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Radware Announces Fourth Quarter and Full Year 201

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Post# of 301275
(Total Views: 40)
Posted On: 02/08/2017 6:15:20 AM
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Posted By: News Desk 2018
Radware Announces Fourth Quarter and Full Year 2016 Earnings

Fourth Quarter 2016 Financial Highlights

  • Revenues of $ 51.7 Million
  • Non-GAAP EPS of $ 0.06; GAAP EPS of ( $0.05)
  • Cash flow from operations of $23.3 Million
  • Cash used for stock repurchase of $10.3 Million

Full Year 2016 Financial Highlights

  • Revenues of $ 196.6 Million
  • Non-GAAP EPS of $ 0.20; GAAP EPS of ( $0.20)
  • Cash flow from operations of $38.6 Million
  • Cash used for stock repurchase of $22.0 Million

TEL AVIV, Israel, Feb. 08, 2017 (GLOBE NEWSWIRE) --   Radware ® (NASDAQ: RDWR ), a leading provider of cyber security and application delivery solutions securing the digital experience for applications in virtual, cloud and software defined data centers, today announced its consolidated financial results for the quarter and year ended December 31, 2016.

“We reported solid results for the fourth quarter of 2016 and are very pleased with the underlying business trends, which led to record bookings for the quarter, primarily due to the success of our subscription and cloud security solutions,” said Roy Zisapel, Radware President & CEO. “Overall, our business continues its desired and strategic transition towards increased data center security sales and a growing proportion of service and subscription sales. We have expanded this offering last week with the acquisition of Seculert, which brings us cutting-edge cloud-based machine learning and big data analytics capabilities. Our comprehensive solution offering addresses the core challenges of applications delivery and security, and our flexible deployment models are aligned with the continued migration of applications to the cloud. Radware is therefore well positioned to deliver long term growth.”

Financial Highlights for the Fourth Quarter of 2016 Revenues for the fourth quarter of 2016 totaled $51.7 million, compared with revenues of $55.3 million for the fourth quarter of 2015, and revenues of $46.9 million for the third quarter of 2016.

Revenues in the Americas region were $22.7 million for the fourth quarter of 2016, up 8.7% from revenues of $20.9 in the fourth quarter of 2015. Revenues in the EMEA region were $14.9 million for the fourth quarter of 2016, down 16.0% from revenues of $17.8 in the fourth quarter of 2015. Revenues in the APAC region were $14.1 million for the fourth quarter of 2016, down 15.1% from revenues of $16.6 in the fourth quarter of 2015.

Net loss on a GAAP basis for the fourth quarter of 2016 was ($2.1) million or ($0.05) per share, compared with net income of $4.3 million or $0.09 per diluted share for the fourth quarter of 2015.

Non-GAAP net income for the fourth quarter of 2016 was $2.5 million or $0.06 per diluted share, compared with non- GAAP net income of $7.6 million or $0.17 per diluted share for the fourth quarter of 2015.

Financial Highlights for the Full Year of 2016 Revenues for the full year of 2016 totaled $196.6 million, compared with revenues of $216.6 million for the full year of 2015.

Revenues in the Americas region were $84.7 million for the full year of 2016, down 4.5% from revenues of $88.7 in the full year of 2015. Revenues in the EMEA region were $53.7 million for the full year of 2016, down 14.3% from revenues of $62.7 in the full year of 2015. Revenues in the APAC region were $58.1 million for the full year of 2016, down 10.8% from revenues of $65.2 in the full year of 2015.

Net loss on a GAAP basis for the full year of 2016 was ($8.7) million or ($0.20) per share, compared with net income of $18.6 million or $0.40 per diluted share for the full year of 2015.

Non-GAAP net income for the full year of 2016 was $8.9 million or $0.20 per diluted share, compared with non- GAAP net income of $33.7 million or $0.72 per diluted share for the full year of 2015.

Non-GAAP results are calculated excluding the impact of the patent litigation expense, stock-based compensation, exchange rate differences, net on balance sheet items and amortization of intangible assets. A reconciliation of each of the company’s non-GAAP measures to the comparable GAAP measured is included at the end of this press release.

As of December 31, 2016 the Company had cash, cash equivalents, short-term and long-term bank deposits and marketable securities of $320.1 million. Cash generated from operations in the fourth quarter of 2016 totaled $23.3 million. Cash used for share repurchase in the fourth quarter of 2016 totaled $10.3 million. Cash generated from operations in the full year of 2016 totaled $38.6 million. Cash used for share repurchase in the full year of 2016 totaled $22.0 million.

Conference Call

Radware management will host a call on Wednesday, February 8, 2017 at 8:30 am ET to discuss its fourth quarter and full year 2016 results and the company’s outlook for 2017.

Participants in the US call : Toll Free 866-393-4306

Participants Internationally call :  +1-734-385-2616 

Conference ID:   43641113

A replay will be available for 2 days, starting 2 hours after the end of the call, on telephone number +1-404-537-3406 or (US toll-free) 855-859-2056.  

A live webcast of the conference call can also be heard by accessing 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 In addition to reporting financial results in accordance with generally accepted accounting principles (GAAP), Radware uses non-GAAP measures of gross profit, operating income, financial income, net income and earnings per share, which are adjustments from results based on GAAP to exclude stock-based compensation expenses, in accordance with ASC No. 718, amortization of intangible assets, litigation costs and exchange rate differences, net on balance sheet items included in finance income. Such exchange rate differences may vary from period to period due to changes in exchange rates driven by general market conditions or other circumstances outside of the normal course of Radware's operations. Management believes that exclusion of these charges allows comparisons of operating results that are consistent across past, present and future periods. Furthermore, Radware uses a measure called “total deferred revenues” which is defined as the sum of short and long term deferred revenues on the balance sheet and uncollected billed amounts that were offset against trade receivables, and are not presented on the balance sheet. Radware’s management believes the non-GAAP financial information provided in this release is useful to investors for the purpose of understanding and assessing Radware’s ongoing operations. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of the non-GAAP financial measures discussed in this press release, to the most directly comparable GAAP financial measures, is included with the financial information contained in this press release. Management uses both GAAP and non-GAAP information in evaluating and operating business internally and, as such, has determined that it is important to provide this information to investors.

Safe Harbor Statement

This press release may contain statements concerning Radware’s future prospects that are “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Statements preceded by, followed by, or that otherwise include the words "believes", "expects", "anticipates", "intends", "estimates", "plans", and similar expressions or future or conditional verbs such as "will", "should", "would", "may" and "could" are generally forward-looking in nature and not historical facts. 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; changes in the competitive landscape; inability to realize our investment objectives; timely availability and customer acceptance of our new and existing products; risks and uncertainties relating to acquisitions, including costs and difficulties related to integration of acquired businesses; 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; Competition in the market for Application Delivery and Network Security solutions and our industry in general is intense; and other factors and risks on 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, reference is made to Radware’s most recent Annual Report on Form 20-F which is on file 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 application delivery and cyber security solutions for virtual, cloud and software defined data centers. Its award-winning solutions portfolio delivers service level assurance for business-critical applications, while maximizing IT efficiency. Radware’s solutions empower more than 10,000 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 www.radware.com

©2017 Radware Ltd. All rights reserved. Radware and all other Radware product and service names are registered trademarks or trademarks of Radware in the U.S. and other countries. All other trademarks and names are property of their respective owners.

Radware Ltd.
Condensed Consolidated Balance Sheets
(U.S. Dollars in thousands)
         
    December 31,   December 31,
    2016   2015
    (Unaudited)    
Assets        
         
Current assets        
Cash and cash equivalents   79,639     33,744  
Available-for-sales marketable securities   20,452     16,003  
Short-term bank deposits   125,995     80,922  
Trade receivables, net   19,407     26,410  
Other receivables and prepaid expenses   4,159     5,042  
Inventories   17,114     16,322  
    266,766     178,443  
         
Long-term investments        
Available-for-sales marketable securities   74,967     87,814  
Long-term bank deposits   19,092     96,643  
Severance pay funds   2,597     2,724  
    96,656     187,181  
         
         
Property and equipment, net   26,354     26,203  
Intangible assets, net   2,399     3,518  
Other assets   7,595     5,473  
Goodwill   30,069     30,069  
         
Total assets   429,839     430,887  
         
         
Liabilities and shareholders' equity        
         
Current Liabilities        
Trade payables   5,971     9,255  
Deferred revenues   53,061     46,061  
Other payables and accrued expenses   26,232     22,098  
    85,264     77,414  
         
Long-term liabilities        
Deferred revenues   31,100     25,136  
Other long-term liabilities   13,846     9,214  
    44,946     34,350  
         
Shareholders' equity        
Share capital   663     661  
Additional paid-in capital   325,204     312,784  
Accumulated other comprehensive income, net of tax   (20)     1,257  
Treasury stock, at cost   (116,029)     (94,049)  
Retained earnings   89,811     98,470  
Total shareholders' equity   299,629     319,123  
         
Total liabilities and shareholders' equity   429,839     430,887  
         
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,
    2016   2015   2016   2015
    (Unaudited)   (Unaudited)   (Unaudited)   (Audited)
                 
Revenues   51,712     55,256     196,585     216,566  
Cost of revenues   9,596     9,910     35,695     38,200  
Gross profit   42,116     45,346     160,890     178,366  
                 
Operating expenses:                
Research and development, net   12,235     12,972     51,732     49,987  
Selling and marketing   28,144     24,946     103,774     93,347  
General and administrative   4,226     4,055     18,133     17,033  
Total operating expenses   44,605     41,973     173,639     160,367  
                 
Operating income (loss)   (2,489)     3,373     (12,749)     17,999  
Financing income, net   863     2,394     5,741     5,867  
Income (loss) before taxes on income   (1,626)     5,767     (7,008)     23,866  
Taxes on income   (507)     (1,504)     (1,651)     (5,297)  
Net income (loss)   (2,133)     4,263     (8,659)     18,569  
                 
Basic net earnings (loss) per share   (0.05)     0.09     (0.20)     0.40  
                 
Weighted average number of shares used to compute basic net earnings (loss) per share   43,313,644     45,048,937     43,868,221     45,895,321  
                 
Diluted net earnings (loss) per share   (0.05)     0.09     (0.20)     0.40  
                 
Weighted average number of shares used to compute diluted net earnings (loss) per share   43,313,644     45,300,967     43,868,221     46,738,604  
                 
  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,
    2016   2015   2016   2015
    (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
GAAP gross profit 42,116     45,346   160,890     178,366
  Stock-based compensation 52     42   180     141
  Amortization of intangible assets 254     254   1,014     1,114
Non-GAAP gross profit 42,422     45,642   162,084     179,621
                 
GAAP research and development, net 12,235     12,972   51,732     49,987
  Stock-based compensation 948     575   3,339     2,456
Non-GAAP Research and development, net 11,287     12,397   48,393     47,531
                 
GAAP selling and marketing 28,144     24,946   103,774     93,347
  Stock-based compensation 1,743     1,187   5,661     4,098
  Amortization of intangible assets 26     29   105     124
Non-GAAP selling and marketing 26,375     23,730   98,008     89,125
                 
GAAP general and administrative 4,226     4,055   18,133     17,033
  Stock-based compensation 478     452   2,340     2,634
  Litigation related charges 784     744   4,270     3,383
Non-GAAP general and administrative 2,964     2,859   11,523     11,016
                 
GAAP total operating expenses 44,605     41,973   173,639     160,367
  Stock-based compensation 3,169     2,214   11,340     9,188
  Amortization of intangible assets 26     29   105     124
  Litigation related charges 784     744   4,270     3,383
Non-GAAP total operating expenses 40,626     38,986   157,924     147,672
                 
GAAP operating income (loss) (2,489)     3,373   (12,749)     17,999
  Stock-based compensation 3,221     2,256   11,520     9,329
  Amortization of intangible assets 280     283   1,119     1,238
  Litigation related charges 784     744   4,270     3,383
Non-GAAP operating income (loss) 1,796     6,656   4,160     31,949
                 
GAAP finance income 863     2,394   5,741     5,867
  Exchange rate differences, net on balance sheet items included in financial income 341     87   674     1,146
Non-GAAP finance income 1,204     2,481   6,415     7,013
                 
GAAP income (loss) before taxes on income (1,626)     5,767   (7,008)     23,866
  Stock-based compensation 3,221     2,256   11,520     9,329
  Amortization of intangible assets 280     283   1,119     1,238
  Litigation related charges 784     744   4,270     3,383
  Exchange rate differences, net on balance sheet items included in financial income 341     87   674     1,146
Non-GAAP income before taxes on income 3,000     9,137   10,575     38,962
                 
GAAP net income (loss) (2,133)     4,263   (8,659)     18,569
  Stock-based compensation 3,221     2,256   11,520     9,329
  Amortization of intangible assets 280     283   1,119     1,238
  Litigation related charges 784     744   4,270     3,383
  Exchange rate differences, net on balance sheet items included in financial income 341     87   674     1,146
Non GAAP net income 2,493     7,633   8,924     33,665
                 
GAAP Net income (loss) per diluted share (0.05)     0.09   (0.20)     0.40
  Stock-based compensation 0.07     0.05   0.26     0.20
  Amortization of intangible assets 0.01     0.01   0.03     0.03
  Litigation related charges 0.02     0.02   0.10     0.07
  Exchange rate differences, net on balance sheet items included in financial income 0.01     0.00   0.01     0.02
Non GAAP Net income per diluted share 0.06     0.17   0.20     0.72
                 
Weighted average number of shares used to compute Non-GAAP diluted net earnings (loss) per share 43,721,973     45,300,967   44,125,436     46,738,604
                 
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,
    2016   2015   2016   2015
                 
Cash flow from operating activities:                
                 
Net income (loss)   (2,133)     4,263     (8,659)     18,569  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:                
Depreciation and amortization   2,663     2,411     10,372     9,401  
Stock based compensation   3,221     2,256     11,520     9,329  
Gain from sale of available-for-sale marketable securities   5     (1,298)     (1,772)     (2,438)  
Amortization of premium, accretion of discounts and accrued interest on available-for- sale marketable securities, net   670     520     1,947     3,208  
Accrued interest on bank deposits   1,633     (648)     1,179     (1,998)  
Increase in accrued severance pay, net   111     0     401     125  
Decrease (increase) in trade receivables, net   1,939     (2,229)     7,003     (773)  
Decrease (increase) in other current assets and prepaid expenses and deferred income taxes, net   (498)     2,794     (759)     112  
Decrease (increase) in inventories   (302)     69     (792)     522  
Decrease (increase) in trade payables   920     3,229     (3,284)     (562)  
Increase in deferred revenues   11,144     6,003     12,964     3,849  
Increase (decrease) in other payables and accrued expenses   3,302     (1,779)     7,813     424  
Excess tax benefit from stock-based compensation   605     58     679     (632)  
Net cash provided by operating activities   23,280     15,649     38,612     39,136  
                 
Cash flows from investing activities:                
                 
Purchase of property and equipment   (1,333)     (3,056)     (9,404)     (13,774)  
Investment in other long-term assets, net   (53)     (16)     (53)     (100)  
Proceeds from (investment in) bank deposits, net   29,586     4,063     31,295     (33,824)  
Proceeds from sale, redemption of and purchase of available-for-sale marketable securities, net   (1,079)     4,621     6,521     40,845  
Net cash provided by (used in) investing activities   27,121     5,612     28,359     (6,853)  
                 
Cash flows from financing activities:                
                 
Proceeds from exercise of stock options   1,253     175     1,583     8,746  
Excess tax benefit from stock-based compensation   (605)     (58)     (679)     632  
Repurchase of shares   (10,268)     (8,389)     (21,980)     (52,896)  
Net cash used in financing activities   (9,620)     (8,272)     (21,076)     (43,518)  
                 
Increase (decrease) in cash and cash equivalents   40,781     12,989     45,895     (11,235)  
Cash and cash equivalents at the beginning of the period   38,858     20,755     33,744     44,979  
Cash and cash equivalents at the end of the period   79,639     33,744     79,639     33,744  
                 

CONTACTS Investor Relations: Anat Earon-Heilborn +972 723917548 ir@radware.com Media Contacts: Deborah Szajngarten Radware 201-785-3206 deborah.szajngarten@radware.com



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