The following is a summary of the CyberArk Software Ltd. (CYBR) Q1 2024 Earnings Call Transcript:
Financial Performance:
CyberArk reported a subscription ARR of $621 million, up by 54% year-over-year, and a total ARR of $811 million, a 34% increase year-over-year.
The revenue growth rose to 37%, yielding about $222 million.
Non-GAAP operating income was $33 million, a massive improvement from a loss of $12.6 million in Q1 of 2023.
Non-GAAP earnings per share were $0.75, a significant increase from the loss of $0.17 in the corresponding period last year.
Free cash flow for the quarter was $67 million, up considerably from the $4 million in Q1 of the previous year.
Business Progress:
CyberArk added approximately 200 new customers in the first quarter, with several choosing to secure multiple identity groups from the onset.
They have initiated a strategic partnership with NHS resolution, the U.K Department of Health, and Social Care.
CyberArk launched the industry's first identity-centric secure browser to protect customers from emerging threats and promote productivity.
Received FedRAMP High Authorization for two of its SaaS solutions, strengthening its competitive stance in the market.
Reports strong bookings growth for Q1 2024, causing an uplift in their revenue outlook for the year.
The significant shift towards SaaS in CyberArk's pipeline expected to open up new business opportunities.
More details: CyberArk IR
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