$VRNS
VARONIS SYSTEMS INC

2014 Q4 Form 10-Q Financial Statement

#000119312514406113 Filed on November 10, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $33.71M $25.56M $18.51M
YoY Change 31.22% 38.1% 36.91%
Cost Of Revenue $2.790M $2.590M $1.652M
YoY Change 41.62% 56.78% 32.16%
Gross Profit $30.93M $22.97M $16.86M
YoY Change 30.4% 36.27% 37.39%
Gross Profit Margin 91.75% 89.87% 91.08%
Selling, General & Admin $23.13M $20.77M $13.27M
YoY Change 42.16% 56.49% 54.34%
% of Gross Profit 74.78% 90.41% 78.73%
Research & Development $7.500M $7.316M $5.712M
YoY Change 27.77% 28.08% 56.07%
% of Gross Profit 24.25% 31.85% 33.88%
Depreciation & Amortization $430.0K $330.0K $220.0K
YoY Change 86.96% 50.0% 83.33%
% of Gross Profit 1.39% 1.44% 1.31%
Operating Expenses $30.63M $28.09M $18.99M
YoY Change 38.35% 47.94% 54.85%
Operating Profit $300.0K -$5.114M -$2.127M
YoY Change -81.01% 140.43% -21370.0%
Interest Expense -$810.0K -$940.0K -$390.0K
YoY Change -606.25% 141.03% -454.55%
% of Operating Profit -270.0%
Other Income/Expense, Net -$944.0K -$387.0K
YoY Change 143.93% 383.75%
Pretax Income -$510.0K -$6.058M -$2.514M
YoY Change -130.0% 140.97% -6385.0%
Income Tax -$180.0K $296.0K $50.00K
% Of Pretax Income
Net Earnings -$330.0K -$6.354M -$2.564M
YoY Change -121.71% 147.82% 8446.67%
Net Earnings / Revenue -0.98% -24.86% -13.85%
Basic Earnings Per Share
Diluted Earnings Per Share -$4.459K -$86.34K -$35.80K
COMMON SHARES
Basic Shares Outstanding 24.57M shares 24.50M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $111.7M $115.3M $15.60M
YoY Change 697.86% 639.1%
Cash & Equivalents $76.59M $115.2M $15.25M
Short-Term Investments $35.10M $100.0K $300.0K
Other Short-Term Assets $3.000M $1.500M $1.900M
YoY Change 87.5% -21.05%
Inventory
Prepaid Expenses $852.0K
Receivables $37.87M $21.15M $14.20M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $152.5M $138.0M $31.70M
YoY Change 248.45% 335.27%
LONG-TERM ASSETS
Property, Plant & Equipment $3.989M $2.737M $1.600M
YoY Change 114.92% 71.06%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $332.0K $950.0K $400.0K
YoY Change -79.57% 137.5%
Total Long-Term Assets $4.321M $3.687M $2.000M
YoY Change 24.13% 84.35%
TOTAL ASSETS
Total Short-Term Assets $152.5M $138.0M $31.70M
Total Long-Term Assets $4.321M $3.687M $2.000M
Total Assets $156.8M $141.7M $33.70M
YoY Change 231.92% 320.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.703M $2.754M $1.500M
YoY Change 24.97% 83.6%
Accrued Expenses $4.022M $14.90M $8.500M
YoY Change 38.98% 75.29%
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 $53.21M $43.55M $29.90M
YoY Change 31.72% 45.65%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.698M $445.0K $5.200M
YoY Change 26314.29% -91.44%
Total Long-Term Liabilities $8.611M $4.973M $5.200M
YoY Change 41.4% -4.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $53.21M $43.55M $29.90M
Total Long-Term Liabilities $8.611M $4.973M $5.200M
Total Liabilities $61.82M $48.52M $35.10M
YoY Change 32.99% 38.24%
SHAREHOLDERS EQUITY
Retained Earnings -$67.15M -$66.82M
YoY Change 40.62%
Common Stock $162.5M $160.5M
YoY Change 3324.72%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $95.03M $93.15M -$1.500M
YoY Change
Total Liabilities & Shareholders Equity $156.8M $141.7M $33.70M
YoY Change 231.92% 320.38%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income -$330.0K -$6.354M -$2.564M
YoY Change -121.71% 147.82% 8446.67%
Depreciation, Depletion And Amortization $430.0K $330.0K $220.0K
YoY Change 86.96% 50.0% 83.33%
Cash From Operating Activities -$2.470M -$4.060M $750.0K
YoY Change 238.36% -641.33% 17.19%
INVESTING ACTIVITIES
Capital Expenditures -$590.0K -$450.0K -$200.0K
YoY Change 13.46% 125.0% 17.65%
Acquisitions
YoY Change
Other Investing Activities -$35.00M -$40.00K -$290.0K
YoY Change 772.82% -86.21% 866.67%
Cash From Investing Activities -$35.59M -$490.0K -$490.0K
YoY Change 685.65% 0.0% 145.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -590.0K -340.0K 1.140M
YoY Change 63.89% -129.82% 2180.0%
NET CHANGE
Cash From Operating Activities -2.470M -4.060M 750.0K
Cash From Investing Activities -35.59M -490.0K -490.0K
Cash From Financing Activities -590.0K -340.0K 1.140M
Net Change In Cash -38.65M -4.890M 1.400M
YoY Change 587.72% -449.29% 185.71%
FREE CASH FLOW
Cash From Operating Activities -$2.470M -$4.060M $750.0K
Capital Expenditures -$590.0K -$450.0K -$200.0K
Free Cash Flow -$1.880M -$3.610M $950.0K
YoY Change 795.24% -480.0% 17.28%

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dei Document Type
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dei Entity Registrant Name
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VARONIS SYSTEMS INC
dei Trading Symbol
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VRNS
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The Company rents its facilities in all locations under operating leases with lease periods expiring from 2014 - 2026. VSL leases cars for its employees under operating lease agreements expiring at various dates from 2014 - 2017.
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0.60 pure
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 Segment
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P5Y11M21D
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
94674 shares
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-542000
us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
43775000
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
106071000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1181000
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-218000
us-gaap Gross Profit
GrossProfit
60511000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-542000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
615000
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
0
us-gaap Licenses Revenue
LicensesRevenue
36714000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
232000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-18512000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
213000
us-gaap Operating Income Loss
OperatingIncomeLoss
-17604000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-19609000
us-gaap Maintenance Revenue
MaintenanceRevenue
30920000
us-gaap Income Taxes Paid
IncomeTaxesPaid
103000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-908000
us-gaap Revenues
Revenues
67634000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1739000
us-gaap Net Income Loss
NetIncomeLoss
-19067000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-7122000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2838000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
297000
us-gaap Operating Expenses
OperatingExpenses
78115000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
20587000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
49168000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
93000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
431000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
105604000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
555000
us-gaap Cost Of Revenue
CostOfRevenue
7123000
us-gaap Depreciation
Depreciation
858000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
107479000
us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
43775000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
2696000
us-gaap Increase Decrease In Postemployment Obligations
IncreaseDecreaseInPostemploymentObligations
344000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
2769000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
213000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
2106000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
8360000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
591000
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
108447000
us-gaap Share Based Compensation
ShareBasedCompensation
2838000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
2239000
vrns Stock Issued During Period Value Issuance Of Common Stock Upon Conversion Of Warrants
StockIssuedDuringPeriodValueIssuanceOfCommonStockUponConversionOfWarrants
2866000
vrns Initial Public Offering Issuance Cost
InitialPublicOfferingIssuanceCost
2376000
vrns Financial Statements Issued Date
FinancialStatementsIssuedDate
2014-11-10
vrns Increase Decrease In Short Term Deposits
IncreaseDecreaseInShortTermDeposits
-4242000
vrns Supplemental Noncash Transactions
SupplementalNoncashTransactions
46641000
vrns Increase Decrease In Long Term Deposits
IncreaseDecreaseInLongTermDeposits
-48000
vrns Reclassification Of Warrant Liability To Equity
ReclassificationOfWarrantLiabilityToEquity
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 Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1788000
CY2013 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1636000
CY2013Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
3897203 shares
CY2013Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.66
CY2013Q3 us-gaap Gross Profit
GrossProfit
16858000
CY2013Q3 us-gaap Licenses Revenue
LicensesRevenue
10256000
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-2514000
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-2127000
CY2013Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-2564000
CY2013Q3 us-gaap Maintenance Revenue
MaintenanceRevenue
8254000
CY2013Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-387000
CY2013Q3 us-gaap Revenues
Revenues
18510000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
-2564000
CY2013Q3 us-gaap Operating Expenses
OperatingExpenses
18985000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
50000
CY2013Q3 us-gaap Cost Of Revenue
CostOfRevenue
1652000
CY2013Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2158000
CY2013Q3 us-gaap Share Based Compensation
ShareBasedCompensation
510000
CY2014Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
24516417 shares
CY2014Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.26
CY2014Q3 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-589000
CY2014Q3 us-gaap Gross Profit
GrossProfit
22973000
CY2014Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-589000
CY2014Q3 us-gaap Licenses Revenue
LicensesRevenue
14239000
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-6058000
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-5114000
CY2014Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-6943000
CY2014Q3 us-gaap Maintenance Revenue
MaintenanceRevenue
11324000
CY2014Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-944000
CY2014Q3 us-gaap Revenues
Revenues
25563000
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
-6354000
CY2014Q3 us-gaap Operating Expenses
OperatingExpenses
28087000
CY2014Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7316000
CY2014Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
17741000
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
296000
CY2014Q3 us-gaap Cost Of Revenue
CostOfRevenue
2590000
CY2014Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3030000
CY2014Q3 us-gaap Share Based Compensation
ShareBasedCompensation
1214000

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