NEW YORK - CyberArk Software (NASDAQ: NASDAQ:CYBR) reported a robust first quarter, surpassing analyst expectations with an adjusted EPS of $0.75, significantly higher than the estimated $0.28. The company's revenue also exceeded forecasts, reaching $221.55 million against the consensus estimate of $213.42 million, marking a 37% increase YoY.
Despite the strong performance, shares of CyberArk fell by 4% following the announcement, indicating investor concerns that may not be directly related to the quarterly results. The company's focus on expanding its identity security platform and securing a broad spectrum of identities has resonated well with customers, as reflected by the 54% growth in Subscription ARR and a 69% increase in Subscription Revenue YoY.
Looking ahead, CyberArk raised its full-year guidance, projecting Q2 revenue to be between $215 million and $221 million, representing a 22% to 26% growth compared to the same quarter last year.
This forecast is slightly below the analyst consensus of $221.2 million. The company anticipates an adjusted EPS for Q2 in the range of $0.34 to $0.44, which is above the consensus estimate of $0.30.
For the full year 2024, CyberArk expects revenue to be between $928 million and $938 million, indicating a 23% to 25% growth YoY and slightly above the consensus estimate of $927.2 million. The adjusted EPS guidance is set at $1.88 to $2.07, surpassing the analyst consensus of $1.76.
CEO Matt Cohen emphasized the company's strong start to 2024, highlighting the significant growth in Subscription ARR and revenue, along with the expansion of operating margins and net cash provided by operating activities.
Cohen stated, "In cybersecurity all roads lead to identity, keeping identity security at the top of the CISO’s priority list. We are well positioned to further extend our leadership position in identity security in 2024, and beyond."
The company's outlook also includes an expected ARR by the end of 2024 in the range of $975 million to $990 million, which would represent a 26% to 28% increase from the end of 2023. Non-GAAP free cash flow is projected to be between $115.0 million and $125.0 million for the full year.
Despite the downward movement in the stock price post-earnings, CyberArk's financials show a company on a growth trajectory, with raised forecasts suggesting confidence in continued expansion and market leadership in identity security.
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