Globalizes Sales Organization to
Continue to Drive Growth
CyberArk (NASDAQ: CYBR), the company that protects organizations
from cyber attacks that have made their way inside the network
perimeter, today announced financial results for the second quarter
ended June 30, 2017.
“While our results in the second quarter were primarily impacted
by certain deals in EMEA that did not close by June 30, we
continued to see strong demand for our solutions across on
premises, cloud and hybrid environments,” said Udi Mokady, CyberArk
Chairman and CEO. “Our global leadership position in the market,
strong demand for our solutions and recent organizational changes
position us well to deliver long term growth and capitalize on the
tremendous opportunity for privileged account security.”
Financial Highlights for the Second Quarter Ended June 30,
2017
Revenue:
- Total revenue was $57.5 million, an
increase from $50.4 million compared to the second quarter of
2016.
- License revenue was $30.3 million,
compared to $30.0 million in the second quarter of 2016.
- Maintenance and Professional Services
revenue was $27.2 million, compared to $20.4 million in the second
quarter of 2016.
Operating Income:
- GAAP operating income was $1.0 million
for the quarter, compared to $8.5 million in the second quarter of
2016.
- Non-GAAP operating income was $8.8
million for the quarter, compared to $13.6 million in the second
quarter of 2016.
Net Income:
- GAAP net income was $3.2 million, or
$0.09 per diluted share, compared to GAAP net income of $6.4
million, or $0.18 per diluted share, in the second quarter of
2016.
- Non-GAAP net income was $7.7 million,
or $0.21 per diluted share, compared to $10.5 million, or $0.29 per
diluted share, in the second quarter of 2016.
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 six months ended June 30,
2017 and 2016. An explanation of these measures is also included
below under the heading “Non-GAAP Financial Measures.”
Balance Sheet and Cash Flow:
- As of June 30, 2017, CyberArk had
$283.2 million in cash, cash equivalents, marketable securities and
short-term deposits, which reflects the approximately $42 million
in cash consideration for the acquisition of Conjur, Inc. in May
2017. This compares to $295.5 million as of December 31, 2016.
- During the first six months of 2017,
the Company generated $29.7 million in cash flow from operations,
compared to $21.4 million in the first six months of 2016.
Globalization of Sales Team
- Announced today that Ron Zoran, the
Company’s Vice President of Sales, Americas, has been named Chief
Revenue Officer and will be responsible for executing the company’s
worldwide sales strategy across sales, sales engineering, and
channels to drive revenue growth in all geographies.
Business Outlook
Based on information available as of August 8, 2017, CyberArk is
issuing guidance for the third quarter and full year 2017 as
indicated below.
Third Quarter 2017:
- Total revenue is expected to be in the
range of $62.0 million to $63.0 million, which represents 13% to
15% year-over-year growth.
- Non-GAAP operating income is expected
to be in the range of $8.2 million to $9.0 million.
- Non-GAAP net income per share is
expected to be in the range of $0.17 to $0.19 per diluted share.
This assumes 36.4 million weighted average diluted shares.
Full Year 2017:
- Total revenue is expected to be in the
range of $253.0 million to $256.0 million, which represents 17% to
18% year-over-year growth.
- Non-GAAP operating income is expected
to be in the range of $46.4 million to $48.4 million.
- Non-GAAP net income per share is
expected to be in the range of $1.02 to $1.06 per diluted share.
This assumes 36.3 million weighted average diluted shares.
Conference Call Information
CyberArk will discuss the company’s second quarter financial
results and its business outlook today, August 8, 2017 at 4:30 p.m.
Eastern Time (ET). To access this call, dial +1 844-237-3590 (U.S.)
or +1 484-747-6582 (international). The conference ID is 44458128.
Additionally, a live webcast of the conference call will be
available via the “Investor Relations” section of the company’s web
site 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 44458128. 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 is the only security company focused on
eliminating the most advanced cyber threats; those that use insider
privileges to attack the heart of the enterprise. Dedicated to
stopping attacks before they stop business, CyberArk proactively
secures against cyber threats before attacks can escalate and do
irreparable damage. The company is trusted by the world’s leading
companies – including more than 50 percent of the Fortune 100 – to
protect their highest value information assets, infrastructure and
applications. 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 blog, or follow on Twitter via
@CyberArk, LinkedIn or Facebook.
Copyright © 2017 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 operating income or net income or any
other performance measures derived in accordance with GAAP.
- For the three and six months ended June
30, 2017 and June 30, 2016, non-GAAP gross profit is calculated as
gross profit excluding share-based compensation expense and
amortization of intangible assets related to acquisitions.
- For the three and six months ended June
30, 2017, non-GAAP operating income is calculated as operating
income excluding share-based compensation expense, acquisition
related expenses and amortization of intangible assets related to
acquisitions. For the three and six months ended June 30, 2016,
non-GAAP operating income is calculated as operating income
excluding share-based compensation expense and amortization of
intangible assets related to acquisitions.
- For the three and six months ended June
30, 2017 non-GAAP net income is calculated as net income excluding
share-based compensation expense, acquisition related expenses,
amortization of intangible assets related to acquisitions and the
tax effects related to the non-GAAP adjustment. For the three and
six months ended June 30, 2016, non-GAAP net income is calculated
as net income excluding share-based compensation expense,
amortization of intangible assets related to acquisitions and the
tax effects related to the non-GAAP adjustments.
Because of varying available valuation methodologies, subjective
assumptions and the variety of equity instruments that can impact a
company’s non-cash expense, the Company believes that providing
non-GAAP financial measures that exclude share-based compensation,
acquisition related expenses and amortization of intangible assets
related to acquisitions 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. The Company believes that expenses related to its
acquisitions and amortization of intangible assets related to
acquisitions 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 measures to evaluate its business.
Cautionary Language Concerning Forward-Looking
Statements
This release may contain 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
Six Months Ended June 30, June
30, 2016 2017
2016 2017 Revenues:
License $ 29,965 $ 30,318 $ 57,479 $ 63,270 Maintenance and
professional services 20,415 27,162 39,812 53,245
Total revenues 50,380 57,480 97,291 116,515
Cost of revenues: License 1,283 1,907 2,557 3,491 Maintenance and
professional services 5,628 8,093 10,788 15,776
Total cost of revenues 6,911 10,000 13,345 19,267
Gross profit 43,469 47,480 83,946
97,248 Operating expenses: Research and
development 8,165 9,561 16,098 18,775 Sales and marketing 21,837
29,500 43,500 57,178 General and administrative 5,016 7,409 9,686
14,287 Total operating expenses 35,018
46,470 69,284 90,240 Operating income
8,451 1,010 14,662 7,008 Financial income (expenses), net
(94 ) 1,127 (27 ) 1,675 Income
before taxes on income 8,357 2,137 14,635 8,683 Tax benefit
(taxes on income) (1,908 ) 1,109 (3,862 )
2,099 Net income $ 6,449 $ 3,246 $ 10,773
$ 10,782 Basic net income per ordinary share $
0.19 $ 0.09 $ 0.32 $ 0.31 Diluted net income per
ordinary share $ 0.18 $ 0.09 $ 0.30 $ 0.30
Shares used in computing net income per
ordinary shares, basic
33,547,975 34,729,119 33,457,149
34,563,040
Shares used in computing net income per
ordinary shares, diluted
35,787,574 36,194,471 35,740,107
36,147,712
Share-based
Compensation Expense: Three Months Ended Six
Months Ended June 30, June 30, 2016
2017 2016
2017 Cost of revenues $ 285 $ 504 $ 526 $ 957
Research and development 998 1,523 1,938 2,832 Sales and marketing
1,371 2,018 2,596 3,689 General and administrative 1,325
2,197 2,292 3,963 Total
share-based compensation expense $ 3,979 $ 6,242 $ 7,352
$ 11,441
CYBERARK SOFTWARE LTD.
Consolidated Balance Sheets U.S. dollars in thousands
(Unaudited) December 31,
June 30, 2016 2017
ASSETS CURRENT ASSETS: Cash and cash
equivalents $ 172,957 $ 142,457 Short-term bank deposits 86,829
96,567 Marketable securities 15,246 21,804 Trade receivables 33,330
30,272 Prepaid expenses and other current assets 4,804
7,206 Total current assets 313,166
298,306 LONG-TERM ASSETS: Property and
equipment, net 4,760 5,266 Intangible assets, net 14,035 18,552
Goodwill 35,145 69,355 Marketable securities 20,443 22,376
Severance pay fund 3,332 3,703 Prepaid expenses and other long-term
assets 1,761 1,866 Deferred tax asset 10,389
28,154 Total long-term assets 89,865
149,272
TOTAL ASSETS $ 403,031 $ 447,578
LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT
LIABILITIES: Trade payables $ 2,699 $ 1,762 Employees and payroll
accruals 18,470 16,929 Accrued expenses and other current
liabilities 6,876 5,627 Deferred revenues 50,111
57,258 Total current liabilities 78,156
81,576 LONG-TERM LIABILITIES: Deferred revenues
23,395 25,587 Other long-term liabilities 229 222 Accrued severance
pay 5,035 5,497 Total long-term
liabilities 28,659 31,306
TOTAL
LIABILITIES 106,815 112,882
SHAREHOLDERS' EQUITY: Ordinary shares of NIS 0.01 par value 88 90
Additional paid-in capital 221,609 235,351 Accumulated other
comprehensive income (loss) (175 ) 595 Retained earnings
74,694 98,660 Total shareholders' equity
296,216 334,696
TOTAL LIABILITIES
AND SHAREHOLDERS’ EQUITY $ 403,031 $ 447,578
CYBERARK SOFTWARE LTD.
Consolidated Statements of Cash
Flows
U.S. dollars in thousands (Unaudited)
Six Months Ended June 30, 2016
2017 Cash flows
from operating activities: Net income $ 10,773 $ 10,782
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and Amortization 3,126 3,509 Amortization of premium
on marketable securities 56 190 Share-based compensation expenses
7,352 11,441 Tax benefit related to share-based compensation (411 )
- Deferred income taxes, net (189 ) (3,642 ) Decrease (increase) in
trade receivables (394 ) 3,412
Increase in prepaid expenses and other
current and long-term assets
(1,728 ) (1,257 ) Decrease in trade payables (179 ) (869 ) Increase
in short term and long term deferred revenues 8,427 9,339 Decrease
in employees and payroll accruals (2,161 ) (1,953 )
Decrease in accrued expenses and other
current and long-term liabilities
(3,240 ) (1,391 ) Increase (decrease) in accrued severance pay, net
(23 ) 91 Net cash provided by operating
activities 21,409 29,652
Cash
flows from investing activities: Investment in short and long
term deposits (42,149 ) (9,938 ) Investment in marketable
securities (34,650 ) (17,760 ) Proceeds from maturities of
marketable securities - 9,106 Purchase of property and equipment
(1,777 ) (2,038 ) Payments for business acquisitions, net of cash
acquired - (41,448 ) Net cash used in
investing activities (78,576 ) (62,078 )
Cash flows from financing activities: Tax benefit related to
share-based compensation 411 - Proceeds from exercise of stock
options 637 1,926 Net cash
provided by financing activities 1,048 1,926
Decrease in cash and cash equivalents (56,119 )
(30,500 ) Cash and cash equivalents at the beginning of the
period 234,539 172,957 Cash and
cash equivalents at the end of the period $ 178,420 $
142,457
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, 2016
2017 2016 2017
Gross profit $ 43,469 $ 47,480 $ 83,946 $ 97,248
Plus: Share-based compensation - Maintenance & professional
services 285 504 526 957 Amortization of intangible assets -
License 355 992 710
1,835 Non-GAAP gross profit $ 44,109 $
48,976 $ 85,182 $ 100,040
Reconciliation of Operating Income to Non-GAAP Operating
Income: Three Months Ended Six Months
Ended June 30, June 30, 2016
2017 2016
2017 Operating income $ 8,451 $ 1,010 $
14,662 $ 7,008 Plus: Share-based compensation 3,979 6,242 7,352
11,441 Amortization of intangible assets - Cost of revenues 355 992
710 1,835 Amortization of intangible assets - Research and
development 478 - 956 - Amortization of intangible assets - Sales
and marketing 301 289 602 535 Acquisition related expenses -
248 - 686
Non-GAAP operating income $ 13,564 $ 8,781 $ 24,282
$ 21,505
Reconciliation of
Net Income to Non-GAAP Net Income: Three Months
Ended Six Months Ended June 30, June 30,
2016 2017
2016 2017 Net
income $ 6,449 $ 3,246 $ 10,773 $ 10,782 Plus: Share-based
compensation 3,979 6,242 7,352 11,441 Amortization of intangible
assets - Cost of revenues 355 992 710 1,835 Amortization of
intangible assets - Research and development 478 - 956 -
Amortization of intangible assets - Sales and marketing 301 289 602
535 Acquisition related expenses - 248 - 686 Taxes on income
related to non-GAAP adjustments (1,066 ) (3,274 )
(1,579 ) (7,289 ) Non-GAAP net income $ 10,496
$ 7,743 $ 18,814 $ 17,990
Non-GAAP net income per share Basic $ 0.31 $ 0.22 $
0.56 $ 0.52 Diluted $ 0.29 $ 0.21 $
0.53 $ 0.50 Weighted average number of shares
Basic 33,547,975 34,729,119
33,457,149 34,563,040 Diluted
35,787,574 36,194,471 35,740,107
36,147,712
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version on businesswire.com: http://www.businesswire.com/news/home/20170808006414/en/
Investor Contact:CyberArkErica Smith,
617-558-2132ir@cyberark.comorMedia Contact:CyberArkChristy
Lynch, 617-796-3210press@cyberark.com
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