Company: QLYS
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001107843-25-000031
Chunk: 272

Company: QUALYS, INC.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 2
Chunk 272
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 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 $135,329 Net cash provided by (used in) investing activities(86,140)3,361 Net cash used in financing activities(95,418)(62,650)Net increase (decrease) in cash, cash equivalents and restricted cash$(38,199)$76,040 

Operating Activities

During the six months ended June 30, 2025, we generated $130.1 million of cash from our net income, as adjusted for non-cash items mainly related to stock-based compensation expense, depreciation and amortization expense and deferred taxes, as compared to $118.2 million during the six months ended June 30, 2024. In addition, we also generated $13.3 million of cash from changes in working capital during the six months ended June 30, 2025, of which $13.5 million was related to the net decrease in accounts receivable and deferred revenue due to the timing of collections and billings, and a $4.4 million increase in payables and accrued liabilities primarily driven by the timing of payments, partially offset by a $4.6 million increase in prepaid expenses primarily driven by the timing of payments. During the six months ended June 30, 2024, we generated $17.1 million of cash from changes in working capital, of which $24.6 million was attributed to a decrease in accounts receivable due to the timing of collections and $8.6 million increase in payables and accrued liabilities, partially offset by a $4.5 million