Company: QLYS
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001107843-25-000031
Chunk: 207

Company: QUALYS, INC.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 8
Chunk 207
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 six months ended June 30, 2025. We continue to evaluate the impact of OBBBA, but currently do not expect it to have a material impact on our estimated annual effective rate in 2025.

Results of Operations

The following table sets forth selected condensed consolidated statements of operations data for each of the periods presented as a percentage of revenues:

Three Months EndedJune 30,Six Months EndedJune 30,2025202420252024Revenues100%100%100%100%Cost of revenues18 18 18 18 Gross profit82 82 82 82 Operating expenses:Research and development18 18 18 19 Sales and marketing22 22 21 21 General and administrative11 10 11 10 Total operating expenses51 50 50 50 Income from operations31 32 32 32 Total other income, net5 4 4 3 Income before income taxes36 36 36 35 Income tax provision7 7 7 7 Net income29%29%29%28%

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Comparison of Three and Six Months Ended June 30, 2025 and 2024

Revenues

Three Months EndedJune 30,ChangeSix Months EndedJune 30,Change20252024$%20252024$%(in thousands, except percentages)(in thousands, except percentages)Revenues$164,062 $148,708 $15,354 10%$323,961 $294,513 $29,448 10%

Revenues increased by $15.4 million for the three months ended June 30, 2025 compared to the same period in 2024, driven by increased demand for our subscription services by our end customers. Of the total increase of $15.4 million in revenues, 95% was from revenues from customers existing prior to April 1, 2025, and the remaining 5% was from new customers added in the three months ended June 30, 2025. Of the total increase of $15.4 million, 38% was from customers in the United States and the remaining 62% was from customers in foreign countries. Of the total increase of $15.4 million, 23% was from direct customers and the remaining 77% was from partners. In the three months ended June 30, 2025, 51% of total revenue was direct and the remaining