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Varonis(VRNS) - 2024 Q2 - Quarterly Results
VRNSVaronis(VRNS)2024-07-29 20:10

Revenue Growth and Performance - Annual recurring revenues (ARR) grew 18% year-over-year to 584.2millionasoftheendofthesecondquarter[8]−Thecompanyexpectsfull−year2024revenuesof584.2 million as of the end of the second quarter[8] - The company expects full-year 2024 revenues of 140.0 million to 143.0million,representingyear−over−yeargrowthof14143.0 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 115.418millioninthesameperiodin2023,representinga12.9115.418 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 7.721millioninthesameperiodin2023[28]−Totalrevenuesforthequarterwere7.721 million in the same period in 2023[28] - Total revenues for the quarter were 130.3 million, compared to 115.4millioninthesamequarterofthepreviousyear[46]−SaaSrevenuesincreasedsignificantlyto115.4 million in the same quarter of the previous year[46] - SaaS revenues increased significantly to 44.8 million from 5.7millioninthesecondquarterof2023[46]−Revenuesareforecastedtobe5.7 million in the second quarter of 2023[46] - Revenues are forecasted to be 544.0 million to 552.0million,withayear−over−yeargrowthof9552.0 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 635.0million,representingayear−over−yeargrowthof16635.0 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 42.6millionintheprioryearperiod[8]−Year−to−datefreecashflowgenerated42.6 million in the prior year period[8] - Year-to-date free cash flow generated 67.3 million, compared to 40.0millionintheprioryearperiod[8]−Thecompanyhad40.0 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 67.3million,comparedto67.3 million, compared to 40.0 million in the same period in 2023[34] - Free cash flow is expected to range between 80.0millionto80.0 million to 85.0 million[43] - Total current assets as of June 30, 2024, were 816.1million,comparedto816.1 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,comparedto(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,comparedto(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,comparedto(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),comparedto(0.58), compared to (0.71) in the same period in 2023[41] - GAAP operating loss improved to (28.8)millionfrom(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 0.07to0.07 to 0.08 for full-year 2024[19] - Non-GAAP operating income for the three months ended June 30, 2024, was 2.068million,comparedto2.068 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 6.762million,comparedto6.762 million, compared to 1.090 million in the same period in 2023[41] - Non-GAAP operating income is anticipated to be 18.0millionto18.0 million to 21.0 million[43] - Non-GAAP net income per diluted share is estimated to be in the range of 0.22to0.22 to 0.24, based on 128.1 million diluted shares outstanding[43] - Non-GAAP operating income rose to 2.1millionfrom2.1 million from 0.9 million in the second quarter of 2023[46] Liabilities and Deferred Revenues - Deferred revenues as of June 30, 2024, were 208.907million,comparedto208.907 million, compared to 181.049 million as of June 30, 2023[32] - Total current liabilities as of June 30, 2024, were 334.453million,comparedto334.453 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 62.182million,comparedto62.182 million, compared to 75.195 million in the same period in 2023[40]