Q2 2024 Gilat Satellite Networks Ltd Earnings Call Transcript
Key Points
- Gilat Satellite Networks Ltd (GILT) reported a 13% year-over-year revenue growth, driven primarily by the acquisition of DataPath.
- The company increased its adjusted EBITDA by 10% year-over-year, exceeding $10 million.
- The acquisition of Stellar Blu Solutions is expected to add between $120 million to $150 million in revenues in 2025 and be accretive to non-GAAP results.
- Gilat's SkyEdge IV platform continues to lead the market, supporting multiple orbits and applications, including mobility, cellular backhaul, and defense.
- The company has a strong pipeline and expects materialization of important deals over the coming months, particularly in the defense and in-flight connectivity markets.
- GAAP gross margin for Q2 2024 decreased to 34.7% from 37.8% in the same quarter last year, mainly due to lower margins from DataPath.
- GAAP operating income for the quarter was $2.8 million, down from $5.4 million in the same quarter last year.
- GAAP net income in the second quarter was $1.3 million, a significant drop from $4.3 million in the same quarter last year.
- The organic growth for the quarter was negative 4%, although it was positive 4% on a six-month basis.
- The company used $3.5 million in operating activities during the second quarter, indicating a cash outflow due to changes in working capital.
Ladies and gentlemen, thank you for standing by. Welcome to Gilat's second-quarter 2024 results conference call. (Operator Instructions) As a reminder, this conference is being recorded, August 7, 2024.
By now, you should have all received the company's press release. If you have not received it, please contact Gilat's Investor Relations team at EK Global Investor Relations at 1 646 688 3559 or view it in the news section of the company's website, www.gilat.com.
I would now like to hand over the call to Mr. Ehud Helft of EK Global Relations, Investor Relations. Mr. Helft, would you like to begin, please?
Yeah. Thank you, operator. Good morning, and good afternoon, everyone. Thank you for joining us today for Gilat's second-quarter 2024 results conference call and webcast. A recording of this call will be available beginning at approximately noon Eastern Time today, August 7, as a webcast on Gilat's website for a period of 30 days.
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