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Qualys, Inc. Announces First Quarter 2016 Financial Results

REDWOOD CITY, CA, May 02, 2016 (Marketwired via COMTEX) -- Qualys, Inc. QLYS, +3.22% a pioneer and leading provider of cloud-based security and compliance solutions, today announced financial results for the first quarter ended March 31, 2016. For the quarter, the Company reported record revenues of $46.2 million, GAAP net income of $4.8 million, non-GAAP net income of $8.0 million, adjusted EBITDA of $16.1 million, GAAP earnings per diluted share of $0.13 and non-GAAP earnings per diluted share of $0.21.

"Our strong fiscal first quarter results were driven by continued growth of customer and partner commitments to our pure SaaS security and compliance platform as the market is now clearly shifting away from traditional enterprise security and compliance products," said Philippe Courtot, Chairman, President and CEO, Qualys. "Our results demonstrate that by winning a larger share of our customers' security spend, we continue to outpace the market growth rate."

Courtot continued, "At the RSA Conference this quarter, we introduced new innovations and major expansions to our platform all of which were very well received by our customer base. We continue to see significant adoption for our Cloud Agents technology across all sectors of our business. Security is now a strategic priority embedded in key business decisions for enterprises and organizations around the world. Our world-class security and compliance platform allows us to deliver multiple, fully-integrated cloud-based security offerings to achieve superior security, simplify deployment and reduce total cost of ownership for our customers."

First Quarter 2016 Financial Highlights

Revenues: Revenues for the first quarter of 2016 increased by 23% to $46.2 million compared to $37.5 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.

Deferred Revenues: Current deferred revenues increased by 15.5% to $101.6 million at March 31, 2016 compared to $87.9 million at March 31, 2015. Total deferred revenues increased by 17% to $114.6 million at March 31, 2016 compared to $98.0 million at March 31, 2015.

Gross Profit: GAAP gross profit for the first quarter of 2016 increased by 25% to $36.8 million compared to $29.5 million for the same quarter in 2015. GAAP gross margin percentage was 80% for the first quarter of 2016 compared to 79% in the prior year's first quarter. Non-GAAP gross profit increased by 25% to $37.2 million compared to $29.9 million in the same quarter in 2015. Non-GAAP gross margin percentage was 80% for both first quarter periods in 2016 and 2015.

Operating Income: GAAP operating income for the first quarter of 2016 was $7.6 million compared to $4.9 million in the same quarter in 2015. Non-GAAP operating income for the first quarter of 2016 was $12.3 million compared to $8.8 million in the same quarter in 2015.

Net Income: GAAP net income for the first quarter of 2016 was $4.8 million, or $0.13 per diluted share, compared to $3.0 million, or $0.08 per diluted share, for the same quarter in 2015. Non-GAAP net income for the first quarter of 2016 was $8.0 million, or $0.21 per diluted share, compared to non-GAAP net income of $5.5 million, or $0.15 per diluted share, for the same quarter in 2015.

Adjusted EBITDA: Adjusted EBITDA (a non-GAAP financial measure) for the first quarter of 2016 increased by 35% to $16.1 million compared to $12.0 million for the same quarter in 2015. As a percentage of revenues, adjusted EBITDA increased to 35% for the first quarter of 2016 compared to 32% for the same quarter in 2015.

First Quarter 2016 Business Highlights

Customers:

--  New customers included: Cox Automotive, Avery Dennison, AECOM
    Technology Corporation, ED&F MAN, Admiral Group Plc, Roche
    Holdings AG, Main Line Health, Huawei Technologies Co., Library of
    Congress, MTN Group, ICBC Standard Bank, Blue Cross and Blue Shield of
    Massachusetts, South Carolina Dept of Employment, HCL Technologies
    LTD, Nissan Motors Limited and the Accord Group.


--  Continued Qualys Cloud Agents expansion for new operating systems
    including LINUX and Mac OS adding to the platform's existing support
    for Windows. This technology enables visualization of all IT assets
    with Qualys AssetView(TM) and eases expansion of vulnerability
    management and policy compliance programs to endpoints, mobile IT
    assets and elastic cloud environments.
--  Introduced Qualys ThreatPROTECT(TM) leveraging Qualys Vulnerability
    Management to help customers visualize risk and prioritize threats to
    improve remediation efforts and reduce risk from the most critical
    vulnerabilities.
--  Launched Qualys Security Assessment Questionnaire (SAQ) as an
    extension to Qualys Policy Compliance solution to assist customers
    with streamlining compliance questionnaires and collecting evidence
    for various compliance efforts and regulatory mandates including PCI,
    HIPAA, SOX and others.
--  Introduced a new enterprise version of the Qualys Private Cloud
    Platform or ePCP targeted for the midmarket that is fully packaged as
    a 1-U appliance fully managed by Qualys and delivering to customers
    the entire Qualys suite while allowing to keep their data on
    on-premise.


Strategic and Channel Partnerships:

--  Announced OEM partnership with HEAT Software to embed their
    best-of-breed patching solution, PatchLink technology, within Qualys
    Cloud Agents to distribute patches and allow customers to perform
    remediation at the endpoints.


Industry Recognition:

--  Qualys Web Application Scanning (WAS) named a winner in the 2016 SANS
    Awards.
--  Qualys Vulnerability Management (VM) highlighted as a leader in the
    2016 SANS Awards.


New CFO Appointed:

--  Qualys announced today in a separate press release (here) the
    appointment of Melissa Fisher as Chief Financial Officer. Fisher will
    lead all elements of the company's finance, accounting, investor
    relations, treasury, and tax functions. Fisher brings nearly 20 years
    of technology industry and public markets experience to Qualys. She
    was most recently the Vice President of FP&A, Investor Relations
    and Treasury at Zynga (NASDAQ: ZNGA).


Financial Performance Outlook

Second Quarter 2016 Guidance: Management expects revenues to be in the range of $47.6 million to $48.3 million. At the midpoint, this represents 20% growth over second quarter 2015 revenues. GAAP net income per diluted share is expected to be in the range of $0.06 to $0.08, which assumes an effective income tax rate of 37%, and non-GAAP net income per diluted share is expected to be in the range of $0.15 to $0.17, which assumes an effective non-GAAP income tax rate of 36%. Second quarter 2016 EPS estimates are based on approximately 38.4 million weighted average diluted shares outstanding for the quarter.

Full Year 2016 Guidance: Management continues to expect revenues to be in the range of $195.6 million to $198.6 million. At the midpoint, this represents 20% growth over 2015 full year revenues. GAAP net income per diluted share is expected to be in the range of $0.36 to $0.41, which assumes an effective income tax rate of 37%. Non-GAAP net income per diluted share is expected to be in the range of $0.74 to $0.79, which assumes 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 first quarter 2016 financial results today at 1:30 p.m. PST (4:30 p.m. EST). To access the conference call, dial (877) 881-2609 in the U.S. or +1 (970) 315-0463 for international participants with conference ID #87693736. 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. QLYS, +3.22% 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, Cognizant Technology Solutions, Dell SecureWorks, Fujitsu, HCL Comnet, Infosys, NTT, Optiv, Tata Communications, Verizon and Wipro. The company is also a founding member of the Cloud Security Alliance (CSA). For more information, please visit www.qualys.com.

Qualys, the Qualys logo and QualysGuard are proprietary trademarks of Qualys, Inc. All other products or names may be trademarks of their respective companies.

Legal Notice Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements in this press release include, but are not limited to, statements related to: the growth of our business, including renewals, adoption of our existing solutions and...


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