Varonis Systems, Inc. (NASDAQ:VRNS) Q2 2020 Earnings Conference Call August 3, 2020 4:30 PM ET Company Participants James Arestia - Director, Investor Relations Yaki Faitelson - Chairman, Co-Founder, President and Chief Executive Officer Guy Melamed - Chief Financial Officer and Chief Operating Officer Conference Call Participants Sterling Auty - JPMorgan Saket Kalia - Barclays Capital Brent Thill - Jefferies Rob Owens - Piper Sandler Matthew Hedberg - RBC Capital Markets Alex Henderson - Needham & Company ...

Company Overview - Varonis was founded in 2005 and had its IPO in 2014 [10] - The company has approximately 1,570 employees worldwide [10] - As of June 30, 2020, the Annual Recurring Revenue (ARR) was $235.7 million [11] - Subscription revenue accounted for 99% of the total [11] - Recurring revenues made up 98% of Q2 revenues [12] - The dollar-based net retention rate (NRR) exceeded 120% for Q2 2020 [13] Market Opportunity - Varonis estimates a total addressable market (TAM) of over $20 billion across IT and Security [23] - The largest opportunity comes from the Security Software market [23] Financial Guidance - The company projects Q3 2020 total revenues between $68 million and $71 million [72] - The non-GAAP operating loss is expected to be between $3 million and $2 million [72]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________ FORM 10-Q ____________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36324 ____________________ VARONIS SYSTEMS, INC. (Exact name of registrant as specified ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________ FORM 10-K _____________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 for the Fiscal Year Ended December 31, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from to Commission file number: 001-36324 ________________________ VARONIS SYSTEMS, INC. (Exact name of registrant as specif ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________ FORM 10-Q ____________________ (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36324 ____________________ VARONIS SYSTEMS, INC. (Exact name of registrant as specifi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________ FORM 10-Q ____________________ (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36324 ____________________ VARONIS SYSTEMS, INC. (Exact name of registrant as specified in ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________ FORM 10-Q ____________________ (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36324 ____________________ VARONIS SYSTEMS, INC. (Exact name of registrant as specified i ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________ FORM 10-K _____________________ (Mark One) ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 for the Fiscal Year Ended December 31, 2018 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from to Commission file number: 001-36324 ________________________ VARONIS SYSTEMS, INC. (Exact name of registrant as specif ...