2023 Q4 Form 20-F Financial Statement

#000117891324001040 Filed on March 25, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023
Revenue $65.03M $261.3M
YoY Change -12.22% -10.95%
Cost Of Revenue $12.82M $51.71M
YoY Change -7.85% -4.03%
Gross Profit $52.21M $209.6M
YoY Change -13.23% -12.51%
Gross Profit Margin 80.28% 80.21%
Selling, General & Admin $38.96M $155.7M
YoY Change -7.16% 0.85%
% of Gross Profit 74.63% 74.27%
Research & Development $19.71M $82.62M
YoY Change -12.34% -4.56%
% of Gross Profit 37.76% 39.42%
Depreciation & Amortization $3.024M $12.24M
YoY Change 5.07% 4.72%
% of Gross Profit 5.79% 5.84%
Operating Expenses $58.67M $238.3M
YoY Change -8.97% -1.09%
Operating Profit -$6.466M -$28.70M
YoY Change 50.76% 1982.8%
Interest Expense $3.239M $13.93M
YoY Change 60.51% 72.96%
% of Operating Profit
Other Income/Expense, Net $13.93M
YoY Change 72.96%
Pretax Income -$4.164M -$17.75M
YoY Change 34.76% -476.68%
Income Tax $1.686M $3.837M
% Of Pretax Income
Net Earnings -$5.850M -$21.59M
YoY Change 41.85% 12906.02%
Net Earnings / Revenue -9.0% -8.26%
Basic Earnings Per Share -$0.50
Diluted Earnings Per Share -$0.14 -$0.50
COMMON SHARES
Basic Shares Outstanding 41.70M shares 42.87M shares
Diluted Shares Outstanding 42.87M shares

Balance Sheet

Concept 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $330.6M $330.6M
YoY Change 10.92% 10.92%
Cash & Equivalents $70.54M $70.54M
Short-Term Investments $260.1M $260.1M
Other Short-Term Assets $9.529M $9.529M
YoY Change 32.42% -325.17%
Inventory $15.54M $15.54M
Prepaid Expenses
Receivables $18.96M $18.96M
Other Receivables $10.02M $10.02M
Total Short-Term Assets $375.1M $375.1M
YoY Change 11.68% 11.68%
LONG-TERM ASSETS
Property, Plant & Equipment $39.00M $39.00M
YoY Change -11.66% -11.66%
Goodwill $68.01M
YoY Change 0.0%
Intangibles $15.72M
YoY Change -20.16%
Long-Term Investments $33.13M $33.13M
YoY Change -75.26% -75.26%
Other Assets $41.33M $41.33M
YoY Change -9.73% -9.73%
Total Long-Term Assets $197.2M $197.2M
YoY Change -36.71% -36.71%
TOTAL ASSETS
Total Short-Term Assets $375.1M $375.1M
Total Long-Term Assets $197.2M $197.2M
Total Assets $572.3M $572.3M
YoY Change -11.6% -11.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $45.95M $45.95M
YoY Change 469.58% 469.58%
Accrued Expenses $4.684M $4.684M
YoY Change -0.02% -0.02%
Deferred Revenue $105.0M
YoY Change -2.98%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $154.3M $154.3M
YoY Change -7.27% -7.27%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $94.68M $94.68M
YoY Change -15.86% -15.86%
Total Long-Term Liabilities $94.68M $94.68M
YoY Change -15.86% -15.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $154.3M $154.3M
Total Long-Term Liabilities $94.68M $94.68M
Total Liabilities $288.2M $288.2M
YoY Change -8.58% -8.58%
SHAREHOLDERS EQUITY
Retained Earnings $119.8M
YoY Change -15.27%
Common Stock $530.0M
YoY Change 6.22%
Preferred Stock
YoY Change
Treasury Stock (at cost) $365.7M
YoY Change 20.59%
Treasury Stock Shares
Shareholders Equity $284.1M $284.1M
YoY Change
Total Liabilities & Shareholders Equity $572.3M $572.3M
YoY Change -11.6% -11.6%

Cashflow Statement

Concept 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$5.850M -$21.59M
YoY Change 41.85% 12906.02%
Depreciation, Depletion And Amortization $3.024M $12.24M
YoY Change 5.07% 4.72%
Cash From Operating Activities $2.650M -$3.500M
YoY Change -72.28% -110.89%
INVESTING ACTIVITIES
Capital Expenditures -$1.131M $5.429M
YoY Change -163.97% -86.01%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $12.22M $63.99M
YoY Change 65.24% -471.93%
Cash From Investing Activities $13.35M $58.56M
YoY Change 137.28% -204.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$10.04M -$62.86M
YoY Change -12.43% 179.91%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -12.11M -64.93M
YoY Change 5.55% 189.1%
NET CHANGE
Cash From Operating Activities 2.650M -3.500M
Cash From Investing Activities 13.35M 58.56M
Cash From Financing Activities -12.11M -64.93M
Net Change In Cash 3.891M -9.869M
YoY Change 4.71% -78.7%
FREE CASH FLOW
Cash From Operating Activities $2.650M -$3.500M
Capital Expenditures -$1.131M $5.429M
Free Cash Flow $3.781M -$8.929M
YoY Change -51.48% 33.95%

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CY2021 us-gaap Amortization Of Intangible Assets
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15718000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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4937000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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4168000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3505000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3058000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
2776000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
3821000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
22265000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1561000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
20704000 usd
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P5Y5M26D
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.0284 pure
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P6Y5M1D
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.027 pure
CY2023 rdwr Lease Rental Expenses
LeaseRentalExpenses
6052000 usd
CY2022 rdwr Lease Rental Expenses
LeaseRentalExpenses
6856000 usd
CY2021 rdwr Lease Rental Expenses
LeaseRentalExpenses
6193000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
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5067000 usd
CY2023Q4 rdwr Subcontractor Accruals
SubcontractorAccruals
2267000 usd
CY2022Q4 rdwr Subcontractor Accruals
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2105000 usd
CY2023Q4 rdwr Accrued Taxes Deferred Tax Liabilities
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3146000 usd
CY2022Q4 rdwr Accrued Taxes Deferred Tax Liabilities
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3028000 usd
CY2023Q4 rdwr Contingent Consideration Related To Acquisition
ContingentConsiderationRelatedToAcquisition
3077000 usd
CY2022Q4 rdwr Contingent Consideration Related To Acquisition
ContingentConsiderationRelatedToAcquisition
2063000 usd
CY2023Q4 us-gaap Accrued Liabilities Current
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13573000 usd
CY2023Q4 rdwr Number Of Share Options Exercised Outstanding
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CY2023Q4 rdwr Share Based Compensation Arrangement By Share Based Payment Restricted Share Units Outstanding Number
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
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CY2023 us-gaap Earnings Per Share Diluted
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2003939 shares
CY2023Q4 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
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CY2023 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
31150000 usd
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
26096000 usd
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
17574000 usd
CY2023Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
2560000 usd
CY2023 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P2Y2M26D
CY2023 us-gaap Net Income Loss
NetIncomeLoss
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CY2022 us-gaap Net Income Loss
NetIncomeLoss
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CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45919835 shares
CY2023 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2022 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2021 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1583256 shares
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42871770 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
44943168 shares
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47503091 shares
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0
CY2023 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
125000 usd
CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
162000 usd
CY2023 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
1879000 usd
CY2022 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
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CY2023 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
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CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
2927000 usd
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
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CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
7434000 usd
CY2023Q4 rdwr Unrecognized Tax Benefit From Deferred Tax Asset
UnrecognizedTaxBenefitFromDeferredTaxAsset
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CY2022Q4 rdwr Unrecognized Tax Benefit From Deferred Tax Asset
UnrecognizedTaxBenefitFromDeferredTaxAsset
1906000 usd
CY2023 rdwr Unrecognized Tax Benefits Increases Resulting From Prior Period Interest Exchange Rate Differences From Prior Year Tax Position
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodInterestExchangeRateDifferencesFromPriorYearTaxPosition
225000 usd
CY2022 rdwr Unrecognized Tax Benefits Increases Resulting From Prior Period Interest Exchange Rate Differences From Prior Year Tax Position
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodInterestExchangeRateDifferencesFromPriorYearTaxPosition
236000 usd
CY2021 rdwr Unrecognized Tax Benefits Increases Resulting From Prior Period Interest Exchange Rate Differences From Prior Year Tax Position
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodInterestExchangeRateDifferencesFromPriorYearTaxPosition
243000 usd
CY2023Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
611000 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
390000 usd
CY2023 us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
9279000 usd
CY2023 rdwr Provsion For Related Tax Years Offset To Payments
ProvsionForRelatedTaxYearsOffsetToPayments
4258000 usd
CY2023 rdwr Additional Deductible Expenses
AdditionalDeductibleExpenses
5190000 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.23 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.23 pure
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.23 pure
CY2023 rdwr Dividend Withholding Tax Percentage
DividendWithholdingTaxPercentage
0.15 pure
CY2022Q4 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
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CY2023 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
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CY2022 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
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CY2021 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
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CY2023 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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CY2021 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2023 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
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CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2023 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
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CurrentFederalTaxExpenseBenefit
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CurrentFederalTaxExpenseBenefit
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CY2023 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
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DeferredFederalIncomeTaxExpenseBenefit
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CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
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CY2023 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
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CY2022 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
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CY2021 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
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CY2023 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
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CY2022 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
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CY2021 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
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CY2023 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
ForeignIncomeTaxExpenseBenefitContinuingOperations
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CY2022 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
ForeignIncomeTaxExpenseBenefitContinuingOperations
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CY2021 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
ForeignIncomeTaxExpenseBenefitContinuingOperations
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CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4879000 usd
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
14821000 usd
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
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CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
8456000 usd
CY2023Q4 us-gaap Deferred Tax Assets Deferred Income
DeferredTaxAssetsDeferredIncome
6237000 usd
CY2022Q4 us-gaap Deferred Tax Assets Deferred Income
DeferredTaxAssetsDeferredIncome
6897000 usd
CY2023Q4 rdwr Deferred Tax Assets Unrealized Loss On Available For Sale Securities Gross
DeferredTaxAssetsUnrealizedLossOnAvailableForSaleSecuritiesGross
296000 usd
CY2022Q4 rdwr Deferred Tax Assets Unrealized Loss On Available For Sale Securities Gross
DeferredTaxAssetsUnrealizedLossOnAvailableForSaleSecuritiesGross
1281000 usd
CY2023Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
9566000 usd
CY2022Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
9327000 usd
CY2023Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
30582000 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
28250000 usd
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
8434000 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
5162000 usd
CY2023Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssets
4547000 usd
CY2023Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
1043000 usd
CY2022Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
1299000 usd
CY2023Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
7832000 usd
CY2022Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
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CY2023Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
14316000 usd
CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
14971000 usd
CY2023Q4 rdwr Unrecognized Tax Benefit From Deferred Tax Asset
UnrecognizedTaxBenefitFromDeferredTaxAsset
1052000 usd
CY2022Q4 rdwr Unrecognized Tax Benefit From Deferred Tax Asset
UnrecognizedTaxBenefitFromDeferredTaxAsset
1906000 usd
CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-17753000 usd
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
4713000 usd
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
22632000 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.23 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.23 pure
CY2022 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
48000 usd
CY2021 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
33000 usd
CY2023 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
536000 usd
CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
197000 usd
CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
305000 usd
CY2023 rdwr Income Tax Reconciliation Deferred Taxes On Losses Net
IncomeTaxReconciliationDeferredTaxesOnLossesNet
-2635000 usd
CY2022 rdwr Income Tax Reconciliation Deferred Taxes On Losses Net
IncomeTaxReconciliationDeferredTaxesOnLossesNet
-2402000 usd
CY2021 rdwr Income Tax Reconciliation Deferred Taxes On Losses Net
IncomeTaxReconciliationDeferredTaxesOnLossesNet
-896000 usd
CY2022 rdwr Income Tax Reconciliation Utilization Of Tax Losses And Deferred Taxes Net
IncomeTaxReconciliationUtilizationOfTaxLossesAndDeferredTaxesNet
0 usd
CY2021 rdwr Income Tax Reconciliation Utilization Of Tax Losses And Deferred Taxes Net
IncomeTaxReconciliationUtilizationOfTaxLossesAndDeferredTaxesNet
128000 usd
CY2023 rdwr Foreign Withholding Taxes
ForeignWithholdingTaxes
637000 usd
CY2022 rdwr Foreign Withholding Taxes
ForeignWithholdingTaxes
3138000 usd
CY2021 rdwr Foreign Withholding Taxes
ForeignWithholdingTaxes
2656000 usd
CY2023 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
3716000 usd
CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
1517000 usd
CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
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CY2023 us-gaap Income Tax Reconciliation Prior Year Income Taxes
IncomeTaxReconciliationPriorYearIncomeTaxes
1246000 usd
CY2022 us-gaap Income Tax Reconciliation Prior Year Income Taxes
IncomeTaxReconciliationPriorYearIncomeTaxes
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CY2021 us-gaap Income Tax Reconciliation Prior Year Income Taxes
IncomeTaxReconciliationPriorYearIncomeTaxes
687000 usd
CY2023 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
0 usd
CY2022 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
-505000 usd
CY2022 rdwr Income Tax Reconciliation Tax Benefit Related To Company Benefits
IncomeTaxReconciliationTaxBenefitRelatedToCompanyBenefits
-1457000 usd
CY2022 rdwr Earnings Per Share Basic Amount Of Benefit Resulting From Approved Privileged Enterprise Status
EarningsPerShareBasicAmountOfBenefitResultingFromApprovedPrivilegedEnterpriseStatus
0.03
CY2021 rdwr Earnings Per Share Basic Amount Of Benefit Resulting From Approved Privileged Enterprise Status
EarningsPerShareBasicAmountOfBenefitResultingFromApprovedPrivilegedEnterpriseStatus
0.15
CY2023 rdwr Earnings Per Share Iluted Amount Of Benefit Resulting From Approved Privileged Enterprise Status
EarningsPerShareIlutedAmountOfBenefitResultingFromApprovedPrivilegedEnterpriseStatus
0.06
CY2022 rdwr Earnings Per Share Iluted Amount Of Benefit Resulting From Approved Privileged Enterprise Status
EarningsPerShareIlutedAmountOfBenefitResultingFromApprovedPrivilegedEnterpriseStatus
0.03
CY2021 rdwr Earnings Per Share Iluted Amount Of Benefit Resulting From Approved Privileged Enterprise Status
EarningsPerShareIlutedAmountOfBenefitResultingFromApprovedPrivilegedEnterpriseStatus
0.14
CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
17817000 usd
CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
15691000 usd
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
5818000 usd
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
4815000 usd
CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-17753000 usd
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
4713000 usd
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
22632000 usd
CY2023 us-gaap Revenues
Revenues
261292000 usd
CY2022 us-gaap Revenues
Revenues
293426000 usd
CY2021 us-gaap Revenues
Revenues
286496000 usd
CY2022Q4 us-gaap Noncurrent Assets
NoncurrentAssets
44147000 usd
CY2023 us-gaap Interest Income Deposits With Financial Institutions
InterestIncomeDepositsWithFinancialInstitutions
11377000 usd
CY2022 us-gaap Interest Income Deposits With Financial Institutions
InterestIncomeDepositsWithFinancialInstitutions
5137000 usd
CY2021 us-gaap Interest Income Deposits With Financial Institutions
InterestIncomeDepositsWithFinancialInstitutions
4131000 usd
CY2023 us-gaap Investment Income Net Amortization Of Discount And Premium
InvestmentIncomeNetAmortizationOfDiscountAndPremium
2787000 usd
CY2022 us-gaap Investment Income Net Amortization Of Discount And Premium
InvestmentIncomeNetAmortizationOfDiscountAndPremium
1754000 usd
CY2021 us-gaap Investment Income Net Amortization Of Discount And Premium
InvestmentIncomeNetAmortizationOfDiscountAndPremium
1855000 usd
CY2023 us-gaap Marketable Securities Gain Loss
MarketableSecuritiesGainLoss
-243000 usd
CY2022 us-gaap Marketable Securities Gain Loss
MarketableSecuritiesGainLoss
68000 usd
CY2021 us-gaap Marketable Securities Gain Loss
MarketableSecuritiesGainLoss
438000 usd
CY2023 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
197000 usd
CY2022 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
207000 usd
CY2021 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
200000 usd
CY2023 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
203000 usd
CY2022 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
1300000 usd
CY2021 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-1817000 usd
CY2023 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2022 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2021 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
4407000 usd
CY2023 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
194000 usd
CY2022 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
1175000 usd
CY2021 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
189000 usd
CY2023 dei Amendment Flag
AmendmentFlag
false
CY2023 dei Entity Central Index Key
EntityCentralIndexKey
0001094366
CY2023 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2023 dei Document Type
DocumentType
20-F
CY2023 dei Document Registration Statement
DocumentRegistrationStatement
false
CY2023 dei Document Annual Report
DocumentAnnualReport
true
CY2023 dei Document Period End Date
DocumentPeriodEndDate
2023-12-31
CY2023 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2023 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2023
CY2023 dei Document Transition Report
DocumentTransitionReport
false
CY2023 dei Document Shell Company Report
DocumentShellCompanyReport
false
CY2023 dei Entity File Number
EntityFileNumber
000-30324
CY2023 dei Entity Registrant Name
EntityRegistrantName
RADWARE LTD.
CY2023 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
L3
CY2023 dei Entity Address Address Line1
EntityAddressAddressLine1
22 Raoul Wallenberg Street
CY2023 dei Entity Address City Or Town
EntityAddressCityOrTown
Tel Aviv
CY2023 dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
6971917
CY2023 dei Entity Address Country
EntityAddressCountry
IL
CY2023 dei Security12b Title
Security12bTitle
Ordinary Shares, NIS 0.05 par value per share
CY2023 dei Trading Symbol
TradingSymbol
RDWR
CY2023 dei Security Exchange Name
SecurityExchangeName
NASDAQ
CY2023Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
41698876 shares
CY2023 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2023 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2023 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2023 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2023 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2023 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2023 dei Icfr Auditor Attestation Flag
IcfrAuditorAttestationFlag
true
CY2023 dei Document Fin Stmt Error Correction Flag
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false
CY2023 dei Document Accounting Standard
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EntityShellCompany
false
CY2023 dei Auditor Firm
AuditorFirmId
1281
CY2023 dei Auditor Name
AuditorName
KOST FORER GABBAY & KASIERER
CY2023 dei Auditor Location
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Tel-Aviv, Israel
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CY2021 us-gaap Increase Decrease In Interest Payable Net
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CY2022 rdwr Increase Decrease In Accrued Severance Costs
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CY2021 rdwr Increase Decrease In Accrued Severance Costs
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CY2021 us-gaap Increase Decrease In Accounts Receivable
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CY2023 us-gaap Increase Decrease In Deferred Income Taxes
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CY2022 us-gaap Increase Decrease In Deferred Income Taxes
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CY2021 us-gaap Increase Decrease In Deferred Income Taxes
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CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2021 us-gaap Increase Decrease In Inventories
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CY2022 us-gaap Increase Decrease In Accounts Payable
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CY2021 us-gaap Payments To Acquire Marketable Securities
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CY2022 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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CY2022 rdwr Proceeds From Sale Of Marketable Securities
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CY2021 rdwr Proceeds From Sale Of Marketable Securities
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CY2022 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2021 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2023 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
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CY2021 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 us-gaap Proceeds From Stock Options Exercised
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CY2021 us-gaap Proceeds From Stock Options Exercised
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023 us-gaap Income Taxes Paid
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CY2022 us-gaap Income Taxes Paid
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CY2023 us-gaap Use Of Estimates
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<div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman', Times, serif;font-size:10pt;width:100%;text-align:left;color:#000000"> <tr> <td style="width:56.7pt"> </td> <td style="width:28.35pt;vertical-align:top"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">a.</span></span></td> <td style="width:auto;vertical-align:top;text-align:justify"> <div><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Use of estimates:</span></span></div> </td> </tr> </table> <div style="line-height:1.25"> </div> <div style="text-align:justify;margin-left:85.05pt;line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions. The Company’s management believes that the estimates, judgments and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.</span></span></div> </div>
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CY2023 rdwr Percentage Of Outstanding Deferred Revenue Recognized During Period
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CY2022 rdwr Percentage Of Outstanding Deferred Revenue Recognized During Period
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CY2023 rdwr Percentage Of Remaining Performance Obligation
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CY2023 rdwr Period Of Remaining Service Of Deferred Revenue
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CY2023 us-gaap Revenues
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CY2022 rdwr Provision For Estimated Sales Returns Stock Rotations Other Customer Rights
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CY2023 us-gaap Restricted Stock Expense
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CY2022 us-gaap Provision For Doubtful Accounts
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CY2023 us-gaap Provision For Doubtful Accounts
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CY2023 rdwr Deposit Assets Weighted Average Duration Deposits
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CY2023 us-gaap Derivatives Methods Of Accounting Hedging Derivatives
DerivativesMethodsOfAccountingHedgingDerivatives
<div> <table cellpadding="0" cellspacing="0" style="font-family:'Times New Roman', Times, serif;font-size:10pt;width:100%;text-align:left;color:#000000"> <tr> <td style="width:56.7pt"> </td> <td style="width:28.35pt;vertical-align:top"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">v.</span></span></td> <td style="width:auto;vertical-align:top;text-align:justify"> <div><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Derivative and hedging activities:</span></span></div> </td> </tr> </table> <div style="line-height:1.25"> </div> <div style="text-align:justify;margin-left:85.05pt;line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company's risk management strategy includes the use of derivative financial instruments to reduce the volatility of earnings and cash flows associated with changes in foreign currency exchange rates.</span></span></div> </div> <div> <div style="text-align:justify;margin-left:85.05pt;line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">ASC 815, "Derivatives and Hedging" ("ASC 815"), requires the Company to recognize all of its derivative instruments as either assets or liabilities on the balance sheet at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, an entity must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation.</span></span></div> <div style="line-height:1.25"> </div> <div style="text-align:justify;margin-left:85.05pt;line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">Gains and losses on derivatives instruments that are designated and qualify as a cash flow hedge (i.e., hedging the exposure to variability in expected future cash flows that are attributable to a particular risk), are recorded in accumulated other comprehensive income (loss) and reclassified into consolidated statements of income (loss) in the same accounting period in which the designated forecasted transaction or hedged item affects earnings.</span></span></div> <div style="line-height:1.25"> </div> <div style="text-align:justify;margin-left:85.05pt;line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">During 2023 and 2022, the Company entered into forward contracts to hedge a portion of anticipated NIS payroll and benefit payment. These derivative instruments are designated as cash flow hedges, as defined by ASC 815 and accordingly are measured in fair value. These transactions are effective and, as a result, gain or loss on the derivative instruments are reported as a component of accumulated other comprehensive income (loss) and reclassified as payroll expenses at the time that the hedged income or expense is recorded.</span></span></div> <div style="line-height:1.25"> </div> <div style="text-align:justify;margin-left:85.05pt;line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As of December 31, 2023, we had outstanding currency forward contracts in the total amount of approximately $50,040 to hedge portions of its forecasted expenses denominated in NIS. These forwards contracts expire on various dates until October 31, 2024.</span></span></div> <div style="line-height:1.25"> </div> <div style="text-align:justify;margin-left:85.05pt;line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">As of December 31, 2023, the Company recorded an asset in other receivables and prepaid expenses in the amount of $1,213. As of December 31, 2022, the Company recorded a liability in other payables and accrued expenses on its consolidated balance sheet in the amount of $632.</span></span></div> <div style="line-height:1.25"> <p style="margin:0pt"> </p> <div></div> </div> <div style="text-align:justify;margin-left:85.05pt;line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">For the year ended December 2023, 2022 and 2021, the Company recorded expenses of $584, $318 and nil, respectively, in cost of revenues and $4,215, $2,477 and nil, in operating expenses, respectively, related to its hedging forward contracts.</span></span></div> <div style="line-height:1.25"> </div> <div style="text-align:justify;margin-left:85.05pt;line-height:1.25"><span style="font-size:10pt"><span style="font-family:Times New Roman,Times,serif">The Company currently hedges its exposure to the variability in future cash flows for a maximum period of one year. As of December 31, 2023, the Company expects to reclassify all of its unrealized gains from accumulated other comprehensive income to earnings during the next 12 months.</span></span></div> </div>
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