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Qualys Announces Second Quarter 2018 Financial Results

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Qualys Announces Second Quarter 2018 Financial Results

Revenue Growth of 23% Year-Over-Year

GAAP EPS: $0.24; Non-GAAP EPS: $0.39

Raises 2018 Revenue Guidance to $278.0-$279.2 million

Raises 2018 GAAP EPS Guidance to $0.84-$0.88

Raises 2018 Non-GAAP EPS Guidance to $1.46-$1.50

PR Newswire

FOSTER CITY, Calif., July 31, 2018 /PRNewswire/ -- Qualys, Inc. (NASDAQ:QLYS), a pioneer and leading provider of cloud-based security and compliance solutions, today announced financial results for the second quarter ended June 30, 2018. For the quarter, the Company reported revenues of $68.2 million, net income under Generally Accepted Accounting Principles ("GAAP") of $10.3 million, non-GAAP net income of $16.4 million, Adjusted EBITDA of $26.7 million, GAAP earnings per diluted share of $0.24, and non-GAAP earnings per diluted share of $0.39.

"We are very pleased with our second quarter results which were fueled by continued platform innovation and increased customer adoption of the Qualys Cloud Platform and its integrated Apps," said Philippe Courtot, chairman and CEO of Qualys. "We believe we are uniquely positioned to enable customers to consolidate their security and compliance stack, drastically reducing their spend. In addition, our true platform approach provides our customers with a single-pane-of-glass view across on-premises assets, endpoints, clouds, and early next year, mobile environments. As we continue delivering additional best-of-breed detection and response capabilities through the Qualys Cloud Platform, we believe that our customers' savings will compound. Furthermore, we are now well on our way to providing CIOs with a continuous and updated view of their global IT assets with two-way synchronization with their CMDBs. Such capability is the cornerstone of security, as without visibility, there is no security."

Second Quarter 2018 Financial Highlights

Revenues: Revenues for the second quarter of 2018 increased by 23% to $68.2 million compared to $55.3 million for the same quarter in 2017.

Gross Profit: GAAP gross profit for the second quarter of 2018 increased by 20% to $51.9 million compared to $43.1 million for the same quarter in 2017. GAAP gross margin percentage was 76% for the second quarter of 2018 compared to 78% for the same quarter in 2017. Non-GAAP gross profit for the second quarter of 2018 increased by 22% to $53.4 million compared to $43.7 million for the same quarter in 2017. Non-GAAP gross margin percentage was 78% for the second quarter of 2018 compared to 79% for the same quarter in 2017.

Operating Income: GAAP operating income for the second quarter of 2018 increased by 21% to $10.9 million compared to $9.0 million for the same quarter in 2017. As a percentage of revenues, GAAP operating income was 16% for the second quarter of 2018 compared to 16% for the same quarter in 2017. Non-GAAP operating income for the second quarter of 2018 increased by 32% to $20.4 million compared to $15.5 million for the same quarter in 2017. As a percentage of revenues, non-GAAP operating income was 30% for the second quarter of 2018 compared to 28% for the same quarter in 2017.

Net Income: GAAP net income for the second quarter of 2018 was $10.3 million, or $0.24 per diluted share, compared to $7.2 million, or $0.18 per diluted share, for the same quarter in 2017. Non-GAAP net income for the second quarter of 2018 was $16.4 million, or $0.39 per diluted share, compared to non-GAAP net income of $10.1 million, or $0.26 per diluted share, for the same quarter in 2017.

Adjusted EBITDA: Adjusted EBITDA (a non-GAAP financial measure) for the second quarter of 2018 increased by 31% to $26.7 million compared to $20.4 million for the same quarter in 2017. As a percentage of revenues, Adjusted EBITDA was 39% for the second quarter of 2018 compared to 37% for the same quarter in 2017.

Operating Cash Flow: Operating cash flow for the second quarter of 2018 increased by 47% to $24.2 million compared to $16.5 million for the same quarter in 2017. As a percentage of revenues, operating cash flow was 36% for the second quarter of 2018 compared to 30% for the same quarter in 2017.

Adoption of the new revenue recognition standard (ASC 606): ASC 606 resulted in the Company being required to capitalize commission expenses relating to new and upsell business and amortizing the expense over 5 years effective January 1, 2018. Without the adoption of ASC 606, commission expenses would have been $0.5 million higher in the second quarter of 2018.

Second Quarter 2018 Business Highlights

Select New Customers:

  • Atrium Health, Danone, Government of the District of Columbia, Hexion, ManpowerGroup, Philips Lighting, Room & Board, Southern Company, TE Connectivity, Zscaler.

Business Highlights:

  • Hosted Virtual Analyst & Investors Day. Qualys' executive team discussed the Company's vision, strategy, product roadmap and investment highlights as well as showcased forthcoming new applications.
  • Unveiled Qualys Community Edition, a free cloud-based service that gives small organizations unified visibility of their own or their clients' IT and web assets, and the ability to easily assess security and compliance postures using the accuracy and reliability of the Qualys Cloud Platform.
  • Announced an expanded partnership with Carahsoft under which Carahsoft will proactively market, sell and distribute the FedRAMP-authorized Qualys Gov Platform to federal agencies as well as state and local governments.
  • Released the Qualys' Container Security (CS) App, a new cloud app that enables customers to build continuous security into their global container deployments and DevOps processes at any scale, and integrate the results into one unified view of their global hybrid IT security and compliance posture, breaking down silos and lowering ownership cost.
  • Introduced new functionality for the Security Assessment Questionnaire (SAQ) Cloud App, allowing customers the ability to achieve better visibility of data across their own network and supply chain for compliance with the European Union's General Data Protection Regulations.
  • Announced the introduction of Asset Inventory (AI), a new groundbreaking App for global IT asset inventory and Configuration Management Databases (CMDB) synchronization, providing customers with a single "source of truth" for all IT assets within hybrid environments, including on-premises, endpoints, clouds and (in the near future) mobile.
  • Purchased a minority stake in 42Crunch Ltd. as the first Qualys venture investment and simultaneously signed a distribution agreement. 42Crunch has developed an API security platform enabling organizations to quickly deliver applications built on secure APIs.

Financial Performance Outlook

Third Quarter 2018 Guidance: Management expects revenues for the third quarter of 2018 to be in the range of $70.9 million to $71.5 million, representing 19% to 20% growth over the same quarter in 2017. GAAP net income per diluted share is expected to be in the range of $0.20 to $0.22, which assumes an effective income tax rate of 26%. Non-GAAP net income per diluted share is expected to be in the range of $0.37 to $0.39, which assumes an effective non-GAAP income tax rate of 23%. Third quarter 2018 EPS estimates are based on approximately 42.2 million weighted average diluted shares outstanding for the quarter.

Full Year 2018 Guidance: Management now expects revenues for the full year 2018 to be in the range of $278.0 million to $279.2 million, up from the previous guidance range of $276.8 million to $278.5 million. Expected growth over the full year 2017 is 20% to 21%. GAAP net income per diluted share is now expected to be in the range of $0.84 to $0.88, which assumes an effective income tax rate of 18%, up from the previous guidance range of $0.74 to $0.79. Non-GAAP net income per diluted share is now expected to be in the range of $1.46 to $1.50, which assumes an effective income tax rate of 23%, up from the previous guidance range of $1.43 to $1.48. Full year 2018 EPS estimates are based on approximately 42.1 million weighted average diluted shares outstanding.

Investor Conference Call

Qualys will host a conference call and live webcast to discuss its second quarter financial results at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) on Tuesday, July 31, 2018. To access the conference call, dial (877) 881-2609 in the U.S. or (970) 315-0463 for international participants with conference ID # 8243829. The live webcast of Qualys' earnings conference call, investor presentation, and prepared remarks can also be accessed at https://investor.qualys.com/events.cfm. A replay of the conference call will be available through the same webcast link following the end of the call.

Investor Contact

Melissa Fisher
Chief Financial Officer
(650) 801-6100
ir@qualys.com

About Qualys, Inc.

Qualys, Inc. (NASDAQ:QLYS) is a pioneer and leading provider of cloud-based security and compliance solutions with over 10,300 customers in more than 130 countries, including a majority of each of the Forbes Global 100 and Fortune 100. Qualys helps organizations streamline and consolidate their security and compliance solutions in a single platform and build security into digital transformation initiatives for greater agility, better business outcomes and substantial cost savings. The Qualys Cloud Platform and its integrated Cloud Apps deliver businesses critical security intelligence continuously, enabling them to automate the full spectrum of auditing, compliance and protection for IT systems and web applications on premises, on endpoints and elastic clouds. Founded in 1999 as one of the first SaaS security companies, Qualys has established strategic partnerships with leading managed service providers and consulting organizations including Accenture, BT, Cognizant Technology Solutions, Deutsche Telekom, DXC Technology, Fujitsu, HCL Technologies, IBM, Infosys, NTT, Optiv, SecureWorks, Tata Communications, Verizon and Wipro. The company is also a founding member of the Cloud Security Alliance. For more information, please visit www.qualys.com.

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

Legal Notice Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements in this press release include, but are not limited to, statements related to: our ability to maintain leadership in securing global IT environments and helping customers secure their digital transformation initiatives and reduce their spend; the growth of our business, including adoption of our existing solutions and our new offerings to both existing and new customers; our expectations regarding the introduction of new solutions, including for mobile environments; the capabilities of our platform; the expansion of our partnerships and the related benefits of such partnerships; our strategy and our business model and our ability to execute such strategy; our guidance for revenues, GAAP EPS and non-GAAP EPS for the third quarter and full year 2018, and our expectations for the number of weighted average diluted shares outstanding and effective income tax rate for the third quarter and full year 2018. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include our ability to continue to develop platform capabilities and solutions; the ability of our platform and solutions to perform as intended; customer acceptance and purchase of our existing solutions and new solutions; real or perceived defects, errors or vulnerabilities in our products or services; our ability to retain existing customers and generate new customers; the budgeting cycles, seasonal buying patterns and length of our sales cycle; our ability to manage costs as we increase our customer base and the number of our platform solutions; the market for cloud solutions for IT security and compliance not increasing at the rate we expect; competition from other products and services; fluctuations in currency exchange rates, unexpected fluctuations in our effective tax rate on a GAAP and non-GAAP basis, our ability to effectively manage our rapid growth and our ability to anticipate future market needs and opportunities; any unanticipated accounting charges; and general market, political, economic and business conditions in the United States as well as globally. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission, including our Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, filed with the Securities and Exchange Commission on May 8, 2018.

The forward-looking statements in this press release are based on information available to Qualys as of the date hereof, and Qualys disclaims any obligation to update any forward-looking statements, except as required by law.

Non-GAAP Financial Measures

In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, Qualys monitors operating measures of non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, and non-GAAP net income per diluted share. In computing these non-GAAP financial measures, Qualys excludes the effects of stock-based compensation expense, non-recurring expenses and acquisition-related expenses that do not reflect ongoing costs of operating the business. Qualys also monitors Adjusted EBITDA (defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, other (income) expense, net, non-recurring expenses, and acquisition-related expenses that do not reflect ongoing costs of operating the business). Qualys believes that these non-GAAP operating metrics help illustrate underlying trends in its business that could otherwise be masked by the effect of the income or expenses, as well as the related tax effects, that are excluded in non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income per diluted share and Adjusted EBITDA.

Furthermore, Qualys uses these operating measures to establish budgets and operational goals for managing its business and evaluating its performance. Qualys believes that non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income per diluted share, and Adjusted EBITDA provide additional tools for investors to use in comparing its recurring core business operating results over multiple periods with other companies in its industry. Non-GAAP net income and non-GAAP net income per diluted share for the three months ended June 30, 2018 excludes $0.8 million of amortization of intangibles from acquisitions of Nevis Networks, NetWatcher and 1 Mobility and $1.6 million of compensation expense from the acquisition of NetWatcher that do not reflect ongoing costs of operating the business.

Qualys has not reconciled non-GAAP net income per diluted share guidance to GAAP net income per diluted share because Qualys does not provide guidance on the various reconciling cash and non-cash items between GAAP net income and non-GAAP net income (i.e., stock-based compensation and non-recurring expenses). The actual dollar amount of reconciling items in the third quarter and full year 2018 is likely to have a significant impact on the Company's GAAP net income per diluted share in the third quarter and full year 2018. Accordingly, a reconciliation of the non-GAAP net income per diluted share guidance to the GAAP net income per diluted share guidance is not available without unreasonable effort.

In order to provide a more complete picture of recurring core operating business results, the Company's non-GAAP net income and non-GAAP net income per diluted share include tax adjustments required to achieve the effective tax rate on a non-GAAP basis, which could differ from the GAAP effective tax rate. The Company believes its estimated non-GAAP effective tax rate of 23% in 2018 is a reasonable estimate under its global operating structure. The Company intends to re-evaluate the non-GAAP effective tax rate on an annual basis. However, it may adjust this rate during the year to take into account events or trends that it believes materially impact the estimated annual rate. The non-GAAP effective tax rate could be subject to change for a number of reasons, including but not limited to, significant changes resulting from tax legislation, material changes in geographic mix of revenues and expenses and other significant events.

The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of the non-GAAP financial measures discussed in this press release to the most directly comparable GAAP financial measures is included with the financial statements contained in this press release. Management uses both GAAP and non-GAAP information in evaluating and operating its business internally and as such has determined that it is important to provide this information to investors.

Qualys, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(in thousands, except per share data)



Three Months Ended


Six Months Ended


June 30,


June 30,


2018


2017


2018


2017

Revenues

$

68,153



$

55,302



$

133,031



$

108,423


Cost of revenues (1)

16,248



12,153



32,149



24,447


Gross profit

51,905



43,149



100,882



83,976


Operating expenses:








Research and development  (1)

13,128



10,525



25,681



20,348


Sales and marketing (1)

18,976



15,383



35,209



31,397


General and administrative (1)

8,906



8,232



20,691



15,566


Total operating expenses

41,010



34,140



81,581



67,311


Income from operations

10,895



9,009



19,301



16,665


Other income (expense), net:








Interest expense

(39)



(1)



(77)



(3)


Interest income

1,452



541



2,542



1,022


Other expense, net

(529)



(180)



(336)



(206)


Total other income, net

884



360



2,129



813


Income before income taxes

11,779



9,369



21,430



17,478


Provision for (benefit from) income taxes

1,486



2,167



1,995



(11,654)


Net income

$

10,293



$

7,202



$

19,435



$

29,132


Net income per share:








Basic

$

0.26



$

0.19



$

0.50



$

0.79


Diluted

$

0.24



$

0.18



$

0.46



$

0.74


Weighted average shares used in computing net income per share:








Basic

38,987



37,277



38,843



36,887


Diluted

42,215



39,535



42,074



39,207


















(1) Includes stock-based compensation as follows:
















Cost of revenues

$

609



$

536



$

1,263



$

1,037


Research and development

1,976



1,505



3,817



2,726


Sales and marketing

1,105



1,129



2,506



2,213


General and administrative

3,333



3,277



8,328



4,803


Total stock-based compensation

$

7,023



$

6,447



$

15,914



$

10,779


 

Qualys, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(in thousands)



Three Months Ended


Six Months Ended


June 30,


June 30,


2018


2017


2018


2017

Net income

$

10,293



$

7,202



$

19,435



$

29,132


Available-for-sale marketable securities:








Change in net unrealized gain (loss), net of tax

65



(29)



(342)



(80)


Reclassification adjustment for net realized gain included in net income, net of tax

79



20



95



2


Other comprehensive income (loss), net of tax

144



(9)



(247)



(78)


Comprehensive income

$

10,437



$

7,193



$

19,188



$

29,054


 

Qualys, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands)



June 30, 2018


December 31, 2017

Assets




Current assets:




Cash and cash equivalents

$

86,779



$

86,591


Short-term marketable securities

235,740



201,823


Accounts receivable, net

52,535



64,412


Prepaid expenses and other current assets

15,815



16,524


Total current assets

390,869



369,350


Long-term marketable securities

64,215



67,224


Property and equipment, net

64,973



58,557


Deferred tax assets, net

23,570



25,066


Intangible assets, net

14,605



12,401


Long-term investment

2,500




Goodwill

1,849



1,549


Restricted cash

1,200



1,200


Other noncurrent assets

7,134



2,178


Total assets

$

570,915



$

537,525


Liabilities and Stockholders' Equity




Current liabilities:




Accounts payable

$

1,024



$

1,144


Accrued liabilities

27,454



21,444


Deferred revenues, current

151,419



143,186


Total current liabilities

179,897



165,774


Deferred revenues, noncurrent

13,327



17,136


Other noncurrent liabilities

12,452



11,071


Total liabilities

205,676



193,981


Stockholders' equity:




Common stock

39



39


Additional paid-in capital

320,226



304,155


Accumulated other comprehensive loss

(821)



(574)


Retained earnings

45,795



39,924


Total stockholders' equity

365,239



343,544


Total liabilities and stockholders' equity

$

570,915



$

537,525


 

Qualys, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands)



Six Months Ended June 30,


2018


2017

Cash flows from operating activities:




Net income

$

19,435



$

29,132


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




Depreciation and amortization expense

14,249



9,783


Bad debt expense



296


Loss on disposal of property and equipment

9



2


Stock-based compensation

15,914



10,779


Amortization of premiums and accretion of discounts on marketable securities

(169)



850


Deferred income taxes

681



(20,897)


Excess tax benefits included in deferred tax assets



8,368


Changes in operating assets and liabilities:




Accounts receivable

11,876



369


Prepaid expenses and other assets

(4,073)



(1,067)


Accounts payable

(331)



(206)


Accrued liabilities

6,238



109


Deferred revenues

4,424



10,947


Other noncurrent liabilities

(1,026)



477


Net cash provided by operating activities

67,227



48,942


Cash flows from investing activities:




Purchases of marketable securities

(151,825)



(102,665)


Sales and maturities of marketable securities

120,838



111,288


Purchases of property and equipment

(13,240)



(13,179)


Business acquisitions

(3,359)




Purchase of privately-held investment

(2,500)




Net cash used in investing activities

(50,086)



(4,556)


Cash flows from financing activities:




Proceeds from exercise of stock options

12,174



14,603


Payments for taxes related to employee net share settlement of equity awards

(8,935)



(15,154)


Principal payments under capital lease obligations

(794)




Repurchase of common stock

(19,356)




Net cash used in financing activities

(16,911)



(551)


Effect of exchange rate changes on cash and cash equivalents

(42)




Net increase in cash, cash equivalents and restricted cash

188



43,835


Cash, cash equivalents and restricted cash at beginning of period

87,791



87,937


Cash, cash equivalents and restricted cash at end of period

$

87,979



$

131,772


 

Qualys, Inc.

RECONCILIATION OF NON-GAAP DISCLOSURES

EBITDA AND ADJUSTED EBITDA

(Unaudited)

(in thousands)



Three Months Ended


Six Months Ended


June 30,


June 30,


2018


2017


2018


2017

Net income

$

10,293



$

7,202



$

19,435



$

29,132


Depreciation and amortization of property and equipment

6,342



4,854



12,752



9,564


Amortization of intangible assets

864



109



1,497



219


Interest expense

39



1



77



3


Provision for (benefit from) income taxes

1,486



2,167



1,995



(11,654)


EBITDA

19,024



14,333



35,756



27,264


Stock-based compensation

7,023



6,447



15,914



10,779


Other expense, net

(923)



(361)



(2,206)



(816)


Acquisition-related expense

1,610





1,888




Adjusted EBITDA

$

26,734



$

20,419



$

51,352



$

37,227


 

Qualys, Inc.

RECONCILIATION OF NON-GAAP DISCLOSURES

(Unaudited)

(in thousands, except per share data)



Three Months Ended


Six Months Ended


June 30,


June 30,


2018


2017


2018


2017

GAAP Cost of revenues

$

16,248



$

12,153



$

32,149



$

24,447


Less: Stock-based compensation

(609)



(536)



(1,263)



(1,037)


Less: Intangible asset amortization (1)

(839)





(1,447)




Non-GAAP Cost of revenues

$

14,800



$

11,617



$

29,439



$

23,410










GAAP Gross profit

$

51,905



$

43,149



$

100,882



$

83,976


Plus: Stock-based compensation

609



536



1,263



1,037


Plus: Intangible asset amortization (1)

839





1,447




Non-GAAP Gross profit

$

53,353



$

43,685



$

103,592



$

85,013










GAAP Research and development

$

13,128



$

10,525



$

25,681



$

20,348


Less: Stock-based compensation

(1,976)



(1,505)



(3,817)



(2,726)


Less: Acquisition-related expense (2)

(43)





(86)




Non-GAAP Research and development

$

11,109



$

9,020



$

21,778



$

17,622










GAAP Sales and marketing

$

18,976



$

15,383



$

35,209



$

31,397


Less: Stock-based compensation

(1,105)



(1,129)



(2,506)



(2,213)


Less: Acquisition-related expense (2)

(1,567)





(1,802)




Non-GAAP Sales and marketing

$

16,304



$

14,254



$

30,901



$

29,184










GAAP General and administrative

$

8,906



$

8,232



$

20,691



$

15,566


Less: Stock-based compensation

(3,333)



(3,277)



(8,328)



(4,803)


Non-GAAP General and administrative

$

5,573



$

4,955



$

12,363



$

10,763










GAAP Operating expenses

$

41,010



$

34,140



$

81,581



$

67,311


Less: Stock-based compensation

(6,414)



(5,911)



(14,651)



(9,742)


Less: Acquisition-related expense (2)

(1,610)





(1,888)




Non-GAAP Operating expenses

$

32,986



$

28,229



$

65,042



$

57,569










GAAP Income from operations

$

10,895



$

9,009



$

19,301



$

16,665


Plus: Stock-based compensation

7,023



6,447



15,914



10,779


Plus: Intangible asset amortization (1)

839





1,447




Plus: Acquisition-related expense (2)

1,610





1,888




Non-GAAP Income from operations

$

20,367



$

15,456



$

38,550



$

27,444










GAAP Net income

$

10,293



$

7,202



$

19,435



$

29,132


Plus: Stock-based compensation

7,023



6,447



15,914



10,779


Plus: Intangible asset amortization (1)

839





1,447




Plus: Acquisition-related expense (2)

1,610





1,888




Less: Tax adjustment

(3,402)



(3,527)



(7,361)



(21,827)


Non-GAAP Net income

$

16,363



$

10,122



$

31,323



$

18,084










Non-GAAP Net income per share:








   Basic

$

0.42



$

0.27



$

0.81



$

0.49


   Diluted

$

0.39



$

0.26



$

0.74



$

0.46


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








Basic

38,987



37,277



38,843



36,887


Diluted

42,215



39,535



42,074



39,207



Note (1): Includes amortization of intangible assets from acquisitions of Nevis Networks, NetWatcher and 1Mobility.

Note (2): Relates to compensation expense from the acquisition of NetWatcher.

 

Qualys, Inc.

RECONCILIATION OF NON-GAAP DISCLOSURES

FREE CASH FLOWS

(Unaudited)

(in thousands)



Six Months Ended June 30,


2018


2017

GAAP Cash flows provided by operating activities

$

67,227



$

48,942


Less:




Purchases of property and equipment

(13,240)



(13,179)


Principal payments under capital lease obligations

(794)




Non-GAAP Free cash flows

53,193



35,763


 

Cision View original content:http://www.prnewswire.com/news-releases/qualys-announces-second-quarter-2018-financial-results-300688824.html

SOURCE Qualys, Inc.

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