Results Exceeded all Guided Metrics
Subscription Portion of Annual Recurring
Revenue (ARR) Grew 50% Year-Over-Year to $677 million
Total ARR Grew 33% Year-Over-Year to $868
million
Subscription Revenue Grew 49% Year-Over-Year to
$158.4 million
Total Revenue Grew 28% Year-Over-Year Reaching
a Record of $224.7 million
Net Cash Provided by Operating Activities for
the Six Months Ended June 30, 2024 of $113.0 million
Company Raises Full Year Guidance Across all
Metrics
CyberArk (NASDAQ: CYBR), the identity security company, today
announced strong financial results for the second quarter ended
June 30, 2024.
“We had a strong quarter, posting record revenue and increasing
our profitability, resulting in CyberArk again outperforming our
guidance across all metrics,” said Matt Cohen, CyberArk’s Chief
Executive Officer. “With the explosion of new identities, new
environments, and new attack methods, a new paradigm is needed to
protect every identity – human or machine – with the right level of
privilege controls. Customers are consolidating on our platform,
driving land and expand, as evidenced by the 245 new logos we
signed and our net new Subscription ARR of $56 million. Our
consistent performance puts us in an elite class of companies that
deliver 25 plus percent topline growth, strong profitability and
cash flow margins. Given the mission-critical nature of identity
security and durable demand for our platform, we are confidently
raising our guidance for the full year 2024. We have a tremendous
opportunity ahead of us and are well positioned to deliver strong
long-term profitable growth.”
Financial Summary for the Second Quarter Ended June 30,
2024
- Subscription revenue was $158.4 million in the second quarter
of 2024, an increase of 49 percent from $106.2 million in the
second quarter of 2023.
- Maintenance and professional services revenue was $62.7 million
in the second quarter of 2024, compared to $64.6 million in the
second quarter of 2023.
- Perpetual license revenue was $3.6 million in the second
quarter of 2024, compared to $5.1 million in the second quarter of
2023.
- Total revenue was $224.7 million in the second quarter of 2024,
up 28 percent from $175.8 million in the second quarter of
2023.
- GAAP operating loss was $(24.0) million compared to GAAP
operating loss of $(39.9) million in the same period last year.
Non-GAAP operating income was $23.7 million compared to non-GAAP
operating loss of $(5.6) million, in the same period last
year.
- GAAP net loss was $(12.9) million, or $(0.30) per basic and
diluted share, compared to GAAP net loss of $(25.8) million, or
$(0.62) per basic and diluted share, in the same period last year.
Non-GAAP net income was $26.1 million, or $0.54 per diluted share,
compared to non-GAAP net income of $1.3 million, or $0.03 per
diluted share, in the same period last year.
Balance Sheet and Net Cash Provided by Operating
Activities
- As of June 30, 2024, cash, cash equivalents, short-term
deposits, and marketable securities were $1.4 billion.
- During the six months ended June 30, 2024, net cash provided by
(used in) operating activities was $113.0 million, compared to
$(5.0) million in the six months ended June 30, 2023.
Key Business Highlights
- Annual Recurring Revenue (ARR) was $868 million, an increase of
33 percent from $653 million at June 30, 2023.
- The Subscription portion of ARR was $677 million, or 78 percent
of total ARR at June 30, 2024. This represents an increase of 50
percent from $451 million, or 69 percent of total ARR, at June 30,
2023.
- The Maintenance portion of ARR was $191 million at June 30,
2024, compared to $201 million at June 30, 2023.
- Recurring revenue in the second quarter was $208.0 million, an
increase of 32 percent from $157.8 million for the second quarter
of 2023.
Recent Developments
- CyberArk Signed a Definitive Agreement to Acquire Machine
Identity Management Leader Venafi from Thoma Bravo.
- CyberArk Supercharges Identity Security Platform with CyberArk®
CORA™ AI
- At its annual IMPACT user conference, CyberArk announced
further enhancements to its identity security platform, driven by
AI and Identity Threat Detection and Response (ITDR).
- Released its 2024 Identity Security Threat Landscape Report,
showing 93% Of Organizations Had Two Or More Identity-Related
Breaches In The Past Year.
- CyberArk published its fourth annual Environmental, Social, and
Governance (ESG) Report, highlighting its progress enhancing
initiatives across its core focus areas: Governance, Ethics, and
Compliance; Cybersecurity and Data Privacy; Culture and Talent;
Communities; and Environment.
Venafi Acquisition
The transaction is still expected to close in the second half of
2024, subject to required regulatory approvals, clearances, and
other customary closing conditions.
Business Outlook
Based on information available as of August 8, 2024, CyberArk is
issuing guidance for the third quarter and full year 2024 as
indicated below.
CyberArk’s guidance for the third quarter and full year 2024
does not include contributions from the proposed acquisition of
Venafi, Inc., which is expected to close in the second half of
2024, or the issuance of approximately 2.3 million CyberArk shares
in connection with the closing of the proposed acquisition of
Venafi, Inc.
Third Quarter 2024:
- Total revenue is expected to be in the range of $230.0 million
and $236.0 million, representing growth of 20 percent to 23 percent
compared to the third quarter of 2023.
- Non-GAAP operating income is expected to be in the range of
$20.5 million to $25.5 million.
- Non-GAAP net income per share is expected to be in the range of
$0.38 to $0.49 per diluted share.
- Assumes 48.2 million weighted average diluted shares.
Full Year 2024:
- Total revenue is expected to be in the range of $932.0 million
to $942.0 million, representing growth of 24 percent to 25 percent
compared to the full year 2023.
- Non-GAAP operating income is expected to be in the range of
$107.5 million to $116.5 million.
- Non-GAAP net income per share is expected to be in the range of
$2.17 to $2.36 per diluted share.
- Assumes 48.2 million weighted average diluted shares.
- ARR as of December 31, 2024 is expected to be in the range of
$985 million to $995 million, representing growth of 27 percent to
29 percent from December 31, 2023.
- Non-GAAP free cash flow is expected to be in the range of
$145.0 million to $155.0 million for the full year 2024.
Conference Call Information
In conjunction with this announcement, CyberArk will host a
conference call on Thursday, August 8, 2024 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)
596-4144 (U.S.) or +1 (646) 968-2525 (international). The
conference ID is 9488637. 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 (609) 800-9909
(international). The replay pass code is 9488637. 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, X, 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
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.
Annual Recurring Revenue (ARR)
- ARR is defined as the annualized value of active SaaS,
self-hosted subscriptions and their associated maintenance and
support services, and maintenance contracts related to the
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.
Net New Subscription ARR
- Net new Subscription ARR refers to the difference between
Subscription ARR as of March 31, 2024 and Subscription ARR as of
June 30, 2024.
Annual Recurring Revenue (ARR), Subscription portion of ARR and
Maintenance portion of ARR are performance indicators that provide
more visibility into the growth of our recurring business in the
upcoming year. This visibility allows us to make informed decisions
about our capital allocation and level of investment. Each of these
measures should be viewed independently of revenues and total
deferred revenue as each is an operating measure and is not
intended to be combined with or to replace either of those
measures. ARR, Subscription portion of ARR and Maintenance portion
of ARR are not forecasts of future revenues and can be impacted by
contract start and end dates and renewal rates.
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 (used in) 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 income (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, 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, 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, but not limited to: the
ability of the parties to consummate the proposed transaction
regarding the Company’s acquisition of Venafi Holdings, Inc.
(“Venafi”) in a timely manner or at all; the satisfaction of the
conditions precedent to consummation of the proposed transaction,
including the ability to secure regulatory approvals on the terms
expected, in a timely manner or at all; the potential impact of the
announcement of the proposed transaction on the ability of the
Company or Venafi to retain and hire key personnel and maintain
relationships with customers, suppliers and others with whom the
Company or Venafi do business, or on the Company’s or Venafi’s
operating results and business generally; disruption of the current
plans and operations of the Company and Venafi as a result of the
proposed transaction or its announcement, including increased risks
of cyberattacks; risks that Venafi’s business will not be
integrated successfully into the Company’s operations; risks
relating to the Company’s ability to realize anticipated benefits
of the combined operations; changes to the drivers of the Company’s
growth and the Company’s ability to adapt its solutions to the
information security market changes and demands, including
artificial intelligence (“AI”); the Company’s ability to acquire
new customers and maintain and expand the Company’s revenues from
existing customers; intense competition within the information
security market; real or perceived security vulnerabilities, gaps,
or cybersecurity breaches of the Company, or the Company’s
customers’ or partners’ systems, solutions or services; risks
related to the Company’s compliance with privacy, data protection
and AI laws and regulations; the Company’s ability to successfully
operate its business as a subscription company and fluctuation in
the quarterly results of operations; the Company’s reliance on
third-party cloud providers for its operations and
software-as-a-service (“SaaS”) solutions; the Company’s ability to
hire, train, retain and motivate qualified personnel; the Company’s
ability to effectively execute its sales and marketing strategies;
the Company’s ability to find, complete, fully integrate or achieve
the expected benefits of additional strategic acquisitions; the
Company’s ability to maintain successful relationships with channel
partners, or if the Company’s channel partners fail to perform;
risks related to sales made to government entities; prolonged
economic uncertainties or downturns; the Company’s history of
incurring net losses, the Company’s ability to generate sufficient
revenue to achieve and sustain profitability and the Company’s
ability to generate cash flow from operating activities; regulatory
and geopolitical risks associated with the Company’s global sales
and operations; risks related to intellectual property claims;
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; the
Company’s ability to protect its proprietary technology and
intellectual property rights; risks related to using third-party
software, such as open-source software; risks related to stock
price volatility or activist shareholders; any failure to retain
the Company’s “foreign private issuer” status or the risk that the
Company may be classified, for U.S. federal income tax purposes, as
a “passive foreign investment company”; risks related to the
Company’s Convertible Senior Notes due 2024 (the “Convertible
Notes”), including the potential dilution to existing shareholders
and the Company’s ability to raise the funds necessary to
repurchase the Convertible Notes; changes in tax laws; the
Company’s expectation to not pay dividends on the Company’s
ordinary shares for the foreseeable future; risks related to the
Company’s incorporation and location in Israel, including the
ongoing war between Israel and Hamas and conflict in the region;
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, except as required by
applicable law.
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,
2023
2024
2023
2024
Revenues: Subscription
$
106,167
$
158,414
$
198,887
$
314,653
Perpetual license
5,090
3,637
8,972
6,588
Maintenance and professional services
64,586
62,655
129,689
125,015
Total revenues
175,843
224,706
337,548
446,256
Cost of revenues: Subscription
17,633
22,601
33,578
43,563
Perpetual license
319
303
531
782
Maintenance and professional services
20,815
22,114
40,630
43,081
Total cost of revenues
38,767
45,018
74,739
87,426
Gross profit
137,076
179,688
262,809
358,830
Operating expenses: Research and development
53,664
56,556
105,920
110,470
Sales and marketing
101,089
115,339
200,517
220,303
General and administrative
22,221
31,769
42,396
58,411
Total operating expenses
176,974
203,664
348,833
389,184
Operating loss
(39,898
)
(23,976
)
(86,024
)
(30,354
)
Financial income, net
11,882
13,347
21,488
27,399
Loss before taxes on income
(28,016
)
(10,629
)
(64,536
)
(2,955
)
Tax benefit (taxes on income)
2,238
(2,294
)
3,730
(4,498
)
Net loss
$
(25,778
)
$
(12,923
)
$
(60,806
)
$
(7,453
)
Basic loss per ordinary share
$
(0.62
)
$
(0.30
)
$
(1.47
)
$
(0.17
)
Diluted loss per ordinary share
$
(0.62
)
$
(0.30
)
$
(1.47
)
$
(0.17
)
Shares used in computing net loss per ordinary shares, basic
41,599,364
42,948,191
41,384,895
42,689,375
Shares used in computing net loss per ordinary shares, diluted
41,599,364
42,948,191
41,384,895
42,689,375
CYBERARK SOFTWARE LTD.
Consolidated Balance
Sheets
U.S. dollars in
thousands
(Unaudited)
December 31, June 30,
2023
2024
ASSETS CURRENT ASSETS: Cash and cash
equivalents
$
355,933
$
641,014
Short-term bank deposits
354,472
231,037
Marketable securities
283,016
528,086
Trade receivables
186,472
156,049
Prepaid expenses and other current assets
31,550
34,983
Total current assets
1,211,443
1,591,169
LONG-TERM ASSETS: Marketable securities
324,548
30,871
Property and equipment, net
16,494
16,477
Intangible assets, net
20,202
16,665
Goodwill
153,241
153,241
Other long-term assets
214,816
227,140
Deferred tax asset
81,464
85,021
Total long-term assets
810,765
529,415
TOTAL ASSETS
$
2,022,208
$
2,120,584
LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT
LIABILITIES: Trade payables
$
10,971
$
6,189
Employees and payroll accruals
95,538
75,909
Accrued expenses and other current liabilities
36,562
37,979
Convertible senior notes, net
572,340
573,824
Deferred revenues
409,219
442,223
Total current liabilities
1,124,630
1,136,124
LONG-TERM LIABILITIES: Deferred revenues
71,413
75,887
Other long-term liabilities
33,839
31,601
Total long-term liabilities
105,252
107,488
TOTAL LIABILITIES
1,229,882
1,243,612
SHAREHOLDERS' EQUITY: Ordinary shares of NIS 0.01 par value
111
113
Additional paid-in capital
827,260
918,948
Accumulated other comprehensive loss
(1,849
)
(1,440
)
Accumulated deficit
(33,196
)
(40,649
)
Total shareholders' equity
792,326
876,972
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
2,022,208
$
2,120,584
CYBERARK SOFTWARE LTD.
Consolidated Statements of
Cash Flows
U.S. dollars in
thousands
(Unaudited)
Six Months Ended June 30,
2023
2024
Cash flows from operating activities: Net loss
$
(60,806
)
$
(7,453
)
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities: Depreciation and amortization
8,787
8,046
Amortization of premium and accretion of discount on marketable
securities, net
(1,474
)
(3,632
)
Impairment of available for sale marketable securities
-
2,674
Share-based compensation
63,966
78,030
Deferred income taxes, net
(8,430
)
(314
)
Decrease in trade receivables
15,322
30,423
Amortization of debt discount and issuance costs
1,496
1,504
Increase in prepaid expenses, other current and long-term assets
and others
(16,328
)
(16,629
)
Changes in operating lease right-of-use assets
3,865
3,346
Increase (decrease) in trade payables
370
(4,619
)
Increase in short-term and long-term deferred revenues
10,212
37,478
Decrease in employees and payroll accruals
(17,868
)
(12,394
)
Increase in accrued expenses and other current and long-term
liabilities
614
671
Changes in operating lease liabilities
(4,773
)
(4,153
)
Net cash provided by (used in) operating activities
(5,047
)
112,978
Cash flows from investing activities: Investment in
short and long term deposits
(87,318
)
(170,820
)
Proceeds from short and long term deposits
178,603
292,675
Investment in marketable securities
(228,232
)
(129,480
)
Proceeds from sales and maturities of marketable securities and
other
181,569
181,482
Purchase of property and equipment
(3,522
)
(4,485
)
Net cash provided by investing activities
41,100
169,372
Cash flows from financing activities: Proceeds from
(payment of) withholding tax related to employee stock plans
5,213
(7,361
)
Proceeds from exercise of stock options
777
3,845
Proceeds in connection with employees stock purchase plan
7,695
9,771
Net cash provided by financing activities
13,685
6,255
Increase in cash and cash equivalents
49,738
288,605
Effect of exchange rate differences on cash and cash
equivalents
(892
)
(3,524
)
Cash and cash equivalents at the beginning of the period
347,338
355,933
Cash and cash equivalents at the end of the period
$
396,184
$
641,014
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,
2023
2024
2023
2024
Net cash provided by (used in) operating activities
$
(10,868
)
$
44,343
$
(5,047
)
$
112,978
Less: Purchase of property and equipment
(1,747
)
(2,620
)
(3,522
)
(4,485
)
Free cash flow
$
(12,615
)
$
41,723
$
(8,569
)
$
108,493
GAAP net cash provided by investing activities
35,816
152,476
41,100
169,372
GAAP net cash provided by financing activities
8,468
4,376
13,685
6,255
Reconciliation of Gross Profit to Non-GAAP Gross
Profit: Three Months Ended Six Months
Ended June 30, June 30,
2023
2024
2023
2024
Gross profit
$
137,076
$
179,688
$
262,809
$
358,830
Plus: Share-based compensation (1)
4,379
5,413
8,332
10,233
Amortization of share-based compensation capitalized in software
development costs (3)
103
81
206
153
Amortization of intangible assets (2)
1,705
1,705
3,409
3,409
Non-GAAP gross profit
$
143,263
$
186,887
$
274,756
$
372,625
Reconciliation of Operating Expenses to Non-GAAP
Operating Expenses: Three Months Ended Six
Months Ended June 30, June 30,
2023
2024
2023
2024
Operating expenses
$
176,974
$
203,664
$
348,833
$
389,184
Less: Share-based compensation (1)
27,991
35,118
55,634
67,797
Amortization of intangible assets (2)
134
125
271
250
Acquisition related expenses
-
5,281
-
5,281
Non-GAAP operating expenses
$
148,849
$
163,140
$
292,928
$
315,856
Reconciliation of Operating Loss to Non-GAAP Operating
Income (Loss): Three Months Ended Six Months
Ended June 30, June 30,
2023
2024
2023
2024
Operating loss
$
(39,898
)
$
(23,976
)
$
(86,024
)
$
(30,354
)
Plus: Share-based compensation (1)
32,370
40,531
63,966
78,030
Amortization of share-based compensation capitalized in software
development costs (3)
103
81
206
153
Amortization of intangible assets (2)
1,839
1,830
3,680
3,659
Acquisition related expenses
-
5,281
-
5,281
Non-GAAP operating income (loss)
$
(5,586
)
$
23,747
$
(18,172
)
$
56,769
Reconciliation of Net Loss to Non-GAAP Net Income
(Loss): Three Months Ended Six Months
Ended June 30, June 30,
2023
2024
2023
2024
Net loss
$
(25,778
)
$
(12,923
)
$
(60,806
)
$
(7,453
)
Plus: Share-based compensation (1)
32,370
40,531
63,966
78,030
Amortization of share-based compensation capitalized in software
development costs (3)
103
81
206
153
Amortization of intangible assets (2)
1,839
1,830
3,680
3,659
Acquisition related expenses
-
5,281
-
5,281
Amortization of debt discount and issuance costs
748
752
1,496
1,504
Gain from investment in privately held companies
(294
)
-
(294
)
-
Taxes on income related to non-GAAP adjustments
(7,708
)
(9,457
)
(13,914
)
(19,209
)
Non-GAAP net income (loss)
$
1,280
$
26,095
$
(5,666
)
$
61,965
Non-GAAP net income (loss) per share Basic
$
0.03
$
0.61
$
(0.14
)
$
1.45
Diluted
$
0.03
$
0.54
$
(0.14
)
$
1.30
Weighted average number of shares Basic
41,599,364
42,948,191
41,384,895
42,689,375
Diluted
46,065,943
47,900,949
41,384,895
47,804,286
(1) Share-based Compensation : Three Months
Ended Six Months Ended June 30, June 30,
2023
2024
2023
2024
Cost of revenues - Subscription
$
978
$
1,617
$
1,810
$
3,029
Cost of revenues - Perpetual license
12
7
19
12
Cost of revenues - Maintenance and Professional services
3,389
3,789
6,503
7,192
Research and development
7,192
8,157
13,930
15,717
Sales and marketing
13,595
16,912
28,190
31,791
General and administrative
7,204
10,049
13,514
20,289
Total share-based compensation
$
32,370
$
40,531
$
63,966
$
78,030
(2) Amortization of intangible assets :
Three Months Ended Six Months Ended June 30,
June 30,
2023
2024
2023
2024
Cost of revenues - Subscription
$
1,705
$
1,705
$
3,409
$
3,409
Sales and marketing
134
125
271
250
Total amortization of intangible assets
$
1,839
$
1,830
$
3,680
$
3,659
(3) Classified as Cost of revenues -
Subscription.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240808754290/en/
Investor Relations Contact: Srinivas Anantha, CFA
CyberArk 617-558-2132 ir@cyberark.com Media Contact: Nick
Bowman CyberArk +44 (0) 7841 673378 press@cyberark.com
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