2019 Q4 Form 10-Q Financial Statement

#000162828019012704 Filed on October 30, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q4
Revenue $72.56M $65.65M $87.52M
YoY Change -17.09% -2.09% 19.89%
Cost Of Revenue $9.650M $8.768M $7.750M
YoY Change 24.52% 24.33% 35.49%
Gross Profit $62.91M $56.88M $79.77M
YoY Change -21.14% -5.2% 18.56%
Gross Profit Margin 86.7% 86.64% 91.14%
Selling, General & Admin $55.04M $52.46M $55.82M
YoY Change -1.4% 5.83% 21.4%
% of Gross Profit 87.49% 92.22% 69.98%
Research & Development $21.87M $20.40M $19.45M
YoY Change 12.44% 18.14% 43.44%
% of Gross Profit 34.76% 35.86% 24.38%
Depreciation & Amortization $2.000M $1.500M $1.680M
YoY Change 19.05% 76.47% 23.53%
% of Gross Profit 3.18% 2.64% 2.11%
Operating Expenses $76.92M $72.86M $75.27M
YoY Change 2.19% 9.01% 26.44%
Operating Profit -$14.01M -$15.98M $4.500M
YoY Change -411.33% 133.79% -41.94%
Interest Expense $160.0K -$480.0K $700.0K
YoY Change -77.14% -580.0% 118.75%
% of Operating Profit 15.56%
Other Income/Expense, Net -$482.0K
YoY Change -586.87%
Pretax Income -$13.85M -$16.46M $5.200M
YoY Change -366.35% 144.39% -35.56%
Income Tax $800.0K $530.0K -$1.260M
% Of Pretax Income -24.23%
Net Earnings -$14.65M -$16.99M $6.470M
YoY Change -326.43% 132.16% -5.13%
Net Earnings / Revenue -20.19% -25.88% 7.39%
Basic Earnings Per Share
Diluted Earnings Per Share -$160.0K -$186.4K $73.09K
COMMON SHARES
Basic Shares Outstanding 30.48M shares 30.33M shares 29.46M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $120.5M $94.38M $88.48M
YoY Change 36.19% -40.3% -35.23%
Cash & Equivalents $68.93M $52.98M $48.71M
Short-Term Investments $51.50M $41.40M $39.77M
Other Short-Term Assets $19.40M $15.10M $17.00M
YoY Change 14.12% 2.72% 18.88%
Inventory
Prepaid Expenses $7.648M $6.857M
Receivables $75.05M $51.87M $83.22M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $214.9M $198.3M $259.1M
YoY Change -17.07% -12.14% 14.39%
LONG-TERM ASSETS
Property, Plant & Equipment $36.34M $27.19M $17.32M
YoY Change 109.77% 115.9% 45.62%
Goodwill $0.00
YoY Change
Intangibles $0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets $12.04M $15.62M $8.565M
YoY Change 40.58% 105.51% 18.25%
Total Long-Term Assets $103.4M $99.86M $25.89M
YoY Change 299.55% 394.48% 35.26%
TOTAL ASSETS
Total Short-Term Assets $214.9M $198.3M $259.1M
Total Long-Term Assets $103.4M $99.86M $25.89M
Total Assets $318.3M $298.2M $285.0M
YoY Change 11.7% 21.26% 16.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $997.0K $2.999M $2.620M
YoY Change -61.95% -4.64% 312.6%
Accrued Expenses $62.60M $53.70M $56.00M
YoY Change 11.79% 16.49% 31.76%
Deferred Revenue $95.98M $76.98M $87.73M
YoY Change 9.4%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $159.6M $133.7M $146.3M
YoY Change 9.05% 9.75% 25.53%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.701M $2.555M $6.781M
YoY Change -60.17% -66.61% -13.14%
Total Long-Term Liabilities $65.20M $66.71M $13.27M
YoY Change 391.42% 375.66% -7.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $159.6M $133.7M $146.3M
Total Long-Term Liabilities $65.20M $66.71M $13.27M
Total Liabilities $224.8M $200.4M $159.6M
YoY Change 40.83% 47.54% 21.84%
SHAREHOLDERS EQUITY
Retained Earnings -$216.7M -$202.1M -$138.0M
YoY Change 57.09% 39.91% 26.12%
Common Stock $31.00K $30.00K $30.00K
YoY Change 3.33% 3.45% 7.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $93.53M $97.77M $125.4M
YoY Change
Total Liabilities & Shareholders Equity $318.3M $298.2M $285.0M
YoY Change 11.7% 21.26% 16.02%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q4
OPERATING ACTIVITIES
Net Income -$14.65M -$16.99M $6.470M
YoY Change -326.43% 132.16% -5.13%
Depreciation, Depletion And Amortization $2.000M $1.500M $1.680M
YoY Change 19.05% 76.47% 23.53%
Cash From Operating Activities $0.00 -$13.63M $7.280M
YoY Change -100.0% 231.63% 32.36%
INVESTING ACTIVITIES
Capital Expenditures -$11.17M -$4.340M -$6.400M
YoY Change 74.53% 290.99% 267.82%
Acquisitions
YoY Change
Other Investing Activities $26.86M -$1.230M -$19.98M
YoY Change -234.43% -76.12% 298.01%
Cash From Investing Activities $15.68M -$5.580M -$26.39M
YoY Change -159.42% -10.72% 290.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 270.0K 3.030M -60.00K
YoY Change -550.0% -25.74% -101.34%
NET CHANGE
Cash From Operating Activities 0.000 -13.63M 7.280M
Cash From Investing Activities 15.68M -5.580M -26.39M
Cash From Financing Activities 270.0K 3.030M -60.00K
Net Change In Cash 15.95M -16.18M -19.17M
YoY Change -183.2% 157.64% -695.34%
FREE CASH FLOW
Cash From Operating Activities $0.00 -$13.63M $7.280M
Capital Expenditures -$11.17M -$4.340M -$6.400M
Free Cash Flow $11.17M -$9.290M $13.68M
YoY Change -18.35% 209.67% 88.95%

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vrns Increase Decrease In Long Term Deposits
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OperatingLeaseRightofUseAssetAmortization
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us-gaap Income Taxes Paid
IncomeTaxesPaid
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Operations Commenced Date1
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2005-01-01
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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dei Entity Incorporation Date Of Incorporation
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2004-11-24
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
76026000 USD
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951000 USD
us-gaap Derivative Gain On Derivative
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199000 USD
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OperatingLeaseLiability
65954000 USD
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1791000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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11065000 USD
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9121000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
9136000 USD
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LesseeOperatingLeaseLiabilityPaymentsDueYearFive
8953000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
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CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
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2980000 USD
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
6283000 USD
CY2018Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1370000 USD
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
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CY2019Q1 vrns Common Stock Capital Shares Reserved For Future Issuance Annual Increase Maximum
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CY2018Q1 vrns Common Stock Capital Shares Reserved For Future Issuance Annual Increase Maximum
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CY2017Q1 vrns Common Stock Capital Shares Reserved For Future Issuance Annual Increase Maximum
CommonStockCapitalSharesReservedForFutureIssuanceAnnualIncreaseMaximum
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CommonStockCapitalSharesReservedForFutureIssuanceAnnualIncreaseMaximum
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CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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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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CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
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us-gaap Stock Issued During Period Shares Stock Options Exercised
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
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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
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
21.043
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
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CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
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CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
21.086
CY2019Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
19290000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
10117000 USD
CY2019Q3 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
503735 shares
CY2019Q3 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
21.043
CY2019Q3 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
498525 shares
CY2019Q3 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
21.086
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
34779000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
24174000 USD
us-gaap Number Of Reportable Segments
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1 segment
CY2019Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
65649000 USD
CY2018Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
67052000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
181630000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
182770000 USD
CY2019Q3 us-gaap Noncurrent Assets
NoncurrentAssets
27188000 USD
CY2018Q4 us-gaap Noncurrent Assets
NoncurrentAssets
17323000 USD

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