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TheStreet Open House

QlikTech Delivers Solid Third Quarter Revenue Growth

Stocks in this article: QLIK

Qlik Technologies Inc. (“QlikTech”) (Nasdaq: QLIK), a leader in Business Discovery — user-driven Business Intelligence (BI), today announced financial results for the third quarter ended September 30, 2013.

Lars Björk, Chief Executive Officer of QlikTech, stated, “We are pleased with our solid growth in the Americas, despite some weaker than expected performance in Europe and Asia Pacific. We continued to advance further into the enterprise space as reflected by the increase in large deals that we closed, and our view of the long-term market opportunity is unchanged. However, our continued success in attracting enterprise-level sales opportunities is adding complexity to our overall sales process, which needs to be better aligned with the market dynamics we are experiencing.”

Björk continued, “We are taking action to bring more discipline to the management of our growing pipeline, and we expect these changes to take some time to fully impact our results, which is reflected in our fourth quarter guidance.”

Financial Highlights for the Third Quarter Ended September 30, 2013

  • Total revenue for the third quarter of 2013 was $104.1 million, an increase of 21% from $86.1 million for the third quarter of 2012. License revenue for the third quarter of 2013 was $54.5 million, an increase of 12% from $48.8 million for the third quarter of 2012. Foreign currency exchange rate fluctuations from the prior year period impacted total revenue by less than 1%.
  • GAAP loss from operations for the third quarter of 2013 was ($3.4) million, compared to a GAAP loss from operations of ($1.8) million for the third quarter of 2012. GAAP net income was $3.0 million for the third quarter of 2013, or $0.03 per basic and diluted common share, compared to GAAP net income of $0.2 million, or $0.00 per basic and diluted common share, for the third quarter of 2012.
  • Non-GAAP income from operations was $6.8 million for the third quarter of 2013, compared to non-GAAP income from operations of $4.3 million for the third quarter of 2012. Non-GAAP net income was $4.8 million for the third quarter of 2013, or $0.05 per basic and diluted common share, compared to non-GAAP net income of $1.8 million, or $0.02 per basic and diluted common share, for the third quarter of 2012.
  • Cash and cash equivalents as of September 30, 2013 were $235.2 million. For the nine months ended September 30, 2013, net cash provided by operating activities was $24.6 million, as compared to $25.4 million for the nine months ended September 30, 2012.

The tables at the end of this press release include a reconciliation of GAAP to non-GAAP income (loss) from operations and net income (loss) for the three and nine months ended September 30, 2013 and 2012. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures."

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