“Free cash flow of $70 million to $75 million, total revenues of $536 million to $546 million, representing growth of 7% to 9%.”

In context

“lents, short-term deposits and marketable securities. For the 3 months ended March 31, 2024, we generated $56.7 million of cash from operations compared to $36.8 million generated in the same period last year and CapEx was $0.3 million compared to $1.1 million last year. Turning now to our updated 2024 guidance in more detail. For the second quarter of 2024, we expect total revenues of $123 million to $126 million, representing growth of 7% to 9%. Non-GAAP operating loss of negative $6 million to negative $5 million and non-GAAP net loss per basic and diluted share in the range of negative $0.03 to negative $0.02. This assumes 111.7 million basic and diluted shares outstanding. For the full year 2024, we now expect ARR of $622 million to $628 million, representing growth of 15% to 16%. Free cash flow of $70 million to $75 million, total revenues of $536 million to $546 million, representing growth of 7% to 9%. Non-GAAP operating income of $9 million to $14 million, non-GAAP net income per diluted share in the range of $0.13 to $0.16. This assumes 128.4 million diluted shares outstanding. In summary, we are encouraged by the continued momentum of Varonis SaaS and initial reception of MDDR. The growing demand for these offerings is strengthening our ARR performance and cash flow generation as we move through the second phase of our transition, which we believe will unlock meaningful value for both our customers and our company. With that, we would be happy to take questions. Operator? Operator: [Operator Instructions] The first question comes from the line of Saket Kalia with Barclays. Saket Kalia: A nice start to the year here on ARR. I'd love to start with MDDR. And maybe the question is,”