CyberArk Announces Strong Fourth Quarter and Full Year 2022 Results & CEO Change
NEWTON, Mass. & PETACH TIKVA, Israel— CyberArk (NASDAQ: CYBR), the global leader in Identity Security, today announced strong financial results for the fourth quarter and full year ended December 31, 2022.
“Our results in the fourth quarter and full year 2022 demonstrate the durability of demand for our solutions and strong execution,” said Udi Mokady, CyberArk Chairman and CEO. “Our subscription bookings mix reached a new record of 90 percent in the fourth quarter, well above the mix assumed in our guidance framework. The higher mix drove our Annual Recurring Revenue to $570 million, an increase of 45 percent year over year and significantly above our guidance, but also negatively impacted our recognized revenue in the quarter. We also once again set a record for net new Total ARR and Subscription ARR in the fourth quarter compared to the third quarter 2022. Customers are embracing our identity security platform, the most comprehensive in the market and our solutions are being prioritized by Chief Information Security Officers. As we look ahead, we believe that our competitive position has never been stronger. With our leadership position, durable demand trends and our strong execution, we believe we are positioned to navigate the current economic uncertainty and continue to capitalize on our massive opportunity and deliver long-term profitable growth.”
The Cyber Hut Comment: Some interesting changes at CyberArk. Firstly their quarterly results showed strong performance for what has been a relatively tough time for technology providers. Some highlights from the announcement includes total annual recurring revenue (ARR) of $570 million which is a growth of 45% year on year, with the subscription portion of ARR of $364 million, which was a growth of 99% year on year.
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