$VRNS
VARONIS SYSTEMS INC

2016 Q1 Form 10-Q Financial Statement

#000117184316009717 Filed on May 05, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $30.47M $22.99M
YoY Change 32.56% 31.69%
Cost Of Revenue $3.496M $2.833M
YoY Change 23.4% 38.74%
Gross Profit $26.97M $20.15M
YoY Change 33.85% 30.75%
Gross Profit Margin 88.53% 87.68%
Selling, General & Admin $28.93M $23.97M
YoY Change 20.67% 41.79%
% of Gross Profit 107.24% 118.95%
Research & Development $8.837M $7.733M
YoY Change 14.28% 20.1%
% of Gross Profit 32.76% 38.37%
Depreciation & Amortization $497.0K $344.0K
YoY Change 44.48% 35.43%
% of Gross Profit 1.84% 1.71%
Operating Expenses $37.76M $31.70M
YoY Change 19.11% 35.81%
Operating Profit -$10.79M -$11.55M
YoY Change -6.6% 45.63%
Interest Expense $650.0K -$1.040M
YoY Change -162.5% 2500.0%
% of Operating Profit
Other Income/Expense, Net $645.0K -$1.041M
YoY Change -161.96% 2639.47%
Pretax Income -$10.14M -$12.59M
YoY Change -19.44% 57.99%
Income Tax $206.0K $78.00K
% Of Pretax Income
Net Earnings -$10.35M -$12.67M
YoY Change -18.31% 56.92%
Net Earnings / Revenue -33.97% -55.12%
Basic Earnings Per Share
Diluted Earnings Per Share -$132.1K -$170.7K
COMMON SHARES
Basic Shares Outstanding 26.08M 24.69M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $111.8M $113.0M
YoY Change -1.06% -10.25%
Cash & Equivalents $54.46M $77.92M
Short-Term Investments $57.40M $35.10M
Other Short-Term Assets $4.600M $2.400M
YoY Change 91.67% 33.33%
Inventory
Prepaid Expenses
Receivables $24.40M $20.60M
Other Receivables $0.00 $0.00
Total Short-Term Assets $140.8M $136.0M
YoY Change 3.55% -4.17%
LONG-TERM ASSETS
Property, Plant & Equipment $8.490M $5.500M
YoY Change 54.36% 148.87%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $494.0K $300.0K
YoY Change 64.67% -21.05%
Total Long-Term Assets $8.984M $5.800M
YoY Change 54.9% 123.94%
TOTAL ASSETS
Total Short-Term Assets $140.8M $136.0M
Total Long-Term Assets $8.984M $5.800M
Total Assets $149.8M $141.8M
YoY Change 5.65% -1.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $702.0K $2.100M
YoY Change -66.57% 0.53%
Accrued Expenses $18.10M $14.50M
YoY Change 24.83% 27.19%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $62.02M $48.50M
YoY Change 27.88% 25.26%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $5.552M $8.900M
YoY Change -37.62% 52252.94%
Total Long-Term Liabilities $9.944M $8.900M
YoY Change 11.73% 152.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $62.02M $48.50M
Total Long-Term Liabilities $9.944M $8.900M
Total Liabilities $71.97M $57.30M
YoY Change 25.59% 35.66%
SHAREHOLDERS EQUITY
Retained Earnings -$98.78M
YoY Change
Common Stock $26.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $77.85M $84.50M
YoY Change
Total Liabilities & Shareholders Equity $149.8M $141.8M
YoY Change 5.65% -1.87%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income -$10.35M -$12.67M
YoY Change -18.31% 56.92%
Depreciation, Depletion And Amortization $497.0K $344.0K
YoY Change 44.48% 35.43%
Cash From Operating Activities $5.440M $1.250M
YoY Change 335.2% -71.2%
INVESTING ACTIVITIES
Capital Expenditures $722.0K $473.0K
YoY Change 52.64% -22.2%
Acquisitions
YoY Change
Other Investing Activities -$270.0K $10.00K
YoY Change -2800.0% -99.75%
Cash From Investing Activities -$990.0K -$470.0K
YoY Change 110.64% -113.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 760.0K 550.0K
YoY Change 38.18% -99.49%
NET CHANGE
Cash From Operating Activities 5.440M 1.250M
Cash From Investing Activities -990.0K -470.0K
Cash From Financing Activities 760.0K 550.0K
Net Change In Cash 5.210M 1.330M
YoY Change 291.73% -98.85%
FREE CASH FLOW
Cash From Operating Activities $5.440M $1.250M
Capital Expenditures $722.0K $473.0K
Free Cash Flow $4.718M $777.0K
YoY Change 507.21% -79.18%

Facts In Submission

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11.971
CY2016Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
5.848
CY2016Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
25.56
CY2016Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
16.87
CY2016Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
1911497
CY2016Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
2878988
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y91D
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
19736000
CY2016Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
15181
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
77846000
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
83587000
CY2016Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
1224000
CY2015Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-120000
CY2016Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
26117073
CY2015Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
24741306
CY2016Q1 vrns Increase Decrease In Short Term Deposits
IncreaseDecreaseInShortTermDeposits
250000
CY2015Q1 vrns Increase Decrease In Short Term Deposits
IncreaseDecreaseInShortTermDeposits
CY2016Q1 vrns Subsidiary Or Equity Method Investee Number
SubsidiaryOrEquityMethodInvesteeNumber
5

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