Qualys (QLYS) Q3 FY2023 earnings: revenue $142 million, up 13.1% on the year

Qualys, Inc. (QLYS) reported revenue of $142 million for Q3 FY2023, the quarter ended 30 September 2023, up 13.1% on the same quarter a year earlier. Net income was $47 million, up 68.2% on the year, and diluted earnings per share $1.24. The figures are the company's own, from the 10-Q it filed with the SEC on 2 November 2023.

Revenue$142 millionup 13.1%

Net income$47 millionup 68.2%

Diluted EPS$1.24

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	142	n/a	n/a	n/a
Cost of revenue	26.7	n/a	n/a	n/a
Gross profit	115	n/a	n/a	n/a
Gross margin	81.2%	n/a	n/a
Research and development	27.8	n/a	n/a	n/a
Operating income	43.6	n/a	n/a	n/a
Operating margin	30.7%	n/a	n/a
Pre-tax income	48.0	n/a	n/a	n/a
Income tax	1.5	n/a	n/a	n/a
Effective tax rate	3.1%	n/a	n/a
Net income	46.5	n/a	n/a	n/a
Net margin	32.8%	n/a	n/a
Diluted EPS	$1.24	n/a	n/a	n/a

$ 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 and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	92.4	n/a	n/a	n/a
Capital expenditure	1.8	n/a	n/a	n/a
Free cash flow	90.6	n/a	n/a	n/a
Free cash flow margin	63.8%	n/a	n/a
Cash from investing	-49.8	n/a	n/a	n/a
Cash from financing	-20.1	n/a	n/a	n/a
Depreciation and amortisation	6.7	n/a	n/a	n/a
Share-based compensation	18.5	n/a	n/a	n/a
Buybacks	38.9	n/a	n/a	n/a
Diluted shares, weighted	37m	n/a	n/a	n/a
Shares outstanding at period end	37m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	323	n/a	n/a	n/a
Operating lease liabilities	19.7	n/a	n/a	n/a
Other liabilities	409	n/a	n/a	n/a
Total liabilities and equity	752	n/a	n/a	n/a
Fixed assets	36.2	n/a	n/a	n/a
Goodwill	7.4	n/a	n/a	n/a
Intangible assets	10.5	n/a	n/a	n/a
Investments	252	n/a	n/a	n/a
Cash and equivalents	209	n/a	n/a	n/a
Receivables	103	n/a	n/a	n/a
Other assets	133	n/a	n/a	n/a
Total assets	752	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	142	145	146	149	154	159	160	164	170	175	176	182
Cost of revenue	26.7	27.1	27.2	26.4	28.8	29.0	28.9	28.9	27.8	29.2	30.0	30.2
Gross profit	115	117	119	122	125	130	131	135	142	146	146	152
Gross margin	81%	81%	81%	82%	81%	82%	82%	82%	84%	83%	83%	83%
R&D	27.8	27.5	27.5	27.1	28.9	28.3	29.2	30.2	28.9	29.0	29.0	30.7
Operating income	43.6	41.5	44.8	48.1	45.0	49.4	51.8	51.4	60.0	58.8	60.9	61.9
Operating margin	31%	29%	31%	32%	29%	31%	32%	31%	35%	34%	35%	34%
Pre-tax income	48.0	47.6	49.5	54.2	52.3	53.8	58.3	58.8	65.3	64.4	65.0	67.1
Tax rate	3%	15%	20%	19%	12%	18%	18%	20%	23%	18%	22%	22%
Net income	46.5	40.6	39.7	43.8	46.2	44.0	47.5	47.3	50.3	53.1	50.6	52.4
Net margin	33%	28%	27%	29%	30%	28%	30%	29%	30%	30%	29%	29%
Diluted EPS	$1.24	$1.08	$1.05	$1.17	$1.24	$1.19	$1.29	$1.29	$1.39	$1.47	$1.42	$1.50
Operating cash flow	92.4	33.8	85.5	49.8	61.0	47.7	110	33.8	90.4	75.7	95.3	59.6
Capital expenditure	1.8	1.5	2.1	1.0	3.4	5.8	2.0	1.3	0.9	0.7	1.7	3.7
Free cash flow	90.6	32.3	83.5	48.8	57.6	41.9	108	32.4	89.5	74.9	93.6	55.9
Buybacks	38.9	23.1	18.0	35.0	44.2	42.7	39.7	49.9	49.2	44.7	53.5	77.9
Shares outstanding	37m	37m	37m	37m	37m	37m	36m	36m	36m	36m	35m	35m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 2 November 2023, accession 0001107843-23-000007: the filing on EDGAR. All of Qualys, Inc.'s filings: EDGAR company page.

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