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Sep 30, 2021
Qualys Q3 2021 Earnings Report
Reported revenue growth of 13% year-over-year and GAAP EPS of $0.70; Non-GAAP EPS of $0.86. Raised 2021 revenue guidance to $409.5-$410.1 million and announced $200 million increase to share repurchase program.
Key Takeaways
Qualys announced financial results for the third quarter ended September 30, 2021, with revenues of $104.9 million, net income of $27.8 million, and non-GAAP net income of $34.2 million.
Revenues for the third quarter of 2021 increased by 13% to $104.9 million compared to $93.1 million for the same quarter in 2020.
GAAP net income for the third quarter of 2021 was $27.8 million, or $0.70 per diluted share, compared to $22.7 million, or $0.56 per diluted share, for the same quarter in 2020.
Non-GAAP net income for the third quarter of 2021 was $34.2 million, or $0.86 per diluted share, compared to $31.4 million, or $0.77 per diluted share, for the same quarter in 2020.
The board has authorized a $200 million increase to the share repurchase program.
Qualys
Qualys
Forward Guidance
Management expects revenues for the fourth quarter of 2021 to be in the range of $108.1 million to $108.7 million, representing 14% to 15% growth over the same quarter in 2020. GAAP net income per diluted share is expected to be in the range of $0.47 to $0.49. Non-GAAP net income per diluted share is expected to be in the range of $0.78 to $0.80.
Positive Outlook
- Revenues for the fourth quarter of 2021 to be in the range of $108.1 million to $108.7 million, representing 14% to 15% growth over the same quarter in 2020.
- GAAP net income per diluted share is expected to be in the range of $0.47 to $0.49.
- Non-GAAP net income per diluted share is expected to be in the range of $0.78 to $0.80.
- Management now expects revenues for the full year of 2021 to be in the range of $409.5 million to $410.1 million, representing 13% growth over 2020, up from the previous guidance range of $406.0 million to $407.5 million.
- GAAP net income per diluted share is expected to be in the range of $1.70 to $1.72, up from the previous guidance range of $1.38 to $1.43.
Challenges Ahead
- 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 26%.
- 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 21%.
- Full year 2021 net income per diluted share estimates are based on approximately 40.1 million weighted average diluted shares outstanding.
- GAAP net income per diluted share is expected to be in the range of $1.70 to $1.72. This assumes an effective income tax rate of 20%.
- Non-GAAP net income per diluted share is expected to be in the range of $3.16 to $3.18. This assumes a non-GAAP effective income tax rate of 21%.