Varonis Q1 2023 Earnings Report
Key Takeaways
Varonis reported strong initial customer adoption, leading to a better-than-expected first quarter SaaS mix of 37% versus guidance of 15%. First quarter revenue came in near the top end of the guidance range. The company is raising its full-year SaaS mix and ARR guidance.
Annual recurring revenues grew 18% year-over-year.
SaaS mix of new business and upsell ARR was 37% in the first quarter.
Year-to-date cash from operations generated $36.8 million vs. $24.5 million last year.
Year-to-date free cash flow generated $35.7 million vs. $21.0 million last year.
Varonis
Varonis
Forward Guidance
The company is increasing its expectation for its SaaS mix from 15% previously and now expects that SaaS will represent 35% of new business and upsell ARR for the second quarter and full year ended 2023.