Radware Ltd 6-K, filed Feb 9, 2022
Radware Ltd (RDWR)
6-K
2022-02-09
For: 2022-02-09
View Original
Added on
April 12, 2026
About this 6-K
Radware Ltd filed this 6-K on February 9, 2022.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16
OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of February 2022
Commission file number: 0-30324
RADWARE LTD.
(Name of registrant)
22 Raoul Wallenberg Street, Tel Aviv 6971917, Israel
(Address of principal executive
office)
_____________________
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
____________________
CONTENTS
This report on Form 6-K of Radware Ltd. consists of the following documents, which are attached hereto and incorporated by reference
herein:
| 1. |
Radware Reports Record Q4 and Full Year 2021 Revenue, dated February 9, 2022
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
|
RADWARE LTD.
|
|||
|
Date: February 9, 2022
|
By:
|
/s/ Gadi Meroz | |
| Gadi Meroz | |||
|
Vice President & General Counsel
|
|||
EXHIBIT INDEX
|
Exhibit Number
|
Description of Exhibits
|
|
|
|
Exhibit 99.1
Radware Reports Record Q4 and Full Year 2021 Revenue
Fourth Quarter 2021 Results and Financial Highlights
| • |
Record revenue of $76.6 million, up 11% year-over-year, exceeding high end of guidance
|
| • |
Non-GAAP operating income of $11 million, an increase of 21% year-over-year
|
| • |
Non-GAAP EPS of $0.22; GAAP net loss per share of $0.12
|
| • |
Record cash flow from operations of $29 million
|
Full Year 2021 Results and Financial Highlights
| • |
Record revenue of $286.5 million, up 15% year-over-year, exceeding high end of guidance
|
| • |
ARR of $190 million, up 9% year-over-year
|
| • |
Non-GAAP operating income of $38.9 million, an increase of 55% year-over-year
|
| • |
Non-GAAP EPS of $0.81; GAAP EPS of $0.16
|
| • |
Record cash flow from operations of $72 million
|
TEL AVIV, Israel, February 9, 2022 - Radware® (NASDAQ: RDWR), a leading provider of cyber security and application delivery solutions, today announced its consolidated
financial results for the fourth quarter and the full year ended December 31, 2021.
“We are very pleased with our performance in the fourth quarter and 2021. We executed well, achieving double digit revenue growth each quarter and for the full year, and record revenue for Q4 and 2021. We also grew our
subscription business to more than 30% of total revenue, achieved healthy operating income and earnings per share, and generated record cash flow from operations,” said Roy Zisapel, president and CEO, Radware. “In 2021, we witnessed an increased
demand for our security solutions. The total addressable market is large and offers tremendous opportunities in the future and we believe that in light of the investments we are making in innovation and infrastructure, we are well positioned to
enjoy continued growth.”
Financial Highlights for the Fourth Quarter and Full Year of 2021
Revenue for the fourth quarter and full year of 2021 totaled $76.6 million and $286.5 million respectively:
| • |
Revenue in the Americas region was $31.2 million for the fourth quarter of 2021, up 14% from $27.5 million in the fourth quarter of 2020.
Revenue in the Americas region was $128.8 million for the full year of 2021, up 13% from $114.4 million in the full year of 2020.
|
| • |
Revenue in the Europe, Middle East and Africa (“EMEA”) region was $29.7 million for the fourth quarter of 2021, up 23% from $24.2 million in the fourth quarter of 2020.
Revenue in the Europe, Middle East and Africa (“EMEA”) region was $98.4 million for the full year of 2021, up 26% from $78.4 million for the full year of 2020.
|
| • |
Revenue in the Asia-Pacific (“APAC”) region was $15.7 million for the fourth quarter of 2021, down 10% from $17.4 million in the fourth quarter of 2020.
Revenue in the Asia-Pacific (“APAC”) region was $59.3 million for the full year of 2021, up 4% from $57.3 million in the full year of 2020.
|
GAAP net loss for the fourth quarter of 2021 was $5.6 million, or net loss of $0.12 per diluted share, compared to GAAP net income of $2.8 million, or $0.06 per diluted share, for the fourth quarter
of 2020.
GAAP net income for the full year of 2021 was $7.8 million, or $0.16 per diluted share, compared to GAAP net income of $9.6 million, or $0.20 per diluted share, for the full year of 2020.
Non-GAAP net income for the fourth quarter of 2021 was $10.3 million, or $0.22 per diluted share, compared to non-GAAP net income of $9.8 million, or $0.21 per diluted share, for the fourth quarter
of 2020.
Non-GAAP net income for the full year of 2021 was $38.3 million, or $0.81 per diluted share, compared to non-GAAP net income of $30.8 million, or $0.64 per diluted share, for the full year of 2020.
As of December 31, 2021, the Company had cash, cash equivalents, short-term and long-term bank deposits and marketable securities of $465.8 million. Net cash provided by operating activities was
$28.9 million in the fourth quarter of 2021 and $71.8 million in 2021.
In the fourth quarter of 2021, the Company took advantage of a special program initiated by the Israeli Tax Authority that allowed Israeli companies to release “trapped profits” at a discounted tax rate.
As a result, the Company reported a GAAP tax expense of $10.0 million. Due to the one-time nature of this expense, the Company excluded the tax expense related to the “trapped profits” from the non-GAAP results. The total tax amount related to the release of the “trapped profits” was $8.2 million.
As a result, the Company reported a GAAP tax expense of $10.0 million. Due to the one-time nature of this expense, the Company excluded the tax expense related to the “trapped profits” from the non-GAAP results. The total tax amount related to the release of the “trapped profits” was $8.2 million.
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, other loss adjustment, tax settlement 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 Call
Radware management will host a call today, February 9, 2022, at 8:30 a.m. EST to discuss its fourth quarter and full year 2021 results and the Company’s outlook. To participate in the call, please
use the following numbers:
Participants in the US call: Toll Free 888-510-2008
Participants Internationally call: 1 646-960-0306
Conference 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 Indicators
In 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, other loss adjustment, tax settlement 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 COVID-19 pandemic; 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 fourth-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; real or perceived shortcomings, defects or vulnerabilities in our products or solutions, or if we or our end-users experience security breaches; the
availability of components and manufacturing capacity; our reliance on a single managed security service provider to provide us with scrubbing center services; 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 fourth 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 www.radware.com.
©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.
CONTACTS
Investor Relations:
Yisca Erez, +972-72-3917211, ir@radware.com
Media Contacts:
Gerri Dyrek, gerri.dyrek@radware.com
|
Radware Ltd.
|
|
Condensed Consolidated Balance Sheets
|
|
(U.S. Dollars in thousands)
|
|
|
December 31,
|
December 31,
|
||||||
|
|
2021
|
2020
|
||||||
|
|
(Unaudited)
|
(Unaudited)
|
||||||
|
Assets
|
||||||||
|
|
||||||||
|
Current assets
|
||||||||
|
Cash and cash equivalents
|
92,513
|
54,771
|
||||||
|
Marketable securities
|
39,497
|
64,684
|
||||||
|
Short-term bank deposits
|
155,879
|
191,038
|
||||||
|
Trade receivables, net
|
13,191
|
16,848
|
||||||
|
Other receivables and prepaid expenses
|
7,541
|
6,526
|
||||||
|
Inventories
|
11,580
|
13,935
|
||||||
|
|
320,201
|
347,802
|
||||||
|
|
||||||||
|
Long-term investments
|
||||||||
|
Marketable securities
|
98,224
|
66,836
|
||||||
|
Long-term bank deposits
|
79,708
|
71,421
|
||||||
|
Severance pay funds
|
2,454
|
2,453
|
||||||
|
|
180,386
|
140,710
|
||||||
|
|
||||||||
|
|
||||||||
|
Property and equipment, net
|
20,240
|
22,976
|
||||||
|
Intangible assets, net
|
10,731
|
12,588
|
||||||
|
Other long-term assets
|
37,334
|
30,222
|
||||||
|
Operating lease right-of-use assets
|
24,829
|
27,823
|
||||||
|
Goodwill
|
41,144
|
41,144
|
||||||
|
Total assets
|
634,865
|
623,265
|
||||||
|
|
||||||||
|
Liabilities and shareholders' equity
|
||||||||
|
|
||||||||
|
Current Liabilities
|
||||||||
|
Trade payables
|
3,805
|
3,882
|
||||||
|
Deferred revenues
|
99,922
|
92,127
|
||||||
|
Operating lease liabilities
|
5,090
|
5,224
|
||||||
|
Other payables and accrued expenses
|
56,565
|
42,514
|
||||||
|
|
165,382
|
143,747
|
||||||
|
|
||||||||
|
Long-term liabilities
|
||||||||
|
Deferred revenues
|
67,065
|
54,797
|
||||||
|
Operating lease liabilities
|
22,360
|
24,851
|
||||||
|
Other long-term liabilities
|
10,065
|
11,409
|
||||||
|
|
99,490
|
91,057
|
||||||
|
|
||||||||
|
Shareholders' equity
|
||||||||
|
Share capital
|
730
|
721
|
||||||
|
Additional paid-in capital
|
471,173
|
443,018
|
||||||
|
Accumulated other comprehensive income (loss), net of tax
|
(455
|
)
|
1,517
|
|||||
|
Treasury stock, at cost
|
(243,023
|
)
|
(190,552
|
)
|
||||
|
Retained earnings
|
141,568
|
133,757
|
||||||
|
Total shareholders' equity
|
369,993
|
388,461
|
||||||
|
|
||||||||
|
Total liabilities and shareholders' equity
|
634,865
|
623,265
|
||||||
|
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,
|
||||||||||||||
|
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
||||||||||||
|
Revenues
|
76,642
|
69,046
|
286,496
|
250,027
|
||||||||||||
|
Cost of revenues
|
14,048
|
12,191
|
52,446
|
45,084
|
||||||||||||
|
Gross profit
|
62,594
|
56,855
|
234,050
|
204,943
|
||||||||||||
|
|
||||||||||||||||
|
Operating expenses, net:
|
||||||||||||||||
|
Research and development, net
|
19,597
|
17,748
|
74,098
|
66,836
|
||||||||||||
|
Selling and marketing
|
32,015
|
30,399
|
119,842
|
113,015
|
||||||||||||
|
General and administrative
|
6,114
|
4,810
|
21,885
|
18,924
|
||||||||||||
|
Total operating expenses, net
|
57,726
|
52,957
|
215,825
|
198,775
|
||||||||||||
|
|
||||||||||||||||
|
Operating income
|
4,868
|
3,898
|
18,225
|
6,168
|
||||||||||||
|
Financial income (expense), net
|
(463
|
)
|
392
|
4,407
|
7,796
|
|||||||||||
|
Income before taxes on income
|
4,405
|
4,290
|
22,632
|
13,964
|
||||||||||||
|
Taxes on income
|
9,996
|
1,488
|
14,821
|
4,328
|
||||||||||||
|
Net income (loss)
|
(5,591
|
)
|
2,802
|
7,811
|
9,636
|
|||||||||||
|
|
||||||||||||||||
|
Basic net earnings (loss) per share
|
(0.12
|
)
|
0.06
|
0.17
|
0.21
|
|||||||||||
|
|
||||||||||||||||
|
Weighted average number of shares used to compute basic net earnings (loss) per share
|
46,004,419
|
46,204,690
|
45,919,835
|
46,460,974
|
||||||||||||
|
|
||||||||||||||||
|
Diluted net earnings (loss) per share
|
(0.12
|
)
|
0.06
|
0.16
|
0.20
|
|||||||||||
|
|
||||||||||||||||
|
Weighted average number of shares used to compute diluted net earnings (loss) per share
|
46,004,419
|
47,440,556
|
47,503,091
|
47,739,540
|
||||||||||||
|
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,
|
||||||||||||||
|
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
||||||||||||
|
GAAP gross profit
|
62,594
|
56,855
|
234,050
|
204,943
|
||||||||||||
|
Stock-based compensation
|
87
|
53
|
236
|
188
|
||||||||||||
|
Amortization of intangible assets
|
465
|
464
|
1,858
|
1,891
|
||||||||||||
|
Non-GAAP gross profit
|
63,146
|
57,372
|
236,144
|
207,022
|
||||||||||||
|
|
||||||||||||||||
|
GAAP research and development, net
|
19,597
|
17,748
|
74,098
|
66,836
|
||||||||||||
|
Stock-based compensation
|
1,626
|
1,210
|
5,412
|
4,409
|
||||||||||||
|
Non-GAAP Research and development, net
|
17,971
|
16,538
|
68,686
|
62,427
|
||||||||||||
|
|
||||||||||||||||
|
GAAP selling and marketing
|
32,015
|
30,399
|
119,842
|
113,015
|
||||||||||||
|
Stock-based compensation
|
2,517
|
2,501
|
8,811
|
8,315
|
||||||||||||
|
Non-GAAP selling and marketing
|
29,498
|
27,898
|
111,031
|
104,700
|
||||||||||||
|
|
||||||||||||||||
|
GAAP general and administrative
|
6,114
|
4,810
|
21,885
|
18,924
|
||||||||||||
|
Stock-based compensation
|
1,142
|
824
|
3,115
|
3,633
|
||||||||||||
|
Litigation costs
|
-
|
145
|
288
|
448
|
||||||||||||
|
Acquisition costs
|
296
|
-
|
925
|
-
|
||||||||||||
|
Non-GAAP general and administrative
|
4,676
|
3,841
|
17,557
|
14,843
|
||||||||||||
|
|
||||||||||||||||
|
GAAP total operating expenses, net
|
57,726
|
52,957
|
215,825
|
198,775
|
||||||||||||
|
Stock-based compensation
|
5,285
|
4,535
|
17,338
|
16,357
|
||||||||||||
|
Litigation costs
|
-
|
145
|
288
|
448
|
||||||||||||
|
Acquisition costs
|
296
|
-
|
925
|
-
|
||||||||||||
|
Non-GAAP total operating expenses, net
|
52,145
|
48,277
|
197,274
|
181,970
|
||||||||||||
|
|
||||||||||||||||
|
GAAP operating income
|
4,868
|
3,898
|
18,225
|
6,168
|
||||||||||||
|
Stock-based compensation
|
5,372
|
4,588
|
17,574
|
16,545
|
||||||||||||
|
Amortization of intangible assets
|
465
|
464
|
1,858
|
1,891
|
||||||||||||
|
Litigation costs
|
-
|
145
|
288
|
448
|
||||||||||||
|
Acquisition costs
|
296
|
-
|
925
|
-
|
||||||||||||
|
Non-GAAP operating income
|
11,001
|
9,095
|
38,870
|
25,052
|
||||||||||||
|
|
||||||||||||||||
|
GAAP financial income (loss), net
|
(463
|
)
|
392
|
4,407
|
7,796
|
|||||||||||
|
Other loss adjustment
|
-
|
-
|
-
|
247
|
||||||||||||
|
Exchange rate differences, net on balance sheet items included in financial income, net
|
1,592
|
1,826
|
1,811
|
2,306
|
||||||||||||
|
Non-GAAP financial income, net
|
1,129
|
2,218
|
6,218
|
10,349
|
||||||||||||
|
|
||||||||||||||||
|
GAAP income before taxes on income
|
4,405
|
4,290
|
22,632
|
13,964
|
||||||||||||
|
Stock-based compensation
|
5,372
|
4,588
|
17,574
|
16,545
|
||||||||||||
|
Amortization of intangible assets
|
465
|
464
|
1,858
|
1,891
|
||||||||||||
|
Litigation costs
|
-
|
145
|
288
|
448
|
||||||||||||
|
Acquisition costs
|
296
|
-
|
925
|
-
|
||||||||||||
|
Other loss adjustment
|
-
|
-
|
-
|
247
|
||||||||||||
|
Exchange rate differences, net on balance sheet items included in financial income, net
|
1,592
|
1,826
|
1,811
|
2,306
|
||||||||||||
|
Non-GAAP income before taxes on income
|
12,130
|
11,313
|
45,088
|
35,401
|
||||||||||||
|
|
||||||||||||||||
|
GAAP taxes on income
|
9,996
|
1,488
|
14,821
|
4,328
|
||||||||||||
|
Tax settlement
|
(8,247
|
)
|
-
|
(8,247
|
)
|
-
|
||||||||||
|
Tax related adjustments
|
61
|
61
|
246
|
306
|
||||||||||||
|
Non-GAAP taxes on income
|
1,810
|
1,549
|
6,820
|
4,634
|
||||||||||||
|
|
||||||||||||||||
|
GAAP net income (loss)
|
(5,591
|
)
|
2,802
|
7,811
|
9,636
|
|||||||||||
|
Stock-based compensation
|
5,372
|
4,588
|
17,574
|
16,545
|
||||||||||||
|
Amortization of intangible assets
|
465
|
464
|
1,858
|
1,891
|
||||||||||||
|
Litigation costs
|
-
|
145
|
288
|
448
|
||||||||||||
|
Acquisition costs
|
296
|
-
|
925
|
-
|
||||||||||||
|
Other loss adjustment
|
-
|
-
|
-
|
247
|
||||||||||||
|
Exchange rate differences, net on balance sheet items included in financial income, net
|
1,592
|
1,826
|
1,811
|
2,306
|
||||||||||||
|
Tax settlement
|
8,247
|
-
|
8,247
|
-
|
||||||||||||
|
Tax related adjustments
|
(61
|
)
|
(61
|
)
|
(246
|
)
|
(306
|
)
|
||||||||
|
Non-GAAP net income
|
10,320
|
9,764
|
38,268
|
30,767
|
||||||||||||
|
|
||||||||||||||||
|
GAAP diluted net earnings (loss) per share
|
(0.12
|
)
|
0.06
|
0.16
|
0.20
|
|||||||||||
|
Stock-based compensation
|
0.11
|
0.10
|
0.37
|
0.35
|
||||||||||||
|
Amortization of intangible assets
|
0.01
|
0.01
|
0.04
|
0.04
|
||||||||||||
|
Litigation costs
|
0.00
|
0.00
|
0.01
|
0.01
|
||||||||||||
|
Acquisition costs
|
0.01
|
0.00
|
0.02
|
0.00
|
||||||||||||
|
Other loss adjustment
|
0.00
|
0.00
|
0.00
|
0.01
|
||||||||||||
|
Exchange rate differences, net on balance sheet items included in financial income, net
|
0.03
|
0.04
|
0.04
|
0.05
|
||||||||||||
|
Tax settlement
|
0.17
|
0.00
|
0.17
|
0.00
|
||||||||||||
|
Tax related adjustments
|
(0.00
|
)
|
(0.00
|
)
|
(0.01
|
)
|
(0.01
|
)
|
||||||||
|
Non-GAAP diluted net earnings per share
|
0.22
|
0.21
|
0.81
|
0.64
|
||||||||||||
|
|
||||||||||||||||
|
Weighted average number of shares used to compute non-GAAP diluted net earnings per share
|
47,655,351
|
47,440,556
|
47,503,091
|
47,739,540
|
||||||||||||
|
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,
|
||||||||||||||
|
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
||||||||||||
|
Cash flow from operating activities:
|
||||||||||||||||
|
|
||||||||||||||||
|
Net income (loss)
|
(5,591
|
)
|
2,802
|
7,811
|
9,636
|
|||||||||||
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
||||||||||||||||
|
Depreciation and amortization
|
2,484
|
2,676
|
10,196
|
10,559
|
||||||||||||
|
Stock-based compensation
|
5,372
|
4,588
|
17,574
|
16,545
|
||||||||||||
|
Amortization of premium, accretion of discounts and accrued interest on marketable securities, net
|
817
|
284
|
2,720
|
931
|
||||||||||||
|
Other gain
|
-
|
-
|
-
|
(118
|
)
|
|||||||||||
|
Gain related to securities, net
|
(14
|
)
|
(59
|
)
|
(438
|
)
|
(521
|
)
|
||||||||
|
Accrued interest on bank deposits
|
1,003
|
(239
|
)
|
2,424
|
(1,210
|
)
|
||||||||||
|
Increase (decrease) in accrued severance pay, net
|
15
|
(33
|
)
|
468
|
202
|
|||||||||||
|
Decrease (increase) in trade receivables, net
|
4,524
|
(2,518
|
)
|
9,896
|
5,762
|
|||||||||||
|
Decrease (increase) in other receivables and prepaid expenses and other long-term assets
|
3,020
|
(2,489
|
)
|
(7,586
|
)
|
(4,884
|
)
|
|||||||||
|
Decrease (increase) in inventories
|
823
|
(645
|
)
|
2,355
|
5
|
|||||||||||
|
Increase (decrease) in trade payables
|
811
|
64
|
(77
|
)
|
(2,433
|
)
|
||||||||||
|
Increase in deferred revenues
|
4,751
|
2,778
|
13,824
|
16,797
|
||||||||||||
|
Increase in other payables and accrued expenses
|
10,287
|
9,570
|
12,238
|
11,305
|
||||||||||||
|
Operating lease liabilities, net
|
632
|
1,353
|
369
|
1,289
|
||||||||||||
|
Net cash provided by operating activities
|
28,934
|
18,132
|
71,774
|
63,865
|
||||||||||||
|
|
||||||||||||||||
|
Cash flows from investing activities:
|
||||||||||||||||
|
|
||||||||||||||||
|
Purchase of property and equipment
|
(1,653
|
)
|
(2,045
|
)
|
(5,603
|
)
|
(8,671
|
)
|
||||||||
|
Proceeds from (investment in) other long-term assets, net
|
7
|
(84
|
)
|
49
|
(110
|
)
|
||||||||||
|
Proceeds from (investment in) bank deposits, net
|
20,168
|
(12,054
|
)
|
24,448
|
(23,878
|
)
|
||||||||||
|
Proceeds from (investment in) sale, redemption of and purchase of marketable securities, net
|
(3,527
|
)
|
6,579
|
(11,045
|
)
|
18,291
|
||||||||||
|
Net cash provided by (used in) investing activities
|
14,995
|
(7,604
|
)
|
7,849
|
(14,368
|
)
|
||||||||||
|
|
||||||||||||||||
|
Cash flows from financing activities:
|
||||||||||||||||
|
|
||||||||||||||||
|
Proceeds from exercise of stock options
|
2,828
|
3,618
|
10,590
|
11,903
|
||||||||||||
|
Payment of deferred consideration related to acquisition
|
-
|
(2,054
|
)
|
-
|
(2,054
|
)
|
||||||||||
|
Repurchase of shares
|
(17,449
|
)
|
(5,750
|
)
|
(52,471
|
)
|
(45,326
|
)
|
||||||||
|
Net cash used in financing activities
|
(14,621
|
)
|
(4,186
|
)
|
(41,881
|
)
|
(35,477
|
)
|
||||||||
|
|
||||||||||||||||
|
Increase in cash and cash equivalents
|
29,308
|
6,342
|
37,742
|
14,020
|
||||||||||||
|
Cash and cash equivalents at the beginning of the period
|
63,205
|
48,429
|
54,771
|
40,751
|
||||||||||||
|
Cash and cash equivalents at the end of the period
|
92,513
|
54,771
|
92,513
|
54,771
|
||||||||||||