Newton, Mass. and Petach Tikvah, Israel, 26 May 2016
CyberArk (NASDAQ: CYBR), the company that protects organisations from cyber attacks that have made their way inside the network perimeter, today announced financial results for the first quarter ended 31 March 2016.
"Our top and bottom line outperformance in the first quarter was driven by solid execution and strong demand for privileged account security," said Udi Mokady, CyberArk CEO. "The breadth of customers and partners turning to CyberArk to protect privileged accounts and credentials demonstrates that every organisation regardless of size or vertical needs this critical new layer of security. We believe our disciplined investments will enable us to continue to extend our leadership position, capture share in this greenfield market and deliver profitable growth."
Financial Highlights for the First Quarter Ended 31 March 2016 Revenue:
* Total revenue was $46.9 million, up 43% compared with the first quarter of 2015.
* Licence revenue was $27.5 million, up 38% compared with the first quarter of 2015.
* Maintenance and Professional Services revenue was $19.4 million, up 50% compared with the first quarter of 2015.
Operating Income:
* GAAP operating income was $6.2 million, compared to $7.5 million in the first quarter of 2015. Non-GAAP operating income was $10.7 million, an increase from $9.0 million in the first quarter of 2015.
Net Income:
* GAAP net income was $4.3 million, or $0.12 per diluted share, compared to GAAP net income of $4.2 million, or $0.12 per diluted share, in the first quarter of 2015. Non-GAAP net income was $8.3 million, or $0.23 per diluted share, compared to $5.7 million, or $0.16 per diluted share, in the first quarter of 2015.
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 31 March 2016 and 2015. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures."
Balance Sheet and Cash Flow:
* As of 31 March 2016, CyberArk had $254.3 million in cash, cash equivalents, marketable securities and short-term deposits, compared to $238.3 million as of 31 December 2015.
* During the first quarter of 2016, the company generated $16.5 million in cash flow from operations, an increase compared to $14.3 million in the first quarter of 2015.
Business Outlook
Based on information available as of 5 May 2016, CyberArk is issuing guidance for the second quarter and full year 2016 as indicated below.
Second Quarter 2016:
* Total revenue is expected to be in the range of $47.5 million to $48.5 million, which represents 31% to 33% year-over-year growth.
* Non-GAAP operating income is expected to be in the range of $8.6 million to $9.5 million.
* Non-GAAP net income per share is expected to be in the range of $0.18 to $0.20 per diluted share. This assumes 35.9 million weighted average diluted shares.
Full Year 2016:
* Total revenue is expected to be in the range of $209.0 million to $211.0 million, which represents 30% to 31% year-over-year growth.
* Non-GAAP operating income is expected to be in the range of $41.7 million to $43.3 million.
* Non-GAAP net income per share is expected to be in the range of $0.87 to $0.91 per diluted share. This assumes 36.3 million weighted average diluted shares.
Conference Call Information
CyberArk will host a conference call on Thursday, 5 May 2016 at 4.30 pm Eastern Time (ET) to discuss the company's first quarter financial results and business outlook. To access this call, dial 844-237-3590 (domestic) or +1 484 747-6582(international). The conference ID is 85665234. Additionally, a live Web cast 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 855 859-2056 (U.S.) or +1 404 537-3406 (international). The replay pass code is 85665234. An archived Web cast 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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