Radware Announces Second Quarter 2019 Earnings

Radware, a leading provider of cybersecurity and application delivery solutions, today announced its consolidated financial results for the quarter ended June 30, 2019.

“We are pleased to report solid second-quarter results, with revenue growth for the first half of 2019 at 9%,” said Roy Zisapel, Radware President & CEO. “Our product subscriptions and cloud security offerings continue to grow quickly, providing our customers with unmatched business value and excellent business outcomes as they migrate to a multi-cloud application infrastructure.”

Financial Highlights for the Second Quarter of 2019

Revenues for the second quarter of 2019 totalled $60.5 million, up 6% from revenues of $57.3 million for the second quarter of 2018. Revenues for the first six months of 2019 totalled $121.9 million, up 9% from revenues of $111.8 million for the first six months of 2018:

Revenues in the Americas region were $27.6 million for the second quarter of 2019, up 16% compared to revenues of $23.9 million in the second quarter of 2018. For the first six months of 2019, revenues in the Americas region increased 9% over the same period in 2018.
Revenues in Europe, the Middle East and Africa (“EMEA”) region were $16.9 million for the second quarter of 2019, compared with revenues of $19.8 million in the second quarter of 2018. For the first six months of 2019, revenues in the EMEA region increased 1% over the same period of 2018.
Revenues in the Asia-Pacific (“APAC”) region were $15.9 million for the second quarter of 2019, up 17% from revenues of $13.6 million in the second quarter of 2018. For the first six months of 2019, revenues in the APAC region increased 19% over the same period of 2018.

Net income on a GAAP basis for the second quarter of 2019 was $3.7 million, or $0.08 per diluted share, compared with net income of $1.7 million, or $0.04 per diluted share for the second quarter of 2018.

Non-GAAP net income for the second quarter of 2019 was $8.9 million, or $0.18 per diluted share, compared with non- GAAP net income of $5.0 million, or $0.10 per diluted share for the second quarter of 2018.

Non-GAAP results are calculated excluding, as applicable, the impact of stock-based compensation, exchange rate differences, net on balance sheet items included in financial income, amortization of intangible assets, acquisition costs, litigation costs and other gain adjustments, net of tax. 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 June 30, 2019, the Company had cash, cash equivalents, short-term and long-term bank deposits and marketable securities of $414.0 million, compared with $401.1 million as of December 31, 2018. Net cash provided by operating activities in the second quarter of 2019 totalled $5.1 million. Net cash provided by operating activities in the last 12 months totalled $63.2 million.

source radware

Industry: Cyber Security