Gilat Reports Second Quarter 2024 Results
Gilat Satellite Networks (NASDAQ: GILT, TASE: GILT) reported its Q2 2024 results, showing revenue growth of 13% year-over-year to $76.6 million. The company achieved a GAAP operating income of $2.8 million, down from $5.4 million in Q2 2023, mainly due to acquisition-related expenses. Non-GAAP operating income increased by 21% to $7.3 million. GAAP net income was $1.3 million ($0.02 per diluted share), while non-GAAP net income rose 13% to $5.6 million ($0.10 per diluted share). Adjusted EBITDA grew 10% to $10.1 million. The results reflect Gilat's strong performance in satellite networking technology, solutions, and services.
Gilat Satellite Networks (NASDAQ: GILT, TASE: GILT) ha riportato i risultati del secondo trimestre 2024, evidenziando una crescita dei ricavi del 13% rispetto all'anno precedente, raggiungendo $76.6 milioni. L'azienda ha ottenuto un reddito operativo GAAP di $2.8 milioni, in calo rispetto ai $5.4 milioni del secondo trimestre 2023, principalmente a causa delle spese legate all'acquisizione. Il reddito operativo non-GAAP è aumentato del 21% a $7.3 milioni. Il reddito netto GAAP è stato di $1.3 milioni ($0.02 per azione diluita), mentre il reddito netto non-GAAP è aumentato del 13% a $5.6 milioni ($0.10 per azione diluita). EBITDA rettificato è cresciuto del 10% a $10.1 milioni. I risultati riflettono la solida performance di Gilat nella tecnologia, soluzioni e servizi di rete satellitare.
Gilat Satellite Networks (NASDAQ: GILT, TASE: GILT) reportó sus resultados del segundo trimestre de 2024, mostrando un aumento de ingresos del 13% interanual hasta $76.6 millones. La compañía logró un ingreso operativo GAAP de $2.8 millones, una disminución desde los $5.4 millones del segundo trimestre de 2023, principalmente debido a los gastos relacionados con adquisiciones. El ingreso operativo no-GAAP aumentó un 21% hasta $7.3 millones. El ingreso neto GAAP fue de $1.3 millones ($0.02 por acción diluida), mientras que el ingreso neto no-GAAP creció un 13% hasta $5.6 millones ($0.10 por acción diluida). El EBITDA ajustado creció un 10% hasta $10.1 millones. Los resultados reflejan el sólido rendimiento de Gilat en tecnología, soluciones y servicios de redes satelitales.
Gilat 위성 네트워크(NASDAQ: GILT, TASE: GILT)는 2024년 2분기 실적을 발표하여 전년 대비 13%의 매출 성장을 기록하여 7660만 달러에 달했습니다. 회사는 GAAP 기준 운영 소득 280만 달러를 기록했으며, 이는 2023년 2분기 540만 달러에서 감소한 것입니다. 이는 주로 인수 관련 비용 때문입니다. 비 GAAP 기준 운영 소득은 21% 증가하여 730만 달러에 달했습니다. GAAP 기준 순이익은 130만 달러($0.02의 희석 주당 순이익)였고, 비 GAAP 기준 순이익은 13% 증가하여 560만 달러($0.10의 희석 주당 순이익)에 달했습니다. 조정된 EBITDA는 10% 성장하여 1010만 달러에 도달했습니다. 이러한 결과는 Gilat의 위성 네트워킹 기술, 솔루션 및 서비스의 강력한 성과를 반영합니다.
Gilat Satellite Networks (NASDAQ: GILT, TASE: GILT) a publié ses résultats du deuxième trimestre 2024, montrant une croissance des revenus de 13% par rapport à l'année précédente, atteignant 76,6 millions de dollars. La société a enregistré un résultat d'exploitation GAAP de 2,8 millions de dollars, en baisse par rapport à 5,4 millions de dollars au deuxième trimestre 2023, principalement en raison de dépenses liées aux acquisitions. Le résultat d'exploitation non-GAAP a augmenté de 21% pour atteindre 7,3 millions de dollars. Le résultat net GAAP était de 1,3 million de dollars (0,02 $ par action diluée), tandis que le résultat net non-GAAP a augmenté de 13% pour atteindre 5,6 millions de dollars (0,10 $ par action diluée). L'EBITDA ajusté a augmenté de 10% pour atteindre 10,1 millions de dollars. Les résultats reflètent la forte performance de Gilat dans la technologie, les solutions et les services de réseau par satellite.
Gilat Satellite Networks (NASDAQ: GILT, TASE: GILT) berichtete über die Ergebnisse des 2. Quartals 2024 und verzeichnete ein Umsatzwachstum von 13% im Jahresvergleich auf 76,6 Millionen USD. Das Unternehmen erzielte ein GAAP-Betriebsergebnis von 2,8 Millionen USD, was einen Rückgang von 5,4 Millionen USD im 2. Quartal 2023 bedeutet, hauptsächlich aufgrund von Übernahme-bedingten Kosten. Das Nicht-GAAP-Betriebsergebnis stieg um 21% auf 7,3 Millionen USD. Der GAAP-Nettoertrag betrug 1,3 Millionen USD (0,02 USD pro verwässerter Aktie), während der Nicht-GAAP-Nettoertrag um 13% stieg auf 5,6 Millionen USD (0,10 USD pro verwässerter Aktie). Das bereinigte EBITDA wuchs um 10% auf 10,1 Millionen USD. Die Ergebnisse spiegeln die starke Leistung von Gilat in der satellitengestützten Netzwerk-Technologie, Lösungen und Dienstleistungen wider.
- Revenue increased by 13% year-over-year to $76.6 million
- Non-GAAP operating income grew 21% to $7.3 million
- Non-GAAP net income rose 13% to $5.6 million
- Adjusted EBITDA increased 10% to $10.1 million
- GAAP operating income decreased to $2.8 million from $5.4 million in Q2 2023
- GAAP net income declined to $1.3 million from $4.3 million in Q2 2023
Insights
Gilat's Q2 2024 results show a mixed financial picture. The
The non-GAAP metrics paint a more positive picture, with operating income up
Investors should note the discrepancy between GAAP and non-GAAP results, which highlights the impact of the DataPath acquisition. While this may pressure short-term GAAP metrics, it could potentially drive long-term growth if integrated successfully.
Gilat's Q2 performance reflects the robust demand in the satellite networking sector. The
The acquisition of DataPath is a strategic move to enhance Gilat's portfolio in defense and government markets. While it's impacting short-term GAAP results, it positions Gilat to capitalize on the increasing defense spending trends globally. The integration costs are a necessary investment for future growth in high-margin sectors.
Investors should monitor how quickly Gilat can leverage DataPath's capabilities to win new contracts and improve its competitive position in the evolving satellite communications market.
Revenue Increased by 13% Year-over-Year,
GAAP Operating Income of $2.8 Million and
Adjusted EBITDA of $10.1 Million
PETAH TIKVA, Israel, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, today reported its results for the second quarter, ended June 30, 2024.
Second Quarter 2024 Financial Highlights
- Revenue of
$76.6 million , up13% compared with$67.6 million in Q2 2023; - GAAP operating income of
$2.8 million , compared with$5.4 million in Q2 2023;- The decline is mainly attributable to the acquisition-related expenses, amortization of purchased intangibles, and earnout-based expenses related to DataPath acquisition;
- The decline is mainly attributable to the acquisition-related expenses, amortization of purchased intangibles, and earnout-based expenses related to DataPath acquisition;
- Non-GAAP operating income of
$7.3 million , up21% compared with$6.1 million in Q2 2023; - GAAP net income of
$1.3 million , or$0.02 per diluted share, compared with$4.3 million , or$0.08 per diluted share, in Q2 2023; - Non-GAAP net income of
$5.6 million , or$0.10 per diluted share, up13% compared with$4.9 million , or$0.09 per diluted share, in Q2 2023; - Adjusted EBITDA of
$10.1 million , up10% compared with$9.2 million in Q2 2023.
Forward-Looking Expectations
The Company today reiterated its formerly issued guidance expectations for 2024.
Expectations are for revenue between
This Guidance does not include any contribution expected from the acquisition of Stellar Blu. However given Stellar Blu has already begun delivering its antennas, and assuming closing will happen during the beginning of Q4, we estimate SBS revenues will add between
Management Commentary
Adi Sfadia, Gilat’s CEO, commented: “We are pleased with our results for the second quarter. Our business continues to perform well and we are on track with our expectations for 2024. The pipeline of potential orders throughout our business continues to broaden, supported by our next-generation platform and growth engines. In particular, we are pleased with the solid traction we are experiencing in the growing defense satellite communications segment, a strategic growth vector for us. This is strongly supported by our DataPath subsidiary acquired at the end of last year, which has already proven itself as a successful acquisition and key contributor to our success this quarter.”
Mr. Sfadia added, “We recently took a major strategic step and announced our intention to acquire Stellar Blu, a leader and first-to-market in delivering Electronically Steerable Antenna for the In-Flight-Connectivity market. Given Stellar Blu has already begun delivering its antennas we now expect Stellar Blu to add between
Mr. Sfadia concluded, “With Stellar Blu on board, we will become the leader in the ESA IFC market, which we believe is set to explode in popularity and become widely adopted in the coming years. I believe that this acquisition will transform Gilat into a high-growth company for many years to come, providing us with a highly attractive portfolio of ESA products and technologies. We are very excited about the significant potential this acquisition holds for Gilat.”
Key Recent Announcements
- Gilat Awarded Over
$9M for its GEO and NGSO Satellite Communications Solutions - Gilat Awarded Over
$5M by a National Defense Organization for the Upgrade of Transportable SATCOM Network Hubs - Gilat Receives Over
$10M Contract Extension for Cellular Backhaul Services - Gilat Awarded Over
$9M to Support Critical Connectivity Requirements for the US Department of Defense - Gilat Receives over
$14M in Orders Expanding Further into the IFC Market - Gilat to Acquire Stellar Blu, an IFC Market Leader with a First-to-Market ESA-Based Solution for Commercial Aviation
- Nicole Robinson Appointed President of DataPath Inc.
Conference Call Details
Gilat’s management will discuss its second quarter 2024 results and business achievements and participate in a question-and-answer session:
| Date: Start: Dial-in: | Wednesday, August 7, 2024 09:30 AM EDT / 16:30 IDT US: 1-888-407-2553 International: +972-3-918-0609 |
A simultaneous webcast of the conference call will be available on the Gilat website at www.gilat.com and through this link: https://veidan.activetrail.biz/gilatq2-2024
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, one-time changes of deferred tax assets 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 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 | |||||||||||||||
| U.S. dollars in thousands (except share and per share data) | |||||||||||||||
| Six months ended | Three months ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Unaudited | Unaudited | ||||||||||||||
| Revenues | $ | 152,709 | $ | 126,551 | $ | 76,631 | $ | 67,589 | |||||||
| Cost of revenues | 98,082 | 76,330 | 50,058 | 42,053 | |||||||||||
| Gross profit | 54,627 | 50,221 | 26,573 | 25,536 | |||||||||||
| Research and development expenses, net | 18,547 | 19,003 | 9,228 | 9,384 | |||||||||||
| Selling and marketing expenses | 14,109 | 11,941 | 7,032 | 5,932 | |||||||||||
| General and administrative expenses | 14,514 | 9,155 | 6,437 | 4,724 | |||||||||||
| Other operating expenses (income), net | (725 | ) | (2,340 | ) | 1,085 | 47 | |||||||||
| Total operating expenses | 46,445 | 37,759 | 23,782 | 20,087 | |||||||||||
| Operating income | 8,182 | 12,462 | 2,791 | 5,449 | |||||||||||
| Financial income (expenses), net | 779 | (735 | ) | 266 | (586 | ) | |||||||||
| Income before taxes on income | 8,961 | 11,727 | 3,057 | 4,863 | |||||||||||
| Taxes on income | (2,695 | ) | (1,822 | ) | (1,755 | ) | (538 | ) | |||||||
| Net income | $ | 6,266 | $ | 9,905 | $ | 1,302 | $ | 4,325 | |||||||
| Earnings per share (basic and diluted) | $ | 0.11 | $ | 0.17 | $ | 0.02 | $ | 0.08 | |||||||
| Weighted average number of shares used in | |||||||||||||||
| computing earnings per share | |||||||||||||||
| Basic | 57,016,808 | 56,615,714 | 57,017,032 | 56,617,943 | |||||||||||
| Diluted | 57,016,808 | 56,622,204 | 57,017,032 | 56,620,977 | |||||||||||
| GILAT SATELLITE NETWORKS LTD. | |||||||||||||||||||
| RECONCILIATION BETWEEN GAAP AND NON-GAAP CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||
| FOR COMPARATIVE PURPOSES | |||||||||||||||||||
| U.S. dollars in thousands (except share and per share data) | |||||||||||||||||||
| Three months ended | Three months ended | ||||||||||||||||||
| June 30, 2024 | June 30, 2023 | ||||||||||||||||||
| GAAP | Adjustments (*) | Non-GAAP | GAAP | Adjustments (*) | Non-GAAP | ||||||||||||||
| Unaudited | Unaudited | ||||||||||||||||||
| Gross profit | $ | 26,573 | $ | 1,617 | $ | 28,190 | $ | 25,536 | $ | 95 | $ | 25,631 | |||||||
| Operating expenses | 23,782 | (2,914 | ) | 20,868 | 20,087 | (513 | ) | 19,574 | |||||||||||
| Operating income | 2,791 | 4,531 | 7,322 | 5,449 | 608 | 6,057 | |||||||||||||
| Income before taxes on income | 3,057 | 4,531 | 7,588 | 4,863 | 608 | 5,471 | |||||||||||||
| Net income | $ | 1,302 | $ | 4,253 | $ | 5,555 | $ | 4,325 | $ | 608 | $ | 4,933 | |||||||
| Earnings per share (basic and diluted) | $ | 0.02 | $ | 0.08 | $ | 0.10 | $ | 0.08 | $ | 0.01 | $ | 0.09 | |||||||
| Weighted average number of shares | |||||||||||||||||||
| used in computing earnings per share | |||||||||||||||||||
| Basic | 57,017,032 | 57,017,032 | 56,617,943 | 56,617,943 | |||||||||||||||
| Diluted | 57,017,032 | 57,017,032 | 56,620,977 | 56,620,977 | |||||||||||||||
| (*) Adjustments reflect the effect of stock-based compensation expenses as per ASC 718, amortization of purchased intangibles, other operating expenses, net, | |||||||||||||||||||
| other non-recurring expenses, 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 | ||||||||||||||||||
| June 30, 2024 | June 30, 2023 | ||||||||||||||||||
| Unaudited | Unaudited | ||||||||||||||||||
| GAAP net income | $ | 1,302 | $ | 4,325 | |||||||||||||||
| Gross profit | |||||||||||||||||||
| Stock-based compensation expenses | 150 | 95 | |||||||||||||||||
| Amortization of purchased intangibles | 920 | - | |||||||||||||||||
| Other non-recurring expenses | 466 | - | |||||||||||||||||
| Other integration expenses | 81 | - | |||||||||||||||||
| 1,617 | 95 | ||||||||||||||||||
| Operating expenses | |||||||||||||||||||
| Stock-based compensation expenses | 705 | 417 | |||||||||||||||||
| Stock-based compensation expenses related to business combination | 842 | - | |||||||||||||||||
| Amortization of purchased intangibles | 267 | 49 | |||||||||||||||||
| Other operating expenses, net | 1,085 | 47 | |||||||||||||||||
| Other integration expenses | 15 | - | |||||||||||||||||
| 2,914 | 513 | ||||||||||||||||||
| Taxes on income | (278 | ) | - | ||||||||||||||||
| Non-GAAP net income | $ | 5,555 | $ | 4,933 | |||||||||||||||
| 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) | |||||||||||||||||||
| Six months ended | Six months ended | ||||||||||||||||||
| June 30, 2024 | June 30, 2023 | ||||||||||||||||||
| GAAP | Adjustments (*) | Non-GAAP | GAAP | Adjustments (*) | Non-GAAP | ||||||||||||||
| Unaudited | Unaudited | ||||||||||||||||||
| Gross profit | $ | 54,627 | $ | 2,343 | $ | 56,970 | $ | 50,221 | $ | 170 | $ | 50,391 | |||||||
| Operating expenses | 46,445 | (3,413 | ) | 43,032 | 37,759 | 1,296 | 39,055 | ||||||||||||
| Operating income | 8,182 | 5,756 | 13,938 | 12,462 | (1,126 | ) | 11,336 | ||||||||||||
| Income before taxes on income | 8,961 | 5,756 | 14,717 | 11,727 | (1,126 | ) | 10,601 | ||||||||||||
| Net income | $ | 6,266 | $ | 5,303 | $ | 11,569 | $ | 9,905 | $ | (1,126 | ) | $ | 8,779 | ||||||
| Earnings per share (basic and diluted) | $ | 0.11 | $ | 0.09 | $ | 0.20 | $ | 0.17 | $ | (0.01 | ) | $ | 0.16 | ||||||
| Weighted average number of shares | |||||||||||||||||||
| used in computing earnings per share | |||||||||||||||||||
| Basic | 57,016,808 | 57,016,808 | 56,615,714 | 56,615,714 | |||||||||||||||
| Diluted | 57,016,808 | 57,062,883 | 56,622,204 | 56,622,204 | |||||||||||||||
| (*) 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. | |||||||||||||||||||
| Six months ended | Six months ended | ||||||||||||||||||
| June 30, 2024 | June 30, 2023 | ||||||||||||||||||
| Unaudited | Unaudited | ||||||||||||||||||
| GAAP net income | $ | 6,266 | $ | 9,905 | |||||||||||||||
| Gross profit | |||||||||||||||||||
| Stock-based compensation expenses | 300 | 170 | |||||||||||||||||
| Amortization of purchased intangibles | 1,427 | - | |||||||||||||||||
| Other non-recurring expenses | 466 | - | |||||||||||||||||
| Other integration expenses | 150 | - | |||||||||||||||||
| 2,343 | 170 | ||||||||||||||||||
| Operating expenses | |||||||||||||||||||
| Stock-based compensation expenses | 1,422 | 944 | |||||||||||||||||
| Stock-based compensation expenses related to business combination | 2,166 | - | |||||||||||||||||
| Amortization of purchased intangibles | 524 | 100 | |||||||||||||||||
| Other operating income, net | (725 | ) | (2,340 | ) | |||||||||||||||
| Other integration expenses | 26 | - | |||||||||||||||||
| 3,413 | (1,296 | ) | |||||||||||||||||
| Taxes on income | (453 | ) | - | ||||||||||||||||
| Non-GAAP net income | $ | 11,569 | $ | 8,779 | |||||||||||||||
| GILAT SATELLITE NETWORKS LTD. | ||||||||||||||
| SUPPLEMENTAL INFORMATION | ||||||||||||||
| U.S. dollars in thousands | ||||||||||||||
| ADJUSTED EBITDA: | ||||||||||||||
| Six months ended | Three months ended | |||||||||||||
| June 30, | June 30, | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||
| Unaudited | Unaudited | |||||||||||||
| GAAP net income | $ | 6,266 | $ | 9,905 | $ | 1,302 | $ | 4,325 | ||||||
| Adjustments: | ||||||||||||||
| Financial expenses (income), net | (779 | ) | 735 | (266 | ) | 586 | ||||||||
| Taxes on income | 2,695 | 1,822 | 1,755 | 538 | ||||||||||
| Stock-based compensation expenses | 1,722 | 1,114 | 855 | 512 | ||||||||||
| Stock-based compensation expenses related to business combination | 2,166 | - | 842 | - | ||||||||||
| Depreciation and amortization (*) | 7,443 | 6,335 | 3,963 | 3,172 | ||||||||||
| Other operating expenses (income), net | (725 | ) | (2,340 | ) | 1,085 | 47 | ||||||||
| Other non-recurring expenses | 466 | - | 466 | - | ||||||||||
| Other integration expenses | 176 | - | 96 | - | ||||||||||
| Adjusted EBITDA | $ | 19,430 | $ | 17,571 | $ | 10,098 | $ | 9,180 | ||||||
| (*) Including amortization of lease incentive | ||||||||||||||
| SEGMENT REVENUES: | ||||||||||||||
| Six months ended | Three months ended | |||||||||||||
| June 30, | June 30, | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||
| Unaudited | Unaudited | |||||||||||||
| Satellite Networks | $ | 97,378 | $ | 74,273 | $ | 50,605 | $ | 40,727 | ||||||
| Integrated Solutions | 24,619 | 25,619 | 12,969 | 12,700 | ||||||||||
| Network Infrastructure and Services | 30,712 | 26,659 | 13,057 | 14,162 | ||||||||||
| Total revenues | $ | 152,709 | $ | 126,551 | $ | 76,631 | $ | 67,589 | ||||||
| GILAT SATELLITE NETWORKS LTD. | |||||||
| CONSOLIDATED BALANCE SHEETS | |||||||
| U.S. dollars in thousands | |||||||
| June 30, | December 31, | ||||||
| 2024 | 2023 | ||||||
| Unaudited | Audited | ||||||
| ASSETS | |||||||
| CURRENT ASSETS: | |||||||
| Cash and cash equivalents | $ | 93,667 | $ | 103,961 | |||
| Restricted cash | 1,030 | 736 | |||||
| Trade receivables, net | 62,217 | 44,725 | |||||
| Contract assets | 26,041 | 28,327 | |||||
| Inventories | 36,774 | 38,525 | |||||
| Other current assets | 20,016 | 24,299 | |||||
| Total current assets | 239,745 | 240,573 | |||||
| LONG-TERM ASSETS: | |||||||
| Restricted cash | 54 | 54 | |||||
| Long-term contract assets | 8,587 | 9,283 | |||||
| Severance pay funds | 5,607 | 5,737 | |||||
| Deferred taxes | 9,760 | 11,484 | |||||
| Operating lease right-of-use assets | 4,910 | 5,105 | |||||
| Other long-term assets | 8,120 | 9,544 | |||||
| Total long-term assets | 37,038 | 41,207 | |||||
| PROPERTY AND EQUIPMENT, NET | 71,168 | 74,315 | |||||
| INTANGIBLE ASSETS, NET | 14,238 | 16,051 | |||||
| GOODWILL | 54,740 | 54,740 | |||||
| TOTAL ASSETS | $ | 416,929 | $ | 426,886 | |||
| GILAT SATELLITE NETWORKS LTD. | |||||||
| CONSOLIDATED BALANCE SHEETS (Cont.) | |||||||
| U.S. dollars in thousands | |||||||
| June 30, | December 31, | ||||||
| 2024 | 2023 | ||||||
| Unaudited | Audited | ||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
| CURRENT LIABILITIES: | |||||||
| Short-term debt | $ | 129 | $ | 7,453 | |||
| Trade payables | 17,585 | 13,873 | |||||
| Accrued expenses | 48,621 | 51,906 | |||||
| Advances from customers and deferred revenues | 25,188 | 34,495 | |||||
| Operating lease liabilities | 2,622 | 2,426 | |||||
| Other current liabilities | 18,079 | 16,431 | |||||
| Total current liabilities | 112,224 | 126,584 | |||||
| LONG-TERM LIABILITIES: | |||||||
| Long-term loan | 2,000 | 2,000 | |||||
| Accrued severance pay | 6,467 | 6,537 | |||||
| Long-term advances from customers and deferred revenues | 912 | 1,139 | |||||
| Operating lease liabilities | 2,430 | 3,022 | |||||
| Other long-term liabilities | 10,141 | 12,916 | |||||
| Total long-term liabilities | 21,950 | 25,614 | |||||
| SHAREHOLDERS' EQUITY: | |||||||
| Share capital - ordinary shares of NIS 0.2 par value | 2,733 | 2,733 | |||||
| Additional paid-in capital | 940,520 | 937,591 | |||||
| Accumulated other comprehensive loss | (6,443 | ) | (5,315 | ) | |||
| Accumulated deficit | (654,055 | ) | (660,321 | ) | |||
| Total shareholders' equity | 282,755 | 274,688 | |||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 416,929 | $ | 426,886 | |||
| GILAT SATELLITE NETWORKS LTD. | |||||||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||
| U.S. dollars in thousands | |||||||||||||||
| Six months ended | Three months ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Unaudited | Unaudited | ||||||||||||||
| Cash flows from operating activities: | |||||||||||||||
| Net income | $ | 6,266 | $ | 9,905 | $ | 1,302 | $ | 4,325 | |||||||
| Adjustments required to reconcile net income to net cash provided by operating activities: | |||||||||||||||
| Depreciation and amortization | 7,333 | 6,222 | 3,908 | 3,115 | |||||||||||
| Stock-based compensation (*) | 3,888 | 1,114 | 1,697 | 512 | |||||||||||
| Accrued severance pay, net | 60 | 196 | 115 | (101 | ) | ||||||||||
| Deferred taxes, net | 1,724 | 1,820 | 1,273 | 694 | |||||||||||
| Decrease (increase) in trade receivables, net | (17,734 | ) | 9,398 | (8,937 | ) | 2,907 | |||||||||
| Decrease (increase) in contract assets | 2,982 | 8,378 | (3,266 | ) | 3,461 | ||||||||||
| Decrease in other assets and other adjustments (including | |||||||||||||||
| short-term, long-term and effect of exchange rate changes on cash and cash equivalents) | 5,512 | 243 | 2,005 | 3,010 | |||||||||||
| Decrease (increase) in inventories, net | 974 | (7,895 | ) | 4,167 | (272 | ) | |||||||||
| Increase (decrease) in trade payables | 3,579 | (4,240 | ) | 4,245 | (6,229 | ) | |||||||||
| Decrease in accrued expenses | (2,229 | ) | (5,039 | ) | (989 | ) | (2,840 | ) | |||||||
| Increase (decrease) in advances from customers and deferred revenues | (9,486 | ) | 3,124 | (6,732 | ) | 7,593 | |||||||||
| Decrease in other liabilities | (2,177 | ) | (15,009 | ) | (2,316 | ) | (14,161 | ) | |||||||
| Net cash provided by (used in) operating activities | 692 | 8,217 | (3,528 | ) | 2,014 | ||||||||||
| Cash flows from investing activities: | |||||||||||||||
| Purchase of property and equipment | (2,650 | ) | (6,556 | ) | (1,857 | ) | (3,524 | ) | |||||||
| Net cash used in investing activities | (2,650 | ) | (6,556 | ) | (1,857 | ) | (3,524 | ) | |||||||
| Cash flows from financing activities: | |||||||||||||||
| Repayment of credit facility, net | (7,453 | ) | - | (4,709 | ) | - | |||||||||
| Repayments of short-term debts | (1,340 | ) | - | (1,340 | ) | - | |||||||||
| Proceeds from short-term debts | 1,469 | - | 1,469 | - | |||||||||||
| Net cash used in financing activities | (7,324 | ) | - | (4,580 | ) | - | |||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (718 | ) | (1,010 | ) | (450 | ) | (433 | ) | |||||||
| Increase (decrease) in cash, cash equivalents and restricted cash | (10,000 | ) | 651 | (10,415 | ) | (1,943 | ) | ||||||||
| Cash, cash equivalents and restricted cash at the beginning of the period | 104,751 | 87,145 | 105,166 | 89,739 | |||||||||||
| Cash, cash equivalents and restricted cash at the end of the period | $ | 94,751 | $ | 87,796 | $ | 94,751 | $ | 87,796 | |||||||
| (*) Stock-based compensation including expenses related to business combination in the amounts of | |||||||||||||||
FAQ
What was Gilat's revenue for Q2 2024?
How did Gilat's GAAP operating income change in Q2 2024?
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