Radware Ltd 6-K, filed Feb 8, 2023

Radware Ltd (RDWR)

6-K 2023-02-08 For: 2023-02-08

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Added on April 12, 2026

About this 6-K

Radware Ltd filed this 6-K on February 8, 2023.

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	RADWARE LTD.

Date: February 8, 2023	By:	/s/ Gadi Meroz
		Gadi Meroz
		Vice President & General Counsel

Exhibit Number	Description of Exhibits

99.1	Radware Reports Fourth Quarter and Full Year 2022 Financial Results

	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

	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

	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

	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 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