Gilat Reports First Quarter 2026 Results
Rhea-AI Summary
Gilat (NASDAQ:GILT) reported strong Q1 2026 results, with revenue up 20% to $110.5 million from $92 million in Q1 2025.
GAAP operating income reached $4.4 million versus a $2.7 million loss, while non-GAAP operating income rose to $12.5 million. Adjusted EBITDA doubled to $15.1 million and GAAP net income was $5.2 million, or $0.07 per diluted share. The company reiterated its 2026 guidance.
AI-generated analysis. Not financial advice.
Positive
- Revenue grew 20% year-over-year to $110.5 million
- GAAP operating income improved to $4.4 million from a $2.7 million loss
- Non-GAAP operating income increased to $12.5 million from $5.2 million
- GAAP net income reached $5.2 million, or $0.07 per diluted share
- Non-GAAP net income rose to $13.6 million, or $0.18 per diluted share
- Adjusted EBITDA doubled year-over-year to $15.1 million
- 2026 financial guidance was reiterated
Negative
- None.
Key Figures
Market Reality Check
Peers on Argus
GILT is down about 4.5% while scanner peers are mixed: AAOI up 6.5% and FEIM down 4.2%. With only one peer moving lower and no same-day peer news, the action appears stock-specific rather than a broad communication equipment move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 10 | Q4/FY 2025 earnings | Positive | -21.9% | Strong Q4 and 2025 growth with record adjusted EBITDA and 2026 guidance. |
| Nov 12 | Q3 2025 earnings | Positive | +7.2% | Q3 revenue up 58% YoY, raised 2025 guidance and major contract wins. |
| Aug 06 | Q2 2025 earnings | Positive | +24.5% | Strong Q2 growth, higher guidance and several large contract awards. |
| May 19 | Q1 2025 earnings | Negative | -10.3% | Revenue growth but GAAP operating loss and ramp-up/acquisition costs. |
| Feb 12 | Q4/FY 2024 earnings | Positive | -3.9% | Strong 2024 growth and record adjusted EBITDA with optimistic 2025 guidance. |
Earnings releases have produced volatile and often contrarian moves: some strong results led to sharp declines (e.g., -21.95% on 2025 Q4), while others triggered substantial rallies (up to +24.49%). The stock does not show a consistent directional pattern on earnings.
Over the last five earnings reports from Feb 2024 through Feb 2026, Gilat has delivered repeated revenue growth and expanding adjusted EBITDA, often paired with raised or optimistic guidance. Q2 and Q3 2025 results, with revenues of $105M and $117.7M, drove strong positive reactions of 24.49% and 7.21%. By Q4 2025, revenue climbed to $137.0M with record adjusted EBITDA of $53.2M, yet the stock fell 21.95%. Today’s Q1 2026 report continues the growth and reiterates 2026 guidance against this backdrop of mixed market responses.
Historical Comparison
In the past 5 earnings releases, GILT’s average move was about -0.9%, with reactions ranging from a +24.49% rally to a -21.95% drop. Today’s -4.51% decline sits within this historically wide earnings reaction band.
Earnings releases from late 2024 through early 2026 show a progression of rising revenues and record adjusted EBITDA, alongside repeated guidance raises or confirmations. The current Q1 2026 report, with higher profitability and reiterated 2026 revenue and EBITDA targets, extends this trend of scaling operations while maintaining double‑digit growth aspirations.
Market Pulse Summary
This announcement highlights Q1 2026 revenue of $110.5M, up from $92M a year earlier, with GAAP operating income improving to $4.4M and adjusted EBITDA reaching $15.1M. GAAP net income of $5.2M and non‑GAAP net income of $13.6M mark a turn from prior losses. Management reiterated 2026 revenue guidance of $500–$520M and adjusted EBITDA of $61–$66M. Investors may watch subsequent quarters for consistency in margin expansion and execution against these targets.
Key Terms
gaap financial
non-gaap financial
adjusted ebitda financial
AI-generated analysis. Not financial advice.
Revenues Grew
Reiterates Guidance for 2026
PETAH TIKVA, Israel, May 13, 2026 (GLOBE NEWSWIRE) -- 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, ended March 31, 2026.
First Quarter 2026 Financial Highlights
- Revenues of
$110.5 million , compared with$92 million in Q1 2025; - GAAP operating income of
$4.4 million , compared with GAAP operating loss of$2.7 million in Q1 2025; - Non-GAAP operating income of
$12.5 million , compared with$5.2 million in Q1 2025; - GAAP net income of
$5.2 million , or$0.07 per diluted share, compared with GAAP net loss of$6 million , or$0.11 loss per diluted share, in Q1 2025; - Non-GAAP net income of
$13.6 million , or$0.18 per diluted share, compared with$1.8 million , or$0.03 per diluted share, in Q1 2025; - Adjusted EBITDA of
$15.1 million , compared with$7.6 million in Q1 2025.
Forward-Looking Expectations
Management’s financial guidance for 2026 is for revenue between
Management Commentary
Adi Sfadia, Gilat's CEO, commented: “Gilat began 2026 with strong execution and momentum across our key growth initiatives. Our first quarter results reflected the strength of our broad solutions portfolio, continued expansion in defense and commercial markets, and improving profitability.”
Mr. Sfadia added, “During the quarter, we expanded our defense footprint into additional countries and strengthened strategic commercial relationships in India. We also saw growing interest in our virtualized, software-based network solutions following the successful demonstration conducted with Amazon AWS and SES Space & Defense. In-flight connectivity demand remains robust as next-generation aviation connectivity deployments continue to scale.
We are also experiencing increased demand for our defense portable gateway solutions, driven by the growing need for resilient, location-independent communications capabilities in contested operational environments. In parallel, we introduced a new category of high-power solid-state power amplifiers designed to replace traditional TWTAs across both defense and commercial applications.
Adoption of LEO and multi-orbit architectures continues to drive demand for electronically steered antennas, aligning well with our ESA portfolio strategy and creating additional growth opportunities for Gilat.”
Mr. Sfadia concluded, “Looking ahead, our backlog and pipeline remain strong. Based on our current visibility and execution confidence, we are reaffirming our full-year outlook for 2026. In addition, supported by our strong balance sheet and cash position, we continue to actively evaluate strategic opportunities to accelerate growth and further strengthen our market position.”
Key Recent Announcements
- Gilat Signs Strategic Multimillion Partnership with Nelco in India to Deploy SkyEdge IV
- Gilat Awarded over
$7 Million for its New EnduroStream Solution to Support the U.S. Department of War - Gilat Defense, AWS, SES Space & Defense and WAVE Consortium Demonstrate Virtualized SATCOM Gateway Modem Architecture at Satellite 2026
- Gilat Receives Approximately
$6 Million in Orders Supporting U.S. Army Global Communications Operations - Gilat Secures Multi-Million Dollar IFC Order to Power Commercial Aviation Connectivity
- Gilat Demonstrates 5G NTN End-to-End Connectivity over GEO Satellite
- Gilat Receives
$39 Million in Orders for Sidewinder ESA Terminals - Gilat Receives Over
$16 Million Order to Supply SATCOM Systems to a European Ministry of Defense
Conference Call Details
Gilat’s management will discuss its first quarter 2026 results and business achievements and participate in a question-and-answer session:
In English:
| Date: | Wednesday, May 13, 2026 |
| Start: | 09:30 AM EDT / 16:30 IST |
A simultaneous webcast of the conference call will be available on the Gilat website at www.gilat.com and through this link: https://www.veidan-conferencing.com/gilat
| Or Dial-in: | |
| US: International: | 1-888-407-2553 +972-3-918-0609 |
The webcast will also be archived for a period of 30 days on the Company’s website and through the link above.
In Hebrew:
| Date: Start: | Thursday, May 14, 2026 10:00 AM IST |
A simultaneous webcast of the conference call will be available on the Gilat website at www.gilat.com and through this link:
https://gk-biz.zoom.us/webinar/register/WN_6i326qdWSvSx8NMDdM3QIw
Non-GAAP Measures
The attached unaudited summary consolidated financial statements were prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). To supplement the summary consolidated financial statements presented in accordance with GAAP, the Company presents non-GAAP measurements 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, amortization of purchased intangibles, lease incentive amortization, other non-recurring expenses, other integration expenses, other operating expenses (income), net, and the 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 historical 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. A reconciliation between the Company's net income and Adjusted EBITDA is presented in the attached summary consolidated 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 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 software-defined platform and modems, high-performance satellite terminals, advanced Satellite On-the-Move (SOTM) antennas and Electronically Steered Antennas (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, cellular backhaul, enterprise, aerospace and critical infrastructure clients all while meeting the most stringent service level requirements. For more information, please visit: https://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 hostilities between Israel and Iran and the Hezbollah in Lebanon. 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
PublicRelations@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 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 (LOSS) | |||||||||
| U.S. dollars in thousands (except share and per share data) | |||||||||
| Three months ended | |||||||||
| March 31, | |||||||||
| 2026 | 2025 | ||||||||
| Unaudited | |||||||||
| Revenues | $ | 110,474 | $ | 92,037 | |||||
| Cost of revenues | 72,825 | 63,639 | |||||||
| Gross profit | 37,649 | 28,398 | |||||||
| Research and development expenses, net | 12,117 | 11,621 | |||||||
| Selling and marketing expenses | 9,707 | 8,202 | |||||||
| General and administrative expenses | 10,398 | 6,784 | |||||||
| Other operating expenses, net | 1,041 | 4,538 | |||||||
| Total operating expenses | 33,263 | 31,145 | |||||||
| Operating income (loss) | 4,386 | (2,747 | ) | ||||||
| Financial income (expenses), net | 1,295 | (936 | ) | ||||||
| Income (loss) before taxes on income | 5,681 | (3,683 | ) | ||||||
| Taxes on income | (447 | ) | (2,313 | ) | |||||
| Net income (loss) | $ | 5,234 | $ | (5,996 | ) | ||||
| Earnings (losses) per share (Basic and Diluted) | $ | 0.07 | $ | (0.11 | ) | ||||
| Weighted average number of shares used in computing earnings (losses) per share | |||||||||
| Basic | 74,525,773 | 57,037,671 | |||||||
| Diluted | 77,188,106 | 57,037,671 | |||||||
| 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 | |||||||||||||||||||||
| March 31, 2026 | March 31, 2025 | |||||||||||||||||||||
| GAAP | Adjustments (*) | Non-GAAP | GAAP | Adjustments (*) | Non-GAAP | |||||||||||||||||
| Unaudited | Unaudited | |||||||||||||||||||||
| Gross profit | $ | 37,649 | 1,644 | $ | 39,293 | $ | 28,398 | 810 | $ | 29,208 | ||||||||||||
| Operating expenses | 33,263 | (6,468 | ) | 26,795 | 31,145 | (7,090 | ) | 24,055 | ||||||||||||||
| Operating income (loss) | 4,386 | 8,112 | 12,498 | (2,747 | ) | 7,900 | 5,153 | |||||||||||||||
| Income (loss) before taxes on income | 5,681 | 8,112 | 13,793 | (3,683 | ) | 7,900 | 4,217 | |||||||||||||||
| Net income (loss) | 5,234 | 8,353 | 13,587 | (5,996 | ) | 7,823 | 1,827 | |||||||||||||||
| Earnings (losses) per share (Basic and Diluted) | $ | 0.07 | $ | 0.11 | $ | 0.18 | $ | (0.11 | ) | $ | 0.14 | $ | 0.03 | |||||||||
| Weighted average number of shares used in computing earnings (losses) per share | ||||||||||||||||||||||
| Basic | 74,525,773 | 74,525,773 | 57,037,671 | 57,037,671 | ||||||||||||||||||
| Diluted | 77,188,106 | 77,265,072 | 57,037,671 | 58,005,232 | ||||||||||||||||||
| (*) Adjustments reflect the effect of stock-based compensation as per ASC 718, amortization of purchased intangibles, other operating expenses, net, other integration expenses and income tax effect on such adjustments which is calculated using the relevant effective tax rate. | ||||||||||||||||||||||
| Three months ended | Three months ended | |||||||||||||||||||||
| March 31, 2026 | March 31, 2025 | |||||||||||||||||||||
| Unaudited | Unaudited | |||||||||||||||||||||
| GAAP net income (loss) | $ | 5,234 | $ | (5,996 | ) | |||||||||||||||||
| Gross profit | ||||||||||||||||||||||
| Stock-based compensation expenses | 199 | 173 | ||||||||||||||||||||
| Amortization of purchased intangibles | 1,428 | 600 | ||||||||||||||||||||
| Other integration expenses | 17 | 37 | ||||||||||||||||||||
| 1,644 | 810 | |||||||||||||||||||||
| Operating expenses | ||||||||||||||||||||||
| Stock-based compensation expenses | 1,481 | 901 | ||||||||||||||||||||
| Stock-based compensation related to business combination | 2,742 | 607 | ||||||||||||||||||||
| Amortization of purchased intangibles | 1,093 | 884 | ||||||||||||||||||||
| Other operating expenses, net | 1,041 | 4,538 | ||||||||||||||||||||
| Other integration expenses | 111 | 160 | ||||||||||||||||||||
| 6,468 | 7,090 | |||||||||||||||||||||
| Taxes on income | 241 | (77 | ) | |||||||||||||||||||
| Non-GAAP net income | $ | 13,587 | $ | 1,827 | ||||||||||||||||||
| GILAT SATELLITE NETWORKS LTD. | |||||||
| SUPPLEMENTAL INFORMATION | |||||||
| U.S. dollars in thousands | |||||||
| ADJUSTED EBITDA: | |||||||
| Three months ended | |||||||
| March 31, | |||||||
| 2026 | 2025 | ||||||
| Unaudited | |||||||
| GAAP net income (loss) | $ | 5,234 | $ | (5,996 | ) | ||
| Adjustments: | |||||||
| Financial expenses (income), net | (1,295 | ) | 936 | ||||
| Taxes on income | 447 | 2,313 | |||||
| Stock-based compensation expenses | 1,680 | 1,074 | |||||
| Stock-based compensation related to business combination | 2,742 | 607 | |||||
| Depreciation and amortization (*) | 5,116 | 3,962 | |||||
| Other operating expenses, net | 1,041 | 4,538 | |||||
| Other integration expenses | 128 | 197 | |||||
| Adjusted EBITDA | $ | 15,093 | $ | 7,631 | |||
| (*) Including amortization of lease incentive | |||||||
| SEGMENT REVENUES: | |||||||
| Three months ended | |||||||
| March 31, | |||||||
| 2026 | 2025 | ||||||
| Unaudited | |||||||
| Commercial | $ | 72,785 | $ | 64,220 | |||
| Defense | 25,427 | 23,011 | |||||
| Peru | 12,262 | 4,806 | |||||
| Total revenues | $ | 110,474 | $ | 92,037 | |||
| GILAT SATELLITE NETWORKS LTD. | ||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| U.S. dollars in thousands | ||||||||
| March 31, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Unaudited | Audited | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 140,154 | $ | 168,907 | ||||
| Short-term deposits | 30,860 | 16,433 | ||||||
| Restricted cash | 64 | 88 | ||||||
| Trade receivables, net | 100,632 | 85,929 | ||||||
| Contract assets | 41,660 | 36,987 | ||||||
| Inventories | 44,794 | 45,430 | ||||||
| Other current assets | 46,639 | 37,406 | ||||||
| Total current assets | 404,803 | 391,180 | ||||||
| LONG-TERM ASSETS: | ||||||||
| Long-term contract assets | 7,193 | 7,890 | ||||||
| Severance pay funds | 6,825 | 6,941 | ||||||
| Deferred taxes | 15,761 | 15,558 | ||||||
| Operating lease right-of-use assets | 5,349 | 5,922 | ||||||
| Other long-term assets | 19,877 | 19,871 | ||||||
| Total long-term assets | 55,005 | 56,182 | ||||||
| PROPERTY AND EQUIPMENT, NET | 74,962 | 75,172 | ||||||
| INTANGIBLE ASSETS, NET | 51,452 | 53,986 | ||||||
| GOODWILL | 169,534 | 169,534 | ||||||
| TOTAL ASSETS | $ | 755,756 | $ | 746,054 | ||||
| GILAT SATELLITE NETWORKS LTD. | ||||||||
| CONSOLIDATED BALANCE SHEETS (Cont.) | ||||||||
| U.S. dollars in thousands | ||||||||
| March 31, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Unaudited | Audited | |||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Current maturities of long-term loan | $ | 2,000 | $ | 2,000 | ||||
| Trade payables | 33,776 | 31,614 | ||||||
| Accrued expenses | 55,452 | 58,878 | ||||||
| Advances from customers and deferred revenues | 77,476 | 78,499 | ||||||
| Operating lease liabilities | 2,620 | 2,957 | ||||||
| Other current liabilities | 28,915 | 41,529 | ||||||
| Total current liabilities | 200,239 | 215,477 | ||||||
| LONG-TERM LIABILITIES: | ||||||||
| Accrued severance pay | 7,485 | 7,508 | ||||||
| Long-term advances from customers and deferred revenues | 180 | 67 | ||||||
| Operating lease liabilities | 2,849 | 3,102 | ||||||
| Other long-term liabilities | 8,847 | 19,622 | ||||||
| Total long-term liabilities | 19,361 | 30,299 | ||||||
| SHAREHOLDERS' EQUITY: | ||||||||
| Share capital - ordinary shares of NIS 0.2 par value | 3,967 | 3,765 | ||||||
| Additional paid-in capital | 1,146,418 | 1,115,030 | ||||||
| Accumulated other comprehensive loss | (4,714 | ) | (3,768 | ) | ||||
| Accumulated deficit | (609,515 | ) | (614,749 | ) | ||||
| Total shareholders' equity | 536,156 | 500,278 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 755,756 | $ | 746,054 | ||||
| GILAT SATELLITE NETWORKS LTD. | ||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| U.S. dollars in thousands | ||||||||
| Three months ended | ||||||||
| March 31, | ||||||||
| 2026 | 2025 | |||||||
| Unaudited | ||||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) | $ | 5,234 | $ | (5,996 | ) | |||
| Adjustments required to reconcile net income (loss) to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 5,079 | 3,905 | ||||||
| Stock-based compensation expenses | 4,422 | 1,681 | ||||||
| Accrued severance pay, net | 94 | (22 | ) | |||||
| Deferred taxes, net | (203 | ) | 1,984 | |||||
| Decrease (increase) in trade receivables, net | (14,779 | ) | 4,528 | |||||
| Increase in contract assets | (3,977 | ) | (7,798 | ) | ||||
| Decrease (increase) in other assets and other adjustments (including short-term, long-term and effect of exchange rate changes on cash, cash equivalents and restricted cash) | (9,800 | ) | 18,390 | |||||
| Decrease (increase) in inventories | 493 | (11,456 | ) | |||||
| Increase (decrease) in trade payables | 2,451 | (7,828 | ) | |||||
| Decrease in accrued expenses | (3,414 | ) | (6,358 | ) | ||||
| Decrease in advances from customers and deferred revenues | (921 | ) | (1,096 | ) | ||||
| Increase in other liabilities | 3,147 | 3,454 | ||||||
| Net cash used in operating activities | (12,174 | ) | (6,612 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchase of property, equipment and intangible assets | (2,513 | ) | (1,490 | ) | ||||
| Investment in other asset | - | (2,500 | ) | |||||
| Investments in short-term deposits | (14,350 | ) | - | |||||
| Acquisitions of subsidiary, net of cash acquired | - | (104,943 | ) | |||||
| Net cash used in investing activities | (16,863 | ) | (108,933 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from long-term loan, net of associated costs | - | 58,970 | ||||||
| Proceeds from exercise of stock options | 14 | - | ||||||
| Net cash provided by financing activities | 14 | 58,970 | ||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 246 | 592 | ||||||
| Decrease in cash, cash equivalents and restricted cash | (28,777 | ) | (55,983 | ) | ||||
| Cash, cash equivalents and restricted cash at the beginning of the period | 168,995 | 120,249 | ||||||
| Cash, cash equivalents and restricted cash at the end of the period | $ | 140,218 | $ | 64,266 | ||||
