CyberArk Software Ltd. (NASDAQ: CYBR) rose in Thursday trading as the company posted upbeat Q3 earnings and issued strong FY18 guidance.
The company, with U.S. offices in Newton, Mass., reported record total revenue of $84.7 million increases by 31% year-over-year
GAAP operating income was $8.8 million and record non-GAAP operating income of $21.0 million. Net cash provided by operating activities for the nine months was $89.2 million
Deferred revenue of $136.0 million increased by 59% year-over-year
CEO Udi Mokady said, "We exceeded our financial outlook across all guided metrics, while generating record revenue and non-GAAP operating income in the third quarter.
"Our strong results reflect our success executing our growth strategy across sales and marketing as well as delivering innovative solutions that help strengthen customers’ overall security posture on premises, in the cloud and across the DevOps pipeline.
"Given our strong leadership position in the privileged access security market and our performance year to date, we are pleased to raise our full-year guidance for 2018."
In terms of full-year guidance, total revenue is expected to be in the range of $328.9 million to $330.4 million, which represents 26% year-over-year growth.
Non-GAAP operating income is expected to be in the range of $78.0 million to $79.2 million, or an operating margin of 24%. Non-GAAP net income per share is expected to be in the range of $1.75 to $1.77 per diluted share.
CYBR shares opened Thursday up $7.99, or 11.1%, to $79.69
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