Business
Varonis Announces Second Quarter 2020 Financial Results
Annual recurring revenues of $235.7 million, representing growth of 52% over Q2 2019Subscription revenues mix of 99%, compared to 56% in Q2 2019 NEW YORK,
About this update from Varonis Systems, Inc.
[{"type":"text","content":"Annual recurring revenues of $235.7 million, representing growth of 52% over Q2 2019Subscription revenues mix of 99%, compared to 56% in Q2 2019\n NEW YORK, Aug. 03, 2020 (GLOBE NEWSWIRE) -- Varonis Systems, Inc. (Nasdaq: VRNS), a pioneer in data security and analytics, today announced financial results for the second quarter ended June 30, 2020. \"Varonis had a strong second quarter, with annual recurring revenue growth of 52% year-over-year,\" said Yaki Faitelson, Varonis CEO. \"The new world of highly distributed workforces has exposed the elevated risks of the work-from-home environment, and Varonis is in a unique position to address them. For companies around the world, data is more exposed between on-prem and cloud stores, hackers are more sophisticated, and threats from insiders are growing. Both new and existing customers understand that our Data Security Platform has the power to address these problems, and they continue to invest in our solutions. We are encouraged by what we see in the market and are focused on executing against the opportunity in front of us.\" Guy Melamed, Varonis CFO and COO, said, \"We saw healthy customer purchasing patterns in the second quarter, and it is clear that Varonis has never been in a stronger financial position. Nearly 100% of our second quarter license revenues were from subscriptions, and 98% of our total revenues are recurring in nature, providing better visibility into future revenue streams. While we are closely monitoring the current environment, our strong second quarter results give us the confidence to gradually resume investments in the business for 2020, while planning for margin improvements and greater cash flow generation in the future.\" Financial Summary for the Second Quarter Ended June 30, 2020 Subscription revenues increased 130% to $34.1 million, or more than 99% of total license revenues, compared with $14.8 million, or 56% of total license revenues, in the second quarter of 2019. Maintenance and services revenues were $32.2 million, compared with $33.3 million in the second quarter of 2019.Total revenues increased 12% to $66.6 million, compared to $59.6 million in the second quarter of 2019, despite the substantially higher mix of subscription revenues.GAAP operating loss was ($22.1) million for the quarter, compared to GAAP operating loss of ($24.0) million in t...