CyberArk Announces Strong Fourth Quarter and Full Year 2023 Results
- Exceeded expectations across all guided metrics
- Strong financial results for the fourth quarter and full year 2023
- Subscription portion of ARR of $582 million, growth of 60% year-over-year
- Total ARR of $774 million, growth of 36% year-over-year
- Subscription revenue for full year 2023 was $472.0 million, growing 68% year-over-year
- Record total revenue of $751.9 million for full year 2023
- Net cash provided by operating activities of $56.2 million for full year 2023
- None.
Insights
The reported revenue growth and ARR expansion by CyberArk are indicative of strong market performance and increasing demand for identity security solutions. The shift towards a subscription-based revenue model, now accounting for 90% of total revenue, aligns with broader industry trends of software companies moving towards SaaS offerings. This transition typically leads to a more predictable revenue stream and can increase company valuation due to the preference for recurring revenue models in the tech sector.
Furthermore, the substantial growth in subscription revenue, up 68% year-over-year, suggests that CyberArk's offerings are resonating with customers amid rising cybersecurity threats. The high proportion of subscription bookings (95%) points to a solid future revenue pipeline. Investors may view these metrics favorably as they signal both current health and potential for future growth.
Analyzing the non-GAAP financial measures, such as the non-GAAP operating income and non-GAAP net income, which outperformed guidance, provides a view of the company's operational efficiency excluding one-time charges and other non-recurring events. These adjusted figures suggest that the company's core operations are profitable and that management is effectively controlling costs relative to revenue growth.
The guidance for the upcoming year, with an expected total revenue increase of 22-24%, indicates management's confidence in continued growth. However, it's important to note that while non-GAAP measures can be useful for analysis, they should be considered alongside GAAP results to understand the full financial picture, including the significant GAAP operating loss reported.
CyberArk's focus on identity security is particularly relevant in the current cybersecurity landscape, where identity-related breaches are a growing concern. The company's increased ARR and strong customer adoption suggest that its identity security platform is well-positioned within the market. CyberArk's recognition in industry reports for cloud infrastructure entitlement management and access management further validates its competitive standing.
The partnership with Microsoft and the introduction of passwordless authentication options reflect ongoing innovation and alignment with industry trends towards zero-trust security frameworks and enhanced user experience. These developments are likely to support sustained interest from enterprises looking to bolster their security posture, which could translate into continued ARR growth and customer expansion.
Company Exceeds Expectations Across all Guided Metrics
Subscription Portion of Annual Recurring Revenue (ARR) of
Total ARR of
Subscription Revenue of
Record Total Revenue of
Net Cash Provided by Operating Activities of
“2023 was a momentous year for CyberArk and with our excellence in execution, we solidified our position as the leader in identity security,” said Matt Cohen, CyberArk's Chief Executive Officer. “Throughout the year, we consistently delivered strong results, including in the fourth quarter where top line growth accelerated, operating income and cash flow increased, and we again beat expectations across all guided metrics. Record demand for our SaaS solutions drove our subscription bookings mix to 95 percent in 2023 and recurring revenue reached 90 percent of our total revenue – we are now a fully recurring revenue company. The momentum in our business and our platform selling motion is demonstrated by our ARR reaching
Financial Summary for the Fourth Quarter Ended December 31, 2023
-
Subscription revenue was
$150.3 million $88.5 million -
Maintenance and professional services revenue was
$64.8 million $66.1 million -
Perpetual license revenue was
$8.0 million $14.6 million -
Total revenue was
$223.1 million $169.2 million -
GAAP operating loss was
$(4.7) million $34.7 million -
GAAP net income was
$8.9 million $0.20 $38.1 million $0.81
Financial Summary for the Full Year Ended December 31, 2023
-
Subscription revenue was
$472.0 million $280.6 million -
Maintenance and professional services revenue was
$258.8 million $261.1 million -
Perpetual license revenue was
$21.0 million $50.0 million -
Total revenue was
$751.9 million $591.7 million -
GAAP operating loss was
$(116.5) million $33.5 million -
GAAP net loss was
$(66.5) million $(1.60) $52.0 million $1.12
Balance Sheet and Net Cash Provided by Operating Activities
-
As of December 31, 2023, CyberArk had
$1.3 billion -
During the full year, 2023, the Company’s net cash provided by operating activities was
$56.2 million -
As of December 31, 2023, total deferred revenue was
$480.6 million $408.4 million
Key Business Highlights
-
Annual Recurring Revenue (ARR) was
$774 million $570 million -
The Subscription portion of ARR was
$582 million $364 million -
The Maintenance portion of ARR was
$192 million $206 million
-
The Subscription portion of ARR was
-
Recurring revenue in the fourth quarter was
$201.5 million $142.6 million $679.6 million $498.3 million
Recent Developments
- CyberArk was named an Overall Leader in the KuppingerCole Analysts AG 2023 “Leadership Compass: Cloud Infrastructure Entitlement Management (CIEM)”(1) report. The company’s leadership is based on the strength of the CyberArk Identity Security Platform and its innovative cloud security solutions.
- CyberArk was named an Overall Leader in the KuppingerCole Analysts AG 2023 “Leadership Compass: Access Management”(2) report. The company’s overall leadership position is based on the strength of its CyberArk Identity offering across the report’s product, innovation and market categories.
- CyberArk Elevates Passwordless Experience with new Passkeys Authentication for CyberArk Identity customers, furthering its commitment to help customers reduce credential theft and improve productivity.
- CyberArk joined the Microsoft Security Copilot Partner Private Preview.
Business Outlook
Based on information available as of February 8, 2024, CyberArk is issuing guidance for the first quarter and full year 2024 as indicated below.
First Quarter 2024:
-
Total revenue is expected to be in the range of
$209.0 million $215.0 million -
Non-GAAP operating income is expected to be in the range of
$7.5 million $12.5 million -
Non-GAAP net income per share is expected to be in the range of
$0.21 $0.31 - Assumes 47.8 million weighted average diluted shares.
Full Year 2024:
-
Total revenue is expected to be in the range of
$920.0 million $930.0 million -
Non-GAAP operating income is expected to be in the range of
$75.5 million $84.5 million -
Non-GAAP net income per share is expected to be in the range of
$1.63 $1.81 - Assumes 48.0 million weighted average diluted shares.
-
ARR as of December 31, 2024 is expected to be in the range of
$968.0 million $983.0 million -
Non-GAAP free cash flow is expected to be in the range of
$85.0 million $95.0 million
(1) KuppingerCole Analysts AG “Leadership Compass: Cloud Infrastructure Entitlement Management (CIEM),” November 8, 2023, Paul Fisher
(2) KuppingerCole Analysts AG “Leadership Compass: Access Management,” August 16, 2023 by Alejandro Leal
Conference Call Information
In conjunction with this announcement, CyberArk will host a conference call on Thursday, February 8, 2024 at 8:30 a.m. Eastern Time (ET) to discuss the Company’s fourth quarter and full year financial results and its business outlook. To access this call, dial +1 (888) 330-2455 (
Following the conference call, a replay will be available for one week at +1 (800) 770-2030 (
About CyberArk
CyberArk (NASDAQ: CYBR) is the global leader in identity security. Centered on intelligent privilege controls, CyberArk provides the most comprehensive security offering for any identity – human or machine – across business applications, distributed workforces, hybrid cloud environments and throughout the DevOps lifecycle. The world’s leading organizations trust CyberArk to help secure their most critical assets. To learn more about CyberArk, visit https://www.cyberark.com, read the CyberArk blogs or follow on LinkedIn, Twitter, Facebook or YouTube.
Copyright © 2024 CyberArk Software. All Rights Reserved. All other brand names, product names, or trademarks belong to their respective holders.
Key Performance Indicators and Non-GAAP Financial Measures
Annual Recurring Revenue (ARR)
- Annual Recurring Revenue (ARR) is a performance indicator that provides more visibility into the growth of our recurring business in the upcoming year. ARR is defined as the annualized value of active SaaS, self-hosted subscriptions and their associated M&S, and maintenance contracts related to the perpetual licenses in effect at the end of the reported period. ARR should be viewed independently of revenues and total deferred revenue as it is an operating measure and is not intended to be combined with or to replace either of those measures. ARR is not a forecast of future revenues and can be impacted by contract start and end dates and renewal rates. This visibility allows us to make informed decisions about our capital allocation and level of investment.
Subscription Portion of Annual Recurring Revenue
- Subscription portion of ARR is defined as the annualized value of active SaaS and self-hosted subscriptions 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 subscriptions contracts in effect at the end of the reported period.
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.
Non-GAAP Financial Measures
CyberArk believes that the use of non-GAAP gross profit, non-GAAP operating expense, non-GAAP operating income (loss), non-GAAP net income (loss) and free cash flow is helpful to our investors. These financial measures are not measures of the Company’s financial performance under
- Non-GAAP gross profit is calculated as GAAP gross profit excluding share-based compensation expense, amortization of intangible assets related to acquisitions, and impairment of capitalized software development costs.
- 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, impairment of capitalized software development costs, acquisition related expenses and amortization of intangible assets related to acquisitions.
- Non-GAAP net income (loss) is calculated as GAAP net income (loss) excluding share-based compensation expense, acquisition related expenses, amortization of intangible assets related to acquisitions, impairment of capitalized software development costs, amortization of debt discount and issuance costs, gain from investment in privately held companies, and the tax effect of non-GAAP adjustments.
- 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, acquisition related expenses, amortization of intangible assets related to acquisitions, impairment of capitalized software development costs, non-cash interest expense related to the amortization of debt discount and issuance cost, gain from investment in privately held companies, 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 to: changes to the drivers of the Company’s growth and its ability to adapt its solutions to IT security market demands; fluctuation in the Company’s quarterly results of operations due to sales cycles and multiple pricing and delivery models; the Company’s ability to sell into existing and new customers and industry verticals; an increase in competition within the Privileged Access Management and Identity Security markets; unanticipated product vulnerabilities or cybersecurity breaches of the Company’s, or the Company’s customers’ or partners’ systems; complications or risks in connection with the Company’s subscription model, including uncertainty regarding renewals from its existing customer base, and retaining sufficient subscription or maintenance and support service renewal rates; risks related to compliance with privacy and data protection laws and regulations; regulatory and geopolitical risks associated with global sales and operations, as well as impacts from the ongoing war between
| CYBERARK SOFTWARE LTD. | ||||||||||||||||||
| Consolidated Statements of Operations | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||
| December 31, | December 31, | |||||||||||||||||
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|||||||
| Revenues: | ||||||||||||||||||
| Subscription | $ |
88,451 |
|
$ |
150,257 |
|
$ |
280,649 |
|
$ |
472,023 |
|
||||||
| Perpetual license |
|
14,579 |
|
|
8,009 |
|
|
49,964 |
|
|
21,037 |
|
||||||
| Maintenance and professional services |
|
66,121 |
|
|
64,838 |
|
|
261,097 |
|
|
258,828 |
|
||||||
| Total revenues |
|
169,151 |
|
|
223,104 |
|
|
591,710 |
|
|
751,888 |
|
||||||
| Cost of revenues: | ||||||||||||||||||
| Subscription |
|
13,762 |
|
|
19,764 |
|
|
46,249 |
|
|
74,623 |
|
||||||
| Perpetual license |
|
913 |
|
|
700 |
|
|
2,893 |
|
|
1,873 |
|
||||||
| Maintenance and professional services |
|
20,153 |
|
|
19,189 |
|
|
76,904 |
|
|
79,635 |
|
||||||
| Total cost of revenues |
|
34,828 |
|
|
39,653 |
|
|
126,046 |
|
|
156,131 |
|
||||||
| Gross profit |
|
134,323 |
|
|
183,451 |
|
|
465,664 |
|
|
595,757 |
|
||||||
| Operating expenses: | ||||||||||||||||||
| Research and development |
|
51,477 |
|
|
53,792 |
|
|
190,321 |
|
|
211,445 |
|
||||||
| Sales and marketing |
|
90,737 |
|
|
106,607 |
|
|
345,273 |
|
|
405,983 |
|
||||||
| General and administrative |
|
22,178 |
|
|
27,763 |
|
|
82,520 |
|
|
94,801 |
|
||||||
| Total operating expenses |
|
164,392 |
|
|
188,162 |
|
|
618,114 |
|
|
712,229 |
|
||||||
| Operating loss |
|
(30,069 |
) |
|
(4,711 |
) |
|
(152,450 |
) |
|
(116,472 |
) |
||||||
| Financial income, net |
|
9,163 |
|
|
19,302 |
|
|
15,432 |
|
|
53,214 |
|
||||||
| Income (loss) before taxes on income |
|
(20,906 |
) |
|
14,591 |
|
|
(137,018 |
) |
|
(63,258 |
) |
||||||
| Tax benefit (taxes on income) |
|
(1,298 |
) |
|
(5,680 |
) |
|
6,650 |
|
|
(3,246 |
) |
||||||
| Net income (loss) | $ |
(22,204 |
) |
$ |
8,911 |
|
$ |
(130,368 |
) |
$ |
(66,504 |
) |
||||||
| Basic net income (loss) per ordinary share | $ |
(0.54 |
) |
$ |
0.21 |
|
$ |
(3.21 |
) |
$ |
(1.60 |
) |
||||||
| Diluted net income (loss) per ordinary share | $ |
(0.54 |
) |
$ |
0.20 |
|
$ |
(3.21 |
) |
$ |
(1.60 |
) |
||||||
| Shares used in computing net income (loss) per ordinary shares, basic |
|
40,923,682 |
|
|
42,069,678 |
|
|
40,583,002 |
|
|
41,658,424 |
|
||||||
| Shares used in computing net income (loss) per ordinary shares, diluted |
|
40,923,682 |
|
|
47,107,294 |
|
|
40,583,002 |
|
|
41,658,424 |
|
||||||
CYBERARK SOFTWARE LTD. |
||||||||||
Consolidated Balance Sheets |
||||||||||
|
||||||||||
(Unaudited) |
||||||||||
| December 31, | December 31, | |||||||||
|
2022 |
|
|
2023 |
|
|||||
| ASSETS | ||||||||||
| CURRENT ASSETS: | ||||||||||
| Cash and cash equivalents | $ |
347,338 |
|
$ |
355,933 |
|
||||
| Short-term bank deposits |
|
305,843 |
|
|
354,472 |
|
||||
| Marketable securities |
|
301,101 |
|
|
283,016 |
|
||||
| Trade receivables |
|
120,817 |
|
|
186,472 |
|
||||
| Prepaid expenses and other current assets |
|
22,482 |
|
|
31,550 |
|
||||
| Total current assets |
|
1,097,581 |
|
|
1,211,443 |
|
||||
| LONG-TERM ASSETS: | ||||||||||
| Marketable securities |
|
227,748 |
|
|
324,548 |
|
||||
| Property and equipment, net |
|
23,474 |
|
|
16,494 |
|
||||
| Intangible assets, net |
|
27,508 |
|
|
20,202 |
|
||||
| Goodwill |
|
153,241 |
|
|
153,241 |
|
||||
| Other long-term assets |
|
217,040 |
|
|
214,816 |
|
||||
| Deferred tax asset |
|
72,809 |
|
|
81,464 |
|
||||
| Total long-term assets |
|
721,820 |
|
|
810,765 |
|
||||
| TOTAL ASSETS | $ |
1,819,401 |
|
$ |
2,022,208 |
|
||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||
| CURRENT LIABILITIES: | ||||||||||
| Trade payables | $ |
13,642 |
|
$ |
10,971 |
|
||||
| Employees and payroll accruals |
|
77,328 |
|
|
95,538 |
|
||||
| Accrued expenses and other current liabilities |
|
33,584 |
|
|
36,562 |
|
||||
| Convertible senior notes, net |
|
- |
|
|
572,340 |
|
||||
| Deferred revenues |
|
327,918 |
|
|
409,219 |
|
||||
| Total current liabilities |
|
452,472 |
|
|
1,124,630 |
|
||||
| LONG-TERM LIABILITIES: | ||||||||||
| Convertible senior notes, net |
|
569,344 |
|
|
- |
|
||||
| Deferred revenues |
|
80,524 |
|
|
71,413 |
|
||||
| Other long-term liabilities |
|
38,917 |
|
|
33,839 |
|
||||
| Total long-term liabilities |
|
688,785 |
|
|
105,252 |
|
||||
| TOTAL LIABILITIES |
|
1,141,257 |
|
|
1,229,882 |
|
||||
| SHAREHOLDERS' EQUITY: | ||||||||||
| Ordinary shares of |
|
107 |
|
|
111 |
|
||||
| Additional paid-in capital |
|
660,289 |
|
|
827,260 |
|
||||
| Accumulated other comprehensive loss |
|
(15,560 |
) |
|
(1,849 |
) |
||||
| Retained earnings (accumulated deficit) |
|
33,308 |
|
|
(33,196 |
) |
||||
| Total shareholders' equity |
|
678,144 |
|
|
792,326 |
|
||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ |
1,819,401 |
|
$ |
2,022,208 |
|
||||
CYBERARK SOFTWARE LTD. |
||||||||||
Consolidated Statements of Cash Flows |
||||||||||
|
||||||||||
(Unaudited) |
||||||||||
| Twelve Months Ended | ||||||||||
| December 31, | ||||||||||
|
2022 |
|
|
2023 |
|
|||||
| Cash flows from operating activities: | ||||||||||
| Net loss | $ |
(130,368 |
) |
$ |
(66,504 |
) |
||||
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||
| Depreciation and amortization |
|
16,203 |
|
|
19,250 |
|
||||
| Amortization of premium and accretion of discount on marketable securities, net |
|
3,894 |
|
|
(4,570 |
) |
||||
| Share-based compensation |
|
120,821 |
|
|
140,101 |
|
||||
| Deferred income taxes, net |
|
(15,630 |
) |
|
(7,879 |
) |
||||
| Increase in trade receivables |
|
(7,606 |
) |
|
(65,655 |
) |
||||
| Amortization of debt discount and issuance costs |
|
2,980 |
|
|
2,996 |
|
||||
| Increase in prepaid expenses, other current and long-term assets and others |
|
(37,141 |
) |
|
(45,016 |
) |
||||
| Changes in operating lease right-of-use assets |
|
4,558 |
|
|
6,566 |
|
||||
| Increase (decrease) in trade payables |
|
4,053 |
|
|
(2,669 |
) |
||||
| Increase in short-term and long-term deferred revenues |
|
91,167 |
|
|
72,190 |
|
||||
| Increase in employees and payroll accruals |
|
714 |
|
|
6,981 |
|
||||
| Increase in accrued expenses and other current and long-term liabilities |
|
4,801 |
|
|
7,507 |
|
||||
| Changes in operating lease liabilities |
|
(8,738 |
) |
|
(7,094 |
) |
||||
| Net cash provided by operating activities |
|
49,708 |
|
|
56,204 |
|
||||
| Cash flows from investing activities: | ||||||||||
| Investment in short and long term deposits |
|
(496,894 |
) |
|
(337,835 |
) |
||||
| Proceeds from short and long term deposits |
|
532,563 |
|
|
319,542 |
|
||||
| Investment in marketable securities and other |
|
(375,731 |
) |
|
(406,633 |
) |
||||
| Proceeds from sales and maturities of marketable securities and other |
|
325,472 |
|
|
344,046 |
|
||||
| Purchase of property and equipment |
|
(12,517 |
) |
|
(4,948 |
) |
||||
| Payments for business acquisitions, net of cash acquired |
|
(41,285 |
) |
|
- |
|
||||
| Net cash used in investing activities |
|
(68,392 |
) |
|
(85,828 |
) |
||||
| Cash flows from financing activities: | ||||||||||
| Proceeds from (payment of) withholding tax related to employee stock plans |
|
(184 |
) |
|
11,188 |
|
||||
| Proceeds from exercise of stock options |
|
1,968 |
|
|
11,065 |
|
||||
| Proceeds in connection with employees stock purchase plan |
|
15,143 |
|
|
15,831 |
|
||||
| Payments of contingent consideration related to acquisitions |
|
(4,702 |
) |
|
- |
|
||||
| Net cash provided by financing activities |
|
12,225 |
|
|
38,084 |
|
||||
| Increase (decrease) in cash and cash equivalents |
|
(6,459 |
) |
|
8,460 |
|
||||
| Effect of exchange rate differences on cash and cash equivalents |
|
(3,053 |
) |
|
135 |
|
||||
| Cash and cash equivalents at the beginning of the period |
|
356,850 |
|
|
347,338 |
|
||||
| Cash and cash equivalents at the end of the period | $ |
347,338 |
|
$ |
355,933 |
|
||||
| CYBERARK SOFTWARE LTD. | ||||||||||||||||||
| 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 | |||||||||||||||||
| December 31, | December 31, | |||||||||||||||||
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|||||||
| Net cash provided by operating activities | $ |
20,497 |
|
$ |
46,898 |
|
$ |
49,708 |
|
$ |
56,204 |
|
||||||
| Less: | ||||||||||||||||||
| Purchase of property and equipment |
|
(3,739 |
) |
|
(695 |
) |
|
(12,517 |
) |
|
(4,948 |
) |
||||||
| Free cash flow | $ |
16,758 |
|
$ |
46,203 |
|
$ |
37,191 |
|
$ |
51,256 |
|
||||||
| GAAP net cash used in investing activities |
|
(247 |
) |
|
(84,140 |
) |
|
(68,392 |
) |
|
(85,828 |
) |
||||||
| GAAP net cash provided by financing activities |
|
563 |
|
|
18,889 |
|
|
12,225 |
|
|
38,084 |
|
||||||
| Reconciliation of Gross Profit to Non-GAAP Gross Profit: | ||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||
| December 31, | December 31, | |||||||||||||||||
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|||||||
| Gross profit | $ |
134,323 |
|
$ |
183,451 |
|
$ |
465,664 |
|
$ |
595,757 |
|
||||||
| Plus: | ||||||||||||||||||
| Share-based compensation (1) |
|
4,098 |
|
|
4,500 |
|
|
15,060 |
|
|
17,612 |
|
||||||
| Amortization of share-based compensation capitalized in software development costs (3) |
|
82 |
|
|
84 |
|
|
346 |
|
|
393 |
|
||||||
| Amortization of intangible assets (2) |
|
1,705 |
|
|
1,704 |
|
|
6,044 |
|
|
6,817 |
|
||||||
| Impairment of capitalized software development costs (3) |
|
- |
|
|
- |
|
|
- |
|
|
2,067 |
|
||||||
| Non-GAAP gross profit | $ |
140,208 |
|
$ |
189,739 |
|
$ |
487,114 |
|
$ |
622,646 |
|
||||||
| Reconciliation of Operating Expenses to Non-GAAP Operating Expenses: | ||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||
| December 31, | December 31, | |||||||||||||||||
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|||||||
| Operating expenses | $ |
164,392 |
|
$ |
188,162 |
|
$ |
618,114 |
|
$ |
712,229 |
|
||||||
| Less: | ||||||||||||||||||
| Share-based compensation (1) |
|
28,130 |
|
|
33,035 |
|
|
105,761 |
|
|
122,489 |
|
||||||
| Amortization of intangible assets (2) |
|
153 |
|
|
137 |
|
|
611 |
|
|
547 |
|
||||||
| Acquisition related expenses |
|
- |
|
|
- |
|
|
2,244 |
|
|
- |
|
||||||
| Non-GAAP operating expenses | $ |
136,109 |
|
$ |
154,990 |
|
$ |
509,498 |
|
$ |
589,193 |
|
||||||
| Reconciliation of Operating loss to Non-GAAP Operating Income (loss): | ||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||
| December 31, | December 31, | |||||||||||||||||
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|||||||
| Operating loss | $ |
(30,069 |
) |
$ |
(4,711 |
) |
$ |
(152,450 |
) |
$ |
(116,472 |
) |
||||||
| Plus: | ||||||||||||||||||
| Share-based compensation (1) |
|
32,228 |
|
|
37,535 |
|
|
120,821 |
|
|
140,101 |
|
||||||
| Amortization of share-based compensation capitalized in software development costs (3) |
|
82 |
|
|
84 |
|
|
346 |
|
|
393 |
|
||||||
| Amortization of intangible assets (2) |
|
1,858 |
|
|
1,841 |
|
|
6,655 |
|
|
7,364 |
|
||||||
| Acquisition related expenses |
|
- |
|
|
- |
|
|
2,244 |
|
|
- |
|
||||||
| Impairment of capitalized software development costs (3) |
|
- |
|
|
- |
|
|
- |
|
|
2,067 |
|
||||||
| Non-GAAP operating income (loss) | $ |
4,099 |
|
$ |
34,749 |
|
$ |
(22,384 |
) |
$ |
33,453 |
|
||||||
| Reconciliation of Net Income (loss) to Non-GAAP Net Income (loss): | ||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||
| December 31, | December 31, | |||||||||||||||||
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|||||||
| Net income (loss) | $ |
(22,204 |
) |
$ |
8,911 |
|
$ |
(130,368 |
) |
$ |
(66,504 |
) |
||||||
| Plus: | ||||||||||||||||||
| Share-based compensation (1) |
|
32,228 |
|
|
37,535 |
|
|
120,821 |
|
|
140,101 |
|
||||||
| Amortization of share-based compensation capitalized in software development costs (3) |
|
82 |
|
|
84 |
|
|
346 |
|
|
393 |
|
||||||
| Amortization of intangible assets (2) |
|
1,858 |
|
|
1,841 |
|
|
6,655 |
|
|
7,364 |
|
||||||
| Acquisition related expenses |
|
- |
|
|
- |
|
|
2,244 |
|
|
- |
|
||||||
| Amortization of debt discount and issuance costs |
|
746 |
|
|
752 |
|
|
2,980 |
|
|
2,996 |
|
||||||
| Gain from investment in privately held companies |
|
- |
|
|
(2,213 |
) |
|
(324 |
) |
|
(2,757 |
) |
||||||
| Impairment of capitalized software development costs (3) |
|
- |
|
|
- |
|
|
- |
|
|
2,067 |
|
||||||
| Taxes on income related to non-GAAP adjustments |
|
(5,560 |
) |
|
(8,848 |
) |
|
(20,189 |
) |
|
(31,656 |
) |
||||||
| Non-GAAP net income (loss) | $ |
7,150 |
|
$ |
38,062 |
|
$ |
(17,835 |
) |
$ |
52,004 |
|
||||||
| Non-GAAP net income (loss) per share | ||||||||||||||||||
| Basic | $ |
0.17 |
|
$ |
0.90 |
|
$ |
(0.44 |
) |
$ |
1.25 |
|
||||||
| Diluted | $ |
0.16 |
|
$ |
0.81 |
|
$ |
(0.44 |
) |
$ |
1.12 |
|
||||||
| Weighted average number of shares | ||||||||||||||||||
| Basic |
|
40,923,682 |
|
|
42,069,678 |
|
|
40,583,002 |
|
|
41,658,424 |
|
||||||
| Diluted |
|
45,600,508 |
|
|
47,107,294 |
|
|
40,583,002 |
|
|
46,375,198 |
|
||||||
| (1) Share-based Compensation : | ||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||
| December 31, | December 31, | |||||||||||||||||
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|||||||
| Cost of revenues - Subscription | $ |
737 |
|
$ |
1,219 |
|
$ |
2,264 |
|
$ |
4,178 |
|
||||||
| Cost of revenues - Perpetual license |
|
40 |
|
|
15 |
|
|
143 |
|
|
45 |
|
||||||
| Cost of revenues - Maintenance and Professional services |
|
3,321 |
|
|
3,266 |
|
|
12,653 |
|
|
13,389 |
|
||||||
| Research and development |
|
7,315 |
|
|
7,661 |
|
|
27,102 |
|
|
29,458 |
|
||||||
| Sales and marketing |
|
13,684 |
|
|
14,800 |
|
|
51,099 |
|
|
58,790 |
|
||||||
| General and administrative |
|
7,131 |
|
|
10,574 |
|
|
27,560 |
|
|
34,241 |
|
||||||
| Total share-based compensation | $ |
32,228 |
|
$ |
37,535 |
|
$ |
120,821 |
|
$ |
140,101 |
|
||||||
| (2) Amortization of intangible assets : | ||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||
| December 31, | December 31, | |||||||||||||||||
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|||||||
| Cost of revenues - Subscription | $ |
1,663 |
|
$ |
1,704 |
|
$ |
5,894 |
|
$ |
6,817 |
|
||||||
| Cost of revenues - Perpetual license |
|
42 |
|
|
- |
|
|
150 |
|
|
- |
|
||||||
| Sales and marketing |
|
153 |
|
|
137 |
|
|
611 |
|
|
547 |
|
||||||
| Total amortization of intangible assets | $ |
1,858 |
|
$ |
1,841 |
|
$ |
6,655 |
|
$ |
7,364 |
|
||||||
| (3) Classified as Cost of revenues - Subscription. | ||||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240208108110/en/
Investor Relations:
Erica Smith
CyberArk
617-558-2132
ir@cyberark.com
Media:
Nick Bowman
CyberArk
+44 (0) 7841 673378
press@cyberark.com
Source: CyberArk
FAQ
What was CyberArk's subscription revenue for the full year 2023?
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What was the net cash provided by operating activities for CyberArk for the full year 2023?
What was the total revenue for CyberArk for the full year 2023?
