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QlikTech Announces Third 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 third quarter ended September 30, 2012.

Lars Björk, Chief Executive Officer of QlikTech, stated, “During the third quarter, sales to our small and mid-sized customers were strong, however, the challenging business environment and its effects on enterprises led to some sales cycles lengthening more than we had anticipated, impacting our results. Despite this, we were able to grow total revenue 20% year-over-year on a constant currency basis.”

Björk continued, “I am confident in the steps we are taking to make QlikTech more enterprise ready from a sales, product and services perspective including delivering against the opportunity of Big Data -- making data accessible and actionable for the business user. With our key differentiators such as our associative search technology, our recently announced QlikView Direct Discovery, and our expanded partnership strategy including companies such as Teradata, we are strengthening our ability to execute, and improving our position within the enterprise market.”

Financial Highlights for the Third Quarter Ended September 30, 2012

Total revenue for the third quarter of 2012 was $86.1 million, an increase of 14% year-over-year and 20% year-over-year on a constant currency basis. License revenue for the period was $48.8 million, an increase of 7% year-over-year and 13% year-over-year on a constant currency basis. Maintenance revenue for the period was $30.6 million, an increase of 33% year-over-year and 41% year-over-year on a constant currency basis. Professional services revenue for the period was $6.7 million, a decrease of 4% year-over-year and an increase of 1% year-over-year on a constant currency basis.

GAAP operating loss for the third quarter of 2012 was ($1.8) million, compared to GAAP operating income of $2.1 million for the third quarter of 2011. GAAP net income for the third quarter of 2012 was $0.2 million, or $0.00 per basic and diluted common share, compared to a GAAP net income of $1.2 million or $0.01 per basic and diluted common share, in the third quarter of 2011.

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