Israeli company CyberArk (Nasdaq: CYBR) outperformed the analysts' expectations in the first quarter of 2019 and provided positive guidance for the second quarter and the rest of the year. The company, founded and managed by CEO Udi Mokady, posted $96 million in revenue in the first quarter, 34% more than in the first quarter of 2018 and $3.5 million more than the analysts' forecasts. CyberArk's two product lines grew: revenue from sales of licenses was up 33.2% to $51.3 million and revenue from maintenance and professional services grew 34.1% to $44.7 million.
CyberArk's solutions monitor, manage, and secure privileged accounts in organizational computer systems. The company, listed on Nasdaq, is close to its peak levels with a $4.5 billion market cap. Mokady said, "We are satisfied at providing better results than our guidance and our record-breaking cash flow from activity. When we look at the rest of 2019 and beyond, we are committed to reporting sustainable growth, strong profits, and continued innovation."
According to GAAP accounting standards, CyberArk's operating profit jumped from $4 million in the first quarter of 2018 to $13.6 million in the first quarter of 2019, and its net profit was up 113% to $13.7 million. In non-GAAP accounting, excluding capital remuneration for employees, depreciation of intangible assets, and expenses pertaining to acquisitions, the company's first quarter net profit increased 81.8% to $12.5 million, with $$0.56 profit per share, $0.15 higher than the analysts' forecasts.
CyberArk generated $45.9 million from current activity, and finished the first quarter with $510 million in cash and short and long-term investments. CyberArk projects $96-98 million in revenue in the second quarter, 24-26% more than in the corresponding quarter last year, while the analysts' forecasts are more modest - $95.1 million. According to the company, its non-GAAP profit per share will be $0.45-0.48, compared with the analysts' forecast of $0.42, and its total profit will be $17.6-18.8 million. For 2019 as a whole, the company give revenue guidance of $415-419 million, 21-22% more than in 2018, with a net profit of $2.10-2.16 per share, amounting to $81.7-84 million.
Published by Globes, Israel business news - en.globes.co.il - on May 14, 2019
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