Varonis Systems Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Varonis Systems Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024, providing an update on its financial and operational status.</b>

AI Summary

VARONIS SYSTEMS INC (VRNS) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Varonis Systems Inc. filed a 10-Q report for the period ending March 31, 2024. The company's fiscal year ends on December 31. The filing is dated May 7, 2024. The company's principal executive offices are located at 1250 Broadway, 31st Floor, New York, NY 10001. The SIC code for Varonis Systems Inc. is 7372 (Services-Prepackaged Software).

Why It Matters

For investors and stakeholders tracking VARONIS SYSTEMS INC, this filing contains several important signals. This filing provides investors and analysts with the latest financial performance data for Varonis Systems Inc., crucial for evaluating the company's current health and future prospects. As a 10-Q filing, it contains unaudited financial statements and management's discussion and analysis, offering insights into the company's operational efficiency and strategic direction during the first quarter of 2024.

Risk Assessment

Risk Level: low — VARONIS SYSTEMS INC shows low risk based on this filing. The risk is low as this is a standard quarterly filing (10-Q) and does not inherently contain new negative information or significant changes beyond routine financial reporting.

Analyst Insight

Monitor future filings for detailed financial results and management commentary to assess performance trends and strategic initiatives.

Key Numbers

• 2024-03-31 — Period of Report (Quarterly filing date)
• 2024-05-07 — Filing Date (Date the report was filed)
• 1231 — Fiscal Year End (Indicates the end of the company's fiscal year)
• 7372 — SIC Code (Industry classification for prepackaged software services)

Key Players & Entities

• VARONIS SYSTEMS INC (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-05-07 (date) — Filed as of date
• 1250 BROADWAY, 31ST FLOOR (address) — Business address street 1
• NEW YORK (location) — Business address city
• 10001 (postal_code) — Business address zip
• 7372 (sic_code) — Standard Industrial Classification
• 0001361113 (company_id) — Central Index Key

FAQ

Industry Context

Varonis Systems Inc. operates in the software industry, specifically focusing on data security and analytics.

Regulatory Implications

As a publicly traded company in the US, Varonis Systems Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of Form 10-Q for quarterly financial information.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and Management's Discussion and Analysis.
2. Analyze any disclosed changes in revenue streams, expenses, or balance sheet items.
3. Compare the reported figures with previous quarters and the same quarter in the prior year to identify trends.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-07: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing data extracted for the 10-Q report ending March 31, 2024. Comparative data from previous filings would be needed for a 'vs last filing' analysis.

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share VRNS The NASDAQ Stock Market

Filing Documents

• vrns-20240331.htm (10-Q) — 1240KB
• vrnsq12024exh311.htm (EX-31.1) — 13KB
• vrnsq12024exh312.htm (EX-31.2) — 12KB
• vrnsq12024exh321.htm (EX-32.1) — 8KB
• vrnsq12024exh322.htm (EX-32.2) — 8KB
• 0001628280-24-021113.txt (&nbsp;) — 6396KB
• vrns-20240331.xsd (EX-101.SCH) — 34KB
• vrns-20240331_cal.xml (EX-101.CAL) — 69KB
• vrns-20240331_def.xml (EX-101.DEF) — 209KB
• vrns-20240331_lab.xml (EX-101.LAB) — 559KB
• vrns-20240331_pre.xml (EX-101.PRE) — 375KB
• vrns-20240331_htm.xml (XML) — 906KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 1 Item 1.

Financial Statements

Financial Statements 1 Condensed Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 1 Unaudited Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 3 Unaudited Condensed Consolidated Statements of Comprehensive Loss for the Three Months Ended March 31, 2024 and 2023 4 Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity as of March 31, 2024 and 2023 5 Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 6 Notes to Unaudited Condensed Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 Item 4.

Controls and Procedures

Controls and Procedures 35

OTHER INFORMATION

PART II. OTHER INFORMATION 35 Item 1.

Legal Proceedings

Legal Proceedings 35 Item 1A.

Risk Factors

Risk Factors 35 Item 5. Other Information 61 Item 6. Exhibits 61

SIGNATURES

SIGNATURES 62 EXHIBIT INDEX 63

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements VARONIS SYSTEMS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data) March 31, 2024 December 31, 2023 (unaudited) Assets Current assets: Cash and cash equivalents $ 147,051 $ 230,740 Marketable securities 355,743 253,175 Short-term deposits 45,280 49,800 Trade receivables (net of allowances of $ 1,135 and $ 1,487 at March 31, 2024 and December 31, 2023, respectively) 100,441 169,116 Prepaid expenses and other current assets 59,244 64,326 Total current assets 707,759 767,157 Long-term assets: Long-term marketable securities 226,366 211,063 Operating lease right-of-use assets 49,220 51,838 Property and equipment, net 31,733 33,964 Intangible assets, net 881 1,263 Goodwill 23,135 23,135 Other assets 14,560 15,490 Total long-term assets 345,895 336,753 Total assets $ 1,053,654 $ 1,103,910 Liabilities and stockholders' equity Current liabilities: Trade payables $ 2,899 $ 672 Accrued expenses and other short-term liabilities 109,202 125,057 Deferred revenues 185,086 181,049 Total current liabilities 297,187 306,778 Long-term liabilities: Convertible senior notes, net 250,860 250,477 Operating lease liabilities 48,009 51,313 Deferred revenues 403 886 Other liabilities 4,846 4,808 Total long-term liabilities 304,118 307,484 Stockholders' equity: Share capital 1 Common stock of $ 0.001 par value - Authorized: 200,000,000 shares at March 31, 2024 and December 31, 2023; Issued and outstanding: 111,589,110 shares at March 31, 2024 and 109,103,721 shares at December 31, 2023 112 109 Accumulated other comprehensive loss ( 9,105 ) ( 8,649 ) Additional paid-in capital 1,146,222 1,142,578 Accumulated deficit ( 684,880 ) ( 644,390 ) Total stockholders' equity 452,349 489,648 Total liabilities and stockholders' equity $ 1,053,654 $ 1,103,910 The accompanying notes are an integral part of these condensed consolidated financial statements. 2 VARONIS SYSTEMS, IN

View Full Filing

View this 10-Q filing on SEC EDGAR