RDWR FY 2014 Earnings Report — Radware Ltd. Revenue & Financial Results | Market Cap Arena

Radware Ltd.RDWR

FY 2014 Earnings

Reported April 27, 2015

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2014	Prior Q	FY 2013	QoQ Change	YoY Change
Revenue	$222M	—	$193M	—	15.0%
Op. Income	$25M	—	$18M	—	42.7%
Gross Margin	82.1%	—	81.0%	—	1.1pp
Net Margin	11.2%	—	9.4%	—	1.9pp
EPS (Diluted)	$0.53	—	$0.39	—	35.9%
Free Cash Flow	$41M	—	$21M	—	92.4%

Revenue Flow

Item	Amount
REVENUE	$222M
Cost of Revenue	$40M
GROSS PROFIT	$182M
R&D Expenses	$44M
Selling & Marketing	$93M
General & Administrative	$20M
SG&A Expenses	$113M
Other Expenses	$0
Operating Expenses	$157M
Cost & Expenses	$197M
OPERATING INCOME	$25M
Interest Income	$5M
Interest Expense	$242.0K
Other Income/Expenses	$6M
INCOME BEFORE TAX	$31M
Income Tax Expense	$6M
Net Income from Continuing Ops	$25M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$25M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$25M
D&A	$8M
EBIT	$31M
EBITDA	$39M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$222M
Cost of Revenue	$40M
GROSS PROFIT	$182M
R&D Expenses	$44M
Selling & Marketing	$93M
General & Administrative	$20M
SG&A Expenses	$113M
Other Expenses	$0
Operating Expenses	$157M
Cost & Expenses	$197M
OPERATING INCOME	$25M
Interest Income	$5M
Interest Expense	$242.0K
Other Income/Expenses	$6M
INCOME BEFORE TAX	$31M
Income Tax Expense	$6M
Net Income from Continuing Ops	$25M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$25M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$25M
D&A	$8M
EBIT	$31M
EBITDA	$39M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$25M
Depreciation & Amortization	$8M
Stock-Based Compensation	$7M
Deferred Income Tax	$1M
Other Non-Cash Items	$1M
Change in Working Capital	$10M
OPERATING CASH FLOW	$52M
Capital Expenditure	-$11M
Acquisitions (Net)	-$1M
Purchases of Investments	-$44M
Sales/Maturities of Investments	$40M
Other Investing Activities	-$20M
NET CASH FROM INVESTING	-$36M
Net Debt Issuance	$0
Common Stock Repurchased	-$15M
Common Dividends Paid	$0
Other Financing Activities	$24M
NET CASH FROM FINANCING	$9M
FREE CASH FLOW	$41M
Net Change in Cash	$25M

Balance Sheet

Item	Amount
Cash & Equivalents	$45M
Short-Term Investments	$59M
Net Receivables	$26M
Inventory	$17M
Other Current Assets	$5M
TOTAL CURRENT ASSETS	$155M
PP&E (Net)	$21M
Goodwill	$30M
Intangible Assets	$5M
Long-Term Investments	$226M
Tax Assets	$3M
Other Non-Current Assets	$4M
TOTAL NON-CURRENT ASSETS	$288M
TOTAL ASSETS	$443M
Account Payables	$10M
Short-Term Debt	$0
Deferred Revenue	$42M
Other Current Liabilities	$11M
TOTAL CURRENT LIABILITIES	$76M
Long-Term Debt	$0
Deferred Revenue NC	$25M
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$8M
TOTAL NON-CURRENT LIABILITIES	$34M
TOTAL LIABILITIES	$110M
Common Stock	$654.0K
Additional Paid-In Capital	$294M
Retained Earnings	$80M
Treasury Stock	-$41M
Accum. Other Comp. Income	$211.0K
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$334M
Minority Interest	$0
TOTAL EQUITY	$334M
TOTAL LIABILITIES & EQUITY	$443M
Total Debt	$0
Net Debt	-$45M