HOD HASHARON, Israel,
Feb. 9, 2016 /PRNewswire/
-- Allot Communications Ltd. (NASDAQ, TASE: ALLT), a leading
global provider of security and monetization solutions that enable
service providers to protect and personalize the digital
experience, today announced its fourth quarter and year end 2015
results.
Q4 2015 – Financial Highlights:
- Non-GAAP revenues were $25.7
million, up 9% sequentially and down 16% year over year
- Non-GAAP gross margin reached 74%
- Non-GAAP operating profit was 4%
- Book-to-bill was above one. Record booking level per
quarter.
- The Company recorded positive operating cash flow of
$1.7 million
- Net cash and cash equivalents as of December 31 2015 totaled $123.3 million
2015 – Financial Highlights:
- Non-GAAP Revenues were $100.3
million, down 14% year over year
- Non-GAAP Gross Margin reached 75%
- Non-GAAP Operating Margin was 1%
- Book-to-bill above one
- The Company generated $4.4
million of Operating Cash Flow
Q4 Financial results:
On a GAAP basis, total revenues for the fourth quarter of 2015
were $25.4 million compared to
$23.5 million of revenue reported for
the third quarter of 2015 and $30.6
million of revenue reported for the fourth quarter of 2014.
Gross margin was 48% compared to 74% reported for the third quarter
of 2015 and 66% during the fourth quarter of 2014. Cost of revenues
includes impairment charge of $5.8
resulting from intangible assets write offs in the quarter.
GAAP tax expenses amounted to $3.0 include $2.7
million of deferred tax asset and pre-paid tax expenses
write-off. Net loss for the fourth quarter of 2015 was $10.4 million, or $0.31 per basic and diluted share. This compares
with a net loss of $3.4 million, or
$0.10 per basic and diluted share, in
the third quarter of 2015 and a net loss of $2.3 million, or $0.07 per basic and diluted share, in the fourth
quarter of 2014.
On a non-GAAP basis, total revenues for the fourth quarter of
2015 were $25.7 million, compared
with $23.5 million of revenue
reported for the third quarter of 2015 and $30.6 million of revenue reported for the fourth
quarter of 2014. On a non-GAAP basis, net income for the
fourth quarter of 2015 was $0.7
million, or $0.02 per basic
and diluted share. This compares with non-GAAP net loss of
$0.7 million, or $0.02 per basic and diluted share, in the third
quarter of 2015 and non-GAAP net income of $3.4 million, or $0.10 per basic and diluted share, in the fourth
quarter of 2014.
Q4 2015 - Key Achievements:
- During Q4 2015, 22 large orders were received, 3 of which were
from new customers
- 13 of the large orders came from mobile-service providers.
- 9 of the large orders were from fixed-line service
providers
- During Q4 2015, Allot received six, over $1 million deals, compared to four in the
previous quarter and five during Q4, 2014.
- Received an expansion order of over $10
million from a tier-1 mobile operator.
- Introduction of the Allot Service Gateway-Virtual Edition. This
version provides a virtualized framework for seamless integration
and interoperability of VNF (Virtual Network Function).
- Allot's Security as a Service solutions surpassed the 10
million subscribers mark.
2016 Outlook
Based on current backlog and the Company's funnel of
opportunities, the Company expects non-GAAP revenues to be in the
range of $102-$108 million in 2016.
In addition the Company expects operating margin improvement on a
year over year basis, on a non-GAAP basis. Revenues for the second
half of 2016 are expected to be higher than in the first half.
2015 financial results
On a GAAP basis total revenues for the full year 2015 reached
$100.0 million, compared to
$117.2 million in 2014. Net loss for
the year 2015 was $19.8 million, or
$0.59 per basic and diluted share, as
compared with net loss of $2.5
million, or $0.08 per basic
and diluted share, in 2014.
On a non-GAAP basis total revenues for the full year 2015
reached $100.3 million, compared with
$117.2 million of revenue reported
for the full year 2014. Net income for the full year 2015 reached
$0 million, or $0.0 per basic and diluted share. This compares
with non-GAAP net income of $10.5
million, or $0.31 per basic
and diluted share, reported for the full year 2014.
"During the fourth quarter, value added services represented
more than 50% of overall bookings while security and monetization
continue to be the prime drivers for our business. The improvement
in VAS is the reason for the bookings strength and in addition,
helped us to reach record booking level on a quarterly basis," said
Andrei Elefant, President & CEO
of Allot Communications. "We continue to witness longer conversion
cycles of bookings into revenues, mainly with new customers. Our
book to bill is above 1 and we are starting the year with higher
backlog than a year ago. This supports our expectations to achieve
top line growth during 2016 as well as improved profitability."
The Company also announced today that its Board of Directors had
approved offering certain employees, including certain executive
officers, who hold options the opportunity to exchange their
"underwater" options that have an exercise price in excess of
$7.00. Employees will be
offered one restricted share unit for every three options.
Executive officers will be offered 0.8 new stock options for every
stock option exchanged at an exercise price of the higher of the
fair market value of the Company's shares on the date of grant of
the new options or $6.00.
Restricted share units and options will each vest over a two year
period beginning on the date of grant. Up to approximately
870,000 underwater options may be exchanged in the program.
All other terms and conditions of the restricted share unit and
options will be subject to the Company's Incentive Compensation
Plan.
Conference Call & Webcast:
The Allot management team will host a conference call to discuss
fourth quarter 2015 earnings results today at 8:30 AM ET, 3:30
p.m. Israel time. To access
the conference call, please dial one of the following numbers: US:
+1-646-254-3362, UK: +44(0)2034271907, Israel: +97237219510, participant code
3528304.
A replay of the conference call will be available from
12:00 AM ET on February 10 2016 for 30 days. To access the
replay, please dial: US: National free number +1-866-932-5017, or
+1-347-366-9565; UK: National free number 08003587735, or
+44(0)2034270598, access code: 3528304#. A live
webcast of the conference call can be accessed on the Allot
Communications website at www.allot.com. The webcast also will be
archived on the website following the conference call.
About Allot Communications
Allot Communications (NASDAQ, TASE: ALLT) is a leading provider
of security and monetization solutions that enable service
providers to protect and personalize the digital experience.
Allot's flexible and highly scalable service delivery framework
leverages the intelligence in data networks, enabling service
providers to get closer to their customers, safeguard network
assets and users, and accelerate time-to-revenue for value-added
services. We employ innovative technology, proven know-how and a
collaborative approach to provide the right solution for every
network environment. Allot solutions are currently deployed at 5 of
the top 10 global mobile operators and in thousands of CSP and
enterprise networks worldwide. For more information, please
visit www.allot.com.
GAAP to Non-GAAP Reconciliation:
The difference between GAAP and non-GAAP revenues is related to
the acquisitions made by the Company and represents revenues
adjusted for the impact of the fair value adjustment to acquired
deferred revenue related to purchase accounting. Non-GAAP net
income is defined as GAAP net income after including deferred
revenues related to the fair value adjustment resulting from
purchase accounting and excluding stock-based compensation
expenses, amortization of acquisition-related intangible assets,
inventory write-off expenses, changes in deferred tax asset and
prepaid income tax expenses write-off, acquisition-related
expenses.
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
are 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 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 third party channel partners for a material portion
of our revenues; court approval of the Company's proposed share
buy-back program; 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.
|
TABLE - 1
|
ALLOT
COMMUNICATIONS LTD.
|
AND ITS
SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(U.S. dollars in
thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Year
Ended
|
|
December
31,
|
|
|
December
31,
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
|
|
|
|
|
|
Revenues
|
$ 25,382
|
|
$ 30,635
|
|
|
$ 99,967
|
|
$ 117,186
|
Cost of
revenues
|
13,185
|
|
10,428
|
|
|
33,427
|
|
34,739
|
Gross
profit
|
12,197
|
|
20,207
|
|
|
66,540
|
|
82,447
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Research and
development costs, net
|
6,476
|
|
7,365
|
|
|
26,422
|
|
29,014
|
Sales and
marketing
|
10,142
|
|
12,055
|
|
|
43,318
|
|
44,599
|
General and
administrative
|
3,209
|
|
3,325
|
|
|
12,702
|
|
11,941
|
Total operating
expenses
|
19,827
|
|
22,745
|
|
|
82,442
|
|
85,554
|
Operating
Loss
|
(7,630)
|
|
(2,538)
|
|
|
(15,902)
|
|
(3,107)
|
Financial and other
income (loss), net
|
232
|
|
200
|
|
|
(584)
|
|
660
|
Loss before income
tax benefit
|
(7,398)
|
|
(2,338)
|
|
|
(16,486)
|
|
(2,447)
|
|
|
|
|
|
|
|
|
|
Tax expenses
(benefit)
|
2,982
|
|
(84)
|
|
|
3,356
|
|
50
|
Net Loss
|
$ (10,380)
|
|
$ (2,254)
|
|
|
$ (19,842)
|
|
$ (2,497)
|
|
|
|
|
|
|
|
|
|
Basic net Loss per share
|
$ (0.31)
|
|
$ (0.07)
|
|
|
$ (0.59)
|
|
$ (0.08)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net Loss per
share
|
$ (0.31)
|
|
$ (0.07)
|
|
|
$ (0.59)
|
|
$ (0.08)
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares
|
|
|
|
|
|
|
|
|
used in computing
basic net
|
|
|
|
|
|
|
|
|
earnings per
share
|
33,559,698
|
|
33,282,942
|
|
|
33,419,917
|
|
33,143,168
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares
|
|
|
|
|
|
|
|
|
used in computing
diluted net
|
|
|
|
|
|
|
|
|
earnings per
share
|
33,559,698
|
|
33,282,942
|
|
|
33,419,917
|
|
33,143,168
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE - 2
|
ALLOT
COMMUNICATIONS 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
|
|
Three Months
Ended
|
|
|
December 31,
2015
|
|
December 31,
2014
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
$
|
% of
Revenues
|
|
$
|
% of
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating Loss
|
$ (7,630)
|
-30%
|
|
$ (2,538)
|
-8%
|
Share-based compensation (1)
|
1,624
|
|
|
2,223
|
|
Impairment and amortization of
intangible assets (2)
|
6,658
|
|
|
471
|
|
Expenses related to M&A activities
(3)
|
-
|
|
|
65
|
|
Inventory write off - cost of
revenues
|
-
|
|
|
2,868
|
|
Fair value adjustment for acquired
deferred revenues write down
|
271
|
|
|
11
|
|
Non-GAAP Operating income
|
$ 923
|
4%
|
|
$ 3,100
|
10%
|
|
|
|
|
|
|
GAAP net Loss
|
$(10,380)
|
-41%
|
|
$ (2,254)
|
-7%
|
Share-based compensation (1)
|
1,624
|
|
|
2,223
|
|
Impairment and amortization of
intangible assets (2)
|
6,658
|
|
|
471
|
|
Expenses related to M&A activities
(3)
|
-89
|
|
|
65
|
|
Inventory write off - cost of
revenues
|
-
|
|
|
2,868
|
|
Changes in deferred tax and prepaid tax
assets
|
2,628
|
|
|
-
|
|
Fair value adjustment for acquired
deferred revenues write down
|
271
|
|
|
11
|
|
Non-GAAP net income
|
$ 712
|
3%
|
|
$ 3,384
|
11%
|
|
|
|
|
|
|
GAAP Loss per share
(diluted)
|
$ (0.31)
|
|
|
$ (0.07)
|
|
Share-based compensation
|
0.05
|
|
|
0.07
|
|
Impairment and amortization of
intangible assets
|
0.20
|
|
|
0.02
|
|
Expenses related to M&A
activities
|
-0.00
|
|
|
0.00
|
|
Inventory write off - cost of
revenues
|
-
|
|
|
0.08
|
|
Changes in deferred tax and prepaid tax
assets
|
0.07
|
|
|
-
|
|
Fair value adjustment for acquired
deferred revenues write down
|
0.01
|
|
|
0.00
|
|
Non-GAAP Net income per share
(diluted)
|
$ 0.02
|
|
|
$ 0.10
|
|
|
|
|
|
|
|
(1) Share-based
compensation:
|
|
|
|
|
|
|
Cost of
revenues
|
$ 79
|
|
|
$ 85
|
|
|
Research and
development costs, net
|
366
|
|
|
487
|
|
|
Sales and
marketing
|
631
|
|
|
860
|
|
|
General and
administrative
|
548
|
|
|
791
|
|
|
$1,624
|
|
|
$ 2,223
|
|
|
|
|
|
|
|
(2) Impairment and amortization of
intangible assets
|
|
|
|
|
|
|
Cost of
revenues
|
$ 6,374
|
|
|
$ 397
|
|
|
Sales and
marketing
|
284
|
|
|
74
|
|
|
|
$ 6,658
|
|
|
$ 471
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Expenses related to M&A
activities
|
|
|
|
|
|
|
General and
administrative
|
$
-
|
|
|
$ 65
|
|
|
Research and
development costs, net
|
-
|
|
|
-
|
|
|
Sales and
marketing
|
-
|
|
|
-
|
|
|
Financial
expenses
|
-89
|
|
|
-
|
|
|
|
$
(89)
|
|
|
$ 65
|
|
|
|
|
|
|
|
|
|
TABLE - 2 cont.
|
|
ALLOT
COMMUNICATIONS LTD.
|
AND ITS
SUBSIDIARIES
|
RECONCILIATION OF
GAAP TO NON-GAAP
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(U.S. dollars in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
Year
Ended
|
|
|
December 31,
2015
|
|
December 31,
2014
|
|
|
(Unaudited)
|
|
(Audited)
|
|
|
$
|
% of
Revenues
|
|
$
|
% of
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating loss
|
$ (15,902)
|
-16%
|
|
$ (3,107)
|
-3%
|
Share-based compensation (1)
|
7,170
|
|
|
8,094
|
|
Impairment and amortization of
intangible assets (2)
|
8,733
|
|
|
1,859
|
|
Expenses related to M&A activities
(3)
|
678
|
|
|
98
|
|
Inventory write off - cost of
revenues
|
-
|
|
|
2,868
|
|
Fair value adjustment for acquired
deferred revenues write down
|
304
|
|
|
45
|
|
Non-GAAP Operating income
|
$ 983
|
1%
|
|
$ 9,857
|
8%
|
|
|
|
|
|
|
GAAP Net Loss
|
$ (19,842)
|
-20%
|
|
$ (2,497)
|
-2%
|
Share-based compensation (1)
|
7,170
|
|
|
8,094
|
|
Impairment and amortization of
intangible assets (2)
|
8,733
|
|
|
1,859
|
|
Expenses related to M&A activities
(3)
|
871
|
|
|
98
|
|
Inventory write off - cost of
revenues
|
-
|
|
|
2,868
|
|
Changes in deferred tax and prepaid tax
assets
|
2,628
|
|
|
-
|
|
Fair value adjustment for acquired
deferred revenues write down
|
304
|
|
|
45
|
|
Non-GAAP net income (loss)
|
$ (136)
|
0%
|
|
$ 10,467
|
9%
|
|
|
|
|
|
|
GAAP loss per share
(diluted)
|
$ (0.59)
|
|
|
$ (0.08)
|
|
Share-based compensation
|
0.21
|
|
|
0.24
|
|
Impairment and amortization of
intangible assets
|
0.26
|
|
|
0.05
|
|
Expenses related to M&A
activities
|
0.03
|
|
|
0.00
|
|
Inventory write off - cost of
revenues
|
-
|
|
|
0.08
|
|
Changes in deferred tax and prepaid tax
assets
|
0.07
|
|
|
-
|
|
Fair value adjustment for acquired
deferred revenues write down
|
0.02
|
|
|
0.00
|
|
Non-GAAP Net income per share (diluted)
|
$ (0.00)
|
|
|
$ 0.31
|
|
|
|
|
|
|
|
|
(1) Share-based
compensation:
|
|
|
|
|
|
|
Cost of
revenues
|
$ 324
|
|
|
$ 353
|
|
|
Research and
development costs, net
|
1,637
|
|
|
1,919
|
|
|
Sales and
marketing
|
2,802
|
|
|
3,321
|
|
|
General and
administrative
|
2,407
|
|
|
2,501
|
|
|
$ 7,170
|
|
|
$ 8,094
|
|
|
|
|
|
|
|
(2) Impairment and amortization of
intangible assets
|
|
|
|
|
|
|
Cost of
revenues
|
$ 8,075
|
|
|
$ 1,596
|
|
|
Sales and
marketing
|
658
|
|
|
263
|
|
|
$ 8,733
|
|
|
$ 1,859
|
|
|
|
|
|
|
|
(3) Expenses related to M&A
activities
|
|
|
|
|
|
|
General and
administrative
|
$ 452
|
|
|
$ 98
|
|
|
Research and
development costs, net
|
45
|
|
|
-
|
|
|
Sales and
marketing
|
181
|
|
|
-
|
|
|
Financial
expenses
|
193
|
|
|
-
|
|
|
$ 871
|
|
|
$ 98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE - 3
|
ALLOT
COMMUNICATIONS LTD.
|
AND ITS
SUBSIDIARIES
|
RECONCILIATION OF
GAAP TO NON-GAAP
CONSOLIDATED
REVENUES
|
(U.S. dollars in
thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
|
|
|
|
|
|
|
GAAP
Revenues
|
$ 25,382
|
|
$ 30,635
|
|
$ 99,967
|
|
$ 117,186
|
|
|
|
|
|
|
|
|
|
|
Fair value adjustment
for
acquired deferred revenues
write down
|
271
|
|
11
|
|
$
304
|
|
$
45
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Revenues
|
$ 25,653
|
|
$ 30,646
|
|
$ 100,271
|
|
$ 117,231
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE - 4
|
ALLOT
COMMUNICATIONS LTD.
|
AND ITS
SUBSIDIARIES
|
CONSOLIDATED BALANCE SHEETS
|
(U.S. dollars in
thousands)
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
2015
|
|
2014
|
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
ASSETS
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
15,470
|
|
$
19,180
|
Short term
deposits
|
|
42,700
|
|
59,000
|
Restricted
cash
|
|
203
|
|
|
Marketable
securities
|
|
64,921
|
|
54,271
|
Trade receivables,
net
|
|
23,874
|
|
23,759
|
Other receivables and
prepaid expenses
|
|
4,513
|
|
5,383
|
Inventories
|
|
10,169
|
|
10,109
|
Total current
assets
|
|
161,850
|
|
171,702
|
|
|
|
|
|
LONG-TERM
ASSETS:
|
|
|
|
|
Severance pay
fund
|
|
282
|
|
262
|
Deferred
taxes
|
|
501
|
|
1,716
|
Other
assets
|
|
2,712
|
|
4,948
|
Total long-term
assets
|
|
3,495
|
|
6,926
|
|
|
|
|
|
PROPERTY AND
EQUIPMENT, NET
|
|
5,189
|
|
5,957
|
GOODWILL AND
INTANGIBLE ASSETS, NET
|
|
38,109
|
|
28,363
|
|
|
|
|
|
Total
assets
|
|
$
208,643
|
|
$
212,948
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS'
EQUITY
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
Trade
payables
|
|
$
7,107
|
|
$
6,300
|
Deferred
revenues
|
|
14,066
|
|
12,704
|
Other payables and
accrued expenses
|
|
14,349
|
|
14,524
|
Total current
liabilities
|
|
35,522
|
|
33,528
|
|
|
|
|
|
LONG-TERM
LIABILITIES:
|
|
|
|
|
Deferred
revenues
|
|
4,912
|
|
4,158
|
Accrued severance
pay
|
|
651
|
|
282
|
Other long term
liabilities
|
|
4,153
|
|
0
|
Total long-term
liabilities
|
|
9,716
|
|
4,440
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
163,405
|
|
174,980
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
208,643
|
|
$
212,948
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TABLE - 5
|
ALLOT
COMMUNICATIONS LTD.
|
AND ITS
SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(U.S. dollars in
thousands)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2015
|
2014
|
|
2015
|
2014
|
|
(Unaudited)
|
(Unaudited)
|
|
(Unaudited)
|
(Audited)
|
|
|
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss
|
$ (10,380)
|
$
(2,254)
|
|
$ (19,842)
|
$ (2,497)
|
Adjustments to
reconcile net income to net
cash provided by operating
activities:
|
|
|
|
|
|
Depreciation
|
695
|
982
|
|
2,817
|
3,308
|
Stock-based
compensation related to options granted to employees
|
1,609
|
2,222
|
|
7,151
|
8,095
|
Amortization of
intangible assets
|
6,322
|
471
|
|
8,335
|
1,858
|
Capital
loss
|
15
|
-
|
|
153
|
-
|
Decrease (Increase)
in accrued severance pay, net
|
197
|
(1)
|
|
349
|
(8)
|
Decrease in other assets
|
496
|
40
|
|
464
|
100
|
Decrease in accrued interest and amortization of premium on marketable
securities
|
254
|
273
|
|
967
|
793
|
Increase (Decrease)
in trade receivables
|
(872)
|
1,566
|
|
(847)
|
(6,851)
|
Decrease (Increase)
in other receivables and prepaid expenses
|
270
|
(52)
|
|
(199)
|
(1,321)
|
Decrease (Increase)
in inventories
|
(1,010)
|
2,933
|
|
(950)
|
3,689
|
Increase (Decrease)
in long-term deferred taxes, net
|
1,355
|
(280)
|
|
1,215
|
(224)
|
Increase in trade
payables
|
1,532
|
928
|
|
2,218
|
3,109
|
Increase in employees
and payroll accruals
|
1,838
|
665
|
|
920
|
1,073
|
Increase in deferred
revenues
|
313
|
234
|
|
1,961
|
1,911
|
Increase (Decrease)
in other payables and accrued expenses
|
(900)
|
342
|
|
(329)
|
2,800
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
1,734
|
8,069
|
|
4,383
|
15,835
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Redemption of
short-term deposits
|
-
|
-
|
|
38,000
|
29,500
|
Investment in
short-term deposit
|
(5,950)
|
(20,500)
|
|
(21,700)
|
(50,500)
|
Investment in
restricted cash
|
(203)
|
|
|
(203)
|
|
Purchase of property
and equipment
|
(612)
|
(878)
|
|
(2,218)
|
(3,391)
|
Investment in
marketable securities
|
(13,286)
|
(2,870)
|
|
(34,098)
|
(22,736)
|
Proceeds from
redemption or sale of marketable securities
|
5,822
|
3,502
|
|
22,221
|
8,266
|
Acquisitions
|
-
|
-
|
|
(10,052)
|
-
|
Loan provided to
third party, net
|
-
|
152
|
|
-
|
(2,083)
|
|
|
|
|
|
|
Net cash used in
investing activities
|
(14,229)
|
(20,594)
|
|
(8,050)
|
(40,944)
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Exercise of employee
stock options
|
19
|
74
|
|
123
|
1,476
|
Purchase of treasury
stocks
|
(166)
|
|
|
(166)
|
|
|
|
|
|
|
|
Net cash provided by
(used in) by financing activities
|
(147)
|
74
|
|
(43)
|
1,476
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease)
in cash and cash equivalents
|
(12,642)
|
(12,451)
|
|
(3,710)
|
(23,633)
|
Cash and cash
equivalents at the beginning of the period
|
28,112
|
31,631
|
|
19,180
|
42,813
|
|
|
|
|
|
|
Cash and cash
equivalents at the end of the period
|
$ 15,470
|
$ 19,180
|
|
$ 15,470
|
$ 19,180
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Relations Contact:
Rami Rozen
AVP Corporate Development
International access code +972-52-569-4441
rrozen@allot.com
Public Relations Contact:
Sigalit Orr
Director Corporate Communications
International access code +972-54-268-1500
sorr@allot.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/allot-communications-announces-fourth-quarter-and-full-year-2015-financial-results-300217176.html
SOURCE Allot Communications Ltd.