Radware® (NASDAQ: RDWR), a leading provider of cyber security and
application delivery solutions, today announced its consolidated
financial results for the third quarter ended September 30, 2022.
“During the last few weeks of the third quarter, we saw closing
delays in some customer deals and an increase in
multi-phased contracts in response to macro-economic headwinds.
These market forces impacted our third
quarter revenue, which came in below the low-end of our
guidance,” said Roy Zisapel, Radware’s president and CEO. “We
expect this environment to continue in the short term. At the same
time, as the number of cyberattacks rise at unprecedented rates, we
remain confident in our product portfolio. To help us navigate the
current environment and position Radware for long-term success, we
continue to focus on operational efficiency and our cloud security
initiatives.”
Financial Highlights for the Third Quarter of
2022Revenue for the third quarter of 2022 totaled $70.5
million:
- Revenue in the Americas region was $32.9 million for the third
quarter of 2022, a decrease of 8% from $35.7 million in the third
quarter of 2021.
- Revenue in the Europe, Middle East, and Africa (“EMEA”) region
was $22.2 million for the third quarter of 2022, a decrease of 6%
from $23.6 million in the third quarter of 2021.
- Revenue in the Asia-Pacific (“APAC”) region was $15.5 million
for the third quarter of 2022, an increase of 10% from $14.1
million in the third quarter of 2021.
GAAP net loss for the third quarter of 2022 was
$3.0 million, or $0.07 per diluted share, compared to GAAP net
income of $5.0 million, or $0.10 per diluted share, for the third
quarter of 2021.
Non-GAAP net income for the third quarter of
2022 was $6.7 million, or $0.15 per diluted share, compared to
non-GAAP net income of $11.0 million, or $0.23 per diluted share,
for the third quarter of 2021.
As of September 30, 2022, the Company had cash, cash
equivalents, short-term and long-term bank deposits, and marketable
securities of $434.3 million. Net cash provided by operating
activities was $1.5 million in the third 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, net, 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, November 2, 2022, at 8:30 a.m.
EDT to discuss its third 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, net, income before taxes on
income, taxes on income, net income and diluted 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, net, 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 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 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) |
|
|
|
|
|
September 30, |
|
December 31, |
|
2022 |
|
2021 |
|
(Unaudited) |
|
(Unaudited) |
Assets |
|
|
|
|
|
|
|
Current
assets |
|
|
|
Cash and cash equivalents |
42,469 |
|
92,513 |
Marketable securities |
23,735 |
|
39,497 |
Short-term bank deposits |
202,684 |
|
155,879 |
Trade receivables, net |
13,351 |
|
13,191 |
Other receivables and prepaid
expenses |
8,421 |
|
8,046 |
Inventories |
10,854 |
|
11,580 |
|
301,514 |
|
320,706 |
|
|
|
|
Long-term
investments |
|
|
|
Marketable securities |
112,220 |
|
98,224 |
Long-term bank deposits |
53,160 |
|
79,708 |
Severance pay funds |
2,148 |
|
2,454 |
|
167,528 |
|
180,386 |
|
|
|
|
|
|
|
|
Property and equipment,
net |
21,186 |
|
20,240 |
Intangible assets, net |
20,678 |
|
10,731 |
Other long-term assets |
38,946 |
|
37,334 |
Operating lease right-of-use
assets |
24,160 |
|
24,829 |
Goodwill |
68,008 |
|
41,144 |
Total assets |
642,020 |
|
635,370 |
|
|
|
|
Liabilities and
equity |
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
Trade payables |
6,770 |
|
4,310 |
Deferred revenues |
107,117 |
|
99,922 |
Operating lease
liabilities |
4,546 |
|
5,090 |
Other payables and accrued
expenses |
38,683 |
|
56,565 |
|
157,116 |
|
165,887 |
|
|
|
|
Long-term
liabilities |
|
|
|
Deferred revenues |
71,761 |
|
67,065 |
Operating lease
liabilities |
20,254 |
|
22,360 |
Other long-term
liabilities |
19,202 |
|
10,065 |
|
111,217 |
|
99,490 |
|
|
|
|
Equity |
|
|
|
Radware Ltd.
equity |
|
|
|
Share capital |
731 |
|
730 |
Additional paid-in
capital |
490,069 |
|
471,173 |
Accumulated other
comprehensive loss, net of tax |
(7,059) |
|
(455 ) |
Treasury stock, at cost |
(290,580) |
|
(243,023) |
Retained earnings |
145,526 |
|
141,568 |
Total Radware Ltd.
shareholder's equity |
338,687 |
|
369,993 |
|
|
|
|
Non–controlling interest |
35,000 |
|
- |
|
|
|
|
Total
equity |
373,687 |
|
369,993 |
|
|
|
|
Total liabilities and
equity |
642,020 |
|
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 nine months ended |
|
|
September 30, |
|
September 30, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
Revenues |
|
70,521 |
|
73,418 |
|
219,343 |
|
209,854 |
Cost of revenues |
|
13,138 |
|
13,294 |
|
39,967 |
|
38,398 |
Gross profit |
|
57,383 |
|
60,124 |
|
179,376 |
|
171,456 |
|
|
|
|
|
|
|
|
|
Operating expenses, net: |
|
|
|
|
|
|
|
|
Research and development,
net |
|
22,083 |
|
18,639 |
|
64,076 |
|
54,501 |
Selling and marketing |
|
31,416 |
|
29,588 |
|
93,989 |
|
87,827 |
General and
administrative |
|
7,278 |
|
6,024 |
|
19,542 |
|
15,771 |
Total operating expenses,
net |
|
60,777 |
|
54,251 |
|
177,607 |
|
158,099 |
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
(3,394) |
|
5,873 |
|
1,769 |
|
13,357 |
Financial income, net |
|
1,350 |
|
1,013 |
|
6,034 |
|
4,870 |
Income (loss)
before taxes on income |
(2,044) |
|
6,886 |
|
7,803 |
|
18,227 |
Taxes on income |
|
920 |
|
1,921 |
|
3,845 |
|
4,825 |
Net income (loss) |
|
(2,964) |
|
4,965 |
|
3,958 |
|
13,402 |
|
|
|
|
|
|
|
|
|
Basic net
earnings (loss) per share attributed to Radware Ltd.'s
shareholders |
|
(0.07) |
|
0.11 |
|
0.09 |
|
0.29 |
|
|
|
|
|
|
|
|
|
Weighted average
number of shares used to compute basic net earnings (loss) per
share |
|
44,623,247 |
|
45,838,968 |
|
45,063,925 |
|
45,891,234 |
|
|
|
|
|
|
|
|
|
Diluted net
earnings (loss) per share attributed to Radware Ltd.'s
shareholders |
|
(0.07) |
|
0.10 |
|
0.09 |
|
0.28 |
|
|
|
|
|
|
|
|
|
Weighted average
number of shares used to compute diluted net earnings (loss) per
share |
|
44,623,247 |
|
47,620,254 |
|
46,189,437 |
|
47,451,932 |
|
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 nine
months ended |
|
|
September 30, |
|
September 30, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
GAAP gross profit |
57,383 |
|
60,124 |
|
179,376 |
|
171,456 |
|
Stock-based compensation |
103 |
|
51 |
|
287 |
|
149 |
|
Amortization of intangible assets |
992 |
|
464 |
|
2,712 |
|
1,393 |
Non-GAAP gross profit |
58,478 |
|
60,639 |
|
182,375 |
|
172,998 |
|
|
|
|
|
|
|
|
|
GAAP research and development, net |
22,083 |
|
18,639 |
|
64,076 |
|
54,501 |
|
Stock-based compensation |
1,775 |
|
1,434 |
|
5,219 |
|
3,786 |
Non-GAAP Research and development, net |
20,308 |
|
17,205 |
|
58,857 |
|
50,715 |
|
|
|
|
|
|
|
|
|
GAAP selling and marketing |
31,416 |
|
29,588 |
|
93,989 |
|
87,827 |
|
Stock-based compensation |
3,356 |
|
2,212 |
|
8,248 |
|
6,294 |
Non-GAAP selling and marketing |
28,060 |
|
27,376 |
|
85,741 |
|
81,533 |
|
|
|
|
|
|
|
|
|
GAAP general and administrative |
7,278 |
|
6,024 |
|
19,542 |
|
15,771 |
|
Stock-based compensation |
2,397 |
|
894 |
|
3,941 |
|
1,973 |
|
Litigation costs |
- |
|
67 |
|
- |
|
288 |
|
Acquisition costs |
- |
|
629 |
|
1,142 |
|
629 |
Non-GAAP general and administrative |
4,881 |
|
4,434 |
|
14,459 |
|
12,881 |
|
|
|
|
|
|
|
|
|
GAAP total operating expenses, net |
60,777 |
|
54,251 |
|
177,607 |
|
158,099 |
|
Stock-based compensation |
7,528 |
|
4,540 |
|
17,408 |
|
12,053 |
|
Litigation costs |
- |
|
67 |
|
- |
|
288 |
|
Acquisition costs |
- |
|
629 |
|
1,142 |
|
629 |
Non-GAAP total operating expenses, net |
53,249 |
|
49,015 |
|
159,057 |
|
145,129 |
|
|
|
|
|
|
|
|
|
GAAP operating income (loss) |
(3,394) |
|
5,873 |
|
1,769 |
|
13,357 |
|
Stock-based compensation |
7,631 |
|
4,591 |
|
17,695 |
|
12,202 |
|
Amortization of intangible assets |
992 |
|
464 |
|
2,712 |
|
1,393 |
|
Litigation costs |
- |
|
67 |
|
- |
|
288 |
|
Acquisition costs |
- |
|
629 |
|
1,142 |
|
629 |
Non-GAAP operating income |
5,229 |
|
11,624 |
|
23,318 |
|
27,869 |
|
|
|
|
|
|
|
|
|
GAAP financial income, net |
1,350 |
|
1,013 |
|
6,034 |
|
4,870 |
|
Exchange rate differences, net on balance sheet items included
in financial income (loss), net |
1,100 |
|
388 |
|
(1,714) |
|
219 |
Non-GAAP financial income, net |
2,450 |
|
1,401 |
|
4,320 |
|
5,089 |
|
|
|
|
|
|
|
|
|
GAAP income (loss) before taxes on income |
(2,044) |
|
6,886 |
|
7,803 |
|
18,227 |
|
Stock-based compensation |
7,631 |
|
4,591 |
|
17,695 |
|
12,202 |
|
Amortization of intangible assets |
992 |
|
464 |
|
2,712 |
|
1,393 |
|
Litigation costs |
- |
|
67 |
|
- |
|
288 |
|
Acquisition costs |
- |
|
629 |
|
1,142 |
|
629 |
|
Exchange rate differences, net on balance sheet items included
in financial income (loss), net |
1,100 |
|
388 |
|
(1,714) |
|
219 |
Non-GAAP income before taxes on income |
7,679 |
|
13,025 |
|
27,638 |
|
32,958 |
|
|
|
|
|
|
|
|
|
GAAP taxes on income |
920 |
|
1,921 |
|
3,845 |
|
4,825 |
|
Tax related adjustments |
62 |
|
62 |
|
185 |
|
185 |
Non-GAAP taxes on income |
982 |
|
1,983 |
|
4,030 |
|
5,010 |
|
|
|
|
|
|
|
|
|
GAAP net income (loss) |
(2,964) |
|
4,965 |
|
3,958 |
|
13,402 |
|
Stock-based compensation |
7,631 |
|
4,591 |
|
17,695 |
|
12,202 |
|
Amortization of intangible assets |
992 |
|
464 |
|
2,712 |
|
1,393 |
|
Litigation costs |
- |
|
67 |
|
- |
|
288 |
|
Acquisition costs |
- |
|
629 |
|
1,142 |
|
629 |
|
Exchange rate differences, net on balance sheet items included
in financial income, net |
1,100 |
|
388 |
|
(1,714) |
|
219 |
|
Tax related adjustments |
(62) |
|
(62) |
|
(185) |
|
(185) |
Non-GAAP net income |
6,697 |
|
11,042 |
|
23,608 |
|
27,948 |
|
|
|
|
|
|
|
|
|
GAAP diluted net earnings (loss) per share |
(0.07) |
|
0.104 |
|
0.09 |
|
0.28 |
|
Stock-based compensation |
0.17 |
|
0.096 |
|
0.38 |
|
0.26 |
|
Amortization of intangible assets |
0.02 |
|
0.010 |
|
0.06 |
|
0.03 |
|
Litigation costs |
0.00 |
|
0.001 |
|
0.00 |
|
0.01 |
|
Acquisition costs |
0.00 |
|
0.013 |
|
0.02 |
|
0.01 |
|
Exchange rate differences, net on balance sheet items included
in financial income (loss), net |
0.02 |
|
0.008 |
|
(0.04) |
|
0.00 |
|
Tax related adjustments |
(0.00) |
|
(0.001) |
|
(0.00) |
|
(0.00) |
Non-GAAP diluted net earnings per share |
0.15 |
|
0.23 |
|
0.51 |
|
0.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used to compute
non-GAAP diluted net earnings per share |
45,623,336 |
|
47,620,254 |
|
46,189,437 |
|
47,451,932 |
|
Radware
Ltd. |
|
RECONCILIATION OF GAAP NET INCOME TO EBITDA AND ADJUSTED
EBITDA (NON-GAAP) |
|
(U.S Dollars
in thousands) |
|
|
|
|
|
|
|
|
|
|
|
For the
three months ended |
|
For the nine
months ended |
|
|
September 30, |
|
September 30, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
GAAP net income (loss) |
(2,964) |
|
4,965 |
|
3,958 |
|
13,402 |
|
Exclude: Financial income, net. |
(1,350) |
|
(1,013) |
|
(6,034) |
|
(4,870) |
|
Exclude: Depreciation and amortization expense |
3,097 |
|
2,527 |
|
8,814 |
|
7,712 |
|
Exclude: Taxes on income |
920 |
|
1,921 |
|
3,845 |
|
4,825 |
EBITDA |
(297) |
|
8,400 |
|
10,583 |
|
21,069 |
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
7,631 |
|
4,591 |
|
17,695 |
|
12,202 |
|
Litigation costs |
- |
|
67 |
|
- |
|
288 |
|
Acquisition costs |
- |
|
629 |
|
1,142 |
|
629 |
|
Exchange rate differences, net. |
1,100 |
|
388 |
|
(1,714) |
|
219 |
|
Tax related adjustments |
(62) |
|
(62) |
|
(185) |
|
(185) |
Adjusted EBITDA |
8,372 |
|
14,013 |
|
27,521 |
|
34,222 |
Radware
Ltd. |
Condensed
Consolidated Statements of Cash Flow |
(U.S.
Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
For the
three months ended |
|
For the nine
months ended |
|
|
September 30, |
|
September 30, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Cash flow from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
(2,964) |
|
4,965 |
|
3,958 |
|
13,402 |
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
3,097 |
|
2,527 |
|
8,814 |
|
7,712 |
Stock-based compensation |
|
7,631 |
|
4,591 |
|
17,695 |
|
12,202 |
Amortization of premium, accretion of discounts and accrued
interest on marketable securities, net |
|
193 |
|
768 |
|
1,579 |
|
1,903 |
Gain related to securities, net |
|
(4) |
|
(327) |
|
(64) |
|
(424) |
Increase (decrease) in accrued interest on bank deposits |
|
(1,128) |
|
1,504 |
|
(1,056) |
|
1,421 |
Increase (decrease) in accrued severance pay, net |
|
(176) |
|
88 |
|
(82) |
|
453 |
Decrease (increase) in trade receivables, net |
|
(1,509) |
|
7,023 |
|
(160) |
|
5,372 |
Decrease (increase) in other receivables and prepaid expenses
and other long-term assets |
|
3,852 |
|
(627) |
|
(473) |
|
(10,606) |
Decrease in inventories |
|
549 |
|
797 |
|
726 |
|
1,532 |
Increase (decrease) in trade payables |
|
(670) |
|
(2,554) |
|
2,460 |
|
(888) |
Increase (decrease) in deferred revenues |
|
(8,609) |
|
(2,317) |
|
11,891 |
|
9,073 |
Increase (decrease) in other payables and accrued expenses |
|
1,463 |
|
1,280 |
|
(20,719) |
|
1,951 |
Operating lease liabilities, net |
|
(209) |
|
161 |
|
(1,981) |
|
(263) |
Net cash provided by operating activities |
|
1,516 |
|
17,879 |
|
22,588 |
|
42,840 |
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property and equipment |
|
(2,549) |
|
(1,458) |
|
(7,046) |
|
(3,950) |
Proceeds from other long-term assets, net |
|
69 |
|
11 |
|
106 |
|
42 |
Proceeds from (investment in) bank deposits, net |
|
1,000 |
|
(154) |
|
(19,201) |
|
4,280 |
Investment in, redemption of and purchase of marketable
securities, net |
|
(862) |
|
(15,852) |
|
(5,502) |
|
(7,518) |
Payment for the acquisition of intangible assets |
|
- |
|
- |
|
(30,000) |
|
- |
Net cash used in investing activities |
|
(2,342) |
|
(17,453) |
|
(61,643) |
|
(7,146) |
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from exercise of stock options |
|
401 |
|
1,917 |
|
1,202 |
|
7,762 |
Repurchase of shares |
|
(6,305) |
|
(195) |
|
(47,191) |
|
(35,022) |
Proceeds from issuance of Preferred A shares in subsidiary |
|
- |
|
- |
|
35,000 |
|
- |
Net cash provided by (used in) financing activities |
|
(5,904) |
|
1,722 |
|
(10,989) |
|
(27,260) |
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents |
|
(6,730) |
|
2,148 |
|
(50,044) |
|
8,434 |
Cash and cash equivalents at the beginning of the period |
|
49,199 |
|
61,057 |
|
92,513 |
|
54,771 |
Cash and cash equivalents at the end of the period |
|
42,469 |
|
63,205 |
|
42,469 |
|
63,205 |
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