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Mar 31, 2022
Qualys Q1 2022 Earnings Report
Reported revenue growth and strong cash flow generation.
Key Takeaways
Qualys announced strong Q1 2022 financial results with revenue of $113.4 million, a 17% increase year-over-year. GAAP EPS was $0.64 and non-GAAP EPS was $0.89. The company raised its 2022 revenue guidance to $484.0-$486.5 million and announced a $200 million increase to its share repurchase program.
Revenue for the first quarter of 2022 increased by 17% to $113.4 million compared to $96.8 million for the same quarter in 2021.
GAAP net income for the first quarter of 2022 was $25.4 million, or $0.64 per diluted share.
Non-GAAP net income for the first quarter of 2022 was $35.6 million, or $0.89 per diluted share.
Operating cash flow for the first quarter of 2022 increased by 37% to $79.0 million compared to $57.9 million for the same quarter in 2021.
Qualys
Qualys
Forward Guidance
Qualys is issuing financial guidance for the second quarter and full year fiscal 2022.
Positive Outlook
- Management expects revenues for the second quarter of 2022 to be in the range of $117.0 million to $117.8 million, representing 17% to 18% growth over the same quarter in 2021.
- GAAP net income per diluted share is expected to be in the range of $0.47 to $0.49, which assumes an effective income tax rate of 29%.
- Non-GAAP net income per diluted share is expected to be in the range of $0.78 to $0.80, which assumes a non-GAAP effective income tax rate of 24%.
- Management now expects revenues for the full year of 2022 to be in the range of $484.0 million to $486.5 million, representing 18% growth over 2021, up from the previous guidance range of $482.0 million to $485.0 million.
- GAAP net income per diluted share is expected to be in the range of $1.91 to $1.95, up from the previous guidance range of $1.59 to $1.64.
Challenges Ahead
- The Company emphasizes that the guidance is subject to various important cautionary factors referenced in the sections entitled “Legal Notice Regarding Forward-Looking Statements” and “Non-GAAP Financial Measures”.
- GAAP net income per diluted share is expected to be in the range of $0.47 to $0.49, which assumes an effective income tax rate of 29%.
- Second quarter 2022 net income per diluted share estimates are based on approximately 39.9 million weighted average diluted shares outstanding for the quarter.
- This assumes an effective income tax rate of 28%.
- Full year 2022 net income per diluted share estimates are based on approximately 39.7 million weighted average diluted shares outstanding.