Record fourth quarter revenue of $151.3
million; Record full year revenue of $502.9 million Subscription
Bookings Mix of 71% in the fourth quarter; 66% for the full year
2021 Subscription Portion of Annual Recurring Revenue (ARR) of $183
million with Growth Accelerating to 146% Total ARR of $393 million
with Growth Accelerating to 44% Subscription Transition Goals Now
Expected to be Met in Second Quarter of 2022
CyberArk (NASDAQ: CYBR), the global leader in Identity Security,
today announced record financial results for the fourth quarter and
full year ended December 31, 2021.
“2021 was a historic year for CyberArk characterized by
transformation, outperformance and acceleration,” said Udi Mokady,
CyberArk Chairman and CEO. “As we moved through 2021, momentum
continued to build culminating in a record fourth quarter. In the
fourth quarter, we experienced a step function change in demand
resulting in the largest sequential increase in ARR. In addition,
subscription ARR growth accelerated to 146 percent, and total ARR
growth accelerated to 44 percent, and we added a record number of
new logos, signing more than 375 customers. We again exceeded our
subscription bookings mix framework, and revenue beat our guidance
range in the fourth quarter, demonstrating that our bookings were
significantly above our guidance framework. Given our performance
in 2021, we are confident we will hit our subscription transition
target goal of reaching about 85 percent bookings mix in the second
quarter of 2022. With the acceleration in our business in 2021, our
excellence in execution and strong competitive stance, we are in a
great position to deliver long-term profitable growth and increase
shareholder value.”
Financial Summary for the Fourth Quarter Ended December 31,
2021
- Subscription revenue was $47.6 million in the fourth quarter of
2021, an increase of 142 percent from $19.6 million in the fourth
quarter of 2020.
- Maintenance and professional services revenue was $65.1 million
in the fourth quarter of 2021, an increase of 6 percent from $61.4
million in the fourth quarter of 2020.
- Total revenue was $151.3 million in the fourth quarter of 2021,
up 5 percent from $144.5 million in the fourth quarter of
2020.
- GAAP operating loss was $(11.8) million and non-GAAP operating
income was $16.3 million in the fourth quarter of 2021.
- GAAP net loss was $(16.9) million, or $(0.42) per basic and
diluted share, in the fourth quarter of 2021. Non-GAAP net income
was $11.8 million, or $0.28 per diluted share, in the fourth
quarter of 2021.
Financial Summary for the Full Year Ended December 31,
2021
- Subscription revenue was $134.6 million in the full year 2021,
an increase of 139 percent from $56.4 million in the full year
2020.
- Maintenance and professional services revenue was $252.6
million in the full year 2021, an increase of 9 percent from $231.9
million in the full year 2020.
- Total revenue was $502.9 million in the full year 2021, up 8
percent from $464.4 million in the full year 2020.
- GAAP operating loss was $(78.3) million and non-GAAP operating
income was $23.9 million in the full year 2021.
- GAAP net loss was $(83.9) million, or $(2.12) per basic and
diluted share, in the full year 2021. Non-GAAP net income was $13.4
million, or $0.33 per diluted share, in the full year 2021.
Balance Sheet and Net Cash Provided by Operating
Activities
- As of December 31, 2021, CyberArk had $1.2 billion in cash,
cash equivalents, marketable securities, and short-term
deposits.
- During the full year ended December 31, 2021, the Company
generated $74.7 million in net cash provided by operating
activities, compared to $106.8 million during the full year
2020.
- As of December 31, 2021, total deferred revenue was $317.3
million, a 31 percent increase from $242.5 million at December 31,
2020.
Key Performance Indicators
- Annual Recurring Revenue (ARR) was $393 million, an increase of
44 percent from $274 million at December 31, 2020.
- The subscription portion of ARR was $183 million, representing
46 percent of total ARR at December 31, 2021. This represents an
increase of 146 percent from $74 million, or 27 percent of total
ARR at December 31, 2020.
- The Maintenance portion of ARR was $210 million at December 31,
2021, compared to $199 million at December 31, 2020.
- Recurring revenue was $102.9 million, an increase of 48 percent
from $69.6 million for the fourth quarter of 2020. For the full
year 2021, recurring revenue was $348.7 million, an increase of 41
percent from $247.3 million for the full year 2020.
- 71 percent of total license bookings were related to
subscription bookings, compared with approximately 35 percent in
the fourth quarter of 2020. For the full year 2021, 66 percent of
total license bookings were related to subscription bookings,
compared with approximately 35 percent for the full year 2020.
- Added a record number of new logos, signing more than 375
customers during the fourth quarter of 2021.
Recent Developments
- CyberArk published of its first annual Environmental, Social
and Governance (ESG) report, highlighting the progress of its ESG
program on key focus areas such as Business Ethics and Corporate
Governance, Human Capital Management, Diversity, Equity and
Inclusion (DEI) and Environmental Stewardship
Business Outlook
Based on information available as of February 10, 2022, CyberArk
is issuing guidance for the first quarter and full year 2022 as
indicated below.
First Quarter 2022:
- Total revenue is expected to be in the range of $125.0 million
and $133.0 million.
- Non-GAAP operating loss is expected to be in the range of
$(16.0) million to $(9.0) million.
- Non-GAAP net loss per share is expected to be in the range of
$(0.42) to $(0.25) per basic and diluted share.
- Assumes 40.3 million weighted average basic and diluted
shares.
Full Year 2022:
- Total revenue is expected to be in the range of $582.0 million
to $598.0 million.
- Non-GAAP operating loss is expected to be in the range of
$(34.0) million to $(20.0) million.
- Non-GAAP net loss per share is expected to be in the range of
$(0.98) to $(0.64) per basic and diluted share.
- Assumes 40.7 million weighted average basic and diluted
shares.
- ARR as of December 31, 2022 is expected to be in the range of,
$530.0 million to $536.0 million, representing growth of 35 percent
to 36 percent from December 31, 2021.
Conference Call Information
In conjunction with this announcement, CyberArk will host a
conference call on Thursday, February 10, 2022 at 8:30 a.m. Eastern
Time (ET) to discuss the Company’s fourth quarter and year-end
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 9918439. 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 9918439. 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 © 2022 CyberArk Software. All Rights Reserved. All
other brand names, product names, or trademarks belong to their
respective holders.
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.
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 year 2020, 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
self-hosted subscription revenue including the license portion of
self-hosted subscription revenue and the ratable maintenance
component of self-hosted 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.
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
and transition costs, acquisition related expenses and amortization
of intangible assets related to acquisitions.
- Non-GAAP operating income is calculated as GAAP operating
income (loss) excluding share-based compensation expense, facility
exit and transition costs, acquisition related expenses and
amortization of intangible assets related to acquisitions.
- Non-GAAP net income is calculated as GAAP net income (loss)
excluding share-based compensation expense, facility exit and
transition 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 and IP transfer.
- 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 and transition 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 IP transfer, 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 and IP transfer. 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 continued
transition of 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.
CYBERARK SOFTWARE LTD. Consolidated Statements of
Operations U.S. dollars in thousands (except per share
data) (Unaudited)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2020
2021
2020
2021
Revenues: Subscription
$
19,630
$
47,557
$
56,425
$
134,628
Perpetual license
63,441
38,674
176,061
115,738
Maintenance and professional services
61,448
65,089
231,945
252,551
Total revenues
144,519
151,320
464,431
502,917
Cost of revenues: Subscription
5,289
8,123
17,513
25,837
Perpetual license
1,365
979
4,925
3,904
Maintenance and professional services
16,054
16,594
60,133
63,566
Total cost of revenues
22,708
25,696
82,571
93,307
Gross profit
121,811
125,624
381,860
409,610
Operating expenses: Research and development
26,659
40,747
95,426
142,121
Sales and marketing
61,038
77,564
219,999
274,401
General and administrative
15,325
19,162
60,429
71,425
Total operating expenses
103,022
137,473
375,854
487,947
Operating income (loss)
18,789
(11,849
)
6,006
(78,337
)
Financial expense, net
(2,733
)
(3,245
)
(6,395
)
(12,992
)
Income (loss) before taxes on income
16,056
(15,094
)
(389
)
(91,329
)
Tax benefit (taxes on income)
(4,002
)
(1,793
)
(5,369
)
7,383
Net income (loss)
$
12,054
$
(16,887
)
$
(5,758
)
$
(83,946
)
Basic net income (loss) per ordinary share, net
$
0.31
$
(0.42
)
$
(0.15
)
$
(2.12
)
Diluted net income (loss) per ordinary share, net
$
0.30
$
(0.42
)
$
(0.15
)
$
(2.12
)
Shares used in computing net income (loss) per ordinary
shares, basic
38,913,923
39,982,230
38,628,770
39,645,453
Shares used in computing net income (loss) per ordinary shares,
diluted
39,938,780
39,982,230
38,628,770
39,645,453
CYBERARK SOFTWARE LTD.
Consolidated Balance
Sheets
U.S. dollars in
thousands
(Unaudited)
December 31,
December 31,
2020
2021
ASSETS CURRENT ASSETS: Cash and cash
equivalents
$
499,992
$
356,850
Short-term bank deposits
256,143
369,645
Marketable securities
196,856
199,933
Trade receivables
93,128
113,211
Prepaid expenses and other current assets
15,312
22,225
Total current assets
1,061,431
1,061,864
LONG-TERM ASSETS: Marketable securities
202,190
300,662
Property and equipment, net
18,537
20,183
Intangible assets, net
23,676
17,866
Goodwill
123,717
123,717
Other long-term assets
99,992
121,743
Deferred tax asset
32,809
47,167
Total long-term assets
500,921
631,338
TOTAL ASSETS
$
1,562,352
$
1,693,202
LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT
LIABILITIES: Trade payables
$
8,250
$
10,076
Employees and payroll accruals
52,169
75,442
Accrued expenses and other current liabilities
24,915
23,576
Deferred revenues
161,679
230,908
Total current liabilities
247,013
340,002
LONG-TERM LIABILITIES: Convertible senior notes, net
502,302
520,094
Deferred revenues
80,829
86,367
Other long-term liabilities
24,920
20,227
Total long-term liabilities
608,051
626,688
TOTAL LIABILITIES
855,064
966,690
SHAREHOLDERS' EQUITY: Ordinary shares of NIS 0.01 par value
101
104
Additional paid-in capital
481,992
588,937
Accumulated other comprehensive income
4,175
397
Retained earnings
221,020
137,074
Total shareholders' equity
707,288
726,512
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
1,562,352
$
1,693,202
CYBERARK SOFTWARE LTD.
Consolidated Statements of
Cash Flows
U.S. dollars in
thousands
(Unaudited)
Twelve Months Ended
December 31,
2020
2021
Cash flows from operating activities: Net loss
$
(5,758
)
$
(83,946
)
Adjustments to reconcile net loss to net cash provided by operating
activities: Depreciation and amortization
15,475
14,228
Amortization of premium and accretion of discount on marketable
securities, net
3,068
7,532
Share-based compensation
71,849
95,436
Deferred income taxes, net
(1,988
)
(11,972
)
Increase in trade receivables
(17,315
)
(20,083
)
Amortization of debt discount and issuance costs
17,183
17,792
Increase in prepaid expenses, other current and long-term assets
and others
(20,487
)
(38,219
)
Increase in trade payables
558
1,499
Increase in short-term and long-term deferred revenues
45,397
74,767
Increase in employees and payroll accruals
7,846
23,821
Decrease in accrued expenses and other current and long-term
liabilities
(9,059
)
(6,115
)
Net cash provided by operating activities
106,769
74,740
Cash flows from investing activities: Investment in
short and long term deposits, net
(123,054
)
(105,069
)
Investment in marketable securities
(405,193
)
(357,210
)
Proceeds from sales and maturities of marketable securities
191,637
243,013
Purchase of property and equipment
(7,174
)
(8,928
)
Payments for business acquisitions, net of cash acquired
(68,603
)
-
Net cash used in investing activities
(412,387
)
(228,194
)
Cash flows from financing activities: Proceeds from
(payment of) withholding tax related to employee stock plans
1,069
(789
)
Proceeds from exercise of stock options
12,180
11,738
Net cash provided by financing activities
13,249
10,949
Decrease in cash, cash equivalents and restricted cash
(292,369
)
(142,505
)
Effect of exchange rate differences on cash and cash
equivalents
-
(689
)
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
$
500,044
$
356,850
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
Twelve Months Ended
December 31,
December 31,
2020
2021
2020
2021
Net cash provided by operating activities
$
38,948
$
20,437
$
106,769
$
74,740
Less: Purchase of property and equipment
(2,237
)
(1,741
)
(7,174
)
(8,928
)
Free cash flow
$
36,711
$
18,696
$
99,595
$
65,812
GAAP net cash used in investing activities
(52,121
)
(96,339
)
(412,387
)
(228,194
)
GAAP net cash provided by (used in) financing activities
6,084
(3,157
)
13,249
10,949
Reconciliation of Gross Profit to Non-GAAP Gross
Profit:
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2020
2021
2020
2021
Gross profit
$
121,811
$
125,624
$
381,860
$
409,610
Plus: Share-based compensation (1)
2,409
3,167
8,734
11,158
Amortization of share-based compensation capitalized in software
development costs (3)
-
70
-
242
Amortization of intangible assets (2)
2,415
1,279
8,244
5,112
Acquisition related expenses
-
-
447
-
Non-GAAP gross profit
$
126,635
$
130,140
$
399,285
$
426,122
Reconciliation of Operating Expenses to Non-GAAP
Operating Expenses:
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2020
2021
2020
2021
Operating expenses
$
103,022
$
137,473
$
375,854
$
487,947
Less: Share-based compensation (1)
16,065
23,495
63,115
84,278
Amortization of intangible assets (2)
205
175
683
698
Acquisition related expenses
-
-
4,079
-
Facility exit and transition costs
-
-
140
760
Non-GAAP operating expenses
$
86,752
$
113,803
$
307,837
$
402,211
Reconciliation of Operating Income (loss) to Non-GAAP
Operating Income:
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2020
2021
2020
2021
Operating income (loss)
$
18,789
$
(11,849
)
$
6,006
$
(78,337
)
Plus: Share-based compensation (1)
18,474
26,662
71,849
95,436
Amortization of share-based compensation capitalized in software
development costs (3)
-
70
-
242
Amortization of intangible assets (2)
2,620
1,454
8,927
5,810
Acquisition related expenses
-
-
4,526
-
Facility exit and transition costs
-
-
140
760
Non-GAAP operating income
$
39,883
$
16,337
$
91,448
$
23,911
Reconciliation of Net Income (Loss) to Non-GAAP Net
Income:
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2020
2021
2020
2021
Net income (loss)
$
12,054
$
(16,887
)
$
(5,758
)
$
(83,946
)
Plus: Share-based compensation (1)
18,474
26,662
71,849
95,436
Amortization of share-based compensation capitalized in software
development costs (3)
-
70
-
242
Amortization of intangible assets (2)
2,620
1,454
8,927
5,810
Acquisition related expenses
-
-
4,526
-
Facility exit and transition costs
-
-
140
760
Amortization of debt discount and issuance costs
4,352
4,505
17,183
17,790
Taxes on income related to non-GAAP adjustments
(4,851
)
(4,045
)
(20,807
)
(22,682
)
Intra-entity IP transfer tax effect, net
-
-
5,036
-
Non-GAAP net income
$
32,649
$
11,759
$
81,096
$
13,410
Non-GAAP net income per share Basic
$
0.84
$
0.29
$
2.10
$
0.34
Diluted
$
0.82
$
0.28
$
2.05
$
0.33
Weighted average number of shares Basic
38,913,923
39,982,230
38,628,770
39,645,453
Diluted
39,938,780
41,622,091
39,553,203
40,804,053
(1) Share-based Compensation :
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2020
2021
2020
2021
Cost of revenues - Subscription
$
112
$
309
$
540
$
853
Cost of revenues - Perpetual license
57
66
177
234
Cost of revenues - Maintenance and Professional services
2,240
2,792
8,017
10,071
Research and development
4,085
5,620
14,691
20,498
Sales and marketing
6,996
10,926
28,220
38,546
General and administrative
4,984
6,949
20,204
25,234
Total share-based compensation
$
18,474
$
26,662
$
71,849
$
95,436
(2) Amortization of intangible assets :
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2020
2021
2020
2021
Cost of revenues - Subscription
$
2,140
$
1,157
$
6,856
$
4,468
Cost of revenues - Perpetual license
275
122
1,388
644
Sales and marketing
205
175
683
698
Total amortization of intangible assets
$
2,620
$
1,454
$
8,927
$
5,810
(3) Classified as Cost of revenues - Subscription.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220210005336/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
CyberArk Software (NASDAQ:CYBR)
Historical Stock Chart
From May 2024 to Jun 2024
CyberArk Software (NASDAQ:CYBR)
Historical Stock Chart
From Jun 2023 to Jun 2024