Qualys, Inc. reported strong financial performance for the third quarter and the first nine months of 2024, with revenues increasing significantly compared to the same periods in 2023. For the three months ended September 30, 2024, the company generated revenues of $153.9 million, an 8% increase from $142.0 million in the prior year. For the nine months ended September 30, 2024, revenues reached $448.4 million, up 9% from $409.9 million in 2023. The growth was primarily driven by existing customers renewing and expanding their subscriptions, with 93% of the quarterly revenue increase attributed to existing customers.
Gross profit for the third quarter of 2024 was $125.0 million, compared to $115.3 million in the same quarter of 2023. For the nine-month period, gross profit increased to $365.9 million from $329.5 million. Operating income for the third quarter was $45.0 million, slightly up from $43.6 million in the same quarter of 2023, while for the nine months, it rose to $137.8 million from $121.6 million.
Net income for the third quarter of 2024 was $46.2 million, a slight decrease from $46.5 million in the same period last year. However, net income for the nine months increased to $129.7 million from $111.0 million in 2023. The basic net income per share for the third quarter was $1.26, down from $1.27 in the prior year, while for the nine months, it rose to $3.52 from $3.01.
Qualys reported total assets of $908.3 million as of September 30, 2024, up from $812.6 million at the end of 2023. Cash and cash equivalents increased to $235.4 million from $203.7 million, and long-term marketable securities rose significantly to $186.7 million from $56.6 million. Total stockholders' equity also improved, reaching $449.6 million compared to $368.2 million at the end of 2023.
The company has been actively managing its expenses, with research and development costs increasing due to headcount growth, while sales and marketing expenses rose significantly due to higher personnel costs and increased travel expenses. General and administrative expenses also saw an increase, primarily driven by personnel costs.
Qualys continues to focus on strategic growth through its cloud-based IT security and compliance solutions, with plans for further investments in technology and personnel. The company has also been repurchasing shares, having bought back approximately 681,000 shares for $98.0 million during the nine months ended September 30, 2024. As of the same date, approximately $185.7 million remained available under its share repurchase program, which has a total authorization of $1.2 billion.
About QUALYS, INC.
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