Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

November 3, 2014

 

 

Qualys, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-35662   77-0534145

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

1600 Bridge Parkway

Redwood City, California 94065

(Address of principal executive offices, including zip code)

(650) 801-6100

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 2.02 Results of Operations and Financial Condition.

On November 3, 2014, Qualys, Inc. (“Qualys”) issued a press release announcing its financial results for the quarter ended September 30, 2014. In the press release, Qualys also announced that it would be holding a conference call on November 3, 2014 to discuss its financial results for the quarter ended September 30, 2014. The full text of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

This information is intended to be furnished under Item 2.02 of Form 8-K, “Results of Operations and Financial Condition” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit No.

  

Description

99.1    Press release issued by Qualys, Inc. dated November 3, 2014.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  QUALYS, INC.
By:  

 /s/ Philippe F. Courtot

  Philippe F. Courtot
  Chairman, President and Chief Executive Officer

Date: November 3, 2014


EXHIBIT INDEX

 

Exhibit No.

  

Description

99.1    Press release issued by Qualys, Inc. dated November 3, 2014.
EX-99.1

Exhibit 99.1

 

LOGO   

Investors:

Don McCauley

Chief Financial Officer

Qualys, Inc.

+1 (650) 801-6181

dmccauley@qualys.com

  

Media:

John Christiansen/David Isaacs

Sard Verbinnen & Co

+1 (415) 618-8750

jchristiansen@sardverb.com/disaacs@sardverb.com

QUALYS ANNOUNCES THIRD QUARTER 2014 FINANCIAL RESULTS

Revenue Growth of 24% Year-Over-Year

GAAP EPS of $0.09, Non-GAAP EPS of $0.15

Full-Year 2014 Guidance Raised Again for Revenues, GAAP EPS, Non-GAAP EPS

REDWOOD CITY, CA – November 3, 2014 – Qualys, Inc. (NASDAQ: QLYS), a pioneer and leading provider of cloud security and compliance solutions, today announced financial results for the third quarter ended September 30, 2014. For the quarter, the Company reported revenues of $34.3 million, GAAP net income of $3.2 million, non-GAAP net income of $5.7 million, adjusted EBITDA of $9.0 million, GAAP earnings per diluted share of $0.09, and non-GAAP earnings per diluted share of $0.15.

Philippe Courtot, Chairman and Chief Executive Officer of Qualys, said, “We delivered record revenue growth in the third quarter, driven by continued rapid adoption of our cloud security and compliance solutions. Companies across all geographies are increasingly recognizing the value proposition of a cloud-oriented platform that provides continuous security across their entire IT landscape, and we are constantly innovating to enhance our existing offerings and develop new ones in order to deliver on this demand. As demonstrated by our third quarter results, Qualys continues to deliver outstanding performance as a result of the addition of new customers and the successful execution of our land and expand strategy with existing customers.”

Third Quarter 2014 Financial Highlights

Revenues: Revenues for the third quarter of 2014 increased by 24% to $34.3 million compared to $27.7 million for the same quarter last year. Revenue growth was driven by a combination of sales of subscriptions to new customers, as well as subscription renewals and upsells of additional subscriptions to existing customers.

Deferred Revenues: Current deferred revenues increased by 21% to $74.3 million at September 30, 2014 compared to $61.4 million at September 30, 2013. Total deferred revenues increased by 19% to $83.3 million at September 30, 2014 compared to $69.8 million at September 30, 2013.

Gross Profit: GAAP gross profit for the third quarter of 2014 increased by 26% to $26.9 million compared to $21.3 million for the same quarter last year. GAAP gross margin was 78% for the third quarter of 2014, compared to 77% in the prior year’s third quarter. Non-GAAP gross margin was 79% for the third quarter of 2014 compared to 77% in the prior year.


Operating Income: GAAP operating income for the third quarter of 2014 was $3.5 million compared to $1.5 million in the same quarter last year. Non-GAAP operating income for the third quarter of 2014 was $6.0 million compared to $3.1 million for the same quarter last year.

Net Income: GAAP net income for the third quarter of 2014 was $3.2 million, or $0.09 per diluted share, compared to net income of $1.3 million, or $0.04 per diluted share, for the same quarter last year. Non-GAAP net income for the third quarter of 2014 was $5.7 million, or $0.15 per diluted share, compared to non-GAAP net income of $2.9 million, or $0.08 per diluted share, for the same quarter last year.

Adjusted EBITDA: Adjusted EBITDA (a non-GAAP financial measure) for the third quarter of 2014 increased by 59% to $9.0 million compared to $5.7 million for the same quarter last year. As a percentage of revenues, adjusted EBITDA increased to 26% for the third quarter of 2014 compared to 20% for the same quarter last year.

Third Quarter 2014 Business Highlights

Customers:

 

    New customers included: Allergan, BAE Systems, Benjamin Moore, Best Buy, BP Iraq, Corning, Indiana University, Intuit, Jabil Circuit, Merck, National Australia Bank, Saudi Basic Industries and Toyota Motor Manufacturing North America.

 

    Qualys hosted its 12th annual Qualys Security Conference in Las Vegas where over 600 customers and partners shared best practices and discussed how to deliver continuous security for the global enterprise in order to better defend against cyber threats.

New Products and Functionalities:

Qualys released several new products and enhancements, including:

 

    Unveiled Qualys’ next generation cloud platform at the Qualys Security Conference and showcased major innovations such as:

 

    New agent technology for scanning offline systems.

 

    Log management solution for websites that comes fully integrated with Web Application Scanning and Web Application Firewall which helps customers improve web log management and improve protection for their websites.

 

    Released detection for the Bash Shellshock vulnerability with special reports and workflows to help customers with detection and protect their IT environments and web applications against this critical threat.

 

    Bolstered the Continuous Monitoring for the Perimeter solution with enterprise alerting capabilities through seamless integration with incident response systems.

 

    Released Web Application Scanning 3.6 with new workflows to help customers manage the scanning of large numbers of websites and to support high-volume fully-automated web application scanning across their web application portfolio.

 

    Expanded Policy Compliance solution with new controls and policies adding coverage for new technologies, regulations and standards to help customers further automate their compliance initiatives.

 

2


Industry Recognition:

 

    Recognized by IDC as the leader in device vulnerability assessment for the sixth consecutive year.

 

    Both Qualys Vulnerability Management and Qualys Web Application Scanning have been identified as finalists in the annual Information Security Magazine Reader’s Choice Awards.

Strategic Alliances and Partnerships:

 

    Selected by Tech Mahindra, a leading Indian outsourcer, to help expand their global IT security portfolio and enhance their managed services offering.

 

    Joined the Center for Internet Security’s cyber hygiene campaign to provide web application security audits to state governments.

Financial Performance Outlook

Fourth Quarter 2014 Guidance: Management expects revenues to be in the range of $35.5 million to $36.0 million. At the midpoint, this represents 23% growth over fourth quarter 2013 revenues. GAAP net income per diluted share is expected to be in the range of $0.01 to $0.03 and non-GAAP net income per diluted share is expected to be in the range of $0.08 to $0.10 based on approximately 37.4 million weighted average diluted shares outstanding for the quarter.

Full Year 2014 Guidance: Management expects revenues to be in the range of $132.5 million to $133.0 million, an increase from the previous revenue guidance range of $131.0 million to $132.0 million. At the midpoint, this represents 23% growth over 2013 revenues, an increase from the 22% midpoint of the previous revenue guidance range. GAAP net income per diluted share is expected to be in the range of $0.13 to $0.15, an increase from the previous GAAP EPS guidance range of $0.04 to $0.08. Non-GAAP net income per diluted share is expected to be in the range of $0.39 to $0.41, an increase from the previous Non-GAAP EPS guidance range of $0.30 to $0.34. Full year EPS estimates are based on approximately 37.4 million weighted average diluted shares outstanding for the full year.

Investor Conference Call

Qualys will host a conference call and live webcast to discuss its third quarter 2014 financial results today at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time). To access the conference call, dial (877) 881-2609 in the U.S. or +1 (970) 315-0463 for international participants with conference ID #9026887. The live webcast of Qualys’ earnings conference call can also be accessed at investor.qualys.com. A replay of the conference call will be available through the same webcast link following the end of the call.

 

3


About Qualys, Inc.

Qualys, Inc. (NASDAQ: QLYS) is a pioneer and leading provider of cloud security and compliance solutions with over 6,700 customers in more than 100 countries, including a majority of each of the Forbes Global 100 and Fortune 100. The Qualys Cloud Platform and integrated suite of solutions help organizations simplify security operations and lower the cost of compliance by delivering critical security intelligence on demand and automating the full spectrum of auditing, compliance and protection for IT systems and web applications. Founded in 1999, Qualys has established strategic partnerships with leading managed service providers and consulting organizations including Accenture, Accuvant, BT, Cognizant Technology Solutions, Dell SecureWorks, Fujitsu, HCL Comnet, InfoSys, NTT, Tata Communications, Verizon and Wipro. The company is also a founding member of the Cloud Security Alliance (CSA) and the Council on CyberSecurity. For more information, please visit www.qualys.com.

Qualys and the Qualys logo are proprietary trademarks of Qualys, Inc. All other products or names may be trademarks of their respective companies.

Legal Notice Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements in this press release include, but are not limited to, statements related to: the value proposition of our platform, our ability to continue to innovate, to enhance our offerings and develop new offerings, our strategy and ability to execute such strategy, our guidance for revenues, GAAP EPS and non-GAAP EPS for the fourth quarter and full year 2014; and our expectations for the number of weighted average diluted shares outstanding for the fourth quarter and full year 2014. 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; our ability to retain existing customers and generate new customers; the market for cloud solutions for IT security and compliance not increasing at the rate we expect; competition from other products and services; and general market, political, economic and business conditions. 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, 2014, filed with the Securities and Exchange Commission on August 7, 2014. 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.

 

4


Non-GAAP Financial Measures

In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, Qualys monitors non-GAAP measures of non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP net income, non-GAAP net income per diluted share and adjusted EBITDA.

Qualys also monitors non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP net income, non-GAAP net income per diluted share and adjusted EBITDA to evaluate its ongoing operational performance and enhance an overall understanding of its past financial performance. Qualys believes that these non-GAAP metrics help illustrate underlying trends in its business that could otherwise be masked by the effect of the income or expenses, as well as the related tax effects, that are excluded in non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP net income, non-GAAP net income per diluted share and adjusted EBITDA. Furthermore, Qualys uses these measures to establish budgets and operational goals for managing its business and evaluating its performance. Qualys also believes that non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP net income, non-GAAP net income per diluted share and adjusted EBITDA provide additional tools for investors to use in comparing its recurring core business operating results over multiple periods with other companies in its industry.

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.

 

5


Qualys, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(in thousands, except per share data)

 

     Three Months Ended     Nine Months Ended  
     September 30,     September 30,  
     2014     2013     2014     2013  

Revenues

   $ 34,348      $ 27,749      $ 97,006      $ 78,923   

Cost of revenues (1)

     7,421        6,415        21,442        18,134   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     26,927        21,334        75,564        60,789   

Operating expenses:

        

Research and development (1)

     6,490        5,151        19,305        15,739   

Sales and marketing (1)

     11,774        10,411        36,111        30,739   

General and administrative (1)

     5,156        4,277        15,112        12,226   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     23,420        19,839        70,528        58,704   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

     3,507        1,495        5,036        2,085   

Other income (expense), net:

        

Interest expense

     (2     (7     (9     (37

Interest income

     127        115        365        273   

Other income (expense), net

     (141     (84     (279     (370
  

 

 

   

 

 

   

 

 

   

 

 

 

Total other income (expense), net

     (16     24        77        (134
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before provision for income taxes

     3,491        1,519        5,113        1,951   

Provision for income taxes

     283        210        639        372   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 3,208      $ 1,309      $ 4,474      $ 1,579   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income per share:

        

Basic

   $ 0.10      $ 0.04      $ 0.14      $ 0.05   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

   $ 0.09      $ 0.04      $ 0.12      $ 0.04   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares used in computing net income per share:

        

Basic

     33,120        32,088        32,820        31,789   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

     37,080        36,247        37,006        35,704   
  

 

 

   

 

 

   

 

 

   

 

 

 

(1)       Includes stock-based compensation as follows:

        

Cost of revenues

   $ 175      $ 103      $ 482      $ 307   

Research and development

     599        253        1,551        697   

Sales and marketing

     561        363        1,852        804   

General and administrative

     1,159        902        3,215        2,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total stock-based compensation

   $ 2,494      $ 1,621      $ 7,100      $ 3,808   
  

 

 

   

 

 

   

 

 

   

 

 

 


Qualys, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(in thousands)

 

     Three Months Ended     Nine Months Ended  
     September 30,     September 30,  
     2014     2013     2014     2013  

Net income

   $ 3,208      $ 1,309      $ 4,474      $ 1,579   

Change in foreign currency translation loss, net of zero tax

     (101     (12     (142     (73

Available-for-sale investments:

        

Change in net unrealized gain (loss) on investments, net of zero tax

     (44     52        (11     37   

Less: reclassification adjustment for net realized gain included in net income

     (27     (1     (28     (9
  

 

 

   

 

 

   

 

 

   

 

 

 

Net change, net of zero tax

     (71     51        (39     28   
  

 

 

   

 

 

   

 

 

   

 

 

 

Other comprehensive income (loss), net

     (172     39        (181     (45
  

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive income

   $ 3,036      $ 1,348      $ 4,293      $ 1,534   
  

 

 

   

 

 

   

 

 

   

 

 

 


Qualys, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands)

 

     September 30,
2014
    December 31,
2013
 

Assets

    

Current assets:

    

Cash and cash equivalents

   $ 88,285      $ 42,369   

Short-term investments

     25,133        54,827   

Accounts receivable, net

     30,278        28,581   

Prepaid expenses and other current assets

     5,901        4,679   
  

 

 

   

 

 

 

Total current assets

     149,597        130,456   

Long-term investments

     37,896        35,608   

Property and equipment, net

     24,776        23,075   

Intangible assets, net

     2,099        2,394   

Goodwill

     317        317   

Other noncurrent assets

     726        753   
  

 

 

   

 

 

 

Total assets

   $ 215,411      $ 192,603   
  

 

 

   

 

 

 

Liabilities and Stockholders’ Equity

    

Current liabilities:

    

Accounts payable

   $ 1,898      $ 1,930   

Accrued liabilities

     9,101        9,037   

Deferred revenues, current

     74,337        67,505   

Capital lease obligations, current

     —          805   
  

 

 

   

 

 

 

Total current liabilities

     85,336        79,277   

Deferred revenues, noncurrent

     8,965        8,889   

Other noncurrent liabilities

     1,417        1,320   
  

 

 

   

 

 

 

Total liabilities

     95,718        89,486   

Stockholders’ equity:

    

Common stock

     33        32   

Additional paid-in capital

     188,923        176,641   

Accumulated other comprehensive loss

     (1,269     (1,088

Accumulated deficit

     (67,994     (72,468
  

 

 

   

 

 

 

Total stockholders’ equity

     119,693        103,117   
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 215,411      $ 192,603   
  

 

 

   

 

 

 


Qualys, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands)

 

     Nine Months Ended  
     September 30,  
     2014     2013  

Cash flows from operating activities:

    

Net income

   $ 4,474      $ 1,579   

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

    

Depreciation and amortization expense

     8,826        7,050   

Bad debt expense

     346        211   

Loss on disposal of property and equipment

     1        12   

Stock-based compensation

     7,100        3,808   

Amortization of premiums and accretion of discounts on investments

     427        188   

Excess tax benefits from stock-based compensation

     (131     (59

Changes in operating assets and liabilities:

    

Accounts receivable

     (2,042     (688

Prepaid expenses and other assets

     (1,238     229   

Accounts payable

     (48     (939

Accrued liabilities

     364        (549

Deferred revenues

     6,907        4,732   

Other noncurrent liabilities

     99        (383
  

 

 

   

 

 

 

Net cash provided by operating activities

     25,085        15,191   
  

 

 

   

 

 

 

Cash flows from investing activities:

    

Purchases of investments

     (117,279     (113,689

Sales and maturities of investments

     144,218        113,524   

Purchases of property and equipment

     (10,252     (10,364

Release of restricted cash

     —          114   
  

 

 

   

 

 

 

Net cash provided by (used in) investing activities

     16,687        (10,415
  

 

 

   

 

 

 

Cash flows from financing activities:

    

Proceeds from exercise of stock options

     5,046        3,374   

Excess tax benefits from stock-based compensation

     131        59   

Principal payments under capital lease obligations

     (805     (920
  

 

 

   

 

 

 

Net cash provided by financing activities

     4,372        2,513   
  

 

 

   

 

 

 

Effect of exchange rate changes on cash and cash equivalents

     (228     (56
  

 

 

   

 

 

 

Net increase in cash and cash equivalents

     45,916        7,233   

Cash and cash equivalents at beginning of period

     42,369        34,885   
  

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 88,285      $ 42,118   
  

 

 

   

 

 

 

Non-cash investing and financing activities:

    

Purchases of property and equipment included in accrued liabilities

   $ —        $ 731   

Vesting of early exercised common stock options

   $ 41      $ 204   


Qualys, Inc.

RECONCILIATION OF NON-GAAP DISCLOSURES

EBITDA AND ADJUSTED EBITDA

(Unaudited)

(in thousands)

 

     Three Months Ended     Nine Months Ended  
     September 30,     September 30,  
     2014      2013     2014     2013  

Net income

   $ 3,208       $ 1,309      $ 4,474      $ 1,579   

Depreciation and amortization of property and equipment

     2,946         2,452        8,532        6,731   

Amortization of intangible assets

     98         105        294        319   

Interest expense

     2         7        9        37   

Provision for income taxes

     283         210        639        372   
  

 

 

    

 

 

   

 

 

   

 

 

 

EBITDA

     6,537         4,083        13,948        9,038   

Stock-based compensation

     2,494         1,621        7,100        3,808   

Other (income) expense, net

     14         (31     (86     97   
  

 

 

    

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

   $ 9,045       $ 5,673      $ 20,962      $ 12,943   
  

 

 

    

 

 

   

 

 

   

 

 

 


Qualys, Inc.

RECONCILIATION OF NON-GAAP DISCLOSURES

(Unaudited)

(in thousands, except per share data)

 

     Three Months Ended      Nine Months Ended  
     September 30,      September 30,  
     2014      2013      2014      2013  

GAAP gross profit

   $ 26,927       $ 21,334       $ 75,564       $ 60,789   

Plus:

           

Stock-based compensation

     175         103         482         307   
  

 

 

    

 

 

    

 

 

    

 

 

 

Non-GAAP gross profit

   $ 27,102       $ 21,437       $ 76,046       $ 61,096   
  

 

 

    

 

 

    

 

 

    

 

 

 

GAAP income from operations

   $ 3,507       $ 1,495       $ 5,036       $ 2,085   

Plus:

           

Stock-based compensation

     2,494         1,621         7,100         3,808   
  

 

 

    

 

 

    

 

 

    

 

 

 

Non-GAAP income from operations

   $ 6,001       $ 3,116       $ 12,136       $ 5,893   
  

 

 

    

 

 

    

 

 

    

 

 

 

GAAP net income

   $ 3,208       $ 1,309       $ 4,474       $ 1,579   

Plus:

           

Stock-based compensation

     2,494         1,621         7,100         3,808   
  

 

 

    

 

 

    

 

 

    

 

 

 

Non-GAAP net income

   $ 5,702       $ 2,930       $ 11,574       $ 5,387   
  

 

 

    

 

 

    

 

 

    

 

 

 

Non-GAAP net income per share:

           

Basic

   $ 0.17       $ 0.09       $ 0.35       $ 0.17   
  

 

 

    

 

 

    

 

 

    

 

 

 

Diluted

   $ 0.15       $ 0.08       $ 0.31       $ 0.15   
  

 

 

    

 

 

    

 

 

    

 

 

 

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

           

Basic

     33,120         32,088         32,820         31,789   
  

 

 

    

 

 

    

 

 

    

 

 

 

Diluted

     37,080         36,247         37,006         35,704