$VRNS
VARONIS SYSTEMS INC

2020 Q1 Form 10-Q Financial Statement

#000162828020006469 Filed on May 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $54.18M $56.36M
YoY Change -3.88% 5.29%
Cost Of Revenue $10.18M $8.326M
YoY Change 22.27% 29.25%
Gross Profit $44.00M $48.03M
YoY Change -8.41% 2.01%
Gross Profit Margin 81.21% 85.23%
Selling, General & Admin $53.98M $51.27M
YoY Change 5.29% 8.98%
% of Gross Profit 122.69% 106.73%
Research & Development $22.69M $18.77M
YoY Change 20.89% 20.76%
% of Gross Profit 51.57% 39.07%
Depreciation & Amortization $2.098M $1.337M
YoY Change 56.92% 67.75%
% of Gross Profit 4.77% 2.78%
Operating Expenses $76.67M $70.04M
YoY Change 9.47% 11.91%
Operating Profit -$32.67M -$22.00M
YoY Change 48.49% 41.97%
Interest Expense $1.450M -$130.0K
YoY Change -1215.38% -113.27%
% of Operating Profit
Other Income/Expense, Net $1.453M -$128.0K
YoY Change -1235.16% -113.09%
Pretax Income -$31.22M -$22.13M
YoY Change 41.07% 52.41%
Income Tax $213.0K $510.0K
% Of Pretax Income
Net Earnings -$31.43M -$22.64M
YoY Change 38.83% 50.47%
Net Earnings / Revenue -58.01% -40.17%
Basic Earnings Per Share
Diluted Earnings Per Share -$339.1K -$253.0K
COMMON SHARES
Basic Shares Outstanding 30.61M shares 29.58M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $126.3M $102.3M
YoY Change 23.46% -33.44%
Cash & Equivalents $77.53M $64.46M
Short-Term Investments $48.70M $37.84M
Other Short-Term Assets $12.80M $14.90M
YoY Change -14.09% -21.16%
Inventory
Prepaid Expenses
Receivables $38.27M $41.80M
Other Receivables $0.00 $0.00
Total Short-Term Assets $177.3M $220.3M
YoY Change -19.53% 7.44%
LONG-TERM ASSETS
Property, Plant & Equipment $36.85M $21.07M
YoY Change 74.93% 72.95%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $19.03M $12.18M
YoY Change 56.21% 58.72%
Total Long-Term Assets $109.7M $85.12M
YoY Change 28.86% 328.73%
TOTAL ASSETS
Total Short-Term Assets $177.3M $220.3M
Total Long-Term Assets $109.7M $85.12M
Total Assets $287.0M $305.4M
YoY Change -6.04% 35.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $823.0K $624.0K
YoY Change 31.89% 29.19%
Accrued Expenses $60.00M $50.30M
YoY Change 19.28% 38.95%
Deferred Revenue $84.33M $81.84M
YoY Change 3.04%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $145.1M $132.8M
YoY Change 9.32% 26.26%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.712M $2.997M
YoY Change -9.51% -62.75%
Total Long-Term Liabilities $61.79M $62.68M
YoY Change -1.42% 338.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $145.1M $132.8M
Total Long-Term Liabilities $61.79M $62.68M
Total Liabilities $206.9M $195.5M
YoY Change 5.88% 63.63%
SHAREHOLDERS EQUITY
Retained Earnings -$248.2M -$160.6M
YoY Change 54.52% 29.07%
Common Stock $31.00K $30.00K
YoY Change 3.33% 3.45%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $80.04M $110.0M
YoY Change
Total Liabilities & Shareholders Equity $287.0M $305.4M
YoY Change -6.04% 35.8%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$31.43M -$22.64M
YoY Change 38.83% 50.47%
Depreciation, Depletion And Amortization $2.098M $1.337M
YoY Change 56.92% 67.75%
Cash From Operating Activities $3.874M $14.06M
YoY Change -72.44% -19.43%
INVESTING ACTIVITIES
Capital Expenditures $2.609M $5.103M
YoY Change -48.87% 372.06%
Acquisitions
YoY Change
Other Investing Activities $3.020M $11.04M
YoY Change -72.64% -430.54%
Cash From Investing Activities $414.0K $5.933M
YoY Change -93.02% -234.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $4.316M -$4.234M
YoY Change -201.94% -497.19%
NET CHANGE
Cash From Operating Activities $3.874M $14.06M
Cash From Investing Activities $414.0K $5.933M
Cash From Financing Activities $4.316M -$4.234M
Net Change In Cash $8.604M $15.75M
YoY Change -45.39% 11.83%
FREE CASH FLOW
Cash From Operating Activities $3.874M $14.06M
Capital Expenditures $2.609M $5.103M
Free Cash Flow $1.265M $8.952M
YoY Change -85.87% -45.29%

Facts In Submission

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CY2020Q1 vrns Increase Decrease In Long Term Deposits
IncreaseDecreaseInLongTermDeposits
-34000 USD
CY2019Q1 vrns Increase Decrease In Long Term Deposits
IncreaseDecreaseInLongTermDeposits
12000 USD
CY2020Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2609000 USD
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5103000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
414000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
5933000 USD
CY2020Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
4316000 USD
CY2019Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
4234000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
4316000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-4234000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
8604000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
15754000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
68929000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
48707000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
77533000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
64461000 USD
CY2020Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
502000 USD
CY2019Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
2543000 USD
CY2020Q1 us-gaap Operations Commenced Date1
OperationsCommencedDate1
2005-01-01
CY2020Q1 vrns Subsidiary Or Equity Method Investee Number
SubsidiaryOrEquityMethodInvesteeNumber
10 subsidiary
CY2020Q1 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2004-11-24
CY2020Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
35421000 USD
CY2020Q1 vrns Contract With Customer Right Of Return Sales Returns
ContractWithCustomerRightOfReturnSalesReturns
0 USD
CY2019Q1 vrns Contract With Customer Right Of Return Sales Returns
ContractWithCustomerRightOfReturnSalesReturns
0 USD
CY2020Q1 us-gaap Capitalized Contract Cost Amortization Period
CapitalizedContractCostAmortizationPeriod
P4Y
CY2020Q1 us-gaap Derivative Gain On Derivative
DerivativeGainOnDerivative
828000 USD
CY2019Q1 us-gaap Derivative Gain On Derivative
DerivativeGainOnDerivative
471000 USD
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
53808000 USD
CY2020Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
8196000 USD
CY2020Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
54580000 USD
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
62776000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
8365000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
9679000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
9061000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
8861000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
8470000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
29949000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
74385000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
11609000 USD
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
62776000 USD
CY2020Q1 vrns Lessee Operating Lease Lease Not Yet Commenced Amount
LesseeOperatingLeaseLeaseNotYetCommencedAmount
5509000 USD
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y7M2D
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0403
CY2020Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
2012000 USD
CY2019Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
1701000 USD
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
454348 shares
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
20.628
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
25935000 USD
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2020Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
CY2020Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
40207 shares
CY2020Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
20.011
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
500 shares
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
1.576
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
413641 shares
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
20.711
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
17770000 USD
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
2648000 USD
CY2020Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
0 USD
CY2020Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
413641 shares
CY2020Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
20.711
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12883000 USD
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8961000 USD
CY2020Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
56360000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
54176000 USD
CY2020Q1 us-gaap Noncurrent Assets
NoncurrentAssets
36849000 USD
CY2019Q4 us-gaap Noncurrent Assets
NoncurrentAssets
36338000 USD

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