FORM 6 – K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report on Foreign Issuer

Pursuant to Rule 13a – 16 or 15d – 16
of the Securities Exchange Act of 1934

For the Month of August, 2024

Gilat Satellite Networks Ltd
(Translation of Registrant’s Name into English)

Gilat House, Yegia Kapayim Street
Daniv Park, Kiryat Arye, Petah Tikva, Israel
(Address of Principal Corporate 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 whether the registrant by furnishing the information contained in this form 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):   N/A


On August 7, 2024, the Registrant issued a press release announcing its unaudited second-quarter 2024 results. A copy of this press release is furnished herewith.

The attached press release is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.

Signature

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.

 
Gilat Satellite Networks Ltd.
(Registrant)
 
 
 
 
 
Dated August 7, 2024
By:
/s/ Doron Kerbel
 
 
 
Doron Kerbel
 
 
 
General Counsel & Company Secretary
 

2

 
Gilat Reports Second Quarter 2024 Results
 
Revenue Increased by 13% Year-over-Year,
 
GAAP Operating Income of $2.8 Million and
 
Adjusted EBITDA of $10.1 Million
  
Petah Tikva, Israel, August 7, 2024 — Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, today reported its results for the second quarter, ended June 30, 2024.
 
Second Quarter 2024 Financial Highlights
 
•
Revenue of $76.6 million, up 13% compared with $67.6 million in Q2 2023;
 
•
GAAP operating income of $2.8 million, compared with $5.4 million in Q2 2023;
 

 o
The decline is mainly attributable to the acquisition-related expenses, amortization of purchased intangibles, and earnout-based expenses related to DataPath acquisition;
 
•
Non-GAAP operating income of $7.3 million, up 21% compared with $6.1 million in Q2 2023;
 
•
GAAP net income of $1.3 million, or $0.02 per diluted share, compared with $4.3  million, or $0.08 per diluted share, in Q2 2023;
 
• Non-GAAP net income of $5.6 million, or $0.10 per diluted share, up 13%  compared with $4.9 million, or $0.09 per diluted share, in Q2 2023;
 
• Adjusted EBITDA of $10.1 million, up 10% compared with $9.2 million in Q2 2023.
 
3
 
Forward-Looking Expectations
 
The Company today reiterated its formerly issued guidance expectations for 2024.
 
Expectations are for revenue between $305 and $325 million, representing year-over-year growth of 18% at the midpoint. GAAP operating income is expected to be between $15 and $19 million, and Adjusted EBITDA is expected to be between $40 and $44 million, representing year-over-year growth of 15% at the mid-point.
 
This Guidance does not include any contribution expected from the acquisition of Stellar Blu. However given Stellar Blu has already begun delivering its antennas, and assuming closing will happen during the beginning of Q4, we estimate SBS revenues will add between $25 to $35 million in Q4.
 
Management Commentary
 
Adi Sfadia, Gilat's CEO, commented: "We are pleased with our results for the second quarter. Our business continues to perform well and we are on track with our expectations for 2024. The pipeline of potential orders throughout our business continues to broaden, supported by our next-generation platform and growth engines. In particular, we are pleased with the solid traction we are experiencing in the growing defense satellite communications segment, a strategic growth vector for us. This is strongly supported by our DataPath subsidiary acquired at the end of last year, which has already proven itself as a successful acquisition and key contributor to our success this quarter."
 
Mr. Sfadia added, "We recently took a major strategic step and announced our intention to acquire Stellar Blu, a leader and first-to-market in delivering Electronically Steerable Antenna for the In-Flight-Connectivity market. Given Stellar Blu has already begun delivering its antennas we now expect Stellar Blu to add between $120-$150 million in revenue in 2025 and be accretive to our Non-GAAP results. Furthermore, we estimate that once Stellar Blu reaches its target manufacturing capacity during the second half of 2025, its EBITDA margin will be above 10%”.
 
Mr. Sfadia concluded, “With Stellar Blu on board, we will become the leader in the ESA IFC market, which we believe is set to explode in popularity and become widely adopted in the coming years. I believe that this acquisition will transform Gilat into a high-growth company for many years to come, providing us with a highly attractive portfolio of ESA products and technologies. We are very excited about the significant potential this acquisition holds for Gilat.”
 
Key Recent Announcements
 

•
Gilat Awarded Over $9M for its GEO and NGSO Satellite Communications Solutions
 

•
Gilat Awarded Over $5M by a National Defense Organization for the Upgrade of Transportable SATCOM Network Hubs
 

•
Gilat Receives Over $10M Contract Extension for Cellular Backhaul Services
 
4


 •
Gilat Awarded Over $9M to Support Critical Connectivity Requirements for the US Department of Defense
 

•
Gilat Receives over $14M in Orders Expanding Further into the IFC Market
 

•
Gilat to Acquire Stellar Blu, an IFC Market Leader with a First-to-Market ESA-Based Solution for Commercial Aviation
 

•
Nicole Robinson Appointed President of DataPath Inc.
 
 
Conference Call Details
 
Gilat’s management will discuss its second quarter 2024 results and business achievements and participate in a question-and-answer session:

Date: Wednesday, August 7, 2024
Start: 09:30 AM EDT / 16:30 IDT
Dial-in:
US: 1-888-407-2553
International: +972-3-918-0609
 
A simultaneous webcast of the conference call will be available on the Gilat website at www.gilat.com and through this link: https://veidan.activetrail.biz/gilatq2-2024
 
The webcast will also be archived for a period of 30 days on the Company’s website and through the link above.
 
Non-GAAP Measures
 
The attached summary unaudited financial statements were prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). To supplement the consolidated financial statements presented in accordance with GAAP, the Company presents non-GAAP presentations of gross profit, operating expenses, operating income, income before taxes on income, net income, Adjusted EBITDA, and earnings per share. The adjustments to the Company’s GAAP results are made with the intent of providing both management and investors with a more complete understanding of the Company’s underlying operational results, trends, and performance. Non-GAAP financial measures mainly exclude, if and when applicable, the effect of stock-based compensation expenses, amortization of purchased intangibles, lease incentive amortization, other non-recurring expenses, other integration expenses, other operating expenses (income), net, one-time changes of deferred tax assets and income tax effect on the relevant adjustments.
 
Adjusted EBITDA is presented to compare the Company’s performance to that of prior periods and evaluate the Company’s financial and operating results on a consistent basis from period to period. The Company also believes this measure, when viewed in combination with the Company’s financial results prepared in accordance with GAAP, provides useful information to investors to evaluate ongoing operating results and trends. Adjusted EBITDA, however, should not be considered as an alternative to operating income or net income for the period and may not be indicative of the historic operating results of the Company; nor is it meant to be predictive of potential future results. Adjusted EBITDA is not a measure of financial performance under GAAP and may not be comparable to other similarly titled measures for other companies. Reconciliation between the Company's net income and adjusted EBITDA is presented in the attached summary financial statements.
 
Non-GAAP presentations of gross profit, operating expenses, operating income, income before taxes on income, net income, adjusted EBITDA and earnings per share should not be considered in isolation or as a substitute for any of the consolidated statements of operations prepared in accordance with GAAP, or as an indication of Gilat’s operating performance or liquidity.
 
5

About Gilat
 
Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global provider of satellite-based broadband communications. With over 35 years of experience, we create and deliver deep technology solutions for satellite, ground and new space connectivity and provide comprehensive, secure end-to-end solutions and services for mission-critical operations, powered by our innovative technology. We believe in the right of all people to be connected and are united in our resolution to provide communication solutions to all reaches of the world.
 
Our portfolio includes a diverse offering to deliver high value solutions for multiple orbit constellations with very high throughput satellites (VHTS) and software defined satellites (SDS). Our offering is comprised of a cloud-based platform and high-performance satellite terminals; high performance Satellite On-the-Move (SOTM) antennas; highly efficient, high-power Solid State Power Amplifiers (SSPA) and Block Upconverters (BUC) and includes integrated ground systems for commercial and defense, field services, network management software, and cybersecurity services.
 
Gilat’s comprehensive offering supports multiple applications with a full portfolio of products and tailored solutions to address key applications including broadband access, mobility, cellular backhaul, enterprise, defense, aerospace, broadcast, government, and critical infrastructure clients all while meeting the most stringent service level requirements. For more information, please visit: www.gilat.com
 
Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words “estimate”, “project”, “intend”, “expect”, “believe” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause the actual results, performance or achievements of Gilat to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic and business conditions, inability to maintain market acceptance to Gilat’s products, inability to timely develop and introduce new technologies, products and applications, rapid changes in the market for Gilat’s products, loss of market share and pressure on prices resulting from competition, introduction of competing products by other companies, inability to manage growth and expansion, loss of key OEM partners, inability to attract and retain qualified personnel, inability to protect the Company’s proprietary technology and risks associated with Gilat’s international operations and its location in Israel, including those related to the current terrorist attacks by Hamas, and the war and hostilities between Israel and Hamas and Israel and Hezbollah. For additional information regarding these and other risks and uncertainties associated with Gilat’s business, reference is made to Gilat’s reports filed from time to time with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements for any reason.
 
Contact:
 
Gilat Satellite Networks
Hagay Katz, Chief Products and Marketing Officer
hagayk@gilat.com

Gilat Satellite Networks
Mayrav Sher, Head of Finance and Investor Relations
mayravs@gilat.com

EK Global IR
Ehud Helft, Managing Partner
ehud@ekgir.com

6

GILAT SATELLITE NETWORKS LTD.
CONSOLIDATED STATEMENTS OF INCOME
U.S. dollars in thousands (except share and per share data)

 
  
Six months ended
    
Three months ended
 
 
  
June 30,
   
June 30,
 
 
  
2024
    
2023
    
2024
    
2023
  
 
  
Unaudited
    
Unaudited
  
 
                        
Revenues
  
$
152,709
    
$
126,551
    
$
76,631
    
$
67,589
  
Cost of revenues
    
98,082
      
76,330
      
50,058
      
42,053
  
 
                                
Gross profit
    
54,627
      
50,221
      
26,573
      
25,536
  
 
                                
Research and development expenses, net
    
18,547
      
19,003
      
9,228
      
9,384
  
Selling and marketing expenses
    
14,109
      
11,941
      
7,032
      
5,932
  
General and administrative expenses
    
14,514
      
9,155
      
6,437
      
4,724
  
Other operating expenses (income), net
    
(725
)
    
(2,340
)
    
1,085
      
47
  
 
                                
Total operating expenses
    
46,445
      
37,759
      
23,782
      
20,087
  
 
                                
Operating income
    
8,182
      
12,462
      
2,791
      
5,449
  
 
                                
Financial income (expenses), net
    
779
      
(735
)
    
266
      
(586
)
 
                                
Income before taxes on income
    
8,961
      
11,727
      
3,057
      
4,863
  
 
                                
Taxes on income
    
(2,695
)
    
(1,822
)
    
(1,755
)
    
(538
)
 
                                
Net income
  
$
6,266
    
$
9,905
    
$
1,302
    
$
4,325
  
 
                                
Earnings per share (basic and diluted)
  
$
0.11
    
$
0.17
    
$
0.02
    
$
0.08
  
 
                                
Weighted average number of shares used in
                                
computing earnings per share
                                
Basic
    
57,016,808
      
56,615,714
      
57,017,032
      
56,617,943
  
Diluted
    
57,016,808
      
56,622,204
      
57,017,032
      
56,620,977
  

7

GILAT SATELLITE NETWORKS LTD.
RECONCILIATION BETWEEN GAAP AND NON-GAAP CONSOLIDATED STATEMENTS OF INCOME
FOR COMPARATIVE PURPOSES
U.S. dollars in thousands (except share and per share data)
    

   
Three months ended
    
Three months ended
  
   
June 30, 2024
    
June 30, 2023
  
   
GAAP
    
Adjustments (*)
    
Non-GAAP
    
GAAP
    
Adjustments (*)
    
Non-GAAP
  
   
Unaudited
    
Unaudited
  
                                     
Gross profit
  
$
26,573
    
$
1,617
    
$
28,190
    
$
25,536
    
$
95
    
$
25,631
  
Operating expenses
    
23,782
      
(2,914
)
    
20,868
      
20,087
      
(513
)
    
19,574
  
Operating income
    
2,791
      
4,531
      
7,322
      
5,449
      
608
      
6,057
  
Income before taxes on income
     3,057      
4,531
        7,588      
4,863
      
608
      
5,471
  
Net income
  
$
1,302
    
$
4,253
    
$
5,555
    
$
4,325
    
$
608
    
$
4,933
  
                                                 
Earnings per share (basic and diluted)
   $
0.02
     $
0.08
      $
0.10
    
$
0.08
    
$
0.01
    
$
0.09
  
                                                 
Weighted average number of shares used in
                  
computing earnings per share
                          
    Basic
    
57,017,032
              
57,017,032
      
56,617,943
              
56,617,943
  
    Diluted
    
57,017,032
              
57,017,032
      
56,620,977
              
56,620,977
  

 
(*) Adjustments reflect the effect of stock-based compensation expenses as per ASC 718, amortization of purchased intangibles, other operating expenses, net, other non-recurring expenses, other integration expenses and income tax effect on such adjustments which is calculated using the relevant effective tax rate.

 
  

Three months ended
    
Three months ended
  
           
June 30, 2024
                  
June 30, 2023
          
 
          
Unaudited
                  
Unaudited
          
 
                                              
GAAP net income
          
$
1,302
                  
$
4,325
          
 
                                              
Gross profit
                                              
Stock-based compensation expenses
            
150
                    
95
          
Amortization of purchased intangibles
            
920
                    
-
          
Other non-recurring expenses
            
466
                    
-
          
Other integration expenses
            
81
                    
-
          
 
            
1,617
                    
95
          
Operating expenses
                                              
Stock-based compensation expenses
            
705
                    
417
          
Stock-based compensation expenses related to business combination
      
842
              
      -
         
Amortization of purchased intangibles
            
267
                      
49
          
Other operating expenses, net
            
1,085
                      
47
          
Other integration expenses
            
15
                      
-
          
 
            
2,914
                      
513
          
 
                                                
Taxes on income
            
(278
)
                    
-
          
 
                                                
Non-GAAP net income
          
$
5,555
                    
$
4,933
          

8

GILAT SATELLITE NETWORKS LTD.
                
RECONCILIATION BETWEEN GAAP AND NON-GAAP CONSOLIDATED STATEMENTS OF INCOME
FOR COMPARATIVE PURPOSES
                
U.S. dollars in thousands (except share and per share data)
        

   
Six months ended
    
Six months ended
  
   
June 30, 2024
    
June 30, 2023
  
   
GAAP
    
Adjustments (*)
    
Non-GAAP
    
GAAP
    
Adjustments (*)
    
Non-GAAP
  
   
Unaudited
    
Unaudited
  
                                     
Gross profit
  
$
54,627
    
$
2,343
    
$
56,970
    
$
50,221
    
$
170
    
$
50,391
  
Operating expenses
    
46,445
      
(3,413
)
    
43,032
      
37,759
      
1,296
      
39,055
  
Operating income
    
8,182
      
5,756
      
13,938
      
12,462
      
(1,126
)
    
11,336
  
Income before taxes on income

8,961


5,756


14,717


11,727


(1,126
 )

10,601
  
Net income
  
$
6,266
    
$
5,303
    
$
11,569
    
$
9,905
    
$
(1,126
)
  
$
8,779
  
                                                 
Earnings per share (basic and diluted)
   $
0.11     $
0.09    
$
0.20
    
$
0.17
    
$
(0.01
)
  
$
0.16
  
                                                 
Weighted average number of shares used in
                          
computing earnings per share
                                  
     Basic
    
57,016,808
              
57,016,808
      
56,615,714
              
56,615,714
  
     Diluted
    
57,016,808
              
57,062,883
      
56,622,204
              
56,622,204
  

 
(*) Adjustments reflect the effect of stock-based compensation expenses as per ASC 718, amortization of purchased intangibles, other operating income, net, other non-recurring expenses, other integration expenses and income tax effect on such adjustments which is calculated using the relevant effective tax rate.

 
  
Six months ended
    
Six months ended
  
           
June 30, 2024
                    
June 30, 2023
          
 
          
Unaudited
                    
Unaudited
          
 
                                                
GAAP net income
          
$
6,266
                    
$
9,905
          
 
                                                
Gross profit
                                                
Stock-based compensation expenses
            
300
                      
170
          
Amortization of purchased intangibles
            
1,427
                      
-
          
Other non-recurring expenses
            
466
                      
-
          
Other integration expenses
            
150
                      
-
          
             
2,343
                      
170
          
Operating expenses
                                                
Stock-based compensation expenses
            
1,422
                      
944
          
Stock-based compensation expenses related to business combination
      
2,166
                        -          
Amortization of purchased intangibles
            
524
                      
100
          
Other operating income, net
            
(725
)
                    
(2,340
)
        
Other integration expenses
            
26
                      
-
          
             
3,413
                      
(1,296
)
        
 
                                                
Taxes on income
            
(453
)
                    
-
          
 
                                                
Non-GAAP net income
          
$
11,569
                    
$
8,779
          

9

GILAT SATELLITE NETWORKS LTD.
SUPPLEMENTAL INFORMATION
U.S. dollars in thousands

ADJUSTED EBITDA:
                        
 
                        
 
  
Six months ended
    
Three months ended
  
 
  
June 30,
   
June 30,
 
 
  
2024
    
2023
    
2024
    
2023
  
 
  
Unaudited
    
Unaudited
  
 
                        
GAAP net income
  
$
6,266
    
$
9,905
    
$
1,302
    
$
4,325
  
Adjustments:
                                
Financial expenses (income), net
    
(779
)
    
735
      
(266
)
    
586
  
Taxes on income
    
2,695
      
1,822
      
1,755
      
538
  
Stock-based compensation expenses
    
1,722
      
1,114
      
855
      
512
  
Stock-based compensation expenses related to business combination
    
2,166
      
-
      
842
      
-
  
Depreciation and amortization (*)
    
7,443
      
6,335
      
3,963
      
3,172
  
Other operating expenses (income), net
    
(725
)
    
(2,340
)
    
1,085
      
47
  
Other non-recurring expenses
    
466
      
-
      
466
      
-
  
Other integration expenses
    
176
      
-
      
96
      
-
  
 
                                
Adjusted EBITDA
  
$
19,430
    
$
17,571
    
$
10,098
    
$
9,180
  

(*) Including amortization of lease incentive
                                

SEGMENT REVENUES:
                                
 
                                
 
  
Six months ended
    
Three months ended
  
 
  
June 30,
    
June 30,
 
 
  
2024
    
2023
    
2024
    
2023
  
 
  
Unaudited
    
Unaudited
  
 
                                
Satellite Networks
  
$
97,378
    
$
74,273
    
$
50,605
    
$
40,727
  
Integrated Solutions
    
24,619
      
25,619
      
12,969
      
12,700
  
Network Infrastructure and Services
    
30,712
      
26,659
      
13,057
      
14,162
  
 
                                
Total revenues
  
$
152,709
    
$
126,551
    
$
76,631
    
$
67,589
  

10

GILAT SATELLITE NETWORKS LTD.
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands

 
  
June 30,
    
December 31,
  
 
  
2024
    
2023
  
 
  
Unaudited
    
Audited
  
 
            
ASSETS
            
 
            
CURRENT ASSETS:
            
Cash and cash equivalents
  
$
93,667
    
$
103,961
  
Restricted cash
    
1,030
      
736
  
Trade receivables, net
    
62,217
      
44,725
  
Contract assets
    
26,041
      
28,327
  
Inventories
    
36,774
      
38,525
  
Other current assets
    
20,016
      
24,299
  
 
                
   Total current assets
    
239,745
      
240,573
  
 
                
LONG-TERM ASSETS:
                
Restricted cash
    
54
      
54
  
Long-term contract assets
    
8,587
      
9,283
  
Severance pay funds
    
5,607
      
5,737
  
Deferred taxes
    
9,760
      
11,484
  
Operating lease right-of-use assets
    
4,910
      
5,105
  
Other long-term assets
    
8,120
      
9,544
  
 
                
Total long-term assets
    
37,038
      
41,207
  
 
                
PROPERTY AND EQUIPMENT, NET
    
71,168
      
74,315
  
 
                
INTANGIBLE ASSETS, NET
    
14,238
      
16,051
  
 
                
GOODWILL
    
54,740
      
54,740
  
 
                
TOTAL ASSETS
  
$
416,929
    
$
426,886
  

11

GILAT SATELLITE NETWORKS LTD.
CONSOLIDATED BALANCE SHEETS (Cont.)
U.S. dollars in thousands

   
June 30,
    
December 31,
  
   
2024
    
2023
  
   
Unaudited
    
Audited
  
             
LIABILITIES AND SHAREHOLDERS' EQUITY
            
             
CURRENT LIABILITIES:
            
Short-term debt
  
$
129
    
$
7,453
  
Trade payables
    
17,585
      
13,873
  
Accrued expenses
    
48,621
      
51,906
  
Advances from customers and deferred revenues
    
25,188
      
34,495
  
Operating lease liabilities
    
2,622
      
2,426
  
Other current liabilities
    
18,079
      
16,431
  
                 
   Total current liabilities
    
112,224
      
126,584
  
                 
LONG-TERM LIABILITIES:
                
Long-term loan
    
2,000
      
2,000
  
Accrued severance pay
    
6,467
      
6,537
  
Long-term advances from customers and deferred revenues
    
912
      
1,139
  
Operating lease liabilities
    
2,430
      
3,022
  
Other long-term liabilities
    
10,141
      
12,916
  
                 
   Total long-term liabilities
    
21,950
      
25,614
  
                 
SHAREHOLDERS' EQUITY:
                
Share capital - ordinary shares of NIS 0.2 par value
    
2,733
      
2,733
  
Additional paid-in capital
    
940,520
      
937,591
  
Accumulated other comprehensive loss
    
(6,443
)
    
(5,315
)
Accumulated deficit
    
(654,055
)
    
(660,321
)
                 
Total shareholders' equity
    
282,755
      
274,688
  
                 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
  
$
416,929
    
$
426,886
  

12

GILAT SATELLITE NETWORKS LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands

   
Six months ended
    
Three months ended
  
   
June 30,
    
June 30,
  
   
2024
    
2023
    
2024
    
2023
  
   
Unaudited
    
Unaudited
  
                         
Cash flows from operating activities:
                        
Net income
  
$
6,266
    
$
9,905
    
$
1,302
    
$
4,325
  
Adjustments required to reconcile net income to net cash provided by operating activities:
          
Depreciation and amortization
    
7,333
      
6,222
      
3,908
      
3,115
  
Stock-based compensation *)
    
3,888
      
1,114
      
1,697
      
512
  
Accrued severance pay, net
    
60
      
196
      
115
      
(101
)
Deferred taxes, net
    
1,724
      
1,820
      
1,273
      
694
  
Decrease (increase) in trade receivables, net
    
(17,734
)
    
9,398
      
(8,937
)
    
2,907
  
Decrease (increase) in contract assets
    
2,982
      
8,378
      
(3,266
)
    
3,461
  
Decrease in other assets and other adjustments (including short-term, long-term and effect of
exchange rate changes on cash and cash equivalents)
    
5,512
      
243
      
2,005
      
3,010
  
Decrease (increase) in inventories, net
    
974
      
(7,895
)
    
4,167
      
(272
)
Increase (decrease) in trade payables
    
3,579
      
(4,240
)
    
4,245
      
(6,229
)
Decrease in accrued expenses
    
(2,229
)
    
(5,039
)
    
(989
)
    
(2,840
)
Increase (decrease) in advances from customers and deferred revenues
    
(9,486
)
    
3,124
      
(6,732
)
    
7,593
  
Decrease in other liabilities
    
(2,177
)
    
(15,009
)
    
(2,316
)
    
(14,161
)
Net cash provided by (used in) operating activities
    
692
      
8,217
      
(3,528
)
    
2,014
  
                                 
Cash flows from investing activities:
                                
Purchase of property and equipment
    
(2,650
)
    
(6,556
)
    
(1,857
)
    
(3,524
)
Net cash used in investing activities
    
(2,650
)
    
(6,556
)
    
(1,857
)
    
(3,524
)
                                 
Cash flows from financing activities:
                                
Repayment of credit facility, net
    
(7,453
)
    
-
      
(4,709
)
    
-
  
Repayments of short-term debts
    
(1,340
)
    
-
      
(1,340
)
    
-
  
Proceeds from short-term debts
    
1,469
      
-
      
1,469
      
-
  
Net cash used in financing activities
    
(7,324
)
    
-
      
(4,580
)
    
-
  
                                 
Effect of exchange rate changes on cash, cash equivalents and restricted cash
    
(718
)
    
(1,010
)
    
(450
)
    
(433
)
                                 
Increase (decrease) in cash, cash equivalents and restricted cash
    
(10,000
)
    
651
      
(10,415
)
    
(1,943
)
                                 
Cash, cash equivalents and restricted cash at the beginning of the period
    
104,751
      
87,145
      
105,166
      
89,739
  
                                 
Cash, cash equivalents and restricted cash at the end of the period
  
$
94,751
    
$
87,796
    
$
94,751
    
$
87,796
  

*) Stock-based compensation including expenses related to business combination in the amounts of $2,166 and $842 for the six months and three months ended June 30, 2024, respectively.

13
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