Full year total revenue of $216.6 million increases 35% year-over-year
NEWTON, Mass. & PETACH TIKVAH, Israel--(BUSINESS WIRE)--Feb. 9, 2017--
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 fourth quarter and year ended
December 31, 2016.
“CyberArk had an incredible 2016,” said Udi Mokady, CyberArk Chairman
and CEO. “We outperformed across revenue, operating income and net
income per share, demonstrating the ongoing execution of our land and
expand strategy and the power of our operating model. Protecting
privileged accounts, across the enterprise, on endpoints, in the cloud
and in hybrid environments, is increasingly recognized as fundamental to
cyber security programs. Because of our operational and financial
success in 2016, we entered 2017 as an even stronger company, well
positioned to continue to deliver profitable revenue growth.”
Financial Highlights for the Fourth Quarter Ended December 31, 2016
Revenue:
-
Total revenue was $64.4 million, up 25% compared with the fourth
quarter of 2015.
-
License revenue was $40.8 million, up 23% compared with the fourth
quarter of 2015.
-
Maintenance and Professional Services revenue was $23.6 million, up
28% compared with the fourth quarter of 2015.
Operating Income:
-
GAAP operating income was $13.2 million, compared to $10.9 million in
the fourth quarter of 2015. Non-GAAP operating income was $19.4
million, compared to $15.2 million in the fourth quarter of 2015.
Net Income:
-
GAAP net income was $10.2 million, or $0.28 per diluted share,
compared to GAAP net income of $9.9 million, or $0.28 per diluted
share, in the fourth quarter of 2015. Non-GAAP net income was $14.7
million, or $0.41 per diluted share, compared to $13.8 million, or
$0.39 per diluted share, in the fourth quarter of 2015.
Financial Highlights for the Full Year Ended December 31, 2016
Revenue:
-
Total revenue was $216.6 million, up 35% compared with 2015.
-
License revenue was $131.5 million, up 31% compared with 2015.
-
Maintenance and Professional Services revenue was $85.1 million, up
40% compared with 2015.
Operating Income:
-
GAAP operating income was $36.0 million, compared to $33.2 million in
2015. Non-GAAP operating income was $58.0 million, compared to $43.6
million in 2015.
Net Income:
-
GAAP net income was $28.1 million, or $0.78 per diluted share,
compared to GAAP net income of $25.8 million, or $0.73 per diluted
share, in 2015. Non-GAAP net income was $45.2 million, or $1.26 per
diluted share, compared to $35.3 million, or $1.00 per diluted share,
in 2015.
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
twelve months ended December 31, 2016 and 2015. An explanation of these
measures is also included below under the heading “Non-GAAP Financial
measures.”
Balance Sheet and Cash Flow From Operations:
-
As of December 31, 2016, CyberArk had $295.5 million in cash, cash
equivalents, marketable securities and short-term deposits. This
compares with $274.6 million in cash, cash equivalents, marketable
securities and short-term deposits as of September 30, 2016 and $238.3
million as of December 31, 2015.
-
During 2016, the Company generated $56.3 million in cash flow from
operations, compared to $59.2 million during in 2015.
Business Outlook
Based on information available as of
February 9, 2017, CyberArk is issuing guidance for the first quarter and
full year 2017 as indicated below.
First Quarter 2017:
-
Total revenue is expected to be in the range of $57.0 million to $58.0
million, which represents 22% to 24% year-over-year growth.
-
Non-GAAP operating income is expected to be in the range of $9.9
million to $10.7 million.
-
Non-GAAP net income per share is expected to be in the range of $0.21
to $0.23 per diluted share. This assumes 36.2 million weighted average
diluted shares.
Full Year 2017:
-
Total revenue is expected to be in the range of $267.0 million to
$270.0 million which represents 23% to 25% year-over-year growth.
-
Non-GAAP operating income is expected to be in the range of $56.0
million to $58.0 million.
-
Non-GAAP net income per share is expected to be in the range of $1.20
to $1.24 per diluted share. This assumes 36.4 million weighted average
diluted shares.
Conference Call Information
CyberArk will host a conference
call today, at 4:30 p.m. Eastern Time (ET) to discuss the company’s
fourth quarter and year end financial results and its business outlook.
To access this call, dial +1 844-237-3590 (U.S.) or +1 484-747-6582
(international). The conference ID is 48627364. Additionally, a live
webcast of the conference call will be available via 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 +1 855-859-2056 (U.S.) or +1 404-537-3406 (international). The replay
pass code is 48627364. An archived webcast of the conference call will
also be available in the “Investor Relations” section of the company’s
web site at www.cyberark.com.
About CyberArk
CyberArk 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 45 percent of the
Fortune 100 – 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, Mass. The company also has offices throughout EMEA and Asia
Pacific and Japan. To learn more about CyberArk, visit www.cyberark.com,
read the company blog, http://www.cyberark.com/blog/,
follow on Twitter @CyberArk or
Facebook at https://www.facebook.com/CyberArk.
Copyright © 2017 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 months and year ended December 31, 2016, non-GAAP
operating income is calculated as GAAP operating income excluding
share-based compensation expense and amortization of intangible assets
related to acquisitions. For the three months and year ended December
31, 2015, non-GAAP operating income is calculated as operating income
excluding public offering, amortization of intangible assets and
acquisition related expenses as well as share-based compensation
expense.
-
For the three months and year ended December 31, 2016, non-GAAP net
income is calculated as GAAP net income excluding share-based
compensation expense, amortization of intangible assets related to
acquisitions and the tax effects related to the non-GAAP adjustments.
For the three months and year ended December 31, 2015, non-GAAP net
income is calculated as GAAP net income excluding public offering,
amortization of intangible assets and acquisition related expenses as
well as share-based compensation expense and the tax effects related
to the non-GAAP adjustments.
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, public
offering and 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. The Company believes
that expenses related to its public offerings, acquisitions and
amortization of intangible assets related to acquisitions do not reflect
the performance of its core business and 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 (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: changes in the rapidly evolving cyber threat
landscape; failure to effectively manage growth; near-term declines in
our operating and net profit margins and our revenue growth rate; real
or perceived shortcomings, defects or vulnerabilities in the Company’s
solutions or internal network system, or the failure of the
Company’s customers or channel partners to correctly implement the
Company’s solutions; fluctuations in quarterly results of operations;
the inability to acquire new customers or sell additional products and
services to existing customers; competition from IT security vendors;
the Company’s ability to successfully integrate recent and or future
acquisitions; 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)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Twelve Months Ended
|
|
|
|
|
December 31,
|
|
|
|
December 31,
|
|
|
|
|
2015
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License
|
|
|
|
$
|
33,037
|
|
|
|
|
$
|
40,794
|
|
|
|
|
$
|
100,113
|
|
|
|
|
$
|
131,530
|
|
Maintenance and professional services
|
|
|
|
|
18,429
|
|
|
|
|
|
23,564
|
|
|
|
|
|
60,699
|
|
|
|
|
|
85,083
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
|
|
51,466
|
|
|
|
|
|
64,358
|
|
|
|
|
|
160,812
|
|
|
|
|
|
216,613
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License
|
|
|
|
|
1,571
|
|
|
|
|
|
1,085
|
|
|
|
|
|
5,088
|
|
|
|
|
|
4,726
|
|
Maintenance and professional services
|
|
|
|
|
5,227
|
|
|
|
|
|
7,675
|
|
|
|
|
|
17,572
|
|
|
|
|
|
25,425
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cost of revenues
|
|
|
|
|
6,798
|
|
|
|
|
|
8,760
|
|
|
|
|
|
22,660
|
|
|
|
|
|
30,151
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
|
|
44,668
|
|
|
|
|
|
55,598
|
|
|
|
|
|
138,152
|
|
|
|
|
|
186,462
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
|
|
7,705
|
|
|
|
|
|
9,324
|
|
|
|
|
|
21,734
|
|
|
|
|
|
34,614
|
|
Sales and marketing
|
|
|
|
|
20,580
|
|
|
|
|
|
26,475
|
|
|
|
|
|
66,206
|
|
|
|
|
|
93,775
|
|
General and administrative
|
|
|
|
|
5,483
|
|
|
|
|
|
6,590
|
|
|
|
|
|
16,990
|
|
|
|
|
|
22,117
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
|
|
33,768
|
|
|
|
|
|
42,389
|
|
|
|
|
|
104,930
|
|
|
|
|
|
150,506
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
|
10,900
|
|
|
|
|
|
13,209
|
|
|
|
|
|
33,222
|
|
|
|
|
|
35,956
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial income (expenses), net
|
|
|
|
|
(233
|
)
|
|
|
|
|
(96
|
)
|
|
|
|
|
(1,479
|
)
|
|
|
|
|
245
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes on income
|
|
|
|
|
10,667
|
|
|
|
|
|
13,113
|
|
|
|
|
|
31,743
|
|
|
|
|
|
36,201
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxes on income
|
|
|
|
|
(734
|
)
|
|
|
|
|
(2,874
|
)
|
|
|
|
|
(5,949
|
)
|
|
|
|
|
(8,077
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
9,933
|
|
|
|
|
$
|
10,239
|
|
|
|
|
$
|
25,794
|
|
|
|
|
$
|
28,124
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per ordinary share
|
|
|
|
$
|
0.30
|
|
|
|
|
$
|
0.30
|
|
|
|
|
$
|
0.80
|
|
|
|
|
$
|
0.83
|
|
Diluted net income per ordinary share
|
|
|
|
$
|
0.28
|
|
|
|
|
$
|
0.28
|
|
|
|
|
$
|
0.73
|
|
|
|
|
$
|
0.78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
per ordinary shares, basic
|
|
|
|
|
33,243,103
|
|
|
|
|
|
34,158,580
|
|
|
|
|
|
32,124,772
|
|
|
|
|
|
33,741,359
|
|
Shares used in computing net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
per ordinary shares, diluted
|
|
|
|
|
35,727,077
|
|
|
|
|
|
36,003,803
|
|
|
|
|
|
35,322,716
|
|
|
|
|
|
35,838,863
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based Compensation Expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Twelve Months Ended
|
|
|
|
|
December 31,
|
|
|
|
December 31,
|
|
|
|
|
2015
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
|
|
|
|
$
|
213
|
|
|
|
|
$
|
437
|
|
|
|
|
$
|
499
|
|
|
|
|
$
|
1,386
|
|
Research and development
|
|
|
|
|
972
|
|
|
|
|
|
1,319
|
|
|
|
|
|
1,507
|
|
|
|
|
|
4,660
|
|
Sales and marketing
|
|
|
|
|
1,185
|
|
|
|
|
|
1,625
|
|
|
|
|
|
2,214
|
|
|
|
|
|
5,765
|
|
General and administrative
|
|
|
|
|
966
|
|
|
|
|
|
1,711
|
|
|
|
|
|
2,829
|
|
|
|
|
|
5,724
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total share-based compensation expense
|
|
|
|
$
|
3,336
|
|
|
|
|
$
|
5,092
|
|
|
|
|
$
|
7,049
|
|
|
|
|
$
|
17,535
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CYBERARK SOFTWARE LTD.
|
Consolidated Balance Sheets
|
U.S. dollars in thousands
|
(Unaudited)
|
|
|
|
|
|
|
December 31,
|
|
|
|
December 31,
|
|
|
|
|
|
2015
|
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
234,539
|
|
|
|
|
$
|
172,957
|
|
Short-term bank deposits
|
|
|
|
|
3,713
|
|
|
|
|
|
86,829
|
|
Marketable securities
|
|
|
|
|
-
|
|
|
|
|
|
15,246
|
|
Trade receivables
|
|
|
|
|
20,410
|
|
|
|
|
|
33,330
|
|
Prepaid expenses and other current assets
|
|
|
|
|
3,293
|
|
|
|
|
|
4,804
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
|
|
261,955
|
|
|
|
|
|
313,166
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM ASSETS:
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
|
|
3,584
|
|
|
|
|
|
4,760
|
|
Intangible assets, net
|
|
|
|
|
18,558
|
|
|
|
|
|
14,035
|
|
Goodwill
|
|
|
|
|
|
35,145
|
|
|
|
|
|
35,145
|
|
Marketable securities
|
|
|
|
|
-
|
|
|
|
|
|
20,443
|
|
Severance pay fund
|
|
|
|
|
3,230
|
|
|
|
|
|
3,332
|
|
Prepaid expenses and other long-term assets
|
|
|
|
|
1,954
|
|
|
|
|
|
1,761
|
|
Deferred tax asset
|
|
|
|
|
9,998
|
|
|
|
|
|
10,389
|
|
|
|
|
|
|
|
|
|
|
|
Total long-term assets
|
|
|
|
|
72,469
|
|
|
|
|
|
89,865
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
|
|
$
|
334,424
|
|
|
|
|
$
|
403,031
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
|
Trade payables
|
|
|
|
|
$
|
2,530
|
|
|
|
|
$
|
2,699
|
|
Employees and payroll accruals
|
|
|
|
|
15,860
|
|
|
|
|
|
18,470
|
|
Deferred revenues
|
|
|
|
|
37,104
|
|
|
|
|
|
50,111
|
|
Accrued expenses and other current liabilities
|
|
|
|
|
9,366
|
|
|
|
|
|
6,876
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
|
|
64,860
|
|
|
|
|
|
78,156
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES:
|
|
|
|
|
|
|
|
|
Deferred revenues
|
|
|
|
|
17,285
|
|
|
|
|
|
23,395
|
|
Other long-term liabilities
|
|
|
|
|
188
|
|
|
|
|
|
229
|
|
Accrued severance pay
|
|
|
|
|
4,667
|
|
|
|
|
|
5,035
|
|
Deferred tax liabilities
|
|
|
|
|
754
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
Total long-term liabilities
|
|
|
|
|
22,894
|
|
|
|
|
|
28,659
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
|
|
|
|
|
87,754
|
|
|
|
|
|
106,815
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY:
|
|
|
|
|
|
|
|
|
Ordinary shares of NIS 0.01 par value
|
|
|
|
|
86
|
|
|
|
|
|
88
|
|
Additional paid-in capital
|
|
|
|
|
200,107
|
|
|
|
|
|
221,609
|
|
Accumulated other comprehensive loss
|
|
|
|
|
(93
|
)
|
|
|
|
|
(175
|
)
|
Retained earnings
|
|
|
|
|
46,570
|
|
|
|
|
|
74,694
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity
|
|
|
|
|
246,670
|
|
|
|
|
|
296,216
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
$
|
334,424
|
|
|
|
|
$
|
403,031
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CYBERARK SOFTWARE LTD.
|
Consolidated Statements of Cash Flows
|
U.S. dollars in thousands
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
|
|
|
|
|
December 31,
|
|
|
|
|
2015
|
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
$
|
25,794
|
|
|
|
|
$
|
28,124
|
|
Adjustments to reconcile net income to net cash
|
|
|
|
|
|
|
|
|
provided by operating activities:
|
|
|
|
|
|
|
|
|
Depreciation and Amortization
|
|
|
|
|
2,254
|
|
|
|
|
|
6,488
|
|
Amortization of premium and accretion of discount
|
|
|
|
|
|
|
|
|
on marketable securities
|
|
|
|
|
-
|
|
|
|
|
|
275
|
|
Share-based compensation expenses
|
|
|
|
|
7,049
|
|
|
|
|
|
17,535
|
|
Tax benefit related to share-based compensation
|
|
|
|
|
(3,808
|
)
|
|
|
|
|
(1,466
|
)
|
Deferred income taxes, net
|
|
|
|
|
(4,093
|
)
|
|
|
|
|
(1,130
|
)
|
Increase in trade receivables
|
|
|
|
|
(187
|
)
|
|
|
|
|
(12,920
|
)
|
Increase in prepaid expenses and other
|
|
|
|
|
|
|
|
|
current and long-term assets
|
|
|
|
|
(1,183
|
)
|
|
|
|
|
(1,485
|
)
|
Increase (decrease) in trade payables
|
|
|
|
|
322
|
|
|
|
|
|
(177
|
)
|
Increase in short term and long term deferred revenues
|
|
|
|
|
21,254
|
|
|
|
|
|
19,117
|
|
Increase in employees and payroll accruals
|
|
|
|
|
5,011
|
|
|
|
|
|
2,610
|
|
Increase (decrease) in accrued expenses and other
|
|
|
|
|
|
|
|
|
current and long-term liabilities
|
|
|
|
|
6,353
|
|
|
|
|
|
(927
|
)
|
Increase in accrued severance pay, net
|
|
|
|
|
394
|
|
|
|
|
|
266
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
|
|
59,160
|
|
|
|
|
|
56,310
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
Proceeds from short and long term deposits
|
|
|
|
|
49,329
|
|
|
|
|
|
-
|
|
Investment in short and long term deposits
|
|
|
|
|
(619
|
)
|
|
|
|
|
(82,940
|
)
|
Investment in marketable securities
|
|
|
|
|
-
|
|
|
|
|
|
(40,433
|
)
|
Proceeds from maturity of marketable securities
|
|
|
|
|
-
|
|
|
|
|
|
4,307
|
|
Purchase of property and equipment
|
|
|
|
|
(2,066
|
)
|
|
|
|
|
(2,795
|
)
|
Payments for business acquisitions, net of cash acquired
|
|
|
|
|
(53,656
|
)
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
|
|
|
(7,012
|
)
|
|
|
|
|
(121,861
|
)
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
Issuance of shares, net
|
|
|
|
|
52,575
|
|
|
|
|
|
-
|
|
Tax benefit related to share-based compensation
|
|
|
|
|
3,808
|
|
|
|
|
|
1,466
|
|
Proceeds from exercise of options
|
|
|
|
|
1,824
|
|
|
|
|
|
2,503
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by financing activities
|
|
|
|
|
58,207
|
|
|
|
|
|
3,969
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents
|
|
|
|
|
110,355
|
|
|
|
|
|
(61,582
|
)
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the period
|
|
|
|
|
124,184
|
|
|
|
|
|
234,539
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end of the period
|
|
|
|
$
|
234,539
|
|
|
|
|
$
|
172,957
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CYBERARK SOFTWARE LTD.
|
Reconciliation of GAAP Measures to Non-GAAP Measures
|
U.S. dollars in thousands (except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Operating Income to Non-GAAP Operating Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Twelve Months Ended
|
|
|
|
|
|
December 31,
|
|
|
|
December 31,
|
|
|
|
|
|
2015
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
|
$
|
10,900
|
|
|
|
|
$
|
13,209
|
|
|
|
|
$
|
33,222
|
|
|
|
|
$
|
35,956
|
|
Public offering related expenses
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
1,568
|
|
|
|
|
|
-
|
|
Share-based compensation
|
|
|
|
|
3,336
|
|
|
|
|
|
5,092
|
|
|
|
|
|
7,049
|
|
|
|
|
|
17,535
|
|
Amortization of intangible assets - Cost of revenues
|
|
|
|
|
340
|
|
|
|
|
|
355
|
|
|
|
|
|
359
|
|
|
|
|
|
1,420
|
|
Amortization of intangible assets - Research and development
|
|
|
|
|
478
|
|
|
|
|
|
479
|
|
|
|
|
|
749
|
|
|
|
|
|
1,913
|
|
Amortization of intangible assets - Sales and marketing
|
|
|
|
|
17
|
|
|
|
|
|
287
|
|
|
|
|
|
17
|
|
|
|
|
|
1,190
|
|
Acquisition related expenses
|
|
|
|
|
160
|
|
|
|
|
|
-
|
|
|
|
|
|
677
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating income
|
|
|
|
$
|
15,231
|
|
|
|
|
$
|
19,422
|
|
|
|
|
$
|
43,641
|
|
|
|
|
$
|
58,014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income to Non-GAAP Net Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Twelve Months Ended
|
|
|
|
|
|
December 31,
|
|
|
|
December 31,
|
|
|
|
|
|
2015
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
$
|
9,933
|
|
|
|
|
$
|
10,239
|
|
|
|
|
$
|
25,794
|
|
|
|
|
$
|
28,124
|
|
Public offering related expenses
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
1,568
|
|
|
|
|
|
-
|
|
Share-based compensation
|
|
|
|
|
3,336
|
|
|
|
|
|
5,092
|
|
|
|
|
|
7,049
|
|
|
|
|
|
17,535
|
|
Amortization of intangible assets - Cost of revenues
|
|
|
|
|
340
|
|
|
|
|
|
355
|
|
|
|
|
|
359
|
|
|
|
|
|
1,420
|
|
Amortization of intangible assets - Research and development
|
|
|
|
|
478
|
|
|
|
|
|
479
|
|
|
|
|
|
749
|
|
|
|
|
|
1,913
|
|
Amortization of intangible assets - Sales and marketing
|
|
|
|
|
17
|
|
|
|
|
|
287
|
|
|
|
|
|
17
|
|
|
|
|
|
1,190
|
|
Acquisition related expenses
|
|
|
|
|
160
|
|
|
|
|
|
-
|
|
|
|
|
|
677
|
|
|
|
|
|
-
|
|
Taxes on income related to non-GAAP adjustments
|
|
|
|
|
(455
|
)
|
|
|
|
|
(1,782
|
)
|
|
|
|
|
(951
|
)
|
|
|
|
|
(4,937
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
|
|
|
|
|
$
|
13,809
|
|
|
|
|
$
|
14,670
|
|
|
|
|
$
|
35,262
|
|
|
|
|
$
|
45,245
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
$
|
0.42
|
|
|
|
|
$
|
0.43
|
|
|
|
|
$
|
1.10
|
|
|
|
|
$
|
1.34
|
|
Diluted
|
|
|
|
|
$
|
0.39
|
|
|
|
|
$
|
0.41
|
|
|
|
|
$
|
1.00
|
|
|
|
|
$
|
1.26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
33,243,103
|
|
|
|
|
|
34,158,580
|
|
|
|
|
|
32,124,772
|
|
|
|
|
|
33,741,359
|
|
Diluted
|
|
|
|
|
|
35,727,077
|
|
|
|
|
|
36,003,803
|
|
|
|
|
|
35,322,716
|
|
|
|
|
|
35,838,863
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|

View source version on businesswire.com: http://www.businesswire.com/news/home/20170209006218/en/
Source: CyberArk Software Ltd.
CyberArk
Investor Contact:
Erica Smith, 617-558-2132
ir@cyberark.com
or
Media
Contact:
Christy Lynch, 617-796-3210
press@cyberark.com