Qualys Announces Third Quarter 2024 Financial Results
Qualys (NASDAQ: QLYS) reported strong Q3 2024 financial results with revenue growing 8% year-over-year to $153.9 million. The company achieved GAAP net income of $46.2 million ($1.24 per share) and non-GAAP net income of $58.0 million ($1.56 per share). Notable launches included TruRisk Eliminate and Qualys TotalAI. The company raised its 2024 guidance, now expecting revenue of $602.9-$605.9 million and non-GAAP EPS of $5.81-$5.91.
Qualys (NASDAQ: QLYS) ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con un fatturato in crescita dell'8% rispetto all'anno precedente, raggiungendo 153,9 milioni di dollari. L'azienda ha registrato un reddito netto GAAP di 46,2 milioni di dollari (1,24 dollari per azione) e un reddito netto non GAAP di 58,0 milioni di dollari (1,56 dollari per azione). I lanci degni di nota includono TruRisk Eliminate e Qualys TotalAI. L'azienda ha aumentato le sue previsioni per il 2024, ora prevedendo un fatturato tra 602,9 e 605,9 milioni di dollari e un utile per azione non GAAP tra 5,81 e 5,91 dollari.
Qualys (NASDAQ: QLYS) reportó sólidos resultados financieros para el tercer trimestre de 2024, con un crecimiento de ingresos del 8% interanual, alcanzando 153,9 millones de dólares. La compañía logró un ingreso neto GAAP de 46,2 millones de dólares (1,24 dólares por acción) y un ingreso neto no GAAP de 58,0 millones de dólares (1,56 dólares por acción). Los lanzamientos notables incluyeron TruRisk Eliminate y Qualys TotalAI. La empresa ha elevado su guía para 2024, ahora esperando ingresos de 602,9 a 605,9 millones de dólares y un EPS no GAAP de 5,81 a 5,91 dólares.
Qualys (NASDAQ: QLYS)는 2024년 3분기 재무 결과가 강력하다고 보고하며, 연간 8% 성장한 1억 5천390만 달러의 수익을 기록했습니다. 회사는 GAAP 기준 순이익 4,620만 달러 (주당 1.24달러) 및 비GAAP 기준 순이익 5,800만 달러 (주당 1.56달러)를 달성했습니다. 주목할만한 출시 제품으로는 TruRisk Eliminate와 Qualys TotalAI가 포함됩니다. 회사는 2024년 매출 가이던스를 상향 조정하여 6억 2백90만에서 6억 5백90만 달러의 매출과 비GAAP 주당순이익 5.81에서 5.91달러를 기대하고 있습니다.
Qualys (NASDAQ: QLYS) a annoncé des résultats financiers solides pour le troisième trimestre 2024, avec un chiffre d'affaires en hausse de 8 % par rapport à l'année précédente, atteignant 153,9 millions de dollars. L'entreprise a réalisé un bénéfice net GAAP de 46,2 millions de dollars (1,24 dollar par action) et un bénéfice net non-GAAP de 58,0 millions de dollars (1,56 dollar par action). Parmi les lancements notables figurent TruRisk Eliminate et Qualys TotalAI. L'entreprise a revu ses prévisions pour 2024 à la hausse, désormais anticipant un chiffre d'affaires compris entre 602,9 et 605,9 millions de dollars et un BPA non-GAAP entre 5,81 et 5,91 dollars.
Qualys (NASDAQ: QLYS) hat starke Finanzzahlen für das dritte Quartal 2024 berichtet, mit einem Umsatzwachstum von 8 % im Jahresvergleich auf 153,9 Millionen Dollar. Das Unternehmen erreichte ein GAAP-Nettoeinkommen von 46,2 Millionen Dollar (1,24 Dollar pro Aktie) und ein Nettoergebnis nach non-GAAP von 58,0 Millionen Dollar (1,56 Dollar pro Aktie). Zu den bemerkenswerten Produkteinführungen gehörten TruRisk Eliminate und Qualys TotalAI. Das Unternehmen hat seine Prognosen für 2024 angehoben und erwartet nun einen Umsatz von 602,9 bis 605,9 Millionen Dollar sowie ein non-GAAP EPS von 5,81 bis 5,91 Dollar.
- Revenue increased 8% YoY to $153.9 million
- Gross profit grew 8% to $125.0 million with 81% margin
- Non-GAAP operating income increased 5% to $66.0 million
- Raised full-year 2024 revenue and EPS guidance
- Maintained strong profitability with 45% Adjusted EBITDA margin
- Operating cash flow decreased 34% YoY to $61.0 million
- GAAP net income decreased 1% YoY to $46.2 million
- Operating margin declined to 29% from 31% YoY
- Non-GAAP net income margin decreased to 38% from 40% YoY
Insights
Q3 results demonstrate solid financial performance with
However, some concerning metrics warrant attention: Operating cash flow declined
The company's strategic focus on innovation through new product launches (TruRisk Management, TotalAI) and industry recognition from Gartner and Forrester position it well in the competitive cybersecurity landscape. The emphasis on AI security solutions is particularly timely given market trends.
Qualys' product strategy shows strong market alignment with critical cybersecurity needs. The launch of TruRisk Eliminate addresses the growing demand for comprehensive remediation solutions beyond traditional patching. The introduction of TotalAI is particularly strategic, targeting the emerging market for AI/LLM security - a potential high-growth segment.
Industry recognition from multiple analysts (GigaOm, Gartner, Forrester) across different product categories validates Qualys' technical leadership and broad platform capabilities. The focus on API security and web application protection demonstrates awareness of evolving threat landscapes.
The
Revenue Growth of
GAAP EPS:
Raises 2024 Revenue Guidance to
Raises 2024 GAAP EPS Guidance to
Raises 2024 Non-GAAP EPS Guidance to
"Q3 was another strong quarter of rapid innovation for Qualys, reflecting our ongoing commitment to technology leadership, cybersecurity transformation, and successful outcomes for customers," said Sumedh Thakar, Qualys' president and CEO. "With the release of several new capabilities, including our Enterprise TruRisk Management solution, TruRisk Eliminate, and Qualys TotalAI we have further strengthened our strategic position as the partner of choice for customers looking to rearchitect and consolidate their security tools to solve modern security challenges while simplifying their operational defenses. We believe we can continue to grow long-term, maintain best-in-class profitability, and invest in key initiatives aimed at further extending the gap between Qualys and the competition."
Third Quarter 2024 Financial Highlights
Revenues: Revenues for the third quarter of 2024 increased by
Gross Profit: GAAP gross profit for the third quarter of 2024 increased by
Operating Income: GAAP operating income for the third quarter of 2024 increased by
Net Income: GAAP net income for the third quarter of 2024 decreased by
Adjusted EBITDA: Adjusted EBITDA (a non-GAAP financial measure) for the third quarter of 2024 increased by
Operating Cash Flow: Operating cash flow for the third quarter of 2024 decreased by
Third Quarter 2024 Business Highlights
- Launched Qualys' TruRisk Eliminate, a remediation solution extending beyond patching by providing patchless patching, targeted isolation, and other mitigation strategies to help organizations reduce risk.
- Expanded our portfolio by introducing Qualys TotalAI, designed to address the growing challenges and risks of securing generative AI and large language model (LLM) applications to detect data leaks, injection issues, and model theft.
- The 2024 GigaOm Radar Report for Continuous Vulnerability Management ranked Qualys' VMDR as a leading vulnerability management solution for the fourth straight year. It noted VMDR stands apart from the competition as a "comprehensive risk-based approach to vulnerability management."
- Gartner recognized TotalCloud among solutions named in its July 2024 Marketguide for Cloud Native Application Protection Platforms.
- Qualys' CyberSecurity Asset Management ranked as a strong performer among top vendors in the Forrester Wave for Attack Surface Management in its debut in the report.
- Introduced updates to our Web Application Security solution including context-aware TruRisk prioritization, advanced API security features, and a redesigned user interface offering guided workflows and feedback loops. These updates address the growing complexity of securing web applications and APIs in digital environments.
Financial Performance Outlook
Based on information as of today, November 5, 2024, Qualys is issuing the following financial guidance for the fourth 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.
Fourth Quarter 2024 Guidance: Management expects revenues for the fourth quarter of 2024 to be in the range of
Full Year 2024 Guidance: Management now 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 fourth quarter and full year 2024 is likely to have a significant impact on the Company's GAAP net income per diluted share in the fourth 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 third quarter financial results at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) on Tuesday, November 5, 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 fourth 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 fourth 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 | Nine Months Ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Revenues | $ 153,867 | $ 141,996 | $ 448,380 | $ 409,888 | |||
Cost of revenues (1) | 28,832 | 26,739 | 82,445 | 80,355 | |||
Gross profit | 125,035 | 115,257 | 365,935 | 329,533 | |||
Operating expenses: | |||||||
Research and development (1) | 28,901 | 27,782 | 83,550 | 83,001 | |||
Sales and marketing (1) | 32,686 | 27,881 | 94,240 | 79,750 | |||
General and administrative (1) | 18,494 | 15,999 | 50,362 | 45,182 | |||
Total operating expenses | 80,081 | 71,662 | 228,152 | 207,933 | |||
Income from operations | 44,954 | 43,595 | 137,783 | 121,600 | |||
Other income (expense), net: | |||||||
Interest income | 6,764 | 5,136 | 19,590 | 11,342 | |||
Other income (expense), net | 605 | (708) | (1,381) | (1,883) | |||
Total other income, net | 7,369 | 4,428 | 18,209 | 9,459 | |||
Income before income taxes | 52,323 | 48,023 | 155,992 | 131,059 | |||
Income tax provision | 6,111 | 1,508 | 26,277 | 20,057 | |||
Net income | $ 46,212 | $ 46,515 | $ 129,715 | $ 111,002 | |||
Net income per share: | |||||||
Basic | $ 1.26 | $ 1.27 | $ 3.52 | $ 3.01 | |||
Diluted | $ 1.24 | $ 1.24 | $ 3.46 | $ 2.96 | |||
Weighted average shares used in computing net income per share: | |||||||
Basic | 36,762 | 36,766 | 36,877 | 36,891 | |||
Diluted | 37,136 | 37,448 | 37,441 | 37,516 | |||
(1) Includes stock-based compensation as follows: | |||||||
Cost of revenues | $ 2,081 | $ 1,946 | $ 5,967 | $ 5,255 | |||
Research and development | 5,448 | 5,671 | 15,911 | 15,734 | |||
Sales and marketing | 3,649 | 3,229 | 11,020 | 8,580 | |||
General and administrative | 9,159 | 7,676 | 23,556 | 20,991 | |||
Total stock-based compensation, net of amounts capitalized | $ 20,337 | $ 18,522 | $ 56,454 | $ 50,560 |
Qualys, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands) | |||
September 30, | December 31, | ||
Assets | |||
Current assets: | |||
Cash and cash equivalents | $ 235,430 | $ 203,665 | |
Restricted cash | — | 1,500 | |
Short-term marketable securities | 150,913 | 221,893 | |
Accounts receivable, net | 114,967 | 146,226 | |
Prepaid expenses and other current assets | 35,307 | 26,714 | |
Total current assets | 536,617 | 599,998 | |
Long-term marketable securities | 186,680 | 56,644 | |
Property and equipment, net | 27,343 | 32,599 | |
Operating leases - right of use asset | 41,294 | 22,391 | |
Deferred tax assets, net | 77,730 | 62,761 | |
Intangible assets, net | 7,451 | 9,715 | |
Goodwill | 7,447 | 7,447 | |
Noncurrent restricted cash | 1,200 | 1,200 | |
Other noncurrent assets | 22,561 | 19,863 | |
Total assets | $ 908,323 | $ 812,618 | |
Liabilities and Stockholders' Equity | |||
Current liabilities: | |||
Accounts payable | $ 1,422 | $ 988 | |
Accrued liabilities | 39,960 | 43,096 | |
Deferred revenues, current | 337,821 | 333,267 | |
Operating lease liabilities, current | 9,333 | 11,857 | |
Total current liabilities | 388,536 | 389,208 | |
Deferred revenues, noncurrent | 23,116 | 31,671 | |
Operating lease liabilities, noncurrent | 38,266 | 16,885 | |
Other noncurrent liabilities | 8,810 | 6,680 | |
Total liabilities | 458,728 | 444,444 | |
Stockholders' equity: | |||
Common stock | 37 | 37 | |
Additional paid-in capital | 642,435 | 597,921 | |
Accumulated other comprehensive loss | (293) | (1,704) | |
Accumulated deficit | (192,584) | (228,080) | |
Total stockholders' equity | 449,595 | 368,174 | |
Total liabilities and stockholders' equity | $ 908,323 | $ 812,618 |
Qualys, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in thousands) | |||
Nine Months Ended | |||
2024 | 2023 | ||
Cash flow from operating activities: | |||
Net income | $ 129,715 | $ 111,002 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization expense | 14,410 | 21,140 | |
Provision for credit losses | 411 | 230 | |
Loss on non-marketable securities | — | 533 | |
Stock-based compensation, net of amounts capitalized | 56,454 | 50,560 | |
Accretion of discount on marketable securities, net | (5,231) | (3,502) | |
Deferred income taxes | (15,374) | (11,561) | |
Changes in operating assets and liabilities: | |||
Accounts receivable | 30,848 | 18,137 | |
Prepaid expenses and other assets | (9,900) | (4,804) | |
Accounts payable | 391 | (1,428) | |
Accrued liabilities and other noncurrent liabilities | (1,351) | 8,211 | |
Deferred revenues | (4,001) | 22,248 | |
Net cash provided by operating activities | 196,372 | 210,766 | |
Cash flow from investing activities: | |||
Purchases of marketable securities | (305,952) | (252,438) | |
Sales and maturities of marketable securities | 252,940 | 212,202 | |
Purchases of property and equipment | (6,497) | (7,263) | |
Net cash used in investing activities | (59,509) | (47,499) | |
Cash flow from financing activities: | |||
Repurchase of common stock | (97,188) | (147,725) | |
Proceeds from exercise of stock options | 8,311 | 28,384 | |
Payments for taxes related to net share settlement of equity awards | (23,093) | (14,998) | |
Proceeds from issuance of common stock through employee stock purchase plan | 6,872 | 6,077 | |
Payment of acquisition-related holdback | (1,500) | — | |
Net cash used in financing activities | (106,598) | (128,262) | |
Net increase in cash, cash equivalents and restricted cash | 30,265 | 35,005 | |
Cash, cash equivalents and restricted cash at beginning of period | 206,365 | 176,419 | |
Cash, cash equivalents and restricted cash at end of period | $ 236,630 | $ 211,424 |
Qualys, Inc. RECONCILIATION OF NON-GAAP DISCLOSURES ADJUSTED EBITDA (unaudited) (in thousands, except percentages) | |||||||
Three Months Ended | Nine Months Ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net income | $ 46,212 | $ 46,515 | $ 129,715 | $ 111,002 | |||
Net income as a percentage of revenues | 30 % | 33 % | 29 % | 27 % | |||
Depreciation and amortization of property and equipment | 3,670 | 5,922 | 12,146 | 18,824 | |||
Amortization of intangible assets | 721 | 772 | 2,264 | 2,316 | |||
Income tax provision | 6,111 | 1,508 | 26,277 | 20,057 | |||
Stock-based compensation | 20,337 | 18,522 | 56,454 | 50,560 | |||
Total other income, net | (7,369) | (4,428) | (18,209) | (9,459) | |||
Adjusted EBITDA | $ 69,682 | $ 68,811 | $ 208,647 | $ 193,300 | |||
Adjusted EBITDA as a percentage of revenues | 45 % | 48 % | 47 % | 47 % |
Qualys, Inc. RECONCILIATION OF NON-GAAP DISCLOSURES (unaudited) (in thousands, except per share data) | |||||||
Three Months Ended | Nine Months Ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
GAAP Cost of revenues | $ 28,832 | $ 26,739 | $ 82,445 | $ 80,355 | |||
Less: Stock-based compensation | (2,081) | (1,946) | (5,967) | (5,255) | |||
Less: Amortization of intangible assets | (705) | (747) | (2,198) | (2,241) | |||
Non-GAAP Cost of revenues | $ 26,046 | $ 24,046 | $ 74,280 | $ 72,859 | |||
GAAP Gross profit | $ 125,035 | $ 115,257 | $ 365,935 | $ 329,533 | |||
Plus: Stock-based compensation | 2,081 | 1,946 | 5,967 | 5,255 | |||
Plus: Amortization of intangible assets | 705 | 747 | 2,198 | 2,241 | |||
Non-GAAP Gross Profit | $ 127,821 | $ 117,950 | $ 374,100 | $ 337,029 | |||
GAAP Research and development | $ 28,901 | $ 27,782 | $ 83,550 | $ 83,001 | |||
Less: Stock-based compensation | (5,448) | (5,671) | (15,911) | (15,734) | |||
Less: Amortization of intangible assets | (16) | (25) | (66) | (75) | |||
Non-GAAP Research and development | $ 23,437 | $ 22,086 | $ 67,573 | $ 67,192 | |||
GAAP Sales and marketing | $ 32,686 | $ 27,881 | $ 94,240 | $ 79,750 | |||
Less: Stock-based compensation | (3,649) | (3,229) | (11,020) | (8,580) | |||
Non-GAAP Sales and marketing | $ 29,037 | $ 24,652 | $ 83,220 | $ 71,170 | |||
GAAP General and administrative | $ 18,494 | $ 15,999 | $ 50,362 | $ 45,182 | |||
Less: Stock-based compensation | (9,159) | (7,676) | (23,556) | (20,991) | |||
Non-GAAP General and administrative | $ 9,335 | $ 8,323 | $ 26,806 | $ 24,191 | |||
GAAP Operating expenses | $ 80,081 | $ 71,662 | $ 228,152 | $ 207,933 | |||
Less: Stock-based compensation | (18,256) | (16,576) | (50,487) | (45,305) | |||
Less: Amortization of intangible assets | (16) | (25) | (66) | (75) | |||
Non-GAAP Operating expenses | $ 61,809 | $ 55,061 | $ 177,599 | $ 162,553 | |||
GAAP Income from operations | $ 44,954 | $ 43,595 | $ 137,783 | $ 121,600 | |||
Plus: Stock-based compensation | 20,337 | 18,522 | 56,454 | 50,560 | |||
Plus: Amortization of intangible assets | 721 | 772 | 2,264 | 2,316 | |||
Non-GAAP Income from operations | $ 66,012 | $ 62,889 | $ 196,501 | $ 174,476 | |||
GAAP Net income | $ 46,212 | $ 46,515 | $ 129,715 | $ 111,002 | |||
Plus: Stock-based compensation | 20,337 | 18,522 | 56,454 | 50,560 | |||
Plus: Amortization of intangible assets | 721 | 772 | 2,264 | 2,316 | |||
Less: Tax adjustment | (9,299) | (9,129) | (18,812) | (18,569) | |||
Non-GAAP Net income | $ 57,971 | $ 56,680 | $ 169,621 | $ 145,309 | |||
GAAP Net income per share: | |||||||
Basic | $ 1.26 | $ 1.27 | $ 3.52 | $ 3.01 | |||
Diluted | $ 1.24 | $ 1.24 | $ 3.46 | $ 2.96 | |||
Non-GAAP Net income per share: | |||||||
Basic | $ 1.58 | $ 1.54 | $ 4.60 | $ 3.94 | |||
Diluted | $ 1.56 | $ 1.51 | $ 4.53 | $ 3.87 | |||
Weighted average shares used in GAAP and non-GAAP net income per share: | |||||||
Basic | 36,762 | 36,766 | 36,877 | 36,891 | |||
Diluted | 37,136 | 37,448 | 37,441 | 37,516 |
Qualys, Inc. RECONCILIATION OF NON-GAAP DISCLOSURES FREE CASH FLOWS (unaudited) (in thousands) | |||
Nine Months Ended | |||
2024 | 2023 | ||
GAAP Cash flows provided by operating activities | $ 196,372 | $ 210,766 | |
Less: | |||
Purchases of property and equipment, net of proceeds from disposal | (6,497) | (7,263) | |
Non-GAAP Free cash flows | $ 189,875 | $ 203,503 |
Qualys, Inc. RECONCILIATION OF NON-GAAP DISCLOSURES CALCULATED CURRENT BILLINGS (unaudited) (in thousands, except percentages) | |||
Three Months Ended | |||
2024 | 2023 | ||
GAAP Revenue | $ 153,867 | $ 141,996 | |
GAAP Revenue growth compared to same quarter of prior year | 8 % | 13 % | |
Plus: Current deferred revenue at September 30 | 337,821 | 307,179 | |
Less: Current deferred revenue at June 30 | (324,334) | (302,446) | |
Non-GAAP Calculated current billings | $ 167,354 | $ 146,729 | |
Calculated current billings growth compared to same quarter of prior year | 14 % | 14 % |
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SOURCE Qualys, Inc.
FAQ
What was Qualys (QLYS) revenue growth in Q3 2024?
What is Qualys (QLYS) updated revenue guidance for 2024?
What new products did Qualys (QLYS) launch in Q3 2024?