Varonis Systems Inc

VRNS

Equity

ISIN US9222801022 / Valor 22677089

NASDAQ (2024-09-17)

USD 53.84-0.11%

Varonis Systems Inc
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About company

Varonis Systems Inc. is a specialized technology company that focuses on cybersecurity and data protection solutions. With a history of innovation since its inception, Varonis has developed a comprehensive suite of software products aimed at safeguarding sensitive information from cyber threats and insider risks. The company's offerings encompass data security, governance, compliance, and analytics, designed to protect enterprise data across physical, virtual, and cloud environments. Under the leadership of key executives such as Rob Sobers, Sagiv Elmaleh, and Dov Lerner, Varonis has positioned itself as a leader in the cybersecurity space. Sobers, as the Chief Marketing Officer, drives the global marketing strategy and brand development, while Elmaleh, with his extensive engineering background, spearheads the technological vision and execution of Varonis' core products and services. Dov Lerner, joining as General Counsel, brings a wealth of legal expertise, particularly in corporate governance and securities laws, further strengthening the company's operational and strategic framework. Through its focused approach on data protection and cybersecurity, Varonis Systems Inc. addresses the critical needs of businesses in an increasingly digital and threat-prone landscape.

Summarized from source with an LLMView SourceSector: Technology

Revenue Growth

Varonis Systems Inc. reported its financial results for the second quarter of 2024, highlighting a significant increase in total revenues. The company achieved $130.3 million in total revenues, up from $115.4 million in the same quarter of the previous year, marking a notable year-over-year growth.

Annual Recurring Revenue

In Q2 2024, Varonis Systems Inc. saw an 18% year-over-year growth in annual recurring revenues (ARR), reaching $584.2 million. This growth underscores the company's strong performance and increasing customer reliance on its data security solutions.

SaaS ARR Momentum

Varonis Systems Inc. reported that its SaaS annual recurring revenue (ARR) now constitutes 36% of the total ARR. This reflects the growing momentum and adoption of Varonis' SaaS platform among its customer base, indicating a successful transition towards cloud-based solutions.

Cash Flow Improvement

For the second quarter of 2024, Varonis Systems Inc. demonstrated improved cash flow, generating $68.4 million from operations and $67.3 million in free cash flow year-to-date. This improvement highlights the company's efficient financial management and operational performance.

Raised Financial Guidance

Based on its strong Q2 2024 performance, Varonis Systems Inc. raised its full-year guidance for both ARR and free cash flow. The company now expects ARR to reach between $629.0 million and $635.0 million, and free cash flow to be in the range of $80.0 million to $85.0 million for the year 2024.

Summarized from source with an LLMView Source

Key figures

74.5%1Y

-21.7%3Y

160%5Y

Performance

33.7%1Y

54.4%3Y

51.7%5Y

Volatility