Qualys Announces First Quarter 2025 Financial Results

Revenue Growth of 10% Year-Over-Year

Raises 2025 Revenue Guidance to $648-$657 million

FOSTER CITY, Calif., May 6, 2025 /PRNewswire/ -- Qualys, Inc. (NASDAQ: QLYS), a leading provider of disruptive cloud-based IT, security and compliance solutions, today announced financial results for the first quarter ended March 31, 2025. For the quarter, the Company reported revenues of $159.9 million, net income under United States Generally Accepted Accounting Principles ("U.S. GAAP") of $47.5 million, non-GAAP net income of $61.4 million, Adjusted EBITDA of $74.8 million, GAAP net income per diluted share of $1.29, and non-GAAP net income per diluted share of $1.67.

"Our Q1 results reflect the success of new product initiatives and demonstrate customer demand for natively-integrated cybersecurity risk management solutions," said Sumedh Thakar, Qualys' president and CEO. "We believe our cloud-native architecture and rapid innovation engine underpin our leadership in cybersecurity transformation, extend our competitive differentiation, and provide multiple paths to drive durable long-term growth. As we enter a new paradigm of cyber risk management powered by real-time data, automation, and AI, our Enterprise TruRisk Management solution fosters enduring customer engagements, redefines and empowers real cybersecurity stack consolidation, and strategically positions Qualys as a foundational risk management platform of the future."

First Quarter 2025 Financial Highlights

Revenues: Revenues for the first quarter of 2025 increased by 10% to $159.9 million compared to $145.8 million for the same quarter in 2024.

Gross Profit: GAAP gross profit for the first quarter of 2025 increased by 10% to $131.0 million compared to $118.6 million for the same quarter in 2024. GAAP gross margin was 82% for the first quarter of 2025 compared to 81% for the same quarter in 2024. Non-GAAP gross profit for the first quarter of 2025 increased by 10% to $133.7 million compared to $121.4 million for the same quarter in 2024. Non-GAAP gross margin was 84% for the first quarter of 2025 compared to 83% for the same quarter in 2024.

Operating Income: GAAP operating income for the first quarter of 2025 increased by 16% to $51.8 million compared to $44.8 million for the same quarter in 2024. As a percentage of revenues, GAAP operating income was 32% for the first quarter of 2025 compared to 31% for the same quarter in 2024. Non-GAAP operating income for the first quarter of 2025 increased by 10% to $71.2 million compared to $64.6 million for the same quarter in 2024. As a percentage of revenues, non-GAAP operating income was 45% for the first quarter of 2025 compared to 44% for the same quarter in 2024.

Net Income: GAAP net income for the first quarter of 2025 increased by 20% to $47.5 million, or $1.29 per diluted share, compared to $39.7 million, or $1.05 per diluted share, for the same quarter in 2024. As a percentage of revenues, GAAP net income was 30% for the first quarter of 2025 compared to 27% for the same quarter in 2024. Non-GAAP net income for the first quarter of 2025 was $61.4 million, or $1.67 per diluted share, compared to $54.7 million, or $1.45 per diluted share, for the same quarter in 2024. As a percentage of revenues, non-GAAP net income was 38% for both the first quarter of 2025 and for the same quarter in 2024.

Adjusted EBITDA: Adjusted EBITDA (a non-GAAP financial measure) for the first quarter of 2025 increased by 8% to $74.8 million compared to $69.0 million for the same quarter in 2024. As a percentage of revenues, Adjusted EBITDA was 47% for both the first quarter of 2025 and the same quarter in 2024.

Operating Cash Flow: Operating cash flow for the first quarter of 2025 increased by 28% to $109.6 million compared to $85.5 million for the same quarter in 2024. As a percentage of revenues, operating cash flow was 69% for the first quarter of 2025 compared to 59% for the same quarter in 2024.

First Quarter 2025 Business Highlights

    --  Introduced the Managed Risk Operation Center (mROC), powered by Qualys'
        Enterprise TruRisk Management solution, allowing select partners to
        expand their revenue streams by offering a unified managed service that
        helps clients identify, quantify, assess, and mitigate cyber risk.
    --  Launched TotalAppSec a comprehensive application risk management
        solution unifying API security, web application scanning, and malware
        detection. This integrated approach helps organizations quickly
        identify, prioritize, and remediate critical issues across the
        enterprise accelerating risk reduction.
    --  Independent analyst firm, GigaOm, named Qualys' TotalCloud a leader and
        outperformer in its Cloud Workload Security Radar, citing its
        comprehensive support for hybrid environments and superior asset
        discovery. GigaOm also named Qualys' CyberSecurity Asset Manager a
        leader in its Attack Surface Management Radar, recognizing its ability
        to unify internal and external attack surface monitoring and its growing
        emphasis on discovery and validation.
    --  Integrated Container Security with ServiceNow to enable organizations to
        seamlessly detect, prioritize, and remediate vulnerabilities at scale
        using Qualys' runtime-aware security intelligence with ServiceNow's
        workflow automation. Available via the ServiceNow store, the solution
        helps systematically track and reduce risk across containerized
        environments.

Financial Performance Outlook

Based on information as of today, May 6, 2025, Qualys is issuing the following financial guidance for the second quarter and full year fiscal 2025. The Company emphasizes that the guidance is subject to various important cautionary factors referenced in the sections entitled "Legal Notice Regarding Forward-Looking Statements" and "Non-GAAP Financial Measures" below.

Second Quarter 2025 Guidance: Management expects revenues for the second quarter of 2025 to be in the range of $159.7 million to $162.7 million, representing 7% to 9% growth over the same quarter in 2024. GAAP net income per diluted share is expected to be in the range of $0.97 to $1.07, which assumes an effective income tax rate of 21%. Non-GAAP net income per diluted share is expected to be in the range of $1.40 to $1.50, which assumes a non-GAAP effective income tax rate of 21%. Second quarter 2025 net income per diluted share estimates are based on approximately 36.5 million weighted average diluted shares outstanding for the quarter.

Full Year 2025 Guidance: Management now expects revenues for the full year of 2025 to be in the range of $648.0 million to $657.0 million, representing 7% to 8% growth over 2024. This compares to the previous guidance range of $645.0 million to $657.0 million. GAAP net income per diluted share is expected to be in the range of $4.27 to $4.57, up from the previous guidance range of $3.62 to $4.02. This assumes an effective income tax rate of 20%. Non-GAAP net income per diluted share is expected to be in the range of $6.00 to $6.30, up from the previous guidance range of $5.50 to $5.90. This assumes a non-GAAP effective income tax rate of 21%. Full year 2025 net income per diluted share estimates are based on approximately 36.4 million weighted average diluted shares outstanding.

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, amortization of intangible assets from acquisitions and non-recurring items). The actual dollar amount of reconciling items in the second quarter and full year 2025 is likely to have a significant impact on the Company's GAAP net income per diluted share in the second quarter and full year 2025. 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.

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 6, 2025. To access the conference call by phone, please register here. 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

Blair King
Vice President, Investor Relations and Corporate Development
(650) 538-2088
ir@qualys.com

About Qualys

Qualys, Inc. (NASDAQ: QLYS) is a leading provider of disruptive cloud-based Security, Compliance and IT solutions with more than 10,000 subscription customers worldwide, including a majority of the Forbes Global 100 and Fortune 100. Qualys helps organizations streamline and consolidate their security and compliance solutions onto a single platform for greater agility, better business outcomes, and substantial cost savings.

The Qualys Enterprise TruRisk Platform leverages a single agent to continuously deliver critical security intelligence while enabling enterprises to automate the full spectrum of vulnerability detection, compliance, and protection for IT systems, workloads and web applications across on premises, endpoints, servers, public and private clouds, containers, and mobile devices. Founded in 1999 as one of the first SaaS security companies, Qualys has strategic partnerships and seamlessly integrates its vulnerability management capabilities into security offerings from cloud service providers, including Amazon Web Services, the Google Cloud Platform and Microsoft Azure, along with a number of leading managed service providers and global consulting organizations. 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, quotations of management and statements related to: the benefits of our existing, new and upcoming products, features, integrations, acquisitions, collaborations and joint solutions, and their impact upon our long-term growth; our ability to advance our value proposition and competitive differentiation in the market; our ability to address demand trends; our ability to maintain and strengthen our category leadership; our ability to solve modern security challenges at scale; our strategies and ability to achieve and maintain durable profitable growth; our guidance for revenues, GAAP EPS and non-GAAP EPS for the second quarter and full year 2025; and our expectations for the number of weighted average diluted shares outstanding and the GAAP and non-GAAP effective income tax rate for the second quarter and full year 2025. 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 and seasonal buying patterns of our customers; general market, political, economic and business conditions in the United States as well as globally; 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; and any unanticipated accounting charges. 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 and Quarterly Reports on Form 10-Q.

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, income taxes, depreciation, amortization, and stock-based compensation) and non-GAAP free cash flows (defined as cash provided by operating activities less purchases of property and equipment, net of proceeds from disposal).

In computing non-GAAP financial measures, Qualys excludes the effects of stock-based compensation expense, amortization of intangible assets from acquisitions, non-recurring items and for non-GAAP net income, certain tax effects. 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 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 or use quarterly billings in managing or monitoring the performance of its business, 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) for the convenience of investors and analysts in building their own financial models.

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 adjustments for non-recurring income tax items and certain tax effects of non-GAAP adjustments to achieve the effective income tax rate on a non-GAAP basis. The Company's non-GAAP effective tax rate may differ from the GAAP effective income tax rate as a result of these income tax adjustments. The Company believes its estimated non-GAAP effective income tax rate of 21% in 2025 is a reasonable estimate under its current global operating structure and core business operations. 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
                                                                                                                 
            March 31,


                                                                                                                     2025                2024



     Revenues                                                                                                   $159,899            $145,805



     Cost of revenues (1)                                                                                         28,926              27,198



     Gross profit                                                                                                130,973             118,607



     Operating expenses:



     Research and development (1)                                                                                 29,154              27,530



     Sales and marketing (1)                                                                                      32,660              29,408



     General and administrative (1)                                                                               17,404              16,908



     Total operating expenses                                                                                     79,218              73,846



     Income from operations                                                                                       51,755              44,761



     Other income (expense), net:



     Interest income                                                                                               6,235               6,123



     Other income (expense), net                                                                                     317             (1,399)



     Total other income, net                                                                                       6,552               4,724



     Income before income taxes                                                                                   58,307              49,485



     Income tax provision                                                                                         10,773               9,754



     Net income                                                                                                  $47,534             $39,731



     Net income per share:



     Basic                                                                                                         $1.30               $1.08



     Diluted                                                                                                       $1.29               $1.05



     Weighted average shares used in computing net income per share:



     Basic                                                                                                        36,466              36,955



     Diluted                                                                                                      36,784              37,723



     
              (1) Includes stock-based compensation as follows:



     Cost of revenues                                                                                             $2,090              $2,020



     Research and development                                                                                      5,104               5,303



     Sales and marketing                                                                                           3,200               3,739



     General and administrative                                                                                    8,426               7,969



     Total stock-based compensation, net of amounts capitalized                                                  $18,820             $19,031


                                             
              
                Qualys, Inc.


                                 
              
                CONDENSED CONSOLIDATED BALANCE SHEETS


                                              
              
                (unaudited)


                                            
              
                (in thousands)




                                                                                               March 31, December 31,
                                                                                                    2025          2024



     
                Assets



     Current assets:



     Cash and cash equivalents                                                                 $290,671      $232,182



     Short-term marketable securities                                                           150,206       149,241



     Accounts receivable, net                                                                   121,563       164,551



     Prepaid expenses and other current assets                                                   39,506        39,717



     Total current assets                                                                       601,946       585,691



     Long-term marketable securities                                                            198,990       193,887



     Property and equipment, net                                                                 28,250        30,349



     Operating leases - right of use asset                                                       41,329        40,968



     Deferred tax assets, net                                                                    86,059        81,307



     Intangible assets, net                                                                       6,172         6,812



     Goodwill                                                                                     7,447         7,447



     Noncurrent restricted cash                                                                   1,200         1,200



     Other noncurrent assets                                                                     25,078        25,876



     Total assets                                                                              $996,471      $973,537



     
                Liabilities and Stockholders' Equity



     Current liabilities:



     Accounts payable                                                                            $1,292        $1,270



     Accrued liabilities                                                                         52,921        45,942



     Deferred revenues, current                                                                 366,824       371,457



     Operating lease liabilities, current                                                        10,991         9,721



     Total current liabilities                                                                  432,028       428,390



     Deferred revenues, noncurrent                                                               22,073        24,265



     Operating lease liabilities, noncurrent                                                     37,652        37,500



     Other noncurrent liabilities                                                                 6,683         6,266



     Total liabilities                                                                          498,436       496,421



     Stockholders' equity:



     Common stock                                                                                    36            37



     Additional paid-in capital                                                                 677,531       664,879



     Accumulated other comprehensive income                                                         136         1,417



     Accumulated deficit                                                                      (179,668)    (189,217)



     Total stockholders' equity                                                                 498,035       477,116



     Total liabilities and stockholders' equity                                                $996,471      $973,537


                                                                         
              
                Qualys, Inc.


                                                        
              
                CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


                                                                          
              
                (unaudited)


                                                                        
              
                (in thousands)




                                                                                                                                                 Three Months Ended
                                                                                                                                
             March 31,


                                                                                                                                     2025              2024



     Cash flow from operating activities:



     Net income                                                                                                                  $47,534           $39,731



     Adjustments to reconcile net income to net cash provided by operating activities:



     Depreciation and amortization expense                                                                                         4,177             5,239



     Provision for credit losses                                                                                                     206               193



     Stock-based compensation, net of amounts capitalized                                                                         18,820            19,031



     Accretion of discount on marketable securities, net                                                                         (1,107)          (1,915)



     Deferred income taxes                                                                                                       (4,360)          (4,111)



     Changes in operating assets and liabilities:



     Accounts receivable                                                                                                          42,782            30,404



     Prepaid expenses and other assets                                                                                               162          (10,126)



     Accounts payable                                                                                                               (66)            (335)



     Accrued liabilities and other noncurrent liabilities                                                                          8,265             8,892



     Deferred revenues                                                                                                           (6,825)          (1,498)



     Net cash provided by operating activities                                                                                   109,588            85,505



     Cash flow from investing activities:



     Purchases of marketable securities                                                                                         (55,525)         (61,340)



     Sales and maturities of marketable securities                                                                                50,532            71,463



     Purchases of property and equipment                                                                                         (2,038)          (2,051)



     Net cash provided by (used in) investing activities                                                                         (7,031)            8,072



     Cash flow from financing activities:



     Repurchase of common stock                                                                                                 (39,653)         (18,029)



     Proceeds from exercise of stock options                                                                                       2,599             2,770



     Payments for taxes related to net share settlement of equity awards                                                        (10,831)         (11,808)



     Proceeds from issuance of common stock through employee stock purchase plan                                                   3,817             3,608



     Payment of acquisition-related holdback                                                                                           -          (1,500)



     Net cash used in financing activities                                                                                      (44,068)         (24,959)



     Net increase in cash, cash equivalents and restricted cash                                                                   58,489            68,618



     Cash, cash equivalents and restricted cash at beginning of period                                                           233,382           206,365



     Cash, cash equivalents and restricted cash at end of period                                                                $291,871          $274,983


                                                  
              
                Qualys, Inc.


                                     
              
                RECONCILIATION OF NON-GAAP DISCLOSURES


                                                
              
                ADJUSTED EBITDA


                                                  
              
                (unaudited)


                                     
              
                (in thousands, except percentages)




                                                                                                                     Three Months Ended
                                                                                                    
             March 31,


                                                                                                         2025               2024



     Net income                                                                                      $47,534            $39,731



     Net income as a percentage of revenues                                                             30 %              27 %



     Depreciation and amortization of property and equipment                                           3,537              4,467



     Amortization of intangible assets                                                                   640                772



     Income tax provision                                                                             10,773              9,754



     Stock-based compensation                                                                         18,820             19,031



     Total other income, net                                                                         (6,552)           (4,724)



     Adjusted EBITDA                                                                                 $74,752            $69,031



     Adjusted EBITDA as a percentage of revenues                                                        47 %              47 %


                                                                  
              
                Qualys, Inc.


                                                     
              
                RECONCILIATION OF NON-GAAP DISCLOSURES


                                                                  
              
                (unaudited)


                                                     
              
                (in thousands, except per share data)




                                                                                                                                     Three Months Ended
                                                                                                                    
             March 31,


                                                                                                                         2025              2024



     GAAP Cost of revenues                                                                                           $28,926           $27,198



     Less: Stock-based compensation                                                                                  (2,090)          (2,020)



     Less: Amortization of intangible assets                                                                           (640)            (747)



     Non-GAAP Cost of revenues                                                                                       $26,196           $24,431



     GAAP Gross profit                                                                                              $130,973          $118,607



     Plus: Stock-based compensation                                                                                    2,090             2,020



     Plus: Amortization of intangible assets                                                                             640               747



     Non-GAAP Gross Profit                                                                                          $133,703          $121,374



     GAAP Research and development                                                                                   $29,154           $27,530



     Less: Stock-based compensation                                                                                  (5,104)          (5,303)



     Less: Amortization of intangible assets                                                                               -             (25)



     Non-GAAP Research and development                                                                               $24,050           $22,202



     GAAP Sales and marketing                                                                                        $32,660           $29,408



     Less: Stock-based compensation                                                                                  (3,200)          (3,739)



     Non-GAAP Sales and marketing                                                                                    $29,460           $25,669



     GAAP General and administrative                                                                                 $17,404           $16,908



     Less: Stock-based compensation                                                                                  (8,426)          (7,969)



     Non-GAAP General and administrative                                                                              $8,978            $8,939



     GAAP Operating expenses                                                                                         $79,218           $73,846



     Less: Stock-based compensation                                                                                 (16,730)         (17,011)



     Less: Amortization of intangible assets                                                                               -             (25)



     Non-GAAP Operating expenses                                                                                     $62,488           $56,810



     GAAP Income from operations                                                                                     $51,755           $44,761



     Plus: Stock-based compensation                                                                                   18,820            19,031



     Plus: Amortization of intangible assets                                                                             640               772



     Non-GAAP Income from operations                                                                                 $71,215           $64,564



     GAAP Net income                                                                                                 $47,534           $39,731



     Plus: Stock-based compensation                                                                                   18,820            19,031



     Plus: Amortization of intangible assets                                                                             640               772



     Less: Tax adjustment                                                                                            (5,547)          (4,796)



     Non-GAAP Net income                                                                                             $61,447           $54,738



     GAAP Net income per share:



     Basic                                                                                                             $1.30             $1.08



     Diluted                                                                                                           $1.29             $1.05



     Non-GAAP Net income per share:



     Basic                                                                                                             $1.69             $1.48



     Diluted                                                                                                           $1.67             $1.45



     Weighted average shares used in GAAP and non-GAAP net income per share:



     Basic                                                                                                            36,466            36,955



     Diluted                                                                                                          36,784            37,723


                                                             
              
                Qualys, Inc.


                                                
              
                RECONCILIATION OF NON-GAAP DISCLOSURES


                                                           
              
                FREE CASH FLOWS


                                                             
              
                (unaudited)


                                                          
              
                (in thousands)




                                                                                                                                Three Months Ended
                                                                                                               
             March 31,


                                                                                                                    2025              2024



     GAAP Cash flows provided by operating activities                                                          $109,588           $85,505



     Less:



     Purchases of property and equipment, net of proceeds from disposal                                         (2,038)          (2,051)



     Non-GAAP Free cash flows                                                                                  $107,550           $83,454


                                                             
              
                Qualys, Inc.


                                                
              
                RECONCILIATION OF NON-GAAP DISCLOSURES


                                                     
              
                CALCULATED CURRENT BILLINGS


                                                             
              
                (unaudited)


                                                
              
                (in thousands, except percentages)




                                                                                                                                Three Months Ended
                                                                                                               
             March 31,


                                                                                                                    2025               2024



     GAAP Revenue                                                                                              $159,899           $145,805



     GAAP Revenue growth compared to same quarter of prior year                                                    10 %              12 %



     Plus: Current deferred revenue at March 31                                                                 366,824            332,128



     Less: Current deferred revenue at December 31                                                            (371,457)         (333,267)



     Non-GAAP Calculated current billings                                                                      $155,266           $144,666



     Calculated current billings growth compared to same quarter of prior year                                      7 %               8 %

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SOURCE Qualys, Inc.