Investor Relations Presentation February 2026 Cautionary Language Concerning Forward-Looking Statements This presentation contains forward-looking statements, which express the current beliefs and expectations of CyberArk's (the "Company") management. These forward-looking statements generally include statements regarding the Company's financial and operational performance, industry trends, and the proposed transaction with Palo Alto Networks ("PANW"), including the anticipated benefits of the transaction. ...

Company Performance - CyberArk's stock closed at $429.47, down 3.63%, underperforming the S&P 500's daily loss of 0.13% [1] - Over the past month, CyberArk shares have depreciated by 0.09%, while the Computer and Technology sector gained 1.88% and the S&P 500 gained 0.78% [1] Upcoming Earnings Report - The upcoming EPS for CyberArk is projected at $1.13, indicating a 41.25% increase compared to the same quarter last year [2] - Quarterly revenue is expected to be $355.91 million, up 13.21% from the year-ago period [2] Full Year Estimates - Analysts expect earnings of $4.12 per share and revenue of $1.34 billion for the full year, reflecting changes of +35.97% and 0% respectively from last year [3] - Recent adjustments to analyst estimates indicate positive sentiment regarding CyberArk's business and profitability [3] Valuation Metrics - CyberArk is currently trading at a Forward P/E ratio of 91.86, significantly higher than the industry average of 52.09, indicating a premium valuation [6] - The PEG ratio for CyberArk stands at 3.78, compared to the Security industry's average PEG ratio of 2.84 [6] Industry Context - The Security industry, part of the Computer and Technology sector, has a Zacks Industry Rank of 200, placing it in the bottom 19% of all industries [7] - The Zacks Industry Rank assesses the strength of industry groups, with the top 50% rated industries outperforming the bottom half by a factor of 2 to 1 [7]

Company Performance - CyberArk (CYBR) closed at $438.22, reflecting a -1.02% change from the previous day, underperforming the S&P 500 which gained 0.03% [1] - Over the past month, CyberArk's shares have depreciated by 2.02%, while the Computer and Technology sector gained 0.43% and the S&P 500 gained 0.6% [2] Upcoming Earnings - The upcoming EPS for CyberArk is projected at $1.13, indicating a 41.25% increase compared to the same quarter last year, with a consensus revenue estimate of $359.28 million, representing a 14.28% increase [3] - For the full year, analysts expect earnings of $4.12 per share and revenue of $1.33 billion, marking changes of +35.97% and 0% respectively from last year [4] Analyst Estimates - Recent changes to analyst estimates for CyberArk suggest a positive outlook on near-term business trends, with upward revisions indicating analysts' confidence in the company's performance [5] - The Zacks Consensus EPS estimate has shifted 1.86% upward over the past month, and CyberArk currently holds a Zacks Rank of 1 (Strong Buy) [7] Valuation Metrics - CyberArk is currently traded at a Forward P/E ratio of 91.26, which is significantly higher than the industry average of 51.15, indicating a premium valuation [8] - The company has a PEG ratio of 3.75, compared to the Security industry's average PEG ratio of 2.81, suggesting a higher expected earnings growth trajectory [9] Industry Context - The Security industry, part of the Computer and Technology sector, holds a Zacks Industry Rank of 97, placing it in the top 40% of over 250 industries [9] - The Zacks Industry Rank measures the strength of industry groups, with the top 50% rated industries outperforming the bottom half by a factor of 2 to 1 [10]

Core Viewpoint - Truist analyst Junaid Siddiqui has lowered the price target for CyberArk (CYBR) to $455 from $520 while maintaining a Hold rating on the shares, indicating a cautious outlook for the cybersecurity sector in Q4 [1] Group 1: Company Performance - CyberArk is expected to report a strong calendar Q4, with a conservative guidance approach that may lead to a continued beat-and-raise cadence for 2026 [1] - Conversations with IT budget holders and software sellers suggest that demand and the macro environment remain stable, with ongoing momentum in Security & AI initiatives [1] Group 2: Market Environment - Software equities, including those in the cybersecurity sector, are facing significant pressure as investors shift focus towards AI hardware [1] - Concerns regarding AI-driven competitive disruption, slow monetization of AI features, prolonged high interest rates, and geopolitical shocks are impacting the sector, contributing to a decline of about 7% in the IGV – iShares Expanded Tech-Software Sector ETF in the early weeks of trading [1]

Core Viewpoint - CyberArk (CYBR) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook based on rising earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system emphasizes the importance of changing earnings estimates, which are strongly correlated with near-term stock price movements [4][6]. - Institutional investors often rely on earnings estimates to determine the fair value of stocks, leading to buying or selling actions that affect stock prices [4]. CyberArk's Earnings Outlook - For the fiscal year ending December 2025, CyberArk is expected to earn $4.21 per share, which remains unchanged from the previous year [8]. - Over the past three months, the Zacks Consensus Estimate for CyberArk has increased by 162.9%, reflecting a positive trend in earnings estimates [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. - Only the top 5% of Zacks-covered stocks receive a "Strong Buy" rating, indicating superior earnings estimate revisions and potential for market-beating returns [9][10].

Core Insights - Samson Rock Capital increased its stake in CyberArk Software Ltd. by acquiring 22,983 shares, bringing total holdings to 52,983 shares valued at approximately $23.63 million [2][3][7] Company Overview - CyberArk Software Ltd. has a market capitalization of $22.50 billion and reported a revenue of $1.30 billion for the trailing twelve months (TTM) [5] - The company reported a net income loss of $226.92 million for the TTM [5] Stock Performance - As of the last market close, CyberArk shares were priced at $435.32, reflecting a 29.69% increase over the past year, outperforming the S&P 500 by 14.06 percentage points [4] Investment Position - The position in CyberArk now represents 38.56% of Samson Rock Capital's 13F reportable assets under management (AUM) as of December 31 [4][7] Company Services - CyberArk provides software-based security solutions, including privileged access management, endpoint privilege management, cloud entitlements management, and identity and access management services [9][10] - The company serves a diverse range of enterprise customers across various industries, including financial services, healthcare, manufacturing, energy, and government [9] - CyberArk's offerings are available as both on-premises software and Software as a Service (SaaS), aimed at protecting critical assets against cyber threats [10]

Company Overview - CyberArk Software Ltd. specializes in protecting privileged access and managing digital identities for organizations with high security demands, leveraging a robust recurring revenue model and serving a diversified enterprise client base across critical industries [6] - As of the latest report, CyberArk's market capitalization is $22.95 billion, with a revenue of $1.30 billion for the trailing twelve months (TTM) [4] Recent Developments - Absolute Gestao de Investimentos Ltda. initiated a new position in CyberArk, purchasing 190,897 shares valued at $92.23 million, representing 11.99% of its 13F reportable assets [2][3] - The stock price of CyberArk was $454.65, reflecting a 41% increase over the past year, significantly outperforming the S&P 500, which rose by 15% during the same period [3] Financial Performance - In the third quarter, CyberArk reported a total revenue increase of 43% year over year, reaching $342.8 million, with subscription revenue surging by 60%, pushing annual recurring revenue to $1.34 billion [10] - The non-GAAP operating margin expanded to 19%, up from 15% a year ago, indicating that growth is being achieved without sacrificing profitability [10] Strategic Positioning - CyberArk is transitioning from a high-quality security vendor to a scaled identity security platform, with a focus on enterprise cybersecurity needs [9][10] - The company ended the quarter with nearly $2 billion in cash and investments, generating positive adjusted free cash flow, which positions it favorably compared to other cybersecurity firms [11] Investment Implications - The new stake by Absolute Gestao de Investimentos suggests a conviction play on durable annual recurring revenue (ARR) growth and rising margins, particularly in light of the strategic optionality created by the pending Palo Alto Networks transaction [12]

Company Overview - CyberArk Software Ltd. is a leading provider of identity security solutions, including privileged access management, endpoint privilege, cloud entitlement, and identity authentication services [6][9] - The company operates a subscription-based business model with a mix of software licensing and SaaS offerings, serving a global client base across various sectors such as financial services, healthcare, energy, manufacturing, government, and technology [13] Financial Performance - As of September 30, 2025, CyberArk reported a market capitalization of $22.81 billion, total revenue of $1.30 billion, and a net income of -$226.92 million [5] - In the third quarter, CyberArk posted total revenue of $342.8 million, reflecting a 43% year-over-year increase, while annual recurring revenue (ARR) climbed 45% to $1.34 billion [10] - Subscription ARR surged 57%, now representing approximately 86% of total ARR [10] - Profitability remains challenging on a GAAP basis with a $50.1 million operating loss, but non-GAAP operating income expanded to a 19% margin [11] Investment Position - Decagon Asset Management established a new position in CyberArk, acquiring 74,990 shares valued at $36.23 million, which accounts for 18.29% of the fund's reported U.S. equity assets under management (AUM) [3][4][7] - CyberArk is now the largest holding in Decagon's portfolio, surpassing other significant positions [4][8]

Company Overview - CyberArk Software Ltd. is a global leader in identity security and privileged access management, focusing on a robust SaaS and software platform to address complex cybersecurity needs for large enterprises and institutions [5] - As of the latest report, CyberArk's market capitalization is $22.93 billion, with a total revenue of $1.30 billion and a net income of -$226.92 million [4] Recent Developments - Sand Grove Capital Management initiated a new position in CyberArk, acquiring 39,121 shares valued at approximately $18.90 million as of September 30 [2][3] - This new position represents 9.23% of Sand Grove's 13F reportable assets under management [3] Financial Performance - CyberArk's total revenue for the third quarter increased by 43% year over year to $342.8 million, with subscription revenue climbing 60% to $280.1 million [8] - Annual recurring revenue reached $1.34 billion, up 45%, with subscriptions now accounting for 86% of total revenue, indicating a strong shift towards recurring revenue streams [8] Market Position - CyberArk's shares have appreciated 43% over the past year, significantly outperforming the S&P 500, which increased by about 15% during the same period [3] - The company is viewed as a durable infrastructure for enterprise security rather than a high beta trade, suggesting confidence in its long-term revenue sustainability [9]

Core Insights - CyberArk has been recognized as a Leader in the IDC MarketScape for Worldwide Integrated Solutions for Identity Security 2025 Vendor Assessment [1] - The company offers a unified platform that extends dynamic privilege controls across all identity types, enhancing operational efficiency and security [1] Company Overview - CyberArk is identified as a global leader in identity security, indicating its strong position in the market [1] - The recognition from IDC highlights CyberArk's capabilities in providing integrated solutions for identity security [1] Industry Context - The IDC MarketScape report emphasizes the importance of improving efficiencies and streamlining security operations within organizations [1] - The growing focus on identity security solutions reflects the increasing demand for robust security measures in the digital landscape [1]