$VRNS
VARONIS SYSTEMS INC

2016 Q2 Form 10-Q Financial Statement

#000117184316011647 Filed on August 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $38.64M $29.15M
YoY Change 32.56% 18.42%
Cost Of Revenue $3.721M $2.863M
YoY Change 29.97% 14.93%
Gross Profit $34.92M $26.29M
YoY Change 32.84% 18.81%
Gross Profit Margin 90.37% 90.18%
Selling, General & Admin $31.60M $25.02M
YoY Change 26.28% 26.06%
% of Gross Profit 90.49% 95.2%
Research & Development $8.905M $7.799M
YoY Change 14.18% 14.15%
% of Gross Profit 25.5% 29.67%
Depreciation & Amortization $570.0K $350.0K
YoY Change 62.86% 25.0%
% of Gross Profit 1.63% 1.33%
Operating Expenses $40.51M $32.82M
YoY Change 23.4% 23.01%
Operating Profit -$5.585M -$6.536M
YoY Change -14.55% 43.4%
Interest Expense -$610.0K $400.0K
YoY Change -252.5% 471.43%
% of Operating Profit
Other Income/Expense, Net -$605.0K $402.0K
YoY Change -250.5% 443.24%
Pretax Income -$6.190M -$6.134M
YoY Change 0.91% 36.8%
Income Tax $303.0K $188.0K
% Of Pretax Income
Net Earnings -$6.493M -$6.322M
YoY Change 2.7% 36.28%
Net Earnings / Revenue -16.8% -21.69%
Basic Earnings Per Share
Diluted Earnings Per Share -$82.34K -$84.68K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $108.5M $104.9M
YoY Change 3.43% -12.73%
Cash & Equivalents $56.10M $69.78M
Short-Term Investments $52.40M $35.10M
Other Short-Term Assets $2.600M $2.800M
YoY Change -7.14% 100.0%
Inventory
Prepaid Expenses
Receivables $33.49M $28.95M
Other Receivables $0.00 $0.00
Total Short-Term Assets $144.6M $136.6M
YoY Change 5.84% -2.74%
LONG-TERM ASSETS
Property, Plant & Equipment $8.646M $6.426M
YoY Change 34.55% 146.21%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $511.0K $570.0K
YoY Change -10.35% 93.22%
Total Long-Term Assets $9.157M $6.996M
YoY Change 30.89% 140.83%
TOTAL ASSETS
Total Short-Term Assets $144.6M $136.6M
Total Long-Term Assets $9.157M $6.996M
Total Assets $153.7M $143.6M
YoY Change 7.06% 0.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.074M $2.584M
YoY Change -19.74% 12.35%
Accrued Expenses $22.70M $16.90M
YoY Change 34.32% 31.01%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $69.74M $53.04M
YoY Change 31.49% 29.21%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $5.393M $4.820M
YoY Change 11.89% 32033.33%
Total Long-Term Liabilities $9.616M $9.317M
YoY Change 3.21% 158.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $69.74M $53.04M
Total Long-Term Liabilities $9.616M $9.317M
Total Liabilities $79.36M $62.36M
YoY Change 27.26% 39.65%
SHAREHOLDERS EQUITY
Retained Earnings -$105.3M -$86.14M
YoY Change 22.21% 42.47%
Common Stock $26.00K $25.00K
YoY Change 4.0% -99.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $74.37M $81.24M
YoY Change
Total Liabilities & Shareholders Equity $153.7M $143.6M
YoY Change 7.06% 0.17%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$6.493M -$6.322M
YoY Change 2.7% 36.28%
Depreciation, Depletion And Amortization $570.0K $350.0K
YoY Change 62.86% 25.0%
Cash From Operating Activities -$3.100M -$6.680M
YoY Change -53.59% 35.77%
INVESTING ACTIVITIES
Capital Expenditures -$730.0K -$1.300M
YoY Change -43.85% 91.18%
Acquisitions
YoY Change
Other Investing Activities $4.990M -$250.0K
YoY Change -2096.0% -146.3%
Cash From Investing Activities $4.260M -$1.540M
YoY Change -376.62% 1000.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 490.0K 70.00K
YoY Change 600.0% -122.58%
NET CHANGE
Cash From Operating Activities -3.100M -6.680M
Cash From Investing Activities 4.260M -1.540M
Cash From Financing Activities 490.0K 70.00K
Net Change In Cash 1.650M -8.150M
YoY Change -120.25% 51.77%
FREE CASH FLOW
Cash From Operating Activities -$3.100M -$6.680M
Capital Expenditures -$730.0K -$1.300M
Free Cash Flow -$2.370M -$5.380M
YoY Change -55.95% 26.89%

Facts In Submission

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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
29458000
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
2627050
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
12.354
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
5.923
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
25.142
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
16.87
CY2016Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
1879372
CY2016Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
2718925
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y91D
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
26831000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y7D
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y89D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y6D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P5Y340D
CY2016Q2 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
10.716
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
P5Y7D
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P6Y6D
CY2016Q2 us-gaap Short Term Investments
ShortTermInvestments
52353000
CY2015Q4 us-gaap Short Term Investments
ShortTermInvestments
57103000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
142494
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
74371000
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
83587000
CY2016Q2 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-845000
CY2015Q2 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
1056000
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
379000
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
936000
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
26273380
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
24875227
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
26195269
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
24809006
vrns Increase Decrease In Long Term Deposits
IncreaseDecreaseInLongTermDeposits
27000
vrns Increase Decrease In Long Term Deposits
IncreaseDecreaseInLongTermDeposits
65000
vrns Increase Decrease In Short Term Deposits
IncreaseDecreaseInShortTermDeposits
-4750000
vrns Increase Decrease In Short Term Deposits
IncreaseDecreaseInShortTermDeposits
CY2016Q2 vrns Subsidiary Or Equity Method Investee Number
SubsidiaryOrEquityMethodInvesteeNumber
5

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