CyberArk, the company that protects organizations from cyber attacks that have made their way inside the network perimeter, today announced financial results for the second quarter ended June 30, 2015.
"CyberArk had a strong second quarter and delivered results that again exceeded our guidance across all financial metrics," said Udi Mokady, CyberArk CEO. "Our business continues to be driven by the shift from tactical, compliance-driven projects to strategic approaches to implementing enterprise-wide privileged account security as privileged accounts remain at the epicenter of cyber attacks. This shift is enabling us to capitalize on expanding cyber security budgets, participate in larger opportunities, and position ourselves as a strategic, trusted partner."
Financial Highlights for the Second Quarter Ended June 30, 2015
- Total revenue was $36.4 million, up 70% year-over-year compared with the second quarter of 2014.
- License revenue was $22.3 million, up 100% compared with the second quarter of 2014.
- Maintenance and Professional Services revenue was $14.1 million, up 38% from the second quarter of 2014.
- GAAP operating income was $6.5 million for the quarter, up from $3.1 million in the second quarter of 2014.
- Non-GAAP operating income was $8.2 million for the quarter, up from $3.3 million in the second quarter of 2014.
Net Income:GAAP net income was $4.9 million, up from $1.2 million in the second quarter of 2014.GAAP net income per share was $0.14, compared to a GAAP net loss per share of $(0.01) in the second quarter of 2014, based on 35.0 and 7.1 million weighted average diluted shares, respectively.Non-GAAP net income was $6.6 million, up from $2.4 million in the second quarter of 2014.Non-GAAP net income per share was $0.19, compared to non-GAAP net income per share of $0.09 in the second quarter of 2014, based on 35.0 and 27.4 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 and six months ended June 30, 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 June 30, 2015, CyberArk had $283.8 million in cash and cash equivalents and short-term deposits inclusive of$52.7 million raised in the Company’s public offering that closed on June 16, 2015. This compares with $191.7 millionin cash and cash equivalents and short-term deposits as of March 31, 2015 and $177.2 million as of December 31, 2014.
- During the first six months of 2015, the Company generated $36.3 million in cash flow from operations, an increase compared to $12.7 million in the first six months of 2014.