2019 Q3 Form 10-Q Financial Statement

#000162828019009285 Filed on July 30, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 Q2
Revenue $65.65M $59.62M $62.19M
YoY Change -2.09% -4.13% 25.81%
Cost Of Revenue $8.768M $8.398M $6.440M
YoY Change 24.33% 30.4% 31.94%
Gross Profit $56.88M $51.22M $55.75M
YoY Change -5.2% -8.12% 25.14%
Gross Profit Margin 86.64% 85.91% 89.64%
Selling, General & Admin $52.46M $55.51M $49.34M
YoY Change 5.83% 12.5% 25.99%
% of Gross Profit 92.22% 108.36% 88.5%
Research & Development $20.40M $19.72M $17.72M
YoY Change 18.14% 11.32% 54.09%
% of Gross Profit 35.86% 38.5% 31.78%
Depreciation & Amortization $1.500M $1.480M $830.0K
YoY Change 76.47% 78.31% 25.76%
% of Gross Profit 2.64% 2.89% 1.49%
Operating Expenses $72.86M $75.23M $67.06M
YoY Change 9.01% 12.19% 32.37%
Operating Profit -$15.98M -$24.01M -$11.31M
YoY Change 133.79% 112.35% 85.12%
Interest Expense -$480.0K $70.00K -$810.0K
YoY Change -580.0% -108.64% -185.26%
% of Operating Profit
Other Income/Expense, Net -$482.0K $65.00K -$811.0K
YoY Change -586.87% -108.01% -185.37%
Pretax Income -$16.46M -$23.94M -$12.12M
YoY Change 144.39% 97.6% 134.94%
Income Tax $530.0K $547.0K $567.0K
% Of Pretax Income
Net Earnings -$16.99M -$24.49M -$12.68M
YoY Change 132.16% 93.08% 121.07%
Net Earnings / Revenue -25.88% -41.07% -20.39%
Basic Earnings Per Share
Diluted Earnings Per Share -$186.4K -$269.6K -$146.2K
COMMON SHARES
Basic Shares Outstanding 30.33M shares 30.26M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $94.38M $105.0M $158.7M
YoY Change -40.3% -33.83% 30.51%
Cash & Equivalents $52.98M $69.16M $73.64M
Short-Term Investments $41.40M $35.85M $85.00M
Other Short-Term Assets $15.10M $15.20M $16.90M
YoY Change 2.72% -10.06% 122.37%
Inventory
Prepaid Expenses
Receivables $51.87M $45.56M $41.39M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $198.3M $207.1M $217.0M
YoY Change -12.14% -4.55% 27.3%
LONG-TERM ASSETS
Property, Plant & Equipment $27.19M $24.35M $12.34M
YoY Change 115.9% 97.3% 10.59%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $15.62M $13.15M $7.724M
YoY Change 105.51% 70.24% 844.25%
Total Long-Term Assets $99.86M $96.89M $20.07M
YoY Change 394.48% 382.86% 67.52%
TOTAL ASSETS
Total Short-Term Assets $198.3M $207.1M $217.0M
Total Long-Term Assets $99.86M $96.89M $20.07M
Total Assets $298.2M $304.0M $237.1M
YoY Change 21.26% 28.24% 29.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.999M $2.299M $1.899M
YoY Change -4.64% 21.06% 40.88%
Accrued Expenses $53.70M $53.80M $45.50M
YoY Change 16.49% 18.24% 47.73%
Deferred Revenue $76.98M $79.08M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $133.7M $135.2M $119.1M
YoY Change 9.75% 13.54% 32.91%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.555M $2.694M $7.933M
YoY Change -66.61% -66.04% 50.45%
Total Long-Term Liabilities $66.71M $68.66M $14.21M
YoY Change 375.66% 383.25% 33.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $133.7M $135.2M $119.1M
Total Long-Term Liabilities $66.71M $68.66M $14.21M
Total Liabilities $200.4M $203.8M $133.3M
YoY Change 47.54% 52.95% 32.99%
SHAREHOLDERS EQUITY
Retained Earnings -$202.1M -$185.1M -$137.1M
YoY Change 39.91% 34.99% 9.98%
Common Stock $30.00K $30.00K $29.00K
YoY Change 3.45% 3.45% 7.41%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $97.77M $100.2M $103.8M
YoY Change
Total Liabilities & Shareholders Equity $298.2M $304.0M $237.1M
YoY Change 21.26% 28.24% 29.94%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$16.99M -$24.49M -$12.68M
YoY Change 132.16% 93.08% 121.07%
Depreciation, Depletion And Amortization $1.500M $1.480M $830.0K
YoY Change 76.47% 78.31% 25.76%
Cash From Operating Activities -$13.63M -$11.11M $2.940M
YoY Change 231.63% -477.89% -419.57%
INVESTING ACTIVITIES
Capital Expenditures -$4.340M -$4.780M -$990.0K
YoY Change 290.99% 382.83% -3.88%
Acquisitions
YoY Change
Other Investing Activities -$1.230M $22.03M -$2.140M
YoY Change -76.12% -1129.44% -197.72%
Cash From Investing Activities -$5.580M $17.27M -$3.130M
YoY Change -10.72% -651.76% -372.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.030M -1.470M 3.020M
YoY Change -25.74% -148.68% 33.63%
NET CHANGE
Cash From Operating Activities -13.63M -11.11M 2.940M
Cash From Investing Activities -5.580M 17.27M -3.130M
Cash From Financing Activities 3.030M -1.470M 3.020M
Net Change In Cash -16.18M 4.690M 2.830M
YoY Change 157.64% 65.72% 13.65%
FREE CASH FLOW
Cash From Operating Activities -$13.63M -$11.11M $2.940M
Capital Expenditures -$4.340M -$4.780M -$990.0K
Free Cash Flow -$9.290M -$6.330M $3.930M
YoY Change 209.67% -261.07% 3472.73%

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ComprehensiveIncomeNetOfTax
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ComprehensiveIncomeNetOfTax
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ComprehensiveIncomeNetOfTax
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ComprehensiveIncomeNetOfTax
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us-gaap Share Based Compensation
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ShareBasedCompensation
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2000 USD
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1264000 USD
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217000 USD
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201000 USD
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126000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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2953000 USD
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20383000 USD
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vrns Increase Decrease In Long Term Deposits
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15000 USD
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318000 USD
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10000 USD
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2000 USD
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Income Taxes Paid
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us-gaap Income Taxes Paid
IncomeTaxesPaid
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us-gaap Operations Commenced Date1
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2005-01-01
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SubsidiaryOrEquityMethodInvesteeNumber
9 subsidiary
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2004-11-24
us-gaap Contract With Customer Liability Revenue Recognized
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57064000 USD
vrns Contract With Customer Right Of Return Sales Returns
ContractWithCustomerRightOfReturnSalesReturns
0 USD
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P4Y
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90000 USD
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484000 USD
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CashAndCashEquivalentsAtCarryingValue
69159000 USD
CY2018Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
73636000 USD
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RestrictedCashAndCashEquivalentsNoncurrent
0 USD
CY2018Q2 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
520000 USD
CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
69159000 USD
CY2018Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
74156000 USD
CY2019Q2 vrns Financial Assets Liabilities Fair Value Disclosure
FinancialAssetsLiabilitiesFairValueDisclosure
47153000 USD
CY2018Q4 vrns Financial Assets Liabilities Fair Value Disclosure
FinancialAssetsLiabilitiesFairValueDisclosure
38717000 USD
CY2019Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
59390000 USD
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5772000 USD
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OperatingLeaseLiabilityNoncurrent
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CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
65614000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2859000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
10698000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
9040000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
9051000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
8855000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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38387000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
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78890000 USD
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13276000 USD
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OperatingLeaseLiability
65614000 USD
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P8Y9M3D
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OperatingLeaseWeightedAverageDiscountRatePercent
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us-gaap Lease And Rental Expense
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3303000 USD
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
2641000 USD
CY2019Q1 vrns Common Stock Capital Shares Reserved For Future Issuance Annual Increase Maximum
CommonStockCapitalSharesReservedForFutureIssuanceAnnualIncreaseMaximum
1183075 shares
CY2018Q1 vrns Common Stock Capital Shares Reserved For Future Issuance Annual Increase Maximum
CommonStockCapitalSharesReservedForFutureIssuanceAnnualIncreaseMaximum
1125846 shares
CY2017Q1 vrns Common Stock Capital Shares Reserved For Future Issuance Annual Increase Maximum
CommonStockCapitalSharesReservedForFutureIssuanceAnnualIncreaseMaximum
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CY2016Q1 vrns Common Stock Capital Shares Reserved For Future Issuance Annual Increase Maximum
CommonStockCapitalSharesReservedForFutureIssuanceAnnualIncreaseMaximum
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CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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17.941
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
24810000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
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StockIssuedDuringPeriodSharesStockOptionsExercised
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
7.923
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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0 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
21.168
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
21884000 USD
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
528411 shares
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
21.236
CY2019Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
21509000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
8570000 USD
CY2019Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
536745 shares
CY2019Q2 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
21.168
CY2019Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
528411 shares
CY2019Q2 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
21.236
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
14796000 USD
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8848000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
23757000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
15775000 USD
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2019Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
59621000 USD
CY2018Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
62190000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
115981000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
115718000 USD
CY2019Q2 us-gaap Noncurrent Assets
NoncurrentAssets
24351000 USD
CY2018Q4 us-gaap Noncurrent Assets
NoncurrentAssets
17323000 USD

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