Radware® (NASDAQ: RDWR), a leading provider of cyber security and
application delivery solutions, today announced its consolidated
financial results for the second quarter ended June 30, 2022.
“We delivered solid revenue and earnings results in the second
quarter. Our solutions, which protect our customers’ most critical
applications and data centers in real time against cyber-attacks,
are more critical to their businesses than ever before,” said Roy
Zisapel, Radware’s president and CEO. “We have witnessed some
delays in closing deals due to macro environment conditions that
may have an impact on our short-term results. However, Radware is
well-positioned to deliver sustained growth. Our business is backed
by industry leading solutions, a diversified customer base, and
strong balance sheet and positive cash flow. We plan to continue to
invest in our business and global cloud footprint as we remain
optimistic about the long-term opportunity ahead of us.”
Financial Highlights
for the Second
Quarter of
2022Revenue for the second quarter of 2022 totaled $75.1
million:
- Revenue in the Americas region was $29.7 million for the second
quarter of 2022, an increase of 6% from $28.1 million in the second
quarter of 2021.
- Revenue in the Europe, Middle East, and Africa (“EMEA”) region
was $29.7 million for the second quarter of 2022, an increase of
24% from $24.0 million in the second quarter of 2021.
- Revenue in the Asia-Pacific (“APAC”) region was $15.7 million
for the second quarter of 2022, a decrease of 10% from $17.6
million in the second quarter of 2021.
GAAP net income for the second quarter of 2022
was $3.2 million, or $0.07 per diluted share, compared to GAAP net
income of $4.5 million, or $0.10 per diluted share, for the second
quarter of 2021.
Non-GAAP net income for the second quarter of
2022 was $8.1 million, or $0.18 per diluted share, compared to
non-GAAP net income of $8.9 million, or $0.19 per diluted share,
for the second quarter of 2021.
As of June 30, 2022, the Company had cash, cash
equivalents, short-term and long-term bank deposits, and marketable
securities of $442.0 million. Net cash provided by operating
activities was $31.5 million in the second quarter of 2022.
Non-GAAP results are calculated excluding, as
applicable, the impact of stock-based compensation expenses,
amortization of intangible assets, litigation costs, acquisition
costs, exchange rate differences, net on balance sheet items
included in financial income and tax-related adjustments. A
reconciliation of each of the Company’s non-GAAP measures to the
most directly comparable GAAP measure is included at the end of
this press release.
Conference CallRadware
management will host a call today, August 8, 2022, at 8:30 a.m. EDT
to discuss its second quarter 2022 results and the Company’s
outlook. To participate in the call, please use the
following numbers:U.S. participants call toll free:
888-510-2008 International participants call: 1
646-960-0306Conference ID: 1864701
A replay will be available for two days, starting two hours
after the end of the call, on telephone number +1-647-362-9199 or
(US toll-free) 800-770-2030. Passcode 1864701.
The call will be webcast live on 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 and Key Performance
IndicatorsIn 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, selling and marketing expense, general and
administrative expense, 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, as applicable, stock-based
compensation expenses, amortization of intangible assets,
litigation costs, acquisition costs, exchange rate differences, net
on balance sheet items included in financial income and tax-related
adjustments. 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 measure 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.
Annual recurring revenue ("ARR") is a key
performance indicator defined as the annualized value of booked
orders for term-based cloud services, subscription licenses, and
maintenance contracts that are in effect at the end of a reporting
period. ARR should be viewed independently of revenue and deferred
revenue and is not intended to be combined with or to replace
either of those items. ARR is not a forecast of future revenue,
which can be impacted by contract start and end dates and renewal
rates and does not include revenue reported as perpetual license or
professional services revenue in our consolidated statement of
operations. We consider ARR a key performance indicator of the
value of the recurring components of our business.
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.” 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; natural disasters and public health
crises, such as the coronavirus disease 2019 (COVID-19) pandemic; a
shortage of components or manufacturing capacity could cause a
delay in our ability to fulfill orders or increase our
manufacturing costs; our business may be affected by sanctions,
export controls and similar measures targeting Russia and other
countries and territories as well as other responses to Russia’s
military conflict in Ukraine, including indefinite suspension of
operations in Russia and dealings with Russian entities by many
multi-national businesses across a variety of industries; our
ability to successfully implement our strategic initiative to
accelerate our cloud business; our ability to expand our operations
effectively; timely availability and customer acceptance of our new
and existing solutions; 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; intense competition in the market for cyber
security and application delivery solutions and in our industry in
general, and changes in the competitive landscape; 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;
undetected defects or errors in our products or a failure of our
products to protect against malicious attacks; 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 realize our investment
objectives for our cash and liquid investments; 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 RadwareRadware® (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 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 the Radware website.
Radware encourages you to join our community and follow us on:
Facebook, LinkedIn, Radware Blog, Twitter, YouTube, and
Radware Mobile for iOS and Android.
©2022 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.
Radware believes the information in this document is accurate in
all material respects as of its publication date. However, the
information is provided without any express, statutory, or implied
warranties and is subject to change without notice.
The contents of any website or hyperlinks mentioned in this
press release are for informational purposes and the contents
thereof are not part of this press release.
CONTACTSInvestor
Relations:Yisca Erez, +972-72-3917211, ir@radware.com
Media Contact:Gerri Dyrek,
gerri.dyrek@radware.com
Radware Ltd. |
Condensed Consolidated Balance Sheets |
(U.S. Dollars in thousands) |
|
|
|
|
|
|
|
June 30, |
|
|
December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Assets |
|
|
|
|
|
|
|
|
|
Current
assets |
|
|
|
|
Cash and cash equivalents |
|
49,199 |
|
|
92,513 |
|
Marketable securities |
|
25,055 |
|
|
39,497 |
|
Short-term bank deposits |
|
206,556 |
|
|
155,879 |
|
Trade receivables, net |
|
11,841 |
|
|
13,191 |
|
Other receivables and prepaid
expenses |
|
13,360 |
|
|
8,046 |
|
Inventories |
|
11,403 |
|
|
11,580 |
|
|
|
317,414 |
|
|
320,706 |
|
|
|
|
|
|
Long-term
investments |
|
|
|
|
Marketable securities |
|
112,053 |
|
|
98,224 |
|
Long-term bank deposits |
|
49,160 |
|
|
79,708 |
|
Severance pay funds |
|
2,154 |
|
|
2,454 |
|
|
|
163,367 |
|
|
180,386 |
|
|
|
|
|
|
|
|
|
|
|
Property and equipment,
net |
|
20,742 |
|
|
20,240 |
|
Goodwill and intangible
assets, net |
|
89,678 |
|
|
51,875 |
|
Other long-term assets |
|
37,608 |
|
|
37,334 |
|
Operating lease right-of-use
assets |
|
23,376 |
|
|
24,829 |
|
Total assets |
|
652,185 |
|
|
635,370 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
shareholders' equity |
|
|
|
|
|
|
|
|
|
Current
Liabilities |
|
|
|
|
Trade payables |
|
7,440 |
|
|
4,310 |
|
Deferred revenues |
|
112,190 |
|
|
99,922 |
|
Operating lease
liabilities |
|
4,454 |
|
|
5,090 |
|
Other payables and accrued
expenses |
|
38,120 |
|
|
56,565 |
|
|
|
162,204 |
|
|
165,887 |
|
|
|
|
|
|
Long-term
liabilities |
|
|
|
|
Deferred revenues |
|
75,297 |
|
|
67,065 |
|
Operating lease
liabilities |
|
19,771 |
|
|
22,360 |
|
Other long-term
liabilities |
|
19,384 |
|
|
10,065 |
|
|
|
114,452 |
|
|
99,490 |
|
|
|
|
|
|
Shareholders'
equity |
|
|
|
|
Share capital |
|
731 |
|
|
730 |
|
Additional paid-in
capital |
|
482,037 |
|
|
471,173 |
|
Accumulated other
comprehensive loss, net of tax |
(6,384) |
|
|
(455) |
|
Treasury stock, at cost |
|
(284,345) |
|
|
(243,023) |
|
Retained earnings |
|
148,490 |
|
|
141,568 |
|
Total shareholder's
equity |
|
340,529 |
|
|
369,993 |
|
|
|
|
|
|
Non–controlling interest |
|
35,000 |
|
|
- |
|
|
|
|
|
|
Total shareholders' equity |
|
375,529 |
|
|
369,993 |
|
|
|
|
|
|
Total liabilities and
shareholders' equity |
|
652,185 |
|
|
635,370 |
|
|
|
|
|
|
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 six months ended |
|
June 30, |
|
June 30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
Revenues |
75,114 |
|
69,667 |
|
148,822 |
|
136,436 |
Cost of revenues |
13,888 |
|
12,838 |
|
26,829 |
|
25,104 |
Gross profit |
61,226 |
|
56,829 |
|
121,993 |
|
111,332 |
|
|
|
|
|
|
|
|
Operating expenses, net: |
|
|
|
|
|
|
|
Research and development,
net |
21,623 |
|
18,127 |
|
41,993 |
|
35,862 |
Selling and marketing |
32,290 |
|
29,248 |
|
62,573 |
|
58,239 |
General and
administrative |
5,737 |
|
4,551 |
|
12,264 |
|
9,747 |
Total operating expenses,
net |
59,650 |
|
51,926 |
|
116,830 |
|
103,848 |
|
|
|
|
|
|
|
|
Operating income |
1,576 |
|
4,903 |
|
5,163 |
|
7,484 |
Financial income, net |
2,986 |
|
1,187 |
|
4,684 |
|
3,857 |
Income before taxes on
income |
4,562 |
|
6,090 |
|
9,847 |
|
11,341 |
Taxes on income |
1,410 |
|
1,558 |
|
2,925 |
|
2,904 |
Net income |
3,152 |
|
4,532 |
|
6,922 |
|
8,437 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net earnings per
share |
0.07 |
|
0.10 |
|
0.15 |
|
0.18 |
|
|
|
|
|
|
|
|
Weighted average number of shares used to compute basic net
earnings per share |
44,914,427 |
|
45,618,971 |
|
45,288,463 |
|
45,918,605 |
|
|
|
|
|
|
|
|
Diluted net earnings per
share |
0.07 |
|
0.10 |
|
0.15 |
|
0.18 |
|
|
|
|
|
|
|
|
Weighted average number of shares used to compute diluted net
earnings per share |
45,835,440 |
|
47,138,142 |
|
46,476,687 |
|
47,369,008 |
|
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 six months ended |
|
|
June 30, |
|
June 30, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
GAAP gross
profit |
61,226 |
|
|
56,829 |
|
|
121,993 |
|
|
111,332 |
|
|
Stock-based compensation |
94 |
|
|
51 |
|
|
184 |
|
|
98 |
|
|
Amortization of intangible
assets |
1,256 |
|
|
465 |
|
|
1,720 |
|
|
929 |
|
Non-GAAP gross
profit |
62,576 |
|
|
57,345 |
|
|
123,897 |
|
|
112,359 |
|
|
|
|
|
|
|
|
|
|
GAAP research and
development, net |
21,623 |
|
|
18,127 |
|
|
41,993 |
|
|
35,862 |
|
|
Stock-based compensation |
1,635 |
|
|
1,013 |
|
|
3,444 |
|
|
2,352 |
|
Non-GAAP Research
and development, net |
19,988 |
|
|
17,114 |
|
|
38,549 |
|
|
33,510 |
|
|
|
|
|
|
|
|
|
|
GAAP selling and
marketing |
32,290 |
|
|
29,248 |
|
|
62,573 |
|
|
58,239 |
|
|
Stock-based compensation |
3,043 |
|
|
2,030 |
|
|
4,892 |
|
|
4,082 |
|
Non-GAAP selling
and marketing |
29,247 |
|
|
27,218 |
|
|
57,681 |
|
|
54,157 |
|
|
|
|
|
|
|
|
|
|
GAAP general and
administrative |
5,737 |
|
|
4,551 |
|
|
12,264 |
|
|
9,747 |
|
|
Stock-based compensation |
876 |
|
|
143 |
|
|
1,544 |
|
|
1,079 |
|
|
Litigation costs |
- |
|
|
158 |
|
|
- |
|
|
221 |
|
|
Acquisition costs |
- |
|
|
- |
|
|
1,142 |
|
|
- |
|
Non-GAAP general
and administrative |
4,861 |
|
|
4,250 |
|
|
9,578 |
|
|
8,447 |
|
|
|
|
|
|
|
|
|
|
GAAP total
operating expenses, net |
59,650 |
|
|
51,926 |
|
|
116,830 |
|
|
103,848 |
|
|
Stock-based compensation |
5,554 |
|
|
3,186 |
|
|
9,880 |
|
|
7,513 |
|
|
Litigation costs |
- |
|
|
158 |
|
|
- |
|
|
221 |
|
|
Acquisition costs |
- |
|
|
- |
|
|
1,142 |
|
|
- |
|
Non-GAAP total
operating expenses, net |
54,096 |
|
|
48,582 |
|
|
105,808 |
|
|
96,114 |
|
|
|
|
|
|
|
|
|
|
GAAP operating
income |
1,576 |
|
|
4,903 |
|
|
5,163 |
|
|
7,484 |
|
|
Stock-based compensation |
5,648 |
|
|
3,237 |
|
|
10,064 |
|
|
7,611 |
|
|
Amortization of intangible
assets |
1,256 |
|
|
465 |
|
|
1,720 |
|
|
929 |
|
|
Litigation costs |
- |
|
|
158 |
|
|
- |
|
|
221 |
|
|
Acquisition costs |
- |
|
|
- |
|
|
1,142 |
|
|
- |
|
Non-GAAP operating
income |
8,480 |
|
|
8,763 |
|
|
18,089 |
|
|
16,245 |
|
|
|
|
|
|
|
|
|
|
GAAP financial
income, net |
2,986 |
|
|
1,187 |
|
|
4,684 |
|
|
3,857 |
|
|
Exchange rate differences, net
on balance sheet items included in financial income, net |
(1,920) |
|
|
555 |
|
|
(2,814) |
|
|
(169) |
|
Non-GAAP financial
income, net |
1,066 |
|
|
1,742 |
|
|
1,870 |
|
|
3,688 |
|
|
|
|
|
|
|
|
|
|
GAAP income before
taxes on income |
4,562 |
|
|
6,090 |
|
|
9,847 |
|
|
11,341 |
|
|
Stock-based compensation |
5,648 |
|
|
3,237 |
|
|
10,064 |
|
|
7,611 |
|
|
Amortization of intangible
assets |
1,256 |
|
|
465 |
|
|
1,720 |
|
|
929 |
|
|
Litigation costs |
- |
|
|
158 |
|
|
- |
|
|
221 |
|
|
Acquisition costs |
- |
|
|
- |
|
|
1,142 |
|
|
- |
|
|
Exchange rate differences, net
on balance sheet items included in financial income, net |
(1,920) |
|
|
555 |
|
|
(2,814) |
|
|
(169) |
|
Non-GAAP income
before taxes on income |
9,546 |
|
|
10,505 |
|
|
19,959 |
|
|
19,933 |
|
|
|
|
|
|
|
|
|
|
GAAP taxes on
income |
1,410 |
|
|
1,558 |
|
|
2,925 |
|
|
2,904 |
|
|
Tax related adjustments |
61 |
|
|
61 |
|
|
123 |
|
|
123 |
|
Non-GAAP taxes on
income |
1,471 |
|
|
1,619 |
|
|
3,048 |
|
|
3,027 |
|
|
|
|
|
|
|
|
|
|
GAAP net
income |
3,152 |
|
|
4,532 |
|
|
6,922 |
|
|
8,437 |
|
|
Stock-based compensation |
5,648 |
|
|
3,237 |
|
|
10,064 |
|
|
7,611 |
|
|
Amortization of intangible
assets |
1,256 |
|
|
465 |
|
|
1,720 |
|
|
929 |
|
|
Litigation costs |
- |
|
|
158 |
|
|
- |
|
|
221 |
|
|
Acquisition costs |
- |
|
|
- |
|
|
1,142 |
|
|
- |
|
|
Exchange rate differences, net
on balance sheet items included in financial income, net |
(1,920) |
|
|
555 |
|
|
(2,814) |
|
|
(169) |
|
|
Tax related adjustments |
(61) |
|
|
(61) |
|
|
(123) |
|
|
(123) |
|
Non-GAAP net
income |
8,075 |
|
|
8,886 |
|
|
16,911 |
|
|
16,906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted net
earnings per share |
0.07 |
|
|
0.10 |
|
|
0.15 |
|
|
0.18 |
|
|
Stock-based compensation |
0.12 |
|
|
0.07 |
|
|
0.22 |
|
|
0.16 |
|
|
Amortization of intangible
assets |
0.03 |
|
|
0.01 |
|
|
0.04 |
|
|
0.02 |
|
|
Litigation costs |
0.00 |
|
|
0.00 |
|
|
0.00 |
|
|
0.00 |
|
|
Acquisition costs |
0.00 |
|
|
0.00 |
|
|
0.02 |
|
|
0.00 |
|
|
Exchange rate differences, net
on balance sheet items included in financial income, net |
(0.04) |
|
|
0.01 |
|
|
(0.06) |
|
|
(0.00) |
|
|
Tax related adjustments |
(0.00) |
|
|
(0.00) |
|
|
(0.00) |
|
|
(0.00) |
|
Non-GAAP diluted
net earnings per share |
0.18 |
|
|
0.19 |
|
|
0.36 |
|
|
0.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares used to compute non-GAAP diluted net earnings per
share |
45,835,440 |
|
|
47,138,142 |
|
|
46,476,687 |
|
|
47,369,008 |
|
Radware Ltd. |
|
|
|
Condensed Consolidated Statements of Cash
Flow |
|
|
|
(U.S. Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
For the six months ended |
|
|
June 30, |
|
June 30, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Cash flow from operating
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
3,152 |
|
|
4,532 |
|
|
6,922 |
|
|
8,437 |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
3,229 |
|
|
2,537 |
|
|
5,717 |
|
|
5,185 |
|
Stock-based compensation |
|
5,648 |
|
|
3,237 |
|
|
10,064 |
|
|
7,611 |
|
Amortization of premium,
accretion of discounts and accrued interest on marketable
securities, net |
|
798 |
|
|
727 |
|
|
1,386 |
|
|
1,135 |
|
Gain related to securities,
net |
|
(1) |
|
|
(95) |
|
|
(60) |
|
|
(97) |
|
Accrued interest on bank
deposits |
|
39 |
|
|
698 |
|
|
72 |
|
|
(83) |
|
Increase (decrease) in accrued
severance pay, net |
|
(53) |
|
|
140 |
|
|
94 |
|
|
365 |
|
Decrease (increase) in trade
receivables, net |
|
7,203 |
|
|
(8,591) |
|
|
1,349 |
|
|
(1,651) |
|
Increase in other receivables
and prepaid expenses and other long-term assets |
|
(509) |
|
|
(5,519) |
|
|
(4,325) |
|
|
(9,981) |
|
Decrease (increase) in
inventories |
|
(148) |
|
|
211 |
|
|
177 |
|
|
735 |
|
Increase (decrease) in trade
payables |
|
(713) |
|
|
1,422 |
|
|
3,130 |
|
|
1,666 |
|
Increase in deferred
revenues |
|
18,064 |
|
|
2,468 |
|
|
20,500 |
|
|
11,390 |
|
Increase (decrease) in other
payables and accrued expenses |
|
(3,850) |
|
|
6,664 |
|
|
(22,182) |
|
|
671 |
|
Operating lease liabilities,
net |
|
(1,335) |
|
|
358 |
|
|
(1,772) |
|
|
(424) |
|
Net cash provided by operating
activities |
|
31,524 |
|
|
8,789 |
|
|
21,072 |
|
|
24,959 |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property and
equipment |
|
(2,333) |
|
|
(1,159) |
|
|
(4,497) |
|
|
(2,492) |
|
Proceeds from (investment in)
other long-term assets, net |
|
92 |
|
|
(11) |
|
|
37 |
|
|
31 |
|
Proceeds from (investment in)
bank deposits, net |
|
(42,550) |
|
|
4,577 |
|
|
(20,201) |
|
|
4,434 |
|
Proceeds from sale, redemption
of and purchase of marketable securities ,net |
|
(9,196) |
|
|
10,825 |
|
|
(4,640) |
|
|
8,334 |
|
Payment for the acquisition of
intangible assets |
|
- |
|
|
- |
|
|
(30,000) |
|
|
- |
|
Net cash provided by (used in)
investing activities |
|
(53,987) |
|
|
14,232 |
|
|
(59,301) |
|
|
10,307 |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from exercise of
stock options |
|
239 |
|
|
3,695 |
|
|
801 |
|
|
5,847 |
|
Repurchase of shares |
|
(18,060) |
|
|
(4,638) |
|
|
(40,886) |
|
|
(34,827) |
|
Proceeds from issuance of
Preferred A shares in subsidiary |
|
35,000 |
|
|
- |
|
|
35,000 |
|
|
- |
|
Net cash provided by (used in)
financing activities |
|
17,179 |
|
|
(943) |
|
|
(5,085) |
|
|
(28,980) |
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash
and cash equivalents |
|
(5,284) |
|
|
22,078 |
|
|
(43,314) |
|
|
6,286 |
|
Cash and cash equivalents at
the beginning of the period |
|
54,483 |
|
|
38,979 |
|
|
92,513 |
|
|
54,771 |
|
Cash and cash equivalents at
the end of the period |
|
49,199 |
|
|
61,057 |
|
|
49,199 |
|
|
61,057 |
|
|
|
|
|
|
|
|
|
|
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