CyberArk Software, Ltd. (NASDAQ:CYBR) Q2 2020 Earnings Conference Call - Final Transcript

Aug 04, 2020 • 08:30 am ET


CyberArk Software, Ltd. (NASDAQ:CYBR) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to CyberArk Second Quarter 2020 Earnings Conference Call. [Operator Instructions]

I would now like to hand the conference over to Ms. Erica Smith, Vice President, Investor Relations. Please go ahead.

Erica Smith

Thank you, Shannon. Good morning. Thank you for joining us today to review CyberArk's second quarter 2020 financial results. With me on the call today are Udi Mokady, Chairman and Chief Executive Officer; and Josh Siegel, Chief Financial Officer. After prepared remarks, we will open the call up to your question-and-answer session.

Before we being, let me remind you that certain statements made on the call today may be considered forward-looking statements, which reflect management's best judgment based on currently available information. I refer specifically to the discussion of our expectations and beliefs regarding our projected results of operations for the third quarter. Our actual results might differ materially from those projected in these forward-looking statements. I direct your attention to the risk factors contained in the Company's annual report on Form 20-F filed with the SEC and those referenced in today's press release that are posted to CyberArk's website as well as risks regarding the duration and scope of the COVID-19 pandemic and its related impact on global economies and our ability to adjust in response to the COVID-19 pandemic.

CyberArk expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements made herein. Additionally, non-GAAP financial measures will be discussed in this conference call. Reconciliations to the most directly comparable GAAP financial measures are also available in today's press release or in the supplemental historic information, both of which can be found on our website in the Investor Relations section. Also a webcast of today's call will be available on our website in the IR section.

With that, I'd like to turn the call over to our Chairman and Chief Executive Officer, Udi Mokady. Udi?

Udi Mokady

Thanks, Erica, and thanks everyone for joining the call. During the quarter, the safety and well-being of our employees continue to be our top priority. We evolved our policies and procedures based on the rolling nature of the pandemic in the countries in which we operate. Our global teams are agile and have adjusted well to today's new normal. In fact, we believe reduced travel schedules, virtual events and digital marketing have increased the overall productivity and focus across the company.

Before getting into the details of the quarter, I want to spend a few minutes talking about the trends we are seeing in the market, then discuss our Q2 results in more detail. I will recap our first ever virtual customer event held two weeks ago, and finally, discuss the integration of Idaptive and positive response from customers and partners. We continued to see identity and security -- to see identity security and PAM at the top of CIO and CISO priority lists. This was confirmed by customers at our recent Impact event held two weeks