CyberArk reports Q4 EPS 81c, consensus 47c

Reports Q4 revenue $223.1M, consensus $209.68M. “2023 was a momentous year for CyberArk and with our excellence in execution, we solidified our position as the leader in identity security,” said Matt Cohen, CyberArk’s Chief Executive Officer. “Throughout the year, we consistently delivered strong results, including in the fourth quarter where top line growth accelerated, operating income and cash flow increased, and we again beat expectations across all guided metrics. Record demand for our SaaS solutions drove our subscription bookings mix to 95 percent in 2023 and recurring revenue reached 90 percent of our total revenue – we are now a fully recurring revenue company. The momentum in our business and our platform selling motion is demonstrated by our ARR reaching $774 million and growing 36 percent as well as our Subscription ARR reaching $582 million, growing 60 percent, with a record for net new Subscription ARR of $78 million in the fourth quarter. Our identity security platform is applying the right level of controls across all identities, human or machine, regardless of environment. In today’s threat landscape, our platform and security first approach are a business imperative, resulting in customers consolidating on our identity platform. With our execution in 2023, we enter 2024 in a position of strength, poised to continue to deliver durable growth, profitability, and cash flow.”