CyberArk Announces Strong Fourth Quarter and Full Year 2014 Results

CyberArk-CyberArk-DNANew Delhi, India, February 17, 2015: CyberArk, the company that protects organisations from cyber attacks that have made their way inside the network perimeter, today announced financial results for the fourth quarter and full year ended December 31, 2014.

Udi Mokady, CyberArk CEO, said, “We are very pleased with our strong fourth quarter and full year results. It has become increasingly clear that privileged account security is the critical new layer of protection for organisations. Our results this quarter and in all of 2014 reinforce that we are seeing returns on our investments in product development and sales and marketing and successfully addressing the significant opportunity in front of us. We are very well positioned in the market, and in 2015 we will continue our focus on innovation, scale and execution to drive growth and further extend our leadership position.”

Financial Highlights for the Fourth Quarter Ended December 31, 2014

Revenue:

·        Total revenue was $36.3 million, up 81% year-over-year compared with the fourth quarter of 2013.
·        License revenue was $24.4 million, up 95% compared with the fourth quarter of 2013.

  •    Maintenance and Professional Services revenue was $11.9 million, up 57% year-over-year.

Operating Income:

  •    GAAP operating income was $9.5 million for the quarter, an increase compared to $2.7 million in the fourth quarter of 2013.
  •    Non-GAAP operating income was $10.0 million for the quarter, an increase compared to $2.8 million in the fourth quarter of 2013.

Net Income:

·        GAAP net income was $6.7 million, an increase compared to GAAP net income of $1.4 million in the fourth quarter of 2013.
·        GAAP net income per share was $0.19, compared to $0.01 in the fourth quarter of 2013, based on 34.7 and 10.4 million weighted average diluted shares, respectively.
·        Non-GAAP net income was $7.2 million, an increase compared to $2.2 million in the fourth quarter of 2013.
·        Non-GAAP net income per share was $0.21, compared to $0.08 in the fourth quarter of 2013, based on 34.7 million and 27.0 million weighted average diluted shares, respectively.

Financial Highlights for the Full Year Ended December 31, 2014

Revenue:

·        Total revenue was $103.0 million, up 56% compared with 2013.
·        License revenue was $61.3 million, up 58% compared with 2013.

  •    Maintenance and Professional Services revenue was $41.7 million, up 53% year-over-year.

Operating Income:

  •    GAAP operating income was $20.5 million, an increase compared to $9.1 million in 2013.
  •    Non-GAAP operating income was $22.0 million, an increase compared to $9.5 million in 2013.

Net Income:

·        GAAP net income was $10.0 million, an increase compared to GAAP net income of $6.6 million 2013.
·        GAAP net income per share was $0.34, compared to $0.14 in 2013, based on 29.7 million and 10.8 million weighted average diluted shares, respectively.
·        Non-GAAP net income was $15.8 million, an increase compared to $8.5 million in 2013.
·        Non-GAAP net income per share was $0.53, compared to $0.31 in 2013, based on 29.7 million and 27.3 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 and twelve months ended December 31, 2014 and 2013. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

Balance Sheet and Cash Flow:

  •    As of December 31, 2014, CyberArk had $177.2 million in cash and cash equivalents and short-term deposits compared with $65.4 million as of December 31, 2013.
  •    During 2014, the Company generated $23.8 million in cash flow from operations, an increase compared to $20.2 million during in 2013.

Business Outlook

Based on information available as of February 12, 2015, CyberArk is issuing guidance for the first quarter and full year 2015 as indicated below.

First Quarter 2015:

  •    Total revenue is expected to be in the range of $25.5 million to $26.5 million.
    ·        Non-GAAP operating income is expected to be in the range of $1.6 million to $2.5 million.
    ·        Non-GAAP net income per share is expected to be in the range of $0.04 to $0.06.  This assumes 34.7 million weighted average diluted shares.

Full Year 2015:

  •    Total revenue is expected to be in the range of $127.0 million to $130.0 million which represents 23% to 26% year-over-year growth.
    ·        Non-GAAP operating income is expected to be in the range of $11.0 million to $12.5 million.
    ·        Non-GAAP net income per share is expected to be in the range of $0.24 to $0.27.  This assumes 35.1 million weighted average diluted shares.

© Technuter.com News Service

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