Q1 2024 Earnings Summary
Reported on Jan 4, 2025 (Before Market Open)
Pre-Earnings Price$237.16Last close (May 1, 2024)
Post-Earnings Price$226.87Open (May 2, 2024)
Price Change
$-10.29(-4.34%)
- CyberArk reported annual recurring revenue (ARR) of $811 million, growing 34% year-over-year, demonstrating strong demand for its identity security solutions and leading to management raising full-year guidance across all metrics due to a robust pipeline and confidence in capturing market opportunities.
- The company is leveraging its competitive advantage with a differentiated identity security platform, covering a broad spectrum of identities, setting it "heads and shoulders above" competitors, and is well-positioned to benefit from IBM's acquisition of HashiCorp by capturing market share in secrets management.
- CyberArk is investing in growth opportunities, including the Endpoint Privilege Manager (EPM) business, which has reached $100 million in ARR, expansion into the U.S. federal market with FedRAMP High authorization, and new routes to market like managed service providers (MSPs) and cloud marketplaces, positioning the company for sustained growth.
- Net new subscription Annual Recurring Revenue (ARR) was flat year-over-year, indicating potential slowing growth in subscription revenue.
- Approximately $2 million in renewals did not close in the quarter due to holidays, impacting net new ARR growth.
- The full-year guidance raise was modestly less than the first-quarter beat, suggesting possible cautiousness in forward outlook.