Qualys (QLYS) FY2022 results: revenue $490 million, up 19.1% on the year

Qualys, Inc. (QLYS) reported revenue of $490 million for fiscal 2022, the year ended 31 December 2022, up 19.1% on the year before. Net income was $108 million, up 52.2%, and diluted earnings per share $2.74. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2023.

Revenue

$490 million

+19.1% on the year

FY2015FY2022

Operating margin

26.7%

21.3% a year earlier

FY2015FY2022

Net income

$108 million

+52.2% on the year

FY2015FY2022

Diluted EPS

$2.74

+54.8% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	490	411	363	+19.1%
Cost of revenue	103	89.4	79.2	+14.9%
Gross profit	387	322	284	+20.3%
Gross margin	79.0%	78.2%	78.2%
Research and development	101	81.3	72.5	+24.5%
Operating income	131	87.7	96.7	+48.9%
Operating margin	26.7%	21.3%	26.6%
Interest expense	0.0	0.0	0.0
Pre-tax income	134	89.4	102	+49.6%
Income tax	25.7	18.4	10.5	+39.4%
Effective tax rate	19.2%	20.6%	10.3%
Net income	108	71.0	91.6	+52.2%
Net margin	22.1%	17.3%	25.2%
Diluted EPS	$2.74	$1.77	$2.24	+54.8%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	199	201	180	-0.9%
Capital expenditure	15.4	24.4	30.0	-37.1%
Free cash flow	183	176	150	+4.1%
Free cash flow margin	37.5%	42.9%	41.3%
Cash from investing	145	-29.5	-80.9
Cash from financing	-306	-108	-113
Depreciation and amortisation	34.6	35.9	32.8	-3.6%
Share-based compensation	53.4	67.6	40.0	-21.0%
Buybacks	317	130	127	+144.2%
Diluted shares, weighted	39m	40m	41m	-1.9%
Shares outstanding at period end	37m	39m	39m	-4.5%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	289	437	404	-33.8%
Debt	0.0	0.0	0.0
Operating lease liabilities	29.1	35.9	45.7	-18.9%
Finance lease liabilities	n/a	n/a	0.0
Other liabilities	383	342	287	+11.9%
Total liabilities and equity	701	815	737	-13.9%
Fixed assets	47.4	61.9	64.8	-23.3%
Goodwill	7.4	7.4	7.4	0.0%
Intangible assets	12.8	6.5	12.0	+95.6%
Investments	207	379	380	-45.5%
Cash and equivalents	174	137	74.1	+26.5%
Receivables	122	109	100	+11.7%
Other assets	131	113	97.9	+15.6%
Total assets	701	815	737	-13.9%

10-K for the year ended 31 December 2022, filed 23 February 2023: the filing.