Varonis Q2 2023 Earnings Report
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.
Varonis
Varonis
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.