Radware® (NASDAQ: RDWR), a leading provider of cyber security and
application delivery solutions, today announced its consolidated
financial results for the fourth quarter and full year ended
December 31, 2022.
“For the fourth quarter and full year of 2022, I’m pleased to
report solid results, which were in-line with our guidance. The
results were driven mainly by cloud and subscription revenue, which
delivered double-digit growth during 2022, as well as a record
number of new cloud wins in the fourth quarter,” said Roy Zisapel,
Radware’s president and CEO. “While headwinds in the macro
environment may continue to impact our results in the coming year,
we remain optimistic about our long-term growth potential given the
market adoption of our products. In 2023, the cloud will continue
to play a pivotal role in our strategy as we increase our focus on
our cloud security solutions, grow our presence in the mid-sized
enterprise market, and expand our channel partnerships. Coupled
with disciplined expense management, we remain committed to driving
profitable growth.”
Financial Highlights
for the Fourth
Quarter and Full
Year 2022Revenue for the fourth quarter
and full year of 2022 totaled $74.1 million and $293.4 million,
respectively:
- Revenue in the Americas region was $31.9 million for the fourth
quarter of 2022, an increase of 2% from $31.2 million in the fourth
quarter of 2021. Revenue in the Americas region for the full year
of 2022 was $123.9 million, a decrease of 4% from $128.8 million in
the full year of 2021.
- Revenue in the Europe, Middle East, and Africa (“EMEA”) region
was $24.3 million for the fourth quarter of 2022, a decrease of 18%
from $29.7 million in the fourth quarter of 2021. Revenue in the
EMEA region for the full year of 2022 was $104.2 million, up 6%
from $98.4 million for the full year of 2021.
- Revenue in the Asia-Pacific (“APAC”) region was $17.9 million
for the fourth quarter of 2022, an increase of 14% from $15.7
million in the fourth quarter of 2021. Revenue in the APAC region
for the full year of 2022 was $65.3 million, up 10% from $59.3
million for the full year of 2021.
GAAP net loss for the fourth quarter of 2022 was $4.1 million,
or $(0.09) per diluted share, compared to GAAP net loss of $5.6
million, or $(0.12) per diluted share, for the fourth quarter of
2021. GAAP net loss for the full year of 2022 was $0.2 million, or
$0.00 per diluted share, compared to GAAP net income of $7.8
million, or $0.16 per diluted share, for the full year of 2021.
Non-GAAP net income for the fourth quarter of
2022 was $7.7 million, or $0.17 per diluted share, compared to
non-GAAP net income of $10.3 million, or $0.22 per diluted share,
for the fourth quarter of 2021. Non-GAAP net income for the full
year of 2022 was $31.3 million, or $0.68 per diluted share,
compared to non-GAAP net income of $38.3 million, or $0.81 per
diluted share, for the full year of 2021.
As of December 31, 2022, the Company had cash,
cash equivalents, short-term and long-term bank deposits, and
marketable securities of $432.0 million. Net cash provided by
operating activities was $9.6 million in the fourth quarter of 2022
and $32.1 million for the full year 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 of 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, February 8, 2023, at 8:30 a.m.
EST to discuss its fourth quarter and full year 2022 results and
the Company’s 2023 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 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.
©2023 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) |
|
|
|
|
|
December 31, |
|
December 31, |
|
2022 |
|
2021 |
|
(Unaudited) |
|
(Unaudited) |
Assets |
|
|
|
|
|
|
|
Current
assets |
|
|
|
Cash and cash equivalents |
46,185 |
|
92,513 |
Marketable securities |
44,180 |
|
39,497 |
Short-term bank deposits |
207,679 |
|
155,879 |
Trade receivables, net |
17,752 |
|
13,191 |
Other receivables and prepaid
expenses |
8,646 |
|
8,046 |
Inventories |
11,428 |
|
11,580 |
|
335,870 |
|
320,706 |
|
|
|
|
Long-term
investments |
|
|
|
Marketable securities |
90,148 |
|
98,224 |
Long-term bank deposits |
43,765 |
|
79,708 |
Severance pay funds |
2,146 |
|
2,454 |
|
136,059 |
|
180,386 |
|
|
|
|
|
|
|
|
Property and equipment,
net |
21,068 |
|
20,240 |
Intangible assets, net |
19,686 |
|
10,731 |
Other long-term assets |
43,636 |
|
37,334 |
Operating lease right-of-use
assets |
23,078 |
|
24,829 |
Goodwill |
68,008 |
|
41,144 |
Total assets |
647,405 |
|
635,370 |
|
|
|
|
Liabilities and
equity |
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
Trade payables |
8,067 |
|
4,310 |
Deferred revenues |
108,243 |
|
99,922 |
Operating lease
liabilities |
4,685 |
|
5,090 |
Other payables and accrued
expenses |
45,444 |
|
56,565 |
|
166,439 |
|
165,887 |
|
|
|
|
Long-term
liabilities |
|
|
|
Deferred revenues |
72,219 |
|
67,065 |
Operating lease
liabilities |
19,461 |
|
22,360 |
Other long-term
liabilities |
20,843 |
|
10,065 |
|
112,523 |
|
99,490 |
|
|
|
|
Equity |
|
|
|
Radware Ltd.
equity |
|
|
|
Share capital |
732 |
|
730 |
Additional paid-in
capital |
498,168 |
|
471,173 |
Accumulated other
comprehensive loss, net of tax |
(4,844) |
|
(455) |
Treasury stock, at cost |
(303,299) |
|
(243,023) |
Retained earnings |
141,402 |
|
141,568 |
Total Radware Ltd.
shareholder's equity |
332,159 |
|
369,993 |
|
|
|
|
Non–controlling interest |
36,284 |
|
- |
|
|
|
|
Total
equity |
368,443 |
|
369,993 |
|
|
|
|
Total liabilities and
equity |
647,405 |
|
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 year ended |
|
December 31, |
|
December 31, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
Revenues |
74,083 |
|
76,642 |
|
293,426 |
|
286,496 |
Cost of revenues |
13,917 |
|
14,048 |
|
53,884 |
|
52,446 |
Gross profit |
60,166 |
|
62,594 |
|
239,542 |
|
234,050 |
|
|
|
|
|
|
|
|
Operating expenses, net: |
|
|
|
|
|
|
|
Research and development,
net |
22,486 |
|
19,597 |
|
86,562 |
|
74,098 |
Selling and marketing |
32,544 |
|
32,015 |
|
126,533 |
|
119,842 |
General and
administrative |
10,244 |
|
6,114 |
|
29,786 |
|
21,885 |
Total operating expenses,
net |
65,274 |
|
57,726 |
|
242,881 |
|
215,825 |
|
|
|
|
|
|
|
|
Operating income (loss) |
(5,108) |
|
4,868 |
|
(3,339) |
|
18,225 |
Financial income (expense),
net |
2,018 |
|
(463) |
|
8,052 |
|
4,407 |
Income (loss) before taxes on
income |
(3,090) |
|
4,405 |
|
4,713 |
|
22,632 |
Taxes on income |
1,034 |
|
9,996 |
|
4,879 |
|
14,821 |
Net income (loss) |
(4,124) |
|
(5,591) |
|
(166) |
|
7,811 |
|
|
|
|
|
|
|
|
Basic net earnings (loss) per share attributed to Radware Ltd.'s
shareholders |
(0.09) |
|
(0.12) |
|
(0.00) |
|
0.17 |
|
|
|
|
|
|
|
|
Weighted average number of shares used to compute basic net
earnings (loss) per share |
44,586,590 |
|
46,004,419 |
|
44,943,168 |
|
45,919,835 |
|
|
|
|
|
|
|
|
Diluted net earnings (loss) per share attributed to Radware Ltd.'s
shareholders |
(0.09) |
|
(0.12) |
|
(0.00) |
|
0.16 |
|
|
|
|
|
|
|
|
Weighted average number of shares used to compute diluted net
earnings (loss) per share |
44,586,590 |
|
46,004,419 |
|
44,943,168 |
|
47,503,091 |
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, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
GAAP gross
profit |
60,166 |
|
62,594 |
|
239,542 |
|
234,050 |
|
Stock-based compensation |
112 |
|
87 |
|
399 |
|
236 |
|
Amortization of intangible
assets |
992 |
|
465 |
|
3,704 |
|
1,858 |
Non-GAAP gross
profit |
61,270 |
|
63,146 |
|
243,645 |
|
236,144 |
|
|
|
|
|
|
|
|
|
GAAP research and
development, net |
22,486 |
|
19,597 |
|
86,562 |
|
74,098 |
|
Stock-based compensation |
2,073 |
|
1,626 |
|
7,292 |
|
5,412 |
Non-GAAP Research
and development, net |
20,413 |
|
17,971 |
|
79,270 |
|
68,686 |
|
|
|
|
|
|
|
|
|
GAAP selling and
marketing |
32,544 |
|
32,015 |
|
126,533 |
|
119,842 |
|
Stock-based compensation |
2,993 |
|
2,517 |
|
11,241 |
|
8,811 |
Non-GAAP selling
and marketing |
29,551 |
|
29,498 |
|
115,292 |
|
111,031 |
|
|
|
|
|
|
|
|
|
GAAP general and
administrative |
10,244 |
|
6,114 |
|
29,786 |
|
21,885 |
|
Stock-based compensation |
4,480 |
|
1,142 |
|
8,421 |
|
3,115 |
|
Litigation costs |
- |
|
- |
|
- |
|
288 |
|
Acquisition costs |
819 |
|
296 |
|
1,961 |
|
925 |
Non-GAAP general
and administrative |
4,945 |
|
4,676 |
|
19,404 |
|
17,557 |
|
|
|
|
|
|
|
|
|
GAAP total
operating expenses, net |
65,274 |
|
57,726 |
|
242,881 |
|
215,825 |
|
Stock-based compensation |
9,546 |
|
5,285 |
|
26,954 |
|
17,338 |
|
Litigation costs |
- |
|
- |
|
- |
|
288 |
|
Acquisition costs |
819 |
|
296 |
|
1,961 |
|
925 |
Non-GAAP total
operating expenses, net |
54,909 |
|
52,145 |
|
213,966 |
|
197,274 |
|
|
|
|
|
|
|
|
|
GAAP operating
income (loss) |
(5,108) |
|
4,868 |
|
(3,339) |
|
18,225 |
|
Stock-based compensation |
9,658 |
|
5,372 |
|
27,353 |
|
17,574 |
|
Amortization of intangible
assets |
992 |
|
465 |
|
3,704 |
|
1,858 |
|
Litigation costs |
- |
|
- |
|
- |
|
288 |
|
Acquisition costs |
819 |
|
296 |
|
1,961 |
|
925 |
Non-GAAP operating
income |
6,361 |
|
11,001 |
|
29,679 |
|
38,870 |
|
|
|
|
|
|
|
|
|
GAAP financial
income (loss), net |
2,018 |
|
(463) |
|
8,052 |
|
4,407 |
|
Exchange rate differences, net
on balance sheet items included in financial income (loss),
net |
413 |
|
1,592 |
|
(1,301) |
|
1,811 |
Non-GAAP financial
income, net |
2,431 |
|
1,129 |
|
6,751 |
|
6,218 |
|
|
|
|
|
|
|
|
|
GAAP income (loss)
before taxes on income |
(3,090) |
|
4,405 |
|
4,713 |
|
22,632 |
|
Stock-based compensation |
9,658 |
|
5,372 |
|
27,353 |
|
17,574 |
|
Amortization of intangible
assets |
992 |
|
465 |
|
3,704 |
|
1,858 |
|
Litigation costs |
- |
|
- |
|
- |
|
288 |
|
Acquisition costs |
819 |
|
296 |
|
1,961 |
|
925 |
|
Exchange rate differences, net
on balance sheet items included in financial income (loss),
net |
413 |
|
1,592 |
|
(1,301) |
|
1,811 |
Non-GAAP income
before taxes on income |
8,792 |
|
12,130 |
|
36,430 |
|
45,088 |
|
|
|
|
|
|
|
|
|
GAAP taxes on
income |
1,034 |
|
9,996 |
|
4,879 |
|
14,821 |
|
Tax settlement |
- |
|
(8,247) |
|
- |
|
(8,247) |
|
Tax related adjustments |
61 |
|
61 |
|
246 |
|
246 |
Non-GAAP taxes on
income |
1,095 |
|
1,810 |
|
5,125 |
|
6,820 |
|
|
|
|
|
|
|
|
|
GAAP net income
(loss) |
(4,124) |
|
(5,591) |
|
(166) |
|
7,811 |
|
Stock-based compensation |
9,658 |
|
5,372 |
|
27,353 |
|
17,574 |
|
Amortization of intangible
assets |
992 |
|
465 |
|
3,704 |
|
1,858 |
|
Litigation costs |
- |
|
- |
|
- |
|
288 |
|
Acquisition costs |
819 |
|
296 |
|
1,961 |
|
925 |
|
Exchange rate differences, net
on balance sheet items included in financial income, net |
413 |
|
1,592 |
|
(1,301) |
|
1,811 |
|
Tax settlement |
- |
|
8,247 |
|
- |
|
8,247 |
|
Tax related adjustments |
(61) |
|
(61) |
|
(246) |
|
(246) |
Non-GAAP net
income |
7,697 |
|
10,320 |
|
31,305 |
|
38,268 |
|
|
|
|
|
|
|
|
|
GAAP diluted net
earnings (loss) per share |
(0.09) |
|
(0.12) |
|
(0.00) |
|
0.16 |
|
Stock-based compensation |
0.21 |
|
0.11 |
|
0.60 |
|
0.37 |
|
Amortization of intangible
assets |
0.02 |
|
0.01 |
|
0.08 |
|
0.04 |
|
Litigation costs |
0.00 |
|
0.00 |
|
0.00 |
|
0.01 |
|
Acquisition costs |
0.02 |
|
0.01 |
|
0.04 |
|
0.02 |
|
Exchange rate differences, net
on balance sheet items included in financial income (loss),
net |
0.01 |
|
0.03 |
|
(0.03) |
|
0.04 |
|
Tax settlement |
0.00 |
|
0.17 |
|
0.00 |
|
0.17 |
|
Tax related adjustments |
(0.00) |
|
(0.00) |
|
(0.01) |
|
(0.01) |
Non-GAAP diluted
net earnings per share |
0.17 |
|
0.22 |
|
0.68 |
|
0.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares used to compute non-GAAP diluted net earnings per
share |
45,227,288 |
|
47,655,351 |
|
45,947,476 |
|
47,503,091 |
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 twelve months ended |
|
|
December 31, |
|
December 31, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
GAAP net
income (loss) |
(4,124) |
|
(5,591) |
|
(166) |
|
7,811 |
|
Exclude: Financial expense (income), net |
(2,018) |
|
463 |
|
(8,052) |
|
(4,407) |
|
Exclude: Depreciation and
amortization expense |
2,878 |
|
2,484 |
|
11,692 |
|
10,196 |
|
Exclude: Taxes on income |
1,034 |
|
9,996 |
|
4,879 |
|
14,821 |
EBITDA |
(2,230) |
|
7,352 |
|
8,353 |
|
28,421 |
|
|
|
|
|
|
|
|
|
|
Share-based compensation |
9,658 |
|
5,372 |
|
27,353 |
|
17,574 |
|
Litigation costs |
- |
|
- |
|
- |
|
288 |
|
Acquisition costs |
819 |
|
296 |
|
1,961 |
|
925 |
Adjusted
EBITDA |
8,247 |
|
13,020 |
|
37,667 |
|
47,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
For the twelve months ended |
|
|
December 31, |
|
December 31, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
|
|
|
|
|
|
|
|
|
Amortization of intangible
assets |
992 |
|
465 |
|
3,704 |
|
1,858 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
1,886 |
|
2,019 |
|
7,988 |
|
8,338 |
|
|
|
|
|
|
|
|
|
|
|
2,878 |
|
2,484 |
|
11,692 |
|
10,196 |
|
|
|
|
|
|
|
|
|
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, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Cash flow from operating
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
(4,124) |
|
(5,591) |
|
(166) |
|
7,811 |
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
|
|
|
|
Depreciation and
amortization |
2,878 |
|
2,484 |
|
11,692 |
|
10,196 |
Share-based compensation |
9,658 |
|
5,372 |
|
27,353 |
|
17,574 |
Amortization of premium,
accretion of discounts and accrued interest on marketable
securities, net |
766 |
|
817 |
|
2,345 |
|
2,720 |
Gain related to securities,
net |
(4) |
|
(14) |
|
(68) |
|
(438) |
Increase (decrease) in accrued
interest on bank deposits |
(1,424) |
|
1,003 |
|
(2,480) |
|
2,424 |
Increase in accrued severance
pay, net |
301 |
|
15 |
|
219 |
|
468 |
Decrease (increase) in trade
receivables, net |
(4,401) |
|
(1,715) |
|
(4,561) |
|
3,657 |
Decrease (increase) in other
receivables and prepaid expenses and other long-term assets |
(5,243) |
|
2,515 |
|
(5,716) |
|
(8,091) |
Decrease (increase) in
inventories |
(574) |
|
823 |
|
152 |
|
2,355 |
Increase in trade
payables |
1,297 |
|
1,316 |
|
3,757 |
|
428 |
Increase in deferred
revenues |
1,584 |
|
10,990 |
|
13,475 |
|
20,063 |
Increase (decrease) in other
payables and accrued expenses |
8,418 |
|
10,287 |
|
(12,301) |
|
12,238 |
Operating lease liabilities,
net |
428 |
|
632 |
|
(1,553) |
|
369 |
Net cash provided by operating
activities |
9,560 |
|
28,934 |
|
32,148 |
|
71,774 |
|
|
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property and
equipment |
(1,768) |
|
(1,653) |
|
(8,814) |
|
(5,603) |
Proceeds from (investment in)
other long-term assets, net |
(71) |
|
7 |
|
35 |
|
49 |
Proceeds from (investment in)
bank deposits, net |
5,824 |
|
20,168 |
|
(13,377) |
|
24,448 |
Investment in, redemption of
and purchase of marketable securities ,net |
1,640 |
|
(3,527) |
|
(3,862) |
|
(11,045) |
Payment for the business
acquisition of SecurityDAM Ltd. |
- |
|
- |
|
(30,000) |
|
- |
Net cash provided by (used in)
investing activities |
5,625 |
|
14,995 |
|
(56,018) |
|
7,849 |
|
|
|
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from exercise of
share options |
832 |
|
2,828 |
|
2,034 |
|
10,590 |
Repurchase of shares |
(12,301) |
|
(17,449) |
|
(59,492) |
|
(52,471) |
Proceeds from issuance of
Preferred A shares in subsidiary |
- |
|
- |
|
35,000 |
|
- |
Net cash used in financing
activities |
(11,469) |
|
(14,621) |
|
(22,458) |
|
(41,881) |
|
|
|
|
|
|
|
|
Increase (decrease) in cash
and cash equivalents |
3,716 |
|
29,308 |
|
(46,328) |
|
37,742 |
Cash and cash equivalents at
the beginning of the period |
42,469 |
|
63,205 |
|
92,513 |
|
54,771 |
Cash and cash equivalents at
the end of the period |
46,185 |
|
92,513 |
|
46,185 |
|
92,513 |
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