Business
Varonis Announces Third Quarter 2021 Financial Results
Total quarterly revenues surpassed $100 million for the first timeTotal revenues grew 31% year-over-year to $100.4 million in Q3 2021Annual recurring revenues
About this update from Varonis Systems, Inc.
[{"type":"text","content":"Total quarterly revenues surpassed $100 million for the first timeTotal revenues grew 31% year-over-year to $100.4 million in Q3 2021Annual recurring revenues grew to $354.2 million, a 36% increase over third quarter 2020 NEW YORK, Nov. 01, 2021 (GLOBE NEWSWIRE) -- Varonis Systems, Inc. (Nasdaq: VRNS), a pioneer in data security and analytics, today announced financial results for the third quarter ended September 30, 2021. Yaki Faitelson, Varonis CEO, said, \"Our third quarter results were strong and marked our first quarter with over $100 million in revenues, an achievement we see as only scratching the surface of the enormous opportunity ahead of us. We continue to see greater adoption of our platform by new customers and healthy expansion from existing customers wanting to broaden their Varonis deployment, as the digital transformation has fundamentally changed how companies must approach securing their sensitive data. We believe that the robust customer engagement trends we see leave us well positioned for a strong close to 2021 and beyond.\" Financial Summary for the Third Quarter Ended September 30, 2021 Total revenues increased 31% to $100.4 million, compared with $76.8 million in the third quarter of 2020.Subscription revenues increased 59% to $70.0 million, compared with $44.1 million in the third quarter of 2020.Maintenance and services revenues were $30.0 million, compared with $32.3 million in the third quarter of 2020.GAAP operating loss was ($18.6) million, compared to GAAP operating loss of ($16.5) million in the third quarter of 2020.Non-GAAP operating income was $8.1 million, compared to non-GAAP operating income of $3.1 million in the third quarter of 2020. The tables at the end of this press release include a reconciliation of GAAP operating loss to non-GAAP operating income (loss) and GAAP net loss to non-GAAP net income (loss) for the three and nine months ended September 30, 2021 and 2020. 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 $354.2 million as of the end of the third quarter, up 36% over the prior year period.As of September 30, 2021, 70% of customers with 500 employees or more purchased four or more licenses, up fr...