2024-02-08 11:45:06 ET
CyberArk Software Ltd. (CYBR)
Q4 2023 Earnings Conference Call
February 08, 2024 8:30 AM ET
Company Participants
Erica Smith – Senior Vice President, Finance and Investor Relations
Matt Cohen – Chief Executive Officer
Josh Siegel – Chief Financial Officer
Conference Call Participants
Saket Kalia – Barclays
Shaul Eyal – TD Cowen
Fatima Boolani – Citigroup
Rob Owens – Piper Sandler
Jonathan Ho – William Blair
Tal Liani – Bank of America
Joshua Tilton – Wolfe Research
Hamza Fodderwala – Morgan Stanley
Ray McDonough – Guggenheim Securities
Presentation
Operator
Good morning. My name is Dennis and I will be your conference operator today. At this time, I would like to welcome everyone to the CyberArk Software Fourth Quarter and Full Year 2023 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions]
I would now like to turn the conference over to Erica Smith, Senior Vice President, Finance and Investor Relations. Please go ahead.
Erica Smith
Thank you, Dennis. Good morning. Thank you for joining us today to review CyberArk’s strong fourth quarter and full year 2023 financial results. With me on the call today are Matt Cohen, our Chief Executive Officer; and Josh Siegel, our Chief Financial Officer. After the prepared remarks, we will open the call up to a question-and-answer session. Before we begin, let me remind you that certain statements made on the call today may be considered forward-looking statements, which reflect management’s best judgment based on currently available information. I refer specifically to the discussion of our expectations and beliefs regarding our projected results of operations for the first quarter, full year 2024, and beyond.
Our actual results might differ materially from those projected in these forward-looking statements. I direct your attention to the risk factors contained in the company’s annual report on Form 20-F filed with the U.S. Securities and Exchange Commission and those referenced in today’s press release that are posted to our website. CyberArk expressly disclaims any application or undertaking to release publicly any updates or revisions to any forward-looking statements made today. Additionally, non-GAAP financial measures will be discussed on this conference call. Reconciliations to the most directly comparable GAAP financial measures are also available in today’s press release, as well as in an updated investor presentation that outlines the financial discussion in today’s call. A webcast of today’s call is also available on our website in the IR section.
With that, I’d like to turn the call over to our CEO, Matt Cohen. Matt?
Matt Cohen
Thanks, Erica, and thanks everyone for joining the call today. We had an amazing fourth quarter to round out a momentous year for CyberArk. Early in the year, we were nimble and adjusted our selling motion in light of the macroeconomic backdrop. And in the fourth quarter, it continued to pay off, resulting in another great growth quarter. We entered 2024, a fully recurring revenue company, with over 95% of our bookings coming from subscription. Demand for our Identity Security Platform accelerated in 2023, and we’d end the year having solidified our leadership position in the market.
We delivered a record-breaking fourth quarter, beating our guidance across all metrics. Subscription ARR reached $582 million, growing 60% year-over-year. Total ARR reached $774 million, growing 36% year-over-year. We were thrilled to add record sequential net new subscription and total ARR, and we exceeded our guidance range across revenue, operating income, and EPS. Total revenue growth accelerated to 32%, reaching $223 million. Non-GAAP operating income came in at approximately $35 million, and we generated non-GAAP earnings per share of $0.81. We also consistently outperformed throughout the year and delivered total revenue of $752 million with growth accelerating to 27%, non-GAAP operating income of approximately $33 million, or a 4% operating margin, well above the breakeven we guided for at the beginning of 2023....
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CyberArk Software Ltd. (CYBR) Q4 2023 Earnings Call Transcript