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CyberArk announces record fourth quarter and full year 2018 results

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02/22/2019 | 04:04am EST

* 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.

CyberArk (http://cyberark.com/) (NASDAQ: CYBR), the global leader in privileged access security (https://www.cyberark.com/products/privileged-account-security-solution/), today announced record financial results for the fourth quarter and year ended 31 December 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 recognised 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 31 December 2018 Revenue: * Total revenue was $109.1 million, up 36% compared with the fourth quarter of 2017.* Licence 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 31 December 2018 Revenue: * Total revenue was $343.2 million, up 31% compared with 2017.* Licence 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 12 months ended 31 December 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 31 December 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 30 September 2018 and $330.3 million as of 31 December 2017.

As of 31 December 2018, total deferred revenue was $149.5 million, a 42% increase from $105.2 million at 31 December 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 14 February 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 hosted a conference call on Thursday, 14 February 2019 at 8:30am Eastern Time (ET) to discuss the company's fourth quarter and year end financial results and its business outlook. A live Web cast of the conference call is available via the "Investor Relations" section of the company's Web site at www.cyberark.com (http://www.cyberark.com).

Following the conference call, a replay has been available for one week, at +1 855-859-2056 (US) or +1 404-537-3406 (international). The replay pass code is 1675647. An archived Web cast of the conference call is also available in the "Investor Relations" section of the company's Web site, at: www.cyberark.com (http://www.cyberark.com).

(c) 1996 - 2019 ITWeb Limited. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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