GILT - Earnings call transcript Q1 2024 | Gilat Satellite Networks Ltd.

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Operator

Welcome to Gilat's First Quarter 2024 Results Conference Call. [Operator Instructions]. This conference is being recorded May 8, 2024. By now, you should have all received the company's press release.

If you have not received it, please contact Gilat's Investor Relations team at EK Global Investor Relations at 1 646 688-3559 or view it in the news section of the company's website, www.gilat.com. I would now like to hand over the call to Mr. Global EK of Helft Investor Relations. Ehud Mr. you would like to please? begin, Helft,

Ehud Helft

Securities morning Gilat's be a forward-looking results, to of XXXX. All May may period available Yes. Litigation today Reform everyone. note Thank Call within differ of statements anticipated for contingencies, that to uncertainties as the time good forward-looking Act from those webcast alter you new to result control afternoon, that as please first statements, read forward-looking on noon, financial forward-looking on call recording this Good days. Also, will expressly A the and operating XXXX statements today, do Gilat Private statements, and Gilat's such beginning regarding involve any otherwise, the disclaims at future this and is with be risks, of eastern Quarter are that historical website beyond XX for earnings statements statements Webcast. many Conference made are Results and call update to of so. Gilat's which the company in X, information, for joining meaning which the actual including of cause results. or of and materially under a approximately events us reminder whether facts obligation are urged release obligation or deemed these a results no earnings future Gilat investors may not of a

me Exchange reports Commission. With the turn can let Gilat's found Securities factors be and risk with For information said, filed introduction. to about more detailed in that the

the CEO; turn are Gil today Mr. would Gilat to begin. we're Sfadia. Mr. On Adi, over Adi now Benyamini, to and ready like the Sfadia, CFO. I Adi Gilat's to call call

Adi Sfadia

first day to to Earnings of today joining for us good thank for Thank want I you quarter everyone. our XXXX and you, call.

in line start quarter, the for with pleased year. is well of our the XXXX the and results We first expectations with which are

growing of quarter brought from level year-over-year recent The interest DataPath showed contribution areas. acquisition, across the revenues strong was was including space. I continued the the growth, also performance growth strongly solid business good multiple want in first and particular, XX% broad our The to interest which a XXXX solution operators and our of the advancement during with satellite of to organic revenue growth, and in in our satellite due the our in this quarter. also market that business strategic partnership communication major supported highlight,

DataPath with top contributed pleased positive line the adjusted are and We DataPath's about to quarter's results. XX% the growth to EBITDA. contribution

our explain our demonstrating defense sector. capabilities when already are DataPath which Wavestream, of We ability further I subsidiaries, U.S.-based will activities recent in the our to discussing leverage the two and

itself with terms last QX which revenue quarter improved EBITDA overall favorable In profitability over year, our a of strong by of mix a very line, adjusted bottom we was year-over-year. XX%

we guidance on shortly. much the ahead, reiterating track. such, at which summarize And very as are are of beginning we Looking gave year, will the Gil we the

satellite, satellite mainly the business with from wider Now deliver for demand includes This Intelsat our and SkyEdge networks NSO a increasing follow-on extend our the the applications review operators, non Gilat of continue and very growing a of grow to XXXX. the throughput users. satellite partners, to which operators market VHTS the of the of is others. move by business quarter let's multimillion-dollar Constellation In business high the we range strategic the as lead driven satellite, geostationary SES orders and first to among their number and segment, platforms

satellite for community installation SkyEdge operators increase an capabilities. more deployment satellites. utilizing across and their multi-service from rehabs and Empower SkyEdge we and ] are [indiscernible] $XX several enjoying geo other [ multi-orbit than During all orders in the Overall, the few LCS both in IV Gilat gate and global have we of terminals awarded months, extend last to been million networks, pace

] In We [ main large this well which addition, its our NGSO delivering only supplier to gateway for future owned and the receive SSPA subsidiary tens in of us operator believe this the is success Wavestream positions United worth deployments. dollars. of as of potentially operator new is SSPA States, the share to the successfully business, millions

from this expected operator orders Additional XXXX. are during NGSO

was connectivity totaling our and that delivers the We world. Wavestream. anywhere operational the defense of quarter, the more DataPath first that focus defense from year, Satcom [ November market and than several of DecadXXXX Defense bearing terminals. last to on received awarded solution segment. QX transportable quarter acquisition satellite first This The U.S. segment the under the DataPath orders the $XX is the full announced sector of the to is recently capacity, network revenues market-leading increased hub Our already required ensure projects million multiple into were completed Department and ] in fruit. during of was a control DataPath connectivity for in has consolidating flexibility, new

the Army for anywhere program. We've than connectivity anytime, a follow-on Following satellite $XX for already more orders received announcement Wavestream that sustained last awarded the million. U.S. quarter the contract $XX million

mobile the climates for across which SSPA on ] the conditions sustainment diverse hard We our around U.S.-based [ ability demonstrates globe. terminals long-term subsidiaries. a and a the capabilities of communication leverage transportable of enables of to the This two Gilat's are satellite providing [indiscernible] continuous order solution port band thousands

the modems and communication satellite satellite from governmental connectivity to Gilat's towers We organization. a included augment defense defense leading also a advanced capabilities. IV This organizations order multimillion-dollar project received and defense order SkyEdge platform

develop dollars. a In applications move the military Satcom organization Satcom the next-generation on of to post leading software-defined on and a at selected Gilat modem valued millions defense addition, for

the sector developing We more customers continue more to supporting over make verticals. and growth, great adding progress in demonstrating products, mobility more solid

to of passenger and Ku-band design test for [indiscernible] ]. innovation commercial support a significant to Leon performance Easter ] During the aviation. ] [ made products geo while our further meets progress Gilat approved supply in specifications existing [ Initial first selected [indiscernible], ] of antenna beams sterile quarter, we and power and panel developing unique of intended satellite and exceeds the for antenna commercial the in geo [ electronically simultaneously. in growth a IFC the two bolstering Wavestream develop, market. line the produce Ku-band [ qualify new flat Gilat's [indiscernible] supporting meets

continue from government our for Airbus enterprise provider and their IFC addition, received the the footprint tariffs enhance [ that leading business well from to service and business worldwide Safran to depend expands on us our segment, a for into business continue Gilat orders In markets. In program we ] modem opportunities [ HBC as aviation as IFC ] to new arise. the customers

the of stands at follow-on again project received for out $X a digital is aimed key and project are inclusion cornerstone by social witnessing achieving of surge WiFi Empower order to opportunities. access a digital as in Satellite importance aims million the wide and service Latin public the the terrestrial inclusion social social We significant providing project communication economic sales to split device. This bridging communities healthcare once services, highlights inclusion the alternatives. We of surpass Communication globally. This divide that and the in essential a such education, project under as bridge limitation connectivity, America.

in and program of also additional Gilat for across Brazil. announce coming Amazonas WiFi a will the six are significant projects country for and construction regional [indiscernible] from social we thousands the years. In of we systems over the require services implementation the project During quarter, order expand an Peru, pleased additional received completion of This to the inclusion the in the region.

We are acceptance and the be year. now to expect later in this process operational

Peruvian building progressing additional before project end progress are project includes extensions. finish year. [indiscernible] This million maturity months. in are we as government In well and Amazonas region several the in Peru, Furthermore, several the expansion expecting the the next expecting in with RFPs of as the the addition, in large the $XX to we expansion few of the

satellite of growth, the solid interest strategic addition partnership which are a attributed We quarter results recent to year. To the for operators. our pleased with of in first are our Peru the major pipeline in market I revenues particularly of the of the am contribution in level with conclude, in communication the acquisition DataPath growing with the solutions includes the satellite which advancement pleased our organic for the our very to rest and of strong

verticals continue with our lead applications [ cellular to including orbit platform, mobility, strategic of We and our next-generation markets and multiple the defense. IV, which ] supports SkyEdge backhaul

first IFC footprint quarter, we and antenna aviation significant During and business electronic government into the in for the our markets. and developing Geo [indiscernible] expanded made LEO progress

operator have of to seeing business. delivered this SPAs a for opportunities its deployments We our new line in are also and increasing NGSO gateway

CFO. our the have Gil I Gil? materialization We of the hand over coming important strong over a that, to Benyamini, and pipeline deals months. With expect

Gil Benyamini

quarter Thank financial Non-GAAP The net with XXXX. Overall, year-over-year amortization believe if and investors and by a table compensation to comparable when would morning, highlights as well regularly our very revenue. income assets, on everybody measures exclude effect of to stock-based our changes mainly items. of understand, our our non-GAAP growth. our make pleased intangibles, onetime help incentives the that reconciliation measures highlights understand results manage the our are data, our of financial use and current good internally press XXXX. integration growth other for you, We provide these financial acquisition of like lease by in Adi. DataPath adjustments. in to we basis. earlier, these remind to this Good of first contributed organic afternoon start driven non-GAAP now operating reported was evaluate This tax and purchased measures income growth We future expenses, GAAP and operating tax effect as amortization, as recent to deferred Adi will non-GAAP decisions. release both relevant measures noncash I financial to financial the operating I strong and supplemental presented XX% constitute presented mentioned that business applicable, and and information our expenses, are move performance. XX% exclude of and and We non-GAAP other XX% everyone. on the

XX%, gross reached GAAP last XX% our and adjusted QX million, was $X.X EBITDA growth over year. margin Our

We about cover ahead. in reiterate quarters guidance And which for I'll our we later. XXXX, mentioned prospects our Adi optimistic our are as earlier,

quarter the improvement of results our XX% the of detail, closed comprised those of revenues network last the quarter in were The we year, of $XX was driven than first growth year. financial DataPath, segment first terms last of QX of and $XX.X from more sources were in middle which of acquisition million, was In and million. higher for satellite which by organic in

We the and in also demonstrated services network infrastructure business growth solid segment.

segment to Solutions increase 'XX breakdown quarter, the of Infrastructure as $XX.X QX non-GAAP to quarter summarize $XX.X last of compared compared GAAP by segment terms million revenues same million the the in $XX.X services of were our the year. quarter now the increase & results. the revenues from as revenue Integrated year. derived last first in million segment same segment, QX quarter 'XX Network Network year. revenues would was higher were to million Services of construction $XX.X well revenue. I In in Satellite the $XX.X same million $XX.X compared to revenues 'XX in last million like and The were both QX

due margin and gross we quarter was year. favorable QX gross XX.X% for product in experienced to same mainly XX.X% that was mix GAAP services last The in to reduction QX year. in last Our compared our of the 'XX margin particularly

which slightly as in continue current and we average, gross going addition, mentioned lower will DataPath's In margins are to the than the margin Gilat's forward. the and past, gross quarter defer impacts in overall

were expenses of an 'XX ] of In for [ operating onetime year, same As that approximately product be problematic Peru. in to can that and $X quarters they mix. affected increase quarter-by-quarter of the analyzing QX million, is the more million cash by significantly an quarter $XX.X on was versus XXXX. GAAP revenue calls, XX, similar note XX.X%, trailing Gilat's last we income the $X XX.X% year. on last four million quarters basis a we previous gross in in margin since discussed trailing in I ended March the in results arbitration our four a QX had

million a included quarter, million $X.X of is diluted year. amortization did income impact not or we GAAP purchased of the the operational first quarter the $X.XX in note to of for share year. intangibles quarter last or quarter are income This GAAP of diluted income net was in an operating we quarter quarter million last in the This which we the impacts related the that to million expenses last have to in net of $X share. GAAP approximately the and $X have compared quarter numbers. have also compared DataPath, other first I $X.XX same $X.X same is $X.X this per acquisition-related million per of These in earnings only expenses. year. GAAP also

non-GAAP Moving to results.

in was $XX.X earlier. Non-GAAP QX Our differential 'XX per with XX% non-GAAP to the The of to million, last Adjusted year. for quarter gross the income was to with EBITDA margin in same the in quarter same due $XX.X $X.X for same Non-GAAP million DataPath. Non-GAAP million last XX.X% of compared diluted for million last the quarter the increase $X I QX last This same the million mentioned an quarter 'XX or million the year. same compared $X.X to $X.X of quarter quarter first diluted in in adjusted operating improved year. per is $X.X the year. earnings compared with income were compared million million $X.X compared quarter the reasons operating was net or share $X.XX the in of quarter mainly increase earnings improved in year. share same was expenses in The last XX% of EBITDA to consolidation $X.XX.

our balance sheet. Moving to

debt total As and cash compared short-term and December XX, March cash $XX.X compared XX, were 'XX, cash $XX.X to net of and of 'XX. restricted on equivalent 'XX XX, our $XX.X with March as million million million of

of revenues flow, of exclude operating the of million quarter $X.X terms In and during activities DSOs, of our we was cash of network $X.X in project our which generated and from within previous net receivables million. 'XX repayment loans first XX Peru days. which were KPIs than is days, XX to of was the quarter higher DSO, range XX construction These terrestrial normal XX days.

as XX, the March 'XX at equity end $XXX shareholders' December Our 'XX. of million $XXX totaled about million with of compared

our guidance we year. ahead, reiterate the Looking for

million, financial $XX of $XX $XX year-over-year now to for between your $XXX at the review. Our adjusted between and I million of the million, please. we'll year-over-year at XX% to million to expectations XX% happy $XXX my of remain $XX the growth GAAP revenues questions. income concludes be of take growth Operator, representing and EBITDA representing between of would midpoint, to to open midpoint. That million operating call million like

Operator

[Operator first Instructions] The from Needham. Ryan Koontz is of question

Ryan Koontz

to the regards on the would between sounds mix, way a to you, you -- I And like And And business. how unpack hear now Thanks that commercial? if questions. how do there mix of particularly infrastructure nice out It we I for maybe as bit, that the terms would I going is and the mean, I Networks had goes you guess, the defense for please. evolving to it that but your commercial? of versus defense year forward strong like see to segment there. in thoughts defense best results, be particularly and product with shifted business wanted forward how little about your with could DataPath you think it,

Adi Sfadia

I to such us disclosure. think a it's a bit provide too early for

We more strong the in ship had and agree But is ] But that the traction. We booking and to it's a time. I more there book are quarter, getting it's very over defense yet quarter. [ defense. defense, commercial not usually between in same not

months. of to the to received most orders guidance, course, along but coming were, factored them So XX already the into expect deliver we we XX of our that

the stages. But just will said that initial thumb, beginning in million. revenues are of around We at year a we the $XX of rule be DataPath

million. networks revenues, So above should if defense this overall, you be integrated solutions, add satellite and revenues year defense $XX

Ryan Koontz

thoughts opportunity or terms in new some segment us [indiscernible] thoughts you that your you maybe see lot wins category. a you overall about like broader Can in of expand how It of excitement orders that you the IFC can maybe your and some of sounds and market, update developing? And IFC for you? kind on on the

Adi Sfadia

the provider in solutions. have We cases, We some Sure. a where to in IFC. the new will of for traction Yes. service dual orders see programs of several several the lot managed see

modems have the will will you solution are adding Gilat those usually But the modems. solutions. they aircraft, several In service. Intelsat on into So cases, use overall they and

electronically This mechanical from general, of shift Satcom It with of progressing a to one are antenna We see traction seems we the for award ESA is constellation. like very to a that is lot development we steel KU an In market. segment. ESA flat growing with Direct. much that received in because ability the steerable becoming the use effective now panel more

will traction believe of our in lot a seeing we growth are it and push area, the few we So this next years. significantly in

to power HBC products, providing are the their solution. In like for auxiliary products, that addition, we several plus are Safran units having supply we new Airbus

a see market. we overall, traction So the in of lot

getting of still order lot nice we the terminals. a are ESA potential versions worldwide. a see old for with now also We the of But

Ryan Koontz

pardon ESA relatively meaningful for the today? is revenue that is And for you knowing, product not new don't a product, me a that you stream from have

Adi Sfadia

a the in OneWeb electronically ESA and developing Cole. applications be [ will aviation constellation. antenna, leader electronically is XX. have a antenna different Satcom -- antenna it probably steered several we were years, support steered award And government a LEO steered ] and for from parallel, in Direct Direct [ [ We we result Gilat XXXX, available will electronically to got business Geo beginning. in unique And ] develop an the than ] antenna and slightly are after more be that in will the aviation at ] [ available. IFC Satcom for

now, development will to Direct revenues. a contribute XXXX Satcom that we expect Right phase. We are in

Operator

Space. from question next Chris of Quilty Quilty is The

Christopher Quilty

want question. I that IFC up follow on to

can't you And Can just was FSTA that think [ script you elaborate ] had for that on your mentioned products? antenna in this you a in previously? program. or I that? playing you remember bizjet I market won

Adi Sfadia

Okay.

the main in you signed is business Direct aviation. as business we And the ESA development the may project for with Satcom them, remember, player jet. So

to this another a from we for [ a recently, segment service started received ] service. in market leading provider And order So service play year use that we will tours Intersat modems provider ago. a for

Christopher Quilty

it. Got

II-C a So or this is a SkyEdge IV?

Adi Sfadia

combination towers can models both Can and be of the a Xth. It SkyEdge for IFC. II-C work SkyEdge on

Christopher Quilty

And terms market [ think commercial much to And overall can the with mean all you contribute how I systems? scale that in ]. these KU IFC do of opportunity relative business? your are

Adi Sfadia

I there. penetrate in to and trying think playing see I large. service is and Direct opportunity providers. overall is more we aviation others, there is the are and Intersat that the business more playing Satcom

in I years, shift think we'll a it additional to and growth. will from that the few drive aviation see next business commercial aviation

Christopher Quilty

Elephant in you've probably or that's the know are merger your But ] announcement presence Intelsat in room of got acquisition still out. both operators? SES, thoughts with question, X.X there? years [ the and I the what initial

Adi Sfadia

question, a say. is good strategic I this Well, Gilat. are general, In partner very and SES Intersat must with both

both of with equipment Our them. deeply is integrated

We and ], IV II-C and there solution solution. we have is the working IFC SkyEdge and and SES-XX [ And SCS Gilat, service Intelsat see platform backward all which us. for launched strategic SkyEdge recently with satellites most both their cellular business are MPower

requirements. customer most with the expected trying delivering requirements. customer a Gilat focus our being and for merger, one map will [ instead approved, We'll merger took of the will have it be time of this rumors to ] that map fast, have positive We And to once sell new effect giants the announcement we to road have with on them. believe road happen. one on We usually to It's very and this for was months.

plans. satellites, competitor increase X of is SES in already think have their plan. think Intersat X. merger talking believe buy out equal it's continue satellites, they're opportunity I to both to new for that future plus several they and us, X rather to continue new don't short cost and for to the make willing more -- an than And so growth. of I to market them about term, committed the is I will the definitely, take the

Christopher Quilty

whether don't it's too business? you have but just American to you I small seen quantify impact there Starlink. Or is see market, you to to ugly -- exposure wanted with think Shifting out it have that gears, any can on pretty huge the matter? I

Adi Sfadia

to of it's small First too all, matter.

and newcomers our We Starlink regardless, definitely, and not serving it initial in -- mainly and we market in from it's very material are grow to this we we cruise more this getting segment phases. to perspective, small But and It's SES traction because market. see relatively line. expect more

Christopher Quilty

Shifting DataPath. back to gears

You've couple had a announcements. of

million more. million you since picked Or $XX there's seems post a last order, from when think closed that that year you've closing, has I acquisition? up you post still I rate? quarter, it it $XX quantified mentioned think run on had -- you for around track there Is improved and a it like

Adi Sfadia

Yes.

year, a said conservative several quarter We this the the year the be And orders we around the large expect DataPath decided in XXXX, at received through of to DataPath. bit in million quarter of to we we So because $XX first integration. that or beginning revenues. be the of beginning the it's

And at can beginning. the that sometimes well. say you quarter the I hiccups have went first

see are track in to years guidelines, come. expect we significant growth on to achieving We and of a

growth recruiting executives the And to especially that now, defense a U.S. engine order are Nothing we'll to think able hopefully, several strengthen will everyone. can our significant U.S., be I defense, for We that presence. be but in us. the with I share share in

Christopher Quilty

Gil. for question final And

I'm the OpEx assuming run quarter obviously is that sort million $XX quarters, timing G&A partial a run QX. you've also in OpEx. quarter a [indiscernible] is Just million of Or was looks last at It OpEx the DataPath looking good two pretty around the here step rate? quarter. for there first But related? big that like in up in and of $XX a

Gil Benyamini

includes I a acquisition. OpEx representative And this, year that can So full course, QX say DataPath expenses of are ones. this of

may changes related remember reports, Gilat's allocation GAAP price and quarter. during compensation and these share-based some the in price the volatile our expenses should the expenses we are due in You to to purchase down include some that of share acquisition also expenses up go and or

the quarter in line, course, reports. as the in expenses only bottom relevant representing a ongoing So GAAP is this Gilat. this is, of But

Operator

of Group. Karger question Gunther next is The from Discovery

Gunther Karger

Two there two ]. questions be any developments with [indiscernible] to And or evolving comment. questions? second has the one and backhaul, those Question question trains satellite to new as [ they one with is high-speed area? that has the do any to comment number seem status of in do wanted on

Adi Sfadia

Okay.

nice with you to again. So speak Gunther,

on cellular the lead to continue we backhaul, So market. the

We MNOs SES of demonstrate in some are are on seeing than of more a with lot ] speed. than opportunities we [ see on the traction XG. modem handset. to to we starting in the world more XG, satellites the the X Recently, speeds gigabyte largest together and of the per second per are and high megabit Those second extremely to XG XXX one

we ready, is but and say, equipment [indiscernible]. revenues two take expect first, XG sales, have you will say have ramp within, that our let's we I that up years. So initial

a of over So the orders in the the a rural in operators on meantime speed to of lot everyone will and the lot Internet and the XG. first, is XG what connectivity. a XG only we see see on cities will have get there, then deployment you decent the But we handle wants

of there As X it. for around or then X years ago, it's bit. a relaxed And high-speed trains, was a lot traction

significant growth But to see a delivering high-speed now be expect trains say have we it I of a to solution. are cannot lot right two and traction that engine. But the terminals. I We I

if the sit But steered can X not was antenna be on that the the problem to that will vibration. years antenna fit you electronically X a every or also remember, Our train main be ago, because that. solution of will

following. it's or it's market simple that we are that So not a market but segment

said question? you have You another

Gunther Karger

My excellent outlook now, for to should the through and ] in and comment is ], congratulated observed Gilat long on path be an much future. very the you [indiscernible] [ [ you range beginning the Thank growth having you.

Operator

The Oppenheimer. ] is next of Omri from [ question Foroni

Unknown Analyst

that I the bit questions new out. of constellations a are coming about have

of and We big. [ three really ]. are about We're OneWeb them have [indiscernible] that talking

product about So I is wanted -- some to Gilat the line they're if going about time get provide? talking supposed bit a answers of and the to services to that know

Adi Sfadia

Okay.

half to we I'll So the IRISX believe RFI RFP with Europe. the expect and I and They wrap initiated information second start in them expected it's We is the towards to project, half XXXX. move not year. award the the say. remember, the a process process, of before to European year, the governmental need something probably to that everyone of has XX-something of end first the countries,

the take expect is to is expect two is [ for of at of So as ] year, the Gilat to They decision said of end quarter, of year. will that GenX some the award definitely, have those they bit. towards more before short-listed time. OneWeb said the tend will insight the ground second RFP a usually announce the ongoing. midyear. But delay we we NextGen or beginning And they one kind it vendors a the I large to this segment. the take

is in XXXX. service planning As [ to Amazon ], Kiper for start Project

XXXX. start to gateways I equipping guess will hubs towards need and the they So

As some we NGSO players, times working several with we we are name. past, several cannot the said by in name

orders of to we that SSPAs constellations if on be will towards started based -- to deliver We large end we probably the large the probably quarter, LEO be next that quarter. we doing follow-on years will the of and guess, orders get deployment supporting. received and two order ago, XXXX this I One expect the is expected are year. initial the towards But the not XXXX.

Unknown Analyst

to in Europe some opportunities Satcom and [ the how then situation you the perfecting I defense buy have companies. the about about some market, acquire And market. was defense and especially on about we're wondering ]

was think in States. think European I market? how I United about the you [indiscernible] the you wondering

Adi Sfadia

we defense, for So you overall, I communication, so articles traction think If that Ukraine, it's best of to lot say, It's with will work the to too it government, long-term on Europe. about particular, both news. around early satellite see communication. a Not in business a is in the We but doing believe at only everything good happen see traction news defense around in satellite lot time. also it takes and we sometimes when war as is you SpaceX of quantify. in in it's the But not Europe, but growth Europe. -- in it's not seems look urgent

for acquisition. about your second question As

So a opportunities. we and reviewing of monitoring lot are

of we speak also advise. it there relevant is be Europe. will them will that But to Some are relevant, right in now. is Once nothing

Unknown Analyst

And last XXX said one to for me, people. year last about want that you hire you

wondering if of is XXX the going still part plan. And So how it's the now I'm person business on.

Adi Sfadia

we XXXX, think we XXXX, XXX than that and at was beginning to the it I people. more of relevant recruited said where

recruit But will get needs. we based are Once on now, this that immediate worldwide we on recruiting will right require we award to large continue before, We based needs. additional count spoke increase. head our the only significant

Operator

There are to statement? Benyamini, you concluding at make further Mr. questions would time. no this your like

Gil Benyamini

I want day. call for all and us in thank speak call. to on much, our have Thank and you this for to and you to attention. your hope you soon time next great very you a see or We joining

Operator

concludes you Thank Thank Call. participation. Conference you. for This Gilat's Quarter First XXXX your Results

may ahead disconnect. You and go

Gilat Satellite Networks (GILT) 8 May 242024 Q1 Earnings call transcript