Earnings ·
Varonis reports Q3 revenue of $189.5M and SaaS ARR up 42% to $774.6M ahead of pending Proofpoint acquisition
VRNSVaronis Systems Inc
Varonis Systems reported third-quarter total revenues of $189.5 million, a significant increase from $161.6 million in the prior-year period, driven by strong SaaS adoption. SaaS revenue reached $185.1 million, while term license and maintenance revenues declined as customers migrated to the cloud platform. The company reported GAAP operating losses of ($47.7) million but achieved non-GAAP operating income of $7.6 million. SaaS annual recurring revenue (ARR) grew 42% year-over-year to $774.6 million, and the company generated $94.8 million in free cash flow over the first nine months. Varonis will not provide forward-looking guidance or hold an earnings call due to its pending acquisition by Proofpoint, a portfolio company of Thoma Bravo. The company operates in the data security industry, providing automated visibility and control over critical enterprise data.