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Mar 31, 2024
Qualys Q1 2024 Earnings Report
Qualys reported healthy revenue growth and strong profitability in Q1 2024.
Key Takeaways
Qualys announced financial results for Q1 2024, with revenues of $145.8 million, a 12% increase compared to the same quarter in 2023. GAAP EPS was reported at $1.05, while Non-GAAP EPS reached $1.45. The company has raised its 2024 GAAP and Non-GAAP EPS guidance.
Revenues for the first quarter of 2024 increased by 12% to $145.8 million compared to $130.7 million for the same quarter in 2023.
GAAP net income for the first quarter of 2024 increased by 37% to $39.7 million, or $1.05 per diluted share.
Non-GAAP net income for the first quarter of 2024 was $54.7 million, or $1.45 per diluted share.
The company is issuing financial guidance for the second quarter and full year fiscal 2024.
Qualys
Qualys
Forward Guidance
Qualys is issuing the following financial guidance for the second quarter and full year fiscal 2024.
Positive Outlook
- Management expects revenues for the second quarter of 2024 to be in the range of $147.5 million to $149.5 million, representing 8% to 9% growth over the same quarter in 2023.
- GAAP net income per diluted share is expected to be in the range of $0.82 to $0.90, which assumes an effective income tax rate of 22%.
- Non-GAAP net income per diluted share is expected to be in the range of $1.27 to $1.35, which assumes a non-GAAP effective income tax rate of 21%.
- Management now expects revenues for the full year of 2024 to be in the range of $601.5 million to $608.5 million, representing 8% to 10% growth over 2023.
- GAAP net income per diluted share is expected to be in the range of $3.26 to $3.50, up from the previous guidance range of $3.11 to $3.43.
Challenges Ahead
- Non-GAAP net income per diluted share is expected to be in the range of $5.06 to $5.30, up from the previous guidance range of $4.95 to $5.27.
- Qualys has not reconciled non-GAAP net income per diluted share guidance to GAAP net income per diluted share guidance.
- Qualys does not provide guidance on the various reconciling cash and non-cash items between GAAP net income and non-GAAP net income (i.e., stock-based compensation, amortization of intangible assets from acquisitions and non-recurring items).
- The actual dollar amount of reconciling items in the second quarter and full year 2024 is likely to have a significant impact on the Company’s GAAP net income per diluted share in the second quarter and full year 2024.
- A reconciliation of the non-GAAP net income per diluted share guidance to the GAAP net income per diluted share guidance is not available without unreasonable effort.