Varonis Systems Inc (VRNS) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Varonis Systems second-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Varonis Systems 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce Tim Perz, Investor Relations. Please go ahead.

現在我很高興介紹投資者關係部門的 Tim Perz。請繼續。

Thank you, operator. Good afternoon. Thank you for joining us today to review Varonis' second quarter financial results. With me on the call today are Yakov Faitelson, Chief Executive Officer; and Guy Melamed, Chief Financial Officer and Chief Operating Officer of Varonis. After preliminary remarks, we will open the call to a question-and-answer session.

謝謝您，接線生。午安.感謝您今天加入我們，共同回顧 Varonis 的第二季財務表現。今天與我一起參加電話會議的還有執行長 Yakov Faitelson 和 Varonis 財務長兼營運長 Guy Melamed。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 third quarter and full year ending December 31, 2025. 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 under the section captioned forward-looking statements, and 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. These statements reflect our views only as of today and should not be relied upon as representing our views as of any subsequent date.

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 日的第三季度和全年未來經營業績的預測。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」部分中有詳細說明，而這些和其他重要風險因素在我們提交給美國證券交易委員會的報告中有更詳細的描述。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。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 expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements made herein. Additionally, non-GAAP financial measures will be discussed on this conference call. A reconciliation to the most directly comparable GAAP financial measures is also available in our second quarter 2025 earnings press release and our investor presentation which can be found at varonis.com in the Investor Relations section.

Varonis 明確表示不承擔任何義務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。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 年第二季收益新聞稿和投資者介紹中也提供了與最直接可比較的 GAAP 財務指標的對賬，可在 varonis.com 的投資者關係部分找到。

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

最後，請注意，我們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, Yakov Faitelson. Yaki?

說到這裡，我想把電話轉給我們的執行長雅科夫費特爾森 (Yakov Faitelson)。綾？

Thanks, Tim, and good afternoon, everyone. We appreciate you joining us to review our second quarter results and the progress of our SaaS transition. Our Q2 performance reflects our continued strong ARR growth and cash flow generation as we accelerate towards the completion of our SaaS transitions and making investments to capture our growing market opportunity. Today, I want to remind you of what set Varonis apart as the leader in data security.

謝謝，提姆，大家下午好。感謝您與我們一起回顧我們的第二季業績和 SaaS 轉型的進展。我們第二季的業績反映了我們持續強勁的 ARR 成長和現金流生成，因為我們正在加速完成 SaaS 轉型並進行投資以抓住不斷增長的市場機會。今天，我想提醒大家，是什麼讓 Varonis 成為資料安全的領導者。

In today's ever changing environment, one thing remains constant. Data will continue to be created and shared and usage of AI has only accelerated this trend. At the same time, attackers do not break in, they log in, and they need to secure data and the challenges involved are greater than ever. Varonis takes a data-first approach and help companies to locate their sensitive data, visualize who has access to it, automatically lock it down, and then automatically detect and respond to threaten it. Performing only one or two of the stack is insufficient to protect data, and what sets Varonis apart is our ability to successfully do all three of these tasks on data everywhere.

在當今不斷變化的環境中，有一件事始終保持不變。數據將繼續被創建和共享，而人工智慧的使用只會加速這一趨勢。同時，攻擊者不是闖入，而是登錄，他們需要保護數據，所涉及的挑戰比以往任何時候都更大。Varonis 採用數據優先的方法，幫助公司定位其敏感數據，直觀地了解誰有權訪問它，自動鎖定它，然後自動檢測並回應威脅。僅執行一兩個堆疊不足以保護數據，而 Varonis 的與眾不同之處在於我們能夠在任何地方對數據成功執行這三個任務。

In the second quarter, this approach contributed to an ARR growth of 19% to $693.2 million as we advance toward completing our SaaS transition, with SaaS ARR now representing about 69% of total ARR. Year to date, we generated $82.7 million of free cash flow, up from $67.3 million to the same point last year. I will review our results and our updated guidance in more detail shortly.

在第二季度，隨著我們逐步完成 SaaS 轉型，這種方法促使 ARR 成長 19%，達到 6.932 億美元，SaaS ARR 現在約佔總 ARR 的 69%。今年迄今為止，我們產生了 8,270 萬美元的自由現金流，高於去年同期的 6,730 萬美元。我將很快更詳細地回顧我們的結果和更新後的指南。

We continue to experience strong demand to our SaaS platform for both new and existing customers, primarily due to the superior experience that Varonis SaaS and MDDR offers by enabling automatic data security with minimal effort. Additionally, I'm also proud to announce that we achieved the FedRAMP Authorization, enabling us to offer our entire SaaS platforms to the federal sector. Demand from both new and existing customers looking to protect cloud environments with Varonis continue to positively inflect and is becoming a material contributor to our business. This is driven by the investments we have made in our platform to expand our use cases, going wider and deeper and entering new markets, including DSPM, our ability to protect cloud data represents a significant untapped growth opportunity for us and transitioning our customers to our SaaS delivery model is helping us unlock this market potential.

我們持續感受到新舊客戶對 SaaS 平台的強勁需求，這主要是因為 Varonis SaaS 和 MDDR 能夠以最少的努力實現自動資料安全，從而提供卓越的體驗。此外，我還很自豪地宣布，我們獲得了 FedRAMP 授權，這使我們能夠向聯邦部門提供我們的整個 SaaS 平台。希望使用 Varonis 保護雲端環境的新舊客戶的需求繼續發生積極變化，並成為我們業務的重要貢獻者。這是由我們在平台上進行的投資推動的，以擴展我們的用例，更廣泛、更深入地進入新市場，包括 DSPM，我們保護雲端資料的能力對我們來說是一個巨大的尚未開發的成長機會，而將我們的客戶轉變為我們的 SaaS 交付模式正在幫助我們釋放這一市場潛力。

Data security market is rapidly expanding because of many factors, including AI usage, the proliferation of data, and evolving compliance. As a result, data security markets like DSPM are receiving new investments and focus, which is creating more budgeted line items and increasing our opportunity. Looking at the DSPM market, further, we see usually focused on discovery and classification in cloud databases because it has the lowest barrier to entry, and they don't address more challenging problems, like securing the data by automatically fixing risks and detecting spreads or scaling to analyze large unstructured datasets.

資料安全市場因多種因素而迅速擴張，包括人工智慧的使用、資料的激增以及合規性的不斷發展。因此，像 DSPM 這樣的資料安全市場正在獲得新的投資和關注，這將創造更多的預算項目並增加我們的機會。進一步觀察 DSPM 市場，我們發現其通常專注於雲端資料庫中的發現和分類，因為其進入門檻最低，而且它們不會解決更具挑戰性的問題，例如透過自動修復風險和檢測傳播來保護數據，或透過擴展來分析大型非結構化資料集。

With that as a vector, it's important to note that seeing a problem does not solve a problem. The scatter in classification may find sensitive data like they do not secure it. This generates potential exposure without providing a solution. Varonis has made significant investments to expand our coverage wider to both find and secure the data everywhere at least, by providing more complete and up-to-date visibility than typical DSPM technologies. As a result, customers are consolidating their data security budgets with Varonis.

以此為載體，重要的是要注意，看到問題並不能解決問題。分類分散可能會發現敏感數據，就像他們沒有保護它一樣。這會產生潛在的風險，但並不能提供解決方案。Varonis 投入了大量資金來擴大我們的覆蓋範圍，至少可以透過提供比典型的 DSPM 技術更完整、最新的可見性來尋找和保護任何地方的資料。因此，客戶正在透過 Varonis 整合他們的資料安全預算。

I would like to dive deeper into why we win in competitive deals within the DSPM space. Our edge lives in the breadth and depth of our platform. Following three-step approach for define fixed sellers, all three critical components are needed to secure data. While DSPM point tools focus on discovering sensitive data, Varonis is the only data security vendor that does more, not just finding sensitive data but also finding where it is unprotected, fixing the risks, but locking down sensitive data automatically, and continuously monitoring and alerting on unusual data activity.

我想更深入地探討為什麼我們在 DSPM 領域的競爭中獲勝。我們的優勢在於我們平台的廣度和深度。按照定義固定賣家的三步驟方法，需要所有三個關鍵元件來保護資料。雖然 DSPM 點工具專注於發現敏感數據，但 Varonis 是唯一一家做得更多數據安全供應商，它不僅可以找到敏感數據，還可以找到未受保護的地方，修復風險，自動鎖定敏感數據，並持續監控和警告異常數據活動。

I will talk about the first step, Find. Varonis not only discovers and classify all of our customers' data, but also map all the controls that you lock it down, analyzing permissions, identities, entitlements, masking, and labeling, which creates a complete point inventory of choice. We know exactly what sensitive data leaves, how it is exposed, who has access, and how that access was granted. We also watch data usage, tracking every time user accesses, modifies, or deletes data. To use a simple example, Varonis watches the bank vault, compiling an inventory of everything inside, every person that can access the vault, including everything they touch and can access inside while logging all activity in and around the world. And all this happen without impacting the customers' experience.

我先講第一步，去找。Varonis 不僅發現和分類我們所有客戶的數據，而且還映射鎖定數據的所有控制，分析權限、身份、權利、屏蔽和標籤，從而創建完整的選擇點清單。我們確切地知道哪些敏感資料外洩、如何被揭露、誰有權存取以及如何授予存取權限。我們也會監視資料使用情況，追蹤使用者每次存取、修改或刪除資料的情況。舉一個簡單的例子，瓦羅尼斯監視著銀行金庫，彙編了裡面所有東西的清單，每個可以進入金庫的人，包括他們接觸和可以訪問的所有東西，同時記錄了世界上和世界各地的所有活動。而這一切都不會影響客戶的體驗。

Now I will talk about step two, Fix. The holy grail of security is ensuring identities have access to the right data, and this is very hard to do because you need all the right ingredients which we provide. Varonis understands how data is being used and where it is unnecessary exposed because we watch all data activity and connect identities to data. Our policies developed through extensive experience with thousands of large customers are designed to intelligently and automatically mitigate risks such as access to data that identities should not have or no longer need.

現在我將討論第二步，修復。安全的關鍵在於確保身分能夠存取正確的數據，而這很難做到，因為您需要我們提供的所有正確的要素。Varonis 了解數據的使用方式以及在何處不必要地暴露數據，因為我們監視所有數據活動並將身分與數據聯繫起來。我們透過與數千名大客戶合作的豐富經驗制定的政策旨在智慧、自動地減輕諸如存取身分不應該擁有或不再需要的資料等風險。

To continue our example, because Varonis knows who can access the vault, what the role is, and what they do regularly access, we can remove unneeded access like stale access from a former intel that works at a competitor or a bank employee that has moved to another branch, but still have the keys to the vault.

繼續我們的例子，因為 Varonis 知道誰可以訪問保險庫、角色是什麼以及他們經常訪問什麼，所以我們可以刪除不需要的訪問權限，例如來自競爭對手的前情報人員或已調到另一個分行但仍然擁有保險庫鑰匙的銀行員工的陳舊訪問權限。

Finally, let's talk about step 3, which is Alert. Since Varonis see every touch of data, we can baseline user behavior and detect threats or abnormal behavior in real time. Because we watch data directly, we generate alerts with very little noise. This enables our MDDR team, which is powered by AI, to efficiently watch customer data and investigate, validate, and prevent breaches with a 30-minute SLA on ransomware and without customer effort.

最後我們來談談第3步，也就是Alert。由於 Varonis 可以看到每一次資料接觸，我們可以了解使用者行為並即時偵測威脅或異常行為。因為我們直接觀察數據，所以我們產生的警報噪音很小。這使得我們由人工智慧驅動的 MDDR 團隊能夠有效地監視客戶數據，並透過 30 分鐘的勒索軟體 SLA 調查、驗證和防止違規行為，而無需客戶付出任何努力。

To wrap up our example, Varonis watches the vault and can sound an alarm when a receptionist tries to access it after hours or when a bank manager starts going in and out of the vault more often than normal and with more cash.

總結一下我們的例子，Varonis 監視著金庫，當接待員試圖在下班後進入金庫，或者當銀行經理開始比平時更頻繁地進出金庫並攜帶更多現金時，Varonis 就會發出警報。

I would like to contrast our approach to what we see from DSPM providers. Starting with step 1, the first key difference is that most DSPM providers schedule scans and use sampling as opposed to viewing all the data to discover and classify sensitive data because they cannot do it any other way. They do not track data activity, so they don't know when data is added or changed. So the information is immediately stale, and they lack the scalability to view everything.

我想將我們的方法與 DSPM 提供者的方法進行比較。從步驟 1 開始，第一個主要區別是大多數 DSPM 提供者都會安排掃描並使用採樣而不是查看所有數據來發現和分類敏感數據，因為他們無法透過其他方式做到這一點。他們不追蹤數據活動，因此不知道何時添加或更改數據。因此資訊很快就會過時，而且缺乏查看所有內容的可擴展性。

Sampling allows them to scan quickly, but this also means that significant amount of potential exposed data is never found, and they cannot deliver full picture of risk or compliance. And because scans are scheduled, their picture is always out of date. As a result of these shortcomings, they try to avoid risk assessment. Would you be willing to store your money at the bank that does not have security camera and try to protect it using a lease that only includes 10% of its inventory and is only received on Fridays at 5:00 PM?

採樣使他們能夠快速掃描，但這也意味著永遠找不到大量潛在的暴露數據，並且他們無法提供風險或合規性的全貌。而且由於掃描是按計劃進行的，所以他們的照片總是過時的。由於這些缺陷，他們試圖逃避風險評估。您是否願意將您的錢存入沒有安全攝影機的銀行，並嘗試使用僅包含 10% 庫存且僅在周五下午 5:00 收到的租約來保護它？

Moving to step two, because DSPM providers don't map or track access to sensitive data, there is no viable safe way to fix risks that they find. As a result, these providers just generate service tickets, leaving overall security teams to manually address them. We hear from prospects that this approach leads to time-consuming busy work and oftentimes followed by data breach.

進入第二步，由於 DSPM 提供者不會映射或追蹤對敏感資料的訪問，因此沒有可行的安全方法來修復他們發現的風險。因此，這些提供者只需產生服務票，而讓整體安全團隊手動處理它們。我們從潛在客戶那裡聽說，這種方法會導致耗時費力的工作，並且常常會導致資料外洩。

Finishing with step three. DSPM point tools cannot detect threats to perform any meaningful forensics. In an event of the suspect of actual which because they don't track data usage, there is no activity in monitoring and no user behavior analytics.

完成第三步。DSPM 點工具無法偵測威脅以執行任何有意義的取證。在實際的可疑事件中，由於他們不追蹤數據使用情況，因此沒有監控活動，也沒有用戶行為分析。

Going back to our example using DSPM point tools is like trying to understand how a bank was robbed and what was taken with no security cameras or footage, no record of who had access to the vault, and an outdated and incomplete record of what was in the vault.

回到我們使用 DSPM 點工具的範例，就像試圖了解銀行是如何被搶劫的以及搶劫了什麼，但沒有安全攝影機或錄影，沒有記錄誰可以進入金庫，而且金庫中有過時且不完整的記錄。

To wrap up, DSPM tools focus on discovery and classification mostly in the cloud. They are compliance, band aids and not security solutions. Varonis not only discover and classify data but also intelligently and automatically locks it down everywhere and watches it for threats. Our approach results is vastly reduced risk and much lower likelihood for a data breach as compared to alternatives.

總而言之，DSPM 工具主要關注雲端的發現和分類。它們只是合規性、創可貼，而不是安全解決方案。Varonis 不僅可以發現和分類數據，還可以智慧自動地在任何地方鎖定數據並監視威脅。與其他方法相比，我們的方法大大降低了風險，且資料外洩的可能性更低。

Customers understand that our ability to showcase these outcomes automatically at scale is why we are winning. Another key driver of our recent success has been the secular trend of AI usage. This quarter, we expanded our coverage to protect OpenAI ChatGPT enterprise. We are also excited to announce an update to our strategic partnership with Microsoft.

客戶明白，我們能夠大規模地自動展示這些成果，這正是我們成功的原因。我們最近成功的另一個關鍵驅動因素是人工智慧使用的長期趨勢。本季度，我們擴大了覆蓋範圍，以保護 OpenAI ChatGPT 企業。我們也很高興地宣布與微軟的策略夥伴關係的更新。

This update is focused on joint feature development, which builds on our existing innovations to help organizations adapt Microsoft Copilot securely. While deepening our integration with them, together, we are addressing one of the most critical challenges, which is ensuring AI tools and LLM do not expose data. By aligning our engineering efforts, we are accelerating our ability to drive secure AI adoption.

此次更新專注於聯合功能開發，它以我們現有的創新為基礎，幫助組織安全地採用 Microsoft Copilot。在深化與他們的整合的同時，我們共同應對最關鍵的挑戰之一，即確保人工智慧工具和 LLM 不會洩漏資料。透過協調我們的工程努力，我們正在加速推動安全人工智慧應用的能力。

With that, I would like to briefly discuss a couple of key customer wins from Q2. The first one I would like to talk about is a large healthcare organization of over 20,000 employees that was concerned about their ability to respond to ransomware and comply with SEC disclosure requirements for their AWS environment. They were evaluating Varonis against the DSPM point tools, and it became clear that only Varonis would meet their success criteria. Our ability to cover petabyte scale cloud environment and provide customers with the tools to avoid breaches and find without effort, where capabilities this point solution could not match.

在此，我想簡要討論一下第二季的幾個關鍵客戶勝利。我想談的第一個案例是一家擁有 20,000 多名員工的大型醫療保健組織，該組織擔心自己是否有能力應對勒索軟體並遵守 SEC 對其 AWS 環境的披露要求。他們根據 DSPM 點工具對 Varonis 進行了評估，很明顯地只有 Varonis 能夠滿足他們的成功標準。我們能夠涵蓋 PB 級雲端環境，並為客戶提供避免違規和輕鬆發現違規的工具，這是該點解決方案無法比擬的功能。

In contrast, the DSPM tools scanned a small sample of data that quickly became stale and could not provide any meaningful outcomes as a result. This decision was an easy one to choose Varonis. We again saw strong demand from existing customers looking to convert to our SaaS platform. One example was a defense contractor with over 25,000 employees. Their new CISO who was undergoing a digital transformation project needed to modernize their data security strategy. Their CISO stated the future of cybersecurity is data security and was quickly on board with Varonis SaaS, understanding the need for automated protection.

相較之下，DSPM 工具掃描的只是一小部分資料樣本，這些資料很快就會變得陳舊，因此無法提供任何有意義的結果。選擇 Varonis 是一個很容易的決定。我們再次看到現有客戶對轉換到我們的 SaaS 平台的強烈需求。其中一個例子是一家擁有超過 25,000 名員工的國防承包商。他們正在進行數位轉型專案的新 CISO 需要對其資料安全策略進行現代化改造。他們的 CISO 表示網路安全的未來是資料安全，並迅速加入了 Varonis SaaS，以了解自動化保護的必要性。

This is also a key example of our Microsoft Better Together partnership since they will use Varonis to automate their Purview labeling program and automatically reduce exposed data and proactively stop threats. They purchased Varonis SaaS with MDDR for hybrid environments, Copilot and Agile.

這也是我們與 Microsoft Better Together 合作的一個重要例子，因為他們將使用 Varonis 來自動化他們的 Purview 標籤程式並自動減少暴露的資料並主動阻止威脅。他們購買了帶有 MDDR 的 Varonis SaaS，用於混合環境、Copilot 和 Agile。

In summary, we are excited by the many tailwinds we are seeing in our business. The simplicity and automated outcomes of our SaaS platform, the adoption of AI, and growing awareness of data-centric cloud security are driving increased momentum in our business. We remain focused on executing on this tailwind as we capture our massive and growing market opportunity.

總而言之，我們對業務中看到的許多順風感到興奮。我們的 SaaS 平台的簡單性和自動化成果、人工智慧的採用以及對以數據為中心的雲端安全的日益增強的認識正在推動我們業務的成長勢頭。我們將繼續專注於抓住這個順風機會，抓住巨大且不斷成長的市場機會。

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

說完這些，讓我把電話轉給蓋伊。

Thanks, Yaki. Good afternoon, everyone. Thank you for joining us today. Our second-quarter performance represents a continuation of our solid start to the year. We again saw strong ARR growth and free cash flow generation as well as continued progress towards the completion of our SaaS transition.

謝謝，Yaki。大家下午好。感謝您今天加入我們。我們第二季的業績延續了今年的良好開局。我們再次看到強勁的 ARR 成長和自由現金流產生，以及在完成 SaaS 轉型方面不斷取得進展。

This performance allows us to again raise our full-year ARR guidance, while we also continue to keep an eye on the uncertain macro backdrop. We remain confident in our outlook because of the underlying drivers of our business and are well positioned to execute on the growing need to secure data everywhere. We continue to see broad-based strength from new and existing customers looking for Varonis to secure this data. The simplicity and automated outcomes of our SaaS platform and MDDR offering as well as customers looking to secure Copilot continue to be key drivers.

這一表現使我們能夠再次提高全年 ARR 預期，同時我們也將繼續關注不確定的宏觀背景。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，並且我們已做好準備，滿足日益增長的無處不在的資料安全需求。我們持續看到新舊客戶普遍希望 Varonis 能夠保護這些資料。我們的 SaaS 平台和 MDDR 產品的簡單性和自動化結果以及希望確保 Copilot 安全的客戶仍然是關鍵驅動因素。

As a result of this momentum, we ended Q2 with 69% of total company ARR coming from SaaS or approximately $475 million. This represents an 8-point increase in our SaaS mix from the 61% we reported in Q1. We continue to see SaaS and ARR trends at very healthy levels, which is being driven by our customers coming back and buying protection for additional cloud platforms. Once we complete the SaaS transition, we can allocate even more focus on this upselling motion. We believe that this additional time spent on upselling existing customers, combined with a healthy new customer momentum that we are continuing to see, will allow us to drive towards our goal of growing ARR more than 20%.

由於這一勢頭，我們在第二季結束時，公司總 ARR 的 69% 來自 SaaS，約 4.75 億美元。這意味著我們的 SaaS 產品組合比第一季報告的 61% 增加了 8 個百分點。我們繼續看到 SaaS 和 ARR 趨勢處於非常健康的水平，這是由我們的客戶回歸併購買額外雲端平台保護所推動的。一旦我們完成 SaaS 轉型，我們就可以更專注於這種追加銷售活動。我們相信，花在向現有客戶追加銷售上的額外時間，加上我們持續看到的健康的新客戶勢頭，將使我們能夠實現 ARR 增長 20% 以上的目標。

Furthermore, we are prudently and thoughtfully increasing investments in our business because of the growing demand for our solution, and we see a clear path to drive durable growth post transition. In the second quarter, ARR was $693.2 million, increasing 19% year over year. And year to date, we generated $82.7 million of free cash flow up from $67.3 million in the same period last year. In the second quarter, total revenues were $152.2 million up 17% year over year. During the quarter, as compared to the same quarter last year, we had approximately a 7% 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.

此外，由於對我們解決方案的需求不斷增長，我們正在謹慎而周到地增加對我們業務的投資，並且我們看到了推動過渡後持久增長的明確途徑。第二季度，ARR 為 6.932 億美元，年增 19%。今年迄今為止，我們產生的自由現金流為 8,270 萬美元，高於去年同期的 6,730 萬美元。第二季總營收為1.522億美元，年增17%。本季度，與去年同期相比，我們的同比收入成長率遭遇了約 7% 的阻力，這是由於我們的預訂組合中 SaaS 銷售額的增加，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。

SaaS revenues were $105.9 million, term license subscription revenues were $32.4 million, and maintenance and services revenues were $13.9 million as our renewal rates were again over 90%. As we are getting closer to the completion of our SaaS transition, we expect the positive trend of maintenance and services revenues to continue to decline.

SaaS 收入為 1.059 億美元，定期授權訂閱收入為 3,240 萬美元，維護和服務收入為 1,390 萬美元，我們的續訂率再次超過 90%。隨著我們越來越接近完成 SaaS 轉型，我們預計維護和服務收入的正面趨勢將繼續下降。

Moving down the income statement. I'll be discussing non-GAAP results going forward. Gross profit for the second quarter was $122.6 million, representing a gross margin of 80.6% compared to 84.1% in the second quarter of 2024. Our gross margin continues to track ahead of our expectations, and we feel very confident in our long-term target set at our Investor Day. Operating expenses in the second quarter totaled $124.5 million.

向下移動損益表。我將繼續討論非公認會計準則結果。第二季毛利為 1.226 億美元，毛利率為 80.6%，而 2024 年第二季為 84.1%。我們的毛利率持續超出我們的預期，我們對投資者日設定的長期目標非常有信心。第二季營運費用總計1.245億美元。

As a result, second-quarter operating loss was negative $1.9 million or an operating margin of negative 1.2%. This compares to an operating income of $2.1 million or an operating margin of 1.6% in the same period last year.

因此，第二季營業虧損為負 190 萬美元，營業利益率為負 1.2%。相較之下，去年同期的營業收入為 210 萬美元，營業利益率為 1.6%。

During the quarter, as compared to the same quarter last year, we had approximately a 6% 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. Second-quarter ARR contribution margin was 16.5%, up from 14.9% last year. The significant leverage improvement reflects our ability to drive strong incremental margins while growing ARR, transitioning to SaaS, and investing in our business to capture our growing market opportunity.

本季度，與去年同期相比，我們的營業利潤率下降了約 6%，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，這些銷售額是完全按比例確認的。第二季 ARR 貢獻利潤率為 16.5%，高於去年的 14.9%。槓桿率的顯著提高反映了我們在增加 ARR、向 SaaS 轉型以及投資業務以抓住不斷增長的市場機會的同時，推動強勁的增量利潤率的能力。

During the quarter, we had financial income of approximately $10 million, driven primarily by interest income on our cash deposits and investments in marketable securities. Net income for the second quarter of 2025 was $3.8 million or net income of $0.03 per diluted share compared to a net income of $6.8 million or net income of $0.05 in per diluted share for the second quarter of 2024. This is based on 135.2 million diluted shares outstanding and 128 million diluted shares outstanding for Q2 2025 and Q2 2024, respectively.

本季度，我們的財務收入約為 1000 萬美元，主要來自現金存款和有價證券投資的利息收入。2025 年第二季淨收入為 380 萬美元，即每股淨收入 0.03 美元，而 2024 年第二季淨收入為 680 萬美元，即每股淨收入 0.05 美元。這是基於 2025 年第二季和 2024 年第二季分別有 1.352 億股稀釋流通股和 1.28 億股稀釋流通股。

As of June 30, 2025, we had $1.2 billion in cash, cash equivalents, short-term deposits, and marketable securities. For the six months ended June 30, 2025, we generated $89.3 million of cash from operations compared to $68.4 million generated in the same period last year, and CapEx was $5.7 million compared to $1.1 million in the same period last year.

截至 2025 年 6 月 30 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 6 月 30 日的六個月，我們的營運現金流為 8,930 萬美元，而去年同期為 6,840 萬美元；資本支出為 570 萬美元，而去年同期為 110 萬美元。

During the second quarter, we repurchased 1 million shares at an average purchase price of $38.59 for a total of $38.7 million. Over the course of the program, we repurchased 2.5 million shares at an average purchase price of $40.32 for a total consideration of $100 million.

第二季度，我們以平均 38.59 美元的購買價格回購了 100 萬股，總計 3,870 萬美元。在該計劃實施期間，我們以平均 40.32 美元的購買價格回購了 250 萬股，總對價為 1 億美元。

Turning now to our updated 2025 guidance in more detail. For the third quarter of 2025, we expect total revenues of $163 million to $168 million, representing growth of 10% to 13%. Non-GAAP operating income of $4 million to $7 million, and non-GAAP net income per diluted share in the range of $0.07 to $0.08. This assumes 134 million diluted shares outstanding.

現在讓我們更詳細地了解我們更新後的 2025 年指南。對於 2025 年第三季度，我們預計總營收為 1.63 億美元至 1.68 億美元，成長率為 10% 至 13%。非公認會計準則下營業利潤為 400 萬美元至 700 萬美元，非公認會計準則下每股攤薄淨利潤為 0.07 美元至 0.08 美元。此假設流通在外的攤薄股份為 1.34 億股。

For the full year 2025, we now expect ARR of $748 million to $754 million, representing growth of 17%. Free cash flow of $120 million to $125 million, total revenues of $616 million to $628 million, representing growth of 12% and to 14%. Non-GAAP operating income of breakeven to $6 million, non-GAAP net income per diluted share in the range of $0.16 to $0.18. This assumes 134.7 million diluted shares outstanding.

對於 2025 年全年，我們預計 ARR 為 7.48 億美元至 7.54 億美元，成長率為 17%。自由現金流為 1.2 億美元至 1.25 億美元，總營收為 6.16 億美元至 6.28 億美元，分別成長 12% 及 14%。在非公認會計準則下，營業利潤達到損益平衡點，達到 600 萬美元；非公認會計準則下，稀釋每股淨利在 0.16 美元至 0.18 美元之間。此假設流通股數為 1.347 億股。

In summary, our second-quarter performance demonstrates the growing demand for Varonis evidenced by the strong ARR growth and cash flow generation. This demand is driven by the simplicity and automated outcomes of Varonis SaaS and MDDR as well as the security challenges created by the usage of AI and the growing awareness for data security. We look forward to completing our SaaS transition, which will position us to even better execute on these tailwinds and drive additional value for our customers, company, and shareholders.

總而言之，我們第二季的業績表明，對 Varonis 的需求不斷增長，這從強勁的 ARR 成長和現金流產生中可見一斑。這種需求是由 Varonis SaaS 和 MDDR 的簡單性和自動化結果以及人工智慧的使用和日益增強的資料安全意識所帶來的安全挑戰所推動的。我們期待完成我們的 SaaS 轉型，這將使我們能夠更好地利用這些順風並為我們的客戶、公司和股東創造更多價值。

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）

Saket Kalia, Barclays.

巴克萊銀行的 Saket Kalia。

Okay. Great. Yaki, maybe for you. The numbers here are pretty straightforward. So I'd love to ask a market question here, if I could.

好的。偉大的。Yaki，也許對你來說。這裡的數字非常簡單。所以如果可以的話，我很樂意在這裡問一個市場問題。

We all saw one of your privately held competitors, Cyera raised money recently. And I was wondering, since we're all on the call, can you just talk about how you compete against them? How you win? And maybe how your move to SaaS is changing that competitive backdrop? Does that make sense?

我們都看到你們的一家私人競爭對手 Cyera 最近籌集了資金。我很好奇，既然我們都在通話中，您能否談談您如何與他們競爭？你怎麼贏？也許您向 SaaS 的轉變會改變競爭背景嗎？這樣有道理嗎？

Yeah, completely. Primarily, it's the same for all these DSPM vendors. What they are doing for us more than anything else is expanding our total available market and generate awareness that you need to protect data on this cloud repositories. Essentially, these are very small pieces of the data security platform. We don't provide outcomes.

是的，完全如此。從根本上來說，對於所有這些 DSPM 供應商來說，情況都是一樣的。他們為我們做的最重要的事情就是擴大我們的總可用市場並提高人們對保護此雲端儲存庫上的資料的認識。本質上，這些都是資料安全平台的非常小的部分。我們不提供結果。

Like we just explained, you need to understand that the DSPM, what they are doing data discovery and very partially, a lot of it is based on sampling, but they don't do any remediation and any threat detection. Essentially, if someone is -- if you have a compromised counter, an insider, they will even not see it.

正如我們剛才解釋的那樣，您需要了解 DSPM，他們正在進行數據發現，其中很大一部分是基於採樣，但他們不進行任何補救和任何威脅檢測。本質上，如果有人——如果你的計數器被破壞了，一個內部人員，他們甚至不會看到它。

You're starting to have abnormal behavior to the data, they can't identify it. They can't remediate the excessive access control. And then after you notice that something happened, they can't even do forensics. Fundamentally, it's something that is completely different. Our SaaS is primarily about scalability and about automated outcomes. We are doing everything for the customers to secure data with Varonis as easy as having a credit card from a bank in terms of just all the automation in everything we do.

你的數據開始出現異常行為，他們無法辨識。他們無法糾正過度的存取控制。然後當你注意到發生了什麼事情之後，他們甚至無法進行取證。從根本上來說，這是完全不同的事情。我們的 SaaS 主要關注可擴展性和自動化結果。我們竭盡全力讓客戶使用 Varonis 保護資料就像擁有銀行信用卡一樣簡單，我們所做的一切都是自動化的。

The other thing, data is a massive problem at scale, and there is something that is common with all these DSPM vendors, they're avoiding POC like a plague, POCs on production data. And this is the cornerstone of our sales motion. We are coming to you, and we're starting to deploy very fast, taking all the data, finding automatically, classify it, labeling it, reducing excessive access control, making sure that your Copilot and AI can see only what it needs to see, looking at Active Directory and with the MDDR, we save dozens of these customers on a week-to-week basis.

另一件事是，資料在規模上是一個巨大的問題，所有這些 DSPM 供應商都有一個共同點，他們像躲避瘟疫一樣躲避 POC，即生產資料的 POC。這是我們銷售行動的基石。我們正向您走來，並開始快速部署，獲取所有數據，自動查找、分類、標記，減少過多的訪問控制，確保您的 Copilot 和 AI 只能看到它需要看到的內容，查看 Active Directory 並使用 MDDR，我們每週都能為這些客戶節省數十個。

So primarily, what it does is just creating awareness for data security with a very small part of the data security -- from a data security platform. So by and large, this is something that is doing very well for us and for the awareness of the market.

因此，它主要做的是透過資料安全平台，利用資料安全的一小部分來提高人們對資料安全的認識。所以總的來說，這對我們和市場認知來說都是一件非常好的事情。

Matt Hedberg, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Matt Hedberg。

Congrats on the results. Yaki, it's great to hear about the updates to your expanded Microsoft partnership. I'm wondering, is there a way that you can help us size the opportunity in terms of revenue contribution today? And additionally, how should we think about go-to-market initiatives to drive even more success? It sounds like you talked about a lot of integration work. But curious about some of the go-to-market initiatives as well.

恭喜取得成果。Yaki，很高興聽到您與微軟擴大合作夥伴關係的最新進展。我想知道，您是否能幫助我們評估目前收入貢獻的機會？此外，我們應該如何考慮市場進入計劃以取得更大的成功？聽起來您談論了很多整合工作。但我同樣對一些市場進入舉措感到好奇。

At the end of the day, AI security problem is a data security problem. And what happened, we have a lot of synergies with Microsoft. But then just understood that one of the biggest gating factor, so the deployment of a Copilot which is fundamental now for their strategy and success is security. You know what happened when we started POC, it's the Copilot, which is a tremendous productivity tool. It's like a Pac-Man from hell, which just goes and inhales all the permissions that they have. And then people stop and say, okay, how are we going to deploy this? And Varonis does very well for me.

從根本上講，人工智慧安全問題就是資料安全問題。事實上，我們與微軟有許多協同效應。但後來才明白，最大的限制因素之一就是安全性，因此，部署副駕駛對於他們的策略和成功至關重要。您知道當我們啟動 POC 時發生了什麼嗎？這就是 Copilot，它是一種非常有效的生產力工具。它就像來自地獄的吃豆人，它會吸入他們擁有的所有權限。然後人們停下來並說，好吧，我們要如何部署它？對我來說，瓦羅尼斯表現得非常好。

The other thing, we have a lot of synergy with a lot of the security staff from defender to MCAS to sending alerts to Sentinel and just -- and we saw just our customers using Purview for labeling, they register a lot of synergies. We find a lot of low-hanging fruit by doing the overall technical integration. And then we came together and decided that we need to take the partnership to the next level. It still the early innings, but for them, copilot is a lot of what they want to do in terms of productivity in the workforce, and we are securing it. And it just works very well together.

另一件事，我們與許多安全人員有著很大的協同作用，從防御者到 MCAS，再到向 Sentinel 發送警報等等——我們看到我們的客戶使用 Purview 進行標記，他們記錄了很多協同作用。透過進行整體技術整合，我們發現了許多唾手可得的成果。然後我們聚在一起並決定我們需要將合作關係提升到一個新的水平。雖然這仍處於早期階段，但對於他們來說，副駕駛在提高勞動生產力方面具有很大的潛力，我們正在確保這一點。而且它們配合得很好。

So they're compensating the regular sellers. We're starting to have pipeline development efforts with them. But so far, are working very well, and we are very excited about the partnership, and I believe that we are also excited.

所以他們正在向常規賣家進行補償。我們開始與他們合作進行管道開發工作。但到目前為止，合作都非常順利，我們對這次合作感到非常興奮，我相信我們也同樣興奮。

Joseph Gallo, Jefferies.

約瑟夫‧加洛，傑富瑞集團。

Are there any metrics or data you can share that just instill the confidence in over 20% ARR growth. I imagine that means SaaS ARR without conversion tailwinds is growing healthily above that currently. But just anything on new logos or NRR that kind of helps us see that what you guys see and are so positive on.

您能否分享一些指標或數據，讓您對超過 20% 的 ARR 成長充滿信心？我想這意味著沒有轉換順風的 SaaS ARR 目前正健康地成長。但是新標誌或 NRR 上的任何內容都有助於我們了解你們所看到的內容以及你們所持的正面態度。

So when you look at the Q2 results, they were driven by strong new customers again, and we talked a lot about how SaaS opens up the opportunity to sell to additional customers. We saw that continue in Q2. We also saw the conversions and existing customers contributing nicely. But what's actually more interesting is that the NRR for SaaS is higher than the reported NRR that we gave at the end of Q4. And when you look at our ARR number being 19%, if we can continue to sell the new customers the way we have done so far, and actually move away from the conversions and just focus on the upsell within the SaaS customers, then kind of the difference between 19% ARR and 20% is not that large.

因此，當您查看第二季的業績時，您會發現這再次受到強大的新客戶的推動，並且我們討論了許多有關 SaaS 如何開闢向更多客戶銷售的機會。我們看到這種情況在第二季度仍在繼續。我們也看到了轉換率和現有客戶的良好貢獻。但實際上更有趣的是，SaaS 的 NRR 高於我們在第四季末報告的 NRR。當你看到我們的 ARR 數字是 19% 時，如果我們可以繼續以目前的方式向新客戶銷售產品，並且實際上擺脫轉化，只關注 SaaS 客戶的追加銷售，那麼 19% ARR 和 20% 之間的差異就不會那麼大了。

So there are a lot of moving parts that are working in our favor, and we feel very good about the opportunity of going back to that 20%-plus.

因此，有許多因素對我們有利，我們對重返 20% 以上的機會感到非常高興。

In addition, we feel very good about our investments in R&D. So we see very strong adoption of everything that's related to the other cloud platforms. And we believe that we have good visibility in the way that our investments in R&D and the new product will work. And we're just very excited about the opportunity. If you want to be serious about security, you need to protect the data and your best bet to protect the data is Varonis.

此外，我們對研發方面的投資感到非常滿意。因此，我們看到與其他雲端平台相關的一切都得到了非常廣泛的採用。我們相信，我們對研發和新產品的投資將發揮良好的作用。我們對這個機會感到非常興奮。如果您認真對待安全問題，您需要保護數據，而保護資料的最佳選擇是 Varonis。

Joshua Tilton, Wolfe Research.

約書亞‧蒂爾頓 (Joshua Tilton)，沃爾夫研究公司。

I have a two-parter. I guess the first part is just in the prepared remarks, I think you mentioned that the macro environment still kind of challenging. I don't think that's a surprise to anyone, but maybe could you just compare how the macro this quarter compared to last quarter? What direction is that macro trending? And then just maybe on the conversion piece specifically, you guys said it contributed nicely to the quarter.

我有兩個部分。我想第一部分只是準備好的發言，我想您提到宏觀環境仍然充滿挑戰。我想這對任何人來說都不足為奇，但也許你可以比較一下本季與上一季的宏觀情況？宏觀趨勢是什麼方向？然後也許具體到轉換部分，你們說它對本季做出了很大的貢獻。

But can you just maybe give us an update on how the accelerated conversion is going relative to your plan? Are you tracking in line ahead or maybe behind? Just an update on both of those would be very helpful.

但是您能否向我們介紹一下加速轉換相對於您的計劃的進展？您是在前面排隊還是在後面排隊？僅對這兩者進行更新就會非常有幫助。

So I'll start with the second part. When we look at the conversions, the fact that we're increasing our SaaS mix from 80% to 82% and actually started the year with a full-year guidance of 78% is an indication of things going very well. We knew that we could improve the conversion component in 2025, and there were a lot of lessons learned that we took from 2024 and implemented as part of our strategy for 2025. So I can say that we're very happy. We're not -- I wouldn't say that we're shocked by how good it's going.

因此我將從第二部分開始。當我們查看轉換率時，我們發現我們的 SaaS 組合從 80% 增加到了 82%，而年初的全年預期為 78%，這表明一切進展順利。我們知道我們可以在 2025 年改進轉換組件，並且我們從 2024 年吸取了很多經驗教訓，並將其作為 2025 年策略的一部分實施。所以我可以說我們非常高興。我們並不——我不會說我們對事情進展如此順利感到震驚。

We're very happy, and we knew that we could do better than 2024. When you look at the macro, I can say that Q2 was very much similar to what we saw in Q1. There's not much of a difference. There's more deal scrutiny, and we talked about the deal scrutiny for quite some time now.

我們非常高興，我們知道我們可以比 2024 年做得更好。從宏觀角度來看，我可以說第二季的情況與我們在第一季看到的情況非常相似。沒什麼太大差別。交易審查更加嚴格，而且我們已經討論交易審查很長時間了。

But at the same time, we can say that when you look at data security and when you look at the fact that Copilot is generating a lot of awareness to a problem that existed for a long time, but it's putting that spotlight on it and we're there to try and capitalize on it.

但同時，我們可以說，當你專注於資料安全時，當你看到 Copilot 對一個長期存在的問題產生了很大的認識時，它就把焦點放在了這個問題上，而我們正試圖利用它。

Jason Ader, William Blair.

傑森·阿德、威廉·布萊爾。

Sorry, I have a two-parter as well. Just first on the comment that you guys have made historically that you only see competition in 1 out of 20 deals. I was hoping you can update us on that.

抱歉，我也有兩個部分。首先，關於你們過去發表的評論，你們只在 20 筆交易中的 1 筆中看到競爭。我希望您能向我們通報這一情況。

And then the second part is kind of related, but we've seen some of the backup vendors move into the DSPM market through acquisition like Rubrik with Laminar and then Commvault most recently with Satori. I don't know, maybe you can comment on convergence between traditional backup and data security, data governance, do you feel like that's a long-term trend? I don't know, just any interpretation of what's happening there with the backup vendors?

第二部分有點相關，但我們已經看到一些備份供應商透過收購進入 DSPM 市場，例如 Rubrik 收購 Laminar，以及 Commvault 最近收購 Satori。我不知道，也許您可以評論一下傳統備份與資料安全、資料治理之間的整合，您覺得這是一個長期趨勢嗎？我不知道，對於備份供應商那裡發生的事情有什麼解釋嗎？

The infrastructure and backup vendors, we rarely see them in any of the POCs, completely different sales motion. In general, we can tell you that all the DSPM companies that got acquired by large companies, we don't see them a lot. It just -- it's a -- data security can be a struggle. What we see is that the company is -- we see the DSPM companies that got funding here and there, it takes the competition level on everything that is 365 and on-prem stays the same. We see around 10% in the cloud infrastructure, but you need to understand one thing, cornerstone for everything that we do is POC.

我們很少在任何 POC 中看到基礎設施和備份供應商，完全不同的銷售動作。整體來說，我們可以告訴你，所有被大公司收購的 DSPM 公司，我們並不常見。這只是——這是一個——資料安全可能是一個難題。我們看到的是，這些公司——我們看到 DSPM 公司到處都獲得了資金，它在 365 和本地部署方面都保持著相同的競爭水平。我們在雲端基礎設施中看到大約 10%，但您需要了解一件事，我們所做的一切的基石是 POC。

We continue, we deploy the problem at scale. There is much more data and critical data in the cloud and in on-prem and talking about these blobs and databases that we are in and Snowflake and Databricks and what we see with our competitors is that they don't want to do POC. They are trying not to do a POC.

我們繼續，大規模部署這個問題。雲端和本地有更多的數據和關鍵數據，談論我們以及 Snowflake 和 Databricks 所處的這些 blob 和資料庫，而我們看到我們的競爭對手不想做 POC。他們試著不做 POC。

So sometimes, the initial conversation, we hear about them. But usually, when the rubber meets the road, they don't like to do these POCs. So when customers are doing just a diligent process and in data security, the way that you sell is a POC. They don't like. Usually, they don't do it. And if they try to do, they try to do it in a live and a small set of data.

所以有時，在初次交談中，我們就會聽到關於他們的事情。但通常情況下，當輪胎與道路接觸時，他們不喜歡做這些 POC。因此，當客戶只是進行盡職調查並確保資料安全時，您的銷售方式就是 POC。他們不喜歡。通常，他們不會這麼做。如果他們嘗試這樣做，他們會嘗試在即時的小數據集內進行。

There is some of them have real scalability challenges.

其中一些確實面臨著可擴展性的挑戰。

(Operator Instructions)

（操作員指示）

Roger Boyd, UBS.

瑞銀的羅傑·博伊德。

Awesome. Can you expand on the trend of customers consolidating their data security budgets to Varonis. And when you look at the trends around consolidating around data stores like database or around functional areas like DSPM and DLP, are there particular trends within those that are looking stronger than others? And is this something that you're seeing today, the general brownfield consolidation opportunity? Or is this more of a pipeline opportunity you think out over the next year?

驚人的。您能否詳細說明客戶將其資料安全預算整合到 Varonis 的趨勢。當您觀察圍繞資料庫等資料儲存或圍繞 DSPM 和 DLP 等功能領域的整合趨勢時，是否存在比其他趨勢更強勁的特定趨勢？這就是您今天看到的普遍的棕地整合機會嗎？或者這更像是您認為明年的一個通路機會？

I think it's both that budget works. You have budget for security, compliance, insider trade everything that's related to labeling, the ability to understand abnormal behavior, part of it is DLP and all the prerequisite for the work that you made, and we are doing all of it and the customers understand that they need to do it. In terms of security, you need to understand that bad actors are not breaking in, they are logging in. If I'm not mistaken, (inaudible) did a testimony to Congress and it talks about the -- or the fishing that we can have with AI. This is something that we are starting to see. I can take your voice and I can be you.

我認為預算的運作是雙向的。您有用於安全性、合規性、內線交易等與標籤相關的一切的預算、了解異常行為的能力、其中一部分是 DLP 以及您所做工作的所有先決條件，我們正在做所有這些，客戶也明白他們需要這樣做。在安全性方面，您需要明白，不良行為者不會闖入，他們只會登入。如果我沒記錯的話，（聽不清楚）在國會作證時談到了——或者說我們可以利用人工智慧進行捕魚。這是我們開始看到的事情。我可以聽到你的聲音，我可以成為你。

And then if I have your information, many times, we can get your credentials. So what we see is that just the way that everything moves is that once I get your credentials, we are what we call the only game in town. So a lot of the security that's related to insider spreads that everything that related to user behavior analytics is really consolidating around us. And these bad actors what they are doing in order to elevate credentials these days, most of the time, they are not reading through memory and doing all these gels, whether they are doing it is going from 1 data repository to the other.

如果我有您的訊息，很多時候我們就可以獲得您的憑證。所以我們看到的情況是，一切進展順利，一旦我拿到你們的證書，我們就是鎮上唯一的遊戲。因此，許多與內部傳播相關的安全問題，以及與使用者行為分析相關的一切問題，都在我們周圍不斷鞏固。這些不良行為者為了提升信譽，大多數時候都在做一些事情，他們並不是透過記憶來讀取數據，也不是進行所有這些凝膠分析，而是從一個資料庫轉到另一個資料庫。

So we want to cover everything in order to be secure. And this is also something that worked very well for. We start with something and then people just naturally expand. And this is because of our SaaS platform that is scaling so easy and provide automated outcome. We just need to buy, and we will provide a security.

因此，為了確保安全，我們希望涵蓋一切。這也是非常有效的方法。我們從某件事開始，然後人們自然而然地擴展。這是因為我們的 SaaS 平台擴展起來非常容易，並且能夠提供自動化的結果。我們只需要購買，我們會提供擔保。

Brian Essex, Goldman Sachs.

高盛的布萊恩·艾塞克斯。

It's Brian from JPMorgan, operator trying to demote me. But thank you for taking the question. Yaki, maybe a question for you. Great to see the FedRAMP Authorization. I would love to get your sense of how you feel positioned ahead of the stronger third quarter for fed spending how much visibility you might have into that Fed business?

我是摩根大通的布萊恩，接線員想把我降級。但感謝您回答這個問題。Yaki，我想問你一個問題。很高興看到 FedRAMP 授權。我很想了解一下，您對聯準會支出在第三季更加強勁之前的定位有何看法，您對聯準會業務的了解程度如何？

And what's your sense of the preparedness on the Fed side to adopt data security versus what you're seeing on the enterprise side?

您認為聯準會方面在採用資料安全方面的準備情況與企業方面相比如何？

So I'll start and then Yaki can add some stuff. Obviously, we were very excited to receive the FedRAMP Authorization this quarter. It really is a great milestone for us. We can now offer the SaaS platform to the federal sector, and that's really a big deal from our end. Our team put a lot of time, effort and investment into this achievement.

所以我先開始，然後 Yaki 可以添加一些東西。顯然，我們非常高興本季獲得 FedRAMP 授權。這對我們來說確實是一個偉大的里程碑。我們現在可以向聯邦部門提供 SaaS 平台，這對我們而言確實是一件大事。我們的團隊為這項成就投入了大量的時間、精力和投資。

And we know there's a significant white space for us in the federal vertical. But I do want to remind everyone, the federal is still about 5% of our total company ARR.

我們知道，在聯邦垂直領域我們還有很大的空白。但我確實想提醒大家，聯邦政府仍占我們公司總 ARR 的 5% 左右。

It really is still too early to say if we can have any benefits from the FedRAMP in our Q3 results this year. But from a guidance perspective, we assumed a similar contribution to last year. On the longer-term side, we see a huge opportunity in this vertical.

現在判斷我們能否從 FedRAMP 中獲益於今年第三季的業績還為時過早。但從指導角度來看，我們假設貢獻與去年類似。從長遠來看，我們看到這個垂直領域存在著巨大的機會。

It's very easy. There is a lot of critical information. We show a lot of critical information about you as well. And the way that it works and you see a lot of bad actors and state actors many times. So this is data that they need to protect.

這非常簡單。有很多關鍵資訊。我們也展示了很多關於您的重要資訊。從其運作方式來看，你會多次看到很多壞人和國家行為者。所以這是他們需要保護的資料。

You just now what happened with the share vulnerability and so forth. We just -- it's all about data. And I want to say another thing. FedRAMP, it's not only important for federal customers. When you are a data security company, even though we don't take critical data to our SaaS but it was very important to demonstrate it for many customers on the commercial side, FedRAMP is critical, it is certificate that it take security very seriously that you're under the right audits that you have the right controls and it was very important for us to do this exercise.

您剛才了解了共享漏洞等情況。我們只是——一切都與數據有關。我還想說另外一件事。FedRAMP，它不僅對聯邦客戶很重要。對於一家資料安全公司來說，儘管我們不會將關鍵資料帶到我們的 SaaS 中，但向商業方面的許多客戶展示這一點非常重要，FedRAMP 至關重要，它證明我們非常重視安全性，您受到正確的審核，擁有正確的控制，對我們來說，進行此工作非常重要。

We are taking the security of our platform. extremely, extremely seriously. We want to make sure that once we are protecting your data, we are all the time secured. And definitely, on the data security these days from all the DSPM space, we are the only one with federal.

我們非常非常重視我們平台的安全。我們希望確保在保護您的資料時始終是安全的。毫無疑問，就目前所有 DSPM 領域的資料安全而言，我們是唯一一家擁有聯邦政府的公司。

Shaul Eyal, TD Cowen.

沙烏爾·埃亞爾（Shaul Eyal），考恩（Cowen）TD。

Congrats on the Beacon race. Yaki. I was listening carefully to your market and products commentary. Specifically on that health care-related win with 25,000 seats. Can you provide us with more color about how many subscription services or modules would such a customer be utilizing through Varonis?

恭喜 Beacon 競賽獲勝。綾。我正在仔細聆聽您對市場和產品的評論。具體來說，就是在與醫療保健相關的領域贏得 25,000 個席位。您能否向我們提供更多有關此類客戶將透過 Varonis 使用多少訂閱服務或模組的詳細資訊？

Yes, it was a big AWS swings with everything that was there, databases -- other services, including 365 and on-prem mostly Copilot. And this is something -- we see now like the a lot of our bills are just mixed. People understand where I have critical data. I want to start sometimes data that people collaborating more they want to start first and almost always protect the identity side that we are doing extremely well.

是的，這是一個巨大的 AWS 變革，涵蓋了所有東西，包括資料庫、其他服務，包括 365 和本地部署的 Copilot。這就是我們現在看到的——很多帳單都是混雜的。人們知道我在哪裡有關鍵數據。我有時想開始收集人們進行更多合作的數據，他們想先開始，並且幾乎總是保護我們做得非常好的身份方面。

Mike Cikos, Needham & Company.

麥克·西科斯（Mike Cikos），Needham & Company 公司。

I just wanted to cycle back to Joe's question at the top of the Q&A. Just because that 20% plus ARR growth that you guys are citing is probably one of the most frequent inbounds we get from clients. So could you just provide some more commentary on the new logos that you guys are addressing as far as size of those initial lands and what you're seeing, is there actually an acceleration taking place in new logo acquisition?

我只是想回到問答環節開頭喬提出的問題。因為你們提到的 20% 以上的 ARR 成長可能是我們從客戶那裡得到的最常見的收入之一。那麼，您能否就您正在討論的新標誌提供更多評論，就這些初始土地的規模以及您所看到的情況而言，新標誌的獲取是否真的在加速？

So we have seen the new logos actually accelerate in terms of the number and also in our ability to land in a larger number. The SaaS platform and the MDDR together with the Copilot is extremely appealing to many of our customers. The opportunity to sell to customers and actually go to them and the value proposition is that we would do everything for you. All you need to do is pay us with this environment that is becoming so complex from a cybersecurity perspective and a risk perspective is extremely appealing for customers. And I think that's part of the reason we're seeing our new customers adopt so well.

因此，我們看到新標誌的數量實際上正在加速增長，而且我們獲得更大數量的新標誌的能力也在增強。SaaS 平台和 MDDR 與 Copilot 對我們的許多客戶來說極具吸引力。向客戶銷售產品並真正接觸客戶的機會以及價值主張是我們將為您做一切。您需要做的就是向我們付款，因為從網路安全角度和風險角度來看，這個環境變得如此複雜，對客戶來說極具吸引力。我認為這也是我們的新客戶如此積極接受的原因之一。

We've seen very healthy contribution from our new customers. We feel very good with the ASPs over time that have increased significantly from the levels we saw in the past. But even with the higher land, there is so much more meat on the bone in terms of selling additional platforms. So we feel very good with the ability to show value to those customers and then go back to them and sell them additional platforms.

我們看到新客戶做出了非常健康的貢獻。我們對平均售價感到非常滿意，隨著時間的推移，平均售價較過去的水平有了顯著提高。但即使土地價格更高，在出售額外平台方面仍有更多實際利益。因此，我們很高興能夠向這些客戶展示其價值，然後回頭向他們銷售其他平台。

What is very interesting is after we are converting to SaaS and customers are realizing these automated values of fine fixed there, they naturally expand to other platforms. So once we are moving there, which is much easier to do the apps. And as we said before, it's one of two companies and just the SaaS company is tremendous. And as you can see, we're just moving very fast to the SaaS and after that, definitely reducing friction.

非常有趣的是，在我們轉換為 SaaS 之後，客戶意識到這些精細固定的自動化價值，他們自然會擴展到其他平台。因此，一旦我們轉移到那裡，開發應用程式就會容易得多。正如我們之前所說，它是兩家公司之一，而且只是一家非常出色的 SaaS 公司。如您所見，我們正在快速轉向 SaaS，之後肯定會減少摩擦。

And just to add, that's part of the reason we talked about the SaaS NRR being significantly higher than the reported NRR. There is so much additional platforms to sell once you show that value and the automation and the MDDR.

另外，這也是我們談論的 SaaS NRR 明顯高於報告的 NRR 的部分原因。一旦展示了該價值、自動化和 MDDR，就會有許多額外的平台可供銷售。

Andy Nowinski, Wells Fargo.

富國銀行的安迪諾溫斯基。

Okay. So I wanted to ask about your SaaS revenue. So you've had two consecutive quarters of significantly outperforming the consensus estimate, suggesting the Street seems to be mismodeling that conversion I know you don't guide specifically to SaaS revenue, but if we just use your SaaS ARR of 478 that you reported this quarter and divide that by 4 and use that as a proxy, it certainly suggests that subscription or SaaS revenue should be about $120 million in Q3. I guess my question is, is there anything -- any reason that, that proxy or that calculation would not be correct. Is there anything that -- why we wouldn't want to use something like that?

好的。所以我想問一下你們的 SaaS 收入。因此，您已經連續兩個季度大幅超出普遍預期，這表明華爾街似乎對這種轉變進行了錯誤的建模。我知道您並沒有專門針對 SaaS 收入進行指導，但如果我們僅使用您本季度報告的 478 的 SaaS ARR 並將其除以 4 並將其用作代理，那麼這肯定表明第三季度的訂閱或 SaaS 收入應該約為 1.2 億美元。我想我的問題是，是否存在任何原因導致該代理或計算不正確。有什麼原因導致我們不想使用這樣的東西嗎？

I've said really since the Investor Day in 2023, that there are three north stars that we're focusing on during the transition. There's a lot of noise during a transition and the three north stars that we have talked about are ARR, ARR contribution margin and the free cash flow. The oneeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee thing I really want to avoid is noise on the conversion on the revenue side and specifically on the SaaS revenue component. The right metric to focus on to identify the strength of the business is the ARR. When we look at revenue as a whole, we're thinking of 2025 as kind of the trough where the P&L is still kind of very noisy.

自 2023 年投資者日以來，我就說過，在過渡期間，我們要專注於三顆北極星。過渡期間有很多噪音，我們討論的三個北極星是 ARR、ARR 貢獻利潤率和自由現金流。這一個啊啊啊啊啊啊啊啊啊啊啊啊啊啊啊啊啊啊啊啊啊啊啊啊啊啊啊啊啊啊啊啊啊啊eeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee確定業務實力的正確關注指標是 ARR。當我們從整體上看待收入時，我們認為 2025 年是利潤表仍然非常吵雜的低谷。

From a numbers perspective, 2026 as we kind of complete the transition, the actual numbers should become more straightforward. The percentages will still kind of move around because on the comparable side, you'll have that noise from 2025. And then 2027 is really kind of a year where you can look at the P&L in a more straightforward way. So the focus right now on the conversion year, and I can't emphasize this enough. It's kind of focusing on the 3 north stars, where the top line number that should be focused is the ARR.

從數位角度來看，到 2026 年，當我們完成轉型時，實際數字應該會變得更加直接。這些百分比仍會有所變動，因為從可比性來看，從 2025 年開始你就會有這種噪音。那麼 2027 年實際上是你可以以更直接的方式查看損益表的一年。因此，現在的重點是轉換年，我再怎麼強調這一點也不為過。它有點像是關註三顆北極星，其中應該關注的頂線數字是 ARR。

Shrenik Kothari, Robert W. Baird.

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

Yes. And echoing congrats on the quarter. So beyond the new logos, right, you reiterated strong SaaS conversion execution, of course, tracking ahead of plan. But specifically, Yaki and Guy, you just made comments that past these conversions and the tailwinds, the SaaS NRR, right, the customer is realizing value faster post transition, about the expansion upside cross. So just what specific new workload ramping or multi-cloud expansion signals are giving you the most confidence here?

是的。並對本季表示祝賀。因此，除了新標誌之外，您還重申了強大的 SaaS 轉換執行力，當然，還要提前追蹤計劃。但具體來說，Yaki 和 Guy，你們剛剛評論說，經過這些轉換和順風，SaaS NRR，對的，客戶在轉型後更快地實現了價值，關於擴張的上行交叉。那麼，究竟哪些具體的新工作負載增加或多雲擴展訊號讓您最有信心呢？

And if you can just help unpack that SaaS and RR a little bit more among MDDR, Copilot, OpenAI, greenfield SaaS, unstructured data, as you mentioned, Snowflake -- just wanted to understand like if you can unpack that a little bit more.

如果你能幫助進一步解讀 MDDR、Copilot、OpenAI、greenfield SaaS、非結構化資料中的 SaaS 和 RR，正如你所提到的，Snowflake——只是想了解你是否可以進一步解讀這一點。

Actually, all of them are performing well. Just data store in Azure, AWS, GCP, Snowflake, data breaks Salesforce.com (inaudible) critical data. We just -- we can say that this time goes by, more and more platforms are doing well. And now you have a lot of this critical data in the cloud, still in other critical data on prem customers realizing that they need to protect or it and all of it is vulnerable and thankfully we are doing well all over.

事實上，他們都表現得很好。僅將資料儲存在 Azure、AWS、GCP、Snowflake 中，資料就會破壞 Salesforce.com（聽不清楚）關鍵資料。我們只是——我們可以說，隨著時間的推移，越來越多的平台表現良好。現在，您在雲端中擁有大量關鍵數據，而其他本地關鍵數據中，客戶也意識到他們需要保護這些數據，而且這些數據都很脆弱，值得慶幸的是，我們總體上做得很好。

Rudy Kessinger, D.A. Davidson.

魯迪凱辛格、地方檢察官戴維森。

Similar question actually the last one. I am curious, you mentioned in the prepared remarks, the contribution mix of protecting the cloud and SaaS environment continues to increase. Any data points you can share on what percent of SaaS net new ARR from new logos in expansion, not the conversions you're doing, but new logos and expansion is coming from protecting cloud environment and SaaS applications.

類似的問題其實是最後一個。我很好奇，您在準備好的評論中提到，保護雲和 SaaS 環境的貢獻組合持續增加。您可以分享任何資料點，說明擴充功能中的新識別佔 SaaS 淨新 ARR 的百分比，而不是您正在進行的轉換，而是新識別和擴充來自保護雲端環境和 SaaS 應用程式。

So in Q2, we started to see some meaningful contribution from the additional cloud platforms. I can tell you that we were extremely happy with the performance coming from that spectrum. We don't really break it out in terms of -- in dollar terms. We're trying to sell more and more of the platforms, and we're seeing very good adoption by our customers, and we're actually seeing the sales force focusing on that type of cell, understanding the benefit it can provide to our customers. .

因此在第二季度，我們開始看到來自其他雲端平台的一些有意義的貢獻。我可以告訴你，我們對該光譜的表現非常滿意。我們實際上並沒有按照美元來細分它。我們正在嘗試銷售越來越多的平台，我們看到客戶的採用率很高，而且我們實際上看到銷售人員專注於這種類型的電池，以了解它可以為我們的客戶帶來的好處。。

So I can say that it was -- it's kind of improving from quarter-to-quarter. And this quarter, we really started to see some meaningful contribution. We expect that trend to continue.

所以我可以說，情況正在逐季改善。本季度，我們確實開始看到一些有意義的貢獻。我們預計這一趨勢將會持續下去。

Jonathan Ruykhaver, Cantor Fitzgerald.

喬納森·魯伊克哈弗，坎托·菲茨杰拉德。

Yes. So regarding the recent introduction of your next-gen dam offering, database activity monitoring, I'm curious how should we view that in terms of just an enhancement over traditional dams to drive a replacement cycle versus positioning around a broader data security strategy. When you look at the revenue opportunity it would seem the replacement opportunity relative to some legacy vendors like Imperva and Guardium would be quite compelling near term. So how are you positioning that in terms of the go-to-market?

是的。因此，關於您最近推出的下一代大壩產品——資料庫活動監控，我很好奇我們應該如何看待它，僅僅將其視為對傳統大壩的增強，以推動更換週期，還是圍繞更廣泛的數據安全策略進行定位。當你考慮收入機會時，相對於 Imperva 和 Guardium 等一些傳統供應商而言，替代機會似乎在短期內相當引人注目。那麼，從市場進入角度來說，您該如何定位它？

With our cloud data repository, we started to do very well with databases, primarily with admin activities and with the classification and really -- so many customers came and told us, please come replace the incumbent, said what's going on, and they said we needed to get into the queries whatever we need for compliance, but we also need user behavior analytics. The current solutions are not really security solutions. And many times, these -- a lot of these companies didn't innovate and haven't done it in the right way, and they wanted part of one coherent data security platform.

透過我們的雲端資料儲存庫，我們開始在資料庫方面做得很好，主要是管理活動和分類，實際上 - 很多客戶來告訴我們，請來替換現任者，告訴我們發生了什麼，他們說我們需要進入查詢，無論我們需要什麼以達到合規性，但我們也需要用戶行為分析。目前的解決方案並不是真正的安全解決方案。很多時候，這些公司並沒有創新，也沒有以正確的方式進行創新，他們想要一個連貫的資料安全平台的一部分。

This is when we bought -- and we just understood that this is a market that is prime for disruption and it's just part of our overall data security because a lot of the most critical data in the world resides within databases. We are very excited about the opportunity. You build a very robust infrastructure. The way that this really state-of-the-art card architecture that we are working in is -- can take massive amount of (inaudible). And we want to make sure that everything that's related to data lessor or for data security.

這就是我們購買的時候——我們剛剛明白，這是一個容易受到干擾的市場，它只是我們整體資料安全的一部分，因為世界上許多最關鍵的資料都儲存在資料庫中。我們對這個機會感到非常興奮。您建造了一個非常強大的基礎設施。我們正在使用的這種最先進的卡片架構能夠承受大量的（聽不清楚）。我們希望確保與資料出租人或資料安全相關的一切。

And database is part of it and we definitely feel that we can go to new customers, but also we can benefit from a big replacement cycles of the incumbent. So we are very bullish about the opportunity, and we believe that we can execute very well against the potential of this opportunity.

資料庫是其中的一部分，我們確實認為我們可以吸引新客戶，但我們也可以從現有客戶的大規模更換週期中受益。因此，我們對這個機會非常看好，我們相信我們能夠很好地發揮這個機會的潛力。

Junaid Siddiqi, Truist Securities.

朱奈德·西迪奇 (Junaid Siddiqi)，Truist 證券公司。

Just wanted to ask about your identity protection suite that you launched last month. We're seeing more and more convergence between data and identity security. Could you just talk a bit about some of the differentiating aspects what this does compare to what some of the other identity vendors are able to offer their customers?

只是想詢問一下您上個月推出的身份保護套件。我們看到資料和身分安全之間的融合越來越多。您能否簡單談談這與其他身分認同供應商能夠為客戶提供的服務相比有哪些不同之處？

Yes. It's not a new model. It's already built into our platform. It's very important to understand that Varonis is not managing identity access. We understand identity from a threat perspective.

是的。這不是一個新模型。它已經內建在我們的平台中。了解 Varonis 不管理身分存取非常重要。我們從威脅的角度來理解身份。

So what are we doing? We're identifying who you are, what is your configuration, how you behave and if you are doing anything that is abnormal and enrich the identity --of data streams. As we said before, attackers are not breaking in the logging and the beginning is the identity.

那我們在做什麼？我們正在識別您是誰、您的配置是什麼、您的行為如何以及您是否在做任何異常的事情，並豐富資料流的身份。正如我們之前所說，攻擊者並不是從日誌中破解的，而首先是身分。

Once that identity is compromised, there is no perimeter -- any sophisticated data security platform like Varonis to protect your data from.

一旦身分被洩露，就沒有任何防護措施——任何像 Varonis 這樣的複雜資料安全平台都無法保護您的資料。

Fatima Boolani, Citi.

花旗銀行的 Fatima Boolani。

This is Mark for Fatima. Maybe just to dig a little bit more into the comments on SaaS continues to create opportunity to sell additional customers. Within this cohort, should we think about this as selling more into new industries or end markets that SaaS has to login to enter? Or your ability with SaaS to capture new budgets with an IT environment?

這是法蒂瑪的馬克。也許只是深入挖掘一下關於 SaaS 的評論，就能繼續創造機會來吸引更多的顧客。在這個群體中，我們是否應該將其視為向 SaaS 必須登入才能進入的新產業或終端市場銷售更多產品？或者您有能力利用 SaaS 在 IT 環境中獲得新的預算？

And relatedly, are these greenfield opportunities? Or are you displacing incumbents?

與此相關的是，這些是綠地機會嗎？還是您正在取代現任者？

So we're definitely seeing SaaS open up additional opportunities. It's, in a way, increasing our TAM, increasing our ability to offer protection to customers that probably wouldn't have considered us if we didn't have the SaaS offering. And I can tell you that when we look at different verticals, different sizes of companies, we have absolutely seen our TAM increase 3x from where it was pre the additional data -- the cloud protection that we have introduced recently.

因此，我們確實看到 SaaS 開闢了更多機會。從某種程度上來說，它增加了我們的 TAM，增強了我們為客戶提供保護的能力，如果我們沒有提供 SaaS 產品，客戶可能不會考慮我們。我可以告訴你，當我們觀察不同的垂直產業、不同規模的公司時，我們確實看到我們的 TAM 比新增資料（我們最近推出的雲端保護）之前增加了 3 倍。

So in analyzing our TAM and analyzing the opportunity, I can tell you that it's additional opportunity. And in a way, there are also opportunities to replace existing offerings. But for the most part, it's opening up new avenues, new verticals, and new customers that wouldn't consider our otherwise.

因此，在分析我們的 TAM 和分析機會時，我可以告訴你，這是額外的機會。從某種程度上來說，也有機會取代現有的產品。但在大多數情況下，它正在開闢新的途徑、新的垂直領域和新的客戶，否則他們不會考慮我們。

There are no further questions at this time. I'd like to hand the floor back over to Tim Perz.

目前沒有其他問題。我想將發言權交還給 Tim Perz。

Thanks for the interest in Varonis. We look forward to meeting everybody at conferences this quarter.

感謝您對 Varonis 的關注。我們期待本季在會議上與大家見面。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。