- **Record Q1 growth**: ARR up 21% YoY to $1.215B, revenue $318M (+32% YoY), and 18% operating margin.
- **Unified platform dominance**: 90%+ deals include multiple solutions, with Venafi and Zilla driving 200+ new logos.
- **AI-first innovation**: Secure AI Agent solution set to launch in H2, addressing agentic AI security gap.
- **Resilient cash flow**: $96M free cash flow, with 2025 guidance for $300M-$310M free cash flow.
- **Risk mitigation**: $42M one-time tax payment offset by strong ARR growth and disciplined execution.


**【CEO Summary Section】**
- Q1 2025 ARR reached $1.215 billion, with net new ARR of $46 million, driven by strong demand for identity security solutions across human, machine, and AI identities.
- Revenue of $318 million exceeded guidance, reflecting 18% operating margin and $96 million in free cash flow.
- Key innovations include Zilla's modern IGA platform, Venafi's machine identity management, and Secure AI Agent solution for agentic AI.
- Customer momentum: 200+ new logos, 50% of new deals included multiple solutions, and cross-sell of Venafi into existing customer base.
- Macro environment: No impact on business, with identity security as a non-discretionary spend.

**【CFO Financial Commentary】**
- Subscription ARR grew to $1.028 billion, with subscription revenue at $250.6 million (79% of total revenue).
- Gross margin expanded to 85%, operating margin to 18%, due to higher self-hosted subscription mix and cost discipline.
- Full-year 2025 guidance: Total revenue $1.313B-$1.323B (32% YoY growth), non-GAAP EPS $3.73-$3.85, and free cash flow $300M-$310M.
- Risk: $42M one-time tax payment related to Venafi IP migration and $15M capex for new headquarters.

**【Q&A Key Highlights】**
- **Multi-product adoption**: 50% of new logos purchase 2+ solutions, with Zilla and Venafi driving cross-sell opportunities.
- **Maintenance transition**: Single-digit % ARR growth from conversion, with $15M expected ARR reduction in 2025.
- **Macroeconomic caution**: Guidance reflects prudent approach to macro uncertainty, despite strong pipeline.
- **Competitive differentiation**: Only platform offering end-to-end identity security across human, machine, and AI.
- **Venafi/Zilla performance**: Venafi ahead of integration expectations, Zilla early-stage deals show customer confidence.
- **Pricing strategy**: Focus on total deal size rather than per-identity pricing, with machine identity deals 1.5-2x human identity deals.
- **Regulatory trends**: CA/Browser Forum reducing certificate lifespan to 47 days, driving demand for automated certificate management.


CyberArk Software (CYBR)-13 May 25-2025 Q1 Earnings call transcript

- **$1B ARR Milestone**: CyberArk achieved $1 billion ARR in 2024, returning to Rule of 40 with 15% operating margin and $221M free cash flow.
- **Strategic Acquisitions**: Zilla Security enhances IGA capabilities, while Venafi accelerates machine identity security growth with $166M ARR contribution.
- **AI-Driven Innovation**: CyberArk is leading in securing agentic AI agents, leveraging its unified platform to manage dynamic privileges.
- **Strong Q4 Performance**: 346 new logos, three seven-figure deals, and 34% YoY growth in organic subscription ARR.
- **2025 Outlook**: $1.31B revenue (31% growth) and $300M+ free cash flow, with ARR targeting $1.41B (21% YoY).

**【CEO Summary Section】**
- CyberArk achieved a milestone of $1 billion ARR in 2024, driven by organic growth and the Venafi acquisition. The company returned to Rule of 40 status, with 15% operating margin and $221 million free cash flow.
- Key strategic initiatives include the acquisition of Zilla Security to enhance modern IGA capabilities and the integration of Venafi for machine identity security. Both acquisitions are expected to expand the total addressable market and drive future growth.
- The company is prioritizing innovation in AI-driven security, particularly in securing agentic AI agents, which will be a focus area in 2025.
- Q4 highlighted strong new logo wins, with 346 new customers and three seven-figure deals, reflecting the success of the unified identity security platform.

**【CFO Financial Commentary】**
- Q4 2024 ARR reached $1.169 billion, including $166 million from Venafi. Subscription ARR grew to $977 million (84% of total ARR), with organic subscription ARR up 34% YoY.
- Total revenue of $314.4 million exceeded guidance, with Venafi contributing $47 million. Non-GAAP operating income was $58.7 million, and net income was $40.4 million.
- 2025 guidance includes $1.308-$1.318 billion in revenue (31% YoY growth) and $300-$310 million in free cash flow. The company expects ARR to grow 21% YoY to $1.410-$1.420 billion.

**【Q&A Key Highlights】**
- **Platform Integration**: Customers are increasingly adopting the full CyberArk platform, with Q4 deals spanning workforce, IT, developer, and machine identity solutions.
- **AI Security**: CyberArk is uniquely positioned to secure AI agents by applying dynamic privilege controls and integrating machine identity management capabilities.
- **Channel Momentum**: MSPs and channel partners are driving new logo growth, with Venafi being effectively cross-sold into the existing customer base.
- **Government Impact**: Federal business represents ~10% of ARR, with diversification across agencies reducing risk. CyberArk's cost-efficient solutions align with federal priorities.
- **Venafi Growth**: Venafi ARR is expected to grow 25%+ by 2026, with early traction in EMEA and strong cross-sell opportunities.


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Actual											0.5	0.42	0.31	0.82	0.09	0.01	-0.06	0.28	-0.3	-0.27	-0.06	0.16	-0.17	0.03	0.42	0.81	0.75	0.54	0.94	0.8	0.98	0.88	1.2	1.33
Forecast											0.3701	0.2713	0.2871	0.5938	0.0346	0.0189	-0.0718	0.1517	-0.3142	-0.299	-0.2057	0.1251	-0.2571	-0.1301	0.2339	0.4689	0.2758	0.397	0.4581	0.7217	0.7878	0.7887	0.9233	1.1391
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+35.10%	+54.81%	+7.98%	+38.09%	+160.12%	-47.09%	+16.43%	+84.57%	+4.52%	+9.70%	+70.83%	+27.90%	+33.88%	+123.06%	+79.56%	+72.74%	+171.94%	+36.02%	+105.20%	+10.85%	+24.40%	+11.58%	+29.97%	+16.76%

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