QlikTech Announces Third Quarter 2012 Financial Results

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Qlik Technologies Inc.
Unaudited Consolidated Statements of Operations
(in thousands, except for share and per share data)
				Three Months Ended September 30,										Nine Months Ended September 30,
				2012					2011					2012					2011
Revenue:
License revenue				$	48,805				$	45,537				$	145,172				$	128,751
Maintenance revenue					30,587					22,991					85,589					64,148
Professional services revenue					6,704					6,976					20,291					19,666
Total revenue					86,096					75,504					251,052					212,565
Cost of revenue 1:
License revenue					1,193					918					2,547					2,610
Maintenance revenue					1,969					1,678					6,049					5,114
Professional services revenue					6,963					5,863					20,437					17,559
Total cost of revenue					10,125					8,459					29,033					25,283
Gross profit					75,971					67,045					222,019					187,282
Operating expenses 1:
Sales and marketing					47,712					42,503					147,982					129,057
Research and development					9,776					6,427					25,421					18,763
General and administrative					20,253					16,058					60,518					46,015
Total operating expenses					77,741					64,988					233,921					193,835
Income (loss) from operations					(1,770	)				2,057					(11,902	)				(6,553	)
Other income (expense):
Interest income (expense), net					25					86					124					146
Foreign exchange gain (loss) and other income (expense), net					(1,701	)				761					(3,079	)				(352	)
Total other income (expense), net					(1,676	)				847					(2,955	)				(206	)
Income (loss) before benefit (provision) for income taxes					(3,446	)				2,904					(14,857	)				(6,759	)
Benefit (provision) for income taxes					3,597					(1,697	)				5,431					181
Net income (loss)				$	151				$	1,207				$	(9,426	)			$	(6,578	)
Net income (loss) per common share
Basic				$	0.00				$	0.01				$	(0.11	)			$	(0.08	)
Diluted				$	0.00				$	0.01				$	(0.11	)			$	(0.08	)
Weighted average number of common shares outstanding
Basic					85,655,059					83,171,163					85,236,449					81,391,156
Diluted					88,132,646					87,634,196					85,236,449					81,391,156
1Certain prior period amounts have been reclassified in the unaudited Consolidated Statements of Operations in order to conform to the current period presentation.
Stock-based compensation expense for the three and nine months ended September 30, 2012 and 2011 is included in the unaudited Consolidated Statements of Operations as follows (in thousands):
				Three Months Ended September 30,										Nine Months Ended September 30,
				2012					2011					2012					2011
				(unaudited)										(unaudited)
Cost of revenue				$	397				$	198				$	1,065				$	450
Sales and marketing					2,874					1,459					7,713					3,387
Research and development					560					281					1,425					414
General and administrative					1,684					921					3,760					2,108
				$	5,515				$	2,859				$	13,963				$	6,359

Qlik Technologies Inc.
Reconciliation of non-GAAP Measures to GAAP
(in thousands, except share and per share data)
				Three Months Ended September 30,										Nine Months Ended September 30,
				2012					2011					2012					2011
				(unaudited)										(unaudited)
Reconciliation of non-GAAP income from operations:
GAAP income (loss) from operations				$	(1,770	)			$	2,057				$	(11,902	)			$	(6,553	)
Stock-based compensation expense					5,515					2,859					13,963					6,359
Employer payroll taxes on stock transactions					119					314					1,849					2,114
Amortization of intangible assets					401					-					401					-
Lease termination costs					-					-					-					2,236
Non-GAAP income from operations				$	4,265				$	5,230				$	4,311				$	4,156
Non-GAAP income from operations as a percentage of total revenue					5.0	%				6.9	%				1.7	%				2.0	%
GAAP income (loss) from operations as a percentage of total revenue					-2.1	%				2.7	%				-4.7	%				-3.1	%
Reconciliation of non-GAAP net income:
GAAP net income (loss)				$	151				$	1,207				$	(9,426	)			$	(6,578	)
Stock-based compensation expense					5,515					2,859					13,963					6,359
Employer payroll taxes on stock transactions					119					314					1,849					2,114
Amortization of intangible assets					401					-					401					-
Lease termination costs					-					-					-					2,236
Income tax adjustment*					(4,426	)				(248	)				(5,865	)				(1,445	)
Non-GAAP net income				$	1,760				$	4,132				$	922				$	2,686
Non-GAAP net income per common share - basic				$	0.02				$	0.05				$	0.01				$	0.03
Non-GAAP net income per common share - diluted				$	0.02				$	0.05				$	0.01				$	0.03
GAAP net income (loss) per common share - basic				$	0.00				$	0.01				$	(0.11	)			$	(0.08	)
GAAP net income (loss) per common share - diluted				$	0.00				$	0.01				$	(0.11	)			$	(0.08	)
Non-GAAP weighted average number of common shares outstanding - basic					85,655,059					83,171,163					85,236,449					81,391,156
Non-GAAP weighted average number of common shares outstanding - diluted					88,132,646					87,634,196					87,718,320					85,826,880
GAAP weighted average number of common shares outstanding - basic					85,655,059					83,171,163					85,236,449					81,391,156
GAAP weighted average number of common shares outstanding - diluted					88,132,646					87,634,196					85,236,449					81,391,156
*Income tax adjustment is used to adjust the GAAP benefit or provision for income taxes to a non-GAAP benefit or provision for income taxes utilizing an estimated long-term effective tax rate of 32%.

Qlik Technologies Inc.
Reconciliation of non-GAAP Revenue to GAAP Revenue
(in thousands)
				Three months ended September 30,												Nine Months ended September 30,
				2012				2011				% change				2012				2011				% change
				(unaudited)												(unaudited)
Constant currency reconciliation:
Total revenue, as reported				$	86,096			$	75,504			14	%			$	251,052			$	212,565			18	%
Estimated impact of foreign currency fluctuations												6	%											6	%
Total revenue constant currency growth rate												20	%											24	%
				Three months ended September 30,												Nine Months ended September 30,
				2012				2011				% change				2012				2011				% change
				(unaudited)												(unaudited)
Constant currency reconciliation:
License revenue, as reported				$	48,805			$	45,537			7	%			$	145,172			$	128,751			13	%
Estimated impact of foreign currency fluctuations												6	%											5	%
License revenue constant currency growth rate												13	%											18	%
				Three months ended September 30,												Nine Months ended September 30,
				2012				2011				% change				2012				2011				% change
				(unaudited)												(unaudited)
Constant currency reconciliation:
Maintenance revenue, as reported				$	30,587			$	22,991			33	%			$	85,589			$	64,148			33	%
Estimated impact of foreign currency fluctuations												8	%											8	%
Maintenance revenue constant currency growth rate												41	%											41	%
				Three months ended September 30,												Nine Months ended September 30,
				2012				2011				% change				2012				2011				% change
				(unaudited)												(unaudited)
Constant currency reconciliation:
Professional Services revenue, as reported				$	6,704			$	6,976			-4	%			$	20,291			$	19,666			3	%
Estimated impact of foreign currency fluctuations												5	%											5	%
Professional services revenue constant currency growth rate												1	%											8	%
				Three months ended September 30,												Nine Months ended September 30,
				2012				2011				% change				2012				2011				% change
				(unaudited)												(unaudited)
Constant currency reconciliation:
Americas revenue, as reported				$	30,503			$	26,861			14	%			$	85,397			$	70,233			22	%
Estimated impact of foreign currency fluctuations												2	%											2	%
Americas revenue constant currency growth rate												16	%											24	%
				Three months ended September 30,												Nine Months ended September 30,
				2012				2011				% change				2012				2011				% change
				(unaudited)												(unaudited)
Constant currency reconciliation:
Europe revenue, as reported				$	46,072			$	41,974			10	%			$	140,726			$	123,979			14	%
Estimated impact of foreign currency fluctuations												9	%											8	%
Europe revenue constant currency growth rate												19	%											22	%
				Three months ended September 30,												Nine Months ended September 30,
				2012				2011				% change				2012				2011				% change
				(unaudited)												(unaudited)
Constant currency reconciliation:
Rest of World revenue, as reported				$	9,521			$	6,669			43	%			$	24,929			$	18,353			36	%
Estimated impact of foreign currency fluctuations												5	%											4	%
Rest of World revenue constant currency growth rate												48	%											40	%

Qlik Technologies Inc.
Consolidated Balance Sheets
(in thousands)
				September 30,					December 31,
				2012					2011
				(unaudited)
Assets
Current assets:
Cash and cash equivalents				$	193,111				$	177,413
Accounts receivable, net					75,002					111,710
Prepaid expenses and other current assets					11,851					10,194
Income tax receivable					13,831					-
Deferred income taxes					747					753
Total current assets					294,542					300,070
Property and equipment, net					15,351					10,766
Intangible assets, net					5,995					198
Goodwill					7,483					2,800
Deferred income taxes					1,458					2,303
Deposits and other noncurrent assets					2,376					1,571
Total assets				$	327,205				$	317,708
Liabilities and stockholders’ equity
Current liabilities:
Line of credit				$	45				$	326
Accounts payable					5,967					4,847
Deferred revenue					64,838					63,914
Accrued payroll and other related costs					26,800					30,572
Accrued expenses					18,075					18,391
Total current liabilities					115,725					118,050
Long-term liabilities:
Deferred revenue					1,677					3,202
Other long-term liabilities					5,453					6,921
Total liabilities					122,855					128,173
Commitments and contingencies
Stockholders’ equity:
Common stock					9					8
Additional paid-in-capital					201,982					180,058
Retained earnings (Accumulated deficit)					(249	)				9,177
Accumulated other comprehensive income					2,608					292
Total stockholders’ equity					204,350					189,535
Total liabilities and stockholders’ equity				$	327,205				$	317,708

Qlik Technologies Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)
				Nine Months Ended September 30,
				2012					2011
Cash flows from operating activities
Net loss				$	(9,426	)			$	(6,578	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization					4,156					2,017
Stock-based compensation expense					13,963					6,359
Excess tax benefit from stock-based compensation					(3,280	)				-
Other non cash items					3,130					1,613
Changes in assets and liabilities:
Accounts receivable					36,326					13,873
Prepaid expenses and other assets					(1,735	)				1,286
Income taxes					(15,469	)				(14,133	)
Deferred revenues					(1,390	)				2,060
Accounts payable and other liabilities					(843	)				4,497
Net cash provided by operating activities					25,432					10,994
Cash flows from investing activities
Acquisitions, net of cash acquired					(10,792	)				-
Capital expenditures					(7,649	)				(6,473	)
Net cash used in investing activities					(18,441	)				(6,473	)
Cash flows from financing activities
Proceeds from exercise of common stock options					4,682					7,228
Excess tax benefit from stock-based compensation					3,280					-
Payments on contingent consideration					(202	)				(179	)
Borrowings (payments) on line of credit					(312	)				195
Net cash provided by financing activities					7,448					7,244
Effect of exchange rate on cash					1,259					(360	)
Net increase in cash and cash equivalents					15,698					11,405
Cash and cash equivalents, beginning of period					177,413					158,712
Cash and cash equivalents, end of period				$	193,111				$	170,117
Supplemental cash flow information:
Cash paid during the period for income taxes				$	6,334				$	12,952
Non-cash investing activities:
Tenant improvement allowance received under operating lease				$	-				$	1,764

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