Qlik Announces Strong Second Quarter 2015 Financial Results

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Qlik Technologies Inc.
Consolidated Statements of Operations
(in thousands, except for share and per share data)
 
        Three Months Ended June 30,     Six Months Ended June 30,
  2015       2014     2015       2014  
(unaudited) (unaudited)
Revenue:
License revenue $ 76,320 $ 66,942 $ 131,127 $ 120,825
Maintenance revenue 55,983 50,889 108,653 96,734
Professional services revenue   13,526     13,787     26,313     25,171  
Total revenue   145,829     131,618     266,093     242,730  
 
Cost of revenue:
License revenue 2,437 1,785 4,409 3,291
Maintenance revenue 2,681 2,768 5,939 5,825
Professional services revenue   17,076     14,256     32,987     27,732  
Total cost of revenue   22,194     18,809     43,335     36,848  
 
Gross profit 123,635 112,809 222,758 205,882
 
Operating expenses:
Sales and marketing 86,792 75,691 163,433 148,454
Research and development 18,793 17,588 36,188 34,634
General and administrative   27,964     26,531     57,138     53,292  
Total operating expenses   133,549     119,810     256,759     236,380  
 
Loss from operations   (9,914 )   (7,001 )   (34,001 )   (30,498 )
 
Other expense, net:
Interest income, net 35 40 65 75
Foreign exchange loss, net   (3,241 )   (51 )   (1,846 )   (414 )
Total other expense, net   (3,206 )   (11 )   (1,781 )   (339 )
 
Loss before income taxes   (13,120 )   (7,012 )   (35,782 )   (30,837 )
 
Benefit (provision) for income taxes   118     (3,194 )   (7,540 )   (5,249 )
 
Net loss $ (13,002 ) $ (10,206 ) $ (43,322 ) $ (36,086 )
 
 
Net loss per common share
Basic and diluted $ (0.14 ) $ (0.11 ) $ (0.47 ) $ (0.40 )
 
Weighted average number of common shares outstanding
Basic and diluted 91,721,926 89,753,523 91,362,617 89,480,446
 

Stock-based compensation expense for the three and six months ended June 30, 2015 and 2014 is included in the
Unaudited Consolidated Statements of Operations as follows (in thousands):

 
Three Months Ended June 30, Six Months Ended June 30,
  2015     2014     2015     2014  
(unaudited) (unaudited)
 
Cost of revenue $ 773 $ 639 $ 1,798 $ 1,195
Sales and marketing 4,757 4,199 9,427 8,306
Research and development 1,034 1,023 1,990 1,834
General and administrative   3,099     2,817     5,845     5,181  
$ 9,663   $ 8,678   $ 19,060   $ 16,516  
 
     
Qlik Technologies Inc.
Reconciliation of non-GAAP Measures to GAAP
(in thousands, except share and per share data)
           
Three Months Ended June 30, Six Months Ended June 30,
  2015       2014     2015       2014  
(unaudited) (unaudited)
Reconciliation of non-GAAP income (loss) from operations:
 
GAAP loss from operations $ (9,914 ) $ (7,001 ) $ (34,001 ) $ (30,498 )
Stock-based compensation expense 9,663 8,678 19,060 16,516
Employer payroll taxes on stock transactions 1,350 191 1,492 554
Amortization of intangible assets 867 739 1,772 1,548
Contingent consideration adjustment   56       -     162       -  
Non-GAAP income (loss) from operations $ 2,022     $ 2,607   $ (11,515 )   $ (11,880 )
 
Non-GAAP income (loss) from operations as a percentage of total revenue 1.4 % 2.0 % -4.3 % -4.9 %
GAAP loss from operations as a percentage of total revenue -6.8 % -5.3 % -12.8 % -12.6 %
 
Reconciliation of non-GAAP net income (loss):
 
GAAP net loss $ (13,002 ) $ (10,206 ) $ (43,322 ) $ (36,086 )
Stock-based compensation expense 9,663 8,678 19,060 16,516
Employer payroll taxes on stock transactions 1,350 191 1,492 554
Amortization of intangible assets 867 739 1,772 1,548
Contingent consideration adjustment 56 - 162 -
Income tax adjustment*   237       2,415     11,529       8,915  
Non-GAAP net income (loss) $ (829 )   $ 1,817   $ (9,307 )   $ (8,553 )
 
Non-GAAP net income (loss) per common share - basic and diluted $ (0.01 )   $ 0.02   $ (0.10 )   $ (0.10 )
GAAP net loss per common share - basic and diluted $ (0.14 )   $ (0.11 ) $ (0.47 )   $ (0.40 )
 
Non-GAAP weighted average number of common shares outstanding - basic   91,721,926       89,753,523     91,362,617       89,480,446  
Non-GAAP weighted average number of common shares outstanding - diluted   91,721,926       90,923,413     91,362,617       89,480,446  
GAAP weighted average number of common shares outstanding - basic and diluted   91,721,926       89,753,523     91,362,617       89,480,446  
 

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