EX-99.1 2 exhibit_99-1.htm EXHIBIT 99.1
Exhibit 99.1


Radware Reports Fourth Quarter and Full Year 2022 Financial Results
Recurring revenue increased to 68%, full year 2022 cloud and subscription revenue increased 13%

Fourth Quarter 2022 Results and Financial Highlights

 •
Revenue of $74.1 million, down 3% year-over-year

•
Non-GAAP gross margin of 82.7% compared to 82.4% in the fourth quarter of 2021

•
Non-GAAP EPS of $0.17; GAAP net loss per share of $0.09

Full Year 2022 Results and Financial Highlights

 •
Revenue of $293.4 million, up 2% year-over-year

•
ARR of $202.4 million, up 7% year-over-year

•
Non-GAAP gross margin of 83.0% compared to 82.4% in 2021

•
Non-GAAP EPS of $0.68; GAAP EPS of $0.00

TEL AVIV, Israel, Feb. 8, 2023 - Radware® (NASDAQ: RDWR), a leading provider of cyber security and application delivery solutions, today announced its consolidated financial results for the fourth quarter and full year ended December 31, 2022.

“For the fourth quarter and full year of 2022, I’m pleased to report solid results, which were in-line with our guidance. The results were driven mainly by cloud and subscription revenue, which delivered double-digit growth during 2022, as well as a record number of new cloud wins in the fourth quarter,” said Roy Zisapel, Radware’s president and CEO. “While headwinds in the macro environment may continue to impact our results in the coming year, we remain optimistic about our long-term growth potential given the market adoption of our products. In 2023, the cloud will continue to play a pivotal role in our strategy as we increase our focus on our cloud security solutions, grow our presence in the mid-sized enterprise market, and expand our channel partnerships. Coupled with disciplined expense management, we remain committed to driving profitable growth.”

Financial Highlights for the Fourth Quarter and Full Year 2022
Revenue for the fourth quarter and full year of 2022 totaled $74.1 million and $293.4 million, respectively:


 •
Revenue in the Americas region was $31.9 million for the fourth quarter of 2022, an increase of 2% from $31.2 million in the fourth quarter of 2021. Revenue in the Americas region for the full year of 2022 was $123.9 million, a decrease of 4% from $128.8 million in the full year of 2021.


•
Revenue in the Europe, Middle East, and Africa (“EMEA”) region was $24.3 million for the fourth quarter of 2022, a decrease of 18% from $29.7 million in the fourth quarter of 2021. Revenue in the EMEA region for the full year of 2022 was $104.2 million, up 6% from $98.4 million for the full year of 2021.


•
Revenue in the Asia-Pacific (“APAC”) region was $17.9 million for the fourth quarter of 2022, an increase of 14% from $15.7 million in the fourth quarter of 2021. Revenue in the APAC region for the full year of 2022 was $65.3 million, up 10% from $59.3 million for the full year of 2021.

GAAP net loss for the fourth quarter of 2022 was $4.1 million, or $(0.09) per diluted share, compared to GAAP net loss of $5.6 million, or $(0.12) per diluted share, for the fourth quarter of 2021. GAAP net loss for the full year of 2022 was $0.2 million, or $0.00 per diluted share, compared to GAAP net income of $7.8 million, or $0.16 per diluted share, for the full year of 2021.

Non-GAAP net income for the fourth quarter of 2022 was $7.7 million, or $0.17 per diluted share, compared to non-GAAP net income of $10.3 million, or $0.22 per diluted share, for the fourth quarter of 2021. Non-GAAP net income for the full year of 2022 was $31.3 million, or $0.68 per diluted share, compared to non-GAAP net income of $38.3 million, or $0.81 per diluted share, for the full year of 2021.

As of December 31, 2022, the Company had cash, cash equivalents, short-term and long-term bank deposits, and marketable securities of $432.0 million. Net cash provided by operating activities was $9.6 million in the fourth quarter of 2022 and $32.1 million for the full year 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 of 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, February 8, 2023, at 8:30 a.m. EST to discuss its fourth quarter and full year 2022 results and the Company’s 2023 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.

©2023 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)

   
December 31,
    
December 31,
  
   
2022
    
2021
  
   
(Unaudited)
    
(Unaudited)
  
Assets
            
             
Current assets
            
Cash and cash equivalents
    
46,185
      
92,513
  
Marketable securities
    
44,180
      
39,497
  
Short-term bank deposits
    
207,679
      
155,879
  
Trade receivables, net
    
17,752
      
13,191
  
Other receivables and prepaid expenses
    
8,646
      
8,046
  
Inventories
    
11,428
      
11,580
  
     
335,870
      
320,706
  
                 
Long-term investments
                
Marketable securities
    
90,148
      
98,224
  
Long-term bank deposits
    
43,765
      
79,708
  
Severance pay funds
    
2,146
      
2,454
  
     
136,059
      
180,386
  
                 
Property and equipment, net
    
21,068
      
20,240
  
Intangible assets, net
    
19,686
      
10,731
  
Other long-term assets
    
43,636
      
37,334
  
Operating lease right-of-use assets
    
23,078
      
24,829
  
Goodwill
    
68,008
      
41,144
  
Total assets
    
647,405
      
635,370
  
                 
Liabilities and equity
                
                 
Current liabilities
                
Trade payables
    
8,067
      
4,310
  
Deferred revenues
    
108,243
      
99,922
  
Operating lease liabilities
    
4,685
      
5,090
  
Other payables and accrued expenses
    
45,444
      
56,565
  
     
166,439
      
165,887
  
                 
Long-term liabilities
                
Deferred revenues
    
72,219
      
67,065
  
Operating lease liabilities
    
19,461
      
22,360
  
Other long-term liabilities
    
20,843
      
10,065
  
     
112,523
      
99,490
  
                 
Equity
                
Radware Ltd. equity
                
Share capital
    
732
      
730
  
Additional paid-in capital
    
498,168
      
471,173
  
Accumulated other comprehensive loss, net of tax
    
(4,844
)
    
(455
)
Treasury stock, at cost
    
(303,299
)
    
(243,023
)
Retained earnings
    
141,402
      
141,568
  
Total Radware Ltd. shareholder's equity
    
332,159
      
369,993
  
                 
Non–controlling interest
    
36,284
      
-
  
                 
Total equity
    
368,443
      
369,993
  
                 
Total liabilities and equity
    
647,405
      
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 year ended
  
   
December 31,
    
December 31,
  
   
2022
    
2021
    
2022
    
2021
  
   
(Unaudited)
    
(Unaudited)
    
(Unaudited)
    
(Unaudited)
  
                         
Revenues
    
74,083
      
76,642
      
293,426
      
286,496
  
Cost of revenues
    
13,917
      
14,048
      
53,884
      
52,446
  
Gross profit
    
60,166
      
62,594
      
239,542
      
234,050
  
                                 
Operating expenses, net:
                                
Research and development, net
    
22,486
      
19,597
      
86,562
      
74,098
  
Selling and marketing
    
32,544
      
32,015
      
126,533
      
119,842
  
General and administrative
    
10,244
      
6,114
      
29,786
      
21,885
  
Total operating expenses, net
    
65,274
      
57,726
      
242,881
      
215,825
  
                                 
Operating income (loss)
    
(5,108
)
    
4,868
      
(3,339
)
    
18,225
  
Financial income (expense), net
    
2,018
      
(463
)
    
8,052
      
4,407
  
Income (loss) before taxes on income
    
(3,090
)
    
4,405
      
4,713
      
22,632
  
Taxes on income
    
1,034
      
9,996
      
4,879
      
14,821
  
Net income (loss)
    
(4,124
)
    
(5,591
)
    
(166
)
    
7,811
  
                                 
   Basic net earnings (loss) per share attributed to Radware Ltd.'s shareholders
    
(0.09
)
    
(0.12
)
    
(0.00
)
    
0.17
  
                                 
   Weighted average number of shares used to compute basic net earnings (loss) per share
    
44,586,590
      
46,004,419
      
44,943,168
      
45,919,835
  
                                 
   Diluted net earnings (loss) per share attributed to Radware Ltd.'s shareholders
    
(0.09
)
    
(0.12
)
    
(0.00
)
    
0.16
  
                                 
   Weighted average number of shares used to compute diluted net earnings (loss) per share
    
44,586,590
      
46,004,419
      
44,943,168
      
47,503,091
  

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 year ended
  
   
December 31,
    
December 31,
  
   
2022
    
2021
    
2022
    
2021
  
   
(Unaudited)
    
(Unaudited)
    
(Unaudited)
    
(Unaudited)
  
GAAP gross profit
    
60,166
      
62,594
      
239,542
      
234,050
  
Stock-based compensation
    
112
      
87
      
399
      
236
  
Amortization of intangible assets
    
992
      
465
      
3,704
      
1,858
  
Non-GAAP gross profit
    
61,270
      
63,146
      
243,645
      
236,144
  
                                 
GAAP research and development, net
    
22,486
      
19,597
      
86,562
      
74,098
  
Stock-based compensation
    
2,073
      
1,626
      
7,292
      
5,412
  
Non-GAAP Research and development, net
    
20,413
      
17,971
      
79,270
      
68,686
  
                                 
GAAP selling and marketing
    
32,544
      
32,015
      
126,533
      
119,842
  
Stock-based compensation
    
2,993
      
2,517
      
11,241
      
8,811
  
Non-GAAP selling and marketing
    
29,551
      
29,498
      
115,292
      
111,031
  
                                 
GAAP general and administrative
    
10,244
      
6,114
      
29,786
      
21,885
  
Stock-based compensation
    
4,480
      
1,142
      
8,421
      
3,115
  
Litigation costs
    
-
      
-
      
-
      
288
  
Acquisition costs
    
819
      
296
      
1,961
      
925
  
Non-GAAP general and administrative
    
4,945
      
4,676
      
19,404
      
17,557
  
                                 
GAAP total operating expenses, net
    
65,274
      
57,726
      
242,881
      
215,825
  
Stock-based compensation
    
9,546
      
5,285
      
26,954
      
17,338
  
Litigation costs
    
-
      
-
      
-
      
288
  
Acquisition costs
    
819
      
296
      
1,961
      
925
  
Non-GAAP total operating expenses, net
    
54,909
      
52,145
      
213,966
      
197,274
  
                                 
GAAP operating income (loss)
    
(5,108
)
    
4,868
      
(3,339
)
    
18,225
  
Stock-based compensation
    
9,658
      
5,372
      
27,353
      
17,574
  
Amortization of intangible assets
    
992
      
465
      
3,704
      
1,858
  
Litigation costs
    
-
      
-
      
-
      
288
  
Acquisition costs
    
819
      
296
      
1,961
      
925
  
Non-GAAP operating income
    
6,361
      
11,001
      
29,679
      
38,870
  
                                 
GAAP financial income (loss), net
    
2,018
      
(463
)
    
8,052
      
4,407
  
Exchange rate differences, net on balance sheet items included in financial income (loss), net
    
413
      
1,592
      
(1,301
)
    
1,811
  
Non-GAAP financial income, net
    
2,431
      
1,129
      
6,751
      
6,218
  
                                 
GAAP income (loss) before taxes on income
    
(3,090
)
    
4,405
      
4,713
      
22,632
  
Stock-based compensation
    
9,658
      
5,372
      
27,353
      
17,574
  
Amortization of intangible assets
    
992
      
465
      
3,704
      
1,858
  
Litigation costs
    
-
      
-
      
-
      
288
  
Acquisition costs
    
819
      
296
      
1,961
      
925
  
Exchange rate differences, net on balance sheet items included in financial income (loss), net
    
413
      
1,592
      
(1,301
)
    
1,811
  
Non-GAAP income before taxes on income
    
8,792
      
12,130
      
36,430
      
45,088
  
                                 
GAAP taxes on income
    
1,034
      
9,996
      
4,879
      
14,821
  
Tax settlement
    
-
      
(8,247
)
    
-
      
(8,247
)
Tax related adjustments
    
61
      
61
      
246
      
246
  
Non-GAAP taxes on income
    
1,095
      
1,810
      
5,125
      
6,820
  
                                 
GAAP net income (loss)
    
(4,124
)
    
(5,591
)
    
(166
)
    
7,811
  
Stock-based compensation
    
9,658
      
5,372
      
27,353
      
17,574
  
Amortization of intangible assets
    
992
      
465
      
3,704
      
1,858
  
Litigation costs
    
-
      
-
      
-
      
288
  
Acquisition costs
    
819
      
296
      
1,961
      
925
  
Exchange rate differences, net on balance sheet items included in financial income, net
    
413
      
1,592
      
(1,301
)
    
1,811
  
Tax settlement
    
-
      
8,247
      
-
      
8,247
  
Tax related adjustments
    
(61
)
    
(61
)
    
(246
)
    
(246
)
Non-GAAP net income
    
7,697
      
10,320
      
31,305
      
38,268
  
                                 
GAAP diluted net earnings (loss) per share
    
(0.09
)
    
(0.12
)
    
(0.00
)
    
0.16
  
Stock-based compensation
    
0.21
      
0.11
      
0.60
      
0.37
  
Amortization of intangible assets
    
0.02
      
0.01
      
0.08
      
0.04
  
Litigation costs
    
0.00
      
0.00
      
0.00
      
0.01
  
Acquisition costs
    
0.02
      
0.01
      
0.04
      
0.02
  
Exchange rate differences, net on balance sheet items included in financial income (loss), net
    
0.01
      
0.03
      
(0.03
)
    
0.04
  
Tax settlement
    
0.00
      
0.17
      
0.00
      
0.17
  
Tax related adjustments
    
(0.00
)
    
(0.00
)
    
(0.01
)
    
(0.01
)
Non-GAAP diluted net earnings per share
    
0.17
      
0.22
      
0.68
      
0.81
  
                                 
Weighted average number of shares used to compute Non-GAAP diluted net earnings per share
    
45,227,288
      
47,655,351
      
45,947,476
      
47,503,091
  

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 twelve months ended
  
   
December 31,
    
December 31,
  
   
2022
    
2021
    
2022
    
2021
  
   
(Unaudited)
    
(Unaudited)
    
(Unaudited)
    
(Unaudited)
  
GAAP net income (loss)
    
(4,124
)
    
(5,591
)
    
(166
)
    
7,811
  
Exclude:  Financial expense (income), net
    
(2,018
)
    
463
      
(8,052
)
    
(4,407
)
Exclude:  Depreciation and amortization expense
    
2,878
      
2,484
      
11,692
      
10,196
  
Exclude:  Taxes on income
    
1,034
      
9,996
      
4,879
      
14,821
  
EBITDA
    
(2,230
)
    
7,352
      
8,353
      
28,421
  
                                 
Share-based compensation
    
9,658
      
5,372
      
27,353
      
17,574
  
Litigation costs
    
-
      
-
      
-
      
288
  
Acquisition costs
    
819
      
296
      
1,961
      
925
  
Adjusted EBITDA
    
8,247
      
13,020
      
37,667
      
47,208
  

   
For the three months ended
    
For the twelve months ended
  
   
December 31,
    
December 31,
  
     
2022
      
2021
      
2022
      
2021
  
                                 
Amortization of intangible assets
    
992
      
465
      
3,704
      
1,858
  
 
                                
Depreciation
    
1,886
      
2,019
      
7,988
      
8,338
  
                                 
     
2,878
      
2,484
      
11,692
      
10,196
  

Radware Ltd.
Condensed Consolidated Statements of Cash Flow
(U.S. Dollars in thousands)

   
For the three months ended
    
For the year ended
  
   
December 31,
    
December 31,
  
   
2022
    
2021
    
2022
    
2021
  
   
(Unaudited)
    
(Unaudited)
    
(Unaudited)
    
(Unaudited)
  
Cash flow from operating activities:
                        
                         
Net income (loss)
    
(4,124
)
    
(5,591
)
    
(166
)
    
7,811
  
Adjustments to reconcile net income to net cash provided by operating activities:
                  
Depreciation and amortization
    
2,878
      
2,484
      
11,692
      
10,196
  
Share-based compensation
    
9,658
      
5,372
      
27,353
      
17,574
  
Amortization of premium, accretion of discounts and accrued interest on marketable securities, net
    
766
      
817
      
2,345
      
2,720
  
Gain related to securities, net
    
(4
)
    
(14
)
    
(68
)
    
(438
)
Increase (decrease) in accrued interest on bank deposits
    
(1,424
)
    
1,003
      
(2,480
)
    
2,424
  
Increase in accrued severance pay, net
    
301
      
15
      
219
      
468
  
Decrease (increase) in trade receivables, net
    
(4,401
)
    
(1,715
)
    
(4,561
)
    
3,657
  
Decrease (increase) in other receivables and prepaid expenses and other long-term assets
    
(5,243
)
    
2,515
      
(5,716
)
    
(8,091
)
Decrease (increase) in inventories
    
(574
)
    
823
      
152
      
2,355
  
Increase in trade payables
    
1,297
      
1,316
      
3,757
      
428
  
Increase in deferred revenues
    
1,584
      
10,990
      
13,475
      
20,063
  
Increase (decrease) in other payables and accrued expenses
    
8,418
      
10,287
      
(12,301
)
    
12,238
  
Operating lease liabilities, net
    
428
      
632
      
(1,553
)
    
369
  
Net cash provided by operating activities
    
9,560
      
28,934
      
32,148
      
71,774
  
                                 
Cash flows from investing activities:
                                
                                 
Purchase of property and equipment
    
(1,768
)
    
(1,653
)
    
(8,814
)
    
(5,603
)
Proceeds from (investment in) other long-term assets, net
    
(71
)
    
7
      
35
      
49
  
Proceeds from (investment in) bank deposits, net
    
5,824
      
20,168
      
(13,377
)
    
24,448
  
Investment in, redemption of and purchase of marketable securities ,net
    
1,640
      
(3,527
)
    
(3,862
)
    
(11,045
)
Payment for the business acquisition of SecurityDAM Ltd.
    
-
      
-
      
(30,000
)
    
-
  
Net cash provided by (used in) investing activities
    
5,625
      
14,995
      
(56,018
)
    
7,849
  
                                 
Cash flows from financing activities:
                                
                                 
Proceeds from exercise of share options
    
832
      
2,828
      
2,034
      
10,590
  
Repurchase of shares
    
(12,301
)
    
(17,449
)
    
(59,492
)
    
(52,471
)
Proceeds from issuance of Preferred A shares in subsidiary
    
-
      
-
      
35,000
      
-
  
Net cash used in financing activities
    
(11,469
)
    
(14,621
)
    
(22,458
)
    
(41,881
)
                                 
Increase (decrease) in cash and cash equivalents
    
3,716
      
29,308
      
(46,328
)
    
37,742
  
Cash and cash equivalents at the beginning of the period
    
42,469
      
63,205
      
92,513
      
54,771
  
Cash and cash equivalents at the end of the period
    
46,185
      
92,513
      
46,185
      
92,513