Radware(RDWR) - 2024 Q2 - Quarterly Report

Financial Performance - Revenue for Q1 2024 totaled $65.1 million, a decrease of 6% year-over-year[5] - GAAP net loss for Q1 2024 was $1.2 million, or $(0.03) per diluted share, compared to a net loss of $3.1 million, or $(0.07) per diluted share in Q1 2023[4] - Non-GAAP net income for Q1 2024 was $6.8 million, or $0.16 per diluted share, up from $6.1 million, or $0.14 per diluted share in Q1 2023[4] - GAAP gross profit for Q1 2024 was $52.273 million, down from $55.735 million in Q1 2023, representing a decrease of approximately 8.8%[25] - Non-GAAP operating income for Q1 2024 was $4.296 million, slightly down from $4.421 million in Q1 2023, indicating a decrease of about 2.8%[25] - Adjusted EBITDA for Q1 2024 was $6.247 million, down from $6.507 million in Q1 2023, a decline of approximately 4%[27] - The company reported a GAAP net loss of $1.222 million in Q1 2024, an improvement from a net loss of $3.081 million in Q1 2023[27] Revenue Breakdown - Revenue in the Americas region was $27.1 million, unchanged from Q1 2023[6] - EMEA region revenue decreased by 24% to $22.7 million from $29.7 million in Q1 2023[6] - APAC region revenue increased by 25% to $15.3 million from $12.2 million in Q1 2023[6] Cash Flow and Liquidity - Cash flow from operations was $21.1 million in Q1 2024[5] - Cash flow from operating activities improved significantly to $21.122 million in Q1 2024 compared to a cash outflow of $1.236 million in Q1 2023[29] - As of March 31, 2024, the company had cash, cash equivalents, and marketable securities totaling $382.8 million[7] - Cash and cash equivalents at the end of Q1 2024 were $74.626 million, up from $41.882 million at the end of Q1 2023, an increase of approximately 78.2%[29] Deferred Revenues - The company experienced an increase in deferred revenues to $8.894 million in Q1 2024, compared to $746,000 in Q1 2023, indicating strong future revenue recognition[29] Strategic Focus - The company aims to leverage growth in its cloud security business and partner channels to improve profitability in 2024[3] Operating Expenses - Total operating expenses decreased to $55.936 million in Q1 2024 from $61.316 million in Q1 2023, a reduction of approximately 8.7%[25] Cloud Performance - Cloud ARR reached $67.0 million, reflecting a 22% year-over-year growth[5]