[November 07, 2018] |
|
CyberArk Announces Strong Third Quarter 2018 Results
CyberArk
(NASDAQ: CYBR), the global leader in privileged
access security, today announced record total revenue and strong
financial results for the third quarter ended September 30, 2018.
"We exceeded our financial outlook across all guided metrics, while
generating record revenue and non-GAAP operating income in the third
quarter," said Udi Mokady, CyberArk Chairman and CEO. "Our strong
results reflect our success executing our growth strategy across sales
and marketing as well as delivering innovative solutions that help
strengthen customers' overall security posture on premises, in the cloud
and across the DevOps pipeline. Given our strong leadership position in
the privileged access security market and our performance year to date,
we are pleased to raise our full year guidance for 2018."
Financial Highlights for the Third Quarter Ended September 30, 2018
Revenue:
-
Total revenue was $84.7 million, a 31% increase from $64.8 million in
the third quarter of 2017.
-
License revenue was $46.1 million, a 29% increase compared to $35.8
million in the third quarter of 2017.
-
Maintenance and Professional Services revenue was $38.5 million, a 33%
increase from $29.0 million in the third quarter of 2017.
Operating Income:
-
GAAP operating income was $8.8 million for the quarter, compared to
$1.7 million in the third quarter of 2017.
-
Non-GAAP operating income was $21.0 million for the quarter, compared
to $10.7 million in the third quarter of 2017.
Net Income:
-
GAAP net income was $8.1 million, or $0.22 per diluted share, compared
to GAAP net income of $1.7 million, or $0.05 per diluted share, in the
third quarter of 2017.
-
Non-GAAP net income was $17.8 million, or $0.48 per diluted share,
compared to $8.9 million, or $0.25 per diluted share, in the third
quarter of 2017.
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 nine months ended September 30, 2018 and 2017. 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, 2018, CyberArk had $410.0 million in cash, cash
equivalents, marketable securities and short-term deposits. This
compares to $330.3 million as of December 31, 2017 and $296.8 million
at September 30, 2017.
-
As of September 30, 2018, total deferred revenue was $136.0 million, a
29% increase from $105.2 million at December 31, 2017 and a 59%
increase from $85.6 million at September 30, 2017.
-
During the first nine months of 2018, CyberArk generated $89.2 million
in net cash provided by operating activities, an increase of 100% from
$44.6 million in the first nine months of 2017.
Business Outlook
Based on information available as of November 7, 2018, CyberArk is
issuing guidance for the fourth quarter and increasing its guidance for
the full year 2018 as indicated below.
Fourth Quarter 2018:
-
Total revenue is expected to be in the range of $94.75 million to
$96.25 million which represents 18% to 20% year-over-year growth.
-
Non-GAAP operating income is expected to be in the range of $27.3
million to $28.5 million, or an operating margin of 29% to 30%.
-
Non-GAAP net income per share is expected to be in the range of $0.58
to $0.60 per diluted share. This assumes 37.9 million weighted average
diluted shares.
Full Year 2018:
-
Total revenue is expected to be in the range of $328.9 million to
$330.4 million, which represents 26% year-over-year growth.
-
Non-GAAP operating income is expected to be in the range of $78.0
million to $79.2 million, or an operating margin of 24%.
-
Non-GAAP net income per share is expected to be in the range of $1.75
to $1.77 per diluted share. This assumes 37.2 million weighted average
diluted shares.
Conference Call Information
CyberArk will host a conference call on today, Wednesday, November 7,
2018 at 4:30 p.m. Eastern Time (ET) to discuss the company's third
quarter 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 2673547. 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 2673547. 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
(NASDAQ: CYBR)
is the global leader in privileged access security, a critical layer of
IT security to protect data, infrastructure and assets across the
enterprise, in the cloud and throughout the DevOps pipeline. CyberArk
delivers the industry's most complete solution to reduce risk created by
privileged credentials and secrets. The company is trusted by the
world's leading organizations, including more than 50 percent of the
Fortune 100, to protect against external attackers and malicious
insiders. 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
blogs or follow on Twitter via @CyberArk,
LinkedIn
or Facebook.
Copyright © 2018 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.
-
Non-GAAP gross profit is calculated as gross profit excluding
share-based compensation expense and amortization of intangible assets
related to acquisitions.
-
Non-GAAP operating income is calculated as operating income excluding
share-based compensation expense, acquisition related expenses,
facility exit and transitions costs and amortization of intangible
assets related to acquisitions.
-
Non-GAAP net income is calculated as net income excluding share-based
compensation expense, acquisition related expenses, facility exit and
transitions costs, amortization of intangible assets related to
acquisitions, intra-entity IP transfer tax effect and the tax effect
of the other non-GAAP adjustments.
The Company believes that providing non-GAAP financial measures that
exclude share-based compensation, acquisition related expenses,
amortization of intangible assets related to acquisitions, facility exit
and transitions costs, intra-entity IP transfer tax effect and the tax
effect of the non-GAAP adjustments allows for more meaningful
comparisons of its period to period operating results. Share-based
compensation expense has been and will continue to be for the
foreseeable future, a significant recurring expense in the Company's
business and an important part of the compensation provided to its
employees. Share based compensation expense has varying available
valuation methodologies, subjective assumptions and a variety of equity
instruments that can impact a company's non-cash expense. The Company
believes that expenses related to its acquisitions and amortization of
intangible assets related to acquisitions, facility exit and transitions
cost and intra-entity IP transfer tax effect 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 measure to evaluate its business.
Guidance for non-GAAP financial measures excludes, as applicable,
share-based compensation expense, acquisition related expenses, facility
exit and transitions costs, amortization of intangible assets related to
acquisitions, intra-entity IP transfer tax effect and the tax effect of
the other non-GAAP adjustments. A reconciliation of the non-GAAP
financial measures guidance to the corresponding GAAP measures is not
available on a forward-looking basis due to the uncertainty regarding,
and the potential variability and significance of, the amounts of
share-based compensation expense, amortization of intangible assets
related to acquisitions, and the non-recurring expenses that are
excluded from the guidance. Accordingly, a reconciliation of the
non-GAAP financial measures guidance to the corresponding GAAP measures
for future periods is not available without unreasonable effort.
Cautionary Language Concerning Forward-Looking Statements
This release contains forward-looking statements, which express the
current beliefs and expectations of CyberArk's (the "Company")
management. In some cases, forward-looking statements may be identified
by terminology such as "believe," "may," "estimate," "continue,"
"anticipate," "intend," "should," "plan," "expect," "predict,"
"potential" or the negative of these terms or other similar expressions.
Such statements involve a number of known and unknown risks and
uncertainties that could cause the Company's future results, performance
or achievements to differ significantly from the results, performance or
achievements expressed or implied by such forward-looking statements.
Important factors that could cause or contribute to such differences
include risks relating to: 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.
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CYBERARK SOFTWARE LTD.
|
Consolidated Statements of Operations
|
U.S. dollars in thousands (except per share data)
|
(Unaudited)
|
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|
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Three Months Ended
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Nine Months Ended
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September 30,
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September 30,
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|
|
2017
|
|
2018
|
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2017
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2018
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Revenues:
|
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License
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$
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35,818
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$
|
46,130
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|
|
|
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$
|
99,088
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|
$
|
125,745
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Maintenance and professional services
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|
29,000
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|
|
38,523
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|
|
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|
82,245
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108,404
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Total revenues
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64,818
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84,653
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181,333
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234,149
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Cost of revenues:
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License
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2,161
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2,614
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|
|
|
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|
5,652
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|
7,521
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Maintenance and professional services
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|
8,801
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|
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9,530
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24,577
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27,619
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Total cost of revenues
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|
10,962
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12,144
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30,229
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|
35,140
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Gross profit
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53,856
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|
|
72,509
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|
|
151,104
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199,009
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Operating expenses:
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Research and development
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11,369
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14,980
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30,144
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41,772
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Sales and marketing
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32,877
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37,880
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|
90,055
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|
107,983
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|
General and administrative
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|
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7,927
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10,870
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|
22,214
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29,483
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Total operating expenses
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52,173
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|
63,730
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|
142,413
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179,238
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|
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|
Operating income
|
|
|
1,683
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|
|
|
8,779
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|
|
|
|
|
8,691
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|
19,771
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Financial income, net
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|
816
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|
1,407
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2,491
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3,473
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|
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Income before taxes on income
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|
|
2,499
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|
|
|
10,186
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|
|
|
|
11,182
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|
23,244
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Tax benefit (taxes on income)
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(818
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)
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(2,092
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)
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1,281
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(352
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)
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Net income
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|
$
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1,681
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$
|
8,094
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$
|
12,463
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$
|
22,892
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Basic net income per ordinary share
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$
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0.05
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$
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0.22
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$
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0.36
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$
|
0.64
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Diluted net income per ordinary share
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|
$
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0.05
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|
|
$
|
0.22
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|
|
$
|
0.34
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$
|
0.62
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Shares used in computing net income
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per ordinary shares, basic
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34,979,389
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36,485,724
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34,703,328
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35,981,177
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Shares used in computing net income
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per ordinary shares, diluted
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36,184,151
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37,475,729
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36,153,515
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36,894,457
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Share-based Compensation Expense:
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Three Months Ended
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Nine Months Ended
|
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September 30,
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September 30,
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2017
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2018
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2017
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2018
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Cost of revenues
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$
|
701
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|
$
|
957
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|
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$
|
1,658
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|
$
|
2,370
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Research and development
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|
1,775
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|
|
2,237
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|
|
|
|
|
4,607
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|
|
5,748
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|
Sales and marketing
|
|
|
2,459
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|
|
|
3,770
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|
|
|
|
|
6,148
|
|
|
9,061
|
|
|
General and administrative
|
|
|
2,267
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|
|
|
3,371
|
|
|
|
|
|
6,230
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|
|
8,492
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|
|
|
|
|
|
|
|
|
|
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Total share-based compensation expense
|
|
$
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7,202
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|
|
$
|
10,335
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$
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18,643
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$
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25,671
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CYBERARK SOFTWARE LTD.
|
Consolidated Balance Sheets
|
U.S. dollars in thousands
|
(Unaudited)
|
|
|
|
|
December 31,
|
|
|
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September 30,
|
|
|
|
|
2017
|
|
|
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2018
|
|
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ASSETS
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CURRENT ASSETS:
|
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Cash and cash equivalents
|
|
$
|
161,261
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|
|
|
$
|
205,247
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Short-term bank deposits
|
|
|
107,647
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|
|
|
|
127,695
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|
|
Marketable securities
|
|
|
34,025
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|
|
|
|
53,532
|
|
|
Trade receivables
|
|
|
45,315
|
|
|
|
|
29,707
|
|
|
Prepaid expenses and other current assets
|
|
|
7,407
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|
|
|
|
8,413
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total current assets
|
|
|
355,655
|
|
|
|
|
424,594
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LONG-TERM ASSETS:
|
|
|
|
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Property and equipment, net
|
|
|
9,230
|
|
|
|
|
13,596
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|
|
Intangible assets, net
|
|
|
15,664
|
|
|
|
|
16,374
|
|
|
Goodwill
|
|
|
|
69,217
|
|
|
|
|
83,156
|
|
|
Marketable securities
|
|
|
27,407
|
|
|
|
|
23,544
|
|
|
Severance pay fund
|
|
|
3,692
|
|
|
|
|
3,669
|
|
|
Other long-term assets
|
|
|
2,368
|
|
|
|
|
21,379
|
|
|
Deferred tax asset
|
|
|
19,343
|
|
|
|
|
23,076
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total long-term assets
|
|
|
146,921
|
|
|
|
|
184,794
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
$
|
502,576
|
|
|
|
$
|
609,388
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
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|
|
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CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
Trade payables
|
|
|
$
|
1,960
|
|
|
|
$
|
2,841
|
|
|
Employees and payroll accruals
|
|
|
25,253
|
|
|
|
|
25,861
|
|
|
Accrued expenses and other current liabilities
|
|
|
10,209
|
|
|
|
|
7,623
|
|
|
Deferred revenues
|
|
|
66,986
|
|
|
|
|
84,176
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
104,408
|
|
|
|
|
120,501
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
Deferred revenues
|
|
|
38,249
|
|
|
|
|
51,838
|
|
|
Other long-term liabilities
|
|
|
242
|
|
|
|
|
1,218
|
|
|
Accrued severance pay
|
|
|
5,712
|
|
|
|
|
5,692
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total long-term liabilities
|
|
|
44,203
|
|
|
|
|
58,748
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
|
|
|
148,611
|
|
|
|
|
179,249
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY:
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares of NIS 0.01 par value
|
|
|
91
|
|
|
|
|
95
|
|
|
Additional paid-in capital
|
|
|
249,874
|
|
|
|
|
291,087
|
|
|
Accumulated other comprehensive income (loss)
|
|
|
107
|
|
|
|
|
(577
|
)
|
|
Retained earnings
|
|
|
103,893
|
|
|
|
|
139,534
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity
|
|
|
353,965
|
|
|
|
|
430,139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
$
|
502,576
|
|
|
|
$
|
609,388
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CYBERARK SOFTWARE LTD.
|
Consolidated Statements of Cash Flows
|
U.S. dollars in thousands
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
|
|
2017
|
|
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
12,463
|
|
|
|
|
$
|
22,892
|
|
|
Adjustments to reconcile net income to net cash
|
|
|
|
|
|
|
|
|
|
|
|
provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
5,731
|
|
|
|
|
|
7,327
|
|
|
Amortization of premium on marketable securities
|
|
|
286
|
|
|
|
|
|
270
|
|
|
Share-based compensation expenses
|
|
|
18,643
|
|
|
|
|
|
25,671
|
|
|
Deferred income taxes, net
|
|
|
(3,387
|
)
|
|
|
|
|
(6,669
|
)
|
|
Decrease (increase) in trade receivables
|
|
|
(222
|
)
|
|
|
|
|
15,608
|
|
|
Increase in prepaid expenses and other current and long-term assets
|
|
|
(578
|
)
|
|
|
|
|
(5,669
|
)
|
|
Increase (decrease) in trade payables
|
|
|
(913
|
)
|
|
|
|
|
771
|
|
|
Increase in short term and long term deferred revenues
|
|
|
12,074
|
|
|
|
|
|
34,298
|
|
|
Increase (decrease) in employees and payroll accruals
|
|
|
384
|
|
|
|
|
|
(2,315
|
)
|
|
Decrease in accrued expenses and other
|
|
|
|
|
|
|
|
|
|
|
|
current and long-term liabilities
|
|
|
(279
|
)
|
|
|
|
|
(3,031
|
)
|
|
Increase in accrued severance pay, net
|
|
|
382
|
|
|
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
44,584
|
|
|
|
|
|
89,156
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Investment in short and long term deposits
|
|
|
(14,132
|
)
|
|
|
|
|
(19,768
|
)
|
|
Investment in marketable securities
|
|
|
(28,303
|
)
|
|
|
|
|
(47,316
|
)
|
|
Proceeds from maturities of marketable securities
|
|
|
13,217
|
|
|
|
|
|
31,198
|
|
|
Purchase of property and equipment
|
|
|
(3,840
|
)
|
|
|
|
|
(7,130
|
)
|
|
Payments for business acquisitions, net of cash acquired
|
|
|
(41,329
|
)
|
|
|
|
|
(18,450
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
|
(74,387
|
)
|
|
|
|
|
(61,466
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from withholding tax related to employee stock plans
|
|
|
-
|
|
|
|
|
|
2,220
|
|
|
Proceeds from exercise of stock options
|
|
|
2,080
|
|
|
|
|
|
14,038
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by financing activities
|
|
|
2,080
|
|
|
|
|
|
16,258
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash, cash equivalents and restricted cash
|
|
|
(27,723
|
)
|
|
|
|
|
43,948
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash at the beginning of the
period
|
|
|
174,156
|
|
|
|
|
|
162,518
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash at the end of the period
|
|
$
|
146,433
|
|
|
|
|
$
|
206,466
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
Nine Months Ended
|
|
|
|
|
September 30,
|
|
|
|
September 30,
|
|
|
|
|
2017
|
|
2018
|
|
|
|
2017
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
$
|
53,856
|
|
|
$
|
72,509
|
|
|
|
|
$
|
151,104
|
|
|
$
|
199,009
|
|
|
Plus:
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation - Maintenance & professional services
|
|
|
701
|
|
|
|
957
|
|
|
|
|
|
1,658
|
|
|
|
2,370
|
|
|
Amortization of intangible assets - License
|
|
|
1,195
|
|
|
|
1,444
|
|
|
|
|
|
3,030
|
|
|
|
4,118
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP gross profit
|
|
|
$
|
55,752
|
|
|
$
|
74,910
|
|
|
|
|
$
|
155,792
|
|
|
$
|
205,497
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Operating Income to Non-GAAP Operating Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Nine Months Ended
|
|
|
|
|
September 30,
|
|
|
|
September 30,
|
|
|
|
|
2017
|
|
2018
|
|
|
|
2017
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
$
|
1,683
|
|
|
$
|
8,779
|
|
|
|
|
$
|
8,691
|
|
|
$
|
19,771
|
|
|
Plus:
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation
|
|
|
|
7,202
|
|
|
|
10,335
|
|
|
|
|
|
18,643
|
|
|
|
25,671
|
|
|
Amortization of intangible assets - Cost of revenues
|
|
|
1,195
|
|
|
|
1,444
|
|
|
|
|
|
3,030
|
|
|
|
4,118
|
|
|
Amortization of intangible assets - Sales and marketing
|
|
|
249
|
|
|
|
198
|
|
|
|
|
|
784
|
|
|
|
595
|
|
|
Acquisition related expenses
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
686
|
|
|
|
268
|
|
|
Facility exit and transitions costs
|
|
|
342
|
|
|
|
253
|
|
|
|
|
|
342
|
|
|
|
253
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating income
|
|
|
$
|
10,671
|
|
|
$
|
21,009
|
|
|
|
|
$
|
32,176
|
|
|
$
|
50,676
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income to Non-GAAP Net Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Nine Months Ended
|
|
|
|
|
September 30,
|
|
|
|
September 30,
|
|
|
|
|
2017
|
|
2018
|
|
|
|
2017
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
1,681
|
|
|
$
|
8,094
|
|
|
|
|
$
|
12,463
|
|
|
$
|
22,892
|
|
|
Plus:
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation
|
|
|
|
7,202
|
|
|
|
10,335
|
|
|
|
|
|
18,643
|
|
|
|
25,671
|
|
|
Amortization of intangible assets - Cost of revenues
|
|
|
1,195
|
|
|
|
1,444
|
|
|
|
|
|
3,030
|
|
|
|
4,118
|
|
|
Amortization of intangible assets - Sales and marketing
|
|
|
249
|
|
|
|
198
|
|
|
|
|
|
784
|
|
|
|
595
|
|
|
Acquisition related expenses
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
686
|
|
|
|
268
|
|
|
Facility exit and transitions costs
|
|
|
342
|
|
|
|
253
|
|
|
|
|
|
342
|
|
|
|
253
|
|
|
Taxes on income related to non-GAAP adjustments
|
|
|
(1,757
|
)
|
|
|
(4,764
|
)
|
|
|
|
|
(9,046
|
)
|
|
|
(12,957
|
)
|
|
Intra-entity IP transfer tax effect, net
|
|
|
-
|
|
|
|
2,243
|
|
|
|
|
|
-
|
|
|
|
2,243
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
|
|
|
$
|
8,912
|
|
|
$
|
17,803
|
|
|
|
|
$
|
26,902
|
|
|
$
|
43,083
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income per share
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.25
|
|
|
$
|
0.49
|
|
|
|
|
$
|
0.78
|
|
|
$
|
1.20
|
|
|
Diluted
|
|
|
$
|
0.25
|
|
|
$
|
0.48
|
|
|
|
|
$
|
0.74
|
|
|
$
|
1.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
34,979,389
|
|
|
|
36,485,724
|
|
|
|
|
|
34,703,328
|
|
|
|
35,981,177
|
|
|
Diluted
|
|
|
|
36,184,151
|
|
|
|
37,475,729
|
|
|
|
|
|
36,153,515
|
|
|
|
36,894,457
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20181107005818/en/
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