Qlik Technologies Inc.
Reconciliation of non-GAAP Revenue to GAAP Revenue (in thousands) |
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Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2015 | 2014 | % change | 2015 | 2014 | % change | |||||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||||||
Constant currency reconciliation: | ||||||||||||||||||||||||||
Total revenue, as reported | $ | 145,829 | $ | 131,618 | 11 | % | $ | 266,093 | $ | 242,730 | 10 | % | ||||||||||||||
Estimated impact of foreign currency fluctuations | 15 | % | 14 | % | ||||||||||||||||||||||
Total revenue constant currency growth rate | 26 | % | 24 | % | ||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2015 | 2014 | % change | 2015 | 2014 | % change | |||||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||||||
Constant currency reconciliation: | ||||||||||||||||||||||||||
License revenue, as reported | $ | 76,320 | $ | 66,942 | 14 | % | $ | 131,127 | $ | 120,825 | 9 | % | ||||||||||||||
Estimated impact of foreign currency fluctuations | 15 | % | 14 | % | ||||||||||||||||||||||
License revenue constant currency growth rate | 29 | % | 23 | % | ||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2015 | 2014 | % change | 2015 | 2014 | % change | |||||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||||||
Constant currency reconciliation: | ||||||||||||||||||||||||||
Maintenance revenue, as reported | $ | 55,983 | $ | 50,889 | 10 | % | $ | 108,653 | $ | 96,734 | 12 | % | ||||||||||||||
Estimated impact of foreign currency fluctuations | 16 | % | 16 | % | ||||||||||||||||||||||
Maintenance revenue constant currency growth rate | 26 | % | 28 | % | ||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2015 | 2014 | % change | 2015 | 2014 | % change | |||||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||||||
Constant currency reconciliation: | ||||||||||||||||||||||||||
Professional Services revenue, as reported | $ | 13,526 | $ | 13,787 | -2 | % | $ | 26,313 | $ | 25,171 | 5 | % | ||||||||||||||
Estimated impact of foreign currency fluctuations | 12 | % | 12 | % | ||||||||||||||||||||||
Professional services revenue constant currency growth rate | 10 | % | 17 | % | ||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2015 | 2014 | % change | 2015 | 2014 | % change | |||||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||||||
Constant currency reconciliation: | ||||||||||||||||||||||||||
Americas revenue, as reported | $ | 54,262 | $ | 46,632 | 16 | % | $ | 97,129 | $ | 83,484 | 16 | % | ||||||||||||||
Estimated impact of foreign currency fluctuations | 4 | % | 4 | % | ||||||||||||||||||||||
Americas revenue constant currency growth rate | 20 | % | 20 | % | ||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2015 | 2014 | % change | 2015 | 2014 | % change | |||||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||||||
Constant currency reconciliation: | ||||||||||||||||||||||||||
Europe revenue, as reported | $ | 74,606 | $ | 70,356 | 6 | % | $ | 137,623 | $ | 133,129 | 3 | % | ||||||||||||||
Estimated impact of foreign currency fluctuations | 22 | % | 22 | % | ||||||||||||||||||||||
Europe revenue constant currency growth rate | 28 | % | 25 | % | ||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2015 | 2014 | % change | 2015 | 2014 | % change | |||||||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||||||||
Constant currency reconciliation: | ||||||||||||||||||||||||||
Rest of World revenue, as reported | $ | 16,961 | $ | 14,630 | 16 | % | $ | 31,341 | $ | 26,117 | 20 | % | ||||||||||||||
Estimated impact of foreign currency fluctuations | 18 | % | 18 | % | ||||||||||||||||||||||
Rest of World revenue constant currency growth rate | 34 | % | 38 | % | ||||||||||||||||||||||
Qlik Technologies Inc.
Consolidated Balance Sheets (in thousands) |
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June 30, | December 31, | |||||||||||
2015 | 2014 | |||||||||||
(unaudited) | ||||||||||||
Assets | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 306,353 | $ | 244,018 | ||||||||
Accounts receivable, net | 150,922 | 203,766 | ||||||||||
Prepaid expenses and other current assets | 16,987 | 19,901 | ||||||||||
Deferred income taxes | 2,082 | 2,082 | ||||||||||
Total current assets | 476,344 | 469,767 | ||||||||||
Property and equipment, net | 28,734 | 26,455 | ||||||||||
Intangible assets, net | 14,040 | 21,195 | ||||||||||
Goodwill | 38,569 | 38,702 | ||||||||||
Deferred income taxes | 2,658 | 3,015 | ||||||||||
Deposits and other noncurrent assets | 5,165 | 2,835 | ||||||||||
Total assets | $ | 565,510 | $ | 561,969 | ||||||||
Liabilities and stockholders equity | ||||||||||||
Current liabilities: | ||||||||||||
Income taxes payable | $ | - | $ | 2,139 | ||||||||
Accounts payable | 6,497 | 6,887 | ||||||||||
Deferred revenue | 135,813 | 127,565 | ||||||||||
Accrued payroll and other related costs | 54,127 | 53,674 | ||||||||||
Accrued expenses | 36,386 | 40,712 | ||||||||||
Deferred income taxes | 37 | 37 | ||||||||||
Total current liabilities | 232,860 | 231,014 | ||||||||||
Long-term liabilities: | ||||||||||||
Deferred revenue | 6,368 | 4,564 | ||||||||||
Deferred income taxes | 2,135 | 3,477 | ||||||||||
Other long-term liabilities | 12,011 | 14,422 | ||||||||||
Total liabilities | 253,374 | 253,477 | ||||||||||
Commitments and contingencies | ||||||||||||
Stockholders equity: | ||||||||||||
Common stock | 9 | 9 | ||||||||||
Additional paid-in-capital | 376,329 | 327,419 | ||||||||||
Accumulated deficit | (64,916 | ) | (21,594 | ) | ||||||||
Accumulated other comprehensive income | 714 | 2,658 | ||||||||||
Total stockholders equity | 312,136 | 308,492 | ||||||||||
Total liabilities and stockholders equity | $ | 565,510 | $ | 561,969 | ||||||||
Qlik Technologies Inc.
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Six Months Ended June 30, |
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2015 | 2014 | |||||||||||
(unaudited) | ||||||||||||
Cash flows from operating activities | ||||||||||||
Net loss | $ | (43,322 | ) | $ | (36,086 | ) | ||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||||
Depreciation and amortization | 6,959 | 5,136 | ||||||||||
Stock-based compensation expense | 19,060 | 16,516 | ||||||||||
Excess tax benefit from stock-based compensation | (5,434 | ) | (4,171 | ) | ||||||||
Unrealized foreign currency loss, net | 7,736 | 1,198 | ||||||||||
Other non-cash items | (62 | ) | 432 | |||||||||
Changes in assets and liabilities | ||||||||||||
Accounts receivable | 43,640 | 35,193 | ||||||||||
Prepaid expenses and other assets | 1,155 | (131 | ) | |||||||||
Deferred revenue | 15,390 | 10,937 | ||||||||||
Accounts payable and other liabilities | 4,485 | (5,556 | ) | |||||||||
Net cash provided by operating activities | 49,607 | 23,468 | ||||||||||
Cash flows from investing activities | ||||||||||||
Acquisitions, net of cash acquired | (2,842 | ) | - | |||||||||
Capital expenditures | (7,834 | ) | (7,865 | ) | ||||||||
Net cash used in investing activities | (10,676 | ) | (7,865 | ) | ||||||||
Cash flows from financing activities | ||||||||||||
Proceeds from exercise of common stock options | 24,416 | 8,115 | ||||||||||
Excess tax benefit from stock-based compensation | 5,434 | 4,171 | ||||||||||
Net cash provided by financing activities | 29,850 | 12,286 | ||||||||||
Effect of exchange rate on cash and cash equivalents | (6,446 | ) | (547 | ) | ||||||||
Net increase in cash and cash equivalents | 62,335 | 27,342 | ||||||||||
Cash and cash equivalents, beginning of period | 244,018 | 227,693 | ||||||||||
Cash and cash equivalents, end of period | $ | 306,353 | $ | 255,035 | ||||||||
Supplemental cash flow information: | ||||||||||||
Cash paid during the period for income taxes | $ | 3,564 | $ | 3,997 | ||||||||
Non-cash investing activities: | ||||||||||||
Tenant improvement allowance received under operating lease | $ | - | $ | 1,048 | ||||||||