CYBERARK SOFTWARE LTD.
|
||
Date: February 8, 2024
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By:
|
/s/ Joshua Siegel
|
Name: Joshua Siegel
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||
Title: Chief Financial Officer
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Exhibit
|
|
Description
|
|
|
• |
Subscription revenue was $150.3 million in the fourth quarter of 2023, an increase of 70 percent from $88.5 million in the fourth quarter of 2022.
|
|
• |
Maintenance and professional services revenue was $64.8 million in the fourth quarter of 2023, compared to $66.1 million in the fourth quarter of 2022.
|
|
• |
Perpetual license revenue was $8.0 million in the fourth quarter of 2023, compared to $14.6 million in the fourth quarter of 2022.
|
|
• |
Total revenue was $223.1 million in the fourth quarter of 2023, up 32 percent from $169.2 million in the fourth quarter of 2022, outperforming guidance.
|
|
• |
GAAP operating loss was $(4.7) million, and non-GAAP operating income was $34.7 million in the fourth quarter of 2023, outperforming guidance.
|
|
• |
GAAP net income was $8.9 million, or $0.20 per diluted share, in the fourth quarter of 2023. Non-GAAP net income was $38.1 million, or $0.81 per diluted share, in the fourth quarter of 2023, outperforming guidance.
|
|
• |
Subscription revenue was $472.0 million in the full year 2023, an increase of 68 percent from $280.6 million in the full year 2022.
|
|
• |
Maintenance and professional services revenue was $258.8 million in the full year 2023, compared to $261.1 million in the full year 2022.
|
|
• |
Perpetual license revenue was $21.0 million in the full year 2023, compared to $50.0 million in the full year 2022.
|
|
• |
Total revenue was $751.9 million in the full year 2023, accelerating to 27 percent year over year growth from $591.7 million.
|
|
• |
GAAP operating loss was $(116.5) million, and non-GAAP operating income was $33.5 million in the full year 2023.
|
|
• |
GAAP net loss was $(66.5) million, or $(1.60) per basic and diluted share, in the full year 2023. Non-GAAP net income was $52.0 million, or $1.12 per diluted share, in the full year 2023.
|
|
• |
As of December 31, 2023, CyberArk had $1.3 billion in cash, cash equivalents, marketable securities, and short-term deposits.
|
|
• |
During the full year, 2023, the Company’s net cash provided by operating activities was $56.2 million.
|
|
• |
As of December 31, 2023, total deferred revenue was $480.6 million, an 18 percent increase from $408.4 million at December 31, 2022.
|
|
• |
Annual Recurring Revenue (ARR) was $774 million, an increase of 36 percent from $570 million at December 31, 2022.
|
|
o |
The Subscription portion of ARR was $582 million, or 75 percent of total ARR at December 31, 2023. This represents an increase of 60 percent from $364 million, or 64 percent of total ARR, at December 31, 2022.
|
|
o |
The Maintenance portion of ARR was $192 million at December 31, 2023, compared to $206 million at December 31, 2022.
|
|
• |
Recurring revenue in the fourth quarter was $201.5 million, an increase of 41 percent from $142.6 million for the fourth quarter of 2022. For the full year 2023, recurring revenue was $679.6 million, an increase of 36 percent from $498.3
million for the full year 2022.
|
|
• |
CyberArk was named an Overall Leader in the KuppingerCole Analysts AG 2023 “Leadership Compass: Cloud Infrastructure Entitlement Management (CIEM)”(1) report. The company’s leadership is based on the
strength of the CyberArk Identity Security Platform and its innovative cloud security solutions.
|
|
• |
CyberArk was named an Overall Leader in the KuppingerCole Analysts AG 2023 “Leadership Compass: Access Management”(2) report. The company’s overall leadership position is based on the strength of its
CyberArk Identity offering across the report’s product, innovation and market categories.
|
|
• |
CyberArk Elevates Passwordless Experience with new Passkeys Authentication for CyberArk Identity customers, furthering its commitment to help customers reduce credential theft and improve productivity.
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|
• |
CyberArk joined the Microsoft Security Copilot Partner Private Preview.
|
|
• |
Total revenue is expected to be in the range of $209.0 million and $215.0 million, representing growth of 29 percent to 33 percent compared to the first quarter of 2023.
|
|
• |
Non-GAAP operating income is expected to be in the range of $7.5 million to $12.5 million.
|
|
• |
Non-GAAP net income per share is expected to be in the range of $0.21 to $0.31 per diluted share.
|
|
o |
Assumes 47.8 million weighted average diluted shares.
|
|
• |
Total revenue is expected to be in the range of $920.0 million to $930.0 million, representing growth of 22 percent to 24 percent compared to the full year 2023.
|
|
• |
Non-GAAP operating income is expected to be in the range of $75.5 million to $84.5 million.
|
|
• |
Non-GAAP net income per share is expected to be in the range of $1.63 to $1.81 per diluted share.
|
|
o |
Assumes 48.0 million weighted average diluted shares.
|
|
• |
ARR as of December 31, 2024 is expected to be in the range of $968.0 million to $983.0 million, representing growth of 25 percent to 27 percent from December 31, 2023.
|
|
• |
Non-GAAP free cash flow is expected to be in the range of $85.0 million to $95.0 million for the full year 2024.
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|
(1) |
KuppingerCole Analysts AG “Leadership Compass: Cloud Infrastructure Entitlement Management (CIEM),” November 8, 2023, Paul Fisher
|
|
(2) |
KuppingerCole Analysts AG “Leadership Compass: Access Management,” August 16, 2023 by Alejandro Leal
|
|
• |
Annual Recurring Revenue (ARR) is a performance indicator that provides more visibility into the growth of our recurring business in the upcoming year. ARR is defined as the annualized value of active SaaS, self-hosted subscriptions and
their associated M&S, and maintenance contracts related to the perpetual licenses in effect at the end of the reported period. ARR should be viewed independently of revenues and total deferred revenue as it is an operating measure and
is not intended to be combined with or to replace either of those measures. ARR is not a forecast of future revenues and can be impacted by contract start and end dates and renewal rates. This visibility allows us to make informed decisions
about our capital allocation and level of investment.
|
|
• |
Subscription portion of ARR is defined as the annualized value of active SaaS and self-hosted subscriptions 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 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 subscriptions contracts in effect at the end of the
reported period.
|
|
• |
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 gross profit is calculated as GAAP gross profit excluding share-based compensation expense, amortization of intangible assets related to acquisitions, and impairment of capitalized software development costs.
|
|
• |
Non-GAAP operating expense is calculated as GAAP operating expenses excluding share-based compensation expense, acquisition related expenses and amortization of intangible assets related to acquisitions.
|
|
• |
Non-GAAP operating income (loss) is calculated as GAAP operating loss excluding share-based compensation expense, impairment of capitalized software development costs, acquisition related expenses and amortization of intangible assets
related to acquisitions.
|
|
• |
Non-GAAP net income (loss) is calculated as GAAP net income (loss) excluding share-based compensation expense, acquisition related expenses, amortization of intangible assets related to acquisitions, impairment of capitalized software
development costs, 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 operating activities less purchase of property and equipment.
|
CYBERARK SOFTWARE LTD.
|
|
Consolidated Statements of Operations
|
|
U.S. dollars in thousands (except per share data)
|
|
(Unaudited)
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2022
|
2023
|
2022
|
2023
|
|||||||||||||
Revenues:
|
||||||||||||||||
Subscription
|
$
|
88,451
|
$
|
150,257
|
$
|
280,649
|
$
|
472,023
|
||||||||
Perpetual license
|
14,579
|
8,009
|
49,964
|
21,037
|
||||||||||||
Maintenance and professional services
|
66,121
|
64,838
|
261,097
|
258,828
|
||||||||||||
Total revenues
|
169,151
|
223,104
|
591,710
|
751,888
|
||||||||||||
Cost of revenues:
|
||||||||||||||||
Subscription
|
13,762
|
19,764
|
46,249
|
74,623
|
||||||||||||
Perpetual license
|
913
|
700
|
2,893
|
1,873
|
||||||||||||
Maintenance and professional services
|
20,153
|
19,189
|
76,904
|
79,635
|
||||||||||||
Total cost of revenues
|
34,828
|
39,653
|
126,046
|
156,131
|
||||||||||||
Gross profit
|
134,323
|
183,451
|
465,664
|
595,757
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Research and development
|
51,477
|
53,792
|
190,321
|
211,445
|
||||||||||||
Sales and marketing
|
90,737
|
106,607
|
345,273
|
405,983
|
||||||||||||
General and administrative
|
22,178
|
27,763
|
82,520
|
94,801
|
||||||||||||
Total operating expenses
|
164,392
|
188,162
|
618,114
|
712,229
|
||||||||||||
Operating loss
|
(30,069
|
)
|
(4,711
|
)
|
(152,450
|
)
|
(116,472
|
)
|
||||||||
Financial income, net
|
9,163
|
19,302
|
15,432
|
53,214
|
||||||||||||
Income (loss) before taxes on income
|
(20,906
|
)
|
14,591
|
(137,018
|
)
|
(63,258
|
)
|
|||||||||
Tax benefit (taxes on income)
|
(1,298
|
)
|
(5,680
|
)
|
6,650
|
(3,246
|
)
|
|||||||||
Net income (loss)
|
$
|
(22,204
|
)
|
$
|
8,911
|
$
|
(130,368
|
)
|
$
|
(66,504
|
)
|
|||||
Basic net income (loss) per ordinary share
|
$
|
(0.54
|
)
|
$
|
0.21
|
$
|
(3.21
|
)
|
$
|
(1.60
|
)
|
|||||
Diluted net income (loss) per ordinary share
|
$
|
(0.54
|
)
|
$
|
0.20
|
$
|
(3.21
|
)
|
$
|
(1.60
|
)
|
|||||
Shares used in computing net income (loss)
|
||||||||||||||||
per ordinary shares, basic
|
40,923,682
|
42,069,678
|
40,583,002
|
41,658,424
|
||||||||||||
Shares used in computing net income (loss)
|
||||||||||||||||
per ordinary shares, diluted
|
40,923,682
|
47,107,294
|
40,583,002
|
41,658,424
|
CYBERARK SOFTWARE LTD.
|
Consolidated Balance Sheets
|
U.S. dollars in thousands
|
(Unaudited)
|
December 31,
|
December 31,
|
|||||||
2022
|
2023
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$
|
347,338
|
$
|
355,933
|
||||
Short-term bank deposits
|
305,843
|
354,472
|
||||||
Marketable securities
|
301,101
|
283,016
|
||||||
Trade receivables
|
120,817
|
186,472
|
||||||
Prepaid expenses and other current assets
|
22,482
|
31,550
|
||||||
Total current assets
|
1,097,581
|
1,211,443
|
||||||
LONG-TERM ASSETS:
|
||||||||
Marketable securities
|
227,748
|
324,548
|
||||||
Property and equipment, net
|
23,474
|
16,494
|
||||||
Intangible assets, net
|
27,508
|
20,202
|
||||||
Goodwill
|
153,241
|
153,241
|
||||||
Other long-term assets
|
217,040
|
214,816
|
||||||
Deferred tax asset
|
72,809
|
81,464
|
||||||
Total long-term assets
|
721,820
|
810,765
|
||||||
TOTAL ASSETS
|
$
|
1,819,401
|
$
|
2,022,208
|
||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Trade payables
|
$
|
13,642
|
$
|
10,971
|
||||
Employees and payroll accruals
|
77,328
|
95,538
|
||||||
Accrued expenses and other current liabilities
|
33,584
|
36,562
|
||||||
Convertible senior notes, net
|
-
|
572,340
|
||||||
Deferred revenues
|
327,918
|
409,219
|
||||||
Total current liabilities
|
452,472
|
1,124,630
|
||||||
LONG-TERM LIABILITIES:
|
||||||||
Convertible senior notes, net
|
569,344
|
-
|
||||||
Deferred revenues
|
80,524
|
71,413
|
||||||
Other long-term liabilities
|
38,917
|
33,839
|
||||||
Total long-term liabilities
|
688,785
|
105,252
|
||||||
TOTAL LIABILITIES
|
1,141,257
|
1,229,882
|
||||||
SHAREHOLDERS' EQUITY:
|
||||||||
Ordinary shares of NIS 0.01 par value
|
107
|
111
|
||||||
Additional paid-in capital
|
660,289
|
827,260
|
||||||
Accumulated other comprehensive loss
|
(15,560
|
)
|
(1,849
|
)
|
||||
Retained earnings (accumulated deficit)
|
33,308
|
(33,196
|
)
|
|||||
Total shareholders' equity
|
678,144
|
792,326
|
||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
$
|
1,819,401
|
$
|
2,022,208
|
CYBERARK SOFTWARE LTD.
|
Consolidated Statements of Cash Flows
|
U.S. dollars in thousands
|
(Unaudited)
|
Twelve Months Ended
|
||||||||
December 31,
|
||||||||
2022
|
2023
|
|||||||
Cash flows from operating activities:
|
||||||||
Net loss
|
$
|
(130,368
|
)
|
$
|
(66,504
|
)
|
||
Adjustments to reconcile net loss to net cash
|
||||||||
provided by operating activities:
|
||||||||
Depreciation and amortization
|
16,203
|
19,250
|
||||||
Amortization of premium and accretion of discount on marketable securities, net
|
3,894
|
(4,570
|
)
|
|||||
Share-based compensation
|
120,821
|
140,101
|
||||||
Deferred income taxes, net
|
(15,630
|
)
|
(7,879
|
)
|
||||
Increase in trade receivables
|
(7,606
|
)
|
(65,655
|
)
|
||||
Amortization of debt discount and issuance costs
|
2,980
|
2,996
|
||||||
Increase in prepaid expenses, other current and long-term assets and others
|
(37,141
|
)
|
(45,016
|
)
|
||||
Changes in operating lease right-of-use assets
|
4,558
|
6,566
|
||||||
Increase (decrease) in trade payables
|
4,053
|
(2,669
|
)
|
|||||
Increase in short-term and long-term deferred revenues
|
91,167
|
72,190
|
||||||
Increase in employees and payroll accruals
|
714
|
6,981
|
||||||
Increase in accrued expenses and other current and long-term liabilities
|
4,801
|
7,507
|
||||||
Changes in operating lease liabilities
|
(8,738
|
)
|
(7,094
|
)
|
||||
Net cash provided by operating activities
|
49,708
|
56,204
|
||||||
Cash flows from investing activities:
|
||||||||
Investment in short and long term deposits
|
(496,894
|
)
|
(337,835
|
)
|
||||
Proceeds from short and long term deposits
|
532,563
|
319,542
|
||||||
Investment in marketable securities and other
|
(375,731
|
)
|
(406,633
|
)
|
||||
Proceeds from sales and maturities of marketable securities and other
|
325,472
|
344,046
|
||||||
Purchase of property and equipment
|
(12,517
|
)
|
(4,948
|
)
|
||||
Payments for business acquisitions, net of cash acquired
|
(41,285
|
)
|
-
|
|||||
Net cash used in investing activities
|
(68,392
|
)
|
(85,828
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Proceeds from (payment of) withholding tax related to employee stock plans
|
(184
|
)
|
11,188
|
|||||
Proceeds from exercise of stock options
|
1,968
|
11,065
|
||||||
Proceeds in connection with employees stock purchase plan
|
15,143
|
15,831
|
||||||
Payments of contingent consideration related to acquisitions
|
(4,702
|
)
|
-
|
|||||
Net cash provided by financing activities
|
12,225
|
38,084
|
||||||
Increase (decrease) in cash and cash equivalents
|
(6,459
|
)
|
8,460
|
|||||
Effect of exchange rate differences on cash and cash equivalents
|
(3,053
|
)
|
135
|
|||||
Cash and cash equivalents at the beginning of the period
|
356,850
|
347,338
|
||||||
Cash and cash equivalents at the end of the period
|
$
|
347,338
|
$
|
355,933
|
CYBERARK SOFTWARE LTD.
|
|
Reconciliation of GAAP Measures to Non-GAAP Measures
|
|
U.S. dollars in thousands (except per share data)
|
|
(Unaudited)
|
Reconciliation of Net cash provided by operating activities to Free cash flow:
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2022
|
2023
|
2022
|
2023
|
|||||||||||||
Net cash provided by operating activities
|
$
|
20,497
|
$
|
46,898
|
$
|
49,708
|
$
|
56,204
|
||||||||
Less:
|
||||||||||||||||
Purchase of property and equipment
|
(3,739
|
)
|
(695
|
)
|
(12,517
|
)
|
(4,948
|
)
|
||||||||
Free cash flow
|
$
|
16,758
|
$
|
46,203
|
$
|
37,191
|
$
|
51,256
|
||||||||
GAAP net cash used in investing activities
|
(247
|
)
|
(84,140
|
)
|
(68,392
|
)
|
(85,828
|
)
|
||||||||
GAAP net cash provided by financing activities
|
563
|
18,889
|
12,225
|
38,084
|
Reconciliation of Gross Profit to Non-GAAP Gross Profit:
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2022
|
2023
|
2022
|
2023
|
|||||||||||||
Gross profit
|
$
|
134,323
|
$
|
183,451
|
$
|
465,664
|
$
|
595,757
|
||||||||
Plus:
|
||||||||||||||||
Share-based compensation (1)
|
4,098
|
4,500
|
15,060
|
17,612
|
||||||||||||
Amortization of share-based compensation capitalized in software development costs (3)
|
82
|
84
|
346
|
393
|
||||||||||||
Amortization of intangible assets (2)
|
1,705
|
1,704
|
6,044
|
6,817
|
||||||||||||
Impairment of capitalized software development costs (3)
|
-
|
-
|
-
|
2,067
|
||||||||||||
Non-GAAP gross profit
|
$
|
140,208
|
$
|
189,739
|
$
|
487,114
|
$
|
622,646
|
Reconciliation of Operating Expenses to Non-GAAP Operating Expenses:
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2022
|
2023
|
2022
|
2023
|
|||||||||||||
Operating expenses
|
$
|
164,392
|
$
|
188,162
|
$
|
618,114
|
$
|
712,229
|
||||||||
Less:
|
||||||||||||||||
Share-based compensation (1)
|
28,130
|
33,035
|
105,761
|
122,489
|
||||||||||||
Amortization of intangible assets (2)
|
153
|
137
|
611
|
547
|
||||||||||||
Acquisition related expenses
|
-
|
-
|
2,244
|
-
|
||||||||||||
Non-GAAP operating expenses
|
$
|
136,109
|
$
|
154,990
|
$
|
509,498
|
$
|
589,193
|
Reconciliation of Operating loss to Non-GAAP Operating Income (loss):
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2022
|
2023
|
2022
|
2023
|
|||||||||||||
Operating loss
|
$
|
(30,069
|
)
|
$
|
(4,711
|
)
|
$
|
(152,450
|
)
|
$
|
(116,472
|
)
|
||||
Plus:
|
||||||||||||||||
Share-based compensation (1)
|
32,228
|
37,535
|
120,821
|
140,101
|
||||||||||||
Amortization of share-based compensation capitalized in software development costs (3)
|
82
|
84
|
346
|
393
|
||||||||||||
Amortization of intangible assets (2)
|
1,858
|
1,841
|
6,655
|
7,364
|
||||||||||||
Acquisition related expenses
|
-
|
-
|
2,244
|
-
|
||||||||||||
Impairment of capitalized software development costs (3)
|
-
|
-
|
-
|
2,067
|
||||||||||||
Non-GAAP operating income (loss)
|
$
|
4,099
|
$
|
34,749
|
$
|
(22,384
|
)
|
$
|
33,453
|
CYBERARK SOFTWARE LTD.
|
|
Reconciliation of GAAP Measures to Non-GAAP Measures
|
|
U.S. dollars in thousands (except per share data)
|
|
(Unaudited)
|
Reconciliation of Net Income (loss) to Non-GAAP Net Income (loss):
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2022
|
2023
|
2022
|
2023
|
|||||||||||||
Net income (loss)
|
$
|
(22,204
|
)
|
$
|
8,911
|
$
|
(130,368
|
)
|
$
|
(66,504
|
)
|
|||||
Plus:
|
||||||||||||||||
Share-based compensation (1)
|
32,228
|
37,535
|
120,821
|
140,101
|
||||||||||||
Amortization of share-based compensation capitalized in software development costs (3)
|
82
|
84
|
346
|
393
|
||||||||||||
Amortization of intangible assets (2)
|
1,858
|
1,841
|
6,655
|
7,364
|
||||||||||||
Acquisition related expenses
|
-
|
-
|
2,244
|
-
|
||||||||||||
Amortization of debt discount and issuance costs
|
746
|
752
|
2,980
|
2,996
|
||||||||||||
Gain from investment in privately held companies
|
-
|
(2,213
|
)
|
(324
|
)
|
(2,757
|
)
|
|||||||||
Impairment of capitalized software development costs (3)
|
-
|
-
|
-
|
2,067
|
||||||||||||
Taxes on income related to non-GAAP adjustments
|
(5,560
|
)
|
(8,848
|
)
|
(20,189
|
)
|
(31,656
|
)
|
||||||||
Non-GAAP net income (loss)
|
$
|
7,150
|
$
|
38,062
|
$
|
(17,835
|
)
|
$
|
52,004
|
|||||||
Non-GAAP net income (loss) per share
|
||||||||||||||||
Basic
|
$
|
0.17
|
$
|
0.90
|
$
|
(0.44
|
)
|
$
|
1.25
|
|||||||
Diluted
|
$
|
0.16
|
$
|
0.81
|
$
|
(0.44
|
)
|
$
|
1.12
|
|||||||
Weighted average number of shares
|
||||||||||||||||
Basic
|
40,923,682
|
42,069,678
|
40,583,002
|
41,658,424
|
||||||||||||
Diluted
|
45,600,508
|
47,107,294
|
40,583,002
|
46,375,198
|
(1) Share-based Compensation :
|
||||||||||||||||
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2022
|
2023
|
2022
|
2023
|
|||||||||||||
Cost of revenues - Subscription
|
$
|
737
|
$
|
1,219
|
$
|
2,264
|
$
|
4,178
|
||||||||
Cost of revenues - Perpetual license
|
40
|
15
|
143
|
45
|
||||||||||||
Cost of revenues - Maintenance and Professional services
|
3,321
|
3,266
|
12,653
|
13,389
|
||||||||||||
Research and development
|
7,315
|
7,661
|
27,102
|
29,458
|
||||||||||||
Sales and marketing
|
13,684
|
14,800
|
51,099
|
58,790
|
||||||||||||
General and administrative
|
7,131
|
10,574
|
27,560
|
34,241
|
||||||||||||
Total share-based compensation
|
$
|
32,228
|
$
|
37,535
|
$
|
120,821
|
$
|
140,101
|
(2) Amortization of intangible assets :
|
||||||||||||||||
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2022
|
2023
|
2022
|
2023
|
|||||||||||||
Cost of revenues - Subscription
|
$
|
1,663
|
$
|
1,704
|
$
|
5,894
|
$
|
6,817
|
||||||||
Cost of revenues - Perpetual license
|
42
|
-
|
150
|
-
|
||||||||||||
Sales and marketing
|
153
|
137
|
611
|
547
|
||||||||||||
Total amortization of intangible assets
|
$
|
1,858
|
$
|
1,841
|
$
|
6,655
|
$
|
7,364
|
||||||||