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URL:  https://boards.fool.com/cybr-cyberark-34214033.aspx

Subject:  CYBR CyberArk Date:  5/22/2019  2:13 PM
Author:  Torquepeak Number:  56003 of 61676

CyberArk CYBR Is a security and access management company. They are growing fast and steady and are profitable. The company provides security mainly for/from privileged access users like the type of people that have admin or infrastructure and development access. They protect from internal and external threats using this access. Based out of Isreal. Partnered with identity heavy hitters like Sailpont, Okta, and channel partners like KPMG doing selling and installation. 65% of revenue came through these indirect channels in Q1. They sit in the highest and rightest spot in Gartners Magic Quadrant for privileged access security. Currently have 50% of fortune 500 as customers.

Revenue ~100M per quarter growing >30%. Split between services, subscription and licensing. 4600 customers, adding 150 in the just released Q1 2019.

Growth drivers are familiar to NPI companies; expanding TAM as DevOps increase, digital transformation, more devices and applications are added to company systems, new customer adds, expanding customer biz, growth in EU and Asia. As cloud and hybrid networks increase and new and varied devices send and receive info, the security perimeter expands.

RPA (Robotic Process Automation) is like a superuser and has uber access. CYBR secures things lie this. NA is > 60% of revenue. On the conf call they mentioned cohort analysis that showed 8 year old customers buying 7x intial purchases, so a good expand portion of the land and expand strategy.

Guidance for 2019 is $417M @ 22% YOY growth, with non-GAAP operating income of just over $100M! I like to finally see a company making money with decent growth.

Here is a link to a google sheet with charts and tables.
https://docs.google.com/spreadsheets/d/1cCbU1TGHZiazSQnaHSu8...

This is a solid, profitable growth stock with high margins and expanding TAM. I haven't gotten in yet and unfortunately the price has run up this year to almost double YTD. I will be looking for an opportunity to get in.

Current EV/S is about 12. Market cap of $5B. The company claims the TAM at $44B but I'm pretty skeptical on that number.
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