VARONIS SYSTEMS INC
For the period ended Dec 31, 2023. Filed Feb 6, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 6, 2024
VRNS$49.10+0.3%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year ended | |||
|---|---|---|---|
| December 31, | |||
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities: | |||
| Net loss | $(100,916) | $(124,518) | $(116,861) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||
| Depreciation and amortization | 11,703 | 12,176 | 10,888 |
| Stock-based compensation | 139,819 | 142,862 | 109,779 |
| Amortization of deferred commissions | 21,531 | 22,264 | 14,147 |
| Noncash operating lease costs | 9,468 | 9,305 | 8,232 |
| Amortization of debt discount and issuance costs | 1,514 | 1,486 | 6,870 |
| Amortization of premium and accretion of discount on marketable securities | (9,354) | (344) | — |
| Gain from sale of property and equipment | — | (21) | — |
| Changes in assets and liabilities: | |||
| Trade receivables | (33,137) | (18,800) | (22,950) |
| Prepaid expenses and other current assets | (21,459) | (6,161) | (506) |
| Deferred commissions | (21,964) | (22,033) | (21,151) |
| Other long-term assets | (577) | 502 | 1,404 |
| Trade payables | (2,290) | (2,362) | 4,474 |
| Accrued expenses and other short-term liabilities | (5,278) | (9,115) | 5,850 |
| Deferred revenues | 69,882 | 5,266 | 5,421 |
| Other long-term liabilities | 474 | 1,364 | 1,581 |
| Net cash provided by operating activities | 59,416 | 11,871 | 7,178 |
| Cash flows from investing activities: | |||
| Proceeds from sales and maturities of marketable securities | 301,350 | 41,600 | 34,117 |
| Investment in marketable securities | (517,948) | (277,871) | — |
| Proceeds from short-term and long-term deposits | 214,444 | 15,961 | 80,752 |
| Investment in short-term and long-term deposits | (135,823) | (142,566) | (50,000) |
| Proceeds from sale of property and equipment | — | 21 | — |
| Purchases of property and equipment | (5,099) | (11,396) | (10,490) |
| Net cash provided by (used in) investing activities | (143,076) | (374,251) | 54,379 |
| Cash flows from financing activities: | |||
| Proceeds from employee stock plans | 11,537 | 11,940 | 11,121 |
| Taxes paid related to net share settlement of equity awards | (21,415) | (31,077) | (1,043) |
| Repurchase of common stock | (43,522) | (56,444) | — |
| Proceeds from follow-on offering, net | — | — | 500,034 |
| Net cash provided by (used in) financing activities | (53,400) | (75,581) | 510,112 |
| Increase (decrease) in cash and cash equivalents | (137,060) | (437,961) | 571,669 |
| Cash and cash equivalents at beginning of period | 367,800 | 805,761 | 234,092 |
| Cash and cash equivalents at end of period | $230,740 | $367,800 | $805,761 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid for income taxes | $16,089 | $7,354 | $8,507 |
| Cash paid for interest | $3,196 | $3,167 | $3,168 |
| Lease liabilities arising from obtaining right-of-use assets | $3,166 | $1,625 | $22,156 |
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