Company Exceeds Guidance Across all Guided Metrics Subscription Portion of Annual Recurring Revenue (ARR) of $451 million; Growth of 77% Year-over-Year Total ARR of $653 million; Growth of 40% Year-over-Year Subscription Revenue of $106.2 million in Q2; Growth of 61% Year-Over-Year Total Revenue of $175.8 million in Q2 Exceeds Guidance; Growth of 24% Year-Over-Year Company Raises Full Year ARR Guidance to a Range of $743 million to $753 million from $735 million to $745 million

CyberArk (NASDAQ: CYBR), the identity security company, today announced strong financial results for the second quarter ended June 30, 2023.

“We had a great quarter, beating our guidance across all metrics, which demonstrates the momentum in our business and the durability of demand for our identity security platform,” said Matt Cohen, CyberArk's Chief Executive Officer. “We had a strong new business quarter and existing customers expanded across our identity security platform as we continue to deliver transformational value to customers, across hybrid and cloud environments. This drove robust net new ARR, with strong 77 percent growth in Subscription ARR to $451 million and 40 percent growth in total ARR to $653 million. The explosion of new identities, new environments and new attack methods has rapidly expanded the attack surface, creating an acute need for organizations to secure all identities, humans and machines. Today, organizations are turning to CyberArk to address their most pressing cybersecurity challenges. We have a tremendous opportunity in front of us and are executing our strategy. As the clear leader in identity security, we are well positioned to deliver strong long-term growth, profitability and cash flow.”

Financial Summary for the Second Quarter Ended June 30, 2023

  • Subscription revenue was $106.2 million in the second quarter of 2023, an increase of 61 percent from $66.0 million in the second quarter of 2022.
  • Maintenance and professional services revenue was $64.6 million in the second quarter of 2023, compared to $65.3 million in the second quarter of 2022.
  • Perpetual license revenue was $5.1 million in the second quarter of 2023, compared to $11.0 million in the second quarter of 2022.
  • Total revenue was $175.8 million in the second quarter of 2023, up 24 percent from $142.3 million in the second quarter of 2022, outperforming guidance.
  • GAAP operating loss was $(39.9) million and non-GAAP operating loss was $(5.6) million in the second quarter of 2023, outperforming guidance.
  • GAAP net loss was $(25.8) million, or $(0.62) per basic and diluted share, in the second quarter of 2023. Non-GAAP net income was $1.3 million, or $0.03 per diluted share, in the second quarter of 2023, outperforming guidance.

Balance Sheet and Net Cash Provided by Operating Activities

  • As of June 30, 2023, CyberArk had $1.2 billion in cash, cash equivalents, marketable securities, and short-term deposits.
  • During the six months ended June 30, 2023, the Company’s net cash used in operating activities was $(5.0) million.
  • As of June 30, 2023, total deferred revenue was $418.7 million, a 19 percent increase from $352.1 million at June 30, 2022.

Key Business Highlights

  • Annual Recurring Revenue (ARR) was $653 million, an increase of 40 percent from $465 million at June 30, 2022.
    • The Subscription portion of ARR was $451 million, or 69 percent of total ARR at June 30, 2023. This represents an increase of 77 percent from $255 million, or 55 percent of total ARR, at June 30, 2022.
    • The Maintenance portion of ARR was $201 million at June 30, 2023, compared to $210 million at June 30, 2022.
  • Recurring revenue in the second quarter was $157.8 million, an increase of 31 percent from $120.4 million for the second quarter of 2022.

Recent Developments

  • Announced Artificial Intelligence (AI) and Automation innovations across CyberArk’s Identity Security Platform.
  • Announced CyberArk Secure Browser, the first identity security based enterprise browser, enabling organizations to better protect employee and third-party access to enterprise resources.
  • Announced launch of BT’s global Privileged Identity Security managed service, built exclusively on CyberArk’s identity security platform, delivering scalable and effective cybersecurity risk reduction.
  • Released CyberArk 2023 Identity Security Threat Landscape Report, showing how technology innovation – including AI – is growing the number of identities, compounding ‘cyber debt’.
  • Published third annual Environmental, Social and Governance (ESG) Report, in an ongoing commitment to building a diverse, equitable and sustainable organization.

Business Outlook

Based on information available as of August 10, 2023, CyberArk is issuing guidance for the third quarter and full year 2023 as indicated below.

Third Quarter 2023:

  • Total revenue is expected to be in the range of $181.5 million and $186.5 million, representing growth of 19 percent to 22 percent compared to the third quarter of 2022.
  • Non-GAAP operating income is expected to be in the range of $4.0 million to $8.0 million.
  • Non-GAAP net income per share is expected to be in the range of $0.19 to $0.27 per diluted share.
    • Assumes 46.8 million weighted average diluted shares.

Full Year 2023:

  • Total revenue is expected to be in the range of $726.0 million to $736.0 million, representing growth of 23 percent to 24 percent compared to the full year 2022.
  • Non-GAAP operating income is expected to be in the range of breakeven to $9.0 million.
  • Non-GAAP net income per share is expected to be in the range of $0.44 to $0.63 per diluted share.
    • Assumes 46.4 million weighted average diluted shares.
  • ARR as of December 31, 2023 is expected to be in the range of $743 million to $753 million, representing growth of 30 percent to 32 percent from December 31, 2022.

Conference Call Information

In conjunction with this announcement, CyberArk will host a conference call on Thursday, August 10, 2023 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 (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 intelligent privilege controls, CyberArk provides the most comprehensive security offering for any identity – human or machine – across business applications, distributed workforces, hybrid cloud environments 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 LinkedIn, Twitter, Facebook or YouTube.

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, self-hosted subscription 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 self-hosted subscription 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 self-hosted subscription contracts in effect at the end of the reported period.

Recurring Revenue

  • Recurring Revenue is defined as revenue derived from SaaS and self-hosted subscription 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 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, acquisition related expenses and amortization of intangible assets related to acquisitions.
  • Non-GAAP operating loss is calculated as GAAP operating loss excluding share-based compensation expense, 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, acquisition related expenses, amortization of intangible assets related to acquisitions, amortization of debt discount and issuance costs, gain from investment in privately held companies, and the tax effect of non-GAAP adjustments.
  • Free cash flow is calculated as net cash provided by (used in) 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, acquisition related expenses, amortization of intangible assets related to acquisitions, non-cash interest expense related to the amortization of debt discount and issuance cost, gain from investment in privately held companies, and 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 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, 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; fluctuation in the Company’s quarterly results of operations due to sales cycles and multiple pricing and delivery models; the Company’s ability to sell into existing and new customers and industry verticals; an increase in competition within the Privileged Access Management and Identity Security markets; unanticipated product vulnerabilities or cybersecurity breaches of the Company’s, or the Company’s customers’ or partners’ systems; complications or risks in connection with the Company’s subscription model, including uncertainty regarding renewals from its existing customer base, and retaining sufficient subscription or maintenance and support service renewal rates; risks related to compliance with privacy and data protection laws and regulations; risks regarding potential negative economic conditions in the global economy or certain regions, including conditions resulting from financial and credit market fluctuations, rising interest rates, bank failures, inflation, and the potential for regional or global recessions; the Company’s ability to hire, train, retain and motivate qualified personnel; reliance on third-party cloud providers for the Company’s operations and SaaS solutions; the Company’s history of incurring net losses and its ability to achieve profitability in the future; risks related to the Company’s ongoing transition to a new Chief Executive Officer; risks related to sales made to government entities; the Company’s ability to find, complete, fully integrate or achieve the expected benefits of strategic acquisitions; the duration and scope of the COVID-19 pandemic and its resulting effect on the demand for the Company’s solutions and on its expected revenue growth rates and costs; the Company’s ability to expand its sales and marketing efforts and expand its channel partnerships across existing and new geographies; regulatory and geopolitical risks associated with global sales and operations, as well as the location of our principal executive offices, most of our research and development activities and other significant operations in Israel; 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.

  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,

2022

 

2023

 

2022

 

2023

  Revenues: Subscription

$

65,999

 

$

106,167

 

$

117,949

 

$

198,887

 

Perpetual license

 

11,038

 

 

5,090

 

 

21,595

 

 

8,972

 

Maintenance and professional services

 

65,290

 

 

64,586

 

 

130,345

 

 

129,689

 

  Total revenues

 

142,327

 

 

175,843

 

 

269,889

 

 

337,548

 

  Cost of revenues: Subscription

 

11,076

 

 

17,633

 

 

20,273

 

 

33,578

 

Perpetual license

 

385

 

 

319

 

 

1,277

 

 

531

 

Maintenance and professional services

 

19,258

 

 

20,815

 

 

37,203

 

 

40,630

 

  Total cost of revenues

 

30,719

 

 

38,767

 

 

58,753

 

 

74,739

 

  Gross profit

 

111,608

 

 

137,076

 

 

211,136

 

 

262,809

 

  Operating expenses: Research and development

 

46,964

 

 

53,664

 

 

90,407

 

 

105,920

 

Sales and marketing

 

86,805

 

 

101,089

 

 

164,238

 

 

200,517

 

General and administrative

 

19,868

 

 

22,221

 

 

39,604

 

 

42,396

 

  Total operating expenses

 

153,637

 

 

176,974

 

 

294,249

 

 

348,833

 

  Operating loss

 

(42,029

)

 

(39,898

)

 

(83,113

)

 

(86,024

)

  Financial income, net

 

1,572

 

 

11,882

 

 

2,628

 

 

21,488

 

  Loss before taxes on income

 

(40,457

)

 

(28,016

)

 

(80,485

)

 

(64,536

)

  Tax benefit

 

2,829

 

 

2,238

 

 

5,046

 

 

3,730

 

  Net loss

$

(37,628

)

$

(25,778

)

$

(75,439

)

$

(60,806

)

    Basic loss per ordinary share

$

(0.93

)

$

(0.62

)

$

(1.87

)

$

(1.47

)

Diluted loss per ordinary share

$

(0.93

)

$

(0.62

)

$

(1.87

)

$

(1.47

)

  Shares used in computing net loss per ordinary shares, basic

 

40,517,587

 

 

41,599,364

 

 

40,344,422

 

 

41,384,895

 

Shares used in computing net loss per ordinary shares, diluted

 

40,517,587

 

 

41,599,364

 

 

40,344,422

 

 

41,384,895

 

 

CYBERARK SOFTWARE LTD.

Consolidated Balance Sheets

U.S. dollars in thousands

(Unaudited)

 

December 31,

 

June 30,

2022

 

2023

    ASSETS   CURRENT ASSETS: Cash and cash equivalents

$

347,338

 

$

396,184

 

Short-term bank deposits

 

305,843

 

 

243,779

 

Marketable securities

 

301,101

 

 

265,171

 

Trade receivables

 

120,817

 

 

105,495

 

Prepaid expenses and other current assets

 

22,482

 

 

27,048

 

  Total current assets

 

1,097,581

 

 

1,037,677

 

  LONG-TERM ASSETS: Marketable securities

 

227,748

 

 

315,599

 

Property and equipment, net

 

23,474

 

 

21,457

 

Intangible assets, net

 

27,508

 

 

23,828

 

Goodwill

 

153,241

 

 

153,241

 

Other long-term assets

 

217,040

 

 

194,089

 

Deferred tax asset

 

72,809

 

 

82,295

 

  Total long-term assets

 

721,820

 

 

790,509

 

  TOTAL ASSETS

$

1,819,401

 

$

1,828,186

 

  LIABILITIES AND SHAREHOLDERS' EQUITY   CURRENT LIABILITIES: Trade payables

$

13,642

 

$

13,647

 

Employees and payroll accruals

 

77,328

 

 

64,555

 

Accrued expenses and other current liabilities

 

33,584

 

 

32,890

 

Deferred revenues

 

327,918

 

 

349,833

 

  Total current liabilities

 

452,472

 

 

460,925

 

  LONG-TERM LIABILITIES: Convertible senior notes, net

 

569,344

 

 

570,841

 

Deferred revenues

 

80,524

 

 

68,821

 

Other long-term liabilities

 

38,917

 

 

35,706

 

  Total long-term liabilities

 

688,785

 

 

675,368

 

  TOTAL LIABILITIES

 

1,141,257

 

 

1,136,293

 

  SHAREHOLDERS' EQUITY: Ordinary shares of NIS 0.01 par value

 

107

 

 

110

 

Additional paid-in capital

 

660,289

 

 

732,777

 

Accumulated other comprehensive loss

 

(15,560

)

 

(13,496

)

Retained earnings (accumulated deficit)

 

33,308

 

 

(27,498

)

  Total shareholders' equity

 

678,144

 

 

691,893

 

  TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$

1,819,401

 

$

1,828,186

 

 

CYBERARK SOFTWARE LTD.

Consolidated Statements of Cash Flows

U.S. dollars in thousands

(Unaudited)

 

Six Months Ended

June 30,

2022

 

2023

  Cash flows from operating activities: Net loss

$

(75,439

)

$

(60,806

)

Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization

 

7,729

 

 

8,787

 

Amortization of premium and accretion of discount on marketable securities, net

 

3,319

 

 

(1,474

)

Share-based compensation

 

56,851

 

 

63,966

 

Deferred income taxes, net

 

(10,358

)

 

(8,430

)

Decrease in trade receivables

 

25,375

 

 

15,322

 

Amortization of debt discount and issuance costs

 

1,488

 

 

1,496

 

Increase in prepaid expenses, other current and long-term assets and others

 

(14,651

)

 

(16,328

)

Changes in operating lease right-of-use assets

 

1,407

 

 

3,865

 

Increase in trade payables

 

1,382

 

 

370

 

Increase in short-term and long-term deferred revenues

 

34,823

 

 

10,212

 

Decrease in employees and payroll accruals

 

(17,110

)

 

(17,868

)

Increase in accrued expenses and other current and long-term liabilities

 

1,781

 

 

614

 

Changes in operating lease liabilities

 

(5,867

)

 

(4,773

)

  Net cash provided by (used in) operating activities

 

10,730

 

 

(5,047

)

  Cash flows from investing activities: Investment in short and long term deposits

 

(205,703

)

 

(87,318

)

Proceeds from short and long term deposits

 

265,010

 

 

178,603

 

Investment in marketable securities and other

 

(194,309

)

 

(228,232

)

Proceeds from sales and maturities of marketable securities and other

 

156,384

 

 

181,569

 

Purchase of property and equipment

 

(4,160

)

 

(3,522

)

Payments for business acquisitions, net of cash acquired

 

(12,987

)

 

-

 

  Net cash provided by investing activities

 

4,235

 

 

41,100

 

  Cash flows from financing activities: Proceeds from withholding tax related to employee stock plans

 

3,316

 

 

5,213

 

Proceeds from exercise of stock options

 

1,210

 

 

777

 

Proceeds in connection with employees stock purchase plan

 

8,738

 

 

7,695

 

  Net cash provided by financing activities

 

13,264

 

 

13,685

 

  Increase in cash and cash equivalents

 

28,229

 

 

49,738

 

  Effect of exchange rate differences on cash and cash equivalents

 

(3,552

)

 

(892

)

  Cash and cash equivalents at the beginning of the period

 

356,850

 

 

347,338

 

  Cash and cash equivalents at the end of the period

$

381,527

 

$

396,184

 

  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 (used in) operating activities to Free cash flow:

Three Months Ended

 

Six Months Ended

June 30,

 

June 30,

2022

 

2023

 

2022

 

2023

Net cash provided by (used in) operating activities

$

(14,254

)

$

(10,868

)

$

10,730

 

$

(5,047

)

Less: Purchase of property and equipment

 

(2,147

)

 

(1,747

)

 

(4,160

)

 

(3,522

)

Free cash flow

$

(16,401

)

$

(12,615

)

$

6,570

 

$

(8,569

)

GAAP net cash provided by investing activities

 

37,781

 

 

35,816

 

 

4,235

 

 

41,100

 

GAAP net cash provided by financing activities

 

12,784

 

 

8,468

 

 

13,264

 

 

13,685

 

Reconciliation of Gross Profit to Non-GAAP Gross Profit:

Three Months Ended

 

Six Months Ended

June 30,

 

June 30,

2022

 

2023

 

2022

 

2023

Gross profit

$

111,608

 

$

137,076

 

$

211,136

 

$

262,809

 

Plus: Share-based compensation (1)

 

3,742

 

 

4,379

 

 

6,932

 

 

8,332

 

Amortization of share-based compensation capitalized in software development costs (3)

 

88

 

 

103

 

 

176

 

 

206

 

Amortization of intangible assets (2)

 

1,422

 

 

1,705

 

 

2,700

 

 

3,409

 

Non-GAAP gross profit

$

116,860

 

$

143,263

 

$

220,944

 

$

274,756

 

Reconciliation of Operating Expenses to Non-GAAP Operating Expenses:  

Three Months Ended

 

Six Months Ended

June 30,

 

June 30,

2022

 

2023

 

2022

 

2023

Operating expenses

$

153,637

 

$

176,974

 

$

294,249

 

$

348,833

 

Less: Share-based compensation (1)

 

25,831

 

 

27,991

 

 

49,919

 

 

55,634

 

Amortization of intangible assets (2)

 

152

 

 

134

 

 

304

 

 

271

 

Acquisition related expenses

 

113

 

 

-

 

 

591

 

 

-

 

Non-GAAP operating expenses

$

127,541

 

$

148,849

 

$

243,435

 

$

292,928

 

Reconciliation of Operating Loss to Non-GAAP Operating Loss:  

Three Months Ended

 

Six Months Ended

June 30,

 

June 30,

2022

 

2023

 

2022

 

2023

Operating loss

$

(42,029

)

$

(39,898

)

$

(83,113

)

$

(86,024

)

Plus: Share-based compensation (1)

 

29,573

 

 

32,370

 

 

56,851

 

 

63,966

 

Amortization of share-based compensation capitalized in software development costs (3)

 

88

 

 

103

 

 

176

 

 

206

 

Amortization of intangible assets (2)

 

1,574

 

 

1,839

 

 

3,004

 

 

3,680

 

Acquisition related expenses

 

113

 

 

-

 

 

591

 

 

-

 

Non-GAAP operating loss

$

(10,681

)

$

(5,586

)

$

(22,491

)

$

(18,172

)

Reconciliation of Net Loss to Non-GAAP Net Income (Loss):  

Three Months Ended

 

Six Months Ended

June 30,

 

June 30,

2022

 

2023

 

2022

 

2023

Net loss

$

(37,628

)

$

(25,778

)

$

(75,439

)

$

(60,806

)

Plus: Share-based compensation (1)

 

29,573

 

 

32,370

 

 

56,851

 

 

63,966

 

Amortization of share-based compensation capitalized in software development costs (3)

 

88

 

 

103

 

 

176

 

 

206

 

Amortization of intangible assets (2)

 

1,574

 

 

1,839

 

 

3,004

 

 

3,680

 

Acquisition related expenses

 

113

 

 

-

 

 

591

 

 

-

 

Amortization of debt discount and issuance costs

 

744

 

 

748

 

 

1,488

 

 

1,496

 

Gain from investment in privately held companies

 

-

 

 

(294

)

 

-

 

 

(294

)

Taxes on income related to non-GAAP adjustments

 

(5,211

)

 

(7,708

)

 

(9,322

)

 

(13,914

)

Non-GAAP net income (loss)

$

(10,747

)

$

1,280

 

$

(22,651

)

$

(5,666

)

Non-GAAP net income (loss) per share Basic

$

(0.27

)

$

0.03

 

$

(0.56

)

$

(0.14

)

Diluted

$

(0.27

)

$

0.03

 

$

(0.56

)

$

(0.14

)

Weighted average number of shares Basic

 

40,517,587

 

 

41,599,364

 

 

40,344,422

 

 

41,384,895

 

Diluted

 

40,517,587

 

 

46,065,943

 

 

40,344,422

 

 

41,384,895

 

  (1) Share-based Compensation : Three Months Ended Six Months Ended June 30, June 30,

2022

 

2023

 

2022

 

2023

Cost of revenues - Subscription

$

517

 

$

978

 

$

893

 

$

1,810

 

Cost of revenues - Perpetual license

 

31

 

 

12

 

 

61

 

 

19

 

Cost of revenues - Maintenance and Professional services

 

3,194

 

 

3,389

 

 

5,978

 

 

6,503

 

Research and development

 

6,754

 

 

7,192

 

 

12,804

 

 

13,930

 

Sales and marketing

 

12,361

 

 

13,595

 

 

23,761

 

 

28,190

 

General and administrative

 

6,716

 

 

7,204

 

 

13,354

 

 

13,514

 

Total share-based compensation

$

29,573

 

$

32,370

 

$

56,851

 

$

63,966

 

  (2) Amortization of intangible assets : Three Months Ended Six Months Ended June 30, June 30,

2022

 

2023

 

2022

 

2023

Cost of revenues - Subscription

$

1,425

 

$

1,705

 

$

2,633

 

$

3,409

 

Cost of revenues - Perpetual license

 

(3

)

 

-

 

 

67

 

 

-

 

Sales and marketing

 

152

 

 

134

 

 

304

 

 

271

 

Total amortization of intangible assets

$

1,574

 

$

1,839

 

$

3,004

 

$

3,680

 

  (3) Classified as Cost of revenues - Subscription.

 

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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