• |
Subscription revenue was $88.5 million in the fourth quarter of 2022, an increase of 86 percent from $47.6 million in the fourth quarter of 2021.
|
• |
Maintenance and professional services revenue was $66.1 million in the fourth quarter of 2022, compared to $65.1 million in the fourth quarter of 2021.
|
• |
Perpetual license revenue was $14.6 million in the fourth quarter of 2022, compared to $38.7 million in the fourth quarter of 2021.
|
• |
Total revenue was $169.2 million in the fourth quarter of 2022, up 12 percent from $151.3 million in the fourth quarter of 2021.
|
• |
GAAP operating loss was $(30.1) million and non-GAAP operating income was $4.1 million in the fourth quarter of 2022.
|
• |
GAAP net loss was $(22.2) million, or $(0.54) per basic and diluted share, in the fourth quarter of 2022. Non-GAAP net income was $7.2 million, or $0.16 per diluted share, in the fourth quarter of 2022.
|
• |
Subscription revenue was $280.6 million in the full year 2022, an increase of 108 percent from $134.6 million in the full year 2021.
|
• |
Maintenance and professional services revenue was $261.1 million in the full year 2022, an increase of 3 percent from $252.6 million in the full year 2021.
|
• |
Total revenue was $591.7 million in the full year 2022, up 18 percent from $502.9 million in the full year 2021.
|
• |
GAAP operating loss was $(152.5) million and non-GAAP operating loss was $(22.4) million in the full year 2022.
|
• |
GAAP net loss was $(130.4) million, or $(3.21) per basic and diluted share, in the full year 2022. Non-GAAP net loss was $(17.8) million, or $(0.44) per basic and diluted share, in the full year 2022.
|
• |
As of December 31, 2022, CyberArk had $1.2 billion in cash, cash equivalents, marketable securities, and short-term deposits.
|
• |
During the full year 2022, the Company generated $49.7 million in net cash provided by operating activities.
|
• |
As of December 31, 2022, total deferred revenue was $408.4 million, a 29 percent increase from $317.3 million at December 31, 2021.
|
• |
Annual Recurring Revenue (ARR) was $570 million, an increase of 45 percent from $393 million at December 31, 2021.
|
o |
The Subscription portion of ARR was $364 million, or 64 percent of total ARR at December 31, 2022. This represents an increase of 99 percent from $183 million, or 46 percent of total ARR, at December 31, 2021.
|
o |
The Maintenance portion of ARR was $206 million at December 31, 2022, compared to $210 million at December 31, 2021.
|
• |
Recurring revenue in the fourth quarter was $142.6 million, an increase of 39 percent from $102.9 million for the fourth quarter of 2021. For the full year 2022, recurring revenue was $498.3 million, an increase of 43 percent from $348.7
million for the full year 2021.
|
• |
Remaining Performance Obligations (RPO) of $713 million at December 31, 2022, an increase of 38 percent compared to $516 million at December 31, 2021.
|
• |
90 percent of total license bookings in the fourth quarter 2022 were related to subscription bookings, compared to approximately 71 percent in the fourth quarter of 2021. For the full year 2022, 88 percent of total license bookings were
related to subscription bookings, compared with approximately 66 percent for the full year 2021.
|
• |
Added a strong number of new logos in the quarter, signing more than 380 new customers during the fourth quarter of 2022.
|
• |
CyberArk was named a Leader in the Gartner® Magic Quadrant™ for Access Management(1), the only vendor to be named a leader for both Gartner® Magic Quadrant™ Privileged Access Management(2) and Access
Management in 2022.
|
• |
CyberArk was named a Leader in KuppingerCole “Leadership Compass: Passwordless Authentication” for 2022(3)
|
• |
Total revenue is expected to be in the range of $160.0 million and $164.0 million, representing growth of 25 percent to 29 percent compared to the first quarter of 2022.
|
• |
Non-GAAP operating loss is expected to be in the range of ($15.5) million to $(12.5) million.
|
• |
Non-GAAP net loss per share is expected to be in the range of $(0.30) to $(0.23) per basic and diluted share.
|
o |
Assumes 41.3 million weighted average basic and diluted shares.
|
• |
Total revenue is expected to be in the range of $724.0 million to $736.0 million, representing growth of 22 percent to 24 percent compared to the full year 2022.
|
• |
Non-GAAP operating income/(loss) is expected to be in the range of $(5.0) million to $5.0 million.
|
• |
Non-GAAP net income per share is expected to be in the range of $0.07 to $0.28 per diluted share.
|
o |
Assumes 46.1 million weighted average diluted shares
|
• |
ARR as of December 31, 2023 is expected to be in the range of $730 million to $740 million, representing growth of 28 percent to 30 percent from December 31, 2022.
|
• |
Annual Recurring Revenue (ARR) is defined as the annualized value of active SaaS, subscription or term-based license and maintenance contracts related to perpetual licenses in effect at the end of the reported period.
|
• |
Subscription portion of ARR is defined as the annualized value of active SaaS and subscription or term-based license 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 subscription or term-based license contracts in effect at the
end of the reported period.
|
• |
Recurring Revenue is defined as revenue derived from SaaS and subscription or term-based license 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, and amortization of intangible assets related to acquisitions.
|
• |
Non-GAAP operating expense is calculated as GAAP operating expenses excluding share-based compensation expense, facility exit costs, 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, facility exit costs, acquisition related expenses and amortization of intangible assets related to acquisitions.
|
• |
Non-GAAP net income (loss) is calculated as GAAP net loss excluding share-based compensation expense, facility exit costs, acquisition related expenses, amortization of intangible assets related to acquisitions, amortization of debt
discount and issuance costs, the tax effect of non-GAAP adjustments and unrealized gain from investment in privately held companies.
|
• |
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,
|
||||||||||||||
|
2021
|
2022
|
2021
|
2022
|
||||||||||||
|
||||||||||||||||
Revenues:
|
||||||||||||||||
Subscription
|
$
|
47,557
|
$
|
88,451
|
$
|
134,628
|
$
|
280,649
|
||||||||
Perpetual license
|
38,674
|
14,579
|
115,738
|
49,964
|
||||||||||||
Maintenance and professional services
|
65,089
|
66,121
|
252,551
|
261,097
|
||||||||||||
|
||||||||||||||||
Total revenues
|
151,320
|
169,151
|
502,917
|
591,710
|
||||||||||||
|
||||||||||||||||
Cost of revenues:
|
||||||||||||||||
Subscription
|
8,123
|
13,762
|
25,837
|
46,249
|
||||||||||||
Perpetual license
|
979
|
913
|
3,904
|
2,893
|
||||||||||||
Maintenance and professional services
|
16,594
|
20,153
|
63,566
|
76,904
|
||||||||||||
|
||||||||||||||||
Total cost of revenues
|
25,696
|
34,828
|
93,307
|
126,046
|
||||||||||||
|
||||||||||||||||
Gross profit
|
125,624
|
134,323
|
409,610
|
465,664
|
||||||||||||
|
||||||||||||||||
Operating expenses:
|
||||||||||||||||
Research and development
|
40,747
|
51,477
|
142,121
|
190,321
|
||||||||||||
Sales and marketing
|
77,564
|
90,737
|
274,401
|
345,273
|
||||||||||||
General and administrative
|
19,162
|
22,178
|
71,425
|
82,520
|
||||||||||||
|
||||||||||||||||
Total operating expenses
|
137,473
|
164,392
|
487,947
|
618,114
|
||||||||||||
|
||||||||||||||||
Operating loss
|
(11,849
|
)
|
(30,069
|
)
|
(78,337
|
)
|
(152,450
|
)
|
||||||||
|
||||||||||||||||
Financial income (expense), net
|
(3,245
|
)
|
9,163
|
(12,992
|
)
|
15,432
|
||||||||||
|
||||||||||||||||
Loss before taxes on income
|
(15,094
|
)
|
(20,906
|
)
|
(91,329
|
)
|
(137,018
|
)
|
||||||||
|
||||||||||||||||
Tax benefit (taxes on income)
|
(1,793
|
)
|
(1,298
|
)
|
7,383
|
6,650
|
||||||||||
|
||||||||||||||||
Net loss
|
$
|
(16,887
|
)
|
$
|
(22,204
|
)
|
$
|
(83,946
|
)
|
$
|
(130,368
|
)
|
||||
|
||||||||||||||||
Basic net loss per ordinary share
|
$
|
(0.42
|
)
|
$
|
(0.54
|
)
|
$
|
(2.12
|
)
|
$
|
(3.21
|
)
|
||||
Diluted net loss per ordinary share
|
$
|
(0.42
|
)
|
$
|
(0.54
|
)
|
$
|
(2.12
|
)
|
$
|
(3.21
|
)
|
||||
|
||||||||||||||||
Shares used in computing net loss
|
||||||||||||||||
per ordinary shares, basic
|
39,982,230
|
40,923,682
|
39,645,453
|
40,583,002
|
||||||||||||
Shares used in computing net loss
|
||||||||||||||||
per ordinary shares, diluted
|
39,982,230
|
40,923,682
|
39,645,453
|
40,583,002
|
CYBERARK SOFTWARE LTD.
|
|
Consolidated Balance Sheets
|
|
U.S. dollars in thousands
(Unaudited)
|
|
December 31,
|
December 31,
|
||||||
|
2021
|
2022
|
||||||
|
||||||||
ASSETS
|
||||||||
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$
|
356,850
|
$
|
347,338
|
||||
Short-term bank deposits
|
369,645
|
305,843
|
||||||
Marketable securities
|
199,933
|
301,101
|
||||||
Trade receivables
|
113,211
|
120,817
|
||||||
Prepaid expenses and other current assets
|
22,225
|
22,482
|
||||||
|
||||||||
Total current assets
|
1,061,864
|
1,097,581
|
||||||
|
||||||||
LONG-TERM ASSETS:
|
||||||||
Marketable securities
|
300,662
|
227,748
|
||||||
Property and equipment, net
|
20,183
|
23,474
|
||||||
Intangible assets, net
|
17,866
|
27,508
|
||||||
Goodwill
|
123,717
|
153,241
|
||||||
Other long-term assets
|
121,743
|
217,040
|
||||||
Deferred tax asset
|
47,167
|
72,809
|
||||||
|
||||||||
Total long-term assets
|
631,338
|
721,820
|
||||||
|
||||||||
TOTAL ASSETS
|
$
|
1,693,202
|
$
|
1,819,401
|
||||
|
||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Trade payables
|
$
|
10,076
|
$
|
13,642
|
||||
Employees and payroll accruals
|
75,442
|
77,328
|
||||||
Accrued expenses and other current liabilities
|
23,576
|
33,584
|
||||||
Deferred revenues
|
230,908
|
327,918
|
||||||
|
||||||||
Total current liabilities
|
340,002
|
452,472
|
||||||
|
||||||||
LONG-TERM LIABILITIES:
|
||||||||
Convertible senior notes, net
|
520,094
|
569,344
|
||||||
Deferred revenues
|
86,367
|
80,524
|
||||||
Other long-term liabilities
|
20,227
|
38,917
|
||||||
|
||||||||
Total long-term liabilities
|
626,688
|
688,785
|
||||||
|
||||||||
TOTAL LIABILITIES
|
966,690
|
1,141,257
|
||||||
|
||||||||
SHAREHOLDERS' EQUITY:
|
||||||||
Ordinary shares of NIS 0.01 par value
|
104
|
107
|
||||||
Additional paid-in capital
|
588,937
|
660,289
|
||||||
Accumulated other comprehensive income (loss)
|
397
|
(15,560
|
)
|
|||||
Retained earnings
|
137,074
|
33,308
|
||||||
|
||||||||
Total shareholders' equity
|
726,512
|
678,144
|
||||||
|
||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
$
|
1,693,202
|
$
|
1,819,401
|
CYBERARK SOFTWARE LTD.
|
Consolidated Statements of Cash Flows
|
U.S. dollars in thousands
|
(Unaudited)
|
|
Twelve Months Ended
|
|||||||
|
December 31,
|
|||||||
|
2021
|
2022
|
||||||
|
||||||||
Cash flows from operating activities:
|
||||||||
Net loss
|
$
|
(83,946
|
)
|
$
|
(130,368
|
)
|
||
Adjustments to reconcile net loss to net cash
|
||||||||
provided by operating activities:
|
||||||||
Depreciation and amortization
|
14,228
|
16,203
|
||||||
Amortization of premium and accretion of discount on marketable securities, net
|
7,532
|
3,894
|
||||||
Share-based compensation
|
95,436
|
120,821
|
||||||
Deferred income taxes, net
|
(11,972
|
)
|
(15,630
|
)
|
||||
Increase in trade receivables
|
(20,083
|
)
|
(7,606
|
)
|
||||
Amortization of debt discount and issuance costs
|
17,792
|
2,980
|
||||||
Increase in prepaid expenses, other current and long-term assets and others
|
(44,423
|
)
|
(37,141
|
)
|
||||
Changes in operating lease right-of-use assets
|
6,204
|
4,558
|
||||||
Increase in trade payables
|
1,499
|
4,053
|
||||||
Increase in short-term and long-term deferred revenues
|
74,767
|
91,167
|
||||||
Increase in employees and payroll accruals
|
23,821
|
714
|
||||||
Increase (decrease) in accrued expenses and other current and long-term liabilities
|
(101
|
)
|
4,801
|
|||||
Changes in operating lease liabilities
|
(6,014
|
)
|
(8,738
|
)
|
||||
|
||||||||
Net cash provided by operating activities
|
74,740
|
49,708
|
||||||
|
||||||||
Cash flows from investing activities:
|
||||||||
Proceeds from (investment in) short and long term deposits, net
|
(105,069
|
)
|
35,669
|
|||||
Investment in marketable securities and other
|
(357,210
|
)
|
(375,731
|
)
|
||||
Proceeds from sales and maturities of marketable securities
|
243,013
|
325,472
|
||||||
Purchase of property and equipment
|
(8,928
|
)
|
(12,517
|
)
|
||||
Payments for business acquisitions, net of cash acquired
|
-
|
(41,285
|
)
|
|||||
|
||||||||
Net cash used in investing activities
|
(228,194
|
)
|
(68,392
|
)
|
||||
|
||||||||
Cash flows from financing activities:
|
||||||||
Payments of withholding tax related to employee stock plans
|
(789
|
)
|
(184
|
)
|
||||
Proceeds from exercise of stock options
|
11,738
|
1,968
|
||||||
Proceeds in connection with employees stock purchase plan
|
-
|
15,143
|
||||||
Payments of contingent consideration related to acquisitions
|
-
|
(4,702
|
)
|
|||||
|
||||||||
Net cash provided by financing activities
|
10,949
|
12,225
|
||||||
|
||||||||
Decrease in cash, cash equivalents and restricted cash
|
(142,505
|
)
|
(6,459
|
)
|
||||
|
||||||||
Effect of exchange rate differences on cash and cash equivalents
|
(689
|
)
|
(3,053
|
)
|
||||
|
||||||||
Cash, cash equivalents and restricted cash at the beginning of the period
|
500,044
|
356,850
|
||||||
|
||||||||
Cash and cash equivalents at the end of the period
|
$
|
356,850
|
$
|
347,338
|
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,
|
||||||||||||||
|
2021
|
2022
|
2021
|
2022
|
||||||||||||
|
||||||||||||||||
Net cash provided by operating activities
|
$
|
20,437
|
$
|
20,497
|
$
|
74,740
|
$
|
49,708
|
||||||||
Less:
|
||||||||||||||||
Purchase of property and equipment
|
(1,741
|
)
|
(3,739
|
)
|
(8,928
|
)
|
(12,517
|
)
|
||||||||
|
||||||||||||||||
Free cash flow
|
$
|
18,696
|
$
|
16,758
|
$
|
65,812
|
$
|
37,191
|
||||||||
|
||||||||||||||||
GAAP net cash used in investing activities
|
(96,339
|
)
|
(247
|
)
|
(228,194
|
)
|
(68,392
|
)
|
||||||||
GAAP net cash provided by (used in) financing activities
|
(3,157
|
)
|
563
|
10,949
|
12,225
|
Reconciliation of Gross Profit to Non-GAAP Gross Profit:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
Twelve Months Ended
|
||||||||||||||
|
December 31,
|
December 31,
|
||||||||||||||
|
2021
|
2022
|
2021
|
2022
|
||||||||||||
|
||||||||||||||||
Gross profit
|
$
|
125,624
|
$
|
134,323
|
$
|
409,610
|
$
|
465,664
|
||||||||
Plus:
|
||||||||||||||||
Share-based compensation (1)
|
3,167
|
4,098
|
11,158
|
15,060
|
||||||||||||
Amortization of share-based compensation capitalized in software development costs (3)
|
70
|
82
|
242
|
346
|
||||||||||||
Amortization of intangible assets (2)
|
1,279
|
1,705
|
5,112
|
6,044
|
||||||||||||
|
||||||||||||||||
Non-GAAP gross profit
|
$
|
130,140
|
$
|
140,208
|
$
|
426,122
|
$
|
487,114
|
Reconciliation of Operating Expenses to Non-GAAP Operating Expenses:
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
Twelve Months Ended
|
||||||||||||||
|
December 31,
|
December 31,
|
||||||||||||||
|
2021
|
2022
|
2021
|
2022
|
||||||||||||
|
||||||||||||||||
Operating expenses
|
$
|
137,473
|
$
|
164,392
|
$
|
487,947
|
$
|
618,114
|
||||||||
Less:
|
||||||||||||||||
Share-based compensation (1)
|
23,495
|
28,130
|
84,278
|
105,761
|
||||||||||||
Amortization of intangible assets (2)
|
175
|
153
|
698
|
611
|
||||||||||||
Acquisition related expenses
|
-
|
-
|
-
|
2,244
|
||||||||||||
Facility exit and transition costs
|
-
|
-
|
760
|
-
|
||||||||||||
|
||||||||||||||||
Non-GAAP operating expenses
|
$
|
113,803
|
$
|
136,109
|
$
|
402,211
|
$
|
509,498
|
Reconciliation of Operating loss to Non-GAAP Operating Income (loss):
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
Twelve Months Ended
|
||||||||||||||
|
December 31,
|
December 31,
|
||||||||||||||
|
2021
|
2022
|
2021
|
2022
|
||||||||||||
|
||||||||||||||||
Operating loss
|
$
|
(11,849
|
)
|
$
|
(30,069
|
)
|
$
|
(78,337
|
)
|
$
|
(152,450
|
)
|
||||
Plus:
|
||||||||||||||||
Share-based compensation (1)
|
26,662
|
32,228
|
95,436
|
120,821
|
||||||||||||
Amortization of share-based compensation capitalized in software development costs (3)
|
70
|
82
|
242
|
346
|
||||||||||||
Amortization of intangible assets (2)
|
1,454
|
1,858
|
5,810
|
6,655
|
||||||||||||
Acquisition related expenses
|
-
|
-
|
-
|
2,244
|
||||||||||||
Facility exit and transition costs
|
-
|
-
|
760
|
-
|
||||||||||||
|
||||||||||||||||
Non-GAAP operating income (loss)
|
$
|
16,337
|
$
|
4,099
|
$
|
23,911
|
$
|
(22,384
|
)
|
Reconciliation of Net loss to Non-GAAP Net Income (loss):
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
Twelve Months Ended
|
||||||||||||||
|
December 31,
|
December 31,
|
||||||||||||||
|
2021
|
2022
|
2021
|
2022
|
||||||||||||
|
||||||||||||||||
Net loss
|
$
|
(16,887
|
)
|
$
|
(22,204
|
)
|
$
|
(83,946
|
)
|
$
|
(130,368
|
)
|
||||
Plus:
|
||||||||||||||||
Share-based compensation (1)
|
26,662
|
32,228
|
95,436
|
120,821
|
||||||||||||
Amortization of share-based compensation capitalized in software development costs (3)
|
70
|
82
|
242
|
346
|
||||||||||||
Amortization of intangible assets (2)
|
1,454
|
1,858
|
5,810
|
6,655
|
||||||||||||
Acquisition related expenses
|
-
|
-
|
-
|
2,244
|
||||||||||||
Facility exit and transition costs
|
-
|
-
|
760
|
-
|
||||||||||||
Amortization of debt discount and issuance costs
|
4,505
|
746
|
17,790
|
2,980
|
||||||||||||
Unrealized Gain from investment in privately held companies
|
-
|
-
|
-
|
(324
|
)
|
|||||||||||
Taxes on income related to non-GAAP adjustments
|
(4,045
|
)
|
(5,560
|
)
|
(22,682
|
)
|
(20,189
|
)
|
||||||||
|
||||||||||||||||
Non-GAAP net income (loss)
|
$
|
11,759
|
$
|
7,150
|
$
|
13,410
|
$
|
(17,835
|
)
|
|||||||
|
||||||||||||||||
Non-GAAP net income (loss) per share
|
||||||||||||||||
Basic
|
$
|
0.29
|
$
|
0.17
|
$
|
0.34
|
$
|
(0.44
|
)
|
|||||||
Diluted
|
$
|
0.28
|
$
|
0.16
|
$
|
0.33
|
$
|
(0.44
|
)
|
|||||||
|
||||||||||||||||
Weighted average number of shares
|
||||||||||||||||
Basic
|
39,982,230
|
40,923,682
|
39,645,453
|
40,583,002
|
||||||||||||
Diluted
|
41,622,091
|
45,600,508
|
40,804,053
|
40,583,002
|
(1) Share-based Compensation :
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
Twelve Months Ended
|
||||||||||||||
|
December 31,
|
December 31,
|
||||||||||||||
|
2021
|
2022
|
2021
|
2022
|
||||||||||||
|
||||||||||||||||
Cost of revenues - Subscription
|
$
|
309
|
$
|
737
|
$
|
853
|
$
|
2,264
|
||||||||
Cost of revenues - Perpetual license
|
66
|
40
|
234
|
143
|
||||||||||||
Cost of revenues - Maintenance and Professional services
|
2,792
|
3,321
|
10,071
|
12,653
|
||||||||||||
Research and development
|
5,620
|
7,315
|
20,498
|
27,102
|
||||||||||||
Sales and marketing
|
10,926
|
13,684
|
38,546
|
51,099
|
||||||||||||
General and administrative
|
6,949
|
7,131
|
25,234
|
27,560
|
||||||||||||
|
||||||||||||||||
Total share-based compensation
|
$
|
26,662
|
$
|
32,228
|
$
|
95,436
|
$
|
120,821
|
(2) Amortization of intangible assets :
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
Twelve Months Ended
|
||||||||||||||
|
December 31,
|
December 31,
|
||||||||||||||
|
2021
|
2022
|
2021
|
2022
|
||||||||||||
|
||||||||||||||||
Cost of revenues - Subscription
|
$
|
1,157
|
$
|
1,663
|
$
|
4,468
|
$
|
5,894
|
||||||||
Cost of revenues - Perpetual license
|
122
|
42
|
644
|
150
|
||||||||||||
Sales and marketing
|
175
|
153
|
698
|
611
|
||||||||||||
|
||||||||||||||||
Total amortization of intangible assets
|
$
|
1,454
|
$
|
1,858
|
$
|
5,810
|
$
|
6,655
|
(3) Classified as Cost of revenues - Subscription.
|
|
|
|
|
|
|
|
|
|