$VRNS
VARONIS SYSTEMS INC

2015 Q1 Form 10-K Financial Statement

#000119312515054287 Filed on February 19, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q4 2013 Q4
Revenue $22.99M $33.71M $25.69M
YoY Change 31.69% 31.22% 38.42%
Cost Of Revenue $2.833M $2.790M $1.970M
YoY Change 38.74% 41.62% 30.46%
Gross Profit $20.15M $30.93M $23.72M
YoY Change 30.75% 30.4% 39.12%
Gross Profit Margin 87.68% 91.75% 92.33%
Selling, General & Admin $23.97M $23.13M $16.27M
YoY Change 41.79% 42.16% 54.22%
% of Gross Profit 118.95% 74.78% 68.59%
Research & Development $7.733M $7.500M $5.870M
YoY Change 20.1% 27.77% 40.43%
% of Gross Profit 38.37% 24.25% 24.75%
Depreciation & Amortization $344.0K $430.0K $230.0K
YoY Change 35.43% 86.96% 64.29%
% of Gross Profit 1.71% 1.39% 0.97%
Operating Expenses $31.70M $30.63M $22.14M
YoY Change 35.81% 38.35% 50.31%
Operating Profit -$11.55M $300.0K $1.580M
YoY Change 45.63% -81.01% -31.9%
Interest Expense -$1.040M -$810.0K $160.0K
YoY Change 2500.0% -606.25% -328.57%
% of Operating Profit -270.0% 10.13%
Other Income/Expense, Net -$1.041M -$40.00K
YoY Change 2639.47% 300.0%
Pretax Income -$12.59M -$510.0K $1.700M
YoY Change 57.99% -130.0% -24.11%
Income Tax $78.00K -$180.0K $180.0K
% Of Pretax Income 10.59%
Net Earnings -$12.67M -$330.0K $1.520M
YoY Change 56.92% -121.71% -30.91%
Net Earnings / Revenue -55.12% -0.98% 5.92%
Basic Earnings Per Share
Diluted Earnings Per Share -$170.7K -$4.459K $21.26K
COMMON SHARES
Basic Shares Outstanding 24.69M shares 24.57M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q1 2014 Q4 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $113.0M $111.7M $14.00M
YoY Change -10.25% 697.86%
Cash & Equivalents $77.92M $76.59M $9.633M
Short-Term Investments $35.10M $35.10M $4.300M
Other Short-Term Assets $2.400M $3.000M $1.600M
YoY Change 33.33% 87.5%
Inventory
Prepaid Expenses $852.0K $839.0K
Receivables $20.60M $37.87M $28.27M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $136.0M $152.5M $43.77M
YoY Change -4.17% 248.45%
LONG-TERM ASSETS
Property, Plant & Equipment $5.500M $3.989M $1.856M
YoY Change 148.87% 114.92%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $300.0K $332.0K $1.625M
YoY Change -21.05% -79.57%
Total Long-Term Assets $5.800M $4.321M $3.481M
YoY Change 123.94% 24.13%
TOTAL ASSETS
Total Short-Term Assets $136.0M $152.5M $43.77M
Total Long-Term Assets $5.800M $4.321M $3.481M
Total Assets $141.8M $156.8M $47.25M
YoY Change -1.87% 231.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.100M $2.703M $2.163M
YoY Change 0.53% 24.97%
Accrued Expenses $14.50M $4.022M $2.894M
YoY Change 27.19% 38.98%
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 $48.50M $53.21M $40.40M
YoY Change 25.26% 31.72%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $8.900M $3.698M $14.00K
YoY Change 52252.94% 26314.29%
Total Long-Term Liabilities $8.900M $8.611M $6.090M
YoY Change 152.91% 41.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $48.50M $53.21M $40.40M
Total Long-Term Liabilities $8.900M $8.611M $6.090M
Total Liabilities $57.30M $61.82M $46.49M
YoY Change 35.66% 32.99%
SHAREHOLDERS EQUITY
Retained Earnings -$67.15M -$47.75M
YoY Change 40.62%
Common Stock $162.5M $4.745M
YoY Change 3324.72%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $84.50M $95.03M -$43.01M
YoY Change
Total Liabilities & Shareholders Equity $141.8M $156.8M $47.25M
YoY Change -1.87% 231.92%

Cashflow Statement

Concept 2015 Q1 2014 Q4 2013 Q4
OPERATING ACTIVITIES
Net Income -$12.67M -$330.0K $1.520M
YoY Change 56.92% -121.71% -30.91%
Depreciation, Depletion And Amortization $344.0K $430.0K $230.0K
YoY Change 35.43% 86.96% 64.29%
Cash From Operating Activities $1.250M -$2.470M -$730.0K
YoY Change -71.2% 238.36% -150.34%
INVESTING ACTIVITIES
Capital Expenditures $473.0K -$590.0K -$520.0K
YoY Change -22.2% 13.46% 20.93%
Acquisitions
YoY Change
Other Investing Activities $10.00K -$35.00M -$4.010M
YoY Change -99.75% 772.82% -13466.67%
Cash From Investing Activities -$470.0K -$35.59M -$4.530M
YoY Change -113.82% 685.65% 1032.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 550.0K -590.0K -360.0K
YoY Change -99.49% 63.89% -700.0%
NET CHANGE
Cash From Operating Activities 1.250M -2.470M -730.0K
Cash From Investing Activities -470.0K -35.59M -4.530M
Cash From Financing Activities 550.0K -590.0K -360.0K
Net Change In Cash 1.330M -38.65M -5.620M
YoY Change -98.85% 587.72% -606.31%
FREE CASH FLOW
Cash From Operating Activities $1.250M -$2.470M -$730.0K
Capital Expenditures $473.0K -$590.0K -$520.0K
Free Cash Flow $777.0K -$1.880M -$210.0K
YoY Change -79.18% 795.24% -111.17%

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5 Subsidiary
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CY2013Q4 us-gaap Severance Costs1
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CY2013 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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0.50 pure
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CY2014 us-gaap Common Stock Voting Rights
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127000
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263000
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28000
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149000
CY2014 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2014 dei Entity Incorporation Date Of Incorporation
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2004-11-03
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1.663
CY2014 dei Document Type
DocumentType
10-K
CY2014 dei Entity Registrant Name
EntityRegistrantName
VARONIS SYSTEMS INC
CY2014 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2014 dei Trading Symbol
TradingSymbol
VRNS
CY2014 us-gaap Fair Value Assumptions Expected Term
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P6Y3M
CY2014 us-gaap Operations Commenced Date1
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2005-01-01
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P4Y4M9D
CY2014 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
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0.0833 pure
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P3Y2M2D
CY2014 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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51390 shares
CY2014 us-gaap Property Plant And Equipment Depreciation Methods
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Depreciation is calculated using the straight-line method over the estimated useful lives of the assets
CY2014 vrns Bank Charges
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109000
CY2014 us-gaap Use Of Estimates
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<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left">a.</td> <td valign="top" align="left">Use of Estimates:</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt"> The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates, judgments and assumptions. The Company&#x2019;s management believes that the estimates, judgments and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, the Company&#x2019;s management evaluates estimates, including those related to accounts receivable and sales allowances, fair values of stock-based awards, deferred taxes and income tax uncertainties, and contingent liabilities. Such estimates are based on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.</p> </div>
CY2014 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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21242313 shares
CY2014 dei Document Period End Date
DocumentPeriodEndDate
2014-12-31
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P6Y1M3D
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19.449
CY2014 dei Amendment Flag
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false
CY2014 dei Current Fiscal Year End Date
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--12-31
CY2014 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014 us-gaap Description Of Lessor Leasing Arrangements Operating Leases
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The Company rents its facilities in all locations under operating leases with lease periods expiring from 2015-2026. The lease agreements of VSL include extension options. VSL leases cars for its employees under operating lease agreements expiring at various dates from 2015-2017.
CY2014 us-gaap Fair Value Assumptions Expected Dividend Rate
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CY2014 dei Entity Central Index Key
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0001361113
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0.34 pure
CY2014 dei Document Fiscal Period Focus
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FY
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50036000
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3462000
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P6Y1M3D
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213174 shares
CY2014 dei Entity Current Reporting Status
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Yes
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308000
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1937000
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188000
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304000
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2333000
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P5Y11M5D
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4664000
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0
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8517000
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108745000
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1902000
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28086000
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68787000
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187000
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0
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798000
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66960000
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993000
CY2014 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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-6468000
CY2014 us-gaap Income Tax Expense Benefit
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376000
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9911000
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1285000
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106892000
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16000
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43775000
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49000
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5541000
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348000
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382000
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-409000
CY2014 us-gaap Lease And Rental Expense
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2986000
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540000
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108447000
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4664000
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
4800000
CY2014 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
40000
CY2014 us-gaap Foreign Currency Transaction Loss Before Tax
ForeignCurrencyTransactionLossBeforeTax
1591000
CY2014 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
ForeignIncomeTaxExpenseBenefitContinuingOperations
360000
CY2014 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
11000
CY2014 vrns Initial Public Offering Issuance Cost
InitialPublicOfferingIssuanceCost
2376000
CY2014 vrns Other Nonoperating Expense Other
OtherNonoperatingExpenseOther
15000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
183929 shares
CY2014 vrns Conversion Of Warrants To Purchase Preferred Stock To Warrants To Purchase Common Stock
ConversionOfWarrantsToPurchasePreferredStockToWarrantsToPurchaseCommonStock
2866000
CY2012 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1000000
CY2014 vrns Operating Lease Additional Lease Period
OperatingLeaseAdditionalLeasePeriod
P5Y
CY2014 vrns Increase Decrease In Short Term Deposits
IncreaseDecreaseInShortTermDeposits
30758000
CY2014 vrns Unrecognized Tax Benefits Increase Decreases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreaseDecreasesResultingFromCurrentPeriodTaxPositions
4000
CY2014 vrns Operating Loss Carryforwards Valuation Allowance Tax Expense
OperatingLossCarryforwardsValuationAllowanceTaxExpense
4596000
CY2014 vrns Amendment Renewed Lease Term Beginning
AmendmentRenewedLeaseTermBeginning
2014-06-18
CY2012 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
10000
CY2014 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left">q.</td> <td valign="top" align="left">Concentrations of Credit Risks:</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt"> Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, short-term deposits and trade receivables.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt"> The Company&#x2019;s cash, cash equivalents and short-term deposits are invested in major banks in the United States, the United Kingdom, France, Germany, Israel and Canada. Such deposits in the United States may be in excess of insured limits and are not insured in other jurisdictions. The Company maintains cash and cash equivalents with diverse financial institutions and monitors the amount of credit exposure to each financial institution.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt"> The Company&#x2019;s trade receivables are geographically diversified and derived primarily from sales to a network of distributors and VARs mainly in the United States and Europe. Concentration of credit risk with respect to trade receivables is limited by credit limits, ongoing credit evaluation and account monitoring procedures. The Company performs ongoing credit evaluations of its channel partners and establishes an allowance for doubtful accounts based upon a specific review of all significant outstanding invoices. The Company writes off receivables when they are deemed uncollectible and having exhausted all collection efforts.</p> </div>
CY2014 us-gaap Lease Expiration Date1
LeaseExpirationDate1
2026-02-28
CY2014 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 Segment
CY2012 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
179075 shares
CY2012 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
150000
CY2012 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.938
CY2012 us-gaap Fair Value Assumptions Expected Term
FairValueAssumptionsExpectedTerm
P6Y3M
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
11.183
CY2012 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
1732000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
17023 shares
CY2012 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
3756761 shares
CY2012 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y11M13D
CY2012 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
2.382
CY2012 us-gaap Fair Value Assumptions Expected Dividend Rate
FairValueAssumptionsExpectedDividendRate
0.00 pure
CY2012 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y7M10D
CY2012 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
9.228
CY2012 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.29
CY2012 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
CY2012 us-gaap Gross Profit
GrossProfit
48482000
CY2012 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-112000
CY2012 us-gaap Interest Income Deposits With Financial Institutions
InterestIncomeDepositsWithFinancialInstitutions
97000
CY2012 us-gaap Licenses Revenue
LicensesRevenue
31606000
CY2012 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
662000
CY2012 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-4599000
CY2012 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
169000
CY2012 us-gaap Operating Income Loss
OperatingIncomeLoss
-1554000
CY2012 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-12000
CY2012 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-4846000
CY2012 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-3045000
CY2012 us-gaap Maintenance Revenue
MaintenanceRevenue
21804000
CY2012 us-gaap Income Taxes Paid
IncomeTaxesPaid
169000
CY2012 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
766000
CY2012 us-gaap Revenues
Revenues
53410000
CY2012 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
920000
CY2012 us-gaap Net Income Loss
NetIncomeLoss
-4846000
CY2012 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
4370000
CY2012 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
417000
CY2012 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-4487000
CY2012 us-gaap Foreign Currency Transaction Gain Before Tax
ForeignCurrencyTransactionGainBeforeTax
320000
CY2012 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
848000
CY2012 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2012 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
4056000
CY2012 us-gaap Interest Expense
InterestExpense
86000
CY2012 us-gaap Share Based Compensation
ShareBasedCompensation
848000
CY2012 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
15034000
CY2012 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
30036000
CY2012 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
141000
CY2012 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Amount
DefinedContributionPlanMaximumAnnualContributionsPerEmployeeAmount
11500
CY2012 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
0
CY2012 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-97000
CY2012 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
766000
CY2012 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
1493000
CY2012 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
3195000
CY2012 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
-82000
CY2012 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-1610000
CY2012 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
247000
CY2012 us-gaap Cost Of Revenue
CostOfRevenue
4928000
CY2012 us-gaap Depreciation
Depreciation
465000
CY2012 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
403000
CY2012 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1000000
CY2012 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
40000
CY2012 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
810000
CY2012 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
1731000
CY2012 us-gaap Increase Decrease In Postemployment Obligations
IncreaseDecreaseInPostemploymentObligations
143000
CY2012 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-642000
CY2012 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
169000
CY2012 us-gaap Adjustment Of Warrants Granted For Services
AdjustmentOfWarrantsGrantedForServices
258000
CY2012 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
40000
CY2012 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1140000
CY2012 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4966000
CY2012 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1116000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
2420000
CY2012 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
ForeignIncomeTaxExpenseBenefitContinuingOperations
207000
CY2012 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
-51000
CY2012 vrns Increase Decrease In Short Term Deposits
IncreaseDecreaseInShortTermDeposits
-279000
CY2012 vrns Operating Loss Carryforwards Valuation Allowance Tax Expense
OperatingLossCarryforwardsValuationAllowanceTaxExpense
990000
CY2012 vrns Increase Decrease In Long Term Deposits
IncreaseDecreaseInLongTermDeposits
-9000
CY2012 vrns Bank Charges
BankCharges
40000

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