Company Exceeds Expectations Across all
Guided Metrics
Subscription Portion of Annual Recurring
Revenue (ARR) of $582 million; Growth of 60% Year-over-Year
Total ARR of $774 million; Growth of 36%
Year-over-Year
Subscription Revenue of $472.0 million for Full
Year 2023; Growth of 68% Year-Over-Year
Record Total Revenue of $751.9 million for Full
Year 2023; Growth Accelerates to 27% Year-Over-Year
Net Cash Provided by Operating Activities of
$56.2 million for the Full Year 2023
CyberArk (NASDAQ: CYBR), the identity security company, today
announced strong financial results for the fourth quarter and full
year ended December 31, 2023.
“2023 was a momentous year for CyberArk and with our excellence
in execution, we solidified our position as the leader in identity
security,” said Matt Cohen, CyberArk's Chief Executive Officer.
“Throughout the year, we consistently delivered strong results,
including in the fourth quarter where top line growth accelerated,
operating income and cash flow increased, and we again beat
expectations across all guided metrics. Record demand for our SaaS
solutions drove our subscription bookings mix to 95 percent in 2023
and recurring revenue reached 90 percent of our total revenue – we
are now a fully recurring revenue company. The momentum in our
business and our platform selling motion is demonstrated by our ARR
reaching $774 million and growing 36 percent as well as our
Subscription ARR reaching $582 million, growing 60 percent, with a
record for net new Subscription ARR of $78 million in the fourth
quarter. Our identity security platform is applying the right level
of controls across all identities, human or machine, regardless of
environment. In today’s threat landscape, our platform and security
first approach are a business imperative, resulting in customers
consolidating on our identity platform. With our execution in 2023,
we enter 2024 in a position of strength, poised to continue to
deliver durable growth, profitability, and cash flow.”
Financial Summary for the Fourth Quarter Ended December 31,
2023
- Subscription revenue was $150.3 million in the fourth quarter
of 2023, an increase of 70 percent from $88.5 million in the fourth
quarter of 2022.
- Maintenance and professional services revenue was $64.8 million
in the fourth quarter of 2023, compared to $66.1 million in the
fourth quarter of 2022.
- Perpetual license revenue was $8.0 million in the fourth
quarter of 2023, compared to $14.6 million in the fourth quarter of
2022.
- Total revenue was $223.1 million in the fourth quarter of 2023,
up 32 percent from $169.2 million in the fourth quarter of 2022,
outperforming guidance.
- GAAP operating loss was $(4.7) million, and non-GAAP operating
income was $34.7 million in the fourth quarter of 2023,
outperforming guidance.
- GAAP net income was $8.9 million, or $0.20 per diluted share,
in the fourth quarter of 2023. Non-GAAP net income was $38.1
million, or $0.81 per diluted share, in the fourth quarter of 2023,
outperforming guidance.
Financial Summary for the Full Year Ended December 31,
2023
- Subscription revenue was $472.0 million in the full year 2023,
an increase of 68 percent from $280.6 million in the full year
2022.
- Maintenance and professional services revenue was $258.8
million in the full year 2023, compared to $261.1 million in the
full year 2022.
- Perpetual license revenue was $21.0 million in the full year
2023, compared to $50.0 million in the full year 2022.
- Total revenue was $751.9 million in the full year 2023,
accelerating to 27 percent year over year growth from $591.7
million.
- GAAP operating loss was $(116.5) million, and non-GAAP
operating income was $33.5 million in the full year 2023.
- GAAP net loss was $(66.5) million, or $(1.60) per basic and
diluted share, in the full year 2023. Non-GAAP net income was $52.0
million, or $1.12 per diluted share, in the full year 2023.
Balance Sheet and Net Cash Provided by Operating
Activities
- As of December 31, 2023, CyberArk had $1.3 billion in cash,
cash equivalents, marketable securities, and short-term
deposits.
- During the full year, 2023, the Company’s net cash provided by
operating activities was $56.2 million.
- As of December 31, 2023, total deferred revenue was $480.6
million, an 18 percent increase from $408.4 million at December 31,
2022.
Key Business Highlights
- Annual Recurring Revenue (ARR) was $774 million, an increase of
36 percent from $570 million at December 31, 2022.
- The Subscription portion of ARR was $582 million, or 75 percent
of total ARR at December 31, 2023. This represents an increase of
60 percent from $364 million, or 64 percent of total ARR, at
December 31, 2022.
- The Maintenance portion of ARR was $192 million at December 31,
2023, compared to $206 million at December 31, 2022.
- Recurring revenue in the fourth quarter was $201.5 million, an
increase of 41 percent from $142.6 million for the fourth quarter
of 2022. For the full year 2023, recurring revenue was $679.6
million, an increase of 36 percent from $498.3 million for the full
year 2022.
Recent Developments
- CyberArk was named an Overall Leader in the KuppingerCole
Analysts AG 2023 “Leadership Compass: Cloud Infrastructure
Entitlement Management (CIEM)”(1) report. The company’s leadership
is based on the strength of the CyberArk Identity Security Platform
and its innovative cloud security solutions.
- CyberArk was named an Overall Leader in the KuppingerCole
Analysts AG 2023 “Leadership Compass: Access Management”(2) report.
The company’s overall leadership position is based on the strength
of its CyberArk Identity offering across the report’s product,
innovation and market categories.
- CyberArk Elevates Passwordless Experience with new Passkeys
Authentication for CyberArk Identity customers, furthering its
commitment to help customers reduce credential theft and improve
productivity.
- CyberArk joined the Microsoft Security Copilot Partner Private
Preview.
Business Outlook
Based on information available as of February 8, 2024, CyberArk
is issuing guidance for the first quarter and full year 2024 as
indicated below.
First Quarter 2024:
- Total revenue is expected to be in the range of $209.0 million
and $215.0 million, representing growth of 29 percent to 33 percent
compared to the first quarter of 2023.
- Non-GAAP operating income is expected to be in the range of
$7.5 million to $12.5 million.
- Non-GAAP net income per share is expected to be in the range of
$0.21 to $0.31 per diluted share.
- Assumes 47.8 million weighted average diluted shares.
Full Year 2024:
- Total revenue is expected to be in the range of $920.0 million
to $930.0 million, representing growth of 22 percent to 24 percent
compared to the full year 2023.
- Non-GAAP operating income is expected to be in the range of
$75.5 million to $84.5 million.
- Non-GAAP net income per share is expected to be in the range of
$1.63 to $1.81 per diluted share.
- Assumes 48.0 million weighted average diluted shares.
- ARR as of December 31, 2024 is expected to be in the range of
$968.0 million to $983.0 million, representing growth of 25 percent
to 27 percent from December 31, 2023.
- Non-GAAP free cash flow is expected to be in the range of $85.0
million to $95.0 million for the full year 2024.
(1) KuppingerCole Analysts AG “Leadership
Compass: Cloud Infrastructure Entitlement Management (CIEM),”
November 8, 2023, Paul Fisher
(2) KuppingerCole Analysts AG “Leadership
Compass: Access Management,” August 16, 2023 by Alejandro Leal
Conference Call Information
In conjunction with this announcement, CyberArk will host a
conference call on Thursday, February 8, 2024 at 8:30 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 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 © 2024 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 a performance indicator that
provides more visibility into the growth of our recurring business
in the upcoming year. ARR is defined as the annualized value of
active SaaS, self-hosted subscriptions and their associated
M&S, and maintenance contracts related to the perpetual
licenses in effect at the end of the reported period. ARR should be
viewed independently of revenues and total deferred revenue as it
is an operating measure and is not intended to be combined with or
to replace either of those measures. ARR is not a forecast of
future revenues and can be impacted by contract start and end dates
and renewal rates. This visibility allows us to make informed
decisions about our capital allocation and level of
investment.
Subscription Portion of Annual Recurring Revenue
- Subscription portion of ARR is defined as the annualized value
of active SaaS and self-hosted subscriptions 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
subscriptions 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 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
income (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 impairment of
capitalized software development costs.
- 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 income (loss) is calculated as GAAP
operating loss excluding share-based compensation expense,
impairment of capitalized software development costs, acquisition
related expenses and amortization of intangible assets related to
acquisitions.
- Non-GAAP net income (loss) is calculated as GAAP net income
(loss) excluding share-based compensation expense, acquisition
related expenses, amortization of intangible assets related to
acquisitions, impairment of capitalized software development costs,
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 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, impairment of capitalized software
development costs, 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, the tax effect of the non-GAAP
adjustments, and purchase of property and equipment. 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 as well as changes in interest rates and foreign
exchange rates, which impact other GAAP performance metrics.
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;
regulatory and geopolitical risks associated with global sales and
operations, as well as impacts from the ongoing war between Israel
and Hamas and other conflicts in the region, as our principal
executive offices, most of our research and development activities
and other significant operations are located in Israel; 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 Company’s ability to expand its sales
and marketing efforts and expand its channel partnerships across
existing and new geographies; 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
Twelve Months Ended December 31, December 31,
2022
2023
2022
2023
Revenues: Subscription
$
88,451
$
150,257
$
280,649
$
472,023
Perpetual license
14,579
8,009
49,964
21,037
Maintenance and professional services
66,121
64,838
261,097
258,828
Total revenues
169,151
223,104
591,710
751,888
Cost of revenues: Subscription
13,762
19,764
46,249
74,623
Perpetual license
913
700
2,893
1,873
Maintenance and professional services
20,153
19,189
76,904
79,635
Total cost of revenues
34,828
39,653
126,046
156,131
Gross profit
134,323
183,451
465,664
595,757
Operating expenses: Research and development
51,477
53,792
190,321
211,445
Sales and marketing
90,737
106,607
345,273
405,983
General and administrative
22,178
27,763
82,520
94,801
Total operating expenses
164,392
188,162
618,114
712,229
Operating loss
(30,069
)
(4,711
)
(152,450
)
(116,472
)
Financial income, net
9,163
19,302
15,432
53,214
Income (loss) before taxes on income
(20,906
)
14,591
(137,018
)
(63,258
)
Tax benefit (taxes on income)
(1,298
)
(5,680
)
6,650
(3,246
)
Net income (loss)
$
(22,204
)
$
8,911
$
(130,368
)
$
(66,504
)
Basic net income (loss) per ordinary share
$
(0.54
)
$
0.21
$
(3.21
)
$
(1.60
)
Diluted net income (loss) per ordinary share
$
(0.54
)
$
0.20
$
(3.21
)
$
(1.60
)
Shares used in computing net income (loss) per ordinary
shares, basic
40,923,682
42,069,678
40,583,002
41,658,424
Shares used in computing net income (loss) per ordinary shares,
diluted
40,923,682
47,107,294
40,583,002
41,658,424
CYBERARK SOFTWARE LTD.
Consolidated Balance
Sheets
U.S. dollars in
thousands
(Unaudited)
December 31, December 31,
2022
2023
ASSETS CURRENT ASSETS: Cash and cash
equivalents
$
347,338
$
355,933
Short-term bank deposits
305,843
354,472
Marketable securities
301,101
283,016
Trade receivables
120,817
186,472
Prepaid expenses and other current assets
22,482
31,550
Total current assets
1,097,581
1,211,443
LONG-TERM ASSETS: Marketable securities
227,748
324,548
Property and equipment, net
23,474
16,494
Intangible assets, net
27,508
20,202
Goodwill
153,241
153,241
Other long-term assets
217,040
214,816
Deferred tax asset
72,809
81,464
Total long-term assets
721,820
810,765
TOTAL ASSETS
$
1,819,401
$
2,022,208
LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT
LIABILITIES: Trade payables
$
13,642
$
10,971
Employees and payroll accruals
77,328
95,538
Accrued expenses and other current liabilities
33,584
36,562
Convertible senior notes, net
-
572,340
Deferred revenues
327,918
409,219
Total current liabilities
452,472
1,124,630
LONG-TERM LIABILITIES: Convertible senior notes, net
569,344
-
Deferred revenues
80,524
71,413
Other long-term liabilities
38,917
33,839
Total long-term liabilities
688,785
105,252
TOTAL LIABILITIES
1,141,257
1,229,882
SHAREHOLDERS' EQUITY: Ordinary shares of NIS 0.01 par value
107
111
Additional paid-in capital
660,289
827,260
Accumulated other comprehensive loss
(15,560
)
(1,849
)
Retained earnings (accumulated deficit)
33,308
(33,196
)
Total shareholders' equity
678,144
792,326
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
1,819,401
$
2,022,208
CYBERARK SOFTWARE LTD.
Consolidated Statements of
Cash Flows
U.S. dollars in
thousands
(Unaudited)
Twelve Months Ended December 31,
2022
2023
Cash flows from operating activities: Net loss
$
(130,368
)
$
(66,504
)
Adjustments to reconcile net loss to net cash provided by operating
activities: Depreciation and amortization
16,203
19,250
Amortization of premium and accretion of discount on marketable
securities, net
3,894
(4,570
)
Share-based compensation
120,821
140,101
Deferred income taxes, net
(15,630
)
(7,879
)
Increase in trade receivables
(7,606
)
(65,655
)
Amortization of debt discount and issuance costs
2,980
2,996
Increase in prepaid expenses, other current and long-term assets
and others
(37,141
)
(45,016
)
Changes in operating lease right-of-use assets
4,558
6,566
Increase (decrease) in trade payables
4,053
(2,669
)
Increase in short-term and long-term deferred revenues
91,167
72,190
Increase in employees and payroll accruals
714
6,981
Increase in accrued expenses and other current and long-term
liabilities
4,801
7,507
Changes in operating lease liabilities
(8,738
)
(7,094
)
Net cash provided by operating activities
49,708
56,204
Cash flows from investing activities: Investment in
short and long term deposits
(496,894
)
(337,835
)
Proceeds from short and long term deposits
532,563
319,542
Investment in marketable securities and other
(375,731
)
(406,633
)
Proceeds from sales and maturities of marketable securities and
other
325,472
344,046
Purchase of property and equipment
(12,517
)
(4,948
)
Payments for business acquisitions, net of cash acquired
(41,285
)
-
Net cash used in investing activities
(68,392
)
(85,828
)
Cash flows from financing activities: Proceeds from
(payment of) withholding tax related to employee stock plans
(184
)
11,188
Proceeds from exercise of stock options
1,968
11,065
Proceeds in connection with employees stock purchase plan
15,143
15,831
Payments of contingent consideration related to acquisitions
(4,702
)
-
Net cash provided by financing activities
12,225
38,084
Increase (decrease) in cash and cash equivalents
(6,459
)
8,460
Effect of exchange rate differences on cash and cash
equivalents
(3,053
)
135
Cash and cash equivalents at the beginning of the period
356,850
347,338
Cash and cash equivalents at the end of the period
$
347,338
$
355,933
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,
2022
2023
2022
2023
Net cash provided by operating activities
$
20,497
$
46,898
$
49,708
$
56,204
Less: Purchase of property and equipment
(3,739
)
(695
)
(12,517
)
(4,948
)
Free cash flow
$
16,758
$
46,203
$
37,191
$
51,256
GAAP net cash used in investing activities
(247
)
(84,140
)
(68,392
)
(85,828
)
GAAP net cash provided by financing activities
563
18,889
12,225
38,084
Reconciliation of Gross Profit to Non-GAAP Gross
Profit: Three Months Ended Twelve Months
Ended December 31, December 31,
2022
2023
2022
2023
Gross profit
$
134,323
$
183,451
$
465,664
$
595,757
Plus: Share-based compensation (1)
4,098
4,500
15,060
17,612
Amortization of share-based compensation capitalized in software
development costs (3)
82
84
346
393
Amortization of intangible assets (2)
1,705
1,704
6,044
6,817
Impairment of capitalized software development costs (3)
-
-
-
2,067
Non-GAAP gross profit
$
140,208
$
189,739
$
487,114
$
622,646
Reconciliation of Operating Expenses to Non-GAAP
Operating Expenses: Three Months Ended Twelve
Months Ended December 31, December 31,
2022
2023
2022
2023
Operating expenses
$
164,392
$
188,162
$
618,114
$
712,229
Less: Share-based compensation (1)
28,130
33,035
105,761
122,489
Amortization of intangible assets (2)
153
137
611
547
Acquisition related expenses
-
-
2,244
-
Non-GAAP operating expenses
$
136,109
$
154,990
$
509,498
$
589,193
Reconciliation of Operating loss to Non-GAAP Operating
Income (loss): Three Months Ended Twelve
Months Ended December 31, December 31,
2022
2023
2022
2023
Operating loss
$
(30,069
)
$
(4,711
)
$
(152,450
)
$
(116,472
)
Plus: Share-based compensation (1)
32,228
37,535
120,821
140,101
Amortization of share-based compensation capitalized in software
development costs (3)
82
84
346
393
Amortization of intangible assets (2)
1,858
1,841
6,655
7,364
Acquisition related expenses
-
-
2,244
-
Impairment of capitalized software development costs (3)
-
-
-
2,067
Non-GAAP operating income (loss)
$
4,099
$
34,749
$
(22,384
)
$
33,453
Reconciliation of Net Income (loss) to Non-GAAP Net
Income (loss): Three Months Ended Twelve
Months Ended December 31, December 31,
2022
2023
2022
2023
Net income (loss)
$
(22,204
)
$
8,911
$
(130,368
)
$
(66,504
)
Plus: Share-based compensation (1)
32,228
37,535
120,821
140,101
Amortization of share-based compensation capitalized in software
development costs (3)
82
84
346
393
Amortization of intangible assets (2)
1,858
1,841
6,655
7,364
Acquisition related expenses
-
-
2,244
-
Amortization of debt discount and issuance costs
746
752
2,980
2,996
Gain from investment in privately held companies
-
(2,213
)
(324
)
(2,757
)
Impairment of capitalized software development costs (3)
-
-
-
2,067
Taxes on income related to non-GAAP adjustments
(5,560
)
(8,848
)
(20,189
)
(31,656
)
Non-GAAP net income (loss)
$
7,150
$
38,062
$
(17,835
)
$
52,004
Non-GAAP net income (loss) per share Basic
$
0.17
$
0.90
$
(0.44
)
$
1.25
Diluted
$
0.16
$
0.81
$
(0.44
)
$
1.12
Weighted average number of shares Basic
40,923,682
42,069,678
40,583,002
41,658,424
Diluted
45,600,508
47,107,294
40,583,002
46,375,198
(1) Share-based Compensation : Three Months
Ended Twelve Months Ended December 31,
December 31,
2022
2023
2022
2023
Cost of revenues - Subscription
$
737
$
1,219
$
2,264
$
4,178
Cost of revenues - Perpetual license
40
15
143
45
Cost of revenues - Maintenance and Professional services
3,321
3,266
12,653
13,389
Research and development
7,315
7,661
27,102
29,458
Sales and marketing
13,684
14,800
51,099
58,790
General and administrative
7,131
10,574
27,560
34,241
Total share-based compensation
$
32,228
$
37,535
$
120,821
$
140,101
(2) Amortization of intangible assets : Three
Months Ended Twelve Months Ended December 31,
December 31,
2022
2023
2022
2023
Cost of revenues - Subscription
$
1,663
$
1,704
$
5,894
$
6,817
Cost of revenues - Perpetual license
42
-
150
-
Sales and marketing
153
137
611
547
Total amortization of intangible assets
$
1,858
$
1,841
$
6,655
$
7,364
(3) Classified as Cost of revenues - Subscription.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240208108110/en/
Investor Relations: Erica Smith CyberArk 617-558-2132
ir@cyberark.com
Media: Nick Bowman CyberArk +44 (0) 7841 673378
press@cyberark.com
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