Qualys(QLYS) - 2024 Q4 - Annual Results

Revenue Growth - Q4 2024 revenue increased by 10% year-over-year to $159.2 million, compared to$ 144.6 million in Q4 2023[3] - Full year 2024 revenue also grew by 10% to $607.6 million, up from$ 554.5 million in 2023[9] - For Q1 2025, management expects revenues to be between $155.5 million and$ 158.5 million, representing 7% to 9% growth year-over-year[20] - Full year 2025 revenue guidance is projected to be between $645.0 million and$ 657.0 million, indicating 6% to 8% growth over 2024[21] - Revenues for Q4 2024 reached $159.191 million, a 10% increase from$ 144.570 million in Q4 2023[38] - Non-GAAP calculated current billings for the three months ended December 31, 2024, were $192,827,000, a 13% increase from$ 170,658,000 in the same quarter of 2023[50] Profitability - GAAP net income for Q4 2024 rose by 8% to $44.0 million, or$ 1.19 per diluted share, compared to $40.6 million, or$ 1.08 per diluted share, in Q4 2023[6] - Non-GAAP net income for Q4 2024 was $59.4 million, or$ 1.60 per diluted share, compared to $52.8 million, or$ 1.40 per diluted share, in Q4 2023[6] - Net income for the full year 2024 was $173.680 million, compared to$ 151.595 million in 2023, representing a 15% year-over-year growth[38] - Non-GAAP net income per diluted share for Q4 2024 was $1.19, compared to$ 1.08 in Q4 2023, indicating a 10% increase[38] - The net income as a percentage of revenues for the twelve months ended December 31, 2024, was 29%, compared to 27% in 2023, indicating improved profitability[44] Cash Flow and Assets - Operating cash flow for Q4 2024 increased by 41% to $47.7 million, representing 30% of revenues, compared to 23% in Q4 2023[8] - Cash and cash equivalents rose to$ 232.182 million in 2024, up from $203.665 million in 2023, a 14% increase[40] - Total assets increased to$ 973.537 million in 2024 from $812.618 million in 2023, marking a 20% growth[40] - The net cash provided by operating activities for the twelve months ended December 31, 2024, was$ 244,094,000, nearly unchanged from $244,605,000 in 2023[42] - The company reported a net increase in cash, cash equivalents, and restricted cash of$ 27,017,000 for the twelve months ended December 31, 2024[42] Expenses and Compensation - Operating expenses for Q4 2024 totaled $80.741 million, compared to$ 75.971 million in Q4 2023, reflecting a 6% increase[38] - Stock-based compensation for the twelve months ended December 31, 2024, totaled $77,133,000, up from$ 69,079,000 in 2023, indicating an increase of approximately 11.5%[44] Industry Recognition and Product Development - The company received multiple industry recognitions, including being named a leader in various cybersecurity solution categories by Gartner and KuppingerCole[16] - Qualys launched several new products, including the Risk Operations Center and TruRisk Eliminate, enhancing its cybersecurity offerings[21] Future Projections - The company expects a non-GAAP effective income tax rate of 21% for 2025, which may be adjusted based on various factors[34] - Deferred revenues increased to $371.457 million in 2024 from$ 333.267 million in 2023, indicating strong future revenue potential[40] - Adjusted EBITDA for the twelve months ended December 31, 2024, was $282,842,000, compared to$ 259,139,000 in 2023, reflecting a year-over-year increase of about 9.2%[44] - Free cash flows for the twelve months ended December 31, 2024, were $231,760,000, slightly down from$ 235,819,000 in 2023[48] - The company announced a $200 million increase to its share repurchase program[1]