Qualys Announces Fourth Quarter and Full Year 2023 Financial Results
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Insights
The reported revenue and earnings growth for Qualys, Inc. indicate a robust financial performance, with a year-over-year revenue increase of 13% and a notable GAAP EPS growth. The increase in the share repurchase program by $200 million signals confidence in the company's financial health and a shareholder-friendly capital allocation policy. The reported gross margins exceeding 80% reflect a strong competitive advantage and operational efficiency, particularly in the cloud-based IT, security and compliance solutions sector where margins are critical for sustainable growth.
Investors should note the discrepancy in operating cash flow, which has decreased by 23% in Q4 compared to the previous year. This could be a signal of potential challenges in cash management or an increase in capital expenditures that should be monitored in subsequent quarters. The Adjusted EBITDA margin improvement suggests good cost control and scalability of the business model. The financial outlook for the next fiscal year will be crucial for stakeholders to assess the company's growth trajectory and investment potential.
Qualys' consistent growth in module adoption and revenue indicates a successful strategy in expanding its Enterprise TruRisk Platform. The increased adoption by customers suggests that Qualys' solutions are resonating with the market's needs for integrated security and risk management. The introduction of new offerings for SMBs and SMEs in the AWS Marketplace is a strategic move to capture a broader market segment, potentially increasing market share and customer base.
However, the operating cash flow decline raises questions about the sustainability of growth, which investors may want to investigate further. Qualys' market recognition and awards, including from SC Awards Europe and CRN, enhance its brand reputation and could contribute to customer trust and loyalty, potentially impacting future sales and market position.
The emphasis on Qualys' advancements in cybersecurity, such as the Qualys Enterprise TruRisk Management platform and the integration of AI technology from the Blue Hexagon acquisition, demonstrates innovation leadership in the cybersecurity industry. The company's focus on providing a unified view of cyber risk and extending cloud-scale deep learning AI capabilities signifies a strategic direction towards advanced threat detection and response.
For stakeholders, the development and integration of new technologies could mean a stronger product offering, potentially leading to increased customer retention and attraction of new clients. The launch of GovCloud highlights Qualys' commitment to compliance and government standards, which could open up opportunities within federal agencies and regulated industries, further diversifying its customer base and revenue streams.
2023 Revenue Growth of
Q4 Revenue Growth of
2023 GAAP EPS:
Q4 GAAP EPS:
Announces
"In 2023, we continued to execute against our strategic vision of helping organizations consolidate security tools on a natively integrated platform to measure, communicate, and eliminate cyber risk," said Sumedh Thakar, president and CEO of Qualys. "Our financial results, growing scale, and increased module adoption demonstrate customers are starting to leverage the breadth and depth of the Qualys Enterprise TruRisk Platform to transform their security stack for transparent risk assessment, measurable business results, and lower TCO. Looking ahead, we believe we're well positioned as the fundamental risk management platform for the future and remain committed to further advancing our position in the market with a balanced approach to growth and profitability."
Fourth Quarter 2023 Financial Highlights
Revenues: Revenues for the fourth quarter of 2023 increased by
Gross Profit: GAAP gross profit for the fourth quarter of 2023 increased by
Operating Income: GAAP operating income for the fourth quarter of 2023 increased by
Net Income: GAAP net income for the fourth quarter of 2023 increased by
Adjusted EBITDA: Adjusted EBITDA (a non-GAAP financial measure) for the fourth quarter of 2023 increased by
Operating Cash Flow: Operating cash flow for the fourth quarter of 2023 decreased by
Fourth Quarter 2023 Business Highlights
- Showcased the Company's innovation and leadership to more than 500 customers and partners at its annual Qualys Security Conference (QSC) in
Orlando, Florida . - Announced the results of a Return on Investment (ROI) study conducted by leading analyst firm IDC, which found organizations achieved
$5.1M 403% . - Qualys released small-to-medium sized business (SMBs) and small-to-medium enterprises (SMEs) offerings of Qualys' VMDR with TruRisk, Patch Management and Endpoint Detection and Response (EDR) for the AWS Marketplace.
Full Year 2023 Financial Highlights
Revenues: Revenues for 2023 increased by
Gross Profit: GAAP gross profit for 2023 increased by
Operating Income: GAAP operating income for 2023 was
Net Income: GAAP net income for 2023 increased by
Adjusted EBITDA: Adjusted EBITDA (a non-GAAP financial measure) for 2023 increased by
Operating Cash Flow: Operating cash flow for 2023 was
Full Year 2023 Business Highlights
Market Recognition
- Qualys' VMDR was recognized by SC Awards Europe as the best vulnerability management solution, and peer review site G2 named Qualys' VMDR the top Risk-based vulnerability product in its summer 2023 G2 Grid Report.
- CRN recognized Qualys as a leader in its 2023 Cloud 100 list for relentless innovation in cloud-based technology development.
- The Qualys Threat Research Unit (TRU) has received prestigious Pwnie award nominations for work on RenderDoc, marking the fifth consecutive year of recognition for their exceptional contributions to cybersecurity research.
Products & Features
- Unveiled the Qualys Enterprise TruRisk Management platform to provide a unified view of cyber risk, empowering customers to bring security and vulnerability findings from third-party security solutions into the Qualys platform.
- Unified Cloud Workload Protection (CWP), Cloud Security Posture Management (CSPM), Cloud Detection and Response (CDR), Infrastructure as Code (IaC), and Container Security and brought an organically integrated agent and agentless TotalCloud Cloud Native Application Protection Platform (CNAPP) solution to market.
- Introduced GovCloud, a FedRAMP Ready (High Impact Level) vulnerability and patch management platform that comprehensively meets Executive Orders and National Institute of Standards and Technology (NIST) compliance and helps federal agencies improve their security posture.
- Harnessed technology from our acquisition of Blue Hexagon and extended our cloud-scale deep learning Artificial Intelligence (AI) to discover and identify relationships and patterns within our own highly integrated data lake that are invisible and undetectable in traditional signature-based solutions.
- Introduced Qualys' First-Party Software Risk Management, to enable application security teams to detect, prioritize and remediate vulnerabilities within company-developed software and embedded open-source components.
Business Developments
- The inaugural Qualys Environmental, Social and Governance (ESG) report was launched to showcase the company's robust adherence to responsible business practices and sustainable operations.
- The relationship between Qualys and Cowbell was expanded as Cowbell added Qualys' External Attack Surface Management (EASM) real-time intelligence feed to access clients' risk posture.
- Expanded Qualys VMDR offering with new packages for small enterprises and small/medium businesses to offer simple, easy-to-deploy, all-inclusive security solutions to manage, remediate and protect against cyber threats and reduce risk.
- Launched Qualys' inaugural 2023 TruRisk Research Report, offering a reliable resource for security practitioners seeking data-driven, real-world, and actionable perspectives on vulnerabilities and trends critical to organizations across all industries and sizes.
- Mazars integrated Qualys' cybersecurity solutions into its Cybersecurity Managed Services offering to empower customers with unprecedented insights into their risk postures with integrated vulnerability detection, prioritization and remediation capabilities.
- Demonstrated the company's cutting-edge innovation and industry leadership to over 1,000 participants during the Qualys Security Conferences held throughout the year in
Orlando, Florida ,London andMunich . - Launched a virtual thought leadership Cyber Risk Series holding three events in 2023 with more than 3,500 attendees offering insightful content on PCI DSS and compliance, reducing risk and attack surface management.
Financial Performance Outlook
Based on information as of today, February 7, 2024, Qualys is issuing the following financial guidance for the first 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.
First Quarter 2024 Guidance: Management expects revenues for the first quarter of 2024 to be in the range of
Full Year 2024 Guidance: Management expects revenues for the full year of 2024 to be in the range of
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 first quarter and full year 2024 is likely to have a significant impact on the Company's GAAP net income per diluted share in the first 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 fourth quarter and full year 2023 financial results at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) on Wednesday, February 7, 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) 801-6299
ir@qualys.com
About Qualys
Qualys, Inc. (NASDAQ: QLYS) is a pioneer and 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 Cloud 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; statements regarding our share repurchase program; our guidance for revenues, GAAP EPS and non-GAAP EPS for the first 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 first 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 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
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 | Twelve Months Ended | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Revenues | $ 144,570 | $ 130,849 | $ 554,458 | $ 489,723 | |||
Cost of revenues (1) | 27,130 | 27,748 | 107,485 | 102,788 | |||
Gross profit | 117,440 | 103,101 | 446,973 | 386,935 | |||
Operating expenses: | |||||||
Research and development (1) | 27,471 | 27,810 | 110,472 | 101,186 | |||
Sales and marketing (1) | 31,941 | 28,302 | 111,691 | 97,221 | |||
General and administrative (1) | 16,559 | 16,316 | 61,741 | 57,981 | |||
Total operating expenses | 75,971 | 72,428 | 283,904 | 256,388 | |||
Income from operations | 41,469 | 30,673 | 163,069 | 130,547 | |||
Other income (expense), net: | |||||||
Interest income | 5,563 | 2,266 | 16,905 | 5,191 | |||
Other income (expense), net | 560 | 1,458 | (1,323) | (2,038) | |||
Total other income, net | 6,123 | 3,724 | 15,582 | 3,153 | |||
Income before income taxes | 47,592 | 34,397 | 178,651 | 133,700 | |||
Income tax provision | 6,999 | 6,071 | 27,056 | 25,708 | |||
Net income | $ 40,593 | $ 28,326 | $ 151,595 | $ 107,992 | |||
Net income per share: | |||||||
Basic | $ 1.10 | $ 0.75 | $ 4.11 | $ 2.81 | |||
Diluted | $ 1.08 | $ 0.74 | $ 4.03 | $ 2.74 | |||
Weighted average shares used in computing net income per share: | |||||||
Basic | 36,845 | 37,781 | 36,879 | 38,453 | |||
Diluted | 37,748 | 38,480 | 37,602 | 39,344 | |||
(1) Includes stock-based compensation as follows: | |||||||
Cost of revenues | $ 2,045 | $ 1,567 | $ 7,300 | $ 5,305 | |||
Research and development | 5,357 | 4,521 | 21,091 | 14,585 | |||
Sales and marketing | 3,654 | 3,007 | 12,234 | 9,837 | |||
General and administrative | 7,463 | 6,456 | 28,454 | 23,681 | |||
Total stock-based compensation, net of amounts capitalized | $ 18,519 | $ 15,551 | $ 69,079 | $ 53,408 | |||
Qualys, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands)
| |||||||
December 31, | December 31, | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ 203,665 | $ 173,719 | |||||
Restricted cash | 1,500 | — | |||||
Short-term marketable securities | 221,893 | 147,608 | |||||
Accounts receivable, net | 146,226 | 121,795 | |||||
Prepaid expenses and other current assets | 26,714 | 30,216 | |||||
Total current assets | 599,998 | 473,338 | |||||
Long-term marketable securities | 56,644 | 59,206 | |||||
Property and equipment, net | 32,599 | 47,428 | |||||
Operating leases - right of use asset | 22,391 | 33,752 | |||||
Deferred tax assets, net | 62,761 | 45,412 | |||||
Intangible assets, net | 9,715 | 12,801 | |||||
Goodwill | 7,447 | 7,447 | |||||
Noncurrent restricted cash | 1,200 | 2,700 | |||||
Other noncurrent assets | 19,863 | 18,857 | |||||
Total assets | $ 812,618 | $ 700,941 | |||||
Liabilities and Stockholders' Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ 988 | $ 2,808 | |||||
Accrued liabilities | 43,096 | 42,592 | |||||
Deferred revenues, current | 333,267 | 293,728 | |||||
Operating lease liabilities, current | 11,857 | 13,060 | |||||
Total current liabilities | 389,208 | 352,188 | |||||
Deferred revenues, noncurrent | 31,671 | 23,490 | |||||
Operating lease liabilities, noncurrent | 16,885 | 29,121 | |||||
Other noncurrent liabilities | 6,680 | 7,013 | |||||
Total liabilities | 444,444 | 411,812 | |||||
Stockholders' equity: | |||||||
Common stock | 37 | 37 | |||||
Additional paid-in capital | 597,921 | 512,486 | |||||
Accumulated other comprehensive loss | (1,704) | (1,947) | |||||
Accumulated deficit | (228,080) | (221,447) | |||||
Total stockholders' equity | 368,174 | 289,129 | |||||
Total liabilities and stockholders' equity | $ 812,618 | $ 700,941 | |||||
Qualys, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in thousands) | |||
Twelve Months Ended | |||
2023 | 2022 | ||
Cash flow from operating activities: | |||
Net income | $ 151,595 | $ 107,992 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization expense | 26,991 | 34,622 | |
Provision for credit losses | 547 | 590 | |
Loss on disposal of property and equipment | — | 6 | |
Loss on non-marketable securities | 533 | — | |
Stock-based compensation, net of amounts capitalized | 69,079 | 53,408 | |
Amortization (accretion) of premiums (discount) on marketable securities, net | (5,712) | 833 | |
Deferred income taxes | (16,636) | (20,251) | |
Changes in operating assets and liabilities: | |||
Accounts receivable | (24,978) | (13,387) | |
Prepaid expenses and other assets | (3,407) | 3,878 | |
Accounts payable | (1,578) | 2,107 | |
Accrued liabilities and other noncurrent liabilities | 451 | 3,867 | |
Deferred revenues | 47,720 | 25,189 | |
Net cash provided by operating activities | 244,605 | 198,854 | |
Cash flow from investing activities: | |||
Purchases of marketable securities | (306,812) | (178,788) | |
Sales and maturities of marketable securities | 242,432 | 347,837 | |
Purchases of property and equipment | (8,786) | (15,361) | |
Purchases of intangible assets | — | (8,620) | |
Net cash (used in) provided by investing activities | (73,166) | 145,068 | |
Cash flow from financing activities: | |||
Repurchase of common stock | (170,800) | (317,344) | |
Proceeds from exercise of stock options | 45,576 | 24,483 | |
Payments for taxes related to net share settlement of equity awards | (22,346) | (17,615) | |
Proceeds from issuance of common stock through employee stock purchase plan | 6,077 | 4,445 | |
Net cash used in financing activities | (141,493) | (306,031) | |
Net increase in cash, cash equivalents and restricted cash | 29,946 | 37,891 | |
Cash, cash equivalents and restricted cash at beginning of period | 176,419 | 138,528 | |
Cash, cash equivalents and restricted cash at end of period | $ 206,365 | $ 176,419 | |
Qualys, Inc. RECONCILIATION OF NON-GAAP DISCLOSURES ADJUSTED EBITDA (unaudited) (in thousands, except percentages) | |||||||
Three Months Ended | Twelve Months Ended | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Net income | $ 40,593 | $ 28,326 | $ 151,595 | $ 107,992 | |||
Net income as a percentage of revenues | 28 % | 22 % | 27 % | 22 % | |||
Depreciation and amortization of property and equipment | 5,080 | 7,688 | 23,904 | 28,936 | |||
Amortization of intangible assets | 771 | 1,161 | 3,087 | 5,686 | |||
Income tax provision | 6,999 | 6,071 | 27,056 | 25,708 | |||
Stock-based compensation | 18,519 | 15,551 | 69,079 | 53,408 | |||
Total other income, net | (6,123) | (3,724) | (15,582) | (3,153) | |||
Adjusted EBITDA | $ 65,839 | $ 55,073 | $ 259,139 | $ 218,577 | |||
Adjusted EBITDA as a percentage of revenues | 46 % | 42 % | 47 % | 45 % | |||
Qualys, Inc. RECONCILIATION OF NON-GAAP DISCLOSURES (unaudited) (in thousands, except per share data) | |||||||
Three Months Ended | Twelve Months Ended | ||||||
2023 | 2022 | 2023 | 2022 | ||||
GAAP Cost of revenues | $ 27,130 | $ 27,748 | $ 107,485 | $ 102,788 | |||
Less: Stock-based compensation | (2,045) | (1,567) | (7,300) | (5,305) | |||
Less: Amortization of intangible assets | (746) | (1,076) | (2,987) | (5,347) | |||
Non-GAAP Cost of revenues | $ 24,339 | $ 25,105 | $ 97,198 | $ 92,136 | |||
GAAP Gross profit | $ 117,440 | $ 103,101 | $ 446,973 | $ 386,935 | |||
Plus: Stock-based compensation | 2,045 | 1,567 | 7,300 | 5,305 | |||
Plus: Amortization of intangible assets | 746 | 1,076 | 2,987 | 5,347 | |||
Non-GAAP Gross Profit | $ 120,231 | $ 105,744 | $ 457,260 | $ 397,587 | |||
GAAP Research and development | $ 27,471 | $ 27,810 | $ 110,472 | $ 101,186 | |||
Less: Stock-based compensation | (5,357) | (4,521) | (21,091) | (14,585) | |||
Less: Amortization of intangible assets | (25) | (85) | (100) | (339) | |||
Non-GAAP Research and development | $ 22,089 | $ 23,204 | $ 89,281 | $ 86,262 | |||
GAAP Sales and marketing | $ 31,941 | $ 28,302 | $ 111,691 | $ 97,221 | |||
Less: Stock-based compensation | (3,654) | (3,007) | (12,234) | (9,837) | |||
Non-GAAP Sales and marketing | $ 28,287 | $ 25,295 | $ 99,457 | $ 87,384 | |||
GAAP General and administrative | $ 16,559 | $ 16,316 | $ 61,741 | $ 57,981 | |||
Less: Stock-based compensation | (7,463) | (6,456) | (28,454) | (23,681) | |||
Non-GAAP General and administrative | $ 9,096 | $ 9,860 | $ 33,287 | $ 34,300 | |||
GAAP Operating expenses | $ 75,971 | $ 72,428 | $ 283,904 | $ 256,388 | |||
Less: Stock-based compensation | (16,474) | (13,984) | (61,779) | (48,103) | |||
Less: Stock-based compensation | (16,474) | (13,984) | (61,779) | (48,103) | |||
Less: Amortization of intangible assets | (25) | (85) | (100) | (339) | |||
Non-GAAP Operating expenses | $ 59,472 | $ 58,359 | $ 222,025 | $ 207,946 | |||
GAAP Income from operations | $ 41,469 | $ 30,673 | $ 163,069 | $ 130,547 | |||
Plus: Stock-based compensation | 18,519 | 15,551 | 69,079 | 53,408 | |||
Plus: Amortization of intangible assets | 771 | 1,161 | 3,087 | 5,686 | |||
Non-GAAP Income from operations | $ 60,759 | $ 47,385 | $ 235,235 | $ 189,641 | |||
GAAP Net income | $ 40,593 | $ 28,326 | $ 151,595 | $ 107,992 | |||
Plus: Stock-based compensation | 18,519 | 15,551 | 69,079 | 53,408 | |||
Plus: Amortization of intangible assets | 771 | 1,161 | 3,087 | 5,686 | |||
Less: Tax adjustment | (7,046) | (6,187) | (25,615) | (20,563) | |||
Non-GAAP Net income | $ 52,837 | $ 38,851 | $ 198,146 | $ 146,523 | |||
GAAP Net income per share: | |||||||
Basic | $ 1.10 | $ 0.75 | $ 4.11 | $ 2.81 | |||
Diluted | $ 1.08 | $ 0.74 | $ 4.03 | $ 2.74 | |||
Non-GAAP Net income per share: | |||||||
Basic | $ 1.43 | $ 1.03 | $ 5.37 | $ 3.81 | |||
Diluted | $ 1.40 | $ 1.01 | $ 5.27 | $ 3.72 | |||
Weighted average shares used in GAAP and non-GAAP net income per share: | |||||||
Basic | 36,845 | 37,781 | 36,879 | 38,453 | |||
Diluted | 37,748 | 38,480 | 37,602 | 39,344 | |||
Qualys, Inc. RECONCILIATION OF NON-GAAP DISCLOSURES FREE CASH FLOWS (unaudited) (in thousands) | |||
Twelve Months Ended | |||
2023 | 2022 | ||
GAAP Cash flows provided by operating activities | $ 244,605 | $ 198,854 | |
Less: | |||
Purchases of property and equipment, net of proceeds from disposal | (8,786) | (15,361) | |
Non-GAAP Free cash flows | $ 235,819 | $ 183,493 | |
Qualys, Inc. RECONCILIATION OF NON-GAAP DISCLOSURES CALCULATED CURRENT BILLINGS (unaudited) (in thousands, except percentages) | |||
Three Months Ended | |||
2023 | 2022 | ||
GAAP Revenue | $ 144,570 | $ 130,849 | |
GAAP Revenue growth compared to same quarter of prior year | 10 % | 19 % | |
Plus: Current deferred revenue at December 31 | 333,267 | 293,728 | |
Less: Current deferred revenue at September 30 | (307,179) | (278,947) | |
Non-GAAP Calculated current billings | $ 170,658 | $ 145,630 | |
Calculated current billings growth compared to same quarter of prior year | 17 % | 12 % | |
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SOURCE Qualys, Inc.
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