CyberArk has reported record subscription sales
CyberArk Software Ltd. (CYBR), a developer of cybersecurity solutions, announced the results of the fourth quarter of 2021. The company doubled subscription sales and exceeded Wall Street’s profit forecast by the same amount. In the quarter ended December 31, revenue was $151.3 million, non-GAAP profit decreased to $0.28 per diluted share but was significantly higher than the forecast of $0.16.
By the end of 2021, revenue increased by 8% to $502.9 million, and subscription sales increased by 139% to $134.6 million. As a result, the GAAP loss was $83.9 million, or $2.12 per share. The stock of cash and equivalents amounted to $1.2 billion. As CyberArk continues to switch to subscription sales, profitability decreases usually harm short-term indicators. Still, if the company’s solutions are in demand, the subscription allows you to expand the audience faster and increase profits in the long term.
A positive signal in customers’ interest in subscribing to CyberArk solutions recurring revenue growth accelerated. CyberArk Software Ltd. added a record number of users in the fourth quarter — more than 370. CyberArk has a set of tools and services to improve the security of corporate IT.
These are tools for identification, reducing the influence of the human factor on cyber defense, tools for distributing access privileges, monitoring and blocking internal cyber threats, and much more. In 2022, CyberArk expects revenue of $582-598 million and a net loss in the range of $0.98-0.64 per share. At the same time, recurring annual revenue to grow by 35-36% to $530-536 million.
