CyberArk (CYBR) Q2 2022 Earnings Highlights

By Amit Chowdhry ● Aug 13, 2022
  • CyberArk (CYBR) recently announced its Q2 2022 earnings report. These are the details.

CyberArk (CYBR) recently announced its Q2 2022 earnings report. Below are the highlights.

– Subscription Portion of Annual Recurring Revenue (ARR) of $255 million with Growth of 133%

– Total ARR of $465 million with Growth of 48%

– Subscription Revenue of $66.0 million with Growth Accelerating to 144%

– Total Revenue of $142.3 million Exceeds Guidance Range; Growth Accelerating to 21%

– Full Year ARR Guidance Range Increased to a Range of $543 million to $549 million

Financial Summary for the Second Quarter Ended June 30, 2022

– Subscription revenue was $66.0 million in the second quarter of 2022, an increase of 144 percent from $27.1 million in the second quarter of 2021.

– Maintenance and professional services revenue was $65.3 million in the second quarter of 2022, compared to $62.9 million in the second quarter of 2021.

– Perpetual license revenue was $11.0 million in the second quarter of 2022, compared to $27.3 million in the second quarter of 2021.

– Total revenue was $142.3 million in the second quarter of 2022, up 21 percent from $117.2 million in the second quarter of 2021.

– GAAP operating loss was $(42.0) million and non-GAAP operating loss was $(10.7) million in the second quarter of 2022.

– GAAP net loss was $(37.6) million, or $(0.93) per basic and diluted share, in the second quarter of 2022. Non-GAAP net loss was $(10.7) million, or $(0.27) per basic and diluted share, in the second quarter of 2022.

Outlook

Q3 2022:

– Total revenue is expected to be in the range of $147.0 million and $153.0 million.

– Non-GAAP operating loss is expected to be in the range of $(11.0) million to $(6.0) million.

– Non-GAAP net loss per share is expected to be in the range of $(0.27) to $(0.14) per basic and diluted share.

– Assumes 41.4 million weighted average basic and diluted shares.

Full Year 2022:

– Total revenue is expected to be in the range of $589.0 million to $601.0 million.

– Non-GAAP operating loss is expected to be in the range of $(30.5) million to $(20.5) million.

– Non-GAAP net loss per share is expected to be in the range of $(0.82) to $(0.57) per basic and diluted share.

– Assumes 40.7 million weighted average basic and diluted shares.

– ARR as of December 31, 2022 is expected to be in the range of $543.0 million to $549.0 million, representing growth of 38 percent to 40 percent from December 31, 2021.

KEY QUOTES:

“We had an outstanding second quarter with momentum continuing to build for our Identity Security platform. Robust demand, great execution and strong industry tailwinds drove the strength in our bookings. This resulted in 48 percent year-over-year growth in total ARR and in a 133 percent year-over-year growth in Subscription ARR, led by strong demand for our SaaS solutions. Our Identity Security platform centered on intelligent privilege controls is resonating with customers, who are turning to CyberArk as a trusted partner to secure all identities from workforce to privileged users to machines. The power of our land and expand strategy was demonstrated by another strong new business quarter, with nearly 250 new logos, as well as increased velocity of add on and cross sell activity in our customer base. Our Identity Security platform and subscription business model are unlocking transformational value for our customers and for CyberArk. Based on our performance in the first half of 2022, we are raising our full year guidance for total revenue and ARR and have increased confidence that we can deliver against the multi-year durable growth opportunity with strong cash flow and profitability.”

– Udi Mokady, CyberArk Chairman and CEO