Radware Ltd 6-K, filed Jul 31, 2024

Radware Ltd (RDWR)

6-K 2024-07-31 For: 2024-07-31

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Added on April 12, 2026

About this 6-K

Radware Ltd filed this 6-K on July 31, 2024.

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	RADWARE LTD.

Date: July 31, 2024	By:	/s/ Gadi Meroz
		Gadi Meroz
		Vice President & General Counsel

Exhibit Number	Description of Exhibits

99.1	Radware Reports Second Quarter 2024 Financial Results

	June 30,			December 31,
	2024			2023
	(Unaudited)			(Unaudited)
Assets

Current assets
Cash and cash equivalents		86,802			70,538
Marketable securities		122,310			86,372
Short-term bank deposits		169,376			173,678
Trade receivables, net		25,499			20,267
Other receivables and prepaid expenses		9,187			9,529
Inventories		13,796			15,544
		426,970			375,928

Long-term investments
Marketable securities		8,096			33,131
Long-term bank deposits		10,007			-
Other assets		2,033			2,166
		20,136			35,297

Property and equipment, net		17,042			18,221
Intangible assets, net		13,734			15,718
Other long-term assets		36,506			37,967
Operating lease right-of-use assets		19,142			20,777
Goodwill		68,008			68,008
Total assets		601,538			571,916

Liabilities and equity

Current liabilities
Trade payables		4,077			4,298
Deferred revenues		111,680			105,012
Operating lease liabilities		4,533			4,684
Other payables and accrued expenses		45,576			41,021
		165,866			155,015

Long-term liabilities
Deferred revenues		70,219			60,499
Operating lease liabilities		13,919			16,020
Other long-term liabilities		14,547			17,108
		98,685			93,627

Equity
Radware Ltd. equity
Share capital		748			742
Additional paid-in capital		542,643			529,209
Accumulated other comprehensive income (loss) (413)					77
Treasury stock, at cost		(366,588	)		(365,749	)
Retained earnings		120,254			119,812
Total Radware Ltd. shareholder's equity		296,644			284,091

Non–controlling interest		40,343			39,183

Total equity		336,987			323,274

Total liabilities and equity		601,538			571,916

	For the three months ended						For the six months ended
	June 30,						June 30,
	2024			2023			2024			2023
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)

Revenues		67,276			65,607			132,361			134,648
Cost of revenues		13,056			12,742			25,868			26,048
Gross profit		54,220			52,865			106,493			108,600

Operating expenses, net:
Research and development, net		18,701			21,141			37,597			42,291
Selling and marketing		29,744			31,917			59,445			63,836
General and administrative		6,984			8,307			14,323			16,554
Total operating expenses, net		55,429			61,365			111,365			122,681

Operating loss		(1,209	)		(8,500	)		(4,872	)		(14,081	)
Financial income, net		4,417			3,419			8,025			6,910
Income (loss) before taxes on income		3,208			(5,081	)		3,153			(7,171	)
Taxes on income		1,544			727			2,711			1,718
Net income (loss)		1,664			(5,808	)		442			(8,889	)

Basic net income (loss) per share attributed to Radware Ltd.'s shareholders		0.04			(0.13	)		0.01			(0.20	)

Weighted average number of shares used to compute basic net income (loss) per share		41,857,259			43,400,635			41,803,638			43,725,443

Diluted net income (loss) per share attributed to Radware Ltd.'s shareholders		0.04			(0.13	)		0.01			(0.20	)

Weighted average number of shares used to compute diluted net income (loss) per share		43,148,129			43,400,635			43,011,501			43,725,443

	For the three months ended						For the six months ended
	June 30,						June 30,
	2024			2023			2024			2023
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
GAAP gross profit		54,220			52,865			106,493			108,600
Share-based compensation		80			113			159			226
Amortization of intangible assets		992			992			1,984			1,984
Non-GAAP gross profit		55,292			53,970			108,636			110,810

GAAP research and development, net		18,701			21,141			37,597			42,291
Share-based compensation		1,536			2,177			3,258			4,136
Non-GAAP Research and development, net		17,165			18,964			34,339			38,155

GAAP selling and marketing		29,744			31,917			59,445			63,836
Share-based compensation		2,609			3,537			5,160			6,931
Non-GAAP selling and marketing		27,135			28,380			54,285			56,905

GAAP general and administrative		6,984			8,307			14,323			16,554
Share-based compensation		2,077			3,068			4,472			6,599
Acquisition costs		192			545			412			558
Non-GAAP general and administrative		4,715			4,694			9,439			9,397

GAAP total operating expenses, net		55,429			61,365			111,365			122,681
Share-based compensation		6,222			8,782			12,890			17,666
Acquisition costs		192			545			412			558
Non-GAAP total operating expenses, net		49,015			52,038			98,063			104,457

GAAP operating loss		(1,209	)		(8,500	)		(4,872	)		(14,081	)
Share-based compensation		6,302			8,895			13,049			17,892
Amortization of intangible assets		992			992			1,984			1,984
Acquisition costs		192			545			412			558
Non-GAAP operating income		6,277			1,932			10,573			6,353

GAAP financial income, net		4,417			3,419			8,025			6,910
Exchange rate differences, net on balance sheet items included in financial income, net		(298	)		(32	)		(145	)		(807	)
Non-GAAP financial income, net		4,119			3,387			7,880			6,103

GAAP income (loss) before taxes on income		3,208			(5,081	)		3,153			(7,171	)
Share-based compensation		6,302			8,895			13,049			17,892
Amortization of intangible assets		992			992			1,984			1,984
Acquisition costs		192			545			412			558
Exchange rate differences, net on balance sheet items included in financial income, net		(298	)		(32	)		(145	)		(807	)
Non-GAAP income before taxes on income		10,396			5,319			18,453			12,456

GAAP taxes on income		1,544			727			2,711			1,718
Tax related adjustments		61			61			123			123
Non-GAAP taxes on income		1,605			788			2,834			1,841

GAAP net income (loss)		1,664			(5,808	)		442			(8,889	)
Share-based compensation		6,302			8,895			13,049			17,892
Amortization of intangible assets		992			992			1,984			1,984
Acquisition costs		192			545			412			558
Exchange rate differences, net on balance sheet items included in financial income, net		(298	)		(32	)		(145	)		(807	)
Tax related adjustments		(61	)		(61	)		(123	)		(123	)
Non-GAAP net income		8,791			4,531			15,619			10,615

GAAP diluted net income (loss) per share		0.04			(0.13	)		0.01			(0.20	)
Share-based compensation		0.15			0.20			0.30			0.40
Amortization of intangible assets		0.02			0.02			0.04			0.05
Acquisition costs		0.00			0.01			0.01			0.01
Exchange rate differences, net on balance sheet items included in financial income, net		(0.01	)		(0.00	)		(0.00	)		(0.02	)
Tax related adjustments		(0.00	)		(0.00	)		(0.00	)		(0.00	)
Non-GAAP diluted net earnings per share		0.20			0.10			0.36			0.24

Weighted average number of shares used to compute non-GAAP diluted net earnings per share		43,148,129			44,268,786			43,011,501			44,513,899

	For the three months ended						For the six months ended
	June 30,						June 30,
	2024			2023			2024			2023
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Cash flow from operating activities:

Net income (loss)		1,664			(5,808	)		442			(8,889	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		3,028			3,113			5,971			6,191
Share-based compensation		6,302			8,895			13,049			17,892
Amortization of premium, accretion of discounts and accrued interest on marketable securities, net		80			718			7			955
Loss (gain) related to securities, net		-			(1	)		-			244
Increase (decrease) in accrued interest on bank deposits		5,468			229			5,459			(1,525	)
Increase (decrease) in accrued severance pay, net		17			(36	)		(41	)		(105	)
Decrease (increase) in trade receivables, net		(5,013	)		1,937			(5,232	)		932
Decrease (increase) in other receivables and prepaid expenses and other long-term assets		(199	)		532			406			(2,326	)
Decrease (increase) in inventories		744			(1,044	)		1,748			(895	)
Increase (decrease) in trade payables		(1,627	)		3,020			(221	)		1,383
Increase in deferred revenues		7,494			470			16,388			1,216
Increase (decrease) in other payables and accrued expenses		5,310			(6,944	)		6,793			(11,442	)
Operating lease liabilities, net		(238	)		(215	)		(617	)		(1	)
Net cash provided by operating activities		23,030			4,866			44,152			3,630

Cash flows from investing activities:

Purchase of property and equipment		(1,034	)		(1,595	)		(2,808	)		(3,363	)
Proceeds from (investment in) other long-term assets, net		19			1			(6	)		48
Proceeds from (investment in) bank deposits, net		6,734			21,000			(11,164	)		30,200
Investment in, redemption of and purchase of marketable securities, net		(13,499	)		(3,857	)		(9,997	)		(1,881	)
Net cash provided by (used in) investing activities		(7,780	)		15,549			(23,975	)		25,004

Cash flows from financing activities:

Proceeds from exercise of share options		3			88			3			308
Repurchase of shares		-			(19,741	)		(839	)		(32,483	)
Payment of contingent consideration related to acquisition		(3,077	)		-			(3,077	)		-
Net cash used in financing activities		(3,074	)		(19,653	)		(3,913	)		(32,175	)

Increase (decrease) in cash and cash equivalents		12,176			762			16,264			(3,541	)
Cash and cash equivalents at the beginning of the period		74,626			41,882			70,538			46,185