Third quarter total revenue of $40.1 million increases 43%
year-over-year
Third quarter license revenue of $24.8 million increases 49%
year-over-year
NEWTON, Mass. & PETACH TIKVAH, Israel--(BUSINESS WIRE)--Nov. 5, 2015--
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,
2015.
“We delivered a record quarter, highlighted by robust revenue growth and
bottom line expansion,” said Udi Mokady, CyberArk CEO. “Solid execution
coupled with positive market trends for privileged account security
drove our results again this quarter. We continued to strengthen our
platform and extend our Privileged Account Security Solution across a
larger portion of the attack cycle.”
Financial Highlights for the Third Quarter Ended September 30, 2015
Revenue:
-
Total revenue was $40.1 million, up 43% year-over-year compared with
the third quarter of 2014.
-
License revenue was $24.8 million, up 49% compared with the third
quarter of 2014.
-
Maintenance and Professional Services revenue was $15.2 million, up
34% from the third quarter of 2014.
Operating Income:
-
GAAP operating income was $8.3 million for the quarter, up from $7.7
million in the third quarter of 2014.
-
Non-GAAP operating income was $11.1 million for the quarter, up from
$8.4 million in the third quarter of 2014.
Net Income:
-
GAAP net income was $6.8 million, up from $3.3 million in the third
quarter of 2014.
-
GAAP net income per share was $0.19, compared to GAAP net income per
share of $0.11 in the third quarter of 2014, based on 35.8 and 29.5
million weighted average diluted shares, respectively.
-
Non-GAAP net income was $9.2 million, up from $5.9 million in the
third quarter of 2014.
-
Non-GAAP net income per share was $0.26, compared to non-GAAP net
income per share of $0.20 in the third quarter of 2014, based on 35.8
and 29.5 million weighted average diluted shares, 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 months
and nine months ended September 30, 2015 and 2014. 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, 2015, CyberArk had $249.7 million in cash and cash
equivalents and short-term deposits. This compares with $283.8 million
in cash and cash equivalents and short-term deposits as of June 30,
2015 and $177.2 million as of December 31, 2014.
-
During the first nine months of 2015, the Company generated $40.3
million in cash flow from operations, compared to $13.4 million in the
first nine months of 2014.
Business Outlook
Based on information available as of November 5, 2015, CyberArk is
issuing guidance for the fourth quarter and full year 2015 as indicated
below.
Fourth Quarter 2015:
-
Total revenue is expected to be in the range of $43.0 million to $44.0
million which represents 18% to 21% year-over-year growth.
-
Non-GAAP operating income is expected to be in the range of $8.9
million to $9.7 million.
-
Non-GAAP net income per share is expected to be in the range of $0.18
to $0.20. This assumes 36.2 million weighted average diluted shares.
Full Year 2015:
-
Total revenue is expected to be in the range of $152.3 million to
$153.3 million which represents 48% to 49% year-over-year growth.
-
Non-GAAP operating income is expected to be in the range of $37.3
million to $38.1 million.
-
Non-GAAP net income per share is expected to be in the range of $0.80
to $0.82. This assumes 35.5 million weighted average diluted shares.
Conference Call Information
CyberArk will host a conference call on Thursday, November 5, 2015 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
888-430-8694 (domestic) or 719-457-2689 (international). The conference
ID is 351733. 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 351733. 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 40
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 © 2015 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 the Company’s 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, 2015, non-GAAP
operating income is calculated as operating income excluding secondary
offering related expenses, share-based compensation expense,
amortization of intangible assets related to acquisitions, and
acquisition related expenses. For the three and nine months ended
September 30, 2014, non-GAAP operating income is calculated as
operating income excluding share-based compensation expense.
-
For the three and nine months ended September 30, 2015, non-GAAP net
income is calculated as net income excluding secondary offering
related expenses, share-based compensation expense, amortization of
intangible assets related to acquisitions, acquisition related
expenses, and the tax effects related to the non-GAAP adjustments and
for the three and nine months ended September 30, 2014, non-GAAP net
income is calculated as net income excluding share-based compensation
expense and 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 share-based compensation, secondary
offering related expenses, acquisition related expenses, and
amortization of intangible assets related to acquisitions 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. 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 its 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. The Company believes that
expenses related to its secondary offerings and acquisitions as well as
amortization of intangible assets related to acquisitions do not reflect
the performance of its core business and would impact period-to-period
comparability.
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 U.S. GAAP. CyberArk urges investors
to review the reconciliation of its 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 its business.
Cautionary Language Concerning Forward-Looking Statements
This release may contain forward-looking statements, which express
the current beliefs and expectations of CyberArk’s management. 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: changes in the new and rapidly evolving cyber
threat landscape; failure to effectively manage growth; fluctuations in
quarterly results of operations; real or perceived shortcomings, defects
or vulnerabilities in the Company’s solution or the failure of the
solution to meet customers’ needs; the inability to acquire new
customers or sell additional products and services to existing
customers; competition from IT security vendors; our ability to
successfully integrate Viewfinity, including by selling products to each
other’s existing customers; and other factors discussed under the
heading “Risk Factors” in the Company’s most recent annual report on
Form 20-F filed with the Securities and Exchange Commission.
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 the Company undertakes no obligation to update or
revise the forward-looking statements, whether as a result of new
information, future events or otherwise.
|
CYBERARK SOFTWARE LTD.
|
Consolidated Statements of Operations
|
U.S. dollars in thousands (except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
September 30,
|
|
|
September 30,
|
|
|
2014
|
|
|
2015
|
|
|
|
2014
|
|
|
|
2015
|
|
|
(unaudited)
|
|
|
(unaudited)
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
License
|
|
$
|
16,620
|
|
|
|
$
|
24,820
|
|
|
|
$
|
36,869
|
|
|
|
$
|
67,076
|
|
Maintenance and professional services
|
|
|
11,341
|
|
|
|
|
15,236
|
|
|
|
|
29,825
|
|
|
|
|
42,270
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
27,961
|
|
|
|
|
40,056
|
|
|
|
|
66,694
|
|
|
|
|
109,346
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
License
|
|
|
462
|
|
|
|
|
1,136
|
|
|
|
|
1,823
|
|
|
|
|
3,517
|
|
Maintenance and professional services
|
|
|
3,072
|
|
|
|
|
4,395
|
|
|
|
|
8,372
|
|
|
|
|
12,345
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cost of revenues
|
|
|
3,534
|
|
|
|
|
5,531
|
|
|
|
|
10,195
|
|
|
|
|
15,862
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
24,427
|
|
|
|
|
34,525
|
|
|
|
|
56,499
|
|
|
|
|
93,484
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
3,658
|
|
|
|
|
5,649
|
|
|
|
|
10,237
|
|
|
|
|
14,029
|
|
Sales and marketing
|
|
|
11,040
|
|
|
|
|
16,717
|
|
|
|
|
30,155
|
|
|
|
|
45,626
|
|
General and administrative
|
|
|
2,041
|
|
|
|
|
3,871
|
|
|
|
|
5,159
|
|
|
|
|
11,507
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
16,739
|
|
|
|
|
26,237
|
|
|
|
|
45,551
|
|
|
|
|
71,162
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
7,688
|
|
|
|
|
8,288
|
|
|
|
|
10,948
|
|
|
|
|
22,322
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial income (expenses), net
|
|
|
(2,952
|
)
|
|
|
|
58
|
|
|
|
|
(5,433
|
)
|
|
|
|
(1,246
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes on income
|
|
|
4,736
|
|
|
|
|
8,346
|
|
|
|
|
5,515
|
|
|
|
|
21,076
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxes on income
|
|
|
(1,424
|
)
|
|
|
|
(1,573
|
)
|
|
|
|
(2,221
|
)
|
|
|
|
(5,215
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
3,312
|
|
|
|
$
|
6,773
|
|
|
|
$
|
3,294
|
|
|
|
$
|
15,861
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per ordinary share
|
|
$
|
0.24
|
|
|
|
$
|
0.20
|
|
|
|
$
|
(0.07
|
)
|
|
|
$
|
0.50
|
|
Diluted net income (loss) per ordinary share
|
|
$
|
0.11
|
|
|
|
$
|
0.19
|
|
|
|
$
|
(0.07
|
)
|
|
|
$
|
0.45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing net income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
per ordinary shares, basic
|
|
|
8,658,491
|
|
|
|
|
33,122,067
|
|
|
|
|
7,624,462
|
|
|
|
|
31,747,872
|
|
Shares used in computing net income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
per ordinary shares, diluted
|
|
|
29,488,511
|
|
|
|
|
35,761,096
|
|
|
|
|
7,624,462
|
|
|
|
|
35,186,664
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based Compensation Expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
September 30,
|
|
|
September 30,
|
|
|
2014
|
|
|
2015
|
|
|
|
2014
|
|
|
|
2015
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
|
|
$
|
23
|
|
|
|
$
|
139
|
|
|
|
$
|
68
|
|
|
|
$
|
286
|
|
Research and development
|
|
|
33
|
|
|
|
|
368
|
|
|
|
|
99
|
|
|
|
|
535
|
|
Sales and marketing
|
|
|
52
|
|
|
|
|
713
|
|
|
|
|
150
|
|
|
|
|
1,029
|
|
General and administrative
|
|
|
578
|
|
|
|
|
885
|
|
|
|
|
709
|
|
|
|
|
1,863
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total share-based compensation expense
|
|
$
|
686
|
|
|
|
$
|
2,105
|
|
|
|
$
|
1,026
|
|
|
|
$
|
3,713
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CYBERARK SOFTWARE LTD.
|
Consolidated Balance Sheets
|
U.S. dollars in thousands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2014
|
|
|
|
September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(audited)
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
$
|
124,184
|
|
|
|
|
$
|
238,930
|
|
Short-term bank deposits
|
|
|
|
|
|
52,997
|
|
|
|
|
|
10,725
|
|
Trade receivables
|
|
|
|
|
|
19,263
|
|
|
|
|
|
23,182
|
|
Prepaid expenses and other current assets
|
|
|
|
|
2,078
|
|
|
|
|
|
3,784
|
|
Short-term deferred tax asset
|
|
|
|
|
|
3,788
|
|
|
|
|
|
5,048
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
|
|
|
202,310
|
|
|
|
|
|
281,669
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM ASSETS:
|
|
|
|
|
|
|
|
|
|
Intangible assets and goodwill,net
|
|
|
|
|
|
-
|
|
|
|
|
|
23,895
|
|
Property and equipment, net
|
|
|
|
|
|
2,148
|
|
|
|
|
|
3,291
|
|
Severance pay fund
|
|
|
|
|
|
3,060
|
|
|
|
|
|
3,158
|
|
Prepaid expenses and other long-term assets
|
|
|
|
|
1,021
|
|
|
|
|
|
1,618
|
|
Long-term deferred tax asset
|
|
|
|
|
|
2,013
|
|
|
|
|
|
2,410
|
|
|
|
|
|
|
|
|
|
|
|
|
Total long-term assets
|
|
|
|
|
|
8,242
|
|
|
|
|
|
34,372
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
|
|
|
$
|
210,552
|
|
|
|
|
$
|
316,041
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
|
|
Trade payables
|
|
|
|
|
$
|
1,835
|
|
|
|
|
$
|
1,720
|
|
Employees and payroll accruals
|
|
|
|
|
|
10,322
|
|
|
|
|
|
11,141
|
|
Deferred revenues
|
|
|
|
|
|
22,594
|
|
|
|
|
|
40,692
|
|
Accrued expenses and other current liabilities
|
|
|
|
|
6,942
|
|
|
|
|
|
9,129
|
|
Short-term deferred tax liabilities
|
|
|
|
|
|
-
|
|
|
|
|
|
251
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
|
|
|
41,693
|
|
|
|
|
|
62,933
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES:
|
|
|
|
|
|
|
|
|
|
Deferred revenues
|
|
|
|
|
|
9,566
|
|
|
|
|
|
15,847
|
|
Other long-term liabilities
|
|
|
|
|
|
184
|
|
|
|
|
|
237
|
|
Accrued severance pay
|
|
|
|
|
|
4,101
|
|
|
|
|
|
4,570
|
|
Long-term deferred tax liabilities
|
|
|
|
|
|
-
|
|
|
|
|
|
703
|
|
|
|
|
|
|
|
|
|
|
|
|
Total long-term liabilities
|
|
|
|
|
|
13,851
|
|
|
|
|
|
21,357
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
|
|
|
|
|
|
55,544
|
|
|
|
|
|
84,290
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY:
|
|
|
|
|
|
|
|
|
|
Ordinary shares of NIS 0.01 par value
|
|
|
|
|
|
79
|
|
|
|
|
|
86
|
|
Additional paid-in capital
|
|
|
|
|
|
134,486
|
|
|
|
|
|
195,153
|
|
Accumulated other comprehensive loss
|
|
|
|
|
|
(333
|
)
|
|
|
|
|
(125
|
)
|
Retained earnings
|
|
|
|
|
|
20,776
|
|
|
|
|
|
36,637
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity
|
|
|
|
|
|
155,008
|
|
|
|
|
|
231,751
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
$
|
210,552
|
|
|
|
|
$
|
316,041
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CYBERARK SOFTWARE LTD.
|
Consolidated Statements of Cash Flows
|
U.S. dollars in thousands
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
|
2015
|
|
|
|
|
|
(unaudited)
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
$
|
3,294
|
|
|
|
|
|
$
|
15,861
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and Amortization
|
|
|
|
|
|
570
|
|
|
|
|
|
|
1,036
|
|
Share based compensation expenses
|
|
|
|
|
|
1,026
|
|
|
|
|
|
|
3,713
|
|
Tax benefit related to exercise of share options
|
|
|
|
|
|
(139
|
)
|
|
|
|
|
|
(2,321
|
)
|
Deferred income taxes, net
|
|
|
|
|
|
392
|
|
|
|
|
|
|
(1,420
|
)
|
Decrease (increase) in trade receivables
|
|
|
|
|
|
1,695
|
|
|
|
|
|
|
(3,887
|
)
|
Decrease (increase) in prepaid expenses and other current and
long-term assets
|
|
|
|
|
|
|
|
|
|
|
221
|
|
|
|
|
|
|
(1,559
|
)
|
Increase (decrease) in trade payables
|
|
|
|
|
|
(627
|
)
|
|
|
|
|
|
35
|
|
Changes in fair value of warrants to purchase preferred shares
|
|
|
|
|
|
|
|
|
|
|
4,309
|
|
|
|
|
|
|
-
|
|
Increase in short term and long term deferred revenues
|
|
|
|
|
|
3,264
|
|
|
|
|
|
|
24,335
|
|
Decrease in employees and payroll accruals
|
|
|
|
|
|
(651
|
)
|
|
|
|
|
|
(471
|
)
|
Increase (decrease) in accrued expenses and other current and
long-term liabilities
|
|
|
|
|
|
|
|
|
|
|
(5
|
)
|
|
|
|
|
|
4,621
|
|
Increase in accrued severance pay, net
|
|
|
|
|
|
26
|
|
|
|
|
|
|
369
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
|
|
|
13,375
|
|
|
|
|
|
|
40,312
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
Proceeds from short and long term deposits
|
|
|
|
|
|
3,333
|
|
|
|
|
|
|
42,309
|
|
Investment in short and long term deposits
|
|
|
|
|
|
(1,314
|
)
|
|
|
|
|
|
(614
|
)
|
Purchase of property and equipment
|
|
|
|
|
|
(1,256
|
)
|
|
|
|
|
|
(1,751
|
)
|
Payments for business acquisitions, net of cash acquired
|
|
|
|
|
|
-
|
|
|
|
|
|
|
(23,149
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by investing activities
|
|
|
|
|
|
763
|
|
|
|
|
|
|
16,795
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
Issuance of shares, net
|
|
|
|
|
|
90,325
|
|
|
|
|
|
|
52,614
|
|
Withholding proceeds related to exercise of options
|
|
|
|
|
|
-
|
|
|
|
|
|
|
1,011
|
|
Tax benefit related to exercise of share options
|
|
|
|
|
|
139
|
|
|
|
|
|
|
2,321
|
|
Proceeds from exercise of options and warrants
|
|
|
|
|
|
865
|
|
|
|
|
|
|
1,693
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by financing activities
|
|
|
|
|
|
91,329
|
|
|
|
|
|
|
57,639
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase in cash and cash equivalents
|
|
|
|
|
|
105,467
|
|
|
|
|
|
|
114,746
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the period
|
|
|
|
|
|
62,379
|
|
|
|
|
|
|
124,184
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end of the period
|
|
|
|
|
$
|
167,846
|
|
|
|
|
|
$
|
238,930
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CYBERARK SOFTWARE LTD.
|
Reconciliation of GAAP Measures to Non-GAAP Measures
|
U.S. dollars in thousands (except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Operating Income to Non-GAAP Operating Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
2015
|
|
|
|
2014
|
|
|
2015
|
|
|
|
|
(unaudited)
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
$
|
7,688
|
|
|
$
|
8,288
|
|
|
|
|
$
|
10,948
|
|
|
$
|
22,322
|
|
Secondary offering related expenses
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
1,568
|
|
Share-based compensation
|
|
|
|
686
|
|
|
|
2,105
|
|
|
|
|
|
1,026
|
|
|
|
3,713
|
|
Amortization of intangible assets - Cost of revenues
|
|
|
|
-
|
|
|
|
19
|
|
|
|
|
|
-
|
|
|
|
19
|
|
Amortization of intangible assets - Research and development
|
|
|
|
-
|
|
|
|
271
|
|
|
|
|
|
-
|
|
|
|
271
|
|
Acquisition related expenses
|
|
|
|
-
|
|
|
|
429
|
|
|
|
|
|
-
|
|
|
|
517
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating income
|
|
|
$
|
8,374
|
|
|
$
|
11,112
|
|
|
|
|
$
|
11,974
|
|
|
$
|
28,410
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income to Non-GAAP Net Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
2015
|
|
|
|
2014
|
|
|
2015
|
|
|
|
|
(unaudited)
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
3,312
|
|
|
$
|
6,773
|
|
|
|
|
$
|
3,294
|
|
|
$
|
15,861
|
|
Secondary offering related expenses
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
1,568
|
|
Share-based compensation
|
|
|
|
686
|
|
|
|
2,105
|
|
|
|
|
|
1,026
|
|
|
|
3,713
|
|
Warrant adjustment
|
|
|
|
|
1,879
|
|
|
|
-
|
|
|
|
|
|
4,309
|
|
|
|
-
|
|
Amortization of intangible assets - Cost of revenues
|
|
|
|
-
|
|
|
|
19
|
|
|
|
|
|
-
|
|
|
|
19
|
|
Amortization of intangible assets - Research and development
|
|
|
|
-
|
|
|
|
271
|
|
|
|
|
|
-
|
|
|
|
271
|
|
Acquisition related expenses
|
|
|
|
-
|
|
|
|
429
|
|
|
|
|
|
-
|
|
|
|
517
|
|
Taxes on income related to non-GAAP adjustments
|
|
|
|
-
|
|
|
|
(382
|
)
|
|
|
|
|
-
|
|
|
|
(496
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
|
|
|
|
$
|
5,877
|
|
|
$
|
9,215
|
|
|
|
|
$
|
8,629
|
|
|
$
|
21,453
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
$
|
0.53
|
|
|
$
|
0.28
|
|
|
|
|
$
|
0.63
|
|
|
$
|
0.68
|
|
Diluted
|
|
|
|
$
|
0.20
|
|
|
$
|
0.26
|
|
|
|
|
$
|
0.34
|
|
|
$
|
0.61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
8,658,491
|
|
|
|
33,122,067
|
|
|
|
|
|
7,624,462
|
|
|
|
31,747,872
|
|
Diluted
|
|
|
|
|
29,488,511
|
|
|
|
35,761,096
|
|
|
|
|
|
25,613,856
|
|
|
|
35,186,664
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|

View source version on businesswire.com: http://www.businesswire.com/news/home/20151105006792/en/
Source: CyberArk
Investor Contact:
CyberArk
Erica Smith, 617-558-2132
ir@cyberark.com
or
Media
Contact:
CyberArk
Christy Lynch, 617-796-3210
press@cyberark.com