• |
Continued growth: revenues of $31.2 million, up 6% year-over-year;
|
• |
End of quarter cash and investments of $103 million;
|
• |
Allot's first major penetration into US market: DISH Network Selected Allot to Protect the United States' First Cloud-native, OpenRAN-based 5G Network and its Customers from Cybersecurity Threats;
|
• |
Management continues to expect 2021 revenues to grow to between $145-150 million;
|
• |
Management continues to expect to close recurring security deals in 2021 with an MAR* expected to exceed $180 million;
|
• |
Management continues to expect recurring security revenues in 2021 to be at least $6 million, and around $25 million in 2022;
|
Investor Relations Contact:
GK Investor Relations
Ehud Helft
+1 646 201 9246
allot@gkir.com |
Public Relations Contact:
Seth Greenberg, Allot Ltd. +972 54 922 2294 sgreenberg@allot.com |
TABLE - 1
|
ALLOT LTD.
|
AND ITS SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(U.S. dollars in thousands, except share and per share data)
|
Three Months Ended
| ||||||||
March 31,
| ||||||||
2021
|
2020
| |||||||
(Unaudited)
|
(Unaudited)
| |||||||
Revenues
|
$
|
31,183
|
$
|
29,289
| ||||
Cost of revenues
|
9,591
|
7,610
| ||||||
Gross profit
|
21,592
|
21,679
| ||||||
Operating expenses:
| ||||||||
Research and development costs, net
|
10,567
|
8,699
| ||||||
Sales and marketing
|
11,593
|
11,522
| ||||||
General and administrative
|
3,200
|
3,041
| ||||||
Total operating expenses
|
25,360
|
23,262
| ||||||
Operating loss
|
(3,768
|
)
|
(1,583
|
)
| ||||
Financial and other income, net
|
115
|
151
| ||||||
Loss before income tax expenses
|
(3,653
|
)
|
(1,432
|
)
| ||||
Tax expenses
|
305
|
228
| ||||||
Net Loss
|
(3,958
|
)
|
(1,660
|
)
| ||||
Basic net loss per share
|
$
|
(0.11
|
)
|
$
|
(0.05
|
)
| ||
-
| ||||||||
Diluted net loss per share
|
$
|
(0.11
|
)
|
$
|
(0.05
|
)
| ||
Weighted average number of shares used in computing basic net loss per share
|
35,535,493
|
34,625,632
| ||||||
Weighted average number of shares used in computing diluted net loss per share
|
35,535,493
|
34,625,632
|
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
| ||||||||
March 31,
| ||||||||
2021
|
2020
| |||||||
(Unaudited)
| ||||||||
GAAP cost of revenues
|
$
|
9,591
|
$
|
7,610
| ||||
Share-based compensation (1)
|
(119
|
)
|
(67
|
)
| ||||
Amortization of intangible assets (2)
|
(152
|
)
|
(152
|
)
| ||||
Non-GAAP cost of revenues
|
$
|
9,320
|
$
|
7,391
| ||||
GAAP gross profit
|
$
|
21,592
|
$
|
21,679
| ||||
Gross profit adjustments
|
271
|
219
| ||||||
Non-GAAP gross profit
|
$
|
21,863
|
$
|
21,898
| ||||
GAAP operating expenses
|
$
|
25,360
|
$
|
23,262
| ||||
Share-based compensation (1)
|
(1,325
|
)
|
(857
|
)
| ||||
Income related to M&A activities (3)
|
-
|
103
| ||||||
Non-GAAP operating expenses
|
$
|
24,035
|
$
|
22,508
| ||||
GAAP financial and other income
|
$
|
115
|
$
|
151
| ||||
Exchange rate differences*
|
76
|
218
| ||||||
Non-GAAP Financial and other income
|
$
|
191
|
$
|
369
| ||||
GAAP taxes on income
|
$
|
305
|
$
|
228
| ||||
Tax expenses in respect of net deferred tax asset recorded
|
(67
|
)
|
(60
|
)
| ||||
Non-GAAP taxes on income
|
$
|
238
|
$
|
168
| ||||
GAAP Net Loss
|
$
|
(3,958
|
)
|
$
|
(1,660
|
)
| ||
Share-based compensation (1)
|
1,444
|
924
| ||||||
Amortization of intangible assets (2)
|
152
|
152
| ||||||
Income related to M&A activities (3)
|
-
|
(103
|
)
| |||||
Exchange rate differences*
|
76
|
218
| ||||||
Tax expenses in respect of net deferred tax asset recorded
|
67
|
60
| ||||||
Non-GAAP Net loss
|
$
|
(2,219
|
)
|
$
|
(409
|
)
| ||
GAAP Loss per share (diluted)
|
$
|
(0.11
|
)
|
$
|
(0.05
|
)
| ||
Share-based compensation
|
0.04
|
0.03
| ||||||
Amortization of intangible assets
|
0.01
|
0.00
| ||||||
Income related to M&A activities
|
0.00
|
(0.00
|
)
| |||||
Exchange rate differences*
|
0.00
|
0.01
| ||||||
Tax expense in respect of net deferred tax asset recorded
|
0.00
|
0.00
| ||||||
Non-GAAP Net loss per share (diluted)
|
$
|
(0.06
|
)
|
$
|
(0.01
|
)
| ||
Weighted average number of shares used in
| ||||||||
computing GAAP diluted net loss per share
|
35,535,493
|
34,625,632
| ||||||
Weighted average number of shares used in
| ||||||||
computing non-GAAP diluted net loss per share
|
35,535,493
|
34,625,632
|
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
| ||||||||
March 31,
| ||||||||
2021
|
2020
| |||||||
(Unaudited)
| ||||||||
(1) Share-based compensation:
| ||||||||
Cost of revenues
|
$
|
119
|
$
|
67
| ||||
Research and development costs, net
|
395
|
242
| ||||||
Sales and marketing
|
582
|
378
| ||||||
General and administrative
|
348
|
237
| ||||||
$
|
1,444
|
$
|
924
| |||||
(2) Amortization of intangible assets
| ||||||||
Cost of revenues
|
$
|
152
|
$
|
152
| ||||
$
|
152
|
$
|
152
| |||||
(3) Income related to M&A activities
| ||||||||
Research and development costs, net
|
$
|
-
|
$
|
(103
|
)
| |||
$
|
-
|
$
|
(103
|
)
|
TABLE - 3
|
ALLOT LTD.
|
AND ITS SUBSIDIARIES
|
CONSOLIDATED BALANCE SHEETS
|
(U.S. dollars in thousands)
|
March 31,
|
December 31,
| |||||||
2021
|
2020
| |||||||
(Unaudited)
|
(Audited)
| |||||||
ASSETS
| ||||||||
CURRENT ASSETS:
| ||||||||
Cash and cash equivalents
|
$
|
7,148
|
$
|
23,599
| ||||
Short-term bank deposits
|
71,525
|
47,225
| ||||||
Restricted deposits
|
1,634
|
1,200
| ||||||
Available-for-sale marketable securities
|
22,643
|
27,178
| ||||||
Trade receivables, net
|
27,828
|
20,685
| ||||||
Other receivables and prepaid expenses
|
11,455
|
14,205
| ||||||
Inventories
|
13,543
|
12,586
| ||||||
Total current assets
|
155,776
|
146,678
| ||||||
LONG-TERM ASSETS:
| ||||||||
Long-term bank deposits
|
215
|
215
| ||||||
Severance pay fund
|
438
|
434
| ||||||
Operating lease right-of-use assets
|
3,679
|
4,458
| ||||||
Deferred taxes
|
349
|
420
| ||||||
Other assets
|
1,475
|
2,975
| ||||||
Total long-term assets
|
6,156
|
8,502
| ||||||
PROPERTY AND EQUIPMENT, NET
|
12,600
|
11,993
| ||||||
GOODWILL AND INTANGIBLE ASSETS, NET
|
35,842
|
34,427
| ||||||
Total assets
|
$
|
210,374
|
$
|
201,600
| ||||
LIABILITIES AND SHAREHOLDERS' EQUITY
| ||||||||
CURRENT LIABILITIES:
| ||||||||
Trade payables
|
$
|
1,222
|
$
|
2,092
| ||||
Deferred revenues
|
30,194
|
26,658
| ||||||
Short-term operating lease liabilities
|
2,602
|
2,813
| ||||||
Other payables and accrued expenses
|
25,199
|
27,299
| ||||||
Total current liabilities
|
59,217
|
58,862
| ||||||
LONG-TERM LIABILITIES:
| ||||||||
Deferred revenues
|
21,218
|
9,782
| ||||||
Long-term operating lease liabilities
|
1,035
|
1,835
| ||||||
Accrued severance pay
|
901
|
969
| ||||||
Total long-term liabilities
|
23,154
|
12,586
| ||||||
SHAREHOLDERS' EQUITY
|
128,003
|
130,152
| ||||||
Total liabilities and shareholders' equity
|
$
|
210,374
|
$
|
201,600
|
TABLE - 4
|
ALLOT LTD.
|
AND ITS SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(U.S. dollars in thousands)
|
Three Months Ended
| ||||||||
March 31,
| ||||||||
2021
|
2020
| |||||||
(Unaudited)
|
(Unaudited)
| |||||||
Cash flows from operating activities: | ||||||||
Net Loss
|
$
|
(3,958
|
)
|
$
|
(1,660
|
)
| ||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||
Depreciation
|
1,088 |
788 | ||||||
Stock-based compensation
|
1,444
|
924
| ||||||
Amortization of intangible assets
|
237
|
152
| ||||||
Increase (Decrease) in accrued severance pay, net
|
(72
|
)
|
1
| |||||
Decrease in other assets
|
1,499
|
160
| ||||||
Decrease in accrued interest and amortization of premium on marketable securities
|
75
|
171
| ||||||
Changes in operating leases, net
|
(232
|
)
|
(711
|
)
| ||||
Decrease (Increase) in trade receivables
|
(7,143
|
)
|
5,868
| |||||
Decrease (Increase) in other receivables and prepaid expenses
|
2,080
|
(401
|
)
| |||||
Increase in inventories
|
(957
|
)
|
(4,485
|
)
| ||||
Decrease in long-term deferred taxes, net
|
72
|
84
| ||||||
Increase (Decrease) in trade payables
|
(870
|
)
|
2,268
| |||||
Decrease in employees and payroll accruals
|
(1,909
|
)
|
(1,325
|
)
| ||||
Increase (Decrease) in deferred revenues
|
14,972
|
(5,626
|
)
| |||||
Decrease in other payables, accrued expenses and other long term liabilities
|
(603
|
)
|
(1,718
|
)
| ||||
Net cash provided by (used in) operating activities
|
5,723
|
(5,510
|
)
| |||||
Cash flows from investing activities: | ||||||||
Decrease (Increase) in restricted deposit
|
(434
|
)
|
1,500
| |||||
Redemption of (Investment in) short-term deposits
|
(24,300
|
)
|
4,757
| |||||
Purchase of property and equipment
|
(1,695
|
)
|
(1,351
|
)
| ||||
Purchase of intangible assets
|
(1,652
|
)
|
-
| |||||
Investment in available-for sale marketable securities
|
-
|
(375
|
)
| |||||
Proceeds from sales and maturity of available-for sale marketable securities
|
4,348
|
12,923
| ||||||
Net cash provided by (used in) investing activities
|
(23,733
|
)
|
17,454
| |||||
Cash flows from financing activities: | ||||||||
Proceeds from exercise of stock options
|
1,559
|
620
| ||||||
Net cash provided by financing activities
|
1,559
|
620
| ||||||
Increase (Decrease) in cash and cash equivalents
|
(16,451
|
)
|
12,564
| |||||
Cash and cash equivalents at the beginning of the period
|
23,599
|
16,930
| ||||||
Cash and cash equivalents at the end of the period
|
$
|
7,148
|
$
|
29,494
|
Other financial metrics | |||||
U.S dollars in millions, except number of full time employees, % of top-10 end-customers out of revenues and number of shares
|
Revenues geographic breakdown |
Q1-2021
|
FY 2020
| ||||||||||||||
Americas
|
5.1
|
16
|
%
|
8.1
|
6
|
%
| ||||||||||
EMEA
|
20.2
|
65
|
%
|
104.3
|
77
|
%
| ||||||||||
Asia Pacific
|
5.9
|
19
|
%
|
23.5
|
17
|
%
| ||||||||||
31.2
|
100
|
%
|
135.9
|
100
|
%
| |||||||||||
Breakdown between products & services revenues |
Q1-2021
|
FY 2020
| ||||||||||||||
Products
|
17.8
|
57
|
%
|
92.5
|
68
|
%
| ||||||||||
Professional Services
|
4.1
|
13
|
%
|
13.3
|
10
|
%
| ||||||||||
Support & Maintenance
|
9.3
|
30
|
%
|
30.1
|
22
|
%
| ||||||||||
31.2
|
100
|
%
|
135.9
|
100
|
%
| |||||||||||
Revenues per customer type |
Q1-2021
|
FY 2020
| ||||||||||||||
CSP
|
22.8
|
73
|
%
|
114.8
|
84
|
%
| ||||||||||
Enterprise
|
8.4
|
27
|
%
|
21.1
|
16
|
%
| ||||||||||
31.2
|
100
|
%
|
135.9
|
100
|
%
|
Q1-2021
|
FY 2020
| |||||||
% of top-10 end-customers out of revenues
|
60
|
%
|
71
|
%
| ||||
Total number of full time employees
|
671
|
676
| ||||||
Number of basic shares (in millions)
|
35.5
|
35.0
| ||||||
Non-GAAP weighted average number of fully diluted shares (in millions)
|
37.8
|
37.2
|
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Disclaimer
Allot Communications Ltd. published this content on 11 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2021 14:05:09 UTC.