Qlik Announces Strong Second Quarter 2015 Financial Results

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Qlik Technologies Inc. Consolidated Statements of Operations (in thousands, except for share and per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
		2015			2014			2015			2014
	(unaudited)						(unaudited)
Revenue:
License revenue	$	76,320		$	66,942		$	131,127		$	120,825
Maintenance revenue		55,983			50,889			108,653			96,734
Professional services revenue		13,526			13,787			26,313			25,171
Total revenue		145,829			131,618			266,093			242,730

Cost of revenue:
License revenue		2,437			1,785			4,409			3,291
Maintenance revenue		2,681			2,768			5,939			5,825
Professional services revenue		17,076			14,256			32,987			27,732
Total cost of revenue		22,194			18,809			43,335			36,848

Gross profit		123,635			112,809			222,758			205,882

Operating expenses:
Sales and marketing		86,792			75,691			163,433			148,454
Research and development		18,793			17,588			36,188			34,634
General and administrative		27,964			26,531			57,138			53,292
Total operating expenses		133,549			119,810			256,759			236,380

Loss from operations		(9,914	)		(7,001	)		(34,001	)		(30,498	)

Other expense, net:
Interest income, net		35			40			65			75
Foreign exchange loss, net		(3,241	)		(51	)		(1,846	)		(414	)
Total other expense, net		(3,206	)		(11	)		(1,781	)		(339	)

Loss before income taxes		(13,120	)		(7,012	)		(35,782	)		(30,837	)

Benefit (provision) for income taxes		118			(3,194	)		(7,540	)		(5,249	)

Net loss	$	(13,002	)	$	(10,206	)	$	(43,322	)	$	(36,086	)


Net loss per common share
Basic and diluted	$	(0.14	)	$	(0.11	)	$	(0.47	)	$	(0.40	)

Weighted average number of common shares outstanding
Basic and diluted		91,721,926			89,753,523			91,362,617			89,480,446

Stock-based compensation expense for the three and six months ended June 30, 2015 and 2014 is included in the Unaudited Consolidated Statements of Operations as follows (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
		2015			2014			2015			2014
	(unaudited)						(unaudited)

Cost of revenue	$	773		$	639		$	1,798		$	1,195
Sales and marketing		4,757			4,199			9,427			8,306
Research and development		1,034			1,023			1,990			1,834
General and administrative		3,099			2,817			5,845			5,181
	$	9,663		$	8,678		$	19,060		$	16,516


Qlik Technologies Inc. Reconciliation of non-GAAP Measures to GAAP (in thousands, except share and per share data)

		Three Months Ended June 30,						Six Months Ended June 30,
			2015			2014			2015			2014
		(unaudited)						(unaudited)
Reconciliation of non-GAAP income (loss) from operations:

	GAAP loss from operations	$	(9,914	)	$	(7,001	)	$	(34,001	)	$	(30,498	)
	Stock-based compensation expense		9,663			8,678			19,060			16,516
	Employer payroll taxes on stock transactions		1,350			191			1,492			554
	Amortization of intangible assets		867			739			1,772			1,548
	Contingent consideration adjustment		56			-			162			-
	Non-GAAP income (loss) from operations	$	2,022		$	2,607		$	(11,515	)	$	(11,880	)

	Non-GAAP income (loss) from operations as a percentage of total revenue		1.4	%		2.0	%		-4.3	%		-4.9	%
	GAAP loss from operations as a percentage of total revenue		-6.8	%		-5.3	%		-12.8	%		-12.6	%

Reconciliation of non-GAAP net income (loss):

	GAAP net loss	$	(13,002	)	$	(10,206	)	$	(43,322	)	$	(36,086	)
	Stock-based compensation expense		9,663			8,678			19,060			16,516
	Employer payroll taxes on stock transactions		1,350			191			1,492			554
	Amortization of intangible assets		867			739			1,772			1,548
	Contingent consideration adjustment		56			-			162			-
	Income tax adjustment*		237			2,415			11,529			8,915
	Non-GAAP net income (loss)	$	(829	)	$	1,817		$	(9,307	)	$	(8,553	)

	Non-GAAP net income (loss) per common share - basic and diluted	$	(0.01	)	$	0.02		$	(0.10	)	$	(0.10	)
	GAAP net loss per common share - basic and diluted	$	(0.14	)	$	(0.11	)	$	(0.47	)	$	(0.40	)

	Non-GAAP weighted average number of common shares outstanding - basic		91,721,926			89,753,523			91,362,617			89,480,446
	Non-GAAP weighted average number of common shares outstanding - diluted		91,721,926			90,923,413			91,362,617			89,480,446
	GAAP weighted average number of common shares outstanding - basic and diluted		91,721,926			89,753,523			91,362,617			89,480,446

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