Qualys (QLYS) Tops Q4 EPS by 1c, Revenues Beat; Offers 1Q & FY21 EPS/Revenue Guidance Below Consensus

Qualys (NASDAQ: QLYS) reported Q4 EPS of $0.71, $0.01 better than the analyst estimate of $0.70. Revenue for the quarter came in at $94.8 million versus the consensus estimate of $94.62 million.

"We are pleased to finish 2020 with continued adoption of our Vulnerability Management, Detection and Response (VMDR®) application and Cloud Agent subscriptions with approximately 56 million agents purchased. This year we delivered an impressive suite of new applications to our Qualys Cloud Platform, including VMDR, Multi-Vector EDR, and Runtime Container Security, while producing record margins. Additionally, we are excited about our upcoming XDR offering as it presents a significant extension of our cloud platform that will help our customers further consolidate their IT, security and compliance stack," said Sumedh Thakar, interim CEO of Qualys. "In response to the recent SolarWinds and FireEye breaches, we are also offering a free 60-day integrated VMDR service to companies to quickly assess devices impacted by SolarWinds Orion vulnerabilities, SUNBURST Trojan detections, and FireEye Red Team tools. I am also pleased to announce our Board has authorized an additional $100 million open market share repurchase program, which allows us to continue to mitigate our share dilution and drive shareholder value."

GUIDANCE:

Qualys sees Q1 2021 EPS of $0.68-$0.70, versus the consensus of $0.69. Qualys sees Q1 2021 revenue of $94.8-95.4 million, versus the consensus of $96.95 million.

Qualys sees FY2021 EPS of $2.60-$2.65, versus the consensus of $2.99. Qualys sees FY2021 revenue of $399-402 million, versus the consensus of $408.17 million.

Based on information as of today, February 10, 2021, Qualys is issuing the following financial guidance for the first quarter and full year fiscal 2021. The Company emphasizes that the guidance is subject to various important cautionary factors referenced in the section entitled "Legal Notice Regarding Forward-Looking Statements" below, including risks and uncertainties associated with the COVID-19 pandemic.

• First Quarter 2021 Guidance: Management expects revenues for the first quarter of 2021 to be in the range of $94.8 million to $95.4 million, representing 10% to 11% growth over the same quarter in 2020. GAAP net income per diluted share is expected to be in the range of $0.37 to $0.39, which assumes an effective income tax rate of 26%. Non-GAAP net income per diluted share is expected to be in the range of $0.68 to $0.70, which assumes a non-GAAP effective income tax rate of 21%. First quarter 2021 net income per diluted share estimates are based on approximately 40.6 million weighted average diluted shares outstanding for the quarter.
• Full Year 2021 Guidance: Management expects revenues for the full year 2021 to be in the range of $399.0 million to $402.0 million, representing 10% to 11% growth over 2020. GAAP net income per diluted share is expected to be in the range of $1.39 to $1.44, which assumes an effective income tax rate of 26%. Non-GAAP net income per diluted share is expected to be in the range of $2.60 to $2.65, which assumes a non-GAAP effective income tax rate of 21%. Full year 2021 net income per diluted share estimates are based on approximately 40.8 million weighted average diluted shares outstanding.

For earnings history and earnings-related data on Qualys (QLYS) click here.

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