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
--------------------------------------- ---------------------------------------
Adjustments Adjustments
GAAP (*) Non-GAAP GAAP (*) 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
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