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8-K - 8-K - QLIK TECHNOLOGIES INCd30607d8k.htm

Exhibit 99.1

 

LOGO Investor Release

Investor Contact: Brett Pollack

Email: Brett.Pollack@qlik.com

Phone: 646-561-0906

Media Contact: Maria Scurry

Email: Maria.Scurry@qlik.com

Phone: 617-658-5317

Qlik Announces Strong Second Quarter 2015 Financial Results

 

 

  Second quarter total revenue of $145.8 million increases 11% year-over-year; 26% in constant currency

 

  Second quarter license revenue of $76.3 million increases 14% year-over-year; 29% in constant currency

RADNOR, Pennsylvania – July 23, 2015 - 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 second quarter ended June 30, 2015.

Lars Björk, Chief Executive Officer of Qlik, stated, “This was another great quarter for Qlik. On a constant currency basis, we achieved accelerating license and total revenue growth, driven by increased momentum around Qlik Sense and ongoing healthy demand for QlikView. Our platform strategy is expanding the dialogue with customers and prospects, as they can now leverage best-in-class visualization, governance, security and collaboration, all from one vendor.”

Financial Highlights for the Second Quarter Ended June 30, 2015

 

  Total revenue for the second quarter of 2015 was $145.8 million, an increase of 11% from $131.6 million for the second quarter of 2014. On a constant currency basis, total revenue increased 26% compared to the second quarter of 2014. License revenue for the second quarter of 2015 was $76.3 million, an increase of 14% from $66.9 million for the second quarter of 2014. On a constant currency basis, license revenue increased 29% compared to the second quarter of 2014.

 

  GAAP loss from operations for the second quarter of 2015 was ($9.9) million, compared to a GAAP loss from operations of ($7.0) million for the second quarter of 2014. Non-GAAP income from operations was $2.0 million for the second quarter of 2015, compared to non-GAAP income from operations of $2.6 million for the second quarter of 2014.

 

  GAAP net loss was ($13.0) million for the second quarter of 2015, or ($0.14) per diluted common share, compared to a GAAP net loss of ($10.2) million, or ($0.11) per diluted common share, for the second quarter of 2014. Non-GAAP net loss was ($0.8) million for the second quarter of 2015, or ($0.01) per diluted common share, compared to non-GAAP net income of $1.8 million, or $0.02 per diluted common share, for the second quarter of 2014. GAAP and non-GAAP net loss for the second quarter of 2015 include a $3.2 million foreign exchange loss compared to a $51,000 foreign exchange loss in the second quarter of 2014.

 

  Cash and cash equivalents as of June 30, 2015 were $306.4 million compared to $244.0 million at December 31, 2014. Net cash provided by operating activities was $49.6 million for the six months ended June 30, 2015, compared to $23.5 million for the six months ended June 30, 2014.


Operating Highlights

 

  For the second quarter of 2015, on a constant currency basis, total revenue in the Americas increased 20% over the prior year period, total revenue from Europe increased 28% over the prior year period, and total revenue from Rest of World increased 34% over the prior year period.

 

  Added new customers during the quarter including AFAS Software B.V., Bourne Leisure Group Ltd., CitySprint, Corrona, Inc., Dartmouth-Hitchcock Medical Center, Forbo Siegling GmbH, Geisinger Health System, John Muir Health, Mosecker GmbH & Co. KG, ONE Care Vermont, and Ryanair Ltd.

 

  Expanded numerous customer engagements globally through our land and expand strategy including Arkema France, Arrow Enterprise Computing Solutions, BDO LLP, Covanta, Dignity Health, Elekta Instrument AB, Essex Lake Group LLC, Farminveste IPG, S.A, Grupo Posadas, Hapag-Lloyd Aktiengesellschaft, Harvard University, Karolinska Institutet, Tander, Mizuho Capital Markets Corp, National Institute for Health Research, On Semiconductor, Palmetto Health, Planet Hollywood International, Inc., SBK Siemens Betriebskrankenkasse, Siemens AG, Seetec Employment and Skills Ireland Limited, Thames Water Ltd., UCSF Medical Center, The University of Glasgow, Vodafone Group Plc, Volac International Limited, and Zenith Vehicle Contracts Ltd.

 

  Completed 129 deals with license and first year maintenance over $100,000 in the second quarter of 2015, including 35 deals over $250,000 and seven deals over $1 million, compared to 109 deals over $100,000, including 25 deals over $250,000 and three deals over $1 million in the prior year period.

 

  Generated 59% of license and first year maintenance billings from existing customers in the second quarter of 2015, compared to 65% in the prior year period.

 

  Generated 56% of license and first year maintenance billings from our indirect partner channel and 44% from our direct channel in the second 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 July 23, 2015, Qlik anticipates total revenue growth of 10% to 11% on a reported basis and 21% to 23% on a constant currency basis for the full year 2015. Qlik is issuing guidance for the third quarter and full year 2015 as follows:

 

in millions, except for per share data

   Guidance Range Q3
2015
     Year-Over-Year
Projected Revenue
Growth Rate
    Year-Over-Year Projected
Revenue Growth Rate on  a
Constant Currency Basis1
 
     Low End      High End      Low End     High End     Low End     High End  

Total revenue

   $ 140.0       $ 144.0         7     10     18     21
  

 

 

    

 

 

          

Non-GAAP income from operations2

$ 1.0    $ 4.0   

Non-GAAP income per diluted common share2,3

$ 0.01    $ 0.03   
     Guidance Range Full
Year 2015
     Year-Over-Year
Projected Revenue
Growth Rate
   

 

Year-Over-Year Projected
Revenue Growth Rate on a
Constant Currency Basis1

 
     Low End      High End      Low End     High End     Low End     High End  

Total revenue

   $ 610.0       $ 620.0         10     11     21     23
  

 

 

    

 

 

          

Non-GAAP income from operations2

$ 43.0    $ 47.0   

Non-GAAP income per diluted common share2,3

$ 0.30    $ 0.33   

 

1  To determine projected revenue growth rates on a constant currency basis for third quarter and full year 2015, 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, contingent consideration adjustments and amortization of intangible assets.
3  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 from operations and non-GAAP income per diluted common share for the third quarter and full year 2015 assume that foreign currency exchange rates for the third quarter and full year 2015 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, July 23, 2015 at 5:00 p.m. Eastern Time (ET) to discuss the company’s second 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 71929684. 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 July 26, 2015 at (855) 859-2056 (domestic) or (404) 537-3406 (international). The replay pass code is 71929684. 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 and six months ended June 30, 2015 and 2014, non-GAAP income (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 and contingent consideration adjustments. Non-GAAP net income (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 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 (loss) and related income (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.

 

    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. During the three and six months ended June 30, 2015, a charge of $0.1 million and $0.2 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 and six months ended June 30, 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 third quarter and full year 2015 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 third quarter and full year 2015 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 36,000 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.

© 2015 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)

 

     Three Months Ended June 30,     Six Months Ended June 30,  
     2015     2014     2015     2014  
     (unaudited)     (unaudited)  

Revenue:

        

License revenue

   $ 76,320      $ 66,942      $ 131,127      $ 120,825   

Maintenance revenue

     55,983        50,889        108,653        96,734   

Professional services revenue

     13,526        13,787        26,313        25,171   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenue

  145,829      131,618      266,093      242,730   
  

 

 

   

 

 

   

 

 

   

 

 

 

Cost of revenue:

License revenue

  2,437      1,785      4,409      3,291   

Maintenance revenue

  2,681      2,768      5,939      5,825   

Professional services revenue

  17,076      14,256      32,987      27,732   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total cost of revenue

  22,194      18,809      43,335      36,848   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

  123,635      112,809      222,758      205,882   

Operating expenses:

Sales and marketing

  86,792      75,691      163,433      148,454   

Research and development

  18,793      17,588      36,188      34,634   

General and administrative

  27,964      26,531      57,138      53,292   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

  133,549      119,810      256,759      236,380   
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss from operations

  (9,914   (7,001   (34,001   (30,498
  

 

 

   

 

 

   

 

 

   

 

 

 

Other expense, net:

Interest income, net

  35      40      65      75   

Foreign exchange loss, net

  (3,241   (51   (1,846   (414
  

 

 

   

 

 

   

 

 

   

 

 

 

Total other expense, net

  (3,206   (11   (1,781   (339
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss before income taxes

  (13,120   (7,012   (35,782   (30,837
  

 

 

   

 

 

   

 

 

   

 

 

 

Benefit (provision) for income taxes

  118      (3,194   (7,540   (5,249
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

$ (13,002 $ (10,206 $ (43,322 $ (36,086
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss per common share

Basic and diluted

$ (0.14 $ (0.11 $ (0.47 $ (0.40

Weighted average number of common shares outstanding

Basic and diluted

  91,721,926      89,753,523      91,362,617      89,480,446   

Stock-based compensation expense for the three and six months ended June 30, 2015 and 2014 is included in the Unaudited Consolidated Statements of Operations as follows (in thousands):

 

     Three Months Ended June 30,      Six Months Ended June 30,  
     2015      2014      2015      2014  
     (unaudited)      (unaudited)  

Cost of revenue

   $ 773       $ 639       $ 1,798       $ 1,195   

Sales and marketing

     4,757         4,199         9,427         8,306   

Research and development

     1,034         1,023         1,990         1,834   

General and administrative

     3,099         2,817         5,845         5,181   
  

 

 

    

 

 

    

 

 

    

 

 

 
$ 9,663    $ 8,678    $ 19,060    $ 16,516   
  

 

 

    

 

 

    

 

 

    

 

 

 


Qlik Technologies Inc.

Reconciliation of non-GAAP Measures to GAAP

(in thousands, except share and per share data)

 

     Three Months Ended June 30,     Six Months Ended June 30,  
     2015     2014     2015     2014  
     (unaudited)     (unaudited)  

Reconciliation of non-GAAP income (loss) from operations:

        

GAAP loss from operations

   $ (9,914   $ (7,001   $ (34,001   $ (30,498

Stock-based compensation expense

     9,663        8,678        19,060        16,516   

Employer payroll taxes on stock transactions

     1,350        191        1,492        554   

Amortization of intangible assets

     867        739        1,772        1,548   

Contingent consideration adjustment

     56        —          162        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP income (loss) from operations

$ 2,022    $ 2,607    $ (11,515 $ (11,880
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP income (loss) from operations as a percentage of total revenue

  1.4   2.0   -4.3   -4.9

GAAP loss from operations as a percentage of total revenue

  -6.8   -5.3   -12.8   -12.6

Reconciliation of non-GAAP net income (loss):

GAAP net loss

$ (13,002 $ (10,206 $ (43,322 $ (36,086

Stock-based compensation expense

  9,663      8,678      19,060      16,516   

Employer payroll taxes on stock transactions

  1,350      191      1,492      554   

Amortization of intangible assets

  867      739      1,772      1,548   

Contingent consideration adjustment

  56      —        162      —     

Income tax adjustment*

  237      2,415      11,529      8,915   
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP net income (loss)

$ (829 $ 1,817    $ (9,307 $ (8,553
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP net income (loss) per common share - basic and diluted

$ (0.01 $ 0.02    $ (0.10 $ (0.10
  

 

 

   

 

 

   

 

 

   

 

 

 

GAAP net loss per common share - basic and diluted

$ (0.14 $ (0.11 $ (0.47 $ (0.40
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP weighted average number of common shares outstanding - basic

  91,721,926      89,753,523      91,362,617      89,480,446   
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP weighted average number of common shares outstanding - diluted

  91,721,926      90,923,413      91,362,617      89,480,446   
  

 

 

   

 

 

   

 

 

   

 

 

 

GAAP weighted average number of common shares outstanding - basic and diluted

  91,721,926      89,753,523      91,362,617      89,480,446   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

* Income tax adjustment is used to adjust the GAAP benefit (provision) for income taxes to a non-GAAP benefit (provision) for income taxes utilizing an estimated long-term effective tax rate of 30%.


Qlik Technologies Inc.

Reconciliation of non-GAAP Revenue to GAAP Revenue

(in thousands)

 

     Three Months Ended June 30,            Six Months Ended June 30,         
     2015      2014      % change     2015      2014      % change  
     (unaudited)            (unaudited)         

Constant currency reconciliation:

                

Total revenue, as reported

   $ 145,829       $ 131,618         11   $ 266,093       $ 242,730         10

Estimated impact of foreign currency fluctuations

           15           14
        

 

 

         

 

 

 

Total revenue constant currency growth rate

  26   24
        

 

 

         

 

 

 

 

     Three Months Ended June 30,            Six Months Ended June 30,         
     2015      2014      % change     2015      2014      % change  
     (unaudited)            (unaudited)         

Constant currency reconciliation:

                

License revenue, as reported

   $ 76,320       $ 66,942         14   $ 131,127       $ 120,825         9

Estimated impact of foreign currency fluctuations

           15           14
        

 

 

         

 

 

 

License revenue constant currency growth rate

  29   23
        

 

 

         

 

 

 

 

     Three Months Ended June 30,            Six Months Ended June 30,         
     2015      2014      % change     2015      2014      % change  
     (unaudited)            (unaudited)         

Constant currency reconciliation:

                

Maintenance revenue, as reported

   $ 55,983       $ 50,889         10   $ 108,653       $ 96,734         12

Estimated impact of foreign currency fluctuations

           16           16
        

 

 

         

 

 

 

Maintenance revenue constant currency growth rate

  26   28
        

 

 

         

 

 

 

 

     Three Months Ended June 30,            Six Months Ended June 30,         
     2015      2014      % change     2015      2014      % change  
     (unaudited)            (unaudited)         

Constant currency reconciliation:

                

Professional Services revenue, as reported

   $ 13,526       $ 13,787         -2   $ 26,313       $ 25,171         5

Estimated impact of foreign currency fluctuations

           12           12
        

 

 

         

 

 

 

Professional services revenue constant currency growth rate

  10   17
        

 

 

         

 

 

 

 

     Three Months Ended June 30,            Six Months Ended June 30,         
     2015      2014      % change     2015      2014      % change  
     (unaudited)            (unaudited)         

Constant currency reconciliation:

                

Americas revenue, as reported

   $ 54,262       $ 46,632         16   $ 97,129       $ 83,484         16

Estimated impact of foreign currency fluctuations

           4           4
        

 

 

         

 

 

 

Americas revenue constant currency growth rate

  20   20
        

 

 

         

 

 

 

 

     Three Months Ended June 30,            Six Months Ended June 30,         
     2015      2014      % change     2015      2014      % change  
     (unaudited)            (unaudited)         

Constant currency reconciliation:

                

Europe revenue, as reported

   $ 74,606       $ 70,356         6   $ 137,623       $ 133,129         3

Estimated impact of foreign currency fluctuations

           22           22
        

 

 

         

 

 

 

Europe revenue constant currency growth rate

  28   25
        

 

 

         

 

 

 

 

     Three Months Ended June 30,            Six Months Ended June 30,         
     2015      2014      % change     2015      2014      % change  
     (unaudited)            (unaudited)         

Constant currency reconciliation:

                

Rest of World revenue, as reported

   $ 16,961       $ 14,630         16   $ 31,341       $ 26,117         20

Estimated impact of foreign currency fluctuations

           18           18
        

 

 

         

 

 

 

Rest of World revenue constant currency growth rate

  34   38
        

 

 

         

 

 

 


Qlik Technologies Inc.

Consolidated Balance Sheets

(in thousands)

 

     June 30,
2015
    December 31,
2014
 
     (unaudited)        

Assets

    

Current assets:

    

Cash and cash equivalents

   $ 306,353      $ 244,018   

Accounts receivable, net

     150,922        203,766   

Prepaid expenses and other current assets

     16,987        19,901   

Deferred income taxes

     2,082        2,082   
  

 

 

   

 

 

 

Total current assets

  476,344      469,767   

Property and equipment, net

  28,734      26,455   

Intangible assets, net

  14,040      21,195   

Goodwill

  38,569      38,702   

Deferred income taxes

  2,658      3,015   

Deposits and other noncurrent assets

  5,165      2,835   
  

 

 

   

 

 

 

Total assets

$ 565,510    $ 561,969   
  

 

 

   

 

 

 

Liabilities and stockholders’ equity

Current liabilities:

Income taxes payable

$ —      $ 2,139   

Accounts payable

  6,497      6,887   

Deferred revenue

  135,813      127,565   

Accrued payroll and other related costs

  54,127      53,674   

Accrued expenses

  36,386      40,712   

Deferred income taxes

  37      37   
  

 

 

   

 

 

 

Total current liabilities

  232,860      231,014   

Long-term liabilities:

Deferred revenue

  6,368      4,564   

Deferred income taxes

  2,135      3,477   

Other long-term liabilities

  12,011      14,422   
  

 

 

   

 

 

 

Total liabilities

  253,374      253,477   

Commitments and contingencies

Stockholders’ equity:

Common stock

  9      9   

Additional paid-in-capital

  376,329      327,419   

Accumulated deficit

  (64,916   (21,594

Accumulated other comprehensive income

  714      2,658   
  

 

 

   

 

 

 

Total stockholders’ equity

  312,136      308,492   
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

$ 565,510    $ 561,969   
  

 

 

   

 

 

 


Qlik Technologies Inc.

Consolidated Statements of Cash Flows

(in thousands)

 

     Six Months Ended June 30,  
     2015     2014  
     (unaudited)  

Cash flows from operating activities

    

Net loss

   $ (43,322   $ (36,086

Adjustments to reconcile net loss to net cash provided by operating activities:

    

Depreciation and amortization

     6,959        5,136   

Stock-based compensation expense

     19,060        16,516   

Excess tax benefit from stock-based compensation

     (5,434     (4,171

Unrealized foreign currency loss, net

     7,736        1,198   

Other non-cash items

     (62     432   

Changes in assets and liabilities

    

Accounts receivable

     43,640        35,193   

Prepaid expenses and other assets

     1,155        (131

Deferred revenue

     15,390        10,937   

Accounts payable and other liabilities

     4,485        (5,556
  

 

 

   

 

 

 

Net cash provided by operating activities

  49,607      23,468   

Cash flows from investing activities

Acquisitions, net of cash acquired

  (2,842   —     

Capital expenditures

  (7,834   (7,865
  

 

 

   

 

 

 

Net cash used in investing activities

  (10,676   (7,865

Cash flows from financing activities

Proceeds from exercise of common stock options

  24,416      8,115   

Excess tax benefit from stock-based compensation

  5,434      4,171   
  

 

 

   

 

 

 

Net cash provided by financing activities

  29,850      12,286   

Effect of exchange rate on cash and cash equivalents

  (6,446   (547
  

 

 

   

 

 

 

Net increase in cash and cash equivalents

  62,335      27,342   

Cash and cash equivalents, beginning of period

  244,018      227,693   
  

 

 

   

 

 

 

Cash and cash equivalents, end of period

$ 306,353    $ 255,035   
  

 

 

   

 

 

 

Supplemental cash flow information:

Cash paid during the period for income taxes

$ 3,564    $ 3,997   
  

 

 

   

 

 

 

Non-cash investing activities:

Tenant improvement allowance received under operating lease

$ —      $ 1,048