Subscription Portion of Annual Recurring
Revenue (ARR) of $364 million; Growth of 99% Year-over-Year Total
ARR of $570 million; Growth of 45% Subscription Revenue of $280.6
million for the Full Year 2022; Growth of 108% Year-Over-Year Total
Revenue of $591.7 million for the Full Year; Growth of 18%
Year-Over-Year Net Cash Provided by Operating Activities of $49.7
million for the Full Year 2022
CyberArk (NASDAQ: CYBR), the global leader in Identity Security,
today announced strong financial results for the fourth quarter and
full year ended December 31, 2022.
“Our results in the fourth quarter and full year 2022
demonstrate the durability of demand for our solutions and strong
execution,” said Udi Mokady, CyberArk Chairman and CEO. “Our
subscription bookings mix reached a new record of 90 percent in the
fourth quarter, well above the mix assumed in our guidance
framework. The higher mix drove our Annual Recurring Revenue to
$570 million, an increase of 45 percent year over year and
significantly above our guidance, but also negatively impacted our
recognized revenue in the quarter. We also once again set a record
for net new Total ARR and Subscription ARR in the fourth quarter
compared to the third quarter 2022. Customers are embracing our
identity security platform, the most comprehensive in the market
and our solutions are being prioritized by Chief Information
Security Officers. As we look ahead, we believe that our
competitive position has never been stronger. With our leadership
position, durable demand trends and our strong execution, we
believe we are positioned to navigate the current economic
uncertainty and continue to capitalize on our massive opportunity
and deliver long-term profitable growth.”
Financial Summary for the Fourth Quarter Ended December 31,
2022
- Subscription revenue was $88.5 million in the fourth quarter of
2022, an increase of 86 percent from $47.6 million in the fourth
quarter of 2021.
- Maintenance and professional services revenue was $66.1 million
in the fourth quarter of 2022, compared to $65.1 million in the
fourth quarter of 2021.
- Perpetual license revenue was $14.6 million in the fourth
quarter of 2022, compared to $38.7 million in the fourth quarter of
2021.
- Total revenue was $169.2 million in the fourth quarter of 2022,
up 12 percent from $151.3 million in the fourth quarter of
2021.
- GAAP operating loss was $(30.1) million and non-GAAP operating
income was $4.1 million in the fourth quarter of 2022.
- GAAP net loss was $(22.2) million, or $(0.54) per basic and
diluted share, in the fourth quarter of 2022. Non-GAAP net income
was $7.2 million, or $0.16 per diluted share, in the fourth quarter
of 2022.
Financial Summary for the Full Year Ended December 31,
2022
- Subscription revenue was $280.6 million in the full year 2022,
an increase of 108 percent from $134.6 million in the full year
2021.
- Maintenance and professional services revenue was $261.1
million in the full year 2022, an increase of 3 percent from $252.6
million in the full year 2021.
- Total revenue was $591.7 million in the full year 2022, up 18
percent from $502.9 million in the full year 2021.
- GAAP operating loss was $(152.5) million and non-GAAP operating
loss was $(22.4) million in the full year 2022.
- GAAP net loss was $(130.4) million, or $(3.21) per basic and
diluted share, in the full year 2022. Non-GAAP net loss was $(17.8)
million, or $(0.44) per basic and diluted share, in the full year
2022.
Balance Sheet and Net Cash Provided by Operating
Activities
- As of December 31, 2022, CyberArk had $1.2 billion in cash,
cash equivalents, marketable securities, and short-term
deposits.
- During the full year 2022, the Company generated $49.7 million
in net cash provided by operating activities.
- As of December 31, 2022, total deferred revenue was $408.4
million, a 29 percent increase from $317.3 million at December 31,
2021.
Key Business Highlights
- Annual Recurring Revenue (ARR) was $570 million, an increase of
45 percent from $393 million at December 31, 2021.
- The Subscription portion of ARR was $364 million, or 64 percent
of total ARR at December 31, 2022. This represents an increase of
99 percent from $183 million, or 46 percent of total ARR, at
December 31, 2021.
- The Maintenance portion of ARR was $206 million at December 31,
2022, compared to $210 million at December 31, 2021.
- Recurring revenue in the fourth quarter was $142.6 million, an
increase of 39 percent from $102.9 million for the fourth quarter
of 2021. For the full year 2022, recurring revenue was $498.3
million, an increase of 43 percent from $348.7 million for the full
year 2021.
- Remaining Performance Obligations (RPO) of $713 million at
December 31, 2022, an increase of 38 percent compared to $516
million at December 31, 2021.
- 90 percent of total license bookings in the fourth quarter 2022
were related to subscription bookings, compared to approximately 71
percent in the fourth quarter of 2021. For the full year 2022, 88
percent of total license bookings were related to subscription
bookings, compared with approximately 66 percent for the full year
2021.
- Added a strong number of new logos in the quarter, signing more
than 380 new customers during the fourth quarter of 2022.
CyberArk Announces Planned Executive Changes
CyberArk today announced that Founder, Chairman and CEO, Udi
Mokady, will assume the role of Executive Chair of the Board of
Directors, (Executive Chair) effective April 3, 2023. At that time,
Matthew Cohen, CyberArk’s Chief Operating Officer, will be
appointed Chief Executive Officer and join the Board of Directors.
The details of the announcement can be accessed here.
Recent Developments
- CyberArk was named a Leader in the Gartner® Magic Quadrant™ for
Access Management(1), the only vendor to be named a leader for both
Gartner® Magic Quadrant™ Privileged Access Management(2) and Access
Management in 2022.
- CyberArk was named a Leader in KuppingerCole “Leadership
Compass: Passwordless Authentication” for 2022(3)
Business Outlook
Based on information available as of February 9, 2023, CyberArk
is issuing guidance for the first quarter and full year 2023 as
indicated below.
First Quarter 2023:
- Total revenue is expected to be in the range of $160.0 million
and $164.0 million, representing growth of 25 percent to 29 percent
compared to the first quarter of 2022.
- Non-GAAP operating loss is expected to be in the range of
($15.5) million to $(12.5) million.
- Non-GAAP net loss per share is expected to be in the range of
$(0.30) to $(0.23) per basic and diluted share.
- Assumes 41.3 million weighted average basic and diluted
shares.
Full Year 2023:
- Total revenue is expected to be in the range of $724.0 million
to $736.0 million, representing growth of 22 percent to 24 percent
compared to the full year 2022.
- Non-GAAP operating income/(loss) is expected to be in the range
of $(5.0) million to $5.0 million.
- Non-GAAP net income per share is expected to be in the range of
$0.07 to $0.28 per diluted share.
- Assumes 46.1 million weighted average diluted shares
- ARR as of December 31, 2023 is expected to be in the range of
$730 million to $740 million, representing growth of 28 percent to
30 percent from December 31, 2022.
(1) Gartner®, Magic Quadrant™ for Access Management, by Henrique
Teixeira, Abhyuday Data, Michael Kelley, James Hoover, Brian
Guthrie, 1 November 2022. (2) Gartner®, Magic Quadrant™ for
Privileged Access Management, by Michael Kelley, James Hoover,
Felix Gaehtgens, Abhyuday Data, 19th July 2022. (3) KuppingerCole
Analysts AG, "Leadership Compass: Passwordless Authentication,"
October 4, 2022 by Alejandro Leal
Conference Call Information
In conjunction with this announcement, CyberArk will host a
conference call on Thursday, February 9, 2023 at 8:00 a.m. Eastern
Time (ET) to discuss the Company’s fourth quarter and full year
financial results and its business outlook. To access this call,
dial +1 (888) 330-2455 (U.S.) or +1 (240) 789-2717 (international).
The conference ID is 6515982. 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) 770-2030 (U.S.) or +1 (647) 362-9199
(international). The replay pass code is 6515982. 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 © 2023 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.
Non-GAAP Financial Measures
CyberArk believes that the use of non-GAAP gross profit,
non-GAAP operating expense, non-GAAP operating income (loss),
non-GAAP net income (loss) 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, and amortization of
intangible assets related to acquisitions.
- 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 (loss) 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 (loss) 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, the tax effect of non-GAAP adjustments and unrealized gain
from investment in privately held companies.
- 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,
unrealized gain from investment in privately held companies 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 exit costs, acquisitions, amortization of intangible
assets related to acquisitions, unrealized gain from investment in
privately held companies, 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, 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, levels of activity, performance or achievements to
differ materially from the results, levels of activity, 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 to the drivers
of the Company’s growth and its ability to adapt its solutions to
IT security market demands; risks related to the Company’s planned
transition to a new Chief Executive Officer; the transition of the
Company’s business to a subscription model that began in 2021; the
Company’s sales cycles and multiple pricing and delivery models;
unanticipated product vulnerabilities or cybersecurity breaches of
the Company’s, or the Company’s customers’ or partners’ systems; an
increase in competition within the Privileged Access Management and
Identity Security markets; the Company’s ability to hire, train,
retain and motivate qualified personnel; the Company’s ability to
sell into existing and new customers and industry verticals; risks
related to compliance with privacy and data protection laws and
regulations; the Company’s history of incurring net losses and our
ability to achieve profitability in the future; the duration and
scope of the COVID-19 pandemic and its impact on global and
regional economies and the resulting effect on the demand for the
Company’s solutions and on its expected revenue growth rates and
costs; the Company’s ability to find, complete, fully integrate or
achieve the expected benefits of additional strategic acquisitions;
reliance on third-party cloud providers for the Company’s
operations and SaaS solutions; the Company’s ability to expand its
sales and marketing efforts and expand its channel partnerships
across existing and new geographies; risks related to sales made to
government entities; regulatory and geopolitical risks associated
with global sales and operations (including the current conflict
between Russia and Ukraine) and changes in regulatory requirements
or fluctuations in currency exchange rates; the ability of the
Company’s products to help customers achieve and maintain
compliance with government regulations or industry standards; risks
related to intellectual property claims or the Company’s ability to
protect its proprietary technology and intellectual property
rights; 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 U.S. 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 and MAGIC QUADRANT are
registered trademarks and service marks of Gartner Inc. and/or its
affiliates in the U.S. and internationally and are 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.
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
filing) 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
Twelve Months Ended
December 31,
December 31,
2021
2022
2021
2022
Revenues: Subscription
$
47,557
$
88,451
$
134,628
$
280,649
Perpetual license
38,674
14,579
115,738
49,964
Maintenance and professional services
65,089
66,121
252,551
261,097
Total revenues
151,320
169,151
502,917
591,710
Cost of revenues: Subscription
8,123
13,762
25,837
46,249
Perpetual license
979
913
3,904
2,893
Maintenance and professional services
16,594
20,153
63,566
76,904
Total cost of revenues
25,696
34,828
93,307
126,046
Gross profit
125,624
134,323
409,610
465,664
Operating expenses: Research and development
40,747
51,477
142,121
190,321
Sales and marketing
77,564
90,737
274,401
345,273
General and administrative
19,162
22,178
71,425
82,520
Total operating expenses
137,473
164,392
487,947
618,114
Operating loss
(11,849
)
(30,069
)
(78,337
)
(152,450
)
Financial income (expense), net
(3,245
)
9,163
(12,992
)
15,432
Loss before taxes on income
(15,094
)
(20,906
)
(91,329
)
(137,018
)
Tax benefit (taxes on income)
(1,793
)
(1,298
)
7,383
6,650
Net loss
$
(16,887
)
$
(22,204
)
$
(83,946
)
$
(130,368
)
Basic net loss per ordinary share
$
(0.42
)
$
(0.54
)
$
(2.12
)
$
(3.21
)
Diluted net loss per ordinary share
$
(0.42
)
$
(0.54
)
$
(2.12
)
$
(3.21
)
Shares used in computing net loss per ordinary shares, basic
39,982,230
40,923,682
39,645,453
40,583,002
Shares used in computing net loss per ordinary shares, diluted
39,982,230
40,923,682
39,645,453
40,583,002
CYBERARK SOFTWARE LTD.
Consolidated Balance
Sheets
U.S. dollars in
thousands
(Unaudited)
December 31,
December 31,
2021
2022
ASSETS CURRENT ASSETS: Cash and cash
equivalents
$
356,850
$
347,338
Short-term bank deposits
369,645
305,843
Marketable securities
199,933
301,101
Trade receivables
113,211
120,817
Prepaid expenses and other current assets
22,225
22,482
Total current assets
1,061,864
1,097,581
LONG-TERM ASSETS: Marketable securities
300,662
227,748
Property and equipment, net
20,183
23,474
Intangible assets, net
17,866
27,508
Goodwill
123,717
153,241
Other long-term assets
121,743
217,040
Deferred tax asset
47,167
72,809
Total long-term assets
631,338
721,820
TOTAL ASSETS
$
1,693,202
$
1,819,401
LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT
LIABILITIES: Trade payables
$
10,076
$
13,642
Employees and payroll accruals
75,442
77,328
Accrued expenses and other current liabilities
23,576
33,584
Deferred revenues
230,908
327,918
Total current liabilities
340,002
452,472
LONG-TERM LIABILITIES: Convertible senior notes, net
520,094
569,344
Deferred revenues
86,367
80,524
Other long-term liabilities
20,227
38,917
Total long-term liabilities
626,688
688,785
TOTAL LIABILITIES
966,690
1,141,257
SHAREHOLDERS' EQUITY: Ordinary shares of NIS 0.01 par value
104
107
Additional paid-in capital
588,937
660,289
Accumulated other comprehensive income (loss)
397
(15,560
)
Retained earnings
137,074
33,308
Total shareholders' equity
726,512
678,144
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
1,693,202
$
1,819,401
CYBERARK SOFTWARE LTD.
Consolidated Statements of
Cash Flows
U.S. dollars in
thousands
(Unaudited)
Twelve Months Ended December 31,
2021
2022
Cash flows from operating activities: Net loss
$
(83,946
)
$
(130,368
)
Adjustments to reconcile net loss to net cash provided by operating
activities: Depreciation and amortization
14,228
16,203
Amortization of premium and accretion of discount on marketable
securities, net
7,532
3,894
Share-based compensation
95,436
120,821
Deferred income taxes, net
(11,972
)
(15,630
)
Increase in trade receivables
(20,083
)
(7,606
)
Amortization of debt discount and issuance costs
17,792
2,980
Increase in prepaid expenses, other current and long-term assets
and others
(44,423
)
(37,141
)
Changes in operating lease right-of-use assets
6,204
4,558
Increase in trade payables
1,499
4,053
Increase in short-term and long-term deferred revenues
74,767
91,167
Increase in employees and payroll accruals
23,821
714
Increase (decrease) in accrued expenses and other current and
long-term liabilities
(101
)
4,801
Changes in operating lease liabilities
(6,014
)
(8,738
)
Net cash provided by operating activities
74,740
49,708
Cash flows from investing activities: Proceeds from
(investment in) short and long term deposits, net
(105,069
)
35,669
Investment in marketable securities and other
(357,210
)
(375,731
)
Proceeds from sales and maturities of marketable securities
243,013
325,472
Purchase of property and equipment
(8,928
)
(12,517
)
Payments for business acquisitions, net of cash acquired
-
(41,285
)
Net cash used in investing activities
(228,194
)
(68,392
)
Cash flows from financing activities: Payments of
withholding tax related to employee stock plans
(789
)
(184
)
Proceeds from exercise of stock options
11,738
1,968
Proceeds in connection with employees stock purchase plan
-
15,143
Payments of contingent consideration related to acquisitions
-
(4,702
)
Net cash provided by financing activities
10,949
12,225
Decrease in cash, cash equivalents and restricted cash
(142,505
)
(6,459
)
Effect of exchange rate differences on cash and cash
equivalents
(689
)
(3,053
)
Cash, cash equivalents and restricted cash at the beginning
of the period
500,044
356,850
Cash and cash equivalents at the end of the period
$
356,850
$
347,338
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,
2021
2022
2021
2022
Net cash provided by operating activities
$
20,437
$
20,497
$
74,740
$
49,708
Less: Purchase of property and equipment
(1,741
)
(3,739
)
(8,928
)
(12,517
)
Free cash flow
$
18,696
$
16,758
$
65,812
$
37,191
GAAP net cash used in investing activities
(96,339
)
(247
)
(228,194
)
(68,392
)
GAAP net cash provided by (used in) financing activities
(3,157
)
563
10,949
12,225
Reconciliation of Gross Profit to Non-GAAP Gross
Profit:
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2021
2022
2021
2022
Gross profit
$
125,624
$
134,323
$
409,610
$
465,664
Plus: Share-based compensation (1)
3,167
4,098
11,158
15,060
Amortization of share-based compensation capitalized in software
development costs (3)
70
82
242
346
Amortization of intangible assets (2)
1,279
1,705
5,112
6,044
Non-GAAP gross profit
$
130,140
$
140,208
$
426,122
$
487,114
Reconciliation of Operating Expenses to Non-GAAP
Operating Expenses:
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2021
2022
2021
2022
Operating expenses
$
137,473
$
164,392
$
487,947
$
618,114
Less: Share-based compensation (1)
23,495
28,130
84,278
105,761
Amortization of intangible assets (2)
175
153
698
611
Acquisition related expenses
-
-
-
2,244
Facility exit and transition costs
-
-
760
-
Non-GAAP operating expenses
$
113,803
$
136,109
$
402,211
$
509,498
Reconciliation of Operating loss to Non-GAAP Operating
Income (loss):
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2021
2022
2021
2022
Operating loss
$
(11,849
)
$
(30,069
)
$
(78,337
)
$
(152,450
)
Plus: Share-based compensation (1)
26,662
32,228
95,436
120,821
Amortization of share-based compensation capitalized in software
development costs (3)
70
82
242
346
Amortization of intangible assets (2)
1,454
1,858
5,810
6,655
Acquisition related expenses
-
-
-
2,244
Facility exit and transition costs
-
-
760
-
Non-GAAP operating income (loss)
$
16,337
$
4,099
$
23,911
$
(22,384
)
Reconciliation of Net loss to Non-GAAP Net Income
(loss):
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2021
2022
2021
2022
Net loss
$
(16,887
)
$
(22,204
)
$
(83,946
)
$
(130,368
)
Plus: Share-based compensation (1)
26,662
32,228
95,436
120,821
Amortization of share-based compensation capitalized in software
development costs (3)
70
82
242
346
Amortization of intangible assets (2)
1,454
1,858
5,810
6,655
Acquisition related expenses
-
-
-
2,244
Facility exit and transition costs
-
-
760
-
Amortization of debt discount and issuance costs
4,505
746
17,790
2,980
Unrealized Gain from investment in privately held companies
-
-
-
(324
)
Taxes on income related to non-GAAP adjustments
(4,045
)
(5,560
)
(22,682
)
(20,189
)
Non-GAAP net income (loss)
$
11,759
$
7,150
$
13,410
$
(17,835
)
Non-GAAP net income (loss) per share Basic
$
0.29
$
0.17
$
0.34
$
(0.44
)
Diluted
$
0.28
$
0.16
$
0.33
$
(0.44
)
Weighted average number of shares Basic
39,982,230
40,923,682
39,645,453
40,583,002
Diluted
41,622,091
45,600,508
40,804,053
40,583,002
(1) Share-based Compensation :
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2021
2022
2021
2022
Cost of revenues - Subscription
$
309
$
737
$
853
$
2,264
Cost of revenues - Perpetual license
66
40
234
143
Cost of revenues - Maintenance and Professional services
2,792
3,321
10,071
12,653
Research and development
5,620
7,315
20,498
27,102
Sales and marketing
10,926
13,684
38,546
51,099
General and administrative
6,949
7,131
25,234
27,560
Total share-based compensation
$
26,662
$
32,228
$
95,436
$
120,821
(2) Amortization of intangible assets :
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2021
2022
2021
2022
Cost of revenues - Subscription
$
1,157
$
1,663
$
4,468
$
5,894
Cost of revenues - Perpetual license
122
42
644
150
Sales and marketing
175
153
698
611
Total amortization of intangible assets
$
1,454
$
1,858
$
5,810
$
6,655
(3) Classified as Cost of revenues -
Subscription.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230208006022/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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