Radware Ltd 6-K, filed May 3, 2022

Radware Ltd (RDWR)

6-K 2022-05-03 For: 2022-05-03

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Added on April 12, 2026

About this 6-K

Radware Ltd filed this 6-K on May 3, 2022.

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	RADWARE LTD.

Date: May 3, 2022	By:	/s/ Gadi Meroz
		Gadi Meroz
		Vice President & General Counsel

Exhibit Number	Description of Exhibits

99.1	Radware Reports 10% Revenue Growth for The First Quarter 2022

	March 31,			December 31,
	2022			2021
	(Unaudited)			(Unaudited)
Assets

Current assets
Cash and cash equivalents		54,483			92,513
Available-for-sale marketable securities		25,219			39,497
Short-term bank deposits		138,337			155,879
Trade receivables, net		19,045			13,191
Other receivables and prepaid expenses		11,978			8,046
Inventories		11,255			11,580
		260,317			320,706

Long-term investments
Available-for-sale marketable securities		104,579			98,224
Long-term bank deposits		74,868			79,708
Severance pay funds		2,372			2,454
		181,819			180,386

Property and equipment, net		20,380			20,240
Goodwill and intangible assets, net		93,911			51,875
Other long-term assets		37,926			37,334
Operating lease right-of-use assets		23,724			24,829
Total assets		618,077			635,370

Liabilities and shareholders' equity

Current Liabilities
Trade payables		8,153			4,310
Deferred revenues		99,609			99,922
Operating lease liabilities		4,695			5,090
Other payables and accrued expenses		39,206			56,565
		151,663			165,887

Long-term liabilities
Deferred revenues		69,814			67,065
Operating lease liabilities		21,213			22,360
Other long-term liabilities		22,630			10,065
		113,657			99,490

Shareholders' equity
Share capital		731			730
Additional paid-in capital		476,150			471,173
Accumulated other comprehensive loss, net of tax		(2,640	)		(455	)
Treasury stock, at cost		(266,822	)		(243,023	)
Retained earnings		145,338			141,568
Total shareholders' equity		352,757			369,993

Total liabilities and shareholders' equity		618,077			635,370

	For the three months ended
	March 31,
	2022		2021
	(Unaudited)		(Unaudited)

Revenues		73,708		66,769
Cost of revenues		12,941		12,266
Gross profit		60,767		54,503

Operating expenses, net:
Research and development, net		20,370		17,735
Selling and marketing		30,283		28,991
General and administrative		6,527		5,196
Total operating expenses, net		57,180		51,922

Operating income		3,587		2,581
Financial income, net		1,698		2,670
Income before taxes on income		5,285		5,251
Taxes on income		1,515		1,346
Net income		3,770		3,905

Basic net earnings per share		0.08		0.08

Weighted average number of shares used to compute basic net earnings per share		45,666,813		46,225,882

Diluted net earnings per share		0.08		0.08

Weighted average number of shares used to compute diluted net earnings per share		47,122,247		47,607,518

	For the three months ended
	March 31,
	2022			2021
	(Unaudited)			(Unaudited)
GAAP gross profit		60,767			54,503
Stock-based compensation		90			47
Amortization of intangible assets		464			464
Non-GAAP gross profit		61,321			55,014

GAAP research and development, net		20,370			17,735
Stock-based compensation		1,809			1,339
Non-GAAP Research and development, net		18,561			16,396

GAAP selling and marketing		30,283			28,991
Stock-based compensation		1,849			2,052
Non-GAAP selling and marketing		28,434			26,939

GAAP general and administrative		6,527			5,196
Stock-based compensation		668			936
Litigation costs		-			63
Acquisition costs		1,142			-
Non-GAAP general and administrative		4,717			4,197

GAAP total operating expenses, net		57,180			51,922
Stock-based compensation		4,326			4,327
Litigation costs		-			63
Acquisition costs		1,142			-
Non-GAAP total operating expenses, net		51,712			47,532

GAAP operating income		3,587			2,581
Stock-based compensation		4,416			4,374
Amortization of intangible assets		464			464
Litigation costs		-			63
Acquisition costs		1,142			-
Non-GAAP operating income		9,609			7,482

GAAP financial income, net		1,698			2,670
Exchange rate differences, net on balance sheet items included in financial income, net		(894	)		(724	)
Non-GAAP financial income, net		804			1,946

GAAP income before taxes on income		5,285			5,251
Stock-based compensation		4,416			4,374
Amortization of intangible assets		464			464
Litigation costs		-			63
Acquisition costs		1,142			-
Exchange rate differences, net on balance sheet items included in financial income, net		(894	)		(724	)
Non-GAAP income before taxes on income		10,413			9,428

GAAP taxes on income		1,515			1,346
Tax related adjustments		62			62
Non-GAAP taxes on income		1,577			1,408

GAAP net income		3,770			3,905
Stock-based compensation		4,416			4,374
Amortization of intangible assets		464			464
Litigation costs		-			63
Acquisition costs		1,142			-
Exchange rate differences, net on balance sheet items included in financial income, net		(894	)		(724	)
Tax related adjustments		(62	)		(62	)
Non-GAAP net income		8,836			8,020

GAAP diluted net earnings per share		0.08			0.08
Stock-based compensation		0.09			0.09
Amortization of intangible assets		0.01			0.01
Litigation costs		0.00			0.00
Acquisition costs		0.02			0.00
Exchange rate differences, net on balance sheet items included in financial income, net		(0.02	)		(0.02	)
Tax related adjustments		(0.00	)		(0.00	)
Non-GAAP diluted net earnings per share		0.19			0.17

Weighted average number of shares used to compute non-GAAP diluted net earnings per share		47,122,247			47,607,518

	For the three months ended
	March 31,
	2022			2021
	(Unaudited)			(Unaudited)
Cash flow from operating activities:

Net income		3,770			3,905
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		2,488			2,648
Stock-based compensation		4,416			4,374
Amortization of premium, accretion of discounts and accrued interest on marketable securities, net		588			408
Gain related to securities, net		(59	)		(2	)
Accrued interest on bank deposits		33			(781	)
Increase in accrued severance pay, net		147			225
Decrease (increase) in trade receivables, net		(5,854	)		6,940
Increase in other receivables and prepaid expenses and other long-term assets		(3,816	)		(4,460	)
Decrease in inventories		325			524
Increase in trade payables		3,843			244
Increase in deferred revenues		2,436			8,922
Decrease in other payables and accrued expenses		(18,332	)		(5,993	)
Operating lease liabilities, net		(437	)		(782	)
Net cash provided by (used in) operating activities		(10,452	)		16,172

Cash flows from investing activities:

Purchase of property and equipment		(2,164	)		(1,333	)
Proceeds from (investment in) other long-term assets, net		(55	)		42
Proceeds from (investment in) bank deposits, net		22,349			(143	)
Proceeds from (investment in) sale, redemption of and purchase of marketable securities, net		4,556			(2,491	)
Payment for the acquisition of intangible assets		(30,000	)		0
Net cash used in investing activities		(5,314	)		(3,925	)

Cash flows from financing activities:

Proceeds from exercise of stock options		562			2,150
Repurchase of shares		(22,826	)		(30,189	)
Net cash used in financing activities		(22,264	)		(28,039	)

Decrease in cash and cash equivalents		(38,030	)		(15,792	)
Cash and cash equivalents at the beginning of the period		92,513			54,771