- Second quarter total revenue of $145.8 million increases 11% year-over-year; 26% in constant currency
- Second quarter license revenue of $76.3 million increases 14% year-over-year; 29% in constant currency
RADNOR, Pa. — (BUSINESS WIRE) — July 23, 2015 — Qlik (NASDAQ: QLIK), a leader in visual analytics delivering intuitive solutions for self-service data visualization and guided analytics, today announced financial results for the second quarter ended June 30, 2015.
Lars Björk, Chief Executive Officer of Qlik, stated, This was another great quarter for Qlik. On a constant currency basis, we achieved accelerating license and total revenue growth, driven by increased momentum around Qlik Sense and ongoing healthy demand for QlikView. Our platform strategy is expanding the dialogue with customers and prospects, as they can now leverage best-in-class visualization, governance, security and collaboration, all from one vendor.
Financial Highlights for the Second Quarter Ended June 30, 2015
- Total revenue for the second quarter of 2015 was $145.8 million, an increase of 11% from $131.6 million for the second quarter of 2014. On a constant currency basis, total revenue increased 26% compared to the second quarter of 2014. License revenue for the second quarter of 2015 was $76.3 million, an increase of 14% from $66.9 million for the second quarter of 2014. On a constant currency basis, license revenue increased 29% compared to the second quarter of 2014.
- GAAP loss from operations for the second quarter of 2015 was ($9.9) million, compared to a GAAP loss from operations of ($7.0) million for the second quarter of 2014. Non-GAAP income from operations was $2.0 million for the second quarter of 2015, compared to non-GAAP income from operations of $2.6 million for the second quarter of 2014.
- GAAP net loss was ($13.0) million for the second quarter of 2015, or ($0.14) per diluted common share, compared to a GAAP net loss of ($10.2) million, or ($0.11) per diluted common share, for the second quarter of 2014. Non-GAAP net loss was ($0.8) million for the second quarter of 2015, or ($0.01) per diluted common share, compared to non-GAAP net income of $1.8 million, or $0.02 per diluted common share, for the second quarter of 2014. GAAP and non-GAAP net loss for the second quarter of 2015 include a $3.2 million foreign exchange loss compared to a $51,000 foreign exchange loss in the second quarter of 2014.
- Cash and cash equivalents as of June 30, 2015 were $306.4 million compared to $244.0 million at December 31, 2014. Net cash provided by operating activities was $49.6 million for the six months ended June 30, 2015, compared to $23.5 million for the six months ended June 30, 2014.
Operating Highlights
- For the second quarter of 2015, on a constant currency basis, total revenue in the Americas increased 20% over the prior year period, total revenue from Europe increased 28% over the prior year period, and total revenue from Rest of World increased 34% over the prior year period.
- Added new customers during the quarter including AFAS Software B.V., Bourne Leisure Group Ltd., CitySprint, Corrona, Inc., Dartmouth-Hitchcock Medical Center, Forbo Siegling GmbH, Geisinger Health System, John Muir Health, Mosecker GmbH & Co. KG, ONE Care Vermont, and Ryanair Ltd.
- Expanded numerous customer engagements globally through our land and expand strategy including Arkema France, Arrow Enterprise Computing Solutions, BDO LLP, Covanta, Dignity Health, Elekta Instrument AB, Essex Lake Group LLC, Farminveste IPG, S.A, Grupo Posadas, Hapag-Lloyd Aktiengesellschaft, Harvard University, Karolinska Institutet, Tander, Mizuho Capital Markets Corp, National Institute for Health Research, On Semiconductor, Palmetto Health, Planet Hollywood International, Inc., SBK Siemens Betriebskrankenkasse, Siemens AG, Seetec Employment and Skills Ireland Limited, Thames Water Ltd., UCSF Medical Center, The University of Glasgow, Vodafone Group Plc, Volac International Limited, and Zenith Vehicle Contracts Ltd.
- Completed 129 deals with license and first year maintenance over $100,000 in the second quarter of 2015, including 35 deals over $250,000 and seven deals over $1 million, compared to 109 deals over $100,000, including 25 deals over $250,000 and three deals over $1 million in the prior year period.
- Generated 59% of license and first year maintenance billings from existing customers in the second quarter of 2015, compared to 65% in the prior year period.
- Generated 56% of license and first year maintenance billings from our indirect partner channel and 44% from our direct channel in the second quarter of 2015, compared to 52% from our indirect partner channel and 48% from our direct channel in the prior year period.
Business Outlook
Based on information available as of July 23, 2015, Qlik anticipates total revenue growth of 10% to 11% on a reported basis and 21% to 23% on a constant currency basis for the full year 2015. Qlik is issuing guidance for the third quarter and full year 2015 as follows:
in millions, except for per share data |
Guidance Range Q3
|
Year-Over-Year
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Year-Over-Year Projected
|
||||||||||||||||||||||||
Low End | High End | Low End | High End | Low End | High End | ||||||||||||||||||||||
Total revenue | $ | 140.0 | $ | 144.0 | 7 | % | 10 | % | 18 | % | 21 | % | |||||||||||||||
Non-GAAP income from operations2 | $ | 1.0 | $ | 4.0 | |||||||||||||||||||||||
Non-GAAP income per diluted common share2,3 | $ | 0.01 | $ | 0.03 | |||||||||||||||||||||||
Guidance Range Full
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Year-Over-Year
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Year-Over-Year Projected
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Low End | High End | Low End | High End | Low End | High End | ||||||||||||||||||||||
Total revenue | $ | 610.0 | $ | 620.0 | 10 | % | 11 | % | 21 | % | 23 | % | |||||||||||||||
Non-GAAP income from operations2 | $ | 43.0 | $ | 47.0 | |||||||||||||||||||||||
Non-GAAP income per diluted common share2,3 | $ | 0.30 | $ | 0.33 |
1 To determine projected revenue growth rates on a constant currency basis for third quarter and full year 2015, expected revenue from entities reporting in foreign currencies was translated into U.S. dollars using the comparable prior year period's monthly average foreign currency exchange rates. |
2 Expectations of non-GAAP income from operations and non-GAAP income per diluted common share exclude stock-based compensation expense, employer payroll taxes on stock transactions, contingent consideration adjustments and amortization of intangible assets. |
3 Assumes an estimated long-term effective tax rate of 30% and diluted weighted average shares outstanding of approximately 95 million. |
Qlik's expectations of total revenue, non-GAAP income from operations and non-GAAP income per diluted common share for the third quarter and full year 2015 assume that foreign currency exchange rates for the third quarter and full year 2015 will approximate current exchange rates. This Business Outlook is directional guidance only as foreign currency exchange rate fluctuations and changes in the mix of domestic and international revenue and expenses can impact our results.
Qlik currently intends to publish, in each quarterly earnings release, certain expectations with respect to future financial performance. Those statements, including the guidance provided above, are forward looking, and actual results may differ materially.
Conference Call and Webcast Information
Qlik will host a conference call on Thursday, July 23, 2015 at 5:00 p.m. Eastern Time (ET) to discuss the companys second quarter financial results and its business outlook. To access this call, dial (877) 312-5507 (domestic) or (253) 237-1134 (international). The conference ID is 71929684. The presentation will be webcast live and available under the Events & Presentations section on Qliks investor relations website at http://investor.qlik.com/. Following the conference call, a replay will be available until July 26, 2015 at (855) 859-2056 (domestic) or (404) 537-3406 (international). The replay pass code is 71929684. An archived webcast of this conference call will also be available under the Events & Presentations section on Qliks investor relations website at http://investor.qlik.com/.
Non-GAAP Financial Measures
To supplement the consolidated financial statements presented in accordance with generally accepted accounting principles in the United States, or GAAP, Qlik uses measures of non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net income (loss) per basic and diluted common share, non-GAAP revenue and constant currency. A reconciliation of these non-GAAP financial measures to the closest GAAP financial measure is presented in the financial tables below under the headings Reconciliation of Non-GAAP Measures to GAAP, Reconciliation of Non-GAAP Revenue to GAAP Revenue and Reconciliation of Year-Over-Year Projected Revenue Growth Rate to Year-Over-Year Projected Revenue Growth Rate on a Constant Currency Basis. Qlik believes that the non-GAAP financial information provided in this release can assist investors in understanding and assessing Qliks on-going core operations and prospects for the future and provides an additional tool for investors to use in comparing Qliks financial results with other companies in Qliks industry, many of which present similar non-GAAP financial measures to investors. In addition, Qlik believes that these non-GAAP financial measures are useful to investors because they allow for greater transparency into the indicators used by management as a basis for its internal budgeting and operational decision making.
For the three and six months ended June 30, 2015 and 2014, non-GAAP income (loss) from operations is determined by taking GAAP loss from operations and adding back stock-based compensation expense, employer payroll taxes on stock transactions, amortization of intangible assets and contingent consideration adjustments. Non-GAAP net income (loss) is determined by taking GAAP loss before income taxes and adding back stock-based compensation expense, employer payroll taxes on stock transactions, amortization of intangible assets and contingent consideration adjustments and the result is tax affected at an estimated long-term effective tax rate of 30%. Qlik believes that the effective tax rate used in the non-GAAP net income (loss) and related income (loss) per diluted common share calculations are reasonable estimates of the long-term normalized effective tax rate under its global structure. Qlik believes these adjustments provide useful information to both management and investors due to the following factors:
- Stock-based compensation. Although stock-based compensation is an important aspect of the compensation of Qliks employees and executives, determining the fair value of the stock-based instruments involves a high degree of judgment and estimation and the expense recorded may bear little resemblance to the actual value realized upon the future exercise or termination of the related stock-based awards. Furthermore, unlike cash compensation, the value of stock-based compensation is determined using a complex formula that incorporates factors, such as market volatility, that are beyond Qliks control. Management believes it is useful to exclude stock-based compensation in order to better understand the long-term performance of Qliks core business and to facilitate comparison of its results to those of peer companies.
- Employer payroll taxes on stock transactions. The amount of employer payroll taxes on stock transactions is dependent on Qliks stock price and other factors that are beyond Qliks control and do not correlate to the operation of its business.
- Amortization of intangible assets. A portion of the purchase price of Qliks acquisitions is generally allocated to intangible assets, such as intellectual property, and is subject to amortization. However, Qlik does not acquire businesses on a predictable cycle. Additionally, the amount of an acquisitions purchase price allocated to intangible assets and the term of its related amortization can vary significantly and are unique to each acquisition. Therefore, management believes that the presentation of non-GAAP financial measures that adjust for the amortization of intangible assets provides investors and others with a consistent basis for comparison across accounting periods.
- Contingent consideration adjustment. Qlik periodically enters into business combinations which may contain contingent consideration arrangements. At each reporting date, management remeasures these contingent consideration liabilities at fair value until the contingencies are resolved. During the three and six months ended June 30, 2015, a charge of $0.1 million and $0.2 million, respectively, was recorded related to changes in the fair value of contingent consideration liabilities and is included in Qlik's consolidated statement of operations. Management believes that these costs are generally non-recurring and do not correlate to the ongoing operation of its business.
To determine the revenue growth rates on a constant currency basis for the three and six months ended June 30, 2015, revenue from entities reporting in foreign currencies was translated into U.S. dollars using the comparable prior year periods monthly average foreign currency exchange rates. Qlik reports results in U.S. dollars but does business on a global basis in multiple currencies. Exchange rate fluctuations affect the U.S. dollar value of foreign currency revenue and expenses and may have a significant effect on reported results. The discussion of Qliks financial results in this release includes comparisons with the prior year period in constant currency terms. Management believes this information facilitates comparison of underlying results over time.
This press release includes forward-looking non-GAAP financial measures under the heading Business Outlook. These non-GAAP financial measures were determined by excluding stock-based compensation expense, employer payroll taxes on stock transactions, amortization of intangible assets and contingent consideration adjustments and assuming an estimated long-term effective tax rate of 30%. We are unable to reconcile this non-GAAP guidance to GAAP because it is difficult to predict the future impact of these adjustments. In addition, these forward-looking non-GAAP financial measures assume that foreign currency exchange rates for the third quarter and full year 2015 will approximate current foreign currency exchange rates. In addition, Qliks expectations of year-over-year projected revenue growth rates on a constant currency basis for the third quarter and full year 2015 assume that expected revenue from entities reporting in foreign currencies are translated into U.S. dollars using the comparable prior year periods monthly average foreign currency exchange rates.
The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant elements that are required by GAAP to be recorded in Qliks consolidated financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management in determining these non-GAAP financial measures. In order to compensate for these limitations, management of Qlik presents its non-GAAP financial measures in connection with its GAAP results. Investors are encouraged to review the reconciliation of our non-GAAP financial measures to their most directly comparable GAAP financial measure. As previously mentioned, a reconciliation of our non-GAAP financial measures to their most directly comparable GAAP measures has been provided below.
About Qlik
Qlik (NASDAQ: QLIK) is a leader in visual analytics. Its portfolio of products meets customers' growing needs from reporting and self-service visual analysis to guided, embedded and custom analytics. Approximately 36,000 customers rely on Qlik solutions to gain meaning out of information from varied sources, exploring the hidden relationships within data that lead to insights that ignite good ideas. Headquartered in Radnor, Pennsylvania, Qlik has offices around the world with more than 1,700 partners covering more than 100 countries.
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements, including, but not limited to, the guidance provided under the heading Business Outlook above, statements regarding the value and effectiveness of Qlik's products, the introduction of product enhancements or additional products and Qlik's growth, expansion and market leadership, that involve risks, uncertainties, assumptions and other factors which, if they do not materialize or prove correct, could cause Qliks results to differ materially from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words predicts, plan, expects, focus, anticipates, believes, goal, target, estimate, potential, may, will, might, momentum, can, could, see, seek, forecast, and similar words. Qlik intends all such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Exchange Act and the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected in such statements due to various factors, including but not limited to: risks and uncertainties inherent in Qliks business; Qliks ability to attract new customers and retain existing customers; Qliks ability to effectively sell, service and support its products; Qliks ability to adapt to changing licensing and go to market business models; Qliks ability to manage its international operations; Qliks ability to compete effectively; Qliks ability to develop and introduce new products and add-ons or enhancements to existing products; Qliks ability to continue to promote and maintain its brand in a cost-effective manner; Qliks ability to manage growth; Qliks ability to attract and retain key personnel; currency fluctuations that affect Qliks revenues and costs; Qliks ability to successfully integrate acquisitions into its business; the scope and validity of intellectual property rights applicable to Qliks products; adverse economic conditions in general and adverse economic conditions specifically affecting the markets in which Qlik operates; and other risks more fully described in Qliks publicly available filings with the Securities and Exchange Commission. Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent Qlik's views as of the date of this press release. Any statements regarding Qliks products are intended to outline its general product direction and should not be relied on in making a purchase decision, as the development, release, and timing of any features and functionality remains at Qliks sole discretion. Qlik anticipates that subsequent events and developments will cause its views to change. Qlik undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Qliks views as of any date subsequent to the date of this press release.
© 2015 QlikTech International AB. All rights reserved. Qlik®, Qlik® Sense, QlikView®, QlikTech®, Qlik® Cloud, Qlik® DataMarket, Qlik® Analytics Platform and the QlikTech logos are trademarks of QlikTech International AB which have been registered in multiple countries. Other marks and logos mentioned herein are trademarks or registered trademarks of their respective owners.
Qlik Technologies Inc.
Consolidated Statements of Operations (in thousands, except for share and per share data) |
||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||
Revenue: | ||||||||||||||||||||
License revenue | $ | 76,320 | $ | 66,942 | $ | 131,127 | $ | 120,825 | ||||||||||||
Maintenance revenue | 55,983 | 50,889 | 108,653 | 96,734 | ||||||||||||||||
Professional services revenue | 13,526 | 13,787 | 26,313 | 25,171 | ||||||||||||||||
Total revenue | 145,829 | 131,618 | 266,093 | 242,730 | ||||||||||||||||
Cost of revenue: | ||||||||||||||||||||
License revenue | 2,437 | 1,785 | 4,409 | 3,291 | ||||||||||||||||
Maintenance revenue | 2,681 | 2,768 | 5,939 | 5,825 | ||||||||||||||||
Professional services revenue | 17,076 | 14,256 | 32,987 | 27,732 | ||||||||||||||||
Total cost of revenue | 22,194 | 18,809 | 43,335 | 36,848 | ||||||||||||||||
Gross profit | 123,635 | 112,809 | 222,758 | 205,882 | ||||||||||||||||
Operating expenses: | ||||||||||||||||||||
Sales and marketing | 86,792 | 75,691 | 163,433 | 148,454 | ||||||||||||||||
Research and development | 18,793 | 17,588 | 36,188 | 34,634 | ||||||||||||||||
General and administrative | 27,964 | 26,531 | 57,138 | 53,292 | ||||||||||||||||
Total operating expenses | 133,549 | 119,810 | 256,759 | 236,380 | ||||||||||||||||
Loss from operations | (9,914 | ) | (7,001 | ) | (34,001 | ) | (30,498 | ) | ||||||||||||
Other expense, net: | ||||||||||||||||||||
Interest income, net | 35 | 40 | 65 | 75 | ||||||||||||||||
Foreign exchange loss, net | (3,241 | ) | (51 | ) | (1,846 | ) | (414 | ) | ||||||||||||
Total other expense, net | (3,206 | ) | (11 | ) | (1,781 | ) | (339 | ) | ||||||||||||
Loss before income taxes | (13,120 | ) | (7,012 | ) | (35,782 | ) | (30,837 | ) | ||||||||||||
Benefit (provision) for income taxes | 118 | (3,194 | ) | (7,540 | ) | (5,249 | ) | |||||||||||||
Net loss | $ | (13,002 | ) | $ | (10,206 | ) | $ | (43,322 | ) | $ | (36,086 | ) | ||||||||
Net loss per common share | ||||||||||||||||||||
Basic and diluted | $ | (0.14 | ) | $ | (0.11 | ) | $ | (0.47 | ) | $ | (0.40 | ) | ||||||||
Weighted average number of common shares outstanding | ||||||||||||||||||||
Basic and diluted | 91,721,926 | 89,753,523 | 91,362,617 | 89,480,446 | ||||||||||||||||
Stock-based compensation expense for the three and six months
ended June 30, 2015 and 2014 is included in the
|
||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||||||
Cost of revenue | $ | 773 | $ | 639 | $ | 1,798 | $ | 1,195 | ||||||||||||
Sales and marketing | 4,757 | 4,199 | 9,427 | 8,306 | ||||||||||||||||
Research and development | 1,034 | 1,023 | 1,990 | 1,834 | ||||||||||||||||
General and administrative | 3,099 | 2,817 | 5,845 | 5,181 | ||||||||||||||||
$ | 9,663 | $ | 8,678 | $ | 19,060 | $ | 16,516 | |||||||||||||
Qlik Technologies Inc.
Reconciliation of non-GAAP Measures to GAAP (in thousands, except share and per share data) |
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Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||||||
Reconciliation of non-GAAP income (loss) from operations: | |||||||||||||||||||||
GAAP loss from operations | $ | (9,914 | ) | $ | (7,001 | ) | $ | (34,001 | ) | $ | (30,498 | ) | |||||||||
Stock-based compensation expense | 9,663 | 8,678 | 19,060 | 16,516 | |||||||||||||||||
Employer payroll taxes on stock transactions | 1,350 | 191 | 1,492 | 554 | |||||||||||||||||
Amortization of intangible assets | 867 | 739 | 1,772 | 1,548 | |||||||||||||||||
Contingent consideration adjustment | 56 | - | 162 | - | |||||||||||||||||
Non-GAAP income (loss) from operations | $ | 2,022 | $ | 2,607 | $ | (11,515 | ) | $ | (11,880 | ) | |||||||||||
Non-GAAP income (loss) from operations as a percentage of total revenue | 1.4 | % | 2.0 | % | -4.3 | % | -4.9 | % | |||||||||||||
GAAP loss from operations as a percentage of total revenue | -6.8 | % | -5.3 | % | -12.8 | % | -12.6 | % | |||||||||||||
Reconciliation of non-GAAP net income (loss): | |||||||||||||||||||||
GAAP net loss | $ | (13,002 | ) | $ | (10,206 | ) | $ | (43,322 | ) | $ | (36,086 | ) | |||||||||
Stock-based compensation expense | 9,663 | 8,678 | 19,060 | 16,516 | |||||||||||||||||
Employer payroll taxes on stock transactions | 1,350 | 191 | 1,492 | 554 | |||||||||||||||||
Amortization of intangible assets | 867 | 739 | 1,772 | 1,548 | |||||||||||||||||
Contingent consideration adjustment | 56 | - | 162 | - | |||||||||||||||||
Income tax adjustment* | 237 | 2,415 | 11,529 | 8,915 | |||||||||||||||||
Non-GAAP net income (loss) | $ | (829 | ) | $ | 1,817 | $ | (9,307 | ) | $ | (8,553 | ) | ||||||||||
Non-GAAP net income (loss) per common share - basic and diluted | $ | (0.01 | ) | $ | 0.02 | $ | (0.10 | ) | $ | (0.10 | ) | ||||||||||
GAAP net loss per common share - basic and diluted | $ | (0.14 | ) | $ | (0.11 | ) | $ | (0.47 | ) | $ | (0.40 | ) | |||||||||
Non-GAAP weighted average number of common shares outstanding - basic | 91,721,926 | 89,753,523 | 91,362,617 | 89,480,446 | |||||||||||||||||
Non-GAAP weighted average number of common shares outstanding - diluted | 91,721,926 | 90,923,413 | 91,362,617 | 89,480,446 | |||||||||||||||||
GAAP weighted average number of common shares outstanding - basic and diluted | 91,721,926 | 89,753,523 | 91,362,617 | 89,480,446 | |||||||||||||||||
* 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) |
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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) |
||||||||||||
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.
|
||||||||||||
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 | ||||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20150723006284/en/
Contact:
Qlik
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Brett Pollack, 646-561-0906
Email Contact
or
Media
Contact:
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