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CyberArk Software Ltd (NASDAQ: CYBR) reported first-quarter FY21 revenue growth of 5.6% year-on-year to $112.8 million, beating analyst consensus of $109.93 million.

Subscription revenue rose 180.2% Y/Y to $24.7 million; Perpetual license revenue declined 39% Y/Y to $26.7 million; Maintenance and professional services revenue increased 13.1% Y/Y to $61.3 million.

CyberArk clocked adjusted operating income of $5.4 million. Non-GAAP net income was $3.8 million, with adjusted EPS of $0.09, beating analyst consensus of $0.03. The company held $1.2 billion in cash and equivalents and generated $34 million in operating cash flow.

Guidance: Q2 revenue guidance of $111 million to $119 million is roughly in line with the analyst consensus of $115.37 million. Non-GAAP EPS outlook of -$0.11 to $0.06 versus the analyst consensus is $0.07.

The robust demand environment, particularly for its SaaS solutions, and execution of its strategy was further demonstrated by the fact that it exceeded the high end of its revenue guidance while also having a greater than expected mix of subscription bookings of 51% in Q1, CEO Udi Mokady said.

Price action: CYBR shares are down by 4.43% at $129 in the premarket session on the last check Wednesday.