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Qualys Announces Second Quarter 2016 Financial Results

REDWOOD CITY, CA--(Marketwired - Aug 3, 2016) - Qualys, Inc. ( NASDAQ : QLYS ), a pioneer and leading provider of cloud-based security and compliance solutions, today announced financial results for the second quarter ended June 30, 2016. For the quarter, the Company reported record revenues of $48.5 million, GAAP net income of $3.5 million, non-GAAP net income of $7.5 million, Adjusted EBITDA of $15.7 million, GAAP earnings per diluted share of $0.09 and non-GAAP earnings per diluted share of $0.20.

"We are pleased to report another solid quarter for Qualys. With another period of top line growth in excess of 20%, we are raising the bottom end of our guidance range for the year. We are also seeing tremendous adoption of our disruptive cloud agent platform," said Philippe Courtot, President and CEO of Qualys. "The Qualys Cloud Platform now consolidates ten enterprise-strength security solutions, giving customers unprecedented visibility and intelligence about all their IT assets at a lower total cost of ownership than legacy point solutions and we believe is driving significant market share gains for Qualys."

Second Quarter 2016 Financial Highlights

Revenues: Revenues for the second quarter of 2016 increased by 21.5% to $48.5 million compared to $39.9 million for the same quarter in 2015. Revenue growth was driven by a combination of sales of subscriptions to new customers, as well as subscription renewals and upsells of additional subscriptions to existing customers.

Gross Profit: GAAP gross profit for the second quarter of 2016 increased by 21% to $38.4 million compared to $31.7 million for the same quarter in 2015. GAAP gross margin percentage was 79% for the second quarter of 2016 compared to 80% in the prior year's second quarter. Non-GAAP gross profit increased by 21% to $38.8 million compared to $32.1 million in the same quarter in 2015. Non-GAAP gross margin percentage was 80% for both the second quarter of 2016 and 2015.

Operating Income: GAAP operating income for the second quarter of 2016 was $5.7 million compared to $5.3 million in the same quarter in 2015. Non-GAAP operating income for the second quarter of 2016 was $11.8 million compared to $9.7 million in the same quarter in 2015.

Net Income: GAAP net income for the second quarter of 2016 was $3.5 million, or $0.09 per diluted share, compared to $3.3 million, or $0.09 per diluted share, for the same quarter in 2015. Non-GAAP net income for the second quarter of 2016 was $7.5 million, or $0.20 per diluted share, compared to non-GAAP net income of $6.2 million, or $0.16 per diluted share, for the same quarter in 2015.

Adjusted EBITDA: Adjusted EBITDA (a non-GAAP financial measure) for the second quarter of 2016 increased by 20% to $15.7 million compared to $13.1 million for the same quarter in 2015. As a percentage of revenues, Adjusted EBITDA was 32% for the second quarter of 2016, compared to 33% for the second quarter of 2015.

Second Quarter 2016 Business Highlights

Customers:

  • New customers included: BDO, Delta Dental, Doosan Bobcat, First Data NJ, Fortinet, HCL Sweden, HP Inc, Informatica, Nordea Bank Norge, Norsk Hydro, ODEON & UCI Cinemas Group, Reinsurance Group of America, Reynolds America, WageWorks and Western & Southern Financial Group.

Recent Highlights:

  • Released Qualys ThreatPROTECT to General Availability (GA). As an extension to Qualys Vulnerability Management, ThreatPROTECT helps customers prioritize vulnerabilities based on level of threat as measured by multiple threat indicators.
  • Released Qualys Security Assessment Questionnaire (SAQ) 2.0 allowing organizations to better consolidate and orchestrate assessments of third-party business processes and vendor risk by centrally capturing all relevant information from technical and human sources, drastically reducing associated time and cost.
  • Unveiled midmarket Private Cloud Platform Appliance (PCPA). The new form-factor extends the Qualys Private Cloud Platform to medium-sized companies needing to retain data on-premise or within local geographies previously not served by Qualys.
  • Expanded Qualys Cloud-based Security and Compliance Platform to support Microsoft Azure with a new Azure-certified virtual scanner appliance allowing organizations to assess the security and compliance posture of their Azure virtual machines from the Qualys console.
  • Achieved FedRAMP Compliance for Qualys Cloud Platform, allowing federal agencies previously not served by Qualys a path to quickly adopt the Qualys Cloud Platform and integrated suite of offerings for continuous security and compliance.

Financial Performance Outlook

Third Quarter 2016 Guidance: Management expects revenues to be in the range of $50.3 million to $51.0 million. GAAP net income per diluted share is expected to be in the range of $0.08 to $0.10, which assumes an effective income tax rate of 38%. Non-GAAP net income per diluted share is expected to be in the range of $0.17 to $0.19, which assumes an effective non-GAAP income tax rate of 36%. Third quarter 2016 EPS estimates are based on approximately 38.8 million weighted average diluted shares outstanding for the quarter.

Full Year 2016 Guidance: Management now expects revenues to be in the range of $197.1 million to $198.6 million, up from the previous range of $195.6 million and $198.6 million. GAAP net income per diluted share is expected to be in the range of $0.37 to $0.41, which assumes an effective income tax rate of 38%. This is an increase from our previous GAAP net income guidance range of $0.36 to $0.41 per share, which assumed an effective income tax rate of 37%. Non-GAAP net income per diluted share is expected to be in the range of $0.75 to $0.79, which assumes an effective non-GAAP income tax rate of 36%. This is an increase from our previous non-GAAP net income guidance range of $0.74 to $0.79 per share, which assumed an effective non-GAAP income tax rate of 36%. Full year 2016 EPS estimates are based on approximately 38.9 million weighted average diluted shares outstanding.

Investor Conference Call

Qualys will host a conference call and live webcast to discuss its second quarter 2016 financial results today at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time). To access the conference call, dial (877) 881-2609 in the U.S. or +1 (970) 315-0463 for international participants with conference ID # 47445539. The live webcast of Qualys' earnings conference call can also be accessed at investor.qualys.com. A replay of the conference call will be available through the same webcast link following the end of the call.

About Qualys, Inc.

Qualys, Inc. ( NASDAQ : QLYS ) is a pioneer and leading provider of cloud-based security and compliance solutions with over 8,800 customers in more than 100 countries, including a majority of each of the Forbes Global 100 and Fortune 100. The Qualys Cloud Platform and integrated suite of solutions help organizations simplify security operations and lower the cost of compliance by delivering critical security intelligence on demand and automating the full spectrum of auditing, compliance and protection for IT systems and web applications. Founded in 1999, Qualys has established strategic partnerships with leading managed service providers and consulting organizations including Accenture, BT...


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