CyberArk Software (CYBR) 6-K22 Oct 24Current report (foreign)Financial data

Company Profile

Document and Entity Information

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2024
Entity Registrant Name	CyberArk Software Ltd.
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Current Fiscal Year End Date	--12-31
Entity Address, Address Line One	9 Hapsagot St.
Entity Address, Address Line Two	Park Ofer 2
Entity Address, Address Line Three	P.O. Box 3143
Entity Address, City or Town	Petach-Tikva
Entity Address Country	IL
Entity Address, Postal Zip Code	4951041
Entity Central Index Key	0001598110

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 641,014	$ 355,933
Short-term bank deposits	231,037	354,472
Marketable securities	528,086	283,016
Trade receivables (net of allowance for credit losses of $6 and $50 at December 31, 2023 and June 30, 2024, respectively)	156,049	186,472
Prepaid expenses and other current assets	34,983	31,550
Total current assets	1,591,169	1,211,443
LONG-TERM ASSETS:
Marketable securities	30,871	324,548
Property and equipment, net	16,477	16,494
Intangible assets, net	16,665	20,202
Goodwill	153,241	153,241
Other long-term assets	227,140	214,816
Deferred tax assets	85,021	81,464
Total long-term assets	529,415	810,765
TOTAL ASSETS	2,120,584	2,022,208
CURRENT LIABILITIES:
Trade payables	6,189	10,971
Employees and payroll accruals	75,909	95,538
Accrued expenses and other current liabilities	37,979	36,562
Convertible senior notes, net	573,824	572,340
Deferred revenues	442,223	409,219
Total current liabilities	1,136,124	1,124,630
LONG-TERM LIABILITIES:
Deferred revenues	75,887	71,413
Other long-term liabilities	31,601	33,839
Total long-term liabilities	107,488	105,252
TOTAL LIABILITIES	1,243,612	1,229,882
SHAREHOLDERS' EQUITY:
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	111
Additional paid-in capital	918,948	827,260
Accumulated other comprehensive loss	(1,440)	(1,849)
Accumulated deficit	(40,649)	(33,196)
Total shareholders' equity	876,972	792,326
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 2,120,584	$ 2,022,208

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) $ in Thousands	Jun. 30, 2024 ₪ / shares	Jun. 30, 2024 USD ($) shares	Dec. 31, 2023 ₪ / shares	Dec. 31, 2023 USD ($) shares
Statement of Financial Position [Abstract]
Ordinary shares, par value \| ₪ / shares	₪ 0.01		₪ 0.01
Ordinary shares, Authorized		250,000,000		250,000,000
Common Stock, Shares, Issued		42,255,336		43,229,302
Ordinary shares, outstanding		42,255,336		43,229,302
Net of allowance for credit losses \| $		$ 50		$ 6

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Subscription	$ 314,653	$ 198,887
Perpetual license	6,588	8,972
Maintenance and professional services	125,015	129,689
Revenues	446,256	337,548
Cost of revenues:
Subscription	43,563	33,578
Perpetual license	782	531
Maintenance and professional services	43,081	40,630
Cost of revenues	87,426	74,739
Gross profit	358,830	262,809
Operating expenses:
Research and development	110,470	105,920
Sales and marketing	220,303	200,517
General and administrative	58,411	42,396
Total operating expenses	389,184	348,833
Operating loss	(30,354)	(86,024)
Financial income, net	27,399	21,488
Loss before taxes on income	(2,955)	(64,536)
Tax benefit (taxes on income)	(4,498)	3,730
Net loss	$ (7,453)	$ (60,806)
Basic net loss per ordinary share	$ (0.17)	$ (1.47)
Diluted net loss per ordinary share	$ (0.17)	$ (1.47)
Change in net unrealized gains on marketable securities:
Net unrealized gains arising during the period	$ 2,574	$ 1,764
Change in unrealized losses on marketable securities, total	2,574	1,764
Change in unrealized net gain (loss) on cash flow hedges:
Net unrealized losses arising during the period	(1,503)	(4,497)
Net gains (losses) reclassified into net loss	(662)	4,797
Change in unrealized gain (loss) on cash flow hedges, Total	(2,165)	300
Other comprehensive income, net of taxes of $281 and $56 for the six months ended June 30, 2023, and 2024, respectively	409	2,064
Total comprehensive loss	$ (7,044)	$ (58,742)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Other comprehensive income (loss), tax	$ 56	$ 281

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Ordinary shares [Member]		Additional paid-in capital [Member]	Accumulated other comprehensive loss [Member]	Retained earnings (accumulated deficit) [Member]	Total
Balance at Dec. 31, 2022	$ 107		$ 660,289	$ (15,560)	$ 33,308	$ 678,144
Balance, shares at Dec. 31, 2022	41,028,571
Exercise of options and vested RSUs granted to employees	$ 2		774	0	0	776
Exercise of options and vested RSUs granted to employees, shares	761,042
Other comprehensive income, net of tax	$ 0		0	2,064	0	2,064
Share-based compensation	0		64,212	0	0	64,212
Issuance of ordinary shares under employee stock purchase plan	$ 1	[1]	7,502	0	0	7,503
Issuance of ordinary shares under employee stock purchase plan, shares	57,032
Net loss	$ 0		0	0	(60,806)	(60,806)
Balance at Jun. 30, 2023	$ 110		732,777	(13,496)	(27,498)	691,893
Balance, shares at Jun. 30, 2023	41,846,645
Exercise of options and vested RSUs granted to employees	$ 1		10,288	0	0	10,289
Exercise of options and vested RSUs granted to employees, shares	346,827
Other comprehensive income, net of tax	$ 0		0	11,647	0	11,647
Share-based compensation	0		76,192	0	0	76,192
Issuance of ordinary shares under employee stock purchase plan		[1]	8,003	0	0	8,003
Issuance of ordinary shares under employee stock purchase plan, shares	61,864
Net loss	$ 0		0	0	(5,698)	(5,698)
Balance at Dec. 31, 2023	$ 111		827,260	(1,849)	(33,196)	792,326
Balance, shares at Dec. 31, 2023	42,255,336
Exercise of options and vested RSUs granted to employees	$ 2		3,823	0	0	3,825
Exercise of options and vested RSUs granted to employees, shares	917,914
Other comprehensive income, net of tax	$ 0		0	409	0	409
Share-based compensation	0		78,272	0	0	78,272
Issuance of ordinary shares under employee stock purchase plan		[1]	9,573	0	0	9,573
Issuance of ordinary shares under employee stock purchase plan, shares	55,926
Conversion of Convertible Senior Notes		[1]	20	0	0	20
Conversion of Convertible Senior Notes, shares	126
Net loss	$ 0		0	0	(7,453)	(7,453)
Balance at Jun. 30, 2024	$ 113		$ 918,948	$ (1,440)	$ (40,649)	$ 876,972
Balance, shares at Jun. 30, 2024	43,229,302

[1]Represents an amount lower than $1.

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (7,453)	$ (60,806)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	8,046	8,787
Share-based compensation	78,030	63,966
Amortization of premium and accretion of discount on marketable securities, net	(3,632)	(1,474)
Impairment of available-for-sale marketable securities	2,674	0
Deferred income taxes, net	(314)	(8,430)
Amortization of debt discount and issuance costs	1,504	1,496
Decrease in trade receivables	30,423	15,322
Increase in prepaid expenses, other current and long-term assets and others	(16,629)	(16,328)
Changes in operating lease right-of-use assets	3,346	3,865
Increase (decrease) in trade payables	(4,619)	370
Increase in short-term and long-term deferred revenue	37,478	10,212
Decrease in employees and payroll accruals	(12,394)	(17,868)
Increase in accrued expenses and other current and long-term liabilities	671	614
Changes in operating lease liabilities	(4,153)	(4,773)
Net cash provided by (used in) operating activities	112,978	(5,047)
Cash flows from investing activities:
Investment in short-term and long-term deposits	(170,820)	(87,318)
Proceeds from short-term and long-term deposits	292,675	178,603
Investment in marketable securities and other	(129,480)	(228,232)
Proceeds from sales and maturities of marketable securities and other	181,482	181,569
Purchase of property and equipment	(4,485)	(3,522)
Net cash provided by investing activities	169,372	41,100
Cash flows from financing activities:
Proceeds from (payments of) withholding tax related to employee stock plans	(7,361)	5,213
Proceeds from exercise of stock options	3,845	777
Proceeds in connection with employee stock purchase plan	9,771	7,695
Net cash provided by financing activities	6,255	13,685
Increase in cash and cash equivalents	288,605	49,738
Effect of exchange rate differences on cash and cash equivalents	(3,524)	(892)
Cash and cash equivalents at the beginning of the period	355,933	347,338
Cash and cash equivalents at the end of the period	641,014	396,184
Non-cash activities:
Lease liabilities arising from obtaining right-of-use-assets	2,583	582
Non-cash purchase of property and equipment	582	576
Supplemental disclosure of cash flow activities:
Cash paid for income taxes	$ 8,662	$ 5,304

OVERVIEW, BASIS OF PRESENTATION

OVERVIEW, BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
OVERVIEW, BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 :- OVERVIEW, BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES a. CyberArk Software Ltd. (together with its subsidiaries, the “Company”) is an Israeli company that develops, markets and sells software-based identity security solutions and services. The Company's solutions and services secure access for any identity – human or machine – to help organizations secure critical business assets, protect their distributed workforce and customers, and accelerate business in the cloud. With CyberArk’s identity security platform, organizations can enable Zero Trust and least privilege with broad visibility, ensuring that every identity can securely access any approved resource, located anywhere, from everywhere – with a single Identity Security Platform. CyberArk has extended intelligent privilege controls across the entire identity lifecycle, for all types of identities. The CyberArk Identity Security Platform enables organizations to secure all identities – including workforce, IT, developers and machines – against cyber threats with intelligent privilege controls. b. Basis of presentation: The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting and include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated balance sheet as of December 31, 2023 was derived from the audited consolidated financial statements as of that date, but does not include all of the disclosures, including certain notes required by GAAP on an annual reporting basis. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2023, included in the Company’s Annual Report on Form 20-F for the year ended December 31, 2023 filed with the SEC on March 13, 2024. In management’s opinion, the unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair presentation of the Company’s financial position as of June 30, 2024, the Company’s condensed consolidated statements of comprehensive loss and shareholders’ equity for the three and six months ended June 30, 2024 and 2023, and cash flows for the six months ended June 30, 2024 and 2023. The results for the six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024 or any other future interim or annual period. c. Use of estimates: The preparation of condensed financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Such management estimates and assumptions are related, but not limited to contingent liabilities, income tax uncertainties, deferred taxes, share-based compensation, fair value of the convertible senior notes liability, as well as the determination of standalone selling prices in revenue transactions with multiple performance obligations and the estimated period of benefit for deferred contract costs. The Company's management believes that the estimates, judgment and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. d. Concentration of credit risks: Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, short-term bank deposits, marketable securities, trade receivables, severance pay funds and derivative instruments. The majority of the Company's cash and cash equivalents and short-term bank deposits are invested with major banks in Israel and the United States. Such investments in the United States are in excess of insured limits and are not insured in other jurisdictions. Generally, these investments may be redeemed upon demand, and the Company believes that the financial institutions that hold the Company's cash deposits are financially sound and, accordingly, bear minimal risk. The Company's marketable securities consist of investments, which are highly rated by credit agencies, in government, corporate and government sponsored enterprises debentures. The Company's investment policy limits the amount that the Company may invest in any one type of investment or issuer, in order to reduce credit risk concentrations. The trade receivables of the Company are mainly derived from sales to a diverse set of customers located primarily in the United States, Europe and Asia. The Company performs ongoing credit evaluations of its customers and, to date, has not experienced any significant losses. The Company has entered into forward contracts with major banks in Israel to protect against the risk of changes in exchange rates. The derivative instruments hedge a portion of the Company's non-dollar currency exposure. e. Significant Accounting Policies: For a summary of the Company’s significant accounting policies refer to “Note 2. Significant Accounting Policies” of its Annual Report on Form 20-F for the fiscal year ended December 31, 2023. There have been no material changes in the significant accounting policies from those that were disclosed in the audited consolidated financial statements for the fiscal year ended December 31, 2023 included in the Annual Report on Form 20-F other than those noted below. f. Recently issued accounting standards: In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures, which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. In addition, it provides new segment disclosure requirements for entities with a single reportable segment. The guidance will be effective for the Company for annual periods beginning January 1, 2024 and for interim periods beginning January 1, 2025. Early adoption is permitted. The Company is currently evaluating the impact on its financial statement disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures, which requires disaggregated information about the effective tax rate reconciliation as well as information on income taxes paid. The guidance will be effective for the Company for annual periods beginning January 1, 2025, with early adoption permitted. The Company is currently evaluating the impact on its financial statement disclosures.

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
REVENUE RECOGNITION	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	NOTE 2:- REVENUE RECOGNITION: The following table presents the Company's revenue by category: Six Months Ended June 30, 2023 2024 (Unaudited) SaaS $ 130,551 $ 209,894 Self-hosted subscription* 68,336 104,759 Perpetual license 8,972 6,588 Maintenance and support 104,826 99,183 Professional services 24,863 25,832 $ 337,548 $ 446,256 * Self-hosted subscription also includes maintenance associated with self-hosted subscriptions. For additional information regarding disaggregated revenues, please refer to Note 11 below. Unbilled Receivable: The Company records unbilled receivables from contracts when the revenue recognized exceeds the amount billed to the customer. As of December 31, 2023 and June 30, 2024, $20,194, and $22,348 short-term unbilled receivables are included in trade receivables, respectively, and $1,000 and $5,449 long-term unbilled receivables are included in other long-term assets, respectively. Contract Liabilities: Contract liabilities consist of deferred revenue and include unearned amounts received under maintenance and support contracts and professional services that do not meet the revenue recognition criteria as of the balance sheet date. Contract liabilities also include unearned, invoiced amounts in respect of SaaS and self-hosted subscription contracts whereby there is an unconditional right for consideration. Deferred revenues are recognized as (or when) the Company performs under the contract. During the six months ended June 30, 2024, the Company recognized $232,883 that were included in the deferred revenues balance as of December 31, 2023. Remaining Performance Obligations: Transaction price allocated to remaining performance obligations represents non-cancelable contracts that have not yet been recognized, which include deferred revenues and amounts not yet received that will be recognized as revenue in future periods. The aggregate amount of the transaction price allocated to remaining performance obligations was $1,004 million as of June 30, 2024, out of which, the Company expects to recognize approximately 60% during the next 12 months, and the remainder thereafter. Deferred Contract Costs: Sales commissions are considered incremental and recoverable costs of obtaining a contract with a customer. Sales commissions are capitalized and amortized over an expected period of benefit. For the six months ended June 30, 2023 and 2024, the amortization of deferred contract costs included in sales and marketing expenses was $25,807 and $29,464, respectively. As of December 31, 2023 and June 30, 2024, the Company presented deferred contract costs from contracts which are for periods of less than 12 months of $696 and $429 in prepaid expenses and other current assets, respectively, and deferred contract costs in respect of contracts which are greater than 12 months of $166,733 and $174,732 in other long-term assets, respectively.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	6 Months Ended
DERIVATIVE INSTRUMENTS	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	NOTE 3:- DERIVATIVE INSTRUMENTS The company instituted a foreign currency cash flow hedging program to hedge against the risk of changes in cash flows mainly resulting from foreign currency salary payments during the year. The Company hedges portions of its forecasted expenses denominated in NIS. These forward and option contracts are designated as cash flow hedges, as defined by ASC No. 815, and are all effective, as their critical terms match underlying transactions being hedged. As of December 31, 2023 and June 30, 2024, the amount recorded in accumulated other comprehensive loss from the Company's currency forward and option transactions was $2,670, net of tax of $364, and $505, net of tax of $69, respectively. As of June 30, 2024, the notional amounts of foreign exchange forward and swap contracts into which the Company entered were $48,840. The foreign exchange forward contracts will expire by December 2024. The fair value of derivative instruments assets balances as of December 31, 2023 and June 30, 2024, totaled $3,074 and $674, respectively. The fair value of derivative instruments liabilities balances as of December 31, 2023 and June 30, 2024, totaled $40 and $100, respectively. The following table presents gains (losses) reclassified from accumulated other comprehensive loss to the statements of comprehensive loss per line item: Six Months Ended June 30, 2023 2024 (Unaudited) Cost of revenues $ 328 $ (44 ) Research and development 3,588 (494 ) Sales and marketing 598 (83 ) General and administrative 938 (131 ) Total gains (losses), before tax benefit (taxes on income) 5,452 (752 ) Tax benefit (taxes on income) (654 ) 90 Total gains (losses), net of tax benefit (taxes on income) $ 4,798 $ (662 ) In addition to the derivatives that are designated as hedges as discussed above, the Company enters into certain foreign exchange forward and swap transactions and holds foreign exchange deposits to economically hedge certain net asset balances in Euros, British Pounds Sterling, and NIS. Gains and losses related to such derivative instruments are recorded in financial income (expense), net. As of June 30, 2024, with respect to these transactions, the notional amounts of foreign exchange forward contracts into which the Company entered were $65,233. The foreign exchange forward contracts will expire by January 2029. The fair value of derivative instruments assets balances as of December 31, 2023 and June 30, 2024, totaled $6 and $1,099, respectively. The fair value of derivative instruments liabilities balances as of December 31, 2023 and June 30, 2024, totaled $996 and $21, respectively. For the six months ended June 30, 2023 and 2024, the Company recorded financial income (expense), net from hedging transactions of $(539) and $2,179, respectively.

MARKETABLE SECURITIES

MARKETABLE SECURITIES	6 Months Ended
MARKETABLE SECURITIES	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
MARKETABLE SECURITIES	NOTE 4:- MARKETABLE SECURITIES The following tables summarize the amortized cost, unrealized gains and losses, and fair value of available-for-sale marketable securities as of December 31, 2023 and June 30, 2024: December 31, 2023 Amortized cost Gross unrealized losses Gross unrealized gains Fair value Corporate debentures $ 324,485 $ (4,998 ) $ 357 $ 319,844 Government debentures 288,214 (828 ) 334 287,720 Total $ 612,699 $ (5,826 ) $ 691 $ 607,564 June 30, 2024 (Unaudited) Amortized cost Gross unrealized losses Gross unrealized gains Fair value Corporate debentures $ 354,874 $ (2,247 ) $ 38 $ 352,665 Government debentures 206,293 (3 ) 2 206,292 Total $ 561,167 $ (2,250 ) $ 40 $ 558,957 The following table summarizes the continuous unrealized loss position and fair value of available-for-sale marketable securities as of December 31, 2023 and June 30, 2024, by duration of continuous unrealized loss: December 31, 2023 June 30, 2024 (Unaudited) Gross unrealized losses Fair value Gross unrealized losses Fair value Continuous unrealized loss position for less than 12 months $ (590 ) $ 186,910 $ - $ - Continuous unrealized loss position for more than 12 months (5,236 ) 190,560 (2,250 ) 49,345 $ (5,826 ) $ 377,470 $ (2,250 ) $ 49,345 The following table summarizes the amortized cost and fair value of available-for-sale marketable securities as of December 31, 2023 and June 30, 2024, by contractual years-to maturity: December 31, 2023 June 30, 2024 (Unaudited) Amortized cost Fair value Amortized cost Fair value Due within one year $ 285,012 $ 283,016 $ 528,669 $ 528,086 Due between one and four years 327,687 324,548 32,498 30,871 $ 612,699 $ 607,564 $ 561,167 $ 558,957

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
FAIR VALUE MEASUREMENTS	Jun. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 5:- FAIR VALUE MEASUREMENTS The carrying values of cash and cash equivalents, short-term bank deposits, trade receivables, prepaid expenses and other long-term and current assets, trade payables, employees and payroll accruals and accrued expenses and other current liabilities approximate their fair values due to the short-term maturities of these instruments. The following tables present the fair value of money market funds and marketable securities as of December 31, 2023 and June 30, 2024: December 31, 2023 June 30, 2024 (Unaudited) Level 1 Level 2 Total Level 1 Level 2 Total Cash equivalents: Money market funds $ 315,784 $ - $ 315,784 $ 463,120 $ - $ 463,120 Corporate debentures and commercial paper - 1,001 1,001 - 1,398 1,398 Government debentures - 1,194 1,194 - 11,861 11,861 Marketable securities: Corporate debentures and commercial paper - 319,844 319,844 - 352,665 352,665 Government debentures - 287,720 287,720 - 206,292 206,292 Total money market funds and marketable securities measured at fair value $ 315,784 $ 609,759 $ 925,543 $ 463,120 $ 572,216 $ 1,035,336 As of June 30, 2024, the estimated fair value of the Company's convertible senior notes was $992.3 million. The fair value was determined based on the closing quoted price of the convertible senior notes as of the last day of trading for the period and is considered Level 2 measurement. The fair value of the convertible senior notes is primarily affected by the trading price of the Company’s ordinary shares and market interest rates.

NON-CANCELABLE MATERIAL PURCHAS

NON-CANCELABLE MATERIAL PURCHASE OBLIGATIONS	6 Months Ended
NON-CANCELABLE MATERIAL PURCHASE OBLIGATIONS	Jun. 30, 2024
Non Cancelable Material Purchase Obligations [Abstract]
NON-CANCELABLE MATERIAL PURCHASE OBLIGATIONS	NOTE 6:- NON-CANCELABLE MATERIAL PURCHASE OBLIGATIONS The Company entered into non-cancelable material agreements for the receipt of cloud infrastructure services and subscription-based cloud services. Future payments under non-cancelable material purchase obligations as of June 30, 2024 (Unaudited) are as follows: 2024 28,978 2025 54,681 2026 60,326 2027 48,750 $ 192,735

CONVERTIBLE SENIOR NOTES, NET

CONVERTIBLE SENIOR NOTES, NET	6 Months Ended
CONVERTIBLE SENIOR NOTES, NET	Jun. 30, 2024
Debt Disclosure [Abstract]
CONVERTIBLE SENIOR NOTES, NET	NOTE 7:- CONVERTIBLE SENIOR NOTES, NET The net carrying amount of the liability of the convertible senior notes issued by the company in 2019 (“Convertible Notes") as of December 31, 2023 and June 30, 2024 is as follows: December 31, 2023 June 30, 2024 (Unaudited) Liability component: Remaining principal amount $ 575,000 $ 574,980 Unamortized issuance costs (2,660 ) (1,156 ) Net carrying amount $ 572,340 $ 573,824 Interest expense related to the Convertible Notes was as follows: Six Months Ended June 30, 2023 2024 (Unaudited) Amortization of debt issuance costs $ 1,496 $ 1,504 Total interest expense recognized $ 1,496 $ 1,504 During the six months ended June 30, 2024, the conditions allowing holders of the Convertible Notes to convert were met. The Company has received and settled an immaterial amount of conversion notices from the holders. As of December 31, 2023 and June 30, 2024, the Convertible Notes are classified as current liability. Subsequent to June 30, 2024, approximately $72 million in aggregate principal amount of the Convertible Notes were converted or had been submitted by the holders for conversion and were settled during the fiscal quarters ending September 30, 2024 and December 31, 2024.

REVOLVING CREDIT FACILITY

REVOLVING CREDIT FACILITY	6 Months Ended
REVOLVING CREDIT FACILITY	Jun. 30, 2024
Debt Disclosure [Abstract]
REVOLVING CREDIT FACILITY	NOTE 8:- REVOLVING CREDIT FACILITY On June 25, 2024, the Company entered into a revolving credit facility agreement (“Credit Facility”) with Bank Leumi le-Israel B.M. (“Lender”). The Credit Facility enables the Company to withdraw up to $250 million and matures on June 24, 2026. The borrowings under the Credit Facility bear interest at a base rate plus a spread of 0.8% to 1.8%, or a three month Secured Overnight Financing Rate (“SOFR”) plus a spread of 2.45% to 4%. The ongoing fee on undrawn amounts is 0.7%. The Credit Facility requires the Company to maintain at all times a minimum amount of $150 million unrestricted Cash and Cash equivalents, of which a minimum amount of $60 million is in the loan account. In addition, the Company is required to maintain a maximum quarterly net debt to adjusted EBITDA ratio of 4.5, stepping down to 2.5 over time. Non-compliance with a financial covenant may be cured by the next consecutive quarter. In addition, the Credit Facility limits the Company’s ability and the ability of its subsidiaries to, among other things, undergo a change in control, merge or consolidate, make acquisitions and incur pledges. As of June 30, 2024, the Company has no outstanding amounts under the Credit Facility and was in compliance with all financial covenants.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	6 Months Ended
SHAREHOLDERS' EQUITY	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
SHAREHOLDERS' EQUITY	NOTE 9:- SHAREHOLDERS' EQUITY a. Ordinary shares: The ordinary shares of the Company confer upon the holders the right to receive notices of and to participate and vote in general meetings of the Company, rights to receive dividends and rights to participate in distribution of assets upon liquidation. b. Share-based compensation: The 2024 Share Incentive Plan (the “2024 Plan”) was adopted by our board of directors and became effective on June 1, 2024. 1,787,022 ordinary shares reserved for issuance were transferred from the 2014 Share Incentive Plan to the 2024 Plan. The maximum aggregate number of shares that may be issued pursuant to awards under this 2024 Plan is the sum of (a) 1,786,992 ordinary shares, plus On January 1, 2021, the Company’s Employee Share Purchase Plan (“ESPP”) became effective. The ESPP enables eligible employees of the Company and its designated subsidiaries to elect to have payroll deductions made during a six-month offering period in an amount not exceeding 15% of the gross base compensation which the employees receive. The applicable purchase price will be no less than 85% of the lesser of the fair market value of the Company’s ordinary shares on the first day or the last day of the purchase period. The total number of ordinary shares initially reserved under the ESPP as of January 1, 2021 was 125,000 shares (the “ESPP Share Pool”). On January 1 of each year between 2022 and 2026, the ESPP Share Pool will be increased by a number of ordinary shares equal to the lower of (i) 1,000,000 ordinary shares, (ii) 1% of the Company’s outstanding ordinary shares on December 31 of the immediately preceding calendar year, and (iii) a lesser number of ordinary shares determined by the Company’s board of directors. Under the 2024 Plan, options, restricted stock units (“RSUs”), performance share units (“PSUs”) and other share-based awards may be granted to employees, officers, non-employee consultants and directors of the Company. Under the 2024 Plan and ESPP, as of June 30, 2024, an aggregate number of 1,981,068 ordinary shares were reserved for future grant. Any share under the 2024 Plan underlying an award that is cancelled, terminated or forfeited for any reason without having been exercised will automatically be available for grant under the 2024 Plan. The total share-based compensation expense related to all of the Company's equity-based awards, recognized for six months ended June 30, 2023 and 2024 is comprised as follows: Six Months Ended June 30, 2023 2024 (Unaudited) Cost of revenues $ 8,332 $ 10,233 Research and development 13,930 15,717 Sales and marketing 28,190 31,791 General and administrative 13,514 20,289 Total share-based compensation expense $ 63,966 $ 78,030 The total unrecognized compensation cost amounted to $373,649 as of June 30, 2024 and is expected to be recognized over a weighted average period of 2.84 years. c. Options granted to employees: There were no options granted, forfeited or expired during the six months ended June 30, 2024. A summary of the activity in options to employees for the six months ended June 30, 2024 is as follows: Amount of options Weighted average exercise price Weighted average remaining contractual term (in years) Aggregate intrinsic value Balance as of December 31, 2023 244,787 $ 78.85 4.24 $ 34,320 Exercised 55,710 68.65 $ 10,159 Balance as of June 30, 2024 189,077 $ 81.85 3.84 $ 36,221 Exercisable as of June 30, 2024 178,579 $ 77.78 3.58 $ 34,938 The expected volatility of the Company’s ordinary shares is based on the Company’s historical volatility. The expected option term represents the period of time that options granted are expected to be outstanding, based upon historical experience. d. A summary of RSUs and PSUs activity for the year ended June 30, 2024 is as follows: Amount of RSUs and PSUs Weighted average grant date fair value Unvested as of December 31, 2023 2,639,337 $ 136.15 Granted 791,173 236.28 Vested 862,204 127.6 Forfeited 70,435 142.41 Unvested as of June 30, 2024 2,497,871 $ 170.64 The total fair value of RSUs and PSUs vested (based on fair value of the Company's ordinary shares at vesting date) during the six months ended June 30, 2024 was $213,213. The amount of unvested PSU as of June 30, 2024 is 332,130. e. The following table summarizes the assumptions used in the Black-Scholes option pricing model to determine the fair value of the Company’s ordinary shares to be issued under the ESPP started on June 1, 2024: Six Months Ended June 30, ESPP 2024 Expected volatility 28.23 % Expected dividends 0 % Expected term (in years) 0.5 Risk free rate 5.39 %

BASIC AND DILUTED NET LOSS PER

BASIC AND DILUTED NET LOSS PER SHARE	6 Months Ended
BASIC AND DILUTED NET LOSS PER SHARE	Jun. 30, 2024
Earnings Per Share [Abstract]
BASIC AND DILUTED NET LOSS PER SHARE	NOTE 10:- BASIC AND DILUTED NET LOSS PER SHARE Six Months Ended June 30, 2023 2024 (Unaudited) Numerator: Net loss available to shareholders of ordinary shares $ (60,806 ) $ (7,453 ) Denominator: Shares used in computing basic and diluted net loss per ordinary shares 41,384,895 42,689,375 The total weighted average number of shares related to outstanding options, RSUs and PSUs that have been excluded from the computation of diluted net loss per ordinary share due to their antidilutive effect was 2,818,249 and 2,944,384 for the six months ended June 30, 2023 and 2024, respectively. Additionally, approximately 3.6 million shares underlying the Convertible Notes are not considered in the calculation of diluted net loss per share as the effect would be anti-dilutive.

SEGMENTS, CUSTOMERS AND GEOGRAP

SEGMENTS, CUSTOMERS AND GEOGRAPHIC INFORMATION	6 Months Ended
SEGMENTS, CUSTOMERS AND GEOGRAPHIC INFORMATION	Jun. 30, 2024
Segment Reporting [Abstract]
SEGMENTS, CUSTOMERS AND GEOGRAPHIC INFORMATION	NOTE 11:- SEGMENTS, CUSTOMERS AND GEOGRAPHIC INFORMATION a. The Company identifies operating segments in accordance with ASC Topic 280, "Segment Reporting". Operating segments are defined as components of an entity for which separate financial information is available and is regularly reviewed by the chief operating decision maker in making decisions regarding resource allocation and evaluating financial performance. The Company determined it operates in one reportable segment as the Company's chief operating decision maker is the Chief Executive Officer who makes operating decisions, assesses performance and allocates resources on a consolidated basis. b. The total revenues are attributed to geographic areas based on the location of the Company's channel partners which are considered as end customers, as well as direct customers of the Company. The following table presents total revenues for the six months ended June 30, 2023 and 2024: Revenues: Six Months Ended June 30, 2023 2024 (Unaudited) United States $ 182,549 $ 218,793 Israel 3,235 4,214 United Kingdom 21,934 25,655 Europe, the Middle East and Africa * 71,741 114,071 Other 58,089 83,523 $ 337,548 $ 446,256 For the six months ended June 30, 2023 and 2024, no single customer contributed more than 10% to the Company's total revenues. * Excluding United Kingdom and Israel

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 12:- SUBSEQUENT EVENTS a. On October 1, 2024, the Company completed the acquisition of Venafi Holdings, Inc., a leader in machine identity management, and its subsidiaries (collectively, “Venafi”). This acquisition will combine Venafi’s machine identity management capabilities with the Company’s leading identity security capabilities to establish a unified platform for end-to-end machine identity security at enterprise scale. The Company will account for the acquisition as a business combination in accordance with ASC No. 805, “Business Combinations”. The purchase consideration transferred to Venafi amounted to $1.66 billion in a combination of $1.02 billion in cash and $0.64 billion of Company ordinary shares. Goodwill generated from this business combination is primarily attributable to the assembled workforce and expected post-acquisition synergies from integrating Venafi`s technology into the Company’s portfolio.

OVERVIEW, BASIS OF PRESENTATI_2

OVERVIEW, BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of presentation	b. Basis of presentation: The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting and include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated balance sheet as of December 31, 2023 was derived from the audited consolidated financial statements as of that date, but does not include all of the disclosures, including certain notes required by GAAP on an annual reporting basis. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2023, included in the Company’s Annual Report on Form 20-F for the year ended December 31, 2023 filed with the SEC on March 13, 2024. In management’s opinion, the unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all adjustments, which include only normal recurring adjustments necessary for the fair presentation of the Company’s financial position as of June 30, 2024, the Company’s condensed consolidated statements of comprehensive loss and shareholders’ equity for the three and six months ended June 30, 2024 and 2023, and cash flows for the six months ended June 30, 2024 and 2023. The results for the six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024 or any other future interim or annual period.
Use of estimates	c. Use of estimates: The preparation of condensed financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Such management estimates and assumptions are related, but not limited to contingent liabilities, income tax uncertainties, deferred taxes, share-based compensation, fair value of the convertible senior notes liability, as well as the determination of standalone selling prices in revenue transactions with multiple performance obligations and the estimated period of benefit for deferred contract costs. The Company's management believes that the estimates, judgment and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
Concentration of credit risks	d. Concentration of credit risks: Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, short-term bank deposits, marketable securities, trade receivables, severance pay funds and derivative instruments. The majority of the Company's cash and cash equivalents and short-term bank deposits are invested with major banks in Israel and the United States. Such investments in the United States are in excess of insured limits and are not insured in other jurisdictions. Generally, these investments may be redeemed upon demand, and the Company believes that the financial institutions that hold the Company's cash deposits are financially sound and, accordingly, bear minimal risk. The Company's marketable securities consist of investments, which are highly rated by credit agencies, in government, corporate and government sponsored enterprises debentures. The Company's investment policy limits the amount that the Company may invest in any one type of investment or issuer, in order to reduce credit risk concentrations. The trade receivables of the Company are mainly derived from sales to a diverse set of customers located primarily in the United States, Europe and Asia. The Company performs ongoing credit evaluations of its customers and, to date, has not experienced any significant losses. The Company has entered into forward contracts with major banks in Israel to protect against the risk of changes in exchange rates. The derivative instruments hedge a portion of the Company's non-dollar currency exposure.
Significant Accounting Policies	e. Significant Accounting Policies: For a summary of the Company’s significant accounting policies refer to “Note 2. Significant Accounting Policies” of its Annual Report on Form 20-F for the fiscal year ended December 31, 2023. There have been no material changes in the significant accounting policies from those that were disclosed in the audited consolidated financial statements for the fiscal year ended December 31, 2023 included in the Annual Report on Form 20-F other than those noted below.
Recently issued accounting standards	f. Recently issued accounting standards: In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures, which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. In addition, it provides new segment disclosure requirements for entities with a single reportable segment. The guidance will be effective for the Company for annual periods beginning January 1, 2024 and for interim periods beginning January 1, 2025. Early adoption is permitted. The Company is currently evaluating the impact on its financial statement disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures, which requires disaggregated information about the effective tax rate reconciliation as well as information on income taxes paid. The guidance will be effective for the Company for annual periods beginning January 1, 2025, with early adoption permitted. The Company is currently evaluating the impact on its financial statement disclosures.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
REVENUE RECOGNITION (Tables)	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue [Table Text Block]	Six Months Ended June 30, 2023 2024 (Unaudited) SaaS $ 130,551 $ 209,894 Self-hosted subscription* 68,336 104,759 Perpetual license 8,972 6,588 Maintenance and support 104,826 99,183 Professional services 24,863 25,832 $ 337,548 $ 446,256 * Self-hosted subscription also includes maintenance associated with self-hosted subscriptions. For additional information regarding disaggregated revenues, please refer to Note 11 below.

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	6 Months Ended
DERIVATIVE INSTRUMENTS (Tables)	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Gains (Losses) Reclassified from Accumulated Other Comprehensive Loss	Six Months Ended June 30, 2023 2024 (Unaudited) Cost of revenues $ 328 $ (44 ) Research and development 3,588 (494 ) Sales and marketing 598 (83 ) General and administrative 938 (131 ) Total gains (losses), before tax benefit (taxes on income) 5,452 (752 ) Tax benefit (taxes on income) (654 ) 90 Total gains (losses), net of tax benefit (taxes on income) $ 4,798 $ (662 )

MARKETABLE SECURITIES (Tables)

MARKETABLE SECURITIES (Tables)	6 Months Ended
MARKETABLE SECURITIES (Tables)	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Summarizes the Amortized Cost, Unrealized Gains and Losses, and Fair Value of Available-For-Sale Marketable Securities	December 31, 2023 Amortized cost Gross unrealized losses Gross unrealized gains Fair value Corporate debentures $ 324,485 $ (4,998 ) $ 357 $ 319,844 Government debentures 288,214 (828 ) 334 287,720 Total $ 612,699 $ (5,826 ) $ 691 $ 607,564 June 30, 2024 (Unaudited) Amortized cost Gross unrealized losses Gross unrealized gains Fair value Corporate debentures $ 354,874 $ (2,247 ) $ 38 $ 352,665 Government debentures 206,293 (3 ) 2 206,292 Total $ 561,167 $ (2,250 ) $ 40 $ 558,957
Schedule of Summarizes the Continuous Unrealized Loss Position and Fair Value of Available-For-Sale Marketable Securities	December 31, 2023 June 30, 2024 (Unaudited) Gross unrealized losses Fair value Gross unrealized losses Fair value Continuous unrealized loss position for less than 12 months $ (590 ) $ 186,910 $ - $ - Continuous unrealized loss position for more than 12 months (5,236 ) 190,560 (2,250 ) 49,345 $ (5,826 ) $ 377,470 $ (2,250 ) $ 49,345
Schedule of Summarizes the Amortized Cost and Fair Value of Available-For-Sale Marketable Securities	December 31, 2023 June 30, 2024 (Unaudited) Amortized cost Fair value Amortized cost Fair value Due within one year $ 285,012 $ 283,016 $ 528,669 $ 528,086 Due between one and four years 327,687 324,548 32,498 30,871 $ 612,699 $ 607,564 $ 561,167 $ 558,957

FAIR VALUE MEASUREMENTS (Table)

FAIR VALUE MEASUREMENTS (Table)	6 Months Ended
FAIR VALUE MEASUREMENTS (Table)	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Financial Assets and Liabilities	December 31, 2023 June 30, 2024 (Unaudited) Level 1 Level 2 Total Level 1 Level 2 Total Cash equivalents: Money market funds $ 315,784 $ - $ 315,784 $ 463,120 $ - $ 463,120 Corporate debentures and commercial paper - 1,001 1,001 - 1,398 1,398 Government debentures - 1,194 1,194 - 11,861 11,861 Marketable securities: Corporate debentures and commercial paper - 319,844 319,844 - 352,665 352,665 Government debentures - 287,720 287,720 - 206,292 206,292 Total money market funds and marketable securities measured at fair value $ 315,784 $ 609,759 $ 925,543 $ 463,120 $ 572,216 $ 1,035,336

NON-CANCELABLE MATERIAL PURCH_2

NON-CANCELABLE MATERIAL PURCHASE OBLIGATIONS (Tables)	6 Months Ended
NON-CANCELABLE MATERIAL PURCHASE OBLIGATIONS (Tables)	Jun. 30, 2024
Non Cancelable Material Purchase Obligations [Abstract]
Schedule of Future Payments Under Non-Cancelable Material Purchase Obligations	2024 28,978 2025 54,681 2026 60,326 2027 48,750 $ 192,735

CONVERTIBLE SENIOR NOTES, NET (

CONVERTIBLE SENIOR NOTES, NET (Tables)	6 Months Ended
CONVERTIBLE SENIOR NOTES, NET (Tables)	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Net Carrying Amount of Liability and Equity Components of Notes	December 31, 2023 June 30, 2024 (Unaudited) Liability component: Remaining principal amount $ 575,000 $ 574,980 Unamortized issuance costs (2,660 ) (1,156 ) Net carrying amount $ 572,340 $ 573,824
Schedule of Interest Expense Related to Notes	Six Months Ended June 30, 2023 2024 (Unaudited) Amortization of debt issuance costs $ 1,496 $ 1,504 Total interest expense recognized $ 1,496 $ 1,504

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	6 Months Ended
SHAREHOLDERS' EQUITY (Tables)	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
Schedule of Share Based Compensation Expense	Six Months Ended June 30, 2023 2024 (Unaudited) Cost of revenues $ 8,332 $ 10,233 Research and development 13,930 15,717 Sales and marketing 28,190 31,791 General and administrative 13,514 20,289 Total share-based compensation expense $ 63,966 $ 78,030
Schedule of Stock Option Activity	Amount of options Weighted average exercise price Weighted average remaining contractual term (in years) Aggregate intrinsic value Balance as of December 31, 2023 244,787 $ 78.85 4.24 $ 34,320 Exercised 55,710 68.65 $ 10,159 Balance as of June 30, 2024 189,077 $ 81.85 3.84 $ 36,221 Exercisable as of June 30, 2024 178,579 $ 77.78 3.58 $ 34,938
Schedule of RSUs and PSUs Activity	Amount of RSUs and PSUs Weighted average grant date fair value Unvested as of December 31, 2023 2,639,337 $ 136.15 Granted 791,173 236.28 Vested 862,204 127.6 Forfeited 70,435 142.41 Unvested as of June 30, 2024 2,497,871 $ 170.64
Schedule of Fair Value Assumptions	Six Months Ended June 30, ESPP 2024 Expected volatility 28.23 % Expected dividends 0 % Expected term (in years) 0.5 Risk free rate 5.39 %

BASIC AND DILUTED NET LOSS PE_2

BASIC AND DILUTED NET LOSS PER SHARE (Tables)	6 Months Ended
BASIC AND DILUTED NET LOSS PER SHARE (Tables)	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Income (Loss) per Share	Six Months Ended June 30, 2023 2024 (Unaudited) Numerator: Net loss available to shareholders of ordinary shares $ (60,806 ) $ (7,453 ) Denominator: Shares used in computing basic and diluted net loss per ordinary shares 41,384,895 42,689,375

SEGMENTS, CUSTOMERS AND GEOGR_2

SEGMENTS, CUSTOMERS AND GEOGRAPHIC INFORMATION (Tables)	6 Months Ended
SEGMENTS, CUSTOMERS AND GEOGRAPHIC INFORMATION (Tables)	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Revenue by Geographic Location	Six Months Ended June 30, 2023 2024 (Unaudited) United States $ 182,549 $ 218,793 Israel 3,235 4,214 United Kingdom 21,934 25,655 Europe, the Middle East and Africa * 71,741 114,071 Other 58,089 83,523 $ 337,548 $ 446,256 * Excluding United Kingdom and Israel

REVENUE RECOGNITION (Narrative)

REVENUE RECOGNITION (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Short-term unbilled receivables included in trade receivables	$ 22,348		$ 20,194
Long-term unbilled receivables included in other long-term assets	5,449		1,000
Deferred revenue, revenue recognized	232,883
Amount of transaction price allocated to remaining performance obligations	$ 1,004,000
Percentage of remaining performance obligation	60%
Amortization of deferred contract costs	$ 29,464	$ 25,807
Deferred contract costs included in prepaid expenses and other current assets	429		696
Deferred contract costs included in other long-term assets	$ 174,732		$ 166,733

REVENUE RECOGNITION (Schedule o

REVENUE RECOGNITION (Schedule of company's revenue by category) (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue		$ 446,256	$ 337,548
Saas [Member]
Disaggregation of Revenue [Line Items]
Revenue		209,894	130,551
Self-hosted subscription (Member)
Disaggregation of Revenue [Line Items]
Revenue	[1]	104,759	68,336
Perpetual license [Member]
Disaggregation of Revenue [Line Items]
Revenue		6,588	8,972
Maintenance and support [Member]
Disaggregation of Revenue [Line Items]
Revenue		99,183	104,826
Professional services [Member]
Disaggregation of Revenue [Line Items]
Revenue		$ 25,832	$ 24,863

[1]Self-hosted subscription also includes maintenance associated with self-hosted subscriptions. For additional information regarding disaggregated revenues, please refer to Note 11 below.

DERIVATIVE INSTRUMENTS (Narrati

DERIVATIVE INSTRUMENTS (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Significant Accounting Policies [Line Items]
Accumulated other comprehensive income (loss), currency forward and option, net of tax	$ 505		$ 2,670
Accumulated other comprehensive income (loss), currency forward and option, net of tax	69		364
Foreign Exchange Forward and Option [Member]
Significant Accounting Policies [Line Items]
Notional amounts	65,233
Fair value of derivative asset	1,099		6
Foreign Exchange Forward and Option [Member] \| Derivative Liabilities [Member]
Significant Accounting Policies [Line Items]
Fair value of derivative liability	21		996
Foreign Exchange Forward [Member]
Significant Accounting Policies [Line Items]
Financial Income Expenses Hedging Transaction	2,179	$ (539)
Foreign Exchange Forward [Member] \| Derivative Assets [Member]
Significant Accounting Policies [Line Items]
Fair value of derivative asset	674		3,074
Fair value of derivative instruments liabilities	100		$ 40
Foreign Exchange Forward [Member] \| Derivative Liabilities [Member]
Significant Accounting Policies [Line Items]
Notional amounts	$ 48,840

DERIVATIVE INSTRUMENTS (Schedul

DERIVATIVE INSTRUMENTS (Schedule of gains reclassified from accumulated other comprehensive loss) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Significant Accounting Policies [Line Items]
Cost of revenues	$ 87,426	$ 74,739
Research and development	110,470	105,920
Sales and marketing	220,303	200,517
General and administrative	58,411	42,396
Total gains (losses), net of tax benefit (taxes on income)	662	(4,797)
Derivative instruments [Member]
Significant Accounting Policies [Line Items]
Cost of revenues	(44)	328
Research and development	(494)	3,588
Sales and marketing	(83)	598
General and administrative	(131)	938
Total gains (losses), before tax benefit (taxes on income)	(752)	5,452
Tax benefit (taxes on income)	90	(654)
Total gains (losses), net of tax benefit (taxes on income)	$ (662)	$ 4,798

MARKETABLE SECURITIES (Schedule

MARKETABLE SECURITIES (Schedule of amortized cost, unrealized gains and losses, and fair value of available-for-sale) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Amortized cost	$ 561,167	$ 612,699
Gross unrealized losses	(2,250)	(5,826)
Gross unrealized gains	40	691
Fair value	558,957	607,564
Corporate debentures [Member]
Marketable Securities [Line Items]
Amortized cost	354,874	324,485
Gross unrealized losses	(2,247)	(4,998)
Gross unrealized gains	38	357
Fair value	352,665	319,844
Government debentures [Member]
Marketable Securities [Line Items]
Amortized cost	206,293	288,214
Gross unrealized losses	(3)	(828)
Gross unrealized gains	2	334
Fair value	$ 206,292	$ 287,720

MARKETABLE SECURITIES - (Schedu

MARKETABLE SECURITIES - (Schedule of continuous unrealized loss position and fair value) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Gross unrealized losses Continuous unrealized loss position for less than 12 months	$ 0	$ (590)
Gross unrealized losses continuous unrealized loss position for more than 12 months	(2,250)	(5,236)
Gross unrealized losses	(2,250)	(5,826)
Fair value of continuous unrealized loss position for less than 12 months	0	186,910
Fair value of continuous unrealized loss position for more than 12 months	49,345	190,560
Fair value	$ 49,345	$ 377,470

MARKETABLE SECURITIES (Schedu_2

MARKETABLE SECURITIES (Schedule of amortized cost and fair value of available-for-sale marketable securities) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Amortized cost
Due within one year	$ 528,669	$ 285,012
Due between one and four years	32,498	327,687
Amortized cost	561,167	612,699
Fair value
Due within one year	528,086	283,016
Due between one and four years	30,871	324,548
Fair value	$ 558,957	$ 607,564

FAIR VALUE MEASUREMENTS (Narrat

FAIR VALUE MEASUREMENTS (Narrative) (Details) $ in Millions	Jun. 30, 2024 USD ($)
SeniorNotesMember
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated fair value	$ 992.3

FAIR VALUE MEASUREMENTS (Schedu

FAIR VALUE MEASUREMENTS (Schedule of fair value of financial assets and liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value Money Market And Marketable Securities	$ 1,035,336	$ 925,543
Money market funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	463,120	315,784
Corporate debentures and commercial paper [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	1,398	1,001
Available For Sale Marketable Securities	352,665	319,844
Government debentures [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	11,861	1,194
Available For Sale Marketable Securities	206,292	287,720
Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value Money Market And Marketable Securities	463,120	315,784
Level 1 [Member] \| Money market funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	463,120	315,784
Level 1 [Member] \| Corporate debentures and commercial paper [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	0	0
Available For Sale Marketable Securities	0	0
Level 1 [Member] \| Government debentures [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	0	0
Available For Sale Marketable Securities	0	0
Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value Money Market And Marketable Securities	572,216	609,759
Level 2 [Member] \| Money market funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	0	0
Level 2 [Member] \| Corporate debentures and commercial paper [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	1,398	1,001
Available For Sale Marketable Securities	352,665	319,844
Level 2 [Member] \| Government debentures [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	11,861	1,194
Available For Sale Marketable Securities	$ 206,292	$ 287,720

NON-CANCELABLE MATERIAL PURCH_3

NON-CANCELABLE MATERIAL PURCHASE OBLIGATIONS (Details) - Non-cancelable material agreements for cloud infrastructure services and subscription-based cloud services [Member] $ in Thousands	Jun. 30, 2024 USD ($)
Other Commitments [Line Items]
2024	$ 28,978
2025	54,681
2026	60,326
2027	48,750
Total future payments under non-cancelable material purchase obligations	$ 192,735

CONVERTIBLE SENIOR NOTES, NET_2

CONVERTIBLE SENIOR NOTES, NET (Narrative) (Details) $ in Millions	Jun. 30, 2024 USD ($)
Debt Instrument [Line Items]
Principal amount	$ 72

CONVERTIBLE SENIOR NOTES, NET_3

CONVERTIBLE SENIOR NOTES, NET (Schedule of Net Carrying Amount of Liability and Equity Components of Notes) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Net carrying amount of the liability and equity components:
Principal amount	$ 72,000
Convertible Senior Note [Member]
Net carrying amount of the liability and equity components:
Principal amount	574,980	$ 575,000
Unamortized issuance costs	(1,156)	(2,660)
Net carrying amount	$ 573,824	$ 572,340

CONVERTIBLE SENIOR NOTES, NET_4

CONVERTIBLE SENIOR NOTES, NET (Schedule of Interest Expense Related to Notes) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Debt Disclosure [Abstract]
Amortization of debt issuance costs	$ 1,504	$ 1,496
Total interest expense recognized	$ 1,504	$ 1,496

REVOLVING CREDIT FACILITY (Narr

REVOLVING CREDIT FACILITY (Narrative) (Details) - Revolving credit facility agreement (“Credit Facility”) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Line of Credit Facility [Line Items]
Credit facility withdraw	$ 250
Interest rate description	The borrowings under the Credit Facility bear interest at a base rate plus a spread of 0.8% to 1.8%, or a three month Secured Overnight Financing Rate (“SOFR”) plus a spread of 2.45% to 4%. The ongoing fee on undrawn amounts is 0.7%.
Ongoing fee on undrawn amounts	0.70%
Minimum unrestricted cash and cash equivalents	$ 150
Minimum loan account	$ 60
Minimum
Line of Credit Facility [Line Items]
Ongoing fee on undrawn amounts	0.80%
Maximum
Line of Credit Facility [Line Items]
Ongoing fee on undrawn amounts	1.80%

SHAREHOLDERS' EQUITY (Narrative

SHAREHOLDERS' EQUITY (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Number of shares reserved for future grants	1,981,068
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 373,649
Unrecognized share based compensation expense recognition period	2 years 10 months 2 days
Total fair value of RSUs and PSUs vested	$ 213,213
Employee Stock Purchase Plan ("ESPP")
Class of Stock [Line Items]
Percentage of amount not exceeding share based compensation employees receive.	15%
Number of ordinary shares reserved	125,000
Increase in number of ordinary shares	1,000,000
Percentage of fair value of ordinary shares	85%
PSU
Class of Stock [Line Items]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 332,130
2024 Share Incentive Plan
Class of Stock [Line Items]
Number of shares reserved for future grants	1,787,022
Maximum aggregate number of shares issued pursuant to awards	1,786,992	4,000,000

SHAREHOLDERS' EQUITY (Schedule

SHAREHOLDERS' EQUITY (Schedule of Share Based Compensation Expense) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 78,030	$ 63,966
Cost of revenues [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	10,233	8,332
Research and development [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	15,717	13,930
Sales and marketing [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	31,791	28,190
General and administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 20,289	$ 13,514

SHAREHOLDERS' EQUITY (Schedul_2

SHAREHOLDERS' EQUITY (Schedule of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Amount of options
Beginning balance	244,787
Exercised	55,710
Ending balance	189,077	244,787
Exercisable	178,579
Weighted average exercise price
Beginning balance	$ 78.85
Exercised	68.65
Ending balance	81.85	$ 78.85
Exercisable	$ 77.78
Weighted average remaining contractual term (in years)
Options outstanding	3 years 10 months 2 days	4 years 2 months 26 days
Exercisable as of December 31, 2022	3 years 6 months 29 days
Aggregate intrinsic value
Options outstanding	$ 36,221	$ 34,320
Exercised	10,159
Exercisable	$ 34,938

SHAREHOLDERS' EQUITY (Schedul_3

SHAREHOLDERS' EQUITY (Schedule of RSUs and PSUs Activity) (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Amount of RSUs and PSUs
Unvested beginning balance \| shares	2,639,337
Granted \| shares	791,173
Vested \| shares	862,204
Forfeited \| shares	70,435
Unvested ending balance \| shares	2,497,871
Weighted average grant date fair value
Unvested beginning balance \| $ / shares	$ 136.15
Granted \| $ / shares	236.28
Vested \| $ / shares	127.6
Forfeited \| $ / shares	142.41
Unvested ending balance \| $ / shares	$ 170.64

SHAREHOLDERS' EQUITY (Schedul_4

SHAREHOLDERS' EQUITY (Schedule of Fair Value Assumptions) (Details) - ESPP [Member]	6 Months Ended
	Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	28.23%
Expected dividends	0%
Expected term (in years)	6 months
Risk free rate	5.39%

BASIC AND DILUTED NET LOSS PE_3

BASIC AND DILUTED NET LOSS PER SHARE (Narrative) (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive securities excluded from computation of earnings per share, amount	2,944,384	2,818,249
Number of additional antidilutive securities excluded from computation of earnings per share amount	3,600,000

BASIC AND DILUTED NET LOSS PE_4

BASIC AND DILUTED NET LOSS PER SHARE (Schedule of Basic Net Loss Per Share) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net loss available to shareholders of ordinary shares, basic	$ (7,453)	$ (60,806)
Denominator:
Shares used in computing basic net loss per ordinary shares	42,689,375	41,384,895

BASIC AND DILUTED NET LOSS PE_5

BASIC AND DILUTED NET LOSS PER SHARE (Schedule of Diluted Net Loss Per Share) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net loss available to shareholders of ordinary shares, diluted	$ (7,453)	$ (60,806)
Denominator:
Shares used in computing diluted net loss per ordinary shares	42,689,375	41,384,895

SEGMENTS, CUSTOMERS AND GEOGR_3

SEGMENTS, CUSTOMERS AND GEOGRAPHIC INFORMATION (Narrative) (Details)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Single Customer [Member]
Segment Reporting Information [Line Items]
Revenue Percentage	10%	10%

SEGMENTS, CUSTOMERS AND GEOGR_4

SEGMENTS, CUSTOMERS AND GEOGRAPHIC INFORMATION (Schedule of Revenue by Geographic Location) (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenue		$ 446,256	$ 337,548
United States [Member]
Segment Reporting Information [Line Items]
Revenue		218,793	182,549
Israel [Member]
Segment Reporting Information [Line Items]
Revenue		4,214	3,235
United Kingdom [Member]
Segment Reporting Information [Line Items]
Revenue		25,655	21,934
Europe, the Middle East and Africa [Member]
Segment Reporting Information [Line Items]
Revenue	[1]	114,071	71,741
Other [Member]
Segment Reporting Information [Line Items]
Revenue		$ 83,523	$ 58,089

[1]Excluding United Kingdom and Israel

SUBSEQUENT EVENTS (Narrative) (

SUBSEQUENT EVENTS (Narrative) (Details) - Subsequent Event [Member] - Venafi Holdings Inc [Member] $ in Millions	Oct. 01, 2024 USD ($)
Subsequent Event [Line Items]
Total purchase consideration transferred	$ 1,660
Purchase consideration transferred in cash	1,020
Purchase consideration transferred in ordinary shares	$ 640