Company: QLYS
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001107843-25-000017
Chunk: 188

Company: QUALYS, INC.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 188
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 of December 31, 2023, the net carrying value of the Company’s accounts receivable, current deferred revenues, and noncurrent deferred revenues were $146.2 million, $333.3 million and $31.7 million, respectively.

NOTE 6.                              Intangible Assets, Net

Intangible assets consist primarily of developed technology and patent licenses acquired from business or asset acquisitions. Acquired intangibles are amortized on a straight-line basis over the respective estimated useful lives of the assets.The carrying values of intangible assets are as follows:March 31, 2025(in thousands)Weighted Average Life (Years)CostAccumulated AmortizationNet Book ValueDeveloped technology4.6$40,141 $(34,009)$6,132 Total intangibles subject to amortization$40,141 $(34,009)$6,132 Intangible assets not subject to amortization40 Total intangible assets, net$6,172  December 31, 2024(in thousands)Weighted Average Life (Years)CostAccumulated AmortizationNet Book ValueDeveloped technology4.6$40,141 $(33,369)$6,772 Total intangibles subject to amortization$40,141 $(33,369)$6,772 Intangible assets not subject to amortization40 Total intangible assets, net$6,812 Intangible asset amortization expense was $0.6 million and $0.8 million for the three months ended March 31, 2025 and 2024, respectively. Intangible asset amortization expenses were primarily recorded in cost of revenues in the condensed consolidated statements of operations.

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As of March 31, 2025, the Company expects amortization expense in future periods to be as follows:(in thousands)2025 (remaining nine months)$1,917 20262,477 20271,738 Total expected future amortization expense$6,132 

NOTE 7.                              Leases

The Company leases certain offices, computer equipment and its shared cloud platform facilities under non-cancelable operating leases for varying periods through 2030. While under the Company's lease agreements the Company has options to extend its certain leases, the Company has not included renewal options in determining the lease terms for calculating its lease liabilities, as these options are not reasonably certain of being exercised. Lease expense was $4.