QlikTech Announces Fourth Quarter And Full Year 2012 Financial Results

Qlik Technologies Inc. (“QlikTech”) (Nasdaq: QLIK), a leader in Business Discovery — user-driven Business Intelligence (BI), today announced financial results for the fourth quarter and full year ended December 31, 2012.

Lars Björk, Chief Executive Officer of QlikTech, stated, “I am pleased with our strong fourth quarter results with revenue increasing 27% year-over-year driven by enterprise sales. As we look ahead to 2013, we continue to see strong demand for our products and we are focused on broadening our service offerings, further improving our customer ROI and driving significant levels of growth, while also targeting modest improvements in our profit margins.”

Financial Highlights for the Fourth Quarter Ended December 31, 2012

• Total revenue for the fourth quarter of 2012 was $137.5 million, an increase of 27% from $108.1 million in the fourth quarter of 2011. License revenue was $93.5 million, an increase of 24% from $75.7 million in the fourth quarter of 2011. The impact of foreign exchange rate fluctuations from the prior year reduced total revenue by less than 1%.
• GAAP income from operations for the fourth quarter of 2012 was $26.5 million, compared to $26.2 million for the fourth quarter of 2011. GAAP net income was $13.3 million, or $0.15 per diluted common share, compared to $15.6 million, or $0.18 per diluted common share, in the fourth quarter of 2011.
• Non-GAAP income from operations was $32.3 million for the fourth quarter of 2012, compared to $30.6 million for the fourth quarter of 2011. Non-GAAP net income was $22.0 million for the fourth quarter of 2012, or $0.25 per diluted common share, compared to $20.4 million, or $0.23 per diluted common share, for the fourth quarter of 2011.

Financial Highlights for the Full Year Ended December 31, 2012

• Total revenue for the full year 2012 was $388.5 million, an increase of 21% from the full year 2011 and 26% on a constant currency basis. License revenue was $238.7 million, an increase of 17% over the prior year and 21% on a constant currency basis.
• GAAP income from operations for the full year 2012 was $14.6 million, compared to $19.7 million for the full year 2011. GAAP net income was $3.8 million, or $0.04 per diluted common share, compared to $9.0 million, or $0.11 per diluted common share, for the full year 2011.
• Non-GAAP income from operations was $36.6 million for the full year 2012, compared to $34.7 million for the full year 2011. Non-GAAP net income was $22.9 million, or $0.26 per diluted common share, for the full year 2012, compared to $23.1 million, or $0.27 per diluted common share, for the full year 2011.
• Cash and cash equivalents as of December 31, 2012 were $195.8 million. Net cash provided by operating activities was $27.7 million in 2012, as compared to $16.7 million in 2011.

The tables at the end of this press release include a reconciliation of GAAP to non-GAAP income from operations and net income for the three and twelve months ended December 31, 2012 and 2011. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures."

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