[April 28, 2016] |
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Qlik Announces Strong First Quarter 2016 Financial Results
Qlik (NASDAQ: QLIK), a leader in visual analytics, today announced
financial results for the first quarter ended March 31, 2016.
Lars Björk, Chief Executive Officer of Qlik, stated, "We are pleased
with our performance in the first quarter. Our balanced business model
and continued momentum with Qlik Sense® enabled us to deliver total
revenue and non-GAAP operating results that exceeded the high-end of our
first quarter guidance ranges. We are capitalizing on our growing market
opportunity and the rising awareness for analytics and self-service
visualization across all the customer segments we serve."
Financial Highlights for the First Quarter Ended March 31, 2016
-
Total revenue for the first quarter of 2016 was $138.0 million, an
increase of 15% from $120.3 million for the first quarter of 2015. On
a constant currency basis, total revenue increased 18% as compared to
the first quarter of 2015. License revenue for the first quarter of
2016 was $59.8 million, an increase of 9% from $54.8 million for the
first quarter of 2015. On a constant currency basis, license revenue
increased 12% as compared to the first quarter of 2015.
-
GAAP loss from operations for the first quarter of 2016 was ($24.8)
million, compared to a GAAP loss from operations of ($24.1) million
for the first quarter of 2015. GAAP net loss was ($27.0) million for
the first quarter of 2016, or ($0.29) per diluted common share,
compared to a GAAP net loss of ($30.3) million, or ($0.33) per diluted
common share, for the first quarter of 2015.
-
Non-GAAP loss from operations was ($12.3) million for the first
quarter of 2016, compared to a non-GAAP loss from operations of
($13.5) million for the first quarter of 2015. Non-GAAP net loss was
($8.3) million for the first quarter of 2016, or ($0.09) per diluted
common share, compared to a non-GAAP net loss of ($8.5) million, or
($0.09) per diluted common share, for the first quarter of 2015.
-
Cash and cash equivalents as of March 31, 2016 were $370.0 million
compared to $320.1 million at December 31, 2015. Net cash provided by
operating activities was $41.7 million for the first quarter of 2016,
as compared to $36.0 million for the first quarter of 2015.
Operating Highlights
-
For the first quarter of 2016, on a constant currency basis, total
revenue in the Americas increased 21% over the prior year period,
total revenue from Europe increased 11% over the prior year period,
and total revenue from Rest of World increased 36% over the prior year
period.
-
Added key new customers during the quarter including the Australian
Department of Employment, Dealogic, ENN (China) Gas Investment Co.,
Ltd., The Hong Kong Polytechnic University, HPM Building Supply,
iCare, Nissan Motor India, and SunKist Growers.
-
Expanded numerous customer engagements globally including Albany
Medical Center, Bajaj Auto Ltd, Blue Coat, Bpifrance Financement,
Context Rovisons Ltd, CRH Nederland B.V., Dentsu Aegis Network A/S,
Egis Parking Services B.V., Evolution Mining, Fraser & Neave, Gn
Resound A/S, Helsingborgs stad, Holcim AG, Integrated Device
Technologies, Jefferson Health System, KEHA-keskus, Kesko Oyj, Lenovo,
Mahindra & Mahindra Group, Melbourne Health, Ministério do
Planejamento, Nelson Education, Polycom, Pricewaterhouse Coopers,
Queensland Audit Office, Queensland Health, Recommind, REXEL France
SAS, Saint-Gobain Information Systems GmbH, Samsung Electronics, SCI
Group, SIG Information Technology GmbH Rechnungsprüfung, SPX
Corporation, State Automotive Mutual, Terra Technology, Tv 2 AS, UW
Health, Vancouver International Airport, Water Corporation, and
Wastequip.
-
Completed 98 deals with license and first year maintenance over
$100,000 in the first quarter of 2016, including 30 deals over
$250,000 and 5 deals over $1 million, compared to 88 deals over
$100,000, including 17 deals over $250,000 and 3 deals over $1 million
in the prior year period.
-
Generated 74% of license and first year maintenance billings from
existing customers in the first quarter of 2016, compared to 66% in
the prior year period.
-
Generated 63% of license and first year maintenance billings from our
indirect partner channel and 37% from our direct channel in the first
quarter of 2016, compared to 65% from our indirect partner channel and
35% from our direct channel in the prior year period.
Business Outlook
Based on information available as of April 28, 2016, Qlik anticipates
total revenue growth of 15% to 17% on a reported and constant currency
basis for the full year 2016. Qlik is issuing guidance for the second
quarter and full year 2016 as follows:
in millions, except for per share data
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Guidance Range Q2 2016
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Year-Over-Year Projected Revenue Growth
Rate
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Year-Over-Year Projected Revenue Growth Rate on a Constant
Currency Basis1
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Low End
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High End
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Low End
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High End
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Low End
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High End
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Total revenue
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$
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164.0
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$
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168.0
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12
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%
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15
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%
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13
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%
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16
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%
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Non-GAAP income from operations2
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$
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2.0
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$
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5.0
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Non-GAAP income per diluted common share2,3
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$
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0.01
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$
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0.03
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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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704.0
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$
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714.0
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15
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%
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17
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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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57.0
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$
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61.0
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Non-GAAP income per diluted common share2,3
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$
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0.42
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$
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0.45
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1 To determine projected revenue growth rates on a
constant currency basis for second 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 from operations
and non-GAAP income per diluted common share exclude stock-based
compensation expense, employer payroll taxes on stock transactions,
amortization of intangible assets, non-routine corporate governance and
shareholder matters, and contingent consideration adjustments.
3 Assumes an estimated long-term effective tax rate
of 30% and diluted weighted average shares outstanding of approximately
96 million.
Qlik's expectations of total revenue, non-GAAP income from operations
and non-GAAP income per diluted common share for the second quarter and
full year 2016 assume that foreign currency exchange rates for the
second 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, April 28, 2016 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 74304880. 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 May 1,
2016 at (855) 859-2056 (domestic) or (404) 537-3406 (international). The
replay pass code is 74304880. 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 ended March 31, 2016 and 2015, 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, amortization of intangible assets, non-routine corporate
governance and shareholder matters and contingent consideration
adjustments. Non-GAAP net loss is determined by taking GAAP loss before
income taxes and adding back stock-based compensation expense, employer
payroll taxes on stock transactions, amortization of intangible assets,
non-routine corporate governance and shareholder matters 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 loss and related loss 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.
-
Non-routine corporate governance and shareholder matters.
Beginning in the first quarter of 2016, Qlik began incurring
professional services fees related to non-routine corporate governance
and shareholder matters. Management believes these fees are not
representative of its on-going operating costs.
-
Contingent consideration adjustment. 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. 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 ended March 31, 2016, 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,
non-routine corporate governance and shareholder matters, 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 second
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
second 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 measures. 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
39,000 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 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," "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 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. 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.
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Consolidated Statements of Operations
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(in thousands, except for share and per share data)
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Three Months Ended March 31,
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2016
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2015
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(unaudited)
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Revenue:
|
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|
|
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License revenue
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$
|
59,833
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|
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$
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54,807
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Maintenance revenue
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63,601
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52,670
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Professional services revenue
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14,596
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12,787
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Total revenue
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138,030
|
|
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|
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120,264
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Cost of revenue:
|
|
|
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|
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License revenue
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1,512
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|
|
|
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|
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1,972
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Maintenance revenue
|
|
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3,873
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|
|
|
|
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3,258
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Professional services revenue
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17,387
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|
|
|
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15,911
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Total cost of revenue
|
|
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22,772
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|
|
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21,141
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|
|
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Gross profit
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|
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115,258
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|
|
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99,123
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Operating expenses:
|
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Sales and marketing
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|
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|
88,528
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|
|
|
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76,641
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Research and development
|
|
|
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|
22,210
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|
|
|
|
|
|
17,395
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General and administrative
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|
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29,341
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|
|
|
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29,174
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Total operating expenses
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|
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140,079
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123,210
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|
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Loss from operations
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|
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(24,821
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)
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(24,087
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)
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Other income, net:
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Interest income, net
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|
61
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|
|
|
|
|
|
30
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Foreign exchange gain, net
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|
|
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343
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|
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1,395
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Total other income, net
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404
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|
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1,425
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Loss before income taxes
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|
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(24,417
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)
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(22,662
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)
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|
|
|
|
|
|
|
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Income tax expense
|
|
|
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|
(2,597
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)
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|
|
|
|
|
(7,658
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)
|
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|
|
|
|
|
|
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Net loss
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$
|
(27,014
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)
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$
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(30,320
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)
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Net loss per common share
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|
|
|
|
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Basic and diluted
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$
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(0.29
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)
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|
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$
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(0.33
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)
|
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Weighted average number of common shares outstanding
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Basic and diluted
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|
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93,431,206
|
|
|
|
|
|
|
90,999,316
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|
|
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|
|
|
|
|
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Stock-based compensation expense for the three months ended March
31, 2016 and 2015 is included in the unaudited
Consolidated Statements of Operations as follows (in thousands):
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|
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|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
|
2016
|
|
|
|
|
|
|
2015
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
|
$
|
874
|
|
|
|
|
|
$
|
1,025
|
|
Sales and marketing
|
|
|
|
|
4,979
|
|
|
|
|
|
|
4,670
|
|
Research and development
|
|
|
|
|
1,121
|
|
|
|
|
|
|
956
|
|
General and administrative
|
|
|
|
|
3,410
|
|
|
|
|
|
|
2,746
|
|
|
|
|
|
$
|
10,384
|
|
|
|
|
|
$
|
9,397
|
|
|
|
|
|
|
|
|
|
Qlik Technologies Inc.
|
Reconciliation of non-GAAP Measures to GAAP
|
(in thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
(unaudited)
|
Reconciliation of non-GAAP loss from operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP loss from operations
|
|
|
$
|
(24,821
|
)
|
|
|
|
$
|
(24,087
|
)
|
Stock-based compensation expense
|
|
|
|
10,384
|
|
|
|
|
|
9,397
|
|
Employer payroll taxes on stock transactions
|
|
|
|
756
|
|
|
|
|
|
142
|
|
Amortization of intangible assets
|
|
|
|
936
|
|
|
|
|
|
905
|
|
Non-routine corporate governance and shareholder matters
|
|
|
|
382
|
|
|
|
|
|
-
|
|
Contingent consideration adjustments
|
|
|
|
70
|
|
|
|
|
|
106
|
|
Non-GAAP loss from operations
|
|
|
$
|
(12,293
|
)
|
|
|
|
$
|
(13,537
|
)
|
|
|
|
|
|
|
|
|
Non-GAAP loss from operations as a percentage of total revenue
|
|
|
|
-8.9
|
%
|
|
|
|
|
-11.3
|
%
|
GAAP loss from operations as a percentage of total revenue
|
|
|
|
-18.0
|
%
|
|
|
|
|
-20.0
|
%
|
|
|
|
|
|
|
|
|
Reconciliation of non-GAAP net loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss
|
|
|
$
|
(27,014
|
)
|
|
|
|
$
|
(30,320
|
)
|
Stock-based compensation expense
|
|
|
|
10,384
|
|
|
|
|
|
9,397
|
|
Employer payroll taxes on stock transactions
|
|
|
|
756
|
|
|
|
|
|
142
|
|
Amortization of intangible assets
|
|
|
|
936
|
|
|
|
|
|
905
|
|
Non-routine corporate governance and shareholder matters
|
|
|
|
382
|
|
|
|
|
|
-
|
|
Contingent consideration adjustments
|
|
|
|
70
|
|
|
|
|
|
106
|
|
Income tax adjustment*
|
|
|
|
6,164
|
|
|
|
|
|
11,292
|
|
Non-GAAP net loss
|
|
|
$
|
(8,322
|
)
|
|
|
|
$
|
(8,478
|
)
|
|
|
|
|
|
|
|
|
Non-GAAP net loss per common share - basic and diluted
|
|
|
$
|
(0.09
|
)
|
|
|
|
$
|
(0.09
|
)
|
GAAP net loss per common share - basic and diluted
|
|
|
$
|
(0.29
|
)
|
|
|
|
$
|
(0.33
|
)
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding - basic and
diluted
|
|
|
|
93,431,206
|
|
|
|
|
|
90,999,316
|
|
|
*Income tax adjustment is used to adjust GAAP income tax expense to a
non-GAAP income tax benefit 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,
|
|
|
|
|
|
|
2016
|
|
|
|
|
2015
|
|
|
|
% change
|
|
|
|
|
|
(unaudited)
|
|
Constant currency reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue, as reported
|
|
|
|
$
|
138,030
|
|
|
|
$
|
120,264
|
|
|
|
15
|
%
|
Estimated impact of foreign currency fluctuations
|
|
|
|
|
|
|
|
|
|
|
|
3
|
%
|
Total revenue constant currency growth rate
|
|
|
|
|
|
|
|
|
|
|
|
18
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
% change
|
|
|
|
|
|
(unaudited)
|
|
Constant currency reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
License revenue, as reported
|
|
|
|
$
|
59,833
|
|
|
|
$
|
54,807
|
|
|
|
9
|
%
|
Estimated impact of foreign currency fluctuations
|
|
|
|
|
|
|
|
|
|
|
|
3
|
%
|
License revenue constant currency growth rate
|
|
|
|
|
|
|
|
|
|
|
|
12
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
% change
|
|
|
|
|
|
(unaudited)
|
|
Constant currency reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
Maintenance revenue, as reported
|
|
|
|
$
|
63,601
|
|
|
|
$
|
52,670
|
|
|
|
21
|
%
|
Estimated impact of foreign currency fluctuations
|
|
|
|
|
|
|
|
|
|
|
|
3
|
%
|
Maintenance revenue constant currency growth rate
|
|
|
|
|
|
|
|
|
|
|
|
24
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
% change
|
|
|
|
|
|
(unaudited)
|
|
Constant currency reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
Professional Services revenue, as reported
|
|
|
|
$
|
14,596
|
|
|
|
$
|
12,787
|
|
|
|
14
|
%
|
Estimated impact of foreign currency fluctuations
|
|
|
|
|
|
|
|
|
|
|
|
2
|
%
|
Professional services revenue constant currency growth rate
|
|
|
|
|
|
|
|
|
|
|
|
16
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
% change
|
|
|
|
|
|
(unaudited)
|
|
Constant currency reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas revenue, as reported
|
|
|
|
$
|
50,685
|
|
|
|
$
|
42,867
|
|
|
|
18
|
%
|
Estimated impact of foreign currency fluctuations
|
|
|
|
|
|
|
|
|
|
|
|
3
|
%
|
Americas revenue constant currency growth rate
|
|
|
|
|
|
|
|
|
|
|
|
21
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
% change
|
|
|
|
|
|
(unaudited)
|
|
Constant currency reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe revenue, as reported
|
|
|
|
$
|
68,372
|
|
|
|
$
|
63,017
|
|
|
|
8
|
%
|
Estimated impact of foreign currency fluctuations
|
|
|
|
|
|
|
|
|
|
|
|
3
|
%
|
Europe revenue constant currency growth rate
|
|
|
|
|
|
|
|
|
|
|
|
11
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
% change
|
|
|
|
|
|
(unaudited)
|
|
Constant currency reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
Rest of World revenue, as reported
|
|
|
|
$
|
18,973
|
|
|
|
$
|
14,380
|
|
|
|
32
|
%
|
Estimated impact of foreign currency fluctuations
|
|
|
|
|
|
|
|
|
|
|
|
4
|
%
|
Rest of World revenue constant currency growth rate
|
|
|
|
|
|
|
|
|
|
|
|
36
|
%
|
|
|
|
|
|
|
|
|
|
|
Qlik Technologies Inc.
|
Consolidated Balance Sheets
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
|
|
December 31,
|
|
|
|
|
2016
|
|
|
|
|
2015
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
369,950
|
|
|
|
|
|
$
|
320,058
|
|
Accounts receivable, net
|
|
|
|
|
144,628
|
|
|
|
|
|
|
236,717
|
|
Prepaid expenses and other current assets
|
|
|
|
|
25,592
|
|
|
|
|
|
|
17,740
|
|
Total current assets
|
|
|
|
|
540,170
|
|
|
|
|
|
|
574,515
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
|
|
30,753
|
|
|
|
|
|
|
31,404
|
|
Intangible assets, net
|
|
|
|
|
13,755
|
|
|
|
|
|
|
14,316
|
|
Goodwill
|
|
|
|
|
38,310
|
|
|
|
|
|
|
37,366
|
|
Deferred income taxes
|
|
|
|
|
4,950
|
|
|
|
|
|
|
5,252
|
|
Deposits and other noncurrent assets
|
|
|
|
|
3,621
|
|
|
|
|
|
|
3,743
|
|
Total assets
|
|
|
|
$
|
631,559
|
|
|
|
|
|
$
|
666,596
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
$
|
6,558
|
|
|
|
|
|
$
|
6,785
|
|
Deferred revenue
|
|
|
|
|
168,188
|
|
|
|
|
|
|
172,121
|
|
Accrued payroll and other related costs
|
|
|
|
|
48,774
|
|
|
|
|
|
|
63,108
|
|
Accrued expenses
|
|
|
|
|
39,606
|
|
|
|
|
|
|
43,317
|
|
Total current liabilities
|
|
|
|
|
263,126
|
|
|
|
|
|
|
285,331
|
|
|
|
|
|
|
|
|
|
|
|
Long-term liabilities:
|
|
|
|
|
|
|
|
|
|
Deferred revenue
|
|
|
|
|
8,336
|
|
|
|
|
|
|
8,290
|
|
Deferred income taxes
|
|
|
|
|
2,048
|
|
|
|
|
|
|
2,048
|
|
Other long-term liabilities
|
|
|
|
|
7,966
|
|
|
|
|
|
|
9,132
|
|
Total liabilities
|
|
|
|
|
281,476
|
|
|
|
|
|
|
304,801
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
|
|
9
|
|
|
|
|
|
|
9
|
|
Additional paid-in-capital
|
|
|
|
|
436,203
|
|
|
|
|
|
|
419,262
|
|
Accumulated deficit
|
|
|
|
|
(85,099
|
)
|
|
|
|
|
|
(58,085
|
)
|
Accumulated other comprehensive income (loss)
|
|
|
|
|
(1,030
|
)
|
|
|
|
|
|
609
|
|
Total stockholders' equity
|
|
|
|
|
350,083
|
|
|
|
|
|
|
361,795
|
|
Total liabilities and stockholders' equity
|
|
|
|
$
|
631,559
|
|
|
|
|
|
$
|
666,596
|
|
|
|
|
|
|
|
|
|
|
Qlik Technologies Inc.
|
Consolidated Statements of Cash Flows
|
(in thousands)
|
|
|
|
|
Three Months Ended March 31,
|
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
|
(unaudited)
|
Cash flows from operating activities
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
|
$
|
(27,014
|
)
|
|
|
|
$
|
(30,320
|
)
|
Adjustments to reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
4,267
|
|
|
|
|
|
3,359
|
|
Stock-based compensation expense
|
|
|
|
|
10,384
|
|
|
|
|
|
9,397
|
|
Excess tax benefit from stock-based compensation
|
|
|
|
|
(1,806
|
)
|
|
|
|
|
(6,570
|
)
|
Unrealized foreign currency (gain) loss, net
|
|
|
|
|
(5,446
|
)
|
|
|
|
|
10,422
|
|
Other non-cash items
|
|
|
|
|
1,305
|
|
|
|
|
|
897
|
|
Changes in assets and liabilities
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
|
93,482
|
|
|
|
|
|
50,709
|
|
Prepaid expenses and other assets
|
|
|
|
|
(7,334
|
)
|
|
|
|
|
(158
|
)
|
Deferred revenue
|
|
|
|
|
(7,011
|
)
|
|
|
|
|
10,629
|
|
Accounts payable and other liabilities
|
|
|
|
|
(19,117
|
)
|
|
|
|
|
(12,348
|
)
|
Net cash provided by operating activities
|
|
|
|
|
41,710
|
|
|
|
|
|
36,017
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
|
|
(2,279
|
)
|
|
|
|
|
(2,986
|
)
|
Net cash used in investing activities
|
|
|
|
|
(2,279
|
)
|
|
|
|
|
(2,986
|
)
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
Proceeds from exercise of common stock options
|
|
|
|
|
4,750
|
|
|
|
|
|
6,843
|
|
Excess tax benefit from stock-based compensation
|
|
|
|
|
1,806
|
|
|
|
|
|
6,570
|
|
Net cash provided by financing activities
|
|
|
|
|
6,556
|
|
|
|
|
|
13,413
|
|
Effect of exchange rates on cash and cash equivalents
|
|
|
|
|
3,905
|
|
|
|
|
|
(9,406
|
)
|
Net increase in cash and cash equivalents
|
|
|
|
|
49,892
|
|
|
|
|
|
37,038
|
|
Cash and cash equivalents, beginning of period
|
|
|
|
|
320,058
|
|
|
|
|
|
244,018
|
|
Cash and cash equivalents, end of period
|
|
|
|
$
|
369,950
|
|
|
|
|
$
|
281,056
|
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow information:
|
|
|
|
|
|
|
|
|
Cash paid during the period for income taxes
|
|
|
|
$
|
1,454
|
|
|
|
|
$
|
1,904
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
|
|
|
Q2 2016 (guidance)
|
|
|
|
|
|
|
|
|
Q2 2015 as reported
|
|
|
|
|
|
|
|
Q2 2016 Year-Over- Year Projected Revenue Growth Rate
(low end)
|
|
|
|
|
|
|
|
Q2 2016 Year-Over- Year Projected Revenue Growth Rate
(high end)
|
|
|
|
|
Low End
|
|
|
|
High End
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
$
|
164,000
|
|
|
|
$
|
168,000
|
|
|
|
|
|
|
|
|
$
|
145,829
|
|
|
|
|
|
|
|
12
|
%
|
|
|
|
|
|
|
|
15
|
%
|
Estimated impact of foreign currency fluctuations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
%
|
|
|
|
|
|
|
|
1
|
%
|
Estimated constant currency growth rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13
|
%
|
|
|
|
|
|
|
|
16
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
$
|
704,000
|
|
|
|
$
|
714,000
|
|
|
|
|
|
|
|
|
$
|
612,732
|
|
|
|
|
|
|
|
15
|
%
|
|
|
|
|
|
|
|
17
|
%
|
Estimated impact of foreign currency fluctuations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
%
|
|
|
|
|
|
|
|
0
|
%
|
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/20160428006592/en/
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