Radware(RDWR) - 2023 Q4 - Annual Report

Financial Performance - Revenue for Q3 2023 totaled $61.6 million, down 13% year-over-year[5] - GAAP net loss for Q3 2023 was $6.9 million, or $(0.16) per diluted share, compared to a net loss of $3.0 million, or $(0.07) per diluted share in Q3 2022[3] - Non-GAAP net income for Q3 2023 was $2.9 million, or $0.07 per diluted share, down from $6.7 million, or $0.15 per diluted share in Q3 2022[4] - GAAP gross profit for Q3 2023 was $48,774 thousand, down 15.1% from $57,383 thousand in Q3 2022[23] - GAAP operating loss for Q3 2023 was $(10,196) thousand, compared to a loss of $(3,394) thousand in Q3 2022[23] - Adjusted EBITDA for Q3 2023 was $1,572 thousand, down 78.6% from $7,334 thousand in Q3 2022[27] Regional Revenue Breakdown - Revenue in the Americas region was $24.9 million, a decrease of 24% from $32.9 million in Q3 2022[6] - Revenue in the EMEA region was $19.3 million, down 13% from $22.2 million in Q3 2022[6] - Revenue in the APAC region was $17.4 million, an increase of 12% from $15.5 million in Q3 2022[6] Cash Flow and Liquidity - Cash flow from operations was negative $9.8 million in Q3 2023[4] - Cash flow from operating activities for Q3 2023 was $(9,783) thousand, compared to $1,516 thousand in Q3 2022[26] - The company reported a decrease in cash and cash equivalents to $32,422 thousand at the end of Q3 2023, down from $42,469 thousand at the end of Q3 2022[26] - As of September 30, 2023, the company had cash, cash equivalents, and marketable securities totaling $371.6 million[4] - The company made a payment of $(2,063) thousand for the business acquisition of SecurityDAM Ltd. during Q3 2023[26] Strategic Focus - The company plans to focus on growing the cloud security business while managing costs prudently[3] Non-GAAP Metrics - Non-GAAP gross profit for the nine months ended September 30, 2023, was $160,753 thousand, a decrease of 12.0% compared to $182,375 thousand in the same period of 2022[23] - Non-GAAP operating income for the nine months ended September 30, 2023, was $5,892 thousand, down 74.8% from $23,318 thousand in the same period of 2022[23] - Non-GAAP net income for the nine months ended September 30, 2023, was $13,474 thousand, a decrease of 42.9% from $23,608 thousand in the same period of 2022[24] - Cloud ARR grew to $62.5 million, representing a 25% increase year-over-year[5]