VARONIS SYSTEMS INC

For the period ended Mar 31, 2024. Filed May 7, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 7, 2024

VRNS$48.96+0.3%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Unaudited

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

	Three Months EndedMarch 31,
	2024	2023
Revenues:
Term license subscriptions	$55,980	$80,906
SaaS	33,985	2,068
Maintenance and services	24,057	24,361
Total revenues	114,022	107,335
Cost of revenues	21,349	17,637
Gross profit	92,673	89,698
Operating expenses:
Research and development	47,827	44,732
Sales and marketing	71,227	68,393
General and administrative	21,252	19,689
Total operating expenses	140,306	132,814
Operating loss	(47,633)	(43,116)
Financial income, net	8,545	7,773
Loss before income taxes	(39,088)	(35,343)
Income taxes	(1,402)	(2,961)
Net loss	$(40,490)	$(38,304)
Net loss per share of common stock, basic and diluted	$(0.37)	$(0.35)
Weighted average number of shares used in computing net loss per share of common stock, basic and diluted	109,990,177	108,387,402

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(in thousands)

	Three Months EndedMarch 31,
	2024	2023
Net loss	$(40,490)	$(38,304)
Other comprehensive income (loss):
Unrealized income (loss) on marketable securities, net of tax	(2,252)	150
Income (loss) on marketable securities reclassified into earnings, net of tax	(1)	6
	(2,253)	156
Unrealized income (loss) on derivative instruments, net of tax	5,040	(2,332)
Income on derivative instruments reclassified into earnings, net of tax	(3,243)	(2,648)
	1,797	(4,980)
Total other comprehensive loss	(456)	(4,824)
Comprehensive loss	$(40,946)	$(43,128)

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(in thousands, except share data)

Common stock · Additionalpaid-in capital · Accumulatedothercomprehensive income (loss) · Accumulated deficit · Totalstockholders’ equity
Number · Amount
Balance as of December 31, 2022	107,673,052	$108	$1,055,048	$(9,557)	$(543,474)	$502,125
Stock-based compensation expense	—	—	35,811	—	—	35,811
Common stock issued under employee stock plans	2,218,811	2	5,851	—	—	5,853
Taxes paid related to net share settlement of equity awards	—	—	(16,864)	—	—	(16,864)
Repurchase of common stock	(100,000)	—	(2,519)	—	—	(2,519)
Unrealized loss on derivative instruments, net of tax	—	—	—	(4,980)	—	(4,980)
Unrealized income on available for sale securities, net of tax	—	—	—	156	—	156
Net loss	—	—	—	—	(38,304)	(38,304)
Balance as of March 31, 2023	109,791,863	$110	$1,077,327	$(14,381)	$(581,778)	$481,278

Common stock · Additionalpaid-in capital · Accumulatedothercomprehensive income (loss) · Accumulated deficit · Totalstockholders’ equity
Number · Amount
Balance as of December 31, 2023	109,103,721	$109	$1,142,578	$(8,649)	$(644,390)	$489,648
Stock-based compensation expense	—	—	32,093	—	—	32,093
Common stock issued under employee stock plans	2,485,389	3	6,411	—	—	6,414
Taxes paid related to net share settlement of equity awards	—	—	(34,860)	—	—	(34,860)
Unrealized income on derivative instruments, net of tax	—	—	—	1,797	—	1,797
Unrealized loss on available for sale securities, net of tax	—	—	—	(2,253)	—	(2,253)
Net loss	—	—	—	—	(40,490)	(40,490)
Balance as of March 31, 2024	111,589,110	$112	$1,146,222	$(9,105)	$(684,880)	$452,349

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

	Three Months EndedMarch 31,
	2024	2023
Cash flows from operating activities:
Net loss	$(40,490)	$(38,304)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	2,909	2,891
Stock-based compensation	32,093	35,811
Amortization of deferred commissions	7,932	3,462
Non-cash operating lease costs	2,394	2,367
Amortization of debt issuance costs	383	376
Amortization of premium and accretion of discount on marketable securities	(3,743)	(1,293)
Changes in assets and liabilities:
Trade receivables	68,675	60,586
Prepaid expenses and other current assets	4,951	(7,236)
Deferred commissions	(7,359)	(3,033)
Other long-term assets	(136)	(589)
Trade payables	2,227	(2,254)
Accrued expenses and other short-term liabilities	(16,840)	(15,794)
Deferred revenues	3,554	(1,374)
Other long-term liabilities	173	1,214
Net cash provided by operating activities	56,723	36,830
Cash flows from investing activities:
Proceeds from sales and maturities of marketable securities	15,100	16,650
Investment in marketable securities	(131,482)	(59,555)
Proceeds from short-term and long-term deposits	6,299	4,000
Investment in short-term and long-term deposits	(1,586)	(102,500)
Purchases of property and equipment	(297)	(1,110)
Net cash used in investing activities	(111,966)	(142,515)
Cash flows from financing activities:
Proceeds from employee stock plans	6,414	5,853
Taxes paid related to net share settlement of equity awards	(34,860)	(16,864)
Repurchase of common stock	—	(2,519)
Net cash used in financing activities	(28,446)	(13,530)
Decrease in cash and cash equivalents	(83,689)	(119,215)
Cash and cash equivalents at beginning of period	230,740	367,800
Cash and cash equivalents at end of period	$147,051	$248,585
Supplemental disclosure of cash flow information:
Cash paid for income taxes	$420	$351
Cash paid for interest	$1,584	$1,608

Supplemental disclosure of non-cash activities:
Lease liabilities arising from obtaining right-of-use assets	$144	$997

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.