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 November 2020
Commission File Number: 001-33129
ALLOT LTD.
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 November 4th, 2020, Allot Ltd. issued a press release announcing the Third Quarter 2020 Financial
Results.
A copy of the press release entitled “Allot Announces Third Quarter 2020 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: November 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 Third Quarter 2020 Financial Results
Q3 2020 revenue grew by 26% year-over-year
Reconfirms 2020 revenue guidance between $135-140 million
Hod Hasharon, Israel – November 4, 2020
- Allot Ltd. (NASDAQ: ALLT, TASE: ALLT), a leading global provider of innovative network intelligence and security solutions for communication service providers and enterprises worldwide, today announced its unaudited third quarter 2020 financial results.
Highlights of the third quarter
| • |
Third quarter revenues were $34.8 million, up 26% year-over-year;
|
| • |
Non-GAAP operating loss reduced to $1.0 million compared with operating loss of $2.2 million in the third quarter of last year; GAAP operating loss of $2.5 million
compared with $2.2 million in the third quarter of last year;
|
| • |
Non-GAAP net loss reduced to $1.2 million compared with non-GAAP net loss of $1.9 million in the third quarter of last year; GAAP net loss of $2.4 million compared with
$2.1 million in the third quarter of last year;
|
Financial Outlook
| • |
Management reiterates its prior-issued guidance, with expectations for full year 2020 revenues to be between $135 - $140 million, representing accelerated double-digit
growth over those of 2019.
|
| • |
Management continues to expect to be profitable in the fourth quarter this year;
|
| • |
Management continues to expect to close additional Recurring Security Revenue deals in 2020 and reiterates that the MAR* (maximum annual revenue potential of concluded
transactions) of new deals expected to be signed in 2020 should exceed $140 million.
|
Management Comment
Erez Antebi, President & CEO of
Allot, commented: “We are very happy with the strong continued growth and solid performance we have shown throughout 2020. While the challenging business environment caused by COVID-19 continues to result in some delays in signing new
contracts, we expect our revenues to continue to grow in the fourth quarter as well. In addition, we are very encouraged by the growing number of operators who see the need to provide consumers and SMBs with the zero touch clientless security
solutions that Allot offers.”
Third quarter 2020 Financial Results Summary
Total revenues for the third
quarter of 2020 were $34.8 million, an increase of 26% compared to $27.6 million in the third quarter of 2019.
Gross profit on a GAAP basis for
the third quarter of 2020 was $23.7 million (gross margin of 68.3%), compared with $19.2 million (gross margin of 69.4%) in the third quarter of 2019, representing a 24% improvement.
Gross profit on a non-GAAP basis
for the third quarter of 2020 was $24.0 million (gross margin of 69.0%), a 24% improvement compared with $19.4 million (gross margin of 70.2%) in the third quarter of 2019.
Net loss on a GAAP basis for the
third quarter of 2020 was $2.4 million, or $0.07 per basic share, compared with a net loss of $2.1 million, or $0.06 per basic share, in the third quarter of 2019.
Non-GAAP net loss for the third
quarter of 2020 was $1.2 million, or $0.03 per basic share, compared with a non-GAAP net loss of $1.9 million, or $0.05 per basic share, in the third quarter of 2019.
Cash and investments as of
September 30, 2020 totaled $107.2 million, compared with $109.2 million, as of June 30, 2020.
# # #
Conference Call & Webcast
The Allot management team will host a conference call to discuss third quarter 2020 earnings results today, November 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: 1-888-642-5032, 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
Additional Resources
Allot Blog: https://www.allot.com/blog
Follow us on Twitter: @allot_ltd
Follow us on LinkedIn: https://www.linkedin.com/company/allot-communications
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 20 million subscribers globally.
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, deferred tax asset adjustment, tax related items, 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: those related to the COVID-19 pandemic, 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
+1 646 201 9246
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
|
Nine Months Ended
|
|||||||||||||||
|
September 30,
|
September 30,
|
|||||||||||||||
|
2020
|
2019
|
2020
|
2019
|
|||||||||||||
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||
|
Revenues
|
$
|
34,752
|
$
|
27,637
|
$
|
96,831
|
$
|
79,533
|
||||||||
|
Cost of revenues
|
11,007
|
8,456
|
28,455
|
24,050
|
||||||||||||
|
Gross profit
|
23,745
|
19,181
|
68,376
|
55,483
|
||||||||||||
|
Operating expenses:
|
||||||||||||||||
|
Research and development costs, net
|
11,741
|
8,091
|
30,836
|
22,898
|
||||||||||||
|
Sales and marketing
|
11,439
|
12,233
|
34,741
|
34,919
|
||||||||||||
|
General and administrative
|
3,076
|
1,096
|
10,671
|
4,724
|
||||||||||||
|
Total operating expenses
|
26,256
|
21,420
|
76,248
|
62,541
|
||||||||||||
|
Operating loss
|
(2,511
|
)
|
(2,239
|
)
|
(7,872
|
)
|
(7,058
|
)
|
||||||||
|
Financial and other income, net
|
646
|
257
|
1,514
|
1,360
|
||||||||||||
|
Loss before income tax expenses
|
(1,865
|
)
|
(1,982
|
)
|
(6,358
|
)
|
(5,698
|
)
|
||||||||
|
Tax expenses
|
528
|
129
|
1,309
|
1,279
|
||||||||||||
|
Net Loss
|
(2,393
|
)
|
(2,111
|
)
|
(7,667
|
)
|
(6,977
|
)
|
||||||||
|
Basic net loss per share
|
$
|
(0.07
|
)
|
$
|
(0.06
|
)
|
$
|
(0.22
|
)
|
$
|
(0.20
|
)
|
||||
|
Diluted net loss per share
|
$
|
(0.07
|
)
|
$
|
(0.06
|
)
|
$
|
(0.22
|
)
|
$
|
(0.20
|
)
|
||||
|
Weighted average number of shares used in
|
||||||||||||||||
|
computing basic net loss per share
|
35,163,221
|
34,348,200
|
34,903,109
|
34,183,272
|
||||||||||||
|
Weighted average number of shares used in
|
||||||||||||||||
|
computing diluted net loss per share
|
35,163,221
|
34,348,200
|
34,903,109
|
34,183,272
|
||||||||||||
|
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
|
Nine Months Ended
|
||||||||||||||||
|
Septemer 30,
|
Septemer 30,
|
||||||||||||||||
|
2020
|
2019
|
2020
|
2019
|
||||||||||||||
|
(Unaudited)
|
(Unaudited)
|
||||||||||||||||
|
GAAP cost of revenues
|
$
|
11,007
|
$
|
8,456
|
$
|
28,455
|
$
|
24,050
|
|||||||||
|
Share-based compensation (1)
|
(89
|
)
|
(67
|
)
|
(242
|
)
|
(188
|
)
|
|||||||||
|
Amortization of intangible assets (2)
|
(152
|
)
|
(237
|
)
|
(456
|
)
|
(701
|
)
|
|||||||||
|
Changes in taxes and headcount related items (4)
|
-
|
75
|
-
|
75
|
|||||||||||||
|
Non-GAAP cost of revenues
|
$
|
10,766
|
$
|
8,227
|
$
|
27,757
|
$
|
23,236
|
|||||||||
|
GAAP gross profit
|
$
|
23,745
|
$
|
19,181
|
$
|
68,376
|
$
|
55,483
|
|||||||||
|
Gross profit adjustments
|
241
|
229
|
698
|
814
|
|||||||||||||
|
Non-GAAP gross profit
|
$
|
23,986
|
$
|
19,410
|
$
|
69,074
|
$
|
56,297
|
|||||||||
|
GAAP operating expenses
|
$
|
26,256
|
$
|
21,420
|
$
|
76,248
|
$
|
62,541
|
|||||||||
|
Share-based compensation (1)
|
(1,177
|
)
|
(747
|
)
|
(3,180
|
)
|
(2,214
|
)
|
|||||||||
|
Amortization of intangible assets (2)
|
-
|
(188
|
)
|
-
|
(565
|
)
|
|||||||||||
|
Income (Expenses) related to M&A activities (3)
|
(48
|
)
|
1,198
|
(82
|
)
|
2,735
|
|||||||||||
|
Changes in taxes and headcount related items (4)
|
-
|
(31
|
)
|
-
|
(31
|
)
|
|||||||||||
|
Non-GAAP operating expenses
|
$
|
25,031
|
$
|
21,652
|
$
|
72,986
|
$
|
62,466
|
|||||||||
|
GAAP financial and other income
|
$
|
646
|
$
|
257
|
$
|
1,514
|
$
|
1,360
|
|||||||||
|
Exchange rate differences*
|
(370
|
)
|
235
|
(468
|
)
|
202
|
|||||||||||
|
Non-GAAP Financial and other income
|
$
|
276
|
$
|
492
|
$
|
1,046
|
$
|
1,562
|
|||||||||
|
GAAP taxes on income
|
$
|
528
|
$
|
129
|
$
|
1,309
|
$
|
1,279
|
|||||||||
|
Tax expenses in respect of net deferred tax asset recorded
|
(112
|
)
|
(16
|
)
|
(187
|
)
|
(49
|
)
|
|||||||||
|
Non-GAAP taxes on income
|
$
|
416
|
$
|
113
|
$
|
1,122
|
$
|
1,230
|
|||||||||
|
GAAP Net Loss
|
$
|
(2,393
|
)
|
$
|
(2,111
|
)
|
$
|
(7,667
|
)
|
$
|
(6,977
|
)
|
|||||
|
Share-based compensation (1)
|
1,266
|
814
|
3,422
|
2,402
|
|||||||||||||
|
Amortization of intangible assets (2)
|
152
|
425
|
456
|
1,266
|
|||||||||||||
|
Expenses (Income) related to M&A activities (3)
|
48
|
(1,198
|
)
|
82
|
(2,735
|
)
|
|||||||||||
|
Changes in taxes and headcount related items (4)
|
-
|
(44
|
)
|
-
|
(44
|
)
|
|||||||||||
|
Exchange rate differences*
|
(370
|
)
|
235
|
(468
|
)
|
202
|
|||||||||||
|
Tax expenses in respect of net deferred tax asset recorded
|
112
|
16
|
187
|
49
|
|||||||||||||
|
Non-GAAP Net Loss
|
$
|
(1,185
|
)
|
$
|
(1,863
|
)
|
$
|
(3,988
|
)
|
$
|
(5,837
|
)
|
|||||
|
GAAP Loss per share (diluted)
|
$
|
(0.07
|
)
|
$
|
(0.06
|
)
|
$
|
(0.22
|
)
|
$
|
(0.20
|
)
|
|||||
|
Share-based compensation
|
0.04
|
0.02
|
0.10
|
0.07
|
|||||||||||||
|
Amortization of intangible assets
|
0.00
|
0.01
|
0.01
|
0.03
|
|||||||||||||
|
Expenses (Income) related to M&A activities
|
0.01
|
(0.03
|
)
|
0.01
|
(0.08
|
)
|
|||||||||||
|
Exchange rate differences*
|
(0.01
|
)
|
0.01
|
(0.01
|
)
|
0.01
|
|||||||||||
|
Non-GAAP Net loss per share (diluted)
|
$
|
(0.03
|
)
|
$
|
(0.05
|
)
|
$
|
(0.11
|
)
|
$
|
(0.17
|
)
|
|||||
|
Weighted average number of shares used in
|
|||||||||||||||||
|
computing GAAP diluted net loss per share
|
35,163,221
|
34,348,200
|
34,903,109
|
34,183,272
|
|||||||||||||
|
Weighted average number of shares used in
|
|||||||||||||||||
|
computing non-GAAP diluted net loss per share
|
35,163,221
|
34,348,200
|
34,903,109
|
34,183,272
|
|||||||||||||
* 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 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
|
Nine Months Ended
|
|||||||||||||||
|
Septemer 30,
|
September 30,
|
|||||||||||||||
|
2020
|
2019
|
2020
|
2019
|
|||||||||||||
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
|
(1) Share-based compensation:
|
||||||||||||||||
|
Cost of revenues
|
$
|
89
|
$
|
67
|
$
|
242
|
$
|
188
|
||||||||
|
Research and development costs, net
|
353
|
234
|
956
|
617
|
||||||||||||
|
Sales and marketing
|
551
|
297
|
1,462
|
907
|
||||||||||||
|
General and administrative
|
273
|
216
|
762
|
690
|
||||||||||||
|
$
|
1,266
|
$
|
814
|
$
|
3,422
|
$
|
2,402
|
|||||||||
|
(2) Amortization of intangible assets
|
||||||||||||||||
|
Cost of revenues
|
$
|
152
|
$
|
237
|
$
|
456
|
$
|
701
|
||||||||
|
Sales and marketing
|
-
|
188
|
-
|
565
|
||||||||||||
|
$
|
152
|
$
|
425
|
$
|
456
|
$
|
1,266
|
|||||||||
|
(3) Expenses (Income) related to M&A activities
|
||||||||||||||||
|
General and administrative
|
$
|
-
|
$
|
(1,561
|
)
|
$
|
-
|
$
|
(3,508
|
)
|
||||||
|
Research and development costs, net
|
48
|
363
|
82
|
773
|
||||||||||||
|
$
|
48
|
$
|
(1,198
|
)
|
$
|
82
|
$
|
(2,735
|
)
|
|||||||
|
(4) Changes in taxes and headcount related items
|
||||||||||||||||
|
Sales and marketing
|
$
|
-
|
$
|
16
|
$
|
-
|
$
|
16
|
||||||||
|
Cost of revenues
|
-
|
(75
|
)
|
-
|
(75
|
)
|
||||||||||
|
General and administrative
|
-
|
15
|
-
|
15
|
||||||||||||
|
$
|
-
|
$
|
(44
|
)
|
$
|
-
|
$
|
(44
|
)
|
|||||||
|
TABLE - 3
|
|
ALLOT LTD.
|
|
AND ITS SUBSIDIARIES
|
|
CONSOLIDATED BALANCE SHEETS
|
|
(U.S. dollars in thousands)
|
|
September 30,
|
December 31,
|
|||||||
|
2020
|
2019
|
|||||||
|
(Unaudited)
|
(Audited)
|
|||||||
|
ASSETS
|
||||||||
|
CURRENT ASSETS:
|
||||||||
|
Cash and cash equivalents
|
$
|
18,191
|
$
|
16,930
|
||||
|
Short-term bank deposits
|
55,376
|
5,557
|
||||||
|
Restricted deposit
|
1,279
|
23,183
|
||||||
|
Available-for-sale marketable securities
|
31,912
|
61,012
|
||||||
|
Trade receivables, net
|
18,945
|
29,008
|
||||||
|
Other receivables and prepaid expenses
|
7,237
|
6,528
|
||||||
|
Inventories
|
15,536
|
10,668
|
||||||
|
Total current assets
|
148,476
|
152,886
|
||||||
|
LONG-TERM ASSETS:
|
||||||||
|
Restricted deposit
|
440
|
10,913
|
||||||
|
Severance pay fund
|
403
|
387
|
||||||
|
Operating lease right-of-use assets
|
5,173
|
6,368
|
||||||
|
Deferred taxes
|
345
|
517
|
||||||
|
Other assets
|
659
|
926
|
||||||
|
Total long-term assets
|
7,020
|
19,111
|
||||||
|
PROPERTY AND EQUIPMENT, NET
|
11,019
|
8,135
|
||||||
|
GOODWILL AND INTANGIBLE ASSETS, NET
|
34,580
|
35,037
|
||||||
|
Total assets
|
$
|
201,095
|
$
|
215,169
|
||||
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
|
CURRENT LIABILITIES:
|
||||||||
|
Trade payables
|
$
|
10,899
|
$
|
11,676
|
||||
|
Deferred revenues
|
22,833
|
36,360
|
||||||
|
Short-term operating lease liabilities
|
3,168
|
3,151
|
||||||
|
Other payables and accrued expenses
|
22,917
|
22,255
|
||||||
|
Total current liabilities
|
59,817
|
73,442
|
||||||
|
LONG-TERM LIABILITIES:
|
||||||||
|
Deferred revenues
|
9,392
|
5,262
|
||||||
|
Long-term operating lease liabilities
|
1,997
|
3,820
|
||||||
|
Accrued severance pay
|
846
|
794
|
||||||
|
Total long-term liabilities
|
12,235
|
9,876
|
||||||
|
SHAREHOLDERS' EQUITY
|
129,043
|
131,851
|
||||||
|
Total liabilities and shareholders' equity
|
$
|
201,095
|
$
|
215,169
|
||||
|
TABLE - 4
|
|
|
ALLOT LTD.
|
|
|
AND ITS SUBSIDIARIES
|
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
(U.S. dollars in thousands)
|
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
September 30,
|
September 30,
|
|||||||||||||||
|
2020
|
2019
|
2020
|
2019
|
|||||||||||||
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||
|
Cash flows from operating activities:
|
||||||||||||||||
|
Net Loss
|
$
|
(2,393
|
)
|
$
|
(2,111
|
)
|
$
|
(7,667
|
)
|
$
|
(6,977
|
)
|
||||
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
||||||||||||||||
|
Depreciation
|
978
|
682
|
2,663
|
1,915
|
||||||||||||
|
Stock-based compensation related to options granted to employees
|
1,266
|
814
|
3,422
|
2,402
|
||||||||||||
|
Amortization of intangible assets
|
152
|
425
|
456
|
1,266
|
||||||||||||
|
Increase (Decrease) in accrued severance pay, net
|
36
|
17
|
36
|
(33
|
)
|
|||||||||||
|
Decrease (Increase) in other assets
|
108
|
111
|
267
|
(166
|
)
|
|||||||||||
|
Decrease in accrued interest and amortization of premium on marketable securities
|
118
|
95
|
346
|
336
|
||||||||||||
|
Changes in operating leases, net
|
(444
|
)
|
(235
|
)
|
(611
|
)
|
147
|
|||||||||
|
Decrease in trade receivables
|
2,579
|
889
|
10,063
|
5,119
|
||||||||||||
|
Increase in other receivables and prepaid expenses
|
(227
|
)
|
(315
|
)
|
(1,146
|
)
|
(689
|
)
|
||||||||
|
Decrease (Increase) in inventories
|
1,730
|
1,483
|
(4,868
|
)
|
1,249
|
|||||||||||
|
Decrease (Increase) in long-term deferred taxes, net
|
68
|
(87
|
)
|
172
|
(269
|
)
|
||||||||||
|
Increase (Decrease) in trade payables
|
3,423
|
686
|
(777
|
)
|
(526
|
)
|
||||||||||
|
Increase (Decrease) in employees and payroll accruals
|
(47
|
)
|
(953
|
)
|
(348
|
)
|
587
|
|||||||||
|
Increase (Decrease) in deferred revenues
|
(7,940
|
)
|
16,437
|
(9,397
|
)
|
17,760
|
||||||||||
|
Increase (Decrease) in other payables, accrued expenses and other long term liabilities
|
453
|
(3,474
|
)
|
970
|
(9,504
|
)
|
||||||||||
|
Net cash provided by (used in) operating activities
|
(140
|
)
|
14,464
|
(6,419
|
)
|
12,617
|
||||||||||
|
Cash flows from investing activities:
|
||||||||||||||||
|
Decrease (Increase) in restricted deposit
|
21,875
|
(10,002
|
)
|
32,377
|
(10,043
|
)
|
||||||||||
|
Redemption of (Investment in) short-term deposits
|
(40,376
|
)
|
9,067
|
(49,819
|
)
|
13,986
|
||||||||||
|
Purchase of property and equipment
|
(1,851
|
)
|
(1,313
|
)
|
(5,547
|
)
|
(2,790
|
)
|
||||||||
|
Investment in available-for sale marketable securities
|
-
|
(7,192
|
)
|
(375
|
)
|
(31,796
|
)
|
|||||||||
|
Proceeds from redemption or sale of available-for sale marketable securities
|
7,918
|
8,813
|
29,364
|
32,382
|
||||||||||||
|
Net cash provided by (used in) investing activities
|
(12,434
|
)
|
(627
|
)
|
6,000
|
1,739
|
||||||||||
|
Cash flows from financing activities:
|
||||||||||||||||
|
Exercise of employee stock options
|
223
|
111
|
1,680
|
773
|
||||||||||||
|
Net cash provided by financing activities
|
223
|
111
|
1,680
|
773
|
||||||||||||
|
Increase (Decrease) in cash and cash equivalents
|
(12,351
|
)
|
13,948
|
1,261
|
15,129
|
|||||||||||
|
Cash and cash equivalents at the beginning of the period
|
30,542
|
17,517
|
16,930
|
16,336
|
||||||||||||
|
Cash and cash equivalents at the end of the period
|
$
|
18,191
|
$
|
31,465
|
$
|
18,191
|
$
|
31,465
|
||||||||