Varonis systems, inc. (VRNS)
CashFlow / TTM
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

-87,555

-78,764

-57,646

-47,976

-36,171

-28,578

-28,226

-24,173

-17,227

-13,844

-13,625

-14,750

-15,506

-14,193

-18,598

-19,134

-18,963

-21,283

-24,248

-25,677

-23,994

-19,398

-17,551

-13,761

-10,758

-7,475

0

0

0

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

7,082

6,321

5,996

5,346

4,696

4,156

3,838

3,670

3,503

3,328

2,540

2,398

2,305

2,180

2,174

1,992

1,768

1,615

1,478

1,440

1,375

1,285

1,088

977

888

796

0

0

0

Stock-based compensation

50,061

46,139

45,566

42,943

36,995

34,961

29,564

25,947

22,358

19,835

17,928

16,604

14,718

12,938

11,545

10,144

8,733

7,794

7,530

6,687

5,703

4,664

3,500

2,796

2,240

1,788

0

0

0

Amortization of deferred commissions

13,253

13,630

13,997

13,880

13,486

13,185

13,017

12,991

12,889

12,591

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of operating lease right-of-use asset

9,584

9,023

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of deferred charges related to loan

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

187

131

100

173

200

0

0

0

Revaluation of fair value of warrants to convertible preferred stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,508

0

0

0

Capital loss from sale of fixed assets

-21

-45

-24

1

3

27

0

0

0

-

-

-

-

-

-

-

-

4

0

0

0

-

-

-

-

-

-

-

-

Changes in assets and liabilities:
Trade receivables

-3,531

-8,173

-1,072

4,170

9,328

7,627

8,258

80

5,002

21,735

14,555

7,820

3,066

6,425

1,939

4,544

3,757

9,567

7,040

10,095

6,389

9,601

6,992

4,520

4,390

8,233

0

0

0

Prepaid expenses and other current assets

260

1,225

3,244

270

-3,251

1,932

3,406

5,100

6,626

3,317

936

2,858

2,877

1,028

822

417

916

-796

-939

-1,261

-1,367

-19

0

0

0

-

-

-

-

Deferred commissions

16,498

19,132

18,845

18,027

17,744

15,308

15,095

14,664

14,270

14,742

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other long-term assets

-18

-81

225

279

330

270

-5

-16

-41

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Trade payables

199

-1,623

-146

400

141

1,985

1,779

551

-1,099

-653

422

-726

880

-1,324

-1,271

-510

-1,420

-91

-539

284

33

540

1,242

1,023

549

267

0

0

0

Accrued expenses and other short-term liabilities

-450

-886

313

5,122

10,752

9,910

12,208

11,901

12,674

14,453

9,971

8,055

3,461

5,302

3,467

5,847

4,084

6,270

5,146

5,259

4,216

5,541

5,893

4,241

3,849

3,460

0

0

0

Deferred revenues

0

7,219

3,549

7,260

14,104

14,115

16,516

17,858

17,904

20,860

14,619

13,842

12,145

11,860

11,292

11,007

10,953

11,554

8,884

8,606

7,840

8,517

7,541

7,391

7,075

7,427

0

0

0

Severance pay

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

75

-

33

26

34

348

664

698

686

377

0

0

0

Other long-term liabilities

150

316

-816

-950

-1,092

-1,025

-139

453

373

-405

-154

-177

311

331

597

652

993

187

21

108

-532

798

403

-22

-98

-75

0

0

0

Net cash provided by operating activities

-20,864

-10,683

-3,396

6,115

20,156

23,545

21,770

29,350

25,498

16,351

13,657

12,390

10,202

7,347

6,440

5,038

1,468

-2,729

-7,099

-11,956

-10,202

-7,110

-5,372

-553

1,084

54

0

0

0

Decrease (increase) in short-term deposits

-46,541

-60,466

-13,407

-3,962

20,016

30,280

-24,589

-22,797

-28,942

-25,329

4,613

15,696

12,897

8,390

35,251

17,251

22,251

22,001

35,000

35,000

34,745

30,758

0

0

0

-

-

-

-

Decrease in marketable securities

-4,105

1,761

1,546

-3,964

-3,778

39

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Decrease (increase) in long-term deposits

-25

21

10

10

17

313

415

463

473

305

293

244

251

111

0

0

0

-

-

-

-

-39

-50

-35

24

28

0

0

0

Increase in restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

179

-

142

203

-251

-230

-212

25

302

338

0

0

0

Purchase of property and equipment

22,898

25,392

20,625

17,389

13,605

9,583

4,919

4,852

4,897

5,314

4,821

4,912

4,601

3,825

3,575

4,213

4,785

4,536

4,131

2,815

2,198

2,333

2,260

2,008

1,727

1,349

0

0

0

Net cash provided by investing activities

27,784

33,303

-8,764

-9,438

-29,833

-40,188

-20,563

-22,307

-18,028

-20,001

-9,672

-20,841

-17,730

-12,324

-38,734

-21,245

-27,044

-26,522

-39,271

-38,090

-36,690

-32,822

-1,756

-1,756

-2,001

-5,716

0

0

0

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

2,480

2,398

2,614

9,720

11,282

8,114

12,652

13,037

12,267

12,083

7,869

5,958

4,193

4,072

4,211

2,687

2,268

2,055

1,816

971

917

382

284

109

129

127

0

0

0

Payment of deferred equity offering cost

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,937

0

0

0

-

-

-

-

Net proceeds from initial public offering

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

108,447

0

0

0

-

-

-

-

Net cash provided by (used in) financing activities

6,152

-2,398

-2,724

-1,674

2,814

8,114

12,652

13,037

12,267

12,083

7,869

5,958

4,193

4,072

4,211

2,687

2,268

2,055

1,060

-304

-685

106,892

107,111

108,592

108,939

825

0

0

0

Increase in cash and cash equivalents

13,072

20,222

-14,884

-4,997

-6,863

-8,529

13,859

20,080

19,737

8,433

11,854

-2,493

-3,335

-905

-28,083

-13,520

-23,308

-27,196

-45,310

-50,350

-47,577

66,960

99,983

106,283

108,022

-4,837

0

0

0

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,355

0

0

0

-

-

-

-

-

-

-

-

Conversion of preferred stock to common stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

43,775

0

0

0

-

-

-

-

Conversion of liability warrants to equity

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,866

0

0

0

-

-

-

-

Deferred charges related to warrants granted to credit facilitator

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

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

1,914

3,955

3,715

3,370

3,151

710

752

815

551

469

391

290

200

246

271

287

387

354

417

421

309

304

143

133

165

227

0

0

0