Fourth quarter record total revenue of $80.4 million increased 25% year-over-year



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Full year record total revenue of $261.7 million increased 21% year-over-year
Full year record cash flow from operations of $80.7 million increased 43% year-over-year



NEWTON, Mass. & PETACH TIKVA, Israel – Feb. 15, 2018 –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 fourth quarter and year ended December 31, 2017.



“The fourth quarter represented a strong finish to 2017 and we were pleased to deliver record revenue and cash flow from operations with strong operating margins,” said Udi Mokady, CyberArk Chairman and CEO. “Our results demonstrate the healthy demand for our solutions across companies of all sizes and vertical markets. During the fourth quarter, we introduced enhancements to our Privileged Account Security solution that strengthened our leadership position as the most comprehensive solution across on-premises, hybrid and cloud environments as well as DevOps. As we look ahead, we remain focused on creating long term shareholder value by delivering sustainable, profitable growth.”



Financial Highlights for the Fourth Quarter Ended December 31, 2017



Revenue:

·         Total revenue was $80.4 million, up 25% compared with the fourth quarter of 2016.

·         License revenue was $48.6 million, up 19% compared with the fourth quarter of 2016.

·         Maintenance and Professional Services revenue was $31.8 million, up 35% compared with the fourth quarter of 2016.

Operating Income:



·         GAAP operating income was $11.6 million, compared to $13.2 million in the fourth quarter of 2016. Non-GAAP operating income was $19.7 million, compared to $19.4 million in the fourth quarter of 2016.



Net Income:

·         GAAP net income was $3.6 million, or $0.10 per diluted share, compared to GAAP net income of $10.2 million, or $0.28 per diluted share, in the fourth quarter of 2016. Non-GAAP net income was $15.0 million, or $0.41 per diluted share, compared to $14.7 million, or $0.41 per diluted share, in the fourth quarter of 2016.

Financial Highlights for the Full Year Ended December 31, 2017



Revenue:

·         Total revenue was $261.7 million, up 21% compared with 2016.

·         License revenue was $147.6 million, up 12% compared with 2016.

·         Maintenance and Professional Services revenue was $114.1 million, up 34% compared with 2016.

Operating Income:

·         GAAP operating income was $20.3 million, compared to $36.0 million in 2016. Non-GAAP operating income was $51.9 million, compared to $58.0 million in 2016.

Net Income:

·         GAAP net income $16.0 million, or $0.44 per diluted share, compared to GAAP net income of $28.1 million, or $0.78 per diluted share, in 2016. Non-GAAP net income was $41.9 million, or $1.16 per diluted share, compared to $45.2 million, or $1.26 per diluted share, in 2016.

The tables at the end of this press release include a reconciliation of GAAP to non-GAAP gross profit, operating income and net income for the three and twelve months ended December 31, 2017 and 2016. An explanation of these measures is also included below under the heading “Non-GAAP Financial measures.”

Balance Sheet and Cash Flow From Operations:

·         As of December 31, 2017, CyberArk had $330.3 million in cash, cash equivalents, marketable securities and short-term deposits. This compares with $296.8 million in cash, cash equivalents, marketable securities and short-term deposits as of September 30, 2017 and $295.5 million as of December 31, 2016.

·         As of December 31, 2017, total deferred revenue was $105.2 million, a 43% increase from $73.5 million at December 31, 2016.

·         During 2017, the Company generated $80.7 million in cash flow from operations, a 43% increase compared to $56.3 million during in 2016.

Business Outlook

Based on information available as of February 15, 2018, CyberArk is issuing guidance for the first quarter and full year 2018 as indicated below.

First Quarter 2018:

·         Total revenue is expected to be in the range of $68.25 million to $69.75 million, which represents 16% to 18% year-over-year growth.

·         Non-GAAP operating income is expected to be in the range of $9.2 million to $10.4 million.

·         Non-GAAP net income per share is expected to be in the range of $0.19 to $0.22 per share. This assumes 36.5 million weighted average diluted shares.

Full Year 2018:

·         Total revenue is expected to be in the range of $312.0 million to $316.0 millionwhich represents 19% to 21% year-over-year growth.

·         Non-GAAP operating income is expected to be in the range of $54.5 million to $57.5 million.

·         Non-GAAP net income per share is expected to be in the range of $1.18 to $1.24 per share. This assumes 36.7 million weighted average diluted shares.

Conference Call Information

In conjunction with this announcement, CyberArk will host a conference call on Thursday, February 15, 2018 at 8:30 a.m. Eastern Time (ET) to discuss the company’s fourth quarter and year end 2017 financial results and its business outlook. To access this call, dial +1 844-237-3590 (U.S.) or +1 484-747-6582 (international). The conference ID is 8986489. Additionally, a live webcast of the conference call will be available via 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 +1 855-859-2056 (U.S.) or +1 404-537-3406 (international). The replay pass code is 8986489. An archived webcast of the conference call will also be available in the “Investor Relations” section of the company’s web site at www.cyberark.com.

About CyberArk

CyberArk (NASDAQ: CYBR) is the global leader in privileged account security, a critical layer of IT security to protect data, infrastructure and assets across the enterprise, in the cloud and throughout the DevOps pipeline. CyberArk delivers the industry’s most complete solution to reduce risk created by privileged credentials and secrets. The company is trusted by the world’s leading organizations, including more than 50 percent of the Fortune 100, to protect against external attackers and malicious insiders. A global company, CyberArk is headquartered in Petach Tikva, Israel, with U.S. headquarters located in Newton, Mass. The company also has offices throughout the Americas, EMEA, Asia Pacific and Japan. To learn more about CyberArk, visit www.cyberark.com, read the CyberArk blogs or follow on Twitter via @CyberArk, LinkedIn or Facebook.

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