Allot Communications Ltd. (NASDAQ:ALLT) Q2 2020 Earnings Conference Call - Final Transcript
Aug 04, 2020 • 08:30 am ET
Ladies and gentlemen, thank you for standing by. Welcome to Allot's Second Quarter 2020 Results Conference Call. All participants are present in listen-only mode. Following management's formal presentation, instructions will be given for the question-and-answer session. As a reminder, this conference is being recorded.
You should have all received by now the company's press release. If you have not received it, please contact Allot's Investor Relations team at GK Investor & Public Relations at 1-646-688-3559 or view it in the News section of the company's website at www.allot.com.
I would now like to hand the call over to Mr. Kenny Green of GK Investor Relations. Mr. Green, would you like to begin, please?
Thank you, operator. Welcome to all of you to Allot's second quarter 2020 conference call. I would like to welcome all of you to the conference call and thank Allot's management for hosting this call. With us on the call today are Mr. Erez Antebi, President and CEO; and Mr. Ziv Leitman, CFO. Erez will summarize the key highlights followed Ziv, who will review Allot's financial performance of the quarter. We will then open the call for the question-and-answer session.
Before we start, I'd like to point out that this conference call may contain projections or other forward-looking statements regarding future events or the future performance of the company. These statements are only predictions and Allot cannot guarantee that they will, in fact, occur. Allot does not assume any obligation to update that information. Actual events or results may differ materially from those projected, including as a result of the impact due to the COVID-19 pandemic, changing market trends, reduced demand and the competitive nature of the security systems industry as well as other risks identified in the documents filed by the company with the Securities and Exchange Commission.
And with that, I would now like to hand the call over to Erez. Erez, please go ahead.
Thank you. I'd like to welcome all of you to our conference call, and thank you for joining us today. Our second quarter was another quarter of solid growth. Revenues grew 23% year-over-year for the second quarter and reached $32.8 million. This is our 10th straight quarter of double-digit revenue growth year-over-year, and I am very pleased with the results we achieved during the second quarter. I believe it shows we are on track and successfully executing on our plan. The number of opportunities we see continues to grow. And we continue to close new deals, win against competition, bring more business and grow our revenues.
We expect revenue growth in 2020 to accelerate compared to our revenue growth rate in 2019. As we see our opportunities grow, we are continuing to increase our investment to capitalize on the significant number of opportunities that we see. Ziv will provide more details on our financials and forecast later. Like most everyone else, over the last five months to six months, our customers, our employees and our way of working has been affected