Can CyberArk Keep Up the Pace After Q1?

CyberArk Software Ltd. (NASDAQ: CYBR) released its first-quarter financial results before the markets opened on Tuesday. The company said that it had $0.56 in earnings per share (EPS) and $95.9 million in revenue, which compares with consensus estimates of $0.41 in EPS and $92.4 million in revenue. In the same period of last year, the company said it had EPS of $0.32 on $71.78 million in revenue.

During the latest quarter, License revenue increased 33% year over year to $51.3 million, while Maintenance and Professional Services revenue increased 34% to $44.7 million.

Note that total deferred revenue was $171.1 million, a 43% increase from $119.5 million in the first quarter of 2018.

Looking ahead to the second quarter, the company expects to see EPS in the range of $0.45 to $0.48 and total revenue between $96 million and $98 million. Consensus estimates call for $0.42 in EPS and $95.06 million in revenue for the coming quarter.

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Udi Mokady, CyberArk board chair and chief executive, commented:

We were pleased to deliver results ahead of all guided metrics as well as record cash flow from operations. Our results demonstrate that Privileged Access Security is the foundation of comprehensive cybersecurity programs. 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. 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.

Shares of CyberArk closed Monday at $121.24, in a 52-week range of $57.77 to $129.93. The consensus price target is $128.26. Following the announcement, the stock was up about 6% at $128.33 in early trading indications Tuesday.
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