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 2015
Commission File Number: 001-33129
Allot Communications Ltd.
(Translation of registrant's name into English)
22 Hanagar Street
Neve Ne’eman Industrial Zone B
Hod-Hasharon 4501317
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 x Form 40-F o
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 o No x
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 10, 2015, Allot Communications Ltd. issued a press release announcing the quarterly results for the fourth quarter of 2014 and full year 2014.
A copy of the press release entitled “Allot Communications Reports Fourth Quarter and full Year 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.
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Allot Communications Ltd.
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By:
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/s/ Shmuel Arvatz | |
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Shmuel Arvatz
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Chief Financial Officer
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Date: February 10, 2015
2
EXHIBIT INDEX
The following exhibits have been filed as part of this Form 6-K:
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Exhibit
99.1
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Description
Allot Communications Reports Fourth Quarter and full Year Financial Results
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3
Exhibit 99.1
Allot Communications Reports Fourth Quarter and full Year Financial Results
Non-GAAP Quarterly Revenues Increases 12% year over year reaching $30.6 million
bringing non-GAAP Yearly Revenues to $117.2 million.
Hod Hasharon, Israel - February 10, 2015 - Allot Communications Ltd. (NASDAQ: ALLT), a leading supplier of service optimization and revenue generation solutions for fixed and mobile broadband operators and cloud providers worldwide, today announced its fourth quarter and year end 2014 results.
Q4 2014 – Financial Highlights:
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·
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Non-GAAP Revenues were $30.6 million, up 12% year over year and 2% sequentially
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Non-GAAP Gross Margin reached 77%
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Non-GAAP Operating Margin was 10%
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·
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Book-to-bill slightly above one
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·
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The Company generated $8.1 million of Operating Cash Flow
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·
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Net Cash as of December 31, 2014 totaled $132.5 million
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2014 – Financial Highlights:
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·
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Non-GAAP Revenues were $117.2 million, up 21% year over year
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Non-GAAP Gross Margin reached 75%
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Non-GAAP Operating Margin was 8%
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Book-to-bill above one
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The Company generated $15.8 million of Operating Cash Flow
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Q4 Financial results:
On a GAAP basis, total revenues for the fourth quarter of 2014 were $30.6 million compared to $30.1 million of revenue reported for the third quarter of 2014 and $27.3 million of revenue reported for the fourth quarter of 2013. Net loss for the fourth quarter of 2014 was $2.3 million, or $0.07 per basic and diluted share. This compares with net income of $0.8 million, or $0.02 per basic and diluted share, in the third quarter of 2014 and net income of $1.2 million, or $0.04 per basic and diluted share, in the fourth quarter of 2013. During the fourth quarter, the Company recorded an inventory write-off of $2.9 million in connection with product cycle refresh and mostly due to the introduction of the Tera product line.
On a non-GAAP basis, total revenues for the fourth quarter of 2014 reached $30.6 million, compared with $30.1 million of revenue reported for the third quarter of 2014 and $27.3 million of revenue reported for the fourth quarter of 2013. On a non-GAAP basis, net income for the fourth quarter of 2014 was $3.4 million, or $0.10 per basic share and $0.10 per diluted share. This compares with non-GAAP net income of $3.1 million, or $0.09 per basic and diluted share, in the third quarter of 2014 and a non-GAAP net income of $3.2 million, or $0.10 per basic and $0.09 per diluted share, in the fourth quarter of 2013.
Q4 2014 - Key Achievements:
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During Q4 2014, 26 large orders were received, 11 of which were from new customers
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6 of the large orders came from mobile-service providers and 17 were from fixed-line service providers
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In addition, 3 large orders were received for private and public cloud deployments
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Allot ServiceProtector Selected by Five Tier-1 Operators to Secure High Capacity Networks from Evolving Cyber Security Threats
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Received 2 orders for its 100GE service gateway Tera and VAS totaling $5 million
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Secured video optimization orders from three new major mobile operators
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2014 financial results
On a GAAP basis total revenues for the full year 2014 reached $117.2 million, compared to $96.6 million in 2013. Net loss for the year 2014 was $2.5 million, or $0.08 per basic and diluted share, as compared with net loss of $6.5 million, or $0.20 per basic and diluted share, in 2013.
On a non-GAAP basis total revenues for the full year 2014 reached $117.2 million, compared with $97.1 million of revenue reported for the full year 2013. Net income for the full year 2014 reached $10.5 million, or $0.31 per basic share and $0.32 per diluted share. This compares with non-GAAP net income of $4.0 million, or $0.12 per basic share and $0.12 per diluted share, reported for the full year 2013.
"During 2014 we continued to grow our VAS business segment mainly in the monetization and security categories. We are highly encouraged by the growth in demand we are experiencing for our security business from leading Tier-1 service providers, globally. VAS accounted for 37% of the fourth quarter booking and we expect this trend to continue going into 2015. One of the major achievements of the fourth quarter is the breadth of large deals, 26 in total, of which 11 large deals are from new customers, "said Andrei Elefant, President & CEO of Allot Communications. "While book to bill was slightly above one, we demonstrated additional improvement in our gross margin and generated more than $8 million of operating cash flow. During 2015, we expect the current trends of monetization and intensifying demand for security services to continue to serve as a key catalyst for our growth."
# # #
Conference Call & Webcast:
The Allot management team will host a conference call to discuss fourth quarter and year end 2014 earnings results today at 8:30 AM ET, 3:30 p.m. Israel time. To access the conference call, please dial one of the following numbers: US: +12124440896, UK: +44(0)2034271908, Israel: +97237630145, participant code 5290975.
A replay of the conference call will be available from 12:00 AM ET on February 11 2014 for 30 days. To access the replay, please dial: US: +1 347 366 9565; UK: +44(0)2034270598, access code: 5290975. A live webcast of the conference call can be accessed on the Allot Communications website at www.allot.com. The webcast also will be archived on the website following the conference call.
About Allot Communications
Allot Communications Ltd. (NASDAQ, TASE: ALLT) empowers service providers to monetize and optimize their networks, enterprises to enhance productivity and consumers to enjoy an always-on digital lifestyle. Allot’s advanced DPI-based broadband solutions identify and leverage network intelligence to analyze, protect, improve and enrich mobile, fixed and cloud service delivery and user experience. Allot’s unique blend of innovative technology, proven know-how and collaborative approach to industry standards and partnerships enables network operators worldwide to elevate their role in the digital lifestyle ecosystem and to open the door to a wealth of new business opportunities. For more information, please visit www.allot.com.
GAAP to Non-GAAP Reconciliation:
The difference between GAAP and non-GAAP revenues is related to the acquisitions made by the Company and represents revenues adjusted for the impact of the fair value adjustment to acquired deferred revenue related to purchase accounting. Non-GAAP net income is defined as GAAP net income after including deferred revenues related to the fair value adjustment resulting from purchase accounting and excluding stock-based compensation expenses, amortization of acquisition-related intangible assets, inventory write-off expenses, regulatory matter expenses, acquisition-related expenses and compensation expenses related to the acquisitions.
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 are 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 may contain 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 expressed or implied by 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; 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 third party channel partners for a material portion of our revenues; 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:
Rami Rozen
AVP Corporate Development
International access code +972-52-569-4441
rrozen@allot.com
Public Relations Contact:
Maya Lustig
Director Corporate Communications
International access code +972-54-677-8100
mlustig@allot.com
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TABLE - 1
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ALLOT COMMUNICATIONS LTD.
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AND ITS SUBSIDIARIES
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CONSOLIDATED STATEMENTS OF OPERATIONS
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(U.S. dollars in thousands, except share and per share data)
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Three Months Ended
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Year Ended
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|||||||||||||||
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December 31,
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December 31,
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|||||||||||||||
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2014
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2013
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2014
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2013
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|||||||||||||
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(Unaudited)
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(Unaudited)
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(Unaudited)
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(Audited)
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Revenues
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$ | 30,635 | $ | 27,271 | $ | 117,186 | $ | 96,545 | ||||||||
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Cost of revenues
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10,428 | 7,757 | 34,739 | 26,818 | ||||||||||||
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Gross profit
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20,207 | 19,514 | 82,447 | 69,727 | ||||||||||||
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Operating expenses:
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Research and development costs, net
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7,365 | 6,623 | 29,014 | 27,022 | ||||||||||||
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Sales and marketing
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12,055 | 10,113 | 44,599 | 39,817 | ||||||||||||
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General and administrative
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3,325 | 1,707 | 11,941 | 9,952 | ||||||||||||
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Total operating expenses
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22,745 | 18,443 | 85,554 | 76,791 | ||||||||||||
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Operating profit (loss)
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(2,538 | ) | 1,071 | (3,107 | ) | (7,064 | ) | |||||||||
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Financial and other income, net
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200 | 144 | 660 | 727 | ||||||||||||
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Profit (loss) before income tax benefit
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(2,338 | ) | 1,215 | (2,447 | ) | (6,337 | ) | |||||||||
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Tax expenses (benefit)
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(84 | ) | 30 | 50 | 120 | |||||||||||
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Net profit (loss)
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(2,254 | ) | 1,185 | (2,497 | ) | (6,457 | ) | |||||||||
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Basic net profit (loss) per share
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$ | (0.07 | ) | $ | 0.04 | $ | (0.08 | ) | $ | (0.20 | ) | |||||
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Diluted net profit (loss) per share
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$ | (0.07 | ) | $ | 0.04 | $ | (0.08 | ) | $ | (0.20 | ) | |||||
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Weighted average number of shares
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used in computing basic net
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earnings per share
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33,282,942 | 32,816,792 | 33,143,168 | 32,680,766 | ||||||||||||
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Weighted average number of shares
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used in computing diluted net
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earnings per share
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33,282,942 | 33,418,398 | 33,143,168 | 32,680,766 | ||||||||||||
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TABLE - 2
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ALLOT COMMUNICATIONS LTD.
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AND ITS SUBSIDIARIES
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RECONCILATION OF GAAP TO NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
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(U.S. dollars in thousands, except per share data)
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Three Months Ended
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Three Months Ended
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December 31, 2014
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December 31, 2013
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|||||||||||||||
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(Unaudited)
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(Unaudited)
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| $ |
% of Revenues
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$ |
% of Revenues
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GAAP Operating income (loss)
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$ | (2,538 | ) | (8 | )% | $ | 1,071 | 4 | % | |||||||
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Share-based compensation (1)
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2,223 | 1,835 | ||||||||||||||
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Amortization of intangible assets (2)
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471 | 1,148 | ||||||||||||||
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Expenses related to M&A activities
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65 | (1,085 | ) | |||||||||||||
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Fair value adjustment for acquired deferred revenues write down
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11 | 70 | ||||||||||||||
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Inventory write off - cost of revenues
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2,868 | - | ||||||||||||||
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Non-GAAP Operating income
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$ | 3,100 | 10 | % | $ | 3,039 | 11 | % | ||||||||
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GAAP Net income (loss)
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$ | (2,254 | ) | (7 | )% | $ | 1,185 | 4 | % | |||||||
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Share-based compensation (1)
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2,223 | 1,835 | ||||||||||||||
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Amortization of intangible assets (2)
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471 | 1,148 | ||||||||||||||
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Expenses related to M&A activities
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65 | (1,085 | ) | |||||||||||||
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Fair value adjustment for acquired deferred revenues write down
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11 | 70 | ||||||||||||||
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Inventory write off - cost of revenues
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2,868 | - | ||||||||||||||
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Non-GAAP Net income
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$ | 3,384 | 11 | % | $ | 3,153 | 12 | % | ||||||||
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GAAP income (loss) per share (diluted)
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$ | (0.07 | ) | $ | 0.04 | |||||||||||
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Share-based compensation
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0.07 | 0.05 | ||||||||||||||
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Amortization of intangible assets
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0.01 | 0.03 | ||||||||||||||
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Expenses related to M&A activities
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0.00 | -0.03 | ||||||||||||||
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Fair value adjustment for acquired deferred revenues write down
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0.00 | 0.00 | ||||||||||||||
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Inventory write off - cost of revenues
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0.08 | - | ||||||||||||||
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Non-GAAP Net income per share (diluted)
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$ | 0.10 | $ | 0.09 | ||||||||||||
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(1) Share-based compensation:
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Cost of revenues
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$ | 85 | $ | 79 | ||||||||||||
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Research and development costs, net
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487 | 414 | ||||||||||||||
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Sales and marketing
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860 | 691 | ||||||||||||||
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General and administrative
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791 | 651 | ||||||||||||||
| $ | 2,223 | $ | 1,835 | |||||||||||||
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(2) Amortization of intangible assets
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Cost of revenues
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$ | 397 | $ | 1,090 | ||||||||||||
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Sales and marketing
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74 | 58 | ||||||||||||||
| $ | 471 | $ | 1,148 | |||||||||||||
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TABLE - 2 cont.
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ALLOT COMMUNICATIONS LTD.
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AND ITS SUBSIDIARIES
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RECONCILATION OF GAAP TO NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
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(U.S. dollars in thousands, except per share data)
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Year Ended
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Year Ended
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|||||||||||||||
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December 31, 2014
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December 31, 2013
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|||||||||||||||
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(Unaudited)
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(Audited)
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|||||||||||||||
| $ |
% of Revenues
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$ |
% of Revenues
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GAAP Operating loss
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$ | (3,107 | ) | (3 | )% | $ | (7,064 | ) | (7 | )% | ||||||
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Share-based compensation (1)
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8,094 | 7,731 | ||||||||||||||
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Amortization of intangible assets (2)
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1,859 | 2,914 | ||||||||||||||
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Expenses related to M&A activities (3)
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98 | (1,009 | ) | |||||||||||||
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Fair value adjustment for acquired deferred revenues write down
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45 | 530 | ||||||||||||||
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Inventory write off - cost of revenues
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2,868 | - | ||||||||||||||
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Expense related to settlement of OCS grants (Cost of revenues)
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- | 250 | ||||||||||||||
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Non-GAAP Operating income
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$ | 9,857 | 8 | % | $ | 3,352 | 3 | % | ||||||||
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GAAP Net income (loss)
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$ | (2,497 | ) | (2 | )% | $ | (6,457 | ) | (7) | % | ||||||
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Share-based compensation (1)
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8,094 | 7,731 | ||||||||||||||
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Amortization of intangible assets (2)
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1,859 | 2,914 | ||||||||||||||
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Expenses related to M&A activities (3)
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98 | (1,009 | ) | |||||||||||||
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Fair value adjustment for acquired deferred revenues write down
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45 | 530 | ||||||||||||||
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Inventory write off - cost of revenues
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2,868 | - | ||||||||||||||
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Expense related to settlement of OCS grants (Cost of revenues)
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- | 250 | ||||||||||||||
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Non-GAAP Net income
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$ | 10,467 | 9 | % | $ | 3,959 | 4 | % | ||||||||
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GAAP loss per share (diluted)
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$ | (0.08 | ) | $ | (0.20 | ) | ||||||||||
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Share-based compensation
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0.24 | 0.23 | ||||||||||||||
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Amortization of intangible assets
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0.05 | 0.09 | ||||||||||||||
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Expenses related to M&A activities
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0.01 | -0.03 | ||||||||||||||
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Fair value adjustment for acquired deferred revenues write down
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0.01 | 0.02 | ||||||||||||||
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Inventory write off - cost of revenues
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0.08 | - | ||||||||||||||
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Expense related to settlement of OCS grants (Cost of revenues)
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- | 0.01 | ||||||||||||||
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Non-GAAP Net income per share (diluted)
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$ | 0.31 | $ | 0.12 | ||||||||||||
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(1) Share-based compensation:
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Cost of revenues
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$ | 353 | $ | 368 | ||||||||||||
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Research and development costs, net
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1,919 | 1,666 | ||||||||||||||
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Sales and marketing
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3,321 | 3,106 | ||||||||||||||
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General and administrative
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2,501 | 2,591 | ||||||||||||||
| $ | 8,094 | $ | 7,731 | |||||||||||||
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(2) Amortization of intangible assets
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Cost of revenues
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$ | 1,596 | $ | 2,683 | ||||||||||||
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Sales and marketing
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263 | 231 | ||||||||||||||
| $ | 1,859 | $ | 2,914 | |||||||||||||
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(3) Expenses related to M&A activities
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Research and development costs, net
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- | 28 | ||||||||||||||
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Sales and marketing
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- | 12 | ||||||||||||||
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General and administrative
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98 | (1,049 | ) | |||||||||||||
| $ | 98 | $ | (1,009 | ) | ||||||||||||
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TABLE - 3
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ALLOT COMMUNICATIONS LTD.
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AND ITS SUBSIDIARIES
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RECONCILATION OF GAAP TO NON-GAAP CONSOLIDATED REVENUES
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(U.S. dollars in thousands, except share and per share data)
|
|
Three Months Ended
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Year Ended
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|||||||||||||||
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December 31,
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December 31,
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|||||||||||||||
|
2014
|
2013
|
2014
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2013
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|||||||||||||
|
(Unaudited)
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(Unaudited)
|
(Unaudited)
|
(Audited)
|
|||||||||||||
|
GAAP Revenues
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$ | 30,635 | $ | 27,271 | $ | 117,186 | $ | 96,545 | ||||||||
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Fair value adjustment for acquired deferred revenues write down
|
11 | 70 | $ | 45 | $ | 530 | ||||||||||
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Non-GAAP Revenues
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$ | 30,646 | $ | 27,341 | $ | 117,231 | $ | 97,075 | ||||||||
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TABLE - 4
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ALLOT COMMUNICATIONS LTD.
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AND ITS SUBSIDIARIES
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CONSOLIDATED BALANCE SHEETS
|
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(U.S. dollars in thousands)
|
|
December 31,
|
December 31,
|
|||||||
|
2014
|
2013
|
|||||||
|
(Unaudited)
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(Audited)
|
|||||||
|
|
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ASSETS
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CURRENT ASSETS:
|
||||||||
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Cash and cash equivalents
|
$ | 19,180 | $ | 42,813 | ||||
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Short term deposits
|
59,000 | 38,000 | ||||||
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Marketable securities and restricted cash
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54,271 | 40,798 | ||||||
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Trade receivables, net
|
23,759 | 16,908 | ||||||
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Other receivables and prepaid expenses
|
5,383 | 8,218 | ||||||
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Inventories
|
10,109 | 13,798 | ||||||
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Total current assets
|
171,702 | 160,535 | ||||||
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LONG-TERM ASSETS:
|
||||||||
|
Severance pay fund
|
262 | 254 | ||||||
|
Deferred taxes
|
1,716 | 1,602 | ||||||
|
Other assets
|
4,948 | 771 | ||||||
|
Total long-term assets
|
6,926 | 2,627 | ||||||
|
PROPERTY AND EQUIPMENT, NET
|
5,957 | 5,874 | ||||||
|
GOODWILL AND INTANGIBLE ASSETS, NET
|
28,363 | 30,221 | ||||||
|
Total assets
|
$ | 212,948 | $ | 199,257 | ||||
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
|
CURRENT LIABILITIES:
|
||||||||
|
Trade payables
|
$ | 6,300 | $ | 3,191 | ||||
|
Deferred revenues
|
12,704 | 12,504 | ||||||
|
Other payables and accrued expenses
|
14,524 | 10,906 | ||||||
|
Total current liabilities
|
33,528 | 26,601 | ||||||
|
LONG-TERM LIABILITIES:
|
||||||||
|
Deferred revenues
|
4,158 | 2,447 | ||||||
|
Accrued severance pay
|
282 | 282 | ||||||
|
Total long-term liabilities
|
4,440 | 2,729 | ||||||
|
SHAREHOLDERS' EQUITY
|
174,980 | 169,927 | ||||||
|
Total liabilities and shareholders' equity
|
$ | 212,948 | $ | 199,257 | ||||
|
TABLE - 5
|
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ALLOT COMMUNICATIONS LTD.
|
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AND ITS SUBSIDIARIES
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(U.S. dollars in thousands)
|
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
2014
|
2013
|
2014
|
2013
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(Unaudited)
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(Unaudited)
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(Unaudited)
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(Audited)
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Cash flows from operating activities:
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Net income (Loss)
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$ | (2,254 | ) | $ | 1,185 | $ | (2,497 | ) | $ | (6,457 | ) | |||||
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Adjustments to reconcile net income to net cash provided by operating activities:
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Depreciation
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982 | 839 | 3,308 | 3,423 | ||||||||||||
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Stock-based compensation related to options granted to employees
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2,222 | 1,835 | 8,095 | 7,731 | ||||||||||||
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Amortization of intangible assets
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471 | 1,148 | 1,858 | 2,915 | ||||||||||||
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Capital loss
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- | - | - | 18 | ||||||||||||
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Increase in accrued severance pay, net
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(1 | ) | (9 | ) | (8 | ) | (13 | ) | ||||||||
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Decrease (Increase) in other assets
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40 | 1 | 100 | (532 | ) | |||||||||||
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Decease in accrued interest and amortization of premium on marketable securities
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273 | 158 | 793 | 366 | ||||||||||||
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Decrease (Increase) in trade receivables
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1,566 | 6,091 | (6,851 | ) | 3,328 | |||||||||||
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Decrease (Increase) in other receivables and prepaid expenses
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(52 | ) | (413 | ) | (1,321 | ) | (2,749 | ) | ||||||||
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Decrease (Increase) in inventories
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2,933 | (1,729 | ) | 3,689 | (3,835 | ) | ||||||||||
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Decrease (Increase) in long-term deferred taxes, net
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(280 | ) | 162 | (224 | ) | (77 | ) | |||||||||
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Increase (Decrease) in trade payables
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928 | (1,326 | ) | 3,109 | (1,618 | ) | ||||||||||
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Increase (Decrease) in employees and payroll accruals
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665 | (649 | ) | 1,073 | (2,053 | ) | ||||||||||
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Increase (Decrease) in deferred revenues
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234 | 1,825 | 1,911 | (2,823 | ) | |||||||||||
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Increase (Decrease) in other payables and accrued expenses
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342 | (2,102 | ) | 2,800 | (988 | ) | ||||||||||
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Increase in Liability related to settlement of OCS grants
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- | - | - | (15,886 | ) | |||||||||||
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Net cash provided by (used in) operating activities
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8,069 | 7,016 | 15,835 | (19,250 | ) | |||||||||||
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Cash flows from investing activities:
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Increase in restricted deposit
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- | - | - | 146 | ||||||||||||
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Redemption of short-term deposits
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- | - | 29,500 | 40,042 | ||||||||||||
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Investment in short-term deposit
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(20,500 | ) | (14,400 | ) | (50,500 | ) | - | |||||||||
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Purchase of property and equipment
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(878 | ) | (726 | ) | (3,391 | ) | (2,706 | ) | ||||||||
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Investment in marketable securities
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(2,870 | ) | (2,914 | ) | (22,736 | ) | (32,805 | ) | ||||||||
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Proceeds from redemption or sale of marketable securities
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3,502 | 1,650 | 8,266 | 6,461 | ||||||||||||
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Loan provided to third party, net
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152 | - | (2,083 | ) | - | |||||||||||
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Net cash provided by (used in) investing activities
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(20,594 | ) | (16,390 | ) | (40,944 | ) | 11,138 | |||||||||
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Cash flows from financing activities:
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Exercise of employee stock options
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74 | 326 | 1,476 | 899 | ||||||||||||
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Net cash provided by financing activities
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74 | 326 | 1,476 | 899 | ||||||||||||
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Increase in cash and cash equivalents
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(12,451 | ) | (9,048 | ) | (23,633 | ) | (7,213 | ) | ||||||||
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Cash and cash equivalents at the beginning of the period
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31,631 | 51,861 | 42,813 | 50,026 | ||||||||||||
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Cash and cash equivalents at the end of the period
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$ | 19,180 | $ | 42,813 | $ | 19,180 | $ | 42,813 | ||||||||