- CyberArk Software Ltd CYBR reported first-quarter FY22 revenue growth of 13% year-on-year to $127.6 million, missing the consensus of $130.3 million. Non-GAAP EPS loss of $(0.30) beat the consensus loss of $(0.31).
- Segments: Revenues from Subscription expanded 110% Y/Y to $51.9 million. Maintenance and professional services rose 6.1% Y/Y to $65.1 million.
- Key Performance Indicators: Annual Recurring Revenue (ARR) increased 48% Y/Y to $427 million. The subscription portion of ARR was $219 million, implying a 149% Y/Y growth. The Maintenance portion of ARR was $208 million signifying a 3.5% Y/Y growth.
- Recurring revenue grew 40% Y/Y to $106.9 million, and the company added 250 new customers. CyberArk reached a 86% subscription booking mix.
- CyberArk held $1.2 billion in cash and equivalents and generated $25 million in operating cash flow.
- Chair and CEO Udi Mokady said, "Great execution, robust demand, and strong industry tailwinds resulted in subscription ARR reaching $219 million with growth accelerating to nearly 150 percent and total ARR reaching $427 million with growth accelerating to 48 percent year-over-year."
- Outlook: CyberArk sees Q2 revenue of $135 million - $141 million versus the consensus of $136.97 million.
- It sees non-GAAP EPS loss of $(0.37) - $(0.25) versus the consensus loss of $(0.27).
- CyberArk raised the FY22 revenue guidance from $582 million - $598 million to $583.5 million - $598.5 million versus the consensus of $590.2 million.
- CyberArk raised the non-GAAP EPS loss guidance from $(0.98) - $(0.64) to $(0.92) - $(0.60) versus the consensus loss of $(0.75).
- Price Action: CYBR shares traded lower by 2.17% at $105.00 in premarket on the last check Thursday.
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