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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-6.22 | -2.66% | 227.32 | 165.00 | 229.55 | 236.68 | 224.61 | 235.37 | 768,897 | 05:00:05 |
Second quarter total revenue of $100.2 million increases 29% year-over-year
GAAP operating income of $13.0 million and non-GAAP operating income of $26.5 million
Company Announces Chief Revenue Officer Transition
CyberArk, (NASDAQ: CYBR), the global leader in privileged access security, today announced strong financial results for the second quarter ended June 30, 2019.
“We were pleased that our results exceeded expectations across all guided metrics,” said Udi Mokady, CyberArk Chairman and CEO. “Every region contributed to our strong growth and we were thrilled to sign more than 200 new logos in the second quarter. Our innovation not only sets the standard for Privileged Access Security but also strengthens our leadership position in the market. With our strong first half of 2019, we are pleased to increase our guidance for the full year on both the top and bottom line.”
Financial Highlights for the Second Quarter Ended June 30, 2019
Revenue:
Operating Income:
Net Income:
The tables at the end of this press release include a reconciliation of GAAP to non-GAAP gross margin, operating income and net income for the three months and six months ended June 30, 2019 and 2018. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”
Balance Sheet and Cash Flow:
Business Outlook
Based on information available as of August 7, 2019, CyberArk is issuing guidance for the third quarter and increasing its guidance for the full year 2019 as indicated below.
Third Quarter 2019:
Full Year 2019:
Chief Revenue Officer Transition Ron Zoran, CyberArk’s Chief Revenue Officer, plans to transition from the Company to pursue other business opportunities, including assisting early stage technology companies as a board member. Ron will continue to serve as Chief Revenue Officer of CyberArk through September 30, 2019 and to help ensure a smooth transition, he will also continue to serve as an advisor into the first quarter of 2020. The Company has initiated a search to identify a new global head of sales.
“Ron was one of the very first employees of CyberArk and has provided invaluable technology and sales leadership over the years,” continued Mr. Mokady. “On behalf of the Company and the Board, I want to thank him for his significant contributions to the company, which have been instrumental in helping establish CyberArk as the leader in Privileged Access Security. We wish Ron all the best in his future pursuits and believe his extensive experience will be valuable to emerging technology companies. Ron has built an exceptional sales organization that is well positioned to capitalize on the opportunities ahead of us. We appreciate his commitment to the Company, support and leadership during this transition period.”
“CyberArk has provided me with significant opportunities including being part of the world’s most talented and progressive team of security professionals extending across CyberArk executives, employees, customers and partners,” stated Ron Zoran, CyberArk Chief Revenue Officer. “My decision to leave the Company was difficult, but at this stage of my career I want to leverage my experience to scale and grow early stage technology companies. Given my long tenure at the company and strong personal relationships with the entire team, I remain fully engaged to ensure a smooth transition.”
Conference Call Information CyberArk will host a conference call today, August 7, 2019 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 +1 877-823-7693 (U.S.) or +1 647-689-4543 (international). The conference ID is 6476456. 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 6476456. 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 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 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 © 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 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, amortization of intangible assets related to acquisitions and the tax effect of the non-GAAP adjustments 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, amortization of intangible assets related to acquisitions and the tax effect of the 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; potential 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, channel partners, managed security service providers, or contractors to correctly implement, manage and maintain 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 a wide variety of 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
Six Months Ended
June 30,
June 30,
2018
2019
2018
2019
Revenues:
License
$ 41,121
$ 52,201
$ 79,615
$ 103,485
Maintenance and professional services
36,592
47,980
69,881
92,631
Total revenues
77,713
100,181
149,496
196,116
Cost of revenues:
License
2,510
2,906
4,907
5,494
Maintenance and professional services
9,198
12,305
18,089
23,284
Total cost of revenues
11,708
15,211
22,996
28,778
Gross profit
66,005
84,970
126,500
167,338
Operating expenses:
Research and development
13,808
16,995
26,792
33,326
Sales and marketing
35,521
43,573
70,103
85,078
General and administrative
9,714
11,426
18,613
22,331
Total operating expenses
59,043
71,994
115,508
140,735
Operating income
6,962
12,976
10,992
26,603
Financial income, net
225
2,485
2,066
3,906
Income before taxes on income
7,187
15,461
13,058
30,509
Tax benefit (taxes on income)
1,190
(2,058)
1,740
(3,429)
Net income
$ 8,377
$ 13,403
$ 14,798
$ 27,080
Basic net income per ordinary share
$ 0.23
$ 0.36
$ 0.41
$ 0.73
Diluted net income per ordinary share
$ 0.23
$ 0.34
$ 0.40
$ 0.70
Shares used in computing net income
per ordinary shares, basic
36,001,580
37,522,410
35,724,717
37,285,788
Shares used in computing net income
per ordinary shares, diluted
36,923,520
38,993,170
36,680,585
38,735,078
Share-based Compensation Expense:
Three Months Ended
Six Months Ended
June 30,
June 30,
2018
2019
2018
2019
Cost of revenues
$ 758
$ 1,251
$ 1,413
$ 2,208
Research and development
2,007
2,394
3,511
4,701
Sales and marketing
2,874
4,878
5,291
8,563
General and administrative
2,774
3,373
5,121
6,676
Total share-based compensation expense
$ 8,413
$ 11,896
$ 15,336
$ 22,148
CYBERARK SOFTWARE LTD.
Consolidated Balance Sheets
U.S. dollars in thousands
(Unaudited)
December 31,
June 30,
2018
2019
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$ 260,636
$ 341,738
Short-term bank deposits
106,399
97,566
Marketable securities
59,948
59,279
Trade receivables
48,431
45,275
Prepaid expenses and other current assets
6,349
10,876
Total current assets
481,763
554,734
LONG-TERM ASSETS:
Property and equipment, net
15,120
15,790
Intangible assets, net
14,732
11,556
Goodwill
82,400
82,400
Marketable securities
24,261
39,328
Other long-term assets
31,863
60,690
Deferred tax asset
23,481
25,046
Total long-term assets
191,857
234,810
TOTAL ASSETS
$ 673,620
$ 789,544
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Trade payables
$ 4,924
$ 4,615
Employees and payroll accruals
32,853
30,577
Accrued expenses and other current liabilities
13,271
20,157
Deferred revenues
92,375
106,921
Total current liabilities
143,423
162,270
LONG-TERM LIABILITIES:
Deferred revenues
57,159
67,268
Other long-term liabilities
6,268
25,718
Total long-term liabilities
63,427
92,986
TOTAL LIABILITIES
206,850
255,256
SHAREHOLDERS' EQUITY:
Ordinary shares of NIS 0.01 par value
95
98
Additional paid-in capital
303,900
342,618
Accumulated other comprehensive income (loss)
(939)
778
Retained earnings
163,714
190,794
Total shareholders' equity
466,770
534,288
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$ 673,620
$ 789,544
CYBERARK SOFTWARE LTD.
Consolidated Statements of Cash Flows
U.S. dollars in thousands
(Unaudited)
Six Months Ended
June 30,
2018
2019
Cash flows from operating activities:
Net income
$ 14,798
$ 27,080
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization
4,676
5,551
Amortization of premium and accretion of discount on marketable securities, net
208
(42)
Share-based compensation
15,336
22,148
Deferred income taxes, net
(4,710)
(1,857)
Decrease in trade receivables
12,357
3,156
Increase in prepaid expenses and other current and long-term assets
(6,138)
(9,656)
Increase (decrease) in trade payables
2,003
(123)
Increase in short-term and long-term deferred revenues
27,845
24,655
Decrease in employees and payroll accruals
(5,168)
(7,595)
Increase (decrease) in accrued expenses and other
current and long-term liabilities
(4,983)
4,029
Net cash provided by operating activities
56,224
67,346
Cash flows from investing activities:
Proceeds from short and long term deposits
7,775
8,948
Investment in marketable securities
(30,563)
(50,464)
Proceeds from maturities of marketable securities
20,114
36,653
Purchase of property and equipment
(4,098)
(3,231)
Payments for business acquisitions, net of cash acquired
(18,450)
-
Net cash used in investing activities
(25,222)
(8,094)
Cash flows from financing activities:
Proceeds from withholding tax related to employee stock plans
5,509
5,319
Proceeds from exercise of stock options
8,090
16,572
Net cash provided by financing activities
13,599
21,891
Increase in cash, cash equivalents and restricted cash
44,601
81,143
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
$ 207,122
$ 343,026
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
Six Months Ended
June 30,
June 30,
2018
2019
2018
2019
Gross profit
$ 66,005
$ 84,970
$ 126,500
$ 167,338
Plus:
Share-based compensation - Maintenance & professional services
758
1,251
1,413
2,208
Amortization of intangible assets - License
1,444
1,444
2,674
2,888
Non-GAAP gross profit
$ 68,207
$ 87,665
$ 130,587
$ 172,434
Reconciliation of Operating Income to Non-GAAP Operating Income:
Three Months Ended
Six Months Ended
June 30,
June 30,
2018
2019
2018
2019
Operating income
$ 6,962
$ 12,976
$ 10,992
$ 26,603
Plus:
Share-based compensation
8,413
11,896
15,336
22,148
Amortization of intangible assets - Cost of revenues
1,444
1,444
2,674
2,888
Amortization of intangible assets - Sales and marketing
199
144
397
288
Acquisition related expenses
-
-
268
-
Non-GAAP operating income
$ 17,018
$ 26,460
$ 29,667
$ 51,927
Reconciliation of Net Income to Non-GAAP Net Income:
Three Months Ended
Six Months Ended
June 30,
June 30,
2018
2019
2018
2019
Net income
$ 8,377
$ 13,403
$ 14,798
$ 27,080
Plus:
Share-based compensation
8,413
11,896
15,336
22,148
Amortization of intangible assets - Cost of revenues
1,444
1,444
2,674
2,888
Amortization of intangible assets - Sales and marketing
199
144
397
288
Acquisition related expenses
-
-
268
-
Taxes on income related to non-GAAP adjustments
(4,964)
(3,846)
(8,193)
(7,892)
Non-GAAP net income
$ 13,469
$ 23,041
$ 25,280
$ 44,512
Non-GAAP net income per share
Basic
$ 0.37
$ 0.61
$ 0.71
$ 1.19
Diluted
$ 0.36
$ 0.59
$ 0.69
$ 1.15
Weighted average number of shares
Basic
36,001,580
37,522,410
35,724,717
37,285,788
Diluted
36,923,520
38,993,170
36,680,585
38,735,078
View source version on businesswire.com: https://www.businesswire.com/news/home/20190807005339/en/
Investors: Erica Smith CyberArk Phone: +1- 617-558-2132 ir@cyberark.com
Media: Liz Campbell CyberArk Phone: +1-617-558-2191 press@cyberark.com
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