CyberArk to Report Full Second Quarter
Financial Results on August 8, 2017
CyberArk (NASDAQ: CYBR), the company that protects organizations
from cyber attacks that have made their way inside the network
perimeter, today announced preliminary results for the second
quarter ended June 30, 2017.
Based on preliminary information, CyberArk currently expects to
report second quarter 2017 preliminary results of:
- Total revenue in the range of $57.0
million and $57.5 million compared to the company’s previous
guidance of total revenue in the range of $61.0 million to $62.0
million.
- License revenue in the range of $30.0
million and $30.5 million.
- GAAP operating income in the range of
$700,000 and $1.1 million.
- Non-GAAP operating income in the range
of $8.5 million and $8.9 million, compared to the company’s prior
guidance of between $10.9 million and $11.7 million.
- Cash flow from operations of
approximately $29 million for the first six months of 2017.
- Cash, cash equivalents, marketable
securities and short term deposits at June 30, 2017 to be
approximately $283 million at June 30, 2017, which reflects the
approximately $42 million in cash consideration paid for the
acquisition of Conjur, Inc. in May 2017.
CyberArk will provide full financial results including its GAAP
and non-GAAP earnings per share and updated guidance during its
conference call on August 8, 2017.
Second quarter 2017 preliminary, unaudited results are based on
management's initial review of operations for the quarter ended
June 30, 2017 and are subject to change based on the completion of
the company’s quarter-end reporting process and review.
“We are disappointed that our results for the second quarter
will be below the guidance we provided in May,” said Udi Mokady,
CyberArk Chairman and CEO. “The primary reason for our revenue
shortfall was our performance in EMEA, where certain deals that we
anticipated would close did not close by the end of the quarter. We
are actively working to determine and implement the appropriate
steps to improve execution, drive stronger results and enhance
visibility into our EMEA performance.”
“There were a number of positive trends in the quarter. The
Americas and APJ continued to grow, our pipeline expanded and
market fundamentals for privileged account security across all
geographies continued to be robust. We believe that our significant
greenfield opportunity, leadership position in the market, and
strategy will deliver long term value to our shareholders,”
concluded Mokady.
Preliminary Results Conference Call TodayCyberArk will
host a conference call today, July 13, 2017, at 5:00 p.m. Eastern
Time to discuss its preliminary second quarter results. To access
this call, dial +1 844-237-3590 (U.S.) or +1 484-747-6582
(international). The conference ID is 54985835. Additionally, a
live webcast of the conference call will be available via the
“Investor Relations” section of the company’s web site at
www.cyberark.com.
A replay will be available for one week at +1 855-859-2056
(U.S.) or +1 404-537-3406 (international). The conference ID is
54985835. An archived webcast of the conference call will also be
available in the “Investor Relations” section of the company’s
website at www.cyberark.com.
Full Quarterly Results for the Second Quarter Conference Call
on August 8, 2017CyberArk plans to report full financial
results for the quarter ended June 30, 2017 after the close of the
market on August 8, 2017 at 4:30 p.m. Eastern Time (ET) to discuss
the company’s second quarter financial results and its business
outlook. To access this call, dial +1 844-237-3590 (U.S.) or +1
484-747-6582 (international). The conference ID is 44458128.
Additionally, a live webcast of the conference call will be
available via the “Investor Relations” section of the company’s web
site at www.cyberark.com. Following the conference call, a replay
will be available for one week at +1 855-859-2056 (U.S.) or +1
404-537-3406 (international). The replay pass code is 44458128. An
archived webcast of the conference call will also be available in
the “Investor Relations” section of the company’s website at
www.cyberark.com.
Non-GAAP Financial MeasureCyberArk believes that the use
of non-GAAP operating income is helpful to our investors. This
financial measure is not a measure of the Company’s financial
performance under U.S. GAAP and should not be considered as
alternatives to operating income or any other performance measures
derived in accordance with GAAP.
Non-GAAP operating income is calculated as operating income
excluding share-based compensation expense, amortization of
intangible assets related to acquisitions and acquisition related
expenses.
Because of varying available valuation methodologies, subjective
assumptions and the variety of equity instruments that can impact a
company’s non-cash expense, the Company believes that providing
non-GAAP financial measures that exclude share-based compensation,
and amortization of intangible assets related to acquisitions
allows for more meaningful comparisons of its period to period
operating results. Share-based compensation expense has been, and
will continue to be for the foreseeable future, a significant
recurring expense in the Company’s business and an important part
of the compensation provided to its employees. The Company believes
that expenses related acquisitions and amortization of intangible
assets related to acquisitions do not reflect the performance of
its core business and impact period-to-period comparability.
Non-GAAP financial measures may not provide information that is
directly comparable to that provided by other companies in the
Company’s industry, as other companies in the industry may
calculate non-GAAP financial results differently, particularly
related to non-recurring, unusual items. In addition, there are
limitations in using non-GAAP financial measures as they exclude
expenses that may have a material impact on the Company’s reported
financial results. The presentation of non-GAAP financial
information is not meant to be considered in isolation or as a
substitute for the directly comparable financial measures prepared
in accordance with U.S. GAAP. CyberArk urges investors to review
the reconciliation of its non-GAAP financial measures to the
comparable U.S. GAAP financial measures included below, and not to
rely on any single financial measures to evaluate its business.
CyberArk has not provided a reconciliation of this estimated
non-GAAP financial measure to its comparable GAAP financial measure
because it could not produce the corresponding GAAP financial
measure by the date of this press release without unreasonable
effort. GAAP results and a detailed reconciliation of each non-GAAP
financial measure to the most directly comparable GAAP financial
measure will be presented in connection with CyberArk’s press
release reporting full financial results for the quarter ended June
30, 2017 scheduled to be released after the close of the market on
August 8, 2017.
Cautionary Language Concerning Forward-Looking
Statements
This press release contains forward-looking statements, which
express the current beliefs and expectations of CyberArk’s (the
“Company”) management, including without limitation those regarding
the second quarter 2017 financial results that CyberArk expects to
announce. In some cases, forward-looking statements may be
identified by terminology such as “believe,” “may,” “estimate,”
“continue,” “anticipate,” “intend,” “should,” “plan,” “expect,”
“predict,” “potential” or the negative of these terms or other
similar expressions. Such statements involve a number of known and
unknown risks and uncertainties that could cause the Company’s
future results, performance or achievements to differ significantly
from the results, performance or achievements expressed or implied
by such forward-looking statements. Important factors that could
cause or contribute to such differences include risks relating to:
changes in the rapidly evolving cyber threat landscape; failure to
effectively manage growth; near-term declines in our operating and
net profit margins and our revenue growth rate; real or perceived
shortcomings, defects or vulnerabilities in the Company’s solutions
or internal network system, or the failure of the Company’s
customers or channel partners to correctly implement the Company’s
solutions; fluctuations in quarterly results of operations; the
inability to acquire new customers or sell additional products and
services to existing customers; competition from IT security
vendors; the Company’s ability to successfully integrate recent and
or future acquisitions; and other factors discussed under the
heading “Risk Factors” in the Company’s most recent annual report
on Form 20-F filed with the Securities and Exchange Commission.
Forward-looking statements in this release are made pursuant to the
safe harbor provisions contained in the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
made only as of the date hereof, and the Company undertakes no
obligation to update or revise the forward-looking statements,
whether as a result of new information, future events or
otherwise.
About CyberArkCyberArk is the only security company
focused on eliminating the most advanced cyber threats; those that
use insider privileges to attack the heart of the enterprise.
Dedicated to stopping attacks before they stop business, CyberArk
proactively secures against cyber threats before attacks can
escalate and do irreparable damage. The company is trusted by the
world’s leading companies – including more than 50 percent of the
Fortune 100 – to protect their highest value information assets,
infrastructure and applications. A global company, CyberArk is
headquartered in Petach Tikva, Israel, with U.S. headquarters
located in Newton, Mass. The company also has offices throughout
the Americas, EMEA, Asia Pacific and Japan. To learn more about
CyberArk, visit www.cyberark.com, read the CyberArk blog, or follow
on Twitter via @CyberArk, LinkedIn or Facebook.
Copyright © 2017 CyberArk Software. All Rights Reserved. All
other brand names, product names, or trademarks belong to their
respective holders.
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version on businesswire.com: http://www.businesswire.com/news/home/20170713006149/en/
CyberArkInvestor Contact:Erica Smith,
617-558-2132ir@cyberark.comorMedia Contact:Christy Lynch,
617-796-3210press@cyberark.com
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