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Radware Reports Third Quarter 2024 Financial Results

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Radware (RDWR) reported strong Q3 2024 results with revenue reaching $69.5 million, up 13% year-over-year. The company's Cloud ARR grew 15% to $71.6 million. Notable improvements include Non-GAAP diluted EPS of $0.23 compared to $0.07 in Q3 2023, and GAAP diluted EPS of $0.07 versus $(0.16) in Q3 2023. Regional performance showed revenue growth of 11% in Americas ($27.7M) and 30% in EMEA ($25.2M), while APAC decreased 5% ($16.6M). The company generated strong cash flow from operations of $14.7 million in Q3 and maintains a solid cash position of $411.7 million.

Radware (RDWR) ha riportato risultati solidi per il terzo trimestre del 2024, con un fatturato di $69,5 milioni, in aumento del 13% rispetto all'anno precedente. L'ARR Cloud dell'azienda è cresciuto del 15% raggiungendo $71,6 milioni. Tra i miglioramenti significativi si evidenziano un EPS diluito Non-GAAP di $0,23 rispetto a $0,07 nel Q3 2023, e un EPS diluito GAAP di $0,07 contro $(0,16) nel Q3 2023. Le performance regionali hanno mostrato una crescita del fatturato dell'11% nelle Americhe ($27,7M) e del 30% in EMEA ($25,2M), mentre l'APAC ha registrato un calo del 5% ($16,6M). L'azienda ha generato un forte flusso di cassa dalle operazioni di $14,7 milioni nel Q3 e mantiene una solida posizione di cassa di $411,7 milioni.

Radware (RDWR) reportó resultados sólidos para el tercer trimestre de 2024, con ingresos que alcanzaron $69.5 millones, un aumento del 13% interanual. El ARR en la nube de la empresa creció un 15% alcanzando $71.6 millones. Las mejoras notables incluyen un EPS diluido No-GAAP de $0.23 en comparación con $0.07 en el Q3 2023, y un EPS diluido GAAP de $0.07 frente a $(0.16) en el Q3 2023. El desempeño regional mostró un crecimiento de ingresos del 11% en las Américas ($27.7M) y del 30% en EMEA ($25.2M), mientras que APAC disminuyó un 5% ($16.6M). La empresa generó un fuerte flujo de caja de operaciones de $14.7 millones en el Q3 y mantiene una sólida posición de efectivo de $411.7 millones.

Radware (RDWR)는 2024년 3분기 강력한 실적을 발표하였으며, 수익은 $69.5백만에 달하며 전년 대비 13% 증가했습니다. 회사의 클라우드 ARR도 15% 성장하여 $71.6백만에 도달했습니다. 주목할 만한 개선 사항으로는 Q3 2023년의 $0.07에 비해 Non-GAAP 희석 EPS가 $0.23로 증가했으며, GAAP 희석 EPS는 Q3 2023년의 $(0.16)에 비해 $0.07로 증가했습니다. 지역별 성과는 아메리카에서 11%($27.7M), EMEA에서 30%($25.2M)의 수익 성장을 보여준 반면, APAC은 5% 감소($16.6M)를 보였습니다. 회사는 Q3에서 운영으로부터 $14.7백만의 강력한 현금 흐름을 생성했으며, $411.7백만의 견고한 현금 위치를 유지하고 있습니다.

Radware (RDWR) a reporté des résultats solides pour le troisième trimestre 2024, avec un chiffre d'affaires atteignant 69,5 millions de dollars, en hausse de 13% par rapport à l'année dernière. L'ARR Cloud de l'entreprise a augmenté de 15% pour atteindre 71,6 millions de dollars. Parmi les améliorations notables, on trouve un BPA dilué Non-GAAP de 0,23 $ contre 0,07 $ au T3 2023, et un BPA dilué GAAP de 0,07 $ contre (0,16 $) au T3 2023. La performance régionale a montré une croissance des revenus de 11% en Amérique ($27,7M) et de 30% en EMEA ($25,2M), tandis que l'APAC a diminué de 5% ($16,6M). L'entreprise a généré un flux de trésorerie opérationnel solide de 14,7 millions de dollars au T3 et maintient une position de trésorerie solide de 411,7 millions de dollars.

Radware (RDWR) hat starke Ergebnisse für das dritte Quartal 2024 berichtet, mit Einnahmen von $69,5 Millionen, was einem Anstieg von 13% im Jahresvergleich entspricht. Der Cloud ARR des Unternehmens wuchs um 15% auf $71,6 Millionen. Bemerkenswerte Verbesserungen umfassen ein Non-GAAP verwässertes EPS von $0,23 im Vergleich zu $0,07 im Q3 2023 und ein GAAP verwässertes EPS von $0,07 im Vergleich zu $(0,16) im Q3 2023. Die regionale Leistung zeigte ein Umsatzwachstum von 11% in den Amerikas ($27,7M) und 30% in EMEA ($25,2M), während APAC um 5% fiel ($16,6M). Das Unternehmen erwirtschaftete im Q3 einen starken operativen Cashflow von $14,7 Millionen und hält eine solide Cash-Position von $411,7 Millionen.

Positive
  • Revenue increased 13% YoY to $69.5 million
  • Cloud ARR grew 15% YoY to $71.6 million
  • Non-GAAP EPS improved significantly to $0.23 from $0.07
  • EMEA revenue increased 30% YoY
  • Strong cash flow from operations of $14.7 million
  • Substantial cash position of $411.7 million
Negative
  • APAC region revenue declined 5% YoY

Insights

The Q3 2024 results show strong operational momentum with several positive indicators. Revenue grew 13% YoY to $69.5 million, driven by robust performance in Americas ($27.7 million, up 11%) and EMEA ($25.2 million, up 30%). The shift toward subscription-based revenue is progressing well, with Cloud ARR reaching $71.6 million, up 15% YoY.

Profitability metrics improved significantly, with non-GAAP EPS more than tripling to $0.23 from $0.07 in Q3 2023. The company maintains a strong balance sheet with $411.7 million in cash and investments, while generating healthy operating cash flow of $14.7 million for the quarter. The successful transition to subscription-based revenue and DefensePro X adoption suggests sustainable growth potential.

Third Quarter 2024 Financial Results and Highlights

  • Revenue of $69.5 million, an increase of 13% year-over-year
  • Cloud ARR of $71.6 million, an increase of 15% year-over-year
  • Non-GAAP diluted EPS of $0.23 vs. $0.07 in Q3 2023; GAAP diluted EPS of $0.07 vs. $(0.16) in Q3 2023
  • Cash flow from operations of $14.7 million and $58.9 million year-to-date

TEL AVIV, Israel, Oct. 31, 2024 (GLOBE NEWSWIRE) -- Radware® (NASDAQ: RDWR), a leading provider of cyber security and application delivery solutions, today announced its consolidated financial results for the third quarter ended September 30, 2024.

“We are pleased to report solid third-quarter results, highlighted by 13% year-over-year revenue growth and a significant improvement in profitability and cash flow from operations,” said Roy Zisapel, Radware’s President and CEO. “Our results reflect double-digit growth in subscription revenue, strong sales of software subscriptions, and the ongoing success of DefensePro X, which carries with it more subscription revenue. We are excited about the momentum we’ve built and our future growth prospects.”

Financial Highlights for the Third Quarter 2024
Revenue for the third quarter of 2024 totaled $69.5 million:

  • Revenue in the Americas region was $27.7 million for the third quarter of 2024, an increase of 11% from $24.9 million in the third quarter of 2023.
  • Revenue in the Europe, Middle East, and Africa (“EMEA”) region was $25.2 million for the third quarter of 2024, an increase of 30% from $19.3 million in the third quarter of 2023.
  • Revenue in the Asia-Pacific (“APAC”) region was $16.6 million for the third quarter of 2024, a decrease of 5% from $17.4 million in the third quarter of 2023.

GAAP net income for the third quarter of 2024 was $3.1 million, or $0.07 per diluted share, compared to GAAP net loss of $6.9 million, or $(0.16) per diluted share, for the third quarter of 2023.

Non-GAAP net income for the third quarter of 2024 was $10.2 million, or $0.23 per diluted share, compared to non-GAAP net income of $2.9 million, or $0.07 per diluted share, for the third quarter of 2023.

As of September 30, 2024, the Company had cash, cash equivalents, short-term and long-term bank deposits, and marketable securities of $411.7 million. Cash flow from operations was $14.7 million in the third 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, October 31, 2024, at 8:30 a.m. EDT to discuss its third quarter 2024 results and fourth 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 in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, and API security solutions use AI-driven algorithms for precise, hands-free, real-time protection from the most sophisticated web, application, and DDoS attacks, API abuse, and bad bots. Enterprises and carriers worldwide rely on Radware’s solutions to address evolving cybersecurity challenges and protect their brands and business operations while reducing costs. 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)
    
 September 30, December 31,
 2024 2023
 (Unaudited) (Unaudited)
Assets   
    
Current assets   
Cash and cash equivalents115,416 70,538
Marketable securities94,809 86,372
Short-term bank deposits111,998 173,678
Trade receivables, net19,963 20,267
Other receivables and prepaid expenses9,891 9,529
Inventories13,543 15,544
 365,620 375,928
    
Long-term investments   
Marketable securities30,991 33,131
Long-term bank deposits58,468 -
Other assets2,104 2,166
 91,563 35,297
    
    
Property and equipment, net16,499 18,221
Intangible assets, net12,742 15,718
Other long-term assets35,312 37,967
Operating lease right-of-use assets18,433 20,777
Goodwill68,008 68,008
Total assets608,177 571,916
    
Liabilities and equity   
    
Current liabilities   
Trade payables6,551 4,298
Deferred revenues109,924 105,012
Operating lease liabilities4,333 4,684
Other payables and accrued expenses46,427 41,021
 167,235 155,015
    
Long-term liabilities   
Deferred revenues65,916 60,499
Operating lease liabilities13,658 16,020
Other long-term liabilities14,173 17,108
 93,747 93,627
    
Equity   
Radware Ltd. equity   
Share capital749 742
Additional paid-in capital548,240 529,209
Accumulated other comprehensive income593 77
Treasury stock, at cost(366,588) (365,749)
Retained earnings123,398 119,812
Total Radware Ltd. shareholder's equity306,392 284,091
    
Non–controlling interest40,803 39,183
    
Total equity347,195 323,274
    
Total liabilities and equity608,177 571,916
    


Radware Ltd.
Condensed Consolidated Statements of Income (Loss)

(U.S Dollars in thousands, except share and per share data) 
         
  For the three months ended For the nine months ended
  September 30, September 30,
  2024 2023 2024 2023
  (Unaudited) (Unaudited) (Unaudited) (Unaudited)
         
Revenues 69,488 61,612 201,849 196,260
Cost of revenues 13,392 12,838 39,260 38,886
Gross profit 56,096 48,774 162,589 157,374
         
Operating expenses, net:        
Research and development, net 18,654 20,614 56,251 62,905
Selling and marketing 30,500 30,532 89,945 94,368
General and administrative 6,948 7,824 21,271 24,378
Total operating expenses, net 56,102 58,970 167,467 181,651
         
Operating loss (6) (10,196) (4,878) (24,277)
Financial income, net 4,957 3,778 12,982 10,688
Income (loss) before taxes on income 4,951 (6,418) 8,104 (13,589)
Taxes on income 1,807 433 4,518 2,151
Net income (loss) 3,144 (6,851) 3,586 (15,740)
         
Basic net income (loss) per share attributed to Radware Ltd.'s shareholders 0.07 (0.16) 0.09 (0.36)
         
Weighted average number of shares used to compute basic net income (loss) per share 41,956,001 42,261,637 41,854,984 43,232,405
         
Diluted net income (loss) per share attributed to Radware Ltd.'s shareholders 0.07 (0.16) 0.08 (0.36)
         
Weighted average number of shares used to compute diluted net income (loss) per share 43,573,161 42,261,637 43,199,279 43,232,405
         


 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 For the nine months ended
  September 30, September 30,
  2024 2023 2024 2023
  (Unaudited) (Unaudited) (Unaudited) (Unaudited)
GAAP gross profit56,096 48,774 162,589 157,374
 Share-based compensation81 177 240 403
 Amortization of intangible assets992 992 2,976 2,976
Non-GAAP gross profit57,169 49,943 165,805 160,753
         
GAAP research and development, net18,654 20,614 56,251 62,905
 Share-based compensation1,421 2,064 4,679 6,200
Non-GAAP Research and development, net17,233 18,550 51,572 56,705
         
GAAP selling and marketing30,500 30,532 89,945 94,368
 Share-based compensation2,548 2,134 7,708 9,065
 Restructuring costs- 1,273 - 1,273
Non-GAAP selling and marketing27,952 27,125 82,237 84,030
         
GAAP general and administrative6,948 7,824 21,271 24,378
 Share-based compensation2,008 2,884 6,480 9,483
 Acquisition costs159 211 571 769
Non-GAAP general and administrative4,781 4,729 14,220 14,126
         
GAAP total operating expenses, net56,102 58,970 167,467 181,651
 Share-based compensation5,977 7,082 18,867 24,748
 Acquisition costs159 211 571 769
 Restructuring costs- 1,273 - 1,273
Non-GAAP total operating expenses, net49,966 50,404 148,029 154,861
         
GAAP operating loss(6) (10,196) (4,878) (24,277)
 Share-based compensation6,058 7,259 19,107 25,151
 Amortization of intangible assets992 992 2,976 2,976
 Acquisition costs159 211 571 769
 Restructuring costs- 1,273 - 1,273
Non-GAAP operating income (loss)7,203 (461) 17,776 5,892
         
GAAP financial income, net4,957 3,778 12,982 10,688
 Exchange rate differences, net on balance sheet items included in financial income, net(86) 37 (231) (770)
Non-GAAP financial income, net4,871 3,815 12,751 9,918
         
GAAP income (loss) before taxes on income4,951 (6,418) 8,104 (13,589)
 Share-based compensation6,058 7,259 19,107 25,151
 Amortization of intangible assets992 992 2,976 2,976
 Acquisition costs159 211 571 769
 Restructuring costs- 1,273 - 1,273
 Exchange rate differences, net on balance sheet items included in financial income, net(86) 37 (231) (770)
Non-GAAP income before taxes on income12,074 3,354 30,527 15,810
         
GAAP taxes on income1,807 433 4,518 2,151
 Tax related adjustments62 62 185 185
Non-GAAP taxes on income1,869 495 4,703 2,336
         
GAAP net income (loss)3,144 (6,851) 3,586 (15,740)
 Share-based compensation6,058 7,259 19,107 25,151
 Amortization of intangible assets992 992 2,976 2,976
 Acquisition costs159 211 571 769
 Restructuring costs- 1,273 - 1,273
 Exchange rate differences, net on balance sheet items included in financial income, net(86) 37 (231) (770)
 Tax related adjustments(62) (62) (185) (185)
Non-GAAP net income10,205 2,859 25,824 13,474
         
GAAP diluted net income (loss) per share0.07 (0.16) 0.08 (0.36)
 Share-based compensation0.14 0.17 0.45 0.57
 Amortization of intangible assets0.02 0.03 0.07 0.07
 Acquisition costs0.00 0.00 0.01 0.02
 Restructuring costs0.00 0.03 0.00 0.03
 Exchange rate differences, net on balance sheet items included in financial income, net(0.00) 0.00 (0.01) (0.02)
 Tax related adjustments(0.00) (0.00) (0.00) 0.00
Non-GAAP diluted net earnings per share0.23 0.07 0.60 0.31
         
         
Weighted average number of shares used to compute non-GAAP diluted net earnings per share43,573,161 43,163,159 43,199,279 44,058,549
        


Radware Ltd.
 Condensed Consolidated Statements of Cash Flow
(U.S. Dollars in thousands)
         
  For the three months ended For the nine months ended
  September 30, September 30,
  2024 2023 2024 2023
  (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Cash flow from operating activities:        
         
Net income (loss) 3,144 (6,851) 3,586 (15,740)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:        
Depreciation and amortization 2,947 3,025 8,918 9,216
Share-based compensation 6,058 7,259 19,107 25,151
Amortization of premium, accretion of discounts and accrued interest on marketable securities, net (234) 161 (227) 1,116
Loss related to securities, net - - - 244
Increase (decrease) in accrued interest on bank deposits (814) (2,289) 4,645 (3,814)
Increase (decrease) in accrued severance pay, net 147 (401) 106 (506)
Decrease in trade receivables, net 5,536 4,448 304 5,380
Decrease (increase) in other receivables and prepaid expenses and other long-term assets 749 (215) 1,155 (2,541)
Decrease (increase) in inventories 253 (671) 2,001 (1,566)
Increase (decrease) in trade payables 2,474 (1,778) 2,253 (395)
Increase (decrease) in deferred revenues (6,059) (12,311) 10,329 (11,095)
Increase (decrease) in other payables and accrued expenses 259 644 7,052 (10,798)
Operating lease liabilities, net 248 (804) (369) (805)
Net cash provided by (used in) operating activities 14,708 (9,783) 58,860 (6,153)
         
Cash flows from investing activities:        
         
Purchase of property and equipment (1,412) (1,130) (4,220) (4,493)
Proceeds from other long-term assets, net 46 29 40 77
Proceeds from (investment in) bank deposits, net 9,731 21,145 (1,433) 51,345
Investment in, redemption of and purchase of marketable securities, net 5,541 2,228 (4,456) 347
Net cash provided by (used in) investing activities 13,906 22,272 (10,069) 47,276
         
Cash flows from financing activities:        
         
Proceeds from exercise of share options - - 3 308
Repurchase of shares - (20,648) (839) (53,131)
Payment of contingent consideration related to acquisition - (2,063) (3,077) (2,063)
Net cash used in financing activities - (22,711) (3,913) (54,886)
         
Increase (decrease) in cash and cash equivalents 28,614 (10,222) 44,878 (13,763)
Cash and cash equivalents at the beginning of the period 86,802 42,644 70,538 46,185
Cash and cash equivalents at the end of the period 115,416 32,422 115,416 32,422
         


 Radware Ltd.
RECONCILIATION OF GAAP NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA (NON-GAAP)

(U.S Dollars in thousands)
         
  For the three months ended For the nine months ended
  September 30, September 30,
  2024 2023 2024 2023
  (Unaudited) (Unaudited) (Unaudited) (Unaudited)
GAAP net income (loss)3,144 (6,851) 3,586 (15,740)
 Exclude: Financial income, net(4,957) (3,778) (12,982) (10,688)
 Exclude: Depreciation and amortization expense2,947 3,025 8,918 9,216
 Exclude: Taxes on income1,807 433 4,518 2,151
EBITDA2,941 (7,171) 4,040 (15,061)
         
 Share-based compensation6,058 7,259 19,107 25,151
 Restructuring costs- 1,273 - 1,273
 Acquisition costs159 211 571 769
Adjusted EBITDA9,158 1,572 23,718 12,132
         
         
  For the three months ended For the nine months ended
  September 30, September 30,
  2024 2023 2024 2023
 Amortization of intangible assets992 992 2,976 2,976
 Depreciation1,955 2,033 5,942 6,240
  2,947 3,025 8,918 9,216
         

FAQ

What was Radware's (RDWR) revenue growth in Q3 2024?

Radware's revenue grew 13% year-over-year to $69.5 million in Q3 2024.

How much did Radware's (RDWR) Cloud ARR grow in Q3 2024?

Radware's Cloud ARR grew 15% year-over-year to $71.6 million in Q3 2024.

What was Radware's (RDWR) EPS in Q3 2024?

Radware reported Non-GAAP diluted EPS of $0.23 and GAAP diluted EPS of $0.07 in Q3 2024.

How much cash does Radware (RDWR) have as of Q3 2024?

Radware had $411.7 million in cash, cash equivalents, bank deposits, and marketable securities as of September 30, 2024.

Radware Ltd.

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978.90M
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14.7%
76.21%
0.8%
Software - Infrastructure
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