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Qualys Announces Fourth Quarter and Full Year 2024 Financial Results

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1 year ago

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Q4 Revenue Growth of 10% Year-Over-Year

Full Year 2024 Revenue Growth of 10% Year-Over-Year

Announces $200 Million Increase to Share Repurchase Program

FOSTER CITY, Calif., Feb. 6, 2025 /PRNewswire/ — Qualys, Inc. (NASDAQ: QLYS), a leading provider of disruptive cloud-based IT, security and compliance solutions, today announced financial results for the fourth quarter and full year ended December 31, 2024. For the quarter, the Company reported revenues of $159.2 million, net income under United States Generally Accepted Accounting Principles (“GAAP”) of $44.0 million, non-GAAP net income of $59.4 million, Adjusted EBITDA of $74.2 million, GAAP net income per diluted share of $1.19, and non-GAAP net income per diluted share of $1.60.

“Customers are starting to leverage the breadth and depth of the Qualys Enterprise TruRisk Platform as they look to rearchitect and transform their security stacks,” said Sumedh Thakar, Qualys’ president and CEO. “Our results this quarter demonstrate the rapid pace of innovation at Qualys and reflect the growing success of newer product initiatives, including Cybersecurity Asset Management, Patch Management, and TotalCloud. With our natively integrated platform and frictionless approach to quantifying, prioritizing, articulating, and remediating cyber risk, we believe we’ll continue to perform well against our competitors, extend our leadership, and provide a runway for long-term sustainable growth.”  

Fourth Quarter 2024 Financial Highlights

Revenues: Revenues for the fourth quarter of 2024 increased by 10% to $159.2 million compared to $144.6 million for the same quarter in 2023.

Gross Profit: GAAP gross profit for the fourth quarter of 2024 increased by 11% to $130.2 million compared to $117.4 million for the same quarter in 2023. GAAP gross margin was 82% for the fourth quarter of 2024 compared to 81% for the same quarter in 2023. Non-GAAP gross profit for the fourth quarter of 2024 increased by 11% to $133.0 million compared to $120.2 million for the same quarter in 2023. Non-GAAP gross margin was 84% for the fourth quarter of 2024 compared to 83% for the same quarter in 2023.

Operating Income: GAAP operating income for the fourth quarter of 2024 increased by 19% to $49.4 million compared to $41.5 million for the same quarter in 2023. As a percentage of revenues, GAAP operating income was 31% for the fourth quarter of 2024 compared to 29% for the same quarter in 2023. Non-GAAP operating income for the fourth quarter of 2024 increased by 16% to $70.7 million compared to $60.8 million for the same quarter in 2023. As a percentage of revenues, non-GAAP operating income was 44% for the fourth quarter of 2024 compared to 42% for the same quarter in 2023.

Net Income: GAAP net income for the fourth quarter of 2024 increased by 8% to $44.0 million, or $1.19 per diluted share, compared to $40.6 million, or $1.08 per diluted share, for the same quarter in 2023. As a percentage of revenues, GAAP net income was 28% for both the fourth quarter of 2024 and the same quarter in 2023. Non-GAAP net income for the fourth quarter of 2024 was $59.4 million, or $1.60 per diluted share, compared to $52.8 million, or $1.40 per diluted share, for the same quarter in 2023. As a percentage of revenues, non-GAAP net income was 37% for both the fourth quarter of 2024 and the same quarter in 2023.

Adjusted EBITDA: Adjusted EBITDA (a non-GAAP financial measure) for the fourth quarter of 2024 increased by 13% to $74.2 million compared to $65.8 million for the same quarter in 2023. As a percentage of revenues, Adjusted EBITDA was 47% for the fourth quarter of 2024 compared to 46% for the same quarter in 2023.

Operating Cash Flow: Operating cash flow for the fourth quarter of 2024 increased by 41% to $47.7 million compared to $33.8 million for the same quarter in 2023. As a percentage of revenues, operating cash flow was 30% for the fourth quarter of 2024 compared to 23% for the same quarter in 2023.

Fourth Quarter 2024 Business Highlights

Launched the Risk Operations Center (ROC) with Enterprise TruRisk Management (ETM) to enable CISOs and business leaders to manage cybersecurity risks in real time, transforming fragmented, siloed data into actionable insights that align cyber risk operations with business priorities.Qualys’ Endpoint Detection and Response (EDR) solution achieved impressive MITRE ATT&CK results with 100% major step detection and the lowest number of false positives produced by any other participating solution.

Full Year 2024 Financial Highlights

Revenues: Revenues for 2024 increased by 10% to $607.6 million compared to $554.5 million for 2023.

Gross Profit: GAAP gross profit for 2024 increased by 11% to $496.1 million compared to $447.0 million for 2023. GAAP gross margin was 82% for 2024 compared to 81% in 2023. Non-GAAP gross profit increased by 11% to $507.1 million for 2024 compared to $457.3 million for 2023. Non-GAAP gross margin was 83% in 2024 compared to 82% in 2023.

Operating Income: GAAP operating income for 2024 was $187.2 million compared to $163.1 million for 2023. As a percentage of revenues, GAAP operating income was 31% for 2024 compared to 29% for 2023. Non-GAAP operating income for 2024 was $267.2 million compared to $235.2 million for 2023. As a percentage of revenues, non-GAAP operating income was 44% for 2024 compared to 42% for 2023.

Net Income: GAAP net income for 2024 increased by 15% to $173.7 million, or $4.65 per diluted share, compared to $151.6 million, or $4.03 per diluted share for 2023. As a percentage of revenues, GAAP net income was 29% for 2024 compared to 27% for 2023. Non-GAAP net income for 2024 was $229.0 million, or $6.13 per diluted share, compared to non-GAAP net income of $198.1 million, or $5.27 per diluted share for 2023. As a percentage of revenues, non-GAAP net income was 38% for 2024 compared to 36% for 2023.

Adjusted EBITDA: Adjusted EBITDA (a non-GAAP financial measure) for 2024 increased by 9% to $282.8 million compared to $259.1 million for 2023. As a percentage of revenues, Adjusted EBITDA was 47% for 2024 compared to 47% for 2023.

Operating Cash Flow: Operating cash flow for 2024 was $244.1 million compared to $244.6 million for 2023. As a percentage of revenues, operating cash flow was 40% for 2024 compared to 44% for 2023.

Full Year 2024 Business Highlights

Market Recognition

Gartner recognized Qualys’ TotalCloud among solutions named in its July 2024, Marketguide for Cloud Native Application Protection Platforms.Industry analyst firm KuppingerCole recognized Qualys’ TotalCloud as an Overall and Market Leader in their 2024 Leadership Compass for Cloud Security Posture Management.Qualys’ Cybersecurity Asset Management ranked as a strong performer among top vendors in the Forrester Wave for Attack Surface Management.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.”Qualys’ VMDR and TotalCloud were named finalists for the SC Awards Europe in categories of Best Vulnerability Management and Best Cloud Security solutions, highlighting their excellence and contributions to shaping the future of technology and cybersecurity in the UK and Europe.Italian Security Awards names Qualys Best Enterprise Risk Management and Regulatory Compliance Solution.

Products & Features

Launched the Risk Operations Center (ROC) with Enterprise TruRisk Management (ETM) to enable CISOs and business leaders to manage cybersecurity risks in real time, transforming fragmented, siloed data into actionable insights that align cyber risk operations with business priorities.Announced Qualys’ TruRisk Eliminate, a remediation solution extending beyond patching by providing patchless patching, targeted isolation, and other mitigation strategies to help organizations reduce risk.Unveiled TotalCloud 2.0 with TruRisk Insights, bringing together cloud infrastructure, SaaS apps, and externally exposed assets for a unified view of risk across multi-cloud environments.Introduced Qualys’ Containerized Scanner Appliance (QCSA) providing agility, flexibility, scalability, isolation, and standardization of Docker containers, an invaluable tool for modern IT environments.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.Delivered CyberSecurity Asset Management 3.0 with significant External Attack Surface Management (EASM) enhancements for an accurate, real-time view of asset inventory that reduces false positives.Qualys’ enhanced CyberSecurity Asset Management solution detects unmanaged and untrusted devices in real time through passive discovery functionality within the Qualys Cloud Agent. This enhancement reinforces the solutions leadership in internal and external attack surface management.Introduced updates to Qualys’ 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.Expanded File Integrity Monitoring (FIM) to support network devices, providing customers with comprehensive tracking of file and folder changes, as well as critical file access. This includes real-time File Access Monitoring and Agentless FIM to help organizations achieve Payment Card Industry – Data Security Standard (PCI DSS) 4.0 compliance.

Business Developments

Celebrated Qualys’ 25-year anniversary along with showcasing the Company’s cutting-edge innovation and industry leadership to over 1,500 participants at Qualys Security Conferences held throughout the year in the U.S., U.K., and India.Reinforced Qualys’ commitment to the Managed Security Service Provider (MSSP) channel by launching a new global MSSP portal to streamline partner operations with a single-user interface that helps accelerate client acquisition and growth.Expanded our focus on the government sector by accelerating support for federal zero-trust strategies through automated asset visibility and attack surface risk management aligning with the Federal Information Security Modernization Act (FISMA) guidelines. Additionally, Qualys hosted more than 200 attendees at its first Public Sector Cyber Risk Conference in Washington, D.C., with notable speakers from the public sector.Expanded Qualys’ partnership with Oracle to include VMDR and TotalCloud, which are both now integrated natively with Oracle Cloud Infrastructure (OCI), and available on the Oracle Cloud Marketplace.

Financial Performance Outlook

Based on information as of today, February 6, 2025, Qualys is issuing the following financial guidance for the first quarter and full year fiscal 2025. 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.

First Quarter 2025 Guidance: Management expects revenues for the first quarter of 2025 to be in the range of $155.5 million to $158.5 million, representing 7% to 9% growth over the same quarter in 2024. GAAP net income per diluted share is expected to be in the range of $0.95 to $1.05, which assumes an effective income tax rate of 22%. Non-GAAP net income per diluted share is expected to be in the range of $1.40 to $1.50, which assumes a non-GAAP effective income tax rate of 21%. First quarter 2025 net income per diluted share estimates are based on approximately 37.0 million weighted average diluted shares outstanding for the quarter.

Full Year 2025 Guidance: Management expects revenues for the full year of 2025 to be in the range of $645.0 million to $657.0 million, representing 6% to 8% growth over 2024. GAAP net income per diluted share is expected to be in the range of $3.62 to $4.02. This assumes an effective income tax rate of 22%. Non-GAAP net income per diluted share is expected to be in the range of $5.50 to $5.90. This assumes a non-GAAP effective income tax rate of 21%. Full year 2025 net income per diluted share estimates are based on approximately 36.9 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 first quarter and full year 2025 is likely to have a significant impact on the Company’s GAAP net income per diluted share in the first quarter and full year 2025. 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 fourth quarter and full year 2024 financial results at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) on Thursday, February 6, 2025. 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; statements regarding our share repurchase; our guidance for revenues, GAAP EPS and non-GAAP EPS for the first quarter and full year 2025; and our expectations for the number of weighted average diluted shares outstanding and the GAAP and non-GAAP effective income tax rate for the first quarter and full year 2025. 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 2025 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
December 31,

Twelve Months Ended
December 31,

2024

2023

2024

2023

Revenues

$         159,191

$         144,570

$         607,571

$         554,458

Cost of revenues (1)

29,037

27,130

111,482

107,485

Gross profit

130,154

117,440

496,089

446,973

Operating expenses:

Research and development (1)

28,302

27,471

111,852

110,472

Sales and marketing (1)

34,063

31,941

128,303

111,691

General and administrative (1)

18,376

16,559

68,738

61,741

Total operating expenses

80,741

75,971

308,893

283,904

Income from operations

49,413

41,469

187,196

163,069

Other income (expense), net:

Interest income

6,194

5,563

25,784

16,905

Other income (expense), net

(1,777)

560

(3,158)

(1,323)

Total other income, net

4,417

6,123

22,626

15,582

Income before income taxes

53,830

47,592

209,822

178,651

Income tax provision

9,865

6,999

36,142

27,056

Net income

$           43,965

$           40,593

$         173,680

$         151,595

Net income per share:

Basic

$                1.20

$                1.10

$                4.72

$                4.11

Diluted

$                1.19

$                1.08

$                4.65

$                4.03

Weighted average shares used in computing net income per share:

Basic

36,568

36,845

36,799

36,879

Diluted

37,000

37,748

37,353

37,602

(1) Includes stock-based compensation as follows:

Cost of revenues

$              2,162

$              2,045

$              8,129

$              7,300

Research and development

5,277

5,357

21,188

21,091

Sales and marketing

3,670

3,654

14,690

12,234

General and administrative

9,570

7,463

33,126

28,454

Total stock-based compensation, net of amounts capitalized

$           20,679

$           18,519

$           77,133

$           69,079

 

Qualys, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(in thousands)

December 31,
2024

December 31,
2023

Assets

Current assets:

Cash and cash equivalents

$         232,182

$         203,665

Restricted cash

—

1,500

Short-term marketable securities

149,241

221,893

Accounts receivable, net

164,551

146,226

Prepaid expenses and other current assets

39,717

26,714

Total current assets

585,691

599,998

Long-term marketable securities

193,887

56,644

Property and equipment, net

30,349

32,599

Operating leases – right of use asset

40,968

22,391

Deferred tax assets, net

81,307

62,761

Intangible assets, net

6,812

9,715

Goodwill

7,447

7,447

Noncurrent restricted cash

1,200

1,200

Other noncurrent assets

25,876

19,863

Total assets

$         973,537

$         812,618

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$              1,270

$                 988

Accrued liabilities

45,942

43,096

Deferred revenues, current

371,457

333,267

Operating lease liabilities, current

9,721

11,857

Total current liabilities

428,390

389,208

Deferred revenues, noncurrent

24,265

31,671

Operating lease liabilities, noncurrent

37,500

16,885

Other noncurrent liabilities

6,266

6,680

Total liabilities

496,421

444,444

Stockholders’ equity:

Common stock

37

37

Additional paid-in capital

664,879

597,921

Accumulated other comprehensive income (loss)

1,417

(1,704)

Accumulated deficit

(189,217)

(228,080)

Total stockholders’ equity

477,116

368,174

Total liabilities and stockholders’ equity

$         973,537

$         812,618

 

Qualys, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

Twelve Months Ended
December 31,

2024

2023

Cash flow from operating activities:

Net income

$         173,680

$         151,595

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

Depreciation and amortization expense

18,513

26,991

Provision for credit losses

764

547

Loss on non-marketable securities

—

533

Stock-based compensation, net of amounts capitalized

77,133

69,079

Accretion of discount on marketable securities, net

(6,735)

(5,712)

Deferred income taxes

(19,465)

(16,636)

Changes in operating assets and liabilities:

Accounts receivable

(19,089)

(24,978)

Prepaid expenses and other assets

(14,655)

(3,407)

Accounts payable

219

(1,578)

Accrued liabilities and other noncurrent liabilities

2,945

451

Deferred revenues

30,784

47,720

Net cash provided by operating activities

244,094

244,605

Cash flow from investing activities:

Purchases of marketable securities

(368,277)

(306,812)

Sales and maturities of marketable securities

309,184

242,432

Purchases of property and equipment

(12,334)

(8,786)

Net cash used in investing activities

(71,427)

(73,166)

Cash flow from financing activities:

Repurchase of common stock

(139,875)

(170,800)

Proceeds from exercise of stock options

17,269

45,576

Payments for taxes related to net share settlement of equity awards

(28,416)

(22,346)

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

(145,650)

(141,493)

Net increase in cash, cash equivalents and restricted cash

27,017

29,946

Cash, cash equivalents and restricted cash at beginning of period

206,365

176,419

Cash, cash equivalents and restricted cash at end of period

$         233,382

$         206,365

 

Qualys, Inc.

RECONCILIATION OF NON-GAAP DISCLOSURES

ADJUSTED EBITDA

(unaudited)

(in thousands, except percentages)

Three Months Ended
December 31,

Twelve Months Ended
December 31,

2024

2023

2024

2023

Net income

$        43,965

$        40,593

$      173,680

$      151,595

Net income as a percentage of revenues

28 %

28 %

29 %

27 %

Depreciation and amortization of property and equipment

3,464

5,080

15,610

23,904

Amortization of intangible assets

639

771

2,903

3,087

Income tax provision

9,865

6,999

36,142

27,056

Stock-based compensation

20,679

18,519

77,133

69,079

Total other income, net

(4,417)

(6,123)

(22,626)

(15,582)

Adjusted EBITDA

$        74,195

$        65,839

$      282,842

$      259,139

Adjusted EBITDA as a percentage of revenues

47 %

46 %

47 %

47 %

 

Qualys, Inc.

RECONCILIATION OF NON-GAAP DISCLOSURES

(unaudited)

(in thousands, except per share data)

Three Months Ended
December 31,

Twelve Months Ended
December 31,

2024

2023

2024

2023

GAAP Cost of revenues

$           29,037

$           27,130

$         111,482

$         107,485

Less: Stock-based compensation

(2,162)

(2,045)

(8,129)

(7,300)

Less: Amortization of intangible assets

(639)

(746)

(2,837)

(2,987)

Non-GAAP Cost of revenues

$           26,236

$           24,339

$         100,516

$           97,198

GAAP Gross profit

$         130,154

$         117,440

$         496,089

$         446,973

Plus: Stock-based compensation

2,162

2,045

8,129

7,300

Plus: Amortization of intangible assets

639

746

2,837

2,987

Non-GAAP Gross Profit

$         132,955

$         120,231

$         507,055

$         457,260

GAAP Research and development

$           28,302

$           27,471

$         111,852

$         110,472

Less: Stock-based compensation

(5,277)

(5,357)

(21,188)

(21,091)

Less: Amortization of intangible assets

—

(25)

(66)

(100)

Non-GAAP Research and development

$           23,025

$           22,089

$           90,598

$           89,281

GAAP Sales and marketing

$           34,063

$           31,941

$         128,303

$         111,691

Less: Stock-based compensation

(3,670)

(3,654)

(14,690)

(12,234)

Non-GAAP Sales and marketing

$           30,393

$           28,287

$         113,613

$           99,457

GAAP General and administrative

$           18,376

$           16,559

$           68,738

$           61,741

Less: Stock-based compensation

(9,570)

(7,463)

(33,126)

(28,454)

Non-GAAP General and administrative

$              8,806

$              9,096

$           35,612

$           33,287

GAAP Operating expenses

$           80,741

$           75,971

$         308,893

$         283,904

Less: Stock-based compensation

(18,517)

(16,474)

(69,004)

(61,779)

Less: Amortization of intangible assets

—

(25)

(66)

(100)

Non-GAAP Operating expenses

$           62,224

$           59,472

$         239,823

$         222,025

GAAP Income from operations

$           49,413

$           41,469

$         187,196

$         163,069

Plus: Stock-based compensation

20,679

18,519

77,133

69,079

Plus: Amortization of intangible assets

639

771

2,903

3,087

Non-GAAP Income from operations

$           70,731

$           60,759

$         267,232

$         235,235

GAAP Net income

$           43,965

$           40,593

$         173,680

$         151,595

Plus: Stock-based compensation

20,679

18,519

77,133

69,079

Plus: Amortization of intangible assets

639

771

2,903

3,087

Less: Tax adjustment

(5,916)

(7,046)

(24,728)

(25,615)

Non-GAAP Net income

$           59,367

$           52,837

$         228,988

$         198,146

GAAP Net income per share:

Basic

$                1.20

$                1.10

$                4.72

$                4.11

Diluted

$                1.19

$                1.08

$                4.65

$                4.03

Non-GAAP Net income per share:

Basic

$                1.62

$                1.43

$                6.22

$                5.37

Diluted

$                1.60

$                1.40

$                6.13

$                5.27

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

Basic

36,568

36,845

36,799

36,879

Diluted

37,000

37,748

37,353

37,602

 

Qualys, Inc.

RECONCILIATION OF NON-GAAP DISCLOSURES

FREE CASH FLOWS

(unaudited)

(in thousands)

Twelve Months Ended
December 31,

2024

2023

GAAP Cash flows provided by operating activities

$         244,094

$         244,605

Less:

Purchases of property and equipment, net of proceeds from disposal

(12,334)

(8,786)

Non-GAAP Free cash flows

$         231,760

$         235,819

 

Qualys, Inc.

RECONCILIATION OF NON-GAAP DISCLOSURES

CALCULATED CURRENT BILLINGS

(unaudited)

(in thousands, except percentages)

Three Months Ended
December 31,

2024

2023

GAAP Revenue

$      159,191

$      144,570

GAAP Revenue growth compared to same quarter of prior year

10 %

10 %

Plus: Current deferred revenue at December 31

371,457

333,267

Less: Current deferred revenue at September 30

(337,821)

(307,179)

Non-GAAP Calculated current billings

$      192,827

$      170,658

Calculated current billings growth compared to same quarter of prior year

13 %

17 %

 

View original content:https://www.prnewswire.com/news-releases/qualys-announces-fourth-quarter-and-full-year-2024-financial-results-302370564.html

SOURCE Qualys, Inc.

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Technology

BinBase Launches 2026 BIN Database Featuring 6-11 Digit Waterfall Lookup for High-Precision Payment Routing

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52 minutes ago

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July 22, 2026

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BinBase introduces its upgraded 2026 BIN Database, offering 3.2M+ card ranges, 29 granular data attributes, and extended 8-11 digit accuracy to eliminate false-positives and optimize routing for global fintechs.

MIAMI, July 21, 2026 /PRNewswire-PRWeb/ — BinBase, a provider of payment intelligence and card issuing data, has announced the official release of its updated 2026 BIN Database. Engineered for payment gateways, acquiring banks, fraud prevention platforms, and e-commerce platforms, the updated dataset solves critical routing inaccuracies caused by the industry-wide shift from legacy 6-digit BINs to extended 8-to-11-digit card ranges.

Relying solely on 6-digit BINs in 2026 means misclassifying card products and losing money on interchange fees. Our 2026 release provides the surgical precision developers need for cost-effective payment routing.

Since ISO/IEC 7812 expanded the standard Bank Identification Number (BIN) length to 8 digits, traditional 6-digit lookup tables have struggled to correctly identify modern card profiles. This leads to false positives, misidentified interchange fees, and failed transactions. BinBase addresses this challenge by introducing a multi-tiered database structure supporting up to 11-digit precision, alongside a recommended “Waterfall Lookup Algorithm.”

To ensure 100% routing and verification accuracy, the Waterfall method executes a descending search sequence: checking 11-digit BIN ranges down through 10, 9, 8, 7, and 6 digits until an exact match is resolved.

Key technical specifications of the 2026 BinBase release include:

Over 3.2 Million Card Ranges: Full global coverage including Visa, Mastercard, Amex, Discover, UnionPay, JCB, and regional networks.Extended Precision: Over 88% of the dataset consists of high-precision ranges (8–11 digits) to accurately isolate sub-brands, currencies, and card tiers.29 Granular Attributes: Beyond core issuer data, the database features advanced parameters including Durbin Regulation status, US Debit/ATM network routing (STAR, NYCE), Fast Funds (Visa Direct / Mastercard MoneySend indicators), commercial Level 2/Level 3 data, and digital wallet token ranges (Apple Pay / Google Pay).

“Modern payment processing requires surgical precision,” said a spokesperson for Damiko Inc. “Relying solely on 6-digit BINs in 2026 means misclassifying card products and losing money on interchange fees. Our 2026 release provides the underlying intelligence developers need to build resilient, cost-effective payment infrastructure.”

Developers and payment teams can evaluate the full 29-field database schema, review integration examples, and download a free 2026 sample dataset on the official GitHub repository.

To learn more about full commercial licensing options, instant CSV downloads, and custom API delivery, visit BinBase.

About Damiko Inc

Damiko Inc is a US-based fintech data provider specializing in card issuer analytics, payment routing data, and global BIN database solutions. Operating through its flagship product, BinBase.com, the company supplies high-precision transaction intelligence to help merchants and payment facilitators worldwide optimize approval rates and mitigate fraud.

Media Contact

Fedor Lavrikoff, BinBase, 1 +17866133333, sales@binbase.com, htttps://www.binbase.com 

View original content:https://www.prweb.com/releases/binbase-launches-2026-bin-database-featuring-6-11-digit-waterfall-lookup-for-high-precision-payment-routing-302829291.html

SOURCE BinBase

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Redington Limited and AutomationEdge Announce Strategic Partnership to Accelerate Enterprise Automation and Agentic AI Adoption

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53 minutes ago

on

July 22, 2026

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MUMBAI, India, July 22, 2026 /PRNewswire/ — Redington, a leading technology aggregator and innovation catalyst, and AutomationEdge, a leading Agentic Process Automation platform for global enterprises, have announced a strategic partnership to accelerate the adoption of enterprise automation and Agentic AI. The collaboration brings together Redington’s extensive distribution ecosystem and partner network with AutomationEdge’s enterprise-grade Agentic Process Automation platform to enable faster, scalable, and outcome-driven digital transformation for organizations.

As a part of the partnership, AutomationEdge’s portfolio of AI Agents and automation solutions is now available through the Redington AI Exchange Marketplace, enabling partners and customers to easily discover, evaluate, and deploy enterprise-ready AI solutions. This availability significantly reduces the time required to adopt AI-driven automation and provides organizations with access to proven use cases that can deliver measurable business outcomes.

The partnership is focused on delivering solution-led automation offerings that simplify adoption for enterprises and channel partners. By combining Redington’s go-to-market reach with AutomationEdge’s 10x automation capabilities, the two organizations aim to help businesses move from fragmented automation initiatives to enterprise-wide orchestration—driving efficiency, agility, and operational excellence.

Through this collaboration, both companies will jointly promote pre-built automation and AI Agent solutions across key business functions, including banking operations, insurance processes, IT / HR operations, customer service, and finance functions. These solutions include ready-to-deploy workflows, AI Agents, demonstration environments, and implementation frameworks designed to accelerate deployment and reduce complexity.

The partnership will also include joint go-to-market initiatives such as partner enablement programs, co-branded workshops, solution showcases, and proof-of-concept (PoC) engagements. These initiatives are designed to equip Redington partners with the knowledge, tools, and support needed to successfully position, sell, and implement AI-powered automation solutions for enterprise and mid-market customers.

Sayantan Dev, Global Head, Software Solutions Group, Redington, said, “The next phase of AI adoption will be defined by execution. Through the Redington AI Exchange Marketplace, we are bringing together the technologies and ecosystem needed to help partners deliver real business outcomes at scale. AutomationEdge’s Agentic AI and automation capabilities strengthen our ability to enable customers to accelerate AI adoption with greater speed, governance, and confidence.”

Prasad Likhite, Chief Sales Officer of AutomationEdge, said, “We are delighted to strengthen our partnership with Redington and accelerate the adoption of next-generation enterprise automation and Agentic AI solutions across the market. The availability of AutomationEdge AI Agents through the Redington AI Exchange Marketplace marks an important milestone in democratizing AI-led transformation, enabling enterprises to rapidly scale intelligent automation initiatives with speed, agility, and measurable business impact. At the same time, it creates significant opportunities for partners to drive innovation, unlock new revenue streams, and deliver greater value to their customers.”

The collaboration also emphasizes localized support, implementation expertise, and customer success services, ensuring that organizations can seamlessly deploy, manage, and scale automation initiatives. By leveraging Redington’s strong partner ecosystem and AutomationEdge’s deep expertise in automation and Agentic AI, the partnership is well-positioned to address the evolving needs of modern enterprises.

As organizations increasingly prioritize productivity, operational efficiency, and AI-led transformation, this partnership marks a significant step toward making enterprise automation and Agentic AI more accessible, scalable, and impactful across industries.

 About Redington

Redington Limited (NSE: REDINGTON) (BSE: 532805), a leading technology solutions provider, empowers businesses in their digital transformation journeys. Guided by its brand narrative “Unlock Next”, Redington goes beyond distribution to remove barriers, accelerate digital adoption, and unlock access, growth, trust, efficiency, and impact—helping businesses, communities, and societies embrace what’s next in technology

About AutomationEdge

AutomationEdge is a leading Agentic Process Automation platform for global enterprises. Its platform enables organizations to automate complex business processes, deploy AI Agents at scale, improve operational efficiency, and accelerate digital transformation initiatives across industries.

Media Contact:
Rahul Wandile
rahul.wandile@automationedge.com

 

View original content to download multimedia:https://www.prnewswire.com/in/news-releases/redington-limited-and-automationedge-announce-strategic-partnership-to-accelerate-enterprise-automation-and-agentic-ai-adoption-302831361.html

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Technology

Applied Intuition Launches Dana, the Agentic Platform for Physical AI

Published

53 minutes ago

on

July 22, 2026

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New platform pairs agentic AI with the tooling, data, infrastructure and domain expertise Applied Intuition has built over nearly a decade to speed the safe development of intelligent machines for the physical world.

Dana is the first agentic platform for building, testing, deploying and operating physical AI systems across industries.Built on nearly a decade of Applied Intuition’s tooling, infrastructure, workflows and engineering expertise, Dana is purpose-built for safety-critical systems operating in the physical world.Dana helps companies build physical AI applications for any industry or use case, from autonomy and software-defined vehicles to fleet operations, robotics, construction, mining and intelligent in-vehicle experiences.Dana has already reduced critical phases of vehicle development from months to days in internal and select customer deployments.

SUNNYVALE, Calif., July 22, 2026 /PRNewswire/ — Applied Intuition, Inc., a leader in physical AI, today announced the launch of Dana, the first agentic platform for building, testing, deploying and operating physical AI systems across industries. Dana combines the power of agentic AI and rapid application development with nearly a decade of Applied Intuition’s tooling, infrastructure and engineering knowledge. The result is a unified system that accelerates the development of intelligent machines in the physical world.

“We believe physical AI will become one of the defining technologies of this century,” said Qasar Younis, co-founder and CEO of Applied Intuition. “Our ambition is to help bring intelligence to a billion machines, and Dana is the platform we built to make that possible.”

Unlike general-purpose AI tools designed primarily for digital workflows, Dana is built for the complexities of machines operating in the physical world. Dana comes with all the platform capabilities needed to build and deploy safety-critical physical AI applications, including data, visualization and tooling, as well as the evaluation, traceability and governance these systems require. The platform was designed to work across industries and with a wide range of use cases, from software-defined vehicle development and advanced driver assistance systems (ADAS) to mining and construction operations, truck fleet management, robotics and intelligent in-vehicle experiences. With Dana, customers can:

Deploy Applied Intuition’s reference applications — spanning autonomy, fleet operations, and more — or build their own.Use both natural language and command-line interfaces to complete complex development tasks more intuitively and accelerate iteration cycles across teams and systems.Integrate the platform with enterprise systems and collaboration tools, like Slack and Jira, helping organizations connect fragmented engineering and operational workflows while embedding agentic capabilities across the development process.

Applied Intuition has used Dana internally since last year, building and delivering solutions on the platform for long-standing customers across automotive, trucking, mining, and agriculture. Dana’s agent-driven workflows have reduced critical phases of vehicle development timelines from months to days in some cases. Applied Intuition has offered limited, early access to select customers, including heavy-equipment manufacturer Komatsu and Isuzu Motors, who is using the platform to accelerate L4 autonomy for its fleet of commercial trucks.

“We’ve been impressed by how Dana can streamline complex engineering workflows and accelerate development,” said Yasuhiro Yazawa, Director, Isuzu Motors Limited, Japan. “Dana gives our engineering teams greater confidence to develop, track and deploy safe autonomous-vehicle capabilities at a much faster pace.”

“Applied Intuition has been a valuable technology partner as we continue advancing the digital capabilities that support the next generation of mining equipment and solutions,” said Peter Salditt, CEO, Komatsu Mining. “Dana represents another step forward, bringing intelligent, agentic capabilities into our engineering workflows to help our teams innovate faster, improve efficiency and ultimately create greater value for our customers’ operations.”

Dana is designed to help companies keep up with the fundamental shift now underway across industries. As autonomous vehicles, robots and industrial systems become more capable, manufacturers need a more integrated way to build, validate and deploy them safely. Dana gives teams a faster path from idea to production, and the confidence to put increasingly intelligent machines into the real world.

The future of AI is physical. Dana was built for it.

To learn more about Dana and Applied Intuition’s physical AI platform, visit AppliedIntuition.com.

About Applied Intuition
Applied Intuition, Inc. is powering the future of physical AI. Founded in 2017 and now valued at $15 billion, the Silicon Valley company is creating the digital infrastructure needed to bring intelligence to every moving machine on the planet. Applied Intuition services the automotive, defense, trucking, construction, mining and agriculture industries in three core areas: tools and infrastructure, operating systems, and autonomy. Eighteen of the top 20 global automakers, as well as the United States military and its allies, trust the company’s solutions to deliver physical intelligence. Applied Intuition is headquartered in Sunnyvale, California, with nearly two dozen offices across the globe, including in London, Munich, Tokyo, Seoul, and the Washington, D.C. metro area. Learn more at applied.co or press@applied.co.

View original content:https://www.prnewswire.com/apac/news-releases/applied-intuition-launches-dana-the-agentic-platform-for-physical-ai-302831516.html

SOURCE Applied Intuition, Inc.

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