Latest news with #MattCohen
CNBC
13-05-2025
- Business
- CNBC
Consolidating cybersecurity tools is driving value, says CyberArk CEO Matt Cohen
Matt Cohen, CyberArk CEO, joins 'Closing Bell Overtime' to talk identity security, the state of cybersecurity, and more.
Business Wire
13-05-2025
- Business
- Business Wire
CyberArk Announces Strong First Quarter 2025 Results
NEWTON, Mass. & PETACH TIKVA, Israel--(BUSINESS WIRE)-- CyberArk (NASDAQ: CYBR), the global leader in identity security, today announced strong financial results for the first quarter ended March 31, 2025. 'CyberArk delivered a strong start to 2025, highlighting the power of our unified platform and the durability of our business model,' said Matt Cohen, Chief Executive Officer of CyberArk. 'In Q1, total ARR reached $1.215 billion, driven by robust net new ARR of $46 million. Our consistent execution and ongoing innovation fueled strong top-line growth, while we continue to scale profitably — achieving an 18% non-GAAP operating margin and generating $96 million in free cash flow.' 'Our first quarter performance shows we continue to operate in a resilient demand environment. Identity security is a top priority for organizations, and customers are accelerating their roadmaps while consolidating spend on CyberArk's platform to drive security outcomes and operational efficiency. We are particularly pleased with the success of our machine identity business, with strong contributions from both Venafi and our Secrets Management solutions, showing we are delivering transformational value across all types of identities.' 'We're living in an exponential era: threats are accelerating, and the number of identities and privileges is multiplying across every enterprise. Human privileges have proliferated beyond traditional roles, machine identities now outnumber humans by more than 80-to-1, and AI agents are emerging as a new, rapidly growing identity group. These realities underscore why identity security is not optional — it's foundational. With the acquisition of Zilla Security and continued product innovation, CyberArk remains uniquely positioned as the only platform designed to discover, govern, provision, and enforce security controls across every identity — human, machine, and AI. With our first quarter performance, we are set up to deliver against our growth, profitability and free cash flow targets in 2025.' Financial Summary for the First Quarter Ended March 31, 2025 The financial results for the first quarter of 2025 include the financial contributions from the acquisition of Venafi, which closed on October 1, 2024, and the financial contributions from the acquisition of Zilla Security, which closed on February 12, 2025. The financial results in the comparable period in 2024 did not include any financial contribution from these acquisitions. Total revenue was $317.6 million in the first quarter of 2025, up 43 percent from $221.6 million in the first quarter of 2024. Subscription revenue was $250.6 million in the first quarter of 2025, an increase of 60 percent from $156.2 million in the first quarter of 2024. Maintenance, professional services and other revenue was $67.0 million in the first quarter of 2025, compared to $65.3 million in the first quarter of 2024. GAAP operating loss was $(20.7) million compared to GAAP operating loss of $(6.4) million in the same period last year. Non-GAAP operating income was $57.5 million, or 18 percent margin, compared to non-GAAP operating income of $33.0 million, or 15 percent margin, in the same period last year. GAAP net income was $11.5 million, or $0.22 per diluted share, compared to GAAP net income of $5.5 million, or $0.13 per diluted share, in the same period last year. Non-GAAP net income was $50.3 million, or $0.98 per diluted share, compared to non-GAAP net income of $35.9 million, or $0.75 per diluted share, in the same period last year. Balance Sheet and Net Cash Provided by Operating Activities As of March 31, 2025, cash, cash equivalents, short-term deposits, and marketable securities were $776.1 million. The changes in CyberArk's cash balance reflect approximately $165 million in cash paid for the acquisition of Zilla Security. During the three months ended March 31, 2025, the Company's net cash provided by operating activities was $98.5 million, compared to $68.6 million in the three months ended March 31, 2024. Key Business Highlights Annual Recurring Revenue (ARR) was $1.215 billion, an increase of 50 percent from $811 million at March 31, 2024. The Subscription portion of ARR was $1.028 billion, or 85 percent of total ARR at March 31, 2025. This represents an increase of 65 percent from $621 million, or 77 percent of total ARR, at March 31, 2024. The Maintenance portion of ARR was $188 million at March 31, 2025, compared to $190 million at March 31, 2024. Recurring revenue in the first quarter of 2025 was $298.2 million, an increase of 45 percent from $205.8 million for the first quarter of 2024. Recent Developments CyberArk Announced the Acquisition of Zilla Security, a Leader in modern Identity Governance and Administration (IGA) Solutions. CyberArk Announces Identity Security Solution to Secure AI Agents At Scale. CyberArk Unveils First-Of-Its-Kind Machine Identity Security Solution To Secure Workloads Across Every Environment. CyberArk Bolsters Identity Security Platform with New Capabilities for Human, AI and Machine Identities. CyberArk Strengthens Identity Security for AI Agents with Accenture's AI Refinery. CyberArk Released its 2025 Identity Security Landscape Report, showing the Exponential Threats of Fragmented Identity Security. CyberArk Released its 2025 State of Machine Identity Security Report, showing Rapid Growth of Machine Identities, AI Adoption and Cloud Native Innovations Leave Organizations More Vulnerable to Attacks. CyberArk named an Overall Leader in the KuppingerCole Analysts 2025 Leadership Compass for Enterprise Secrets Management. (2) (2) KuppingerCole Analysts '2025 Leadership Compass for Enterprise Secrets Management,' by Martin Kuppinger, April 28, 2025. Business Outlook Based on information available as of May 13, 2025, CyberArk is issuing guidance for the second quarter and full year 2025 as indicated below. The guidance for the second quarter and full year 2025 includes the expected contribution from the acquisition of Venafi, which closed on October 1, 2024 and the acquisition of Zilla Security, which closed on February 12, 2025. The comparable periods in 2024 did not include financial contributions from the acquisitions of Venafi and Zilla Security. Second Quarter 2025: Total revenue is expected to be in the range of $312.0 million and $318.0 million. Non-GAAP operating income is expected to be in the range of $41.5 million to $46.5 million. Non-GAAP net income per share is expected to be in the range of $0.74 to $0.81 per diluted share. Assumes 51.5 million weighted average diluted shares. Full Year 2025: Total revenue is expected to be in the range of $1.313 billion to $1.323 billion, representing growth of 31 percent to 32 percent compared to the full year 2024. Non-GAAP operating income is expected to be in the range of $221.0 million to $229.0 million. Non-GAAP net income per share is expected to be in the range of $3.73 to $3.85 per diluted share. Assumes 51.6 million weighted average diluted shares. ARR as of December 31, 2025 is expected to be in the range of $1.410 billion to $1.420 billion, representing growth of 21 percent from December 31, 2024. Adjusted free cash flow is expected to be in the range of $300.0 million to $310.0 million for the full year 2025. Adjusted free cash flow guidance normalizes for a one-time tax payment of $42 million and approximately $15 million in capital expenditures related to our new U.S. headquarters, both of which are discussed below. Tax Payment Related to Transfer of Venafi IP CyberArk's forward-looking guidance for adjusted free cash flow for the full year 2025 excludes the estimated impact of an approximately $42 million one-time tax payment related to the capital gain associated with the intercompany migration of intellectual property related to the Venafi acquisition. We expect this to occur in the second quarter of 2025. This estimated tax payment represents our best estimate of the tax payment related to the IP transfer based on current assumptions and information available. The final tax liability will ultimately be dependent on and could be affected by a number of factors including, but not limited to, deductions based on our stock price, income recognition and/or deductibility of deferred items, eligibility to and utilization of tax credits and other tax deductions, and intercompany payments in the fiscal year 2025. Capital Expenditures Related to our New U.S. Headquarters CyberArk's forward-looking guidance for adjusted free cash flow for the full year 2025 excludes the estimated capital expenditures of approximately $15 million related to leasehold improvements to our new U.S. headquarters. New Presentation of Revenue Line Items Beginning in the first quarter of 2025, CyberArk is revising the presentation of its lines of revenue and cost of revenue by combining the revenues and cost of revenues previously reported under the 'Perpetual license' line and 'Maintenance and Professional Services' line under the 'Maintenance, Professional Services and Other' line. The Company believes this presentation of revenue and cost of revenue on the consolidated statement of operations aligns with how management evaluates the business. Historical information by quarter for fiscal years 2023 and 2024, which has been retroactively reclassified to reflect the new lines of revenue and cost of revenue, can be found in the PowerPoint presentation posted to CyberArk's investor relations website. Conference Call Information In conjunction with this announcement, CyberArk will host a conference call on Tuesday, May 13, 2025 at 8:30 a.m. Eastern Time (ET) to discuss the company's first 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 Following the conference call, a replay will be available for one week at +1 (800) 770-2030 (U.S.) or +1 (609) 800-9909 (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 About CyberArk CyberArk (NASDAQ: CYBR) is the global leader in identity security, trusted by organizations around the world to secure human and machine identities in the modern enterprise. CyberArk's AI-powered Identity Security Platform applies intelligent privilege controls to every identity with continuous threat prevention, detection and response across the identity lifecycle. With CyberArk, organizations can reduce operational and security risks by enabling zero trust and least privilege with complete visibility, empowering all users and identities, including workforce, IT, developers and machines, to securely access any resource, located anywhere, from everywhere. Learn more at Copyright © 2025 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 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. Annual Recurring Revenue (ARR) ARR is defined as the annualized value of active SaaS, self-hosted subscriptions and their associated maintenance and support services, and maintenance contracts related to the 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. Net New ARR Net new ARR refers to the difference between ARR as of March 31, 2025 and ARR as of December 31, 2024. Annual Recurring Revenue (ARR), Subscription portion of ARR and Maintenance portion of ARR are performance indicators that provide more visibility into the growth of our recurring business in the upcoming year. This visibility allows us to make informed decisions about our capital allocation and level of investment. Each of these measures should be viewed independently of revenues and total deferred revenue as each is an operating measure and is not intended to be combined with or to replace either of those measures. ARR, Subscription portion of ARR and Maintenance portion of ARR are not forecasts of future revenues and can be impacted by contract start and end dates and renewal rates. Non-GAAP Financial Measures CyberArk believes that the use of non-GAAP gross profit, non-GAAP operating expense, non-GAAP operating income, non-GAAP net income, free cash flow and adjusted 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 income 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, and amortization of intangible assets related to acquisitions. 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 is calculated as GAAP operating loss excluding share-based compensation expense, acquisition related expenses, and amortization of intangible assets related to acquisitions. Non-GAAP net income is calculated as GAAP net income excluding share-based compensation expense, acquisition related expenses, amortization of intangible assets related to acquisitions, amortization of debt discount and issuance costs and tax adjustments. Free cash flow is calculated as net cash provided by operating activities less purchase of property and equipment and other assets, and capitalized internal-use software. Adjusted free cash flow is calculated as free cash flow plus one-time tax payment on the capital gain from the intercompany migration of intellectual property (IP) related to the Venafi acquisition and capital expenditures related to our new U.S. headquarters. 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, amortization of debt discount and issuance cost, tax adjustments, purchase of property and equipment and other assets, capitalized internal-use software, one-time tax payment on the capital gain from the intercompany migration of intellectual property, and capital expenditures related to our new U.S. headquarters 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 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 and adjusted free cash flow are liquidity measures that, after the purchase of property and equipment and other assets, capitalized internal-use software, one-time tax payment on the capital gain from the intercompany migration of intellectual property, and capital expenditures related to our new U.S. headquarters provide 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. Beginning in the first quarter of 2025, we will utilize a fixed projected non-GAAP tax rate when calculating non-GAAP financial measures to provide better consistency across interim reporting periods. In projecting this rate, we exclude the effects of certain non-recurring items, which do not necessarily reflect our normal operations, and the direct income tax effects of other non-GAAP adjustments. The fixed projected non-GAAP tax rate is based on annual financial projections and reflects our evaluation of historical and projected geographic earnings mix within our operating structure, recurring tax credits, existing tax positions in various jurisdictions and current impacts from key legislation. Based on these considerations, we applied a fixed projected non-GAAP tax rate for 2025 of 24%. We will provide updates to this rate on an annual basis, or more frequently, if significant events have a material impact on the rate. The rate could be subject to change for a variety of reasons, such as significant changes in the geographic earnings mix, relevant tax law changes in major jurisdictions where we operate, or significant acquisitions. Guidance for non-GAAP financial measures excludes, as applicable, share-based compensation expense, acquisition related expenses, amortization of intangible assets related to acquisitions, tax adjustments, purchase of property and equipment and other assets, one-time tax payment on the capital gain from the intercompany migration of intellectual property, and capital expenditures related to our new U.S. headquarters. 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, as well as changes in interest rates and foreign exchange rates, which impact other GAAP performance metrics or liquidity measures. 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, but are not limited to: risks related to the Company's acquisitions of Venafi Holdings, Inc. ('Venafi') and Zilla Security Inc. ('Zilla'), including potential impacts on operating results; challenges in retaining and hiring key personnel and maintaining Venafi and Zilla business; risks related to the successful integration of the operations of Venafi or Zilla and the ability to realize anticipated benefits of the combined operations; the rapidly evolving security market, increasingly changing cyber threat landscape and the Company's ability to adapt its solutions to the information security market changes and demands; the Company's ability to acquire new customers and maintain and expand its revenues from existing customers; real or perceived security vulnerabilities and gaps in the Company's solutions or services or the failure of customers or third parties to correctly implement, manage and maintain solutions; the Company's IT network systems, or those of third-party providers, may be compromised by cyberattacks or other security incidents, or by a critical system disruption or failure; intense competition within the information security market; failure to fully execute, integrate, or realize the benefits expected from strategic alliances, partnerships, and acquisitions; the Company's ability to effectively execute its sales and marketing strategies, and expand, train and retain its sales personnel; risks related to the Company's compliance with privacy, data protection and AI laws and regulations; the Company's ability to hire, upskill, retain and motivate qualified personnel; risks related to the integration of AI technology into our operations and solutions; reliance on third-party cloud providers for the Company's operations and software-as-a-service (SaaS) solutions; the Company's ability to maintain successful relationships with channel partners, or if channel partners fail to perform; fluctuation in the Company's quarterly results of operations; risks related to sales made to government entities; economic uncertainties or downturns; the Company's history of incurring net losses, its ability to generate sufficient revenue to achieve and sustain profitability and its ability to generate cash flow from operating activities; regulatory and geopolitical risks associated with the Company's global sales and operations; risks related to intellectual property; fluctuations in currency exchange rates; the ability of the Company's solutions to help customers achieve and maintain compliance with government regulations or industry standards; the Company's ability to protect its proprietary technology and intellectual property rights; risks related to using third-party software, such as open-source software and other intellectual property; risks related to share price volatility or activist shareholders; any failure to retain the Company's 'foreign private issuer' status or the risk that the Company may be classified, for U.S. federal income tax purposes, as a 'passive foreign investment company'; risks related to issuance of ordinary shares or securities convertible into ordinary shares and dilution, leading to a decline in the market value of the Company's ordinary shares; changes in tax laws; the Company's expectation to not pay dividends on its ordinary shares for the foreseeable future; risks related to the Company's incorporation and location in Israel, including wars and other hostilities in the Middle East; 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 disclaims any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. CYBERARK SOFTWARE LTD. Consolidated Balance Sheets U.S. dollars in thousands (Unaudited) December 31, March 31, 2024 2025 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 526,467 $ 413,554 Short-term bank deposits 256,953 235,396 Marketable securities 36,356 73,440 Trade receivables 328,465 229,972 Prepaid expenses and other current assets 45,292 56,862 Total current assets 1,193,533 1,009,224 LONG-TERM ASSETS: Marketable securities 21,345 53,725 Property and equipment, net 19,581 21,334 Intangible assets, net 534,726 555,915 Goodwill 1,317,374 1,444,680 Other long-term assets 258,531 246,087 Deferred tax asset 3,305 7,003 Total long-term assets 2,154,862 2,328,744 TOTAL ASSETS $ 3,348,395 $ 3,337,968 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Trade payables $ 23,671 $ 19,492 Employees and payroll accruals 133,400 84,337 Accrued expenses and other current liabilities 53,486 80,124 Deferred revenues 596,874 600,309 Total current liabilities 807,431 784,262 LONG-TERM LIABILITIES: Deferred revenues 95,190 90,709 Other long-term liabilities 75,970 35,290 Total long-term liabilities 171,160 125,999 TOTAL LIABILITIES 978,591 910,261 SHAREHOLDERS' EQUITY: Ordinary shares of NIS 0.01 par value 130 131 Additional paid-in capital 2,494,158 2,543,671 Accumulated other comprehensive income (loss) 2,173 (901 ) Accumulated deficit (126,657 ) (115,194 ) Total shareholders' equity 2,369,804 2,427,707 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 3,348,395 $ 3,337,968 Expand CYBERARK SOFTWARE LTD. Consolidated Statements of Cash Flows U.S. dollars in thousands (Unaudited) Three Months Ended March 31, 2024 2025 Cash flows from operating activities: Net income $ 5,470 $ 11,463 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 4,021 31,624 Amortization of premium and accretion of discount on marketable securities, net (1,866 ) (26 ) Share-based compensation 37,499 48,202 Deferred income taxes, net (1,052 ) (45,549 ) Decrease in trade receivables 47,156 100,338 Amortization of debt discount and issuance costs 751 - Increase in prepaid expenses, other current and long-term assets and others (5,803 ) (6,917 ) Changes in operating lease right-of-use assets 1,909 2,748 Decrease in trade payables (7,323 ) (4,816 ) Increase (decrease) in short-term and long-term deferred revenues 20,656 (5,943 ) Decrease in employees and payroll accruals (28,012 ) (49,060 ) Increase (decrease) in accrued expenses and other current and long-term liabilities (2,383 ) 19,327 Changes in operating lease liabilities (2,388 ) (2,863 ) Net cash provided by operating activities 68,635 98,528 Cash flows from investing activities: Investment in short and long term deposits (156,382 ) (63,806 ) Proceeds from short and long term deposits 164,800 86,252 Investment in marketable securities (92,343 ) (76,118 ) Proceeds from maturities of marketable securities 102,686 7,104 Purchase of property and equipment and other assets (1,356 ) (1,699 ) Capitalized internal-use software (509 ) (1,307 ) Payments for business acquisitions, net of cash acquired - (164,383 ) Net cash provided by (used in) investing activities 16,896 (213,957 ) Cash flows from financing activities: Payment of withholding tax related to employee stock plans (6,327 ) (6,397 ) Proceeds from exercise of stock options 3,358 907 Proceeds in connection with employees stock purchase plan 4,848 6,119 Net cash provided by financing activities 1,879 629 Increase (decrease) in cash and cash equivalents 87,410 (114,800 ) Effect of exchange rate differences on cash and cash equivalents (2,819 ) 1,887 Cash and cash equivalents at the beginning of the period 355,933 526,467 Cash and cash equivalents at the end of the period $ 440,524 $ 413,554 Expand 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 March 31, 2024 2025 Net cash provided by operating activities $ 68,635 $ 98,528 Less: Purchase of property and equipment and other assets (1,356 ) (1,699 ) Capitalized internal-use software (509 ) (1,307 ) Free cash flow $ 66,770 $ 95,522 GAAP net cash provided by (used in) investing activities 16,896 (213,957 ) GAAP net cash provided by financing activities 1,879 629 Reconciliation of Gross Profit to Non-GAAP Gross Profit: Three Months Ended March 31, 2024 2025 Gross profit $ 179,142 $ 241,340 Plus: Share-based compensation (1) 4,820 5,692 Amortization of share-based compensation capitalized in software development costs (3) 72 94 Amortization of intangible assets (2) 1,704 21,447 Non-GAAP gross profit $ 185,738 $ 268,573 Reconciliation of Operating Expenses to Non-GAAP Operating Expenses: Three Months Ended March 31, 2024 2025 Operating expenses $ 185,520 $ 262,073 Less: Share-based compensation (1) 32,679 42,510 Amortization of intangible assets (2) 125 7,425 Acquisition related expenses - 1,105 Non-GAAP operating expenses $ 152,716 $ 211,033 Reconciliation of Operating loss to Non-GAAP Operating Income: Three Months Ended March 31, 2024 2025 Operating loss $ (6,378 ) $ (20,733 ) Plus: Share-based compensation (1) 37,499 48,202 Amortization of share-based compensation capitalized in software development costs (3) 72 94 Amortization of intangible assets (2) 1,829 28,872 Acquisition related expenses - 1,105 Non-GAAP operating income $ 33,022 $ 57,540 Reconciliation of Net Income to Non-GAAP Net Income: Three Months Ended March 31, 2024 2025 Net income $ 5,470 $ 11,463 Plus: Share-based compensation (1) 37,499 48,202 Amortization of share-based compensation capitalized in software development costs (3) 72 94 Amortization of intangible assets (2) 1,829 28,872 Acquisition related expenses - 1,105 Amortization of debt discount and issuance costs 751 - Tax adjustments (4) (9,752 ) (39,439 ) Non-GAAP net income $ 35,869 $ 50,297 Non-GAAP net income per share Basic $ 0.85 $ 1.01 Diluted $ 0.75 $ 0.98 Weighted average number of shares Basic 42,430,559 49,589,733 (1) Share-based Compensation : Three Months Ended March 31, 2024 2025 Cost of revenues - Subscription $ 1,412 $ 2,006 Cost of revenues - Maintenance, Professional Services and Other 3,408 3,686 Research and development 7,560 11,026 Sales and marketing 14,879 18,593 General and administrative 10,240 12,891 Total share-based compensation $ 37,499 $ 48,202 (2) Amortization of intangible assets : Three Months Ended March 31, 2024 2025 Cost of revenues - Subscription $ 1,704 $ 21,447 Sales and marketing 125 7,425 Total amortization of intangible assets $ 1,829 $ 28,872 (3) Classified as Cost of revenues - Subscription. (4) Beginning in the first quarter of 2025, we will utilize a fixed projected non-GAAP tax rate in calculating non-GAAP financial measures to provide better consistency across interim reporting periods. In projecting this rate, we exclude the effects of certain non-recurring items, which do not necessarily reflect our normal operations, and the direct income tax effects of other non-GAAP adjustments. The fixed projected non-GAAP tax rate is based on annual financial projections and reflects our evaluation of historic and projected geographic earnings mix within our operating structure, recurring tax credits, existing tax positions in various jurisdictions and current impacts from key legislation. Based on these considerations, we applied a fixed projected non-GAAP tax rate for 2025 of 24%. The tax adjustments for the first quarter of 2024 include income tax adjustments related to non-GAAP items. Expand
Channel Post MEA
14-04-2025
- Business
- Channel Post MEA
CyberArk Unveils Identity Security Solution For AI agents
CyberArk has announced the CyberArk Secure AI Agents Solution, which will allow organizations to implement identity-first security for agentic AI using the CyberArk Identity Security Platform. The solution will help organizations mitigate new and unique identity-centric risks as AI agents autonomously communicate with other agents, access sensitive information, escalate privileges, interact with critical infrastructure, and modify their behaviors to accomplish complex tasks. According to Gartner, 'By 2028, 25% of enterprise breaches will be traced back to AI agent abuse, from both external and malicious internal actors.' This new, growing attack surface is tied to the emergence of a new, complex class of digital identities: AI agents that act like humans in their autonomy, but like machines in their ability to scale exponentially. Managing and securing the privileged access, lifecycles, and orchestration of agents goes beyond prompt security to become an identity security challenge that demands a defense-in-depth approach. 'When millions of autonomous, adaptable, and interactive AI agents gain privileged access to resources and services, organizations must not find themselves in a situation where security has lagged innovation. Relying solely on basic identity and access management controls will leave organizations vulnerable to breaches they won't see coming,' said Matt Cohen, CEO at CyberArk, 'Agents must be secured on day one by combining the principles of human identity security with the scalability and automation of machine identity security. With CyberArk, organizations can plan for an identity-first model to secure the future of agentic AI, unlocking innovation while maintaining control, trust and resilience.' The CyberArk Secure AI Agents Solution will leverage the breadth of intelligent privilege controls offered by the CyberArk Identity Security Platform – built to secure the full spectrum of identities across every environment – to treat each agent as a privileged, autonomous identity subject to continuous discovery, oversight, and adaptive control. By offering these capabilities natively, the solution will match the pace of innovation inherent to the agentic workforce. The Secure AI Agents Solution will enable:2 Discovery and context to provide observability into known and shadow agents across SaaS applications, off-the-shelf and custom agents, and agentic infrastructure. to provide observability into known and shadow agents across SaaS applications, off-the-shelf and custom agents, and agentic infrastructure. Privilege control: secure access management , enforcing least privilege and managing credentials – such as secrets and certificates – for agents with privileged access. , enforcing least privilege and managing credentials – such as secrets and certificates – for agents with privileged access. Privilege control: threat detection & response for real-time behavioral monitoring to detect drift and prevent misuse. for real-time behavioral monitoring to detect drift and prevent misuse. Automated lifecycle management to help eliminate stale or excessive access, securely onboarding and offboarding the entire agentic population as needed. to help eliminate stale or excessive access, securely onboarding and offboarding the entire agentic population as needed. Governance to ensure AI Agents operate in compliance with organizational and regulatory requirements. In parallel, CyberArk has launched a new open-source security toolset for developers building AI agent environments. Available on the CyberArk GitHub account, the CyberArk Labs AI Agent Tool Set is designed to assist developers in creating AI agents by providing a view of how they communicate and highlighting potential risks that might require attention. It also includes just-in-time credential provisioning to enhance security and streamline development. Complementing the capabilities of the new solution is CyberArk CORA AI, the platform's embedded AI engine. CORA AI helps secure agentic AI and also uses AI to improve security across the board. It analyzes user and agent behavior, detects emerging threats, recommends automated response actions, and enables administrators to interact with the platform using natural language commands, simplifying operations and accelerating response. 0 0
Yahoo
10-04-2025
- Business
- Yahoo
CyberArk Strengthens Identity Security for AI Agents with Accenture's AI Refinery
Companies team to empower organizations to securely leverage AI agents NEW YORK & NEWTON, Mass., April 10, 2025--(BUSINESS WIRE)--To help organizations implement and secure identity access controls for AI agents, CyberArk (NASDAQ: CYBR), the global leader in identity security, is working with Accenture (NYSE: ACN) to integrate Accenture's AI Refinery™ with its AI-powered Identity Security Platform. This integration will provide clients with robust tools to manage and secure AI agents based on Zero Trust principles, which assume all users and devices require continuous verification and authorization. As AI agents and agentic architectures become widely adopted in production environments, their growth poses new and complex identity-centric cybersecurity challenges. AI agents will need to be authenticated to critical systems, they will need strict access controls and they must be restricted only to performing their intended functions. At scale, enterprises may need to manage the lifecycle, access and associated keys and certificates for millions of machine identities, requiring comprehensive identity-centric visibility, control and safeguards. Accenture AI Refinery is an AI foundation platform that helps companies turn raw AI technology into useful business solutions. The AI Refinery platform is available on all public and private cloud platforms and will integrate seamlessly to accelerate AI across the Software as a Service and Cloud AI ecosystem. The CyberArk Identity Security Platform is built to help secure the full spectrum of identities across every environment. With CyberArk's unified platform, organizations can secure the continued proliferation of every identity type—human, machine or AI. "AI agents have the potential to gain privileged access to systems and processes, so they require the same level of identity security controls as human and machine identities," said Matt Cohen, CEO at CyberArk. "By combining the comprehensive identity security capabilities of the CyberArk Platform with the powerful functionality of Accenture's AI Refinery, we will be enabling our customers to realize the full potential of agentic AI to transform their businesses with the peace of mind that comes with knowing the agent identities are secure." Organizations must prepare for the integration of AI agents into their workforces and marketplaces, ensuring they receive the same level of security considerations and controls as human employees. This preparation is critical considering that according to Accenture's Technology Vision 2025 report, 77% of executives think AI agents will reinvent how their organizations build digital systems. "AI agents operate autonomously, presenting unique identity security challenges. Ensuring secure authentication, credentialing and authorization is crucial for their safe operation both within and outside of organizations," said Damon McDougald, global Cybersecurity Protection lead at Accenture. "Our collaboration with CyberArk by integrating Accenture's AI Refinery into their platform is a significant step forward in helping our clients achieve secure identity access controls and more effective credential management." Delivering Identity Security for Scalable AI Agent AdoptionCyberArk and Accenture are collaborating to help enterprises effectively manage and secure AI agents using Zero Trust principles. The collaboration will focus on combining CyberArk's robust identity security capabilities with Accenture's innovative AI Refinery services, helping organizations build the trust needed to run AI Agents in enterprise production environments. As AI agents become an integral part of day-to-day operations, this collaboration will enable: Visibility and control: Implementing tools to help enterprises have comprehensive oversight of AI agent activities, including quick identification of risks or anomalies. Least privilege and just-in-time access: Enforcing Zero Trust security principles to limit AI agent access only to what is necessary, reducing potential attack surfaces. Secure authentication: Establishing robust mechanisms to verify and authenticate AI agents to enterprise systems and other agents, providing seamless yet secure operations. Protection against manipulation: Safeguarding AI agents from internal and external threats that could expose sensitive data or disrupt operations. Learn more about Accenture and CyberArk. About CyberArkCyberArk (NASDAQ: CYBR) is the global leader in identity security, trusted by organizations around the world to secure human and machine identities in the modern enterprise. CyberArk's AI-powered Identity Security Platform applies intelligent privilege controls to every identity with continuous threat prevention, detection and response across the identity lifecycle. With CyberArk, organizations can reduce operational and security risks by enabling zero trust and least privilege with complete visibility, empowering all users and identities, including workforce, IT, developers and machines, to securely access any resource, located anywhere, from everywhere. Learn more at About AccentureAccenture is a leading global professional services company that helps the world's leading businesses, governments and other organizations build their digital core, optimize their operations, accelerate revenue growth and enhance citizen services—creating tangible value at speed and scale. We are a talent- and innovation-led company with approximately 801,000 people serving clients in more than 120 countries. Technology is at the core of change today, and we are one of the world's leaders in helping drive that change, with strong ecosystem relationships. We combine our strength in technology and leadership in cloud, data and AI with unmatched industry experience, functional expertise and global delivery capability. Our broad range of services, solutions and assets across Strategy & Consulting, Technology, Operations, Industry X and Song, together with our culture of shared success and commitment to creating 360° value, enable us to help our clients reinvent and build trusted, lasting relationships. We measure our success by the 360° value we create for our clients, each other, our shareholders, partners and communities. Visit us at Accenture Security is a leading provider of end-to-end cybersecurity services, including strategy, protection, resilience and industry-specific cyber services. We bring security innovation, coupled with global scale and a worldwide delivery capability through our network of Cyber Fusion Centers. Helped by our team of 25,000+ highly skilled professionals, we enable clients to innovate safely, build cyber resilience and grow with confidence. Visit us at Forward-Looking StatementsExcept for the historical information and discussions contained herein, statements in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "should," "likely," "anticipates," "aspires," "expects," "intends," "plans," "projects," "believes," "estimates," "positioned," "outlook," "goal," "target" and similar expressions are used to identify these forward-looking statements. These statements are not guarantees of future performance nor promises that goals or targets will be met, and involve a number of risks, uncertainties and other factors that are difficult to predict and could cause actual results to differ materially from those expressed or implied. These risks include, without limitation, that the use of AI could harm our business, damage our reputation or give rise to legal or regulatory action, as well as the risks, uncertainties and other factors discussed under the "Risk Factors" heading in Accenture plc's most recent Annual Report on Form 10-K and other documents filed with or furnished to the Securities and Exchange Commission. Statements in this news release speak only as of the date they were made, and Accenture undertakes no duty to update any forward-looking statements made in this news release or to conform such statements to actual results or changes in Accenture's expectations. Copyright © 2025 Accenture. All rights reserved. Accenture and its logo are registered trademarks of Accenture. View source version on Contacts Rachel GardnerCyberArk+1 603 531 7229press@ Srinivas Anantha, CFACyberArk Investor Relations+1 617 558 2132ir@ Alison GeibAccenture+1 703 947 Denise BerardAccenture+1 617 488
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01-04-2025
- Business
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CyberArk to Host CyberArk IMPACT 2025: The Premier Conference for Identity Security
NEWTON, Mass. & PETACH TIKVA, Israel, April 01, 2025--(BUSINESS WIRE)--CyberArk (NASDAQ: CYBR), the global leader in identity security, will host its annual conference, CyberArk IMPACT 2025, in Boston, MA from April 9-11. As the premier conference for identity security, CyberArk IMPACT 2025 will bring together in-person more than 1,500 cybersecurity professionals to explore the latest developments and trends in identity-based threats and the advancements in products and technologies for securing every identity, human and machine, including AI agents and other non-human identities (NHIs). Keynote sessions will address the challenges and essential solutions for ensuring identity security in an increasingly dangerous threat landscape, including the impact of agentic AI. Attendees will also get a firsthand look at the newest capabilities of the CyberArk Identity Security Platform. This groundbreaking update will demonstrate how CyberArk is continually innovating to secure identities in an increasingly connected and chaotic world. Additionally, Jen Easterly, former Director of the Cybersecurity and Infrastructure Security Agency (CISA), will deliver a keynote address on the 'Promise and Perils of Emerging Technology.' Easterly's expert insights will provide critical perspectives on how AI and other emerging technologies are reshaping cybersecurity and the broader landscape of national security. With more than 70 breakout sessions, 20 hands-on labs, technical certifications and other special events, this year's CyberArk IMPACT will empower attendees to leverage comprehensive identity security to strengthen their security postures and drive real business outcomes for their organizations. Topics include strategies for accelerating and extending identity security, scaling machine identity security, securing AI agents, real-world attack simulations, product roadmap sessions and much more. "In today's rapidly evolving threat landscape, cyberattacks continue to accelerate and intensify. Add AI into the mix and the attack surface isn't just expanding – it's skyrocketing, and identities are the top target," said Matt Cohen, Chief Executive Officer, CyberArk. "Identity security must be central to every organization's cybersecurity strategy. It's a critical time for our industry and at CyberArk IMPACT 2025, we'll explore the many challenges facing security teams and most importantly, how to take back control to protect organizations and people." Speakers and session highlights include: Executive Keynotes: Presentations by Matt Cohen, CEO CyberArk and Udi Mokady, Founder and Executive Chairman, CyberArk. Platform Keynote: New product innovations presented by Peretz Regev, CyberArk Chief Product Officer. Industry Keynote: Jen Easterly, Former Director of CISA, will explore the intersection of AI and cybersecurity. Academic Keynote: Professor Retsef Levi, MIT Sloan School of Management, will discuss AI systems and emerging risks. Partner Perspectives: Executives from AWS, Accenture and PwC will share insights on key cybersecurity issues. Research Keynote: Lavi Lazarovitz, CyberArk's Vice President of Cyber Research at CyberArk, will explore the future of AI-based threats. Customer presentations: Security leaders from Aflac, Discover Financial Services, Four Seasons Hotels and many others will share insights and learnings. Hands-on Labs: Sessions which earn Continuing Professional Education (CPE) credits for attendees. CYBR Arena: A showcase of new products and services from CyberArk and its partners, delivered through an immersive event experience. About CyberArk IMPACT CyberArk IMPACT is CyberArk's annual flagship event for customers, partners and its extended community. In addition, in 2025, CyberArk will host a series of CyberArk IMPACT World Tour events in 37 cities around the world. Those who cannot attend in person can register for a virtual pass here. About CyberArk CyberArk (NASDAQ: CYBR) is the global leader in identity security, trusted by organizations around the world to secure human and machine identities in the modern enterprise. CyberArk's AI-powered Identity Security Platform applies intelligent privilege controls to every identity with continuous threat prevention, detection and response across the identity lifecycle. With CyberArk, organizations can reduce operational and security risks by enabling zero trust and least privilege with complete visibility, empowering all users and identities, including workforce, IT, developers and machines, to securely access any resource, located anywhere, from everywhere. Learn more at Copyright © 2025 CyberArk Software. All Rights Reserved. All other brand names, product names, or trademarks belong to their respective holders. View source version on Contacts Investor Relations: Srinivas Anantha, CFACyberArk617-558-2132ir@ Media: Rachel GardnerCyberArk603-531-7229press@
