Revenue Growth of 8%
Year-Over-Year
GAAP EPS: $1.17; Non-GAAP EPS: $1.52
FOSTER
CITY, Calif., Aug. 6, 2024
/PRNewswire/ -- Qualys, Inc. (NASDAQ: QLYS), a leading provider of
disruptive cloud-based IT, security and compliance solutions, today
announced financial results for the second quarter ended
June 30, 2024. For the quarter, the
Company reported revenues of $148.7
million, net income under United States Generally Accepted
Accounting Principles ("U.S. GAAP") of $43.8
million, non-GAAP net income of $56.9
million, Adjusted EBITDA of $69.9
million, GAAP net income per diluted share of $1.17, and non-GAAP net income per diluted share
of $1.52.
"We delivered a strong quarter of rapid innovation on the Qualys
Enterprise TruRisk Platform, reflecting our ongoing commitment to
extend our technology leadership and customer success," said
Sumedh Thakar, president and CEO of
Qualys. "Our comprehensive multi-sensor architecture and rapid
innovation engine underscore our growing thought leadership and the
value proposition we deliver to customers seeking to transform,
consolidate, and fortify their security posture. We believe Qualys
has created strong competitive differentiation and is strategically
well positioned as the foundational risk management platform for
the future with multiple avenues to drive sustainable long-term
growth."
Second Quarter 2024 Financial Highlights
Revenues: Revenues for the second quarter of 2024
increased by 8% to $148.7 million
compared to $137.2 million for the
same quarter in 2023.
Gross Profit: GAAP gross profit for the second
quarter of 2024 increased by 11% to $122.3
million compared to $110.5
million for the same quarter in 2023. GAAP gross margin was
82% for the second quarter of 2024 compared to 81% for the same
quarter in 2023. Non-GAAP gross profit for the second quarter of
2024 increased by 11% to $124.9
million compared to $113.0
million for the same quarter in 2023. Non-GAAP gross margin
was 84% for the second quarter of 2024 compared to 82% for the same
quarter in 2023.
Operating Income: GAAP operating income for the
second quarter of 2024 increased by 12% to $48.1 million compared to $42.8 million for the same quarter in 2023. As a
percentage of revenues, GAAP operating income was 32% for the
second quarter of 2024 compared to 31% for the same quarter in
2023. Non-GAAP operating income for the second quarter of 2024
increased by 11% to $65.9 million
compared to $59.6 million for the
same quarter in 2023. As a percentage of revenues, non-GAAP
operating income was 44% for the second quarter of 2024 compared to
43% for the same quarter in 2023.
Net Income: GAAP net income for the second quarter
of 2024 increased by 24% to $43.8
million, or $1.17 per diluted
share, compared to $35.4 million, or
$0.95 per diluted share, for the same
quarter in 2023. As a percentage of revenues, GAAP net income was
29% for the second quarter of 2024 compared to 26% for the same
quarter in 2023. Non-GAAP net income for the second quarter of 2024
was $56.9 million, or $1.52 per diluted share, compared to $47.5 million, or $1.27 per diluted share, for the same quarter in
2023. As a percentage of revenues, non-GAAP net income was 38% for
the second quarter of 2024 compared to 35% for the same quarter in
2023.
Adjusted EBITDA: Adjusted EBITDA (a non-GAAP
financial measure) for the second quarter of 2024 increased by 6%
to $69.9 million compared to
$65.8 million for the same quarter in
2023. As a percentage of revenues, Adjusted EBITDA was 47% for the
second quarter of 2024 compared to 48% for the same quarter in
2023.
Operating Cash Flow: Operating cash flow for the
second quarter of 2024 decreased by 3% to $49.8 million compared to $51.5 million for the same quarter in 2023. As a
percentage of revenues, operating cash flow was 34% for the second
quarter of 2024 compared to 38% for the same quarter in 2023.
Second Quarter 2024 Business Highlights
- Reinforced Qualys' commitment to the Managed Security Service
Provider (MSSP) channel by launching a new global MSSP portal to
streamline partner operations with a single-user interface that
helps accelerate client acquisition and growth.
- Delivered CyberSecurity Asset Management 3.0 with significant
External Attack Surface Management (EASM) enhancements for an
accurate, real-time view of asset inventory that reduces false
positives.
- Qualys' VMDR was named the best vulnerability management
solution by the prestigious SC Awards Europe.
- Expanded our focus on the government sector by accelerating
support for federal zero-trust strategies through automated asset
visibility and attack surface risk management aligning with the
Federal Information Security Modernization Act (FISMA) guidelines.
Additionally, Qualys hosted more than 200 attendees at its first
Public Sector Cyber Risk Conference in Washington, D.C., with notable speakers from
the public sector.
- Introduced Qualys' Containerized Scanner Appliance (QCSA)
providing agility, flexibility, scalability, isolation, and
standardization of Docker containers, an invaluable tool for modern
IT environments.
- Expanded File Integrity Monitoring (FIM) to support network
devices, providing customers with comprehensive tracking of file
and folder changes, as well as critical file access. This includes
real-time File Access Monitoring and Agentless FIM to help
organizations achieve Payment Card Industry - Data Security
Standard (PCI DSS) 4.0 compliance.
Financial Performance Outlook
Based on information as of today, August 6, 2024, Qualys is
issuing the following financial guidance for the third quarter and
full year fiscal 2024. The Company emphasizes that the guidance is
subject to various important cautionary factors referenced in the
sections entitled "Legal Notice Regarding Forward-Looking
Statements" and "Non-GAAP Financial Measures" below.
Third Quarter 2024 Guidance: Management expects revenues
for the third quarter of 2024 to be in the range of $149.8 million to $151.8
million, representing 5% to 7% growth over the same quarter
in 2023. GAAP net income per diluted share is expected to be in the
range of $0.85 to $0.93, which assumes an effective income tax rate
of 22%. Non-GAAP net income per diluted share is expected to be in
the range of $1.28 to $1.36, which assumes a non-GAAP effective income
tax rate of 21%. Third quarter 2024 net income per diluted share
estimates are based on approximately 37.4 million weighted average
diluted shares outstanding for the quarter.
Full Year 2024 Guidance: Management now expects revenues
for the full year of 2024 to be in the range of $597.5 million to $601.5
million, representing 8% growth over 2023. This compares to
the previous guidance range of $601.5
million to $608.5 million.
GAAP net income per diluted share is expected to be in the range of
$3.85 to $4.01, up from the previous guidance range of
$3.26 to $3.50. This assumes an effective income tax rate
of 21%. Non-GAAP net income per diluted share is expected to be in
the range of $5.46 to $5.62, up from the previous guidance range of
$5.06 to $5.30. This assumes a non-GAAP effective income
tax rate of 21%. Full year 2024 net income per diluted share
estimates are based on approximately 37.5 million weighted average
diluted shares outstanding.
Qualys has not reconciled non-GAAP net income per diluted share
guidance to GAAP net income per diluted share guidance because
Qualys does not provide guidance on the various reconciling cash
and non-cash items between GAAP net income and non-GAAP net income
(i.e., stock-based compensation, amortization of intangible assets
from acquisitions and non-recurring items). The actual dollar
amount of reconciling items in the third quarter and full year 2024
is likely to have a significant impact on the Company's GAAP net
income per diluted share in the third quarter and full year 2024. A
reconciliation of the non-GAAP net income per diluted share
guidance to the GAAP net income per diluted share guidance is not
available without unreasonable effort.
Investor Conference Call
Qualys will host a conference call and live webcast to discuss
its second quarter financial results at 5:00
p.m. Eastern Time (2:00 p.m. Pacific
Time) on Tuesday, August 6, 2024. To access the
conference call by phone, please register here. A live webcast of
the earnings conference call, investor presentation and prepared
remarks can be accessed at
https://investor.qualys.com/events-presentations. A replay of the
conference call will be available through the same webcast link
following the end of the call.
Investor Contact
Blair King
Vice President, Investor Relations and Corporate Development
(650) 538-2088
ir@qualys.com
About Qualys
Qualys, Inc. (NASDAQ: QLYS) is a leading provider of disruptive
cloud-based Security, Compliance and IT solutions with more than
10,000 subscription customers worldwide, including a majority of
the Forbes Global 100 and Fortune 100. Qualys helps
organizations streamline and consolidate their security and
compliance solutions onto a single platform for greater agility,
better business outcomes, and substantial cost savings.
The Qualys Enterprise TruRisk Platform leverages a single agent
to continuously deliver critical security intelligence while
enabling enterprises to automate the full spectrum of vulnerability
detection, compliance, and protection for IT systems, workloads and
web applications across on premises, endpoints, servers, public and
private clouds, containers, and mobile devices. Founded in 1999 as
one of the first SaaS security companies, Qualys has strategic
partnerships and seamlessly integrates its vulnerability management
capabilities into security offerings from cloud service providers,
including Amazon Web Services, the Google Cloud Platform and
Microsoft Azure, along with a number of leading managed service
providers and global consulting organizations. For more
information, please visit www.qualys.com.
Qualys, Qualys VMDR® and the Qualys logo are
proprietary trademarks of Qualys, Inc. All other products or names
may be trademarks of their respective companies.
Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements generally relate to future events or our future
financial or operating performance. Forward-looking statements in
this press release include, but are not limited to, quotations of
management and statements related to: the benefits of our existing,
new and upcoming products, features, integrations, acquisitions,
collaborations and joint solutions, and their impact upon our
long-term growth; our ability to advance our value proposition and
competitive differentiation in the market; our ability to address
demand trends; our ability to maintain and strengthen our category
leadership; our ability to solve modern security challenges at
scale; our strategies and ability to achieve and maintain durable
profitable growth; our guidance for revenues, GAAP EPS and non-GAAP
EPS for the third quarter and full year 2024; and our expectations
for the number of weighted average diluted shares outstanding and
the GAAP and non-GAAP effective income tax rate for the third
quarter and full year 2024. Our expectations and beliefs regarding
these matters may not materialize, and actual results in future
periods are subject to risks and uncertainties that could cause
actual results to differ materially from those projected. These
risks include our ability to continue to develop platform
capabilities and solutions; the ability of our platform and
solutions to perform as intended; customer acceptance and purchase
of our existing solutions and new solutions; real or perceived
defects, errors or vulnerabilities in our products or services; our
ability to retain existing customers and generate new customers;
the budgeting cycles and seasonal buying patterns of our customers;
general market, political, economic and business conditions in
the United States as well as
globally; our ability to manage costs as we increase our customer
base and the number of our platform solutions; the market for cloud
solutions for IT security and compliance not increasing at the rate
we expect; competition from other products and services;
fluctuations in currency exchange rates; unexpected fluctuations in
our effective income tax rate on a GAAP and non-GAAP basis; our
ability to effectively manage our rapid growth and our ability to
anticipate future market needs and opportunities; and any
unanticipated accounting charges. The forward-looking statements
contained in this press release are also subject to other risks and
uncertainties, including those more fully described in our filings
with the Securities and Exchange Commission, including our Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q.
The forward-looking statements in this press release are based
on information available to Qualys as of the date hereof, and
Qualys disclaims any obligation to update any forward-looking
statements, except as required by law.
Non-GAAP Financial Measures
In addition to reporting financial results in accordance with
GAAP, Qualys provides investors with certain non-GAAP financial
measures, including non-GAAP gross profit, non-GAAP gross margin,
non-GAAP operating expenses, non-GAAP operating income, non-GAAP
net income, non-GAAP net income per diluted share, Adjusted EBITDA
(defined as earnings before interest expense, interest income and
other income (expense), net, income taxes, depreciation,
amortization, and stock-based compensation) and non-GAAP free cash
flows (defined as cash provided by operating activities less
purchases of property and equipment, net of proceeds from
disposal).
In computing non-GAAP financial measures, Qualys excludes the
effects of stock-based compensation expense, amortization of
intangible assets from acquisitions, non-recurring items and for
non-GAAP net income, certain tax effects. Qualys believes that
these non-GAAP financial measures help illustrate underlying trends
in its business that could otherwise be masked by the effect of the
income or expenses that are excluded in non-GAAP gross profit,
non-GAAP gross margin, non-GAAP operating expenses, non-GAAP
operating income, non-GAAP net income, non-GAAP net income per
diluted share, Adjusted EBITDA and non-GAAP free cash flows.
Furthermore, Qualys uses some of these non-GAAP financial
measures to establish budgets and operational goals for managing
its business and evaluating its performance. Qualys believes that
non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating
expenses, non-GAAP operating income, non-GAAP net income, non-GAAP
net income per diluted share, Adjusted EBITDA and non-GAAP free
cash flows provide additional tools for investors to use in
comparing its recurring core business operating results over
multiple periods with other companies in its industry.
Although Qualys does not focus on or use quarterly billings in
managing or monitoring the performance of its business, Qualys
provides calculated current billings (defined as total revenues
recognized in a period plus the sequential change in current
deferred revenue in the corresponding period) for the convenience
of investors and analysts in building their own financial
models.
In order to provide a more complete picture of recurring core
operating business results, the Company's non-GAAP net income and
non-GAAP net income per diluted share include adjustments for
non-recurring income tax items and certain tax effects of non-GAAP
adjustments to achieve the effective income tax rate on a non-GAAP
basis. The Company's non-GAAP effective tax rate may differ from
the GAAP effective income tax rate as a result of these income tax
adjustments. The Company believes its estimated non-GAAP effective
income tax rate of 21% in 2024 is a reasonable estimate under its
current global operating structure and core business operations.
The Company may adjust this rate during the year to take into
account events or trends that it believes materially impact the
estimated annual rate. The non-GAAP effective income tax rate could
be subject to change for a number of reasons, including but not
limited to, significant changes resulting from tax legislation,
material changes in geographic mix of revenues and expenses and
other significant events.
The presentation of this non-GAAP financial information is not
intended to be considered in isolation or as a substitute for
results prepared in accordance with GAAP. A reconciliation of the
non-GAAP financial measures discussed in this press release to the
most directly comparable GAAP financial measures is included with
the financial statements contained in this press release.
Management uses both GAAP and non-GAAP information in evaluating
and operating its business internally and as such has determined
that it is important to provide this information to investors.
|
Qualys,
Inc.
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(unaudited)
|
|
(in thousands,
except per share data)
|
|
|
Three Months
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Revenues
|
$
148,708
|
|
$
137,209
|
|
$
294,513
|
|
$
267,892
|
|
Cost of revenues
(1)
|
26,415
|
|
26,662
|
|
53,613
|
|
53,616
|
|
Gross
profit
|
122,293
|
|
110,547
|
|
240,900
|
|
214,276
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Research and
development (1)
|
27,119
|
|
27,424
|
|
54,649
|
|
55,219
|
|
Sales and marketing
(1)
|
32,146
|
|
26,241
|
|
61,554
|
|
51,869
|
|
General and
administrative (1)
|
14,960
|
|
14,055
|
|
31,868
|
|
29,183
|
|
Total operating
expenses
|
74,225
|
|
67,720
|
|
148,071
|
|
136,271
|
|
Income from
operations
|
48,068
|
|
42,827
|
|
92,829
|
|
78,005
|
|
Other income (expense),
net:
|
|
|
|
|
|
|
|
|
Interest
income
|
6,703
|
|
3,809
|
|
12,826
|
|
6,206
|
|
Other expense,
net
|
(587)
|
|
(959)
|
|
(1,986)
|
|
(1,175)
|
|
Total other income,
net
|
6,116
|
|
2,850
|
|
10,840
|
|
5,031
|
|
Income before income
taxes
|
54,184
|
|
45,677
|
|
103,669
|
|
83,036
|
|
Income tax
provision
|
10,412
|
|
10,295
|
|
20,166
|
|
18,549
|
|
Net income
|
$
43,772
|
|
$
35,382
|
|
$
83,503
|
|
$
64,487
|
|
Net income per
share:
|
|
|
|
|
|
|
|
|
Basic
|
$
1.19
|
|
$
0.96
|
|
$
2.26
|
|
$
1.75
|
|
Diluted
|
$
1.17
|
|
$
0.95
|
|
$
2.22
|
|
$
1.72
|
|
Weighted average shares
used in computing net income per share:
|
|
|
|
|
|
|
|
|
Basic
|
36,915
|
|
36,842
|
|
36,935
|
|
36,954
|
|
Diluted
|
37,464
|
|
37,435
|
|
37,594
|
|
37,551
|
|
(1) Includes
stock-based compensation as follows:
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
$
1,866
|
|
$
1,717
|
|
$
3,886
|
|
$
3,309
|
|
Research and
development
|
5,160
|
|
5,103
|
|
10,463
|
|
10,063
|
|
Sales and
marketing
|
3,632
|
|
2,897
|
|
7,371
|
|
5,351
|
|
General and
administrative
|
6,428
|
|
6,288
|
|
14,397
|
|
13,315
|
|
Total stock-based
compensation, net of
amounts capitalized
|
$
17,086
|
|
$
16,005
|
|
$
36,117
|
|
$
32,038
|
|
Qualys,
Inc.
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(unaudited)
|
|
(in
thousands)
|
|
|
June 30,
2024
|
|
December 31,
2023
|
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
281,205
|
|
$
203,665
|
|
Restricted
cash
|
—
|
|
1,500
|
|
Short-term marketable
securities
|
112,004
|
|
221,893
|
|
Accounts receivable,
net
|
109,584
|
|
146,226
|
|
Prepaid expenses and
other current assets
|
31,266
|
|
26,714
|
|
Total current
assets
|
534,059
|
|
599,998
|
|
Long-term marketable
securities
|
162,058
|
|
56,644
|
|
Property and equipment,
net
|
27,758
|
|
32,599
|
|
Operating leases -
right of use asset
|
44,100
|
|
22,391
|
|
Deferred tax assets,
net
|
70,433
|
|
62,761
|
|
Intangible assets,
net
|
8,172
|
|
9,715
|
|
Goodwill
|
7,447
|
|
7,447
|
|
Noncurrent restricted
cash
|
1,200
|
|
1,200
|
|
Other noncurrent
assets
|
21,373
|
|
19,863
|
|
Total
assets
|
$
876,600
|
|
$
812,618
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$
1,277
|
|
$
988
|
|
Accrued
liabilities
|
36,095
|
|
43,096
|
|
Deferred revenues,
current
|
324,334
|
|
333,267
|
|
Operating lease
liabilities, current
|
10,123
|
|
11,857
|
|
Total current
liabilities
|
371,829
|
|
389,208
|
|
Deferred revenues,
noncurrent
|
28,812
|
|
31,671
|
|
Operating lease
liabilities, noncurrent
|
40,437
|
|
16,885
|
|
Other noncurrent
liabilities
|
7,727
|
|
6,680
|
|
Total
liabilities
|
448,805
|
|
444,444
|
|
Stockholders'
equity:
|
|
|
|
|
Common
stock
|
37
|
|
37
|
|
Additional paid-in
capital
|
623,939
|
|
597,921
|
|
Accumulated other
comprehensive loss
|
(534)
|
|
(1,704)
|
|
Accumulated
deficit
|
(195,647)
|
|
(228,080)
|
|
Total stockholders'
equity
|
427,795
|
|
368,174
|
|
Total liabilities and
stockholders' equity
|
$
876,600
|
|
$
812,618
|
|
Qualys,
Inc
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(unaudited)
|
|
(in
thousands)
|
|
|
Six Months
Ended
June 30,
|
|
2024
|
|
2023
|
|
Cash flow from
operating activities:
|
|
|
|
|
Net income
|
$
83,503
|
|
$
64,487
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
Depreciation and
amortization expense
|
10,019
|
|
14,446
|
|
Provision for credit
losses
|
277
|
|
160
|
|
Loss on non-marketable
securities
|
—
|
|
533
|
|
Stock-based
compensation, net of amounts capitalized
|
36,117
|
|
32,038
|
|
Accretion of discount
on marketable securities, net
|
(3,520)
|
|
(1,412)
|
|
Deferred income
taxes
|
(8,165)
|
|
(9,122)
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
Accounts
receivable
|
36,365
|
|
(3,277)
|
|
Prepaid expenses and
other assets
|
(4,489)
|
|
(7,450)
|
|
Accounts
payable
|
229
|
|
(813)
|
|
Accrued liabilities
and other noncurrent liabilities
|
(3,215)
|
|
8,736
|
|
Deferred
revenues
|
(11,792)
|
|
20,002
|
|
Net cash provided by
operating activities
|
135,329
|
|
118,328
|
|
Cash flow from
investing activities:
|
|
|
|
|
Purchases of
marketable securities
|
(191,812)
|
|
(159,392)
|
|
Sales and maturities
of marketable securities
|
198,250
|
|
167,120
|
|
Purchases of property
and equipment
|
(3,077)
|
|
(5,455)
|
|
Net cash provided by
investing activities
|
3,361
|
|
2,273
|
|
Cash flow from
financing activities:
|
|
|
|
|
Repurchase of common
stock
|
(53,017)
|
|
(108,817)
|
|
Proceeds from exercise
of stock options
|
5,970
|
|
7,148
|
|
Payments for taxes
related to net share settlement of equity awards
|
(17,711)
|
|
(9,494)
|
|
Proceeds from issuance
of common stock through employee stock purchase plan
|
3,608
|
|
2,988
|
|
Payment of
acquisition-related holdback
|
(1,500)
|
|
—
|
|
Net cash used in
financing activities
|
(62,650)
|
|
(108,175)
|
|
Net increase in cash,
cash equivalents and restricted cash
|
76,040
|
|
12,426
|
|
Cash, cash equivalents
and restricted cash at beginning of period
|
206,365
|
|
176,419
|
|
Cash, cash equivalents
and restricted cash at end of period
|
$
282,405
|
|
$
188,845
|
|
Qualys,
Inc.
|
|
RECONCILIATION OF
NON-GAAP DISCLOSURES
|
|
ADJUSTED
EBITDA
|
|
(unaudited)
|
|
(in thousands,
except percentages)
|
|
|
Three Months
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Net income
|
$
43,772
|
|
$
35,382
|
|
$
83,503
|
|
$
64,487
|
|
Net income as a
percentage of revenues
|
29 %
|
|
26 %
|
|
28 %
|
|
24 %
|
|
Depreciation and
amortization of property and equipment
|
4,009
|
|
6,230
|
|
8,476
|
|
12,902
|
|
Amortization of
intangible assets
|
771
|
|
772
|
|
1,543
|
|
1,544
|
|
Income tax
provision
|
10,412
|
|
10,295
|
|
20,166
|
|
18,549
|
|
Stock-based
compensation
|
17,086
|
|
16,005
|
|
36,117
|
|
32,038
|
|
Total other income,
net
|
(6,116)
|
|
(2,850)
|
|
(10,840)
|
|
(5,031)
|
|
Adjusted
EBITDA
|
$
69,934
|
|
$
65,834
|
|
$ 138,965
|
|
$ 124,489
|
|
Adjusted EBITDA as a
percentage of revenues
|
47 %
|
|
48 %
|
|
47 %
|
|
46 %
|
|
Qualys,
Inc.
|
|
RECONCILIATION OF
NON-GAAP DISCLOSURES
|
|
(unaudited)
|
|
(in thousands,
except per share data)
|
|
|
Three Months
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
GAAP Cost of
revenues
|
$
26,415
|
|
$
26,662
|
|
$
53,613
|
|
$
53,616
|
|
Less: Stock-based
compensation
|
(1,866)
|
|
(1,717)
|
|
(3,886)
|
|
(3,309)
|
|
Less: Amortization of
intangible assets
|
(746)
|
|
(747)
|
|
(1,493)
|
|
(1,494)
|
|
Non-GAAP Cost of
revenues
|
$
23,803
|
|
$
24,198
|
|
$
48,234
|
|
$
48,813
|
|
GAAP Gross
profit
|
$
122,293
|
|
$
110,547
|
|
$
240,900
|
|
$
214,276
|
|
Plus: Stock-based
compensation
|
1,866
|
|
1,717
|
|
3,886
|
|
3,309
|
|
Plus: Amortization of
intangible assets
|
746
|
|
747
|
|
1,493
|
|
1,494
|
|
Non-GAAP Gross
Profit
|
$
124,905
|
|
$
113,011
|
|
$
246,279
|
|
$
219,079
|
|
GAAP Research and
development
|
$
27,119
|
|
$
27,424
|
|
$
54,649
|
|
$
55,219
|
|
Less: Stock-based
compensation
|
(5,160)
|
|
(5,103)
|
|
(10,463)
|
|
(10,063)
|
|
Less: Amortization of
intangible assets
|
(25)
|
|
(25)
|
|
(50)
|
|
(50)
|
|
Non-GAAP Research and
development
|
$
21,934
|
|
$
22,296
|
|
$
44,136
|
|
$
45,106
|
|
GAAP Sales and
marketing
|
$
32,146
|
|
$
26,241
|
|
$
61,554
|
|
$
51,869
|
|
Less: Stock-based
compensation
|
(3,632)
|
|
(2,897)
|
|
(7,371)
|
|
(5,351)
|
|
Non-GAAP Sales and
marketing
|
$
28,514
|
|
$
23,344
|
|
$
54,183
|
|
$
46,518
|
|
GAAP General and
administrative
|
$
14,960
|
|
$
14,055
|
|
$
31,868
|
|
$
29,183
|
|
Less: Stock-based
compensation
|
(6,428)
|
|
(6,288)
|
|
(14,397)
|
|
(13,315)
|
|
Non-GAAP General and
administrative
|
$
8,532
|
|
$
7,767
|
|
$
17,471
|
|
$
15,868
|
|
GAAP Operating
expenses
|
$
74,225
|
|
$
67,720
|
|
$
148,071
|
|
$
136,271
|
|
Less: Stock-based
compensation
|
(15,220)
|
|
(14,288)
|
|
(32,231)
|
|
(28,729)
|
|
Less: Amortization of
intangible assets
|
(25)
|
|
(25)
|
|
(50)
|
|
(50)
|
|
Non-GAAP Operating
expenses
|
$
58,980
|
|
$
53,407
|
|
$
115,790
|
|
$
107,492
|
|
GAAP Income from
operations
|
$
48,068
|
|
$
42,827
|
|
$
92,829
|
|
$
78,005
|
|
Plus: Stock-based
compensation
|
17,086
|
|
16,005
|
|
36,117
|
|
32,038
|
|
Plus: Amortization of
intangible assets
|
771
|
|
772
|
|
1,543
|
|
1,544
|
|
Non-GAAP Income from
operations
|
$
65,925
|
|
$
59,604
|
|
$
130,489
|
|
$
111,587
|
|
GAAP Net
income
|
$
43,772
|
|
$
35,382
|
|
$
83,503
|
|
$
64,487
|
|
Plus: Stock-based
compensation
|
17,086
|
|
16,005
|
|
36,117
|
|
32,038
|
|
Plus: Amortization of
intangible assets
|
771
|
|
772
|
|
1,543
|
|
1,544
|
|
Less: Tax
adjustment
|
(4,717)
|
|
(4,704)
|
|
(9,513)
|
|
(9,440)
|
|
Non-GAAP Net
income
|
$
56,912
|
|
$
47,455
|
|
$
111,650
|
|
$
88,629
|
|
GAAP Net income per
share:
|
|
|
|
|
|
|
|
|
Basic
|
$
1.19
|
|
$
0.96
|
|
$
2.26
|
|
$
1.75
|
|
Diluted
|
$
1.17
|
|
$
0.95
|
|
$
2.22
|
|
$
1.72
|
|
Non-GAAP Net income per
share:
|
|
|
|
|
|
|
|
|
Basic
|
$
1.54
|
|
$
1.29
|
|
$
3.02
|
|
$
2.40
|
|
Diluted
|
$
1.52
|
|
$
1.27
|
|
$
2.97
|
|
$
2.36
|
|
Weighted average shares
used in GAAP and non-GAAP net income per share:
|
|
Basic
|
36,915
|
|
36,842
|
|
36,935
|
|
36,954
|
|
Diluted
|
37,464
|
|
37,435
|
|
37,594
|
|
37,551
|
|
Qualys,
Inc.
|
|
RECONCILIATION OF
NON-GAAP DISCLOSURES
|
|
FREE CASH
FLOWS
|
|
(unaudited)
|
|
(in
thousands)
|
|
|
Six Months
Ended
June 30,
|
|
2024
|
|
2023
|
|
GAAP Cash flows
provided by operating activities
|
$
135,329
|
|
$
118,328
|
|
Less:
|
|
|
|
|
Purchases of property
and equipment, net of proceeds from disposal
|
(3,077)
|
|
(5,455)
|
|
Non-GAAP Free cash
flows
|
$
132,252
|
|
$
112,873
|
|
Qualys,
Inc.
|
|
RECONCILIATION OF
NON-GAAP DISCLOSURES
|
|
CALCULATED CURRENT
BILLINGS
|
|
(unaudited)
|
|
(in thousands,
except percentages)
|
|
|
Three Months
Ended
June 30,
|
|
2024
|
|
2023
|
|
GAAP Revenue
|
$ 148,708
|
|
$ 137,209
|
|
GAAP Revenue growth
compared to same quarter of prior year
|
8 %
|
|
14 %
|
|
Plus: Current deferred
revenue at June 30
|
324,334
|
|
302,446
|
|
Less: Current deferred
revenue at March 31
|
(332,128)
|
|
(296,516)
|
|
Non-GAAP Calculated
current billings
|
$ 140,914
|
|
$ 143,139
|
|
Calculated current
billings growth compared to same quarter of prior year
|
(2 %)
|
|
11 %
|
View original
content:https://www.prnewswire.com/news-releases/qualys-announces-second-quarter-2024-financial-results-302214920.html
SOURCE Qualys, Inc.