CyberArk Announces Strong First Quarter 2024 Results
CyberArk announced strong first quarter 2024 results, exceeding all guided metrics. Subscription revenue grew 69% YoY to $156.2 million, total ARR grew 34% YoY to $811 million, and total revenue grew 37% YoY to $221.6 million. The company raised full-year guidance across all metrics.
Subscription revenue grew 69% YoY to $156.2 million.
Total ARR increased by 34% YoY to $811 million.
Total revenue grew by 37% YoY to $221.6 million.
Net cash provided by operating activities for the quarter was $68.6 million.
Company raised full-year guidance across all metrics.
Perpetual license revenue decreased from $3.9 million in Q1 2023 to $3.0 million in Q1 2024.
Maintenance and professional services revenue decreased from $65.1 million in Q1 2023 to $62.4 million in Q1 2024.
GAAP operating loss was $(6.4) million in Q1 2024, compared to $(46.1) million in Q1 2023.
Insights
Results Exceeded all Guided Metrics
Subscription Portion of Annual Recurring Revenue (ARR) Grew
Total ARR Grew
Subscription Revenue Grew
Total Revenue Grew
Net Cash Provided by Operating Activities for the Quarter was
Company Raises Full Year Guidance Across all Metrics
“We had a strong start to 2024. Our first quarter results reflect our focus on driving growth and profitability at scale. We posted 54 percent Subscription ARR growth and 37 percent revenue growth, while significantly expanding operating margins and growing net cash provided by operating activities,” said Matt Cohen, CyberArk's Chief Executive Officer. “Every organization has a spectrum of identities across IT, developers, workforce, and machines to secure. Our ability to apply the right level of security controls across all identities – humans and machines – is a unique differentiator that resonates with customers and partners alike. The combination of our unified identity security platform and best-in-class security controls is driving customers to consolidate trust with CyberArk. 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.”
Financial Summary for the First Quarter Ended March 31, 2024
-
Subscription revenue was
$156.2 million $92.7 million -
Maintenance and professional services revenue was
$62.4 million $65.1 million -
Perpetual license revenue was
$3.0 million $3.9 million -
Total revenue was
$221.6 million $161.7 million -
GAAP operating loss was
$(6.4) million $(46.1) million $33.0 million $(12.6) million -
GAAP net income was
$5.5 million $0.13 $(35.0) million $(0.85) $35.9 million $0.75 $(6.9) million $(0.17)
Balance Sheet and Net Cash Provided by Operating Activities
-
As of March 31, 2024, cash, cash equivalents, short-term deposits, and marketable securities were
$1.4 billion -
During the three months ended March 31, 2024, net cash provided by operating activities was
$68.6 million $5.8 million
Key Business Highlights
-
Annual Recurring Revenue (ARR) was
$811 million $604 million -
The Subscription portion of ARR was
$621 million $403 million -
The Maintenance portion of ARR was
$190 million $202 million
-
The Subscription portion of ARR was
-
Recurring revenue in the first quarter was
$205.8 million $145.9 million
Recent Developments
- CyberArk Launches CyberArk Secure Browser, the industry’s first identity-centric secure browser.
- CyberArk Launches the CyberArk MSP Console, an easy way for MSPs to offer identity security services at scale
- CyberArk achieves FedRAMP® High Authorization for CyberArk Endpoint Privilege Manager and CyberArk Workforce Identity, two of its leading SaaS offerings. The authorization to operate (ATO) reinforces CyberArk’s ability to help federal agencies and other public sector organizations efficiently and effectively secure access to all corporate applications, protect distributed workforces and accelerate cloud innovation in alignment with Zero Trust principles outlined in EO 14028.
- CyberArk was named a Leader in The Forrester Wave™: Workforce Identity Platforms, Q1 20241. CyberArk earned the highest-possible score in the vision, innovation, endpoint device trust, access management, identity threat detection and platform security criteria.
Business Outlook
Based on information available as of May 2, 2024, CyberArk is issuing guidance for the second quarter and full year 2024 as indicated below.
Second Quarter 2024:
-
Total revenue is expected to be in the range of
$215.0 million $221.0 million -
Non-GAAP operating income is expected to be in the range of
$12.0 million $17.0 million -
Non-GAAP net income per share is expected to be in the range of
$0.34 $0.44 - Assumes 48.1 million weighted average diluted shares.
Full Year 2024:
-
Total revenue is expected to be in the range of
$928.0 million $938.0 million -
Non-GAAP operating income is expected to be in the range of
$90.5 million $99.5 million -
Non-GAAP net income per share is expected to be in the range of
$1.88 $2.07 - Assumes 48.1 million weighted average diluted shares.
-
ARR as of December 31, 2024 is expected to be in the range of
$975 million $990 million -
Non-GAAP free cash flow is expected to be in the range of
$115.0 million $125.0 million
1The Forrester Wave™: Workforce Identity Platforms, Q1 2024 by Geoff Cairns, March 20, 2024
Conference Call Information
In conjunction with this announcement, CyberArk will host a conference call on Thursday, May 2, 2024 at 8:30 a.m. Eastern Time (ET) to discuss the Company’s first quarter financial results and its business outlook. To access this call, dial +1 (888) 330-2455 (
Following the conference call, a replay will be available for one week at +1 (800) 770-2030 (
About CyberArk
CyberArk (NASDAQ: CYBR) is the global leader in identity security. Centered on intelligent privilege controls, CyberArk provides the most comprehensive security offering for any identity – human or machine – across business applications, distributed workforces, hybrid cloud environments and throughout the DevOps lifecycle. The world’s leading organizations trust CyberArk to help secure their most critical assets. To learn more about CyberArk, visit https://www.cyberark.com, read the CyberArk blogs or follow on LinkedIn, Twitter, Facebook or YouTube.
Copyright © 2024 CyberArk Software. All Rights Reserved. All other brand names, product names, or trademarks belong to their respective holders.
Key Performance Indicators and Non-GAAP Financial Measures
Recurring Revenue
- Recurring Revenue is defined as revenue derived from SaaS and self-hosted subscription contracts, and maintenance contracts related to perpetual licenses during the reported period.
Annual Recurring Revenue (ARR)
- ARR is defined as the annualized value of active SaaS, self-hosted subscriptions and their associated maintenance and support services, and maintenance contracts related to the perpetual licenses in effect at the end of the reported period.
Subscription Portion of Annual Recurring Revenue
- Subscription portion of ARR is defined as the annualized value of active SaaS and self-hosted subscription contracts in effect at the end of the reported period. The subscription portion of ARR excludes maintenance contracts related to perpetual licenses.
Maintenance Portion of Annual Recurring Revenue
- Maintenance portion of ARR is defined as the annualized value of active maintenance contracts related to perpetual licenses. The Maintenance portion of ARR excludes SaaS and self-hosted subscription contracts in effect at the end of the reported period.
Annual Recurring Revenue (ARR), Subscription portion of ARR and Maintenance portion of ARR are performance indicators that provides more visibility into the growth of our recurring business in the upcoming year. This visibility allows us to make informed decisions about our capital allocation and level of investment. Each of these measures should be viewed independently of revenues and total deferred revenue as it is an operating measure and is not intended to be combined with or to replace either of those measures. ARR, Subscription portion of ARR and Maintenance Portion of ARR are not forecasts of future revenues and can be impacted by contract start and end dates and renewal rates.
Non-GAAP Financial Measures
CyberArk believes that the use of non-GAAP gross profit, non-GAAP operating expense, non-GAAP operating income (loss), non-GAAP net income (loss) and free cash flow is helpful to our investors. These financial measures are not measures of the Company’s financial performance under
- Non-GAAP gross profit is calculated as GAAP gross profit excluding share-based compensation expense, and amortization of intangible assets related to acquisitions.
- Non-GAAP operating expense is calculated as GAAP operating expenses excluding share-based compensation expense, and amortization of intangible assets related to acquisitions.
- Non-GAAP operating income (loss) is calculated as GAAP operating loss excluding share-based compensation expense and amortization of intangible assets related to acquisitions.
- Non-GAAP net income (loss) is calculated as GAAP net income (loss) excluding share-based compensation expense, amortization of intangible assets related to acquisitions, amortization of debt discount and issuance costs, and the tax effect of non-GAAP adjustments.
- Free cash flow is calculated as net cash provided by operating activities less purchase of property and equipment.
The Company believes that providing non-GAAP financial measures that are adjusted by, as applicable, share-based compensation expense, amortization of intangible assets related to acquisitions, non-cash interest expense related to the amortization of debt discount and issuance cost, and the tax effect of the non-GAAP adjustments and purchase of property and equipment allows for more meaningful comparisons of its period to period operating results. Share-based compensation expense has been, and will continue to be for the foreseeable future, a significant recurring expense in the Company’s business and an important part of the compensation provided to its employees. Share based compensation expense has varying available valuation methodologies, subjective assumptions and a variety of equity instruments that can impact a company’s non-cash expense. The Company believes that expenses related to its acquisitions, amortization of intangible assets related to acquisitions, and non-cash interest expense related to the amortization of debt discount and issuance costs do not reflect the performance of its core business and impact period-to-period comparability. The Company believes free cash flow is a liquidity measure that, after the purchase of property and equipment, provides useful information about the amount of cash generated by the business.
Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in the Company’s industry, as other companies in the industry may calculate non-GAAP financial results differently, particularly related to non-recurring, unusual items. In addition, there are limitations in using non-GAAP financial measures as they exclude expenses that may have a material impact on the Company’s reported financial results. The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with
Guidance for non-GAAP financial measures excludes, as applicable, share-based compensation expense, acquisition related expenses, amortization of intangible assets related to acquisitions, non-cash interest expense related to the amortization of debt discount and issuance costs, the tax effect of the non-GAAP adjustments, and purchase of property and equipment. A reconciliation of the non-GAAP financial measures guidance to the corresponding GAAP measures is not available on a forward-looking basis due to the uncertainty regarding, and the potential variability and significance of, the amounts of share-based compensation expense, amortization of intangible assets related to acquisitions, and the non-recurring expenses that are excluded from the guidance, as well as changes in interest rates and foreign exchange rates, which impact other GAAP performance metrics. Accordingly, a reconciliation of the non-GAAP financial measures guidance to the corresponding GAAP measures for future periods is not available without unreasonable effort.
Cautionary Language Concerning Forward-Looking Statements
This release contains forward-looking statements, which express the current beliefs and expectations of CyberArk’s (the “Company”) management. In some cases, forward-looking statements may be identified by terminology such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential” or the negative of these terms or other similar expressions. Such statements involve a number of known and unknown risks and uncertainties that could cause the Company’s future results, levels of activity, performance or achievements to differ materially from the results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating, but not limited to: changes to the drivers of the Company’s growth and the Company’s ability to adapt its solutions to the information security market changes and demands, including artificial intelligence (AI); the Company’s ability to acquire new customers and maintain and expand the Company’s revenues from existing customers; intense competition within the information security market; real or perceived security vulnerabilities, gaps, or cybersecurity breaches of the Company, or the Company’s customers’ or partners’ systems, solutions or services; risks related to the Company’s compliance with privacy, data protection and AI laws and regulations; the Company’s ability to successfully operate the business as a subscription company and fluctuation in the quarterly results of operations; the Company’s reliance on third-party cloud providers for its operations and software-as-a-service (“SaaS”) solutions; the Company’s ability to hire, train, retain and motivate qualified personnel; the Company’s ability to effectively execute its sales and marketing strategies; the Company’s ability to find, complete, fully integrate or achieve the expected benefits of additional strategic acquisitions; the Company’s ability to maintain successful relationships with channel partners, or if the Company’s channel partners fail to perform; risks related to sales made to government entities; prolonged economic uncertainties or downturns; the Company’s history of incurring net losses, the Company’s ability to generate sufficient revenue to achieve and sustain profitability and the Company’s ability to generate cash flow from operating activities; regulatory and geopolitical risks associated with the Company’s global sales and operations; risks related to intellectual property claims; fluctuations in currency exchange rates; the ability of the Company’s products to help customers achieve and maintain compliance with government regulations or industry standards; the Company’s ability to protect its proprietary technology and intellectual property rights; risks related to using third-party software, such as open-source software; risks related to stock price volatility or activist shareholders; any failure to retain the Company’s “foreign private issuer” status or the risk that the Company may be classified, for
| CYBERARK SOFTWARE LTD. | ||||||
| Consolidated Statements of Operations | ||||||
| (Unaudited) | ||||||
Three Months Ended |
||||||
March 31, |
||||||
|
2023 |
|
2024 |
|||
| Revenues: | ||||||
| Subscription | $ |
92,720 |
$ |
156,239 |
||
| Perpetual license |
|
3,882 |
|
2,951 |
||
| Maintenance and professional services |
|
65,103 |
|
62,360 |
||
| Total revenues |
|
161,705 |
|
221,550 |
||
| Cost of revenues: | ||||||
| Subscription |
|
15,945 |
|
20,962 |
||
| Perpetual license |
|
212 |
|
479 |
||
| Maintenance and professional services |
|
19,815 |
|
20,967 |
||
| Total cost of revenues |
|
35,972 |
|
42,408 |
||
| Gross profit |
|
125,733 |
|
179,142 |
||
| Operating expenses: | ||||||
| Research and development |
|
52,256 |
|
53,914 |
||
| Sales and marketing |
|
99,428 |
|
104,964 |
||
| General and administrative |
|
20,175 |
|
26,642 |
||
| Total operating expenses |
|
171,859 |
|
185,520 |
||
| Operating loss |
|
(46,126) |
|
(6,378) |
||
| Financial income, net |
|
9,606 |
|
14,052 |
||
| Income (loss) before taxes on income |
|
(36,520) |
|
7,674 |
||
| Tax benefit (taxes on income) |
|
1,492 |
|
(2,204) |
||
| Net income (loss) | $ |
(35,028) |
$ |
5,470 |
||
| Basic net income (loss) per ordinary share | $ |
(0.85) |
$ |
0.13 |
||
| Diluted net income (loss) per ordinary share | $ |
(0.85) |
$ |
0.13 |
||
| Shares used in computing net income (loss) | ||||||
| per ordinary shares, basic |
|
41,168,043 |
|
42,430,559 |
||
| Shares used in computing net income (loss) | ||||||
| per ordinary shares, diluted |
|
41,168,043 |
|
47,737,396 |
||
CYBERARK SOFTWARE LTD. |
|||||
Consolidated Balance Sheets |
|||||
|
|||||
(Unaudited) |
|||||
December 31, |
March 31, |
||||
2023 |
2024 |
||||
| ASSETS | |||||
| CURRENT ASSETS: | |||||
| Cash and cash equivalents | $ |
355,933 |
$ |
440,524 |
|
| Short-term bank deposits |
|
354,472 |
|
344,757 |
|
| Marketable securities |
|
283,016 |
|
293,194 |
|
| Trade receivables |
|
186,472 |
|
139,316 |
|
| Prepaid expenses and other current assets |
|
31,550 |
|
33,931 |
|
| Total current assets |
|
1,211,443 |
|
1,251,722 |
|
| LONG-TERM ASSETS: | |||||
| Marketable securities |
|
324,548 |
|
304,604 |
|
| Property and equipment, net |
|
16,494 |
|
16,132 |
|
| Intangible assets, net |
|
20,202 |
|
18,427 |
|
| Goodwill |
|
153,241 |
|
153,241 |
|
| Other long-term assets |
|
214,816 |
|
218,313 |
|
| Deferred tax asset |
|
81,464 |
|
84,466 |
|
| Total long-term assets |
|
810,765 |
|
795,183 |
|
| TOTAL ASSETS | $ |
2,022,208 |
$ |
2,046,905 |
|
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
| CURRENT LIABILITIES: | |||||
| Trade payables | $ |
10,971 |
$ |
3,524 |
|
| Employees and payroll accruals |
|
95,538 |
|
66,075 |
|
| Accrued expenses and other current liabilities |
|
36,562 |
|
33,902 |
|
| Convertible senior notes, net |
|
572,340 |
|
573,092 |
|
| Deferred revenues |
|
409,219 |
|
424,969 |
|
| Total current liabilities |
|
1,124,630 |
|
1,101,562 |
|
| LONG-TERM LIABILITIES: | |||||
| Deferred revenues |
|
71,413 |
|
76,319 |
|
| Other long-term liabilities |
|
33,839 |
|
32,073 |
|
| Total long-term liabilities |
|
105,252 |
|
108,392 |
|
| TOTAL LIABILITIES |
|
1,229,882 |
|
1,209,954 |
|
| SHAREHOLDERS' EQUITY: | |||||
| Ordinary shares of |
|
111 |
|
112 |
|
| Additional paid-in capital |
|
827,260 |
|
868,231 |
|
| Accumulated other comprehensive loss |
|
(1,849) |
|
(3,666) |
|
| Accumulated deficit |
|
(33,196) |
|
(27,726) |
|
| Total shareholders' equity |
|
792,326 |
|
836,951 |
|
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ |
2,022,208 |
$ |
2,046,905 |
|
CYBERARK SOFTWARE LTD. |
|||||
Consolidated Statements of Cash Flows |
|||||
|
|||||
(Unaudited) |
|||||
| Three Months Ended | |||||
| March 31, | |||||
2023 |
2024 |
||||
| Cash flows from operating activities: | |||||
| Net income (loss) | $ |
(35,028) |
$ |
5,470 |
|
| Adjustments to reconcile net income (loss) to net cash | |||||
| provided by operating activities: | |||||
| Depreciation and amortization |
|
4,446 |
|
4,021 |
|
| Amortization of premium and accretion of discount on marketable securities, net |
|
(508) |
|
(1,866) |
|
| Share-based compensation |
|
31,596 |
|
37,499 |
|
| Deferred income taxes, net |
|
(5,467) |
|
(1,052) |
|
| Decrease in trade receivables |
|
33,288 |
|
47,156 |
|
| Amortization of debt discount and issuance costs |
|
748 |
|
751 |
|
| Increase in prepaid expenses, other current and long-term assets and others |
|
(5,105) |
|
(5,803) |
|
| Changes in operating lease right-of-use assets |
|
1,543 |
|
1,909 |
|
| Decrease in trade payables |
|
(363) |
|
(7,323) |
|
| Increase in short-term and long-term deferred revenues |
|
7,383 |
|
20,656 |
|
| Decrease in employees and payroll accruals |
|
(27,920) |
|
(28,012) |
|
| Increase (decrease) in accrued expenses and other current and long-term liabilities |
|
3,207 |
|
(2,383) |
|
| Changes in operating lease liabilities |
|
(1,999) |
|
(2,388) |
|
| Net cash provided by operating activities |
|
5,821 |
|
68,635 |
|
| Cash flows from investing activities: | |||||
| Investment in short and long term deposits |
|
(51,768) |
|
(156,382) |
|
| Proceeds from short and long term deposits |
|
103,738 |
|
164,800 |
|
| Investment in marketable securities and other |
|
(156,522) |
|
(92,343) |
|
| Proceeds from sales and maturities of marketable securities |
|
111,611 |
|
102,686 |
|
| Purchase of property and equipment |
|
(1,775) |
|
(1,865) |
|
| Net cash provided by investing activities |
|
5,284 |
|
16,896 |
|
| Cash flows from financing activities: | |||||
| Proceeds from (payment of) withholding tax related to employee stock plans |
|
712 |
|
(6,327) |
|
| Proceeds from exercise of stock options |
|
599 |
|
3,358 |
|
| Proceeds in connection with employees stock purchase plan |
|
3,906 |
|
4,848 |
|
| Net cash provided by financing activities |
|
5,217 |
|
1,879 |
|
| Increase in cash and cash equivalents |
|
16,322 |
|
87,410 |
|
| Effect of exchange rate differences on cash and cash equivalents |
|
3 |
|
(2,819) |
|
| Cash and cash equivalents at the beginning of the period |
|
347,338 |
|
355,933 |
|
| Cash and cash equivalents at the end of the period | $ |
363,663 |
$ |
440,524 |
|
| CYBERARK SOFTWARE LTD. | ||||||
| Reconciliation of GAAP Measures to Non-GAAP Measures | ||||||
| (Unaudited) | ||||||
| Reconciliation of Net cash provided by operating activities to Free cash flow: | ||||||
| Three Months Ended | ||||||
| March 31, | ||||||
2023 |
2024 |
|||||
| Net cash provided by operating activities | $ |
5,821 |
$ |
68,635 |
||
| Less: | ||||||
| Purchase of property and equipment |
|
(1,775) |
|
(1,865) |
||
| Free cash flow | $ |
4,046 |
$ |
66,770 |
||
| GAAP net cash provided by investing activities |
|
5,284 |
|
16,896 |
||
| GAAP net cash provided by financing activities |
|
5,217 |
|
1,879 |
||
| Reconciliation of Gross Profit to Non-GAAP Gross Profit: | ||||||
| Three Months Ended | ||||||
| March 31, | ||||||
2023 |
2024 |
|||||
| Gross profit | $ |
125,733 |
$ |
179,142 |
||
| Plus: | ||||||
| Share-based compensation (1) |
|
3,953 |
|
4,820 |
||
| Amortization of share-based compensation capitalized in software development costs (3) |
|
103 |
|
72 |
||
| Amortization of intangible assets (2) |
|
1,704 |
|
1,704 |
||
| Non-GAAP gross profit | $ |
131,493 |
$ |
185,738 |
||
| Reconciliation of Operating Expenses to Non-GAAP Operating Expenses: | ||||||
| Three Months Ended | ||||||
| March 31, | ||||||
2023 |
2024 |
|||||
| Operating expenses | $ |
171,859 |
$ |
185,520 |
||
| Less: | ||||||
| Share-based compensation (1) |
|
27,643 |
|
32,679 |
||
| Amortization of intangible assets (2) |
|
137 |
|
125 |
||
| Non-GAAP operating expenses | $ |
144,079 |
$ |
152,716 |
||
| Reconciliation of Operating loss to Non-GAAP Operating Income (loss): | ||||||
| Three Months Ended | ||||||
| March 31, | ||||||
2023 |
2024 |
|||||
| Operating loss | $ |
(46,126) |
$ |
(6,378) |
||
| Plus: | ||||||
| Share-based compensation (1) |
|
31,596 |
|
37,499 |
||
| Amortization of share-based compensation capitalized in software development costs (3) |
|
103 |
|
72 |
||
| Amortization of intangible assets (2) |
|
1,841 |
|
1,829 |
||
| Non-GAAP operating income (loss) | $ |
(12,586) |
$ |
33,022 |
||
| Reconciliation of Net Loss to Non-GAAP Net Income (loss): | ||||||
| Three Months Ended | ||||||
| March 31, | ||||||
2023 |
2024 |
|||||
| Net income (loss) | $ |
(35,028) |
$ |
5,470 |
||
| Plus: | ||||||
| Share-based compensation (1) |
|
31,596 |
|
37,499 |
||
| Amortization of share-based compensation capitalized in software development costs (3) |
|
103 |
|
72 |
||
| Amortization of intangible assets (2) |
|
1,841 |
|
1,829 |
||
| Amortization of debt discount and issuance costs |
|
748 |
|
751 |
||
| Taxes on income related to non-GAAP adjustments |
|
(6,206) |
|
(9,752) |
||
| Non-GAAP net income (loss) | $ |
(6,946) |
$ |
35,869 |
||
| Non-GAAP net income (loss) per share | ||||||
| Basic | $ |
(0.17) |
$ |
0.85 |
||
| Diluted | $ |
(0.17) |
$ |
0.75 |
||
| Weighted average number of shares | ||||||
| Basic |
|
41,168,043 |
|
42,430,559 |
||
| Diluted |
|
41,168,043 |
|
47,737,396 |
||
| (1) Share-based Compensation : | ||||||
| Three Months Ended | ||||||
| March 31, | ||||||
2023 |
2024 |
|||||
| Cost of revenues - Subscription | $ |
832 |
$ |
1,412 |
||
| Cost of revenues - Perpetual license |
|
7 |
|
5 |
||
| Cost of revenues - Maintenance and Professional services |
|
3,114 |
|
3,403 |
||
| Research and development |
|
6,738 |
|
7,560 |
||
| Sales and marketing |
|
14,595 |
|
14,879 |
||
| General and administrative |
|
6,310 |
|
10,240 |
||
| Total share-based compensation | $ |
31,596 |
$ |
37,499 |
||
| (2) Amortization of intangible assets : | ||||||
| Three Months Ended | ||||||
| March 31, | ||||||
2023 |
2024 |
|||||
| Cost of revenues - Subscription | $ |
1,704 |
$ |
1,704 |
||
| Sales and marketing |
|
137 |
|
125 |
||
| Total amortization of intangible assets | $ |
1,841 |
$ |
1,829 |
||
| (3) Classified as Cost of revenues - Subscription. | ||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240502351005/en/
Investor Relations:
Erica Smith
CyberArk
617-558-2132
ir@cyberark.com
Media:
Nick Bowman
CyberArk
+44 (0) 7841 673378
press@cyberark.com
Source: CyberArk
FAQ
What was CyberArk's total ARR at March 31, 2024?
CyberArk's total ARR at March 31, 2024, was $811 million, with a 34% increase from the previous year.
How much did CyberArk's subscription revenue grow YoY in Q1 2024?
CyberArk's subscription revenue grew by 69% YoY to $156.2 million in Q1 2024.
What was CyberArk's total revenue in Q1 2024?
CyberArk's total revenue was $221.6 million in Q1 2024, showing a 37% YoY growth.
What was CyberArk's net cash provided by operating activities for the quarter?
CyberArk's net cash provided by operating activities for the quarter was $68.6 million.
Did CyberArk raise its full-year guidance?
Yes, CyberArk raised its full-year guidance across all metrics.
