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Gilat Presents Fourth Quarter and Full Year 2023 Results

Gilat Satellite Networks Ltd.
Gilat Satellite Networks Ltd.

Q4 Revenue of $75.6 million, GAAP Operating Income of $2.9 million and Adjusted EBITDA of $9.4 million

2023 Revenue of $266.1 million, up 11% year over year, GAAP Operating Income of $28.1 million and Adjusted EBITDA of $36.4 million, up 44% YoY

PETAH TIKVA, Israel, Feb. 26, 2024 (GLOBE NEWSWIRE) -- Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, today reported its unaudited results for the fourth quarter and full year ended December 31, 2023.

Fourth Quarter 2023 Financial Highlights

  • Revenue of $75.6 million, up 4% compared with $72.6 million in Q4 2022;

  • GAAP operating income of $2.9 million, compared with $6.1 million in Q4 2022;

  • Non-GAAP operating income of $6.1 million, compared with $7.1 million in Q4 2022;

  • GAAP net income of $3.4 million, or $0.06 per diluted share, compared with GAAP net loss of $6.0 million, or $0.11 loss per share, in Q4 2022;

  • Non-GAAP net income of $6.5 million, or $0.11 per diluted share, compared with $7.9 million, or $0.14 per diluted share, in Q4 2022;

  • Adjusted EBITDA of $9.4 million compared with $10.1 million in Q4 2022.

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Full year 2023 Financial Highlights

  • Revenue of $266.1 million, up 11% compared with $239.8 million in 2022;

  • GAAP operating income of $28.1 million, almost tripled compared to $10.0 million in 2022;

  • Non-GAAP operating income of $23.5 million, up 73% compared with $13.6 million in 2022;

  • GAAP net income of $23.5 million, or $0.41 per diluted share, compared with GAAP net loss of $5.9 million in 2022, or $0.10 loss per share;

  • Non-GAAP net income of $19.9 million, or $0.35 per diluted share, almost doubled compared to non-GAAP net income of $10.6 million or $0.19 per diluted share in 2022;

  • Adjusted EBITDA was $36.4 million, up 44% compared with adjusted EBITDA of $25.2 million in 2022.

Forward-Looking Expectations

Management’s financial guidance for 2024 is for revenues of between $305 to $325 million, representing year-over-year growth of 18% at the midpoint. GAAP operating income is expected to be between $15 to $19 million, and Adjusted EBITDA is expected to be between $40 to $44 million, representing year-over-year growth of 15% at the midpoint.

Management Commentary

Adi Sfadia, Gilat’s CEO, commented: “We are pleased with the financial results, capping off a strong 2023 with $266 million in revenue, up 11% over last year, and very strong growth in EBITDA at $36.4 million, up 44% over last year. This demonstrates the operating leverage inherent to our business model combined with a favorable product revenue mix during 2023.

“Furthermore, 2023 was also particularly successful from a strategic perspective. Looking back, we have a lot to be proud of. In mid-November, we concluded the acquisition of DataPath in the US, which brings several synergies for both businesses and we see DataPath as a significant long-term growth asset for Gilat in the defense sector. Moreover, our strong cash position is allowing us to explore additional inorganic growth opportunities and we are currently exploring several of these opportunities.

Mr. Sfadia added, “Throughout the year, we achieved highly strategic contract wins with market-dominating satellite operators, and we extended Gilat’s market leadership in satellite-based cellular backhaul and In-Flight Connectivity, including a very significant Electronic Steered Antenna (ESA) award for business aviation.

Mr. Sfadia concluded, “Our ongoing success is due to the continued growing market interest in the satellite communications sector in general and for our leading technological solutions in particular. We see these favorable trends continuing into 2024 and therefore our expectations for the year ahead are for continued strong growth in revenue and profit.”

Key Recent Announcements

  • Gilat Awarded $10 Million Follow-On Order from the US Department of Defense

  • Gilat Awarded Multimillion-Dollar Defense Satellite Connectivity Project

  • Gilat Awarded $17 Million by Pronatel for Expansion of Regional Telecommunications Project in Peru

  • Gilat Announces New Brand Identity Embracing the Company’s Commitment to the New Space Revolution

  • Gilat Awarded Approximately $3M for a Satellite Connectivity Project for a National Police Force

  • US Army Awards Nearly $20 Million Contract Extension to Gilat to Sustain Anytime, Anywhere Satellite Connectivity

  • Gilat Completes Acquisition of DataPath, Inc.

Conference Call Details

Gilat’s management will discuss its fourth quarter and full year 2023 results and business achievements and participate in a question-and-answer session:

Date:

Monday, February 26, 2024

Start:

09:30 AM EST / 16:30 IST

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/gilatq4-2023

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

Unaudited Results
The attached summary unaudited financial statements represent the most current information available to management. Audited results will be reported in our annual report on Form 20-F.

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 (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, other expenses, one-time changes of deferred tax assets, one-time tax expense related to the release of historical tax-trapped earnings, 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 (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, 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 Networks
Hagay Katz, Chief Products and Marketing Officer
hagayk@gilat.com

Gilat Satellite Networks
Mayrav Sher, Head of Finance and Investor Relations
mayravs@gilat.com

EK Global IR
Ehud Helft, Managing Partner
ehud@ekgir.com


GILAT SATELLITE NETWORKS LTD.

CONSOLIDATED STATEMENTS OF INCOME (LOSS)

U.S. dollars in thousands (except share and per share data)

 

Twelve months ended

 

Three months ended

 

December 31,

 

December 31,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

2022

 

 

Unaudited

 

Audited

 

Unaudited

 

 

 

 

 

 

 

 

Revenues

$

266,090

 

 

$

239,840

 

 

$

75,612

 

$

72,627

 

Cost of revenues

 

161,145

 

 

 

152,932

 

 

 

46,692

 

 

44,911

 

 

 

 

 

 

 

 

 

Gross profit

 

104,945

 

 

 

86,908

 

 

 

28,920

 

 

27,716

 

 

 

 

 

 

 

 

 

Research and development expenses, net

 

41,173

 

 

 

35,640

 

 

 

11,624

 

 

10,098

 

Selling and marketing expenses

 

25,243

 

 

 

21,694

 

 

 

7,119

 

 

5,970

 

General and administrative expenses

 

19,215

 

 

*)

18,412

 

 

 

6,312

 

*)

5,198

 

Impairment of held for sale asset

 

-

 

 

 

771

 

 

 

-

 

 

53

 

Other operating expenses (income), net

 

(8,771

)

 

*)

438

 

 

 

986

 

*)

327

 

 

 

 

 

 

 

 

 

Total operating expenses

 

76,860

 

 

 

76,955

 

 

 

26,041

 

 

21,646

 

 

 

 

 

 

 

 

 

 

Operating income

 

28,085

 

 

 

9,953

 

 

 

2,879

 

 

6,070

 

 

 

 

 

 

 

 

 

Financial income (expenses), net

 

109

 

 

 

(2,818

)

 

 

1,196

 

 

(102

)

 

 

 

 

 

 

 

 

Income before taxes on income

 

28,194

 

 

 

7,135

 

 

 

4,075

 

 

5,968

 

 

 

 

 

 

 

 

 

Taxes on income

 

4,690

 

 

 

13,063

 

 

 

628

 

 

11,988

 

 

 

 

 

 

 

 

 

Net income (loss)

$

23,504

 

 

$

(5,928

)

 

$

3,447

 

$

(6,020

)

 

 

 

 

 

 

 

 

Earnings (losses) per share (basic and diluted)

$

0.41

 

 

$

(0.10

)

 

$

0.06

 

$

(0.11

)

 

 

 

 

 

 

 

 

Weighted average number of shares used in computing earnings (losses) per share

 

 

 

 

 

 

 

Basic

 

56,668,999

 

 

 

56,591,994

 

 

 

56,820,774

 

 

56,610,404

 

Diluted

 

56,672,537

 

 

 

56,591,994

 

 

 

56,820,774

 

 

56,610,404

 

 

 

 

 

 

 

 

 

*) Reclassified

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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)

 

 

Three months ended

 

Three months ended

 

December 31, 2023

 

December 31, 2022

 

GAAP

 

Adjustments (*)

 

Non-GAAP

 

GAAP

 

Adjustments (*)

 

Non-GAAP

 

Unaudited

 

Unaudited

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

$

28,920

 

$

617

 

 

$

29,537

 

$

27,716

 

 

$

73

 

 

$

27,789

Operating expenses

 

26,041

 

 

(2,615

)

 

 

23,426

 

 

21,646

 

 

 

(943

)

 

 

20,703

Operating income

 

2,879

 

 

3,232

 

 

 

6,111

 

 

6,070

 

 

 

1,016

 

 

 

7,086

Income before taxes on income

 

4,075

 

 

3,232

 

 

 

7,307

 

 

5,968

 

 

 

1,016

 

 

 

6,984

Net income (loss)

$

3,447

 

$

3,097

 

 

$

6,544

 

$

(6,020

)

 

$

13,896

 

 

$

7,876

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (losses) per share

$

0.06

 

$

0.06

 

 

$

0.12

 

$

(0.11

)

 

$

0.25

 

 

$

0.14

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings (losses) per share

$

0.06

 

$

0.05

 

 

$

0.11

 

$

(0.11

)

 

$

0.25

 

 

$

0.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares used in computing earnings (losses) per share

 

 

 

 

 

 

 

 

 

 

 

Basic

 

56,820,774

 

 

 

 

56,820,774

 

 

56,610,404

 

 

 

 

 

56,610,404

Diluted

 

56,820,774

 

 

 

 

56,987,939

 

 

56,610,404

 

 

 

 

 

56,623,366

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(*) Adjustments reflect the effect of non-cash stock-based compensation expenses as per ASC 718, amortization of intangible assets related to acquisition transactions, impairment of held for sale asset, other operating expenses (income), net, one-time tax expense related to the release of historical tax-exempt earnings and income tax effect on adjustments which is calculated using the relevant effective tax rate.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Three months ended

 

December 31, 2023

 

December 31, 2022

 

 

 

Unaudited

 

 

 

 

 

Unaudited

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss)

 

 

$

3,447

 

 

 

 

 

 

$

(6,020

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

 

 

 

 

 

 

 

 

 

Non-cash stock-based compensation expenses

 

 

 

129

 

 

 

 

 

 

 

73

 

 

 

Amortization of intangible assets related to acquisition transactions

 

 

 

448

 

 

 

 

 

 

 

-

 

 

 

Others

 

 

 

40

 

 

 

 

 

 

 

-

 

 

 

 

 

 

 

617

 

 

 

 

 

 

 

73

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

Non-cash stock-based compensation expenses

 

 

 

1,458

 

 

 

 

 

 

 

513

 

 

 

Amortization of intangible assets related to acquisition transactions

 

 

 

162

 

 

 

 

 

 

 

50

 

 

 

Impairment of held for sale asset

 

 

 

-

 

 

 

 

 

 

 

53

 

 

 

Other operating expenses (income), net

 

 

 

986

 

 

 

 

 

 

 

327

 

 

 

Others

 

 

 

9

 

 

 

 

 

 

 

-

 

 

 

 

 

 

 

2,615

 

 

 

 

 

 

 

943

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxes on income

 

 

 

(135

)

 

 

 

 

 

 

12,880

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP net income

 

 

$

6,544

 

 

 

 

 

 

$

7,876

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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)

 

 

Twelve months ended

 

Twelve months ended

 

December 31, 2023

 

December 31, 2022

 

GAAP

 

Adjustments (*)

 

Non-GAAP

 

GAAP

 

Adjustments (*)

 

Non-GAAP

 

Unaudited

 

Audited

 

Unaudited

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

$

104,945

 

$

895

 

 

$

105,840

 

$

86,908

 

 

$

303

 

 

$

87,211

Operating expenses

 

76,860

 

 

5,434

 

 

 

82,294

 

 

76,955

 

 

 

(3,337

)

 

 

73,618

Operating income

 

28,085

 

 

(4,539

)

 

 

23,546

 

 

9,953

 

 

 

3,640

 

 

 

13,593

Income before taxes on income

 

28,194

 

 

(4,539

)

 

 

23,655

 

 

7,135

 

 

 

3,640

 

 

 

10,775

Net income (loss)

$

23,504

 

$

(3,597

)

 

$

19,907

 

$

(5,928

)

 

$

16,478

 

 

$

10,550

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (losses) per share (basic and diluted)

$

0.41

 

$

(0.06

)

 

$

0.35

 

$

(0.10

)

 

$

0.29

 

 

$

0.19

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares used in computing earnings (losses) per share

 

 

 

 

 

 

 

 

 

 

 

Basic

 

56,668,999

 

 

 

 

56,668,999

 

 

56,591,994

 

 

 

 

 

56,591,994

Diluted

 

56,672,537

 

 

 

 

56,784,601

 

 

56,591,994

 

 

 

 

 

56,650,362

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(*) Adjustments reflect the effect of non-cash stock-based compensation expenses as per ASC 718, amortization of intangible assets related to acquisition transactions, impairment of held for sale asset, other operating expenses (income), net, one-time tax expense related to the release of historical tax-exempt earnings and income tax effect on adjustments which is calculated using the relevant effective tax rate.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve months ended

 

Twelve months ended

 

December 31, 2023

 

December 31, 2022

 

 

 

Unaudited

 

 

 

 

 

Unaudited

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net income (loss)

 

 

$

23,504

 

 

 

 

 

 

$

(5,928

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

 

 

 

 

 

 

 

 

 

Non-cash stock-based compensation expenses

 

 

 

407

 

 

 

 

 

 

 

293

 

 

 

Amortization of intangible assets related to acquisition transactions

 

 

 

448

 

 

 

 

 

 

 

10

 

 

 

Others

 

 

 

40

 

 

 

 

 

 

 

-

 

 

 

 

 

 

 

895

 

 

 

 

 

 

 

303

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

Non-cash stock-based compensation expenses

 

 

 

3,016

 

 

 

 

 

 

 

1,927

 

 

 

Amortization of intangible assets related to acquisition transactions

 

 

 

312

 

 

 

 

 

 

 

201

 

 

 

Impairment of held for sale asset

 

 

 

-

 

 

 

 

 

 

 

771

 

 

 

Other operating expenses (income), net

 

 

 

(8,771

)

 

 

 

 

 

 

438

 

 

 

Others

 

 

 

9

 

 

 

 

 

 

 

-

 

 

 

 

 

 

 

(5,434

)

 

 

 

 

 

 

3,337

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxes on income

 

 

 

942

 

 

 

 

 

 

 

12,838

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP net income

 

 

$

19,907

 

 

 

 

 

 

$

10,550

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



GILAT SATELLITE NETWORKS LTD.

 

 

 

 

 

 

 

SUPPLEMENTAL INFORMATION

 

 

 

 

 

 

 

U.S. dollars in thousands

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ADJUSTED EBITDA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve months ended

 

Three months ended

 

December 31,

 

December 31,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

 

Unaudited

 

Unaudited

 

 

 

 

 

 

 

 

GAAP net income (loss)

$

23,504

 

 

$

(5,928

)

 

$

3,447

 

 

$

(6,020

)

Adjustments:

 

 

 

 

 

 

 

Financial expenses (income), net

 

(109

)

 

 

2,818

 

 

 

(1,196

)

 

 

102

 

Taxes on income

 

4,690

 

 

 

13,063

 

 

 

628

 

 

 

11,988

 

Non-cash stock-based compensation expenses

 

3,423

 

 

 

2,220

 

 

 

1,587

 

 

 

586

 

Impairment of held for sale asset

 

-

 

 

 

771

 

 

 

-

 

 

 

53

 

Depreciation and amortization (*)

 

13,627

 

 

 

11,832

 

 

 

3,862

 

 

 

3,063

 

Other operating expenses (income), net

 

(8,771

)

 

 

438

 

 

 

986

 

 

 

327

 

Others

 

49

 

 

 

-

 

 

 

49

 

 

 

-

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

$

36,413

 

 

$

25,214

 

 

$

9,363

 

 

$

10,099

 

 

 

 

 

 

 

 

 

(*) Including amortization of lease incentive

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SEGMENT REVENUES:

 

 

 

 

 

 

 

 

Twelve months ended

 

Three months ended

 

December 31,

 

December 31,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

 

Unaudited

 

Audited

 

Unaudited

 

 

 

 

 

 

 

 

Satellite Networks

$

168,527

 

 

$

120,381

 

 

$

53,517

 

 

$

36,388

 

Integrated Solutions

 

46,133

 

 

 

61,376

 

 

 

9,503

 

 

 

16,329

 

Network Infrastructure and Services

 

51,430

 

 

 

58,083

 

 

 

12,592

 

 

 

19,910

 

 

 

 

 

 

 

 

 

Total revenues

$

266,090

 

 

$

239,840

 

 

$

75,612

 

 

$

72,627

 

 

 

 

 

 

 

 

 


GILAT SATELLITE NETWORKS LTD.

CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands

 

 

 

 

 

December 31,

 

December 31,

 

 

2023

 

 

 

2022

 

 

Unaudited

 

Audited

 

 

 

 

ASSETS

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

Cash and cash equivalents

$

103,961

 

 

$

86,591

 

Restricted cash

 

736

 

 

 

541

 

Trade receivables, net

 

44,725

 

 

 

50,644

 

Contract assets

 

28,327

 

 

 

24,971

 

Inventories

 

38,525

 

 

 

33,024

 

Other current assets

 

24,299

 

 

 

19,283

 

 

 

 

 

Total current assets

 

240,573

 

 

 

215,054

 

 

 

 

 

LONG-TERM ASSETS:

 

 

 

Restricted cash

 

54

 

 

 

13

 

Long-term contract assets

 

9,283

 

 

 

11,149

 

Severance pay funds

 

5,737

 

 

 

5,947

 

Deferred taxes

 

11,484

 

 

 

18,265

 

Operating lease right-of-use assets

 

5,105

 

 

 

3,891

 

Other long-term assets

 

9,544

 

 

 

10,737

 

 

 

 

 

Total long-term assets

 

41,207

 

 

 

50,002

 

 

 

 

 

PROPERTY AND EQUIPMENT, NET

 

74,315

 

 

 

76,578

 

 

 

 

 

INTANGIBLE ASSETS, NET

 

16,051

 

 

 

309

 

 

 

 

 

GOODWILL

 

54,740

 

 

 

43,468

 

 

 

 

 

TOTAL ASSETS

$

426,886

 

 

$

385,411

 

 

 

 

 

GILAT SATELLITE NETWORKS LTD.

 

 

 

CONSOLIDATED BALANCE SHEETS (Cont.)

 

 

 

U.S. dollars in thousands

 

 

 

 

 

 

 

 

December 31,

 

December 31,

 

 

2023

 

 

 

2022

 

 

Unaudited

 

Audited

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

Short-term loan

$

7,453

 

 

$

-

 

Trade payables

 

13,873

 

 

 

20,668

 

Accrued expenses

 

51,906

 

 

 

50,356

 

Advances from customers and deferred revenues

 

34,495

 

 

 

30,531

 

Operating lease liabilities

 

2,426

 

 

 

1,941

 

Other current liabilities

 

16,431

 

 

 

22,291

 

 

 

 

 

Total current liabilities

 

126,584

 

 

 

125,787

 

 

 

 

 

LONG-TERM LIABILITIES:

 

 

 

Long-term loan

 

2,000

 

 

 

-

 

Accrued severance pay

 

6,537

 

 

 

6,580

 

Long-term advances from customers and deferred revenues

 

1,139

 

 

 

1,041

 

Operating lease liabilities

 

3,022

 

 

 

1,890

 

Other long-term liabilities

 

12,916

 

 

 

5,988

 

 

 

 

 

Total long-term liabilities

 

25,614

 

 

 

15,499

 

 

 

 

 

SHAREHOLDERS' EQUITY:

 

 

 

Share capital - ordinary shares of NIS 0.2 par value

 

2,733

 

 

 

2,711

 

Additional paid-in capital

 

937,591

 

 

 

932,086

 

Accumulated other comprehensive loss

 

(5,315

)

 

 

(6,847

)

Accumulated deficit

 

(660,321

)

 

 

(683,825

)

 

 

 

 

Total shareholders' equity

 

274,688

 

 

 

244,125

 

 

 

 

 

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

426,886

 

 

$

385,411

 

 

 

 

 


GILAT SATELLITE NETWORKS LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. dollars in thousands

 

 

 

 

 

 

 

 

 

Twelve months ended

 

Three months ended

 

December 31,

 

December 31,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

 

Unaudited

 

Audited

 

Unaudited

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income (loss)

$

23,504

 

 

$

(5,928

)

 

$

3,447

 

 

$

(6,020

)

Adjustments required to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

13,402

 

 

 

11,608

 

 

 

3,805

 

 

 

3,004

 

Capital gain from sale of property

 

(2,084

)

 

 

-

 

 

 

-

 

 

 

-

 

Impairment of held for sale asset

 

-

 

 

 

771

 

 

 

-

 

 

 

53

 

Stock-based compensation

 

3,423

 

 

 

2,220

 

 

 

1,587

 

 

 

586

 

Accrued severance pay, net

 

167

 

 

 

136

 

 

 

12

 

 

 

44

 

Deferred taxes, net

 

2,662

 

 

 

(627

)

 

 

(1,203

)

 

 

(2,450

)

Decrease (increase) in trade receivables, net

 

13,448

 

 

 

(11,162

)

 

 

9,561

 

 

 

1,108

 

Decrease (increase) in contract assets

 

(1,694

)

 

 

2,481

 

 

 

(7,804

)

 

 

4,771

 

Decrease (increase) in other assets and other adjustments (including short-term, long-term and effect of exchange rate changes on cash and cash equivalents)

 

(351

)

 

 

(3,445

)

 

 

(3,949

)

 

 

5,208

 

Decrease (increase) in inventories

 

(2,387

)

 

 

(5,416

)

 

 

3,798

 

 

 

614

 

Decrease in trade payables

 

(7,635

)

 

 

(259

)

 

 

(2,314

)

 

 

(4,574

)

Increase in accrued expenses

 

735

 

 

 

549

 

 

 

3,517

 

 

 

2,316

 

Increase (decrease) in advance from customers and deferred revenues

 

803

 

 

 

5,929

 

 

 

(1,843

)

 

 

(1,468

)

Increase (decrease) in other liabilities

 

(12,049

)

 

 

13,957

 

 

 

1,343

 

 

 

13,592

 

Net cash provided by operating activities

 

31,944

 

 

 

10,814

 

 

 

9,957

 

 

 

16,784

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchase of property and equipment

 

(10,746

)

 

 

(12,793

)

 

 

(2,090

)

 

 

(3,568

)

Proceeds from short-term deposits

 

-

 

 

 

2,159

 

 

 

-

 

 

 

-

 

Investment in financial instrument

 

-

 

 

 

(1,536

)

 

 

-

 

 

 

-

 

Acquisitions of subsidiary, net of cash acquired

 

(4,107

)

 

 

-

 

 

 

(4,107

)

 

 

-

 

Receipts from sales of properties

 

2,168

 

 

 

4,006

 

 

 

-

 

 

 

4,006

 

Net cash provided by (used in) investing activities

 

(12,685

)

 

 

(8,164

)

 

 

(6,197

)

 

 

438

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Repayment of short-term loan

 

(1,590

)

 

 

-

 

 

 

(1,590

)

 

 

-

 

Net cash used in financing activities

 

(1,590

)

 

 

-

 

 

 

(1,590

)

 

 

-

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

(63

)

 

 

32

 

 

 

2,288

 

 

 

47

 

 

 

 

 

 

 

 

 

Increase in cash, cash equivalents and restricted cash

 

17,606

 

 

 

2,682

 

 

 

4,458

 

 

 

17,269

 

 

 

 

 

 

 

 

 

Cash, cash equivalents and restricted cash at the beginning of the period

 

87,145

 

 

 

84,463

 

 

 

100,293

 

 

 

69,876

 

 

 

 

 

 

 

 

 

Cash, cash equivalents and restricted cash at the end of the period

$

104,751

 

 

$

87,145

 

 

$

104,751

 

 

$

87,145