Radware Ltd. (NASDAQ:RDWR) Q1 2023 Earnings Conference Call May 3, 2023 8:30 AM ET

Company Participants

Yisca Erez - Director, IR

Roy Zisapel - President & CEO

Guy Avidan - CFO

Conference Call Participants

Alex Henderson - Needham & Company

George Notter - Jefferies

Chris Reimer - Barclays

Operator

Ladies and gentlemen, welcome to the Radware Conference Call discussing First Quarter 2023 Results and thank you all for holding. Today's conference is being recorded, and all lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.

And I would now like to turn the call over to Yisca Erez, Director of Investor Relations at Radware. Please go ahead.

Yisca Erez

Thank you, Avi. Good morning, everyone, and welcome to Radware's first quarter 2023 earnings conference call. Joining me today are Roy Zisapel, President and Chief Executive Officer; and Guy Avidan, Chief Financial Officer. A copy of today's press release and financial statements, as well as the investor kit for the first quarter, are available in the Investor Relations section of our website.

During today's call, we may make projections or other forward-looking statements regarding future events or the future financial performance of the company. These forward-looking statements are subject to various risks and uncertainties, and actual results could differ materially from Radware's current forecast and estimates.

Factors that could cause or contribute to such differences include but are not limited to impact from the changing or severe global economic conditions, the COVID-19 pandemic, general business conditions and our ability to address changes in our industry, changes in demand for products, the timing in the amount of orders and other risks, differences from time to time in Radware's filings.

We refer you to the documents the company files and furnishes from time to time with the SEC, specifically the company's last annual report on Form 20-F as on March 30, 2023. We undertake no commitment to revise or update any forward-looking statements in order to reflect events or circumstances after the date of such statement is made.

I will now turn the call to Roy Zisapel.

Roy Zisapel

Thank you, Yisca, and thank you all for joining us today. We ended the first quarter of 2023 with revenue of $69 million and earnings per share of $0.14. The macro challenges that we experienced in the first quarter were stronger and broader than in previous quarters. These challenges translated into longer sales cycles, more cautious spending and closing delays across all regions. Despite that, we saw strong cloud security bookings, and our cloud ARR grew 21% year-over-year, in line with Q4 2022 growth rate, highlighting the strength of our offering and the critical nature of our solutions.