Qualys Announces Third Quarter 2020 Financial Results
Qualys reported strong third-quarter results for 2020, with revenues rising 13% year-over-year to $93.1 million. The net income under GAAP was $22.7 million, or $0.56 per diluted share, reflecting an increase from $19.2 million in Q3 2019. Non-GAAP net income reached $31.4 million, or $0.77 per diluted share. The company's growth is driven by increased adoption of its VMDR application and Cloud Agent subscriptions, totaling approximately 50 million agents. Adjusted EBITDA rose 17% to $45.1 million, signifying robust operational efficiency as they prepare to launch new security solutions.
- Revenues increased by 13% to $93.1 million compared to Q3 2019.
- GAAP net income rose to $22.7 million, up from $19.2 million in Q3 2019.
- Non-GAAP net income increased to $31.4 million, up from $26.7 million in Q3 2019.
- Adjusted EBITDA increased by 17% to $45.1 million, showing strong operational performance.
- Operating cash flow rose by 31% to $59.6 million, indicating improved cash generation.
- Growing adoption of VMDR and 50 million Cloud Agents purchased demonstrates strong demand.
- GAAP gross margin declined to 78% in Q3 2020 from 79% in Q3 2019.
- Non-GAAP gross margin decreased to 80% from 82% year-over-year.
FOSTER CITY, Calif., Nov. 4, 2020 /PRNewswire/ -- Qualys, Inc. (NASDAQ: QLYS), a pioneer and leading provider of disruptive cloud-based IT, security and compliance solutions, today announced financial results for the third quarter ended September 30, 2020. For the quarter, the Company reported revenues of
"Joo Mi and I are pleased to report another strong quarter with increased adoption of our Vulnerability Management, Detection and Response (VMDR®) application and continued growth in Qualys Cloud Agent subscriptions with approximately 50 million agents purchased. We have also seen significant early adoption of our new Patch Management application and are excited about the recent introduction of our Multi-Vector EDR solution, both of which are natively integrated into our cloud platform," said Philippe Courtot, chairman and CEO of Qualys. "We are now in a unique position to enable our customers to consolidate their IT, security and compliance stack, while drastically reducing their total cost of ownership. In addition, with our integrated and always up-to-date Global IT Asset Inventory application, customers can now regain full visibility across their entire hybrid environment, which is critical as they simply cannot effectively secure what they do not know or see."
Fourth Quarter 2020 Product Highlights
Looking ahead, we are enthused about the additional solutions that we plan to introduce soon:
- Container Runtime Security, which provides runtime defense and protection capabilities for
containerized applications. - Additional Detection and Response offerings (DRs) such as SaaS DR, Cloud DR and Mobile DR.
- Granular Access Control module, an extension to our Global IT Asset Inventory application.
- Multi-Vector EDR will be available for Linux environments. In addition, an Endpoint Protection Platform (EPP) extension to our Multi-Vector EDR solution will be available in Q1 2021.
- Major update to our passive scanning capabilities that will significantly expand our coverage of Industrial Control Systems (ICS) / Operational Technology (OT) as well as IoT (Internet of Things) devices.
- Data Lake / Analytics / SIEM or what is now called XDR platform, which seamlessly integrates all our current and forthcoming detection and response solutions or DRs, has now entered beta with 10 design partners, and we are planning for it to go live by the end of Q1 2021.
Today, we have a strong base of engineering talent in Pune with over 900 employees located there, helping us drive these new initiatives that open significant incremental market opportunities. Finally, we are also building a marketing platform that, combined with increased investment in sales management and capacity, will drive incremental future profitable growth.
We invite you to register for our forthcoming security conference QSC, where we will showcase all of these new solutions. You can access the agenda and register for the conference at www.qualys.com/qsc/2020/virtual/.
Replays of the sessions will be available on-demand at the end of the day.
Third Quarter 2020 Financial Highlights
Revenues: Revenues for the third quarter of 2020 increased by
Gross Profit: GAAP gross profit for the third quarter of 2020 increased by
Operating Income: GAAP operating income for the third quarter of 2020 increased by
Net Income: GAAP net income for the third quarter of 2020 was
Adjusted EBITDA: Adjusted EBITDA (a non-GAAP financial measure) for the third quarter of 2020 increased by
Operating Cash Flow: Operating cash flow for the third quarter of 2020 increased by
Third Quarter 2020 Business Highlights
- Announced general availability of Qualys Multi-Vector EDR. Qualys Multi-Vector EDR leverages the Qualys Cloud Platform and Qualys Cloud Agent to link vulnerability and visibility to EDR and provide context beyond the endpoints, which helps to reduce false positives for customers and streamline threat hunting.
- Acquired software assets of Spell Security, bringing advanced endpoint behavior detection and additional telemetry to the Qualys Cloud Platform while strengthening Qualys' security and threat research capabilities.
- Partnered with Infosys, a global leader in next-generation digital services and consulting, to integrate Qualys VMDR and Multi-Vector EDR into its Cyber Next Platform, a managed security service offering.
- Added Qualys VMDR to Deloitte Canada's Cyber Risk Services offering.
- Expanded partnership with Ivanti, integrating Ivanti Patch Management into the Qualys VMDR Platform to self-heal endpoints with one click.
- Provided a comprehensive inventory sync with ServiceNow Service Graph and Configuration Management Database (CMDB) as part of the new Service Graph Connector Program, a new designation within the Technology Partner Program.
Financial Performance Outlook
Based on information as of today, November 4, 2020, Qualys is issuing the following financial guidance for the fourth quarter and full year fiscal 2020. The Company emphasizes that the guidance is subject to various important cautionary factors referenced in the section entitled "Legal Notice Regarding Forward-Looking Statements" below, including risks and uncertainties associated with the COVID-19 pandemic.
Fourth Quarter 2020 Guidance: Management expects revenues for the fourth quarter of 2020 to be in the range of
Full Year 2020 Guidance: Management expects revenues for the full year 2020 to be in the range of
Investor Conference Call
Qualys will host a conference call and live webcast to discuss its third quarter 2020 financial results at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) on Wednesday, November 4, 2020. To access the conference call, dial (877) 881-2609 in the U.S. or (970) 315-0463 for international participants with conference ID #9784847. 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
Vinayak Rao
Vice President, Corporate Development and Investor Relations
(650) 801-6210
ir@qualys.com
About Qualys: One Cloud Platform – One Agent – One Global View
Qualys, Inc. (NASDAQ: QLYS) is a pioneer and leading provider of disruptive cloud-based IT, security and compliance solutions with over 15,700 active customers in more than 130 countries, including a majority of each of the Forbes Global 100 and Fortune 100. Qualys helps organizations streamline and consolidate their IT, security and compliance solutions in a single platform and build security into digital transformation initiatives for greater agility, better business outcomes, and substantial cost savings.
The native Qualys Cloud Platform and its integrated Cloud Apps deliver 360-degree visibility across on premises, endpoints, cloud, containers, and mobile environments. The platform delivers the visibility businesses need to assess critical security intelligence continuously, enabling them to automate the full spectrum of auditing, compliance, and protection for IT systems and web applications. Founded in 1999 as one of the first SaaS security companies, Qualys has built a large, impressive customer base and established strategic partnerships with leading cloud providers like Amazon Web Services, Microsoft Azure and the Google Cloud Platform, as well as preeminent managed service providers and consulting organizations including Accenture, BT, Cognizant Technology Solutions, Deutsche Telekom, DXC Technology, Fujitsu, HCL Technologies, IBM, Infosys, NTT, Optiv, SecureWorks, Tata Communications, Verizon and Wipro. The Company is also a founding member of the Cloud Security Alliance. 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, statements related to: our expectations regarding our Qualys Cloud Platform innovation and the capabilities of our platform; our expectations regarding the growth, benefits and market acceptance of our VMDR application and its ability to complement and promote additional sales of our other products; our expectations regarding the market opportunities for our Multi-Vector EDR solution and upcoming Data Lake / SIEM application; the benefits of our new and upcoming products, features, integrations, collaborations and joint solutions; our strategy and our business model and our ability to execute such strategy; our guidance for revenues, GAAP EPS and non-GAAP EPS for the fourth quarter and full year 2020; and our expectations for the number of weighted average diluted shares outstanding and the GAAP and non-GAAP effective income tax rate for the fourth quarter and full year 2020. 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, seasonal buying patterns and length of our sales cycle; the impact of the ongoing COVID-19 pandemic and related public health measures on our business; 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; any unanticipated accounting charges; and general market, political, economic and business conditions in the United States as well as globally. 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 Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, filed with the Securities and Exchange Commission on August 10, 2020.
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, taxes, depreciation, amortization, stock-based compensation, and non-recurring expenses that do not reflect ongoing costs of operating the business) and non-GAAP free cash flows (defined as cash provided by operating activities less purchases of property and equipment and principal payments under capital lease obligations).
In computing non-GAAP financial measures, Qualys excludes the effects of stock-based compensation expense, and non-recurring expenses that do not reflect ongoing costs of operating the business. 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, as well as the related tax effects, 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 quarterly billings, 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) to assist investors and analysts in assessing its operating performance.
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 and non-recurring expenses). The actual dollar amount of reconciling items in the fourth quarter and full year 2020 is likely to have a significant impact on the Company's GAAP net income per diluted share in the fourth quarter and full year 2020. Accordingly, 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.
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 tax adjustments required to achieve the effective income tax rate on a non-GAAP basis, which could differ from the GAAP effective income tax rate. 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 September 30, | Nine Months Ended September 30, | ||||||
2020 | 2019 | 2020 | 2019 | ||||
Revenues | |||||||
Cost of revenues(1) | 20,619 | 17,108 | 58,005 | 52,354 | |||
Gross profit | 72,450 | 65,563 | 210,157 | 184,589 | |||
Operating expenses: | |||||||
Research and development (1) | 17,864 | 16,899 | 53,905 | 50,431 | |||
Sales and marketing(1) | 16,060 | 17,009 | 50,073 | 51,489 | |||
General and administrative(1) | 12,223 | 9,106 | 33,937 | 29,961 | |||
Total operating expenses | 46,147 | 43,014 | 137,915 | 131,881 | |||
Income from operations | 26,303 | 22,549 | 72,242 | 52,708 | |||
Other income (expense), net: | |||||||
Interest expense | (1) | (28) | (4) | (98) | |||
Interest income | 1,123 | 2,142 | 4,439 | 6,391 | |||
Other income (expense), net | 209 | (328) | 268 | (320) | |||
Total other income, net | 1,331 | 1,786 | 4,703 | 5,973 | |||
Income before income taxes | 27,634 | 24,335 | 76,945 | 58,681 | |||
Provision for income taxes | 4,891 | 5,161 | 9,189 | 10,009 | |||
Net income | $ 67,756 | $ 48,672 | |||||
Net income per share: | |||||||
Basic | $ 0.58 | $ 0.49 | $ 1.73 | $ 1.24 | |||
Diluted | $ 0.56 | $ 0.47 | $ 1.66 | $ 1.17 | |||
Weighted average shares used in computing net income per share: | |||||||
Basic | 39,238 | 39,014 | 39,171 | 39,099 | |||
Diluted | 40,764 | 41,162 | 40,907 | 41,447 | |||
(1)Includes stock-based compensation as follows: | |||||||
Cost of revenues | $ 770 | $ 577 | $ 1,967 | $ 1,674 | |||
Research and development | 3,197 | 2,831 | 9,887 | 7,875 | |||
Sales and marketing | 1,227 | 1,459 | 4,300 | 3,590 | |||
General and administrative | 5,295 | 3,516 | 13,776 | 12,024 | |||
Total stock-based compensation | $ 8,383 | $ 29,930 | $ 25,163 | ||||
Qualys, Inc. | |||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||
(Unaudited) | |||
(in thousands) | |||
September 30, 2020 | December 31, 2019 | ||
Assets | |||
Current assets: | |||
Cash and cash equivalents | $ 93,027 | $ 87,559 | |
Short-term marketable securities | 225,734 | 211,331 | |
Accounts receivable, net | 64,291 | 78,034 | |
Prepaid expenses and other current assets | 22,480 | 18,692 | |
Total current assets | 405,532 | 395,616 | |
Long-term marketable securities | 133,260 | 119,508 | |
Property and equipment, net | 67,574 | 60,579 | |
Operating leases - right of use asset | 47,985 | 40,551 | |
Deferred tax assets, net | 13,581 | 18,830 | |
Intangible assets, net | 13,651 | 16,795 | |
Goodwill | 7,447 | 7,447 | |
Restricted cash | 1,200 | 1,200 | |
Other noncurrent assets | 16,854 | 15,082 | |
Total assets | $ 707,084 | $ 675,608 | |
Liabilities and Stockholders' Equity | |||
Current liabilities: | |||
Accounts payable | $ 2,223 | $ 848 | |
Accrued liabilities | 24,772 | 22,784 | |
Deferred revenues, current | 200,283 | 192,172 | |
Operating lease liabilities, current | 11,777 | 7,663 | |
Total current liabilities | 239,055 | 223,467 | |
Deferred revenues, noncurrent | 19,157 | 20,935 | |
Operating lease liabilities, noncurrent | 48,392 | 44,015 | |
Other noncurrent liabilities | 181 | 388 | |
Total liabilities | 306,785 | 288,805 | |
Stockholders' equity: | |||
Common stock | 39 | 39 | |
Additional paid-in capital | 388,814 | 362,408 | |
Accumulated other comprehensive income | 1,075 | 1,162 | |
Retained earnings | 10,371 | 23,194 | |
Total stockholders' equity | 400,299 | 386,803 | |
Total liabilities and stockholders' equity | $ 707,084 | $ 675,608 | |
Qualys, Inc. | |||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | |||
(Unaudited) | |||
(in thousands) | |||
Nine Months Ended September 30, | |||
2020 | 2019 | ||
Cash flow from operating activities: | |||
Net income | $ 67,756 | $ 48,672 | |
Adjustments to reconcile net income to net cash provided by | |||
operating activities: | |||
Depreciation and amortization expense | 23,975 | 23,486 | |
Bad debt expense | 392 | 156 | |
Loss on disposal of property and equipment | 9 | 196 | |
Stock-based compensation | 29,930 | 25,163 | |
Amortization of premiums (accretion of discounts) on marketable securities | 163 | (1,402) | |
Deferred income taxes | 5,061 | 7,296 | |
Changes in operating assets and liabilities: | |||
Accounts receivable | 13,351 | 14,355 | |
Prepaid expenses and other assets | (6,071) | (6,568) | |
Accounts payable | 326 | (1,336) | |
Accrued liabilities | 72 | 1,518 | |
Deferred revenues | 6,333 | 15,413 | |
Net cash provided by operating activities | 141,297 | 126,949 | |
Cash flow from investing activities: | |||
Purchases of marketable securities | (290,534) | (259,286) | |
Sales and maturities of marketable securities | 263,296 | 263,874 | |
Purchases of property and equipment | (22,742) | (19,473) | |
Acquisition of businesses, net of cash acquired, and purchases of intangible assets | (1,500) | (1,850) | |
Purchase of privately-held investment | - | (625) | |
Net cash used in investing activities | (51,480) | (17,360) | |
Cash flow from financing activities: | |||
Repurchase of common stock | (91,881) | (73,877) | |
Proceeds from exercise of stock options | 23,962 | 11,014 | |
Payments for taxes related to net share settlement of equity awards | (16,338) | (10,864) | |
Principal payments under finance lease obligations | (92) | (1,273) | |
Net cash used in financing activities | (84,349) | (75,000) | |
Net increase in cash, cash equivalents and restricted cash | 5,468 | 34,589 | |
Cash, cash equivalents and restricted cash at beginning of period | 88,759 | 42,226 | |
Cash, cash equivalents and restricted cash at end of period | $ 94,227 | $ 76,815 | |
Qualys, Inc. | |||||||
RECONCILIATION OF NON-GAAP DISCLOSURES | |||||||
ADJUSTED EBITDA | |||||||
(Unaudited) | |||||||
(in thousands) | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
2020 | 2019 | 2020 | 2019 | ||||
Net income | $ 67,756 | $ 48,672 | |||||
Depreciation and amortization of property and equipment | 6,738 | 6,157 | 19,331 | 18,926 | |||
Amortization of intangible assets | 1,604 | 1,520 | 4,644 | 4,560 | |||
Provision for income taxes | 4,891 | 5,161 | 9,189 | 10,009 | |||
Stock-based compensation | 10,489 | 8,383 | 29,930 | 25,163 | |||
Other income, net | (1,331) | (1,786) | (4,703) | (5,973) | |||
Adjusted EBITDA | |||||||
Qualys, Inc. | |||||||
RECONCILIATION OF NON-GAAP DISCLOSURES | |||||||
(Unaudited) | |||||||
(in thousands, except per share data) | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
2020 | 2019 | 2020 | 2019 | ||||
GAAP Cost of revenues | $ 58,005 | $ 52,354 | |||||
Less: Stock-based compensation | (770) | (577) | (1,967) | (1,674) | |||
Less: Amortization of intangible assets | (1,579) | (1,495) | (4,569) | (4,485) | |||
Non-GAAP Cost of revenues | $ 51,469 | $ 46,195 | |||||
GAAP Gross profit | |||||||
Plus: Stock-based compensation | 770 | 577 | 1,967 | 1,674 | |||
Plus: Amortization of intangible assets | 1,579 | 1,495 | 4,569 | 4,485 | |||
Non-GAAP Gross Profit | |||||||
GAAP Research and development | $ 53,905 | $ 50,431 | |||||
Less: Stock-based compensation | (3,197) | (2,831) | (9,887) | (7,875) | |||
Less: Amortization of intangible assets | (25) | (25) | (75) | (75) | |||
Non-GAAP Research and development | $ 43,943 | $ 42,481 | |||||
GAAP Sales and marketing | $ 50,073 | $ 51,489 | |||||
Less: Stock-based compensation | (1,227) | (1,459) | (4,300) | (3,590) | |||
Non-GAAP Sales and marketing | $ 45,773 | $ 47,899 | |||||
GAAP General and administrative | $ 9,106 | $ 33,937 | $ 29,961 | ||||
Less: Stock-based compensation | (5,295) | (3,516) | (13,776) | (12,024) | |||
Non-GAAP General and administrative | $ 6,928 | $ 5,590 | $ 20,161 | $ 17,937 | |||
GAAP Operating expenses | |||||||
Less: Stock-based compensation | (9,719) | (7,806) | (27,963) | (23,489) | |||
Less: Amortization of intangible assets | (25) | (25) | (75) | (75) | |||
Non-GAAP Operating expenses | |||||||
GAAP Income from operations | $ 72,242 | $ 52,708 | |||||
Plus: Stock-based compensation | 10,489 | 8,383 | 29,930 | 25,163 | |||
Plus: Amortization of intangible assets | 1,604 | 1,520 | 4,644 | 4,560 | |||
Non-GAAP Income from operations | $ 82,431 | ||||||
GAAP Net income | $ 67,756 | $ 48,672 | |||||
Plus: Stock-based compensation | 10,489 | 8,383 | 29,930 | 25,163 | |||
Plus: Amortization of intangible assets | 1,604 | 1,520 | 4,644 | 4,560 | |||
Less: Tax adjustment | (3,443) | (2,380) | (14,007) | (9,453) | |||
Non-GAAP Net income | $ 88,323 | $ 68,942 | |||||
Non-GAAP Net income per share: | |||||||
Basic | $ 0.80 | $ 0.68 | $ 2.25 | $ 1.76 | |||
Diluted | $ 0.77 | $ 0.65 | $ 2.16 | $ 1.66 | |||
Weighted average shares used in non-GAAP net income per share: | |||||||
Basic | 39,238 | 39,014 | 39,171 | 39,099 | |||
Diluted | 40,764 | 41,162 | 40,907 | 41,447 | |||
Qualys, Inc. | |||
RECONCILIATION OF NON-GAAP DISCLOSURES | |||
FREE CASH FLOWS | |||
(Unaudited) | |||
(in thousands) | |||
Nine Months Ended September 30, | |||
2020 | 2019 | ||
GAAP Cash flows provided by operating activities | |||
Less: | |||
Purchases of property and equipment | (22,742) | (19,473) | |
Principal payments under capital lease obligations | (92) | (1,273) | |
Non-GAAP Free cash flows | |||
Qualys, Inc. | |||
RECONCILIATION OF NON-GAAP DISCLOSURES | |||
CALCULATED CURRENT BILLINGS | |||
(Unaudited) | |||
(in thousands) | |||
Three Months Ended September 30, | |||
2020 | 2019 | ||
GAAP Revenue | $ 93,069 | $ 82,671 | |
Plus: Current deferred revenue at September 30 | 200,283 | 180,304 | |
Less: Current deferred revenue at June 30 | (199,732) | (176,609) | |
Non-GAAP Calculated current billings | $ 93,620 | $ 86,366 | |
Calculated current billings growth compared to same quarter of prior year | |||
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SOURCE Qualys, Inc.
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