Form 6-K CyberArk Software Ltd. For: Feb 14
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
For the month of February
2019
Commission File Number: 001-36625
CyberArk Software Ltd.
(Translation of registrant’s name into
English)
CyberArk Software Ltd.
9 Hapsagot St.
Park Ofer 2, POB 3143
Petach-Tikva, 4951041 Israel
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
EXPLANATORY NOTE
On February 14, 2019, CyberArk Software Ltd. (the “Company”), issued a press release entitled “CyberArk Announces Record
Fourth Quarter and Full Year 2018 Results,” and a press release entitled “CyberArk Appoints Francois Auque to Board of Directors.” A copy of this press releases is furnished as Exhibit 99.1 and 99.2 herewith, correspondently.
Other than as indicated below, the information in this Form 6-K (including in Exhibits 99.1 and 99.2) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of
1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.
The U.S. GAAP financial information contained in (i) the consolidated balance sheets, (ii) consolidated statements of operations and (iii)
consolidated statement of cash flows included in the press release attached as Exhibit 99.1 to this Report on Form 6-K are hereby incorporated by reference into the Company’s Registration Statements on Form S-8 (File Nos. 333-200367, 333- 202850,
333-216755 and 333-223729).
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
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CYBERARK SOFTWARE LTD.
|
||||
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Date: February 14, 2019
|
|
|
By:
|
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/s/ Joshua Siegel
|
|
|
|
|
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Name: Joshua Siegel
|
|||
|
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|
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Title: Chief Financial Officer
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|||
3
EXHIBIT INDEX
4
Exhibit 99.1
CyberArk Announces Record Fourth Quarter and Full Year 2018 Results
Fourth quarter total revenue of $109.1 million increases 36% year-over-year
Fourth quarter GAAP operating income of $27.5 million and non-GAAP operating income of $39.8
million
Full year total revenue of $343.2 million increases 31% year-over-year
Full year GAAP operating income of $47.3 million and non-GAAP operating income of $90.5 million
Full year net cash provided by operating activities of $130.1 million increases 61%
year-over-year
Newton, Mass.
and Petach Tikva, Israel – February 14, 2019 – CyberArk, (NASDAQ: CYBR), the global leader in privileged access security, today announced record financial results for the fourth quarter and year ended
December 31, 2018.
“Our record fourth quarter results capped off a tremendous year for CyberArk,” said Udi Mokady, CyberArk Chairman and
CEO. “We delivered record results across all operating metrics including revenue, GAAP and Non-GAAP operating income and net income, as well as cash flow from operations and new customer additions. We were pleased to accelerate revenue growth
across the Americas, EMEA and APJ, which demonstrates our strong execution, commitment to innovation, and the robust market fundamentals. As the recognized leader in privileged access security, we enter 2019 with strong momentum and are well
positioned to deliver sustainable growth and profitability.”
Financial Highlights for the Fourth Quarter Ended December 31, 2018
Revenue:
| · |
Total revenue was $109.1 million, up 36% compared with the fourth
quarter of 2017.
|
| · |
License revenue was $66.8 million, up 38% compared with the
fourth quarter of 2017.
|
| · |
Maintenance and Professional Services revenue was $42.3 million,
up 33% compared with the fourth quarter of 2017.
|
Operating Income:
| · |
GAAP operating income was $27.5 million, compared to $11.6 million in the fourth quarter of 2017. Non-GAAP operating income was $39.8 million,
compared to $19.7 million in the fourth quarter of 2017.
|
Net Income:
| · |
GAAP net income was $24.2 million, or $0.64 per diluted share,
compared to GAAP net income of $3.6 million, or $0.10 per diluted share, in the fourth quarter of 2017. Non-GAAP net income was $33.4 million, or $0.89 per diluted share, compared to $15.0 million, or $0.41 per diluted share, in the
fourth quarter of 2017.
|
Financial Highlights for the Full Year Ended December 31, 2018
Revenue:
| · |
Total revenue was $343.2 million, up 31% compared with 2017.
|
| · |
License revenue was $192.5 million, up 30% compared with 2017.
|
| · |
Maintenance and Professional Services revenue was $150.7 million,
up 32% compared with 2017.
|
Operating Income:
| · |
GAAP operating income was $47.3 million, compared to $20.3 million in 2017. Non-GAAP operating income was $90.5 million, compared to $51.9 million in
2017.
|
Net Income:
| · |
GAAP net income was $47.1 million, or $1.27 per diluted share,
compared to GAAP net income of $16.0 million, or $0.44 per diluted share, in 2017. Non-GAAP net income was $76.5 million, or $2.06 per diluted share, compared to $41.9 million, or $1.16 per diluted share, in 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 and twelve months ended December 31, 2018 and 2017. 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, 2018, CyberArk had $451.2 million in cash,
cash equivalents, marketable securities and short-term deposits. This compares with $410.0 million in cash, cash equivalents, marketable securities and short-term deposits as of September 30, 2018 and $330.3 million as of December 31,
2017.
|
| · |
As of December 31, 2018, total deferred revenue was $149.5
million, a 42% increase from $105.2 million at December 31, 2017.
|
| · |
During 2018, the Company generated $130.1 million in net cash
provided by operating activities, a 61% increase compared to $80.7 million in 2017.
|
Business Outlook
Based on information available as of February 14, 2019, CyberArk is issuing guidance for the first quarter and full
year 2019 as indicated below.
First Quarter 2019:
| · |
Total revenue is expected to be in the range of $91.0 million to
$93.0 million, which represents 27% to 30% year-over-year growth.
|
| · |
Non-GAAP operating income is expected to be in the range of $18.5
million to $20.0 million.
|
| · |
Non-GAAP net income per share is expected to be in the range of $0.39 to $0.42 per share. This assumes 38.2 million weighted average diluted shares.
|
Full Year 2019:
| · |
Total revenue is expected to be in the range of $411.0 million to
$415.0 million, which represents 20% to 21% year-over-year growth.
|
| · |
Non-GAAP operating income is expected to be in the range of $92.5
million to $95.5 million.
|
| · |
Non-GAAP net income per share is expected to be in the range of $1.94 to $2.00 per share. This assumes 38.5 million weighted average diluted shares.
|
Conference Call Information
In conjunction with this announcement, CyberArk will host a conference call on Thursday, February 14, 2019 at 8:30
a.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 +1 866-393-4306 (U.S.) or +1 561-569-9206 (international). The conference ID is 1675647.
Additionally, a live webcast of the conference call will be available via the “Investor Relations” section of the company’s website 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 1675647. 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 ©
2019 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 gross profit, 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 intellectual property transfer tax effects, changes in the US federal tax rate 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 intellectual property transfer
tax effects, changes in the US federal tax rate 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 costs, intra-entity intellectual property transfer tax effects and changes in the US federal tax rate 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, and amortization of intangible assets related
to acquisitions. 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.
###
Investor Contact:
Erica Smith
CyberArk
617-558-2132
Media
Contact:
Liz Campbell
CyberArk
617-558-2191
|
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,
|
|||||||||||||||
|
2017
|
2018
|
2017
|
2018
|
|||||||||||||
|
Revenues:
|
||||||||||||||||
|
License
|
$
|
48,552
|
$
|
66,769
|
$
|
147,640
|
$
|
192,514
|
||||||||
|
Maintenance and professional services
|
31,816
|
42,281
|
114,061
|
150,685
|
||||||||||||
|
Total revenues
|
80,368
|
109,050
|
261,701
|
343,199
|
||||||||||||
|
Cost of revenues:
|
||||||||||||||||
|
License
|
2,259
|
3,005
|
7,911
|
10,526
|
||||||||||||
|
Maintenance and professional services
|
9,360
|
10,316
|
33,937
|
37,935
|
||||||||||||
|
Total cost of revenues
|
11,619
|
13,321
|
41,848
|
48,461
|
||||||||||||
|
Gross profit
|
68,749
|
95,729
|
219,853
|
294,738
|
||||||||||||
|
Operating expenses:
|
||||||||||||||||
|
Research and development
|
12,245
|
15,340
|
42,389
|
57,112
|
||||||||||||
|
Sales and marketing
|
36,684
|
40,307
|
126,739
|
148,290
|
||||||||||||
|
General and administrative
|
8,185
|
12,561
|
30,399
|
42,044
|
||||||||||||
|
Total operating expenses
|
57,114
|
68,208
|
199,527
|
247,446
|
||||||||||||
|
Operating income
|
11,635
|
27,521
|
20,326
|
47,292
|
||||||||||||
|
Financial income, net
|
1,612
|
1,078
|
4,103
|
4,551
|
||||||||||||
|
Income before taxes on income
|
13,247
|
28,599
|
24,429
|
51,843
|
||||||||||||
|
Taxes on income
|
(9,695
|
)
|
(4,419
|
)
|
(8,414
|
)
|
(4,771
|
)
|
||||||||
|
Net income
|
$
|
3,552
|
$
|
24,180
|
$
|
16,015
|
$
|
47,072
|
||||||||
|
Basic net income per ordinary share
|
$
|
0.10
|
$
|
0.66
|
$
|
0.46
|
$
|
1.30
|
||||||||
|
Diluted net income per ordinary share
|
$
|
0.10
|
$
|
0.64
|
$
|
0.44
|
$
|
1.27
|
||||||||
|
Shares used in computing net income
|
||||||||||||||||
|
per ordinary shares, basic
|
35,182,870
|
36,570,609
|
34,824,312
|
36,174,316
|
||||||||||||
|
Shares used in computing net income
|
||||||||||||||||
|
per ordinary shares, diluted
|
36,296,609
|
37,607,625
|
36,175,824
|
37,065,727
|
||||||||||||
|
Share-based Compensation Expense:
|
||||||||||||||||
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
2017
|
2018
|
2017
|
2018
|
|||||||||||||
|
Cost of revenues
|
$
|
631
|
$
|
980
|
$
|
2,289
|
$
|
3,350
|
||||||||
|
Research and development
|
1,503
|
2,174
|
6,110
|
7,922
|
||||||||||||
|
Sales and marketing
|
2,494
|
3,647
|
8,642
|
12,708
|
||||||||||||
|
General and administrative
|
1,966
|
3,493
|
8,196
|
11,984
|
||||||||||||
|
Total share-based compensation expense
|
$
|
6,594
|
$
|
10,294
|
$
|
25,237
|
$
|
35,964
|
||||||||
|
CYBERARK SOFTWARE LTD.
|
|
Consolidated Balance Sheets
|
|
U.S. dollars in thousands
|
|
(Unaudited)
|
|
December 31,
|
December 31,
|
|||||||
|
2017
|
2018
|
|||||||
|
ASSETS
|
||||||||
|
CURRENT ASSETS:
|
||||||||
|
Cash and cash equivalents
|
$
|
161,261
|
$
|
260,636
|
||||
|
Short-term bank deposits
|
107,647
|
106,399
|
||||||
|
Marketable securities
|
34,025
|
59,948
|
||||||
|
Trade receivables
|
45,315
|
48,431
|
||||||
|
Prepaid expenses and other current assets
|
7,407
|
6,349
|
||||||
|
Total current assets
|
355,655
|
481,763
|
||||||
|
LONG-TERM ASSETS:
|
||||||||
|
Property and equipment, net
|
9,230
|
15,120
|
||||||
|
Intangible assets, net
|
15,664
|
14,732
|
||||||
|
Goodwill
|
69,217
|
82,400
|
||||||
|
Marketable securities
|
27,407
|
24,261
|
||||||
|
Other long-term assets
|
6,060
|
31,863
|
||||||
|
Deferred tax asset
|
19,343
|
23,481
|
||||||
|
Total long-term assets
|
146,921
|
191,857
|
||||||
|
TOTAL ASSETS
|
$
|
502,576
|
$
|
673,620
|
||||
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
|
CURRENT LIABILITIES:
|
||||||||
|
Trade payables
|
$
|
1,960
|
$
|
4,924
|
||||
|
Employees and payroll accruals
|
25,253
|
32,853
|
||||||
|
Accrued expenses and other current liabilities
|
10,209
|
13,271
|
||||||
|
Deferred revenues
|
66,986
|
92,375
|
||||||
|
Total current liabilities
|
104,408
|
143,423
|
||||||
|
LONG-TERM LIABILITIES:
|
||||||||
|
Deferred revenues
|
38,249
|
57,159
|
||||||
|
Other long-term liabilities
|
5,954
|
6,268
|
||||||
|
Total long-term liabilities
|
44,203
|
63,427
|
||||||
|
TOTAL LIABILITIES
|
148,611
|
206,850
|
||||||
|
SHAREHOLDERS' EQUITY:
|
||||||||
|
Ordinary shares of NIS 0.01 par value
|
91
|
95
|
||||||
|
Additional paid-in capital
|
249,874
|
303,900
|
||||||
|
Accumulated other comprehensive income (loss)
|
107
|
(939
|
)
|
|||||
|
Retained earnings
|
103,893
|
163,714
|
||||||
|
Total shareholders' equity
|
353,965
|
466,770
|
||||||
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
$
|
502,576
|
$
|
673,620
|
||||
|
CYBERARK SOFTWARE LTD.
|
|
Consolidated Statements of Cash Flows
|
|
U.S. dollars in thousands
|
|
(Unaudited)
|
|
Twelve Months Ended
|
||||||||
|
December 31,
|
||||||||
|
2017
|
2018
|
|||||||
|
Cash flows from operating activities:
|
||||||||
|
Net income
|
$
|
16,015
|
$
|
47,072
|
||||
|
Adjustments to reconcile net income to net cash
|
||||||||
|
provided by operating activities:
|
||||||||
|
Depreciation and amortization
|
7,856
|
10,078
|
||||||
|
Amortization of premium, net of accretion of discount on marketable securities
|
382
|
293
|
||||||
|
Share-based compensation expenses
|
25,237
|
35,964
|
||||||
|
Deferred income taxes, net
|
5,856
|
(7,056
|
)
|
|||||
|
Increase in trade receivables
|
(11,631
|
)
|
(3,116
|
)
|
||||
|
Increase in prepaid expenses and other current and long-term assets
|
(3,638
|
)
|
(11,893
|
)
|
||||
|
Increase (decrease) in trade payables
|
(1,288
|
)
|
1,955
|
|||||
|
Increase in short term and long term deferred revenues
|
31,729
|
47,818
|
||||||
|
Increase in employees and payroll accruals
|
6,316
|
6,896
|
||||||
|
Increase in accrued expenses and other
|
||||||||
|
current and long-term liabilities
|
3,903
|
2,114
|
||||||
|
Net cash provided by operating activities
|
80,737
|
130,125
|
||||||
|
Cash flows from investing activities:
|
||||||||
|
Proceeds (Investment) in short and long term deposits
|
(20,661
|
)
|
1,600
|
|||||
|
Investment in marketable securities
|
(43,604
|
)
|
(61,118
|
)
|
||||
|
Proceeds from maturities of marketable securities
|
17,355
|
37,838
|
||||||
|
Purchase of property and equipment
|
(6,757
|
)
|
(8,613
|
)
|
||||
|
Payments for business acquisitions, net of cash acquired
|
(41,329
|
)
|
(18,450
|
)
|
||||
|
Net cash used in investing activities
|
(94,996
|
)
|
(48,743
|
)
|
||||
|
Cash flows from financing activities:
|
||||||||
|
Proceeds from exercise of stock options
|
2,624
|
17,980
|
||||||
|
Net cash provided by financing activities
|
2,624
|
17,980
|
||||||
|
Increase (decrease) in cash, cash equivalents and restricted cash
|
(11,635
|
)
|
99,362
|
|||||
|
Cash, cash equivalents and restricted cash at the beginning of the period
|
$
|
174,156
|
$
|
162,521
|
||||
|
Cash, cash equivalents and restricted cash at the end of the period
|
$
|
162,521
|
$
|
261,883
|
||||
|
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
|
Twelve Months Ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
2017
|
2018
|
2017
|
2018
|
|||||||||||||
|
Gross profit
|
$
|
68,749
|
$
|
95,729
|
$
|
219,853
|
$
|
294,738
|
||||||||
|
Plus:
|
||||||||||||||||
|
Share-based compensation - Maintenance & professional services
|
631
|
980
|
2,289
|
3,350
|
||||||||||||
|
Amortization of intangible assets - License
|
1,183
|
1,445
|
4,213
|
5,563
|
||||||||||||
|
Non-GAAP gross profit
|
$
|
70,563
|
$
|
98,154
|
$
|
226,355
|
$
|
303,651
|
||||||||
|
Reconciliation of Operating Income to Non-GAAP Operating Income:
|
||||||||||||||||
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
2017
|
2018
|
2017
|
2018
|
|||||||||||||
|
Operating income
|
$
|
11,635
|
$
|
27,521
|
$
|
20,326
|
$
|
47,292
|
||||||||
|
Plus:
|
||||||||||||||||
|
Share-based compensation
|
6,594
|
10,294
|
25,237
|
35,964
|
||||||||||||
|
Amortization of intangible assets - Cost of revenues
|
1,183
|
1,445
|
4,213
|
5,563
|
||||||||||||
|
Amortization of intangible assets - Sales and marketing
|
262
|
198
|
1,046
|
793
|
||||||||||||
|
Acquisition related expenses
|
-
|
-
|
686
|
268
|
||||||||||||
|
Facility exit and transitions costs
|
-
|
327
|
342
|
580
|
||||||||||||
|
Non-GAAP operating income
|
$
|
19,674
|
$
|
39,785
|
$
|
51,850
|
$
|
90,460
|
||||||||
|
Reconciliation of Net Income to Non-GAAP Net Income:
|
||||||||||||||||
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
2017
|
2018
|
2017
|
2018
|
|||||||||||||
|
Net income
|
$
|
3,552
|
$
|
24,180
|
$
|
16,015
|
$
|
47,072
|
||||||||
|
Plus:
|
||||||||||||||||
|
Share-based compensation
|
6,594
|
10,294
|
25,237
|
35,964
|
||||||||||||
|
Amortization of intangible assets - Cost of revenues
|
1,183
|
1,445
|
4,213
|
5,563
|
||||||||||||
|
Amortization of intangible assets - Sales and marketing
|
262
|
198
|
1,046
|
793
|
||||||||||||
|
Acquisition related expenses
|
-
|
-
|
686
|
268
|
||||||||||||
|
Facility exit and transitions costs
|
-
|
327
|
342
|
580
|
||||||||||||
|
Taxes on income related to non-GAAP adjustments
|
(3,180
|
)
|
(2,528
|
)
|
(12,226
|
)
|
(15,485
|
)
|
||||||||
|
Change in the US federal tax rate
|
6,582
|
-
|
6,582
|
-
|
||||||||||||
|
Intra-entity IP transfer tax effect, net
|
-
|
(475
|
)
|
-
|
1,768
|
|||||||||||
|
Non-GAAP net income
|
$
|
14,993
|
$
|
33,441
|
$
|
41,895
|
$
|
76,523
|
||||||||
|
Non-GAAP net income per share
|
||||||||||||||||
|
Basic
|
$
|
0.43
|
$
|
0.91
|
$
|
1.20
|
$
|
2.12
|
||||||||
|
Diluted
|
$
|
0.41
|
$
|
0.89
|
$
|
1.16
|
$
|
2.06
|
||||||||
|
Weighted average number of shares
|
||||||||||||||||
|
Basic
|
35,182,870
|
36,570,609
|
34,824,312
|
36,174,316
|
||||||||||||
|
Diluted
|
36,296,609
|
37,607,625
|
36,175,824
|
37,065,727
|
||||||||||||
Exhibit 99.2
CyberArk Appoints Francois Auque to Board of Directors
NEWTON, Mass. and PETACH
TIKVA, Israel – February 14, 2019 – CyberArk (NASDAQ: CYBR), the global leader in privileged access security, has
appointed Francois Auque to its Board of Directors. Auque previously served as CEO of the Airbus space division and Chairman of Airbus Ventures.
“Francois is a valuable addition to the CyberArk Board as we accelerate growth amidst increasing global demand for our
market-leading CyberArk Privileged Access Security Solution,” said Udi Mokady, Chairman and CEO, CyberArk. “He’s a respected business leader who complements our already-strong Board.”
Auque headed the space division of Airbus Group
for 16 years and was Chairman of the Investment Committee for Airbus Ventures where he invested in cyber security, artificial intelligence and digital transformation technologies. He also previously served as chief financial officer of Aerospatiale-Matra and Aerospatiale for 10 years. Auque currently advises a venture capital fund and a private equity
firm, and sits on the Rexel Board of Directors.
“CyberArk is a proven technology innovator that’s shaping the future of security. I’m looking forward to working with this
strong Board and executive leadership team as CyberArk continues its relentless focus on strategically reducing security risk for its customers,” said Auque.
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 500, 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 © 2019 CyberArk Software. All Rights Reserved. All other brand names, product names, or
trademarks belong to their respective holders.
Media Relations Contacts:
Brian Merrill, fama PR Liz Campbell, CyberArk
Phone: +1-617-986-5005 Phone: +1-617-558-2191
Email: [email protected] Email: [email protected]
Investor Relations Contact:
Erica Smith, CyberArk
Phone: +1 617-630-6426
Email: [email protected]