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, 2019.
“We are pleased with our performance in the fourth quarter, with
record quarterly bookings and revenues,” said Roy Zisapel,
Radware’s President & CEO. “Radware today is at a stronger
financial, technological and competitive position than it has ever
been. The intensity and complexity of the cyber-attacks landscape
continue to drive demand for managed security services and strong
growth in our cloud and subscriptions business. We look forward to
continuing to bring value to our customers as we address additional
cyber security challenges, while delivering growth and
profitability.”
Financial Highlights for the
Fourth Quarter of 2019Revenues for the fourth
quarter of 2019 totaled $67.4 million, up 6% from revenues of $63.8
million for the fourth quarter of 2018:
- Revenues in the Americas region were $29.7 million for the
fourth quarter of 2019, up 7% compared to revenues of $27.7 million
in the fourth quarter of 2018.
- Revenues in the APAC region were $17.1 million for the fourth
quarter of 2019, up 32% from revenues of $12.9 million in the
fourth quarter of 2018.
- Revenues in the EMEA region were $20.6 million for the fourth
quarter of 2019, down 11% from revenues of $23.2 million in the
fourth quarter of 2018.
Net income on a GAAP basis for the fourth
quarter of 2019 was $7.3 million, or $0.15 per diluted share,
compared with net income of $7.9 million, or $0.16 per diluted
share, for the fourth quarter of 2018.
Non-GAAP net income for the fourth quarter of
2019 was $10.9 million, or $0.23 per diluted share, compared with
non- GAAP net income of $11.4 million, or $0.24 per diluted share,
for the fourth quarter of 2018.
Financial Highlights for the
Full Year of 2019Revenues for the full year of
2019 totaled $252.1 million, up 8% from revenues of $234.4 million
for the full year of 2018:
- Revenues in the Americas region were $106.4 million for the
full year of 2019, up 4% from revenues of $102.5 in the full year
of 2018.
- Revenues in the APAC region were $70.4 million for the full
year of 2019, up 25% from revenues of $56.2 in the full year of
2018.
- Revenues in the EMEA region were $75.3 million for the full
year of 2019, down 1% from revenues of $75.8 in the full year of
2018.
Net income on a GAAP basis for the full year of
2019 was $22.6 million, or $0.47 per diluted share, compared with
net income of $11.7 million, or $0.25 per diluted share, for the
full year of 2018.
Non-GAAP net income for the full year of 2019
was $40.6 million, or $0.84 per diluted share, compared with
non-GAAP net income of $26.0 million, or $0.55 per diluted share,
for the full year of 2018.
Non-GAAP results are calculated excluding, as
applicable, the impact of stock-based compensation expenses,
amortization of intangible assets, acquisition costs, litigation
costs, exchange rate differences, net on balance sheet items
included in finance income, other gain adjustment and tax effect
related to amortization of deferred tax liability related to
intangible assets and other gain adjustment. A reconciliation of
each of the Company’s non-GAAP measures to the comparable GAAP
measure is included at the end of this press release.
As of December 31, 2019, the Company had cash,
cash equivalents, short-term and long-term bank deposits and
marketable securities of $427.7 million, up from $401.1 million as
of December 31, 2018. Net cash provided by operating activities in
the fourth quarter of 2019 totaled $4.0 million. Net cash provided
by operating activities in the full year of 2019 totaled $52.9
million.
Conference Call
Radware management will host a call on
Wednesday, February 12, 2020 at 8:30 a.m. ET to discuss its fourth
quarter and full year 2019 results and the Company’s outlook for
the first quarter and full year of 2020.
Participants in the US call: Toll Free 833-241-4257
Participants Internationally call: +1-647-689-4208
Conference ID: 8198484
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
InformationIn addition to reporting financial results in
accordance with generally accepted accounting principles (GAAP),
Radware uses non-GAAP measures of gross profit, research and
development expense, sales and marketing expense, general and
administrative expense, other income, total operating expenses,
operating income, financial income, income before taxes on income,
taxes on income, net income and earnings per share, which are
adjustments from results based on GAAP to exclude stock-based
compensation expenses, amortization of intangible assets,
acquisition costs, litigation costs, exchange rate differences, net
on balance sheet items included in finance income, other gain
adjustment and tax effect related to amortization of deferred tax
liability related to intangible assets and other gain adjustment.
Management believes that exclusion of these charges allows for
meaningful comparisons of operating results across past, present
and future periods. Radware’s management believes the non-GAAP
financial measures provided in this release are useful to investors
for the purpose of understanding and assessing Radware’s ongoing
operations. The presentation of these non-GAAP financial measures
is not intended to be considered in isolation or as a substitute
for results prepared in accordance with GAAP. A reconciliation of
each non-GAAP financial measure 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 financial measures in evaluating and operating the
business and, as such, has determined that it is important to
provide this information to investors.
Safe Harbor Statement This
press release includes “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995.
Any statements made herein that are not statements of historical
fact, including statements about Radware’s plans, outlook, beliefs
or opinions, are forward-looking statements. Generally,
forward-looking statements may be identified by words such as
“believes,” “expects,” “anticipates,” “intends,” “estimates,”
“plans,” and similar expressions or future or conditional verbs
such as “will,” “should,” “would,” “may” and “could.” For example,
when we discuss the strong growth in our cloud and subscriptions
business, we are using forward-looking statements. In addition, the
announced financial results are preliminary, unaudited and subject
to year-end audit adjustment. 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 or other investments; 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 or the impact of the
recent coronavirus outbreak; intense competition in the market
for Application Delivery and Network Security solutions and in our
industry in general; changes in government regulation; outages,
interruptions or delays in hosting services or our internal network
system; compliance with open source and third party licenses; the
risk that our intangible assets or goodwill may become impaired;
our dependence on independent distributors to sell our products;
long sales cycles for our solutions; changes in foreign currency
exchange rates; outages, interruptions or delays in hosting
services or our internal network system; undetected defects or
errors in our products or a failure of our products to protect
against malicious attacks; the availability of components and
manufacturing capacity; the ability of vendors to provide our
hardware platforms and components for our main accessories; our
ability to protect our proprietary technology; intellectual
property infringement claims made by third parties; changes in tax
laws; our ability to attract, train and retain highly qualified
personnel; and other factors and risks over 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, refer to Radware’s Annual Report
on Form 20-F, filed 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.
©2020 Radware Ltd. All rights reserved. Any 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, |
|
2019 |
|
2018 |
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
Assets |
|
|
|
|
|
|
|
Current
assets |
|
|
|
Cash and cash equivalents |
40,751 |
|
45,203 |
Available-for-sale marketable
securities |
36,924 |
|
15,742 |
Short-term bank deposits |
100,276 |
|
255,454 |
Trade receivables, net |
22,610 |
|
17,166 |
Other receivables and prepaid
expenses |
8,032 |
|
7,071 |
Inventories |
13,940 |
|
18,401 |
|
222,533 |
|
359,037 |
|
|
|
|
Long-term
investments |
|
|
|
Available-for-sale marketable
securities |
112,696 |
|
84,669 |
Long-term bank deposits |
137,095 |
|
- |
Severance pay funds |
2,300 |
|
2,973 |
|
252,091 |
|
87,642 |
|
|
|
|
|
|
|
|
Property and equipment,
net |
22,971 |
|
23,677 |
Intangible assets, net |
14,481 |
|
9,467 |
Other long-term assets |
24,293 |
|
20,724 |
Operating lease right-of-use
assets |
18,144 |
|
- |
Goodwill |
41,144 |
|
32,174 |
Total assets |
595,657 |
|
532,721 |
|
|
|
|
|
|
|
|
Liabilities and
shareholders' equity |
|
|
|
|
|
|
|
Current
Liabilities |
|
|
|
Trade payables |
6,878 |
|
4,483 |
Deferred revenues |
79,239 |
|
83,955 |
Operating lease
liabilities |
5,193 |
|
- |
Other payables and accrued
expenses |
34,689 |
|
29,596 |
|
125,999 |
|
118,034 |
|
|
|
|
Long-term
liabilities |
|
|
|
Deferred revenues |
50,888 |
|
43,796 |
Operating lease
liabilities |
13,914 |
|
- |
Other long-term
liabilities |
9,525 |
|
6,934 |
|
74,327 |
|
50,730 |
|
|
|
|
Shareholders'
equity |
|
|
|
Share capital |
710 |
|
693 |
Additional paid-in
capital |
414,581 |
|
383,536 |
Accumulated other
comprehensive income (loss), net of tax |
1,145 |
|
(1,110) |
Treasury stock, at cost |
(145,226) |
|
(120,717) |
Retained earnings |
124,121 |
|
101,555 |
Total shareholders'
equity |
395,331 |
|
363,957 |
|
|
|
|
Total liabilities and
shareholders' equity |
595,657 |
|
532,721 |
|
|
|
|
|
Radware Ltd. |
Condensed Consolidated Statements of Income |
(U.S Dollars in thousands, except share and per share
data) |
|
|
|
|
|
|
|
|
|
For the three months ended |
|
For the year ended |
|
December 31, |
|
December 31, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
Revenues |
67,362 |
|
63,817 |
|
252,072 |
|
234,404 |
Cost of revenues |
11,994 |
|
11,117 |
|
45,174 |
|
41,675 |
Gross profit |
55,368 |
|
52,700 |
|
206,898 |
|
192,729 |
|
|
|
|
|
|
|
|
Operating expenses, net: |
|
|
|
|
|
|
|
Research and development,
net |
16,103 |
|
13,945 |
|
61,841 |
|
57,674 |
Selling and marketing |
29,121 |
|
28,137 |
|
109,556 |
|
111,386 |
General and
administrative |
4,375 |
|
4,294 |
|
18,584 |
|
16,145 |
Total operating expenses,
net |
49,599 |
|
46,376 |
|
189,981 |
|
185,205 |
|
|
|
|
|
|
|
|
Operating income |
5,769 |
|
6,324 |
|
16,917 |
|
7,524 |
Financial income, net |
2,745 |
|
2,397 |
|
8,792 |
|
7,274 |
Income before taxes on
income |
8,514 |
|
8,721 |
|
25,709 |
|
14,798 |
Taxes on income |
1,183 |
|
778 |
|
3,143 |
|
3,063 |
Net income |
7,331 |
|
7,943 |
|
22,566 |
|
11,735 |
|
|
|
|
|
|
|
|
Basic net earnings per
share |
0.16 |
|
0.17 |
|
0.48 |
|
0.26 |
|
|
|
|
|
|
|
|
Weighted average number of shares used to compute basic net
earnings per share |
46,900,711 |
|
46,357,278 |
|
46,816,899 |
|
45,289,296 |
|
|
|
|
|
|
|
|
Diluted net earnings per
share |
0.15 |
|
0.16 |
|
0.47 |
|
0.25 |
|
|
|
|
|
|
|
|
Weighted average number of shares used to compute diluted net
earnings per share |
48,304,507 |
|
48,279,751 |
|
48,523,120 |
|
47,691,868 |
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
GAAP gross profit |
55,368 |
|
52,700 |
|
206,898 |
|
192,729 |
|
Stock-based compensation |
53 |
|
50 |
|
224 |
|
221 |
|
Amortization of intangible assets |
486 |
|
212 |
|
2,304 |
|
866 |
Non-GAAP gross profit |
55,907 |
|
52,962 |
|
209,426 |
|
193,816 |
|
|
|
|
|
|
|
|
|
GAAP research and development, net |
16,103 |
|
13,945 |
|
61,841 |
|
57,674 |
|
Stock-based compensation |
791 |
|
694 |
|
2,855 |
|
3,123 |
|
Acquisition costs |
- |
|
20 |
|
- |
|
20 |
Non-GAAP Research and development, net |
15,312 |
|
13,231 |
|
58,986 |
|
54,531 |
|
|
|
|
|
|
|
|
|
GAAP selling and marketing |
29,121 |
|
28,137 |
|
109,556 |
|
111,386 |
|
Stock-based compensation |
1,696 |
|
1,727 |
|
6,954 |
|
7,071 |
|
Amortization of intangible assets |
17 |
|
21 |
|
69 |
|
82 |
Non-GAAP selling and marketing |
27,408 |
|
26,389 |
|
102,533 |
|
104,233 |
|
|
|
|
|
|
|
|
|
GAAP general and administrative |
4,375 |
|
4,294 |
|
18,584 |
|
16,145 |
|
Stock-based compensation |
742 |
|
775 |
|
3,032 |
|
2,087 |
|
Acquisition costs |
(18) |
|
(222) |
|
246 |
|
(222) |
|
Litigation costs |
- |
|
202 |
|
883 |
|
829 |
Non-GAAP general and administrative |
3,651 |
|
3,539 |
|
14,423 |
|
13,451 |
|
|
|
|
|
|
|
|
|
GAAP total operating expenses, net |
49,599 |
|
46,376 |
|
189,981 |
|
185,205 |
|
Stock-based compensation |
3,229 |
|
3,196 |
|
12,841 |
|
12,281 |
|
Acquisition costs |
(18) |
|
(202) |
|
246 |
|
(202) |
|
Amortization of intangible assets |
17 |
|
21 |
|
69 |
|
82 |
|
Litigation costs |
- |
|
202 |
|
883 |
|
829 |
Non-GAAP total operating expenses, net |
46,371 |
|
43,159 |
|
175,942 |
|
172,215 |
|
|
|
|
|
|
|
|
|
GAAP operating income |
5,769 |
|
6,324 |
|
16,917 |
|
7,524 |
|
Stock-based compensation |
3,282 |
|
3,246 |
|
13,065 |
|
12,502 |
|
Acquisition costs |
(18) |
|
(202) |
|
246 |
|
(202) |
|
Amortization of intangible assets |
503 |
|
233 |
|
2,373 |
|
948 |
|
Litigation costs |
- |
|
202 |
|
883 |
|
829 |
Non-GAAP operating income |
9,536 |
|
9,803 |
|
33,484 |
|
21,601 |
|
|
|
|
|
|
|
|
|
GAAP financial income, net |
2,745 |
|
2,397 |
|
8,792 |
|
7,274 |
|
Other gain adjustment |
- |
|
- |
|
(563) |
|
- |
|
Exchange rate differences, net on balance sheet items included
in financial income, net |
(148) |
|
(59) |
|
2,270 |
|
196 |
Non-GAAP financial income, net |
2,597 |
|
2,338 |
|
10,499 |
|
7,470 |
|
|
|
|
|
|
|
|
|
GAAP income before taxes on income |
8,514 |
|
8,721 |
|
25,709 |
|
14,798 |
|
Stock-based compensation |
3,282 |
|
3,246 |
|
13,065 |
|
12,502 |
|
Acquisition costs |
(18) |
|
(202) |
|
246 |
|
(202) |
|
Amortization of intangible assets |
503 |
|
233 |
|
2,373 |
|
948 |
|
Litigation costs |
- |
|
202 |
|
883 |
|
829 |
|
Other gain adjustment |
- |
|
- |
|
(563) |
|
- |
|
Exchange rate differences, net on balance sheet items included
in financial income, net |
(148) |
|
(59) |
|
2,270 |
|
196 |
Non-GAAP income before taxes on income |
12,133 |
|
12,141 |
|
43,983 |
|
29,071 |
|
|
|
|
|
|
|
|
|
GAAP taxes on income |
1,183 |
|
778 |
|
3,143 |
|
3,063 |
|
Amortization of deferred tax liability related to intangible
assets |
39 |
|
- |
|
286 |
|
- |
|
Tax related to other gain adjustment |
- |
|
- |
|
(52) |
|
- |
Non-GAAP taxes on income |
1,222 |
|
778 |
|
3,377 |
|
3,063 |
|
|
|
|
|
|
|
|
|
GAAP net income |
7,331 |
|
7,943 |
|
22,566 |
|
11,735 |
|
Stock-based compensation |
3,282 |
|
3,246 |
|
13,065 |
|
12,502 |
|
Acquisition costs |
(18) |
|
(202) |
|
246 |
|
(202) |
|
Amortization of intangible assets |
503 |
|
233 |
|
2,373 |
|
948 |
|
Litigation costs |
- |
|
202 |
|
883 |
|
829 |
|
Other gain adjustment |
- |
|
- |
|
(563) |
|
- |
|
Exchange rate differences, net on balance sheet items included
in financial income, net |
(148) |
|
(59) |
|
2,270 |
|
196 |
|
Amortization of deferred tax liability related to intangible
assets |
(39) |
|
- |
|
(286) |
|
- |
|
Tax related to other gain adjustment |
- |
|
- |
|
52 |
|
- |
Non-GAAP net income |
10,911 |
|
11,363 |
|
40,606 |
|
26,008 |
|
|
|
|
|
|
|
|
|
GAAP diluted net earnings per share |
0.15 |
|
0.16 |
|
0.47 |
|
0.25 |
|
Stock-based compensation |
0.07 |
|
0.07 |
|
0.27 |
|
0.26 |
|
Acquisition costs |
(0.00) |
|
(0.00) |
|
0.01 |
|
(0.00) |
|
Amortization of intangible assets |
0.01 |
|
0.00 |
|
0.05 |
|
0.02 |
|
Litigation costs |
0.00 |
|
0.00 |
|
0.02 |
|
0.02 |
|
Other gain adjustment |
0.00 |
|
0.00 |
|
(0.01) |
|
0.00 |
|
Exchange rate differences, net on balance sheet items included
in financial income, net |
(0.00) |
|
(0.00) |
|
0.05 |
|
0.00 |
|
Amortization of deferred tax liability related to intangible
assets |
(0.00) |
|
0.00 |
|
(0.01) |
|
0.00 |
|
Tax related to other gain adjustment |
0.00 |
|
0.00 |
|
0.00 |
|
0.00 |
Non-GAAP diluted net earnings per share |
0.23 |
|
0.24 |
|
0.84 |
|
0.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used to compute
Non-GAAP diluted net earnings per share |
48,304,507 |
|
48,279,751 |
|
48,523,120 |
|
47,691,868 |
|
|
|
|
|
|
|
|
|
|
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, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Cash flow from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
7,331 |
|
7,943 |
|
22,566 |
|
11,735 |
Adjustments to reconcile net income to net cash
provided by operating activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
2,789 |
|
2,402 |
|
11,283 |
|
9,782 |
Stock based compensation |
3,282 |
|
3,247 |
|
13,065 |
|
12,503 |
Amortization of premium, accretion of discounts and
accrued interest on available-for-sale marketable securities,
net |
150 |
|
513 |
|
618 |
|
1,395 |
Other loss (gain) |
26 |
|
- |
|
(537) |
|
- |
Accrued interest on bank deposits |
596 |
|
(962) |
|
2,123 |
|
(2,391) |
Increase in accrued severance pay, net |
64 |
|
189 |
|
888 |
|
323 |
Decrease (increase) in trade receivables, net |
(7,557) |
|
1,325 |
|
(2,407) |
|
(1,169) |
Decrease (increase) in other receivables and
prepaid expenses and other long-term assets |
(2,599) |
|
(1,765) |
|
(7,448) |
|
2,727 |
Decrease in inventories |
1,143 |
|
2,062 |
|
4,461 |
|
371 |
Decrease (increase) in trade payables |
2,873 |
|
(941) |
|
2,338 |
|
(884) |
Increase (decrease) in deferred revenues |
(6,416) |
|
10,048 |
|
2,260 |
|
14,440 |
Increase in other payables and accrued
expenses |
2,168 |
|
1,636 |
|
2,679 |
|
419 |
Operating lease liabilities, net |
109 |
|
- |
|
963 |
|
- |
Net cash provided by operating activities |
3,959 |
|
25,697 |
|
52,852 |
|
49,251 |
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property and equipment |
(2,002) |
|
(3,998) |
|
(8,155) |
|
(8,869) |
Proceeds from (investment in) other long-term
assets, net |
(7) |
|
- |
|
4 |
|
40 |
Proceeds from (investment in) bank deposits,
net |
2,187 |
|
(29,935) |
|
15,960 |
|
(71,002) |
Investment in sale, redemption of and purchase of
available-for-sale marketable securities ,net |
(1,131) |
|
(2,765) |
|
(46,363) |
|
(5,672) |
Payment for acquisition of subsidiary, net of cash
acquired |
- |
|
- |
|
(12,239) |
|
- |
Net cash used in investing activities |
(953) |
|
(36,698) |
|
(50,793) |
|
(85,503) |
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from exercise of stock options |
3,406 |
|
2,224 |
|
17,999 |
|
21,803 |
Repayment of contingent consideration |
- |
|
(1,310) |
|
- |
|
(1,310) |
Repurchase of shares |
(5,616) |
|
(4,275) |
|
(24,510) |
|
(4,275) |
Net cash provided by (used in) financing
activities |
(2,210) |
|
(3,361) |
|
(6,511) |
|
16,218 |
|
|
|
|
|
|
|
|
Increase (decrease) in cash and cash
equivalents |
796 |
|
(14,362) |
|
(4,452) |
|
(20,034) |
Cash and cash equivalents at the beginning of the
period |
39,955 |
|
59,565 |
|
45,203 |
|
65,237 |
Cash and cash equivalents at the end of the
period |
40,751 |
|
45,203 |
|
40,751 |
|
45,203 |
|
|
|
|
|
|
|
|
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