Varonis Systems, Inc. logo VRNS - Varonis Systems, Inc.

Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY
0
BUY 27
HOLD 7
SELL 0
STRONG
SELL
0
| PRICE TARGET: $36.00 DETAILS
HIGH: $50.00
LOW: $27.00
MEDIAN: $36.00
CONSENSUS: $36.00
UPSIDE: 7.85%
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2 2013 Q1 2012 Q4 2012 Q3
Revenue
Revenue 173.1 173.4 161.6 152.2 136.4 158.5 148.1 130.3 114.0 154.1 122.3 115.4 107.3 142.6 123.3 111.4 96.3 126.6 100.4 88.4 74.8 95.2 76.8 66.6 54.2 72.6 65.6 59.6 56.4 87.5 67.1 62.2 53.5 73.2 53.6 50.2 40.4 54.4 40.9 38.6 30.5 43.8 31.2 29.1 23.0 33.7 25.6 24.6 17.5 25.7 18.5 17.8 12.6 18.6 13.5
Cost of Revenue 41.6 36.6 35.1 31.2 29.0 26.1 24.0 22.4 21.3 19.3 17.4 17.4 17.6 17.0 17.2 17.8 17.8 17.4 14.3 14.2 13.5 12.5 11.3 10.3 10.2 9.7 8.8 8.4 8.3 7.7 7.1 6.4 6.4 5.9 5.4 4.9 4.7 4.5 4.1 3.7 3.5 3.3 3.0 2.9 2.8 2.8 2.6 2.5 2.0 2.0 1.7 1.5 1.3 1.5 1.2
Gross Profit 131.6 136.8 126.4 120.9 107.4 132.5 124.1 107.9 92.7 134.8 104.9 98.0 89.7 125.6 106.1 93.6 78.5 109.2 86.0 74.2 61.3 82.7 65.5 56.2 44.0 62.9 56.9 51.2 48.0 79.8 60 55.8 47.1 67.3 48.2 45.3 35.7 49.9 36.8 34.9 27.0 40.6 28.2 26.3 20.2 30.9 23.0 22.1 15.4 23.7 16.9 16.3 11.2 17.1 12.3
Operating Expenses
R&D Expenses 69.8 64.6 62.7 56.2 54.2 50.5 53.5 44.9 47.8 48.1 44.8 46.1 44.7 45.0 44.5 44.8 43.6 40.1 34.3 33.3 30.1 27.9 24.7 24.1 22.7 21.9 20.4 19.7 18.8 19.4 17.3 17.7 15.5 13.6 11.9 11.5 10.4 9.6 9.3 8.9 8.8 8.2 8.1 7.8 7.7 7.5 7.3 6.8 6.4 5.9 5.7 4.9 4.5 4.2 3.7
SG&A Expenses 105.2 102.5 99.6 101.2 96.4 96.0 95.3 94.9 95.7 96.6 92.8 94.9 90.7 88.1 85.7 86.1 83.4 94.4 70.7 69.5 65.3 62.0 57.2 54.3 54.0 55.0 52.5 55.5 51.3 55.8 49.6 49.3 47.0 46.0 39.2 39.2 36.3 35.7 31.5 31.6 28.9 28.8 24.7 25.0 24.0 23.1 20.8 19.9 16.9 16.3 13.3 12.7 10.7 10.6 8.6
Other Expenses 1.1 0 0 0 0.6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Operating Expenses 176.0 167.1 162.4 157.5 151.2 146.6 148.7 139.9 143.5 144.8 137.6 141.1 135.5 133.1 130.2 130.9 127.0 134.5 105.0 102.9 95.4 89.9 81.9 78.3 76.7 76.9 72.9 75.2 70.0 75.3 66.8 67.1 62.6 59.5 51.1 50.7 46.7 45.3 40.8 40.5 37.8 37 32.7 32.8 31.7 30.6 28.1 26.7 23.3 22.1 19.0 17.6 15.3 14.7 12.3
Operating Income
Operating Income (44.5) (30.3) (35.9) (36.6) (43.8) (14.1) (24.7) (32.0) (50.9) (10.0) (32.7) (43.0) (45.8) (7.6) (24.1) (37.3) (48.5) (25.3) (19.0) (28.6) (34.1) (7.2) (16.5) (22.1) (32.7) (14.0) (16.0) (24.0) (22.0) 4.5 (6.8) (11.3) (15.5) 7.7 (3.1) (6.1) (11.0) 4.6 (3.9) (5.6) (10.8) 3.6 (4.5) (6.5) (11.6) 0.3 (5.1) (4.6) (7.9) 1.6 (2.1) (1.3) (4.0) 2.3 0.0
Interest Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0 4.1 3.6 3.6 1.8 3.6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.6 0 0 0.1 0 1.0 0 0.9 0 0.0 0.3 0.4 0.3 0.7 0 0
Interest Income 4.4 5.5 7.8 5.0 12.0 7.6 10.2 8.3 9.3 6.4 8.1 8.3 8.1 5.6 1.5 1.2 0 0 0 0 0 0 0 0 0 0 0 0 0 2.1 1.5 0.1 0.9 0.3 1.4 0.3 0 0 0 0 0.6 0.9 0 0.4 0 0.8 0 0.1 0 1.4 0 0 0 0.0 0.0
Profitability
EBITDA (35.7) (20.4) (25.2) (29.0) (29.4) (7.4) (10.6) (17.7) (36.2) 3.2 (15.2) (26.0) (30.1) 0.7 (17.9) (29.8) (42.3) (13.1) (13.4) (23.8) (28.3) (3.7) (13.7) (18.8) (27.2) (9.8) (10.8) (21.0) (19.4) 6.9 (5.9) (11.3) (13.7) 9.7 (1.8) (4.5) (9.9) 4.4 (3.6) (5.0) (10.3) 4.1 (4.2) (6.2) (11.2) (1.4) (4.8) (4.3) (7.7) 0.5 (1.9) (1.1) (3.9) (0.5) 0.1
EBIT (40.0) (24.8) (28.1) (31.6) (31.8) (9.9) (13.4) (20.6) (39.1) 0.2 (20.5) (31.3) (35.3) (5.7) (23.2) (34.6) (47.3) (17.8) (18.2) (28.5) (33.3) (8.1) (19.0) (23.9) (31.2) (13.8) (16.5) (23.9) (22.1) 5.2 (6.7) (12.1) (14.5) 8.4 (2.5) (5.2) (10.6) 3.9 (4.1) (5.6) (10.8) 3.6 (4.5) (6.5) (11.6) (1.4) (5.1) (4.6) (7.9) 0.3 (2.1) (1.3) (4.0) (0.6) 0.0
Income Before Tax (40.0) (24.8) (28.1) (31.6) (31.8) (9.9) (13.4) (20.6) (39.1) 0.2 (20.5) (31.3) (35.3) (5.7) (23.2) (34.6) (47.3) (21.9) (21.8) (32.0) (35.1) (11.7) (19.0) (23.9) (31.2) (13.8) (16.5) (23.9) (22.1) 5.2 (6.7) (12.1) (14.5) 6.3 (2.6) (4.4) (10.6) 3.9 (4.1) (6.2) (10.1) 2.8 (4.6) (6.1) (12.6) (0.5) (6.1) (4.5) (8.0) 1.7 (2.5) (1.6) (4.7) 2.2 0.0
Income Tax Expense (3.2) 3.0 1.8 4.2 4.0 3.0 4.9 3.4 1.4 1.1 2.5 7.4 3.0 5.0 5.6 1.7 1.4 3.0 1.5 0.9 0.6 7.3 0.2 0.4 0.2 0.8 0.5 0.5 0.5 (1.3) 0.6 0.6 0.5 1.2 0.8 0.6 0.3 0.3 0.3 0.3 0.2 0.1 0.3 0.2 0.1 (0.2) 0.3 0.2 0.1 0.2 0.1 0.0 0.1 0.0 0.1
Net Income (36.9) (27.8) (29.9) (35.8) (35.8) (13.0) (18.3) (23.9) (40.5) (0.9) (23.0) (38.7) (38.3) (10.7) (28.7) (36.3) (48.8) (24.9) (23.3) (32.9) (35.7) (19.0) (19.2) (24.3) (31.4) (14.7) (17.0) (24.5) (22.6) 6.5 (7.3) (12.7) (15.0) 6.8 (3.3) (5.7) (10.9) 3.5 (4.4) (6.5) (10.3) 2.6 (4.9) (6.3) (12.7) (0.3) (6.4) (4.6) (8.1) 1.5 (2.6) (1.6) (4.8) 2.2 (0.0)
Per Share Data
EPS (Basic) -0.32 -0.23 -0.26 -0.32 -0.32 -0.12 -0.16 -0.21 -0.37 0.05 -0.21 -0.35 -0.35 -0.10 -0.26 -0.33 -0.45 -0.23 -0.22 -0.31 -0.36 -0.20 -0.20 -0.26 -0.34 -0.16 -0.19 -0.27 -0.25 0.07 -0.08 -0.15 -0.18 0.07 -0.04 -0.06 -0.13 0.04 -0.06 -0.08 -0.13 0.03 -0.06 -0.08 -0.17 -0.00 -0.09 -0.06 -0.11 0.02 -0.05 -0.03 -0.08 0.04 -0.00
EPS (Diluted) -0.32 -0.23 -0.26 -0.32 -0.32 -0.12 -0.16 -0.21 -0.37 0.05 -0.21 -0.35 -0.35 -0.10 -0.26 -0.33 -0.45 -0.23 -0.22 -0.31 -0.36 -0.20 -0.20 -0.26 -0.34 -0.16 -0.19 -0.27 -0.25 0.07 -0.08 -0.15 -0.18 0.06 -0.04 -0.06 -0.13 0.04 -0.06 -0.08 -0.13 0.03 -0.06 -0.08 -0.17 -0.00 -0.09 -0.06 -0.11 0.02 -0.05 -0.03 -0.08 0.04 -0.00
Shares Outstanding 115.8 129.2 115.0 112.1 112.7 112.5 112.3 111.9 110.0 109.0 109.4 109.7 108.4 109.2 110.0 109.7 108.2 107.4 107.0 106.4 100.2 95.3 94.8 94.5 92.7 91.6 91.1 90.9 89.5 88.5 87.8 86.8 85.1 84.0 82.8 82.0 80.9 80.2 79.5 78.8 78.4 77.4 76.1 74.6 74.2 73.9 73.5 73.4 72.4 72.4 56.9 56.9 56.9 56.9 56.9
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2 2013 Q1 2012 Q4
Current Assets
Cash & Cash Equivalents 179.3 202.5 157.4 199.2 153.1 185.6 282.2 155.4 147.1 230.7 111.2 399.2 248.6 367.8 754.2 753.2 775.7 805.8 803.1 781.4 753.6 234.1 231.5 240.0 77.5 68.9 53.0 69.2 64.5 48.7 67.9 73.6 70.8 56.7 53.5 53.5 51.1 48.3 41.7 56.1 54.5 49.2 69.9 69.8 77.9 76.6 115.2 120.1 125.5 9.6 15.3 13.8 (14.9) 14.5
Short-Term Investments 606.6 718.5 550.6 608.2 456.1 382.8 596.7 471.9 401.0 303.0 413.9 354.6 507.7 364.7 36.1 35.6 28.4 1.9 10.3 32.3 70.4 64.2 94.1 86.1 48.7 51.5 78.4 77.2 99.2 110.2 90.2 85.0 82.9 79.9 75.0 68.0 70.2 65.6 70.4 52.4 57.4 57.1 35.1 35.1 35.1 35.1 0.1 0.1 0.4 4.3 0.3 0.3 29.8 0.3
Net Receivables 156.6 242.8 142.6 149.7 123.6 236.6 119.2 122.4 100.4 184.5 111.1 103.7 75.4 143.2 91.7 83.9 63.6 120.5 71.4 60.1 51.3 95.8 60.1 48.8 38.3 76.4 51.9 45.6 41.8 85.1 52.9 41.4 32.5 76.1 44.7 41.3 27.5 54.2 30.1 33.5 24.4 47.9 28.2 28.9 20.6 38.0 21.1 18.9 14.3 28.4 14.2 14.3 0 20.2
Inventory 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.2 1.3 0.2 0 0 1.2
Other Current Assets 138.5 134.8 110.8 111.2 85.3 10.4 76.2 66.4 59.2 4.4 49.9 47.9 44.4 0.4 34.6 33.9 35.8 6.4 26.7 23.1 24.6 3.7 15.4 15.6 12.8 0.3 15.1 15.2 14.9 0.2 14.7 16.9 18.9 0.4 5.5 7.6 7.8 0.0 3.9 0 0 0.5 0 0 0 2.8 0 0 0.2 0.4 0.2 1.2 0 0.3
Total Current Assets 1,081.0 1,298.6 961.4 1,068.4 818.1 843.9 1,074.4 816.1 707.8 745.5 686.1 905.3 876.0 886.3 916.6 906.6 903.5 941.3 911.5 897.0 899.8 405.7 401.1 390.4 177.3 204.8 198.3 207.1 220.3 251.0 225.7 217.0 205.1 219.1 178.6 170.5 156.6 171.1 146.1 144.6 140.8 156.4 136.3 136.6 136.0 152.5 138.0 140.4 141.9 43.8 31.7 29.8 14.9 36.3
Non-Current Assets
Property, Plant & Equipment 96.6 93.7 93.9 74.8 74.6 76.4 74.3 77.3 81.0 85.8 87.1 90.5 93.3 95.8 96.9 100.1 100.8 102.0 99.4 87.2 89.9 85.1 79.7 87.9 90.7 91.4 84.2 83.7 72.9 17.3 12.6 12.3 12.2 11.9 11.5 11.2 10.8 9.9 9.2 8.6 8.5 8.3 7.8 6.4 5.5 4.0 2.7 2.6 2.2 1.9 1.6 1.6 0 1.3
Goodwill 216.8 135.3 135.2 39.8 39.8 23.1 23.1 23.1 23.1 23.1 23.1 23.1 23.1 23.1 23.1 23.1 23.1 23.1 23.1 23.1 23.1 23.1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Intangible Assets 56.6 16.7 17.3 5.8 6.0 0 0.1 0.5 0.9 1.3 1.6 2.0 2.4 2.8 3.2 3.5 3.9 4.3 4.7 5.1 5.5 5.8 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Long-Term Investments 113.6 187.2 404.8 377.0 592.4 662.0 333.9 163.2 226.4 211.1 206.4 0 0 0 0 0 0 0 0.3 0 0 0 0 0.5 1.7 0 0 0 0 0 0 0.5 0.5 0.5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Assets 70.0 60.2 52.5 49.2 46.2 58.8 15.3 14.6 14.6 37.2 16.3 15.9 16.4 35.7 18.7 18.9 20.1 37.8 19.4 20.0 19.4 35.7 21.7 19.5 17.3 22.1 15.6 13.1 12.2 16.6 7.6 7.2 7.1 13.9 0.9 0.8 0.8 0.9 0.5 0.5 0.5 0.5 0.5 0.6 0.3 0.3 0.9 0.3 0.4 1.6 0.4 0.1 (14.9) 0.1
Total Non-Current Assets 553.5 493.1 703.6 546.6 759.0 820.3 446.8 278.7 345.9 358.4 334.6 131.6 135.3 157.5 141.9 145.7 148.1 167.3 146.9 135.4 138.0 149.8 101.4 107.9 109.7 113.5 99.9 96.9 85.1 33.9 20.2 20.1 19.9 26.4 12.4 12.0 11.6 10.8 9.8 9.2 9.0 8.7 8.3 7.0 5.8 4.3 3.7 2.9 2.6 3.5 2.0 1.7 (14.9) 1.4
Total Assets 1,634.6 1,791.6 1,665.0 1,615.0 1,577.1 1,664.3 1,521.2 1,094.8 1,053.7 1,103.9 1,020.7 1,036.9 1,011.3 1,043.7 1,058.5 1,052.3 1,051.6 1,108.5 1,058.5 1,032.3 1,037.8 555.5 502.5 498.3 287.0 318.3 298.2 304.0 305.4 285.0 245.9 237.1 224.9 245.5 191.0 182.4 168.1 181.8 155.9 153.7 149.8 165.1 144.6 143.6 141.8 156.8 141.7 143.3 144.5 47.3 33.7 31.4 0 37.7
Current Liabilities
Account Payables 10.8 5.7 5.3 7.1 6.3 4.3 1.5 2.5 2.9 0.7 1.3 0.7 0.7 3.0 6.0 4.8 4.8 5.3 3.4 3.2 0.6 0.8 0.8 0.7 0.8 1.0 3.0 2.3 0.6 2.6 3.1 1.9 0.5 0.6 1.4 1.3 1.6 1.3 0.9 2.1 0.7 2.6 2.2 2.6 2.1 2.7 2.8 2.3 2.1 2.2 1.5 1.3 0 1.9
Short-Term Debt 11.0 0 9.0 262.5 261.7 250.5 262.0 10.1 10.1 10.0 9.6 9.7 9.8 9.9 9.7 9.6 9.2 8.8 8.3 13.8 13.2 0 8.5 8.2 8.2 0 0 0 3.5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Deferred Revenue 416.4 427.8 333.6 322.8 296.1 290.1 217.6 208.9 185.1 181.0 145.5 130.7 109.3 110.5 94.2 98.4 98.8 104.2 86.3 86.4 91.6 98.6 81.2 79.1 84.3 96.0 77.0 79.1 81.8 87.7 72.5 71.7 68.5 73.9 58.4 57.5 54.6 58.5 46.4 45.0 43.2 45.7 35.0 33.6 31.9 33.8 25.9 25.9 25.2 26.6 19.9 0 0 19.0
Other Current Liabilities 200.5 225.4 184.1 178.9 146.0 62.8 112.8 4.2 1.6 70.8 110.2 113.7 97.5 63.4 99.5 96.2 83.3 49.4 83.6 78.2 73.8 50.6 58.0 56.9 51.8 39.1 53.7 53.8 46.8 35.9 46.1 45.5 36.2 24.7 32.2 30.8 21.6 16.2 22.2 0 0 7.1 0 0 0 4.8 0 0 0 2.7 0 26.3 0 1.2
Total Current Liabilities 638.6 659.0 531.9 771.4 710.1 709.9 594.0 334.5 297.2 306.8 266.6 254.8 217.3 228.7 209.4 208.9 196.1 211.8 181.6 181.6 179.3 182.6 148.4 144.9 145.1 159.6 133.7 135.2 132.8 146.3 121.8 119.1 105.2 117.0 91.9 89.6 77.7 88.2 69.6 69.7 62.0 71.3 56.2 53.0 48.5 53.2 43.5 41.1 38.7 40.4 29.9 27.6 0 28.3
Non-Current Liabilities
Long-Term Debt 452.8 512.0 451.8 451.2 450.7 450.2 449.8 251.2 250.9 250.5 250.1 249.7 249.3 249.0 248.6 248.2 247.8 225.3 223.6 221.9 220.1 218.5 216.8 215.1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Deferred Tax Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities 8.2 (52.2) 8.7 10.9 7.8 3.5 3.7 5.1 4.8 4.8 7.9 7.5 6.0 4.8 7.2 4.5 3.7 3.6 4.1 3.8 3.3 3.0 2.7 2.5 2.7 2.7 2.6 2.7 3.0 6.8 7.7 7.9 8.0 7.8 7.0 6.7 6.9 7.3 7.2 6.9 7.1 7.1 6.6 6.3 5.6 5.1 1.9 1.5 1.4 1.1 47.5 0 0 44.5
Total Non-Current Liabilities 542.5 534.0 528.3 502.1 499.2 498.7 498.6 301.8 304.1 307.5 309.6 311.4 312.7 312.9 316.8 316.9 319.7 300.2 299.9 280.4 280.0 278.8 271.2 274.9 61.8 65.2 66.7 68.7 62.7 13.3 14.0 14.2 14.3 14.4 12.0 10.6 11.1 10.9 10.0 9.6 9.9 10.2 9.6 9.3 8.9 8.6 5.0 3.6 3.5 3.2 49.0 0 0 46.8
Total Liabilities 1,181.1 1,193.0 1,060.2 1,273.5 1,209.4 1,208.6 1,092.6 636.2 601.3 614.3 576.1 566.2 530.0 541.6 526.2 525.9 515.8 511.9 481.5 461.9 459.2 461.4 419.6 419.8 206.9 224.8 200.4 203.8 195.5 159.6 135.8 133.3 119.4 131.0 104.0 100.2 88.9 99.1 79.6 79.4 72.0 81.6 65.8 62.4 57.3 61.8 48.5 44.7 42.2 43.6 78.9 27.6 0 75.1
Stockholders' Equity
Common Stock 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0 0.0
Retained Earnings (906.3) (869.5) (841.7) (811.8) (775.9) (740.2) (727.2) (708.8) (684.9) (644.4) (643.5) (620.5) (581.8) (543.5) (532.7) (504.0) (467.7) (427.6) (402.7) (379.3) (346.4) (310.7) (291.7) (272.5) (248.2) (216.7) (202.1) (185.1) (160.6) (138.0) (144.4) (137.1) (124.4) (122.5) (128.0) (124.7) (119.6) (106.1) (109.7) (105.3) (98.8) (88.4) (91.1) (86.1) (79.8) (67.2) (66.8) (60.5) (55.8) (47.8) (49.3) (46.7) 0 (40.3)
Accumulated Other Comprehensive Income 20.5 23.1 18.4 14.5 (1.2) 2.7 (4.4) (10.6) (9.1) (8.6) (23.1) (18.0) (14.4) (9.6) (12.4) (7.9) 2.9 6.1 2.5 3.1 4.2 9.4 3.7 3.5 0.3 (0.4) 0.8 0.3 (0.7) (3.6) (1.7) (2.8) (2.0) 0.1 1.0 2.1 1.6 (0.5) 0.4 0.0 0.9 (0.3) 0.1 0.6 (0.4) (0.3) (0.5) 0.0 (0.0) (2.7) (46.6) 0 (37.4) (1.9)
Total Stockholders' Equity 453.5 598.7 604.8 341.5 367.7 455.7 428.6 458.6 452.3 489.6 444.6 470.7 481.3 502.1 532.3 526.4 535.8 596.6 577.0 570.4 578.6 94.1 82.9 78.5 80.0 93.5 97.8 100.2 110.0 125.4 110.1 103.8 105.5 101.6 87.0 82.2 79.3 82.7 76.3 74.4 77.8 83.6 78.9 81.2 84.5 95.0 93.1 98.7 102.3 3.6 (45.3) 1.4 6.3 (37.4)
Total Liabilities & Equity 1,634.6 1,791.6 1,665.0 1,615.0 1,577.1 1,664.3 1,521.2 1,094.8 1,053.7 1,103.9 1,020.7 1,036.9 1,011.3 1,043.7 1,058.5 1,052.3 1,051.6 1,108.5 1,058.5 1,032.3 1,037.8 555.5 502.5 498.3 287.0 318.3 298.2 304.0 305.4 285.0 245.9 237.1 224.9 245.5 191.0 182.4 168.1 181.8 155.9 153.7 149.8 165.1 144.6 143.6 141.8 156.8 141.7 143.3 144.5 47.3 33.7 29.0 6.3 37.7
Debt Metrics
Total Debt 522.2 571.8 520.7 753.7 753.0 754.4 755.5 306.7 309.0 311.8 311.1 313.0 315.2 316.5 317.2 319.8 322.9 302.8 302.2 288.4 287.8 273 273.7 276.9 62.8 57.0 58.7 59.8 56.2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Debt 342.8 369.3 363.3 554.4 599.9 568.8 473.2 151.3 161.9 81.1 199.9 (86.2) 66.6 (51.3) (437.1) (433.4) (452.8) (502.9) (500.9) (493.0) (465.9) 38.9 42.2 36.9 (14.8) (11.9) 5.7 (9.3) (8.3) (48.7) (67.9) (73.6) (70.8) (56.7) (53.5) (53.5) (51.1) (48.3) (41.7) (56.1) (54.5) (49.2) (69.9) (69.8) (77.9) (76.6) (115.2) (120.1) (125.5) (9.6) (15.3) (13.8) 14.9 (14.5)
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2 2013 Q1 2012 Q4 2012 Q3
Operating Activities
Net Income (36.9) (27.8) (29.9) (35.8) (35.8) (13.0) (18.3) (23.9) (40.5) (0.9) (23.0) (38.7) (38.3) (10.7) (28.7) (36.3) (48.8) (24.9) (23.3) (32.9) (35.7) (19.0) (19.2) (24.3) (31.4) (14.7) (17.0) (24.5) (22.6) 6.5 (7.3) (12.7) (15.0) 5.5 (3.3) (5.0) (10.9) 3.5 (4.4) (6.5) (10.3) 2.6 (4.9) (6.3) (12.7) (0.3) (6.4) (4.6) (8.1) 1.5 (2.6) (1.6) (4.8) 2.2 (0.0)
Depreciation & Amortization 5.2 17.8 3.0 2.6 2.4 2.6 2.8 2.9 2.9 3.0 5.3 5.3 5.3 6.4 5.3 4.8 5.0 4.6 4.8 4.7 5.0 4.4 5.3 5.1 4.1 4.0 5.7 2.9 2.7 1.7 0.9 0.8 0.8 1.4 0.7 0.7 0.6 0.6 0.5 0.6 0.5 0.6 0.4 0.3 0.3 0.4 0.3 0.3 0.3 0.2 0.2 0.2 0.2 0.1 0.1
Stock-Based Compensation 33.7 0 31.6 33.9 32.3 32.6 0 0 0 31.6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 11.4 11.0 14.8 9.0 10.8 8.4 8.8 6.9 0 4.8 5.3 0 3.5 3.5 3.4 2.6 2.1 2.1 2.0 1.7 1.8 1.2 1.0 0.6 0.7 0.5 0.4 0.2 0.1 0.4
Change in Working Capital 41.0 (1.4) 11.0 3.3 54.3 (34.3) (5.1) (2.7) 55.2 (26.2) (11.5) (8.2) 31.5 (32.1) (18.2) (26.9) 25.8 (21.9) (15.4) (12.9) 24.2 (2.0) (12.9) (16.4) 15.1 (3.9) (16.7) (7.8) 21.3 (15.1) (9.3) 2.8 21.4 (11.4) (2.0) (4.1) 14.2 (4.8) 2.6 (0.6) 12.7 (3.4) 3.3 (2.7) 11.9 (4.5) 0.7 (1.5) 11.5 (3.2) 1.7 (2.6) 7.3 (1.4) (0.1)
Other Non-Cash Items 11.9 36.0 17.8 17.5 14.8 36.4 43.1 35.5 39.1 2.9 35.5 47.4 38.4 39.9 40.0 43.9 42.5 42.5 29.6 31.9 26.8 24.4 24.1 20.9 16.1 3.1 3.4 3.5 3.6 3.5 3.3 3.1 3.3 8.7 3.2 3.0 4.4 0 (0.0) 2.9 (4.6) (0.0) (0.0) 2.0 (0.0) 0.1 0.1 0.9 0.0 0.0 0.9 0.3 0.4 0.4 0.5
Operating Cash Flow 55.0 24.7 33.4 21.3 68 24.3 22.5 11.7 56.7 10.4 6.3 5.8 36.8 3.4 (1.6) (14.5) 24.5 0.3 (4.3) (9.2) 20.4 7.7 (2.7) (14.7) 3.9 (0.0) (13.6) (11.1) 14.1 7.3 (4.1) 2.9 17.4 5.5 3.5 (0.9) 8.3 2.8 2.2 (3.1) 5.4 1.9 0.8 (6.7) 1.2 (2.5) (4.1) (4.9) 4.3 (0.7) 0.8 (3.3) 3.3 1.5 0.6
Investing Activities
Capital Expenditure (5.0) (3.9) (3.0) (3.1) (2.7) (4.4) (1.2) (0.8) (0.3) (2.2) (0.3) (1.5) (1.1) (3.8) (1.5) (2.6) (3.5) (6.4) (2.0) (1.0) (1.1) (3.1) (2.6) (1.8) (2.6) (11.2) (4.3) (4.8) (5.1) (6.4) (1.1) (1.0) (1.1) (1.7) (1.0) (1.0) (1.5) (1.2) (1.1) (0.7) (0.7) (1.0) (1.8) (1.3) (0.5) (0.6) (0.5) (0.7) (0.6) (0.5) (0.2) (0.4) (0.2) (0.4) (0.2)
Acquisitions (113.6) 0 (104.9) 0 (18.6) 0 0 0 0 0 0 0 0 0 0.0 0 0 0 0 0 0 (29.4) 0 0 0 0.0 0 0 0 0 0.0 0 0 0.0 0.0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Purchases of Investments (63.7) (94.5) (231.5) (60.1) (93.9) (388.1) (410.7) (42.2) (133.1) (203.5) (279.9) (8.3) (162.1) (346.4) (38.4) (5.4) (30.2) 0 0 (37.8) (12.2) 27.3 (0.1) (45.1) (4.8) (0.1) (1.6) (0.0) (0.0) (20.0) (5.2) (2.1) (3.3) (30.4) (7.0) 2.2 (4.9) 4.8 (13.3) 0 (0.2) 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Sales/Maturities of Investments 184.1 134.7 257.7 135.6 90.2 273.0 122.7 38.0 21.4 316.0 16.9 162.2 20.6 17.9 37.8 0 1.9 8.5 22.0 75.8 8.5 (0.0) (8.0) 7.6 7.8 27.0 0.4 22.0 11.0 0 0 0 0 25.3 0 0 0 0 0 0 0 0 0 0 0 (4.0) 0 0 4.0 0 0 0 0 0 0
Other Investing Activities 61.5 0 1.5 (1.5) 0 0 (6.7) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0 0 0 0 0.0 0 0 0 0.0 0 0.0 (4.7) 5.0 (0.0) (22.0) 0.1 (0.2) 0.0 (31.0) (0.0) 0.5 0.0 (4.0) (0.3) 0.0 (0.1) 0.0 (0.0)
Investing Cash Flow 63.3 35.9 (81.7) 70.0 (25.0) (119.4) (295.9) (5.0) (112.0) 110.3 (263.3) 152.4 (142.5) (332.3) (2.0) (8.1) (31.9) 2.2 20.1 37.0 (4.8) (5.2) (10.6) (39.3) 0.4 15.7 (5.6) 17.3 5.9 (26.4) (6.2) (3.1) (4.4) (6.7) (8.0) 1.1 (6.4) 3.5 (19.2) 4.3 (1.0) (23.0) (1.7) (1.5) (0.5) (35.6) (0.5) (0.1) 3.4 (4.5) (0.5) (0.4) (0.3) (0.4) (0.2)
Financing Activities
Net Debt Issuance 0 0 (0.1) 0 0 (0.5) 394.6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 245.3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Stock Repurchased (135) (15) 0 (38.7) (61.3) (1.0) 0 0 0 0 (35.9) (5.1) (2.5) (56.4) 0 0 0 0 (0.2) (0.1) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Dividends Paid 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Financing Activities (14.5) (0.7) (0.6) (6.4) (21.4) (0.0) (0.7) (1.7) (34.9) (1.4) (0.5) (2.6) (16.9) (1.6) (0.7) (0.0) (28.8) 0 6.3 0.0 3.9 (9.6) 4.8 (24.5) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.5 0.8 0.4 1.0 0.1 0.5 (0.6) (0.3) (0.3) (0.3) (0.4) 1.1 0.0 0.0 0.1 0.1
Financing Cash Flow (141.5) (15.5) 6.4 (45.2) (75.5) (1.5) 400.2 1.6 (28.4) (1.3) (31.0) (7.6) (13.5) (57.6) 4.7 (0.0) (22.7) 0.1 6.0 (0.0) 504.0 0.2 4.8 216.5 4.3 0.3 3.0 (1.5) (4.2) (0.1) 4.1 3.0 1.1 4.5 4.5 2.3 0.9 0.3 2.6 0.5 0.8 0.4 1.0 0.1 0.5 (0.6) (0.3) (0.3) 108.1 (0.4) 1.1 0.0 0.0 0.1 0.1
Cash Position
Net Change in Cash (23.1) 45.1 (41.9) 46.1 (32.5) (96.6) 126.8 8.4 (83.7) 119.5 (288) 150.6 (119.2) (386.4) 1.1 (22.5) (30.0) 2.6 21.8 27.8 519.5 2.6 (8.5) 162.4 8.6 15.9 (16.2) 4.7 15.8 (19.2) (6.3) 2.8 14.1 3.8 (0.1) 2.5 2.8 6.6 (14.4) 1.6 5.2 (20.7) 0.1 (8.1) 1.3 (38.6) (4.9) (5.4) 115.9 (5.6) 1.4 (3.6) 3.0 1.1 0.5
Cash at Beginning 202.5 157.4 199.2 153.1 185.6 282.2 155.4 147.1 230.7 111.2 399.2 248.6 367.8 754.2 753.2 775.7 805.8 803.1 781.4 753.6 234.1 231.5 240.0 77.5 68.9 53.0 69.2 64.5 48.7 67.9 74.2 71.3 57.2 53.5 53.5 51.1 48.3 41.7 56.1 54.5 49.2 69.9 69.8 77.9 76.6 115.2 120.1 125.5 9.6 15.3 13.8 17.5 14.5 13.4 12.9
Cash at End 179.3 202.5 157.4 199.2 153.1 185.6 282.2 155.4 147.1 230.7 111.2 399.2 248.6 367.8 754.2 753.2 775.7 805.8 803.1 781.4 753.6 234.1 231.5 240.0 77.5 68.9 53.0 69.2 64.5 48.7 67.9 74.2 71.3 57.2 53.5 53.5 51.1 48.3 41.7 56.1 54.5 49.2 69.9 69.8 77.9 76.6 115.2 120.1 125.5 9.6 15.3 13.8 17.5 14.5 13.4
Free Cash Flow 50.1 20.7 30.4 18.3 65.3 19.9 21.3 10.9 56.4 8.3 6.0 4.3 35.7 (0.3) (3.1) (17.1) 21.0 (6.0) (6.3) (10.3) 19.3 4.5 (5.3) (16.5) 1.3 (11.2) (18.0) (15.9) 9.0 0.9 (5.2) 1.9 16.4 3.8 2.4 (1.9) 6.8 1.6 1.1 (3.8) 4.7 0.9 (1.0) (8.0) 0.8 (3.1) (4.5) (5.6) 3.7 (1.2) 0.6 (3.7) 3.1 1.0 0.5
Key Metrics 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2 2013 Q1 2012 Q4 2012 Q3
Income Statement
Revenue 173.1 173.4 161.6 152.2 136.4 158.5 148.1 130.3 114.0 154.1 122.3 115.4 107.3 142.6 123.3 111.4 96.3 126.6 100.4 88.4 74.8 95.2 76.8 66.6 54.2 72.6 65.6 59.6 56.4 87.5 67.1 62.2 53.5 73.2 53.6 50.2 40.4 54.4 40.9 38.6 30.5 43.8 31.2 29.1 23.0 33.7 25.6 24.6 17.5 25.7 18.5 17.8 12.6 18.6 13.5
Gross Profit 131.6 136.8 126.4 120.9 107.4 132.5 124.1 107.9 92.7 134.8 104.9 98.0 89.7 125.6 106.1 93.6 78.5 109.2 86.0 74.2 61.3 82.7 65.5 56.2 44.0 62.9 56.9 51.2 48.0 79.8 60 55.8 47.1 67.3 48.2 45.3 35.7 49.9 36.8 34.9 27.0 40.6 28.2 26.3 20.2 30.9 23.0 22.1 15.4 23.7 16.9 16.3 11.2 17.1 12.3
Operating Income (44.5) (30.3) (35.9) (36.6) (43.8) (14.1) (24.7) (32.0) (50.9) (10.0) (32.7) (43.0) (45.8) (7.6) (24.1) (37.3) (48.5) (25.3) (19.0) (28.6) (34.1) (7.2) (16.5) (22.1) (32.7) (14.0) (16.0) (24.0) (22.0) 4.5 (6.8) (11.3) (15.5) 7.7 (3.1) (6.1) (11.0) 4.6 (3.9) (5.6) (10.8) 3.6 (4.5) (6.5) (11.6) 0.3 (5.1) (4.6) (7.9) 1.6 (2.1) (1.3) (4.0) 2.3 0.0
Net Income (36.9) (27.8) (29.9) (35.8) (35.8) (13.0) (18.3) (23.9) (40.5) (0.9) (23.0) (38.7) (38.3) (10.7) (28.7) (36.3) (48.8) (24.9) (23.3) (32.9) (35.7) (19.0) (19.2) (24.3) (31.4) (14.7) (17.0) (24.5) (22.6) 6.5 (7.3) (12.7) (15.0) 6.8 (3.3) (5.7) (10.9) 3.5 (4.4) (6.5) (10.3) 2.6 (4.9) (6.3) (12.7) (0.3) (6.4) (4.6) (8.1) 1.5 (2.6) (1.6) (4.8) 2.2 (0.0)
EPS (Diluted) -0.32 -0.23 -0.26 -0.32 -0.32 -0.12 -0.16 -0.21 -0.37 0.05 -0.21 -0.35 -0.35 -0.10 -0.26 -0.33 -0.45 -0.23 -0.22 -0.31 -0.36 -0.20 -0.20 -0.26 -0.34 -0.16 -0.19 -0.27 -0.25 0.07 -0.08 -0.15 -0.18 0.06 -0.04 -0.06 -0.13 0.04 -0.06 -0.08 -0.13 0.03 -0.06 -0.08 -0.17 -0.00 -0.09 -0.06 -0.11 0.02 -0.05 -0.03 -0.08 0.04 -0.00
Balance Sheet
Cash & Equivalents 179.3 202.5 157.4 199.2 153.1 185.6 282.2 155.4 147.1 230.7 111.2 399.2 248.6 367.8 754.2 753.2 775.7 805.8 803.1 781.4 753.6 234.1 231.5 240.0 77.5 68.9 53.0 69.2 64.5 48.7 67.9 73.6 70.8 56.7 53.5 53.5 51.1 48.3 41.7 56.1 54.5 49.2 69.9 69.8 77.9 76.6 115.2 120.1 125.5 9.6 15.3 13.8 (14.9) 14.5
Total Assets 1,634.6 1,791.6 1,665.0 1,615.0 1,577.1 1,664.3 1,521.2 1,094.8 1,053.7 1,103.9 1,020.7 1,036.9 1,011.3 1,043.7 1,058.5 1,052.3 1,051.6 1,108.5 1,058.5 1,032.3 1,037.8 555.5 502.5 498.3 287.0 318.3 298.2 304.0 305.4 285.0 245.9 237.1 224.9 245.5 191.0 182.4 168.1 181.8 155.9 153.7 149.8 165.1 144.6 143.6 141.8 156.8 141.7 143.3 144.5 47.3 33.7 31.4 0 37.7
Total Debt 522.2 571.8 520.7 753.7 753.0 754.4 755.5 306.7 309.0 311.8 311.1 313.0 315.2 316.5 317.2 319.8 322.9 302.8 302.2 288.4 287.8 273 273.7 276.9 62.8 57.0 58.7 59.8 56.2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Stockholders' Equity 453.5 598.7 604.8 341.5 367.7 455.7 428.6 458.6 452.3 489.6 444.6 470.7 481.3 502.1 532.3 526.4 535.8 596.6 577.0 570.4 578.6 94.1 82.9 78.5 80.0 93.5 97.8 100.2 110.0 125.4 110.1 103.8 105.5 101.6 87.0 82.2 79.3 82.7 76.3 74.4 77.8 83.6 78.9 81.2 84.5 95.0 93.1 98.7 102.3 3.6 (45.3) 1.4 6.3 (37.4)
Cash Flow
Operating Cash Flow 55.0 24.7 33.4 21.3 68 24.3 22.5 11.7 56.7 10.4 6.3 5.8 36.8 3.4 (1.6) (14.5) 24.5 0.3 (4.3) (9.2) 20.4 7.7 (2.7) (14.7) 3.9 (0.0) (13.6) (11.1) 14.1 7.3 (4.1) 2.9 17.4 5.5 3.5 (0.9) 8.3 2.8 2.2 (3.1) 5.4 1.9 0.8 (6.7) 1.2 (2.5) (4.1) (4.9) 4.3 (0.7) 0.8 (3.3) 3.3 1.5 0.6
Capital Expenditure (5.0) (3.9) (3.0) (3.1) (2.7) (4.4) (1.2) (0.8) (0.3) (2.2) (0.3) (1.5) (1.1) (3.8) (1.5) (2.6) (3.5) (6.4) (2.0) (1.0) (1.1) (3.1) (2.6) (1.8) (2.6) (11.2) (4.3) (4.8) (5.1) (6.4) (1.1) (1.0) (1.1) (1.7) (1.0) (1.0) (1.5) (1.2) (1.1) (0.7) (0.7) (1.0) (1.8) (1.3) (0.5) (0.6) (0.5) (0.7) (0.6) (0.5) (0.2) (0.4) (0.2) (0.4) (0.2)
Free Cash Flow 50.1 20.7 30.4 18.3 65.3 19.9 21.3 10.9 56.4 8.3 6.0 4.3 35.7 (0.3) (3.1) (17.1) 21.0 (6.0) (6.3) (10.3) 19.3 4.5 (5.3) (16.5) 1.3 (11.2) (18.0) (15.9) 9.0 0.9 (5.2) 1.9 16.4 3.8 2.4 (1.9) 6.8 1.6 1.1 (3.8) 4.7 0.9 (1.0) (8.0) 0.8 (3.1) (4.5) (5.6) 3.7 (1.2) 0.6 (3.7) 3.1 1.0 0.5