Gilat Presents Fourth Quarter and Full Year 2023 Results
Gilat Satellite Networks Ltd. reports strong financial results for Q4 2023 and full year 2023 with revenue of $75.6 million and $266.1 million respectively. The company's GAAP operating income and Adjusted EBITDA show significant growth, indicating a positive outlook for the future.
Positive
Strong Q4 2023 and full year 2023 financial results reported by Gilat Satellite Networks Ltd.
Q4 2023 revenue of $75.6 million, up 4% compared to Q4 2022.
Full year 2023 revenue of $266.1 million, up 11% compared to 2022.
GAAP operating income for Q4 2023 was $2.9 million, and for full year 2023 was $28.1 million.
Adjusted EBITDA for Q4 2023 was $9.4 million, and for full year 2023 was $36.4 million, up 44% year-over-year.
Management's financial guidance for 2024 predicts revenues between $305 to $325 million, representing an 18% year-over-year growth at the midpoint.
Gilat CEO, Adi Sfadia, highlights strategic acquisitions and contract wins contributing to the company's success.
Recent announcements include significant defense and telecommunications projects awarded to Gilat.
Conference call to discuss financial results and business achievements scheduled for February 26, 2024.
Non-GAAP financial measures presented to provide a more comprehensive understanding of the company's operational results and performance.
The reported revenue growth of 11% and the substantial increase in GAAP operating income and Adjusted EBITDA for Gilat Satellite Networks Ltd. reflects a robust financial performance. The tripling of GAAP operating income and a 44% increase in Adjusted EBITDA year over year are indicative of significant operating leverage and an efficient cost structure. The positive shift from a GAAP net loss in 2022 to a GAAP net income in 2023 demonstrates a noteworthy turnaround in profitability.
From an investor's perspective, the strong revenue growth coupled with the substantial rise in profitability metrics could signal a positive outlook for the company's financial health. The forward-looking expectations for 2024, projecting further revenue growth and profitability, suggest management's confidence in the company's strategic direction and operational efficiency. However, investors should also consider the capital expenditures associated with growth and potential risks in market demand or cost escalations that could affect future profitability.
Gilat's strategic initiatives, including the acquisition of DataPath, are key drivers for long-term growth, particularly in the defense sector. The series of contract wins and the expansion in cellular backhaul and In-Flight Connectivity highlight the company's competitive positioning in the satellite communications market. The focus on technological solutions like the Electronic Steered Antenna (ESA) suggests an alignment with industry trends towards more flexible and efficient satellite communication systems.
The satellite communications sector is experiencing increased interest, which is likely to continue into 2024. Gilat's ability to secure contracts with market-dominating satellite operators positions the company favorably to capitalize on this growing market interest. However, the competitive landscape and rapid technological evolution in this sector require continuous innovation and adaptation. Investors should monitor the company's R&D investments and ability to maintain technological leadership.
The financial results presented by Gilat Satellite Networks Ltd. can be seen as a microcosm of the broader economic trends affecting the technology and defense sectors. The company's revenue increase and profitability improvements reflect not only internal operational efficiencies but also a possibly favorable economic environment for their market segments. The strategic acquisition of DataPath indicates a consolidation trend within the industry, aiming to leverage synergies and enhance market share.
Moreover, the company's guidance for future growth may be underpinned by broader economic factors such as increased defense spending and the expansion of digital infrastructure globally. However, macroeconomic conditions such as currency fluctuations, trade policies and global economic cycles could impact the company's international operations. Stakeholders should thus contextualize the company's financial performance within these larger economic frameworks.
02/26/2024 - 07:06 AM
Q4 R evenue of $ 75.6 million , GAAP O perating I ncome of $ 2.9 million and A djusted EBITDA of $9 . 4 million
2023 R evenue of $ 26 6.1 million, up 11% year over year, GAAP O perating I ncome of $ 28. 1 million and A djusted EBITDA of $ 36. 4 million, up 4 4 % YoY
PETAH TIKVA, Israel, Feb. 26, 2024 (GLOBE NEWSWIRE) -- Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, today reported its unaudited results for the fourth quarter and full year ended December 31, 2023.
Fourth Quarter 202 3 Financial Highlights
Revenue of $75.6 million , up 4% compared with $72.6 million in Q4 2022;GAAP operating income of $2.9 million , compared with $6.1 million in Q4 2022;Non-GAAP operating income of $6.1 million , compared with $7.1 million in Q4 2022;GAAP net income of $3.4 million , or $0.06 per diluted share, compared with GAAP net loss of $6.0 million , or $0.11 loss per share, in Q4 2022;Non-GAAP net income of $6.5 million , or $0.11 per diluted share, compared with $7.9 million , or $0.14 per diluted share, in Q4 2022;Adjusted EBITDA of $9.4 million compared with $10.1 million in Q4 2022. Full year 202 3 Financial Highlights
Revenue of $266.1 million , up 11% compared with $239.8 million in 2022;GAAP operating income of $28.1 million , almost tripled compared to $10.0 million in 2022;Non-GAAP operating income of $23.5 million , up 73% compared with $13.6 million in 2022;GAAP net income of $23.5 million , or $0.41 per diluted share, compared with GAAP net loss of $5.9 million in 2022, or $0.10 loss per share;Non-GAAP net income of $19.9 million , or $0.35 per diluted share, almost doubled compared to non-GAAP net income of $10.6 million or $0.19 per diluted share in 2022;Adjusted EBITDA was $36.4 million , up 44% compared with adjusted EBITDA of $25.2 million in 2022. Forward-Looking Expectations
Management’s financial guidance for 2024 is for revenues of between $305 t o $325 million , representing year-over-year growth of 18% at the midpoint. GAAP operating income is expected to be between $15 t o $19 million , and Adjusted EBITDA is expected to be between $40 t o $44 million , representing year-over-year growth of 15% at the midpoint.
Management Commentary
Adi Sfadia, Gilat’s CEO, commented : “We are pleased with the financial results, capping off a strong 2023 with $266 million in revenue, up 11% over last year, and very strong growth in EBITDA at $36.4 million , up 44% over last year. This demonstrates the operating leverage inherent to our business model combined with a favorable product revenue mix during 2023.
“Furthermore, 2023 was also particularly successful from a strategic perspective. Looking back, we have a lot to be proud of. In mid-November, we concluded the acquisition of DataPath in the US, which brings several synergies for both businesses and we see DataPath as a significant long-term growth asset for Gilat in the defense sector. Moreover, our strong cash position is allowing us to explore additional inorganic growth opportunities and we are currently exploring several of these opportunities.
Mr. Sfadia added , “Throughout the year, we achieved highly strategic contract wins with market-dominating satellite operators, and we extended Gilat’s market leadership in satellite-based cellular backhaul and In-Flight Connectivity, including a very significant Electronic Steered Antenna (ESA) award for business aviation.
Mr. Sfadia concluded , “Our ongoing success is due to the continued growing market interest in the satellite communications sector in general and for our leading technological solutions in particular. We see these favorable trends continuing into 2024 and therefore our expectations for the year ahead are for continued strong growth in revenue and profit.”
Key Recent Announcements
Gilat Awarded $10 Million Follow-On Order from the US Department of Defense Gilat Awarded Multimillion-Dollar Defense Satellite Connectivity Project Gilat Awarded $17 Million by Pronatel for Expansion of Regional Telecommunications Project in Peru Gilat Announces New Brand Identity Embracing the Company’s Commitment to the New Space Revolution Gilat Awarded Approximately $3M for a Satellite Connectivity Project for a National Police Force US Army Awards Nearly $20 Million Contract Extension to Gilat to Sustain Anytime, Anywhere Satellite Connectivity Gilat Completes Acquisition of DataPath, Inc. Conference Call Details
Gilat’s management will discuss its fourth quarter and full year 2023 results and business achievements and participate in a question-and-answer session:
Date: Monday, February 26, 2024 Start: 09:30 AM EST / 16:30 IST Dial-in: 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/gilatq4-2023
The webcast will also be archived for a period of 30 days on the Company’s website and through the link above.
Unaudited Results The attached summary unaudited financial statements represent the most current information available to management. Audited results will be reported in our annual report on Form 20-F.
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 (loss), Adjusted EBITDA, and earnings (losses) 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 non-cash stock-based compensation expenses, amortization of purchased intangibles, amortization of intangible assets related to acquisition transactions, lease incentive amortization, impairment of held for sale asset, other expenses, one-time changes of deferred tax assets, one-time tax expense related to the release of historical tax-trapped earnings, other operating expenses (income), net 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 (loss) 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 Officerhagayk@gilat.com
Gilat Satellite Networks Mayrav Sher, Head of Finance and Investor Relationsmayravs@gilat.com
EK Global IR Ehud Helft, Managing Partnerehud@ekgir.com
GILAT SATELLITE NETWORKS LTD. CONSOLIDATED STATEMENTS OF INCOME (LOSS) U.S. dollars in thousands (except share and per share data) Twelve months ended Three months ended December 31, December 31, 2023 2022 2023 2022 Unaudited Audited Unaudited Revenues $ 266,090 $ 239,840 $ 75,612 $ 72,627 Cost of revenues 161,145 152,932 46,692 44,911 Gross profit 104,945 86,908 28,920 27,716 Research and development expenses, net 41,173 35,640 11,624 10,098 Selling and marketing expenses 25,243 21,694 7,119 5,970 General and administrative expenses 19,215 *) 18,412 6,312 *) 5,198 Impairment of held for sale asset - 771 - 53 Other operating expenses (income), net (8,771 ) *) 438 986 *) 327 Total operating expenses 76,860 76,955 26,041 21,646 Operating income 28,085 9,953 2,879 6,070 Financial income (expenses), net 109 (2,818 ) 1,196 (102 ) Income before taxes on income 28,194 7,135 4,075 5,968 Taxes on income 4,690 13,063 628 11,988 Net income (loss) $ 23,504 $ (5,928 ) $ 3,447 $ (6,020 ) Earnings (losses) per share (basic and diluted) $ 0.41 $ (0.10 ) $ 0.06 $ (0.11 ) Weighted average number of shares used in computing earnings (losses) per share Basic 56,668,999 56,591,994 56,820,774 56,610,404 Diluted 56,672,537 56,591,994 56,820,774 56,610,404 *) Reclassified
GILAT SATELLITE NETWORKS LTD. RECONCILIATION BETWEEN GAAP AND NON-GAAP CONSOLIDATED STATEMENTS OF INCOME (LOSS) FOR COMPARATIVE PURPOSES U.S. dollars in thousands (except share and per share data) Three months ended Three months ended December 31, 2023 December 31, 2022 GAAP Adjustments (*) Non-GAAP GAAP Adjustments (*) Non-GAAP Unaudited Unaudited Gross profit $ 28,920 $ 617 $ 29,537 $ 27,716 $ 73 $ 27,789 Operating expenses 26,041 (2,615 ) 23,426 21,646 (943 ) 20,703 Operating income 2,879 3,232 6,111 6,070 1,016 7,086 Income before taxes on income 4,075 3,232 7,307 5,968 1,016 6,984 Net income (loss) $ 3,447 $ 3,097 $ 6,544 $ (6,020 ) $ 13,896 $ 7,876 Basic earnings (losses) per share $ 0.06 $ 0.06 $ 0.12 $ (0.11 ) $ 0.25 $ 0.14 Diluted earnings (losses) per share $ 0.06 $ 0.05 $ 0.11 $ (0.11 ) $ 0.25 $ 0.14 Weighted average number of shares used in computing earnings (losses) per share Basic 56,820,774 56,820,774 56,610,404 56,610,404 Diluted 56,820,774 56,987,939 56,610,404 56,623,366 (*) Adjustments reflect the effect of non-cash stock-based compensation expenses as per ASC 718, amortization of intangible assets related to acquisition transactions, impairment of held for sale asset, other operating expenses (income), net, one-time tax expense related to the release of historical tax-exempt earnings and income tax effect on adjustments which is calculated using the relevant effective tax rate. Three months ended Three months ended December 31, 2023 December 31, 2022 Unaudited Unaudited GAAP net income (loss) $ 3,447 $ (6,020 ) Gross profit Non-cash stock-based compensation expenses 129 73 Amortization of intangible assets related to acquisition transactions 448 - Others 40 - 617 73 Operating expenses Non-cash stock-based compensation expenses 1,458 513 Amortization of intangible assets related to acquisition transactions 162 50 Impairment of held for sale asset - 53 Other operating expenses (income), net 986 327 Others 9 - 2,615 943 Taxes on income (135 ) 12,880 Non-GAAP net income $ 6,544 $ 7,876
GILAT SATELLITE NETWORKS LTD. RECONCILIATION BETWEEN GAAP AND NON-GAAP CONSOLIDATED STATEMENTS OF INCOME (LOSS) FOR COMPARATIVE PURPOSES U.S. dollars in thousands (except share and per share data) Twelve months ended Twelve months ended December 31, 2023 December 31, 2022 GAAP Adjustments (*) Non-GAAP GAAP Adjustments (*) Non-GAAP Unaudited Audited Unaudited Gross profit $ 104,945 $ 895 $ 105,840 $ 86,908 $ 303 $ 87,211 Operating expenses 76,860 5,434 82,294 76,955 (3,337 ) 73,618 Operating income 28,085 (4,539 ) 23,546 9,953 3,640 13,593 Income before taxes on income 28,194 (4,539 ) 23,655 7,135 3,640 10,775 Net income (loss) $ 23,504 $ (3,597 ) $ 19,907 $ (5,928 ) $ 16,478 $ 10,550 Earnings (losses) per share (basic and diluted) $ 0.41 $ (0.06 ) $ 0.35 $ (0.10 ) $ 0.29 $ 0.19 Weighted average number of shares used in computing earnings (losses) per share Basic 56,668,999 56,668,999 56,591,994 56,591,994 Diluted 56,672,537 56,784,601 56,591,994 56,650,362 (*) Adjustments reflect the effect of non-cash stock-based compensation expenses as per ASC 718, amortization of intangible assets related to acquisition transactions, impairment of held for sale asset, other operating expenses (income), net, one-time tax expense related to the release of historical tax-exempt earnings and income tax effect on adjustments which is calculated using the relevant effective tax rate. Twelve months ended Twelve months ended December 31, 2023 December 31, 2022 Unaudited Unaudited GAAP net income (loss) $ 23,504 $ (5,928 ) Gross profit Non-cash stock-based compensation expenses 407 293 Amortization of intangible assets related to acquisition transactions 448 10 Others 40 - 895 303 Operating expenses Non-cash stock-based compensation expenses 3,016 1,927 Amortization of intangible assets related to acquisition transactions 312 201 Impairment of held for sale asset - 771 Other operating expenses (income), net (8,771 ) 438 Others 9 - (5,434 ) 3,337 Taxes on income 942 12,838 Non-GAAP net income $ 19,907 $ 10,550
GILAT SATELLITE NETWORKS LTD. SUPPLEMENTAL INFORMATION U.S. dollars in thousands ADJUSTED EBITDA: Twelve months ended Three months ended December 31, December 31, 2023 2022 2023 2022 Unaudited Unaudited GAAP net income (loss) $ 23,504 $ (5,928 ) $ 3,447 $ (6,020 ) Adjustments: Financial expenses (income), net (109 ) 2,818 (1,196 ) 102 Taxes on income 4,690 13,063 628 11,988 Non-cash stock-based compensation expenses 3,423 2,220 1,587 586 Impairment of held for sale asset - 771 - 53 Depreciation and amortization (*) 13,627 11,832 3,862 3,063 Other operating expenses (income), net (8,771 ) 438 986 327 Others 49 - 49 - Adjusted EBITDA $ 36,413 $ 25,214 $ 9,363 $ 10,099 (*) Including amortization of lease incentive SEGMENT REVENUES: Twelve months ended Three months ended December 31, December 31, 2023 2022 2023 2022 Unaudited Audited Unaudited Satellite Networks $ 168,527 $ 120,381 $ 53,517 $ 36,388 Integrated Solutions 46,133 61,376 9,503 16,329 Network Infrastructure and Services 51,430 58,083 12,592 19,910 Total revenues $ 266,090 $ 239,840 $ 75,612 $ 72,627
GILAT SATELLITE NETWORKS LTD. CONSOLIDATED BALANCE SHEETS U.S. dollars in thousands December 31, December 31, 2023 2022 Unaudited Audited ASSETS CURRENT ASSETS: Cash and cash equivalents $ 103,961 $ 86,591 Restricted cash 736 541 Trade receivables, net 44,725 50,644 Contract assets 28,327 24,971 Inventories 38,525 33,024 Other current assets 24,299 19,283 Total current assets 240,573 215,054 LONG-TERM ASSETS: Restricted cash 54 13 Long-term contract assets 9,283 11,149 Severance pay funds 5,737 5,947 Deferred taxes 11,484 18,265 Operating lease right-of-use assets 5,105 3,891 Other long-term assets 9,544 10,737 Total long-term assets 41,207 50,002 PROPERTY AND EQUIPMENT, NET 74,315 76,578 INTANGIBLE ASSETS, NET 16,051 309 GOODWILL 54,740 43,468 TOTAL ASSETS $ 426,886 $ 385,411 GILAT SATELLITE NETWORKS LTD. CONSOLIDATED BALANCE SHEETS (Cont.) U.S. dollars in thousands December 31, December 31, 2023 2022 Unaudited Audited LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Short-term loan $ 7,453 $ - Trade payables 13,873 20,668 Accrued expenses 51,906 50,356 Advances from customers and deferred revenues 34,495 30,531 Operating lease liabilities 2,426 1,941 Other current liabilities 16,431 22,291 Total current liabilities 126,584 125,787 LONG-TERM LIABILITIES: Long-term loan 2,000 - Accrued severance pay 6,537 6,580 Long-term advances from customers and deferred revenues 1,139 1,041 Operating lease liabilities 3,022 1,890 Other long-term liabilities 12,916 5,988 Total long-term liabilities 25,614 15,499 SHAREHOLDERS' EQUITY: Share capital - ordinary shares of NIS 0.2 par value 2,733 2,711 Additional paid-in capital 937,591 932,086 Accumulated other comprehensive loss (5,315 ) (6,847 ) Accumulated deficit (660,321 ) (683,825 ) Total shareholders' equity 274,688 244,125 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 426,886 $ 385,411
GILAT SATELLITE NETWORKS LTD. CONSOLIDATED STATEMENTS OF CASH FLOWS U.S. dollars in thousands Twelve months ended Three months ended December 31, December 31, 2023 2022 2023 2022 Unaudited Audited Unaudited Cash flows from operating activities: Net income (loss) $ 23,504 $ (5,928 ) $ 3,447 $ (6,020 ) Adjustments required to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 13,402 11,608 3,805 3,004 Capital gain from sale of property (2,084 ) - - - Impairment of held for sale asset - 771 - 53 Stock-based compensation 3,423 2,220 1,587 586 Accrued severance pay, net 167 136 12 44 Deferred taxes, net 2,662 (627 ) (1,203 ) (2,450 ) Decrease (increase) in trade receivables, net 13,448 (11,162 ) 9,561 1,108 Decrease (increase) in contract assets (1,694 ) 2,481 (7,804 ) 4,771 Decrease (increase) in other assets and other adjustments (including short-term, long-term and effect of exchange rate changes on cash and cash equivalents) (351 ) (3,445 ) (3,949 ) 5,208 Decrease (increase) in inventories (2,387 ) (5,416 ) 3,798 614 Decrease in trade payables (7,635 ) (259 ) (2,314 ) (4,574 ) Increase in accrued expenses 735 549 3,517 2,316 Increase (decrease) in advance from customers and deferred revenues 803 5,929 (1,843 ) (1,468 ) Increase (decrease) in other liabilities (12,049 ) 13,957 1,343 13,592 Net cash provided by operating activities 31,944 10,814 9,957 16,784 Cash flows from investing activities: Purchase of property and equipment (10,746 ) (12,793 ) (2,090 ) (3,568 ) Proceeds from short-term deposits - 2,159 - - Investment in financial instrument - (1,536 ) - - Acquisitions of subsidiary, net of cash acquired (4,107 ) - (4,107 ) - Receipts from sales of properties 2,168 4,006 - 4,006 Net cash provided by (used in) investing activities (12,685 ) (8,164 ) (6,197 ) 438 Cash flows from financing activities: Repayment of short-term loan (1,590 ) - (1,590 ) - Net cash used in financing activities (1,590 ) - (1,590 ) - Effect of exchange rate changes on cash, cash equivalents and restricted cash (63 ) 32 2,288 47 Increase in cash, cash equivalents and restricted cash 17,606 2,682 4,458 17,269 Cash, cash equivalents and restricted cash at the beginning of the period 87,145 84,463 100,293 69,876 Cash, cash equivalents and restricted cash at the end of the period $ 104,751 $ 87,145 $ 104,751 $ 87,145
What was Gilat Satellite Networks Ltd.'s Q4 2023 revenue?
Gilat Satellite Networks Ltd.'s Q4 2023 revenue was $75.6 million.
How much was Gilat Satellite Networks Ltd.'s Adjusted EBITDA for full year 2023?
Gilat Satellite Networks Ltd.'s Adjusted EBITDA for full year 2023 was $36.4 million, up 44% year-over-year.
What is the revenue growth percentage for full year 2023 compared to 2022?
Gilat Satellite Networks Ltd.'s revenue for full year 2023 grew by 11% compared to 2022.
What is the financial guidance for 2024 provided by Gilat Satellite Networks Ltd.?
Gilat Satellite Networks Ltd.'s financial guidance for 2024 predicts revenues between $305 to $325 million, representing an 18% year-over-year growth at the midpoint.
Who is the CEO of Gilat Satellite Networks Ltd.?
Adi Sfadia is the CEO of Gilat Satellite Networks Ltd.
What are some recent announcements by Gilat Satellite Networks Ltd.?
Recent announcements include significant defense and telecommunications projects awarded to Gilat.
When is the conference call to discuss Gilat Satellite Networks Ltd.'s financial results scheduled?
The conference call to discuss financial results and business achievements is scheduled for February 26, 2024.
What do the non-GAAP financial measures presented by Gilat Satellite Networks Ltd. aim to provide?
The non-GAAP financial measures aim to provide a more comprehensive understanding of the company's operational results and performance.