Company: QLYS
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001107843-25-000038
Chunk: 291

Company: QUALYS, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 2
Chunk 291
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,146 Amortization of intangible assets639 721 1,918 2,264 Income tax provision14,936 6,111 37,232 26,277 Stock-based compensation19,447 20,337 56,313 56,454 Total other income, net(5,327)(7,369)(19,285)(18,209)Adjusted EBITDA$82,600 $69,682 $230,783 $208,647 Adjusted EBITDA as a percentage of revenues49%45%47%47%

Liquidity and Capital Resources

As of September 30, 2025, our principal source of liquidity was cash, cash equivalents and marketable securities of $663.6 million, including $139.2 million of cash held outside of the United States. The following summary of cash flows for the periods indicated has been derived from our condensed consolidated financial statements included elsewhere in this report:

Nine Months EndedSeptember 30,20252024(in thousands)Net cash provided by operating activities$233,741 $196,372 Net cash used in investing activities(97,323)(59,509)Net cash used in financing activities(143,347)(106,598)Net increase (decrease) in cash, cash equivalents and restricted cash$(6,929)$30,265 

Operating Activities

During the nine months ended September 30, 2025, we generated $217.9 million of cash from our net income, as adjusted for non-cash items mainly related to stock-based compensation expense, depreciation and amortization expense and deferred taxes, as compared to $180.4 million during the nine months ended September 30, 2024. In addition, we also generated $15.9 million of cash from changes in working capital during the nine months ended September 30, 2025, of which $27.1 million was related to a net favorable change in accounts receivable and deferred revenue due to the growth in billings and collections, partially offset by an $11.2 million net unfavorable change in prepaid expenses and payables and accrued liabilities primarily due to the timing of payments. During the nine months ended September 30, 2024, we generated $16.0 million of cash from changes in working capital, of which $26.8 million was attributed to decreases in accounts receivable and deferred revenue due to the timing of collections and billings, partially offset by a $9