NEW YORK, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Varonis Systems, Inc. (Nasdaq: VRNS), a leader in data security, today announced powerful new AI capabilities that enhance its industry-leading data classification engine. Using novel machine learning techniques, Varonis can automatically discover, understand, and classify customers' unique data better than ever. Without accurate and complete data classification, it's impossible to prioritize risk, remediate exposures, or enforce downstream security controls. With ...

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Investment overview 2Q24 earnings (announced two days ago) Positive on the VRNS growth outlook The new product, MDDR (managed data detection and response), introduced in 1Q24, should support growth as well. MDDR is a service to monitor and protect critical data on its SaaS platform that has been well received by both prospective and existing customers. Firstly, it helps VRNS accelerate its SaaS transition, as customers will get more discounts on MDDR if they commit to more SaaS licenses. It also drives over ...

The market is characterized by the exponential growth in enterprise data, rapid technological advances, changes in customer requirements, including customer requirements driven by changes to legal, regulatory and self-regulatory compliance mandates, frequent new product introductions and enhancements and evolving industry standards in computer hardware and software technology. As a result, we must continually change and improve our products in response to changes in operating systems, application software, ...

Varonis Systems VRNS reported better-than-expected second-quarter financial results and raised its FY24 guidance on Monday. Varonis raised its FY24 revenue guidance from $536 million – $546 million to $544 million – $552 million. The company boosted adjusted earnings outlook from 13 cents-16 cents per share to 22 cents-24 cents per share. Varonis Systems shares gained 0.1% to close at $48.49 on Monday. Read Next: Varonis Systems reported quarterly earnings of 5 cents per share which beat the analyst consens ...

Varonis Overview Q2 2024 This presentation also contains market statistics and industry data that are not necessarily comprehensive or reflective of market conditions. These have been derived from third party sources and have not been independently verified by the Company or its affiliates. This presentation also contains non-GAAP financial measures which are not prepared in accordance with Generally Accepted Accounting Principles and key performance metrics. A reconciliation of historical GAAP and non-GAAP ...

Varonis Systems, Inc. (NASDAQ:VRNS) Q2 2024 Earnings Conference Call July 29, 2024 4:30 PM ET Company Participants Tim Perz - Director of Investor Relations Yaki Faitelson - Chief Executive Officer, President, Co-Founder & Chairman Guy Melamed - Chief Financial Officer & Chief Operating Officer Conference Call Participants Saket Kalia - Barclays Brian Essex - JPMorgan Joel Fishbein - Truist Securities Matt Hedberg - RBC Capital Markets Fatima Boolani - Citi Shaul Eyal - TD Cowen Andrew Nowinski - Wells Farg ...

Varonis Systems (VRNS) reported $130.35 million in revenue for the quarter ended June 2024, representing a year-over-year increase of 12.9%. EPS of $0.05 for the same period compares to $0.01 a year ago. Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. View all Key Company Metrics for Varonis here>>> While investors scrutinize revenue ...

This quarterly report represents an earnings surprise of 350%. A quarter ago, it was expected that this datamanagement software company would post a loss of $0.09 per share when it actually produced a loss of $0.03, delivering a surprise of 66.67%. Varonis, which belongs to the Zacks Security industry, posted revenues of $130.35 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 4.27%. This compares to year-ago revenues of $115.42 million. The company has topped consensus re ...

Revenue Growth and Performance - Annual recurring revenues (ARR) grew 18% year-over-year to $584.2 million as of the end of the second quarter[8] - The company expects full-year 2024 revenues of $140.0 million to $143.0 million, representing year-over-year growth of 14% to 17%[19] - Total revenues for the three months ended June 30, 2024, were $130.346 million, compared to $115.418 million in the same period in 2023, representing a 12.9% increase[26] - SaaS revenues for the six months ended June 30, 2024, were $78.770 million, a significant increase from $7.721 million in the same period in 2023[28] - Total revenues for the quarter were $130.3 million, compared to $115.4 million in the same quarter of the previous year[46] - SaaS revenues increased significantly to $44.8 million from $5.7 million in the second quarter of 2023[46] - Revenues are forecasted to be $544.0 million to $552.0 million, with a year-over-year growth of 9% to 11%[43] SaaS ARR and Expectations - SaaS ARR as a percentage of total ARR was approximately 36% at the end of Q2 2024[4] - The company raised its full-year SaaS ARR expectations to 48%[8] - ARR is projected to be $629.0 million to $635.0 million, representing a year-over-year growth of 16% to 17%[43] Cash Flow and Financial Position - Year-to-date cash from operations generated $68.4 million, compared to $42.6 million in the prior year period[8] - Year-to-date free cash flow generated $67.3 million, compared to $40.0 million in the prior year period[8] - The company had $790.3 million in cash and cash equivalents, short-term deposits, and marketable securities as of June 30, 2024[8] - Non-GAAP free cash flow for the six months ended June 30, 2024, was $67.3 million, compared to $40.0 million in the same period in 2023[34] - Free cash flow is expected to range between $80.0 million to $85.0 million[43] - Total current assets as of June 30, 2024, were $816.1 million, compared to $767.2 million as of December 31, 2023[42] Operating and Net Loss - Operating loss for the six months ended June 30, 2024, was $(76.5) million, compared to $(82.8) million in the prior year period[6] - Net loss for the six months ended June 30, 2024, was $(64.4) million, compared to $(77.0) million in the prior year period[6] - GAAP net loss for the six months ended June 30, 2024, was $(64.438) million, compared to $(77.001) million in the same period in 2023[33] - GAAP net loss per share of common stock for the six months ended June 30, 2024, was $(0.58), compared to $(0.71) in the same period in 2023[41] - GAAP operating loss improved to ($28.8) million from ($39.7) million in the second quarter of 2023[46] Non-GAAP Metrics - Non-GAAP net income per diluted share is expected to be in the range of $0.07 to $0.08 for full-year 2024[19] - Non-GAAP operating income for the three months ended June 30, 2024, was $2.068 million, compared to $0.913 million in the same period in 2023[40] - Non-GAAP net income for the three months ended June 30, 2024, was $6.762 million, compared to $1.090 million in the same period in 2023[41] - Non-GAAP operating income is anticipated to be $18.0 million to $21.0 million[43] - Non-GAAP net income per diluted share is estimated to be in the range of $0.22 to $0.24, based on 128.1 million diluted shares outstanding[43] - Non-GAAP operating income rose to $2.1 million from $0.9 million in the second quarter of 2023[46] Liabilities and Deferred Revenues - Deferred revenues as of June 30, 2024, were $208.907 million, compared to $181.049 million as of June 30, 2023[32] - Total current liabilities as of June 30, 2024, were $334.453 million, compared to $306.778 million as of June 30, 2023[32] Stock-Based Compensation - Stock-based compensation expense for the six months ended June 30, 2024, was $62.182 million, compared to $75.195 million in the same period in 2023[40]