SEC Form 6-K filed by Gilat Satellite Networks Ltd.
$GILT
Radio And Television Broadcasting And Communications Equipment
Technology
FORM 6 – K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report on Foreign Issuer
Pursuant to Rule 13a – 16 or 15d – 16
of the Securities Exchange Act of 1934
For the Month of August, 2024
Gilat Satellite Networks Ltd
(Translation of Registrant’s Name into English)
Gilat House, Yegia Kapayim Street
Daniv Park, Kiryat Arye, Petah Tikva, Israel
(Address of Principal Corporate Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act
of 1934.
Yes ☐ No ☒
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A
On August 7, 2024, the Registrant issued a press release announcing its unaudited second-quarter 2024 results. A copy of this press release is furnished herewith.
The attached press release is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that
section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
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Gilat Satellite Networks Ltd.
(Registrant)
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Dated August 7, 2024
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By:
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/s/ Doron Kerbel
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Doron Kerbel
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General Counsel & Company Secretary
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2
Gilat Reports Second Quarter 2024 Results
Revenue Increased by 13% Year-over-Year,
GAAP Operating Income of $2.8 Million and
Adjusted EBITDA of $10.1 Million
Petah Tikva, Israel, August 7, 2024 — 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, up 13% compared with $67.6 million in Q2 2023;
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| • |
GAAP operating income of $2.8 million, compared with $5.4 million in Q2 2023;
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| o |
The decline is mainly attributable to the acquisition-related expenses, amortization of purchased intangibles, and earnout-based expenses related to DataPath acquisition;
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| • |
Non-GAAP operating income of $7.3 million, up 21% compared with $6.1 million in Q2 2023;
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| • |
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;
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• Non-GAAP net income of $5.6 million, or $0.10 per diluted share, up 13% compared with $4.9 million, or $0.09 per
diluted share, in Q2 2023;
• Adjusted EBITDA of $10.1 million, up 10% compared with $9.2 million in Q2 2023.
3
Forward-Looking Expectations
The Company today reiterated its formerly issued guidance expectations for 2024.
Expectations are for revenue between $305 and $325 million, representing year-over-year growth of 18% at the midpoint. GAAP operating income is expected to be between $15 and $19 million, and
Adjusted EBITDA is expected to be between $40 and $44 million, representing year-over-year growth of 15% at the mid-point.
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 $25 to $35 million in Q4.
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 $120-$150 million in revenue in 2025 and be accretive to our Non-GAAP
results. Furthermore, we estimate that once Stellar Blu reaches its target manufacturing capacity during the second half of 2025, its EBITDA margin will be above 10%”.
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
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| • |
Gilat Awarded Over $5M by a National Defense Organization for the Upgrade of Transportable SATCOM Network Hubs
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Gilat Receives Over $10M Contract Extension for Cellular Backhaul Services
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4
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Gilat Awarded Over $9M to Support Critical Connectivity Requirements for the US Department of Defense
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Gilat Receives over $14M in Orders Expanding Further into the IFC Market
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Gilat to Acquire Stellar Blu, an IFC Market Leader with a First-to-Market ESA-Based Solution for Commercial Aviation
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| • |
Nicole Robinson Appointed President of DataPath Inc.
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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: | Wednesday, August 7, 2024 |
| Start: | 09:30 AM EDT / 16:30 IDT |
| Dial-in: |
US: 1-888-407-2553
International: +972-3-918-0609
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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.
5
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
Gilat Satellite Networks
Mayrav Sher, Head of Finance and Investor Relations
EK Global IR
Ehud Helft, Managing Partner
6
7
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GILAT SATELLITE NETWORKS LTD.
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RECONCILIATION BETWEEN GAAP AND NON-GAAP CONSOLIDATED STATEMENTS OF INCOME
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FOR COMPARATIVE PURPOSES
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U.S. dollars in thousands (except share and per share data)
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Three months ended
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Three months ended
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June 30, 2024
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June 30, 2023
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|||||||||||||||||||||||
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GAAP
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Adjustments (*)
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Non-GAAP
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GAAP
|
Adjustments (*)
|
Non-GAAP
|
|||||||||||||||||||
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Unaudited
|
Unaudited
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|||||||||||||||||||||||
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Gross profit
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$
|
26,573
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$
|
1,617
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$
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28,190
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$
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25,536
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$
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95
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$
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25,631
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||||||||||||
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Operating expenses
|
23,782
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(2,914
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)
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20,868
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20,087
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(513
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)
|
19,574
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||||||||||||||||
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Operating income
|
2,791
|
4,531
|
7,322
|
5,449
|
608
|
6,057
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||||||||||||||||||
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Income before taxes on income
|
3,057 |
4,531
|
7,588 |
4,863
|
608
|
5,471
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||||||||||||||||||
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Net income
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$
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1,302
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$
|
4,253
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$
|
5,555
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$
|
4,325
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$
|
608
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$
|
4,933
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||||||||||||
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Earnings per share (basic and diluted)
|
$ |
0.02
|
$ |
0.08
|
$ |
0.10
|
$
|
0.08
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$
|
0.01
|
$
|
0.09
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||||||||||||
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Weighted average number of shares used in
|
||||||||||||||||||||||||
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computing earnings per share
|
||||||||||||||||||||||||
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Basic
|
57,017,032
|
57,017,032
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56,617,943
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56,617,943
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||||||||||||||||||||
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Diluted
|
57,017,032
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57,017,032
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56,620,977
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56,620,977
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(*) 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.
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Three months ended
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Three months ended
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June 30, 2024
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June 30, 2023
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|||||||||||||||||||||||
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Unaudited
|
Unaudited
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||||||||||||||||||||||
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||||||||||||||||||||||||
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GAAP net income
|
$
|
1,302
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$
|
4,325
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||||||||||||||||||||
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||||||||||||||||||||||||
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Gross profit
|
||||||||||||||||||||||||
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Stock-based compensation expenses
|
150
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95
|
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Amortization of purchased intangibles
|
920
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-
|
||||||||||||||||||||||
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Other non-recurring expenses
|
466
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-
|
||||||||||||||||||||||
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Other integration expenses
|
81
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-
|
||||||||||||||||||||||
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1,617
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95
|
||||||||||||||||||||||
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Operating expenses
|
||||||||||||||||||||||||
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Stock-based compensation expenses
|
705
|
417
|
||||||||||||||||||||||
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Stock-based compensation expenses related to business combination
|
842
|
- |
||||||||||||||||||||||
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Amortization of purchased intangibles
|
267
|
49
|
||||||||||||||||||||||
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Other operating expenses, net
|
1,085
|
47
|
||||||||||||||||||||||
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Other integration expenses
|
15
|
-
|
||||||||||||||||||||||
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|
2,914
|
513
|
||||||||||||||||||||||
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|
||||||||||||||||||||||||
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Taxes on income
|
(278
|
)
|
-
|
|||||||||||||||||||||
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|
||||||||||||||||||||||||
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Non-GAAP net income
|
$
|
5,555
|
$
|
4,933
|
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8
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GILAT SATELLITE NETWORKS LTD.
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RECONCILIATION BETWEEN GAAP AND NON-GAAP CONSOLIDATED STATEMENTS OF INCOME
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FOR COMPARATIVE PURPOSES
|
||||||||
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U.S. dollars in thousands (except share and per share data)
|
||||||||
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Six months ended
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Six months ended
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|||||||||||||||||||||||
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June 30, 2024
|
June 30, 2023
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|||||||||||||||||||||||
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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.
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Six months ended
|
Six months ended
|
||||||||||||||||||||||
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June 30, 2024
|
June 30, 2023
|
|||||||||||||||||||||||
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|
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
|
||||||||||||||||||||
9
|
GILAT SATELLITE NETWORKS LTD.
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|
SUPPLEMENTAL INFORMATION
|
|
U.S. dollars in thousands
|
|
ADJUSTED EBITDA:
|
||||||||||||||||
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|
||||||||||||||||
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|
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
|
||||||||
10
|
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
|
||||
11
|
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
|
||||
12
|
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 $2,166 and $842 for the six months and three months ended June 30, 2024, respectively.
|
13