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Published: 2021-02-16 07:02:57 ET

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6-K 1 zk2125588.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 February, 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 February 16, 2021, announcing Gilat’s Fourth Quarter and Full Year 2020 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 and 333-236028) 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 February 16, 2021	By:	/s/ Yael Shofar
		Yael Shofar
		General Counsel

Gilat Reports Fourth Quarter and Full Year 2020 Results

Fourth Quarter GAAP Net Profit of $62.4 million and Adjusted EBITDA of $1.1 million

Net Profit includes termination fees, net of costs

Dov Baharav, Chairman of the Board, Announced His Plans to Step Down During 2021

Petah Tikva, Israel – February 16, 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 fourth quarter and full year ended December 31, 2020.

Fourth Quarter Financial Highlights

•	Revenues of $42.6 million versus $78.3 million in Q4 2019 and improved from $37.3 million in the previous quarter;

•	GAAP operating income of $62.7 million versus $9.2 million in Q4 2019 and an operating loss of $10.9 million in Q3 2020; GAAP operating income includes income related to the settlement with Comtech, net of related expenses, of $64.8 million;

•	Non-GAAP operating loss of $1.6 million, compared with operating income of $9.9 million in Q4 2019, improved compared with an operating loss of $1.9 million in the previous quarter;

•

GAAP net income of $62.4 million, or income of $1.12 per diluted share, compared with net income of $24.0 million, or income of $0.43 per diluted share in Q4 2019 and net loss in the previous quarter of $11.6 million, or loss of $0.21 per share; GAAP net income includes $64.8 million income related to the settlement with Comtech, net of related expenses, while GAAP net income in Q4 2019 includes a $15.5 million tax benefit;

•	Non-GAAP net loss of $1.9 million, or loss of $0.03 per diluted share, compared with net income of $9.1 million, or income of $0.16 per diluted share in Q4 2019, and an improvement compared with a net loss of $2.6 million, or loss of $0.05 per share, as reported in the previous quarter;

•	Adjusted EBITDA of $1.1 million compared with adjusted EBITDA of $13.1 million in Q4 2019; and improved compared with adjusted EBITDA of $0.6 million in the previous quarter;

•	Received $70 million in merger cancellation fees from Comtech;

•	Cash dividend of $20 million paid to shareholders during the quarter; additional cash dividend of $35 million declared in the quarter and paid in January 2021;

Full year 2020 Financial Highlights

•	Revenue of $165.9 million, compared with $263.5 million in 2019;

•	GAAP operating income of $37.6 million compared to $25.6 million in 2019; GAAP operating income includes income of $53.6 million related to the settlement with Comtech, net of related expenses;

•	Non-GAAP operating loss of $13.7 million compared with non-GAAP operating income of $29.2 million in 2019;

•

GAAP net income of $34.9 million or $0.63 per diluted share compared with $36.5 million in 2019 or $0.65 per diluted share; GAAP net income includes income of $53.6 million related to the settlement with Comtech, net of related expenses, while GAAP net income in 2019 includes a $15.5 million tax benefit;

•	Non-GAAP net loss of $16.4 million or loss of $0.30 per diluted share compared to non-GAAP net income of $24.7 million or income of $0.44 per diluted share in 2019;

•	Adjusted EBITDA was $3.3 million loss compared with adjusted EBITDA of $40.2 million in 2019;

Management Commentary

Adi Sfadia, Gilat's CEO, commented: “During 2020, and specifically during the second half of the year, we made major technological achievements and closed some very significant deals, all of which position us very well for 2021 and onward. In particular, we saw wins in most of our growth areas, mainly Cellular Backhaul and NGSO.

"We won multiple managed service deals providing us with significant recurring revenue. In 5G backhaul - another growth engine for us, we are making solid headway and during the year, we successfully demonstrated the transport of 5G traffic with outstanding performance over Thaicom's GEO HTS satellite. We also solidified our position, as a front-runner in providing the ground-segment for NGSO constellations, with an award in the fourth quarter with a potential of over $50M in support of a LEO constellation.

“In addition, given that IFC is and will continue to play a major role in attracting air travelling customers, I am confident that as air travel resumes its recovery, we will see a significant rise in demand for our IFC products and solutions.”

Mr. Sfadia concluded, “I am very encouraged by our strong bookings in the second half of 2020 which have continued into 2021, as well as the enormous investments targeting our industry. Despite my belief that the pandemic may still effect our 2021 operation to some extent, I am confident that our 2021 operating results will be materially better than those of 2020.”

Dov Baharav stated: “Today I announced my plan to step down from my position as chairman of Gilat's Board of Directors during 2021 and retire, following a seven year tenure. I will retain my position until a new Chariman is appointed. I conclude my period with great pride and with a feeling of satisfaction. In the last seven years the company reached extraordinary technological and business achievements, and is extremely well positioned to take advantage of the robust opportunities we are currently seeing in the market."

Key Recent Announcements

o	Gilat Shipped Initial Aero Modems Out of a Multi-Million-Dollar Potential in China

o	CORPAC Awards Gilat Multi-Million-Dollar Contract to Provide Mission Critical Telecom Systems for Peru's Airports

o	Gilat Awarded Contract with a Potential of Over $50 Million to Supply Wavestream’s Gateway Solid State Power Amplifiers for Low Earth Orbit Constellation

o	Gilat’s Proven ESA Technology Successfully Demonstrated over Inmarsat's Global Xpress

o	AXESS Awards Gilat Multi-Million Dollars to Expand Cellular Coverage for Two Key Mobile Operators in Mexico

o	Globe Awards Gilat Multi-Million US Dollar Managed Service Contract for Significant Expansion of Cellular Backhaul Project

o	Gilat Declares $35 Million Cash Dividend to Shareholders

o	Hispasat Awards Gilat a Multi-Million Dollar Order for Cellular Backhaul over Satellite to Extend Altan La Red Compartida Service to Rural Mexico

o	Gilat Equips Hundreds of Boats, Vessels and Cruise Ships with Satellite Communication

o	Gilat Receives Multi-Million-Dollar Order for a US Department of Defense Tactical Communications Program

o	United States Government Awards Gilat Additional Multi-Million-Dollar Contract for Military Communications Program

Conference Call Details

Gilat’s management will discuss its fourth quarter and full year 2020 results and business achievements and participate in a question and answer session:

Date:	Tuesday, February 16, 2021
Start:	09:30 AM EST / 16:30 IST
Dial-in:	US: 1-866-744-5399
	International: (+972) 3-918-0609

A simultaneous webcast of the conference call will be available on the Gilat website at www.gilat.com and through this link: www.veidan-stream.com/gilatq4-2020.html

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

Conference Call Replay

Start:	February 16, 2021 at 12:00 PM EST / 19:00 IST
End:	February 19, 2021 at 12:00 PM EST / 19:00 IST
Dial-in:	US: 1-888-326-9310; International: (+972) 3-925-5904

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, trade secrets and other litigation expenses, 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

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, Director Corporate Communications

DoreetO@gilat.com

Ehud Helft

GK Investor & Public Relations

gilat@gkir.com

+1 646 688 3559

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

	Twelve months ended						Three months ended
	December 31,						December 31,
	2020			2019			2020			2019
	Unaudited			Audited			Unaudited

Revenues	$	165,885		$	263,492		$	42,627		$	78,314
Cost of revenues		124,670			167,615			29,329			51,246

Gross profit		41,215			95,877			13,298			27,068

Research and development expenses		27,689			32,208			7,474			8,120
Less - grants		1,386			2,024			454			414
Research and development expenses, net		26,303			30,184			7,020			7,706
Selling and marketing expenses		16,871			21,488			4,534			5,156
General and administrative expenses		14,063			18,515			3,794			4,849
Merger, acquisition and related litigation expenses (income), net		(53,633	)		118			(64,782	)		118

Total operating expenses (income)		3,604			70,305			(49,434	)		17,829

Operating income		37,611			25,572			62,732			9,239

Financial expenses, net		1,907			2,617			192			677

Income before taxes on income		35,704			22,955			62,540			8,562

Taxes on income (tax benefit)		793			(13,583	)		98			(15,459	)

Net income	$	34,911		$	36,538		$	62,442		$	24,021

Basic earnings per share	$	0.63		$	0.66		$	1.12		$	0.43

Diluted earnings per share	$	0.63		$	0.65		$	1.12		$	0.43

Weighted average number of shares used in
computing earnings per share
Basic		55,516,113			55,368,703			55,545,654			55,485,961
Diluted		55,583,474			56,030,976			55,815,099			56,034,744

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
	December 31, 2020									December 31, 2019
	GAAP			Adjustments			Non-GAAP			GAAP		Adjustments			Non-GAAP
	Unaudited									Unaudited

Gross profit	$	13,298			42		$	13,340		$	27,068		70		$	27,138
Operating expenses (income)		(49,434	)		64,389			14,955			17,829		(550	)		17,279
Operating income (loss)		62,732			(64,347	)		(1,615	)		9,239		620			9,859
Income (loss) before taxes on income		62,540			(64,347	)		(1,807	)		8,562		620			9,182
Net income (loss)		62,442			(64,347	)		(1,905	)		24,021		(14,908	)		9,113

Basic earnings (loss) per share	$	1.12		$	(1.15	)	$	(0.03	)	$	0.43	$	(0.27	)	$	0.16
Diluted earnings (loss) per share	$	1.12		$	(1.15	)	$	(0.03	)	$	0.43	$	(0.27	)	$	0.16

Weighted average number of shares used in
computing earnings per share
Basic		55,545,654						55,545,654			55,485,961					55,485,961
Diluted		55,815,099						55,545,654			56,034,744					56,122,960

	Three months ended									Three months ended
				December 31, 2020								December 31, 2019
				Unaudited								Unaudited

GAAP net income				$	62,442							$	24,021

Gross profit
Non-cash stock-based compensation expenses					39								58
Amortization of intangible assets related to acquisition transactions					3								12
					42								70
Operating expenses (income)
Non-cash stock-based compensation expenses					254								347
Amortization of intangible assets related to acquisition transactions					54								49
Trade secrets and other litigation expenses					85								36
Merger, acquisition and related litigation expenses (income), net					(64,782	)							118
					(64,389	)							550

Tax benefit					-								(15,528	)

Non-GAAP net income (loss)				$	(1,905	)						$	9,113

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)

	Twelve months ended								Twelve months ended
	December 31, 2020								December 31, 2019
	GAAP		Adjustments			Non-GAAP			GAAP		Adjustments			Non-GAAP
	Unaudited								Audited		Unaudited

Gross profit	$	41,215		186		$	41,401		$	95,877		776		$	96,653
Operating expenses		3,604		51,502			55,106			70,305		(2,890	)		67,415
Operating income (loss)		37,611		(51,316	)		(13,705	)		25,572		3,666			29,238
Income (loss) before taxes on income		35,704		(51,316	)		(15,612	)		22,955		3,666			26,621
Net income (loss)		34,911		(51,316	)		(16,405	)		36,538		(11,862	)		24,676

Basic earnings (loss) per share	$	0.63	$	(0.93	)	$	(0.30	)	$	0.66	$	(0.21	)	$	0.45
Diluted earnings (loss) per share	$	0.63	$	(0.93	)	$	(0.30	)	$	0.65	$	(0.21	)	$	0.44

Weighted average number of shares used in
computing earnings per share
Basic		55,516,113					55,516,113			55,368,703					55,368,703
Diluted		55,583,474					55,516,113			56,030,976					56,165,945

	Twelve months ended								Twelve months ended
			December 31, 2020								December 31, 2019
			Unaudited								Unaudited

GAAP net income			$	34,911							$	36,538

Gross profit
Non-cash stock-based compensation expenses				166								257
Amortization of intangible assets related to acquisition transactions				20								490
Restructuring and re-organization costs				-								29
				186								776
Operating expenses (income)
Non-cash stock-based compensation expenses				1,114								1,878
Amortization of intangible assets related to acquisition transactions				204								203
Trade secrets and other litigation expenses				96								136
Merger, acquisition and related litigation expenses (income), net				(53,633	)							118
Restructuring and re-organization costs				717								555
				(51,502	)							2,890

Tax benefit				-								(15,528	)

Non-GAAP net income (loss)			$	(16,405	)						$	24,676

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

ADJUSTED EBITDA:

	Twelve months ended					Three months ended
	December 31,					December 31,
	2020			2019		2020			2019
	Unaudited					Unaudited

GAAP operating income	$	37,611		$	25,572	$	62,732		$	9,239
Add (deduct):
Non-cash stock-based compensation expenses		1,280			2,135		293			405
Trade secrets and other litigation expenses		96			136		85			36
Restructuring and re-organization costs		717			584		-			-
Merger, acquisition and related litigation expenses (income), net		(53,633	)		118		(64,782	)		118
Depreciation and amortization (*)		10,653			11,676		2,729			3,263

Adjusted EBITDA	$	(3,276	)	$	40,221	$	1,057		$	13,061

(*) Including amortization of lease incentive

SEGMENT REVENUE:

	Twelve months ended				Three months ended
	December 31,				December 31,
	2020		2019		2020		2019
	Unaudited		Audited		Unaudited

Fixed Networks	$	92,671	$	127,265	$	25,085	$	33,161
Mobility Solutions		54,169		104,665		11,751		34,050
Terrestrial Infrastructure Projects		19,045		31,562		5,791		11,103

Total revenue	$	165,885	$	263,492	$	42,627	$	78,314

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


	December 31,		December 31,
	2020		2019
	Unaudited		Audited

ASSETS

CURRENT ASSETS:
Cash and cash equivalents	$	88,754	$	74,778
Restricted cash		27,162		27,067
Trade receivables, net		27,976		47,731
Contract assets		41,573		23,698
Inventories		31,304		27,203
Other current assets		16,637		23,007

Total current assets		233,406		223,484

LONG-TERM ASSETS:
Long-term restricted cash		42		124
Severance pay funds		6,665		6,831
Deferred taxes		19,295		18,455
Operating lease right-of-use assets		4,879		5,211
Other long term receivables		7,797		10,156

Total long-term assets		38,678		40,777

PROPERTY AND EQUIPMENT, NET		77,172		82,584

INTANGIBLE ASSETS, NET		1,082		1,523

GOODWILL		43,468		43,468

TOTAL ASSETS	$	393,806	$	391,836

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

	December 31,			December 31,
	2020			2019
	Unaudited			Audited

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:
Current maturities of long-term loans	$	4,000		$	4,096
Trade payables		20,487			20,725
Accrued expenses		46,387			54,676
Advances from customers and deferred revenues		26,244			27,220
Operating lease liabilities		1,911			1,977
Dividend payable		35,003			-
Other current liabilities		13,322			12,261

Total current liabilities		147,354			120,955

LONG-TERM LIABILITIES:
Long-term loans, net of current maturities		-			4,000
Accrued severance pay		7,136			7,061
Long-term advances from customers		1,890			2,866
Operating lease liabilities		2,985			3,258
Other long-term liabilities		631			108

Total long-term liabilities		12,642			17,293

SHAREHOLDERS' EQUITY:
Share capital - ordinary shares of NIS 0.2 par value		2,647			2,643
Additional paid-in capital		928,627			927,348
Accumulated other comprehensive loss		(6,017	)		(5,048	)
Accumulated deficit		(691,447	)		(671,355	)

Total shareholders' equity		233,810			253,588

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	393,806		$	391,836

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

	Twelve months ended						Three months ended
	December 31,						December 31,
	2020			2019			2020			2019
	Unaudited						Unaudited
Cash flows from operating activities:
Net income	$	34,911		$	36,538		$	62,442		$	24,021
Adjustments required to reconcile net income
to net cash provided by operating activities:
Depreciation and amortization		10,291			10,978			2,534			2,730
Capital loss from disposal of property and equipment		181			461			147			461
Stock-based compensation of options		1,280			2,135			293			405
Accrued severance pay, net		242			361			205			16
Exchange rate differences on long-term loans		-			(12	)		-			(12	)
Deferred income taxes, net		(865	)		(12,555	)		(966	)		(13,636	)
Decrease (increase) in trade receivables, net		19,332			(1,323	)		(1,520	)		(1,464	)
Decrease (increase) in contract assets		(17,875	)		24,062			(3,471	)		(1,346	)
Decrease (increase) in other assets (including short-term, long-term
and deferred charges)		8,940			(817	)		1,021			603
Decrease (increase) in inventories		(5,050	)		(8,076	)		100			(391	)
Decrease (increase) in trade payables		(157	)		(3,884	)		3,178			631
Decrease in accrued expenses		(7,549	)		(11,671	)		(7,356	)		(2,767	)
Increase (decrease) in advance from customers		(1,898	)		1,112			2,218			10,019
Increase (decrease) in current and non current liabilities		1,377			(2,527	)		1,596			765
Net cash provided by operating activities		43,160			34,782			60,421			20,035

Cash flows from investing activities:
Purchase of property and equipment		(4,716	)		(7,982	)		(1,976	)		(2,333	)
Net cash used in investing activities		(4,716	)		(7,982	)		(1,976	)		(2,333	)

Cash flows from financing activities:
Exercise of stock options		-			375			-			-
Dividend payment		(19,999	)		(24,864	)		(19,999	)		-
Repayment of long-term loans		(4,096	)		(4,447	)		-			(94	)
Net cash used in financing activities		(24,095	)		(28,936	)		(19,999	)		(94	)

Effect of exchange rate changes on cash, cash equivalents and restricted cash		(360	)		(99	)		270			136

Increase (decrease) in cash, cash equivalents and restricted cash		13,989			(2,235	)		38,716			17,744

Cash, cash equivalents and restricted cash at the beginning of the period		101,969			104,204			77,242			84,225

Cash, cash equivalents and restricted cash at the end of the period	$	115,958		$	101,969		$	115,958		$	101,969

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

Important disclosures

Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.

Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities.
Past performance is no guarantee of future results. Any historical returns, expected returns [or probability projections] are hypothetical in nature and may not reflect actual future performance.
All the strategies assume investments in equity invstrumenta only and are more relevant for "agressive investment profile". Eastern European flagship strategy assumes using up to 20% leverage of total portfolio. GlobalCommodities and US Growth strategy currently assume no leverage.
Results for the Enhanced Investments strategies as compared to the performance of Illustrative Benchmarks is for informational purposes only. Our investment program does not mirror that of the Illustrative Benchmarks and the volatility may be materially different from the volatility of Illustrative Benchmarks. Reference or comparison to an Illustrative Benchmark does not imply that strategies of Enhanced Investments will be constructed in the same way as the Illustrative Benchmark or achieve returns, volatility, or other results similar to those of the Illustrative Benchmark. The S&P 500 is an unmanaged market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.
Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.