CyberArk Announces Strong Third Quarter 2021 Results
CyberArk (NASDAQ: CYBR) reported strong Q3 2021 results, with total revenue of $121.6 million, a 14% increase year-over-year. Subscription revenue soared 143% to $35.3 million. ARR reached $344 million, up 38%, and subscription bookings now comprise 72% of total license bookings. Despite a GAAP operating loss of ($27.7 million), the company expressed confidence in ongoing growth. CyberArk was recognized as a leader in Identity-as-a-Service by Forrester. Guidance for Q4 2021 suggests revenue between $140 million and $148 million.
- Subscription revenue increased by 143% YoY, reaching $35.3 million.
- Annual Recurring Revenue (ARR) grew by 38% to $344 million.
- 72% of total license bookings were from subscriptions, up from 45% YoY.
- Added over 230 new customers in Q3 2021.
- CyberArk named a Leader in Forrester's Wave report for Identity-as-a-Service.
- GAAP operating loss of ($27.7 million) for Q3.
- GAAP net loss of ($29.1 million), or ($0.73) per share.
Total Revenue of
Subscription Bookings Mix Reaches
Subscription Portion of Annual Recurring Revenue (ARR) of
Total ARR of
“We had another amazing quarter as the momentum in our business continued to accelerate,” said
Financial Summary for the Third Quarter Ended
-
Subscription revenue was
$35.3 million $14.5 million -
Maintenance and professional services revenue was
$63.3 million $58.9 million -
Total revenue was
$121.6 million $106.6 million -
GAAP operating loss was
$(27.7) million $0.1 million -
GAAP net loss was
$(29.1) million $(0.73) $(2.4) million $(0.06)
Balance Sheet and Net Cash Provided by Operating Activities
-
As of
September 30, 2021 ,CyberArk had$1.2 billion -
During the nine months ended
September 30, 2021 , the Company generated$54.3 million $67.8 million -
As of
September 30, 2021 , total deferred revenue was$280.9 million $227.6 million September 30, 2020 .
Key Performance Indicators
-
Annual Recurring Revenue (ARR) was
$344 million $250 million September 30, 2020 .-
The subscription portion of ARR was
$139 million September 30, 2021 . This represents an increase of 131 percent from$60 million September 30, 2020 . -
The Maintenance portion of ARR was
$206 million September 30, 2021 , compared to$189 million September 30, 2020 .
-
The subscription portion of ARR was
-
Recurring revenue was
$88.9 million $62.9 million - 72 percent of total license bookings were related to subscription bookings, compared with 45 percent in the third quarter of 2020.
- Added more than 230 new customers during the third quarter of 2021.
Recent Developments
-
CyberArk was named a Leader in “TheForrester Wave ™: Identity-as-a-Service (IDaaS) For Enterprise, Q3 2021”(1) report.CyberArk received the highest possible scores in eight evaluation criteria recognizing, in our opinion, our market leading approach to Identity and Access Management.
Business Outlook
Based on information available as of
Fourth Quarter 2021:
-
Total revenue between
$140.0 million $148.0 million -
Non-GAAP operating income is expected to be in the range of
$5.5 million $11.5 million -
Non-GAAP net income per share is expected to be in the range of
$0.06 $0.21 - Assumes 41.7 million weighted average diluted shares.
Full Year 2021:
-
Total revenue is expected to be in the range of
$491.6 million $499.6 million -
Non-GAAP operating income is expected to be in the range of
$13.1 million $19.1 million -
Non-GAAP net income per share is expected to be in the range of
$0.11 $0.25 - Assumes 40.9 million weighted average diluted shares.
(1) |
The Forrester Wave™: Identity-As-A-Service For Enterprise, Q3 2021 by |
Conference Call Information
In conjunction with this announcement,
Following the conference call, a replay will be available for one week at +1 (800) 585-8367 (
About
Copyright © 2021
Financial Presentation
Beginning in the first quarter of 2021,
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, amortization of intangible assets related to acquisitions and acquisition related expenses.
- Non-GAAP operating expense is calculated as GAAP operating expenses excluding share-based compensation expense, facility exit and transition costs, acquisition related expenses and amortization of intangible assets related to acquisitions.
- Non-GAAP operating income is calculated as GAAP operating loss excluding share-based compensation expense, facility exit and transition costs, acquisition related expenses and amortization of intangible assets related to acquisitions.
- Non-GAAP net income (loss) is calculated as GAAP net loss excluding share-based compensation expense, facility exit and transition costs, acquisition related expenses, amortization of intangible assets related to acquisitions, amortization of debt discount and issuance costs, and the tax effect of non-GAAP adjustments and IP transfer.
- Free cash flow is calculated as net cash provided by operating activities less purchase of property and equipment.
The Company believes that providing non-GAAP financial measures that are adjusted by, as applicable, share-based compensation expense, facility exit and transition costs, acquisition related expenses, amortization of intangible assets related to acquisitions, non-cash interest expense related to the amortization of debt discount and issuance cost, the tax effect of the non-GAAP adjustments and IP transfer, and purchase of property and equipment allows for more meaningful comparisons of its period to period operating results. Share-based compensation expense has been, and will continue to be for the foreseeable future, a significant recurring expense in the Company’s business and an important part of the compensation provided to its employees. Share based compensation expense has varying available valuation methodologies, subjective assumptions and a variety of equity instruments that can impact a company’s non-cash expense. The Company believes that expenses related to its facility exits, acquisitions, amortization of intangible assets related to acquisitions and non-cash interest expense related to the amortization of debt discount and issuance costs do not reflect the performance of its core business and impact period-to-period comparability. The Company believes free cash flow is a liquidity measure that, after the purchase of property and equipment, provides useful information about the amount of cash generated by the business.
Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in the Company’s industry, as other companies in the industry may calculate non-GAAP financial results differently, particularly related to non-recurring, unusual items. In addition, there are limitations in using non-GAAP financial measures as they exclude expenses that may have a material impact on the Company’s reported financial results. The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with
Guidance for non-GAAP financial measures excludes, as applicable, share-based compensation expense, facility exit costs, acquisition related expenses, amortization of intangible assets related to acquisitions, non-cash interest expense related to the amortization of debt discount and issuance costs and the tax effect of the non-GAAP adjustments and IP transfer. A reconciliation of the non-GAAP financial measures guidance to the corresponding GAAP measures is not available on a forward-looking basis due to the uncertainty regarding, and the potential variability and significance of, the amounts of share-based compensation expense, amortization of intangible assets related to acquisitions, and the non-recurring expenses that are excluded from the guidance. Accordingly, a reconciliation of the non-GAAP financial measures guidance to the corresponding GAAP measures for future periods is not available without unreasonable effort.
Cautionary Language Concerning Forward-Looking Statements
This release contains forward-looking statements, which express the current beliefs and expectations of CyberArk’s (the “Company”) management. In some cases, forward-looking statements may be identified by terminology such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential” or the negative of these terms or other similar expressions. Such statements involve a number of known and unknown risks and uncertainties that could cause the Company’s future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to: the duration and scope of the COVID-19 pandemic and the impact of the pandemic and actions taken in response, on global and regional economies and economic activity and the resulting impact on the demand for the Company’s solutions and on its expected revenue growth rates and costs; the Company’s ability to adjust its operations in response to impacts from the COVID-19 pandemic; difficulties predicting future financial results, including due to impacts from the COVID-19 pandemic; the Company’s plan to begin actively transitioning its business to a recurring revenue model in 2021; and the Company’s ability to complete the transition in the time frame expected; the Company’s ability to meet financial and operating targets during the transition period and after the transition is complete; changes to the drivers of the Company’s growth and our ability to adapt our solutions to IT security market demands; the Company’s ability to sell into existing and new industry verticals; the Company’s sales cycles and multiple licensing models may cause results to fluctuate; the Company’s ability to sell into existing customers; potential changes in the Company’s operating and net profit margins and the Company’s revenue growth rate; the Company’s ability to successfully find, complete, fully integrate and achieve the expected benefits of future acquisitions, including the Company’s ability to integrate and achieve the expected benefits of
| Consolidated Statements of Operations | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
Three Months Ended |
|
Nine Months Ended |
||||||||||||||
|
|
|
||||||||||||||
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
||
| Revenues: | ||||||||||||||||
| Subcription | $ |
14,538 |
|
$ |
35,290 |
|
$ |
36,795 |
|
$ |
87,071 |
|
||||
| Perpetual license |
|
33,102 |
|
|
23,041 |
|
|
112,620 |
|
|
77,064 |
|
||||
| Maintenance and professional services |
|
58,949 |
|
|
63,270 |
|
|
170,497 |
|
|
187,462 |
|
||||
| Total revenues |
|
106,589 |
|
|
121,601 |
|
|
319,912 |
|
|
351,597 |
|
||||
| Cost of revenues: | ||||||||||||||||
| Subcription |
|
5,667 |
|
|
6,457 |
|
|
12,224 |
|
|
17,714 |
|
||||
| Perpetual license |
|
1,102 |
|
|
936 |
|
|
3,560 |
|
|
2,925 |
|
||||
| Maintenance and professional services |
|
15,619 |
|
|
16,022 |
|
|
44,079 |
|
|
46,972 |
|
||||
| Total cost of revenues |
|
22,388 |
|
|
23,415 |
|
|
59,863 |
|
|
67,611 |
|
||||
| Gross profit |
|
84,201 |
|
|
98,186 |
|
|
260,049 |
|
|
283,986 |
|
||||
| Operating expenses: | ||||||||||||||||
| Research and development |
|
24,609 |
|
|
38,014 |
|
|
68,767 |
|
|
101,374 |
|
||||
| Sales and marketing |
|
55,418 |
|
|
69,596 |
|
|
158,961 |
|
|
196,837 |
|
||||
| General and administrative |
|
14,649 |
|
|
18,305 |
|
|
45,104 |
|
|
52,263 |
|
||||
| Total operating expenses |
|
94,676 |
|
|
125,915 |
|
|
272,832 |
|
|
350,474 |
|
||||
| Operating loss |
|
(10,475 |
) |
|
(27,729 |
) |
|
(12,783 |
) |
|
(66,488 |
) |
||||
| Financial expense, net |
|
(1,453 |
) |
|
(3,686 |
) |
|
(3,662 |
) |
|
(9,747 |
) |
||||
| Loss before taxes on income |
|
(11,928 |
) |
|
(31,415 |
) |
|
(16,445 |
) |
|
(76,235 |
) |
||||
| Tax benefit (taxes on income) |
|
(3,954 |
) |
|
2,309 |
|
|
(1,367 |
) |
|
9,176 |
|
||||
| Net loss | $ |
(15,882 |
) |
$ |
(29,106 |
) |
$ |
(17,812 |
) |
$ |
(67,059 |
) |
||||
| Basic loss per ordinary share, net | $ |
(0.41 |
) |
$ |
(0.73 |
) |
$ |
(0.46 |
) |
$ |
(1.70 |
) |
||||
| Diluted loss per ordinary share, net | $ |
(0.41 |
) |
$ |
(0.73 |
) |
$ |
(0.46 |
) |
$ |
(1.70 |
) |
||||
| Shares used in computing net loss | ||||||||||||||||
| per ordinary shares, basic |
|
38,797,347 |
|
|
39,848,343 |
|
|
38,532,563 |
|
|
39,531,960 |
|
||||
| Shares used in computing net loss | ||||||||||||||||
| per ordinary shares, diluted |
|
38,797,347 |
|
|
39,848,343 |
|
|
38,532,563 |
|
|
39,531,960 |
|
||||
|
||||||
Consolidated Balance Sheets |
||||||
|
||||||
(Unaudited) |
||||||
|
|
|
||||
|
2020 |
|
|
2021 |
||
| ASSETS | ||||||
| CURRENT ASSETS: | ||||||
| Cash and cash equivalents | $ |
499,992 |
$ |
435,809 |
||
| Short-term bank deposits |
|
256,143 |
|
329,932 |
||
| Marketable securities |
|
196,856 |
|
212,588 |
||
| Trade receivables |
|
93,128 |
|
81,447 |
||
| Prepaid expenses and other current assets |
|
15,312 |
|
21,306 |
||
| Total current assets |
|
1,061,431 |
|
1,081,082 |
||
| LONG-TERM ASSETS: | ||||||
| Marketable securities |
|
202,190 |
|
229,448 |
||
| Property and equipment, net |
|
18,537 |
|
19,874 |
||
| Intangible assets, net |
|
23,676 |
|
19,320 |
||
|
123,717 |
|
123,717 |
|||
| Other long-term assets |
|
99,992 |
|
105,520 |
||
| Deferred tax asset |
|
32,809 |
|
46,695 |
||
| Total long-term assets |
|
500,921 |
|
544,574 |
||
| TOTAL ASSETS | $ |
1,562,352 |
$ |
1,625,656 |
||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
| CURRENT LIABILITIES: | ||||||
| Trade payables | $ |
8,250 |
$ |
9,692 |
||
| Employees and payroll accruals |
|
52,169 |
|
60,155 |
||
| Accrued expenses and other current liabilities |
|
24,915 |
|
22,726 |
||
| Deferred revenues |
|
161,679 |
|
202,233 |
||
| Total current liabilities |
|
247,013 |
|
294,806 |
||
| LONG-TERM LIABILITIES: | ||||||
| Convertible senior notes, net |
|
502,302 |
|
515,588 |
||
| Deferred revenues |
|
80,829 |
|
78,628 |
||
| Other long-term liabilities |
|
24,920 |
|
21,256 |
||
| Total long-term liabilities |
|
608,051 |
|
615,472 |
||
| TOTAL LIABILITIES |
|
855,064 |
|
910,278 |
||
| SHAREHOLDERS' EQUITY: | ||||||
| Ordinary shares of |
|
101 |
|
104 |
||
| Additional paid-in capital |
|
481,992 |
|
559,851 |
||
| Accumulated other comprehensive income |
|
4,175 |
|
1,462 |
||
| Retained earnings |
|
221,020 |
|
153,961 |
||
| Total shareholders' equity |
|
707,288 |
|
715,378 |
||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ |
1,562,352 |
$ |
1,625,656 |
||
|
|||||||||
Consolidated Statements of Cash Flows |
|||||||||
|
|||||||||
(Unaudited) |
|||||||||
Nine Months Ended |
|||||||||
|
|||||||||
|
2020 |
|
|
|
2021 |
|
|||
| Cash flows from operating activities: | |||||||||
| Net loss | $ |
(17,812 |
) |
$ |
(67,059 |
) |
|||
| Adjustments to reconcile net loss to net cash | |||||||||
| provided by operating activities: | |||||||||
| Depreciation and amortization |
|
10,956 |
|
|
10,523 |
|
|||
| Amortization of premium and accretion of discount on marketable securities, net |
|
1,422 |
|
|
5,593 |
|
|||
| Share-based compensation |
|
53,375 |
|
|
68,774 |
|
|||
| Deferred income taxes, net |
|
(2,531 |
) |
|
(11,928 |
) |
|||
| Decrease in trade receivables |
|
12,479 |
|
|
11,681 |
|
|||
| Amortization of debt discount and issuance costs |
|
12,831 |
|
|
13,285 |
|
|||
| Increase in prepaid expenses, other current and long-term assets and others |
|
(14,974 |
) |
|
(14,049 |
) |
|||
| Increase (decrease) in trade payables |
|
(1,528 |
) |
|
1,628 |
|
|||
| Increase in short-term and long-term deferred revenues |
|
30,537 |
|
|
38,353 |
|
|||
| Increase (decrease) in employees and payroll accruals |
|
(5,130 |
) |
|
3,385 |
|
|||
| Decrease in accrued expenses and other current and long-term liabilities |
|
(11,804 |
) |
|
(5,883 |
) |
|||
| Net cash provided by operating activities |
|
67,821 |
|
|
54,303 |
|
|||
| Cash flows from investing activities: | |||||||||
| Investment in short and long term deposits, net |
|
(85,092 |
) |
|
(73,832 |
) |
|||
| Investment in marketable securities |
|
(349,755 |
) |
|
(221,347 |
) |
|||
| Proceeds from sales and maturities of marketable securities |
|
148,121 |
|
|
170,511 |
|
|||
| Purchase of property and equipment |
|
(4,937 |
) |
|
(7,187 |
) |
|||
| Payments for business acquisitions, net of cash acquired |
|
(68,603 |
) |
|
- |
|
|||
| Net cash used in investing activities |
|
(360,266 |
) |
|
(131,855 |
) |
|||
| Cash flows from financing activities: | |||||||||
| Proceeds from (payment of) withholding tax related to employee stock plans |
|
(439 |
) |
|
4,498 |
|
|||
| Proceeds from exercise of stock options |
|
7,604 |
|
|
9,608 |
|
|||
| Net cash provided by financing activities |
|
7,165 |
|
|
14,106 |
|
|||
| Decrease in cash, cash equivalents and restricted cash |
|
(285,280 |
) |
|
(63,446 |
) |
|||
| Effect of exchange rate differences on cash, cash equivalents and restricted cash |
|
- |
|
|
(788 |
) |
|||
| Cash, cash equivalents and restricted cash at the beginning of the period |
|
792,413 |
|
|
500,044 |
|
|||
| Cash, cash equivalents and restricted cash at the end of the period | $ |
507,133 |
|
$ |
435,810 |
|
|||
| Reconciliation of GAAP Measures to Non-GAAP Measures | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Reconciliation of Net cash provided by operating activities to Free cash flow: | ||||||||||||||||
Three Months Ended |
|
Nine Months Ended |
||||||||||||||
|
|
|
||||||||||||||
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
||
| Net cash provided by operating activities | $ |
14,533 |
|
$ |
4,801 |
|
$ |
67,821 |
|
$ |
54,303 |
|
||||
| Less: | ||||||||||||||||
| Purchase of property and equipment |
|
(2,063 |
) |
|
(2,862 |
) |
|
(4,937 |
) |
|
(7,187 |
) |
||||
| Free cash flow | $ |
12,470 |
|
$ |
1,939 |
|
$ |
62,884 |
|
$ |
47,116 |
|
||||
| GAAP net cash used in investing activities |
|
(60,796 |
) |
|
(2,068 |
) |
|
(360,266 |
) |
|
(131,855 |
) |
||||
| GAAP net cash provided by financing activities |
|
1,643 |
|
|
6,648 |
|
|
7,165 |
|
|
14,106 |
|
||||
| Reconciliation of Gross Profit to Non-GAAP Gross Profit: | ||||||||||||||||
Three Months Ended |
|
Nine Months Ended |
||||||||||||||
|
|
|
||||||||||||||
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
||
| Gross profit | $ |
84,201 |
|
$ |
98,186 |
|
$ |
260,049 |
|
$ |
283,986 |
|
||||
| Plus: | ||||||||||||||||
| Share-based compensation (1) |
|
2,573 |
|
|
2,984 |
|
|
6,325 |
|
|
7,991 |
|
||||
| Amortization of share-based compensation capitalized in software development costs (3) |
|
- |
|
|
65 |
|
|
- |
|
|
172 |
|
||||
| Amortization of intangible assets (2) |
|
2,654 |
|
|
1,277 |
|
|
5,829 |
|
|
3,833 |
|
||||
| Acquisition related expenses |
|
46 |
|
|
- |
|
|
447 |
|
|
- |
|
||||
| Non-GAAP gross profit | $ |
89,474 |
|
$ |
102,512 |
|
$ |
272,650 |
|
$ |
295,982 |
|
||||
| Reconciliation of Operating Expenses to Non-GAAP Operating Expenses: | ||||||||||||||||
Three Months Ended |
|
Nine Months Ended |
||||||||||||||
|
|
|
||||||||||||||
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
||
| Operating expenses | $ |
94,676 |
|
$ |
125,915 |
|
$ |
272,832 |
|
$ |
350,474 |
|
||||
| Less: | ||||||||||||||||
| Share-based compensation (1) |
|
17,743 |
|
|
23,358 |
|
|
47,050 |
|
|
60,783 |
|
||||
| Amortization of intangible assets (2) |
|
205 |
|
|
175 |
|
|
478 |
|
|
523 |
|
||||
| Acquisition related expenses |
|
224 |
|
|
- |
|
|
4,079 |
|
|
- |
|
||||
| Facility exit and transition costs |
|
140 |
|
|
- |
|
|
140 |
|
|
760 |
|
||||
| Non-GAAP operating expenses | $ |
76,364 |
|
$ |
102,382 |
|
$ |
221,085 |
|
$ |
288,408 |
|
||||
| Reconciliation of Operating Loss to Non-GAAP Operating Income: | ||||||||||||||||
Three Months Ended |
|
Nine Months Ended |
||||||||||||||
|
|
|
||||||||||||||
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
||
| Operating loss | $ |
(10,475 |
) |
$ |
(27,729 |
) |
$ |
(12,783 |
) |
$ |
(66,488 |
) |
||||
| Plus: | ||||||||||||||||
| Share-based compensation (1) |
|
20,316 |
|
|
26,342 |
|
|
53,375 |
|
|
68,774 |
|
||||
| Amortization of share-based compensation capitalized in software development costs (3) |
|
- |
|
|
65 |
|
|
- |
|
|
172 |
|
||||
| Amortization of intangible assets (2) |
|
2,859 |
|
|
1,452 |
|
|
6,307 |
|
|
4,356 |
|
||||
| Acquisition related expenses |
|
270 |
|
|
- |
|
|
4,526 |
|
|
- |
|
||||
| Facility exit and transition costs |
|
140 |
|
|
- |
|
|
140 |
|
|
760 |
|
||||
| Non-GAAP operating income | $ |
13,110 |
|
$ |
130 |
|
$ |
51,565 |
|
$ |
7,574 |
|
||||
| Reconciliation of Net Loss to Non-GAAP Net Income (loss): | ||||||||||||||||
Three Months Ended |
|
Nine Months Ended |
||||||||||||||
|
|
|
||||||||||||||
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
||
| Net loss | $ |
(15,882 |
) |
$ |
(29,106 |
) |
$ |
(17,812 |
) |
$ |
(67,059 |
) |
||||
| Plus: | ||||||||||||||||
| Share-based compensation (1) |
|
20,316 |
|
|
26,342 |
|
|
53,375 |
|
|
68,774 |
|
||||
| Amortization of share-based compensation capitalized in software development costs (3) |
|
- |
|
|
65 |
|
|
- |
|
|
172 |
|
||||
| Amortization of intangible assets (2) |
|
2,859 |
|
|
1,452 |
|
|
6,307 |
|
|
4,356 |
|
||||
| Acquisition related expenses |
|
270 |
|
|
- |
|
|
4,526 |
|
|
- |
|
||||
| Facility exit and transition costs |
|
140 |
|
|
- |
|
|
140 |
|
|
760 |
|
||||
| Amortization of debt discount and issuance costs |
|
4,314 |
|
|
4,467 |
|
|
12,831 |
|
|
13,285 |
|
||||
| Taxes on income related to non-GAAP adjustments |
|
(4,878 |
) |
|
(5,651 |
) |
|
(15,956 |
) |
|
(18,637 |
) |
||||
| Intra-entity IP transfer tax effect, net |
|
5,036 |
|
|
- |
|
|
5,036 |
|
|
- |
|
||||
| Non-GAAP net income (loss) | $ |
12,175 |
|
$ |
(2,431 |
) |
$ |
48,447 |
|
$ |
1,651 |
|
||||
| Non-GAAP net income (loss) per share | ||||||||||||||||
| Basic | $ |
0.31 |
|
$ |
(0.06 |
) |
$ |
1.26 |
|
$ |
0.04 |
|
||||
| Diluted | $ |
0.31 |
|
$ |
(0.06 |
) |
$ |
1.23 |
|
$ |
0.04 |
|
||||
| Weighted average number of shares | ||||||||||||||||
| Basic |
|
38,797,347 |
|
|
39,848,343 |
|
|
38,532,563 |
|
|
39,531,960 |
|
||||
| Diluted |
|
39,634,165 |
|
|
39,848,343 |
|
|
39,424,949 |
|
|
40,609,680 |
|
||||
| (1) Share-based Compensation : | ||||||||||||||||
Three Months Ended |
|
Nine Months Ended |
||||||||||||||
|
|
|
||||||||||||||
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
||
| Cost of revenues - Subscription | $ |
191 |
|
$ |
216 |
|
$ |
428 |
|
$ |
544 |
|
||||
| Cost of revenues - Perpetual license |
|
48 |
|
|
54 |
|
|
120 |
|
|
168 |
|
||||
| Cost of revenues - Maintenance and Professional services |
|
2,334 |
|
|
2,714 |
|
|
5,777 |
|
|
7,279 |
|
||||
| Research and development |
|
4,223 |
|
|
5,591 |
|
|
10,606 |
|
|
14,878 |
|
||||
| Sales and marketing |
|
8,070 |
|
|
10,856 |
|
|
21,223 |
|
|
27,620 |
|
||||
| General and administrative |
|
5,450 |
|
|
6,911 |
|
|
15,221 |
|
|
18,285 |
|
||||
| Total share-based compensation | $ |
20,316 |
|
$ |
26,342 |
|
$ |
53,375 |
|
$ |
68,774 |
|
||||
| (2) Amortization of intangible assets : | ||||||||||||||||
Three Months Ended |
|
Nine Months Ended |
||||||||||||||
|
|
|
||||||||||||||
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
||
| Cost of revenues - Subscription | $ |
2,279 |
|
$ |
1,111 |
|
$ |
4,716 |
|
$ |
3,311 |
|
||||
| Cost of revenues - Perpetual license |
|
375 |
|
|
166 |
|
|
1,113 |
|
|
522 |
|
||||
| Sales and marketing |
|
205 |
|
|
175 |
|
|
478 |
|
|
523 |
|
||||
| Total amortization of intangible assets | $ |
2,859 |
|
$ |
1,452 |
|
$ |
6,307 |
|
$ |
4,356 |
|
||||
| (3) Classified as Cost of revenues - Subscription. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20211104005626/en/
Investor:
Phone: +1 617-558-2132
ir@cyberark.com
Media:
Phone: +1-617-558-2191
press@cyberark.com
Source:
FAQ
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