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RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS | 12 Months Ended
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Dec. 31, 2021
Notes to Financial Statements |
RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS | NOTE 17:- RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS The following tables present the impact of adjustments made in the Company’s revenues and cost of revenues in its consolidated financial statements as of and for the years ended December 31, 2019 and 2020. See Note 2 for additional information. The consolidated statements of cash flows are not presented in the following tables because there is no impact on total cash flows from operating activities, investing activities and financing activities. The impact from the restatements within the operating activities section of the cash flow statement are illustrated in the consolidated balance sheets adjustments below. Consolidated Balance Sheets:
ASSETS |  | December 31, 2020 |
|  | As Reported |  |  | Adjustments |  |  | As Restated |
Contract assets |  | $ | 41,573 |  |  | $ | 5,506 |  |  | $ | 47,079 |
Total current assets |  |  | 233,406 |  |  |  | 5,506 |  |  |  | 238,912 |
Long-term contract assets |  |  | - |  |  |  | 12,880 |  |  |  | 12,880 |
Total long-term assets |  |  | 38,678 |  |  |  | 12,880 |  |  |  | 51,558 |
Total assets |  | $ | 393,806 |  |  | $ | 18,386 |  |  | $ | 412,192 |
LIABILITIES AND SHAREHOLDERS' EQUITY
|  | December 31, 2020 |
|  | As Reported |  |  | Adjustments |  |  | As Restated |
Accrued expenses |  | $ | 46,387 |  |  | $ | 3,495 |  |  | $ | 49,882 |
Advances from customers and deferred revenues |  |  | 26,244 |  |  |  | (2,039 | ) |  |  | 24,205 |
Total current liabilities |  |  | 147,354 |  |  |  | 1,456 |  |  |  | 148,810 |
Long-term advances from customers |  |  | 1,890 |  |  |  | 348 |  |  |  | 2,238 |
Total long-term liabilities |  |  | 12,642 |  |  |  | 348 |  |  |  | 12,990 |
Accumulated deficit |  |  | (691,446 | ) |  |  | 16,582 |  |  |  | (674,864 | )
Total shareholders' equity |  |  | 233,810 |  |  |  | 16,582 |  |  |  | 250,392 |
Total liabilities and shareholders' equity |  | $ | 393,806 |  |  | $ | 18,386 |  |  | $ | 412,192 |
F - 64 GILAT SATELLITE NETWORKS LTD. AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS U.S. dollars in thousands (except share and per share data) NOTE 17:- RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS (CONT.) Consolidated Statements of Income:
|  | Year ended December 31, 2020 |
|  | As Reported |  |  | Adjustments |  |  | As Restated |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Products |  | $ | 94,010 |  |  | $ | 425 |  |  | $ | 94,435 |
Services |  |  | 71,875 |  |  |  | (175 | ) |  |  | 71,700 |
Total revenues |  |  | 165,885 |  |  |  | 250 |  |  |  | 166,135 |
Cost of revenues: |  |  |  |  |  |  |  |  |  |  |  |
Products |  |  | 84,300 |  |  |  | 85 |  |  |  | 84,385 |
Services |  |  | 40,370 |  |  |  | - |  |  |  | 40,370 |
Total cost of revenues |  |  | 124,670 |  |  |  | 85 |  |  |  | 124,755 |
Gross profit |  |  | 41,215 |  |  |  | 165 |  |  |  | 41,380 |
Operating income |  |  | 37,611 |  |  |  | 165 |  |  |  | 37,776 |
Income before taxes on income |  |  | 35,704 |  |  |  | 165 |  |  |  | 35,869 |
Net income |  | $ | 34,911 |  |  | $ | 165 |  |  | $ | 35,076 |
*) Adjustment for total basic and diluted earnings per share is lower than $0.01
|  | Year ended December 31, 2019 |
|  | As Reported |  |  | Adjustments |  |  | As Restated |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
Products |  | $ | 185,721 |  |  | $ | (6,036 | ) |  | $ | 179,685 |
Services |  |  | 77,771 |  |  |  | (122 | ) |  |  | 77,649 |
Total revenues |  |  | 263,492 |  |  |  | (6,158 | ) |  |  | 257,334 |
Cost of revenues: |  |  |  |  |  |  |  |  |  |  |  |
Products |  |  | 122,071 |  |  |  | (6,478 | ) |  |  | 115,593 |
Services |  |  | 45,544 |  |  |  | - |  |  |  | 45,544 |
Total cost of revenues |  |  | 167,615 |  |  |  | (6,478 | ) |  |  | 161,137 |
Gross profit |  |  | 95,877 |  |  |  | 320 |  |  |  | 96,197 |
Operating income |  |  | 25,572 |  |  |  | 320 |  |  |  | 25,892 |
Income before taxes on income |  |  | 22,955 |  |  |  | 320 |  |  |  | 23,275 |
Net income |  | $ | 36,538 |  |  | $ | 320 |  |  | $ | 36,858 |
Total earnings per share: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.66 |  |  | $ | 0.01 |  |  | $ | 0.67 |
Diluted |  | $ | 0.65 |  |  | $ | 0.01 |  |  | $ | 0.66 |
F - 65 GILAT SATELLITE NETWORKS LTD. AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS U.S. dollars in thousands NOTE 17:- RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS (CONT.) Consolidated Statements of Comprehensive Income:
|  | Year ended December 31, 2020 |
|  | As Reported |  |  | Adjustments |  |  | As Restated |
Net income |  | $ | 34,911 |  |  | $ | 165 |  |  | $ | 35,076 |
Comprehensive income |  | $ | 33,942 |  |  | $ | 165 |  |  | $ | 34,107 |
|  | Year ended December 31, 2019 |
|  | As Reported |  |  | Adjustments |  |  | As Restated |
Net income |  | $ | 36,538 |  |  | $ | 320 |  |  | $ | 36,858 |
Comprehensive income |  | $ | 36,870 |  |  | $ | 320 |  |  | $ | 37,190 |
Restated segments information Terrestrial Infrastructure Projects
|  | Year ended December 31, 2020 |  | Year ended December 31, 2019 |
|  | As Reported |  |  | Adjustments |  |  | As Restated |  |  | As Reported |  |  | Adjustments |  |  | As Restated |
Revenues |  | $ | 19,045 |  |  | $ | 425 |  |  | $ | 19,470 |  |  | $ | 31,562 |  |  | $ | (6,035 | ) |  | $ | 25,527 |
Cost of revenues |  |  | 25,003 |  |  |  | 85 |  |  |  | 25,088 |  |  |  | 34,314 |  |  |  | (6,478 | ) |  |  | 27,836 |
Gross loss |  |  | (5,958 | ) |  |  | 340 |  |  |  | (5,618 | ) |  |  | (2,752 | ) |  |  | 443 |  |  |  | (2,309 | )
Operating loss |  | $ | (7,534 | ) |  | $ | 340 |  |  | $ | (7,194 | ) |  | $ | (4,122 | ) |  | $ | 443 |  |  | $ | (3,679 | )
Fixed Networks
|  | Year ended December 31, 2020 |  |  | Year ended December 31, 2019 |
|  | As Reported |  |  | Adjustments |  |  | As Restated |  |  | As Reported |  |  | Adjustments |  |  | As Restated |
Revenues |  | $ | 92,671 |  |  | $ | (175 | ) |  | $ | 92,496 |  |  | $ | 127,265 |  |  | $ | (123 | ) |  | $ | 127,142 |
Cost of revenues |  |  | 61,939 |  |  |  | - |  |  |  | 61,939 |  |  |  | 80,038 |  |  |  | - |  |  |  | 80,038 |
Gross profit |  |  | 30,732 |  |  |  | (175 | ) |  |  | 30,557 |  |  |  | 47,227 |  |  |  | (123 | ) |  |  | 47,104 |
Operating profit |  | $ | 2,474 |  |  | $ | (175 | ) |  | $ | 2,299 |  |  | $ | 10,074 |  |  | $ | (123 | ) |  | $ | 9,951 |

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