Varonis Systems Inc (VRNS) 2025 Q1 法說會逐字稿

Greetings. Welcome to the Varonis Systems Inc., first-quarter 2025 earnings conference call.

問候。歡迎參加 Varonis Systems Inc. 2025 年第一季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Tim Perz. Thank you. You may begin.

現在我很高興介紹您的主持人 Tim Perz。謝謝。你可以開始了。

Thank you, operator. Good afternoon. Thank you for joining us today to review Varonis' first-quarter financial results.

謝謝您，接線生。午安.感謝您今天加入我們，共同回顧 Varonis 第一季的財務表現。

With me on the call today are Yaki Faitelson, Chief Executive Officer; and Guy Melamed, Chief Financial Officer and Chief Operation Officer of Varonis.

今天與我一起參加電話會議的還有執行長 Yaki Faitelson；以及 Varonis 財務長兼營運長 Guy Melamed。

After preliminary remarks, we will open the call to a question-and-answer session.

初步發言後，我們將進入問答環節。

During this call, we may make statements related to our business that would be considered forward-looking statements under Federal Securities Laws, including projections of future operating results for our second quarter and full year ending December 31, 2025.

在本次電話會議中，我們可能會做出與我們的業務相關的聲明，這些聲明根據聯邦證券法將被視為前瞻性聲明，包括對截至 2025 年 12 月 31 日的第二季度和全年未來經營業績的預測。

Due to a number of factors, actual results may differ, materially, from those set forth in such statements. These factors are set forth in the earnings press release that we issued today of, under the section captioned Forward-Looking Statements. These and other important risk factors are described more fully in our reports filed with the Securities and Exchange Commission. We encourage all investors to read our SEC filings.

由於多種因素，實際結果可能與此類聲明中所述的結果有重大差異。這些因素在我們今天發布的收益新聞稿中「前瞻性陳述」部分中進行了闡述。我們向美國證券交易委員會提交的報告中對這些和其他重要風險因素進行了更詳細的描述。我們鼓勵所有投資者閱讀我們的美國證券交易委員會文件。

These statements reflect our views only as of today and should not be relied upon as representing our views as of any subsequent date. Varonis expressly disclaims any application or undertaking to release, publicly, any updates or revisions to any forward-looking statements made herein.

這些聲明僅反映我們截至今天的觀點，不應被視為代表我們此後任何日期的觀點。Varonis 明確否認有任何申請或承諾公開發布本文所作任何前瞻性陳述的任何更新或修訂。

Additionally, non-GAAP financial measures will be discussed on this conference call. A reconciliation for the most directly comparable GAAP financial measures is also available in our first-quarter 2025 earnings press release and our investor presentation, which can be found at varonis.com, in the Investor Relations section.

此外，本次電話會議也將討論非公認會計準則財務指標。我們的 2025 年第一季財報新聞稿和投資者介紹中也提供了最直接可比較的 GAAP 財務指標的對帳表，可在 varonis.com 的投資者關係部分找到。

Lastly, please note the webcast for today's call is available on our website in the Investor Relations section.

最後，請注意，今天電話會議的網路直播可在我們網站的「投資者關係」部分找到。

With that, I'd like to turn the call over to our Chief Executive Officer, Yaki Faitelson. Yaki?

說到這裡，我想把電話轉給我們的執行長 Yaki Faitelson。綾？

Thanks, Tim. Good afternoon, everyone. Thank you for joining us today to review our first-quarter results, the focus of our fast transition to remind you why Varonis is best positioned to secure the world's data.

謝謝，蒂姆。大家下午好。感謝您今天加入我們，回顧我們的第一季業績，這是我們快速轉型的重點，旨在提醒您為什麼 Varonis 最適合保護世界數據。

In the face of uncertainty in the world today, there is one constant which pushes the business case for Varonis no matter what will happen. People will eat, sleep, and create data. The world is completely dependent on data and because of its importance, bad actors want to steal it. At the same time, companies struggle to protect it.

面對當今世界的不確定性，無論發生什麼，都有一個不變的因素推動 Varonis 的商業案例。人們會吃飯、睡覺並創造數據。世界完全依賴數據，由於數據的重要性，不法分子想要竊取它。同時，企業也在努力保護它。

More organizations deploy technologies to protect their endpoints and their perimeters; these technologies are very important but they aren't enough to protect data. Varonis takes a data-first approach and helps companies to locate their sensitive data; visualize the access to it; automatically lock down; and then, automatically [be taken respond] to strengthen it.

更多組織部署技術來保護其端點和周邊環境；這些技術非常重要，但不足以保護資料。Varonis 採用資料優先的方法，幫助公司定位其敏感資料；視覺化存取它；自動鎖定；然後，自動[採取回應]來強化它。

Last quarter, we announced that we will accelerate our SaaS transition. And our Q1 results prove that we are well on track to complete it by the end of the year. The reason we are accelerating this transition is because of the strong demand for our SaaS solutions and the benefits to our customers and our company

上個季度，我們宣布將加速我們的 SaaS 轉型。我們第一季的業績證明，我們預計在年底前完成這一目標。我們加速這一轉變的原因在於我們的 SaaS 解決方案需求強勁，並將為我們的客戶和公司帶來好處

Simply put, Varonis SaaS is a much better way to deliver our platform and to protect our customers' data more effectively and efficiently. With Varonis SaaS, customers are able to realize greater value from our platform without effort, which leads to more satisfaction and we believe will better position our company to accelerate growth.

簡而言之，Varonis SaaS 是一種更好的方式來交付我們的平台並更有效、更有效率地保護我們客戶的資料。借助 Varonis SaaS，客戶能夠毫不費力地從我們的平台實現更大的價值，從而帶來更高的滿意度，我們相信這將使我們的公司更好地加速成長。

In the first quarter, ARR grew 19% to $664.3 million. And we continue to progress towards completing our SaaS transition, with SaaS ARR now representing approximately 61% of total ARR or $403.9 million.

第一季度，ARR 成長 19%，達到 6.643 億美元。我們繼續朝著完成 SaaS 轉型的方向前進，SaaS ARR 目前約佔總 ARR 的 61%，即 4.039 億美元。

We generated $65.3 million of free cash flow this quarter, up $156.4 million in the same period last year.

本季我們產生了 6,530 萬美元的自由現金流，比去年同期增加了 1.564 億美元。

Guy will review our results and updated guidance in more detail, shortly.

蓋伊將很快更詳細地審查我們的結果和更新後的指導。

Our first-quarter results reflect strong contributions from both new and existing customers that are driving our overall business momentum.

我們第一季的業績反映了新舊客戶的強勁貢獻，推動了我們的整體業務發展動能。

Organizations face a dangerous, threat environment. And their security teams are stretching, which means they struggle to see and respond to threat as quickly, as being marked with today's bad actors.

組織面臨危險的威脅環境。他們的安全團隊人手不足，這意味著他們難以像當今的不良行為者那樣迅速發現和應對威脅。

The automated value proposition of the Varonis SaaS platform and MDDR offering resonates with security teams. With Varonis, these organizations can secure their data with very little effort because we do the hard work for them. This is an outcome that simply cannot be achieved by using point solutions or manual work.

Varonis SaaS 平台和 MDDR 產品的自動化價值主張引起了安全團隊的共鳴。借助 Varonis，這些組織可以輕鬆保護他們的數據，因為我們為他們完成了艱苦的工作。這是使用點解決方案或手動工作根本無法實現的結果。

We also continue to see very healthy customer interest in safely deploying copilot and other generative AI tools, which is serving as a reason for new customers to engage with Varonis; and, also, for existing ones to convert to our SaaS platform. We see massive opportunity to increase the ARR of our existing customer base.

我們也繼續看到客戶對安全部署副駕駛和其他生成式人工智慧工具表現出濃厚的興趣，這也是新客戶與 Varonis 合作的原因；並且，還可以讓現有的客戶轉換到我們的 SaaS 平台。我們看到了增加現有客戶群的 ARR 的巨大機會。

An in the first quarter, we continued to see existing customers expand their deployments and increase their spend with us. Varonis Saas is a no-brainer for our customers because of the value that is offered.

在第一季度，我們繼續看到現有客戶擴大部署並增加在我們這裡的支出。Varonis Saas 對我們的客戶來說是輕鬆的選擇，因為它具有很高的價值。

In the first quarter, we were able to convert existing customers to SaaS more effectively because of the lessons we learned last year and the additional investments that were made in out team.

在第一季度，由於我們吸取了去年的經驗教訓並對我們團隊進行了額外投資，我們能夠更有效地將現有客戶轉化為 SaaS 客戶。

This is now also freeing up capacity of our sales teams. They're bringin in healthy levels of new customers, while also upselling additional platforms to our broader customer base.

這也釋放了我們銷售團隊的產能。他們帶來了大量新客戶，同時也向我們更廣泛的客戶群推銷其他平台。

Existing SaaS customers continue to expand their journey with Varonis, while many of our customers choose to start with their Varonis deployment by protecting data in Microsoft 365 or on-prem storage platforms because that was the top security concern.

現有的 SaaS 客戶繼續使用 Varonis 擴展他們的旅程，而我們的許多客戶選擇透過保護 Microsoft 365 或本地儲存平台中的資料來開始他們的 Varonis 部署，因為這是最重要的安全問題。

They realized that they have sensitive data in many places, beyond the areas where they originally deployed us. This is why we have significantly expanded our coverage in recent years to include leading cloud data stores, which means we cover data everywhere.

他們意識到，除了我們最初部署的地區之外，他們在許多地方都有敏感資料。這就是為什麼我們近年來大幅擴展了覆蓋範圍，將領先的雲端資料儲存納入其中，這意味著我們涵蓋了無處不在的資料。

Our breadth and depth of coverage has become one our biggest competitive advantages, which means that we are able to provide customers with automated data security, wherever they have sensitive data

我們的覆蓋範圍廣度和深度已成為我們最大的競爭優勢之一，這意味著我們能夠為客戶提供自動化資料安全，無論他們在哪裡擁有敏感數據

(inaudible) Cloud is working well. And during Q1, we continue to see customers looking to Varonis to secure data across these newer cloud data stores. And we believe our ability to execute into this large and fast-growing markets position us to continue to accelerate growth, once we completed the SaaS transition.

（聽不清楚）雲運作良好。在第一季度，我們繼續看到客戶希望透過 Varonis 來保護這些較新的雲端資料儲存中的資料。我們相信，一旦我們完成 SaaS 轉型，我們進入這個龐大且快速成長的市場的能力將使我們繼續加速成長。

Another benefit of SaaS is that it gives us the ability to innovate much faster. During Q1, we did exactly that: announcing Varonis for Agentforce, which allows organizations to safely enable agentic AI roll-out in Salesforce.

SaaS 的另一個好處是它使我們能夠更快地進行創新。在第一季度，我們確實做到了這一點：宣布推出 Varonis for Agentforce，它允許組織安全地在 Salesforce 中啟用代理 AI 的推出。

We view agentic AI as a massive opportunity because agents inherit the permission of the users who run them. So if users have excessive access, agent can expose sensitive data. For example, if a bank uses Salesforce to process mortgages, guess what would happen when you upload your financial documents with your application? All that information ends up with Salesforce as records files, and attachments.

我們認為代理 AI 是一個巨大的機遇，因為代理繼承了運行它們的用戶的權限。因此，如果使用者擁有過多的存取權限，代理程式可能會暴露敏感資料。例如，如果銀行使用 Salesforce 來處理抵押貸款，猜猜當您將財務文件上傳到應用程式時會發生什麼？所有這些資訊最終都以記錄文件和附件的形式提交給 Salesforce。

Salesforce can classify the individual fields but there is no way to find, classify, or protect files and attachments, natively, in Salesforce. Varonis allow organizations to find sensitive data, automatically fix exposure to very complicated permission model, detect threats on the data, and safely enable the data usage of Agentic AI. To finish our example, Varonis automatically removes access to ensure your sensitive mortgage application is not unnecessarily exposed by an agent.

Salesforce 可以對各個欄位進行分類，但無法在 Salesforce 中原生地尋找、分類或保護文件和附件。Varonis 允許組織查找敏感數據，自動修復對非常複雜的權限模型的暴露，檢測數據上的威脅，並安全地啟用 Agentic AI 的數據使用。為了完成我們的範例，Varonis 會自動刪除存取權限，以確保您的敏感抵押貸款申請不會被代理人不必要地暴露。

In March, to enhanced the acquisition of Cyral, which expands our data security platform to include the next-generation database activity monitoring. Cyral's innovative approach to the database activity monitoring deploys quickly and allows customers to upgrade their costly legacy solutions and unify the structured and unstructured data security monitoring, which means Varonis can serve as a single pane of glass for securing any kind of data.

3 月，我們加強了對 Cyral 的收購，擴展了我們的資料安全平台，包括下一代資料庫活動監控。Cyral 對資料庫活動監控的創新方法可以快速部署，並允許客戶升級其昂貴的傳統解決方案並統一結構化和非結構化資料安全監控，這意味著 Varonis 可以作為保護任何類型資料的單一玻璃窗格。

As a unified platform, we will now be able to address more auditing and compliance use cases. In addition to being a strong strategic fit, this market is attractive to us because it has established budgets and is ripe for disruptions, due to a lack of innovation or incumbents in recent years.

作為一個統一的平台，我們現在能夠解決更多的審計和合規用例。除了強大的策略契合度之外，這個市場對我們也很有吸引力，因為它已經建立了預算，並且由於近年來缺乏創新或現有企業，因此很容易受到干擾。

These acquisition speeds our time to market and expands our total available market drastically, as we enhance our ability to help customers protect their data and allow them to consolidate their data security budget with Varonis.

此次收購加快了我們的產品上市時間，並大幅擴大了我們的總可用市場，因為我們增強了幫助客戶保護其資料的能力，並允許他們透過 Varonis 整合其資料安全預算。

With that, I would like to briefly discuss a couple of key customer wins in Q1.

在此，我想簡要討論第一季幾個關鍵的客戶勝利。

New logos continue to be key drivers of our business. In this quarter, a large healthcare system with over 100,000 employees become a Varonis customer, after suffering a ransomware attack that impacted millions of patients.

新標誌繼續成為我們業務的關鍵驅動力。本季度，一家擁有超過 10 萬名員工的大型醫療保健系統在遭受影響數百萬名患者的勒索軟體攻擊後成為 Varonis 的客戶。

They evaluated Varonis in a number of point solutions in the data classification and [DSPM] categories to lock down their sensitive data and, ultimately, purchase Varonis SaaS for Windows with MDR protection and Varonis for Google Drive. Varonis was the only platform that could automatically secure the sensitive data in Google and on-prem, while proactively monitoring its core strength.

他們在數據分類和 [DSPM] 類別中的多個點解決方案中對 Varonis 進行了評估，以鎖定他們的敏感數據，並最終購買了具有 MDR 保護的適用於 Windows 的 Varonis SaaS 和適用於 Google Drive 的 Varonis。Varonis 是唯一一個能夠自動保護 Google 和本地敏感數據，同時主動監控其核心實力的平台。

For new customers drove most of our momentum this quarter., we are also seeing strong demand from existing customers looking to convert to our SaaS platform and expand the protection to cover the new critical cloud data stores, I mentioned a moment ago.

新客戶是本季我們業務發展的主要推動力。同時，我們也看到現有客戶對轉換到我們的 SaaS 平台並擴大保護範圍以覆蓋新的關鍵雲端資料儲存的需求強勁，我剛才提到過。

An example for this quarter was the multinational consumer product company with approximately 6,000 employees that first became a Varonis customers years ago. They initially utilized Varonis to map the permissions and classify data on-prem. This year, they determined they needed the automation of Varonis SaaS and MDR because they were severely understaff and faced an executive mandate to safely deploy copilots.

本季的一個例子是一家擁有約 6,000 名員工的跨國消費品公司，該公司幾年前首次成為 Varonis 的客戶。他們最初利用 Varonis 來映射權限並對本地資料進行分類。今年，他們決定需要實現 Varonis SaaS 和 MDR 的自動化，因為他們嚴重缺乏人手，並且面臨安全部署副駕駛的行政命令。

Over the time they have met our customers, Varonis takes over 10 million of exposure on-prem, in terms of starting of overexposed links in Microsoft 365, which convinced them that they would be able to safely deploy copilot.

在與我們的客戶會面的過程中，Varonis 在 Microsoft 365 中啟動過度曝光的連結方面獲得了超過 1000 萬的本地曝光，這讓他們相信他們能夠安全地部署 Copilot。

This customer purchased Varonis SaaS for hybrid environments, as well as the Varonis for AWS, Azure, Google Cloud, [Snowflake] and (inaudible), which will enable them to safely protect their data in the cloud and in the SaaS applications.

該客戶購買了用於混合環境的 Varonis SaaS，以及用於 AWS、Azure、Google Cloud、[Snowflake] 和（聽不清楚）的 Varonis，這將使他們能夠安全地保護雲端和 SaaS 應用程式中的資料。

In summary, we are excited with the competing momentum we are seeing across our customer base that is driving our growth. Our solution has never been more relevant. And we look forward to completing our fast transition this year, which will unlock many more benefits for our customers and our company as we execute on our significant market opportunity.

總而言之，我們對客戶群中推動我們成長的競爭勢頭感到非常興奮。我們的解決方案從未如此重要。我們期待今年完成快速轉型，這將為我們的客戶和公司帶來更多利益，因為我們將抓住重要的市場機會。

With that, let me turn the call over to Guy Melamed.

說完這些，讓我把電話轉給蓋伊·梅拉梅德 (Guy Melamed)。

Thanks, Yaki. Good afternoon, everyone. Thank you for joining us today.

謝謝，Yaki。大家下午好。感謝您今天加入我們。

Our first-quarter performance represents a solid start to the year, highlighted by an acceleration in ARR growth, sustained improvement in free cash flow, and continued progress towards completion of our SaaS transition.

我們第一季的業績為今年開了個好頭，突顯為 ARR 成長加速、自由現金流持續改善以及 SaaS 轉型繼續取得進展。

This performance allows us to raise our full-year ARR guidance as we focus on executing on factors within our control, while closely monitoring the uncertain macroeconomic backdrop. We remain confident in our outlook because of the underlying drivers of our business and are well positioned to capitalize on our growing customer demand.

這一表現使我們能夠提高全年 ARR 指引，因為我們專注於執行我們控制範圍內的因素，同時密切關注不確定的宏觀經濟背景。由於我們業務的潛在驅動力，我們對我們的前景仍然充滿信心，並且我們有能力利用不斷增長的客戶需求。

Our Q1 results demonstrate sustained new customer momentum and that the investments we made in our team and lessons we learned regarding existing customer conversion is working. As a result of this momentum, we ended Q1 with 61% of total company ARR coming from SaaS, an 8-point increase in the SaaS mix, from the 53%we reported in Q4.

我們第一季的業績表明，新客戶發展勢頭持續，我們對團隊的投資以及我們在現有客戶轉換方面學到的經驗教訓正在發揮作用。由於這一勢頭，我們在第一季結束時，公司總 ARR 的 61% 來自 SaaS，與第四季報告的 53% 相比，SaaS 組合增加了 8 個百分點。

When we look at the SaaS NRR, we continue to see very similar trends to last year, which was significantly above our total company NRR reported in 2024. This shows us that SaaS customers are coming back and buying more; which, combined with a healthy new customer momentum that we are seeing, gives us confidence that we can return to more than 20% ARR growth.

當我們查看 SaaS NRR 時，我們繼續看到與去年非常相似的趨勢，這大大高於我們在 2024 年報告的總公司 NRR。這表明 SaaS 客戶正在回頭並購買更多產品；再加上我們看到的新客戶成長勢頭良好，我們有信心恢復 20% 以上的 ARR 成長。

In the first quarter, ARR was $664.3 million, increasing 19% year over year. In this quarter, we generated $65.3 million of free cash flow, up from $56.4 million in the same period last year.

第一季度，ARR 為 6.643 億美元，年增 19%。本季度，我們產生了 6,530 萬美元的自由現金流，高於去年同期的 5,640 萬美元。

In the first quarter, total revenues were $136.4 million, up 20% year over year. During the quarter, as compared to the same quarter last year, we had approximately a 1% headwind to our year-over-year revenue growth rate as a result of having increased SaaS sales in our booking mix, which are recognized ratably versus the upfront recognition of our on-prem subscription products.

第一季總營收為1.364億美元，年增20%。本季度，與去年同期相比，我們的同比收入成長率下降了約 1%，這是由於我們的預訂組合中的 SaaS 銷售額增加，與我們的內部訂閱產品的預付確認相比，SaaS 銷售額的確認是按比例的。

Tax revenues were $88.6 million. Term license subscription revenues were $31.5 million.

稅收收入為8860萬美元。定期許可訂閱收入為 3,150 萬美元。

And maintenance and services revenues were $16.4 million, as our renewal rate were again over 90%. Maintenance and Services revenues declined by 32% year over year, with the vast majority of the decline driven by perpetual maintenance customers converting to our SaaS platforms.

維護和服務收入為 1,640 萬美元，因為我們的續約率再次超過 90%。維護和服務收入年減 32%，其中絕大部分下降是由於永久維護客戶轉向我們的 SaaS 平台造成的。

Moving down to the income statement. I'll be discussing non-GAAP results, going forward.

轉到損益表。接下來我將討論非公認會計準則結果。

Gross profit for the first quarter was $109.4 million, representing a gross margin of 80.2% compared to 83.3% in the first quarter of 2024.

第一季毛利為 1.094 億美元，毛利率為 80.2%，而 2024 年第一季為 83.3%。

Operating expenses in the first quarter totaled $115.9 million, as a result first-quarter operating loss that was $6.5 million or an operating margin of negative 4.7%. This compares to the operating loss of $10.6 million or an operating margin of negative 9.3% in the same period last year.

第一季營運費用總計 1.159 億美元，導致第一季營運虧損 650 萬美元，營運利潤率為負 4.7%。相較之下，去年同期的營業虧損為 1,060 萬美元，營業利潤率為負 9.3%。

During the quarter, as compared to the same quarter last year, we had approximately a 1% headwind to our operating margin as a result of having increased SaaS sales in our booking mix, which are recognized fully ratable versus the upfront recognition of our on-prem subscription products.

本季度，與去年同期相比，我們的營業利潤率下降了約 1%，這是由於我們的預訂組合中的 SaaS 銷售額增加所致，與我們的內部訂閱產品的預付確認相比，這些銷售額是完全按比例確認的。

First-quarter ARR contribution margin was 16.7% up from 13.7% last year. The significant leverage improvement reflects our ability to drive strong incremental margins, while growing ARR and transitioning to tax.

第一季 ARR 貢獻利潤率為 16.7%，高於去年的 13.7%。槓桿率的顯著提高反映了我們在增加 ARR 和向稅收轉型的同時，推動強勁增量利潤的能力。

During the quarter, we had financial income of approximately $10.7 million, driven primarily by interest income on our cash, deposits, and investments in marketable securities.

本季度，我們的財務收入約為 1,070 萬美元，主要來自現金、存款和有價證券投資的利息收入。

Net income for the first quarter of 2025 was $0.7 million or $0.00 per diluted share compared to a net loss of $3.7 million or a net loss of $0.03 per basic and diluted share for the third quarter of 2024. This is based on 136.7 million diluted shares outstanding and 170 million basic and diluted shares outstanding for Q1 2025 and Q1 2024, respectively.

2025 年第一季淨收入為 70 萬美元，即每股攤薄收益 0.00 美元，而 2024 年第三季淨虧損為 370 萬美元，即每股基本虧損和攤薄虧損均為 0.03 美元。這是基於 2025 年第一季及 2024 年第一季分別流通在外的 1.367 億股稀釋股份和 1.7 億股基本及稀釋股份。

As of March 31, 2025, we had $1.2 billion in cash, cash equivalents, short-term deposits, and marketable securities. For the three months ended March 31, 2025, we generated $68 million of cash from operations compared to $56.7 million, generated in the same period last year; and CapEx was $2.3 million compared to $0.3 million in the same period last year.

截至 2025 年 3 月 31 日，我們擁有 12 億美元現金、現金等價物、短期存款和有價證券。截至 2025 年 3 月 31 日的三個月，我們的營運現金流為 6,800 萬美元，而去年同期為 5,670 萬美元；資本支出為 230 萬美元，而去年同期為 30 萬美元。

During the first quarter, we repurchased 1,476,456 shares at an average purchase price of $41.49 for a total of $61.3 million.

第一季度，我們回購了 1,476,456 股，平均購買價格為 41.49 美元，總計 6,130 萬美元。

Turning now to our updated 2025 guidance, in more detail.

現在讓我們更詳細地了解我們更新後的 2025 年指南。

Our acquisition of Cyral is not expected to have any impact on ARR or revenue this year and is expected to add approximately [$4 million] of operating expenses in 2025.

我們對 Cyral 的收購預計不會對今年的 ARR 或收入產生任何影響，並預計在 2025 年增加約 [400 萬美元] 的營運費用。

For the second quarter of 2025, we expect total revenues of $145 million to $150 million, representing growth of 11% to [15%].

我們預計 2025 年第二季總營收將達到 1.45 億美元至 1.5 億美元，年增 11% 至[15%]。

Non-GAAP operating loss of negative $5 million to negative $2 million and non-GAAP net income per diluted shares were in the range of $0.00 to $0.01. This assumes 135.2 million diluted shares outstanding.

非公認會計準則營業虧損為負 500 萬美元至負 200 萬美元，非公認會計準則每股攤薄淨利潤在 0.00 美元至 0.01 美元之間。假設流通股數為 1.352 億股稀釋股份。

For the full-year 2025, we now expect ARR of $742 million to $750 million, representing growth of [16% to 17%]. Free cash flow of $120 million to $125 million. Total revenues of $610 million to $625 million, representing growth of 11% to 13%.

對於 2025 年全年，我們目前預計 ARR 為 7.42 億美元至 7.5 億美元，成長[16%至17%]。自由現金流為 1.2 億美元至 1.25 億美元。總營收為 6.1 億美元至 6.25 億美元，成長 11% 至 13%。

Non-GAAP operating income of $0.5 million to $10.5 million. Non-GAAP net income per diluted share in the range of $0.14 to $0.17, this assumes 135.8 million diluted shares outstanding.

非公認會計準則營業收入為 50 萬美元至 1,050 萬美元。非公認會計準則每股攤薄淨收益在 0.14 美元至 0.17 美元之間，假設流通在外的稀釋股票為 1.358 億股。

In summary, we are encouraged by our first-quarter results, which were highlighted by broad-based strength and is leading to healthy ARR growth, operating leverage, and cash flow generation. This performance gives us confidence to raise our full-year ARR guidance, as we progress towards the completion of our SaaS transition later this year.

總而言之，我們對第一季的業績感到鼓舞，該業績突出了廣泛的實力，並帶來了健康的 ARR 成長、營運槓桿和現金流產生。隨著我們在今年稍後完成 SaaS 轉型，這一表現使我們有信心提高全年 ARR 指導。

With that, we would be happy to take questions. Operator?

因此，我們很樂意回答問題。操作員？

(Operator Instructions)

（操作員指示）

Matt Hedberg, RBC.

馬特·赫德伯格（Matt Hedberg），RBC。

Congrats on the results. It's really great to see the SaaS transition continue to accelerate and finish by year-end.

恭喜取得成果。看到 SaaS 轉型繼續加速並在年底前完成，真是令人高興。

One of the key questions that I get from a lot of investors is: What gives you, guys, confidence that ARR can grow (inaudible) north of [20%] you, guys, illustrated.

很多投資人問我的一個關鍵問題是：是什麼讓你們有信心 ARR 能夠成長（聽不清楚）超過 [20%]，比如說，夥計們。

I think Guy mentioned the SaaS net NRR is significantly above total NRR. Is there any other things that you would give us a guide post around the confidence in that element?

我認為 Guy 提到的 SaaS 淨 NRR 明顯高於總 NRR。您還能給我們一些關於該元素的信心方面的指導嗎？

Matt, thanks for the question. When we look at our ability to grow 20%-plus. There are a lot of tailwinds that are working in our paper.

馬特，謝謝你的提問。當我們看到我們成長 20% 以上的能力。我們的報紙受到許多有利因素的影響。

One of the things that I mentioned in the prepared remarks is our Saas NRR. And when you look at SaaS NRR -- and to remind everyone that doesn't include any impact from conversions -- it was very healthy this quarter.

我在準備好的演講中提到的一件事就是我們的 Saas NRR。當您查看 SaaS NRR 時——提醒大家這不包括轉換的任何影響——本季度它非常健康。

So we continue to see very similar trends to what we saw last year. But that has been (inaudible) that is significantly above our total reported company NRR. So this really shows that the SaaS customers see value and they want to protect additional platforms.

因此，我們繼續看到與去年非常相似的趨勢。但這（聽不清楚）大大高於我們報告的公司總 NRR。所以這確實表明 SaaS 客戶看到了價值並且他們希望保護其他平台。

They are coming back and buying more which, buying with a healthy new customer (inaudible) that we're seeing gives us the confidence that we can return to that ARR growth of more than 20%.

他們回來購買更多產品，我們看到健康的新客戶（聽不清楚）讓我們有信心我們可以恢復超過 20% 的 ARR 成長。

And Matt, it's also very important to understand this is the best way to avoid data breach. The adapters are not breaking in their (inaudible), their trying to compromise identities.

馬特，了解這是避免資料外洩的最佳方法也非常重要。適配器並沒有破壞他們的（聽不清楚），他們試圖洩露身份。

And then if you can protect your -- if you can make sure that the right identities can access the right data, stock in normal behavior, you will suffer a severe -- most probably you will suffer a sever data breach and data is going relentlessly on all platforms and it's extremely viable, and this is the most effective way to evolving data breach.

然後，如果你能保護你的——如果你能確保正確的身份可以訪問正確的數據，在正常行為中，你很可能會遭受嚴重的——最有可能的是，你會遭受嚴重的數據洩露，數據在所有平台上無情地流動，這是非常可行的，這是發展數據洩露的最有效方式。

(inaudible) SaaS platforms, customers are benefiting from it and the information is protected in an automated way.

（聽不清楚）SaaS 平台，客戶從中受益，資訊得到自動化保護。

Joel Fishbein, Truist Securities.

Truist Securities 的 Joel Fishbein。

Thank you so much for the questions and great results.

非常感謝您的提問和出色的結果。

I'd love to get some more color around MDR adoption and how the competitive environment around that and then how that could potentially be an (inaudible) questions (inaudible) to be accelerated to ARR?

我很想多了解 MDR 的採用情況以及圍繞它的競爭環境，然後了解這如何可能成為（聽不清楚）問題（聽不清楚）以加速 ARR？

In terms of the overall value, I see so many breaches with customers and usually they come (inaudible). (inaudible) this organization has a model security starts, a world-class [EDR], a modern firewall, (inaudible) to collect the log and it's severe breach.

就整體價值而言，我看到很多違反客戶協議的行為，而且通常都是（聽不清楚）。 （聽不清楚）該組織擁有模範安全啟動、世界一流的 [EDR]、現代防火牆、（聽不清楚）來收集日誌及其嚴重違規行為。

In order to make sure that we are protecting customers from a data breach, you need to have a very data-centric approach. If you want to protect data, protect data, make sure that you can remediate what you call the (inaudible) , the excessive access control automatically, understand abnormal behavior.

為了確保我們保護客戶免受資料洩露，您需要採取以資料為中心的方法。如果您想保護數據，保護數據，確保您可以自動補救所謂的（聽不清楚），過度的存取控制，了解異常行為。

And, also, under (inaudible) the compromise identity or an insider, there is no perimeter anymore. So we analyzing extremely well the user behavior of identities and user to make sure we understand any abnormal behavior and solve it automatically.

而且，在（聽不清楚）妥協身分或內部人員的情況下，不再存在邊界。因此，我們對身分和使用者的使用者行為進行了極其深入的分析，以確保我們了解任何異常行為並自動解決它。

I really believe that if somebody wants to make sure that they don't have a data breach, they need something like Varonis. And the other thing to understand is also in terms of (inaudible).

我真的相信，如果有人想確保他們的資料不會洩露，他們需要像 Varonis 這樣的東西。另一件需要理解的事情是（聽不清楚）。

If something happens, you want to understand what happened to your data records, the fact that you can understand, who is patient (inaudible), what happened to a endpoint and to reconfigure or asking directly (inaudible) and you don't know what happened to the data records, the liability can be endless.

如果發生了什麼事情，你想了解你的數據記錄發生了什麼，事實上你可以理解，誰是病人（聽不清楚），端點發生了什麼，並重新配置或直接詢問（聽不清楚）而你不知道數據記錄發生了什麼，責任可能是無止境的。

So even the ability to do effective (inaudible) you need to be completely data center. And this is what we see from the MDDR, and we are doing it automatically for customers, and we build a lot of AI.

因此，即使要實現有效（聽不清楚）的能力，您也需要完全的資料中心。這就是我們從 MDDR 中看到的，我們正在為客戶自動完成這項工作，我們建立了許多 AI。

We build a lot of security agents that augmenting our analysts, and this is working extremely well every day, we are saving several enterprises to severe breaches.

我們建立了許多安全代理來增強我們的分析師的能力，而且這些代理每天都運作得非常好，我們正在拯救一些企業免於嚴重的違規行為。

From a numbers perspective, just to add to that. I think sometimes investors forget that MDDR was only introduced five quarters ago. And it has been by far the fastest adopted that we have ever had. So we're very, very happy with how the customers are adopting it.

從數字角度來看，僅補充一點。我認為投資者有時會忘記 MDDR 僅在五個季度前推出。這是迄今為止我們採用速度最快的方法。因此，我們對客戶採用它的方式感到非常高興。

It's a no-brainer really as Yaki mentioned, but when you look at the number of the adoption, we truly believe that at the end of this journey, every single customer should have MDDR to be better protected.

正如 Yaki 所提到的，這確實是一件輕而易舉的事，但是當您看到採用的數量時，我們確實相信，在這段旅程結束時，每位客戶都應該擁有 MDDR 以獲得更好的保護。

It's obviously going to take some time. But when you look at (inaudible) of this platform, it's been really (inaudible), very happy with the way it's performing so far.

這顯然需要一些時間。但是當你看到這個平台的（聽不清楚）時，你會發現它真的（聽不清楚），對它目前的表現非常滿意。

Saket Kalia, Barclays. Please go ahead.

巴克萊銀行的 Saket Kalia。請繼續。

You said from the beginning that the [North Stars] on this trend in are going to be ARR, SaaS mix and free cash flow. But I wanted to ask about the income statement just for a second.

您從一開始就說過，這趨勢的北極星將是 ARR、SaaS 組合和自由現金流。但我只是想問損益表。

And maybe the question is how far are we from the trough in operating margins as we think about this transition accelerating? And are there any other dynamics that you want us to think about as we kind of think about sort of the model going forward with respect to that?

也許問題是，當我們考慮這種轉變加速時，我們距離營業利潤率的低谷還有多遠？當我們考慮與此相關的未來模型時，您是否希望我們考慮其他動態因素？

So as you mentioned, the [North Stars] are the ARR, free cash flow and the ARR contribution margins. And when you look at those kind of numbers, all of them have been performed extremely well throughout the transition.

正如您所說，[北極星] 是 ARR、自由現金流和 ARR 貢獻利潤率。當你看到這些數字時，你會發現它們在整個過渡期間都表現得非常出色。

And if you look at the results in Q1, they're pointing in one direction that we're moving nicely quickly and keeping kind of the cost structure in a very prudent way. So I do want to emphasize that before I talk about the P&L.

如果你看一下第一季的結果，你會發現，我們正在快速發展，並以非常審慎的方式保持成本結構。因此，在談論損益表之前我確實想強調這一點。

But from a P&L perspective, there is a lot of things that are going into them during the transition, it's the conversions and the revenue is recognized differently. So it becomes extremely messy. But I do think that the trough will happen this year.

但從損益表的角度來看，在過渡期間有很多事情需要考慮，轉換和收入確認的方式都不同。所以情況變得極度混亂。但我確實認為低谷將在今年出現。

And, then, obviously, next year, you still have some bumpiness because on the comparable side, you'll get some volatility, but less. But I definitely believe that as we progress to complete the transition this year, the income statement starts to look more "normalized".

那麼，顯然，明年你仍然會遇到一些坎坷，因為在可比性方面，你會遇到一些波動，但波動會小一些。但我堅信，隨著我們今年逐步完成轉型，損益表將開始變得更加「正常化」。

So again, keep everyone focused on during the transition to look at the 3 North Stars, they are the leading indicators, ARR, free cash flow, and ARR contribution margin.

因此，再次強調，在過渡期間，讓每個人都專注於 3 個北極星，它們是領先指標、ARR、自由現金流和 ARR 貢獻利潤率。

Joshua Tilton, Wolfe Research.

約書亞‧蒂爾頓 (Joshua Tilton)，沃爾夫研究公司。

Hello guys, can you hear me?

大家好，聽得到我說話嗎？

We can.

我們可以。

Awesome. Congrats on a great start to the year. I just wanted to double down, Guy, on one thing you said. I know you mentioned that you're monitoring the macro pretty closely.

驚人的。恭喜您今年有一個好的開始。蓋伊，我只是想加倍強調你所說的一件事。我知道您提到您正在密切監視宏觀。

Could you maybe just double-click on what is it all impacts in the quarter you saw because of the current macro? how you're thinking about or how you incorporate macro expectations into the guidance for this year?

您能否雙擊一下，看看當前宏觀因素對本季產生了哪些影響？您如何考慮或如何將宏觀預期納入今年的指導中？

I think that's a great question. When we look at the macro, obviously, there's a lot of macro uncertainty, but we had a really good quarter and kind of the drivers that we talked about last quarter are really all in place, where it's the SaaS transition, MDDR or Gen AI.

我認為這是一個很好的問題。當我們從宏觀角度看時，顯然存在許多宏觀不確定性，但我們這個季度表現非常好，我們上個季度談到的驅動因素實際上都已到位，即 SaaS 轉型、MDDR 或 Gen AI。

When you think about kind of the guidance and how we think about it, our philosophy hasn't changed. We treat the numbers, we give Wall Street very seriously, and we feel very good about the pipeline in front of us.

當你思考指導類型以及我們如何看待它時，我們的理念並沒有改變。我們對待數字，我們非常重視華爾街，我們對擺在我們面前的管道感到非常滿意。

So when you think about the macro uncertainty and despite it really, we have never been so confident about the long-term opportunity as we see it today. So we try to remain focused on factors within our control, and we're confident in our ability to capitalize on a growing customer demand.

因此，當你考慮到宏觀不確定性時，儘管如此，我們從未像今天這樣對長期機會充滿信心。因此，我們努力將注意力集中在我們能夠控制的因素上，並且我們有信心我們有能力利用不斷增長的客戶需求。

So another thing that makes us feel really good is that in the first quarter, we saw strong demand from both new and existing customers, which led to that ARR acceleration we talked about, that continued leverage in our model and the strong cash flow generation.

因此，另一件讓我們感到非常高興的事情是，在第一季度，我們看到了來自新舊客戶的強勁需求，這導致了我們談到的 ARR 加速，使我們的模型繼續發揮槓桿作用並產生強勁的現金流。

So when you combine all of these, and these results and kind of the underlying drivers in our business is what gives us the confidence to raise our ARR guidance by that $5 million and increase our SaaS mix to 80% for the full year kind of despite the uncertainty that we see in the macro environment.

因此，當你將所有這些、這些結果以及我們業務中的潛在驅動因素結合起來時，儘管宏觀環境存在不確定性，我們仍有信心將 ARR 指導提高 500 萬美元，並將全年的 SaaS 組合提高到 80%。

Roger Boyd, UBS.

瑞銀的羅傑·博伊德。

Thanks for taking my questions. And I'll echo comments on cash on a strong quarter.

感謝您回答我的問題。我也會重複關於本季現金強勁的評論。

Guy, you mentioned good traction being logos in the quarter. I wonder if you could talk about, one, are we getting to the point where we can kind of quantify how often new logos are landing with some of the newer offerings Varonis for kind of the SaaS applications, cloud storages, and databases?

蓋伊，你提到本季標誌的吸引力很好。我想知道您是否可以談談，第一，我們是否能夠量化新標誌出現在 Varonis 針對 SaaS 應用程式、雲端儲存和資料庫的一些新產品中的頻率？

And, then, similarly, on the strength in use cases around securing copilot and other AI tools. Are we getting to a point there where we can kind of quantify how big that traction is?

然後，同樣地，圍繞保護副駕駛和其他人工智慧工具的用例的優勢也同樣如此。我們是否已經達到了可以量化這種牽引力有多大的程度？

(inaudible), I see that just to clarify just mathematically, it's still half. But I would tell you in every data reported (inaudible) people have critical data, critical data in SaaS applications like Salesforce and [ServiceNow] in cloud is positive, like databases, being [Snowflake], any data breach and they need to protect (inaudible) .

（聽不清楚），我明白，只是為了從數學上澄清一下，它仍然是一半。但我想告訴你，在報告的每一個數據中（聽不清楚），人們都有關鍵數據，像 Salesforce 和 [ServiceNow] 這樣的雲端中的 SaaS 應用程式中的關鍵數據是積極的，比如數據庫，是 [Snowflake]，任何數據洩露，他們都需要保護（聽不清楚）。

We still have a lot of data on-prem and in 365. And what happened is all the AI tools they put a spotlight on the data security problems. So the agents, these copilots, what they do essentially, they're just using all the potential access and give you a lot of information and (inaudible) a lot of information (inaudible).

我們在本地和 365 中仍然擁有大量資料。而實際情況是，所有人工智慧工具都將焦點放在了資料安全問題上。所以這些特工，這些副駕駛，他們所做的基本上就是利用所有潛在的管道，給你大量資訊和（聽不清楚）大量信息（聽不清楚）。

So there is excessive access control immediately, employees will get the information that we shouldn't get. You can point on this AI model, and you can also (inaudible).

所以一旦出現過度的存取控制，員工就會獲得不該獲得的資訊。你可以指向這個人工智慧模型，你也可以（聽不清楚）。

So as you will see more adoption of AI tools, you will understand that in order to enable them, we need data security and automated data security in order to make sure you can manage their attention between productivity and security. And this is something that we are doing very well.

因此，隨著您看到越來越多的人工智慧工具被採用，您將明白，為了啟用它們，我們需要資料安全和自動化資料安全，以確保您可以在生產力和安全性之間管理它們的注意力。這是我們做得非常好的事情。

We believe that with SaaS (inaudible) people who just eventually protect every data deposited that they have, and this is why we see a lot of success with (inaudible) Cloud and just working very well for us.

我們相信，使用 SaaS（聽不清楚）的人最終會保護他們存放的每一份數據，這就是為什麼我們看到（聽不清楚）雲端取得了很大成功並且對我們來說效果很好。

We are very happy with all the investments we have done in the last few years in data repository, user repository, protecting with the AI tool, automated classification. They are all coming to fruition.

我們對過去幾年在資料儲存庫、使用者儲存庫、使用人工智慧工具保護、自動分類方面所做的所有投資感到非常滿意。它們都正在取得成果。

[Kiwis], Morgan Stanley.

[紐西蘭人]，摩根士丹利。

Congratulations on a solid quarter. I want to ask a little bit about the recent acquisition that you made in the database activity monitoring space.

恭喜本季業績穩健。我想問一下您最近在資料庫活動監控領域的收購。

It seems like a pretty logical extension, I guess, even a broader purview of the data within an enterprise as a state. Can you talk to us about sort of where that fits in? How you plan to kind of add the portfolio? And then a follow-on question for that.

我想，這似乎是一個非常合乎邏輯的擴展，甚至將企業內部的資料視為一個國家，範圍更加廣泛。您能跟我們談談這適合什麼嗎？您計劃如何新增投資組合？然後是後續問題。

I think probably everyone on the line just came back from RSA last week, a lot of talk about data and data security. It feels like the environment is getting (inaudible) more competitive. Can you talk to us about how you're seeing the competitive environment evolving as this issue really comes to the forefront of the minds of (inaudible)?

我想可能每個人都剛剛上週從 RSA 回來，討論了很多關於資料和資料安全的話題。感覺環境變得（聽不清楚）更具競爭力。您能否與我們談談，當這個問題真正成為人們關注的焦點時，您如何看待競爭環境的演變？（聽不清楚）？

Yes. Thanks for the question. So first, in terms of database, which is just the natural extension for us, and we started to see a lot of success with (inaudible) Cloud, top line is database repositories, understanding configuration and adding the usage. And this customer came and told us there is not happy with the incumbent.

是的。謝謝你的提問。因此，首先，就資料庫而言，這對我們來說只是自然的延伸，我們開始看到（聽不清楚）雲端的巨大成功，最重要的是資料庫儲存庫、理解配置和添加用法。然後這位顧客來告訴我們他對現任者不滿意。

And if you look if there are compliance requirements, we can answer everything, you've got COVID (inaudible) in the past, it's always going from one data repository to the other. And we said, if you can go deep into the queries, it will be great and logically, they want to replace the current solution that they are using, using one scalable data security platforms that give them all these automated outcomes of (inaudible) and classification and remediation.

如果您查看是否有合規性要求，我們可以回答所有問題，您過去曾患過 COVID（聽不清楚），它總是從一個資料儲存庫轉到另一個資料儲存庫。我們說，如果你能深入研究查詢，那將會很棒，而且從邏輯上講，他們希望使用一個可擴展的資料安全平台來替換他們正在使用的當前解決方案，該平台為他們提供所有這些自動化的結果（聽不清楚）、分類和補救。

In terms of this competitive environment, at this point, it's just being very good for us. So nothing changed for us in the competitive environment in terms of stuff like Office 365 and all the Microsoft collaboration tools on the on-prem storages and (inaudible) on seats (inaudible) or any at device and all the [DSPM] space, finally, these are not data security (inaudible,) it's primarily data discovery tools that many times still having a hard time to scale and don't give you automation.

就目前的競爭環境而言，這對我們來說非常有利。因此，在競爭環境中，對我們來說，Office 365 和所有 Microsoft 協作工具（本地存儲和（聽不清楚）座位（聽不清楚）或任何設備以及所有 [DSPM] 空間）都沒有任何改變，最後，這些不是資料安全（聽不清楚），主要是資料發現工具，很多時候仍然難以擴展並且無法實現自動化。

They don't have remediation, they don't give anywhere (inaudible) detection, they are not integrated with the identity layer and what is that for us, it's actually a decent increase in our overall total available market and everything that we are doing in (inaudible) and other cloud data repositories generate more awareness.

它們沒有補救措施，沒有提供任何（聽不清）檢測，沒有與身份層集成，而這對我們來說，實際上是我們整體可用市場的一次可觀增長，我們在（聽不清）和其他雲數據存儲庫中所做的一切都會提高人們的意識。

And when customers are testing then they understand these are not security tools, you can't do (inaudible) with them, you can do remediation with them. You don't understand if you had an attack, and I think that the fact that it's becoming there is more for outsized is really contributing for the success of (inaudible) Cloud.

當客戶進行測試時，他們就會明白這些不是安全工具，你不能用它們做（聽不清楚），你可以用它們來補救。您不明白是否受到了攻擊，我認為事實是，它變得越來越大規模，這確實為（聽不清楚）雲的成功做出了貢獻。

Joseph Gallo, Jefferies.

約瑟夫‧加洛，傑富瑞集團。

Last quarter, you mentioned elongation of conversion cycle times. Has that length of cycle time for conversions changed in any way?

上個季度，您提到了轉換週期的延長。轉換週期的長度有變化嗎？

And then, how is the gross retention rates in ASP upside recognized in for those customers?

那麼，這些客戶的平均銷售價格上漲中的總留存率是如何反映的呢？

There are a lot of lessons that we have learned from the conversion process last year, and we are trying to implement them starting this year. I think we've done a very good job.

我們從去年的轉換過程中學到了很多教訓，並試圖從今年開始實施這些教訓。我認為我們做得非常好。

And when you look at kind of the conversions that we had in Q1 they were really strong. And I think all of the investments and the lessons learned were implemented in a way that we're happy to kind of to start the year with.

當您查看我們在第一季的轉換情況時，您會發現它們確實非常強勁。我認為，所有的投資和經驗教訓都以一種我們很高興的方式在新的一年開始實施。

When you look at the gross retention rate, when you look at the renewals, they're all very strong. We feel good about where we are, and we're seeing and we talked a lot about the fact that SaaS is purely a better product and therefore, we're seeing our existing customers try it and then want to buy more and be better protected.

當你查看總保留率和續約率時，你會發現它們都非常強勁。我們對目前的狀況感到滿意，我們看到並且討論了很多關於 SaaS 純粹是更好的產品的事實，因此，我們看到我們現有的客戶嘗試它，然後想要購買更多並獲得更好的保護。

But really, when it's important to note that the conversions weren't the only strong element this quarter and we're definitely seeing strong new customer adoption. Again, it kind of relates to that SaaS platform that is being -- the offering is so much better.

但實際上，值得注意的是，轉換率並不是本季唯一的強勁因素，而且我們確實看到了強勁的新客戶採用率。再次，它與正在提供的 SaaS 平台有點相關——提供的服務要好得多。

So when you look at kind of the growth rate and our ability to get to that acceleration is coming from our existing customers buying more and our new customers that were really strong this quarter.

因此，當您查看成長率時，我們實現加速的能力來自於我們現有客戶的更多購買以及本季非常強勁的新客戶。

Brian Essex, J.P. Morgan.

摩根大通的布萊恩艾塞克斯。

Yaki, got a question for you. Great to see the innovation outside of Microsoft copilot into other Agentic applications like CRM. Could you maybe provide a little bit of color in terms of your expectations for any different go-to-market motion.

Yaki，我有一個問題想問你。很高興看到微軟以外的創新融入 CRM 等其他 Agentic 應用程式中。您能否就您對任何不同的上市措施的期望提供一些說明？

I think one of the concerns that investors may have is that in Office 365 environment you're competing against [purview]. Are you seeing a pull-in from Salesforce and other ISVs you might be working with? And do you anticipate maybe less friction with that go-to-market motion?

我認為投資者可能擔心的一個問題是，在 Office 365 環境中，你的競爭對手是[範圍]。您是否看到了來自 Salesforce 以及您可能正在合作的其他 ISV 的吸引力？您是否預期這種進入市場的舉措可能會減少摩擦？

(inaudible) as you will see (inaudible) Agentic AI and (inaudible) AI, what he does is just put the data security program (inaudible), you're using these agents and immediately, you get information that you shouldn't get, it's very problematic. It will be very helpful organization to like that.

（聽不清楚）正如你所看到的（聽不清楚）代理人工智慧和（聽不清楚）人工智慧，他所做的只是將資料安全程式（聽不清楚），你使用這些代理，你會立即得到你不應該得到的信息，這是非常成問題的。這將是一個非常有幫助的組織。

So if you want to enable your organization to safely use AI, you need something like Varonis. You need to understand the activity, you need to (inaudible) the permission.

因此，如果您想讓您的組織能夠安全地使用 AI，您需要像 Varonis 這樣的東西。您需要了解活動，您需要（聽不清楚）許可。

You need to do everything automatically, you need to look at the forms and make sure that people are asking a legitimate question because if not, it's an act (inaudible).

你需要自動完成所有事情，你需要查看表格，確保人們問的是合理的問題，因為如果不是，那麼它就是一種行為（聽不清楚）。

Rob Owens, Piper Sandler. Please go ahead.

羅伯歐文斯、派珀桑德勒。請繼續。

This is [Ethan], on for Rob this afternoon. As we think about consolidating more of the data security budget, what are some other natural adjacencies in the space that you think the platform will be well seeking to address going forward?

我是 [Ethan]，今天下午代替 Rob 發言。當我們考慮整合更多的資料安全預算時，您認為該平台未來將努力解決該領域中哪些其他自然鄰接問題？

(inaudible) obviously database activity monitoring is a big one, a lot of stuff that related to understanding identity behaviors, things that are relevant to the [MDR] environment. So just a lot and we also are bringing a lot of additional capabilities that and take additional budgets.

（聽不清楚）顯然資料庫活動監控是一個大問題，很多東西都與理解身分行為有關，與 [MDR] 環境相關的東西。因此，我們還將帶來許多額外的功能，並花費額外的預算。

But definitely, another source of (inaudible), the AI budgets organizations are -- so I am to adopt AI and want to do it in a secure way is starting to have this allocated budgets for AI security and enabling the organization to use AI and we are benefiting from.

但毫無疑問，（聽不清楚）人工智慧預算組織的另一個來源是——所以我要採用人工智慧，並希望以安全的方式做到這一點，就是開始為人工智慧安全分配預算，並使組織能夠使用人工智慧，我們從中受益。

Shaul Eyal, TD Cowen.

沙烏爾·埃亞爾（Shaul Eyal），考恩（Cowen）TD。

Congrats on solid set results and guidance. Yaki I wanted to ask very two little quick questions. One was the headcount that you're adding with the small with the stocking acquisition?

恭喜您所取得的堅實成果和指導。Yaki，我想問兩個簡短的小問題。一是你們透過小規模收購增加了員工人數嗎？

And a macro, Guy or Yaki, (inaudible) specifically, I'm not talking about tariffs, et cetera, but (inaudible) specifically, have you seen anything emerging in this quarter?

宏觀方面，Guy 或 Yaki，（聽不清楚）具體來說，我不是說關稅等等，而是（聽不清楚）具體來說，您是否看到本季出現了什麼新情況？

I'll start with the second question, and thanks for that, Shaul. When we look at federal and I want to remind everyone, the federal business for us is still relatively small, about 5% of total (inaudible) ARR. And when we look at kind of the -- when we look at the contribution in Q1, Q1 is not considered a large quarter for them.

我先問第二個問題，謝謝你，Shaul。當我們看聯邦時，我想提醒大家，我們的聯邦業務仍然相對較小，約佔總 ARR 的 5%（聽不清楚）。當我們查看第一季的貢獻時，我們會發現第一季對他們來說並不是一個重要的季度。

Their largest quarter is Q3, so when you think about kind of how we look at federal, we didn't see anything kind of evolved from (inaudible) the way we think about it from a guidance perspective is that we didn't assume any significance contribution in comparison to last year.

他們最大的季度是第三季度，所以當你思考我們如何看待聯邦時，我們沒有看到任何從（聽不清楚）演變而來的東西，從指導角度來看，我們沒有假設與去年相比有任何重大貢獻。

So we are very happy with kind of the progress of the Fed (inaudible) certification. It's really a (inaudible) as planned, and we hope to get it in the next few months. So we definitely believe in that long-term opportunity in that vertical. So that kind of relates to the federal question. In terms of style, we didn't have -- they don't have a significant number of head count.

因此，我們對聯準會（聽不清楚）認證的進展感到非常高興。這確實（聽不清楚）按計劃進行，我們希望在接下來的幾個月內實現它。因此，我們絕對相信該垂直領域的長期機會。所以這有點牽涉到聯邦問題。從風格上來說，我們沒有——他們沒有大量的員工。

So it's a small number that doesn't impact us much but when we think about that expense addition throughout the year, it's approximately $4 million of additional expense throughout the year. If you look at kind of the guidance, you can see that it hasn't changed much.

所以這是一個很小的數字，對我們影響不大，但是當我們考慮全年的額外支出時，全年的額外支出大約是 400 萬美元。如果你看一下指導，你會發現它並沒有太大變化。

We're able to absorb it from a guidance perspective. And we're not expecting any ARR or any contribution from the final acquisition this year.

我們能夠從指導的角度吸收它。我們並不期望今年的最終收購能帶來任何 ARR 或貢獻。

Fatima Boolani of Citi. Please go ahead.

花旗銀行的 Fatima Boolani。請繼續。

This is [Mark] on for Fatima. Maybe just want to dig a little bit more into the new local momentum you're seeing. I really can (inaudible) adjusting the sales (inaudible) focus this year on the renewal conversion.

這是法蒂瑪的 [馬克]。也許只是想更深入地了解您所看到的新的本地發展勢頭。我真的可以（聽不清楚）調整今年的銷售（聽不清楚）重點放在更新轉換上。

But can you maybe give us some of the drivers there? How much does this (inaudible) on expectation? And maybe can you speak to any discernible changes on new customer adoption behavior aside from maybe the AI driven purchases? And any (inaudible) how we should think of the contribution between new versus (inaudible) to ARR guide this year?

但是您能給我們一些驅動程式嗎？這對預期有多少影響（聽不清楚）？除了人工智慧驅動的購買之外，您能否談談新客戶採用行為的任何明顯變化？還有什麼（聽不清楚）我們該如何看待今年新內容與（聽不清楚）對 ARR 指南的貢獻？

We talked a lot about the fact that with the MDDR offering and kind of the fact that we have our copilot addressing any Generative AI, it really is a no brainer for new customers to adopt the platform.

我們多次談論了這樣一個事實：有了 MDDR 產品，而且我們的副駕駛可以解決任何生成性人工智慧問題，新客戶採用該平台真的是一件輕而易舉的事。

And we've absolutely seen a change in the way we can address those customers, we truly believe that our TAM has increased with the new offering, the simplicity of the offering, the fact that there's so much (inaudible) in the MDDR has really allowed us.

我們確實看到了我們滿足這些客戶需求的方式發生了變化，我們堅信我們的 TAM 已經隨著新產品的推出而增加了，產品的簡單性以及 MDDR 中如此多（聽不清楚）的事實確實讓我們受益匪淺。

Together really with the copilot being such an issue for our customers that want to adopt it really helped us address the simplicity of going to new customers that we weren't able to sell to before and make add value proposition to be very much adopted in a healthy way.

加上副駕駛對於我們想要採用它的客戶來說確實是一個問題，它確實幫助我們解決了接觸以前無法銷售的新客戶的簡單性，並且使增值主張以健康的方式被廣泛採用。

So we started (inaudible) that last year, we started to continue this year. You heard us talk in the last earnings call about the fact that we want to move as quickly as we can (inaudible) the transition and complete it in 2025. I think the results in Q1 are a very good start and showing that we're moving in that direction.

所以我們去年就開始了（聽不清楚），今年我們開始繼續。您在上次收益電話會議上聽到我們談到，我們希望盡快（聽不清楚）完成過渡並在 2025 年完成。我認為第一季的結果是一個非常好的開始，表明我們正朝著這個方向前進。

So we try to balance, making sure that we're not only completing the transition, but the (inaudible) is still on getting new customers. Our Salesforce has done a really good job of balancing those 2, and I think that's kind of the reason we were able to show that acceleration, that feed the raise on the ARR guidance, and the leverage in the model and the ARR contribution margin.

因此，我們試圖保持平衡，確保我們不僅完成轉型，而且（聽不清楚）仍在獲得新客戶。我們的 Salesforce 在平衡這兩者方面做得非常好，我認為這就是我們能夠展示加速的原因，這推動了 ARR 指導的提高，以及模型中的槓桿作用和 ARR 貢獻利潤率。

So I think those two elements addressing new customers and being able to convert our customers in a more efficient way is what's helping us move forward the way we have so far.

因此，我認為，吸引新客戶和以更有效的方式轉換客戶這兩個因素正在幫助我們取得迄今為止的進步。

Jason Ader, William Blair.

傑森·阿德、威廉·布萊爾。

I wanted to ask on the gross margin outlook. I know that the SaaS transition is impacting that. Can you just talk about what you expect for the remainder of 2025 and then the kind of more medium-term outlook?

我想問一下毛利率前景。我知道 SaaS 轉型正在影響這一點。您能否談談對 2025 年剩餘時間的預期以及中期展望？

And then, just sort of related to that, why is a non-GAAP operating income range so wide? Can you just speak to that?

那麼，與此相關的是，為什麼非 GAAP 營業收入範圍如此之廣？你能簡單談談這個嗎？

We're going back to revenue. Listen, revenue, the P&L in general throughout 2025 is going to get messy. You have to keep in mind that the way revenue is recognized through SaaS and on-time subscription is so significantly different, that it's generating a lot of volatility, and it's a lagging indicator and it doesn't indicate for the health of the business at all. So you get the conversion and that generates a lot of messiness.

我們將重新討論收入問題。聽著，2025 年全年的收入、損益表總體上都會變得混亂。您必須記住，透過 SaaS 和按時訂閱確認收入的方式有很大不同，這會產生很大的波動，而且它是一個滯後指標，根本不能表明業務的健康狀況。因此，您得到了轉換，但這會產生很多混亂。

So gross margin, really, when you think about 2025, it's not going to be reflective of anything. When we did our Investor Day in 2023, we gave out like a five-year model, and we put in our gross margin expectation, which was at the end of 2027 to be in that range of the 80%.

因此，當你考慮 2025 年時，毛利率實際上不會反映任何事情。當我們在 2023 年舉辦投資者日時，我們給出了一個五年模型，並輸入了我們的毛利率預期，即到 2027 年底將達到 80% 左右。

I can tell you that overall as a context, and I'm not talking about 2025 when we gave guidance from a revenue perspective. But when we look at the performance our cost on that is exceeding our expedition significantly.

我可以告訴你，總體而言，當我們從收入角度給予指導時，我並不是談論 2025 年。但當我們從性能角度考慮時，我們的成本已經大大超出了我們的探險成本。

So as a general concept and just to keep in mind, we are doing better than what we thought when we initiated the transition but you're going to see that volatility until we complete the transition. And the reason that the range is so wide is because there's so many factors that are embedded in this transition, (inaudible) to take a shift and completely transition it from on-prem subscription to SaaS.

因此，作為一個總體概念，請記住，我們做得比我們啟動過渡時想像的要好，但在我們完成過渡之前，你會看到這種波動。範圍如此廣泛的原因是，這種轉變包含著太多因素，（聽不清楚）需要進行轉變並完全從本地訂閱過渡到 SaaS。

I think we've done a great job so far, and we want to make sure that we complete the transition at the end of this year. So getting 65% -- 61% in Q1 with a great start.

我認為我們迄今為止做得很好，我們希望確保在今年年底完成過渡。因此，第一季的開局良好，達到了 65% 至 61%。

But again, there's a lot of volatility, trying to bake in and consider what are the conversions and how it's going to impact. And that's why we took an extra range, which I think is prudent.

但同樣，存在著很大的波動性，試圖融入並考慮轉換是什麼以及它將如何影響。這就是我們採取額外射程的原因，我認為這是謹慎的。

Rudy Kessinger, D.A. Davidson.

凱辛格（Rudy Kessinger），地方檢察官戴維森。

Firstly, Guy, I want to make sure (inaudible), I think in response to Josh's question earlier, you said 80% SaaS mixed by year-end on ARR. I think that's versus 78% expected previously. I want to make sure I got that right.

首先，蓋伊，我想確認一下（聽不清楚），我想在回答喬希之前的問題時，您說到年底 ARR 上會有 80% 的 SaaS 混合。我認為這與之前預期的 78% 相比。我想確保我理解正確。

And then secondly, I guess my real question does it feel like we're getting any closer to an inflection point on the copilot and Gen AI stuff? Just what are you seeing from customer behavior? How has maybe the macro impact in the rollout of agent force copilot, et cetera?

其次，我想我真正的問題是，我們是否感覺離副駕駛和 Gen AI 方面的轉捩點越來越近了？您從客戶行為看到了什麼？這對特工部隊副駕駛等的推出有何宏觀影響？

I think that the overall organization understand that these AI tools or market productivity gains. And definitely, I think that they will -- we need to update how they are going to use exactly, how (inaudible) to all their employees, but definitely we see as a driver, and we believe that is going to be more (inaudible).

我認為整個組織都了解這些人工智慧工具或市場生產力的提升。當然，我認為他們會——我們需要更新他們將如何使用，如何（聽不清楚）對所有員工，但我們肯定將其視為一個驅動因素，我們相信這將是更加（聽不清楚）。

You will see (inaudible) demand for data security. So this is definitely something that we see (inaudible) .

您會看到（聽不清楚）對資料安全的需求。所以這絕對是我們看到的（聽不清楚）。

And I did want to confirm you're right, we raised our guidance on the SaaS mix from 78% to 80% at the end of the year.

我確實想確認你是對的，我們在年底將 SaaS 組合指引值從 78% 提高到了 80%。

Shrenik Kothari, Robert W. Baird.

史萊尼克‧科塔里 (Shrenik Kothari)，羅伯特‧W‧貝爾德 (Robert W. Baird)

Just on a related note from the previous question. So historically, your spend has been an unstructured environment and, of course, with the several acquisitions and increased focus on (inaudible) , will be driving into infrastructure data.

只是與上一個問題相關。因此，從歷史上看，您的支出一直是非結構化環境，當然，隨著幾次收購和對（聽不清楚）的關注度增加，將進入基礎設施資料領域。

Just Yaki, how are customers responding to kind of more [UNFI] across structured, unstructured assets? Do you see as more of a green bar expansion? And are there like real gaps in automated congregation there? Are you seeing budgets kind of shift from potentially legacy asset (inaudible) into your platform? Just curious what you're seeing.

Just Yaki，客戶對結構化和非結構化資產中的更多 [UNFI] 有何反應？您是否認為綠色酒吧的擴張幅度更大？那裡的自動化聚集是否存在真正的差距？您是否看到預算從潛在的遺留資產（聽不清楚）轉移到您的平台？只是好奇你看到了什麼。

I think that the organization is just smart to make sure that they're protecting all the data with us, they need all the automated outcomes that we provide. They want to (inaudible) the classification engine, and this is exactly what the (inaudible) which is getting much better security.

我認為該組織很聰明，確保他們與我們一起保護所有數據，他們需要我們提供的所有自動化結果。他們想要（聽不清楚）分類引擎，這正是（聽不清楚）獲得更好的安全性。

We have second-line data-centric user behavior analytics. We also (inaudible) a lot from the active directory (inaudible) , so the monitoring identities and other (inaudible) like firewalls. So this is just natural expansion for them.

我們有二線以資料為中心的使用者行為分析。我們也從活動目錄（聽不清楚）獲取了很多信息，因此監控身份和其他（聽不清楚）就像防火牆。所以這對他們來說只是自然的擴張。

And it works very well for them to make sure that they don't have data breach to make sure that they are in compliance and they can do it in an (inaudible) way but also that they can go and show the (inaudible) superior than they have done a good job that in a tangible way, they classified everything, they label it, they now the last (inaudible) without making business (inaudible) and they did everything automatically result adding any additional items.

而且這種方法對他們來說非常有效，可以確保他們不會發生數據洩露，確保他們遵守規定，而且他們可以用（聽不清）的方式做到這一點，而且他們還可以去展示（聽不清）比他們做得好的上級，他們用切實的方式對所有內容進行了分類，標記了內容，現在他們最後（聽不清）沒有工作（聽不清項目），從而添加了所有工作項目，從而添加了其他項目工作），從而自動完成了其他項目工作），從而自動完成了所有工作項目。

[Carsten Recover], (inaudible) .

[Carsten Recover]，（聽不清楚）。

Yes. Can you talk about the Agentic AI capabilities that you've announced in MDDR? And specifically, when you look at Agentic system the adoption curve is still very early.

是的。您能談談您在 MDDR 中宣布的 Agentic AI 功能嗎？具體來說，當您查看 Agentic 系統時，其採用曲線仍處於非常早期的階段。

So where would you expect Agentic AI to actually begin to contribute more materially to customer outcomes in revenue growth? And specifically, as it relates to MDDR how do you plan to monetize those new features?

那麼，您認為 Agentic AI 會在哪些方面真正開始為客戶收入成長做出更實質的貢獻呢？具體來說，就 MDDR 而言，您計劃如何將這些新功能貨幣化？

Thanks for the questions. What is happening, we have a world-class analyst looking at customer data 24/7. And we also have a very unique data set that features the behavior of users and service accounts and all identities into data and reach it with (inaudible) information.

感謝您的提問。目前的情況是，我們有一位世界級的分析師全天候查看客戶資料。我們還有一個非常獨特的資料集，它將使用者和服務帳戶的行為以及所有身分轉化為資料並透過（聽不清楚）訊息傳達給它。

But what really is we just plan how to build these security agents that looking at the data and to (inaudible) close (inaudible) a lot of events and many others can just close them automatically to make sure that the analysts can be extremely productive.

但實際上我們只是計劃如何建立這些安全代理，查看資料並（聽不清楚）關閉（聽不清楚）許多事件，許多其他事件可以自動關閉它們，以確保分析師能夠非常有效率。

So once the customers is onboarding with our MDDR, the best analyst in the world using the data-centric platform and just an army of robots that is helping them in a direct way to look 24/7 in the customers' environment to make sure that they've gone to the data breach and it works extremely well. We are getting (inaudible) automation.

因此，一旦客戶使用我們的 MDDR，世界上最好的分析師就會使用以數據為中心的平台和一支機器人大軍，以直接的方式幫助他們全天候查看客戶的環境，以確保他們已經發現了數據洩露，而且這種方法非常有效。我們正在實現（聽不清楚）自動化。

And this is how we're granting our analysts and once you have our MDDR, an extension of your opinion, the best people in the world (inaudible) data security that are working for you around the clock is (inaudible) .

這就是我們授予分析師的權利，一旦你有了我們的 MDDR，你的意見的延伸，世界上最好的人（聽不清楚）全天候為你工作的資料安全是（聽不清楚）。

Thank you. Ladies and gentlemen, we have reached the end of the question-and-answer session.

謝謝。女士們、先生們，問答環節已經結束。

I would like to turn the floor back over to Tim Perz for any closing remarks.

我想把發言權交還給 Tim Perz，請他做最後發言。

Thanks, again, for the interest in Varonis. We look forward to seeing you all at conferences this quarter.

再次感謝您對 Varonis 的關注。我們期待在本季的會議上見到大家。

Goodbye. Ladies and gentlemen, that concludes today's conference.

再見。女士們、先生們，今天的會議到此結束。

Thank you for joining us. You may now disconnect your lines.

感謝您加入我們。現在您可以斷開線路了。