Technology

Qualys Announces Third Quarter 2024 Financial Results

Published

1 year ago

November 5, 2024

Revenue Growth of 8% Year-Over-Year
GAAP EPS: $1.24; Non-GAAP EPS: $1.56
Raises 2024 Revenue Guidance to $602.9–$605.9 million
Raises 2024 GAAP EPS Guidance to $4.31–$4.41
Raises 2024 Non-GAAP EPS Guidance to $5.81–$5.91

FOSTER CITY, Calif., Nov. 5, 2024 /PRNewswire/ — Qualys, Inc. (NASDAQ: QLYS), a leading provider of disruptive cloud-based IT, security and compliance solutions, today announced financial results for the third quarter ended September 30, 2024. For the quarter, the Company reported revenues of $153.9 million, net income under United States Generally Accepted Accounting Principles (“U.S. GAAP”) of $46.2 million, non-GAAP net income of $58.0 million, Adjusted EBITDA of $69.7 million, GAAP net income per diluted share of $1.24, and non-GAAP net income per diluted share of $1.56.

“Q3 was another strong quarter of rapid innovation for Qualys, reflecting our ongoing commitment to technology leadership, cybersecurity transformation, and successful outcomes for customers,” said Sumedh Thakar, Qualys’ president and CEO. “With the release of several new capabilities, including our Enterprise TruRisk Management solution, TruRisk Eliminate, and Qualys TotalAI we have further strengthened our strategic position as the partner of choice for customers looking to rearchitect and consolidate their security tools to solve modern security challenges while simplifying their operational defenses. We believe we can continue to grow long-term, maintain best-in-class profitability, and invest in key initiatives aimed at further extending the gap between Qualys and the competition.”

Third Quarter 2024 Financial Highlights

Revenues: Revenues for the third quarter of 2024 increased by 8% to $153.9 million compared to $142.0 million for the same quarter in 2023.

Gross Profit: GAAP gross profit for the third quarter of 2024 increased by 8% to $125.0 million compared to $115.3 million for the same quarter in 2023. GAAP gross margin was 81% for both the third quarter of 2024 and the same quarter in 2023. Non-GAAP gross profit for the third quarter of 2024 increased by 8% to $127.8 million compared to $118.0 million for the same quarter in 2023. Non-GAAP gross margin was 83% for both the third quarter of 2024 and the same quarter in 2023.

Operating Income: GAAP operating income for the third quarter of 2024 increased by 3% to $45.0 million compared to $43.6 million for the same quarter in 2023. As a percentage of revenues, GAAP operating income was 29% for the third quarter of 2024 compared to 31% for the same quarter in 2023. Non-GAAP operating income for the third quarter of 2024 increased by 5% to $66.0 million compared to $62.9 million for the same quarter in 2023. As a percentage of revenues, non-GAAP operating income was 43% for the third quarter of 2024 compared to 44% for the same quarter in 2023.

Net Income: GAAP net income for the third quarter of 2024 decreased by 1% to $46.2 million, or $1.24 per diluted share, compared to $46.5 million, or $1.24 per diluted share, for the same quarter in 2023. As a percentage of revenues, GAAP net income was 30% for the third quarter of 2024 compared to 33% for the same quarter in 2023. Non-GAAP net income for the third quarter of 2024 was $58.0 million, or $1.56 per diluted share, compared to $56.7 million, or $1.51 per diluted share, for the same quarter in 2023. As a percentage of revenues, non-GAAP net income was 38% for the third quarter of 2024 compared to 40% for the same quarter in 2023.

Adjusted EBITDA: Adjusted EBITDA (a non-GAAP financial measure) for the third quarter of 2024 increased by 1% to $69.7 million compared to $68.8 million for the same quarter in 2023. As a percentage of revenues, Adjusted EBITDA was 45% for the third quarter of 2024 compared to 48% for the same quarter in 2023.

Operating Cash Flow: Operating cash flow for the third quarter of 2024 decreased by 34% to $61.0 million compared to $92.4 million for the same quarter in 2023. As a percentage of revenues, operating cash flow was 40% for the third quarter of 2024 compared to 65% for the same quarter in 2023.

Third Quarter 2024 Business Highlights

Launched Qualys’ TruRisk Eliminate, a remediation solution extending beyond patching by providing patchless patching, targeted isolation, and other mitigation strategies to help organizations reduce risk.Expanded our portfolio by introducing Qualys TotalAI, designed to address the growing challenges and risks of securing generative AI and large language model (LLM) applications to detect data leaks, injection issues, and model theft.The 2024 GigaOm Radar Report for Continuous Vulnerability Management ranked Qualys’ VMDR as a leading vulnerability management solution for the fourth straight year. It noted VMDR stands apart from the competition as a “comprehensive risk-based approach to vulnerability management.”Gartner recognized TotalCloud among solutions named in its July 2024 Marketguide for Cloud Native Application Protection Platforms.Qualys’ CyberSecurity Asset Management ranked as a strong performer among top vendors in the Forrester Wave for Attack Surface Management in its debut in the report.Introduced updates to our Web Application Security solution including context-aware TruRisk prioritization, advanced API security features, and a redesigned user interface offering guided workflows and feedback loops. These updates address the growing complexity of securing web applications and APIs in digital environments.

Financial Performance Outlook

Based on information as of today, November 5, 2024, Qualys is issuing the following financial guidance for the fourth quarter and full year fiscal 2024. The Company emphasizes that the guidance is subject to various important cautionary factors referenced in the sections entitled “Legal Notice Regarding Forward-Looking Statements” and “Non-GAAP Financial Measures” below.

Fourth Quarter 2024 Guidance: Management expects revenues for the fourth quarter of 2024 to be in the range of $154.5 million to $157.5 million, representing 7% to 9% growth over the same quarter in 2023. GAAP net income per diluted share is expected to be in the range of $0.84 to $0.94, which assumes an effective income tax rate of 21%. Non-GAAP net income per diluted share is expected to be in the range of $1.28 to $1.38, which assumes a non-GAAP effective income tax rate of 21%. Fourth quarter 2024 net income per diluted share estimates are based on approximately 36.9 million weighted average diluted shares outstanding for the quarter.

Full Year 2024 Guidance: Management now expects revenues for the full year of 2024 to be in the range of $602.9 million to $605.9 million, representing 9% growth over 2023. This compares to the previous guidance range of $597.5 million to $601.5 million. GAAP net income per diluted share is expected to be in the range of $4.31 to $4.41, up from the previous guidance range of $3.85 to $4.01. This assumes an effective income tax rate of 18%. Non-GAAP net income per diluted share is expected to be in the range of $5.81 to $5.91, up from the previous guidance range of $5.46 to $5.62. This assumes a non-GAAP effective income tax rate of 21%. Full year 2024 net income per diluted share estimates are based on approximately 37.4 million weighted average diluted shares outstanding.

Qualys has not reconciled non-GAAP net income per diluted share guidance to GAAP net income per diluted share guidance because Qualys does not provide guidance on the various reconciling cash and non-cash items between GAAP net income and non-GAAP net income (i.e., stock-based compensation, amortization of intangible assets from acquisitions and non-recurring items). The actual dollar amount of reconciling items in the fourth quarter and full year 2024 is likely to have a significant impact on the Company’s GAAP net income per diluted share in the fourth quarter and full year 2024. A reconciliation of the non-GAAP net income per diluted share guidance to the GAAP net income per diluted share guidance is not available without unreasonable effort.

Investor Conference Call

Qualys will host a conference call and live webcast to discuss its third quarter financial results at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) on Tuesday, November 5, 2024. To access the conference call by phone, please register here. A live webcast of the earnings conference call, investor presentation and prepared remarks can be accessed at https://investor.qualys.com/events-presentations. A replay of the conference call will be available through the same webcast link following the end of the call.

Investor Contact

Blair King
Vice President, Investor Relations and Corporate Development
(650) 538-2088
ir@qualys.com

About Qualys

Qualys, Inc. (NASDAQ: QLYS) is a leading provider of disruptive cloud-based Security, Compliance and IT solutions with more than 10,000 subscription customers worldwide, including a majority of the Forbes Global 100 and Fortune 100. Qualys helps organizations streamline and consolidate their security and compliance solutions onto a single platform for greater agility, better business outcomes, and substantial cost savings.

The Qualys Enterprise TruRisk Platform leverages a single agent to continuously deliver critical security intelligence while enabling enterprises to automate the full spectrum of vulnerability detection, compliance, and protection for IT systems, workloads and web applications across on premises, endpoints, servers, public and private clouds, containers, and mobile devices. Founded in 1999 as one of the first SaaS security companies, Qualys has strategic partnerships and seamlessly integrates its vulnerability management capabilities into security offerings from cloud service providers, including Amazon Web Services, the Google Cloud Platform and Microsoft Azure, along with a number of leading managed service providers and global consulting organizations. For more information, please visit www.qualys.com.

Qualys, Qualys VMDR® and the Qualys logo are proprietary trademarks of Qualys, Inc. All other products or names may be trademarks of their respective companies.

Legal Notice Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements in this press release include, but are not limited to, quotations of management and statements related to: the benefits of our existing, new and upcoming products, features, integrations, acquisitions, collaborations and joint solutions, and their impact upon our long-term growth; our ability to advance our value proposition and competitive differentiation in the market; our ability to address demand trends; our ability to maintain and strengthen our category leadership; our ability to solve modern security challenges at scale; our strategies and ability to achieve and maintain durable profitable growth; our guidance for revenues, GAAP EPS and non-GAAP EPS for the fourth quarter and full year 2024; and our expectations for the number of weighted average diluted shares outstanding and the GAAP and non-GAAP effective income tax rate for the fourth quarter and full year 2024. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include our ability to continue to develop platform capabilities and solutions; the ability of our platform and solutions to perform as intended; customer acceptance and purchase of our existing solutions and new solutions; real or perceived defects, errors or vulnerabilities in our products or services; our ability to retain existing customers and generate new customers; the budgeting cycles and seasonal buying patterns of our customers; general market, political, economic and business conditions in the United States as well as globally; our ability to manage costs as we increase our customer base and the number of our platform solutions; the market for cloud solutions for IT security and compliance not increasing at the rate we expect; competition from other products and services; fluctuations in currency exchange rates; unexpected fluctuations in our effective income tax rate on a GAAP and non-GAAP basis; our ability to effectively manage our rapid growth and our ability to anticipate future market needs and opportunities; and any unanticipated accounting charges. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

The forward-looking statements in this press release are based on information available to Qualys as of the date hereof, and Qualys disclaims any obligation to update any forward-looking statements, except as required by law.

Non-GAAP Financial Measures

In addition to reporting financial results in accordance with GAAP, Qualys provides investors with certain non-GAAP financial measures, including non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income per diluted share, Adjusted EBITDA (defined as earnings before interest expense, interest income and other income (expense), net, income taxes, depreciation, amortization, and stock-based compensation) and non-GAAP free cash flows (defined as cash provided by operating activities less purchases of property and equipment, net of proceeds from disposal).

In computing non-GAAP financial measures, Qualys excludes the effects of stock-based compensation expense, amortization of intangible assets from acquisitions, non-recurring items and for non-GAAP net income, certain tax effects. Qualys believes that these non-GAAP financial measures help illustrate underlying trends in its business that could otherwise be masked by the effect of the income or expenses that are excluded in non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income per diluted share, Adjusted EBITDA and non-GAAP free cash flows.

Furthermore, Qualys uses some of these non-GAAP financial measures to establish budgets and operational goals for managing its business and evaluating its performance. Qualys believes that non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income per diluted share, Adjusted EBITDA and non-GAAP free cash flows provide additional tools for investors to use in comparing its recurring core business operating results over multiple periods with other companies in its industry.

Although Qualys does not focus on or use quarterly billings in managing or monitoring the performance of its business, Qualys provides calculated current billings (defined as total revenues recognized in a period plus the sequential change in current deferred revenue in the corresponding period) for the convenience of investors and analysts in building their own financial models.

In order to provide a more complete picture of recurring core operating business results, the Company’s non-GAAP net income and non-GAAP net income per diluted share include adjustments for non-recurring income tax items and certain tax effects of non-GAAP adjustments to achieve the effective income tax rate on a non-GAAP basis. The Company’s non-GAAP effective tax rate may differ from the GAAP effective income tax rate as a result of these income tax adjustments. The Company believes its estimated non-GAAP effective income tax rate of 21% in 2024 is a reasonable estimate under its current global operating structure and core business operations. The Company may adjust this rate during the year to take into account events or trends that it believes materially impact the estimated annual rate. The non-GAAP effective income tax rate could be subject to change for a number of reasons, including but not limited to, significant changes resulting from tax legislation, material changes in geographic mix of revenues and expenses and other significant events.

The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of the non-GAAP financial measures discussed in this press release to the most directly comparable GAAP financial measures is included with the financial statements contained in this press release. Management uses both GAAP and non-GAAP information in evaluating and operating its business internally and as such has determined that it is important to provide this information to investors.

Qualys, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share data)

Three Months Ended
September 30,

Nine Months Ended
September 30,

2024

2023

2024

2023

Revenues

$ 153,867

$ 141,996

$ 448,380

$ 409,888

Cost of revenues (1)

28,832

26,739

82,445

80,355

Gross profit

125,035

115,257

365,935

329,533

Operating expenses:

Research and development (1)

28,901

27,782

83,550

83,001

Sales and marketing (1)

32,686

27,881

94,240

79,750

General and administrative (1)

18,494

15,999

50,362

45,182

Total operating expenses

80,081

71,662

228,152

207,933

Income from operations

44,954

43,595

137,783

121,600

Other income (expense), net:

Interest income

6,764

5,136

19,590

11,342

Other income (expense), net

605

(708)

(1,381)

(1,883)

Total other income, net

7,369

4,428

18,209

9,459

Income before income taxes

52,323

48,023

155,992

131,059

Income tax provision

6,111

1,508

26,277

20,057

Net income

$ 46,212

$ 46,515

$ 129,715

$ 111,002

Net income per share:

Basic

$ 1.26

$ 1.27

$ 3.52

$ 3.01

Diluted

$ 1.24

$ 3.46

$ 2.96

Weighted average shares used in computing net income per share:

Basic

36,762

36,766

36,877

36,891

Diluted

37,136

37,448

37,441

37,516

(1) Includes stock-based compensation as follows:

Cost of revenues

$ 2,081

$ 1,946

$ 5,967

$ 5,255

Research and development

5,448

5,671

15,911

15,734

Sales and marketing

3,649

3,229

11,020

8,580

General and administrative

9,159

7,676

23,556

20,991

Total stock-based compensation, net of amounts capitalized

$ 20,337

$ 18,522

$ 56,454

$ 50,560

Qualys, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(in thousands)

September 30,
2024

December 31,
2023

Assets

Current assets:

Cash and cash equivalents

$ 235,430

$ 203,665

Restricted cash

—

1,500

Short-term marketable securities

150,913

221,893

Accounts receivable, net

114,967

146,226

Prepaid expenses and other current assets

35,307

26,714

Total current assets

536,617

599,998

Long-term marketable securities

186,680

56,644

Property and equipment, net

27,343

32,599

Operating leases – right of use asset

41,294

22,391

Deferred tax assets, net

77,730

62,761

Intangible assets, net

7,451

9,715

Goodwill

7,447

Noncurrent restricted cash

1,200

Other noncurrent assets

22,561

19,863

Total assets

$ 908,323

$ 812,618

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$ 1,422

$ 988

Accrued liabilities

39,960

43,096

Deferred revenues, current

337,821

333,267

Operating lease liabilities, current

9,333

11,857

Total current liabilities

388,536

389,208

Deferred revenues, noncurrent

23,116

31,671

Operating lease liabilities, noncurrent

38,266

16,885

Other noncurrent liabilities

8,810

6,680

Total liabilities

458,728

444,444

Stockholders’ equity:

Common stock

Additional paid-in capital

642,435

597,921

Accumulated other comprehensive loss

(293)

(1,704)

Accumulated deficit

(192,584)

(228,080)

Total stockholders’ equity

449,595

368,174

Total liabilities and stockholders’ equity

$ 908,323

$ 812,618

Qualys, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

Nine Months Ended
September 30,

2024

2023

Cash flow from operating activities:

Net income

$ 129,715

$ 111,002

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization expense

14,410

21,140

Provision for credit losses

411

230

Loss on non-marketable securities

—

533

Stock-based compensation, net of amounts capitalized

56,454

50,560

Accretion of discount on marketable securities, net

(5,231)

(3,502)

Deferred income taxes

(15,374)

(11,561)

Changes in operating assets and liabilities:

Accounts receivable

30,848

18,137

Prepaid expenses and other assets

(9,900)

(4,804)

Accounts payable

391

(1,428)

Accrued liabilities and other noncurrent liabilities

(1,351)

8,211

Deferred revenues

(4,001)

22,248

Net cash provided by operating activities

196,372

210,766

Cash flow from investing activities:

Purchases of marketable securities

(305,952)

(252,438)

Sales and maturities of marketable securities

252,940

212,202

Purchases of property and equipment

(6,497)

(7,263)

Net cash used in investing activities

(59,509)

(47,499)

Cash flow from financing activities:

Repurchase of common stock

(97,188)

(147,725)

Proceeds from exercise of stock options

8,311

28,384

Payments for taxes related to net share settlement of equity awards

(23,093)

(14,998)

Proceeds from issuance of common stock through employee stock purchase plan

6,872

6,077

Payment of acquisition-related holdback

(1,500)

—

Net cash used in financing activities

(106,598)

(128,262)

Net increase in cash, cash equivalents and restricted cash

30,265

35,005

Cash, cash equivalents and restricted cash at beginning of period

206,365

176,419

Cash, cash equivalents and restricted cash at end of period

$ 236,630

$ 211,424

Qualys, Inc.

RECONCILIATION OF NON-GAAP DISCLOSURES

ADJUSTED EBITDA

(unaudited)

(in thousands, except percentages)

Three Months Ended
September 30,

Nine Months Ended
September 30,

2024

2023

2024

2023

Net income

$ 46,212

$ 46,515

$ 129,715

$ 111,002

Net income as a percentage of revenues

30 %

33 %

29 %

27 %

Depreciation and amortization of property and equipment

3,670

5,922

12,146

18,824

Amortization of intangible assets

721

772

2,264

2,316

Income tax provision

6,111

1,508

26,277

20,057

Stock-based compensation

20,337

18,522

56,454

50,560

Total other income, net

(7,369)

(4,428)

(18,209)

(9,459)

Adjusted EBITDA

$ 69,682

$ 68,811

$ 208,647

$ 193,300

Adjusted EBITDA as a percentage of revenues

45 %

48 %

47 %

Qualys, Inc.

RECONCILIATION OF NON-GAAP DISCLOSURES

(unaudited)

(in thousands, except per share data)

Three Months Ended
September 30,

Nine Months Ended
September 30,

2024

2023

2024

2023

GAAP Cost of revenues

$ 28,832

$ 26,739

$ 82,445

$ 80,355

Less: Stock-based compensation

(2,081)

(1,946)

(5,967)

(5,255)

Less: Amortization of intangible assets

(705)

(747)

(2,198)

(2,241)

Non-GAAP Cost of revenues

$ 26,046

$ 24,046

$ 74,280

$ 72,859

GAAP Gross profit

$ 125,035

$ 115,257

$ 365,935

$ 329,533

Plus: Stock-based compensation

2,081

1,946

5,967

5,255

Plus: Amortization of intangible assets

705

747

2,198

2,241

Non-GAAP Gross Profit

$ 127,821

$ 117,950

$ 374,100

$ 337,029

GAAP Research and development

$ 28,901

$ 27,782

$ 83,550

$ 83,001

Less: Stock-based compensation

(5,448)

(5,671)

(15,911)

(15,734)

Less: Amortization of intangible assets

(16)

(25)

(66)

(75)

Non-GAAP Research and development

$ 23,437

$ 22,086

$ 67,573

$ 67,192

GAAP Sales and marketing

$ 32,686

$ 27,881

$ 94,240

$ 79,750

Less: Stock-based compensation

(3,649)

(3,229)

(11,020)

(8,580)

Non-GAAP Sales and marketing

$ 29,037

$ 24,652

$ 83,220

$ 71,170

GAAP General and administrative

$ 18,494

$ 15,999

$ 50,362

$ 45,182

Less: Stock-based compensation

(9,159)

(7,676)

(23,556)

(20,991)

Non-GAAP General and administrative

$ 9,335

$ 8,323

$ 26,806

$ 24,191

GAAP Operating expenses

$ 80,081

$ 71,662

$ 228,152

$ 207,933

Less: Stock-based compensation

(18,256)

(16,576)

(50,487)

(45,305)

Less: Amortization of intangible assets

(16)

(25)

(66)

(75)

Non-GAAP Operating expenses

$ 61,809

$ 55,061

$ 177,599

$ 162,553

GAAP Income from operations

$ 44,954

$ 43,595

$ 137,783

$ 121,600

Plus: Stock-based compensation

20,337

18,522

56,454

50,560

Plus: Amortization of intangible assets

721

772

2,264

2,316

Non-GAAP Income from operations

$ 66,012

$ 62,889

$ 196,501

$ 174,476

GAAP Net income

$ 46,212

$ 46,515

$ 129,715

$ 111,002

Plus: Stock-based compensation

20,337

18,522

56,454

50,560

Plus: Amortization of intangible assets

721

772

2,264

2,316

Less: Tax adjustment

(9,299)

(9,129)

(18,812)

(18,569)

Non-GAAP Net income

$ 57,971

$ 56,680

$ 169,621

$ 145,309

GAAP Net income per share:

Basic

$ 1.26

$ 1.27

$ 3.52

$ 3.01

Diluted

$ 1.24

$ 3.46

$ 2.96

Non-GAAP Net income per share:

Basic

$ 1.58

$ 1.54

$ 4.60

$ 3.94

Diluted

$ 1.56

$ 1.51

$ 4.53

$ 3.87

Weighted average shares used in GAAP and non-GAAP net income per share:

Basic

36,762

36,766

36,877

36,891

Diluted

37,136

37,448

37,441

37,516

Qualys, Inc.

RECONCILIATION OF NON-GAAP DISCLOSURES

FREE CASH FLOWS

(unaudited)

(in thousands)

Nine Months Ended
September 30,

2024

2023

GAAP Cash flows provided by operating activities

$ 196,372

$ 210,766

Less:

Purchases of property and equipment, net of proceeds from disposal

(6,497)

(7,263)

Non-GAAP Free cash flows

$ 189,875

$ 203,503

Qualys, Inc.

RECONCILIATION OF NON-GAAP DISCLOSURES

CALCULATED CURRENT BILLINGS

(unaudited)

(in thousands, except percentages)

Three Months Ended
September 30,

2024

2023

GAAP Revenue

$ 153,867

$ 141,996

GAAP Revenue growth compared to same quarter of prior year

8 %

13 %

Plus: Current deferred revenue at September 30

337,821

307,179

Less: Current deferred revenue at June 30

(324,334)

(302,446)

Non-GAAP Calculated current billings

$ 167,354

$ 146,729

Calculated current billings growth compared to same quarter of prior year

14 %

View original content:https://www.prnewswire.com/news-releases/qualys-announces-third-quarter-2024-financial-results-302296710.html

SOURCE Qualys, Inc.

Technology

ADX welcomes Morgan Stanley as the first international investment bank Remote Trading Member, expanding global access to Abu Dhabi’s capital markets

Published

11 hours ago

May 5, 2026

ABU DHABI, UAE, May 5, 2026 /PRNewswire/ — The Abu Dhabi Securities Exchange (ADX) Group today announced that Morgan Stanley, a leading investment bank and financial services company, has joined the ADX as its first international investment bank Remote Trading Member — enabling Morgan Stanley’s clients to access the ADX directly.

This milestone strengthens ADX’s global connectivity and supports growing international institutional demand for exposure to UAE markets. It also reinforces its position as one of the world’s fastest-growing exchanges by market capitalization, while highlighting the market’s continued progress in depth, liquidity, and inclusion in major global indices.

Remote membership enables Morgan Stanley to provide its clients with direct market access to the ADX, with trading conducted via the firm’s global trading platform. The ADX continues to play a pivotal role in advancing Abu Dhabi’s long-term economic ambitions, as a mechanism for a diversified, innovation-led, knowledge-based economy.

Morgan Stanley’s direct trading access to ADX reflects the strength of Abu Dhabi’s investment proposition and the continued institutionalization of UAE capital markets. Morgan Stanley’s membership will enhance execution quality, optimize order routing, and provide greater control across the end-to-end trade lifecycle, delivering an advanced trading experience for global investors.

The structure follows a proven international access model used by Morgan Stanley and is designed to meet growing client demand for efficient, transparent, and seamless access to ADX-listed opportunities.

Abdulla Salem Alnuaimi, Group Chief Executive Officer of Abu Dhabi Securities Exchange (ADX) Group, said: “This marks a significant step in advancing our ambition to be a leading financial marketplace that drives opportunity and sustainable economic growth. This momentum is reflected in the strong foreign investor participation, with trading value exceeding 85 billion dirhams in the first quarter of 2026 up by 22% year on year. This performance underscores the growing depth and global relevance of our market, while reinforcing our commitment to expanding international access, strengthening cross-border connectivity, and building a world-class market infrastructure that attracts global capital, supports a diverse range of issuers and contributes to Abu Dhabi’s long-term economic prosperity.”

Patrick Delivanis, Regional Co-Head of MENA at Morgan Stanley, said: “Becoming a Remote Trading Member of ADX reflects our focus on providing clients with efficient, seamless access to Abu Dhabi’s capital markets through our market–leading trading platform. We see continued momentum in the institutionalization and international participation of UAE markets, and we’re pleased to support that evolution by enabling international investors to access opportunities in MENA with direct connectivity to local markets, alongside greater transparency and control across the trading lifecycle.”

Morgan Stanley’s participation aligns with ADX’s strategy to strengthen international connectivity, with remote memberships selectively offered to global firms to attract high-quality cross-border liquidity. The announcement builds on the ADX’s expansion momentum: in 2025, foreign investment rose by nearly 14% and institutional trading increased by 10% year on year. Subject to final operational readiness, Morgan Stanley expects to begin trading as a remote member in the coming weeks.

About Abu Dhabi Securities Exchange (ADX)

The Abu Dhabi Securities Exchange (ADX) was established on 15 November 2000 pursuant to Local Law No. (3) of 2000, which granted the exchange legal rights with independent financial and administrative status, as well as the necessary supervisory and executive powers necessary to carry out its functions. On 17 March 2020, the ADX was converted from a public entity into a Public Joint Stock Company (PJSC) in accordance with Law No. (8) of 2020.

The ADX Group, a market infrastructure group comprising the exchange (ADX) and its post-trade ecosystem, including its wholly owned subsidiaries AD Depository and AD Clear, was established. Through its integrated and globally aligned business structure, the ADX Group supports efficient, transparent, and resilient capital markets across trading, clearing, settlement, and custody.

The Group provides an efficient and regulated marketplace for the trading of securities, including equities issued by public joint-stock companies, bonds issued by governments and corporations, exchange-traded funds (ETFs), and other financial instruments approved by the UAE Capital Market Authority.

The ADX is the second-largest exchange in the Arab region by market capitalization. Its strategy of delivering stable financial performance through diversified revenue streams is aligned with the UAE’s national development agenda, “Towards the Next 50”, which aims to build a sustainable, diversified, and high-value-added economy.

For more information, please contact:
Abdulrahman Saleh ALKhateeb
Manager of Corporate Communication
Abu Dhabi Securities Exchange (ADX)
Mobile: +971 (50) 668 9733
Email: ALKhateebA@adx.ae

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SOURCE Abu Dhabi Securities Exchange (ADX)

Technology

Geotab integrates Polestar vehicles into its OEM telematics network

Published

11 hours ago

May 5, 2026

Fleet operators across North America, Europe, and APAC can now access Polestar vehicle data directly in MyGeotab — no aftermarket hardware required.

LONDON, UK, May 5, 2026 /PRNewswire/ — Geotab, a global leader in connected vehicle and asset management solutions, today announced the integration of Polestar vehicles into its OEM telematics network, giving commercial fleet operators seamless access to Polestar data within MyGeotab from day one — with no aftermarket hardware installation required. The integration is available globally across North America, Europe, and Asia Pacific, supporting all Polestar models.

Developed in collaboration with Geotab, among other telematics service providers, Polestar Fleet Telematics integrates directly into MyGeotab. The Geotab integration enables fleet managers to manage Polestar vehicles alongside all other makes and models on a single unified platform — without fitting additional devices.

Connected vehicle data where it matters most

Through Polestar Fleet Telematics, fleet operators gain near-real-time access to a comprehensive dataset — covering EV battery and charging status, location, tyre information, vehicle security, maintenance alerts, and climate data — flowing directly from Polestar’s connected vehicle architecture into MyGeotab, with no physical installation required.

This breadth of data enables fleet managers to move from reactive to proactive operations — scheduling maintenance before failures occur, optimising charge planning across depots, and maintaining duty-of-care oversight across the entire fleet.

Supporting Europe’s Mixed-Fleet Reality

OEM-embedded telematics removes the need for aftermarket device installation across mixed-manufacturer fleets, reducing logistical overhead and supporting compliance with works council and GDPR requirements — a critical consideration for European fleet operators.

“Polestar Fleet Telematics combines sustainability with intelligence, integrating seamlessly with Geotab to deliver these capabilities directly into the platforms fleet operators trust. Continuous data visibility enables more efficient and informed fleet operations, from day-to-day management to long-term planning. By leveraging Polestar vehicles’ embedded connectivity, fleet managers can make smarter, data-driven decisions — without adding hardware or complexity to their operations.” said Emma Knapp, Manager of Global Key Accounts at Polestar.

Polestar joins an OEM telematics network that already spans over 80% of leading global vehicle manufacturers by fleet market share, including BMW Group, Ford, Stellantis, Volkswagen Group, and Volvo Cars. For fleet operators already using MyGeotab, Polestar vehicles can be connected and deliver data without any additional hardware or installation.

“OEM-embedded telematics represents a change in how fleet data reaches the platform — and Polestar’s connected vehicle architecture makes this integration particularly well-suited for markets that are seriously considering transitioning to electric vehicles.” said Christoph Ludewig, Vice President OEM Global at Geotab. “Fleet operators managing mixed EV and internal combustion engine fleets no longer need separate tools or hardware for each vehicle type. Polestar data flows directly into MyGeotab alongside every other vehicle in the fleet — giving operators the consolidated visibility they need to drive efficiency, support duty of care, and manage their EV transition with confidence.”

Global Availability

The integration is available now across North America, Europe, and Asia Pacific, supporting all Polestar models. Fleet managers can activate the service via the Geotab Marketplace or by contacting their Geotab representative.

About Polestar

Polestar (Nasdaq: PSNY) is the Swedish electric performance car brand with a focus on uncompromised design and innovation, and the ambition to accelerate the change towards a sustainable future. Headquartered in Gothenburg, Sweden, its cars are available in 28 markets globally across North America, Europe and Asia Pacific.

Polestar has four models in its line-up: Polestar 2, Polestar 3, Polestar 4, and Polestar 5. Planned models include the Polestar 7 compact SUV (to be introduced in 2028) and the Polestar 6 roadster. With its vehicles currently manufactured on two continents, North America and Asia, Polestar plans to diversify its manufacturing footprint further, with production of Polestar 7 planned in Europe.

Polestar has an unwavering commitment to sustainability and has set an ambitious roadmap to reach its climate targets: halve greenhouse gas emissions by 2030 per-vehicle-sold and become climate-neutral across its value chain by 2040. Polestar’s comprehensive sustainability strategy covers the four areas of Climate, Transparency, Circularity, and Inclusion.

About Geotab

Geotab is a global leader in connected vehicle and asset management solutions, with headquarters in Oakville, Ontario and Atlanta, Georgia. Our mission is to make the world safer, more efficient, and sustainable. We leverage advanced data analytics and AI to transform fleet performance and operations, reducing cost and driving efficiency. Backed by top data scientists and engineers, we serve approximately 100,000 global customers, processing 100 billion data points daily from more than 5 million vehicle subscriptions. Geotab is trusted by Fortune 500 organisations, mid-sized fleets, and the largest public sector fleets in the world, including the US Federal government. Committed to data security and privacy, we hold FIPS 140-3 and FedRAMP authorisations. Our open platform, ecosystem of outstanding partners, and Geotab Marketplace deliver hundreds of fleet-ready third-party solutions. This year, we’re celebrating 25 years of innovation. Learn more at www.geotab.com/uk and follow us on LinkedIn or visit our blog.

GEOTAB and GEOTAB MARKETPLACE are registered trademarks of Geotab Inc. in Canada, the United States and/or other countries.

Media Contact: Geotab Contact, Romina Dashghachian, Strategic Communications Lead, EMEA, pr@geotab.com

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Technology

IDX Opens Geneva Office and Strengthens Global Data & Insights Capability

Published

11 hours ago

May 5, 2026

New Swiss presence and specialist team integration support growing global demand for evidence-based, defensible communications strategies

LONDON, May 5, 2026 /PRNewswire/ — IDX today announced the opening of its new Geneva office and the integration of a specialist Data & Insights team, strengthening the company’s international footprint and expanding its ability to help clients worldwide build communications strategies grounded in evidence, market intelligence and audience insight.

The expansion gives IDX an on-the-ground presence in Switzerland while adding further depth to its Data & Insights capability. The Geneva-based team will work closely with IDX specialists across performance marketing and corporate communications, helping clients develop a clearer view of the markets they operate in and the forces shaping their growth.

The move aligns with Destination 250 – Customers First, IDX’s global strategy to grow its team by 250, focused on deepening client value, strengthening delivery and investing in the capabilities that matter most to clients.

The investment strengthens the Data pillar of IDX’s Connected Content™ model, which combines Creative, Data, Technology and Media to create what IDX calls The Multiplier Effect, helping clients multiply what matters through more connected, measurable and effective work.

“IDX is experiencing phenomenal growth, and our new Geneva office gives us boots on the ground to better serve clients across Europe and globally across performance marketing, investor relations and corporate communications,” said Crispin Beale, Worldwide CEO, IDX. “Data has been at the heart of this business for decades, and this centre of excellence reflects our continued investment in that capability. It’s an incredibly exciting time for IDX, and I look forward to the next phase of our growth as we continue to expand globally.”

“This is an exciting step in IDX’s growth story and a clear response to what clients are asking for: more evidence-based thinking, stronger market context and clearer rationale behind their communications strategies,” said Chris Corrigan, Chief Customer Growth Officer, IDX. “Our new presence in Geneva, combined with deeper Data & Insights expertise, strengthens the way we support clients globally, giving them earlier access to the insight and market context they need to make better-informed decisions and turn evidence into action.”

The Geneva office will strengthen relationships with existing clients in the region, support re-engagement with former partners and create new opportunities for IDX with organisations operating across European and global markets. It reflects IDX’s continued investment in the capabilities that matter most to clients as communications, marketing and corporate reputation work become increasingly data-led and commercially accountable.

“IDX’s integrated offer across insights, performance marketing and corporate communications, powered by the combination of human intelligence, advanced technology and AI, represents exactly where the industry is heading,” said Lonneke de Roo, Head of Data & Insights, IDX. “I am delighted to join the business and help clients navigate increasingly complex markets with clearer evidence, sharper insight and more connected strategies.”

ABOUT IDX

IDX is a global strategic communications and marketing agency, headquartered in London with offices around the world, including New York, London, Phoenix, Helsinki, Gothenburg, Geneva, and Vadodara. Working with more than 1,600 clients across sectors, IDX combines deep industry knowledge with a data-first mindset to help ambitious brands thrive in complex, fast-moving markets. The firm specialises in performance marketing, investor relations, and stakeholder engagement, delivering integrated campaigns that drive meaningful business outcomes. Visit www.idx.inc to learn more.

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