2017 Revenue Growth of 17% Year-Over-Year; Normalized Growth of 19% Year-Over-Year
Q4 Revenue Growth of 20% Year-Over-Year; Normalized Growth of 22% Year-Over-Year
Announces $100 million 2-Year Share Repurchase Program
Designation of $25 million for Venture Investing
"We achieved significant milestones in 2017, finishing the year with a strong fourth quarter in terms of revenues and operating margins and delivering an impressive suite of new technology and application components to our Cloud Platform. We continue to accelerate our product roadmap, most recently signing a term sheet to acquire a company in
Fourth Quarter 2017 Financial Highlights
Revenues: Revenues for the fourth quarter of 2017 increased by 20% to
Gross Profit: GAAP gross profit for the fourth quarter of 2017 increased by 20% to
Operating Income: GAAP operating income for the fourth quarter of 2017 was
Net Income: GAAP net income for the fourth quarter of 2017 was
Adjusted EBITDA: Adjusted EBITDA (a non-GAAP financial measure) for the fourth quarter of 2017 increased by 29% to
Fourth Quarter 2017 Business Highlights
Select New Customers:
Adventist Health System ,Brigham Young University , Celestica Inc.,London Metal Exchange ,Penguin Random House , Progressive Insurance,Qatar Petrochemical Company (QAPCO), Quanta Services, Western Digital Corporation.
Business Highlights:
- Announced the acquisition of NetWatcher: NetWatcher will provide significant domain expertise in building and delivering cybersecurity and real-time threat intelligence offerings. NetWatcher's technology combines asset discovery, vulnerability management, intrusion detection, behavioral monitoring, Security Information and Event Management (SIEM), log management and continuous threat intelligence all-in-one solution that looks for anomalous behavior 24x7 and provides businesses with a real-time view of the security posture of assets, including weak passwords, unsafe behavior, and outdated software.
- Announced a partnership with STC Solutions: STC Solutions will integrate and deliver the Qualys Private
Cloud Platform and suite of Qualys Cloud Apps from STC Solutions' data center inRiyadh to expand its managed security services offerings and allow Saudi Arabian enterprises to consolidate a full range of security and compliance solutions in a single-pane-of-glass view.
Full Year 2017 Financial Highlights
Revenues: Revenues for 2017 increased by 17% to
Gross Profit: GAAP gross profit for 2017 increased by 16% to
Operating Income: GAAP operating income for 2017 was
Net Income: GAAP net income for 2017 was
Adjusted EBITDA: Adjusted EBITDA (a non-GAAP financial measure) for 2017 increased by 25% to
Full Year 2017 Business Highlights
Market Recognition
- Recognized by IDC as the market-share leader in the
$1.7 billion Worldwide Vulnerability Assessment Market - which is comprised of the Worldwide Device Vulnerability Assessment Market and Application Security Market segments. - Recognized by
Frost and Sullivan with the 2017 Global Vulnerability Management Market Leadership Award, highlighting the Company's areas of excellence in growth strategy, product quality, customer ownership experience, and technology leverage.
Business Development
- Announced the acquisition of
Pune, India -based Nevis Networks, expandingQualys' domain expertise in passive scanning and deep packet inspection as well as accelerating its entrance into the mitigation and response market segment, natively from the Qualys Cloud Platform. - Announced an expanded partnership with IBM that will add
Qualys' continuous cloud-based IT security and compliance solutions to its Managed Security Services portfolio. Launched a new Qualys App for IBM's QRadar Security Intelligence Platform that allows customers to visualize their network IT assets and vulnerabilities in real-time. - Announced an extension of
Qualys' single-pane view of security and compliance posture into Google Cloud Platform (GCP). Qualys Virtual Scanner Appliance (QVSA) can now be directly deployed from theGoogle Cloud Launcher to GCP. This will provide customers with continuous security and visibility for their global IT assets whether on-premises or in the cloud. - Announced a partnership with
Bugcrowd allowing joint customers the ability to share vulnerability data across automated web application scanning and crowdsourced bug bounty programs.
Products & Features
- Unveiled new
Qualys positioning and logo refresh, highlighting the new unified and simplified approach to prevention and response the Qualys Cloud Platform and itsCloud Apps bring to the market.- Unveiled CloudView App Framework, which gives customers the full insight across all their cloud environments - inventory, configuration, and continuous view of their security and compliance postures - and showcased its first two components, Cloud Inventory (CI) and Cloud Security Assessment (CSA). Currently in beta.
- Unveiled CertView App Framework, which provides discovery and management of digital certificates, and showcased its first two components, Certificate Inventory (CRI) and Certificate Assessment (CRA). Currently in beta.
- Unveiled Container Security, a new cloud-based
Qualys solution that enables customers to address security for containers in their DevOps pipeline and deployments across cloud and on-premises environments. Currently in beta.
- Launched new disruptive services:
- File Integrity Monitoring (FIM): Logs and centrally tracks file change events across global IT systems and a variety of enterprise operating systems to provide customers a simple way to achieve centralized cloud-based visibility of activity resulting from normal patching and administrative tasks, change control exceptions or violations, or malicious activity - then report on that system activity as part of compliance mandates.
- Indication of Compromise (IOC): Expands the capabilities of the Qualys Cloud Platform to deliver threat hunting, detect suspicious activity, and confirm the presence of known and unknown malware for devices both on and off the network.
- Security Configuration Assessment (SCA): Allows customers to expand their vulnerability management program with configuration scanning capabilities and simplified workflows to assess, report, monitor, and remediate security-related configuration issues based on the CIS benchmark.
- Announced new functionalities in Qualys Web Application Security offerings, including scalable fast scanning, detection and patching of websites, mobile applications and Application Programming Interfaces (APIs) in one unified platform.
- Released purpose-built content, workflows, and reporting in Qualys Cloud Platform to provide customers with continuous IT asset visibility, data collection and risk evaluation for compliance with the
European Union (EU) General Data Protection Regulation (GDPR). - Announced that the FedRAMP-certified Qualys Cloud Platform now supports the requirements laid out in the 2017
White House Executive Order (EO) on Strengthening the Cybersecurity of Federal Networks and Critical Infrastructure.
Financial Performance Outlook
The outlook provided below is on an ASC Topic 606 basis, which
First Quarter 2018 Guidance: Management expects revenues for the first quarter of 2018 to be in the range of
Full Year 2018 Guidance: Management expects revenues for the full year 2018 to be in the range of
Investor Conference Call
Investor Contact
Vice President, FP&A and Investor Relations
(650) 801-6100
ir@qualys.com
About
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: acceleration of our product roadmap with the signing of a term sheet to acquire a company in
The forward-looking statements in this press release are based on information available to
Non-GAAP Financial Measures
In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP,
Furthermore,
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's non-GAAP effective tax rate was 35% for the full year 2017 (estimated rate was calculated as 36% in each of our first three quarters of fiscal 2017). 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.
|
|||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
(Unaudited) |
|||||||||||||||
(in thousands, except per share data) |
|||||||||||||||
Three Months Ended |
Year Ended |
||||||||||||||
|
|
||||||||||||||
2017 |
2016 |
2017 |
2016 |
||||||||||||
Revenues |
$ |
62,915 |
$ |
52,224 |
$ |
230,828 |
$ |
197,925 |
|||||||
Cost of revenues (1) |
14,405 |
11,852 |
51,580 |
43,128 |
|||||||||||
Gross profit |
48,510 |
40,372 |
179,248 |
154,797 |
|||||||||||
Operating expenses: |
|||||||||||||||
Research and development (1) |
11,576 |
9,238 |
42,816 |
36,591 |
|||||||||||
Sales and marketing (1) |
16,983 |
15,592 |
63,855 |
58,985 |
|||||||||||
General and administrative (1) |
10,222 |
6,731 |
35,334 |
29,114 |
|||||||||||
Total operating expenses |
38,781 |
31,561 |
142,005 |
124,690 |
|||||||||||
Income from operations |
9,729 |
8,811 |
37,243 |
30,107 |
|||||||||||
Other income (expense), net: |
|||||||||||||||
Interest expense |
— |
(3) |
(3) |
(26) |
|||||||||||
Interest income |
899 |
417 |
2,674 |
1,320 |
|||||||||||
Other expense, net |
(247) |
(530) |
(536) |
(972) |
|||||||||||
Total other income (expense), net |
652 |
(116) |
2,135 |
322 |
|||||||||||
Income before income taxes |
10,381 |
8,695 |
39,378 |
30,429 |
|||||||||||
Provision (benefit from) for income taxes |
7,524 |
2,788 |
(1,062) |
11,205 |
|||||||||||
Net income |
$ |
2,857 |
$ |
5,907 |
$ |
40,440 |
$ |
19,224 |
|||||||
Net income per share: |
|||||||||||||||
Basic |
$ |
0.07 |
$ |
0.17 |
$ |
1.08 |
$ |
0.55 |
|||||||
Diluted |
$ |
0.07 |
$ |
0.15 |
$ |
1.01 |
$ |
0.50 |
|||||||
Weighted average shares used in computing net income per share: |
|||||||||||||||
Basic |
38,278 |
35,762 |
37,443 |
35,247 |
|||||||||||
Diluted |
41,186 |
39,002 |
40,071 |
38,369 |
|||||||||||
(1) Includes stock-based compensation as follows: |
|||||||||||||||
Cost of revenues |
$ |
590 |
$ |
540 |
$ |
2,159 |
$ |
1,858 |
|||||||
Research and development |
1,715 |
1,305 |
5,944 |
5,678 |
|||||||||||
Sales and marketing |
1,311 |
1,411 |
4,755 |
4,870 |
|||||||||||
General and administrative |
4,823 |
1,771 |
14,103 |
7,743 |
|||||||||||
Total stock-based compensation |
$ |
8,439 |
$ |
5,027 |
$ |
26,961 |
$ |
20,149 |
|
|||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
|||||||||||||||
(Unaudited) |
|||||||||||||||
(in thousands) |
|||||||||||||||
Three Months Ended |
Year Ended |
||||||||||||||
|
|
||||||||||||||
2017 |
2016 |
2017 |
2016 |
||||||||||||
Net income |
$ |
2,857 |
$ |
5,907 |
$ |
40,440 |
$ |
19,224 |
|||||||
Available-for-sale investments: |
|||||||||||||||
Change in net unrealized loss on investments, net of tax |
(493) |
(198) |
(462) |
(57) |
|||||||||||
Less: reclassification adjustment for net realized gain included in net income, net of tax |
40 |
25 |
44 |
112 |
|||||||||||
Other comprehensive (loss) income, net |
(453) |
(173) |
(418) |
55 |
|||||||||||
Comprehensive income |
$ |
2,404 |
$ |
5,734 |
$ |
40,022 |
$ |
19,279 |
|
|||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
(Unaudited) |
|||||||
(in thousands) |
|||||||
|
|||||||
2017 |
2016 |
||||||
Assets |
|||||||
Current assets: |
|||||||
Cash and cash equivalents |
$ |
86,591 |
$ |
86,737 |
|||
Short-term investments |
201,823 |
157,119 |
|||||
Accounts receivable, net |
64,412 |
47,024 |
|||||
Prepaid expenses and other current assets |
16,524 |
9,808 |
|||||
Total current assets |
369,350 |
300,688 |
|||||
Long-term investments |
67,224 |
45,725 |
|||||
Property and equipment, net |
58,557 |
39,401 |
|||||
Deferred tax assets, net |
25,066 |
16,590 |
|||||
Intangible assets, net |
12,401 |
987 |
|||||
|
1,549 |
317 |
|||||
Restricted cash |
1,200 |
1,200 |
|||||
Other noncurrent assets |
2,178 |
2,096 |
|||||
Total assets |
$ |
537,525 |
$ |
407,004 |
|||
Liabilities and Stockholders' Equity |
|||||||
Current liabilities: |
|||||||
Accounts payable |
$ |
1,144 |
$ |
2,051 |
|||
Accrued liabilities |
21,444 |
13,317 |
|||||
Deferred revenues, current |
143,186 |
114,964 |
|||||
Total current liabilities |
165,774 |
130,332 |
|||||
Deferred revenues, noncurrent |
17,136 |
15,528 |
|||||
Other noncurrent liabilities |
11,071 |
2,731 |
|||||
Total liabilities |
193,981 |
148,591 |
|||||
Stockholders' equity: |
|||||||
Common stock |
39 |
36 |
|||||
Additional paid-in capital |
304,155 |
266,794 |
|||||
Accumulated other comprehensive loss |
(574) |
(156) |
|||||
Retained earnings (accumulated deficit) |
39,924 |
(8,261) |
|||||
Total stockholders' equity |
343,544 |
258,413 |
|||||
Total liabilities and stockholders' equity |
$ |
537,525 |
$ |
407,004 |
|
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
(Unaudited) |
|||||||
(in thousands) |
|||||||
Year Ended |
|||||||
2017 |
2016 |
||||||
Cash flows from operating activities: |
|||||||
Net income |
$ |
40,440 |
$ |
19,224 |
|||
Adjustments to reconcile net income to net cash provided by operating activities: |
|||||||
Depreciation and amortization expense |
20,636 |
16,994 |
|||||
Bad debt expense |
657 |
199 |
|||||
Loss on disposal of property and equipment |
161 |
55 |
|||||
Stock-based compensation |
26,961 |
20,149 |
|||||
Amortization of premiums and accretion of discounts on investments |
1,324 |
1,000 |
|||||
Excess tax benefits from stock-based compensation |
— |
(8,700) |
|||||
Deferred income taxes |
(10,414) |
(440) |
|||||
Excess tax benefits included in deferred tax assets |
7,696 |
— |
|||||
Changes in operating assets and liabilities: |
|||||||
Accounts receivable |
(17,966) |
(4,898) |
|||||
Prepaid expenses and other assets |
(53) |
(2,107) |
|||||
Restricted cash |
— |
(1,200) |
|||||
Accounts payable |
(454) |
(1,220) |
|||||
Accrued liabilities |
1,485 |
9,696 |
|||||
Deferred revenues |
29,830 |
17,903 |
|||||
Other noncurrent liabilities |
7,343 |
1,455 |
|||||
Net cash provided by operating activities |
107,646 |
68,110 |
|||||
Cash flows from investing activities: |
|||||||
Purchases of investments |
(299,891) |
(222,953) |
|||||
Sales and maturities of investments |
231,996 |
149,708 |
|||||
Purchases of property and equipment |
(37,818) |
(23,245) |
|||||
Purchase of business |
(12,482) |
— |
|||||
Net cash used in investing activities |
(118,195) |
(96,490) |
|||||
Cash flows from financing activities: |
|||||||
Proceeds from exercise of stock options |
31,327 |
15,157 |
|||||
Excess tax benefits from stock-based compensation |
— |
8,700 |
|||||
Payments for taxes related to employee net share settlement of equity awards |
(20,924) |
(438) |
|||||
Net cash provided by financing activities |
10,403 |
23,419 |
|||||
Net decrease in cash and cash equivalents |
(146) |
(4,961) |
|||||
Cash and cash equivalents at beginning of period |
86,737 |
91,698 |
|||||
Cash and cash equivalents at end of period |
$ |
86,591 |
$ |
86,737 |
|
|||||||||||||||
RECONCILIATION OF NON-GAAP DISCLOSURES |
|||||||||||||||
EBITDA AND ADJUSTED EBITDA |
|||||||||||||||
(Unaudited) |
|||||||||||||||
(in thousands) |
|||||||||||||||
Three Months Ended |
Year Ended |
||||||||||||||
|
|
||||||||||||||
2017 |
2016 |
2017 |
2016 |
||||||||||||
Net income |
$ |
2,857 |
$ |
5,907 |
$ |
40,440 |
$ |
19,224 |
|||||||
Depreciation and amortization of property and equipment |
5,166 |
4,586 |
19,828 |
16,621 |
|||||||||||
Amortization of intangible assets |
416 |
44 |
808 |
373 |
|||||||||||
Interest expense |
— |
3 |
3 |
26 |
|||||||||||
Provision (benefit from) for income taxes |
7,524 |
2,788 |
(1,062) |
11,205 |
|||||||||||
EBITDA |
15,963 |
13,328 |
60,017 |
47,449 |
|||||||||||
Stock-based compensation |
8,439 |
5,027 |
26,961 |
20,149 |
|||||||||||
Other (income) expense, net |
(652) |
113 |
(2,138) |
(348) |
|||||||||||
Acquisition-related expense |
93 |
— |
93 |
— |
|||||||||||
One-time tax related expense |
— |
— |
— |
716 |
|||||||||||
Adjusted EBITDA |
$ |
23,843 |
$ |
18,468 |
$ |
84,933 |
$ |
67,966 |
|
|||||||||||||||
RECONCILIATION OF NON-GAAP DISCLOSURES |
|||||||||||||||
(Unaudited) |
|||||||||||||||
(in thousands, except per share data) |
|||||||||||||||
Three Months Ended |
Year Ended |
||||||||||||||
|
|
||||||||||||||
2017 |
2016 |
2017 |
2016 |
||||||||||||
GAAP Cost of revenues |
$ |
14,405 |
$ |
11,852 |
$ |
51,580 |
$ |
43,128 |
|||||||
Less: Stock-based compensation |
(590) |
(540) |
(2,159) |
(1,858) |
|||||||||||
Less: Intangible asset amortization (1) |
(374) |
— |
(460) |
— |
|||||||||||
Non-GAAP Cost of revenues |
$ |
13,441 |
$ |
11,312 |
$ |
48,961 |
$ |
41,270 |
|||||||
GAAP Gross profit |
$ |
48,510 |
$ |
40,372 |
$ |
179,248 |
$ |
154,797 |
|||||||
Plus: Stock-based compensation |
590 |
540 |
2,159 |
1,858 |
|||||||||||
Plus: Intangible asset amortization (1) |
374 |
— |
460 |
— |
|||||||||||
Non-GAAP Gross profit |
$ |
49,474 |
$ |
40,912 |
$ |
181,867 |
$ |
156,655 |
|||||||
|
$ |
11,576 |
$ |
9,238 |
$ |
42,816 |
$ |
36,591 |
|||||||
Less: Stock-based compensation |
(1,715) |
(1,305) |
(5,944) |
(5,678) |
|||||||||||
Less: Acquisition-related expense (2) |
(14) |
— |
(14) |
— |
|||||||||||
|
$ |
9,847 |
$ |
7,933 |
$ |
36,858 |
$ |
30,913 |
|||||||
GAAP Sales and marketing |
$ |
16,983 |
$ |
15,592 |
$ |
63,855 |
$ |
58,985 |
|||||||
Less: Stock-based compensation |
(1,311) |
(1,411) |
(4,755) |
(4,870) |
|||||||||||
Less: Acquisition-related expense (2) |
(79) |
— |
(79) |
— |
|||||||||||
Non-GAAP Sales and marketing |
$ |
15,593 |
$ |
14,181 |
$ |
59,021 |
$ |
54,115 |
|||||||
GAAP General and administrative |
$ |
10,222 |
$ |
6,731 |
$ |
35,334 |
$ |
29,114 |
|||||||
Less: Stock-based compensation |
(4,823) |
(1,771) |
(14,103) |
(7,743) |
|||||||||||
Less: One-time tax related expense |
— |
— |
— |
(716) |
|||||||||||
Non-GAAP General and administrative |
$ |
5,399 |
$ |
4,960 |
$ |
21,231 |
$ |
20,655 |
|||||||
GAAP Operating expenses |
$ |
38,781 |
$ |
31,561 |
$ |
142,005 |
$ |
124,690 |
|||||||
Less: Stock-based compensation |
(7,849) |
(4,487) |
(24,802) |
(18,291) |
|||||||||||
Less: Acquisition-related expense (2) |
(93) |
— |
(93) |
— |
|||||||||||
Less: One-time tax related expense |
— |
— |
— |
(716) |
|||||||||||
Non-GAAP Operating expenses |
$ |
30,839 |
$ |
27,074 |
$ |
117,110 |
$ |
105,683 |
|||||||
GAAP Income from operations |
$ |
9,729 |
$ |
8,811 |
$ |
37,243 |
$ |
30,107 |
|||||||
Plus: Stock-based compensation |
8,439 |
5,027 |
26,961 |
20,149 |
|||||||||||
Plus: Intangible asset amortization (1) |
374 |
— |
460 |
— |
|||||||||||
Plus: Acquisition-related expense (2) |
93 |
— |
93 |
— |
|||||||||||
Plus: One-time tax related expense |
— |
— |
— |
716 |
|||||||||||
Non-GAAP Income from operations |
$ |
18,635 |
$ |
13,838 |
$ |
64,757 |
$ |
50,972 |
|||||||
GAAP Net income |
$ |
2,857 |
$ |
5,907 |
$ |
40,440 |
$ |
19,224 |
|||||||
Plus: Stock-based compensation |
8,439 |
5,027 |
26,961 |
20,149 |
|||||||||||
Plus: Intangible asset amortization (1) |
374 |
— |
460 |
— |
|||||||||||
Plus: Acquisition-related expense (2) |
93 |
— |
93 |
— |
|||||||||||
Plus: One-time tax related expense |
— |
— |
— |
716 |
|||||||||||
Less: Tax adjustment |
1,250 |
(2,152) |
(24,474) |
(7,261) |
|||||||||||
Non-GAAP Net income |
$ |
13,013 |
$ |
8,782 |
$ |
43,480 |
$ |
32,828 |
|||||||
Non-GAAP Net income per share: |
|||||||||||||||
Basic |
$ |
0.34 |
$ |
0.25 |
$ |
1.16 |
$ |
0.93 |
|||||||
Diluted |
$ |
0.32 |
$ |
0.23 |
$ |
1.09 |
$ |
0.86 |
|||||||
Weighted average shares used in non-GAAP net income per share: |
|||||||||||||||
Basic |
38,278 |
35,762 |
37,443 |
35,247 |
|||||||||||
Diluted |
41,186 |
39,002 |
40,071 |
38,369 |
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. |
|
|||||||
RECONCILIATION OF NON-GAAP DISCLOSURES |
|||||||
FREE CASH FLOWS |
|||||||
(Unaudited) |
|||||||
(in thousands) |
|||||||
Year Ended |
|||||||
2017 |
2016 |
||||||
GAAP Cash flows provided by operating activities |
$ |
107,646 |
$ |
68,110 |
|||
Less: |
|||||||
Purchases of property and equipment |
(37,818) |
(23,245) |
|||||
Non-GAAP Free cash flows |
$ |
69,828 |
$ |
44,865 |
|
|||||||
RECONCILIATION OF NON-GAAP DISCLOSURES |
|||||||
CALCULATED CURRENT BILLINGS |
|||||||
(Unaudited) |
|||||||
(in thousands) |
|||||||
Three Months Ended |
|||||||
2017 |
2016 |
||||||
Q4 GAAP Revenue |
$ |
62,915 |
$ |
52,224 |
|||
Plus: Current Deferred Revenue at |
143,186 |
114,964 |
|||||
Less: Current Deferred Revenue at |
(132,167) |
(109,026) |
|||||
Non-GAAP Q4 Calculated Current Billings |
$ |
73,934 |
$ |
58,162 |
|||
Calculated Current Billings Growth Compared to Same Period of Prior Year |
27% |
15% |
|
|||||||||||||||
RECONCILIATION OF |
|||||||||||||||
(Unaudited) |
|||||||||||||||
(in thousands) |
|||||||||||||||
Reconciliation of |
|||||||||||||||
Three Months Ended |
Year Ended |
||||||||||||||
2017 |
2016 |
2017 |
2016 |
||||||||||||
Revenues |
$ |
62,915 |
$ |
52,224 |
$ |
230,828 |
$ |
197,925 |
|||||||
Y/Y Revenue Change as Reported Under |
20.5% |
17.5% |
16.6% |
20.5% |
|||||||||||
Plus: Impact of MSSP Contract Signed in |
0.6% |
(0.8)% |
1.6% |
(2.0)% |
|||||||||||
Plus: Foreign Exchange Impact |
0.7% |
1.2% |
1.1% |
1.6% |
|||||||||||
Normalized Revenue Growth |
21.8% |
17.9% |
19.3% |
20.2% |
Reconciliation of |
|||
As of |
|||
Current Deferred Revenue |
$ |
143,186 |
|
Y/Y Current Deferred Revenue Change as Reported Under |
24.5% |
||
Plus: Foreign Exchange Impact |
(0.6)% |
||
Normalized Current Deferred Revenue Growth |
23.9% |
View original content:http://www.prnewswire.com/news-releases/qualys-announces-fourth-quarter-and-full-year-2017-financial-results-300597304.html
SOURCE
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