CyberArk Software(CYBR)2025-02-13 18:18Financial Performance - Total ARR reached $1.169 billion, with organic ARR surpassing $1 billion[1] - Subscription revenue for the full year 2024 was $733.3 million, a 55% increase from $472.0 million in 2023[7] - Total revenue for the full year 2024 was $1.001 billion, growing 33% year-over-year from $751.9 million in 2023[7] - Non-GAAP operating income for the full year 2024 was $150.9 million, representing a 15% margin compared to 4% in 2023[7] - Free cash flow for the full year 2024 was $221 million, or a 22% FCF margin[1] - Recurring revenue in Q4 2024 was $292.2 million, a 45% increase from $201.5 million in Q4 2023[7] - Total revenues for the three months ended December 31, 2023, were $223.1 million, a decrease from $314.4 million for the same period in 2024, representing a decline of approximately 29%[30] - Subscription revenues for the twelve months ended December 31, 2023, were $472.0 million, compared to $733.3 million in 2024, indicating a decrease of about 36%[30] - The net loss for the three months ended December 31, 2023, was $97.1 million, compared to a net income of $8.9 million for the same period in 2024[30] - Net loss for the twelve months ended December 31, 2023, was $66,504 thousand, compared to a loss of $93,461 thousand for the same period in 2024[34] - Free cash flow for the twelve months ended December 31, 2024, was $220,828 thousand, compared to $51,256 thousand in 2023[36] - Gross profit for the twelve months ended December 31, 2024, reached $792,365 thousand, an increase from $595,757 thousand in 2023[37] - Non-GAAP net income for the twelve months ended December 31, 2024, was $147,549 thousand, compared to $52,004 thousand in 2023[41] Cash and Assets - Cash and cash equivalents increased from $355.9 million in December 2023 to $526.5 million in December 2024, showing a growth of about 48%[32] - Total assets rose significantly from $2.0 billion in December 2023 to $3.3 billion in December 2024, an increase of approximately 65%[32] - The company reported a basic loss per ordinary share of $2.02 for the three months ended December 31, 2024, compared to a profit of $0.21 for the same period in 2023[30] - Deferred revenues increased from $409.2 million in December 2023 to $596.9 million in December 2024, representing a growth of about 46%[32] - Cash and cash equivalents at the end of the period increased to $526,467 thousand in 2024, compared to $355,933 thousand in 2023[34] - The company reported an increase in short-term and long-term deferred revenues to $150,780 thousand in 2024, up from $72,190 thousand in 2023[34] Operating Expenses and Efficiency - Operating expenses for the twelve months ended December 31, 2023, totaled $712.2 million, up from $865.2 million in 2024, reflecting a decrease of approximately 18%[30] - Operating expenses for the twelve months ended December 31, 2024, were $865,169 thousand, compared to $712,229 thousand in 2023[38] - The company experienced a significant increase in cash flows from financing activities, totaling $288,806 thousand in 2024, compared to $38,084 thousand in 2023[34] Future Guidance - Total revenue guidance for full year 2025 is expected to be between $1.308 billion and $1.318 billion, representing growth of 31% to 32% compared to 2024[13] - ARR as of December 31, 2025 is expected to be between $1.410 billion and $1.420 billion, indicating a 21% growth from December 31, 2024[13] - Adjusted free cash flow for the full year 2025 is expected to be between $300 million and $310 million, normalizing for a one-time tax payment of $70 million[13] Strategic Initiatives - CyberArk announced the acquisition of Zilla Security for an enterprise value of $165 million in cash[8] - The company is focused on integrating the operations of Venafi Holdings, Inc. and Zilla Security Inc. to realize anticipated benefits and improve operational efficiency[27] - CyberArk is adapting its solutions to meet the changing demands of the information security market, including advancements in artificial intelligence (AI)[27]