Qualys (QLYS) FY2021 results: revenue $411 million, up 13.3% on the year

Qualys, Inc. (QLYS) reported revenue of $411 million for fiscal 2021, the year ended 31 December 2021, up 13.3% on the year before. Net income was $71 million, down 22.5%, and diluted earnings per share $1.77. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2022.

Revenue

$411 million

+13.3% on the year

FY2014FY2021

Operating margin

21.3%

26.6% a year earlier

FY2014FY2021

Net income

$71 million

-22.5% on the year

FY2014FY2021

Diluted EPS

$1.77

-21.0% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	411	363	322	+13.3%
Cost of revenue	89.4	79.2	69.5	+12.9%
Gross profit	322	284	252	+13.4%
Gross margin	78.2%	78.2%	78.4%
Research and development	81.3	72.5	68.2	+12.0%
Operating income	87.7	96.7	72.3	-9.3%
Operating margin	21.3%	26.6%	22.5%
Interest expense	0.0	0.0	0.1
Pre-tax income	89.4	102	80.0	-12.4%
Income tax	18.4	10.5	10.6	+76.2%
Effective tax rate	20.6%	10.3%	13.3%
Net income	71.0	91.6	69.3	-22.5%
Net margin	17.3%	25.2%	21.6%
Diluted EPS	$1.77	$2.24	$1.68	-21.0%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	201	180	161	+11.4%
Capital expenditure	24.4	30.0	27.6	-18.7%
Free cash flow	176	150	133	+17.4%
Free cash flow margin	42.9%	41.3%	41.4%
Cash from investing	-29.5	-80.9	-35.0
Cash from financing	-108	-113	-79.0
Depreciation and amortisation	35.9	32.8	31.2	+9.3%
Share-based compensation	67.6	40.0	34.9	+68.8%
Buybacks	130	127	86.4	+2.6%
Diluted shares, weighted	40m	41m	41m	-1.7%
Shares outstanding at period end	39m	39m	39m	-0.4%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	437	404	387	+8.0%
Debt	0.0	0.0	0.0
Operating lease liabilities	35.9	45.7	44.0	-21.4%
Finance lease liabilities	n/a	0.0	0.1
Other liabilities	342	287	245	+19.3%
Total liabilities and equity	815	737	676	+10.6%
Fixed assets	61.9	64.8	60.6	-4.6%
Goodwill	7.4	7.4	7.4	0.0%
Intangible assets	6.5	12.0	16.8	-45.5%
Investments	379	380	331	-0.3%
Cash and equivalents	137	74.1	87.6	+85.2%
Receivables	109	100	78.0	+8.8%
Other assets	113	97.9	94.4	+15.7%
Total assets	815	737	676	+10.6%

10-K for the year ended 31 December 2021, filed 22 February 2022: the filing.