Radware Ltd 6-K, filed May 8, 2024
Radware Ltd (RDWR)
6-K
2024-05-08
For: 2024-05-08
View Original
Added on
April 12, 2026
About this 6-K
Radware Ltd filed this 6-K on May 8, 2024.
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 May 2024
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 First Quarter
2024 Financial Results, dated May 8, 2024
|
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: May 8, 2024
|
By:
|
/s/ Gadi Meroz
|
|
|
Gadi Meroz
|
|||
|
Vice President & General Counsel
|
|||
EXHIBIT INDEX
|
Exhibit Number
|
Description of Exhibits
|
|
|
|
Exhibit 99.1
Radware Reports First Quarter 2024 Financial Results
First Quarter 2024 Financial Results and Highlights
|
•
|
Revenue of $65.1 million, a decrease of 6% year-over-year
|
|
•
|
Cloud ARR of $67.0 million, an increase of 22% year-over-year
|
|
•
|
Non-GAAP EPS of $0.16; GAAP net loss per diluted share of $0.03
|
|
•
|
Cash flow from operations of $21.1 million.
|
TEL AVIV, Israel, May 8, 2024 - Radware® (NASDAQ: RDWR), a leading provider of cyber security and application delivery solutions, today announced its consolidated financial results for the
first quarter ended March 31, 2024.
“We delivered a solid first quarter performance in 2024, exceeding the high-end of our revenue and EPS guidance while producing 22%
year-over-year growth in cloud ARR,” said Roy Zisapel, Radware’s president and CEO. “During the quarter, we saw recovery in customer spending, driven by a slight improvement in the business environment and a surge in cyber-attacks. Looking ahead in
2024, we intend to capitalize on the strong growth across our cloud security business and partner channels and the market need for best-in-class critical security. Combined with cost discipline, we believe we are well-positioned to return to
revenue growth and improved profitability.”
Financial Highlights for the First Quarter 2024
Revenue for the first quarter of 2024 totaled $65.1 million:
|
•
|
Revenue in the Americas region was $27.1 million for the first quarter of 2024, the same as in the first quarter of 2023.
|
|
•
|
Revenue in the Europe, Middle East, and Africa (“EMEA”) region was $22.7 million for the first quarter of 2024, a decrease of
24% from $29.7 million in the first quarter of 2023.
|
|
•
|
Revenue in the Asia-Pacific (“APAC”) region was $15.3 million for the first quarter of 2024, an increase of 25% from $12.2
million in the first quarter of 2023.
|
GAAP net loss for the first quarter of 2024 was $1.2 million, or $(0.03) per diluted share, compared to GAAP net loss of $3.1 million, or
$(0.07) per diluted share, for the first quarter of 2023.
Non-GAAP net income for the first quarter of 2024 was $6.8 million, or $0.16 per diluted share, compared to non-GAAP net income of
$6.1 million, or $0.14 per diluted share, for the first quarter of 2023.
As of March 31, 2024, the Company had cash, cash equivalents, short-term bank deposits, and marketable securities of $382.8 million.
Cash flow from operations was $21.1 million in the first quarter of 2024.
Non-GAAP results are calculated excluding, as applicable, the impact of stock-based compensation expenses, amortization of intangible
assets, litigation costs, acquisition costs, restructuring costs, exchange rate differences, net on balance sheet items included in financial income, net, 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, May 8, 2024, at 8:30 a.m. EDT to discuss its first quarter of 2024 results and the
Company’s second quarter 2024 outlook. To participate on the call, please use the following numbers:
U.S. participants call toll free: 888-510-2008
International participants 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 +1-609-800-9099
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, net, income before taxes on income, taxes on income, net income and diluted 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, restructuring costs, exchange rate differences, net on balance sheet items included in financial income, net, 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, including as a result of the state of war declared in Israel in October 2023 and instability in the Middle East, the war in Ukraine, and the
tensions between China and Taiwan; our dependence on independent distributors to sell our products; our ability to manage our anticipated growth effectively; a shortage of components or manufacturing capacity could cause a delay in our ability to
fulfill orders or increase our manufacturing costs; our business may be affected by sanctions, export controls, and similar measures, targeting Russia and other countries and territories, as well as other responses to Russia’s military conflict in
Ukraine, including indefinite suspension of operations in Russia and dealings with Russian entities by many multi-national businesses across a variety of industries; the ability of vendors to provide our hardware platforms and components for the
manufacture of our products; our ability to attract, train, and retain highly qualified personnel; intense competition in the market for cyber security and application delivery solutions and in our industry in general, and changes in the
competitive landscape; our ability to develop new solutions and enhance existing solutions; the impact to our reputation and business in the event of real or perceived shortcomings, defects, or vulnerabilities in our solutions, if our end-users
experience security breaches, if our information technology systems and data, or those of our service providers and other contractors, are compromised by cyber-attackers or other malicious actors, or by a critical system failure; outages,
interruptions, or delays in hosting services; the risks associated with our global operations, such as difficulties and costs of staffing and managing foreign operations, compliance costs arising from host country laws or regulations, partial or
total expropriation, export duties and quotas, local tax exposure, economic or political instability, including as a result of insurrection, war, natural disasters, and major environmental, climate, or public health concerns, such as the COVID-19
pandemic; our net losses in the past two years and possibility we may incur losses in the future; a slowdown in the growth of the cyber security and application delivery solutions market or in the development of the market for our cloud-based
solutions; long sales cycles for our solutions; risks and uncertainties relating to acquisitions or other investments; risks associated with doing business in countries with a history of corruption or with foreign governments; changes in foreign
currency exchange rates; risks associated with undetected defects or errors in our products; our ability to protect our proprietary technology; intellectual property infringement claims made by third parties; laws, regulations, and industry
standards affecting our business; compliance with open source and third-party licenses; 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 the Radware website.
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 the Radware website.
Radware encourages you to join our community and follow us on: Facebook, LinkedIn, Radware Blog, X, YouTube, and Radware Mobile for iOS.
©2024 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.
Radware believes the information in this document is accurate in all material respects as of its publication date. However, the
information is provided without any express, statutory, or implied warranties and is subject to change without notice.
The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not
part of this press release.
CONTACTS
Investor Relations:
Yisca Erez, +972-72-3917211, ir@radware.com
Media Contact:
Gerri Dyrek, gerri.dyrek@radware.com
Radware Ltd.
Condensed Consolidated Balance Sheets
(U.S. Dollars in thousands)
|
|
March 31,
|
December 31,
|
||||||
|
|
2024
|
2023
|
||||||
|
|
(Unaudited)
|
(Unaudited)
|
||||||
|
Assets
|
||||||||
|
|
||||||||
|
Current assets
|
||||||||
|
Cash and cash equivalents
|
74,626
|
70,538
|
||||||
|
Marketable securities
|
97,743
|
86,372
|
||||||
|
Short-term bank deposits
|
191,585
|
173,678
|
||||||
|
Trade receivables, net
|
20,486
|
20,267
|
||||||
|
Other receivables and prepaid expenses
|
9,199
|
9,529
|
||||||
|
Inventories
|
14,540
|
15,544
|
||||||
|
|
408,179
|
375,928
|
||||||
|
|
||||||||
|
Long-term investments
|
||||||||
|
Marketable securities
|
18,853
|
33,131
|
||||||
|
Other assets
|
2,083
|
2,166
|
||||||
|
|
20,936
|
35,297
|
||||||
|
|
||||||||
|
Property and equipment, net
|
18,044
|
18,221
|
||||||
|
Intangible assets, net
|
14,726
|
15,718
|
||||||
|
Other long-term assets
|
37,052
|
37,967
|
||||||
|
Operating lease right-of-use assets
|
20,268
|
20,777
|
||||||
|
Goodwill
|
68,008
|
68,008
|
||||||
|
Total assets
|
587,213
|
571,916
|
||||||
|
|
||||||||
|
Liabilities and equity
|
||||||||
|
|
||||||||
|
Current liabilities
|
||||||||
|
Trade payables
|
5,704
|
4,298
|
||||||
|
Deferred revenues
|
101,892
|
105,012
|
||||||
|
Operating lease liabilities
|
4,537
|
4,684
|
||||||
|
Other payables and accrued expenses
|
42,757
|
41,021
|
||||||
|
|
154,890
|
155,015
|
||||||
|
|
||||||||
|
Long-term liabilities
|
||||||||
|
Deferred revenues
|
72,513
|
60,499
|
||||||
|
Operating lease liabilities
|
15,279
|
16,020
|
||||||
|
Other long-term liabilities
|
15,164
|
17,108
|
||||||
|
|
102,956
|
93,627
|
||||||
|
|
||||||||
|
Equity
|
||||||||
|
Radware Ltd. equity
|
||||||||
|
Share capital
|
744
|
742
|
||||||
|
Additional paid-in capital
|
536,881
|
529,209
|
||||||
|
Accumulated other comprehensive income (loss)
|
(66
|
)
|
77
|
|||||
|
Treasury stock, at cost
|
(366,588
|
)
|
(365,749
|
)
|
||||
|
Retained earnings
|
118,590
|
119,812
|
||||||
|
Total Radware Ltd. shareholder's equity
|
289,561
|
284,091
|
||||||
|
|
||||||||
|
Non–controlling interest
|
39,806
|
39,183
|
||||||
|
|
||||||||
|
Total equity
|
329,367
|
323,274
|
||||||
|
|
||||||||
|
Total liabilities and equity
|
587,213
|
571,916
|
||||||
Radware Ltd.
Condensed Consolidated Statements of Income
(U.S Dollars in thousands, except share and per share data)
|
|
For the three months ended
|
|||||||
|
|
March 31,
|
|||||||
|
|
2024
|
2023
|
||||||
|
|
(Unaudited)
|
(Unaudited)
|
||||||
|
|
||||||||
|
Revenues
|
65,085
|
69,041
|
||||||
|
Cost of revenues
|
12,812
|
13,306
|
||||||
|
Gross profit
|
52,273
|
55,735
|
||||||
|
|
||||||||
|
Operating expenses, net:
|
||||||||
|
Research and development, net
|
18,896
|
21,150
|
||||||
|
Selling and marketing
|
29,701
|
31,919
|
||||||
|
General and administrative
|
7,339
|
8,247
|
||||||
|
Total operating expenses, net
|
55,936
|
61,316
|
||||||
|
|
||||||||
|
Operating loss
|
(3,663
|
)
|
(5,581
|
)
|
||||
|
Financial income, net
|
3,608
|
3,491
|
||||||
|
Loss before taxes on income
|
(55
|
)
|
(2,090
|
)
|
||||
|
Taxes on income
|
1,167
|
991
|
||||||
|
Net loss
|
(1,222
|
)
|
(3,081
|
)
|
||||
|
|
||||||||
|
Basic net loss per share attributed to Radware Ltd.'s shareholders
|
(0.03
|
)
|
(0.07
|
)
|
||||
|
|
||||||||
|
Weighted average number of shares used to compute basic net loss per share
|
41,750,203
|
44,053,402
|
||||||
|
|
||||||||
|
Diluted net loss per share attributed to Radware Ltd.'s shareholders
|
(0.03
|
)
|
(0.07
|
)
|
||||
|
|
||||||||
|
Weighted average number of shares used to compute diluted net loss per share
|
41,750,203
|
44,053,402
|
||||||
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
|
|||||||
|
|
March 31,
|
|||||||
|
|
2024
|
2023
|
||||||
|
|
(Unaudited)
|
(Unaudited)
|
||||||
|
GAAP gross profit
|
52,273
|
55,735
|
||||||
|
Share-based compensation
|
79
|
113
|
||||||
|
Amortization of intangible assets
|
992
|
992
|
||||||
|
Non-GAAP gross profit
|
53,344
|
56,840
|
||||||
|
|
||||||||
|
GAAP research and development, net
|
18,896
|
21,150
|
||||||
|
Share-based compensation
|
1,722
|
1,959
|
||||||
|
Non-GAAP Research and development, net
|
17,174
|
19,191
|
||||||
|
|
||||||||
|
GAAP selling and marketing
|
29,701
|
31,919
|
||||||
|
Share-based compensation
|
2,551
|
3,394
|
||||||
|
Non-GAAP selling and marketing
|
27,150
|
28,525
|
||||||
|
|
||||||||
|
GAAP general and administrative
|
7,339
|
8,247
|
||||||
|
Share-based compensation
|
2,395
|
3,531
|
||||||
|
Acquisition costs
|
220
|
13
|
||||||
|
Non-GAAP general and administrative
|
4,724
|
4,703
|
||||||
|
|
||||||||
|
GAAP total operating expenses, net
|
55,936
|
61,316
|
||||||
|
Share-based compensation
|
6,668
|
8,884
|
||||||
|
Acquisition costs
|
220
|
13
|
||||||
|
Non-GAAP total operating expenses, net
|
49,048
|
52,419
|
||||||
|
|
||||||||
|
GAAP operating loss
|
(3,663
|
)
|
(5,581
|
)
|
||||
|
Share-based compensation
|
6,747
|
8,997
|
||||||
|
Amortization of intangible assets
|
992
|
992
|
||||||
|
Acquisition costs
|
220
|
13
|
||||||
|
Non-GAAP operating income
|
4,296
|
4,421
|
||||||
|
|
||||||||
|
GAAP financial income, net
|
3,608
|
3,491
|
||||||
|
Exchange rate differences, net on balance sheet items included in financial income, net
|
153
|
(775
|
)
|
|||||
|
Non-GAAP financial income, net
|
3,761
|
2,716
|
||||||
|
|
||||||||
|
GAAP loss before taxes on income
|
(55
|
)
|
(2,090
|
)
|
||||
|
Share-based compensation
|
6,747
|
8,997
|
||||||
|
Amortization of intangible assets
|
992
|
992
|
||||||
|
Acquisition costs
|
220
|
13
|
||||||
|
Exchange rate differences, net on balance sheet items included in financial income, net
|
153
|
(775
|
)
|
|||||
|
Non-GAAP income before taxes on income
|
8,057
|
7,137
|
||||||
|
|
||||||||
|
GAAP taxes on income
|
1,167
|
991
|
||||||
|
Tax related adjustments
|
62
|
62
|
||||||
|
Non-GAAP taxes on income
|
1,229
|
1,053
|
||||||
|
|
||||||||
|
GAAP net loss
|
(1,222
|
)
|
(3,081
|
)
|
||||
|
Share-based compensation
|
6,747
|
8,997
|
||||||
|
Amortization of intangible assets
|
992
|
992
|
||||||
|
Acquisition costs
|
220
|
13
|
||||||
|
Exchange rate differences, net on balance sheet items included in financial income, net
|
153
|
(775
|
)
|
|||||
|
Tax related adjustments
|
(62
|
)
|
(62
|
)
|
||||
|
Non-GAAP net income
|
6,828
|
6,084
|
||||||
|
|
||||||||
|
GAAP diluted net loss per share
|
(0.03
|
)
|
(0.07
|
)
|
||||
|
Share-based compensation
|
0.16
|
0.20
|
||||||
|
Amortization of intangible assets
|
0.02
|
0.02
|
||||||
|
Acquisition costs
|
0.01
|
0.00
|
||||||
|
Exchange rate differences, net on balance sheet items included in financial income, net
|
0.00
|
(0.02
|
)
|
|||||
|
Tax related adjustments
|
(0.00
|
)
|
(0.00
|
)
|
||||
|
Non-GAAP diluted net earnings per share
|
0.16
|
0.14
|
||||||
|
|
||||||||
|
Weighted average number of shares used to compute non-GAAP diluted net earnings per share
|
42,875,058
|
44,762,161
|
||||||
Radware Ltd.
RECONCILIATION OF GAAP NET LOSS TO EBITDA AND ADJUSTED EBITDA (NON-GAAP)
(U.S Dollars in thousands)
|
|
For the three months ended
|
|||||||
|
|
March 31,
|
|||||||
|
|
2024
|
2023
|
||||||
|
|
(Unaudited)
|
(Unaudited)
|
||||||
|
GAAP net loss
|
(1,222
|
)
|
(3,081
|
)
|
||||
|
Exclude: Financial income, net
|
(3,608
|
)
|
(3,491
|
)
|
||||
|
Exclude: Depreciation and amortization expense
|
2,943
|
3,078
|
||||||
|
Exclude: Taxes on income
|
1,167
|
991
|
||||||
|
EBITDA
|
(720
|
)
|
(2,503
|
)
|
||||
|
|
||||||||
|
Share-based compensation
|
6,747
|
8,997
|
||||||
|
Acquisition costs
|
220
|
13
|
||||||
|
Adjusted EBITDA
|
6,247
|
6,507
|
||||||
|
|
For the three months ended
|
|||||||
|
|
March 31,
|
|||||||
|
|
2024
|
2023
|
||||||
|
Amortization of intangible assets
|
992
|
992
|
||||||
|
Depreciation
|
1,951
|
2,086
|
||||||
|
|
||||||||
|
|
2,943
|
3,078
|
||||||
Radware Ltd.
Condensed Consolidated Statements of Cash Flow
(U.S. Dollars in thousands)
|
|
For the three months ended
|
|||||||
|
|
March 31,
|
|||||||
|
|
2024
|
2023
|
||||||
|
|
(Unaudited)
|
(Unaudited)
|
||||||
|
Cash flow from operating activities:
|
||||||||
|
|
||||||||
|
Net loss
|
(1,222
|
)
|
(3,081
|
)
|
||||
|
Adjustments to reconcile net loss to net cash provided by operating activities:
|
||||||||
|
Depreciation and amortization
|
2,943
|
3,078
|
||||||
|
Share-based compensation
|
6,747
|
8,997
|
||||||
|
Amortization of premium, accretion of discounts and accrued interest on marketable securities, net
|
(73
|
)
|
237
|
|||||
|
Loss related to securities, net
|
-
|
245
|
||||||
|
Decrease in accrued interest on bank deposits
|
(9
|
)
|
(1,754
|
)
|
||||
|
Decrease in accrued severance pay, net
|
(58
|
)
|
(69
|
)
|
||||
|
Increase in trade receivables, net
|
(219
|
)
|
(1,005
|
)
|
||||
|
Decrease (increase) in other receivables and prepaid expenses and other long-term assets
|
605
|
(2,858
|
)
|
|||||
|
Decrease in inventories
|
1,004
|
149
|
||||||
|
Increase (decrease) in trade payables
|
1,406
|
(1,637
|
)
|
|||||
|
Increase in deferred revenues
|
8,894
|
746
|
||||||
|
Increase (decrease) in other payables and accrued expenses
|
1,483
|
(4,498
|
)
|
|||||
|
Operating lease liabilities, net
|
(379
|
)
|
214
|
|||||
|
Net cash provided by (used in) operating activities
|
21,122
|
(1,236
|
)
|
|||||
|
|
||||||||
|
Cash flows from investing activities:
|
||||||||
|
|
||||||||
|
Purchase of property and equipment
|
(1,774
|
)
|
(1,768
|
)
|
||||
|
Proceeds from (investment in) other long-term assets, net
|
(25
|
)
|
47
|
|||||
|
Proceeds from (investment in) bank deposits, net
|
(17,898
|
)
|
9,200
|
|||||
|
Investment in, redemption of and purchase of marketable securities ,net
|
3,502
|
1,976
|
||||||
|
Net cash provided by (used in) investing activities
|
(16,195
|
)
|
9,455
|
|||||
|
|
||||||||
|
Cash flows from financing activities:
|
||||||||
|
|
||||||||
|
Proceeds from exercise of share options
|
-
|
220
|
||||||
|
Repurchase of shares
|
(839
|
)
|
(12,742
|
)
|
||||
|
Net cash used in financing activities
|
(839
|
)
|
(12,522
|
)
|
||||
|
|
||||||||
|
Increase (decrease) in cash and cash equivalents
|
4,088
|
(4,303
|
)
|
|||||
|
Cash and cash equivalents at the beginning of the period
|
70,538
|
46,185
|
||||||
|
Cash and cash equivalents at the end of the period
|
74,626
|
41,882
|
||||||