Qlik Announces Strong Second Quarter 2015 Financial Results

* Income tax adjustment is used to adjust the GAAP benefit (provision) 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 June 30,						Six Months Ended June 30,
	2015		2014		% change		2015		2014		% change
	(unaudited)						(unaudited)
Constant currency reconciliation:
Total revenue, as reported	$	145,829	$	131,618	11	%	$	266,093	$	242,730	10	%
Estimated impact of foreign currency fluctuations					15	%					14	%
Total revenue constant currency growth rate					26	%					24	%

	Three Months Ended June 30,						Six Months Ended June 30,
	2015		2014		% change		2015		2014		% change
	(unaudited)						(unaudited)
Constant currency reconciliation:
License revenue, as reported	$	76,320	$	66,942	14	%	$	131,127	$	120,825	9	%
Estimated impact of foreign currency fluctuations					15	%					14	%
License revenue constant currency growth rate					29	%					23	%

	Three Months Ended June 30,						Six Months Ended June 30,
	2015		2014		% change		2015		2014		% change
	(unaudited)						(unaudited)
Constant currency reconciliation:
Maintenance revenue, as reported	$	55,983	$	50,889	10	%	$	108,653	$	96,734	12	%
Estimated impact of foreign currency fluctuations					16	%					16	%
Maintenance revenue constant currency growth rate					26	%					28	%

	Three Months Ended June 30,						Six Months Ended June 30,
	2015		2014		% change		2015		2014		% change
	(unaudited)						(unaudited)
Constant currency reconciliation:
Professional Services revenue, as reported	$	13,526	$	13,787	-2	%	$	26,313	$	25,171	5	%
Estimated impact of foreign currency fluctuations					12	%					12	%
Professional services revenue constant currency growth rate					10	%					17	%

	Three Months Ended June 30,						Six Months Ended June 30,
	2015		2014		% change		2015		2014		% change
	(unaudited)						(unaudited)
Constant currency reconciliation:
Americas revenue, as reported	$	54,262	$	46,632	16	%	$	97,129	$	83,484	16	%
Estimated impact of foreign currency fluctuations					4	%					4	%
Americas revenue constant currency growth rate					20	%					20	%

	Three Months Ended June 30,						Six Months Ended June 30,
	2015		2014		% change		2015		2014		% change
	(unaudited)						(unaudited)
Constant currency reconciliation:
Europe revenue, as reported	$	74,606	$	70,356	6	%	$	137,623	$	133,129	3	%
Estimated impact of foreign currency fluctuations					22	%					22	%
Europe revenue constant currency growth rate					28	%					25	%

	Three Months Ended June 30,						Six Months Ended June 30,
	2015		2014		% change		2015		2014		% change
	(unaudited)						(unaudited)
Constant currency reconciliation:
Rest of World revenue, as reported	$	16,961	$	14,630	16	%	$	31,341	$	26,117	20	%
Estimated impact of foreign currency fluctuations					18	%					18	%
Rest of World revenue constant currency growth rate					34	%					38	%


Qlik Technologies Inc. Consolidated Balance Sheets (in thousands)

	June 30,			December 31,
		2015			2014
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	306,353		$	244,018
Accounts receivable, net		150,922			203,766
Prepaid expenses and other current assets		16,987			19,901
Deferred income taxes		2,082			2,082
Total current assets		476,344			469,767

Property and equipment, net		28,734			26,455
Intangible assets, net		14,040			21,195
Goodwill		38,569			38,702
Deferred income taxes		2,658			3,015
Deposits and other noncurrent assets		5,165			2,835
Total assets	$	565,510		$	561,969

Liabilities and stockholders’ equity
Current liabilities:
Income taxes payable	$	-		$	2,139
Accounts payable		6,497			6,887
Deferred revenue		135,813			127,565
Accrued payroll and other related costs		54,127			53,674
Accrued expenses		36,386			40,712
Deferred income taxes		37			37
Total current liabilities		232,860			231,014

Long-term liabilities:
Deferred revenue		6,368			4,564
Deferred income taxes		2,135			3,477
Other long-term liabilities		12,011			14,422
Total liabilities		253,374			253,477

Commitments and contingencies

Stockholders’ equity:
Common stock		9			9
Additional paid-in-capital		376,329			327,419
Accumulated deficit		(64,916	)		(21,594	)
Accumulated other comprehensive income		714			2,658
Total stockholders’ equity		312,136			308,492
Total liabilities and stockholders’ equity	$	565,510		$	561,969


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

	Six Months Ended June 30,
		2015			2014
	(unaudited)
Cash flows from operating activities
Net loss	$	(43,322	)	$	(36,086	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		6,959			5,136
Stock-based compensation expense		19,060			16,516
Excess tax benefit from stock-based compensation		(5,434	)		(4,171	)
Unrealized foreign currency loss, net		7,736			1,198
Other non-cash items		(62	)		432
Changes in assets and liabilities
Accounts receivable		43,640			35,193
Prepaid expenses and other assets		1,155			(131	)
Deferred revenue		15,390			10,937
Accounts payable and other liabilities		4,485			(5,556	)
Net cash provided by operating activities		49,607			23,468

Cash flows from investing activities
Acquisitions, net of cash acquired		(2,842	)		-
Capital expenditures		(7,834	)		(7,865	)
Net cash used in investing activities		(10,676	)		(7,865	)

Cash flows from financing activities
Proceeds from exercise of common stock options		24,416			8,115
Excess tax benefit from stock-based compensation		5,434			4,171
Net cash provided by financing activities		29,850			12,286
Effect of exchange rate on cash and cash equivalents		(6,446	)		(547	)
Net increase in cash and cash equivalents		62,335			27,342
Cash and cash equivalents, beginning of period		244,018			227,693
Cash and cash equivalents, end of period	$	306,353		$	255,035

Supplemental cash flow information:
Cash paid during the period for income taxes	$	3,564		$	3,997

Non-cash investing activities:
Tenant improvement allowance received under operating lease	$	-		$	1,048

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