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Jun 30, 2023
Varonis Q2 2023 Earnings Report
Varonis's second quarter results demonstrated robust adoption of their SaaS solutions, with significant improvements in ARR, free cash flow, and ARR contribution margin, driven by increased customer conversions and a strong SaaS mix.
Key Takeaways
Varonis reported strong second-quarter results, driven by the adoption of Varonis SaaS. The company's SaaS mix reached 58%, exceeding the guidance of 35%. This performance led to improvements in ARR, free cash flow, and ARR contribution margin. As a result, Varonis raised its full-year guidance for ARR, SaaS mix, and free cash flow.
Second quarter results reflected strong adoption of Varonis SaaS.
SaaS mix of new business and upsell ARR reached 58%.
Approximately 10% of total ARR comes from SaaS.
Company raised full-year guidance for ARR, SaaS mix, and free cash flow.
Forward Guidance
Varonis is increasing its expectation for its SaaS mix from 35% previously and now expects that SaaS will represent 50% of new business and upsell ARR for the full year ended 2023 and they expect the mix to be 45% in the third quarter.
Historical Earnings Impact
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