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CyberArk’s 2Q15 Results and Forecasts Are In

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CyberArk’s 2Q15 Results and Forecasts Are In PART 1 OF 4

CyberArk Declares Strong 2Q15 Results and Large Opportunities Ahead

The firm

CyberArk Software (CYBR) is an information security company focused on privileged account security. The company’s technology is deployed worldwide—primarily in the financial services, energy, retail, and healthcare segments. As of 2014, CyberArk had nearly 1,600 customers, including over 30 of the Fortune 100, and approximately 15% of the Global 2000. The firm was founded in 1999 and headquartered in Massachusetts, USA.

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YoY revenues increase 70%

On Aug 11, 2015, CyberArk declared its 2Q15 results and reported revenues of $36.4 million, a YoY (year-over-year) increase of 70% compared to its 2Q14 revenues of $21.3 million. Licensing revenues increased from $11.12 million in 2Q14 to $22.27 million in 2Q15. The company’s maintenance and professional services segment also saw revenues increase from $10.20 million to $14.09 million in the same period—a 38% increase—while its licensing revenue segment saw a 100% YoY increase.

In 2Q15, net income for CyberArk was $4.9 million on a GAAP (Generally Accepted Accounting Principles) basis with EPS (earnings per share) of $0.14, compared to a 2014 net income of $1.2 million and EPS of -$0.01. On a non-GAAP basis, the company’s reported net income for 2Q15 was $6.6 million, with EPS of $0.19, compared to its 2014 net income of $2.4 million and EPS of $0.09.

By comparison, Fortinet (FTNT) and FireEye (FEYE) reported revenues of $239 million and $147.2 million, respectively, in 2Q15.

Operating income

CyberArk reported its GAAP operating income for 2Q15 at $6.5 million, in comparison to $3.1 million in 2Q14. Its non-GAAP operating income also increased from $3.3 million in 2Q14 to $8.2 million in 2Q15.

Following the announcement, CyberArk CEO Udi Mokady said the company had “a strong second quarter and delivered results that again exceeded our guidance across all financial metrics.” He added that the 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.”

CyberArk makes up 0.01% of the iShares Russell 1000 Value ETF (IWD) and the iShares Russell Mid-Cap ETF (IWR).

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