Varonis Systems Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-129.32	-95.77	-100.92	-124.52	-116.86
Depreciation & Amortization	12.31	11.13	11.7	12.18	10.89
Other Amortization	54.9	56.54	54.59	50.85	21.02
Loss (Gain) From Sale of Assets	-	-	-	-0.02	-
Asset Writedown & Restructuring Costs	-	6.65	-	-	-
Loss (Gain) From Sale of Investments	2.27	-12.69	-9.35	-0.34	-
Stock-Based Compensation	130.24	126.68	139.82	142.86	109.78
Other Operating Activities	9.81	9.53	9.47	9.31	8.23
Change in Accounts Receivable	-52.55	-23.72	-33.14	-18.8	-22.95
Change in Accounts Payable	1.23	3.64	-2.29	-2.36	4.47
Change in Unearned Revenue	148.07	110.39	69.88	5.27	5.42
Change in Other Net Operating Assets	-29.51	-77.18	-80.35	-62.55	-12.82
Operating Cash Flow	147.43	115.2	59.42	11.87	7.18
Operating Cash Flow Growth	27.98%	93.89%	400.51%	65.38%	-
Capital Expenditures	-12.63	-6.69	-5.1	-11.4	-10.49
Sale of Property, Plant & Equipment	-	-	-	0.02	-
Cash Acquisitions	-123.51	-	-	-	-
Sale (Purchase) of Intangibles	-2.89	-6.65	-	-	-
Investment in Securities	138.2	-518.91	-137.98	-362.88	64.87
Investing Cash Flow	-0.84	-532.26	-143.08	-374.25	54.38
Long-Term Debt Issued	-	449.64	-	-	-
Long-Term Debt Repaid	-0.14	-	-	-	-
Net Debt Issued (Repaid)	-0.14	449.64	-	-	-
Issuance of Common Stock	14.6	16.08	11.54	11.94	511.16
Repurchase of Common Stock	-144.16	-38.3	-64.94	-87.52	-1.04
Other Financing Activities	-	-55.52	-	-	-
Financing Cash Flow	-129.7	371.9	-53.4	-75.58	510.11
Net Cash Flow	16.9	-45.16	-137.06	-437.96	571.67
Free Cash Flow	134.8	108.51	54.32	0.48	-3.31
Free Cash Flow Growth	24.24%	99.76%	11335.16%	-	-
Free Cash Flow Margin	21.62%	19.69%	10.88%	0.10%	-0.85%
Free Cash Flow Per Share	1.18	0.97	0.50	0.00	-0.03
Cash Interest Paid	7.72	3.19	3.2	3.17	3.2
Cash Income Tax Paid	3.59	24.25	16.09	7.35	8.51
Levered Free Cash Flow	215.75	177.8	143.02	110.22	53.54
Unlevered Free Cash Flow	220.15	179.85	144.45	111.64	52.94
Change in Working Capital	67.24	13.13	-45.89	-78.44	-25.88

Source: S&P Global Market Intelligence. Standard template. Financial Sources.