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Qlik Technologies: Qlik Announces Third Quarter 2015 Financial Results

The following excerpt is from the company's SEC filing.

Third quarter total revenue of $141.2 million increases 8% year-over-year; 20% in constant currency

RADNOR, Pennsylvania October 22, 2015

- Qlik (NASDAQ: QLIK), a leader in visual analytics delivering intuitive solutions for self-service data visualization and guided analytics, today announced financial results for the third quarter ended September 30, 2015.

Lars Björk, Chief Executive Officer of Qlik, stated, Our comprehensive platform approach to analytics is resonating well with customers and partners, and we are seeing strong adoption of Qlik Sense. We are confident in our differenti ated position within our large market opportunity, and we expect to achieve our full year goals of reaccelerating revenue growth and driving margin expansion.

Financial Highlights for the Third Quarter Ended September 30, 2015

Total revenue for the third quarter of 2015 was $141.2 million, an increase of 8% from $131.3 million for the third quarter of 2014. On a constant currency basis, total revenue increased 20% compared to the third quarter of 2014. License revenue for the third quarter of 2015 was $69.8 million, an increase of 3% from $67.5 million for the third quarter of 2014. On a constant currency basis, license revenue increased 15% compared to the third quarter of 2014.

GAAP loss from operations for the third quarter of 2015 was ($8.1) million, compared to a GAAP loss from operations of ($8.6) million for the third quarter of 2014. Non-GAAP income from operations was $4.3 million for the third quarter of 2015, compared to non-GAAP income from operations of $2.6 million for the third quarter of 2014.

GAAP net loss was ($16.0) million for the third quarter of 2015, or ($0.17) per diluted common share, compared to a GAAP net loss of ($14.4) million, or ($0.16) per diluted common share, for the third quarter of 2014. Non-GAAP net income was $1.4 million for the third quarter of 2015, or $0.02 per diluted common share, compared to non-GAAP net income of $0.7 million, or $0.01 per diluted common share, for the third quarter of 2014. GAAP and non-GAAP net income (loss) for the third quarter of 2015 include a $2.3 million foreign exchange loss compared to a $1.7 million foreign exchange loss in the third quarter of 2014.

Cash and cash equivalents as of September 30, 2015 were $321.2 million compared to $244.0 million at December 31, 2014. Net cash provided by operating activities was $56.1 million for the nine months ended September 30, 2015, compared to $17.3 million for the nine months ended September 30, 2014.

Operating Highlights

For the third quarter of 2015, on a constant currency basis, total revenue in the Americas increased 19% over the prior year period, total revenue from Europe increased 18% over the prior year period, and total revenue from Rest of World increased 27% over the prior year period.

Added new customers during the quarter including Abu Dhabi Police Department, ESCHA Bauelemente GmbH, Four Seasons Health Care Limited, Georg Fischer B.V. & Co. KG, The Helsinki Region Environmental Services HSY, Ingram Micro Distribution GmbH, Lantmäteriet Gävleborgs län, Léon Grosse, Novo Nordisk Service Center India Pvt. Ltd., Oman Airports Management Company, Prime Ministers Office UAE, Profinch Solutions, Rochester Regional Health System, Royal BAM Group NV, Schibstad Classified Media Spain, Sl., Servion Global Solutions, Talentum Oyj, Thomas Jefferson University (TJU), Tucson Medical Center, and UN Women.

Expanded numerous customer engagements globally through our land and expand strategy including Aalborg Universitet, Akershus Universitetssykehus HF, Allianz Dublin, Crystal Run Healthcare, Deutsche Bank, Epsilon, Ford Motor Company, Hapag-Lloyd Aktiengesellschaft, Helsana Versicherungen AG, Hologic, Intuit, Lapland Hospital District, Lekolar AB, Mærsk Olie og Gas A/S, MedAssets, NCR Corporation, Nemours Foundation, New Hanover Regional Medical Center, Novo Nordisk A/S, The Pennine Acute Hospitals NHS Trust, REXEL France SAS, Siemens AG, Södra Skogsägarna ekonomisk förening, Sopra Steria AS, Sparekassen Sjælland, Solvay SAInformation Services, Tamedia AG, The U.S. Department of Justice (DOJ), The National Security Agency (NSA), TLT Solicitors, USIC, and VWR International.

Completed 130 deals with license and first year maintenance over $100,000 in the third quarter of 2015, including 34 deals over $250,000 and eight deals over $1 million, compared to 108 deals over $100,000, including 23 deals over $250,000 and seven deals over $1 million in the prior year period.

Generated 65% of license and first year maintenance billings from existing customers in the third quarter of 2015, compared to 64% in the prior year period.

Generated 55% of license and first year maintenance billings from our indirect partner channel and 45% from our direct channel in the third quarter of 2015, compared to 52% from our indirect partner channel and 48% from our direct channel in the prior year period.

Business Outlook

Based on information available as of October 22, 2015, Qlik anticipates total revenue growth of 10% to 11% on a reported basis and 21% to 22% on a constant currency basis for the full year 2015. Qlik is issuing guidance for the fourth quarter and full year 2015 as follows:

in millions, except for per share data

Guidance Range

Q4 2015

Year-Over-Year

Projected Revenue

Growth Rate

Year-Over-Year Projected

Revenue Growth Rate on a

Constant Currency Basis

Low End

High End

Non-GAAP income per diluted common share

Full Year 2015

Projected Revenue

Revenue Growth Rate on a

To determine projected revenue growth rates on a constant currency basis for fourth quarter and full year 2015, expected revenue from entities reporting in foreign currencies was translated into U.S. dollars using the comparable prior year periods monthly average foreign currency exchange rates.

Expectations of non-GAAP income from operations and non-GAAP income per diluted common share exclude stock-based compensation expense, employer payroll taxes on stock transactions, contingent consideration adjustments and amortization of intangible assets.

Assumes an estimated long-term effective tax rate of 30% and diluted weighted average shares outstanding of approximately 96 million.

Assumes an estimated long-term effective tax rate of 30% and diluted weighted average shares outstanding of approximately 95 million.

Qliks expectations of total revenue, non-GAAP income from operations and non-GAAP income per diluted common share for the fourth quarter and full year 2015 assume that foreign currency exchange rates for the fourth quarter 2015 will approximate current exchange rates. This Business Outlook is directional guidance only as foreign currency exchange rate fluctuations and changes in the mix of domestic and international revenue and expenses can impact our results.

Qlik 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

Qlik will host a conference call on Thursday, October 22, 2015 at 5:00 p.m. Eastern Time (ET) to discuss the companys third 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 43108244. The presentation will be webcast live and available under the Events & Presentations section on Qliks investor relations website at

http://investor.qlik.com/

. Following the conference call, a replay will be available until October 25, 2015 at (855) 859-2056 (domestic) or (404) 537-3406 (international). The replay pass code is 43108244. An...


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