##### 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 March 31, 2011
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 Commission File Number 001-34803
 Qlik Technologies Inc.
  Delaware
(State or other jurisdiction of incorporation or organization)
    
    20-1643718
(I.R.S. Employer Identification No.)150 N. Radnor Chester Road, Suite E220Radnor, Pennsylvania
    
    19087(Address of principal executive offices)
    
    (Zip Code)
 (888) 828-9768
 þ o
 o o
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer þ
    
    Smaller reporting company o(Do not check if a smaller reporting company)
 o þ




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##### 



TABLE OF CONTENTS
 PART I  FINANCIAL INFORMATIONItem 1. Financial StatementsConsolidated Balance Sheets as of March 31, 2011 (unaudited) and December 31, 2010
    
    
    1Unaudited Consolidated Statements of Operations for the Three Months Ended March 31,
2011 and 2010
    
    
    2Unaudited Consolidated Statement of Stockholders Equity for the Three Months Ended
March 31, 2011
    
    
    3Unaudited Consolidated Statements of Cash Flows for the Three Months Ended March 31,
2011 and 2010
    
    
    4Notes to Unaudited Consolidated Financial Statements
    
    
    5Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    11Item 3. Quantitative and Qualitative Disclosures About Market Risk
    
    
    22Item 4. Controls and Procedures
    
    
    22PART II  OTHER INFORMATIONItem 1. Legal Proceedings
    
    
    23Item 1A. Risk Factors
    
    
    23Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    23Item 3. Defaults Upon Senior Securities
    
    
    23Item 4. Removed and Reserved
    
    
    23Item 5. Other Information
    
    
    23Item 6. Exhibits
    
    
    24SIGNATURES
    
    
    25Exhibit 31.1Exhibit 31.2Exhibit 32.1
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##### Table of Contents



PART I  FINANCIAL INFORMATION
 
 Item 1.
    
    Financial Statements
 QLIK TECHNOLOGIES INC.
 
 CONSOLIDATED BALANCE SHEETS
 (in thousands, except share and per share data)
 March 31,
    
    
    December 31,2011
    
    
    2010(unaudited)AssetsCurrent assets:Cash and cash equivalents
    
    $
    176,790
    
    
    $
    158,712Accounts receivable, net of allowance for doubtful accounts of $749 and $807,
respectively
    
    
    63,196
    
    
    
    85,364Prepaid expenses and other current assets
    
    
    9,364
    
    
    
    7,107Deferred income taxes
    
    
    527
    
    
    
    527Total current assets
    
    
    249,877
    
    
    
    251,710Property and equipment, net
    
    
    5,118
    
    
    
    4,399Intangible assets, net
    
    
    350
    
    
    
    388Goodwill
    
    
    2,787
    
    
    
    2,746Deferred income taxes
    
    
    4,248
    
    
    
    4,248Deposits and other noncurrent assets
    
    
    1,566
    
    
    
    1,573Total assets
    
    $
    263,946
    
    
    $
    265,064Liabilities and stockholders equityCurrent liabilities:Income taxes payable
    
    $
    2,790
    
    
    $
    8,431Accounts payable
    
    
    5,550
    
    
    
    5,627Deferred revenue
    
    
    55,007
    
    
    
    50,024Accrued payroll and other related costs
    
    
    24,127
    
    
    
    25,262Accrued expenses
    
    
    12,521
    
    
    
    12,960Deferred income taxes
    
    
    337
    
    
    
    337Total current liabilities
    
    
    100,332
    
    
    
    102,641Long-term liabilities:Deferred income taxes
    
    
    48
    
    
    
    48Other long-term liabilities
    
    
    3,229
    
    
    
    3,185Total liabilities
    
    
    103,609
    
    
    
    105,874Commitments and contingenciesStockholders equity:Preferred stock, $0.0001 par value, 10,000,000 authorized, none issued and outstanding
at March 31, 2011 and December 31, 2010
    
    
    
    
    
    
    Common
stock, $0.0001 par value, 300,000,000 shares authorized;
80,566,300 shares issued and
outstanding
at March 31, 2011 and 78,752,390 shares issued and outstanding at December 31,
2010
    
    
    8
    
    
    
    8Additional paid-in-capital
    
    
    161,843
    
    
    
    157,928(Accumulated deficit) retained earnings
    
    
    (4,440
    )
    
    
    133Accumulated other comprehensive income
    
    
    2,926
    
    
    
    1,121Total stockholders equity
    
    
    160,337
    
    
    
    159,190Total liabilities and stockholders equity
    
    $
    263,946
    
    
    $
    265,064
 The accompanying notes are an integral part of these unaudited consolidated financial statements.
  1




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QLIK TECHNOLOGIES INC.
 
 UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
 (in thousands, except share and per share data)
 Three Months Ended March 31,2011
    
    
    2010Revenue:License revenue
    
    $
    37,885
    
    
    $
    26,222Maintenance revenue
    
    
    19,377
    
    
    
    13,069Professional services revenue
    
    
    5,757
    
    
    
    4,474Total revenue
    
    
    63,019
    
    
    
    43,765Cost of revenue:License revenue
    
    
    915
    
    
    
    679Maintenance revenue
    
    
    1,541
    
    
    
    695Professional services revenue
    
    
    5,199
    
    
    
    2,912Total cost of revenue
    
    
    7,655
    
    
    
    4,286Gross profit
    
    
    55,364
    
    
    
    39,479Operating expenses:Sales and marketing
    
    
    37,672
    
    
    
    25,413Research and development
    
    
    5,312
    
    
    
    2,664General and administrative
    
    
    17,389
    
    
    
    9,393Total operating expenses
    
    
    60,373
    
    
    
    37,470Income (loss) from operations
    
    
    (5,009
    )
    
    
    2,009Other income (expense), net:Interest income (expense), net
    
    
    33
    
    
    
    (258
    )Change in fair value of warrants
    
    
    
    
    
    
    (554
    )Foreign exchange loss and other expense, net
    
    
    (1,474
    )
    
    
    (1,362
    )Total other expense, net
    
    
    (1,441
    )
    
    
    (2,174
    )Loss before benefit for income taxes
    
    
    (6,450
    )
    
    
    (165
    )Benefit for income taxes
    
    
    1,877
    
    
    
    46Net loss
    
    $
    (4,573
    )
    
    $
    (119
    )Net loss per common share:Basic and diluted
    
    $
    (0.06
    )
    
    $
    (0.01
    )Weighted average number of common shares:Basic and diluted
    
    
    79,234,069
    
    
    
    16,846,798
 The accompanying notes are an integral part of these unaudited consolidated financial statements.
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QLIK TECHNOLOGIES INC.
 
 UNAUDITED CONSOLIDATED STATEMENT OF STOCKHOLDERS EQUITY
 (in thousands, except share data)
 Stockholders EquityAdditional
    
    
    (Accumulated Deficit)
    
    
    AccumulatedOtherCommon Stock
    
    
    Paid-in-
    
    
    Retained
    
    
    ComprehensiveShares
    
    
    Amount
    
    
    Capital
    
    
    Earnings
    
    
    Income
    
    
    TotalBalance at January 1, 2011
    
    
    78,752,390
    
    
    $
    8
    
    
    $
    157,928
    
    
    $
    133
    
    
    $
    1,121
    
    
    $
    159,190Exercise of common stock options
    
    
    1,813,910
    
    
    
    
    
    
    
    2,415
    
    
    
    
    
    
    
    
    
    
    
    2,415Stock-based compensation expense
    
    
    
    
    
    
    
    
    
    
    1,500
    
    
    
    
    
    
    
    
    
    
    
    1,500Net loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,573
    )
    
    
    
    
    
    
    (4,573
    )Foreign currency translation adjustment
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,805
    
    
    
    1,805Comprehensive loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,768
    )Balance at March 31, 2011
    
    
    80,566,300
    
    
    $
    8
    
    
    $
    161,843
    
    
    $
    (4,440
    )
    
    $
    2,926
    
    
    $
    160,337
 The accompanying notes are an integral part of these unaudited consolidated financial statements.
  3




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QLIK TECHNOLOGIES INC.
 
 UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
 (in thousands)
 Three Months Ended March 31,2011
    
    
    2010Cash flows from operating activitiesNet loss
    
    $
    (4,573
    )
    
    $
    (119
    )Adjustments to reconcile net loss to net cash provided by operating activities:Depreciation and amortization
    
    
    550
    
    
    
    322Stock-based compensation expense
    
    
    1,500
    
    
    
    500Excess tax benefit from stock-based compensation
    
    
    
    
    
    
    (230
    )Other non-cash items
    
    
    98
    
    
    
    118Change in fair value of warrants
    
    
    
    
    
    
    554Unrealized foreign currency (gain) loss, net
    
    
    (1,403
    )
    
    
    1,324Changes in assets and liabilities:Accounts receivable
    
    
    25,974
    
    
    
    17,172Prepaid expenses and other assets
    
    
    (1,378
    )
    
    
    (1,210
    )Deferred revenue
    
    
    2,667
    
    
    
    1,989Accounts payable and other liabilities
    
    
    (9,320
    )
    
    
    (5,006
    )Net cash provided by operating activities
    
    
    14,115
    
    
    
    15,414Cash flows from investing activitiesPurchase of property and equipment
    
    
    (1,074
    )
    
    
    (403
    )Acquisition, net of cash acquired
    
    
    
    
    
    
    245Net cash used in investing activities
    
    
    (1,074
    )
    
    
    (158
    )Cash flows from financing activitiesProceeds from exercise and issuance of common stock options
    
    
    2,415
    
    
    
    338Payments on line of credit and long-term debt, net
    
    
    
    
    
    
    (1,603
    )Excess tax benefit on stock-based compensation
    
    
    
    
    
    
    230Payments of deferred offering costs
    
    
    
    
    
    
    (488
    )Net cash provided by (used in) financing activities
    
    
    2,415
    
    
    
    (1,523
    )Effect of exchange rates on cash
    
    
    2,622
    
    
    
    (1,219
    )Net increase in cash and cash equivalents
    
    
    18,078
    
    
    
    12,514Cash and cash equivalents, beginning of period
    
    
    158,712
    
    
    
    24,852Cash and cash equivalents, end of period
    
    $
    176,790
    
    
    $
    37,366Supplemental cash flow information:Cash paid during the period for interest
    
    $
    52
    
    
    $
    252Cash paid during the period for income taxes
    
    $
    4,208
    
    
    $
    626Non-cash investing activities:Common stock issued for acquisition of business
    
    $
    
    
    
    $
    622
 The accompanying notes are an integral part of these unaudited consolidated financial statements.
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QLIK TECHNOLOGIES INC.
 
 NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
 (in thousands, except share and per share data)
 (1) Description of Business
  (2) Significant Accounting Policies
 Significant Accounting Policies
  Basis of Presentation and Consolidation
  Interim Financial Statements
  Use of Estimates
   Foreign Currency Translation
   5




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Business Combinations
   Comprehensive Income (Loss)
  Three Months Ended March 31,2011
    
    
    2010Net loss
    
    $
    (4,573
    )
    
    $
    (119
    )Foreign currency translation gain
    
    
    1,805
    
    
    
    414Comprehensive income (loss)
    
    $
    (2,768
    )
    
    $
    295
 Fair Value of Financial Instruments
  Stock-Based Compensation
   Three Months Ended March 31,2011
    
    
    2010Cost of revenue
    
    $
    96
    
    
    $
    26Sales and marketing
    
    
    849
    
    
    
    260Research and development
    
    
    42
    
    
    
    21General and administrative
    
    
    513
    
    
    
    193$
    1,500
    
    
    $
    500
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Net Loss Attributable to Common Share
  Three Months Ended March 31,2011
    
    
    2010Basic and diluted net loss per common share calculation:Net loss attributable to common shares
    
    $
    (4,573
    )
    
    $
    (119
    )Weighted average common shares outstanding
    
    
    79,234,069
    
    
    
    16,846,798Basic and diluted net loss per common share
    
    $
    (0.06
    )
    
    $
    (0.01
    )
  Three Months Ended March 31,2011
    
    
    2010Common stock options
    
    
    11,114,855
    
    
    
    12,441,041Restricted stock units
    
    
    40,820
    
    
    
    Common stock warrants
    
    
    
    
    
    
    474,28211,155,675
    
    
    
    12,915,323
 Recent Accounting Pronouncements
   (3) Acquisitions
   7




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(4) Goodwill and Other Intangible Assets
  March 31, 2011
    
    
    December 31, 2010Gross
    
    
    Accumulated
    
    
    Net
    
    
    Gross
    
    
    Accumulated
    
    
    NetAmount
    
    
    Amortization
    
    
    Amount
    
    
    Amount
    
    
    Amortization
    
    
    AmountPurchased technology
    
    $
    214
    
    
    $
    (182
    )
    
    $
    32
    
    
    $
    200
    
    
    $
    (160
    )
    
    $
    40Customer
relationships and other identified intangible assets
    
    
    765
    
    
    
    (447
    )
    
    
    318
    
    
    
    735
    
    
    
    (387
    )
    
    
    348Total
    
    $
    979
    
    
    $
    (629
    )
    
    $
    350
    
    
    $
    935
    
    
    $
    (547
    )
    
    $
    388
   (5) Fair Value Measurements
   (6) Benefit for Income Taxes
  (7) Business and Geographic Segment Information
   8




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Three Months Ended March 31,2011
    
    
    2010The Americas
    
    $
    20,636
    
    
    $
    12,751Europe
    
    
    37,267
    
    
    
    27,263Rest of world
    
    
    5,116
    
    
    
    3,751$
    63,019
    
    
    $
    43,765
 (8) Stock-Based Compensation
 Common Stock Options
  Weighted-AverageWeighted-
    
    
    RemainingNumber of
    
    
    Average
    
    
    Contractual
    
    
    AggregrateShares
    
    
    Exercise Price
    
    
    Term (Years)
    
    
    Intrinsic ValueOutstanding as of January 1, 2011
    
    
    12,053,445
    
    
    $
    2.95
    
    
    
    6.71Granted
    
    
    939,000
    
    
    $
    23.44
    
    
    
    Exercised
    
    
    (1,813,910
    )
    
    $
    1.33
    
    
    
    Forfeited
    
    
    (63,680
    )
    
    $
    9.35
    
    
    
    Outstanding as of March 31, 2011
    
    
    11,114,855
    
    
    $
    4.90
    
    
    
    6.81
    
    
    $
    234,525Exercisable at March 31, 2011
    
    
    6,175,584
    
    
    $
    1.57
    
    
    
    5.57
    
    
    $
    150,870Vested and expected to vest at March 31, 2011
    
    
    10,546,839
    
    
    $
    4.92
    
    
    
    6.80
    
    
    $
    222,327
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Three Months Ended March 31,2011
    
    2010Expected dividend yield
    
    0.0%
    
    0.0%Risk-free interest rate
    
    2.4%  2.7%
    
    1.9%  2.7%Expected volatility
    
    46.7%  47.0%
    
    48.7%  50.2%Expected life (Swedish grants, in years)
    
    4
    
    4Expected life (all other grants, in years)
    
    6.25
    
    6.25
   Restricted Stock Units
  Number of
    
    
    Weighted-
Average
Grant Date
    
    AggregrateShares
    
    

Fair Value
    
    Intrinsic ValueOutstanding as of January 1, 2011
    
    
    40,820
    
    
    $
    11.02Granted
    
    
    
    
    
    
    Vested
    
    
    
    
    
    
    Forfeited
    
    
    
    
    
    
    Unvested as of March 31, 2011
    
    
    40,820
    
    
    $
    11.02
    
    $
    611Vested and expected to vest at March 31, 2011
    
    
    40,820
    
    
    $
    11.02
    
    $
    611
    (9) Commitments and Contingencies
   10




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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 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, 2010 included in our Annual
Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, on March 16, 2011.
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 predicts, 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 I, Item 1A of our Annual Report on Form 10-K, the section titled Risk Factors,
set forth in Part II, Item 1A of this Quarterly Report onForm 10-Qand elsewhere
in this Report.
 Past performance is not necessarily indicative of future results. There can be no
assurance that the actual results or developments anticipated by us will be realized or, even if
substantially realized, that they will have the expected consequences to, or effects on, us.
Therefore, no assurance can be given that the outcomes stated in such forward-looking statements
and estimates will be achieved.
 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 Key Financial Metrics and Trends.This section provides a general
description of our business, the key financial metrics that we use in assessing our
performance, and anticipated trends that we expect to affect our financial condition and
results of operations.
    
    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 unaudited consolidated
financial statements.
    
    Consolidated Results of Operations.This section provides an analysis of our results
of operations for the three months ended March 31, 2011 and 2010.
    
    Seasonality. This section discusses the seasonality in the sale of our products and
services.
  11




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##### Table of Contents




    
    Liquidity and Capital Resources.This section provides an analysis of our cash flows
for the three months ended March 31, 2011 and 2010, a discussion of our capital
requirements, and the resources available to us to meet those requirements.
    
    Contractual Obligations and Off-Balance Sheet Arrangements. This section discusses
contractual obligations and commitments and off-balance sheet arrangements expected to
have an impact on our liquidity and cash flow in future periods.
    
    Inflation.This section discusses inflation that could impact our financial condition
and results of operations.
    
    Recent Accounting Pronouncements.This section provides for recent accounting
pronouncements that could impact our financial condition and results of operations.
 Overview
     
    
    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.
   12




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Key Financial Metrics and Trends
 Revenues
  Cost of Revenue
  Operating Expenses
  Sales and Marketing.
  13




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Research and Development.
 General and Administrative.
 Stock-Based Compensation.
 Other Income (Expense), net
  Provision (Benefit) for Income Taxes
  Impact of Foreign Currency Translation
   Critical Accounting Policies and Estimates
   14




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Consolidated Results of Operations
 Comparison of the Three Months Ended March 31, 2011 and 2010
 Revenue
  Three Months Ended March 31,2011
    
    
    2010Percentage
    
    
    
    
    
    
    Percentage
    
    
    Period to PeriodAmount
    
    
    of Revenue
    
    
    Amount
    
    
    of Revenue
    
    
    Change(unaudited)(dollars in thousands)Revenue:License revenue
    
    $
    37,885
    
    
    
    60.2
    %
    
    $
    26,222
    
    
    
    59.9
    %
    
    $
    11,663
    
    
    
    44.5
    %Maintenance revenue
    
    
    19,377
    
    
    
    30.7
    %
    
    
    13,069
    
    
    
    29.9
    %
    
    
    6,308
    
    
    
    48.3
    %Professional services revenue
    
    
    5,757
    
    
    
    9.1
    %
    
    
    4,474
    
    
    
    10.2
    %
    
    
    1,283
    
    
    
    28.7
    %Total revenue
    
    $
    63,019
    
    
    
    100.0
    %
    
    $
    43,765
    
    
    
    100.0
    %
    
    $
    19,254
    
    
    
    44.0
    %
   15




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##### Table of Contents



Cost of Revenue and Gross Profit
  Three Months Ended March 31,2011
    
    
    2010Percentage
    
    
    
    
    
    
    Percentage
    
    
    Period to PeriodAmount
    
    
    of Revenue
    
    
    Amount
    
    
    of Revenue
    
    
    Change(unaudited)(dollars in thousands)Cost of Revenue:Cost of license revenue
    
    $
    915
    
    
    
    2.4
    %
    
    $
    679
    
    
    
    2.6
    %
    
    $
    236
    
    
    
    34.8
    %Cost of maintenance revenue
    
    
    1,541
    
    
    
    8.0
    %
    
    
    695
    
    
    
    5.3
    %
    
    
    846
    
    
    
    121.7
    %Cost of professional services revenue
    
    
    5,199
    
    
    
    90.3
    %
    
    
    2,912
    
    
    
    65.1
    %
    
    
    2,287
    
    
    
    78.5
    %Total cost of revenue
    
    $
    7,655
    
    
    
    12.1
    %
    
    $
    4,286
    
    
    
    9.8
    %
    
    $
    3,369
    
    
    
    78.6
    %Gross Profit:License revenue
    
    $
    36,970
    
    
    
    97.6
    %
    
    $
    25,543
    
    
    
    97.4
    %
    
    $
    11,427
    
    
    
    44.7
    %Maintenance revenue
    
    
    17,836
    
    
    
    92.0
    %
    
    
    12,374
    
    
    
    94.7
    %
    
    
    5,462
    
    
    
    44.1
    %Professional services revenue
    
    
    558
    
    
    
    9.7
    %
    
    
    1,562
    
    
    
    34.9
    %
    
    
    (1,004
    )
    
    
    -64.3
    %Total gross profit
    
    $
    55,364
    
    
    
    87.9
    %
    
    $
    39,479
    
    
    
    90.2
    %
    
    $
    15,885
    
    
    
    40.2
    %
  Operating Expenses
  Three Months Ended March 31,2011
    
    
    2010Percentage
    
    
    
    
    
    
    Percentage
    
    
    Period to PeriodAmount
    
    
    of Revenue
    
    
    Amount
    
    
    of Revenue
    
    
    Change(unaudited)(dollars in thousands)Operating expenses:Sales and marketing
    
    $
    37,672
    
    
    
    59.8
    %
    
    $
    25,413
    
    
    
    58.0
    %
    
    $
    12,259
    
    
    
    48.2
    %Research and development
    
    
    5,312
    
    
    
    8.4
    %
    
    
    2,664
    
    
    
    6.1
    %
    
    
    2,648
    
    
    
    99.4
    %General and administrative
    
    
    17,389
    
    
    
    27.6
    %
    
    
    9,393
    
    
    
    21.5
    %
    
    
    7,996
    
    
    
    85.1
    %Total operating expenses
    
    $
    60,373
    
    
    
    95.8
    %
    
    $
    37,470
    
    
    
    85.6
    %
    
    $
    22,903
    
    
    
    61.1
    %
 Sales and
Marketing.
  16




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##### Table of Contents



Research and Development.
 General and Administrative.
 Other Expense, net.
 Benefit for Income Taxes.
 Seasonality
  Liquidity and Capital Resources
    17




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##### Table of Contents



March 31,
    
    
    December 31,2011
    
    
    2010(unaudited)(dollars in thousands)Cash and cash equivalents
    
    $
    176,790
    
    
    $
    158,712Accounts receivable, net
    
    
    63,196
    
    
    
    85,364
 Three Months Ended March 31,2011
    
    
    2010(unaudited)(dollars in thousands)Cash flow activitiesNet cash provided by operating activities
    
    $
    14,115
    
    
    $
    15,414Net cash used in investing activities
    
    
    (1,074
    )
    
    
    (158
    )Net cash provided by (used in) financing activities
    
    
    2,415
    
    
    
    (1,523
    )
 Cash and Cash Equivalents
  Accounts Receivable, net
  Cash Flows
 Operating Activities
     18




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##### Table of Contents



Investing Activities
   Financing Activities
   Non-GAAP Financial Measures
    19




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##### Table of Contents



Three Months Ended March 31,2011
    
    
    2010(unaudited)(dollars in thousands)Reconciliation of Non-GAAP income (loss) from operations:GAAP income (loss) from operations
    
    $
    (5,009
    )
    
    $
    2,009Stock-based compensation expense
    
    
    1,500
    
    
    
    500Employer payroll taxes on stock transactions
    
    
    990
    
    
    
    Non-GAAP income (loss) from operations
    
    $
    (2,519
    )
    
    $
    2,509Reconciliation of Non-GAAP net income (loss):GAAP net income (loss)
    
    $
    (4,573
    )
    
    $
    (119
    )Stock-based compensation expense
    
    
    1,500
    
    
    
    500Employer payroll taxes on stock transactions
    
    
    990
    
    
    
    Income tax adjustment (1)
    
    
    (610
    )
    
    
    (153
    )Non-GAAP net income (loss)
    
    $
    (2,693
    )
    
    $
    228Reconciliation of Non-GAAP income (loss) per share:Non-GAAP net income (loss) per common share  basic
    
    $
    (0.03
    )
    
    $
    Non-GAAP net income (loss) per common share  diluted
    
    $
    (0.03
    )
    
    $
    GAAP net loss per common share  basic and diluted
    
    $
    (0.06
    )
    
    $
    (0.01
    )Non-GAAP weighted average number of common shares outstanding  basic (2)
    
    
    79,234,069
    
    
    
    76,448,222Non-GAAP weighted average number of common shares outstanding  diluted (3)
    
    
    79,234,069
    
    
    
    83,714,602GAAP weighted average number of common shares outstanding  basic and diluted
    
    
    79,234,069
    
    
    
    16,846,798
 (1)
    
    Income tax adjustment is used to adjust the U.S. GAAP benefit for income taxes to a
Non-GAAP provision (benefit) for income taxes utilizing an estimated tax rate of 32%.(2)
    
    For 2010, reflects the automatic conversion of the then outstanding shares of
convertible preferred stock into 46,721,424 shares of common stock and the issuance of
12,880,000 shares of common stock as though the completion of the IPO had occurred at the
beginning of the period, which results in the Company not applying the two-class method of
earnings per share as required under U.S. GAAP.(3)
    
    For 2010, reflects the automatic conversion of the then outstanding shares of
convertible preferred stock into 46,721,424 shares of common stock and the issuance of
12,880,000 shares of common stock as though the completion of the IPO had occurred at the
beginning of the period, which results in the Company not applying the two-class method of
earnings per share as required under U.S. GAAP. For 2010, also includes 7,266,380 shares
related to the outstanding stock options and warrants which are included because of their
dilutive effect. Contractual Obligations and Commitments and Off-Balance Sheet Arrangements
   20




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##### Table of Contents



Inflation
  Recent Accounting Pronouncements
   21




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##### Table of Contents



Item 3.
    
    Quantitative and Qualitative Disclosures about Market Risk
  Market Risk
  Interest Rate Sensitivity
   Foreign Exchange Risk
   
 Item 4.
    
    Controls and Procedures
 Evaluation of Disclosure and Control Procedures
    22




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##### Table of Contents



Changes in Internal Control Over Financial Reporting
  
 PART II  OTHER INFORMATION
 
 ITEM 1.
    
    LEGAL PROCEEDINGS
   
 ITEM 1A.
    
    RISK FACTORS
  
 ITEM 2.
    
    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
 Recent Sales of Unregistered Securities
  Use of Proceeds
   
 ITEM 3.
    
    DEFAULTS UPON SENIOR SECURITIES
  
 ITEM 4.
    
    REMOVED AND RESERVED
 
 ITEM 5.
    
    OTHER INFORMATION
   23




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##### Table of Contents



ITEM 6.
    
    EXHIBITS
  ExhibitNumber
    
    Description of Document10.1(1)
    
    
    Form of Indemnification Agreement between the Registrant and Deborah Hopkins31.1
    
    
    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(1)
    
    
    Incorporated by reference to
Exhibit 99.2 to the Registrants Current Report on Form 8-K (SEC File No. 001-34803) filed on
April 6, 2011
 *
    
    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.
    
    Compensation arrangement  24




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##### Table of Contents



SIGNATURES
  QLIK TECHNOLOGIES INC.By:
    /s/ LARS BJÖRKLars BjörkPresident, Chief Executive Officer and Director
(Principal Executive Officer)/s/ WILLIAM G. SORENSONWilliam G. SorensonChief Financial Officer, Treasurer and Secretary
(Principal Financial Officer and Principal
Accounting Officer)  25




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##### Table of Contents



EXHIBIT INDEX
 ExhibitNumber

    
    Description of Document10.1(1)
    
    
    Form of Indemnification Agreement between the Registrant and Deborah Hopkins31.1
    
    
    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(1)
    
    
    Incorporated by reference to
Exhibit 99.2 to the Registrants Current Report on Form 8-K (SEC File No. 001-34803) filed on
April 6, 2011
 *
    
    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.
    
    Compensation arrangement  26