$VRNS
VARONIS SYSTEMS INC

2014 Q3 Form 10-Q Financial Statement

#000119312514296834 Filed on August 06, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2014 Q2 2013 Q2
Revenue $25.56M $24.62M $17.84M
YoY Change 38.1% 38.01% 42.35%
Cost Of Revenue $2.590M $2.491M $1.507M
YoY Change 56.78% 65.3% 21.53%
Gross Profit $22.97M $22.13M $16.33M
YoY Change 36.27% 35.49% 44.51%
Gross Profit Margin 89.87% 89.88% 91.55%
Selling, General & Admin $20.77M $19.85M $12.72M
YoY Change 56.49% 56.06% 55.31%
% of Gross Profit 90.41% 89.72% 77.89%
Research & Development $7.316M $6.832M $4.875M
YoY Change 28.08% 40.14% 35.79%
% of Gross Profit 31.85% 30.88% 29.85%
Depreciation & Amortization $330.0K $280.0K $350.0K
YoY Change 50.0% -20.0% 66.67%
% of Gross Profit 1.44% 1.27% 2.14%
Operating Expenses $28.09M $26.68M $17.60M
YoY Change 47.94% 51.65% 49.49%
Operating Profit -$5.114M -$4.558M -$1.265M
YoY Change 140.43% 260.32% 169.15%
Interest Expense -$940.0K $70.00K -$320.0K
YoY Change 141.03% -121.88% -61.9%
% of Operating Profit
Other Income/Expense, Net -$944.0K $74.00K -$324.0K
YoY Change 143.93% -122.84%
Pretax Income -$6.058M -$4.484M -$1.589M
YoY Change 140.97% 182.19% 16.84%
Income Tax $296.0K $155.0K $47.00K
% Of Pretax Income
Net Earnings -$6.354M -$4.639M -$1.636M
YoY Change 147.82% 183.56% 15.21%
Net Earnings / Revenue -24.86% -18.85% -9.17%
Basic Earnings Per Share
Diluted Earnings Per Share -$86.34K -$63.24K -$22.93K
COMMON SHARES
Basic Shares Outstanding 24.50M shares 24.45M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q3 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $115.3M $120.2M $14.20M
YoY Change 639.1% 746.48%
Cash & Equivalents $115.2M $120.1M $13.85M
Short-Term Investments $100.0K $100.0K $300.0K
Other Short-Term Assets $1.500M $1.400M $1.300M
YoY Change -21.05% 7.69%
Inventory
Prepaid Expenses
Receivables $21.15M $18.85M $14.30M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $138.0M $140.4M $29.80M
YoY Change 335.27% 371.27%
LONG-TERM ASSETS
Property, Plant & Equipment $2.737M $2.610M $1.600M
YoY Change 71.06% 63.13%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $950.0K $295.0K $100.0K
YoY Change 137.5% 195.0%
Total Long-Term Assets $3.687M $2.905M $1.600M
YoY Change 84.35% 81.56%
TOTAL ASSETS
Total Short-Term Assets $138.0M $140.4M $29.80M
Total Long-Term Assets $3.687M $2.905M $1.600M
Total Assets $141.7M $143.3M $31.40M
YoY Change 320.38% 356.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.754M $2.300M $1.300M
YoY Change 83.6% 76.92%
Accrued Expenses $14.90M $12.90M $7.400M
YoY Change 75.29% 74.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $43.55M $41.05M $27.60M
YoY Change 45.65% 48.74%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $445.0K $15.00K $9.100M
YoY Change -91.44% -99.84%
Total Long-Term Liabilities $4.973M $3.601M $9.100M
YoY Change -4.37% -60.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $43.55M $41.05M $27.60M
Total Long-Term Liabilities $4.973M $3.601M $9.100M
Total Liabilities $48.52M $44.65M $36.70M
YoY Change 38.24% 21.67%
SHAREHOLDERS EQUITY
Retained Earnings -$66.82M -$60.47M
YoY Change
Common Stock $160.5M $159.1M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $93.15M $98.69M -$5.300M
YoY Change
Total Liabilities & Shareholders Equity $141.7M $143.3M $31.40M
YoY Change 320.38% 356.51%

Cashflow Statement

Concept 2014 Q3 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income -$6.354M -$4.639M -$1.636M
YoY Change 147.82% 183.56% 15.21%
Depreciation, Depletion And Amortization $330.0K $280.0K $350.0K
YoY Change 50.0% -20.0% 66.67%
Cash From Operating Activities -$4.060M -$4.920M $30.00K
YoY Change -641.33% -16500.0% -108.33%
INVESTING ACTIVITIES
Capital Expenditures -$450.0K -$680.0K -$630.0K
YoY Change 125.0% 7.94% 96.88%
Acquisitions
YoY Change
Other Investing Activities -$40.00K $540.0K -$70.00K
YoY Change -86.21% -871.43% -125.0%
Cash From Investing Activities -$490.0K -$140.0K -$700.0K
YoY Change 0.0% -80.0% 1650.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -340.0K -310.0K 50.00K
YoY Change -129.82% -720.0% -82.76%
NET CHANGE
Cash From Operating Activities -4.060M -4.920M 30.00K
Cash From Investing Activities -490.0K -140.0K -700.0K
Cash From Financing Activities -340.0K -310.0K 50.00K
Net Change In Cash -4.890M -5.370M -620.0K
YoY Change -449.29% 766.13% 463.64%
FREE CASH FLOW
Cash From Operating Activities -$4.060M -$4.920M $30.00K
Capital Expenditures -$450.0K -$680.0K -$630.0K
Free Cash Flow -$3.610M -$4.240M $660.0K
YoY Change -480.0% -742.42% -1750.0%

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dei Trading Symbol
TradingSymbol
VRNS
dei Entity Registrant Name
EntityRegistrantName
VARONIS SYSTEMS INC
dei Amendment Flag
AmendmentFlag
false
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Type
DocumentType
10-Q
dei Document Period End Date
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2014-06-30
dei Entity Central Index Key
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dei Current Fiscal Year End Date
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-18000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-12666000
us-gaap Gross Profit
GrossProfit
37538000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-12454000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
36000
us-gaap Licenses Revenue
LicensesRevenue
22475000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
30000
us-gaap Income Taxes Paid
IncomeTaxesPaid
46000
us-gaap Operating Income Loss
OperatingIncomeLoss
-12490000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
662000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-9414000
us-gaap Maintenance Revenue
MaintenanceRevenue
19596000
us-gaap Net Income Loss
NetIncomeLoss
-12713000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
47000
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
0
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
106071000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1288000
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-260000
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
47000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5330000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
107815000
us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
43775000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-686000
us-gaap Increase Decrease In Postemployment Obligations
IncreaseDecreaseInPostemploymentObligations
339000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
282000
us-gaap Share Based Compensation
ShareBasedCompensation
1624000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
110495000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
31427000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
3260000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
721000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
137000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
1000
us-gaap Cost Of Revenue
CostOfRevenue
4533000
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
108447000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
13271000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
30000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
31000
us-gaap Depreciation
Depreciation
534000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1007000
us-gaap Operating Expenses
OperatingExpenses
50028000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
259000
vrns Deferred Offering Costs Not Yet Paid
DeferredOfferingCostsNotYetPaid
519000
vrns Number Of Additional Floors Leased
NumberOfAdditionalFloorsLeased
2 Floors
vrns Initial Public Offering Issuance Cost
InitialPublicOfferingIssuanceCost
2376000
vrns Operating Lease Additional Lease Period
OperatingLeaseAdditionalLeasePeriod
P5Y
vrns Reclassification Of Warrant Liability To Equity
ReclassificationOfWarrantLiabilityToEquity
-2866000
vrns Amendment Renewed Lease Term Beginning
AmendmentRenewedLeaseTermBeginning
2014-06-18
vrns Supplemental Noncash Transactions
SupplementalNoncashTransactions
47160000
vrns Increase Decrease In Short Term Deposits
IncreaseDecreaseInShortTermDeposits
-4242000
vrns Increase Decrease In Long Term Deposits
IncreaseDecreaseInLongTermDeposits
-46000
vrns Financial Statements Issued Date
FinancialStatementsIssuedDate
2014-08-06
vrns Stock Issued During Period Value Issuance Of Common Stock Upon Conversion Of Warrants
StockIssuedDuringPeriodValueIssuanceOfCommonStockUponConversionOfWarrants
2866000
CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y8M12D
CY2013 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
127000
CY2013 us-gaap Net Income Loss
NetIncomeLoss
-7475000
CY2013 us-gaap Share Based Compensation
ShareBasedCompensation
1788000
CY2013 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1636000
CY2013Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
3876073 shares
CY2013Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.42
CY2013Q2 us-gaap Revenues
Revenues
17837000
CY2013Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-1636000
CY2013Q2 us-gaap Gross Profit
GrossProfit
16330000
CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1589000
CY2013Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-324000
CY2013Q2 us-gaap Licenses Revenue
LicensesRevenue
10498000
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-1265000
CY2013Q2 us-gaap Maintenance Revenue
MaintenanceRevenue
7339000
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
-1636000
CY2013Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2220000
CY2013Q2 us-gaap Share Based Compensation
ShareBasedCompensation
422000
CY2013Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
10500000
CY2013Q2 us-gaap Cost Of Revenue
CostOfRevenue
1507000
CY2013Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4875000
CY2013Q2 us-gaap Operating Expenses
OperatingExpenses
17595000
CY2013Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
47000
CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
24455259 shares
CY2014Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.19
CY2014Q2 us-gaap Revenues
Revenues
24616000
CY2014Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-4570000
CY2014Q2 us-gaap Gross Profit
GrossProfit
22125000
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-4484000
CY2014Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
74000
CY2014Q2 us-gaap Licenses Revenue
LicensesRevenue
14422000
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-4558000
CY2014Q2 us-gaap Maintenance Revenue
MaintenanceRevenue
10194000
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
-4639000
CY2014Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
69000
CY2014Q2 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
69000
CY2014Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2665000
CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
978000
CY2014Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
17186000
CY2014Q2 us-gaap Cost Of Revenue
CostOfRevenue
2491000
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6832000
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
26683000
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
155000

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