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QlikTech Announces Third Quarter 2012 Financial Results

QlikTech and QlikView are trademarks or registered trademarks of QlikTech or its subsidiaries in the U.S. and other countries. Other company names, product names and company logos mentioned herein are the trademarks, or registered trademarks of their respective owners.

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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