Company: QLYS
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001107843-25-000017
Chunk: 265

Company: QUALYS, INC.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 2
Chunk 265
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 in escrow as part of the Blue Hexagon acquisition on October 4, 2022, partially offset by $3.6 million of proceeds from issuance of common stock through our ESPP and $2.8 million of proceeds from employee exercise of stock options and during the three months ended March 31, 2024.

Material Cash Requirements

We believe our existing cash and cash equivalents, marketable securities and our expected cash flow generated from operations will be sufficient to fund our operations for the next twelve months and beyond. If we repatriate funds from our foreign subsidiaries, we could be subject to foreign withholding taxes.

Operating lease obligations

Our material cash requirements include our operating lease obligations to make payments under our non-cancelable lease agreements for our facilities and shared cloud platforms. We had fixed operating lease payment obligations of $57.1 million as of March 31, 2025, with $14.0 million expected to be paid within the next 12 months. As discussed in Note 13, "Subsequent Event" to our unaudited condensed consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q, on May 1, 2025, we entered into a second amendment (the "Amendment") to early renew the lease of our headquarters in Foster City, California, which was scheduled to expire in April 2028. The Amendment, effective May 1, 2025, modifies our existing lease payments and extends the lease terms through April 30, 2034 with an aggregate base rent of $30.4 million, payable in monthly installments with escalating rent payments over the term of the lease.

Purchase Commitments

As of March 31, 2025, other than the changes described above in this section entitled "Liquidity and Capital Resources" in this Quarterly Report on Form 10-Q, there have been no other material changes to our cash requirements for purchase commitments as described in "Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations" of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. 

Share Repurchases

We expect to continue to use cash to repurchase shares in 2025 under our share repurchase program authorized by our board of directors on February 5, 2018. On February 6, 2025, we announced that our board of directors authorized an additional $200.0 million to the share repurchase program