Condensed Consolidated Statements of Operations(in thousands, except for share and per share data) Three Months EndedMarch 31, 2024 2023 UnauditedRevenues: Term license subscriptions$55,980 $80,906 SaaS 33,985 2,068 Maintenance and services 24,057 24,361 Total revenues 114,022 107,335 Cost of revenues 21,349 17,637 Gross profit 92,673 89,698 Operating expenses: Research and development 47,827 44,732 Sales and marketing 71,227 68,393 General and administrative 21,252 19,689 Total operating expenses 140,306 132,814 Operating loss (47,633) (43,116)Financial income, net 8,545 7,773 Loss before income taxes (39,088) (35,343)Income taxes (1,402) (2,961) Net loss$(40,490) $(38,304) Net loss per share of common stock, basic and diluted$(0.37) $(0.35) Weighted average number of shares used in computing net loss per share of common stock, basic and diluted 109,990,177 108,387,402 Stock-based compensation expense for the three months ended March 31, 2024 and 2023 is included in the Condensed Consolidated Statements of Operations as follows (in thousands): Three Months EndedMarch 31, 2024 2023 UnauditedCost of revenues$1,362 $2,500Research and development 11,759 12,523Sales and marketing 10,470 12,762General and administrative 8,502 8,026 $32,093 $35,811 Payroll tax expense related to stock-based compensation for the three months ended March 31, 2024 and 2023 is included in the Condensed Consolidated Statements of Operations as follows (in thousands): Three Months EndedMarch 31, 2024 2023 UnauditedCost of revenues$607 $286Research and development 313 107Sales and marketing 2,854 1,421General and administrative 813 417 $4,587 $2,231 Amortization of acquired intangibles and acquisition-related expenses for the three months ended March 31, 2024 and 2023 is included in the Condensed Consolidated Statements of Operations as follows (in thousands): Three Months EndedMarch 31, 2024 2023 UnauditedCost of revenues$381 $381Research and development — 412Sales and marketing — —General and administrative — — $381 $793 Varonis Systems, Inc.
Reconciliation of GAAP Measures to non-GAAP(in thousands, except share and per share data) Three Months Ended March 31, 2024 2023 Unaudited Reconciliation to non-GAAP operating loss: GAAP operating loss$(47,633) $(43,116) Add back: Stock-based compensation expense 32,093 35,811 Payroll tax expenses related to stock-based compensation 4,587 2,231 Amortization of acquired intangible assets and acquisition-related expenses 381 793 Non-GAAP operating loss$(10,572) $(4,281) Reconciliation to non-GAAP net loss: GAAP net loss$(40,490) $(38,304) Add back: Stock-based compensation expense 32,093 35,811 Payroll tax expenses related to stock-based compensation 4,587 2,231 Amortization of acquired intangible assets and acquisition-related expenses 381 793 Foreign exchange rate differences, net (681) (984)Amortization of debt issuance costs 383 376 Non-GAAP net loss$(3,727) $(77) GAAP weighted average number of shares used in computing net loss per share of common stock - basic and diluted 109,990,177 108,387,402 Non-GAAP weighted average number of shares used in computing net loss per share of common stock - basic and diluted 109,990,177 108,387,402 GAAP net loss per share of common stock - basic and diluted$(0.37) $(0.35)Non-GAAP net loss per share of common stock - basic and diluted$(0.03) $— Varonis Systems, Inc.
Condensed Consolidated Statements of Cash Flows(in thousands) Three Months EndedMarch 31, 2024 2023 Unaudited Cash flows from operating activities: Net loss$(40,490) $(38,304)Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 2,909 2,891 Stock-based compensation 32,093 35,811 Amortization of deferred commissions 7,932 3,462 Non-cash operating lease costs 2,394 2,367 Amortization of debt issuance costs 383 376 Amortization of premium and accretion of discount on marketable securities (3,743) (1,293) Changes in assets and liabilities: Trade receivables 68,675 60,586 Prepaid expenses and other current assets 4,951 (7,236)Deferred commissions (7,359) (3,033)Other long-term assets (136) (589)Trade payables 2,227 (2,254)Accrued expenses and other short-term liabilities (16,840) (15,794)Deferred revenues 3,554 (1,374)Other long-term liabilities 173 1,214 Net cash provided by operating activities 56,723 36,830 Cash flows from investing activities: Proceeds from sales and maturities of marketable securities 15,100 16,650 Investment in marketable securities (131,482) (59,555)Proceeds from short-term and long-term deposits 6,299 4,000 Investment in short-term and long-term deposits (1,586) (102,500)Purchases of property and equipment (297) (1,110)Net cash used in investing activities (111,966) (142,515) Cash flows from financing activities: Proceeds from employee stock plans 6,414 5,853 Taxes paid related to net share settlement of equity awards (34,860) (16,864)Repurchase of common stock — (2,519)Net cash used in financing activities (28,446) (13,530)Decrease in cash and cash equivalents (83,689) (119,215)Cash and cash equivalents at beginning of period 230,740 367,800 Cash and cash equivalents at end of period$147,051 $248,585 Varonis Systems, Inc.
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