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Allot Announces First Quarter 2018 Financial Results
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PR Newswire
HOD HASHARON, Israel, May 8, 2018
HOD HASHARON, Israel, May 8, 2018 /PRNewswire/ -- Allot Communications Ltd. (NASDAQ: ALLT) (TASE: ALLT), a global provider of leading innovative network intelligence and security solutions for service providers worldwide, today announced its first quarter 2018 financial results.
Q1 2018 – Financial Highlights
- Revenues were $21.7 million, up 18% year-over-year;
- GAAP gross margin was 68%; Non-GAAP gross margin was 70%;
- GAAP operating loss of $3.5 million; non-GAAP operating loss of $2.3 million;
- Book-to-bill above one for the fifth consecutive quarter;
Financial Outlook:
- Management maintains its previously issued guidelines for 2018.
- Management continues to expect 2018 revenues to grow to between $91 - 95 million with the second half of the year stronger than the first half, reflecting typical seasonality;
- 2018 Book to Bill is expected at above 1;
Management Comment
Erez Antebi, President & CEO of Allot, commented:
"The results in the first quarter of 2018 show we are on track in successfully executing the turnaround process we began last year and the transition to a security company.
"We see a growing number of communication service providers worldwide realize that offering secure broadband at a premium price creates a substantial revenue potential as well as providing an important service to their customers.
"Allot's position as a leading technology provider for such security services puts us in a unique position to take advantage of this market opportunity. We strongly believe that with over 20 million subscribers protected by AllotSecure technology worldwide, this is just the beginning."
Q1 2018 Financial Results Summary
Total revenues for the first quarter of 2018 were $21.7 million, up 18% compared to $18.4 million in the first quarter of 2017.
Gross profit on a GAAP basis for the first quarter of 2018 was $14.8 million (gross margin of 68.1%), a 22% improvement compared with $12.1 million (gross margin of 65.7%) in the first quarter of 2017.
Gross profit on a non-GAAP basis for the first quarter of 2018 was $15.1 million (gross margin of 69.6%), a 21% improvement compared with $12.5 million (gross margin of 67.5%) in the first quarter of 2017.
Net loss on a GAAP basis for the first quarter of 2018 was $3.7 million, or $0.11 per basic share, compared with a net loss of $5.1 million, or $0.15 per basic share, in the first quarter of 2017.
Non-GAAP net loss for the first quarter of 2018 was $2.4 million, or $0.07 per basic share, compared with a non-GAAP net loss of $3.6 million, or $0.11 per basic share, in the first quarter of 2017.
Cash and investments as of March 31, 2018 totaled $104.7 million. The Company recorded negative operating cash flow of $1.1 million during the first quarter of 2018.
Conference Call & Webcast:
The Allot management team will host a conference call to discuss first quarter 2018 earnings results today, May 8, 2018 at 8:30 am ET, 3:30 pm Israel time. To access the conference call, please dial one of the following numbers:
US: +1-888-668-9141, UK: +44(0) 800-917-5108, 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 Communications website at: http://investors.allot.com/index.cfm
About Allot Communications
Allot Communications Ltd. (NASDAQ, TASE: ALLT) is a provider of leading innovative network intelligence and security solutions for service providers 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 1000 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
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, restructuring expenses, 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 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 | ||
| | March 31, | ||
| | 2018 | | 2017 |
| | (Unaudited) | ||
| | | | |
| Revenues | $ 21,732 | | $ 18,435 |
| Cost of revenues | 6,924 | | 6,318 |
| Gross profit | 14,808 | | 12,117 |
| | | | |
| Operating expenses: | | | |
| Research and development costs, net | 5,793 | | 5,533 |
| Sales and marketing | 10,033 | | 8,980 |
| General and administrative | 2,466 | | 2,541 |
| Total operating expenses | 18,292 | | 17,054 |
| Operating loss | (3,484) | | (4,937) |
| Financial and other income, net | 230 | | 362 |
| Loss before income tax expenses | (3,254) | | (4,575) |
| | | | |
| Tax expenses | 432 | | 502 |
| Net Loss | (3,686) | | (5,077) |
| | | | |
| Basic net loss per share | $ (0.11) | | $ (0.15) |
| | | | |
| | | | |
| Diluted net loss per share | $ (0.11) | | $ (0.15) |
| | | | |
| Weighted average number of shares used in | | | |
| computing basic net loss per share | 33,555,980 | | 33,091,845 |
| | | | |
| Weighted average number of shares used in | | | |
| computing diluted net loss per share | 33,555,980 | | 33,091,845 |
| 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 | | ||
| | | March 31, | | ||
| | | 2018 | | 2017 Werbung Mehr Nachrichten zur Allot Communications Aktie kostenlos abonnieren
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