News Column

Qlik Announces Second Quarter Financial Results

July 24, 2014

Total revenue of $131.6 million increases 22% compared to the second quarter of 2013

License revenue of $66.9 million increases 11% compared to the second quarter of 2013

RADNOR, Pa--(BUSINESS WIRE)-- Qlik (NASDAQ: QLIK), a leader in data discovery delivering intuitive solutions for self-service data visualization and guided analytics, today announced financial results for the second quarter ended June 30, 2014.

Lars BjÖrk, Chief Executive Officer of Qlik, stated, “In the second quarter we delivered revenue and bottom-line results that exceeded our expectations. In addition, today we introduced our next-generation data visualization application, Qlik® Sense Desktop, which is the first commercially available release from the QlikView.Next project, and we announced that we expect the server edition of Qlik Sense to be available in September. The launch of Qlik Sense, combined with the continued strong demand for QlikView demonstrated by our results this quarter, will enable us to capture the significant market opportunity that we see in self-service visualization and Data Discovery.”

Financial Highlights for the Second Quarter Ended June 30, 2014

  • Total revenue for the second quarter of 2014 was $131.6 million, an increase of 22% from $108.0 million for the second quarter of 2013. License revenue for the second quarter of 2014 was $66.9 million, an increase of 11% from $60.5 million for the second quarter of 2013. Foreign currency exchange rate fluctuations from the prior year period positively impacted total revenue by approximately 2%.
  • GAAP loss from operations for the second quarter of 2014 was ($7.0) million, compared to a GAAP loss from operations of ($9.1) million for the second quarter of 2013. GAAP net loss was ($10.2) million for the second quarter of 2014, or ($0.11) per diluted common share, compared to a GAAP net loss of ($8.0) million, or ($0.09) per diluted common share, for the second quarter of 2013.
  • Non-GAAP income from operations was $2.6 million for the second quarter of 2014, compared to a non-GAAP loss from operations of ($1.7) million for the second quarter of 2013. Non-GAAP net income was $1.8 million for the second quarter of 2014, or $0.02 per diluted common share, compared to a non-GAAP net loss of ($1.5) million, or ($0.02) per diluted common share, for the second quarter of 2013.
  • Cash and cash equivalents as of June 30, 2014 were $255.0 million compared to $227.7 million at December 31, 2013. Net cash provided by operating activities was $23.5 million for the six months ended June 30, 2014, as compared to $23.8 million for the six months ended June 30, 2013.

    The tables at the end of this press release include a reconciliation of GAAP to non-GAAP income (loss) from operations and net income (loss) for the three and six months ended June 30, 2014 and 2013. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures."

    Operating Highlights

  • For the second quarter of 2014, on a constant currency basis, total revenue in the Americas increased 24% over the prior year period, total revenue from Europe increased 16% over the prior year period, and total revenue from Rest of World increased 24% over the prior year period.
  • Added new customers during the second quarter of 2014 including 3P Learning Pty Ltd, Arkema Inc., Community Health Network, David Lloyd Leisure, Harris Farm Markets, Hindustan Zinc, IKEA Japan K.K., Kuoni Destination Management, Saint-Gobain Corporation, Snapdeal, Southern Illinois Healthcare, and ZF Friedrichshafen AG.
  • Expanded numerous customer engagements globally through our land and expand strategy including Amerigas Partners LP, Bidvest 3663, BSkyB Ltd, Bunzl Plc, Dallas Independent School District, EDF Energy, Hartford Healthcare Corp, Kansas State University Foundation, London City Airport, Ministry of Health (Oman), Moen Incorporated, National Institutes of Health, Ocean State Jobbers Inc., Schindler Liften B.V., Schiphol, Steward Healthcare System, Swedbank, Tata Communications, Tata Technologies, Telenor Norge AS, Tesco Mobile, ThedaCare, Volkswagen India, XEROX (UK) LTD, and Victaulic Europe.
  • Completed 109 deals with license and first year maintenance over $100,000 in the second quarter of 2014, including 25 deals over $250,000, compared to 104 deals over $100,000 including 27 deals over $250,000 in the prior year period.
  • Continued success with our land and expand strategy with 65% of license and first year maintenance billings generated from existing customers in the second quarter of 2014, compared to 60% in the prior year period.
  • Generated 52% of license and first year maintenance billings from our indirect partner channel and 48% from our direct channel in the second quarter of 2014, compared to 57% from our indirect partner channel and 43% from our direct channel in the prior year period.

    Business Outlook

    Based on information available as of July 24, 2014, Qlik is issuing guidance for the third quarter and full year 2014 as follows:

    in millions, except for per share data

    Guidance Range

    Q3 2014

     
      Low EndHigh End
    Total revenue $ 122.0   $ 126.0
    Non-GAAP income (loss) from operations1 $ (2.0 ) $ 1.0
    Non-GAAP income (loss) per diluted common share2 $ (0.02 ) $ 0.01

    Guidance Range

    Full Year 2014

      Low EndHigh End
    Total revenue $ 545.0   $ 555.0
    Non-GAAP income from operations1 $ 30.0   $ 35.0
    Non-GAAP income per diluted common share3 $ 0.23   $ 0.27
    1 Expectations of non-GAAP income (loss) from operations exclude stock-based compensation expense,
    employer payroll taxes on stock transactions, and amortization of intangible assets.
    2 Assumes an estimated long-term effective tax rate of 30%, basic weighted average shares outstanding
    of approximately 90 million, and diluted weighted average shares outstanding of approximately 91 million.
    3 Assumes an estimated long-term effective tax rate of 30% and diluted weighted average shares
    outstanding of approximately 91 million.
     


    Qlik's expectations of total revenue, non-GAAP income (loss) from operations and non-GAAP income (loss) per diluted common share for the third quarter and full year 2014 assume that foreign currency exchange rates for the third quarter and full year 2014 will approximate current exchange rates.

    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.

    Conference Call and Webcast Information

    Qlik will host a conference call on Thursday, July 24, 2014 at 5:00 p.m. Eastern Time (ET) to discuss the company’s second quarter financial results and its business outlook. To access this call, dial (877) 312-5507 (domestic) or (253) 237-1134 (international). The conference ID is 68469019. The presentation will be webcast live and available under the “Events & Presentations” section on Qlik’s investor relations website at http://investor.qlik.com/. Following the conference call, a replay will be available until July 27, 2014 at (855) 859-2056 (domestic) or (404) 537-3406 (international). The replay pass code is 68469019. An archived webcast of this conference call will also be available under the “Events & Presentations” section on Qlik’s investor relations website at http://investor.qlik.com/.

    Non-GAAP Financial Measures

    To supplement the consolidated financial statements presented in accordance with generally accepted accounting principles in the United States, or GAAP, Qlik uses measures of non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net income (loss) per basic and diluted common share and constant currency. A reconciliation of these non-GAAP financial measures to the closest GAAP financial measure is presented in the financial tables below under the headings “Reconciliation of Non-GAAP Measures to GAAP” and “Reconciliation of Non-GAAP Revenue to GAAP Revenue.” Qlik believes that the non-GAAP financial information provided in this release can assist investors in understanding and assessing Qlik’s on-going core operations and prospects for the future and provides an additional tool for investors to use in comparing Qlik’s financial results with other companies in Qlik’s industry, many of which present similar non-GAAP financial measures to investors. In addition, Qlik believes that these non-GAAP financial measures are useful to investors because they allow for greater transparency into the indicators used by management as a basis for its internal budgeting and operational decision making.

    For the three and six months ended June 30, 2014 and 2013, non-GAAP income (loss) from operations is determined by taking GAAP income (loss) from operations and adding back stock-based compensation expense, employer payroll taxes on stock transactions, and amortization of intangible assets. Non-GAAP net income (loss) is determined by taking GAAP income (loss) before (provision) benefit for income taxes and adding back stock-based compensation expense, employer payroll taxes on stock transactions, and amortization of intangible assets and the result is tax affected at an estimated long-term effective tax rate of 30%. Qlik believes that the effective tax rate used in the non-GAAP net income (loss) and related per diluted common share calculations are reasonable estimates of the long-term normalized effective tax rate under its global structure. Qlik believes these adjustments provide useful information to both management and investors due to the following factors:

  • Stock-based compensation. Although stock-based compensation is an important aspect of the compensation of Qlik’s employees and executives, determining the fair value of the stock-based instruments involves a high degree of judgment and estimation and the expense recorded may bear little resemblance to the actual value realized upon the future exercise or termination of the related stock-based awards. Furthermore, unlike cash compensation, the value of stock-based compensation is determined using a complex formula that incorporates factors, such as market volatility, that are beyond Qlik’s control. Management believes it is useful to exclude stock-based compensation in order to better understand the long-term performance of Qlik’s core business and to facilitate comparison of its results to those of peer companies.
  • Employer payroll taxes on stock transactions. The amount of employer payroll taxes on stock transactions is dependent on Qlik’s stock price and other factors that are beyond Qlik’s control and do not correlate to the operation of its business.
  • Amortization of intangible assets. A portion of the purchase price of Qlik’s acquisitions is generally allocated to intangible assets, such as intellectual property, and is subject to amortization. However, Qlik does not acquire businesses on a predictable cycle. Additionally, the amount of an acquisition’s purchase price allocated to intangible assets and the term of its related amortization can vary significantly and are unique to each acquisition. Therefore, management believes that the presentation of non-GAAP financial measures that adjust for the amortization of intangible assets provides investors and others with a consistent basis for comparison across accounting periods.

    To determine the revenue growth rates on a constant currency basis for the three and six months ended June 30, 2014, revenue from entities reporting in foreign currencies was translated into U.S. dollars using the comparable prior year period’s foreign currency exchange rates.

    This press release includes forward-looking non-GAAP financial measures under the heading “Business Outlook”. These non-GAAP financial measures were determined by excluding stock-based compensation expense, employer payroll taxes on stock transactions, and amortization of intangible assets and assuming an estimated long-term effective tax rate of 30%. We are unable to reconcile this non-GAAP guidance to GAAP because it is difficult to predict the future impact of these adjustments. In addition, these forward-looking non-GAAP financial measures assume that foreign currency exchange rates for the third quarter and full year 2014 will approximate current foreign currency exchange rates.

    The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant elements that are required by GAAP to be recorded in Qlik’s consolidated financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management in determining these non-GAAP financial measures. In order to compensate for these limitations, management of Qlik presents its non-GAAP financial measures in connection with its GAAP results. Investors are encouraged to review the reconciliation of our non-GAAP financial measures to their most directly comparable GAAP financial measure. As previously mentioned, a reconciliation of our historic non-GAAP financial measures to their most directly comparable GAAP measures has been provided below.

    About Qlik

    Qlik (NASDAQ: QLIK) is a leader in data discovery delivering intuitive solutions for self-service data visualization and guided analytics. Approximately 33,000 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.

    Safe Harbor for Forward-Looking Statements

    This press release contains forward-looking statements, including, but not limited to, the guidance provided under the heading “Business Outlook” above, statements regarding the value and effectiveness of Qlik's products, the introduction of product enhancements or additional products and Qlik's growth, expansion and market leadership, that involve risks, uncertainties, assumptions and other factors which, if they do not materialize or prove correct, could cause Qlik’s results to differ materially from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words “predicts,” “plan,” “expects,” “focus,” “anticipates,” “believes,” “goal,” “target,” “estimate,” “potential,” “may,” “will,” “might,” “momentum,” “can,” “could,” “seek,” and similar words. Qlik intends all such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Exchange Act and the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected in such statements due to various factors, including but not limited to: risks and uncertainties inherent in Qlik’s business; Qlik’s ability to attract new customers and retain existing customers; Qlik’s ability to effectively sell, service and support its products; Qlik’s ability to adapt to changing licensing and go to market business models; Qlik’s ability to manage its international operations; Qlik’s ability to compete effectively; Qlik’s ability to develop and introduce new products and add-ons or enhancements to existing products; Qlik’s ability to continue to promote and maintain its brand in a cost-effective manner; Qlik’s ability to manage growth; Qlik’s ability to attract and retain key personnel; currency fluctuations that affect Qlik’s revenues and costs; Qlik’s ability to successfully integrate acquisitions into its business; the scope and validity of intellectual property rights applicable to Qlik’s products; adverse economic conditions in general and adverse economic conditions specifically affecting the markets in which Qlik operates; and other risks more fully described in Qlik’s publicly available filings with the Securities and Exchange Commission. Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent Qlik's views as of the date of this press release. Any statements regarding Qlik’s products are intended to outline its general product direction and should not be relied on in making a purchase decision, as the development, release, and timing of any features and functionality remains at Qlik’s sole discretion. Qlik anticipates that subsequent events and developments will cause its views to change. Qlik undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Qlik’s views as of any date subsequent to the date of this press release.

    © 2014 QlikTech International AB. All rights reserved. Qlik®, QlikView®, QlikTech®, and the QlikTech logos are trademarks of QlikTech International AB which have been registered in multiple countries. Other marks and logos mentioned herein are trademarks or registered trademarks of their respective owners.

    Qlik Technologies Inc.

    Unaudited Consolidated Statements of Operations

    (in thousands, except for share and per share data)
    Three Months Ended June 30,Six Months Ended June 30,
    2014   20132014   2013
     
    Revenue:
    License revenue $ 66,942 $ 60,501 $ 120,825 $ 113,153
    Maintenance revenue 50,889 38,420 96,734 74,136
    Professional services revenue   13,787     9,086     25,171     17,266  
    Total revenue   131,618     108,007     242,730     204,555  
     
    Cost of revenue:
    License revenue 1,785 1,523 3,291 3,170
    Maintenance revenue 2,768 2,546 5,825 5,418
    Professional services revenue   14,256     10,525     27,732     20,362  
    Total cost of revenue   18,809     14,594     36,848     28,950  
     
    Gross profit 112,809 93,413 205,882 175,605
     
    Operating expenses:
    Sales and marketing 75,691 64,447 148,454 125,427
    Research and development 17,588 16,070 34,634 31,550
    General and administrative   26,531     21,988     53,292     44,481  
    Total operating expenses   119,810     102,505     236,380     201,458  
     
    Loss from operations   (7,001 )   (9,092 )   (30,498 )   (25,853 )
     
    Other expense, net:
    Interest income, net 40 35 75 67
    Foreign exchange loss, net   (51 )   (504 )   (414 )   (1,987 )
    Total other expense, net   (11 )   (469 )   (339 )   (1,920 )
     
    Loss before benefit (provision) for income taxes   (7,012 )   (9,561 )   (30,837 )   (27,773 )
     
    Benefit (provision) for income taxes   (3,194 )   1,512     (5,249 )   6,518  
     
    Net loss $ (10,206 ) $ (8,049 ) $ (36,086 ) $ (21,255 )
     
     
    Net loss per common share
    Basic and diluted $ (0.11 ) $ (0.09 ) $ (0.40 ) $ (0.24 )
     
    Weighted average number of common shares outstanding
    Basic and diluted 89,753,523 87,280,678 89,480,446 86,900,901
     
     

    Stock-based compensation expense for the three and six months ended June 30, 2014 and 2013 is included in the Unaudited Consolidated Statements of Operations as follows (in thousands):

     
    Three Months Ended June 30,Six Months Ended June 30,
    2014201320142013
    (unaudited)(unaudited)
     
    Cost of revenue $ 639 $ 690 $ 1,195 $ 1,298
    Sales and marketing 4,199 3,270 8,306 6,235
    Research and development 1,023 835 1,834 1,575
    General and administrative   2,817     1,797     5,181     3,473  
    $ 8,678   $ 6,592   $ 16,516   $ 12,581  
     
     

    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,
    2014   20132014   2013
    (unaudited)(unaudited)

    Reconciliation of non-GAAP income (loss) from operations:

     
    GAAP loss from operations $ (7,001 ) $ (9,092 ) $ (30,498 ) $ (25,853 )
    Stock-based compensation expense 8,678 6,592 16,516 12,581
    Employer payroll taxes on stock transactions 191 261 554 469
    Amortization of intangible assets   739       584     1,548       934  
    Non-GAAP income (loss) from operations $ 2,607     $ (1,655 ) $ (11,880 )   $ (11,869 )
     
    Non-GAAP income (loss) from operations as a percentage of total revenue 2.0 % -1.5 % -4.9 % -5.8 %
    GAAP loss from operations as a percentage of total revenue -5.3 % -8.4 % -12.6 % -12.6 %
     

    Reconciliation of non-GAAP net income (loss):

     
    GAAP net loss $ (10,206 ) $ (8,049 ) $ (36,086 ) $ (21,255 )
    Stock-based compensation expense 8,678 6,592 16,516 12,581
    Employer payroll taxes on stock transactions 191 261 554 469
    Amortization of intangible assets 739 584 1,548 934
    Income tax adjustment*   2,415       (874 )   8,915       (2,381 )
    Non-GAAP net income (loss) $ 1,817     $ (1,486 ) $ (8,553 )   $ (9,652 )
     
    Non-GAAP net income (loss) per common share - basic $ 0.02     $ (0.02 ) $ (0.10 )   $ (0.11 )
    Non-GAAP net income (loss) per common share - diluted $ 0.02     $ (0.02 ) $ (0.10 )   $ (0.11 )
    GAAP net loss per common share - basic and diluted $ (0.11 )   $ (0.09 ) $ (0.40 )   $ (0.24 )
     
    Non-GAAP weighted average number of common shares outstanding - basic   89,753,523       87,280,678     89,480,446       86,900,901  
    Non-GAAP weighted average number of common shares outstanding - diluted   90,923,413       87,280,678     89,480,446       86,900,901  
    GAAP Weighted average number of common shares outstanding - basic and diluted   89,753,523       87,280,678     89,480,446       86,900,901  
     

    *Income tax adjustment is used to adjust the GAAP benefit (provision) for income taxes to a non-GAAP benefit (provision) for income taxes by taking GAAP income (loss) before (provision) benefit for income taxes and adding back (1) stock-based compensation expense, (2) employer payroll taxes on stock transactions, and (3) amortization of intangible assets and applying an estimated long-term effective tax rate of 30%.

     
     
    Qlik Technologies Inc.

    Reconciliation of non-GAAP Revenue to GAAP Revenue

    (in thousands)
               
     
    Three Months Ended June 30,Six Months Ended June 30,
    2014   2013% change2014   2013% change

    (unaudited)

    (unaudited)
    Constant currency reconciliation:
    Total revenue, as reported $ 131,618 $ 108,007 22 % $ 242,730 $ 204,555 19 %
    Estimated impact of foreign currency fluctuations -2 % -2 %
    Total revenue constant currency growth rate 20 % 17 %
     
    Three Months Ended June 30,Six Months Ended June 30,
    2014   2013% change2014   2013% change
    (unaudited)(unaudited)
    Constant currency reconciliation:
    License revenue, as reported $ 66,942 $ 60,501 11 % $ 120,825 $ 113,153 7 %
    Estimated impact of foreign currency fluctuations -2 % -2 %
    License revenue constant currency growth rate 9 % 5 %
     
    Three Months Ended June 30,Six Months Ended June 30,
    2014   2013% change2014   2013% change
    (unaudited)(unaudited)
    Constant currency reconciliation:
    Maintenance revenue, as reported $ 50,889 $ 38,420 32 % $ 96,734 $ 74,136 30 %
    Estimated impact of foreign currency fluctuations -2 % -1 %
    Maintenance revenue constant currency growth rate 30 % 29 %
     
    Three Months Ended June 30,Six Months Ended June 30,
    2014   2013% change2014   2013% change
    (unaudited)(unaudited)
    Constant currency reconciliation:
    Professional Services revenue, as reported $ 13,787 $ 9,086 52 % $ 25,171 $ 17,266 46 %
    Estimated impact of foreign currency fluctuations -4 % -3 %
    Professional services revenue constant currency growth rate 48 % 43 %
     
    Three Months Ended June 30,Six Months Ended June 30,
    2014   2013% change2014   2013% change
    (unaudited)(unaudited)
    Constant currency reconciliation:
    Americas revenue, as reported $ 46,632 $ 37,858 23 % $ 83,484 $ 71,230 17 %
    Estimated impact of foreign currency fluctuations 1 % 1 %
    Americas revenue constant currency growth rate 24 % 18 %
     
    Three Months Ended June 30,Six Months Ended June 30,
    2014   2013% change2014   2013% change
    (unaudited)(unaudited)
    Constant currency reconciliation:
    Europe revenue, as reported

     

    $ 70,356 $ 57,990 21 % $ 133,129 $ 111,666 19 %
    Estimated impact of foreign currency fluctuations -5 % -5 %
    Europe revenue constant currency growth rate 16 % 14 %
     
    Three Months Ended June 30,Six Months Ended June 30,
    2014   2013% change2014   2013% change
    (unaudited)(unaudited)
    Constant currency reconciliation:
    Rest of World revenue, as reported $ 14,630 $ 12,159 20 % $ 26,117 $ 21,659 21 %
    Estimated impact of foreign currency fluctuations 4 % 5 %
    Rest of World revenue constant currency growth rate 24 % 26 %
     
     

    Qlik Technologies Inc.

    Consolidated Balance Sheets

    (in thousands)

         
    June 30,

    2014
    December 31,

    2013
    (unaudited)
    Assets
    Current assets:
    Cash and cash equivalents $ 255,035 $ 227,693
    Accounts receivable, net 126,087 162,009
    Prepaid expenses and other current assets 15,438 16,296
    Deferred income taxes   1,886     1,886
    Total current assets 398,446 407,884
     
    Property and equipment, net 26,769 21,500
    Intangible assets, net 10,753 12,695
    Goodwill 21,139 21,233
    Deferred income taxes 2,401 2,107
    Deposits and other noncurrent assets   3,098     2,503
    Total assets $ 462,606   $ 467,922
     
    Liabilities and stockholders’ equity
    Current liabilities:
    Income taxes payable $ 255

     

    $ 2,634
    Accounts payable 4,684

     

    5,262
    Deferred revenue 109,444

     

    98,684
    Accrued payroll and other related costs 42,232

     

    46,780
    Accrued expenses 27,650

     

    29,495
    Deferred income taxes   544  

     

      544
    Total current liabilities 184,809 183,399
     
    Long-term liabilities:
    Deferred revenue 3,674 3,637
    Deferred income taxes 894 894
    Other long-term liabilities   8,036     7,822
    Total liabilities 197,413 195,752
     
    Commitments and contingencies
     
    Stockholders’ equity:
    Common stock 9 9
    Additional paid-in-capital 294,513 265,711
    Retained earnings (accumulated deficit) (33,049 ) 3,037
    Accumulated other comprehensive income   3,720     3,413
    Total stockholders’ equity   265,193     272,170
    Total liabilities and stockholders’ equity $ 462,606   $ 467,922
     
     
    Qlik Technologies Inc.

    Unaudited Condensed Consolidated Statements of Cash Flows

    (in thousands)

     

       

    Six Months Ended June 30,

    2014   2013
     
    Cash flows from operating activities
    Net loss $ (36,086 ) $ (21,255 )
    Adjustments to reconcile net loss to net cash provided by operating activities:
    Depreciation and amortization 5,136 3,684
    Stock-based compensation expense 16,516 12,581
    Excess tax benefit from stock-based compensation (4,171 ) (6,471 )
    Other non cash items 1,630 5,945
    Changes in assets and liabilities
    Accounts receivable 35,193 46,496
    Prepaid expenses and other assets (131 ) 1,859
    Income taxes (2,379 ) (23,310 )
    Deferred revenues 10,937 4,281
    Accounts payable and other liabilities   (3,177 )   36  
    Net cash provided by operating activities 23,468 23,846
     
    Cash flows from investing activities
    Acquisitions, net of cash acquired - (4,371 )
    Capital expenditures   (7,865 )   (4,516 )
    Net cash used in investing activities (7,865 ) (8,887 )
     
    Cash flows from financing activities
    Proceeds from exercise of common stock options 8,115 9,952
    Excess tax benefit from stock-based compensation 4,171 6,471
    Payments on contingent consideration - (219 )
    Payments on line of credit   -     (1 )
    Net cash provided by financing activities 12,286 16,203
    Effect of exchange rate on cash and cash equivalents   (547 )   (3,416 )
    Net increase in cash and cash equivalents 27,342 27,746
    Cash and cash equivalents, beginning of period   227,693     195,803  
    Cash and cash equivalents, end of period $ 255,035   $ 223,549  
     
    Supplemental cash flow information:
    Cash paid during the period for income taxes $ 3,997   $ 7,905  
    Non-cash investing activities:
    Tenant improvement allowance received under operating lease $ 1,048   $ -  





    Qlik Technologies Inc.

    Investor Contact

    Brett Pollack, 646-561-0906

    Brett.Pollack@qlik.com

    or

    Media Contact

    Maria Scurry, 617-658-5317

    Maria.Scurry@qlik.com

    Source: Qlik


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