CyberArk Software Q1: Mixed Segmental Performance, Hikes ARR Outlook

CyberArk Software Ltd CYBR reported first-quarter FY23 revenue growth of 27% year-on-year to $161.7 million, missing the consensus of $162.5 million.
Non-GAAP EPS loss of $(0.17) beat the consensus loss of $(0.26).
Segments: Revenues from Subscriptions expanded 78% Y/Y to $92.7 million. Maintenance and professional services were flat Y/Y at $65.1 million.
Key Performance Indicators: Annual Recurring Revenue (ARR) increased 42% Y/Y to $604 million. The subscription portion of ARR was $403 million, implying an 84% Y/Y growth.
The Maintenance portion of ARR was $202 million signifying a 2.9% Y/Y decline.
Recurring revenue grew 37% Y/Y to $145.9 million. CyberArk reached a 95% subscription booking mix.
CyberArk held $1.2 billion in cash and equivalents.
Outlook: CyberArk sees Q2 revenue of $170 million - $175 million versus the consensus of $175.32 million.
It sees non-GAAP EPS loss of $(0.19) - $(0.09) versus the consensus loss of $(0.12).
CyberArk reiterated FY23 revenue of $724 million - $736 million versus the consensus of $730.17 million.
CyberArk raised the non-GAAP EPS outlook to $0.16 - $0.38, up from $0.07 - $0.28 versus the consensus of $0.16.
It also raised the FY23 ARR outlook to a range of $735 million to $745 million from $730 million to $740 million earlier.
Price Action: CYBR shares traded lower by 1.72% at $135.01 in premarket on the last check Thursday.

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