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    CyberArk Announces Strong Third Quarter 2023 Results

    11/2/23 7:00:00 AM ET
    $CYBR
    Computer Software: Prepackaged Software
    Technology
    Get the next $CYBR alert in real time by email

    Company Exceeds Expectations Across all Guided Metrics

    Subscription Portion of Annual Recurring Revenue (ARR) of $504 million; Growth of 68% Year-over-Year

    Total ARR of $705 million; Growth of 38% Year-over-Year

    Subscription Revenue of $122.9 million in Q3; Growth of 65% Year-Over-Year

    Record Total Revenue of $191.2 million in Q3 Exceeds Guidance; Growth Accelerating to 25% Year-Over-Year

    Company Significantly Raises Full Year ARR Guidance to a Range of $758 million to $768 million from $743 million to $753 million

    CyberArk (NASDAQ:CYBR), the identity security company, today announced strong financial results for the third quarter ended September 30, 2023.

    "Strong execution and robust industry tailwinds drove our outperformance in the third quarter and our results significantly exceeded expectations across all guided metrics," said Matt Cohen, CyberArk's Chief Executive Officer. "We delivered one of the best financial performances in the company's history in the third quarter and our business accelerated. Our identity security platform is gaining momentum in both our customer base and with new customers who recognize the critical requirement to secure all identities, human and machine, with intelligent privileged controls. The durable demand for our solutions is the result of the severe threat landscape paired with the exponential growth of identities and environments. We delivered robust net new ARR, 68 percent growth in Subscription ARR to $504 million and 38 percent growth in total ARR to $705 million. Our consistent execution, strong competitive position and confidence in the demand environment is best demonstrated by the significant increase in our full year ARR guidance. As the clear leader in identity security, we have a tremendous opportunity in front of us and are well positioned to deliver strong long-term growth, profitability and cash flow."

    Financial Summary for the Third Quarter Ended September 30, 2023

    • Subscription revenue was $122.9 million in the third quarter of 2023, an increase of 65 percent from $74.2 million in the third quarter of 2022.
    • Maintenance and professional services revenue was $64.3 million in the third quarter of 2023, compared to $64.6 million in the third quarter of 2022.
    • Perpetual license revenue was $4.1 million in the third quarter of 2023, compared to $13.8 million in the third quarter of 2022.
    • Total revenue was $191.2 million in the third quarter of 2023, up 25 percent from $152.7 million in the third quarter of 2022, outperforming guidance.
    • GAAP operating loss was $(25.7) million and non-GAAP operating income was $16.9 million in the third quarter of 2023, outperforming guidance.
    • GAAP net loss was $(14.6) million, or $(0.35) per basic and diluted share, in the third quarter of 2023. Non-GAAP net income was $19.6 million, or $0.42 per diluted share, in the third quarter of 2023, outperforming guidance.

    Balance Sheet and Net Cash Provided by Operating Activities

    • As of September 30, 2023, CyberArk had $1.2 billion in cash, cash equivalents, marketable securities, and short-term deposits.
    • During the nine months ended September 30, 2023, the Company's net cash provided by operating activities was $9.3 million.
    • As of September 30, 2023, total deferred revenue was $423.1 million, a 12 percent increase from $376.1 million at September 30, 2022.

    Key Business Highlights

    • Annual Recurring Revenue (ARR) was $705 million, an increase of 38 percent from $512 million at September 30, 2022.
      • The Subscription portion of ARR was $504 million, or 72 percent of total ARR at September 30, 2023. This represents an increase of 68 percent from $301 million, or 59 percent of total ARR, at September 30, 2022.
      • The Maintenance portion of ARR was $200 million at September 30, 2023, compared to $211 million at September 30, 2022.
    • Recurring revenue in the third quarter was $174.4 million, an increase of 36 percent from $128.5 million for the third quarter of 2022.

    Recent Developments

    • CyberArk was named a Leader in 2023 Gartner Magic Quadrant for Privileged Access Management.(1) CyberArk is recognized in this report for the fifth consecutive time.
    • CyberArk launched Artificial Intelligence Center of Excellence to combat attacker innovation with identity security innovation.
    • CyberArk was named a Leader in The Forrester Wave™: Privileged Identity Management, Q4 2023,(2) receiving the top score in the ‘Current Offering' category as well as the highest possible score in 16 criteria including: least privilege access, just-in-time access, development and DevOps support, threat detection and response, innovation and partner ecosystem.

    Business Outlook

    Based on information available as of November 2, 2023, CyberArk is issuing guidance for the fourth quarter and full year 2023 as indicated below.

    Fourth Quarter 2023:

    • Total revenue is expected to be in the range of $206.5 million and $211.5 million, representing growth of 22 percent to 25 percent compared to the fourth quarter of 2022.
    • Non-GAAP operating income is expected to be in the range of $19.0 million to $23.0 million.
    • Non-GAAP net income per share is expected to be in the range of $0.41 to $0.50 per diluted share.
      • Assumes 47.1 million weighted average diluted shares.

    Full Year 2023:

    • Total revenue is expected to be in the range of $735.3 million to $740.3 million, representing growth of 24 percent to 25 percent compared to the full year 2022.
    • Non-GAAP operating income is expected to be in the range of $17.7 million to $21.7 million.
    • Non-GAAP net income per share is expected to be in the range of $0.72 to $0.80 per diluted share.
      • Assumes 46.5 million weighted average diluted shares.
    • ARR as of December 31, 2023 is expected to be in the range of $758 million to $768 million, representing growth of 33 percent to 35 percent from December 31, 2022.
     

    (1)

    Gartner® Magic Quadrant™ for Privileged Access Management, by Felix Gaehtgens, James Hoover, Michael Kelley, Brian Guthrie, Abhyuday Data, 5 September 2023
     

    (2)

    The Forrester Wave™: Privileged Identity Management, Q4 2023 by Geoff Cairns, October 11, 2023

    Conference Call Information

    In conjunction with this announcement, CyberArk will host a conference call on Thursday, November 2, 2023 at 8:30 a.m. Eastern Time (ET) to discuss the Company's third quarter financial results and its business outlook. To access this call, dial +1 (888) 330-2455 (U.S.) or +1 (240) 789-2717 (international). The conference ID is 6515982. Additionally, a live webcast of the conference call will be available via the "Investor Relations" section of the company's website at www.cyberark.com.

    Following the conference call, a replay will be available for one week at +1 (800) 770-2030 (U.S.) or +1 (647) 362-9199 (international). The replay pass code is 6515982. An archived webcast of the conference call will also be available in the "Investor Relations" section of the company's website at www.cyberark.com.

    About CyberArk

    CyberArk (NASDAQ:CYBR) is the global leader in identity security. Centered on intelligent privilege controls, CyberArk provides the most comprehensive security offering for any identity – human or machine – across business applications, distributed workforces, hybrid cloud environments and throughout the DevOps lifecycle. The world's leading organizations trust CyberArk to help secure their most critical assets. To learn more about CyberArk, visit https://www.cyberark.com, read the CyberArk blogs or follow on LinkedIn, Twitter, Facebook or YouTube.

    Copyright © 2023 CyberArk Software. All Rights Reserved. All other brand names, product names, or trademarks belong to their respective holders.

    Key Performance Indicators and Non-GAAP Financial Measures

    Annual Recurring Revenue (ARR)

    • Annual Recurring Revenue (ARR) is defined as the annualized value of active SaaS, self-hosted subscription and maintenance contracts related to perpetual licenses in effect at the end of the reported period.

    Subscription Portion of Annual Recurring Revenue

    • Subscription portion of ARR is defined as the annualized value of active SaaS and self-hosted subscription contracts in effect at the end of the reported period. The subscription portion of ARR excludes maintenance contracts related to perpetual licenses.

    Maintenance Portion of Annual Recurring Revenue

    • Maintenance portion of ARR is defined as the annualized value of active maintenance contracts related to perpetual licenses. The Maintenance portion of ARR excludes SaaS and self-hosted subscription contracts in effect at the end of the reported period.

    Recurring Revenue

    • Recurring Revenue is defined as revenue derived from SaaS and self-hosted subscription contracts, and maintenance contracts related to perpetual licenses during the reported period.

    Non-GAAP Financial Measures

    CyberArk believes that the use of non-GAAP gross profit, non-GAAP operating expense, non-GAAP operating income (loss), non-GAAP net income (loss) and free cash flow is helpful to our investors. These financial measures are not measures of the Company's financial performance under U.S. GAAP and should not be considered as alternatives to gross profit, operating loss, net loss or net cash provided by operating activities or any other performance measures derived in accordance with GAAP.

    • Non-GAAP gross profit is calculated as GAAP gross profit excluding share-based compensation expense, amortization of intangible assets related to acquisitions, and impairment of capitalized software development costs.
    • Non-GAAP operating expense is calculated as GAAP operating expenses excluding share-based compensation expense, acquisition related expenses and amortization of intangible assets related to acquisitions.
    • Non-GAAP operating income (loss) is calculated as GAAP operating loss excluding share-based compensation expense, impairment of capitalized software development costs, acquisition related expenses and amortization of intangible assets related to acquisitions.
    • Non-GAAP net income (loss) is calculated as GAAP net loss excluding share-based compensation expense, acquisition related expenses, amortization of intangible assets related to acquisitions, impairment of capitalized software development costs, amortization of debt discount and issuance costs, gain from investment in privately held companies, and the tax effect of non-GAAP adjustments.
    • Free cash flow is calculated as net cash provided by operating activities less purchase of property and equipment.

    The Company believes that providing non-GAAP financial measures that are adjusted by, as applicable, share-based compensation expense, acquisition related expenses, amortization of intangible assets related to acquisitions, impairment of capitalized software development costs, non-cash interest expense related to the amortization of debt discount and issuance cost, gain from investment in privately held companies, and the tax effect of the non-GAAP adjustments and purchase of property and equipment allows for more meaningful comparisons of its period to period operating results. Share-based compensation expense has been, and will continue to be for the foreseeable future, a significant recurring expense in the Company's business and an important part of the compensation provided to its employees. Share based compensation expense has varying available valuation methodologies, subjective assumptions and a variety of equity instruments that can impact a company's non-cash expense. The Company believes that expenses related to its acquisitions, amortization of intangible assets related to acquisitions, and non-cash interest expense related to the amortization of debt discount and issuance costs do not reflect the performance of its core business and impact period-to-period comparability. The Company believes free cash flow is a liquidity measure that, after the purchase of property and equipment, provides useful information about the amount of cash generated by the business.

    Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in the Company's industry, as other companies in the industry may calculate non-GAAP financial results differently, particularly related to non-recurring, unusual items. In addition, there are limitations in using non-GAAP financial measures as they exclude expenses that may have a material impact on the Company's reported financial results. The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with U.S. GAAP. CyberArk urges investors to review the reconciliation of its non-GAAP financial measures to the comparable U.S. GAAP financial measures included below, and not to rely on any single financial measure to evaluate its business.

    Guidance for non-GAAP financial measures excludes, as applicable, share-based compensation expense, acquisition related expenses, amortization of intangible assets related to acquisitions, non-cash interest expense related to the amortization of debt discount and issuance costs and the tax effect of the non-GAAP adjustments. A reconciliation of the non-GAAP financial measures guidance to the corresponding GAAP measures is not available on a forward-looking basis due to the uncertainty regarding, and the potential variability and significance of, the amounts of share-based compensation expense, amortization of intangible assets related to acquisitions, and the non-recurring expenses that are excluded from the guidance. Accordingly, a reconciliation of the non-GAAP financial measures guidance to the corresponding GAAP measures for future periods is not available without unreasonable effort.

    Cautionary Language Concerning Forward-Looking Statements

    This release contains forward-looking statements, which express the current beliefs and expectations of CyberArk's (the "Company") management. In some cases, forward-looking statements may be identified by terminology such as "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "expect," "predict," "potential" or the negative of these terms or other similar expressions. Such statements involve a number of known and unknown risks and uncertainties that could cause the Company's future results, levels of activity, performance or achievements to differ materially from the results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to: changes to the drivers of the Company's growth and its ability to adapt its solutions to IT security market demands; fluctuation in the Company's quarterly results of operations due to sales cycles and multiple pricing and delivery models; the Company's ability to sell into existing and new customers and industry verticals; an increase in competition within the Privileged Access Management and Identity Security markets; unanticipated product vulnerabilities or cybersecurity breaches of the Company's, or the Company's customers' or partners' systems; complications or risks in connection with the Company's subscription model, including uncertainty regarding renewals from its existing customer base, and retaining sufficient subscription or maintenance and support service renewal rates; risks related to compliance with privacy and data protection laws and regulations; risks regarding potential negative economic conditions in the global economy or certain regions, including conditions resulting from financial and credit market fluctuations, rising interest rates, bank failures, inflation, and the potential for regional or global recessions; the Company's ability to hire, train, retain and motivate qualified personnel; reliance on third-party cloud providers for the Company's operations and SaaS solutions; the Company's history of incurring net losses and its ability to achieve profitability in the future; risks related to the Company's ongoing transition to a new Chief Executive Officer; risks related to sales made to government entities; the Company's ability to find, complete, fully integrate or achieve the expected benefits of strategic acquisitions; the duration and scope of the COVID-19 pandemic and its resulting effect on the demand for the Company's solutions and on its expected revenue growth rates and costs; the Company's ability to expand its sales and marketing efforts and expand its channel partnerships across existing and new geographies; regulatory and geopolitical risks associated with global sales and operations, as well as the location of our principal executive offices, most of our research and development activities and other significant operations in Israel; changes in regulatory requirements or fluctuations in currency exchange rates; the ability of the Company's products to help customers achieve and maintain compliance with government regulations or industry standards; risks related to intellectual property claims or the Company's ability to protect its proprietary technology and intellectual property rights; and other factors discussed under the heading "Risk Factors" in the Company's most recent annual report on Form 20-F filed with the Securities and Exchange Commission. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

    Gartner Disclaimers

    GARTNER is a registered trademark and service mark of Gartner and Magic Quadrant and Peer Insights are a registered trademark, of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved.

    ​Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

    Gartner Peer Insights content consists of the opinions of individual end users based on their own experiences with the vendors listed on the platform, should not be construed as statements of fact, nor do they represent the views of Gartner or its affiliates. Gartner does not endorse any vendor, product or service depicted in this content nor makes any warranties, expressed or implied, with respect to this content, about its accuracy or completeness, including any warranties of merchantability or fitness for a particular purpose.

     
    CYBERARK SOFTWARE LTD.
    Consolidated Statements of Operations
    U.S. dollars in thousands (except per share data)
    (Unaudited)
     
    Three Months Ended Nine Months Ended
    September 30, September 30,

     

    2022

     

     

     

    2023

     

     

     

    2022

     

     

     

    2023

     

     
    Revenues:
    Subscription

    $

    74,249

     

    $

    122,879

     

    $

    192,198

     

    $

    321,766

     

    Perpetual license

     

    13,790

     

     

    4,056

     

     

    35,385

     

     

    13,028

     

    Maintenance and professional services

     

    64,631

     

     

    64,301

     

     

    194,976

     

     

    193,990

     

     
    Total revenues

     

    152,670

     

     

    191,236

     

     

    422,559

     

     

    528,784

     

     
    Cost of revenues:
    Subscription

     

    12,214

     

     

    21,281

     

     

    32,487

     

     

    54,859

     

    Perpetual license

     

    703

     

     

    642

     

     

    1,980

     

     

    1,173

     

    Maintenance and professional services

     

    19,548

     

     

    19,816

     

     

    56,751

     

     

    60,446

     

     
    Total cost of revenues

     

    32,465

     

     

    41,739

     

     

    91,218

     

     

    116,478

     

     
    Gross profit

     

    120,205

     

     

    149,497

     

     

    331,341

     

     

    412,306

     

     
    Operating expenses:
    Research and development

     

    48,437

     

     

    51,733

     

     

    138,844

     

     

    157,653

     

    Sales and marketing

     

    90,298

     

     

    98,859

     

     

    254,536

     

     

    299,376

     

    General and administrative

     

    20,738

     

     

    24,642

     

     

    60,342

     

     

    67,038

     

     
    Total operating expenses

     

    159,473

     

     

    175,234

     

     

    453,722

     

     

    524,067

     

     
    Operating loss

     

    (39,268

    )

     

    (25,737

    )

     

    (122,381

    )

     

    (111,761

    )

     
    Financial income, net

     

    3,641

     

     

    12,424

     

     

    6,269

     

     

    33,912

     

     
    Loss before taxes on income

     

    (35,627

    )

     

    (13,313

    )

     

    (116,112

    )

     

    (77,849

    )

     
    Tax benefit (taxes on income)

     

    2,902

     

     

    (1,296

    )

     

    7,948

     

     

    2,434

     

     
    Net loss

    $

    (32,725

    )

    $

    (14,609

    )

    $

    (108,164

    )

    $

    (75,415

    )

     
     
    Basic loss per ordinary share

    $

    (0.80

    )

    $

    (0.35

    )

    $

    (2.67

    )

    $

    (1.82

    )

    Diluted loss per ordinary share

    $

    (0.80

    )

    $

    (0.35

    )

    $

    (2.67

    )

    $

    (1.82

    )

     
    Shares used in computing net loss
    per ordinary shares, basic

     

    40,834,640

     

     

    41,899,371

     

     

    40,488,909

     

     

    41,539,052

     

    Shares used in computing net loss
    per ordinary shares, diluted

     

    40,834,640

     

     

    41,899,371

     

     

    40,488,909

     

     

    41,539,052

     

     

    CYBERARK SOFTWARE LTD.

    Consolidated Balance Sheets

    U.S. dollars in thousands

    (Unaudited)

       
    December 31, September 30,

     

    2022

     

     

     

    2023

     

     
     
    ASSETS
     
    CURRENT ASSETS:
    Cash and cash equivalents

    $

    347,338

     

    $

    372,196

     

    Short-term bank deposits

     

    305,843

     

     

    284,461

     

    Marketable securities

     

    301,101

     

     

    249,539

     

    Trade receivables

     

    120,817

     

     

    118,983

     

    Prepaid expenses and other current assets

     

    22,482

     

     

    26,308

     

     
    Total current assets

     

    1,097,581

     

     

    1,051,487

     

     
    LONG-TERM ASSETS:
    Marketable securities

     

    227,748

     

     

    322,026

     

    Property and equipment, net

     

    23,474

     

     

    17,814

     

    Intangible assets, net

     

    27,508

     

     

    22,050

     

    Goodwill

     

    153,241

     

     

    153,241

     

    Other long-term assets

     

    217,040

     

     

    213,243

     

    Deferred tax asset

     

    72,809

     

     

    85,005

     

     
    Total long-term assets

     

    721,820

     

     

    813,379

     

     
    TOTAL ASSETS

    $

    1,819,401

     

    $

    1,864,866

     

     
    LIABILITIES AND SHAREHOLDERS' EQUITY
     
    CURRENT LIABILITIES:
    Trade payables

    $

    13,642

     

    $

    12,624

     

    Employees and payroll accruals

     

    77,328

     

     

    70,750

     

    Accrued expenses and other current liabilities

     

    33,584

     

     

    33,022

     

    Deferred revenues

     

    327,918

     

     

    357,282

     

     
    Total current liabilities

     

    452,472

     

     

    473,678

     

     
    LONG-TERM LIABILITIES:
    Convertible senior notes, net

     

    569,344

     

     

    571,590

     

    Deferred revenues

     

    80,524

     

     

    65,773

     

    Other long-term liabilities

     

    38,917

     

     

    33,376

     

     
    Total long-term liabilities

     

    688,785

     

     

    670,739

     

     
    TOTAL LIABILITIES

     

    1,141,257

     

     

    1,144,417

     

     
    SHAREHOLDERS' EQUITY:
    Ordinary shares of NIS 0.01 par value

     

    107

     

     

    110

     

    Additional paid-in capital

     

    660,289

     

     

    774,882

     

    Accumulated other comprehensive income (loss)

     

    (15,560

    )

     

    (12,436

    )

    Retained earnings (accumulated deficit)

     

    33,308

     

     

    (42,107

    )

     
    Total shareholders' equity

     

    678,144

     

     

    720,449

     

     
    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY  

    $

    1,819,401

     

    $

    1,864,866

     

     

    CYBERARK SOFTWARE LTD.

    Consolidated Statements of Cash Flows

    U.S. dollars in thousands

    (Unaudited)

     
    Nine Months Ended
    September 30,

     

    2022

     

     

     

    2023

     

     
    Cash flows from operating activities:
    Net loss

    $

    (108,164

    )

    $

    (75,415

    )

    Adjustments to reconcile net loss to net cash
    provided by operating activities:
    Depreciation and amortization

     

    11,883

     

     

    15,097

     

    Amortization of premium and accretion of discount on marketable securities, net

     

    3,976

     

     

    (2,724

    )

    Share-based compensation

     

    88,593

     

     

    102,565

     

    Deferred income taxes, net

     

    (14,267

    )

     

    (10,763

    )

    Decrease in trade receivables

     

    23,865

     

     

    1,834

     

    Amortization of debt discount and issuance costs

     

    2,234

     

     

    2,245

     

    Increase in prepaid expenses, other current and long-term assets and others

     

    (19,769

    )

     

    (22,564

    )

    Changes in operating lease right-of-use assets

     

    2,781

     

     

    5,495

     

    Increase (decrease) in trade payables

     

    509

     

     

    (980

    )

    Increase in short-term and long-term deferred revenues

     

    58,814

     

     

    14,613

     

    Decrease in employees and payroll accruals

     

    (16,285

    )

     

    (13,579

    )

    Increase in accrued expenses and other current and long-term liabilities

     

    2,259

     

     

    669

     

    Changes in operating lease liabilities

     

    (7,218

    )

     

    (7,187

    )

     
    Net cash provided by operating activities

     

    29,211

     

     

    9,306

     

     
    Cash flows from investing activities:
    Investment in short and long term deposits

     

    (320,320

    )

     

    (204,461

    )

    Proceeds from short and long term deposits

     

    363,905

     

     

    243,630

     

    Investment in marketable securities and other

     

    (318,566

    )

     

    (322,049

    )

    Proceeds from sales and maturities of marketable securities and other

     

    256,899

     

     

    285,445

     

    Purchase of property and equipment

     

    (8,778

    )

     

    (4,253

    )

    Payments for business acquisitions, net of cash acquired

     

    (41,285

    )

     

    -

     

     
    Net cash used in investing activities

     

    (68,145

    )

     

    (1,688

    )

     
    Cash flows from financing activities:
    Proceeds from (payment of) withholding tax related to employee stock plans

     

    (811

    )

     

    3,210

     

    Proceeds from exercise of stock options

     

    1,729

     

     

    4,209

     

    Proceeds in connection with employees stock purchase plan

     

    12,322

     

     

    11,776

     

    Payments of contingent consideration related to acquisitions

     

    (1,578

    )

     

    -

     

     
    Net cash provided by financing activities

     

    11,662

     

     

    19,195

     

     
    Increase (decrease) in cash, cash equivalents

     

    (27,272

    )

     

    26,813

     

     
    Effect of exchange rate differences on cash, cash equivalents

     

    (5,045

    )

     

    (1,955

    )

     
    Cash and cash equivalents at the beginning of the period

     

    356,850

     

     

    347,338

     

     
    Cash and cash equivalents at the end of the period

    $

    324,533

     

    $

    372,196

     

     
    CYBERARK SOFTWARE LTD.
    Reconciliation of GAAP Measures to Non-GAAP Measures
    U.S. dollars in thousands (except per share data)
    (Unaudited)
    Reconciliation of Net cash provided by operating activities to Free cash flow:  
    Three Months Ended Nine Months Ended
    September 30, September 30,

     

    2022

     

     

     

    2023

     

     

     

    2022

     

     

     

    2023

     

    Net cash provided by operating activities

    $

    18,481

     

    $

    14,353

     

    $

    29,211

     

    $

    9,306

     

    Less:
    Purchase of property and equipment

     

    (4,618

    )

     

    (731

    )

     

    (8,778

    )

     

    (4,253

    )

    Free cash flow

    $

    13,863

     

    $

    13,622

     

    $

    20,433

     

    $

    5,053

     

    GAAP net cash used in investing activities

     

    (72,380

    )

     

    (42,788

    )

     

    (68,145

    )

     

    (1,688

    )

    GAAP net cash provided by (used in) financing activities

     

    (1,602

    )

     

    5,510

     

     

    11,662

     

     

    19,195

     

    Reconciliation of Gross Profit to Non-GAAP Gross Profit:
    Three Months Ended Nine Months Ended
    September 30, September 30,

     

    2022

     

     

     

    2023

     

     

     

    2022

     

     

     

    2023

     

    Gross profit

    $

    120,205

     

    $

    149,497

     

    $

    331,341

     

    $

    412,306

     

    Plus:
    Share-based compensation (1)

     

    4,030

     

     

    4,780

     

     

    10,962

     

     

    13,112

     

    Amortization of share-based compensation capitalized in software development costs (3)  

     

    88

     

     

    103

     

     

    264

     

     

    309

     

    Amortization of intangible assets (2)

     

    1,639

     

     

    1,704

     

     

    4,339

     

     

    5,113

     

    Impairment of capitalized software development costs

     

    -

     

     

    2,067

     

     

    -

     

     

    2,067

     

    Non-GAAP gross profit

    $

    125,962

     

    $

    158,151

     

    $

    346,906

     

    $

    432,907

     

    Reconciliation of Operating Expenses to Non-GAAP Operating Expenses:  
    Three Months Ended Nine Months Ended
    September 30, September 30,

     

    2022

     

     

     

    2023

     

     

     

    2022

     

     

     

    2023

     

    Operating expenses

    $

    159,473

     

    $

    175,234

     

    $

    453,722

     

    $

    524,067

     

    Less:
    Share-based compensation (1)

     

    27,712

     

     

    33,821

     

     

    77,631

     

     

    89,454

     

    Amortization of intangible assets (2)

     

    154

     

     

    139

     

     

    458

     

     

    410

     

    Acquisition related expenses

     

    1,653

     

     

    -

     

     

    2,244

     

     

    -

     

    Non-GAAP operating expenses

    $

    129,954

     

    $

    141,274

     

    $

    373,389

     

    $

    434,203

     

    Reconciliation of Operating Loss to Non-GAAP Operating Income (Loss):  
    Three Months Ended Nine Months Ended
    September 30, September 30,

     

    2022

     

     

     

    2023

     

     

     

    2022

     

     

     

    2023

     

    Operating loss

    $

    (39,268

    )

    $

    (25,737

    )

    $

    (122,381

    )

    $

    (111,761

    )

    Plus:
    Share-based compensation (1)

     

    31,742

     

     

    38,601

     

     

    88,593

     

     

    102,566

     

    Amortization of share-based compensation capitalized in software development costs (3)  

     

    88

     

     

    103

     

     

    264

     

     

    309

     

    Amortization of intangible assets (2)

     

    1,793

     

     

    1,843

     

     

    4,797

     

     

    5,523

     

    Acquisition related expenses

     

    1,653

     

     

    -

     

     

    2,244

     

     

    -

     

    Impairment of capitalized software development costs

     

    2,067

     

     

    -

     

     

    2,067

     

    Non-GAAP operating income (loss)

    $

    (3,992

    )

    $

    16,877

     

    $

    (26,483

    )

    $

    (1,296

    )

    Reconciliation of Net Loss to Non-GAAP Net Income (loss):
    Three Months Ended Nine Months Ended
    September 30, September 30,

     

    2022

     

     

     

    2023

     

     

     

    2022

     

     

     

    2023

     

    Net loss

    $

    (32,725

    )

    $

    (14,609

    )

    $

    (108,164

    )

    $

    (75,415

    )

    Plus:
    Share-based compensation (1)

     

    31,742

     

     

    38,601

     

     

    88,593

     

     

    102,566

     

    Amortization of share-based compensation capitalized in software development costs (3)  

     

    88

     

     

    103

     

     

    264

     

     

    309

     

    Amortization of intangible assets (2)

     

    1,793

     

     

    1,843

     

     

    4,797

     

     

    5,523

     

    Acquisition related expenses

     

    1,653

     

     

    -

     

     

    2,244

     

     

    -

     

    Amortization of debt discount and issuance costs

     

    746

     

     

    748

     

     

    2,234

     

     

    2,244

     

    Unrealized Gain from investment in privately held companies

     

    (324

    )

     

    (250

    )

     

    (324

    )

     

    (544

    )

    Impairment of capitalized software development costs

     

    -

     

     

    2,067

     

     

    -

     

     

    2,067

     

    Taxes on income related to non-GAAP adjustments

     

    (5,307

    )

     

    (8,894

    )

     

    (14,629

    )

     

    (22,808

    )

    Non-GAAP net income (loss)

    $

    (2,334

    )

    $

    19,609

     

    $

    (24,985

    )

    $

    13,942

     

    Non-GAAP net income (loss) per share
    Basic

    $

    (0.06

    )

    $

    0.47

     

    $

    (0.62

    )

    $

    0.34

     

    Diluted

    $

    (0.06

    )

    $

    0.42

     

    $

    (0.62

    )

    $

    0.30

     

    Weighted average number of shares
    Basic

     

    40,834,640

     

     

    41,899,371

     

     

    40,488,909

     

     

    41,539,052

     

    Diluted

     

    40,834,640

     

     

    46,641,527

     

     

    40,488,909

     

     

    46,134,041

     

     
    (1) Share-based Compensation :
    Three Months Ended Nine Months Ended
    September 30, September 30,

     

    2022

     

     

     

    2023

     

     

     

    2022

     

     

     

    2023

     

    Cost of revenues - Subscription

    $

    634

     

    $

    1,149

     

    $

    1,527

     

    $

    2,959

     

    Cost of revenues - Perpetual license

     

    42

     

     

    11

     

     

    103

     

     

    30

     

    Cost of revenues - Maintenance and Professional services

     

    3,354

     

     

    3,620

     

     

    9,332

     

     

    10,123

     

    Research and development

     

    6,983

     

     

    7,867

     

     

    19,787

     

     

    21,797

     

    Sales and marketing

     

    13,654

     

     

    15,800

     

     

    37,415

     

     

    43,990

     

    General and administrative

     

    7,075

     

     

    10,154

     

     

    20,429

     

     

    23,667

     

    Total share-based compensation

    $

    31,742

     

    $

    38,601

     

    $

    88,593

     

    $

    102,566

     

     
    (2) Amortization of intangible assets :
    Three Months Ended Nine Months Ended
    September 30, September 30,

     

    2022

     

     

     

    2023

     

     

     

    2022

     

     

     

    2023

     

    Cost of revenues - Subscription

    $

    1,598

     

    $

    1,704

     

    $

    4,231

     

    $

    5,113

     

    Cost of revenues - Perpetual license

     

    41

     

     

    -

     

     

    108

     

     

    -

     

    Sales and marketing

     

    154

     

     

    139

     

     

    458

     

     

    410

     

    Total amortization of intangible assets

    $

    1,793

     

    $

    1,843

     

    $

    4,797

     

    $

    5,523

     

     
    (3) Classified as Cost of revenues - Subscription.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20231102454423/en/

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