NEWTON, Mass. & PETACH TIKVAH, Israel--(BUSINESS WIRE)--Nov. 12, 2014--
CyberArk,
(NASDAQ:CYBR), the company that protects organizations from cyber
attacks that have made their way inside the network perimeter, today
announced financial results for the third quarter ended September 30,
2014.
Udi Mokady, CyberArk CEO, said, “We are very pleased with our strong
performance in the third quarter, the first quarter we have completed as
a public company. Our solid execution, combined with our
industry-leading solutions and our profitable, scalable go-to-market
model continue to drive our success across the diverse set of customers
in our large and under-penetrated available market.”
Financial Highlights for the Third Quarter Ended September 30, 2014
Revenue:
-
Total revenue was $28.0 million, up 66% year-over-year compared with
the third quarter of 2013. For the first nine months of 2014, total
revenue increased 45% compared with the first nine months of 2013.
-
License revenue was $16.6 million, up 67% compared with the third
quarter of 2013.
-
Maintenance and Professional Services revenue was $11.3 million, up
64% year-over-year.
Operating Income:
-
GAAP operating income was $7.7 million for the quarter, compared to
$3.0 million in the third quarter of 2013.
-
Non-GAAP operating income was $8.4 million for the quarter, compared
to $3.1 million in the third quarter of 2013. Non-GAAP operating
income for the third quarter of 2014 excludes $0.7 million of
stock-based compensation expense, compared with $0.1 million in the
third quarter of 2013.
Net Income:
-
GAAP net income was $3.3 million, compared to GAAP income of $2.5
million in the third quarter of 2013. GAAP net income for the third
quarter of 2014 includes $1.9 million in warrant expense, compared
with $0.7 million in the third quarter of 2013.
-
GAAP net income per share was $0.11, compared to GAAP net income per
share of $0.09 in the third quarter of 2013, based on 29.5 million and
27.0 million diluted shares outstanding, respectively.
-
Non-GAAP net income was $5.9 million, compared to $3.3 million in the
third quarter of 2013.
-
Non-GAAP net income per share was $0.20, compared to income per share
of $0.12 in the third quarter of 2013, based on 29.5 million and 27.0
million diluted shares outstanding, respectively.
The tables at the end of this press release include a reconciliation of
GAAP to non-GAAP operating income and net income for the three and nine
months ended September 30, 2014 and 2013. An explanation of these
measures is also included below under the heading “Non-GAAP Financial
Measures.”
Balance Sheet and Cash Flow:
-
As of September 30, 2014, CyberArk had $169.0 million in cash and cash
equivalents and short-term deposits inclusive of $90.3 million raised
in the Company’s initial public offering which closed on September 29,
2014.
-
During the nine months ended September 30, 2014, the Company generated
$13.5 million in cash flow from operations compared to $13.2 million
during the first nine months of 2013.
Recent Business Highlights
-
Completed its initial public offering of 6,164,000 ordinary shares at
a price to the public of $16.00 per share, which includes 804,000
ordinary shares purchased pursuant to the full exercise of the
underwriters’ option to purchase additional shares. All of the shares
were offered by CyberArk.
-
Announced CyberArk Privileged Threat Analytics 2.0, an expert system
for privileged account security intelligence. The expanded analytics
includes new self-learning, behavior-based algorithms that enable
customers to detect attacks faster by pinpointing malicious privileged
account activity previously hidden in the sheer volume of information
collected by big data analytics solutions.
-
Introduced comprehensive Secure
Shell (SSH) key management with the release of version 9 of CyberArk
Privileged Account Security Solution. Customers can now secure and
manage SSH keys as well as other privileged credentials in a single,
integrated platform to protect against advanced external attackers and
malicious insiders.
Business Outlook
Based on information available as of November 12, 2014, CyberArk is
issuing guidance for the fourth quarter and full year 2014 as indicated
below.
Fourth Quarter 2014:
-
Total revenue is expected to be in the range of $26.0 million to $27.0
million which represents 30% to 35% year-over-year growth.
-
Non-GAAP operating income is expected to in the range of $1.6 million
to $2.5 million.
-
Non-GAAP income per share is expected to be in the range of $0.04 to
$0.06. This assumes 34.7 million diluted shares outstanding.
Full Year 2014:
-
Total revenue is expected to be in the range of $92.7 million to $93.7
million which represents 40% to 42% year-over-year growth.
-
Non-GAAP operating income is expected to in the range of $13.6 million
to $14.5 million.
-
Non-GAAP income per share is expected to be in the range of $0.33 to
$0.35. This assumes 30.0 million diluted shares outstanding.
Conference Call Information
CyberArk will host a conference call on Wednesday, November 12, 2014 at
5:00 p.m. Eastern Time (ET) to discuss the company’s third quarter
financial results and business outlook. To access this call, dial
888-481-2877 (domestic) or 719-325-2215 (international). The conference
ID is 6537013. Additionally, a live webcast of the conference call will
be available in the “Investor Relations” section of the Company’s web
site at www.cyberark.com.
Following the conference call, a replay will be available for one week
at 877-870-5176 (U.S.) or 858-384-5517 (international). The replay pass
code is 6537013. An archived webcast of this conference call will also
be available in the “Investor Relations” section of the Company’s web
site at www.cyberark.com.
About CyberArk
CyberArk (NASDAQ: CYBR) is the only security company focused on
eliminating the most advanced cyber threats; those that use insider
privileges to attack the heart of the enterprise. Dedicated to stopping
attacks before they stop business, CyberArk proactively secures against
cyber threats before attacks can escalate and do irreparable damage. The
company is trusted by the world’s leading companies – including more
than 35 percent of the Fortune 100 and 17 of the world’s top 20 banks –
to protect their highest value information assets, infrastructure and
applications. A global company, CyberArk is headquartered in Petach
Tikvah, Israel, with U.S. headquarters located in Newton, MA. The
company also has offices throughout EMEA and Asia-Pacific. To learn more
about CyberArk, visit www.cyberark.com.
Copyright © 2014 CyberArk Software. All Rights Reserved. All
other brand names, product names, or trademarks belong to their
respective holders.
Non-GAAP Financial Measures
CyberArk believes that the use of non-GAAP operating income and non-GAAP
net income is helpful to our investors. These financial measures are not
measures of our financial performance under U.S. GAAP and should not be
considered as alternatives to operating income or net income or any
other performance measures derived in accordance with GAAP.
• For the three and nine months ended September 30, 2014 and 2013,
non-GAAP operating income is calculated as operating income excluding
stock-based compensation expense.
• For the three and nine months ended September 30, 2014 and 2013,
non-GAAP net income is calculated as net income excluding (i)
stock-based compensation expense and (ii) financial expenses resulting
from the revaluation of warrants to purchase preferred shares.
Because of varying available valuation methodologies, subjective
assumptions and the variety of equity instruments that can impact a
company’s non-cash expense, the Company believes that providing non-GAAP
financial measures that exclude stock-based compensation expense allows
for more meaningful comparisons of our period to period operating
results. Stock-based compensation expense has been, and will continue to
be for the foreseeable future, a significant recurring expense in our
business and an important part of the compensation provided to our
employees. In addition, the Company believes that excluding financial
expenses with respect to revaluation of warrants to purchase preferred
shares allows for more meaningful comparison between our net income from
period to period, especially since upon the closing of the IPO, the
warrants were exercised for ordinary shares, and as a result, are no
longer evaluated at each balance sheet date. Each of these financial
measures is an important tool for financial and operational
decision-making and for evaluating our own operating results over
different periods of time.
Non-GAAP financial measures may not provide information that is directly
comparable to that provided by other companies in our industry, as other
companies in our 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 our 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 U.S
GAAP. CyberArk urges investors to review the reconciliation of our
non-GAAP financial measures to the comparable U.S. GAAP financial
measures included below, and not to rely on any single financial
measures to evaluate our business.
Cautionary Language Concerning Forward-Looking Statements
This release may contain forward-looking statements, which express
the current beliefs and expectations of our management. Such statements
involve a number of known and unknown risks and uncertainties that could
cause our 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:
changes in the new and rapidly evolving cyber threat landscape; our
failure to effectively manage our growth; fluctuations in our quarterly
results of operations; real or perceived shortcomings, defects or
vulnerabilities in our solution or the failure of our solution to meet
customers’ needs; our inability to acquire new customers or sell
additional products and services to existing customers; competition from
IT security vendors and other factors discussed under the heading “Risk
Factors” in the final prospectus for our initial public offering filed
with the Securities and Exchange Commission on September 24, 2014.
Forward-looking statements in this release are made pursuant to the safe
harbor provisions contained in the Private Securities Litigation Reform
Act of 1995. These forward-looking statements are made only as of the
date hereof, and we undertake no obligation to update or revise the
forward-looking statements, whether as a result of new information,
future events or otherwise.
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CYBERARK SOFTWARE LTD.
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Consolidated Statements of Operations
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3 Months Ended
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9 Months Ended
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Sep 30,
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Sep 30,
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2013
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2014
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2013
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2014
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(unaudited)
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(unaudited)
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Revenues:
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License
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$
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9,970
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$
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16,620
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$
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26,389
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$
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36,869
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Maintenance and professional services
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6,920
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11,341
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19,716
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29,825
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Total revenues
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16,890
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27,961
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46,105
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66,694
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Cost of revenues:
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License
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223
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462
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735
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1,823
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Maintenance and professional services
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1,920
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3,072
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|
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5,786
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8,372
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Total cost of revenues
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2,143
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3,534
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6,521
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10,195
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Gross profit
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14,747
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24,427
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39,584
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56,499
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Operating expenses:
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Research and development
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2,717
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3,658
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7,554
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10,237
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Sales and marketing
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7,876
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11,040
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22,433
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30,155
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General and administrative
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1,156
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2,041
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3,176
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5,159
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Total operating expenses
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11,749
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16,739
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33,163
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45,551
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|
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|
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Operating income
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2,998
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7,688
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6,421
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10,948
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Financial expenses, net
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(341
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)
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(2,952
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)
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(623
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)
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(5,433
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)
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Taxes on income
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(144
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)
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(1,424
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)
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(559
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)
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(2,221
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)
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Net income
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$
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2,513
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$
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3,312
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$
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5,239
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$
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3,294
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Basic net income (loss) per ordinary share
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$
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0.18
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$
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0.24
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$
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0.24
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$
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(0.07
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)
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Diluted net income (loss) per ordinary share
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$
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0.09
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$
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0.11
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$
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0.17
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$
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(0.07
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)
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Shares used in computing net income
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per ordinary shares, basic
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6,928,430
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8,658,491
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6,881,006
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7,624,462
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Shares used in computing net
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income per ordinary shares, diluted
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27,003,882
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29,488,511
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9,446,687
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7,624,462
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Share-based Compensation Expense:
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3 Months Ended
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9 Months Ended
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Sep 30,
|
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Sep 30,
|
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|
2013
|
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|
2014
|
|
|
|
|
2013
|
|
|
|
2014
|
|
|
|
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|
|
(unaudited)
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|
(unaudited)
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Cost of revenues
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$
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8
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$
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23
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$
|
25
|
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$
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68
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Research and development
|
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17
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|
33
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|
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47
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|
|
99
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Sales and marketing
|
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47
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52
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141
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|
|
150
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General and administrative
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38
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|
578
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|
73
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709
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Total share-based compensation expense
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$
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110
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$
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686
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$
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286
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|
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$
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1,026
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CYBERARK SOFTWARE LTD.
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Consolidated Balance Sheets
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|
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Dec 31,
|
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Sep 30,
|
|
|
|
|
|
2013
|
|
|
2014
|
|
|
|
|
|
|
(unaudited)
|
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ASSETS
|
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CURRENT ASSETS:
|
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Cash and cash equivalents
|
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|
$
|
62,379
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$
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167,846
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Short-term bank deposits
|
|
|
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|
3,182
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|
|
|
1,163
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Trade receivables
|
|
|
|
|
|
12,728
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|
|
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11,033
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Prepaid expenses and other current assets
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|
|
|
|
|
2,119
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|
|
|
1,760
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Short-term deferred tax asset
|
|
|
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|
|
2,676
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|
|
3,023
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|
|
|
|
|
|
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Total current assets
|
|
|
|
|
|
83,084
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|
|
|
184,825
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LONG-TERM ASSETS:
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Property and equipment, net
|
|
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1,272
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|
|
1,916
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Severance pay fund
|
|
|
|
|
|
3,071
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|
|
|
3,158
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Prepaid expenses and other long-term assets
|
|
|
|
|
|
819
|
|
|
|
767
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Long-term deferred tax asset
|
|
|
|
|
|
1,478
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|
|
|
2,364
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|
|
|
|
|
|
|
|
|
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Total long-term assets
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|
|
|
|
|
6,640
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|
|
|
8,205
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|
|
|
|
|
|
|
|
|
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Total assets
|
|
|
|
|
$
|
89,724
|
|
|
$
|
193,030
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|
|
|
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|
|
|
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LIABILITIES AND SHAREHOLDERS' EQUITY
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CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
|
Trade payables
|
|
|
|
|
$
|
1,766
|
|
|
$
|
1,944
|
|
Employees and payroll accruals
|
|
|
|
|
|
6,821
|
|
|
|
6,170
|
|
Deferred revenues
|
|
|
|
|
|
18,175
|
|
|
|
19,130
|
|
Accrued expenses and other current liabilities
|
|
|
|
|
|
4,582
|
|
|
|
5,596
|
|
|
|
|
|
|
|
|
|
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Total current liabilities
|
|
|
|
|
|
31,344
|
|
|
|
32,840
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES:
|
|
|
|
|
|
|
|
|
Deferred revenues
|
|
|
|
|
|
6,303
|
|
|
|
8,612
|
|
Long-term deferred tax Liabilities
|
|
|
|
|
|
27
|
|
|
|
27
|
|
Accrued severance pay
|
|
|
|
|
|
4,070
|
|
|
|
4,183
|
|
Warrants to purchase preferred shares
|
|
|
|
|
|
2,134
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Total long-term liabilities
|
|
|
|
|
|
12,534
|
|
|
|
12,822
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY:
|
|
|
|
|
|
|
|
|
Ordinary shares of NIS 0.01 par value
|
|
|
|
|
|
17
|
|
|
|
74
|
|
Preferred shares of NIS 0.01 par value
|
|
|
|
|
|
41
|
|
|
|
-
|
|
Additional paid-in capital
|
|
|
|
|
|
34,811
|
|
|
|
133,359
|
|
Accumulated other comprehensive income (Loss)
|
|
|
|
|
|
155
|
|
|
|
(181
|
)
|
Retained earnings
|
|
|
|
|
|
10,822
|
|
|
|
14,116
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity
|
|
|
|
|
|
45,846
|
|
|
|
147,368
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
|
|
|
$
|
89,724
|
|
|
$
|
193,030
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CYBERARK SOFTWARE LTD.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 Months Ended
|
|
|
|
|
|
Sep 30,
|
|
|
|
|
|
|
2013
|
|
|
|
|
2014
|
|
|
|
|
|
|
(unaudited)
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
$
|
5,239
|
|
|
|
$
|
3,294
|
|
Adjustments to reconcile net income to net cash
|
|
|
|
|
|
|
|
|
provided in operating activities:
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
341
|
|
|
|
|
570
|
|
Share based compensation expenses
|
|
|
|
|
|
286
|
|
|
|
|
1,026
|
|
Tax benefit related to exercise of share options
|
|
|
|
|
|
-
|
|
|
|
|
139
|
|
Deferred income taxes, net
|
|
|
|
|
|
(525
|
)
|
|
|
|
392
|
|
Decrease (increase) in trade receivables
|
|
|
|
|
|
(1,792
|
)
|
|
|
|
1,695
|
|
Decrease (increase) in prepaid expenses and other
|
|
|
|
|
|
|
|
|
current and long-term assets
|
|
|
|
|
|
(568
|
)
|
|
|
|
221
|
|
Increase (decrease) in trade payables
|
|
|
|
|
|
335
|
|
|
|
|
(627
|
)
|
Changes in fair value of warrants to purchase preferred
|
|
|
|
|
|
|
|
|
shares
|
|
|
|
|
|
799
|
|
|
|
|
4,309
|
|
Increase in short term and long term deferred revenues
|
|
|
|
|
|
7,654
|
|
|
|
|
3,264
|
|
Increase in employees and payroll accruals
|
|
|
|
|
|
(174
|
)
|
|
|
|
(651
|
)
|
Increase (decrease) in accrued expenses and other
|
|
|
|
|
|
|
|
|
current liabilities
|
|
|
|
|
|
1,276
|
|
|
|
|
(144
|
)
|
Increase in accrued severance pay, net
|
|
|
|
|
|
337
|
|
|
|
|
26
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
|
|
|
13,208
|
|
|
|
|
13,514
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
Proceeds from short term deposit
|
|
|
|
|
|
4,913
|
|
|
|
|
3,333
|
|
Investment in short term deposit
|
|
|
|
|
|
(7,145
|
)
|
|
|
|
(1,314
|
)
|
Purchase of property and equipment
|
|
|
|
|
|
(601
|
)
|
|
|
|
(1,256
|
)
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) investing activities
|
|
|
|
|
|
(2,833
|
)
|
|
|
|
763
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
Issuance of shares, net
|
|
|
|
|
|
-
|
|
|
|
|
90,325
|
|
Proceeds from exercise of options and warrants
|
|
|
|
|
|
118
|
|
|
|
|
865
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by financing activities
|
|
|
|
|
|
118
|
|
|
|
|
91,190
|
|
|
|
|
|
|
|
|
|
|
Increase in cash and cash equivalents
|
|
|
|
|
|
10,493
|
|
|
|
|
105,467
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the period
|
|
|
|
|
|
42,887
|
|
|
|
|
62,379
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end of the period
|
|
|
|
|
$
|
53,380
|
|
|
|
$
|
167,846
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Operating Income to Non-GAAP Operating
Income:
|
|
|
|
|
|
|
3 Months Ended
|
|
|
9 Months Ended
|
|
|
|
|
|
Sep 30,
|
|
|
Sep 30,
|
|
|
|
|
|
2013
|
|
2014
|
|
|
2013
|
|
2014
|
|
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
|
$
|
2,998
|
|
$
|
7,688
|
|
|
$
|
6,421
|
|
$
|
10,948
|
Share-based compensation
|
|
|
|
|
|
110
|
|
|
686
|
|
|
|
286
|
|
|
1,026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating income
|
|
|
|
|
$
|
3,108
|
|
$
|
8,374
|
|
|
$
|
6,707
|
|
$
|
11,974
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income to Non-GAAP Net Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Months Ended
|
|
|
9 Months Ended
|
|
|
|
|
|
Sep 30,
|
|
|
Sep 30,
|
|
|
|
|
|
2013
|
|
2014
|
|
|
2013
|
|
2014
|
|
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
$
|
2,513
|
|
$
|
3,312
|
|
|
$
|
5,239
|
|
$
|
3,294
|
Share-based compensation
|
|
|
|
|
|
110
|
|
|
686
|
|
|
|
286
|
|
|
1,026
|
Warrant adjustment
|
|
|
|
|
|
647
|
|
|
1,879
|
|
|
|
799
|
|
|
4,309
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
|
|
|
|
|
$
|
3,270
|
|
$
|
5,877
|
|
|
$
|
6,324
|
|
$
|
8,629
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income per share
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
$
|
0.29
|
|
$
|
0.53
|
|
|
$
|
0.39
|
|
$
|
0.63
|
Diluted
|
|
|
|
|
$
|
0.12
|
|
$
|
0.20
|
|
|
$
|
0.24
|
|
$
|
0.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
6,928,430
|
|
|
8,658,491
|
|
|
|
6,881,006
|
|
|
7,624,462
|
Diluted
|
|
|
|
|
|
27,003,882
|
|
|
29,488,511
|
|
|
|
26,015,767
|
|
|
25,613,856
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|

Source: CyberArk Software Ltd.
Investor Contact:
ICR
Staci Mortenson, 617-558-2132
ir@cyberark.com
or
Media
Contact:
CyberArk
Eric Seymour, 617-796-3240
press@cyberark.com