Exhibit 99.1
Radware Reports Third Quarter 2022 Financial Results
Third Quarter 2022 Results and Financial Highlights
| • |
Revenue of $70.5 million, down 4% year-over-year
|
| • |
Total ARR of $195 million, up 6% year-over-year
|
| • |
Non-GAAP gross margin of 82.9% compared to 82.6% in the third quarter of last year
|
| • |
Non-GAAP EPS of $0.15; GAAP net loss per share of $0.07
|
TEL AVIV, Israel, Nov. 2, 2022 - 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, 2022.
“During the last few weeks of the third quarter, we saw closing delays in some customer deals and an increase in multi-phased contracts in response to macro-economic headwinds. These market forces impacted our third
quarter revenue, which came in below the low-end of our guidance,” said Roy Zisapel, Radware’s president and CEO. “We expect this environment to continue in the short term. At the same time, as the number of cyberattacks rise at unprecedented
rates, we remain confident in our product portfolio. To help us navigate the current environment and position Radware for long-term success, we continue to focus on operational efficiency and our cloud security initiatives.”
Financial Highlights for the Third Quarter of 2022
Revenue for the third quarter of 2022 totaled $70.5 million:
| • |
Revenue in the Americas region was $32.9 million for the third quarter of 2022, a decrease of 8% from $35.7 million in the third quarter of 2021.
|
| • |
Revenue in the Europe, Middle East, and Africa (“EMEA”) region was $22.2 million for the third quarter of 2022, a decrease of 6% from $23.6 million in the third quarter of 2021.
|
| • |
Revenue in the Asia-Pacific (“APAC”) region was $15.5 million for the third quarter of 2022, an increase of 10% from $14.1 million in the third quarter of 2021.
|
GAAP net loss for the third quarter of 2022 was $3.0 million, or $0.07 per diluted share, compared to GAAP net income of $5.0 million, or $0.10 per diluted share, for the third quarter of 2021.
Non-GAAP net income for the third quarter of 2022 was $6.7 million, or $0.15 per diluted share, compared to non-GAAP net income of $11.0 million, or $0.23 per diluted share, for the third quarter
of 2021.
As of September 30, 2022, the Company had cash, cash equivalents, short-term and long-term bank deposits, and marketable securities of $434.3 million. Net cash provided by operating activities was
$1.5 million in the third quarter of 2022.
Non-GAAP results are calculated excluding, as applicable, the impact of stock-based compensation expenses, amortization of intangible assets, litigation costs, acquisition 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, November 2, 2022, at 8:30 a.m. EDT to discuss its third quarter 2022 results and the Company’s outlook. To participate in 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 +1-647-362-9199 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, 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 and volatility of the market for our products; natural disasters and public health crises, such as the coronavirus disease 2019 (COVID-19) pandemic; 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; our ability to successfully implement our
strategic initiative to accelerate our cloud business; our ability to expand our operations effectively; timely availability and customer acceptance of our new and existing solutions; risks and uncertainties relating to acquisitions or other
investments; the impact of economic and political uncertainties and weaknesses in various regions of the world, including the commencement or escalation of hostilities or acts of terrorism; intense competition in the market for cyber security and
application delivery solutions and in our industry in general, and changes in the competitive landscape; changes in government regulation; outages, interruptions, or delays in hosting services or our internal network system; compliance with open
source and third-party licenses; the risk that our intangible assets or goodwill may become impaired; our dependence on independent distributors to sell our products; long sales cycles for our solutions; changes in foreign currency exchange
rates; undetected defects or errors in our products or a failure of our products to protect against malicious attacks; the ability of vendors to provide our hardware platforms and components for our main accessories; our ability to protect our
proprietary technology; intellectual property infringement claims made by third parties; changes in tax laws; our ability to realize our investment objectives for our cash and liquid investments; our ability to attract, train, and retain highly
qualified personnel; 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 encourages you to join our community and follow us on: Facebook, LinkedIn, Radware Blog, Twitter, YouTube, and Radware Mobile for iOS and Android.
©2022 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,
|
||||||
|
|
2022
|
2021
|
||||||
|
|
(Unaudited)
|
(Unaudited)
|
||||||
|
Assets
|
||||||||
|
|
||||||||
|
Current assets
|
||||||||
|
Cash and cash equivalents
|
42,469
|
92,513
|
||||||
|
Marketable securities
|
23,735
|
39,497
|
||||||
|
Short-term bank deposits
|
202,684
|
155,879
|
||||||
|
Trade receivables, net
|
13,351
|
13,191
|
||||||
|
Other receivables and prepaid expenses
|
8,421
|
8,046
|
||||||
|
Inventories
|
10,854
|
11,580
|
||||||
|
|
301,514
|
320,706
|
||||||
|
|
||||||||
|
Long-term investments
|
||||||||
|
Marketable securities
|
112,220
|
98,224
|
||||||
|
Long-term bank deposits
|
53,160
|
79,708
|
||||||
|
Severance pay funds
|
2,148
|
2,454
|
||||||
|
|
167,528
|
180,386
|
||||||
|
|
||||||||
|
|
||||||||
|
Property and equipment, net
|
21,186
|
20,240
|
||||||
|
Intangible assets, net
|
20,678
|
10,731
|
||||||
|
Other long-term assets
|
38,946
|
37,334
|
||||||
|
Operating lease right-of-use assets
|
24,160
|
24,829
|
||||||
|
Goodwill
|
68,008
|
41,144
|
||||||
|
Total assets
|
642,020
|
635,370
|
||||||
|
|
||||||||
|
Liabilities and equity
|
||||||||
|
|
||||||||
|
Current liabilities
|
||||||||
|
Trade payables
|
6,770
|
4,310
|
||||||
|
Deferred revenues
|
107,117
|
99,922
|
||||||
|
Operating lease liabilities
|
4,546
|
5,090
|
||||||
|
Other payables and accrued expenses
|
38,683
|
56,565
|
||||||
|
|
157,116
|
165,887
|
||||||
|
|
||||||||
|
Long-term liabilities
|
||||||||
|
Deferred revenues
|
71,761
|
67,065
|
||||||
|
Operating lease liabilities
|
20,254
|
22,360
|
||||||
|
Other long-term liabilities
|
19,202
|
10,065
|
||||||
|
|
111,217
|
99,490
|
||||||
|
|
||||||||
|
Equity
|
||||||||
|
Radware Ltd. equity
|
||||||||
|
Share capital
|
731
|
730
|
||||||
|
Additional paid-in capital
|
490,069
|
471,173
|
||||||
|
Accumulated other comprehensive loss, net of tax
|
(7,059
|
)
|
(455
|
)
|
||||
|
Treasury stock, at cost
|
(290,580
|
)
|
(243,023
|
)
|
||||
|
Retained earnings
|
145,526
|
141,568
|
||||||
|
Total Radware Ltd. shareholder's equity
|
338,687
|
369,993
|
||||||
|
|
||||||||
|
Non–controlling interest
|
35,000
|
-
|
||||||
|
|
||||||||
|
Total equity
|
373,687
|
369,993
|
||||||
|
|
||||||||
|
Total liabilities and equity
|
642,020
|
635,370
|
||||||
Radware Ltd.
Condensed Consolidated Statements of Income
(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,
|
||||||||||||||
|
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
||||||||||||
|
|
||||||||||||||||
|
Revenues
|
70,521
|
73,418
|
219,343
|
209,854
|
||||||||||||
|
Cost of revenues
|
13,138
|
13,294
|
39,967
|
38,398
|
||||||||||||
|
Gross profit
|
57,383
|
60,124
|
179,376
|
171,456
|
||||||||||||
|
|
||||||||||||||||
|
Operating expenses, net:
|
||||||||||||||||
|
Research and development, net
|
22,083
|
18,639
|
64,076
|
54,501
|
||||||||||||
|
Selling and marketing
|
31,416
|
29,588
|
93,989
|
87,827
|
||||||||||||
|
General and administrative
|
7,278
|
6,024
|
19,542
|
15,771
|
||||||||||||
|
Total operating expenses, net
|
60,777
|
54,251
|
177,607
|
158,099
|
||||||||||||
|
|
||||||||||||||||
|
Operating income (loss)
|
(3,394
|
)
|
5,873
|
1,769
|
13,357
|
|||||||||||
|
Financial income, net
|
1,350
|
1,013
|
6,034
|
4,870
|
||||||||||||
|
Income (loss) before taxes on income
|
(2,044
|
)
|
6,886
|
7,803
|
18,227
|
|||||||||||
|
Taxes on income
|
920
|
1,921
|
3,845
|
4,825
|
||||||||||||
|
Net income (loss)
|
(2,964
|
)
|
4,965
|
3,958
|
13,402
|
|||||||||||
|
|
||||||||||||||||
|
Basic net earnings (loss) per share attributed to Radware Ltd.'s shareholders
|
(0.07
|
)
|
0.11
|
0.09
|
0.29
|
|||||||||||
|
|
||||||||||||||||
|
Weighted average number of shares used to compute basic net earnings (loss) per share
|
44,623,247
|
45,838,968
|
45,063,925
|
45,891,234
|
||||||||||||
|
|
||||||||||||||||
|
Diluted net earnings (loss) per share attributed to Radware Ltd.'s shareholders
|
(0.07
|
)
|
0.10
|
0.09
|
0.28
|
|||||||||||
|
|
||||||||||||||||
|
Weighted average number of shares used to compute diluted net earnings (loss) per share
|
44,623,247
|
47,620,254
|
46,189,437
|
47,451,932
|
||||||||||||
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,
|
||||||||||||||
|
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
||||||||||||
|
GAAP gross profit
|
57,383
|
60,124
|
179,376
|
171,456
|
||||||||||||
|
Stock-based compensation
|
103
|
51
|
287
|
149
|
||||||||||||
|
Amortization of intangible assets
|
992
|
464
|
2,712
|
1,393
|
||||||||||||
|
Non-GAAP gross profit
|
58,478
|
60,639
|
182,375
|
172,998
|
||||||||||||
|
|
||||||||||||||||
|
GAAP research and development, net
|
22,083
|
18,639
|
64,076
|
54,501
|
||||||||||||
|
Stock-based compensation
|
1,775
|
1,434
|
5,219
|
3,786
|
||||||||||||
|
Non-GAAP Research and development, net
|
20,308
|
17,205
|
58,857
|
50,715
|
||||||||||||
|
|
||||||||||||||||
|
GAAP selling and marketing
|
31,416
|
29,588
|
93,989
|
87,827
|
||||||||||||
|
Stock-based compensation
|
3,356
|
2,212
|
8,248
|
6,294
|
||||||||||||
|
Non-GAAP selling and marketing
|
28,060
|
27,376
|
85,741
|
81,533
|
||||||||||||
|
|
||||||||||||||||
|
GAAP general and administrative
|
7,278
|
6,024
|
19,542
|
15,771
|
||||||||||||
|
Stock-based compensation
|
2,397
|
894
|
3,941
|
1,973
|
||||||||||||
|
Litigation costs
|
-
|
67
|
-
|
288
|
||||||||||||
|
Acquisition costs
|
-
|
629
|
1,142
|
629
|
||||||||||||
|
Non-GAAP general and administrative
|
4,881
|
4,434
|
14,459
|
12,881
|
||||||||||||
|
|
||||||||||||||||
|
GAAP total operating expenses, net
|
60,777
|
54,251
|
177,607
|
158,099
|
||||||||||||
|
Stock-based compensation
|
7,528
|
4,540
|
17,408
|
12,053
|
||||||||||||
|
Litigation costs
|
-
|
67
|
-
|
288
|
||||||||||||
|
Acquisition costs
|
-
|
629
|
1,142
|
629
|
||||||||||||
|
Non-GAAP total operating expenses, net
|
53,249
|
49,015
|
159,057
|
145,129
|
||||||||||||
|
|
||||||||||||||||
|
GAAP operating income (loss)
|
(3,394
|
)
|
5,873
|
1,769
|
13,357
|
|||||||||||
|
Stock-based compensation
|
7,631
|
4,591
|
17,695
|
12,202
|
||||||||||||
|
Amortization of intangible assets
|
992
|
464
|
2,712
|
1,393
|
||||||||||||
|
Litigation costs
|
-
|
67
|
-
|
288
|
||||||||||||
|
Acquisition costs
|
-
|
629
|
1,142
|
629
|
||||||||||||
|
Non-GAAP operating income
|
5,229
|
11,624
|
23,318
|
27,869
|
||||||||||||
|
|
||||||||||||||||
|
GAAP financial income, net
|
1,350
|
1,013
|
6,034
|
4,870
|
||||||||||||
|
Exchange rate differences, net on balance sheet items included in financial income (loss), net
|
1,100
|
388
|
(1,714
|
)
|
219
|
|||||||||||
|
Non-GAAP financial income, net
|
2,450
|
1,401
|
4,320
|
5,089
|
||||||||||||
|
|
||||||||||||||||
|
GAAP income (loss) before taxes on income
|
(2,044
|
)
|
6,886
|
7,803
|
18,227
|
|||||||||||
|
Stock-based compensation
|
7,631
|
4,591
|
17,695
|
12,202
|
||||||||||||
|
Amortization of intangible assets
|
992
|
464
|
2,712
|
1,393
|
||||||||||||
|
Litigation costs
|
-
|
67
|
-
|
288
|
||||||||||||
|
Acquisition costs
|
-
|
629
|
1,142
|
629
|
||||||||||||
|
Exchange rate differences, net on balance sheet items included in financial income (loss), net
|
1,100
|
388
|
(1,714
|
)
|
219
|
|||||||||||
|
Non-GAAP income before taxes on income
|
7,679
|
13,025
|
27,638
|
32,958
|
||||||||||||
|
|
||||||||||||||||
|
GAAP taxes on income
|
920
|
1,921
|
3,845
|
4,825
|
||||||||||||
|
Tax related adjustments
|
62
|
62
|
185
|
185
|
||||||||||||
|
Non-GAAP taxes on income
|
982
|
1,983
|
4,030
|
5,010
|
||||||||||||
|
|
||||||||||||||||
|
GAAP net income (loss)
|
(2,964
|
)
|
4,965
|
3,958
|
13,402
|
|||||||||||
|
Stock-based compensation
|
7,631
|
4,591
|
17,695
|
12,202
|
||||||||||||
|
Amortization of intangible assets
|
992
|
464
|
2,712
|
1,393
|
||||||||||||
|
Litigation costs
|
-
|
67
|
-
|
288
|
||||||||||||
|
Acquisition costs
|
-
|
629
|
1,142
|
629
|
||||||||||||
|
Exchange rate differences, net on balance sheet items included in financial income, net
|
1,100
|
388
|
(1,714
|
)
|
219
|
|||||||||||
|
Tax related adjustments
|
(62
|
)
|
(62
|
)
|
(185
|
)
|
(185
|
)
|
||||||||
|
Non-GAAP net income
|
6,697
|
11,042
|
23,608
|
27,948
|
||||||||||||
|
|
||||||||||||||||
|
GAAP diluted net earnings (loss) per share
|
(0.07
|
)
|
0.104
|
0.09
|
0.28
|
|||||||||||
|
Stock-based compensation
|
0.17
|
0.096
|
0.38
|
0.26
|
||||||||||||
|
Amortization of intangible assets
|
0.02
|
0.010
|
0.06
|
0.03
|
||||||||||||
|
Litigation costs
|
0.00
|
0.001
|
0.00
|
0.01
|
||||||||||||
|
Acquisition costs
|
0.00
|
0.013
|
0.02
|
0.01
|
||||||||||||
|
Exchange rate differences, net on balance sheet items included in financial income (loss), net
|
0.02
|
0.008
|
(0.04
|
)
|
0.00
|
|||||||||||
|
Tax related adjustments
|
(0.00
|
)
|
(0.001
|
)
|
(0.00
|
)
|
(0.00
|
)
|
||||||||
|
Non-GAAP diluted net earnings per share
|
0.15
|
0.23
|
0.51
|
0.59
|
||||||||||||
|
|
||||||||||||||||
|
Weighted average number of shares used to compute non-GAAP diluted net earnings per share
|
45,623,336
|
47,620,254
|
46,189,437
|
47,451,932
|
||||||||||||
Radware Ltd.
RECONCILIATION OF GAAP NET INCOME 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,
|
||||||||||||||
|
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
||||||||||||
|
GAAP net income (loss)
|
(2,964
|
)
|
4,965
|
3,958
|
13,402
|
|||||||||||
|
Exclude: Financial income, net.
|
(1,350
|
)
|
(1,013
|
)
|
(6,034
|
)
|
(4,870
|
)
|
||||||||
|
Exclude: Depreciation and amortization expense
|
3,097
|
2,527
|
8,814
|
7,712
|
||||||||||||
|
Exclude: Taxes on income
|
920
|
1,921
|
3,845
|
4,825
|
||||||||||||
|
EBITDA
|
(297
|
)
|
8,400
|
10,583
|
21,069
|
|||||||||||
|
|
||||||||||||||||
|
Stock-based compensation
|
7,631
|
4,591
|
17,695
|
12,202
|
||||||||||||
|
Litigation costs
|
-
|
67
|
-
|
288
|
||||||||||||
|
Acquisition costs
|
-
|
629
|
1,142
|
629
|
||||||||||||
|
Exchange rate differences, net.
|
1,100
|
388
|
(1,714
|
)
|
219
|
|||||||||||
|
Tax related adjustments
|
(62
|
)
|
(62
|
)
|
(185
|
)
|
(185
|
)
|
||||||||
|
Adjusted EBITDA
|
8,372
|
14,013
|
27,521
|
34,222
|
||||||||||||
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,
|
||||||||||||||
|
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
||||||||||||
|
Cash flow from operating activities:
|
||||||||||||||||
|
|
||||||||||||||||
|
Net income (loss)
|
(2,964
|
)
|
4,965
|
3,958
|
13,402
|
|||||||||||
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||||||||||
|
Depreciation and amortization
|
3,097
|
2,527
|
8,814
|
7,712
|
||||||||||||
|
Stock-based compensation
|
7,631
|
4,591
|
17,695
|
12,202
|
||||||||||||
|
Amortization of premium, accretion of discounts and accrued interest on marketable securities, net
|
193
|
768
|
1,579
|
1,903
|
||||||||||||
|
Gain related to securities, net
|
(4
|
)
|
(327
|
)
|
(64
|
)
|
(424
|
)
|
||||||||
|
Increase (decrease) in accrued interest on bank deposits
|
(1,128
|
)
|
1,504
|
(1,056
|
)
|
1,421
|
||||||||||
|
Increase (decrease) in accrued severance pay, net
|
(176
|
)
|
88
|
(82
|
)
|
453
|
||||||||||
|
Decrease (increase) in trade receivables, net
|
(1,509
|
)
|
7,023
|
(160
|
)
|
5,372
|
||||||||||
|
Decrease (increase) in other receivables and prepaid expenses and other long-term assets
|
3,852
|
(627
|
)
|
(473
|
)
|
(10,606
|
)
|
|||||||||
|
Decrease in inventories
|
549
|
797
|
726
|
1,532
|
||||||||||||
|
Increase (decrease) in trade payables
|
(670
|
)
|
(2,554
|
)
|
2,460
|
(888
|
)
|
|||||||||
|
Increase (decrease) in deferred revenues
|
(8,609
|
)
|
(2,317
|
)
|
11,891
|
9,073
|
||||||||||
|
Increase (decrease) in other payables and accrued expenses
|
1,463
|
1,280
|
(20,719
|
)
|
1,951
|
|||||||||||
|
Operating lease liabilities, net
|
(209
|
)
|
161
|
(1,981
|
)
|
(263
|
)
|
|||||||||
|
Net cash provided by operating activities
|
1,516
|
17,879
|
22,588
|
42,840
|
||||||||||||
|
|
||||||||||||||||
|
Cash flows from investing activities:
|
||||||||||||||||
|
|
||||||||||||||||
|
Purchase of property and equipment
|
(2,549
|
)
|
(1,458
|
)
|
(7,046
|
)
|
(3,950
|
)
|
||||||||
|
Proceeds from other long-term assets, net
|
69
|
11
|
106
|
42
|
||||||||||||
|
Proceeds from (investment in) bank deposits, net
|
1,000
|
(154
|
)
|
(19,201
|
)
|
4,280
|
||||||||||
|
Investment in, redemption of and purchase of marketable securities, net
|
(862
|
)
|
(15,852
|
)
|
(5,502
|
)
|
(7,518
|
)
|
||||||||
|
Payment for the acquisition of intangible assets
|
-
|
-
|
(30,000
|
)
|
-
|
|||||||||||
|
Net cash used in investing activities
|
(2,342
|
)
|
(17,453
|
)
|
(61,643
|
)
|
(7,146
|
)
|
||||||||
|
|
||||||||||||||||
|
Cash flows from financing activities:
|
||||||||||||||||
|
|
||||||||||||||||
|
Proceeds from exercise of stock options
|
401
|
1,917
|
1,202
|
7,762
|
||||||||||||
|
Repurchase of shares
|
(6,305
|
)
|
(195
|
)
|
(47,191
|
)
|
(35,022
|
)
|
||||||||
|
Proceeds from issuance of Preferred A shares in subsidiary
|
-
|
-
|
35,000
|
-
|
||||||||||||
|
Net cash provided by (used in) financing activities
|
(5,904
|
)
|
1,722
|
(10,989
|
)
|
(27,260
|
)
|
|||||||||
|
|
||||||||||||||||
|
Increase (decrease) in cash and cash equivalents
|
(6,730
|
)
|
2,148
|
(50,044
|
)
|
8,434
|
||||||||||
|
Cash and cash equivalents at the beginning of the period
|
49,199
|
61,057
|
92,513
|
54,771
|
||||||||||||
|
Cash and cash equivalents at the end of the period
|
42,469
|
63,205
|
42,469
|
63,205
|
||||||||||||