Qualys Announces Third Quarter 2020 Financial Results
FOSTER CITY, Calif., Nov. 4, 2020 /PRNewswire/ -- Qualys, Inc. (NASDAQ: QLYS), a pioneer and leading provider of disruptive cloud-based IT, security and compliance solutions, today announced financial results for the third quarter ended September 30, 2020. For the quarter, the Company reported revenues of $93.1 million, net income under United States Generally Accepted Accounting Principles ("U.S. GAAP") of $22.7 million, non-GAAP net income of $31.4 million, Adjusted EBITDA of $45.1 million, GAAP net income per diluted share of $0.56, and non-GAAP net income per diluted share of $0.77.
"Joo Mi and I are pleased to report another strong quarter with increased adoption of our Vulnerability Management, Detection and Response (VMDR®) application and continued growth in Qualys Cloud Agent subscriptions with approximately 50 million agents purchased. We have also seen significant early adoption of our new Patch Management application and are excited about the recent introduction of our Multi-Vector EDR solution, both of which are natively integrated into our cloud platform," said Philippe Courtot, chairman and CEO of Qualys. "We are now in a unique position to enable our customers to consolidate their IT, security and compliance stack, while drastically reducing their total cost of ownership. In addition, with our integrated and always up-to-date Global IT Asset Inventory application, customers can now regain full visibility across their entire hybrid environment, which is critical as they simply cannot effectively secure what they do not know or see."
Fourth Quarter 2020 Product Highlights
Looking ahead, we are enthused about the additional solutions that we plan to introduce soon:
-- Container Runtime Security, which provides runtime defense and
protection capabilities for containerized applications.
-- Additional Detection and Response offerings (DRs) such as SaaS DR, Cloud
DR and Mobile DR.
-- Granular Access Control module, an extension to our Global IT Asset
Inventory application.
-- Multi-Vector EDR will be available for Linux environments. In addition,
an Endpoint Protection Platform (EPP) extension to our Multi-Vector EDR
solution will be available in Q1 2021.
-- Major update to our passive scanning capabilities that will
significantly expand our coverage of Industrial Control Systems (ICS) /
Operational Technology (OT) as well as IoT (Internet of Things) devices.
-- Data Lake / Analytics / SIEM or what is now called XDR platform, which
seamlessly integrates all our current and forthcoming detection and
response solutions or DRs, has now entered beta with 10 design partners,
and we are planning for it to go live by the end of Q1 2021.
Today, we have a strong base of engineering talent in Pune with over 900 employees located there, helping us drive these new initiatives that open significant incremental market opportunities. Finally, we are also building a marketing platform that, combined with increased investment in sales management and capacity, will drive incremental future profitable growth.
We invite you to register for our forthcoming security conference QSC, where we will showcase all of these new solutions. You can access the agenda and register for the conference at www.qualys.com/qsc/2020/virtual/.
Replays of the sessions will be available on-demand at the end of the day.
Third Quarter 2020 Financial Highlights
Revenues: Revenues for the third quarter of 2020 increased by 13% to $93.1 million compared to $82.7 million for the same quarter in 2019.
Gross Profit: GAAP gross profit for the third quarter of 2020 increased by 11% to $72.5 million compared to $65.6 million for the same quarter in 2019. GAAP gross margin was 78% for the third quarter of 2020 compared to 79% for the same quarter in 2019. Non-GAAP gross profit for the third quarter of 2020 increased by 11% to $74.8 million compared to $67.6 million for the same quarter in 2019. Non-GAAP gross margin was 80% for the third quarter of 2020 compared to 82% for the same quarter in 2019.
Operating Income: GAAP operating income for the third quarter of 2020 increased by 17% to $26.3 million compared to $22.5 million for the same quarter in 2019. As a percentage of revenues, GAAP operating income was 28% for the third quarter of 2020 compared to 27% for the same quarter in 2019. Non-GAAP operating income for the third quarter of 2020 increased by 18% to $38.4 million compared to $32.5 million for the same quarter in 2019. As a percentage of revenues, non-GAAP operating income was 41% for the third quarter of 2020 compared to 39% for the same quarter in 2019.
Net Income: GAAP net income for the third quarter of 2020 was $22.7 million, or $0.56 per diluted share, compared to $19.2 million, or $0.47 per diluted share, for the same quarter in 2019. As a percentage of revenues, GAAP net income was 24% for the third quarter of 2020 compared to 23% for the same quarter in 2019. Non-GAAP net income for the third quarter of 2020 was $31.4 million, or $0.77 per diluted share, compared to non-GAAP net income of $26.7 million, or $0.65 per diluted share, for the same quarter in 2019. As a percentage of revenues, non-GAAP net income was 34% for the third quarter of 2020 compared to 32% for the same quarter in 2019.
Adjusted EBITDA: Adjusted EBITDA (a non-GAAP financial measure) for the third quarter of 2020 increased by 17% to $45.1 million compared to $38.6 million for the same quarter in 2019. As a percentage of revenues, Adjusted EBITDA was 48% for the third quarter of 2020 compared to 47% for the same quarter in 2019.
Operating Cash Flow: Operating cash flow for the third quarter of 2020 increased by 31% to $59.6 million compared to $45.7 million for the same quarter in 2019. As a percentage of revenues, operating cash flow was 64% for the third quarter of 2020 compared to 55% for the same quarter in 2019.
Third Quarter 2020 Business Highlights
-- Announced general availability of Qualys Multi-Vector EDR. Qualys
Multi-Vector EDR leverages the Qualys Cloud Platform and Qualys Cloud
Agent to link vulnerability and visibility to EDR and provide context
beyond the endpoints, which helps to reduce false positives for
customers and streamline threat hunting.
-- Acquired software assets of Spell Security, bringing advanced endpoint
behavior detection and additional telemetry to the Qualys Cloud Platform
while strengthening Qualys' security and threat research capabilities.
-- Partnered with Infosys, a global leader in next-generation digital
services and consulting, to integrate Qualys VMDR and Multi-Vector EDR
into its Cyber Next Platform, a managed security service offering.
-- Added Qualys VMDR to Deloitte Canada's Cyber Risk Services offering.
-- Expanded partnership with Ivanti, integrating Ivanti Patch Management
into the Qualys VMDR Platform to self-heal endpoints with one click.
-- Provided a comprehensive inventory sync with ServiceNow Service Graph
and Configuration Management Database (CMDB) as part of the new Service
Graph Connector Program, a new designation within the Technology Partner
Program.
Financial Performance Outlook
Based on information as of today, November 4, 2020, Qualys is issuing the following financial guidance for the fourth quarter and full year fiscal 2020. The Company emphasizes that the guidance is subject to various important cautionary factors referenced in the section entitled "Legal Notice Regarding Forward-Looking Statements" below, including risks and uncertainties associated with the COVID-19 pandemic.
Fourth Quarter 2020 Guidance: Management expects revenues for the fourth quarter of 2020 to be in the range of $94.2 million to $94.8 million, representing 11% to 12% growth over the same quarter in 2019. GAAP net income per diluted share is expected to be in the range of $0.39 to $0.41, which assumes an effective income tax rate of 24%. Non-GAAP net income per diluted share is expected to be in the range of $0.69 to $0.71, which assumes a non-GAAP effective income tax rate of 21%. Fourth quarter 2020 net income per diluted share estimates are based on approximately 40.7 million weighted average diluted shares outstanding for the quarter.
Full Year 2020 Guidance: Management expects revenues for the full year 2020 to be in the range of $362.4 million to $363.0 million, representing 13% growth over 2019. GAAP net income per diluted share is expected to be in the range of $2.04 to $2.06, which assumes an effective income tax rate of 15%. Non-GAAP net income per diluted share is expected to be in the range of $2.85 to $2.87, which assumes a non-GAAP effective income tax rate of 21%. Full year 2020 net income per diluted share estimates are based on approximately 40.9 million weighted average diluted shares outstanding.
Investor Conference Call
Qualys will host a conference call and live webcast to discuss its third quarter 2020 financial results at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) on Wednesday, November 4, 2020. To access the conference call, dial (877) 881-2609 in the U.S. or (970) 315-0463 for international participants with conference ID #9784847. A live webcast of the earnings conference call, investor presentation and prepared remarks can be accessed at https://investor.qualys.com/events-presentations. A replay of the conference call will be available through the same webcast link following the end of the call.
Investor Contact
Vinayak Rao
Vice President, Corporate Development and Investor Relations
(650) 801-6210
ir@qualys.com
About Qualys: One Cloud Platform - One Agent - One Global View
Qualys, Inc. (NASDAQ: QLYS) is a pioneer and leading provider of disruptive cloud-based IT, security and compliance solutions with over 15,700 active 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 IT, 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 native Qualys Cloud Platform and its integrated Cloud Apps deliver 360-degree visibility across on premises, endpoints, cloud, containers, and mobile environments. The platform delivers the visibility businesses need to assess critical security intelligence continuously, enabling them to automate the full spectrum of auditing, compliance, and protection for IT systems and web applications. Founded in 1999 as one of the first SaaS security companies, Qualys has built a large, impressive customer base and established strategic partnerships with leading cloud providers like Amazon Web Services, Microsoft Azure and the Google Cloud Platform, as well as preeminent managed service providers and consulting organizations including Accenture, BT, Cognizant Technology Solutions, Deutsche Telekom, DXC Technology, Fujitsu, HCL Technologies, 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, Qualys VMDR® 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 expectations regarding our Qualys Cloud Platform innovation and the capabilities of our platform; our expectations regarding the growth, benefits and market acceptance of our VMDR application and its ability to complement and promote additional sales of our other products; our expectations regarding the market opportunities for our Multi-Vector EDR solution and upcoming Data Lake / SIEM application; the benefits of our new and upcoming products, features, integrations, collaborations and joint solutions; 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 fourth quarter and full year 2020; and our expectations for the number of weighted average diluted shares outstanding and the GAAP and non-GAAP effective income tax rate for the fourth quarter and full year 2020. 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; the impact of the ongoing COVID-19 pandemic and related public health measures on our business; 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 income 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 Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, filed with the Securities and Exchange Commission on August 10, 2020.
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 GAAP, Qualys provides investors with certain non-GAAP financial measures, including 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, Adjusted EBITDA (defined as earnings before interest expense, interest income and other income (expense), net, taxes, depreciation, amortization, stock-based compensation, and non-recurring expenses that do not reflect ongoing costs of operating the business) and non-GAAP free cash flows (defined as cash provided by operating activities less purchases of property and equipment and principal payments under capital lease obligations).
In computing non-GAAP financial measures, Qualys excludes the effects of stock-based compensation expense, and non-recurring expenses that do not reflect ongoing costs of operating the business. Qualys believes that these non-GAAP financial measures 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, Adjusted EBITDA and non-GAAP free cash flows.
Furthermore, Qualys uses some of these non-GAAP financial 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, Adjusted EBITDA and non-GAAP free cash flows provide additional tools for investors to use in comparing its recurring core business operating results over multiple periods with other companies in its industry.
Although Qualys does not focus on quarterly billings, Qualys provides calculated current billings (defined as total revenues recognized in a period plus the sequential change in current deferred revenue in the corresponding period) to assist investors and analysts in assessing its operating performance.
Qualys has not reconciled non-GAAP net income per diluted share guidance to GAAP net income per diluted share guidance 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 fourth quarter and full year 2020 is likely to have a significant impact on the Company's GAAP net income per diluted share in the fourth quarter and full year 2020. 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 income tax rate on a non-GAAP basis, which could differ from the GAAP effective income tax rate. The Company believes its estimated non-GAAP effective income tax rate of 21% in 2020 is a reasonable estimate under its global operating structure. The Company 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 income 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 September 30, Nine Months Ended September 30,
---
2020 2019 2020 2019
---
Revenues $93,069 $82,671 $268,162 $236,943
Cost of revenues(1) 20,619 17,108 58,005 52,354
---
Gross profit 72,450 65,563 210,157 184,589
Operating expenses:
Research and development (1) 17,864 16,899 53,905 50,431
Sales and marketing(1) 16,060 17,009 50,073 51,489
General and administrative(1) 12,223 9,106 33,937 29,961
---
Total operating expenses 46,147 43,014 137,915 131,881
---
Income from operations 26,303 22,549 72,242 52,708
Other income (expense), net:
Interest expense (1) (28) (4) (98)
Interest income 1,123 2,142 4,439 6,391
Other income (expense), net 209 (328) 268 (320)
---
Total other income, net 1,331 1,786 4,703 5,973
---
Income before income taxes 27,634 24,335 76,945 58,681
Provision for income taxes 4,891 5,161 9,189 10,009
---
Net income $22,743 $19,174 $67,756 $48,672
Net income per share:
Basic $0.58 $0.49 $1.73 $1.24
Diluted $0.56 $0.47 $1.66 $1.17
Weighted average shares used in computing net income per share:
Basic 39,238 39,014 39,171 39,099
===
Diluted 40,764 41,162 40,907 41,447
===
(1)Includes stock-based compensation as follows:
Cost of revenues $770 $577 $1,967 $1,674
Research and development 3,197 2,831 9,887 7,875
Sales and marketing 1,227 1,459 4,300 3,590
General and administrative 5,295 3,516 13,776 12,024
---
Total stock-based compensation $10,489 $8,383 $29,930 $25,163
Qualys, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands)
September 30, 2020
December 31, 2019
---
Assets
Current assets:
Cash and cash equivalents $93,027 $87,559
Short-term marketable securities 225,734 211,331
Accounts receivable, net 64,291 78,034
Prepaid expenses and other current assets 22,480 18,692
Total current assets 405,532 395,616
Long-term marketable securities 133,260 119,508
Property and equipment, net 67,574 60,579
Operating leases - right of use asset 47,985 40,551
Deferred tax assets, net 13,581 18,830
Intangible assets, net 13,651 16,795
Goodwill 7,447 7,447
Restricted cash 1,200 1,200
Other noncurrent assets 16,854 15,082
Total assets $707,084 $675,608
===
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $2,223 $848
Accrued liabilities 24,772 22,784
Deferred revenues, current 200,283 192,172
Operating lease liabilities, current 11,777 7,663
Total current liabilities 239,055 223,467
Deferred revenues, noncurrent 19,157 20,935
Operating lease liabilities, noncurrent 48,392 44,015
Other noncurrent liabilities 181 388
Total liabilities 306,785 288,805
Stockholders' equity:
Common stock 39 39
Additional paid-in capital 388,814 362,408
Accumulated other comprehensive income 1,075 1,162
Retained earnings 10,371 23,194
Total stockholders' equity 400,299 386,803
Total liabilities and stockholders' equity $707,084 $675,608
===
Qualys, Inc.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
(in thousands)
Nine Months Ended September 30,
2020 2019
---
Cash flow from operating activities:
Net income $67,756 $48,672
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization
expense 23,975 23,486
Bad debt expense 392 156
Loss on disposal of property
and equipment 9 196
Stock-based compensation 29,930 25,163
Amortization of premiums
(accretion of discounts) on
marketable securities 163 (1,402)
Deferred income taxes 5,061 7,296
Changes in operating assets and liabilities:
Accounts receivable 13,351 14,355
Prepaid expenses and other
assets (6,071) (6,568)
Accounts payable 326 (1,336)
Accrued liabilities 72 1,518
Deferred revenues 6,333 15,413
---
Net cash provided by operating
activities 141,297 126,949
---
Cash flow from investing activities:
Purchases of marketable
securities (290,534) (259,286)
Sales and maturities of
marketable securities 263,296 263,874
Purchases of property and
equipment (22,742) (19,473)
Acquisition of businesses, net
of cash acquired, and
purchases of intangible
assets (1,500) (1,850)
Purchase of privately-held
investment (625)
Net cash used in investing
activities (51,480) (17,360)
---
Cash flow from financing activities:
Repurchase of common stock (91,881) (73,877)
Proceeds from exercise of
stock options 23,962 11,014
Payments for taxes related to
net share settlement of
equity awards (16,338) (10,864)
Principal payments under
finance lease obligations (92) (1,273)
---
Net cash used in financing
activities (84,349) (75,000)
---
Net increase in cash, cash
equivalents and restricted
cash 5,468 34,589
Cash, cash equivalents and
restricted cash at beginning
of period 88,759 42,226
---
Cash, cash equivalents and
restricted cash at end of
period $94,227 $76,815
Qualys, Inc.
RECONCILIATION OF NON-GAAP DISCLOSURES
ADJUSTED EBITDA
(Unaudited)
(in thousands)
Three Months Ended September 30, Nine Months Ended September 30,
---
2020 2019 2020 2019
---
Net income $22,743 $19,174 $67,756 $48,672
Depreciation and
amortization of
property and equipment 6,738 6,157 19,331 18,926
Amortization of
intangible assets 1,604 1,520 4,644 4,560
Provision for income
taxes 4,891 5,161 9,189 10,009
Stock-based
compensation 10,489 8,383 29,930 25,163
Other income, net (1,331) (1,786) (4,703) (5,973)
Adjusted EBITDA $45,134 $38,609 $126,147 $101,357
===
Qualys, Inc.
RECONCILIATION OF NON-GAAP DISCLOSURES
(Unaudited)
(in thousands, except per share data)
Three Months Ended September 30, Nine Months Ended September 30,
---
2020 2019 2020 2019
---
GAAP Cost of revenues $20,619 $17,108 $58,005 $52,354
Less: Stock-based
compensation (770) (577) (1,967) (1,674)
Less: Amortization of
intangible assets (1,579) (1,495) (4,569) (4,485)
Non-GAAP Cost of
revenues $18,270 $15,036 $51,469 $46,195
GAAP Gross profit $72,450 $65,563 $210,157 $184,589
Plus: Stock-based
compensation 770 577 1,967 1,674
Plus: Amortization of
intangible assets 1,579 1,495 4,569 4,485
Non-GAAP Gross Profit $74,799 $67,635 $216,693 $190,748
---
GAAP Research and
development $17,864 $16,899 $53,905 $50,431
Less: Stock-based
compensation (3,197) (2,831) (9,887) (7,875)
Less: Amortization of
intangible assets (25) (25) (75) (75)
Non-GAAP Research and
development $14,642 $14,043 $43,943 $42,481
GAAP Sales and marketing $16,060 $17,009 $50,073 $51,489
Less: Stock-based
compensation (1,227) (1,459) (4,300) (3,590)
Non-GAAP Sales and
marketing $14,833 $15,550 $45,773 $47,899
GAAP General and
administrative $12,223 $9,106 $33,937 $29,961
Less: Stock-based
compensation (5,295) (3,516) (13,776) (12,024)
Non-GAAP General and
administrative $6,928 $5,590 $20,161 $17,937
GAAP Operating expenses $46,147 $43,014 $137,915 $131,881
Less: Stock-based
compensation (9,719) (7,806) (27,963) (23,489)
Less: Amortization of
intangible assets (25) (25) (75) (75)
Non-GAAP Operating
expenses $36,403 $35,183 $109,877 $108,317
---
GAAP Income from
operations $26,303 $22,549 $72,242 $52,708
Plus: Stock-based
compensation 10,489 8,383 29,930 25,163
Plus: Amortization of
intangible assets 1,604 1,520 4,644 4,560
Non-GAAP Income from
operations $38,396 $32,452 $106,816 $82,431
---
GAAP Net income $22,743 $19,174 $67,756 $48,672
Plus: Stock-based
compensation 10,489 8,383 29,930 25,163
Plus: Amortization of
intangible assets 1,604 1,520 4,644 4,560
Less: Tax adjustment (3,443) (2,380) (14,007) (9,453)
Non-GAAP Net income $31,393 $26,697 $88,323 $68,942
Non-GAAP Net income per share:
Basic $0.80 $0.68 $2.25 $1.76
Diluted $0.77 $0.65 $2.16 $1.66
Weighted average shares used in non-GAAP net income per
share:
Basic 39,238 39,014 39,171 39,099
===
Diluted 40,764 41,162 40,907 41,447
===
Qualys, Inc.
RECONCILIATION OF NON-GAAP DISCLOSURES
FREE CASH FLOWS
(Unaudited)
(in thousands)
Nine Months Ended September 30,
2020 2019
---
GAAP Cash flows provided by operating activities $141,297 $126,949
Less:
Purchases of property and equipment (22,742) (19,473)
Principal payments under capital lease obligations (92) (1,273)
Non-GAAP Free cash flows $118,463 $106,203
===
Qualys, Inc.
RECONCILIATION OF NON-GAAP DISCLOSURES
CALCULATED CURRENT BILLINGS
(Unaudited)
(in thousands)
Three Months Ended September 30,
2020 2019
---
GAAP Revenue $93,069 $82,671
Plus: Current deferred revenue at September 30 200,283 180,304
Less: Current deferred revenue at June 30 (199,732) (176,609)
Non-GAAP Calculated current billings $93,620 $86,366
Calculated current billings growth compared to same quarter of prior year 8% 15%
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SOURCE Qualys, Inc.
