We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
CyberArk Software Ltd | NASDAQ:CYBR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-2.47 | -1.01% | 242.60 | 241.93 | 243.57 | 248.86 | 242.56 | 246.77 | 339,936 | 00:18:05 |
Fourth quarter total revenue of $109.1 million increases 36% year-over-year
Fourth quarter GAAP operating income of $27.5 million and non-GAAP operating income of $39.8 million
Full year total revenue of $343.2 million increases 31% year-over-year
Full year GAAP operating income of $47.3 million and non-GAAP operating income of $90.5 million
Full year net cash provided by operating activities of $130.1 million increases 61% year-over-year
CyberArk, (NASDAQ: CYBR), the global leader in privileged access security, today announced record financial results for the fourth quarter and year ended December 31, 2018.
“Our record fourth quarter results capped off a tremendous year for CyberArk,” said Udi Mokady, CyberArk Chairman and CEO. “We delivered record results across all operating metrics including revenue, GAAP and Non-GAAP operating income and net income, as well as cash flow from operations and new customer additions. We were pleased to accelerate revenue growth across the Americas, EMEA and APJ, which demonstrates our strong execution, commitment to innovation, and the robust market fundamentals. As the recognized leader in privileged access security, we enter 2019 with strong momentum and are well positioned to deliver sustainable growth and profitability.”
Financial Highlights for the Fourth Quarter Ended December 31, 2018
Revenue:
Operating Income:
Net Income:
Financial Highlights for the Full Year Ended December 31, 2018
Revenue:
Operating Income:
Net Income:
The tables at the end of this press release include a reconciliation of GAAP to non-GAAP gross profit, operating income and net income for the three and twelve months ended December 31, 2018 and 2017. An explanation of these measures is also included below under the heading “Non-GAAP Financial measures.”
Balance Sheet and Cash Flow From Operations:
Business Outlook
Based on information available as of February 14, 2019, CyberArk is issuing guidance for the first quarter and full year 2019 as indicated below.
First Quarter 2019:
Full Year 2019:
Conference Call Information
In conjunction with this announcement, CyberArk will host a conference call on Thursday, February 14, 2019 at 8:30 a.m. Eastern Time (ET) to discuss the company’s fourth quarter and year end financial results and its business outlook. To access this call, dial +1 866-393-4306 (U.S.) or +1 561-569-9206 (international). The conference ID is 1675647. 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 +1 855-859-2056 (U.S.) or +1 404-537-3406 (international). The replay pass code is 1675647. An archived webcast of the conference call will also be available in the “Investor Relations” section of the company’s web site at www.cyberark.com.
About CyberArk
CyberArk (NASDAQ: CYBR) is the global leader in privileged access security, a critical layer of IT security to protect data, infrastructure and assets across the enterprise, in the cloud and throughout the DevOps pipeline. CyberArk delivers the industry’s most complete solution to reduce risk created by privileged credentials and secrets. The company is trusted by the world’s leading organizations, including more than 50 percent of the Fortune 100, to protect against external attackers and malicious insiders. A global company, CyberArk is headquartered in Petach Tikva, Israel, with U.S. headquarters located in Newton, Mass. The company also has offices throughout the Americas, EMEA, Asia Pacific and Japan. To learn more about CyberArk, visit www.cyberark.com, read the CyberArk blogs or follow on Twitter via @CyberArk, LinkedIn or Facebook.
Copyright © 2019 CyberArk Software. All Rights Reserved. All other brand names, product names, or trademarks belong to their respective holders.
Non-GAAP Financial Measures
CyberArk believes that the use of non-GAAP gross profit, non-GAAP operating income and non-GAAP net income 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 income or net income or any other performance measures derived in accordance with GAAP.
The Company believes that providing non-GAAP financial measures that exclude share-based compensation, acquisition related expenses, amortization of intangible assets related to acquisitions, facility exit and transitions costs, intra-entity intellectual property transfer tax effects, changes in the US federal tax rate and the tax effect of the non-GAAP adjustments 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 and amortization of intangible assets related to acquisitions, facility exit and transitions costs, intra-entity intellectual property transfer tax effects and changes in the US federal tax rate do not reflect the performance of its core business and impact period-to-period comparability.
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, facility exit and transitions costs, and amortization of intangible assets related to acquisitions. A reconciliation of the non-GAAP financial measures guidance to the corresponding GAAP measures is not available on a forward-looking basis due to the uncertainty regarding, and the potential variability and significance of, the amounts of share-based compensation expense, amortization of intangible assets related to acquisitions, and the non-recurring expenses that are excluded from the guidance. Accordingly, a reconciliation of the non-GAAP financial measures guidance to the corresponding GAAP measures for future periods is not available without unreasonable effort.
Cautionary Language Concerning Forward-Looking Statements
This release contains forward-looking statements, which express the current beliefs and expectations of CyberArk’s (the “Company”) management. In some cases, forward-looking statements may be identified by terminology such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential” or the negative of these terms or other similar expressions. Such statements involve a number of known and unknown risks and uncertainties that could cause the Company’s future results, performance or achievements to differ significantly from the results, 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 in the rapidly evolving cyber threat landscape; failure to effectively manage growth; near-term declines in our operating and net profit margins and our revenue growth rate; real or perceived shortcomings, defects or vulnerabilities in the Company’s solutions or internal network system, or the failure of the Company’s customers or channel partners to correctly implement the Company’s solutions; fluctuations in quarterly results of operations; the inability to acquire new customers or sell additional products and services to existing customers; competition from IT security vendors; the Company’s ability to successfully integrate recent and or future acquisitions; 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 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 31,2017
2018 2017 2018 Revenues: License$
48,552 $ 66,769 $ 147,640 $ 192,514 Maintenance and professional services 31,816 42,281 114,061 150,685 Total revenues 80,368 109,050 261,701 343,199 Cost of revenues: License 2,259 3,005 7,911 10,526 Maintenance and professional services 9,360 10,316 33,937 37,935 Total cost of revenues 11,619 13,321 41,848 48,461 Gross profit 68,749 95,729 219,853 294,738 Operating expenses: Research and development 12,245 15,340 42,389 57,112 Sales and marketing 36,684 40,307 126,739 148,290 General and administrative 8,185 12,561 30,399 42,044 Total operating expenses 57,114 68,208 199,527 247,446 Operating income 11,635 27,521 20,326 47,292 Financial income, net 1,612 1,078 4,103 4,551 Income before taxes on income 13,247 28,599 24,429 51,843 Taxes on income (9,695 ) (4,419 ) (8,414 ) (4,771 ) Net income $ 3,552 $ 24,180 $ 16,015 $ 47,072 Basic net income per ordinary share $ 0.10 $ 0.66 $ 0.46 $ 1.30 Diluted net income per ordinary share $ 0.10 $ 0.64 $ 0.44 $ 1.27 Shares used in computing net income per ordinary shares, basic 35,182,870 36,570,609 34,824,312 36,174,316 Shares used in computing net income per ordinary shares, diluted 36,296,609 37,607,625 36,175,824 37,065,727 Share-based Compensation Expense: Three Months Ended Twelve Months Ended December 31, December 31, 2017 2018 2017 2018 Cost of revenues $ 631 $ 980 $ 2,289 $ 3,350 Research and development 1,503 2,174 6,110 7,922 Sales and marketing 2,494 3,647 8,642 12,708 General and administrative 1,966 3,493 8,196 11,984 Total share-based compensation expense $ 6,594 $ 10,294 $ 25,237 $ 35,964CYBERARK SOFTWARE LTD.Consolidated Balance SheetsU.S. dollars in thousands(Unaudited)
December 31, December 31, 2017 2018 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 161,261 $ 260,636 Short-term bank deposits 107,647 106,399 Marketable securities 34,025 59,948 Trade receivables 45,315 48,431 Prepaid expenses and other current assets 7,407 6,349 Total current assets 355,655 481,763 LONG-TERM ASSETS: Property and equipment, net 9,230 15,120 Intangible assets, net 15,664 14,732 Goodwill 69,217 82,400 Marketable securities 27,407 24,261 Other long-term assets 6,060 31,863 Deferred tax asset 19,343 23,481 Total long-term assets 146,921 191,857 TOTAL ASSETS $ 502,576 $ 673,620 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Trade payables $ 1,960 $ 4,924 Employees and payroll accruals 25,253 32,853 Accrued expenses and other current liabilities 10,209 13,271 Deferred revenues 66,986 92,375 Total current liabilities 104,408 143,423 LONG-TERM LIABILITIES: Deferred revenues 38,249 57,159 Other long-term liabilities 5,954 6,268 Total long-term liabilities 44,203 63,427 TOTAL LIABILITIES 148,611 206,850 SHAREHOLDERS' EQUITY: Ordinary shares of NIS 0.01 par value 91 95 Additional paid-in capital 249,874 303,900 Accumulated other comprehensive income (loss) 107 (939 ) Retained earnings 103,893 163,714 Total shareholders' equity 353,965 466,770 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 502,576 $ 673,620
CYBERARK SOFTWARE LTD.Consolidated Statements of Cash FlowsU.S. dollars in thousands(Unaudited)
Twelve Months Ended December 31, 2017 2018 Cash flows from operating activities: Net income $ 16,015 $ 47,072 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 7,856 10,078 Amortization of premium, net of accretion of discount on marketable securities 382 293 Share-based compensation expenses 25,237 35,964 Deferred income taxes, net 5,856 (7,056 ) Increase in trade receivables (11,631 ) (3,116 ) Increase in prepaid expenses and other current and long-term assets (3,638 ) (11,893 ) Increase (decrease) in trade payables (1,288 ) 1,955 Increase in short term and long term deferred revenues 31,729 47,818 Increase in employees and payroll accruals 6,316 6,896 Increase in accrued expenses and other current and long-term liabilities 3,903 2,114 Net cash provided by operating activities 80,737 130,125 Cash flows from investing activities: Proceeds (Investment) in short and long term deposits (20,661 ) 1,600 Investment in marketable securities (43,604 ) (61,118 ) Proceeds from maturities of marketable securities 17,355 37,838 Purchase of property and equipment (6,757 ) (8,613 ) Payments for business acquisitions, net of cash acquired (41,329 ) (18,450 ) Net cash used in investing activities (94,996 ) (48,743 ) Cash flows from financing activities: Proceeds from exercise of stock options 2,624 17,980 Net cash provided by financing activities 2,624 17,980 Increase (decrease) in cash, cash equivalents and restricted cash (11,635 ) 99,362 Cash, cash equivalents and restricted cash at the beginning of the period $ 174,156 $ 162,521 Cash, cash equivalents and restricted cash at the end of the period $ 162,521 $ 261,883
CYBERARK SOFTWARE LTD.Reconciliation of GAAP Measures to Non-GAAP MeasuresU.S. dollars in thousands (except per share data)(Unaudited)
Reconciliation of Gross Profit to Non-GAAP Gross Profit: Three Months Ended Twelve Months Ended December 31, December 31, 2017 2018 2017 2018 Gross profit $ 68,749 $ 95,729 $ 219,853 $ 294,738 Plus: Share-based compensation - Maintenance & professional services 631 980 2,289 3,350 Amortization of intangible assets - License 1,183 1,445 4,213 5,563 Non-GAAP gross profit $ 70,563 $ 98,154 $ 226,355 $ 303,651 Reconciliation of Operating Income to Non-GAAP Operating Income: Three Months Ended Twelve Months Ended December 31, December 31, 2017 2018 2017 2018 Operating income $ 11,635 $ 27,521 $ 20,326 $ 47,292 Plus: Share-based compensation 6,594 10,294 25,237 35,964 Amortization of intangible assets - Cost of revenues 1,183 1,445 4,213 5,563 Amortization of intangible assets - Sales and marketing 262 198 1,046 793 Acquisition related expenses - - 686 268 Facility exit and transitions costs - 327 342 580 Non-GAAP operating income $ 19,674 $ 39,785 $ 51,850 $ 90,460 Reconciliation of Net Income to Non-GAAP Net Income: Three Months Ended Twelve Months Ended December 31, December 31, 2017 2018 2017 2018 Net income $ 3,552 $ 24,180 $ 16,015 $ 47,072 Plus: Share-based compensation 6,594 10,294 25,237 35,964 Amortization of intangible assets - Cost of revenues 1,183 1,445 4,213 5,563 Amortization of intangible assets - Sales and marketing 262 198 1,046 793 Acquisition related expenses - - 686 268 Facility exit and transitions costs - 327 342 580 Taxes on income related to non-GAAP adjustments (3,180 ) (2,528 ) (12,226 ) (15,485 ) Change in the US federal tax rate 6,582 - 6,582 - Intra-entity IP transfer tax effect, net - (475 ) - 1,768 Non-GAAP net income $ 14,993 $ 33,441 $ 41,895 $ 76,523 Non-GAAP net income per share Basic $ 0.43 $ 0.91 $ 1.20 $ 2.12 Diluted $ 0.41 $ 0.89 $ 1.16 $ 2.06 Weighted average number of shares Basic 35,182,870 36,570,609 34,824,312 36,174,316 Diluted 36,296,609 37,607,625 36,175,824 37,065,727
View source version on businesswire.com: https://www.businesswire.com/news/home/20190214005432/en/
Investor Contact:Erica SmithCyberArk617-558-2132ir@cyberark.comMedia Contact:Liz CampbellCyberArk617-558-2191press@cyberark.com
1 Year CyberArk Software Chart |
1 Month CyberArk Software Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions