Varonis(US:VRNS)2024-10-29 20:10Revenue Growth - Annual recurring revenues (ARR) grew 18% year-over-year, reaching $610.0 million by the end of Q3 2024[4] - Total revenues for Q3 2024 were $148.1 million, up from $122.3 million in Q3 2023, representing a year-over-year growth of 21%[3] - SaaS revenues surged to $57.8 million in Q3 2024, compared to $13.7 million in Q3 2023, reflecting a significant increase[3] - For the full year 2024, the company anticipates ARR of $635.0 million to $639.0 million, reflecting a growth of 17% to 18%[6] - The company expects Q4 2024 revenues to be between $162.0 million and $167.0 million, representing a year-over-year growth of 5% to 8%[5] Financial Performance - Year-to-date cash from operations was $90.9 million, compared to $49.0 million in the same period last year, showing a 85% increase[4] - Free cash flow for the year-to-date reached $88.6 million, up from $46.0 million in the prior year period, marking a 92% increase[4] - The net loss for the three months ended September 30, 2024, was $18,333, compared to a net loss of $23,017 for the same period in 2023, representing a 20.0% improvement[23] - GAAP operating loss for Q3 2024 was $23.64 million, an improvement from a loss of $29.15 million in Q3 2023[31] - Non-GAAP operating income for Q3 2024 increased to $9.07 million, compared to $4.87 million in Q3 2023, representing an 86% year-over-year growth[31] - GAAP net loss for Q3 2024 was $18.33 million, down from $23.02 million in Q3 2023[32] - Non-GAAP net income for Q3 2024 was $13.82 million, up from $10.37 million in Q3 2023, reflecting a 33% increase[31] Cash and Assets - Cash and cash equivalents increased to $282,218 as of September 30, 2024, up from $230,740 at the end of 2023, reflecting a growth of 22.4%[27] - Total assets reached $1,521,154 as of September 30, 2024, compared to $1,103,910 at the end of 2023, indicating a significant increase of 37.7%[28] - The company reported a net cash provided by operating activities of $90,926 for the three months ended September 30, 2024, compared to $48,969 in the same period of 2023, marking an increase of 85.7%[29] - Total current liabilities increased to $593,975 as of September 30, 2024, from $306,778 at the end of 2023, representing a growth of 93.6%[27] Expenses - Total operating expenses for the three months ended September 30, 2024, were $147,701, an increase of 10.0% from $134,074 in the same period of 2023[23] - Research and development expenses for the three months ended September 30, 2024, were $53,459, up from $44,818 in the same period of 2023, reflecting a 19.0% increase[23] - Sales and marketing expenses for the three months ended September 30, 2024, were $71,378, compared to $68,610 in the same period of 2023, an increase of 4.0%[23] Share Information - The weighted average number of shares used in computing net loss per share for the three months ended September 30, 2024, was 112,268,210, compared to 109,429,722 in the same period of 2023[23] - The weighted average number of shares used in computing GAAP net loss per share for Q3 2024 was 112,268,210, compared to 109,429,722 in Q3 2023[32] - Non-GAAP net income per share (diluted) for Q3 2024 was $0.10, compared to $0.08 in Q3 2023, indicating a 25% increase[32] Strategic Initiatives - New AI-powered data discovery and classification capabilities were announced, enhancing the company's data classification technology[4] - The company continues to focus on improving operational efficiency and expanding its market presence through strategic initiatives[31] - The company issued convertible senior notes, resulting in proceeds of $450,099 during the three months ended September 30, 2024[30] Future Projections - Non-GAAP operating income for Q4 2024 is projected to be between $20.0 million and $22.0 million[5] - Net cash provided by operating activities for the twelve months ended December 31, 2024, is projected to be between $100.0 million and $107.0 million[34] - Purchases of property and equipment for the twelve months ended December 31, 2024, are expected to be approximately $5.0 million[34]