NASDAQ$VRNS
Varonis Systems Inc · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Varonis's Q3 2023 financial results reflected continued healthy adoption of Varonis SaaS.
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.
Headline financials
Revenue & EPS history
Varonis · Revenue · Quarterly
$122M
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.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
-0.4%
Avg return
Earnings day
-0.2%
Avg return
5 days after
+2.1%
Avg return
30 days after
60%
29 / 48 earnings
Positive
+19.0%
Q3 2014
Best reaction
-48.7%
Q3 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.7% | +7.8% | +34.3% | |
| Q4 2025 | -10.8% | -3.5% | -8.1% | |
| Q3 2025 | -48.7% | -42.7% | -47.5% | |
| Q1 2025 | +2.3% | +3.5% | +14.4% | |
| Q4 2024 | -7.4% | -8.2% | -13.0% | |
| Q3 2024 | -8.5% | -10.7% | -13.6% | |
| Q2 2024 | +14.7% | +6.9% | +16.8% | |
| Q1 2024 | +2.8% | +1.7% | -2.1% | |
| Q4 2023 | +7.0% | +14.5% | +9.6% | |
| Q3 2023 | +6.8% | +9.1% | +31.6% | |
| Q2 2023 | +13.8% | +6.3% | +13.7% | |
| Q1 2023 | +0.4% | -0.6% | +13.5% | |
| Q4 2022 | +8.0% | +4.0% | +1.9% | |
| Q3 2022 | -36.0% | -40.7% | -21.3% | |
| Q2 2022 | +9.5% | +17.8% | +7.6% | |
| Q1 2022 | -11.2% | -20.1% | -24.8% | |
| Q4 2021 | +4.3% | +8.2% | +11.0% | |
| Q3 2021 | -3.6% | -3.9% | -22.5% | |
| Q2 2021 | -3.6% | -4.9% | +13.4% | |
| Q1 2021 | -4.4% | -9.9% | -9.3% | |
| Q4 2020 | +6.2% | +13.0% | -10.9% | |
| Q3 2020 | -1.4% | -7.0% | -4.0% | |
| Q2 2020 | +7.4% | +9.1% | +13.9% | |
| Q1 2020 | +11.4% | +15.3% | +33.9% | |
| Q4 2019 | -1.0% | +3.0% | -23.3% | |
| Q3 2019 | +14.0% | +13.8% | +24.5% | |
| Q2 2019 | +0.1% | -0.1% | -6.8% | |
| Q1 2019 | +4.7% | +6.9% | -6.6% | |
| Q4 2018 | -12.0% | -13.2% | -3.7% | |
| Q3 2018 | -5.7% | -1.4% | -7.2% | |
| Q2 2018 | -21.2% | -17.7% | -4.9% | |
| Q1 2018 | +4.7% | +7.9% | +20.1% | |
| Q4 2017 | +3.3% | +7.4% | +11.0% | |
| Q3 2017 | +13.1% | +7.2% | +21.6% | |
| Q2 2017 | +3.0% | -0.3% | +3.5% | |
| Q1 2017 | +10.1% | +9.5% | +13.9% | |
| Q4 2016 | -7.4% | -9.1% | -11.6% | |
| Q3 2016 | +2.0% | +3.9% | -3.7% | |
| Q2 2016 | +6.3% | +8.9% | +17.0% | |
| Q1 2016 | +8.9% | — | — | |
| Q4 2015 | +16.4% | — | — | |
| Q3 2015 | -0.9% | — | — | |
| Q2 2015 | +11.0% | — | — | |
| Q1 2015 | -26.9% | — | — | |
| Q4 2014 | -18.6% | — | — | |
| Q3 2014 | +19.0% | — | — | |
| Q2 2014 | +7.8% | — | — | |
| Q1 2014 | -10.5% | — | — | |
| Q3 2013 | — | — | — | |
| Q2 2013 | — | — | — | |
| Q1 2013 | — | — | — | |
| Q4 2012 | — | — | — | |
| Q3 2012 | — | — | — |
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