$VRNS
VARONIS SYSTEMS INC

2015 Q3 Form 10-Q Financial Statement

#000117184315004456 Filed on August 07, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2015 Q2 2014 Q2
Revenue $31.24M $29.15M $24.62M
YoY Change 22.2% 18.42% 38.01%
Cost Of Revenue $3.044M $2.863M $2.491M
YoY Change 17.53% 14.93% 65.3%
Gross Profit $28.19M $26.29M $22.13M
YoY Change 22.72% 18.81% 35.49%
Gross Profit Margin 90.26% 90.18% 89.88%
Selling, General & Admin $24.65M $25.02M $19.85M
YoY Change 18.69% 26.06% 56.06%
% of Gross Profit 87.44% 95.2% 89.72%
Research & Development $8.085M $7.799M $6.832M
YoY Change 10.51% 14.15% 40.14%
% of Gross Profit 28.68% 29.67% 30.88%
Depreciation & Amortization $360.0K $350.0K $280.0K
YoY Change 9.09% 25.0% -20.0%
% of Gross Profit 1.28% 1.33% 1.27%
Operating Expenses $32.74M $32.82M $26.68M
YoY Change 16.56% 23.01% 51.65%
Operating Profit -$4.545M -$6.536M -$4.558M
YoY Change -11.13% 43.4% 260.32%
Interest Expense -$100.0K $400.0K $70.00K
YoY Change -89.36% 471.43% -121.88%
% of Operating Profit
Other Income/Expense, Net -$104.0K $402.0K $74.00K
YoY Change -88.98% 443.24% -122.84%
Pretax Income -$4.649M -$6.134M -$4.484M
YoY Change -23.26% 36.8% 182.19%
Income Tax $276.0K $188.0K $155.0K
% Of Pretax Income
Net Earnings -$4.925M -$6.322M -$4.639M
YoY Change -22.49% 36.28% 183.56%
Net Earnings / Revenue -15.77% -21.69% -18.85%
Basic Earnings Per Share
Diluted Earnings Per Share -$64.78K -$84.68K -$63.24K
COMMON SHARES
Basic Shares Outstanding 24.92M 24.45M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q3 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $105.0M $104.9M $120.2M
YoY Change -8.93% -12.73% 746.48%
Cash & Equivalents $69.93M $69.78M $120.1M
Short-Term Investments $35.10M $35.10M $100.0K
Other Short-Term Assets $3.100M $2.800M $1.400M
YoY Change 106.67% 100.0% 7.69%
Inventory
Prepaid Expenses
Receivables $28.19M $28.95M $18.85M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $136.3M $136.6M $140.4M
YoY Change -1.19% -2.74% 371.27%
LONG-TERM ASSETS
Property, Plant & Equipment $7.832M $6.426M $2.610M
YoY Change 186.15% 146.21% 63.13%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $475.0K $570.0K $295.0K
YoY Change -50.0% 93.22% 195.0%
Total Long-Term Assets $8.307M $6.996M $2.905M
YoY Change 125.31% 140.83% 81.56%
TOTAL ASSETS
Total Short-Term Assets $136.3M $136.6M $140.4M
Total Long-Term Assets $8.307M $6.996M $2.905M
Total Assets $144.6M $143.6M $143.3M
YoY Change 2.1% 0.17% 356.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.215M $2.584M $2.300M
YoY Change -19.57% 12.35% 76.92%
Accrued Expenses $19.10M $16.90M $12.90M
YoY Change 28.19% 31.01% 74.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $56.22M $53.04M $41.05M
YoY Change 29.1% 29.21% 48.74%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $5.163M $4.820M $15.00K
YoY Change 1060.22% 32033.33% -99.84%
Total Long-Term Liabilities $9.572M $9.317M $3.601M
YoY Change 92.48% 158.73% -60.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $56.22M $53.04M $41.05M
Total Long-Term Liabilities $9.572M $9.317M $3.601M
Total Liabilities $65.79M $62.36M $44.65M
YoY Change 35.59% 39.65% 21.67%
SHAREHOLDERS EQUITY
Retained Earnings -$91.07M -$86.14M -$60.47M
YoY Change 36.29% 42.47%
Common Stock $26.00K $25.00K $159.1M
YoY Change -99.98% -99.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $78.85M $81.24M $98.69M
YoY Change
Total Liabilities & Shareholders Equity $144.6M $143.6M $143.3M
YoY Change 2.1% 0.17% 356.51%

Cashflow Statement

Concept 2015 Q3 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$4.925M -$6.322M -$4.639M
YoY Change -22.49% 36.28% 183.56%
Depreciation, Depletion And Amortization $360.0K $350.0K $280.0K
YoY Change 9.09% 25.0% -20.0%
Cash From Operating Activities $800.0K -$6.680M -$4.920M
YoY Change -119.7% 35.77% -16500.0%
INVESTING ACTIVITIES
Capital Expenditures -$1.770M -$1.300M -$680.0K
YoY Change 293.33% 91.18% 7.94%
Acquisitions
YoY Change
Other Investing Activities $100.0K -$250.0K $540.0K
YoY Change -350.0% -146.3% -871.43%
Cash From Investing Activities -$1.670M -$1.540M -$140.0K
YoY Change 240.82% 1000.0% -80.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.030M 70.00K -310.0K
YoY Change -402.94% -122.58% -720.0%
NET CHANGE
Cash From Operating Activities 800.0K -6.680M -4.920M
Cash From Investing Activities -1.670M -1.540M -140.0K
Cash From Financing Activities 1.030M 70.00K -310.0K
Net Change In Cash 160.0K -8.150M -5.370M
YoY Change -103.27% 51.77% 766.13%
FREE CASH FLOW
Cash From Operating Activities $800.0K -$6.680M -$4.920M
Capital Expenditures -$1.770M -$1.300M -$680.0K
Free Cash Flow $2.570M -$5.380M -$4.240M
YoY Change -171.19% 26.89% -742.42%

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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y317D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P5Y289D
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
13271000
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-86143000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
191200
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
95855000
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
50482000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
31427000
us-gaap Share Based Compensation
ShareBasedCompensation
3647000
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-67151000
CY2015Q2 us-gaap Revenues
Revenues
29150000
CY2014Q2 us-gaap Revenues
Revenues
24616000
us-gaap Revenues
Revenues
52136000
us-gaap Revenues
Revenues
42071000
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3968238
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4080611
CY2015Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
21264000
CY2014Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
17186000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
41455000
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
10.515
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.697
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
P4Y132D
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P5Y317D
CY2015Q2 us-gaap Short Term Investments
ShortTermInvestments
35102000
us-gaap Share Based Compensation
ShareBasedCompensation
1624000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.65
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.02
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2649977
CY2014Q4 us-gaap Short Term Investments
ShortTermInvestments
35102000
CY2015Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
47928000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y132D
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
4.414
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
4898000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
100802
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
50352000
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
3874985
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
10.20
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.936
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
26.269
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
28.253
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y91D
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
202771
CY2014 us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
43775000
CY2014 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
106071000
CY2014 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
382000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
619000
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
81236000
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
95026000
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
-43008000
CY2015Q2 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
1056000
CY2014Q2 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
69000
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
936000
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
47000
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
24875227
CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
24455259
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
24809006
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
17843306
CY2014Q1 vrns Common Stock Shares Issued Upon Exercise By Underwriters
CommonStockSharesIssuedUponExerciseByUnderwriters
500436
CY2014Q1 vrns Conversion Of Convertible Preferred Stock To Common Stock At Initial Public Offering Shares
ConversionOfConvertiblePreferredStockToCommonStockAtInitialPublicOfferingShares
15082141
CY2014Q1 vrns Conversion Of Preferred Stock Warrants To Common Stock Warrants Shares
ConversionOfPreferredStockWarrantsToCommonStockWarrantsShares
122572
CY2014 vrns Conversion Of Warrants To Purchase Preferred Stock To Warrants To Purchase Common Stock
ConversionOfWarrantsToPurchasePreferredStockToWarrantsToPurchaseCommonStock
2866000
vrns Increase Decrease In Long Term Deposits
IncreaseDecreaseInLongTermDeposits
65000
vrns Increase Decrease In Long Term Deposits
IncreaseDecreaseInLongTermDeposits
-46000
vrns Increase Decrease In Short Term Deposits
IncreaseDecreaseInShortTermDeposits
vrns Increase Decrease In Short Term Deposits
IncreaseDecreaseInShortTermDeposits
-4242000
vrns Reclassification Of Warrant Liability To Equity
ReclassificationOfWarrantLiabilityToEquity
2866000
CY2015Q2 vrns Subsidiary Or Equity Method Investee Number
SubsidiaryOrEquityMethodInvesteeNumber
5
vrns Supplemental Noncash Transactions
SupplementalNoncashTransactions
1355000
vrns Supplemental Noncash Transactions
SupplementalNoncashTransactions
47160000
vrns Reclassification Of Warrant Liability To Equity
ReclassificationOfWarrantLiabilityToEquity

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