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CyberArk Software Ltd (NASDAQ:CYBR) reported fiscal first-quarter 2024 revenue growth of 37% year-on-year to $221.55 million, beating the analyst consensus of $213.29 million.
The information security company posted an adjusted EPS of $0.75, which beat the analyst consensus of $0.28. The stock price declined after the print.
Segments: Revenues from Subscriptions expanded 69% Y/Y to $156.2 million. Maintenance and professional services were $62.4 million vs. $65.1 million Y/Y.
Also Read: Why Microsoft, Alphabet, Amazon, Palantir, And Meta Could Rise 15% In 2024, According To Analyst
Key Performance Indicators: Annual Recurring Revenue (ARR) increased 34% Y/Y to $811 million. The subscription portion of ARR was $621 million, implying a 54% Y/Y growth.
The Maintenance portion of ARR was $190 million compared to $202 million Y/Y. Recurring revenue grew 41% Y/Y to $205.8 million.
CyberArk held $1.4 billion in cash and equivalents as of March 31.
Outlook: CyberArk expects a fiscal second-quarter revenue of $215.0 million to $221.0 million versus the consensus of $221.0 million.
It projected an adjusted EPS of $0.34 – $0.44 versus the consensus of $0.30.
CyberArk projected fiscal 2024 revenue of $928.0 million – $938.0 million (prior $920.0 million – $930.0 million) versus the consensus of $927.1 million.
CyberArk expects an adjusted EPS outlook of $1.88 – $2.07 (prior $1.63 – $1.81) versus the consensus of $1.76.
ARR as of December 31, 2024, will likely range between $975 million – $990 million (prior $968.0 million – $983.0 million), up by 26% – 28%.
Cyberark Software stock gained 95% in the last 12 months. Investors can gain exposure to the stock via First Trust NASDAQ Cybersecurity ETF (NASDAQ:CIBR) and IShares Cybersecurity And Tech ETF (NYSE:IHAK).
Price Action: CYBR shares traded lower by 2.2% at $231.76 at last check Thursday.
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