Lars Björk, 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." Björk 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
Total revenue for the first quarter of 2012 was
GAAP operating loss for the first quarter of 2012 was
Non-GAAP operating loss, which excludes stock-based compensation and
employer payroll taxes related to stock transactions, was
GAAP and non-GAAP net loss for the first quarter of 2012 include a
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
Cash and cash equivalents grew to
Other First Quarter and Recent Business Highlights:
Business Outlook
Based on information available as of
Second Quarter 2012: The company expects total revenue for the
second quarter to be in the range of
Full Year 2012: The company is increasing its guidance and now
expects 2012 total revenue to be in the range of
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
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
To determine the impact from foreign currency exchange rate fluctuations
from prior year periods on current period revenue for the three months
ended
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
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
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.
|
|
|||||||||||
| Unaudited Consolidated Statements of Operations | |||||||||||
| (in thousands, except for share and per share data) | |||||||||||
|
Three Months Ended |
|||||||||||
| 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 revenue1: | |||||||||||
| 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 expenses1: | |||||||||||
| 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 | |||||||||||
|
|
$ | (0.09 | ) | $ | (0.06 | ) | |||||
| Weighted average number of common shares outstanding | |||||||||||
|
|
84,633,046 | 79,234,069 | |||||||||
1Certain 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
| 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 | ||||||
|
|
|||||||||||
| Reconciliation of non-GAAP Measures to GAAP | |||||||||||
| (in thousands, except share and per share data) | |||||||||||
|
Three Months Ended |
|||||||||||
| 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 diluted | 84,633,046 | 79,234,069 | |||||||||
* 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%.
|
|
|||||||||||||
| 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 | % | |||||||||||
|
|
|||||||||
| Consolidated Balance Sheets | |||||||||
| (in thousands) | |||||||||
|
|
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 | |||||
|
|
|||||||||||
| 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 | |||||||
Investor Contact:
ICR
IR@qliktech.com
or
Media
Contact:
Maria.Scurry@qliktech.com
Source:
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