CyberArk Announces Strong Second Quarter 2015 Results
Source: Business Wire
Second quarter total revenue of $36.4 million increases 70% year-over-year
Second quarter license revenue of $22.3 million increases 100% year-over-year
CyberArk, (NASDAQ: CYBR), the company that protects organizations from cyber attacks that have made their way inside the network perimeter, today announced financial results for the second quarter ended June 30, 2015.
“CyberArk had a strong second quarter and delivered results that again exceeded our guidance across all financial metrics,” said Udi Mokady, CyberArk CEO. “Our business continues to be driven by the shift from tactical, compliance-driven projects to strategic approaches to implementing enterprise-wide privileged account security as privileged accounts remain at the epicenter of cyber attacks. This shift is enabling us to capitalize on expanding cyber security budgets, participate in larger opportunities, and position ourselves as a strategic, trusted partner.”
Financial Highlights for the Second Quarter Ended June 30, 2015
Revenue:
Total revenue was $36.4 million, up 70% year-over-year compared with the second quarter of 2014.
License revenue was $22.3 million, up 100% compared with the second quarter of 2014.
Maintenance and Professional Services revenue was $14.1 million, up 38% from the second quarter of 2014.
Operating Income:
GAAP operating income was $6.5 million for the quarter, up from $3.1 million in the second quarter of 2014.
Non-GAAP operating income was $8.2 million for the quarter, up from $3.3 million in the second quarter of 2014.
Net Income:
GAAP net income was $4.9 million, up from $1.2 million in the second quarter of 2014.
GAAP net income per share was $0.14, compared to a GAAP net loss per share of $(0.01) in the second quarter of 2014, based on 35.0 and 7.1 million weighted average diluted shares, respectively.
Non-GAAP net income was $6.6 million, up from $2.4 million in the second quarter of 2014.
Non-GAAP net income per share was $0.19, compared to non-GAAP net income per share of $0.09 in the second quarter of 2014, based on 35.0 and 27.4 million weighted average diluted shares, respectively.
The tables at the end of this press release include a reconciliation of GAAP to non-GAAP operating income and net income for the three months and six months ended June 30, 2015 and 2014. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”
Balance Sheet and Cash Flow:
As of June 30, 2015, CyberArk had $283.8 million in cash and cash equivalents and short-term deposits inclusive of $52.7 million raised in the Company’s public offering that closed on June 16, 2015. This compares with $191.7 million in cash and cash equivalents and short-term deposits as of March 31, 2015 and $177.2 million as of December 31, 2014.
During the first six months of 2015, the Company generated $36.3 million in cash flow from operations, an increase compared to $12.7 million in the first six months of 2014.
Announces acquisition of Cybertinel Ltd.
CyberArk today announced that it has acquired Cybertinel Ltd. an approximately 20 person Israel-based cyber security company. Cybertinel Ltd. specializes in cyber threat detection technology that will enhance CyberArk’s ability to detect credential threats at the beginning stages of the attack cycle. The terms of the acquisition were not disclosed. The acquisition is not expected to have a material impact on the Company’s third quarter and full year 2015 financial results.
Business Outlook
Based on information available as of August 11, 2015, CyberArk is issuing guidance for the third quarter and full year 2015 as indicated below.
Third Quarter 2015:
Total revenue is expected to be in the range of $36.0 million to $37.0 million which represents 29% to 32% year-over-year growth.
Non-GAAP operating income is expected to be in the range of $5.0 million to $5.9 million.
Non-GAAP net income per share is expected to be in the range of $0.11 to $0.13. This assumes 35.5 million weighted average diluted shares.
Full Year 2015:
Total revenue is expected to be in the range of $145.0 million to $147.0 million which represents 41% to 43% year-over-year growth.
Non-GAAP operating income is expected to be in the range of $28.8 million to $30.5 million.
Non-GAAP net income per share is expected to be in the range of $0.62 to $0.65. This assumes 35.4 million weighted average diluted shares.
Conference Call Information
CyberArk will host a conference call on Tuesday, August 11, 2015 at 5:00 p.m. Eastern Time (ET) to discuss the company’s second quarter financial results and business outlook. To access this call, dial 888-329-8893 (domestic) or 719-325-2469 (international). The conference ID is 7135521. Additionally, a live webcast of the conference call will be available in 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 877-870-5176 (U.S.) or 858-384-5517 (international). The replay pass code is 7135521. An archived webcast of this conference call will also be available in the “Investor Relations” section of the Company’s web site at www.cyberark.com.
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