[February 11, 2016] |
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Qlik Announces Fourth Quarter and Full Year 2015 Financial Results
Qlik (NASDAQ: QLIK), a leader in visual analytics delivering intuitive
solutions for self-service data visualization and guided analytics,
today announced financial results for the fourth quarter and full year
ended December 31, 2015.
Lars Björk, Chief Executive Officer of Qlik, stated, "2015 was an
exciting year for Qlik as we achieved 21% constant currency license
revenue growth, an 800 basis points improvement versus 2014, driven by
the strength of Qlik Sense® and our platform approach. In the
fourth quarter, our strong results in the Americas and Europe offset
continued weakness in Asia Pacific, which enabled us to exceed our
fourth quarter constant currency revenue guidance."
Tim MacCarrick, Chief Financial Officer of Qlik said, "Our reported
fourth quarter total revenue of $205.5 million was negatively impacted
by approximately $4 million due to the relative strengthening of the
U.S. Dollar since we last provided guidance in October 2015. In
addition, our non-GAAP operating profit was below our expectations
primarily due to variable cost increases driven by our revenue, channel
and geographic mix in the fourth quarter. Despite these impacts, we
modestly expanded non-GAAP operating margins in 2015, and plan to drive
further operating margin improvement in 2016."
Financial Highlights for the Fourth Quarter Ended December 31, 2015
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Total revenue for the fourth quarter of 2015 was $205.5 million, an
increase of 12% from $182.8 million for the fourth quarter of 2014. On
a constant currency basis, total revenue increased by 22% as compared
to the fourth quarter of 2014. License revenue for the fourth quarter
of 2015 was $126.1 million, an increase of 12% from $112.6 million for
the fourth quarter of 2014. On a constant currency basis, license
revenue increased by 21% compared to the fourth quarter of 2014.
-
GAAP income from operations for the fourth quarter of 2015 was $30.4
million, compared to GAAP income from operations of $30.3 million for
the fourth quarter of 2014. GAAP net income was $22.9 million for the
fourth quarter of 2015, or $0.24 per diluted common share, compared to
GAAP net income of $25.8 million, or $0.28 per diluted common share,
for the fourth quarter of 2014.
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Non-GAAP income from operations was $44.3 million for the fourth
quarter of 2015, an increase compared to non-GAAP income from
operations of $42.1 million for the fourth quarter of 2014. Non-GAAP
net income was $29.1 million for the fourth quarter of 2015, or $0.31
per diluted common share, a decrease compared to non-GAAP net income
of $29.6 million, or $0.32 per diluted common share, for the fourth
quarter of 2014.
Financial Highlights for the Full Year Ended December 31, 2015
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Total revenue for the full year 2015 was $612.7 million, an increase
of 10% from the full year 2014. On a constant currency basis, total
revenue increased by 23% as compared to the full year 2014. License
revenue for the full year 2015 was $327.0 million, an increase of 9%
from the full year 2014. On a constant currency basis, license revenue
increased by 21% as compared to the full year 2014.
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GAAP loss from operations for the full year 2015 was ($11.6) million,
compared to a GAAP loss from operations of ($8.9) million for the full
year 2014. GAAP net loss for the full year 2015 was ($36.5) million,
or ($0.40) per diluted common share, compared to a GAAP net loss of
($24.6) million, or ($0.27) per diluted common share, for the full
year 2014.
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Non-GAAP income from operations was $37.1 million for the full year
2015, compared to $32.8 million for the full year 2014. Non-GAAP net
income was $21.2 million, or $0.23 per diluted common share, for the
full year 2015, compared to $21.7 million, or $0.24 per diluted common
share, for the full year 2014.
-
Cash and cash equivalents as of December 31, 2015 were $320.1 million
compared to $244.0 million at December 31, 2014. Net cash provided by
operating activities was $59.6 million in 2015, as compared to $35.6
million in 2014.
Operating Highlights
-
For the fourth quarter of 2015 on a constant currency basis, total
revenue in the Americas increased 28% over the prior year period,
total revenue from Europe increased 22% over the prior year period,
and total revenue from Rest of World increased 4% over the prior year
period.
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For the sixth consecutive year Qlik was positioned in the Leaders
Quadrant of Gartner's Business Intelligence and Analytics Platforms
Magic Quadrant report which was issued last week. Gartner
stated that "compared with its chief competitors, Qlik scores
significantly higher on complexity of analysis - which we attribute to
its stronger ability to support multiple data sources, a robust
calculation engine and associative filtering and search." As a result,
Gartner recognized Qlik's enhanced vision and our Platform approach as
one of the most complete solutions on the market.
-
Added new customers during the quarter including AEG Power Solutions
GmbH, Antea USA, Inc., Asurion Corporation, Banca Transylvania,
Captain Tortue France, Cloudtail India Pvt. Ltd., Ecare, Environmental
Protection Agency, Eriks NV, Ferdinand Bilstein GmbH + Co. KG, ISAB
Refinery LUKOIL Group, Jackson Hewitt Tax Service Inc., KPMG Advisory
GmbH, L&T Technology Services Limited, Medica Health Plans, Michelin
North America, Inc., Modernizing Medicine, Pantos Logistics Co., Ltd.,
Qantas Airways Limited, Singapore University of Technology and Design,
SPIMACO (Saudi Pharmaceutical Industries & Medical Appliances
Corporation), Subaru of America, Inc., Taekwang Industrial Co. Ltd.,
Thales Alenia SpAce Italia SpA, Trainline, and the University of
Pittsburgh Medical Center (UPMC).
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Expanded numerous customer engagements globally through our land and
expand strategy including Aggregate Industries UK Ltd., Aesynt
Incorporated, AFLAC, Anheuser Busch InBev, Aramark, AxisPoint Health,
CaixaBank, Citigroup Inc., Compuware, De Lage Landen Financial
Services, Inc., DuPont India, E. Breuninger GmbH und Co. KG, eClinical
Solutions, Elkem AS, Enerjisa Enerji Hizmetleri AS, Geodis Wilson
Holding AB, Haya Real Estate S.L. Unipersonal, Hirschmann Automotive
GmbH, John Wiley & Sons Inc., Lenovo, Lindorff AS, LGT Bank in
Liechtenstein AG, Liberty Global Services BV, M-Tech Systems, Milliman
Inc., Moody's Analytics, National Express UK Coach, Nordea Markets,
Norges Statsbaner AS, Paddy Power, Renfe Operadora, Rovio
Entertainment Oy, Royal Mail Group, Seal Software, SIG Information
Technology GmbH Rechnungsprüfung, Specialty Care Services Group LLC,
Universitätsspital Basel, The University of Kansas Hospital, and
Trident Seafoods Corporation.
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Completed 255 deals with license and first year maintenance over
$100,000 in the fourth quarter of 2015, including 89 deals over
$250,000 and 13 deals over $1 million, compared to 238 deals over
$100,000, including 71 deals over $250,000 and 9 deals over $1 million
in the prior year period.
-
Generated 73% of license and first year maintenance billings from
existing customers in the fourth quarter of 2015, compared to 63% in
the prior year period.
-
Generated 50% of license and first year maintenance billings from our
indirect partner channel and 50% from our direct channel in the fourth
quarter of 2015, compared to 52% from our indirect partner channel and
48% from our direct channel in the prior year period.
Business Outlook
Based on information available as of February 11, 2016, Qlik anticipates
total revenue growth of 13% to 15% on a reported basis and 15% to 17% on
a constant currency basis for the full year 2016. Qlik is issuing
guidance for the first quarter and full year 2016 as follows:
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in millions, except for per share data
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Guidance Range Q1 2016
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Year-Over-Year Projected Revenue Growth
Rate
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Year-Over-Year Projected Revenue Growth Rate on a Constant
Currency Basis1
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Low End
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High End
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Low End
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High End
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Low End
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High End
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Total revenue
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$
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132.0
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$
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136.0
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10
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%
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13
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%
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12
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%
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15
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%
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Non-GAAP loss from operations2
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$
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(18.0
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)
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$
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(15.0
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)
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Non-GAAP loss per diluted common share2,3
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$
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(0.14
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)
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$
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(0.12
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Guidance Range Full Year 2016
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Year-Over-Year Projected Revenue Growth
Rate
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Year-Over-Year Projected Revenue Growth Rate on a Constant
Currency Basis1
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Low End
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High End
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Low End
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High End
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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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695.0
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$
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705.0
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13
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%
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15
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%
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15
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%
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17
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%
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Non-GAAP income from operations2
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$
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56.0
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$
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60.0
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Non-GAAP income per diluted common share2,4
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$
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0.41
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$
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0.44
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1 To determine projected revenue growth rates on a
constant currency basis for first quarter and full year 2016, expected
revenue from entities reporting in foreign currencies was translated
into U.S. dollars using the comparable prior year period's monthly
average foreign currency exchange rates. 2
Expectations of non-GAAP income (loss) from operations and non-GAAP
income (loss) per diluted common share exclude stock-based compensation
expense, employer payroll taxes on stock transactions, contingent
consideration adjustments and amortization of intangible assets. 3
Assumes an estimated long-term effective tax rate of 30% and basic
weighted average shares outstanding of approximately 94 million. 4
Assumes an estimated long-term effective tax rate of 30% and diluted
weighted average shares outstanding of approximately 95 million.
Qlik's expectations of total revenue, non-GAAP income (loss) from
operations and non-GAAP income (loss) per diluted common share for the
first quarter and full year 2016 assume that foreign currency exchange
rates for the first quarter and full year 2016 will approximate current
exchange rates. This Business Outlook is directional guidance only as
foreign currency exchange rate fluctuations and changes in the mix of
domestic and international revenue and expenses can impact our results.
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, February 11, 2016 at 5:00
p.m. Eastern Time (ET) to discuss the company's fourth quarter and full
year financial results and its business outlook. To access this call,
dial (877) 312-5507 (domestic) or (253) 237-1134 (international). The
conference ID is 18745211. 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 February
14, 2016 at (855) 859-2056 (domestic) or (404) 537-3406 (international).
The replay passcode is 18745211. 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, non-GAAP revenue 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",
"Reconciliation of Non-GAAP Revenue to GAAP Revenue" and "Reconciliation
of Year-Over-Year Projected Revenue Growth Rate to Year-Over-Year
Projected Revenue Growth Rate on a Constant Currency Basis." 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 and year ended December 31, 2015 and 2014, non-GAAP
income from operations is determined by taking GAAP income (loss) from
operations and adding back stock-based compensation expense, employer
payroll taxes on stock transactions, amortization of intangible assets
and contingent consideration adjustments. Non-GAAP net income is
determined by taking GAAP income (loss) before income taxes and adding
back stock-based compensation expense, employer payroll taxes on stock
transactions, amortization of intangible assets and contingent
consideration adjustments 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 income and related income 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 business combinations 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.
-
Contingent consideration adjustments. Qlik periodically enters
into business combinations which may contain contingent consideration
arrangements. At each reporting date, management remeasures these
contingent consideration liabilities at fair value until the
contingencies are resolved. During the three months and year ended
December 31, 2015, a charge of $2.1 million and $2.5 million,
respectively, was recorded related to changes in the fair value of
contingent consideration liabilities and is included in Qlik's
consolidated statement of operations. Management believes that these
costs are generally non-recurring and do not correlate to the ongoing
operation of its business.
To determine the revenue growth rates on a constant currency basis for
the three months and year ended December 31, 2015, revenue from entities
reporting in foreign currencies was translated into U.S. dollars using
the comparable prior year period's monthly average foreign currency
exchange rates. Qlik reports results in U.S. dollars but does business
on a global basis in multiple currencies. Exchange rate fluctuations
affect the U.S. dollar value of foreign currency revenue and expenses
and may have a significant effect on reported results. The discussion of
Qlik's financial results in this release includes comparisons with the
prior year period in constant currency terms. Management believes this
information facilitates comparison of underlying results over time.
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, amortization of intangible assets
and contingent consideration adjustments 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
first quarter and full year 2016 will approximate current foreign
currency exchange rates. In addition, Qlik's expectations of
year-over-year projected revenue growth rates on a constant currency
basis for the first quarter and full year 2016 assume that expected
revenue from entities reporting in foreign currencies are translated
into U.S. dollars using the comparable prior year period's monthly
average 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 non-GAAP financial measures to their most directly
comparable GAAP measures has been provided below.
About Qlik
Qlik (NASDAQ: QLIK) is a leader in visual analytics. Its portfolio of
products meets customers' growing needs from reporting and self-service
visual analysis to guided, embedded and custom analytics. Approximately
38,000 customers rely on Qlik solutions to gain meaning out of
information from varied sources, exploring the hidden relationships
within data that lead to insights that ignite good ideas. Headquartered
in Radnor, Pennsylvania, Qlik has offices around the world with more
than 1,700 partners covering more than 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, fluctuation of currency 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," "design," "see," "seek," "forecast," 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 expenses; Qlik's ability to effectively control or
reduce operating expenses; 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, including currency; 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. Any statements regarding Qlik's products are
intended to outline its general product direction and should not be
relied on in making a purchase decision, as the development, release,
and timing of any features and functionality remains at Qlik's sole
discretion. 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.
© 2016 QlikTech International AB. All rights reserved. Qlik®,
Qlik Sense®, QlikView®,
QlikTech®, Qlik®
Cloud, Qlik® DataMarket, Qlik®
Analytics Platform 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. Consolidated Statements of
Operations (in thousands, except for share and per share
data)
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Three Months Ended December 31,
|
Year Ended December 31,
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2015
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2014
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2015
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2014
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(unaudited)
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|
(unaudited)
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Revenue:
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License revenue
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$
|
126,065
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|
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$
|
112,587
|
|
|
$
|
326,984
|
|
|
$
|
300,888
|
|
Maintenance revenue
|
|
|
|
62,701
|
|
|
|
55,061
|
|
|
|
229,503
|
|
|
|
203,550
|
|
Professional services revenue
|
|
|
|
16,700
|
|
|
|
15,135
|
|
|
|
56,245
|
|
|
|
52,359
|
|
Total revenue
|
|
|
|
205,466
|
|
|
|
182,783
|
|
|
|
612,732
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|
|
|
556,797
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|
|
|
|
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|
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Cost of revenue:
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|
|
|
|
|
|
|
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License revenue
|
|
|
|
5,020
|
|
|
|
2,740
|
|
|
|
12,215
|
|
|
|
8,196
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|
Maintenance revenue
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|
|
|
2,969
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|
|
|
2,798
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|
|
|
11,693
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|
|
|
11,363
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|
Professional services revenue
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|
|
|
18,635
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|
|
|
15,055
|
|
|
|
66,687
|
|
|
|
55,903
|
|
Total cost of revenue
|
|
|
|
26,624
|
|
|
|
20,593
|
|
|
|
90,595
|
|
|
|
75,462
|
|
|
|
|
|
|
|
|
|
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|
Gross profit
|
|
|
|
178,842
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|
|
|
162,190
|
|
|
|
522,137
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|
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481,335
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Operating expenses:
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Sales and marketing
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103,313
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|
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85,811
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|
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347,369
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308,375
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Research and development
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19,232
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|
17,048
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74,813
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|
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|
72,636
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General and administrative
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25,869
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|
|
|
29,073
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|
|
|
111,590
|
|
|
|
109,200
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|
Total operating expenses
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|
|
|
148,414
|
|
|
|
131,932
|
|
|
|
533,772
|
|
|
|
490,211
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations
|
|
|
|
30,428
|
|
|
|
30,258
|
|
|
|
(11,635
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)
|
|
|
(8,876
|
)
|
|
|
|
|
|
|
|
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Other income (expense), net:
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|
|
|
|
|
|
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Interest income, net
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|
|
|
61
|
|
|
|
49
|
|
|
|
128
|
|
|
|
147
|
|
Foreign exchange gain (loss), net
|
|
|
|
(2,810
|
)
|
|
|
165
|
|
|
|
(6,937
|
)
|
|
|
(1,973
|
)
|
Total other income (expense), net
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|
|
|
(2,749
|
)
|
|
|
214
|
|
|
|
(6,809
|
)
|
|
|
(1,826
|
)
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
|
27,679
|
|
|
|
30,472
|
|
|
|
(18,444
|
)
|
|
|
(10,702
|
)
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
|
|
(4,821
|
)
|
|
|
(4,652
|
)
|
|
|
(18,047
|
)
|
|
|
(13,929
|
)
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
$
|
22,858
|
|
|
$
|
25,820
|
|
|
$
|
(36,491
|
)
|
|
$
|
(24,631
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per common share
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.25
|
|
|
$
|
0.29
|
|
|
$
|
(0.40
|
)
|
|
$
|
(0.27
|
)
|
Diluted
|
|
|
$
|
0.24
|
|
|
$
|
0.28
|
|
|
$
|
(0.40
|
)
|
|
$
|
(0.27
|
)
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
93,060,838
|
|
|
|
90,506,823
|
|
|
|
92,126,182
|
|
|
|
89,886,403
|
|
Diluted
|
|
|
|
94,980,310
|
|
|
|
91,949,568
|
|
|
|
92,126,182
|
|
|
|
89,886,403
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense for the three months and year
ended December 31, 2015 and 2014 is included in the Consolidated
Statements of Operations as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
Year Ended December 31,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
$
|
812
|
|
|
$
|
832
|
|
|
$
|
3,469
|
|
|
$
|
2,804
|
|
Sales and marketing
|
|
|
|
5,085
|
|
|
|
4,845
|
|
|
|
19,245
|
|
|
|
17,911
|
|
Research and development
|
|
|
|
1,109
|
|
|
|
1,006
|
|
|
|
4,264
|
|
|
|
3,876
|
|
General and administrative
|
|
|
|
3,319
|
|
|
|
3,103
|
|
|
|
12,659
|
|
|
|
11,441
|
|
|
|
|
$
|
10,325
|
|
|
$
|
9,786
|
|
|
$
|
39,637
|
|
|
$
|
36,032
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
(unaudited)
|
|
(unaudited)
|
Reconciliation of non-GAAP income from operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income (loss) from operations
|
|
|
$
|
30,428
|
|
|
$
|
30,258
|
|
|
$
|
(11,635
|
)
|
|
$
|
(8,876
|
)
|
Stock-based compensation expense
|
|
|
|
10,325
|
|
|
|
9,786
|
|
|
|
39,637
|
|
|
|
36,032
|
|
Employer payroll taxes on stock transactions
|
|
|
|
421
|
|
|
|
1,267
|
|
|
|
2,758
|
|
|
|
2,493
|
|
Amortization of intangible assets
|
|
|
|
929
|
|
|
|
777
|
|
|
|
3,789
|
|
|
|
3,029
|
|
Contingent consideration adjustments
|
|
|
|
2,147
|
|
|
|
-
|
|
|
|
2,533
|
|
|
|
170
|
|
Non-GAAP income from operations
|
|
|
$
|
44,250
|
|
|
$
|
42,088
|
|
|
$
|
37,082
|
|
|
$
|
32,848
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP income from operations as a percentage of total revenue
|
|
|
|
21.5
|
%
|
|
|
23.0
|
%
|
|
|
6.1
|
%
|
|
|
5.9
|
%
|
GAAP income (loss) from operations as a percentage of total revenue
|
|
|
|
14.8
|
%
|
|
|
16.6
|
%
|
|
|
-1.9
|
%
|
|
|
-1.6
|
%
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of non-GAAP net income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss)
|
|
|
$
|
22,858
|
|
|
$
|
25,820
|
|
|
$
|
(36,491
|
)
|
|
$
|
(24,631
|
)
|
Stock-based compensation expense
|
|
|
|
10,325
|
|
|
|
9,786
|
|
|
|
39,637
|
|
|
|
36,032
|
|
Employer payroll taxes on stock transactions
|
|
|
|
421
|
|
|
|
1,267
|
|
|
|
2,758
|
|
|
|
2,493
|
|
Amortization of intangible assets
|
|
|
|
929
|
|
|
|
777
|
|
|
|
3,789
|
|
|
|
3,029
|
|
Contingent consideration adjustments
|
|
|
|
2,147
|
|
|
|
-
|
|
|
|
2,533
|
|
|
|
170
|
|
Income tax adjustment*
|
|
|
|
(7,629
|
)
|
|
|
(8,039
|
)
|
|
|
8,965
|
|
|
|
4,622
|
|
Non-GAAP net income
|
|
|
$
|
29,051
|
|
|
$
|
29,611
|
|
|
$
|
21,191
|
|
|
$
|
21,715
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income per common share - basic
|
|
|
$
|
0.31
|
|
|
$
|
0.33
|
|
|
$
|
0.23
|
|
|
$
|
0.24
|
|
Non-GAAP net income per common share - diluted
|
|
|
$
|
0.31
|
|
|
$
|
0.32
|
|
|
$
|
0.23
|
|
|
$
|
0.24
|
|
GAAP net income (loss) per common share - basic
|
|
|
$
|
0.25
|
|
|
$
|
0.29
|
|
|
$
|
(0.40
|
)
|
|
$
|
(0.27
|
)
|
GAAP net income (loss) per common share - diluted
|
|
|
$
|
0.24
|
|
|
$
|
0.28
|
|
|
$
|
(0.40
|
)
|
|
$
|
(0.27
|
)
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP weighted average number of common shares outstanding - basic
|
|
|
|
93,060,838
|
|
|
|
90,506,823
|
|
|
|
92,126,182
|
|
|
|
89,886,403
|
|
Non-GAAP weighted average number of common shares outstanding -
diluted
|
|
|
|
94,980,310
|
|
|
|
91,949,568
|
|
|
|
93,903,467
|
|
|
|
90,848,678
|
|
GAAP weighted average number of common shares outstanding - basic
|
|
|
|
93,060,838
|
|
|
|
90,506,823
|
|
|
|
92,126,182
|
|
|
|
89,886,403
|
|
GAAP weighted average number of common shares outstanding - diluted
|
|
|
|
94,980,310
|
|
|
|
91,949,568
|
|
|
|
92,126,182
|
|
|
|
89,886,403
|
|
|
|
|
|
*Income tax adjustment is used to adjust GAAP income tax expense to a
non-GAAP income tax expense 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 December 31,
|
|
Year Ended December 31,
|
|
|
|
2015
|
|
2014
|
|
% change
|
|
|
2015
|
|
2014
|
|
% change
|
|
|
|
|
(unaudited)
|
|
|
|
(unaudited)
|
|
|
Constant currency reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue, as reported
|
|
|
$
|
205,466
|
|
$
|
182,783
|
|
12
|
%
|
|
$
|
612,732
|
|
$
|
556,797
|
|
10
|
%
|
Estimated impact of foreign currency fluctuations
|
|
|
|
|
|
|
10
|
%
|
|
|
|
|
|
13
|
%
|
Total revenue constant currency growth rate
|
|
|
|
|
|
|
22
|
%
|
|
|
|
|
|
23
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
Year Ended December 31,
|
|
|
|
2015
|
|
2014
|
|
% change
|
|
|
2015
|
|
2014
|
|
% change
|
|
|
|
|
(unaudited)
|
|
|
|
(unaudited)
|
|
|
Constant currency reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License revenue, as reported
|
|
|
$
|
126,065
|
|
$
|
112,587
|
|
12
|
%
|
|
$
|
326,984
|
|
$
|
300,888
|
|
9
|
%
|
Estimated impact of foreign currency fluctuations
|
|
|
|
|
|
|
9
|
%
|
|
|
|
|
|
12
|
%
|
License revenue constant currency growth rate
|
|
|
|
|
|
|
21
|
%
|
|
|
|
|
|
21
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
Year Ended December 31,
|
|
|
|
2015
|
|
2014
|
|
% change
|
|
|
2015
|
|
2014
|
|
% change
|
|
|
|
|
(unaudited)
|
|
|
|
(unaudited)
|
|
|
Constant currency reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maintenance revenue, as reported
|
|
|
$
|
62,701
|
|
$
|
55,061
|
|
14
|
%
|
|
$
|
229,503
|
|
$
|
203,550
|
|
13
|
%
|
Estimated impact of foreign currency fluctuations
|
|
|
|
|
|
|
10
|
%
|
|
|
|
|
|
13
|
%
|
Maintenance revenue constant currency growth rate
|
|
|
|
|
24
|
%
|
|
|
|
|
|
26
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
Year Ended December 31,
|
|
|
|
2015
|
|
2014
|
|
% change
|
|
|
2015
|
|
2014
|
|
% change
|
|
|
|
|
(unaudited)
|
|
|
|
(unaudited)
|
|
|
Constant currency reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Professional Services revenue, as reported
|
|
|
$
|
16,700
|
|
$
|
15,135
|
|
10
|
%
|
|
$
|
56,245
|
|
$
|
52,359
|
|
7
|
%
|
Estimated impact of foreign currency fluctuations
|
|
|
|
|
|
|
8
|
%
|
|
|
|
|
|
11
|
%
|
Professional services revenue constant currency growth rate
|
|
|
|
18
|
%
|
|
|
|
|
|
18
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
Year Ended December 31,
|
|
|
|
2015
|
|
2014
|
|
% change
|
|
|
2015
|
|
2014
|
|
% change
|
|
|
|
|
(unaudited)
|
|
|
|
(unaudited)
|
|
|
Constant currency reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas revenue, as reported
|
|
|
$
|
81,941
|
|
$
|
66,369
|
|
23
|
%
|
|
$
|
238,823
|
|
$
|
202,124
|
|
18
|
%
|
Estimated impact of foreign currency fluctuations
|
|
|
|
|
|
|
5
|
%
|
|
|
|
|
|
4
|
%
|
Americas revenue constant currency growth rate
|
|
|
|
|
|
|
28
|
%
|
|
|
|
|
|
22
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
Year Ended December 31,
|
|
|
|
2015
|
|
2014
|
|
% change
|
|
|
2015
|
|
2014
|
|
% change
|
|
|
|
|
(unaudited)
|
|
|
|
(unaudited)
|
|
|
Constant currency reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe revenue, as reported
|
|
|
$
|
101,352
|
|
$
|
93,002
|
|
9
|
%
|
|
$
|
303,177
|
|
$
|
289,288
|
|
5
|
%
|
Estimated impact of foreign currency fluctuations
|
|
|
|
|
|
|
13
|
%
|
|
|
|
|
|
18
|
%
|
Europe revenue constant currency growth rate
|
|
|
|
|
|
|
22
|
%
|
|
|
|
|
|
23
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
Year Ended December 31,
|
|
|
|
2015
|
|
2014
|
|
% change
|
|
|
2015
|
|
2014
|
|
% change
|
|
|
|
|
(unaudited)
|
|
|
|
(unaudited)
|
|
|
Constant currency reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rest of World revenue, as reported
|
|
|
$
|
22,173
|
|
$
|
23,412
|
|
-5
|
%
|
|
$
|
70,732
|
|
$
|
65,385
|
|
8
|
%
|
Estimated impact of foreign currency fluctuations
|
|
|
|
|
|
|
9
|
%
|
|
|
|
|
|
15
|
%
|
Rest of World revenue constant currency growth rate
|
|
|
|
|
4
|
%
|
|
|
|
|
|
23
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Qlik Technologies Inc. Consolidated Balance Sheets (in
thousands)
|
|
|
|
|
|
|
|
|
|
December 31, 2015
|
|
December 31, 2014
|
|
|
|
(unaudited)
|
|
|
Assets
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
320,058
|
|
|
$
|
244,018
|
|
Accounts receivable, net
|
|
|
|
236,717
|
|
|
|
203,766
|
|
Prepaid expenses and other current assets
|
|
|
|
17,740
|
|
|
|
19,901
|
|
Total current assets
|
|
|
|
574,515
|
|
|
|
467,685
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
|
31,404
|
|
|
|
26,455
|
|
Intangible assets, net
|
|
|
|
14,316
|
|
|
|
21,195
|
|
Goodwill
|
|
|
|
37,366
|
|
|
|
38,702
|
|
Deferred income taxes
|
|
|
|
5,252
|
|
|
|
5,029
|
|
Deposits and other noncurrent assets
|
|
|
|
3,743
|
|
|
|
2,835
|
|
Total assets
|
|
|
$
|
666,596
|
|
|
$
|
561,901
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Income taxes payable
|
|
|
$
|
-
|
|
|
$
|
2,139
|
|
Accounts payable
|
|
|
|
6,785
|
|
|
|
6,887
|
|
Deferred revenue
|
|
|
|
172,121
|
|
|
|
127,565
|
|
Accrued payroll and other related costs
|
|
|
|
63,108
|
|
|
|
53,674
|
|
Accrued expenses
|
|
|
|
43,317
|
|
|
|
40,712
|
|
Total current liabilities
|
|
|
|
285,331
|
|
|
|
230,977
|
|
|
|
|
|
|
|
Long-term liabilities:
|
|
|
|
|
|
Deferred revenue
|
|
|
|
8,290
|
|
|
|
4,564
|
|
Deferred income taxes
|
|
|
|
2,048
|
|
|
|
3,446
|
|
Other long-term liabilities
|
|
|
|
9,132
|
|
|
|
14,422
|
|
Total liabilities
|
|
|
|
304,801
|
|
|
|
253,409
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
Common stock
|
|
|
|
9
|
|
|
|
9
|
|
Additional paid-in-capital
|
|
|
|
419,262
|
|
|
|
327,419
|
|
Accumulated deficit
|
|
|
|
(58,085
|
)
|
|
|
(21,594
|
)
|
Accumulated other comprehensive income
|
|
|
|
609
|
|
|
|
2,658
|
|
Total stockholders' equity
|
|
|
|
361,795
|
|
|
|
308,492
|
|
Total liabilities and stockholders' equity
|
|
|
$
|
666,596
|
|
|
$
|
561,901
|
|
|
|
|
|
|
|
|
|
|
|
|
Qlik Technologies Inc. Consolidated Statements of
Cash Flows (in thousands)
|
|
|
|
|
|
Year Ended December 31,
|
|
|
|
2015
|
|
2014
|
|
|
|
(unaudited)
|
|
|
Cash flows from operating activities
|
|
|
|
|
|
Net loss
|
|
|
$
|
(36,491
|
)
|
|
$
|
(24,631
|
)
|
Adjustments to reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
15,290
|
|
|
|
11,731
|
|
Stock-based compensation expense
|
|
|
|
39,637
|
|
|
|
36,032
|
|
Excess tax benefit from stock-based compensation
|
|
|
|
(10,937
|
)
|
|
|
(6,437
|
)
|
Unrealized foreign currency loss, net
|
|
|
|
9,866
|
|
|
|
14,189
|
|
Other non-cash items
|
|
|
|
1,075
|
|
|
|
(723
|
)
|
Changes in assets and liabilities
|
|
|
|
|
|
Accounts receivable
|
|
|
|
(46,085
|
)
|
|
|
(51,450
|
)
|
Prepaid expenses and other assets
|
|
|
|
771
|
|
|
|
(6,024
|
)
|
Deferred revenue
|
|
|
|
56,091
|
|
|
|
37,669
|
|
Accounts payable and other liabilities
|
|
|
|
30,347
|
|
|
|
25,242
|
|
Net cash provided by operating activities
|
|
|
|
59,564
|
|
|
|
35,598
|
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
Acquisitions, net of cash acquired
|
|
|
|
(2,842
|
)
|
|
|
(17,245
|
)
|
Capital expenditures
|
|
|
|
(15,121
|
)
|
|
|
(13,020
|
)
|
Net cash used in investing activities
|
|
|
|
(17,963
|
)
|
|
|
(30,265
|
)
|
|
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
|
|
Proceeds from exercise of common stock options
|
|
|
|
41,269
|
|
|
|
19,239
|
|
Excess tax benefit from stock-based compensation
|
|
|
|
10,937
|
|
|
|
6,437
|
|
Deferred payments related to acquisition
|
|
|
|
(2,133
|
)
|
|
|
-
|
|
Payments on contingent consideration
|
|
|
|
(5,294
|
)
|
|
|
(2,168
|
)
|
Payments on line of credit
|
|
|
|
-
|
|
|
|
(132
|
)
|
Net cash provided by financing activities
|
|
|
|
44,779
|
|
|
|
23,376
|
|
Effect of exchange rates on cash and cash equivalents
|
|
|
|
(10,340
|
)
|
|
|
(12,384
|
)
|
Net increase in cash and cash equivalents
|
|
|
|
76,040
|
|
|
|
16,325
|
|
Cash and cash equivalents, beginning of period
|
|
|
|
244,018
|
|
|
|
227,693
|
|
Cash and cash equivalents, end of period
|
|
|
$
|
320,058
|
|
|
$
|
244,018
|
|
|
|
|
|
|
|
Supplemental cash flow information:
|
|
|
|
|
|
Cash paid during the period for income taxes
|
|
|
$
|
9,946
|
|
|
$
|
11,071
|
|
|
|
|
|
|
|
Non-cash investing activities:
|
|
|
|
|
|
Tenant improvement allowance received under operating lease
|
|
|
$
|
1,947
|
|
|
$
|
1,863
|
|
|
|
|
|
|
|
|
|
|
|
|
Qlik Technologies Inc. Reconciliation of
Year-Over-Year Projected Revenue Growth Rate to Year-Over-Year
Projected Revenue Growth Rate on a Constant Currency Basis (in
thousands) (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2016 (guidance)
|
|
Q1 2015 as reported
|
|
Q1 2016 Year-Over-Year Projected Revenue Growth
Rate (low end)
|
|
Q1 2016 Year-Over-Year Projected Revenue Growth
Rate (high end)
|
|
|
|
Low End
|
|
High End
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
132,000
|
|
$
|
136,000
|
|
$
|
120,264
|
|
10
|
%
|
|
13
|
%
|
Estimated impact of foreign currency fluctuations
|
|
|
|
|
|
|
|
|
2
|
%
|
|
2
|
%
|
Estimated constant currency growth rate
|
|
|
|
|
|
|
|
|
12
|
%
|
|
15
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full Year 2016 (guidance)
|
|
Full Year 2015 as reported
|
|
Full Year 2016 Year-Over-Year Projected
Revenue Growth Rate (low end)
|
|
Full Year 2016 Year-Over-Year Projected
Revenue Growth Rate (high end)
|
|
|
|
Low End
|
|
High End
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
695,000
|
|
$
|
705,000
|
|
$
|
612,732
|
|
13
|
%
|
|
15
|
%
|
Estimated impact of foreign currency fluctuations
|
|
|
|
|
|
|
|
|
2
|
%
|
|
2
|
%
|
Estimated constant currency growth rate
|
|
|
|
|
|
|
|
|
15
|
%
|
|
17
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Represents directional guidance only as foreign currency exchange
rate fluctuations and changes in the mix of domestic and international
revenue can impact our results.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160211006220/en/
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