CyberArk Announces Strong Third Quarter 2016 Results

CyberArk, (NASDAQ:CYBR), the company that protects organizations from cyber attacks that have made their way inside the network perimeter, today announced record financial results for the third quarter ended September 30, 2016.

"CyberArk's record revenues in the third quarter were driven by strong global demand across verticals as organizations continue to prioritize privileged account security," said Udi Mokady, CyberArk Chairman and CEO. "Our results demonstrate that companies of all sizes are choosing CyberArk as a strategic partner to help protect their most valuable assets on premise and in the cloud. Our investments in product innovation, expanding our sales and marketing engine and growing our partner ecosystem, are strengthening our position as the leader in privileged account security."

Financial Highlights for the Third Quarter Ended September 30, 2016

Revenue:
  • Total revenue was $55.0 million, up 37% compared with the third quarter of 2015.
  • License revenue was $33.3 million, up 34% compared with the third quarter of 2015.
  • Maintenance and Professional Services revenue was $21.7 million, up 42% from the third quarter of 2015.

Operating Income:
  • GAAP operating income was $8.1 million for the quarter, compared to $8.3 million in the third quarter of 2015.
  • Non-GAAP operating income was $14.3 million for the quarter, up from $11.1 million in the third quarter of 2015.

Net Income:
  • GAAP net income was $7.1 million, or $0.20 per diluted share, compared to GAAP net income of $6.8 million, or $0.19 per diluted share, in the third quarter of 2015.
  • Non-GAAP net income was $11.8 million, or $0.33 per diluted share, compared to $9.2 million, or $0.26 per diluted share, in the third quarter of 2015.

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 nine months ended September 30, 2016 and 2015. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures."

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