[April 24, 2014] |
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Qlik Announces First Quarter Financial Results
RADNOR, Pa. --(Business Wire)--
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."
Operating Highlights
-
For the first quarter of 2014, on a constant currency basis, total
revenue in the Americas increased 12% over the prior year period,
total revenue from Europe increased 12% over the prior year period,
and total revenue from Rest of World increased 29% over the prior year
period.
-
Added new customers during the first quarter of 2014 including AAF
International Company Inc. (American Air Filter), Analogic
Corporation, Children's Hospital of Wisconsin, Deutsche Börse AG,
Harbour Industries, Inc., New Hanover Regional Medical Center, Nestlé
Nederland BV, Palmetto Health, Roadchef Limited, Sunstar Americas,
Inc., and Tupperware.
-
Expanded numerous customer engagements globally through our land and
expand strategy including ANZ Bank, Axpo Informatik AG, Canon India,
CARGLASS GmbH, Dolphin Drilling AS, Kobe Steel Ltd., Healthfirst,
Metlife, Inc., Mitsubishi Corporation, NASDAQ OMX Group, Inc.,
Qualcomm, RWE IT GmbH, Samsung Telecommunications America, SodaStream,
Swedbank, Varian Medical Systems, Travelodge Hotels Ltd., VWR
International LLC, and The Warehouse Group (NZ).
-
Completed 101 deals with license and first year maintenance over
$100,000 in the first quarter of 2014, including 28 deals over
$250,000, compared to 88 deals over $100,000 and 32 deals over
$250,000 in the prior year period.
-
Continued success with our land and expand strategy with 62% of
license and first year maintenance billings generated from existing
customers in the first quarter of 2014, compared to 65% in the prior
year period.
-
Generated 57% of license and first year maintenance billings from our
indirect partner channel and 43% from our direct channel in the first
quarter of 2014, compared to 63% from our indirect partner channel and
37% from our direct channel in the prior year period.
Business Outlook
Based on information available as of April 24, 2014, Qlik is issuing
guidance for the second quarter and full year 2014 as follows:
in millions, except for per share data
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Guidance Range
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|
|
|
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Q2 2014
|
|
|
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Low End
|
|
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High End
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Total revenue
|
|
|
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$
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124.0
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|
|
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$
|
128.0
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Non-GAAP loss from operations1
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$
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(5.0
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)
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$
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(2.0
|
)
|
Non-GAAP loss per diluted common share2
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|
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$
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(0.04
|
)
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|
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$
|
(0.02
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)
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|
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Guidance Range
|
|
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|
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Full Year 2014
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|
|
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Low End
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High End
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Total revenue
|
|
|
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$
|
545.0
|
|
|
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$
|
555.0
|
|
Non-GAAP income from operations1
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$
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30.0
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|
|
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$
|
35.0
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Non-GAAP income per diluted common share3
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|
|
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$
|
0.23
|
|
|
|
$
|
0.27
|
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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 basic weighted average shares outstanding of
90 million.
|
3 Assumes an estimated long-term effective
tax rate of 30% and diluted weighted average shares outstanding of
92 million.
|
Qlik's expectations of total revenue, non-GAAP income (loss) from
operations and non-GAAP income (loss) per diluted common share for the
second quarter and full year 2014 assume that foreign currency exchange
rates for the second quarter and full year 2014 will approximate current
exchange rates.
Qlik currently intends to publish, in each quarterly earnings release,
certain expectations with respect to future financial performance. Those
statements, including the guidance provided above, are forward looking,
and actual results may differ materially.
Conference Call and Webcast Information
Qlik will host a conference call on Thursday, April 24, 2014 at 5:00
p.m. Eastern Time (ET) to discuss the company's first quarter financial
results and its business outlook. To access this call, dial (877)
312-5507 (domestic) or (253) 237-1134 (international). The conference ID
is 19384092. The presentation will be webcast live and available under
the "Events & Presentations" section on Qlik's investor relations
website at http://investor.qlik.com/.
Following the conference call, a replay will be available until April
27, 2014 at (855) 859-2056 (domestic) or (404) 537-3406 (international).
The replay pass code is 19384092. An archived webcast of this conference
call will also be available under the "Events & Presentations" section
on Qlik's investor relations website at http://investor.qlik.com/.
Non-GAAP Financial Measures
To supplement the consolidated financial statements presented in
accordance with generally accepted accounting principles in the United
States, or GAAP, Qlik uses measures of non-GAAP income (loss) from
operations, non-GAAP net income (loss), non-GAAP net income (loss) per
basic and diluted common share and constant currency. A reconciliation
of these non-GAAP financial measures to the closest GAAP financial
measure is presented in the financial tables below under the headings
"Reconciliation of Non-GAAP Measures to GAAP" and "Reconciliation of
Non-GAAP Revenue to GAAP Revenue." Qlik believes that the non-GAAP
financial information provided in this release can assist investors in
understanding and assessing Qlik's on-going core operations and
prospects for the future and provides an additional tool for investors
to use in comparing Qlik's financial results with other companies in
Qlik's industry, many of which present similar non-GAAP financial
measures to investors. In addition, Qlik believes that these non-GAAP
financial measures are useful to investors because they allow for
greater transparency into the indicators used by management as a basis
for its internal budgeting and operational decision making.
For the three months ended March 31, 2014 and 2013, non-GAAP loss from
operations is determined by taking GAAP loss from operations and adding
back stock-based compensation expense, employer payroll taxes on stock
transactions, and amortization of intangible assets. Non-GAAP net loss
is determined by taking GAAP loss before (provision) benefit for income
taxes and adding back stock-based compensation expense, employer payroll
taxes on stock transactions, and amortization of intangible assets and
the result is tax affected at an estimated long-term effective tax rate
of 30%. Qlik believes that the effective tax rate used in the Non-GAAP
net loss and related per diluted common share calculations are
reasonable estimates of the long-term normalized effective tax rate
under its global structure. Qlik believes these adjustments provide
useful information to both management and investors due to the following
factors:
-
Stock-based compensation. Although stock-based
compensation is an important aspect of the compensation of Qlik's
employees and executives, determining the fair value of the
stock-based instruments involves a high degree of judgment and
estimation and the expense recorded may bear little resemblance to the
actual value realized upon the future exercise or termination of the
related stock-based awards. Furthermore, unlike cash compensation, the
value of stock-based compensation is determined using a complex
formula that incorporates factors, such as market volatility, that are
beyond Qlik's control. Management believes it is useful to exclude
stock-based compensation in order to better understand the long-term
performance of Qlik's core business and to facilitate comparison of
its results to those of peer companies.
-
Employer payroll taxes on stock transactions. The amount
of employer payroll taxes on stock transactions is dependent on Qlik's
stock price and other factors that are beyond Qlik's control and do
not correlate to the operation of its business.
-
Amortization of intangible assets. A portion of the purchase
price of Qlik's acquisitions is generally allocated to intangible
assets, such as intellectual property, and is subject to amortization.
However, Qlik does not acquire businesses on a predictable cycle.
Additionally, the amount of an acquisition's purchase price allocated
to intangible assets and the term of its related amortization can vary
significantly and are unique to each acquisition. Therefore,
management believes that the presentation of non-GAAP financial
measures that adjust for the amortization of intangible assets
provides investors and others with a consistent basis for comparison
across accounting periods.
To determine the revenue growth rates on a constant currency basis for
the three months ended March 31, 2014, revenue from entities reporting
in foreign currencies was translated into U.S. dollars using the
comparable prior year period's foreign currency exchange rates.
This press release includes forward-looking non-GAAP financial measures
under the heading "Business Outlook". These non-GAAP financial measures
were determined by excluding stock-based compensation expense, employer
payroll taxes on stock transactions, and amortization of intangible
assets and assuming an estimated long-term effective tax rate of 30%. We
are unable to reconcile this non-GAAP guidance to GAAP because it is
difficult to predict the future impact of these adjustments. In
addition, these forward-looking non-GAAP financial measures assume that
foreign currency exchange rates for the second quarter and full year
2014 will approximate current foreign currency exchange rates.
The presentation of these non-GAAP financial measures is not intended to
be considered in isolation or as a substitute for results prepared in
accordance with GAAP. The principal limitation of these non-GAAP
financial measures is that they exclude significant elements that are
required by GAAP to be recorded in Qlik's consolidated financial
statements. In addition, they are subject to inherent limitations as
they reflect the exercise of judgments by management in determining
these non-GAAP financial measures. In order to compensate for these
limitations, management of Qlik presents its non-GAAP financial measures
in connection with its GAAP results. Investors are encouraged to review
the reconciliation of our non-GAAP financial measures to their most
directly comparable GAAP financial measure. As previously mentioned, a
reconciliation of our historic non-GAAP financial measures to their most
directly comparable GAAP measures has been provided below.
About Qlik
Qlik Technologies Inc. (NASDAQ: QLIK), operating under the Qlik brand,
simplifies how people explore their data to help them make better
decisions. With its QlikView Business Discovery platform people can
quickly bring data sources together to create dynamic visual
applications that can be navigated and searched intuitively. The next
question can simply be answered in the next click. QlikView uses Natural
Analytics™ to model the way human curiosity searches and processes
information, while delivering the enterprise manageability, governance
and service offerings organizations require. Qlik supports approximately
32,000 customers in over 100 countries.
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements, including, but
not limited to, the guidance provided under the heading "Business
Outlook" above, statements regarding the value and effectiveness of
Qlik's products, the introduction of product enhancements or additional
products and Qlik's growth, expansion and market leadership, that
involve risks, uncertainties, assumptions and other factors which, if
they do not materialize or prove correct, could cause Qlik's results to
differ materially from those expressed or implied by such
forward-looking statements. All statements, other than statements of
historical fact, are statements that could be deemed forward-looking
statements, including statements containing the words "predicts,"
"plan," "expects," "focus," "anticipates," "believes," "goal," "target,"
"estimate," "potential," "may," "will," "might," "momentum," "can,"
"could," "seek," and similar words. Qlik intends all such
forward-looking statements to be covered by the safe harbor provisions
for forward-looking statements contained in Section 21E of the Exchange
Act and the Private Securities Litigation Reform Act of 1995. Actual
results may differ materially from those projected in such statements
due to various factors, including but not limited to: risks and
uncertainties inherent in Qlik's business; Qlik's ability to attract new
customers and retain existing customers; Qlik's ability to effectively
sell, service and support its products; Qlik's ability to adapt to
changing licensing and go to market business models; Qlik's ability to
manage its international operations; Qlik's ability to compete
effectively; Qlik's ability to develop and introduce new products and
add-ons or enhancements to existing products; Qlik's ability to continue
to promote and maintain its brand in a cost-effective manner; Qlik's
ability to manage growth; Qlik's ability to attract and retain key
personnel; currency fluctuations that affect Qlik's revenues and costs;
Qlik's ability to successfully integrate acquisitions into its business;
the scope and validity of intellectual property rights applicable to
Qlik's products; adverse economic conditions in general and adverse
economic conditions specifically affecting the markets in which Qlik
operates; and other risks more fully described in Qlik's publicly
available filings with the Securities and Exchange Commission. Past
performance is not necessarily indicative of future results. The
forward-looking statements included in this press release represent
Qlik's views as of the date of this press release. Qlik anticipates that
subsequent events and developments will cause its views to change. Qlik
undertakes no intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. These forward-looking statements should not
be relied upon as representing Qlik's views as of any date subsequent to
the date of this press release.
© 2014 QlikTech International AB. All rights reserved. Qlik®,
QlikView®, QlikTech®, and the QlikTech logos are trademarks of QlikTech
International AB which have been registered in multiple countries. Other
marks and logos mentioned herein are trademarks or registered trademarks
of their respective owners.
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Qlik Technologies Inc.
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Consolidated Statements of Operations
|
(in thousands, except for share and per share data)
|
|
|
|
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|
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|
|
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|
Three Months Ended March 31,
|
|
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2014
|
|
|
2013
|
|
|
|
|
(unaudited)
|
Revenue:
|
|
|
|
|
|
|
|
License revenue
|
|
|
|
$
|
53,883
|
|
|
|
$
|
52,652
|
|
Maintenance revenue
|
|
|
|
|
45,845
|
|
|
|
|
35,716
|
|
Professional services revenue
|
|
|
|
|
11,384
|
|
|
|
|
8,180
|
|
Total revenue
|
|
|
|
|
111,112
|
|
|
|
|
96,548
|
|
|
|
|
|
|
|
|
|
Cost of revenue:
|
|
|
|
|
|
|
|
License revenue
|
|
|
|
|
1,506
|
|
|
|
|
1,647
|
|
Maintenance revenue
|
|
|
|
|
3,057
|
|
|
|
|
2,872
|
|
Professional services revenue
|
|
|
|
|
13,476
|
|
|
|
|
9,837
|
|
Total cost of revenue
|
|
|
|
|
18,039
|
|
|
|
|
14,356
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
|
|
93,073
|
|
|
|
|
82,192
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
Sales and marketing
|
|
|
|
|
72,763
|
|
|
|
|
60,980
|
|
Research and development
|
|
|
|
|
17,046
|
|
|
|
|
15,480
|
|
General and administrative
|
|
|
|
|
26,761
|
|
|
|
|
22,493
|
|
Total operating expenses
|
|
|
|
|
116,570
|
|
|
|
|
98,953
|
|
|
|
|
|
|
|
|
|
Loss from operations
|
|
|
|
|
(23,497
|
)
|
|
|
|
(16,761
|
)
|
|
|
|
|
|
|
|
|
Other expense, net:
|
|
|
|
|
|
|
|
Interest income, net
|
|
|
|
|
35
|
|
|
|
|
32
|
|
Foreign exchange loss, net
|
|
|
|
|
(363
|
)
|
|
|
|
(1,483
|
)
|
Total other expense, net
|
|
|
|
|
(328
|
)
|
|
|
|
(1,451
|
)
|
|
|
|
|
|
|
|
|
Loss before (provision) benefit for income taxes
|
|
|
|
|
(23,825
|
)
|
|
|
|
(18,212
|
)
|
|
|
|
|
|
|
|
|
(Provision) benefit for income taxes
|
|
|
|
|
(2,055
|
)
|
|
|
|
5,006
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
|
$
|
(25,880
|
)
|
|
|
$
|
(13,206
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
|
$
|
(0.29
|
)
|
|
|
$
|
(0.15
|
)
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
|
|
89,204,334
|
|
|
|
|
86,516,905
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense for the three months ended
March 31, 2014 and 2013 is included in the Unaudited Consolidated
Statements of Operations as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
|
$
|
556
|
|
|
|
$
|
608
|
|
Sales and marketing
|
|
|
|
|
4,107
|
|
|
|
|
2,965
|
|
Research and development
|
|
|
|
|
811
|
|
|
|
|
740
|
|
General and administrative
|
|
|
|
|
2,364
|
|
|
|
|
1,676
|
|
|
|
|
|
$
|
7,838
|
|
|
|
$
|
5,989
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Qlik Technologies Inc.
|
Reconciliation of non-GAAP Measures to GAAP
|
(in thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
(unaudited)
|
Reconciliation of non-GAAP loss from operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP loss from operations
|
|
|
|
$
|
(23,497
|
)
|
|
|
$
|
(16,761
|
)
|
Stock-based compensation expense
|
|
|
|
|
7,838
|
|
|
|
|
5,989
|
|
Employer payroll taxes on stock transactions
|
|
|
|
|
363
|
|
|
|
|
208
|
|
Amortization of intangible assets
|
|
|
|
|
809
|
|
|
|
|
350
|
|
Non-GAAP loss from operations
|
|
|
|
$
|
(14,487
|
)
|
|
|
$
|
(10,214
|
)
|
|
|
|
|
|
|
|
|
Non-GAAP loss from operations as a percentage of total revenue
|
|
|
|
|
-13.0
|
%
|
|
|
|
-10.6
|
%
|
GAAP loss from operations as a percentage of total revenue
|
|
|
|
|
-21.1
|
%
|
|
|
|
-17.4
|
%
|
|
|
|
|
|
|
|
|
Reconciliation of non-GAAP net loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss
|
|
|
|
$
|
(25,880
|
)
|
|
|
$
|
(13,206
|
)
|
Stock-based compensation expense
|
|
|
|
|
7,838
|
|
|
|
|
5,989
|
|
Employer payroll taxes on stock transactions
|
|
|
|
|
363
|
|
|
|
|
208
|
|
Amortization of intangible assets
|
|
|
|
|
809
|
|
|
|
|
350
|
|
Income tax adjustment*
|
|
|
|
|
6,500
|
|
|
|
|
(1,507
|
)
|
Non-GAAP net loss
|
|
|
|
$
|
(10,370
|
)
|
|
|
$
|
(8,166
|
)
|
|
|
|
|
|
|
|
|
Non-GAAP net loss per common share - basic and diluted
|
|
|
|
$
|
(0.12
|
)
|
|
|
$
|
(0.09
|
)
|
GAAP net loss per common share - basic and diluted
|
|
|
|
$
|
(0.29
|
)
|
|
|
$
|
(0.15
|
)
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding - basic and
diluted
|
|
|
|
|
89,204,334
|
|
|
|
|
86,516,905
|
|
|
|
|
|
|
|
|
|
*Income tax adjustment is used to adjust the GAAP (provision) benefit
for income taxes to a non-GAAP benefit for income taxes utilizing an
estimated long-term effective tax rate of 30%.
|
|
|
|
|
|
|
|
|
|
|
Qlik Technologies Inc.
|
Reconciliation of non-GAAP Revenue to GAAP Revenue
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
% change
|
|
|
|
|
(unaudited)
|
|
|
|
Constant currency reconciliation:
|
|
|
|
|
|
|
|
|
|
|
Total revenue, as reported
|
|
|
|
$
|
111,112
|
|
|
$
|
96,548
|
|
|
15
|
%
|
Estimated impact of foreign currency fluctuations
|
|
|
|
|
|
|
|
|
|
-1
|
%
|
Total revenue constant currency growth rate
|
|
|
|
|
|
|
|
|
|
14
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
% change
|
|
|
|
|
(unaudited)
|
|
|
|
Constant currency reconciliation:
|
|
|
|
|
|
|
|
|
|
|
License revenue, as reported
|
|
|
|
$
|
53,883
|
|
|
$
|
52,652
|
|
|
2
|
%
|
Estimated impact of foreign currency fluctuations
|
|
|
|
|
|
|
|
|
|
-1
|
%
|
License revenue constant currency growth rate
|
|
|
|
|
|
|
|
|
|
1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
% change
|
|
|
|
|
(unaudited)
|
|
|
|
Constant currency reconciliation:
|
|
|
|
|
|
|
|
|
|
|
Maintenance revenue, as reported
|
|
|
|
$
|
45,845
|
|
|
$
|
35,716
|
|
|
28
|
%
|
Estimated impact of foreign currency fluctuations
|
|
|
|
|
|
|
|
|
|
-1
|
%
|
Maintenance revenue constant currency growth rate
|
|
|
|
|
|
|
|
|
|
27
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
% change
|
|
|
|
|
(unaudited)
|
|
|
|
Constant currency reconciliation:
|
|
|
|
|
|
|
|
|
|
|
Professional Services revenue, as reported
|
|
|
|
$
|
11,384
|
|
|
$
|
8,180
|
|
|
39
|
%
|
Estimated impact of foreign currency fluctuations
|
|
|
|
|
|
|
|
|
|
-2
|
%
|
Professional services revenue constant currency growth rate
|
|
|
|
|
|
|
|
|
|
37
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
% change
|
|
|
|
|
(unaudited)
|
|
|
|
Constant currency reconciliation:
|
|
|
|
|
|
|
|
|
|
|
Americas revenue, as reported
|
|
|
|
$
|
36,852
|
|
|
$
|
33,372
|
|
|
10
|
%
|
Estimated impact of foreign currency fluctuations
|
|
|
|
|
|
|
|
|
|
2
|
%
|
Americas revenue constant currency growth rate
|
|
|
|
|
|
|
|
|
|
12
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
% change
|
|
|
|
|
(unaudited)
|
|
|
|
Constant currency reconciliation:
|
|
|
|
|
|
|
|
|
|
|
Europe revenue, as reported
|
|
|
|
$
|
62,773
|
|
|
$
|
53,676
|
|
|
17
|
%
|
Estimated impact of foreign currency fluctuations
|
|
|
|
|
|
|
|
|
|
-5
|
%
|
Europe revenue constant currency growth rate
|
|
|
|
|
|
|
|
|
|
12
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
% change
|
|
|
|
|
(unaudited)
|
|
|
|
Constant currency reconciliation:
|
|
|
|
|
|
|
|
|
|
|
Rest of World revenue, as reported
|
|
|
|
$
|
11,487
|
|
|
$
|
9,500
|
|
|
21
|
%
|
Estimated impact of foreign currency fluctuations
|
|
|
|
|
|
|
|
|
|
8
|
%
|
Rest of World revenue constant currency growth rate
|
|
|
|
|
|
|
|
|
|
29
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Qlik Technologies Inc.
|
Consolidated Balance Sheets
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
(unaudited)
|
|
|
|
Assets
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
253,279
|
|
|
|
$
|
227,693
|
Accounts receivable, net
|
|
|
|
|
123,941
|
|
|
|
|
162,009
|
Prepaid expenses and other current assets
|
|
|
|
|
19,060
|
|
|
|
|
16,296
|
Income tax receivable
|
|
|
|
|
649
|
|
|
|
|
-
|
Deferred income taxes
|
|
|
|
|
1,886
|
|
|
|
|
1,886
|
Total current assets
|
|
|
|
|
398,815
|
|
|
|
|
407,884
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
|
|
24,169
|
|
|
|
|
21,500
|
Intangible assets, net
|
|
|
|
|
11,850
|
|
|
|
|
12,695
|
Goodwill
|
|
|
|
|
21,324
|
|
|
|
|
21,233
|
Deferred income taxes
|
|
|
|
|
2,151
|
|
|
|
|
2,107
|
Deposits and other noncurrent assets
|
|
|
|
|
3,239
|
|
|
|
|
2,503
|
Total assets
|
|
|
|
$
|
461,548
|
|
|
|
$
|
467,922
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Income taxes payable
|
|
|
|
$
|
-
|
|
|
|
$
|
2,634
|
Accounts payable
|
|
|
|
|
6,256
|
|
|
|
|
5,262
|
Deferred revenue
|
|
|
|
|
110,157
|
|
|
|
|
98,684
|
Accrued payroll and other related costs
|
|
|
|
|
39,541
|
|
|
|
|
46,780
|
Accrued expenses
|
|
|
|
|
28,956
|
|
|
|
|
29,495
|
Deferred income taxes
|
|
|
|
|
544
|
|
|
|
|
544
|
Total current liabilities
|
|
|
|
|
185,454
|
|
|
|
|
183,399
|
|
|
|
|
|
|
|
|
Long-term liabilities:
|
|
|
|
|
|
|
|
Deferred revenue
|
|
|
|
|
3,426
|
|
|
|
|
3,637
|
Deferred income taxes
|
|
|
|
|
894
|
|
|
|
|
894
|
Other long-term liabilities
|
|
|
|
|
7,970
|
|
|
|
|
7,822
|
Total liabilities
|
|
|
|
|
197,744
|
|
|
|
|
195,752
|
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
Common stock
|
|
|
|
|
9
|
|
|
|
|
9
|
Additional paid-in-capital
|
|
|
|
|
282,961
|
|
|
|
|
265,711
|
Retained earnings (accumulated deficit)
|
|
|
|
|
(22,843
|
)
|
|
|
|
3,037
|
Accumulated other comprehensive income
|
|
|
|
|
3,677
|
|
|
|
|
3,413
|
Total stockholders' equity
|
|
|
|
|
263,804
|
|
|
|
|
272,170
|
Total liabilities and stockholders' equity
|
|
|
|
$
|
461,548
|
|
|
|
$
|
467,922
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Qlik Technologies Inc.
|
Consolidated Statements of Cash Flows
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
(unaudited)
|
Cash flows from operating activities
|
|
|
|
|
|
|
|
Net loss
|
|
|
|
$
|
(25,880
|
)
|
|
|
$
|
(13,206
|
)
|
Adjustments to reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
2,569
|
|
|
|
|
1,719
|
|
Stock-based compensation expense
|
|
|
|
|
7,838
|
|
|
|
|
5,989
|
|
Excess tax benefit from stock-based compensation
|
|
|
|
|
(3,445
|
)
|
|
|
|
(4,181
|
)
|
Other non-cash items
|
|
|
|
|
630
|
|
|
|
|
1,667
|
|
Changes in assets and liabilities
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
|
37,737
|
|
|
|
|
41,096
|
|
Prepaid expenses and other assets
|
|
|
|
|
(3,542
|
)
|
|
|
|
(1,973
|
)
|
Income taxes
|
|
|
|
|
(3,283
|
)
|
|
|
|
(15,684
|
)
|
Deferred revenues
|
|
|
|
|
11,072
|
|
|
|
|
4,787
|
|
Accounts payable and other liabilities
|
|
|
|
|
(4,327
|
)
|
|
|
|
(5,507
|
)
|
Net cash provided by operating activities
|
|
|
|
|
19,369
|
|
|
|
|
14,707
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
|
|
(3,407
|
)
|
|
|
|
(2,762
|
)
|
Net cash used in investing activities
|
|
|
|
|
(3,407
|
)
|
|
|
|
(2,762
|
)
|
|
|
|
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
Proceeds from exercise of common stock options
|
|
|
|
|
5,968
|
|
|
|
|
4,002
|
|
Excess tax benefit from stock-based compensation
|
|
|
|
|
3,445
|
|
|
|
|
4,181
|
|
Borrowings on line of credit
|
|
|
|
|
-
|
|
|
|
|
182
|
|
Net cash provided by financing activities
|
|
|
|
|
9,413
|
|
|
|
|
8,365
|
|
Effect of exchange rate on cash and cash equivalents
|
|
|
|
|
211
|
|
|
|
|
(1,279
|
)
|
Net increase in cash and cash equivalents
|
|
|
|
|
25,586
|
|
|
|
|
19,031
|
|
Cash and cash equivalents, beginning of period
|
|
|
|
|
227,693
|
|
|
|
|
195,803
|
|
Cash and cash equivalents, end of period
|
|
|
|
$
|
253,279
|
|
|
|
$
|
214,834
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow information:
|
|
|
|
|
|
|
|
Cash paid during the period for income taxes
|
|
|
|
$
|
2,185
|
|
|
|
$
|
5,530
|
|
|
|
|
|
|
|
|
|
Non-cash investing activities:
|
|
|
|
|
|
|
|
Tenant improvement allowance received under operating lease
|
|
|
|
$
|
1,048
|
|
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
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|