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 | |
---|---|---|---|---|---|---|---|---|---|---|
-4.32 | -1.77% | 239.25 | 234.82 | 256.94 | 244.58 | 237.92 | 242.13 | 544,018 | 01:00:00 |
Fourth quarter total revenue of $129.7 million increases 19% year-over-year
Fourth quarter GAAP operating income of $22.9 million and non-GAAP operating income of $42.1 million
Full year total revenue of $433.9 million increases 26% year-over-year
Full year GAAP operating income of $62.3 million and non-GAAP operating income of $123.4 million
Full year net cash provided by operating activities of $141.7 million
CyberArk, (NASDAQ: CYBR), the global leader in privileged access management, today announced record financial results for the fourth quarter and year ended December 31, 2019.
“Our record fourth quarter results capped off another great year of strong growth driven by disciplined investments,” said Udi Mokady, CyberArk Chairman and CEO. “We were thrilled to win a record number of logos in the fourth quarter, signing nearly 300 new customers. Throughout 2019, organizations continued to recognize that protecting privileged access is foundational to a comprehensive security program and increasingly turned to CyberArk as a trusted advisor, particularly to secure mission-critical digital transformation and cloud migration strategies. Our clear leadership position in the market and ongoing commitment to deliver innovation, positions us well to deliver profitable growth in 2020 and beyond.”
Financial Highlights for the Fourth Quarter Ended December 31, 2019
Revenue:
Operating Income:
Net Income:
Financial Highlights for the Full Year Ended December 31, 2019
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 months and year ended December 31, 2019 and 2018. 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 12, 2020, CyberArk is issuing guidance for the first quarter and full year 2020 as indicated below.
First Quarter 2020:
Full Year 2020:
Conference Call Information In conjunction with this announcement, CyberArk will host a conference call on Wednesday, February 12, 2020 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 +1 877-823-7693 (U.S.) or +1 647-689-4543 (international). The conference ID is 7689662. 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 +1 800-585-8367 (U.S.) or +1 416-621-4642 (international). The replay pass code is 7689662. 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 privileged access management, a critical layer of IT security to protect data, infrastructure and assets across cloud and hybrid environments, 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% of the Fortune 500, 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 © 2020 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, as applicable, share-based compensation expense, acquisition related expenses, amortization of intangible assets related to acquisitions, facility exit and transition costs, intra-entity intellectual property transfer tax effect, non-cash interest expense related to the amortization of debt discount and issuance costs 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 transition costs, intra-entity intellectual property transfer tax effect 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.
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 transition costs, amortization of intangible assets related to acquisitions, intra-entity intellectual property transfer tax effect, non-cash interest expense related to the amortization of debt discount and issuance costs and the tax effect of the other non-GAAP adjustments. A reconciliation of the non-GAAP financial measures guidance to the corresponding GAAP measures is not available on a forward-looking basis due to the uncertainty regarding, and the potential variability and significance of, the amounts of share-based compensation expense, amortization of intangible assets related to acquisitions, and the non-recurring expenses that are excluded from the guidance. Accordingly, a reconciliation of the non-GAAP financial measures guidance to the corresponding GAAP measures for future periods is not available without unreasonable effort.
Cautionary Language Concerning Forward-Looking Statements This release contains forward-looking statements, which express the current beliefs and expectations of CyberArk’s (the “Company”) management. In some cases, forward-looking statements may be identified by terminology such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential” or the negative of these terms or other similar expressions. Such statements involve a number of known and unknown risks and uncertainties that could cause the Company’s future results, 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; the Company’s ability to increase its sales of software as a service (“SaaS”) solutions, while supporting and maintaining multiple software pricing and delivery models; 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; the Company’s ability to comply with evolving laws and regulations, including those relating to privacy and data protection; 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,
2018
2019
2018
2019
Revenues: License
$
66,769
$
76,526
$
192,514
$
237,879
Maintenance and professional services
42,281
53,138
150,685
196,016
Total revenues
109,050
129,664
343,199
433,895
Cost of revenues: License
3,005
2,801
10,526
10,569
Maintenance and professional services
10,316
14,048
37,935
52,046
Total cost of revenues
13,321
16,849
48,461
62,615
Gross profit
95,729
112,815
294,738
371,280
Operating expenses: Research and development
15,340
20,930
57,112
72,520
Sales and marketing
40,307
52,939
148,290
184,168
General and administrative
12,561
16,005
42,044
52,308
Total operating expenses
68,208
89,874
247,446
308,996
Operating income
27,521
22,941
47,292
62,284
Financial income, net
1,078
2,394
4,551
7,800
Income before taxes on income
28,599
25,335
51,843
70,084
Taxes on income
(4,419
)
(4,599
)
(4,771
)
(7,020
)
Net income$
24,180
$
20,736
$
47,072
$
63,064
Basic net income per ordinary share
$
0.66
$
0.55
$
1.30
$
1.68
Diluted net income per ordinary share
$
0.64
$
0.53
$
1.27
$
1.62
Shares used in computing net income per ordinary shares, basic
36,570,609
37,957,899
36,174,316
37,586,387
Shares used in computing net income per ordinary shares, diluted
37,607,625
39,148,849
37,065,727
38,890,108
Share-based Compensation Expense: Three Months Ended Twelve Months Ended December 31, December 31,
2018
2019
2018
2019
Cost of revenues
$
980
$
1,802
$
3,350
$
5,690
Research and development
2,174
3,347
7,922
10,960
Sales and marketing
3,647
6,464
12,708
20,976
General and administrative
3,493
6,418
11,984
17,891
Total share-based compensation expense
$
10,294
$
18,031
$
35,964
$
55,517
CYBERARK SOFTWARE LTD.
Consolidated Balance Sheets
U.S. dollars in thousands
(Unaudited)
December 31, December 31,2018
2019
ASSETS CURRENT ASSETS: Cash and cash equivalents$
260,636
$
792,363
Short-term bank deposits
106,399
140,067
Marketable securities
59,948
132,412
Trade receivables
48,431
72,953
Prepaid expenses and other current assets
6,349
8,406
Total current assets
481,763
1,146,201
LONG-TERM ASSETS: Property and equipment, net
15,120
16,472
Intangible assets, net
14,732
9,143
Goodwill
82,400
82,400
Marketable securities
24,261
54,408
Other long-term assets
31,863
72,091
Deferred tax asset
23,481
24,451
Total long-term assets
191,857
258,965
TOTAL ASSETS$
673,620
$
1,405,166
LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Trade payables$
4,924
$
5,675
Employees and payroll accruals
32,853
41,345
Accrued expenses and other current liabilities
13,271
27,132
Deferred revenues
92,375
118,519
Total current liabilities
143,423
192,671
LONG-TERM LIABILITIES: Deferred revenues
57,159
71,836
Other long-term liabilities
6,268
31,408
Convertible senior notes, net
-
485,119
Total long-term liabilities
63,427
588,363
TOTAL LIABILITIES
206,850
781,034
SHAREHOLDERS' EQUITY: Ordinary shares of NIS 0.01 par value
95
99
Additional paid-in capital
303,900
396,437
Accumulated other comprehensive income (loss)
(939
)
818
Retained earnings
163,714
226,778
Total shareholders' equity
466,770
624,132
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$
673,620
$
1,405,166
CYBERARK SOFTWARE LTD.
Consolidated Statements of Cash Flows
U.S. dollars in thousands
(Unaudited)
Twelve Months Ended December 31,2018
2019
Cash flows from operating activities: Net income$
47,072
$
63,064
Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization
10,078
10,646
Amortization of premium and accretion of discount on marketable securities, net
293
(47
)
Share-based compensation
35,964
55,517
Deferred income taxes, net
(7,056
)
(6,974
)
Increase in trade receivables
(3,116
)
(24,522
)
Amortization of debt discount and issuance costs
-
1,966
Increase in prepaid expenses and other current and long-term assets
(11,893
)
(14,321
)
Increase in trade payables
1,955
1,571
Increase in short-term and long-term deferred revenues
47,818
40,821
Increase in employees and payroll accruals
6,896
7,337
Increase in accrued expenses and other current and long-term liabilities
2,114
6,652
Net cash provided by operating activities
130,125
141,710
Cash flows from investing activities: Proceeds from (Investment in) short and long term deposits
1,600
(33,961
)
Investment in marketable securities
(61,118
)
(165,714
)
Proceeds from maturities of marketable securities
37,838
63,489
Purchase of property and equipment
(8,613
)
(7,036
)
Payments for business acquisitions, net of cash acquired
(18,450
)
-
Net cash used in investing activities
(48,743
)
(143,222
)
Cash flows from financing activities: Proceeds from withholding tax related to employee stock plans
-
1,155
Proceeds from the issuance of convertible senior notes, net of issuance costs
-
560,107
Purchase of capped calls
-
(53,648
)
Proceeds from exercise of stock options
17,980
24,428
Net cash provided by financing activities
17,980
532,042
Increase in cash, cash equivalents and restricted cash
99,362
530,530
Cash, cash equivalents and restricted cash at the beginning of the period
$
162,521
$
261,883
Cash, cash equivalents and restricted cash at the end of the period
$
261,883
$
792,413
CYBERARK SOFTWARE LTD. Reconciliation of GAAP Measures to Non-GAAP Measures U.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,
2018
2019
2018
2019
Gross profit$
95,729
$
112,815
$
294,738
$
371,280
Plus: Share-based compensation - Maintenance & professional services
980
1,802
3,350
5,690
Amortization of intangible assets - License
1,445
968
5,563
5,029
Non-GAAP gross profit
$
98,154
$
115,585
$
303,651
$
381,999
Reconciliation of Operating Income to Non-GAAP Operating Income: Three Months Ended Twelve Months Ended December 31, December 31,
2018
2019
2018
2019
Operating income$
27,521
$
22,941
$
47,292
$
62,284
Plus: Share-based compensation
10,294
18,031
35,964
55,517
Amortization of intangible assets - Cost of revenues
1,445
968
5,563
5,029
Amortization of intangible assets - Sales and marketing
198
144
793
576
Acquisition related expenses
-
-
268
-
Facility exit and transitions costs
327
-
580
-
Non-GAAP operating income
$
39,785
$
42,084
$
90,460
$
123,406
Reconciliation of Net Income to Non-GAAP Net Income: Three Months Ended Twelve Months Ended December 31, December 31,
2018
2019
2018
2019
Net income$
24,180
$
20,736
$
47,072
$
63,064
Plus: Share-based compensation
10,294
18,031
35,964
55,517
Amortization of intangible assets - Cost of revenues
1,445
968
5,563
5,029
Amortization of intangible assets - Sales and marketing
198
144
793
576
Acquisition related expenses
-
-
268
-
Facility exit and transitions costs
327
-
580
-
Amortization of debt discount and issuance costs
-
1,966
-
1,966
Taxes on income related to non-GAAP adjustments
(2,528
)
(4,014
)
(15,485
)
(18,251
)
Intra-entity IP transfer tax effect, net
(475
)
-
1,768
-
Non-GAAP net income
$
33,441
$
37,831
$
76,523
$
107,901
Non-GAAP net income per share Basic
$
0.91
$
1.00
$
2.12
$
2.87
Diluted
$
0.89
$
0.97
$
2.06
$
2.77
Weighted average number of shares Basic
36,570,609
37,957,899
36,174,316
37,586,387
Diluted
37,607,625
39,148,849
37,065,727
38,890,108
View source version on businesswire.com: https://www.businesswire.com/news/home/20200212005390/en/
Investor Contact: Erica Smith CyberArk 617-558-2132 ir@cyberark.com
Media Contact: Liz Campbell CyberArk 617-558-2191 press@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