Qualys Sees Q2 EPS $1.27-$1.35 Vs $1.29 Est.; Revenue $147.5M-$149.5M Vs $150.21M Est.; FY24 EPS $4.95-$5.27 Vs $5.18 Est. Revenue $601.5M-$608.5M Vs $607.47M Est.

Financial Performance Outlook

Based on information as of today, May 7, 2024, Qualys is issuing the following financial guidance for the second 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.

Second Quarter 2024 Guidance: Management expects revenues for the second quarter of 2024 to be in the range of $147.5 million to $149.5 million, representing 8% to 9% growth over the same quarter in 2023. GAAP net income per diluted share is expected to be in the range of $0.82 to $0.90, which assumes an effective income tax rate of 22%. Non-GAAP net income per diluted share is expected to be in the range of $1.27 to $1.35, which assumes a non-GAAP effective income tax rate of 21%. Second quarter 2024 net income per diluted share estimates are based on approximately 37.7 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 $601.5 million to $608.5 million, representing 8% to 10% growth over 2023. This compares to the previous guidance range of $600.0 million to $610.0 million. GAAP net income per diluted share is expected to be in the range of $3.26 to $3.50, up from the previous guidance range of $3.11 to $3.43. This assumes an effective income tax rate of 22%. Non-GAAP net income per diluted share is expected to be in the range of $5.06 to $5.30, up from the previous guidance range of $4.95 to $5.27. This assumes a non-GAAP effective income tax rate of 21%. Full year 2024 net income per diluted share estimates are based on approximately 37.7 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 second quarter and full year 2024 is likely to have a significant impact on the Company's GAAP net income per diluted share in the second 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.