Loading...
•
Mar 31, 2021
Qualys Q1 2021 Earnings Report
Reported revenue growth of 12% year-over-year and non-GAAP EPS of $0.74, while raising 2021 revenue guidance.
Key Takeaways
Qualys announced financial results for the first quarter ended March 31, 2021, with revenues of $96.8 million and non-GAAP EPS of $0.74. The company's Vulnerability Management, Detection and Response (VMDR) application saw strong adoption, with paid Cloud Agent subscriptions growing approximately 58% year-over-year. Qualys raised its 2021 revenue guidance to $402.5-$404.5 million.
Revenues for the first quarter of 2021 increased by 12% to $96.8 million compared to $86.3 million for the same quarter in 2020.
GAAP gross profit for the first quarter of 2021 increased by 11% to $75.1 million compared to $67.8 million for the same quarter in 2020.
Non-GAAP operating income for the first quarter of 2021 increased by 16% to $37.1 million compared to $31.9 million for the same quarter in 2020.
GAAP net income for the first quarter of 2021 was $0.2 million, or $0.01 per diluted share
Qualys
Qualys
Forward Guidance
Qualys is issuing financial guidance for the second quarter and full year fiscal 2021.
Positive Outlook
- Management expects revenues for the second quarter of 2021 to be in the range of $98.6 million to $99.2 million, representing 11% to 12% growth over the same quarter in 2020.
- GAAP net income per diluted share is expected to be in the range of $0.37 to $0.39, which assumes an effective income tax rate of 31%.
- Non-GAAP net income per diluted share is expected to be in the range of $0.67 to $0.69, which assumes a non-GAAP effective income tax rate of 21%.
- Management now expects revenues for the full year of 2021 to be in the range of $402.5 million to $404.5 million, representing 11% growth over 2020, up from the previous guidance range of $399.0 million to $402.0 million.
- Non-GAAP net income per diluted share is expected to be in the range of $2.67 to $2.72, up from the previous guidance range of $2.60 to $2.65.
Challenges Ahead
- GAAP net income per diluted share is expected to be in the range of $1.06 to $1.11, down from the previous guidance range of $1.39 to $1.44.
- This assumes an effective income tax rate of 28%, up from the previous assumption of 26%.
- The Company emphasizes that the guidance is subject to various important cautionary factors referenced in the section entitled “Legal Notice Regarding Forward-Looking Statements” below, including risks and uncertainties associated with the COVID-19 pandemic.
- Second quarter 2021 net income per diluted share estimates are based on approximately 40.3 million weighted average diluted shares outstanding for the quarter.
- Full year 2021 net income per diluted share estimates are based on approximately 40.4 million weighted average diluted shares outstanding.