HOD HASHARON, Israel, Nov. 16,
2023 /PRNewswire/ -- Allot Ltd. (NASDAQ: ALLT)
(TASE: ALLT), a leading global provider of innovative network
intelligence and security solutions for service providers and
enterprises worldwide, today announced its unaudited financial
results for the third quarter ended September 30, 2023.
Q3 Financial Highlights
- Third quarter revenues were $22.6
million;
- SECaaS revenues were $2.8
million; September 2023 SECaaS
ARR* was $10.6 million;
- Third quarter GAAP operating loss was $12.7 million, and non-GAAP operating loss was
$11.1 million;
- Q3 GAAP net loss was $12.4
million, and non-GAAP net loss was $10.8 million;
Financial Outlook
Looking ahead, management expectations are as follows:
- Fourth quarter of 2023 revenues of $20
million to $25 million (of
which SECaaS revenues are expected to be between $3 million to $3.5
million);
- Fourth quarter of 2023 Non-GAAP operating loss of between
$4 million and $6 million
- Fourth quarter of 2023 negative cash flow of between
$5 million and $12 million;
- December 2023 total ARR*,
including SECaaS ARR* and Support & Maintenance ARR*, is
expected to be between $51 million
and $53 million;
Management Comment
Erez Antebi, President &
CEO of Allot, commented, "The macro-economic environment
remains significantly challenging for Allot. One of the
consequences we are experiencing is the resulting added budget
constraints of some of our potential customers which has had a
negative effect on our business.
Last quarter, we announced a cost reduction plan which we are
currently implementing, and consequently, we aim to reduce our
yearly operating expenses in 2024."
Q3 2023 Financial Results Summary
Total revenues for the third quarter of 2023 were
$22.6 million, a decrease of
approximately 10% compared to $25.0
million in the third quarter of 2022.
Gross profit on a GAAP basis for the third quarter
of 2023 was $10.5 million (gross
margin of 46.3%), a 36% decline compared with $16.4 million (gross margin of 65.4%) in the
third quarter of 2022.
Gross profit on a non-GAAP basis for the third
quarter of 2023 was $10.8 million
(gross margin of 47.9%), a 36% decline compared with $16.8 million (gross margin of 67.2%) in the
third quarter of 2022.
The gross margin level for both GAAP and non- GAAP basis in the
current quarter was impacted by an unusually unfavorable product
mix.
Net loss on a GAAP basis for the third quarter of
2023 was $12.4 million, or
$0.32 per basic share, compared with
a net loss of $12.9 million, or
$0.35 per basic share, in the third
quarter of 2022.
Net loss on a non-GAAP for the third quarter of 2023
was $10.8 million, or $0.28 per basic share compared with a
non-GAAP net loss of $10.6 million,
or $0.28 per basic share, in the
third quarter of 2022.
Cash, short-term bank deposits and investments as of
September 30, 2023, totaled
$60.4 million, compared to
$86.4 million as of December 31, 2022.
|
ARR - U.S.
dollars in millions (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Dec.
2021
|
|
Dec.
2022
|
|
Dec. 2023
target
|
|
2022 vs.
2021
|
|
2023 (target) vs.
2022
|
|
Support &
maintenance ARR *
|
42.0
|
|
42.5
|
|
39-40
|
|
1 %
|
|
(8%) -(6%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SECaaS ARR
**
|
|
5.2
|
|
9.2
|
|
12-13
|
|
77 %
|
|
30%-41%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
ARR
|
|
47.2
|
|
51.7
|
|
51-53
|
|
10 %
|
|
(1%)-3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Support &
Maintenance ARR measures the current annual run rate of the support
& maintenance revenues, which is calculated
based on these expected revenues in the fourth quarter and
multiplied by 4.
|
|
** SECaaS ARR measures
the current annual run rate of the SECaaS revenues, which is
calculated based on these expected revenues
in the month of December and multiplied by 12.
|
Conference Call & Webcast:
The Allot management team will host a conference call to discuss
its third quarter 2023 earnings results on November 22, 2023, 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: +972-3-918-0610
A live webcast and, following the end of the call, an archive of
the conference call, will be accessible on the Allot website at:
http://investors.allot.com/index.cfm
About Allot
Allot Ltd. (NASDAQ: ALLT, TASE: ALLT) is a provider of leading
innovative network intelligence and security solutions for service
providers and enterprises worldwide, enhancing value to their
customers. Our solutions are deployed globally for network and
application analytics, traffic control and shaping, network-based
security services, and more. Allot's multi-service platforms are
deployed by over 500 mobile, fixed and cloud service providers and
over 1,000 enterprises. Our industry leading network-based security
as a service solution is already used by many millions of
subscribers globally. Allot. See. Control. Secure.
For more information, visit www.allot.com
Performance Metrics
* Total ARR - Support & Maintenance ARR (measures the
current annual run rate of support & maintenance revenues,
which is calculated based on the revenues for the third quarter of
2023 and multiplied by 4) and SECaaS ARR (measures the current
annual run rate of the SECaaS revenues), which is calculated based
on the revenues in the month of September
2023 and multiplied by 12.
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, exchange rate differences
related to revaluation of assets and liabilities denominated in
non-dollar currencies, other acquisition-related expenses and
changes in taxes related items.
These non-GAAP measures should be considered in addition to, and
not as a substitute for, comparable GAAP measures. The non-GAAP
results and a full reconciliation between GAAP and non-GAAP results
is provided in the accompanying Table 2. The Company provides these
non-GAAP financial measures because it believes they present a
better measure of the Company's core business and management uses
the non-GAAP measures internally to evaluate the Company's ongoing
performance. Accordingly, the Company believes they are useful to
investors in enhancing an understanding of the Company's operating
performance.
Safe Harbor Statement
This release contains forward-looking statements, which express
the current beliefs and expectations of Company management. Such
statements involve a number of known and unknown risks and
uncertainties that could cause our future results, performance or
achievements to differ significantly from the results, performance
or achievements set forth in such forward-looking statements.
Important factors that could cause or contribute to such
differences include risks relating to: our accounts receivables,
including our ability to collect outstanding accounts and assess
their collectability on a quarterly basis; our ability to meet
expectations with respect to our financial guidance and outlook;
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; 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:
EK Global Investor
Relations
Ehud Helft
+1 212 378
8040
allot@ekgir.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,
|
|
2023
|
|
2022
|
|
|
2023
|
|
2022
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
22,635
|
|
$
25,040
|
|
|
$
68,808
|
|
$
89,708
|
|
Cost of
revenues
|
12,165
|
|
8,663
|
|
|
27,523
|
|
28,697
|
|
Gross
profit
|
10,470
|
|
16,377
|
|
|
41,285
|
|
61,011
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Research and
development costs, net
|
9,927
|
|
12,919
|
|
|
31,173
|
|
37,429
|
|
Sales and
marketing
|
10,384
|
|
12,603
|
|
|
31,793
|
|
36,512
|
|
General and
administrative
|
2,822
|
|
3,939
|
|
|
24,340
|
|
12,279
|
|
Total operating
expenses
|
23,133
|
|
29,461
|
|
|
87,306
|
|
86,220
|
|
Operating
loss
|
(12,663)
|
|
(13,084)
|
|
|
(46,021)
|
|
(25,209)
|
|
Financial and other
income, net
|
775
|
|
471
|
|
|
2,554
|
|
1,338
|
|
Loss before income tax
expenses
|
(11,888)
|
|
(12,613)
|
|
|
(43,467)
|
|
(23,871)
|
|
|
|
|
|
|
|
|
|
|
Tax expenses
|
473
|
|
319
|
|
|
988
|
|
1,421
|
|
Net Loss
|
(12,361)
|
|
(12,932)
|
|
|
(44,455)
|
|
(25,292)
|
|
|
|
|
|
|
|
|
|
|
Basic net loss
per share
|
$
(0.32)
|
|
$
(0.35)
|
|
|
$
(1.18)
|
|
$
(0.69)
|
|
|
|
|
|
|
|
|
|
|
Diluted net
loss per share
|
$
(0.32)
|
|
$
(0.35)
|
|
|
$
(1.18)
|
|
$
(0.69)
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares used in
|
|
|
|
|
|
|
|
|
|
computing basic net
loss per share
|
38,173,533
|
|
37,198,187
|
|
|
37,782,281
|
|
36,702,045
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares used in
|
|
|
|
|
|
|
|
|
|
computing diluted net
loss per share
|
38,173,533
|
|
37,198,187
|
|
|
37,782,281
|
|
36,702,045
|
|
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
|
|
|
September
30,
|
|
September
30,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
GAAP cost of
revenues
|
$
12,165
|
|
$
8,663
|
|
$
27,523
|
|
$
28,697
|
|
Share-based
compensation (1)
|
(178)
|
|
(291)
|
|
(1,057)
|
|
(810)
|
|
Amortization of
intangible assets (2)**
|
(195)
|
|
(152)
|
|
(582)
|
|
(456)
|
|
Non-GAAP cost of
revenues
|
$
11,792
|
|
$
8,220
|
|
$
25,884
|
|
$
27,431
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit
|
$
10,470
|
|
$
16,377
|
|
$
41,285
|
|
$
61,011
|
|
Gross profit
adjustments
|
373
|
|
443
|
|
1,639
|
|
1,266
|
|
Non-GAAP gross
profit
|
$
10,843
|
|
$
16,820
|
|
$
42,924
|
|
$
62,277
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
expenses
|
$
23,133
|
|
$
29,461
|
|
$
87,306
|
|
$
86,220
|
|
Share-based
compensation (1)
|
(1,163)
|
|
(1,879)
|
|
(6,177)
|
|
(6,066)
|
|
Non-GAAP
operating expenses
|
$
21,970
|
|
$
27,582
|
|
$
81,129
|
|
$
80,154
|
|
|
|
|
|
|
|
|
|
|
GAAP financial
and other income
|
$
775
|
|
$
471
|
|
$
2,554
|
|
$
1,338
|
|
Expenses related
to M&A activities (3)
|
|
15
|
|
-
|
|
43
|
|
-
|
|
Exchange rate
differences*
|
(47)
|
|
32
|
|
(328)
|
|
(357)
|
|
Non-GAAP
Financial and other income
|
$
743
|
|
$
503
|
|
$
2,269
|
|
$
981
|
|
|
|
|
|
|
|
|
|
|
GAAP taxes on
income
|
$
473
|
|
$
319
|
|
$
988
|
|
$
1,421
|
|
Changes in tax
related items
|
(25)
|
|
(25)
|
|
(75)
|
|
(75)
|
|
Non-GAAP taxes on
income
|
$
448
|
|
$
294
|
|
$
913
|
|
$
1,346
|
|
|
|
|
|
|
|
|
|
|
GAAP Net
Loss
|
$
(12,361)
|
|
$ (12,932)
|
|
$ (44,455)
|
|
$ (25,292)
|
|
Share-based
compensation (1)
|
1,341
|
|
2,170
|
|
7,234
|
|
6,876
|
|
Amortization of
intangible assets (2)**
|
195
|
|
152
|
|
582
|
|
456
|
|
Expenses related
to M&A activities (3)
|
|
15
|
|
-
|
|
43
|
|
-
|
|
Exchange rate
differences*
|
(47)
|
|
32
|
|
(328)
|
|
(357)
|
|
Changes in tax
related items
|
|
25
|
|
25
|
|
75
|
|
75
|
|
Non-GAAP Net
income (loss)
|
$
(10,832)
|
|
$ (10,553)
|
|
$ (36,849)
|
|
$ (18,242)
|
|
|
|
|
|
|
|
|
|
|
GAAP Loss per
share (diluted)
|
$
(0.32)
|
|
$
(0.35)
|
|
$
(1.18)
|
|
$
(0.69)
|
|
Share-based
compensation
|
0.03
|
|
0.06
|
|
0.19
|
|
0.19
|
|
Amortization of
intangible assets**
|
0.01
|
|
0.01
|
|
0.02
|
|
0.01
|
|
Expenses related
to M&A activities
|
0.00
|
|
-
|
|
0.00
|
|
-
|
|
Changes in taxes and
headcount related items
|
|
-
|
|
-
|
|
-
|
|
0.00
|
|
Exchange rate
differences*
|
(0.00)
|
|
(0.00)
|
|
(0.01)
|
|
(0.00)
|
|
Non-GAAP Net
income (loss) per share (diluted)
|
$
(0.28)
|
|
$
(0.28)
|
|
$
(0.98)
|
|
$
(0.49)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares used in
computing GAAP diluted net loss per share
|
38,173,533
|
|
37,198,187
|
|
37,782,281
|
|
36,702,045
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares used in
computing non-GAAP diluted net loss per share
|
38,173,533
|
|
37,198,187
|
|
37,782,281
|
|
36,702,045
|
|
|
|
|
|
|
|
|
|
|
* Financial income or
expenses related to exchange rate differences in connection with
revaluation of assets and
liabilities in non-dollar denominated
currencies.
|
|
|
|
|
|
'** While
amortization of acquired intangible assets is excluded from the
measures, the revenue of the acquired
'companies is reflected in the measures and the acquired assets
contribute to revenue generation.
|
|
|
|
|
|
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
|
|
|
September
30,
|
|
September
30,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
(1) Share-based
compensation:
|
|
|
|
|
|
|
|
|
Cost of revenues
|
$
178
|
|
$
291
|
|
$
1,057
|
|
$
810
|
|
Research and development costs, net
|
457
|
|
704
|
|
2,413
|
|
2,393
|
|
Sales and marketing
|
408
|
|
727
|
|
2,178
|
|
2,259
|
|
General and administrative
|
298
|
|
448
|
|
1,586
|
|
1,414
|
|
|
$
1,341
|
|
$
2,170
|
|
$
7,234
|
|
$
6,876
|
|
|
|
|
|
|
|
|
|
|
(2) Amortization
of intangible assets
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
$
195
|
|
$
152
|
|
$
582
|
|
$
456
|
|
|
$
195
|
|
$
152
|
|
$
582
|
|
$
456
|
|
|
|
|
|
|
|
|
|
|
(3) Expenses
related to M&A activities
|
|
|
|
|
|
|
|
|
Financial
income
|
$
15
|
|
$
-
|
|
$
43
|
|
$
-
|
|
|
$
15
|
|
$
-
|
|
$
43
|
|
$
-
|
|
TABLE -
3
|
|
ALLOT
LTD.
|
|
AND ITS
SUBSIDIARIES
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
(U.S. dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
2023
|
|
2022
|
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
|
ASSETS
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
21,509
|
|
$
12,295
|
|
Short-term bank
deposits
|
|
13,600
|
|
68,765
|
|
Restricted
deposits
|
|
1,082
|
|
1,050
|
|
Available-for-sale
marketable securities
|
|
24,221
|
|
4,293
|
|
Trade receivables, net
(net of allowance for credit losses of
$17,050 and $2,908 on September 30, 2023 and December
31, 2022, respectively)
|
|
21,620
|
|
44,167
|
|
Other receivables and
prepaid expenses
|
|
7,100
|
|
7,985
|
|
Inventories
|
|
14,039
|
|
13,262
|
|
Total current
assets
|
|
103,171
|
|
151,817
|
|
|
|
|
|
|
LONG-TERM
ASSETS:
|
|
|
|
|
|
Severance pay
fund
|
|
363
|
|
371
|
|
Operating lease
right-of-use assets
|
|
3,382
|
|
5,387
|
|
Trade receivables,
net
|
|
2,992
|
|
4,934
|
|
Other
assets
|
|
1,198
|
|
864
|
|
Total long-term
assets
|
|
7,935
|
|
11,556
|
|
|
|
|
|
|
PROPERTY AND EQUIPMENT,
NET
|
|
12,206
|
|
14,236
|
|
GOODWILL AND INTANGIBLE
ASSETS, NET
|
|
34,514
|
|
35,344
|
|
|
|
|
|
|
Total assets
|
|
$
157,826
|
|
$
212,953
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
Trade
payables
|
|
$
3,828
|
|
$
11,661
|
|
Deferred
revenues
|
|
17,172
|
|
20,825
|
|
Short-term operating
lease liabilities
|
|
1,999
|
|
2,542
|
|
Other payables and
accrued expenses
|
|
20,327
|
|
25,573
|
|
Total current
liabilities
|
|
43,326
|
|
60,601
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
|
Deferred
revenues
|
|
7,963
|
|
7,285
|
|
Long-term operating
lease liabilities
|
|
645
|
|
2,579
|
|
Accrued severance
pay
|
|
1,011
|
|
940
|
|
Convertible
debt
|
|
39,723
|
|
39,575
|
|
Total long-term
liabilities
|
|
49,342
|
|
50,379
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
65,158
|
|
101,973
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
157,826
|
|
$
212,953
|
|
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,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Cash flows from operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss
|
$ (12,361)
|
|
$
(12,932)
|
|
$ (44,455)
|
|
$
(25,292)
|
|
Adjustments to
reconcile net income to net cash used in operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation
|
1,251
|
|
1,373
|
|
3,898
|
|
4,119
|
|
Stock-based
compensation
|
1,341
|
|
2,171
|
|
7,234
|
|
6,877
|
|
Amortization of
intangible assets
|
277
|
|
235
|
|
830
|
|
705
|
|
Increase in accrued
severance pay, net
|
6
|
|
15
|
|
79
|
|
35
|
|
Decrease (Increase) in
other assets
|
(140)
|
|
143
|
|
(334)
|
|
579
|
|
Decrease (Increase) in
accrued interest and amortization of premium on marketable
securities
|
(260)
|
|
36
|
|
(407)
|
|
84
|
|
Changes in operating
leases, net
|
(379)
|
|
(421)
|
|
(472)
|
|
(984)
|
|
Decrease (Increase) in
trade receivables
|
9,600
|
|
367
|
|
24,489
|
|
(4,440)
|
|
Decrease in other
receivables and prepaid expenses
|
13
|
|
1,176
|
|
1,174
|
|
283
|
|
Decrease (Increase) in
inventories
|
4,321
|
|
(420)
|
|
(777)
|
|
(1,584)
|
|
Increase (Decrease) in
trade payables
|
(5,633)
|
|
3,050
|
|
(7,835)
|
|
2,113
|
|
Decrease in employees
and payroll accruals
|
(2,751)
|
|
(295)
|
|
(5,245)
|
|
(2,258)
|
|
Decrease in deferred
revenues
|
(1,676)
|
|
(4,284)
|
|
(2,975)
|
|
(3,155)
|
|
Increase (Decrease) in
other payables, accrued expenses and other long term
liabilities
|
1,913
|
|
1,441
|
|
89
|
|
(82)
|
|
Amortization of
issuance costs of Convertible debt
|
50
|
|
50
|
|
148
|
|
121
|
|
Net cash used in
operating activities
|
(4,428)
|
|
(8,295)
|
|
(24,559)
|
|
(22,879)
|
|
|
|
|
|
|
|
|
|
Cash flows from investing
activities:
|
|
|
|
|
|
|
|
|
Decrease (Increase) in
restricted deposit
|
192
|
|
-
|
|
(32)
|
|
380
|
|
Redemption of
(Investment in) short-term deposits
|
16,465
|
|
2,000
|
|
55,165
|
|
(23,180)
|
|
Purchase of property
and equipment
|
(1,308)
|
|
(1,579)
|
|
(1,868)
|
|
(4,135)
|
|
Investment in
available-for sale marketable securities
|
(16,111)
|
|
-
|
|
(34,678)
|
|
-
|
|
Proceeds from
redemption or sale of available-for sale marketable
securities
|
11,225
|
|
1,000
|
|
15,185
|
|
7,030
|
|
Net cash provided by
(used in) investing activities
|
10,463
|
|
1,421
|
|
33,772
|
|
(19,905)
|
|
|
|
|
|
|
|
|
|
Cash flows from financing
activities:
|
|
|
|
|
|
|
|
|
Proceeds from exercise
of stock options
|
1
|
|
-
|
|
1
|
|
250
|
|
Issuance of convertible
debt
|
-
|
|
-
|
|
-
|
|
39,404
|
|
Net cash provided by
financing activities
|
1
|
|
-
|
|
1
|
|
39,654
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease) in
cash and cash equivalents
|
6,036
|
|
(6,874)
|
|
9,214
|
|
(3,130)
|
|
Cash and cash
equivalents at the beginning of the period
|
15,473
|
|
15,461
|
|
12,295
|
|
11,717
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at the end of the period
|
$
21,509
|
|
$
8,587
|
|
$
21,509
|
|
$
8,587
|
|
|
|
|
|
|
|
|
|
Other financial metrics
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. dollars in
millions, except number of full time employees, % of top-10
end-
customers out of revenues and number of shares
|
|
|
|
Q3-2023
|
|
YTD
2023
|
|
FY
2022
|
|
Revenues geographic
breakdown
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
|
2.4
|
|
11 %
|
|
12.8
|
|
19 %
|
|
21.8
|
|
18 %
|
|
EMEA
|
|
15.6
|
|
69 %
|
|
41.7
|
|
61 %
|
|
71.2
|
|
58 %
|
|
Asia Pacific
|
|
4.6
|
|
20 %
|
|
14.3
|
|
20 %
|
|
29.7
|
|
24 %
|
|
|
|
22.6
|
|
100 %
|
|
68.8
|
|
100 %
|
|
122.7
|
|
100 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue breakdown by type
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
9.1
|
|
40 %
|
|
26.9
|
|
39 %
|
|
61.1
|
|
50 %
|
|
Professional
Services
|
1.2
|
|
6 %
|
|
4.8
|
|
7 %
|
|
11.6
|
|
9 %
|
|
SECaaS (Security as a
Service)
|
2.8
|
|
12 %
|
|
7.5
|
|
11 %
|
|
7.2
|
|
6 %
|
|
Support &
Maintenance
|
9.5
|
|
42 %
|
|
29.6
|
|
43 %
|
|
42.8
|
|
35 %
|
|
|
|
22.6
|
|
100 %
|
|
68.8
|
|
100 %
|
|
122.7
|
|
100 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues per customer type
|
|
|
|
|
|
|
|
|
|
|
|
|
CSP
|
|
17.9
|
|
79 %
|
|
55.4
|
|
81 %
|
|
98.3
|
|
80 %
|
|
Enterprise
|
|
4.7
|
|
21 %
|
|
13.4
|
|
19 %
|
|
24.4
|
|
20 %
|
|
|
|
22.6
|
|
100 %
|
|
68.8
|
|
100 %
|
|
122.7
|
|
100 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of top-10
end-customers out of revenues
|
50 %
|
|
|
|
45 %
|
|
|
|
44 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total number of full
time employees
|
642
|
|
|
|
642
|
|
|
|
749
|
|
|
|
(end of
period)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Weighted
average number of basic shares (in millions)
|
38.2
|
|
|
|
38.2
|
|
|
|
37.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP weighted
average number of fully diluted shares (in
millions)
|
40.6
|
|
|
|
40.1
|
|
|
|
39.5
|
|
|
|
|
SECaaS (Security as a Service)
revenues- U.S. dollars in
millions (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3-2023:
|
2.8
|
|
|
|
|
|
|
|
|
|
Q2-2023:
|
2.4
|
|
|
|
|
|
|
|
|
|
Q1-2023:
|
2.3
|
|
|
|
|
|
|
|
|
|
Q4-2022:
|
2.2
|
|
|
|
|
|
|
|
|
|
Q3-2022:
|
1.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SECaaS ARR* (annualized recurring revenues)-
U.S. dollars in millions (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sep. 2023:
|
10.6
|
|
|
|
|
|
|
|
|
|
Dec. 2022:
|
9.2
|
|
|
|
|
|
|
|
|
|
Dec. 2021:
|
5.2
|
|
|
|
|
|
|
|
|
|
Dec. 2020:
|
2.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*ARR: annualized
recurring SECaaS revenues, calculated based on the monthly revenues
multiplied by 12
|
|
|
|
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View original
content:https://www.prnewswire.com/news-releases/allot-announces-q3-2023-financial-results-301990391.html
SOURCE Allot Ltd.