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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 
 FORM 10-K
 
 (Mark One)
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
 For the fiscal year ended December 31, 2010
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
 Commission File Number 001-34803
 Qlik Technologies Inc.
  Delaware
    
    20-1643718(State or other jurisdiction of incorporation or organization)
    
    (I.R.S. Employer Identification No.)150 N. Radnor Chester Road, Suite E220Radnor, Pennsylvania
    
    19087(Address of principal executive offices)
    
    (Zip Code)
 (888) 828-9768
  (Title of each class)
    
    (Name of each exchange on which registered)Common Stock, $0.0001 par value
    
    The NASDAQ Stock Market LLC
  None.
 Yes o No þ
 Yes o No þ
 Yes þ No o
 Yes
o No o
 o
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer þ
    
    Smaller reporting company o(Do not check if a smaller reporting company)
 Yes o No þ
  DOCUMENTS INCORPORATED BY REFERENCE




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TABLE OF CONTENTS
 PART ISpecial Note Regarding Forward-Looking Statements
    
    
    1Item 1. Business
    
    
    2Item 1A. Risk Factors
    
    
    13Item 1B. Unresolved Staff Comments
    
    
    25Item 2. Properties
    
    
    26Item 3. Legal Proceedings
    
    
    26Item 4. Removed and Reserved
    
    
    26PART IIItem 5. Market for the Registrants Common Equity, Related Stockholder Matters and Issuer Purchases
of Equity Securities
    
    
    27Item 6. Selected Consolidated Financial Data
    
    
    30Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    32Item 7A. Quantitative and Qualitative Disclosures About Market Risk
    
    
    49Item 8. Financial Statements and Supplementary Data
    
    
    50Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures
    
    
    50Item 9A. Controls and Procedures
    
    
    50Item 9B. Other Information
    
    
    50PART IIIItem 10. Directors, Executive Officers and Corporate Governance
    
    
    51Item 11. Executive Compensation
    
    
    52Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
    
    
    52Item 13. Certain Relationships and Related Transactions, and Directors Independence
    
    
    52Item 14. Principal Accountant Fees and Services
    
    
    52PART IVItem 15. Exhibits and Financial Statement Schedules
    
    
    52Signatures
    
    
    53Exhibit 10.21AExhibit 10.21BExhibit 10.21CExhibit 10.42Exhibit 21.1Exhibit 23.1Exhibit 31.1Exhibit 31.2Exhibit 32.1
   ii




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PART I
 
 Special Note Regarding Forward-Looking Statements
  
    
    risk and uncertainties inherent in our business;
 
    
    our ability to attract new customers and retain existing customers;
 
    
    our ability to effectively sell, service and support our products;
 
    
    our ability to manage our international operations;
 
    
    our ability to compete effectively;
 
    
    our ability to develop and introduce new products and add-ons or enhancements to
existing products;
 
    
    our ability to continue to promote and maintain our brand in a cost-effective
manner;
 
    
    our ability to manage growth;
 
    
    our ability to attract and retain key personnel;
 
    
    the scope and validity of intellectual property rights applicable to our products;
 
    
    adverse economic conditions in general and adverse economic conditions
specifically affecting the markets in which we operate; and
 
    
    other risks discussed in the section titled Risk Factors, set forth in Part I,
Item 1A of this Annual Report on Form 10-K and elsewhere in this report.
    1




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ITEM 1.
    
    BUSINESS
 Overview
   
    
    Operations Planner uses QlikView to prepare inventory forecasts for
a global food manufacturer resulting in significant improvement in
forecast accuracy and reduced transportation and workforce costs
 
    
    Pharmaceutical Sales Representative uses QlikView to access current
industry sales trends and doctor prescription history while on a sales
call with a busy physician
 
    
    Chief Information Officer uses QlikView to analyze IT spending and
budget information to identify opportunities for cost savings and
service level improvement
 
    
    Police Sergeant uses QlikView to maintain a consolidated view of
crime levels and optimize staffing allocations to dispatch police into
high crime areas
   Business and Geographical Segment Information .
  2




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Our Industry
 Use of Business Intelligence and Data Analytics Tools
  Trends Driving Adoption of Business Intelligence and Data Analytics Solutions
  Exponential Growth in Data Available for Analysis.
 Disparate Data Sources.
 Decentralized Decision-Making.
 The Empowered Consumer.
 Traditional Software Tools are Inadequate
  Analysis Tools Dont Serve Business Users.
 Highly Inflexible Solutions are Difficult to Implement and Maintain.
 Slow Time-to-Value.
  3




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Substantial Total-Cost-of-Ownership.
 Spreadsheets Not Suited for Data Analysis and Lack Reliability.
 Our Solution
  All Business Users.
 Zero Wait Analysis.
 Mobility.
 Lower Total-Cost-of-Ownership Yields Higher ROI.
 Highly Scalable In-Memory Architecture Leverages Hardware Advances.
  4




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An App-Like Model.
 Remixability and Reassembly.
 Our Business Model
  Broad User Focus.
 Low Risk Rapid Product Adoption.
 Land and Expand Customer Penetration.
 Globally Diversified Distribution Model.
 Community-Based Marketing and Support.
 Our Growth Strategy
  Increase Our Global Market Penetration.
 Further Penetrate Our Existing Customer Base.
  5




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Extend Our Software Platform to Provide New Business Solutions.
 Expand Our OEM Alliances and Strategic Relationships.
 Enhance Adoption of QlikView through our Robust Mobile Offering.
 Our Products
  
 Single User Deployment
    6




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Small Workgroup Deployment
  Departmental and Enterprise Deployments
     Our Technology
  Superior End User Experience
     7




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Fast Deployment
   Technology Foundations
    QlikCommunity
  
    
    discussion forums to share their QlikView experiences and to find answers to
questions about the product and its features
 
    
    user groups based on location, industry and job function
 
    
    blogs written by our employees
 
    
    user-generated content, including best practices, how-tos, documentation and
other material.
   8




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Research and Development
       Marketing and Sales
     
    
    enable partners through technical support, education, training and certification
 
    
    market with and for partners through branding, awareness, customer marketing and
lead generation programs
 
    
    sell QlikView and Powered by QlikView products with effective sales tools and
sales support.
  9




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Maintenance and Services
 Maintenance and Support.
 Services.
 Customers
  Brand and Intellectual Property
      10




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Competition
   
    
    longer operating histories
 
    
    significantly greater financial, technical, marketing or other resources
 
    
    stronger brand and business user recognition
 
    
    broader global distribution and presence.
   Culture and Employees
  
    
    challenge the conventional
 
    
    be thorough but keep it simple
 
    
    open and straightforward
 
    
    take responsibility
 
    
    teamwork yields the best results.
   11




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Company Information and Website
  http://www.qlikview.com http://investor.qlikview.com
  12




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ITEM 1A.
    
    RISK FACTORS
 Our business is subject to numerous risks. You should carefully consider the risks described below
together with the other information set forth in this Annual Report on Form 10-K and other
documents we file with the SEC, which could materially affect our business, financial condition,
and future results. The risks described below are not the only risks facing our company. Risks and
uncertainties not currently known to us or that we currently deem to be immaterial also may
materially adversely affect our business, financial condition, and operating results.
 We have limited experience in targeting a global marketplace and compete in a rapidly evolving
industry which makes our future operating results difficult to predict.
  
    
    to support current and future releases of popular hardware, operating
systems, computer programming languages, databases and software applications
 
    
    to develop new products that achieve market acceptance in a timely manner
 
    
    to meet an expanding range of customer requirements.
  We may experience quarterly fluctuations in our operating results due to a number of factors which
make our future results difficult to predict and could cause our operating results to fall below
expectations or our guidance.
   
    
    demand for our software platform and services and the size and timing of orders
 
    
    market acceptance of our current and future products
 
    
    a slowdown in spending on information technology and software by our current and/or prospective customers
 
    
    sales cycles and performance of our indirect channel partners and original equipment manufacturers (known as OEMs)
 
    
    budgeting cycles of our customers
 
    
    the management, performance and expansion of our international operations
 
    
    the rate of renewals of our maintenance agreements
 
    
    changes in the competitive dynamics of our markets
 
    
    our ability to control costs, including our operating expenses
 
    
    customers delaying purchasing decisions in anticipation of new products or product enhancements by us or our competitors
 
    
    the outcome or publicity surrounding any pending or threatened lawsuits
 
    
    the timing of recognizing revenue in any given quarter as a result of revenue recognition rules
  13




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
    
    an increase in the rate of product returns
 
    
    foreign currency exchange rate fluctuations
 
    
    failure to successfully manage any acquisitions
 
    
    general economic and political conditions in our domestic and international markets.
    We depend on revenue from a single product platform.
  
    
    any change in our pricing model
 
    
    increased competition
 
    
    support, research and development or other expenditures undertaken in
attempts, whether or not successful, to develop new products
 
    
    maturation in the markets for our products.
 Our financial results would suffer if the market for business intelligence software does not
continue to grow or if we are unable to further penetrate this market.
  We use indirect channel partners and if we are unable to maintain successful relationships
with them, our business, operating results and financial condition could be harmed.
     14




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If we are unable to expand our direct sales capabilities, we may not be able to generate increased
revenues.
  As we pursue new enterprise customers, additional OEM opportunities or more complicated
deployments, our sales cycle and deployment processes may become more unpredictable and require
greater time and expense.
   Managing our international operations is complex and our failure to do so successfully could harm
our business, operating results and financial condition.
   
    
    managing and staffing international offices and the increased costs associated with multiple international locations
 
    
    maintaining relationships with indirect channel partners outside the U.S., whose sales and lead generation activities are very
important to our international operations
 
    
    multiple legal systems and unexpected changes in legal requirements
 
    
    tariffs, export restrictions, trade barriers and other regulatory or contractual limitations on our ability to sell or develop
our products in certain foreign markets
 
    
    trade laws and business practices favoring local competition
 
    
    costs of localizing products and potential lack of acceptance of localized versions
 
    
    potential tax issues, including restrictions on repatriating earnings and multiple and conflicting tax laws and regulations
 
    
    employer payroll tax withholdings with respect to exercises by employees of options to purchase common stock
 
    
    weaker intellectual property protection in some countries
 
    
    difficulties in enforcing contracts and collecting accounts receivable, longer sales cycles and longer payment cycles,
especially in emerging markets
  15




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
    
    the significant presence of some of our competitors in certain international markets
 
    
    our ability to adapt to sales practices and customer requirements in different cultures
 
    
    political and economic instability, including war and terrorism or the threat of war and terrorism.
    If new industry standards emerge or if we are unable to respond to rapid technological changes,
demand for our software platform may be adversely affected.
  
    
    to support current and future industry standards, including databases and operating systems
 
    
    to maintain technological competiveness and meet an expanding range of customer requirements
 
    
    to introduce new products and features for our customers.
     16




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Our business depends on customers renewing their annual maintenance contracts and our ability to
collect renewal fees.
  Our software platform could contain undetected errors, or bugs, which could cause problems with
product performance and which could in turn reduce demand for our software platform, reduce our
revenue and lead to product liability claims against us.
   We face intense competition which may lead to reduced revenue and loss of market share.
      17




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If customers demand business intelligence software to be provided via a software as a service
business model, our business could be harmed.
  If we fail to develop our brand cost-effectively, our business may be harmed.
  If we are unable to manage our growth effectively, our revenues and profits could be adversely
affected.
  
    
    training new personnel to become productive and generate revenue
 
    
    controlling expenses and investments in anticipation of expanded operations
 
    
    implementing and enhancing our administrative infrastructure, systems and processes
 
    
    addressing new markets
 
    
    expanding operations in the U.S. and new international regions.
  If we are unable to recruit or retain skilled personnel, or if we lose the services of any of our
key personnel, our business, operating results and financial condition could be harmed.
   The success of our business is also heavily dependent on the leadership of our key management
personnel, including Lars Björk, Chief Executive Officer, and other members of our senior management
team. The loss of one or more key employees could adversely affect our continued operations.
   18




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Future product development is dependent on adequate research and development resources.
  If we fail to offer high quality customer support, our business would suffer.
   If we do not meet our revenue forecasts, we may be unable to reduce our expenses to avoid or
minimize harm to our results of operations
   Our methodologies and software solutions may infringe the intellectual property rights of third
parties or be found to contain unexpected open source software, and this may create liability for
us or otherwise harm our business.
    19




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
    
    resulting in time-consuming and costly litigation
 
    
    diverting managements time and attention from developing our business
 
    
    requiring us to pay monetary damages or enter into royalty and licensing agreements that we would not normally find acceptable
 
    
    causing product shipment or deployment delays
 
    
    requiring us to stop selling certain of our products
 
    
    requiring us to redesign certain of our products using alternative non-infringing or non-open source technology or practices,
which could require significant effort and expense
 
    
    requiring us to disclose our software source code, the detailed program commands for our software program
 
    
    requiring us to satisfy indemnification obligations to our customers.
 Our intellectual property rights are valuable, and any inability to protect them could reduce the
value of our software platform, services and brand.
    Computer hackers may damage our systems, services and products, and breaches of data protection
could impact our business.
   Our business could be harmed as a result of the risks associated with our acquisitions.
   20




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
    
    the effect of the acquisition on our financial and strategic position and reputation
 
    
    the failure of an acquisition to result in expected benefits, which may include benefits relating to enhanced revenues,
technology, human resources, costs savings, operating efficiencies, goodwill and other synergies
 
    
    the difficulty, cost and management effort required to integrate the acquired businesses, including costs and delays in
implementing common systems and procedures and costs and delays caused by communication difficulties
 
    
    the assumption of certain known or unknown liabilities of the acquired business, including litigation-related liabilities
 
    
    the reduction of our cash available for operations and other uses, the increase in amortization expense related to
identifiable assets acquired, potentially dilutive issuances of equity securities or the incurrence of debt
 
    
    a lack of experience in new markets, new business culture, products or technologies or an initial dependence on unfamiliar
distribution partners
 
    
    the possibility that we will pay more than the value we derive from the acquisition
 
    
    the impairment of relationships with customers, partners or suppliers of the acquired business or our customers
 
    
    the potential loss of key employees of the acquired company.
   Business disruptions could affect our operating results.
  Future litigation could harm our results of operation and financial condition.
  We are incurring significant increased costs and demands upon management as a result of complying
with the laws and regulations affecting public companies, which could harm our operating results.
  We may need additional capital in the future and it may not be available on acceptable terms, if at
all.
   21




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Prolonged economic uncertainties or downturns could materially harm our business.
      If we fail to establish and maintain proper and effective internal control over financial
reporting, our operating results and our ability to operate our business could be harmed.
  We have previously identified material weaknesses in our internal control over financial reporting,
and if we are unable to achieve and maintain effective internal control over financial reporting,
this could have a material adverse effect on our business and common stock price.
   22




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Our results of operations may be adversely affected by changes in or interpretations of accounting
standards.
  
    
    software revenue recognition
 
    
    accounting for income taxes
 
    
    accounting for leases
 
    
    accounting for business combinations and related goodwill
 
    
    accounting for stock issued to employees
 
    
    assessing fair value of financial and non-financial
assets
 
    
    application, if any, of IFRS.
  We may have exposure to additional tax liabilities.
      23




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If securities or industry analysts do not publish research or reports or publish unfavorable
research or reports about our business, our stock price and trading volume could decline.
  The price of our common stock may be volatile and fluctuate substantially.
  
    
    quarterly variations in our results of operations or those of our competitors
 
    
    announcements by us or our competitors of acquisitions, new products, significant contracts or commercial relationships
 
    
    our ability to respond to changing industry standards, technological developments or customer requirements on a timely basis
 
    
    commencement of, or our involvement in, litigation
 
    
    any major change in our board of directors or management
 
    
    recommendations by securities analysts or changes in earnings estimates
 
    
    announcements about our earnings that are not in line with analyst expectations
 
    
    announcements by our competitors of their earnings that are not in line with analyst expectations
 
    
    the volume of shares of our common stock available for public sale
 
    
    sales of stock by us or by our stockholders
 
    
    short sales, hedging and other derivative transactions involving shares of our common stock
 
    
    adoption of new accounting standards
 
    
    general economic conditions in the U.S. and abroad and slow or negative growth of related markets
 
    
    general political conditions in the U.S. and abroad, including terrorist attacks, war or threat of terrorist attacks or war.
   24




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Future sales of our common stock in the public market, including sales by our stockholders with
significant holdings, may depress our stock price.
  Our management will have broad discretion over the use of our cash reserves, if any, and might not
apply this cash in ways that increase the value of an investment.
  We currently do not intend to pay dividends on our common stock, and consequently, your only
opportunity to achieve a return on investment is if the price of our common stock appreciates and
you sell your shares at a price above your cost.
  Anti-takeover provisions in our certificate of incorporation and bylaws and in Delaware law could
prevent or delay a change in control of our company.
  
    
    authorize the issuance of blank check preferred stock that could be issued by our board of directors to thwart a takeover
attempt
 
    
    do not provide for cumulative voting in the election of directors which would allow holders of less than a majority of the stock
to elect some directors
 
    
    establish a classified board of directors, as a result of which the successors to the directors whose terms have expired will be
elected to serve from the time of election and qualification until the third annual meeting following their election
 
    
    require that directors only be removed from office for cause
 
    
    provide that vacancies on the board of directors, including newly-created directorships, may be filled only by a majority vote of
directors then in office
 
    
    limit who may call special meetings of stockholders
 
    
    prohibit stockholder action by written consent, requiring all actions to be taken at a meeting of the stockholders
 
    
    establish advance notice requirements for nominating candidates for election to the board of directors or for proposing matters
that can be acted upon by stockholders at stockholder meetings.
 
 ITEM 1B.
    
    UNRESOLVED STAFF COMMENTS
   25




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ITEM 2.
    
    PROPERTIES
  Location
    
    Type of Facility
    
    Size (in sq. ft)
    
    
    Ownership Status
    
    Lease Expiration DateRadnor, Pennsylvania
    
    Headquarters
    
    
    17,330
    
    
    Leased
    
    September 30, 2011Lund, Sweden
    
    Corporate and Research & Development
    
    
    11,253
    
    
    Leased
    
    October 31, 2016
  
 ITEM 3.
    
    LEGAL PROCEEDINGS
  
 ITEM 4.
    
    REMOVED AND RESERVED
  26




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PART II
 
 ITEM 5.
    
    MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF
EQUITY SECURITIES
 Market Information
  High
    
    
    LowYear ended December 31, 2009:First quarter
    
    $
    
    
    
    $
    Second quarter
    
    $
    
    
    
    $
    Third quarter
    
    $
    
    
    
    $
    Fourth quarter
    
    $
    
    
    
    $
    Year ended December 31, 2010:First quarter
    
    $
    
    
    
    $
    Second quarter
    
    $
    
    
    
    $
    Third quarter
    
    $
    27.70
    
    
    $
    12.00Fourth quarter
    
    $
    29.25
    
    
    $
    20.55
  Dividend Policy
  Securities Authorized for Issuance Under Equity Compensation Plans
  Equity Compensation Plan InformationNumber of SecuritiesNumber of
    
    
    
    
    
    
    Remaining AvailableSecurities to be
    
    
    
    
    
    
    for Issuance UnderIssued Upon
    
    
    Weighted-Average
    
    
    Equity CompensationExercise of
    
    
    Exercise Price of
    
    
    Plans (ExcludingOutstanding Options,
    
    
    Outstanding Options,
    
    
    Securities ReflectedPlan Category
    
    Warrant and Rights
    
    
    Warrants and Rights
    
    
    in Column (a))(a)
    
    
    (b)
    
    
    (c)Equity compensation plans approved by security holders
    
    
    12,094,265
    (1)
    
    $
    2.98
    (2)
    
    
    2,644,280
    (3)Equity compensation plans not approved by security holders
    
    
    
    
    
    
    
    
    
    
    Total
    
    
    12,094,265
    (1)
    
    $
    2.98
    (2)
    
    
    2,644,280
    (3)
 (1)
    
    Includes 614,900 shares issuable upon exercise of outstanding options and 40,820
shares issuable upon settlement of restricted stock units under the 2010 Equity Incentive Plan. Includes
7,204,516 shares issuable upon exercise of outstanding options under the 2007 Equity
Incentive Plan. Includes 4,234,029 shares issuable upon exercise of outstanding options
under the 2004 Equity Incentive Plan.(2)
    
    Does not take into account restricted stock units, which have no exercise price.(3)
    
    On January 1 of each year, the number of shares reserved under the 2010 Equity
Incentive Plan is automatically increased by the lowest of (a) 3.75% of the total number of shares of Common
Stock that are outstanding at that time, or (b) 3,300,000 shares or (c) such lesser
number as may be approved by the Companys board of directors.  27




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Stock Performance Graph
  
 July 16, 2010
    
    
    December 31, 2010Qlik Technologies Inc.
    
    $
    100.00
    
    
    $
    202.11NASDAQ Composite
    
    $
    100.00
    
    
    $
    126.26NASDAQ Computer & Data Processing
    
    $
    100.00
    
    
    $
    131.76
 Recent Sales of Unregistered Securities
 (1)
    
    From January 1, 2010 through July 15, 2010, we sold and issued to our employees and
service providers an aggregate of 776,443 shares of our common stock pursuant to option
exercises under our 2004 Omnibus Stock Option and Award Plan and 2007 Omnibus Stock Option
and Award Plan at prices ranging from $0.6298 to $3.81 per share for an aggregate purchase
price of $922,728.(2)
    
    From January 1, 2010 through July 15, 2010, we granted to our employees and service
providers options to purchase an aggregate of 1,425,500 shares of our common stock under
our 2007 Omnibus Stock Option and Award Plan at prices ranging from $5.18 to $6.91 per
share for an aggregate purchase price of $8,941,090.(3)
    
    On January 22, 2010, we issued an aggregate of 120,000 shares of our common stock at a
price of $5.18 per share to three individuals in connection with the acquisition of
Syllogic Corporation.(4)
    
    On November 2, 2010, we issued 253,605 shares of our common stock upon net exercise of
a warrant.(5)
    
    On November 4, 2010, we issued 93,981 shares of our common stock upon exercise of a
warrant for an aggregate of $155,069.(6)
    
    On December 8, 2010, we issued 214,200 shares of our common stock upon exercise of a
warrant for an aggregate of $494,802.  28




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Use of Proceeds
    29




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ITEM 6.
    
    SELECTED CONSOLIDATED FINANCIAL DATA
  Year Ended December 31,2010
    
    
    2009
    
    
    2008
    
    
    2007
    
    
    2006(in thousands, except
share and per share data)Consolidated
statements of income data:Revenue:License revenue
    
    $
    145,225
    
    
    $
    99,864
    
    
    $
    74,446
    
    
    $
    51,482
    
    
    $
    28,915Maintenance revenue
    
    
    59,846
    
    
    
    41,390
    
    
    
    29,401
    
    
    
    17,747
    
    
    
    9,797Professional services revenue
    
    
    21,450
    
    
    
    16,105
    
    
    
    14,417
    
    
    
    11,357
    
    
    
    5,558Total revenue
    
    
    226,521
    
    
    
    157,359
    
    
    
    118,264
    
    
    
    80,586
    
    
    
    44,270Cost of revenue:License revenue
    
    
    3,670
    
    
    
    3,663
    
    
    
    3,071
    
    
    
    2,949
    
    
    
    1,140Maintenance revenue
    
    
    3,998
    
    
    
    1,635
    
    
    
    1,365
    
    
    
    580
    
    
    
    352Professional services revenue
    
    
    16,054
    
    
    
    11,802
    
    
    
    9,562
    
    
    
    8,177
    
    
    
    4,582Total cost of revenue
    
    
    23,722
    
    
    
    17,100
    
    
    
    13,998
    
    
    
    11,706
    
    
    
    6,074Gross profit
    
    
    202,799
    
    
    
    140,259
    
    
    
    104,266
    
    
    
    68,880
    
    
    
    38,196Operating expenses:Sales and marketing
    
    
    122,394
    
    
    
    93,349
    
    
    
    74,267
    
    
    
    48,249
    
    
    
    26,999Research and development
    
    
    13,537
    
    
    
    8,735
    
    
    
    8,258
    
    
    
    5,419
    
    
    
    3,275General and administrative
    
    
    39,300
    
    
    
    25,009
    
    
    
    20,190
    
    
    
    15,154
    
    
    
    9,699Total operating expenses
    
    
    175,231
    
    
    
    127,093
    
    
    
    102,715
    
    
    
    68,822
    
    
    
    39,973Income (loss) from operations
    
    
    27,568
    
    
    
    13,166
    
    
    
    1,551
    
    
    
    58
    
    
    
    (1,777
    )Other income (expense), net
    
    
    (6,854
    )
    
    
    (4,529
    )
    
    
    3,304
    
    
    
    (463
    )
    
    
    (748
    )Income
(loss) before benefit (provision) for income taxes
    
    
    20,714
    
    
    
    8,637
    
    
    
    4,855
    
    
    
    (405
    )
    
    
    (2,525
    )Benefit (provision) for income taxes
    
    
    (7,198
    )
    
    
    (1,776
    )
    
    
    (1,860
    )
    
    
    40
    
    
    
    Net income (loss)
    
    $
    13,516
    
    
    $
    6,861
    
    
    $
    2,995
    
    
    $
    (365
    )
    
    $
    (2,525
    )Net income (loss) per common share:Basic
    
    $
    0.24
    
    
    $
    0.07
    
    
    $
    0.01
    
    
    $
    (0.03
    )
    
    $
    (0.20
    )Diluted
    
    $
    0.21
    
    
    $
    0.06
    
    
    $
    0.01
    
    
    $
    (0.03
    )
    
    $
    (0.20
    )Weighted average number of common shares:Basic
    
    
    45,232,782
    
    
    
    16,267,186
    
    
    
    14,552,999
    
    
    
    13,526,926
    
    
    
    12,515,571Diluted
    
    
    52,061,916
    
    
    
    20,778,448
    
    
    
    16,523,443
    
    
    
    13,526,926
    
    
    
    12,515,571
  30




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##### Table of Contents



2010
    
    
    2009
    
    
    2008
    
    
    2007
    
    
    2006(in thousands)Cost of revenue
    
    $
    188
    
    
    $
    82
    
    
    $
    39
    
    
    $
    12
    
    
    $
    2Sales and marketing
    
    
    1,572
    
    
    
    733
    
    
    
    285
    
    
    
    103
    
    
    
    12Research and development
    
    
    96
    
    
    
    79
    
    
    
    19
    
    
    
    6
    
    
    
    1General and administrative
    
    
    1,162
    
    
    
    585
    
    
    
    388
    
    
    
    69
    
    
    
    11$
    3,018
    
    
    $
    1,479
    
    
    $
    731
    
    
    $
    190
    
    
    $
    26
 Year Ended December 31,2010
    
    
    2009
    
    
    2008
    
    
    2007
    
    
    2006(in thousands)Consolidated balance sheet data:Cash and cash equivalents
    
    $
    158,712
    
    
    $
    24,852
    
    
    $
    14,800
    
    
    $
    9,214
    
    
    $
    4,401Working capital
    
    
    149,069
    
    
    
    14,829
    
    
    
    12,155
    
    
    
    2,411
    
    
    
    2,958Total assets
    
    
    265,064
    
    
    
    102,967
    
    
    
    67,018
    
    
    
    50,684
    
    
    
    25,827Deferred revenue
    
    
    50,024
    
    
    
    35,575
    
    
    
    22,143
    
    
    
    17,297
    
    
    
    9,760Long-term debt, including current portion
    
    
    
    
    
    
    11,436
    
    
    
    10,762
    
    
    
    1,855
    
    
    
    1,965Convertible preferred stock
    
    
    
    
    
    
    23,901
    
    
    
    23,901
    
    
    
    23,901
    
    
    
    23,901Total stockholders equity (deficit)
    
    
    159,190
    
    
    
    (9,103
    )
    
    
    (17,368
    )
    
    
    (20,877
    )
    
    
    (21,190
    )
  31




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##### Table of Contents



ITEM 7.
    
    MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 The following discussion and analysis of our financial condition and results of operations
should be read in conjunction with Selected Consolidated Financial Data and our consolidated
financial statements and related notes appearing elsewhere in this Annual Report on 10-K. In
addition to historical information, this discussion and analysis contains forward-looking
statements that involve risks, uncertainties and assumptions. Our actual results may differ
materially from those anticipated in these forward-looking statements as a result of certain
factors. We discuss factors that we believe could cause or contribute to these differences below
and elsewhere in this Annual Report on Form 10-K , including those set forth under Risk Factors
and Special Note Regarding Forward-Looking Statements.
 Introduction
  
    
    Overview and Key Financial Metrics and Trends.This section provides a general
description of our business, the key financial metrics that we use in assessing our
performance, and anticipated trends that we expect to affect our financial condition and
results of operations.
 
    
    Consolidated Results of Operations.This section provides an analysis of our results of
operations for the years ended December 31, 2010, 2009 and 2008.
 
    
    Foreign Exchange Rates.This section provides for impact of foreign exchange rates.
 
    
    Seasonality. This section discusses the seasonality in the sale of our products and
services.
 
    
    Acquisitions. This section discusses recent acquisitions and how we account for them.
 
    
    Liquidity and Capital Resources.This section provides an analysis of our cash flows
for the years ended December 31, 2010, 2009 and 2008, a discussion of our capital
requirements, and the resources available to us to meet those requirements.
 
    
    Critical Accounting Policies and Estimates.This section discusses accounting policies
that are considered important to our financial condition and results of operations. The
accounting policies require significant judgment or require estimates on our part in
applying them. Our significant accounting policies, including those considered to be
critical accounting policies, are summarized in Note 2 to the consolidated financial
statements.
 
    
    Contractual Obligations and Commitments & Off-Balance Sheet Arrangements. This section
discusses contractual obligations and commitments and off-balance sheet arrangements
expected to have  an impact on our liquidity and cash flow in future periods.
 
    
    Inflation. This section discusses inflation that could impact our financial condition
and results of operations.
 
    
    Recent Accounting Pronouncements. This section provides for recent accounting
pronouncements that could impact our financial condition and results of operations.
 Overview
    32




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##### Table of Contents




    
    Broad User Focus marketing and selling QlikView directly to the business user by
providing an easy-to-use platform that can be used with minimal training
 
    
    Low Risk Rapid Product Adoption providing a low risk alternative to costly,
all-or-nothing, enterprise-wide deployment requirements
 
    
    Land and Expand Customer Penetration initially targeting business users in an
organization to create a loyal user base that promotes broad adoption of our software
platform across an organization
 
    
    Globally Diversified Distribution Model employing a multi-pronged international
sales approach that leverages a direct sales force and partner network
 
    
    Community-Based Marketing and Support augmenting our development, marketing and
support efforts through our online QlikCommunity.
      33




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##### Table of Contents



Key Financial Metrics and Trends
 Revenues
  Cost of Revenue
  Operating Expenses
  Sales and Marketing.
 Research and Development.
 General and Administrative.
  34




---



##### Table of Contents



Stock-Based Compensation.
 Other Income (Expense), net
  Provision for Income Taxes
  Impact of Foreign Currency Translation
    35




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##### Table of Contents



Consolidated Results of Operations
  Year Ended December 31,2010
    
    
    2009
    
    
    2008Revenue:License revenue
    
    
    64.1
    %
    
    
    63.5
    %
    
    
    62.9
    %Maintenance revenue
    
    
    26.4
    
    
    
    26.3
    
    
    
    24.9Professional services revenue
    
    
    9.5
    
    
    
    10.2
    
    
    
    12.2Total revenues
    
    
    100.0
    
    
    
    100.0
    
    
    
    100.0Cost of revenue:License revenue
    
    
    1.6
    
    
    
    2.3
    
    
    
    2.6Maintenance revenue
    
    
    1.8
    
    
    
    1.0
    
    
    
    1.2Professional services revenue
    
    
    7.1
    
    
    
    7.5
    
    
    
    8.0Total cost of revenue
    
    
    10.5
    
    
    
    10.8
    
    
    
    11.8Gross profit
    
    
    89.5
    
    
    
    89.2
    
    
    
    88.2Operating expenses:Sales and marketing
    
    
    54.0
    
    
    
    59.3
    
    
    
    62.8Research and development
    
    
    6.0
    
    
    
    5.6
    
    
    
    7.0General and administrative
    
    
    17.3
    
    
    
    15.9
    
    
    
    17.1Total operating expenses
    
    
    77.3
    
    
    
    80.8
    
    
    
    86.9Income from operations
    
    
    12.2
    
    
    
    8.4
    
    
    
    1.3Other income (expense), net
    
    
    (3.0
    )
    
    
    (2.9
    )
    
    
    2.8Income before provision for income taxes
    
    
    9.2
    
    
    
    5.5
    
    
    
    4.1Provision for income taxes
    
    
    (3.2
    )
    
    
    (1.1
    )
    
    
    (1.6
    )Net income
    
    
    6.0
    %
    
    
    4.4
    %
    
    
    2.5
    %
 Comparison of the Years Ended December 31, 2010 and 2009
 Revenue
  Year Ended December 31,2010
    
    
    2009Percentage of
    
    
    
    
    
    
    Percentage ofAmount
    
    
    Revenue
    
    
    Amount
    
    
    Revenue
    
    
    Period to Period Change(dollars in thousands)RevenueLicense revenue
    
    $
    145,225
    
    
    
    64.1
    %
    
    $
    99,864
    
    
    
    63.5
    %
    
    $
    45,361
    
    
    
    45.4
    %Maintenance revenue
    
    
    59,846
    
    
    
    26.4
    %
    
    
    41,390
    
    
    
    26.3
    %
    
    
    18,456
    
    
    
    44.6
    %Professional services revenue
    
    
    21,450
    
    
    
    9.5
    %
    
    
    16,105
    
    
    
    10.2
    %
    
    
    5,345
    
    
    
    33.2
    %Total revenue
    
    $
    226,521
    
    
    
    100.0
    %
    
    $
    157,359
    
    
    
    100.0
    %
    
    $
    69,162
    
    
    
    44.0
    %
  36




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##### Table of Contents



Cost of Revenue and Gross Profit
  Year Ended December 31,2010
    
    
    2009Percentage of
    
    
    
    
    
    
    Percentage ofAmount
    
    
    Revenue
    
    
    Amount
    
    
    Revenue
    
    
    Period to Period Change(dollars in thousands)Cost of Revenue:Cost of license revenue
    
    $
    3,670
    
    
    
    2.5
    %
    
    $
    3,663
    
    
    
    3.7
    %
    
    $
    7
    
    
    
    0.2
    %Cost of maintenance revenue
    
    
    3,998
    
    
    
    6.7
    %
    
    
    1,635
    
    
    
    4.0
    %
    
    
    2,363
    
    
    
    144.5
    %Cost of professional services revenue
    
    
    16,054
    
    
    
    74.8
    %
    
    
    11,802
    
    
    
    73.3
    %
    
    
    4,252
    
    
    
    36.0
    %Total cost of revenue
    
    $
    23,722
    
    
    
    10.5
    %
    
    $
    17,100
    
    
    
    10.9
    %
    
    $
    6,622
    
    
    
    38.7
    %Gross Profit:License revenue
    
    $
    141,555
    
    
    
    97.5
    %
    
    $
    96,201
    
    
    
    96.3
    %
    
    $
    45,354
    
    
    
    47.1
    %Maintenance revenue
    
    
    55,848
    
    
    
    93.3
    %
    
    
    39,755
    
    
    
    96.0
    %
    
    
    16,093
    
    
    
    40.5
    %Professional services revenue
    
    
    5,396
    
    
    
    25.2
    %
    
    
    4,303
    
    
    
    26.7
    %
    
    
    1,093
    
    
    
    25.4
    %Total gross profit
    
    $
    202,799
    
    
    
    89.5
    %
    
    $
    140,259
    
    
    
    89.1
    %
    
    $
    62,540
    
    
    
    44.6
    %
  Operating Expenses
  Year Ended December 31,2010
    
    
    2009Percentage of
    
    
    
    
    
    
    Percentage ofAmount
    
    
    Revenue
    
    
    Amount
    
    
    Revenue
    
    
    Period to Period Change(dollars in thousands)Operating expenes:Sales and marketing
    
    $
    122,394
    
    
    
    54.0
    %
    
    $
    93,349
    
    
    
    59.3
    %
    
    $
    29,045
    
    
    
    31.1
    %Research and development
    
    
    13,537
    
    
    
    6.0
    %
    
    
    8,735
    
    
    
    5.6
    %
    
    
    4,802
    
    
    
    55.0
    %General and adminstrative
    
    
    39,300
    
    
    
    17.3
    %
    
    
    25,009
    
    
    
    15.9
    %
    
    
    14,291
    
    
    
    57.1
    %Total operating expenses
    
    $
    175,231
    
    
    
    77.3
    %
    
    $
    127,093
    
    
    
    80.8
    %
    
    $
    48,138
    
    
    
    37.9
    %
  37




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##### Table of Contents



Sales and Marketing.
 Research and Development.
 General and Administrative.
 Other Income (Expense), net.
 Provision for Income Taxes.
 Comparison of the Years Ended December 31, 2009 and 2008
 Revenue
 Year Ended December 31,2009
    
    
    2008Percentage of
    
    
    
    
    
    
    Percentage ofAmount
    
    
    Revenue
    
    
    Amount
    
    
    Revenue
    
    
    Period to Period Change(dollars in thousands)Revenue:License revenue
    
    $
    99,864
    
    
    
    63.5
    %
    
    $
    74,446
    
    
    
    62.9
    %
    
    $
    25,418
    
    
    
    34.1
    %Maintenance revenue
    
    
    41,390
    
    
    
    26.3
    %
    
    
    29,401
    
    
    
    24.9
    %
    
    
    11,989
    
    
    
    40.8
    %Professional services revenue
    
    
    16,105
    
    
    
    10.2
    %
    
    
    14,417
    
    
    
    12.2
    %
    
    
    1,688
    
    
    
    11.7
    %Total revenue
    
    $
    157,359
    
    
    
    100.0
    %
    
    $
    118,264
    
    
    
    100.0
    %
    
    $
    39,095
    
    
    
    33.1
    %
   38




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##### Table of Contents



Cost of Revenue and Gross Profit
 Year Ended December 31,2009
    
    
    2008Percentage of
    
    
    
    
    
    
    Percentage ofAmount
    
    
    Revenue
    
    
    Amount
    
    
    Revenue
    
    
    Period to Period Change(dollars in thousands)Cost of Revenue:Cost of license revenue
    
    $
    3,663
    
    
    
    3.7
    %
    
    $
    3,071
    
    
    
    4.1
    %
    
    $
    592
    
    
    
    19.3
    %Cost of maintenance revenue
    
    
    1,635
    
    
    
    4.0
    %
    
    
    1,365
    
    
    
    4.6
    %
    
    
    270
    
    
    
    19.8
    %Cost of professional services revenue
    
    
    11,802
    
    
    
    73.3
    %
    
    
    9,562
    
    
    
    66.3
    %
    
    
    2,240
    
    
    
    23.4
    %Total cost of revenue
    
    $
    17,100
    
    
    
    10.9
    %
    
    $
    13,998
    
    
    
    11.8
    %
    
    $
    3,102
    
    
    
    22.2
    %Gross Profit:License revenue
    
    $
    96,201
    
    
    
    96.3
    %
    
    $
    71,375
    
    
    
    95.9
    %
    
    $
    24,826
    
    
    
    34.8
    %Maintenance revenue
    
    
    39,755
    
    
    
    96.0
    %
    
    
    28,036
    
    
    
    95.4
    %
    
    
    11,719
    
    
    
    41.8
    %Professional services revenue
    
    
    4,303
    
    
    
    26.7
    %
    
    
    4,855
    
    
    
    33.7
    %
    
    
    (552
    )
    
    
    -11.4
    %Total gross profit
    
    $
    140,259
    
    
    
    89.1
    %
    
    $
    104,266
    
    
    
    88.2
    %
    
    $
    35,993
    
    
    
    34.5
    %
  Operating Expenses
 Year Ended December 31,2009
    
    
    2008Percentage of
    
    
    
    
    
    
    Percentage ofAmount
    
    
    Revenue
    
    
    Amount
    
    
    Revenue
    
    
    Period to Period Change(dollars in thousands)Operating expenes:Sales and marketing
    
    $
    93,349
    
    
    
    59.3
    %
    
    $
    74,267
    
    
    
    62.8
    %
    
    $
    19,082
    
    
    
    25.7
    %Research and development
    
    
    8,735
    
    
    
    5.6
    %
    
    
    8,258
    
    
    
    7.0
    %
    
    
    477
    
    
    
    5.8
    %General and adminstrative
    
    
    25,009
    
    
    
    15.9
    %
    
    
    20,190
    
    
    
    17.1
    %
    
    
    4,819
    
    
    
    23.9
    %Total operating expenses
    
    $
    127,093
    
    
    
    80.8
    %
    
    $
    102,715
    
    
    
    86.9
    %
    
    $
    24,378
    
    
    
    23.7
    %
 Sales and Marketing.
 Research and Development.
  39




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##### Table of Contents



General and Administrative.
 Other Income (Expense), net
  Provision for Income Taxes
  Foreign Exchange Rates
  Seasonality
  Acquisitions
 
  40




---



##### Table of Contents



Liquidity and Capital Resources
     December 31,
    
    
    December 31,2010
    
    
    2009(dollars in thousands)Cash and cash equivalents
    
    $
    158,712
    
    
    $
    24,852Accounts receivable, net
    
    
    85,364
    
    
    
    63,729
 Year Ended December 31,2010
    
    
    2009
    
    
    2008(dollars in thousands)Cash flow activitiesNet cash provided by operating activities
    
    $
    25,859
    
    
    $
    13,036
    
    
    $
    2,631Net cash used in investing activities
    
    
    (2,483
    )
    
    
    (2,128
    )
    
    
    (2,158
    )Net cash provided by (used in) financing activities
    
    
    110,621
    
    
    
    (1,791
    )
    
    
    6,926
 Cash and Cash Equivalents
   41




---



##### Table of Contents



Accounts Receivable, net
  Cash Flows
 Cash Provided by Operating Activities
       Cash Used in Investing Activities
     42




---



##### Table of Contents



Cash Provided By (Used in) Financing Activities
    Non-GAAP Financial Measures
   43




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##### Table of Contents



Year Ended December 31,2010
    
    
    2009(dollars in thousands)Reconciliation of Non-GAAP Income from Operations:GAAP income from operations
    
    $
    27,568
    
    
    $
    13,166Stock-based compensation expense
    
    
    3,018
    
    
    
    1,479Secondary offering expense
    
    
    550
    
    
    
    Severance expense
    
    
    610
    
    
    
    Non-GAAP income from operations
    
    $
    31,746
    
    
    $
    14,645Reconciliation of Non-GAAP Net Income:GAAP net income
    
    $
    13,516
    
    
    $
    6,861Stock-based compensation expense
    
    
    3,018
    
    
    
    1,479Secondary offering expense
    
    
    550
    
    
    
    Severance expense
    
    
    610
    
    
    
    Income tax adjustment (1)
    
    
    228
    
    
    
    (1,056
    )Non-GAAP net income
    
    $
    17,922
    
    
    $
    7,284Reconciliation of Non-GAAP Income per Share:Non-GAAP net income per common share  basic
    
    $
    0.23
    
    
    $
    0.10Non-GAAP net income per common share  diluted
    
    $
    0.21
    
    
    $
    0.09GAAP net income per common share  basic
    
    $
    0.24
    
    
    $
    0.07GAAP net income per common share  diluted
    
    $
    0.21
    
    
    $
    0.06Non-GAAP weighted average number of common shares outstanding  basic
    
    
    77,074,638
    
    
    
    75,868,610Non-GAAP weighted average number of common shares outstanding  diluted (2)
    
    
    83,899,293
    
    
    
    80,379,872GAAP weighted average number of common shares outstanding  basic
    
    
    45,232,782
    
    
    
    16,267,186GAAP weighted average number of common shares outstanding  diluted
    
    
    52,061,916
    
    
    
    20,778,448
 (1)
    
    Income tax adjustment is used to adjust the U.S. GAAP provision (benefit) for income
taxes to a Non-GAAP provision (benefit) for income taxes utilizing an estimated tax rate
of 28%.(2)
    
    Reflects (a) the automatic conversion of the then outstanding shares of convertible
preferred stock into 46,721,424 shares of common stock and (b) the issuance of 12,880,000
shares of common stock as though the completion of the IPO had occurred at the beginning
of the respective periods, which results in us not applying the two-class method of
earnings per share as required under U.S. GAAP. Critical Accounting Policies and Estimates
  Revenue Recognition
   44




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##### Table of Contents



Stock-Based Compensation
  Year Ended December 31,2010
    
    
    2009
    
    
    2008(in thousands)Cost of revenue
    
    $
    188
    
    
    $
    82
    
    
    $
    39Sales and marketing
    
    
    1,572
    
    
    
    733
    
    
    
    285Research and development
    
    
    96
    
    
    
    79
    
    
    
    19General and administrative
    
    
    1,162
    
    
    
    585
    
    
    
    388$
    3,018
    
    
    $
    1,479
    
    
    $
    731
  Year Ended December 31,2010
    
    2009
    
    2008Expected dividend yield
    
    0.0%
    
    0.0%
    
    0.0%Risk-free interest rate
    
    1.3%  2.7%
    
    1.5%  2.4%
    
    1.2%  3.1%Expected volatility
    
    48.3%  50.2%
    
    44.7%  85.7%
    
    48.0%  88.8%Expected life (Swedish grants, in years)
    
    4
    
    4
    
    4Expected life (all other grants, in years)
    
    6.25
    
    6.25
    
    6.25
   45




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##### Table of Contents



Pre-IPO Common Stock Valuations
  Post-IPO Common Stock Valuations
   Research and Development Expense for Software Products
  Income Taxes
    46




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##### Table of Contents



Contractual Obligations and Commitments & Off-Balance Sheet Arrangements
  Payment Due by PeriodLess Than
    
    
    
    
    
    
    
    
    
    
    More ThanTotal
    
    
    1 Year
    
    
    1 to 3 Years
    
    
    3 to 5 Years
    
    
    5 Years(dollars in thousands)Operating lease obligations
    
    $
    36,805
    
    
    $
    10,650
    
    
    $
    16,667
    
    
    $
    7,508
    
    
    $
    1,980
    Expiration by PeriodLess ThanTotal
    
    
    1 Year
    
    
    1 to 3 Years
    
    
    3 to 5 Years
    
    
    Thereafter(dollars in thousands)Unrecognized Tax Benefit Liabilities
    
    $
    3,185
    
    
    $
    415
    
    
    $
    698
    
    
    $
    151
    
    
    $
    1,921
  47




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##### Table of Contents



Inflation
  Recent Accounting Pronouncements
   48




---



##### Table of Contents



ITEM 7A.
    
    QUANTITATIVE AND QUALATATIVE DISCLOSURES ABOUT MARKET RISK
  Market Risk
  Interest Rate Sensitivity
   Foreign Exchange Risk
    49




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##### Table of Contents



ITEM 8.
    
    FINANCIAL STATEMENTS AND SUPPLEMENTAL DATA
  
 ITEM 9.
    
    CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES
  
 ITEM 9A(T).
    
    CONTROL AND PROCEDURES
 Evaluation of Disclosure and Control Procedures
   Managements Annual Report on Internal Control Over Financial Reporting
  Changes in Internal Control Over Financial Reporting
  Certifications
  
 ITEM 9B.
    
    OTHER INFORMATION
   50




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##### Table of Contents



PART III
 
 ITEM 10.
    
    DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
  Executive Officers of the Registrant
  Name
    
    Age
    
    Positions HeldLars Björk (1)
    
    48
    
    President, Chief Executive Officer and DirectorWilliam G. Sorenson
    
    55
    
    Chief Financial Officer, Treasurer and SecretaryLeslie Bonney
    
    53
    

Chief
Operating OfficerAnthony Deighton
    
    37
    
    Senior Vice President, ProductsDouglas Laird
    
    49
    
    Vice President, MarketingDeborah C. Lofton
    
    43
    
    Vice President and General CounselJonas Nachmanson
    
    47
    
    Chief Technology Officer
 (1)
    
    Member of the Board of Directors(2)
    
    Mr. Bonney, who previously served as our Executive Vice President, Global Field Operations,
was appointed Chief Operating Officer on March 14, 2011.       51




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##### Table of Contents



Code of Business Conduct
 http://www.qlikview.com
 
 ITEM 11.
    
    EXECUTIVE COMPENSATION
  
 ITEM 12.
    
    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
  
 ITEM 13.
    
    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
  
 ITEM 14.
    
    PRINCIPAL ACCOUNTANT FEES AND SERVICES
  
 PART IV
 
 ITEM 15.
    
    EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
 (a)
    
    The following documents are filed as part of this Annual Report on Form 10-K:
 (1)
    
    Financial Statements.The list of consolidated financial statements and schedules set forth in accompanying Index
to Consolidated Financial Statements on page F-1 of this Annual Report on Form 10-K, which is
incorporated into this item reference.(2)
    
    Financial Statement Schedule.No financial statement schedules have been submitted because they are not required or are
not applicable or because the information required is included in the consolidated financial
statements or the notes thereto.(3)
    
    Exhibits.The exhibits that are incorporated by reference in this
Annual Report on Form 10-K are listed on the Exhibit Index following the signature page of this Annual Report on
Form 10-K.
  52




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##### Table of Contents



SIGNATURES
  QLIK TECHNOLOGIES INC.By:
    
    /s/ LARS BJÖRKLars BjörkPresident, Chief Executive Officer, and Director(Principal Executive Officer)
  Signatures
    
    Title
    
    Date/s/ LARS BJÖRK
    
    President, Chief Executive Officer, andLars Björk
    
    Director (Principal Executive Officer)
    
    March 16, 2011/s/ WILLIAM G. SORENSON
    
    Chief Financial Officer, Treasurer, andWilliam G. Sorenson
    
    Secretary (Principal Financial Officer and Principal Accounting Officer)
    
    March 16, 2011/s/ BRUCE GOLDENBruce Golden
    
    Chairman of the Board
    
    March 16, 2011/s/ JOHN C. BURRISJohn C. Burris
    
    Director
    
    March 16, 2011/s/ JOHN GAVIN, JR.John Gavin, Jr.
    
    Director
    
    March 16, 2011/s/ EREL N. MARGALITErel N. Margalit
    
    Director
    
    March 16, 2011/s/ ALEXANDER OTTAlexander Ott
    
    Director
    
    March 16, 2011/s/ PAUL WAHLPaul Wahl
    
    Director
    
    March 16, 2011
  53




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##### Table of Contents



EXHIBIT INDEX
 ExhibitNumber
    
    Description of Document3.2
    (5)
    
    Restated Certificate of Incorporation of Registrant3.4
    (1)
    
    Amended and Restated Bylaws of the Registrant4.2
    (3)
    
    Form of Registrants Common Stock Certificate4.3
    (1)
    
    Investors Rights Agreement, dated November 17, 2004 and as amended on various dates, by and among the
Registrant, certain stockholders and the investors listed on the signature pages thereto4.3.A
    (5)
    
    Amendment and Waiver of Notice Agreement, dated June 11, 2010, by and among the Registrant and certain investors
listed on the signature pages thereto10.1
     (3)
    
    Form of Indemnification Agreement between the Registrant and Lars Björk10.2
     (3)
    
    Form of Indemnification Agreement between the Registrant and John Gavin, Jr.10.3
     (3)
    
    Form of Indemnification Agreement between the Registrant and Bruce Golden10.4
     (3)
    
    Form of Indemnification Agreement between the Registrant and Erel Margalit10.5
     (3)
    
    Form of Indemnification Agreement between the Registrant and Alexander Ott10.6
     (3)
    
    Form of Indemnification Agreement between the Registrant and Paul Wahl10.7
     (3)
    
    Form of Indemnification Agreement between the Registrant and William G. Sorenson10.8
     (3)
    
    Form of Indemnification Agreement between the Registrant and Leslie Bonney10.9
     (3)
    
    Form of Indemnification Agreement between the Registrant and Anthony Deighton10.10
     (3)
    
    Form of Indemnification Agreement between the Registrant and Douglas Laird10.11
     (4)
    
    Amended and Restated Employment Agreement, dated June 1, 2010, by and between the Registrant and Lars Björk10.12
     (4)
    
    Amended and Restated Employment Agreement, dated June 1, 2010, by and between the Registrant and William Sorenson10.13
     (3)
    
    Employment Agreement, dated May 2, 2005, by and between the Registrant and Leslie Bonney10.13.A
     (4)
    
    Letter Agreement, dated June 1, 2010, by and between the Registrant and Leslie Bonney10.14
     (4)
    
    Amended and Restated Employment Offer Letter, dated June 1, 2010, by and between the Registrant and Anthony
Deighton10.15
     (4)
    
    Amended and Restated Employment Offer Letter, dated June 1, 2010, by and between the Registrant and Douglas Laird10.16
     (1)
    
    Amended and Restated Consulting Agreement, dated September 1, 2005, by and between the Registrant and Paul Wahl10.17
     (1)
    
    Consulting Agreement, dated October 1, 2004, by and between the Registrant and Alexander Ott10.18
     (1)
    
    2004 Omnibus Stock Option and Award Plan10.19
     (1)
    
    2007 Omnibus Stock Option and Award Plan10.20
     (1)
    
    2010 Omnibus Equity Incentive Plan10.21A
    *
    
    Form of US Employee Notice of Stock Option Grant and Stock Option Agreement under 2010 Omnibus Equity Incentive Plan10.21B
    *
    
    Form of International Employee Notice of Stock Option Grant and Stock Option Agreement under 2010 Omnibus Equity
Incentive Plan10.21C
    *
    
    Form of Notice of Director Stock Unit Award under 2010 Omnibus Equity Incentive Plan10.22
    (1)
    
    Translation of Agreement by and between the Registrant, QlikTech International AB and Svenska Handelsbanken AB
dated as of July 11, 200810.23
    (1)
    
    Translation of Amendment Agreement by and between the Registrant, QlikTech International AB and Svenska
Handelsbanken AB dated as of July 13, 200910.24
     (1)
    
    Omnibus Stock Option and Award Plan Non-Qualified Stock Option Award Agreement granted to Alexander Ott under
the 2004 Omnibus Stock Option and Award Plan10.25
    (1)
    
    Omnibus Stock Option and Award Plan Non-Qualified Stock Option Award Agreements granted to Anthony Deighton
under the 2004 Omnibus Stock Option and Award Plan and under the 2007 Omnibus Stock Option and Award Plan, and
Side letter, dated November 2006, between the Registrant and Anthony Deighton10.25.A
     (4)
    
    Omnibus Stock Option and Award Plan Non-Qualified Stock Option Award Agreement granted to Anthony Deighton under
the 2007 Omnibus Stock Option and Award Plan, dated May 21, 201010.26
     (1)
    
    Omnibus Stock Option and Award Plan Non-Qualified Stock Option Award Agreement granted to Douglas Laird under
the 2007 Omnibus Stock Option and Award Plan10.26.A
     (4)
    
    Omnibus Stock Option and Award Plan Non-Qualified Stock Option Award Agreement granted to Douglas Laird under
the 2007 Omnibus Stock Option and Award Plan, dated May 21, 2010




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##### Table of Contents



ExhibitNumber
    
    Description of Document10.27
     (1)
    
    Omnibus Stock Option and Award Plan Non-Qualified Stock Option Award Agreements granted to Lars Björk under the
2004 Omnibus Stock Option and Award Plan and the 2007 Omnibus Stock Option and Award Plan10.27.A
     (4)
    
    Omnibus Stock Option and Award Plan Non-Qualified Stock Option Award Agreement granted to Lars Björk under the
2007 Omnibus Stock Option and Award Plan, dated May 21, 201010.28
     (1)
    
    2004, 2005 and 2009 Omnibus Stock Option and Award Plans and Sub-Plans for the UK Agreements granted to Leslie
Bonney10.28.A
     (4)
    
    2010 Omnibus Stock Option and Award Plan and Sub-Plan for the UK Agreement granted to Leslie Bonney, dated May
21, 201010.29
     (1)
    
    Omnibus Stock Option and Award Plan Non-Qualified Stock Option Award Agreements granted to Paul Wahl under the
2004 Omnibus Stock Option and Award Plan and 2007 Omnibus Stock Option and Award Plan10.30
     (1)
    
    Omnibus Stock Option and Award Plan Non-Qualified Stock Option Award Agreement granted to William Sorenson under
the 2007 Omnibus Stock Option and Award Plan10.30.A
     (4)
    
    Omnibus Stock Option and Award Plan Non-Qualified Stock Option Award Agreement granted to William Sorenson under
the 2007 Omnibus Stock Option and Award Plan, dated May 21, 201010.31
     (4)
    
    Omnibus Stock Option and Award Plan Non-Qualified Stock Option Award Agreement granted to John Gavin, Jr. under
the 2007 Omnibus Stock Option and Award Plan10.32
    (1)
    
    Term Loan Facility Agreement, dated June 16, 2008, between the Registrant and Stiftelsen Industrifonden10.33
    (1)
    
    Warrant to Purchase Shares of Preferred Stock, dated June 16, 2008, issued by the Registrant to Stiftelsen
Industrifonden10.34
    (1)
    
    Share Pledge Agreement, dated June 16, 2008, between the Registrant and Stiftelsen Industrifonden10.35
    (1)
    
    Stock Purchase Agreement, dated November 17, 2004, between the Registrant, QlikTech International AB and the
Investors (as defined therein)10.36
    (1)
    
    Lease, dated November 15, 2005, between the Registrant and Radnor Properties-SDC, L.P.10.37
    (1)
    
    First Amendment to Lease, dated March 13, 2009, between the Registrant and Radnor Properties-SDC, L.P.10.38
    (2)
    
    Translation of Hyreskontrakt for local, dated May 22, 2007, between QlikTech International AB and Ideon AB10.39
    
    
    Reference is made to Exhibits 4.3 and 4.3A10.40
     (6)
    
    Form of Indemnification Agreement between the Registrant and John Burris10.41
    (7)
    
    Second Amendment to Lease dated as of November 23, 2010, by and between Radnor Properties  SDC, L.P. and the
Registrant10.42
    *
    
    Translation of Transfer Agreement dated December 29, 2010 between QlikTech International
AB and Sony Ericsson Mobile Communications AB (SEMC) and two separate lease agreements where by SEMC leased
property from Fastighets AB Remulus Lund 321.1
    *
    
    List of subsidiaries of the Registrant (including jurisdiction of organization and names under which
subsidiaries do business)23.1
    *
    
    Consent of Independent Registered Public Accounting Firm24.1
    *
    
    Powers of Attorney (included in the signature pages to the registration statement)31.1
    *
    
    Certification of Chief Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted
pursuant to Section 302 of the Sarbanes-Oxley Act of 200231.2
    *
    
    Certification of Chief Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted
pursuant to Section 302 of the Sarbanes-Oxley Act of 200232.1
    **
    
    Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
 
    
    Compensation arrangement*
    
    Filed herewith(1)
    
    Incorporated by reference to the same numbered exhibit to the Registrants Registration Statement on Form S-1 (SEC File No. 333-165844) filed on April 1, 2010.(2)
    
    Incorporated by reference to the same numbered exhibit to the Registrants Amendment No. 1 to Registration Statement on Form S-1 (SEC File No. 333-165844) filed on
May 5, 2010.(3)
    
    Incorporated by reference to the same numbered exhibit to the Registrants Amendment No. 2 to Registration Statement on Form S-1 (SEC File No. 333-165844) filed on
May 27, 2010.(4)
    
    Incorporated by reference to the same numbered exhibit to the Registrants Amendment No. 3 to Registration Statement on Form S-1 (SEC File No. 333-165844) filed on
June 4, 2010.(5)
    
    Incorporated by reference to the same numbered exhibit to the Registrants Amendment No. 4 to Registration Statement on Form S-1 (SEC File No. 333-165844) filed on
June 28, 2010.(6)
    
    Incorporated by reference to Exhibit 99.2 to the Registrants Current Report on Form 8-K (SEC File No. 001-34803) filed on October 14, 2010.(7)
    
    Incorporated by reference to Exhibit 10.1 to the Registrants Current Report on Form 8-K (SEC File No. 001-34803) filed on November 23, 2010.**
    
    The certification attached as Exhibit 32.1 is not deemed filed with the SEC and is not to
be incorporated by reference into any filing of the registrant under the Securities Act of 1933 or
the Securities Exchange Act of 1934, whether made before or after the date hereof and irrespective
of any general incorporation language contained in such filing, except to the extent that the
registrant specifically incorporates it by reference.




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##### Table of Contents



INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
 PageReport of Ernst & Young LLP, Independent Registered Public Accounting Firm
    
    
    F-2Consolidated Balance Sheets
    
    
    F-3Consolidated Statements of Income
    
    
    F-4Consolidated Statements of Convertible Preferred Stock and Stockholders Equity (Deficit)
    
    
    F-5Consolidated Statements of Cash Flows
    
    
    F-6Notes to Consolidated Financial Statements
    
    
    F-7
  F-1




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Report of Ernst & Young LLP, Independent Registered Public Accounting Firm
         F-2




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##### Table of Contents



QLIK TECHNOLOGIES INC.
 
 CONSOLIDATED BALANCE SHEETS
 (in thousands, except share data)
 December 31,
    
    
    December 31,2010
    
    
    2009AssetsCurrent assets:Cash and cash equivalents
    
    $
    158,712
    
    
    $
    24,852Accounts receivable, net
    
    
    85,364
    
    
    
    63,729Prepaid expenses and other current assets
    
    
    7,107
    
    
    
    3,970Deferred income taxes
    
    
    527
    
    
    
    810Total current assets
    
    
    251,710
    
    
    
    93,361Property and equipment, net
    
    
    4,399
    
    
    
    3,244Intangible assets, net
    
    
    388
    
    
    
    417Goodwill
    
    
    2,746
    
    
    
    1,308Deferred income taxes
    
    
    4,248
    
    
    
    4,207Deposits and other noncurrent assets
    
    
    1,573
    
    
    
    430Total assets
    
    $
    265,064
    
    
    $
    102,967Liabilities, convertible preferred stock and stockholders equity (deficit)Current liabilities:Current portion of long-term debt
    
    $
    
    
    
    $
    3,022Line of credit
    
    
    
    
    
    
    242Income taxes payable
    
    
    8,431
    
    
    
    3,203Accounts payable
    
    
    5,627
    
    
    
    5,232Deferred revenue
    
    
    50,024
    
    
    
    35,575Accrued payroll and other related costs
    
    
    25,262
    
    
    
    18,818Accrued expenses
    
    
    12,960
    
    
    
    10,015Deferred income taxes
    
    
    337
    
    
    
    Stock warrant liability
    
    
    
    
    
    
    2,425Total current liabilities
    
    
    102,641
    
    
    
    78,532Long-term liabilities:Long-term debt
    
    
    
    
    
    
    3,777Deferred income taxes
    
    
    48
    
    
    
    326Other long-term liabilities
    
    
    3,185
    
    
    
    3,322Stock warrant liability
    
    
    
    
    
    
    2,212Total liabilities
    
    
    105,874
    
    
    
    88,169Commitments and contingenciesConvertible preferred stock:Series A convertible preferred stock ($0.0001 par value, 20,320,561 shares authorized; 19,846,279
issued and outstanding at December 31, 2009)
    
    
    
    
    
    
    12,082Series AA convertible preferred stock ($0.0001 par value, 26,875,145 shares authorized, issued,
and outstanding at December 31, 2009)
    
    
    
    
    
    
    11,819Total convertible preferred stock
    
    
    
    
    
    
    23,901Stockholders equity (deficit):Preferred stock, $0.0001 par value, 10,000,000 authorized, none issued and outstanding at December
31, 2010;
none authorized, issued and outstanding at December 31, 2009
    
    
    
    
    
    
    Common stock, $0.0001 par value, 300,000,000 shares authorized; 78,752,390 issued and outstanding at
December 31, 2010; 78,068,237 shares authorized; 16,629,146 issued and outstanding at December 31, 2009
    
    
    8
    
    
    
    2Additional paid-in-capital
    
    
    157,928
    
    
    
    5,743Retained earnings (accumulated deficit)
    
    
    133
    
    
    
    (13,383
    )Accumulated other comprehensive income (loss)
    
    
    1,121
    
    
    
    (1,465
    )Total stockholders equity (deficit)
    
    
    159,190
    
    
    
    (9,103
    )Total liabilities, convertible preferred stock and stockholders equity (deficit)
    
    $
    265,064
    
    
    $
    102,967
  F-3




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##### Table of Contents



QLIK TECHNOLOGIES INC.
 
 CONSOLIDATED STATEMENTS OF INCOME
 (in thousands, except share and per share data)
 Year Ended December 31,2010
    
    
    2009
    
    
    2008Revenue:License revenue
    
    $
    145,225
    
    
    $
    99,864
    
    
    $
    74,446Maintenance revenue
    
    
    59,846
    
    
    
    41,390
    
    
    
    29,401Professional services revenue
    
    
    21,450
    
    
    
    16,105
    
    
    
    14,417Total revenue
    
    
    226,521
    
    
    
    157,359
    
    
    
    118,264Cost of revenue:License revenue
    
    
    3,670
    
    
    
    3,663
    
    
    
    3,071Maintenance revenue
    
    
    3,998
    
    
    
    1,635
    
    
    
    1,365Professional services revenue
    
    
    16,054
    
    
    
    11,802
    
    
    
    9,562Total cost of revenue
    
    
    23,722
    
    
    
    17,100
    
    
    
    13,998Gross profit
    
    
    202,799
    
    
    
    140,259
    
    
    
    104,266Operating expenses:Sales and marketing
    
    
    122,394
    
    
    
    93,349
    
    
    
    74,267Research and development
    
    
    13,537
    
    
    
    8,735
    
    
    
    8,258General and administrative
    
    
    39,300
    
    
    
    25,009
    
    
    
    20,190Total operating expenses
    
    
    175,231
    
    
    
    127,093
    
    
    
    102,715Income from operations
    
    
    27,568
    
    
    
    13,166
    
    
    
    1,551Other income (expense), net:Interest expense, net
    
    
    (488
    )
    
    
    (941
    )
    
    
    (361
    )Change in fair value of warrants
    
    
    (1,962
    )
    
    
    (1,953
    )
    
    
    (463
    )Foreign exchange gain (loss) and other
income (expense), net
    
    
    (4,404
    )
    
    
    (1,635
    )
    
    
    4,128Total other income (expense), net
    
    
    (6,854
    )
    
    
    (4,529
    )
    
    
    3,304Income before provision for income taxes
    
    
    20,714
    
    
    
    8,637
    
    
    
    4,855Provision for income taxes
    
    
    (7,198
    )
    
    
    (1,776
    )
    
    
    (1,860
    )Net income
    
    $
    13,516
    
    
    $
    6,861
    
    
    $
    2,995Net income per common share:Basic
    
    $
    0.24
    
    
    $
    0.07
    
    
    $
    0.01Diluted
    
    $
    0.21
    
    
    $
    0.06
    
    
    $
    0.01Weighted average number of common shares:Basic
    
    
    45,232,782
    
    
    
    16,267,186
    
    
    
    14,552,999Diluted
    
    
    52,061,916
    
    
    
    20,778,448
    
    
    
    16,523,443
  F-4




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##### Table of Contents



QLIK TECHNOLOGIES INC.
 
 CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS EQUITY (DEFICIT)
 (in thousands, except share data)
 Convertible Preferred Stock
    
    
    Stockholders Equity (Deficit)Accumulated OtherAdditional Paid-
    
    
    
    
    
    
    ComprehensiveSeries A Preferred
    
    
    Series AA Preferred
    
    
    Common
    
    
    in-
    
    
    Retained Earnings
    
    
    IncomeShares
    
    
    Amount
    
    
    Shares
    
    
    Amount
    
    
    Shares
    
    
    Amount
    
    
    Capital
    
    
   (Accumulated Deficit)
    
    
    (Loss)
    
    
    TotalBalance at January 1, 2008
    
    
    19,846,279
    
    
    $
    12,082
    
    
    
    26,875,145
    
    
    $
    11,819
    
    
    
    13,595,534
    
    
    $
    1
    
    
    $
    1,647
    
    
    $
    (23,239
    )
    
    $
    714
    
    
    $
    (20,877
    )Exercise of stock options
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,383,396
    
    
    
    1
    
    
    
    1,553
    
    
    
    
    
    
    
    
    
    
    
    1,554Stock-based compensation expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    731
    
    
    
    
    
    
    
    
    
    
    
    731Payments for stock options
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    83
    
    
    
    
    
    
    
    
    
    
    
    83Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,995
    
    
    
    
    
    
    
    2,995Foreign currency translation adjustment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,854
    )
    
    
    (1,854
    )Comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,141Balance at December 31, 2008
    
    
    19,846,279
    
    
    $
    12,082
    
    
    
    26,875,145
    
    
    $
    11,819
    
    
    
    15,978,930
    
    
    $
    2
    
    
    $
    4,014
    
    
    $
    (20,244
    )
    
    $
    (1,140
    )
    
    $
    (17,368
    )Exercise of stock options
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    650,216
    
    
    
    
    
    
    
    513
    
    
    
    
    
    
    
    
    
    
    
    513Stock-based compensation expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,479
    
    
    
    
    
    
    
    
    
    
    
    1,479Excess tax benefit from stock-based compensation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    53
    
    
    
    
    
    
    
    
    
    
    
    53Payments for stock options
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    123
    
    
    
    
    
    
    
    
    
    
    
    123Repurchase of stock options
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (439
    )
    
    
    
    
    
    
    
    
    
    
    (439
    )Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,861
    
    
    
    
    
    
    
    6,861Foreign currency translation adjustment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (325
    )
    
    
    (325
    )Comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,536Balance at December 31, 2009
    
    
    19,846,279
    
    
    $
    12,082
    
    
    
    26,875,145
    
    
    $
    11,819
    
    
    
    16,629,146
    
    
    $
    2
    
    
    $
    5,743
    
    
    $
    (13,383
    )
    
    $
    (1,465
    )
    
    $
    (9,103
    )Proceeds from public offering, net of underwriters discount
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    12,880,000
    
    
    
    1
    
    
    
    115,099
    
    
    
    
    
    
    
    
    
    
    
    115,100Conversion of preferred stock to common stock, net offering costs
    
    
    (19,846,279
    )
    
    
    (12,082
    )
    
    
    (26,875,145
    )
    
    
    (11,819
    )
    
    
    46,721,424
    
    
    
    5
    
    
    
    23,986
    
    
    
    
    
    
    
    
    
    
    
    23,901Warrant liability reclass
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,403
    
    
    
    
    
    
    
    
    
    
    
    6,403Exercise of stock options
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,840,034
    
    
    
    
    
    
    
    1,741
    
    
    
    
    
    
    
    
    
    
    
    1,741Exercise of common stock warrants
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    561,786
    
    
    
    
    
    
    
    650
    
    
    
    
    
    
    
    
    
    
    
    650Stock-based compensation expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,018
    
    
    
    
    
    
    
    
    
    
    
    3,018Excess tax benefit from stock-based compensation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    675
    
    
    
    
    
    
    
    
    
    
    
    675Payments for stock options
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    81
    
    
    
    
    
    
    
    
    
    
    
    81Shares issued for acquisition
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    120,000
    
    
    
    
    
    
    
    622
    
    
    
    
    
    
    
    
    
    
    
    622Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    13,516
    
    
    
    
    
    
    
    13,516Foreign currency translation adjustment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,586
    
    
    
    2,586Comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    16,102Balance at December 31, 2010
    
    
    
    
    
    $
    
    
    
    
    
    
    
    $
    
    
    
    
    78,752,390
    
    
    $
    8
    
    
    $
    157,928
    
    
    $
    133
    
    
    $
    1,121
    
    
    $
    159,190
  F-5




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##### Table of Contents



QLIK TECHNOLOGIES INC.
 
 CONSOLIDATED STATEMENTS OF CASH FLOWS
 (in thousands)
 Year Ended December 31,2010
    
    
    2009
    
    
    2008Cash flows from operating activitiesNet income
    
    $
    13,516
    
    
    $
    6,861
    
    
    $
    2,995Adjustments to reconcile net income to net cash provided by operating activities:Non-cash interest expense, including amortization of debt discount
    
    
    122
    
    
    
    60
    
    
    
    498Depreciation and amortization
    
    
    1,713
    
    
    
    1,108
    
    
    
    793Stock-based compensation expense
    
    
    3,018
    
    
    
    1,479
    
    
    
    731Deferred income taxes
    
    
    443
    
    
    
    (1,998
    )
    
    
    866Excess tax benefit from stock-based compensation
    
    
    (675
    )
    
    
    (53
    )
    
    
    Provision for bad debts
    
    
    222
    
    
    
    837
    
    
    
    826Change in fair value of warrants
    
    
    1,962
    
    
    
    1,953
    
    
    
    463Unrealized foreign currency gain (loss), net
    
    
    2,816
    
    
    
    (201
    )
    
    
    (2,298
    )Changes in assets and liabilities:Accounts receivable
    
    
    (22,176
    )
    
    
    (20,692
    )
    
    
    (13,118
    )Prepaid expenses and other assets
    
    
    (3,201
    )
    
    
    (101
    )
    
    
    (1,970
    )Other noncurrent assets
    
    
    (1,108
    )
    
    
    (75
    )
    
    
    (102
    )Accounts payable
    
    
    271
    
    
    
    298
    
    
    
    1,275Deferred revenue
    
    
    14,742
    
    
    
    12,007
    
    
    
    7,445Accrued expenses and other liabilities
    
    
    14,194
    
    
    
    11,553
    
    
    
    4,227Net cash provided by operating activities
    
    
    25,859
    
    
    
    13,036
    
    
    
    2,631Cash flows from investing activitiesAcquisition, net of cash acquired
    
    
    194
    
    
    
    
    
    
    
    (442
    )Purchase of property and equipment
    
    
    (2,677
    )
    
    
    (2,128
    )
    
    
    (1,716
    )Net cash used in investing activities
    
    
    (2,483
    )
    
    
    (2,128
    )
    
    
    (2,158
    )Cash flows from financing activitiesProceeds from public offering, net of underwriters discount and
deferred offering costs
    
    
    115,100
    
    
    
    
    
    
    
    Borrowings (payments) on line of credit, net
    
    
    (242
    )
    
    
    229
    
    
    
    (3,691
    )Borrowings on long-term debt
    
    
    
    
    
    
    
    
    
    
    10,000Payments on long-term debt
    
    
    (7,384
    )
    
    
    (2,270
    )
    
    
    (1,020
    )Excess tax benefit on stock-based compensation
    
    
    675
    
    
    
    53
    
    
    
    Proceeds from issuance (repurchase) of stock options
    
    
    81
    
    
    
    (316
    )
    
    
    83Proceeds from exercise of common stock options
    
    
    1,741
    
    
    
    513
    
    
    
    1,554Proceeds from exercise of common stock warrants
    
    
    650
    
    
    
    
    
    
    
    Net cash provided by (used in) financing activities
    
    
    110,621
    
    
    
    (1,791
    )
    
    
    6,926Effect of exchange rates on cash
    
    
    (137
    )
    
    
    935
    
    
    
    (1,813
    )Net increase in cash and cash equivalents
    
    
    133,860
    
    
    
    10,052
    
    
    
    5,586Cash and cash equivalents, beginning of period
    
    
    24,852
    
    
    
    14,800
    
    
    
    9,214Cash and cash equivalents, end of period
    
    $
    158,712
    
    
    $
    24,852
    
    
    $
    14,800Supplemental cash flow information:Cash paid during the period for interest
    
    $
    414
    
    
    $
    977
    
    
    $
    148Cash paid during the period for income taxes
    
    $
    1,500
    
    
    $
    822
    
    
    $
    670Non-cash investing activities:Common stock issued for acquisition of business
    
    $
    622
    
    
    $
    
    
    
    $
    1,492
  F-6




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##### Table of Contents



QLIK TECHNOLOGIES INC.
 
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 (in thousands, except share and per share data)
 (1) Description of Business
  (2) Significant Accounting Policies
 Basis of Presentation and Consolidation
  Use of Estimates
   Foreign Currency Translation
  Cash and Cash Equivalents
  Fair Value of Financial Instruments
   F-7




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##### Table of Contents



QLIK TECHNOLOGIES INC.
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 (in thousands, except share and per share data)
 Accounts Receivable
   Year Ended December 31,2010
    
    
    2009
    
    
    2008Balance at the beginning of the
period
    
    $
    1,171
    
    
    $
    868
    
    
    $
    285Amounts to expense
    
    
    222
    
    
    
    837
    
    
    
    826Accounts written off
    
    
    (586
    )
    
    
    (534
    )
    
    
    (243
    )Balance at the end of the period
    
    $
    807
    
    
    $
    1,171
    
    
    $
    868
 Renaming of Common Stock
  Initial Public Offering
  Concentration of Market Risk
  Concentration of Credit Risk
  Property and Equipment
    F-8




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##### Table of Contents



QLIK TECHNOLOGIES INC.
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 (in thousands, except share and per share data)
 Long-lived Assets
  Business Combinations
   Goodwill and Other Intangible Assets
   Revenue Recognition
     F-9




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##### Table of Contents



QLIK TECHNOLOGIES INC.
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 (in thousands, except share and per share data)
     Deferred Revenue
  Cost of License and Maintenance Revenue
   Product Warranties
  Commissions
  Research and Development
  Advertising
   F-10




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##### Table of Contents



QLIK
TECHNOLOGIES INC.
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 (in thousands, except share and per share data)
 Income Taxes
   Comprehensive Income
  Year Ended December 31,2010
    
    
    2009
    
    
    2008Net income
    
    $
    13,516
    
    
    $
    6,861
    
    
    $
    2,995Foreign currency translation gain
(loss)
    
    
    2,586
    
    
    
    (325
    )
    
    
    (1,854
    )Comprehensive income
    
    $
    16,102
    
    
    $
    6,536
    
    
    $
    1,141
 Stock-Based Compensation
   Year Ended December 31,2010
    
    
    2009
    
    
    2008Cost of revenue
    
    $
    188
    
    
    $
    82
    
    
    $
    39Sales and marketing
    
    
    1,572
    
    
    
    733
    
    
    
    285Research and development
    
    
    96
    
    
    
    79
    
    
    
    19General and administrative
    
    
    1,162
    
    
    
    585
    
    
    
    388$
    3,018
    
    
    $
    1,479
    
    
    $
    731
 Net Income Attributable to Common Shares
   F-11




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##### Table of Contents



QLIK TECHNOLOGIES INC.
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 (in thousands, except share and per share data)
  Year Ended December 31,2010
    
    
    2009
    
    
    2008Basic net income per common share calculation:Net income
    
    $
    13,516
    
    
    $
    6,861
    
    
    $
    2,995Less: Undistributed earnings allocated to participating
securities
    
    
    (2,644
    )
    
    
    (5,697
    )
    
    
    (2,843
    )Net income attributable to common shares
    
    
    10,872
    
    
    
    1,164
    
    
    
    152Weighted average common shares outstanding
    
    
    45,232,782
    
    
    
    16,267,186
    
    
    
    14,552,999Basic net income per share
    
    $
    0.24
    
    
    $
    0.07
    
    
    $
    0.01Diluted net income per common share calculation:Net income
    
    $
    13,516
    
    
    $
    6,861
    
    
    $
    2,995Less: Undistributed earnings allocated to participating
securities
    
    
    (2,644
    )
    
    
    (5,697
    )
    
    
    (2,843
    )Net income attributable to common shares  diluted
    
    
    10,872
    
    
    
    1,164
    
    
    
    152Weighted average shares used to compute basic net income
per share
    
    
    45,232,782
    
    
    
    16,267,186
    
    
    
    14,552,999Effect of potentially dilutive securities:Common stock options and restricted stock units
    
    
    6,829,134
    
    
    
    4,511,262
    
    
    
    1,970,444Weighted average shares used to compute diluted net income
per share
    
    
    52,061,916
    
    
    
    20,778,448
    
    
    
    16,523,443Diluted net income per share
    
    $
    0.21
    
    
    $
    0.06
    
    
    $
    0.01
  Year Ended December 31,2010
    
    
    2009
    
    
    2008Common stock options
    
    
    614,900
    
    
    
    1,104,552
    
    
    
    1,046,475Restricted stock units
    
    
    3,320
    
    
    
    
    
    
    
    Warrants
    
    
    
    
    
    
    474,282
    
    
    
    474,282618,220
    
    
    
    1,578,834
    
    
    
    1,520,757
 Recent Accounting Pronouncements
  (3) Acquisitions
   F-12




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##### Table of Contents



QLIK TECHNOLOGIES INC.
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 (in thousands, except share and per share data)
      Purchase Price Allocation
  Cash and cash equivalents
    
    $
    194Other current assets
    
    
    747Liabilities, including notes payable
    
    
    (1,421
    )Net tangible liabilities acquired
    
    
    (435
    )Finite-lived intangible assets acquired
    
    
    185Goodwill
    
    
    1,357Total purchase price
    
    $
    1,107
     F-13




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##### Table of Contents



QLIK TECHNOLOGIES INC.
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 (in thousands, except share and per share data)
   (4) Goodwill and Other Intangible Assets
  2010
    
    
    2009Balance at January 1
    
    $
    1,308
    
    
    $
    1,268Syllogic acquisition
    
    
    1,357
    
    
    
    Impact of foreign currency translation
    
    
    81
    
    
    
    40Balance at December 31
    
    $
    2,746
    
    
    $
    1,308
  December 31, 2010
    
    
    December 31, 2009Gross
    
    
    Accumulated
    
    
    Net
    
    
    Gross
    
    
    Accumulated
    
    
    NetAmount
    
    
    Amortization
    
    
    Amount
    
    
    Amount
    
    
    Amortization
    
    
    AmountPurchased technology
    
    $
    200
    
    
    $
    (160
    )
    
    $
    40
    
    
    $
    189
    
    
    $
    (114
    )
    
    $
    75Customer relationships and
other identified
intangible assets
    
    
    735
    
    
    
    (387
    )
    
    
    348
    
    
    
    571
    
    
    
    (229
    )
    
    
    342Total
    
    $
    935
    
    
    $
    (547
    )
    
    $
    388
    
    
    $
    760
    
    
    $
    (343
    )
    
    $
    417
  (5) Fair Value Measurements
  
    
    Level 1  quoted prices in active markets for identical assets and liabilities
 
    
    Level 2  inputs other than Level 1 quoted prices that are directly or indirectly
observable
 
    
    Level 3  unobservable inputs that are not corroborated by market data
  F-14




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##### Table of Contents



QLIK TECHNOLOGIES INC.
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 (in thousands, except share and per share data)
  Amounts at
    
    
    Fair Value Measurement UsingFair Value
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3As of December 31, 2010AssetsCash and cash
equivalents
    
    $
    158,712
    
    
    $
    158,712
    
    
    $
    
    
    
    $
    As of December 31, 2009AssetsCash and cash
equivalents
    
    $
    24,852
    
    
    $
    24,852
    
    
    $
    
    
    
    $
    LiabilitiesStock warrant liability
    
    $
    4,637
    
    
    $
    
    
    
    $
    
    
    
    $
    4,637
          F-15




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##### Table of Contents



QLIK TECHNOLOGIES INC.
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 (in thousands, except share and per share data)
  2010
    
    
    2009Balance at January 1
    
    $
    4,637
    
    
    $
    2,684Impact of foreign currency translation (1)
    
    
    (196
    )
    
    
    Change in fair value of warrant liability (2)
    
    
    1,962
    
    
    
    1,953Reclass of warrant liability to additional
paid-in capital
    
    
    (6,403
    )
    
    
    Balance at December 31
    
    $
    
    
    
    $
    4,637As reported in balance sheet:Current
    
    $
    
    
    
    $
    2,425Non-current
    
    $
    
    
    
    $
    2,212
 (1)
    
    The impact of foreign currency translation is shown in other comprehensive income.(2)
    
    The change in fair value of warrant liability is included in other income (expense),
net in the Consolidated Statement of Income. (6) Property and Equipment, net
  December 31,2010
    
    
    2009Computers and equipment
    
    $
    4,741
    
    
    $
    3,061Furniture and fixtures
    
    
    1,926
    
    
    
    1,998Leasehold improvements
    
    
    1,425
    
    
    
    5068,092
    
    
    
    5,565Less accumulated depreciation
    
    
    (3,693
    )
    
    
    (2,321
    )$
    4,399
    
    
    $
    3,244
  (7) Long-Term Debt
 Line of Credit
  Long-term Debt
     F-16




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##### Table of Contents



QLIK TECHNOLOGIES INC.
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 (in thousands, except share and per share data)
 (8) Provision for Income Taxes
   Year Ended December 31,2010
    
    
    2009
    
    
    2008U.S. operations
    
    $
    (5,666
    )
    
    $
    (4,611
    )
    
    $
    565Foreign operations
    
    
    26,380
    
    
    
    13,248
    
    
    
    4,290$
    20,714
    
    
    $
    8,637
    
    
    $
    4,855
  Current
    
    
    Deferred
    
    
    TotalYear ended
December 31, 2010:U.S. federal
    
    $
    182
    
    
    $
    687
    
    
    $
    869State and local
    
    
    81
    
    
    
    (197
    )
    
    
    (116
    )Foreign
    
    
    5,953
    
    
    
    492
    
    
    
    6,445$
    6,216
    
    
    $
    982
    
    
    $
    7,198Year ended
December 31, 2009:U.S. federal
    
    $
    1
    
    
    $
    (1,535
    )
    
    $
    (1,534
    )State and local
    
    
    36
    
    
    
    (123
    )
    
    
    (87
    )Foreign
    
    
    3,598
    
    
    
    (201
    )
    
    
    3,397$
    3,635
    
    
    $
    (1,859
    )
    
    $
    1,776Year ended
December 31, 2008:U.S. federal
    
    $
    (90
    )
    
    $
    577
    
    
    $
    487State and local
    
    
    22
    
    
    
    8
    
    
    
    30Foreign
    
    
    1,039
    
    
    
    304
    
    
    
    1,343$
    971
    
    
    $
    889
    
    
    $
    1,860
  F-17




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##### Table of Contents



QLIK TECHNOLOGIES INC.
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 (in thousands, except share and per share data)
  Year Ended December 31,2010
    
    
    2009
    
    
    2008Statutory federal income tax
    
    $
    (7,043
    )
    
    $
    (2,937
    )
    
    $
    (1,651
    )Increase (reduction) in income taxes resulting from:Foreign tax benefit for income taxed at lower rates
    
    
    1,934
    
    
    
    1,611
    
    
    
    389Foreign tax credit
    
    
    504
    
    
    
    180
    
    
    
    Change in valuation allowance
    
    
    (83
    )
    
    
    916
    
    
    
    62State and local income taxes, net of federal income tax benefit
    
    
    297
    
    
    
    100
    
    
    
    (22
    )Permanent differences  warrant liability
    
    
    (667
    )
    
    
    (719
    )
    
    
    (38
    )Permanent differences  other
    
    
    (259
    )
    
    
    (392
    )
    
    
    (302
    )Internal revenue code 956 income and tax on earnings not
permenantly reinvested
    
    
    (1,447
    )
    
    
    
    
    
    
    Other
    
    
    (434
    )
    
    
    (535
    )
    
    
    (298
    )Total
    
    $
    (7,198
    )
    
    $
    (1,776
    )
    
    $
    (1,860
    )
   December 31, 2010
    
    
    December 31, 2009Deferred tax assets:Accrued expenses
    
    $
    283
    
    
    $
    501Foreign tax credits
    
    
    778
    
    
    
    273Stock options
    
    
    1,008
    
    
    
    454Other tax credits
    
    
    3
    
    
    
    15Other assets
    
    
    419
    
    
    
    71Net operating loss carryforwards
    
    
    4,108
    
    
    
    5,444Total gross deferred tax assets
    
    
    6,599
    
    
    
    6,758Less: valuation allowance
    
    
    (1,824
    )
    
    
    (1,741
    )Net deferred tax assets
    
    
    4,775
    
    
    
    5,017Deferred tax liabilities:Exchange gains/losses
    
    
    
    
    
    
    (326
    )Other
    
    
    (385
    )
    
    
    Total deferred tax liabilities
    
    
    (385
    )
    
    
    (326
    )Total net deferred tax assets
    
    $
    4,390
    
    
    $
    4,691As reportedDefererd tax assets, current
    
    $
    527
    
    
    $
    810Deferred tax assets, non-current
    
    
    4,248
    
    
    
    4,207Deferred tax liablities, current
    
    
    (337
    )
    
    
    Deferred tax liablities,
non-current
    
    
    (48
    )
    
    
    (326
    )Total net deferred tax assets
    
    $
    4,390
    
    
    $
    4,691
   F-18




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##### Table of Contents



QLIK TECHNOLOGIES INC.
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 (in thousands, except share and per share data)
      Year Ended December 31,2010
    
    
    2009
    
    
    2008Beginning balance
    
    $
    3,322
    
    
    $
    3,251
    
    
    $
    3,438Expiration of statute of limitations for the
assessment of taxes
    
    
    (339
    )
    
    
    
    
    
    
    Increase related to current tax year
    
    
    99
    
    
    
    
    
    
    
    Increase related to prior tax years
    
    
    127
    
    
    
    
    
    
    
    Foreign currency translation adjustments
    
    
    (113
    )
    
    
    71
    
    
    
    (187
    )Ending balance
    
    $
    3,096
    
    
    $
    3,322
    
    
    $
    3,251
     (9) Capital Stock
  Common Stock
 Outstanding shares
   F-19




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##### Table of Contents



QLIK TECHNOLOGIES INC.
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 (in thousands, except share and per share data)
 Voting Rights
 Dividends
 Liquidation Preference
 Other Rights and Preferences
 Fully Paid and Non-assessable
 Preferred Stock
   Convertible Preferred Stock
  (10) Commitments and Contingencies
 Litigation
  Leases
   Year ending December 31:2011
    
    $
    10,6502012
    
    
    9,1202013
    
    
    7,5472014
    
    
    4,2712015
    
    
    3,237Thereafter
    
    
    1,980Total future minimum lease payments
    
    $
    36,805
   F-20




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##### Table of Contents



QLIK TECHNOLOGIES INC.
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 (in thousands, except share and per share data)
 (11) Business and Geographic Segment Information
   Year Ended December 31,2010
    
    
    2009
    
    
    2008The Americas
    
    $
    70,930
    
    
    $
    42,725
    
    
    $
    33,684Europe
    
    
    138,364
    
    
    
    103,824
    
    
    
    76,180Rest of world
    
    
    17,227
    
    
    
    10,810
    
    
    
    8,400Consolidated total
    
    $
    226,521
    
    
    $
    157,359
    
    
    $
    118,264
   As of December 31,2010
    
    
    2009The Americas
    
    $
    841
    
    
    $
    623Europe
    
    
    3,413
    
    
    
    2,621Rest of world
    
    
    145
    
    
    
    Consolidated total
    
    $
    4,399
    
    
    $
    3,244
  (12) Stock Option Plan
     F-21




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##### Table of Contents



QLIK TECHNOLOGIES INC.
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 (in thousands, except share and per share data)
    Common Stock Options
 Valuation of
Privately-Held-Company Equity Securities Issued as Compensation"
    
    
    expected revenue, operating performance and cash flows for the current and future
years, determined as of the valuation date based on the Companys estimates;
 
    
    a discount rate, which was applied to discretely forecasted future cash flows in
order to calculate the present value of those cash flows; and
 
    
    a terminal value multiple, which was applied to the last year of discretely
forecasted cash flows to calculate the residual value of the Companys future cash
flows.
  
    
    expected revenue, operating performance and cash flows for the current and future
years, determined as of the valuation date based on the Companys estimates;
 
    
    multiples of market value to trailing revenues, determined as of the valuation date,
based on a group of comparable public companies identified; and
 
    
    multiples of market value to expected future revenues, determined as of the valuation
date, based on the same group of comparable public companies.
  F-22




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##### Table of Contents



QLIK TECHNOLOGIES INC.
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 (in thousands, except share and per share data)
  Weighted-AverageWeighted-
    
    
    RemainingNumber of
    
    
    Average
    
    
    ContractualShares
    
    
    Exercise Price
    
    
    Term (Years)Outstanding as of January 1, 2008
    
    
    13,157,138
    
    
    $
    0.91
    
    
    
    8.26Authorized
    
    
    
    
    
    $
    
    
    
    
    Granted
    
    
    3,372,225
    
    
    $
    1.65
    
    
    
    Exercised
    
    
    (2,383,311
    )
    
    $
    0.65
    
    
    
    Forfeited
    
    
    (2,008,003
    )
    
    $
    0.73
    
    
    
    Outstanding as of December 31, 2008
    
    
    12,138,049
    
    
    $
    1.19
    
    
    
    8.26Authorized
    
    
    
    
    
    $
    
    
    
    
    Granted
    
    
    2,709,754
    
    
    $
    2.53
    
    
    
    Exercised
    
    
    (650,216
    )
    
    $
    0.79
    
    
    
    Forfeited
    
    
    (1,856,114
    )
    
    $
    1.14
    
    
    
    Outstanding as of December 31, 2009
    
    
    12,341,473
    
    
    $
    1.51
    
    
    
    6.83Authorized
    
    
    
    
    
    $
    
    
    
    
    Granted
    
    
    1,881,400
    
    
    $
    10.43
    
    
    
    Exercised
    
    
    (1,840,034
    )
    
    $
    1.09
    
    
    
    Forfeited
    
    
    (329,394
    )
    
    $
    2.21
    
    
    
    Outstanding as of December 31, 2010
    
    
    12,053,445
    
    
    $
    2.95
    
    
    
    6.71Exercisable at December 31, 2010
    
    
    7,312,003
    
    
    $
    1.39
    
    
    
    5.80Vested and expected to vest at
December 31, 2010
    
    
    11,867,552
    
    
    $
    2.97
    
    
    
    6.70
    Year Ended December 31,2010
    
    2009
    
    2008Expected dividend yield
    
    0.0%
    
    0.0%
    
    0.0%Risk-free interest rate
    
    1.3%  2.7%
    
    1.5%  2.4%
    
    1.2%  3.1%Expected volatility
    
    48.3%  50.2%
    
    44.7%  85.7%
    
    48.0%  88.8%Expected life (Swedish
grants, in years)
    
    4
    
    4
    
    4Expected life (all
other grants, in
years)
    
    6.25
    
    6.25
    
    6.25
    F-23




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##### Table of Contents



QLIK TECHNOLOGIES INC.
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 (in thousands, except share and per share data)
 Restricted Stock Units
      F-24




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##### Table of Contents



QLIK TECHNOLOGIES INC.
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 (in thousands, except share and per share data)
 (13) Shares Reserved for Future Issuance
  Granted and
outstanding common stock options and restricted stock units
    
    
    12,094,265Future
issuance under 2010 plan
    
    
    2,644,280Future issuance of preferred stock
    
    
    10,000,000
 (14) Benefits Plans
  (15) Comparison of Summarized Unaudited Quarterly Results
  For the Three Months EndedMarch 31,
    
    
    June 30,
    
    
    September 30,
    
    
    December 31,
    
    
    March 31,
    
    
    June 30,
    
    
    September 30,
    
    
    December 31,2009
    
    
    2009
    
    
    2009
    
    
    2009
    
    
    2010
    
    
    2010
    
    
    2010
    
    
    2010Consolidated statement of
operations data:Revenue:License revenue
    
    $
    14,759
    
    
    $
    20,045
    
    
    $
    21,388
    
    
    $
    43,672
    
    
    $
    26,222
    
    
    $
    32,544
    
    
    $
    30,139
    
    
    $
    56,320Maintenance revenue
    
    
    7,969
    
    
    
    9,478
    
    
    
    11,164
    
    
    
    12,779
    
    
    
    13,069
    
    
    
    13,519
    
    
    
    14,972
    
    
    
    18,286Professional services revenue
    
    
    3,676
    
    
    
    3,322
    
    
    
    3,754
    
    
    
    5,353
    
    
    
    4,474
    
    
    
    5,067
    
    
    
    5,157
    
    
    
    6,752Total revenue
    
    
    26,404
    
    
    
    32,845
    
    
    
    36,306
    
    
    
    61,804
    
    
    
    43,765
    
    
    
    51,130
    
    
    
    50,268
    
    
    
    81,358Cost of revenue:License revenue
    
    
    587
    
    
    
    614
    
    
    
    590
    
    
    
    1,872
    
    
    
    679
    
    
    
    1,178
    
    
    
    711
    
    
    
    1,102Maintenance revenue
    
    
    376
    
    
    
    455
    
    
    
    402
    
    
    
    402
    
    
    
    695
    
    
    
    1,013
    
    
    
    965
    
    
    
    1,325Professional services revenue
    
    
    2,817
    
    
    
    2,589
    
    
    
    2,732
    
    
    
    3,664
    
    
    
    2,912
    
    
    
    3,554
    
    
    
    4,458
    
    
    
    5,130Total cost of revenue
    
    
    3,780
    
    
    
    3,658
    
    
    
    3,724
    
    
    
    5,938
    
    
    
    4,286
    
    
    
    5,745
    
    
    
    6,134
    
    
    
    7,557Gross profit
    
    
    22,624
    
    
    
    29,187
    
    
    
    32,582
    
    
    
    55,866
    
    
    
    39,479
    
    
    
    45,385
    
    
    
    44,134
    
    
    
    73,801Total operating expenses
    
    
    29,004
    
    
    
    31,896
    
    
    
    30,843
    
    
    
    35,350
    
    
    
    37,470
    
    
    
    39,544
    
    
    
    40,972
    
    
    
    57,245Income (loss) from operations
    
    $
    (6,380
    )
    
    $
    (2,709
    )
    
    $
    1,739
    
    
    $
    20,516
    
    
    $
    2,009
    
    
    $
    5,841
    
    
    $
    3,162
    
    
    $
    16,556Net income (loss)
    
    $
    (4,301
    )
    
    $
    (2,696
    )
    
    $
    (1,484
    )
    
    $
    15,344
    
    
    $
    (119
    )
    
    $
    3,538
    
    
    $
    (511
    )
    
    $
    10,608Net income (loss) per common share:Basic
    
    $
    (0.27
    )
    
    $
    (0.17
    )
    
    $
    (0.09
    )
    
    $
    0.21
    
    
    $
    (0.01
    )
    
    $
    0.02
    
    
    $
    (0.01
    )
    
    $
    0.14Diluted
    
    $
    (0.27
    )
    
    $
    (0.17
    )
    
    $
    (0.09
    )
    
    $
    0.16
    
    
    $
    (0.01
    )
    
    $
    0.02
    
    
    $
    (0.01
    )
    
    $
    0.12
   F-25