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QlikTech Announces Fourth Quarter And Full Year 2012 Financial Results

Announces CFO Transition

QlikTech today announced Bill Sorenson’s intention to resign as Chief Financial Officer for personal reasons. The company has initiated a search to identify a Chief Financial Officer and expects to conclude the search process expeditiously. Mr. Sorenson plans to continue as Chief Financial Officer of QlikTech until a successor is named in order to facilitate an orderly transition of his responsibilities.

Mr. Björk said, “On behalf of the Board of Directors and the QlikTech management team, I want to thank Bill for his many years of service to the company. Since joining QlikTech in 2008, Bill has played an integral role in the company’s growth, including taking us through the IPO and building a strong global finance and IT team. I am confident that our team is well prepared to support the continued execution of our strategic vision and growth goals and I appreciate Bill’s commitment to ensuring a smooth transition. We wish him all the best.”

Operating Highlights
  • For the fourth quarter of 2012, on a constant currency basis, revenue in the Americas increased 42% over the prior year period, revenue from Europe increased 20% over the prior year period, and revenue from Rest of World increased 34% over the prior year period.
  • Added new customers during the fourth quarter of 2012 including Alliance Healthcare France, Cardinal Health, London City Airport, Informatique Banque Populaire, Infrastructure Development Finance Company of India, London Borough of Camden, NASDAQ OMX Group, Rockford Health System and Toyota Motor Corporation Australia.
  • Expanded numerous customer engagements globally through our land and expand strategy including Bell Helicopter, Chrysler Group, Children’s Hospital of Philadelphia, El Corte Inglés, Eaton Corporation, Xchanging Global Insurance Solutions, Fiat Italia S.p.A, Lundbeck LLC, London Heathrow Airport, Malmo City, MARKANT Handels & Service GmbH , McAfee, Multiplan, The Nemours Foundation, Schiphol Nederland BV, SodaStream, SunTrust Bank, Telecom Italia S.p.A., Telstra Corporation Limited and Toshiba Corporation.
  • Completed 177 deals with license and first year maintenance over $100,000 in the fourth quarter of 2012, including 52 deals over $250,000, compared to 159 deals over $100,000 and 35 deals over $250,000 in the same period last year.
  • Continued success with land and expand strategy with 67% of license and first year maintenance billings in the fourth quarter of 2012 from existing customers.
  • Generated 51% of license and first year maintenance billings from our indirect partner channel and 49% from our direct channel in the fourth quarter of 2012.

Business Outlook

Based on information available as of February 14, 2013, QlikTech is issuing guidance for the first quarter and full year 2013 as follows:
in millions, except for per share data     Guidance Range
      Q1 2013
      Low End     High End
Total revenue     $ 87.0       $ 91.0  
Non-GAAP loss from operations 1     $ (18.0 )     $ (15.0 )
Non-GAAP loss per common share 2     $ (0.15 )     $ (0.12 )
Guidance Range
Full Year 2013
      Low End     High End
Total revenue     $ 465.0       $ 475.0  
Non-GAAP income from operations 1     $ 50.0       $ 54.0  
Non-GAAP income per diluted common share 3     $ 0.39       $ 0.42  

1 Expectations of non-GAAP income (loss) from operations exclude stock-based compensation expense, employer payroll taxes on stock transactions, and amortization of intangible assets. 2 Assumes an estimated long-term effective tax rate of 30% and weighted average shares outstanding of 86 million. 3 Assumes an estimated long-term effective tax rate of 30% and weighted average shares outstanding of 89 million.

QlikTech’s first quarter 2013 guidance reflects seasonal revenue patterns as well as costs related to the company’s annual employee summit which was held in January 2013, along with higher overall personnel expenses and related costs as a result of continued hiring, and seasonal increases in employer payroll taxes and benefit expenses.

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