CyberArk Software (NASDAQ:CYBR) shares are up almost 7% premarket Thursday after the company's latest quarterly earnings release topped fourth-quarter consensus expectations.
The company's Q4 EPS came in at $0.81, $0.34 better than the analyst estimate of $0.47, while revenue for the quarter was $223.1 million, up 32% year-on-year (YoY) and above the consensus estimate of $209.72 million.
Subscription revenue was $150.3 million in the quarter, representing an increase of 70% from $88.5 million in Q4 2022. For the full year, CYBR's total average recurring revenue (ARR) was $774 million, rising by 36% YoY.
"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 CEO.
Cohen also noted demand for the company's SaaS solutions drove its subscription bookings mix to 95% in 2023, and recurring revenue reached 90% of its total revenue, with CYBR now a fully recurring revenue company.
Looking ahead, CyberArk sees Q1 EPS between $0.21 and $0.31, versus the consensus of $0.24, with revenue from $209 million to $215 million, versus the consensus of $207.2 million.
FY2024 EPS is expected to be between $1.63 and $1.81, versus the consensus of $1.72 revenue from $920 million to $930 million, above the consensus of $915.8 million.