<
>

2018 Press Releases

May 07, 2018

CyberArk Announces Strong First Quarter 2018 Results

CyberArk, the global leader in privileged access security, announced financial results for the first quarter ended March 31, 2018.

“We were pleased to start 2018 with a very strong quarter, exceeding our guidance across revenue, operating income and EPS,” said Udi Mokady, CyberArk Chairman and CEO. “We continue to see robust demand for our solution across geographies and vertical markets. Our strong results were driven by both new and existing customers who are protecting credentials and secrets on premises, in the cloud and in the DevOps pipeline. The year is off to a great start and with our strong results in the first quarter, we are well positioned to execute our strategy and capitalize on our tremendous opportunity.”

Financial Highlights for the First Quarter Ended March 31, 2018

Revenue:

  • Total revenue was $71.8 million, up 22% compared with the first quarter of 2017.

  • License revenue was $38.5 million, up 17% compared with the first quarter of 2017.

  • Maintenance and professional services revenue was $33.3 million, up 28% compared with the first quarter of 2017.

Operating Income:

  • GAAP operating income was $4.0 million, compared to $6.0 million in the first quarter of 2017. Non-GAAP operating income was $12.6 million, compared to $12.7 million in the first quarter of 2017.

Net Income:

  • GAAP net income was $6.4 million, or $0.18 per diluted share, compared to GAAP net income of $7.5 million, or $0.21 per diluted share, in the first quarter of 2017. Non-GAAP net income was $11.8 million, or $0.32 per diluted share, compared to $10.2 million, or $0.28 per diluted share, in the first quarter of 2017.

The tables at the end of this press release include a reconciliation of GAAP to non-GAAP gross margin, operating income and net income for the three months ended March 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:

  • As of March 31, 2018, CyberArk had $344.2 million in cash, cash equivalents, marketable securities and short-term deposits, which reflects the cash consideration paid for Vaultive Ltd. during the first quarter of 2018. This compares to $330.3 million as of December 31, 2017.

  • During the first quarter of 2018, the Company generated $33.1 million in cash flow from operations, an increase from $16.0 million in the first quarter of 2017.

Business Outlook

Based on information available as of May 3, 2018, CyberArk is issuing guidance for the second quarter and full year 2018 as indicated below.

Second Quarter 2018:

  • Total revenue is expected to be in the range of $72.0 million to $73.5 million, which represents 25% to 28% year-over-year growth.

  • Non-GAAP operating income is expected to be in the range of $10.2 million to $11.4 million.

  • Non-GAAP net income per share is expected to be in the range of $0.23 to $0.25 per diluted share. This assumes 36.9 million weighted average diluted shares.

Full Year 2018:

  • Total revenue is expected to be in the range of $315.0 million to $319.0 million, which represents 20% to 22% year-over-year growth.

  • Non-GAAP operating income is expected to be in the range of $57.5 million to $60.5 million.

  • Non-GAAP net income per share is expected to be in the range of $1.31 to $1.37 per diluted share. This assumes 36.8 million weighted average diluted shares.