“Free cash flow of $120 million to $125 million, total revenues of $616 million to $628 million, representing growth of 12% and to 14%.”

In context

“ion compared to $1.1 million in the same period last year. 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. 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. 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. 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. With that, we would be happy to take questions. Operator? Operator: [Operator Instruction”