CyberArk (NASDAQ: CYBR) reported first-quarter 2019 revenue and earnings that surpassed analysts’ expectations, sending the stock climbing by 5.8% in premarket hours on Tuesday.
Total revenue grew 34% year-over-year to $95.9 million. License revenue was $51.3 million, up 33% year-over-year while maintenance and professional services revenue rose 34% to $44.7 million.
GAAP net income improved to $13.7 million, or $0.36 per share, from $6.4 million, or $0.18 per share, in the prior-year quarter. Adjusted net income was $21.5 million or $0.56 per share.
CEO Udi Mokady said, “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.”
Total deferred revenue amounted to $171.1 million as of March 31, 2019, up 43% from the same period a year ago. At quarter-end, CyberArk had $509.7 million in cash, cash equivalents, marketable securities and short-term deposits.
For the second quarter of 2019, CyberArk expects revenues to grow 24-26% year-over-year to a range of $96 million to $98 million. Adjusted EPS is expected to be $0.45-0.48.
For the full year of 2019, the company anticipates revenue growth of 21-22% to a range between $415 million and $419 million. Adjusted EPS is expected to be $2.10 to $2.16.