Varonis Systems Inc. Files Q3 2024 10-Q Report

TL;DR

Varonis 10-Q filed for Q3 2024. Financials and operations detailed.

AI Summary

Varonis Systems Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the company, which is a provider of data security and analytics solutions. Specific financial figures and operational highlights for the third quarter and year-to-date periods are presented within the report.

Why It Matters

This 10-Q filing provides investors and analysts with crucial financial and operational data for Varonis Systems Inc., impacting investment decisions and market sentiment.

Risk Assessment

Risk Level: medium — 10-Q filings are standard for public companies, but the specific financial performance and disclosures within this report could indicate varying levels of risk.

Key Numbers

• 2024-09-30 — Report End Date (Quarterly financial reporting period.)
• 2024-10-31 — Filing Date (Date the report was officially submitted to the SEC.)

Key Players & Entities

• VARONIS SYSTEMS INC (company) — Filer
• 20240930 (date) — Period of Report
• 20241031 (date) — Filed as of Date
• 1250 BROADWAY, 31ST FLOOR (address) — Business Address
• NEW YORK (location) — Business Address City
• DE (location) — State of Incorporation

FAQ

Key Financial Figures

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

Filing Documents

• vrns-20240930.htm (10-Q) — 1583KB
• vrnsq32024exh311.htm (EX-31.1) — 13KB
• vrnsq32024exh312.htm (EX-31.2) — 12KB
• vrnsq32024exh321.htm (EX-32.1) — 8KB
• vrnsq32024exh322.htm (EX-32.2) — 8KB
• 0001628280-24-044561.txt ( ) — 7197KB
• vrns-20240930.xsd (EX-101.SCH) — 35KB
• vrns-20240930_cal.xml (EX-101.CAL) — 72KB
• vrns-20240930_def.xml (EX-101.DEF) — 219KB
• vrns-20240930_lab.xml (EX-101.LAB) — 592KB
• vrns-20240930_pre.xml (EX-101.PRE) — 387KB
• vrns-20240930_htm.xml (XML) — 1048KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 1 Item 1.

Financial Statements

Financial Statements 1 Condensed Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 1 Unaudited Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 3 Unaudited Condensed Consolidated Statements of Comprehensive Loss for the Three and Nine Months Ended September 30, 2024 and 2023 4 Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity as of September 30, 2024 and 2023 5 Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 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 25 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) September 30, 2024 December 31, 2023 (unaudited) Assets Current assets: Cash and cash equivalents $ 282,218 $ 230,740 Marketable securities 562,568 253,175 Short-term deposits 34,174 49,800 Trade receivables (net of allowances of $ 1,970 and $ 1,487 at September 30, 2024 and December 31, 2023, respectively) 119,203 169,116 Prepaid expenses and other short-term assets 76,206 64,326 Total current assets 1,074,369 767,157 Long-term assets: Long-term marketable securities 332,329 211,063 Operating lease right-of-use assets 45,390 51,838 Property and equipment, net 28,908 33,964 Intangible assets, net 119 1,263 Goodwill 23,135 23,135 Other assets 16,904 15,490 Total long-term assets 446,785 336,753 Total assets $ 1,521,154 $ 1,103,910 Liabilities and stockholders' equity Current liabilities: Trade payables $ 1,489 $ 672 Accrued expenses and other short-term liabilities 123,256 125,057 Convertible senior notes, net 251,625 — Deferred revenues 217,605 181,049 Total current liabilities 593,975 306,778 Long-term liabilities: Convertible senior notes, net 449,759 250,477 Operating lease liabilities 43,654 51,313 Deferred revenues 1,530 886 Other liabilities 3,676 4,808 Total long-term liabilities 498,619 307,484 Stockholders' equity: Share capital 1 Common stock of $ 0.001 par value - Authorized: 200,000,000 shares at September 30, 2024 and December 31, 2023; Issued and outstanding: 112,422,071 shares at September 30, 2024 and 109,103,721 shares at December 31, 2023 112 109 Accumulated other comprehensive loss ( 4,381 ) ( 8,649 ) Additional paid-in capital 1,159,990 1,142,578 Accumulated deficit ( 727,161 ) ( 644,390 ) Total stockholders' equity 428,560 489,648 Total liabilities and stockholders' equity $ 1,521,154 $ 1,103,910 The accompanying notes are an integral part of these conde

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View this 10-Q filing on SEC EDGAR