VARONIS SYSTEMS INC

Annual Trend FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
Net Income (Loss) Attributable to Parent ($17.7m) ($13.7m) ($28.6m) ($78.8m) ($94.0m) ($116.9m) ($124.5m) ($100.9m) ($95.8m) ($129.3m)
Depreciation, Depletion and Amortization $2.2m $3.3m $4.2m $6.3m $9.9m $10.9m $12.2m $11.7m $11.1m $12.3m
Amortization of Debt Issuance Costs $4.1m $1.5m $1.5m $2.1m $3.0m
Amortization of Debt Issuance Costs and Discounts $4.1m $6.9m $1.5m $1.5m $2.1m $3.0m
Amortization of Intangible Assets $264k $1.5m $1.5m $1.5m $1.3m $1.1m
Depreciation $2.2m $3.3m $4.2m $6.3m $9.9m $9.4m $10.7m $10.2m $9.9m $11.3m
Deferred Income Tax Expense (Benefit) ($156k) ($1.3m) $91k ($960k) $1.2m $258k $86k $18k $252k
Share-based Payment Arrangement, Noncash Expense $12.9m $19.8m $35.0m $46.1m $68.6m $109.8m $142.9m $139.8m $126.7m $130.2m
Payment, Tax Withholding, Share-based Payment Arrangement $2.4m $31.1m $21.4m $38.3m $29.2m
Share-based Payment Arrangement, Expense $12.9m $19.8m $35.0m $46.1m $68.6m $109.8m $142.9m $139.8m $130.2m
Goodwill, Impairment Loss $0
Operating Lease, Impairment Loss $3.1m $0 $0 $0 $0 $0
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property $2k $20k
Gain (Loss) on Disposition of Assets $27k ($45k) $0 $0 $21k $0 $0
Income Tax Expense (Benefit) $1.1m $2.5m $413k $2.4m $8.1m $6.0m $13.7m $14.0m $12.8m $13.0m
Operating Lease, Expense $12.2m $6.9m $9.6m $9.8m $9.8m $9.9m
Changes in operating assets and liabilities:
Noncash investing and financing activities:
Additional Financial Items
Increase (Decrease) in Accounts Receivable $6.4m $21.7m $7.6m ($8.2m) $19.1m $22.9m $18.8m $33.1m $23.7m $52.6m
Increase (Decrease) in Accounts Payable ($1.3m) ($653k) $2.0m ($1.6m) ($328k) $4.5m ($2.4m) ($2.3m) $3.6m $1.2m
Proceeds from Stock Options Exercised $4.1m $12.1m $8.1m $9.8m $10.1m $0 $0 $253k
Purchases of property and equipment, accrued but unpaid $3.8m $5.3m $9.6m $25.4m $10.1m $10.5m $11.4m $5.1m $6.7m $12.6m
General and Administrative Expense $19.8m $26.8m $33.5m $44.4m $47.6m $61.2m $72.1m $82.9m $89.2m $98.9m
Goodwill $23.1m $23.1m $23.1m $23.1m $23.1m $135.3m
Nonoperating Income (Expense) ($885k) $2.4m $970k ($389k) ($7.5m) ($12.1m) $10.4m $30.3m $34.6m $30.2m
Operating Expenses $164.3m $210.1m $271.7m $295.0m $326.8m $429.4m $525.0m $544.6m $574.8m $638.1m
Revenue from Contract with Customer, Including Assessed Tax $270.3m $254.2m $292.7m $390.1m $473.6m $499.2m $551.0m $623.5m
Unrealized Gain (Loss) on Derivatives ($148k) ($3.8m)
Net Cash Provided by (Used in) Operating Activities $7.3m $16.4m $23.5m ($10.7m) ($5.8m) $7.2m $11.9m $59.4m $115.2m $147.4m
Cash flows from investing activities:
Payments to Acquire Property, Plant, and Equipment $3.8m $5.3m $9.6m $25.4m $10.1m $10.5m $11.4m $5.1m $6.7m $12.6m
Payments to Acquire Businesses, Net of Cash Acquired $29.4m $0 $0
Net Cash Provided by (Used in) Investing Activities ($12.3m) ($20.0m) ($40.2m) $33.3m ($54.7m) $54.4m ($374.3m) ($143.1m) ($532.3m) ($837k)
Cash flows from financing activities:
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale $41.6m $301.4m $308.8m $365.0m
Proceeds from Issuance of Common Stock $500.0m $0 $0 $0 $253k
Payments for Repurchase of Common Stock $56.4m $43.5m $0 $115.0m
Net Cash Provided by (Used in) Financing Activities $4.1m $12.1m $8.1m ($2.4m) $225.8m $510.1m ($75.6m) ($53.4m) $371.9m ($129.7m)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect ($926k) $8.4m ($8.5m) $20.2m $165.2m $571.7m ($438.0m) ($137.1m) ($45.2m) $16.9m
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents $68.9m $234.1m $805.8m $367.8m $230.7m $185.6m $202.5m
Supplemental disclosure of cash flow information:
Interest Paid, Excluding Capitalized Interest, Operating Activities $1.5m $3.2m $3.2m $3.2m $3.2m $7.7m
Income Taxes Paid, Net $246k $285k $710k $4.0m $1.3m $8.5m $7.4m $16.1m $24.2m $3.6m