The earnings call reflected a strong quarter for CyberArk, with significant growth in ARR, revenue, and customer base. The successful acquisition of Venafi is expected to enhance CyberArk's offerings, though challenges remain in transitioning Venafi to a SaaS model and declining maintenance revenue. Overall, the sentiment is positive due to the strong financial performance and strategic acquisitions.

Company Guidance

In the CyberArk Q3 2024 earnings call, the company provided guidance for Q4 and the full year, incorporating the recent acquisition of Venafi. For Q4 2024, CyberArk expects total revenue between $297 million and $303 million, representing 34% year-over-year growth at the midpoint, with Venafi contributing approximately $41 million. Non-GAAP operating income is projected to range from $43.5 million to $48.5 million, including an $11 million contribution from Venafi. The company anticipates non-GAAP EPS between $0.65 and $0.75 per diluted share and an annual recurring revenue (ARR) of $1.153 billion to $1.163 billion by year-end, with Venafi expected to contribute approximately $164 million to this figure. For the full year 2024, CyberArk forecasts total revenue between $983 million and $989 million, reflecting 31% growth year-over-year, and an operating income range of $135 million to $140 million. Additionally, the company raised its free cash flow guidance for the year to $203 million to $213 million, with Venafi expected to contribute $8 million in Q4.

Strong Financial Performance

CyberArk reported strong third quarter results, outperforming guidance across all metrics. Subscription ARR was $735 million, growing 46% year-over-year. Total ARR was $926 million, growing 31% year-over-year. Record total revenue of $240.1 million, growing 26% year-over-year. Non-GAAP operating income was $35.4 million with a 15% margin, up from a 9% margin in the previous year. Free cash flow amounted to $51.6 million, representing a 21% free cash flow margin.

Successful Acquisition of Venafi

CyberArk closed the acquisition of Venafi on October 1, 2024. The acquisition is expected to contribute $41 million to fourth-quarter revenue and $11 million to non-GAAP operating income. Venafi is anticipated to enhance CyberArk's platform by integrating machine identity management capabilities.

Expansion in Customer Base

CyberArk added nearly 230 new customers in the third quarter, expanding its cohort with ARR of more than $100,000 to over 2,000 customers. The number of customers with ARR of more than $500,000 increased by nearly 40% year-on-year.

Recognition as Industry Leader

CyberArk was named a leader in the 2024 Gartner Magic Quadrant for Privileged Access Management and recognized as an Overall Leader in the KuppingerCole 2024 Leadership Compass on Privileged Access Management.

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CyberArk Software (CYBR) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

CYBR Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 06, 2025	2024 (Q4)	0.72 / -	0.81	―	―	―
Nov 13, 2024	2024 (Q3)	0.46 / 0.94	0.42	123.81% (+0.52)
Aug 08, 2024	2024 (Q2)	0.40 / 0.54	0.03	1700.00% (+0.51)
May 02, 2024	2024 (Q1)	0.28 / 0.75	-0.17	541.18% (+0.92)
Feb 08, 2024	2023 (Q4)	0.47 / 0.81	0.16	406.25% (+0.65)
Nov 02, 2023	2023 (Q3)	0.23 / 0.42	-0.06	800.00% (+0.48)
Aug 10, 2023	2023 (Q2)	-0.13 / 0.03	-0.27	111.11% (+0.30)
May 11, 2023	2023 (Q1)	-0.26 / -0.17	-0.3	43.33% (+0.13)
Feb 09, 2023	2022 (Q4)	0.13 / 0.16	0.28	-42.86% (-0.12)
Nov 03, 2022	2022 (Q3)	-0.21 / -0.06	-0.06	0.00% (0.00)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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CYBR Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 13, 2024	$300.76	$291.61	-3.04%
Aug 08, 2024	$243.47	$263.59	+8.26%
May 02, 2024	$237.16	$233.54	-1.53%
Feb 08, 2024	$243.17	$261.60	+7.58%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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