$VRNS
VARONIS SYSTEMS INC

2016 Q3 Form 10-Q Financial Statement

#000117184316012959 Filed on November 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $40.94M $31.24M
YoY Change 31.05% 22.2%
Cost Of Revenue $4.116M $3.044M
YoY Change 35.22% 17.53%
Gross Profit $36.82M $28.19M
YoY Change 30.6% 22.72%
Gross Profit Margin 89.95% 90.26%
Selling, General & Admin $31.46M $24.65M
YoY Change 27.62% 18.69%
% of Gross Profit 85.44% 87.44%
Research & Development $9.290M $8.085M
YoY Change 14.9% 10.51%
% of Gross Profit 25.23% 28.68%
Depreciation & Amortization $540.0K $360.0K
YoY Change 50.0% 9.09%
% of Gross Profit 1.47% 1.28%
Operating Expenses $40.75M $32.74M
YoY Change 24.48% 16.56%
Operating Profit -$3.930M -$4.545M
YoY Change -13.53% -11.13%
Interest Expense -$190.0K -$100.0K
YoY Change 90.0% -89.36%
% of Operating Profit
Other Income/Expense, Net -$187.0K -$104.0K
YoY Change 79.81% -88.98%
Pretax Income -$4.117M -$4.649M
YoY Change -11.44% -23.26%
Income Tax $272.0K $276.0K
% Of Pretax Income
Net Earnings -$4.389M -$4.925M
YoY Change -10.88% -22.49%
Net Earnings / Revenue -10.72% -15.77%
Basic Earnings Per Share
Diluted Earnings Per Share -$55.23K -$64.78K
COMMON SHARES
Basic Shares Outstanding 24.92M
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $112.0M $105.0M
YoY Change 6.67% -8.93%
Cash & Equivalents $41.69M $69.93M
Short-Term Investments $70.40M $35.10M
Other Short-Term Assets $3.900M $3.100M
YoY Change 25.81% 106.67%
Inventory
Prepaid Expenses
Receivables $30.13M $28.19M
Other Receivables $0.00 $0.00
Total Short-Term Assets $146.1M $136.3M
YoY Change 7.16% -1.19%
LONG-TERM ASSETS
Property, Plant & Equipment $9.231M $7.832M
YoY Change 17.86% 186.15%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $545.0K $475.0K
YoY Change 14.74% -50.0%
Total Long-Term Assets $9.776M $8.307M
YoY Change 17.68% 125.31%
TOTAL ASSETS
Total Short-Term Assets $146.1M $136.3M
Total Long-Term Assets $9.776M $8.307M
Total Assets $155.9M $144.6M
YoY Change 7.76% 2.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $944.0K $2.215M
YoY Change -57.38% -19.57%
Accrued Expenses $22.20M $19.10M
YoY Change 16.23% 28.19%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $69.58M $56.22M
YoY Change 23.75% 29.1%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $5.681M $5.163M
YoY Change 10.03% 1060.22%
Total Long-Term Liabilities $9.976M $9.572M
YoY Change 4.22% 92.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $69.58M $56.22M
Total Long-Term Liabilities $9.976M $9.572M
Total Liabilities $79.55M $65.79M
YoY Change 20.91% 35.59%
SHAREHOLDERS EQUITY
Retained Earnings -$109.7M -$91.07M
YoY Change 20.42% 36.29%
Common Stock $27.00K $26.00K
YoY Change 3.85% -99.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $76.32M $78.85M
YoY Change
Total Liabilities & Shareholders Equity $155.9M $144.6M
YoY Change 7.76% 2.1%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income -$4.389M -$4.925M
YoY Change -10.88% -22.49%
Depreciation, Depletion And Amortization $540.0K $360.0K
YoY Change 50.0% 9.09%
Cash From Operating Activities $2.200M $800.0K
YoY Change 175.0% -119.7%
INVESTING ACTIVITIES
Capital Expenditures -$1.130M -$1.770M
YoY Change -36.16% 293.33%
Acquisitions
YoY Change
Other Investing Activities -$18.04M $100.0K
YoY Change -18140.0% -350.0%
Cash From Investing Activities -$19.16M -$1.670M
YoY Change 1047.31% 240.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.550M 1.030M
YoY Change 147.57% -402.94%
NET CHANGE
Cash From Operating Activities 2.200M 800.0K
Cash From Investing Activities -19.16M -1.670M
Cash From Financing Activities 2.550M 1.030M
Net Change In Cash -14.41M 160.0K
YoY Change -9106.25% -103.27%
FREE CASH FLOW
Cash From Operating Activities $2.200M $800.0K
Capital Expenditures -$1.130M -$1.770M
Free Cash Flow $3.330M $2.570M
YoY Change 29.57% -171.19%

Facts In Submission

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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2516734
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
14.759
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
14.026
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
39511000
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
2444514
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
14.531
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
6.661
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
26.334
CY2016Q3 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
11.569
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
P5Y338D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P5Y312D
CY2016Q3 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
2516734
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y91D
CY2016Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
34033000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y16D
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
P5Y16D
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P5Y338D
CY2016Q3 us-gaap Short Term Investments
ShortTermInvestments
70353000
CY2015Q4 us-gaap Short Term Investments
ShortTermInvestments
57103000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
324992
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
76323000
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
83587000
CY2016Q3 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
331000
CY2015Q3 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-543000
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
710000
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
393000
CY2016Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
26492313
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
25367347
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
26294936
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
24997856
vrns Increase Decrease In Long Term Deposits
IncreaseDecreaseInLongTermDeposits
27000
vrns Increase Decrease In Long Term Deposits
IncreaseDecreaseInLongTermDeposits
-11000
vrns Increase Decrease In Short Term Deposits
IncreaseDecreaseInShortTermDeposits
13250000
vrns Increase Decrease In Short Term Deposits
IncreaseDecreaseInShortTermDeposits
CY2016Q3 vrns Subsidiary Or Equity Method Investee Number
SubsidiaryOrEquityMethodInvesteeNumber
5

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