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MAHWAH, N.J., Nov. 20, 2024 (GLOBE NEWSWIRE) -- Radware® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, announced it will be providing Hybrid Cloud DDoS Protection Services for one of the top 10 colleges and universities in the Midwestern United States. Today, Radware provides cybersecurity services for hundreds of education institutions worldwide. For its approximately 50,000 students, the Midwest institution supports hundreds of undergraduate, ...

MAHWAH, N.J., Nov. 19, 2024 (GLOBE NEWSWIRE) -- Radware® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, today launched its AI SOC Xpert. The new cloud security service redefines how modern security operation centers (SOCs) manage DDoS and application security incidents, leveraging AI-based technology to drastically cut mean time to resolution (MTTR) by up to 95%. Designed to instantly resolve incidents, the innovative technology provides SOC team ...

Financial Data and Key Metrics Changes - Revenue for Q3 2024 reached $69.5 million, up from $61.6 million in the same period last year, representing a 13% year-over-year growth [18] - Non-GAAP EPS for Q3 2024 was $0.23, more than triple the EPS recorded in Q3 2023 [5][22] - Total ARR increased by 9% year-over-year to $223.6 million, with cloud ARR rising 15% to $71.6 million [18] - Gross margin in Q3 2024 was 82.3%, an expansion of 120 basis points from Q3 2023 [20] - Net income in Q3 2024 more than tripled to $10.2 million compared to $2.9 million in the same period last year [22] Business Line Data and Key Metrics Changes - Cloud security business grew with a record number of new cloud customers, contributing to 15% year-over-year growth in cloud ARR [6] - Total subscription revenue grew double-digits and now accounts for 47% of total revenue [8] - Significant strength in security product subscriptions driven by the DefensePro X refresh [8] Market Data and Key Metrics Changes - Revenue in the Americas grew 11% year-over-year to $27.7 million, accounting for 40% of total revenue [19] - EMEA revenue increased 30% year-over-year to $25.2 million, accounting for 36% of total revenue [19] - APAC revenue was $16.6 million, representing a decrease of 5% year-over-year [19] Company Strategy and Development Direction - The company is focused on accelerating growth in cloud security by expanding its channel and global cloud security network [6] - Strategic initiatives include broadening the cloud security platform and launching new services like Threat Intelligence Service and AI SOC expert for DDoS services [13][14] - The company aims to strengthen sales and marketing capabilities to capture market share in high-growth areas [21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future despite a challenging economic environment and cautious spending behavior from customers [5] - The company expects total revenue for Q4 2024 to be in the range of $71 million to $72 million [24] - Management highlighted the potential for growth in North America, particularly in the security MSSP and 5G deployment sectors [34] Other Important Information - The company ended Q3 2024 with approximately $412 million in cash, cash equivalents, bank deposits, and marketable securities [23] - Adjusted EBITDA for Q3 increased to $9.2 million compared to $1.6 million in the same period last year [22] Q&A Session Summary Question: Inquiry about DefensePro X upgrade and current shipments - Management indicated that the migration to DefensePro X is a process, especially with large customers, and noted significant advantages in security with the new platform [26] Question: Clarification on subscription revenue percentage - Management confirmed that 47% of total revenues in Q3 were from subscriptions, with 46% year-to-date [31] Question: Discussion on EMEA market performance - Management expressed satisfaction with EMEA performance, highlighting strong cloud deals and cooperation with partners like Cisco and Check Point [32] Question: Concerns about softer performance in the Americas - Management acknowledged weaker service provider spending in North America but maintained high expectations for future growth [34]

Group 1 - Radware reported quarterly earnings of $0.23 per share, exceeding the Zacks Consensus Estimate of $0.20 per share, and showing a significant increase from $0.07 per share a year ago, representing an earnings surprise of 15% [1] - The company achieved revenues of $69.49 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 1.59%, and up from $61.61 million in the same quarter last year [2] - Radware has outperformed the S&P 500, with shares increasing about 33% since the beginning of the year compared to the S&P 500's gain of 21.9% [3] Group 2 - The current consensus EPS estimate for the upcoming quarter is $0.22 on revenues of $70.35 million, and for the current fiscal year, it is $0.78 on revenues of $271.05 million [7] - The Internet - Software industry, to which Radware belongs, is currently ranked in the top 29% of over 250 Zacks industries, indicating a favorable outlook for the sector [8]

Radware Third Quarter 2024 Financial Results [Financial Highlights](index=1&type=section&id=Financial%20Highlights) Radware reported strong financial results for the third quarter of 2024, featuring a 13% year-over-year revenue increase to **$69.5 million**, a shift from GAAP net loss to a GAAP net income of **$3.1 million**, driven by EMEA growth and subscription revenue success Q3 2024 Key Financial Metrics vs. Q3 2023 | Metric | Q3 2024 | Q3 2023 | Change | | :--- | :--- | :--- | :--- | | **Revenue** | $69.5 million | $61.6 million | +13% YoY | | **Cloud ARR** | $71.6 million | N/A | +15% YoY | | **GAAP Net Income (Loss)** | $3.1 million | $(6.9) million | Significant Improvement | | **GAAP Diluted EPS** | $0.07 | $(0.16) | Significant Improvement | | **Non-GAAP Net Income** | $10.2 million | $2.9 million | +252% YoY | | **Non-GAAP Diluted EPS** | $0.23 | $0.07 | +229% YoY | | **Cash Flow from Operations** | $14.7 million | $(9.8) million | Significant Improvement | - CEO Roy Zisapel attributed the strong performance to double-digit growth in subscription revenue, robust sales of software subscriptions, and the ongoing success of the DefensePro X product[3](index=3&type=chunk) Q3 2024 Revenue by Geographic Region (in millions) | Region | Q3 2024 Revenue | Q3 2023 Revenue | Year-over-Year Change | | :--- | :--- | :--- | :--- | | **Americas** | $27.7 | $24.9 | +11% | | **EMEA** | $25.2 | $19.3 | +30% | | **APAC** | $16.6 | $17.4 | -5% | - As of September 30, 2024, the company maintained a strong liquidity position with cash, cash equivalents, bank deposits, and marketable securities totaling **$411.7 million**[5](index=5&type=chunk) [Consolidated Financial Statements](index=4&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements detail Radware's financial position and performance, showing increased total assets, a shift to profitability with a net income of **$3.1 million**, and strong operational cash generation of **$14.7 million** in Q3 2024 [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of September 30, 2024, Radware's total assets grew to **$608.2 million** from **$571.9 million** at year-end 2023, primarily driven by increased cash and cash equivalents, with total equity also rising to **$347.2 million** Balance Sheet Summary (in thousands) | Account | Sep 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Total current assets** | $365,620 | $375,928 | | **Total assets** | $608,177 | $571,916 | | **Total current liabilities** | $167,235 | $155,015 | | **Total liabilities** | $260,982 | $248,642 | | **Total equity** | $347,195 | $323,274 | | **Total liabilities and equity** | $608,177 | $571,916 | [Condensed Consolidated Statements of Income (Loss)](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20(Loss)) For Q3 2024, Radware reported revenues of **$69.5 million**, up from **$61.6 million** in Q3 2023, achieving a GAAP net income of **$3.1 million**, a significant improvement from a net loss of **$6.9 million** in the prior-year period Income Statement Highlights - Three Months Ended Sep 30 (in thousands) | Account | 2024 | 2023 | | :--- | :--- | :--- | | **Revenues** | $69,488 | $61,612 | | **Gross profit** | $56,096 | $48,774 | | **Total operating expenses, net** | $56,102 | $58,970 | | **Operating loss** | $(6) | $(10,196) | | **Net income (loss)** | $3,144 | $(6,851) | | **Diluted net income (loss) per share** | $0.07 | $(0.16) | [Condensed Consolidated Statements of Cash Flow](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flow) In Q3 2024, Radware generated **$14.7 million** in cash from operating activities, a substantial improvement from the **$9.8 million** used in Q3 2023, leading to a **$28.6 million** increase in cash and cash equivalents during the quarter Cash Flow Summary - Three Months Ended Sep 30 (in thousands) | Activity | 2024 | 2023 | | :--- | :--- | :--- | | **Net cash provided by (used in) operating activities** | $14,708 | $(9,783) | | **Net cash provided by investing activities** | $13,906 | $22,272 | | **Net cash used in financing activities** | $0 | $(22,711) | | **Increase (decrease) in cash and cash equivalents** | $28,614 | $(10,222) | | **Cash and cash equivalents at end of period** | $115,416 | $32,422 | [Reconciliation of GAAP to Non-GAAP Measures](index=6&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) Radware provides non-GAAP financial measures to offer a clearer view of its operational performance, with Q3 2024 non-GAAP net income at **$10.2 million** and Adjusted EBITDA at **$9.2 million**, significantly higher than GAAP figures [Reconciliation of GAAP to Non-GAAP Financial Information](index=6&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Information) The reconciliation details adjustments made to GAAP figures, including **$6.1 million** in share-based compensation and **$1.0 million** in amortization of intangible assets, resulting in a non-GAAP operating income of **$7.2 million** and non-GAAP net income of **$10.2 million** for Q3 2024 GAAP vs. Non-GAAP Reconciliation - Q3 2024 (in thousands) | Metric | GAAP | Adjustments | Non-GAAP | | :--- | :--- | :--- | :--- | | **Gross Profit** | $56,096 | $1,073 | $57,169 | | **Operating Income (Loss)** | $(6) | $7,209 | $7,203 | | **Net Income** | $3,144 | $7,061 | $10,205 | | **Diluted EPS** | $0.07 | $0.16 | $0.23 | [Reconciliation of GAAP Net Income (Loss) to EBITDA and Adjusted EBITDA](index=9&type=section&id=Reconciliation%20of%20GAAP%20Net%20Income%20(Loss)%20to%20EBITDA%20and%20Adjusted%20EBITDA) The company reconciles GAAP net income to Adjusted EBITDA, which for Q3 2024 was **$9.2 million**, a significant increase from **$1.6 million** in Q3 2023, primarily driven by higher net income and share-based compensation adjustments Adjusted EBITDA Reconciliation - Three Months Ended Sep 30 (in thousands) | Account | 2024 | 2023 | | :--- | :--- | :--- | | **GAAP net income (loss)** | $3,144 | $(6,851) | | **EBITDA** | $2,941 | $(7,171) | | **Share-based compensation** | $6,058 | $7,259 | | **Restructuring costs** | $0 | $1,273 | | **Acquisition costs** | $159 | $211 | | **Adjusted EBITDA** | $9,158 | $1,572 | [Supplementary Information](index=2&type=section&id=Supplementary%20Information) This section provides additional context for the financial report, including details for the investor conference call, an explanation of non-GAAP financial measures, the definition of Annual Recurring Revenue (ARR), and a Safe Harbor Statement regarding forward-looking statements - Management uses non-GAAP measures to allow for meaningful comparisons of operating results across periods by excluding items like stock-based compensation, amortization, and restructuring costs[11](index=11&type=chunk) - Annual Recurring Revenue (ARR) is defined as the annualized value of booked orders for term-based cloud services, subscription licenses, and maintenance contracts, and is considered a key indicator of the recurring components of the business[12](index=12&type=chunk) - The Safe Harbor Statement outlines various risks and uncertainties that could cause actual results to differ from forward-looking statements, including global economic conditions, competition, and supply chain issues[13](index=13&type=chunk)

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 announc ...

Core Viewpoint - Radware held its Annual General Meeting of Shareholders on October 10, 2024, where three proposals were presented, with one proposal regarding equity-based awards for the CEO not being adopted [1]. Company Overview - Radware is a global leader in application security and delivery solutions for multi-cloud environments, utilizing AI-driven algorithms for real-time protection against sophisticated cyber threats [2]. - The company's solutions are designed to help enterprises and carriers address evolving cybersecurity challenges while reducing operational costs [2]. Shareholder Meeting Outcomes - Out of the three proposals presented at the Annual General Meeting, two were adopted by the requisite shareholder vote, while the proposal for equity-based awards to the President and CEO was not approved [1].

MAHWAH, N.J., Oct. 03, 2024 (GLOBE NEWSWIRE) -- Radware® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, today introduced a new Threat Intelligence Service designed to help security operation center (SOC) teams, threat researchers, and incident responders enhance threat detection, identify compromised systems, and ultimately lower MTTR. The service, which is an expansion of Radware's cloud security platform, offers them unique, real-time intellige ...

TEL AVIV, Israel, Oct. 02, 2024 (GLOBE NEWSWIRE) -- Radware® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, will announce its third quarter 2024 financial results on Thursday, October 31, 2024. Conference Call Details Radware management will host a call on Thursday, October 31, 2024, at 8:30 a.m. EDT to discuss its third quarter 2024 results and outlook for the fourth quarter of 2024. Participants are advised to join the call approximately 15 min ...