Allot Ltd 6-K, filed May 12, 2020

Allot Ltd. (ALLT)

6-K 2020-05-12 For: 2020-05-12

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Added on April 10, 2026

About this 6-K

Allot Ltd filed this 6-K on May 12, 2020.

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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
	March 31,
	2020			2019
	(Unaudited)			(Unaudited)

Revenues	$	29,289		$	25,342
Cost of revenues		7,610			7,293
Gross profit		21,679			18,049

Operating expenses:
Research and development costs, net		8,699			7,174
Sales and marketing		11,522			11,477
General and administrative		3,041			2,705
Total operating expenses		23,262			21,356
Operating loss		(1,583	)		(3,307	)
Financial and other income, net		151			532
Loss before income tax expenses		(1,432	)		(2,775	)

Tax expenses		228			558
Net Loss		(1,660	)		(3,333	)

Basic net loss per share	$	(0.05	)	$	(0.10	)

Diluted net loss per share	$	(0.05	)	$	(0.10	)

Weighted average number of shares used in
computing basic net loss per share		34,625,632			33,983,863

Weighted average number of shares used in
computing diluted net loss per share		34,625,632			33,983,863

TABLE - 2
ALLOT 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,
	2020			2019
	(Unaudited)
GAAP cost of revenues	$	7,610		$	7,293
Share-based compensation (1)		(67	)		(60	)
Amortization of intangible assets (2)		(152	)		(232	)
Non-GAAP cost of revenues	$	7,391		$	7,001

GAAP gross profit	$	21,679		$	18,049
Gross profit adjustments		219			292
Non-GAAP gross profit	$	21,898		$	18,341

GAAP operating expenses	$	23,262		$	21,356
Share-based compensation (1)		(857	)		(685	)
Amortization of intangible assets (2)		-			(188	)
Income (Expenses) related to M&A activities (3)		103			(295	)
Non-GAAP operating expenses	$	22,508		$	20,188

GAAP financial and other income	$	151		$	532
Exchange rate differences*		218			(2	)
Non-GAAP Financial and other income	$	369		$	530

GAAP taxes on income	$	228		$	558
Tax expenses in respect of net deferred tax asset recorded		(60	)		(16	)
Non-GAAP taxes on income	$	168		$	542

GAAP Net Loss	$	(1,660	)	$	(3,333	)
Share-based compensation (1)		924			745
Amortization of intangible assets (2)		152			420
Income (Expenses) related to M&A activities (3)		(103	)		295
Exchange rate differences		218			(2	)
Tax expenses in respect of net deferred tax asset recorded		60			16
Non-GAAP Net Loss	$	(409	)	$	(1,859	)

GAAP Loss per share (diluted)	$	(0.05	)	$	(0.10	)
Share-based compensation		0.03			0.02
Amortization of intangible assets		0.00			0.02
Expenses (Income) related to M&A activities		(0.00	)		0.01
Exchange rate differences		0.01			(0.00	)
Non-GAAP Net loss per share (diluted)	$	(0.01	)	$	(0.05	)

Weighted average number of shares used in
computing GAAP diluted net loss per share		34,625,632			33,983,863

Weighted average number of shares used in
computing non-GAAP diluted net loss per share		34,625,632			33,983,863

* Financial income or expenses related to exchange rate differences in connection with revaluation of assets and liabilities in non-dollar denominated currencies.

TABLE - 2 cont.
ALLOT 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,
	2020			2019
	(Unaudited)

(1) Share-based compensation:
Cost of revenues	$	67		$	60
Research and development costs, net		242			169
Sales and marketing		378			283
General and administrative		237			233
	$	924		$	745

(2) Amortization of intangible assets
Cost of revenues	$	152		$	232
Sales and marketing		-			188
	$	152		$	420

(3) Expenses (Income) related to M&A activities
Research and development costs, net	$	(103	)	$	295
	$	(103	)	$	295

TABLE - 3
ALLOT LTD.
AND ITS SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands)

	March 31,		December 31,
	2020		2019
	(Unaudited)		(Audited)

ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	29,494	$	16,930
Short-term bank deposits		800		5,557
Restricted deposit		32,156		23,183
Available-for-sale marketable securities		47,841		61,012
Trade receivables, net		23,140		29,008
Other receivables and prepaid expenses		7,589		6,528
Inventories		15,153		10,668
Total current assets		156,173		152,886

LONG-TERM ASSETS:
Restricted deposit		440		10,913
Severance pay fund		341		387
Operating lease right-of-use assets		5,797		6,368
Deferred taxes		432		517
Other assets		766		926
Total long-term assets		7,776		19,111

PROPERTY AND EQUIPMENT, NET		8,700		8,135
GOODWILL AND INTANGIBLE ASSETS, NET		34,884		35,037

Total assets	$	207,533	$	215,169

LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Trade payables	$	13,944	$	11,676
Deferred revenues		29,921		36,360
Short-term operating lease liabilities		2,951		3,151
Other payables and accrued expenses		19,885		22,255
Total current liabilities		66,701		73,442

LONG-TERM LIABILITIES:
Deferred revenues		6,075		5,262
Long-term operating lease liabilities		2,738		3,820
Accrued severance pay		749		794
Total long-term liabilities		9,562		9,876

SHAREHOLDERS' EQUITY		131,270		131,851

Total liabilities and shareholders' equity	$	207,533	$	215,169

TABLE - 4
ALLOT LTD.
AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in thousands)

	Three Months Ended
	March 31,
	2020			2019
	(Unaudited)			(Unaudited)

Cash flows from operating activities:

Net Loss	$	(1,660	)	$	(3,333	)
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation		788			616
Stock-based compensation related to options granted to employees		924			745
Amortization of intangible assets		152			420
Increase (Decrease) in accrued severance pay, net		1			(65	)
Decrease in other assets		160			67
Decrease in accrued interest and amortization of premium on marketable securities		171			77
Changes in operating leases, net		(711	)		(206	)
Decrease (Increase) in trade receivables		5,868			(2,593	)
Increase in other receivables and prepaid expenses		(401	)		(1,147	)
Increase in inventories		(4,485	)		(1,910	)
Decrease (Increase) in long-term deferred taxes, net		84			(33	)
Increase in trade payables		2,268			2,557
Increase (Decrease) in employees and payroll accruals		(1,325	)		1,023
Decrease in deferred revenues		(5,626	)		(592	)
Increase (Decrease) in other payables, accrued expenses and other long term liabilities		(1,718	)		1,893

Net cash used in operating activities		(5,510	)		(2,481	)

Cash flows from investing activities:
Decrease (Increase) in restricted deposit		1,500			(83	)
Redemption of short-term deposits		4,757			3,986
Purchase of property and equipment		(1,351	)		(729	)
Investment in available-for sale marketable securities		(375	)		(11,584	)
Proceeds from redemption or sale of available-for sale marketable securities		12,923			11,379
Net cash provided by investing activities		17,454			2,969

Cash flows from financing activities:

Exercise of employee stock options		620			606
Net cash provided by financing activities		620			606

Increase in cash and cash equivalents		12,564			1,094
Cash and cash equivalents at the beginning of the period		16,930			16,336

Cash and cash equivalents at the end of the period	$	29,494		$	17,430