CyberArk Software (CYBR) Tops Q4 EPS by 16c, Revenues Beat; Offers Q1 EPS/Revenue Guidance Below Est., FY20 EPS Views Below Est., FY20 Revenue Outlook Above Est.
CyberArk Software (NASDAQ: CYBR) reported Q4 EPS of $0.97, $0.16 better than the analyst estimate of $0.81. Revenue for the quarter came in at $129.7 million versus the consensus estimate of $126.37 million.
- Fourth quarter total revenue of $129.7 million increases 19% year-over-year
- Fourth quarter GAAP operating income of $22.9 million and non-GAAP operating income of $42.1 million
- Full year total revenue of $433.9 million increases 26% year-over-year
- Full year GAAP operating income of $62.3 million and non-GAAP operating income of $123.4 million
- Full year net cash provided by operating activities of $141.7 million
Financial Highlights for the Fourth Quarter Ended December 31, 2019
Revenue:
- Total revenue was $129.7 million, up 19% compared with the fourth quarter of 2018.
License revenue was $76.5 million, up 15% compared with the fourth quarter of 2018.
- Maintenance and Professional Services revenue was $53.1 million, up 26% compared with the fourth quarter of 2018.
Operating Income:
- GAAP operating income was $22.9 million, compared to $27.5 million in the fourth quarter of 2018. Non-GAAP operating income was a record $42.1 million, compared to $39.8 million in the fourth quarter of 2018.
Net Income:
- GAAP net income was $20.7 million, or $0.53 per diluted share, compared to GAAP net income of $24.2 million, or $0.64 per diluted share, in the fourth quarter of 2018. Non-GAAP net income was a record $37.8 million, or $0.97 per diluted share, compared to $33.4 million, or $0.89 per diluted share, in the fourth quarter of 2018.
“Our record fourth quarter results capped off another great year of strong growth driven by disciplined investments,” said Udi Mokady, CyberArk Chairman and CEO. “We were thrilled to win a record number of logos in the fourth quarter, signing nearly 300 new customers. Throughout 2019, organizations continued to recognize that protecting privileged access is foundational to a comprehensive security program and increasingly turned to CyberArk as a trusted advisor, particularly to secure mission-critical digital transformation and cloud migration strategies. Our clear leadership position in the market and ongoing commitment to deliver innovation, positions us well to deliver profitable growth in 2020 and beyond.”
GUIDANCE:
CyberArk Software sees Q1 2020 EPS of $0.35-$0.41, versus the consensus of $0.56. CyberArk Software sees Q1 2020 revenue of $106-110 million, versus the consensus of $113.66 million.
CyberArk Software sees FY2020 EPS of $2.26-$2.38, versus the consensus of $2.79. CyberArk Software sees FY2020 revenue of $511-519 million, versus the consensus of $510.36 million.
Based on information available as of February 12, 2020, CyberArk is issuing guidance for the first quarter and full year 2020 as indicated below.
First Quarter 2020:
- Total revenue is expected to be in the range of $106.0 million to $110.0 million.
- Non-GAAP operating income is expected to be in the range of $16.5 million to $19.5 million.
- Non-GAAP net income per share is expected to be in the range of $0.35 to $0.41 per share. This assumes 39.6 million weighted average diluted shares.
Full Year 2020:
- Total revenue is expected to be in the range of $511.0 million to $519.0 million.
- Non-GAAP operating income is expected to be in the range of $109.0 million to $115.0 million.
- Non-GAAP net income per share is expected to be in the range of $2.26 to $2.38 per share. This assumes 39.8 million weighted average diluted shares.
For earnings history and earnings-related data on CyberArk Software (CYBR) click here.