Qlik Technologies Inc : QlikTech Announces Fourth Quarter and Full Year 2012 Financial Results
02/14/2013| 04:10pm US/Eastern
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Total revenue of $137.5 million increases 27% compared to fourth
quarter of 2011
License revenue of $93.5 million increases 24% compared to fourth
quarter of 2011
Total revenue in the Americas increases 41% compared to the fourth
quarter of 2011
Announces CFO Transition
Qlik Technologies Inc. ("QlikTech") (Nasdaq: QLIK), a leader in Business
Discovery -- user-driven Business Intelligence (BI), today announced
financial results for the fourth quarter and full year ended December
31, 2012.
Lars Björk, Chief Executive Officer of QlikTech, stated, "I am pleased
with our strong fourth quarter results with revenue increasing 27%
year-over-year driven by enterprise sales. As we look ahead to 2013, we
continue to see strong demand for our products and we are focused on
broadening our service offerings, further improving our customer ROI and
driving significant levels of growth, while also targeting modest
improvements in our profit margins."
Financial Highlights for the Fourth Quarter Ended December 31, 2012
Total revenue for the fourth quarter of 2012 was $137.5 million, an
increase of 27% from $108.1 million in the fourth quarter of 2011.
License revenue was $93.5 million, an increase of 24% from $75.7
million in the fourth quarter of 2011. The impact of foreign exchange
rate fluctuations from the prior year reduced total revenue by less
than 1%.
GAAP income from operations for the fourth quarter of 2012 was $26.5
million, compared to $26.2 million for the fourth quarter of 2011.
GAAP net income was $13.3 million, or $0.15 per diluted common share,
compared to $15.6 million, or $0.18 per diluted common share, in the
fourth quarter of 2011.
Non-GAAP income from operations was $32.3 million for the fourth
quarter of 2012, compared to $30.6 million for the fourth quarter of
2011. Non-GAAP net income was $22.0 million for the fourth quarter of
2012, or $0.25 per diluted common share, compared to $20.4 million, or
$0.23 per diluted common share, for the fourth quarter of 2011.
Financial Highlights for the Full Year Ended December 31, 2012
Total revenue for the full year 2012 was $388.5 million, an increase
of 21% from the full year 2011 and 26% on a constant currency basis.
License revenue was $238.7 million, an increase of 17% over the prior
year and 21% on a constant currency basis.
GAAP income from operations for the full year 2012 was $14.6 million,
compared to $19.7 million for the full year 2011. GAAP net income was
$3.8 million, or $0.04 per diluted common share, compared to $9.0
million, or $0.11 per diluted common share, for the full year 2011.
Non-GAAP income from operations was $36.6 million for the full year
2012, compared to $34.7 million for the full year 2011. Non-GAAP net
income was $22.9 million, or $0.26 per diluted common share, for the
full year 2012, compared to $23.1 million, or $0.27 per diluted common
share, for the full year 2011.
Cash and cash equivalents as of December 31, 2012 were $195.8 million.
Net cash provided by operating activities was $27.7 million in 2012,
as compared to $16.7 million in 2011.
The tables at the end of this press release include a reconciliation of
GAAP to non-GAAP income from operations and net income for the three and
twelve months ended December 31, 2012 and 2011. An explanation of these
measures is also included below under the heading "Non-GAAP Financial
Measures."
Announces CFO Transition
QlikTech today announced Bill Sorenson's intention to resign as Chief
Financial Officer for personal reasons. The company has initiated a
search to identify a Chief Financial Officer and expects to conclude the
search process expeditiously. Mr. Sorenson plans to continue as Chief
Financial Officer of QlikTech until a successor is named in order to
facilitate an orderly transition of his responsibilities.
Mr. Björk said, "On behalf of the Board of Directors and the QlikTech
management team, I want to thank Bill for his many years of service to
the company. Since joining QlikTech in 2008, Bill has played an integral
role in the company's growth, including taking us through the IPO and
building a strong global finance and IT team. I am confident that our
team is well prepared to support the continued execution of our
strategic vision and growth goals and I appreciate Bill's commitment to
ensuring a smooth transition. We wish him all the best."
Operating Highlights
For the fourth quarter of 2012, on a constant currency basis, revenue
in the Americas increased 42% over the prior year period, revenue from
Europe increased 20% over the prior year period, and revenue from Rest
of World increased 34% over the prior year period.
Added new customers during the fourth quarter of 2012 including
Alliance Healthcare France, Cardinal Health, London City Airport,
Informatique Banque Populaire, Infrastructure Development Finance
Company of India, London Borough of Camden, NASDAQ OMX Group, Rockford
Health System and Toyota Motor Corporation Australia.
Expanded numerous customer engagements globally through our land and
expand strategy including Bell Helicopter, Chrysler Group, Children's
Hospital of Philadelphia, El Corte Inglés, Eaton Corporation,
Xchanging Global Insurance Solutions, Fiat Italia S.p.A, Lundbeck LLC,
London Heathrow Airport, Malmo City, MARKANT Handels & Service GmbH,
McAfee, Multiplan, The Nemours Foundation, Schiphol Nederland BV,
SodaStream, SunTrust Bank, Telecom Italia S.p.A., Telstra Corporation
Limited and Toshiba Corporation.
Completed 177 deals with license and first year maintenance over
$100,000 in the fourth quarter of 2012, including 52 deals over
$250,000, compared to 159 deals over $100,000 and 35 deals over
$250,000 in the same period last year.
Continued success with land and expand strategy with 67% of license
and first year maintenance billings in the fourth quarter of 2012 from
existing customers.
Generated 51% of license and first year maintenance billings from our
indirect partner channel and 49% from our direct channel in the fourth
quarter of 2012.
Business Outlook
Based on information available as of February 14, 2013, QlikTech is
issuing guidance for the first quarter and full year 2013 as follows:
in millions, except for per share data
Guidance Range
Q1 2013
Low End
High End
Total revenue
$
87.0
$
91.0
Non-GAAP loss from operations1
$
(18.0
)
$
(15.0
)
Non-GAAP loss per common share2
$
(0.15
)
$
(0.12
)
Guidance Range
Full Year 2013
Low End
High End
Total revenue
$
465.0
$
475.0
Non-GAAP income from operations1
$
50.0
$
54.0
Non-GAAP income per diluted common share3
$
0.39
$
0.42
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% and weighted
average shares outstanding of 86 million. 3
Assumes an estimated long-term effective tax rate of 30% and weighted
average shares outstanding of 89 million.
QlikTech's first quarter 2013 guidance reflects seasonal revenue
patterns as well as costs related to the company's annual employee
summit which was held in January 2013, along with higher overall
personnel expenses and related costs as a result of continued hiring,
and seasonal increases in employer payroll taxes and benefit expenses.
QlikTech'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 2013 assume that foreign currency exchange
rates for the first quarter and full year 2013 will approximate current
exchange rates.
QlikTech 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
QlikTech will host a conference call on Thursday, February 14, 2013 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 presentation will be webcast live and available under the "Events &
Presentations" section on QlikTech's investor relations website at http://investor.qlikview.com/.
Following the conference call, a replay will be available until February
19, 2013 at (855) 859-2056 (domestic) or (404) 537-3406 (international).
The replay pass code is 86090013. An archived webcast of this conference
call will also be available under the "Events & Presentations" section
on QlikTech's investor relations.
Non-GAAP Financial Measures
To supplement the consolidated financial statements presented in
accordance with generally accepted accounting principles in the United
States, or GAAP, QlikTech 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." QlikTech believes that the non-GAAP
financial information provided in this release can assist investors in
understanding and assessing QlikTech's on-going core operations and
prospects for the future and provides an additional tool for investors
to use in comparing QlikTech's financial results with other companies in
QlikTech's industry, many of which present similar non-GAAP financial
measures to investors. In addition, QlikTech 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 full year ended December 31, 2012 and 2011,
non-GAAP income from operations is determined by taking income from
operations and adding back stock-based compensation expense, employer
payroll taxes on stock transactions, amortization of intangible assets,
contingent consideration adjustment and lease termination costs.
Non-GAAP net income is determined by taking GAAP net income before
provision for income taxes and adding back stock-based compensation
expense, employer payroll taxes on stock transactions, amortization of
intangible assets, contingent consideration adjustment and lease
termination costs and the result is tax affected at an estimated
long-term effective tax rate of 32%. QlikTech 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 QlikTech'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 QlikTech's control. Management believes it is useful to exclude
stock-based compensation in order to better understand the long-term
performance of QlikTech'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
QlikTech's stock price and other factors that are beyond QlikTech's
control and do not correlate to the operation of its business.
Amortization of intangible assets. A portion of the purchase
price of QlikTech's acquisitions is generally allocated to intangible
assets, such as intellectual property, and is subject to amortization.
However, QlikTech 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. In January 2010, QlikTech
acquired Syllogic Corporation, a reseller of QlikView software in
Japan. The purchase price included contingent cash consideration of up
to $0.8 million. At each reporting date, management remeasures the
contingent consideration at fair value until the contingency is
resolved. During the three months ended December 31, 2011, a charge of
$0.3 million was recorded related to changes in fair value of
contingent consideration liabilities and is included in QlikTech's
consolidated statement of income. Management believes that these costs
are generally non-recurring and do not correlate to the ongoing
operation of its business.
Lease termination costs. Lease termination costs include
termination costs to settle lease obligations related to facilities
that are no longer occupied as well as the write-off of leasehold
improvements related to those facilities that are no longer in use.
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 full year ended December 31, 2012, revenue from
entities reporting in foreign currencies was translated into U.S.
dollars using the comparable prior year period's 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 tax rate of 30%. QlikTech's
expectations of its estimated long-term effective tax rate are being
revised for 2013 from 32% to 30% as a result of reductions in the
corporate tax rates in several foreign jurisdictions where it operates.
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 quarter and full year 2013
will approximate current foreign currency exchange rates.
The presentation of these non-GAAP financial measures is not intended to
be considered in isolation or as a substitute for results prepared in
accordance with GAAP. The principal limitation of these non-GAAP
financial measures is that they exclude significant elements that are
required by GAAP to be recorded in QlikTech's financial statements. In
addition, they are subject to inherent limitations as they reflect the
exercise of judgments by management in determining these non-GAAP
financial measures. In order to compensate for these limitations,
management of QlikTech presents its non-GAAP financial measures in
connection with its GAAP results. Investors are encouraged to review the
reconciliation of our non-GAAP financial measures to their most directly
comparable GAAP financial measure. As previously mentioned, a
reconciliation of our historic non-GAAP financial measures to their most
directly comparable GAAP measures has been provided below.
About QlikTech
QlikTech (NASDAQ: QLIK) is a leader in Business Discovery--user-driven
Business Intelligence (BI). Its QlikView Business Discovery solution
bridges the gap between traditional BI solutions and inadequate
spreadsheet applications. The in-memory associative search technology
QlikTech pioneered created the self-service BI category, allowing users
to explore information freely rather than being confined to a predefined
path of questions. Appropriate from SMB to the largest global
enterprise, QlikView's self-service analysis can be deployed with data
governance in days or weeks. The QlikView Business Discovery platform's
app-driven model works with existing BI solutions, offering an immersive
mobile and social, collaborative experience. Headquartered in Radnor,
Pennsylvania, QlikTech has offices around the world serving
approximately 27,000 customers in over 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
QlikTech's products, the introduction of product enhancements or
additional products and QlikTech's growth, expansion and market
leadership, that involve risks, uncertainties, assumptions and other
factors which, if they do not materialize or prove correct, could cause
QlikTech's results to differ materially from those expressed or implied
by such forward-looking statements. All statements, other than
statements of historical fact, are statements that could be deemed
forward-looking statements, including statements containing the words
"predicts," "plan," "expects," "focus," "anticipates," "believes,"
"goal," "target," "estimate," "potential," "may," "will," "might,"
"momentum," "could," "seek," and similar words. QlikTech intends all
such forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in Section 21E of
the Exchange Act and the Private Securities Litigation Reform Act of
1995. Actual results may differ materially from those projected in such
statements due to various factors, including but not limited to: risks
and uncertainties inherent in our business; our ability to attract new
customers and retain existing customers; our ability to effectively
sell, service and support our products; our ability to manage our
international operations; our ability to compete effectively; our
ability to develop and introduce new products and add-ons or
enhancements to existing products; our ability to continue to promote
and maintain our brand in a cost-effective manner; our ability to manage
growth; our ability to attract and retain key personnel; currency
fluctuations that affect our revenues and costs; the scope and validity
of intellectual property rights applicable to our products; adverse
economic conditions in general and adverse economic conditions
specifically affecting the markets in which we operate; and other risks
more fully described in QlikTech's publicly available filings with the
Securities and Exchange Commission. Past performance is not necessarily
indicative of future results. The forward-looking statements included in
this press release represent QlikTech's views as of the date of this
press release. QlikTech anticipates that subsequent events and
developments will cause its views to change. QlikTech 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 QlikTech's views as of any date subsequent to the date of
this press release.
QlikTech and QlikView are trademarks or registered trademarks of
QlikTech or its subsidiaries in the U.S. and other countries. Other
company names, product names and company logos mentioned herein are the
trademarks, or registered trademarks of their respective owners.
Qlik Technologies Inc.
Consolidated Statements of Income
(in thousands, except for share and per share data)
Three Months Ended December 31,
Year Ended December 31,
2012
2011
2012
2011
(unaudited)
(unaudited)
Revenue:
License revenue
$
93,502
$
75,663
$
238,674
$
204,414
Maintenance revenue
34,901
24,981
120,490
89,129
Professional services revenue
9,082
7,410
29,373
27,076
Total revenue
137,485
108,054
388,537
320,619
Cost of revenue:
License revenue
2,511
930
5,058
3,540
Maintenance revenue
2,389
1,673
8,526
6,787
Professional services revenue
8,864
6,461
29,705
24,020
Total cost of revenue
13,764
9,064
43,289
34,347
Gross profit
123,721
98,990
345,248
286,272
Operating expenses:
Sales and marketing
61,512
49,399
211,314
178,456
Research and development
14,043
6,107
39,995
24,870
General and administrative
21,634
17,272
79,309
63,287
Total operating expenses
97,189
72,778
330,618
266,613
Income from operations
26,532
26,212
14,630
19,659
Other income (expense):
Interest income, net
126
117
250
263
Foreign exchange loss and other expense, net
(62
)
(706
)
(3,141
)
(1,058
)
Total other income (expense), net
64
(589
)
(2,891
)
(795
)
Income before provision for income taxes
26,596
25,623
11,739
18,864
Provision for income taxes
(13,331
)
(10,001
)
(7,900
)
(9,820
)
Net income
$
13,265
$
15,622
$
3,839
$
9,044
Net income per common share
Basic
$
0.15
$
0.19
$
0.04
$
0.11
Diluted
$
0.15
$
0.18
$
0.04
$
0.11
Weighted average number of common shares outstanding
Basic
85,978,894
83,981,078
85,423,074
82,043,958
Diluted
88,206,630
87,520,893
87,640,844
85,574,414
Stock-based compensation expense for the three months and the
year ended December 31, 2012 and 2011 is included in the unaudited
ConsolidatedStatements of Income as follows (in thousands):
Three Months Ended December 31,
Year Ended December 31,
2012
2011
2012
2011
(unaudited)
(unaudited)
Cost of revenue
$
586
$
251
$
1,651
$
701
Sales and marketing
2,624
2,285
10,337
5,672
Research and development
633
296
2,058
710
General and administrative
1,509
1,015
5,269
3,123
$
5,352
$
3,847
$
19,315
$
10,206
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,
2012
2011
2012
2011
(unaudited)
(unaudited)
Reconciliation of non-GAAP income from operations:
GAAP income from operations
$
26,532
$
26,212
$
14,630
$
19,659
Stock-based compensation expense
5,352
3,847
19,315
10,206
Employer payroll taxes on stock transactions
99
257
1,948
2,371
Amortization of intangible assets
329
-
730
-
Contingent consideration adjustment
-
265
-
265
Lease termination costs
-
-
-
2,236
Non-GAAP income from operations
$
32,312
$
30,581
$
36,623
$
34,737
Non-GAAP income from operations as a percentage of total revenue
23.5
%
28.3
%
9.4
%
10.8
%
GAAP income from operations as a percentage of total revenue
19.3
%
24.3
%
3.8
%
6.1
%
Reconciliation of non-GAAP net income:
GAAP net income
$
13,265
$
15,622
$
3,839
$
9,044
Stock-based compensation expense
5,352
3,847
19,315
10,206
Employer payroll taxes on stock transactions
99
257
1,948
2,371
Amortization of intangible assets
329
-
730
-
Contingent consideration adjustment
-
265
-
265
Lease termination costs
-
-
-
2,236
Income tax adjustment*
2,971
404
(2,894
)
(1,041
)
Non-GAAP net income
$
22,016
$
20,395
$
22,938
$
23,081
Non-GAAP net income per common share - basic
$
0.26
$
0.24
$
0.27
$
0.28
Non-GAAP net income per common share - diluted
$
0.25
$
0.23
$
0.26
$
0.27
GAAP net income per common share - basic
$
0.15
$
0.19
$
0.04
$
0.11
GAAP net income per common share - diluted
$
0.15
$
0.18
$
0.04
$
0.11
Weighted average number of common shares outstanding - basic
85,978,894
83,981,078
85,423,074
82,043,958
Weighted average number of common shares outstanding - diluted
88,206,630
87,520,893
87,640,844
85,574,414
*Income tax adjustment is used to adjust the GAAP benefit or provision
for income taxes to a non-GAAP benefit or provision for income taxes
utilizing an estimated long- term effective tax rate of 32%.
Qlik Technologies Inc.
Reconciliation of non-GAAP Revenue to GAAP Revenue
(in thousands)
Three Months Ended December 31,
Year Ended December 31,
2012
2011
% change
2012
2011
% change
(unaudited)
(unaudited)
Constant currency reconciliation:
Total revenue, as reported
$
137,485
$
108,054
27
%
$
388,537
$
320,619
21
%
Estimated impact of foreign currency fluctuations
1
%
5
%
Total revenue constant currency growth rate
28
%
26
%
Three Months Ended December 31,
Year Ended December 31,
2012
2011
% change
2012
2011
% change
(unaudited)
(unaudited)
Constant currency reconciliation:
License revenue, as reported
$
93,502
$
75,663
24
%
$
238,674
$
204,414
17
%
Estimated impact of foreign currency fluctuations
0
%
4
%
License revenue constant currency growth rate
24
%
21
%
Three Months Ended December 31,
Year Ended December 31,
2012
2011
% change
2012
2011
% change
(unaudited)
(unaudited)
Constant currency reconciliation:
Maintenance revenue, as reported
$
34,901
$
24,981
40
%
$
120,490
$
89,129
35
%
Estimated impact of foreign currency fluctuations
1
%
6
%
Maintenance revenue constant currency growth rate
41
%
41
%
Three Months Ended December 31,
Year Ended December 31,
2012
2011
% change
2012
2011
% change
(unaudited)
(unaudited)
Constant currency reconciliation:
Professional Services revenue, as reported
$
9,082
$
7,410
23
%
$
29,373
$
27,076
8
%
Estimated impact of foreign currency fluctuations
1
%
5
%
Professional services revenue constant currency growth rate
24
%
13
%
Three Months Ended December 31,
Year Ended December 31,
2012
2011
% change
2012
2011
% change
(unaudited)
(unaudited)
Constant currency reconciliation:
Americas revenue, as reported
$
49,611
$
35,139
41
%
$
135,008
$
105,372
28
%
Estimated impact of foreign currency fluctuations
1
%
2
%
Americas revenue constant currency growth rate
42
%
30
%
Three Months Ended December 31,
Year Ended December 31,
2012
2011
% change
2012
2011
% change
(unaudited)
(unaudited)
Constant currency reconciliation:
Europe revenue, as reported
$
75,838
$
63,921
19
%
$
216,564
$
187,900
15
%
Estimated impact of foreign currency fluctuations
1
%
6
%
Europe revenue constant currency growth rate
20
%
21
%
Three Months Ended December 31,
Year Ended December 31,
2012
2011
% change
2012
2011
% change
(unaudited)
(unaudited)
Constant currency reconciliation:
Rest of World revenue, as reported
$
12,036
$
8,994
34
%
$
36,965
$
27,347
35
%
Estimated impact of foreign currency fluctuations
0
%
3
%
Rest of World revenue constant currency growth rate
34
%
38
%
Qlik Technologies Inc.
Consolidated Balance Sheets
(in thousands)
December 31,
December 31,
2012
2011
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$
195,803
$
177,413
Accounts receivable, net
144,475
111,710
Prepaid expenses and other current assets
14,455
10,194
Deferred income taxes
1,211
753
Total current assets
355,944
300,070
Property and equipment, net
17,048
10,766
Intangible assets, net
5,625
198
Goodwill
7,367
2,800
Deferred income taxes
1,761
2,303
Deposits and other noncurrent assets
2,628
1,571
Total assets
$
390,373
$
317,708
Liabilities and stockholders' equity
Current liabilities:
Line of credit, net
$
-
$
326
Income taxes payable
4,154
1,638
Accounts payable
7,128
4,847
Deferred revenue
84,197
63,914
Accrued payroll and other related costs
36,976
30,572
Accrued expenses
26,075
16,753
Deferred income taxes
150
-
Total current liabilities
158,680
118,050
Long-term liabilities:
Deferred revenue
1,745
3,202
Deferred income taxes
512
-
Other long-term liabilities
3,874
6,921
Total liabilities
164,811
128,173
Commitments and contingencies
Stockholders' equity:
Common stock
9
8
Additional paid-in-capital
209,614
180,058
Retained earnings
13,016
9,177
Accumulated other comprehensive income
2,923
292
Total stockholders' equity
225,562
189,535
Total liabilities and stockholders' equity
$
390,373
$
317,708
Qlik Technologies Inc.
Consolidated Statements of Cash Flows
(in thousands)
Year Ended December 31,
2012
2011
(unaudited)
Cash flows from operating activities
Net income
$
3,839
$
9,044
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization
5,255
2,971
Stock-based compensation expense
19,315
10,206
Deferred income taxes
746
1,333
Excess tax benefit from stock-based compensation
(4,789
)
(2,443
)
Other non cash items
2,606
2,856
Changes in assets and liabilities:
Accounts receivable
(32,307
)
(29,442
)
Prepaid expenses and other assets
(4,098
)
(3,309
)
Income taxes
2,516
(6,793
)
Deferred revenues
17,403
18,552
Accounts payable and other liabilities
17,206
13,718
Net cash provided by operating activities
27,692
16,693
Cash flows from investing activities
Acquisitions, net of cash acquired
(10,792
)
-
Capital expenditures
(10,334
)
(7,767
)
Net cash used in investing activities
(21,126
)
(7,767
)
Cash flows from financing activities
Proceeds from exercise of common stock options
5,453
9,481
Excess tax benefit from stock-based compensation
4,789
2,443
Payments on contingent consideration
(202
)
(179
)
Borrowings (payments) on line of credit
(356
)
379
Net cash provided by financing activities
9,684
12,124
Effect of exchange rate on cash
2,140
(2,349
)
Net increase in cash and cash equivalents
18,390
18,701
Cash and cash equivalents, beginning of period
177,413
158,712
Cash and cash equivalents, end of period
$
195,803
$
177,413
Supplemental cash flow information:
Cash paid during the period for income taxes
$
2,682
$
13,803
Non-cash investing activities:
Tenant improvement allowance received under operating lease
$
542
$
1,764
Qlik Technologies Inc. Investor Contact: ICR Staci
Mortenson, +1 484-685-0578 IR@qliktech.com or Media
Contact: Qlik Technologies Maria Scurry, +1 508-409-7939 Maria.Scurry@qliktech.com
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