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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230810199482/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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