Varonis Q3 2023 Earnings Report
Key Takeaways
Varonis Systems, Inc. announced financial results for the third quarter ended September 30, 2023. The company saw continued healthy adoption of Varonis SaaS, with approximately 15% of total company ARR now coming from SaaS. The company is progressing towards achieving its $1 billion ARR target.
Annual recurring revenues grew 16% year-over-year.
SaaS mix of new business and upsell ARR was 59% in the third quarter.
Year-to-date cash from operations generated $49.0 million vs. $8.4 million last year.
Year-to-date free cash flow generated $46.0 million vs. $0.8 million last year.
Varonis
Varonis
Forward Guidance
The company is increasing its expectation for its SaaS mix from 50% previously and now expects that SaaS will represent 55% of new business and upsell ARR for the full year ended 2023 and expects the mix to be 60% in the fourth quarter.