CyberArk Announces Strong First Quarter 2015 Results
Source: Business Wire
First quarter total revenue of $32.9 million increases 89% year-over-year
First quarter license revenue of $20 million increases 119% 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 first quarter ended March 31, 2015.
“CyberArk had an exceptional first quarter, exceeding our expectations across all financial metrics, and giving us the confidence to raise our full year guidance” said Udi Mokady, CyberArk CEO. “The increased demand and strong momentum that we built throughout 2014 continued into the first quarter. Privileged accounts are at the center of all serious security breaches, and companies are increasingly realizing that without CyberArk, they are very vulnerable to attacks. The investments we are making in our product suite and go-to-market are paying off, and we are well positioned to take advantage of the massive opportunity in front of us.”
Financial Highlights for the First Quarter Ended March 31, 2015
Revenue:
Total revenue was $32.9 million, up 89% year-over-year compared with the first quarter of 2014.
License revenue was $20.0 million, up 119% compared with the first quarter of 2014.
Maintenance and Professional Services revenue was $12.9 million, up 56% year-over-year.
Operating Income:
GAAP operating income was $7.5 million for the quarter, an increase compared to $0.2 million in the first quarter of 2014.
Non-GAAP operating income was $9.0 million for the quarter, an increase compared to $0.3 million in the first quarter of 2014.
Net Income:
GAAP net income was $4.2 million, an increase compared to GAAP net loss of ($1.2) million in the first quarter of 2014.
GAAP net income per share was $0.12, compared to GAAP net loss per share of ($0.35) in the first quarter of 2014, based on 34.8 and 7.1 million weighted average diluted shares, respectively.
Non-GAAP net income was $5.7 million, an increase compared to $0.3 million in the first quarter of 2014.
Non-GAAP net income per share was $0.16, compared to Non-GAAP net loss per share of ($0.14) in the first quarter of 2014, based on 34.8 and 7.1 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 ended March 31, 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 March 31, 2015, CyberArk had $191.7 million in cash and cash equivalents and short-term deposits compared with $177.2 million as of December 31, 2014.
During the first quarter of 2015, the Company generated $14.9 million in cash flow from operations, an increase compared to $8.9 million in the first quarter of 2014.
Business Outlook
Based on information available as of May 7, 2015, CyberArk is issuing guidance for the second quarter and full year 2015 as indicated below.
Second Quarter 2015:
Total revenue is expected to be in the range of $31.5 million to $32.5 million which represents 48% to 52% year-over-year growth.
Non-GAAP operating income is expected to be in the range of $1.9 million to $2.8 million.
Non-GAAP net income per share is expected to be in the range of $0.04 to $0.06. This assumes 35.0 million weighted average diluted shares.
Full Year 2015:
Total revenue is expected to be in the range of $136.0 million to $138.0 million which represents 32% to 34% year-over-year growth.
Non-GAAP operating income is expected to be in the range of $18.7 million to $20.4 million.
Non-GAAP net income per share is expected to be in the range of $0.40 to $0.44. This assumes 35.3 million weighted average diluted shares.
Conference Call Information
CyberArk will host a conference call on Thursday, May 7, 2015 at 5:00 p.m. Eastern Time (ET) to discuss the company’s first quarter financial results and business outlook. To access this call, dial 888-466-4462 (domestic) or 719-457-2628 (international). The conference ID is 7521079. 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 7521079. 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.
