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Mar 31, 2023
Qualys Q1 2023 Earnings Report
Reported healthy revenue growth, strong profitability, and cash flow generation.
Key Takeaways
Qualys announced financial results for the first quarter ended March 31, 2023, with revenues of $130.7 million, a 15% increase year-over-year. GAAP EPS was $0.77, and non-GAAP EPS was $1.09. The company raised its 2023 GAAP and non-GAAP EPS guidance.
Launched the inaugural 2023 TruRisk Research Report.
Expanded VMDR offering with new packages for small enterprises and small/medium businesses.
Unveiled Enterprise TruRisk Management for a unified view of cyber risk.
Introduced GovCloud, a FedRAMP Ready vulnerability and patch management platform.
Qualys
Qualys
Forward Guidance
Qualys is issuing financial guidance for the second quarter and full year fiscal 2023.
Positive Outlook
- Revenues for the second quarter of 2023 are expected to be in the range of $135.2 million to $136.2 million, representing 13% to 14% growth over the same quarter in 2022.
- GAAP net income per diluted share is expected to be in the range of $0.61 to $0.66.
- Non-GAAP net income per diluted share is expected to be in the range of $0.98 to $1.03.
- Management continues to expect revenues for the full year of 2023 to be in the range of $553 million to $557 million, representing 13% to 14% growth over 2022.
- GAAP net income per diluted share is expected to be in the range of $2.58 to $2.73, up from the previous guidance range of $2.54 to $2.62.
Challenges Ahead
- Non-GAAP net income per diluted share is expected to be in the range of $4.13 to $4.28, up from the previous guidance range of $4.10 to $4.18.
- Second quarter 2023 net income per diluted share estimates are based on approximately 37.5 million weighted average diluted shares outstanding for the quarter.
- Full year 2023 net income per diluted share estimates are based on approximately 37.5 million weighted average diluted shares outstanding.
- Qualys has not reconciled non-GAAP net income per diluted share guidance to GAAP net income per diluted share guidance.
- The actual dollar amount of reconciling items in the second quarter and full year 2023 is likely to have a significant impact on the Company’s GAAP net income per diluted share in the second quarter and full year 2023.