Company: QLYS
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001107843-25-000031
Chunk: 173

Company: QUALYS, INC.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 1
Chunk 173
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 certain cash and non-cash charges that are recurring;

•Adjusted EBITDA does not reflect income tax payments that reduce cash available to us;

•Adjusted EBITDA excludes depreciation and amortization of property and equipment and amortization of intangible assets, although these are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future; and

•Other companies, including companies in our industry, may calculate Adjusted EBITDA differently or not at all, which reduces its usefulness as a comparative measure.

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Because of these limitations, Adjusted EBITDA should be considered alongside other financial performance measures, including revenues, net income, cash flows from operating activities and our financial results presented in accordance with U.S. GAAP. The following unaudited table presents the reconciliation of net income to Adjusted EBITDA for the three and six months ended June 30, 2025 and 2024:

Three Months EndedJune 30,Six Months EndedJune 30,2025202420252024(in thousands, except percentages)(in thousands, except percentages)Net income$47,290 $43,772 $94,824 $83,503 Net income as a percentage of revenues29%29%29%28%Depreciation and amortization of property and equipment3,339 4,009 6,876 8,476 Amortization of intangible assets639 771 1,279 1,543 Income tax provision11,523 10,412 22,296 20,166 Stock-based compensation18,046 17,086 36,866 36,117 Total other income, net(7,406)(6,116)(13,958)(10,840)Adjusted EBITDA$73,431 $69,934 $148,183 $138,965 Adjusted EBITDA as a percentage of revenues45%47%46%47%

Liquidity and Capital Resources

As of June 30, 2025, our principal source of liquidity was cash, cash equivalents and marketable securities of $621.2 million, including $105.1 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:

Six Months EndedJune 30,20252024(in thousands)Net cash provided by operating activities$143,359 $135