Qlik Technologies has reported Q4 2013 revenue that shaded market expectations, much to the relief of some analysts who have become concerned that more nimble rivals might be eating into Qlik’s market.
- Total revenue for the fourth quarter of 2013 was $161.8 million, an increase of 18% from $137.5 million for the fourth quarter of 2012. License revenue for the fourth quarter of 2013 was $103.1 million, an increase of 10% from $93.5 million for the fourth quarter of 2012. Foreign currency exchange rate fluctuations from the prior year period positively impacted total revenue by 1%.
- GAAP income from operations for the fourth quarter of 2013 was $32.7 million, an increase compared to GAAP income from operations of $26.5 million for the fourth quarter of 2012. GAAP net income was $8.3 million for the fourth quarter of 2013, or $0.09 per diluted common share, compared to GAAP net income of $13.3 million, or $0.15 per diluted common share, for the fourth quarter of 2012.
- Total revenue for the full year 2013 was $470.5 million, an increase of 21% from the full year 2012. License revenue was $270.8 million, an increase of 13% over the prior year. Foreign currency exchange rate fluctuations from the prior year period impacted total revenue by less than 1%.
- GAAP income from operations for the full year 2013 was $3.4 million, compared to $14.6 million for the full year 2012. GAAP net loss for full year 2013 was ($10.0) million, or $(0.11) per diluted common share, compared to GAAP net income of $3.8 million, or $0.04 per diluted common share, for the full year 2012.
Looking forward, Qlik is offering full year revenue guidance in the range $545-555 million or between 16-18%. This is modest when compared to others.
Commenters will draw comparisons with Tableau which we discussed earlier in the month. While Tableau is less than half the size of Qlik by revenue, the momentum is with Tableau. For example, in the last quarter, Qlik claimed to close 208 deals with licence and maintenance of at least $100,000. Tableau closed 179 deals of the same or similar size in the same period. Where Qlik maintains momentum though is in the installed base where it claims 66% of license and first year maintenance billings were generated from existing customers.
They will extend their deployment of QlikView to drive quality and claims analysis for their accountable care organization, as well as add value to their Oracle PeopleSoft environment by making QlikView their ERP analytics standard.
Qlik is in something of a hiatus stage. Later in the year, it expects to put QlikView.Next into general release. The idea is to open the product up to more applications via a set of open APIs while at the same time driving ease of use for end users. In this context, you can consider QlikView.Next as a business intelligence platform. CEO Lars Björk talked about this during the analyst call, albeit in somewhat vague terms:
But I think what we enable with the new product, as I talked before, the open interface is going to take us there. The ease-of-use is going to take us there. The focus on marriage-ing the needs of IT and business users, what we call governed business discovery, I think is going to be a huge milestone in the Next release. I think a lot of enterprises realize that visualization and such is an important component of our offering. But you need more than just visualization, and that’s what goes into QlikView.Next.
While the company downplays the impact that QlikView.Next will have on revenue in the current year, there is no question that the timing of its annual customer event – October – suggests that the company is expecting the new product to accelerate relatively lackluster growth.
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