On August 6, 2024, Qualys Inc (QLYS, Financial) released its 8-K filing for the second quarter of 2024, showcasing impressive financial results that exceeded analyst estimates. Qualys, a leading provider of cloud security and compliance solutions, reported revenues of $148.7 million and a GAAP net income per diluted share of $1.17, surpassing the estimated earnings per share of $0.91 and meeting the estimated revenue of $148.70 million.
Company Overview
Qualys Inc (QLYS, Financial) is a California-based cloud security and compliance solutions provider, helping businesses identify and manage their security risks and compliance requirements. Founded in 1999 and publicly traded since 2012, Qualys serves over 10,000 customers worldwide, primarily small- and medium-sized businesses.
Q2 2024 Financial Performance
For the second quarter of 2024, Qualys Inc (QLYS, Financial) reported an 8% year-over-year increase in revenues, reaching $148.7 million compared to $137.2 million in the same quarter of 2023. The company's GAAP net income rose by 24% to $43.8 million, or $1.17 per diluted share, compared to $35.4 million, or $0.95 per diluted share, in Q2 2023. Non-GAAP net income also saw a significant increase, reaching $56.9 million, or $1.52 per diluted share, up from $47.5 million, or $1.27 per diluted share, in the same period last year.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | Change |
|---|---|---|---|
| Revenue | $148.7 million | $137.2 million | +8% |
| GAAP Net Income | $43.8 million | $35.4 million | +24% |
| Non-GAAP Net Income | $56.9 million | $47.5 million | +20% |
| GAAP EPS | $1.17 | $0.95 | +23% |
| Non-GAAP EPS | $1.52 | $1.27 | +20% |
Operational Highlights
Qualys Inc (QLYS, Financial) achieved several operational milestones in Q2 2024, including the launch of a new global Managed Security Service Provider (MSSP) portal and the introduction of CyberSecurity Asset Management 3.0. The company also expanded its focus on the government sector and introduced the Qualys Containerized Scanner Appliance (QCSA).
"We delivered a strong quarter of rapid innovation on the Qualys Enterprise TruRisk Platform, reflecting our ongoing commitment to extend our technology leadership and customer success," said Sumedh Thakar, president and CEO of Qualys.
Financial Achievements and Industry Impact
Qualys Inc (QLYS, Financial) reported a GAAP gross profit of $122.3 million, an 11% increase from $110.5 million in Q2 2023, with a GAAP gross margin of 82%. The company's non-GAAP gross profit also increased by 11% to $124.9 million, with a non-GAAP gross margin of 84%. These achievements underscore Qualys' ability to maintain high profitability while continuing to innovate and expand its product offerings.
Income Statement and Balance Sheet Highlights
Qualys Inc (QLYS, Financial) reported a GAAP operating income of $48.1 million, a 12% increase from $42.8 million in Q2 2023. The company's operating cash flow for the quarter was $49.8 million, a slight decrease from $51.5 million in the same period last year. As of June 30, 2024, Qualys had total assets of $876.6 million and total liabilities of $448.8 million, resulting in a strong balance sheet position.
Conclusion
Qualys Inc (QLYS, Financial) has demonstrated robust financial performance in Q2 2024, exceeding analyst estimates and achieving significant year-over-year growth in revenue and net income. The company's continued innovation and strategic initiatives position it well for sustainable long-term growth in the cloud security and compliance industry.
Explore the complete 8-K earnings release (here) from Qualys Inc for further details.
