Company: QLYS
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001107843-25-000009
Chunk: 64

Company: QUALYS, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1A
Chunk 64
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 freely sold in the public market upon issuance. If a large number of these shares are sold in the public market, the sales could reduce the trading price of our common stock.

We cannot guarantee that our share repurchase program will be fully consummated or that it will enhance stockholder value, and any share repurchases we make could affect the price of our common stock.

On February 12, 2018, we announced that our board of directors had authorized a $100.0 million repurchase program. On each of October 30, 2018, October 30, 2019, May 7, 2020, February 10, 2021 and February 9, 2023, we announced that our board of directors had authorized an increase of $100.0 million, and on each of November 3, 2021, May 4, 2022 and February 7, 2024, we announced that our board of directors had authorized an increase of $200.0 million to the share repurchase program. On February 6, 2025 we announced that our board of directors had authorized an increase of $200.0 million to the share repurchase program, resulting in an aggregate authorization of $1.4 billion to date ($1.2 billion as of December 31, 2024). Although our board of directors authorized the share repurchase program, we are not obligated to repurchase any specific dollar amount or to acquire any specific number of shares. The share repurchase program could affect the price of our common stock, increase volatility and diminish our cash reserves. In addition, it may be suspended or terminated at any time, which may result in a decrease in the price of our common stock. Finally, our share repurchases in 2023 and 2024 were subject to the 1% excise tax introduced in the Inflation Reduction Act. The amount of share repurchases subject to the excise tax are reduced by the fair market value of any shares issued during the taxable year. This provision does not currently have a material impact to our results of operations. During the year ended December 31, 2024, we repurchased 1.0 million shares of our common stock for approximately $140.3 million. As of December 31, 2024, approximately $143.4 million remained available for share repurchases pursuant to our share repurchase program (excluding the $200.0 million increase to our share repurchase program announced