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QlikTech Announces First Quarter 2013 Financial Results

  QlikTech Announces First Quarter 2013 Financial Results

  *Total revenue of $96.5 million increases 22% compared to first quarter of
    2012
  *Total license revenue of $52.7 million increases 14% compared to first
    quarter 2012
  *Total revenue in the Americas increases 29% compared to first quarter of
    2012

Business Wire

RADNOR, Pa. -- April 25, 2013

Qlik Technologies Inc. (“QlikTech”) (Nasdaq: QLIK), a leader in Business
Discovery — user-driven Business Intelligence (BI), today announced financial
results for the first quarter ended March 31, 2013.

Lars Björk, Chief Executive Officer of QlikTech, stated, “I am pleased with
our strong first quarter results. We continue to benefit from sales process
improvements across the enterprise, expanded service and support offerings,
and ongoing momentum across our partner network. In addition, our ability to
convert Big Data into relevant, insightful, and actionable information is a
key differentiator for us and a high priority for our customers.”

Financial Highlights for the First Quarter Ended March 31, 2013

  *Total revenue for the first quarter of 2013 was $96.5 million, an increase
    of 22% from $79.2 million for the first quarter of 2012. License revenue
    for the first quarter of 2013 was $52.7 million, an increase of 14% from
    $46.3 million for the first quarter of 2012. Foreign currency exchange
    rate fluctuations from the prior year period impacted total revenue by
    less than 1%.
  *GAAP loss from operations for the first quarter of 2013 was ($16.8)
    million, compared to a GAAP loss from operations of ($7.8) million for the
    first quarter of 2012. GAAP net loss was ($13.2) million, or ($0.15) per
    basic and diluted common share, compared to a GAAP net loss of ($7.5)
    million, or ($0.09) per basic and diluted common share, for the first
    quarter of 2012.
  *Non-GAAP loss from operations was ($10.2) million for the first quarter of
    2013, compared to a non-GAAP loss from operations of ($2.3) million for
    the first quarter of 2012. Non-GAAP net loss was ($8.2) million for the
    first quarter of 2013, or ($0.09) per basic and diluted common share,
    compared to a non-GAAP net loss of ($2.6) million, or ($0.03) per basic
    and diluted common share, for the first quarter of 2012.
  *Cash and cash equivalents as of March 31, 2013 were $214.8 million. For
    the quarter ended March 31, 2013, net cash provided by operating
    activities was $14.7 million, as compared to $21.9 million for the three
    months ended March 31, 2012.

The tables at the end of this press release include a reconciliation of GAAP
to non-GAAP loss from operations and net loss for the three months ended March
31, 2013 and 2012. An explanation of these measures is also included below
under the heading "Non-GAAP Financial Measures."

Operating Highlights

  *For the first quarter of 2013, on a constant currency basis, revenue in
    the Americas increased 29% over the prior year period, revenue from Europe
    increased 16% over the prior year period, and revenue from Rest of World
    increased 37% over the prior year period.
  *Added new customers during the first quarter of 2013 including Harman
    International Industries, Inc., Humana Italia SPA, Mitsubishi Chemical,
    Red Hat, Inc., Toys "R" Us GmbH, and Unum Group.
  *Expanded numerous customer engagements globally through our land and
    expand strategy including BMW AG, Croix Rouge de Belgique, Groupe Roussel,
    Jefferies, Orbitz Worldwide, Pacific Life, Rackspace, Region Skåne, Sealed
    Air Corp., Singapore Management University, Telefonica Global Solutions,
    Tiger Airways Holdings Ltd, UBS AG, and Vodafone GmbH.
  *Completed 88 deals with license and first year maintenance over $100,000
    in the first quarter of 2013, including 32 deals over $250,000, compared
    to 109 deals over $100,000 and 25 deals over $250,000 in the prior year
    period.
  *Continued success with our land and expand strategy with 65% of license
    and first year maintenance billings generated from existing customers in
    the first quarter of 2013, compared to 62% in the prior year period.
  *Generated 63% of license and first year maintenance billings from our
    indirect partner channel and 37% from our direct channel in the first
    quarter of 2013, compared to 53% from our indirect partner channel and 47%
    from our direct channel in the prior year period. The increase in the
    percentage of license and first year maintenance generated through our
    indirect partner channel reflects the closure of several large deals
    through partners during the first quarter of 2013.

Business Outlook

Based on information available as of April 25, 2013, QlikTech is issuing
guidance for the second quarter of 2013 and full year 2013 as follows:

in millions, except for per share data             Guidance Range
                                                  Q2 2013
                                                  Low End     High End
Total revenue                                      $ 104.0    $  108.0
Non-GAAP income (loss) from operations^1           $ (3.0  )   $  0.0
Non-GAAP income (loss) per diluted common          $ (0.02 )   $  0.00
share^2
                                                        Guidance Range
                                                        Full Year 2013
                                                  Low End     High End
Total revenue                                      $ 471.0    $  481.0
Non-GAAP income from operations^1                  $ 54.0     $  58.0
Non-GAAP income per diluted common share^3         $ 0.41     $  0.44

^1 Expectations of non-GAAP income (loss) from operations exclude stock-based
compensation expense, employer payroll taxes on stock transactions, and
amortization of intangible assets.
^2 Assumes an estimated long-term effective tax rate of 30%, basic weighted
average shares outstanding of 87 million, and diluted weighted average shares
outstanding of 89 million.
^3 Assumes an estimated long-term effective tax rate of 30% and diluted
weighted average shares outstanding of 89 million.

QlikTech's expectations of total revenue, non-GAAP income (loss) from
operations and non-GAAP income (loss) per diluted common share for the second
quarter of 2013 and full year 2013 assume that foreign currency exchange rates
for the second quarter of 2013 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, April 25, 2013 at 5:00 p.m.
Eastern Time (ET) to discuss the company’s first quarter 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 April 28, 2013 at (855) 859-2056
(domestic) or (404) 537-3406 (international). The replay pass code is
31697741. 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 ended March 31, 2013 and 2012, non-GAAP loss from
operations is determined by taking GAAP loss from operations and adding back
stock-based compensation expense, employer payroll taxes on stock
transactions, and amortization of intangible assets. Non-GAAP net loss is
determined by taking GAAP net loss before benefit for income taxes and adding
back stock-based compensation expense, employer payroll taxes on stock
transactions, and amortization of intangible assets and the result is tax
affected at an estimated long-term effective tax rate of 30%. 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.

To determine the revenue growth rates on a constant currency basis for the
three months ended March 31, 2013, revenue from entities reporting in foreign
currencies was translated into U.S. dollars using the comparable prior year
period’s foreign currency exchange rates.

This press release includes forward-looking non-GAAP financial measures under
the heading “Business Outlook”. These non-GAAP financial measures were
determined by excluding stock-based compensation expense, employer payroll
taxes on stock transactions, and amortization of intangible assets and
assuming an estimated long-term effective tax rate of 30%. QlikTech’s
expectations of its estimated long-term effective tax rate have been 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 second
quarter of 2013 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 28,000 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; our ability to successfully integrate acquisitions into our business;
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 March 31,
                                        2013                2012
                                                             
Revenue:
License revenue                         $  52,652            $  46,319
Maintenance revenue                        35,716               26,442
Professional services                     8,180              6,394       
revenue
Total revenue                             96,548             79,155      
                                                             
Cost of revenue:
License revenue                            1,647                576
Maintenance revenue                        2,872                2,119
Professional services                     9,837              6,766       
revenue
Total cost of revenue                     14,356             9,461       
                                                             
Gross profit                               82,192               69,694
                                                             
Operating expenses:
Sales and marketing                        60,980               50,052
Research and                               15,480               7,807
development
General and                               22,493             19,613      
administrative
Total operating                           98,953             77,472      
expenses
                                                             
Loss from operations                      (16,761     )       (7,778      )
                                                             
Other income
(expense), net:
Interest income, net                       32                   34
Foreign exchange                          (1,483      )       (1,428      )
loss, net
Total other expense,                      (1,451      )       (1,394      )
net
                                                             
Loss before benefit                       (18,212     )       (9,172      )
for income taxes
                                                             
Benefit for income                        5,006              1,636       
taxes
                                                             
Net loss                                $  (13,206     )     $  (7,536      )
                                                             
                                                             
Net loss per common
share
Basic and diluted                       $  (0.15       )     $  (0.09       )
                                                             
Weighted average
number of common
shares outstanding
Basic and diluted                          86,516,905           84,633,046
                                                             
* Prior year amounts have been reclassified where appropriate to conform to
current year classification for comparative purposes.
                                                             
Stock-based compensation expense for the three months ended March 31, 2013 and
2012 is included in the Unaudited Consolidated Statements of Operations as
follows (in thousands):
                                                             
                                        Three Months Ended March 31,
                                        2013                 2012
                                        (unaudited)
                                                             
Cost of revenue                         $  608               $  339
Sales and marketing                        2,965                2,309
Research and                               740                  430
development
General and                               1,676              945         
administrative
                                        $  5,989            $  4,023       
                                                                            
                                                                            

Qlik Technologies Inc.
Reconciliation of non-GAAP Measures to GAAP
(in thousands, except share and per share data)
                                                          
                                               Three Months Ended March 31,
                                               2013             2012
                                               (unaudited)
Reconciliation of non-GAAP loss from
operations:
                                                                
GAAP loss from operations                      $ (16,761    )   $ (7,778     )
Stock-based compensation expense                 5,989            4,023
Employer payroll taxes on stock                  208              1,450
transactions
Amortization of intangible assets               350            -          
Non-GAAP loss from operations                  $ (10,214    )   $ (2,305     )
                                                                
Non-GAAP loss from operations as a               -10.6      %     -2.9       %
percentage of total revenue
GAAP loss from operations as a                   -17.4      %     -9.8       %
percentage of total revenue
                                                                
Reconciliation of non-GAAP net loss:
                                                                
GAAP net loss                                  $ (13,206    )   $ (7,536     )
Stock-based compensation expense                 5,989            4,023
Employer payroll taxes on stock                  208              1,450
transactions
Amortization of intangible assets                350              -
Income tax adjustment*                          (1,507     )    (526       )
Non-GAAP net loss                              $ (8,166     )   $ (2,589     )
                                                                
Non-GAAP net loss per common share -           $ (0.09      )   $ (0.03      )
basic and diluted
GAAP net loss per common share - basic         $ (0.15      )   $ (0.09      )
and diluted
                                                                
Weighted average number of common               86,516,905     84,633,046 
shares outstanding - basic and diluted

* Income tax adjustment is used to adjust the GAAP benefit for income taxes to
a non-GAAP benefit for income taxes utilizing an estimated long-term effective
tax rate of 30%.

Qlik Technologies Inc.
Reconciliation of non-GAAP Revenue to GAAP Revenue
(in thousands)
                                                             
                                                                      
                                   Three Months Ended March 31,
                                   2013            2012              % change
                                   (unaudited)
Constant currency
reconciliation:
Total revenue, as reported         $   96,548       $   79,155        22%
Estimated impact of
foreign currency                                                      0%
fluctuations
Total revenue constant                                                22%
currency growth rate
                                                                      
                                   Three Months Ended March 31,
                                   2013            2012              % change
                                   (unaudited)
Constant currency
reconciliation:
License revenue, as                $   52,652       $   46,319        14%
reported
Estimated impact of
foreign currency                                                      0%
fluctuations
License revenue constant                                              14%
currency growth rate
                                                                      
                                   Three Months Ended March 31,
                                   2013            2012              % change
                                   (unaudited)
Constant currency
reconciliation:
Maintenance revenue, as            $   35,716       $   26,442        35%
reported
Estimated impact of
foreign currency                                                      -1%
fluctuations
Maintenance revenue
constant currency growth                                              34%
rate
                                                                      
                                   Three Months Ended March 31,
                                   2013            2012              % change
                                   (unaudited)
Constant currency
reconciliation:
Professional Services              $   8,180        $   6,394         28%
revenue, as reported
Estimated impact of
foreign currency                                                      0%
fluctuations
Professional services
revenue constant currency                                             28%
growth rate
                                                                      
                                   Three Months Ended March 31,
                                   2013            2012              % change
                                   (unaudited)
Constant currency
reconciliation:
Americas revenue, as               $   33,372       $   25,963        29%
reported
Estimated impact of
foreign currency                                                      0%
fluctuations
Americas revenue constant                                             29%
currency growth rate
                                                                      
                                   Three Months Ended March 31,
                                   2013            2012              % change
                                   (unaudited)
Constant currency
reconciliation:
Europe revenue, as                 $   53,676       $   46,020        17%
reported
Estimated impact of
foreign currency                                                      -1%
fluctuations
Europe revenue constant                                               16%
currency growth rate
                                                                      
                                   Three Months Ended March 31,
                                   2013            2012              % change
                                   (unaudited)
Constant currency
reconciliation:
Rest of World revenue, as          $   9,500        $   7,172         32%
reported
Estimated impact of
foreign currency                                                      5%
fluctuations
Rest of World revenue
constant currency growth                                              37%
rate
                                                                      
                                                                      

Qlik Technologies Inc.
Consolidated Balance Sheets
(in thousands)
                                                           
                                                   March 31,     December 31,
                                                   2013          2012
                                                   (unaudited)
Assets
Current assets:
Cash and cash equivalents                          $ 214,834     $   195,803
Accounts receivable, net                             101,359         144,475
Prepaid expenses and other current assets            16,111          14,455
Income tax receivable                                11,530          -
Deferred income taxes                               1,048         1,211
Total current assets                                 344,882         355,944
                                                                 
Property and equipment, net                          18,267          17,048
Intangible assets, net                               5,273           5,625
Goodwill                                             7,202           7,367
Deferred income taxes                                928             1,761
Deposits and other noncurrent assets                2,706         2,628
Total assets                                       $ 379,258    $   390,373
                                                                 
Liabilities and stockholders’ equity
Current liabilities:
Line of credit                                     $ 183         $   -
Income taxes payable                                 -               4,154
Accounts payable                                     5,825           7,128
Deferred revenue                                     87,637          84,197
Accrued payroll and other related costs              32,026          36,976
Accrued expenses                                     21,304          26,075
Deferred income taxes                               142           150
Total current liabilities                            147,117         158,680
                                                                 
Long-term liabilities:
Deferred revenue                                     1,599           1,745
Deferred income taxes                                485             512
Other long-term liabilities                         4,346         3,874
Total liabilities                                    153,547         164,811
                                                                 
Commitments and contingencies
                                                                 
Stockholders’ equity:
Common stock                                         9               9
Additional paid-in-capital                           223,786         209,614
Retained earnings (accumulated deficit)              (190    )       13,016
Accumulated other comprehensive income              2,106         2,923
Total stockholders’ equity                          225,711       225,562
Total liabilities and stockholders’ equity         $ 379,258    $   390,373
                                                                 
                                                                 

Qlik Technologies Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)

                                              Three Months Ended March 31,
                                                  2013            2012
                                                                   
Cash flows from operating activities
Net loss                                          $  (13,206  )    $ (7,536  )
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization                        1,719           1,095
Stock-based compensation expense                     5,989           4,023
Excess tax benefit from stock-based                  (4,181   )      (4,172  )
compensation
Other non cash items                                 1,667           575
Changes in assets and liabilities                   22,719        27,910  
Net cash provided by operating activities            14,707          21,895
                                                                   
Cash flows from investing activities
Capital expenditures                                (2,762   )     (2,492  )
Net cash used in investing activities                (2,762   )      (2,492  )
                                                                   
Cash flows from financing activities
Proceeds from exercise of common stock               4,002           2,888
options
Excess tax benefit from stock-based                  4,181           4,172
compensation
Borrowings (payments) on line of credit             182           (234    )
Net cash provided by financing activities            8,365           6,826
Effect of exchange rate on cash                     (1,279   )     2,100   
Net increase in cash and cash equivalents            19,031          28,329
Cash and cash equivalents, beginning of             195,803       177,413 
period
Cash and cash equivalents, end of period          $  214,834      $ 205,742 
                                                                   
Supplemental cash flow information:
Cash paid during the period for income            $  5,530        $ 2,005   
taxes

Contact:

Investor Contact:
ICR
Staci Mortenson, +1-484-685-0578
IR@qliktech.com
or
Media Contact:
Qlik Technologies
Maria Scurry, +1-781-366-7617
Maria.Scurry@qliktech.com
 
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