Cyberark Software Ltd (NASDAQ:CYBR) stock rose 5.09% (As on November 14, 11:17:05 AM UTC-4, Source: Google Finance) after the company reported much better-than-expected earnings for the fiscal Q3 and issued upbeat guidance. Subscription revenue was $175.6 million in the third quarter of 2024, an increase of 43 percent from $122.9 million in the third quarter of 2023. Maintenance and professional services revenue was $61.6 million in the third quarter of 2024, compared to $64.3 million in the third quarter of 2023. Perpetual license revenue was $2.9 million in the third quarter of 2024, compared to $4.1 million in the third quarter of 2023. Non-GAAP operating income was $35.4 million compared to non-GAAP operating income of $16.9 million, in the same period last year. As of September 30, 2024, cash, cash equivalents, short-term deposits, and marketable securities were $1.5 billion.

CYBR in the third quarter of FY 24 has reported the adjusted earnings per share of 94 cents, beating the analysts’ estimates for the adjusted earnings per share of 46 cents. The company had reported the adjusted revenue growth of 26 percent to $240.1 million in the third quarter of FY 24, beating the analysts’ estimates for revenue of $234.1 million.

CyberArk Software Ltd. raised earnings guidance for the year 2024. The guidance for the fourth quarter and full year 2024 includes the expected contribution from the acquisition of Venafi, which closed on October 1, 2024. Total revenue is expected to be in the range of $983.0 million to $989.0 million, representing growth of 31% to 32% compared to the full year 2023. For the full year, net income per share is forecasted to be between $2.85 and $2.96, while non-GAAP free cash flow is projected to be between $203 million and $213 million. For Q4 2024, CyberArk projects EPS between $0.65 and $0.75, above the consensus of $0.55. Revenue guidance for Q4 is set between $297 million and $303 million, outpacing the consensus estimate of $259.1 million. ARR as of December 31, 2024 is expected to be in the range of $1.153 billion to $1.163 billion, representing growth of 49% to 50% from December 31, 2023.

Alongside its earnings, CyberArk also announced that CFO Josh Siegel will be stepping down from his role on January 1, 2025, as part of a planned succession. Erica Smith, currently the Deputy CFO, will assume the CFO role and join the executive team.