Qlik Reports Third Quarter 2015 Financial Results

RADNOR, Pa., Oct. 23 — Qlik (NASDAQ: QLIK), a leader in visual analytics delivering intuitive solutions for self-service data visualization and guided analytics, has announced financial results for the third quarter ended September 30, 2015.

Lars Björk, Chief Executive Officer of Qlik, stated, “Our comprehensive platform approach to analytics is resonating well with customers and partners, and we are seeing strong adoption of Qlik Sense. We are confident in our differentiated position within our large market opportunity, and we expect to achieve our full year goals of reaccelerating revenue growth and driving margin expansion.”

Financial Highlights for the Third Quarter Ended September 30, 2015

• Total revenue for the third quarter of 2015 was $141.2 million, an increase of 8% from $131.3 million for the third quarter of 2014. On a constant currency basis, total revenue increased 20% compared to the third quarter of 2014. License revenue for the third quarter of 2015 was $69.8 million, an increase of 3% from $67.5 million for the third quarter of 2014. On a constant currency basis, license revenue increased 15% compared to the third quarter of 2014.
• GAAP loss from operations for the third quarter of 2015 was ($8.1) million, compared to a GAAP loss from operations of ($8.6) million for the third quarter of 2014. Non-GAAP income from operations was $4.3 million for the third quarter of 2015, compared to non-GAAP income from operations of $2.6 million for the third quarter of 2014.
• GAAP net loss was ($16.0) million for the third quarter of 2015, or ($0.17) per diluted common share, compared to a GAAP net loss of ($14.4) million, or ($0.16) per diluted common share, for the third quarter of 2014. Non-GAAP net income was $1.4 million for the third quarter of 2015, or $0.02 per diluted common share, compared to non-GAAP net income of $0.7 million, or $0.01 per diluted common share, for the third quarter of 2014. GAAP and non-GAAP net income (loss) for the third quarter of 2015 include a $2.3 million foreign exchange loss compared to a $1.7 million foreign exchange loss in the third quarter of 2014.
• Cash and cash equivalents as of September 30, 2015 were $321.2 million compared to $244.0 million at December 31, 2014. Net cash provided by operating activities was $56.1 million for the nine months ended September 30, 2015, compared to $17.3 million for the nine months ended September 30, 2014.

Operating Highlights

• For the third quarter of 2015, on a constant currency basis, total revenue in the Americas increased 19% over the prior year period, total revenue from Europe increased 18% over the prior year period, and total revenue from Rest of World increased 27% over the prior year period.
• Added new customers during the quarter including Abu Dhabi Police Department, ESCHA Bauelemente GmbH, Four Seasons Health Care Limited, Georg Fischer B.V. & Co. KG, The Helsinki Region Environmental Services HSY, Ingram Micro Distribution GmbH, Lantmäteriet Gävleborgs län, Léon Grosse, Novo Nordisk Service Center India Pvt. Ltd., Oman Airports Management Company, Prime Minister’s Office UAE, Profinch Solutions, Rochester Regional Health System, Royal BAM Group NV, Schibstad Classified Media Spain, Sl., Servion Global Solutions, Talentum Oyj, Thomas Jefferson University (TJU), Tucson Medical Center, and UN Women.
• Expanded numerous customer engagements globally through our land and expand strategy including Aalborg Universitet, Akershus Universitetssykehus HF, Allianz Dublin, Crystal Run Healthcare, Deutsche Bank, Epsilon, Ford Motor Company, Hapag-Lloyd Aktiengesellschaft, Helsana Versicherungen AG, Hologic, Intuit, Lapland Hospital District, Lekolar AB, Mærsk Olie og Gas A/S, MedAssets, NCR Corporation, Nemours Foundation, New Hanover Regional Medical Center, Novo Nordisk A/S, The Pennine Acute Hospitals NHS Trust, REXEL France SAS, Siemens AG, Södra Skogsägarna ekonomisk förening, Sopra Steria AS, Sparekassen Sjælland, Solvay SA – Information Services, Tamedia AG, The U.S. Department of Justice (DOJ), The National Security Agency (NSA), TLT Solicitors, USIC, and VWR International.
• Completed 130 deals with license and first year maintenance over $100,000 in the third quarter of 2015, including 34 deals over $250,000 and eight deals over $1 million, compared to 108 deals over $100,000, including 23 deals over $250,000 and seven deals over $1 million in the prior year period.
• Generated 65% of license and first year maintenance billings from existing customers in the third quarter of 2015, compared to 64% in the prior year period.
• Generated 55% of license and first year maintenance billings from our indirect partner channel and 45% from our direct channel in the third quarter of 2015, compared to 52% from our indirect partner channel and 48% from our direct channel in the prior year period.

Business Outlook

Based on information available as of October 22, 2015, Qlik anticipates total revenue growth of 10% to 11% on a reported basis and 21% to 22% on a constant currency basis for the full year 2015.

Qlik’s expectations of total revenue, non-GAAP income from operations and non-GAAP income per diluted common share for the fourth quarter and full year 2015 assume that foreign currency exchange rates for the fourth quarter 2015 will approximate current exchange rates. This Business Outlook is directional guidance only as foreign currency exchange rate fluctuations and changes in the mix of domestic and international revenue and expenses can impact our results.

Qlik 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.

About Qlik

Qlik (NASDAQ: QLIK) is a leader in visual analytics. Its portfolio of products meets customers’ growing needs from reporting and self-service visual analysis to guided, embedded and custom analytics. Approximately 37,000 customers rely on Qlik solutions to gain meaning out of information from varied sources, exploring the hidden relationships within data that lead to insights that ignite good ideas. Headquartered in Radnor, Pennsylvania, Qlik has offices around the world with more than 1,700 partners covering more than 100 countries.

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Source: Qlik