CyberArk Announces Strong Second Quarter 2024 Results
CyberArk (NASDAQ: CYBR) announced strong Q2 2024 results, exceeding all guided metrics. The company's subscription ARR grew 50% YoY to $677 million, and total ARR grew 33% YoY to $868 million. Subscription revenue increased 49% YoY to $158.4 million, while total revenue grew 28% YoY to $224.7 million.
GAAP net loss was $(12.9) million, or $(0.30) per share, improving from $(25.8) million, or $(0.62) per share, YoY. Non-GAAP net income was $26.1 million, or $0.54 per share, up from $1.3 million, or $0.03 per share, YoY.
Cash and equivalents totaled $1.4 billion as of June 30, 2024. The company reported net cash from operating activities of $113 million for the first half of 2024.
CyberArk raised its full-year 2024 guidance, expecting total revenue between $932 million and $942 million, and non-GAAP net income per share between $2.17 and $2.36.
CyberArk (NASDAQ: CYBR) ha annunciato risultati solidi per il secondo trimestre del 2024, superando tutte le metriche previste. L'ARR da abbonamenti è cresciuto del 50% anno su anno, raggiungendo 677 milioni di dollari, mentre l'ARR totale è aumentato del 33% anno su anno, arrivando a 868 milioni di dollari. I ricavi da abbonamenti sono saliti del 49% anno su anno, toccando 158,4 milioni di dollari, mentre i ricavi totali sono aumentati del 28% anno su anno, per un totale di 224,7 milioni di dollari.
La perdita netta GAAP è stata di $(12,9) milioni, equivalenti a $(0,30) per azione, in miglioramento rispetto a $(25,8) milioni, o $(0,62) per azione, rispetto all'anno precedente. L'utile netto non GAAP è stato di 26,1 milioni di dollari, cioè $0,54 per azione, rispetto a 1,3 milioni di dollari, o $0,03 per azione, anno su anno.
Le disponibilità liquide e equivalenti ammontavano a 1,4 miliardi di dollari al 30 giugno 2024. L'azienda ha riportato un flusso di cassa netto dalle attività operative di 113 milioni di dollari per il primo semestre del 2024.
CyberArk ha alzato le previsioni per l'intero anno 2024, aspettandosi ricavi totali compresi tra 932 milioni e 942 milioni di dollari, e un utile netto non GAAP per azione tra 2,17 e 2,36 dollari.
CyberArk (NASDAQ: CYBR) anunció resultados sólidos para el segundo trimestre de 2024, superando todas las métricas proyectadas. El ARR de suscripciones creció un 50% interanual, alcanzando 677 millones de dólares, y el ARR total aumentó un 33% interanual, llegando a 868 millones de dólares. Los ingresos por suscripciones se incrementaron un 49% interanual, alcanzando los 158,4 millones de dólares, mientras que los ingresos totales crecieron un 28% interanual, alcanzando 224,7 millones de dólares.
La pérdida neta según GAAP fue de $(12.9) millones, o $(0.30) por acción, mejorando respecto a $(25.8) millones, o $(0.62) por acción, interanualmente. La utilidad neta no GAAP fue de 26.1 millones de dólares, o $0.54 por acción, un incremento respecto a 1.3 millones de dólares, o $0.03 por acción, interanualmente.
El efectivo y equivalentes totalizaron 1.4 mil millones de dólares al 30 de junio de 2024. La compañía reportó un flujo de caja neto de actividades operativas de 113 millones de dólares para la primera mitad de 2024.
CyberArk elevó su guía para el año completo 2024, esperando ingresos totales entre 932 millones y 942 millones de dólares, y una utilidad neta no GAAP por acción entre 2.17 y 2.36 dólares.
CyberArk (NASDAQ: CYBR)은 2024년 2분기 실적을 발표하며 모든 지침 지표를 초과 달성했습니다. 회사의 구독 ARR은 전년 대비 50% 성장하여 6억 7,700만 달러에 도달했으며, 전체 ARR은 전년 대비 33% 증가하여 8억 6,800만 달러에 이르렀습니다. 구독 수익은 전년 대비 49% 증가하여 1억 5,840만 달러에 달했으며, 전체 수익은 전년 대비 28% 상승하여 2억 2,470만 달러에 도달했습니다.
GAAP 기준 순손실은 $(12.9) 백만, 즉 주당 $(0.30)으로, 전년 대비 $(25.8) 백만, 즉 주당 $(0.62)에서 개선되었습니다. 비GAAP 순이익은 2,610만 달러, 또는 주당 0.54 달러로, 전년의 130만 달러, 즉 주당 0.03 달러에서 상승했습니다.
2024년 6월 30일 기준 현금 및 현금성 자산은 14억 달러에 달했습니다. 회사는 2024년 상반기 운영 활동으로부터 1억 1,300만 달러의 순현금을 보고했습니다.
CyberArk는 2024년 전체 연간 가이드를 상향 조정하여, 총 수익을 9억 3,200만 달러에서 9억 4,200만 달러 사이로, 비GAAP 주당 순이익을 2.17달러에서 2.36달러 사이로 예상하고 있습니다.
CyberArk (NASDAQ: CYBR) a annoncé de solides résultats pour le deuxième trimestre de 2024, dépassant toutes les prévisions fixées. L'ARR d'abonnements a crû de 50% d'une année sur l'autre, atteignant 677 millions de dollars, tandis que l'ARR total a augmenté de 33% d'une année sur l'autre, s'élevant à 868 millions de dollars. Les revenus d'abonnements ont progressé de 49% d'une année sur l'autre, passant à 158,4 millions de dollars, tandis que les revenus totaux ont crû de 28% d'une année sur l'autre, pour atteindre 224,7 millions de dollars.
La perte nette selon les normes GAAP s'est élevée à $(12,9) millions, soit $(0,30) par action, en amélioration par rapport à $(25,8) millions, soit $(0,62) par action, d'une année sur l'autre. Le bénéfice net non GAAP s'est chiffré à 26,1 millions de dollars, soit 0,54 dollar par action, contre 1,3 million de dollars, soit 0,03 dollar par action, l'année précédente.
Les liquidités et équivalents se sont élevés à 1,4 milliard de dollars au 30 juin 2024. L'entreprise a annoncé un flux de trésorerie net provenant des activités d'exploitation de 113 millions de dollars pour le premier semestre 2024.
CyberArk a relevé ses prévisions pour l'année 2024, estimant un revenu total compris entre 932 millions et 942 millions de dollars, et un bénéfice net non GAAP par action entre 2,17 et 2,36 dollars.
CyberArk (NASDAQ: CYBR) hat starke Ergebnisse für das zweite Quartal 2024 angekündigt und dabei alle prognostizierten Kennzahlen übertroffen. Der Subscription ARR wuchs im Jahresvergleich um 50% auf 677 Millionen Dollar, während der gesamte ARR um 33% im Jahresvergleich auf 868 Millionen Dollar anstieg. Die Abonnementumsätze erhöhten sich um 49% im Vergleich zum Vorjahr auf 158,4 Millionen Dollar, während die Gesamtumsätze um 28% im Jahresvergleich auf 224,7 Millionen Dollar wuchsen.
Der Nettoverlust gemäß GAAP belief sich auf $(12,9) Millionen, oder $(0,30) pro Aktie, was eine Verbesserung gegenüber $(25,8) Millionen, oder $(0,62) pro Aktie im Vorjahr darstellt. Der Nettoertrag ohne GAAP betrug 26,1 Millionen Dollar oder 0,54 Dollar pro Aktie, gegenüber 1,3 Millionen Dollar oder 0,03 Dollar pro Aktie im Vorjahr.
Die liquiden Mittel und ähnliches beliefen sich zum 30. Juni 2024 auf 1,4 Milliarden Dollar. Das Unternehmen meldete für die erste Jahreshälfte 2024 einen Nettomittelzufluss aus der Betriebstätigkeit von 113 Millionen Dollar.
CyberArk hat seine Umsatzprognosen für das gesamte Jahr 2024 angehoben und erwartet Gesamteinnahmen zwischen 932 Millionen und 942 Millionen Dollar sowie einen Nettogewinn ohne GAAP pro Aktie zwischen 2,17 und 2,36 Dollar.
- Subscription ARR grew 50% YoY to $677 million.
- Total ARR grew 33% YoY to $868 million.
- Subscription revenue increased 49% YoY to $158.4 million.
- Total revenue grew 28% YoY to $224.7 million.
- Non-GAAP net income increased to $26.1 million from $1.3 million YoY.
- Raised full-year 2024 guidance with revenue expected between $932 million and $942 million.
- Net cash from operating activities surged to $113 million for the first half of 2024 from $(5.0) million a year ago.
- GAAP net loss of $(12.9) million for Q2 2024.
- Maintenance and professional services revenue decreased to $62.7 million from $64.6 million YoY.
- Perpetual license revenue decreased to $3.6 million from $5.1 million YoY.
Insights
CyberArk's Q2 2024 results are impressively strong, showcasing robust growth across key metrics. The
Notably, the company's profitability has improved significantly, with non-GAAP operating income reaching
With raised full-year guidance and the pending Venafi acquisition, CyberArk is positioning itself for continued growth in the identity security market. Investors should note the company's ability to deliver both high growth and improving profitability, a rare combination in the tech sector.
CyberArk's strong performance reflects the growing importance of identity security in today's digital landscape. The company's success in signing 245 new logos and increasing net new Subscription ARR by
The introduction of CyberArk® CORA™ AI and enhanced Identity Threat Detection and Response (ITDR) capabilities demonstrates the company's commitment to innovation. These advancements are important in addressing the evolving threat landscape, as evidenced by their 2024 Identity Security Threat Landscape Report showing
The pending acquisition of Venafi, a leader in machine identity management, is a strategic move that will likely strengthen CyberArk's position in the rapidly growing machine identity segment, addressing a critical aspect of modern cybersecurity.
Results Exceeded all Guided Metrics
Subscription Portion of Annual Recurring Revenue (ARR) Grew
Total ARR Grew
Subscription Revenue Grew
Total Revenue Grew
Net Cash Provided by Operating Activities for the Six Months Ended June 30, 2024 of
Company Raises Full Year Guidance Across all Metrics
“We had a strong quarter, posting record revenue and increasing our profitability, resulting in CyberArk again outperforming our guidance across all metrics,” said Matt Cohen, CyberArk’s Chief Executive Officer. “With the explosion of new identities, new environments, and new attack methods, a new paradigm is needed to protect every identity – human or machine – with the right level of privilege controls. Customers are consolidating on our platform, driving land and expand, as evidenced by the 245 new logos we signed and our net new Subscription ARR of
Financial Summary for the Second Quarter Ended June 30, 2024
-
Subscription revenue was
in the second quarter of 2024, an increase of 49 percent from$158.4 million in the second quarter of 2023.$106.2 million -
Maintenance and professional services revenue was
in the second quarter of 2024, compared to$62.7 million in the second quarter of 2023.$64.6 million -
Perpetual license revenue was
in the second quarter of 2024, compared to$3.6 million in the second quarter of 2023.$5.1 million -
Total revenue was
in the second quarter of 2024, up 28 percent from$224.7 million in the second quarter of 2023.$175.8 million -
GAAP operating loss was
compared to GAAP operating loss of$(24.0) million in the same period last year. Non-GAAP operating income was$(39.9) million compared to non-GAAP operating loss of$23.7 million , in the same period last year.$(5.6) million -
GAAP net loss was
, or$(12.9) million per basic and diluted share, compared to GAAP net loss of$(0.30) , or$(25.8) million per basic and diluted share, in the same period last year. Non-GAAP net income was$(0.62) , or$26.1 million per diluted share, compared to non-GAAP net income of$0.54 , or$1.3 million per diluted share, in the same period last year.$0.03
Balance Sheet and Net Cash Provided by Operating Activities
-
As of June 30, 2024, cash, cash equivalents, short-term deposits, and marketable securities were
.$1.4 billion -
During the six months ended June 30, 2024, net cash provided by (used in) operating activities was
, compared to$113.0 million in the six months ended June 30, 2023.$(5.0) million
Key Business Highlights
-
Annual Recurring Revenue (ARR) was
, an increase of 33 percent from$868 million at June 30, 2023.$653 million -
The Subscription portion of ARR was
, or 78 percent of total ARR at June 30, 2024. This represents an increase of 50 percent from$677 million , or 69 percent of total ARR, at June 30, 2023.$451 million -
The Maintenance portion of ARR was
at June 30, 2024, compared to$191 million at June 30, 2023.$201 million
-
The Subscription portion of ARR was
-
Recurring revenue in the second quarter was
, an increase of 32 percent from$208.0 million for the second quarter of 2023.$157.8 million
Recent Developments
- CyberArk Signed a Definitive Agreement to Acquire Machine Identity Management Leader Venafi from Thoma Bravo.
- CyberArk Supercharges Identity Security Platform with CyberArk® CORA™ AI
- At its annual IMPACT user conference, CyberArk announced further enhancements to its identity security platform, driven by AI and Identity Threat Detection and Response (ITDR).
-
Released its 2024 Identity Security Threat Landscape Report, showing
93% Of Organizations Had Two Or More Identity-Related Breaches In The Past Year. - CyberArk published its fourth annual Environmental, Social, and Governance (ESG) Report, highlighting its progress enhancing initiatives across its core focus areas: Governance, Ethics, and Compliance; Cybersecurity and Data Privacy; Culture and Talent; Communities; and Environment.
Venafi Acquisition
The transaction is still expected to close in the second half of 2024, subject to required regulatory approvals, clearances, and other customary closing conditions.
Business Outlook
Based on information available as of August 8, 2024, CyberArk is issuing guidance for the third quarter and full year 2024 as indicated below.
CyberArk’s guidance for the third quarter and full year 2024 does not include contributions from the proposed acquisition of Venafi, Inc., which is expected to close in the second half of 2024, or the issuance of approximately 2.3 million CyberArk shares in connection with the closing of the proposed acquisition of Venafi, Inc.
Third Quarter 2024:
-
Total revenue is expected to be in the range of
and$230.0 million , representing growth of 20 percent to 23 percent compared to the third quarter of 2023.$236.0 million -
Non-GAAP operating income is expected to be in the range of
to$20.5 million .$25.5 million -
Non-GAAP net income per share is expected to be in the range of
to$0.38 per diluted share.$0.49 - Assumes 48.2 million weighted average diluted shares.
Full Year 2024:
-
Total revenue is expected to be in the range of
to$932.0 million , representing growth of 24 percent to 25 percent compared to the full year 2023.$942.0 million -
Non-GAAP operating income is expected to be in the range of
to$107.5 million .$116.5 million -
Non-GAAP net income per share is expected to be in the range of
to$2.17 per diluted share.$2.36 - Assumes 48.2 million weighted average diluted shares.
-
ARR as of December 31, 2024 is expected to be in the range of
to$985 million , representing growth of 27 percent to 29 percent from December 31, 2023.$995 million -
Non-GAAP free cash flow is expected to be in the range of
to$145.0 million for the full year 2024.$155.0 million
Conference Call Information
In conjunction with this announcement, CyberArk will host a conference call on Thursday, August 8, 2024 at 8:30 a.m. Eastern Time (ET) to discuss the Company’s second quarter financial results and its business outlook. To access this call, dial +1 (888) 596-4144 (
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, X, 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
Recurring Revenue
- Recurring Revenue is defined as revenue derived from SaaS and self-hosted subscription contracts, and maintenance contracts related to perpetual licenses during the reported period.
Annual Recurring Revenue (ARR)
- ARR is defined as the annualized value of active SaaS, self-hosted subscriptions and their associated maintenance and support services, and maintenance contracts related to the perpetual licenses in effect at the end of the reported period.
Subscription Portion of Annual Recurring Revenue
- Subscription portion of ARR is defined as the annualized value of active SaaS and self-hosted subscription contracts in effect at the end of the reported period. The subscription portion of ARR excludes maintenance contracts related to perpetual licenses.
Maintenance Portion of Annual Recurring Revenue
- Maintenance portion of ARR is defined as the annualized value of active maintenance contracts related to perpetual licenses. The Maintenance portion of ARR excludes SaaS and self-hosted subscription contracts in effect at the end of the reported period.
Net New Subscription ARR
- Net new Subscription ARR refers to the difference between Subscription ARR as of March 31, 2024 and Subscription ARR as of June 30, 2024.
Annual Recurring Revenue (ARR), Subscription portion of ARR and Maintenance portion of ARR are performance indicators that provide more visibility into the growth of our recurring business in the upcoming year. This visibility allows us to make informed decisions about our capital allocation and level of investment. Each of these measures should be viewed independently of revenues and total deferred revenue as each is an operating measure and is not intended to be combined with or to replace either of those measures. ARR, Subscription portion of ARR and Maintenance portion of ARR are not forecasts of future revenues and can be impacted by contract start and end dates and renewal rates.
Non-GAAP Financial Measures
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, and amortization of intangible assets related to acquisitions.
- Non-GAAP operating expense is calculated as GAAP operating expenses excluding share-based compensation expense, acquisition related expenses, and amortization of intangible assets related to acquisitions.
- Non-GAAP operating income (loss) is calculated as GAAP operating loss excluding share-based compensation expense, acquisition related expenses, and amortization of intangible assets related to acquisitions.
- Non-GAAP net income (loss) is calculated as GAAP net (loss) excluding share-based compensation expense, acquisition related expenses, amortization of intangible assets related to acquisitions, amortization of debt discount and issuance costs, and the tax effect of non-GAAP adjustments.
- Free cash flow is calculated as net cash provided by (used in) operating activities less purchase of property and equipment.
The Company believes that providing non-GAAP financial measures that are adjusted by, as applicable, share-based compensation expense, acquisition related expenses, amortization of intangible assets related to acquisitions, non-cash interest expense related to the amortization of debt discount and issuance cost, and the tax effect of the non-GAAP adjustments and purchase of property and equipment allows for more meaningful comparisons of its period to period operating results. Share-based compensation expense has been, and will continue to be for the foreseeable future, a significant recurring expense in the Company’s business and an important part of the compensation provided to its employees. Share based compensation expense has varying available valuation methodologies, subjective assumptions and a variety of equity instruments that can impact a company’s non-cash expense. The Company believes that expenses related to its acquisitions, amortization of intangible assets related to acquisitions, and non-cash interest expense related to the amortization of debt discount and issuance costs do not reflect the performance of its core business and impact period-to-period comparability. The Company believes free cash flow is a liquidity measure that, after the purchase of property and equipment, provides useful information about the amount of cash generated by the business.
Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in the Company’s industry, as other companies in the industry may calculate non-GAAP financial results differently, particularly related to non-recurring, unusual items. In addition, there are limitations in using non-GAAP financial measures as they exclude expenses that may have a material impact on the Company’s reported financial results. The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with
Guidance for non-GAAP financial measures excludes, as applicable, share-based compensation expense, acquisition related expenses, amortization of intangible assets related to acquisitions, non-cash interest expense related to the amortization of debt discount and issuance costs, the tax effect of the non-GAAP adjustments, and purchase of property and equipment. A reconciliation of the non-GAAP financial measures guidance to the corresponding GAAP measures is not available on a forward-looking basis due to the uncertainty regarding, and the potential variability and significance of, the amounts of share-based compensation expense, amortization of intangible assets related to acquisitions, and the non-recurring expenses that are excluded from the guidance, as well as changes in interest rates and foreign exchange rates, which impact other GAAP performance metrics. Accordingly, a reconciliation of the non-GAAP financial measures guidance to the corresponding GAAP measures for future periods is not available without unreasonable effort.
Cautionary Language Concerning Forward-Looking Statements
This release contains forward-looking statements, which express the current beliefs and expectations of CyberArk’s (the “Company”) management. In some cases, forward-looking statements may be identified by terminology such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential” or the negative of these terms or other similar expressions. Such statements involve a number of known and unknown risks and uncertainties that could cause the Company’s future results, levels of activity, performance or achievements to differ materially from the results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating, but not limited to: the ability of the parties to consummate the proposed transaction regarding the Company’s acquisition of Venafi Holdings, Inc. (“Venafi”) in a timely manner or at all; the satisfaction of the conditions precedent to consummation of the proposed transaction, including the ability to secure regulatory approvals on the terms expected, in a timely manner or at all; the potential impact of the announcement of the proposed transaction on the ability of the Company or Venafi to retain and hire key personnel and maintain relationships with customers, suppliers and others with whom the Company or Venafi do business, or on the Company’s or Venafi’s operating results and business generally; disruption of the current plans and operations of the Company and Venafi as a result of the proposed transaction or its announcement, including increased risks of cyberattacks; risks that Venafi’s business will not be integrated successfully into the Company’s operations; risks relating to the Company’s ability to realize anticipated benefits of the combined operations; changes to the drivers of the Company’s growth and the Company’s ability to adapt its solutions to the information security market changes and demands, including artificial intelligence (“AI”); the Company’s ability to acquire new customers and maintain and expand the Company’s revenues from existing customers; intense competition within the information security market; real or perceived security vulnerabilities, gaps, or cybersecurity breaches of the Company, or the Company’s customers’ or partners’ systems, solutions or services; risks related to the Company’s compliance with privacy, data protection and AI laws and regulations; the Company’s ability to successfully operate its business as a subscription company and fluctuation in the quarterly results of operations; the Company’s reliance on third-party cloud providers for its operations and software-as-a-service (“SaaS”) solutions; the Company’s ability to hire, train, retain and motivate qualified personnel; the Company’s ability to effectively execute its sales and marketing strategies; the Company’s ability to find, complete, fully integrate or achieve the expected benefits of additional strategic acquisitions; the Company’s ability to maintain successful relationships with channel partners, or if the Company’s channel partners fail to perform; risks related to sales made to government entities; prolonged economic uncertainties or downturns; the Company’s history of incurring net losses, the Company’s ability to generate sufficient revenue to achieve and sustain profitability and the Company’s ability to generate cash flow from operating activities; regulatory and geopolitical risks associated with the Company’s global sales and operations; risks related to intellectual property claims; fluctuations in currency exchange rates; the ability of the Company’s products to help customers achieve and maintain compliance with government regulations or industry standards; the Company’s ability to protect its proprietary technology and intellectual property rights; risks related to using third-party software, such as open-source software; risks related to stock price volatility or activist shareholders; any failure to retain the Company’s “foreign private issuer” status or the risk that the Company may be classified, for
CYBERARK SOFTWARE LTD. | ||||||||||||||||
Consolidated Statements of Operations | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
||
Revenues: | ||||||||||||||||
Subscription | $ |
106,167 |
|
$ |
158,414 |
|
$ |
198,887 |
|
$ |
314,653 |
|
||||
Perpetual license |
|
5,090 |
|
|
3,637 |
|
|
8,972 |
|
|
6,588 |
|
||||
Maintenance and professional services |
|
64,586 |
|
|
62,655 |
|
|
129,689 |
|
|
125,015 |
|
||||
Total revenues |
|
175,843 |
|
|
224,706 |
|
|
337,548 |
|
|
446,256 |
|
||||
Cost of revenues: | ||||||||||||||||
Subscription |
|
17,633 |
|
|
22,601 |
|
|
33,578 |
|
|
43,563 |
|
||||
Perpetual license |
|
319 |
|
|
303 |
|
|
531 |
|
|
782 |
|
||||
Maintenance and professional services |
|
20,815 |
|
|
22,114 |
|
|
40,630 |
|
|
43,081 |
|
||||
Total cost of revenues |
|
38,767 |
|
|
45,018 |
|
|
74,739 |
|
|
87,426 |
|
||||
Gross profit |
|
137,076 |
|
|
179,688 |
|
|
262,809 |
|
|
358,830 |
|
||||
Operating expenses: | ||||||||||||||||
Research and development |
|
53,664 |
|
|
56,556 |
|
|
105,920 |
|
|
110,470 |
|
||||
Sales and marketing |
|
101,089 |
|
|
115,339 |
|
|
200,517 |
|
|
220,303 |
|
||||
General and administrative |
|
22,221 |
|
|
31,769 |
|
|
42,396 |
|
|
58,411 |
|
||||
Total operating expenses |
|
176,974 |
|
|
203,664 |
|
|
348,833 |
|
|
389,184 |
|
||||
Operating loss |
|
(39,898 |
) |
|
(23,976 |
) |
|
(86,024 |
) |
|
(30,354 |
) |
||||
Financial income, net |
|
11,882 |
|
|
13,347 |
|
|
21,488 |
|
|
27,399 |
|
||||
Loss before taxes on income |
|
(28,016 |
) |
|
(10,629 |
) |
|
(64,536 |
) |
|
(2,955 |
) |
||||
Tax benefit (taxes on income) |
|
2,238 |
|
|
(2,294 |
) |
|
3,730 |
|
|
(4,498 |
) |
||||
Net loss | $ |
(25,778 |
) |
$ |
(12,923 |
) |
$ |
(60,806 |
) |
$ |
(7,453 |
) |
||||
Basic loss per ordinary share | $ |
(0.62 |
) |
$ |
(0.30 |
) |
$ |
(1.47 |
) |
$ |
(0.17 |
) |
||||
Diluted loss per ordinary share | $ |
(0.62 |
) |
$ |
(0.30 |
) |
$ |
(1.47 |
) |
$ |
(0.17 |
) |
||||
Shares used in computing net loss | ||||||||||||||||
per ordinary shares, basic |
|
41,599,364 |
|
|
42,948,191 |
|
|
41,384,895 |
|
|
42,689,375 |
|
||||
Shares used in computing net loss | ||||||||||||||||
per ordinary shares, diluted |
|
41,599,364 |
|
|
42,948,191 |
|
|
41,384,895 |
|
|
42,689,375 |
|
||||
CYBERARK SOFTWARE LTD. |
|||||||
Consolidated Balance Sheets |
|||||||
|
|||||||
(Unaudited) |
|||||||
December 31, | June 30, | ||||||
|
2023 |
|
|
|
2024 |
|
|
ASSETS | |||||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | $ |
355,933 |
|
$ |
641,014 |
|
|
Short-term bank deposits |
|
354,472 |
|
|
231,037 |
|
|
Marketable securities |
|
283,016 |
|
|
528,086 |
|
|
Trade receivables |
|
186,472 |
|
|
156,049 |
|
|
Prepaid expenses and other current assets |
|
31,550 |
|
|
34,983 |
|
|
Total current assets |
|
1,211,443 |
|
|
1,591,169 |
|
|
LONG-TERM ASSETS: | |||||||
Marketable securities |
|
324,548 |
|
|
30,871 |
|
|
Property and equipment, net |
|
16,494 |
|
|
16,477 |
|
|
Intangible assets, net |
|
20,202 |
|
|
16,665 |
|
|
Goodwill |
|
153,241 |
|
|
153,241 |
|
|
Other long-term assets |
|
214,816 |
|
|
227,140 |
|
|
Deferred tax asset |
|
81,464 |
|
|
85,021 |
|
|
Total long-term assets |
|
810,765 |
|
|
529,415 |
|
|
TOTAL ASSETS | $ |
2,022,208 |
|
$ |
2,120,584 |
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
CURRENT LIABILITIES: | |||||||
Trade payables | $ |
10,971 |
|
$ |
6,189 |
|
|
Employees and payroll accruals |
|
95,538 |
|
|
75,909 |
|
|
Accrued expenses and other current liabilities |
|
36,562 |
|
|
37,979 |
|
|
Convertible senior notes, net |
|
572,340 |
|
|
573,824 |
|
|
Deferred revenues |
|
409,219 |
|
|
442,223 |
|
|
Total current liabilities |
|
1,124,630 |
|
|
1,136,124 |
|
|
LONG-TERM LIABILITIES: | |||||||
Deferred revenues |
|
71,413 |
|
|
75,887 |
|
|
Other long-term liabilities |
|
33,839 |
|
|
31,601 |
|
|
Total long-term liabilities |
|
105,252 |
|
|
107,488 |
|
|
TOTAL LIABILITIES |
|
1,229,882 |
|
|
1,243,612 |
|
|
SHAREHOLDERS' EQUITY: | |||||||
Ordinary shares of |
|
111 |
|
|
113 |
|
|
Additional paid-in capital |
|
827,260 |
|
|
918,948 |
|
|
Accumulated other comprehensive loss |
|
(1,849 |
) |
|
(1,440 |
) |
|
Accumulated deficit |
|
(33,196 |
) |
|
(40,649 |
) |
|
Total shareholders' equity |
|
792,326 |
|
|
876,972 |
|
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ |
2,022,208 |
|
$ |
2,120,584 |
|
|
CYBERARK SOFTWARE LTD. |
|||||||
Consolidated Statements of Cash Flows |
|||||||
|
|||||||
(Unaudited) |
|||||||
Six Months Ended | |||||||
June 30, | |||||||
|
2023 |
|
|
2024 |
|
||
Cash flows from operating activities: | |||||||
Net loss | $ |
(60,806 |
) |
$ |
(7,453 |
) |
|
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||
Depreciation and amortization |
|
8,787 |
|
|
8,046 |
|
|
Amortization of premium and accretion of discount on marketable securities, net |
|
(1,474 |
) |
|
(3,632 |
) |
|
Impairment of available for sale marketable securities |
|
- |
|
|
2,674 |
|
|
Share-based compensation |
|
63,966 |
|
|
78,030 |
|
|
Deferred income taxes, net |
|
(8,430 |
) |
|
(314 |
) |
|
Decrease in trade receivables |
|
15,322 |
|
|
30,423 |
|
|
Amortization of debt discount and issuance costs |
|
1,496 |
|
|
1,504 |
|
|
Increase in prepaid expenses, other current and long-term assets and others |
|
(16,328 |
) |
|
(16,629 |
) |
|
Changes in operating lease right-of-use assets |
|
3,865 |
|
|
3,346 |
|
|
Increase (decrease) in trade payables |
|
370 |
|
|
(4,619 |
) |
|
Increase in short-term and long-term deferred revenues |
|
10,212 |
|
|
37,478 |
|
|
Decrease in employees and payroll accruals |
|
(17,868 |
) |
|
(12,394 |
) |
|
Increase in accrued expenses and other current and long-term liabilities |
|
614 |
|
|
671 |
|
|
Changes in operating lease liabilities |
|
(4,773 |
) |
|
(4,153 |
) |
|
Net cash provided by (used in) operating activities |
|
(5,047 |
) |
|
112,978 |
|
|
Cash flows from investing activities: | |||||||
Investment in short and long term deposits |
|
(87,318 |
) |
|
(170,820 |
) |
|
Proceeds from short and long term deposits |
|
178,603 |
|
|
292,675 |
|
|
Investment in marketable securities |
|
(228,232 |
) |
|
(129,480 |
) |
|
Proceeds from sales and maturities of marketable securities and other |
|
181,569 |
|
|
181,482 |
|
|
Purchase of property and equipment |
|
(3,522 |
) |
|
(4,485 |
) |
|
Net cash provided by investing activities |
|
41,100 |
|
|
169,372 |
|
|
Cash flows from financing activities: | |||||||
Proceeds from (payment of) withholding tax related to employee stock plans |
|
5,213 |
|
|
(7,361 |
) |
|
Proceeds from exercise of stock options |
|
777 |
|
|
3,845 |
|
|
Proceeds in connection with employees stock purchase plan |
|
7,695 |
|
|
9,771 |
|
|
Net cash provided by financing activities |
|
13,685 |
|
|
6,255 |
|
|
Increase in cash and cash equivalents |
|
49,738 |
|
|
288,605 |
|
|
Effect of exchange rate differences on cash and cash equivalents |
|
(892 |
) |
|
(3,524 |
) |
|
Cash and cash equivalents at the beginning of the period |
|
347,338 |
|
|
355,933 |
|
|
Cash and cash equivalents at the end of the period | $ |
396,184 |
|
$ |
641,014 |
|
|
CYBERARK SOFTWARE LTD. | ||||||||||||||||
Reconciliation of GAAP Measures to Non-GAAP Measures | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Reconciliation of Net cash provided by (used in) operating activities to Free cash flow: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
||
Net cash provided by (used in) operating activities | $ |
(10,868 |
) |
$ |
44,343 |
|
$ |
(5,047 |
) |
$ |
112,978 |
|
||||
Less: | ||||||||||||||||
Purchase of property and equipment |
|
(1,747 |
) |
|
(2,620 |
) |
|
(3,522 |
) |
|
(4,485 |
) |
||||
Free cash flow | $ |
(12,615 |
) |
$ |
41,723 |
|
$ |
(8,569 |
) |
$ |
108,493 |
|
||||
GAAP net cash provided by investing activities |
|
35,816 |
|
|
152,476 |
|
|
41,100 |
|
|
169,372 |
|
||||
GAAP net cash provided by financing activities |
|
8,468 |
|
|
4,376 |
|
|
13,685 |
|
|
6,255 |
|
||||
Reconciliation of Gross Profit to Non-GAAP Gross Profit: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
||
Gross profit | $ |
137,076 |
|
$ |
179,688 |
|
$ |
262,809 |
|
$ |
358,830 |
|
||||
Plus: | ||||||||||||||||
Share-based compensation (1) |
|
4,379 |
|
|
5,413 |
|
|
8,332 |
|
|
10,233 |
|
||||
Amortization of share-based compensation capitalized in software development costs (3) |
|
103 |
|
|
81 |
|
|
206 |
|
|
153 |
|
||||
Amortization of intangible assets (2) |
|
1,705 |
|
|
1,705 |
|
|
3,409 |
|
|
3,409 |
|
||||
Non-GAAP gross profit | $ |
143,263 |
|
$ |
186,887 |
|
$ |
274,756 |
|
$ |
372,625 |
|
||||
Reconciliation of Operating Expenses to Non-GAAP Operating Expenses: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
||
Operating expenses | $ |
176,974 |
|
$ |
203,664 |
|
$ |
348,833 |
|
$ |
389,184 |
|
||||
Less: | ||||||||||||||||
Share-based compensation (1) |
|
27,991 |
|
|
35,118 |
|
|
55,634 |
|
|
67,797 |
|
||||
Amortization of intangible assets (2) |
|
134 |
|
|
125 |
|
|
271 |
|
|
250 |
|
||||
Acquisition related expenses |
|
- |
|
|
5,281 |
|
|
- |
|
|
5,281 |
|
||||
Non-GAAP operating expenses | $ |
148,849 |
|
$ |
163,140 |
|
$ |
292,928 |
|
$ |
315,856 |
|
||||
Reconciliation of Operating Loss to Non-GAAP Operating Income (Loss): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
||
Operating loss | $ |
(39,898 |
) |
$ |
(23,976 |
) |
$ |
(86,024 |
) |
$ |
(30,354 |
) |
||||
Plus: | ||||||||||||||||
Share-based compensation (1) |
|
32,370 |
|
|
40,531 |
|
|
63,966 |
|
|
78,030 |
|
||||
Amortization of share-based compensation capitalized in software development costs (3) |
|
103 |
|
|
81 |
|
|
206 |
|
|
153 |
|
||||
Amortization of intangible assets (2) |
|
1,839 |
|
|
1,830 |
|
|
3,680 |
|
|
3,659 |
|
||||
Acquisition related expenses |
|
- |
|
|
5,281 |
|
|
- |
|
|
5,281 |
|
||||
Non-GAAP operating income (loss) | $ |
(5,586 |
) |
$ |
23,747 |
|
$ |
(18,172 |
) |
$ |
56,769 |
|
||||
Reconciliation of Net Loss to Non-GAAP Net Income (Loss): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
||
Net loss | $ |
(25,778 |
) |
$ |
(12,923 |
) |
$ |
(60,806 |
) |
$ |
(7,453 |
) |
||||
Plus: | ||||||||||||||||
Share-based compensation (1) |
|
32,370 |
|
|
40,531 |
|
|
63,966 |
|
|
78,030 |
|
||||
Amortization of share-based compensation capitalized in software development costs (3) |
|
103 |
|
|
81 |
|
|
206 |
|
|
153 |
|
||||
Amortization of intangible assets (2) |
|
1,839 |
|
|
1,830 |
|
|
3,680 |
|
|
3,659 |
|
||||
Acquisition related expenses |
|
- |
|
|
5,281 |
|
|
- |
|
|
5,281 |
|
||||
Amortization of debt discount and issuance costs |
|
748 |
|
|
752 |
|
|
1,496 |
|
|
1,504 |
|
||||
Gain from investment in privately held companies |
|
(294 |
) |
|
- |
|
|
(294 |
) |
|
- |
|
||||
Taxes on income related to non-GAAP adjustments |
|
(7,708 |
) |
|
(9,457 |
) |
|
(13,914 |
) |
|
(19,209 |
) |
||||
Non-GAAP net income (loss) | $ |
1,280 |
|
$ |
26,095 |
|
$ |
(5,666 |
) |
$ |
61,965 |
|
||||
Non-GAAP net income (loss) per share | ||||||||||||||||
Basic | $ |
0.03 |
|
$ |
0.61 |
|
$ |
(0.14 |
) |
$ |
1.45 |
|
||||
Diluted | $ |
0.03 |
|
$ |
0.54 |
|
$ |
(0.14 |
) |
$ |
1.30 |
|
||||
Weighted average number of shares | ||||||||||||||||
Basic |
|
41,599,364 |
|
|
42,948,191 |
|
|
41,384,895 |
|
|
42,689,375 |
|
||||
Diluted |
|
46,065,943 |
|
|
47,900,949 |
|
|
41,384,895 |
|
|
47,804,286 |
|
||||
(1) Share-based Compensation : | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
||
Cost of revenues - Subscription | $ |
978 |
|
$ |
1,617 |
|
$ |
1,810 |
|
$ |
3,029 |
|
||||
Cost of revenues - Perpetual license |
|
12 |
|
|
7 |
|
|
19 |
|
|
12 |
|
||||
Cost of revenues - Maintenance and Professional services |
|
3,389 |
|
|
3,789 |
|
|
6,503 |
|
|
7,192 |
|
||||
Research and development |
|
7,192 |
|
|
8,157 |
|
|
13,930 |
|
|
15,717 |
|
||||
Sales and marketing |
|
13,595 |
|
|
16,912 |
|
|
28,190 |
|
|
31,791 |
|
||||
General and administrative |
|
7,204 |
|
|
10,049 |
|
|
13,514 |
|
|
20,289 |
|
||||
Total share-based compensation | $ |
32,370 |
|
$ |
40,531 |
|
$ |
63,966 |
|
$ |
78,030 |
|
||||
(2) Amortization of intangible assets : | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
||
Cost of revenues - Subscription | $ |
1,705 |
|
$ |
1,705 |
|
$ |
3,409 |
|
$ |
3,409 |
|
||||
Sales and marketing |
|
134 |
|
|
125 |
|
|
271 |
|
|
250 |
|
||||
Total amortization of intangible assets | $ |
1,839 |
|
$ |
1,830 |
|
$ |
3,680 |
|
$ |
3,659 |
|
||||
(3) Classified as Cost of revenues - Subscription. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240808754290/en/
Investor Relations Contact:
Srinivas Anantha, CFA
CyberArk
617-558-2132
ir@cyberark.com
Media Contact:
Nick Bowman
CyberArk
+44 (0) 7841 673378
press@cyberark.com
Source: CyberArk
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