Business
Varonis Announces First Quarter 2020 Financial Results
Annual recurring revenues of $220.5 million, representing growth of 59% over Q1 2019Subscription revenues mix of 98%, compared to 31% in Q1 2019 NEW YORK, May
About this update from Varonis Systems, Inc.
[{"type":"text","content":"Annual recurring revenues of $220.5 million, representing growth of 59% over Q1 2019Subscription revenues mix of 98%, compared to 31% in Q1 2019\n NEW YORK, May 04, 2020 (GLOBE NEWSWIRE) -- Varonis Systems, Inc. (Nasdaq: VRNS), a pioneer in data security and analytics, today announced results for the first quarter ended March 31, 2020. \"We are operating in unprecedented times, requiring us to plan carefully, act decisively and remain nimble, the same skills that we used to successfully transition Varonis to a subscription model over the last year,\" said Yaki Faitelson, Varonis CEO. \"The disruption that COVID-19 has caused to businesses globally is undeniable. However, at the same time the associated risks to our customers – specifically, the confluence of a distributed workforce, the elevated use of VPNs and unsecured home networks, and hackers seeking to take advantage of firms' vulnerabilities – has heightened interest in our unique capabilities around data protection and threat detection. We have conducted a record number of virtual risk assessments over the last couple months and are pleased with our building pipeline and unprecedented engagement with existing customers. While the current environment remains dynamic, our subscription model, disciplined and flexible approach to expense management, strong balance sheet and healthy cash position leave us well positioned to meet today's challenges, and I remain confident that Varonis will emerge from this stronger than ever.\" Financial Summary for the First Quarter Ended March 31, 2020 Subscription revenues increased 191% to $20.4 million, or 98% of total license revenues, compared with $7.0 million, or 31% of total license revenues, in the first quarter of 2019. Maintenance and services revenues were $33.4 million, compared with $33.8 million in the first quarter of 2019.Total revenues were $54.2 million, compared to $56.4 million in the first quarter of 2019, primarily reflecting the negative impact of COVID-19 and the substantially higher mix of subscription revenues.GAAP operating loss was ($32.7) million for the quarter, compared to GAAP operating loss of ($22.0) million in the first quarter of 2019.Non-GAAP operating loss was ($17.4) million for the quarter, compared to non-GAAP operating loss of ($11.1) million in the first quarter of 2019. The tables at the end of th...