$VRNS
VARONIS SYSTEMS INC

2015 Q3 Form 10-Q Financial Statement

#000117184315006078 Filed on November 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $31.24M $25.56M
YoY Change 22.2% 38.1%
Cost Of Revenue $3.044M $2.590M
YoY Change 17.53% 56.78%
Gross Profit $28.19M $22.97M
YoY Change 22.72% 36.27%
Gross Profit Margin 90.26% 89.87%
Selling, General & Admin $24.65M $20.77M
YoY Change 18.69% 56.49%
% of Gross Profit 87.44% 90.41%
Research & Development $8.085M $7.316M
YoY Change 10.51% 28.08%
% of Gross Profit 28.68% 31.85%
Depreciation & Amortization $360.0K $330.0K
YoY Change 9.09% 50.0%
% of Gross Profit 1.28% 1.44%
Operating Expenses $32.74M $28.09M
YoY Change 16.56% 47.94%
Operating Profit -$4.545M -$5.114M
YoY Change -11.13% 140.43%
Interest Expense -$100.0K -$940.0K
YoY Change -89.36% 141.03%
% of Operating Profit
Other Income/Expense, Net -$104.0K -$944.0K
YoY Change -88.98% 143.93%
Pretax Income -$4.649M -$6.058M
YoY Change -23.26% 140.97%
Income Tax $276.0K $296.0K
% Of Pretax Income
Net Earnings -$4.925M -$6.354M
YoY Change -22.49% 147.82%
Net Earnings / Revenue -15.77% -24.86%
Basic Earnings Per Share
Diluted Earnings Per Share -$64.78K -$86.34K
COMMON SHARES
Basic Shares Outstanding 24.92M 24.50M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $105.0M $115.3M
YoY Change -8.93% 639.1%
Cash & Equivalents $69.93M $115.2M
Short-Term Investments $35.10M $100.0K
Other Short-Term Assets $3.100M $1.500M
YoY Change 106.67% -21.05%
Inventory
Prepaid Expenses
Receivables $28.19M $21.15M
Other Receivables $0.00 $0.00
Total Short-Term Assets $136.3M $138.0M
YoY Change -1.19% 335.27%
LONG-TERM ASSETS
Property, Plant & Equipment $7.832M $2.737M
YoY Change 186.15% 71.06%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $475.0K $950.0K
YoY Change -50.0% 137.5%
Total Long-Term Assets $8.307M $3.687M
YoY Change 125.31% 84.35%
TOTAL ASSETS
Total Short-Term Assets $136.3M $138.0M
Total Long-Term Assets $8.307M $3.687M
Total Assets $144.6M $141.7M
YoY Change 2.1% 320.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.215M $2.754M
YoY Change -19.57% 83.6%
Accrued Expenses $19.10M $14.90M
YoY Change 28.19% 75.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $56.22M $43.55M
YoY Change 29.1% 45.65%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $5.163M $445.0K
YoY Change 1060.22% -91.44%
Total Long-Term Liabilities $9.572M $4.973M
YoY Change 92.48% -4.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $56.22M $43.55M
Total Long-Term Liabilities $9.572M $4.973M
Total Liabilities $65.79M $48.52M
YoY Change 35.59% 38.24%
SHAREHOLDERS EQUITY
Retained Earnings -$91.07M -$66.82M
YoY Change 36.29%
Common Stock $26.00K $160.5M
YoY Change -99.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $78.85M $93.15M
YoY Change
Total Liabilities & Shareholders Equity $144.6M $141.7M
YoY Change 2.1% 320.38%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income -$4.925M -$6.354M
YoY Change -22.49% 147.82%
Depreciation, Depletion And Amortization $360.0K $330.0K
YoY Change 9.09% 50.0%
Cash From Operating Activities $800.0K -$4.060M
YoY Change -119.7% -641.33%
INVESTING ACTIVITIES
Capital Expenditures -$1.770M -$450.0K
YoY Change 293.33% 125.0%
Acquisitions
YoY Change
Other Investing Activities $100.0K -$40.00K
YoY Change -350.0% -86.21%
Cash From Investing Activities -$1.670M -$490.0K
YoY Change 240.82% 0.0%
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 -340.0K
YoY Change -402.94% -129.82%
NET CHANGE
Cash From Operating Activities 800.0K -4.060M
Cash From Investing Activities -1.670M -490.0K
Cash From Financing Activities 1.030M -340.0K
Net Change In Cash 160.0K -4.890M
YoY Change -103.27% -449.29%
FREE CASH FLOW
Cash From Operating Activities $800.0K -$4.060M
Capital Expenditures -$1.770M -$450.0K
Free Cash Flow $2.570M -$3.610M
YoY Change -171.19% -480.0%

Facts In Submission

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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
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1954109
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3111368
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4080611
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
12.831
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.697
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
20867000
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
2987446
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
12.367
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.582
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
25.448
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
CY2015Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
20321000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y264D
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y33D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y70D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P6Y31D
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
P4Y264D
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P6Y70D
CY2015Q3 us-gaap Short Term Investments
ShortTermInvestments
35102000
CY2014Q4 us-gaap Short Term Investments
ShortTermInvestments
35102000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1025777
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
1647000
CY2015Q3 us-gaap Stockholders Equity
StockholdersEquity
78853000
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
95026000
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
-43008000
CY2015Q3 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-543000
CY2014Q3 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-589000
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
393000
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-542000
CY2014 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-326000
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
25367347
CY2014Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
24516417
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
24997856
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
20100388
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
-11000
vrns Increase Decrease In Long Term Deposits
IncreaseDecreaseInLongTermDeposits
-48000
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
vrns Reclassification Of Warrant Liability To Equity
ReclassificationOfWarrantLiabilityToEquity
2866000
CY2015Q3 vrns Subsidiary Or Equity Method Investee Number
SubsidiaryOrEquityMethodInvesteeNumber
5
vrns Supplemental Noncash Transactions
SupplementalNoncashTransactions
1355000
vrns Supplemental Noncash Transactions
SupplementalNoncashTransactions
46641000

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