RADNOR, Pa., Apr 26, 2012 (BUSINESS WIRE) –
–License revenue of $46.3 million increases 22% compared to first quarter of 2011
Qlik Technologies Inc. (“QlikTech”)
/quotes/zigman/117690/quotes/nls/qlik QLIK
-3.11%
, a leader in Business
Discovery — user-driven Business Intelligence (BI), today announced
financial results for the first quarter ended March 31, 2012.
Lars Bjork, Chief Executive Officer of QlikTech, stated, “This was a
strong start to the year for QlikTech with revenue increasing 26% for
the first quarter. QlikView is quickly becoming the product of choice as
organizations realize they need to provide their business users with
tools that drive real value. We are seeing the use cases of QlikView
expand, enabling us to support as many as tens of thousands of users
across an organization.” Bjork added, “We were also pleased with our
ability to manage operating expenses while still delivering significant
revenue growth and investing for the future.”
Financial Highlights for the First Quarter Ended March 31, 2012
Total revenue for the first quarter of 2012 was $79.2 million, an
increase of 26% from $63.0 million in the first quarter of 2011. Foreign
currency exchange rate fluctuations from the prior period had a negative
impact of approximately 3% on reported revenue for the quarter. License
revenue was $46.3 million, an increase of 22% from $37.9 million in the
first quarter of 2011. Maintenance revenue was $26.5 million, an
increase of 36% from $19.4 million in the first quarter of 2011.
Professional services revenue was $6.4 million, an increase of 11% from
$5.7 million in the first quarter of 2011.
GAAP operating loss for the first quarter of 2012 was ($7.8) million,
compared to GAAP operating loss of ($5.0) million for the first quarter
of 2011. GAAP net loss was ($7.5) million, or ($0.09) per basic and
diluted common share, compared to a GAAP net loss of ($5.1) million or
($0.06) per basic and diluted common share, in the first quarter of 2011.
Non-GAAP operating loss, which excludes stock-based compensation and
employer payroll taxes related to stock transactions, was ($2.3) million
for the first quarter of 2012, compared to non-GAAP operating loss of
($2.5) million for the first quarter of 2011. Non-GAAP net loss, which
also assumes a 32% estimated long-term effective tax rate, was ($2.5)
million for the first quarter of 2012, compared to non-GAAP net loss of
($2.7) million for the first quarter of 2011. Non-GAAP net loss per
basic and diluted common share for the first quarter of 2012 was
($0.03), compared to non-GAAP net loss per basic and diluted common
share of ($0.03) for the first quarter of 2011.
GAAP and non-GAAP net loss for the first quarter of 2012 include a $1.4
million foreign exchange loss, compared to a foreign exchange loss of
$1.5 million in the prior year period.
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, 2012 and 2011. An explanation of these measures is also
included below under the heading “Non-GAAP Financial Measures.”
Cash and cash equivalents grew to $205.7 million on March 31, 2012, an
increase of $28.3 million compared to $177.4 million on December 31,
2011. For the quarter ended March 31, 2012, net cash from operating
activities was $21.9 million, compared to $14.1 million for the quarter
ended March 31, 2011.
Other First Quarter and Recent Business Highlights:
–
Revenue in the Americas was $26.0 million, up 26% over the prior year
period and representing 33% of total revenue. European countries
generated $46.0 million in revenue, up 24% over the prior year period
and representing 58% of total revenue. Rest of World revenue was $7.2
million, up 40% over the prior year period and representing 9% of
total revenue.
–
Ended the first quarter of 2012 with an active customer count of
approximately 25,000, up from approximately 19,000 active customers at
the end of the first quarter of 2011.
–
Added new customers during the first quarter including Avebe Group,
Crossrail Limited, Mazda North America, NetConnect Germany GmbH Co.
KG, University of Exeter, and Westminster City Council.
–
Expanded numerous customer engagements globally through our land and
expand strategy including British Land, Cancer Treatment Centers of
America, Cabela’s Inc., Canal Digital AS, Capgemini Norway AS, City of
Gothenburg Education, Forest Laboratories, Hospital Corporation of
America, McAfee, Inc., Peco Energy Company, Sabre Holdings
Corporation, Sunovion Pharmaceuticals, and TalkTalk Telecom Group.
–
Held annual Qonnections Partner Conference. Record turnout with 950
global partners in attendance. Qonnections is designed to help
QlikTech’s partners further develop their specialized market skills,
enabling them to provide value to their customers and advance their
success.
–
Launched the QlikView 11 Certification Program to validate the
knowledge and skills of QlikView partners on the QlikView Business
Discovery platform. The result is an extensive ecosystem of
third-party organizations that are helping to provide QlikView
customers with an end-to-end Business Discovery solution that delivers
the business-critical reliability they need.
Business Outlook
Based on information available as of April 26, 2012, QlikTech is issuing
guidance for the second quarter and full year 2012 as follows:
Second Quarter 2012: The company expects total revenue for the
second quarter to be in the range of $91.0 million to $96.0 million,
non-GAAP operating income to be in the range of $2.0 million to $4.0
million and non-GAAP net income per diluted common share to be in the
range of $0.01 to $0.03. QlikTech’s expectations of non-GAAP net income
per diluted common share for the second quarter exclude stock-based
compensation expense and employer payroll taxes related to stock
transactions and assume an estimated long-term effective tax rate of 32%
and weighted average shares outstanding of approximately 89 million.
Full Year 2012: The company is increasing its guidance and now
expects 2012 total revenue to be in the range of $408.0 million to
$418.0 million, non-GAAP operating income to be in the range of $55.0
million to $60.0 million and non-GAAP net income per diluted common
share to be in the range of $0.41 to $0.45. QlikTech’s expectations of
non-GAAP net income per diluted common share for the full year exclude
stock-based compensation expense and employer payroll taxes related to
stock transactions and assume an estimated long-term effective tax rate
of 32% and weighted average shares outstanding of approximately 89
million.
QlikTech’s expectations of total revenue, non-GAAP operating income and
non-GAAP income per diluted common share for the second quarter and full
year 2012 assume that foreign currency exchange rates for the second
quarter and full year 2012 will approximate current exchange rates.
Conference Call and Webcast Information
QlikTech will host a conference call on April 26, 2012, at 5:00 p.m.
Eastern Time (ET) to discuss the company’s first quarter 2012 financial
results and its business outlook. To access this call, dial 877-312-5507
(domestic) or 253-237-1134 (international). A replay of this conference
call will be available until May 4, 2012 at 855-859-2056 (domestic) or
404-537-3406 (international). The replay pass code is 69241931. A live
web cast of this conference call will also be available under the
“Events Presentations” section on the company’s investor relations
website at
http://investor.qlikview.com ,
and a replay will be archived on the website as well.
Non-GAAP Financial Measures
To supplement the consolidated financial statements presented in
accordance with generally accepted accounting principles, or GAAP,
QlikTech uses measures of non-GAAP operating income (loss), non-GAAP net
income (loss), non-GAAP income (loss) per 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
heading “Reconciliation of Non-GAAP Measures to GAAP.” QlikTech believes
that the non-GAAP financial information provided in this release can
assist investors in understanding and assessing QlikTech’s on-going core
operations and prospects for the future and provides an additional tool
for investors to use in comparing QlikTech’s financial results with
other companies in QlikTech’s industry, many of which present similar
non-GAAP financial measures to investors.
For the three months ended March 31, 2012 and 2011, non-GAAP operating
loss is determined by taking loss from operations and adding back
non-cash stock-based compensation expense and employer payroll taxes
related to stock transactions. Non-GAAP net loss is determined by taking
pretax loss and adding back non-cash stock-based compensation expense
and employer payroll taxes on stock transactions, and the result is tax
affected at an estimated long-term effective tax rate of 32%. QlikTech
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 QlikTech’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 QlikTech’s control. Management believes it is useful to exclude
stock-based compensation in order to better understand the long-term
performance of QlikTech’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
QlikTech’s stock price and other factors that are beyond QlikTech’s
control and do not correlate to the operation of its business.
To determine the impact from foreign currency exchange rate fluctuations
from prior year periods on current period revenue for the three months
ended March 31, 2012, 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 and
employer payroll taxes related to stock transactions and assuming an
estimated long-term tax rate of 32%. 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 2012 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 QlikTech’s 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 QlikTech 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 QlikTech
QlikTech
/quotes/zigman/117690/quotes/nls/qlik QLIK
-3.11%
is a leader in Business Discovery — user-driven
Business Intelligence (BI). QlikTech’s powerful, accessible Business
Discovery solution bridges the gap between traditional business
intelligence solutions and standalone office productivity applications.
Its QlikView Business Discovery platform enables intuitive user-driven
analysis that can be implemented in days or weeks rather than months,
years, or not at all. The in-memory associative search technology it
pioneered allows users to explore information freely rather than being
confined to a predefined path of questions. QlikView Business Discovery
works with existing BI applications and adds new capabilities: insight
for everyone, zero-wait analysis, mobility, an app–like model,
remixability and reassembly, and a social and collaborative experience.
Headquartered in Radnor, Pennsylvania, QlikTech has offices around the
world serving more approximately 25,000 customers in over 100 countries.
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements, including, but
not limited to, statements regarding the value and effectiveness of
QlikTech’s products, the introduction of product enhancements or
additional products and QlikTech’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
QlikTech’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,” “anticipates,” “believes,” “goal,”
“target,” “estimate,” “potential,” “may”, “will,” “might,” “momentum,”
“could,” “seek,” and similar words. QlikTech 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 our business; our ability to attract new
customers and retain existing customers; our ability to effectively
sell, service and support our products; our ability to manage our
international operations; our ability to compete effectively; our
ability to develop and introduce new products and add-ons or
enhancements to existing products; our ability to continue to promote
and maintain our brand in a cost-effective manner; our ability to manage
growth; our ability to attract and retain key personnel; currency
fluctuations that affect our revenues and costs; the scope and validity
of intellectual property rights applicable to our products; adverse
economic conditions in general and adverse economic conditions
specifically affecting the markets in which we operate; and other risks
more fully described in QlikTech’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 QlikTech’s views as of the date of this
press release. QlikTech anticipates that subsequent events and
developments will cause its views to change. QlikTech 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 QlikTech’s views as of any date subsequent to the date of
this press release.
QlikTech and QlikView are trademarks or registered trademarks of
QlikTech or its subsidiaries in the U.S. and other countries. Other
company names, product names and company logos mentioned herein are the
trademarks, or registered trademarks of their respective owners.
Qlik Technologies Inc.
Unaudited Consolidated Statements of Operations
(in thousands, except for share and per share data)
Three Months Ended March 31,
2012 2011
---------- ----------
Revenue:
License revenue $ 46,319 $ 37,885
Maintenance revenue 26,442 19,377
Professional services revenue 6,394 5,757
---------- ----------
Total revenue 79,155 63,019
---------- ----------
Cost of revenue(1):
License revenue 576 915
Maintenance revenue 2,111 1,739
Professional services revenue 6,608 5,570
---------- ----------
Total cost of revenue 9,295 8,224
---------- ----------
Gross profit 69,860 54,795
---------- ----------
Operating expenses(1):
Sales and marketing 49,337 40,482
Research and development 7,685 5,805
General and administrative 20,616 13,517
---------- ----------
Total operating expenses 77,638 59,804
---------- ----------
Loss from operations (7,778) (5,009)
---------- ---- ---------- ----
Other income (expense):
Interest income (expense), net 34 33
Foreign exchange gain (loss) and other income (expense), net (1,428) (1,474)
---------- ---- ---------- ----
Total other income (expense), net (1,394) (1,441)
---------- ---- ---------- ----
Loss before benefit for income taxes (9,172) (6,450)
---------- ---- ---------- ----
Benefit for income taxes 1,636 1,372
---------- ----------
Net loss $ (7,536) $ (5,078)
==== ========== ==== ==== ========== ====
Net loss per common share
Basic and diluted $ (0.09) $ (0.06)
Weighted average number of common shares outstanding
Basic and diluted 84,633,046 79,234,069
(1)Certain prior period amounts have been reclassified in our
consolidated financial statements in order to conform to the current
period presentation.
Stock-based compensation expense for the three months ended March 31,
2012 and 2011 is included in the Consolidated Statements of Operations
as follows (in thousands):
Three Months Ended March 31,
2012 2011
------------ ----------------
(unaudited)
Cost of revenue $ 339 $ 96
Sales and marketing 2,309 849
Research and development 430 42
General and administrative 945 513
----- ---------
$ 4,023 $ 1,500
===== ===== ===== =========
Qlik Technologies Inc.
Reconciliation of non-GAAP Measures to GAAP
(in thousands, except share and per share data)
Three Months Ended March 31,
2012 2011
---------- ----------
(unaudited)
Reconciliation of non-GAAP loss from operations:
GAAP loss from operations $ (7,778) $ (5,009)
Stock-based compensation expense 4,023 1,500
Employer payroll taxes on stock transactions 1,450 990
---------- ----------
Non-GAAP loss from operations $ (2,305) $ (2,519)
==== ========== ==== ==== ========== ====
Non-GAAP loss from operations as a percentage of total revenue -2.9 % -4.0 %
GAAP loss from operations as a percentage of total revenue -9.8 % -7.9 %
Reconciliation of non-GAAP net loss:
GAAP net loss $ (7,536) $ (5,078)
Stock-based compensation expense 4,023 1,500
Employer payroll taxes on stock transactions 1,450 990
Income tax adjustment* (452) (105)
---------- ---- ---------- ----
Non-GAAP net loss $ (2,515) $ (2,693)
==== ========== ==== ==== ========== ====
Non-GAAP net loss per common share - basic and diluted $ (0.03) $ (0.03)
==== ========== ==== ==== ========== ====
GAAP net loss per common share - basic and diluted $ (0.09) $ (0.06)
==== ========== ==== ==== ========== ====
Weighted average number of common shares outstanding - basic and 84,633,046 79,234,069
diluted
==== ========== ==== ==== ========== ====
* Income tax adjustment is used to adjust the GAAP benefit for income
taxes to a non-GAAP benefit for income taxes utilizing an estimated
long-term effective tax rate of 32%.
Qlik Technologies Inc.
Reconciliation of non-GAAP Revenue to GAAP Revenue
(in thousands)
Three months ended March 31,
2012 2011 % change
------------- --------------- --------
(unaudited)
Constant currency reconciliation:
Revenue, as reported $ 79,155 $ 63,019 26 %
Estimated impact of foreign currency fluctuations 3 %
-------- ---
Constant currency revenue growth 29 %
======== ===
Qlik Technologies Inc.
Consolidated Balance Sheets
(in thousands)
March 31, December 31,
2012 2011
-------------- ---------------
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 205,742 $ 177,413
Accounts receivable, net 81,717 111,710
Prepaid expenses and other current assets 19,743 10,194
Deferred income taxes 764 753
------- -------
Total current assets 307,966 300,070
Property and equipment, net 12,526 10,766
Intangible assets, net 159 198
Goodwill 2,739 2,800
Deferred income taxes 2,202 2,303
Deposits and other noncurrent assets 1,797 1,571
------- -------
Total assets $ 327,389 $ 317,708
===== ======= ====== =======
Liabilities and stockholders' equity
Current liabilities:
Line of credit, net $ 122 $ 326
Accounts payable 7,383 4,847
Deferred revenue 69,272 63,914
Accrued payroll and other related costs 29,871 30,572
Accrued expenses 16,252 18,391
------- -------
Total current liabilities 122,900 118,050
Long-term liabilities:
Deferred revenue 2,591 3,202
Other long-term liabilities 6,818 6,921
------- -------
Total liabilities 132,309 128,173
Commitments and contingencies
Stockholders' equity:
Common stock 9 8
Additional paid-in-capital 191,140 180,058
Retained earnings 1,641 9,177
Accumulated other comprehensive income 2,290 292
------- -------
Total stockholders' equity 195,080 189,535
------- -------
Total liabilities and stockholders' equity $ 327,389 $ 317,708
===== ======= ====== =======
Qlik Technologies Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)
Three Months Ended March 31,
2012 2011
------------------ ------------------
Cash flows from operating activities
Net loss $ (7,536) $ (5,078)
Adjustments to reconcile net loss to net cash provided by operating
activities:
Depreciation and amortization 1,095 550
Stock-based compensation expense 4,023 1,500
Excess tax benefit from stock-based compensation (4,172) -
Other non cash items 575 (800)
Changes in assets and liabilities:
Accounts receivable 31,739 25,974
Prepaid expenses and other assets (9,523) (1,378)
Deferred revenues 3,306 2,667
Accounts payable and other liabilities 2,388 (9,320)
------- ------- ----
Net cash provided by operating activities 21,895 14,115
Cash flows from investing activities
Purchase of property and equipment (2,492) (1,074)
------- ---- ------- ----
Net cash used in investing activities (2,492) (1,074)
Cash flows from financing activities
Proceeds from exercise of common stock options 2,888 2,415
Excess tax benefit from stock-based compensation 4,172 -
Payments on line of credit (234) -
------- ---- -------
Net cash provided by financing activities 6,826 2,415
Effect of exchange rate on cash 2,100 2,622
------- -------
Net increase in cash and cash equivalents 28,329 18,078
Cash and cash equivalents, beginning of period 177,413 158,712
------- -------
Cash and cash equivalents, end of period $ 205,742 $ 176,790
==== ======= ==== =======
Supplemental cash flow information:
Cash paid during the period for income taxes $ 2,005 $ 4,208
==== ======= ==== =======
SOURCE: Qlik Technologies Inc.
Investor Contact:
ICR
Staci Mortenson, +1-484-685-0578
IR@qliktech.com
or
Media Contact:
Qlik Technologies
Maria Scurry, +1-508-409-7939
Maria.Scurry@qliktech.com
Copyright Business Wire 2012
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