CyberArk Software, Ltd. (NASDAQ:CYBR) Q1 2019 Earnings Conference Call Transcript

May 14, 2019 • 08:32 am ET

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CyberArk Software, Ltd. (NASDAQ:CYBR) Q1 2019 Earnings Conference Call Transcript

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Executive
Udi Mokady

hybrid environments and enabling organizations to move faster, more efficiently, and most importantly, securely as they execute digital transformation strategies. All of these trends have contributed to our results over the last few quarters, including record revenue in the Americas and APJ in Q1. Why we believe -- while we believe EMEA revenue, which grew 16% in the first quarter, was impacted by our strong Q4 2018, the pipeline across the region and globally, continues to be robust.

In addition, the business was well-diversified across industries. Banking, healthcare, insurance, media and IT software and services grew faster than 50%, while banking, healthcare and global government each represented more than 10% of the business in the first quarter.

I had the pleasure of meeting with Chief Information Security Officers from a number of customers and partners at the RSA Conference in March. These discussions were focused on expanding our solution to drive privileged access security programs enterprise-wide. Existing customers continue to represent more than 60% of our revenue as they expanded deployments with CyberArk in the first quarter. A few examples include a large mutual fund is migrating all of its data centers to AWS, and we'll be expanding its core privilege access security deployment to secure this new environment, as well as an increasing number of SaaS administrators.

A leading European manufacturing company is rolling out CyberArk to secure a major Robotic Process Automation or RPA project, as part of its digital transformation strategy. And a financial services firm is standardizing on CyberArk enterprise-wide and we'll be leveraging our Application Access Manager to protect and share mission-critical data to leverage other key security investments.

We also won nearly 150 new logos in the first quarter, bringing our total customer count to about 4,600. Notable additions include a large US retailer who'll be protecting Unix and Windows systems with core privileged access security and will be securing Jenkins, Pivotal Cloud Foundry, and other DevOps tools as part of its application development running in Google Cloud platform.

In a seven-figure deal with a Fortune 100 financial services firm, we were chosen for our scalability in AWS and Azure environments, and because we are the only vendor who could protect its extensive RPA project with UiPath. An entertainment company will secure access between more than 40 physical locations and gain visibility into privilege activity enterprise-wide with CyberArk. This was a rip and replace of a niche vendor who could not scale to meet the long-term needs of this entertainment powerhouse.

We are also pleased with our progress to drive adoption of newer solutions. In Q1, we introduced Application Access Manager, which unifies Conjur and Application Identity Manager into a single solution for both dynamic and static application environments. In fact, the solution was included in eight of our Top 10 largest license deals in the first quarter. Software applications are the lifeblood of every organization today, and we still see ourselves in the early innings of the opportunity for our application solution.

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