Qlik, (NASDAQ: QLIK), a leader in user-driven Business Intelligence (BI), today announced financial results for the first quarter ended March 31, 2014.
Lars Björk, Chief Executive Officer of Qlik, stated, “Our first quarter revenue was in-line with our expectations, and we achieved key milestones in the launch of our new product platform, QlikView.Next. This was an important quarter for Qlik, during which we spent meaningful time with our customers, partners and employees discussing our dual product strategy and the phased introduction of QlikView.Next. Because we will sell, support and enhance the current QlikView 11 platform for years to come, our customers and partners can continue to invest in this highly-appreciated product. Additionally, we are confident our QlikView.Next platform will support more user profiles and use cases. Together, these offerings enhance the value we deliver to our customers and expand our addressable market.”
Financial Highlights for the First Quarter Ended March 31, 2014
- Total revenue for the first quarter of 2014 was $111.1 million, an increase of 15% from $96.5 million for the first quarter of 2013. License revenue for the first quarter of 2014 was $53.9 million, an increase of 2% from $52.7 million for the first quarter of 2013. Foreign currency exchange rate fluctuations from the prior year period positively impacted total revenue by approximately 1%.
- GAAP loss from operations for the first quarter of 2014 was ($23.5) million, compared to a GAAP loss from operations of ($16.8) million for the first quarter of 2013. GAAP net loss was ($25.9) million for the first quarter of 2014, or ($0.29) per diluted common share, compared to a GAAP net loss of ($13.2) million, or ($0.15) per diluted common share, for the first quarter of 2013.
- Non-GAAP loss from operations was ($14.5) million for the first quarter of 2014, compared to a non-GAAP loss from operations of ($10.2) million for the first quarter of 2013. Non-GAAP net loss was ($10.4) million for the first quarter of 2014, or ($0.12) per diluted common share, compared to a non-GAAP net loss of ($8.2) million, or ($0.09) per diluted common share, for the first quarter of 2013.
- Cash and cash equivalents as of March 31, 2014 were $253.3 million compared to $227.7 million at December 31, 2013. Net cash provided by operating activities was $19.4 million for the first quarter of 2014, as compared to $14.7 million for the first quarter of 2013.
The tables at the end of this press release include a reconciliation of GAAP to non-GAAP loss from operations and net loss for the three months ended March 31, 2014 and 2013. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures."
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