Gilat Satellite Networks Ltd

NASDAQ:GILTUnited States

By Sabela Ojea

Shares of Gilat Satellite Networks on Wednesday fell after the telecommunications company cut the top end of its outlook for the year on lower-than-expected revenue in the third quarter.

---------- --------- Total current liabilities 118,526 126,584 ---------- --------- LONG-TERM LIABILITIES: Long-term loan 2,000 2,000 Accrued severance pay 6,547 6,537 Long-term advances from customers and deferred revenues 759 1,139 Operating lease liabilities 2,124 3,022 Other long-term liabilities 11,753 12,916 ---------- --------- Total long-term liabilities 23,183 25,614 ---------- --------- SHAREHOLDERS' EQUITY: Share capital - ordinary shares of NIS 0.2 par value 2,733 2,733 Additional paid-in capital 941,904 937,591 Accumulated other comprehensive loss (5,926) (5,315) Accumulated deficit (647,236) (660,321) ---------- --------- Total shareholders' equity 291,475 274,688 ---------- --------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 433,184 $ 426,886 ------------------------------------- ========== ========= GILAT SATELLITE NETWORKS LTD. CONSOLIDATED STATEMENTS OF CASH FLOWS U.S. dollars in thousands Nine months ended Three months ended September 30, September 30, -------------------- ---------------------- 2024 2023 2024 2023 Unaudited Unaudited -------------------- ---------------------- Cash flows from operating activities: ----------------------- Net income $ 13,085 $ 20,057 $ 6,819 $ 10,152 Adjustments required to reconcile net income to net cash provided by operating activities: Depreciation and amortization 10,542 9,597 3,209 3,375 Capital gain from sale of property - (2,084) - (2,084) Stock-based compensation *) 5,800 1,836 1,912 722 Accrued severance pay, net (17) 155 (77) (41) Deferred taxes, net 1,536 3,865 (188) 2,045 Decrease (increase) in trade receivables, net (7,019) 3,887 10,715 (5,511) Decrease (increase) in contract assets (2,987) 6,110 (5,969) (2,268) Decrease (increase) in other assets and other adjustments (including short-term, long-term and effect of exchange rate changes on cash and cash equivalents) 3,071 3,598 (2,441) 3,355 Decrease (increase) in inventories, net (2,472) (6,185) (3,446) 1,710 Increase (decrease) in trade payables 5,080 (5,321) 1,501 (1,081) Increase (decrease) in accrued expenses 2,675 (2,782) 4,904 2,257 Increase (decrease) in advances from customers and deferred revenues (12,162) 2,646 (2,676) (478) Increase (decrease) in other liabilities (1,745) (13,392) 432 1,617 Net cash provided by operating activities 15,387 21,987 14,695 13,770 ------- ------- ------- ------- Cash flows from investing activities: ----------------------- Purchase of property and equipment (4,095) (8,656) (1,445) (2,100) Receipts from sale of property - 2,168 - 2,168 Net cash provided by (used in) investing activities (4,095) (6,488) (1,445) 68 ------- ------- ------- ------- Cash flows from financing activities: ----------------------- Repayment of credit facility, net (7,453) - - - Repayments of short-term debts (4,043) - (2,703) - Proceeds from short-term debts 6,770 - 5,301 - Net cash provided by (used in) financing activities (4,726) - 2,598 - ------- ------- ------- ------- Effect of exchange rate changes on cash, cash equivalents and restricted cash (558) (2,351) 160 (1,341) ------- ------- ------- ------- Increase in cash, cash equivalents and restricted cash 6,008 13,148 16,008 12,497 Cash, cash equivalents and restricted cash at the beginning of the period 104,751 87,145 94,751 87,796 ------- ------- ------- ------- Cash, cash equivalents and restricted cash at the end of the period $110,759 $100,293 $110,759 $100,293 ======= ======= ======= ======= *) Stock-based compensation including expenses related to business combination in the amounts of $3,297 and $1,131 for the nine months and three months ended September 30, 2024, respectively.