Varonis Q1 revenue up 12% to $107.3M; SaaS mix beats guidance, raises FY outlook

VARONIS SYSTEMS INC

2023-Q1 EPS reported -$0.35 revenue$107,335,000

Total revenue $107.3M (+12% YoY); subscription revenue $83.0M vs $69.0M in Q1 2022.
GAAP operating loss narrowed to ($43.1M) from ($48.1M); non-GAAP operating loss ($4.3M) vs ($7.9M).
SaaS mix of new ARR hit 37%, well above 15% guidance; full-year SaaS mix and ARR guidance raised.
ARR grew 18% YoY; YTD cash from operations $36.8M ($24.5M last year), free cash flow $35.7M ($21.0M).
CEO cites customer and sales force adoption of SaaS despite economic slowdown.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

VARONIS SYSTEMS INC reported first quarter ended March 31, 2023 results: revenue $107.3 million. Guidance raised.

Period: first quarter ended March 31, 2023
Revenue: $107.3 million
Guidance: raised
Result: reported results

Exact text from the filing

Total revenues increased 12% to $107.3 million, compared with $96.3 million in the first quarter of 2022.

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Source: SEC EDGAR

accession 0001171843-23-002727

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