$VRNS
VARONIS SYSTEMS INC

2018 Q1 Form 10-Q Financial Statement

#000117184318003268 Filed on May 01, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $53.53M $39.59M
YoY Change 35.2% 29.94%
Cost Of Revenue $6.442M $4.693M
YoY Change 37.27% 34.24%
Gross Profit $47.09M $34.90M
YoY Change 34.92% 29.38%
Gross Profit Margin 87.97% 88.15%
Selling, General & Admin $47.04M $36.42M
YoY Change 29.15% 25.92%
% of Gross Profit 99.9% 104.36%
Research & Development $15.54M $10.41M
YoY Change 49.31% 17.79%
% of Gross Profit 33.01% 29.83%
Depreciation & Amortization $797.0K $622.0K
YoY Change 28.14% 25.15%
% of Gross Profit 1.69% 1.78%
Operating Expenses $62.58M $46.83M
YoY Change 33.63% 24.02%
Operating Profit -$15.50M -$11.93M
YoY Change 29.88% 10.59%
Interest Expense $980.0K $470.0K
YoY Change 108.51% -27.69%
% of Operating Profit
Other Income/Expense, Net $978.0K $469.0K
YoY Change 108.53% -27.29%
Pretax Income -$14.52M -$11.46M
YoY Change 26.66% 13.0%
Income Tax $527.0K $200.0K
% Of Pretax Income
Net Earnings -$15.05M -$11.66M
YoY Change 29.01% 12.69%
Net Earnings / Revenue -28.11% -29.46%
Basic Earnings Per Share
Diluted Earnings Per Share -$176.9K -$144.2K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $153.7M $121.3M
YoY Change 26.71% 8.5%
Cash & Equivalents $70.78M $51.07M
Short-Term Investments $82.90M $70.30M
Other Short-Term Assets $18.90M $7.800M
YoY Change 142.31% 69.57%
Inventory
Prepaid Expenses
Receivables $32.47M $27.47M
Other Receivables $0.00 $0.00
Total Short-Term Assets $205.1M $156.6M
YoY Change 30.97% 11.18%
LONG-TERM ASSETS
Property, Plant & Equipment $12.18M $10.79M
YoY Change 12.92% 27.04%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.674M $778.0K
YoY Change 886.38% 57.49%
Total Long-Term Assets $19.85M $11.56M
YoY Change 71.69% 28.72%
TOTAL ASSETS
Total Short-Term Assets $205.1M $156.6M
Total Long-Term Assets $19.85M $11.56M
Total Assets $224.9M $168.1M
YoY Change 33.77% 12.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $483.0K $1.582M
YoY Change -69.47% 125.36%
Accrued Expenses $36.20M $21.60M
YoY Change 67.59% 19.34%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $105.2M $77.74M
YoY Change 35.27% 25.34%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $8.045M $5.429M
YoY Change 48.19% -2.22%
Total Long-Term Liabilities $14.29M $11.14M
YoY Change 28.35% 11.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $105.2M $77.74M
Total Long-Term Liabilities $14.29M $11.14M
Total Liabilities $119.4M $88.87M
YoY Change 34.4% 23.49%
SHAREHOLDERS EQUITY
Retained Earnings -$124.4M -$119.6M
YoY Change 4.01% 21.11%
Common Stock $29.00K $27.00K
YoY Change 7.41% 3.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $105.5M $79.27M
YoY Change
Total Liabilities & Shareholders Equity $224.9M $168.1M
YoY Change 33.77% 12.24%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$15.05M -$11.66M
YoY Change 29.01% 12.69%
Depreciation, Depletion And Amortization $797.0K $622.0K
YoY Change 28.14% 25.15%
Cash From Operating Activities $17.44M $8.297M
YoY Change 110.24% 52.52%
INVESTING ACTIVITIES
Capital Expenditures $1.081M $1.498M
YoY Change -27.84% 107.48%
Acquisitions
YoY Change
Other Investing Activities -$3.340M -$4.900M
YoY Change -31.84% 1714.81%
Cash From Investing Activities -$4.422M -$6.395M
YoY Change -30.85% 545.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $1.066M 882.0K
YoY Change 20.86% 16.05%
NET CHANGE
Cash From Operating Activities $17.44M 8.297M
Cash From Investing Activities -$4.422M -6.395M
Cash From Financing Activities $1.066M 882.0K
Net Change In Cash $14.09M 2.784M
YoY Change 406.03% -46.56%
FREE CASH FLOW
Cash From Operating Activities $17.44M $8.297M
Capital Expenditures $1.081M $1.498M
Free Cash Flow $16.36M $6.799M
YoY Change 140.67% 44.11%

Facts In Submission

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CY2018Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
1122468
CY2018Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
1251577
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y133D
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y330D
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y227D
CY2018Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
15.151
CY2018Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
P4Y133D
CY2018Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
15.935
CY2018Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P4Y227D
CY2018Q1 us-gaap Short Term Investments
ShortTermInvestments
82892000
CY2017Q4 us-gaap Short Term Investments
ShortTermInvestments
79868000
CY2018Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
203474
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
105479000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
114642000
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
28362479
CY2017Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
26951205
CY2018Q1 vrns Common Stock Capital Shares Reserved For Future Issuance Annual Increase Maximum
CommonStockCapitalSharesReservedForFutureIssuanceAnnualIncreaseMaximum
1125846
CY2017Q1 vrns Common Stock Capital Shares Reserved For Future Issuance Annual Increase Maximum
CommonStockCapitalSharesReservedForFutureIssuanceAnnualIncreaseMaximum
1072870
CY2016Q1 vrns Common Stock Capital Shares Reserved For Future Issuance Annual Increase Maximum
CommonStockCapitalSharesReservedForFutureIssuanceAnnualIncreaseMaximum
1042766
CY2017Q4 vrns Financial Assets Liabilities Fair Value Disclosure
FinancialAssetsLiabilitiesFairValueDisclosure
86738000
CY2017Q1 vrns Increase Decrease In Deferred Commissions
IncreaseDecreaseInDeferredCommissions
2906000
CY2018Q1 vrns Increase Decrease In Deferred Commissions
IncreaseDecreaseInDeferredCommissions
2434000
CY2018Q1 vrns Increase Decrease In Long Term Deposits
IncreaseDecreaseInLongTermDeposits
308000
CY2017Q1 vrns Increase Decrease In Long Term Deposits
IncreaseDecreaseInLongTermDeposits
140000
CY2018Q1 vrns Subsidiary Or Equity Method Investee Number
SubsidiaryOrEquityMethodInvesteeNumber
8

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