Varonis systems, inc. (VRNS)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13
Cash flows from operating activities:
Net loss

-31,430

-14,650

-16,987

-24,488

-22,639

6,468

-7,317

-12,683

-15,046

6,820

-3,264

-5,737

-11,663

7,039

-4,389

-6,493

-10,350

2,634

-4,925

-6,322

-12,670

-331

-6,354

-4,639

-8,074

1,516

-2,564

-1,636

-4,791

Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation

2,098

2,001

1,504

1,479

1,337

1,676

854

829

797

1,358

686

662

622

570

544

569

497

564

362

345

344

427

324

280

254

230

213

191

162

Stock-based compensation

12,883

11,360

11,022

14,796

8,961

10,787

8,399

8,848

6,927

5,390

4,782

5,259

4,404

3,483

3,458

3,373

2,624

2,090

2,057

1,962

1,685

1,826

1,214

978

646

662

510

422

194

Amortization of deferred commissions

3,249

3,100

3,394

3,510

3,626

3,467

3,277

3,116

3,325

3,299

3,251

3,014

3,027

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of operating lease right-of-use asset

1,960

2,014

4,172

1,438

1,399

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of deferred charges related to loan

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

94

62

0

31

38

31

73

58

Revaluation of fair value of warrants to convertible preferred stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

904

236

368

Capital loss from sale of fixed assets

0

-21

0

0

-24

0

25

2

0

-

-

-

-

-

-

-

-

2

1

0

1

-

-

-

-

-

-

-

-

Changes in assets and liabilities:
Trade receivables

-36,785

23,184

6,303

3,767

-41,427

30,285

11,545

8,925

-43,128

30,916

3,367

13,847

-26,395

23,736

-3,368

9,093

-23,036

19,250

-763

8,306

-17,226

16,723

2,292

4,600

-14,014

14,114

-180

4,470

-10,171

Prepaid expenses and other current assets

-342

-1,014

335

1,281

623

1,005

-2,639

-2,240

5,806

2,479

-945

-714

2,497

98

977

-695

648

-108

572

-196

-1,064

-251

250

-302

284

-

-

-

-

Deferred commissions

2,236

5,731

4,858

3,673

4,870

5,444

4,040

3,390

2,434

5,231

3,609

2,996

2,906

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other long-term assets

82

-31

-43

-26

19

275

11

25

-41

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Trade payables

-174

-2,002

700

1,675

-1,996

-525

1,246

1,416

-152

-731

18

-234

294

344

-1,130

1,372

-1,910

397

-369

462

-581

-51

454

211

-74

651

235

-263

-356

Accrued expenses and other short-term liabilities

-6,922

6,789

-3,104

2,787

-7,358

7,988

1,705

8,417

-8,200

10,286

1,398

9,190

-6,421

5,804

-518

4,596

-4,580

3,969

1,862

2,833

-2,394

2,845

1,975

1,790

-1,069

3,197

323

1,398

-1,458

Deferred revenues

-12,603

18,968

-2,730

-3,635

-5,384

15,298

981

3,209

-5,373

17,699

2,323

3,255

-2,417

11,458

1,546

1,558

-2,702

10,890

1,261

1,504

-2,101

8,220

983

738

-1,424

7,244

833

422

-1,072

Severance pay

-

-

-

-

-

-

-

-

-

-

-

-

-

-

7

25

-4

-

12

17

0

4

5

25

314

320

39

13

5

Other long-term liabilities

4

262

-147

31

170

-870

-281

-111

237

16

311

-191

-541

267

288

297

-521

533

343

638

-1,327

367

430

-2

3

-28

5

-78

26

Net cash provided by operating activities

3,874

-7

-13,629

-11,102

14,055

7,280

-4,118

2,939

17,444

5,505

3,462

-913

8,297

2,811

2,195

-3,101

5,442

1,904

793

-6,671

1,245

-2,466

-4,064

-4,917

4,337

-728

755

-3,280

3,307

Decrease (increase) in short-term deposits

4,805

-26,992

-4,320

-20,034

-9,120

20,067

5,125

3,944

1,144

-34,802

6,917

-2,201

4,757

-4,860

18,000

-5,000

250

22,001

0

0

0

35,000

0

-255

-3,987

-

-

-

-

Decrease in marketable securities

-7,794

134

5,552

-1,997

-1,928

-81

42

-1,811

1,889

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Decrease (increase) in long-term deposits

-34

5

1

3

12

-6

1

10

308

96

49

20

140

84

0

27

0

-

-

-

-

9

-2

-9

-37

-2

13

50

-33

Increase in restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

34

-10

17

-

-19

179

-6

-12

42

-275

15

6

279

2

51

Purchase of property and equipment

2,609

11,173

4,341

4,775

5,103

6,406

1,105

991

1,081

1,742

1,038

1,036

1,498

1,249

1,129

725

722

999

1,767

1,297

473

594

451

680

608

521

199

399

230

Net cash provided by investing activities

414

15,681

-5,574

17,263

5,933

-26,386

-6,248

-3,132

-4,422

-6,761

-7,992

1,147

-6,395

3,568

-19,161

4,258

-989

-22,842

-1,672

-1,541

-467

-35,591

-491

-141

3,401

-4,525

-491

-386

-314

Cash flows from financing activities:
Proceeds (withholdings) from employee stock plans, net

4,316

-271

-3,028

1,463

4,234

-55

4,078

3,025

1,066

4,483

4,463

2,255

882

269

2,552

490

761

408

1,028

71

548

169

183

17

13

71

8

37

11

Payment of deferred equity offering cost

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

756

519

327

335

-

-

-

-

Net proceeds from initial public offering

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

108,447

-

-

-

-

Net cash provided by (used in) financing activities

4,316

271

3,028

-1,463

-4,234

-55

4,078

3,025

1,066

4,483

4,463

2,255

882

269

2,552

490

761

408

1,028

71

548

-587

-336

-310

108,125

-368

1,145

37

11

Increase in cash and cash equivalents

8,604

15,945

-16,175

4,698

15,754

-19,161

-6,288

2,832

14,088

3,227

-67

2,489

2,784

6,648

-14,414

1,647

5,214

-20,530

149

-8,141

1,326

-38,644

-4,891

-5,368

115,863

-5,621

1,409

-3,629

3,004

Supplemental disclosures of non-cash flow information
Deferred rent fixed asset additions

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

1,355

-

-

-

-

-

-

-

-

Conversion of preferred stock to common stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

43,775

-

-

-

-

Conversion of liability warrants to equity

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

2,866

-

-

-

-

Deferred charges related to warrants granted to credit facilitator

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-327

846

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-519

-327

47,487

-

-

-

-

Supplemental disclosure of cash flow information:
Cash paid for income taxes

502

389

420

603

2,543

149

75

384

102

191

138

120

20

113

37

30

66

138

53

130

33

201

57

18

28

40

47

50

90