VARONIS SYSTEMS INC
For the period ended Dec 31, 2024. Filed Feb 6, 2025.
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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.
FY2024 · Filed Feb 6, 2025
VRNS$49.10+0.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year ended | |||
|---|---|---|---|
| December 31, | |||
| 2024 | 2023 | 2022 | |
| Cash flows from operating activities: | |||
| Net loss | $(95,765) | $(100,916) | $(124,518) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||
| Depreciation and amortization | 11,126 | 11,703 | 12,176 |
| Stock-based compensation | 126,682 | 139,819 | 142,862 |
| Amortization of deferred commissions | 54,392 | 53,072 | 49,366 |
| Non-cash operating lease costs | 9,526 | 9,468 | 9,305 |
| Amortization of debt issuance costs | 2,144 | 1,514 | 1,486 |
| Amortization of premium and accretion of discount on marketable securities, net | (12,690) | (9,354) | (344) |
| Acquired in-process research and development | 6,653 | — | — |
| Gain from sale of property and equipment | — | — | (21) |
| Changes in assets and liabilities: | |||
| Trade receivables | (23,716) | (33,137) | (18,800) |
| Prepaid expenses and other short-term assets | (35,332) | (21,459) | (6,161) |
| Deferred commissions | (59,820) | (53,505) | (49,135) |
| Other long-term assets | 347 | (577) | 502 |
| Trade payables | 3,641 | (2,290) | (2,362) |
| Accrued expenses and other short-term liabilities | 17,317 | (5,278) | (9,115) |
| Deferred revenues | 110,389 | 69,882 | 5,266 |
| Other long-term liabilities | 306 | 474 | 1,364 |
| Net cash provided by operating activities | 115,200 | 59,416 | 11,871 |
| Cash flows from investing activities: | |||
| Proceeds from maturities of marketable securities | 308,840 | 301,350 | 41,600 |
| Proceeds from sales of marketable securities | 111,552 | — | — |
| Investment in marketable securities | (949,841) | (517,948) | (277,871) |
| Proceeds from short-term and long-term deposits | 34,795 | 214,444 | 15,961 |
| Investment in short-term and long-term deposits | (24,254) | (135,823) | (142,566) |
| Purchase of in-process research and development | (6,653) | — | — |
| Proceeds from sale of property and equipment | — | — | 21 |
| Purchases of property and equipment | (6,694) | (5,099) | (11,396) |
| Net cash used in investing activities | (532,255) | (143,076) | (374,251) |
| Cash flows from financing activities: | |||
| Proceeds from employee stock plans | 16,082 | 11,537 | 11,940 |
| Taxes paid related to net share settlement of equity awards | (38,295) | (21,415) | (31,077) |
| Repurchase of common stock | — | (43,522) | (56,444) |
| Proceeds from issuance of convertible senior notes, net of issuance costs | 449,635 | — | — |
| Purchases of capped calls | (55,522) | — | — |
| Net cash provided by (used in) financing activities | 371,900 | (53,400) | (75,581) |
| Decrease in cash and cash equivalents | (45,155) | (137,060) | (437,961) |
|---|---|---|---|
| Cash and cash equivalents at beginning of period | 230,740 | 367,800 | 805,761 |
| Cash and cash equivalents at end of period | $185,585 | $230,740 | $367,800 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid for income taxes | $24,249 | $16,089 | $7,354 |
| Cash paid for interest | $3,193 | $3,196 | $3,167 |
| Lease liabilities arising from obtaining right-of-use assets | $3,148 | $3,166 | $1,625 |
| Common stock issued for debt conversion | $1,501 | $— | $— |
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