Varonis reports Q4 EPS 27c, consensus 23c

Reports Q4 revenue $154.10M , consensus $151.83M . Reports Subscription revenues were $129.2 million, compared with $116.7 million in the fourth quarter of 2022. Maintenance and services revenues were $24.9 million, compared with $25.9 million in the fourth quarter of 2022.Yaki Faitelson, Varonis CEO, said, “Our fourth quarter results reflect the sustained momentum of our SaaS platform and I’m happy to announce that SaaS ARR represented approximately 23% of total company ARR at year-end. This progress gives us the confidence to accelerate our SaaS transition timeline, which we now expect to complete by the end of 2026, a year earlier than our initial outlook.” Guy Melamed, Varonis CFO & COO, added, “The strong demand for our SaaS platform is reflected by our fourth quarter SaaS mix of 66% versus our guidance of 60% and better than expected existing customer conversions. This adoption benefits ARR and free cash flow and we expect the uptake of SaaS to accelerate in dollar terms in the coming year, which positions us well as we enter 2024.”