• |
Subscription revenue was $47.6 million in the fourth quarter of 2021, an increase of 142 percent from $19.6 million in the fourth quarter of 2020.
|
• |
Maintenance and professional services revenue was $65.1 million in the fourth quarter of 2021, an increase of 6 percent from $61.4 million in the fourth quarter of 2020.
|
• |
Total revenue was $151.3 million in the fourth quarter of 2021, up 5 percent from $144.5 million in the fourth quarter of 2020.
|
• |
GAAP operating loss was $(11.8) million and non-GAAP operating income was $16.3 million in the fourth quarter of 2021.
|
• |
GAAP net loss was $(16.9) million, or $(0.42) per basic and diluted share, in the fourth quarter of 2021. Non-GAAP net income was $11.8 million, or $0.28 per diluted share, in the fourth quarter of 2021.
|
• |
Subscription revenue was $134.6 million in the full year 2021, an increase of 139 percent from $56.4 million in the full year 2020.
|
• |
Maintenance and professional services revenue was $252.6 million in the full year 2021, an increase of 9 percent from $231.9 million in the full year 2020.
|
• |
Total revenue was $502.9 million in the full year 2021, up 8 percent from $464.4 million in the full year 2020.
|
• |
GAAP operating loss was $(78.3) million and non-GAAP operating income was $23.9 million in the full year 2021.
|
• |
GAAP net loss was $(83.9) million, or $(2.12) per basic and diluted share, in the full year 2021. Non-GAAP net income was $13.4 million, or $0.33 per diluted share, in the full year 2021.
|
• |
As of December 31, 2021, CyberArk had $1.2 billion in cash, cash equivalents, marketable securities, and short-term deposits.
|
• |
During the full year ended December 31, 2021, the Company generated $74.7 million in net cash provided by operating activities, compared to $106.8 million during the full year 2020.
|
• |
As of December 31, 2021, total deferred revenue was $317.3 million, a 31 percent increase from $242.5 million at December 31, 2020.
|
• |
Annual Recurring Revenue (ARR) was $393 million, an increase of 44 percent from $274 million at December 31, 2020.
|
o |
The subscription portion of ARR was $183 million, representing 46 percent of total ARR at December 31, 2021. This represents an increase of 146 percent from $74 million, or 27 percent of total ARR at December 31, 2020.
|
o |
The Maintenance portion of ARR was $210 million at December 31, 2021, compared to $199 million at December 31, 2020.
|
• |
Recurring revenue was $102.9 million, an increase of 48 percent from $69.6 million for the fourth quarter of 2020. For the full year 2021, recurring revenue was $348.7 million, an increase of 41 percent from $247.3 million for the full year 2020.
|
• |
71 percent of total license bookings were related to subscription bookings, compared with approximately 35 percent in the fourth quarter of 2020. For the full year 2021, 66 percent of total license bookings were related to subscription bookings, compared with approximately 35 percent for the full year 2020.
|
• |
Added a record number of new logos, signing more than 375 customers during the fourth quarter of 2021.
|
• |
CyberArk published of its first annual Environmental, Social and Governance (ESG) report, highlighting the progress of its ESG program on key focus areas such as Business Ethics and Corporate Governance, Human Capital Management, Diversity, Equity and Inclusion (DEI) and Environmental Stewardship
|
• |
Total revenue is expected to be in the range of $125.0 million and $133.0 million.
|
• |
Non-GAAP operating loss is expected to be in the range of $(16.0) million to $(9.0) million.
|
• |
Non-GAAP net loss per share is expected to be in the range of $(0.42) to $(0.25) per basic and diluted share.
|
o |
Assumes 40.3 million weighted average basic and diluted shares.
|
• |
Total revenue is expected to be in the range of $582.0 million to $598.0 million.
|
• |
Non-GAAP operating loss is expected to be in the range of $(34.0) million to $(20.0) million.
|
• |
Non-GAAP net loss per share is expected to be in the range of $(0.98) to $(0.64) per basic and diluted share.
|
o |
Assumes 40.7 million weighted average basic and diluted shares.
|
• |
ARR as of December 31, 2022 is expected to be in the range of, $530.0 million to $536.0 million, representing growth of 35 percent to 36 percent from December 31, 2021.
|
• |
Annual Recurring Revenue (ARR) is defined as the annualized value of active SaaS, subscription or term-based license and maintenance contracts related to perpetual licenses in effect at the end of the reported period.
|
• |
Subscription portion of ARR is defined as the annualized value of active SaaS and subscription or term-based license contracts in effect at the end of the reported period. The subscription portion of ARR excludes maintenance contracts related to perpetual licenses.
|
• |
Maintenance portion of ARR is defined as the annualized value of active maintenance contracts related to perpetual licenses. The Maintenance portion of ARR excludes SaaS and subscription or term-based license contracts in effect at the end of the reported period.
|
• |
Recurring Revenue is defined as revenue derived from SaaS and subscription or term-based license contracts, and maintenance contracts related to perpetual licenses during the reported period.
|
• |
Non-GAAP gross profit is calculated as GAAP gross profit excluding share-based compensation expense, amortization of intangible assets related to acquisitions and acquisition related expenses.
|
• |
Non-GAAP operating expense is calculated as GAAP operating expenses excluding share-based compensation expense, facility exit and transition costs, acquisition related expenses and amortization of intangible assets related to acquisitions.
|
• |
Non-GAAP operating income is calculated as GAAP operating income (loss) excluding share-based compensation expense, facility exit and transition costs, acquisition related expenses and amortization of intangible assets related to acquisitions.
|
• |
Non-GAAP net income is calculated as GAAP net income (loss) excluding share-based compensation expense, facility exit and transition costs, acquisition related expenses, amortization of intangible assets related to acquisitions, amortization of debt discount and issuance costs, and the tax effect of non-GAAP adjustments and IP transfer.
|
• |
Free cash flow is calculated as net cash provided by operating activities less purchase of property and equipment.
|
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,
| |||||||||||||||
2020
|
2021
|
2020
|
2021
| |||||||||||||
Revenues:
| ||||||||||||||||
Subscription
|
$
|
19,630
|
$
|
47,557
|
$
|
56,425
|
$
|
134,628
| ||||||||
Perpetual license
|
63,441
|
38,674
|
176,061
|
115,738
| ||||||||||||
Maintenance and professional services
|
61,448
|
65,089
|
231,945
|
252,551
| ||||||||||||
Total revenues
|
144,519
|
151,320
|
464,431
|
502,917
| ||||||||||||
Cost of revenues:
| ||||||||||||||||
Subscription
|
5,289
|
8,123
|
17,513
|
25,837
| ||||||||||||
Perpetual license
|
1,365
|
979
|
4,925
|
3,904
| ||||||||||||
Maintenance and professional services
|
16,054
|
16,594
|
60,133
|
63,566
| ||||||||||||
Total cost of revenues
|
22,708
|
25,696
|
82,571
|
93,307
| ||||||||||||
Gross profit
|
121,811
|
125,624
|
381,860
|
409,610
| ||||||||||||
Operating expenses:
| ||||||||||||||||
Research and development
|
26,659
|
40,747
|
95,426
|
142,121
| ||||||||||||
Sales and marketing
|
61,038
|
77,564
|
219,999
|
274,401
| ||||||||||||
General and administrative
|
15,325
|
19,162
|
60,429
|
71,425
| ||||||||||||
Total operating expenses
|
103,022
|
137,473
|
375,854
|
487,947
| ||||||||||||
Operating income (loss)
|
18,789
|
(11,849
|
)
|
6,006
|
(78,337
|
)
| ||||||||||
Financial expense, net
|
(2,733
|
)
|
(3,245
|
)
|
(6,395
|
)
|
(12,992
|
)
| ||||||||
Income (loss) before taxes on income
|
16,056
|
(15,094
|
)
|
(389
|
)
|
(91,329
|
)
| |||||||||
Tax benefit (taxes on income)
|
(4,002
|
)
|
(1,793
|
)
|
(5,369
|
)
|
7,383
| |||||||||
Net income (loss)
|
$
|
12,054
|
$
|
(16,887
|
)
|
$
|
(5,758
|
)
|
$
|
(83,946
|
)
| |||||
Basic net income (loss) per ordinary share, net
|
$
|
0.31
|
$
|
(0.42
|
)
|
$
|
(0.15
|
)
|
$
|
(2.12
|
)
| |||||
Diluted net income (loss) per ordinary share, net
|
$
|
0.30
|
$
|
(0.42
|
)
|
$
|
(0.15
|
)
|
$
|
(2.12
|
)
| |||||
Shares used in computing net income (loss)
| ||||||||||||||||
per ordinary shares, basic
|
38,913,923
|
39,982,230
|
38,628,770
|
39,645,453
| ||||||||||||
Shares used in computing net income (loss)
| ||||||||||||||||
per ordinary shares, diluted
|
39,938,780
|
39,982,230
|
38,628,770
|
39,645,453
|
CYBERARK SOFTWARE LTD.
|
Consolidated Balance Sheets
|
U.S. dollars in thousands
|
(Unaudited)
|
December 31,
|
December 31,
| |||||||
2020
|
2021
| |||||||
ASSETS
| ||||||||
CURRENT ASSETS:
| ||||||||
Cash and cash equivalents
|
$
|
499,992
|
$
|
356,850
| ||||
Short-term bank deposits
|
256,143
|
369,645
| ||||||
Marketable securities
|
196,856
|
199,933
| ||||||
Trade receivables
|
93,128
|
113,211
| ||||||
Prepaid expenses and other current assets
|
15,312
|
22,225
| ||||||
Total current assets
|
1,061,431
|
1,061,864
| ||||||
LONG-TERM ASSETS:
| ||||||||
Marketable securities
|
202,190
|
300,662
| ||||||
Property and equipment, net
|
18,537
|
20,183
| ||||||
Intangible assets, net
|
23,676
|
17,866
| ||||||
Goodwill
|
123,717
|
123,717
| ||||||
Other long-term assets
|
99,992
|
121,743
| ||||||
Deferred tax asset
|
32,809
|
47,167
| ||||||
Total long-term assets
|
500,921
|
631,338
| ||||||
TOTAL ASSETS
|
$
|
1,562,352
|
$
|
1,693,202
| ||||
LIABILITIES AND SHAREHOLDERS' EQUITY
| ||||||||
CURRENT LIABILITIES:
| ||||||||
Trade payables
|
$
|
8,250
|
$
|
10,076
| ||||
Employees and payroll accruals
|
52,169
|
75,442
| ||||||
Accrued expenses and other current liabilities
|
24,915
|
23,576
| ||||||
Deferred revenues
|
161,679
|
230,908
| ||||||
Total current liabilities
|
247,013
|
340,002
| ||||||
LONG-TERM LIABILITIES:
| ||||||||
Convertible senior notes, net
|
502,302
|
520,094
| ||||||
Deferred revenues
|
80,829
|
86,367
| ||||||
Other long-term liabilities
|
24,920
|
20,227
| ||||||
Total long-term liabilities
|
608,051
|
626,688
| ||||||
TOTAL LIABILITIES
|
855,064
|
966,690
| ||||||
SHAREHOLDERS' EQUITY:
| ||||||||
Ordinary shares of NIS 0.01 par value
|
101
|
104
| ||||||
Additional paid-in capital
|
481,992
|
588,937
| ||||||
Accumulated other comprehensive income
|
4,175
|
397
| ||||||
Retained earnings
|
221,020
|
137,074
| ||||||
Total shareholders' equity
|
707,288
|
726,512
| ||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$
|
1,562,352
|
$
|
1,693,202
|
CYBERARK SOFTWARE LTD.
|
Consolidated Statements of Cash Flows
|
U.S. dollars in thousands
|
(Unaudited)
|
Twelve Months Ended
| ||||||||
December 31,
| ||||||||
2020
|
2021
| |||||||
Cash flows from operating activities:
| ||||||||
Net loss
|
$
|
(5,758
|
)
|
$
|
(83,946
|
)
| ||
Adjustments to reconcile net loss to net cash
| ||||||||
provided by operating activities:
| ||||||||
Depreciation and amortization
|
15,475
|
14,228
| ||||||
Amortization of premium and accretion of discount on marketable securities, net
|
3,068
|
7,532
| ||||||
Share-based compensation
|
71,849
|
95,436
| ||||||
Deferred income taxes, net
|
(1,988
|
)
|
(11,972
|
)
| ||||
Increase in trade receivables
|
(17,315
|
)
|
(20,083
|
)
| ||||
Amortization of debt discount and issuance costs
|
17,183
|
17,792
| ||||||
Increase in prepaid expenses, other current and long-term assets and others
|
(20,487
|
)
|
(38,219
|
)
| ||||
Increase in trade payables
|
558
|
1,499
| ||||||
Increase in short-term and long-term deferred revenues
|
45,397
|
74,767
| ||||||
Increase in employees and payroll accruals
|
7,846
|
23,821
| ||||||
Decrease in accrued expenses and other current and long-term liabilities
|
(9,059
|
)
|
(6,115
|
)
| ||||
Net cash provided by operating activities
|
106,769
|
74,740
| ||||||
Cash flows from investing activities:
| ||||||||
Investment in short and long term deposits, net
|
(123,054
|
)
|
(105,069
|
)
| ||||
Investment in marketable securities
|
(405,193
|
)
|
(357,210
|
)
| ||||
Proceeds from sales and maturities of marketable securities
|
191,637
|
243,013
| ||||||
Purchase of property and equipment
|
(7,174
|
)
|
(8,928
|
)
| ||||
Payments for business acquisitions, net of cash acquired
|
(68,603
|
)
|
-
| |||||
Net cash used in investing activities
|
(412,387
|
)
|
(228,194
|
)
| ||||
Cash flows from financing activities:
| ||||||||
Proceeds from (payment of) withholding tax related to employee stock plans
|
1,069
|
(789
|
)
| |||||
Proceeds from exercise of stock options
|
12,180
|
11,738
| ||||||
Net cash provided by financing activities
|
13,249
|
10,949
| ||||||
Decrease in cash, cash equivalents and restricted cash
|
(292,369
|
)
|
(142,505
|
)
| ||||
Effect of exchange rate differences on cash and cash equivalents
|
-
|
(689
|
)
| |||||
Cash, cash equivalents and restricted cash at the beginning of the period
|
792,413
|
500,044
| ||||||
Cash, cash equivalents and restricted cash at the end of the period
|
$
|
500,044
|
$
|
356,850
|
CYBERARK SOFTWARE LTD.
|
Reconciliation of GAAP Measures to Non-GAAP Measures
|
U.S. dollars in thousands (except per share data)
|
(Unaudited)
|
Reconciliation of Net cash provided by operating activities to Free cash flow:
| ||||||||||||||||
Three Months Ended
|
Twelve Months Ended
| |||||||||||||||
December 31,
|
December 31,
| |||||||||||||||
2020
|
2021
|
2020
|
2021
| |||||||||||||
Net cash provided by operating activities
|
$
|
38,948
|
$
|
20,437
|
$
|
106,769
|
$
|
74,740
| ||||||||
Less:
| ||||||||||||||||
Purchase of property and equipment
|
(2,237
|
)
|
(1,741
|
)
|
(7,174
|
)
|
(8,928
|
)
| ||||||||
Free cash flow
|
$
|
36,711
|
$
|
18,696
|
$
|
99,595
|
$
|
65,812
| ||||||||
GAAP net cash used in investing activities
|
(52,121
|
)
|
(96,339
|
)
|
(412,387
|
)
|
(228,194
|
)
| ||||||||
GAAP net cash provided by (used in) financing activities
|
6,084
|
(3,157
|
)
|
13,249
|
10,949
|
Reconciliation of Gross Profit to Non-GAAP Gross Profit:
|
Three Months Ended
|
Twelve Months Ended
| |||||||||||||||
December 31,
|
December 31,
| |||||||||||||||
2020
|
2021
|
2020
|
2021
| |||||||||||||
Gross profit
|
$
|
121,811
|
$
|
125,624
|
$
|
381,860
|
$
|
409,610
| ||||||||
Plus:
| ||||||||||||||||
Share-based compensation (1)
|
2,409
|
3,167
|
8,734
|
11,158
| ||||||||||||
Amortization of share-based compensation capitalized in software development costs (3)
|
-
|
70
|
-
|
242
| ||||||||||||
Amortization of intangible assets (2)
|
2,415
|
1,279
|
8,244
|
5,112
| ||||||||||||
Acquisition related expenses
|
-
|
-
|
447
|
-
| ||||||||||||
Non-GAAP gross profit
|
$
|
126,635
|
$
|
130,140
|
$
|
399,285
|
$
|
426,122
|
Reconciliation of Operating Expenses to Non-GAAP Operating Expenses:
| ||||||||||||||||
Three Months Ended
|
Twelve Months Ended
| |||||||||||||||
December 31,
|
December 31,
| |||||||||||||||
2020
|
2021
|
2020
|
2021
| |||||||||||||
Operating expenses
|
$
|
103,022
|
$
|
137,473
|
$
|
375,854
|
$
|
487,947
| ||||||||
Less:
| ||||||||||||||||
Share-based compensation (1)
|
16,065
|
23,495
|
63,115
|
84,278
| ||||||||||||
Amortization of intangible assets (2)
|
205
|
175
|
683
|
698
| ||||||||||||
Acquisition related expenses
|
-
|
-
|
4,079
|
-
| ||||||||||||
Facility exit and transition costs
|
-
|
-
|
140
|
760
| ||||||||||||
Non-GAAP operating expenses
|
$
|
86,752
|
$
|
113,803
|
$
|
307,837
|
$
|
402,211
|
Reconciliation of Operating Income (loss) to Non-GAAP Operating Income:
| ||||||||||||||||
Three Months Ended
|
Twelve Months Ended
| |||||||||||||||
December 31,
|
December 31,
| |||||||||||||||
2020
|
2021
|
2020
|
2021
| |||||||||||||
Operating income (loss)
|
$
|
18,789
|
$
|
(11,849
|
)
|
$
|
6,006
|
$
|
(78,337
|
)
| ||||||
Plus:
| ||||||||||||||||
Share-based compensation (1)
|
18,474
|
26,662
|
71,849
|
95,436
| ||||||||||||
Amortization of share-based compensation capitalized in software development costs (3)
|
-
|
70
|
-
|
242
| ||||||||||||
Amortization of intangible assets (2)
|
2,620
|
1,454
|
8,927
|
5,810
| ||||||||||||
Acquisition related expenses
|
-
|
-
|
4,526
|
-
| ||||||||||||
Facility exit and transition costs
|
-
|
-
|
140
|
760
| ||||||||||||
Non-GAAP operating income
|
$
|
39,883
|
$
|
16,337
|
$
|
91,448
|
$
|
23,911
|
Reconciliation of Net Income (Loss) to Non-GAAP Net Income:
| ||||||||||||||||
Three Months Ended
|
Twelve Months Ended
| |||||||||||||||
December 31,
|
December 31,
| |||||||||||||||
2020
|
2021
|
2020
|
2021
| |||||||||||||
Net income (loss)
|
$
|
12,054
|
$
|
(16,887
|
)
|
$
|
(5,758
|
)
|
$
|
(83,946
|
)
| |||||
Plus:
| ||||||||||||||||
Share-based compensation (1)
|
18,474
|
26,662
|
71,849
|
95,436
| ||||||||||||
Amortization of share-based compensation capitalized in software development costs (3)
|
-
|
70
|
-
|
242
| ||||||||||||
Amortization of intangible assets (2)
|
2,620
|
1,454
|
8,927
|
5,810
| ||||||||||||
Acquisition related expenses
|
-
|
-
|
4,526
|
-
| ||||||||||||
Facility exit and transition costs
|
-
|
-
|
140
|
760
| ||||||||||||
Amortization of debt discount and issuance costs
|
4,352
|
4,505
|
17,183
|
17,790
| ||||||||||||
Taxes on income related to non-GAAP adjustments
|
(4,851
|
)
|
(4,045
|
)
|
(20,807
|
)
|
(22,682
|
)
| ||||||||
Intra-entity IP transfer tax effect, net
|
-
|
-
|
5,036
|
-
| ||||||||||||
Non-GAAP net income
|
$
|
32,649
|
$
|
11,759
|
$
|
81,096
|
$
|
13,410
| ||||||||
Non-GAAP net income per share
| ||||||||||||||||
Basic
|
$
|
0.84
|
$
|
0.29
|
$
|
2.10
|
$
|
0.34
| ||||||||
Diluted
|
$
|
0.82
|
$
|
0.28
|
$
|
2.05
|
$
|
0.33
| ||||||||
Weighted average number of shares
| ||||||||||||||||
Basic
|
38,913,923
|
39,982,230
|
38,628,770
|
39,645,453
| ||||||||||||
Diluted
|
39,938,780
|
41,622,091
|
39,553,203
|
40,804,053
|
(1) Share-based Compensation :
| ||||||||||||||||
Three Months Ended
|
Twelve Months Ended
| |||||||||||||||
December 31,
|
December 31,
| |||||||||||||||
2020
|
2021
|
2020
|
2021
| |||||||||||||
Cost of revenues - Subscription
|
$
|
112
|
$
|
309
|
$
|
540
|
$
|
853
| ||||||||
Cost of revenues - Perpetual license
|
57
|
66
|
177
|
234
| ||||||||||||
Cost of revenues - Maintenance and Professional services
|
2,240
|
2,792
|
8,017
|
10,071
| ||||||||||||
Research and development
|
4,085
|
5,620
|
14,691
|
20,498
| ||||||||||||
Sales and marketing
|
6,996
|
10,926
|
28,220
|
38,546
| ||||||||||||
General and administrative
|
4,984
|
6,949
|
20,204
|
25,234
| ||||||||||||
Total share-based compensation
|
$
|
18,474
|
$
|
26,662
|
$
|
71,849
|
$
|
95,436
|
(2) Amortization of intangible assets :
| ||||||||||||||||
Three Months Ended
|
Twelve Months Ended
| |||||||||||||||
December 31,
|
December 31,
| |||||||||||||||
2020
|
2021
|
2020
|
2021
| |||||||||||||
Cost of revenues - Subscription
|
$
|
2,140
|
$
|
1,157
|
$
|
6,856
|
$
|
4,468
| ||||||||
Cost of revenues - Perpetual license
|
275
|
122
|
1,388
|
644
| ||||||||||||
Sales and marketing
|
205
|
175
|
683
|
698
| ||||||||||||
Total amortization of intangible assets
|
$
|
2,620
|
$
|
1,454
|
$
|
8,927
|
$
|
5,810
|
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
CyberArk Software Ltd. published this content on 10 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 February 2022 20:42:01 UTC.