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Subscription ARR: $735 million, up 46% year-over-year.
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Net ARR new subscriptions: $59 million, a record off-season strong fourth quarter.
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Total ARR: $926 million, up 31% year over year.
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Total turnover: $240.1 million, up 26% year over year.
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Non-GAAP operating income: $35.4 million or a 15% margin, up from a 9% margin in the same period a year ago.
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Free cash flow: $51.6 million or a 21% free cash flow margin for the quarter.
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Recurring revenue: $224.2 million, up 29% year-over-year, accounting for 93% of total revenue.
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Subscription revenue: $175.6 million, up 43% year-on-year, representing 73% of total revenue.
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Net income: $45.1 million or $0.94 per diluted share, more than doubling from earnings per share of $0.42 in the same period last year.
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Cash and marketable securities: About $1.5 billion at the end of the third quarter.
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New logos: Nearly 230 new logos signed in the third quarter.
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Staff: 3,300 employees worldwide, of which 1,400 in sales and marketing.
Release date: November 13, 2024
For the full earnings call transcript, please refer to the full earnings call transcript.
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CyberArk Software Ltd (NASDAQ:CYBR) reported strong third-quarter results, outperforming expectations on all measures.
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Annual recurring revenue (ARR) from subscriptions grew 46% year-over-year to $735 million, demonstrating strong demand for subscription-based services.
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The company achieved record revenue of $240.1 million, up 26% year over year.
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CyberArk’s platform sales approach is gaining traction, with nearly 230 new logos signed in the third quarter.
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The acquisition of Venafi is expected to enhance CyberArk’s machine identity security offering and contribute to future growth.
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The integration of Venafi into CyberArk’s operations may present challenges and uncertainties.
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Despite strong growth, the company is operating in a difficult macroeconomic environment, which could impact future performance.
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A significant sequential decline in maintenance ARR is expected in the fourth quarter due to a large cohort of customer renewals.
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Venafi’s ARR growth was only around 10% before the acquisition, pointing to potential challenges in accelerating growth.
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The transition to a subscription model continues to impact maintenance revenues, which have declined year on year.
Q: Matt, can you talk about the trend of customers consolidating their identity solutions with CyberArk and how you’re driving this within your sales team? A: Customers are facing an identity crisis due to the threat landscape and are looking for a trusted partner to secure all types of identities. Our conversations with CISOs and CIOs focus on providing security across the spectrum of identities, both human and machine. We use a solution selling approach to provide rapid ramp-up and time to value, and a platform selling approach for future-proof customers. Customers recognize the need to go faster and deeper with CyberArk, driven by security-oriented buyers and trust in our relationship. –Matthew Cohen, CEO
