CyberArk Announces Record Fourth Quarter and Full Year 2021 Results
CyberArk (NASDAQ: CYBR) reported record fourth-quarter revenue of $151.3 million and full-year revenue of $502.9 million for 2021. Subscription revenue soared 142% year-over-year to $47.6 million in Q4. The company achieved a 146% growth in subscription ARR, totaling $183 million, with total ARR at $393 million (+44%). CyberArk added over 375 new customers in Q4. For 2022, guidance projects total revenue between $582 million and $598 million, with an expected ARR growth of 35% to 36%.
- Record fourth-quarter revenue of $151.3 million, a 5% increase year-over-year.
- Annual revenue for 2021 reached $502.9 million, up 8% from 2020.
- Subscription revenue grew 142% to $47.6 million in Q4 2021.
- Total ARR rose to $393 million, increasing 44% year-over-year.
- Added more than 375 new customers in Q4 2021.
- Non-GAAP net income was $11.8 million in Q4 2021.
- GAAP net loss of $16.9 million in Q4 2021.
- Total deferred revenue increased only 31% to $317.3 million from $242.5 million in 2020.
- GAAP operating loss was $78.3 million for the full year 2021.
Record fourth quarter revenue of
Subscription Bookings Mix of
Subscription Portion of Annual Recurring Revenue (ARR) of
Total ARR of
Subscription Transition Goals Now Expected to be Met in Second Quarter of 2022
“2021 was a historic year for
Financial Summary for the Fourth Quarter Ended
-
Subscription revenue was
$47.6 million $19.6 million -
Maintenance and professional services revenue was
$65.1 million $61.4 million -
Total revenue was
$151.3 million $144.5 million -
GAAP operating loss was
$(11.8) million $16.3 million -
GAAP net loss was
$(16.9) million $(0.42) $11.8 million $0.28
Financial Summary for the Full Year Ended
-
Subscription revenue was
$134.6 million $56.4 million -
Maintenance and professional services revenue was
$252.6 million $231.9 million -
Total revenue was
$502.9 million $464.4 million -
GAAP operating loss was
$(78.3) million $23.9 million -
GAAP net loss was
$(83.9) million $(2.12) $13.4 million $0.33
Balance Sheet and Net Cash Provided by Operating Activities
-
As of
December 31, 2021 ,CyberArk had$1.2 billion -
During the full year ended
December 31, 2021 , the Company generated$74.7 million $106.8 million -
As of
December 31, 2021 , total deferred revenue was$317.3 million $242.5 million December 31, 2020 .
Key Performance Indicators
-
Annual Recurring Revenue (ARR) was
$393 million $274 million December 31, 2020 .-
The subscription portion of ARR was
$183 million December 31, 2021 . This represents an increase of 146 percent from$74 million December 31, 2020 . -
The Maintenance portion of ARR was
$210 million December 31, 2021 , compared to$199 million December 31, 2020 .
-
The subscription portion of ARR was
-
Recurring revenue was
$102.9 million $69.6 million $348.7 million $247.3 million - 71 percent of total license bookings were related to subscription bookings, compared with approximately 35 percent in the fourth quarter of 2020. For the full year 2021, 66 percent of total license bookings were related to subscription bookings, compared with approximately 35 percent for the full year 2020.
- Added a record number of new logos, signing more than 375 customers during the fourth quarter of 2021.
Recent Developments
-
CyberArk published of its first annual Environmental, Social and Governance (ESG) report, highlighting the progress of its ESG program on key focus areas such as Business Ethics and Corporate Governance,Human Capital Management , Diversity, Equity and Inclusion (DEI) and Environmental Stewardship
Business Outlook
Based on information available as of
First Quarter 2022:
-
Total revenue is expected to be in the range of
$125.0 million $133.0 million -
Non-GAAP operating loss is expected to be in the range of
$(16.0) million $(9.0) million -
Non-GAAP net loss per share is expected to be in the range of
$(0.42) $(0.25) - Assumes 40.3 million weighted average basic and diluted shares.
Full Year 2022:
-
Total revenue is expected to be in the range of
$582.0 million $598.0 million -
Non-GAAP operating loss is expected to be in the range of
$(34.0) million $(20.0) million -
Non-GAAP net loss per share is expected to be in the range of
$(0.98) $(0.64) - Assumes 40.7 million weighted average basic and diluted shares.
-
ARR as of
December 31, 2022 is expected to be in the range of,$530.0 million $536.0 million December 31, 2021 .
Conference Call Information
In conjunction with this announcement,
Following the conference call, a replay will be available for one week at +1 (800) 585-8367 (
About
Copyright © 2022
Key Performance Indicators and Non-GAAP Financial Measures
Annual Recurring Revenue (ARR)
- Annual Recurring Revenue (ARR) is defined as the annualized value of active SaaS, subscription or term-based license and maintenance contracts related to 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 subscription or term-based license 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 subscription or term-based license contracts in effect at the end of the reported period.
Recurring Revenue
- Recurring Revenue is defined as revenue derived from SaaS and subscription or term-based license contracts, and maintenance contracts related to perpetual licenses during the reported period.
Financial Presentation
Beginning in the first quarter of 2021,
Non-GAAP Financial Measures
- Non-GAAP gross profit is calculated as GAAP gross profit excluding share-based compensation expense, amortization of intangible assets related to acquisitions and acquisition related expenses.
- Non-GAAP operating expense is calculated as GAAP operating expenses excluding share-based compensation expense, facility exit and transition costs, acquisition related expenses and amortization of intangible assets related to acquisitions.
- Non-GAAP operating income is calculated as GAAP operating income (loss) excluding share-based compensation expense, facility exit and transition costs, acquisition related expenses and amortization of intangible assets related to acquisitions.
- Non-GAAP net income is calculated as GAAP net income (loss) excluding share-based compensation expense, facility exit and transition costs, 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 and IP transfer.
- Free cash flow is calculated as net cash provided by 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, facility exit and transition costs, acquisition related expenses, amortization of intangible assets related to acquisitions, non-cash interest expense related to the amortization of debt discount and issuance cost, the tax effect of the non-GAAP adjustments and IP transfer, 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 facility exits, 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, facility exit costs, acquisition related expenses, amortization of intangible assets related to acquisitions, non-cash interest expense related to the amortization of debt discount and issuance costs and the tax effect of the non-GAAP adjustments and IP transfer. 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: the duration and scope of the COVID-19 pandemic and the impact of the pandemic and actions taken in response, on global and regional economies and economic activity and the resulting impact on the demand for the Company’s solutions and on its expected revenue growth rates and costs; the Company’s ability to adjust its operations in response to impacts from the COVID-19 pandemic; difficulties predicting future financial results, including due to impacts from the COVID-19 pandemic; the Company’s continued transition of its business to a recurring revenue model in 2021; and the Company’s ability to complete the transition in the time frame expected; the Company’s ability to meet financial and operating targets during the transition period and after the transition is complete; changes to the drivers of the Company’s growth and our ability to adapt our solutions to IT security market demands; the Company’s ability to sell into existing and new industry verticals; the Company’s sales cycles and multiple licensing models may cause results to fluctuate; the Company’s ability to sell into existing customers; potential changes in the Company’s operating and net profit margins and the Company’s revenue growth rate; the Company’s ability to successfully find, complete, fully integrate and achieve the expected benefits of future acquisitions, including the Company’s ability to integrate and achieve the expected benefits of
| Consolidated Statements of Operations | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||
|
|
|
||||||||||||||
2020 |
|
2021 |
|
2020 |
|
2021 |
||||||||||
| Revenues: | ||||||||||||||||
| Subscription | $ |
19,630 |
|
$ |
47,557 |
|
$ |
56,425 |
|
$ |
134,628 |
|
||||
| Perpetual license |
|
63,441 |
|
|
38,674 |
|
|
176,061 |
|
|
115,738 |
|
||||
| Maintenance and professional services |
|
61,448 |
|
|
65,089 |
|
|
231,945 |
|
|
252,551 |
|
||||
| Total revenues |
|
144,519 |
|
|
151,320 |
|
|
464,431 |
|
|
502,917 |
|
||||
| Cost of revenues: | ||||||||||||||||
| Subscription |
|
5,289 |
|
|
8,123 |
|
|
17,513 |
|
|
25,837 |
|
||||
| Perpetual license |
|
1,365 |
|
|
979 |
|
|
4,925 |
|
|
3,904 |
|
||||
| Maintenance and professional services |
|
16,054 |
|
|
16,594 |
|
|
60,133 |
|
|
63,566 |
|
||||
| Total cost of revenues |
|
22,708 |
|
|
25,696 |
|
|
82,571 |
|
|
93,307 |
|
||||
| Gross profit |
|
121,811 |
|
|
125,624 |
|
|
381,860 |
|
|
409,610 |
|
||||
| Operating expenses: | ||||||||||||||||
| Research and development |
|
26,659 |
|
|
40,747 |
|
|
95,426 |
|
|
142,121 |
|
||||
| Sales and marketing |
|
61,038 |
|
|
77,564 |
|
|
219,999 |
|
|
274,401 |
|
||||
| General and administrative |
|
15,325 |
|
|
19,162 |
|
|
60,429 |
|
|
71,425 |
|
||||
| Total operating expenses |
|
103,022 |
|
|
137,473 |
|
|
375,854 |
|
|
487,947 |
|
||||
| Operating income (loss) |
|
18,789 |
|
|
(11,849 |
) |
|
6,006 |
|
|
(78,337 |
) |
||||
| Financial expense, net |
|
(2,733 |
) |
|
(3,245 |
) |
|
(6,395 |
) |
|
(12,992 |
) |
||||
| Income (loss) before taxes on income |
|
16,056 |
|
|
(15,094 |
) |
|
(389 |
) |
|
(91,329 |
) |
||||
| Tax benefit (taxes on income) |
|
(4,002 |
) |
|
(1,793 |
) |
|
(5,369 |
) |
|
7,383 |
|
||||
| Net income (loss) | $ |
12,054 |
|
$ |
(16,887 |
) |
$ |
(5,758 |
) |
$ |
(83,946 |
) |
||||
| Basic net income (loss) per ordinary share, net | $ |
0.31 |
|
$ |
(0.42 |
) |
$ |
(0.15 |
) |
$ |
(2.12 |
) |
||||
| Diluted net income (loss) per ordinary share, net | $ |
0.30 |
|
$ |
(0.42 |
) |
$ |
(0.15 |
) |
$ |
(2.12 |
) |
||||
| Shares used in computing net income (loss) per ordinary shares, basic |
|
38,913,923 |
|
|
39,982,230 |
|
|
38,628,770 |
|
|
39,645,453 |
|
||||
| Shares used in computing net income (loss) per ordinary shares, diluted |
|
39,938,780 |
|
|
39,982,230 |
|
|
38,628,770 |
|
|
39,645,453 |
|
||||
|
||||||
Consolidated Balance Sheets |
||||||
|
||||||
(Unaudited) |
||||||
|
|
|
||||
2020 |
|
2021 |
||||
| ASSETS | ||||||
| CURRENT ASSETS: | ||||||
| Cash and cash equivalents | $ |
499,992 |
$ |
356,850 |
||
| Short-term bank deposits |
|
256,143 |
|
369,645 |
||
| Marketable securities |
|
196,856 |
|
199,933 |
||
| Trade receivables |
|
93,128 |
|
113,211 |
||
| Prepaid expenses and other current assets |
|
15,312 |
|
22,225 |
||
| Total current assets |
|
1,061,431 |
|
1,061,864 |
||
| LONG-TERM ASSETS: | ||||||
| Marketable securities |
|
202,190 |
|
300,662 |
||
| Property and equipment, net |
|
18,537 |
|
20,183 |
||
| Intangible assets, net |
|
23,676 |
|
17,866 |
||
|
123,717 |
|
123,717 |
|||
| Other long-term assets |
|
99,992 |
|
121,743 |
||
| Deferred tax asset |
|
32,809 |
|
47,167 |
||
| Total long-term assets |
|
500,921 |
|
631,338 |
||
| TOTAL ASSETS | $ |
1,562,352 |
$ |
1,693,202 |
||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
| CURRENT LIABILITIES: | ||||||
| Trade payables | $ |
8,250 |
$ |
10,076 |
||
| Employees and payroll accruals |
|
52,169 |
|
75,442 |
||
| Accrued expenses and other current liabilities |
|
24,915 |
|
23,576 |
||
| Deferred revenues |
|
161,679 |
|
230,908 |
||
| Total current liabilities |
|
247,013 |
|
340,002 |
||
| LONG-TERM LIABILITIES: | ||||||
| Convertible senior notes, net |
|
502,302 |
|
520,094 |
||
| Deferred revenues |
|
80,829 |
|
86,367 |
||
| Other long-term liabilities |
|
24,920 |
|
20,227 |
||
| Total long-term liabilities |
|
608,051 |
|
626,688 |
||
| TOTAL LIABILITIES |
|
855,064 |
|
966,690 |
||
| SHAREHOLDERS' EQUITY: | ||||||
| Ordinary shares of |
|
101 |
|
104 |
||
| Additional paid-in capital |
|
481,992 |
|
588,937 |
||
| Accumulated other comprehensive income |
|
4,175 |
|
397 |
||
| Retained earnings |
|
221,020 |
|
137,074 |
||
| Total shareholders' equity |
|
707,288 |
|
726,512 |
||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ |
1,562,352 |
$ |
1,693,202 |
||
|
||||||||
Consolidated Statements of Cash Flows |
||||||||
|
||||||||
(Unaudited) |
||||||||
Twelve Months Ended |
||||||||
|
||||||||
2020 |
|
2021 |
||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ |
(5,758 |
) |
$ |
(83,946 |
) |
||
| Adjustments to reconcile net loss to net cash | ||||||||
| provided by operating activities: | ||||||||
| Depreciation and amortization |
|
15,475 |
|
|
14,228 |
|
||
| Amortization of premium and accretion of discount on marketable securities, net |
|
3,068 |
|
|
7,532 |
|
||
| Share-based compensation |
|
71,849 |
|
|
95,436 |
|
||
| Deferred income taxes, net |
|
(1,988 |
) |
|
(11,972 |
) |
||
| Increase in trade receivables |
|
(17,315 |
) |
|
(20,083 |
) |
||
| Amortization of debt discount and issuance costs |
|
17,183 |
|
|
17,792 |
|
||
| Increase in prepaid expenses, other current and long-term assets and others |
|
(20,487 |
) |
|
(38,219 |
) |
||
| Increase in trade payables |
|
558 |
|
|
1,499 |
|
||
| Increase in short-term and long-term deferred revenues |
|
45,397 |
|
|
74,767 |
|
||
| Increase in employees and payroll accruals |
|
7,846 |
|
|
23,821 |
|
||
| Decrease in accrued expenses and other current and long-term liabilities |
|
(9,059 |
) |
|
(6,115 |
) |
||
| Net cash provided by operating activities |
|
106,769 |
|
|
74,740 |
|
||
| Cash flows from investing activities: | ||||||||
| Investment in short and long term deposits, net |
|
(123,054 |
) |
|
(105,069 |
) |
||
| Investment in marketable securities |
|
(405,193 |
) |
|
(357,210 |
) |
||
| Proceeds from sales and maturities of marketable securities |
|
191,637 |
|
|
243,013 |
|
||
| Purchase of property and equipment |
|
(7,174 |
) |
|
(8,928 |
) |
||
| Payments for business acquisitions, net of cash acquired |
|
(68,603 |
) |
|
- |
|
||
| Net cash used in investing activities |
|
(412,387 |
) |
|
(228,194 |
) |
||
| Cash flows from financing activities: | ||||||||
| Proceeds from (payment of) withholding tax related to employee stock plans |
|
1,069 |
|
|
(789 |
) |
||
| Proceeds from exercise of stock options |
|
12,180 |
|
|
11,738 |
|
||
| Net cash provided by financing activities |
|
13,249 |
|
|
10,949 |
|
||
| Decrease in cash, cash equivalents and restricted cash |
|
(292,369 |
) |
|
(142,505 |
) |
||
| Effect of exchange rate differences on cash and cash equivalents |
|
- |
|
|
(689 |
) |
||
| Cash, cash equivalents and restricted cash at the beginning of the period |
|
792,413 |
|
|
500,044 |
|
||
| Cash, cash equivalents and restricted cash at the end of the period | $ |
500,044 |
|
$ |
356,850 |
|
||
| Reconciliation of GAAP Measures to Non-GAAP Measures | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Reconciliation of Net cash provided by operating activities to Free cash flow: | ||||||||||||||||
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||
|
|
|
||||||||||||||
2020 |
|
2021 |
|
2020 |
|
2021 |
||||||||||
| Net cash provided by operating activities | $ |
38,948 |
|
$ |
20,437 |
|
$ |
106,769 |
|
$ |
74,740 |
|
||||
| Less: | ||||||||||||||||
| Purchase of property and equipment |
|
(2,237 |
) |
|
(1,741 |
) |
|
(7,174 |
) |
|
(8,928 |
) |
||||
| Free cash flow | $ |
36,711 |
|
$ |
18,696 |
|
$ |
99,595 |
|
$ |
65,812 |
|
||||
| GAAP net cash used in investing activities |
|
(52,121 |
) |
|
(96,339 |
) |
|
(412,387 |
) |
|
(228,194 |
) |
||||
| GAAP net cash provided by (used in) financing activities |
|
6,084 |
|
|
(3,157 |
) |
|
13,249 |
|
|
10,949 |
|
||||
| Reconciliation of Gross Profit to Non-GAAP Gross Profit: | ||||||||||||||||
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||
|
|
|
||||||||||||||
2020 |
|
2021 |
|
2020 |
|
2021 |
||||||||||
| Gross profit | $ |
121,811 |
|
$ |
125,624 |
|
$ |
381,860 |
|
$ |
409,610 |
|
||||
| Plus: | ||||||||||||||||
| Share-based compensation (1) |
|
2,409 |
|
|
3,167 |
|
|
8,734 |
|
|
11,158 |
|
||||
| Amortization of share-based compensation capitalized in software development costs (3) |
|
- |
|
|
70 |
|
|
- |
|
|
242 |
|
||||
| Amortization of intangible assets (2) |
|
2,415 |
|
|
1,279 |
|
|
8,244 |
|
|
5,112 |
|
||||
| Acquisition related expenses |
|
- |
|
|
- |
|
|
447 |
|
|
- |
|
||||
| Non-GAAP gross profit | $ |
126,635 |
|
$ |
130,140 |
|
$ |
399,285 |
|
$ |
426,122 |
|
||||
| Reconciliation of Operating Expenses to Non-GAAP Operating Expenses: | ||||||||||||||||
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||
|
|
|
||||||||||||||
2020 |
|
2021 |
|
2020 |
|
2021 |
||||||||||
| Operating expenses | $ |
103,022 |
|
$ |
137,473 |
|
$ |
375,854 |
|
$ |
487,947 |
|
||||
| Less: | ||||||||||||||||
| Share-based compensation (1) |
|
16,065 |
|
|
23,495 |
|
|
63,115 |
|
|
84,278 |
|
||||
| Amortization of intangible assets (2) |
|
205 |
|
|
175 |
|
|
683 |
|
|
698 |
|
||||
| Acquisition related expenses |
|
- |
|
|
- |
|
|
4,079 |
|
|
- |
|
||||
| Facility exit and transition costs |
|
- |
|
|
- |
|
|
140 |
|
|
760 |
|
||||
| Non-GAAP operating expenses | $ |
86,752 |
|
$ |
113,803 |
|
$ |
307,837 |
|
$ |
402,211 |
|
||||
| Reconciliation of Operating Income (loss) to Non-GAAP Operating Income: | ||||||||||||||||
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||
|
|
|
||||||||||||||
2020 |
|
2021 |
|
2020 |
|
2021 |
||||||||||
| Operating income (loss) | $ |
18,789 |
|
$ |
(11,849 |
) |
$ |
6,006 |
|
$ |
(78,337 |
) |
||||
| Plus: | ||||||||||||||||
| Share-based compensation (1) |
|
18,474 |
|
|
26,662 |
|
|
71,849 |
|
|
95,436 |
|
||||
| Amortization of share-based compensation capitalized in software development costs (3) |
|
- |
|
|
70 |
|
|
- |
|
|
242 |
|
||||
| Amortization of intangible assets (2) |
|
2,620 |
|
|
1,454 |
|
|
8,927 |
|
|
5,810 |
|
||||
| Acquisition related expenses |
|
- |
|
|
- |
|
|
4,526 |
|
|
- |
|
||||
| Facility exit and transition costs |
|
- |
|
|
- |
|
|
140 |
|
|
760 |
|
||||
| Non-GAAP operating income | $ |
39,883 |
|
$ |
16,337 |
|
$ |
91,448 |
|
$ |
23,911 |
|
||||
| Reconciliation of Net Income (Loss) to Non-GAAP Net Income: | ||||||||||||||||
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||
|
|
|
||||||||||||||
2020 |
|
2021 |
|
2020 |
|
2021 |
||||||||||
| Net income (loss) | $ |
12,054 |
|
$ |
(16,887 |
) |
$ |
(5,758 |
) |
$ |
(83,946 |
) |
||||
| Plus: | ||||||||||||||||
| Share-based compensation (1) |
|
18,474 |
|
|
26,662 |
|
|
71,849 |
|
|
95,436 |
|
||||
| Amortization of share-based compensation capitalized in software development costs (3) |
|
- |
|
|
70 |
|
|
- |
|
|
242 |
|
||||
| Amortization of intangible assets (2) |
|
2,620 |
|
|
1,454 |
|
|
8,927 |
|
|
5,810 |
|
||||
| Acquisition related expenses |
|
- |
|
|
- |
|
|
4,526 |
|
|
- |
|
||||
| Facility exit and transition costs |
|
- |
|
|
- |
|
|
140 |
|
|
760 |
|
||||
| Amortization of debt discount and issuance costs |
|
4,352 |
|
|
4,505 |
|
|
17,183 |
|
|
17,790 |
|
||||
| Taxes on income related to non-GAAP adjustments |
|
(4,851 |
) |
|
(4,045 |
) |
|
(20,807 |
) |
|
(22,682 |
) |
||||
| Intra-entity IP transfer tax effect, net |
|
- |
|
|
- |
|
|
5,036 |
|
|
- |
|
||||
| Non-GAAP net income | $ |
32,649 |
|
$ |
11,759 |
|
$ |
81,096 |
|
$ |
13,410 |
|
||||
| Non-GAAP net income per share | ||||||||||||||||
| Basic | $ |
0.84 |
|
$ |
0.29 |
|
$ |
2.10 |
|
$ |
0.34 |
|
||||
| Diluted | $ |
0.82 |
|
$ |
0.28 |
|
$ |
2.05 |
|
$ |
0.33 |
|
||||
| Weighted average number of shares | ||||||||||||||||
| Basic |
|
38,913,923 |
|
|
39,982,230 |
|
|
38,628,770 |
|
|
39,645,453 |
|
||||
| Diluted |
|
39,938,780 |
|
|
41,622,091 |
|
|
39,553,203 |
|
|
40,804,053 |
|
||||
| (1) Share-based Compensation : | ||||||||||||||||
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||
|
|
|
||||||||||||||
2020 |
|
2021 |
|
2020 |
|
2021 |
||||||||||
| Cost of revenues - Subscription | $ |
112 |
|
$ |
309 |
|
$ |
540 |
|
$ |
853 |
|
||||
| Cost of revenues - Perpetual license |
|
57 |
|
|
66 |
|
|
177 |
|
|
234 |
|
||||
| Cost of revenues - Maintenance and Professional services |
|
2,240 |
|
|
2,792 |
|
|
8,017 |
|
|
10,071 |
|
||||
| Research and development |
|
4,085 |
|
|
5,620 |
|
|
14,691 |
|
|
20,498 |
|
||||
| Sales and marketing |
|
6,996 |
|
|
10,926 |
|
|
28,220 |
|
|
38,546 |
|
||||
| General and administrative |
|
4,984 |
|
|
6,949 |
|
|
20,204 |
|
|
25,234 |
|
||||
| Total share-based compensation | $ |
18,474 |
|
$ |
26,662 |
|
$ |
71,849 |
|
$ |
95,436 |
|
||||
| (2) Amortization of intangible assets : | ||||||||||||||||
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||
|
|
|
||||||||||||||
2020 |
|
2021 |
|
2020 |
|
2021 |
||||||||||
| Cost of revenues - Subscription | $ |
2,140 |
|
$ |
1,157 |
|
$ |
6,856 |
|
$ |
4,468 |
|
||||
| Cost of revenues - Perpetual license |
|
275 |
|
|
122 |
|
|
1,388 |
|
|
644 |
|
||||
| Sales and marketing |
|
205 |
|
|
175 |
|
|
683 |
|
|
698 |
|
||||
| Total amortization of intangible assets | $ |
2,620 |
|
$ |
1,454 |
|
$ |
8,927 |
|
$ |
5,810 |
|
||||
| (3) Classified as Cost of revenues - Subscription. | ||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20220210005336/en/
Investor Contact:
Phone: +1 617-558-2132
ir@cyberark.com
Media Contact:
Phone: +1-617-558-2191
press@cyberark.com
Source:
FAQ
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