Varonis(VRNS)2024-07-29 20:10Revenue 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]