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Sep 30, 2023
Qualys Q3 2023 Earnings Report
Qualys reported a healthy revenue growth, strong profitability and cash flow generation in Q3 2023.
Key Takeaways
Qualys announced its Q3 2023 financial results, reporting a 13% year-over-year revenue increase to $142.0 million. GAAP EPS was $1.24, and non-GAAP EPS was $1.51. The company has raised its 2023 GAAP EPS guidance to $3.71-$3.81 and non-GAAP EPS guidance to $5.04-$5.14.
Revenue for the third quarter of 2023 increased by 13% to $142.0 million compared to $125.6 million for the same quarter in 2022.
GAAP net income for the third quarter of 2023 increased by 68% to $46.5 million, or $1.24 per diluted share.
Non-GAAP net income for the third quarter of 2023 was $56.7 million, or $1.51 per diluted share.
Operating cash flow for the third quarter of 2023 increased by 119% to $92.4 million compared to $42.2 million for the same quarter in 2022.
Qualys
Qualys
Forward Guidance
Qualys is issuing financial guidance for the fourth quarter and full year fiscal 2023. Revenues for the fourth quarter of 2023 are expected to be in the range of $144.1 million to $145.1 million, representing 10% to 11% growth over the same quarter in 2022. Management now expects revenues for the full year of 2023 to be in the range of $554.0 million to $555.0 million, representing 13% growth over 2022.
Positive Outlook
- Revenues for the fourth quarter of 2023 are expected to be in the range of $144.1 million to $145.1 million, representing 10% to 11% growth over the same quarter in 2022.
- GAAP net income per diluted share is expected to be in the range of $0.77 to $0.87.
- Non-GAAP net income per diluted share is expected to be in the range of $1.18 to $1.28.
- Management now expects revenues for the full year of 2023 to be in the range of $554.0 million to $555.0 million, representing 13% growth over 2022.
- GAAP net income per diluted share is expected to be in the range of $3.71 to $3.81.
Challenges Ahead
- GAAP net income per diluted share is expected to be in the range of $0.77 to $0.87, which assumes an effective income tax rate of 22%.
- Non-GAAP net income per diluted share is expected to be in the range of $1.18 to $1.28, which assumes a non-GAAP effective income tax rate of 21%.
- Fourth quarter 2023 net income per diluted share estimates are based on approximately 37.4 million weighted average diluted shares outstanding for the quarter.
- GAAP net income per diluted share is expected to be in the range of $3.71 to $3.81. This assumes an effective income tax rate of 17%.
- Non-GAAP net income per diluted share is expected to be in the range of $5.04 to $5.14. This assumes a non-GAAP effective income tax rate of 21%.