Fourth Quarter 2018 Results and Financial
Highlights
Radware® (NASDAQ: RDWR), a leading provider of cyber security and
application delivery solutions, today announced its consolidated
financial results for the quarter and year ended December 31,
2018.
“We are pleased with our strong results for the fourth quarter,
concluding a strong year that exceeded our expectations. Revenue
growth, profitability and cash generation have all markedly
increased from 2017. We continued to execute our strategy, focusing
on datacenter and cloud, and delivered on our goals. Our portfolio
is the widest and most advanced it has ever been, reflecting
innovative technology leadership and a close alignment to customer
needs, especially given our focus on subscriptions and cloud
security solutions. We look forward to the opportunities ahead of
us in 2019 and beyond,” said Roy Zisapel, Radware President &
CEO.
Financial Highlights for the
Fourth Quarter of 2018
Revenues for the fourth quarter of 2018 totaled
$63.8 million, up 9% from revenues of $58.5 million for the fourth
quarter of 2017:
- Revenues in the Americas region were $27.7 million for the
fourth quarter of 2018, down 4% compared to revenues of $28.7
million in the fourth quarter of 2017.
- Revenues in the EMEA region were $23.2 million for the fourth
quarter of 2018, up 53% from revenues of $15.1 million in the
fourth quarter of 2017.
- Revenues in the APAC region were $12.9 million for the fourth
quarter of 2018, down 12% from revenues of $14.6 million in the
fourth quarter of 2017.
Net profit on a GAAP basis for the fourth
quarter of 2018 was $7.9 million or $0.16 per diluted share,
compared with net income of $2.1 million or $0.05 per diluted share
for the fourth quarter of 2017.
Non-GAAP net income for the fourth quarter of
2018 was $11.4 million or $0.24 per diluted share, compared with
non- GAAP net income of $3.9 million or $0.09 per diluted share for
the fourth quarter of 2017.
Financial Highlights for the
Full Year of 2018
Revenues for the full year of 2018 totaled
$234.4 million, up 11% from revenues of $211.4 million for the full
year of 2017:
- Revenues in the Americas region were $102.5 million for the
full year of 2018, up 5% from revenues of $97.9 in the full year of
2017.
- Revenues in the EMEA region were $75.8 million for the full
year of 2018, up 34% from revenues of $56.6 in the full year of
2017.
- Revenues in the APAC region were $56.2 million for the full
year of 2018, down 1% from revenues of $56.9 in the full year of
2017.
Net profit on a GAAP basis for the full year of
2018 was $11.7 million or $0.25 per share, compared with net loss
of ($7.5) million or ($0.17) per diluted share for the full year of
2017.
Non-GAAP net income for the full year of 2017
was $26.0 million or $0.55 per diluted share, compared with
non-GAAP net income of $7.6 million or $0.17 per diluted share for
the full year of 2017.
Non-GAAP results are calculated excluding the
impact of stock-based compensation, exchange rate differences, net
on balance sheet items included in financial income, amortization
of intangible assets, acquisition costs and litigation costs. A
reconciliation of each of the company’s non-GAAP measures to the
comparable GAAP measured is included at the end of this press
release.
As of December 31, 2018, the Company had cash,
cash equivalents, short-term and long-term bank deposits and
marketable securities of $401.1 million, up from $382.2 million as
of the end of September 30, 2018 and $344.3 million as of December
31st, 2017. Cash generated from operations in the fourth quarter of
2018 totaled $25.7 million. Cash generated from operations in the
full year of 2018 totaled $49.3 million. Cash used for share
repurchase in the fourth quarter and full year of 2018 totaled $4.3
million.
Conference Call
Radware management will host a call on
Wednesday, February 6, 2019 at 8:30 am ET to discuss its fourth
quarter and full year 2018 results and the company’s outlook for
the first quarter of 2019.
Participants in the US call: Toll Free 833-241-4257
Participants Internationally call:
+1-647-689-4208
Conference ID: 4794777
A replay will be available for 2 days, starting 2 hours after
the end of the call, on telephone number +1-416-621-4642 or (US
toll-free) 800-585-8367.
A live webcast of the conference call can also
be heard by accessing the Company's website at:
http://www.radware.com/IR/. The webcast will remain available for
replay during the next 12 months.
Use of Non-GAAP Financial
Information
In addition to reporting financial results in
accordance with generally accepted accounting principles (GAAP),
Radware uses non-GAAP measures of gross profit, operating income,
financial income, net income and earnings per share, which are
adjustments from results based on GAAP to exclude stock-based
compensation expenses, in accordance with ASC No. 718, amortization
of intangible assets, acquisition costs, litigation costs and
exchange rate differences, net on balance sheet items included in
finance income. Such exchange rate differences may vary from period
to period due to changes in exchange rates driven by general market
conditions or other circumstances outside of the normal course of
Radware's operations. Management believes that exclusion of these
charges allows comparisons of operating results that are consistent
across past, present and future periods. Furthermore, Radware uses
a measure called “total deferred revenues” which is defined as the
sum of short and long term deferred revenues on the balance sheet
and uncollected billed amounts that were offset against trade
receivables, and are not presented on the balance sheet. Radware’s
management believes the non-GAAP financial information provided in
this release is useful to investors for the purpose of
understanding and assessing Radware’s ongoing operations. The
presentation of this non-GAAP financial information is not intended
to be considered in isolation or as a substitute for results
prepared in accordance with GAAP. A reconciliation of the non-GAAP
financial measures discussed in this press release, to the most
directly comparable GAAP financial measures, is included with the
financial information contained in this press release. Management
uses both GAAP and non-GAAP information in evaluating and operating
business internally and, as such, has determined that it is
important to provide this information to investors.
Safe Harbor Statement
This press release may contain statements
concerning Radware’s future prospects that are “forward-looking
statements” under the Private Securities Litigation Reform Act of
1995. Statements preceded by, followed by, or that otherwise
include the words "believes", "expects", "anticipates", "intends",
"estimates", "plans", and similar expressions or future or
conditional verbs such as "will", "should", "would", "may" and
"could" are generally forward-looking in nature and not historical
facts. Because such statements deal with future events, they are
subject to various risks and uncertainties and actual results,
expressed or implied by such forward-looking statements, could
differ materially from Radware's current forecasts and estimates.
Factors that could cause or contribute to such differences include,
but are not limited to: the impact of global economic conditions
and volatility of the market for our products; changes in the
competitive landscape; inability to realize our investment
objectives; timely availability and customer acceptance of our new
and existing products; risks and uncertainties relating to
acquisitions; the impact of economic and political uncertainties
and weaknesses in various regions of the world, including the
commencement or escalation of hostilities or acts of terrorism;
Competition in the market for Application Delivery and Network
Security solutions and our industry in general is intense; and
other factors and risks on which we may have little or no control.
This list is intended to identify only certain of the principal
factors that could cause actual results to differ. For a more
detailed description of the risks and uncertainties affecting
Radware, reference is made to Radware’s Annual Report on Form 20-F,
which is on file with the Securities and Exchange Commission (SEC)
and the other risk factors discussed from time to time by Radware
in reports filed with, or furnished to, the SEC. Forward-looking
statements speak only as of the date on which they are made and,
except as required by applicable law, Radware undertakes no
commitment to revise or update any forward-looking statement in
order to reflect events or circumstances after the date any such
statement is made. Radware’s public filings are available from the
SEC’s website at www.sec.gov or may be obtained on Radware’s
website at www.radware.com.
About Radware
Radware® (NASDAQ: RDWR), is a global leader of cyber security
and application delivery solutions for physical, cloud, and
software defined data centers. Its award-winning solutions
portfolio secures the digital experience by providing
infrastructure, application, and corporate IT protection and
availability services to enterprises globally. Radware’s solutions
empower more than 12,500 enterprise and carrier customers worldwide
to adapt to market challenges quickly, maintain business continuity
and achieve maximum productivity while keeping costs down. For more
information, please visit www.radware.com.
©2019 Radware Ltd. All rights reserved. The Radware products and
solutions mentioned in this press release are protected by
trademarks, patents and pending patent applications of Radware in
the U.S. and other countries. For more details please see:
https://www.radware.com/LegalNotice/. All other trademarks and
names are property of their respective owners.
CONTACTS
Investor Relations:Anat
Earon-Heilborn+972 723917548ir@radware.com
Media Contacts:Deborah
SzajngartenRadware201-785-3206deborah.szajngarten@radware.com
|
|
|
Radware Ltd. |
Condensed Consolidated Balance
Sheets |
(U.S. Dollars in thousands) |
|
|
|
|
|
December 31, |
|
December 31, |
|
2018 |
|
2017 |
|
(Unaudited) |
|
(Unaudited) |
Assets |
|
|
|
|
|
|
|
Current assets |
|
|
|
Cash and
cash equivalents |
45,203 |
|
65,237 |
Available-for-sale marketable securities |
15,742 |
|
42,573 |
Short-term
bank deposits |
255,454 |
|
93,151 |
Trade
receivables, net |
17,166 |
|
16,150 |
Other
receivables and prepaid expenses |
6,667 |
|
12,252 |
Inventories |
18,401 |
|
18,772 |
|
358,633 |
|
248,135 |
|
|
|
|
Long-term investments |
|
|
|
Available-for-sale marketable securities |
84,669 |
|
54,427 |
Long-term
bank deposits |
0 |
|
88,911 |
Severance
pay funds |
2,973 |
|
3,251 |
|
87,642 |
|
146,589 |
|
|
|
|
|
|
|
|
Property
and equipment, net |
23,677 |
|
23,642 |
Intangible
assets, net |
9,467 |
|
10,415 |
Other
long-term assets |
20,724 |
|
8,133 |
Goodwill |
32,174 |
|
32,174 |
Total
assets |
532,317 |
|
469,088 |
|
|
|
|
|
|
|
|
Liabilities and shareholders' equity |
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
Trade
payables |
4,483 |
|
5,367 |
Deferred
revenues |
83,955 |
|
69,829 |
Other
payables and accrued expenses |
29,918 |
|
32,174 |
|
118,356 |
|
107,370 |
|
|
|
|
Long-term liabilities |
|
|
|
Deferred
revenues |
43,796 |
|
43,482 |
Other
long-term liabilities |
6,208 |
|
2,880 |
|
50,004 |
|
46,362 |
|
|
|
|
Shareholders' equity |
|
|
|
Share
capital |
693 |
|
673 |
Additional
paid-in capital |
383,536 |
|
349,250 |
Accumulated
other comprehensive loss, net of tax |
(1,110) |
|
(443) |
Treasury
stock, at cost |
(120,717) |
|
(116,442) |
Retained
earnings |
101,555 |
|
82,318 |
Total
shareholders' equity |
363,957 |
|
315,356 |
|
|
|
|
Total
liabilities and shareholders' equity |
532,317 |
|
469,088 |
|
|
|
|
|
|
Radware Ltd. |
Condensed Consolidated Statements of Income
(loss) |
(U.S Dollars in thousands, except share and
per share data) |
|
|
|
|
|
|
|
|
|
For the three months ended |
|
For the year ended |
|
December 31, |
|
December 31, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
Revenues |
63,817 |
|
58,454 |
|
234,404 |
|
211,369 |
Cost of revenues |
11,117 |
|
11,060 |
|
41,675 |
|
39,616 |
Gross profit |
52,700 |
|
47,394 |
|
192,729 |
|
171,753 |
|
|
|
|
|
|
|
|
Operating expenses,
net: |
|
|
|
|
|
|
|
Research and
development, net |
13,945 |
|
15,072 |
|
57,674 |
|
59,003 |
Selling and
marketing |
28,137 |
|
29,166 |
|
111,386 |
|
108,744 |
General and
administrative |
4,294 |
|
4,265 |
|
16,145 |
|
17,577 |
Other income |
0 |
|
(6,900) |
|
0 |
|
(6,900) |
Total operating
expenses, net |
46,376 |
|
41,603 |
|
185,205 |
|
178,424 |
|
|
|
|
|
|
|
|
Operating income
(loss) |
6,324 |
|
5,791 |
|
7,524 |
|
(6,671) |
Financial income,
net |
2,397 |
|
935 |
|
7,274 |
|
4,830 |
Income (loss) before
taxes on income |
8,721 |
|
6,726 |
|
14,798 |
|
(1,841) |
Taxes on income |
778 |
|
4,605 |
|
3,063 |
|
5,652 |
Net income (loss) |
7,943 |
|
2,121 |
|
11,735 |
|
(7,493) |
|
|
|
|
|
|
|
|
Basic net income (loss)
per share |
0.17 |
|
0.05 |
|
0.26 |
|
(0.17) |
|
|
|
|
|
|
|
|
Weighted
average number of shares used to compute basic net earnings (loss)
per share |
46,357,278 |
|
43,859,400 |
|
45,289,296 |
|
43,475,844 |
|
|
|
|
|
|
|
|
Diluted net earnings
(loss) per share |
0.16 |
|
0.05 |
|
0.25 |
|
(0.17) |
|
|
|
|
|
|
|
|
Weighted
average number of shares used to compute diluted net earnings
(loss) per share |
48,279,751 |
|
45,728,792 |
|
47,691,868 |
|
43,475,844 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Radware Ltd. |
|
Reconciliation of GAAP to Non-GAAP Financial
Information |
|
(U.S Dollars in thousands, except share and per
share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
For the year ended |
|
|
December 31, |
|
December 31, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
GAAP gross
profit |
52,700 |
|
47,394 |
|
192,729 |
|
171,753 |
|
Stock-based
compensation |
50 |
|
60 |
|
221 |
|
241 |
|
Amortization of
intangible assets |
212 |
|
86 |
|
866 |
|
1,137 |
|
Acquisition costs |
- |
|
550 |
|
- |
|
550 |
Non-GAAP
gross profit |
52,962 |
|
48,090 |
|
193,816 |
|
173,681 |
|
|
|
|
|
|
|
|
|
GAAP
research and development, net |
13,945 |
|
15,072 |
|
57,674 |
|
59,003 |
|
Stock-based
compensation |
694 |
|
984 |
|
3,123 |
|
3,867 |
|
Acquisition costs |
20 |
|
204 |
|
20 |
|
204 |
Non-GAAP
Research and development, net |
13,231 |
|
13,884 |
|
54,531 |
|
54,932 |
|
|
|
|
|
|
|
|
|
GAAP
selling and marketing |
28,137 |
|
29,166 |
|
111,386 |
|
108,744 |
|
Stock-based
compensation |
1,727 |
|
1,717 |
|
7,071 |
|
6,894 |
|
Amortization of
intangible assets |
21 |
|
24 |
|
82 |
|
94 |
Non-GAAP
selling and marketing |
26,389 |
|
27,425 |
|
104,233 |
|
101,756 |
|
|
|
|
|
|
|
|
|
GAAP
general and administrative |
4,294 |
|
4,265 |
|
16,145 |
|
17,577 |
|
Stock-based
compensation |
775 |
|
456 |
|
2,087 |
|
2,029 |
|
Acquisition costs |
(222) |
|
- |
|
(222) |
|
340 |
|
Litigation costs |
202 |
|
76 |
|
829 |
|
2,052 |
Non-GAAP
general and administrative |
3,539 |
|
3,733 |
|
13,451 |
|
13,156 |
|
|
|
|
|
|
|
|
|
GAAP other
income |
- |
|
(6,900) |
|
- |
|
(6,900) |
|
Court verdict |
- |
|
(6,900) |
|
- |
|
(6,900) |
Non-GAAP
other income |
- |
|
- |
|
- |
|
- |
|
|
|
|
|
|
|
|
|
GAAP total
operating expenses, net |
46,376 |
|
41,603 |
|
185,205 |
|
178,424 |
|
Stock-based
compensation |
3,196 |
|
3,157 |
|
12,281 |
|
12,790 |
|
Acquisition costs |
(202) |
|
204 |
|
(202) |
|
544 |
|
Amortization of
intangible assets |
21 |
|
24 |
|
82 |
|
94 |
|
Litigation costs |
202 |
|
76 |
|
829 |
|
2,052 |
|
Court verdict |
- |
|
(6,900) |
|
- |
|
(6,900) |
Non-GAAP
total operating expenses, net |
43,159 |
|
45,042 |
|
172,215 |
|
169,844 |
|
|
|
|
|
|
|
|
|
GAAP
operating income (loss) |
6,324 |
|
5,791 |
|
7,524 |
|
(6,671) |
|
Stock-based
compensation |
3,246 |
|
3,217 |
|
12,502 |
|
13,031 |
|
Acquisition costs |
(202) |
|
754 |
|
(202) |
|
1,094 |
|
Amortization of
intangible assets |
233 |
|
110 |
|
948 |
|
1,231 |
|
Litigation costs |
202 |
|
76 |
|
829 |
|
2,052 |
|
Court verdict |
- |
|
(6,900) |
|
- |
|
(6,900) |
Non-GAAP
operating income (loss) |
9,803 |
|
3,048 |
|
21,601 |
|
3,837 |
|
|
|
|
|
|
|
|
|
GAAP
financial income, net |
2,397 |
|
935 |
|
7,274 |
|
4,830 |
|
Exchange rate
differences, net on balance sheet items included in financial
income, net |
(59) |
|
558 |
|
196 |
|
635 |
Non-GAAP
financial income, net |
2,338 |
|
1,493 |
|
7,470 |
|
5,465 |
|
|
|
|
|
|
|
|
|
GAAP income
(loss) before taxes on income |
8,721 |
|
6,726 |
|
14,798 |
|
(1,841) |
|
Stock-based
compensation |
3,246 |
|
3,217 |
|
12,502 |
|
13,031 |
|
Acquisition costs |
(202) |
|
754 |
|
(202) |
|
1,094 |
|
Amortization of
intangible assets |
233 |
|
110 |
|
948 |
|
1,231 |
|
Litigation costs |
202 |
|
76 |
|
829 |
|
2,052 |
|
Court verdict |
- |
|
(6,900) |
|
- |
|
(6,900) |
|
Exchange rate
differences, net on balance sheet items included in financial
income, net |
(59) |
|
558 |
|
196 |
|
635 |
Non-GAAP
income before taxes on income |
12,141 |
|
4,541 |
|
29,071 |
|
9,302 |
|
|
|
|
|
|
|
|
|
GAAP taxes
on income |
778 |
|
4,605 |
|
3,063 |
|
5,652 |
|
Change in the federal
rate |
- |
|
3,249 |
|
- |
|
3,249 |
|
Court verdict |
- |
|
724 |
|
- |
|
724 |
Non-GAAP
taxes on income |
778 |
|
8,578 |
|
3,063 |
|
9,625 |
|
|
|
|
|
|
|
|
|
GAAP net
income (loss) |
7,943 |
|
2,121 |
|
11,735 |
|
(7,493) |
|
Stock-based
compensation |
3,246 |
|
3,217 |
|
12,502 |
|
13,031 |
|
Acquisition costs |
(202) |
|
754 |
|
(202) |
|
1,094 |
|
Amortization of
intangible assets |
233 |
|
110 |
|
948 |
|
1,231 |
|
Litigation costs |
202 |
|
76 |
|
829 |
|
2,052 |
|
Exchange rate
differences, net on balance sheet items included in financial
income, net |
(59) |
|
558 |
|
196 |
|
635 |
|
Change in the federal
rate |
- |
|
3,249 |
|
- |
|
3,249 |
|
Court verdict |
- |
|
(6,176) |
|
- |
|
(6,176) |
Non-GAAP
net income |
11,363 |
|
3,909 |
|
26,008 |
|
7,623 |
|
|
|
|
|
|
|
|
|
GAAP Net
earnings (loss) per diluted share |
0.16 |
|
0.05 |
|
0.25 |
|
(0.17) |
|
Stock-based
compensation |
0.07 |
|
0.07 |
|
0.26 |
|
0.30 |
|
Acquisition costs |
(0.00) |
|
0.02 |
|
(0.00) |
|
0.02 |
|
Amortization of
intangible assets |
0.00 |
|
0.00 |
|
0.02 |
|
0.03 |
|
Litigation costs |
0.00 |
|
0.00 |
|
0.02 |
|
0.05 |
|
Exchange rate
differences, net on balance sheet items included in financial
income, net |
(0.00) |
|
0.01 |
|
0.00 |
|
0.01 |
|
Change in the federal
rate |
0.00 |
|
0.08 |
|
0.00 |
|
0.07 |
|
Court verdict |
0.00 |
|
(0.14) |
|
0.00 |
|
(0.14) |
Non-GAAP
Net earnings per diluted share |
0.24 |
|
0.09 |
|
0.55 |
|
0.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares used to compute Non-GAAP diluted net
earnings per share |
48,279,751 |
|
45,728,792 |
|
47,691,868 |
|
44,756,732 |
|
|
|
|
|
|
|
|
|
|
|
Radware Ltd. |
Condensed Consolidated Statements of Cash
Flow |
(U.S. Dollars in thousands) |
|
|
|
|
|
|
|
|
|
For the three months ended |
|
For the year ended |
|
December 31, |
|
December 31, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Cash flow from
operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
7,943 |
|
2,121 |
|
11,735 |
|
(7,493) |
Adjustments to
reconcile net income (loss) to net cash provided by operating
activities: |
|
|
|
|
|
|
|
Depreciation and
amortization |
2,402 |
|
2,567 |
|
9,782 |
|
11,234 |
Stock based
compensation |
3,246 |
|
3,217 |
|
12,502 |
|
13,031 |
Loss (gain) from sale
of available-for-sale marketable securities |
0 |
|
(18) |
|
0 |
|
(18) |
Amortization of
premium, accretion of discounts and accrued interest on
available-for- sale marketable securities, net |
513 |
|
465 |
|
1,395 |
|
1,546 |
Accrued interest on
bank deposits |
(962) |
|
(586) |
|
(2,391) |
|
226 |
Increase (decrease) in
accrued severance pay, net |
189 |
|
(430) |
|
323 |
|
(210) |
Decrease (increase) in
trade receivables, net |
1,325 |
|
(3,836) |
|
(1,169) |
|
3,390 |
Decrease (increase) in
other receivables and prepaid expenses and other long-term
assets |
(1,359) |
|
(8,258) |
|
3,133 |
|
(7,879) |
Decrease (increase) in
inventories |
2,062 |
|
(48) |
|
371 |
|
(1,658) |
Increase (decrease) in
trade payables |
(941) |
|
817 |
|
(884) |
|
(734) |
Increase in deferred
revenues |
10,048 |
|
11,119 |
|
14,440 |
|
28,781 |
Increase (decrease) in
other payables and accrued expenses |
1,231 |
|
826 |
|
14 |
|
(8,753) |
Net cash provided by
operating activities |
25,697 |
|
7,956 |
|
49,251 |
|
31,463 |
|
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property
and equipment |
(3,998) |
|
(1,613) |
|
(8,869) |
|
(7,210) |
Proceeds from
(investment in) other long-term assets, net |
0 |
|
(18) |
|
40 |
|
(6) |
Investment in bank
deposits, net |
(29,935) |
|
0 |
|
(71,002) |
|
(37,200) |
Proceeds from
(investment in) sale, redemption of and purchase of
available-for-sale marketable securities, net |
(2,765) |
|
(2,119) |
|
(5,672) |
|
(3,657) |
Payment for acquisition
of subsidiary, net of cash acquired |
0 |
|
0 |
|
0 |
|
(8,269) |
Net cash used in
investing activities |
(36,698) |
|
(3,750) |
|
(85,503) |
|
(56,342) |
|
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from exercise
of stock options |
2,223 |
|
7,501 |
|
21,802 |
|
10,890 |
Repayment of contingent
consideration |
(1,310) |
|
0 |
|
(1,310) |
|
0 |
Repurchase of
shares |
(4,274) |
|
0 |
|
(4,274) |
|
(413) |
Net cash provided by
financing activities |
(3,361) |
|
7,501 |
|
16,218 |
|
10,477 |
|
|
|
|
|
|
|
|
Increase (decrease) in
cash and cash equivalents |
(14,362) |
|
11,707 |
|
(20,034) |
|
(14,402) |
Cash and cash
equivalents at the beginning of the period |
59,565 |
|
53,530 |
|
65,237 |
|
79,639 |
Cash and cash
equivalents at the end of the period |
45,203 |
|
65,237 |
|
45,203 |
|
65,237 |
|
|
|
|
|
|
|
|
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