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, 2023.
“We closed 2023 on a positive note with our cloud security
business delivering 22% year-over-year ARR growth,” said Roy
Zisapel, Radware’s president and CEO. “As we look ahead, we remain
cautiously optimistic in 2024. We intend to build upon early signs
of improvement in the macro environment and capitalize on the
growth in our cloud security business and partner channels, while
remaining committed to cost discipline. We believe we are well
positioned to return to revenue growth and improve profitability in
2024.”
Financial Highlights
for the Fourth
Quarter and Full
Year 2023Revenue for the fourth quarter
and full year of 2023 totaled $65.0 million and $261.3 million,
respectively:
- Revenue in the Americas region was $24.6 million for the fourth
quarter of 2023, a decrease of 23% from $31.9 million in the fourth
quarter of 2022. Revenue in the Americas region for the full year
of 2023 was $103.4 million, a decrease of 17% from $123.9 million
in the full year of 2022.
- Revenue in the Europe, Middle East, and Africa (“EMEA”) region
was $24.9 million for the fourth quarter of 2023, an increase of 2%
from $24.3 million in the fourth quarter of 2022. Revenue in the
EMEA region for the full year of 2023 was $96.5 million, a decrease
of 7% from $104.2 million for the full year of 2022.
- Revenue in the Asia-Pacific (“APAC”) region was $15.5 million
for the fourth quarter of 2023, a decrease of 13% from $17.9
million in the fourth quarter of 2022. Revenue in the APAC region
for the full year of 2023 was $61.4 million, a decrease of 6% from
$65.3 million for the full year of 2022.
GAAP net loss for the fourth quarter of 2023 was $5.9 million,
or $(0.14) per diluted share, compared to GAAP net loss of $4.1
million, or $(0.09) per diluted share, for the fourth quarter of
2022. GAAP net loss for the full year of 2023 was $21.6 million, or
$(0.50) per diluted share, compared to GAAP net loss of $0.2
million, or $0.00 per diluted share, for the full year of 2022.
Non-GAAP net income for the fourth quarter of
2023 was $5.5 million, or $0.13 per diluted share, compared to
non-GAAP net income of $7.7 million, or $0.17 per diluted share,
for the fourth quarter of 2022. Non-GAAP net income for the full
year of 2023 was $18.9 million, or $0.43 per diluted share,
compared to non-GAAP net income of $31.3 million, or $0.68 per
diluted share, for the full year of 2022.
As of December 31, 2023, the Company had cash,
cash equivalents, short-term bank deposits, and marketable
securities of $363.7 million. Cash flow from operating activities
was $2.7 million in the fourth quarter of 2023 and negative at $3.5
million for the full year of 2023.
Non-GAAP results are calculated excluding, as
applicable, the impact of stock-based compensation expenses,
amortization of intangible assets, litigation costs, acquisition
costs, restructuring 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, February 7, 2024, at 8:30 a.m.
EST to discuss its fourth quarter and full year 2023 results and
the Company’s first quarter 2024 outlook. To participate on 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, restructuring 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; the effects of the
current attacks by the terrorist groups Hamas and Hezbollah, and
the war between Israel and Hamas and Israel and Hezbollah; 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 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 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.
©2024 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, |
|
2023 |
|
2022 |
|
(Unaudited) |
|
(Unaudited) |
Assets |
|
|
|
|
|
|
|
Current
assets |
|
|
|
Cash and cash equivalents |
70,538 |
|
|
46,185 |
|
Marketable securities |
86,372 |
|
|
44,180 |
|
Short-term bank deposits |
173,678 |
|
|
207,679 |
|
Trade receivables, net |
18,959 |
|
|
17,752 |
|
Other receivables and prepaid
expenses |
10,015 |
|
|
7,196 |
|
Inventories |
15,544 |
|
|
11,428 |
|
|
375,106 |
|
|
334,420 |
|
|
|
|
|
Long-term
investments |
|
|
|
Marketable securities |
33,131 |
|
|
90,148 |
|
Long-term bank deposits |
- |
|
|
43,765 |
|
Other assets |
2,166 |
|
|
2,146 |
|
|
35,297 |
|
|
136,059 |
|
|
|
|
|
|
|
|
|
Property and equipment,
net |
18,221 |
|
|
21,068 |
|
Intangible assets, net |
15,718 |
|
|
19,686 |
|
Other long-term assets |
39,161 |
|
|
41,269 |
|
Operating lease right-of-use
assets |
20,777 |
|
|
23,078 |
|
Goodwill |
68,008 |
|
|
68,008 |
|
Total assets |
572,288 |
|
|
643,588 |
|
|
|
|
|
Liabilities and
equity |
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
Trade payables |
4,298 |
|
|
6,464 |
|
Deferred revenues |
103,703 |
|
|
108,243 |
|
Operating lease
liabilities |
4,684 |
|
|
4,685 |
|
Other payables and accrued
expenses |
41,650 |
|
|
44,643 |
|
|
154,335 |
|
|
164,035 |
|
|
|
|
|
Long-term
liabilities |
|
|
|
Deferred revenues |
60,499 |
|
|
72,219 |
|
Operating lease
liabilities |
16,020 |
|
|
19,461 |
|
Other long-term
liabilities |
18,160 |
|
|
19,430 |
|
|
94,679 |
|
|
111,110 |
|
|
|
|
|
Equity |
|
|
|
Radware Ltd.
equity |
|
|
|
Share capital |
733 |
|
|
732 |
|
Additional paid-in
capital |
529,218 |
|
|
498,168 |
|
Accumulated other
comprehensive income (loss) |
77 |
|
|
(4,844 |
) |
Treasury stock, at cost |
(365,749 |
) |
|
(303,299 |
) |
Retained earnings |
119,812 |
|
|
141,402 |
|
Total Radware Ltd.
shareholder's equity |
284,091 |
|
|
332,159 |
|
|
|
|
|
Non–controlling interest |
39,183 |
|
|
36,284 |
|
|
|
|
|
Total
equity |
323,274 |
|
|
368,443 |
|
|
|
|
|
Total liabilities and
equity |
572,288 |
|
|
643,588 |
|
|
|
|
|
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, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
Revenues |
|
65,032 |
|
|
74,083 |
|
|
261,292 |
|
|
293,426 |
|
Cost of revenues |
|
12,824 |
|
|
13,917 |
|
|
51,710 |
|
|
53,884 |
|
Gross profit |
|
52,208 |
|
|
60,166 |
|
|
209,582 |
|
|
239,542 |
|
|
|
|
|
|
|
|
|
|
Operating expenses, net: |
|
|
|
|
|
|
|
|
Research and development,
net |
|
19,712 |
|
|
22,486 |
|
|
82,617 |
|
|
86,562 |
|
Selling and marketing |
|
31,869 |
|
|
32,544 |
|
|
126,237 |
|
|
126,533 |
|
General and
administrative |
|
8,030 |
|
|
10,244 |
|
|
32,408 |
|
|
29,786 |
|
Total operating expenses,
net |
|
59,611 |
|
|
65,274 |
|
|
241,262 |
|
|
242,881 |
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
(7,403 |
) |
|
(5,108 |
) |
|
(31,680 |
) |
|
(3,339 |
) |
Financial income, net |
|
3,239 |
|
|
2,018 |
|
|
13,927 |
|
|
8,052 |
|
Income (Loss) before taxes on
income |
|
(4,164 |
) |
|
(3,090 |
) |
|
(17,753 |
) |
|
4,713 |
|
Taxes on income |
|
1,686 |
|
|
1,034 |
|
|
3,837 |
|
|
4,879 |
|
Net loss |
|
(5,850 |
) |
|
(4,124 |
) |
|
(21,590 |
) |
|
(166 |
) |
|
|
|
|
|
|
|
|
|
Basic net loss per share
attributed to Radware Ltd.'s shareholders |
|
(0.14 |
) |
|
(0.09 |
) |
|
(0.50 |
) |
|
(0.00 |
) |
|
|
|
|
|
|
|
|
|
Weighted average number of
shares used to compute basic net loss per share |
|
41,806,042 |
|
|
44,586,590 |
|
|
42,871,770 |
|
|
44,943,168 |
|
|
|
|
|
|
|
|
|
|
Diluted net loss per share
attributed to Radware Ltd.'s shareholders |
|
(0.14 |
) |
|
(0.09 |
) |
|
(0.50 |
) |
|
(0.00 |
) |
|
|
|
|
|
|
|
|
|
Weighted average number of
shares used to compute diluted net loss per share |
|
41,806,042 |
|
|
44,586,590 |
|
|
42,871,770 |
|
|
44,943,168 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
GAAP gross
profit |
52,208 |
|
|
60,166 |
|
|
209,582 |
|
|
239,542 |
|
|
Share-based compensation |
112 |
|
|
112 |
|
|
515 |
|
|
399 |
|
|
Amortization of intangible
assets |
992 |
|
|
992 |
|
|
3,968 |
|
|
3,704 |
|
Non-GAAP gross
profit |
53,312 |
|
|
61,270 |
|
|
214,065 |
|
|
243,645 |
|
|
|
|
|
|
|
|
|
|
GAAP research and
development, net |
19,712 |
|
|
22,486 |
|
|
82,617 |
|
|
86,562 |
|
|
Share-based compensation |
2,305 |
|
|
2,073 |
|
|
8,505 |
|
|
7,292 |
|
Non-GAAP Research
and development, net |
17,407 |
|
|
20,413 |
|
|
74,112 |
|
|
79,270 |
|
|
|
|
|
|
|
|
|
|
GAAP selling and
marketing |
31,869 |
|
|
32,544 |
|
|
126,237 |
|
|
126,533 |
|
|
Share-based compensation |
3,489 |
|
|
2,993 |
|
|
12,554 |
|
|
11,241 |
|
|
Restructuring costs |
578 |
|
|
- |
|
|
1,851 |
|
|
- |
|
Non-GAAP selling
and marketing |
27,802 |
|
|
29,551 |
|
|
111,832 |
|
|
115,292 |
|
|
|
|
|
|
|
|
|
|
GAAP general and
administrative |
8,030 |
|
|
10,244 |
|
|
32,408 |
|
|
29,786 |
|
|
Share-based compensation |
2,965 |
|
|
4,480 |
|
|
12,448 |
|
|
8,421 |
|
|
Acquisition costs |
359 |
|
|
819 |
|
|
1,128 |
|
|
1,961 |
|
Non-GAAP general
and administrative |
4,706 |
|
|
4,945 |
|
|
18,832 |
|
|
19,404 |
|
|
|
|
|
|
|
|
|
|
GAAP total
operating expenses, net |
59,611 |
|
|
65,274 |
|
|
241,262 |
|
|
242,881 |
|
|
Share-based compensation |
8,759 |
|
|
9,546 |
|
|
33,507 |
|
|
26,954 |
|
|
Restructuring costs |
578 |
|
|
- |
|
|
1,851 |
|
|
- |
|
|
Acquisition costs |
359 |
|
|
819 |
|
|
1,128 |
|
|
1,961 |
|
Non-GAAP total
operating expenses, net |
49,915 |
|
|
54,909 |
|
|
204,776 |
|
|
213,966 |
|
|
|
|
|
|
|
|
|
|
GAAP operating
loss |
(7,403 |
) |
|
(5,108 |
) |
|
(31,680 |
) |
|
(3,339 |
) |
|
Share-based compensation |
8,871 |
|
|
9,658 |
|
|
34,022 |
|
|
27,353 |
|
|
Amortization of intangible
assets |
992 |
|
|
992 |
|
|
3,968 |
|
|
3,704 |
|
|
Restructuring costs |
578 |
|
|
- |
|
|
1,851 |
|
|
- |
|
|
Acquisition costs |
359 |
|
|
819 |
|
|
1,128 |
|
|
1,961 |
|
Non-GAAP operating
income |
3,397 |
|
|
6,361 |
|
|
9,289 |
|
|
29,679 |
|
|
|
|
|
|
|
|
|
|
GAAP financial
income, net |
3,239 |
|
|
2,018 |
|
|
13,927 |
|
|
8,052 |
|
|
Exchange rate differences, net
on balance sheet items included in financial income, net |
563 |
|
|
413 |
|
|
(207 |
) |
|
(1,301 |
) |
Non-GAAP financial
income, net |
3,802 |
|
|
2,431 |
|
|
13,720 |
|
|
6,751 |
|
|
|
|
|
|
|
|
|
|
GAAP income (loss)
before taxes on income |
(4,164 |
) |
|
(3,090 |
) |
|
(17,753 |
) |
|
4,713 |
|
|
Share-based compensation |
8,871 |
|
|
9,658 |
|
|
34,022 |
|
|
27,353 |
|
|
Amortization of intangible
assets |
992 |
|
|
992 |
|
|
3,968 |
|
|
3,704 |
|
|
Restructuring costs |
578 |
|
|
- |
|
|
1,851 |
|
|
- |
|
|
Acquisition costs |
359 |
|
|
819 |
|
|
1,128 |
|
|
1,961 |
|
|
Exchange rate differences, net
on balance sheet items included in financial income, net |
563 |
|
|
413 |
|
|
(207 |
) |
|
(1,301 |
) |
Non-GAAP income
before taxes on income |
7,199 |
|
|
8,792 |
|
|
23,009 |
|
|
36,430 |
|
|
|
|
|
|
|
|
|
|
GAAP taxes on
income |
1,686 |
|
|
1,034 |
|
|
3,837 |
|
|
4,879 |
|
|
Tax related adjustments |
61 |
|
|
61 |
|
|
246 |
|
|
246 |
|
Non-GAAP taxes on
income |
1,747 |
|
|
1,095 |
|
|
4,083 |
|
|
5,125 |
|
|
|
|
|
|
|
|
|
|
GAAP net loss |
(5,850 |
) |
|
(4,124 |
) |
|
(21,590 |
) |
|
(166 |
) |
|
Share-based compensation |
8,871 |
|
|
9,658 |
|
|
34,022 |
|
|
27,353 |
|
|
Amortization of intangible
assets |
992 |
|
|
992 |
|
|
3,968 |
|
|
3,704 |
|
|
Restructuring costs |
578 |
|
|
- |
|
|
1,851 |
|
|
- |
|
|
Acquisition costs |
359 |
|
|
819 |
|
|
1,128 |
|
|
1,961 |
|
|
Exchange rate differences, net
on balance sheet items included in financial income, net |
563 |
|
|
413 |
|
|
(207 |
) |
|
(1,301 |
) |
|
Tax related adjustments |
(61 |
) |
|
(61 |
) |
|
(246 |
) |
|
(246 |
) |
Non-GAAP net
income |
5,452 |
|
|
7,697 |
|
|
18,926 |
|
|
31,305 |
|
|
|
|
|
|
|
|
|
|
GAAP diluted net
loss per share |
(0.14 |
) |
|
(0.09 |
) |
|
(0.50 |
) |
|
(0.00 |
) |
|
Share-based compensation |
0.21 |
|
|
0.21 |
|
|
0.78 |
|
|
0.60 |
|
|
Amortization of intangible
assets |
0.02 |
|
|
0.02 |
|
|
0.09 |
|
|
0.08 |
|
|
Restructuring costs |
0.02 |
|
|
0.00 |
|
|
0.04 |
|
|
0.00 |
|
|
Acquisition costs |
0.01 |
|
|
0.02 |
|
|
0.03 |
|
|
0.04 |
|
|
Exchange rate differences, net
on balance sheet items included in financial income, net |
0.01 |
|
|
0.01 |
|
|
(0.00 |
) |
|
(0.03 |
) |
|
Tax related adjustments |
(0.00 |
) |
|
(0.00 |
) |
|
(0.01 |
) |
|
(0.01 |
) |
Non-GAAP diluted
net earnings per share |
0.13 |
|
|
0.17 |
|
|
0.43 |
|
|
0.68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares used to compute non-GAAP diluted net earnings per
share |
42,462,751 |
|
|
45,227,288 |
|
|
43,655,555 |
|
|
45,947,476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Radware Ltd. |
RECONCILIATION OF GAAP NET LOSS 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, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
GAAP net
loss |
(5,850 |
) |
|
(4,124 |
) |
|
(21,590 |
) |
|
(166 |
) |
|
Exclude: Financial income, net |
(3,239 |
) |
|
(2,018 |
) |
|
(13,927 |
) |
|
(8,052 |
) |
|
Exclude: Depreciation and
amortization expense |
3,028 |
|
|
2,878 |
|
|
12,244 |
|
|
11,692 |
|
|
Exclude: Taxes on income |
1,686 |
|
|
1,034 |
|
|
3,837 |
|
|
4,879 |
|
EBITDA |
(4,375 |
) |
|
(2,230 |
) |
|
(19,436 |
) |
|
8,353 |
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation |
8,871 |
|
|
9,658 |
|
|
34,022 |
|
|
27,353 |
|
|
Restructuring costs |
578 |
|
|
- |
|
|
1,851 |
|
|
- |
|
|
Acquisition costs |
359 |
|
|
819 |
|
|
1,128 |
|
|
1,961 |
|
Adjusted
EBITDA |
5,433 |
|
|
8,247 |
|
|
17,565 |
|
|
37,667 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended |
|
For the twelve months ended |
|
|
December 31, |
|
December 31, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
Amortization of intangible
assets |
992 |
|
|
992 |
|
|
3,968 |
|
|
3,704 |
|
|
Depreciation |
2,036 |
|
|
1,886 |
|
|
8,276 |
|
|
7,988 |
|
|
|
|
|
|
|
|
|
|
|
|
3,028 |
|
|
2,878 |
|
|
12,244 |
|
|
11,692 |
|
|
|
|
|
|
|
|
|
|
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, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
Cash flow from operating
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
(5,850 |
) |
|
(4,124 |
) |
|
(21,590 |
) |
|
(166 |
) |
Adjustments to reconcile net
loss to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
3,028 |
|
|
2,878 |
|
|
12,244 |
|
|
11,692 |
|
Share-based compensation |
|
8,871 |
|
|
9,658 |
|
|
34,022 |
|
|
27,353 |
|
Amortization of premium,
accretion of discounts and accrued interest on marketable
securities, net |
|
638 |
|
|
766 |
|
|
1,754 |
|
|
2,345 |
|
Loss (gain) related to
securities, net |
|
(1 |
) |
|
(4 |
) |
|
243 |
|
|
(68 |
) |
Increase (decrease) in accrued
interest on bank deposits |
|
549 |
|
|
(1,424 |
) |
|
(3,265 |
) |
|
(2,480 |
) |
Increase (decrease) in accrued
severance pay, net |
|
207 |
|
|
301 |
|
|
(299 |
) |
|
219 |
|
Increase in trade receivables,
net |
|
(6,587 |
) |
|
(4,401 |
) |
|
(1,207 |
) |
|
(4,561 |
) |
Decrease (increase) in other
receivables and prepaid expenses and other long-term assets |
|
1,017 |
|
|
(1,887 |
) |
|
(1,524 |
) |
|
(2,360 |
) |
Decrease (increase) in
inventories |
|
(2,550 |
) |
|
(574 |
) |
|
(4,116 |
) |
|
152 |
|
Increase (decrease) in trade
payables |
|
(1,771 |
) |
|
(306 |
) |
|
(2,166 |
) |
|
2,154 |
|
Increase (decrease) in
deferred revenues |
|
(5,165 |
) |
|
1,584 |
|
|
(16,260 |
) |
|
13,475 |
|
Increase (decrease) in other
payables and accrued expenses |
|
10,603 |
|
|
6,665 |
|
|
(195 |
) |
|
(14,054 |
) |
Operating lease liabilities,
net |
|
(336 |
) |
|
428 |
|
|
(1,141 |
) |
|
(1,553 |
) |
Net cash provided by (used in)
operating activities |
|
2,653 |
|
|
9,560 |
|
|
(3,500 |
) |
|
32,148 |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property and
equipment |
|
(936 |
) |
|
(1,768 |
) |
|
(5,429 |
) |
|
(8,814 |
) |
Proceeds from (investment in)
other long-term assets, net |
|
(11 |
) |
|
(71 |
) |
|
66 |
|
|
35 |
|
Proceeds from (investment in)
bank deposits, net |
|
29,686 |
|
|
5,824 |
|
|
81,031 |
|
|
(13,377 |
) |
Investment in, redemption of
and purchase of marketable securities ,net |
|
16,764 |
|
|
1,640 |
|
|
17,111 |
|
|
(3,862 |
) |
Payment for the business
acquisition of SecurityDAM Ltd. |
|
- |
|
|
- |
|
|
- |
|
|
(30,000 |
) |
Net cash provided by (used in)
investing activities |
|
45,503 |
|
|
5,625 |
|
|
92,779 |
|
|
(56,018 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from exercise of
share options |
|
63 |
|
|
832 |
|
|
371 |
|
|
2,034 |
|
Repurchase of shares |
|
(10,103 |
) |
|
(12,301 |
) |
|
(63,234 |
) |
|
(59,492 |
) |
Payment of deferred
consideration related to acquisition |
|
- |
|
|
- |
|
|
(2,063 |
) |
|
- |
|
Proceeds from issuance of
Preferred A shares in subsidiary |
|
- |
|
|
- |
|
|
- |
|
|
35,000 |
|
Net cash used in financing
activities |
|
(10,040 |
) |
|
(11,469 |
) |
|
(64,926 |
) |
|
(22,458 |
) |
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash
and cash equivalents |
|
38,116 |
|
|
3,716 |
|
|
24,353 |
|
|
(46,328 |
) |
Cash and cash equivalents at
the beginning of the period |
|
32,422 |
|
|
42,469 |
|
|
46,185 |
|
|
92,513 |
|
Cash and cash equivalents at
the end of the period |
|
70,538 |
|
|
46,185 |
|
|
70,538 |
|
|
46,185 |
|
|
|
|
|
|
|
|
|
|
Grafico Azioni RADWARE (NASDAQ:RDWR)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni RADWARE (NASDAQ:RDWR)
Storico
Da Set 2023 a Set 2024