Business
Allot Announces Fourth Quarter and Full Year 2019 Financial Results
2019 revenue grew by 15% over 2018 Backlog grew 100% year over year to $138 million Cash balance grew to $118 million 2020 revenues expected to be $135-140
About this update from Allot Ltd.
[{"type":"text","content":"2019 revenue grew by 15% over 2018\n Backlog grew 100% year over year to $138 million\n Cash balance grew to $118 million\n 2020 revenues expected to be $135-140 million\n\n\nHOD HASHARON, Israel, Feb. 4, 2020 /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 fourth quarter and full year 2019 financial results.\n \n \n Financial Highlights\nFourth quarter revenues were $30.6 million, up 14% year-over-year; Full year revenues were $110.1 million, up 15% year-over-year; Backlog increased by $69 million to $138 million at year-end 2019 compared with $69 million at year-end 2018; Year-end cash and investments totaled $117.6 million compared to $103.9 million at year-end 2018; Allot signed in 2019 recurring security revenue agreements with a total MAR* of $85 million.Financial Outlook\nManagement expects 2020 revenues to grow to between $135-140 million, representing accelerated double digit growth; Management expects to close additional recurring security revenue deals in 2020. The MAR* of new deals to be signed in 2020 is expected to exceed $140 million;Management Comment\nErez Antebi, President & CEO of Allot, commented: \"We are very pleased with our performance in 2019. Our Visibility & Control business continued to perform well due to ongoing solid execution. We are also happy with our performance in the security space and we had a successful year bringing on several new operators to our security offerings, some of them in a revenue share arrangement. We believe that the recurring revenue and growth we gain from these deals will have a significantly positive long-term impact on our future. We expect to win further such deals in the coming year.\"\nContinued Mr. Antebi, \"Looking out to 2020, we expect accelerated top-line growth. While we continue to invest in our offerings and in sales and marketing, our expenses should grow at a slower rate than our revenue and subsequently we expect to reach profitability in the last quarter of 2020 . We look forward to continued growth as we successfully execute on our strategy.\"\n Q4 2019 Financial Results Summary\nTotal revenues for the fourth quarter of 2019 were $30.6 million, an increase of 14% compared to $26.9 millio...