CyberArk's revenue jumped 19% year over year to $129.7 million. That was slightly above Wall Street's expectations for revenue of $126.2 million. The gains were driven by a 15% rise in license revenue, to $76.5 million, and a 26% increase in maintenance and professional services revenue, to $53.1 million.
CyberArk's fourth-quarter earnings also came in nicely above analysts' estimates. Non-GAAP (adjusted) net income rose 13% to $37.8 million, or $0.97 per share, besting the consensus forecast for adjusted earnings per share (EPS) of $0.80.
"Our record fourth-quarter results capped off another great year of strong growth driven by disciplined investments," CyberArk Chairman and CEO Udi Mokady said in a press release. "We were thrilled to win a record number of logos in the fourth quarter, signing nearly 300 new customers."
Despite these solid results, investors appear to be focusing on CyberArk's forward guidance.
For 2020, CyberArk expects revenue of $511 million to $519 million, representing healthy growth of approximately 19% at the midpoint of this range. However, CyberArk's full-year 2020 adjusted earnings-per-share guidance of $2.26 to $2.38 disappointed investors. Analysts had been forecasting adjusted EPS of $2.75 in 2020.
Still, Mokady believes CyberArk's long-term prospects remain bright.
"Throughout 2019, organizations continued to recognize that protecting privileged access is foundational to a comprehensive security program and increasingly turned to CyberArk as a trusted advisor, particularly to secure mission-critical digital transformation and cloud migration strategies," Mokady said. "Our clear leadership position in the market and ongoing commitment to deliver innovation positions us well to deliver profitable growth in 2020 and beyond."