Qualys Inc (QLYS) Reports 13% YoY Revenue Growth in Q3 2023
Qualys Inc (NASDAQ:QLYS) reported a 13% YoY increase in revenue, reaching $142.0 million in Q3 2023.
GAAP net income rose by 68% to $46.5 million, while non-GAAP net income stood at $56.7 million.
GAAP EPS was $1.24, and non-GAAP EPS was $1.51.
Operating cash flow for Q3 2023 increased by 119% to $92.4 million.
On November 2, 2023, Qualys Inc (NASDAQ:QLYS), a leading provider of cloud-based IT, security, and compliance solutions, announced its financial results for the third quarter ended September 30, 2023. The company reported healthy revenue growth, strong profitability, and robust cash flow generation.
Financial Performance
Qualys Inc (NASDAQ:QLYS) reported revenues of $142.0 million for Q3 2023, marking a 13% increase compared to $125.6 million for the same quarter in 2022. GAAP gross profit for the quarter increased by 16% to $115.3 million, and non-GAAP gross profit increased by 15% to $118.0 million.
GAAP operating income for the quarter increased by 31% to $43.6 million, while non-GAAP operating income also increased by 31% to $62.9 million. GAAP net income for the quarter increased by 68% to $46.5 million, or $1.24 per diluted share, compared to $27.7 million, or $0.71 per diluted share, for the same quarter in 2022.
Business Highlights
During the third quarter, Qualys launched its inaugural Environmental, Social, and Governance (ESG) report, showcasing the company's commitment to responsible business practices and sustainable operations. The company also introduced its First-Party Software Risk Management, enabling application security teams to detect, prioritize, and remediate vulnerabilities within company-developed software and embedded open-source components.
Outlook
Based on the current information, Qualys is raising its 2023 GAAP EPS guidance to $3.71-$3.81 and its Non-GAAP EPS guidance to $5.04-$5.14. For the fourth quarter of 2023, the company expects revenues to be in the range of $144.1 million to $145.1 million, representing 10% to 11% growth over the same quarter in 2022.
Qualys Inc (NASDAQ:QLYS) continues to demonstrate strong financial performance, with significant increases in revenue, net income, and operating cash flow. The company's continuous innovation and robust financial health position it well for future growth in both its core and cloud expansion markets.
Explore the complete 8-K earnings release (here) from Qualys Inc for further details.
This article first appeared on GuruFocus.
