CyberArk Software (NASDAQ: CYBR) reported first-quarter financial results on May 14. The Israel-based cybersecurity company delivered sharply higher revenue and earnings, driven by strong sales of its privileged access security solutions, which help to protect organizations from internal threats.
CyberArk Software results: The raw numbers
Earnings per share
Data Source: CyberArk Software Q1 2019 earnings press release.
What happened with CyberArk Software this quarter?
License revenue jumped 33% year over year to $51.3 million, while maintenance and professional services revenue leapt 34% to $44.7 million. In turn, total revenue rose 34%, to $95.9 million.
"Our results demonstrate that Privileged Access Security is the foundation of comprehensive cybersecurity programs," Chairman and CEO Udi Mokady said in a press release. "As the leader in the market, organizations of all sizes and industries are turning to CyberArk as a trusted advisor to secure digital transformation and cloud migration strategies."
More businesses are turning to CyberArk to secure their most sensitive data. Image source: Getty Images.
The scalability of CyberArk's business model was on full display during the quarter. Non-GAAP operating income -- which excludes share-based compensation and acquisition-related items -- surged 101% to $25.5 million. Non-GAAP net income, meanwhile, increased 82% to $21.5 million, or $0.56 per share.
Moreover, CyberArk's cash generation remains strong. Operating cash flow grew 39% to $45.9 million, and free cash flow climbed 42% to $43.6 million. "We were pleased to deliver results ahead of all guided metrics as well as record cash flow from operations," Mokady said.
These strong results prompted CyberArk to raise its full-year 2019 guidance. The company now expects:
- Total revenue of $415 million to $419 million, up from a previous forecast of $411 million to $415 million.
- Non-GAAP operating income of $100.5 million to $103.5 million, up from $92.5 million to $95.5 million.
- Non-GAAP earnings per share of $2.10 to $2.16, up from $1.94 to $2.
For the second quarter, CyberArk is guiding for:
- Total revenue of $96 million to $98 million, up 24%-26% year over year.
- Non-GAAP operating income of $22 million to $23.5 million.
- Non-GAAP EPS of $0.45 to $0.48.
"As we look at the remainder of 2019 and beyond, we are committed to delivering sustainable growth, strong profitability and continual innovation to secure privileged access across on-premises, hybrid, and cloud environments," Mokady said.
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