Business
Varonis Announces Second Quarter 2024 Financial Results
Annual recurring revenues grew 18% year-over-yearSaaS ARR as a percentage of total ARR was approximately 36%Year-to-date cash from operations generated $68.4
About this update from Varonis Systems, Inc.
[{"type":"text","content":"Annual recurring revenues grew 18% year-over-yearSaaS ARR as a percentage of total ARR was approximately 36%Year-to-date cash from operations generated $68.4 million vs. $42.6 million last yearYear-to-date free cash flow generated $67.3 million vs. $40.0 million last year NEW YORK, July 29, 2024 (GLOBE NEWSWIRE) -- Varonis Systems, Inc. (Nasdaq: VRNS), a leader in data security, today announced financial results for the second quarter ended June 30, 2024. Yaki Faitelson, Varonis CEO, said, \"Our second quarter results reflect the growing momentum of our SaaS platform and recently introduced Managed Data Detection and Response offering, which helps customers automatically prevent data breaches with very little effort.” Guy Melamed, Varonis CFO & COO, added, “The strong adoption of our SaaS platform resulted in 36% of total company ARR coming from SaaS at the end of the second quarter. Our performance, coupled with the many tailwinds in our business gives us confidence to raise our full-year ARR and free cash flow guidance and also to increase our SaaS ARR expectations to 48% for the full-year.” Financial Summary for the Second Quarter Ended June 30, 2024 Total revenues were $130.3 million, compared with $115.4 million in the second quarter of 2023.SaaS revenues were $44.8 million, compared with $5.7 million in the second quarter of 2023.Term license subscription revenues were $62.7 million, compared with $85.4 million in the second quarter of 2023.Maintenance and services revenues were $22.8 million, compared with $24.3 million in the second quarter of 2023.GAAP operating loss was ($28.8) million, compared to GAAP operating loss of ($39.7) million in the second quarter of 2023.Non-GAAP operating income was $2.1 million, compared to non-GAAP operating income of $0.9 million in the second quarter of 2023. 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, 2024 and 2023. 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, was $584.2 million as of the end of the second quarter, u...