EX-99.1 2 d873496dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

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   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 Fourth Quarter and Full Year 2014 Financial Results

 

 

 

•   Fourth quarter total revenue of $182.8 million increases 13% year-over-year; 20% in constant currency

 

•   Fourth quarter license revenue of $112.6 million increases 9% year-over-year; 17% in constant currency

RADNOR, Pennsylvania – February 12, 2015 - Qlik (NASDAQ: QLIK), a leader in data discovery delivering intuitive solutions for self-service data visualization and guided analytics, today announced financial results for the fourth quarter and full year ended December 31, 2014.

Lars Björk, Chief Executive Officer of Qlik, stated, “I am pleased with our fourth quarter results. We delivered revenue and non-GAAP operating profit that exceeded our expectations as we successfully captured the increased demand for our next-generation BI solutions. We believe we are well positioned entering 2015 as our dual product strategy, QlikView for guided analytics and Qlik Sense for self-service BI, opens up even more opportunity for us to fulfill companies’ complete BI requirements. Our focus this year is to drive meaningful revenue growth while growing expenses at a slower rate, in order to realize incremental operating leverage.”

Financial Highlights for the Fourth Quarter Ended December 31, 2014

 

•   Total revenue for the fourth quarter of 2014 was $182.8 million, an increase of 13% from $161.8 million for the fourth quarter of 2013. On a constant currency basis, total revenue increased by 20% as compared to the fourth quarter of 2013. License revenue for the fourth quarter of 2014 was $112.6 million, an increase of 9% from $103.1 million for the fourth quarter of 2013. On a constant currency basis, license revenue increased by 17% as compared to the fourth quarter of 2013.

 

•   GAAP income from operations for the fourth quarter of 2014 was $30.3 million, compared to GAAP income from operations of $32.7 million for the fourth quarter of 2013. GAAP net income was $25.8 million for the fourth quarter of 2014, or $0.28 per diluted common share, compared to GAAP net income of $8.3 million, or $0.09 per diluted common share, for the fourth quarter of 2013.

 

•  

Non-GAAP income from operations was $42.1 million for the fourth quarter of 2014, an increase compared to non-GAAP income from operations of $41.3 million for the fourth quarter of 2013. Non-GAAP

 

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net income was $29.6 million for the fourth quarter of 2014, or $0.32 per diluted common share, an increase compared to non-GAAP net income of $28.5 million, or $0.31 per diluted common share, for the fourth quarter of 2013.

Financial Highlights for the Full Year Ended December 31, 2014

 

•   Total revenue for the full year 2014 was $556.8 million, an increase of 18% from the full year 2013. On a constant currency basis, total revenue increased by 20% as compared to the full year 2013. License revenue for the full year 2014 was $300.9 million, an increase of 11% from the full year 2013. On a constant currency basis, license revenue increased by 13% as compared to the full year 2013.

 

•   GAAP loss from operations for the full year 2014 was ($8.9) million, compared to GAAP income from operations of $3.4 million for the full year 2013. GAAP net loss for the full year 2014 was ($24.6) million, or ($0.27) per diluted common share, compared to a GAAP net loss of ($10.0) million, or ($0.11) per diluted common share, for the full year 2013.

 

•   Non-GAAP income from operations was $32.8 million for the full year 2014, compared to $36.2 million for the full year 2013. Non-GAAP net income was $21.7 million, or $0.24 per diluted common share, for the full year 2014, compared to $23.6 million, or $0.26 per diluted common share, for the full year 2013.

 

•   Cash and cash equivalents as of December 31, 2014 were $244.0 million compared to $227.7 million at December 31, 2013. Net cash provided by operating activities was $35.6 million in 2014, as compared to $29.7 million in 2013.

Operating Highlights

 

•   For the fourth quarter of 2014 on a constant currency basis, total revenue in the Americas increased 10% over the prior year period, total revenue from Europe increased 19% over the prior year period, and total revenue from Rest of World increased 76% over the prior year period.

 

•   Added new customers during the quarter including Ace Insurance, Air Force Material Command, Bendigo Bank, Boston Scientific India Private Limited, British Telecommunications plc, Columbus McKinnon Corporation, Cwm Taf University Health Board, ELS Education Services, Gestamp North America, Ingram Micro, London School of Hygiene & Tropical Medicine, Montauk Energy Capital, LLC, notonthehighstreet.com Enterprises, Nutricia Nederland B.V., SK Hynix Inc., Steven Madden, Ltd., SUZUKI MOTOR CORPORATION, U.S. Department of Energy, and YKK Europe Ltd.

 

•   Expanded numerous customer engagements globally through our land and expand strategy including Ace USA, ANZ Bank, Aggregate Industries, Bankia, CA, Inc., Capgemini India Pvt Ltd., Children’s Hospitals and Clinics of Minnesota, Colliers International, Danone S.A., Delaware North at Kennedy Space Center Visitor Complex, EDF Energy, Gottex, Harvard University – Administrative Systems, Investec Asset Management, Mission Health, NSW Health, Novo Nordisk, On Semiconductor Corporation, Pilot, Pacific Life Insurance Company, Peco Energy Company, Softbank Technology Corp., Travelport LP, Telstra Corporation Limited, Travelers, and Virgin Australia.

 

•   Completed 238 deals with license and first year maintenance over $100,000 in the fourth quarter of 2014, including 71 deals over $250,000 and 9 deals over $1 million, compared to 208 deals over $100,000, including 55 deals over $250,000 and 7 deals over $1 million in the prior year period.

 

•   Generated 63% of license and first year maintenance billings from existing customers in the fourth quarter of 2014, compared to 66% in the prior year period.

 

•   Generated 52% of license and first year maintenance billings from our indirect partner channel and 48% from our direct channel in the fourth quarter of 2014, compared to 53% from our indirect partner channel and 47% from our direct channel in the prior year period.

Business Outlook

Based on information available as of February 12, 2015, Qlik anticipates total revenue growth of 10% to 12% on a reported basis and 20% to 22% on a constant currency basis for the full year 2015. Qlik is issuing guidance for the first quarter and full year 2015 as follows:

 

in millions, except for per share data

    Guidance Range Q1
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

    $ 111.0      $ 115.0        0 %      4 %      11 %      15 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Non-GAAP loss from operations2

    $ (20.0 )    $ (17.0 )         

Non-GAAP loss per diluted common share3

    $ (0.15 )    $ (0.13 )         
     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

    $ 615.0      $ 625.0        10 %      12 %      20 %      22 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Non-GAAP income from operations2

    $ 43.0      $ 47.0           

Non-GAAP income per diluted common share4

    $ 0.32      $ 0.35           

 

1  To determine projected revenue growth rates on a constant currency basis for first 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 (loss) from operations exclude stock-based compensation expense, employer payroll taxes on stock transactions, contingent consideration adjustments and amortization of intangible assets.
3  Assumes an estimated long-term effective tax rate of 30% and basic weighted average shares outstanding of 91 million.
4  Assumes an estimated long-term effective tax rate of 30% and diluted weighted average shares outstanding of 93 million.

Qlik’s expectations of total revenue, non-GAAP income (loss) from operations and non-GAAP income (loss) per diluted common share for the first quarter and full year 2015 assume that foreign currency exchange rates for the first 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, February 12, 2015 at 5:00 p.m. Eastern Time (ET) to discuss the company’s fourth quarter and full year financial results and its business outlook. To access this call, dial (877) 312-5507 (domestic) or (253) 237-1134 (international). The conference ID is 60957648. The presentation will be webcast live and available under the “Events & Presentations” section on Qlik’s investor relations website at http://investor.qlik.com/. Following the conference call, a replay will be available until February 15, 2015 at (855) 859-2056 (domestic) or (404) 537-3406 (international). The replay pass code is 60957648. An archived webcast of this conference call will also be available under the “Events & Presentations” section on Qlik’s investor relations website at http://investor.qlik.com/.

Non-GAAP Financial Measures

To supplement the consolidated financial statements presented in accordance with generally accepted accounting principles in the United States, or GAAP, Qlik uses measures of non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net income (loss) per basic and diluted common share, non-GAAP revenue and constant currency. A reconciliation of these non-GAAP financial measures to the closest GAAP financial measure is presented in the financial tables below under the headings “Reconciliation of Non-GAAP Measures to GAAP”, “Reconciliation of Non-GAAP Revenue to GAAP Revenue” and “Reconciliation of Year-Over-Year Projected Revenue Growth Rate to Year-Over-Year Projected Revenue Growth Rate on a Constant Currency Basis.” Qlik believes that the non-GAAP financial information provided in this release can assist investors in understanding and assessing Qlik’s on-going core operations and prospects for the future and provides an additional tool for investors to use in comparing Qlik’s financial results with other companies in Qlik’s industry, many of which present similar non-GAAP financial measures to investors. In addition, Qlik believes that these non-GAAP financial measures are useful to investors because they allow for greater transparency into the indicators used by management as a basis for its internal budgeting and operational decision making.

For the three months and year ended December 31, 2014 and 2013, non-GAAP income from operations is determined by taking GAAP income (loss) from operations and adding back stock-based compensation expense, employer payroll taxes on stock transactions, amortization of intangible assets and contingent consideration adjustments. Non-GAAP net income is determined by taking GAAP income (loss) before provision for income taxes and adding back stock-based compensation expense, employer payroll taxes on stock transactions, amortization of intangible assets and contingent consideration adjustments and the result is tax affected at an estimated long-term effective tax rate of 30%. Qlik believes that the effective tax rate used in the non-GAAP net income and related 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 year ended December 31, 2014, a charge of $0.2 million was recorded related to changes in the fair value of contingent consideration liabilities and is included in Qlik’s consolidated statement of operations. Management believes that these costs are generally non-recurring and do not correlate to the ongoing operation of its business.

To determine the revenue growth rates on a constant currency basis for the three months and year ended December 31, 2014, revenue from entities reporting in foreign currencies was translated into U.S. dollars using the comparable prior year period’s monthly average foreign currency exchange rates. Qlik reports results in U.S. dollars but does business on a global basis in multiple currencies. Exchange rate fluctuations affect the U.S. dollar value of foreign currency revenue and expenses and may have a significant effect on reported results. The discussion of Qlik’s financial results in this release includes comparisons with the prior year period in constant currency terms. Management believes this information facilitates comparison of underlying results over time.

This press release includes forward-looking non-GAAP financial measures under the heading “Business Outlook”. These non-GAAP financial measures were determined by excluding stock-based compensation expense, employer payroll taxes on stock transactions, amortization of intangible assets and contingent consideration adjustments and assuming an estimated long-term effective tax rate of 30%. We are unable to reconcile this non-GAAP guidance to GAAP because it is difficult to predict the future impact of these adjustments. In addition, these forward-looking non-GAAP financial measures assume that foreign currency exchange rates for the first 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 first 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 data discovery delivering intuitive solutions for self-service data visualization and guided analytics. Approximately 34,000 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®, 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 share and per share data)

 

     Three Months Ended December 31,     Year Ended December 31,  
     2014     2013     2014     2013  
     (unaudited)     (unaudited)        

Revenue:

         

License revenue

    $ 112,587      $ 103,121      $ 300,888      $ 270,769   

Maintenance revenue

      55,061        45,693        203,550        160,552   

Professional services revenue

      15,135        12,981        52,359        39,129   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total revenue

      182,783        161,795        556,797        470,450   
  

 

 

    

 

 

    

 

 

    

 

 

  

Cost of revenue:

         

License revenue

      2,740        2,721        8,196        7,345   

Maintenance revenue

      2,798        2,706        11,363        10,585   

Professional services revenue

      15,055        12,504        55,903        43,893   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total cost of revenue

      20,593        17,931        75,462        61,823   
  

 

 

    

 

 

    

 

 

    

 

 

  

Gross profit

      162,190        143,864        481,335        408,627   

Operating expenses:

         

Sales and marketing

      85,811        73,310        308,375        255,010   

Research and development

      17,048        15,339        72,636        60,400   

General and administrative

      29,073        22,541        109,200        89,795   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total operating expenses

      131,932        111,190        490,211        405,205   
  

 

 

    

 

 

    

 

 

    

 

 

  

Income (loss) from operations

      30,258        32,674        (8,876 )      3,422   
  

 

 

    

 

 

    

 

 

    

 

 

  

Other income (expense), net:

         

Interest income, net

      49        118        147        231   

Foreign exchange gain (loss), net

      165        (784 )      (1,973 )      (2,753 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total other income (expense), net

      214        (666 )      (1,826 )      (2,522 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Income (loss) before income taxes

      30,472        32,008        (10,702 )      900   
  

 

 

    

 

 

    

 

 

    

 

 

  

Provision for income taxes

      (4,652 )      (23,727 )      (13,929 )      (10,879 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income (loss)

    $ 25,820      $ 8,281      $ (24,631 )    $ (9,979 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income (loss) per common share

         

Basic

    $ 0.29      $ 0.09      $ (0.27 )    $ (0.11 ) 

Diluted

    $ 0.28      $ 0.09      $ (0.27 )    $ (0.11 ) 

Weighted average number of common shares outstanding

         

Basic

      90,506,823        88,816,057        89,886,403        87,702,222   

Diluted

      91,949,568        90,437,303        89,886,403        87,702,222   

Stock-based compensation expense for the three months and the year ended December 31, 2014 and 2013 is included in the Consolidated Statements of Operations as follows (in thousands):

 

     Three Months Ended December 31,      Year Ended December 31,  
     2014      2013      2014      2013  
     (unaudited)      (unaudited)         

Cost of revenue

    $ 832       $ 629       $ 2,804       $ 2,854   

Sales and marketing

      4,845         3,667         17,911         13,374   

Research and development

      1,006         919         3,876         3,386   

General and administrative

      3,103         2,544         11,441         9,304   
  

 

 

     

 

 

     

 

 

     

 

 

  
   $ 9,786       $ 7,759       $ 36,032       $ 28,918   
  

 

 

     

 

 

     

 

 

     

 

 

  

Qlik Technologies Inc.

Reconciliation of non-GAAP Measures to GAAP

(in thousands, except share and per share data)

 

     Three Months Ended December 31,     Year Ended December 31,  
     2014     2013     2014     2013  
     (unaudited)     (unaudited)  

Reconciliation of non-GAAP income from operations:

         

GAAP income (loss) from operations

    $ 30,258      $ 32,674      $ (8,876 )    $ 3,422   

Stock-based compensation expense

      9,786        7,759        36,032        28,918   

Employer payroll taxes on stock transactions

      1,267        127        2,493        1,410   

Amortization of intangible assets

      777        758        3,029        2,485   

Contingent consideration adjustment

      —          —          170        —     
  

 

 

    

 

 

    

 

 

    

 

 

  

Non-GAAP income from operations

    $ 42,088      $ 41,318      $ 32,848      $ 36,235   
  

 

 

    

 

 

    

 

 

    

 

 

  

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

      23.0 %      25.5 %      5.9 %      7.7 % 

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

      16.6 %      20.2 %      -1.6 %      0.7 % 

Reconciliation of non-GAAP net income:

         

GAAP net income (loss)

    $ 25,820      $ 8,281      $ (24,631 )    $ (9,979 ) 

Stock-based compensation expense

      9,786        7,759        36,032        28,918   

Employer payroll taxes on stock transactions

      1,267        127        2,493        1,410   

Amortization of intangible assets

      777        758        3,029        2,485   

Contingent consideration adjustment

      —          —          170        —     

Income tax adjustment*

      (8,039 )      11,531        4,622        765   
  

 

 

    

 

 

    

 

 

    

 

 

  

Non-GAAP net income

    $ 29,611      $ 28,456      $ 21,715      $ 23,599   
  

 

 

    

 

 

    

 

 

    

 

 

  

Non-GAAP net income per common share - basic

    $ 0.33      $ 0.32      $ 0.24      $ 0.27   
  

 

 

    

 

 

    

 

 

    

 

 

  

Non-GAAP net income per common share - diluted

    $ 0.32      $ 0.31      $ 0.24      $ 0.26   
  

 

 

    

 

 

    

 

 

    

 

 

  

GAAP net income (loss) per common share - basic

    $ 0.29      $ 0.09      $ (0.27 )    $ (0.11 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

GAAP net income (loss) per common share - diluted

    $ 0.28      $ 0.09      $ (0.27 )    $ (0.11 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

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

      90,506,823        88,816,057        89,886,403        87,702,222   
  

 

 

    

 

 

    

 

 

    

 

 

  

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

      91,949,568        90,437,303        90,848,678        89,272,353   
  

 

 

    

 

 

    

 

 

    

 

 

  

GAAP weighted average number of common shares outstanding - basic

      90,506,823        88,816,057        89,886,403        87,702,222   
  

 

 

    

 

 

    

 

 

    

 

 

  

GAAP weighted average number of common shares outstanding - diluted

      91,949,568        90,437,303        89,886,403        87,702,222   
  

 

 

    

 

 

    

 

 

    

 

 

  

 

*

Income tax adjustment is used to adjust the GAAP provision for income taxes to a non-GAAP provision (benefit) for income taxes by taking GAAP income (loss) before provision for income taxes and adding back (1) stock-based compensation expense, (2) employer payroll taxes on stock transactions, (3) amortization of intangible assets, and (4) contingent consideration adjustment and applying an estimated long-term effective tax rate of 30%.

Qlik Technologies Inc.

Reconciliation of non-GAAP Revenue to GAAP Revenue

(in thousands)

 

     Three Months Ended December 31,            Year Ended December 31,         
     2014      2013      % change     2014      2013      % change  
     (unaudited)            (unaudited)         

Constant currency reconciliation:

                 

Total revenue, as reported

    $ 182,783       $ 161,795         13 %    $ 556,797       $ 470,450         18 % 

Estimated impact of foreign currency fluctuations

            7 %            2 % 
        

 

 

          

 

 

  

Total revenue constant currency growth rate

  20 %    20 % 
        

 

 

          

 

 

  

 

     Three Months Ended December 31,            Year Ended December 31,         
     2014      2013      % change     2014      2013      % change  
     (unaudited)            (unaudited)         

Constant currency reconciliation:

                 

License revenue, as reported

    $ 112,587       $ 103,121         9 %    $ 300,888       $ 270,769         11 % 

Estimated impact of foreign currency fluctuations

            8 %            2 % 
        

 

 

          

 

 

  

License revenue constant currency growth rate

  17 %    13 % 
        

 

 

          

 

 

  

 

     Three Months Ended December 31,            Year Ended December 31,         
     2014      2013      % change     2014      2013      % change  
     (unaudited)            (unaudited)         

Constant currency reconciliation:

                 

Maintenance revenue, as reported

    $   55,061       $   45,693         21 %    $ 203,550       $ 160,552         27 % 

Estimated impact of foreign currency fluctuations

            7 %            1 % 
        

 

 

          

 

 

  

Maintenance revenue constant currency growth rate

  28 %    28 % 
        

 

 

          

 

 

  

 

     Three Months Ended December 31,            Year Ended December 31,         
     2014      2013      % change     2014      2013      % change  
     (unaudited)            (unaudited)         

Constant currency reconciliation:

                 

Professional Services revenue, as reported

    $   15,135       $   12,981         17 %    $   52,359       $   39,129         34 % 

Estimated impact of foreign currency fluctuations

            6 %            0 % 
        

 

 

          

 

 

  

Professional services revenue constant currency growth rate

   23 %    34 % 
        

 

 

          

 

 

  

 

     Three Months Ended December 31,            Year Ended December 31,         
     2014      2013      % change     2014      2013      % change  
     (unaudited)            (unaudited)         

Constant currency reconciliation:

                 

Americas revenue, as reported

    $   66,369       $   61,991         7 %    $ 202,124       $ 174,510         16 % 

Estimated impact of foreign currency fluctuations

            3 %            1 % 
        

 

 

          

 

 

  

Americas revenue constant currency growth rate

  10 %    17 % 
        

 

 

          

 

 

  

 

     Three Months Ended December 31,            Year Ended December 31,         
     2014      2013      % change     2014      2013      % change  
     (unaudited)            (unaudited)         

Constant currency reconciliation:

                 

Europe revenue, as reported

    $   93,002       $   85,381         9 %    $ 289,288       $ 249,109         16 % 

Estimated impact of foreign currency fluctuations

            10 %            1 % 
        

 

 

          

 

 

  

Europe revenue constant currency growth rate

  19 %    17 % 
        

 

 

          

 

 

  

 

     Three Months Ended December 31,            Year Ended December 31,         
     2014      2013      % change     2014      2013      % change  
     (unaudited)            (unaudited)         

Constant currency reconciliation:

                 

Rest of World revenue, as reported

    $   23,412       $   14,423         62 %    $   65,385       $   46,831         40 % 

Estimated impact of foreign currency fluctuations

            14 %            7 % 
        

 

 

          

 

 

  

Rest of World revenue constant currency growth rate

  76 %    47 % 
        

 

 

          

 

 

  

Qlik Technologies Inc.

Consolidated Balance Sheets

(in thousands)

 

     December 31,
2014		     December 31,
2013		  
     (unaudited)        

Assets

     

Current assets:

     

Cash and cash equivalents

    $ 244,018      $ 227,693   

Accounts receivable, net

      203,766        162,009   

Prepaid expenses and other current assets

      19,901        16,296   

Deferred income taxes

      2,082        1,886   
  

 

 

    

 

 

  

Total current assets

      469,767        407,884   

Property and equipment, net

      26,455        21,500   

Intangible assets, net

      21,195        12,695   

Goodwill

      38,702        21,233   

Deferred income taxes

      3,015        2,107   

Deposits and other noncurrent assets

      2,835        2,503   
  

 

 

    

 

 

  

Total assets

    $ 561,969      $ 467,922   
  

 

 

    

 

 

  

Liabilities and stockholders’ equity

     

Current liabilities:

     

Income taxes payable

    $ 2,139      $ 2,634   

Accounts payable

      6,887        5,262   

Deferred revenue

      127,565        98,684   

Accrued payroll and other related costs

      53,674        46,780   

Accrued expenses

      40,712        29,495   

Deferred income taxes

      37        544   
  

 

 

    

 

 

  

Total current liabilities

      231,014        183,399   

Long-term liabilities:

     

Deferred revenue

      4,564        3,637   

Deferred income taxes

      3,477        894   

Other long-term liabilities

      14,422        7,822   
  

 

 

    

 

 

  

Total liabilities

      253,477        195,752   

Commitments and contingencies

     

Stockholders’ equity:

     

Common stock

      9        9   

Additional paid-in-capital

      327,419        265,711   

Retained earnings (accumulated deficit)

      (21,594 )      3,037   

Accumulated other comprehensive income

      2,658        3,413   
  

 

 

    

 

 

  

Total stockholders’ equity

      308,492        272,170   
  

 

 

    

 

 

  

Total liabilities and stockholders’ equity

    $ 561,969      $ 467,922   
  

 

 

    

 

 

  

Qlik Technologies Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

 

     Year Ended December 31,  
     2014     2013  
     (unaudited)        

Cash flows from operating activities

     

Net loss

    $ (24,631 )    $ (9,979 ) 

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

     

Depreciation and amortization

      11,731        8,228   

Stock-based compensation expense

      36,032        28,918   

Excess tax benefit from stock-based compensation

      (6,437 )      (4,047 ) 

Unrealized foreign currency loss, net

      14,189        1,818   

Other non-cash items

      (723 )      (1,301 ) 

Changes in assets and liabilities

     

Accounts receivable

      (51,450 )      (18,667 ) 

Prepaid expenses and other assets

      (6,024 )      (2,059 ) 

Deferred revenues

      37,669        15,625   

Accounts payable and other liabilities

      25,242        11,189   
  

 

 

    

 

 

  

Net cash provided by operating activities

      35,598        29,725   

Cash flows from investing activities

     

Acquisitions, net of cash acquired

      (17,245 )      (13,351 ) 

Capital expenditures

      (13,020 )      (9,639 ) 
  

 

 

    

 

 

  

Net cash used in investing activities

      (30,265 )      (22,990 ) 

Cash flows from financing activities

     

Proceeds from exercise of common stock options

      19,239        23,132   

Excess tax benefit from stock-based compensation

      6,437        4,047   

Payments on contingent consideration

      (2,168 )      (1,456 ) 

Payments on line of credit

      (132 )      (1 ) 
  

 

 

    

 

 

  

Net cash provided by financing activities

      23,376        25,722   

Effect of exchange rate on cash and cash equivalents

      (12,384 )      (567 ) 
  

 

 

    

 

 

  

Net increase in cash and cash equivalents

      16,325        31,890   

Cash and cash equivalents, beginning of period

      227,693        195,803   
  

 

 

    

 

 

  

Cash and cash equivalents, end of period

    $ 244,018      $ 227,693   
  

 

 

    

 

 

  

Supplemental cash flow information:

     

Cash paid during the period for income taxes

    $ 11,071      $ 10,505   
  

 

 

    

 

 

  

Non-cash investing activities:

     

Tenant improvement allowance received under operating lease

    $ 1,863      $ 91   
  

 

 

    

 

 

  

Qlik Technologies Inc.

Reconciliation of Year-Over-Year Projected Revenue Growth Rate to

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

(in thousands)

(unaudited)

 

     Q1 2015 (guidance)      Q1 2014 as
reported		      Q1 2015 Year-
Over-Year
Projected
Revenue Growth
Rate (low end)		     Q1 2015 Year-
Over-Year
Projected
Revenue  Growth
Rate (high end)		  
     Low End      High End                      

Revenue

    $ 111,000       $ 115,000       $ 111,112         0 %      4 % 

Estimated impact of foreign currency fluctuations

               11 %      11 % 
           

 

 

    

 

 

  

Estimated constant currency growth rate

               11 %      15 % 
           

 

 

    

 

 

  
     Full Year 2015 (guidance)      Full Year 2014
as reported		      Full Year 2015
Year-Over-Year
Projected
Revenue Growth
Rate (low end)		     Full Year 2015
Year-Over-Year
Projected
Revenue Growth
Rate (high end)		  
     Low End      High End                      

Revenue

    $ 615,000       $ 625,000       $ 556,797         10 %      12 % 

Estimated impact of foreign currency fluctuations

               10 %      10 % 
           

 

 

    

 

 

  

Estimated constant currency growth rate

               20 %      22 % 
           

 

 

    

 

 

  

Represents directional guidance only as foreign currency exchange rate fluctuations and changes in the mix of domestic and international revenue can impact our results.