Business
Varonis Announces Fourth Quarter and Full-Year 2022 Financial Results
Annual recurring revenues grew 20% year-over-yearFourth quarter total revenues grew 13% year-over-yearApproximately 10% SaaS mix of new business and upsell
About this update from Varonis Systems, Inc.
[{"type":"text","content":"Annual recurring revenues grew 20% year-over-yearFourth quarter total revenues grew 13% year-over-yearApproximately 10% SaaS mix of new business and upsell ARR in the fourth quarter NEW YORK, Feb. 06, 2023 (GLOBE NEWSWIRE) -- Varonis Systems, Inc. (Nasdaq: VRNS), a pioneer in data security and analytics, today announced financial results for the fourth quarter and full year ended December 31, 2022. Yaki Faitelson, Varonis CEO, said, \"While it’s still early, the initial reception from our customers and our sales force to our new SaaS product was encouraging and gives us additional confidence in our ability to weather this current economic environment and emerge from this transition with healthy growth and profitability on our path to achieving $1 billion in ARR.” Financial Summary for the Fourth Quarter Ended December 31, 2022 Total revenues increased 13% to $142.6 million, compared with $126.6 million in the fourth quarter of 2021.Subscription revenues were $116.7 million, compared with $97.0 million in the fourth quarter of 2021.Maintenance and services revenues were $25.9 million, compared with $29.6 million in the fourth quarter of 2021.GAAP operating loss was ($10.0) million, compared to GAAP operating loss of ($17.8) million in the fourth quarter of 2021.Non-GAAP operating income was $26.0 million, compared to non-GAAP operating income of $22.4 million in the fourth quarter of 2021. Financial Summary for the Year Ended December 31, 2022 Total revenues increased 21% to $473.6 million, compared with $390.1 million in 2021.Subscription revenues were $366.1 million, compared with $270.8 million in 2021.Maintenance and services revenues were $107.5 million, compared with $119.3 million in 2021.GAAP operating loss was ($121.2) million, compared to GAAP operating loss of ($98.7) million in 2021.Non-GAAP operating income was $29.5 million, compared to non-GAAP operating income of $25.2 million in 2021. The tables at the end of this press release include a reconciliation of GAAP operating income (loss) to non-GAAP operating income (loss) and GAAP net income (loss) to non-GAAP net income (loss) for the three and twelve months ended December 31, 2022 and 2021. An explanation of these measures is included below under the heading \"Non-GAAP Financial Measures and Key Performance Indicators.\" Key Performance Indicators and Recent Busin...