UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of February 2018
Commission File Number: 001-33129
ALLOT LTD.
(Translation of registrant’s name into English)
22 Hanagar Street
Neve Ne'eman Industrial Zone B
Hod-Hasharon 45240
Israel
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ⌧ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ___
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ___
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ☐ No ⌧
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ________
EXPLANATORY NOTE
On February 4, 2020, Allot Ltd. issued a press release announcing the Fourth Quarter and Full Year 2019 Financial
Results.
A copy of the press release entitled “Allot Announces Fourth Quarter and Full Year 2019 Financial Results” is
attached to this Form 6-K as Exhibit 99.1.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
|
|
Allot Ltd.
By: /s/ Ziv Leitman
Ziv Leitman
Chief Financial Officer
|
Date: February 4th, 2020
EXHIBIT INDEX
The following exhibit has been filed as part of this Form 6-K:
|
Exhibit Number
|
Description
|
Exhibit 99.1
Allot Announces Fourth Quarter
and Full Year 2019 Financial Results
2019 revenue grew by 15% over 2018
Backlog grew 100% year over year to $138 million
Cash balance grew to $118 million
2020 revenues expected to be $135-140 million
Hod Hasharon, Israel – February 4, 2020 - Allot Ltd. (NASDAQ: ALLT, TASE: ALLT), a leading global provider of innovative network intelligence and
security solutions for service providers and enterprises worldwide, today announced its unaudited fourth quarter and full year 2019 financial results.
Financial Highlights
| • |
Fourth quarter revenues were $30.6 million, up 14% year-over-year;
|
| • |
Full year revenues were $110.1 million, up 15% year-over-year;
|
| • |
Backlog increased by $69 million to $138 million at year-end 2019 compared with $69 million at year-end 2018;
|
| • |
Year-end cash and investments totaled $117.6 million compared to $103.9 million at year-end 2018;
|
| • |
Allot signed in 2019 recurring security revenue agreements with a total MAR* of $85 million.
|
Financial Outlook
| • |
Management expects 2020 revenues to grow to between $135-140 million, representing accelerated double digit growth;
|
| • |
Management expects to close additional recurring security revenue deals in 2020. The MAR* of new deals to be signed in 2020 is expected to exceed $140 million;
|
Management Comment
Erez Antebi, President & CEO of Allot, commented: “We are very pleased with our performance in 2019. Our Visibility
& Control business continued to perform well due to ongoing solid execution. We are also happy with our performance in the security space and we had a successful year bringing on several new operators to our security offerings, some of them in a revenue share arrangement. We believe that the recurring revenue and growth we gain from these deals will have a significantly positive long-term impact on our future. We expect to win further
such deals in the coming year.”
Continued Mr. Antebi, “Looking out to 2020, we expect accelerated top-line growth. While we continue to invest in our offerings and in sales and marketing, our
expenses should grow at a slower rate than our revenue and subsequently we expect to reach profitability in the last quarter of 2020 . We look forward to continued growth as we successfully execute on our strategy.”
Q4 2019 Financial Results Summary
Total revenues for the fourth quarter of 2019 were $30.6 million, an increase of 14% compared to $26.9 million in the fourth quarter of 2018.
Gross profit on a GAAP basis for the fourth quarter of 2019 was $20.8 million (gross margin of 68.0%), a 12% improvement compared with $18.6 million (gross
margin of 69.1%) in the fourth quarter of 2018.
Gross profit on a non-GAAP basis for the fourth quarter of 2019 was $21.0 million (gross margin of 68.7%), a 11% improvement compared with $18.9 million (gross
margin of 70.3%) in the fourth quarter of 2018.
Net loss on a GAAP basis for the fourth quarter of 2019 was $1.7 million, or $0.05 per basic share, compared with a net loss of $1.8 million, or $0.05 per
basic share, in the fourth quarter of 2018.
Non-GAAP net loss for the fourth quarter of 2019 was $1.7 million, or $0.05 per basic share, compared with a non-GAAP net loss of $0.5 million, or $0.01 per
basic share, in the fourth quarter of 2018.
2019 Financial Results Summary
Total revenues for 2019 were $110.1 million, an increase of 15% compared to $95.8 million in 2018.
Gross profit on a GAAP basis for 2019 was $76.3 million (gross margin of 69.3%), a 15% improvement compared with $66.5 million (gross margin of 69.4%) in 2018.
Gross profit on a non-GAAP basis for 2019 was $77.3 million (gross margin of 70.2%), a 14% improvement compared with $67.8 million (gross margin of 70.7%) in
2018.
Net loss on a GAAP basis for 2019 was $8.7 million, or $0.25 per basic share, an improvement compared with a net loss of $10.4 million, or $0.31 per basic
share, in 2018.
Non-GAAP net loss for 2019 was $7.5 million, or $0.22 per basic share, a decrease compared with a non-GAAP net loss of $5.1 million, or $0.15 per basic share,
in 2018.
Cash and investments as of December 31, 2019 totaled $117.6 million, compared to $114.8 million as of September 30, 2019 and $103.9 million as of December 31,
2018.
Conference Call & Webcast:
The Allot management team will host a conference call to discuss fourth quarter and full year 2019 earnings results today, February 4, 2020 at 8:30 am ET, 3:30 pm Israel time. To access the
conference call, please dial one of the following numbers:
US: 1-888-668-9141, UK: 0-800-917-5108, Israel: +972-3-918-0609
A live webcast and, following the end of the call, an archive of the conference call, will be accessible on the Allot website at: http://investors.allot.com/index.cfm
About Allot
Allot Ltd. (NASDAQ: ALLT, TASE: ALLT) is a provider of leading innovative network intelligence and security solutions for service providers and enterprises worldwide, enhancing value to their
customers. Our solutions are deployed globally for network and application analytics, traffic control and shaping, network-based security services, and more. Allot's multi-service platforms are deployed by over 500 mobile, fixed and cloud service
providers and over 1000 enterprises. Our industry leading network-based security as a service solution has achieved over 50% penetration with some service providers and is already used by over 23 million subscribers in Europe. Allot. See. Control.
Secure.
For more information, visit www.allot.com
*MAR (maximum annual revenue potential of concluded transactions) was estimated by Allot upon transaction signature and constitutes an approximation of the theoretical annual revenues Allot would
receive if 100% of the customer’s subscribers, as estimated by Allot, signed up for the service.
GAAP to Non-GAAP Reconciliation:
Non-GAAP net income is defined as GAAP net income after excluding stock-based compensation expenses, amortization of acquisition-related intangible assets, restructuring expenses, changes in taxes and headcount related
items, deferred tax asset adjustment, exchange rate differences related to revaluation of assets and liabilities denominated in non-dollar currencies and other acquisition-related expenses.
These non-GAAP measures should be considered in addition to, and not as a substitute for, comparable GAAP measures. The non-GAAP results and a full reconciliation between GAAP and non-GAAP results is provided in the
accompanying Table 2. The Company provides these non-GAAP financial measures because it believes they present a better measure of the Company’s core business and management uses the non-GAAP measures internally to evaluate the Company’s ongoing
performance. Accordingly, the Company believes they are useful to investors in enhancing an understanding of the Company’s operating performance.
Safe Harbor Statement
This release contains forward-looking statements, which express the current beliefs and expectations of Company management. Such statements involve a number of known and unknown risks and
uncertainties that could cause our future results, performance or achievements to differ significantly from the results, performance or achievements set forth in such forward-looking statements. Important factors that could cause or contribute to
such differences include risks relating to: our ability to compete successfully with other companies offering competing technologies; the loss of one or more significant customers; consolidation of, and strategic alliances by, our competitors,
government regulation; the timing of completion of key project milestones which impact the timing of our revenue recognition; lower demand for key value-added services; our ability to keep pace with advances in technology and to add new features and
value-added services; managing lengthy sales cycles; operational risks associated with large projects; our dependence on fourth party channel partners for a material portion of our revenues; court approval of the Company’s proposed share buy-back
program; and other factors discussed under the heading "Risk Factors" in the Company's annual report on Form 20-F filed with the Securities and Exchange Commission. Forward-looking statements in this release are made pursuant to the safe harbor
provisions contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether
as a result of new information, future events or otherwise.
|
Investor Relations Contact:
GK Investor Relations
Ehud Helft/Gavriel Frohwein
+1 646 688 3559
allot@gkir.com
|
Public Relations Contact:
Seth Greenberg, Allot Ltd.
+972 54 922 2294 sgreenberg@allot.com |
|
TABLE - 1
|
|
ALLOT LTD.
|
|
AND ITS SUBSIDIARIES
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(U.S. dollars in thousands, except share and per share data)
|
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
|||||||||||||
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
|||||||||||||
|
Revenues
|
$
|
30,567
|
$
|
26,885
|
$
|
110,100
|
$
|
95,837
|
||||||||
|
Cost of revenues
|
9,784
|
8,296
|
33,834
|
29,349
|
||||||||||||
|
Gross profit
|
20,783
|
18,589
|
76,266
|
66,488
|
||||||||||||
|
Operating expenses:
|
||||||||||||||||
|
Research and development costs, net
|
8,563
|
6,632
|
31,461
|
25,418
|
||||||||||||
|
Sales and marketing
|
12,186
|
10,754
|
47,105
|
40,849
|
||||||||||||
|
General and administrative
|
1,954
|
2,616
|
6,678
|
10,416
|
||||||||||||
|
Total operating expenses
|
22,703
|
20,002
|
85,244
|
76,683
|
||||||||||||
|
Operating loss
|
(1,920
|
)
|
(1,413
|
)
|
(8,978
|
)
|
(10,195
|
)
|
||||||||
|
Financial and other income, net
|
600
|
601
|
1,960
|
2,208
|
||||||||||||
|
Loss before income tax expenses
|
(1,320
|
)
|
(812
|
)
|
(7,018
|
)
|
(7,987
|
)
|
||||||||
|
Tax expenses
|
362
|
1,005
|
1,641
|
2,428
|
||||||||||||
|
Net Loss
|
(1,682
|
)
|
(1,817
|
)
|
(8,659
|
)
|
(10,415
|
)
|
||||||||
|
Basic net loss per share
|
$
|
(0.05
|
)
|
$
|
(0.05
|
)
|
$
|
(0.25
|
)
|
$
|
(0.31
|
)
|
||||
|
Diluted net loss per share
|
$
|
(0.05
|
)
|
$
|
(0.05
|
)
|
$
|
(0.25
|
)
|
$
|
(0.31
|
)
|
||||
|
Weighted average number of shares used in
|
||||||||||||||||
|
computing basic net loss per share
|
34,450,317
|
33,860,114
|
34,250,582
|
33,710,507
|
||||||||||||
|
Weighted average number of shares used in
|
||||||||||||||||
|
computing diluted net loss per share
|
34,450,317
|
33,860,114
|
34,250,582
|
33,710,507
|
||||||||||||
|
TABLE - 2
|
|
ALLOT LTD.
|
|
AND ITS SUBSIDIARIES
|
|
RECONCILIATION OF GAAP TO NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(U.S. dollars in thousands, except per share data)
|
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
|||||||||||||
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
|
GAAP cost of revenues
|
$
|
9,784
|
$
|
8,296
|
$
|
33,834
|
$
|
29,349
|
||||||||
|
Share-based compensation (1)
|
(76
|
)
|
(60
|
)
|
(264
|
)
|
(316
|
)
|
||||||||
|
Amortization of intangible assets (2)
|
(152
|
)
|
(233
|
)
|
(853
|
)
|
(930
|
)
|
||||||||
|
Changes in taxes and headcount related items (5)
|
-
|
(17
|
)
|
75
|
(17
|
)
|
||||||||||
|
Non-GAAP cost of revenues
|
$
|
9,556
|
$
|
7,986
|
$
|
32,792
|
$
|
28,086
|
||||||||
|
GAAP gross profit
|
$
|
20,783
|
$
|
18,589
|
$
|
76,266
|
$
|
66,488
|
||||||||
|
Gross profit adjustments
|
228
|
310
|
1,042
|
1,263
|
||||||||||||
|
Non-GAAP gross profit
|
$
|
21,011
|
$
|
18,899
|
$
|
77,308
|
$
|
67,751
|
||||||||
|
GAAP operating expenses
|
$
|
22,703
|
$
|
20,002
|
$
|
85,244
|
$
|
76,683
|
||||||||
|
Share-based compensation (1)
|
(942
|
)
|
(634
|
)
|
(3,156
|
)
|
(2,546
|
)
|
||||||||
|
Amortization of intangible assets (2)
|
(189
|
)
|
(175
|
)
|
(754
|
)
|
(700
|
)
|
||||||||
|
Income (Expenses) related to M&A activities (3)
|
1,246
|
(93
|
)
|
3,980
|
(394
|
)
|
||||||||||
|
Restructuring expenses (4)
|
-
|
(62
|
)
|
-
|
(62
|
)
|
||||||||||
|
Changes in taxes and headcount related items (5)
|
-
|
(40
|
)
|
(31
|
)
|
(420
|
)
|
|||||||||
|
Non-GAAP operating expenses
|
$
|
22,818
|
$
|
18,998
|
$
|
85,283
|
$
|
72,561
|
||||||||
|
GAAP financial and other income
|
$
|
600
|
$
|
601
|
$
|
1,960
|
$
|
2,208
|
||||||||
|
Expenses related to M&A activities (3)
|
-
|
(75
|
)
|
-
|
(224
|
)
|
||||||||||
|
Exchange rate differences*
|
(119
|
)
|
-
|
83
|
-
|
|||||||||||
|
Non-GAAP Financial and other income
|
$
|
481
|
$
|
526
|
$
|
2,043
|
$
|
1,984
|
||||||||
|
GAAP taxes on income
|
$
|
362
|
$
|
1,005
|
$
|
1,641
|
$
|
2,428
|
||||||||
|
Tax expenses in respect of net deferred tax asset recorded
|
(25
|
)
|
(123
|
)
|
(74
|
)
|
(116
|
)
|
||||||||
|
Non-GAAP taxes on income
|
$
|
337
|
$
|
882
|
$
|
1,567
|
$
|
2,312
|
||||||||
|
GAAP Net Loss
|
$
|
(1,682
|
)
|
$
|
(1,817
|
)
|
$
|
(8,659
|
)
|
$
|
(10,415
|
)
|
||||
|
Share-based compensation (1)
|
1,018
|
694
|
3,420
|
2,862
|
||||||||||||
|
Amortization of intangible assets (2)
|
341
|
408
|
1,607
|
1,630
|
||||||||||||
|
Expenses (Income) related to M&A activities (3)
|
(1,246
|
)
|
18
|
(3,980
|
)
|
170
|
||||||||||
|
Restructuring expenses (4)
|
-
|
62
|
-
|
62
|
||||||||||||
|
Changes in taxes and headcount related items (5)
|
-
|
57
|
(44
|
)
|
437
|
|||||||||||
|
Exchange rate differences
|
(119
|
)
|
-
|
83
|
-
|
|||||||||||
|
Tax expenses in respect of net deferred tax asset recorded
|
25
|
123
|
74
|
116
|
||||||||||||
|
Non-GAAP Net Loss
|
$
|
(1,663
|
)
|
$
|
(455
|
)
|
$
|
(7,499
|
)
|
$
|
(5,138
|
)
|
||||
|
GAAP Loss per share (diluted)
|
$
|
(0.05
|
)
|
$
|
(0.05
|
)
|
$
|
(0.25
|
)
|
$
|
(0.31
|
)
|
||||
|
Share-based compensation
|
0.03
|
0.02
|
0.10
|
0.08
|
||||||||||||
|
Amortization of intangible assets
|
0.01
|
0.01
|
0.05
|
0.05
|
||||||||||||
|
Expenses (Income) related to M&A activities
|
(0.04
|
)
|
-
|
(0.12
|
)
|
0.01
|
||||||||||
|
Restructuring expenses
|
-
|
0.00
|
-
|
-
|
||||||||||||
|
Changes in taxes and headcount related items
|
-
|
-
|
(0.00
|
)
|
0.01
|
|||||||||||
|
Exchange rate differences
|
(0.00
|
)
|
-
|
0.00
|
-
|
|||||||||||
|
Tax expense in respect of net deferred tax asset recorded
|
0.00
|
0.01
|
0.00
|
0.01
|
||||||||||||
|
Non-GAAP Net loss per share (diluted)
|
$
|
(0.05
|
)
|
$
|
(0.01
|
)
|
$
|
(0.22
|
)
|
$
|
(0.15
|
)
|
||||
|
Weighted average number of shares used in
|
||||||||||||||||
|
computing GAAP diluted net loss per share
|
34,450,317
|
33,860,114
|
34,250,582
|
33,710,507
|
||||||||||||
|
Weighted average number of shares used in
|
||||||||||||||||
|
computing non-GAAP diluted net loss per share
|
34,450,317
|
33,860,114
|
34,250,582
|
33,710,507
|
||||||||||||
| * |
Financial income or expenses related to exchange rate differences in connection with revaluation of assets and liabilities in non-dollar denominated currencies.
|
|
TABLE - 2 cont.
|
|
ALLOT COMMUNICATIONS LTD.
|
|
AND ITS SUBSIDIARIES
|
|
RECONCILIATION OF GAAP TO NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(U.S. dollars in thousands, except per share data)
|
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
|||||||||||||
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
|
(1) Share-based compensation:
|
||||||||||||||||
|
Cost of revenues
|
$
|
76
|
$
|
60
|
$
|
264
|
$
|
316
|
||||||||
|
Research and development costs, net
|
230
|
174
|
847
|
678
|
||||||||||||
|
Sales and marketing
|
350
|
227
|
1,257
|
928
|
||||||||||||
|
General and administrative
|
362
|
233
|
1,052
|
940
|
||||||||||||
|
$
|
1,018
|
$
|
694
|
$
|
3,420
|
$
|
2,862
|
|||||||||
|
(2) Amortization of intangible assets
|
||||||||||||||||
|
Cost of revenues
|
$
|
152
|
$
|
233
|
$
|
853
|
$
|
930
|
||||||||
|
Sales and marketing
|
189
|
175
|
754
|
700
|
||||||||||||
|
$
|
341
|
$
|
408
|
$
|
1,607
|
$
|
1,630
|
|||||||||
|
(3) Expenses (Income) related to M&A activities
|
||||||||||||||||
|
General and administrative
|
$
|
(1,374
|
)
|
$
|
-
|
$
|
(4,882
|
)
|
$
|
69
|
||||||
|
Research and development costs, net
|
128
|
93
|
902
|
325
|
||||||||||||
|
Financial income
|
-
|
(75
|
)
|
-
|
(224
|
)
|
||||||||||
|
$
|
(1,246
|
)
|
$
|
18
|
$
|
(3,980
|
)
|
$
|
170
|
|||||||
|
(4) Restructuring expenses
|
||||||||||||||||
|
General and administrative
|
$
|
-
|
$
|
62
|
$
|
-
|
$
|
62
|
||||||||
|
$
|
-
|
$
|
62
|
$
|
-
|
$
|
62
|
|||||||||
|
(5) Changes in taxes and headcount related items
|
||||||||||||||||
|
Sales and marketing
|
$
|
-
|
$
|
40
|
$
|
16
|
$
|
262
|
||||||||
|
Cost of revenues
|
-
|
17
|
(75
|
)
|
17
|
|||||||||||
|
General and administrative
|
-
|
-
|
15
|
158
|
||||||||||||
|
$
|
-
|
$
|
57
|
$
|
(44
|
)
|
$
|
437
|
||||||||
|
(*)
|
Excluding share-based compensation related to the restructuring plan, which was already included under restructuring expenses.
|
|||||
|
TABLE - 3
|
|
ALLOT LTD.
|
|
AND ITS SUBSIDIARIES
|
|
CONSOLIDATED BALANCE SHEETS
|
|
(U.S. dollars in thousands)
|
|
December 31,
|
December 31,
|
|||||||
|
2019
|
2018
|
|||||||
|
(Unaudited)
|
(Audited)
|
|||||||
|
ASSETS
|
||||||||
|
CURRENT ASSETS:
|
||||||||
|
Cash and cash equivalents
|
$
|
16,930
|
$
|
16,336
|
||||
|
Short term deposits
|
5,557
|
22,543
|
||||||
|
Restricted deposit
|
23,183
|
465
|
||||||
|
Marketable securities
|
61,012
|
64,290
|
||||||
|
Trade receivables, net
|
29,008
|
26,093
|
||||||
|
Other receivables and prepaid expenses
|
6,935
|
3,647
|
||||||
|
Inventories
|
10,668
|
11,345
|
||||||
|
Total current assets
|
153,293
|
144,719
|
||||||
|
LONG-TERM ASSETS:
|
||||||||
|
Restricted deposit
|
10,913
|
257
|
||||||
|
Severance pay fund
|
387
|
345
|
||||||
|
Operating lease right-of-use assets
|
6,368
|
-
|
||||||
|
Deferred taxes
|
517
|
281
|
||||||
|
Other assets
|
519
|
600
|
||||||
|
Total long-term assets
|
18,704
|
1,483
|
||||||
|
PROPERTY AND EQUIPMENT, NET
|
8,135
|
6,249
|
||||||
|
GOODWILL AND INTANGIBLE ASSETS, NET
|
35,037
|
37,393
|
||||||
|
Total assets
|
$
|
215,169
|
$
|
189,844
|
||||
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
|
CURRENT LIABILITIES:
|
||||||||
|
Trade payables
|
$
|
11,676
|
$
|
7,813
|
||||
|
Deferred revenues
|
36,360
|
13,855
|
||||||
|
Short-term operating lease liabilities
|
3,151
|
-
|
||||||
|
Other payables and accrued expenses
|
22,255
|
21,052
|
||||||
|
Total current liabilities
|
73,442
|
42,720
|
||||||
|
LONG-TERM LIABILITIES:
|
||||||||
|
Deferred revenues
|
5,262
|
-
|
||||||
|
Long-term operating lease liabilities
|
3,820
|
4,247
|
||||||
|
Accrued severance pay
|
794
|
-
|
||||||
|
Other long term liabilities
|
-
|
806
|
||||||
|
Total long-term liabilities
|
9,876
|
6,168
|
||||||
|
SHAREHOLDERS' EQUITY
|
131,851
|
135,903
|
||||||
|
Total liabilities and shareholders' equity
|
$
|
215,169
|
$
|
189,844
|
||||
|
TABLE - 4
|
|
ALLOT LTD.
|
|
AND ITS SUBSIDIARIES
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(U.S. dollars in thousands)
|
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
2019
|
2018
|
2019
|
2018
|
|||||||||||||
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
|||||||||||||
|
Cash flows from operating activities:
|
||||||||||||||||
|
Net Loss
|
$
|
(1,682
|
)
|
$
|
(1,817
|
)
|
$
|
(8,659
|
)
|
$
|
(10,415
|
)
|
||||
|
Adjustments to reconcile net income to net cash used in operating activities:
|
||||||||||||||||
|
Depreciation
|
722
|
601
|
2,637
|
2,204
|
||||||||||||
|
Stock-based compensation related to options granted to employees
|
1,018
|
694
|
3,420
|
2,862
|
||||||||||||
|
Amortization of intangible assets
|
341
|
408
|
1,607
|
1,630
|
||||||||||||
|
Capital loss
|
-
|
-
|
-
|
39
|
||||||||||||
|
Decrease (Increase) in accrued severance pay, net
|
(21
|
)
|
(18
|
)
|
(54
|
)
|
16
|
|||||||||
|
Decrease in other assets
|
247
|
83
|
81
|
535
|
||||||||||||
|
Decrease in accrued interest and amortization of premium on marketable securities
|
7
|
193
|
343
|
804
|
||||||||||||
|
Changes in operating leases, net
|
456
|
-
|
603
|
-
|
||||||||||||
|
Decrease (Increase) in trade receivables
|
(8,034
|
)
|
359
|
(2,915
|
)
|
(3,356
|
)
|
|||||||||
|
Decrease (Increase) in other receivables and prepaid expenses
|
(2,886
|
)
|
184
|
(3,575
|
)
|
(1,101
|
)
|
|||||||||
|
Decrease (Increase) in inventories
|
(1,387
|
)
|
607
|
(138
|
)
|
(3,448
|
)
|
|||||||||
|
Increase (Decrease) in long-term deferred taxes, net
|
33
|
27
|
(236
|
)
|
20
|
|||||||||||
|
Increase (Decrease) in trade payables
|
4,389
|
(4,370
|
)
|
3,863
|
1,945
|
|||||||||||
|
Increase (Decrease) in employees and payroll accruals
|
4,048
|
(998
|
)
|
4,635
|
(1,178
|
)
|
||||||||||
|
Increase in deferred revenues
|
5,760
|
1,421
|
23,520
|
3,566
|
||||||||||||
|
Increase (Decrease) in other payables, accrued expenses and other long term liabilities
|
464
|
3,383
|
(9,040
|
)
|
6,906
|
|||||||||||
|
-
|
-
|
-
|
||||||||||||||
|
Net cash provided by operating activities
|
3,475
|
757
|
16,092
|
1,029
|
||||||||||||
|
Cash flows from investing activities:
|
||||||||||||||||
|
Increase in restricted deposit
|
(23,331
|
)
|
(32
|
)
|
(33,374
|
)
|
(294
|
)
|
||||||||
|
Redemption of short-term deposits
|
3,000
|
1,900
|
16,986
|
8,500
|
||||||||||||
|
Purchase of property and equipment
|
(918
|
)
|
(1,427
|
)
|
(3,708
|
)
|
(3,485
|
)
|
||||||||
|
Investment in marketable securities
|
(8,154
|
)
|
(9,584
|
)
|
(39,950
|
)
|
(34,777
|
)
|
||||||||
|
Proceeds from redemption or sale of marketable securities
|
11,173
|
8,924
|
43,555
|
32,651
|
||||||||||||
|
Acquisitions
|
-
|
-
|
-
|
(3,048
|
)
|
|||||||||||
|
Net cash used in investing activities
|
(18,230
|
)
|
(219
|
)
|
(16,491
|
)
|
(453
|
)
|
||||||||
|
Cash flows from financing activities:
|
||||||||||||||||
|
Exercise of employee stock options
|
220
|
74
|
993
|
418
|
||||||||||||
|
Net cash provided by financing activities
|
220
|
74
|
993
|
418
|
||||||||||||
|
Increase (Decrease) in cash and cash equivalents
|
(14,535
|
)
|
612
|
594
|
994
|
|||||||||||
|
Cash, cash equivalents and restricted cash at the beginning of the period
|
31,465
|
15,724
|
16,336
|
15,342
|
||||||||||||
|
Cash and cash equivalents at the end of the period
|
$
|
16,930
|
$
|
16,336
|
$
|
16,930
|
$
|
16,336
|
||||||||