CyberArk Software Ltd
(NASDAQ:CYBR)

CyberArk Software Ltd., together with its subsidiaries, develops, markets, and sales software-based security solutions and services in the United States, Europe, the Middle East, Africa, and internationally. Its solutions include Privileged Access Manager that offers risk-based credential security a...

Website: http://www.cyberark.com

Founded: 1999

Full Time Employees: 1,380

Sector: Technology

Industry: Software-Infrastructure

Technology Cybersecurity

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At a glance:

Privileged Access Security Leader with Expanding Platform: CyberArk is a core vendor in Privileged Access Management (PAM), increasingly positioning itself as a broader identity security platform spanning human and machine identities, endpoint privilege controls, and session management.
Shift Toward Subscription/SaaS Drives More Recurring Revenue: The company has been transitioning from perpetual licenses to subscription and SaaS offerings, which typically increases revenue visibility and can improve long-term unit economics as scale grows.
Strong Tailwinds from Zero Trust and Compliance Requirements: Demand is supported by zero-trust adoption, rising breach activity, and regulatory/compliance pressure, with privileged credential protection often treated as a high-priority security control.
Competitive Market with Execution Risk in Platform Consolidation: CyberArk competes with large identity and security vendors; maintaining differentiation, integrating product expansions, and sustaining growth amid customer platform consolidation are key execution factors.
Key Watch Items: ARR Growth, SaaS Mix, and Profitability Leverage: Investors commonly track recurring revenue growth (e.g., ARR), cloud/SaaS adoption, net retention, and operating margin/FCF trends to gauge whether the subscription transition is translating into durable, scalable profitability.

Bull Thesis:

Market Leadership in Privileged Access Management (PAM): CyberArk remains the undisputed leader in the critical and growing Privileged Access Management (PAM) market. As cyberattacks increasingly target privileged credentials, demand for robust PAM solutions is intensifying, providing a strong foundational growth driver for CyberArk.
Successful SaaS Transition and Recurring Revenue Growth: The company has made significant progress in its transition to a subscription-based, SaaS-first model. This shift is leading to more predictable recurring revenue streams, higher gross margins over time, and improved customer lifetime value, positioning CyberArk for more sustainable long-term growth.
Expanding Identity Security Platform and TAM: CyberArk is successfully expanding beyond its core PAM offerings into a broader Identity Security platform, encompassing Endpoint Privilege Management, Cloud Privilege Management, Secrets Management, and Identity Governance. This strategy significantly expands its total addressable market (TAM) and creates substantial cross-selling opportunities within its existing customer base.
Strong Cybersecurity Spending Tailwinds: Overall cybersecurity spending continues to be robust, driven by increasing threat landscapes, digital transformation initiatives, and stricter regulatory compliance requirements. Identity security, a foundational element of any robust security posture, directly benefits from these macro tailwinds, ensuring sustained demand for CyberArk's solutions.

Bear Thesis:

Intense Competition and Pricing Pressure: While a market leader, CyberArk faces significant competition from both established players (e.g., Broadcom/Symantec, Microsoft in certain areas) and agile startups (e.g., Delinea, BeyondTrust, Okta in broader identity). This competitive landscape could lead to pricing pressure and potentially impact market share or margin expansion.
Short-term Headwinds from SaaS Transition: The ongoing shift to a SaaS model, while beneficial long-term, can create short-term revenue recognition challenges. This may result in reported revenue growth rates that appear lower than underlying business momentum, potentially impacting investor sentiment and valuation multiples in the near term.
High Valuation and Profitability Concerns: CyberArk often trades at a premium valuation, reflecting its market leadership and growth potential. However, the company has historically struggled with consistent GAAP profitability and free cash flow generation, especially during the SaaS transition. Investors may demand clearer signs of sustained profitability to justify its high multiple.
Execution Risk in Broad Platform Expansion: Expanding from a core PAM product into a comprehensive Identity Security platform requires strong execution in product development, integration, and go-to-market strategy. Failure to seamlessly integrate new offerings or effectively communicate the value of the broader platform could lead to slower adoption or increased sales and marketing expenses.

Main Competitors:

BeyondTrust (Privileged Access Management (PAM) solutions), A direct and strong competitor in the Privileged Access Management (PAM) market, offering a comprehensive suite of solutions for managing and securing privileged credentials, sessions, and endpoints. They compete head-to-head with CyberArk for enterprise PAM deployments and market share.
Delinea (Privileged Access Management (PAM) solutions), Formed from the merger of Thycotic and Centrify, Delinea is another major pure-play competitor in the PAM space. They offer a full range of PAM capabilities, including privileged account discovery, password vaulting, session management, and endpoint privilege management, directly challenging CyberArk for market share and customer acquisition.
Microsoft ($MSFT) (Microsoft Entra ID (with Privileged Identity Management - PIM)), Competes by leveraging its vast enterprise footprint and integrating PAM capabilities (PIM) directly into its cloud identity platform, Microsoft Entra ID. For organizations heavily invested in Microsoft's ecosystem, Entra ID PIM offers a compelling, often lower-cost, alternative or complement to dedicated PAM solutions, particularly for Azure and Microsoft 365 environments.
HashiCorp ($HCP) (HashiCorp Vault), While not a traditional PAM vendor, HashiCorp Vault is a significant competitor in the secrets management space, especially for cloud-native, DevOps, and multi-cloud environments. CyberArk has expanded its offerings (e.g., Conjur, Secrets Manager) to address this market, putting them in direct competition with Vault for managing and securing application secrets, API keys, and other sensitive data in modern IT infrastructures.

Moat:

CyberArk's moat is built on its long-standing leadership, comprehensive Identity Security platform (especially in Privileged Access Management - PAM), and deep integration capabilities within complex enterprise environments. Competition is fierce, coming from pure-play PAM vendors (BeyondTrust, Delinea) who offer similar comprehensive solutions; large platform providers integrating identity security (Microsoft) who leverage their ecosystem advantage; and cloud-native specialists in secrets management (HashiCorp) who cater to modern DevOps workflows. CyberArk differentiates by offering a unified approach to securing all identities (human and machine) across the entire identity lifecycle, with a strong focus on privileged access, catering to the stringent security requirements of large organizations.

Income Statements:

Quarterly

Annual

Unit: USD	2025-11-06	2025-06-04	2025-05-13	2025-02-13	2024-12-31	2024-12-05	2024-06-30	2024-05-02	2024-02-08	2023-12-31	2023-11-02	2023-08-10	2023-05-11	2023-02-09	2022-12-31	2022-11-03	2022-08-10	2022-05-12	2022-02-10	2021-12-31	2021-11-04	2021-08-12	2021-05-06	2021-02-11	2020-12-31	2020-11-10	2020-08-04	2020-05-13	2020-02-12	2019-12-31	2019-11-12	2019-11-06	2019-08-07	2019-05-21	2019-05-15	2019-02-14	2018-12-31	2018-11-08	2018-08-08	2018-05-04	2018-02-15	2017-12-31	2017-11-02	2017-08-11	2017-05-15	2017-02-13	2016-12-31	2016-11-07	2016-08-11	2016-05-06	2016-02-16	2015-12-31	2015-11-06	2015-08-11	2015-05-07	2015-02-13	2014-12-31	2014-11-12

revenues:
subscription	280,125,000						314,653,000	156,239					92,720	88,451	88,451,000	74,249,000
maintenance, professional services and other	62,711,000
total revenues	342,836,000							221,550					161,705	169,151	105,639,750	152,670,000	142,327,000							144,519			106,497					108,115			95,935,000		109,050,000	84,653,000	77,713,000	71,783,000	80,368,000	80,368,000	64,818,000		59,035,000	64,358,000			50,380,000					36,375,000	32,915,000	36,305,000		27,961
yoy													-99.89%																						23.45%		35.69%	5.33%	19.89%		36.14%	24.88%			17.18%									129991.91%
qoq													-4.40%	-99.84%	-30.81%	7.27%																					28.82%	8.93%	8.26%	-10.68%	0.00%	23.99%			-8.27%									10.51%	-9.34%
cost of revenues:
total cost of revenues	80,181,000							42,408					35,972	34,828	22,804,500	32,465,000	30,719,000							22,708			20,390					16,988			13,567,000		13,321,000	12,144,000	11,708,000	11,288,000	11,619,000	11,619,000	10,962,000		9,267,000	8,760,000			6,911,000					6,074,000	4,257,000	4,512,000		3,534
gross profit	262,655,000						358,830,000	179,142					125,733	134,323	134,323,000	120,205,000	111,608,000							121,811			86,107					91,127			82,368,000		95,729,000	72,509,000	66,005,000	60,495,000	68,749,000	68,749,000	53,856,000		49,768,000	55,598,000			43,469,000					30,301,000	28,658,000	31,793,000		24,427
yoy													-99.89%																						24.79%		39.24%	5.47%	22.56%		38.14%	23.65%			14.49%									123947.16%
qoq							200204.79%						-6.40%	-99.90%	11.74%	7.70%																					32.02%	9.85%	9.11%	-12.01%	0.00%	27.65%			-10.49%									5.73%	-9.86%
gross margin %	76.61%	NaN%	NaN%	NaN%	NaN%	NaN%	Infinity%	80.86%	NaN%	NaN%	NaN%	NaN%	77.75%	79.41%	127.15%	78.74%	78.42%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	84.29%	NaN%	NaN%	80.85%	NaN%	NaN%	NaN%	NaN%	84.29%	NaN%	NaN%	85.86%	NaN%	87.78%	85.65%	84.93%	84.27%	85.54%	85.54%	83.09%	NaN%	84.30%	86.39%	NaN%	NaN%	86.28%	NaN%	NaN%	NaN%	NaN%	83.30%	87.07%	87.57%	NaN%	87.36%
operating expenses:
research and development	86,728,000	11,026,000	11,026	10,695	5,200,000	24,258,000	110,470,000	53,914	7,661	29,436,203	7,867	7,192	52,256	51,477	51,477,000	48,437,000	46,964,000	6,050	5,620	142,106,122	5,591	4,937	4,350	26,659			22,873			66,772,000	5,748,000	18,264			16,331,000		15,340,000	14,980,000	13,808,000	12,984,000	12,245,000	12,245,000	11,369,000		9,214,000	9,324,000			8,165,000					4,263,000	4,117,000	4,163,000		3,658
sales and marketing	162,595,000	18,593,000	18,593	18,647	9,513,000	49,277,000	220,303,000	104,964	14,800	58,746,010	15,800	13,595	99,428	90,737	90,737,000	90,298,000	86,805,000	11,400	10,926	274,373,380	10,856	9,266	7,498	61,038			52,347			175,107,000	9,061,000	46,151			41,505,000		40,307,000	37,880,000	35,521,000	34,582,000	36,684,000	36,684,000	32,877,000		27,678,000	26,475,000			21,837,000					15,449,000	13,460,000	14,788,000		11,040
general and administrative	63,415,000	12,891,000	12,891	12,136	2,212,000	32,029,000	58,411,000	26,642	10,574	34,217,333	10,154	7,204	20,175	22,178	22,178,000	20,738,000	19,868,000	6,638	6,949	71,406,715	6,911	6,320	5,054	15,325			15,766			43,816,000	8,492,000	13,972			10,905,000		12,561,000	10,870,000	9,714,000	8,899,000	8,185,000	8,185,000	7,927,000		6,878,000	6,590,000			5,016,000					4,058,000	3,578,000	3,336,000		2,041
total operating expenses	312,738,000						389,184,000	185,520					171,859	164,392	164,392,000	159,473,000	153,637,000							103,022			90,986					78,387			68,741,000		68,208,000	63,730,000	59,043,000	56,465,000	57,114,000	57,114,000	52,173,000		43,770,000	42,389,000			35,018,000					23,770,000	21,155,000	22,287,000		16,739
operating income	-50,083,000						-30,354,000	-6,378					-46,126	-30,069	-30,069,000	-39,268,000	-42,029,000							18,789	-3,195.75	-10,475	-4,879	2,571,000	22,941,000			12,740	12,976,000		13,627,000	27,521,000	27,521,000	8,779,000	6,962,000	4,030,000	11,635,000	11,635,000	1,683,000	1,010,000	5,998,000	13,209,000	13,209,000	8,085,000	8,451,000	6,211,000	10,900			6,531,000	7,503,000	9,506,000		7,688
yoy													-99.89%											-99.27%	-100.01%			20080.53%	76.80%			-99.95%	-52.85%		95.73%	582.90%	136.54%	-24.55%	313.67%	299.01%	93.98%	-11.92%	-87.26%	-87.51%	-29.03%	112.67%	121083.49%			-4.90%	-99.85%			84850.57%
qoq							475817.22%						53.40%	-99.90%	-23.43%	-6.57%								-687.94%	-69.49%	114.70%	-100.19%	-88.79%				-99.90%			-50.49%	0.00%	213.49%	26.10%	72.75%	-65.36%	0.00%	591.33%	66.63%	-83.16%	-54.59%	0.00%	63.38%	-4.33%	36.07%	56881.65%				-12.95%	-21.07%
operating margin %	-14.61%	NaN%	NaN%	NaN%	NaN%	NaN%	-Infinity%	-2.88%	NaN%	NaN%	NaN%	NaN%	-28.52%	-17.78%	-28.46%	-25.72%	-29.53%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	13.00%	-Infinity%	-Infinity%	-4.58%	Infinity%	Infinity%	NaN%	NaN%	11.78%	Infinity%	NaN%	14.20%	Infinity%	25.24%	10.37%	8.96%	5.61%	14.48%	14.48%	2.60%	Infinity%	10.16%	20.52%	Infinity%	Infinity%	16.77%	Infinity%	Infinity%	NaN%	NaN%	17.95%	22.80%	26.18%	NaN%	27.50%
financial income	20,736,000						27,399,000	14,052					9,606	9,163	9,163,000	3,641,000	1,572,000															1,500			1,421,000		868,250	1,407,000	225,000	1,841,000		622,750	816,000		548,000
income before taxes on income	-29,347,000						-2,955,000	7,674					-36,520	-20,906	-29,028,000	-35,627,000	-40,457,000							16,056			-6,352					14,240			15,048,000		28,599,000	10,186,000	7,187,000	5,871,000	13,247,000	13,247,000	2,499,000		6,546,000	13,113,000			8,357,000					6,858,000	5,872,000	8,951,000
taxes on income	-21,091,000																							-4,002																	-9,695,000					-2,874,000			-1,908,000					-1,936,000	-1,706,000	-2,291,000		-1,424
net income	-50,438,000		11,463	-97,118,000			-7,453,000	5,470	8,911,000	-18,853,750	-14,609,000	-25,778,000	-35,028	-22,204	-22,204,000	-32,725,000	-37,628,000	-37,811,000	-16,887,000	-16,887,000	-29,106,000	-22,758,000	-15,195,000	12,054	-4,453	-15,882	-4,316	2,386,000	20,736,000			15,248	13,403,000		13,677,000	24,180,000	24,180,000	8,094,000	8,377,000	6,421,000	3,552,000	3,552,000	1,681,000	3,246,000	7,536,000	10,239,000	10,239,000	7,112,000	6,449,000	4,324,000	9,933	9,933,000	6,773,000	4,922,000	4,166,000	6,660,000		3,312
yoy			-100.15%	-1775566.18%			-48.98%	-100.02%	-25539.65%	84811.50%	-34.21%	-21.23%	-99.91%	-99.94%	31.49%	93.79%	29.28%	66.14%	11.14%	-140194.57%	653526.77%	143194.30%	351962.09%	-99.49%	-100.02%			15547.95%	54.71%			-99.94%	-44.57%		63.27%	276.58%	580.74%	127.87%	398.33%	97.81%	-52.87%	-65.31%	-83.58%	-54.36%	16.86%	136.79%	102980.64%	-28.40%	-4.78%	-12.15%	-99.76%	49.14%		148511.11%
qoq			-100.01%				-136352.29%	-99.94%	-147.26%	29.06%	-43.33%	73492.55%	57.76%	-99.90%	-32.15%	-13.03%	-0.48%	123.91%	0.00%	-41.98%	27.89%	49.77%	-126157.74%	-370.69%	-71.96%	267.98%	-100.18%	-88.49%				-99.89%			-43.44%	0.00%	198.74%	-3.38%	30.46%	80.77%	0.00%	111.30%	-48.21%	-56.93%	-26.40%	0.00%	43.97%	10.28%	49.14%	43431.66%	-99.90%	46.66%	37.61%	18.15%	-37.45%
net income margin %	-14.71%	NaN%	Infinity%	-Infinity%	NaN%	NaN%	-Infinity%	2.47%	Infinity%	-Infinity%	-Infinity%	-Infinity%	-21.66%	-13.13%	-21.02%	-21.44%	-26.44%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	8.34%	-Infinity%	-Infinity%	-4.05%	Infinity%	Infinity%	NaN%	NaN%	14.10%	Infinity%	NaN%	14.26%	Infinity%	22.17%	9.56%	10.78%	8.95%	4.42%	4.42%	2.59%	Infinity%	12.77%	15.91%	Infinity%	Infinity%	12.80%	Infinity%	Infinity%	Infinity%	Infinity%	13.53%	12.66%	18.34%	NaN%	11.85%
basic income per ordinary share	-1,000
diluted income per ordinary share	-1,000
shares used in computing net income
per ordinary shares, basic	50,427,652,000							42,430,559						40,923,682	10,122,227,250	40,834,640,000	40,517,587,000							38,913,923			38,565,175					37,805,442					8,995,294,250	36,485,724,000		35,454,102,000	35,182,870,000	8,675,832,000	34,979,389,000		34,395,084,000	34,158,580,000			33,547,975,000					31,530,242,000	30,563,888,000
per ordinary shares, diluted	50,427,652,000							47,737,396						40,923,682	10,122,227,250	40,834,640,000	40,517,587,000							39,938,780			38,565,175					39,057,545					9,223,614,250	37,475,729,000		36,464,230,000	36,296,609,000	9,038,378,750	36,184,151,000		36,113,216,000	36,003,803,000			35,787,574,000					35,001,262,000	34,786,581,000
cost of revenues		5,692,000			1,755,000	15,857,000																								592,500	2,370,000																								63,000			23
total share-based compensation expense		48,202,000			18,680,000	121,421,000																								6,417,750	25,671,000																								465,000			686
balance as of december 31, 2024		86,370
exercised		58,410			2,150	67,610
forfeited and expired		143,730			31,910	127,640
balance as of march 31, 2025		88,990
exercisable as of march 31, 2025		87,680
plus:
share-based compensation			48,202	47,345,000					37,535,000	25,641,500	38,601,000	32,370,000						27,278,000	26,662,000	17,193,500	26,342,000	23,135,000	19,297,000		13,343.75	20,316		16,308,000	18,031,000				11,896,000			10,294,000								6,242,000			3,110,750	5,091,000		3,373,000	3,336	928,250	2,105,000
amortization of share-based compensation capitalized in software development costs			94	94,000					84,000	77,250	103,000	103,000						88,000	70,000	43,000	65,000	60,000	47,000
amortization of intangible assets			28,872	27,288,000					1,841,000	1,380,750	1,843,000	1,839,000						1,430,000	1,454,000	1,089,000	1,452,000	1,452,000	1,452,000
acquisition related expenses			1,105	15,375,000														478,000							1,131.5	270		1,610,000																248,000							160	129,250	429,000
amortization of debt discount and issuance costs				403,000					752,000	561,000	748,000	748,000						744,000	4,505,000	3,321,250	4,467,000	4,428,000	4,390,000		3,207.75	4,314		4,240,000	1,966,000
tax adjustments			-39,439
non-gaap net income			50,297	40,444,000					38,062,000	3,485,500	19,609,000	1,280,000						-11,904,000	11,759,000	412,750	-2,431,000	250,000	3,832,000		12,111.75	12,175		19,581,000	37,831,000				23,041,000			33,441,000								7,743,000			7,643,750	11,761,000		8,318,000	13,809	5,363,250	9,215,000
non-gaap net income per share
basic			1.01	0.84					0.9	0.085	0.47	0.03						-0.3	0.29	0.01	-0.06	0.01	0.1		0.315	0.31		0.51	1				0.61			0.91								0.22			0.228	0.35		0.25	0.42	0.17	0.28
diluted			0.98	0.8					0.81	0.075	0.42	0.03						-0.3	0.28	0.01	-0.06	0.01	0.09		0.308	0.31		0.5	0.97				0.59			0.89								0.21			0.213	0.33		0.23	0.39	0.153	0.26
weighted-average number of shares
basic			49,589,733	48,116,242					42,069,678		41,899,371	41,599,364						40,169,333	39,982,230		39,848,343	39,565,087	39,175,052			38,797,347		38,222,867	37,957,899				37,522,410			36,570,609								34,729,119				33,886,461		33,366,332	33,243,103		33,122,067
diluted			51,203,805	50,853,179					47,107,294		46,641,527	46,065,943						40,169,333	41,622,091		39,848,343	40,456,168	40,491,989			39,634,165		39,309,750	39,148,849				38,993,170			37,607,625								36,194,471				35,983,790		35,707,977	35,727,077		35,761,096
cost of revenues - subscription			2,006	1,794					1,219	739.75	1,149	978						376	309	136	216	74	254
cost of revenues - maintenance, professional services and other			3,686
total share-based compensation			48,202	47,345					37,535	25,641.5	38,601	32,370						27,278	26,662	17,193.5	26,342	23,135	19,297
change in fair value of derivative assets				-2,027,000
gain from investment in privately held companies									-2,213,000			-294,000
impairment of capitalized software development costs										516,750	2,067,000
taxes on income related to non-gaap adjustments and other tax adjustments				49,084,000
cost of revenues - perpetual license				5					15	7.5	11	12						30	66	42	54	60	54
cost of revenues - maintenance and professional services				4,068					3,266	2,530.75	3,620	3,389						2,784	2,792	1,819.75	2,714	2,478	2,087
amortization of debt issuance costs					564,250	2,257,000
total interest expense recognized					564,250	2,257,000
balance as of december 31, 2023						78,850
balance as of september 30, 2024					20,947.5	83,790
exercisable as of september 30, 2024					20,055	80,220
perpetual license							6,588,000	2,951					3,882	14,579	14,579,000	13,790,000	11,038,000
maintenance and professional services							125,015,000	62,360					65,103	66,121	66,121,000	64,631,000	65,290,000							63,698			58,633					50,247			44,651,000		42,281,000	38,523,000	36,592,000	33,289,000	31,816,000	31,816,000	29,000,000		26,083,000	23,564,000			20,415,000					14,097,000	12,937,000	11,854,000		11,341
tax benefit							-4,498,000	-2,204					1,492	-1,298	-1,298,000	2,902,000	2,829,000										2,036					1,008			-1,371,000		-88,000	-2,092,000	1,190,000	550,000		320,250	-818,000		990,000
basic net income per ordinary share							-170	0.13						-0.54										0.31			-0.11					0.4			370		660	220	230	180	100	100	50		220	300			190					160	140	220		0.24
diluted net income per ordinary share							-170	0.13						-0.54										0.3			-0.11					0.39			360		650	220	230	180	100	100	50		210	280			180					140	120	190		0.11
other comprehensive income
change in net unrealized gains on marketable securities:
net unrealized gains arising during the period							2,574,000
change in unrealized net gain on cash flow hedges:
net unrealized losses arising during the period							-1,503,000
net gains reclassified into net income							-662,000
other comprehensive income, net of taxes of 281 and 56 for the six months ended june 30, 2023, and 2024, respectively							409,000
total comprehensive loss							-7,044,000
taxes on income related to non-gaap adjustments									-8,848,000	-5,702,000	-8,894,000	-7,708,000						-4,111,000	-4,045,000	-4,659,250	-5,651,000	-6,827,000	-6,159,000		-3,989	-4,878			-4,014,000							-2,528,000								-3,274,000			-788,750	-1,576,000		-513,000	-455	-124,000	-382,000
share-based compensation :
unrealized gain from investment in privately held companies										-136,000	-250,000
basic loss per ordinary share													-0.85		-667.5	-800	-930
diluted loss per ordinary share													-0.85		-667.5	-800	-930
shares used in computing net income per ordinary shares, basic													41,168,043																						37,046,472,000				36,001,580,000																	30,466,847,000		8,658,491
shares used in computing net income per ordinary shares, diluted													41,168,043																						38,440,461,000				36,923,520,000																	34,673,940,000		29,488,511
subcription																	65,999,000
facility exit and transition costs																				190,000		760,000
intra-entity ip transfer tax effect																									1,259	5,036										-475,000
license																								80,821			47,864					57,868			51,284,000		66,769,000	46,130,000	41,121,000	38,494,000	48,552,000	48,552,000	35,818,000		32,952,000	40,794,000			29,965,000					22,278,000	19,978,000	24,451,000		16,620
financial income (expenses)																								-2,733			-1,473														1,612,000					-96,000			-94,000					327,000
amortization of intangible assets - cost of revenues																									1,457.25	2,654		936,000	968,000				1,444,000			1,445,000								992,000			266,250	355,000		355,000	340	4,750	19,000
amortization of intangible assets - sales and marketing																									119.5	205		113,000	144,000				144,000			198,000								289,000			225,750	301,000		301,000	17
facility exit and transitions costs																									35	140										327,000
non-gaap operating income																									12,891.25	13,110		21,538,000	42,084,000				26,460,000			39,785,000								8,781,000			9,648,000	14,310,000		10,718,000	15,231
reconciliation of net income to non-gaap net income:
share-based compensation expense:
operating lease rou assets																															23,830,000
operating lease liabilities, current																															5,854,000
operating lease liabilities, long-term																															19,687,000
weighted-average remaining lease term																															5,000
weighted-average discount rate																															1,700
2019																														365,750	1,463,000			18,213,000
2020																														1,477,750	5,911,000			27,425,000
2021																														1,383,250	5,533,000			15,988,000
2022																														1,350,250	5,401,000			3,294,000
2023																														1,167,500	4,670,000
thereafter																														922,000	3,688,000
total undiscounted lease payments																														6,666,500	26,666,000
less: imputed interest																														-281,250	-1,125,000
present value of lease liabilities																														6,385,250	25,541,000
●
subject																																		2,014,000
general administration of the compensation policy
retirement and termination benefits
arrangements upon change of control
annual bonus plan
special bonus
permission to exceed the annual or special bonus limits
immaterial change in executive’s terms of office
equity grants
recoupment
year of vesting
percentage																																		50,000
amount																																		38,500,000
estimated value																																		3,000
audit fees
audit-related fees
tax fees
all other fees
total
8.
9.
reconciliation of operating income to non-gaap operating income:
amortization of intangible assets – cost of revenues
amortization of intangible assets – research and development
amortization of intangible assets – sales and marketing
warrant adjustment
intra-entity intellectual property transfer tax effect
change in the us federal tax rate
amortization of intangible assets - research and development																																															358,500	478,000		478,000	478	67,750	271,000
public offering related expenses
secondary offering related expenses																																																				392,000
financial expenses																																																							-1,631,000	-555,000		-2,952

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-11-06	2025-09-30	2025-07-30	2025-06-04	2025-05-13	2025-03-31	2025-02-13	2024-12-31	2024-12-05	2024-11-13	2024-09-30	2024-08-08	2024-06-30	2024-05-02	2024-03-31	2024-02-08	2023-12-31	2023-11-02	2023-09-30	2023-08-10	2023-06-30	2023-05-11	2023-03-31	2023-02-09	2022-12-31	2022-11-03	2022-09-30	2022-08-10	2022-06-30	2022-05-12	2022-03-31	2022-02-10	2021-12-31	2021-11-04	2021-09-30	2021-08-12	2021-06-30	2021-05-06	2021-03-31	2021-02-11	2020-12-31	2020-11-10	2020-09-30	2020-08-04	2020-06-30	2020-05-13	2020-03-31	2020-02-12	2019-12-31	2019-11-12	2019-11-06	2019-09-30	2019-08-07	2019-06-30	2019-05-15	2019-03-31	2019-02-14	2018-12-31	2018-11-08	2018-09-30	2018-08-08	2018-06-30	2018-05-04	2018-03-31	2018-02-15	2017-12-31	2017-11-02	2017-09-30	2017-08-11	2017-06-30	2017-05-15	2017-03-31	2017-02-13	2016-12-31	2016-11-07	2016-09-30	2016-08-11	2016-06-30	2016-05-06	2016-03-31	2016-02-16	2015-12-31	2015-11-06	2015-09-30	2015-08-11	2015-06-30	2015-05-07	2015-03-31	2015-02-13	2014-12-31	2014-11-12	2014-09-30	2013-12-31	2012-12-31

assets
current assets:
cash and cash equivalents	523,559,000	523,559,000	886,384,000	413,554,000	413,554,000	413,554,000	526,467,000	526,467,000	1,238,472,000	1,238,472,000	1,238,472,000	641,014,000	641,014,000	440,524,000	440,524,000	355,933,000	355,933,000	372,196,000	372,196,000	396,184,000	396,184,000	363,663,000	363,663,000	347,338,000	347,338,000	324,533,000	324,533,000	381,527,000	381,527,000	347,852,000	347,852,000	356,850,000	356,850,000	435,809,000	435,809,000	426,835,000	426,835,000	515,178,000	515,178,000	499,992,000	499,992,000	507,079,000	507,079,000	551,706,000	551,706,000	812,667,000	812,667,000	792,363,000	792,363,000	346,092,000	346,092,000	346,092,000	341,738,000	341,738	301,902,000	301,902,000	260,636,000	260,636,000	205,247,000	205,247,000	205,193,000	205,193,000	182,042,000	182,042,000	161,261,000	161,261,000	145,365,000	145,365,000	142,457,000	142,457,000	175,960,000	175,960,000	172,957,000	172,957,000	145,192,000	145,192,000	178,420,000	178,420,000	238,202,000	238,202,000	234,539,000	234,539,000	238,930,000	238,930,000	270,119,000	270,119,000	162,946,000	162,946,000	124,184,000	124,184,000	167,846	167,846
short-term bank deposits	418,359,000	418,359,000	351,562,000	235,396,000	235,396,000	235,396,000	256,953,000	256,953,000	199,128,000	199,128,000	199,128,000	231,037,000	231,037,000	344,757,000	344,757,000	354,472,000	354,472,000	284,461,000	284,461,000	243,779,000	243,779,000	281,602,000	281,602,000	305,843,000	305,843,000	323,618,000	323,618,000	307,645,000	307,645,000	353,063,000	353,063,000	369,645,000	369,645,000	329,932,000	329,932,000	321,045,000	321,045,000	251,362,000	251,362,000	256,143,000	256,143,000	224,929,000	224,929,000	247,965,000	247,965,000	152,631,000	152,631,000	140,067,000	140,067,000	107,926,000	107,926,000	107,926,000	97,566,000	97,566	109,285,000	109,285,000	106,399,000	106,399,000	127,695,000	127,695,000	100,818,000	100,818,000	98,511,000	98,511,000	107,647,000	107,647,000	100,968,000	100,968,000	96,567,000	96,567,000	91,741,000	91,741,000	86,829,000	86,829,000	92,138,000	92,138,000	45,850,000	45,850,000	8,680,000	8,680,000	3,713,000	3,713,000	10,725,000	10,725,000	13,699,000	13,699,000	28,722,000	28,722,000	52,997,000	52,997,000	1,163	1,163
marketable securities	525,697,000	525,697,000	300,829,000	73,440,000	73,440,000	73,440,000	36,356,000	36,356,000	37,707,000	37,707,000	37,707,000	528,086,000	528,086,000	293,194,000	293,194,000	283,016,000	283,016,000	249,539,000	249,539,000	265,171,000	265,171,000	268,487,000	268,487,000	301,101,000	301,101,000	301,341,000	301,341,000	251,478,000	251,478,000	259,748,000	259,748,000	199,933,000	199,933,000	212,588,000	212,588,000	228,234,000	228,234,000	211,803,000	211,803,000	196,856,000	196,856,000	152,188,000	152,188,000	120,050,000	120,050,000	124,517,000	124,517,000	132,412,000	132,412,000	52,573,000	52,573,000	52,573,000	59,279,000	59,279	55,161,000	55,161,000	59,948,000	59,948,000	53,532,000	53,532,000	51,025,000	51,025,000	44,807,000	44,807,000	34,025,000	34,025,000	27,968,000	27,968,000	21,804,000	21,804,000	19,356,000	19,356,000	15,246,000	15,246,000	15,148,000	15,148,000	12,386,000	12,386,000	597,000	597,000
trade receivables	275,715,000	275,715,000	247,893,000	229,972,000	229,972,000	229,972,000	328,465,000	328,465,000	166,157,000	166,157,000	166,157,000	156,049,000	156,049,000	139,316,000	139,316,000	186,472,000	186,472,000	118,983,000	118,983,000	105,495,000	105,495,000	87,529,000	87,529,000	120,817,000	120,817,000	89,346,000	89,346,000	87,836,000	87,836,000	76,372,000	76,372,000	113,211,000	113,211,000	81,447,000	81,447,000	75,957,000	75,957,000	66,716,000	66,716,000	93,128,000	93,128,000	63,334,000	63,334,000	60,136,000	60,136,000	51,970,000	51,970,000	72,953,000	72,953,000	55,506,000	55,506,000	55,506,000	45,275,000	45,275	34,517,000	34,517,000	48,431,000	48,431,000	29,707,000	29,707,000	32,959,000	32,959,000	38,388,000	38,388,000	45,315,000	45,315,000	33,906,000	33,906,000	30,272,000	30,272,000	34,890,000	34,890,000	33,330,000	33,330,000	26,731,000	26,731,000	20,804,000	20,804,000	15,819,000	15,819,000	20,410,000	20,410,000	23,182,000	23,182,000	14,298,000	14,298,000	14,912,000	14,912,000	19,263,000	19,263,000	11,033	11,033
prepaid expenses and other current assets	88,793,000	88,793,000	85,490,000	56,862,000	56,862,000	56,862,000	45,292,000	45,292,000	300,766,000	300,766,000	300,766,000	34,983,000	34,983,000	33,931,000	33,931,000	31,550,000	31,550,000	26,308,000	26,308,000	27,048,000	27,048,000	23,668,000	23,668,000	22,482,000	22,482,000	22,807,000	22,807,000	25,197,000	25,197,000	25,072,000	25,072,000	22,225,000	22,225,000	21,306,000	21,306,000	22,362,000	22,362,000	20,987,000	20,987,000	15,312,000	15,312,000	14,753,000	14,753,000	13,762,000	13,762,000	11,943,000	11,943,000	8,406,000	8,406,000	9,777,000	9,777,000	9,777,000	10,876,000	10,876	9,800,000	9,800,000	6,349,000	6,349,000	8,413,000	8,413,000	10,344,000	10,344,000	11,216,000	11,216,000	7,407,000	7,407,000	5,847,000	5,847,000	7,206,000	7,206,000	6,876,000	6,876,000	4,804,000	4,804,000	4,421,000	4,421,000	5,196,000	5,196,000	4,770,000	4,770,000	3,293,000	3,293,000	3,784,000	3,784,000	3,600,000	3,600,000	2,998,000	2,998,000	2,078,000	2,078,000	1,760	1,760
total current assets	1,832,123,000	1,832,123,000	1,872,158,000	1,009,224,000	1,009,224,000	1,009,224,000	1,193,533,000	1,193,533,000	1,942,230,000	1,942,230,000	1,942,230,000	1,591,169,000	1,591,169,000	1,251,722,000	1,251,722,000	1,211,443,000	1,211,443,000	1,051,487,000	1,051,487,000	1,037,677,000	1,037,677,000	1,024,949,000	1,024,949,000	1,097,581,000	1,097,581,000	1,061,645,000	1,061,645,000	1,053,683,000	1,053,683,000	1,062,107,000	1,062,107,000	1,061,864,000	1,061,864,000	1,081,082,000	1,081,082,000	1,074,433,000	1,074,433,000	1,066,046,000	1,066,046,000	1,061,431,000	1,061,431,000	962,283,000	962,283,000	993,619,000	993,619,000	1,153,728,000	1,153,728,000	1,146,201,000	1,146,201,000	571,874,000	571,874,000	571,874,000	554,734,000	554,734	510,665,000	510,665,000	481,763,000	481,763,000	424,594,000	424,594,000	400,339,000	400,339,000	374,964,000	374,964,000	355,655,000	355,655,000	314,054,000	314,054,000	298,306,000	298,306,000	328,823,000	328,823,000	313,166,000	313,166,000	283,630,000	283,630,000	262,656,000	262,656,000	268,068,000	268,068,000	261,955,000	261,955,000	281,669,000	281,669,000	305,905,000	305,905,000	213,434,000	213,434,000	202,310,000	202,310,000	184,825	184,825
long-term assets:
long-term deposits	53,000,000	53,000,000
property and equipment	31,296,000	31,296,000	24,804,000	21,334,000	21,334,000	21,334,000	19,581,000	19,581,000	17,470,000	17,470,000	17,470,000	16,477,000	16,477,000	16,132,000	16,132,000	16,494,000	16,494,000	17,814,000	17,814,000	21,457,000	21,457,000	22,656,000	22,656,000	23,474,000	23,474,000	22,347,000	22,347,000	19,557,000	19,557,000	19,409,000	19,409,000	20,183,000	20,183,000	19,874,000	19,874,000	19,646,000	19,646,000	18,816,000	18,816,000	18,537,000	18,537,000	17,804,000	17,804,000	16,865,000	16,865,000	16,427,000	16,427,000	16,472,000	16,472,000	16,874,000	16,874,000	16,874,000	15,790,000	15,790	15,325,000	15,325,000	15,120,000	15,120,000	13,596,000	13,596,000	11,858,000	11,858,000	10,587,000	10,587,000	9,230,000	9,230,000	8,076,000	8,076,000	5,266,000	5,266,000	4,869,000	4,869,000	4,760,000	4,760,000	4,444,000	4,444,000	4,366,000	4,366,000	4,023,000	4,023,000	3,584,000	3,584,000	3,291,000	3,291,000	2,543,000	2,543,000	2,321,000	2,321,000	2,148,000	2,148,000	1,916	1,916
intangible assets	495,792,000	495,792,000	525,678,000	555,915,000	555,915,000	555,915,000	534,726,000	534,726,000	14,974,000	14,974,000	14,974,000	16,665,000	16,665,000	18,427,000	18,427,000	20,202,000	20,202,000	22,050,000	22,050,000	23,828,000	23,828,000	25,667,000	25,667,000	27,508,000	27,508,000	29,366,000	29,366,000	21,578,000	21,578,000	23,153,000	23,153,000	17,866,000	17,866,000	19,320,000	19,320,000	20,772,000	20,772,000	22,224,000	22,224,000	23,676,000	23,676,000	26,259,000	26,259,000	29,102,000	29,102,000	8,110,000	8,110,000	9,143,000	9,143,000	10,239,000	10,239,000	10,239,000	11,556,000	11,556	13,144,000	13,144,000	14,732,000	14,732,000	16,374,000	16,374,000	18,017,000	18,017,000	19,660,000	19,660,000	15,664,000	15,664,000	17,108,000	17,108,000	18,552,000	18,552,000	12,946,000	12,946,000	14,035,000	14,035,000	15,156,000	15,156,000	16,290,000	16,290,000	17,424,000	17,424,000	18,558,000	18,558,000
goodwill	1,444,680,000	1,444,680,000	1,444,680,000	1,444,680,000	1,444,680,000	1,444,680,000	1,317,374,000	1,317,374,000	153,241,000	153,241,000	153,241,000	153,241,000	153,241,000	153,241,000	153,241,000	153,241,000	153,241,000	153,241,000	153,241,000	153,241,000	153,241,000	153,241,000	153,241,000	153,241,000	153,241,000	154,506,000	154,506,000	135,526,000	135,526,000	135,526,000	135,526,000	123,717,000	123,717,000	123,717,000	123,717,000	123,717,000	123,717,000	123,717,000	123,717,000	123,717,000	123,717,000	123,717,000	123,717,000	133,280,000	133,280,000	82,400,000	82,400,000	82,400,000	82,400,000	82,400,000	82,400,000	82,400,000	82,400,000	82,400	82,400,000	82,400,000	82,400,000	82,400,000	83,156,000	83,156,000	83,157,000	83,157,000	83,195,000	83,195,000	69,217,000	69,217,000	69,355,000	69,355,000	69,355,000	69,355,000	35,145,000	35,145,000	35,145,000	35,145,000	35,145,000	35,145,000	35,145,000	35,145,000	35,145,000	35,145,000	35,145,000	35,145,000
other long-term assets	297,915,000	297,915,000	280,565,000	246,087,000	246,087,000	246,087,000	258,531,000	258,531,000	232,207,000	232,207,000	232,207,000	227,140,000	227,140,000	218,313,000	218,313,000	214,816,000	214,816,000	213,243,000	213,243,000	194,089,000	194,089,000	191,093,000	191,093,000	217,040,000	217,040,000	168,083,000	168,083,000	160,805,000	160,805,000	149,623,000	149,623,000	121,743,000	121,743,000	105,520,000	105,520,000	107,547,000	107,547,000	96,669,000	96,669,000	99,992,000	99,992,000	86,604,000	86,604,000	87,098,000	87,098,000	78,970,000	78,970,000	72,091,000	72,091,000	69,865,000	69,865,000	69,865,000	60,690,000	60,690	59,341,000	59,341,000	31,863,000		21,379,000	21,379,000	18,451,000	18,451,000	13,809,000	13,809,000
deferred tax asset	3,556,000	3,556,000	2,944,000		7,003,000	7,003,000	3,305,000			82,382,000	82,382,000	85,021,000		84,466,000	84,466,000	81,464,000		85,005,000	85,005,000	82,295,000	82,295,000	78,722,000	78,722,000	72,809,000		72,458,000	72,458,000	67,270,000	67,270,000	59,481,000	59,481,000	47,167,000		46,695,000	46,695,000	43,450,000	43,450,000	39,169,000	39,169,000	32,809,000		33,558,000	33,558,000	27,555,000	27,555,000	24,863,000	24,863,000	24,451,000			28,128,000	28,128,000	25,046,000	25,046	24,618,000	24,618,000	23,481,000		23,076,000	23,076,000	21,383,000	21,383,000	17,956,000	17,956,000	19,343,000		27,957,000	27,957,000	28,154,000	28,154,000	26,554,000	26,554,000	10,389,000		11,262,000	11,262,000	10,030,000	10,030,000	10,431,000	10,431,000		9,998,000
total long-term assets	2,769,884,000	2,769,884,000	2,659,039,000	2,328,744,000	2,328,744,000	2,328,744,000	2,154,862,000	2,154,862,000	519,585,000	519,585,000	519,585,000	529,415,000	529,415,000	795,183,000	795,183,000	810,765,000	810,765,000	813,379,000	813,379,000	790,509,000	790,509,000	781,066,000	781,066,000	721,820,000	721,820,000	683,823,000	683,823,000	673,770,000	673,770,000	649,506,000	649,506,000	631,338,000	631,338,000	544,574,000	544,574,000	530,755,000	530,755,000	506,129,000	506,129,000	500,921,000	500,921,000	525,120,000	525,120,000	484,034,000	484,034,000	276,476,000	276,476,000	258,965,000	258,965,000	256,042,000	256,042,000	256,042,000	234,810,000	234,810	238,204,000	238,204,000	191,857,000	191,857,000	184,794,000	184,794,000	176,901,000	176,901,000	167,645,000	167,645,000	146,921,000	146,921,000	150,361,000	150,361,000	149,272,000	149,272,000	108,493,000	108,493,000	89,865,000	89,865,000	93,382,000	93,382,000	93,413,000	93,413,000	79,291,000	79,291,000	72,469,000	72,469,000	34,372,000	34,372,000	9,467,000	9,467,000	8,626,000	8,626,000	8,242,000	8,242,000	8,205	8,205
total assets	4,602,007,000	4,602,007,000	4,531,197,000	3,337,968,000	3,337,968,000	3,337,968,000	3,348,395,000	3,348,395,000	2,461,815,000	2,461,815,000	2,461,815,000	2,120,584,000	2,120,584,000	2,046,905,000	2,046,905,000	2,022,208,000	2,022,208,000	1,864,866,000	1,864,866,000	1,828,186,000	1,828,186,000	1,806,015,000	1,806,015,000	1,819,401,000	1,819,401,000	1,745,468,000	1,745,468,000	1,727,453,000	1,727,453,000	1,711,613,000	1,711,613,000	1,693,202,000	1,693,202,000	1,625,656,000	1,625,656,000	1,605,188,000	1,605,188,000	1,572,175,000	1,572,175,000	1,562,352,000	1,562,352,000	1,487,403,000	1,487,403,000	1,477,653,000	1,477,653,000	1,430,204,000	1,430,204,000	1,405,166,000	1,405,166,000	827,916,000	827,916,000	827,916,000	789,544,000	789,544	748,869,000	748,869,000	673,620,000	673,620,000	609,388,000	609,388,000	577,240,000	577,240,000	542,609,000	542,609,000	502,576,000	502,576,000	464,415,000	464,415,000	447,578,000	447,578,000	437,316,000	437,316,000	403,031,000	403,031,000	377,012,000	377,012,000	356,069,000	356,069,000	347,359,000	347,359,000	334,424,000	334,424,000	316,041,000	316,041,000	315,372,000	315,372,000	222,060,000	222,060,000	210,552,000	210,552,000	193,030	193,030	89,632,000	64,379,000
liabilities and shareholders' equity
current liabilities:
trade payables	22,784,000	22,784,000	24,723,000	19,492,000	19,492,000	19,492,000	23,671,000	23,671,000	5,346,000	5,346,000	5,346,000	6,189,000	6,189,000	3,524,000	3,524,000	10,971,000	10,971,000	12,624,000	12,624,000	13,647,000	13,647,000	13,472,000	13,472,000	13,642,000	13,642,000	10,416,000	10,416,000	11,302,000	11,302,000	11,232,000	11,232,000	10,076,000	10,076,000	9,692,000	9,692,000	8,382,000	8,382,000	5,928,000	5,928,000	8,250,000	8,250,000	5,726,000	5,726,000	8,946,000	8,946,000	6,172,000	6,172,000	5,675,000	5,675,000	3,967,000	3,967,000	3,967,000	4,615,000	4,615	4,893,000	4,893,000	4,924,000	4,924,000	2,841,000	2,841,000	4,359,000	4,359,000	5,033,000	5,033,000	1,960,000	1,960,000	3,464,000	3,464,000	1,762,000	1,762,000	2,945,000	2,945,000	2,699,000	2,699,000	2,112,000	2,112,000	2,215,000	2,215,000	2,222,000	2,222,000	2,530,000	2,530,000	1,720,000	1,720,000	1,892,000	1,892,000	2,481,000	2,481,000	1,835,000	1,835,000	1,944	1,944
employees and payroll accruals	123,105,000	123,105,000	115,443,000	84,337,000	84,337,000	84,337,000	133,400,000	133,400,000	86,779,000	86,779,000	86,779,000	75,909,000	75,909,000	66,075,000	66,075,000	95,538,000	95,538,000	70,750,000	70,750,000	64,555,000	64,555,000	53,730,000	53,730,000	77,328,000	77,328,000	63,314,000	63,314,000	62,776,000	62,776,000	53,028,000	53,028,000	75,442,000	75,442,000	60,155,000	60,155,000	51,717,000	51,717,000	41,205,000	41,205,000	52,169,000	52,169,000	37,941,000	37,941,000	34,933,000	34,933,000	26,384,000	26,384,000	41,345,000	41,345,000	29,339,000	29,339,000	29,339,000	30,577,000	30,577	25,898,000	25,898,000	32,853,000	32,853,000	25,861,000	25,861,000	26,298,000	26,298,000	22,954,000	22,954,000	25,253,000	25,253,000	19,308,000	19,308,000	16,929,000	16,929,000	16,538,000	16,538,000	18,470,000	18,470,000	15,936,000	15,936,000	13,699,000	13,699,000	12,350,000	12,350,000	15,860,000	15,860,000	11,141,000	11,141,000	26,465,000	26,465,000	7,139,000	7,139,000	10,322,000	10,322,000	6,170	6,170
accrued expenses and other current liabilities	94,458,000	94,458,000	71,000,000	80,124,000	80,124,000	80,124,000	53,486,000	53,486,000	47,524,000	47,524,000	47,524,000	37,979,000	37,979,000	33,902,000	33,902,000	36,562,000	36,562,000	33,022,000	33,022,000	32,890,000	32,890,000	37,163,000	37,163,000	33,584,000	33,584,000	35,964,000	35,964,000	36,377,000	36,377,000	26,913,000	26,913,000	23,576,000	23,576,000	22,726,000	22,726,000	21,748,000	21,748,000	22,847,000	22,847,000	24,915,000	24,915,000	21,936,000	21,936,000	20,272,000	20,272,000	21,672,000	21,672,000	27,132,000	27,132,000	22,325,000	22,325,000	22,325,000	20,157,000	20,157	17,798,000	17,798,000	13,271,000	13,271,000	7,623,000	7,623,000	6,474,000	6,474,000	6,635,000	6,635,000	10,209,000	10,209,000	6,725,000	6,725,000	5,627,000	5,627,000	7,658,000	7,658,000	6,876,000	6,876,000	6,552,000	6,552,000	5,851,000	5,851,000	7,888,000	7,888,000	9,366,000	9,366,000	9,129,000	9,129,000	7,061,000	7,061,000	6,140,000	6,140,000	6,942,000	6,942,000	5,596	5,596
deferred revenues	615,492,000	615,492,000	598,016,000	600,309,000	600,309,000	600,309,000	596,874,000	596,874,000	447,757,000	447,757,000	447,757,000	442,223,000	442,223,000	424,969,000	424,969,000	409,219,000	409,219,000	357,282,000	357,282,000	349,833,000	349,833,000	339,223,000	339,223,000	327,918,000	327,918,000	288,847,000	288,847,000	264,614,000	264,614,000	254,613,000	254,613,000	230,908,000		202,233,000	202,233,000	190,470,000	190,470,000	175,819,000	175,819,000	161,679,000		149,732,000	149,732,000	145,526,000	145,526,000	130,400,000	130,400,000	118,519,000	118,519,000	109,677,000	109,677,000	109,677,000	106,921,000	106,921	104,506,000	104,506,000	92,375,000	92,375,000	84,176,000	84,176,000	81,660,000	81,660,000	74,728,000	74,728,000	66,986,000	66,986,000	57,726,000	57,726,000	57,258,000	57,258,000	55,978,000	55,978,000	50,111,000	50,111,000	45,875,000	45,875,000	42,812,000	42,812,000	43,746,000	43,746,000	37,104,000	37,104,000	40,692,000	40,692,000	39,586,000	39,586,000	28,818,000	28,818,000	22,594,000	22,594,000	19,130	19,130
total current liabilities	855,839,000	855,839,000	809,182,000	784,262,000	784,262,000	784,262,000	807,431,000	807,431,000	1,122,784,000	1,122,784,000	1,122,784,000	1,136,124,000	1,136,124,000	1,101,562,000	1,101,562,000	1,124,630,000	1,124,630,000	473,678,000	473,678,000	460,925,000	460,925,000	443,588,000	443,588,000	452,472,000	452,472,000	398,541,000	398,541,000	375,069,000	375,069,000	345,786,000	345,786,000	340,002,000	340,002,000	294,806,000	294,806,000	272,317,000	272,317,000	245,799,000	245,799,000	247,013,000	247,013,000	215,335,000	215,335,000	209,677,000	209,677,000	184,628,000	184,628,000	192,671,000	192,671,000	165,308,000	165,308,000	165,308,000	162,270,000	162,270	153,095,000	153,095,000	143,423,000	143,423,000	120,501,000	120,501,000	118,791,000	118,791,000	109,350,000	109,350,000	104,408,000	104,408,000	87,223,000	87,223,000	81,576,000	81,576,000	83,119,000	83,119,000	78,156,000	78,156,000	70,475,000	70,475,000	64,577,000	64,577,000	66,206,000	66,206,000	64,860,000	64,860,000	62,933,000	62,933,000	75,004,000	75,004,000	44,578,000	44,578,000	41,693,000	41,693,000	32,840	32,840
long-term liabilities:
convertible senior notes	1,220,870,000	1,220,870,000	1,219,236,000						535,378,000	535,378,000	535,378,000	573,824,000	573,824,000	573,092,000	573,092,000	572,340,000	572,340,000	571,590,000	571,590,000	570,841,000	570,841,000	570,092,000	570,092,000	569,344,000	569,344,000	568,597,000	568,597,000	567,852,000	567,852,000	567,108,000	567,108,000	520,094,000	520,094,000	515,588,000	515,588,000	511,121,000	511,121,000	506,692,000	506,692,000	502,302,000	502,302,000	497,950,000	497,950,000	493,636,000	493,636,000	489,359,000	489,359,000	485,119,000	485,119,000
other long-term liabilities	108,841,000	108,841,000	98,268,000	35,290,000	35,290,000	35,290,000	75,970,000	75,970,000	30,452,000	30,452,000	30,452,000	31,601,000	31,601,000	32,073,000	32,073,000	33,839,000	33,839,000	33,376,000	33,376,000	35,706,000	35,706,000	37,213,000	37,213,000	38,917,000	38,917,000	34,773,000	34,773,000	36,868,000	36,868,000	38,442,000	38,442,000	20,227,000	20,227,000	21,256,000	21,256,000	22,137,000	22,137,000	23,022,000	23,022,000	24,920,000	24,920,000	25,972,000	25,972,000	30,007,000	30,007,000	28,646,000	28,646,000	31,408,000	31,408,000	26,696,000	26,696,000	26,696,000	25,718,000	25,718	27,113,000	27,113,000	6,268,000	6,268,000	1,218,000	1,218,000	1,400,000	1,400,000	1,500,000	1,500,000	242,000	242,000	249,000	249,000	222,000	222,000	226,000	226,000	229,000	229,000	232,000	232,000	236,000	236,000	236,000	236,000	188,000	188,000	237,000	237,000	238,000	238,000	217,000	217,000	184,000	184,000
total long-term liabilities	1,410,831,000	1,410,831,000	1,403,277,000	125,999,000	125,999,000	125,999,000	171,160,000	171,160,000	108,504,000	108,504,000	108,504,000	107,488,000	107,488,000	108,392,000	108,392,000	105,252,000	105,252,000	670,739,000	670,739,000	675,368,000	675,368,000	683,907,000	683,907,000	688,785,000	688,785,000	690,612,000	690,612,000	692,204,000	692,204,000	696,145,000	696,145,000	626,688,000	626,688,000	615,472,000	615,472,000	617,808,000	617,808,000	613,577,000	613,577,000	608,051,000	608,051,000	601,838,000	601,838,000	603,855,000	603,855,000	598,258,000	598,258,000	588,363,000	588,363,000	94,294,000	94,294,000	94,294,000	92,986,000	92,986	93,678,000	93,678,000	63,427,000	63,427,000	58,748,000	58,748,000	54,746,000	54,746,000	51,797,000	51,797,000	44,203,000	44,203,000	33,929,000	33,929,000	31,306,000	31,306,000	30,345,000	30,345,000	28,659,000	28,659,000	26,624,000	26,624,000	25,436,000	25,436,000	25,793,000	25,793,000	22,894,000	22,894,000	21,357,000	21,357,000	18,401,000	18,401,000	17,042,000	17,042,000	13,851,000	13,851,000	12,822	12,822
total liabilities	2,266,670,000	2,266,670,000	2,212,459,000	910,261,000	910,261,000	910,261,000	978,591,000	978,591,000	1,231,288,000	1,231,288,000	1,231,288,000	1,243,612,000	1,243,612,000	1,209,954,000	1,209,954,000	1,229,882,000	1,229,882,000	1,144,417,000	1,144,417,000	1,136,293,000	1,136,293,000	1,127,495,000	1,127,495,000	1,141,257,000	1,141,257,000	1,089,153,000	1,089,153,000	1,067,273,000	1,067,273,000	1,041,931,000	1,041,931,000	966,690,000	966,690,000	910,278,000	910,278,000	890,125,000	890,125,000	859,376,000	859,376,000	855,064,000	855,064,000	817,173,000	817,173,000	813,532,000	813,532,000	782,886,000	782,886,000	781,034,000	781,034,000	259,602,000	259,602,000	259,602,000	255,256,000	255,256	246,773,000	246,773,000	206,850,000	206,850,000	179,249,000	179,249,000	173,537,000	173,537,000	161,147,000	161,147,000	148,611,000	148,611,000	121,152,000	121,152,000	112,882,000	112,882,000	113,464,000	113,464,000	106,815,000	106,815,000	97,099,000	97,099,000	90,013,000	90,013,000	91,999,000	91,999,000	87,754,000	87,754,000	84,290,000	84,290,000	93,405,000	93,405,000	61,620,000	61,620,000		55,544,000
shareholders' equity:
ordinary shares of nis 0.01 par value	133,000	133,000	133,000		131,000	131,000	130,000			114,000	114,000	113,000		112,000	112,000	111,000		110,000	110,000	110,000	110,000	108,000	108,000	107,000		107,000	107,000	107,000	107,000	105,000	105,000	104,000		104,000	104,000			102,000	102,000	101,000		101,000	101,000	101,000	101,000	99,000	99,000	99,000			98,000	98,000	98,000	98	96,000	96,000	95,000		95,000	95,000	94,000	94,000	92,000	92,000	91,000		90,000	90,000	90,000	90,000	89,000	89,000	88,000		88,000	88,000	86,000	86,000	86,000	86,000	86,000		86,000	86,000	85,000	85,000	80,000	80,000	79,000		74	74
additional paid-in capital	2,569,922,000	2,569,922,000	2,504,068,000	2,543,671,000	2,543,671,000	2,543,671,000	2,494,158,000	2,494,158,000	1,259,840,000	1,259,840,000	1,259,840,000	918,948,000	918,948,000	868,231,000	868,231,000	827,260,000	827,260,000	774,882,000	774,882,000	732,777,000	732,777,000	692,597,000	692,597,000	660,289,000	660,289,000	621,316,000	621,316,000	588,669,000	588,669,000	551,299,000	551,299,000	588,937,000	588,937,000	559,851,000	559,851,000			505,463,000	505,463,000	481,992,000	481,992,000	457,766,000	457,766,000	435,769,000	435,769,000	418,036,000	418,036,000	396,437,000	396,437,000	361,180,000	361,180,000	361,180,000	342,618,000	342,618	324,457,000	324,457,000	303,900,000	303,900,000	291,087,000	291,087,000	273,323,000	273,323,000	258,763,000	258,763,000	249,874,000	249,874,000	242,704,000	242,704,000	235,351,000	235,351,000	227,887,000	227,887,000	221,609,000	221,609,000	215,115,000	215,115,000	208,507,000	208,507,000	203,969,000	203,969,000	200,107,000	200,107,000	195,153,000	195,153,000	191,735,000	191,735,000	135,713,000	135,713,000	134,486,000	134,486,000	133,359	133,359
accumulated other comprehensive income	21,742,000	21,742,000	20,559,000	-901,000	-901,000	-901,000	2,173,000	2,173,000	112,000	112,000	112,000							-12,436,000	-12,436,000					-15,560,000	-15,560,000	-20,621,000	-20,621,000	-16,834,000	-16,834,000	-7,588,000	-7,588,000	397,000	397,000	1,462,000	1,462,000			1,409,000	1,409,000	4,175,000	4,175,000	3,393,000	3,393,000	3,403,000	3,403,000	19,000	19,000	818,000	818,000	994,000	994,000	994,000	778,000	778	152,000	152,000	-939,000	-939,000	-577,000	-577,000	-1,154,000	-1,154,000	-456,000	-456,000	107,000	107,000	128,000	128,000	595,000	595,000	462,000	462,000			255,000	255,000	120,000	120,000	411,000	411,000					283,000	283,000			-333,000	-333,000	-181	-181
accumulated deficit	-256,460,000	-256,460,000	-206,022,000	-115,194,000	-115,194,000	-115,194,000	-126,657,000	-126,657,000	-29,539,000	-29,539,000	-29,539,000	-40,649,000	-40,649,000	-27,726,000	-27,726,000
total shareholders' equity	2,335,337,000	2,335,337,000	2,318,738,000	2,427,707,000	2,427,707,000	2,427,707,000	2,369,804,000	2,369,804,000	1,230,527,000	1,230,527,000	1,230,527,000	876,972,000	876,972,000	836,951,000	836,951,000	792,326,000	792,326,000	720,449,000	720,449,000	691,893,000	691,893,000	678,520,000	678,520,000	678,144,000	678,144,000	656,315,000	656,315,000	660,180,000	660,180,000	669,682,000	669,682,000	726,512,000	726,512,000	715,378,000	715,378,000			712,799,000	712,799,000	707,288,000		670,230,000	670,230,000	664,121,000	664,121,000	647,318,000	647,318,000	624,132,000			568,314,000	568,314,000	534,288,000	534,288	502,096,000	502,096,000	466,770,000	466,770,000	430,139,000	430,139,000	403,703,000	403,703,000	381,462,000	381,462,000	353,965,000	353,965,000	343,263,000	343,263,000	334,696,000	334,696,000	323,852,000	323,852,000	296,216,000	296,216,000	279,913,000	279,913,000	266,056,000	266,056,000	255,360,000	255,360,000	246,670,000	246,670,000	231,751,000	231,751,000	221,967,000	221,967,000	160,440,000	160,440,000					45,846,000
total liabilities and shareholders’ equity	4,602,007,000	4,602,007,000	4,531,197,000		3,337,968,000	3,337,968,000	3,348,395,000			2,461,815,000	2,461,815,000	2,120,584,000		2,046,905,000	2,046,905,000	2,022,208,000		1,864,866,000	1,864,866,000	1,828,186,000	1,828,186,000	1,806,015,000	1,806,015,000	1,819,401,000		1,745,468,000	1,745,468,000	1,727,453,000	1,727,453,000	1,711,613,000	1,711,613,000	1,693,202,000		1,625,656,000	1,625,656,000			1,572,175,000	1,572,175,000	1,562,352,000	1,562,352,000	1,487,403,000	1,487,403,000	1,477,653,000	1,477,653,000	1,430,204,000	1,430,204,000	1,405,166,000	1,405,166,000	827,916,000	827,916,000	827,916,000	789,544,000	789,544	748,869,000	748,869,000	673,620,000		609,388,000	609,388,000	577,240,000	577,240,000	542,609,000	542,609,000	502,576,000				447,578,000	447,578,000			403,031,000		377,012,000	377,012,000	356,069,000	356,069,000	347,359,000	347,359,000	334,424,000		316,041,000	316,041,000	315,372,000	315,372,000	222,060,000	222,060,000	210,552,000	210,552,000	193,030	193,030
long-term bank deposits			84,657,000
deferred tax assets				7,003,000				3,305,000	82,382,000				85,021,000				81,464,000								72,809,000								47,167,000								32,809,000								24,451,000	28,128,000								23,481,000								19,343,000								10,389,000
commitments and contingencies
ordinary shares of nis 0.01 par value – authorized: 250,000,000 shares at december 31, 2024 and march 31, 2025; issued and outstanding: 49,426,711 shares at december 31, 2024 and 49,786,181 shares at march 31, 2025				131,000
total liabilities and shareholders' equity				3,337,968,000				3,348,395,000	2,461,815,000				2,120,584,000				2,022,208,000								1,819,401,000								1,693,202,000																									673,620,000								502,576,000	464,415,000	464,415,000			437,316,000	437,316,000		403,031,000								334,424,000
ordinary shares of nis 0.01 par value – authorized: 250,000,000 shares at december 31, 2023 and 2024; issued and outstanding: 42,255,336 shares and 49,426,711 shares at december 31, 2023 and 2024, respectively								130,000
ordinary shares of nis 0.01 par value – authorized: 250,000,000 shares at september 30, 2024 and december 31, 2023; issued and outstanding: 43,573,526 shares at september 30, 2024 and 42,255,336 shares at december 31, 2023, respectively									114,000
accumulated other comprehensive loss												-1,440,000	-1,440,000	-3,666,000	-3,666,000	-1,849,000	-1,849,000			-13,496,000	-13,496,000	-12,465,000	-12,465,000																																																		-175,000	-175,000							-93,000	-93,000	-125,000	-125,000			-295,000	-295,000
ordinary shares of nis 0.01 par value – authorized: 250,000,000 shares at june 30, 2024 and december 31, 2023; issued and outstanding: 43,229,302 shares at june 30, 2024 and 42,255,336 shares at december 31, 2023, respectively													113,000
retained earnings																-33,196,000	-33,196,000	-42,107,000	-42,107,000	-27,498,000	-27,498,000	-1,720,000	-1,720,000	33,308,000	33,308,000	55,513,000	55,513,000	88,238,000	88,238,000	125,866,000	125,866,000	137,074,000	137,074,000	153,961,000	153,961,000			205,825,000	205,825,000	221,020,000	221,020,000	208,970,000	208,970,000	224,848,000	224,848,000	229,164,000	229,164,000	226,778,000	226,778,000	206,042,000	206,042,000	206,042,000	190,794,000	190,794	177,391,000	177,391,000	163,714,000	163,714,000	139,534,000	139,534,000	131,440,000	131,440,000	123,063,000	123,063,000	103,893,000	103,893,000	100,341,000	100,341,000	98,660,000	98,660,000	95,414,000	95,414,000	74,694,000	74,694,000	64,455,000	64,455,000	57,343,000	57,343,000	50,894,000	50,894,000	46,570,000	46,570,000	36,637,000	36,637,000	29,864,000	29,864,000	24,942,000	24,942,000	20,776,000	20,776,000	14,116	14,116
ordinary shares of nis 0.01 par value – authorized: 250,000,000 shares at december 31, 2022 and 2023; issued and outstanding: 41,028,571 shares and 42,255,336 shares at december 31, 2022 and 2023, respectively																	111,000
ordinary shares of nis 0.01 par value – authorized: 250,000,000 shares at december 31, 2021 and 2022; issued and outstanding: 40,041,870 shares and 41,028,571 shares at december 31, 2021 and 2022, respectively																									107,000
deferred revenue																																	230,908,000								161,679,000
ordinary shares of nis 0.01 par value – authorized: 250,000,000 shares at december 31, 2020 and 2021; issued and outstanding: 39,034,759 shares and 40,041,870 shares at december 31, 2020 and 2021, respectively																																	104,000
liabilities and shareholders’ equity
shareholders’ equity:
ordinary shares of nis 0.01 par value – authorized: 250,000,000 shares at december 31, 2019 and 2020; issued and outstanding: 38,043,516 shares and 39,034,759 shares at december 31, 2019 and 2020, respectively																																									101,000
total shareholders’ equity																																									707,288,000								624,132,000	568,314,000																																							155,008,000	155,008,000	147,368	147,368		38,494,000
ordinary shares of nis 0.01 par value – authorized: 250,000,000 shares at december 31, 2018 and 2019; issued and outstanding: 36,838,523 shares and 38,043,516 shares at december 31, 2018 and 2019, respectively																																																	99,000
ordinary shares of nis 0.01 par value – authorized: 250,000,000 shares at december 31, 2018 and september 30, 2019; issued and outstanding: 36,838,523 shares and 37,878,688 shares at december 31, 2018 and september 30, 2019, respectively																																																		98,000
prepaid expenses and other long-term assets																																																										31,863,000							2,368,000	2,368,000	1,621,000	1,621,000	1,866,000	1,866,000	1,885,000	1,885,000	1,761,000	1,761,000	1,939,000	1,939,000	2,005,000	2,005,000	2,050,000	2,050,000	1,954,000	1,954,000	1,618,000	1,618,000	1,037,000	1,037,000	1,044,000	1,044,000	1,021,000	1,021,000	767	767
ordinary shares of nis 0.01 par value – authorized: 250,000,000 shares at december 31, 2017 and 2018; issued and outstanding: 35,274,888 shares and 36,838,523 shares at december 31, 2017 and 2018, respectively																																																										95,000
severance pay fund																																																											3,669,000	3,669,000	3,558,000	3,558,000	3,647,000	3,647,000	3,692,000	3,692,000	3,741,000	3,741,000	3,703,000	3,703,000	3,512,000	3,512,000	3,332,000	3,332,000	3,359,000	3,359,000	3,187,000	3,187,000	3,361,000	3,361,000	3,230,000	3,230,000	3,158,000	3,158,000	3,257,000	3,257,000	3,046,000	3,046,000	3,060,000	3,060,000	3,158	3,158
accrued severance pay																																																											5,692,000	5,692,000	5,445,000	5,445,000	5,549,000	5,549,000	5,712,000	5,712,000	5,826,000	5,826,000	5,497,000	5,497,000	5,354,000	5,354,000	5,035,000	5,035,000	5,036,000	5,036,000	4,601,000	4,601,000	5,043,000	5,043,000	4,667,000	4,667,000	4,570,000	4,570,000	4,483,000	4,483,000	4,312,000	4,312,000	4,101,000	4,101,000	4,183	4,183
ordinary shares of nis 0.01 par value – authorized: 250,000,000 shares at december 31, 2016 and 2017; issued and outstanding: 34,250,590 shares and 35,274,888 shares at december 31, 2016 and 2017, respectively																																																																		91,000
deferred tax liabilities																																																																											436,000	436,000	595,000	595,000	652,000	652,000		754,000
ordinary shares of nis 0.01 par value – authorized: 250,000,000 shares at december 31, 2015 and 2016; issued and outstanding: 33,289,839 shares and 34,250,590 shares at december 31, 2015 and 2016, respectively																																																																										88,000
long-term deferred tax asset																																																																																	9,998,000		2,410,000	2,410,000	2,630,000	2,630,000	2,215,000	2,215,000	2,013,000	2,013,000	2,364	2,364
long-term deferred tax liabilities																																																																																	754,000		703,000	703,000							27	27
ordinary shares of nis 0.01 par value – authorized: 250,000,000 shares at december 31, 2014 and 2015; issued and outstanding: 30,501,352 shares and 33,289,839 shares at december 31, 2014 and 2015, respectively;																																																																																		86,000
short-term deferred tax asset																																																																																			5,048,000	5,048,000	4,189,000	4,189,000	3,856,000	3,856,000	3,788,000	3,788,000	3,023	3,023
intangible assets and goodwill,net																																																																																			23,895,000	23,895,000
short-term deferred tax liabilities																																																																																			251,000	251,000
warrants to purchase preferred shares
preferred shares of nis 0.01 par value
ordinary shares of nis 0.01 par value – authorized: 31,785,000 shares and 250,000,000 shares at december 31, 2013 and 2014, respectively; issued and outstanding: 7,019,352 shares and 30,501,352 shares at december 31, 2013 and 2014, respectively;																																																																																										79,000
preferred shares of nis 0.01 par value – authorized: 18,215,000 shares and 0 shares at december 31, 2013 and 2014, respectively; issued and outstanding: 15,958,290 shares and 0 shares at december 31, 2013 and 2014, respectively;
consolidated balance sheet data:
cash, cash equivalents, marketable securities and short-term bank deposits																																																																																													65,368,000
deferred revenue, current and long term																																																																																													24,478,000	15,068,000
working capital																																																																																													48,900,000	38,908,000
preferred share warrant liability																																																																																													2,134,000	688,000
cash, cash equivalents and short-term bank deposits																																																																																														45,995,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-07-30	2025-06-04	2025-05-13	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-05-02	2024-03-31	2023-12-31	2023-11-02	2023-06-30	2023-05-11	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-05-12	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-05-06	2020-12-31	2020-09-30	2020-06-30	2020-05-13	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-05-15	2018-12-31	2018-09-30	2018-06-30	2018-05-04	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-05-15	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-05-06	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-05-07	2015-03-31	2014-11-12

cash flows from operating activities:
net income			11,463,000	11,463,000					5,470,000											-37,811,000				-15,195,000	12,054,000			2,386,000	2,386,000	20,736,000	15,248,000	13,403,000	13,677,000	24,180,000	8,094,000	8,377,000	6,421,000	6,421,000	3,552,000	1,681,000	3,246,000	7,536,000	7,536,000	10,239,000	7,112,000	6,449,000	4,324,000	4,324,000	9,933,000	6,773,000	4,922,000	4,166,000	4,166,000	3,294
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization		32,735,000	31,624,000	31,624,000		30,000,000		4,025,000	4,021,000		4,153,000	6,310,000		4,446,000		4,320,000	4,154,000	3,845,000	3,884,000	3,884,000	3,705,000			3,370,000	4,519,000			2,479,000	2,479,000	2,524,000	2,571,000	2,773,000	2,778,000	2,751,000	2,651,000	2,482,000	2,194,000	2,194,000	2,125,000	2,222,000	1,824,000	1,685,000	1,685,000	1,744,000	1,618,000	1,608,000	1,518,000	1,518,000	1,218,000
amortization of premium and accretion of discount on marketable securities, net and other						54,000
share-based compensation		55,271,000	48,202,000	48,202,000		47,345,000		40,531,000	37,499,000		37,536,000	38,599,000		31,596,000		32,228,000	31,742,000	29,573,000	27,278,000	27,278,000	26,662,000			19,297,000	18,474,000			16,308,000	16,308,000	18,031,000	15,338,000	11,896,000	10,252,000
deferred income taxes		47,862,000	-45,549,000	-45,549,000		63,529,000		738,000	-1,052,000		2,884,000	-2,333,000		-5,467,000		-1,363,000	-3,909,000	-6,120,000	-4,238,000	-4,238,000	-44,000			-5,121,000	543,000			-2,516,000	-2,516,000	-1,985,000	-3,132,000	-546,000	-1,311,000	-387,000	-1,959,000	-3,438,000	-1,272,000	-1,272,000	9,243,000	255,000	-915,000	-2,727,000	-2,727,000	486,000	-1,427,000	409,000	-598,000	-598,000	-2,673,000	-689,000	-486,000	-245,000	-245,000	392
decrease in trade receivables		-17,921,000	100,338,000	100,338,000				-16,733,000	47,156,000			-13,488,000		33,288,000			-1,510,000	-11,464,000	36,839,000	36,839,000				26,412,000				20,983,000	20,983,000			-10,758,000	13,914,000			5,430,000	6,927,000					-1,560,000					4,591,000	4,591,000			614,000	4,351,000	4,351,000	1,695
amortization of debt discount and issuance costs								753,000	751,000		751,000	749,000		748,000		746,000	746,000	744,000	744,000	744,000	4,507,000			4,390,000	4,352,000			4,240,000	4,240,000
change in fair value of derivative assets						-2,027,000
increase in prepaid expenses, other current and long-term assets and others		-36,123,000	-6,917,000	-6,917,000		-15,678,000		-10,826,000	-5,803,000		-22,452,000	-6,236,000		-5,105,000		-20,153,000	-3,744,000				-24,170,000
changes in operating lease right-of-use assets		3,663,000	2,748,000	2,748,000		2,597,000		1,437,000	1,909,000		1,071,000	1,630,000		1,543,000
decrease in trade payables			-4,816,000	-4,816,000					-7,323,000																															-44,000
increase in short-term and long-term deferred revenues				-5,943,000					20,656,000			4,401,000		7,383,000			23,991,000	6,890,000	27,933,000	27,933,000				17,174,000				20,298,000	20,298,000	13,080,000	3,086,000	3,118,000	21,537,000
decrease in employees and payroll accruals		20,887,000	-49,060,000	-49,060,000				15,618,000	-28,012,000			4,289,000		-27,920,000				4,478,000	-21,588,000	-21,588,000				-12,312,000				-14,162,000	-14,162,000		3,277,000	4,202,000	-11,797,000			-2,165,000	-3,003,000	-3,003,000			-21,000	-1,932,000	-1,932,000			1,349,000	-3,510,000	-3,510,000		682,000	2,030,000	-3,183,000	-3,183,000
increase in accrued expenses and other current and long-term liabilities		-6,928,000	19,327,000	19,327,000		749,000		3,054,000	-2,383,000		6,838,000	55,000		3,207,000														-8,371,000	-8,371,000	4,181,000
changes in operating lease liabilities		-1,124,000	-2,863,000	-2,863,000		-2,377,000		-1,765,000	-2,388,000		93,000	-2,414,000		-1,999,000
net cash from operating activities		4,731,000	98,528,000	98,528,000		64,736,000		44,343,000	68,635,000		46,898,000	14,353,000		5,821,000		20,497,000	18,481,000	-14,254,000	24,984,000	24,984,000	20,437,000			33,975,000	38,948,000			33,826,000	33,826,000	53,113,000	21,251,000	21,488,000	45,858,000	40,969,000	32,932,000	23,152,000	33,072,000	33,072,000	36,153,000	14,932,000	13,671,000	15,981,000	15,981,000	20,066,000	14,835,000	4,872,000	16,537,000	16,537,000	18,848,000	4,016,000	21,427,000	14,869,000	14,869,000	13,514
capital expenditures		-5,094,000	-3,006,000	-3,006,000		0		-2,620,000	-1,865,000		-695,000	-731,000		-1,775,000		-3,739,000	-4,618,000	-2,147,000	-2,013,000	-2,013,000	-1,741,000			-2,665,000	-2,237,000			-1,327,000	-1,327,000	-1,647,000	-2,158,000	-934,000	-2,297,000	-1,483,000	-3,032,000	-1,596,000	-2,502,000	-2,502,000	-2,917,000	-1,802,000	-783,000	-1,255,000	-1,255,000	-349,000	-669,000	-847,000	-930,000	-930,000	-315,000	-691,000	-440,000	-620,000	-620,000	-1,256
free cash flows		-363,000	95,522,000	95,522,000		64,736,000		41,723,000	66,770,000		46,203,000	13,622,000		4,046,000		16,758,000	13,863,000	-16,401,000	22,971,000	22,971,000	18,696,000			31,310,000	36,711,000			32,499,000	32,499,000	51,466,000	19,093,000	20,554,000	43,561,000	39,486,000	29,900,000	21,556,000	30,570,000	30,570,000	33,236,000	13,130,000	12,888,000	14,726,000	14,726,000	19,717,000	14,166,000	4,025,000	15,607,000	15,607,000	18,533,000	3,325,000	20,987,000	14,249,000	14,249,000	12,258
cash flows from investing activities:
investment in short and long term deposits				-63,806,000					-156,382,000			-117,143,000		-51,768,000										-1,313,000				-12,527,000	-12,527,000											-4,194,000	-4,812,000	-5,126,000	-5,126,000		-46,212,000	-37,151,000	-4,998,000	-4,998,000	-5,000
proceeds from short and long term deposits				86,252,000					164,800,000			65,027,000		103,738,000																																			7,020,000	3,020,000	15,010,000	24,279,000	24,279,000
investment in marketable securities and other						-13,910,000		-37,137,000	-92,343,000		-84,584,000	-93,817,000		-156,522,000		-57,165,000	-124,257,000	-89,832,000	-104,477,000	-104,477,000
proceeds from maturities of marketable securities			7,104,000	7,104,000		13,297,000																		49,957,000	43,515,000			41,246,000	41,246,000	12,850,000	13,986,000	15,002,000	21,651,000	6,640,000	11,084,000	12,691,000	7,423,000	7,423,000	4,138,000	4,111,000
proceeds from sales of marketable securities and other						0
purchase of property and equipment and other assets		-2,785,000	-1,699,000	-1,699,000
capitalized internal-use software		-2,309,000	-1,307,000	-1,307,000
payments for business acquisitions, net of cash acquired		0	-164,383,000	-164,383,000													-28,298,000	0	-12,987,000	-12,987,000														0	0	38,000	-18,488,000	-18,488,000	0	119,000									-30,507,000
net cash from investing activities		-668,788,000	-213,957,000	-213,957,000		-1,050,560,000		152,476,000	16,896,000		-84,140,000	-42,788,000		5,284,000		-247,000	-72,380,000	37,781,000	-33,546,000	-33,546,000	-96,339,000			-25,158,000	-52,121,000			-17,529,000	-17,529,000	-119,768,000	-15,360,000	11,233,000	-19,327,000	12,723,000	-36,244,000	-10,976,000	-14,246,000	-14,246,000	-20,801,000	-12,178,000	-48,397,000	-13,681,000	-13,681,000	6,297,000	-49,582,000	-65,213,000	-13,363,000	-13,363,000	-23,807,000	-21,434,000	14,570,000	23,659,000	23,659,000	763
cash flows from financing activities:
payment of withholding tax related to employee stock plans				-6,397,000
proceeds from exercise of stock options		2,412,000	907,000	907,000		3,064,000		487,000	3,358,000		6,856,000	3,432,000		599,000		239,000	519,000	110,000	1,100,000	1,100,000	2,130,000			4,961,000	4,576,000			4,806,000	4,806,000	4,918,000	2,938,000	6,654,000	9,918,000	3,942,000	5,948,000	6,148,000	1,942,000	1,942,000	544,000	154,000	1,223,000	703,000	703,000
proceeds from issuance of convertible senior notes, net of issuance costs
purchase of capped calls
proceeds in connection with employees stock purchase plan				6,119,000					4,848,000			4,081,000		3,906,000			3,584,000
net cash from financing activities		1,133,432,000	629,000	629,000		276,355,000		4,376,000	1,879,000		18,889,000	5,510,000		5,217,000		563,000	-1,602,000	12,784,000	480,000	480,000	-3,157,000			6,372,000	6,084,000			4,007,000	4,007,000	511,985,000	-1,834,000	7,131,000	14,760,000	1,722,000	2,659,000	11,657,000	1,942,000	1,942,000	544,000	154,000	1,223,000	703,000	703,000	1,402,000	1,519,000	559,000	489,000	489,000	568,000	-13,771,000	71,176,000	234,000	234,000	91,190
increase in cash and cash equivalents		469,375,000	-114,800,000	-114,800,000		-709,469,000		201,195,000	87,410,000					16,322,000																												3,003,000	3,003,000	27,765,000	-33,228,000	-59,782,000	3,663,000	3,663,000	-4,391,000	-31,189,000	107,173,000	38,762,000	38,762,000	105,467
effect of exchange rate differences on cash and cash equivalents		3,455,000	1,887,000	1,887,000		-2,536,000		-705,000	-2,819,000					3,000					-916,000	-916,000
cash and cash equivalents at the beginning of the period		0	526,467,000	526,467,000				0	355,933,000			0		347,338,000																										0	0	172,957,000	172,957,000		0	0	234,539,000	234,539,000	0	0	0	124,184,000	124,184,000	62,379
cash and cash equivalents at the end of the period		472,830,000	413,554,000	413,554,000				200,490,000	440,524,000			-23,988,000		363,663,000																										2,908,000	-33,503,000	175,960,000	175,960,000		-33,228,000	-59,782,000	238,202,000	238,202,000	-4,391,000	-31,189,000	107,173,000	162,946,000	162,946,000	167,846
·
net loss											8,911,000	-14,609,000		-35,028,000		-22,204,000			-37,811,000
adjustments to reconcile net loss to net cash from operating activities:
amortization of premium and accretion of discount on marketable securities		-627,000	-26,000	-26,000				-1,766,000	-1,866,000		-1,846,000	-1,250,000		-508,000		-82,000	657,000	1,442,000	1,877,000	1,877,000	1,939,000			1,789,000	1,646,000			-80,000	-80,000		3,000	-32,000	-10,000
impairment of available for sale marketable securities
increase in trade payables											-1,689,000	-1,350,000		-363,000		3,544,000	-873,000	84,000	1,298,000	1,298,000	-129,000			-1,783,000				421,000	421,000	2,072,000	-378,000	-994,000	871,000	1,184,000	-1,232,000	-1,188,000	3,191,000	3,191,000				797,000	797,000	-3,000	5,000	21,000	-200,000	-200,000	287,000	-228,000	-608,000	871,000	871,000	-627
proceeds from maturities of marketable securities and other
proceeds from (payment of) withholding tax related to employee stock plans									-6,327,000					712,000					-620,000	-620,000	-5,287,000			1,411,000				-799,000	-799,000
amortization of debt issuance costs
increase in short-term and long-term deferred revenue			-5,943,000			105,603,000
investment in short-term and long-term deposits			-63,806,000			-146,679,000
proceeds from short-term and long-term deposits			86,252,000			85,370,000
investment in marketable securities			-76,118,000	-76,118,000																	-135,863,000			-71,137,000	-55,437,000			-44,921,000	-44,921,000	-98,831,000	-16,419,000	-14,696,000	-35,768,000	-13,802,000	-16,753,000	-20,630,000	-9,933,000	-9,933,000	-15,301,000	-10,543,000	-7,915,000	-9,845,000	-9,845,000	-3,082,000	-2,701,000	-27,215,000	-7,435,000	-7,435,000
payments of withholding tax related to employee stock plans			-6,397,000
proceeds in connection with employee stock purchase plan			6,119,000			4,731,000
•
increase in trade receivables																																							-11,409,000					-6,599,000
increase in employees and payroll accruals																16,999,000					20,436,000													9,211,000					5,932,000					2,534,000										-651
payment of equity issuance costs
proceeds from withholding tax related to employee stock plans																														608,000	-4,772,000	477,000	4,842,000		-3,289,000
payment of convertible notes
proceeds from settlement of capped call transactions
proceeds from (payments of) withholding tax related to employee stock plans						7,934,000
payments of contingent consideration related to acquisitions																-3,124,000
cash and cash equivalents at the beginning of the year
cash and cash equivalents at the end of the year
purchase of property and equipment								-2,620,000	-1,865,000		-695,000	-731,000		-1,775,000		-3,739,000	-4,618,000	-2,147,000	-2,013,000	-2,013,000	-1,741,000			-2,665,000	-2,237,000			-1,327,000	-1,327,000	-1,647,000	-2,158,000	-934,000	-2,297,000	-1,483,000	-3,032,000	-1,596,000	-2,502,000	-2,502,000	-2,917,000	-1,802,000	-783,000	-1,255,000	-1,255,000	-349,000	-669,000	-847,000	-930,000	-930,000	-315,000	-691,000	-440,000	-620,000	-620,000	-1,256
proceeds from sales and maturities of marketable securities and other											58,601,000	103,876,000
impairment of available-for-sale marketable securities
non-cash activities:
lease liabilities arising from obtaining right-of-use-assets
non-cash purchase of property and equipment
supplemental disclosure of cash flow activities:
cash paid for income taxes
adjustments to reconcile net income to net cash
provided by operating activities:
proceeds from sales and maturities of marketable securities									102,686,000					111,611,000		68,573,000	100,515,000	86,479,000	69,905,000	69,905,000	72,502,000
adjustments to reconcile net loss to net cash
business acquisitions, net of cash acquired
increase in cash, cash equivalents and restricted cash																		36,311,000	-8,082,000	-8,082,000				15,189,000	-7,089,000			20,304,000	20,304,000	445,330,000	4,057,000	39,852,000	41,291,000	55,414,000	-653,000	23,833,000	20,768,000	20,768,000
effect of exchange rate differences on cash, cash equivalents and restricted cash																1,992,000	-1,493,000				99,000
cash, cash equivalents and restricted cash at the beginning of the year
increase in cash, cash equivalents
effect of exchange rate differences on cash, cash equivalents
proceeds from (investment in) short and long term deposits																	-15,722,000	43,281,000	16,026,000	16,026,000													-2,913,000
decrease in cash, cash equivalents and restricted cash																20,813,000
cash, cash equivalents and restricted cash at the beginning of the period																	0	0	356,850,000	356,850,000				500,044,000				792,413,000	792,413,000		0	0	261,883,000		-2,000	0	162,520,000	162,520,000
proceeds from (investment in) short-term and long-term deposits
cash, cash equivalents and restricted cash at the end of the year
decrease in accrued expenses and other current and long-term liabilities																	-873,000	-1,529,000	-2,557,000	-2,557,000				-4,490,000											1,685,000
cash, cash equivalents and restricted cash at the end of the period																	-56,994,000	33,675,000	347,852,000	347,852,000				515,233,000				812,717,000	812,717,000		4,057,000	39,852,000	303,174,000		-655,000	23,833,000	183,288,000	183,288,000
decrease in prepaid expenses, other current and long-term assets and others																			-8,675,000
decrease (increase) in prepaid expenses, other current and long-term assets and others																				-8,675,000
proceeds from the issuance of convertible senior notes, net of issuance costs
exercise of stock options
decrease in prepaid expenses and other current and long-term assets																								444,000																														221
increase in prepaid expenses and other current and long-term assets																									-5,513,000			-8,160,000	-8,160,000	-1,692,000	-2,973,000	-4,309,000	-5,347,000	-6,224,000	603,000
exercise of stock options
increase in accrued expenses and other
current and long-term liabilities																															-1,558,000	2,735,000	1,294,000				-3,758,000	-3,758,000				851,000	851,000		1,131,000	-2,040,000	-1,200,000	-1,200,000		4,211,000	1,181,000	-771,000	-771,000
amortization of premium (accretion of discount) on marketable securities
investment in short and long-term deposits
net lease liabilities arising from obtaining right-of-use-assets
purchase of property and equipment on credit
reconciliation of cash, cash equivalents and restricted cash within the unaudited condensed consolidated balance sheet to the amounts shown in the condensed statements of cash flows above:
cash and cash equivalents
restricted cash included in short-term bank deposits
restricted cash included in other long-term assets
total cash, cash equivalents and restricted cash
decrease (increase) in trade receivables																																						6,927,000					-1,560,000
amortization of premium, net of accretion of discount on marketable securities
share-based compensation expenses																																			10,335,000	8,413,000	6,923,000	6,923,000		7,202,000	6,242,000	5,199,000	5,199,000		5,091,000	3,979,000	3,373,000	3,373,000
increase in short term and long term deferred revenues																																			6,453,000	10,085,000	17,760,000	17,760,000		2,735,000	2,102,000	7,237,000	7,237,000		3,979,000	-792,000	9,219,000	9,219,000	-3,081,000	3,229,000	11,935,000	9,171,000	9,171,000	3,264
proceeds (investment) in short and long term deposits
tax benefit related to share-based compensation																																												-577,000	-478,000	-194,000	-217,000	-217,000
proceeds from (investment in) short and long-term deposits
cash paid during the year for taxes
amortization of premium on marketable securities																																			62,000	107,000	101,000	101,000	96,000	96,000	93,000	97,000	97,000
increase in accrued severance pay																																			136,000	-15,000	-118,000	-118,000	-65,000	291,000	-48,000	139,000	139,000	26,000	263,000	-268,000	245,000	245,000	25,000	89,000	55,000	225,000	225,000	26
proceeds from short and long term deposit																																				-1,479,000	9,254,000	9,254,000
increase in prepaid expenses and other
current and long-term assets																																					-2,294,000	-2,294,000				-1,341,000	-1,341,000		1,066,000	-664,000	-1,008,000	-1,008,000		-384,000	-243,000	-932,000	-932,000
decrease in cash and cash equivalents																																								2,908,000
share-based compensation expense
proceeds from short and long-term deposits
issuance of shares																																																	-39,000	-71,000				90,325
decrease in accrued expenses and other
proceeds from maturity of marketable securities																																										2,545,000	2,545,000
amortization of premium and accretion of discount
on marketable securities
proceeds from exercise of options																																													1,041,000	365,000	272,000	272,000			1,290,000	234,000	234,000
changes in fair value of warrants to purchase preferred shares																																																						4,309
proceeds from exercise of stock options and warrants
withholding proceeds related to exercise of options																																																		-16,190,000
share based compensation expenses																																																		2,105,000	1,143,000	465,000	465,000	1,026
tax benefit related to exercise of share options																																																		-3,497,000	647,000	529,000	529,000	139
changes in fair value of warrants to purchase preferred
shares
proceeds from exercise of options and warrants																																																	131,000					865
purchase of property and equipment in credit
assets
current assets:
short-term bank deposits
trade receivables
prepaid expenses and other current assets
short-term deferred tax asset
total current assets
long-term assets:
intangible assets and goodwill,net
property and equipment
severance pay fund
prepaid expenses and other long-term assets
long-term deferred tax asset
total long-term assets
total assets
liabilities and shareholders' equity
current liabilities:
trade payables
employees and payroll accruals
deferred revenues
accrued expenses and other current liabilities
short-term deferred tax liabilities
total current liabilities
long-term liabilities:
other long-term liabilities
accrued severance pay
long-term deferred tax liabilities
total long-term liabilities
total liabilities
shareholders' equity:
ordinary shares of nis 0.01 par value
additional paid-in capital
accumulated other comprehensive loss
retained earnings
total shareholders' equity
total liabilities and shareholders’ equity
decrease in prepaid expenses and other
decrease (increase) in prepaid expenses and other
depreciation																																																			237,000	222,000	222,000	570
investment in short term deposit																																																						-1,314
payment of deferred issuance costs
proceeds from issuance of preferred shares
adjustments to reconcile net income to net cash provided in operating activities:
increase in accrued expenses and other current liabilities																																																						-144
proceeds from short term deposit																																																						3,333
decrease (increase) in prepaid expenses and other current and long-term assets

CyberArk Software Ltd(NASDAQ:CYBR)

CyberArk Software Ltd
(NASDAQ:CYBR)