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CyberArk Software Ltd (NASDAQ:CYBR) reported fiscal second-quarter 2024 revenue growth of 28% year-on-year to $224.7 million, beating the analyst consensus estimate of $219.1 million.
The information security company posted an adjusted EPS of 54 cents, which beat the analyst consensus estimate of 40 cents. The stock price gained after the print.
Segments: Revenues from Subscriptions expanded 49% Y/Y to $158.4 million. Maintenance and professional services were $62.7 million vs. $64.6 million Y/Y.
Key Performance Indicators: Annual Recurring Revenue (ARR) increased 33% Y/Y to $868 million. The subscription portion of ARR was $677 million, implying a 50% Y/Y growth.
The Maintenance portion of ARR was $191 million, compared to $201 million Y/Y. Recurring revenue grew 32% Y/Y to $208.0 million.
CyberArk held $1.4 billion in cash and equivalents as of June 30, 2024.
CEO Matt Cohen said, “With the explosion of new identities, new environments, and new attack methods, a new paradigm is needed to protect every identity – human or machine – with the right level of privilege controls. Customers are consolidating on our platform, driving land and expand, as evidenced by the 245 new logos we signed and our net new Subscription ARR of $56 million.”
Outlook: CyberArk expects a fiscal third-quarter revenue of $230.0 million to $236.0 million, versus the consensus of $219.1 million.
It projected an adjusted EPS of 38 cents to 49 cents, versus the consensus of 40 cents.
CyberArk projected fiscal 2024 revenue of $932.0 million–$942.0 million (prior $928.0 million–$938.0 million) versus the consensus of $935.1 million.
CyberArk expects an adjusted EPS outlook of $2.17–$2.36 (prior $1.88–$2.07) versus the consensus of $2.03.
ARR as of December 31, 2024, will likely range between $985 million–$995 million (prior $975 million–$990 million), up by 27%–29%.
CyberArk Software stock gained 82% in the last 12 months.
Price Action: CYBR stock traded higher by 7.5% at $261.54 at last check Thursday.
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Posted In: CYBR
