Varonis Systems ( (VRNS) ) has realeased its Q3 earnings. Here is a breakdown of the information Varonis Systems presented to its investors.
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Varonis Systems, Inc., a leader in data security, specializes in protecting data across various platforms including SaaS, IaaS, and hybrid cloud environments, using AI-powered automation to enhance data classification and threat detection.
In its latest earnings report, Varonis Systems, Inc. announced a significant increase in annual recurring revenues by 18% year-over-year, with SaaS accounting for approximately 43% of total ARR. The company also improved its cash flow, generating $90.9 million year-to-date from operations compared to $49.0 million in the previous year.
Key financial highlights include a total revenue of $148.1 million for the third quarter, a marked improvement from $122.3 million in the same quarter last year, driven largely by SaaS revenue growth to $57.8 million. The company also reported a reduction in its GAAP operating loss to $23.6 million, with non-GAAP operating income increasing to $9.1 million. Additionally, Varonis raised $394.1 million through the issuance of Convertible Senior Notes, enhancing its liquidity position with $1.2 billion in cash and equivalents.
Looking ahead, Varonis Systems anticipates continued growth with projected revenues for the fourth quarter between $162.0 million and $167.0 million, reflecting a 5% to 8% year-over-year growth. The company remains confident in its strategic direction bolstered by strong SaaS demand and innovative enhancements to its data security offerings.
