QlikTech Delivers Another Quarter of Strong Growth

  QlikTech Delivers Another Quarter of Strong Growth

  *Total revenue of $108.0 million increases 26% compared to second quarter
    of 2012
  *Total license revenue of $60.5 million increases 21% compared to second
    quarter 2012
  *Total revenue in the Americas increases 31% compared to second quarter of
    2012

Business Wire

RADNOR, Pa. -- July 25, 2013

Qlik Technologies Inc. (“QlikTech”) (Nasdaq: QLIK), a leader in Business
Discovery — user-driven Business Intelligence (BI), today announced financial
results for the second quarter ended June 30, 2013.

Lars Björk, Chief Executive Officer of QlikTech, stated, “I am pleased with
our strong second quarter results with license and total revenue growth
accelerating. We continue to see increasing demand for QlikView, despite the
cautious business environment. Our differentiation is resonating in the
marketplace as we help organizations gain valuable insights from multiple data
sources in order to monitor, analyze and react to factors directly affecting
their business.”

Financial Highlights for the Second Quarter Ended June 30, 2013

  *Total revenue for the second quarter of 2013 was $108.0 million, an
    increase of 26% from $85.8 million for the second quarter of 2012. License
    revenue for the second quarter of 2013 was $60.5 million, an increase of
    21% from $50.0 million for the second quarter of 2012. Foreign currency
    exchange rate fluctuations from the prior year period positively impacted
    total revenue by approximately 1%.
  *GAAP loss from operations for the second quarter of 2013 was ($9.1)
    million, compared to a GAAP loss from operations of ($2.4) million for the
    second quarter of 2012. GAAP net loss was ($8.0) million, or ($0.09) per
    basic and diluted common share, compared to a GAAP net loss of ($2.0)
    million, or ($0.02) per basic and diluted common share, for the second
    quarter of 2012.
  *Non-GAAP loss from operations was ($1.7) million for the second quarter of
    2013, compared to non-GAAP income from operations of $2.4 million for the
    second quarter of 2012. Non-GAAP net loss was ($1.5) million for the
    second quarter of 2013, or ($0.02) per basic and diluted common share,
    compared to non-GAAP net income of $1.7 million, or $0.02 per basic and
    diluted common share, for the second quarter of 2012.
  *Cash and cash equivalents as of June 30, 2013 were $223.5 million. For the
    six months ended June 30, 2013, net cash provided by operating activities
    was $23.8 million, as compared to $29.3 million for the six months ended
    June 30, 2012.

The tables at the end of this press release include a reconciliation of GAAP
to non-GAAP income (loss) from operations and net income (loss) for the three
and six months ended June 30, 2013 and 2012. An explanation of these measures
is also included below under the heading "Non-GAAP Financial Measures."

Operating Highlights

  *For the second quarter of 2013, on a constant currency basis, revenue in
    the Americas increased 31% over the prior year period, revenue from Europe
    increased 17% over the prior year period, and revenue from Rest of World
    increased 53% over the prior year period.
  *Added new customers during the second quarter of 2013 including American
    Apparel, Connecticut Children's Medical Center, Danone SA, Defense
    Security Cooperation Agency (DSCA), Fox Head, Inc., Glencore UK Ltd,
    Global Logistic Properties, Michelin Tyre Co Ltd, MedAmerica, Hartford
    Healthcare Corp, Orange Business Services Russia and CIS, Sixt GmbH & Co.,
    Swissphone Telecom AG, and Taylor Wimpey PLC.
  *Expanded numerous customer engagements globally through our land and
    expand strategy including Analog Devices Inc., Asbury Automotive Group,
    Antalis, Biogen, DIRECTV, Deutsche Bank, Coca Cola (China) Beverages
    Limited, Eaton Corporation, Lewis-Goetz Company Inc., McAfee, Mizuho
    Securities, Moen Incorporated, Premier Oil PLC, RWE IT GmbH, Shanghai
    General Motors Co., Ltd, Stena Line Scandinavia AB, TNT Express France,
    and University of Westminster.
  *Completed 104 deals with license and first year maintenance over $100,000
    in the second quarter of 2013, including 27 deals over $250,000, compared
    to 86 deals over $100,000 and 19 deals over $250,000 in the prior year
    period.
  *Continued success with our land and expand strategy with 60% of license
    and first year maintenance billings generated from existing customers in
    the second quarter of 2013, compared to 58% in the prior year period.
  *Generated 57% of license and first year maintenance billings from our
    indirect partner channel and 43% from our direct channel in the second
    quarter of 2013, compared to 56% from our indirect partner channel and 44%
    from our direct channel in the prior year period.

Business Outlook

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

                                                     
in millions, except for per share data       Guidance Range
                                            Q3 2013
                                            Low End   High End
Total revenue                                $ 105.0   $  109.0
Non-GAAP income from operations^1            $ 2.0     $  5.0
Non-GAAP income per diluted common share^2   $ 0.02    $  0.04
                                             Guidance Range
                                               Full Year 2013
                                            Low End   High End
Total revenue                                $ 473.0   $  481.0
Non-GAAP income from operations^1            $ 50.0    $  54.0
Non-GAAP income per diluted common share^2   $ 0.37    $  0.41

^1 Expectations of non-GAAP income 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 diluted
weighted average shares outstanding of 90 million.

QlikTech's expectations of total revenue, non-GAAP income from operations and
non-GAAP income per diluted common share for the third quarter of 2013 and
full year 2013 assume that foreign currency exchange rates for the third
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, July 25, 2013 at 5:00 p.m.
Eastern Time (ET) to discuss the company’s second quarter financial results
and its business outlook. To access this call, dial (877) 312-5507 (domestic)
or (253) 237-1134 (international). The conference ID is 15064680. 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 July 28, 2013 at (855) 859-2056 (domestic) or (404) 537-3406
(international). The replay pass code is 15064680. 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 and six months ended June 30, 2013 and 2012, non-GAAP income
(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 income
(loss) is determined by taking GAAP 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 and six months ended June 30, 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 third
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 29,000 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.

Qlik™, QlikView™, QlikTech™, and the QlikTech logo are trademarks of QlikTech
International AB which have been registered in multiple countries. Other marks
and logos mentioned are the trademarks of their respective owners.

Qlik Technologies Inc.
Unaudited Consolidated Statements of Operations
(in thousands, except for share and per share data)

                 Three Months Ended June 30,         Six Months Ended June 30,
                   2013             2012               2013             2012
                                                                            
Revenue:
License            $ 60,501           $ 50,048           $ 113,153          $ 96,367
revenue
Maintenance          38,420             28,560             74,136             55,002
revenue
Professional
services            9,086            7,193            17,266           13,587     
revenue
Total revenue       108,007          85,801           204,555          164,956    
                                                                            
Cost of
revenue:
License              1,523              778                3,170              1,354
revenue
Maintenance          2,546              2,027              5,418              4,146
revenue
Professional
services            10,525           7,012            20,362           13,778     
revenue
Total cost of       14,594           9,817            28,950           19,278     
revenue
                                                                            
Gross profit         93,413             75,984             175,605            145,678
                                                                            
Operating
expenses:
Sales and            64,447             51,565             125,427            101,617
marketing
Research and         16,070             8,160              31,550             15,967
development
General and         21,988           18,613           44,481           38,226     
administrative
Total
operating           102,505          78,338           201,458          155,810    
expenses
                                                                            
Loss from           (9,092     )      (2,354     )      (25,853    )      (10,132    )
operations
                                                                            
Other income
(expense),
net:
Interest             35                 65                 67                 99
income, net
Foreign
exchange gain       (504       )      50               (1,987     )      (1,378     )
(loss), net
Total other
income              (469       )      115              (1,920     )      (1,279     )
(expense), net
                                                                            
Loss before
benefit for         (9,561     )      (2,239     )      (27,773    )      (11,411    )
income taxes
                                                                            
Benefit for         1,512            198              6,518            1,834      
income taxes
                                                                            
Net loss           $ (8,049     )     $ (2,041     )     $ (21,255    )     $ (9,577     )
                                                                            
                                                                            
Net loss per
common share
Basic and          $ (0.09      )     $ (0.02      )     $ (0.24      )     $ (0.11      )
diluted
                                                                            
Weighted
average number
of common
shares
outstanding
Basic and            87,280,678         85,416,641         86,900,901         85,024,843
diluted
                                                                            
* Prior year amounts have been reclassified where appropriate to conform to current year
classification for comparative purposes.
                                                                            
Stock-based compensation expense for the three and six months ended June 30, 2013 and 2012
is included in the Unaudited Consolidated Statements of Operations as follows (in
thousands):
                                                                            
                   Three Months Ended June 30,           Six Months Ended June 30,
                   2013               2012               2013               2012
                   (unaudited)                           (unaudited)
                                                                            
Cost of            $ 690              $ 329              $ 1,298            $ 668
revenue
Sales and            3,270              2,530              6,235              4,839
marketing
Research and         835                435                1,575              865
development
General and         1,797            1,131            3,473            2,076      
administrative
                   $ 6,592           $ 4,425           $ 12,581          $ 8,448      
                                                                                         

Qlik Technologies Inc.
Reconciliation of non-GAAP Measures to GAAP
(in thousands, except share and per share data)
                                                                   
                   Three Months Ended June 30,           Six Months Ended June 30,
                   2013             2012               2013             2012
                   (unaudited)                           (unaudited)
Reconciliation
of non-GAAP
income (loss)
from
operations:
                                                                            
GAAP loss from     $ (9,092     )     $ (2,354     )     $ (25,853    )     $ (10,132    )
operations
Stock-based
compensation         6,592              4,425              12,581             8,448
expense
Employer
payroll taxes        261                280                469                1,730
on stock
transactions
Amortization
of intangible       584            -                934            -          
assets
Non-GAAP
income (loss)      $ (1,655     )   $ 2,351           $ (11,869    )   $ 46         
from
operations
                                                                            
Non-GAAP
income (loss)
from
operations as        -1.5       %       2.7        %       -5.8       %       0.0        %
a percentage
of total
revenue
GAAP loss from
operations as
a percentage         -8.4       %       -2.7       %       -12.6      %       -6.1       %
of total
revenue
                                                                            
Reconciliation
of non-GAAP
net income
(loss):
                                                                            
GAAP net loss      $ (8,049     )     $ (2,041     )     $ (21,255    )     $ (9,577     )
Stock-based
compensation         6,592              4,425              12,581             8,448
expense
Employer
payroll taxes        261                280                469                1,730
on stock
transactions
Amortization
of intangible        584                -                  934                -
assets
Income tax          (874       )    (938       )      (2,381     )    (1,464     )
adjustment*
Non-GAAP net       $ (1,486     )   $ 1,726           $ (9,652     )   $ (863       )
income (loss)
                                                                            
Non-GAAP net
income (loss)      $ (0.02      )   $ 0.02            $ (0.11      )   $ (0.01      )
per common
share - basic
Non-GAAP net
income (loss)
per common         $ (0.02      )   $ 0.02            $ (0.11      )   $ (0.01      )
share -
diluted
GAAP net loss
per common         $ (0.09      )   $ (0.02      )     $ (0.24      )   $ (0.11      )
share - basic
and diluted
                                                                            
Non-GAAP
weighted
average number
of common           87,280,678     85,416,641       86,900,901     85,024,843 
shares
outstanding -
basic
Non-GAAP
weighted
average number
of common           87,280,678     88,167,281       86,900,901     85,024,843 
shares
outstanding -
diluted
GAAP Weighted
average number
of common
shares              87,280,678     85,416,641       86,900,901     85,024,843 
outstanding -
basic and
diluted
                                                                            

*Income tax adjustment is used to adjust the GAAP benefit for income taxes to
a non-GAAP benefit (provision) 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                    Six Months Ended June
                    June 30,                              30,
                    2013        2012         %          2013        2012          %
                                               change                                 change
                    (unaudited)                           (unaudited)
Constant
currency
reconciliation:
Total revenue,      $ 108,007     $ 85,801     26  %      $ 204,555     $ 164,956     24  %
as reported
Estimated
impact of
foreign                                        -1  %                                  0   %
currency
fluctuations
Total revenue
constant                                       25  %                                  24  %
currency growth
rate
                                                                                      
                    Three Months Ended                    Six Months Ended June
                    June 30,                              30,
                    2013        2012         %          2013        2012          %
                                               change                                 change
                    (unaudited)                           (unaudited)
Constant
currency
reconciliation:
License
revenue, as         $ 60,501      $ 50,048     21  %      $ 113,153     $ 96,367      17  %
reported
Estimated
impact of
foreign                                        -1  %                                  0   %
currency
fluctuations
License revenue
constant                                       20  %                                  17  %
currency growth
rate
                                                                                      
                    Three Months Ended                    Six Months Ended June
                    June 30,                              30,
                    2013        2012         %          2013        2012          %
                                               change                                 change
                    (unaudited)                           (unaudited)
Constant
currency
reconciliation:
Maintenance
revenue, as         $ 38,420      $ 28,560     35  %      $ 74,136      $ 55,002      35  %
reported
Estimated
impact of
foreign                                        -2  %                                  -1  %
currency
fluctuations
Maintenance
revenue
constant                                       33  %                                  34  %
currency growth
rate
                                                                                      
                    Three Months Ended                    Six Months Ended June
                    June 30,                              30,
                    2013        2012         %          2013        2012          %
                                               change                                 change
                    (unaudited)                           (unaudited)
Constant
currency
reconciliation:
Professional
Services            $ 9,086       $ 7,193      26  %      $ 17,266      $ 13,587      27  %
revenue, as
reported
Estimated
impact of
foreign                                        0   %                                  0   %
currency
fluctuations
Professional
services
revenue                                        26  %                                  27  %
constant
currency growth
rate
                                                                                      
                    Three Months Ended                    Six Months Ended June
                    June 30,                              30,
                    2013        2012         %          2013        2012          %
                                               change                                 change
                    (unaudited)                           (unaudited)
Constant
currency
reconciliation:
Americas
revenue, as         $ 37,858      $ 28,931     31  %      $ 71,230      $ 54,894      30  %
reported
Estimated
impact of
foreign                                        0   %                                  0   %
currency
fluctuations
Americas
revenue
constant                                       31  %                                  30  %
currency growth
rate
                                                                                      
                    Three Months Ended                    Six Months Ended June
                    June 30,                              30,
                    2013        2012         %          2013        2012          %
                                               change                                 change
                    (unaudited)                           (unaudited)
Constant
currency
reconciliation:
Europe revenue,     $ 57,990      $ 48,634     19  %      $ 111,666     $ 94,654      18  %
as reported
Estimated
impact of
foreign                                        -2  %                                  -2  %
currency
fluctuations
Europe revenue
constant                                       17  %                                  16  %
currency growth
rate
                                                                                      
                    Three Months Ended                    Six Months Ended June
                    June 30,                              30,
                    2013        2012         %          2013        2012          %
                                               change                                 change
                    (unaudited)                           (unaudited)
Constant
currency
reconciliation:
Rest of World
revenue, as         $ 12,159      $ 8,236      48  %      $ 21,659      $ 15,408      41  %
reported
Estimated
impact of
foreign                                        5   %                                  4   %
currency
fluctuations
Rest of World
revenue
constant                                       53  %                                  45  %
currency growth
rate
                                                                                          

Qlik Technologies Inc.
Consolidated Balance Sheets
(in thousands)
                                                          
                                               June 30,        December 31,
                                               2013            2012
                                               (unaudited)
Assets
Current assets:
Cash and cash equivalents                      $ 223,549       $   195,803
Accounts receivable, net                         94,335            144,475
Prepaid expenses and other current assets        12,008            14,455
Income tax receivable                            19,156            -
Deferred income taxes                           766             1,211
Total current assets                             349,814           355,944
                                                               
Property and equipment, net                      18,465            17,048
Intangible assets, net                           11,662            5,625
Goodwill                                         12,101            7,367
Deferred income taxes                            -                 1,761
Deposits and other noncurrent assets            2,621           2,628
Total assets                                   $ 394,663      $   390,373
                                                               
Liabilities and stockholders’ equity
Current liabilities:
Income taxes payable                           $ -             $   4,154
Accounts payable                                 6,408             7,128
Deferred revenue                                 86,344            84,197
Accrued payroll and other related costs          33,739            36,976
Accrued expenses                                 23,440            26,075
Deferred income taxes                           127             150
Total current liabilities                        150,058           158,680
                                                               
Long-term liabilities:
Deferred revenue                                 1,815             1,745
Deferred income taxes                            2,440             512
Other long-term liabilities                     8,573           3,874
Total liabilities                                162,886           164,811
                                                               
Commitments and contingencies
                                                               
Stockholders’ equity:
Common stock                                     9                 9
Additional paid-in-capital                       238,618           209,614
Retained earnings (accumulated deficit)          (8,239  )         13,016
Accumulated other comprehensive income          1,389           2,923
Total stockholders’ equity                      231,777         225,562
Total liabilities and stockholders’ equity     $ 394,663      $   390,373
                                                                   

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

                                                 Six Months Ended June 30,
                                                   2013          2012
                                                                   
Cash flows from operating activities
Net loss                                           $ (21,255 )     $ (9,577  )
Adjustments to reconcile net loss to net cash
provided by operating activities:
Depreciation and amortization                        3,684           2,316
Stock-based compensation expense                     12,581          8,448
Excess tax benefit from stock-based                  (6,471  )       (4,185  )
compensation
Other non cash items                                 5,945           2,526
Changes in assets and liabilities                   29,362        29,737  
Net cash provided by operating activities            23,846          29,265
                                                                   
Cash flows from investing activities
Acquisitions, net of cash acquired                   (4,371  )       (10,792 )
Capital expenditures                                (4,516  )      (5,375  )
Net cash used in investing activities                (8,887  )       (16,167 )
                                                                   
Cash flows from financing activities
Proceeds from exercise of common stock options       9,952           3,577
Excess tax benefit from stock-based                  6,471           4,185
compensation
Payments on contingent consideration                 (219    )       (202    )
Payments on line of credit                          (1      )      (356    )
Net cash provided by financing activities            16,203          7,204
Effect of exchange rate on cash                     (3,416  )      (2,594  )
Net increase in cash and cash equivalents            27,746          17,708
Cash and cash equivalents, beginning of period      195,803       177,413 
Cash and cash equivalents, end of period           $ 223,549      $ 195,121 
                                                                   
Supplemental cash flow information:
Cash paid during the period for income taxes       $ 7,905        $ 3,743   
                                                                             

Contact:

Qlik Technologies
Investor Contact:
Brett Pollack, +1 646-561-0906
Investor Relations
Brett.Pollack@qliktech.com
or
Media Contact:
Maria Scurry, +1 781-366-7617
Global Communications
Maria.Scurry@qliktech.com
 
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