VRNS----Varonis reports Q3 EPS (61c), consensus (13c)----
Reports Q3 revenue $76.75M, consensus $70.17M. Subscription revenues increased 89% to $44.1M, or more than 99% of total license revenues, compared with $23.3M, or 74% of total license revenues, in Q3 of 2019. Annual recurring revenues, or ARR, were $261.1M as of the end of Q3, up 46% over the prior year period. "Our third quarter 2020 results demonstrate strong execution by our team, as well as the power of our Data Security Platform. As data continues to grow rapidly and the world becomes increasingly virtual, Varonis is well positioned to address the elevated risks that all companies are facing," said Yaki Faitelson, Varonis CEO. "New and existing customers continue to make larger initial investments in Varonis and consume more licenses over time, underscoring the logic behind our subscription transition and confirming that we are unleashing the potential of our platform. With the subscription transition now complete, 98% of our revenues today are recurring in nature, and the demand for our platform, combined with the power of the subscription model, is accelerating revenue growth and driving increasing operating leverage."