Company: QLYS
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001107843-25-000031
Chunk: 213

Company: QUALYS, INC.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 8
Chunk 213
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 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 $135,329 Net cash provided by (used in) investing activities(86,140)3,361 Net cash used in financing activities(95,418)(62,650)Net increase (decrease) in cash, cash equivalents and restricted cash$(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,