##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 
 FORM 10-Q
 
 (Mark One)
 þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended September 30, 2010
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to
 Commission File Number 001-34803
 Qlik Technologies Inc.
  Delaware
(State or other jurisdiction of 
incorporation or organization)
    
    20-1643718
(I.R.S. Employer
Identification No.)150 N. Radnor Chester Road 
Suite E220
Radnor, Pennsylvania
(Address of principal executive offices)
    
    19087
(Zip Code)
 (888) 828-9768
 þ o
 o o
  Large accelerated filer o
Accelerated filer o
Non-accelerated filer þ
(Do not check if a smaller reporting company)
Smaller reporting company o o þ




---



##### 



TABLE OF CONTENTS
 PART I  FINANCIAL INFORMATIONItem 1.
    
    Financial StatementsUnaudited Consolidated Balance Sheets as of December 31, 2009 and September 30, 2010
    
    1Unaudited Consolidated Statements of Operations for the Three and Nine Months Ended
September 30, 2009 and 2010
    
    2Unaudited Consolidated Statement of Convertible Preferred Stock and Stockholders
Equity (Deficit) for the Nine Months Ended September 30, 2010
    
    3Unaudited Consolidated Statements of Cash Flows for the Nine Months Ended September
30, 2009 and 2010
    
    4Notes to Unaudited Consolidated Financial Statements
    
    5Item 2.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    13Item 3.
    
    Quantitative and Qualitative Disclosures About Market Risk
    
    25Item 4.
    
    Controls and Procedures
    
    25PART II  OTHER INFORMATIONItem 1.
    
    Legal Proceedings
    
    26Item 1A.
    
    Risk Factors
    
    26Item 2.
    
    Unregistered Sales of Equity Securities and Use of Proceeds
    
    40Item 3.
    
    Defaults Upon Senior Securities
    
    40Item 5.
    
    Other Information
    
    40Item 6.
    
    Exhibits
    
    41SIGNATURES
    
    42Exhibit 31.1Exhibit 31.2Exhibit 32.1
   ii




---



##### Table of Contents



PART I  FINANCIAL INFORMATION
 
 Item 1. Financial Statements
 
 QLIK TECHNOLOGIES INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
 December 31,
    
    
    September 30,2009
    
    
    2010AssetsCurrent assets:Cash and cash equivalents
    
    $
    24,852
    
    
    $
    156,254Accounts receivable, net of allowance for doubtful accounts of $1,171 and $1,633, respectively
    
    
    63,729
    
    
    
    48,604Prepaid expenses and other current assets
    
    
    3,970
    
    
    
    4,177Deferred income taxes
    
    
    810
    
    
    
    810Total current assets
    
    
    93,361
    
    
    
    209,845Property and equipment, net
    
    
    3,244
    
    
    
    4,031Intangible assets, net
    
    
    417
    
    
    
    447Goodwill
    
    
    1,308
    
    
    
    2,855Deferred income taxes
    
    
    4,207
    
    
    
    4,802Deposits and other noncurrent assets
    
    
    430
    
    
    
    1,472Total assets
    
    $
    102,967
    
    
    $
    223,452Liabilities, convertible preferred stock and stockholders equity (deficit)Current liabilities:Current portion of long-term debt
    
    $
    3,022
    
    
    $
    Line of credit
    
    
    242
    
    
    
    Income taxes payable
    
    
    3,203
    
    
    
    4,010Accounts payable
    
    
    5,232
    
    
    
    4,547Deferred revenue
    
    
    35,575
    
    
    
    37,474Accrued payroll and other related costs
    
    
    18,818
    
    
    
    17,009Accrued expenses
    
    
    10,015
    
    
    
    10,292Stock warrant liability
    
    
    2,425
    
    
    
    2,295Total current liabilities
    
    
    78,532
    
    
    
    75,627Long-term liabilities:Long-term debt
    
    
    3,777
    
    
    
    Deferred income taxes
    
    
    326
    
    
    
    387Other long-term liabilities
    
    
    3,322
    
    
    
    3,250Stock warrant liability
    
    
    2,212
    
    
    
    Total liabilities
    
    
    88,169
    
    
    
    79,264Commitments 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)
    
    
    12,082
    
    
    
    Series AA convertible preferred stock ($0.0001 par value, 26,875,145 shares authorized, issued,
and outstanding at December 31, 2009)
    
    
    11,819
    
    
    
    Total convertible preferred stock
    
    
    23,901
    
    
    
    Stockholders equity (deficit):Preferred
stock, $0.0001 par value, none authorized, issued and outstanding at
December 31, 2009; 10,000,000 authorized; none issued and outstanding
at September 30, 2010
    
    
    
    
    
    
    Common stock, $0.0001 par value, 78,068,237 shares authorized; 16,629,146 issued and outstanding at
December 31,
2009; 300,000,000 shares authorized; 77,218,996 issued and outstanding at September 30, 2010
    
    
    2
    
    
    
    8Additional paid-in-capital
    
    
    5,743
    
    
    
    152,892Accumulated deficit
    
    
    (13,383
    )
    
    
    (10,475
    )Accumulated other comprehensive income (loss)
    
    
    (1,465
    )
    
    
    1,763Total stockholders equity (deficit)
    
    
    (9,103
    )
    
    
    144,188Total liabilities, convertible preferred stock and stockholders equity (deficit)
    
    $
    102,967
    
    
    $
    223,452
 The accompanying notes are an integral part of these unaudited consolidated financial statements.
  1




---



##### Table of Contents



QLIK TECHNOLOGIES INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
 Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2009
    
    
    2010
    
    
    2009
    
    
    2010Revenue:License revenue
    
    $
    21,388
    
    
    $
    30,139
    
    
    $
    56,192
    
    
    $
    88,905Maintenance revenue
    
    
    11,164
    
    
    
    14,972
    
    
    
    28,611
    
    
    
    41,560Professional services revenue
    
    
    3,754
    
    
    
    5,157
    
    
    
    10,752
    
    
    
    14,698Total revenue
    
    
    36,306
    
    
    
    50,268
    
    
    
    95,555
    
    
    
    145,163Cost of revenue:License revenue
    
    
    590
    
    
    
    711
    
    
    
    1,791
    
    
    
    2,568Maintenance revenue
    
    
    402
    
    
    
    965
    
    
    
    1,233
    
    
    
    2,673Professional services revenue
    
    
    2,732
    
    
    
    4,458
    
    
    
    8,138
    
    
    
    10,924Total cost of revenue
    
    
    3,724
    
    
    
    6,134
    
    
    
    11,162
    
    
    
    16,165Gross profit
    
    
    32,582
    
    
    
    44,134
    
    
    
    84,393
    
    
    
    128,998Operating expenses:Sales and marketing
    
    
    23,147
    
    
    
    28,546
    
    
    
    65,923
    
    
    
    81,710Research and development
    
    
    1,962
    
    
    
    3,137
    
    
    
    6,337
    
    
    
    8,781General and administrative
    
    
    5,734
    
    
    
    9,289
    
    
    
    19,483
    
    
    
    27,495Total operating expenses
    
    
    30,843
    
    
    
    40,972
    
    
    
    91,743
    
    
    
    117,986Income (loss) from operations
    
    
    1,739
    
    
    
    3,162
    
    
    
    (7,350
    )
    
    
    11,012Other income (expense), net:Interest expense, net
    
    
    (301
    )
    
    
    (137
    )
    
    
    (682
    )
    
    
    (580
    )Change in fair value of warrants
    
    
    (986
    )
    
    
    
    
    
    
    (1,276
    )
    
    
    (1,962
    )Foreign
exchange loss and other income (expense), net
    
    
    (2,422
    )
    
    
    (3,270
    )
    
    
    (1,952
    )
    
    
    (3,967
    )Total other income (expense), net
    
    
    (3,709
    )
    
    
    (3,407
    )
    
    
    (3,910
    )
    
    
    (6,509
    )Income
(loss) before benefit (provision) for income taxes
    
    
    (1,970
    )
    
    
    (245
    )
    
    
    (11,260
    )
    
    
    4,503Benefit (provision) for income taxes
    
    
    486
    
    
    
    (266
    )
    
    
    2,779
    
    
    
    (1,595
    )Net income (loss)
    
    $
    (1,484
    )
    
    $
    (511
    )
    
    $
    (8,481
    )
    
    $
    2,908Net income (loss) per common share:Basic
    
    $
    (0.09
    )
    
    $
    (0.01
    )
    
    $
    (0.52
    )
    
    $
    0.01Diluted
    
    $
    (0.09
    )
    
    $
    (0.01
    )
    
    $
    (0.52
    )
    
    $
    0.01Weighted average number of common shares:Basic
    
    
    16,390,140
    
    
    
    68,074,996
    
    
    
    16,168,440
    
    
    
    34,235,347Diluted
    
    
    16,390,140
    
    
    
    68,074,996
    
    
    
    16,168,440
    
    
    
    41,446,016
 The accompanying notes are an integral part of these unaudited consolidated financial statements.
  2




---



##### Table of Contents



QLIK TECHNOLOGIES INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS EQUITY (DEFICIT)
(in thousands, except for per share data)
 Convertible Preferred Stock
    
    
    Stockholders Equity (Deficit)Accumulated OtherAdditional Paid-
    
    
    
    
    
    
    ComprehensiveSeries A Preferred
    
    
    Series AA Preferred
    
    
    Common
    
    
    in-
    
    
    Accumulated
    
    
    IncomeShares
    
    
    Amount
    
    
    Shares
    
    
    Amount
    
    
    Shares
    
    
    Amount
    
    
    Capital
    
    
    Deficit
    
    
    (Loss)
    
    
    TotalBalance 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
    
    
    
    119,783
    
    
    
    
    
    
    
    
    
    
    
    119,784Offering costs
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,684
    )
    
    
    
    
    
    
    
    
    
    
    (4,684
    )Conversion of preferred
stock to common stock
    
    
    (19,846,279
    )
    
    
    (12,082
    )
    
    
    (26,875,145
    )
    
    
    (11,819
    )
    
    
    46,721,424
    
    
    
    5
    
    
    
    23,897
    
    
    
    
    
    
    
    
    
    
    
    23,902Warrant liability reclass
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,174
    
    
    
    
    
    
    
    
    
    
    
    4,174Exercise of stock options
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    868,426
    
    
    
    
    
    
    
    1,030
    
    
    
    
    
    
    
    
    
    
    
    1,030Stock compensation expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,917
    
    
    
    
    
    
    
    
    
    
    
    1,917Excess tax benefit from
stock-based compensation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    329
    
    
    
    
    
    
    
    
    
    
    
    329Payments for stock options
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    81
    
    
    
    
    
    
    
    
    
    
    
    81Shares issued for acquisition
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    120,000
    
    
    
    
    
    
    
    622
    
    
    
    
    
    
    
    
    
    
    
    622Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,908
    
    
    
    
    
    
    
    2,908Foreign currency translation
adjustment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,228
    
    
    
    3,228Comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,136Balance at September 30, 2010
    
    
    
    
    
    $
    
    
    
    
    
    
    
    $
    
    
    
    
    77,218,996
    
    
    $
    8
    
    
    $
    152,892
    
    
    $
    (10,475
    )
    
    $
    1,763
    
    
    $
    144,188
 The accompanying notes are an integral part of these unaudited consolidated financial statements
  3




---



##### Table of Contents



QLIK TECHNOLOGIES INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 Nine Months EndedSeptember 30,2009
    
    
    2010Cash flows from operating activitiesNet income (loss)
    
    $
    (8,481
    )
    
    $
    2,908Adjustments to reconcile net income (loss) to net cash provided
by operating activities:Non-cash interest expense, including amortization of debt discount
    
    
    387
    
    
    
    122Depreciation and amortization
    
    
    762
    
    
    
    1,203Stock-based compensation expense
    
    
    1,094
    
    
    
    1,917Deferred income taxes
    
    
    
    
    
    
    (595
    )Excess tax benefit from stock-based compensation
    
    
    
    
    
    
    (329
    )Provision for bad debts
    
    
    706
    
    
    
    518Change in fair value of warrants
    
    
    1,276
    
    
    
    1,962Unrealized foreign currency loss, net
    
    
    1,555
    
    
    
    2,809Changes in assets and liabilities:Accounts receivable
    
    
    3,625
    
    
    
    14,217Prepaid expenses and other assets
    
    
    (6,212
    )
    
    
    (207
    )Other noncurrent assets
    
    
    (34
    )
    
    
    (996
    )Accounts payable
    
    
    471
    
    
    
    (756
    )Deferred revenue
    
    
    3,236
    
    
    
    1,933Accrued expenses and other liabilities
    
    
    4,093
    
    
    
    (1,536
    )Net cash provided by operating activities
    
    
    2,478
    
    
    
    23,170Cash flows from investing activitiesAcquisition, net of cash acquired
    
    
    
    
    
    
    193Purchase of property and equipment
    
    
    (1,121
    )
    
    
    (1,805
    )Net cash used in investing activities
    
    
    (1,121
    )
    
    
    (1,612
    )Cash flows from financing activitiesProceeds from public offering, net of underwriters discount
    
    
    
    
    
    
    119,784Payments for deferred offering costs
    
    
    
    
    
    
    (4,684
    )Borrowings (payments) on line of credit, net
    
    
    486
    
    
    
    (237
    )Payments on long-term debt
    
    
    (1,738
    )
    
    
    (7,384
    )Excess tax benefit on stock-based compensation
    
    
    
    
    
    
    329Proceeds from issuance (repurchase) of stock options
    
    
    (397
    )
    
    
    81Proceeds from exercise of common stock options
    
    
    378
    
    
    
    1,030Net cash provided by (used in) financing activities
    
    
    (1,271
    )
    
    
    108,919Effect of exchange rates on cash
    
    
    946
    
    
    
    925Net increase in cash and cash equivalents
    
    
    1,032
    
    
    
    131,402Cash and cash equivalents, beginning of period
    
    
    14,800
    
    
    
    24,852Cash and cash equivalents, end of period
    
    $
    15,832
    
    
    $
    156,254Supplemental cash flow information:Cash paid during the period for interest
    
    $
    312
    
    
    $
    407Cash paid during the period for income taxes
    
    $
    263
    
    
    $
    1,046Non-cash investing activities:Common stock issued for acquisition of business
    
    $
    
    
    
    $
    622
 The accompanying notes are an integral part of these unaudited consolidated financial statements.
  4




---



##### Table of Contents



QLIK TECHNOLOGIES INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except share and per share data)
 (1) Description of Business
  (2) Basis of Presentation
 Basis of Presentation and Consolidation
  Foreign Currency Translation
  Interim Financial Statements
  Renaming of Common Stock
   5




---



##### Table of Contents



Initial Public Offering
  Significant Accounting Policies
  Comprehensive Income (Loss)
  Three Months Ended September 30,
    
    
    Nine Months Ended September 30,2009
    
    
    2010
    
    
    2009
    
    
    2010Net income (loss)
    
    $
    (1,484
    )
    
    $
    (511
    )
    
    $
    (8,481
    )
    
    $
    2,908Foreign currency translation gain
    
    
    1,110
    
    
    
    3,868
    
    
    
    657
    
    
    
    3,228Comprehensive income (loss)
    
    $
    (374
    )
    
    $
    3,357
    
    
    $
    (7,824
    )
    
    $
    6,136
 Use of Estimates
   Fair Value of Financial Instruments
  Stock-Based Compensation
   6




---



##### Table of Contents



Three Months Ended September 30,
    
    
    Nine Months Ended September 30,2009
    
    
    2010
    
    
    2009
    
    
    2010Cost of revenue
    
    $
    21
    
    
    $
    47
    
    
    $
    59
    
    
    $
    99Sales and marketing
    
    
    183
    
    
    
    424
    
    
    
    536
    
    
    
    992Research and development
    
    
    23
    
    
    
    21
    
    
    
    54
    
    
    
    63General and administrative
    
    
    121
    
    
    
    376
    
    
    
    445
    
    
    
    763$
    348
    
    
    $
    868
    
    
    $
    1,094
    
    
    $
    1,917
 Net Income (Loss) Attributable to Common Shares
  Three Months Ended September 30,
    
    
    Nine Months Ended September 30,2009
    
    
    2010
    
    
    2009
    
    
    2010Basic net income (loss) per common share calculation:Net income (loss)
    
    $
    (1,484
    )
    
    $
    (511
    )
    
    $
    (8,481
    )
    
    $
    2,908Less: Undistributed earnings allocated to
participating securities
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,644
    )Net income (loss) attributable to common shares
    
    
    (1,484
    )
    
    
    (511
    )
    
    
    (8,481
    )
    
    
    264Weighted average common shares outstanding
    
    
    16,390,140
    
    
    
    68,074,996
    
    
    
    16,168,440
    
    
    
    34,235,347Basic net income (loss) per share
    
    $
    (0.09
    )
    
    $
    (0.01
    )
    
    $
    (0.52
    )
    
    $
    0.01Diluted net income (loss) per common share
calculation:Net income (loss)
    
    $
    (1,484
    )
    
    $
    (511
    )
    
    $
    (8,481
    )
    
    $
    2,908Less: Undistributed earnings allocated to
participating securities
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,644
    )Net income (loss) attributable to common shares -
diluted
    
    
    (1,484
    )
    
    
    (511
    )
    
    
    (8,481
    )
    
    
    264Weighted average shares used to compute basic net
income (loss) per share
    
    
    16,390,140
    
    
    
    68,074,996
    
    
    
    16,168,440
    
    
    
    34,235,347Effect of potentially dilutive securities:Employee stock options
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,210,669Warrants
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Restricted stock units
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Weighted average shares used to compute diluted net
income (loss)
per share
    
    
    16,390,140
    
    
    
    68,074,996
    
    
    
    16,168,440
    
    
    
    41,446,016Diluted net income (loss) per share
    
    $
    (0.09
    )
    
    $
    (0.01
    )
    
    $
    (0.52
    )
    
    $
    0.01
  Three Months Ended September 30,
    
    
    Nine Months Ended September 30,2009
    
    
    2010
    
    
    2009
    
    
    2010Stock options, restricted stock units, and warrants
    
    
    12,585,584
    
    
    
    13,247,956
    
    
    
    12,585,584
    
    
    
    1,525,432
 Recent Accounting Pronouncements
   7




---



##### Table of Contents



(3) Acquisitions
    Purchase Price Allocation
  Cash and cash equivalents
    
    $
    245Other current assets
    
    
    606Liabilities, including notes payable
    
    
    (1,472
    )Net tangible liabilities acquired
    
    
    (576
    )Definite-lived intangible assets acquired
    
    
    185Goodwill
    
    
    1,498Total purchase price
    
    $
    1,107
      8




---



##### Table of Contents



(4) Goodwill and Other Intangible Assets
  December 31, 2009
    
    
    September 30, 2010Gross
    
    
    Accumulated
    
    
    Net
    
    
    Gross
    
    
    Accumulated
    
    
    NetAmount
    
    
    Amortization
    
    
    Amount
    
    
    Amount
    
    
    Amortization
    
    
    AmountPurchased technology
    
    $
    189
    
    
    $
    (114
    )
    
    $
    75
    
    
    $
    202
    
    
    $
    (152
    )
    
    $
    50Customer relationships and
other identified intangible assets
    
    
    571
    
    
    
    (229
    )
    
    
    342
    
    
    
    744
    
    
    
    (347
    )
    
    
    397Total
    
    $
    760
    
    
    $
    (343
    )
    
    $
    417
    
    
    $
    946
    
    
    $
    (499
    )
    
    $
    447
   (5) Fair Value Measurements
  Amounts at
    
    
    Fair Value Measurement UsingFair Value
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3As of December 31, 2009AssetsCash and cash equivalents
    
    $
    24,852
    
    
    $
    24,852
    
    
    $
    
    
    
    $
    LiabilitiesStock warrant liability
    
    $
    4,637
    
    
    $
    
    
    
    $
    
    
    
    $
    4,637As of September 30, 2010AssetsCash and cash equivalents
    
    $
    156,254
    
    
    $
    156,254
    
    
    $
    
    
    
    $
    LiabilitiesStock warrant liability
    
    $
    2,295
    
    
    $
    
    
    
    $
    
    
    
    $
    2,295
   9




---



##### Table of Contents



WarrantLiabilityBalance at January 1, 2010
    
    $
    4,637Impact of foreign currency translation
    
    
    (130
    )Change in fair value of warrant liability.
    
    
    1,962Reclass of warrant liability to additional paid-in capital
    
    
    (4,174
    )Balance at September 30, 2010
    
    $
    2,295As reported in balance sheet:Current
    
    $
    2,295
 (6) Long-Term Debt
   (7) Benefit (Provision)
for Income Taxes
  (8) Business and Geographic Segment Information
   Three Months Ended September 30,
    
    
    Nine Months Ended September 30,2009
    
    
    2010
    
    
    2009
    
    
    2010Americas
    
    $
    11,426
    
    
    $
    15,683
    
    
    $
    27,968
    
    
    $
    44,205Europe
    
    
    22,642
    
    
    
    30,689
    
    
    
    60,876
    
    
    
    89,850Rest of world
    
    
    2,238
    
    
    
    3,896
    
    
    
    6,711
    
    
    
    11,108Consolidated total
    
    $
    36,306
    
    
    $
    50,268
    
    
    $
    95,555
    
    
    $
    145,163
  10




---



##### Table of Contents



(9) Stock-based Compensation
  Weighted-AverageWeighted-
    
    
    RemainingAverage
    
    
    ContractualNumber of Shares
    
    
    Exercise Price
    
    
    Term (Years)Outstanding as of December 31, 2009
    
    
    12,341,473
    
    
    $
    1.51
    
    
    
    6.83Granted
    
    
    1,539,150
    
    
    
    7.66
    
    
    
    Exercised
    
    
    (869,141
    )
    
    
    1.19
    
    
    
    Forfeited
    
    
    (276,246
    )
    
    
    1.57
    
    
    
    Outstanding as of September 30, 2010
    
    
    12,735,236
    
    
    $
    2.28
    
    
    
    6.55Exercisable at September 30, 2010
    
    
    7,680,683
    
    
    $
    1.28
    
    
    
    5.56Vested and expected to vest at September 30, 2010
    
    
    12,153,855
    
    
    $
    2.21
    
    
    
    6.47
       Three Months Ended September 30,
    
    
    Nine Months Ended September 30,2009
    
    
    2010
    
    
    2009
    
    
    2010Expected dividend yield
    
    
    
    
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %Risk-free interest rate
    
    
    
    
    
    
    1.3% - 2.0
    %
    
    
    1.5% - 2.3
    %
    
    
    1.3% - 2.7
    %Expected volatility
    
    
    
    
    
    
    48.8
    %
    
    
    44.7% - 62.4
    %
    
    
    48.7% - 50.2
    %Expected life (Swedish grants, in years)
    
    
    
    
    
    
    4
    
    
    
    4
    
    
    
    4Expected life (all other grants, in years)
    
    
    
    
    
    
    6.25
    
    
    
    6.25
    
    
    
    6.25Estimated fair value of common stock (per share)
    
    $
    
    
    
    $
    14.06
    
    
    $
    1.65
    
    
    $
    5.18 - 14.06
   11




---



##### Table of Contents



(10) Subsequent Events
    12




---



##### Table of Contents



Item 2. 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 the unaudited condensed consolidated financial statements and
the related notes thereto included elsewhere in this Quarterly Report on Form 10-Q and the audited
consolidated financial statements and notes thereto and managements discussion and analysis of
financial condition and results of operations for the year ended December 31, 2009 included in our
final prospectus dated July 15, 2010 and filed with the Securities and Exchange Commission, or SEC.
This Quarterly Report on Form 10-Q contains forward-looking statements including, but not limited
to, statements regarding the value and effectiveness of our products, the introduction of product
enhancements or additional products and our growth, expansion and market leadership, that involve
risks, uncertainties, assumptions, and other factors which, if they do not materialize or prove
correct, could cause our results to differ materially from those expressed or implied by such
forward-looking statements. All statements, other than statements of historical fact, are
statements that could be deemed forward-looking statements, including statements containing the
words prediction, plan, expects, anticipates, believes, goal, target, estimate,
potential, may, will, might, could, and similar words. We intend all such
forward-looking statements to be covered by the safe harbor provisions for forward-looking
statements contained in Section 21E of the Securities Exchange Act of 1934, as amended, or the
Exchange Act, and the Private Securities Litigation Reform Act of 1995. Actual results may differ
materially from those projected in such statements due to various factors, including but not
limited to: 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 II, Item 1A of this Quarterly
Report on Form 10-Q and elsewhere in this Report. Past performance is not necessarily indicative of
future results. The forward-looking statements in this Quarterly Report on Form 10-Q represent our
views as of the date of this Quarterly Report on Form 10-Q . We anticipate that subsequent events
and developments will cause our views to change. However, while we may elect to update these
forward-looking statements at some point in the future, we undertake no intention or obligation to
update or revise any forward-looking statements, whether as a result of new information, future
events or otherwise. You should, therefore, not rely on these forward-looking statements as
representing our views as of any date subsequent to the date of this Quarterly Report on Form
10-Q.
 Introduction
  
    
    Overview and Financial Operations Overview.This section provides a general description
of our business, the financial metrics that we use in assessing our performance, and
anticipated trends that we expect to affect our financial condition and results of
operations.
    
    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 accompanying unaudited
consolidated financial statements.
    
    Consolidated Results of Operations.This section provides an analysis of our results or
operations for the three and nine months ended September 30, 2009 and 2010.
    
    Liquidity and Capital Resources.This section provides an analysis of our cash flows
for the nine months ended September 30, 2010, a discussion of our capital requirements, and
the resources available to us to meet those requirements.
 Overview
   13




---



##### 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
      14




---



##### Table of Contents



Financial Operations Overview
 Revenues
  Cost of Revenue
  Operating Expenses
  Sales and Marketing.
 Research and Development.
 General and Administrative.
  15




---



##### Table of Contents



Other
Income (Expense), net
  Benefit (Provision) for Income Taxes
  Impact of Foreign Currency Translation
   Critical Accounting Policies and Estimates
   16




---



##### Table of Contents



Consolidated Results of Operations
  Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2009
    
    
    2010
    
    
    2009
    
    
    2010(unaudited)Revenue:License revenue
    
    
    59.0
    %
    
    
    59.9
    %
    
    
    58.8
    %
    
    
    61.3
    %Maintenance revenue
    
    
    30.7
    
    
    
    29.8
    
    
    
    29.9
    
    
    
    28.6Professional services revenue
    
    
    10.3
    
    
    
    10.3
    
    
    
    11.3
    
    
    
    10.1Total revenues
    
    
    100.0
    
    
    
    100.0
    
    
    
    100.0
    
    
    
    100.0Cost of revenue:License revenue
    
    
    1.6
    
    
    
    1.4
    
    
    
    1.9
    
    
    
    1.8Maintenance revenue
    
    
    1.1
    
    
    
    1.9
    
    
    
    1.3
    
    
    
    1.8Professional services revenue
    
    
    7.5
    
    
    
    8.9
    
    
    
    8.5
    
    
    
    7.5Total cost of revenue
    
    
    10.2
    
    
    
    12.2
    
    
    
    11.7
    
    
    
    11.1Gross profit
    
    
    89.8
    
    
    
    87.8
    
    
    
    88.3
    
    
    
    88.9Operating expenses:Sales and marketing
    
    
    63.8
    
    
    
    56.8
    
    
    
    69.0
    
    
    
    56.3Research and development
    
    
    5.4
    
    
    
    6.2
    
    
    
    6.6
    
    
    
    6.1General and administrative
    
    
    15.8
    
    
    
    18.5
    
    
    
    20.4
    
    
    
    18.9Total operating expenses
    
    
    85.0
    
    
    
    81.5
    
    
    
    96.0
    
    
    
    81.3Income (loss) from operations
    
    
    4.8
    
    
    
    6.3
    
    
    
    (7.7
    )
    
    
    7.6Other income (expense), net
    
    
    (10.2
    )
    
    
    (6.8
    )
    
    
    (4.1
    )
    
    
    (4.5
    )Income (loss) before benefit (provision) for income taxes
    
    
    (5.4
    )
    
    
    (0.5
    )
    
    
    (11.8
    )
    
    
    3.1Benefit (provision) for income taxes
    
    
    1.3
    
    
    
    (0.5
    )
    
    
    2.9
    
    
    
    (1.1
    )Net income (loss)
    
    
    (4.1
    )%
    
    
    (1.0
    )%
    
    
    (8.9
    )%
    
    
    2.0
    %
 Comparison of Three Months Ended September 30, 2009 and 2010
 Revenue
  Three Months EndedSeptember 30,2009
    
    
    2010Percentage
    
    
    
    
    
    
    PercentageAmount
    
    
    of Revenue
    
    
    Amount
    
    
    of Revenue
    
    
    Change(unaudited)(dollars in thousands)Revenue:License revenue
    
    $
    21,388
    
    
    
    59.0
    %
    
    $
    30,139
    
    
    
    59.9
    %
    
    $
    8,751
    
    
    
    40.9
    %Maintenance revenue
    
    
    11,164
    
    
    
    30.7
    %
    
    
    14,972
    
    
    
    29.8
    %
    
    
    3,808
    
    
    
    34.1
    %Professional services revenue
    
    
    3,754
    
    
    
    10.3
    %
    
    
    5,157
    
    
    
    10.3
    %
    
    
    1,403
    
    
    
    37.4
    %Total revenue
    
    $
    36,306
    
    
    
    100.0
    %
    
    $
    50,268
    
    
    
    100.0
    %
    
    $
    13,962
    
    
    
    38.5
    %
  17




---



##### Table of Contents



Cost of Revenue and Gross Profit
  Three Months EndedSeptember 30,2009
    
    
    2010Percentage
    
    
    
    
    
    
    Percentageof Related
    
    
    
    
    
    
    of RelatedAmount
    
    
    Revenue
    
    
    Amount
    
    
    Revenue
    
    
    Change(unaudited)(dollars in thousands)Cost of Revenue:Cost of license revenue
    
    $
    590
    
    
    
    2.8
    %
    
    $
    711
    
    
    
    2.4
    %
    
    $
    121
    
    
    
    20.5
    %Cost of maintenance revenue
    
    
    402
    
    
    
    3.6
    %
    
    
    965
    
    
    
    6.4
    %
    
    
    563
    
    
    
    140.0
    %Cost of professional services revenue
    
    
    2,732
    
    
    
    72.8
    %
    
    
    4,458
    
    
    
    86.4
    %
    
    
    1,726
    
    
    
    63.2
    %Total cost of revenue
    
    $
    3,724
    
    
    
    10.3
    %
    
    $
    6,134
    
    
    
    12.2
    %
    
    $
    2,410
    
    
    
    64.7
    %Gross Profit:License revenue
    
    $
    20,798
    
    
    
    97.2
    %
    
    $
    29,428
    
    
    
    97.6
    %
    
    $
    8,630
    
    
    
    41.5
    %Maintenance revenue
    
    
    10,762
    
    
    
    96.4
    %
    
    
    14,007
    
    
    
    93.6
    %
    
    
    3,245
    
    
    
    30.2
    %Professional services revenue
    
    
    1,022
    
    
    
    27.2
    %
    
    
    699
    
    
    
    13.6
    %
    
    
    (323
    )
    
    
    -31.6
    %Total gross profit
    
    $
    32,582
    
    
    
    89.7
    %
    
    $
    44,134
    
    
    
    87.8
    %
    
    $
    11,552
    
    
    
    35.5
    %
   18




---



##### Table of Contents



Operating Expenses
  Three Months EndedSeptember 30,2009
    
    
    2010Percentage
    
    
    
    
    
    
    PercentageAmount
    
    
    of Revenue
    
    
    Amount
    
    
    of Revenue
    
    
    Change(unaudited)(dollars in thousands)Operating expenes:Sales and marketing
    
    $
    23,147
    
    
    
    63.8
    %
    
    $
    28,546
    
    
    
    56.8
    %
    
    $
    5,399
    
    
    
    23.3
    %Research and development
    
    
    1,962
    
    
    
    5.4
    %
    
    
    3,137
    
    
    
    6.2
    %
    
    
    1,175
    
    
    
    59.9
    %General and adminstrative.
    
    
    5,734
    
    
    
    15.8
    %
    
    
    9,289
    
    
    
    18.5
    %
    
    
    3,555
    
    
    
    62.0
    %Total operating expenses
    
    $
    30,843
    
    
    
    85.0
    %
    
    $
    40,972
    
    
    
    81.5
    %
    
    $
    10,129
    
    
    
    32.8
    %
 Sales and Marketing.
 Research and Development.
 General and Administrative.
 Other
Income (Expense), net.
 Benefit (Provision) for Income Taxes.
  19




---



##### Table of Contents



Comparison of Nine Months Ended September 30, 2009 and 2010
 Revenue
  Nine Months EndedSeptember 30,2009
    
    
    2010Percentage
    
    
    
    
    
    
    PercentageAmount
    
    
    of Revenue
    
    
    Amount
    
    
    of Revenue
    
    
    Change(unaudited)(dollars in thousands)RevenueLicense revenue
    
    $
    56,192
    
    
    
    58.8
    %
    
    $
    88,905
    
    
    
    61.3
    %
    
    $
    32,713
    
    
    
    58.2
    %Maintenance revenue
    
    
    28,611
    
    
    
    29.9
    %
    
    
    41,560
    
    
    
    28.6
    %
    
    
    12,949
    
    
    
    45.3
    %Professional services revenue
    
    
    10,752
    
    
    
    11.3
    %
    
    
    14,698
    
    
    
    10.1
    %
    
    
    3,946
    
    
    
    36.7
    %Total revenue
    
    $
    95,555
    
    
    
    100.0
    %
    
    $
    145,163
    
    
    
    100.0
    %
    
    $
    49,608
    
    
    
    51.9
    %
   20




---



##### Table of Contents



Cost of Revenue and Gross Profit
  Nine Months EndedSeptember 30,2009
    
    
    2010Percentage
    
    
    
    
    
    
    PercentageAmount
    
    
    of Revenue
    
    
    Amount
    
    
    of Revenue
    
    
    Change(unaudited)(dollars in thousands)Cost of Revenue:Cost of license revenue
    
    $
    1,791
    
    
    
    3.2
    %
    
    $
    2,568
    
    
    
    2.9
    %
    
    $
    777
    
    
    
    43.4
    %Cost of maintenance revenue
    
    
    1,233
    
    
    
    4.3
    %
    
    
    2,673
    
    
    
    6.4
    %
    
    
    1,440
    
    
    
    116.8
    %Cost of professional services revenue
    
    
    8,138
    
    
    
    75.7
    %
    
    
    10,924
    
    
    
    74.3
    %
    
    
    2,786
    
    
    
    34.2
    %Total cost of revenue
    
    $
    11,162
    
    
    
    11.7
    %
    
    $
    16,165
    
    
    
    11.1
    %
    
    $
    5,003
    
    
    
    44.8
    %Gross Profit:License revenue
    
    $
    54,401
    
    
    
    96.8
    %
    
    $
    86,337
    
    
    
    97.1
    %
    
    $
    31,936
    
    
    
    58.7
    %Maintenance revenue.
    
    
    27,378
    
    
    
    95.7
    %
    
    
    38,887
    
    
    
    93.6
    %
    
    
    11,509
    
    
    
    42.0
    %Professional services revenue.
    
    
    2,614
    
    
    
    24.3
    %
    
    
    3,774
    
    
    
    25.7
    %
    
    
    1,160
    
    
    
    44.4
    %Total gross profit
    
    $
    84,393
    
    
    
    88.3
    %
    
    $
    128,998
    
    
    
    88.9
    %
    
    $
    44,605
    
    
    
    52.9
    %
  Operating Expenses
  Nine Months EndedSeptember 30,2009
    
    
    2010Percentage
    
    
    
    
    
    
    PercentageAmount
    
    
    of Revenue
    
    
    Amount
    
    
    of Revenue
    
    
    Change(unaudited)(dollars in thousands)Operating expenes:Sales and marketing
    
    $
    65,923
    
    
    
    69.0
    %
    
    $
    81,710
    
    
    
    56.3
    %
    
    $
    15,787
    
    
    
    23.9
    %Research and development
    
    
    6,337
    
    
    
    6.6
    %
    
    
    8,781
    
    
    
    6.0
    %
    
    
    2,444
    
    
    
    38.6
    %General and adminstrative
    
    
    19,483
    
    
    
    20.4
    %
    
    
    27,495
    
    
    
    18.9
    %
    
    
    8,012
    
    
    
    41.1
    %Total operating expenses
    
    $
    91,743
    
    
    
    96.0
    %
    
    $
    117,986
    
    
    
    81.3
    %
    
    $
    26,243
    
    
    
    28.6
    %
 Sales and Marketing.
  21




---



##### Table of Contents



Research and Development.
 General and Administrative.
 Other
Income (Expense), net.
 Benefit (Provision) for Income Taxes.
 Seasonality
   22




---



##### Table of Contents



Liquidity and Capital Resources
     December 31,
    
    
    September 30,2009
    
    
    2010(unaudited)(dollars in thousands)Cash and cash equivalents
    
    $
    24,852
    
    
    $
    156,254Accounts receivable, net
    
    
    63,729
    
    
    
    48,604
 Nine Months Ended September 30,2009
    
    
    2010(unaudited)(dollars in thousands)Cash flow activitiesNet cash provided by operating activities
    
    $
    2,478
    
    
    $
    23,170Net cash used in investing activities
    
    
    (1,121
    )
    
    
    (1,612
    )Net cash provided by (used in) financing activities
    
    
    (1,271
    )
    
    
    108,919
 Cash and Cash Equivalents
  Accounts Receivable, net
   23




---



##### Table of Contents



Cash Flows
 Cash Provided by Operating Activities
   Cash Used in Investing Activities
  Cash Provided By (Used in) Financing Activities
  Contractual Obligations and Commitments
  Off-Balance Sheet Arrangements
  Recent Accounting Pronouncements
   24




---



##### Table of Contents



Item 3. Quantitative and Qualitative Disclosures about Market Risk
  Interest Rate Sensitivity
   Foreign Currency Risk
   
 Item 4. Controls and Procedures
 Evaluation of Disclosure Controls and Procedures
  Changes in Internal Control over Financial Reporting
   25




---



##### Table of Contents



PART II OTHER INFORMATION
 
 ITEM 1. LEGAL PROCEEDINGS.
  
 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 Quarterly Report on Form 10-Q and in our
registration statement filed with the SEC in connection with our IPO, 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.
 Risks Related to Our Business and Industry
 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
  26




---



##### Table of Contents




    
    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
    
    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
    
    a 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.
    27




---



##### Table of Contents



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 United States, 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
  28




---



##### Table of Contents




    
    potential tax issues, including restrictions on repatriating earnings and multiple and conflicting tax laws and regulations
    
    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
    
    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
    29




---



##### Table of Contents



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.
     30




---



##### Table of Contents



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 United States 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.
  Future product development is dependent on adequate research and development resources.
   31




---



##### Table of Contents



If we fail to offer high quality customer support, our business would suffer.
   If we overestimate revenue, 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.
    
    
    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
  32




---



##### Table of Contents




    
    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.
   33




---



##### Table of Contents




    
    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.
   34




---



##### Table of Contents



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.
    35




---



##### Table of Contents



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
  Our results of operations could be harmed by changes in tax rates or negative tax rulings.
  Income Taxes
    36




---



##### Table of Contents



Risks Related Ownership of Our Common Stock
 An active, orderly trading market for our common stock may not develop or be sustained and
investors may not be able to resell their shares at or above the price at which they purchased
them.
  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 affecting the software industry
    
    general economic conditions in the United States and abroad and slow or negative growth of related markets
    
    general political conditions in the United States and abroad, including terrorist attacks, war or threat of terrorist attacks or war
   37




---



##### Table of Contents



We currently do not intend to pay dividends on our common stock, and consequently, your only
opportunity to achieve a return on your investment is if the price of our common stock appreciates
and you sell your shares at a price above your cost.
  A substantial number of shares of our common stock could be sold into the public market in the
near future, which could 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 your investment.
  Concentration of ownership among our existing executive officers, directors and their affiliates
may prevent new investors from influencing significant corporate decisions.
  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
  38




---



##### Table of Contents



Our ability to utilize our net operating losses may be limited if cumulative changes in
ownership of our capital stock exceed 50% during certain periods.
   39




---



##### Table of Contents



ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
  Use of Proceeds
  
 ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
  
 ITEM 5. OTHER INFORMATION.
   40




---



##### Table of Contents



ITEM 6. EXHIBITS.
  ExhibitNumber
    
    Description of Document31.1
    
    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
 
 *
    
    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.  41




---



##### Table of Contents



SIGNATURES
  QLIK TECHNOLOGIES INC.November 10, 2010
    By:
    /s/ LARS BJÖRKLars BjörkPresident, Chief Executive Officer, and Director
(Principal Executive Officer)November 10, 2010
    By:
    /s/ WILLIAM G. SORENSONWilliam G. SorensonChief Financial Officer, Treasurer, and Secretary
(Principal Financial and Accounting Officer)  42




---



##### Table of Contents



EXHIBIT INDEX
 ExhibitNumber
    
    Description of Document31.1
    
    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
 
 *
    
    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.  43