Allot Announces Fourth Quarter & Full Year 2022 Financial Results
HOD HASHARON, Israel, Feb. 28, 2023 /PRNewswire/ -- Allot Ltd. (NASDAQ: ALLT) (TASE: ALLT), a leading global provider of innovative network intelligence and security solutions for service providers and enterprises worldwide, today announced its unaudited fourth quarter and full year 2022 financial results.
Financial Highlights
- Fourth quarter revenues were $33.0 million and full year 2022 revenues were $122.7 million;
- SECaaS revenues were $2.2 million for Q4 and $7.2 million for FY 2022, up 79% and 73% year-over-year respectively;
- December 2022 SECaaS ARR* was $9.2 million;
- Q4 GAAP net loss was $6.7 million and non-GAAP net loss was $4.9 million; full year 2022 GAAP net loss was $32.0 million and non-GAAP net loss was $23.2 million;
- Additional recurring security deals to be executed, providing incremental MAR** were reported at $191 million achieved in 2022;
Financial Outlook
Looking ahead, management current expectations are as follows:
- Full year 2023 revenues of $110 million to $120 million (of which SECaaS revenue are expected to be between $11 million and $13 million).
- Fully year 2023 operating loss and net negative cash flow of between $15 million and $20 million.
- December 2023 total ARR*, including SECaaS ARR* and Support & Maintenance ARR*, is expected to be between $56 and 63 million.
- Reiterates expectations to be profitable in 2024.
Management Comment
Erez Antebi, President & CEO of Allot, commented, "Despite a much more challenging economic environment in 2022, we are progressing with our ongoing strategy of transitioning our business to a recurring revenue model, which provides a more predictable and stable long-term revenue stream for our company. 2022 has shown continued growth in our customer roster and revenue for our security as a service product, demonstrating a viable and growing business. We are committed to being profitable in 2024 through ongoing growth of the SECaaS business, combined with tight expense control. We are confident that ultimately the shift of our business to a recurring SECaas revenue model will deliver strong long-term value to our shareholders and drive sustainable profitable growth for years to come."
Q4 2022 Financial Results Summary
Total revenues for the fourth quarter of 2022 were $33.0 million, a decrease of 19% compared to $41.0 million in the fourth quarter of 2021.
Gross profit on a GAAP basis for the fourth quarter of 2022 was $21.9 million (gross margin of 66.3%), a 23% decline compared with $28.5 million (gross margin of 69.5%) in the fourth quarter of 2021.
Gross profit on a non-GAAP basis for the fourth quarter of 2022 was $22.4 million (gross margin of 67.7%), a 22% decline compared with $28.7 million (gross margin of 70.2%) in the fourth quarter of 2021. A one-time write off in the current quarter impacted the gross margin level.
Net loss on a GAAP basis for the fourth quarter of 2022 was $6.7 million, or $0.18 per basic share, compared with a net loss of $4.0 million, or $0.11 per basic share, in the fourth quarter of 2021.
Net loss on a non-GAAP for the fourth quarter of 2022 was $4.9 million, or $0.13 per basic share compared with a non-GAAP net loss of $2.1 million, or $0.06 per basic share, in the fourth quarter of 2021.
Full Year 2022 Financial Results Summary
Total revenues for 2022 were $122.7 million, a 16% decrease compared to $145.6 million in 2021.
Gross profit on a GAAP basis for 2022 was $82.9 million (gross margin of 67.5%), an 18% decline compared with $101.0 million (gross margin of 69.4%) in 2021.
Gross profit on a non-GAAP basis for 2022 was $84.7 million (gross margin of 69.0%), a 17% decline compared with $102.2 million (gross margin of 70.2%) in 2021.
Net loss on a GAAP basis for 2022 was $32.0 million, or $0.87 per basic share, compared with a net loss of $15.0 million, or $0.42 per basic share, in 2021.
Net loss on a non-GAAP basis for 2022 was $23.2 million, or $0.63 per basic share, compared with a net loss of $6.0 million, or $0.17 per basic share, in 2021.
Cash, short-term bank deposits and investments as of December 31, 2022 totaled $86.4 million, compared to $85.7 million as of December 31, 2021.
ARR - U.S. dollars in millions (Unaudited) | |||||||||||
Dec. 2021 | Dec. 2022 | Dec. 2023 target | 2022 vs. 2021 | 2023 (target) vs. 2022 | |||||||
Support & maintenance ARR * | 42.0 | 42.5 | 41-43 | 1 % | (4%) -1% | ||||||
SECaaS ARR ** | 5.2 | 9.2 | 15-20 | 77 % | 63%-117% | ||||||
Total ARR | 47.2 | 51.7 | 56-63 | 10 % | 8%-22% | ||||||
* Support & Maintenance ARR measures the current annual run rate of the support & maintenance revenues, which is calculated based on these expected revenues in the fourth quarter and multiplied by 4. ** SECaaS ARR measures the current annual run rate of the SECaaS revenues, which is calculated based on these expected revenues in the month of December and multiplied by 12.
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Conference Call & Webcast:
The Allot management team will host a conference call to discuss its fourth quarter and full year 2022 earnings results today, February 28, 2023 at 8:30 am ET, 3:30 pm Israel time. To access the conference call, please dial one of the following numbers:
US: 1-888-642-5032, UK: 0-800-917-5108, Israel: +972-3-918-0610
A live webcast and, following the end of the call, an archive of the conference call, will be accessible on the Allot website at: http://investors.allot.com/index.cfm
About Allot
Allot Ltd. (NASDAQ: ALLT, TASE: ALLT) is a provider of leading innovative network intelligence and security solutions for service providers and enterprises worldwide, enhancing value to their customers. Our solutions are deployed globally for network and application analytics, traffic control and shaping, network-based security services, and more. Allot's multi-service platforms are deployed by over 500 mobile, fixed and cloud service providers and over 1,000 enterprises. Our industry leading network-based security as a service solution is already used by over 20 million subscribers in Europe. Allot. See. Control. Secure.
For more information, visit www.allot.com
Performance Metrics
* Total ARR - Support & Maintenance ARR (measures the current annual run rate of support & maintenance revenues, which is calculated based on these expected revenues in the fourth quarter and multiplied by 4) and SECaaS ARR (measures the current annual run rate of the SECaaS revenues, which is calculated based on these expected revenues in the month of December and multiplied by 12).
** MAR (maximum annual revenue potential of concluded transactions) was estimated by Allot upon transaction signature and constitutes an approximation of the theoretical annual revenues Allot would receive if 100% of the applicable customer segments only subscribers, as estimated by Allot, signed up for the service.
GAAP to Non-GAAP Reconciliation:
Non-GAAP net income is defined as GAAP net income after excluding stock-based compensation expenses, amortization of acquisition-related intangible assets, deferred tax asset adjustment, exchange rate differences related to revaluation of assets and liabilities denominated in non-dollar currencies, other acquisition-related expenses and changes in taxes related items.
These non-GAAP measures should be considered in addition to, and not as a substitute for, comparable GAAP measures. The non-GAAP results and a full reconciliation between GAAP and non-GAAP results is provided in the accompanying Table 2. The Company provides these non-GAAP financial measures because it believes they present a better measure of the Company's core business and management uses the non-GAAP measures internally to evaluate the Company's ongoing performance. Accordingly, the Company believes they are useful to investors in enhancing an understanding of the Company's operating performance.
Safe Harbor Statement
This release contains forward-looking statements, which express the current beliefs and expectations of Company management. Such statements involve a number of known and unknown risks and uncertainties that could cause our future results, performance or achievements to differ significantly from the results, performance or achievements set forth in such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to: our ability to compete successfully with other companies offering competing technologies; the loss of one or more significant customers; consolidation of, and strategic alliances by, our competitors, government regulation; the timing of completion of key project milestones which impact the timing of our revenue recognition; lower demand for key value-added services; our ability to keep pace with advances in technology and to add new features and value-added services; managing lengthy sales cycles; operational risks associated with large projects; our dependence on fourth party channel partners for a material portion of our revenues; court approval of the Company's proposed share buy-back program; and other factors discussed under the heading "Risk Factors" in the Company's annual report on Form 20-F filed with the Securities and Exchange Commission. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Relations Contact: EK Global Investor Relations Ehud Helft +1 212 378 8040 | Public Relations Contact: Seth Greenberg, Allot Ltd. +972 54 922 2294
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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 | Year Ended | |||||||
December 31, | December 31, | |||||||
2022 | 2021 | 2022 | 2021 | |||||
(Unaudited) | (Unaudited) | (Audited) | ||||||
Revenues | $ 33,029 | $ 40,974 | $ 122,737 | $ 145,600 | ||||
Cost of revenues | 11,134 | 12,516 | 39,831 | 44,553 | ||||
Gross profit | 21,895 | 28,458 | 82,906 | 101,047 | ||||
Operating expenses: | ||||||||
Research and development costs, net | 12,371 | 13,005 | 49,800 | 47,093 | ||||
Sales and marketing | 12,881 | 15,025 | 49,393 | 52,337 | ||||
General and administrative | 3,703 | 4,145 | 15,982 | 15,145 | ||||
Total operating expenses | 28,955 | 32,175 | 115,175 | 114,575 | ||||
Operating loss | (7,060) | (3,717) | (32,269) | (13,528) | ||||
Financial and other income, net | 796 | 176 | 2,134 | 339 | ||||
Loss before income tax expenses | (6,264) | (3,541) | (30,135) | (13,189) | ||||
Tax expenses | 474 | 489 | 1,895 | 1,851 | ||||
Net Loss | (6,738) | (4,030) | (32,030) | (15,040) | ||||
Basic net loss per share | $ (0.18) | $ (0.11) | $ (0.87) | $ (0.42) | ||||
Diluted net loss per share | $ (0.18) | $ (0.11) | $ (0.87) | $ (0.42) | ||||
Weighted average number of shares used in | ||||||||
computing basic net loss per share | 37,325,971 | 36,426,471 | 36,975,424 | 36,050,540 | ||||
Weighted average number of shares used in | ||||||||
computing diluted net loss per share | 37,325,971 | 36,426,471 | 36,975,424 | 36,050,540 | ||||
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 | Year Ended | |||||||
December 31, | December 31, | |||||||
2022 | 2021 | 2022 | 2021 | |||||
(Unaudited) | (Unaudited) | |||||||
GAAP cost of revenues | $ 11,134 | $ 12,516 | $ 39,831 | $ 44,553 | ||||
Share-based compensation (1) | (323) | (137) | (1,133) | (581) | ||||
Amortization of intangible assets (2) | (157) | (152) | (613) | (608) | ||||
Non-GAAP cost of revenues | $ 10,654 | $ 12,227 | $ 38,085 | $ 43,364 | ||||
GAAP gross profit | $ 21,895 | $ 28,458 | $ 82,906 | $ 101,047 | ||||
Gross profit adjustments | 480 | 289 | 1,746 | 1,189 | ||||
Non-GAAP gross profit | $ 22,375 | $ 28,747 | $ 84,652 | $ 102,236 | ||||
GAAP operating expenses | $ 28,955 | $ 32,175 | $ 115,175 | $ 114,575 | ||||
Share-based compensation (1) | (1,966) | (1,749) | (8,032) | (7,419) | ||||
Expenses related to M&A activities (3) | 274 | - | 274 | - | ||||
Changes in taxes and headcount related items (4) | 325 | 367 | 325 | 367 | ||||
Non-GAAP operating expenses | $ 27,588 | $ 30,793 | $ 107,742 | $ 107,523 | ||||
GAAP financial and other income | $ 796 | $ 176 | $ 2,134 | $ 339 | ||||
Expenses related to M&A activities (3) | 4 | - | 4 | - | ||||
Exchange rate differences* | (85) | 12 | (442) | 454 | ||||
Non-GAAP Financial and other income | $ 715 | $ 188 | $ 1,696 | $ 793 | ||||
GAAP taxes on income | $ 474 | $ 489 | $ 1,895 | $ 1,851 | ||||
Tax expenses in respect of net deferred tax asset recorded | - | (118) | - | (282) | ||||
Changes in tax related items | (25) | (100) | (100) | (100) | ||||
Non-GAAP taxes on income | $ 449 | $ 271 | $ 1,795 | $ 1,469 | ||||
GAAP Net Loss | $ (6,738) | $ (4,030) | $ (32,030) | $ (15,040) | ||||
Share-based compensation (1) | 2,289 | 1,886 | 9,165 | 8,000 | ||||
Amortization of intangible assets (2) | 157 | 152 | 613 | 608 | ||||
Expenses related to M&A activities (3) | (270) | - | (270) | - | ||||
Changes in taxes and headcount related items (4) | (325) | (367) | (325) | (367) | ||||
Exchange rate differences* | (85) | 12 | (442) | 454 | ||||
Tax expenses in respect of net deferred tax asset recorded | - | 118 | - | 282 | ||||
Changes in tax related items | 25 | 100 | 100 | 100 | ||||
Non-GAAP Net income (loss) | $ (4,947) | $ (2,129) | $ (23,189) | $ (5,963) | ||||
GAAP Loss per share (diluted) | $ (0.18) | $ (0.11) | $ (0.87) | $ (0.42) | ||||
Share-based compensation | 0.06 | 0.05 | 0.25 | 0.22 | ||||
Amortization of intangible assets | 0.01 | 0.00 | 0.02 | 0.02 | ||||
Expenses related to M&A activities | (0.01) | - | (0.01) | - | ||||
Changes in taxes and headcount related items | (0.01) | (0.01) | (0.01) | (0.01) | ||||
Exchange rate differences* | (0.00) | 0.01 | (0.01) | 0.02 | ||||
Non-GAAP Net income (loss) per share (diluted) | $ (0.13) | $ (0.06) | $ (0.63) | $ (0.17) | ||||
Weighted average number of shares used in | ||||||||
computing GAAP diluted net loss per share | 37,325,971 | 36,426,471 | 36,975,424 | 36,050,540 | ||||
Weighted average number of shares used in | ||||||||
computing non-GAAP diluted net loss per share | 37,325,971 | 36,426,471 | 36,975,424 | 36,050,540 | ||||
* 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 | Year Ended | |||||||
December 31, | December 31, | |||||||
2022 | 2021 | 2022 | 2021 | |||||
(Unaudited) | (Unaudited) | |||||||
(1) Share-based compensation: | ||||||||
Cost of revenues | $ 323 | $ 137 | $ 1,133 | $ 581 | ||||
Research and development costs, net | 775 | 646 | 3,168 | 2,499 | ||||
Sales and marketing | 684 | 740 | 2,943 | 3,212 | ||||
General and administrative | 507 | 363 | 1,921 | 1,708 | ||||
$ 2,289 | $ 1,886 | $ 9,165 | $ 8,000 | |||||
(2) Amortization of intangible assets | ||||||||
Cost of revenues | $ 157 | $ 152 | $ 613 | $ 608 | ||||
$ 157 | $ 152 | $ 613 | $ 608 | |||||
(3) Expenses related to M&A activities | ||||||||
Research and development costs, net | $ (274) | $ - | $ (274) | $ - | ||||
Financial income | 4 | - | 4 | - | ||||
$ (270) | $ - | $ (270) | $ - | |||||
(4) Changes in taxes and headcount related items | ||||||||
Sales and marketing | $ (325) | $ (367) | $ (325) | $ (367) | ||||
$ (325) | $ (367) | $ (325) | $ (367) | |||||
TABLE - 3 | ||||
ALLOT LTD. | ||||
AND ITS SUBSIDIARIES | ||||
CONSOLIDATED BALANCE SHEETS | ||||
(U.S. dollars in thousands) | ||||
December 31, | December 31, | |||
2022 | 2021 | |||
(Unaudited) | (Audited) | |||
ASSETS | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | $ 12,295 | $ 11,717 | ||
Short-term bank deposits | 68,765 | 60,720 | ||
Restricted deposits | 1,050 | 1,480 | ||
Available-for-sale marketable securities | 4,293 | 11,531 | ||
Trade receivables, net | 44,167 | 30,829 | ||
Other receivables and prepaid expenses | 7,985 | 8,490 | ||
Inventories | 13,262 | 11,092 | ||
Total current assets | 151,817 | 135,859 | ||
LONG-TERM ASSETS: | ||||
Long-term bank deposits | - | 215 | ||
Severance pay fund | 371 | 407 | ||
Operating lease right-of-use assets | 5,387 | 8,513 | ||
Trade receivables, net | 4,934 | 6,643 | ||
Other assets | 864 | 1,639 | ||
Total long-term assets | 11,556 | 17,417 | ||
PROPERTY AND EQUIPMENT, NET | 14,236 | 15,000 | ||
GOODWILL AND INTANGIBLE ASSETS, NET | 35,344 | 35,138 | ||
Total assets | $ 212,953 | $ 203,414 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
CURRENT LIABILITIES: | ||||
Trade payables | $ 11,661 | $ 3,940 | ||
Deferred revenues | 20,825 | 22,138 | ||
Short-term operating lease liabilities | 2,542 | 2,785 | ||
Other payables and accrued expenses | 25,573 | 26,250 | ||
Total current liabilities | 60,601 | 55,113 | ||
LONG-TERM LIABILITIES: | ||||
Deferred revenues | 7,285 | 15,942 | ||
Long-term operating lease liabilities | 2,579 | 5,467 | ||
Accrued severance pay | 940 | 884 | ||
Convertible debt | 39,575 | - | ||
Total long-term liabilities | 50,379 | 22,293 | ||
SHAREHOLDERS' EQUITY | 101,973 | 126,008 | ||
Total liabilities and shareholders' equity | $ 212,953 | $ 203,414 | ||
TABLE - 4 | |||||||
ALLOT LTD. | |||||||
AND ITS SUBSIDIARIES | |||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(U.S. dollars in thousands) | |||||||
Three Months Ended | Year Ended | ||||||
December 31, | December 31, | ||||||
2022 | 2021 | 2022 | 2021 | ||||
(Unaudited) | (Unaudited) | (Audited) | |||||
Cash flows from operating activities: | |||||||
Net Loss | $ (6,738) | $ (4,030) | $ (32,030) | $ (15,040) | |||
Adjustments to reconcile net income to net cash used in operating activities: | |||||||
Depreciation | 2,287 | 1,255 | 6,406 | 4,635 | |||
Stock-based compensation | 2,288 | 1,886 | 9,165 | 8,000 | |||
Amortization of intangible assets | 241 | 235 | 946 | 941 | |||
Increase (Decrease) in accrued severance pay, net | 57 | (14) | 92 | (58) | |||
Decrease (Increase) in other assets | 196 | (138) | 775 | 1,006 | |||
Decrease (Increase) in accrued interest and amortization of premium on marketable securities | (13) | 17 | 71 | 182 | |||
Changes in operating leases, net | 979 | (84) | (5) | (451) | |||
Increase in trade receivables | (7,189) | (6,250) | (11,629) | (16,787) | |||
Decrease (Increase) in other receivables and prepaid expenses | (338) | 1,197 | (55) | 4,902 | |||
Decrease (Increase) in inventories | (586) | (2,194) | (2,170) | 1,494 | |||
Decrease in long-term deferred taxes, net | - | 255 | - | 420 | |||
Increase in trade payables | 5,608 | 2,552 | 7,721 | 1,848 | |||
Increase (Decrease) in employees and payroll accruals | 1,873 | 2,531 | (385) | 458 | |||
Increase (Decrease) in deferred revenues | (6,815) | (9,684) | (9,970) | 1,640 | |||
Increase (Decrease) in other payables, accrued expenses and other long term liabilities | (1,586) | 1,938 | (1,668) | (1,559) | |||
Amortization of issuance costs of Convertible debt | 50 | - | 171 | - | |||
Net cash used in operating activities | (9,686) | (10,528) | (32,565) | (8,369) | |||
Cash flows from investing activities: | |||||||
Decrease (Increase) in restricted deposit | 50 | 120 | 430 | (280) | |||
Redemption of (Investment in) short-term deposits | 15,350 | 14,205 | (7,830) | (13,495) | |||
Purchase of property and equipment | (1,507) | (3,051) | (5,642) | (7,642) | |||
Acquisitions, net of Cash acquired, and other | (500) | - | (500) | - | |||
Proceeds from redemption or sale of available-for sale marketable securities | - | 5,162 | 7,030 | 15,094 | |||
Net cash provided by (used in) investing activities | 13,393 | 16,436 | (6,512) | (6,323) | |||
Cash flows from financing activities: | |||||||
Proceeds from exercise of stock options | 1 | 150 | 251 | 2,810 | |||
Issuance of convertible debt | - | - | 39,404 | - | |||
Net cash provided by financing activities | 1 | 150 | 39,655 | 2,810 | |||
Increase (Decrease) in cash and cash equivalents | 3,708 | 6,058 | 578 | (11,882) | |||
Cash and cash equivalents at the beginning of the period | 8,587 | 5,659 | 11,717 | 23,599 | |||
Cash and cash equivalents at the end of the period | $ 12,295 | $ 11,717 | $ 12,295 | $ 11,717 | |||
Other financial metrics (Unaudited) | ||||||||
U.S. dollars in millions, except number of full time employees, % of top-10 end-customers out of revenues and number of shares | ||||||||
Q4-2022 | FY 2022 | FY 2021 | ||||||
Revenues geographic breakdown | ||||||||
Americas | 5.6 | 17 % | 21.8 | 18 % | 19.4 | 14 % | ||
EMEA | 21.2 | 64 % | 71.2 | 58 % | 82.0 | 56 % | ||
Asia Pacific | 6.2 | 19 % | 29.7 | 24 % | 44.2 | 30 % | ||
33.0 | 100 % | 122.7 | 100 % | 145.6 | 100 % | |||
Revenue breakdown by type | ||||||||
Products | 17.2 | 52 % | 61.1 | 50 % | 88.1 | 60 % | ||
Professional Services | 3.0 | 9 % | 11.6 | 9 % | 15.2 | 11 % | ||
SECaaS (Security as a Service) | 2.2 | 7 % | 7.2 | 6 % | 4.1 | 3 % | ||
Support & Maintenance | 10.6 | 32 % | 42.8 | 35 % | 38.2 | 26 % | ||
33.0 | 100 % | 122.7 | 100 % | 145.6 | 100 % | |||
Revenues per customer type | ||||||||
CSP | 27.0 | 82 % | 98.3 | 80 % | 116.9 | 80 % | ||
Enterprise | 6.0 | 18 % | 24.4 | 20 % | 28.7 | 20 % | ||
33.0 | 100 % | 122.7 | 100 % | 145.6 | 100 % | |||
Security revenues | 28.5 | 40.1 | ||||||
Incremental MAR* | 191.0 | 193.0 | ||||||
Backlog (end of period) | 87.7 | 88.6 | ||||||
% of top-10 end-customers out of revenues | 57 % | 44 % | 51 % | |||||
Total number of full time employees | 749 | 749 | 741 | |||||
(end of period) | ||||||||
Non-GAAP Weighted average number of basic shares | 37.3 | 37.0 | 36.1 | |||||
Non-GAAP weighted average number of fully diluted shares | 39.4 | 39.5 | 38.4 | |||||
*MAR (maximum annual revenue potential of concluded transactions) was estimated by Allot upon transaction signature and | ||||||||
SECaaS (Security as a Service) revenues- U.S. dollars in millions (Unaudited) | |||||||||
Q4-2022: | 2.2 | ||||||||
Q3-2022: | 1.7 | ||||||||
Q2-2022: | 1.7 | ||||||||
Q1-2022: | 1.5 | ||||||||
SECaaS ARR* (annualized recurring revenues)- U.S. dollars in millions (Unaudited) | |||||||||
Dec. 2022: | 9.2 | ||||||||
Dec. 2021: | 5.2 | ||||||||
Dec. 2020: | 2.7 | ||||||||
Dec. 2019: | 0.5 | ||||||||
*ARR: annualized recurring SECaaS revenues, calculated based on the monthly revenues multiplied by 12 | |||||||||
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SOURCE Allot Ltd.
