Gilat Reports Third Quarter 2023 Results
November
7, 2023
Gilat
Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT),
a worldwide leader in satellite networking
technology, solutions and services, reported today
its results for the third quarter, ended September
30, 2023.
Third Quarter 2023 Financial Highlights
Revenues of
$63.9 million, up 6% compared with $60.4 million in
Q3 2022;
GAAP
operating income of $12.7 million compared with $3.4
million in Q3 2022;
GAAP
operating income in this quarter includes one-time
other income, net, of $7.4 million that was recorded
with respect to a settlement of legal proceedings in
the Philippines and a real estate sale in Bulgaria;
Non-GAAP
operating income of $6.1 million, up 40% compared
with $4.4 million in Q3 2022;
GAAP net
income of $10.2 million, or $0.18 per diluted share,
compared with $2.1 million, or $0.04 per diluted
share in Q3 2022; GAAP net income in Q3 2023
excluding the one-time other income, net, mentioned
above and its relevant tax effect, was $3.8 million,
or $0.07 per diluted share;
Non-GAAP net
income of $4.6 million, or $0.08 per diluted share,
up 51% compared with $3 million, or $0.06 per
diluted share in Q3 2022;
Adjusted
EBITDA of $9.5 million, up 30% compared with $7.3
million in Q3 2022.
The Company
narrowed the range of its 2023 revenue guidance,
with expectations of between $265 million to $275
million, representing year-over-year growth of 13%
at the mid-point. The Company increased the range of
its GAAP operating income guidance range to between
$29 million to $31 million representing significant
year-over-year growth compared with $10 million in
2022. The Company also narrowed the range of its
Adjusted EBITDA guidance to between $35 to $37
million, representing year-over-year growth of 43%
at the mid-point.
Adi Sfadia,
Gilat’s CEO, commented:“We are deeply saddened by
the tragic events of October 7th in Israel. Our
thoughts and prayers are with the victims of this
horrific attack – the murdered, the hostages, the
wounded and their families. We are very proud of our
employees’ response to this crisis and their
dedication to the company during these times. We
also want to thank our customers and suppliers and
the world community at large for their full-hearted
support.
As a strong
global company with operation and development
centers worldwide, our operations remain unaffected
by recent events in Israel. We
continue to closely monitor the situation and have
implemented relevant measures, and refreshed our
business continuity plans to minimize any potential
effect, if at all, to our business.”
Mr. Sfadia
continued, “We are pleased with our results,
particularly the continued revenue growth combined
with the solid improvement in our profitability. We
reported significantly improved profitability
including Adjusted EBITDA, demonstrating the
operating leverage inherent in our business. The
ongoing good performance was due to the continued
growing interest in our solutions as well as
advancements in the satellite communications space
in general.”
Mr. Sfadia
concluded, “Our strong performance in 2023 to date
has generated Adjusted EBITDA of $27 million in the
nine months ended September 30, 2023, which already
exceeds the Adjusted EBITDA from the whole of 2022.
Given our leading position in the market and the
opportunities we see ahead, we look forward to
continuing our growth into 2024 and beyond.”
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