UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 24, 2014
Qlik Technologies Inc.
(Exact name of registrant as specified in its charter)
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Delaware |
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001-34803 |
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20-1643718 |
(State or other jurisdiction
of incorporation) |
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(Commission
File Number) |
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(IRS Employer
Identification No.) |
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150 N. Radnor Chester Road |
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Suite E220 |
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Radnor, Pennsylvania |
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19087 |
(Address of principal executive offices) |
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(Zip Code) |
Registrants telephone number, including area code: (888) 828-9768
Not Applicable
(Former
name or former address, if changed since last report)
Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. |
Results of Operations and Financial Condition. |
On July 24, 2014, Qlik Technologies
Inc. (Qlik) issued a press release and is holding a conference call regarding its results of operations and financial condition for the second quarter ended June 30, 2014. The press release, which includes information regarding
Qliks use of non-GAAP financial measures, is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
Various
statements to be made during the conference call are forward-looking statements, including, but not limited to, statements regarding the value and effectiveness of Qliks products, the introduction of product enhancements or additional products
and Qliks growth, expansion and market leadership, that involve risks, uncertainties, assumptions and other factors which, if they do not materialize or prove correct, could cause Qliks 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, help, key
will, might, momentum, can, could, seek, 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 Qliks business; Qliks ability to attract new customers and retain existing customers; Qliks ability to effectively sell, service and support its products; Qliks ability to adapt to changing
licensing and go to market business models; Qliks ability to manage its international operations; Qliks ability to compete effectively; Qliks ability to develop and introduce new products and add-ons or enhancements to existing
products; Qliks ability to continue to promote and maintain its brand in a cost-effective manner; Qliks ability to manage growth; Qliks ability to attract and retain key personnel; currency fluctuations that affect Qliks
revenues and costs; Qliks ability to successfully integrate acquisitions into its business; the scope and validity of intellectual property rights applicable to Qliks 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 Qliks publicly available filings with the Securities and Exchange Commission (the SEC), including those discussed in the
sections titled Risk Factors, and Managements Discussion and Analysis of Financial Condition and Results of Operations of Qliks Annual Report on Form 10-K for the fiscal year ended December 31, 2013, which is
on file with the SEC, Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2014, and Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2014, which will be filed with the SEC in the third quarter of 2014.
In addition to the risks described above and in Qliks Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, other unknown or unpredictable factors also could affect Qliks results. Past performance is not necessarily indicative
of future results. There can be no assurance that the actual results or developments anticipated by Qlik will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, Qlik. Therefore, no
assurance can be given that the outcomes stated in such forward-looking statements and estimates will be achieved.
All written and verbal
forward-looking statements attributable to Qlik or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements contained or referred to herein. Qlik cautions investors not to rely too heavily on the
forward-looking statements it makes or that are made on Qliks behalf. The information conveyed on the conference call will be provided only as of the date of the conference call. 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 Qliks views as of any date subsequent to the date of the conference call.
The information in Item 2.02 of this
Current Report on Form 8-K and the Exhibit attached hereto shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act) or otherwise subject to the
liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
1
Item 9.01. |
Financial Statements and Exhibits. |
(d) Exhibits
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Exhibit No. |
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Description |
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99.1 |
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Press release of Qlik Technologies Inc. dated July 24, 2014. |
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
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QLIK TECHNOLOGIES INC. |
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By: |
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/s/ Timothy J. MacCarrick |
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Name: |
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Timothy J. MacCarrick |
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Title: |
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Chief Financial Officer and Treasurer |
Dated: July 24, 2014
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 Second Quarter
Financial Results
Total revenue of $131.6 million increases 22% compared to the second quarter of 2013
License revenue of $66.9 million increases 11% compared to the second quarter of 2013
RADNOR, Pennsylvania July 24, 2014 - 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 second quarter ended June 30, 2014.
Lars Björk, Chief Executive
Officer of Qlik, stated, In the second quarter we delivered revenue and bottom-line results that exceeded our expectations. In addition, today we introduced our next-generation data visualization application, Qlik® Sense Desktop, which is
the first commercially available release from the QlikView.Next project, and we announced that we expect the server edition of Qlik Sense to be available in September. The launch of Qlik Sense, combined with the continued strong demand for QlikView
demonstrated by our results this quarter, will enable us to capture the significant market opportunity that we see in self-service visualization and Data Discovery.
Financial Highlights for the Second Quarter Ended June 30, 2014
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Total revenue for the second quarter of 2014 was $131.6 million, an increase of 22% from $108.0 million for the second quarter of 2013. License revenue for the second quarter of 2014 was $66.9 million, an increase of
11% from $60.5 million for the second quarter of 2013. Foreign currency exchange rate fluctuations from the prior year period positively impacted total revenue by approximately 2%. |
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GAAP loss from operations for the second quarter of 2014 was ($7.0) million, compared to a GAAP loss from operations of ($9.1) million for the second quarter of 2013. GAAP net loss was ($10.2) million for the second
quarter of 2014, or ($0.11) per diluted common share, compared to a GAAP net loss of ($8.0) million, or ($0.09) per diluted common share, for the second quarter of 2013. |
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Non-GAAP income from operations was $2.6 million for the second quarter of 2014, compared to a non-GAAP loss from operations of ($1.7) million for the second quarter of 2013. Non-GAAP net income was $1.8 million for the
second quarter of 2014, or $0.02 per diluted common share, compared to a non-GAAP net loss of ($1.5) million, or ($0.02) per diluted common share, for the second quarter of 2013. |
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Cash and cash equivalents as of June 30, 2014 were $255.0 million compared to $227.7 million at December 31, 2013. Net cash provided by operating activities was $23.5 million for the six months ended
June 30, 2014, as compared to $23.8 million for the six months ended June 30, 2013. |
The tables at the end of this press release
include a reconciliation of GAAP to non-GAAP income (loss) from operations and net income (loss) for the three and six months ended June 30, 2014 and 2013. An explanation of these measures is also included below under the heading Non-GAAP
Financial Measures.
Operating Highlights
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For the second quarter of 2014, on a constant currency basis, total revenue in the Americas increased 24% over the prior year period, total revenue from Europe increased 16% over the prior year period, and total revenue
from Rest of World increased 24% over the prior year period. |
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Added new customers during the second quarter of 2014 including 3P Learning Pty Ltd, Arkema Inc., Community Health Network, David Lloyd Leisure, Harris Farm Markets, Hindustan Zinc, IKEA Japan K.K., Kuoni Destination
Management, Saint-Gobain Corporation, Snapdeal, Southern Illinois Healthcare, and ZF Friedrichshafen AG. |
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Expanded numerous customer engagements globally through our land and expand strategy including Amerigas Partners LP, Bidvest 3663, BSkyB Ltd, Bunzl Plc, Dallas Independent School District, EDF Energy, Hartford
Healthcare Corp, Kansas State University Foundation, London City Airport, Ministry of Health (Oman), Moen Incorporated, National Institutes of Health, Ocean State Jobbers Inc., Schindler Liften B.V., Schiphol, Steward Healthcare System, Swedbank,
Tata Communications, Tata Technologies, Telenor Norge AS, Tesco Mobile, ThedaCare, Volkswagen India, XEROX (UK) LTD, and Victaulic Europe. |
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Completed 109 deals with license and first year maintenance over $100,000 in the second quarter of 2014, including 25 deals over $250,000, compared to 104 deals over $100,000 including 27 deals over $250,000 in the
prior year period. |
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Continued success with our land and expand strategy with 65% of license and first year maintenance billings generated from existing customers in the second quarter of 2014, compared to 60% in the prior year period.
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Generated 52% of license and first year maintenance billings from our indirect partner channel and 48% from our direct channel in the second quarter of 2014, compared to 57% from our indirect partner channel and 43%
from our direct channel in the prior year period. |
Business Outlook
Based on information available as of July 24, 2014, Qlik is issuing guidance for the third quarter and full year 2014 as follows:
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in millions, except for per share data |
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Guidance Range Q3 2014 |
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Low End |
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High End |
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Total revenue |
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$ |
122.0 |
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$ |
126.0 |
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Non-GAAP income (loss) from operations1 |
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$ |
(2.0 |
) |
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$ |
1.0 |
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Non-GAAP income (loss) per diluted common share2 |
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$ |
(0.02 |
) |
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$ |
0.01 |
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Guidance Range Full Year 2014 |
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Low End |
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High End |
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Total revenue |
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$ |
545.0 |
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$ |
555.0 |
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Non-GAAP income from operations1 |
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$ |
30.0 |
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$ |
35.0 |
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Non-GAAP income per diluted common share3 |
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$ |
0.23 |
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$ |
0.27 |
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1 |
Expectations of non-GAAP income (loss) from operations exclude stock-based compensation expense, employer payroll taxes on stock transactions, and amortization of intangible assets. |
2 |
Assumes an estimated long-term effective tax rate of 30%, basic weighted average shares outstanding of approximately 90 million, and diluted weighted average shares outstanding of approximately 91 million.
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3 |
Assumes an estimated long-term effective tax rate of 30% and diluted weighted average shares outstanding of approximately 91 million. |
Qliks expectations of total revenue, non-GAAP income (loss) from operations and non-GAAP income (loss) per diluted common share for the third quarter
and full year 2014 assume that foreign currency exchange rates for the third quarter and full year 2014 will approximate current exchange rates.
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 24, 2014 at 5:00 p.m. Eastern Time (ET) to discuss the companys 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 68469019. The presentation will be webcast live and available under the Events &
Presentations section on Qliks investor relations website at http://investor.qlik.com/. Following the conference call, a replay will be available until July 27, 2014 at (855) 859-2056 (domestic) or (404) 537-3406
(international). The replay pass code is 68469019. An archived webcast of this conference call will also be available under the Events & Presentations section on Qliks 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 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 and Reconciliation of Non-GAAP Revenue to GAAP Revenue. Qlik believes that the non-GAAP
financial information provided in this release can assist investors in understanding and assessing Qliks on-going core operations and prospects for the future and provides an additional tool for investors to use in comparing Qliks
financial results with other companies in Qliks 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, 2014 and 2013, non-GAAP income (loss) from operations is determined by taking GAAP income (loss) from operations and adding back stock-based compensation expense, employer payroll taxes on stock transactions, and
amortization of intangible assets. Non-GAAP net income (loss) is determined by taking GAAP income (loss) before (provision) benefit for income taxes and adding back stock-based compensation expense, employer payroll taxes on stock transactions, and
amortization of intangible assets 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 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:
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Stock-based compensation. Although stock-based compensation is an important aspect of the compensation of Qliks 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 Qliks control. Management believes it is useful to exclude stock-based compensation in order to
better understand the long-term performance of Qliks core business and to facilitate comparison of its results to those of peer companies. |
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Employer payroll taxes on stock transactions. The amount of employer payroll taxes on stock transactions is dependent on Qliks stock price and other factors that are beyond Qliks control and do
not correlate to the operation of its business. |
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Amortization of intangible assets. A portion of the purchase price of Qliks 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 acquisitions 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.
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To determine the revenue growth rates on a constant currency basis for the three and six months ended June 30, 2014, revenue from
entities reporting in foreign currencies was translated into U.S. dollars using the comparable prior year periods 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, employer payroll taxes on stock transactions, and amortization of intangible assets 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 2014
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 Qliks 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 historic 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 33,000 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 Qliks products, the introduction of product enhancements or additional products and Qliks growth, expansion and market leadership, that involve risks, uncertainties, assumptions
and other factors which, if they do not materialize or prove correct, could cause Qliks 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, seek, 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 Qliks business; Qliks ability to attract new customers and retain existing customers;
Qliks ability to effectively sell, service and support its products; Qliks ability to adapt to changing licensing and go to market business models; Qliks ability to manage its international operations; Qliks ability to
compete effectively; Qliks ability to develop and introduce new products and add-ons or enhancements to existing products; Qliks ability to continue to promote and maintain its brand in a cost-effective manner; Qliks ability to
manage growth; Qliks ability to attract and retain key personnel; currency fluctuations that affect Qliks revenues and costs; Qliks ability to successfully integrate acquisitions into its business; the scope and validity of
intellectual property rights applicable to Qliks 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 Qliks
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 Qliks views as of the date of this press release.
Any statements regarding Qliks 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
Qliks 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 Qliks views as of any date subsequent to the date of this press release.
© 2014 QlikTech International AB. All rights reserved. Qlik®, 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.
#
Qlik Technologies Inc.
Unaudited Consolidated Statements of Operations
(in thousands, except for share and per share data)
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2014 |
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2013 |
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2014 |
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2013 |
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Revenue: |
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License revenue |
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$ |
66,942 |
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$ |
60,501 |
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$ |
120,825 |
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$ |
113,153 |
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Maintenance revenue |
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|
50,889 |
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|
|
38,420 |
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|
|
96,734 |
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|
|
74,136 |
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Professional services revenue |
|
|
13,787 |
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|
|
9,086 |
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|
|
25,171 |
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|
|
17,266 |
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|
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Total revenue |
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|
131,618 |
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|
|
108,007 |
|
|
|
242,730 |
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|
|
204,555 |
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|
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Cost of revenue: |
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License revenue |
|
|
1,785 |
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|
|
1,523 |
|
|
|
3,291 |
|
|
|
3,170 |
|
Maintenance revenue |
|
|
2,768 |
|
|
|
2,546 |
|
|
|
5,825 |
|
|
|
5,418 |
|
Professional services revenue |
|
|
14,256 |
|
|
|
10,525 |
|
|
|
27,732 |
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|
|
20,362 |
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|
|
|
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|
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|
|
|
|
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|
Total cost of revenue |
|
|
18,809 |
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|
|
14,594 |
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|
|
36,848 |
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|
|
28,950 |
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Gross profit |
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|
112,809 |
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|
|
93,413 |
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|
|
205,882 |
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|
175,605 |
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Operating expenses: |
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|
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|
|
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|
|
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Sales and marketing |
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|
75,691 |
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|
64,447 |
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|
|
148,454 |
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|
|
125,427 |
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Research and development |
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|
17,588 |
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|
|
16,070 |
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|
34,634 |
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|
31,550 |
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General and administrative |
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|
26,531 |
|
|
|
21,988 |
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|
|
53,292 |
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|
44,481 |
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Total operating expenses |
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|
119,810 |
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|
|
102,505 |
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|
|
236,380 |
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|
201,458 |
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Loss from operations |
|
|
(7,001 |
) |
|
|
(9,092 |
) |
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|
(30,498 |
) |
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|
(25,853 |
) |
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Other expense, net: |
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Interest income, net |
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|
40 |
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|
35 |
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|
75 |
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|
|
67 |
|
Foreign exchange loss, net |
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|
(51 |
) |
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|
(504 |
) |
|
|
(414 |
) |
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|
(1,987 |
) |
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|
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|
Total other expense, net |
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|
(11 |
) |
|
|
(469 |
) |
|
|
(339 |
) |
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|
(1,920 |
) |
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|
|
|
|
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|
|
|
|
|
|
Loss before benefit (provision) for income taxes |
|
|
(7,012 |
) |
|
|
(9,561 |
) |
|
|
(30,837 |
) |
|
|
(27,773 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefit (provision) for income taxes |
|
|
(3,194 |
) |
|
|
1,512 |
|
|
|
(5,249 |
) |
|
|
6,518 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(10,206 |
) |
|
$ |
(8,049 |
) |
|
$ |
(36,086 |
) |
|
$ |
(21,255 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.11 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.40 |
) |
|
$ |
(0.24 |
) |
|
|
|
|
|
Weighted average number of common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
89,753,523 |
|
|
|
87,280,678 |
|
|
|
89,480,446 |
|
|
|
86,900,901 |
|
Stock-based compensation expense for the three and six months ended June 30, 2014 and 2013 is included in the
Unaudited Consolidated Statements of Operations as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
|
|
(unaudited) |
|
|
(unaudited) |
|
|
|
|
|
|
Cost of revenue |
|
$ |
639 |
|
|
$ |
690 |
|
|
$ |
1,195 |
|
|
$ |
1,298 |
|
Sales and marketing |
|
|
4,199 |
|
|
|
3,270 |
|
|
|
8,306 |
|
|
|
6,235 |
|
Research and development |
|
|
1,023 |
|
|
|
835 |
|
|
|
1,834 |
|
|
|
1,575 |
|
General and administrative |
|
|
2,817 |
|
|
|
1,797 |
|
|
|
5,181 |
|
|
|
3,473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
8,678 |
|
|
$ |
6,592 |
|
|
$ |
16,516 |
|
|
$ |
12,581 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
|
2014 |
|
|
2013 |
|
|
2014 |
|
|
2013 |
|
|
|
(unaudited) |
|
|
(unaudited) |
|
Reconciliation of non-GAAP income (loss) from operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP loss from operations |
|
$ |
(7,001 |
) |
|
$ |
(9,092 |
) |
|
$ |
(30,498 |
) |
|
$ |
(25,853 |
) |
Stock-based compensation expense |
|
|
8,678 |
|
|
|
6,592 |
|
|
|
16,516 |
|
|
|
12,581 |
|
Employer payroll taxes on stock transactions |
|
|
191 |
|
|
|
261 |
|
|
|
554 |
|
|
|
469 |
|
Amortization of intangible assets |
|
|
739 |
|
|
|
584 |
|
|
|
1,548 |
|
|
|
934 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP income (loss) from operations |
|
$ |
2,607 |
|
|
$ |
(1,655 |
) |
|
$ |
(11,880 |
) |
|
$ |
(11,869 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP income (loss) from operations as a percentage of total revenue |
|
|
2.0 |
% |
|
|
-1.5 |
% |
|
|
-4.9 |
% |
|
|
-5.8 |
% |
GAAP loss from operations as a percentage of total revenue |
|
|
-5.3 |
% |
|
|
-8.4 |
% |
|
|
-12.6 |
% |
|
|
-12.6 |
% |
|
|
|
|
|
Reconciliation of non-GAAP net income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss |
|
$ |
(10,206 |
) |
|
$ |
(8,049 |
) |
|
$ |
(36,086 |
) |
|
$ |
(21,255 |
) |
Stock-based compensation expense |
|
|
8,678 |
|
|
|
6,592 |
|
|
|
16,516 |
|
|
|
12,581 |
|
Employer payroll taxes on stock transactions |
|
|
191 |
|
|
|
261 |
|
|
|
554 |
|
|
|
469 |
|
Amortization of intangible assets |
|
|
739 |
|
|
|
584 |
|
|
|
1,548 |
|
|
|
934 |
|
Income tax adjustment* |
|
|
2,415 |
|
|
|
(874 |
) |
|
|
8,915 |
|
|
|
(2,381 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income (loss) |
|
$ |
1,817 |
|
|
$ |
(1,486 |
) |
|
$ |
(8,553 |
) |
|
$ |
(9,652 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income (loss) per common share - basic |
|
$ |
0.02 |
|
|
$ |
(0.02 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income (loss) per common share - diluted |
|
$ |
0.02 |
|
|
$ |
(0.02 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss per common share - basic and diluted |
|
$ |
(0.11 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.40 |
) |
|
$ |
(0.24 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP weighted average number of common shares outstanding - basic |
|
|
89,753,523 |
|
|
|
87,280,678 |
|
|
|
89,480,446 |
|
|
|
86,900,901 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP weighted average number of common shares outstanding - diluted |
|
|
90,923,413 |
|
|
|
87,280,678 |
|
|
|
89,480,446 |
|
|
|
86,900,901 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Weighted average number of common shares outstanding - basic and diluted |
|
|
89,753,523 |
|
|
|
87,280,678 |
|
|
|
89,480,446 |
|
|
|
86,900,901 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Income tax adjustment is used to adjust the GAAP benefit (provision) for income taxes to a non-GAAP benefit (provision) for income taxes by taking GAAP income (loss) before (provision) benefit for income taxes and
adding back (1) stock-based compensation expense, (2) employer payroll taxes on stock transactions, and (3) amortization of intangible assets 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 June 30, |
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
|
|
|
2014 |
|
|
2013 |
|
|
% change |
|
|
2014 |
|
|
2013 |
|
|
% change |
|
|
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
|
|
|
Constant currency reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue, as reported |
|
$ |
131,618 |
|
|
$ |
108,007 |
|
|
|
22 |
% |
|
$ |
242,730 |
|
|
$ |
204,555 |
|
|
|
19 |
% |
Estimated impact of foreign currency fluctuations |
|
|
|
|
|
|
|
|
|
|
-2 |
% |
|
|
|
|
|
|
|
|
|
|
-2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue constant currency growth rate |
|
|
|
|
|
|
|
|
|
|
20 |
% |
|
|
|
|
|
|
|
|
|
|
17 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
|
|
|
2014 |
|
|
2013 |
|
|
% change |
|
|
2014 |
|
|
2013 |
|
|
% change |
|
|
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
|
|
|
Constant currency reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License revenue, as reported |
|
$ |
66,942 |
|
|
$ |
60,501 |
|
|
|
11 |
% |
|
$ |
120,825 |
|
|
$ |
113,153 |
|
|
|
7 |
% |
Estimated impact of foreign currency fluctuations |
|
|
|
|
|
|
|
|
|
|
-2 |
% |
|
|
|
|
|
|
|
|
|
|
-2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License revenue constant currency growth rate |
|
|
|
|
|
|
|
|
|
|
9 |
% |
|
|
|
|
|
|
|
|
|
|
5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
|
|
|
2014 |
|
|
2013 |
|
|
% change |
|
|
2014 |
|
|
2013 |
|
|
% change |
|
|
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
|
|
|
Constant currency reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maintenance revenue, as reported |
|
$ |
50,889 |
|
|
$ |
38,420 |
|
|
|
32 |
% |
|
$ |
96,734 |
|
|
$ |
74,136 |
|
|
|
30 |
% |
Estimated impact of foreign currency fluctuations |
|
|
|
|
|
|
|
|
|
|
-2 |
% |
|
|
|
|
|
|
|
|
|
|
-1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maintenance revenue constant currency growth rate |
|
|
|
|
|
|
|
|
|
|
30 |
% |
|
|
|
|
|
|
|
|
|
|
29 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
|
|
|
2014 |
|
|
2013 |
|
|
% change |
|
|
2014 |
|
|
2013 |
|
|
% change |
|
|
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
|
|
|
Constant currency reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Professional Services revenue, as reported |
|
$ |
13,787 |
|
|
$ |
9,086 |
|
|
|
52 |
% |
|
$ |
25,171 |
|
|
$ |
17,266 |
|
|
|
46 |
% |
Estimated impact of foreign currency fluctuations |
|
|
|
|
|
|
|
|
|
|
-4 |
% |
|
|
|
|
|
|
|
|
|
|
-3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Professional services revenue constant currency growth rate |
|
|
|
|
|
|
|
|
|
|
48 |
% |
|
|
|
|
|
|
|
|
|
|
43 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
|
|
|
2014 |
|
|
2013 |
|
|
% change |
|
|
2014 |
|
|
2013 |
|
|
% change |
|
|
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
|
|
|
Constant currency reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas revenue, as reported |
|
$ |
46,632 |
|
|
$ |
37,858 |
|
|
|
23 |
% |
|
$ |
83,484 |
|
|
$ |
71,230 |
|
|
|
17 |
% |
Estimated impact of foreign currency fluctuations |
|
|
|
|
|
|
|
|
|
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas revenue constant currency growth rate |
|
|
|
|
|
|
|
|
|
|
24 |
% |
|
|
|
|
|
|
|
|
|
|
18 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
|
|
|
2014 |
|
|
2013 |
|
|
% change |
|
|
2014 |
|
|
2013 |
|
|
% change |
|
|
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
|
|
|
Constant currency reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe revenue, as reported |
|
$ |
70,356 |
|
|
$ |
57,990 |
|
|
|
21 |
% |
|
$ |
133,129 |
|
|
$ |
111,666 |
|
|
|
19 |
% |
Estimated impact of foreign currency fluctuations |
|
|
|
|
|
|
|
|
|
|
-5 |
% |
|
|
|
|
|
|
|
|
|
|
-5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe revenue constant currency growth rate |
|
|
|
|
|
|
|
|
|
|
16 |
% |
|
|
|
|
|
|
|
|
|
|
14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
|
|
|
2014 |
|
|
2013 |
|
|
% change |
|
|
2014 |
|
|
2013 |
|
|
% change |
|
|
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
|
|
|
Constant currency reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rest of World revenue, as reported |
|
$ |
14,630 |
|
|
$ |
12,159 |
|
|
|
20 |
% |
|
$ |
26,117 |
|
|
$ |
21,659 |
|
|
|
21 |
% |
Estimated impact of foreign currency fluctuations |
|
|
|
|
|
|
|
|
|
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rest of World revenue constant currency growth rate |
|
|
|
|
|
|
|
|
|
|
24 |
% |
|
|
|
|
|
|
|
|
|
|
26 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Qlik Technologies Inc.
Consolidated Balance Sheets
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
June 30, 2014 |
|
|
December 31, 2013 |
|
|
|
(unaudited) |
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
255,035 |
|
|
$ |
227,693 |
|
Accounts receivable, net |
|
|
126,087 |
|
|
|
162,009 |
|
Prepaid expenses and other current assets |
|
|
15,438 |
|
|
|
16,296 |
|
Deferred income taxes |
|
|
1,886 |
|
|
|
1,886 |
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
398,446 |
|
|
|
407,884 |
|
|
|
|
Property and equipment, net |
|
|
26,769 |
|
|
|
21,500 |
|
Intangible assets, net |
|
|
10,753 |
|
|
|
12,695 |
|
Goodwill |
|
|
21,139 |
|
|
|
21,233 |
|
Deferred income taxes |
|
|
2,401 |
|
|
|
2,107 |
|
Deposits and other noncurrent assets |
|
|
3,098 |
|
|
|
2,503 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
462,606 |
|
|
$ |
467,922 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Income taxes payable |
|
$ |
255 |
|
|
$ |
2,634 |
|
Accounts payable |
|
|
4,684 |
|
|
|
5,262 |
|
Deferred revenue |
|
|
109,444 |
|
|
|
98,684 |
|
Accrued payroll and other related costs |
|
|
42,232 |
|
|
|
46,780 |
|
Accrued expenses |
|
|
27,650 |
|
|
|
29,495 |
|
Deferred income taxes |
|
|
544 |
|
|
|
544 |
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
184,809 |
|
|
|
183,399 |
|
|
|
|
Long-term liabilities: |
|
|
|
|
|
|
|
|
Deferred revenue |
|
|
3,674 |
|
|
|
3,637 |
|
Deferred income taxes |
|
|
894 |
|
|
|
894 |
|
Other long-term liabilities |
|
|
8,036 |
|
|
|
7,822 |
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
197,413 |
|
|
|
195,752 |
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
Stockholders equity: |
|
|
|
|
|
|
|
|
Common stock |
|
|
9 |
|
|
|
9 |
|
Additional paid-in-capital |
|
|
294,513 |
|
|
|
265,711 |
|
Retained earnings (accumulated deficit) |
|
|
(33,049 |
) |
|
|
3,037 |
|
Accumulated other comprehensive income |
|
|
3,720 |
|
|
|
3,413 |
|
|
|
|
|
|
|
|
|
|
Total stockholders equity |
|
|
265,193 |
|
|
|
272,170 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders equity |
|
$ |
462,606 |
|
|
$ |
467,922 |
|
|
|
|
|
|
|
|
|
|
Qlik Technologies Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
2014 |
|
|
2013 |
|
|
|
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(36,086 |
) |
|
$ |
(21,255 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
5,136 |
|
|
|
3,684 |
|
Stock-based compensation expense |
|
|
16,516 |
|
|
|
12,581 |
|
Excess tax benefit from stock-based compensation |
|
|
(4,171 |
) |
|
|
(6,471 |
) |
Other non cash items |
|
|
1,630 |
|
|
|
5,945 |
|
Changes in assets and liabilities |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
35,193 |
|
|
|
46,496 |
|
Prepaid expenses and other assets |
|
|
(131 |
) |
|
|
1,859 |
|
Income taxes |
|
|
(2,379 |
) |
|
|
(23,310 |
) |
Deferred revenues |
|
|
10,937 |
|
|
|
4,281 |
|
Accounts payable and other liabilities |
|
|
(3,177 |
) |
|
|
36 |
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
|
23,468 |
|
|
|
23,846 |
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
Acquisitions, net of cash acquired |
|
|
|
|
|
|
(4,371 |
) |
Capital expenditures |
|
|
(7,865 |
) |
|
|
(4,516 |
) |
|
|
|
|
|
|
|
|
|
Net cash used in investing activities |
|
|
(7,865 |
) |
|
|
(8,887 |
) |
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
Proceeds from exercise of common stock options |
|
|
8,115 |
|
|
|
9,952 |
|
Excess tax benefit from stock-based compensation |
|
|
4,171 |
|
|
|
6,471 |
|
Payments on contingent consideration |
|
|
|
|
|
|
(219 |
) |
Payments on line of credit |
|
|
|
|
|
|
(1 |
) |
|
|
|
|
|
|
|
|
|
Net cash provided by financing activities |
|
|
12,286 |
|
|
|
16,203 |
|
Effect of exchange rate on cash and cash equivalents |
|
|
(547 |
) |
|
|
(3,416 |
) |
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents |
|
|
27,342 |
|
|
|
27,746 |
|
Cash and cash equivalents, beginning of period |
|
|
227,693 |
|
|
|
195,803 |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, end of period |
|
$ |
255,035 |
|
|
$ |
223,549 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow information: |
|
|
|
|
|
|
|
|
Cash paid during the period for income taxes |
|
$ |
3,997 |
|
|
$ |
7,905 |
|
|
|
|
|
|
|
|
|
|
Non-cash investing activities: |
|
|
|
|
|
|
|
|
Tenant improvement allowance received under operating lease |
|
$ |
1,048 |
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
Qlik Technologies Inc. (MM) (NASDAQ:QLIK)
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