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QlikTech Announces Second Quarter 2012 Financial Results

Stocks in this article: QLIK

Qlik Technologies Inc. (“QlikTech”) (Nasdaq: QLIK), a leader in Business Discovery — user-driven Business Intelligence (BI), today announced financial results for the second quarter ended June 30, 2012.

Lars Björk, Chief Executive Officer of QlikTech, stated, “Our second quarter results were impacted by the challenging macroeconomic environment and as a result, we fell short of our expectations. Despite that, we were still able to post solid growth on a constant currency basis across all our sales territories, even in Europe.” Björk added, “Given the broader business environment, we are adapting our sales execution in order to achieve continued growth, and we remain confident in our market opportunity, competitive position, and the proven ROI QlikView delivers to our customers.”

Financial Highlights for the Second Quarter Ended June 30, 2012

Total revenue for the second quarter of 2012 was $85.8 million, an increase of 16% year-over-year and 24% year-over-year on a constant currency basis. License revenue was $50.0 million, an increase of 10% year-over-year and 18% year-over-year on a constant currency basis. Maintenance revenue was $28.6 million, an increase of 31% year-over-year and 41% year-over-year on a constant currency basis. Professional services revenue was $7.2 million, an increase of 4% year-over-year and 11% year-over-year on a constant currency basis.

GAAP loss from operations for the second quarter of 2012 was ($2.4) million, compared to GAAP loss from operations of ($3.6) million for the second quarter of 2011. GAAP net loss was ($2.0) million, or ($0.02) per basic and diluted common share, compared to a GAAP net loss of ($2.7) million or ($0.03) per basic and diluted common share, in the second quarter of 2011.

Non-GAAP income from operations, which excludes stock-based compensation, employer payroll taxes on stock transactions and lease termination costs, was $2.4 million for the second quarter of 2012, compared to non-GAAP income from operations of $1.4 million for the second quarter of 2011. Non-GAAP net income, which also assumes a 32% estimated long-term effective tax rate, was $1.7 million for the second quarter of 2012, compared to non-GAAP net income of $1.2 million for the second quarter of 2011. Non-GAAP net income per diluted common share for the second quarter of 2012 was $0.02, compared to non-GAAP net income per diluted common share of $0.01 for the second quarter of 2011.

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