Qualys (QLYS) FY2023 results: revenue $554 million, up 13.2% on the year

Qualys, Inc. (QLYS) reported revenue of $554 million for fiscal 2023, the year ended 31 December 2023, up 13.2% on the year before. Net income was $152 million, up 40.4%, and diluted earnings per share $4.03. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.

Revenue

$554 million

+13.2% on the year

FY2016FY2023

Operating margin

29.4%

26.7% a year earlier

FY2016FY2023

Net income

$152 million

+40.4% on the year

FY2016FY2023

Diluted EPS

$4.03

+47.1% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	554	490	411	+13.2%
Cost of revenue	107	103	89.4	+4.6%
Gross profit	447	387	322	+15.5%
Gross margin	80.6%	79.0%	78.2%
Research and development	110	101	81.3	+9.2%
Operating income	163	131	87.7	+24.9%
Operating margin	29.4%	26.7%	21.3%
Interest expense	n/a	0.0	0.0
Pre-tax income	179	134	89.4	+33.6%
Income tax	27.1	25.7	18.4	+5.2%
Effective tax rate	15.1%	19.2%	20.6%
Net income	152	108	71.0	+40.4%
Net margin	27.3%	22.1%	17.3%
Diluted EPS	$4.03	$2.74	$1.77	+47.1%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	245	199	201	+23.0%
Capital expenditure	8.8	15.4	24.4	-42.8%
Free cash flow	236	183	176	+28.5%
Free cash flow margin	42.5%	37.5%	42.9%
Cash from investing	-73.2	145	-29.5
Cash from financing	-141	-306	-108
Depreciation and amortisation	27.0	34.6	35.9	-22.0%
Share-based compensation	69.1	53.4	67.6	+29.3%
Buybacks	171	317	130	-46.2%
Diluted shares, weighted	38m	39m	40m	-4.4%
Shares outstanding at period end	37m	37m	39m	-1.2%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	368	289	437	+27.3%
Debt	0.0	0.0	0.0
Operating lease liabilities	16.9	29.1	35.9	-42.0%
Other liabilities	428	383	342	+11.7%
Total liabilities and equity	813	701	815	+15.9%
Fixed assets	32.6	47.4	61.9	-31.3%
Goodwill	7.4	7.4	7.4	0.0%
Intangible assets	9.7	12.8	6.5	-24.1%
Investments	279	207	379	+34.7%
Cash and equivalents	204	174	137	+17.2%
Receivables	146	122	109	+20.1%
Other assets	134	131	113	+2.7%
Total assets	813	701	815	+15.9%

10-K for the year ended 31 December 2023, filed 22 February 2024: the filing.