Varonis Systems, Inc. (Nasdaq: VRNS), a leader in data
security, today announced financial results for the first quarter
ended March 31, 2023.
Yaki Faitelson, Varonis CEO, said, "It is clear
that the simplicity and the automated protection of Varonis SaaS is
resonating with our customers and our sales force, which leaves me
optimistic about our SaaS transition, in spite of the economic
slowdown that is impacting our customers.”
Guy Melamed, Varonis CFO & COO, added, "Strong
initial adoption from our customers, led to a better-than-expected
first quarter SaaS mix of 37% vs. guidance of 15%. Despite this
higher mix revenue headwind, first quarter revenue came in near the
top end of our guidance range, which highlights the solid start to
the year and gives us the confidence to raise our full-year SaaS
mix and ARR guidance."
Financial Summary for the First Quarter
Ended March 31, 2023
- Total revenues increased 12% to $107.3
million, compared with $96.3 million in the first quarter of
2022.
- Subscription revenues were $83.0
million, compared with $69.0 million in the first quarter of
2022.
- Maintenance and services revenues were
$24.4 million, compared with $27.3 million in the first quarter of
2022.
- GAAP operating loss was ($43.1)
million, compared to GAAP operating loss of ($48.1) million in the
first quarter of 2022.
- Non-GAAP operating loss was ($4.3)
million, compared to non-GAAP operating loss of ($7.9) million in
the first quarter of 2022.
The tables at the end of this press release include
a reconciliation of GAAP operating income (loss) to non-GAAP
operating income (loss) and GAAP net income (loss) to non-GAAP net
income (loss) for the three months ended March 31, 2023 and 2022.
An explanation of these measures is included below under the
heading "Non-GAAP Financial Measures and Key Performance
Indicators." Key Performance Indicators and Recent Business
Highlights
- Annual recurring revenues, or ARR,
were $478.1 million as of the end of the first quarter, up 18%
year-over-year.
- As of March 31, 2023, the Company had
$756.3 million in cash and cash equivalents, short term deposits
and marketable securities.
- During the three months ended March
31, 2023, the Company generated $36.8 million of cash from
operations, compared to $24.5 million generated in the prior year
period.
- During the three months ended March
31, 2023, the Company generated $35.7 million of free cash flow,
compared to $21.0 million generated in the prior year period.
- Named a Leader in The Forrester Wave
for Data Security Platforms
- Announced Proactive Incident Response
for SaaS Customers
- Released automated posture management
and least privilege automation for Microsoft 365, Google Drive, and
Box to help customers effortlessly remediate security and
compliance gaps
An explanation of ARR is included below under the
heading "Non-GAAP Financial Measures and Key Performance
Indicators." In addition, the tables at the end of this press
release include a reconciliation of net cash provided by operating
activities to non-GAAP free cash flow. An explanation of this
measure is also included below under the heading "Non-GAAP
Financial Measures and Key Performance Indicators."
Financial Outlook
Within our outlook, we are increasing our
expectation for our SaaS mix from 15% previously and now expect
that SaaS will represent 35% of new business and upsell ARR for the
second quarter and full year ended 2023.
For the second quarter of 2023, the Company
expects:
- Revenues of $118.0 million to $120.0
million, or year-over-year growth of 6% to 8%.
- Non-GAAP operating income of $0.5
million to $1.5 million.
- Non-GAAP net income per diluted share
in the range of $0.01 to $0.02, based on 127.2 million diluted
shares outstanding.
For full year 2023, the Company now expects:
- ARR of $520.0 million to $528.0
million, or year-over-year growth of 12% to 14%.
- Free cash flow of $20.0 million to
$25.0 million.
- Revenues of $510.0 million to $520.0
million, or year-over-year growth of 8% to 10%.
- Non-GAAP operating income of $29.0
million to $34.0 million.
- Non-GAAP net income per diluted share
in the range of $0.30 to $0.34, based on 126.8 million diluted
shares outstanding.
Actual results may differ materially from the
Company’s Financial Outlook as a result of, among other things, the
factors described below under “Forward-Looking Statements”.
Conference Call and WebcastVaronis
will host a conference call today, Monday, May 1, 2023, at 4:30
p.m. Eastern Time, to discuss the Company's first quarter ended
2023 financial results. To access this call, dial 877-425-9470
(domestic) or 201-389-0878 (international). The passcode is
13737641. A replay of this conference call will be available
through May 8, 2023 at 844-512-2921 (domestic) or 412-317-6671
(international). The replay passcode is 13737641. A live
webcast of this conference call will be available on the
"Investors" page of the Company's website (www.varonis.com), and a
replay will be archived on the website as well.
Non-GAAP Financial Measures and Key
Performance IndicatorsVaronis believes that the use of
non-GAAP operating income (loss) and non-GAAP net income (loss) is
helpful to our investors. These measures, which the Company refers
to as our non-GAAP financial measures, are not prepared in
accordance with GAAP.
Non-GAAP operating income (loss) is calculated as
operating income (loss) excluding (i) stock-based compensation
expense, (ii) payroll tax expense related to stock-based
compensation, and (iii) amortization of acquired intangible assets
and acquisition-related expenses.
Non-GAAP net income (loss) is calculated as net
income (loss) excluding (i) stock-based compensation expense, (ii)
payroll tax expense related to stock-based compensation, (iii)
amortization of acquired intangible assets and acquisition-related
expenses, (iv) foreign exchange gains (losses) which include
exchange rate differences on lease contracts as a result of the
implementation of ASC 842 and (v) amortization of debt issuance
costs.
The Company believes that the exclusion of these
expenses provides a more meaningful comparison of our operational
performance from period to period and offers investors and
management greater visibility to the underlying performance of our
business. Specifically:
- Stock-based compensation expenses
utilize varying available valuation methodologies, subjective
assumptions and a variety of equity instruments that can impact a
company's non-cash expenses;
- Payroll taxes are tied to the exercise
or vesting of underlying equity awards and the price of our common
stock at the time of vesting or exercise, factors which may vary
from period to period;
- Acquired intangible assets are valued
at the time of acquisition and are amortized over an estimated
useful life after the acquisition, and acquisition-related expenses
are unrelated to current operations and neither are comparable to
the prior period nor predictive of future results;
- The Company incurs foreign exchange
gains or losses from the revaluation of its significant operating
lease liabilities in foreign currencies as well as other assets and
liabilities denominated in non-U.S. dollars, which may vary from
period to period; and
- Amortization of debt issuance costs,
which relate to the Company’s convertible senior notes issued in
2020, is a non-cash item.
Free cash flow is calculated as net cash provided
by or used in operating activities less purchases of property and
equipment. We believe that free cash flow is a useful indicator of
liquidity that provides information to management and investors
about the amount of cash provided by or used in our operations
that, after the investments in property and equipment, can be used
for strategic initiatives.
Each of our non-GAAP financial measures is an
important tool for financial and operational decision making and
for evaluating our own operating results over different periods of
time. The non-GAAP financial measures do not represent our
financial performance under U.S. GAAP and should not be considered
as alternatives to operating income (loss) or net income (loss) or
any other performance measures derived in accordance with GAAP.
Non-GAAP financial measures may not provide information that is
directly comparable to that provided by other companies in our
industry, as other companies in our industry may calculate non-GAAP
financial results differently, particularly related to
non-recurring, unusual items. In addition, there are limitations in
using non-GAAP financial measures because the non-GAAP financial
measures are not prepared in accordance with GAAP, and exclude
expenses that may have a material impact on our reported financial
results. Further, stock-based compensation expense and payroll tax
expense related to stock-based compensation have been, and will
continue to be for the foreseeable future, significant recurring
expenses in our business and an important part of the compensation
provided to our employees. Also, the amortization of intangible
assets are expected recurring expenses over the estimated useful
life of the underlying intangible asset and acquisition-related
expenses will be incurred to the extent acquisitions are made in
the future. Additionally, foreign exchange rates may fluctuate from
one period to another, and the Company does not estimate movements
in foreign currencies. Finally, the amortization of debt issuance
costs are expected recurring expenses until the maturity of the
senior notes in 2025.
The presentation of non-GAAP financial information
is not meant to be considered in isolation or as a substitute for
the directly comparable financial measures prepared in accordance
with GAAP. Varonis urges investors to review the reconciliation of
our non-GAAP financial measures to the comparable GAAP financial
measures included below, and not to rely on any single financial
measures to evaluate our business.
A reconciliation for non-GAAP operating income
(loss) and non-GAAP net income (loss) referred to in our “Financial
Outlook” is not provided because, as forward-looking statements,
such reconciliation is not available without unreasonable effort
due to the high variability, complexity, and difficulty of
estimating certain items such as charges to stock-based
compensation expense and currency fluctuations which could have an
impact on our consolidated results. The Company believes the
information provided is useful to investors because it can be
considered in the context of the Company’s historical disclosures
of this measure.
ARR is a key performance indicator defined as the
annualized value of active term-based subscription license
contracts, maintenance contracts and SaaS contracts in effect at
the end of that period. Subscription license contracts, maintenance
contracts and SaaS contracts are annualized by dividing the total
contract value by the number of days in the term and multiplying
the result by 365. The annualized value of contracts is a legal and
contractual determination made by assessing the contractual terms
with our customers. The annualized value of maintenance contracts
is not determined by reference to historical revenues, deferred
revenues or any other GAAP financial measure over any period. ARR
is not a forecast of future revenues, which can be impacted by
contract start and end dates and renewal rates.
Forward-Looking Statements
This press release contains, and statements made
during the above referenced conference call will contain,
"forward-looking" statements, which are subject to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995,
including regarding the Company's growth rate and its expectations
regarding future revenues, operating income or loss or earnings or
loss per share. These statements are not guarantees of future
performance but are based on management's expectations as of the
date of this press release and assumptions that are inherently
subject to uncertainties, risks and changes in circumstances that
are difficult to predict. Forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause
actual results, performance or achievements to be materially
different from any future results, performance or achievements.
Important factors that could cause actual results to differ
materially from those expressed or implied by these forward-looking
statements include the following: the impact of potential
information technology, cybersecurity or data security breaches;
risks associated with anticipated growth in Varonis’ addressable
market; general economic and industry conditions, such as foreign
currency exchange rate fluctuations and expenditure trends for data
and cybersecurity solutions; Varonis’ ability to predict the timing
and rate of subscription renewals and their impact on the Company’s
future revenues and operating results; the impact of the COVID-19
global pandemic and global conflicts on the budgets of our clients
and on economic conditions generally; competitive factors,
including increased sales cycle time, changes in the competitive
environment, pricing changes and increased competition; the risk
that Varonis may not be able to attract or retain employees,
including sales personnel and engineers; Varonis’ ability to build
and expand its direct sales efforts and reseller distribution
channels; risks associated with the closing of large transactions,
including Varonis’ ability to close large transactions consistently
on a quarterly basis; new product introductions and Varonis’
ability to develop and deliver innovative products; risks
associated with international operations; Varonis’ ability to
provide high-quality service and support offerings; the expansion
of cloud-delivered services; and risks associated with our
convertible notes and capped-call transaction. These and other
important risk factors are described more fully in Varonis’ reports
and other documents filed with the Securities and Exchange
Commission and could cause actual results to vary from
expectations. All information provided in this press release and in
the conference call is as of the date hereof, and Varonis
undertakes no duty to update or revise this information, whether as
a result of new information, new developments or otherwise, except
as required by law.
About Varonis
Varonis is a pioneer in data security and
analytics, fighting a different battle than conventional
cybersecurity companies. Varonis focuses on protecting enterprise
data: sensitive files and emails; confidential customer, patient,
and employee data; financial records; strategic and product plans;
and other intellectual property. The Varonis Data Security Platform
detects cyber threats from both internal and external actors by
analyzing data, account activity, and user behavior; prevents and
limits disaster by locking down sensitive and stale data; and
efficiently sustains a secure state with automation. Varonis
products address additional important use cases including data
protection, data governance, Zero Trust, compliance, data privacy,
classification, and threat detection and response. Varonis started
operations in 2005 and has customers spanning leading firms in the
financial services, public, healthcare, industrial, insurance,
technology, consumer and retail, energy and utilities, construction
and engineering and education sectors.
To find out more about Varonis,
visit www.varonis.com
Investor Relations Contact:Tim
PerzVaronis Systems, Inc.646-640-2112investors@varonis.com
News Media Contact:Rachel
HuntVaronis Systems, Inc.877-292-8767 (ext. 1598)pr@varonis.com
Varonis Systems, Inc. |
Consolidated Statements of Operations |
(in thousands, except for share and per share
data) |
|
Three Months EndedMarch 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Unaudited |
Revenues: |
|
|
|
Subscriptions |
$ |
82,974 |
|
|
$ |
68,985 |
|
Maintenance and services |
|
24,361 |
|
|
|
27,276 |
|
Total revenues |
|
107,335 |
|
|
|
96,261 |
|
|
|
|
|
Cost of revenues |
|
17,637 |
|
|
|
17,809 |
|
|
|
|
|
Gross profit |
|
89,698 |
|
|
|
78,452 |
|
|
|
|
|
Operating expenses: |
|
|
|
Research and development |
|
44,732 |
|
|
|
43,570 |
|
Sales and marketing |
|
68,393 |
|
|
|
64,787 |
|
General and administrative |
|
19,689 |
|
|
|
18,180 |
|
Total operating expenses |
|
132,814 |
|
|
|
126,537 |
|
|
|
|
|
Operating loss |
|
(43,116 |
) |
|
|
(48,085 |
) |
Financial income, net |
|
7,773 |
|
|
|
736 |
|
|
|
|
|
Loss before income taxes |
|
(35,343 |
) |
|
|
(47,349 |
) |
Income taxes |
|
(2,961 |
) |
|
|
(1,414 |
) |
|
|
|
|
Net loss |
$ |
(38,304 |
) |
|
$ |
(48,763 |
) |
|
|
|
|
Net loss per share of common stock, basic and diluted |
$ |
(0.35 |
) |
|
$ |
(0.45 |
) |
|
|
|
|
Weighted average number of shares used in computing net loss per
share of common stock, basic and diluted |
|
108,387,402 |
|
|
|
108,204,960 |
|
Stock-based compensation expense for the three months
ended March 31, 2023 and
2022 is included in the Consolidated
Statements of Operations as follows (in thousands): |
|
|
|
|
|
Three Months EndedMarch 31, |
|
|
2023 |
|
|
2022 |
|
|
|
Unaudited |
Cost of revenues |
$ |
2,500 |
|
$ |
3,087 |
Research and development |
|
12,523 |
|
|
12,600 |
Sales and marketing |
|
12,762 |
|
|
13,096 |
General and administrative |
|
8,026 |
|
|
7,215 |
|
$ |
35,811 |
|
$ |
35,998 |
Payroll tax expense related to stock-based compensation for
the three months ended March 31, 2023
and 2022 is included in
the Consolidated Statements of Operations as follows (in
thousands): |
|
|
|
|
|
Three Months EndedMarch 31, |
|
|
2023 |
|
|
2022 |
|
Unaudited |
Cost of revenues |
$ |
286 |
|
$ |
438 |
Research and development |
|
107 |
|
|
89 |
Sales and marketing |
|
1,421 |
|
|
2,072 |
General and administrative |
|
417 |
|
|
622 |
|
$ |
2,231 |
|
$ |
3,221 |
Amortization of acquired intangibles and
acquisition-related expenses for the three months
ended March 31,
2023 and 2022 is
included in the Consolidated Statements of Operations as follows
(in thousands): |
|
|
|
|
|
Three Months EndedMarch 31, |
|
|
2023 |
|
|
2022 |
|
Unaudited |
Cost of revenues |
$ |
381 |
|
$ |
381 |
Research and development |
|
412 |
|
|
589 |
Sales and marketing |
|
— |
|
|
— |
General and administrative |
|
— |
|
|
— |
|
$ |
793 |
|
$ |
970 |
Varonis Systems, Inc. |
Consolidated Balance Sheets |
(in thousands) |
|
March 31, 2023 |
|
December 31, 2022 |
|
Unaudited |
|
|
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
248,585 |
|
|
$ |
367,800 |
|
Marketable securities |
|
280,835 |
|
|
|
236,338 |
|
Short-term deposits |
|
226,850 |
|
|
|
128,350 |
|
Trade receivables, net |
|
75,393 |
|
|
|
135,979 |
|
Prepaid expenses and other current assets |
|
44,381 |
|
|
|
37,190 |
|
Total current assets |
|
876,044 |
|
|
|
905,657 |
|
Long-term assets: |
|
|
|
Operating lease right-of-use asset |
|
55,692 |
|
|
|
56,772 |
|
Property and equipment, net |
|
37,643 |
|
|
|
39,043 |
|
Intangible assets, net |
|
2,406 |
|
|
|
2,788 |
|
Goodwill |
|
23,135 |
|
|
|
23,135 |
|
Other assets |
|
16,400 |
|
|
|
16,337 |
|
Total long-term assets |
|
135,276 |
|
|
|
138,075 |
|
Total assets |
$ |
1,011,320 |
|
|
$ |
1,043,732 |
|
|
|
|
|
Liabilities and stockholders’ equity |
|
|
|
Current liabilities: |
|
|
|
Trade payables |
$ |
708 |
|
|
$ |
2,962 |
|
Accrued expenses and other short-term liabilities |
|
107,338 |
|
|
|
115,231 |
|
Deferred revenues |
|
109,297 |
|
|
|
110,550 |
|
Total current liabilities |
|
217,343 |
|
|
|
228,743 |
|
Long-term liabilities: |
|
|
|
Convertible senior notes, net |
|
249,339 |
|
|
|
248,963 |
|
Operating lease liability |
|
55,993 |
|
|
|
57,627 |
|
Deferred revenues |
|
1,382 |
|
|
|
1,503 |
|
Other liabilities |
|
5,985 |
|
|
|
4,771 |
|
Total long-term liabilities |
|
312,699 |
|
|
|
312,864 |
|
|
|
|
|
Stockholders’ equity: |
|
|
|
Share capital |
|
|
|
Common stock |
|
110 |
|
|
|
108 |
|
Accumulated other comprehensive loss |
|
(14,381 |
) |
|
|
(9,557 |
) |
Additional paid-in capital |
|
1,077,327 |
|
|
|
1,055,048 |
|
Accumulated deficit |
|
(581,778 |
) |
|
|
(543,474 |
) |
Total stockholders’ equity |
|
481,278 |
|
|
|
502,125 |
|
Total liabilities and stockholders’ equity |
$ |
1,011,320 |
|
|
$ |
1,043,732 |
|
Varonis Systems, Inc. |
Consolidated Statements of Cash Flows |
(in thousands) |
|
Three Months EndedMarch 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Unaudited |
Cash flows from operating activities: |
|
|
|
Net loss |
$ |
(38,304 |
) |
|
$ |
(48,763 |
) |
Adjustments to reconcile net loss to net cash provided by operating
activities: |
|
|
|
Depreciation and amortization |
|
2,891 |
|
|
|
2,679 |
|
Stock-based compensation |
|
35,811 |
|
|
|
35,998 |
|
Amortization of deferred commissions |
|
3,462 |
|
|
|
6,120 |
|
Noncash operating lease costs |
|
2,367 |
|
|
|
2,326 |
|
Amortization of debt issuance costs |
|
376 |
|
|
|
370 |
|
Amortization of premium and accretion of discount on marketable
securities |
|
(1,293 |
) |
|
|
— |
|
|
|
|
|
Changes in assets and liabilities: |
|
|
|
Trade receivables |
|
60,586 |
|
|
|
53,575 |
|
Prepaid expenses and other current assets |
|
(7,236 |
) |
|
|
(2,575 |
) |
Deferred commissions |
|
(3,033 |
) |
|
|
(6,942 |
) |
Other long-term assets |
|
(589 |
) |
|
|
359 |
|
Trade payables |
|
(2,254 |
) |
|
|
(553 |
) |
Accrued expenses and other short-term liabilities |
|
(15,794 |
) |
|
|
(12,502 |
) |
Deferred revenues |
|
(1,374 |
) |
|
|
(5,646 |
) |
Other long-term liabilities |
|
1,214 |
|
|
|
96 |
|
Net cash provided by operating activities |
|
36,830 |
|
|
|
24,542 |
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
Proceeds from sales and maturities of marketable securities |
|
16,650 |
|
|
|
— |
|
Investment in marketable securities |
|
(59,555 |
) |
|
|
(28,372 |
) |
Proceeds from short-term and long-term deposits |
|
4,000 |
|
|
|
1,850 |
|
Investment in short-term and long-term deposits |
|
(102,500 |
) |
|
|
(1,853 |
) |
Purchases of property and equipment |
|
(1,110 |
) |
|
|
(3,495 |
) |
Net cash used in investing activities |
|
(142,515 |
) |
|
|
(31,870 |
) |
|
|
|
|
Cash flows from financing activities: |
|
|
|
Proceeds from employee stock plans |
|
5,853 |
|
|
|
6,111 |
|
Taxes paid related to net share settlement of equity awards |
|
(16,864 |
) |
|
|
(28,825 |
) |
Repurchase of common stock |
|
(2,519 |
) |
|
|
— |
|
Net cash used in financing activities |
|
(13,530 |
) |
|
|
(22,714 |
) |
Decrease in cash and cash equivalents |
|
(119,215 |
) |
|
|
(30,042 |
) |
Cash and cash equivalents at beginning of period |
|
367,800 |
|
|
|
805,761 |
|
Cash and cash equivalents at end of period |
$ |
248,585 |
|
|
$ |
775,719 |
|
Varonis Systems, Inc. |
Reconciliation of GAAP Measures to non-GAAP |
(in thousands, except share and per share
data) |
|
Three Months Ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Unaudited |
Reconciliation to non-GAAP operating loss: |
|
|
|
|
|
|
|
GAAP operating loss |
$ |
(43,116 |
) |
|
$ |
(48,085 |
) |
|
|
|
|
Add back: |
|
|
|
Stock-based compensation expense |
|
35,811 |
|
|
|
35,998 |
|
Payroll tax expenses related to stock-based compensation |
|
2,231 |
|
|
|
3,221 |
|
Amortization of acquired intangible assets and acquisition-related
expenses |
|
793 |
|
|
|
970 |
|
Non-GAAP operating loss |
$ |
(4,281 |
) |
|
$ |
(7,896 |
) |
|
|
|
|
Reconciliation to non-GAAP net loss: |
|
|
|
|
|
|
|
GAAP net loss |
$ |
(38,304 |
) |
|
$ |
(48,763 |
) |
|
|
|
|
Add back: |
|
|
|
Stock-based compensation expense |
|
35,811 |
|
|
|
35,998 |
|
Payroll tax expenses related to stock-based compensation |
|
2,231 |
|
|
|
3,221 |
|
Amortization of acquired intangible assets and acquisition-related
expenses |
|
793 |
|
|
|
970 |
|
Foreign exchange rate differences, net |
|
(984 |
) |
|
|
(1,963 |
) |
Amortization of debt issuance costs |
|
376 |
|
|
|
369 |
|
Non-GAAP net loss |
$ |
(77 |
) |
|
$ |
(10,168 |
) |
|
|
|
|
GAAP weighted average number of shares used in computing net loss
per share of common stock - basic and diluted |
|
108,387,402 |
|
|
|
108,204,960 |
|
Non-GAAP weighted average number of shares used in computing net
loss per share of common stock - basic and diluted |
|
108,387,402 |
|
|
|
108,204,960 |
|
|
|
|
|
GAAP net loss per share of common stock - basic and diluted |
$ |
(0.35 |
) |
|
$ |
(0.45 |
) |
Non-GAAP net loss per share of common stock - basic and
diluted |
$ |
— |
|
|
$ |
(0.09 |
) |
Varonis Systems, Inc. |
Reconciliation of GAAP Measures to non-GAAP |
(in millions) |
|
|
|
|
|
Three Months Ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
Unaudited |
Reconciliation to non-GAAP free cash flow: |
|
|
|
Net cash provided by operating activities |
$ |
36.8 |
|
|
$ |
24.5 |
|
Purchases of property and equipment |
|
(1.1 |
) |
|
|
(3.5 |
) |
Free cash flow |
$ |
35.7 |
|
|
$ |
21.0 |
|
Varonis Systems, Inc. |
Reconciliation of GAAP Measures to non-GAAP |
(in millions) |
|
|
|
|
|
Twelve Months Ended December 31, 2023 |
|
Low |
|
High |
Reconciliation to non-GAAP free cash flow: |
|
|
|
Net cash provided by operating activities |
$ |
28.0 |
|
|
$ |
35.0 |
|
Purchases of property and equipment |
|
(8.0 |
) |
|
|
(10.0 |
) |
Free cash flow |
$ |
20.0 |
|
|
$ |
25.0 |
|
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