Results Exceeded all Guided Metrics
Subscription Portion of Annual Recurring
Revenue (ARR) Grew 46% Year-Over-Year to $735 million
Total ARR Grew 31% Year-Over-Year to $926
million
Subscription Revenue Grew 43% Year-Over-Year to
$175.6 million
Total Revenue Grew 26% Year-Over-Year Reaching
a Record of $240.1 million
Net Cash Provided by Operating Activities for
the Nine Months Ended September 30, 2024 of $167.2 million
Company Raises Full Year Guidance Across all
Metrics
CyberArk (NASDAQ: CYBR), the global leader in identity security,
today announced strong financial results for the third quarter
ended September 30, 2024.
“CyberArk reported strong results and outperformed guidance
across all metrics. Our best-in-class execution and industry
leadership in identity security is helping us deliver strong net
new ARR, record revenue and increased profitability and cash flow,”
said Matt Cohen, CyberArk’s Chief Executive Officer. “The security
first approach is at the core of CyberArk’s DNA and differentiating
us from competitors. We continue to deliver on our vision of
securing every identity – human and machine – with the right level
of privilege controls. Demand for our solutions remains strong as
customers continue to embrace our industry leading solutions across
workforce, IT, developer and machine identities. Given the
tremendous market opportunity, the mission critical nature of
securing all identities, and durable demand drivers, we are
confidently raising our guidance for the full year 2024 across all
metrics.
“We are thrilled to have closed the acquisition of Venafi on
October 1, extending our platform leadership and setting a new
standard for end-to-end machine identity security. Feedback from
both customers and partners has further validated our excitement.
Machine identities are the fastest growing and most complex
identities today, and Venafi’s cloud native, modern machine
identity management solution is the leader in a market that is
ready for an inflection,” concluded Cohen.
Financial Summary for the Third Quarter Ended September 30,
2024
The financial results for the third quarter of 2024 did not
include any financial contribution from the acquisition of Venafi,
which closed on October 1, 2024.
- Subscription revenue was $175.6 million in the third quarter of
2024, an increase of 43 percent from $122.9 million in the third
quarter of 2023.
- Maintenance and professional services revenue was $61.6 million
in the third quarter of 2024, compared to $64.3 million in the
third quarter of 2023.
- Perpetual license revenue was $2.9 million in the third quarter
of 2024, compared to $4.1 million in the third quarter of
2023.
- Total revenue was $240.1 million in the third quarter of 2024,
up 26 percent from $191.2 million in the third quarter of
2023.
- GAAP operating loss was $(11.1) million compared to GAAP
operating loss of $(25.7) million in the same period last year.
Non-GAAP operating income was $35.4 million compared to non-GAAP
operating income of $16.9 million, in the same period last
year.
- GAAP net income was $11.1 million, or $0.24 per diluted share,
compared to GAAP net loss of $(14.6) million, or $(0.35) per basic
and diluted share, in the same period last year. Non-GAAP net
income was $45.1 million, or $0.94 per diluted share, compared to
non-GAAP net income of $19.6 million, or $0.42 per diluted share,
in the same period last year.
Balance Sheet and Net Cash Provided by Operating
Activities
- As of September 30, 2024, cash, cash equivalents, short-term
deposits, and marketable securities were $1.5 billion.
- During the nine months ended September 30, 2024, net cash
provided by operating activities was $167.2 million, compared to
$9.3 million in the nine months ended September 30, 2023.
Key Business Highlights
- Annual Recurring Revenue (ARR) was $926 million, an increase of
31 percent from $705 million at September 30, 2023.
- The Subscription portion of ARR was $735 million, or 79 percent
of total ARR at September 30, 2024. This represents an increase of
46 percent from $504 million, or 72 percent of total ARR, at
September 30, 2023.
- The Maintenance portion of ARR was $191 million at September
30, 2024, compared to $200 million at September 30, 2023.
- Recurring revenue in the third quarter was $224.2 million, an
increase of 29 percent from $174.4 million for the third quarter of
2023.
CyberArk Announces Chief Financial Officer Transition
CyberArk today announced that Josh Siegel, CyberArk’s Chief
Financial Officer, is stepping down from his role as Chief
Financial Officer effective January 1, 2025. As part of a planned
succession, Erica Smith, CyberArk's Deputy Chief Financial Officer,
will become Chief Financial Officer and join the executive team at
that time. The details of the announcement can be accessed
here.
Recent Developments
- CyberArk Closed the Acquisition of Machine Identity Management
Leader Venafi, setting a new paradigm for end-to-end machine
identity security.
- CyberArk Celebrated the 10 Year Anniversary of its Initial
Public Offering (IPO) by ringing the Opening Bell at the NASDAQ
Stock Exchange.
- CyberArk announced a strategic partnership with leading cloud
security provider Wiz, working together to enable organizations to
build faster and safer in the cloud.
- CyberArk Named a Leader in the 2024 Gartner® Magic Quadrant™
for Privileged Access Management. CyberArk is positioned as a
Leader for the sixth consecutive time and is positioned furthest in
Completeness of Vision. (1)
- CyberArk Named a Overall Leader in the 2024 Leadership Compass
on Privileged Access Management(2) by KuppingerCole Analysts AG.
The report examined three separate leadership categories: Product,
Innovation and Market Leadership. CyberArk is placed in the top
quadrant and scores highest in all of them.
- CyberArk Named Trusted Cloud Provider by Cloud Security
Alliance.
(1)Gartner® Magic Quadrant™ for Privileged Access Management, by
Abhyuday Data, Michael Kelley, Nayara Sangiorgio, Felix Gaehtgens,
Paul Mezzera, 9 September 2024
(2)KuppingerCole Analysts AG “Leadership Compass: Privileged
Access Management,” October 7, 2024 by Paul Fisher.
Business Outlook
Based on information available as of November 13, 2024, CyberArk
is issuing guidance for the fourth quarter and full year 2024 as
indicated below.
The guidance for the fourth quarter and full year 2024 includes
the expected contribution from the acquisition of Venafi, which
closed on October 1, 2024.
Fourth Quarter 2024:
- Total revenue is expected to be in the range of $297.0 million
and $303.0 million, representing growth of 33 percent to 36 percent
compared to the fourth quarter of 2023.
- Non-GAAP operating income is expected to be in the range of
$43.5 million to $48.5 million.
- Non-GAAP net income per share is expected to be in the range of
$0.65 to $0.75 per diluted share.
- Assumes 51.2 million weighted average diluted shares.
Full Year 2024:
- Total revenue is expected to be in the range of $983.0 million
to $989.0 million, representing growth of 31 percent to 32 percent
compared to the full year 2023.
- Non-GAAP operating income is expected to be in the range of
$135.0 million to $140.0 million.
- Non-GAAP net income per share is expected to be in the range of
$2.85 to $2.96 per diluted share.
- Assumes 49.0 million weighted average diluted shares.
- ARR as of December 31, 2024 is expected to be in the range of
$1.153 billion to $1.163 billion, representing growth of 49 percent
to 50 percent from December 31, 2023.
- Non-GAAP free cash flow is expected to be in the range of
$203.0 million to $213.0 million for the full year 2024.
Conference Call Information
In conjunction with this announcement, CyberArk will host a
conference call on Wednesday, November 13, 2024 at 8:30 a.m.
Eastern Time (ET) to discuss the Company’s third 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 (609) 800-9909
(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.
Gartner Disclaimers
GARTNER is a registered trademarks and service mark, and MAGIC
QUADRANT is a registered trademark of Gartner, Inc. ("Gartner"),
and/or its affiliates in the U.S. and internationally and are used
herein with permission. All rights reserved.
Gartner does not endorse any vendor, product or service depicted
in its research publications, and does not advise technology users
to select only those vendors with the highest ratings or other
designation. Gartner research publications consist of the opinions
of Gartner’s research organization and should not be construed as
statements of fact. Gartner disclaims all warranties, expressed or
implied, with respect to this research, including any warranties of
merchantability or fitness for a particular purpose.
The Gartner content described herein (the “Gartner Content”)
represents research opinion or viewpoints published, as part of a
syndicated subscription service, by Gartner, Inc. and is not a
representation of fact. Gartner Content speaks as of its original
publication date (and not as of the date of this press release),
and the opinions expressed in the Gartner Content are subject to
change without notice.
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 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 ARR
- Net new ARR refers to the difference between ARR as of
September 30, 2024 and 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 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,
acquisition related expenses, amortization of intangible assets
related to acquisitions, and impairment of capitalized software
development costs.
- Non-GAAP net income 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, change in fair
value of derivative assets, gain from investment in privately held
companies, impairment of capitalized software development costs,
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, non-cash interest expense related
to the amortization of debt discount and issuance cost, change in
fair value of derivative assets, 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, change in fair value of derivative assets, 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, non-cash change in fair value
of derivative assets, 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: risks
related to the Company’s acquisition of Venafi Holdings, Inc.
(“Venafi”), including impacts of the acquisition on the Company’s
or Venafi’s operating results and business generally; 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; 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 after the Venafi
acquisition; 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
Nine Months Ended September 30, September 30,
2023
2024
2023
2024
Revenues: Subscription
$
122,879
$
175,577
$
321,766
$
490,230
Perpetual license
4,056
2,896
13,028
9,484
Maintenance and professional services
64,301
61,629
193,990
186,644
Total revenues
191,236
240,102
528,784
686,358
Cost of revenues: Subscription
21,281
24,569
54,859
68,132
Perpetual license
642
466
1,173
1,248
Maintenance and professional services
19,816
22,150
60,446
65,231
Total cost of revenues
41,739
47,185
116,478
134,611
Gross profit
149,497
192,917
412,306
551,747
Operating expenses: Research and development
51,733
59,306
157,653
169,776
Sales and marketing
98,859
113,690
299,376
333,993
General and administrative
24,642
31,011
67,038
89,422
Total operating expenses
175,234
204,007
524,067
593,191
Operating loss
(25,737
)
(11,090
)
(111,761
)
(41,444
)
Financial income, net
12,424
23,442
33,912
50,841
Income (loss) before taxes on income
(13,313
)
12,352
(77,849
)
9,397
Tax benefit (taxes on income)
(1,296
)
(1,242
)
2,434
(5,740
)
Net income (loss)
$
(14,609
)
$
11,110
$
(75,415
)
$
3,657
Basic income (loss) per ordinary share
$
(0.35
)
$
0.26
$
(1.82
)
$
0.09
Diluted income (loss) per ordinary share
$
(0.35
)
$
0.24
$
(1.82
)
$
0.12
Shares used in computing net income (loss) per ordinary
shares, basic
41,899,371
43,310,397
41,539,052
42,879,017
Shares used in computing net income (loss) per ordinary shares,
diluted
41,899,371
48,260,869
41,539,052
47,926,888
CYBERARK SOFTWARE LTD.
Consolidated Balance
Sheets
U.S. dollars in
thousands
(Unaudited)
December 31, September 30,
2023
2024
ASSETS CURRENT ASSETS: Cash and cash
equivalents
$
355,933
$
1,238,472
Short-term bank deposits
354,472
199,128
Marketable securities
283,016
37,707
Trade receivables
186,472
166,157
Prepaid expenses and other current assets
31,550
300,766
Total current assets
1,211,443
1,942,230
LONG-TERM ASSETS: Marketable securities
324,548
19,311
Property and equipment, net
16,494
17,470
Intangible assets, net
20,202
14,974
Goodwill
153,241
153,241
Other long-term assets
214,816
232,207
Deferred tax asset
81,464
82,382
Total long-term assets
810,765
519,585
TOTAL ASSETS
$
2,022,208
$
2,461,815
LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT
LIABILITIES: Trade payables
$
10,971
$
5,346
Employees and payroll accruals
95,538
86,779
Accrued expenses and other current liabilities
36,562
47,524
Convertible senior notes, net
572,340
535,378
Deferred revenues
409,219
447,757
Total current liabilities
1,124,630
1,122,784
LONG-TERM LIABILITIES: Deferred revenues
71,413
78,052
Other long-term liabilities
33,839
30,452
Total long-term liabilities
105,252
108,504
TOTAL LIABILITIES
1,229,882
1,231,288
SHAREHOLDERS' EQUITY: Ordinary shares of NIS 0.01 par value
111
114
Additional paid-in capital
827,260
1,259,840
Accumulated other comprehensive income (loss)
(1,849
)
112
Accumulated deficit
(33,196
)
(29,539
)
Total shareholders' equity
792,326
1,230,527
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
2,022,208
$
2,461,815
CYBERARK SOFTWARE LTD.
Consolidated Statements of
Cash Flows
U.S. dollars in
thousands
(Unaudited)
Nine Months Ended September 30,
2023
2024
Cash flows from operating activities: Net income
(loss)
$
(75,415
)
$
3,657
Adjustments to reconcile net income (loss) to net cash provided by
operating activities: Depreciation and amortization
15,097
11,983
Amortization of premium and accretion of discount on marketable
securities, net and other
(2,724
)
(3,591
)
Share-based compensation
102,566
121,421
Deferred income taxes, net
(10,763
)
2,764
Decrease in trade receivables
1,834
20,315
Amortization of debt discount and issuance costs
2,245
2,257
Change in fair value of derivative assets
-
(2,591
)
Increase in prepaid expenses, other current and long-term assets
and others
(22,565
)
(31,778
)
Changes in operating lease right-of-use assets
5,495
5,947
Decrease in trade payables
(980
)
(6,078
)
Increase in short-term and long-term deferred revenues
14,613
45,177
Decrease in employees and payroll accruals
(13,579
)
(6,195
)
Increase in accrued expenses and other current and long-term
liabilities
669
10,216
Changes in operating lease liabilities
(7,187
)
(6,353
)
Net cash provided by operating activities
9,306
167,151
Cash flows from investing activities: Investment in
short and long term deposits
(204,461
)
(221,898
)
Proceeds from short and long term deposits
243,630
374,707
Investment in marketable securities and other
(322,049
)
(129,481
)
Proceeds from sales and maturities of marketable securities and
other
285,445
688,060
Purchase of property and equipment
(4,253
)
(7,090
)
Net cash provided by (used in) investing activities
(1,688
)
704,298
Cash flows from financing activities: Proceeds from
(payment of) withholding tax related to employee stock plans
3,210
(7,661
)
Proceeds from exercise of stock options
4,209
5,245
Proceeds in connection with employees stock purchase plan
11,776
14,867
Net cash provided by financing activities
19,195
12,451
Increase in cash and cash equivalents
26,813
883,900
Effect of exchange rate differences on cash and cash
equivalents
(1,955
)
(1,361
)
Cash and cash equivalents at the beginning of the period
347,338
355,933
Cash and cash equivalents at the end of the period
$
372,196
$
1,238,472
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
Nine Months Ended
September 30,
September 30,
2023
2024
2023
2024
Net cash provided by operating
activities
$
14,353
$
54,173
$
9,306
$
167,151
Less:
Purchase of property and equipment
(731
)
(2,605
)
(4,253
)
(7,090
)
Free cash flow
$
13,622
$
51,568
$
5,053
$
160,061
GAAP net cash provided by (used in)
investing activities
(42,788
)
534,926
(1,688
)
704,298
GAAP net cash provided by financing
activities
5,510
6,196
19,195
12,451
Reconciliation of Gross Profit to
Non-GAAP Gross Profit:
Three Months Ended
Nine Months Ended
September 30,
September 30,
2023
2024
2023
2024
Gross profit
$
149,497
$
192,917
$
412,306
$
551,747
Plus:
Share-based compensation (1)
4,780
5,624
13,112
15,857
Amortization of share-based compensation
capitalized in software development costs (3)
103
81
309
234
Amortization of intangible assets (2)
1,704
1,704
5,113
5,113
Impairment of capitalized software
development costs
2,067
-
2,067
-
Non-GAAP gross profit
$
158,151
$
200,326
$
432,907
$
572,951
Reconciliation of Operating Expenses to
Non-GAAP Operating Expenses:
Three Months Ended
Nine Months Ended
September 30,
September 30,
2023
2024
2023
2024
Operating expenses
$
175,234
$
204,007
$
524,067
$
593,191
Less:
Share-based compensation (1)
33,821
37,767
89,454
105,564
Amortization of intangible assets (2)
139
126
410
376
Acquisition related expenses
-
1,144
-
6,425
Non-GAAP operating expenses
$
141,274
$
164,970
$
434,203
$
480,826
Reconciliation of Operating Loss to
Non-GAAP Operating Income (Loss):
Three Months Ended
Nine Months Ended
September 30,
September 30,
2023
2024
2023
2024
Operating loss
$
(25,737
)
$
(11,090
)
$
(111,761
)
(41,444
)
Plus:
Share-based compensation (1)
38,601
43,391
102,566
121,421
Amortization of share-based compensation
capitalized in software development costs (3)
103
81
309
234
Amortization of intangible assets (2)
1,843
1,830
5,523
5,489
Acquisition related expenses
-
1,144
-
6,425
Impairment of capitalized software
development costs
2,067
-
2,067
-
Non-GAAP operating income (loss)
$
16,877
$
35,356
$
(1,296
)
$
92,125
Reconciliation of Net Income (Loss) to
Non-GAAP Net Income:
Three Months Ended
Nine Months Ended
September 30,
September 30,
2023
2024
2023
2024
Net income (loss)
$
(14,609
)
$
11,110
$
(75,415
)
$
3,657
Plus:
Share-based compensation (1)
38,601
43,391
102,566
121,421
Amortization of share-based compensation
capitalized in software development costs (3)
103
81
309
234
Amortization of intangible assets (2)
1,843
1,830
5,523
5,489
Acquisition related expenses
-
1,144
-
6,425
Amortization of debt discount and issuance
costs
748
753
2,244
2,257
Change in fair value of derivative
assets
-
(2,591
)
-
(2,591
)
Gain from investment in privately held
companies
(250
)
-
(544
)
-
Impairment of capitalized software
development costs
2,067
-
2,067
-
Taxes on income related to non-GAAP
adjustments
(8,894
)
(10,578
)
(22,808
)
(29,787
)
Non-GAAP net income
$
19,609
$
45,140
$
13,942
$
107,105
Non-GAAP net income per share
Basic
$
0.47
$
1.04
$
0.34
$
2.50
Diluted
$
0.42
$
0.94
$
0.30
$
2.23
Weighted average number of shares
Basic
41,899,371
43,310,397
41,539,052
42,879,017
Diluted
46,641,527
48,260,869
46,134,041
47,926,888
(1) Share-based Compensation :
Three Months Ended
Nine Months Ended
September 30,
September 30,
2023
2024
2023
2024
Cost of revenues - Subscription
$
1,149
$
1,702
$
2,959
$
4,731
Cost of revenues - Perpetual license
11
5
30
17
Cost of revenues - Maintenance and
Professional services
3,620
3,917
10,123
11,109
Research and development
7,867
8,541
21,797
24,258
Sales and marketing
15,800
17,486
43,990
49,277
General and administrative
10,154
11,740
23,667
32,029
Total share-based compensation
$
38,601
$
43,391
$
102,566
$
121,421
(2) Amortization of intangible assets
:
Three Months Ended
Nine Months Ended
September 30,
September 30,
2023
2024
2023
2024
Cost of revenues - Subscription
$
1,704
$
1,704
$
5,113
$
5,113
Sales and marketing
139
126
410
376
Total amortization of intangible
assets
$
1,843
$
1,830
$
5,523
$
5,489
(3) Classified as Cost of revenues
- Subscription.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241113416461/en/
Investor Relations: Srinivas Anantha, CFA CyberArk
617-558-2132 ir@cyberark.com
Media: Nick Bowman CyberArk +44 (0) 7841 673378
press@cyberark.com
Grafico Azioni CyberArk Software (NASDAQ:CYBR)
Storico
Da Ott 2024 a Nov 2024
Grafico Azioni CyberArk Software (NASDAQ:CYBR)
Storico
Da Nov 2023 a Nov 2024
