ARR Growth, Customer Additions, Full Year Outlook Lift: Investors Cheer CyberArk Earnings

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  • CyberArk Software Ltd CYBR reported third-quarter FY22 revenue growth of 26% year-on-year to $152.7 million, beating the consensus of $150.7 million. Non-GAAP EPS loss of $(0.06) beat the consensus loss of $(0.20).
  • Segments: Revenues from Subscriptions expanded 110% Y/Y to $74.2 million. Maintenance and professional services rose 2.1% Y/Y to $64.6 million.
  • Key Performance Indicators: Annual Recurring Revenue (ARR) increased 49% Y/Y to $512 million. The subscription portion of ARR was $301 million, implying a 117% Y/Y growth. 
  • The Maintenance portion of ARR was $211 million signifying a 2.4% Y/Y growth.
  • Recurring revenue grew 44% Y/Y to $128.5 million, and the company added 230 new customers. CyberArk reached an 87% subscription booking mix.
  • CyberArk held $1.2 billion in cash and equivalents.
  • Outlook: CyberArk sees Q4 revenue of $169.9 million - $176.9 million versus the consensus of $175.9 million.
  • It sees non-GAAP EPS of $0.07 - $0.20 versus the consensus of $0.07.
  • CyberArk updated the FY22 revenue guidance from $589.0 million - $601.0 million to $592.5 million - $599.5 versus the consensus of $596.5 million. 
  • CyberArk improved the non-GAAP EPS guidance $(0.82) - $(0.57) to $(0.54) - $(0.39) above the consensus loss of $(0.69).
  • Price Action: CYBR shares traded higher by 7.87% at $146.23 in premarket on the last check Thursday.
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