Qlik Announces Strong Second Quarter 2015 Financial Results

Second quarter total revenue of $145.8 million increases 11% year-over-year; 26% in constant currency
Second quarter license revenue of $76.3 million increases 14% year-over-year; 29% in constant currency

RADNOR, Pa. — (BUSINESS WIRE) — July 23, 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 second quarter ended June 30, 2015.

Lars Björk, Chief Executive Officer of Qlik, stated, “This was another great quarter for Qlik. On a constant currency basis, we achieved accelerating license and total revenue growth, driven by increased momentum around Qlik Sense and ongoing healthy demand for QlikView. Our platform strategy is expanding the dialogue with customers and prospects, as they can now leverage best-in-class visualization, governance, security and collaboration, all from one vendor.”

Financial Highlights for the Second Quarter Ended June 30, 2015

Total revenue for the second quarter of 2015 was $145.8 million, an increase of 11% from $131.6 million for the second quarter of 2014. On a constant currency basis, total revenue increased 26% compared to the second quarter of 2014. License revenue for the second quarter of 2015 was $76.3 million, an increase of 14% from $66.9 million for the second quarter of 2014. On a constant currency basis, license revenue increased 29% compared to the second quarter of 2014.
GAAP loss from operations for the second quarter of 2015 was ($9.9) million, compared to a GAAP loss from operations of ($7.0) million for the second quarter of 2014. Non-GAAP income from operations was $2.0 million for the second quarter of 2015, compared to non-GAAP income from operations of $2.6 million for the second quarter of 2014.
GAAP net loss was ($13.0) million for the second quarter of 2015, or ($0.14) per diluted common share, compared to a GAAP net loss of ($10.2) million, or ($0.11) per diluted common share, for the second quarter of 2014. Non-GAAP net loss was ($0.8) million for the second quarter of 2015, or ($0.01) per diluted common share, compared to non-GAAP net income of $1.8 million, or $0.02 per diluted common share, for the second quarter of 2014. GAAP and non-GAAP net loss for the second quarter of 2015 include a $3.2 million foreign exchange loss compared to a $51,000 foreign exchange loss in the second quarter of 2014.
Cash and cash equivalents as of June 30, 2015 were $306.4 million compared to $244.0 million at December 31, 2014. Net cash provided by operating activities was $49.6 million for the six months ended June 30, 2015, compared to $23.5 million for the six months ended June 30, 2014.

Operating Highlights

For the second quarter of 2015, on a constant currency basis, total revenue in the Americas increased 20% over the prior year period, total revenue from Europe increased 28% over the prior year period, and total revenue from Rest of World increased 34% over the prior year period.
Added new customers during the quarter including AFAS Software B.V., Bourne Leisure Group Ltd., CitySprint, Corrona, Inc., Dartmouth-Hitchcock Medical Center, Forbo Siegling GmbH, Geisinger Health System, John Muir Health, Mosecker GmbH & Co. KG, ONE Care Vermont, and Ryanair Ltd.
Expanded numerous customer engagements globally through our land and expand strategy including Arkema France, Arrow Enterprise Computing Solutions, BDO LLP, Covanta, Dignity Health, Elekta Instrument AB, Essex Lake Group LLC, Farminveste IPG, S.A, Grupo Posadas, Hapag-Lloyd Aktiengesellschaft, Harvard University, Karolinska Institutet, Tander, Mizuho Capital Markets Corp, National Institute for Health Research, On Semiconductor, Palmetto Health, Planet Hollywood International, Inc., SBK Siemens Betriebskrankenkasse, Siemens AG, Seetec Employment and Skills Ireland Limited, Thames Water Ltd., UCSF Medical Center, The University of Glasgow, Vodafone Group Plc, Volac International Limited, and Zenith Vehicle Contracts Ltd.

Completed 129 deals with license and first year maintenance over $100,000 in the second quarter of 2015, including 35 deals over $250,000 and seven deals over $1 million, compared to 109 deals over $100,000, including 25 deals over $250,000 and three deals over $1 million in the prior year period.
Generated 59% of license and first year maintenance billings from existing customers in the second quarter of 2015, compared to 65% in the prior year period.
Generated 56% of license and first year maintenance billings from our indirect partner channel and 44% from our direct channel in the second quarter of 2015, compared to 52% from our indirect partner channel and 48% from our direct channel in the prior year period.

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