Varonis Systems, Inc. (VRNS) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 55.04M | 24.68M | 33.4M | 21.35M | 68M | 24.27M | 22.48M | 11.72M | 56.72M | 10.45M | 6.33M | 5.81M | 36.83M | 3.43M | -1.64M | -14.47M | 24.54M | 338K | -4.3M | -9.24M |
| Operating CF Margin % | 31.79% | 14.24% | 20.67% | 14.03% | 49.84% | 15.31% | 15.18% | 8.99% | 49.75% | 6.78% | 5.18% | 5.03% | 34.31% | 2.41% | -1.33% | -12.98% | 25.5% | 0.27% | -4.29% | -10.45% |
| Operating CF Growth % | -19.06% | 1.69% | 48.57% | 82.1% | 19.88% | 132.35% | 254.95% | 101.93% | 54.01% | 204.22% | 486.63% | 140.13% | 50.07% | 915.98% | 61.95% | -56.6% | 20.4% | -95.58% | -59.92% | 37.06% |
| Net Income | -36.85M | -27.77M | -29.94M | -35.82M | -35.78M | -12.99M | -18.33M | -23.95M | -40.49M | -898K | -23.02M | -38.7M | -38.3M | -10.75M | -28.72M | -36.29M | -48.76M | -24.94M | -23.31M | -32.95M |
| Depreciation & Amortization | 5.24M | 17.81M | 2.98M | 2.57M | 2.42M | 2.58M | 2.78M | 2.86M | 2.91M | 2.97M | 5.29M | 5.28M | 5.26M | 6.38M | 5.28M | 4.82M | 5M | 4.65M | 4.8M | 4.69M |
| Stock-Based Compensation | 33.74M | 0 | 31.55M | 33.86M | 32.26M | 32.57M | 0 | 0 | 0 | 31.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 52.92M | 36M | 17.8M | 17.47M | 14.81M | 36.44M | 43.14M | 35.5M | 39.06M | 2.95M | 35.55M | 47.39M | 38.36M | 39.9M | 39.96M | 43.89M | 42.49M | 42.49M | 29.59M | 31.87M |
| Working Capital Changes | 0 | -1.35M | 11.01M | 3.28M | 54.29M | -34.32M | -5.1M | -2.69M | 55.24M | -26.21M | -11.48M | -8.17M | 31.52M | -32.1M | -18.16M | -26.89M | 25.81M | -21.86M | -15.39M | -12.85M |
| Change in Receivables | 86.21M | -99.09M | 7.53M | -26.13M | 65.13M | -73.63M | 3.21M | -21.97M | 68.67M | -58.03M | -7.42M | -28.27M | 60.59M | -44.29M | -7.76M | -20.32M | 53.58M | -45.8M | -11.24M | -8.84M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 474K | -2.05M | 841K | 1.96M | 2.82M | -1.04M | -367K | 2.23M | -656K | 648K | -28K | -2.25M | -3.03M | 1.23M | -14K | -553K | 1.88M | 279K | 2.53M |
| Cash from Investing | 63.33M | 35.92M | -81.69M | 69.95M | -25.02M | -119.41M | -295.88M | -5M | -111.97M | 110.35M | -263.33M | 152.42M | -142.51M | -332.28M | -2.02M | -8.08M | -31.87M | 2.16M | 20.05M | 37.02M |
| Capital Expenditures | -4.97M | -4.33M | -4.5M | -4.03M | -2.66M | -4.35M | -1.23M | -819K | -297K | -2.15M | -342K | -1.49M | -1.11M | -3.76M | -1.5M | -2.64M | -3.5M | -6.37M | -1.97M | -1.03M |
| CapEx % of Revenue | 2.87% | 2.49% | 2.79% | 2.65% | 1.95% | 2.75% | 0.83% | 0.63% | 0.26% | 1.4% | 0.28% | 1.29% | 1.03% | 2.64% | 1.22% | 2.37% | 3.63% | 5.03% | 1.97% | 1.16% |
| Acquisitions | -113.62M | 0 | -104.93M | 0 | -18.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21K | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -2.17M | 0 | 1.5M | -1.5M | 0 | 0 | -6.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -141.52M | -15.48M | 6.42M | -45.17M | -75.46M | -1.5M | 400.21M | 1.63M | -28.45M | -1.25M | -31M | -7.62M | -13.53M | -57.6M | 4.73M | -1K | -22.71M | 122K | 6.04M | -27K |
| Debt Issued (Net) | 0 | 0 | -137K | 0 | 0 | -464K | 394.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 0 | -15M | 7.19M | -38.74M | -54.1M | -1.03M | 6.29M | 3.38M | 6.41M | 191K | -30.47M | -5.04M | 3.33M | -56.01M | 5.39M | 5K | 6.11M | 122K | 6.04M | -27K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 2.09M | -15M | 0 | -38.74M | -61.26M | -1.03M | 0 | 0 | 0 | 0 | -35.92M | -5.08M | -2.52M | -56.44M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -141.52M | -479K | -631K | -6.44M | -21.36M | 0 | -656K | -1.75M | -34.86M | -1.44M | -532K | -2.58M | -16.86M | -1.58M | -663K | -6K | -28.82M | 0 | 0 | 0 |
| Net Change in Cash | -23.14M | 45.13M | -41.88M | 46.12M | -32.48M | -96.63M | 126.81M | 8.35M | -83.69M | 119.54M | -288M | 150.61M | -119.22M | -386.44M | 1.07M | -22.55M | -30.04M | 2.62M | 21.79M | 27.75M |
| Free Cash Flow | 50.07M | 20.74M | 30.43M | 18.3M | 65.34M | 19.92M | 21.25M | 10.9M | 56.43M | 8.29M | 5.99M | 4.31M | 35.72M | -328K | -3.14M | -17.11M | 21.05M | -6.03M | -6.28M | -10.27M |
| FCF Margin % | 28.92% | 11.96% | 18.83% | 12.02% | 47.89% | 12.57% | 14.35% | 8.37% | 49.49% | 5.38% | 4.9% | 3.74% | 33.28% | -0.23% | -2.54% | -15.35% | 21.86% | -4.77% | -6.26% | -11.61% |
| FCF Growth % | -23.36% | 4.12% | 43.17% | 67.79% | 15.79% | 140.23% | 254.75% | 152.84% | 57.97% | 2628.35% | 290.92% | 125.21% | 69.72% | 94.56% | 50.02% | -66.6% | 9.24% | -232.89% | -19.44% | 37.79% |
| FCF per Share | 0.43 | 0.16 | 0.27 | 0.16 | 0.58 | 0.18 | 0.19 | 0.10 | 0.51 | 0.08 | 0.05 | 0.04 | 0.33 | -0.00 | -0.03 | -0.16 | 0.19 | -0.06 | -0.06 | -0.10 |
| FCF Conversion (FCF/Net Income) | -1.27x | -0.89x | -1.12x | -0.60x | -1.90x | -1.87x | -1.23x | -0.49x | -1.40x | -11.63x | -0.28x | -0.15x | -0.96x | -0.32x | 0.06x | 0.40x | -0.50x | -0.01x | 0.18x | 0.28x |
| Interest Paid | 0 | 0 | 3.77M | 7K | 3.94M | 9K | 1.58M | 18K | 1.58M | 1K | 1.58M | 3K | 1.61M | 1K | 1.58M | 1K | 1.58M | 0 | 1.58M | 4K |
| Taxes Paid | 0 | 0 | 1.56M | 4.37M | 894K | 14.13M | 4.38M | 5.32M | 420K | 9.86M | 3.83M | 2.05M | 351K | 5.09M | 925K | 835K | 507K | 4.86M | 300K | 524K |