Company Overview - Varonis Systems, Inc. is a leading provider of data security and analytics software, serving over 2,400 employees and a global enterprise customer base [5] - The company's strategy focuses on enabling organizations to protect sensitive information, manage access, and comply with regulatory requirements through advanced, scalable solutions [5] - Varonis leverages proprietary technology and expertise to help clients address evolving data protection challenges in both on-premises and cloud environments [5] Financial Performance - As of February 17, 2026, Varonis reported a revenue of $623.53 million and a net income of ($129.32 million) [3] - The share price was $25.32, reflecting a one-year price change of -42.74%, underperforming the S&P 500 by 54.5 percentage points [3] Recent Transactions - American Capital Management increased its position in Varonis Systems by acquiring 137,233 shares during the fourth quarter of 2025, with an estimated transaction value of $5.76 million [2][8] - The value of the Varonis position at quarter-end fell by $29.34 million, which includes the impact of additional shares and changes in share price [2]

Core Insights - Varonis Systems, Inc. has been recognized by CRN in the Security 100 list for its commitment to data security and collaboration with channel partners to combat cyber threats [1][4][5] Group 1: Recognition and Awards - Varonis has been honored for the eighth consecutive year in the Identity, Access, and Data Security category, which is crucial as organizations increasingly adopt AI technologies [2][4] - The Security 100 list highlights leading IT security vendors that provide cutting-edge security technologies and services, essential for addressing the growing cybersecurity needs in the AI era [5][6] Group 2: Company Capabilities - Varonis offers a cloud-native Data Security Platform that continuously discovers and classifies critical data, removes exposures, and detects advanced threats using AI-powered automation [7][8] - The company provides a wide range of security outcomes, including data security posture management, data classification, data access governance, data detection and response, data loss prevention, database activity monitoring, identity protection, email security, and AI security [8] Group 3: Industry Context - The emergence of AI technologies has significantly changed the cybersecurity landscape, with AI consuming data at machine speed and increasing the potential impact of data breaches [3] - Strong cybersecurity is deemed mission-critical in today's digital environment, necessitating continuous evolution of security portfolios to stay ahead of emerging threats [6]

0:00 截至2025年12月，我国网民规模11.25亿，互联网普及率超80%；生成式AI用户达6.02亿，5G、算力等 新基建全面领先……2月8日，第57次《中国互联网络发展状况统计报告》正式发布，数字发展成果持续 惠及更广泛群体，多组数据读懂数字中国硬核实力。 要理解这份亮眼的"数据报告"，需要先读懂数据背后的意义。11.25亿网民，意味着每10个中国人就有8 个接入互联网，而且数字生活不是年轻人专属，农村互联网普及率69.5%、60岁及以上网民使用率超 53.7%，真正实现"全民触网"。其中，80%的普及率标志着我国互联网迈入"成熟普惠期"，更多群体跨 越数字门槛，融入智能社会。 当然，互联网的发展离不开技术与基础设施的全面支撑。上述报告显示，我国已建成全球技术领先、规 模最大的信息通信网络，打通经济社会发展的信息"大动脉"。我国已累计建成5G基站483.8万个，5G演 进网络覆盖超330个城市，有力支撑各类网络服务的渗透；全国三分之二的地级市达到千兆城市标准， 并已在部分城市开展万兆光网试点建设；开展"信号升格"专项行动，完成超过24万个重点场所移动网络 的深度覆盖，持续改善网民使用体验等。这些都为技 ...

Financial Data and Key Metrics Changes - In Q4 2025, total ARR increased 16% year-over-year to $745.4 million, with SaaS ARR at $638.5 million, representing 86% of total ARR and a 32% year-over-year increase excluding conversions [6][21] - Free cash flow for 2025 was $131.9 million, up from $108.5 million in the previous year [22] - Q4 total revenues were $173.4 million, a 9% increase year-over-year, with SaaS revenues at $142.3 million [22] Business Line Data and Key Metrics Changes - The SaaS business is highlighted as the future of the company, with a record number of conversions from the self-hosted platform contributing approximately $65 million in Q4 [5][20] - The decision to end-of-life the self-hosted platform has led to increased conversions and a focus on maximizing customer retention [8][9] Market Data and Key Metrics Changes - The company is experiencing strong demand from both new and existing customers, particularly in cloud environments, driven by automation and the need for comprehensive data security solutions [10][15] - The SaaS dollar-based net retention rate was 110% at the end of 2025, indicating strong organic growth within the existing customer base [21] Company Strategy and Development Direction - The company aims to transition to a 100% SaaS model by the end of 2026, which is expected to unlock further growth opportunities and improve financial health [6][17] - The acquisition of Altru is intended to enhance the company's ability to secure AI systems and data, reinforcing its data-first strategy [13] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by AI-driven cyber threats and emphasizes the importance of data security in the context of AI adoption [12][72] - The company is optimistic about achieving its 2027 financial targets, despite anticipated headwinds in 2026 due to the end-of-life announcement for the self-hosted platform [24][67] Other Important Information - The company plans to provide more detailed disclosures regarding SaaS ARR growth excluding conversions to help investors understand business drivers [19][28] - The gross margin for Q4 was 80%, down from 84.4% in the previous year, reflecting the impact of the transition strategy [22][23] Q&A Session Summary Question: Clarification on SaaS ARR growth guidance - Analysts expressed confusion regarding the growth rate assumptions, particularly the 18%-20% SaaS ARR growth guidance excluding conversions compared to the exit rate for 2026 [32] - Management emphasized that the focus should be on SaaS ARR growth excluding conversions as the primary growth driver [34] Question: Contribution from new versus existing customers - Analysts inquired about the expected contribution to growth from new customers versus existing ones, and management confirmed a focus on increasing sales to both segments [40][41] Question: Net dollar retention comparison - Questions were raised about the 110% net dollar retention rate and its comparison to prior periods, with management indicating that it reflects strong growth potential within the SaaS customer base [43][44] Question: Headwinds to contribution margin and free cash flow - Analysts sought clarification on the anticipated $30 million-$50 million headwind to contribution margin and free cash flow in 2026, with management explaining it relates to lower expected renewal rates from the non-SaaS business [64][66] Question: AI's impact on security - Analysts asked about the implications of AI on security, with management asserting that AI presents both opportunities and risks, emphasizing the need for robust data security measures [69][72]

Financial Data and Key Metrics Changes - In Q4 2025, total ARR was $745.4 million, reflecting a 16% year-over-year increase [21] - SaaS ARR reached $638.5 million, accounting for 86% of total ARR, with a 32% year-over-year increase when excluding conversions [5][19] - Free cash flow for 2025 was $131.9 million, up from $108.5 million in the previous year [22] - Q4 total revenues were $173.4 million, a 9% increase year-over-year, with SaaS revenues at $142.3 million [22] - Net income for Q4 2025 was $11.1 million, or $0.08 per diluted share, down from $23.9 million, or $0.18 per diluted share in Q4 2024 [24] Business Line Data and Key Metrics Changes - The SaaS business is highlighted as the future of the company, with a record number of conversions from the self-hosted platform [4][5] - Approximately $65 million of non-SaaS ARR was converted in Q4, with expectations of an additional $50 million to $75 million converting by the end of 2026 [8][19] - The company is focusing on upselling existing SaaS customers and acquiring new customers, with a dollar-based net retention rate of 110% for SaaS customers [20][41] Market Data and Key Metrics Changes - The company is experiencing strong demand from both new and existing customers, particularly in cloud environments [9][15] - The acquisition of Altru is expected to enhance the company's ability to secure AI systems and data, addressing emerging risks in the market [12][74] Company Strategy and Development Direction - The company is transitioning to a 100% SaaS model by the end of 2026, which is expected to unlock further growth opportunities [5][17] - The focus is on automation and providing higher customer satisfaction through the SaaS platform, which is seen as a significant competitive advantage [6][10] - The company aims to leverage AI to enhance data security and compliance, positioning itself as a leader in the evolving cybersecurity landscape [10][72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2027 financial targets despite anticipated headwinds in 2026 due to the end-of-life announcement for the self-hosted platform [24][66] - The company believes that the transition to SaaS will lead to a healthier financial profile starting in 2027 [24][66] - Management highlighted the importance of understanding AI's impact on data security and the need for robust guardrails around AI tools [11][72] Other Important Information - The company plans to provide more detailed disclosures regarding SaaS ARR growth excluding conversions on a quarterly basis in 2026 [18][27] - The company expects a lower ARR contribution margin and free cash flow in 2026 due to the end-of-life announcement, estimating a $30 million to $50 million headwind [24][66] Q&A Session Summary Question: Clarification on SaaS growth rate assumptions - Management emphasized that the SaaS ARR growth excluding conversions is the key metric to focus on, guiding for 18%-20% growth in 2026 [33][34] Question: Contribution from new versus existing customers - Management indicated that the focus will shift back to acquiring new customers and upselling existing ones, with expectations for improved net retention rates [40][41] Question: Impact of AI on demand - Management noted that AI is a significant driver of demand, with products like Varonis Copilot contributing to growth [46][47] Question: Changes in sales capacity and strategy - Management confirmed ongoing efforts to enhance sales capacity and productivity, particularly in the federal sector [50][53] Question: Understanding the $30 million-$50 million headwind - Management explained that the headwind is due to lower expected renewal rates from the non-SaaS business, but they remain confident in achieving better margins and cash flow in the future [64][66]

Varonis Overview Q4 2025 Safe Harbor Statement This presentation has been prepared by Varonis Systems, Inc. (the "Company") solely for informational purposes. It is not, and should not be assumed to be, complete. This presentation is not an offer to sell securities, nor is it a solicitation of an offer to buy securities. This presentation is not directed at, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other juris ...

Part of the Netskope One Platform, the new capabilities enable organizations to track provenance and lifecycle of data at rest, in motion, and in use, for compliance, investigation and policy implementation purposesSANTA CLARA, Calif., Feb. 03, 2026 (GLOBE NEWSWIRE) -- Netskope (NASDAQ: NTSK), a leader in modern security and networking for the cloud and AI era, today announced Netskope One Data Lineage, providing visibility and analytics to help organizations track and assess the provenance of data everywhe ...

Group 1 - TikTok has finalized a deal to remain operational in the US, with its US arm being acquired by a group of investors led by Oracle, ending a prolonged period of uncertainty regarding a potential ban in the United States [1] - The deal addresses concerns about data security and foreign influence, as Oracle will secure TikTok's algorithm and ensure that US user data is protected from external interference [2][3] - The ownership structure will limit ByteDance's stake to less than 20%, with other investors, including Cescuana, also holding portions of the company [4] Group 2 - TikTok currently boasts 200 million users in the US, with 7.5 million businesses utilizing the platform, indicating its significant market presence [5] - The resolution of the deal is seen as a relief for investors, suggesting that operations and user engagement will largely remain unchanged moving forward [5]

Group 1 - The US and China have reached an agreement for TikTok's Chinese owner, ByteDance, to transfer the American division to investors associated with Donald Trump, including Oracle, Silver Lake, and MGX [1][2] - The deal allows TikTok to continue its operations in the US, following a series of deadline extensions set by the Trump administration [2] - ByteDance will maintain a 19.9% stake in the US operations, while Oracle, Silver Lake, and MGX will each hold a 15% stake, with Adam Presser as the joint venture's chief [3] Group 2 - The agreement resolves years of uncertainty regarding TikTok's future in the US, particularly after a law was enacted in 2024 mandating the sale of TikTok's US operations or facing a ban [3] - Concerns from US politicians about potential data sharing with the Chinese government have been a significant factor in the negotiations, despite ByteDance's denials [4][8] - TikTok has over 150 million active users in the US, making Americans its largest user base, which has influenced the decision to allow the platform to continue operating [6]

Core Viewpoint - The U.S. and China have reached an agreement on a TikTok U.S. spin-off deal, allowing the app to continue operating in the U.S. while addressing concerns regarding its Chinese parent company, ByteDance [1] Group 1: Joint Venture Structure - The new TikTok U.S. joint venture will be led by a mostly American investor group, including Oracle and Silver Lake, as announced by TikTok CEO Shou Chew [2] - ByteDance will retain a nearly 20% stake in the new U.S. entity, while Oracle, Silver Lake, and MGX will each hold 15% stakes [4] Group 2: Regulatory Concerns - The new entity aims to alleviate U.S. lawmakers' concerns about the Chinese government's potential influence over ByteDance, particularly regarding data access for the platform's 170 million American users [3] - The governance of the new entity will include a board with a majority of directors from the U.S., ensuring American control over operations [4] Group 3: Legislative Context - The deal's closing date is set for January 22, following an executive order signed by President Donald Trump that delayed the enforcement of a law requiring ByteDance to divest TikTok's U.S. business [7] - The bipartisan Protecting Americans from Foreign Adversary Controlled Applications Act bans social media apps linked to adversarial foreign governments from U.S. app stores, with the law taking effect in January 2025 [8] Group 4: Valuation and Security - The U.S. business of TikTok is valued at approximately $14 billion in the deal, with a focus on protecting American data security and ensuring continued access to the app [10] - Control over the algorithm by the American entity is emphasized as crucial for meeting national security requirements under the law [12]