Total revenues of $53.6 million, up 31%
year-over-year License revenues of $29.4 million, up 30%
year-over-year
Varonis Systems, Inc. (Nasdaq:VRNS), a leading provider of software
solutions that protect data from insider threats and cyberattacks,
today announced results for the third quarter ended September 30,
2017.
Yaki Faitelson, Varonis CEO, said, "We delivered a strong third
quarter with both license and total revenues increasing 30% or
greater. With recent high-profile data breaches and increasing
regulatory scrutiny, organizations are adopting a more data-centric
approach in their security initiatives. Varonis technology analyzes
data content, access controls and usage across on-premises and
cloud systems to prioritize and reduce risk and to detect abnormal
behaviors that indicate a potential data breach.”
Financial Highlights for the Third Quarter Ended
September 30, 2017
Revenues:
- Total revenues were $53.6 million, up 31% compared with the
third quarter of 2016.
- License revenues were $29.4 million, up 30% compared with the
third quarter of 2016.
- Maintenance and services revenues were $24.2 million, up 32%
compared with the year-ago period.
Operating Income (Loss):
- GAAP operating loss was ($3.3) million for the quarter,
compared to ($3.9) million in the third quarter of 2016.
- Non-GAAP operating income was $1.8 million for the quarter,
compared to a loss of ($0.4) million in the third quarter of
2016.
Net Income (Loss):
- GAAP net loss was ($3.3) million, compared to GAAP net loss of
($4.4) million in the third quarter of 2016.
- GAAP net loss per basic and diluted share was ($0.12) in the
third quarter of 2017 compared to ($0.17) in the third quarter of
2016, based on 27.6 million and 26.5 million basic and diluted
common shares outstanding, respectively.
- Non-GAAP net income was $1.7 million, compared to non-GAAP net
loss of ($0.9) million in the third quarter of 2016.
- Non-GAAP net income per diluted share was $0.06 in the third
quarter of 2017, compared to non-GAAP net loss per basic and
diluted share of ($0.03) in the third quarter of 2016, based on
30.8 million diluted common shares outstanding and 26.5 million
basic and diluted common shares outstanding, respectively.
The tables at the end of this press release include a
reconciliation of GAAP to non-GAAP income (loss) from operations
and net income (loss) for the three and nine months ended September
30, 2017 and 2016. An explanation of these measures is also
included below under the heading "Non-GAAP Financial Measures."
Balance Sheet and Cash Flow:
- As of September 30, 2017, the Company had $128.4 million in
cash and cash equivalents and short-term investments compared with
$113.8 million as of December 31, 2016.
- During the nine months ended September 30, 2017, the Company
generated $10.8 million in cash from operations, compared with $4.5
million of cash provided by operations in the prior-year
period.
Recent Business Highlights
- For the third quarter of 2017, total revenues in the United
States increased 36% over the prior-year period to $34.1 million,
total revenues from EMEA increased 31% over the prior-year period
to $16.5 million, and total revenues from Rest of World were $3.0
million.
- Generated 51% of license and first year maintenance revenues
from new customers and 49% from existing customers in the third
quarter of 2017, compared to 54% and 46%, respectively, in the
prior-year period.
- Added 215 new customers during the third quarter of 2017
compared with 224 in the prior-year period.
- As of September 30, 2017, 51% of customers had purchased two or
more product families, up from 47% as of September 30, 2016.
- Announced the upcoming release of Varonis Edge. Varonis Edge
analyzes telemetry, or metadata, from devices on the edges of
network, such as DNS servers, web security and VPN gateways to spot
malware, advanced persistent threats (APTs) and other cyberattacks.
Varonis Edge puts these attacks in context with what’s happening in
core data stores, to get a more complete picture of an attack – how
threats get in, how they move around, what they are after, and how
they try to sneak out without being detected.
- Cited in Forbes’s October article, “Top 10 Hot Data Security
and Privacy Technologies,” which referenced Forrester's October
2017 report, "TechRadar: Data Security And Privacy, Q4 2017,"
Varonis was highlighted in two of the 10 hottest data security and
privacy technologies: “data access governance” and “data discovery
and flow mapping.”
Financial Outlook
For the fourth quarter of 2017, Varonis expects revenues in the
range of $65.5 million to $67.0 million, representing 20% to 23%
year-over-year growth. The Company anticipates fourth quarter 2017
non-GAAP operating income in the range of $9.3 million to $9.8
million and non-GAAP net income per diluted share in the range of
$0.28 to $0.29, based on a tax provision of $500,000 to $700,000
and 31.0 million diluted shares outstanding. Expectations of
non-GAAP operating income and non-GAAP net income per diluted share
exclude stock-based compensation expense and payroll tax expense
related to stock-based compensation.
For the full year 2017, Varonis now expects revenues in the
range of $209.5 million to $211.0 million, representing 27% to 28%
year-over-year growth. The Company now anticipates full year 2017
non-GAAP operating income of $5.0 million to $5.5 million and
non-GAAP net income per diluted share in the range of $0.16 to
$0.17, based on a tax provision of $2.1 million to $2.4 million and
30.7 million diluted shares outstanding. Expectations of non-GAAP
operating income and non-GAAP net income per diluted share exclude
stock-based compensation expense and payroll tax expense related to
stock-based compensation.
Conference Call and Webcast
Varonis will host a conference call today, November 2, 2017, at
5:00 p.m., Eastern Time, to discuss the Company's third quarter
2017 financial results, current financial guidance and other
corporate developments. To access this call, dial
877-425-9470 (domestic) or 201-389-0878 (international). The
passcode is 13671904. A replay of this conference call will be
available through November 9, 2017 at 844-512-2921 (domestic) or
412-317-6671 (international). The replay passcode is
13671904. A live webcast of this conference call will be
available on the "Investors" page of the Company's website
(www.varonis.com), and a replay will be archived on the website as
well.
Non-GAAP Financial Measures
Varonis believes that the use of non-GAAP operating income
(loss) and non-GAAP net income (loss) is helpful to our investors.
These measures, which the Company refers to as our non-GAAP
financial measures, are not prepared in accordance with GAAP.
For the three and nine months ended September 30, 2017 and 2016,
non-GAAP operating income (loss) is calculated as operating loss
excluding (i) stock-based compensation expense and (ii) payroll tax
expense related to stock-based compensation.
For the three and nine months ended September 30, 2017 and 2016,
non-GAAP net income (loss) is calculated as net loss excluding (i)
stock-based compensation expense and (ii) payroll tax expense
related to stock-based compensation.
Because of varying available valuation methodologies, subjective
assumptions and the variety of equity instruments that can impact a
company's non-cash expense, the Company believes that providing
non-GAAP financial measures that exclude stock-based compensation
expense allow for more meaningful comparisons between our operating
results from period to period. In addition, the Company excludes
payroll tax expense related to stock-based compensation expense
because, without excluding these tax expenses, investors would not
see the full effect that excluding stock-based compensation expense
had on our operating results. These expenses are tied to the
exercise or vesting of underlying equity awards and the price of
our common stock at the time of vesting or exercise, which factors
may vary from period to period independent of the operating
performance of our business. Similar to stock-based compensation
expense, the Company believes that excluding this payroll tax
expense provides investors and management with greater visibility
to the underlying performance of our business operations and
facilitates comparison with other periods as well as the results of
other companies.
Each of our non-GAAP financial measures is an important tool for
financial and operational decision making and for evaluating our
own operating results over different periods of time. The non-GAAP
financial data are not measures of our financial performance under
U.S. GAAP and should not be considered as alternatives to operating
income (loss) or net income (loss) or any other performance
measures derived in accordance with GAAP. Non-GAAP financial
measures may not provide information that is directly comparable to
that provided by other companies in our industry, as other
companies in our industry may calculate non-GAAP financial results
differently, particularly related to non-recurring, unusual items.
In addition, there are limitations in using non-GAAP financial
measures because the non-GAAP financial measures are not prepared
in accordance with GAAP, may be different from non-GAAP financial
measures used by other companies and exclude expenses that may have
a material impact on our reported financial results. Further,
stock-based compensation expense and payroll tax expense related to
stock-based compensation have been, and will continue to be for the
foreseeable future, significant recurring expenses in our business
and an important part of the compensation provided to our
employees. The presentation of non-GAAP financial information is
not meant to be considered in isolation or as a substitute for the
directly comparable financial measures prepared in accordance with
GAAP. Varonis urges investors to review the reconciliation of our
non-GAAP financial measures to the comparable GAAP financial
measures included below, and not to rely on any single financial
measures to evaluate our business.
Forward-Looking Statements
This press release contains, and statements made during the
above referenced conference call will contain, "forward-looking"
statements, which are subject to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995, including
regarding the Company's growth rate and its expectations regarding
future revenues, operating income or loss or earnings or loss per
share. These statements are not guarantees of future performance,
but are based on management's expectations as of the date of this
press release and assumptions that are inherently subject to
uncertainties, risks and changes in circumstances that are
difficult to predict. Forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause
actual results, performance or achievements to be materially
different from any future results, performance or achievements.
Important factors that could cause actual results to differ
materially from those expressed or implied by these forward-looking
statements include the following: risks associated with anticipated
growth in Varonis' addressable market; competitive factors,
including increased sales cycle time, changes in the competitive
environment, pricing changes and increased competition; the risk
that Varonis may not be able to attract or retain employees,
including sales personnel and engineers; Varonis' ability to build
and expand its direct sales efforts and reseller distribution
channels; general economic and industry conditions, including
expenditure trends for data security solutions; risks associated
with the closing of large transactions, including Varonis' ability
to close large transactions consistently on a quarterly basis; new
product introductions and Varonis' ability to develop and deliver
innovative products; risks associated with international
operations; and Varonis' ability to provide high-quality service
and support offerings. These and other important risk factors are
described more fully in Varonis' reports and other documents filed
with the Securities and Exchange Commission and could cause actual
results to vary from expectations. All information provided in this
press release and in the conference call is as of the date hereof,
and Varonis undertakes no duty to update or revise this
information, whether as a result of new information, new
developments or otherwise, except as required by law.
To find out more about Varonis, visit www.varonis.com
About Varonis
Varonis is a leading provider of software solutions that protect
data from insider threats and cyberattacks. Through its innovative
Data Security Platform, Varonis allows organizations to analyze,
secure, manage, and migrate their volumes of unstructured data.
Varonis specializes in file and email systems that store valuable
spreadsheets, word processing documents, presentations, audio and
video files, emails, and text. This rapidly growing data often
contains an enterprise's financial information, product plans,
strategic initiatives, intellectual property, and confidential
employee, customer or patient records. IT and business personnel
deploy Varonis software for a variety of use cases, including data
security, governance and compliance, user behavior analytics,
archiving, search, and file synchronization and sharing. With
offices and partners worldwide, Varonis had approximately 5,950
customers as of September 30, 2017, spanning leading firms in
financial services, healthcare, public, industrial, insurance,
energy and utilities, media and entertainment, consumer and retail,
technology and education sectors.
Investor Relations Contact: Yun KimVaronis
Systems, Inc.646-640-2149 Email: kimy@varonis.com
Media Contacts:Rachel Hunt877-292-8767 (ext.
4247)rhunt@varonis.com
Mia DamianoMerritt Group703-390-1502Email:
damiano@merrittgrp.com
Varonis Systems, Inc. |
|
Consolidated Statements of
Operations |
|
(in thousands, except for share and per share
data) |
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
|
2017 |
|
|
|
|
2016 |
|
|
|
|
|
2017 |
|
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited |
|
|
Unaudited |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
Licenses |
|
$ |
29,409 |
|
|
|
$ |
22,591 |
|
|
|
|
$ |
76,984 |
|
|
|
$ |
58,177 |
|
|
|
Maintenance and services |
|
|
24,192 |
|
|
|
|
18,346 |
|
|
|
|
|
67,171 |
|
|
|
|
51,870 |
|
|
|
Total
revenues |
|
|
53,601 |
|
|
|
|
40,937 |
|
|
|
|
|
144,155 |
|
|
|
|
110,047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues |
|
|
5,436 |
|
|
|
|
4,116 |
|
|
|
|
|
14,986 |
|
|
|
|
11,333 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
|
48,165 |
|
|
|
|
36,821 |
|
|
|
|
|
129,169 |
|
|
|
|
98,714 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
Research
and development |
|
|
11,903 |
|
|
|
|
9,290 |
|
|
|
|
|
33,810 |
|
|
|
|
27,033 |
|
|
|
Sales and
marketing |
|
|
32,802 |
|
|
|
|
26,410 |
|
|
|
|
|
96,173 |
|
|
|
|
77,607 |
|
|
|
General
and administrative |
|
|
6,711 |
|
|
|
|
5,051 |
|
|
|
|
|
18,806 |
|
|
|
|
14,379 |
|
|
|
Total
operating expenses |
|
|
51,416 |
|
|
|
|
40,751 |
|
|
|
|
|
148,789 |
|
|
|
|
119,019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
(3,251 |
) |
|
|
|
(3,930 |
) |
|
|
|
|
(19,620 |
) |
|
|
|
(20,305 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial income (expenses), net |
|
|
622 |
|
|
|
|
(187 |
) |
|
|
|
|
2,041 |
|
|
|
|
(146 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss
before income taxes |
|
|
(2,629 |
) |
|
|
|
(4,117 |
) |
|
|
|
|
(17,579 |
) |
|
|
|
(20,451 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
taxes |
|
|
(685 |
) |
|
|
|
(272 |
) |
|
|
|
|
(1,649 |
) |
|
|
|
(781 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(3,314 |
) |
|
|
$ |
(4,389 |
) |
|
|
|
$ |
(19,228 |
) |
|
|
$ |
(21,232 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
per share of common stock, basic and diluted |
|
$ |
(0.12 |
) |
|
|
$ |
(0.17 |
) |
|
|
|
$ |
(0.70 |
) |
|
|
$ |
(0.81 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares used in computing netloss per share of
common stock, basic and diluted |
|
|
27,595,461 |
|
|
|
|
26,492,313 |
|
|
|
|
|
27,292,216 |
|
|
|
|
26,294,936 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense for the
three and nine months ended September 30, 2017 and
2016 is included in the
Consolidated Statements of Operationsas follows (in
thousands): |
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September
30, |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited |
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues |
|
$ |
283 |
|
|
$ |
186 |
|
|
|
$ |
783 |
|
|
$ |
504 |
|
|
Research
and development |
|
|
1,374 |
|
|
|
805 |
|
|
|
|
3,805 |
|
|
|
2,263 |
|
|
Sales
and marketing |
|
|
1,856 |
|
|
|
1,613 |
|
|
|
|
6,277 |
|
|
|
4,416 |
|
|
General
and administrative |
|
|
1,269 |
|
|
|
854 |
|
|
|
|
3,580 |
|
|
|
2,272 |
|
|
|
|
$ |
4,782 |
|
|
$ |
3,458 |
|
|
|
$ |
14,445 |
|
|
$ |
9,455 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payroll tax expense related to stock-based
compensation for the three and nine months ended September 30, 2017
and 2016 is included in the ConsolidatedStatements of Operations as
follows (in thousands): |
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited |
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues |
|
$ |
25 |
|
|
$ |
2 |
|
|
|
$ |
70 |
|
|
$ |
24 |
|
|
Research
and development |
|
|
27 |
|
|
|
9 |
|
|
|
|
55 |
|
|
|
19 |
|
|
Sales
and marketing |
|
|
213 |
|
|
|
40 |
|
|
|
|
698 |
|
|
|
163 |
|
|
General
and administrative |
|
|
8 |
|
|
|
3 |
|
|
|
|
51 |
|
|
|
25 |
|
|
|
|
$ |
273 |
|
|
$ |
54 |
|
|
|
$ |
874 |
|
|
$ |
231 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Varonis Systems, Inc. |
Consolidated Balance Sheets |
(in thousands) |
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
|
2017 |
|
|
|
|
2016 |
|
|
|
|
Unaudited |
|
|
Assets |
|
|
|
|
|
Current
assets: |
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
53,478 |
|
|
|
$ |
48,315 |
|
|
Short-term investments |
|
|
74,963 |
|
|
|
|
65,493 |
|
|
Trade
receivables, net |
|
|
44,680 |
|
|
|
|
53,861 |
|
|
Prepaid
expenses and other current assets |
|
|
5,500 |
|
|
|
|
3,650 |
|
|
Total
current assets |
|
|
178,621 |
|
|
|
|
171,319 |
|
|
|
|
|
|
|
|
|
|
|
Long-term assets: |
|
|
|
|
|
|
Other
assets |
|
|
861 |
|
|
|
|
609 |
|
|
Property
and equipment, net |
|
|
11,512 |
|
|
|
|
9,910 |
|
|
Total
long-term assets |
|
|
12,373 |
|
|
|
|
10,519 |
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
190,994 |
|
|
|
$ |
181,838 |
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Trade
payables |
|
$ |
1,366 |
|
|
|
$ |
1,288 |
|
|
Accrued
expenses and other short term liabilities |
|
|
32,166 |
|
|
|
|
28,479 |
|
|
Deferred
revenues |
|
|
58,383 |
|
|
|
|
58,478 |
|
|
Total
current liabilities |
|
|
91,915 |
|
|
|
|
88,245 |
|
|
|
|
|
|
|
|
|
Long-term liabilities: |
|
|
|
|
|
|
Deferred
revenues |
|
|
5,047 |
|
|
|
|
3,562 |
|
|
Severance
pay |
|
|
1,705 |
|
|
|
|
1,664 |
|
|
Other
liabilities |
|
|
5,283 |
|
|
|
|
5,628 |
|
|
Total
long-term liabilities |
|
|
12,035 |
|
|
|
|
10,854 |
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
Common
stock |
|
|
28 |
|
|
|
|
27 |
|
|
Accumulated other comprehensive income (loss) |
|
|
1,009 |
|
|
|
|
(479 |
) |
|
Additional paid-in capital |
|
|
213,995 |
|
|
|
|
189,335 |
|
|
Accumulated deficit |
|
|
(127,988 |
) |
|
|
|
(106,144 |
) |
|
Total
stockholders' equity |
|
|
87,044 |
|
|
|
|
82,739 |
|
|
Total
liabilities and stockholders' equity |
|
$ |
190,994 |
|
|
|
$ |
181,838 |
|
|
Varonis Systems, Inc. |
|
Consolidated Statements of Cash
Flows |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September
30, |
|
|
|
|
2017 |
|
|
|
|
2016 |
|
|
|
|
|
Unaudited |
|
Unaudited |
|
Cash flows from operating activities: |
|
|
|
|
|
Net
loss |
|
$ |
(19,228 |
) |
|
|
$ |
(21,232 |
) |
|
|
Adjustments to reconcile net loss to net cash provided by operating
activities: |
|
|
|
|
|
Depreciation |
|
|
1,970 |
|
|
|
|
1,610 |
|
|
|
Stock-based compensation |
|
|
14,445 |
|
|
|
|
9,455 |
|
|
|
Capital
gain from disposal of fixed assets |
|
|
(14 |
) |
|
|
|
(2 |
) |
|
|
Changes
in assets and liabilities: |
|
|
|
|
|
|
|
|
|
Trade
receivables |
|
|
9,181 |
|
|
|
|
17,311 |
|
|
|
Prepaid
expenses and other current assets |
|
|
(838 |
) |
|
|
|
(930 |
) |
|
|
Trade
payables |
|
|
78 |
|
|
|
|
(1,668 |
) |
|
|
Accrued
expenses and other short term liabilities |
|
|
4,167 |
|
|
|
|
(502 |
) |
|
|
Severance
pay |
|
|
41 |
|
|
|
|
28 |
|
|
|
Deferred
revenues |
|
|
1,390 |
|
|
|
|
402 |
|
|
|
Other
long term liabilities |
|
|
(346 |
) |
|
|
|
64 |
|
|
|
Net cash
provided by operating activities |
|
|
10,846 |
|
|
|
|
4,536 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Increase
in short-term investments |
|
|
(9,473 |
) |
|
|
|
(13,250 |
) |
|
|
Increase
in long-term deposits |
|
|
(209 |
) |
|
|
|
(27 |
) |
|
|
Increase
in restricted cash |
|
|
(43 |
) |
|
|
|
(41 |
) |
|
|
Proceeds
from sale of property and equipment |
|
|
14 |
|
|
|
|
2 |
|
|
|
Purchase
of property and equipment |
|
|
(3,572 |
) |
|
|
|
(2,576 |
) |
|
|
Net cash
used in investing activities |
|
|
(13,283 |
) |
|
|
|
(15,892 |
) |
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
Proceeds
from employee stock plans, net |
|
|
7,600 |
|
|
|
|
3,803 |
|
|
|
Net cash
provided by financing activities |
|
|
7,600 |
|
|
|
|
3,803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase
(decrease) in cash and cash equivalents |
|
|
5,163 |
|
|
|
|
(7,553 |
) |
|
|
Cash and
cash equivalents at beginning of period |
|
|
48,315 |
|
|
|
|
49,241 |
|
|
|
Cash and
cash equivalents at end of period |
|
$ |
53,478 |
|
|
|
$ |
41,688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Varonis Systems, Inc. |
|
Reconciliation of GAAP Measures to
non-GAAP |
|
(in thousands, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September
30, |
|
|
|
|
2017 |
|
|
|
|
2016 |
|
|
|
|
|
2017 |
|
|
|
|
2016 |
|
|
|
|
|
Unaudited |
|
|
Unaudited |
|
Reconciliation to non-GAAP income (loss) from
operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
operating loss |
|
$ |
(3,251 |
) |
|
|
$ |
(3,930 |
) |
|
|
|
$ |
(19,620 |
) |
|
|
$ |
(20,305 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add
back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
|
4,782 |
|
|
|
|
3,458 |
|
|
|
|
|
14,445 |
|
|
|
|
9,455 |
|
|
|
Payroll
tax expenses related to stock-based compensation |
|
|
273 |
|
|
|
|
54 |
|
|
|
|
|
874 |
|
|
|
|
231 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
operating income (loss) |
|
$ |
1,804 |
|
|
|
$ |
(418 |
) |
|
|
|
$ |
(4,301 |
) |
|
|
$ |
(10,619 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to non-GAAP net income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
loss |
|
$ |
(3,314 |
) |
|
|
$ |
(4,389 |
) |
|
|
|
$ |
(19,228 |
) |
|
|
$ |
(21,232 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add
back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
|
4,782 |
|
|
|
|
3,458 |
|
|
|
|
|
14,445 |
|
|
|
|
9,455 |
|
|
|
Payroll
tax expenses related to stock-based compensation |
|
|
273 |
|
|
|
|
54 |
|
|
|
|
|
874 |
|
|
|
|
231 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
net income (loss) |
|
$ |
1,741 |
|
|
|
$ |
(877 |
) |
|
|
|
$ |
(3,909 |
) |
|
|
$ |
(11,546 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
net income (loss) per common share - basic |
|
$ |
0.06 |
|
|
|
$ |
(0.03 |
) |
|
|
|
$ |
(0.14 |
) |
|
|
$ |
(0.44 |
) |
|
|
Non-GAAP
net income (loss) per common share - diluted |
|
$ |
0.06 |
|
|
|
$ |
(0.03 |
) |
|
|
|
$ |
(0.14 |
) |
|
|
$ |
(0.44 |
) |
|
|
GAAP net
loss per common share - basic and diluted |
|
$ |
(0.12 |
) |
|
|
$ |
(0.17 |
) |
|
|
|
$ |
(0.70 |
) |
|
|
$ |
(0.81 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
weighted average number of common shares outstanding - basic |
|
|
27,595,461 |
|
|
|
|
26,492,313 |
|
|
|
|
|
27,292,216 |
|
|
|
|
26,294,936 |
|
|
|
Non-GAAP
weighted average number of common shares outstanding - diluted |
|
|
30,812,151 |
|
|
|
|
26,492,313 |
|
|
|
|
|
27,292,216 |
|
|
|
|
26,294,936 |
|
|
|
GAAP
weighted average number of common shares outstanding - basic and
diluted |
|
|
27,595,461 |
|
|
|
|
26,492,313 |
|
|
|
|
|
27,292,216 |
|
|
|
|
26,294,936 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Varonis Systems (NASDAQ:VRNS)
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From Mar 2024 to Apr 2024
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