$VRNS
VARONIS SYSTEMS INC

2014 Q2 Form 10-Q Financial Statement

#000119312514190004 Filed on May 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q1
Revenue $24.62M $17.46M $12.58M
YoY Change 38.01% 38.75% 42.95%
Cost Of Revenue $2.491M $2.042M $1.349M
YoY Change 65.3% 51.37% 43.51%
Gross Profit $22.13M $15.41M $11.23M
YoY Change 35.49% 37.24% 42.71%
Gross Profit Margin 89.88% 88.3% 89.28%
Selling, General & Admin $19.85M $16.91M $10.75M
YoY Change 56.06% 57.31% 40.3%
% of Gross Profit 89.72% 109.69% 95.69%
Research & Development $6.832M $6.439M $4.519M
YoY Change 40.14% 42.49% 25.18%
% of Gross Profit 30.88% 41.78% 40.24%
Depreciation & Amortization $280.0K $254.0K $162.0K
YoY Change -20.0% 56.79%
% of Gross Profit 1.27% 1.65% 1.44%
Operating Expenses $26.68M $23.35M $15.27M
YoY Change 51.65% 52.92% 35.46%
Operating Profit -$4.558M -$7.932M -$4.035M
YoY Change 260.32% 96.58% 18.68%
Interest Expense $70.00K -$40.00K -$680.0K
YoY Change -121.88% -94.12% -67.77%
% of Operating Profit
Other Income/Expense, Net $74.00K -$38.00K -$679.0K
YoY Change -122.84% -94.4%
Pretax Income -$4.484M -$7.970M -$4.714M
YoY Change 182.19% 69.07% -14.6%
Income Tax $155.0K $104.0K $77.00K
% Of Pretax Income
Net Earnings -$4.639M -$8.074M -$4.791M
YoY Change 183.56% 68.52% -14.29%
Net Earnings / Revenue -18.85% -46.26% -38.08%
Basic Earnings Per Share
Diluted Earnings Per Share -$63.24K -$242.7K -$66.98K
COMMON SHARES
Basic Shares Outstanding 24.45M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $120.2M $125.9M
YoY Change 746.48%
Cash & Equivalents $120.1M $125.5M $17.47M
Short-Term Investments $100.0K $400.0K
Other Short-Term Assets $1.400M $1.800M
YoY Change 7.69%
Inventory
Prepaid Expenses
Receivables $18.85M $14.25M
Other Receivables $0.00 $0.00
Total Short-Term Assets $140.4M $141.9M
YoY Change 371.27%
LONG-TERM ASSETS
Property, Plant & Equipment $2.610M $2.210M
YoY Change 63.13%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $295.0K $380.0K
YoY Change 195.0%
Total Long-Term Assets $2.905M $2.590M
YoY Change 81.56%
TOTAL ASSETS
Total Short-Term Assets $140.4M $141.9M
Total Long-Term Assets $2.905M $2.590M
Total Assets $143.3M $144.5M
YoY Change 356.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.300M $2.089M
YoY Change 76.92%
Accrued Expenses $12.90M $11.40M
YoY Change 74.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $41.05M $38.72M
YoY Change 48.74%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $15.00K $17.00K
YoY Change -99.84%
Total Long-Term Liabilities $3.601M $3.519M
YoY Change -60.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.05M $38.72M
Total Long-Term Liabilities $3.601M $3.519M
Total Liabilities $44.65M $42.24M
YoY Change 21.67%
SHAREHOLDERS EQUITY
Retained Earnings -$60.47M -$55.83M
YoY Change
Common Stock $159.1M $158.1M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $98.69M $102.3M
YoY Change
Total Liabilities & Shareholders Equity $143.3M $144.5M
YoY Change 356.51%

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$4.639M -$8.074M -$4.791M
YoY Change 183.56% 68.52% -14.29%
Depreciation, Depletion And Amortization $280.0K $254.0K $162.0K
YoY Change -20.0% 56.79%
Cash From Operating Activities -$4.920M $4.340M
YoY Change -16500.0%
INVESTING ACTIVITIES
Capital Expenditures -$680.0K $608.0K $230.0K
YoY Change 7.94% 164.35%
Acquisitions
YoY Change
Other Investing Activities $540.0K $4.010M
YoY Change -871.43%
Cash From Investing Activities -$140.0K $3.400M
YoY Change -80.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $106.1M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -310.0K 108.1M
YoY Change -720.0%
NET CHANGE
Cash From Operating Activities -4.920M 4.340M
Cash From Investing Activities -140.0K 3.400M
Cash From Financing Activities -310.0K 108.1M
Net Change In Cash -5.370M 115.9M
YoY Change 766.13%
FREE CASH FLOW
Cash From Operating Activities -$4.920M $4.340M
Capital Expenditures -$680.0K $608.0K $230.0K
Free Cash Flow -$4.240M $3.732M
YoY Change -742.42%

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CY2014Q1 dei Entity Registrant Name
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VARONIS SYSTEMS INC
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The Company rents its facilities in all locations under operating leases with lease periods expiring from 2014 - 2016. The lease agreements of VSL include extension options. VSL leases cars for its employees under operating lease agreements expiring at various dates from 2014 - 2016
CY2014Q1 us-gaap Revenues
Revenues
17455000
CY2014Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
284000
CY2014Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-8096000
CY2014Q1 us-gaap Gross Profit
GrossProfit
15413000
CY2014Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-7970000
CY2014Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-38000
CY2014Q1 us-gaap Licenses Revenue
LicensesRevenue
8053000
CY2014Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
13000
CY2014Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
28000
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-7932000
CY2014Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
335000
CY2014Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-14014000
CY2014Q1 us-gaap Maintenance Revenue
MaintenanceRevenue
9402000
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
-8074000
CY2014Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-22000
CY2014Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
CY2014Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
106071000
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
608000
CY2014Q1 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
15000
CY2014Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-22000
CY2014Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2665000
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
108125000
CY2014Q1 us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
43775000
CY2014Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-1424000
CY2014Q1 us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
0
CY2014Q1 us-gaap Increase Decrease In Postemployment Obligations
IncreaseDecreaseInPostemploymentObligations
314000
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
251000
CY2014Q1 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
108447000
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6439000
CY2014Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
13000
CY2014Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
31000
CY2014Q1 us-gaap Depreciation
Depreciation
254000
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
646000
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
115863000
CY2014Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
14241000
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
3401000
CY2014Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-1069000
CY2014Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-74000
CY2014Q1 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
3000
CY2014Q1 us-gaap Cost Of Revenue
CostOfRevenue
2042000
CY2014Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
501000
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
23345000
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
104000
CY2014Q1 vrns Deferred Offering Costs Not Yet Paid
DeferredOfferingCostsNotYetPaid
846000
CY2014Q1 vrns Initial Public Offering Issuance Cost
InitialPublicOfferingIssuanceCost
2376000
CY2014Q1 vrns Reclassification Of Warrant Liability To Equity
ReclassificationOfWarrantLiabilityToEquity
-2866000
CY2014Q1 vrns Supplemental Noncash Transactions
SupplementalNoncashTransactions
47487000
CY2014Q1 vrns Stock Issued During Period Value Issuance Of Common Stock Upon Exercise Of Warrants
StockIssuedDuringPeriodValueIssuanceOfCommonStockUponExerciseOfWarrants
CY2014Q1 vrns Increase Decrease In Short Term Deposits
IncreaseDecreaseInShortTermDeposits
3987000
CY2014Q1 vrns Increase Decrease In Long Term Deposits
IncreaseDecreaseInLongTermDeposits
37000
CY2014Q1 vrns Financial Statements Issued Date
FinancialStatementsIssuedDate
2014-05-08
CY2014Q1 vrns Stock Issued During Period Value Issuance Of Common Stock Upon Conversion Of Warrants
StockIssuedDuringPeriodValueIssuanceOfCommonStockUponConversionOfWarrants
2866000

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