Allot Announces Fourth Quarter & Full Year 2021 Financial Results

Erez Antebi, President & CEO of Allot, commented: "During 2021 more of our SECaaS partners began to launch their service, and we started to show traction and revenue growth from recurring security services. This year, more network-based security deals were signed by operators worldwide than in any previous year. By our count, we won most of these deals that were closed during the year. We see this as a testament to the accelerated growth in the network-based security market, as well as our leadership and strength in the market. I expect this trend will continue in 2022 and beyond."

Convertible Notes

The Company issued a separate Press Release announcing the signing of a $40 million private financing with Lynrock Lake Master Fund LP.

 Q4 2021 Financial Results Summary

Total revenues for the fourth quarter of 2021 were $41.0 million, an increase of 5% compared to $39.1 million in the fourth quarter of 2020.

Gross profit on a GAAP basis for the fourth quarter of 2021 was $28.5 million (gross margin of 69.5%), a 4% improvement compared with $27.5 million (gross margin of 70.3%) in the fourth quarter of 2020.

Gross profit on a non-GAAP basis for the fourth quarter of 2021 was $28.7 million (gross margin of 70.2%), a 4% improvement compared with $27.7 million (gross margin of 70.9%) in the fourth quarter of 2020.

Net loss on a GAAP basis for the fourth quarter of 2021 was $4.0 million, or $0.11 per basic share, compared with a net loss of $1.7 million, or $0.05 per basic share, in the fourth quarter of 2020.

Net loss on a non-GAAP for the fourth quarter of 2021 was $2.1 million, or $0.06 loss per basic share compared with a net income of $0.4 million, or $0.01 earning per basic share, in the fourth quarter of 2020.

2021 Financial Results Summary

Total revenues for 2021 were $145.6 million, an increase of 7% compared to $135.9 million in 2020.

Gross profit on a GAAP basis for 2021 was $101.0 million (gross margin of 69.4%), a 5% improvement compared with $95.8 million (gross margin of 70.5%) in 2020.

Gross profit on a non-GAAP basis for 2021 was $102.2 million (gross margin of 70.2%), a 6% improvement compared with $96.8 million (gross margin of 71.2%) in 2020.

Net loss on a GAAP basis for 2021 was $15.0 million, or $0.42 per basic share, compared with a net loss of $9.3 million, or $0.27 per basic share, in 2020.

Net loss on a non-GAAP basis for 2021 was $6.0 million, or $0.17 per basic share, compared with a net loss of $3.6 million, or $0.10 per basic share, in 2020.

Cash and investments as of December 31, 2021 totaled $85.7 million, compared to $99.4 million as of December 31, 2020.

Conference Call & Webcast:

The Allot management team will host a conference call to discuss fourth quarter and full year 2021 earnings results today, February 15, 2022 at 8:30 am ET, 3:30 pm Israel time. To access the conference call, please dial one of the following numbers:

US:  1-888-668-5032, Israel: +972-3-918-0609

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 leading provider of 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 has achieved over 50% penetration with some service providers and is already used by over 20 million subscribers in Europe. Allot. See. Control. Secure.

For more information, visit www.allot.com

* Total ARR - 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) and SECaaS ARR (measures the current annual run rate of the SECaaS revenues, which is calculated based on these expected revenues in the current month of December and multiplied by 12).

** MAR (maximum annual revenue potential of concluded transactions) was estimated by Allot upon transaction signature and constitutes an approximation of the theoretical annual revenues Allot would receive if 100% of the customer's subscribers, as estimated by Allot, signed up for the service.

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, deferred tax asset adjustment, changes in taxes related items and other 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 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 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; 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 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,
	2021		2020			2021		2020
	(Unaudited)		(Unaudited)			(Unaudited)		(Audited)
Revenues	$       40,974		$       39,091			$     145,600		$     135,922
Cost of revenues	12,516		11,627			44,553		40,082
Gross profit	28,458		27,464			101,047		95,840
Operating expenses:
Research and development costs, net	13,005		12,611			47,093		43,447
Sales and marketing	15,025		12,787			52,337		47,528
General and administrative	4,145		3,223			15,145		13,894
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