The following is a summary of the CyberArk Software Ltd. (CYBR) Q1 2024 Earnings Call Transcript:

Financial Performance:

• CyberArk reported a subscription ARR of $621 million, up by 54% year-over-year, and a total ARR of $811 million, a 34% increase year-over-year.

• The revenue growth rose to 37%, yielding about $222 million.

• Non-GAAP operating income was $33 million, a massive improvement from a loss of $12.6 million in Q1 of 2023.

• Non-GAAP earnings per share were $0.75, a significant increase from the loss of $0.17 in the corresponding period last year.

• Free cash flow for the quarter was $67 million, up considerably from the $4 million in Q1 of the previous year.

Business Progress:

• CyberArk added approximately 200 new customers in the first quarter, with several choosing to secure multiple identity groups from the onset.

• They have initiated a strategic partnership with NHS resolution, the U.K Department of Health, and Social Care.

• CyberArk launched the industry's first identity-centric secure browser to protect customers from emerging threats and promote productivity.

• Received FedRAMP High Authorization for two of its SaaS solutions, strengthening its competitive stance in the market.

• Reports strong bookings growth for Q1 2024, causing an uplift in their revenue outlook for the year.

• The significant shift towards SaaS in CyberArk's pipeline expected to open up new business opportunities.

More details: CyberArk IR

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