The company’s annual recurring revenue (ARR) hit $868 million, reflecting a 33% year-over-year increase
CyberArk Software Ltd. saw its shares rise over 8% after the company exceeded expectations in its second-quarter earnings and upgraded its full-year guidance, driven by robust growth in subscription revenue.
For the quarter ending June 30, the cybersecurity firm reported adjusted earnings per share of 54 cents, increasing significantly from three cents in the same period last year. Revenue increased by 28% year over year to $224.7 million. Both figures surpassed analyst expectations of 40 cents per share and $219.07 million in revenue. A 49% increase in subscription income annually to $158.4 million underpinned CyberArk's performance. However, maintenance and professional services revenue dipped slightly to $62.7 million, while perpetual license revenue decreased to $3.6 million. The company’s annual recurring revenue (ARR) hit $868 million, reflecting a 33% year-over-year increase, with the subscription portion of ARR jumping 78% to $677 million. During the quarter, CyberArk announced its acquisition of Venafi Inc. for $1.54 billion, a move expected to contribute approximately $150 million in ARR and expand the company’s customer base.
At its yearly IMPACT 24 conference in May, CyberArk unveiled improvements to its Identity Security Platform, which included the Identity Threat Detection and Response service that is meant to increase user experience and privilege restrictions. CyberArk increased its revenue projection for the entire year from $936 million to between $932 million and $942 million, noting the critical nature of identity security and robust platform demand.
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