Good day and welcome to the Varonis Systems Incorporated Fourth Quarter 2014 Earnings Conference Call. Today’s conference is being recorded. At this time, I would like to turn the conference over to Staci Mortenson, Investor Relations. Please go ahead.

Thank you. Good afternoon. Thank you for joining us today to review Varonis’ fourth quarter and full year 2014 financial results. With me on the call today are Yaki Faitelson, Chief Executive Officer; and Gili Iohan, Chief Financial Officer. After preliminary remarks, we will open up the call to a question-and-answer session. 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 first quarter and fiscal year ending December 31, 2015. Actual results may differ materially from those set forth in such statements. Important factors such as risks associated with anticipated growth in our addressable market; competitive factors including increased sales cycle time, changes in the competitive environment, pricing changes and increased competition; the risk that we may not able to attract or retain employees including engineers and sales personnel; our ability to build and expand our direct sales efforts and reseller distribution channels; general economic and industry conditions including expenditure trends for data governance and data security software; new product introductions and Varonis’ ability to develop and deliver innovative products; risks associated with international operations; Varonis’ ability to provide high quality service and support offerings; and macroeconomic conditions could cause actual results to differ materially from those contained in forward-looking statements. These factors are addressed 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. 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 for the most directly comparable GAAP financial measures is also available in our fourth quarter 2014 earnings press release, which can be found at www.varonis.com in the Investor Relations section. Also please note that a webcast of today’s call will be available on our website in the Investor Relations section. With that, I’d like to turn the call over to our Chief Executive Officer, Yaki Faitelson. Yaki?

Thanks Stacy and good afternoon everyone. 2014 was a strong year for Varonis. We completed our successful IPO and celebrated 10 years of operation, those meaningful milestones in our development as a company. I’d like to thank all of our customers and provision partners for helping us to achieve our success. To quickly recap the results, Q4 revenues were $33.7 million, an increase of 31% year-over-year, for the full year revenues were $101.3 million, up 36%. Our results further validate a growing demand for organizations and by organizations to secure, manage and take advantage of the rapidly expanding human-generated data. On one hand, we are seeing an increasing number of high profile which is those that are not only target financial information, but also sensitive data and intellectual property to meaningfully the star business. On the other hand employees are straggling to find and access the same information, which is unacceptable that a tackles can more easily search out and extract intellectual property than trusted employees. It is becoming increasingly clear that organizations cannot reverse or even slow this trend, one that threatens their ability to conduct business without having Varonis as a co-component of their infrastructure. Gili will offer the financial details in a moment, but I wanted to provide you with additional business highlights that illustrate the success we are having in growing our business and building awareness of our product. Companies face the challenge of keeping critical business information secure without compromising the productivity of the employees. And this is only getting more difficult as the explosion of business data and our dependence on it complicates organization need to protect it, while still make it useable and accessible. We recently sponsored a study that was conducted by the Ponemon Institute; a leading research center dedicated to privacy,…

Thank you, Yaki. Total revenues for the fourth quarter increased 31% to $33.7 million. Growth was very balanced, driven by new customer wins, the success we have seen with our land-and-expand strategy and consistently high maintenance renewal rates at over 90%. The movement in foreign currencies from when it provided guidance in November negatively impacted our revenues by approximately $300,000 during the quarter. License revenues were $21.7 million. This represents a 29% increase from the fourth quarter of 2013. Our maintenance and services revenues were $12 million increasing 36% compared to the fourth quarter of 2013. Looking at the business geographically, we saw broad-based growth. U.S. revenues increased 26% to $17.9 million or 53% of total revenue, EMEA increased 37% to $12.7 million or 38% of total revenues and rest of world increased 41% to $3.1 million or 9% of total revenues. For the fourth quarter existing customer license and first year maintenance revenue contribution was 36% versus 37% in the fourth quarter of 2013 and for the full year is at 36% versus 34% in 2013. Our land-and-expand model is delivering results and we will continue making investments to broaden our relationship with existing customers as well as increase new customer additions. As of December 31, 2014, 42% of customers had purchased more than one product family, up from 39% as of December 31, 2013, further validating our focus on innovation and expanding the use cases for our products. Our ASP for the full year 2014 was $58,000 compared to $61,000 in 2013. This reflects the strength in our high volume low ASP model during the year and our ability to grow 2014 total revenues 36% without meaningful contribution from larger deals. Before moving onto the profit and loss items, I would like to point out that I will…

[Operator Instructions] We will take our first question from Raimo Lenschow with Barclays.

We will take our next question from John DiFucci with Jefferies.

We will go next to Matt Hedberg with RBC Capital Markets.

We’ll take our next question from [indiscernible].

We will go next to Keith Weiss with Morgan Stanley.

We’ll take our next question from Scott Zeller with Needham & Company.

Your line is now open. Thank you.

[Operator Instructions] And we’ll go next to Greg McDowell with JMP Securities.

We will take our next question from Michael Kim with Imperial Capital.

There are no further questions at this time. I’d like to return the conference back to Yaki Faitelson for any additional or closing remarks.

Thank you. Before we end the call, I would like to thank all of our employees for their contribution to our success this year and all of our customers for their continuing support. Thank you for joining us today and look forward to speaking to you again soon. Thank you.

This does conclude today’s conference. Thank you for your participation.