##### 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 June 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 E220Radnor, Pennsylvania
(Address of principal executive offices)
    
    19087
(Zip Code)
 (888) 828-9768
 o þ
 Yes
o No 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




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##### 



TABLE OF CONTENTS
 PART I  FINANCIAL INFORMATIONItem 1. Financial StatementsConsolidated Balance Sheets as of December 31, 2009 and June 30, 2010 (unaudited)
    
    
    1Consolidated Statements of Operations for the Three and Six Months Ended June 30,
2009 and 2010 (unaudited)
    
    
    2Consolidated Statement of Convertible Preferred Stock and Stockholders Deficit for
the Six Months Ended June 30, 2010 (unaudited)
    
    
    3Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2009 and
2010 (unaudited)
    
    
    4Notes to Consolidated Financial Statements (unaudited)
    
    
    5Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    13Item 3. Quantitative and Qualitative Disclosures About Market Risk
    
    
    24Item 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




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##### 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,
    
    
    June 30,2009
    
    
    2010AssetsCurrent assets:Cash and cash equivalents
    
    $
    24,852
    
    
    $
    35,840Accounts receivable, net of allowance for doubtful account of $1,171 and $1,258, respectively
    
    
    63,729
    
    
    
    49,037Prepaid expenses and other current assets
    
    
    3,970
    
    
    
    6,531Deferred income taxes
    
    
    810
    
    
    
    810Total current assets
    
    
    93,361
    
    
    
    92,218Property and equipment, net
    
    
    3,244
    
    
    
    3,384Intangible assets, net
    
    
    417
    
    
    
    458Goodwill
    
    
    1,308
    
    
    
    2,648Deferred income taxes
    
    
    4,207
    
    
    
    4,207Deposits and other noncurrent assets
    
    
    430
    
    
    
    656Total assets
    
    $
    102,967
    
    
    $
    103,571Liabilities, convertible preferred stock and stockholders deficitCurrent liabilities:Current portion of long-term debt
    
    $
    3,022
    
    
    $
    2,774Line of credit
    
    
    242
    
    
    
    Income taxes payable
    
    
    3,203
    
    
    
    2,667Accounts payable
    
    
    5,232
    
    
    
    4,253Deferred revenue
    
    
    35,575
    
    
    
    35,524Accrued payroll and other related costs
    
    
    18,818
    
    
    
    14,751Accrued expenses
    
    
    10,015
    
    
    
    10,967Stock warrant liability
    
    
    2,425
    
    
    
    2,042Total current liabilities
    
    
    78,532
    
    
    
    72,978Long-term liabilities:Long-term debt
    
    
    3,777
    
    
    
    2,081Deferred taxes
    
    
    326
    
    
    
    383Other long-term liabilities
    
    
    3,322
    
    
    
    3,100Stock warrant liability
    
    
    2,212
    
    
    
    4,174Total liabilities
    
    
    88,169
    
    
    
    82,716Commitments and contingenciesConvertible preferred stock:Series A convertible preferred stock ($0.0001 par value, 20,320,561 shares authorized; 19,846,279
issued and
outstanding (liquidation preference of $12,499 at June 30, 2010)
    
    
    12,082
    
    
    
    12,082Series AA convertible preferred stock ($0.0001 par value, 26,875,145 shares authorized, issued,
and outstanding (liquidation preference of $16,926 at June 30, 2010)
    
    
    11,819
    
    
    
    11,819Total convertible preferred stock
    
    
    23,901
    
    
    
    23,901Stockholders deficit:Common stock, $0.0001 par value, 78,068,237 shares authorized; 16,629,146 and 17,482,296 issued
and outstanding at December 31, 2009 and June 30, 2010, respectively
    
    
    2
    
    
    
    2Additional paid-in-capital
    
    
    5,743
    
    
    
    9,021Accumulated deficit
    
    
    (13,383
    )
    
    
    (9,964
    )Accumulated other comprehensive loss
    
    
    (1,465
    )
    
    
    (2,105
    )Total stockholders deficit
    
    
    (9,103
    )
    
    
    (3,046
    )Total liabilities, convertible preferred stock and stockholders deficit
    
    $
    102,967
    
    
    $
    103,571
 The accompanying notes are an integral part of these unaudited consolidated financial statements.
  1




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##### Table of Contents



QLIK TECHNOLOGIES INC. AND SUBSIDIARIES
 
 UNAUDITED



CONSOLIDATED STATEMENTS OF OPERATIONS
 (in thousands, except share and per share data)
 Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2009
    
    
    2010
    
    
    2009
    
    
    2010Revenue:License revenue
    
    $
    20,045
    
    
    $
    32,544
    
    
    $
    34,804
    
    
    $
    58,766Maintenance revenue
    
    
    9,478
    
    
    
    13,519
    
    
    
    17,447
    
    
    
    26,588Professional services revenue
    
    
    3,322
    
    
    
    5,067
    
    
    
    6,998
    
    
    
    9,541Total revenue
    
    
    32,845
    
    
    
    51,130
    
    
    
    59,249
    
    
    
    94,895Cost of revenue:License revenue
    
    
    614
    
    
    
    1,178
    
    
    
    1,201
    
    
    
    1,857Maintenance revenue
    
    
    455
    
    
    
    1,013
    
    
    
    831
    
    
    
    1,708Professional services revenue
    
    
    2,589
    
    
    
    3,554
    
    
    
    5,406
    
    
    
    6,466Total cost of revenue
    
    
    3,658
    
    
    
    5,745
    
    
    
    7,438
    
    
    
    10,031Gross profit
    
    
    29,187
    
    
    
    45,385
    
    
    
    51,811
    
    
    
    84,864Operating expenses:Sales and marketing
    
    
    23,214
    
    
    
    27,751
    
    
    
    42,776
    
    
    
    53,164Research and development
    
    
    2,152
    
    
    
    2,980
    
    
    
    4,375
    
    
    
    5,644General and administrative
    
    
    6,530
    
    
    
    8,813
    
    
    
    13,749
    
    
    
    18,206Total operating expenses
    
    
    31,896
    
    
    
    39,544
    
    
    
    60,900
    
    
    
    77,014Income (loss) from operations
    
    
    (2,709
    )
    
    
    5,841
    
    
    
    (9,089
    )
    
    
    7,850Other income (expense):Interest expense, net
    
    
    (218
    )
    
    
    (185
    )
    
    
    (381
    )
    
    
    (443
    )Change in fair value of warrants
    
    
    (145
    )
    
    
    (1,408
    )
    
    
    (290
    )
    
    
    (1,962
    )Foreign exchange gain (loss) and other
income, net
    
    
    (508
    )
    
    
    664
    
    
    
    470
    
    
    
    (698
    )Total other expense, net
    
    
    (871
    )
    
    
    (929
    )
    
    
    (201
    )
    
    
    (3,103
    )Income (loss) before provision for income taxes
    
    
    (3,580
    )
    
    
    4,912
    
    
    
    (9,290
    )
    
    
    4,747Benefit (provision) for income taxes
    
    
    884
    
    
    
    (1,374
    )
    
    
    2,293
    
    
    
    (1,328
    )Net income (loss)
    
    $
    (2,696
    )
    
    $
    3,538
    
    
    $
    (6,997
    )
    
    $
    3,419Net income (loss) per common share:Basic
    
    $
    (0.17
    )
    
    $
    0.02
    
    
    $
    (0.44
    )
    
    $
    0.02Diluted
    
    $
    (0.17
    )
    
    $
    0.02
    
    
    $
    (0.44
    )
    
    $
    0.02Weighted average number of common shares:Basic
    
    
    16,118,189
    
    
    
    17,222,001
    
    
    
    16,055,753
    
    
    
    17,035,083Diluted
    
    
    16,118,189
    
    
    
    24,711,969
    
    
    
    16,055,753
    
    
    
    24,150,670
 The accompanying notes are an integral part of these unaudited consolidated financial statements.
  2




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##### Table of Contents



QLIK TECHNOLOGIES INC. AND SUBSIDIARIES
 
 UNAUDITED



CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS DEFICIT
 (in thousands, except for per share data)
 Convertible Preferred Stock
    
    
    Stockholders DeficitAdditional Paid-
    
    
    
    
    
    
    Accumulated OtherSeries A Preferred
    
    
    Series AA Preferred
    
    
    Common
    
    
    in-
    
    
    Accumulated
    
    
    ComprehensiveShares
    
    
    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
    )Exercise of stock options
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    733,150
    
    
    
    
    
    
    
    872
    
    
    
    
    
    
    
    
    
    
    
    872Stock compensation expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,049
    
    
    
    
    
    
    
    
    
    
    
    1,049Excess tax benefit from stock-based
compensation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    656
    
    
    
    
    
    
    
    
    
    
    
    656Payments for stock options
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    79
    
    
    
    
    
    
    
    
    
    
    
    79Shares issued for acquisition
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    120,000
    
    
    
    
    
    
    
    622
    
    
    
    
    
    
    
    
    
    
    
    622Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,419
    
    
    
    
    
    
    
    3,419Foreign currency translation adjustment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (640
    )
    
    
    (640
    )Comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,779Balance at June 30, 2010
    
    
    19,846,279
    
    
    $
    12,082
    
    
    
    26,875,145
    
    
    $
    11,819
    
    
    
    17,482,296
    
    
    $
    2
    
    
    $
    9,021
    
    
    $
    (9,964
    )
    
    $
    (2,105
    )
    
    $
    (3,046
    )
 The
accompanying notes are an integral part of these unaudited consolidated financial statements.
  3




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##### Table of Contents



QLIK TECHNOLOGIES INC. AND SUBSIDIARIES
 
 UNAUDITED



CONSOLIDATED STATEMENTS OF CASH FLOWS
 (in thousands)
 Six Months EndedJune 30,2009
    
    
    2010Cash flows from operating activitiesNet income (loss)
    
    $
    (6,997
    )
    
    $
    3,419Adjustments to reconcile net income (loss) to net cash provided by
operating activities:Non-cash interest expense, including amortization of debt discount
    
    
    350
    
    
    
    27Depreciation and amortization
    
    
    479
    
    
    
    739Stock-based compensation expense
    
    
    746
    
    
    
    1,049Excess tax benefit from stock-based compensation
    
    
    
    
    
    
    (656
    )Provision for bad debts
    
    
    585
    
    
    
    273Change in fair value of warrants
    
    
    290
    
    
    
    1,962Unrealized foreign currency (gain) loss, net
    
    
    (90
    )
    
    
    1,169Changes in assets and liabilities:Accounts receivable
    
    
    6,912
    
    
    
    10,148Prepaid expenses and other assets
    
    
    (4,983
    )
    
    
    (1,068
    )Other noncurrent assets
    
    
    (19
    )
    
    
    (277
    )Accounts payable
    
    
    (86
    )
    
    
    (582
    )Deferred revenue
    
    
    2,030
    
    
    
    2,932Accrued expenses and other liabilities
    
    
    2,264
    
    
    
    (1,748
    )Net cash provided by operating activities
    
    
    1,481
    
    
    
    17,387Cash flows from investing activitiesAcquisition, net of cash acquired
    
    
    
    
    
    
    193Purchase of property and equipment
    
    
    (721
    )
    
    
    (1,074
    )Net cash used in investing activities
    
    
    (721
    )
    
    
    (881
    )Cash flows from financing activitiesBorrowings (payments) on line of credit, net
    
    
    510
    
    
    
    (236
    )Payments on long-term debt
    
    
    (966
    )
    
    
    (2,074
    )Excess tax benefit on stock-based compensation
    
    
    
    
    
    
    656Payments for deferred offering costs
    
    
    
    
    
    
    (1,769
    )Proceeds from issuance (repurchase) of stock options
    
    
    (439
    )
    
    
    79Proceeds from exercise of common stock options
    
    
    263
    
    
    
    872Net cash used in financing activities
    
    
    (632
    )
    
    
    (2,472
    )Effect of exchange rates on cash
    
    
    364
    
    
    
    (3,046
    )Net increase in cash and cash equivalents
    
    
    492
    
    
    
    10,988Cash and cash equivalents, beginning of period
    
    
    14,800
    
    
    
    24,852Cash and cash equivalents, end of period
    
    $
    15,292
    
    
    $
    35,840Supplemental cash flow information:Cash paid during the period for interest
    
    $
    44
    
    
    $
    329Cash paid during the period for income taxes
    
    $
    212
    
    
    $
    786Non-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




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##### 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
  Significant Accounting Policies
   5




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##### Table of Contents



Comprehensive Income (Loss)
  Three Months Ended June 30,
    
    
    Six Months Ended June 30,2009
    
    
    2010
    
    
    2009
    
    
    2010Net income (loss)
    
    $
    (2,696
    )
    
    $
    3,538
    
    
    $
    (6,997
    )
    
    $
    3,419Foreign currency
translation gain (loss)
    
    
    (234
    )
    
    
    (1,054
    )
    
    
    (453
    )
    
    
    (640
    )Comprehensive income (loss)
    
    $
    (2,930
    )
    
    $
    2,484
    
    
    $
    (7,450
    )
    
    $
    2,779
 Use of Estimates
   Deferred Offering Costs
  Fair Value of Financial Instruments
  Stock-Based Compensation
   Three Months Ended June 30,
    
    
    Six Months Ended June 30,2009
    
    
    2010
    
    
    2009
    
    
    2010Cost of revenue
    
    $
    19
    
    
    $
    26
    
    
    $
    38
    
    
    $
    52Sales and marketing
    
    
    196
    
    
    
    308
    
    
    
    353
    
    
    
    568Research and development
    
    
    23
    
    
    
    21
    
    
    
    31
    
    
    
    42General and administrative
    
    
    168
    
    
    
    194
    
    
    
    324
    
    
    
    387$
    406
    
    
    $
    549
    
    
    $
    746
    
    
    $
    1,049
  6




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Net Income (Loss) Attributable to Common Shares
  Three Months Ended June 30,
    
    
    Six Months Ended June 30,2009
    
    
    2010
    
    
    2009
    
    
    2010Basic net income (loss) per common share calculation:Net income (loss)
    
    $
    (2,696
    )
    
    $
    3,538
    
    
    $
    (6,997
    )
    
    $
    3,419Less: Undistributed earnings allocated to participating securities
    
    
    
    
    
    
    (3,129
    )
    
    
    
    
    
    
    (3,056
    )Net income (loss) attributable to common shares
    
    
    (2,696
    )
    
    
    409
    
    
    
    (6,997
    )
    
    
    363Weighted average common shares outstanding
    
    
    16,118,189
    
    
    
    17,222,001
    
    
    
    16,055,753
    
    
    
    17,035,083Basic net income (loss) per share
    
    $
    (0.17
    )
    
    $
    0.02
    
    
    $
    (0.44
    )
    
    $
    0.02Diluted net income (loss) per common share calculation:Net income (loss)
    
    $
    (2,696
    )
    
    $
    3,538
    
    
    $
    (6,997
    )
    
    $
    3,419Less: Undistributed earnings allocated to participating securities
    
    
    
    
    
    
    (3,129
    )
    
    
    
    
    
    
    (3,056
    )Net income (loss) attributable to common shares  diluted
    
    
    (2,696
    )
    
    
    409
    
    
    
    (6,997
    )
    
    
    363Weighted average shares used to compute basic net income (loss)
per share
    
    
    16,118,189
    
    
    
    17,222,001
    
    
    
    16,055,753
    
    
    
    17,035,083Effect of potentially dilutive securities:Employee stock options
    
    
    
    
    
    
    7,489,968
    
    
    
    
    
    
    
    7,115,587Warrants
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Weighted average shares used to compute diluted net income (loss)
per share
    
    
    16,118,189
    
    
    
    24,711,969
    
    
    
    16,055,753
    
    
    
    24,150,670Diluted net income (loss) per share
    
    $
    (0.17
    )
    
    $
    0.02
    
    
    $
    (0.44
    )
    
    $
    0.02
  Three Months Ended June 30,
    
    
    Six Months Ended June 30,2009
    
    
    2010
    
    
    2009
    
    
    2010Stock options and warrants
    
    
    12,585,584
    
    
    
    1,199,282
    
    
    
    12,585,584
    
    
    
    1,199,282
 Recent Accounting Pronouncements
    7




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##### 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




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##### Table of Contents



(4) Goodwill and Other Intangible Assets
  December 31, 2009
    
    
    June 30, 2010Gross
    
    
    Accumulated
    
    
    Net
    
    
    Gross
    
    
    Accumulated
    
    
    NetAmount
    
    
    Amortization
    
    
    Amount
    
    
    Amount
    
    
    Amortization
    
    
    AmountPurchased technology
    
    $
    189
    
    
    $
    (114
    )
    
    $
    75
    
    
    $
    174
    
    
    $
    (122
    )
    
    $
    52Customer relationships and
other identified intangible assets
    
    
    571
    
    
    
    (229
    )
    
    
    342
    
    
    
    677
    
    
    
    (271
    )
    
    
    406Total
    
    $
    760
    
    
    $
    (343
    )
    
    $
    417
    
    
    $
    851
    
    
    $
    (393
    )
    
    $
    458
   (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 June 30, 2010AssetsCash and cash equivalents
    
    $
    35,840
    
    
    $
    35,840
    
    
    $
    
    
    
    $
    LiabilitiesStock warrant liability
    
    $
    6,216
    
    
    $
    
    
    
    $
    
    
    
    $
    6,216
   9




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##### Table of Contents



WarrantLiabilityBalance at January 1, 2010
    
    $
    4,637Impact of foreign currency translation
    
    
    (383
    )Change in fair value of warrant liability
    
    
    1,962Balance at June 30, 2010
    
    $
    6,216As reported on balance sheet:Current
    
    $
    2,042Non-current
    
    $
    4,174
 (6) Long-Term Debt
  December 31,
    
    
    June 30,2009
    
    
    2010Note payable to Industrifonden
    
    $
    6,921
    
    
    $
    4,950Less current portion
    
    
    (3,022
    )
    
    
    (2,774
    )Less unaccreted discount
    
    
    (122
    )
    
    
    (95
    )Total non-current borrowings
    
    $
    3,777
    
    
    $
    2,081
  (7) Income Taxes
  (8) Business and Geographic Segment Information
   Three Months Ended June 30,
    
    
    Six Months Ended June 30,2009
    
    
    2010
    
    
    2009
    
    
    2010The Americas
    
    $
    8,584
    
    
    $
    15,771
    
    
    $
    16,542
    
    
    $
    28,522Europe
    
    
    21,876
    
    
    
    31,898
    
    
    
    38,234
    
    
    
    59,161Rest of world
    
    
    2,385
    
    
    
    3,461
    
    
    
    4,473
    
    
    
    7,212Consolidated total
    
    $
    32,845
    
    
    $
    51,130
    
    
    $
    59,249
    
    
    $
    94,895
  10




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##### Table of Contents



(9) Stock Option Plan
  Weighted-AverageWeighted-
    
    
    RemainingAvailable for
    
    
    
    
    
    
    Average
    
    
    ContractualGrant
    
    
    Number of Shares
    
    
    Exercise Price
    
    
    Term (Years)Outstanding as of December 31, 2009
    
    
    1,548,497
    
    
    
    12,341,473
    
    
    $
    1.51
    
    
    
    6.83Granted
    
    
    (1,250,500
    )
    
    
    1,250,500
    
    
    
    6.18
    
    
    
    Exercised
    
    
    
    
    
    
    (733,868
    )
    
    
    1.19
    
    
    
    Forfeited
    
    
    264,621
    
    
    
    (264,621
    )
    
    
    1.47
    
    
    
    Outstanding as of June 30, 2010
    
    
    562,618
    
    
    
    12,593,484
    
    
    $
    2.00
    
    
    
    6.70Exercisable at June 30, 2010
    
    
    
    
    
    
    7,032,379
    
    
    $
    1.18
    
    
    
    5.64Vested and expected to vest at June 30, 2010
    
    
    
    
    
    
    12,227,973
    
    
    $
    1.98
    
    
    
    6.67
     Three Months Ended June 30,
    
    
    Six Months Ended June 30,2009
    
    
    2010
    
    
    2009
    
    
    2010Expected dividend yield
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %
    
    
    0.0
    %Risk-free interest rate
    
    
    2.1%  2.3
    %
    
    
    2.4
    %
    
    
    1.5%  2.3
    %
    
    
    1.9%  2.7
    %Expected volatility
    
    
    45.0%  62.4
    %
    
    
    49.22
    %
    
    
    44.7%  62.4
    %
    
    
    48.7%  50.2
    %Expected life (Swedish grants, in years)
    
    
    4
    
    
    
    4
    
    
    
    4
    
    
    
    4Expected life (all other grants, in years)
    
    
    6.25
    
    
    
    6.25
    
    
    
    6.25
    
    
    
    6.25Estimated fair value of common stock (per
share)
    
    $
    1.65
    
    
    $
    6.91
    
    
    $
    1.65
    
    
    $
    6.18
    11




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(10) Subsequent Events
    12




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##### 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
“plan,” “expects,” “anticipates,”
“believes,” “goal,” “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: risks 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 of
operations for the three and six months ended June 30, 2009 and 2010.
 
    
    Liquidity and Capital Resources.This section provides an analysis of our cash flows
for the six months ended June 30, 2010, a discussion of our capital requirements and the
resources available to us to meet those requirements.
 Overview
    13




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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
    Financial Operations Overview
 Revenues
   14




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##### Table of Contents



Cost of Revenue
  Operating Expenses
  Sales and Marketing.
 Research and Development.
 General and Administrative.
 Other Income (Expense)
  Income Tax Expense
   15




---



##### Table of Contents



Impact of Foreign Currency Translation
   Critical Accounting Policies and Estimates
  Consolidated Results of Operations
  Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2009
    
    
    2010
    
    
    2009
    
    
    2010(unaudited)Revenue:License revenue
    
    
    61.0
    %
    
    
    63.6
    %
    
    
    58.7
    %
    
    
    61.9
    %Maintenance revenue
    
    
    28.9
    
    
    
    26.4
    
    
    
    29.4
    
    
    
    28.0Professional services revenue
    
    
    10.1
    
    
    
    10.0
    
    
    
    11.9
    
    
    
    10.1Total revenues
    
    
    100.0
    
    
    
    100.0
    
    
    
    100.0
    
    
    
    100.0Cost of revenue:License revenue
    
    
    1.9
    
    
    
    2.3
    
    
    
    2.0
    
    
    
    2.0Maintenance revenue
    
    
    1.4
    
    
    
    2.0
    
    
    
    1.4
    
    
    
    1.8Professional services revenue
    
    
    7.8
    
    
    
    6.9
    
    
    
    9.2
    
    
    
    6.8Total cost of revenue
    
    
    11.1
    
    
    
    11.2
    
    
    
    12.6
    
    
    
    10.6Gross profit
    
    
    88.9
    
    
    
    88.8
    
    
    
    87.4
    
    
    
    89.4Operating expenses:Sales and marketing
    
    
    70.7
    
    
    
    54.3
    
    
    
    72.1
    
    
    
    56.0Research and development
    
    
    6.6
    
    
    
    5.8
    
    
    
    7.4
    
    
    
    5.9General and administrative
    
    
    19.9
    
    
    
    17.2
    
    
    
    23.2
    
    
    
    19.2Total operating expenses
    
    
    97.1
    
    
    
    77.3
    
    
    
    102.7
    
    
    
    81.2Income (loss) from operations
    
    
    (8.2
    )
    
    
    11.4
    
    
    
    (15.3
    )
    
    
    8.3Other expense
    
    
    (2.7
    )
    
    
    (1.8
    )
    
    
    (0.4
    )
    
    
    (3.3
    )Income (loss) before benefit for income taxes
    
    
    (10.9
    )
    
    
    9.6
    
    
    
    (15.7
    )
    
    
    5.0Benefit (provision) for income taxes
    
    
    2.7
    
    
    
    (2.7
    )
    
    
    3.9
    
    
    
    (1.4
    )Net income (loss)
    
    
    (8.2
    )%
    
    
    6.9
    %
    
    
    (11.8
    )%
    
    
    3.6
    %
  16




---



##### Table of Contents



Comparison of Three Months Ended June 30, 2009 and 2010
 Revenue
  Three Months EndedJune 30,2009
    
    
    2010Percentage of
    
    
    
    
    
    
    Percentage ofAmount
    
    
    Revenue
    
    
    Amount
    
    
    Revenue
    
    
    Change(unaudited)(dollars in thousands)Revenue:License revenue
    
    $
    20,045
    
    
    
    61.0
    %
    
    $
    32,544
    
    
    
    63.6
    %
    
    $
    12,499
    
    
    
    62.4
    %Maintenance revenue
    
    
    9,478
    
    
    
    28.9
    %
    
    
    13,519
    
    
    
    26.4
    %
    
    
    4,041
    
    
    
    42.6
    %Professional services revenue
    
    
    3,322
    
    
    
    10.1
    %
    
    
    5,067
    
    
    
    9.9
    %
    
    
    1,745
    
    
    
    52.5
    %Total revenue
    
    $
    32,845
    
    
    
    100.0
    %
    
    $
    51,130
    
    
    
    100.0
    %
    
    $
    18,285
    
    
    
    55.7
    %
   17




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##### Table of Contents



Cost of Revenue and Gross Profit
  Three Months EndedJune 30,2009
    
    
    2010Percentage of
    
    
    
    
    
    
    Percentage ofRelated
    
    
    
    
    
    
    RelatedAmount
    
    
    Revenue
    
    
    Amount
    
    
    Revenue
    
    
    Change(unaudited)(dollars in thousands)Cost of Revenue:Cost of license revenue
    
    $
    614
    
    
    
    3.1
    %
    
    $
    1,178
    
    
    
    3.6
    %
    
    $
    564
    
    
    
    91.9
    %Cost of maintenance revenue
    
    
    455
    
    
    
    4.8
    %
    
    
    1,013
    
    
    
    7.5
    %
    
    
    558
    
    
    
    122.6
    %Cost of professional services revenue
    
    
    2,589
    
    
    
    77.9
    %
    
    
    3,554
    
    
    
    70.1
    %
    
    
    965
    
    
    
    37.3
    %Total cost of revenue
    
    $
    3,658
    
    
    
    11.1
    %
    
    $
    5,745
    
    
    
    11.2
    %
    
    $
    2,087
    
    
    
    57.1
    %Gross Profit:License revenue
    
    $
    19,431
    
    
    
    96.9
    %
    
    $
    31,366
    
    
    
    96.4
    %
    
    $
    11,935
    
    
    
    61.4
    %Maintenance revenue
    
    
    9,023
    
    
    
    95.2
    %
    
    
    12,506
    
    
    
    92.5
    %
    
    
    3,483
    
    
    
    38.6
    %Professional services revenue
    
    
    733
    
    
    
    22.1
    %
    
    
    1,513
    
    
    
    29.9
    %
    
    
    780
    
    
    
    106.4
    %Total gross profit
    
    $
    29,187
    
    
    
    88.9
    %
    
    $
    45,385
    
    
    
    88.8
    %
    
    $
    16,198
    
    
    
    55.5
    %
  Operating Expenses
  Three Months EndedJune 30,2009
    
    
    2010Percentage of
    
    
    
    
    
    
    Percentage ofAmount
    
    
    Revenue
    
    
    Amount
    
    
    Revenue
    
    
    Change(unaudited)(dollars in thousands)Operating expense:Sales and marketing
    
    $
    23,214
    
    
    
    70.7
    %
    
    $
    27,751
    
    
    
    54.3
    %
    
    $
    4,537
    
    
    
    19.5
    %Research and development
    
    
    2,152
    
    
    
    6.6
    %
    
    
    2,980
    
    
    
    5.8
    %
    
    
    828
    
    
    
    38.5
    %General and
administrative
    
    
    6,530
    
    
    
    19.9
    %
    
    
    8,813
    
    
    
    17.2
    %
    
    
    2,283
    
    
    
    35.0
    %Total operating expenses
    
    $
    31,896
    
    
    
    97.1
    %
    
    $
    39,544
    
    
    
    77.3
    %
    
    $
    7,648
    
    
    
    24.0
    %
 Sales and Marketing.
  18




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##### Table of Contents



Research and Development.
 General and Administrative.
 Other Expense.
 Income Tax Benefit.
 Comparison of Six Months Ended June 30, 2009 and 2010
 Revenue
  Six Months EndedJune 30,2009
    
    
    2010Percentage of
    
    
    
    
    
    
    Percentage ofAmount
    
    
    Revenue
    
    
    Amount
    
    
    Revenue
    
    
    Change(unaudited)(dollars in thousands)RevenueLicense revenue
    
    $
    34,804
    
    
    
    58.7
    %
    
    $
    58,766
    
    
    
    61.9
    %
    
    $
    23,962
    
    
    
    68.8
    %Maintenance revenue
    
    
    17,447
    
    
    
    29.4
    %
    
    
    26,588
    
    
    
    28.0
    %
    
    
    9,141
    
    
    
    52.4
    %Professional services revenue
    
    
    6,998
    
    
    
    11.8
    %
    
    
    9,541
    
    
    
    10.1
    %
    
    
    2,543
    
    
    
    36.3
    %Total revenue
    
    $
    59,249
    
    
    
    100.0
    %
    
    $
    94,895
    
    
    
    100.0
    %
    
    $
    35,646
    
    
    
    60.2
    %
   19




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##### Table of Contents



Cost of Revenue and Gross Profit
  Six Months EndedJune 30,2009
    
    
    2010Percentage of
    
    
    
    
    
    
    Percentage ofAmount
    
    
    Revenue
    
    
    Amount
    
    
    Revenue
    
    
    Change(unaudited)(dollars in thousands)Cost of Revenue:Cost of license revenue
    
    $
    1,201
    
    
    
    3.5
    %
    
    $
    1,857
    
    
    
    3.2
    %
    
    $
    656
    
    
    
    54.6
    %Cost of maintenance revenue
    
    
    831
    
    
    
    4.8
    %
    
    
    1,708
    
    
    
    6.4
    %
    
    
    877
    
    
    
    105.5
    %Cost of professional services revenue
    
    
    5,406
    
    
    
    77.3
    %
    
    
    6,466
    
    
    
    67.8
    %
    
    
    1,060
    
    
    
    19.6
    %Total cost of revenue
    
    $
    7,438
    
    
    
    12.6
    %
    
    $
    10,031
    
    
    
    10.6
    %
    
    $
    2,593
    
    
    
    34.9
    %Gross Profit:License revenue
    
    $
    33,603
    
    
    
    96.5
    %
    
    $
    56,909
    
    
    
    96.8
    %
    
    $
    23,306
    
    
    
    69.4
    %Maintenance revenue
    
    
    16,616
    
    
    
    95.2
    %
    
    
    24,880
    
    
    
    93.6
    %
    
    
    8,264
    
    
    
    49.7
    %Professional services revenue
    
    
    1,592
    
    
    
    22.7
    %
    
    
    3,075
    
    
    
    32.2
    %
    
    
    1,483
    
    
    
    93.2
    %Total gross profit
    
    $
    51,811
    
    
    
    87.4
    %
    
    $
    84,864
    
    
    
    89.4
    %
    
    $
    33,053
    
    
    
    63.8
    %
  Operating Expenses
  Six Months EndedJune 30,2009
    
    
    2010Percentage of
    
    
    
    
    
    
    Percentage ofAmount
    
    
    Revenue
    
    
    Amount
    
    
    Revenue
    
    
    Change(unaudited)(dollars in thousands)Operating expense:Sales and marketing
    
    $
    42,776
    
    
    
    72.2
    %
    
    $
    53,164
    
    
    
    56.0
    %
    
    $
    10,388
    
    
    
    24.3
    %Research and development
    
    
    4,375
    
    
    
    7.4
    %
    
    
    5,644
    
    
    
    5.9
    %
    
    
    1,269
    
    
    
    29.0
    %General and
administrative
    
    
    13,749
    
    
    
    23.2
    %
    
    
    18,206
    
    
    
    19.2
    %
    
    
    4,457
    
    
    
    32.4
    %Total operating expenses
    
    $
    60,900
    
    
    
    102.8
    %
    
    $
    77,014
    
    
    
    81.2
    %
    
    $
    16,114
    
    
    
    26.5
    %
 Sales and Marketing.
  20




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##### Table of Contents



Research and Development.
 General and Administrative.
 Other Expense.
 Income Tax Benefit.
 Seasonality
   21




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##### Table of Contents



Liquidity and Capital Resources
     December 31,
    
    
    June 302009
    
    
    2010(unaudited)(dollars in thousands)Cash and cash equivalents
    
    $
    24,852
    
    
    $
    35,840Accounts receivable, net
    
    
    63,729
    
    
    
    49,037
 Six Months Ended June 30,2009
    
    
    2010(unaudited)(dollars in thousands)Cash flow activitiesNet cash provided by operating activities
    
    $
    1,481
    
    
    $
    17,387Net cash used in investing activities
    
    
    (721
    )
    
    
    (881
    )Net cash used in financing activities
    
    
    (632
    )
    
    
    (2,472
    )
 Cash and Cash Equivalents
  Accounts Receivable, net
   22




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##### Table of Contents



Cash Flows
 Cash Provided by Operating Activities
   Cash Used in Investing Activities
  Cash Used in Financing Activities
  Contractual Obligations and Commitments
  Off-Balance Sheet Arrangements
  Recent Accounting Pronouncements
   23




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##### Table of Contents



Item 3. Quantitative and Qualitative Disclosures about Market Risk
  Interest Rate Sensitivity
    Foreign Currency Risk
     24




---



##### Table of Contents



Item 4. Controls and Procedures
 Evaluation of Disclosure Controls and Procedures
  Changes in Internal Control over Financial Reporting
   25




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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)
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    budgeting cycles of our customers
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    the management, performance and expansion of our international operations
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
    
    the rate of renewals of our maintenance agreements
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    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
 
    
    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.
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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 United States, whose sales and lead generation activities
are very important to our international operations
 
    
    multiple legal systems and unexpected changes in legal requirements
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    tariffs, export restrictions, trade barriers and other regulatory or contractual limitations on our ability to sell or develop
our products in certain foreign markets
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
    
    trade laws and business practices favoring local competition
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    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
 
    
    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
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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.
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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 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.
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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 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.
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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.
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Our business could be harmed as a result of the risks associated with our acquisitions.
   
    
    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.
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We may need additional capital in the future and it may not be available on acceptable terms, if at
all.
  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.
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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 business combinations and related goodwill
 
    
    accounting for stock issued to employees
 
    
    assessing fair value of financial and non-financial assets
 
    
    application, if any, of international financial reporting standards
  Our results of operations could be harmed by changes in tax rates or negative tax rulings.
  Income Taxes
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Risks Related Ownership of Our Common Stock
 An active 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
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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
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
    
    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
 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.
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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
  Use of Proceeds
  
 ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
  
 ITEM 5. OTHER INFORMATION.
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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




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SIGNATURES
  QLIK TECHNOLOGIES INC.August 19, 2010
    By:
    /s/ LARS BJÖRKLars BjörkPresident, Chief Executive Officer, and Director
(Principal Executive Officer)August 19, 2010
    By:
    /s/ WILLIAM G. SORENSONWilliam G. SorensonChief Financial Officer, Treasurer, and Secretary
(Principal Financial and Accounting Officer)  42




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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