Varonis Systems Inc. Files 10-Q for Q2 2024

Ticker: VRNS · Form: 10-Q · Filed: Jul 30, 2024 · CIK: 1361113

Varonis Systems Inc 10-Q Filing Summary
FieldDetail
CompanyVaronis Systems Inc (VRNS)
Form Type10-Q
Filed DateJul 30, 2024
Risk Levelmedium
Pages16
Reading Time19 min
Key Dollar Amounts$0.001
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, financials, software

TL;DR

Varonis 10-Q filed for Q2 2024. Financials and segment data released.

AI Summary

Varonis Systems Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and segment information are presented, reflecting the company's ongoing business activities and strategic positioning in the software industry.

Why It Matters

This filing provides investors and analysts with crucial financial and operational data for Varonis Systems Inc., enabling informed decisions about the company's performance and future prospects.

Risk Assessment

Risk Level: medium — The filing contains standard financial disclosures for a public company, but the inherent risks of the software industry and Varonis's specific market position contribute to a medium risk level.

Key Players & Entities

FAQ

What were Varonis Systems Inc.'s total revenues for the six months ended June 30, 2024?

The filing indicates that for the six months ended June 30, 2024, Varonis Systems Inc. had subscription and circulation revenue of $249 million and software as a service revenue of $106 million.

How did Varonis Systems Inc.'s subscription and circulation revenue compare between Q2 2024 and Q2 2023?

Subscription and circulation revenue for the three months ended June 30, 2024, was $131 million, an increase from $106 million for the three months ended June 30, 2023.

What was the reported software as a service revenue for Varonis Systems Inc. in the first half of 2024?

For the six months ended June 30, 2024, Varonis Systems Inc. reported software as a service revenue of $106 million.

What is the fiscal year end for Varonis Systems Inc.?

Varonis Systems Inc.'s fiscal year ends on December 31.

What is the primary business address for Varonis Systems Inc.?

The business address for Varonis Systems Inc. is 1250 Broadway, 31st Floor, New York, NY 10001.

Filing Stats: 4,658 words · 19 min read · ~16 pages · Grade level 17.9 · Accepted 2024-07-30 16:25:32

Key Financial Figures

Filing Documents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 1 Item 1.

Financial Statements

Financial Statements 1 Condensed Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 1 Unaudited Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 3 Unaudited Condensed Consolidated Statements of Comprehensive Loss for the Three and Six Months Ended June 30 , 2024 and 2023 4 Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity as of June 30 , 2024 and 2023 5 Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30 , 2024 and 2023 7 Notes to Unaudited Condensed Consolidated Financial Statements 9 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 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 40 Item 4.

Controls and Procedures

Controls and Procedures 41

OTHER INFORMATION

PART II. OTHER INFORMATION 41 Item 1.

Legal Proceedings

Legal Proceedings 41 Item 1A.

Risk Factors

Risk Factors 41 Item 5. Other Information 66 Item 6. Exhibits 66

SIGNATURES

SIGNATURES 67 EXHIBIT INDEX 68

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) June 30, 2024 December 31, 2023 (unaudited) Assets Current assets: Cash and cash equivalents $ 155,403 $ 230,740 Marketable securities 427,065 253,175 Short-term deposits 44,846 49,800 Trade receivables (net of allowances of $ 1,682 and $ 1,487 at June 30, 2024 and December 31, 2023, respectively) 122,412 169,116 Prepaid expenses and other current assets 66,418 64,326 Total current assets 816,144 767,157 Long-term assets: Long-term marketable securities 162,972 211,063 Operating lease right-of-use assets 47,209 51,838 Property and equipment, net 30,075 33,964 Intangible assets, net 500 1,263 Goodwill 23,135 23,135 Other assets 14,780 15,490 Total long-term assets 278,671 336,753 Total assets $ 1,094,815 $ 1,103,910 Liabilities and stockholders' equity Current liabilities: Trade payables $ 2,532 $ 672 Accrued expenses and other short-term liabilities 123,014 125,057 Deferred revenues 208,907 181,049 Total current liabilities 334,453 306,778 Long-term liabilities: Convertible senior notes, net 251,239 250,477 Operating lease liabilities 45,414 51,313 Deferred revenues 22 886 Other liabilities 5,081 4,808 Total long-term liabilities 301,756 307,484 Stockholders' equity: Share capital 1 Common stock of $ 0.001 par value - Authorized: 200,000,000 shares at June 30, 2024 and December 31, 2023; Issued and outstanding: 112,179,617 shares at June 30, 2024 and 109,103,721 shares at December 31, 2023 112 109 Accumulated other comprehensive loss ( 10,625 ) ( 8,649 ) Additional paid-in capital 1,177,947 1,142,578 Accumulated deficit ( 708,828 ) ( 644,390 ) Total stockholders' equity 458,606 489,648 Total liabilities and stockholders' equity $ 1,094,815 $ 1,103,910 The accompanying notes are an integral part of these condensed consolidated financial statements. 2 VARONIS SYSTEMS, INC. A

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