Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT), a
worldwide leader in satellite networking technology, solutions and
services, today reported its results for the first quarter of 2021.
First Quarter
Financial Highlights
- Revenues of
$44.7
million versus $47.7 million in Q1 2020 and up
from $42.6 million in the previous quarter;
- GAAP operating loss
of $3.7
million versus operating loss of $10.8 million in
Q1 2020 and an operating income of $62.7 million in Q4 2020; GAAP
operating income in Q4 2020 included income related to the legal
settlement with Comtech, net of related expenses, of $64.8
million;
- Non-GAAP operating
loss of
$3.8 million,
compared with operating loss of $7.6 million in Q1 2020, and an
operating loss of $1.6 million in the previous quarter;
- GAAP net loss
of
$5.1
million, or loss of $0.09 per diluted share,
compared with net loss of $11.8 million, or loss of $0.21 per
diluted share in Q1 2020 and net income in the previous quarter of
$62.4 million, or income of $1.12 per share; GAAP net income in the
previous quarter included $64.8 million income related to the
settlement with Comtech, net of related expenses;
- Non-GAAP net loss
of
$5.2
million, or loss of $0.09 per
diluted share, compared with net loss of $8.6 million, or loss of
$0.15 per diluted share in Q1 2020, and compared with a net loss of
$1.9 million, or loss of $0.03 per share, as reported in the
previous quarter;
- Adjusted EBITDA loss
of
$1.4
million compared with adjusted EBITDA loss of $5.0
million in Q1 2020; and adjusted EBITDA of $1.1 million in the
previous quarter;
Management Commentary
Adi Sfadia,
Gilat's CEO, commented: “We
continue to see strong momentum across all our business units, with
the exception of the IFC market segment, which is yet to show a
recovery. We believe that this growth trend will continue during
2021 and expect to show sequential quarterly growth throughout the
year and increasing profitability. Looking further out, 2022 is
expected to show significant improvement both in revenue and
profitability with the pick-up in IFC, Cellular Backhaul and
NGSO.
"As a testament to the strong momentum we are seeing, I am very
pleased to report that we entered a mega strategic agreement valued
at tens of millions of dollars, including a potential for
significant project expansions, with a large government corporation
in Asia Pacific. I believe that we will see additional large
strategic transactions in the near future.
“In light of the many opportunities we see ahead of us, we are
investing significant R&D efforts in order to capture these
opportunities and accelerate our future growth. We expect that
NGSO, IFC and Cellular Backhaul will be the main market segments
that will drive this growth during 2021 and beyond, and we also see
strong potential for the defense business to support our growth in
a more meaningful way than it has done in the past.
"We made positive progress during the first
quarter in our strategic growth areas of NGSO and Cellular
Backhaul. We received additional orders for a LEO constellation,
where our gateway Solid State Power Amplifiers (SSPAs) have been
selected as the solution of choice. On the Cellular Backhaul front,
we received a multi-million-dollar expansion and follow-on orders
from Tier-1 mobile operators around the globe including in Japan,
Australia, Europe and South America.
"In addition, we have made great progress in Peru with the
government's acceptance for the operational phase in the Cusco
region, bringing us significantly closer to our goal of recurring
revenue of over $50M in Peru."
Key Recent Announcements
- Gilat Enters Strategic Agreement Valued at Tens of Millions of
Dollars with a Large Government Corporation in Asia Pacific
- Gilat Achieves Critical Milestone in Peru with Approval to
Enter Operational Phase, Unlocking Access to Recurring Revenue of
Multi Million Dollars per Annum
- Tier-1 Telco in Latin America Awards Gilat Over $3M to Provide
Broadband Connectivity in Support of Bridging the Digital
Divide
- Gilat Receives Over $5M for Cellular Backhaul Expansion from
Tier-1 Mobile Network Carrier in Japan
- Gilat Awarded Over $20 Million in Orders for Support of Low
Earth Orbit Constellation
- SES Selected Gilat to Enable Tier-1 4G/LTE MNO in Brazil to
Provide Broadband Connectivity for Education
- Telespazio Selects Gilat to Supply Enterprise Connectivity in
Brazil for a Multinational Leading Energy Company
- Gilat Announces Appointment of Isaac Angel as Chairman of the
Board
- Gilat’s In-Flight Connectivity High-Power Transceiver
Successfully Tested by Global Eagle Entertainment for DO-160G
Certification
- Gilat Launches Next Generation VSAT Family Supporting 5G
Networks and LEO/MEO Constellations
Conference
Call
Details
Gilat’s management will discuss its first quarter 2021 results
and business achievements and participate in a questions and
answers session:
Date: |
Tuesday, May 4, 2021 |
Start: |
9:30 AM ET /
4:30 PM IT |
Dial-in: |
US:
1-866-744-5399 |
|
International: +972-3-918-0610 |
A simultaneous webcast of the conference call will be available
on the Gilat website at www.gilat.com and through this link:
www.veidan-stream.com/gilatq1-2021.html
The webcast will also be archived for a period of 30 days on the
Company’s website and through the link above.
Non-GAAP MeasuresThe 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 net income, operating 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 a more
complete understanding of the Company’s underlying operational
results, trends and performance. Non-GAAP financial measures mainly
exclude the effect of stock based compensation, amortization of
purchased intangibles, lease incentive amortization, litigation
expenses, income related to trade secrets claims, restructuring and
reorganization costs, merger, acquisition and related litigation
expense (income), net and initial recognition of deferred tax asset
with respect to carry-forward losses.
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 Operating income and Adjusted
EBITDA is presented in the attached summary financial
statements.
Non-GAAP presentations of net income, operating
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 GilatGilat Satellite Networks Ltd.
(NASDAQ: GILT, TASE: GILT) is a leading global provider of
satellite-based broadband communications. With 30 years of
experience, we design and manufacture cutting-edge ground segment
equipment, and provide comprehensive solutions and end-to-end
services, powered by our innovative technology. Delivering high
value competitive solutions, our portfolio comprises of a cloud
based VSAT network platform, high-speed modems, high performance
on-the-move antennas and high efficiency, high power Solid-State
Amplifiers (SSPA) and Block Upconverters (BUC).
Gilat’s comprehensive solutions support multiple
applications with a full portfolio of products to address key
applications including broadband access, Cellular Backhaul,
enterprise, in-flight connectivity, maritime, trains, defense and
public safety, all while meeting the most stringent service level
requirements. Gilat controlling shareholders are the FIMI
Private Equity Funds. 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, risks associated with the outbreak and global spread
of the coronavirus (COVID-19) pandemic; 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. 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
NetworksDoreet Oren, Director Corporate
CommunicationsDoreetO@gilat.com
Ehud HelftGK Investor & Public
Relationsgilat@gkir.com+1 646 688 3559
|
|
|
|
GILAT SATELLITE
NETWORKS LTD. |
|
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS |
|
|
|
U.S. dollars in
thousands (except share and per share data) |
|
|
|
|
Three months ended |
|
March
31, |
|
|
2021 |
|
|
|
2020 |
|
|
|
|
Unaudited |
|
|
|
|
Revenues |
$ |
44,713 |
|
|
$ |
47,673 |
|
Cost of revenues |
|
32,356 |
|
|
|
38,787 |
|
|
|
|
|
Gross
profit |
|
12,357 |
|
|
|
8,886 |
|
|
|
|
|
Research and development
expenses |
|
8,111 |
|
|
|
7,634 |
|
Less - grants |
|
184 |
|
|
|
272 |
|
Research and development
expenses, net |
|
7,927 |
|
|
|
7,362 |
|
Selling and marketing
expenses |
|
5,004 |
|
|
|
5,066 |
|
General and administrative
expenses |
|
3,083 |
|
|
|
4,818 |
|
Merger, acquisition and
related litigation expenses |
|
- |
|
|
|
2,405 |
|
|
|
|
|
Total operating
expenses |
|
16,014 |
|
|
|
19,651 |
|
|
|
|
|
Operating
loss |
|
(3,657 |
) |
|
|
(10,765 |
) |
|
|
|
|
Financial expenses, net |
|
(1,192 |
) |
|
|
(972 |
) |
|
|
|
|
Loss before taxes on
income |
|
(4,849 |
) |
|
|
(11,737 |
) |
|
|
|
|
Taxes on income |
|
247 |
|
|
|
18 |
|
|
|
|
|
Net loss |
$ |
(5,096 |
) |
|
$ |
(11,755 |
) |
|
|
|
|
Basic loss per
share |
$ |
(0.09 |
) |
|
$ |
(0.21 |
) |
|
|
|
|
Diluted loss per
share |
$ |
(0.09 |
) |
|
$ |
(0.21 |
) |
|
|
|
|
Weighted average
number of shares used in computing loss per
share |
|
|
|
Basic |
|
56,031,343 |
|
|
|
55,493,258 |
|
Diluted |
|
56,031,343 |
|
|
|
55,493,258 |
|
|
|
|
|
GILAT
SATELLITE NETWORKS LTD. |
|
|
|
|
|
RECONCILIATION BETWEEN GAAP AND NON-GAAP STATEMENTS OF
OPERATIONS |
|
FOR COMPARATIVE
PURPOSES |
|
|
|
|
|
|
|
|
|
|
|
U.S.
dollars in thousands (except share and per share
data) |
|
|
|
|
|
|
Three months ended |
|
Three months ended |
|
March 31, 2021 |
|
March 31, 2020 |
|
GAAP |
|
Adjustments |
|
Non-GAAP |
|
GAAP |
|
Adjustments |
|
Non-GAAP |
|
|
|
|
|
Unaudited |
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
$ |
12,357 |
|
|
|
66 |
|
|
$ |
12,423 |
|
|
$ |
8,886 |
|
|
|
62 |
|
|
$ |
8,948 |
|
Operating expenses |
|
16,014 |
|
|
|
169 |
|
|
|
16,183 |
|
|
|
19,651 |
|
|
|
(3,106 |
) |
|
|
16,545 |
|
Operating loss |
|
(3,657 |
) |
|
|
(103 |
) |
|
|
(3,760 |
) |
|
|
(10,765 |
) |
|
|
3,168 |
|
|
|
(7,597 |
) |
Loss before taxes on
income |
|
(4,849 |
) |
|
|
(103 |
) |
|
|
(4,952 |
) |
|
|
(11,737 |
) |
|
|
3,168 |
|
|
|
(8,569 |
) |
Net loss |
|
(5,096 |
) |
|
|
(103 |
) |
|
|
(5,199 |
) |
|
|
(11,755 |
) |
|
|
3,168 |
|
|
|
(8,587 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Basic loss per share |
$ |
(0.09 |
) |
|
$ |
- |
|
|
$ |
(0.09 |
) |
|
$ |
(0.21 |
) |
|
$ |
0.06 |
|
|
$ |
(0.15 |
) |
Diluted loss per share |
$ |
(0.09 |
) |
|
$ |
- |
|
|
$ |
(0.09 |
) |
|
$ |
(0.21 |
) |
|
$ |
0.06 |
|
|
$ |
(0.15 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of
shares used in computing loss per share |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
56,031,343 |
|
|
|
|
|
56,031,343 |
|
|
|
55,493,258 |
|
|
|
|
|
55,493,258 |
|
Diluted |
|
56,031,343 |
|
|
|
|
|
56,031,343 |
|
|
|
55,493,258 |
|
|
|
|
|
55,493,258 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Three months ended |
|
|
|
|
|
March 31, 2021 |
|
|
|
|
|
|
|
|
|
|
March 31,
2020 |
|
|
|
|
|
|
|
Unaudited |
|
|
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss |
|
|
$ |
(5,096 |
) |
|
|
|
|
|
$ |
(11,755 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock-based
compensation expenses |
|
|
|
|
|
61 |
|
|
|
|
|
|
|
|
|
|
|
|
57 |
|
|
|
Amortization of intangible
assets related to acquisition transactions |
|
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
5 |
|
|
|
|
|
|
|
66 |
|
|
|
|
|
|
|
62 |
|
|
|
Operating expenses
(income) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock-based
compensation expenses |
|
|
|
|
|
(220 |
) |
|
|
|
|
|
|
|
|
|
366 |
|
|
|
Amortization of intangible
assets related to acquisition transactions |
|
|
|
|
|
51 |
|
|
|
|
|
|
|
|
|
|
51 |
|
|
|
Trade secrets and other
litigation expenses |
|
|
|
- |
|
|
|
|
|
|
|
11 |
|
|
|
Merger, acquisition and
related litigation expenses |
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
2,405 |
|
|
|
Restructuring and
re-organization costs |
|
|
|
- |
|
|
|
|
|
|
|
273 |
|
|
|
|
|
|
|
(169 |
) |
|
|
|
|
|
|
3,106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net loss |
|
|
$ |
(5,199 |
) |
|
|
|
|
|
$ |
(8,587 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GILAT SATELLITE
NETWORKS LTD. |
|
|
|
SUPPLEMENTAL
INFORMATION |
|
|
|
U.S. dollars in
thousands |
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED
EBITDA: |
|
|
|
|
|
|
|
|
Three months ended |
|
March
31, |
|
|
2021 |
|
|
|
2020 |
|
|
|
|
Unaudited |
|
|
|
|
GAAP operating loss |
$ |
(3,657 |
) |
|
$ |
(10,765 |
) |
Add (deduct): |
|
|
|
Non-cash stock-based
compensation expenses |
|
(159 |
) |
|
|
423 |
|
Trade secrets and other
litigation expenses |
|
- |
|
|
|
11 |
|
Restructuring and
re-organization costs |
|
- |
|
|
|
273 |
|
Merger, acquisition and
related litigation expenses |
|
- |
|
|
|
2,405 |
|
Depreciation and amortization
(*) |
|
2,385 |
|
|
|
2,664 |
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
$ |
(1,431 |
) |
|
$ |
(4,989 |
) |
|
|
|
|
(*) Including amortization of
lease incentive |
|
|
|
|
|
|
|
SEGMENT
REVENUE: |
|
|
|
|
|
|
|
|
Three months ended |
|
March
31, |
|
|
2021 |
|
|
|
2020 |
|
|
|
|
Unaudited |
|
|
|
|
Fixed Networks |
$ |
25,302 |
|
|
$ |
23,011 |
|
Mobility Solutions |
|
11,079 |
|
|
|
19,201 |
|
Terrestrial Infrastructure
Projects |
|
8,332 |
|
|
|
5,461 |
|
|
|
|
|
Total
revenue |
$ |
44,713 |
|
|
$ |
47,673 |
|
|
|
|
|
GILAT SATELLITE
NETWORKS LTD. |
|
|
|
CONSOLIDATED BALANCE
SHEETS |
|
|
|
U.S. dollars in
thousands |
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
2021 |
|
2020 |
|
Unaudited |
|
Audited |
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
CURRENT
ASSETS: |
|
|
|
Cash and cash equivalents |
$ |
48,905 |
|
|
$ |
88,754 |
|
Restricted cash |
|
26,642 |
|
|
|
27,162 |
|
Trade receivables, net |
|
27,820 |
|
|
|
27,976 |
|
Contract assets |
|
46,060 |
|
|
|
41,573 |
|
Inventories |
|
33,339 |
|
|
|
31,304 |
|
Other current assets |
|
18,832 |
|
|
|
16,637 |
|
|
|
|
|
Total current assets |
|
201,598 |
|
|
|
233,406 |
|
|
|
|
|
LONG-TERM
ASSETS: |
|
|
|
Long-term restricted cash |
|
12 |
|
|
|
42 |
|
Severance pay funds |
|
6,414 |
|
|
|
6,665 |
|
Deferred taxes |
|
18,778 |
|
|
|
19,295 |
|
Operating lease right-of-use assets |
|
4,478 |
|
|
|
4,879 |
|
Other long term receivables |
|
8,339 |
|
|
|
7,797 |
|
|
|
|
|
Total long-term assets |
|
38,021 |
|
|
|
38,678 |
|
|
|
|
|
PROPERTY AND
EQUIPMENT, NET |
|
76,612 |
|
|
|
77,172 |
|
|
|
|
|
INTANGIBLE ASSETS,
NET |
|
971 |
|
|
|
1,082 |
|
|
|
|
|
GOODWILL |
|
43,468 |
|
|
|
43,468 |
|
|
|
|
|
TOTAL
ASSETS |
$ |
360,670 |
|
|
$ |
393,806 |
|
|
|
|
|
GILAT SATELLITE
NETWORKS LTD. |
|
|
|
CONSOLIDATED BALANCE
SHEETS (Cont.) |
|
|
|
U.S. dollars in
thousands |
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
2021 |
|
2020 |
|
Unaudited |
|
Audited |
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
Current maturities of long-term loans |
$ |
- |
|
|
$ |
4,000 |
|
Trade payables |
|
21,428 |
|
|
|
20,487 |
|
Accrued expenses |
|
47,465 |
|
|
|
46,387 |
|
Advances from customers and deferred revenues |
|
35,404 |
|
|
|
26,244 |
|
Operating lease liabilities |
|
1,678 |
|
|
|
1,911 |
|
Dividend payable |
|
- |
|
|
|
35,003 |
|
Other current liabilities |
|
16,161 |
|
|
|
13,322 |
|
|
|
|
|
Total current liabilities |
|
122,136 |
|
|
|
147,354 |
|
|
|
|
|
LONG-TERM
LIABILITIES: |
|
|
|
Accrued severance pay |
|
6,875 |
|
|
|
7,136 |
|
Long-term advances from customers |
|
307 |
|
|
|
1,890 |
|
Operating lease liabilities |
|
2,847 |
|
|
|
2,985 |
|
Other long-term liabilities |
|
396 |
|
|
|
631 |
|
|
|
|
|
Total long-term liabilities |
|
10,425 |
|
|
|
12,642 |
|
|
|
|
|
SHAREHOLDERS'
EQUITY: |
|
|
|
Share capital - ordinary shares of NIS 0.2 par value |
|
2,704 |
|
|
|
2,647 |
|
Additional paid-in capital |
|
928,410 |
|
|
|
928,626 |
|
Accumulated other comprehensive loss |
|
(6,463 |
) |
|
|
(6,017 |
) |
Accumulated deficit |
|
(696,542 |
) |
|
|
(691,446 |
) |
|
|
|
|
Total shareholders' equity |
|
228,109 |
|
|
|
233,810 |
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ |
360,670 |
|
|
$ |
393,806 |
|
|
|
|
|
GILAT SATELLITE
NETWORKS LTD. |
|
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS |
|
|
|
U.S. dollars in
thousands |
|
|
|
|
|
|
|
|
Three months
ended |
|
March
31, |
|
|
2021 |
|
|
|
2020 |
|
|
|
|
Unaudited |
Cash flows from
operating activities: |
|
|
|
Net loss |
$ |
(5,096 |
) |
|
$ |
(11,755 |
) |
Adjustments required
to reconcile net income |
|
|
|
to net cash
provided by (used in) operating activities: |
|
|
|
Depreciation and
amortization |
|
2,330 |
|
|
|
2,604 |
|
Capital loss from disposal of
property and equipment |
|
- |
|
|
|
(33 |
) |
Stock-based compensation of
options |
|
(159 |
) |
|
|
423 |
|
Accrued severance pay,
net |
|
(10 |
) |
|
|
43 |
|
Deferred income taxes,
net |
|
518 |
|
|
|
634 |
|
Decrease (increase) in trade
receivables, net |
|
(1,933 |
) |
|
|
13,607 |
|
Increase in contract
assets |
|
(4,487 |
) |
|
|
(4,851 |
) |
Decrease (increase) in other
assets (including short-term, long-term |
|
|
|
and deferred
charges) |
|
(220 |
) |
|
|
1,673 |
|
Increase in inventories |
|
(2,212 |
) |
|
|
(6,635 |
) |
Increase in trade
payables |
|
950 |
|
|
|
2,375 |
|
Increase (decrease) in accrued
expenses |
|
969 |
|
|
|
(1,652 |
) |
Increase (decrease) in advance
from customer and deferred revenues |
|
7,688 |
|
|
|
(2,827 |
) |
Increase in current and non
current liabilities |
|
2,003 |
|
|
|
2,811 |
|
Net cash provided by
(used in) operating activities |
|
341 |
|
|
|
(3,583 |
) |
|
|
|
|
Cash flows from
investing activities: |
|
|
|
Purchase of property and
equipment |
|
(1,483 |
) |
|
|
(951 |
) |
Net cash used in
investing activities |
|
(1,483 |
) |
|
|
(951 |
) |
|
|
|
|
Cash flows from
financing activities: |
|
|
|
Dividend payment |
|
(35,003 |
) |
|
|
- |
|
Repayment of long-term
loans |
|
(4,000 |
) |
|
|
(4,096 |
) |
Net cash used in
financing activities |
|
(39,003 |
) |
|
|
(4,096 |
) |
|
|
|
|
Effect of exchange
rate changes on cash, cash equivalents and restricted
cash |
|
(254 |
) |
|
|
(695 |
) |
|
|
|
|
Decrease in cash, cash
equivalents and restricted cash |
|
(40,399 |
) |
|
|
(9,325 |
) |
|
|
|
|
Cash, cash equivalents
and restricted cash at the beginning of the period |
|
115,958 |
|
|
|
101,969 |
|
|
|
|
|
Cash, cash equivalents
and restricted cash at the end of the period |
$ |
75,559 |
|
|
$ |
92,644 |
|
|
|
|
|
Gilat Satellite Networks (NASDAQ:GILT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Gilat Satellite Networks (NASDAQ:GILT)
Historical Stock Chart
From Apr 2023 to Apr 2024