Qlik Announces First Quarter 2015 Financial Results

RADNOR, Pa., April 24 — Qlik, a leader in data discovery delivering intuitive solutions for self-service data visualization and guided analytics, today announced financial results for the first quarter ended March 31, 2015.

Lars Björk, Chief Executive Officer of Qlik, stated, “The first quarter was a terrific start to 2015. Both revenue and non-GAAP operating results exceeded our expectations, highlighting the benefits of our global footprint, more comprehensive BI offerings, and expanded addressable market. Our platform is designed to fulfill a greater portion of market needs and enables customers to start their journey wherever they want, with best in class visualization, governance, security and collaboration, ensuring greater confidence and trust across an entire organization.”

Tim MacCarrick, Chief Financial Officer of Qlik added, “We are reiterating our full year 2015 constant currency guidance for revenue growth of 20-22%, which underscores the strong trends and underlying demand we are experiencing in the business. Since we previously set full year 2015 guidance in February, the US dollar has continued to strengthen. Therefore, based on current exchange rates, we expect our full year 2015 reported revenue to be negatively impacted by $15 million compared with our prior guidance. We are also maintaining our full year expectations for non-GAAP operating margins. We remain focused on delivering significant top-line growth while growing expenses at a slower rate, in order to drive incremental operating leverage.”

Financial Highlights for the First Quarter Ended March 31, 2015

• Total revenue for the first quarter of 2015 was $120.3 million, an increase of 8% from $111.1 million for the first quarter of 2014. On a constant currency basis, total revenue increased 23% as compared to the first quarter of 2014. License revenue for the first quarter of 2015 was $54.8 million, an increase of 2% from $53.9 million for the first quarter of 2014. On a constant currency basis, license revenue increased 16% as compared to the first quarter of 2014.
• GAAP loss from operations for the first quarter of 2015 was ($24.1) million, compared to a GAAP loss from operations of ($23.5) million for the first quarter of 2014. GAAP net loss was ($30.3) million for the first quarter of 2015, or ($0.33) per diluted common share, compared to a GAAP net loss of ($25.9) million, or ($0.29) per diluted common share, for the first quarter of 2014.
• Non-GAAP loss from operations was ($13.5) million for the first quarter of 2015, compared to a non-GAAP loss from operations of ($14.5) million for the first quarter of 2014. Non-GAAP net loss was ($8.5) million for the first quarter of 2015, or ($0.09) per diluted common share, compared to a non-GAAP net loss of ($10.4) million, or ($0.12) per diluted common share, for the first quarter of 2014.
• Cash and cash equivalents as of March 31, 2015 were $281.1 million compared to $244.0 million at December 31, 2014. Net cash provided by operating activities was $36.0 million for the first quarter of 2015, as compared to $19.4 million for the first quarter of 2014.

Operating Highlights

• For the first 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 21% over the prior year period, and total revenue from Rest of World increased 43% over the prior year period.
• Added new customers during the quarter including Citco Fund Services, Dehner GmbH & Co. KG, Federal Retirement Thrift Investment Board, First Utility, Hallym University Medical Center, Health Quest, Navient Solutions Inc., NHS Mid Essex CCG, Reliant Medical Group and Yo! Sushi Limited.
• Expanded numerous customer engagements globally through our land and expand strategy including Alfa Laval AB, Air Force Material Command, Asbury Automotive, Aramark, Canadian Pacific Railway, Club Méditerranée, Daimler AG, DirecTV, Liberty Global Services BV, lululemon Athletica, Inc., LR Global Holding GmbH, Lush Japan Co., Ltd., On Semiconductor Corporation, Profil Optik A/S, South Central Ambulance Service NHS Trust, Synertrade and Vodafone.
• Completed 88 deals with license and first year maintenance over $100,000 in the first quarter of 2015, including 17 deals over $250,000 and 3 deals over $1 million, compared to 101 deals over $100,000, including 28 deals over $250,000 and 1 deal over $1 million in the prior year period.
• Generated 66% of license and first year maintenance billings from existing customers in the first quarter of 2015, compared to 62% in the prior year period.
• Generated 65% of license and first year maintenance billings from our indirect partner channel and 35% from our direct channel in the first quarter of 2015, compared to 57% from our indirect partner channel and 43% from our direct channel in the prior year period.