Gilat Reports Fourth Quarter and Full Year 2024 Results
Gilat Satellite Networks reported strong Q4 and full year 2024 results with significant growth metrics. Q4 revenue reached $78.1 million (up 3% YoY) with GAAP operating income of $12.8 million and Adjusted EBITDA of $12.1 million (up 30% YoY).
Full year 2024 showed revenue of $305.4 million (up 15% YoY), GAAP operating income of $27.7 million, and a record Adjusted EBITDA of $42.2 million (up 16% YoY). The company provided optimistic 2025 guidance, projecting revenues between $415-455 million and Adjusted EBITDA of $47-53 million.
Starting January 2025, Gilat implemented a new organizational structure with three divisions: Gilat Defense, Gilat Commercial, and Gilat Peru. The Defense and In-Flight Connectivity businesses showed strong momentum with increased orders, particularly in serving US DoD needs.
Gilat Satellite Networks ha riportato risultati solidi per il quarto trimestre e per l'intero anno 2024, con metriche di crescita significative. I ricavi del quarto trimestre hanno raggiunto 78,1 milioni di dollari (in aumento del 3% rispetto all'anno precedente), con un reddito operativo GAAP di 12,8 milioni di dollari e un EBITDA rettificato di 12,1 milioni di dollari (in aumento del 30% rispetto all'anno precedente).
Per l'intero anno 2024, i ricavi sono stati di 305,4 milioni di dollari (in aumento del 15% rispetto all'anno precedente), con un reddito operativo GAAP di 27,7 milioni di dollari e un EBITDA rettificato record di 42,2 milioni di dollari (in aumento del 16% rispetto all'anno precedente). L'azienda ha fornito previsioni ottimistiche per il 2025, prevedendo ricavi tra 415 e 455 milioni di dollari e un EBITDA rettificato di 47-53 milioni di dollari.
Dal gennaio 2025, Gilat ha implementato una nuova struttura organizzativa con tre divisioni: Gilat Defense, Gilat Commercial e Gilat Peru. I settori della Difesa e della Connettività in Volo hanno mostrato un forte slancio con un aumento degli ordini, in particolare per soddisfare le esigenze del Dipartimento della Difesa degli Stati Uniti.
Gilat Satellite Networks reportó resultados sólidos para el cuarto trimestre y para todo el año 2024, con métricas de crecimiento significativas. Los ingresos del cuarto trimestre alcanzaron 78.1 millones de dólares (un aumento del 3% interanual), con un ingreso operativo GAAP de 12.8 millones de dólares y un EBITDA ajustado de 12.1 millones de dólares (un aumento del 30% interanual).
Para todo el año 2024, los ingresos fueron de 305.4 millones de dólares (un aumento del 15% interanual), con un ingreso operativo GAAP de 27.7 millones de dólares y un EBITDA ajustado récord de 42.2 millones de dólares (un aumento del 16% interanual). La empresa proporcionó una guía optimista para 2025, proyectando ingresos entre 415 y 455 millones de dólares y un EBITDA ajustado de 47-53 millones de dólares.
A partir de enero de 2025, Gilat implementó una nueva estructura organizativa con tres divisiones: Gilat Defense, Gilat Commercial y Gilat Peru. Los negocios de Defensa y Conectividad en Vuelo mostraron un fuerte impulso con un aumento en los pedidos, especialmente para satisfacer las necesidades del Departamento de Defensa de EE. UU.
길랏 위성 네트워크는 2024년 4분기 및 연간 실적이 강력하며 성장 지표가 뚜렷하다고 보고했습니다. 4분기 수익은 7,810만 달러(전년 대비 3% 증가)에 달하며, GAAP 운영 이익은 1,280만 달러, 조정 EBITDA는 1,210만 달러(전년 대비 30% 증가)였습니다.
2024년 전체 수익은 3억 540만 달러(전년 대비 15% 증가), GAAP 운영 이익은 2,770만 달러, 기록적인 조정 EBITDA는 4,220만 달러(전년 대비 16% 증가)로 나타났습니다. 회사는 2025년 매출이 4억 1500만에서 4억 5500만 달러 사이가 될 것으로 예상하며, 조정 EBITDA는 4,700만에서 5,300만 달러에 이를 것으로 전망했습니다.
2025년 1월부터 길랏은 길랏 방위, 길랏 상업, 길랏 페루의 세 가지 부문으로 구성된 새로운 조직 구조를 도입했습니다. 방위 및 비행 중 연결 사업은 미국 국방부의 요구를 충족하기 위한 주문 증가로 강력한 추진력을 보였습니다.
Gilat Satellite Networks a annoncé de solides résultats pour le quatrième trimestre et pour l'année entière 2024, avec des indicateurs de croissance significatifs. Les revenus du quatrième trimestre ont atteint 78,1 millions de dollars (en hausse de 3 % par rapport à l'année précédente), avec un bénéfice d'exploitation GAAP de 12,8 millions de dollars et un EBITDA ajusté de 12,1 millions de dollars (en hausse de 30 % par rapport à l'année précédente).
Pour l'année entière 2024, les revenus se sont élevés à 305,4 millions de dollars (en hausse de 15 % par rapport à l'année précédente), avec un bénéfice d'exploitation GAAP de 27,7 millions de dollars et un EBITDA ajusté record de 42,2 millions de dollars (en hausse de 16 % par rapport à l'année précédente). L'entreprise a fourni des prévisions optimistes pour 2025, projetant des revenus compris entre 415 et 455 millions de dollars et un EBITDA ajusté de 47-53 millions de dollars.
À partir de janvier 2025, Gilat a mis en place une nouvelle structure organisationnelle avec trois divisions : Gilat Defense, Gilat Commercial et Gilat Peru. Les activités de défense et de connectivité en vol ont montré une forte dynamique avec une augmentation des commandes, en particulier pour répondre aux besoins du ministère de la Défense des États-Unis.
Gilat Satellite Networks berichtete über starke Ergebnisse im 4. Quartal und für das gesamte Jahr 2024 mit signifikanten Wachstumskennzahlen. Die Einnahmen im 4. Quartal beliefen sich auf 78,1 Millionen Dollar (ein Anstieg von 3 % im Vergleich zum Vorjahr), mit einem GAAP-Betriebsgewinn von 12,8 Millionen Dollar und einem bereinigten EBITDA von 12,1 Millionen Dollar (ein Anstieg von 30 % im Vergleich zum Vorjahr).
Im gesamten Jahr 2024 betrugen die Einnahmen 305,4 Millionen Dollar (ein Anstieg von 15 % im Vergleich zum Vorjahr), der GAAP-Betriebsgewinn lag bei 27,7 Millionen Dollar und das bereinigte EBITDA erreichte mit 42,2 Millionen Dollar einen Rekord (ein Anstieg von 16 % im Vergleich zum Vorjahr). Das Unternehmen gab eine optimistische Prognose für 2025 ab und erwartet Einnahmen zwischen 415 und 455 Millionen Dollar sowie ein bereinigtes EBITDA von 47-53 Millionen Dollar.
Ab Januar 2025 implementierte Gilat eine neue Organisationsstruktur mit drei Divisionen: Gilat Defense, Gilat Commercial und Gilat Peru. Die Geschäftsbereiche Verteidigung und In-Flight Connectivity zeigten eine starke Dynamik mit einem Anstieg der Bestellungen, insbesondere zur Unterstützung der Bedürfnisse des US-Verteidigungsministeriums.
- Q4 revenue increased 3% YoY to $78.1 million
- Full year revenue grew 15% to $305.4 million
- Q4 Adjusted EBITDA up 30% to $12.1 million
- Record full year Adjusted EBITDA of $42.2 million
- Strong 2025 guidance projecting 36-50% revenue growth
- Q4 GAAP net income increased to $11.8 million from $3.4 million YoY
- Full year GAAP operating income slightly decreased to $27.7 million from $28.1 million
Insights
The Q4 and FY2024 results reveal Gilat's successful execution of its growth strategy, marked by substantial margin expansion and operational efficiency. The Q4 GAAP operating margin improved dramatically to 16.4% from 3.8% year-over-year, demonstrating significant operational leverage. The full-year Adjusted EBITDA of $42.2M represents a 13.8% margin, indicating robust profitability improvements.
The company's reorganization into three distinct divisions is particularly strategic. The Defense division, strengthened by the DataPath acquisition, positions Gilat to capture a larger share of the lucrative U.S. Department of Defense market. The Commercial division, enhanced by the Stellar Blu acquisition, establishes Gilat as a leader in the rapidly growing Electronically Steerable Antenna market for in-flight connectivity. The Peru division provides stable recurring revenue through managed services.
The 2025 guidance of
The company's focus on cash flow generation and profitability while pursuing growth is evident in the Q4 results. The non-GAAP net income margin improved to
Q4 Revenue of
2024 Revenue of $305.4 million, GAAP Operating Income of $27.7 million and a 25-year Record Adjusted EBITDA of $42.2 million
Expects 2025 Revenues to increase by 36%-
Announces New Reporting Segments
PETAH TIKVA, Israel, Feb. 12, 2025 (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, 2024.
Fourth Quarter 2024 Financial Highlights
- Revenue of
$78.1 million , up3% compared with$75.6 million in Q4 2023; - GAAP operating income of
$12.8 million , compared with$2.9 million in Q4 2023; - Non-GAAP operating income of
$9.7 million , compared with$6.1 million in Q4 2023; - GAAP net income of
$11.8 million , or$0.21 per diluted share, compared with$3.4 million , or$0.06 per diluted share, in Q4 2023; - Non-GAAP net income of
$8.5 million , or$0.15 per diluted share, compared with$6.5 million , or$0.11 per diluted share, in Q4 2023; - Adjusted EBITDA of
$12.1 million , up30% compared with$9.4 million in Q4 2023.
Full year 2024 Financial Highlights
- Revenue of
$305.4 million , up15% compared with$266.1 million in 2023; - GAAP operating income of
$27.7 million , compared with$28.1 million in 2023; - Non-GAAP operating income of
$31.9 million , up35% compared with$23.5 million in 2023; - GAAP net income of
$24.8 million , or$0.44 per diluted share, compared with$23.5 million , or$0.41 per diluted share in 2023; - Non-GAAP net income of
$28.2 million , or$0.49 per diluted share, compared with$19.9 million , or$0.35 per diluted share 2023; - Adjusted EBITDA was
$42.2 million , up16% compared with adjusted EBITDA of$36.4 million in 2023.
2025 Guidance
Management’s financial guidance for 2025 is for revenues of between
Adi Sfadia, Gilat’s CEO, commented, "Gilat delivered strong results with profitability of Adjusted EBITDA of
“During the fourth quarter our Defense and In-Flight Connectivity business continued to experience strong momentum with increased orders and awards. The Defense segment, with a focus on the US DoD, represents a significant growth opportunity for Gilat. We are pleased with our progress in expanding opportunities to serve the specialized needs of government and military customers with our innovative satellite solutions,” Mr. Sfadia continued. “With the closing of the Stellar Blu acquisition, our Commercial business is poised for significant growth as we establish our leadership in the expanding Electronically Steerable Antenna (ESA) market. Our portfolio of IFC GEO, LEO and multi-orbit solutions will be instrumental in capitalizing on increasing demand for inflight connectivity by airlines and passengers.”
Mr. Sfadia concluded, “Looking ahead into 2025, given the significant potential we see in the defense market and our view of this as a strategic growth engine, we plan to increase our investment in R&D, Sales and Marketing of the Defense Segment. We believe that this targeted increase will allow us to take advantage of the opportunities we see quicker and more decisively to ensure a long term growth in this market. Coupled with our recent acquisitions and positioning in the Satcom market, Gilat has the resource base to scale the IFC and Defense businesses and our track record of profitable, cash generating growth, provides a strong foundation for Gilat’s continued success."
Commencing January 1, 2025, the company has implemented a new organizational structure and reportable segments. The new organizational structure and segment reporting are designed to better target the diverse and attractive end markets the company serves and to provide investors with greater insight into Gilat’s business lines and strategic growth opportunities. The company will report financial results based on the following three divisions: Gilat Defense, Gilat Commercial and Gilat Peru.
- Gilat Defense Division: provides secure, rapid-deployment solutions for military organizations, government agencies, and defense integrators, with a strong focus on the U.S. Department of Defense resulting from our strategic acquisition of DataPath Inc. By integrating technologies from Gilat, Gilat DataPath, and Gilat Wavestream, the division delivers resilient battlefield connectivity with multiple layers of communication redundancy for high availability.
- Gilat Commercial Division: provides advanced broadband satellite communication networks for IFC, Enterprise and Cellular Backhaul, supporting HTS, VHTS, and NGSO constellations with turnkey solutions for service providers, satellite operators, and enterprises. Our acquisition of Stellar Blu serves as the cornerstone of this division, strengthening our position in the IFC market and enabling us to provide cutting-edge connectivity solutions that meet the demands of passengers, airlines, and service providers worldwide.
- Gilat Peru Division: specializes in end-to-end telco solutions, including the operation and implementation of large-scale network projects. With expertise in terrestrial fiber optic, wireless, and satellite networks, Gilat Peru provides technology integration, managed networks and services, connectivity solutions, and reliable internet and voice access across the region.
Gilat has prepared unaudited illustrations of the company’s financial reports for Fiscal Years 2023 and 2024 to reflect the company’s results based on the new segment reporting, which can be found in the IR section on Gilat’s website. For additional information about Gilat’s new divisional structure, please click here: Link
Key Recent Announcements
- Gilat Secures Over
$18 Million Orders Addressing Demand for In-Flight Connectivity Solutions - Gilat Receives
$9 Million in Orders for Multi-Orbit SkyEdge Platforms - Gilat Completes Acquisition of Stellar Blu Solutions LLC
- Gilat and Hispasat Provided Immediate Satellite Communication to Support Disaster Recovery Efforts After Hurricane Helene
- Gilat Receives Over
$3 Million in Orders to Support LEO Constellations - Gilat Awarded Over
$5 Million in orders to Support Critical Connectivity for Defense Forces - Gilat Receives
$4M in Orders for Advanced Portable Terminals from Global Defense Customers
Conference Call Details
Gilat’s Management will discuss its fourth quarter and full year 2024 results and business achievements and participate in a question-and-answer session:
| Date: | Wednesday, February 12, 2025 |
| 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 gilat.com and through this link: https://veidan.activetrail.biz/gilatq4-2024
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 non-recurring expenses, other integration expenses, 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 develop and deliver deep technology solutions for satellite, ground, and new space connectivity, offering next-generation solutions and services for critical connectivity across commercial and defense applications. 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.
Together with our wholly-owned subsidiaries—Gilat Wavestream, Gilat DataPath, and Gilat Stellar Blu—we offer integrated, high-value solutions supporting multi-orbit constellations, Very High Throughput Satellites (VHTS), and Software-Defined Satellites (SDS) via our Commercial and Defense Divisions. Our comprehensive portfolio is comprised of a cloud-based platform and modems; high-performance satellite terminals; advanced Satellite On-the-Move (SOTM) antennas and ESAs; highly efficient, high-power Solid State Power Amplifiers (SSPA) and Block Upconverters (BUC) and includes integrated ground systems for commercial and defense markets, field services, network management software, and cybersecurity services.
Gilat’s products and tailored solutions support multiple applications including government and defense, IFC and mobility, broadband access, cellular backhaul, enterprise, aerospace, broadcast, and critical infrastructure clients all while meeting the most stringent service level requirements. For more information, please visit: http://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 terrorist attacks by Hamas, and the 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 Product and Marketing Officer
hagayk@gilat.com
Alliance Advisors:
GilatIR@allianceadvisors.com
Phone: +1 212 838 3777
_________________
1 We do not provide forward-looking guidance on a GAAP basis because we are unable to reasonably provide forward-looking guidance for certain financial data, such as amortization of purchased intangibles and earnout-based expenses related to recent acquisitions. As a result, we are not able to provide a reconciliation of GAAP to non-GAAP financial measures for forward-looking data without unreasonable effort.
| GILAT SATELLITE NETWORKS LTD. | |||||||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||
| U.S. dollars in thousands (except share and per share data) | |||||||||||||||||
| Twelve months ended | Three months ended | ||||||||||||||||
| December 31, | December 31, | ||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Unaudited | Audited | Unaudited | |||||||||||||||
| Revenues | $ | 305,448 | $ | 266,090 | $ | 78,128 | $ | 75,612 | |||||||||
| Cost of revenues | 192,117 | 161,145 | 47,107 | 46,692 | |||||||||||||
| Gross profit | 113,331 | 104,945 | 31,021 | 28,920 | |||||||||||||
| Research and development expenses, net | 38,136 | 41,173 | 10,108 | 11,624 | |||||||||||||
| Selling and marketing expenses | 27,381 | 25,243 | 6,657 | 7,119 | |||||||||||||
| General and administrative expenses | 26,868 | 19,215 | 6,192 | 6,312 | |||||||||||||
| Other operating expenses (income), net | (6,751 | ) | (8,771 | ) | (4,706 | ) | 986 | ||||||||||
| Total operating expenses | 85,634 | 76,860 | 18,251 | 26,041 | |||||||||||||
| Operating income | 27,697 | 28,085 | 12,770 | 2,879 | |||||||||||||
| Financial income, net | 1,504 | 109 | 63 | 1,196 | |||||||||||||
| Income before taxes on income | 29,201 | 28,194 | 12,833 | 4,075 | |||||||||||||
| Taxes on income | (4,352 | ) | (4,690 | ) | (1,069 | ) | (628 | ) | |||||||||
| Net income | $ | 24,849 | $ | 23,504 | $ | 11,764 | $ | 3,447 | |||||||||
| Earnings per share (basic and diluted) | $ | 0.44 | $ | 0.41 | $ | 0.21 | $ | 0.06 | |||||||||
| Weighted average number of shares used in | |||||||||||||||||
| computing earnings per share | |||||||||||||||||
| Basic | 57,016,920 | 56,668,999 | 57,017,032 | 56,820,774 | |||||||||||||
| Diluted | 57,016,920 | 56,672,537 | 57,017,032 | 56,820,774 | |||||||||||||
| 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 | |||||||||||||||||||
| December 31, 2024 | December 31, 2023 | |||||||||||||||||||
| GAAP | Adjustments (*) | Non-GAAP | GAAP | Adjustments (*) | Non-GAAP | |||||||||||||||
| Unaudited | Unaudited | |||||||||||||||||||
| Gross profit | $ | 31,021 | $ | 575 | $ | 31,596 | $ | 28,920 | $ | 617 | $ | 29,537 | ||||||||
| Operating expenses | 18,251 | 3,680 | 21,931 | 26,041 | (2,615 | ) | 23,426 | |||||||||||||
| Operating income | 12,770 | (3,105 | ) | 9,665 | 2,879 | 3,232 | 6,111 | |||||||||||||
| Income before taxes on income | 12,833 | (3,105 | ) | 9,728 | 4,075 | 3,232 | 7,307 | |||||||||||||
| Net income | $ | 11,764 | $ | (3,252 | ) | $ | 8,512 | $ | 3,447 | $ | 3,097 | $ | 6,544 | |||||||
| Basic earnings per share | $ | 0.21 | $ | (0.06 | ) | $ | 0.15 | $ | 0.06 | $ | 0.06 | $ | 0.12 | |||||||
| Diluted earnings per share | $ | 0.21 | $ | (0.06 | ) | $ | 0.15 | $ | 0.06 | $ | 0.05 | $ | 0.11 | |||||||
| Weighted average number of shares used in | ||||||||||||||||||||
| computing earnings per share | ||||||||||||||||||||
| Basic | 57,017,032 | 57,017,032 | 56,820,774 | 56,820,774 | ||||||||||||||||
| Diluted | 57,017,032 | 57,024,316 | 56,820,774 | 56,987,939 | ||||||||||||||||
| (*) | Adjustments reflect the effect of stock-based compensation expenses as per ASC 718, amortization of purchased intangibles, other operating income (expenses), 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 | |||||||||||||||||||
| December 31, 2024 | December 31, 2023 | |||||||||||||||||||
| Unaudited | Unaudited | |||||||||||||||||||
| GAAP net income | $ | 11,764 | $ | 3,447 | ||||||||||||||||
| Gross profit | ||||||||||||||||||||
| Stock-based compensation expenses | 133 | 129 | ||||||||||||||||||
| Amortization of purchased intangibles | 389 | 448 | ||||||||||||||||||
| Other integration expenses | 53 | 40 | ||||||||||||||||||
| 575 | 617 | |||||||||||||||||||
| Operating expenses | ||||||||||||||||||||
| Stock-based compensation expenses | 653 | 796 | ||||||||||||||||||
| Stock-based compensation expenses related to business combination | 140 | 662 | ||||||||||||||||||
| Amortization of purchased intangibles | 216 | 162 | ||||||||||||||||||
| Other operating income (expenses), net and other integration expenses | (4,689 | ) | 995 | |||||||||||||||||
| (3,680 | ) | 2,615 | ||||||||||||||||||
| Taxes on income | (147 | ) | (135 | ) | ||||||||||||||||
| Non-GAAP net income | $ | 8,512 | $ | 6,544 | ||||||||||||||||
| 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) | ||||||||||||||||||||||
| Twelve months ended | Twelve months ended | |||||||||||||||||||||
| December 31, 2024 | December 31, 2023 | |||||||||||||||||||||
| GAAP | Adjustments (*) | Non-GAAP | GAAP | Adjustments (*) | Non-GAAP | |||||||||||||||||
| Unaudited | Audited | Unaudited | ||||||||||||||||||||
| Gross profit | $ | 113,331 | $ | 3,673 | $ | 117,004 | $ | 104,945 | $ | 895 | $ | 105,840 | ||||||||||
| Operating expenses | 85,634 | (500 | ) | 85,134 | 76,860 | 5,434 | 82,294 | |||||||||||||||
| Operating income | 27,697 | 4,173 | 31,870 | 28,085 | (4,539 | ) | 23,546 | |||||||||||||||
| Income before taxes on income | 29,201 | 4,173 | 33,374 | 28,194 | (4,539 | ) | 23,655 | |||||||||||||||
| Net income | $ | 24,849 | $ | 3,376 | $ | 28,225 | $ | 23,504 | $ | (3,597 | ) | $ | 19,907 | |||||||||
| Basic earnings per share | $ | 0.44 | $ | 0.06 | $ | 0.50 | $ | 0.41 | $ | (0.06 | ) | $ | 0.35 | |||||||||
| Diluted earnings per share | $ | 0.44 | $ | 0.05 | $ | 0.49 | $ | 0.41 | $ | (0.06 | ) | $ | 0.35 | |||||||||
| Weighted average number of shares used in | ||||||||||||||||||||||
| computing earnings per share | ||||||||||||||||||||||
| Basic | 57,016,920 | 57,016,920 | 56,668,999 | 56,668,999 | ||||||||||||||||||
| Diluted | 57,016,920 | 57,041,778 | 56,672,537 | 56,784,601 | ||||||||||||||||||
| (*) | Adjustments reflect the effect of stock-based compensation expenses as per ASC 718, amortization of purchased intangibles, other operating income, net, other non-recurring expenses, other integration expenses and income tax effect on such adjustments which is calculated using the relevant effective tax rate. | |||||||||||||||||||||
| Twelve months ended | Twelve months ended | |||||||||||||||||||||
| December 31, 2024 | December 31, 2023 | |||||||||||||||||||||
| Unaudited | Unaudited | |||||||||||||||||||||
| GAAP net income | $ | 24,849 | $ | 23,504 | ||||||||||||||||||
| Gross profit | ||||||||||||||||||||||
| Stock-based compensation expenses | 518 | 407 | ||||||||||||||||||||
| Amortization of purchased intangibles | 2,412 | 448 | ||||||||||||||||||||
| Other non-recurring expenses | 466 | - | ||||||||||||||||||||
| Other integration expenses | 277 | 40 | ||||||||||||||||||||
| 3,673 | 895 | |||||||||||||||||||||
| Operating expenses | ||||||||||||||||||||||
| Stock-based compensation expenses | 2,771 | 2,354 | ||||||||||||||||||||
| Stock-based compensation expenses related to business combination | 3,437 | 662 | ||||||||||||||||||||
| Amortization of purchased intangibles | 988 | 312 | ||||||||||||||||||||
| Other operating income, net and other integration expenses | (6,696 | ) | (8,762 | ) | ||||||||||||||||||
| 500 | (5,434 | ) | ||||||||||||||||||||
| Taxes on income | (797 | ) | 942 | |||||||||||||||||||
| Non-GAAP net income | $ | 28,225 | $ | 19,907 | ||||||||||||||||||
| GILAT SATELLITE NETWORKS LTD. | ||||||||||||||||||
| SUPPLEMENTAL INFORMATION | ||||||||||||||||||
| U.S. dollars in thousands | ||||||||||||||||||
| ADJUSTED EBITDA: | ||||||||||||||||||
| Twelve months ended | Three months ended | |||||||||||||||||
| December 31, | December 31, | |||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| Unaudited | Unaudited | |||||||||||||||||
| GAAP net income | $ | 24,849 | $ | 23,504 | $ | 11,764 | $ | 3,447 | ||||||||||
| Adjustments: | ||||||||||||||||||
| Financial income, net | (1,504 | ) | (109 | ) | (63 | ) | (1,196 | ) | ||||||||||
| Taxes on income | 4,352 | 4,690 | 1,069 | 628 | ||||||||||||||
| Stock-based compensation expenses | 3,289 | 2,761 | 786 | 925 | ||||||||||||||
| Stock-based compensation expenses related to business combination | 3,437 | 662 | 140 | 662 | ||||||||||||||
| Depreciation and amortization (*) | 13,777 | 13,627 | 3,068 | 3,862 | ||||||||||||||
| Other operating expenses (income), net | (6,751 | ) | (8,771 | ) | (4,706 | ) | 986 | |||||||||||
| Other non-recurring expenses | 466 | - | - | - | ||||||||||||||
| Other integration expenses | 332 | 49 | 70 | 49 | ||||||||||||||
| Adjusted EBITDA | $ | 42,247 | $ | 36,413 | $ | 12,128 | $ | 9,363 | ||||||||||
| (*) Including amortization of lease incentive | ||||||||||||||||||
| SEGMENT REVENUES: | ||||||||||||||||||
| Twelve months ended | Three months ended | |||||||||||||||||
| December 31, | December 31, | |||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| Unaudited | Audited | Unaudited | ||||||||||||||||
| Satellite Networks | $ | 198,174 | $ | 168,527 | $ | 49,064 | $ | 53,517 | ||||||||||
| Integrated Solutions | 54,925 | 46,133 | 17,257 | 9,503 | ||||||||||||||
| Network Infrastructure and Services | 52,349 | 51,430 | 11,807 | 12,592 | ||||||||||||||
| Total revenues | $ | 305,448 | $ | 266,090 | $ | 78,128 | $ | 75,612 | ||||||||||
| GILAT SATELLITE NETWORKS LTD. | ||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| U.S. dollars in thousands | ||||||||
| December 31, | December 31, | |||||||
| 2024 | 2023 | |||||||
| Unaudited | Audited | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 119,384 | $ | 103,961 | ||||
| Restricted cash | 853 | 736 | ||||||
| Trade receivables, net | 53,554 | 44,725 | ||||||
| Contract assets | 20,987 | 28,327 | ||||||
| Inventories | 38,890 | 38,525 | ||||||
| Other current assets | 21,963 | 24,299 | ||||||
| Total current assets | 255,631 | 240,573 | ||||||
| LONG-TERM ASSETS: | ||||||||
| Restricted cash | 12 | 54 | ||||||
| Long-term contract assets | 8,146 | 9,283 | ||||||
| Severance pay funds | 5,966 | 5,737 | ||||||
| Deferred taxes | 11,896 | 11,484 | ||||||
| Operating lease right-of-use assets | 6,556 | 5,105 | ||||||
| Other long-term assets | 5,288 | 9,544 | ||||||
| Total long-term assets | 37,864 | 41,207 | ||||||
| PROPERTY AND EQUIPMENT, NET | 70,834 | 74,315 | ||||||
| INTANGIBLE ASSETS, NET | 12,925 | 16,051 | ||||||
| GOODWILL | 52,494 | 54,740 | ||||||
| TOTAL ASSETS | $ | 429,748 | $ | 426,886 | ||||
| GILAT SATELLITE NETWORKS LTD. | ||||||||
| CONSOLIDATED BALANCE SHEETS (Cont.) | ||||||||
| U.S. dollars in thousands (except share data) | ||||||||
| December 31, | December 31, | |||||||
| 2024 | 2023 | |||||||
| Unaudited | Audited | |||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Short-term debt | $ | - | $ | 7,453 | ||||
| Trade payables | 17,107 | 13,873 | ||||||
| Accrued expenses | 45,368 | 51,906 | ||||||
| Advances from customers and deferred revenues | 18,587 | 34,495 | ||||||
| Operating lease liabilities | 2,557 | 2,426 | ||||||
| Other current liabilities | 17,817 | 16,431 | ||||||
| Total current liabilities | 101,436 | 126,584 | ||||||
| LONG-TERM LIABILITIES: | ||||||||
| Long-term loan | 2,000 | 2,000 | ||||||
| Accrued severance pay | 6,677 | 6,537 | ||||||
| Long-term advances from customers and deferred revenues | 580 | 1,139 | ||||||
| Operating lease liabilities | 4,014 | 3,022 | ||||||
| Other long-term liabilities | 10,606 | 12,916 | ||||||
| Total long-term liabilities | 23,877 | 25,614 | ||||||
| SHAREHOLDERS' EQUITY: | ||||||||
| Share capital - ordinary shares of NIS 0.2 par value | 2,733 | 2,733 | ||||||
| Additional paid-in capital | 943,294 | 937,591 | ||||||
| Accumulated other comprehensive loss | (6,120 | ) | (5,315 | ) | ||||
| Accumulated deficit | (635,472 | ) | (660,321 | ) | ||||
| Total shareholders' equity | 304,435 | 274,688 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 429,748 | $ | 426,886 | ||||
| GILAT SATELLITE NETWORKS LTD. | |||||||||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||
| U.S. dollars in thousands | |||||||||||||||||
| Twelve months ended | Three months ended | ||||||||||||||||
| December 31, | December 31, | ||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Unaudited | Audited | Unaudited | |||||||||||||||
| Cash flows from operating activities: | |||||||||||||||||
| Net income | $ | 24,849 | $ | 23,504 | $ | 11,764 | $ | 3,447 | |||||||||
| Adjustments required to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
| Depreciation and amortization | 13,554 | 13,402 | 3,012 | 3,805 | |||||||||||||
| Capital gain from sale of property | - | (2,084 | ) | - | - | ||||||||||||
| Stock-based compensation *) | 6,726 | 3,423 | 926 | 1,587 | |||||||||||||
| Accrued severance pay, net | (89 | ) | 167 | (72 | ) | 12 | |||||||||||
| Deferred taxes, net | 1,834 | 2,662 | 298 | (1,203 | ) | ||||||||||||
| Decrease (increase) in trade receivables, net | (9,347 | ) | 13,448 | (2,328 | ) | 9,561 | |||||||||||
| Decrease (increase) in contract assets | 8,519 | (1,694 | ) | 11,506 | (7,804 | ) | |||||||||||
| Decrease (increase) in other assets and other adjustments (including | |||||||||||||||||
| short-term, long-term and effect of exchange rate changes on cash and cash equivalents) | 11,661 | (351 | ) | 8,590 | (3,949 | ) | |||||||||||
| Decrease (increase) in inventories, net | (1,928 | ) | (2,387 | ) | 544 | 3,798 | |||||||||||
| Increase (decrease) in trade payables | 3,196 | (7,635 | ) | (1,884 | ) | (2,314 | ) | ||||||||||
| Increase (decrease) in accrued expenses | (5,906 | ) | 735 | (8,581 | ) | 3,517 | |||||||||||
| Increase (decrease) in advances from customers and deferred revenues | (16,390 | ) | 803 | (4,228 | ) | (1,843 | ) | ||||||||||
| Increase (decrease) in other liabilities | (5,010 | ) | (12,049 | ) | (3,265 | ) | 1,343 | ||||||||||
| Net cash provided by operating activities | 31,669 | 31,944 | 16,282 | 9,957 | |||||||||||||
| Cash flows from investing activities: | |||||||||||||||||
| Purchase of property and equipment | (6,610 | ) | (10,746 | ) | (2,515 | ) | (2,090 | ) | |||||||||
| Acquisitions of subsidiary, net of cash acquired | - | (4,107 | ) | - | (4,107 | ) | |||||||||||
| Receipts from sale of property | - | 2,168 | - | - | |||||||||||||
| Net cash used in investing activities | (6,610 | ) | (12,685 | ) | (2,515 | ) | (6,197 | ) | |||||||||
| Cash flows from financing activities: | |||||||||||||||||
| Repayment of credit facility, net | (7,453 | ) | (1,590 | ) | - | (1,590 | ) | ||||||||||
| Repayments of short-term debts | (7,836 | ) | - | (3,793 | ) | - | |||||||||||
| Proceeds from short-term debts | 7,836 | - | 1,066 | - | |||||||||||||
| Costs associated with entering into a long-term debt | (654 | ) | - | (654 | ) | - | |||||||||||
| Net cash used in financing activities | (8,107 | ) | (1,590 | ) | (3,381 | ) | (1,590 | ) | |||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,454 | ) | (63 | ) | (896 | ) | 2,288 | ||||||||||
| Increase in cash, cash equivalents and restricted cash | 15,498 | 17,606 | 9,490 | 4,458 | |||||||||||||
| Cash, cash equivalents and restricted cash at the beginning of the period | 104,751 | 87,145 | 110,759 | 100,293 | |||||||||||||
| Cash, cash equivalents and restricted cash at the end of the period | $ | 120,249 | $ | 104,751 | $ | 120,249 | $ | 104,751 | |||||||||
| *) | Stock-based compensation including expenses related to business combination in the amounts of | ||||||||||||||||
| Stock-based compensation including expenses related to business combination in the amounts of | |||||||||||||||||
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