QlikTech Announces Third Quarter 2012 Financial Results

  QlikTech Announces Third Quarter 2012 Financial Results

Business Wire

RADNOR, Pa. -- October 25, 2012

Qlik Technologies Inc. (“QlikTech”) (Nasdaq: QLIK), a leader in Business
Discovery — user-driven Business Intelligence (BI), today announced financial
results for the third quarter ended September 30, 2012.

Lars Björk, Chief Executive Officer of QlikTech, stated, “During the third
quarter, sales to our small and mid-sized customers were strong, however, the
challenging business environment and its effects on enterprises led to some
sales cycles lengthening more than we had anticipated, impacting our results.
Despite this, we were able to grow total revenue 20% year-over-year on a
constant currency basis.”

Björk continued, “I am confident in the steps we are taking to make QlikTech
more enterprise ready from a sales, product and services perspective including
delivering against the opportunity of Big Data -- making data accessible and
actionable for the business user. With our key differentiators such as our
associative search technology, our recently announced QlikView Direct
Discovery, and our expanded partnership strategy including companies such as
Teradata, we are strengthening our ability to execute, and improving our
position within the enterprise market.”

Financial Highlights for the Third Quarter Ended September 30, 2012

Total revenue for the third quarter of 2012 was $86.1 million, an increase of
14% year-over-year and 20% year-over-year on a constant currency basis.
License revenue for the period was $48.8 million, an increase of 7%
year-over-year and 13% year-over-year on a constant currency basis.
Maintenance revenue for the period was $30.6 million, an increase of 33%
year-over-year and 41% year-over-year on a constant currency basis.
Professional services revenue for the period was $6.7 million, a decrease of
4% year-over-year and an increase of 1% year-over-year on a constant currency
basis.

GAAP operating loss for the third quarter of 2012 was ($1.8) million, compared
to GAAP operating income of $2.1 million for the third quarter of 2011. GAAP
net income for the third quarter of 2012 was $0.2 million, or $0.00 per basic
and diluted common share, compared to a GAAP net income of $1.2 million or
$0.01 per basic and diluted common share, in the third quarter of 2011.

Non-GAAP income from operations, which excludes stock-based compensation,
employer payroll taxes on stock transactions, and amortization of intangible
assets, was $4.3 million for the third quarter of 2012, compared to non-GAAP
income from operations of $5.2 million for the third quarter of 2011. Non-GAAP
net income, which also assumes a 32% estimated long-term effective tax rate,
was $1.8 million for the third quarter of 2012, compared to non-GAAP net
income of $4.1 million for the third quarter of 2011. Non-GAAP net income per
diluted common share for the third quarter of 2012 was $0.02, compared to
non-GAAP net income per diluted common share of $0.05 for the third quarter of
2011.

GAAP and non-GAAP net income for the third quarter of 2012 include a $1.7
million foreign exchange loss, compared to a foreign exchange gain of $0.8
million in the prior year period.

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 nine months ended September 30, 2012 and 2011. An explanation of these and
other measures, including constant currency comparisons, is also included
below under the heading "Non-GAAP Financial Measures."

Cash and cash equivalents were $193.1 million on September 30, 2012, compared
to $177.4 million on December 31, 2011. For the nine months ended September
30, 2012, net cash provided by operating activities was $25.4 million,
compared to $11.0 million for the nine months ended September 30, 2011.

Other Third Quarter and Recent Business Highlights:

  *Revenue in the Americas was $30.5 million, up 14% over the prior year
    period and representing 35% of total revenue for the quarter. European
    countries generated $46.1 million in revenue, up 10% over the prior year
    period and representing 54% of total revenue for the quarter. Rest of
    World revenue was $9.5 million, up 43% over the prior year period and
    representing 11% of total revenue for the quarter.
  *On a constant currency basis, revenue in the Americas increased 16% over
    the prior year period, European revenue increased 19% over the prior year
    period, and revenue from Rest of World increased 48% over the prior year
    period.
  *Ended the third quarter of 2012 with an active customer count of over
    26,000.
  *Added new customers during the third quarter of 2012 including Colgate
    Palmolive Russia, Japan Steel Works, National Institutes of Health,
    Textron Systems Corporation, and Toshiba America.
  *Expanded numerous customer engagements globally through our land and
    expand strategy including Danone South-West Europe, Honda Europe NV,
    Monsanto Company, National Australian Bank, Oxford Brookes University,
    Pernod Ricard Belgium, RWE IT GmbH, Travelers Insurance, Turk Ekonomi
    Bankasi (TEB), and T-Mobile Netherlands BV.
  *Announced the launch planned for later this year of QlikView Direct
    Discovery for direct access to big data sources within QlikView apps.
    Direct Discovery can link data loaded in memory with big data sources for
    rapid visual analysis. With this hybrid model, there is no need to choose
    between direct access to big data or pre-loading data in-memory -- you can
    have both.
  *Announced a partnership with Teradata to provide a seamless user
    experience to joint customers, regardless of where the data resides,
    whether in-memory or in the enterprise data warehouse.
  *Announced the availability of the QlikView Governance Dashboard, a free
    product available on QlikMarket that provides customers with visibility
    into their QlikView deployments, enabling them to maximize data governance
    practices and optimize their QlikView investment.
  *Results of comprehensive survey of companies using business intelligence
    products conducted by BARC showed that QLIK is considered a leading Visual
    Analysis and Data Discovery vendor and a leading BI giant. QlikView ranked
    first among the BI Giants peer group in visual analysis, innovation,
    agility and shortest project length. In the Visual Analysis and Data
    Discovery peer group, QlikView ranked first in lowest cost per seat,
    lowest numbers of administrators per seat, lowest cost, and mobile BI.

Business Outlook

Based on information available as of October 25, 2012, QlikTech is issuing
guidance for the fourth quarter and full year 2012 as follows:

Fourth Quarter 2012: QlikTech expects total revenue for the fourth quarter to
be in the range of $125.0 million to $130.0 million, non-GAAP income from
operations to be in the range of $28.0 million to $31.0 million and non-GAAP
net income per diluted common share to be in the range of $0.22 to $0.24.
QlikTech’s expectations of non-GAAP income from operations and non-GAAP net
income per diluted common share for the fourth quarter exclude stock-based
compensation expense, employer payroll taxes on stock transactions, and
amortization of intangible assets and assume an estimated long-term effective
tax rate of 32% and weighted average shares outstanding of approximately 88
million.

Full Year 2012: QlikTech expects 2012 total revenue to be in the range of
$376.0 million to $381.0 million, non-GAAP income from operations to be in the
range of $32.0 million to $35.0 million and non-GAAP net income per diluted
common share to be in the range of $0.23 to $0.25. QlikTech’s expectations of
non-GAAP income from operations and non-GAAP net income per diluted common
share for the full year exclude stock-based compensation expense, employer
payroll taxes on stock transactions, and amortization of intangible assets and
assume an estimated long-term effective tax rate of 32% and weighted average
shares outstanding of approximately 88 million.

QlikTech’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
2012 assume that foreign currency exchange rates for the fourth quarter will
approximate current exchange rates.

Conference Call and Webcast Information

QlikTech will host a conference call on October 25, 2012, at 5:00 p.m. Eastern
Time (ET) to discuss the company’s third quarter 2012 financial results and
its business outlook. To access this call, dial (877) 312-5507 (domestic) or
(253) 237-1134 (international). A replay of this conference call will be
available until November 1, 2012 at (855) 859-2056 (domestic) or (404)
537-3406 (international). The replay pass code is 38704815. A live web cast of
this conference call will also be available under the “Events & Presentations”
section on the company’s investor relations website at
http://investor.qlikview.com, and a replay will be archived on the website as
well.

Non-GAAP Financial Measures

To supplement the consolidated financial statements presented in accordance
with generally accepted accounting principles, or GAAP, QlikTech 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.” QlikTech believes that the non-GAAP
financial information provided in this release can assist investors in
understanding and assessing QlikTech’s on-going core operations and prospects
for the future and provides an additional tool for investors to use in
comparing QlikTech’s financial results with other companies in QlikTech’s
industry, many of which present similar non-GAAP financial measures to
investors. In addition, QlikTech 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 nine months ended September 30, 2012 and 2011, non-GAAP
income from operations is determined by taking income (loss) from operations
and adding back stock-based compensation expense, employer payroll taxes on
stock transactions, amortization of intangible assets and lease termination
costs. Non-GAAP net income is determined by taking income (loss) before
benefit (provision) for income taxes and adding back stock-based compensation
expense, employer payroll taxes on stock transactions, amortization of
intangible assets and lease termination costs and the result is tax affected
at an estimated long-term effective tax rate of 32%.

QlikTech 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 QlikTech’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 QlikTech’s control. Management believes
    it is useful to exclude stock-based compensation in order to better
    understand the long-term performance of QlikTech’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 QlikTech’s stock price
    and other factors that are beyond QlikTech’s control and that management
    believes does not correlate to the operation of its business.
  *Amortization of intangible assets. A portion of the purchase price of
    QlikTech’s acquisitions is generally allocated to intangible assets, such
    as intellectual property, and is subject to amortization. However,
    QlikTech 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.
  *Lease termination costs. Lease termination costs include termination costs
    to settle lease obligations related to facilities which are no longer
    occupied as well as the write-off of leasehold improvements related to
    those facilities that are no longer in use. Management believes that these
    costs are generally non-recurring and do not correlate to the ongoing
    operation of its business.

To determine the revenue growth rates on a constant currency basis for the
three and nine months ended September 30, 2012, 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 tax rate of 32%. 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 fourth
quarter and full year 2012 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 QlikTech’s 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 QlikTech 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 QlikTech

QlikTech (NASDAQ: QLIK) is a leader in Business Discovery — user-driven
Business Intelligence (BI). QlikTech's powerful, accessible Business Discovery
solution bridges the gap between traditional business intelligence solutions
and standalone office productivity applications. Its QlikView Business
Discovery platform enables intuitive user-driven analysis that can be
implemented in days or weeks rather than months, years, or not at all. The
in-memory associative search technology it pioneered allows users to explore
information freely rather than being confined to a predefined path of
questions. QlikView Business Discovery works with existing BI applications and
adds new capabilities: insight for everyone, zero-wait analysis, mobility, an
app—like model, remixability and reassembly, and a social and collaborative
experience. Headquartered in Radnor, Pennsylvania, QlikTech has offices around
the world serving over 26,000 customers in over 100 countries.

Safe Harbor for Forward-Looking Statements

This press release contains forward-looking statements, including, but not
limited to, statements regarding the value and effectiveness of QlikTech's
products, the introduction of product enhancements or additional products and
QlikTech'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 QlikTech’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,” “anticipates,” “believes,” “goal,” “target,”
“estimate,” “potential,” “may,” “will,” “might,” “momentum,” “could,” “seek,”
and similar words. QlikTech 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 our business; our ability to attract new
customers and retain existing customers; our ability to effectively sell,
service and support our products; our ability to manage our international
operations; our ability to compete effectively; our ability to develop and
introduce new products and add-ons or enhancements to existing products; our
ability to continue to promote and maintain our brand in a cost-effective
manner; our ability to manage growth; our ability to attract and retain key
personnel; currency fluctuations that affect our revenues and costs; the scope
and validity of intellectual property rights applicable to our products;
adverse economic conditions in general and adverse economic conditions
specifically affecting the markets in which we operate; and other risks more
fully described in QlikTech’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 QlikTech's views as of the date of this press release. QlikTech
anticipates that subsequent events and developments will cause its views to
change. QlikTech 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 QlikTech’s views as of any date subsequent to the date of
this press release.

QlikTech and QlikView are trademarks or registered trademarks of QlikTech or
its subsidiaries in the U.S. and other countries. Other company names, product
names and company logos mentioned herein are the 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 September 30,    Nine Months Ended September 30,
                     2012             2011               2012             2011
Revenue:
License              $ 48,805           $ 45,537           $ 145,172          $ 128,751
revenue
Maintenance            30,587             22,991             85,589             64,148
revenue
Professional
services              6,704            6,976            20,291           19,666     
revenue
Total revenue         86,096           75,504           251,052          212,565    
                                                                              
Cost of
revenue^1:
License                1,193              918                2,547              2,610
revenue
Maintenance            1,969              1,678              6,049              5,114
revenue
Professional
services              6,963            5,863            20,437           17,559     
revenue
Total cost of         10,125           8,459            29,033           25,283     
revenue
                                                                              
Gross profit          75,971           67,045           222,019          187,282    
                                                                              
Operating
expenses^1:
Sales and              47,712             42,503             147,982            129,057
marketing
Research and           9,776              6,427              25,421             18,763
development
General and           20,253           16,058           60,518           46,015     
administrative
Total
operating             77,741           64,988           233,921          193,835    
expenses
                                                                              
Income (loss)
from                  (1,770     )      2,057            (11,902    )      (6,553     )
operations
                                                                              
Other income
(expense):
Interest
income                 25                 86                 124                146
(expense), net
Foreign
exchange gain
(loss) and            (1,701     )      761              (3,079     )      (352       )
other income
(expense), net
Total other
income                (1,676     )      847              (2,955     )      (206       )
(expense), net
                                                                              
Income (loss)
before benefit
(provision)           (3,446     )      2,904            (14,857    )      (6,759     )
for income
taxes
                                                                              
Benefit
(provision)           3,597            (1,697     )      5,431            181        
for income
taxes
                                                                              
Net income           $ 151             $ 1,207           $ (9,426     )     $ (6,578     )
(loss)
                                                                              
                                                                              
Net income
(loss) per
common share
Basic                $ 0.00             $ 0.01             $ (0.11      )     $ (0.08      )
Diluted              $ 0.00             $ 0.01             $ (0.11      )     $ (0.08      )
                                                                              
Weighted
average number
of common
shares
outstanding
Basic                  85,655,059         83,171,163         85,236,449         81,391,156
Diluted                88,132,646         87,634,196         85,236,449         81,391,156
                                                                              
^1Certain prior period amounts have been reclassified in the unaudited Consolidated
Statements of Operations in order to conform to the current period presentation.
                                                                              
Stock-based compensation expense for the three and nine months ended September 30, 2012 and
2011 is included in the unaudited Consolidated Statements of Operations as follows (in
thousands):
                     Three Months Ended September 30,      Nine Months Ended September 30,
                     2012               2011               2012               2011
                     (unaudited)                           (unaudited)
                                                                              
Cost of              $ 397              $ 198              $ 1,065            $ 450
revenue
Sales and              2,874              1,459              7,713              3,387
marketing
Research and           560                281                1,425              414
development
General and           1,684            921              3,760            2,108      
administrative
                     $ 5,515           $ 2,859           $ 13,963          $ 6,359      
                                                                                           
                                                                                           

Qlik Technologies Inc.
Reconciliation of non-GAAP Measures to GAAP
(in thousands, except share and per share data)
                                                                    
                     Three Months Ended September 30,      Nine Months Ended September 30,
                     2012             2011               2012             2011
                     (unaudited)                           (unaudited)
Reconciliation
of non-GAAP
income from
operations:
                                                                              
GAAP income
(loss) from          $ (1,770     )     $ 2,057            $ (11,902    )     $ (6,553     )
operations
Stock-based
compensation           5,515              2,859              13,963             6,359
expense
Employer
payroll taxes          119                314                1,849              2,114
on stock
transactions
Amortization
of intangible          401                -                  401                -
assets
Lease
termination           -              -                -              2,236      
costs
Non-GAAP
income from          $ 4,265         $ 5,230           $ 4,311         $ 4,156      
operations
                                                                              
Non-GAAP
income from
operations as          5.0        %       6.9        %       1.7        %       2.0        %
a percentage
of total
revenue
GAAP income
(loss) from
operations as          -2.1       %       2.7        %       -4.7       %       -3.1       %
a percentage
of total
revenue
                                                                              
Reconciliation
of non-GAAP
net income:
                                                                              
GAAP net             $ 151              $ 1,207            $ (9,426     )     $ (6,578     )
income (loss)
Stock-based
compensation           5,515              2,859              13,963             6,359
expense
Employer
payroll taxes          119                314                1,849              2,114
on stock
transactions
Amortization
of intangible          401                -                  401                -
assets
Lease
termination            -                  -                  -                  2,236
costs
Income tax            (4,426     )    (248       )      (5,865     )    (1,445     )
adjustment*
Non-GAAP net         $ 1,760         $ 4,132           $ 922           $ 2,686      
income
                                                                              
Non-GAAP net
income per           $ 0.02          $ 0.05            $ 0.01          $ 0.03       
common share -
basic
Non-GAAP net
income per           $ 0.02          $ 0.05            $ 0.01          $ 0.03       
common share -
diluted
                                                                              
GAAP net
income (loss)        $ 0.00          $ 0.01            $ (0.11      )   $ (0.08      )
per common
share - basic
GAAP net
income (loss)
per common           $ 0.00          $ 0.01            $ (0.11      )   $ (0.08      )
share -
diluted
                                                                              
Non-GAAP
weighted
average number
of common             85,655,059     83,171,163       85,236,449     81,391,156 
shares
outstanding -
basic
Non-GAAP
weighted
average number
of common             88,132,646     87,634,196       87,718,320     85,826,880 
shares
outstanding -
diluted
                                                                              
GAAP weighted
average number
of common             85,655,059     83,171,163       85,236,449     81,391,156 
shares
outstanding -
basic
GAAP weighted
average number
of common             88,132,646     87,634,196       85,236,449     81,391,156 
shares
outstanding -
diluted
                                                                              
*Income tax adjustment is used to adjust the GAAP benefit or provision for income taxes to a
non-GAAP benefit or provision for income taxes utilizing an estimated long-term effective
tax rate of 32%.



Qlik Technologies Inc.
Reconciliation of non-GAAP Revenue to GAAP Revenue
(in thousands)
                                                                         
                                                                                       
                      Three months ended                   Nine Months ended
                      September 30,                        September 30,
                      2012       2011         %          2012        2011          %
                                                change                                 change
                      (unaudited)                          (unaudited)
Constant
currency
reconciliation:
Total revenue,        $ 86,096     $ 75,504     14  %      $ 251,052     $ 212,565     18  %
as reported
Estimated
impact of
foreign                                         6   %                                  6   %
currency
fluctuations
Total revenue
constant                                        20  %                                  24  %
currency growth
rate
                                                                                       
                      Three months ended                   Nine Months ended
                      September 30,                        September 30,
                      2012       2011         %          2012        2011          %
                                                change                                 change
                      (unaudited)                          (unaudited)
Constant
currency
reconciliation:
License
revenue, as           $ 48,805     $ 45,537     7   %      $ 145,172     $ 128,751     13  %
reported
Estimated
impact of
foreign                                         6   %                                  5   %
currency
fluctuations
License revenue
constant                                        13  %                                  18  %
currency growth
rate
                                                                                       
                      Three months ended                   Nine Months ended
                      September 30,                        September 30,
                      2012       2011         %          2012        2011          %
                                                change                                 change
                      (unaudited)                          (unaudited)
Constant
currency
reconciliation:
Maintenance
revenue, as           $ 30,587     $ 22,991     33  %      $ 85,589      $ 64,148      33  %
reported
Estimated
impact of
foreign                                         8   %                                  8   %
currency
fluctuations
Maintenance
revenue
constant                                        41  %                                  41  %
currency growth
rate
                                                                                       
                      Three months ended                   Nine Months ended
                      September 30,                        September 30,
                      2012       2011         %          2012        2011          %
                                                change                                 change
                      (unaudited)                          (unaudited)
Constant
currency
reconciliation:
Professional
Services              $ 6,704      $ 6,976      -4  %      $ 20,291      $ 19,666      3   %
revenue, as
reported
Estimated
impact of
foreign                                         5   %                                  5   %
currency
fluctuations
Professional
services
revenue                                         1   %                                  8   %
constant
currency growth
rate
                                                                                       
                      Three months ended                   Nine Months ended
                      September 30,                        September 30,
                      2012       2011         %          2012        2011          %
                                                change                                 change
                      (unaudited)                          (unaudited)
Constant
currency
reconciliation:
Americas
revenue, as           $ 30,503     $ 26,861     14  %      $ 85,397      $ 70,233      22  %
reported
Estimated
impact of
foreign                                         2   %                                  2   %
currency
fluctuations
Americas
revenue
constant                                        16  %                                  24  %
currency growth
rate
                                                                                       
                      Three months ended                   Nine Months ended
                      September 30,                        September 30,
                      2012       2011         %          2012        2011          %
                                                change                                 change
                      (unaudited)                          (unaudited)
Constant
currency
reconciliation:
Europe revenue,       $ 46,072     $ 41,974     10  %      $ 140,726     $ 123,979     14  %
as reported
Estimated
impact of
foreign                                         9   %                                  8   %
currency
fluctuations
Europe revenue
constant                                        19  %                                  22  %
currency growth
rate
                                                                                       
                      Three months ended                   Nine Months ended
                      September 30,                        September 30,
                      2012       2011         %          2012        2011          %
                                                change                                 change
                      (unaudited)                          (unaudited)
Constant
currency
reconciliation:
Rest of World
revenue, as           $ 9,521      $ 6,669      43  %      $ 24,929      $ 18,353      36  %
reported
Estimated
impact of
foreign                                         5   %                                  4   %
currency
fluctuations
Rest of World
revenue
constant                                        48  %                                  40  %
currency growth
rate
                                                                                           
                                                                                           

Qlik Technologies Inc.
Consolidated Balance Sheets
(in thousands)
                                                            
                                                September 30,     December 31,
                                                2012              2011
                                                (unaudited)
Assets
Current assets:
Cash and cash equivalents                       $  193,111        $   177,413
Accounts receivable, net                           75,002             111,710
Prepaid expenses and other current assets          11,851             10,194
Income tax receivable                              13,831             -
Deferred income taxes                             747              753
Total current assets                               294,542            300,070
                                                                  
Property and equipment, net                        15,351             10,766
Intangible assets, net                             5,995              198
Goodwill                                           7,483              2,800
Deferred income taxes                              1,458              2,303
Deposits and other noncurrent assets              2,376            1,571
Total assets                                    $  327,205       $   317,708
                                                                  
Liabilities and stockholders’ equity
Current liabilities:
Line of credit                                  $  45             $   326
Accounts payable                                   5,967              4,847
Deferred revenue                                   64,838             63,914
Accrued payroll and other related costs            26,800             30,572
Accrued expenses                                  18,075           18,391
Total current liabilities                          115,725            118,050
                                                                  
Long-term liabilities:
Deferred revenue                                   1,677              3,202
Other long-term liabilities                       5,453            6,921
Total liabilities                                  122,855            128,173
                                                                  
Commitments and contingencies
                                                                  
Stockholders’ equity:
Common stock                                       9                  8
Additional paid-in-capital                         201,982            180,058
Retained earnings (Accumulated deficit)            (249     )         9,177
Accumulated other comprehensive income            2,608            292
Total stockholders’ equity                        204,350          189,535
Total liabilities and stockholders’             $  327,205       $   317,708
equity
                                                                      
                                                                      

Qlik Technologies Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)
                                            Nine Months Ended September 30,
                                                                
                                               2012                2011
Cash flows from operating activities
Net loss                                       $  (9,426   )       $ (6,578  )
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization                     4,156              2,017
Stock-based compensation expense                  13,963             6,359
Excess tax benefit from stock-based               (3,280   )         -
compensation
Other non cash items                              3,130              1,613
Changes in assets and liabilities:
Accounts receivable                               36,326             13,873
Prepaid expenses and other assets                 (1,735   )         1,286
Income taxes                                      (15,469  )         (14,133 )
Deferred revenues                                 (1,390   )         2,060
Accounts payable and other liabilities           (843     )        4,497   
Net cash provided by operating                    25,432             10,994
activities
                                                                   
Cash flows from investing activities
Acquisitions, net of cash acquired                (10,792  )         -
Capital expenditures                             (7,649   )        (6,473  )
Net cash used in investing activities             (18,441  )         (6,473  )
                                                                   
Cash flows from financing activities
Proceeds from exercise of common stock            4,682              7,228
options
Excess tax benefit from stock-based               3,280              -
compensation
Payments on contingent consideration              (202     )         (179    )
Borrowings (payments) on line of credit          (312     )        195     
Net cash provided by financing                    7,448              7,244
activities
Effect of exchange rate on cash                  1,259            (360    )
Net increase in cash and cash                     15,698             11,405
equivalents
Cash and cash equivalents, beginning of          177,413          158,712 
period
Cash and cash equivalents, end of period       $  193,111         $ 170,117 
                                                                   
Supplemental cash flow information:
Cash paid during the period for income         $  6,334           $ 12,952  
taxes
                                                                   
Non-cash investing activities:
Tenant improvement allowance received          $  -               $ 1,764   
under operating lease
                                                                             
                                                                             

Contact:

Investor Contact:
ICR
Staci Mortenson,  +1-484-685-0578
IR@qliktech.com
or
Media Contact:
Qlik Technologies
Maria Scurry,  +1-508-409-7939
Maria.Scurry@qliktech.com
 
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