Company: QLYS
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001107843-25-000009
Chunk: 82

Company: QUALYS, INC.
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 82
---
0 million in 2024 compared to 2023, primarily due to an increase in shared cloud platform cost of $6.0 million, an increase in personnel costs, including stock-based compensation, of $4.6 million, driven by additional employees hired to support the growth of our business, an increase in license expenses and professional service expenses of $1.2 million, partially offset by a decrease in depreciation and amortization expense of $7.8 million resulting from certain of our assets becoming fully depreciated or amortized.

Research and Development Expenses

Year EndedDecember 31,Change20242023$%(in thousands, except percentages)Research and development$111,852 $110,472 $1,380 1 %

Research and development expenses increased by $1.4 million in 2024 compared to 2023, primarily due to an increase in personnel costs, including stock-based compensation, of $2.8 million, driven by increased headcount, partially offset by a decrease in depreciation and amortization expense in property and equipment of $0.8 million, and a decrease in overhead allocation of $0.6 million.

45

Sales and Marketing Expenses

Year EndedDecember 31,Change20242023$%(in thousands, except percentages)Sales and marketing$128,303 $111,691 $16,612 15 %

Sales and marketing expenses increased by $16.6 million in 2024 compared to 2023, primarily due to an increase in personnel costs, including stock-based compensation, of $12.9 million, driven by increased headcount, an increase in travel and entertainment cost of $1.8 million, an increase in marketing expenses related to trade shows of $0.7 million, an increase in overhead allocation of $0.7 million, and an increase in subscribed license and software costs of $0.5 million.

General and Administrative Expenses

Year EndedDecember 31,Change20242023$%(in thousands, except percentages)General and administrative$68,738 $61,741 $6,997 11 %

General and administrative expenses increased by $7.0 million in 2024 compared to 2023, primarily due to an increase in personnel costs, including stock-based compensation, of $6.3 million, driven by increased headcount, annual merit increases and refresh grants to eligible employees and executives, and an increase in subscribed software costs and other expenses of $0.7 million.

Total other income, net