Total Revenue of $117.2 Million
Subscription Bookings Mix Reaches 65%
Subscription Portion of Annual Recurring
Revenue (ARR) of $109.5 Million Increased 128% Year-over-Year
ARR of $315 Million Grew 35% Year-over-Year
CyberArk (NASDAQ: CYBR), the global leader in Identity Security,
today announced strong financial results for the second quarter
ended June 30, 2021.
“We are thrilled with our performance in the second quarter,”
said Udi Mokady, CyberArk Chairman and CEO. “Our momentum
continued, and our underlying business growth meaningfully
accelerated in the second quarter, driven by robust industry
tailwinds and excellence in our execution. A combination of record
bookings across all of our SaaS solutions and strong demand for our
on-premises subscription offerings resulted in 128 percent growth
in the Subscription portion of ARR and 35 percent growth in total
ARR. With our push to execute our subscription transition, we
achieved a 65 percent subscription booking mix, which was
significantly higher than our guidance framework. With the
increased headwind from this mix acceleration, we were still able
to generate $117.2 million in total revenue, above the mid-point of
our guidance, which demonstrates that our bookings in the second
quarter were well ahead of our expectations. With these exceptional
results in the second quarter and our continued leadership position
in identity security anchored on privileged access, we are
increasing the assumption for total bookings growth underlying our
guidance framework for the year. As we look ahead, we are in a
great position to execute our strategy and deliver long term-growth
and profitability.”
Financial Summary for the Second Quarter Ended June 30,
2021
- Subscription revenue was $27.1 million in the second quarter of
2021, an increase of 101 percent from $13.4 million in the second
quarter of 2020.
- Maintenance and professional services revenue was $62.9 million
in the second quarter of 2021, an increase of 10 percent from $57.3
million in the second quarter of 2020.
- Total revenue was $117.2 million in the second quarter of 2021,
up 10 percent from $106.5 million in second quarter of 2020.
- GAAP operating loss was $(23.4) million and non-GAAP operating
income was $2.0 million in the second quarter of 2021.
- GAAP net loss was $(22.8) million, or $(0.58) per basic and
diluted share, in the second quarter of 2021. Non-GAAP net income
was $0.3 million, or $0.01 per diluted share, in the second quarter
of 2021.
Balance Sheet and Net Cash Provided by Operating
Activities
- As of June 30, 2021, CyberArk had $1.2 billion in cash, cash
equivalents, marketable securities, and short-term deposits.
- As of June 30, 2021, total deferred revenue was $275.0 million,
a 22 percent increase from $225.7 million at June 30, 2020.
- During the six months ended June 30, 2021, the Company
generated $49.5 million in net cash provided by operating
activities, compared to $53.3 million in the first six months of
2020.
Key Performance Indicators
- Annual Recurring Revenue (ARR) was $315 million, an increase of
35 percent from $234 million at June 30, 2020.
- The subscription portion of ARR was $109.5 million,
representing 35 percent of total ARR at June 30, 2021. This
represents an increase of 128 percent from $48.1 million, or 21
percent of total ARR at June 30, 2020.
- The Maintenance portion of ARR was $205.7 million at June 30,
2021, compared to $185.5 million at June 30, 2020.
- Recurring revenue was $80.6 million, an increase of 32 percent
from $60.8 million for the second quarter of 2020.
- 65 percent of total license bookings were related to
subscription bookings, compared with 39 percent in the second
quarter of 2020.
- Added more than 185 new customers during the second quarter of
2021.
Recent Developments
- CyberArk was named a Leader in the 2021 Gartner Magic Quadrant
for Privileged Access Management (1). The company was positioned
both highest in ability to execute and furthest in completeness of
vision for the third time in a row.
Business Outlook
Based on information available as of August 12, 2021, CyberArk
is issuing guidance for the third quarter and for full year 2021 as
indicated below.
Third Quarter 2021:
- Total revenue between $116.0 million and $124.0 million.
- Non-GAAP operating income (loss) is expected to be in the range
of an operating loss of $(6.0) million to operating income of $1.0
million.
- Non-GAAP net loss per share is expected to be in the range of a
net loss of $(0.19) to $(0.02) per basic and diluted share.
- Assumes 40.2 million weighted average basic and diluted
shares.
Full Year 2021:
- Total revenue is expected to be in the range of $484.0 million
to $496.0 million.
- Non-GAAP operating income is expected to be in the range of
$7.0 million to $17.0 million.
- Non-GAAP net income per share is expected to be in the range of
$0.01 to $0.26 per diluted share.
- Assumes 40.8 million weighted average diluted shares.
(1)
Gartner, Magic Quadrant for
Privileged Access Management, Felix Gaehtgens, Abhyuday Data,
Michael Kelley, Swati Rakheja, 19th July 2021.
Conference Call Information
In conjunction with this announcement, CyberArk will host a
conference call on Thursday, August 12, 2021 at 8:30 a.m. Eastern
Time (ET) to discuss the Company’s second quarter financial results
and its business outlook. To access this call, dial +1 (833)
968-2251 (U.S.) or +1 (778) 560-2670 (international). The
conference ID is 8583025. Additionally, a live webcast of the
conference call will be available via the “Investor Relations”
section of the company’s website at www.cyberark.com.
Following the conference call, a replay will be available for
one week at +1 (800) 585-8367 (U.S.) or +1 (416) 621-4642
(international). The replay pass code is 8583025. 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.
About CyberArk
CyberArk (NASDAQ: CYBR) is the global leader in Identity
Security. Centered on privileged access management, CyberArk
provides the most comprehensive security offering for any identity
– human or machine – across business applications, distributed
workforces, hybrid cloud workloads and throughout the DevOps
lifecycle. The world’s leading organizations trust CyberArk to help
secure their most critical assets. To learn more about CyberArk,
visit https://www.cyberark.com, read the CyberArk blogs or follow
on Twitter via @CyberArk, LinkedIn or Facebook.
Copyright © 2021 CyberArk Software. All Rights Reserved. All
other brand names, product names, or trademarks belong to their
respective holders.
Financial Presentation
Beginning in the first quarter of 2021, CyberArk revised the
presentation of its lines of revenue and cost of revenue. The
Company believes that the revised categories for revenue and cost
of revenue as presented on the income statement align with how
management evaluates the business. In addition, this disclosure
will increase transparency into the Company’s business and shift
toward recurring revenues, providing investors with more visibility
into the subscription transition program. Historical information by
quarter for fiscal years 2020 and 2019, which has been
retroactively reclassified to reflect the new lines of revenue and
cost of revenue, can be found in the PowerPoint presentation posted
to CyberArk’s investor relations website. The new revenue lines
consist of (a) Subscription revenue, which represents SaaS and
on-premises subscription revenue including the license portion of
on-premises subscription revenue and the ratable maintenance
component of on-premises subscription revenue, (b) Perpetual
license revenue and (c) Maintenance and professional services
revenue, which represents the maintenance component related to
perpetual license sales and professional services revenue.
Key Performance Indicators and Non-GAAP Financial
Measures
Annual Recurring Revenue (ARR)
- Annual Recurring Revenue (ARR) is defined as the annualized
value of active SaaS, subscription or term-based license and
maintenance contracts related to perpetual licenses in effect at
the end of the reported period.
Subscription Portion of Annual Recurring Revenue
- Subscription portion of ARR is defined as the annualized value
of active SaaS and subscription or term-based license contracts in
effect at the end of the reported period. The subscription portion
of ARR excludes maintenance contracts related to perpetual
licenses.
Maintenance Portion of Annual Recurring Revenue
- Maintenance portion of ARR is defined as the annualized value
of active maintenance contracts related to perpetual licenses. The
Maintenance portion of ARR excludes SaaS and subscription or
term-based license contracts in effect at the end of the reported
period.
Recurring Revenue
- Recurring Revenue is defined as revenue derived from SaaS and
subscription or term-based license contracts, and maintenance
contracts related to perpetual licenses during the reported
period.
Non-GAAP Financial Measures
CyberArk believes that the use of non-GAAP gross profit,
non-GAAP operating expense, non-GAAP operating income, non-GAAP net
income and free cash flow is helpful to our investors. These
financial measures are not measures of the Company’s financial
performance under U.S. GAAP and should not be considered as
alternatives to gross profit, operating loss, net loss or net cash
provided by operating activities or any other performance measures
derived in accordance with GAAP.
- Non-GAAP gross profit is calculated as GAAP gross profit
excluding share-based compensation expense, amortization of
intangible assets related to acquisitions and acquisition related
expenses.
- Non-GAAP operating expense is calculated as GAAP operating
expenses excluding share-based compensation expense, facility exit
costs, acquisition related expenses and amortization of intangible
assets related to acquisitions.
- Non-GAAP operating income is calculated as GAAP operating loss
excluding share-based compensation expense, facility exit costs,
acquisition related expenses and amortization of intangible assets
related to acquisitions.
- Non-GAAP net income is calculated as GAAP net loss excluding
share-based compensation expense, facility exit costs, acquisition
related expenses, amortization of intangible assets related to
acquisitions, amortization of debt discount and issuance costs and
the tax effect of non-GAAP adjustments.
- Free cash flow is calculated as net cash provided by operating
activities less purchase of property and equipment.
The Company believes that providing non-GAAP financial measures
that are adjusted by, as applicable, share-based compensation
expense, facility exit costs, acquisition related expenses,
amortization of intangible assets related to acquisitions, non-cash
interest expense related to the amortization of debt discount and
issuance cost, the tax effect of the non-GAAP adjustments and
purchase of property and equipment 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. Share based compensation expense has
varying available valuation methodologies, subjective assumptions
and a variety of equity instruments that can impact a company’s
non-cash expense. The Company believes that expenses related to its
facility exits, acquisitions, amortization of intangible assets
related to acquisitions and non-cash interest expense related to
the amortization of debt discount and issuance costs do not reflect
the performance of its core business and impact period-to-period
comparability. The Company believes free cash flow is a liquidity
measure that, after the purchase of property and equipment,
provides useful information about the amount of cash generated by
the business.
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 measure to evaluate its business.
Guidance for non-GAAP financial measures excludes, as
applicable, share-based compensation expense, facility exit costs,
acquisition related expenses, amortization of intangible assets
related to acquisitions, non-cash interest expense related to the
amortization of debt discount and issuance costs and the tax effect
of the non-GAAP adjustments. A reconciliation of the non-GAAP
financial measures guidance to the corresponding GAAP measures is
not available on a forward-looking basis due to the uncertainty
regarding, and the potential variability and significance of, the
amounts of share-based compensation expense, amortization of
intangible assets related to acquisitions, and the non-recurring
expenses that are excluded from the guidance. Accordingly, a
reconciliation of the non-GAAP financial measures guidance to the
corresponding GAAP measures for future periods is not available
without unreasonable effort.
Cautionary Language Concerning Forward-Looking
Statements
This release contains forward-looking statements, which express
the current beliefs and expectations of CyberArk’s (the “Company”)
management. 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:
the duration and scope of the COVID-19 pandemic and the impact of
the pandemic and actions taken in response, on global and regional
economies and economic activity and the resulting impact on the
demand for the Company’s solutions and on its expected revenue
growth rates and costs; the Company’s ability to adjust its
operations in response to impacts from the COVID-19 pandemic;
difficulties predicting future financial results, including due to
impacts from the COVID-19 pandemic; the Company’s plan to begin
actively transitioning its business to a recurring revenue model in
2021; and the Company’s ability to complete the transition in the
time frame expected; the Company’s ability to meet financial and
operating targets during the transition period and after the
transition is complete; changes to the drivers of the Company’s
growth and our ability to adapt our solutions to IT security market
demands; the Company’s ability to sell into existing and new
industry verticals; the Company’s sales cycles and multiple
licensing models may cause results to fluctuate; the Company’s
ability to sell into existing customers; potential changes in the
Company’s operating and net profit margins and the Company’s
revenue growth rate; the Company’s ability to successfully find,
complete, fully integrate and achieve the expected benefits of
future acquisitions, including the Company’s ability to integrate
and achieve the expected benefits of Idaptive; real or perceived
shortcomings, defects or vulnerabilities in the Company’s solutions
or internal network systems; the Company’s ability to hire, retain
and motivate qualified personnel; the Company’s ability to expand
its channel partnerships across existing and new geographies; the
Company’s ability to further diversify its product deployments and
licensing options; 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.
Gartner Disclaimers: GARTNER is a registered trademark
and service mark of Gartner, Inc. and/or its affiliates in the U.S.
and internationally and is used herein with permission. All rights
reserved. Gartner does not endorse any vendor, product or service
depicted in its research publications, and does not advise
technology users to select only those vendors with the highest
ratings or other designation. Gartner research publications consist
of the opinions of Gartner’s research organization and should not
be construed as statements of fact. Gartner disclaims all
warranties, expressed or implied, with respect to this research,
including any warranties of merchantability or fitness for a
particular purpose. Gartner Peer Insights reviews constitute the
subjective opinions of individual end users based on their own
experiences, and do not represent the views of Gartner or its
affiliates. The Gartner content described herein, (the "Gartner
Content") represent(s) research opinion or viewpoints published, as
part of a syndicated subscription service, by Gartner, Inc.
("Gartner"), and are not representations of fact. Gartner Content
speaks as of its original publication date (and not as of the date
of this 6-K and the opinions expressed in the Gartner Content are
subject to change without notice.
CYBERARK SOFTWARE LTD.
Consolidated Statements of
Operations
U.S. dollars in thousands
(except per share data)
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2020
2021
2020
2021
Revenues: Subscription
$
13,433
$
27,054
$
22,257
$
51,781
Perpetual license
35,744
27,329
79,518
54,023
Maintenance and professional services
57,320
62,851
111,548
124,192
Total revenues
106,497
117,234
213,323
229,996
Cost of revenues: Subscription
4,617
6,047
6,557
11,257
Perpetual license
1,113
985
2,458
1,989
Maintenance and professional services
14,660
16,232
28,460
30,950
Total cost of revenues
20,390
23,264
37,475
44,196
Gross profit
86,107
93,970
175,848
185,800
Operating expenses: Research and development
22,873
33,623
44,158
63,360
Sales and marketing
52,347
65,801
103,543
127,241
General and administrative
15,766
17,959
30,455
33,958
Total operating expenses
90,986
117,383
178,156
224,559
Operating loss
(4,879
)
(23,413
)
(2,308
)
(38,759
)
Financial expense, net
(1,473
)
(3,155
)
(2,209
)
(6,061
)
Loss before taxes on income
(6,352
)
(26,568
)
(4,517
)
(44,820
)
Tax benefit
2,036
3,810
2,587
6,867
Net loss
$
(4,316
)
$
(22,758
)
$
(1,930
)
$
(37,953
)
Basic loss per ordinary share
$
(0.11
)
$
(0.58
)
$
(0.05
)
$
(0.96
)
Diluted loss per ordinary share
$
(0.11
)
$
(0.58
)
$
(0.05
)
$
(0.96
)
Shares used in computing net loss per ordinary shares, basic
38,565,175 39,565,087 38,393,938 39,371,147 Shares used in
computing net loss per ordinary shares, diluted 38,565,175
39,565,087 38,393,938 39,371,147
CYBERARK SOFTWARE LTD.
Consolidated Balance
Sheets
U.S. dollars in
thousands
(Unaudited)
December 31,
June 30,
2020
2021
ASSETS CURRENT ASSETS: Cash and cash
equivalents
$
499,992
$
426,835
Short-term bank deposits
256,143
321,045
Marketable securities
196,856
228,234
Trade receivables
93,128
75,957
Prepaid expenses and other current assets
15,312
22,362
Total current assets
1,061,431
1,074,433
LONG-TERM ASSETS: Marketable securities
202,190
215,623
Property and equipment, net
18,537
19,646
Intangible assets, net
23,676
20,772
Goodwill
123,717
123,717
Other long-term assets
99,992
107,547
Deferred tax asset
32,809
43,450
Total long-term assets
500,921
530,755
TOTAL ASSETS
$
1,562,352
$
1,605,188
LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT
LIABILITIES: Trade payables
$
8,250
$
8,382
Employees and payroll accruals
52,169
51,717
Accrued expenses and other current liabilities
24,915
21,748
Deferred revenues
161,679
190,470
Total current liabilities
247,013
272,317
LONG-TERM LIABILITIES: Convertible senior notes, net
502,302
511,121
Deferred revenues
80,829
84,550
Other long-term liabilities
24,920
22,137
Total long-term liabilities
608,051
617,808
TOTAL LIABILITIES
855,064
890,125
SHAREHOLDERS' EQUITY: Ordinary shares of NIS 0.01 par value
101
104
Additional paid-in capital
481,992
530,065
Accumulated other comprehensive income
4,175
1,827
Retained earnings
221,020
183,067
Total shareholders' equity
707,288
715,063
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
1,562,352
$
1,605,188
CYBERARK SOFTWARE LTD.
Consolidated Statements of
Cash Flows
U.S. dollars in
thousands
(Unaudited)
Six Months Ended
June 30,
2020
2021
Cash flows from operating activities: Net loss
$
(1,930
)
$
(37,953
)
Adjustments to reconcile net loss to net cash provided by operating
activities: Depreciation and amortization
6,911
6,889
Amortization of premium and accretion of discount on marketable
securities, net
222
3,624
Share-based compensation
33,059
42,432
Deferred income taxes, net
(3,766
)
(9,177
)
Decrease in trade receivables
15,677
17,171
Amortization of debt discount and issuance costs
8,517
8,818
Increase in prepaid expenses, other current and long-term assets
and others
(13,850
)
(4,346
)
Increase (decrease) in trade payables
477
(616
)
Increase in short-term and long-term deferred revenues
28,627
32,512
Decrease in employees and payroll accruals
(8,116
)
(1,368
)
Decrease in accrued expenses and other current and long-term
liabilities
(12,540
)
(8,484
)
Net cash provided by operating activities
53,288
49,502
Cash flows from investing activities: Investment in
short and long term deposits, net
(108,138
)
(75,115
)
Investment in marketable securities
(223,733
)
(155,981
)
Proceeds from maturities of marketable securities
102,239
105,634
Purchase of property and equipment
(2,874
)
(4,325
)
Payments for business acquisitions, net of cash acquired
(66,964
)
-
Net cash used in investing activities
(299,470
)
(129,787
)
Cash flows from financing activities: Proceeds from
(payment of) withholding tax related to employee stock plans
(603
)
1,116
Proceeds from exercise of stock options
6,125
6,342
Net cash provided by financing activities
5,522
7,458
Decrease in cash, cash equivalents and restricted cash
(240,660
)
(72,827
)
Effect of exchange rate differences on cash, cash
equivalents and restricted cash
-
(326
)
Cash, cash equivalents and restricted cash at the beginning
of the period
792,413
500,044
Cash, cash equivalents and restricted cash at the end of the
period
$
551,753
$
426,891
CYBERARK SOFTWARE LTD.
Reconciliation of GAAP
Measures to Non-GAAP Measures
U.S. dollars in thousands
(except per share data)
(Unaudited)
Reconciliation of Net cash provided by operating
activities to Free cash flow:
Three Months Ended
Six Months Ended
June 30,
June 30,
2020
2021
2020
2021
Net cash provided by operating activities
$
19,462
$
15,527
$
53,288
$
49,502
Less: Purchase of property and equipment
(1,547
)
(1,660
)
(2,874
)
(4,325
)
Free cash flow
$
17,915
$
13,867
$
50,414
$
45,177
GAAP net cash used in investing activities
(281,941
)
(104,629
)
(299,470
)
(129,787
)
GAAP net cash provided by financing activities
1,515
1,086
5,522
7,458
Reconciliation of Gross Profit to Non-GAAP Gross
Profit:
Three Months Ended
Six Months Ended
June 30,
June 30,
2020
2021
2020
2021
Gross profit
$
86,107
$
93,970
$
175,848
$
185,800
Plus: Share-based compensation (1)
1,949
2,612
3,752
5,007
Amortization of share-based compensation capitalized in software
development costs (3)
-
60
-
107
Amortization of intangible assets (2)
2,239
1,278
3,175
2,556
Acquisition related expenses
400
-
400
-
Non-GAAP gross profit
$
90,695
$
97,920
$
183,175
$
193,470
Reconciliation of Operating Expenses to Non-GAAP
Operating Expenses:
Three Months Ended
Six Months Ended
June 30,
June 30,
2020
2021
2020
2021
Operating expenses
$
90,986
$
117,383
$
178,156
$
224,559
Less: Share-based compensation (1)
14,802
20,523
29,307
37,425
Amortization of intangible assets (2)
160
174
273
348
Acquisition related expenses
2,246
-
3,856
-
Facility exit and transition costs
-
760
-
760
Non-GAAP operating expenses
$
73,778
$
95,926
$
144,720
$
186,026
Reconciliation of Operating Loss to Non-GAAP Operating
Income:
Three Months Ended
Six Months Ended
June 30,
June 30,
2020
2021
2020
2021
Operating loss
$
(4,879
)
$
(23,413
)
$
(2,308
)
$
(38,759
)
Plus: Share-based compensation (1)
16,751
23,135
33,059
42,432
Amortization of share-based compensation capitalized in software
development costs (3)
-
60
-
107
Amortization of intangible assets (2)
2,399
1,452
3,448
2,904
Acquisition related expenses
2,646
-
4,256
-
Facility exit and transition costs
-
760
-
760
Non-GAAP operating income
$
16,917
$
1,994
$
38,455
$
7,444
Reconciliation of Net Loss to Non-GAAP Net Income:
Three Months Ended
Six Months Ended
June 30,
June 30,
2020
2021
2020
2021
Net loss
$
(4,316
)
$
(22,758
)
$
(1,930
)
$
(37,953
)
Plus: Share-based compensation (1)
16,751
23,135
33,059
42,432
Amortization of share-based compensation capitalized in software
development costs (3)
-
60
-
107
Amortization of intangible assets (2)
2,399
1,452
3,448
2,904
Acquisition related expenses
2,646
-
4,256
-
Facility exit and transition costs
-
760
-
760
Amortization of debt discount and issuance costs
4,277
4,428
8,517
8,818
Taxes on income related to non-GAAP adjustments
(5,066
)
(6,827
)
(11,078
)
(12,986
)
Non-GAAP net income
$
16,691
$
250
$
36,272
$
4,082
Non-GAAP net income per share Basic
$
0.43
$
0.01
$
0.94
$
0.10
Diluted
$
0.42
$
0.01
$
0.92
$
0.10
Weighted average number of shares Basic
38,565,175
39,565,087
38,393,938
39,371,147
Diluted
39,320,124
40,456,168
39,301,975
40,476,136
(1) Share-based
Compensation :
Three Months Ended
Six Months Ended
June 30,
June 30,
2020
2021
2020
2021
Cost of revenues - Subscription
$
137
$
74
$
237
$
328
Cost of revenues - Perpetual license
36
60
72
114
Cost of revenues - Maintenance and Professional services
1,776
2,478
3,443
4,565
Research and development
3,362
4,937
6,383
9,287
Sales and marketing
6,753
9,266
13,153
16,764
General and administrative
4,687
6,320
9,771
11,374
Total share-based compensation
$
16,751
$
23,135
$
33,059
$
42,432
(2) Amortization of intangible assets :
Three Months Ended
Six Months Ended
June 30,
June 30,
2020
2021
2020
2021
Cost of revenues - Subscription
$
1,896
$
1,111
$
2,437
$
2,200
Cost of revenues - Perpetual license
343
167
738
356
Sales and marketing
160
174
273
348
Total amortization of intangible assets
$
2,399
$
1,452
$
3,448
$
2,904
(3) Classified as Cost of revenues -
Subscription.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210812005432/en/
Investor Contact: Erica Smith CyberArk Phone: +1
617-558-2132 ir@cyberark.com
Media Contact: Liz Campbell CyberArk Phone:
+1-617-558-2191 press@cyberark.com
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