Qlik Announces Strong Second Quarter 2015 Financial Results

* Income tax adjustment is used to adjust the GAAP benefit (provision) for income taxes to a non-GAAP benefit (provision) for income taxes utilizing an estimated long-term effective tax rate of 30%.

 
Qlik Technologies Inc.
Reconciliation of non-GAAP Revenue to GAAP Revenue
(in thousands)
                           
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)
 
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.
Consolidated Statements of Cash Flows
(in thousands)

 

Six Months Ended June 30,

  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  
 

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