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Qlik Announces Fourth Quarter And Full Year 2013 Financial Results

Stocks in this article: QLIK

Qlik Technologies Inc. (“Qlik”) (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, 2013.

Lars Björk, Chief Executive Officer of Qlik, stated, “We are pleased with our results for the fourth quarter which came in above the high end of our expectations for both revenue and non-GAAP operating income. We saw continued strength in the enterprise, leveraged our global reach and scale and made additional advances across our portfolio of products and solutions.”

Björk continued, “Our full year 2014 guidance reflects our confidence in our ability to continue to disrupt the BI market and increase the value we deliver to our global customer base. We plan to continue to invest in our products, partners, sales and services teams which we believe will drive growth, extend our leading role in this space and increase market share over time.”

Financial Highlights for the Fourth Quarter Ended December 31, 2013

  • Total revenue for the fourth quarter of 2013 was $161.8 million, an increase of 18% from $137.5 million for the fourth quarter of 2012. License revenue for the fourth quarter of 2013 was $103.1 million, an increase of 10% from $93.5 million for the fourth quarter of 2012. Foreign currency exchange rate fluctuations from the prior year period positively impacted total revenue by 1%.
  • GAAP income from operations for the fourth quarter of 2013 was $32.7 million, an increase compared to GAAP income from operations of $26.5 million for the fourth quarter of 2012. GAAP net income was $8.3 million for the fourth quarter of 2013, or $0.09 per diluted common share, compared to GAAP net income of $13.3 million, or $0.15 per diluted common share, for the fourth quarter of 2012.
  • Non-GAAP income from operations was $41.3 million for the fourth quarter of 2013, an increase compared to non-GAAP income from operations of $32.3 million for the fourth quarter of 2012. Non-GAAP net income was $28.5 million for the fourth quarter of 2013, or $0.31 per diluted common share, an increase compared to non-GAAP net income of $22.7 million, or $0.26 per diluted common share, for the fourth quarter of 2012.

Financial Highlights for the Full Year Ended December 31, 2013

  • Total revenue for the full year 2013 was $470.5 million, an increase of 21% from the full year 2012. License revenue was $270.8 million, an increase of 13% over the prior year. Foreign currency exchange rate fluctuations from the prior year period impacted total revenue by less than 1%.
  • GAAP income from operations for the full year 2013 was $3.4 million, compared to $14.6 million for the full year 2012. GAAP net loss for full year 2013 was ($10.0) million, or $(0.11) per diluted common share, compared to GAAP net income of $3.8 million, or $0.04 per diluted common share, for the full year 2012.
  • Non-GAAP income from operations was $36.2 million for the full year 2013, compared to $36.6 million for the full year 2012. Non-GAAP net income was $23.6 million, or $0.26 per diluted common share, for the full year 2013, compared to $23.6 million, or $0.27 per diluted common share, for the full year 2012.
  • Cash and cash equivalents as of December 31, 2013 were $227.7 million. Net cash provided by operating activities was $29.7 million in 2013, as compared to $27.7 million in 2012.

The tables at the end of this press release include a reconciliation of GAAP to non-GAAP income from operations and net income (loss) for the three and twelve months ended December 31, 2013 and 2012. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures."

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