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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.22 | 0.09% | 233.57 | 133.00 | 241.86 | 237.30 | 232.18 | 233.94 | 294,498 | 05:00:05 |
Company Exceeds Expectations Across all Guided Metrics
Subscription Portion of Annual Recurring Revenue (ARR) of $582 million; Growth of 60% Year-over-Year
Total ARR of $774 million; Growth of 36% Year-over-Year
Subscription Revenue of $472.0 million for Full Year 2023; Growth of 68% Year-Over-Year
Record Total Revenue of $751.9 million for Full Year 2023; Growth Accelerates to 27% Year-Over-Year
Net Cash Provided by Operating Activities of $56.2 million for the Full Year 2023
CyberArk (NASDAQ: CYBR), the identity security company, today announced strong financial results for the fourth quarter and full year ended December 31, 2023.
“2023 was a momentous year for CyberArk and with our excellence in execution, we solidified our position as the leader in identity security,” said Matt Cohen, CyberArk's Chief Executive Officer. “Throughout the year, we consistently delivered strong results, including in the fourth quarter where top line growth accelerated, operating income and cash flow increased, and we again beat expectations across all guided metrics. Record demand for our SaaS solutions drove our subscription bookings mix to 95 percent in 2023 and recurring revenue reached 90 percent of our total revenue – we are now a fully recurring revenue company. The momentum in our business and our platform selling motion is demonstrated by our ARR reaching $774 million and growing 36 percent as well as our Subscription ARR reaching $582 million, growing 60 percent, with a record for net new Subscription ARR of $78 million in the fourth quarter. Our identity security platform is applying the right level of controls across all identities, human or machine, regardless of environment. In today’s threat landscape, our platform and security first approach are a business imperative, resulting in customers consolidating on our identity platform. With our execution in 2023, we enter 2024 in a position of strength, poised to continue to deliver durable growth, profitability, and cash flow.”
Financial Summary for the Fourth Quarter Ended December 31, 2023
Financial Summary for the Full Year Ended December 31, 2023
Balance Sheet and Net Cash Provided by Operating Activities
Key Business Highlights
Recent Developments
Business Outlook
Based on information available as of February 8, 2024, CyberArk is issuing guidance for the first quarter and full year 2024 as indicated below.
First Quarter 2024:
Full Year 2024:
(1) KuppingerCole Analysts AG “Leadership Compass: Cloud Infrastructure Entitlement Management (CIEM),” November 8, 2023, Paul Fisher
(2) KuppingerCole Analysts AG “Leadership Compass: Access Management,” August 16, 2023 by Alejandro Leal
Conference Call Information
In conjunction with this announcement, CyberArk will host a conference call on Thursday, February 8, 2024 at 8:30 a.m. Eastern Time (ET) to discuss the Company’s fourth quarter and full year financial results and its business outlook. To access this call, dial +1 (888) 330-2455 (U.S.) or +1 (240) 789-2717 (international). The conference ID is 6515982. Additionally, a live webcast of the conference call will be available via the “Investor Relations” section of the company’s website at www.cyberark.com.
Following the conference call, a replay will be available for one week at +1 (800) 770-2030 (U.S.) or +1 (647) 362-9199 (international). The replay pass code is 6515982. An archived webcast of the conference call will also be available in the “Investor Relations” section of the company’s website at www.cyberark.com.
About CyberArk
CyberArk (NASDAQ: CYBR) is the global leader in identity security. Centered on intelligent privilege controls, CyberArk provides the most comprehensive security offering for any identity – human or machine – across business applications, distributed workforces, hybrid cloud environments and throughout the DevOps lifecycle. The world’s leading organizations trust CyberArk to help secure their most critical assets. To learn more about CyberArk, visit https://www.cyberark.com, read the CyberArk blogs or follow on LinkedIn, Twitter, Facebook or YouTube.
Copyright © 2024 CyberArk Software. All Rights Reserved. All other brand names, product names, or trademarks belong to their respective holders.
Key Performance Indicators and Non-GAAP Financial Measures
Annual Recurring Revenue (ARR)
Subscription Portion of Annual Recurring Revenue
Maintenance Portion of Annual Recurring Revenue
Recurring Revenue
Non-GAAP Financial Measures
CyberArk believes that the use of non-GAAP gross profit, non-GAAP operating expense, non-GAAP operating income (loss), non-GAAP net income (loss) and free cash flow is helpful to our investors. These financial measures are not measures of the Company’s financial performance under U.S. GAAP and should not be considered as alternatives to gross profit, operating loss, net income (loss) or net cash provided by operating activities or any other performance measures derived in accordance with GAAP.
The Company believes that providing non-GAAP financial measures that are adjusted by, as applicable, share-based compensation expense, acquisition related expenses, amortization of intangible assets related to acquisitions, impairment of capitalized software development costs, non-cash interest expense related to the amortization of debt discount and issuance cost, gain from investment in privately held companies, and the tax effect of the non-GAAP adjustments and purchase of property and equipment allows for more meaningful comparisons of its period to period operating results. Share-based compensation expense has been, and will continue to be for the foreseeable future, a significant recurring expense in the Company’s business and an important part of the compensation provided to its employees. Share based compensation expense has varying available valuation methodologies, subjective assumptions and a variety of equity instruments that can impact a company’s non-cash expense. The Company believes that expenses related to its acquisitions, amortization of intangible assets related to acquisitions, and non-cash interest expense related to the amortization of debt discount and issuance costs do not reflect the performance of its core business and impact period-to-period comparability. The Company believes free cash flow is a liquidity measure that, after the purchase of property and equipment, provides useful information about the amount of cash generated by the business.
Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in the Company’s industry, as other companies in the industry may calculate non-GAAP financial results differently, particularly related to non-recurring, unusual items. In addition, there are limitations in using non-GAAP financial measures as they exclude expenses that may have a material impact on the Company’s reported financial results. The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with U.S. GAAP. CyberArk urges investors to review the reconciliation of its non-GAAP financial measures to the comparable U.S. GAAP financial measures included below, and not to rely on any single financial measure to evaluate its business.
Guidance for non-GAAP financial measures excludes, as applicable, share-based compensation expense, acquisition related expenses, amortization of intangible assets related to acquisitions, non-cash interest expense related to the amortization of debt discount and issuance costs, the tax effect of the non-GAAP adjustments, and purchase of property and equipment. A reconciliation of the non-GAAP financial measures guidance to the corresponding GAAP measures is not available on a forward-looking basis due to the uncertainty regarding, and the potential variability and significance of, the amounts of share-based compensation expense, amortization of intangible assets related to acquisitions, and the non-recurring expenses that are excluded from the guidance as well as changes in interest rates and foreign exchange rates, which impact other GAAP performance metrics. Accordingly, a reconciliation of the non-GAAP financial measures guidance to the corresponding GAAP measures for future periods is not available without unreasonable effort.
Cautionary Language Concerning Forward-Looking Statements
This release contains forward-looking statements, which express the current beliefs and expectations of CyberArk’s (the “Company”) management. In some cases, forward-looking statements may be identified by terminology such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential” or the negative of these terms or other similar expressions. Such statements involve a number of known and unknown risks and uncertainties that could cause the Company’s future results, levels of activity, performance or achievements to differ materially from the results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to: changes to the drivers of the Company’s growth and its ability to adapt its solutions to IT security market demands; fluctuation in the Company’s quarterly results of operations due to sales cycles and multiple pricing and delivery models; the Company’s ability to sell into existing and new customers and industry verticals; an increase in competition within the Privileged Access Management and Identity Security markets; unanticipated product vulnerabilities or cybersecurity breaches of the Company’s, or the Company’s customers’ or partners’ systems; complications or risks in connection with the Company’s subscription model, including uncertainty regarding renewals from its existing customer base, and retaining sufficient subscription or maintenance and support service renewal rates; risks related to compliance with privacy and data protection laws and regulations; regulatory and geopolitical risks associated with global sales and operations, as well as impacts from the ongoing war between Israel and Hamas and other conflicts in the region, as our principal executive offices, most of our research and development activities and other significant operations are located in Israel; risks regarding potential negative economic conditions in the global economy or certain regions, including conditions resulting from financial and credit market fluctuations, rising interest rates, bank failures, inflation, and the potential for regional or global recessions; the Company’s ability to hire, train, retain and motivate qualified personnel; reliance on third-party cloud providers for the Company’s operations and SaaS solutions; the Company’s history of incurring net losses and its ability to achieve profitability in the future; risks related to the Company’s ongoing transition to a new Chief Executive Officer; risks related to sales made to government entities; the Company’s ability to find, complete, fully integrate or achieve the expected benefits of strategic acquisitions; the Company’s ability to expand its sales and marketing efforts and expand its channel partnerships across existing and new geographies; changes in regulatory requirements or fluctuations in currency exchange rates; the ability of the Company’s products to help customers achieve and maintain compliance with government regulations or industry standards; risks related to intellectual property claims or the Company’s ability to protect its proprietary technology and intellectual property rights; and other factors discussed under the heading “Risk Factors” in the Company’s most recent annual report on Form 20-F filed with the Securities and Exchange Commission. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
CYBERARK SOFTWARE LTD. Consolidated Statements of Operations U.S. dollars in thousands (except per share data) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31,
2022
2023
2022
2023
Revenues: Subscription
$
88,451
$
150,257
$
280,649
$
472,023
Perpetual license
14,579
8,009
49,964
21,037
Maintenance and professional services
66,121
64,838
261,097
258,828
Total revenues
169,151
223,104
591,710
751,888
Cost of revenues: Subscription
13,762
19,764
46,249
74,623
Perpetual license
913
700
2,893
1,873
Maintenance and professional services
20,153
19,189
76,904
79,635
Total cost of revenues
34,828
39,653
126,046
156,131
Gross profit
134,323
183,451
465,664
595,757
Operating expenses: Research and development
51,477
53,792
190,321
211,445
Sales and marketing
90,737
106,607
345,273
405,983
General and administrative
22,178
27,763
82,520
94,801
Total operating expenses
164,392
188,162
618,114
712,229
Operating loss
(30,069
)
(4,711
)
(152,450
)
(116,472
)
Financial income, net
9,163
19,302
15,432
53,214
Income (loss) before taxes on income
(20,906
)
14,591
(137,018
)
(63,258
)
Tax benefit (taxes on income)
(1,298
)
(5,680
)
6,650
(3,246
)
Net income (loss)$
(22,204
)
$
8,911
$
(130,368
)
$
(66,504
)
Basic net income (loss) per ordinary share$
(0.54
)
$
0.21
$
(3.21
)
$
(1.60
)
Diluted net income (loss) per ordinary share$
(0.54
)
$
0.20
$
(3.21
)
$
(1.60
)
Shares used in computing net income (loss) per ordinary shares, basic
40,923,682
42,069,678
40,583,002
41,658,424
Shares used in computing net income (loss) per ordinary shares, diluted
40,923,682
47,107,294
40,583,002
41,658,424
CYBERARK SOFTWARE LTD.
Consolidated Balance Sheets
U.S. dollars in thousands
(Unaudited)
December 31, December 31,
2022
2023
ASSETS CURRENT ASSETS: Cash and cash equivalents
$
347,338
$
355,933
Short-term bank deposits
305,843
354,472
Marketable securities
301,101
283,016
Trade receivables
120,817
186,472
Prepaid expenses and other current assets
22,482
31,550
Total current assets
1,097,581
1,211,443
LONG-TERM ASSETS: Marketable securities
227,748
324,548
Property and equipment, net
23,474
16,494
Intangible assets, net
27,508
20,202
Goodwill
153,241
153,241
Other long-term assets
217,040
214,816
Deferred tax asset
72,809
81,464
Total long-term assets
721,820
810,765
TOTAL ASSETS
$
1,819,401
$
2,022,208
LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Trade payables
$
13,642
$
10,971
Employees and payroll accruals
77,328
95,538
Accrued expenses and other current liabilities
33,584
36,562
Convertible senior notes, net
-
572,340
Deferred revenues
327,918
409,219
Total current liabilities
452,472
1,124,630
LONG-TERM LIABILITIES: Convertible senior notes, net
569,344
-
Deferred revenues
80,524
71,413
Other long-term liabilities
38,917
33,839
Total long-term liabilities
688,785
105,252
TOTAL LIABILITIES
1,141,257
1,229,882
SHAREHOLDERS' EQUITY: Ordinary shares of NIS 0.01 par value
107
111
Additional paid-in capital
660,289
827,260
Accumulated other comprehensive loss
(15,560
)
(1,849
)
Retained earnings (accumulated deficit)
33,308
(33,196
)
Total shareholders' equity
678,144
792,326
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
1,819,401
$
2,022,208
CYBERARK SOFTWARE LTD.
Consolidated Statements of Cash Flows
U.S. dollars in thousands
(Unaudited)
Twelve Months Ended December 31,
2022
2023
Cash flows from operating activities: Net loss
$
(130,368
)
$
(66,504
)
Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization
16,203
19,250
Amortization of premium and accretion of discount on marketable securities, net
3,894
(4,570
)
Share-based compensation
120,821
140,101
Deferred income taxes, net
(15,630
)
(7,879
)
Increase in trade receivables
(7,606
)
(65,655
)
Amortization of debt discount and issuance costs
2,980
2,996
Increase in prepaid expenses, other current and long-term assets and others
(37,141
)
(45,016
)
Changes in operating lease right-of-use assets
4,558
6,566
Increase (decrease) in trade payables
4,053
(2,669
)
Increase in short-term and long-term deferred revenues
91,167
72,190
Increase in employees and payroll accruals
714
6,981
Increase in accrued expenses and other current and long-term liabilities
4,801
7,507
Changes in operating lease liabilities
(8,738
)
(7,094
)
Net cash provided by operating activities
49,708
56,204
Cash flows from investing activities: Investment in short and long term deposits
(496,894
)
(337,835
)
Proceeds from short and long term deposits
532,563
319,542
Investment in marketable securities and other
(375,731
)
(406,633
)
Proceeds from sales and maturities of marketable securities and other
325,472
344,046
Purchase of property and equipment
(12,517
)
(4,948
)
Payments for business acquisitions, net of cash acquired
(41,285
)
-
Net cash used in investing activities
(68,392
)
(85,828
)
Cash flows from financing activities: Proceeds from (payment of) withholding tax related to employee stock plans
(184
)
11,188
Proceeds from exercise of stock options
1,968
11,065
Proceeds in connection with employees stock purchase plan
15,143
15,831
Payments of contingent consideration related to acquisitions
(4,702
)
-
Net cash provided by financing activities
12,225
38,084
Increase (decrease) in cash and cash equivalents
(6,459
)
8,460
Effect of exchange rate differences on cash and cash equivalents
(3,053
)
135
Cash and cash equivalents at the beginning of the period
356,850
347,338
Cash and cash equivalents at the end of the period
$
347,338
$
355,933
CYBERARK SOFTWARE LTD. Reconciliation of GAAP Measures to Non-GAAP Measures U.S. dollars in thousands (except per share data) (Unaudited) Reconciliation of Net cash provided by operating activities to Free cash flow: Three Months Ended Twelve Months Ended December 31, December 31,
2022
2023
2022
2023
Net cash provided by operating activities
$
20,497
$
46,898
$
49,708
$
56,204
Less: Purchase of property and equipment
(3,739
)
(695
)
(12,517
)
(4,948
)
Free cash flow$
16,758
$
46,203
$
37,191
$
51,256
GAAP net cash used in investing activities
(247
)
(84,140
)
(68,392
)
(85,828
)
GAAP net cash provided by financing activities
563
18,889
12,225
38,084
Reconciliation of Gross Profit to Non-GAAP Gross Profit: Three Months Ended Twelve Months Ended December 31, December 31,
2022
2023
2022
2023
Gross profit
$
134,323
$
183,451
$
465,664
$
595,757
Plus: Share-based compensation (1)
4,098
4,500
15,060
17,612
Amortization of share-based compensation capitalized in software development costs (3)
82
84
346
393
Amortization of intangible assets (2)
1,705
1,704
6,044
6,817
Impairment of capitalized software development costs (3)
-
-
-
2,067
Non-GAAP gross profit
$
140,208
$
189,739
$
487,114
$
622,646
Reconciliation of Operating Expenses to Non-GAAP Operating Expenses: Three Months Ended Twelve Months Ended December 31, December 31,
2022
2023
2022
2023
Operating expenses
$
164,392
$
188,162
$
618,114
$
712,229
Less: Share-based compensation (1)
28,130
33,035
105,761
122,489
Amortization of intangible assets (2)
153
137
611
547
Acquisition related expenses
-
-
2,244
-
Non-GAAP operating expenses
$
136,109
$
154,990
$
509,498
$
589,193
Reconciliation of Operating loss to Non-GAAP Operating Income (loss): Three Months Ended Twelve Months Ended December 31, December 31,
2022
2023
2022
2023
Operating loss
$
(30,069
)
$
(4,711
)
$
(152,450
)
$
(116,472
)
Plus: Share-based compensation (1)
32,228
37,535
120,821
140,101
Amortization of share-based compensation capitalized in software development costs (3)
82
84
346
393
Amortization of intangible assets (2)
1,858
1,841
6,655
7,364
Acquisition related expenses
-
-
2,244
-
Impairment of capitalized software development costs (3)
-
-
-
2,067
Non-GAAP operating income (loss)
$
4,099
$
34,749
$
(22,384
)
$
33,453
Reconciliation of Net Income (loss) to Non-GAAP Net Income (loss): Three Months Ended Twelve Months Ended December 31, December 31,
2022
2023
2022
2023
Net income (loss)
$
(22,204
)
$
8,911
$
(130,368
)
$
(66,504
)
Plus: Share-based compensation (1)
32,228
37,535
120,821
140,101
Amortization of share-based compensation capitalized in software development costs (3)
82
84
346
393
Amortization of intangible assets (2)
1,858
1,841
6,655
7,364
Acquisition related expenses
-
-
2,244
-
Amortization of debt discount and issuance costs
746
752
2,980
2,996
Gain from investment in privately held companies
-
(2,213
)
(324
)
(2,757
)
Impairment of capitalized software development costs (3)
-
-
-
2,067
Taxes on income related to non-GAAP adjustments
(5,560
)
(8,848
)
(20,189
)
(31,656
)
Non-GAAP net income (loss)$
7,150
$
38,062
$
(17,835
)
$
52,004
Non-GAAP net income (loss) per share Basic
$
0.17
$
0.90
$
(0.44
)
$
1.25
Diluted
$
0.16
$
0.81
$
(0.44
)
$
1.12
Weighted average number of shares Basic
40,923,682
42,069,678
40,583,002
41,658,424
Diluted
45,600,508
47,107,294
40,583,002
46,375,198
(1) Share-based Compensation : Three Months Ended Twelve Months Ended December 31, December 31,
2022
2023
2022
2023
Cost of revenues - Subscription
$
737
$
1,219
$
2,264
$
4,178
Cost of revenues - Perpetual license
40
15
143
45
Cost of revenues - Maintenance and Professional services
3,321
3,266
12,653
13,389
Research and development
7,315
7,661
27,102
29,458
Sales and marketing
13,684
14,800
51,099
58,790
General and administrative
7,131
10,574
27,560
34,241
Total share-based compensation
$
32,228
$
37,535
$
120,821
$
140,101
(2) Amortization of intangible assets : Three Months Ended Twelve Months Ended December 31, December 31,
2022
2023
2022
2023
Cost of revenues - Subscription
$
1,663
$
1,704
$
5,894
$
6,817
Cost of revenues - Perpetual license
42
-
150
-
Sales and marketing
153
137
611
547
Total amortization of intangible assets
$
1,858
$
1,841
$
6,655
$
7,364
(3) Classified as Cost of revenues - Subscription.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240208108110/en/
Investor Relations: Erica Smith CyberArk 617-558-2132 ir@cyberark.com
Media: Nick Bowman CyberArk +44 (0) 7841 673378 press@cyberark.com
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