CyberArk revenue up across the board, driven by growing demand for security

CyberArk, the information security company specialising in privileged accounts, has announced its financial results for the first quarter of this year were strong, driven by an increasing demand for effective security solutions.

According to the vendor, first quarter total revenue was $46.9 million, which represents an increase of 43% when compared to the first quarter of 2015. More specifically, licence revenue was $27.5 million, up 38% compared with the first quarter of 2015, and maintenance and professional services revenue was $19.4 million, up 50% compared with the first quarter of 2015.

"Our top and bottom line outperformance in the first quarter was driven by solid execution and strong demand for privileged account security," says Udi Mokady, CyberArk CEO.

"The breadth of customers and partners turning to CyberArk to protect privileged accounts and credentials demonstrates that every organisation regardless of size or vertical needs this critical new layer of security.

"We believe our disciplined investments will enable us to continue to extend our leadership position, capture share in this greenfield market and deliver profitable growth.

GAAP operating income was $6.2 million, compared to $7.5 million in the first quarter of 2015. Non-GAAP operating income was $10.7 million, an increase from $9.0 million in the first quarter of 2015.

Furthermore, as of March 31 of this year, CyberArk had $254.3 million in cash, cash equivalents, marketable securities and short-term deposits, compared to $238.3 million as of December 31, 2015.

During the first quarter of 2016, the Company generated $16.5 million in cash flow from operations, an increase compared to $14.3 million in the first quarter of 2015.

Based on information available as of today, CyberArk expects total revenue for the second quarter of 2016 to be in the range of $47.5 million to $48.5 million, which represents 31% to 33% year-over-year growth.

Non-GAAP operating income is expected to be in the range of $8.6 million to $9.5 million.

Non-GAAP net income per share is expected to be in the range of $0.18 to $0.20 per diluted share. This assumes 35.9 million weighted average diluted shares.

For the full year, CyberArk expects total revenue is expected to be in the range of $209.0 million to $211.0 million, which represents 30% to 31% year-over-year growth.

Non-GAAP operating income is expected to be in the range of $41.7 million to $43.3 million.

Non-GAAP net income per share is expected to be in the range of $0.87 to $0.91 per diluted share. This assumes 36.3 million weighted average diluted shares.