Shares in  CyberArk Software Ltd. rose in regular trading despite the information security company reporting mixed results for its fiscal first quarter early today.

For the quarter ended March 31, CyberArk reported a loss before costs such as stock compensation of $11.9 million, or 30 cents per share, compared with a profit of $3.8 million, or 10 cents per share, in the same quarter of last year. Revenue rose 13%, to $127.6 million. Analysts had predicted an adjusted loss of 31 cents per share on revenue of $130.42 million.

CyberArk subscription revenue jumped 110% from a year ago, to $51.9 million. Maintenance and professional services revenue was $65.1 million, up from $61.3 million. CyberArk is moving away from traditional software licensing to cloud services and that’s apparent in its perpetual license revenue, which came in at $10.6 million in the quarter, down from $26.7 million a year ago.

The company has $1.2 billion in cash, cash equivalents, marketable securities and short-term deposits as of the end of March. CyberArk generated $25 million in net cash through operating activities in the quarter.

Highlights in the quarter included annual recurring revenue hitting $427 million, up 48% year-over-year with the company singing some 250 new customers in the quarter.

“Driven by continued strong demand for our Identity Security platform, our subscription bookings mix reached 86% in the first quarter, beating our guidance framework and passing our transition target for subscription bookings mix of 85% in just five quarters from the start of the transition,” Udi Mokady, CyberArk’s chairman and chief executive officer, said in a statement. “Digital transformation, the adoption of zero-trust and attacker innovation contributed to our momentum and another great bookings quarter with our growth rate further accelerating off an incredible fourth quarter of 2021.”

Looking forward, CyberArk estimates that its second quarter of 2022 will deliver an adjusted loss per share of between 25 cents and 35 cents on revenue of $135 million to $141 million. Analysts had expected a loss of 27 cents per share on revenue of $137 million.

For the full financial year 2022, the company predicts an adjusted loss of 60 to 90 cents per share on revenue of $583.5 million to $598.5 million. Analysts had predicted a loss of 75 cents per share on revenue $590.2 million.

Despite the mixed results, investors liked CyberArk’s figures. Shares rose more than 12%, to $120.50.

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