Business
Gilat Presents Strong Fourth Quarter and Full Year 2022 Results
Q4 revenue of $73 million, up 8% year over year, GAAP operating income of $6 million and Adjusted EBITDA of $10 million 2022 revenue of $240 million, up 12%
About this update from Gilat Satellite Networks Ltd.
[{"type":"text","content":"Q4 revenue of $73 million, up 8% year over year, GAAP operating income of $6 million and Adjusted EBITDA of $10 million 2022 revenue of $240 million, up 12% year over year, GAAP operating income of $10 million and Adjusted EBITDA of $25 million, up 64% YoY Mr. Isaac Angel, Chairman of the Board, announced his plans to step down. Mr. Ami Boehm named as the new Chairman of the Board PETAH TIKVA, Israel, Feb. 14, 2023 (GLOBE NEWSWIRE) -- Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, today reported its unaudited results for the fourth quarter and full year ended December 31, 2022. Fourth Quarter 2022 Financial Highlights Revenues of $72.6 million, up 8% compared with $67.0 million in Q4 2021;GAAP operating income of $6.1 million, up 13% compared with $5.4 million in Q4 2021; Non-GAAP operating income of $7.1 million, up 8% compared with $6.6 million in Q4 2021; GAAP net loss of $6.0 million, or $0.11 per share, compared with GAAP net income of $2.1 million, or $0.04 per diluted share, in Q4 2021; GAAP net loss in Q4 2022 includes a one-time tax expense of $12.9 million that was recorded with respect to historical trapped earnings. The Company elected to take advantage of the temporary Israeli tax relief of 2022 and pay a reduced tax rate to allow certain distribution of dividends or acquisitions without additional corporate tax liability in the future;Net income in Q4 2022 excluding this one-time tax expense was $6.9 million; Non-GAAP net income of $7.9 million, or $0.14 per diluted share, compared with $5.6 million, or $0.1 per diluted share, in Q4 2021; Adjusted EBITDA of $10.1 million compared with $10.4 million in Q4 2021. Full year 2022 Financial Highlights Revenue of $239.8 million, up 12% compared with $215.0 million in 2021;GAAP operating income of $10.0 million, up 4.6x compared to $2.2 million in 2021;Non-GAAP operating income of $13.6 million, up 3.1x compared with $4.4 million in 2021;GAAP net loss of $5.9 million or $0.1 per share, compared with GAAP net loss of $3.0 million in 2021 or $0.05 per share; GAAP net income excluding the above-mentioned one-time tax expense of $12.9 million was $7.0 million;Non-GAAP net income of $10.6 million or $0.19 per diluted share, up 7.3x compared to non-GAAP net income of $1.4 million or $0.03 p...