Radware Ltd
NASDAQ:RDWR
Income Statement
Earnings Waterfall
Radware Ltd
Revenue
|
261.3m
USD
|
Cost of Revenue
|
-51.7m
USD
|
Gross Profit
|
209.6m
USD
|
Operating Expenses
|
-238.3m
USD
|
Operating Income
|
-28.7m
USD
|
Other Expenses
|
7.1m
USD
|
Net Income
|
-21.6m
USD
|
Income Statement
Radware Ltd
Dec-2013 | Mar-2014 | Jun-2014 | Sep-2014 | Dec-2014 | Mar-2015 | Jun-2015 | Sep-2015 | Dec-2015 | Mar-2016 | Jun-2016 | Sep-2016 | Dec-2016 | Mar-2017 | Jun-2017 | Sep-2017 | Dec-2017 | Mar-2018 | Jun-2018 | Sep-2018 | Dec-2018 | Mar-2019 | Jun-2019 | Sep-2019 | Dec-2019 | Mar-2020 | Jun-2020 | Sep-2020 | Dec-2020 | Mar-2021 | Jun-2021 | Sep-2021 | Dec-2021 | Mar-2022 | Jun-2022 | Sep-2022 | Dec-2022 | Mar-2023 | Jun-2023 | Sep-2023 | Dec-2023 | ||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue | ||||||||||||||||||||||||||||||||||||||||||
Revenue |
101
N/A
|
152
+50%
|
205
+35%
|
214
+4%
|
222
+4%
|
228
+3%
|
231
+1%
|
222
-4%
|
217
-3%
|
208
-4%
|
201
-3%
|
200
-1%
|
197
-2%
|
197
+0%
|
198
+1%
|
205
+3%
|
211
+3%
|
217
+3%
|
223
+3%
|
229
+3%
|
234
+2%
|
241
+3%
|
244
+1%
|
249
+2%
|
252
+1%
|
251
-1%
|
249
-1%
|
248
0%
|
250
+1%
|
257
+3%
|
268
+4%
|
279
+4%
|
287
+3%
|
293
+2%
|
299
+2%
|
296
-1%
|
293
-1%
|
289
-2%
|
279
-3%
|
270
-3%
|
261
-3%
|
|
Gross Profit | ||||||||||||||||||||||||||||||||||||||||||
Cost of Revenue |
(20)
|
(29)
|
(39)
|
(39)
|
(40)
|
(40)
|
(40)
|
(39)
|
(38)
|
(37)
|
(36)
|
(36)
|
(36)
|
(36)
|
(37)
|
(38)
|
(40)
|
(41)
|
(41)
|
(42)
|
(42)
|
(43)
|
(43)
|
(44)
|
(45)
|
(45)
|
(45)
|
(45)
|
(45)
|
(47)
|
(49)
|
(51)
|
(52)
|
(53)
|
(54)
|
(54)
|
(54)
|
(54)
|
(53)
|
(53)
|
(52)
|
|
Gross Profit |
81
N/A
|
123
+51%
|
166
+35%
|
175
+5%
|
182
+4%
|
188
+3%
|
191
+2%
|
183
-4%
|
178
-3%
|
171
-4%
|
165
-3%
|
164
-1%
|
161
-2%
|
161
+0%
|
162
+0%
|
166
+3%
|
172
+3%
|
176
+3%
|
182
+3%
|
187
+3%
|
193
+3%
|
199
+3%
|
201
+1%
|
204
+1%
|
207
+1%
|
206
-1%
|
204
-1%
|
203
0%
|
205
+1%
|
210
+3%
|
219
+4%
|
228
+4%
|
234
+3%
|
240
+3%
|
245
+2%
|
242
-1%
|
240
-1%
|
235
-2%
|
226
-4%
|
218
-4%
|
210
-4%
|
|
Operating Income | ||||||||||||||||||||||||||||||||||||||||||
Operating Expenses |
(72)
|
(110)
|
(150)
|
(154)
|
(157)
|
(159)
|
(158)
|
(159)
|
(160)
|
(165)
|
(169)
|
(171)
|
(174)
|
(175)
|
(178)
|
(181)
|
(178)
|
(180)
|
(180)
|
(180)
|
(185)
|
(184)
|
(184)
|
(186)
|
(190)
|
(192)
|
(194)
|
(196)
|
(198)
|
(202)
|
(205)
|
(210)
|
(215)
|
(219)
|
(227)
|
(234)
|
(243)
|
(247)
|
(248)
|
(245)
|
(238)
|
|
Selling, General & Administrative |
(52)
|
(79)
|
(107)
|
(110)
|
(113)
|
(113)
|
(111)
|
(111)
|
(110)
|
(113)
|
(117)
|
(118)
|
(122)
|
(122)
|
(123)
|
(125)
|
(126)
|
(127)
|
(128)
|
(128)
|
(128)
|
(126)
|
(125)
|
(126)
|
(128)
|
(129)
|
(130)
|
(130)
|
(132)
|
(133)
|
(135)
|
(138)
|
(141)
|
(142)
|
(146)
|
(150)
|
(156)
|
(160)
|
(161)
|
(159)
|
(159)
|
|
Research & Development |
(20)
|
(31)
|
(42)
|
(44)
|
(44)
|
(45)
|
(47)
|
(48)
|
(50)
|
(51)
|
(52)
|
(52)
|
(52)
|
(53)
|
(55)
|
(56)
|
(59)
|
(59)
|
(59)
|
(59)
|
(58)
|
(58)
|
(59)
|
(60)
|
(62)
|
(62)
|
(64)
|
(65)
|
(67)
|
(69)
|
(70)
|
(72)
|
(74)
|
(77)
|
(80)
|
(84)
|
(87)
|
(87)
|
(87)
|
(85)
|
(83)
|
|
Depreciation & Amortization |
0
|
(0)
|
(1)
|
(0)
|
0
|
(0)
|
(0)
|
(0)
|
0
|
(0)
|
(0)
|
(0)
|
0
|
(0)
|
(0)
|
(0)
|
0
|
(0)
|
(0)
|
(0)
|
0
|
(0)
|
(0)
|
(0)
|
0
|
(0)
|
(0)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Other Operating Expenses |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
7
|
7
|
7
|
7
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
3
|
|
Operating Income |
9
N/A
|
13
+40%
|
17
+31%
|
21
+27%
|
25
+20%
|
29
+15%
|
33
+13%
|
24
-26%
|
18
-26%
|
6
-66%
|
(4)
N/A
|
(7)
-96%
|
(13)
-84%
|
(14)
-6%
|
(16)
-18%
|
(15)
+6%
|
(7)
+55%
|
(4)
+46%
|
2
N/A
|
8
+348%
|
8
-1%
|
14
+90%
|
17
+18%
|
19
+10%
|
17
-8%
|
14
-20%
|
10
-26%
|
7
-27%
|
7
-12%
|
9
+30%
|
14
+61%
|
18
+33%
|
19
+6%
|
22
+11%
|
18
-16%
|
8
-55%
|
(3)
N/A
|
(12)
-278%
|
(22)
-76%
|
(27)
-24%
|
(29)
-5%
|
|
Pre-Tax Income | ||||||||||||||||||||||||||||||||||||||||||
Interest Income Expense |
2
|
4
|
5
|
6
|
6
|
5
|
5
|
5
|
6
|
7
|
7
|
7
|
6
|
5
|
4
|
5
|
5
|
5
|
6
|
6
|
7
|
7
|
8
|
8
|
8
|
10
|
9
|
10
|
7
|
8
|
7
|
5
|
4
|
3
|
5
|
6
|
8
|
10
|
10
|
13
|
14
|
|
Non-Reccuring Items |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(0)
|
(0)
|
(1)
|
0
|
(1)
|
(1)
|
(1)
|
(0)
|
(0)
|
1
|
1
|
(0)
|
(0)
|
(0)
|
(1)
|
(1)
|
(2)
|
(2)
|
(1)
|
0
|
(0)
|
(1)
|
(2)
|
(3)
|
|
Total Other Income |
0
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
1
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
(0)
|
|
Pre-Tax Income |
11
N/A
|
16
+46%
|
22
+33%
|
26
+23%
|
31
+17%
|
34
+10%
|
38
+11%
|
29
-22%
|
24
-18%
|
13
-44%
|
3
-74%
|
0
-89%
|
(7)
N/A
|
(9)
-23%
|
(12)
-35%
|
(10)
+12%
|
(2)
+82%
|
2
N/A
|
8
+411%
|
13
+65%
|
15
+16%
|
21
+41%
|
23
+12%
|
26
+11%
|
26
-1%
|
23
-9%
|
20
-14%
|
18
-10%
|
14
-23%
|
16
+14%
|
20
+29%
|
23
+10%
|
23
+0%
|
23
+0%
|
21
-7%
|
12
-42%
|
5
-62%
|
(3)
N/A
|
(12)
-362%
|
(17)
-36%
|
(18)
-6%
|
|
Net Income | ||||||||||||||||||||||||||||||||||||||||||
Tax Provision |
(3)
|
(4)
|
(5)
|
(5)
|
(6)
|
(7)
|
(7)
|
(6)
|
(5)
|
(4)
|
(3)
|
(3)
|
(2)
|
(1)
|
(1)
|
(2)
|
(2)
|
(3)
|
(3)
|
(4)
|
(2)
|
(3)
|
(3)
|
(2)
|
(3)
|
(3)
|
(2)
|
(4)
|
(4)
|
(5)
|
(6)
|
(6)
|
(15)
|
(15)
|
(15)
|
(14)
|
(5)
|
(4)
|
(4)
|
(3)
|
(4)
|
|
Income from Continuing Operations |
9
|
13
|
17
|
22
|
25
|
27
|
31
|
23
|
19
|
9
|
1
|
(2)
|
(9)
|
(10)
|
(13)
|
(12)
|
(4)
|
(1)
|
5
|
9
|
12
|
18
|
20
|
24
|
23
|
21
|
18
|
14
|
10
|
11
|
15
|
16
|
8
|
8
|
6
|
(2)
|
(0)
|
(7)
|
(16)
|
(20)
|
(22)
|
|
Net Income (Common) |
9
N/A
|
13
+47%
|
17
+31%
|
22
+29%
|
25
+16%
|
27
+9%
|
31
+12%
|
23
-23%
|
19
-21%
|
9
-50%
|
1
-91%
|
(2)
N/A
|
(9)
-283%
|
(10)
-15%
|
(13)
-27%
|
(12)
+8%
|
(8)
+36%
|
(4)
+41%
|
1
N/A
|
6
+350%
|
12
+98%
|
17
+46%
|
19
+12%
|
23
+21%
|
23
-3%
|
21
-8%
|
18
-15%
|
14
-20%
|
10
-32%
|
11
+14%
|
15
+35%
|
16
+9%
|
8
-52%
|
8
-2%
|
6
-18%
|
(2)
N/A
|
(0)
+88%
|
(7)
-3 405%
|
(16)
-128%
|
(20)
-24%
|
(22)
-9%
|
|
EPS (Diluted) |
0.18
N/A
|
0.27
+50%
|
0.35
+30%
|
0.46
+31%
|
0.53
+15%
|
0.58
+9%
|
0.65
+12%
|
0.49
-25%
|
0.4
-18%
|
0.21
-48%
|
0.01
-95%
|
-0.06
N/A
|
-0.2
-233%
|
-0.23
-15%
|
-0.29
-26%
|
-0.26
+10%
|
-0.17
+35%
|
-0.09
+47%
|
0.02
N/A
|
0.12
+500%
|
0.26
+117%
|
0.37
+42%
|
0.41
+11%
|
0.47
+15%
|
0.47
N/A
|
0.43
-9%
|
0.36
-16%
|
0.29
-19%
|
0.2
-31%
|
0.23
+15%
|
0.32
+39%
|
0.34
+6%
|
0.16
-53%
|
0.16
N/A
|
0.13
-19%
|
-0.04
N/A
|
0
N/A
|
-0.16
N/A
|
-0.36
-125%
|
-0.45
-25%
|
-0.5
-11%
|