CyberArk Software Ltd CYBR stock gained after it reported fourth-quarter (Q4) revenue growth of 32% year-on-year to $223.1 million, beating the consensus of $209.7 million.
The information security company posted an adjusted EPS of $0.81, which beat the consensus of $0.47.
Segments: Revenues from Subscriptions expanded 70% Y/Y to $150.3 million. Maintenance and professional services were $64.83 million vs. $66.1 million Y/Y.
Key Performance Indicators: Annual Recurring Revenue (ARR) increased 36% Y/Y to $774 million. The subscription portion of ARR was $582 million, implying a 60% Y/Y growth.
The Maintenance portion of ARR was $192 million compared to $206 million Y/Y. Recurring revenue grew 41% Y/Y to $201.5 million.
CyberArk ended the quarter with $1.3 billion in cash and equivalents.
CEO Matt Cohen said, “Record demand for our SaaS solutions drove our subscription bookings mix to 95 percent in 2023 and recurring revenue reached 90 percent of our total revenue – we are now a fully recurring revenue company.”
Outlook: CyberArk expects a first-quarter revenue of $209.0 million to $215.0 million versus the consensus of $206.77 million.
It sees an adjusted EPS of $0.21 – $0.31 versus the consensus of $0.24.
CyberArk expects FY24 revenue of $920.0 million – $930.0 million versus the consensus of $915.82 million.
CyberArk expects an adjusted EPS outlook of $1.63 – $1.81 versus the consensus of $ 1.72.
ARR as of December 31, 2024 will likely range between $968.0 million and $983.0 million, up by 25% to 27%.
Price Action: CYBR shares traded higher by 6.62% at $259.27 in on the last check Thursday.
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