Radware Ltd 6-K, filed Feb 7, 2024

Radware Ltd (RDWR)

6-K 2024-02-07 For: 2024-02-07

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Added on April 12, 2026

About this 6-K

Radware Ltd filed this 6-K on February 7, 2024.

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	RADWARE LTD.

Date: February 7, 2024	By:	/s/ Gadi Meroz
		Gadi Meroz
		Vice President & General Counsel

Exhibit Number	Description of Exhibits

99.1	Radware Reports Fourth Quarter and Full Year 2023 Financial Results

	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

	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

	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

	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 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	)