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Published: 2021-08-10 07:03:29 ET
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6-K 1 zk2126425.htm 6-K
FORM 6 – K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report on Foreign Issuer

Pursuant to Rule 13a – 16 or 15d – 16
of the Securities Exchange Act of 1934

For the Month of August, 2021

Gilat Satellite Networks Ltd.
(Translation of Registrant’s Name into English)

Gilat House, Yegia Kapayim Street
Daniv Park, Kiryat Arye, Petah Tikva, Israel
(Address of Principal Corporate Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ☐ No ☒

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):   N/A

Attached hereto is Registrant’s press release dated August 10, 2021, announcing Gilat’s Second Quarter 2021 results.

We consent to the incorporation by reference of the GAAP financial information included herein, in the Registration Statements on Form S-8 (Registration Nos. 333-180552, 333-187021, 333-204867, 333-210820, 333-217022, 333-221546, 333-223839, 333-231442, 333-236028, 333-253972 and 333-255740) and on Form F-3 (Registration No. 333-232597).

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
Gilat Satellite Networks Ltd.
  
 
(Registrant)
  
       
Dated August 10, 2021
By:
/s/ Yael Shofar
  
   
Yael Shofar
  
   
General Counsel
  

2
Gilat Reports Strong Results in Second Quarter 2021

Revenue is up 49% year-over-year and 27% sequentially with a return
to Non-GAAP profitability

Petah Tikva, Israel – August 10, 2021 – Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, today reported its results for the second quarter of 2021.
 
Second Quarter Financial Highlights

•
Revenues of $56.9 million, a 49% increase from $38.3 million in Q2 2020 and up 27% from $44.7 million in the previous quarter.
•
GAAP operating loss of $0.3 million, an improvement compared with an operating loss of $3.5 million in Q2 2020 and an operating loss of $3.7 million in Q1 2021.
•
Non-GAAP operating income of $0.2 million, compared with an operating loss of $2.6 million in Q2 2020 and an operating loss of $3.8 million in the previous quarter.
•
GAAP net loss of $0.1 million, or zero per share, compared with a net loss of $4.2 million, or a loss of $0.08 per share in Q2 2020 and a net loss of $5.1 million, or a loss of $0.09 per share in the previous quarter.
•
Non-GAAP net income of $0.4 million, which is $0.01 per share, compared with a net loss of $3.3 million, or a loss of $0.06 per share in Q2 2020, and compared with a net loss of $5.2 million, or a loss of $0.09 per share, in the previous quarter.
•
Adjusted EBITDA of $2.5 million compared with adjusted EBITDA of $0.1 million in Q2 2020; and an adjusted EBITDA loss of $1.4 million in the previous quarter.
 
Management Commentary
 
Adi Sfadia, Gilat's CEO, commented: “I am very pleased with the improvement in our second quarter results which showed very strong revenue growth and a return to Non-GAAP profitability.
 
"We are experiencing strong business momentum in nearly all our end markets and have secured several significant awards. In our Mobility segment we solidified our leadership position in maritime with a multi-million-dollar award from SES, and our leading position in NGSO with orders for more than $15 million from a leading satellite operator for support of a Low Earth Orbit Constellation. Very importantly, we are most pleased with the rapid growth in our Defense segment in which we secured deals for over $10 million in Asia, Latin America and the US.
 
"Further to the many opportunities we see ahead of us, we continue investing heavily in our R&D efforts in order to capture these opportunities and accelerate our future growth. Given the improving momentum and strong backlog, we expect to continue with our high revenue and profitability growth through the second half of 2021. We expect this growth to increase even further in 2022, as the inflight connectivity sector recovers, in addition to continued growth expected from the Maritime, Cellular Backhaul, NGSO and Defense market segments, as well as our operations in Peru.”
 
3

Key Recent Announcements

•
Tier-1 US Terminal Provider Awards Gilat over $5M for Solid State Amplifiers Powering Militaries Worldwide
•
Gilat’s Global Mobility Platform Selected by SES in Multi-Million Dollar Order
•
Gilat Receives Multi-Million Dollar Award from US Army to Supply High Performance BUCs for Tactical Communications
•
Gilat Signed a Strategic Agreement Estimated at Over $5 Million with Pacific Dataport for Delivery of Ubiquitous Broadband Coverage in Alaska
•
Gilat Received $2 Million in Orders for Support of Low Earth Orbit Constellation
•
Gilat Awarded Multi-Million Dollar Contract to Provide Satellite Communication Equipment for Defense Forces in Asia
•
Gilat Awarded $9 Million in Orders for Support of Low Earth Orbit Constellation
•
Gilat Awarded Multiple Projects for Armed Forces in Latin America
•
Gilat Awarded Contract to Supply Satellite Communication Equipment for Military Usage
•
Gilat Awarded $13M Contract by Pronatel for Delivery of Internet Services to Hundreds of Sites in Peru
•
Gilat Extends Multi-Million Dollar IoT Project in Latin America
•
Gilat Awarded Over $4 Million in Orders for Support of Low Earth Orbit Constellation
•
Telefonica Global Solutions (TGS) Selects Gilat to Equip Strategic Teleport in Arica, Chile

Conference Call Details

Gilat’s management will discuss its second quarter 2021 results and business achievements and participate in a questions and answers session:

Date:
Tuesday, August 10, 2021
  
Start:
9:30 AM ET / 4:30 PM IT
  
Dial-in:
US: 1-866-744-5399
  
 
International: +972-3-918-0610
  

A simultaneous webcast of the conference call will be available on the Gilat website at www.gilat.com and through this link: https://Veidan.activetrail.biz/gilatq2-2021

The webcast will also be archived for a period of 30 days on the Company’s website and through the link above.

4

Non-GAAP Measures
The attached summary unaudited financial statements were prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). To supplement the consolidated financial statements presented in accordance with GAAP, the Company presents Non-GAAP presentations of net income, operating income, Adjusted EBITDA and earnings per share. The adjustments to the Company’s GAAP results are made with the intent of providing both management and investors a more complete understanding of the Company’s underlying operational results, trends and performance. Non-GAAP financial measures mainly exclude the effect of stock based compensation, amortization of purchased intangibles, lease incentive amortization, litigation expenses, income related to trade secrets claims, restructuring and reorganization costs, merger, acquisition and related litigation expense (income), net and initial recognition of deferred tax asset with respect to carry-forward losses.
 
Adjusted EBITDA is presented to compare the Company’s performance to that of prior periods and evaluate the Company’s financial and operating results on a consistent basis from period to period. The Company also believes this measure, when viewed in combination with the Company’s financial results prepared in accordance with GAAP, provides useful information to investors to evaluate ongoing operating results and trends. Adjusted EBITDA, however, should not be considered as an alternative to operating income or net income for the period and may not be indicative of the historic operating results of the Company; nor is it meant to be predictive of potential future results. Adjusted EBITDA is not a measure of financial performance under GAAP and may not be comparable to other similarly titled measures for other companies. Reconciliation between the Company's Operating income and Adjusted EBITDA is presented in the attached summary financial statements.
 
Non-GAAP presentations of net income, operating income, Adjusted EBITDA and earnings per share should not be considered in isolation or as a substitute for any of the consolidated statements of operations prepared in accordance with GAAP, or as an indication of Gilat’s operating performance or liquidity.
 
About Gilat
 
Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global provider of satellite-based broadband communications. With 30 years of experience, we design and manufacture cutting-edge ground segment equipment, and provide comprehensive solutions and end-to-end services, powered by our innovative technology. Delivering high value competitive solutions, our portfolio comprises of a cloud based VSAT network platform, high-speed modems, high performance on-the-move antennas and high efficiency, high power Solid-State Amplifiers (SSPA) and Block Upconverters (BUC).
 
Gilat’s comprehensive solutions support multiple applications with a full portfolio of products to address key applications including broadband access, Cellular Backhaul, enterprise, in-flight connectivity, maritime, trains, defense and public safety, all while meeting the most stringent service level requirements. Gilat controlling shareholders are the FIMI Private Equity Funds. For more information, please visit: www.gilat.com
 
5
Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words “estimate”, “project”, “intend”, “expect”, “believe” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause the actual results, performance or achievements of Gilat to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, risks associated with the outbreak and global spread of the coronavirus (COVID-19) pandemic; changes in general economic and business conditions, inability to maintain market acceptance to Gilat’s products, inability to timely develop and introduce new technologies, products and applications, rapid changes in the market for Gilat’s products, loss of market share and pressure on prices resulting from competition, introduction of competing products by other companies, inability to manage growth and expansion, loss of key OEM partners, inability to attract and retain qualified personnel, inability to protect the Company’s proprietary technology and risks associated with Gilat’s international operations and its location in Israel. For additional information regarding these and other risks and uncertainties associated with Gilat’s business, reference is made to Gilat’s reports filed from time to time with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements for any reason.
 
Contact:
Gilat Satellite Networks
Doreet Oren, Senior Director Corporate Communications
DoreetO@gilat.com

Ehud Helft
GK Investor & Public Relations
gilat@gkir.com
+1 646 688 3559

6
GILAT SATELLITE NETWORKS LTD.
            
CONSOLIDATED STATEMENTS OF OPERATIONS
            
U.S. dollars in thousands (except share and per share data)
            

   
Six months ended
    
Three months ended
  
   
June, 30
    
June, 30
 
   
2021
    
2020
    
2021
    
2020
  
   
Unaudited
    
Unaudited
  
                         
Revenues
  
$
101,636
    
$
85,988
    
$
56,923
    
$
38,315
  
Cost of revenues
    
72,564
      
67,514
      
40,208
      
28,727
  
                                 
Gross profit
    
29,072
      
18,474
      
16,715
      
9,588
  
                                 
Research and development expenses
    
16,034
      
13,773
      
7,923
      
6,139
  
Less - grants
    
374
      
472
      
190
      
200
  
Research and development expenses, net
    
15,660
      
13,301
      
7,733
      
5,939
  
Selling and marketing expenses
    
10,468
      
8,650
      
5,464
      
3,584
  
General and administrative expenses
    
6,938
      
7,518
      
3,855
      
2,973
  
Restructuring costs
    
-
      
273
      
-
      
-
  
Merger, acquisition and related litigation expense, net
    
-
      
2,951
      
-
      
546
  
                                 
Total operating expenses
    
33,066
      
32,693
      
17,052
      
13,042
  
                                 
Operating  loss
    
(3,994
)
    
(14,219
)
    
(337
)
    
(3,454
)
                                 
Financial income (expenses), net
    
(757
)
    
(1,429
)
    
435
      
(457
)
                                 
Income (loss) before taxes on income
    
(4,751
)
    
(15,648
)
    
98
      
(3,911
)
                                 
Taxes on income
    
474
      
332
      
227
      
314
  
                                 
Net loss
  
$
(5,225
)
  
$
(15,980
)
  
$
(129
)
  
$
(4,225
)
                                 
Basic and Diluted loss per share
  
$
(0.09
)
  
$
(0.29
)
  
$
(0.00
)
  
$
(0.08
)
                                 
Weighted average number of shares used in
                                
computing earnings (loss) per share
                                
Basic and Diluted
    
56,269,941
      
55,499,300
      
56,508,539
      
55,505,342
  

7
 
GILAT SATELLITE NETWORKS LTD.
RECONCILIATION BETWEEN GAAP AND NON-GAAP STATEMENTS OF OPERATIONS
FOR COMPARATIVE PURPOSES
U.S. dollars in thousands (except share and per share data)
 
   
Three months ended
    
Three months ended
  
   
June 30, 2021
    
June 30, 2020
  
   
GAAP
    
Adjustments (1)
    
Non-GAAP
    
GAAP
    
Adjustments (1)
    
Non-GAAP
  
   
Unaudited
    
Unaudited
  
                                     
Gross profit
  
$
16,715
      
64
    
$
16,779
    
$
9,588
      
54
    
$
9,642
  
Operating expenses (income)
    
17,052
      
(456
)
    
16,596
      
13,042
      
(831
)
    
12,211
  
Operating income (loss)
    
(337
)
    
520
      
183
      
(3,454
)
    
885
      
(2,569
)
Income (loss) before taxes on income
    
98
      
520
      
618
      
(3,911
)
    
885
      
(3,026
)
Net income (loss)
    
(129
)
    
520
      
391
      
(4,225
)
    
885
      
(3,340
)
                                                 
Earnings (loss) per share (basic and diluted)
  
$
(0.00
)
  
$
0.01
    
$
0.01
    
$
(0.08
)
  
$
0.02
    
$
(0.06
 )
                                                 
Weighted average number of shares used in
                          
   computing earnings per share
                                                
    Basic
    
56,508,539
              
56,508,539
      
55,505,342
              
55,505,342
  
    Diluted
    
56,508,539
              
57,328,088
      
55,505,342
              
55,505,342
  
                                                 
(1)  Adjustments reflect the effect of non-cash stock-based compensation as per ASC 718, amortization of intangible assets related to shares acquisition transactions and merger and acquisition and related litigation, net.
                                                 
   
Three months ended
    
Three months ended
  
           
June 30, 2021
                    
June 30, 2020
          
           
Unaudited
                    
Unaudited
          
                                                 
GAAP net loss
          
$
(129
)
                  
$
(4,225
)
        
                                                 
Gross profit
                                                
Non-cash stock-based compensation expenses
       59                       49          
Amortization of intangible assets related to acquisition transactions
       5                       5          
             
64
                      
54
          
Operating expenses
                                                
Non-cash stock-based compensation expenses
       406                       235          
Amortization of intangible assets related to acquisition transactions
       50                       50          
Merger and acquisition and related litigation, net
       -                       546          
             
456
                      
831
          
                                                 
Non-GAAP net income (loss)
          
$
391
                    
$
(3,340
)
        
 
8
 
GILAT SATELLITE NETWORKS LTD.
                    
RECONCILIATION BETWEEN GAAP AND NON-GAAP STATEMENTS OF OPERATIONS
        
FOR COMPARATIVE PURPOSES
                                    
U.S. dollars in thousands (except share and per share data)
              

   
Six months ended
    
Six months ended
  
   
June 30, 2021
    
June 30, 2020
  
   
GAAP
    
Adjustments (1)
    
Non-GAAP
    
GAAP
    
Adjustments (1)
    
Non-GAAP
  
   
Unaudited
    
Unaudited
  
                                     
Gross profit
  
$
29,072
      
130
    
$
29,202
    
$
18,474
      
116
    
$
18,590
  
Operating expenses (income)
    
33,066
      
(287
)
    
32,779
      
32,693
      
(3,937
)
    
28,756
  
Operating income (loss)
    
(3,994
)
    
417
      
(3,577
)
    
(14,219
)
    
4,053
      
(10,166
)
Income (loss) before taxes on income
    
(4,751
)
    
417
      
(4,334
)
    
(15,648
)
    
4,053
      
(11,595
)
Net income (loss)
    
(5,225
)
    
417
      
(4,808
)
    
(15,980
)
    
4,053
      
(11,927
)
                                                 
Earnings (loss) per share (basic and diluted)
  
$
(0.09
)
  
$
0.01
    
$
(0.08
)
  
$
(0.29
)
  
$
0.08
    
$
(0.21
)
                                                 
Weighted average number of shares used in
                          
   computing earnings per share
                                                
    Basic and Diluted
    
56,269,941
              
56,269,941
      
55,499,300
              
55,499,300
  
                                                 
(1)  Adjustments reflect the effect of non-cash stock-based compensation as per ASC 718, amortization of intangible assets related to shares acquisition transactions, merger and acquisition and related litigation, net, trade secrets and other litigation expenses and restructuring costs.
                                                 
   
Six months ended
    
Six months ended
  
           
June 30, 2021
                    
June 30, 2020
          
           
Unaudited
                    
Unaudited
          
                                                 
GAAP net loss
          
$
(5,225
)
                  
$
(15,980
)
        
                                                 
Gross profit
                                                
Non-cash stock-based compensation expenses
      
120
                       106          
Amortization of intangible assets related to acquisition transactions
       10                       10          
             
130
                      
116
          
Operating expenses
                                                
Non-cash stock-based compensation expenses
       186                       601          
Amortization of intangible assets related to acquisition transactions
       101                       101          
Trade secrets and other litigation expenses
            
-
                      
11
          
Merger, acquisition and related litigation expense, net
       -                      
2,951
          
Restructuring costs
            
-
                      
273
          
             
287
                      
3,937
          
                                                 
Non-GAAP net loss
          
$
(4,808
)
                  
$
(11,927
)
        

9
 

 
GILAT SATELLITE NETWORKS LTD.
      
SUPPLEMENTAL INFORMATION
      
U.S. dollars in thousands
      
       
ADJUSTED EBITDA:
      

   
Six months ended
June 30,
    
Three months ended
June 30,
  
   
2021
    
2020
    
2021
    
2020
  
   
Unaudited
    
Unaudited
  
                         
GAAP operating loss
  
$
(3,994
)
  
$
(14,219
)
  
$
(337
)
  
$
(3,454
)
Add:
                                
Non-cash stock-based compensation expenses
    
306
      
707
      
465
      
284
  
Trade secrets and other litigation expenses
    
-
      
11
      
-
      
-
  
Restructuring and re-organization costs
    
-
      
273
      
-
      
-
  
Merger, acquisition and related litigation expense, net
    
-
      
2,951
       -      
546
  
Depreciation and amortization (*)
    
4,758
      
5,382
      
2,373
      
2,718
  
                                 
Adjusted EBITDA
  
$
1,070
    
$
(4,895
)
  
$
2,501
    
$
94
  

(*) Including amortization of lease incentive

SEGMENT REVENUE:
                              

   
Six months ended
June 30,
    
Three months ended
June 30,
  
   
2021
    
2020
    
2021
    
2020
  
   
Unaudited
    
Unaudited
  
                         
Fixed Networks
  
$
56,127
    
$
44,790
    
$
30,825
    
$
21,779
  
Mobility Solutions
    
31,002
      
33,207
      
19,923
      
14,006
  
Terrestrial Infrastructure Projects
    
14,507
      
7,991
      
6,175
      
2,530
  
                                 
Total revenue
  
$
101,636
    
$
85,988
    
$
56,923
    
$
38,315
  

10
 
GILAT SATELLITE NETWORKS LTD.
        
CONSOLIDATED BALANCE SHEETS
        
U.S. dollars in thousands
        

   
June 30,
    
December 31,
  
   
2021
    
2020
  
   
Unaudited
    
Audited
  
             
ASSETS
            
             
CURRENT ASSETS:
            
Cash and cash equivalents
  
$
57,882
    
$
88,754
  
Short-term deposits
    
2,159
      
-
  
Restricted cash
    
21,910
      
27,162
  
Trade receivables, net
    
33,009
      
27,976
  
Contract assets
    
23,830
      
41,573
  
Inventories
    
29,644
      
31,304
  
Other current assets
    
22,508
      
16,637
  
                 
   Total current assets
    
190,942
      
233,406
  
                 
LONG-TERM ASSETS:
                
Restricted cash
    
13
      
42
  
Severance pay funds
    
6,616
      
6,665
  
Tax assets
    
2,489
      
2,482
  
Deferred taxes
    
16,621
      
16,813
  
Operating lease right-of-use assets
    
4,338
      
4,879
  
Other long term receivables
    
8,691
      
7,797
  
                 
Total long-term assets
    
38,768
      
38,678
  
                 
PROPERTY AND EQUIPMENT, NET
    
76,584
      
77,172
  
                 
INTANGIBLE ASSETS, NET
    
861
      
1,082
  
                 
GOODWILL
    
43,468
      
43,468
  
                 
TOTAL ASSETS
  
$
350,623
    
$
393,806
  

11

GILAT SATELLITE NETWORKS LTD.
        
CONSOLIDATED BALANCE SHEETS (Cont.)
        
U.S. dollars in thousands
        

   
June 30,
    
December 31,
  
   
2021
    
2020
  
   
Unaudited
    
Audited
  
             
LIABILITIES AND SHAREHOLDERS' EQUITY
            
             
CURRENT LIABILITIES:
            
Current maturities of long-term loans
  
$
-
    
$
4,000
  
Trade payables
    
19,705
      
20,487
  
Accrued expenses
    
48,359
      
46,387
  
Advances from customers and deferred revenues
    
23,881
      
26,244
  
Operating lease liabilities
    
1,800
      
1,911
  
Dividend payable
    
-
      
35,003
  
Other current liabilities
    
14,319
      
13,322
  
                 
   Total current liabilities
    
108,064
      
147,354
  
                 
LONG-TERM LIABILITIES:
                
Accrued severance pay
    
6,959
      
7,136
  
Long-term advances from customers
    
4,184
      
1,890
  
Operating lease liabilities
    
2,584
      
2,985
  
Other long-term liabilities
    
118
      
631
  
                 
   Total long-term liabilities
    
13,845
      
12,642
  
                 
SHAREHOLDERS' EQUITY:
                
Share capital - ordinary shares of NIS 0.2 par value
    
2,705
      
2,647
  
Additional paid-in capital
    
928,874
      
928,626
  
Accumulated other comprehensive loss
    
(6,194
)
    
(6,017
)
Accumulated deficit
    
(696,671
)
    
(691,446
)
                 
Total shareholders' equity
    
228,714
      
233,810
  
                 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
  
$
350,623
    
$
393,806
  

12
 
GILAT SATELLITE NETWORKS LTD.
                
CONSOLIDATED STATEMENTS OF CASH FLOWS
                
U.S. dollars in thousands
                

   
Six months ended
June 30,
    
Three months ended
June 30,
  
   
2021
    
2020
    
2021
    
2020
  
   
Unaudited
    
Unaudited
  
Cash flows from operating activities:
                        
Net loss
  
$
(5,225
)
  
$
(15,980
)
  
$
(129
)
  
$
(4,225
)
Adjustments required to reconcile net income
                                
 to net cash provided by operating activities:
                                
Depreciation and amortization
    
4,646
      
5,271
      
2,316
      
2,667
  
Capital loss from disposal of property and equipment
    
-
      
23
      
-
      
56
  
Stock-based compensation of options
    
306
      
707
      
465
      
284
  
Accrued severance pay, net
    
(128
)
    
26
      
(118
)
    
(17
)
Deferred taxes, net
    
185
      
140
      
(333
)
    
(494
)
Decrease (increase) in trade receivables, net
    
(7,068
)
    
18,364
      
(5,135
)
    
4,757
  
Decrease (increase) in contract assets
    
17,743
      
(8,362
)
    
22,230
      
(3,511
)
Decrease (increase) in other assets (including short-term, long-term
                                
   and deferred charges)
    
(4,009
)
    
6,710
      
(3,789
)
    
5,037
  
Decrease (increase) in inventories
    
1,774
      
(5,698
)
    
3,986
      
937
  
Decrease in trade payables
    
(790
)
    
(510
)
    
(1,740
)
    
(2,885
)
Increase (decrease) in accrued expenses
    
1,693
      
(5,809
)
    
724
      
(4,157
)
Decrease in advance from customers and deferred revenue
    
(191
)
    
(5,725
)
    
(7,879
)
    
(2,898
)
Increase (decrease) in current and non current liabilities
    
(194
)
    
685
      
(2,197
)
    
(2,126
)
Net cash provided by (used in) operating activities
    
8,742
      
(10,158
)
    
8,401
      
(6,575
)
                                 
Cash flows from investing activities:
                                
Purchase of property and equipment
    
(3,572
)
    
(1,879
)
    
(2,089
)
    
(928
)
Investment in short term deposits
    
(2,159
)
    
-
      
(2,159
)
    
-
  
Net cash used in investing activities
    
(5,731
)
    
(1,879
)
    
(4,248
)
    
(928
)
                                 
Cash flows from financing activities:
                                
Dividend payment
    
(35,003
)
    
-
      
-
      
-
  
Repayment of long-term loans
    
(4,000
)
    
(4,096
)
    
-
      
-
  
Net cash used in financing activities
    
(39,003
)
    
(4,096
)
    
-
      
-
  
                                 
Effect of exchange rate changes on cash, cash equivalents and restricted cash
    
(161
)
    
(539
)
    
93
      
156
  
                                 
Increase (decrease) in cash, cash equivalents and restricted cash
    
(36,153
)
    
(16,672
)
    
4,246
      
(7,347
)
                                 
Cash, cash equivalents and restricted cash at the beginning of the period
    
115,958
      
101,969
      
75,559
      
92,644
  
                                 
Cash, cash equivalents and restricted cash at the end of the period
  
$
79,805
    
$
85,297
    
$
79,805
    
$
85,297
  

  13