Business
Varonis Announces Second Quarter 2022 Financial Results
Annual recurring revenues grew 30% year-over-year to $426.3 millionTotal revenues grew 26% year-over-year to $111.4 millionAdjusted for constant currency and
About this update from Varonis Systems, Inc.
[{"type":"text","content":"Annual recurring revenues grew 30% year-over-year to $426.3 millionTotal revenues grew 26% year-over-year to $111.4 millionAdjusted for constant currency and Russia, annual recurring revenues grew 32% year-over-year and total revenues grew 30% year-over-year, respectively NEW YORK, Aug. 01, 2022 (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, 2022. \"Highlighted by 30% ARR growth, our second quarter results again demonstrate the strength of the Varonis Data Security Platform and the durability of our business model, as we delivered both strong topline growth and operating leverage,\" said Yaki Faitelson, Varonis CEO. \"Given the uncertainty of the times, companies around the world continue to recognize the growing urgency to secure their sensitive data.\" \"We are meaningfully raising our full-year operating income expectations and reaffirming our full-year financial guidance for both ARR and revenues,\" Mr. Faitelson continued. \"Going forward, we are well positioned to deliver against the vast, long-term opportunity we see.\" Financial Summary for the Second Quarter Ended June 30, 2022 Total revenues increased 26% to $111.4 million, compared with $88.4 million in the second quarter of 2021.Subscription revenues increased 44% to $84.4 million, compared with $58.4 million in the second quarter of 2021.Maintenance and services revenues were $27.1 million, compared with $30.0 million in the second quarter of 2021.GAAP operating loss was ($37.6) million, compared to GAAP operating loss of ($28.2) million in the second quarter of 2021.Non-GAAP operating income was $1.7 million, compared to non-GAAP operating income of $1.1 million in the second quarter of 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 six months ended June 30, 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 Business Highlights Annual recurring revenues, or ARR, were $426.3 million as of the end of the second quarter, up 30% year-over-year.As...