CyberArk Announces Strong Fourth Quarter and Full Year 2022 Results
CyberArk reported strong financial results for 2022, achieving a total Annual Recurring Revenue (ARR) of $570 million, a 45% year-over-year growth. The subscription ARR portion reached $364 million, increasing 99% year-over-year. Total revenue was $591.7 million, up 18% year-over-year. The fourth quarter saw subscription revenue of $88.5 million, an 86% increase. Operating losses were $(30.1) million for Q4 and $(152.5) million for the full year. CyberArk announced executive changes with CEO Udi Mokady transitioning to Executive Chair in April 2023. Guidance for 2023 indicates revenue growth between 22% to 24% and potential for $736 million ARR.
- Total ARR grew to $570 million, a 45% increase year-over-year.
- Subscription ARR portion reached $364 million, up 99% year-over-year.
- Subscription revenue for 2022 was $280.6 million, increasing 108% year-over-year.
- Fourth quarter total revenue was $169.2 million, a 12% increase from Q4 2021.
- CyberArk signed over 380 new customers in Q4 2022.
- GAAP operating loss for Q4 2022 was $(30.1) million.
- GAAP net loss for full year 2022 was $(130.4) million, or $(3.21) per share.
- Perpetual license revenue dropped to $14.6 million in Q4 2022 from $38.7 million in Q4 2021.
Subscription Portion of Annual Recurring Revenue (ARR) of
Total ARR of
Subscription Revenue of
Total Revenue of
Net Cash Provided by Operating Activities of
“Our results in the fourth quarter and full year 2022 demonstrate the durability of demand for our solutions and strong execution,” said
Financial Summary for the Fourth Quarter Ended
-
Subscription revenue was
$88.5 million $47.6 million -
Maintenance and professional services revenue was
$66.1 million $65.1 million -
Perpetual license revenue was
$14.6 million $38.7 million -
Total revenue was
$169.2 million $151.3 million -
GAAP operating loss was
$(30.1) million $4.1 million -
GAAP net loss was
$(22.2) million $(0.54) $7.2 million $0.16
Financial Summary for the Full Year Ended
-
Subscription revenue was
$280.6 million $134.6 million -
Maintenance and professional services revenue was
$261.1 million $252.6 million -
Total revenue was
$591.7 million $502.9 million -
GAAP operating loss was
$(152.5) million $(22.4) million -
GAAP net loss was
$(130.4) million $(3.21) $(17.8) million $(0.44)
Balance Sheet and Net Cash Provided by Operating Activities
-
As of
December 31, 2022 ,CyberArk had$1.2 billion -
During the full year 2022, the Company generated
$49.7 million -
As of
December 31, 2022 , total deferred revenue was$408.4 million $317.3 million December 31, 2021 .
Key Business Highlights
-
Annual Recurring Revenue (ARR) was
$570 million $393 million December 31, 2021 .-
The Subscription portion of ARR was
$364 million December 31, 2022 . This represents an increase of 99 percent from$183 million December 31, 2021 . -
The Maintenance portion of ARR was
$206 million December 31, 2022 , compared to$210 million December 31, 2021 .
-
The Subscription portion of ARR was
-
Recurring revenue in the fourth quarter was
$142.6 million $102.9 million $498.3 million $348.7 million -
Remaining Performance Obligations (RPO) of
$713 million December 31, 2022 , an increase of 38 percent compared to$516 million December 31, 2021 . - 90 percent of total license bookings in the fourth quarter 2022 were related to subscription bookings, compared to approximately 71 percent in the fourth quarter of 2021. For the full year 2022, 88 percent of total license bookings were related to subscription bookings, compared with approximately 66 percent for the full year 2021.
- Added a strong number of new logos in the quarter, signing more than 380 new customers during the fourth quarter of 2022.
Recent Developments
-
CyberArk was named a Leader in the Gartner® Magic Quadrant™ for Access Management(1), the only vendor to be named a leader for both Gartner® Magic Quadrant™ Privileged Access Management(2) and Access Management in 2022. -
CyberArk was named a Leader in KuppingerCole “Leadership Compass: Passwordless Authentication” for 2022(3)
Business Outlook
Based on information available as of
First Quarter 2023:
-
Total revenue is expected to be in the range of
$160.0 million $164.0 million -
Non-GAAP operating loss is expected to be in the range of
( to$15.5) million $(12.5) million -
Non-GAAP net loss per share is expected to be in the range of
$(0.30) $(0.23) - Assumes 41.3 million weighted average basic and diluted shares.
Full Year 2023:
-
Total revenue is expected to be in the range of
$724.0 million $736.0 million -
Non-GAAP operating income/(loss) is expected to be in the range of
$(5.0) million $5.0 million -
Non-GAAP net income per share is expected to be in the range of
$0.07 $0.28 - Assumes 46.1 million weighted average diluted shares
-
ARR as of
December 31, 2023 is expected to be in the range of$730 million $740 million December 31, 2022 .
(1) Gartner®, Magic Quadrant™ for Access Management, by
(2) Gartner®, Magic Quadrant™ for Privileged Access Management, by
(3)
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 © 2023
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.
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, facility exit costs, 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, facility exit costs, 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, facility exit costs, acquisition related expenses, amortization of intangible assets related to acquisitions, amortization of debt discount and issuance costs, the tax effect of non-GAAP adjustments and unrealized gain from investment in privately held companies.
- 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 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, unrealized gain from investment in privately held companies 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 exit costs, acquisitions, amortization of intangible assets related to acquisitions, unrealized gain from investment in privately held companies, 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 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, 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; risks related to the Company’s planned transition to a new Chief Executive Officer; the transition of the Company’s business to a subscription model that began in 2021; the Company’s sales cycles and multiple pricing and delivery models; unanticipated product vulnerabilities or cybersecurity breaches of the Company’s, or the Company’s customers’ or partners’ systems; an increase in competition within the Privileged Access Management and Identity Security markets; the Company’s ability to hire, train, retain and motivate qualified personnel; the Company’s ability to sell into existing and new customers and industry verticals; risks related to compliance with privacy and data protection laws and regulations; the Company’s history of incurring net losses and our ability to achieve profitability in the future; the duration and scope of the COVID-19 pandemic and its impact on global and regional economies and the resulting effect on the demand for the Company’s solutions and on its expected revenue growth rates and costs; the Company’s ability to find, complete, fully integrate or achieve the expected benefits of additional strategic acquisitions; reliance on third-party cloud providers for the Company’s operations and SaaS solutions; the Company’s ability to expand its sales and marketing efforts and expand its channel partnerships across existing and new geographies; risks related to sales made to government entities; regulatory and geopolitical risks associated with global sales and operations (including the current conflict between
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| Consolidated Statements of Operations | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||
|
|
|
||||||||||||||
2021 |
|
2022 |
|
2021 |
|
2022 |
||||||||||
| Revenues: | ||||||||||||||||
| Subscription | $ |
47,557 |
|
$ |
88,451 |
|
$ |
134,628 |
|
$ |
280,649 |
|
||||
| Perpetual license |
|
38,674 |
|
|
14,579 |
|
|
115,738 |
|
|
49,964 |
|
||||
| Maintenance and professional services |
|
65,089 |
|
|
66,121 |
|
|
252,551 |
|
|
261,097 |
|
||||
| Total revenues |
|
151,320 |
|
|
169,151 |
|
|
502,917 |
|
|
591,710 |
|
||||
| Cost of revenues: | ||||||||||||||||
| Subscription |
|
8,123 |
|
|
13,762 |
|
|
25,837 |
|
|
46,249 |
|
||||
| Perpetual license |
|
979 |
|
|
913 |
|
|
3,904 |
|
|
2,893 |
|
||||
| Maintenance and professional services |
|
16,594 |
|
|
20,153 |
|
|
63,566 |
|
|
76,904 |
|
||||
| Total cost of revenues |
|
25,696 |
|
|
34,828 |
|
|
93,307 |
|
|
126,046 |
|
||||
| Gross profit |
|
125,624 |
|
|
134,323 |
|
|
409,610 |
|
|
465,664 |
|
||||
| Operating expenses: | ||||||||||||||||
| Research and development |
|
40,747 |
|
|
51,477 |
|
|
142,121 |
|
|
190,321 |
|
||||
| Sales and marketing |
|
77,564 |
|
|
90,737 |
|
|
274,401 |
|
|
345,273 |
|
||||
| General and administrative |
|
19,162 |
|
|
22,178 |
|
|
71,425 |
|
|
82,520 |
|
||||
| Total operating expenses |
|
137,473 |
|
|
164,392 |
|
|
487,947 |
|
|
618,114 |
|
||||
| Operating loss |
|
(11,849 |
) |
|
(30,069 |
) |
|
(78,337 |
) |
|
(152,450 |
) |
||||
| Financial income (expense), net |
|
(3,245 |
) |
|
9,163 |
|
|
(12,992 |
) |
|
15,432 |
|
||||
| Loss before taxes on income |
|
(15,094 |
) |
|
(20,906 |
) |
|
(91,329 |
) |
|
(137,018 |
) |
||||
| Tax benefit (taxes on income) |
|
(1,793 |
) |
|
(1,298 |
) |
|
7,383 |
|
|
6,650 |
|
||||
| Net loss | $ |
(16,887 |
) |
$ |
(22,204 |
) |
$ |
(83,946 |
) |
$ |
(130,368 |
) |
||||
| Basic net loss per ordinary share | $ |
(0.42 |
) |
$ |
(0.54 |
) |
$ |
(2.12 |
) |
$ |
(3.21 |
) |
||||
| Diluted net loss per ordinary share | $ |
(0.42 |
) |
$ |
(0.54 |
) |
$ |
(2.12 |
) |
$ |
(3.21 |
) |
||||
| Shares used in computing net loss per ordinary shares, basic |
|
39,982,230 |
|
|
40,923,682 |
|
|
39,645,453 |
|
|
40,583,002 |
|
||||
| Shares used in computing net loss per ordinary shares, diluted |
|
39,982,230 |
|
|
40,923,682 |
|
|
39,645,453 |
|
|
40,583,002 |
|
||||
|
|||||||
Consolidated Balance Sheets |
|||||||
|
|||||||
(Unaudited) |
|||||||
|
|
|
|||||
2021 |
|
2022 |
|||||
| ASSETS | |||||||
| CURRENT ASSETS: | |||||||
| Cash and cash equivalents | $ |
356,850 |
$ |
347,338 |
|
||
| Short-term bank deposits |
|
369,645 |
|
305,843 |
|
||
| Marketable securities |
|
199,933 |
|
301,101 |
|
||
| Trade receivables |
|
113,211 |
|
120,817 |
|
||
| Prepaid expenses and other current assets |
|
22,225 |
|
22,482 |
|
||
| Total current assets |
|
1,061,864 |
|
1,097,581 |
|
||
| LONG-TERM ASSETS: | |||||||
| Marketable securities |
|
300,662 |
|
227,748 |
|
||
| Property and equipment, net |
|
20,183 |
|
23,474 |
|
||
| Intangible assets, net |
|
17,866 |
|
27,508 |
|
||
|
123,717 |
|
153,241 |
|
|||
| Other long-term assets |
|
121,743 |
|
217,040 |
|
||
| Deferred tax asset |
|
47,167 |
|
72,809 |
|
||
| Total long-term assets |
|
631,338 |
|
721,820 |
|
||
| TOTAL ASSETS | $ |
1,693,202 |
$ |
1,819,401 |
|
||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
| CURRENT LIABILITIES: | |||||||
| Trade payables | $ |
10,076 |
$ |
13,642 |
|
||
| Employees and payroll accruals |
|
75,442 |
|
77,328 |
|
||
| Accrued expenses and other current liabilities |
|
23,576 |
|
33,584 |
|
||
| Deferred revenues |
|
230,908 |
|
327,918 |
|
||
| Total current liabilities |
|
340,002 |
|
452,472 |
|
||
| LONG-TERM LIABILITIES: | |||||||
| Convertible senior notes, net |
|
520,094 |
|
569,344 |
|
||
| Deferred revenues |
|
86,367 |
|
80,524 |
|
||
| Other long-term liabilities |
|
20,227 |
|
38,917 |
|
||
| Total long-term liabilities |
|
626,688 |
|
688,785 |
|
||
| TOTAL LIABILITIES |
|
966,690 |
|
1,141,257 |
|
||
| SHAREHOLDERS' EQUITY: | |||||||
| Ordinary shares of |
|
104 |
|
107 |
|
||
| Additional paid-in capital |
|
588,937 |
|
660,289 |
|
||
| Accumulated other comprehensive income (loss) |
|
397 |
|
(15,560 |
) |
||
| Retained earnings |
|
137,074 |
|
33,308 |
|
||
| Total shareholders' equity |
|
726,512 |
|
678,144 |
|
||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ |
1,693,202 |
$ |
1,819,401 |
|
||
|
||||||||
Consolidated Statements of Cash Flows |
||||||||
|
||||||||
(Unaudited) |
||||||||
| Twelve Months Ended | ||||||||
2021 |
2022 |
|||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ |
(83,946 |
) |
$ |
(130,368 |
) |
||
| Adjustments to reconcile net loss to net cash | ||||||||
| provided by operating activities: | ||||||||
| Depreciation and amortization |
|
14,228 |
|
|
16,203 |
|
||
| Amortization of premium and accretion of discount on marketable securities, net |
|
7,532 |
|
|
3,894 |
|
||
| Share-based compensation |
|
95,436 |
|
|
120,821 |
|
||
| Deferred income taxes, net |
|
(11,972 |
) |
|
(15,630 |
) |
||
| Increase in trade receivables |
|
(20,083 |
) |
|
(7,606 |
) |
||
| Amortization of debt discount and issuance costs |
|
17,792 |
|
|
2,980 |
|
||
| Increase in prepaid expenses, other current and long-term assets and others |
|
(44,423 |
) |
|
(37,141 |
) |
||
| Changes in operating lease right-of-use assets |
|
6,204 |
|
|
4,558 |
|
||
| Increase in trade payables |
|
1,499 |
|
|
4,053 |
|
||
| Increase in short-term and long-term deferred revenues |
|
74,767 |
|
|
91,167 |
|
||
| Increase in employees and payroll accruals |
|
23,821 |
|
|
714 |
|
||
| Increase (decrease) in accrued expenses and other current and long-term liabilities |
|
(101 |
) |
|
4,801 |
|
||
| Changes in operating lease liabilities |
|
(6,014 |
) |
|
(8,738 |
) |
||
| Net cash provided by operating activities |
|
74,740 |
|
|
49,708 |
|
||
| Cash flows from investing activities: | ||||||||
| Proceeds from (investment in) short and long term deposits, net |
|
(105,069 |
) |
|
35,669 |
|
||
| Investment in marketable securities and other |
|
(357,210 |
) |
|
(375,731 |
) |
||
| Proceeds from sales and maturities of marketable securities |
|
243,013 |
|
|
325,472 |
|
||
| Purchase of property and equipment |
|
(8,928 |
) |
|
(12,517 |
) |
||
| Payments for business acquisitions, net of cash acquired |
|
- |
|
|
(41,285 |
) |
||
| Net cash used in investing activities |
|
(228,194 |
) |
|
(68,392 |
) |
||
| Cash flows from financing activities: | ||||||||
| Payments of withholding tax related to employee stock plans |
|
(789 |
) |
|
(184 |
) |
||
| Proceeds from exercise of stock options |
|
11,738 |
|
|
1,968 |
|
||
| Proceeds in connection with employees stock purchase plan |
|
- |
|
|
15,143 |
|
||
| Payments of contingent consideration related to acquisitions |
|
- |
|
|
(4,702 |
) |
||
| Net cash provided by financing activities |
|
10,949 |
|
|
12,225 |
|
||
| Decrease in cash, cash equivalents and restricted cash |
|
(142,505 |
) |
|
(6,459 |
) |
||
| Effect of exchange rate differences on cash and cash equivalents |
|
(689 |
) |
|
(3,053 |
) |
||
| Cash, cash equivalents and restricted cash at the beginning of the period |
|
500,044 |
|
|
356,850 |
|
||
| Cash and cash equivalents at the end of the period | $ |
356,850 |
|
$ |
347,338 |
|
||
| 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 |
||||||||||||||
|
|
|
||||||||||||||
2021 |
|
2022 |
|
2021 |
|
2022 |
||||||||||
| Net cash provided by operating activities | $ |
20,437 |
|
$ |
20,497 |
|
$ |
74,740 |
|
$ |
49,708 |
|
||||
| Less: | ||||||||||||||||
| Purchase of property and equipment |
|
(1,741 |
) |
|
(3,739 |
) |
|
(8,928 |
) |
|
(12,517 |
) |
||||
| Free cash flow | $ |
18,696 |
|
$ |
16,758 |
|
$ |
65,812 |
|
$ |
37,191 |
|
||||
| GAAP net cash used in investing activities |
|
(96,339 |
) |
|
(247 |
) |
|
(228,194 |
) |
|
(68,392 |
) |
||||
| GAAP net cash provided by (used in) financing activities |
|
(3,157 |
) |
|
563 |
|
|
10,949 |
|
|
12,225 |
|
||||
| Reconciliation of Gross Profit to Non-GAAP Gross Profit: | ||||||||||||||||
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||
|
|
|
||||||||||||||
2021 |
|
2022 |
|
2021 |
|
2022 |
||||||||||
| Gross profit | $ |
125,624 |
|
$ |
134,323 |
|
$ |
409,610 |
|
$ |
465,664 |
|
||||
| Plus: | ||||||||||||||||
| Share-based compensation (1) |
|
3,167 |
|
|
4,098 |
|
|
11,158 |
|
|
15,060 |
|
||||
| Amortization of share-based compensation capitalized in software development costs (3) |
|
70 |
|
|
82 |
|
|
242 |
|
|
346 |
|
||||
| Amortization of intangible assets (2) |
|
1,279 |
|
|
1,705 |
|
|
5,112 |
|
|
6,044 |
|
||||
| Non-GAAP gross profit | $ |
130,140 |
|
$ |
140,208 |
|
$ |
426,122 |
|
$ |
487,114 |
|
||||
| Reconciliation of Operating Expenses to Non-GAAP Operating Expenses: | ||||||||||||||||
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||
|
|
|
||||||||||||||
2021 |
|
2022 |
|
2021 |
|
2022 |
||||||||||
| Operating expenses | $ |
137,473 |
|
$ |
164,392 |
|
$ |
487,947 |
|
$ |
618,114 |
|
||||
| Less: | ||||||||||||||||
| Share-based compensation (1) |
|
23,495 |
|
|
28,130 |
|
|
84,278 |
|
|
105,761 |
|
||||
| Amortization of intangible assets (2) |
|
175 |
|
|
153 |
|
|
698 |
|
|
611 |
|
||||
| Acquisition related expenses |
|
- |
|
|
- |
|
|
- |
|
|
2,244 |
|
||||
| Facility exit and transition costs |
|
- |
|
|
- |
|
|
760 |
|
|
- |
|
||||
| Non-GAAP operating expenses | $ |
113,803 |
|
$ |
136,109 |
|
$ |
402,211 |
|
$ |
509,498 |
|
||||
| Reconciliation of Operating loss to Non-GAAP Operating Income (loss): | ||||||||||||||||
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||
|
|
|
||||||||||||||
2021 |
|
2022 |
|
2021 |
|
2022 |
||||||||||
| Operating loss | $ |
(11,849 |
) |
$ |
(30,069 |
) |
$ |
(78,337 |
) |
$ |
(152,450 |
) |
||||
| Plus: | ||||||||||||||||
| Share-based compensation (1) |
|
26,662 |
|
|
32,228 |
|
|
95,436 |
|
|
120,821 |
|
||||
| Amortization of share-based compensation capitalized in software development costs (3) |
|
70 |
|
|
82 |
|
|
242 |
|
|
346 |
|
||||
| Amortization of intangible assets (2) |
|
1,454 |
|
|
1,858 |
|
|
5,810 |
|
|
6,655 |
|
||||
| Acquisition related expenses |
|
- |
|
|
- |
|
|
- |
|
|
2,244 |
|
||||
| Facility exit and transition costs |
|
- |
|
|
- |
|
|
760 |
|
|
- |
|
||||
| Non-GAAP operating income (loss) | $ |
16,337 |
|
$ |
4,099 |
|
$ |
23,911 |
|
$ |
(22,384 |
) |
||||
| Reconciliation of Net loss to Non-GAAP Net Income (loss): | ||||||||||||||||
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||
|
|
|
||||||||||||||
2021 |
|
2022 |
|
2021 |
|
2022 |
||||||||||
| Net loss | $ |
(16,887 |
) |
$ |
(22,204 |
) |
$ |
(83,946 |
) |
$ |
(130,368 |
) |
||||
| Plus: | ||||||||||||||||
| Share-based compensation (1) |
|
26,662 |
|
|
32,228 |
|
|
95,436 |
|
|
120,821 |
|
||||
| Amortization of share-based compensation capitalized in software development costs (3) |
|
70 |
|
|
82 |
|
|
242 |
|
|
346 |
|
||||
| Amortization of intangible assets (2) |
|
1,454 |
|
|
1,858 |
|
|
5,810 |
|
|
6,655 |
|
||||
| Acquisition related expenses |
|
- |
|
|
- |
|
|
- |
|
|
2,244 |
|
||||
| Facility exit and transition costs |
|
- |
|
|
- |
|
|
760 |
|
|
- |
|
||||
| Amortization of debt discount and issuance costs |
|
4,505 |
|
|
746 |
|
|
17,790 |
|
|
2,980 |
|
||||
| Unrealized Gain from investment in privately held companies |
|
- |
|
|
- |
|
|
- |
|
|
(324 |
) |
||||
| Taxes on income related to non-GAAP adjustments |
|
(4,045 |
) |
|
(5,560 |
) |
|
(22,682 |
) |
|
(20,189 |
) |
||||
| Non-GAAP net income (loss) | $ |
11,759 |
|
$ |
7,150 |
|
$ |
13,410 |
|
$ |
(17,835 |
) |
||||
| Non-GAAP net income (loss) per share | ||||||||||||||||
| Basic | $ |
0.29 |
|
$ |
0.17 |
|
$ |
0.34 |
|
$ |
(0.44 |
) |
||||
| Diluted | $ |
0.28 |
|
$ |
0.16 |
|
$ |
0.33 |
|
$ |
(0.44 |
) |
||||
| Weighted average number of shares | ||||||||||||||||
| Basic |
|
39,982,230 |
|
|
40,923,682 |
|
|
39,645,453 |
|
|
40,583,002 |
|
||||
| Diluted |
|
41,622,091 |
|
|
45,600,508 |
|
|
40,804,053 |
|
|
40,583,002 |
|
||||
| (1) Share-based Compensation : | ||||||||||||||||
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||
|
|
|
||||||||||||||
2021 |
|
2022 |
|
2021 |
|
2022 |
||||||||||
| Cost of revenues - Subscription | $ |
309 |
|
$ |
737 |
|
$ |
853 |
|
$ |
2,264 |
|
||||
| Cost of revenues - Perpetual license |
|
66 |
|
|
40 |
|
|
234 |
|
|
143 |
|
||||
| Cost of revenues - Maintenance and Professional services |
|
2,792 |
|
|
3,321 |
|
|
10,071 |
|
|
12,653 |
|
||||
| Research and development |
|
5,620 |
|
|
7,315 |
|
|
20,498 |
|
|
27,102 |
|
||||
| Sales and marketing |
|
10,926 |
|
|
13,684 |
|
|
38,546 |
|
|
51,099 |
|
||||
| General and administrative |
|
6,949 |
|
|
7,131 |
|
|
25,234 |
|
|
27,560 |
|
||||
| Total share-based compensation | $ |
26,662 |
|
$ |
32,228 |
|
$ |
95,436 |
|
$ |
120,821 |
|
||||
| (2) Amortization of intangible assets : | ||||||||||||||||
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||
|
|
|
||||||||||||||
2021 |
|
2022 |
|
2021 |
|
2022 |
||||||||||
| Cost of revenues - Subscription | $ |
1,157 |
|
$ |
1,663 |
|
$ |
4,468 |
|
$ |
5,894 |
|
||||
| Cost of revenues - Perpetual license |
|
122 |
|
|
42 |
|
|
644 |
|
|
150 |
|
||||
| Sales and marketing |
|
175 |
|
|
153 |
|
|
698 |
|
|
611 |
|
||||
| Total amortization of intangible assets | $ |
1,454 |
|
$ |
1,858 |
|
$ |
5,810 |
|
$ |
6,655 |
|
||||
| (3) Classified as Cost of revenues - Subscription. | ||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20230208006022/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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