Radware Ltd 6-K, filed Nov 2, 2022

Radware Ltd (RDWR)

6-K 2022-11-02 For: 2022-11-02

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Added on April 12, 2026

About this 6-K

Radware Ltd filed this 6-K on November 2, 2022.

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	RADWARE LTD.

Date: November 2, 2022	By:	/s/ Gadi Meroz
		Gadi Meroz
		Vice President & General Counsel

Exhibit Number	Description of Exhibits

99.1	Radware Reports Third Quarter 2022 Financial Results

	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

	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

	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

	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