QUALYS ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS
QUALYS ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS
Revenue Growth of 22% Year-Over-Year
GAAP EPS: $0.22; Non-GAAP EPS: $0.36
Raises Bottom-End of 2018 Revenue Guidance: $276.8-$278.5 million
Raises 2018 GAAP EPS Guidance to $0.74-$0.79
Raises 2018 Non-GAAP EPS Guidance to $1.43-$1.48
FOSTER CITY, Calif., May 1, 2018 /PRNewswire/ -- Qualys, Inc. (NASDAQ: QLYS), a pioneer and leading provider of cloud-based security and compliance solutions, today announced financial results for the first quarter ended March 31, 2018. For the quarter, the Company reported revenues of $64.9 million, net income under Generally Accepted Accounting Principles ("GAAP") of $9.1 million, non-GAAP net income of $15.0 million, Adjusted EBITDA of $24.6 million, GAAP earnings per diluted share of $0.22, and non-GAAP earnings per diluted share of $0.36.
"Our strong quarterly results reflect the power of our platform model to drive profitable growth. As customers embark on their digital transformation journey, visibility, accuracy, immediacy, scale and transparent orchestration across on-premise, endpoint, cloud and mobile environments have become a necessity, which are the hallmarks of the Qualys Security and Compliance Cloud Platform," said Philippe Courtot, chairman and CEO of Qualys. "The 2018 RSA Conference was a turning point for Qualys as it became clear that Qualys has built a disruptive platform that truly helps customers consolidate their security and compliance stack, while enabling them to secure their digital transformation initiatives effortlessly and at scale, building security in and not bolting it on."
First Quarter 2018 Financial Highlights
Revenues: Revenues for the first quarter of 2018 increased by 22% to $64.9 million compared to $53.1 million for the same quarter in 2017.
Gross Profit: GAAP gross profit for the first quarter of 2018 increased by 20% to $49.0 million compared to $40.8 million for the same quarter in 2017. GAAP gross margin percentage was 75% for the first quarter of 2018 compared to 77% for the same quarter in 2017. Non-GAAP gross profit for the first quarter of 2018 increased by 22% to $50.2 million compared to $41.3 million for the same quarter in 2017. Non-GAAP gross margin percentage was 77% for the first quarter of 2018 compared to 78% for the same quarter in 2017.
Operating Income: GAAP operating income for the first quarter of 2018 increased by 10% to $8.4 million compared to $7.7 million for the same quarter in 2017. As a percentage of revenues, GAAP operating income was 13% for the first quarter of 2018 compared to 14% for the same quarter in 2017. Non-GAAP operating income for the first quarter of 2018 increased by 52% to $18.2 million compared to $12.0 million for the same quarter in 2017. As a percentage of revenues, non-GAAP operating income was 28% for the first quarter of 2018 compared to 23% for the same quarter in 2017.
Net Income: GAAP net income for the first quarter of 2018 was $9.1 million, or $0.22 per diluted share, compared to $21.9 million, or $0.56 per diluted share, for the same quarter in 2017. Non-GAAP net income for the first quarter of 2018 was $15.0 million, or $0.36 per diluted share, compared to non-GAAP net income of $8.0 million, or $0.20 per diluted share, for the same quarter in 2017.
Adjusted EBITDA: Adjusted EBITDA (a non-GAAP financial measure) for the first quarter of 2018 increased by 46% to $24.6 million compared to $16.8 million for the same quarter in 2017. As a percentage of revenues, Adjusted EBITDA was 38% for the first quarter of 2018 compared to 32% for the same quarter in 2017.
Operating Cash Flow: Operating cash flow for the first quarter of 2018 increased by 33% to $43.0 million compared to $32.4 million for the same quarter in 2017. As a percentage of revenues, operating cash flow was 66% for the first quarter of 2018 compared to 61% for the same quarter in 2017.
Adoption of the new revenue recognition standard (ASC 606): ASC 606 resulted in the Company being required to capitalize commission expenses relating to new and upsell business and amortizing the expense over 5 years. Without the adoption of ASC 606, commission expenses would have been $0.5 million higher in our first quarter of 2018.
First Quarter 2018 Business Highlights
Select New Customers:
-- Anglo American, Bose Corporation, CarMax, Fortune Brands, Johnson
Matthey, Mondel?z International, Inc., Ring, Scentre Group, Smithsonian
Institution
Business Highlights:
-- Announced the acquisition of the software assets of 1Mobility,
Singapore. The acquisition will allow Qualys to provide enterprises of
all sizes with the ability to create and continuously update an
inventory of mobile devices on all versions of Android, iOS and Windows
Mobile in their environment; and to continuously assess their security
and compliance posture, while quarantining devices that are compromised
or out-of-compliance. 1Mobility, Singapore's solutions will be fully
integrated with the Qualys Cloud Platform and its Cloud Apps. The
solution will be commercially available in early 2019.
-- Announced the integration with the Cloud Security Command Center (Cloud
SCC) for Google Cloud Platform (GCP), a security and data risk platform
helping enterprises to gather data, identify threats, and act on them
before they result in business damage or loss. Cloud SCC provides
security teams a single pane for security features, policies, and
insights across Google Cloud platform. Qualys' integration expands on
existing data within Cloud SCC by adding vulnerability management and
threat data for compute engine instances within a GCP project.
-- Announced the integration with Illumio's solutions to deliver the
industry's first vulnerability-based micro-segmentation, which enables
organizations to visualize vulnerabilities across data centers and
clouds through a real-time global vulnerability map.
At RSA Conference 2018:
During RSA(®) Conference 2018, Qualys showcased many of the new services the company is bringing to market, helping customers to consolidate their security and compliance stack into a unified view. The Qualys Cloud Platform is now recognized by customers and partners worldwide for its scalability and disruptive nature bringing organizations the accuracy, immediacy, visibility and Transparent-Orchestration(TM) required to build security into their digital transformation initiatives while reducing their overall IT security spend. The Qualys Cloud Platform now includes 18 Cloud Apps providing customers two-second visibility across hybrid IT environments including on-premise, cloud, endpoint and mobile environments.
At RSA(®) Conference 2018, Qualys:
-- Announced the availability of two new free groundbreaking apps: CertView
and CloudView. Harnessing the power and scalability of the Qualys Cloud
Platform, CertView offers inventory and assessment of internet-facing
SSL/TLS certificates; and CloudView gives DevOps teams full inventory of
public cloud workloads and infrastructure.
-- Showcased new tools and enhanced functionality of Qualys Web Application
Security (WAS) version 6.0, which now supports Swagger version 2.0,
allowing DevOps teams to streamline assessments of REST APIs and get
faster visibility of the security posture of mobile application backends
and Internet of Things (IoT) services.
-- Demonstrated forthcoming Qualys passive scanning technology that
delivers near real-time network profiling and monitoring for continuous
asset discovery of all devices that appear on the network, including
traditional assets as well as mobile, Operational Technology (OT) and
IoT devices. The passive scanner monitors network traffic in a
non-intrusive manner to discover and fingerprint devices to determine
topology, services, and network threats.
Financial Performance Outlook
Second Quarter 2018 Guidance: Management expects revenues for the second quarter of 2018 to be in the range of $66.8 million to $67.3 million, representing 21% to 22% growth over the same quarter in 2017. GAAP net income per diluted share is expected to be in the range of $0.11 to $0.13, which assumes an effective income tax rate of 27%. Non-GAAP net income per diluted share is expected to be in the range of $0.33 to $0.35, which assumes an effective non-GAAP income tax rate of 23%. Second quarter 2018 EPS estimates are based on approximately 42.2 million weighted average diluted shares outstanding for the quarter.
Full Year 2018 Guidance: Management now expects revenues for the full year 2018 to be in the range of $276.8 million to $278.5 million, up from the previous guidance range of $275.5 million to $278.5 million. Expected growth over the full year 2017 is 20% to 21%. GAAP net income per diluted share is now expected to be in the range of $0.74 to $0.79, up from the previous guidance range of $0.71 to $0.76. Non-GAAP net income per diluted share is now expected to be in the range of $1.43 to $1.48, up from the previous guidance range of $1.39 to $1.44. GAAP and non-GAAP net income per diluted share guidance assumes an effective income tax rate of 23%. Full year 2018 EPS estimates are based on approximately 42.1 million weighted average diluted shares outstanding.
Investor Conference Call
Qualys will host a conference call and live webcast to discuss its first quarter financial results at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) on Tuesday, May 1, 2018. To access the conference call, dial (877) 881-2609 in the U.S. or (970) 315-0463 for international participants with conference ID # 1266458. The live webcast of Qualys' earnings conference call, investor presentation, and prepared remarks can also be accessed at https://investor.qualys.com/events.cfm. A replay of the conference call will be available through the same webcast link following the end of the call.
Investor Contact
Joo Mi Kim
Vice President, FP&A and Investor Relations
(650) 801-6100
ir@qualys.com
About Qualys, Inc.
Qualys, Inc. (NASDAQ: QLYS) is a pioneer and leading provider of cloud-based security and compliance solutions with over 10,300 customers in more than 130 countries, including a majority of each of the Forbes Global 100 and Fortune 100. Qualys helps organizations streamline and consolidate their security and compliance solutions in a single platform and build security into digital transformation initiatives for greater agility, better business outcomes and substantial cost savings. The Qualys Cloud Platform and its integrated Cloud Apps deliver businesses critical security intelligence continuously, enabling them to automate the full spectrum of auditing, compliance and protection for IT systems and web applications on premises, on endpoints and elastic clouds. Founded in 1999 as one of the first SaaS security companies, Qualys has established strategic partnerships with leading managed service providers and consulting organizations including Accenture, BT, Cognizant Technology Solutions, Deutsche Telekom, Fujitsu, HCL Technologies, HP Enterprise, IBM, Infosys, NTT, Optiv, SecureWorks, Tata Communications, Verizon and Wipro. The company is also a founding member of the Cloud Security Alliance. For more information, please visit www.qualys.com.
Qualys and the Qualys logo 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: our ability to maintain leadership in securing global IT environments and helping customers secure their digital transformation initiatives; the growth of our business, including adoption of our existing solutions and our new offerings to both existing and new customers; our expectations regarding the introduction of new solutions; the capabilities of our platform; the expansion of our partnerships and the related benefits of such partnerships; our strategy and our business model and our ability to execute such strategy; our guidance for revenues, GAAP EPS and non-GAAP EPS for the second quarter and full year 2018, and our expectations for the number of weighted average diluted shares outstanding and effective income tax rate for the second quarter and full year 2018. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include our ability to continue to develop platform capabilities and solutions; the ability of our platform and solutions to perform as intended; customer acceptance and purchase of our existing solutions and new solutions; real or perceived defects, errors or vulnerabilities in our products or services; our ability to retain existing customers and generate new customers; the budgeting cycles, seasonal buying patterns and length of our sales cycle; our ability to manage costs as we increase our customer base and the number of our platform solutions; the market for cloud solutions for IT security and compliance not increasing at the rate we expect; competition from other products and services; fluctuations in currency exchange rates, unexpected fluctuations in our effective tax rate on a GAAP and non-GAAP basis, our ability to effectively manage our rapid growth and our ability to anticipate future market needs and opportunities; any unanticipated accounting charges; and general market, political, economic and business conditions in the United States as well as globally. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2017, filed with the Securities and Exchange Commission on February 23, 2018.
The forward-looking statements in this press release are based on information available to Qualys as of the date hereof, and Qualys disclaims any obligation to update any forward-looking statements, except as required by law.
Non-GAAP Financial Measures
In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, Qualys monitors operating measures of non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, and non-GAAP net income per diluted share. In computing these non-GAAP financial measures, Qualys excludes the effects of stock-based compensation expense, non-recurring expenses and acquisition-related expenses that do not reflect ongoing costs of operating the business. Qualys also monitors Adjusted EBITDA (defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, other (income) expense, net, non-recurring expenses, and acquisition-related expenses that do not reflect ongoing costs of operating the business). Qualys believes that these non-GAAP operating metrics help illustrate underlying trends in its business that could otherwise be masked by the effect of the income or expenses, as well as the related tax effects, that are excluded in non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income per diluted share and Adjusted EBITDA.
Furthermore, Qualys uses these operating measures to establish budgets and operational goals for managing its business and evaluating its performance. Qualys believes that non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income per diluted share, and Adjusted EBITDA provide additional tools for investors to use in comparing its recurring core business operating results over multiple periods with other companies in its industry. Non-GAAP net income and non-GAAP net income per diluted share for the three months ended March 31, 2018 excludes $0.6 million of amortization of intangibles from acquisitions of Nevis Networks and NetWatcher and $0.3 million of compensation expense from the acquisition of NetWatcher that do not reflect ongoing costs of operating the business.
Qualys has not reconciled non-GAAP net income per diluted share guidance to GAAP net income per diluted share because Qualys does not provide guidance on the various reconciling cash and non-cash items between GAAP net income and non-GAAP net income (i.e., stock-based compensation and non-recurring expenses). The actual dollar amount of reconciling items in the second quarter and full year 2018 is likely to have a significant impact on the Company's GAAP net income per diluted share in the second quarter and full year 2018. Accordingly, a reconciliation of the non-GAAP net income per diluted share guidance to the GAAP net income per diluted share guidance is not available without unreasonable effort.
In order to provide a more complete picture of recurring core operating business results, the Company's non-GAAP net income and non-GAAP net income per diluted share include tax adjustments required to achieve the effective tax rate on a non-GAAP basis, which could differ from the GAAP effective tax rate. The Company believes its estimated non-GAAP effective tax rate of 23% in 2018 is a reasonable estimate under its global operating structure. The Company intends to re-evaluate the non-GAAP effective tax rate on an annual basis. However, it may adjust this rate during the year to take into account events or trends that it believes materially impact the estimated annual rate. The non-GAAP effective tax rate could be subject to change for a number of reasons, including but not limited to, significant changes resulting from tax legislation, material changes in geographic mix of revenues and expenses and other significant events.
The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of the non-GAAP financial measures discussed in this press release to the most directly comparable GAAP financial measures is included with the financial statements contained in this press release. Management uses both GAAP and non-GAAP information in evaluating and operating its business internally and as such has determined that it is important to provide this information to investors.
Qualys, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except per share data)
Three Months Ended
March 31,
2018 2017
---- ----
Revenues $64,878 $53,121
Cost of
revenues (1) 15,901 12,294
------ ------
Gross profit 48,977 40,827
Operating expenses:
Research and
development
(1) 12,553 9,823
Sales and
marketing (1) 16,233 16,014
General and
administrative
(1) 11,785 7,334
------ -----
Total
operating
expenses 40,571 33,171
------ ------
Income from
operations 8,406 7,656
Other income (expense), net:
Interest
expense (38) (2)
Interest
income 1,090 481
Other income
(expense),
net 193 (26)
--- ---
Total other
income
(expense),
net 1,245 453
----- ---
Income before
income taxes 9,651 8,109
Provision for
(benefit
from) income
taxes 509 (13,821)
--- -------
Net income $9,142 $21,930
====== =======
Net income per share:
Basic $0.24 $0.60
===== =====
Diluted $0.22 $0.56
===== =====
Weighted average shares used
in computing net income per
share:
Basic 38,789 36,493
====== ======
Diluted 41,934 38,845
====== ======
(1) Includes stock-based
compensation as follows:
Cost of
revenues $654 $501
Research and
development 1,841 1,221
Sales and
marketing 1,401 1,084
General and
administrative 4,995 1,526
Total stock-
based
compensation $8,891 $4,332
====== ======
Qualys, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(in thousands)
Three Months Ended
March 31,
2018 2017
---- ----
Net income $9,142 $21,930
Available-for-sale
investments:
Change in
net
unrealized
loss on
investments,
net of tax (407) (62)
Less:
reclassification
adjustment
for net
realized
gain (loss)
included in
net income,
net of tax 16 (8)
---
Other
comprehensive
loss, net
of tax (391) (70)
Comprehensive
income $8,751 $21,860
====== =======
Qualys, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands)
March 31, 2018 December 31, 2017
-------------- -----------------
Assets
Current assets:
Cash and cash equivalents $93,174 $86,591
Short-term investments 235,353 201,823
Accounts receivable, net 49,874 64,412
Prepaid expenses and other
current assets 15,488 16,524
Total current assets 393,889 369,350
Long-term investments 65,363 67,224
Property and equipment, net 60,696 58,557
Deferred tax assets, net 24,085 25,066
Intangible assets, net 11,769 12,401
Goodwill 1,549 1,549
Restricted cash 1,200 1,200
Other noncurrent assets 7,061 2,178
----- -----
Total assets $565,612 $537,525
======== ========
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $1,310 $1,144
Accrued liabilities 22,181 21,444
Deferred revenues, current 147,656 143,186
Total current liabilities 171,147 165,774
Deferred revenues, noncurrent 14,995 17,136
Other noncurrent liabilities 13,151 11,071
Total liabilities 199,293 193,981
Stockholders' equity:
Common stock 39 39
Additional paid-in capital 316,694 304,155
Accumulated other
comprehensive loss (965) (574)
Retained earnings 50,551 39,924
Total stockholders' equity 366,319 343,544
Total liabilities and
stockholders' equity $565,612 $537,525
======== ========
Qualys, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
Three Months Ended March 31,
2018 2017
---- ----
Cash flows from operating activities:
Net income $9,142 $21,930
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization
expense 7,043 4,820
Bad debt expense - 10
Loss on disposal of property and
equipment 7 2
Stock-based compensation 8,891 4,332
Amortization of premiums and
accretion of discounts on
investments 36 426
Deferred income taxes 140 (22,559)
Excess tax benefits included in
deferred tax assets - 8,368
Changes in operating assets and liabilities:
Accounts receivable 14,538 5,375
Prepaid expenses and other assets (2,341) 981
Accounts payable (302) 255
Accrued liabilities 4,577 463
Deferred revenues 2,330 8,012
Other noncurrent liabilities (1,072) 10
------ ---
Net cash provided by operating
activities 42,989 32,425
------ ------
Cash flows from investing activities:
Purchases of investments (72,176) (60,201)
Sales and maturities of investments 40,080 63,738
Purchases of property and equipment (5,985) (4,543)
Net cash used in investing
activities (38,081) (1,006)
------- ------
Cash flows from financing activities:
Proceeds from exercise of stock
options 7,933 5,602
Payments for taxes related to
employee net share settlement of
equity awards (4,030) (14,107)
Principal payments under capital
lease obligations (747) -
Repurchase of common stock (1,481) -
------ ---
Net cash provided by (used in)
financing activities 1,675 (8,505)
----- ------
Net increase in cash, cash
equivalents and restricted cash 6,583 22,914
Cash, cash equivalents and
restricted cash at beginning of
period 87,791 87,937
------ ------
Cash, cash equivalents and
restricted cash at end of period $94,374 $110,851
======= ========
Qualys, Inc.
RECONCILIATION OF NON-GAAP DISCLOSURES
EBITDA AND ADJUSTED EBITDA
(Unaudited)
(in thousands)
Three Months Ended
March 31,
2018 2017
---- ----
Net income $9,142 $21,930
Depreciation
and
amortization
of property
and equipment 6,410 4,727
Amortization of
intangible
assets 633 93
Interest
expense 38 2
Provision for
(benefit from)
income taxes 509 (13,821)
--- -------
EBITDA 16,732 12,931
Stock-based
compensation 8,891 4,332
Other (income)
expense, net (1,283) (455)
Acquisition-
related
expense 278 -
Adjusted EBITDA $24,618 $16,808
======= =======
Qualys, Inc.
RECONCILIATION OF NON-GAAP DISCLOSURES
(Unaudited)
(in thousands, except per share data)
Three Months Ended
March 31,
2018 2017
---- ----
GAAP Cost of
revenues $15,901 $12,294
Less: Stock-
based
compensation (654) (501)
Less:
Intangible
asset
amortization
(1) (608) -
Non-GAAP Cost
of revenues $14,639 $11,793
------- -------
GAAP Gross
profit $48,977 $40,827
Plus: Stock-
based
compensation 654 501
Plus:
Intangible
asset
amortization
(1) 608 -
---
Non-GAAP
Gross profit $50,239 $41,328
------- -------
GAAP Research
and
development $12,553 $9,823
Less: Stock-
based
compensation (1,841) (1,221)
Less:
Acquisition-
related
expense (2) (43) -
--- ---
Non-GAAP
Research and
development $10,669 $8,602
------- ------
GAAP Sales and
marketing $16,233 $16,014
Less: Stock-
based
compensation (1,401) (1,084)
Less:
Acquisition-
related
expense (2) (235) -
Non-GAAP
Sales and
marketing $14,597 $14,930
------- -------
GAAP General
and
administrative $11,785 $7,334
Less: Stock-
based
compensation (4,995) (1,526)
Non-GAAP
General and
administrative $6,790 $5,808
------ ------
GAAP Operating
expenses $40,571 $33,171
Less: Stock-
based
compensation (8,237) (3,831)
Less:
Acquisition-
related
expense (2) (278) -
Non-GAAP
Operating
expenses $32,056 $29,340
------- -------
GAAP Income
from
operations $8,406 $7,656
Plus: Stock-
based
compensation 8,891 4,332
Plus:
Intangible
asset
amortization
(1) 608 -
Plus:
Acquisition-
related
expense (2) 278 -
Non-GAAP
Income from
operations $18,183 $11,988
------- -------
GAAP Net
income $9,142 $21,930
Plus: Stock-
based
compensation 8,891 4,332
Plus:
Intangible
asset
amortization
(1) 608 -
Plus:
Acquisition-
related
expense (2) 278 -
Less: Tax
adjustment (3,959) (18,300)
------ -------
Non-GAAP Net
income $14,960 $7,962
======= ======
Non-GAAP Net income per share:
Basic $0.39 $0.22
===== =====
Diluted $0.36 $0.20
===== =====
Weighted average shares used in
non-GAAP net income per
share:
Basic 38,789 36,493
====== ======
Diluted 41,934 38,845
====== ======
Note (1): Includes amortization of
intangible assets from acquisition
of Nevis Networks and NetWatcher.
Note (2): Relates to compensation
expense from the acquisition of
NetWatcher.
Qualys, Inc.
RECONCILIATION OF NON-GAAP DISCLOSURES
FREE CASH FLOWS
(Unaudited)
(in thousands)
Three Months Ended March 31,
2018 2017
---- ----
GAAP Cash
flows
provided by
operating
activities $42,989 $32,425
Less:
Purchases of
property and
equipment (5,985) (4,543)
Principal
payments
under capital
lease
obligations (747) -
---- ---
Non-GAAP Free
cash flows $36,257 $27,882
======= =======
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SOURCE Qualys, Inc.
