Gilat Satellite Networks Ltd. (NASDAQ:GILT) Q2 2024 Earnings Conference Call August 7, 2024 9:30 AM ET

Company Participants

Ehud Helft - EK Global IR
Adi Sfadia - CEO
Gil Benyamini - CFO

Conference Call Participants

Ryan Koontz - Needham & Company
Chris Quilty - Quilty Space
Gunther Karger - Discovery Group
Serge Luciano - Freedom Brokers Capital

Operator

Ladies and gentlemen, thank you for standing by. Welcome to Gilat's Second Quarter 2024 Results [Operator Instructions].

As a reminder, this conference is being recorded, August 7, 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 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. Ehud Helft of EK Global Relations. Investor Relations. Mr. Helft, would you like to begin, please?

Ehud Helft

Thank you, operator. Good morning, and good afternoon, everyone. Thank you for joining us today for Gilat's Second Quarter 2020 Results Conference Call and Webcast. A recording of this call will be available beginning at approximately noon Eastern time today, August 7, is a webcast on Gilat's website for a period of 30 days. Also, please note that investors are urged to read the forward-looking statements in Gilat's earnings release with a reminder that statements earnings call that are not historical facts may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All such forward-looking statements, including statements regarding future financial operating results, involve risks, uncertainties and contingencies, many of which are beyond the control of Gilat and which may cause actual results to differ materially from anticipated results. Gilat is under no obligation to update or alter these forward-looking statements, whether as a result of new information, future events or otherwise, and the company explicitly disclaim any obligation to do so. More detailed information about these factors can be found in Gilat's reports filed with the Securities and Exchange Commission. With that, let me turn to introductions. On the call today are Mr. Adi Sfadia Gilat's CEO; and Mr. Gil Benyamini, CFO. I would now like to turn the call over to Adi Sfadia. Adi go ahead, please.

Adi Sfadia

Thank you, and good day. Thank you for joining us today for our second quarter of 2024 earnings call. The second quarter of 2024 was a good quarter for Gilat in which we showed year-over-year revenue growth. This was primarily due to the strong momentum in our defense business with a significant contribution following the acquisition of DataPath. We expect this strong momentum to continue in the quarters ahead. In addition, another key achievement was our ability to increase our adjusted EBITDA by 10% year-over-year, exceeding $10 million. Most importantly, during the second quarter, we took a major strategic step and announced the acquisition of Stellar Blu Solutions, a leader and first to market in delivering electronically steerable antenna for the in-flight connectivity market. The closing of the acquisition is on track and expected around the beginning of the fourth quarter of this year. In a minute, Gil will discuss the financial elements of the deal in more detail. But before that, I want to discuss why I'm so excited about this acquisition and why this acquisition carries significant potential for Gilat.