CyberArk Announces Strong Second Quarter 2024 Results
Results Exceeded all Guided Metrics
Subscription Portion of Annual Recurring Revenue (ARR) Grew 50% Year-Over-Year to
Total ARR Grew 33% Year-Over-Year to
Subscription Revenue Grew 49% Year-Over-Year to
Total Revenue Grew 28% Year-Over-Year Reaching a Record of
Net Cash Provided by Operating Activities for the Six Months Ended
Company Raises Full Year Guidance Across all Metrics
“We had a strong quarter, posting record revenue and increasing our profitability, resulting in
Financial Summary for the Second Quarter Ended
-
Subscription revenue was
$158.4 million in the second quarter of 2024, an increase of 49 percent from$106.2 million in the second quarter of 2023. -
Maintenance and professional services revenue was
$62.7 million in the second quarter of 2024, compared to$64.6 million in the second quarter of 2023. -
Perpetual license revenue was
$3.6 million in the second quarter of 2024, compared to$5.1 million in the second quarter of 2023. -
Total revenue was
$224.7 million in the second quarter of 2024, up 28 percent from$175.8 million in the second quarter of 2023. -
GAAP operating loss was
$(24.0) million compared to GAAP operating loss of$(39.9) million in the same period last year. Non-GAAP operating income was$23.7 million compared to non-GAAP operating loss of$(5.6) million , in the same period last year. -
GAAP net loss was
$(12.9) million , or$(0.30) per basic and diluted share, compared to GAAP net loss of$(25.8) million , or$(0.62) per basic and diluted share, in the same period last year. Non-GAAP net income was$26.1 million , or$0.54 per diluted share, compared to non-GAAP net income of$1.3 million , or$0.03 per diluted share, in the same period last year.
Balance Sheet and Net Cash Provided by Operating Activities
-
As of
June 30, 2024 , cash, cash equivalents, short-term deposits, and marketable securities were$1.4 billion . -
During the six months ended
June 30, 2024 , net cash provided by (used in) operating activities was$113.0 million , compared to$(5.0) million in the six months endedJune 30, 2023 .
Key Business Highlights
-
Annual Recurring Revenue (ARR) was
$868 million , an increase of 33 percent from$653 million atJune 30, 2023 .-
The Subscription portion of ARR was
$677 million , or 78 percent of total ARR atJune 30, 2024 . This represents an increase of 50 percent from$451 million , or 69 percent of total ARR, atJune 30, 2023 . -
The Maintenance portion of ARR was
$191 million atJune 30, 2024 , compared to$201 million atJune 30, 2023 .
-
The Subscription portion of ARR was
-
Recurring revenue in the second quarter was
$208.0 million , an increase of 32 percent from$157.8 million for the second quarter of 2023.
Recent Developments
-
CyberArk Signed a Definitive Agreement to Acquire Machine Identity Management Leader Venafi fromThoma Bravo . -
CyberArk Supercharges Identity Security Platform with CyberArk® CORA™ AI -
At its annual IMPACT user conference,
CyberArk announced further enhancements to its identity security platform, driven by AI and Identity Threat Detection and Response (ITDR). - Released its 2024 Identity Security Threat Landscape Report, showing 93% Of Organizations Had Two Or More Identity-Related Breaches In The Past Year.
-
CyberArk published its fourth annual Environmental, Social, and Governance (ESG) Report, highlighting its progress enhancing initiatives across its core focus areas: Governance, Ethics, and Compliance; Cybersecurity and Data Privacy; Culture and Talent; Communities; and Environment.
Venafi Acquisition
The transaction is still expected to close in the second half of 2024, subject to required regulatory approvals, clearances, and other customary closing conditions.
Business Outlook
Based on information available as of
CyberArk’s guidance for the third quarter and full year 2024 does not include contributions from the proposed acquisition of
Third Quarter 2024:
-
Total revenue is expected to be in the range of
$230.0 million and$236.0 million , representing growth of 20 percent to 23 percent compared to the third quarter of 2023. -
Non-GAAP operating income is expected to be in the range of
$20.5 million to$25.5 million . -
Non-GAAP net income per share is expected to be in the range of
$0.38 to$0.49 per diluted share.- Assumes 48.2 million weighted average diluted shares.
Full Year 2024:
-
Total revenue is expected to be in the range of
$932.0 million to$942.0 million , representing growth of 24 percent to 25 percent compared to the full year 2023. -
Non-GAAP operating income is expected to be in the range of
$107.5 million to$116.5 million . -
Non-GAAP net income per share is expected to be in the range of
$2.17 to$2.36 per diluted share.- Assumes 48.2 million weighted average diluted shares.
-
ARR as of
December 31, 2024 is expected to be in the range of$985 million to$995 million , representing growth of 27 percent to 29 percent fromDecember 31, 2023 . -
Non-GAAP free cash flow is expected to be in the range of
$145.0 million to$155.0 million for the full year 2024.
Conference Call Information
In conjunction with this announcement,
Following the conference call, a replay will be available for one week at +1 (800) 770-2030 (
About
Copyright © 2024
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 Subscription ARR
-
Net new Subscription ARR refers to the difference between Subscription ARR as of
March 31, 2024 and Subscription ARR as ofJune 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
- Non-GAAP gross profit is calculated as GAAP gross profit excluding share-based compensation expense, and amortization of intangible assets related to acquisitions.
- 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, and amortization of intangible assets related to acquisitions.
- Non-GAAP net income (loss) 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, and the tax effect of non-GAAP adjustments.
- Free cash flow is calculated as net cash provided by (used in) 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, 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
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, but not limited to: the ability of the parties to consummate the proposed transaction regarding the Company’s acquisition of
|
||||||||||||||||
Consolidated Statements of Operations | ||||||||||||||||
|
||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
|
|
|||||||||||||||
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
||
Revenues: | ||||||||||||||||
Subscription |
$ |
106,167 |
|
$ |
158,414 |
|
$ |
198,887 |
|
$ |
314,653 |
|
||||
Perpetual license |
|
5,090 |
|
|
3,637 |
|
|
8,972 |
|
|
6,588 |
|
||||
Maintenance and professional services |
|
64,586 |
|
|
62,655 |
|
|
129,689 |
|
|
125,015 |
|
||||
Total revenues |
|
175,843 |
|
|
224,706 |
|
|
337,548 |
|
|
446,256 |
|
||||
Cost of revenues: | ||||||||||||||||
Subscription |
|
17,633 |
|
|
22,601 |
|
|
33,578 |
|
|
43,563 |
|
||||
Perpetual license |
|
319 |
|
|
303 |
|
|
531 |
|
|
782 |
|
||||
Maintenance and professional services |
|
20,815 |
|
|
22,114 |
|
|
40,630 |
|
|
43,081 |
|
||||
Total cost of revenues |
|
38,767 |
|
|
45,018 |
|
|
74,739 |
|
|
87,426 |
|
||||
Gross profit |
|
137,076 |
|
|
179,688 |
|
|
262,809 |
|
|
358,830 |
|
||||
Operating expenses: | ||||||||||||||||
Research and development |
|
53,664 |
|
|
56,556 |
|
|
105,920 |
|
|
110,470 |
|
||||
Sales and marketing |
|
101,089 |
|
|
115,339 |
|
|
200,517 |
|
|
220,303 |
|
||||
General and administrative |
|
22,221 |
|
|
31,769 |
|
|
42,396 |
|
|
58,411 |
|
||||
Total operating expenses |
|
176,974 |
|
|
203,664 |
|
|
348,833 |
|
|
389,184 |
|
||||
Operating loss |
|
(39,898 |
) |
|
(23,976 |
) |
|
(86,024 |
) |
|
(30,354 |
) |
||||
Financial income, net |
|
11,882 |
|
|
13,347 |
|
|
21,488 |
|
|
27,399 |
|
||||
Loss before taxes on income |
|
(28,016 |
) |
|
(10,629 |
) |
|
(64,536 |
) |
|
(2,955 |
) |
||||
Tax benefit (taxes on income) |
|
2,238 |
|
|
(2,294 |
) |
|
3,730 |
|
|
(4,498 |
) |
||||
Net loss |
$ |
(25,778 |
) |
$ |
(12,923 |
) |
$ |
(60,806 |
) |
$ |
(7,453 |
) |
||||
Basic loss per ordinary share |
$ |
(0.62 |
) |
$ |
(0.30 |
) |
$ |
(1.47 |
) |
$ |
(0.17 |
) |
||||
Diluted loss per ordinary share |
$ |
(0.62 |
) |
$ |
(0.30 |
) |
$ |
(1.47 |
) |
$ |
(0.17 |
) |
||||
Shares used in computing net loss | ||||||||||||||||
per ordinary shares, basic |
|
41,599,364 |
|
|
42,948,191 |
|
|
41,384,895 |
|
|
42,689,375 |
|
||||
Shares used in computing net loss | ||||||||||||||||
per ordinary shares, diluted |
|
41,599,364 |
|
|
42,948,191 |
|
|
41,384,895 |
|
|
42,689,375 |
|
||||
|
|||||||
Consolidated Balance Sheets |
|||||||
|
|||||||
(Unaudited) |
|||||||
|
|
||||||
|
2023 |
|
|
|
2024 |
|
|
ASSETS | |||||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents |
$ |
355,933 |
|
$ |
641,014 |
|
|
Short-term bank deposits |
|
354,472 |
|
|
231,037 |
|
|
Marketable securities |
|
283,016 |
|
|
528,086 |
|
|
Trade receivables |
|
186,472 |
|
|
156,049 |
|
|
Prepaid expenses and other current assets |
|
31,550 |
|
|
34,983 |
|
|
Total current assets |
|
1,211,443 |
|
|
1,591,169 |
|
|
LONG-TERM ASSETS: | |||||||
Marketable securities |
|
324,548 |
|
|
30,871 |
|
|
Property and equipment, net |
|
16,494 |
|
|
16,477 |
|
|
Intangible assets, net |
|
20,202 |
|
|
16,665 |
|
|
|
|
153,241 |
|
|
153,241 |
|
|
Other long-term assets |
|
214,816 |
|
|
227,140 |
|
|
Deferred tax asset |
|
81,464 |
|
|
85,021 |
|
|
Total long-term assets |
|
810,765 |
|
|
529,415 |
|
|
TOTAL ASSETS |
$ |
2,022,208 |
|
$ |
2,120,584 |
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
CURRENT LIABILITIES: | |||||||
Trade payables |
$ |
10,971 |
|
$ |
6,189 |
|
|
Employees and payroll accruals |
|
95,538 |
|
|
75,909 |
|
|
Accrued expenses and other current liabilities |
|
36,562 |
|
|
37,979 |
|
|
Convertible senior notes, net |
|
572,340 |
|
|
573,824 |
|
|
Deferred revenues |
|
409,219 |
|
|
442,223 |
|
|
Total current liabilities |
|
1,124,630 |
|
|
1,136,124 |
|
|
LONG-TERM LIABILITIES: | |||||||
Deferred revenues |
|
71,413 |
|
|
75,887 |
|
|
Other long-term liabilities |
|
33,839 |
|
|
31,601 |
|
|
Total long-term liabilities |
|
105,252 |
|
|
107,488 |
|
|
TOTAL LIABILITIES |
|
1,229,882 |
|
|
1,243,612 |
|
|
SHAREHOLDERS' EQUITY: | |||||||
Ordinary shares of |
|
111 |
|
|
113 |
|
|
Additional paid-in capital |
|
827,260 |
|
|
918,948 |
|
|
Accumulated other comprehensive loss |
|
(1,849 |
) |
|
(1,440 |
) |
|
Accumulated deficit |
|
(33,196 |
) |
|
(40,649 |
) |
|
Total shareholders' equity |
|
792,326 |
|
|
876,972 |
|
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ |
2,022,208 |
|
$ |
2,120,584 |
|
|
|
|||||||
Consolidated Statements of Cash Flows |
|||||||
|
|||||||
(Unaudited) |
|||||||
Six Months Ended | |||||||
|
|||||||
|
2023 |
|
|
2024 |
|
||
Cash flows from operating activities: | |||||||
Net loss |
$ |
(60,806 |
) |
$ |
(7,453 |
) |
|
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||
Depreciation and amortization |
|
8,787 |
|
|
8,046 |
|
|
Amortization of premium and accretion of discount on marketable securities, net |
|
(1,474 |
) |
|
(3,632 |
) |
|
Impairment of available for sale marketable securities |
|
- |
|
|
2,674 |
|
|
Share-based compensation |
|
63,966 |
|
|
78,030 |
|
|
Deferred income taxes, net |
|
(8,430 |
) |
|
(314 |
) |
|
Decrease in trade receivables |
|
15,322 |
|
|
30,423 |
|
|
Amortization of debt discount and issuance costs |
|
1,496 |
|
|
1,504 |
|
|
Increase in prepaid expenses, other current and long-term assets and others |
|
(16,328 |
) |
|
(16,629 |
) |
|
Changes in operating lease right-of-use assets |
|
3,865 |
|
|
3,346 |
|
|
Increase (decrease) in trade payables |
|
370 |
|
|
(4,619 |
) |
|
Increase in short-term and long-term deferred revenues |
|
10,212 |
|
|
37,478 |
|
|
Decrease in employees and payroll accruals |
|
(17,868 |
) |
|
(12,394 |
) |
|
Increase in accrued expenses and other current and long-term liabilities |
|
614 |
|
|
671 |
|
|
Changes in operating lease liabilities |
|
(4,773 |
) |
|
(4,153 |
) |
|
Net cash provided by (used in) operating activities |
|
(5,047 |
) |
|
112,978 |
|
|
Cash flows from investing activities: | |||||||
Investment in short and long term deposits |
|
(87,318 |
) |
|
(170,820 |
) |
|
Proceeds from short and long term deposits |
|
178,603 |
|
|
292,675 |
|
|
Investment in marketable securities |
|
(228,232 |
) |
|
(129,480 |
) |
|
Proceeds from sales and maturities of marketable securities and other |
|
181,569 |
|
|
181,482 |
|
|
Purchase of property and equipment |
|
(3,522 |
) |
|
(4,485 |
) |
|
Net cash provided by investing activities |
|
41,100 |
|
|
169,372 |
|
|
Cash flows from financing activities: | |||||||
Proceeds from (payment of) withholding tax related to employee stock plans |
|
5,213 |
|
|
(7,361 |
) |
|
Proceeds from exercise of stock options |
|
777 |
|
|
3,845 |
|
|
Proceeds in connection with employees stock purchase plan |
|
7,695 |
|
|
9,771 |
|
|
Net cash provided by financing activities |
|
13,685 |
|
|
6,255 |
|
|
Increase in cash and cash equivalents |
|
49,738 |
|
|
288,605 |
|
|
Effect of exchange rate differences on cash and cash equivalents |
|
(892 |
) |
|
(3,524 |
) |
|
Cash and cash equivalents at the beginning of the period |
|
347,338 |
|
|
355,933 |
|
|
Cash and cash equivalents at the end of the period |
$ |
396,184 |
|
$ |
641,014 |
|
|
|
||||||||||||||||
Reconciliation of GAAP Measures to Non-GAAP Measures | ||||||||||||||||
|
||||||||||||||||
(Unaudited) | ||||||||||||||||
Reconciliation of Net cash provided by (used in) operating activities to Free cash flow: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
|
|
|||||||||||||||
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
||
Net cash provided by (used in) operating activities |
$ |
(10,868 |
) |
$ |
44,343 |
|
$ |
(5,047 |
) |
$ |
112,978 |
|
||||
Less: | ||||||||||||||||
Purchase of property and equipment |
|
(1,747 |
) |
|
(2,620 |
) |
|
(3,522 |
) |
|
(4,485 |
) |
||||
Free cash flow |
$ |
(12,615 |
) |
$ |
41,723 |
|
$ |
(8,569 |
) |
$ |
108,493 |
|
||||
GAAP net cash provided by investing activities |
|
35,816 |
|
|
152,476 |
|
|
41,100 |
|
|
169,372 |
|
||||
GAAP net cash provided by financing activities |
|
8,468 |
|
|
4,376 |
|
|
13,685 |
|
|
6,255 |
|
||||
Reconciliation of Gross Profit to Non-GAAP Gross Profit: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
|
|
|||||||||||||||
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
||
Gross profit |
$ |
137,076 |
|
$ |
179,688 |
|
$ |
262,809 |
|
$ |
358,830 |
|
||||
Plus: | ||||||||||||||||
Share-based compensation (1) |
|
4,379 |
|
|
5,413 |
|
|
8,332 |
|
|
10,233 |
|
||||
Amortization of share-based compensation capitalized in software development costs (3) |
|
103 |
|
|
81 |
|
|
206 |
|
|
153 |
|
||||
Amortization of intangible assets (2) |
|
1,705 |
|
|
1,705 |
|
|
3,409 |
|
|
3,409 |
|
||||
Non-GAAP gross profit |
$ |
143,263 |
|
$ |
186,887 |
|
$ |
274,756 |
|
$ |
372,625 |
|
||||
Reconciliation of Operating Expenses to Non-GAAP Operating Expenses: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
|
|
|||||||||||||||
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
||
Operating expenses |
$ |
176,974 |
|
$ |
203,664 |
|
$ |
348,833 |
|
$ |
389,184 |
|
||||
Less: | ||||||||||||||||
Share-based compensation (1) |
|
27,991 |
|
|
35,118 |
|
|
55,634 |
|
|
67,797 |
|
||||
Amortization of intangible assets (2) |
|
134 |
|
|
125 |
|
|
271 |
|
|
250 |
|
||||
Acquisition related expenses |
|
- |
|
|
5,281 |
|
|
- |
|
|
5,281 |
|
||||
Non-GAAP operating expenses |
$ |
148,849 |
|
$ |
163,140 |
|
$ |
292,928 |
|
$ |
315,856 |
|
||||
Reconciliation of Operating Loss to Non-GAAP Operating Income (Loss): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
|
|
|||||||||||||||
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
||
Operating loss |
$ |
(39,898 |
) |
$ |
(23,976 |
) |
$ |
(86,024 |
) |
$ |
(30,354 |
) |
||||
Plus: | ||||||||||||||||
Share-based compensation (1) |
|
32,370 |
|
|
40,531 |
|
|
63,966 |
|
|
78,030 |
|
||||
Amortization of share-based compensation capitalized in software development costs (3) |
|
103 |
|
|
81 |
|
|
206 |
|
|
153 |
|
||||
Amortization of intangible assets (2) |
|
1,839 |
|
|
1,830 |
|
|
3,680 |
|
|
3,659 |
|
||||
Acquisition related expenses |
|
- |
|
|
5,281 |
|
|
- |
|
|
5,281 |
|
||||
Non-GAAP operating income (loss) |
$ |
(5,586 |
) |
$ |
23,747 |
|
$ |
(18,172 |
) |
$ |
56,769 |
|
||||
Reconciliation of Net Loss to Non-GAAP Net Income (Loss): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
|
|
|||||||||||||||
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
||
Net loss |
$ |
(25,778 |
) |
$ |
(12,923 |
) |
$ |
(60,806 |
) |
$ |
(7,453 |
) |
||||
Plus: | ||||||||||||||||
Share-based compensation (1) |
|
32,370 |
|
|
40,531 |
|
|
63,966 |
|
|
78,030 |
|
||||
Amortization of share-based compensation capitalized in software development costs (3) |
|
103 |
|
|
81 |
|
|
206 |
|
|
153 |
|
||||
Amortization of intangible assets (2) |
|
1,839 |
|
|
1,830 |
|
|
3,680 |
|
|
3,659 |
|
||||
Acquisition related expenses |
|
- |
|
|
5,281 |
|
|
- |
|
|
5,281 |
|
||||
Amortization of debt discount and issuance costs |
|
748 |
|
|
752 |
|
|
1,496 |
|
|
1,504 |
|
||||
Gain from investment in privately held companies |
|
(294 |
) |
|
- |
|
|
(294 |
) |
|
- |
|
||||
Taxes on income related to non-GAAP adjustments |
|
(7,708 |
) |
|
(9,457 |
) |
|
(13,914 |
) |
|
(19,209 |
) |
||||
Non-GAAP net income (loss) |
$ |
1,280 |
|
$ |
26,095 |
|
$ |
(5,666 |
) |
$ |
61,965 |
|
||||
Non-GAAP net income (loss) per share | ||||||||||||||||
Basic |
$ |
0.03 |
|
$ |
0.61 |
|
$ |
(0.14 |
) |
$ |
1.45 |
|
||||
Diluted |
$ |
0.03 |
|
$ |
0.54 |
|
$ |
(0.14 |
) |
$ |
1.30 |
|
||||
Weighted average number of shares | ||||||||||||||||
Basic |
|
41,599,364 |
|
|
42,948,191 |
|
|
41,384,895 |
|
|
42,689,375 |
|
||||
Diluted |
|
46,065,943 |
|
|
47,900,949 |
|
|
41,384,895 |
|
|
47,804,286 |
|
||||
(1) Share-based Compensation : | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
|
|
|||||||||||||||
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
||
Cost of revenues - Subscription |
$ |
978 |
|
$ |
1,617 |
|
$ |
1,810 |
|
$ |
3,029 |
|
||||
Cost of revenues - Perpetual license |
|
12 |
|
|
7 |
|
|
19 |
|
|
12 |
|
||||
Cost of revenues - Maintenance and Professional services |
|
3,389 |
|
|
3,789 |
|
|
6,503 |
|
|
7,192 |
|
||||
Research and development |
|
7,192 |
|
|
8,157 |
|
|
13,930 |
|
|
15,717 |
|
||||
Sales and marketing |
|
13,595 |
|
|
16,912 |
|
|
28,190 |
|
|
31,791 |
|
||||
General and administrative |
|
7,204 |
|
|
10,049 |
|
|
13,514 |
|
|
20,289 |
|
||||
Total share-based compensation |
$ |
32,370 |
|
$ |
40,531 |
|
$ |
63,966 |
|
$ |
78,030 |
|
||||
(2) Amortization of intangible assets : | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
|
|
|||||||||||||||
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
||
Cost of revenues - Subscription |
$ |
1,705 |
|
$ |
1,705 |
|
$ |
3,409 |
|
$ |
3,409 |
|
||||
Sales and marketing |
|
134 |
|
|
125 |
|
|
271 |
|
|
250 |
|
||||
Total amortization of intangible assets |
$ |
1,839 |
|
$ |
1,830 |
|
$ |
3,680 |
|
$ |
3,659 |
|
||||
(3) Classified as Cost of revenues - Subscription. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240808754290/en/
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