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QlikTech Announces Fourth Quarter And Full Year 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.
Consolidated Statements of Income
(in thousands, except for share and per share data)
 
Three Months Ended December 31, Year Ended December 31,
2012 2011 2012   2011
(unaudited) (unaudited)
Revenue:
License revenue $ 93,502 $ 75,663 $ 238,674 $ 204,414
Maintenance revenue 34,901 24,981 120,490 89,129
Professional services revenue   9,082     7,410     29,373     27,076  
Total revenue   137,485     108,054     388,537     320,619  
 
Cost of revenue:
License revenue 2,511 930 5,058 3,540
Maintenance revenue 2,389 1,673 8,526 6,787
Professional services revenue   8,864     6,461     29,705     24,020  
Total cost of revenue   13,764     9,064     43,289     34,347  
 
Gross profit   123,721     98,990     345,248     286,272  
 
Operating expenses:
Sales and marketing 61,512 49,399 211,314 178,456
Research and development 14,043 6,107 39,995 24,870
General and administrative   21,634     17,272     79,309     63,287  
Total operating expenses   97,189     72,778     330,618     266,613  
 
Income from operations   26,532     26,212     14,630     19,659  
 
Other income (expense):
Interest income, net 126 117 250 263
Foreign exchange loss and other expense, net   (62 )   (706 )   (3,141 )   (1,058 )
Total other income (expense), net   64     (589 )   (2,891 )   (795 )
 
Income before provision for income taxes   26,596     25,623     11,739     18,864  
 
Provision for income taxes   (13,331 )   (10,001 )   (7,900 )   (9,820 )
 
Net income $ 13,265   $ 15,622   $ 3,839   $ 9,044  
 
 
Net income per common share
Basic $ 0.15 $ 0.19 $ 0.04 $ 0.11
Diluted $ 0.15 $ 0.18 $ 0.04 $ 0.11
 
Weighted average number of common shares outstanding
Basic 85,978,894 83,981,078 85,423,074 82,043,958
Diluted 88,206,630 87,520,893 87,640,844 85,574,414
 
 
 
Stock-based compensation expense for the three months and the year ended December 31, 2012 and 2011 is included in the unaudited Consolidated Statements of Income as follows (in thousands):
Three Months Ended December 31, Year Ended December 31,
2012   2011   2012   2011
(unaudited) (unaudited)
 
Cost of revenue $ 586 $ 251 $ 1,651 $ 701
Sales and marketing 2,624 2,285 10,337 5,672
Research and development 633 296 2,058 710
General and administrative   1,509     1,015     5,269     3,123  
$ 5,352   $ 3,847   $ 19,315   $ 10,206  
                 
Qlik Technologies Inc.
Reconciliation of non-GAAP Measures to GAAP
(in thousands, except share and per share data)
 
Three Months Ended December 31, Year Ended December 31,
  2012         2011     2012         2011  
(unaudited) (unaudited)
Reconciliation of non-GAAP income from operations:
 
GAAP income from operations $ 26,532 $ 26,212 $ 14,630 $ 19,659
Stock-based compensation expense 5,352 3,847 19,315 10,206
Employer payroll taxes on stock transactions 99 257 1,948 2,371
Amortization of intangible assets 329 - 730 -
Contingent consideration adjustment - 265 - 265
Lease termination costs   -         -     -         2,236  
Non-GAAP income from operations $ 32,312       $ 30,581   $ 36,623       $ 34,737  
 
Non-GAAP income from operations as a percentage of total revenue 23.5 % 28.3 % 9.4 % 10.8 %
GAAP income from operations as a percentage of total revenue 19.3 % 24.3 % 3.8 % 6.1 %
 
Reconciliation of non-GAAP net income:
 
GAAP net income $ 13,265 $ 15,622 $ 3,839 $ 9,044
Stock-based compensation expense 5,352 3,847 19,315 10,206
Employer payroll taxes on stock transactions 99 257 1,948 2,371
Amortization of intangible assets 329 - 730 -
Contingent consideration adjustment - 265 - 265
Lease termination costs - - - 2,236
Income tax adjustment*   2,971         404     (2,894 )       (1,041 )
Non-GAAP net income $ 22,016       $ 20,395   $ 22,938       $ 23,081  
 
Non-GAAP net income per common share - basic $ 0.26       $ 0.24   $ 0.27       $ 0.28  
Non-GAAP net income per common share - diluted $ 0.25       $ 0.23   $ 0.26       $ 0.27  
 
GAAP net income per common share - basic $ 0.15       $ 0.19   $ 0.04       $ 0.11  
GAAP net income per common share - diluted $ 0.15       $ 0.18   $ 0.04       $ 0.11  
 
Weighted average number of common shares outstanding - basic   85,978,894         83,981,078     85,423,074         82,043,958  
Weighted average number of common shares outstanding - diluted   88,206,630         87,520,893     87,640,844         85,574,414  
 

 

 

*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 December 31, Year Ended December 31,
  2012       2011 % change     2012       2011 % change  
(unaudited) (unaudited)
Constant currency reconciliation:
Total revenue, as reported $ 137,485 $ 108,054 27 % $ 388,537 $ 320,619 21 %
Estimated impact of foreign currency fluctuations 1 % 5 %
Total revenue constant currency growth rate 28 % 26 %
 
Three Months Ended December 31, Year Ended December 31,
  2012       2011 % change     2012       2011 % change  
(unaudited) (unaudited)
Constant currency reconciliation:
License revenue, as reported $ 93,502 $ 75,663 24 % $ 238,674 $ 204,414 17 %
Estimated impact of foreign currency fluctuations 0 % 4 %
License revenue constant currency growth rate 24 % 21 %
 
Three Months Ended December 31, Year Ended December 31,
  2012       2011 % change     2012       2011 % change  
(unaudited) (unaudited)
Constant currency reconciliation:
Maintenance revenue, as reported $ 34,901 $ 24,981 40 % $ 120,490 $ 89,129 35 %
Estimated impact of foreign currency fluctuations 1 % 6 %
Maintenance revenue constant currency growth rate 41 % 41 %
 
Three Months Ended December 31, Year Ended December 31,
  2012       2011 % change     2012       2011 % change  
(unaudited) (unaudited)
Constant currency reconciliation:
Professional Services revenue, as reported $ 9,082 $ 7,410 23 % $ 29,373 $ 27,076 8 %
Estimated impact of foreign currency fluctuations 1 % 5 %
Professional services revenue constant currency growth rate 24 % 13 %
 
Three Months Ended December 31, Year Ended December 31,
  2012       2011 % change     2012       2011 % change  
(unaudited) (unaudited)
Constant currency reconciliation:
Americas revenue, as reported $ 49,611 $ 35,139 41 % $ 135,008 $ 105,372 28 %
Estimated impact of foreign currency fluctuations 1 % 2 %
Americas revenue constant currency growth rate 42 % 30 %
 
Three Months Ended December 31, Year Ended December 31,
  2012       2011 % change     2012       2011 % change  
(unaudited) (unaudited)
Constant currency reconciliation:
Europe revenue, as reported $ 75,838 $ 63,921 19 % $ 216,564 $ 187,900 15 %
Estimated impact of foreign currency fluctuations 1 % 6 %
Europe revenue constant currency growth rate 20 % 21 %
 
Three Months Ended December 31, Year Ended December 31,
  2012       2011 % change     2012       2011 % change  
(unaudited) (unaudited)
Constant currency reconciliation:
Rest of World revenue, as reported $ 12,036 $ 8,994 34 % $ 36,965 $ 27,347 35 %
Estimated impact of foreign currency fluctuations 0 % 3 %
Rest of World revenue constant currency growth rate 34 % 38 %
         
Qlik Technologies Inc.
Consolidated Balance Sheets
(in thousands)
 
December 31, December 31,
2012 2011
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 195,803 $ 177,413
Accounts receivable, net 144,475 111,710
Prepaid expenses and other current assets 14,455 10,194
Deferred income taxes   1,211   753
Total current assets 355,944 300,070
 
Property and equipment, net 17,048 10,766
Intangible assets, net 5,625 198
Goodwill 7,367 2,800
Deferred income taxes 1,761 2,303
Deposits and other noncurrent assets   2,628   1,571
Total assets $ 390,373 $ 317,708
 
Liabilities and stockholders’ equity
Current liabilities:
Line of credit, net $ - $ 326
Income taxes payable 4,154 1,638
Accounts payable 7,128 4,847
Deferred revenue 84,197 63,914
Accrued payroll and other related costs 36,976 30,572
Accrued expenses 26,075 16,753
Deferred income taxes   150   -
Total current liabilities 158,680 118,050
 
Long-term liabilities:
Deferred revenue 1,745 3,202
Deferred income taxes 512 -
Other long-term liabilities   3,874   6,921
Total liabilities 164,811 128,173
 
Commitments and contingencies
 
Stockholders’ equity:
Common stock 9 8
Additional paid-in-capital 209,614 180,058
Retained earnings 13,016 9,177
Accumulated other comprehensive income   2,923   292
Total stockholders’ equity   225,562   189,535
Total liabilities and stockholders’ equity $ 390,373 $ 317,708
         
Qlik Technologies Inc.
Consolidated Statements of Cash Flows
(in thousands)
Year Ended December 31,
  2012   2011
(unaudited)
Cash flows from operating activities
Net income $ 3,839 $ 9,044
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 5,255 2,971
Stock-based compensation expense 19,315 10,206
Deferred income taxes 746 1,333
Excess tax benefit from stock-based compensation (4,789 ) (2,443 )
Other non cash items 2,606 2,856
Changes in assets and liabilities:
Accounts receivable (32,307 ) (29,442 )
Prepaid expenses and other assets (4,098 ) (3,309 )
Income taxes 2,516 (6,793 )
Deferred revenues 17,403 18,552
Accounts payable and other liabilities   17,206     13,718  
Net cash provided by operating activities 27,692 16,693
 
Cash flows from investing activities
Acquisitions, net of cash acquired (10,792 ) -
Capital expenditures   (10,334 )   (7,767 )
Net cash used in investing activities (21,126 ) (7,767 )
 
Cash flows from financing activities
Proceeds from exercise of common stock options 5,453 9,481
Excess tax benefit from stock-based compensation 4,789 2,443
Payments on contingent consideration (202 ) (179 )
Borrowings (payments) on line of credit   (356 )   379  
Net cash provided by financing activities 9,684 12,124
Effect of exchange rate on cash   2,140     (2,349 )
Net increase in cash and cash equivalents 18,390 18,701
Cash and cash equivalents, beginning of period   177,413     158,712  
Cash and cash equivalents, end of period $ 195,803   $ 177,413  
 
Supplemental cash flow information:
Cash paid during the period for income taxes $ 2,682   $ 13,803  
 
Non-cash investing activities:
Tenant improvement allowance received under operating lease $ 542   $ 1,764  




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