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    Mike Richards

    Research Analyst at RBC Capital Markets

    Michael Richards is an Equity Research Senior Associate at RBC Capital Markets, specializing in software sector analysis with a particular focus on enterprise software, cybersecurity, and design software companies. He has covered leading firms in these industries and has contributed to comprehensive sector research, drawing on prior experience as an Equity Research Associate at Stifel Financial Corp. where his coverage also spanned major software companies. Michael began his career with audit and financial analysis internships at Deloitte, Evercore, and Franklin Templeton before joining Stifel in 2022 and moving to RBC Capital Markets in April 2024. He holds a Master of Science in Accounting and a Bachelor’s degree in Accounting and Finance from the NYU Stern School of Business.

    Mike Richards's questions to VARONIS SYSTEMS (VRNS) leadership

    Mike Richards's questions to VARONIS SYSTEMS (VRNS) leadership • Q4 2024

    Question

    Mike Richards, on behalf of Matt Hedberg at RBC Capital Markets, inquired about potential upside to the flat net new ARR growth guidance, asking about conservative assumptions around Copilot adoption or base conversions, and the specific methods for accelerating the Phase 2 SaaS transition.

    Answer

    CEO Yaki Faitelson attributed the acceleration to strong customer demand for effortless data security, especially with the rise of AI agents like Copilot, which makes Varonis's automated platform a necessity. CFO and COO Guy Melamed added that the company is applying learnings from 2024 by making strategic investments in sales, support, and legal, and by starting the renewal process earlier to manage the additional paperwork associated with SaaS conversions.

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