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Midas Edge

VARONIS SYSTEMS INC

For the period ended Mar 31, 2025. Filed May 7, 2025.

View on SEC.gov

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, 2025 · Filed May 7, 2025

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,
20252024
Revenues:
SaaS$88,560$33,985
Term license subscriptions31,48855,980
Maintenance and services16,37524,057
Total revenues136,423114,022
Cost of revenues29,01821,349
Gross profit107,40592,673
Operating expenses:
Research and development54,21047,827
Sales and marketing72,76371,227
General and administrative24,19821,252
Total operating expenses151,171140,306
Operating loss(43,766)(47,633)
Financial income, net11,9518,545
Loss before income taxes(31,815)(39,088)
Income taxes(3,968)(1,402)
Net loss$(35,783)$(40,490)
Net loss per share of common stock, basic and diluted$(0.32)$(0.37)
Weighted average number of shares used in computing net loss per share of common stock, basic and diluted112,651,178109,990,177

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(in thousands)

Three Months EndedMarch 31,
20252024
Net loss$(35,783)$(40,490)
Other comprehensive income (loss):
Unrealized income (loss) on marketable securities, net of tax2,431(2,252)
Loss on marketable securities reclassified into earnings, net of tax(38)(1)
2,393(2,253)
Unrealized income (loss) on derivative instruments, net of tax(5,569)5,040
Loss on derivative instruments reclassified into earnings, net of tax(662)(3,243)
(6,231)1,797
Total other comprehensive loss(3,838)(456)
Comprehensive loss$(39,621)$(40,946)

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, 2023109,103,721$109$1,142,578$(8,649)$(644,390)$489,648
Stock-based compensation expense——32,093——32,093
Common stock issued under employee stock plans2,485,38936,411——6,414
Taxes 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, 2024111,589,110$112$1,146,222$(9,105)$(684,880)$452,349
Common stock · Additionalpaid-in capital · Accumulatedothercomprehensive income (loss) · Accumulated deficit · Totalstockholders’ equity
Number · Amount
Balance as of December 31, 2024112,550,156$113$1,193,022$2,676$(740,155)$455,656
Stock-based compensation expense——32,255——32,255
Common stock issued under employee stock plans1,808,87627,161——7,163
Taxes related to net share settlement of equity awards——(26,447)——(26,447)
Repurchase of common stock(1,476,456)(2)(61,262)——(61,264)
Unrealized loss on derivative instruments, net of tax———(6,231)—(6,231)
Unrealized income on available for sale securities, net of tax———2,393—2,393
Common stock issued for debt conversion32—1——1
Net loss————(35,783)(35,783)
Balance as of March 31, 2025112,882,608$113$1,144,730$(1,162)$(775,938)$367,743

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

Three Months EndedMarch 31,
20252024
Cash flows from operating activities:
Net loss$(35,783)$(40,490)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization2,4192,909
Stock-based compensation32,25532,093
Amortization of deferred commissions11,35311,181
Non-cash operating lease costs2,4762,394
Amortization of debt issuance costs887383
Amortization of premium and accretion of discount on marketable securities, net99(3,743)
Changes in assets and liabilities:
Trade receivables65,12968,675
Prepaid expenses and other short-term assets11,0774,951
Deferred commissions(13,603)(10,608)
Other long-term assets12(136)
Trade payables1,9612,227
Accrued expenses and other short-term liabilities(16,728)(16,840)
Deferred revenues5,9883,554
Other long-term liabilities458173
Net cash provided by operating activities68,00056,723
Cash flows from investing activities:
Proceeds from maturities of marketable securities56,00015,100
Investment in marketable securities(57,654)(131,482)
Proceeds from short-term and long-term deposits34,1746,299
Investment in short-term and long-term deposits(36,289)(1,586)
Acquisition, net of cash acquired(18,584)—
Purchases of property and equipment(2,339)(297)
Capitalized internal-use software(325)—
Net cash used in investing activities(25,017)(111,966)
Cash flows from financing activities:
Proceeds from employee stock plans7,1636,414
Taxes paid related to net share settlement of equity awards(21,360)(34,860)
Repurchase of common stock(61,264)—
Net cash used in financing activities(75,461)(28,446)
Decrease in cash and cash equivalents(32,478)(83,689)
Cash and cash equivalents at beginning of period185,585230,740
Cash and cash equivalents at end of period$153,107$147,051
Supplemental disclosure of cash flow information:
Cash paid for income taxes$894$420
Cash paid for interest$3,938$1,584
Supplemental disclosure of non-cash activities:
Liability related to acquisition holdback$3,502$—
Tax liability related to net share settlement of equity awards$5,087$—
Lease liabilities arising from obtaining right-of-use assets$366$144
Common stock issued for debt conversion$1$—
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.