CyberArk Announces Strong First Quarter 2019 Results

CyberArk, the global leader in privileged access security, today (14th May) announced strong financial results for the first quarter ended March 31, 2019.

“We were pleased to deliver results ahead of all guided metrics as well as record cash flow from operations,” said Udi Mokady, CyberArk Chairman and CEO. “Our results demonstrate that Privileged Access Security is the foundation of comprehensive cybersecurity programs. As the leader in the market, organizations of all sizes and industries are turning to CyberArk as a trusted advisor to secure digital transformation and cloud migration strategies. As we look at the remainder of 2019 and beyond, we are committed to delivering sustainable growth, strong profitability and continual innovation to secure privileged access across on-premises, hybrid and cloud environments.”

Financial Highlights for the First Quarter Ended March 31, 2019

Revenue:

Total revenue was $95.9 million, up 34% compared with the first quarter of 2018.
License revenue was $51.3 million, up 33% compared with the first quarter of 2018.
Maintenance and professional services revenue was $44.7 million, up 34% compared with the first quarter of 2018.

Operating Income:

GAAP operating income was $13.6 million, compared to $4.0 million in the first quarter of 2018. Non-GAAP operating income was $25.5 million, compared to $12.6 million in the first quarter of 2018.

Net Income:

GAAP net income was $13.7 million, or $0.36 per diluted share, compared to GAAP net income of $6.4 million, or $0.18 per diluted share, in the first quarter of 2018. Non-GAAP net income was $21.5 million, or $0.56 per diluted share, compared to $11.8 million, or $0.32 per diluted share, in the first quarter of 2018.

The tables at the end of this press release include a reconciliation of GAAP to non-GAAP gross margin, operating income and net income for the three months ended March 31, 2019 and 2018. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

Balance Sheet and Net Cash Provided by Operating Activities:

As of March 31, 2019, CyberArk had $509.7 million in cash, cash equivalents, marketable securities and short-term deposits. This compares with $344.2 million in cash, cash equivalents, marketable securities and short-term deposits as of March 31, 2018 and $451.2 million as of December 31, 2018.
As of March 31, 2019, total deferred revenue was $171.1 million, a 43% increase from $119.5 million at March 31, 2018.
During the first quarter of 2019, the Company generated $45.9 million in net cash provided by operating activities, a 39% increase compared to $33.1 million in the first quarter of 2018.

Business Outlook

Based on information available as of May 14, 2019, CyberArk is issuing guidance as indicated below:

Second Quarter 2019:

Total revenue between $96.0 million and $98.0 million, representing 24% to 26% year-over-year growth.
Non-GAAP operating income between $22.0 million and $23.5 million.

Non-GAAP net income per share between of $0.45 and $0.48 per diluted share.
- Assumes 39.1 million weighted average diluted shares.

Full Year 2019:

Total revenue between $415.0 million and $419.0 million, representing 21% to 22% year-over-year growth.
Non-GAAP operating income between $100.5 million and $103.5 million.
Non-GAAP net income per share between $2.10 and $2.16 per diluted share.
- Assumes 38.9 million weighted average diluted shares.

source cyberark

Industry: Cyber Security News