QlikTech Announces Fourth Quarter and Full Year 2012 Financial Results *Total revenue of $137.5 million increases 27% compared to fourth quarter of 2011 *License revenue of $93.5 million increases 24% compared to fourth quarter of 2011 *Total revenue in the Americas increases 41% compared to the fourth quarter of 2011 *Announces CFO Transition Business Wire RADNOR, Pa. -- February 14, 2013 Qlik Technologies Inc. (“QlikTech”) (Nasdaq: QLIK), a leader in Business Discovery — user-driven Business Intelligence (BI), today announced financial results for the fourth quarter and full year ended December 31, 2012. Lars Björk, Chief Executive Officer of QlikTech, stated, “I am pleased with our strong fourth quarter results with revenue increasing 27% year-over-year driven by enterprise sales. As we look ahead to 2013, we continue to see strong demand for our products and we are focused on broadening our service offerings, further improving our customer ROI and driving significant levels of growth, while also targeting modest improvements in our profit margins.” Financial Highlights for the Fourth Quarter Ended December 31, 2012 *Total revenue for the fourth quarter of 2012 was $137.5 million, an increase of 27% from $108.1 million in the fourth quarter of 2011. License revenue was $93.5 million, an increase of 24% from $75.7 million in the fourth quarter of 2011. The impact of foreign exchange rate fluctuations from the prior year reduced total revenue by less than 1%. *GAAP income from operations for the fourth quarter of 2012 was $26.5 million, compared to $26.2 million for the fourth quarter of 2011. GAAP net income was $13.3 million, or $0.15 per diluted common share, compared to $15.6 million, or $0.18 per diluted common share, in the fourth quarter of 2011. *Non-GAAP income from operations was $32.3 million for the fourth quarter of 2012, compared to $30.6 million for the fourth quarter of 2011. Non-GAAP net income was $22.0 million for the fourth quarter of 2012, or $0.25 per diluted common share, compared to $20.4 million, or $0.23 per diluted common share, for the fourth quarter of 2011. Financial Highlights for the Full Year Ended December 31, 2012 *Total revenue for the full year 2012 was $388.5 million, an increase of 21% from the full year 2011 and 26% on a constant currency basis. License revenue was $238.7 million, an increase of 17% over the prior year and 21% on a constant currency basis. *GAAP income from operations for the full year 2012 was $14.6 million, compared to $19.7 million for the full year 2011. GAAP net income was $3.8 million, or $0.04 per diluted common share, compared to $9.0 million, or $0.11 per diluted common share, for the full year 2011. *Non-GAAP income from operations was $36.6 million for the full year 2012, compared to $34.7 million for the full year 2011. Non-GAAP net income was $22.9 million, or $0.26 per diluted common share, for the full year 2012, compared to $23.1 million, or $0.27 per diluted common share, for the full year 2011. *Cash and cash equivalents as of December 31, 2012 were $195.8 million. Net cash provided by operating activities was $27.7 million in 2012, as compared to $16.7 million in 2011. The tables at the end of this press release include a reconciliation of GAAP to non-GAAP income from operations and net income for the three and twelve months ended December 31, 2012 and 2011. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures." Announces CFO Transition QlikTech today announced Bill Sorenson’s intention to resign as Chief Financial Officer for personal reasons. The company has initiated a search to identify a Chief Financial Officer and expects to conclude the search process expeditiously. Mr. Sorenson plans to continue as Chief Financial Officer of QlikTech until a successor is named in order to facilitate an orderly transition of his responsibilities. Mr. Björk said, “On behalf of the Board of Directors and the QlikTech management team, I want to thank Bill for his many years of service to the company. Since joining QlikTech in 2008, Bill has played an integral role in the company’s growth, including taking us through the IPO and building a strong global finance and IT team. I am confident that our team is well prepared to support the continued execution of our strategic vision and growth goals and I appreciate Bill’s commitment to ensuring a smooth transition. We wish him all the best.” Operating Highlights *For the fourth quarter of 2012, on a constant currency basis, revenue in the Americas increased 42% over the prior year period, revenue from Europe increased 20% over the prior year period, and revenue from Rest of World increased 34% over the prior year period. *Added new customers during the fourth quarter of 2012 including Alliance Healthcare France, Cardinal Health, London City Airport, Informatique Banque Populaire, Infrastructure Development Finance Company of India, London Borough of Camden, NASDAQ OMX Group, Rockford Health System and Toyota Motor Corporation Australia. *Expanded numerous customer engagements globally through our land and expand strategy including Bell Helicopter, Chrysler Group, Children’s Hospital of Philadelphia, El Corte Inglés, Eaton Corporation, Xchanging Global Insurance Solutions, Fiat Italia S.p.A, Lundbeck LLC, London Heathrow Airport, Malmo City, MARKANT Handels & Service GmbH, McAfee, Multiplan, The Nemours Foundation, Schiphol Nederland BV, SodaStream, SunTrust Bank, Telecom Italia S.p.A., Telstra Corporation Limited and Toshiba Corporation. *Completed 177 deals with license and first year maintenance over $100,000 in the fourth quarter of 2012, including 52 deals over $250,000, compared to 159 deals over $100,000 and 35 deals over $250,000 in the same period last year. *Continued success with land and expand strategy with 67% of license and first year maintenance billings in the fourth quarter of 2012 from existing customers. *Generated 51% of license and first year maintenance billings from our indirect partner channel and 49% from our direct channel in the fourth quarter of 2012. Business Outlook Based on information available as of February 14, 2013, QlikTech is issuing guidance for the first quarter and full year 2013 as follows: in millions, except for per share data Guidance Range Q1 2013 Low End High End Total revenue $ 87.0 $ 91.0 Non-GAAP loss from operations^1 $ (18.0 ) $ (15.0 ) Non-GAAP loss per common share^2 $ (0.15 ) $ (0.12 ) Guidance Range Full Year 2013 Low End High End Total revenue $ 465.0 $ 475.0 Non-GAAP income from operations^1 $ 50.0 $ 54.0 Non-GAAP income per diluted common share^3 $ 0.39 $ 0.42 ^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% and weighted average shares outstanding of 86 million. ^3 Assumes an estimated long-term effective tax rate of 30% and weighted average shares outstanding of 89 million. QlikTech’s first quarter 2013 guidance reflects seasonal revenue patterns as well as costs related to the company’s annual employee summit which was held in January 2013, along with higher overall personnel expenses and related costs as a result of continued hiring, and seasonal increases in employer payroll taxes and benefit expenses. QlikTech's expectations of total revenue, non-GAAP income (loss) from operations and non-GAAP income (loss) per diluted common share for the first quarter and full year 2013 assume that foreign currency exchange rates for the first quarter and full year 2013 will approximate current exchange rates. QlikTech 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 QlikTech will host a conference call on Thursday, February 14, 2013 at 5:00 p.m. Eastern Time (ET) to discuss the company’s fourth quarter and full year financial results and its business outlook. To access this call, dial (877) 312-5507 (domestic) or (253) 237-1134 (international). The presentation will be webcast live and available under the “Events & Presentations” section on QlikTech’s investor relations website at http://investor.qlikview.com/. Following the conference call, a replay will be available until February 19, 2013 at (855) 859-2056 (domestic) or (404) 537-3406 (international). The replay pass code is 86090013. An archived webcast of this conference call will also be available under the “Events & Presentations” section on QlikTech’s investor relations. Non-GAAP Financial Measures To supplement the consolidated financial statements presented in accordance with generally accepted accounting principles in the United States, 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 months and full year ended December 31, 2012 and 2011, non-GAAP income from operations is determined by taking income from operations and adding back stock-based compensation expense, employer payroll taxes on stock transactions, amortization of intangible assets, contingent consideration adjustment and lease termination costs. Non-GAAP net income is determined by taking GAAP net income before provision for income taxes and adding back stock-based compensation expense, employer payroll taxes on stock transactions, amortization of intangible assets, contingent consideration adjustment 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 do 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. *Contingent consideration adjustment. In January 2010, QlikTech acquired Syllogic Corporation, a reseller of QlikView software in Japan. The purchase price included contingent cash consideration of up to $0.8 million. At each reporting date, management remeasures the contingent consideration at fair value until the contingency is resolved. During the three months ended December 31, 2011, a charge of $0.3 million was recorded related to changes in fair value of contingent consideration liabilities and is included in QlikTech’s consolidated statement of income. Management believes that these costs are generally non-recurring and do not correlate to the ongoing operation of its business. *Lease termination costs. Lease termination costs include termination costs to settle lease obligations related to facilities that 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 months and full year ended December 31, 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 30%. QlikTech’s expectations of its estimated long-term effective tax rate are being revised for 2013 from 32% to 30% as a result of reductions in the corporate tax rates in several foreign jurisdictions where it operates. 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 first quarter and full year 2013 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). Its QlikView Business Discovery solution bridges the gap between traditional BI solutions and inadequate spreadsheet applications. The in-memory associative search technology QlikTech pioneered created the self-service BI category, allowing users to explore information freely rather than being confined to a predefined path of questions. Appropriate from SMB to the largest global enterprise, QlikView’s self-service analysis can be deployed with data governance in days or weeks. The QlikView Business Discovery platform’s app-driven model works with existing BI solutions, offering an immersive mobile and social, collaborative experience. Headquartered in Radnor, Pennsylvania, QlikTech has offices around the world serving approximately 27,000 customers in over 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 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,” “focus,” “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. Consolidated Statements of Income (in thousands, except for share and per share data) Three Months Ended December 31, Year Ended December 31, 2012 2011 2012 2011 (unaudited) (unaudited) Revenue: License $ 93,502 $ 75,663 $ 238,674 $ 204,414 revenue Maintenance 34,901 24,981 120,490 89,129 revenue Professional services 9,082 7,410 29,373 27,076 revenue Total revenue 137,485 108,054 388,537 320,619 Cost of revenue: License 2,511 930 5,058 3,540 revenue Maintenance 2,389 1,673 8,526 6,787 revenue Professional services 8,864 6,461 29,705 24,020 revenue Total cost of 13,764 9,064 43,289 34,347 revenue Gross profit 123,721 98,990 345,248 286,272 Operating expenses: Sales and 61,512 49,399 211,314 178,456 marketing Research and 14,043 6,107 39,995 24,870 development General and 21,634 17,272 79,309 63,287 administrative Total operating 97,189 72,778 330,618 266,613 expenses Income from 26,532 26,212 14,630 19,659 operations Other income (expense): Interest 126 117 250 263 income, net Foreign exchange loss (62 ) (706 ) (3,141 ) (1,058 ) and other expense, net Total other income 64 (589 ) (2,891 ) (795 ) (expense), net Income before provision for 26,596 25,623 11,739 18,864 income taxes Provision for (13,331 ) (10,001 ) (7,900 ) (9,820 ) income taxes Net income $ 13,265 $ 15,622 $ 3,839 $ 9,044 Net income per common share Basic $ 0.15 $ 0.19 $ 0.04 $ 0.11 Diluted $ 0.15 $ 0.18 $ 0.04 $ 0.11 Weighted average number of common shares outstanding Basic 85,978,894 83,981,078 85,423,074 82,043,958 Diluted 88,206,630 87,520,893 87,640,844 85,574,414 Stock-based compensation expense for the three months and the year ended December 31, 2012 and 2011 is included in the unaudited Consolidated Statements of Income as follows (in thousands): Three Months Ended December 31, Year Ended December 31, 2012 2011 2012 2011 (unaudited) (unaudited) Cost of $ 586 $ 251 $ 1,651 $ 701 revenue Sales and 2,624 2,285 10,337 5,672 marketing Research and 633 296 2,058 710 development General and 1,509 1,015 5,269 3,123 administrative $ 5,352 $ 3,847 $ 19,315 $ 10,206 Qlik Technologies Inc. Reconciliation of non-GAAP Measures to GAAP (in thousands, except share and per share data) Three Months Ended December 31, Year Ended December 31, 2012 2011 2012 2011 (unaudited) (unaudited) Reconciliation of non-GAAP income from operations: GAAP income from $ 26,532 $ 26,212 $ 14,630 $ 19,659 operations Stock-based compensation 5,352 3,847 19,315 10,206 expense Employer payroll taxes 99 257 1,948 2,371 on stock transactions Amortization of intangible 329 - 730 - assets Contingent consideration - 265 - 265 adjustment Lease termination - - - 2,236 costs Non-GAAP income from $ 32,312 $ 30,581 $ 36,623 $ 34,737 operations Non-GAAP income from operations as 23.5 % 28.3 % 9.4 % 10.8 % a percentage of total revenue GAAP income from operations as 19.3 % 24.3 % 3.8 % 6.1 % a percentage of total revenue Reconciliation of non-GAAP net income: GAAP net $ 13,265 $ 15,622 $ 3,839 $ 9,044 income Stock-based compensation 5,352 3,847 19,315 10,206 expense Employer payroll taxes 99 257 1,948 2,371 on stock transactions Amortization of intangible 329 - 730 - assets Contingent consideration - 265 - 265 adjustment Lease termination - - - 2,236 costs Income tax 2,971 404 (2,894 ) (1,041 ) adjustment* Non-GAAP net $ 22,016 $ 20,395 $ 22,938 $ 23,081 income Non-GAAP net income per $ 0.26 $ 0.24 $ 0.27 $ 0.28 common share - basic Non-GAAP net income per $ 0.25 $ 0.23 $ 0.26 $ 0.27 common share - diluted GAAP net income per $ 0.15 $ 0.19 $ 0.04 $ 0.11 common share - basic GAAP net income per $ 0.15 $ 0.18 $ 0.04 $ 0.11 common share - diluted Weighted average number of 85,978,894 83,981,078 85,423,074 82,043,958 common shares outstanding - basic Weighted average number of 88,206,630 87,520,893 87,640,844 85,574,414 common 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 Year Ended December 31, December 31, 2012 2011 % 2012 2011 % change change (unaudited) (unaudited) Constant currency reconciliation: Total revenue, $ 137,485 $ 108,054 27 % $ 388,537 $ 320,619 21 % as reported Estimated impact of foreign 1 % 5 % currency fluctuations Total revenue constant 28 % 26 % currency growth rate Three Months Ended Year Ended December 31, December 31, 2012 2011 % 2012 2011 % change change (unaudited) (unaudited) Constant currency reconciliation: License revenue, as $ 93,502 $ 75,663 24 % $ 238,674 $ 204,414 17 % reported Estimated impact of foreign 0 % 4 % currency fluctuations License revenue constant 24 % 21 % currency growth rate Three Months Ended Year Ended December 31, December 31, 2012 2011 % 2012 2011 % change change (unaudited) (unaudited) Constant currency reconciliation: Maintenance revenue, as $ 34,901 $ 24,981 40 % $ 120,490 $ 89,129 35 % reported Estimated impact of foreign 1 % 6 % currency fluctuations Maintenance revenue constant 41 % 41 % currency growth rate Three Months Ended Year Ended December 31, December 31, 2012 2011 % 2012 2011 % change change (unaudited) (unaudited) Constant currency reconciliation: Professional Services $ 9,082 $ 7,410 23 % $ 29,373 $ 27,076 8 % revenue, as reported Estimated impact of foreign 1 % 5 % currency fluctuations Professional services revenue 24 % 13 % constant currency growth rate Three Months Ended Year Ended December 31, December 31, 2012 2011 % 2012 2011 % change change (unaudited) (unaudited) Constant currency reconciliation: Americas revenue, as $ 49,611 $ 35,139 41 % $ 135,008 $ 105,372 28 % reported Estimated impact of foreign 1 % 2 % currency fluctuations Americas revenue constant 42 % 30 % currency growth rate Three Months Ended Year Ended December 31, December 31, 2012 2011 % 2012 2011 % change change (unaudited) (unaudited) Constant currency reconciliation: Europe revenue, $ 75,838 $ 63,921 19 % $ 216,564 $ 187,900 15 % as reported Estimated impact of foreign 1 % 6 % currency fluctuations Europe revenue constant 20 % 21 % currency growth rate Three Months Ended Year Ended December 31, December 31, 2012 2011 % 2012 2011 % change change (unaudited) (unaudited) Constant currency reconciliation: Rest of World revenue, as $ 12,036 $ 8,994 34 % $ 36,965 $ 27,347 35 % reported Estimated impact of foreign 0 % 3 % currency fluctuations Rest of World revenue constant 34 % 38 % currency growth rate Qlik Technologies Inc. Consolidated Balance Sheets (in thousands) December 31, December 31, 2012 2011 (unaudited) Assets Current assets: Cash and cash equivalents $ 195,803 $ 177,413 Accounts receivable, net 144,475 111,710 Prepaid expenses and other current assets 14,455 10,194 Deferred income taxes 1,211 753 Total current assets 355,944 300,070 Property and equipment, net 17,048 10,766 Intangible assets, net 5,625 198 Goodwill 7,367 2,800 Deferred income taxes 1,761 2,303 Deposits and other noncurrent assets 2,628 1,571 Total assets $ 390,373 $ 317,708 Liabilities and stockholders’ equity Current liabilities: Line of credit, net $ - $ 326 Income taxes payable 4,154 1,638 Accounts payable 7,128 4,847 Deferred revenue 84,197 63,914 Accrued payroll and other related costs 36,976 30,572 Accrued expenses 26,075 16,753 Deferred income taxes 150 - Total current liabilities 158,680 118,050 Long-term liabilities: Deferred revenue 1,745 3,202 Deferred income taxes 512 - Other long-term liabilities 3,874 6,921 Total liabilities 164,811 128,173 Commitments and contingencies Stockholders’ equity: Common stock 9 8 Additional paid-in-capital 209,614 180,058 Retained earnings 13,016 9,177 Accumulated other comprehensive income 2,923 292 Total stockholders’ equity 225,562 189,535 Total liabilities and stockholders’ equity $ 390,373 $ 317,708 Qlik Technologies Inc. Consolidated Statements of Cash Flows (in thousands) Year Ended December 31, 2012 2011 (unaudited) Cash flows from operating activities Net income $ 3,839 $ 9,044 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 5,255 2,971 Stock-based compensation expense 19,315 10,206 Deferred income taxes 746 1,333 Excess tax benefit from stock-based (4,789 ) (2,443 ) compensation Other non cash items 2,606 2,856 Changes in assets and liabilities: Accounts receivable (32,307 ) (29,442 ) Prepaid expenses and other assets (4,098 ) (3,309 ) Income taxes 2,516 (6,793 ) Deferred revenues 17,403 18,552 Accounts payable and other liabilities 17,206 13,718 Net cash provided by operating activities 27,692 16,693 Cash flows from investing activities Acquisitions, net of cash acquired (10,792 ) - Capital expenditures (10,334 ) (7,767 ) Net cash used in investing activities (21,126 ) (7,767 ) Cash flows from financing activities Proceeds from exercise of common stock 5,453 9,481 options Excess tax benefit from stock-based 4,789 2,443 compensation Payments on contingent consideration (202 ) (179 ) Borrowings (payments) on line of credit (356 ) 379 Net cash provided by financing activities 9,684 12,124 Effect of exchange rate on cash 2,140 (2,349 ) Net increase in cash and cash equivalents 18,390 18,701 Cash and cash equivalents, beginning of 177,413 158,712 period Cash and cash equivalents, end of period $ 195,803 $ 177,413 Supplemental cash flow information: Cash paid during the period for income taxes $ 2,682 $ 13,803 Non-cash investing activities: Tenant improvement allowance received under $ 542 $ 1,764 operating lease Contact: Qlik Technologies Inc. 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
QlikTech Announces Fourth Quarter and Full Year 2012 Financial Results
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