QlikTech Announces Fourth Quarter and Full Year 2012 Financial Results

  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