Networks (NASDAQ:GILT)
Historical Stock Chart
From Oct 2023 to Oct 2024