Globalizes Sales Organization to Continue to Drive Growth
NEWTON, Mass. & PETACH TIKVA, Israel--(BUSINESS WIRE)--Aug. 8, 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 second quarter ended June 30, 2017.
“While our results in the second quarter were primarily impacted by
certain deals in EMEA that did not close by June 30, we continued to see
strong demand for our solutions across on premises, cloud and hybrid
environments,” said Udi Mokady, CyberArk Chairman and CEO. “Our global
leadership position in the market, strong demand for our solutions and
recent organizational changes position us well to deliver long term
growth and capitalize on the tremendous opportunity for privileged
account security.”
Financial Highlights for the Second Quarter Ended June 30, 2017
Revenue:
-
Total revenue was $57.5 million, an increase from $50.4 million
compared to the second quarter of 2016.
-
License revenue was $30.3 million, compared to $30.0 million in the
second quarter of 2016.
-
Maintenance and Professional Services revenue was $27.2 million,
compared to $20.4 million in the second quarter of 2016.
Operating Income:
-
GAAP operating income was $1.0 million for the quarter, compared to
$8.5 million in the second quarter of 2016.
-
Non-GAAP operating income was $8.8 million for the quarter, compared
to $13.6 million in the second quarter of 2016.
Net Income:
-
GAAP net income was $3.2 million, or $0.09 per diluted share, compared
to GAAP net income of $6.4 million, or $0.18 per diluted share, in the
second quarter of 2016.
-
Non-GAAP net income was $7.7 million, or $0.21 per diluted share,
compared to $10.5 million, or $0.29 per diluted share, in the second
quarter of 2016.
The tables at the end of this press release include a reconciliation of
GAAP to non-GAAP gross profit, operating income and net income for the
three months and six months ended June 30, 2017 and 2016. An explanation
of these measures is also included below under the heading “Non-GAAP
Financial Measures.”
Balance Sheet and Cash Flow:
-
As of June 30, 2017, CyberArk had $283.2 million in cash, cash
equivalents, marketable securities and short-term deposits, which
reflects the approximately $42 million in cash consideration for the
acquisition of Conjur, Inc. in May 2017. This compares to $295.5
million as of December 31, 2016.
-
During the first six months of 2017, the Company generated $29.7
million in cash flow from operations, compared to $21.4 million in the
first six months of 2016.
Globalization of Sales Team
-
Announced today that Ron Zoran, the Company’s Vice President of Sales,
Americas, has been named Chief Revenue Officer and will be responsible
for executing the company’s worldwide sales strategy across sales,
sales engineering, and channels to drive revenue growth in all
geographies.
Business Outlook
Based on information available as of August 8, 2017, CyberArk is issuing
guidance for the third quarter and full year 2017 as indicated below.
Third Quarter 2017:
-
Total revenue is expected to be in the range of $62.0 million to $63.0
million, which represents 13% to 15% year-over-year growth.
-
Non-GAAP operating income is expected to be in the range of $8.2
million to $9.0 million.
-
Non-GAAP net income per share is expected to be in the range of $0.17
to $0.19 per diluted share. This assumes 36.4 million weighted average
diluted shares.
Full Year 2017:
-
Total revenue is expected to be in the range of $253.0 million to
$256.0 million, which represents 17% to 18% year-over-year growth.
-
Non-GAAP operating income is expected to be in the range of $46.4
million to $48.4 million.
-
Non-GAAP net income per share is expected to be in the range of $1.02
to $1.06 per diluted share. This assumes 36.3 million weighted average
diluted shares.
Conference Call Information
CyberArk will discuss the company’s second quarter financial results and
its business outlook today, August 8, 2017 at 4:30 p.m. Eastern Time
(ET). To access this call, dial +1 844-237-3590 (U.S.) or +1
484-747-6582 (international). The conference ID is 44458128.
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 44458128. An archived webcast of the conference call will
also be available in the “Investor Relations” section of the company’s
website 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 50 percent of the
Fortune 100 – to protect their highest value information assets,
infrastructure and applications. A global company, CyberArk is
headquartered in Petach Tikva, Israel, with U.S. headquarters located in
Newton, Mass. The company also has offices throughout the Americas,
EMEA, Asia Pacific and Japan. To learn more about CyberArk, visit www.cyberark.com,
read the CyberArk
blog, or follow on Twitter via @CyberArk,
LinkedIn or
Facebook.
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 gross profit, 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 six months ended June 30, 2017 and June 30, 2016,
non-GAAP gross profit is calculated as gross profit excluding
share-based compensation expense and amortization of intangible assets
related to acquisitions.
-
For the three and six months ended June 30, 2017, non-GAAP operating
income is calculated as operating income excluding share-based
compensation expense, acquisition related expenses and amortization of
intangible assets related to acquisitions. For the three and six
months ended June 30, 2016, non-GAAP operating income is calculated as
operating income excluding share-based compensation expense and
amortization of intangible assets related to acquisitions.
-
For the three and six months ended June 30, 2017 non-GAAP net income
is calculated as net income excluding share-based compensation
expense, acquisition related expenses, amortization of intangible
assets related to acquisitions and the tax effects related to the
non-GAAP adjustment. For the three and six months ended June 30, 2016,
non-GAAP net income is calculated as net income excluding share-based
compensation expense, amortization of intangible assets related to
acquisitions 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, 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 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
|
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
|
2016
|
|
|
|
2017
|
|
|
|
2016
|
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
License
|
|
|
$
|
29,965
|
|
|
$
|
30,318
|
|
|
$
|
57,479
|
|
|
$
|
63,270
|
Maintenance and professional services
|
|
|
|
20,415
|
|
|
|
27,162
|
|
|
|
39,812
|
|
|
|
53,245
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
|
|
50,380
|
|
|
|
57,480
|
|
|
|
97,291
|
|
|
|
116,515
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues:
|
|
|
|
|
|
|
|
|
|
|
License
|
|
|
|
1,283
|
|
|
|
1,907
|
|
|
|
2,557
|
|
|
|
3,491
|
Maintenance and professional services
|
|
|
|
5,628
|
|
|
|
8,093
|
|
|
|
10,788
|
|
|
|
15,776
|
|
|
|
|
|
|
|
|
|
|
|
Total cost of revenues
|
|
|
|
6,911
|
|
|
|
10,000
|
|
|
|
13,345
|
|
|
|
19,267
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
|
43,469
|
|
|
|
47,480
|
|
|
|
83,946
|
|
|
|
97,248
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
|
8,165
|
|
|
|
9,561
|
|
|
|
16,098
|
|
|
|
18,775
|
Sales and marketing
|
|
|
|
21,837
|
|
|
|
29,500
|
|
|
|
43,500
|
|
|
|
57,178
|
General and administrative
|
|
|
|
5,016
|
|
|
|
7,409
|
|
|
|
9,686
|
|
|
|
14,287
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
|
35,018
|
|
|
|
46,470
|
|
|
|
69,284
|
|
|
|
90,240
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
|
8,451
|
|
|
|
1,010
|
|
|
|
14,662
|
|
|
|
7,008
|
|
|
|
|
|
|
|
|
|
|
|
Financial income (expenses), net
|
|
|
|
(94
|
)
|
|
|
1,127
|
|
|
|
(27
|
)
|
|
|
1,675
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes on income
|
|
|
|
8,357
|
|
|
|
2,137
|
|
|
|
14,635
|
|
|
|
8,683
|
|
|
|
|
|
|
|
|
|
|
|
Tax benefit (taxes on income)
|
|
|
|
(1,908
|
)
|
|
|
1,109
|
|
|
|
(3,862
|
)
|
|
|
2,099
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
6,449
|
|
|
$
|
3,246
|
|
|
$
|
10,773
|
|
|
$
|
10,782
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per ordinary share
|
|
|
$
|
0.19
|
|
|
$
|
0.09
|
|
|
$
|
0.32
|
|
|
$
|
0.31
|
Diluted net income per ordinary share
|
|
|
$
|
0.18
|
|
|
$
|
0.09
|
|
|
$
|
0.30
|
|
|
$
|
0.30
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing net income per ordinary shares, basic
|
|
|
|
33,547,975
|
|
|
|
34,729,119
|
|
|
|
33,457,149
|
|
|
|
34,563,040
|
Shares used in computing net income per ordinary shares, diluted
|
|
|
|
35,787,574
|
|
|
|
36,194,471
|
|
|
|
35,740,107
|
|
|
|
36,147,712
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based Compensation Expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
|
2016
|
|
|
|
2017
|
|
|
|
2016
|
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
|
|
|
$
|
285
|
|
|
$
|
504
|
|
|
$
|
526
|
|
|
$
|
957
|
Research and development
|
|
|
|
998
|
|
|
|
1,523
|
|
|
|
1,938
|
|
|
|
2,832
|
Sales and marketing
|
|
|
|
1,371
|
|
|
|
2,018
|
|
|
|
2,596
|
|
|
|
3,689
|
General and administrative
|
|
|
|
1,325
|
|
|
|
2,197
|
|
|
|
2,292
|
|
|
|
3,963
|
|
|
|
|
|
|
|
|
|
|
|
Total share-based compensation expense
|
|
|
$
|
3,979
|
|
|
$
|
6,242
|
|
|
$
|
7,352
|
|
|
$
|
11,441
|
|
|
|
|
|
|
|
|
|
|
|
|
CYBERARK SOFTWARE LTD.
|
Consolidated Balance Sheets
|
U.S. dollars in thousands
|
(Unaudited)
|
|
|
|
|
December 31,
|
|
|
June 30,
|
|
|
|
|
2016
|
|
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
172,957
|
|
|
|
$
|
142,457
|
Short-term bank deposits
|
|
|
|
86,829
|
|
|
|
|
96,567
|
Marketable securities
|
|
|
|
15,246
|
|
|
|
|
21,804
|
Trade receivables
|
|
|
|
33,330
|
|
|
|
|
30,272
|
Prepaid expenses and other current assets
|
|
|
|
4,804
|
|
|
|
|
7,206
|
|
|
|
|
|
|
|
Total current assets
|
|
|
|
313,166
|
|
|
|
|
298,306
|
|
|
|
|
|
|
|
LONG-TERM ASSETS:
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
|
4,760
|
|
|
|
|
5,266
|
Intangible assets, net
|
|
|
|
14,035
|
|
|
|
|
18,552
|
Goodwill
|
|
|
|
35,145
|
|
|
|
|
69,355
|
Marketable securities
|
|
|
|
20,443
|
|
|
|
|
22,376
|
Severance pay fund
|
|
|
|
3,332
|
|
|
|
|
3,703
|
Prepaid expenses and other long-term assets
|
|
|
|
1,761
|
|
|
|
|
1,866
|
Deferred tax asset
|
|
|
|
10,389
|
|
|
|
|
28,154
|
|
|
|
|
|
|
|
Total long-term assets
|
|
|
|
89,865
|
|
|
|
|
149,272
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
|
$
|
403,031
|
|
|
|
$
|
447,578
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
Trade payables
|
|
|
$
|
2,699
|
|
|
|
$
|
1,762
|
Employees and payroll accruals
|
|
|
|
18,470
|
|
|
|
|
16,929
|
Accrued expenses and other current liabilities
|
|
|
|
6,876
|
|
|
|
|
5,627
|
Deferred revenues
|
|
|
|
50,111
|
|
|
|
|
57,258
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
|
78,156
|
|
|
|
|
81,576
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES:
|
|
|
|
|
|
|
Deferred revenues
|
|
|
|
23,395
|
|
|
|
|
25,587
|
Other long-term liabilities
|
|
|
|
229
|
|
|
|
|
222
|
Accrued severance pay
|
|
|
|
5,035
|
|
|
|
|
5,497
|
|
|
|
|
|
|
|
Total long-term liabilities
|
|
|
|
28,659
|
|
|
|
|
31,306
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
|
|
|
|
106,815
|
|
|
|
|
112,882
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY:
|
|
|
|
|
|
|
Ordinary shares of NIS 0.01 par value
|
|
|
|
88
|
|
|
|
|
90
|
Additional paid-in capital
|
|
|
|
221,609
|
|
|
|
|
235,351
|
Accumulated other comprehensive income (loss)
|
|
|
|
(175
|
)
|
|
|
|
595
|
Retained earnings
|
|
|
|
74,694
|
|
|
|
|
98,660
|
|
|
|
|
|
|
|
Total shareholders' equity
|
|
|
|
296,216
|
|
|
|
|
334,696
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
$
|
403,031
|
|
|
|
$
|
447,578
|
|
|
|
|
|
|
|
|
CYBERARK SOFTWARE LTD.
|
Consolidated Statements of Cash Flows
|
U.S. dollars in thousands
|
(Unaudited)
|
|
|
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
|
|
|
2016
|
|
|
|
|
2017
|
|
|
|
|
|
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
Net income
|
|
|
$
|
10,773
|
|
|
|
$
|
10,782
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
Depreciation and Amortization
|
|
|
|
3,126
|
|
|
|
|
3,509
|
|
Amortization of premium on marketable securities
|
|
|
|
56
|
|
|
|
|
190
|
|
Share-based compensation expenses
|
|
|
|
7,352
|
|
|
|
|
11,441
|
|
Tax benefit related to share-based compensation
|
|
|
|
(411
|
)
|
|
|
|
-
|
|
Deferred income taxes, net
|
|
|
|
(189
|
)
|
|
|
|
(3,642
|
)
|
Decrease (increase) in trade receivables
|
|
|
|
(394
|
)
|
|
|
|
3,412
|
|
Increase in prepaid expenses and other current and long-term assets
|
|
|
|
(1,728
|
)
|
|
|
|
(1,257
|
)
|
Decrease in trade payables
|
|
|
|
(179
|
)
|
|
|
|
(869
|
)
|
Increase in short term and long term deferred revenues
|
|
|
|
8,427
|
|
|
|
|
9,339
|
|
Decrease in employees and payroll accruals
|
|
|
|
(2,161
|
)
|
|
|
|
(1,953
|
)
|
Decrease in accrued expenses and other current and long-term
liabilities
|
|
|
|
(3,240
|
)
|
|
|
|
(1,391
|
)
|
Increase (decrease) in accrued severance pay, net
|
|
|
|
(23
|
)
|
|
|
|
91
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
|
21,409
|
|
|
|
|
29,652
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
Investment in short and long term deposits
|
|
|
|
(42,149
|
)
|
|
|
|
(9,938
|
)
|
Investment in marketable securities
|
|
|
|
(34,650
|
)
|
|
|
|
(17,760
|
)
|
Proceeds from maturities of marketable securities
|
|
|
|
-
|
|
|
|
|
9,106
|
|
Purchase of property and equipment
|
|
|
|
(1,777
|
)
|
|
|
|
(2,038
|
)
|
Payments for business acquisitions, net of cash acquired
|
|
|
|
-
|
|
|
|
|
(41,448
|
)
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
|
|
(78,576
|
)
|
|
|
|
(62,078
|
)
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
Tax benefit related to share-based compensation
|
|
|
|
411
|
|
|
|
|
-
|
|
Proceeds from exercise of stock options
|
|
|
|
637
|
|
|
|
|
1,926
|
|
|
|
|
|
|
|
|
Net cash provided by financing activities
|
|
|
|
1,048
|
|
|
|
|
1,926
|
|
|
|
|
|
|
|
|
Decrease in cash and cash equivalents
|
|
|
|
(56,119
|
)
|
|
|
|
(30,500
|
)
|
|
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the period
|
|
|
|
234,539
|
|
|
|
|
172,957
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end of the period
|
|
|
$
|
178,420
|
|
|
|
$
|
142,457
|
|
|
|
|
|
|
|
|
|
CYBERARK SOFTWARE LTD.
|
Reconciliation of GAAP Measures to Non-GAAP Measures
|
U.S. dollars in thousands (except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Gross Profit to Non-GAAP Gross Profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
|
2016
|
|
|
|
2017
|
|
|
|
|
2016
|
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
$
|
43,469
|
|
|
$
|
47,480
|
|
|
|
$
|
83,946
|
|
|
$
|
97,248
|
|
Plus:
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation - Maintenance & professional services
|
|
|
|
285
|
|
|
|
504
|
|
|
|
|
526
|
|
|
|
957
|
|
Amortization of intangible assets - License
|
|
|
|
355
|
|
|
|
992
|
|
|
|
|
710
|
|
|
|
1,835
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP gross profit
|
|
|
$
|
44,109
|
|
|
$
|
48,976
|
|
|
|
$
|
85,182
|
|
|
$
|
100,040
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Operating Income to Non-GAAP Operating Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
|
2016
|
|
|
|
2017
|
|
|
|
|
2016
|
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
$
|
8,451
|
|
|
$
|
1,010
|
|
|
|
$
|
14,662
|
|
|
$
|
7,008
|
|
Plus:
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation
|
|
|
|
3,979
|
|
|
|
6,242
|
|
|
|
|
7,352
|
|
|
|
11,441
|
|
Amortization of intangible assets - Cost of revenues
|
|
|
|
355
|
|
|
|
992
|
|
|
|
|
710
|
|
|
|
1,835
|
|
Amortization of intangible assets - Research and development
|
|
|
|
478
|
|
|
|
-
|
|
|
|
|
956
|
|
|
|
-
|
|
Amortization of intangible assets - Sales and marketing
|
|
|
|
301
|
|
|
|
289
|
|
|
|
|
602
|
|
|
|
535
|
|
Acquisition related expenses
|
|
|
|
-
|
|
|
|
248
|
|
|
|
|
-
|
|
|
|
686
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating income
|
|
|
$
|
13,564
|
|
|
$
|
8,781
|
|
|
|
$
|
24,282
|
|
|
$
|
21,505
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income to Non-GAAP Net Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
|
2016
|
|
|
|
2017
|
|
|
|
|
2016
|
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
6,449
|
|
|
$
|
3,246
|
|
|
|
$
|
10,773
|
|
|
$
|
10,782
|
|
Plus:
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation
|
|
|
|
3,979
|
|
|
|
6,242
|
|
|
|
|
7,352
|
|
|
|
11,441
|
|
Amortization of intangible assets - Cost of revenues
|
|
|
|
355
|
|
|
|
992
|
|
|
|
|
710
|
|
|
|
1,835
|
|
Amortization of intangible assets - Research and development
|
|
|
|
478
|
|
|
|
-
|
|
|
|
|
956
|
|
|
|
-
|
|
Amortization of intangible assets - Sales and marketing
|
|
|
|
301
|
|
|
|
289
|
|
|
|
|
602
|
|
|
|
535
|
|
Acquisition related expenses
|
|
|
|
-
|
|
|
|
248
|
|
|
|
|
-
|
|
|
|
686
|
|
Taxes on income related to non-GAAP adjustments
|
|
|
|
(1,066
|
)
|
|
|
(3,274
|
)
|
|
|
|
(1,579
|
)
|
|
|
(7,289
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
|
|
|
$
|
10,496
|
|
|
$
|
7,743
|
|
|
|
$
|
18,814
|
|
|
$
|
17,990
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income per share
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.31
|
|
|
$
|
0.22
|
|
|
|
$
|
0.56
|
|
|
$
|
0.52
|
|
Diluted
|
|
|
$
|
0.29
|
|
|
$
|
0.21
|
|
|
|
$
|
0.53
|
|
|
$
|
0.50
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
33,547,975
|
|
|
|
34,729,119
|
|
|
|
|
33,457,149
|
|
|
|
34,563,040
|
|
Diluted
|
|
|
|
35,787,574
|
|
|
|
36,194,471
|
|
|
|
|
35,740,107
|
|
|
|
36,147,712
|
|

View source version on businesswire.com: http://www.businesswire.com/news/home/20170808006414/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