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Exam Code: CAU201 Practice exam 2023 by Killexams.com team
CAU201 CyberArk Defender

This certification provides the practical knowledge and technical skills to maintain day-to-day operations and support the on-going performance of the CyberArk Privileged Access Security Solution. Preparation Exam

To schedule an exam please use the following link: Schedule Exam

The exam has 65 multiple-choice questions.

You have 90 minutes to complete the exam.

The exam fee is $200 USD.

Passing score: 70%

In preparation for the CyberArk Defender Certification it is highly recommended you review the Level 2: Defender exam Study Guide and take the course CyberArk Privileged Access Security (PAS) Administration



A CyberArk Certified Defender is capable of performing the following tasks:



Describing the system architecture and workflows. Successfully managing passwords (Verification, Change, and Reconciliation). Onboarding accounts using Accounts Discovery and the Password Upload Utility. Configuring sessions to be directed through a PSM. Monitoring recorded sessions. Describing how connections through a PSMP can be established. Modifying Master Policy settings. Producing reports on various system and user activities. Monitoring the CyberArk implementation. Describing and configuring the various logs that are available to troubleshoot problems. Utilizing the knowledge base and other available resources to resolve problems. Performing common administrative tasks.



The CyberArk Defender Certification tests examanees ability to form the following tasks in seven knowledge domains. Only
functions of the Core PAS Solution are included.

Account Onboarding

• Perform a bulk upload of accounts using Password Upload Utility or REST

• Create an Onboarding Rule

• Onboard an account from the pending accounts list

• Setup a Unix Discovery

• Setup a Windows Discovery

• Manually onboard an account

• Onboard SSH Keys with Account Uploader


Application Management

• Describe tools that could be used to monitor CyberArk Application Health

• Use PrivateArk with Proficiency

• Describe how each component communicates with others or devices on network at a high level

• Maintain an appropriate chain of custody for Encryption Keys


Ongoing Maintenance

• Restore DR to normal operation after a failover

• Backup Vault Data with PAReplicate

• Resync a credential file by running createcredfile manually on the command line

• Identify the log files for each component

• Identify and locate component configuration files

• Assemble necessary log files for submission to a case (X-RAY)

• Ensure each component is operational

• Open a support case with appropriate description and severity

• Create or Upvote an ER

• Restore an object to the vault from a PAReplicate Backup


Password Management Configuration

• Configure a request/approval process

• Configure workflow processes to ensure non-repudiation

• Setup automatic verification, management, and reconciliation of passwords or SSH Keys

• Explain the differences between a logon versus a reconcile account

• Configure a logon account

• Configure a reconcile account

• Properly configure the “SearchForUsages” Platform parameter

• Configure workflow processes to reduce the risk of credential theft

• Configure workflow processes to comply with audit/regulatory policies

• Import a Custom Platform from the Marketplace

• Duplicate a Platform

• Manage the password of a supported usage

• Provision a Safe

• Follow a safe naming convention

• Configure Safe Retention

• Configure Management of Workstation Passwords using Loosely Connected Devices

• Add a User/Group to a safe in accordance with access control policies

• Use an OOB Platform to manage a device


Security and Audit

• Configure a Response to Unmanaged Credentials

• Describe the various PTA detections

• Configure Automatic Session Termination

• Configure a Response to Credential Theft

• Search for a recording

• Utilize safe permissions to limit the scope of reports for specific users

• Understand the purpose of EVD

• Grant appropriate permission to allow users to run reports

• Describe all reports and what information they deliver a user

• Review a recording

• Configure email alerts in PTA


Session Management Configuration

• Configure the Master Policy to enable the PSM

• Grant Access to view recordings

• Configure a recording safe

• Make a PSM for SSH Connection using an SSH Client

• Make a PSM Connection using the Connect Button

• Make a PSM Connection using an RDP Client

• Setup text based or video based recordings on PSM

• Configure the PSM to utilize the HTML5 Gateway

• Configure the Master Policy to enable the connect button

• Configure the Master Policy to create PSM recordings

• Configure a split workflow

• Describe connection components and what they do


User Management Configuration

• Be able to describe the difference between safe and vault level permissions without the GUI (web or PA client)

• Add an LDAP User/Group to a Local Group

• Configure additional LDAP hosts

• Validate Proper Function of Pre-Configured Directory Mappings

• Verify an LDAP Configuration is using SSL

• Add a User to a Vault Group

• Configure Safe Level Permissions on a User or Group

• Configure Vault Level Permissions on a User

• Describe the purpose of each Built-In Vault User

• Login as the Master user

• Provision an internally authenticated user in the vault

• Set/Reset a Vault User’s Password


CyberArk Defender
CyberArk CyberArk download
Killexams : CyberArk CyberArk obtain - BingNews https://killexams.com/pass4sure/exam-detail/CAU201 Search results Killexams : CyberArk CyberArk obtain - BingNews https://killexams.com/pass4sure/exam-detail/CAU201 https://killexams.com/exam_list/CyberArk Killexams : CyberArk eyes growth beyond PAM

CyberArk, known for its privileged access management (PAM) capabilities, has been expanding into other aspects of identity security to extend its reach in the broader identity and access management (IAM) market.

Speaking to Computer Weekly during a latest trip to Singapore, Matt Cohen, CEO of CyberArk, said the company’s business has been growing exponentially outside of PAM, in areas such as access and secrets management, endpoint privilege management (EPM) and, more lately, cloud security.

CyberArk takes a unique view around IAM – that is, to bring privileged controls to IAM capabilities such as single sign-on (SSO) and multifactor authentication (MFA). For example, it has capabilities to enable session management, isolation and step-up authentication to make single sign-on more secure, Cohen said.

“Our message across the board is if you bring a security-first mindset to the entire identity security landscape, then ultimately, we can differentiate our platform versus other providers in the market,” he added.

The IAM market is dotted with multiple suppliers, including Okta, Ping Identity, ForgeRock, SailPoint and Microsoft, each with strongholds in certain industries, use cases, market segments and deployment models.

Elaborating on CyberArk’s competitive edge in PAM, Cohen said privileged access was built on the idea that identities need to be secured, not managed.

“If you look at what Okta does, they manage identities from the perspective of making access more seamless. They were never a security company to begin with. They’re coming from a place of streamlining productivity and operations. And now, they’re trying to move into IGA [identity governance and administration] and PAM, but in PAM, they’re coming from operational efficiency into security,” he added.

Amid the identity sprawl, with users having to use multiple accounts and identities managed by different systems, Cohen noted that organisations would want to work with a provider that understands privilege controls and helps them to apply the controls to their workforce. “That has allowed our growth to accelerate.”

IGA specialist SailPoint has been tackling the identity sprawl problem too, but Cohen does not view them as a competitor. “They’re big on IGA and they’re still our largest go-to-market partner in the space. We do more of what we call modern IGA, around light workflows, identity compliance and lifecycle management, and if somebody wants to go big on governance, we’ll point them to SailPoint.”

On Microsoft, Cohen claimed that while the software giant is a formidable player in cyber security, its PAM solutions don’t “go deep enough into core security controls”.

“They recently came out with a very light version of EPM, which is one of our core growth areas. I was happy when that happened because, for us, the biggest problem we have with EPM is awareness, and now Microsoft comes in and makes everybody aware that you should be implementing least privileges on the endpoint.

“But in a bake-off against Microsoft, we can still win in the POC [proof-of-concept] and the technology side for core enterprise security controls,” he said.

CyberArk currently has 8,000 customers worldwide – some 2,000 of them are using its Privilege Cloud while 5,000 customers, particularly those in regulated industries like financial services and government, are using its on-premise PAM offering.

Cohen said on-premise customers could also be using CyberArk’s cloud offerings, “because they understand that even if they want their [PAM] vault on-premise, they’re okay with consuming a service for other solutions”.

These include capabilities to secure cloud-native services through zero-standing privileges, a term coined by Gartner in 2019. “The idea is that the account should be set up with no privileges, but when I need to use the services, I will apply privileges just for that instance,” said Cohen.

“The minute I’m done using that, it goes back to a zero-standing privileged account. So, if someone steals that credential, there are no privileges associated with it when it’s not in use. That’s a much more secure way to manage controls in cloud environments,” he explained.

Even as CyberArk is broadening its IAM capabilities, Cohen said there are no plans to go into the business-to-consumer (B2C) market. “Our solutions are best equipped for the enterprise, and even on the CIAM [customer IAM] side of the of the business, our access technology is very strong in the B2B [business-to-business] space.”

Cohen said the company had seen over 40% growth in annual recurring revenue over the past several years and has been able to drive “expansive revenue growth over the last several quarters as we came out of the subscription transition”.

Wed, 16 Aug 2023 09:20:00 -0500 en text/html https://www.computerweekly.com/news/366548673/CyberArk-eyes-growth-beyond-PAM
Killexams : CyberArk: Consistent Growth Despite Headwinds
Network security background

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CyberArk’s (NASDAQ:CYBR) second quarter results were robust, with the subscription business performing particularly well and the company’s business model transition beginning to mature. While the stock appears to be priced broadly in line with the market, the company’s consistent growth and improving

Fri, 11 Aug 2023 16:06:00 -0500 en text/html https://seekingalpha.com/article/4627335-cyberark-consistent-growth-despite-headwinds
Killexams : CyberArk’s shares jump on guidance-topping earnings results

Shares of CyberArk Software Ltd. jumped more than 12% today after the company posted quarterly results that topped both its guidance and the consensus analyst estimate.

CyberArk makes software that helps enterprises manage employee access to their applications. Using the company’s tools, an organization can provide single sign-on and multifactor authentication features for its workers. CyberArk’s software can also be used to process login requests from other users such as a supplier’s employees. 

The software maker’s other major focus is application secrets management. In software development, secrets are sensitive pieces of data such as encryption keys that help power an application’s security features. CyberArk offers a platform that companies can use to store encryption keys and related files. 

CyberArk’s revenue increased 24% year-over-year, to $175.8 million, in the second quarter ended June 30. The consensus analyst estimate forecasted $173.44 million. CyberArk also managed to top the high end of its own guidance by about $1 million.

“We had a great quarter, beating our guidance across all metrics, which demonstrates the momentum in our business and the durability of demand for our identity security platform,” said Chief Executive Officer Matt Cohen. “We had a strong new business quarter and existing customers expanded across our identity security platform.”

The company’s sales growth was driven by its core subscription software business. Like other enterprise software makers, CyberArk has spent the past few years shifting from selling licenses to a business model that emphasizes recurring revenue. That shift is now largely complete. 

The company’s subscription revenue surged 61% year-over-year in the second quarter, to $106.2 million. Revenue from perpetual licenses, meanwhile, declined by more than 50%. License deals generated $5.1 million in revenue for CyberArk during the second quarter. 

The company’s third major revenue source is its maintenance and professional services group. The group helps customers maintain their CyberArk software deployments and also provides cybersecurity advisory services. The unit’s revenues declined slightly, to $64.6 million, in the second quarter.

Thanks to the fast growth of its core subscription business, CyberArk generated an unexpected profit. The company ended the quarter with an adjusted net income of $1.3 million. That amounts to adjusted earnings of three cents per share, well ahead of the-12 cent loss analysts had anticipated.

For the full fiscal year, it’s forecasting revenue of $726 million to $736 million. Adjusted earnings per share, in turn, are projected to range between 16 and 38 cents per share. Both forecasts are in line with analyst expectations.

CyberArk also provides an ARR, or annualized recurring revenue, projection as part of its full-year guidance. The company raised its projection by $5 million in conjunction with the release of today’s earnings report. It’s now expecting ARR of $735 million to $745 million. 

Photo: Train825/Wikimedia Commons

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Thu, 10 Aug 2023 09:29:00 -0500 en-US text/html https://siliconangle.com/2023/08/10/cyberarks-shares-jump-guidance-topping-earnings-results/
Killexams : Oppenheimer Maintains CyberArk Software (CYBR) Outperform Recommendation No result found, try new keyword!Fintel reports that on August 11, 2023, Oppenheimer maintained coverage of CyberArk Software (NASDAQ:CYBR) with a Outperform recommendation. Analyst Price Forecast Suggests 13.96% Upside As of August ... Fri, 11 Aug 2023 10:23:54 -0500 en-us text/html https://www.msn.com/ Killexams : Why CyberArk Software Stock Popped Today

What happened

Shares of CyberArk Software (CYBR 1.07%) were up 12.9% as of 2:20 p.m ET Thursday, according to data provided by S&P Global Market Intelligence, after the identity-focused cybersecurity company announced strong second-quarter 2023 results.

Quarterly revenue climbed 24% year over year to $175.8 million, translating to adjusted (non-GAAP) net income of $1.3 million, or $0.03 per share. Most analysts were looking for an adjusted net loss of $0.13 per share on slightly lower revenue of $173.5 million.

So what

CyberArk's top-line growth was driven entirely by a 61% increase in subscription revenue to $106.2 million, partially offset by a 1% decline in maintenance and professional services revenue and a 53.6% decline in perpetual license revenue, to $5.1 million. Subscription revenue now comprises 69% of CyberArk's total annual recurring revenue (ARR), which climbed 77% to $451 million exiting the quarter.

"We had a great quarter, beating our guidance across all metrics, which demonstrates the momentum in our business and the durability of demand for our identity security platform," stated CyberArk CEO Matt Cohen. "We had a strong new business quarter and existing customers expanded across our identity security platform as we continue to deliver transformational value to customers, across hybrid and cloud environments."

Now what

As such, for the full-year 2023 CyberArk now expects revenue of $726 million to $736 million, an increase of $2 million from both ends of its previous range and good for growth of 23% to 24%. CyberArk also guided for full-year 2023 adjusted net income per share of $0.44 to $0.63, up from previous guidance for a per-share range of $0.16 to $0.38.

In the end, this was a straightforward beat-and-raise performance from the budding cybersecurity stock, and shares are responding in kind. 

Steve Symington has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Thu, 10 Aug 2023 13:20:00 -0500 Steve Symington en text/html https://www.fool.com/investing/2023/08/10/why-cyberark-software-stock-popped-today/
Killexams : CyberArk Software Analysts Boost Their Forecasts After Strong Q2 Results

CyberArk Software Ltd CYBR reported better-than-expected second-quarter financial results and issued FY23 earnings guidance above estimates.

CyberArk Software reported second-quarter FY23 revenue growth of 24% year-on-year to $175.8 million, beating the consensus of $173.4 million. Non-GAAP EPS of $0.03 beat the consensus loss of $(0.12).

CyberArk sees third-quarter revenue of $181.5 million - $186.5 million versus the consensus of $187.14 million. It sees a non-GAAP EPS of $0.19 - $0.27 versus the consensus of $0.15.

CyberArk expects FY23 revenue of $726 million - $736 million (prior $724 million - $736 million) versus the consensus of $730.46 million. CyberArk raised the non-GAAP EPS outlook to $0.44 - $0.63 (prior $0.16 - $0.38) versus the consensus of $0.29.

CyberArk shares jumped 13% to close at $162.01 on Thursday.

These analysts made changes to their price targets on CyberArk following earnings announcement.

  • Needham raised the price target on CyberArk from $185 to $190. Needham analyst Alex Henderson maintained a Buy rating.
  • Keybanc increased the price target on CyberArk from $194 to $196. Keybanc analyst Michael Turits maintained an Overweight rating on the stock.
  • Rosenblatt increased CyberArk price target from $185 to $195. Rosenblatt analyst Catharine Trebnick maintained a Buy rating.
  • Wolfe Research increased CyberArk price target from $165 to $175. Wolfe Research analyst Joshua Tilton maintained an Outperform rating.
  • Barclays increased CyberArk price target from $178 to $180. Barclays analyst Saket Kalia maintained an Overweight rating.

 

Now Read This: Flowers Foods, Spectrum Brands And 3 Stocks To Watch Heading Into Friday

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Thu, 10 Aug 2023 23:29:00 -0500 text/html https://www.benzinga.com/news/earnings/23/08/33745292/cyberark-software-analysts-boost-their-forecasts-after-strong-q2-results
Killexams : CyberArk (CYBR) Surpasses Q2 Earnings and Revenue Estimates

CyberArk (CYBR) came out with quarterly earnings of $0.03 per share, beating the Zacks Consensus Estimate of a loss of $0.13 per share. This compares to loss of $0.27 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of 123.08%. A quarter ago, it was expected that this maker of software that detects attacks on privileged accounts would post a loss of $0.26 per share when it actually produced a loss of $0.17, delivering a surprise of 34.62%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

CyberArk , which belongs to the Zacks Computers - IT Services industry, posted revenues of $175.84 million for the quarter ended June 2023, surpassing the Zacks Consensus Estimate by 1.52%. This compares to year-ago revenues of $142.33 million. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

CyberArk shares have added about 10.6% since the beginning of the year versus the S&P 500's gain of 16.4%.

What's Next for CyberArk?

While CyberArk has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for CyberArk: favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.15 on $187.75 million in revenues for the coming quarter and $0.28 on $730 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Computers - IT Services is currently in the top 42% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Nutanix (NTNX), has yet to report results for the quarter ended July 2023. The results are expected to be released on August 31.

This enterprise cloud platform services provider is expected to post quarterly earnings of $0.15 per share in its upcoming report, which represents a year-over-year change of +188.2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Nutanix's revenues are expected to be $475.67 million, up 23.4% from the year-ago quarter.

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Thu, 10 Aug 2023 02:02:00 -0500 en-US text/html https://finance.yahoo.com/news/cyberark-cybr-surpasses-q2-earnings-121506324.html
Killexams : CyberArk Announces Strong Second Quarter 2023 Results

Company Exceeds Guidance Across all Guided Metrics
Subscription Portion of Annual Recurring Revenue (ARR) of $451 million; Growth of 77% Year-over-Year
Total ARR of $653 million; Growth of 40% Year-over-Year
Subscription Revenue of $106.2 million in Q2; Growth of 61% Year-Over-Year
Total Revenue of $175.8 million in Q2 Exceeds Guidance; Growth of 24% Year-Over-Year
Company Raises Full Year ARR Guidance to a Range of $743 million to $753 million from $735 million to $745 million

CyberArk (NASDAQ: CYBR), the identity security company, today announced strong financial results for the second quarter ended June 30, 2023.

“We had a great quarter, beating our guidance across all metrics, which demonstrates the momentum in our business and the durability of demand for our identity security platform,” said Matt Cohen, CyberArk's Chief Executive Officer. “We had a strong new business quarter and existing customers expanded across our identity security platform as we continue to deliver transformational value to customers, across hybrid and cloud environments. This drove robust net new ARR, with strong 77 percent growth in Subscription ARR to $451 million and 40 percent growth in total ARR to $653 million. The explosion of new identities, new environments and new attack methods has rapidly expanded the attack surface, creating an acute need for organizations to secure all identities, humans and machines. Today, organizations are turning to CyberArk to address their most pressing cybersecurity challenges. We have a tremendous opportunity in front of us and are executing our strategy. As the clear leader in identity security, we are well positioned to deliver strong long-term growth, profitability and cash flow.”

Financial Summary for the Second Quarter Ended June 30, 2023

  • Subscription revenue was $106.2 million in the second quarter of 2023, an increase of 61 percent from $66.0 million in the second quarter of 2022.
  • Maintenance and professional services revenue was $64.6 million in the second quarter of 2023, compared to $65.3 million in the second quarter of 2022.
  • Perpetual license revenue was $5.1 million in the second quarter of 2023, compared to $11.0 million in the second quarter of 2022.
  • Total revenue was $175.8 million in the second quarter of 2023, up 24 percent from $142.3 million in the second quarter of 2022, outperforming guidance.
  • GAAP operating loss was $(39.9) million and non-GAAP operating loss was $(5.6) million in the second quarter of 2023, outperforming guidance.
  • GAAP net loss was $(25.8) million, or $(0.62) per basic and diluted share, in the second quarter of 2023. Non-GAAP net income was $1.3 million, or $0.03 per diluted share, in the second quarter of 2023, outperforming guidance.

Balance Sheet and Net Cash Provided by Operating Activities

  • As of June 30, 2023, CyberArk had $1.2 billion in cash, cash equivalents, marketable securities, and short-term deposits.
  • During the six months ended June 30, 2023, the Company’s net cash used in operating activities was $(5.0) million.
  • As of June 30, 2023, total deferred revenue was $418.7 million, a 19 percent increase from $352.1 million at June 30, 2022.

Key Business Highlights

  • Annual Recurring Revenue (ARR) was $653 million, an increase of 40 percent from $465 million at June 30, 2022.
    • The Subscription portion of ARR was $451 million, or 69 percent of total ARR at June 30, 2023. This represents an increase of 77 percent from $255 million, or 55 percent of total ARR, at June 30, 2022.
    • The Maintenance portion of ARR was $201 million at June 30, 2023, compared to $210 million at June 30, 2022.
  • Recurring revenue in the second quarter was $157.8 million, an increase of 31 percent from $120.4 million for the second quarter of 2022.

Recent Developments

Business Outlook

Based on information available as of August 10, 2023, CyberArk is issuing guidance for the third quarter and full year 2023 as indicated below.

Third Quarter 2023:

  • Total revenue is expected to be in the range of $181.5 million and $186.5 million, representing growth of 19 percent to 22 percent compared to the third quarter of 2022.
  • Non-GAAP operating income is expected to be in the range of $4.0 million to $8.0 million.
  • Non-GAAP net income per share is expected to be in the range of $0.19 to $0.27 per diluted share.
    • Assumes 46.8 million weighted average diluted shares.

Full Year 2023:

  • Total revenue is expected to be in the range of $726.0 million to $736.0 million, representing growth of 23 percent to 24 percent compared to the full year 2022.
  • Non-GAAP operating income is expected to be in the range of breakeven to $9.0 million.
  • Non-GAAP net income per share is expected to be in the range of $0.44 to $0.63 per diluted share.
    • Assumes 46.4 million weighted average diluted shares.
  • ARR as of December 31, 2023 is expected to be in the range of $743 million to $753 million, representing growth of 30 percent to 32 percent from December 31, 2022.

Conference Call Information

In conjunction with this announcement, CyberArk will host a conference call on Thursday, August 10, 2023 at 8:30 a.m. Eastern Time (ET) to discuss the Company’s second 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 www.cyberark.com.

Following the conference call, a replay will be available for one week at +1 (800) 770-2030 (U.S.) or +1 (647) 362-9199 (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 www.cyberark.com.

About CyberArk

CyberArk (NASDAQ: CYBR) is the global leader in identity security. Centered on intelligent privilege controls, CyberArk provides the most comprehensive security offering for any identity – human or machine – across business applications, distributed workforces, hybrid cloud environments and throughout the DevOps lifecycle. The world’s leading organizations trust CyberArk to help secure their most critical assets. To learn more about CyberArk, visit https://www.cyberark.com, read the CyberArk blogs or follow on LinkedIn, Twitter, Facebook or YouTube.

Copyright © 2023 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

Annual Recurring Revenue (ARR)

  • Annual Recurring Revenue (ARR) is defined as the annualized value of active SaaS, self-hosted subscription and maintenance contracts related to 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.

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.

Non-GAAP Financial Measures

CyberArk believes that the use of non-GAAP gross profit, non-GAAP operating expense, non-GAAP operating loss, non-GAAP net income/(loss) and 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 loss 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 loss 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/(loss) is calculated as GAAP net loss excluding share-based compensation expense, acquisition related expenses, amortization of intangible assets related to acquisitions, amortization of debt discount and issuance costs, gain from investment in privately held companies, and the tax effect of non-GAAP adjustments.
  • Free cash flow is calculated as net cash provided by (used in) operating activities less purchase of property and equipment.

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, non-cash interest expense related to the amortization of debt discount and issuance cost, gain from investment in privately held companies, and the tax effect of the non-GAAP adjustments and purchase of property and equipment 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 non-cash interest expense related to the 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 is a liquidity measure that, after the purchase of property and equipment, provides 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.

Guidance for non-GAAP financial measures excludes, as applicable, share-based compensation expense, acquisition related expenses, amortization of intangible assets related to acquisitions, non-cash interest expense related to the amortization of debt discount and issuance costs and the tax effect of the non-GAAP adjustments. 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. 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 risks relating to: changes to the drivers of the Company’s growth and its ability to adapt its solutions to IT security market demands; fluctuation in the Company’s quarterly results of operations due to sales cycles and multiple pricing and delivery models; the Company’s ability to sell into existing and new customers and industry verticals; an increase in competition within the Privileged Access Management and Identity Security markets; unanticipated product vulnerabilities or cybersecurity breaches of the Company’s, or the Company’s customers’ or partners’ systems; complications or risks in connection with the Company’s subscription model, including uncertainty regarding renewals from its existing customer base, and retaining sufficient subscription or maintenance and support service renewal rates; risks related to compliance with privacy and data protection laws and regulations; risks regarding potential negative economic conditions in the global economy or certain regions, including conditions resulting from financial and credit market fluctuations, rising interest rates, bank failures, inflation, and the potential for regional or global recessions; the Company’s ability to hire, train, retain and motivate qualified personnel; reliance on third-party cloud providers for the Company’s operations and SaaS solutions; the Company’s history of incurring net losses and its ability to achieve profitability in the future; risks related to the Company’s ongoing transition to a new Chief Executive Officer; risks related to sales made to government entities; the Company’s ability to find, complete, fully integrate or achieve the expected benefits of strategic acquisitions; the duration and scope of the COVID-19 pandemic and its resulting effect on the demand for the Company’s solutions and on its expected revenue growth rates and costs; the Company’s ability to expand its sales and marketing efforts and expand its channel partnerships across existing and new geographies; regulatory and geopolitical risks associated with global sales and operations, as well as the location of our principal executive offices, most of our research and development activities and other significant operations in Israel; changes in regulatory requirements or fluctuations in currency exchange rates; the ability of the Company’s products to help customers achieve and maintain compliance with government regulations or industry standards; risks related to intellectual property claims or the Company’s ability to protect its proprietary technology and intellectual property rights; and other factors discussed under the heading “Risk Factors” in the Company’s most latest 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 undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

CYBERARK SOFTWARE LTD.
Consolidated Statements of Operations
U.S. dollars in thousands (except per share data)
(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

2022

2023

2022

2023

Revenues:
Subscription

$

65,999

$

106,167

$

117,949

$

198,887

Perpetual license

11,038

5,090

21,595

8,972

Maintenance and professional services

65,290

64,586

130,345

129,689

Total revenues

142,327

175,843

269,889

337,548

Cost of revenues:
Subscription

11,076

17,633

20,273

33,578

Perpetual license

385

319

1,277

531

Maintenance and professional services

19,258

20,815

37,203

40,630

Total cost of revenues

30,719

38,767

58,753

74,739

Gross profit

111,608

137,076

211,136

262,809

Operating expenses:
Research and development

46,964

53,664

90,407

105,920

Sales and marketing

86,805

101,089

164,238

200,517

General and administrative

19,868

22,221

39,604

42,396

Total operating expenses

153,637

176,974

294,249

348,833

Operating loss

(42,029

)

(39,898

)

(83,113

)

(86,024

)

Financial income, net

1,572

11,882

2,628

21,488

Loss before taxes on income

(40,457

)

(28,016

)

(80,485

)

(64,536

)

Tax benefit

2,829

2,238

5,046

3,730

Net loss

$

(37,628

)

$

(25,778

)

$

(75,439

)

$

(60,806

)

Basic loss per ordinary share

$

(0.93

)

$

(0.62

)

$

(1.87

)

$

(1.47

)

Diluted loss per ordinary share

$

(0.93

)

$

(0.62

)

$

(1.87

)

$

(1.47

)

Shares used in computing net loss per ordinary shares, basic

40,517,587

41,599,364

40,344,422

41,384,895

Shares used in computing net loss per ordinary shares, diluted

40,517,587

41,599,364

40,344,422

41,384,895

CYBERARK SOFTWARE LTD.

Consolidated Balance Sheets

U.S. dollars in thousands

(Unaudited)

December 31,

June 30,

2022

2023

ASSETS
CURRENT ASSETS:
Cash and cash equivalents

$

347,338

$

396,184

Short-term bank deposits

305,843

243,779

Marketable securities

301,101

265,171

Trade receivables

120,817

105,495

Prepaid expenses and other current assets

22,482

27,048

Total current assets

1,097,581

1,037,677

LONG-TERM ASSETS:
Marketable securities

227,748

315,599

Property and equipment, net

23,474

21,457

Intangible assets, net

27,508

23,828

Goodwill

153,241

153,241

Other long-term assets

217,040

194,089

Deferred tax asset

72,809

82,295

Total long-term assets

721,820

790,509

TOTAL ASSETS

$

1,819,401

$

1,828,186

LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Trade payables

$

13,642

$

13,647

Employees and payroll accruals

77,328

64,555

Accrued expenses and other current liabilities

33,584

32,890

Deferred revenues

327,918

349,833

Total current liabilities

452,472

460,925

LONG-TERM LIABILITIES:
Convertible senior notes, net

569,344

570,841

Deferred revenues

80,524

68,821

Other long-term liabilities

38,917

35,706

Total long-term liabilities

688,785

675,368

TOTAL LIABILITIES

1,141,257

1,136,293

SHAREHOLDERS' EQUITY:
Ordinary shares of NIS 0.01 par value

107

110

Additional paid-in capital

660,289

732,777

Accumulated other comprehensive loss

(15,560

)

(13,496

)

Retained earnings (accumulated deficit)

33,308

(27,498

)

Total shareholders' equity

678,144

691,893

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$

1,819,401

$

1,828,186

CYBERARK SOFTWARE LTD.

Consolidated Statements of Cash Flows

U.S. dollars in thousands

(Unaudited)

Six Months Ended

June 30,

2022

2023

Cash flows from operating activities:
Net loss

$

(75,439

)

$

(60,806

)

Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization

7,729

8,787

Amortization of premium and accretion of discount on marketable securities, net

3,319

(1,474

)

Share-based compensation

56,851

63,966

Deferred income taxes, net

(10,358

)

(8,430

)

Decrease in trade receivables

25,375

15,322

Amortization of debt discount and issuance costs

1,488

1,496

Increase in prepaid expenses, other current and long-term assets and others

(14,651

)

(16,328

)

Changes in operating lease right-of-use assets

1,407

3,865

Increase in trade payables

1,382

370

Increase in short-term and long-term deferred revenues

34,823

10,212

Decrease in employees and payroll accruals

(17,110

)

(17,868

)

Increase in accrued expenses and other current and long-term liabilities

1,781

614

Changes in operating lease liabilities

(5,867

)

(4,773

)

Net cash provided by (used in) operating activities

10,730

(5,047

)

Cash flows from investing activities:
Investment in short and long term deposits

(205,703

)

(87,318

)

Proceeds from short and long term deposits

265,010

178,603

Investment in marketable securities and other

(194,309

)

(228,232

)

Proceeds from sales and maturities of marketable securities and other

156,384

181,569

Purchase of property and equipment

(4,160

)

(3,522

)

Payments for business acquisitions, net of cash acquired

(12,987

)

-

Net cash provided by investing activities

4,235

41,100

Cash flows from financing activities:
Proceeds from withholding tax related to employee stock plans

3,316

5,213

Proceeds from exercise of stock options

1,210

777

Proceeds in connection with employees stock purchase plan

8,738

7,695

Net cash provided by financing activities

13,264

13,685

Increase in cash and cash equivalents

28,229

49,738

Effect of exchange rate differences on cash and cash equivalents

(3,552

)

(892

)

Cash and cash equivalents at the beginning of the period

356,850

347,338

Cash and cash equivalents at the end of the period

$

381,527

$

396,184

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 (used in) operating activities to Free cash flow:

Three Months Ended

Six Months Ended

June 30,

June 30,

2022

2023

2022

2023

Net cash provided by (used in) operating activities

$

(14,254

)

$

(10,868

)

$

10,730

$

(5,047

)

Less:
Purchase of property and equipment

(2,147

)

(1,747

)

(4,160

)

(3,522

)

Free cash flow

$

(16,401

)

$

(12,615

)

$

6,570

$

(8,569

)

GAAP net cash provided by investing activities

37,781

35,816

4,235

41,100

GAAP net cash provided by financing activities

12,784

8,468

13,264

13,685

Reconciliation of Gross Profit to Non-GAAP Gross Profit:

Three Months Ended

Six Months Ended

June 30,

June 30,

2022

2023

2022

2023

Gross profit

$

111,608

$

137,076

$

211,136

$

262,809

Plus:
Share-based compensation (1)

3,742

4,379

6,932

8,332

Amortization of share-based compensation capitalized in software development costs (3)

88

103

176

206

Amortization of intangible assets (2)

1,422

1,705

2,700

3,409

Non-GAAP gross profit

$

116,860

$

143,263

$

220,944

$

274,756

Reconciliation of Operating Expenses to Non-GAAP Operating Expenses:

Three Months Ended

Six Months Ended

June 30,

June 30,

2022

2023

2022

2023

Operating expenses

$

153,637

$

176,974

$

294,249

$

348,833

Less:
Share-based compensation (1)

25,831

27,991

49,919

55,634

Amortization of intangible assets (2)

152

134

304

271

Acquisition related expenses

113

-

591

-

Non-GAAP operating expenses

$

127,541

$

148,849

$

243,435

$

292,928

Reconciliation of Operating Loss to Non-GAAP Operating Loss:

Three Months Ended

Six Months Ended

June 30,

June 30,

2022

2023

2022

2023

Operating loss

$

(42,029

)

$

(39,898

)

$

(83,113

)

$

(86,024

)

Plus:
Share-based compensation (1)

29,573

32,370

56,851

63,966

Amortization of share-based compensation capitalized in software development costs (3)

88

103

176

206

Amortization of intangible assets (2)

1,574

1,839

3,004

3,680

Acquisition related expenses

113

-

591

-

Non-GAAP operating loss

$

(10,681

)

$

(5,586

)

$

(22,491

)

$

(18,172

)

Reconciliation of Net Loss to Non-GAAP Net Income (Loss):

Three Months Ended

Six Months Ended

June 30,

June 30,

2022

2023

2022

2023

Net loss

$

(37,628

)

$

(25,778

)

$

(75,439

)

$

(60,806

)

Plus:
Share-based compensation (1)

29,573

32,370

56,851

63,966

Amortization of share-based compensation capitalized in software development costs (3)

88

103

176

206

Amortization of intangible assets (2)

1,574

1,839

3,004

3,680

Acquisition related expenses

113

-

591

-

Amortization of debt discount and issuance costs

744

748

1,488

1,496

Gain from investment in privately held companies

-

(294

)

-

(294

)

Taxes on income related to non-GAAP adjustments

(5,211

)

(7,708

)

(9,322

)

(13,914

)

Non-GAAP net income (loss)

$

(10,747

)

$

1,280

$

(22,651

)

$

(5,666

)

Non-GAAP net income (loss) per share
Basic

$

(0.27

)

$

0.03

$

(0.56

)

$

(0.14

)

Diluted

$

(0.27

)

$

0.03

$

(0.56

)

$

(0.14

)

Weighted average number of shares
Basic

40,517,587

41,599,364

40,344,422

41,384,895

Diluted

40,517,587

46,065,943

40,344,422

41,384,895

(1) Share-based Compensation :
Three Months Ended Six Months Ended
June 30, June 30,

2022

2023

2022

2023

Cost of revenues - Subscription

$

517

$

978

$

893

$

1,810

Cost of revenues - Perpetual license

31

12

61

19

Cost of revenues - Maintenance and Professional services

3,194

3,389

5,978

6,503

Research and development

6,754

7,192

12,804

13,930

Sales and marketing

12,361

13,595

23,761

28,190

General and administrative

6,716

7,204

13,354

13,514

Total share-based compensation

$

29,573

$

32,370

$

56,851

$

63,966

(2) Amortization of intangible assets :
Three Months Ended Six Months Ended
June 30, June 30,

2022

2023

2022

2023

Cost of revenues - Subscription

$

1,425

$

1,705

$

2,633

$

3,409

Cost of revenues - Perpetual license

(3

)

-

67

-

Sales and marketing

152

134

304

271

Total amortization of intangible assets

$

1,574

$

1,839

$

3,004

$

3,680

(3) Classified as Cost of revenues - Subscription.

Wed, 09 Aug 2023 23:41:00 -0500 text/html https://stockhouse.com/news/press-releases/2023/08/10/cyberark-announces-strong-second-quarter-2023-results
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