Cyberark Software Ltd (NASDAQ:CYBR) stock fell 0.81% (As on May 14, 11:24:21 AM UTC-4, Source: Google Finance) after the company reported mixed first-quarter results, with revenue beating expectations but earnings falling short. Subscription revenue was $250.6 million in the first quarter of 2025, an increase of 60 percent from $156.2 million in the first quarter of 2024. Maintenance, professional services and other revenue was $67.0 million in the first quarter of 2025, compared to $65.3 million in the first quarter of 2024. Non-GAAP operating income was $57.5 million, or 18 percent margin, compared to non-GAAP operating income of $33.0 million, or 15 percent margin, in the same period last year. Non-GAAP net income was $50.3 million compared to non-GAAP net income of $35.9 million in the same period last year. As of March 31, 2025, cash, cash equivalents, short-term deposits, and marketable securities were $776.1 million. The changes in CyberArk’s cash balance reflect approximately $165 million in cash paid for the acquisition of Zilla Security. During the three months ended March 31, 2025, the Company’s net cash provided by operating activities was $98.5 million, compared to $68.6 million in the three months ended March 31, 2024.

Moreover, Annual Recurring Revenue (ARR) was $1.215 billion, an increase of 50 percent from $811 million at March 31, 2024. The Subscription portion of ARR was $1.028 billion, or 85 percent of total ARR at March 31, 2025. The Maintenance portion of ARR was $188 million at March 31, 2025, compared to $190 million at March 31, 2024. Recurring revenue in the first quarter of 2025 was $298.2 million, an increase of 45 percent from $205.8 million for the first quarter of 2024.

CYBR in the first quarter of FY25 has reported the adjusted earnings per share of 75 cents, missing the analysts’ estimates for the adjusted earnings per share of 79 cents. The company had reported the adjusted revenue growth of 43 percent to $318 million in the first quarter of FY25, beating the analysts’ estimates for revenue of $305.22 million.

For fiscal 2025, the company expects total revenue to be in the range of $1.313 billion to $1.323 billion and Non-GAAP net income per share to be in the range of $3.73 to $3.85.

For second quarter 2025, the company expects total revenue to be in the range of $312.0 million and $318.0 million and Non-GAAP net income per share is expected to be in the range of $0.74 to $0.81.