Company: QLYS
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001107843-25-000038
Chunk: 188

Company: QUALYS, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 188
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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 nine months ended September 30, 2025 and 2024:

Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024(in thousands, except percentages)(in thousands, except percentages)Net income$50,346 $46,212 $145,170 $129,715 Net income as a percentage of revenues30%30%29%29%Depreciation and amortization of property and equipment2,559 3,670 9,435 12,146 Amortization of intangible assets639 721 1,918 2,264 Income tax provision14,936 6,111 37,232 26,277 Stock-based compensation19,447 20,337 56,313 56,454 Total other income, net(5,327)(7,369)(19,285)(18,209)Adjusted EBITDA$82,600 $69,682 $230,783 $208,647 Adjusted EBITDA as a percentage of revenues49%45%47%47%

Liquidity and Capital Resources

As of September 30, 2025, our principal source of liquidity was cash, cash equivalents and marketable securities of $663.6 million, including $139.2 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:

Nine Months EndedSeptember 30,20252024(in thousands)Net cash provided by operating activities$233,741 $196,372 Net cash used in investing activities(97,