10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2014

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-34803

Qlik Technologies Inc.

(Exact name of registrant as specified in its charter)

Delaware	20-1643718
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
150 N. Radnor Chester Road, Suite E220 Radnor, Pennsylvania	19087
(Address of principal executive offices)	(Zip Code)

(888) 828-9768

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Date File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filed, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	x	Accelerated filer	¨
Non-accelerated filer	¨  (Do not check if a smaller reporting company)	Smaller reporting company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange

Act).     Yes  ¨    No  x

As of April 25, 2014, there were 89,639,858 shares of the registrant’s common stock issued and outstanding.

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Balance Sheets as of March 31, 2014 (unaudited) and December 31, 2013	1
	Unaudited Consolidated Statements of Operations for the Three Months Ended March 31, 2014 and 2013	2
	Unaudited Consolidated Statements of Comprehensive Loss for the Three Months Ended March 31, 2014 and 2013	3
	Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2014 and 2013	4
	Notes to Unaudited Consolidated Financial Statements	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	27
Item 4.	Controls and Procedures	28
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	29
Item 1A.	Risk Factors	29
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	44
Item 3.	Defaults Upon Senior Securities	44
Item 4.	Mine Safety Disclosures	44
Item 5.	Other Information	44
Item 6.	Exhibits	45
SIGNATURES		46

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

QLIK TECHNOLOGIES INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

	March 31, 2014			December 31, 2013
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	253,279		$	227,693
Accounts receivable, net of allowance for doubtful accounts of $985 and $1,442 respectively		123,941			162,009
Prepaid expenses and other current assets		19,060			16,296
Income tax receivable		649			—
Deferred income taxes		1,886			1,886
Total current assets		398,815			407,884
Property and equipment, net		24,169			21,500
Intangible assets, net		11,850			12,695
Goodwill		21,324			21,233
Deferred income taxes		2,151			2,107
Deposits and other noncurrent assets		3,239			2,503
Total assets	$	461,548		$	467,922
Liabilities and stockholders’ equity
Current liabilities:
Income taxes payable	$	—		$	2,634
Accounts payable		6,256			5,262
Deferred revenue		110,157			98,684
Accrued payroll and other related costs		39,541			46,780
Accrued expenses		28,956			29,495
Deferred income taxes		544			544
Total current liabilities		185,454			183,399
Long-term liabilities:
Deferred revenue		3,426			3,637
Deferred income taxes		894			894
Other long-term liabilities		7,970			7,822
Total liabilities		197,744			195,752
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value, 10,000,000 authorized, none issued and outstanding at March 31, 2014 and December 31, 2013		—			—
Common stock, $0.0001 par value, 300,000,000 shares authorized; 89,613,538 shares issued and outstanding at March 31, 2014 and 88,989,091 shares issued and outstanding at December 31, 2013		9			9
Additional paid-in-capital		282,961			265,711
Retained earnings (accumulated deficit)		(22,843	)		3,037
Accumulated other comprehensive income		3,677			3,413
Total stockholders’ equity		263,804			272,170
Total liabilities and stockholders’ equity	$	461,548		$	467,922

The accompanying notes are an integral part of these unaudited consolidated financial statements.

1

QLIK TECHNOLOGIES INC.

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

	Three Months Ended March 31,
	2014			2013
Revenue:
License revenue	$	53,883		$	52,652
Maintenance revenue		45,845			35,716
Professional services revenue		11,384			8,180
Total revenue		111,112			96,548
Cost of revenue:
License revenue		1,506			1,647
Maintenance revenue		3,057			2,872
Professional services revenue		13,476			9,837
Total cost of revenue		18,039			14,356
Gross profit		93,073			82,192
Operating expenses:
Sales and marketing		72,763			60,980
Research and development		17,046			15,480
General and administrative		26,761			22,493
Total operating expenses		116,570			98,953
Loss from operations		(23,497	)		(16,761	)
Other expense, net:
Interest income, net		35			32
Foreign exchange loss, net		(363	)		(1,483	)
Total other expense, net		(328	)		(1,451	)
Loss before (provision) benefit for income taxes		(23,825	)		(18,212	)
(Provision) benefit for income taxes		(2,055	)		5,006
Net loss	$	(25,880	)	$	(13,206	)
Net loss per common share:
Basic and diluted	$	(0.29	)	$	(0.15	)
Weighted average number of common shares outstanding:
Basic and diluted		89,204,334			86,516,905

The accompanying notes are an integral part of these unaudited consolidated financial statements.

2

QLIK TECHNOLOGIES INC.

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(in thousands)

	Three Months Ended March 31,
	2014			2013
Net loss	$	(25,880	)	$	(13,206	)
Other comprehensive income (loss):
Foreign currency translation		264			(817	)
Total comprehensive loss	$	(25,616	)	$	(14,023	)

The accompanying notes are an integral part of these unaudited consolidated financial statements.

3

QLIK TECHNOLOGIES INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

	Three Months Ended March 31,
	2014			2013
Cash flows from operating activities
Net loss	$	(25,880	)	$	(13,206	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		2,569			1,719
Stock-based compensation expense		7,838			5,989
Excess tax benefit from stock-based compensation		(3,445	)		(4,181	)
Other non-cash items		630			1,667
Changes in assets and liabilities:
Accounts receivable		37,737			41,096
Prepaid expenses and other assts		(3,542	)		(1,973	)
Income taxes		(3,283	)		(15,684	)
Deferred revenue		11,072			4,787
Accrued expenses and other liabilities		(4,327	)		(5,507	)
Net cash provided by operating activities		19,369			14,707
Cash flows from investing activities
Capital expenditures		(3,407	)		(2,762	)
Net cash used in investing activities		(3,407	)		(2,762	)
Cash flows from financing activities
Proceeds from exercise of common stock options		5,968			4,002
Excess tax benefit from stock-based compensation		3,445			4,181
Borrowings on line of credit, net		—			182
Net cash provided by financing activities		9,413			8,365
Effect of exchange rates on cash and cash equivalents		211			(1,279	)
Net increase in cash and cash equivalents		25,586			19,031
Cash and cash equivalents, beginning of period		227,693			195,803
Cash and cash equivalents, end of period	$	253,279		$	214,834
Supplemental cash flow information:
Cash paid during the period for income taxes	$	2,185		$	5,530
Non-cash investing activities:
Tenant improvement allowances received under operating lease	$	1,048		$	—

The accompanying notes are an integral part of these unaudited consolidated financial statements.

4

QLIK TECHNOLOGIES INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(1) Description of Business

Qlik Technologies Inc. (“We”, “Qlik” or the “Company”) has pioneered a powerful, user-driven business intelligence (“BI”) solution that enables its customers to make better and faster business decisions, wherever they are. The Company’s Business Discovery platform helps people create and share insights and analysis in groups and across organizations. Business users can explore data, ask and answer their own stream of questions and follow their own path to insight on their own and in teams and groups. Through its wholly-owned subsidiaries, the Company sells software solutions that are powered by the Company’s in-memory engine which maintains associations in data and calculates aggregations rapidly, as needed. The Company’s Business Discovery platform is designed to give customers significant improvements in usability, flexibility and performance at lower costs compared to traditional BI solutions.

(2) Significant Accounting Policies

Significant Accounting Policies

The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2013 included in the Company’s Annual Report on Form 10-K (file number 001-34803), filed with the Securities and Exchange Commission (“SEC”) on February 28, 2014. Since the date of those financial statements, there have been no material changes to the Company’s significant accounting policies.

Basis of Presentation and Consolidation

The accompanying unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated. Prior year amounts have been reclassified where appropriate to conform to the current year classification for comparative purposes.

Interim Financial Statements

These interim consolidated financial statements are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) on the same basis as the audited consolidated financial statements for the year ended December 31, 2013 included in the Company’s Annual Report on Form 10-K, filed with the SEC on February 28, 2014 and, in the opinion of management, include all adjustments of a normal recurring nature considered necessary to present fairly the Company’s financial position at March 31, 2014, the results of operations and comprehensive loss for the three months ended March 31, 2014 and 2013 and cash flows for the three months ended March 31, 2014 and 2013. The results of operations for the three months ended March 31, 2014 and 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014 or any other future periods. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted under the SEC’s rules and regulations. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended December 31, 2013. The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to the Quarterly Report on Form 10-Q and, therefore, do not include all information and footnotes required by U.S. GAAP for complete financial statements.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

The Company evaluates its estimates, including those related to the accounts receivable allowance, useful lives of long-lived assets, the recoverability of goodwill and other intangible assets, assessing fair values of assets and liabilities acquired in and contingent consideration related to business acquisitions, and assumptions used for the purpose of determining stock-based compensation expense and income taxes, among others. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying value of assets and liabilities as well as reported revenue and expenses during the periods presented.

5

Foreign Currency Translation

The financial statements of the Company’s foreign operations are measured using the local currency as the functional currency. The local currency assets and liabilities are translated at the rate of exchange to the United States (“U.S.”) dollar on the balance sheet date and the local currency revenues and expenses are translated at average rates of exchange to the U.S. dollar during the reporting periods. Foreign currency transaction gains (losses) have been reflected as a component of other income (expense), net, within the Company’s consolidated statements of operations and foreign currency translation gains (losses) have been included as a component of the Company’s consolidated statements of comprehensive income (loss) and accumulated other comprehensive income (loss) within the Company’s consolidated balance sheets.

Business Combinations

The Company recognizes assets acquired, liabilities assumed and any contingent consideration related to business combinations at fair value on the date of acquisition. The purchase price allocation process requires management to make significant estimates and assumptions with respect to the fair value of any intangible assets acquired, deferred revenues assumed, or contingent consideration within the arrangement. Unanticipated events and circumstances may occur which may affect the accuracy or validity of such assumptions or estimates. All subsequent changes to a valuation allowance or uncertain tax position related to the acquired company that occur within the measurement period and are based on facts and circumstances that existed at the acquisition date are recognized as an adjustment to goodwill.

Acquisition-related transaction costs, including legal and accounting fees and other external costs directly related to the acquisition, are recognized separately from the acquisition and expensed as incurred in general and administrative expenses in the consolidated statements of operations.

Stock-Based Compensation

The Company recognizes the cost of stock-based compensation based on the fair value of those awards at the date of grant over the requisite service period on a straight line basis. The Company uses the Black-Scholes-Merton (“Black-Scholes”) option pricing model to determine the fair value of common stock option awards and Stock-settled Stock Appreciation Rights (“SSARs”). The fair value of a restricted stock unit is determined by using the fair value of the Company’s common stock on the date of grant. The fair value of Maximum Value Stock-settled Stock Appreciation Rights (“MVSSSARs”) is determined by utilizing a lattice model under the option pricing method. Stock-based compensation plans, related expenses and assumptions used in the Black-Scholes option pricing model and the lattice model under the option pricing method are more fully described in Note 8 to these consolidated financial statements. Stock-based compensation expense is recorded within cost of revenue, sales and marketing, research and development and general and administrative expenses in the consolidated statements of operations.

The following table sets forth the total stock-based compensation expense included in the unaudited consolidated statements of operations for the three months ended March 31, 2014 and 2013:

	Three Months Ended March 31,
	2014		2013
	(in thousands)
Cost of revenue	$	556	$	608
Sales and marketing		4,107		2,965
Research and development		811		740
General and administrative		2,364		1,676
	$	7,838	$	5,989

6

Net Loss Per Common Share

The following table sets forth the computation of basic and diluted net loss per common share for the periods indicated:

	Three Months Ended March 31,
	2014			2013
	(in thousands, except share and per share data)
Basic and diluted net loss per common share calculation:
Net loss	$	(25,880	)	$	(13,206	)
Weighted average common shares outstanding:
Basic and diluted		89,204,334			86,516,905
Net loss per common share:
Basic and diluted	$	(0.29	)	$	(0.15	)

Diluted net loss per common share for the three months ended March 31, 2014 and 2013 does not reflect the potential issuance of common shares underlying the following securities as the effect would be anti-dilutive:

	Three Months Ended March 31,
	2014		2013
Common stock options and SSARs		9,153,348		10,156,068
Restricted stock units		484,805		249,798
MVSSSARs		375,903		303,396
		10,014,056		10,709,262

Recent Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or consolidated results of operations upon adoption.

In July 2013, the FASB amended its guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or a tax credit carryforward exists. This guidance is effective for fiscal periods beginning after December 15, 2013. The adoption of this amendment did not have a material impact on the Company’s consolidated financial statements.

(3) Acquisitions

On October 3, 2013, the Company acquired the ongoing operations of its Italian master reseller (“QlikTech Italy”) that specializes in the distribution of QlikView software and provides maintenance and consulting services related to that software. The Company purchased QlikTech Italy for a total maximum purchase price of approximately 7.5 million euros (approximately $10.2 million based on an exchange rate of 1.355 on October 3, 2013). The total maximum purchase price included approximately $1.4 million of contingent consideration payable upon the achievement of certain revenue targets as set forth in the purchase agreement. At the purchase date, the Company estimated approximately $0.2 million of contingent consideration would be payable based upon the achievement of certain revenue targets, and therefore, this amount was included in the purchase price. The results of operations and financial position of QlikTech Italy are included in the Company’s consolidated financial statements from and after the date of acquisition. The inclusion of QlikTech Italy did not have a material impact on the Company’s consolidated financial results for the three months ended March 31, 2014. Had the acquisition occurred as of the beginning of the periods presented in these consolidated financial statements, the pro forma statements of operations would not be materially different than the consolidated statements of operations presented.

During the three months ended March 31, 2014, the Company completed the purchase price allocation for QlikTech Italy including the valuation of intangible assets acquired, deferred revenue assumed and deferred income taxes. The adjustments from the preliminary purchase price allocation were immaterial.

7

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at October 3, 2013 based on an exchange rate of 1.355 (in thousands):

Cash	$	—
Other assets		63
Property and equipment		421
Liabilities assumed		(1,485	)
Net liabilities assumed	$	(1,001	)
Deferred tax liability		(959	)
Intangible assets		2,033
Goodwill		8,907
Total purchase price	$	8,980

Of the total purchase price, approximately $2.0 million has been allocated to finite-lived intangible assets acquired, which consists of the value assigned to QlikTech Italy’s customer relationships. The value assigned to QlikTech Italy’s customer relationships was determined based on the acquired existing customer revenue base, an estimated growth rate on the existing revenue base, an estimated attrition rate and the estimated net cash flows to be generated by this existing customer base, which is discounted to reflect the level of risk associated with receiving future cash flows attributable to the customer relationships. The Company will amortize the customer relationships on a straight-line basis over an estimated useful life of nine years. The amortization of intangible assets is not expected to be deductible for income tax purposes.

Goodwill represents the excess of the purchase price over the net identifiable tangible and intangible assets acquired. The Company believes the goodwill related to the acquisition was a result of the expected synergies to be realized from combining operations and is not expected to be deductible for income tax purposes.

(4) Goodwill and Other Intangible Assets

The Company tests goodwill resulting from acquisitions for impairment annually on October 1, or whenever events or changes in circumstances indicate an impairment. There was no impairment in the three months ended March 31, 2014 and 2013. The change in goodwill in the consolidated balance sheet as of March 31, 2014 from December 31, 2013 was primarily due to the effect of foreign currency translation.

The following table provides information regarding the Company’s intangible assets subject to amortization:

	March 31, 2014							December 31, 2013
	Gross		Accumulated			Net		Gross		Accumulated			Net
	Amount		Amortization			Amount		Amount		Amortization			Amount
						(in thousands)
Acquired technology	$	13,400	$	(3,672	)	$	9,728	$	13,442	$	(3,020	)	$	10,422
Customer relationships and other identified intangible assets		2,777		(810	)		1,967		2,775		(690	)		2,085
Trade names		390		(235	)		155		391		(203	)		188
Total	$	16,567	$	(4,717	)	$	11,850	$	16,608	$	(3,913	)	$	12,695

The change in intangible assets in the consolidated balance sheet as of March 31, 2014 from December 31, 2013 was due to the amortization of intangible assets and the effect of foreign currency translation. Amortization of intangible assets was approximately $0.8 million and $0.3 million for the three months ended March 31, 2014 and 2013, respectively. The estimated aggregate amortization expense for each of the succeeding years is as follows: $2.3 million for the remainder of 2014; $2.9 million in 2015; $2.9 million in 2016; $2.2 million in 2017; $0.7 million in 2018; and $0.9 million thereafter through 2022. The weighted average amortization period for all intangible assets is approximately 5.4 years.

8

(5) Fair Value Measurements

Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. The Company evaluates the fair value of certain assets and liabilities using the following fair value hierarchy which ranks the quality and reliability of inputs, or assumptions, used in the determination of fair value:

• Level 1 – quoted prices in active markets for identical assets and liabilities

• Level 2 – inputs other than Level 1 quoted prices that are directly or indirectly observable

• Level 3 – unobservable inputs that are not corroborated by market data

The Company evaluates assets and liabilities subject to fair value measurements on a recurring and non-recurring basis to determine the appropriate level to classify them for each reporting period. This determination requires significant judgments to be made by the Company. The following table sets forth the Company’s assets and liabilities that were measured at fair value as of March 31, 2014 and December 31, 2013, by level within the fair value hierarchy:

	Amounts at		Fair Value Measurement Using
	Fair Value		Level 1		Level 2		Level 3
	(in thousands)
As of March 31, 2014
Assets
Cash and cash equivalents	$	253,279	$	253,279	$	—	$	—
Liabilities
Accrued contingent consideration	$	2,256	$	—	$	—	$	2,256
As of December 31, 2013
Assets
Cash and cash equivalents	$	227,693	$	227,693	$	—	$	—
Liabilities
Accrued contingent consideration	$	2,263	$	—	$	—	$	2,263

A reconciliation of the beginning and ending balances of acquisition related accrued contingent consideration using significant unobservable inputs (Level 3) for the three months ended March 31, 2014 follows (in thousands):

Accrued contingent consideration as of December 31, 2013	$	2,263
Acquisition date fair value of contingent consideration		—
Change in fair value of contingent consideration		(7	)
Payment of contingent consideration		—
Accrued contingent consideration as of March 31, 2014	$	2,256

The accrued contingent consideration liability is related to maximum acquisition contingent consideration of approximately $3.5 million that is payable based on the achievement of certain product development milestones related to the NComVA AB acquisition in the second quarter of 2013 and based on the achievement of certain revenue targets related to the QlikTech Italy acquisition. The change in fair value of the contingent consideration is primarily due to foreign currency translation during the three months ended March 31, 2014.

Assets and liabilities that are measured at fair value on a non-recurring basis include intangible assets and goodwill. These items are recognized at fair value in the period in which an acquisition is completed, or when they are considered to be impaired. During the year ended December 31, 2013, the Company completed the acquisition of NComVA AB and QlikTech Italy (See Note 3), and recorded the fair value of the assets acquired and liabilities assumed on the date of acquisition. These non-recurring fair value measurements, primarily for intangible assets acquired, were based on Level 3 unobservable inputs. There were no other non-recurring fair value adjustments recorded during the three months ended March 31, 2014.

9

(6) (Provision) Benefit for Income Taxes

In accordance with FASB Accounting Standards Codification 740, Income Taxes, each interim period is considered integral to the annual period and tax expense is measured using an estimated annual effective tax rate. An entity is required to record income tax expense each quarter based on its best estimate of the annual effective tax rate for the full fiscal year and use that rate to provide for income taxes on a current year-to-date basis, as adjusted for discrete taxable events that occur during the interim period. If, however, the entity is unable to reliably estimate its annual effective tax rate, then the actual effective tax rate on a year-to-date basis may be the best annual effective tax rate estimate. For the three months ended March 31, 2014, the Company determined that it was no longer able to make a reliable estimate of the annual effective tax rate in the U.S., as relatively small changes in its projected income or loss produce a significant variance in its annual effective tax rate in this jurisdiction. Therefore, the Company recorded tax expense in the U.S., for the three months ended March 31, 2014 based on the actual effective rate for the three months ended March 31, 2014. The effective tax rate for all other jurisdictions for the three months ended March 31, 2014 and for all jurisdictions in the three months ended March 31, 2013, was calculated based on an estimated annual effective tax rate plus discrete items.

For the three months ended March 31, 2014, the Company recorded a provision for income taxes of approximately $2.1 million that resulted in an effective tax rate of (8.6%) compared to a benefit of approximately $5.0 million, or an effective tax rate of 27.5% in the three months ended March 31, 2013. As of March 31, 2014, a full valuation allowance has been recorded against its U.S. and Swedish deferred tax assets, based on an analysis of positive and negative evidence, including projected three-year cumulative losses through December 31, 2014. The effective tax rate for the three months ended March 31, 2014 reflects the effect of benefits from a foreign rate differential offset by the effects of permanent differences and the changes in the valuation allowance on deferred tax assets. The effective tax rate for the three months ended March 31, 2013 reflects the effects of benefits from a foreign rate differential and discrete items offset by the effects of permanent differences and changes in the valuation allowance on deferred tax assets. The primary differences between the effective tax rates for the three months ended March 31, 2014 and 2013 are the increases in the valuation allowances against deferred tax assets, the impact of the permanent differences, and discrete items.

The Company’s liability for unrecognized tax benefits (including penalties and interest) was approximately $2.8 million and $2.4 million as of March 31, 2014 and December 31, 2013, respectively. The Company does not expect that the total amount of unrecognized tax benefits will change significantly during the next twelve months. See Note 7 to the audited consolidated financial statements for the year ended December 31, 2013 included in the Company’s Annual Report on Form 10-K, filed with the SEC on February 28, 2014, for more detailed information regarding unrecognized tax benefits.

(7) Business and Geographic Segment Information

The Company currently operates in one operating business segment, namely, the development, commercialization and implementation of software products and related services. The Company is managed and operated as one business. A single management team that reports to the chief operating decision maker comprehensively manages the entire business. The Company does not operate any material separate lines of business or separate business entities with respect to its products or product development.

The following geographic data includes revenues generated by subsidiaries located within that geographic region. The Company’s revenues were generated in the following geographic regions for the periods indicated:

	Three Months Ended March 31,
	2014		2013
	(in thousands)
The Americas	$	36,852	$	33,372
Europe		62,773		53,676
Rest of world		11,487		9,500
	$	111,112	$	96,548

(8) Stock-Based Compensation

The Company’s 2010 Equity Incentive Plan (“2010 Plan”) took effect on the effective date of the registration statement, July 16, 2010, for the Company’s initial public offering (“IPO”). The Company initially reserved 3,300,000 shares of its common stock for issuance under the 2010 Plan. The number of shares reserved for issuance under the 2010 Plan will be increased automatically on January 1st of each year by a number equal to the smallest of (i) 3,300,000 shares; (ii) 3.75% of the shares of common stock outstanding at that time; or (iii) a number of shares determined by the Company’s Board of Directors. In February 2014, the Board of Directors of the Company authorized an automatic increase to the 2010 Plan equal to 3,300,000 shares. As of March 31, 2014, there were 6,018,405 shares of common stock available for issuance under the 2010 Plan.

10

Common Stock Options and SSARs

The following provides a summary of the common stock option activity for the Company for the three months ended March 31, 2014:

	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of January 1, 2014		9,796,816		$	20.44		7.79
Granted		202,198		$	27.77
Exercised		(605,007	)	$	9.86
Forfeited		(390,659	)	$	22.00
Outstanding as of March 31, 2014		9,003,348		$	21.25		7.63	$	57,308
Exercisable at March 31, 2014		4,009,508		$	16.35		6.37	$	43,191
Vested at March 31, 2014 and expected to vest in future periods		8,511,720		$	21.04		7.57	$	55,834

For the three months ended March 31, 2014, the Company granted 150,000 SSARs at an exercise price of $30.00 per SSAR, having an aggregate grant date fair value of $1.8 million. The grant date fair value per SSAR for the three months ended March 31, 2014 was $12.11. Stock-based compensation expense is amortized on a straight-line basis over the vesting period. For the three months ended March 31, 2013, the Company did not grant any SSARs.

The grant date weighted-average fair value per common stock option for the three months ended March 31, 2014 and 2013 was $11.40 and $10.67, respectively.

Proceeds from the exercise of common stock options were approximately $6.0 million and $4.0 million for the three months ended March 31, 2014 and 2013, respectively. The total intrinsic value of common stock options exercised during the three months ended March 31, 2014 and 2013 was approximately $11.6 million and $12.9 million, respectively. As a result of expected full year taxable income in certain tax jurisdictions, the Company recorded an excess tax benefit from stock-based compensation of approximately $3.4 million and $4.2 million for the three months ended March 31, 2014 and 2013, respectively.

The assumptions used in the Black-Scholes option pricing model are:

	Three Months Ended March 31,
	2014	2013
Expected dividend yield	0.0%	0.0%
Risk-free interest rate	1.5% - 1.8%	1.0% - 1.1%
Expected volatility	43.2% - 44.9%	47.6% - 47.7%
Expected life (in years)	5.16	6.25

The Company uses the Black-Scholes option-pricing model to value common stock option awards and SSARs. The Black-Scholes option-pricing model requires the input of subjective assumptions, including the expected term of the stock-based compensation awards and stock price volatility. The Company uses blended volatility to estimate expected volatility. Blended volatility includes a weighting of the Company’s historical volatility from the date of its IPO to the respective grant date and an average of the Company’s peer group historical volatility consistent with the expected term of the common stock option. The Company’s peer group volatility includes the historical volatility of certain companies that share similar characteristics in terms of revenue size and industry. The Company expects to continue to use a larger proportion of its own stock price volatility in future periods as it develops additional experience of its own common stock price fluctuations considered in relation to the expected term of the common stock option. For common stock options granted prior to the third quarter of 2013, the Company based the expected term on the simplified method. Beginning in the third quarter of 2013, the Company began using its historical activity related to common stock option exercises and post-vesting forfeitures in order to estimate the expected term of its common stock option awards, as the Company believes it now has a sufficient amount of experience to provide a reasonable basis for the calculation of the expected term. This change in estimate did not have a material impact on the results of operations for 2013 or for the three months ended March 31, 2014. The risk-free interest rate used to value common stock option awards is based on the U.S. Treasury yield curve with a remaining term equal to the expected term assumed at the

11

grant date. The assumptions used in calculating the fair value of stock-based compensation awards represent management’s best estimate and involve inherent uncertainties and the application of management judgment. As a result, if factors change and management uses different assumptions, stock-based compensation expense could be materially different in the future.

For the three months ended March 31, 2014 and 2013, the Company recorded stock-based compensation expenses of approximately $6.2 million and $5.0 million, respectively, related to common stock option grants and SSARs.

As of March 31, 2014, there was approximately $49.1 million of total unrecognized compensation cost, net of estimated forfeitures, related to non-vested employee and non-employee director common stock options and SSARs. The remaining cost is expected to be recognized over a weighted-average period of approximately 2.6 years.

Restricted Stock Units

The following provides a summary of the restricted stock unit activity for the Company for the three months ended March 31, 2014:

	Number of Shares Underlying Outstanding Restricted Stock Units			Weighted- Average Grant Date Fair Value
Outstanding as of January 1, 2014		372,452		$	27.12
Granted		138,654			28.91
Vested		(2,500	)		23.99
Forfeited		(23,801	)		20.74
Unvested as of March 31, 2014		484,805		$	27.96

The Company grants restricted stock unit awards to its employees and non-employee directors under the provisions of the 2010 Plan. The fair value of a restricted stock unit is determined by using the closing price of the Company’s common stock on the date of grant. A restricted stock unit award entitles the holder to receive shares of the Company’s common stock as the award vests, which is generally based on length of service. Stock-based compensation expense is amortized on a straight-line basis over the vesting period.

For the three months ended March 31, 2014 and 2013, the Company recorded stock-based compensation expenses of approximately $1.1 million and $0.6 million, respectively, related to restricted stock unit awards.

As of March 31, 2014, there was approximately $9.6 million of total unrecognized compensation cost, net of estimated forfeitures, related to unvested restricted stock units. The remaining cost is expected to be recognized over a weighted-average period of approximately 2.3 years.

12

MVSSSARs

The following provides a summary of the MVSSSARs activity for the Company for the three months ended March 31, 2014:

	Number of Shares			Weighted- Average Grant Date Fair Value
Outstanding as of January 1, 2014		974,669		$	25.81
Granted		162,836			27.31
Exercised		(51,004	)		19.81
Forfeited		(67,272	)		25.98
Outstanding as of March 31, 2014		1,019,229		$	26.34

The Company grants MVSSSARs to its Swedish employees under the provisions of the 2010 Plan. MVSSSARs contain a predetermined cap on the maximum stock price at which point the instrument must be exercised. At exercise, employees holding MVSSSARs will receive shares of the Company’s common stock with a value equal to the difference between the exercise price and the current market price per share of the Company’s common stock, subject to a predetermined cap. The exercise price of MVSSSARs is determined by using the closing price of the Company’s common stock on the date of grant. Vesting is based on length of service. Stock-based compensation expense is amortized on a straight-line basis over the vesting period. The fair value of MVSSSARs is determined by utilizing a lattice model under the option pricing method. The key inputs to the lattice model are the current price of the Company’s common stock, the fair value of the Company’s common stock at date of grant, the maximum fair value at which the MVSSSARs must be exercised, the vesting period, the contractual term, the volatility, the risk-free interest rate, the employment termination rate and assumptions with respect to early exercise behavior.

For the three months ended March 31, 2014 and 2013, the Company recorded stock-based compensation expenses of approximately $0.5 million and $0.4 million, respectively, related to MVSSSARs.

As of March 31, 2014, there was approximately $4.5 million of total unrecognized compensation cost related to unvested MVSSSARs. The remaining cost is expected to be recognized over a weighted-average period of approximately 2.5 years.

For the three months ended March 31, 2014, the Company settled 51,004 MVSSSARs by issuing 16,940 shares of the Company’s common stock. For the three months ended March 31, 2013, the Company settled 5,971 MVSSSARs by issuing 1,536 shares of the Company’s common stock. If settlement of all outstanding MVSSSARs had occurred on March 31, 2014 at the predetermined cap on the maximum stock price at which point the instrument must be exercised, the Company would have issued 375,903 shares of the Company’s common stock.

(9) Commitments and Contingencies

There have been no material changes to the Company’s commitments and contingencies from the information provided in Note 9 of the Notes to the Consolidated Financial Statements in Item 8, “Financial Statements and Supplementary Data”, included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013.

13

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the unaudited consolidated financial statements and the related notes thereto included elsewhere in this Quarterly Report on Form 10-Q and the audited consolidated financial statements and notes thereto and management’s discussion and analysis of financial condition and results of operations for the year ended December 31, 2013 included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, on February 28, 2014. This Quarterly Report on Form 10-Q, except for historical financial information contained herein, contains forward-looking statements, including, but not limited to, statements regarding the value and effectiveness of our products, the introduction of product enhancements or additional products and our growth, expansion and market leadership, that involve risks, uncertainties, assumptions and other factors which, if they do not materialize or prove correct, could cause our results to differ materially from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words “predicts,” “plan,” “expects,” “focus,” “anticipates,” “believes,” “goal,” “target,” “estimate,” “potential,” “may,” “will,” “might,” “momentum,” “can,” “could,” “seek” and similar words. We intend all such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected in such statements due to various factors, including but not limited to:

• risk and uncertainties inherent in our business;

• our ability to attract new customers and retain existing customers;

• our ability to effectively sell, service and support our products;

• our ability to adapt to changing licensing and go to market business models;

• our ability to manage our international operations;

• our ability to compete effectively;

• our ability to develop and introduce new products and add-ons or enhancements to existing products;

• our ability to continue to promote and maintain our brand in a cost-effective manner;

• our ability to manage growth;

• our ability to attract and retain key personnel;

• currency fluctuations that affect our revenues and expenses;

• our ability to successfully integrate acquisitions into our business;

• the scope and validity of intellectual property rights applicable to our products;

• adverse economic conditions in general and adverse economic conditions specifically affecting the markets in which we operate; and

• other risks discussed in the section titled “Risk Factors,” set forth in Part I, Item 1A of our Annual Report on Form 10-K and elsewhere in this Quarterly Report on Form 10-Q.

Any statements regarding our products are intended to outline our general product direction and should not be relied on in making a purchase decision, as the development, release and timing of any features or functionality described for our products remains at its sole discretion. Past performance is not necessarily indicative of future results. There can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, us. Therefore, no assurance can be given that the outcomes stated in such forward-looking statements and estimates will be achieved.

The forward-looking statements in this Quarterly Report on Form 10-Q represent our views as of the date of this Quarterly Report on Form 10-Q. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this Quarterly Report on Form 10-Q.

Introduction

Management’s Discussion and Analysis of Financial Condition and Results of Operations is provided to help provide an understanding of our financial condition and results of operations. This item of our Quarterly Report on Form 10-Q is organized as follows:

• Overview including Key Financial Metrics and Trends. This section provides a general description of our business, the key financial metrics that we use in assessing our performance, and anticipated trends that we expect to affect our financial condition and results of operations.

14

• Consolidated Results of Operations. This section provides an analysis of our results of operations for the three months ended March 31, 2014 and 2013.

• Foreign Exchange Rates. This section discusses the impact of foreign exchange rate fluctuations for the three months ended March 31, 2014 compared to the three months ended March 31, 2013.

• Seasonality. This section discusses the seasonality in the sale of our products and services.

• Acquisitions. This section discusses recent acquisitions and how we account for them.

• Liquidity and Capital Resources. This section provides an analysis of our cash flows for the three months ended March 31, 2014 and 2013, a discussion of our capital requirements, and the resources available to us to meet those requirements.

• Critical Accounting Policies and Estimates. This section discusses accounting policies that are considered important to our financial condition and results of operations. These accounting policies require significant judgment or require estimates on our part in applying them. Our significant accounting policies, including those considered to be critical accounting policies, are summarized in Note 2 to the unaudited consolidated financial statements.

• Contractual Obligations and Commitments. This section discusses contractual obligations and commitments expected to have an effect on our liquidity and cash flow in future periods.

• Off-Balance Sheet Arrangements. This section discusses off-balance sheet arrangements expected to have an effect on our liquidity and cash flow in future periods.

• Inflation. This section discusses how inflation could impact our financial condition and results of operations.

• Recent Accounting Pronouncements. This section provides for recent accounting pronouncements that could impact our financial condition and results of operations.

Overview

We have pioneered a powerful, user-driven Business Intelligence (“BI”) solution that enables our customers to make better and faster business decisions, wherever they are. Our Business Discovery platform helps people create and share insights and analysis in groups and across organizations. Business users can explore data, ask and answer their own stream of questions and follow their own path to insight on their own and in teams and groups.

Our Business Discovery platform is powered by our in-memory engine which maintains associations in data and calculates aggregations rapidly, as business users interact with our software. Our software platform is designed to give our customers significant improvements in usability, flexibility and performance at lower costs compared to traditional BI solutions.

We currently operate in one business segment, namely, the development, commercialization and implementation of software products and related services. See Note 7 to our consolidated financial statements, Business and Geographic Segment Information, for information regarding our business and the geographies in which we operate. We have a diversified distribution model that consists of a direct sales force, a partner network of solution providers (or resellers), original equipment manufacturers (“OEM”) relationships and system integrators.

We have grown our customer base to approximately 32,000 active customers as of March 31, 2014 and increased our revenue at approximately a 28% compound annual growth rate from January 1, 2010 through March 31, 2014. During the three months ended March 31, 2014, our solution addressed the needs of a diverse range of customers from middle market customers to large enterprises such as AAF International Company Inc. (American Air Filter), Analogic Corporation, Children’s Hospital of Wisconsin, Deutsche Börse AG, Harbour Industries, Inc., New Hanover Regional Medical Center, Nestlé Nederland BV, Palmetto Health, Roadchef Limited, Sunstar Americas, Inc., and Tupperware. We currently have customers in over 100 countries and, for the three months ended March 31, 2014 and 2013, approximately 72% and 71%, respectively, of our revenue was derived internationally.

We have a differentiated business model designed to accelerate the adoption of our product to reduce the time and cost to purchase and implement our software platform. Our low risk approach to product sales provides a needed alternative to costly, all-or-nothing traditional BI models. We initially focus on specific business users or departments within a prospective customer’s organization and seek to solve a targeted business need. After demonstrating our product’s benefits to initial adopters within an organization, we work to expand sales of our product to other business units, geographies and use cases with the long-term goal of broad organizational deployment.

15

We license our Business Discovery platform under perpetual licenses which generally include one year of maintenance as part of the initial purchase price of the product. Our customers can renew, and generally have renewed, their maintenance agreements for a fee that is based upon a percentage of the initial license fee paid. For the three months ended March 31, 2014, our total revenue was comprised of 49% license revenue, 41% maintenance revenue and 10% professional services revenue. For the three months ended March 31, 2013, our total revenue was comprised of 55% license revenue, 37% maintenance revenue and 8% professional services revenue. Total billings from our OEM relationships accounted for approximately 8% of our total billings during the three months ended March 31, 2014 and 2013. Additionally, our online Qlik Community provides us with a loyal and growing network of users who promote our software, provide support for other users and contribute valuable insights and feedback for our product development efforts.

To complement our Business Discovery platform, we have developed a differentiated business model that has the following attributes:

• Broad User Focus – marketing and selling our software products directly to the business user by providing an easy-to-use platform that can be used with minimal training.

• Low Risk Rapid Product Adoption – providing a low risk alternative to costly, all-or-nothing, enterprise-wide deployment requirements.

• “Land and Expand” Customer Approach – initially targeting specific business users or departments in an organization to create a loyal user base that promotes broad adoption of our software products across an organization.

• Globally Diversified Distribution Model – employing a multi-pronged international sales approach that leverages a direct sales force and partner network.

• Community-Based Marketing and Support – augmenting our development, marketing and support efforts through our online Qlik Community.

In evaluating our operating results, we focus on the productivity of our sales force, the effectiveness of our channel partners, the effectiveness of our local and corporate level marketing, our ability to close opportunities generated by our marketing leads and the competitiveness of our technology. In each of these areas, we have taken steps designed to improve our operating results, including undertaking additional sales training for our sales representatives, hiring more experienced regional sales management, making additional investments in marketing activities, developing a partner enablement program to focus on the results of our sales partners around the world and expanding our research and development staff with a focus on product enhancement, testing and quality assurance.

From a risk perspective, we have had to deal with the impact of the recessionary global environment during the past several years and the unsettled global economic environment could affect our operating results in future periods. Approximately 72% of our revenue during the three months ended March 31, 2014 was derived internationally, of which 57% was derived in Europe. Approximately 71% of our revenue during the three months ended March 31, 2013 was derived internationally, of which 56% was derived in Europe. We have faced pricing pressure from some of our competitors and we seek to minimize the impact by demonstrating the value delivered by QlikView in comparison to these other BI products. In addition, as we continue to further penetrate the enterprise market and the size and complexity of our sales opportunities continue to expand, we have seen an increase in the average length of time in our sales cycles. As a result, we seek to improve the management of our sales pipeline in response to these dynamics. Also, the recent growth in our business has required the continued hiring of experienced staff across all of our geographic territories. To aid this effort we have focused on improving our local recruiting initiatives, as well as on developing further internal training programs to prepare employees for greater responsibilities.

We believe global economic conditions remain unstable and have contributed to an increase in the average length of time in our sales cycles. In addition, these conditions may result in an increase in the average length of time it takes to collect outstanding accounts receivable.

Key Financial Metrics and Trends

Revenues

Our revenue is comprised of license, maintenance and professional services. We license our software under perpetual licenses which generally include one year of maintenance as part of the initial purchase price of the product. License revenue reflects the revenue recognized from sales of licenses to new customers and additional licenses to existing customers. Billings to existing customers for license and first year maintenance were approximately 62% for the three months ended March 31, 2014 and 65% for the three months ended March 31, 2013. Based upon our land and expand sales strategy, we expect that on an annual basis the contribution of license and first year maintenance from existing customers will continue to exceed the contribution of license and first year maintenance from new customers. Customers can renew, and

16

generally have renewed, their maintenance agreements for a fee that is based upon a percentage of the initial license fee paid. Current customers with maintenance agreements are entitled to receive unspecified upgrades and enhancements when and if they become available. We have experienced growth in maintenance revenue primarily due to increased license sales and growth in our customer base and high retention of those customers. In the three months ended March 31, 2014 and 2013, our annual maintenance renewal rates were greater than 90%. Professional services revenue is comprised of training, installation and other consulting revenues, and represented approximately 10% of total revenues for the three months ended March 31, 2014 and 8% of total revenues for the three months ended March 31, 2013. We do not expect the percentage contribution to change significantly during the near term. The contribution from our partner network has grown over time and we anticipate that revenues from partners will continue to be more than 50% of total revenues. Given the size of the U.S. market and our current penetration there, we expect that the U.S. will represent our largest growth opportunity in terms of absolute U.S. dollars during the near term and will likely be an important contributor to future revenue growth. Due to the global diversity of our customer base, our results are impacted by movements in the currencies of the major territories in which we operate. The primary foreign currencies generally impacting our results are the Swedish kronor, the euro and the British pound. Inflation and changing prices had no material effect on our revenue or income from operations during the three months ended March 31, 2014 and 2013.

Cost of Revenue

Cost of revenue primarily consists of personnel costs, fees paid to subcontractors providing technical support services, referral fees paid to third parties in connection with software license sales, amortization of technology related intangible assets acquired and other discrete professional services. Personnel costs include salaries, employee benefit and social costs, bonuses, and stock-based compensation.

Operating Expenses

We classify our operating expenses into three categories: sales and marketing, research and development and general and administrative. Our operating expenses primarily consist of personnel costs, sales commissions, travel costs, marketing program costs, facilities, legal, accounting, outside contractors and consultants, the cost of our annual employee summit, other professional services costs and depreciation and amortization. Personnel costs include salaries, employee benefit and social costs, bonuses and stock-based compensation. Historically, we have focused on the continued growth of our license revenues, and as a result, sales and marketing has represented the largest amount of total expenses both in absolute dollar terms and as a percentage of total revenues.

Sales and Marketing. Sales and marketing expenses primarily consist of personnel costs for our sales, marketing and business development employees and executives; commissions earned by our sales related personnel; travel costs; facilities costs attributable to our sales and marketing personnel; the cost of marketing programs; the cost of employee training programs; and the cost of business development programs. We expect to make incremental investments in sales and marketing in 2014, including the hiring of additional sales personnel in both the U.S. and our international locations as well as holding our first global user event.

Research and Development. Research and development expenses primarily consist of personnel and facility costs for our research and development and product marketing employees. We have devoted our development efforts primarily to enhancing the functionality and expanding the capabilities of our software platform. We expect that our research and development expenses will continue to increase in absolute dollars and as a percentage of revenue in the long term as we increase our research and development and product marketing headcount to further strengthen and enhance our software platform. The vast majority of our research and development staff is based in Lund, Sweden.

General and Administrative. General and administrative expenses primarily consist of personnel costs for our executive, finance, legal, human resources, information systems and administrative personnel, as well as the cost of facilities attributable to general and administrative operations, the cost of employee training programs, depreciation and amortization, legal, accounting, other professional services fees and other corporate expenses. We also expect that general and administrative expenses will continue to increase in absolute dollars because of our efforts to expand our global operations, but we believe over time general and administrative costs will decline as a percentage of revenues as we expect to derive greater efficiencies from the investments made in our corporate infrastructure.

Stock-Based Compensation. Stock-based compensation expense is based on the fair value of those awards at the date of grant. We use the Black-Scholes-Merton (“Black-Scholes”) option pricing model to determine the fair value of common stock option awards and Stock-settled Stock Appreciation Rights (“SSARs”). The fair value of a restricted stock unit is determined by using the fair value of our common stock on the date of grant. The estimated fair value of Maximum Value Stock-settled Stock Appreciation Rights (“MVSSSARs”) is determined by utilizing a lattice model under the option pricing method. The estimated fair value of stock-based compensation awards on the date of grant is amortized on a straight-line basis over the requisite service period. Stock-based compensation expense is recorded within cost of revenue, sales and marketing, research and development and general and administrative expenses.

17

Other Income (Expense), net

Other income (expense), net primarily consists of net interest and foreign exchange gains or losses. Net interest represents interest income received on our cash and cash equivalents and interest expense associated with outstanding debt. Foreign exchange gains (losses) relate to our business activities in foreign countries and the re-measurement of intercompany transactions between subsidiaries with different functional reporting currencies. As a result of our business activities in foreign countries, we expect that foreign exchange gains (losses) will continue to occur due to fluctuations in exchange rates in the countries where we do business.

(Provision) Benefit for Income Taxes

(Provision) benefit for income taxes primarily consists of corporate income taxes related to income at our U.S. and international subsidiaries. The provision includes amounts for U.S. federal, state and foreign income taxes.

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recorded against deferred tax assets if it is more-likely-than-not that such assets will not be realized in the near term. The factors used to assess the likelihood of realization are the forecast of future taxable income, the remaining time period to utilize any tax operating losses and tax credits and available tax planning strategies that could be implemented to realize deferred tax assets.

In evaluating our ability to realize deferred tax assets, we consider all available positive and negative evidence. Our negative evidence includes historical taxable losses generated by certain subsidiaries. Our positive evidence includes historical taxable income at certain subsidiaries as well as projected future taxable income. In determining future taxable income, we make assumptions for the amount of taxable income, the reversal of temporary differences and the implementation of feasible and prudent tax planning strategies. These assumptions require us to make judgments about our future taxable income and are consistent with the plans and estimates we use to manage our business.

Impact of Foreign Currency Translation

Approximately 71% and 69% of our operating revenues for the three months ended March 31, 2014 and 2013, respectively, were earned in foreign denominated currencies, including the euro, the British pound and the Swedish kronor. We continue to monitor our foreign exchange risk in part through operational means, including monitoring the proportion of same-currency revenues in relation to same-currency costs and the proportion of same-currency assets in relation to same-currency liabilities. As we operate in multiple foreign currencies, changes in those currencies relative to the U.S. dollar will impact our revenues and expenses. If the U.S. dollar weakens against a specific foreign currency, our revenues will increase having a positive impact on net income, and our overall expenses will increase, having a negative impact on net income. Likewise, if the U.S. dollar strengthens against a specific foreign currency, our revenues will decrease having a negative impact on net income, and our overall expenses will decrease, having a positive impact on net income. Therefore, significant shifts in foreign currencies can impact our short-term results, as well as our long-term forecasts and targets.

Foreign currency exchange rate fluctuations positively impacted total revenue for the three months ended March 31, 2014 compared to the three months ended March 31, 2013 by approximately $1.1 million, principally driven by the weakening of the U.S. dollar relative to the euro and the British pound. Total cost of revenue and operating expenses for the three months ended March 31, 2014 compared to the three months ended March 31, 2013 were negatively impacted as a result of foreign exchange rate fluctuations by approximately $0.7 million, principally driven by the weakening of the U.S. dollar relative to the euro and the British pound.

Foreign currency exchange rate fluctuations negatively impacted total revenue for the three months ended March 31, 2013 compared to the same period in 2012 by less than $0.1 million. Total cost of revenue and operating expenses for the three months ended March 31, 2013 compared to the same period in 2012 were negatively impacted as a result of foreign currency exchange rate fluctuations by approximately $1.1 million principally driven by the weakening of the U.S. dollar relative to the Swedish kronor.

18

Consolidated Results of Operations

Comparison of the Three Months Ended March 31, 2014 and 2013

Revenue

The following table sets forth revenue by source:

	Three Months Ended March 31,
	2014					2013
	Amount		Percentage of Revenue			Amount		Percentage of Revenue			Period to Period Change
	(unaudited) (dollars in thousands)
Revenue:
License revenue	$	53,883		48.5	%	$	52,652		54.5	%	$	1,231	2.3	%
Maintenance revenue		45,845		41.3	%		35,716		37.0	%		10,129	28.4	%
Professional services revenue		11,384		10.2	%		8,180		8.5	%		3,204	39.2	%
Total revenue	$	111,112		100.0	%	$	96,548		100.0	%	$	14,564	15.1	%

Revenue was approximately $111.1 million for the three months ended March 31, 2014 compared to approximately $96.5 million for the three months ended March 31, 2013, an increase of 15.1%. Total revenue for the three months ended March 31, 2014 was positively impacted by approximately $1.1 million by foreign currency rate fluctuations, principally driven by the weakening of the U.S. dollar relative to the euro and the British pound. The increase in revenue from the prior year period was primarily driven by revenue growth in the Americas (includes North America and South America), the United Kingdom, Rest of World (includes Asia-Pacific, Middle East and Africa) and Spain, which grew by 10.4%, 29.9%, 20.9% and 68.7%, respectively, and contributed approximately $10.5 million in incremental total revenue. License revenue grew by approximately $1.2 million, or 2.3%. There was no material change in the pricing for our product during the year. Revenue growth was achieved primarily due to volume growth as new customers acquired our product for the first time, along with additional license purchases by our existing customers. During the three months ended March 31, 2014, we closed 101 contracts that had total license and first year’s maintenance exceeding $100,000, compared to 88 contracts for the same period last year. Included in the deals exceeding $100,000, we closed 28 contracts that had total license and first year’s maintenance exceeding $250,000, compared to 32 contracts for the same period last year. Included in the deals exceeding $250,000, we closed one contract that had total license and first year’s maintenance exceeding $1.0 million, compared to three contracts for the same period last year. Amounts invoiced to existing customers represented a larger share of total billings during the three months ended March 31, 2014, approximately 79%, resulting from our “land and expand” sales strategy, compared to approximately 78% during the three months ended March 31, 2013. Billings from our indirect partner channel for license and first year maintenance were approximately 57% of total license and first year maintenance billings for the three months ended March 31, 2014 compared to approximately 63% for the three months ended March 31, 2013. Maintenance revenues grew by 28.4% during the three months ended March 31, 2014 compared to the three months ended March 31, 2013 driven by annual maintenance renewal rates of greater than 90% and an increase in our customer base. Professional services revenue grew 39.2% during the three months ended March 31, 2014 compared to the three months ended March 31, 2013 due to growth in consulting and training revenue, resulting from an increase in our customer base and expanded penetration in certain large customers. The revenue growth during the three months ended March 31, 2014 as compared to the three months ended March 31, 2013 may not be indicative of our future revenue growth, if any.

19

Cost of Revenue and Gross Profit

The following table sets forth cost of revenue and gross profit for each revenue source:

	Three Months Ended March 31,
	2014						2013
	Amount			Percentage of Related Revenue			Amount			Percentage of Related Revenue			Period to Period Change
	(unaudited)
	(dollars in thousands)
Cost of Revenue:
Cost of license revenue	$	1,506			2.8	%	$	1,647			3.1	%	$	(141	)	-8.6	%
Cost of maintenance revenue		3,057			6.7	%		2,872			8.0	%		185		6.4	%
Cost of professional services revenue		13,476			118.4	%		9,837			120.3	%		3,639		37.0	%
Total cost of revenue	$	18,039			16.2	%	$	14,356			14.9	%	$	3,683		25.7	%
Gross Profit:
License revenue	$	52,377			97.2	%	$	51,005			96.9	%	$	1,372		2.7	%
Maintenance revenue		42,788			93.3	%		32,844			92.0	%		9,944		30.3	%
Professional services revenue		(2,092	)		-18.4	%		(1,657	)		-20.3	%		(435	)	26.3	%
Total gross profit	$	93,073			83.8	%	$	82,192			85.1	%	$	10,881		13.2	%

Cost of revenue was approximately $18.0 million for the three months ended March 31, 2014 compared to approximately $14.3 million for the three months ended March 31, 2013, an increase of approximately $3.7 million, or 25.7%. Total cost of revenue for the three months ended March 31, 2014 compared to the three months ended March 31, 2013 was negatively impacted as a result of foreign currency exchange rate fluctuations by approximately $0.1 million. Cost of license revenue largely consists of referral fees paid to third parties in connection with software license sales and the amortization of technology related intangible assets acquired. Referral fees decreased approximately $0.2 million and amortization of intangible assets increased approximately $0.1 million for the three months ended March 31, 2014 as compared to the three months ended March 31, 2013. Cost of maintenance revenue increased approximately $0.2 million for the three months ended March 31, 2014 as compared to the same period in 2013. In anticipation of continued growth in our current customer base, we increased headcount in our support organization which increased personnel costs by approximately $0.2 million. Cost of professional services revenue increased approximately $3.6 million for the three months ended March 31, 2014 as compared to the same period in 2013 largely due to increased personnel costs of approximately $2.1 million. In addition, we had an increase in outside contractor costs and other cost of professional services revenue of approximately $1.1 million, an increase in travel and entertainment costs of approximately $0.3 million and an increase in facility and infrastructure costs of approximately $0.1 million as we continue to invest in our services organization.

Total gross profit increased approximately $10.9 million, or 13.2%, for the three months ended March 31, 2014 compared to the three months ended March 31, 2013 largely due to an increase in total revenue of approximately $14.6 million, or 15.1%. The increase in our total gross profit during the three months ended March 31, 2014 as compared to the three months ended March 31, 2013 may not be indicative of our future gross profit. For the three months ended March 31, 2014, total gross margin decreased to 83.8% from 85.1% for the three months ended March 31, 2013. The decrease in our total gross margin from the prior year period is primarily due to professional services revenue, which represented a larger portion of total revenue when compared to the prior year period. The total gross margin during the three months ended March 31, 2014 as compared to the three months ended March 31, 2013 may not be indicative of our future gross margin.

20

Operating Expenses

The following table sets forth operating expenses as a percentage of revenue:

	Three Months Ended March 31,
	2014					2013
	Amount		Percentage of Revenue			Amount		Percentage of Revenue			Period to Period Change
	(unaudited)
	(dollars in thousands)
Operating expenses:
Sales and marketing	$	72,763		65.5	%	$	60,980		63.2	%	$	11,783	19.3	%
Research and development		17,046		15.3	%		15,480		16.0	%		1,566	10.1	%
General and administrative		26,761		24.1	%		22,493		23.3	%		4,268	19.0	%
Total operating expenses	$	116,570		104.9	%	$	98,953		102.5	%	$	17,617	17.8	%

Sales and Marketing. Sales and marketing expenses increased approximately $11.8 million, or 19.3% for the three months ended March 31, 2014 as compared to the three months ended March 31, 2013. Sales and marketing expenses for the three months ended March 31, 2014 compared to the three months ended March 31, 2013 were negatively impacted as a result of foreign currency exchange rate fluctuations by approximately $0.3 million. The period over period increase in sales and marketing expenses was primarily attributable to an increase in personnel and commission costs of approximately $9.4 million (including a $1.1 million increase in stock-based compensation), reflecting higher employee headcount and higher variable compensation resulting from increased license revenue. In addition, we had an increase in outside consulting costs and other sales and marketing costs of approximately $2.1 million, an increase of approximately $0.2 million in travel and entertainment costs and an increase in facility and infrastructure costs of approximately $0.1 million to support global expansion.

Research and Development. Research and development expenses increased by approximately $1.5 million or 10.1% during the three months ended March 31, 2014 as compared to the three months ended March 31, 2013. Research and development expenses for the three months ended March 31, 2014 compared to the three months ended March 31, 2013 were not significantly impacted by foreign currency exchange rate fluctuations. The period over period increase in research and development expenses was primarily attributable to higher personnel costs of approximately $1.0 million (including a $0.1 million increase in stock-based compensation) as we continued the development of the next generation of our Business Discovery platform. The increase in research and development expenses also reflects an increase in other research and development costs of $0.4 million and an increase in travel and entertainment costs of approximately $0.1 million.

General and Administrative. General and administrative expenses were approximately $26.8 million for the three months ended March 31, 2014 compared to approximately $22.5 million for the three months ended March 31, 2013, an increase of approximately $4.3 million, or 19.0%. General and administrative expenses for the three months ended March 31, 2014 compared to the three months ended March 31, 2013 were negatively impacted as a result of foreign currency exchange rate fluctuations by approximately $0.3 million. The increase in general and administrative expenses for the three months ended March 31, 2014 compared to the three months ended March 31, 2013 was largely due to an increase in personnel costs of approximately $3.0 million (including a $0.7 million increase in stock-based compensation). In addition, we had an increase of approximately $1.1 million in other general and administrative costs, primarily related to professional fees, such as consulting, legal and accounting fees. In addition, we had an increase of approximately $0.9 million in information technology costs and an increase in facility and infrastructure costs of approximately $0.2 million to support global expansion. These increases were offset by a decrease of approximately $0.9 million related to travel and entertainment.

Other Expense, net.

Other expense, net was approximately $0.3 million for the three months ended March 31, 2014 compared to other expense, net of approximately $1.5 million for the three months ended March 31, 2013. During the three months ended March 31, 2014 and 2013, other expense, net, primarily consisted of foreign exchange losses.

(Provision) Benefit for Income Taxes.

Beginning in the first quarter of 2014, we determined that we were no longer able to make a reliable estimate of the annual effective tax rate in the U.S. as relatively small changes in our projected income or loss produce significant variance in our annual effective tax rate in this jurisdiction. Therefore, we recorded tax expense in the U.S. for the three months ended March 31, 2014 based on the actual effective rate for the three months ended March 31, 2014. The effective tax rate for all other jurisdictions for the three months ended March 31, 2014 and for all jurisdictions in the three months ended March 31, 2013, was calculated based on an estimated annual effective tax rate plus discrete items.

21

For the three months ended March 31, 2014, we recorded a provision for income taxes of approximately $2.1 million that resulted in an effective tax rate of (8.6%) compared to a benefit of approximately $5.0 million, or an effective tax rate of 27.5% in the three months ended March 31, 2013. As of March 31, 2014, a full valuation allowance has been recorded against our U.S. and Swedish deferred tax assets, based on an analysis of positive and negative evidence, including projected three-year cumulative losses through December 31, 2014. The effective tax rate for the three months ended March 31, 2014 reflects the effect of benefits from a foreign rate differential offset by the effects of permanent differences and the changes in the valuation allowance on deferred tax assets. The effective tax rate for the three months ended March 31, 2013 reflects the effects of benefits from a foreign rate differential and discrete items offset by the effects of permanent differences and changes in the valuation allowance on deferred tax assets. The primary differences between the effective tax rates for the three months ended March 31, 2014 and 2013 are the increases in valuation allowances against deferred tax assets, the impact of the permanent differences, and discrete items.

Due to the relative difference in the projected annual distribution of income and losses where we operate compared to our actual results for the three months ended March 31, 2014, including the recognition of certain discrete items in the period, and due to losses incurred in jurisdictions for which a tax benefit cannot be recognized, the year-to-date effective rate may differ significantly from our full year effective rate. Our effective tax rate is also impacted significantly by non-deductible stock-based compensation incurred in various jurisdictions. As the projection and distribution of income changes throughout 2014, the year-to-date effective rate will change from quarter to quarter.

Our liability for unrecognized tax benefits (including penalties and interest) was approximately $2.8 million and $2.4 million as of March 31, 2014 and December 31, 2013. We do not expect that the total amount of unrecognized tax benefits will change significantly during the next twelve months. See Note 7 of the Notes to the Consolidated Financial Statements for the year ended December 31, 2013 included in our Annual Report on Form 10-K, filed with the SEC on February 28, 2014, for more detailed information regarding unrecognized tax benefits.

Foreign Exchange Rates

We conduct business in our foreign operations in local currencies. Accordingly, our consolidated results of operations presented above are affected by fluctuations in foreign exchange rates. Income and expense accounts are translated at the average monthly exchange rates during the period.

Foreign currency exchange rate fluctuations positively impacted total revenue for the three months ended March 31, 2014 compared to the three months ended March 31, 2013 by approximately $1.1 million, principally driven by the weakening of the U.S. dollar relative to the euro and the British pound. Total cost of revenue and operating expenses for the three months ended March 31, 2014 compared to the three months ended March 31, 2013 were negatively impacted as a result of foreign exchange rate fluctuations by approximately $0.7 million, principally driven by the weakening of the U.S. dollar relative to the euro and the British pound.

Foreign currency exchange rate fluctuations negatively impacted total revenue for the three months ended March 31, 2013 compared to the same period in 2012 by less than $0.1 million. Total cost of revenue and operating expenses for the three months ended March 31, 2013 compared to the same period in 2012 were negatively impacted as a result of foreign currency exchange rate fluctuations by approximately $1.1 million principally, driven by the weakening of the U.S. dollar relative to the Swedish kronor.

Seasonality

Our quarterly results reflect seasonality in the sale of our products and services. Historically, we have experienced a pattern of increased license sales in the fourth quarter which can make it difficult to achieve sequential revenue growth in the first quarter. In addition, our European operations occasionally provide lower revenues in the summer months because of the generally reduced level of economic activity in Europe during those months. Similarly, our gross margins and income (loss) from operations have been affected by these historical trends because the majority of our expenses are relatively fixed in the near-term. The timing of revenues in relation to our expenses, much of which does not vary directly with revenue, has an impact on the cost of revenue, sales and marketing expense, research and development expense and general and administrative expense as a percentage of revenue in each calendar quarter during the year. The majority of our expenses is personnel-related and includes salaries, stock-based compensation, benefits and incentive-based compensation plan expenses. As a result, we have not experienced significant seasonal fluctuations in the timing of expenses from period to period, other than an increase in total operating expenses during the first quarter of each year as a result of our annual employee summit and an increase in sales and marketing expenses in the second quarter of each year due to our annual partner event. On a quarterly basis, we have usually generated the majority of our revenues in the final month of each quarter and a significant amount in the last two weeks of a quarter. We believe this is due to customer buying patterns typical in this industry. Although these seasonal factors are common in the technology sector, historical patterns should not be considered a reliable indicator of our future sales activity or performance.

22

Acquisitions

On October 3, 2013, we acquired the ongoing operations of our Italian master reseller (“QlikTech Italy”) that specializes in the distribution of QlikView software and provides maintenance and consulting services related to that software. We purchased QlikTech Italy for a total maximum purchase price of approximately 7.5 million euros (approximately $10.2 million based on an exchange rate of 1.355 on October 3, 2013). The total maximum purchase price included approximately $1.4 million of contingent consideration payable upon the achievement of certain revenue targets as set forth in the purchase agreement. At the purchase date, we estimated that only approximately $0.2 million of contingent consideration would be payable based upon the achievement of certain revenue targets, and therefore, this amount was included in the purchase price. The results of operations and financial position of QlikTech Italy are included in our consolidated financial statements from and after the date of acquisition. The inclusion of QlikTech Italy did not have a material impact on our consolidated financial results for the three months ended March 31, 2014. Had the acquisition occurred as of the beginning of the periods presented in our consolidated financial statements, the pro forma statements of operations would not be materially different than the consolidated statements of operations presented.

During the three months ended March 31, 2014, we completed the purchase price allocation for QlikTech Italy including the valuation of intangible assets acquired, deferred revenue assumed and deferred income taxes. The adjustments from the preliminary purchase price allocation were immaterial.

Liquidity and Capital Resources

Our principal sources of liquidity are cash and cash equivalents and the on-going collection of our accounts receivable. As of March 31, 2014, we had cash and cash equivalents totaling approximately $253.3 million, net accounts receivable of approximately $123.9 million and working capital of approximately $213.4 million. Our cash and cash equivalents held domestically were approximately $161.5 million as of March 31, 2014. We believe that our cash and cash equivalents balances in the U.S. are currently sufficient to fund our U.S. operations. As of March 31, 2014, cash and cash equivalents held by foreign subsidiaries were approximately $91.8 million, which include undistributed earnings of foreign subsidiaries indefinitely invested outside of the U.S. of approximately $38.2 million. Except as required under U.S. tax law, we do not accrue for U.S. taxes on our undistributed earnings of foreign subsidiaries that have not been previously taxed since we intend to continue to invest such undistributed earnings outside of the U.S. If these funds are needed for our operations in the U.S., we would be required to accrue and, subsequent to the full utilization of our existing net operating loss carryforwards, pay U.S. taxes to repatriate these funds.

Our capital expenditures for the three months ended March 31, 2014 were approximately $3.4 million, comprised primarily of additional leasehold improvements, furniture and fixtures and computer equipment, as well as investments made in a new enterprise resource planning system.

We believe that our existing cash and cash equivalents and our cash flow from operations will be sufficient to fund our operations and our capital expenditures for at least the next 12 months. Our future capital requirements will depend on many factors, including our rate of revenue growth, the expansion of our sales and marketing activities, the timing and extent of spending to support product development efforts and expansion into new territories, the timing of introductions of new software products and enhancements to existing software products and the continuing market acceptance of our software offerings. We may from time to time enter into agreements, arrangements or letters of intent regarding potential investments in, or acquisitions of, complementary businesses or technologies. If we enter into these types of arrangements, it could require us to seek additional equity or debt financing sooner or in greater amounts than anticipated. Additional funds may not be available on terms favorable to us or at all.

23

The following table shows selected balance sheet data as well as our cash flows from operating activities, investing activities and financing activities for the stated periods:

	March 31, 2014		December 31, 2013
	(unaudited)
	(in thousands)
Cash and cash equivalents	$	253,279	$	227,693
Accounts receivable, net		123,941		162,009
Deferred revenue		113,583		102,321
Working capital		213,361		224,485

	Three Months Ended March 31,
	2014			2013
	(unaudited)
	(in thousands)
Cash flow activities
Net cash provided by operating activities	$	19,369		$	14,707
Net cash used in investing activities		(3,407	)		(2,762	)
Net cash provided by financing activities		9,413			8,365

Cash and Cash Equivalents

Our cash and cash equivalents at March 31, 2014 were held for working capital purposes and were invested primarily in bank deposits and money market accounts having less than 90 day maturities. We do not enter into investments for trading or speculative purposes. These balances could be impacted if the underlying depository institutions or the guarantors fail or could be subject to adverse conditions in the financial markets. We can provide no assurances that access to our funds will not be impacted by adverse conditions in the financial markets.

Cash Flows

Operating Activities

Net cash provided by operating activities was approximately $19.4 million for the three months ended March 31, 2014. We incurred non-cash expenses totaling approximately $11.0 million for the three months ended March 31, 2014. Non-cash expenses primarily consisted of stock-based compensation expense, provisions for bad debt, foreign currency gains and losses and depreciation and amortization expense. In addition, we incurred an excess tax benefit from stock-based compensation of approximately $3.4 million for the three months ended March 31, 2014.

The change in certain assets and liabilities resulted in a net source of cash of approximately $37.7 million for the three months ended March 31, 2014. Net cash provided by operating activities is driven by sales of our products. Collection of accounts receivable from the sale of our products is a significant component of our cash flows from operating activities, as is the change in deferred revenue related to these sales. In addition, net cash provided by operating activities reflects income tax payments made of approximately $2.2 million.

Net cash provided by operating activities was approximately $14.7 million for the three months ended March 31, 2013. We incurred non-cash expenses totaling approximately $9.4 million for the three months ended March 31, 2013. Non-cash expenses primarily consisted of stock-based compensation expense, provisions for bad debt, foreign currency gains and losses and depreciation and amortization expense. In addition, we incurred an excess tax benefit from stock-based compensation of approximately $4.2 million for the three months ended March 31, 2013.

The change in certain assets and liabilities resulted in a net source of cash of approximately $22.7 million for the three months ended March 31, 2013. Net cash provided by operating activities is driven by sales of our products. Collection of accounts receivable from the sale of our products is a significant component of our cash flows from operating activities, as is the change in deferred revenue related to these sales. In addition, net cash provided by operating activities includes income tax payments made of approximately $5.5 million.

Investing Activities

Net cash used in investing activities was approximately $3.4 million for the three months ended March 31, 2014. Cash used in investing activities for the three months ended March 31, 2014 was primarily used for capital expenditures related to leasehold improvements, furniture and fixtures, computer equipment and investments made in a new enterprise resource planning system as we continued to expand our infrastructure and workforce.

24

Net cash used in investing activities was approximately $2.8 million for the three months ended March 31, 2013. Cash used in investing activities for the three months ended March 31, 2013 was primarily for capital expenditures related to leasehold improvements, furniture and fixtures, computer equipment and investments made in a new enterprise resource planning system as we continued to expand our infrastructure and workforce.

Financing Activities

Net cash provided by financing activities was approximately $9.4 million for the three months ended March 31, 2014. Net cash provided by financing activities included proceeds from the exercise of common stock options of approximately $6.0 million and an excess tax benefit from stock-based compensation of approximately $3.4 million.

Net cash provided by financing activities was approximately $8.4 million for the three months ended March 31, 2013. Net cash provided by financing activities resulted from an excess tax benefit from stock-based compensation of approximately $4.2 million and the proceeds from the exercise of common stock options of approximately $4.0 million. In addition, we had borrowings under our subsidiary’s line of credit of $0.2 million during the period.

Non-GAAP Financial Measures

In order to supplement our consolidated financial statements presented in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), we use measures of non-generally accepted accounting principles (“Non-GAAP”) income (loss) from operations, Non-GAAP net income (loss), Non-GAAP net income (loss) per basic and diluted common share and constant currency. We believe that the Non-GAAP financial information provided can assist investors in understanding and assessing our on-going core operations and prospects for the future. This Non-GAAP financial information provides an additional tool for investors to use in comparing our financial results with other companies in our industry, many of which present similar Non-GAAP financial measures to investors. In addition, we believe that these Non-GAAP financial measures are useful to investors because they allow for greater transparency into the indicators used as a basis for our internal budgeting and operational decision making.

For the three months ended March 31, 2014 and 2013, Non-GAAP loss from operations is determined by taking GAAP loss from operations and adding back stock-based compensation expense, employer payroll taxes on stock transactions, and amortization of intangible assets. Non-GAAP net loss is determined by taking GAAP loss before (provision) benefit for income taxes and adding back stock-based compensation expense, employer payroll taxes on stock transactions, and amortization of intangible assets and the result is tax affected at an estimated long-term effective tax rate of 30%. We believe that the effective tax rate used in the Non-GAAP net loss and related per diluted common share calculations are reasonable estimates of the long-term normalized effective tax rate under our global structure. We believe these adjustments provide useful information to both management and investors due to the following factors:

• Stock-based compensation. Although stock-based compensation is an important aspect of the compensation of our employees and executives, determining the fair value of the stock-based instruments involves a high degree of judgment and estimation and the expense recorded may bear little resemblance to the actual value realized upon the future exercise or termination of the related stock-based awards. Furthermore, unlike cash compensation, the value of stock-based compensation is determined using a complex formula that incorporates factors, such as market volatility, that are beyond our control. We believe it is useful to exclude stock-based compensation in order to better understand the long-term performance of our core business and to facilitate comparison of our results to those of peer companies.

• Employer payroll taxes on stock transactions. The amount of employer payroll taxes on stock transactions is dependent on our stock price and other factors that are beyond our control and which we believe do not correlate to the operation of our business.

• Amortization of intangible assets. A portion of the purchase price of our acquisitions is generally allocated to intangible assets, such as intellectual property, and is subject to amortization. However, we do not acquire businesses on a predictable cycle. Additionally, the amount of an acquisition’s purchase price allocated to intangible assets and the term of its related amortization can vary significantly and are unique to each acquisition. Therefore, we believe that the presentation of Non-GAAP financial measures that adjust for the amortization of intangible assets provides investors and others with a consistent basis for comparison across accounting periods.

25

The following is a reconciliation of Non-GAAP loss from operations, Non-GAAP net loss and Non-GAAP net loss per common share to the most comparable U.S. GAAP measure for the periods indicated (in thousands, except share and per share data):

	Three Months Ended March 31,
	2014			2013
	(unaudited)
	(in thousands, except share and per share data)
Reconciliation of Non-GAAP loss from operations:
GAAP loss from operations	$	(23,497	)	$	(16,761	)
Stock-based compensation expense		7,838			5,989
Employer payroll taxes on stock transactions		363			208
Amortization of intangible assets		809			350
Non-GAAP loss from operations	$	(14,487	)	$	(10,214	)
Reconciliation of Non-GAAP net loss:
GAAP net loss	$	(25,880	)	$	(13,206	)
Stock-based compensation expense		7,838			5,989
Employer payroll taxes on stock transactions		363			208
Amortization of intangible assets		809			350
Income tax adjustment (1)		6,500			(1,507	)
Non-GAAP net loss	$	(10,370	)	$	(8,166	)
Reconciliation of Non-GAAP income (loss) per share:
Non-GAAP net loss per common share - basic and diluted	$	(0.12	)	$	(0.09	)
GAAP net loss per common share - basic and diluted	$	(0.29	)	$	(0.15	)
Weighted average number of common shares outstanding - basic and diluted		89,204,334			86,516,905

(1) Income tax adjustment is used to adjust the U.S. GAAP benefit for income taxes to a Non-GAAP (provision) benefit for income taxes utilizing an estimated long-term tax rate of 30%.

The following table reflects the impact of changes in foreign currency exchange rates from the prior year periods on the reported amounts of total revenue for the three months ended March 31, 2014. To determine the revenue growth rates on a constant currency basis for the three months ended March 31, 2014, revenue from entities reporting in foreign currencies was translated into U.S. dollars using the comparable prior year period’s foreign currency exchange rates.

	Three months ended March 31,
	2014		2013		% change
	(unaudited)
	(dollars in thousands)
Constant currency reconciliation:
Total revenue, as reported	$	111,112	$	96,548		15	%
Estimated impact of foreign currency fluctuations						-1	%
Total revenue constant currency growth rate						14	%

Critical Accounting Policies and Estimates

We prepare our consolidated financial statements in accordance with U.S. GAAP. The preparation of consolidated financial statements also requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, costs and expenses, and related disclosures. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ significantly from the estimates made by our management. To the extent that there are differences between our estimates and actual results, our future financial statement presentation, financial condition, results of operations, and cash flows will be affected. We believe that these accounting policies are critical to understanding our historical and future performance, as these policies relate to the more significant areas involving management’s judgments and estimates. Our significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2013 included in our Annual Report on Form 10-K, filed with the SEC on February 28, 2014. Since the date of those financial statements, there have been no material changes to our critical accounting policies and use of estimates.

26

Contractual Obligations and Commitments

There have been no material changes to our contractual obligations from the information provided in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2013.

Off-Balance Sheet Arrangements

We had no off-balance sheet arrangements, as defined in Item 303(a)(4) of the Securities and Exchange Commission’s Regulation S-K, as of March 31, 2014 and December 31, 2013.

Inflation

Normally, inflation does not have a significant impact on our operations as our products are not generally sold on long-term contracts. Consequently, we can adjust our selling prices, to the extent permitted by competition, to reflect cost increases caused by inflation.

Recent Accounting Pronouncements

See Note 2 to the unaudited consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates. Our market risk exposure is primarily a result of fluctuations in foreign currency exchange rates. We do not hold financial instruments for trading purposes.

Market Risk

We are exposed to certain financial risks, including fluctuations in foreign currency exchange rates and interest rates. We manage our exposure to these market risks through internally established policies and procedures. Our policies do not allow speculation in derivative instruments for profit or execution of derivative instrument contracts for which there are no underlying exposures. We do not use financial instruments for trading purposes and we are not a party to any leveraged derivatives. We monitor our underlying market risk exposures on an ongoing basis and, where appropriate, may use hedging strategies to mitigate these risks.

Interest Rate Sensitivity

We had cash and cash equivalents of approximately $253.3 million at March 31, 2014 and approximately $227.7 million at December 31, 2013. We held these amounts in cash or money market funds.

We hold cash and cash equivalents for working capital purposes. We do not have material exposure to market risk with respect to investments, as our investments consist primarily of highly liquid investments purchased with original maturities of three months or less. We do not use derivative financial instruments for speculative or trading purposes; however, we may adopt specific hedging strategies in the future. Any declines in interest rates, however, will reduce future interest income.

Foreign Exchange Risk

We market our products in the Americas, Europe, the Asia-Pacific Regions, and Africa and largely develop our products in Europe and the U.S. As a result of our business activities in foreign countries, our financial results could be affected by factors such as changes in foreign currency exchange rates or economic conditions in foreign markets, and there is no assurance that exchange rate fluctuations will not harm our business in the future. We sell our products in certain countries in the local currency of the respective country. There is a risk that we will have to adjust local currency product pricing due to the competitive pressure when there has been significant volatility in foreign exchange rates. In addition, a vast majority of our product development activities are principally based at our facility in Lund, Sweden. This provides some natural hedging because most of our subsidiaries’ operating expenses are denominated in their local currencies. Regardless of this natural hedging, our results of operations may be adversely impacted by the exchange rate fluctuation. Although we will continue to monitor our exposure to currency fluctuations and, where appropriate, may use financial hedging techniques in the future to minimize the effect of these fluctuations, we are not currently engaged in any financial hedging transactions. We may choose not to hedge certain foreign exchange exposure for a variety of reasons, including accounting considerations and the prohibitive economic cost of hedging particular exposure.

27

Foreign exchange risk exposures arise from transactions denominated in a currency other than our functional currency and from foreign denominated revenue and profit translated into U.S. dollars. Approximately 71% and 69% of our operating revenues for the three months ended March 31, 2014 and 2013, respectively, were earned in foreign denominated currencies other than the U.S. dollar. The principal foreign currencies in which we conduct business are the euro, the Swedish kronor and the British pound. The translation of currencies in which we operate into the U.S. dollar may affect consolidated revenues and gross profit margins as expressed in U.S. dollars. We seek to manage our foreign exchange risk in part through operational means, including managing same-currency revenues in relation to same-currency costs and same-currency assets in relation to same-currency liabilities. As we operate in multiple foreign currencies, changes in those currencies relative to the U.S. dollar will impact our revenues and expenses. If the U.S. dollar weakens against a specific foreign currency, our revenues will increase having a positive impact on net income, and our overall expenses will increase, having a negative impact on net income. Likewise, if the U.S. dollar strengthens against a specific foreign currency, our revenues will decrease having a negative impact on net income, and our overall expenses will decrease, having a positive impact on net income. Therefore, significant shifts in foreign currencies can impact our short-term results, as well as our long-term forecasts and targets.

Our actual future gains and losses may differ materially due to the inherent limitations with the timing and amount of changes in foreign currency exchange rates and our actual exposure and positions.

Item 4. Controls and Procedures

Evaluation of Disclosure and Control Procedures

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2014. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (“Exchange Act”), means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, as appropriated to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

Our management, with the participation of the Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of March 31, 2014, our disclosure controls and procedures were effective at the reasonable assurance level.

Changes in Internal Control Over Financial Reporting

There were no changes in the Company’s internal control over financial reporting during the first quarter of 2014, which were identified in connection with management’s evaluation required by paragraph (d) of Rules 13a-15 and 15d-15 under the Exchange Act, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

28

PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We are party to legal proceedings in the ordinary course of business and we may from time to time become subject to additional proceedings or additional claims or remedies sought in current proceedings. These actions typically seek, among other things, breach of contract or employment-related damages, intellectual property claims for damages, punitive damages, civil penalties or other losses or declaratory relief. Although there can be no assurance as to the outcome of any such proceedings, we do not believe any of the proceedings currently pending, if determined adversely to us, would individually or in the aggregate have a material adverse effect on our business, operating results or financial condition. See risks discussed in the section titled “Risk Factors” for more information.

Our intellectual property is an essential element of our business. We own trademarks for “Qlik,” “QlikTech,” “QlikView,” “Data Dialogs,” “Natural Analytics,” “Customer Success Framework” and our logo. We rely on a combination of copyright, trademark, trade dress and trade secrecy laws, as well as confidentiality procedures and contractual restrictions, to establish and protect our proprietary rights both domestically and abroad. These laws, procedures and restrictions provide only limited protection. As of March 31, 2014, we had seven issued U.S. patents and had eight pending applications for U.S. patents. In addition, as of March 31, 2014, we had 21 issued and 13 pending applications for foreign patents. Any future patents issued to us may be challenged, invalidated or circumvented. Any patents that might be issued in the future, with respect to pending or future patent applications may not provide sufficiently broad protection or may not prove to be enforceable in actions against alleged infringers. We endeavor to enter into agreements with our employees and contractors and with parties with whom we do business in order to limit access to and disclosure of our proprietary information.

ITEM 1A. RISK FACTORS

The following description of risk factors include any material changes to, and supersedes the description of, risk factors associated with our business previously disclosed in Part I, Item 1A of our Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, on February 28, 2014, under the heading “Risk Factors.” Our business, financial condition and operating results can be affected by a number of factors, whether current known or unknown, including but not limited to those described below, any one or more of which could, directly or indirectly, cause our actual operating results and financial condition to vary materially from past, or anticipated future, operating results and financial condition. Any of these factors, in whole or in part, could materially and adversely affect our business, financial condition, operating results and the price of our common stock.

The following discussion of risk factors contains forward-looking statements. These risk factors may be important to understanding any statement in this Quarterly Report on Form 10-Q or elsewhere. The following information should be read in conjunction with the consolidated financial statements and related notes in Part I, Item 1, “Financial Statements” and Part I, Item 2, “Management’s, Discussion and Analysis of Financial Condition and Results of Operations.”

Because of the following factors, as well as other factors affecting our financial condition and operating results, past financial performance should not be considered to be a reliable indicator of future performance, and investors should not use historical trends to anticipate results or trends in future periods.

We target a global marketplace and compete in a rapidly evolving industry which makes our future operating results difficult to predict. If we are unable to enhance products or acquire new products that respond to rapidly changing customer requirements, technological developments or evolving industry standards, our long-term revenue growth will be harmed.

We target the global business intelligence, or BI, marketplace, which is an industry characterized by rapid technological innovation, changing customer needs, substantial competition, evolving industry standards and frequent introductions of new products, enhancements and services. Any of these factors can render our existing software products and services obsolete or unmarketable. We believe that our future success will depend in large part on our ability to successfully:

• support current and future releases of popular hardware, operating systems, computer programming languages, databases and software applications

• develop new products and product enhancements that achieve market acceptance in a timely manner

• meet an expanding range of customer requirements.

As we encounter increasing competitive pressures, we will likely be required to modify, enhance, reposition or introduce new products and service offerings. We may not be successful in doing so in a timely, cost-effective and appropriately responsive manner, or at all, which may have an adverse effect on our business, quarterly operating results and financial condition. All of these factors make it difficult to predict our future operating results which may impair our ability to manage our business.

We may experience quarterly fluctuations in our operating results due to a number of factors which make our future results difficult to predict and could cause our operating results to fall below expectations or our guidance.

Our operating results may fluctuate due to a variety of factors, many of which are outside of our control. As a result, comparing our operating results on a period-to-period basis may not be meaningful. Our past results should not be relied on as an indication of our future performance. If our revenue or operating results fall below the expectations of investors or securities analysts or below any guidance we may provide to the market, the price of our common stock could decline substantially.

Our operating results have varied in the past and are expected to continue to do so in the future. In addition to other risk factors listed in this “Risk Factors” section, factors that may affect our quarterly operating results, business and financial condition include the following:

• demand for our software products and services and the size and timing of orders

• market acceptance of our current and future products

• a slowdown in spending on information technology, or IT, and software by our current and/or prospective customers

• sales cycles and performance of our indirect channel partners and original equipment manufacturers (known as OEMs)

29

• budgeting cycles of our current or potential customers

• the management, performance and expansion of our domestic and international operations

• the rate of renewals of our maintenance agreements

• changes in the competitive dynamics of our markets

• our ability to control and predict costs, including our operating expenses

• customers delaying purchasing decisions in anticipation of new products or product enhancements by us or our competitors

• the timing of recognizing revenue in any given quarter as a result of revenue recognition rules

• the timing and amount of our tax benefits or tax expenses as a result of, among other things, complex tax laws and any changes to such tax laws in the jurisdictions in which we operate

• foreign currency exchange rate fluctuations

• the seasonality of our business

• failure to successfully manage or integrate any acquisitions

• an increase in the rate of product returns

• the outcome or publicity surrounding any pending or threatened lawsuits

• general economic and political conditions in our domestic and international markets.

In addition, we may in the future experience fluctuations in our gross and operating margins due to changes in the mix of our direct and indirect sales, domestic and international revenues, and license, maintenance and professional services revenues.

We may implement changes to our license pricing and licensing model structure for any or all of our products including increased prices, changes to the types and terms of our licensing structure and maintenance parameters. If these changes are not accepted by our current or future customers, our business, operating results and financial condition could be harmed.

Based upon the factors described above and those described elsewhere in this section entitled “Risk Factors”, we have a limited ability to forecast the amount and mix of future revenues and expenses, which may cause our operating results to fall below our estimates or the expectations of public market analysts and investors.

Product enhancement and new product introductions involve inherent risks.

We compete in a market characterized by rapid technological advances in software development, evolving standards in software technology and frequent new product introductions and enhancements. To succeed, we must continually expand and refresh our product offerings to include newer features or products, and enter into agreements allowing integration of third-party technology into our products. The introduction of new products or updated versions of continuing products has inherent risks, including, but not limited to:

• product quality, including the possibility of software defects

• delays in releasing new products

• customers delaying purchase decisions in anticipation of new products to be released

• customer confusion and extended evaluation and negotiation time

• the fit of the new products and features with the customer’s needs

• the successful adaptation of third-party technology into our products

• educating our sales, marketing and consulting personnel to work with new products and features

• competition from earlier and more established entrants

30

• market acceptance of initial product releases

• marketing effectiveness, including challenges in distribution

• the accuracy of assumptions about the nature of customer demand.

If we are unable to successfully introduce, market, and sell new products and technologies, enhance and improve existing products in a timely manner, and properly position and/or price our products, our business, results of operations, or financial position could be materially impacted.

If new industry standards emerge or if we are unable to respond to rapid technological changes, demand for our software platform may be adversely affected.

We believe that our future success is dependent in large part on our ability:

• to support current and future industry standards, including databases and operating systems

• to maintain technological competiveness and meet an expanding range of customer requirements

• to introduce new products and features for our customers.

The emergence of new industry standards in related fields may adversely affect the demand for our existing software products. Our business and results of operations may be adversely affected if new technologies emerged that were incompatible with customer deployments of our software products. We currently support Open Database Connectivity, or ODBC, and Object Linking and Embedding Database, or OLEDB, standards in database access technology. If we are unable to adapt our software products on a timely basis to new standards in database access technology, the ability of our software products to access customer databases could be impaired. In addition, the emergence of new server operating systems standards could adversely affect the demand for our existing software products. Our software products currently require the Windows Server operating system when deployed on a server, as used in most multi-user deployments. If customers are unwilling to use a Windows Server, we may not be able to achieve compatibility on a timely basis or without substantial research and development and support expense. We currently support all generally available client operating systems that run industry standard web browsers, but we cannot provide assurance that we will be able to support future client operating systems and web browsers in a timely and cost-effective manner, if at all.

The markets for our software products and services are also characterized by rapid technological and customer requirement changes. In particular, our technology is optimized for servers utilizing the x86 and x64 families of microprocessors. If the speed and performance of these microprocessor families do not continue to increase at the rates we anticipate, our software may not attain the performance speed and capabilities that we expect. Also, if different microprocessor architecture were to gain widespread acceptance in server applications, we may not be able to achieve compatibility on a timely basis or without substantial research and development and support expense. Our delay or inability to achieve compatibility with different microprocessor architecture or other technological change or in satisfying changing customer requirements could render our existing and future products obsolete and unmarketable. As a result, we may not be able to accurately predict the lifecycle of our software products and services, and they may become obsolete before we receive the amount of revenues that we anticipate from them.

Our long-term growth depends on our ability to enhance and improve our existing products and to introduce or acquire new products that respond to these demands. The creation of BI software is inherently complex. The development and testing of new products and product enhancements can require significant research and development expenditures. As a result, substantial delays in the general availability of such new releases or significant problems in the installation or implementation of such new releases could harm our business, operating results and financial condition. We may not successfully develop and market product enhancements or new products that respond to technological change or new customer requirements. Even if we introduce a new product, we may experience a decline in revenues of our existing products that is not fully matched by the new product’s revenue. For example, customers may delay making purchases of a new product to make a more thorough evaluation of the product, or until industry and marketplace reviews become widely available. In addition, we may lose existing customers who choose a competitor’s product rather than to migrate to our new product. This could result in a temporary or permanent revenue shortfall and harm our business, operating results and financial condition. If we are unable to develop or acquire enhancements to, and new features for, our existing products or acceptable new products that keep pace with rapid technological developments, our products may become obsolete, less marketable and less competitive, and our business, operating results and financial condition will be harmed.

We depend on revenue from a single software product platform.

Despite our planned release of QlikView.Next, we are and we may continue to be heavily dependent on our QlikView product. Our business would be harmed by a decline in demand for, or in the price of, our software products as a result of, among other factors:

31

• any change in our pricing model

• any change in our licensing model

• any change in our go to market model

• increased competition

• support, research and development or other expenditures undertaken in attempts, whether or not successful, to develop new products

• maturation in the markets for our products.

Our financial results would suffer if the market for BI software does not continue to grow or if we are unable to further penetrate this market.

Nearly all of our revenues to date have come from sales of BI software and related maintenance and professional services. We expect these sales to account for substantially all of our revenues for the foreseeable future. Although demand for BI software has grown in recent years, the market for BI software applications is still evolving. We cannot be sure that this market will continue to grow or, even if it does grow, that customers will purchase our software products or services. We have spent, and intend to keep spending, considerable resources to educate potential customers about BI software in general and our Business Discovery platform and products in particular. However, we cannot be sure that these expenditures will help our software products achieve any additional market acceptance or enable us to attract new customers or new users at existing customers. A reduction in the demand for our software products and services could be caused by, among other things, lack of customer acceptance, weakening economic conditions, competing technologies and services or decreases in software spending. If the market and our market share fail to grow or grow more slowly than we currently expect, our business, operating results and financial condition would be harmed.

Our operating income could fluctuate and may decline as a percentage of revenue as we make further expenditures to expand our operations in order to support additional growth in our business.

We have continued to make significant investments in our operations to support additional growth, such as hiring substantial numbers of new personnel, investing in research and development, investing in new facilities, acquiring other companies or their assets and establishing and broadening our international operations in order to expand our business. We intend to make additional investments in research and development, systems, infrastructure, marketing and personnel and to continue to expand our operations to support anticipated future growth in our business. As a result of these investments, our operating income could fluctuate and may decline as a percentage of revenue.

We use indirect channel partners and if we are unable to maintain successful relationships with them, our business, operating results and financial condition could be harmed.

In addition to our direct sales force, we use indirect channel partners, such as distribution partners, value-added resellers, system integrators and OEMs to license and support our software products. For the year ended December 31, 2013 and three month ended March 31, 2014, transactions by indirect channel partners accounted for more than 50% of our total product licenses and first year maintenance billings. We expect to continue to rely substantially on our channel partners in the future.

Our channel partners may offer customers the products of several different companies, including products that compete with ours. Our channel partners generally do not have an exclusive relationship with us; thus, we cannot be certain that they will prioritize or provide adequate resources for selling our products. Divergence in strategy or contract defaults by any of these channel partners may harm our ability to develop, market, sell or support our software products. In addition, establishing and retaining qualified indirect sales channel partners and training them in our software products and services requires significant time and resources. In order to develop and expand our distribution channel, we must continue to scale and improve our processes and procedures that support our channel partners, including investment in systems and training. These processes and procedures may become increasingly complex and difficult to manage as we grow our organization.

Our ability to achieve revenue growth in the future will depend in part on our success in maintaining successful relationships with our current and future channel partners and their ability to license and support our software products. There can be no assurance that our channel partners will continue to cooperate with us when our distribution agreements expire, change or are up for renewal. If we are unable to maintain our relationships with these channel partners, our business, operating results and financial condition could be harmed. Also, in a number of regions we rely on a limited number of resellers, and our business may be harmed if any of these resellers were to fail to effectively license our software in their specified geographic territories.

In addition, we rely on our channel partners to operate in accordance with the terms of their contractual agreements with us. For example, our agreements with our channel partners limit the terms and conditions pursuant to which they are authorized to resell or distribute our software products and offer technical support and related services. We also typically require our channel partners to provide us with the dates and details of product license transactions sold to end user customers. If our channel partners do not comply with their contractual obligations to us, our business, results of operations and financial condition may be harmed.

32

If we are unable to expand our direct sales capabilities and increase sales productivity, we may not be able to generate increased revenues.

We may be required to expand our direct sales force in order to generate increased revenue from new and existing customers. We have and intend to continue to increase our number of direct sales professionals. New hires require training and take time to achieve full productivity. We cannot be certain that recent and future new hires will become as productive as necessary or that we will be able to hire enough qualified individuals in the future. Failure to hire qualified direct sales personnel and increase sales productivity will preclude us from expanding our business and growing our revenue, which may harm our business, operating results and financial condition.

As we pursue new enterprise customers, additional OEM opportunities or more complicated deployments, our sales cycle, forecasting processes and deployment processes may become more unpredictable and require greater time and expense.

Our sales cycle may lengthen as we pursue new enterprise customers. Enterprise customers may undertake a significant evaluation process in regard to enterprise software which can last from several months to a year or longer. If our sales cycle were to lengthen in this manner, events may occur during this period that affect the size or timing of a purchase or even cause cancellations, and this may lead to more unpredictability in our business and operating results. Additionally, sales cycles for sales of our software products tend to be longer, ranging from three to 12 months or more which may make forecasting more complex and uncertain. We may spend substantial time, effort and money on our sales efforts without any assurance that our efforts will produce any sales. We may spend substantial time, effort, and money in our sales efforts without being successful in generating any sales. In addition, product purchases by large enterprises are frequently subject to budget constraints, multiple approvals, and unplanned administrative, processing, and other delays. Finally, large enterprises typically have longer implementation cycles, require greater product functionality and scalability and a broader range of services, demand that vendors take on a larger share of risks, sometimes require acceptance provisions that can lead to a delay in revenue recognition, and expect greater payment flexibility from vendors. All of these factors can add further risk to business conducted with these end-customers. If we fail to realize an expected sale from a large end-customer in a particular quarter or at all, our business, operating results, and financial condition could be materially and adversely affected.

In addition, we may face unexpected deployment challenges with enterprise customers or more complicated installations of our software products. It may be difficult to deploy our software products if the customer has unexpected database, hardware or software technology issues. Additional deployment complexities may occur if a customer hires a third party to deploy our software products or if one of our indirect channel partners leads the implementation of our solution. Any difficulties or delays in the initial implementation could cause customers to reject our software or lead to the delay or non-receipt of future orders, in which case our business, operating results and financial condition would be harmed.

Managing our international operations is complex and our failure to do so successfully could harm our business, operating results and financial condition.

We receive a significant portion of our total revenues from international sales from foreign direct and indirect operations. International revenues accounted for approximately 72% of our total revenues for the quarter ended March 31, 2014, approximately 70% of our total revenues for the year ended December 31, 2013, approximately 72% of our total revenues for the year ended December 31, 2012 and approximately 73% of our total revenues for the year ended December 31, 2011. We have facilities located in Australia, Austria, Belgium, Brazil, Canada, China, Denmark, Finland, France, Germany, Hong Kong, India, Italy, Japan, the Netherlands, Norway, Poland, Portugal, Russia, Singapore, Spain, Sweden, Switzerland, the United Arab Emirates and the United Kingdom. We expect to continue to add personnel in these and additional countries. Our international operations require significant management attention and financial resources.

There are certain risks inherent in our international business activities including, but not limited to:

• managing and staffing international offices and the increased costs associated with multiple international locations

• maintaining relationships with indirect channel partners outside the U.S., whose sales and lead generation activities are very important to our international operations

• multiple legal systems and unexpected changes in legal requirements

• tariffs, export restrictions, trade barriers and other regulatory or contractual limitations on our ability to sell or develop our products in certain foreign markets

• trade laws and business practices favoring local competition

• costs of localizing products and potential lack of acceptance of localized versions

• potential tax issues, including restrictions on repatriating earnings and multiple, conflicting, changing and complex tax laws and regulations

33

• employer payroll tax withholdings with respect to exercises by employees of options to purchase common stock

• weaker intellectual property protection in some countries

• difficulties in enforcing contracts and collecting accounts receivable, longer sales cycles and longer payment cycles, especially in emerging markets

• the significant presence of some of our competitors in certain international markets

• our ability to adapt to sales practices and customer requirements in different cultures

• political instability, including war and terrorism or the threat of war and terrorism

• adverse economic conditions, including the stability and solvency of business financial markets, financial institutions and sovereign nations.

We believe that, over time, a significant portion of our revenues and costs will continue to be denominated in foreign currencies. To the extent such denomination in foreign currencies does occur, gains and losses on the conversion to the U.S. dollar of accounts receivable, accounts payable and other monetary assets and liabilities arising from international operations may contribute to fluctuations in our results of operations. Although we may in the future decide to undertake foreign exchange hedging transactions to cover a portion of our foreign currency transaction exposure, our policies do not allow speculation in derivative instruments for profit or execution of derivative instrument contracts for which there are no underlying exposures. We do not use financial instruments for trading purposes and we are not a party to any leveraged derivatives. We monitor underlying market risk exposures on an ongoing basis and believe that we can modify or adapt our hedging strategies as needed. If we are not effective in any future foreign exchange hedging transactions in which we engage, our business, operating results and financial condition could be harmed.

In addition, compliance with foreign and U.S. laws and regulations that are applicable to our international operations is complex and may increase our cost of doing business in international jurisdictions, and our international operations could expose us to fines and penalties if we fail to comply with these regulations. These laws and regulations include import and export requirements, U.S. laws such as the Foreign Corrupt Practices Act and anti-money laundering regulations, and local laws prohibiting corrupt payments to governmental officials. Although we have implemented policies and procedures designed to help ensure compliance with these laws, there can be no assurance that our employees, partners and other persons with whom we do business will not take actions in violation of our policies or these laws. Any violations of these laws could subject us to civil or criminal penalties, including substantial fines or prohibitions on our ability to offer our products and services in one or more countries, and could also materially damage our reputation, our brand and our international business.

Our failure to manage any of these risks successfully could harm our international operations, business operating results and financial condition and reduce our international sales.

Our business depends on customers renewing their annual maintenance contracts and our ability to collect renewal fees.

Any decline in maintenance renewals could harm our future operating results. We currently sell our software products pursuant to a perpetual license with a fixed upfront fee which ordinarily includes one year of maintenance as part of the initial price. Our customers have no obligation to renew their maintenance agreements after the expiration of this initial period, and they may not renew these agreements. We may be unable to predict future customer renewal rates accurately. Our customers’ renewal rates may decline or fluctuate as a result of a number of factors, including their level of satisfaction with our software products, the prices of our software products, the prices of products and services offered by our competitors, reductions in our customers’ spending levels or general, industry-specific or local economic conditions. If our customers do not renew their maintenance arrangements or if they renew them on less favorable terms, our revenues may decline and our business will suffer. A substantial portion of our quarterly maintenance revenue is attributable to maintenance agreements entered into during previous quarters. As a result, if there is a decline in renewed maintenance agreements in any one quarter, only a small portion of the decline will be reflected in our maintenance revenue recognized in that quarter and the rest will be reflected in our maintenance revenue recognized in the following four quarters or more. In addition, we may have difficulties collecting renewal fees from our customers, especially in regards to customers located in emerging international markets or markets experiencing slowed growth, recessions or other adverse economic conditions. If we are unable to collect renewal fees from customers, our business, results of operations and financial condition will be harmed.

34

Our software products could contain undetected errors, or bugs, which could cause problems with product performance and which could in turn reduce demand for our software products, reduce our revenue and lead to product liability claims against us.

Software products like ours, which consist of hundreds of thousands of lines of code and incorporate licensed software from third parties, may contain errors and/or defects. Although we test our software, we have in the past discovered software errors in our products after their introduction. Despite testing by us and by our current and potential customers, errors may be found in new products or releases after deployment begins. This could result in lost revenue, damage to our reputation or delays in market acceptance which could harm our business, operating results and financial condition. We may also have to expend resources to correct these defects and the resulting effects of these defects.

Our license agreements with customers typically contain provisions designed to limit our exposure to product liability, warranty and other claims. It is possible, however, that these provisions may not be effective as a result of existing or future laws of certain domestic or international jurisdictions or unfavorable judicial decisions in such jurisdictions, and we may be exposed to product liability, warranty and other claims. If these claims are made, our potential exposure may be substantial given the use of our products in business-critical applications. A successful product liability claim against us could harm our business, operating results and financial condition.

We face intense competition which may lead to reduced revenue and loss of market share.

The markets for BI software, analytical applications and information management are intensely competitive and subject to rapidly changing technology and evolving standards. In addition, many companies in these markets are offering, or may soon offer, products and services that may compete with our software products.

We face competitors in several broad categories, including BI software, analytical processes, query, search and reporting tools. We compete with large software corporations, including suppliers of enterprise resource planning software that provide one or more capabilities that are competitive with our software platform, such as IBM (which acquired Cognos in 2008), Microsoft, Oracle (which acquired Hyperion Solutions in 2007) and SAP AG (which acquired Business Objects in 2008), and with open source BI vendors, including Pentaho and JasperSoft. Open source software is software that is made widely available by its authors and is licensed “as is” for a nominal fee or, in some cases, at no charge. As the use of open source software becomes more widespread, certain open source technology could become competitive with our proprietary technology, which could cause sales of our products to decline or force us to reduce the fees we charge for our products. We also compete, or may increasingly in the future compete, with various independent competitors that are primarily focused on BI products, such as Actuate, Information Builders, MicroStrategy, the SAS Institute, Tableau Software and TIBCO. We expect additional competition as other established and emerging companies or open source vendors enter the BI software market and new products and technologies are introduced.

Many of our competitors have longer operating histories, significantly greater financial, technical, marketing or other resources and greater name recognition than we do. In addition, many of our competitors have strong relationships with current and potential customers and extensive knowledge of the BI industry. As a result, they may be able to respond more quickly to new or emerging technologies and changes in customer requirements or devote greater resources to the development, promotion and sale of their products than us. Increased competition may lead to price cuts, fewer customer orders, reduced gross margins, longer sales cycles and loss of market share. We may not be able to compete successfully against current and future competitors, and our business, operating results and financial condition will be harmed if we fail to meet these competitive pressures.

Current and future competitors may also make strategic acquisitions or establish cooperative relationships among themselves or with others. By doing so, these competitors may increase their ability to meet the needs of our current or potential customers. Our current or prospective indirect channel partners may establish cooperative relationships with our current or future competitors. These relationships may limit our ability to sell our software products through specific distribution channels. Accordingly, new competitors or alliances among current and future competitors may emerge and rapidly gain significant market share. These developments could limit our ability to obtain revenues from new customers and to sustain maintenance revenues from our installed customer base. If we are unable to compete successfully against current and future competitors, our business, operating results and financial condition would be harmed.

If customers demand BI software to be provided via a “software as a service” business model, our business could be harmed.

Software as a service, or SaaS, is a model of software deployment where a software provider typically licenses an application to customers for use as a service on demand through web browser technologies. A SaaS business model can require a vendor to undertake substantial capital investments and related sales and support resources and personnel. If customers were to require BI software like ours to be provided via a SaaS deployment, we would need to undertake significant investments in order to implement this alternative business model. If the prevalence of cloud-based data increases, current and prospective customers may increasingly demand SaaS-based BI software platforms. In addition, we would be obligated to apply new revenue recognition policies. Even if we undertook these investments, we may be unsuccessful in implementing a SaaS business model. These factors could harm our business, operating results and financial condition.

If we fail to develop and maintain our brand cost-effectively, our business may be harmed.

We believe that developing and maintaining awareness and integrity of our brand in a cost-effective manner are important to achieving widespread acceptance of our Business Discovery platform and our existing and future products and are important elements

35

in attracting new customers and maintaining existing customers. We believe that the importance of brand recognition will increase as competition in our market further intensifies. In January 2014, we rebranded our company under the name “Qlik.” Successful promotion of our brand will depend on the effectiveness of our marketing efforts and on our ability to provide reliable and useful products and services at competitive prices. Brand promotion activities may not yield increased revenue, and even if they do, the increased revenue may not offset the expenses we incur in building and maintaining our brand. We also rely on our customer base and community of end-users in a variety of ways, including to give us feedback on our products and to provide user-based support to our other customers. If we fail to promote and maintain our brand successfully or to maintain loyalty among our customers and Qlik Community, our user community, or if we incur substantial expenses in an unsuccessful attempt to promote and maintain our brand, we may fail to attract new customers or retain our existing customers and our business may be harmed.

If we are unable to manage our growth effectively, our revenues and profits could be adversely affected.

We plan to continue to expand our operations and employee headcount significantly, and we anticipate that further significant expansion will be required. Our future operating results depend to a large extent on our ability to manage this expansion and growth successfully. Sustaining our growth will place significant demands on our management as well as on our administrative, operational and financial resources. To manage our growth, we must continue to improve our operational, financial and management information systems and expand, motivate and manage our workforce. If we are unable to manage our growth successfully without compromising our quality of service or our profit margins, or if new systems that we implement to assist in managing our growth do not produce the expected benefits, our revenues and profits could be harmed. Risks that we face in undertaking future expansion include:

• training new personnel to become productive and generate revenue

• enabling partners to sell our software products

• controlling expenses and investments in anticipation of expanded operations

• implementing and enhancing our administrative, operational and financial infrastructure, systems and processes

• addressing new markets

• expanding operations in the U.S. and international regions.

A failure to manage our growth effectively could harm our business, operating results, financial condition and ability to market and sell our software products and maintenance services.

If we are unable to recruit or retain skilled personnel, or if we lose the services of any of our key personnel, our business, operating results and financial condition could be harmed.

Our future success depends on our continuing ability to attract, train and retain highly skilled personnel, and we face intense competition for these employees. We may not be able to retain our current key employees or attract, train or retain other highly skilled personnel in the future. If we lose the services of one or all of our key employees, or if we are unable to attract, train and retain the highly skilled personnel we need, our business, operating results and financial condition could be harmed.

In addition, we must successfully integrate new employees into our operations and generate sufficient revenues to justify the costs associated with these employees. If we fail to successfully integrate employees or to generate the revenue necessary to offset employee-related expenses, our business and financial results could be adversely affected.

The success of our business is also heavily dependent on the leadership of key management personnel, including Lars Björk, Chief Executive Officer, and other members of our senior management team. The loss of one or more key employees could adversely affect our continued operations.

Our future success depends in a large part upon the continued service of key members of our senior management team. In particular, Lars Björk, our Chief Executive Officer, is critical to the overall management of our organization, as well as the development of our brand, our technology, our culture and our strategic direction.

We have experienced significant changes, and may experience additional changes in the future, to our senior management team. For us to compete successfully and grow, we must retain, recruit and develop key personnel who can provide the needed expertise for our industry and products. However, the market for qualified personnel is competitive and we may not succeed in recruiting additional senior management personnel or may fail to replace current senior management personnel effectively who depart without qualified or effective successors. Any successors that we hire from outside of the Company would likely be unfamiliar with our business model and industry and may therefore require significant time to understand and appreciate the important aspects of our business or fail to do so altogether. Our effort to retain and develop personnel may also result in significant additional expenses, which could adversely affect our profitability. The loss of any of our management or key personnel could seriously harm our business.

36

Future product development is dependent on adequate research and development resources.

In order to remain competitive, we must continue to develop new products, applications and enhancements to our existing software products. This is particularly true as we strive to further expand our Business Discovery platform and product capabilities. Maintaining adequate research and development resources, such as the appropriate personnel, talent and development technology, to meet the demands of the market is essential. Our research and development organization is primarily located in Lund, Sweden, and we may have difficulty hiring suitably skilled personnel in this region or expanding our research and development organization to facilities located in other geographic locations. In addition, many of our competitors expend a considerably greater amount of resources on their respective research and development programs. Our failure to maintain adequate research and development resources or to compete effectively with the research and development programs of our competitors would present an advantage to such competitors.

If we fail to offer high quality customer support, our business would suffer.

Once our software products are deployed to our customers, our customers rely on our support services to resolve any related issues. High quality customer support is important for the successful marketing and sale of our software products and services and for the renewal of existing customers. The importance of high quality customer support will increase as we expand our business and pursue new enterprise customers. If we do not help our customers quickly resolve post-deployment issues and provide effective ongoing support, our ability to sell our software products and professional services to existing customers would suffer and our reputation with existing or potential customers would be harmed.

We currently utilize a combination of internal support personnel and third party support organizations, and we cannot provide assurance that actions taken or not taken by our third party support organization will not harm our reputation or business. As we expand our sales infrastructure, we will be required to engage and train additional support personnel and resources. Further, our support organization will face additional challenges as we enter new international markets, including challenges associated with delivering support, training and documentation in languages required by new customers. If we fail to maintain high quality customer support or to grow our internal and external support organization to match any future sales growth, our business will suffer.

If we do not meet our revenue forecasts, we may be unable to reduce our expenses to avoid or minimize harm to our results of operations.

Our revenues are difficult to forecast and are likely to fluctuate significantly from period to period. We base our operating expense budgets on expected revenue trends, and many of our expenses, such as office and equipment leases and personnel costs, will be relatively fixed in the short term and will increase as we continue to make investments in our business and hire additional personnel. In the event we alter our licensing model, our ability to forecast revenue and expenses may be further hampered. Our estimates of sales trends may not correlate with actual revenues in a particular quarter or over a longer period of time. Variations in the rate and timing of conversion of our sales prospects into actual licensing revenues could cause us to plan or budget inaccurately and those variations could adversely affect our financial results. In particular, delays or reductions in amount or cancellation of customers’ purchases of our software products would adversely affect the overall level and timing of our revenues, and our business, results of operations and financial condition could be harmed. Due to the relatively fixed nature of many of our expenses, we may be unable to adjust spending quickly enough to offset any unexpected revenue shortfall.

In the course of our sales to customers, we may encounter difficulty collecting accounts receivable and could be exposed to risks associated with uncollectible accounts receivable. In the event we are unable to collect on our accounts receivable, it could negatively affect our cash flows, operating results and business.

Our methodologies and software products may infringe the intellectual property rights of third parties or be found to contain unexpected open source software, and this may create liability for us or otherwise harm our business.

Third parties may claim that our current or future products infringe their intellectual property rights, and such claims may result in legal claims against our customers and us. These claims may damage our reputation, harm our customer relationships and create liability for us. We expect the number of such claims will increase as the number of products and the level of competition in our industry segments grow, the functionality of products overlap and the volume of issued software patents and patent applications continues to increase. We generally agree in our customer contracts to indemnify customers for expenses or liabilities they incur as a result of third party intellectual property infringement claims associated with our products or services. To the extent that any claim arises as a result of third party technology we have licensed for use in our product, we may be unable to recover from the appropriate third party any expenses or other liabilities that we incur.

In addition, software products like ours that contain hundreds of thousands of lines of software code at times incorporate open source software code. The use of open source software code is typically subject to varying forms of software licenses, called copyleft or open source licenses. These types of licenses may require that any person who creates a software product that redistributes or modifies open source software that was subject to an open source license must also make their own software product subject to the same open source license. This can lead to a requirement that the newly created software product be provided free of charge or be made available or distributed in source code form. Although we do not believe our software includes any open source software that would result in the imposition of any such requirement on portions of our software products, our software could be found to contain this type of open source software.

37

Moreover, we cannot assure you that our processes for controlling our use of open source software in our products will be effective. If we are held to have breached the terms of an open source software license, we could be required to seek licenses from third parties to continue offering our products on terms that are not economically feasible, to re-engineer our products, to discontinue the sale of our products if re-engineering could not be accomplished on a timely basis, or to make generally available, in source code form, our proprietary code, any of which could adversely affect our business, operating results, and financial condition.

In addition to risks related to license requirements, usage of open source software can lead to greater risks than use of third-party commercial software, as open source licensors generally do not provide warranties or assurance of title, non-infringement or controls on origin of the software. In addition, many of the risks associated with usage of open source software, such as the lack of warranties or assurances of title, cannot be eliminated, and could, if not properly addressed, negatively affect our business. We have established processes to help alleviate these risks, including a review process for screening requests from our development organizations for the use of open source software, but we cannot be sure that all open source software is submitted for approval prior to use in our products.

Responding to any infringement claim, regardless of its validity, or discovering open source software code in our products could harm our business, operating results and financial condition, by, among other things:

• resulting in time-consuming and costly litigation

• diverting management’s time and attention from developing our business

• requiring us to pay monetary damages or enter into royalty and licensing agreements that we would not normally find acceptable

• causing product shipment or deployment delays

• requiring us to stop selling certain of our products

• requiring us to redesign certain of our products using alternative non-infringing or non-open source technology or practices, which could require significant effort and expense

• requiring us to disclose our software source code, the detailed program commands for our software

• requiring us to satisfy indemnification obligations to our customers.

Our intellectual property rights are valuable, and any inability to protect them could reduce the value of our software products, services and brand.

As of March 31, 2014, we had seven issued U.S. patents and eight pending applications for U.S. patents expiring at various times ranging from 2015 through 2033 and 21 issued and 13 pending applications for foreign patents expiring at various times ranging from 2015 through 2031. We rely on a combination of copyright, trademark, patent, trade secrets, confidentiality procedures and contractual commitments to protect our proprietary information. For example, we license our software products pursuant to click-wrap or signed license agreements that impose certain restrictions on a licensee’s ability to utilize the software. We also seek to avoid disclosure of our intellectual property, including by requiring those persons with access to our proprietary information to execute confidentiality agreements with us and by restricting access to our source code.

Despite our efforts, these measures can only provide limited protection. Unauthorized third parties may try to copy or reverse engineer portions of our software products or may otherwise obtain and use our intellectual property. Any patents owned by us may be invalidated, circumvented or challenged. Any of our pending or future patent applications, whether or not being currently challenged, may not be issued with the scope of the claims we seek, if at all. Legal standards relating to the validity, enforceability and scope of protection of intellectual property rights in other countries are uncertain and may afford little or no effective protection for our services, software, methodology and other proprietary rights. Consequently, we may be unable to prevent our intellectual property rights from being exploited abroad, which could require costly efforts to protect them. Policing the unauthorized use of our proprietary rights is expensive, difficult and, in some cases, impossible. Litigation may be necessary in the future to enforce or defend our intellectual property rights, to protect our trade secrets or to determine the validity and scope of the proprietary rights of others. Such litigation could result in substantial costs and diversion of management resources, either of which could harm our business. Accordingly, despite our efforts, we may not be able to prevent third parties from infringing upon or misappropriating our intellectual property. If we cannot protect our proprietary technology against unauthorized copying or use, we may not remain competitive.

Furthermore, many of our current and potential competitors have the ability to dedicate substantially greater resources to developing and protecting their technology or intellectual property rights than we do. In addition, our attempts to protect our proprietary technology and intellectual property rights may be further limited as our employees may be recruited by our current or future competitors and may take with them significant knowledge of our proprietary information. Consequently, others may develop services and methodologies that are similar or superior to our services and methodologies or may design around our intellectual property.

38

Computer “hackers” may damage our systems, services and products, and breaches of data protection could impact our business.

Computer programmers and hackers may be able to penetrate our network security and misappropriate our confidential information or that of third parties, create system disruptions or cause interruptions or shutdowns of our internal systems and services. If successful, any of these events could damage our computer systems or those of our customers and could disrupt or prevent us from providing timely maintenance and support for our software products. Computer programmers and hackers also may be able to develop and deploy viruses, worms and other malicious software programs that attack our products or otherwise exploit any security vulnerabilities of our products. The costs to us to eliminate or alleviate security problems, bugs, viruses, worms, malicious software programs and security vulnerabilities could be significant, and the efforts to address these problems could result in interruptions, delays, cessation of service and loss of existing or potential customers and may impede our sales and other critical functions.

In the course of our regular business operations and providing maintenance and support services to our customers, we process and transmit proprietary information and sensitive or confidential data, including personal information of employees, customers and others. Breaches in security could expose us, our employees, our customers or the individuals affected to a risk of loss or misuse of this information, which could result in potential regulatory actions, litigation and potential liability for us, as well as the loss of existing or potential customers and damage to our brand and reputation.

Prolonged economic uncertainties or downturns could materially harm our business.

We are subject to risks arising from changes and uncertainty in domestic and global economies. Our operations and performance depend significantly on worldwide economic conditions. Current or future economic downturns could harm our business and results of operations. Negative trends in the general economy in the U.S., Europe and the other jurisdictions in which we do business, including trends resulting from actual or threatened military action, terrorist attacks and financial, credit market fluctuations and changes in tax laws, could cause a decrease in corporate spending on BI software in general and negatively affect the rate of growth of our business and our results of performance.

General worldwide economic conditions have experienced a significant downturn. For instance, the macroeconomic condition of some countries in which we operate has been hindered by unemployment, budget deficits, high public debt, the risk of defaults on sovereign debt and potential or actual private bank failures. These conditions make it extremely difficult for our customers and us to accurately forecast and plan future business activities, and they could cause our customers to slow spending on our products and services which would delay and lengthen sales cycles. Furthermore, during challenging economic times our customers may face issues in gaining timely access to sufficient credit which could result in an impairment of their ability to make timely payments to us. If that were to occur, we may be required to increase our allowance for doubtful accounts and our operating results would be harmed.

We maintain operating or other bank accounts at financial institutions in the U.S., Sweden and other regions. In particular, a significant amount of our cash balances in the U.S. and Sweden are in excess of the insurance limits of the U.S. government’s Federal Deposit Insurance Corporation, or FDIC, and Swedish government’s Swedish Deposit Insurance Scheme, or Insättningsgarantin. The FDIC insures deposits in most banks and savings associations located in the U.S. and protects depositors against the loss of their deposits if an FDIC-insured bank or savings association fails, subject to specified monetary ceilings. Similarly, the Swedish Deposit Insurance Scheme is a state-provided guarantee of deposits in accounts at Swedish banks, subject to specified monetary ceilings. We could incur substantial losses if the underlying financial institutions in these or other regions fail or are otherwise unable to return our deposits.

We have a significant number of customers in the consumer products and services, healthcare, retail, manufacturing and financial services industries. A substantial downturn in these industries may cause organizations to react to worsening conditions by reducing their capital expenditures in general or by specifically reducing their spending on IT. Customers in these industries may delay or cancel IT projects or seek to lower their costs by renegotiating vendor contracts. Also, customers with excess IT resources may choose to develop in-house software solutions rather than obtain those solutions from us. Moreover, competitors may respond to market conditions by lowering prices and attempting to lure away our customers. In addition, the increased pace of consolidation in certain industries may result in reduced overall spending on our products.

We cannot predict the timing, strength or duration of any economic slowdown or recovery, generally or in the consumer products and services, manufacturing and financial services industries. During challenging and uncertain economic times and in tight credit markets, many customers delay or reduce technology purchases. Contract negotiations may become more protracted or difficult if customers institute additional internal approvals for technology purchases or require more negotiation of contract terms and conditions. These economic conditions, and uncertainty as to the general direction of the macroeconomic environment, are beyond our control and could result in reductions in sales of our products, longer sales cycles, difficulties in collection of accounts receivable or delayed payments, slower adoption of new technologies, increased price competition and reductions in the rate at which our customers renew their maintenance agreements and procure consulting services.

39

Our business could be harmed as a result of the risks associated with our acquisitions.

As part of our business strategy, we may from time to time seek to acquire businesses or assets that provide us with additional intellectual property, customer relationships and geographic coverage. We can provide no assurances that we will be able to find and identify desirable acquisition targets or that we will be successful in entering into a definitive agreement with any one target. In addition, even if we reach a definitive agreement with a target, there is no assurance that we will complete any future acquisition.

Any acquisitions we undertake will likely be accompanied by business risks which may include, among other things:

• the effect of the acquisition on our financial and strategic position and reputation

• the failure of an acquisition to result in expected benefits, which may include benefits relating to enhanced revenues, technology, human resources, costs savings, operating efficiencies, goodwill and other synergies

• the difficulty, cost and management effort required to integrate the acquired businesses, including costs and delays in implementing common systems and procedures and costs and delays caused by communication difficulties

• the assumption of certain known or unknown liabilities of the acquired business, including litigation-related liabilities

• the reduction of our cash available for operations and other uses, the increase in amortization expense related to identifiable assets acquired, potentially dilutive issuances of equity securities or the incurrence of debt

• a lack of experience in new markets, new business culture, products or technologies or an initial dependence on unfamiliar distribution partners

• the possibility that we will pay more than the value we derive from the acquisition

• the impairment of relationships with customers, partners or suppliers of the acquired business or our customers

• the potential loss of key employees of the acquired company.

These factors could harm our business, results of operations or financial condition.

In addition to the risks commonly encountered in the acquisition of a business or assets as described above, we may also experience risks relating to the challenges and costs of closing a transaction. The risks described above may be exacerbated as a result of managing multiple acquisitions at once.

Business disruptions could affect our operating results.

A significant portion of our research and development activities and certain other critical business operations are concentrated at a single facility in Sweden. In addition, a significant amount of our management operations are concentrated in a single facility in Radnor, Pennsylvania. We are also a highly automated business and a disruption or failure of our systems could cause delays in completing sales and providing services. A major natural disaster, fire, act of terrorism or other catastrophic event that results in the destruction or disruption of any of our critical business operations or IT systems could severely affect our ability to conduct normal business operations and, as a result, our future operating results could be harmed.

Future litigation could harm our results of operation and financial condition.

In addition to intellectual property litigation, from time to time, we may be subject to other litigation. We record a related liability when we can make a reasonable estimate of the liability relating to pending litigation and determine that it is probable. As additional information becomes available, we assess the potential liability and revise estimates as appropriate. However, because of uncertainties relating to litigation, the amount of our estimates could be wrong. In addition to the related cost and use of cash, pending or future litigation could cause the diversion of management’s attention and resources.

We are incurring significant costs and demands upon management as a result of complying with the laws and regulations affecting public companies, which could harm our operating results.

As a public company, we are incurring significant legal, accounting and other expenses that we did not incur as a private company. In addition, the Sarbanes-Oxley Act of 2002, as well as rules subsequently implemented by the SEC, the Financial Industry Regulatory Authority, Inc. (“FINRA”) and the Nasdaq Stock Exchange Global Select Market (“NASDAQ”) imposes various requirements on public companies, including requirements with respect to corporate governance practices. Our management and other personnel devote a substantial amount of time to these compliance initiatives. Moreover, these rules and regulations have substantially increased our legal and financial compliance costs and made some activities more time-consuming and costly. We also expect these rules and regulations may make it more difficult and more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced policy limits and coverage or incur substantial costs to maintain the same or similar coverage.

40

These rules and regulations could also make it more difficult for us to attract and retain qualified persons to serve on our board of directors, our board committees or as executive officers.

If we do not adequately manage and evolve our financial reporting and managerial systems and processes, our ability to manage and grow our business may be harmed. A failure or disruption in these services would materially and adversely affect our ability to manage our business effectively.

We have experienced rapid growth over the last several years. We rely heavily on information technology systems to help manage critical functions, such as order processing, sales forecasts and employee data. Our ability to successfully implement our business plan and comply with regulations, including the Sarbanes-Oxley Act, requires an effective planning and management process. We expect that we will need to continue to improve existing, and implement new, operational and financial systems, procedures and controls to manage our business effectively in the future. In 2014, we plan to continue to transition from legacy systems and implement a SaaS enterprise resource planning software. If we experience a significant deficiency, material weakness or any other delay in the implementation of, or disruption in the transition to, new or enhanced system, procedures or controls, our ability to record and report financial and management information on a timely and accurate basis could be impaired. In addition, if one or more of our technology-related hardware or software providers suffer an interruption in their business, or experience delays, disruptions or quality control problems in their operations, or we have to change or add additional systems and services, our ability to manage our business would suffer.

If we fail to maintain proper and effective internal control over financial reporting, our operating results and our ability to operate our business could be harmed.

The Sarbanes-Oxley Act requires, among other things, that we establish and maintain effective internal control over financial reporting and disclosure controls and procedures. Under the SEC’s current rules, we are required to perform system and process evaluation and testing of our internal control over financial reporting to allow management to report on the effectiveness of our internal control over financial reporting, as required by Section 404 of the Sarbanes-Oxley Act. Our independent registered public accounting firm is also required to report on our internal control over financial reporting. Our testing and our independent registered public accounting firm’s testing may reveal deficiencies in our internal control over financial reporting that are deemed to be material weaknesses and render our internal control over financial reporting ineffective. Due to the extent of our international operations, our financial reporting requires substantial international activities, resources and reporting consolidation. We are also subject to complex tax laws, regulations, accounting principles and interpretations thereof. We have and expect to continue to incur substantial accounting and auditing expense and to expend significant management time in complying with the requirements of Section 404. If we are not able to maintain compliance with the requirements of Section 404 in a timely manner, or if we or our independent registered public accounting firm identify deficiencies in our internal control over financial reporting that are deemed to be material weaknesses, the market price of our stock could decline and we could be subject to investigations or sanctions by the SEC, FINRA, NASDAQ or other regulatory authorities. In addition, we could be required to expend significant management time and financial resources to correct any material weaknesses that may be identified or to respond to any regulatory investigations or proceedings.

Our results of operations may be adversely affected by changes in or interpretations of accounting standards.

We prepare our consolidated financial statements in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”). These principles are subject to interpretation by the SEC and various bodies formed to interpret and create appropriate accounting standards. It is possible that future requirements, including the recently proposed implementation of International Financial Reporting Standards (“IFRS”), could change our current application of U.S. GAAP, resulting in a material adverse impact on our financial position or results of operations. Our accounting policies that recently have been or may be affected by changes in the accounting rules are as follows:

• software revenue recognition

• accounting for income taxes

• accounting for leases

• accounting for business combinations and related goodwill

• accounting for stock-based awards issued to employees

• assessing fair value of financial and non-financial assets

• application, if any, of IFRS.

We continuously review our compliance with all applicable new and existing revenue recognition accounting pronouncements. Depending upon the outcome of these ongoing reviews and the potential issuance of further accounting pronouncements,

41

implementation guidelines and interpretations, we may be required to modify our reported results, revenue recognition policies or business practices which could harm our results of operations.

We may have exposure to additional tax liabilities.

We are subject to complex taxes in the U.S. and a variety of foreign jurisdictions. All of these jurisdictions have in the past and may in the future make changes to their corporate income tax rates and other income tax laws which could increase our future income tax provision.

Our future income tax obligations could be affected by earnings that are lower than anticipated in jurisdictions where we have lower statutory rates and by earnings that are higher than anticipated in jurisdictions where we have higher statutory rates, by changes in the valuation of our deferred tax assets and liabilities, changes in the amount of unrecognized tax benefits or by changes in tax laws, regulations, accounting principles or interpretations thereof.

Our determination of our tax liability is subject to review by applicable U.S. and foreign tax authorities. Any adverse outcome of such a review could harm our operating results and financial condition. The determination of our worldwide provision for income taxes and other tax liabilities requires significant judgment and, in the ordinary course of business, there are many transactions and calculations where the ultimate tax determination is complex and uncertain. Moreover, as a multinational business, we have subsidiaries that engage in many intercompany transactions in a variety of tax jurisdictions where the ultimate tax determination is complex and uncertain.

We are also subject to non-income taxes, such as payroll, sales, use, value-added, net worth, property and goods and services taxes in the United States and various foreign jurisdictions. We are regularly audited by tax authorities with respect to these non-income taxes and may have exposure to additional non-income tax liabilities which could have an adverse effect on our results of operations and financial condition. In addition, our future effective tax rates could be favorably or unfavorably affected by changes in tax rates, changes in the valuation of our deferred tax assets or liabilities, or changes in tax laws or their interpretation. Such changes could have an adverse impact on our financial results.

As a result of these and other factors, the ultimate amount of tax obligations owed may differ from the amounts recorded in our financial statements and any such difference may harm our financial results in future periods in which we change our estimates of our tax obligations or in which the ultimate tax outcome is determined.

We may be subject to increased income taxes, and other restrictions and limitations, if we were to decide to repatriate any of our foreign cash balances to the United States.

As of March 31, 2014, we held approximately $35.5 million, or approximately 14%, of our cash and cash equivalents, outside of the United States (after consideration of intercompany settlements). We use our foreign held cash by reinvesting it in our foreign operations. Our current intention is to continue to reinvest our foreign earnings in our foreign operations. Our current plans do not anticipate a need to repatriate cash to fund our domestic operations. In the event cash from foreign operations is needed to fund operations in the U.S. or our foreign cash balance continues to grow such that we are unable to reinvest such cash outside of the U.S., it may become increasingly likely that we would repatriate some of our foreign cash balances to the U.S. In such event, we would be subject to additional income taxes in the U.S.

Additionally, if we were to repatriate foreign held cash to the U.S., we would use a portion of our domestic net operating loss carryforward which could result in us being subject to cash income taxes on the earnings of our domestic business sooner than would otherwise have been the case.

If securities or industry analysts do not publish research or reports or publish unfavorable research or reports about our business, our stock price and trading volume could decline.

The trading market for our common stock may be influenced by the research and reports that securities or industry analysts may publish about us, our business, our market or our competitors. If any of the analysts who may cover us adversely change their recommendation regarding our stock or products, or provide more favorable relative recommendations about our competitors, our stock price would likely decline. If any analyst who may cover us were to cease coverage of our company or fail to regularly publish reports on us, interest in our stock could decrease, which could cause our stock price or trading volume to decline.

The price of our common stock may be volatile and fluctuate substantially.

The market price of our common stock could be highly volatile and may fluctuate substantially due to the following factors (in addition to the other risk factors described in this section):

• quarterly variations in our results of operations or those of our competitors

• announcements by us or our competitors of acquisitions, new products, significant contracts or commercial relationships

• our ability to respond to changing industry standards, technological developments or customer requirements on a timely basis

42

• commencement of, or our involvement in, litigation

• any major change in our board of directors or management

• financial guidance or business updates we may provide

• recommendations by securities analysts or changes in earnings estimates

• announcements about our earnings that are not in line with analyst expectations or guidance we may provide

• changes in our licensing or go to business models

• announcements by our competitors of their earnings that are not in line with analyst expectations

• the volume of shares of our common stock available for public sale

• sales of stock by us or by our stockholders

• short sales, hedging and other derivative transactions involving shares of our common stock

• adoption of new accounting standards or tax laws or regulations

• general economic conditions in the U.S. and abroad and slow or negative growth of related markets

• general political conditions in the U.S. and abroad, including terrorist attacks, war or threat of terrorist attacks or war.

In addition, the stock market in general, NASDAQ and the market for technology companies in particular, have experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of the particular companies affected. These broad market and industry factors may materially harm the market price irrespective of our operating performance. As a result of these factors, an investor might be unable to resell their shares at or above the price paid. In addition, in the past, following periods of volatility in the overall market or the market price of a company’s securities, securities class action litigation has often been instituted against the affected company. This type of litigation, if instituted against us, could result in substantial costs and a diversion of our management’s attention and resources.

Future sales of our common stock in the public market, including sales by our stockholders with significant holdings, may depress our stock price.

The market price of our common stock could drop due to sales of a large number of shares or the perception that such sales could occur, including sales or perceived sales by our directors, officers or large stockholders. These sales could also make it more difficult or impossible for us to sell equity securities in the future at a time and price that we deem appropriate to raise funds through future offerings of equity securities.

Our management has broad discretion over the use of our cash reserves, if any, and might not apply this cash in ways that increase the value of an investment.

Our management has broad discretion to use our cash reserves, if any, and you will be relying on the judgment of our management regarding the application of this cash. They might not apply our cash in ways that increase the value of an investment. We expect to use our cash reserves for general corporate purposes, including working capital, capital expenditures, acquisitions and further development of our products, services and solutions. We have not allocated this cash for any specific purposes. Our management might not be able to yield any return on the investment and use of this cash.

We currently do not intend to pay dividends on our common stock, and consequently, your only opportunity to achieve a return on investment is if the price of our common stock appreciates and you sell your shares at a price above your cost.

We currently do not intend to declare or pay dividends on shares of our common stock in the foreseeable future. See “Dividend Policy” for more information. Consequently, your only opportunity to achieve a return on your investment in our company will be if the market price of our common stock appreciates and you sell your shares at a price above your cost. There is no guarantee that the price of our common stock will ever exceed the price that you pay. Investors seeking cash dividends should not purchase our common stock.

43

Anti-takeover provisions in our certificate of incorporation and bylaws and in Delaware law could prevent or delay a change in control of our company.

We are a Delaware corporation, and the anti-takeover provisions of the Delaware General Corporation Law may discourage, delay or prevent a change in control by prohibiting us from engaging in a business combination with an interested stockholder for a period of three years after the person becomes an interested stockholder even if a change of control would be beneficial to our existing stockholders. In addition, our restated certificate of incorporation and amended and restated bylaws may discourage, delay or prevent a change in our management or control over us that stockholders may consider favorable. Our restated certificate of incorporation and amended and restated bylaws:

• authorize the issuance of “blank check” preferred stock that could be issued by our board of directors to thwart a takeover attempt

• do not provide for cumulative voting in the election of directors which would allow holders of less than a majority of the stock to elect some directors

• establish a classified board of directors, as a result of which the successors to the directors whose terms have expired will be elected to serve from the time of election and qualification until the third annual meeting following their election

• require that directors only be removed from office for cause

• provide that vacancies on the board of directors, including newly-created directorships, may be filled only by a majority vote of directors then in office

• limit who may call special meetings of stockholders

• prohibit stockholder action by written consent, requiring all actions to be taken at a meeting of the stockholders

• establish advance notice requirements for nominating candidates for election to the board of directors or for proposing matters that can be acted upon by stockholders at stockholder meetings.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Not applicable.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

Not applicable.

44

ITEM 6. EXHIBITS

The following exhibits are filed as part of this Quarterly Report on Form 10-Q:

Exhibit Number	Description of Document
10.53	Employment Offer Letter, dated December 19, 2012, by and between the Registrant and Terrie O’Hanlon
10.54	Separation Agreement and General Release, dated November 14, 2013, by and between the Registrant and Terrie O’Hanlon
10.55	Fifth Amendment to Lease, dated February 25, 2014, by and between the Registrant and Radnor Properties-SDC, L.P.
31.1	Certification of Chief Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of Chief Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*	Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101	Interactive Data File (Quarterly Report on Form 10-Q, for the quarterly period ended March 31, 2014, furnished in XBRL (eXtensible Business Reporting Language)).

* The certification attached as Exhibit 32.1 is not deemed “filed” with the SEC and is not to be incorporated by reference into any filing of the registrant under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof and irrespective of any general incorporation language contained in such filing, except to the extent that the registrant specifically incorporates it by reference.

45

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized, on May 2, 2014.

QLIK TECHNOLOGIES INC.
By:	/s/ LARS BJÖRK
	Lars Björk President, Chief Executive Officer and Director (Principal Executive Officer)
	/s/ TIMOTHY MACCARRICK
	Timothy MacCarrick Chief Financial Officer and Treasurer (Principal Financial Officer)
	/s/ DENNIS JOHNSON
	Dennis Johnson Chief Accounting Officer (Principal Accounting Officer)

46

EXHIBIT INDEX

Exhibit Number	Description of Document
10.53	Employment Offer Letter, dated December 19, 2012, by and between the Registrant and Terrie O’Hanlon
10.54	Separation Agreement and General Release, dated November 14, 2013, by and between the Registrant and Terrie O’Hanlon
10.55	Fifth Amendment to Lease, dated February 25, 2014, by and between the Registrant and Radnor Properties-SDC, L.P.
31.1	Certification of Chief Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of Chief Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*	Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101	Interactive Data File (Quarterly Report on Form 10-Q, for the quarterly period ended March 31, 2014, furnished in XBRL (eXtensible Business Reporting Language)).

* The certification attached as Exhibit 32.1 is not deemed “filed” with the SEC and is not to be incorporated by reference into any filing of the registrant under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof and irrespective of any general incorporation language contained in such filing, except to the extent that the registrant specifically incorporates it by reference.

47

EX-10.53

Exhibit 10.53

QLIKTECH

150 Radnor Chester Road, Suite E220

Radnor, Pennsylvania 19087

December 19, 2012

Terrie O’Hanlon

Dear Terrie:

QlikTech Inc., a Delaware corporation (the “Company”) and a wholly-owned subsidiary of Qlik Technologies, Inc., a Delaware corporation (“Parent”), is pleased to offer you employment on the following terms:

1. Position. During the period of your employment hereunder, you agree to serve the Company, and the Company will employ you, as Chief Marketing Officer, or in such other executive capacity or capacities, at a similar level of responsibility, as may be determined from time to time by the head of your business unit, the Chief Executive Officer of Parent (the “CEO”) or the CEO’s designated representative. You will have such duties and responsibilities as may be consistent with such positions. This is a full-time position. While you render service to the Company, you will not engage in any other employment, consulting or other business activity (whether full-time or part-time) that would create a conflict of interest with the Company. By signing this letter agreement, you confirm to the Company that you have no contractual commitments or other legal obligations that would prohibit you from performing your duties for the Company and you have provided the Company with a copy of any restrictive covenants applicable to you. Your place of employment will be at our headquarters in Radnor, PA.

2. Cash Compensation.

(a) The Company will pay you a starting salary at the rate of $280,000 per year (“Base Salary”), payable in accordance with the Company’s standard payroll schedule. This Base Salary will be subject to adjustment pursuant to the Company’s employee compensation policies in effect from time to time.

(b) You will be eligible for an incentive bonus for each fiscal year you are employed by the Company. The bonus (if payable) will be awarded based on objective or subjective criteria established by the Company’s Chief Executive Officer and approved by the Parent’s Board of Directors (the “Parent Board”). Your annual target bonus for 2013 will be equal to $140,000. Any bonus for the fiscal year in which your employment begins will be prorated, based on the number of days you are employed by the Company during that fiscal year. Any bonus payable for the fiscal year will be paid within 2 ¹⁄₂ months after the close of that fiscal year, but only if you are still employed by the Company at the time of payment or otherwise are providing services to the Company or Parent at the time of payment. The determinations of the Board with respect to your bonus will be final and binding.

Terrie O’Hanlon

December 19, 2012

Page 2

3. Employee Benefits and Other Benefits.

(a) As a regular employee of the Company, you will be eligible to participate in a number of Company-sponsored benefits. In addition, you will be entitled to 3 weeks of paid vacation in accordance with the Company’s vacation policy, as in effect from time to time. During your period of employment under this Agreement, you shall be eligible to participate in other benefits of employment generally available to other senior executives of the Company.

(b) During your employment, the Company will pay for a weekly round-trip economy class plane ticket from Philadelphia, Pennsylvania to Atlanta, Georgia, except for weeks when you are on vacation or travelling for business to locations other than Radnor (the “Airfare Support”). The Airfare Support will be reviewed annually and is subject to change. All tickets for the Airfare Support must be booked through the Company’s online travel tool and comply with the Company’s Travel & Expense Policy.

(c) It is our mutual expectation that you will eventually relocate to the Radnor area. Prior to such relocation, the Company will provide you with a housing allowance of $2,000 per month should you elect to rent an apartment in the Radnor area (the “Housing Allowance”). The Housing Allowance will be reviewed annually and is subject to change.

4. Non-Qualified Stock Options. Subject to the approval of the Parent’s Board of Directors (the “Parent Board”) or Parent Board’s Compensation Committee, you will be granted an option to purchase One Hundred Thousand (100,000) shares of Parent’s Common Stock (the “Option”). The exercise price per share of the Option will be determined by the Parent Board or its Compensation Committee when the Option is granted. The vesting schedule for the Option described in this Section 4 will begin on your Start Date, notwithstanding any later grant date. The Option will be subject to the terms and conditions applicable to options granted under Parent’s 2010 Omnibus Equity Incentive Plan (the “Plan”), as described in the Plan, and the applicable Stock Option Agreement. You will vest in 25% of the Option shares after 12 months of continuous service with the Company from your Start Date, and the balance will vest in equal quarterly installments over the next 36 months of continuous service, as described in the applicable Stock Option Agreement. Determinations of the Parent Board or Parent Board’s Compensation Committee in regards to the foregoing shall be final and binding.

You will vest in 100% of your remaining unvested Option and all other equity awards then outstanding, if (a) Parent is subject to a Change in Control before your service with the Company terminates, (b) your service is terminated by the Company without Cause within 12 months after that Change in Control and (c) you comply with the requirements set forth in Section 5(a) below. Notwithstanding the foregoing, if any awards outstanding at the time of the termination without Cause are subject to performance-based vesting, such awards will remain subject to the agreement evidencing such performance-based awards.

Terrie O’Hanlon

December 19, 2012

Page 3

5. Severance Benefits.

(a) General. If the Company terminates your employment for any reason other than Cause and a Separation occurs, then you will be entitled to the benefits described in this Section 5. However, this Section 5 will not apply unless you (i) have returned all Company property in your possession; (ii) have resigned as a member of the Boards of Directors of the Company and all of its subsidiaries and affiliated entities, to the extent applicable; and (iii) have executed a general release of all claims that you may have against the Company, Parent or persons affiliated with the Company or Parent. The release must be in the form prescribed by the Company, without alterations. You must execute and return the release on or before the 45^th day after your Separation (the “Release Deadline”). If you fail to return the release on or before the Release Deadline, or if you revoke the release, then you will not be entitled to the benefits described in this Section 5. In addition, if your breach any obligations under your Proprietary Information, Assignment of Inventions and Non-Compete Agreement, the Company may immediately cease all benefits described in this Section 5.

(b) Salary Continuation. If the Company terminates your employment for any reason other than Cause and a Separation occurs, then the Company will continue to pay your base salary for a period of six months after your Separation. Your base salary will be paid at the rate in effect at the time of your Separation and in accordance with the Company’s standard payroll procedures. The salary continuation payments will commence on the 10^th business day following the Release Deadline and, once they commence, will be retroactive to the date of your Separation.

(c) COBRA. If the Company terminates your employment for any reason other than Cause, a Separation occurs, and you elect to continue your health insurance coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) following your Separation, then the Company will pay the same portion of your monthly premium under COBRA as it pays for active employees until the earliest of (i) the close of the 6-month period following your Separation, (ii) the expiration of your continuation coverage under COBRA or (iii) the date when you become eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment.

6. Proprietary Information and Inventions Agreement. Like all Company employees, you will be required, as a condition of your employment with the Company, to sign the Company’s standard Proprietary Information, Assignment of Inventions and Non-Compete Agreement, a copy of which is attached hereto as Exhibit A.

7. Employment Relationship. Employment with the Company is for no specific period of time. Your employment with the Company will be “at will,” meaning that either you or the Company may terminate your employment at any time and for any reason, with or without cause. Any contrary representations that may have been made to you are superseded by this letter agreement. This is the full and complete agreement between you and the Company on this term. Although your job duties, title, compensation and benefits, as well as the Company’s

Terrie O’Hanlon

December 19, 2012

Page 4

personnel policies and procedures, may change from time to time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and a duly authorized officer of the Company (other than you). You may terminate your employment with the Company upon thirty (30) days written notice to the Company, after which the Company shall have no further obligation hereunder to you, except for payment of amounts of Base Salary and other benefits accrued through the termination date.

8. Tax Matters.

(a) Withholding. All forms of compensation referred to in this letter agreement are subject to reduction to reflect applicable withholding and payroll taxes and other deductions required by law.

(b) Section 409A. For purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), each salary continuation payment and bonus payment under Section 5 is hereby designated as a separate payment. If the Company determines that you are a “specified employee” under Section 409A(a)(2)(B)(i) of the Code at the time of your Separation, then (i) the salary continuation payments under Section 5(b), to the extent that they are subject to Section 409A of the Code, will commence during the seventh month after your Separation and (ii) the installments that otherwise would have been paid during the first six months after your Separation will be paid in a lump sum when the salary continuation payments commence. To the fullest extent applicable, amounts and other benefits payable under this letter agreement are intended to be exempt from the definition of “nonqualified deferred compensation” under Section 409A of the Code in accordance with one or more of the exemptions available under the final Treasury regulations promulgated under Section 409A of the Code and, to the extent that any such amount or benefit is, or becomes subject to, Section 409A of the Code due to a failure to qualify for an exemption from the definition of nonqualified deferred compensation in accordance with Section 409A of the Code, this letter agreement is intended to comply with the applicable requirements of Section 409A of the Code with respect to such amounts or benefits. To the extent possible, this letter agreement shall be interpreted and administered in a manner consistent with the foregoing statement of intent. In no event whatsoever shall the Company be liable for any taxes, penalties or interest that may be imposed on you under Section 409A of the Code or under any other similar provision of state tax law, including, without limitation, in connection with any payment or benefits described in this letter, or any damages for failing to comply with Section 409A of the Code, any other similar provision of state tax law, or the provisions of this paragraph.

(c) Tax Advice. You are encouraged to obtain your own tax advice regarding your compensation from the Company. You agree that the Company does not have a duty to design its compensation policies in a manner that minimizes your tax liabilities, and you will not make any claim against the Company, Parent, the Board or the Parent Board related to tax liabilities arising from your compensation.

Terrie O’Hanlon

December 19, 2012

Page 5

(d) Section 280G. Anything in this Agreement to the contrary notwithstanding, if any benefit you would receive from the Company pursuant to this Agreement or otherwise (a “Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall be equal to the Reduced Amount. The “Reduced Amount” shall be either (x) the largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax or (y) the largest portion of the Payment, up to and including the total Payment, whichever amount, after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in your receipt, on an after-tax basis, of the greater amount of the Payment, notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a reduction in payments or benefits constituting “parachute payments” is necessary so that the Payment equals the Reduced Amount, the amounts payable or benefits to be provided to you shall be reduced such that the economic loss to you as a result of the “parachute payment” elimination is minimized. In applying this principle, the reduction shall be made in a manner consistent with the requirements of Section 409A of the Code and where two economically equivalent amounts are subject to reduction but payable at different times, such amounts shall be reduced on a pro rata basis but not below zero.

(i) The Company shall appoint a nationally recognized independent registered public accounting firm to make the determinations required hereunder, which firm shall not then be serving as accountant or auditor for the individual, entity or group that effected the Change in Control. The Company shall bear all expenses with respect to the determinations by such independent registered accounting firm required to be made hereunder.

(ii) The independent registered public accounting firm engaged to make the determinations hereunder shall provide its calculations, together with detailed supporting documentation, to the Company and you within fifteen (15) calendar days after the date on which your right to a Payment is triggered (if requested at that time by the Company or you) or such other time as requested by the Company or you. If the independent registered public accounting firm determines that no Excise Tax is payable with respect to a Payment, either before or after the application of the Reduced Amount, it shall furnish the Company and you with an opinion reasonably acceptable to you that no Excise Tax will be imposed with respect to such Payment. The Company shall be entitled to rely upon the independent registered public accounting firm’s determinations, which shall be final and binding on all persons.

9. Interpretation, Amendment and Enforcement. This letter agreement and Exhibit A constitute the complete agreement between you and the Company, contain all of the terms of your employment with the Company and supersede any prior agreements, representations or understandings (whether written, oral or implied) between you, the Company and Parent. This

Terrie O’Hanlon

December 19, 2012

Page 6

letter agreement may not be amended or modified, except by an express written agreement signed by both you and a duly authorized officer of the Company (other than you). The terms of this letter agreement and the resolution of any disputes as to the meaning, effect, performance or validity of this letter agreement or arising out of, related to, or in any way connected with, this letter agreement, your employment with the Company or any other relationship between you and the Company (the “Disputes”) will be governed by Pennsylvania law, excluding laws relating to conflicts or choice of law.

10. Arbitration. Any Dispute will be settled by final and binding arbitration. The arbitration will take place in Radnor, Pennsylvania. The arbitration will be administered by the American Arbitration Association under its National Rules for the Resolution of Employment Disputes. Any award or finding will be confidential. You and the Company agree to provide one another with reasonable access to documents and witnesses in connection with the resolution of the dispute. You and the Company will share the costs of arbitration equally. Each party will be responsible for its own attorneys’ fees, and the arbitrator may not award attorneys’ fees unless a statute or contract at issue specifically authorizes such an award. This Section 10 does not apply to claims for workers’ compensation benefits or unemployment insurance benefits. This Section 10 also does not apply to claims concerning non-competition or non-solicit obligations or the ownership, validity, infringement, misappropriation, disclosure, misuse or enforceability of any confidential information, patent right, copyright, mask work, trademark or any other trade secret or intellectual property held or sought by either you or the Company (whether or not arising under the Proprietary Information, Assignment of Inventions and Non-Compete Agreement between you and the Company). With respect to any Dispute not covered by arbitration, you and the Company agree to submit to the exclusive personal jurisdiction of the federal and state courts located in Philadelphia, Pennsylvania in connection with any Dispute or any claim related to any Dispute.

11. Definitions. The following terms have the meaning set forth below wherever they are used in this letter agreement:

“Cause” means (a) your unauthorized use or disclosure of the Company’s (or any of its affiliates’) confidential information or trade secrets, which use or disclosure causes material harm to the Company (or any of its affiliates); (b) your material breach of any agreement between you and the Company (or any of its affiliates); (c) your material failure to comply with the Company’s written policies or rules; (d) your conviction of, or your plea of “guilty” or “no contest” to, a felony under the laws of the United States or any State; (e) your gross negligence or willful misconduct in connection with your performance of services for the Company; (f) your continuing failure to perform assigned duties after receiving written notification of the failure from the Board or Parent Board; or (g) your failure to cooperate in good faith with a governmental or internal investigation of the Company, its directors, officers or employees, or any of its affiliates, if the Company has requested your cooperation.

Terrie O’Hanlon

December 19, 2012

Page 7

“Change in Control” means

(a) The consummation of a merger or consolidation of the Parent with or into another entity or any other corporate reorganization, if persons who were not stockholders of the Parent immediately prior to such merger, consolidation or other reorganization own immediately after such merger, consolidation or other reorganization 50% or more of the voting power of the outstanding securities of each of (i) the continuing or surviving entity and (ii) any direct or indirect parent corporation of such continuing or surviving entity;

(b) The sale, transfer or other disposition of all or substantially all of Parent’s assets;

(c) A change in the composition of the Parent Board, as a result of which fewer than 50% of the incumbent directors are directors who either: (i) had been directors of the Parent on the date 24 months prior to the date of such change in the composition of the Parent Board (the “Original Directors”); or (ii) were appointed to the Parent Board, or nominated for election to the Parent Board, with the affirmative votes of at least a majority of the aggregate of (A) the Original Directors who were in office at the time of their appointment or nomination and (B) the directors whose appointment or nomination was previously approved in a manner consistent with this subsection (ii); or

(d) Any transaction as a result of which any person becomes the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), directly or indirectly, of securities of the Parent representing at least 50% of the total voting power represented by Parent’s then outstanding voting securities. For purposes of this Subsection (d), the term “person” shall have the same meaning as when used in Sections 13(d) and 14(d) of the Exchange Act but shall exclude (i) a trustee or other fiduciary holding securities under an employee benefit plan of Parent or of a parent or subsidiary and (ii) a corporation owned directly or indirectly by the stockholders of Parent in substantially the same proportions as their ownership of the common stock of Parent.

“Separation” means a “separation from service,” as defined in the regulations under the Code.

* * * * *

We hope that you will accept our offer to join the Company. You may indicate your agreement with these terms and accept this offer by signing and dating both the enclosed duplicate original of this letter agreement and the enclosed Proprietary Information, Assignment of Inventions and Non-Compete Agreement and returning them to me. This offer, if not accepted, will expire at the close of business on December __, 2012. As required by law, your

Terrie O’Hanlon

December 19, 2012

Page 8

employment with the Company is contingent upon your providing legal proof of your identity and authorization to work in the United States. Your employment is also contingent upon your starting work with the Company on or before January 8, 2013.

If you have any questions, please call me at 484 685 0603.

Very truly yours, QLIKTECH INC.
By:	/s/ LARS BJÖRK
Title: Chief Executive Officer

I have read and accept this employment offer:
/s/ TERRIE O’HANLON
Signature of Terrie O’Hanlon
Dated:	12/22/2012

Attachment: Exhibit A: Proprietary Information, Assignment of Inventions and Non-Compete Agreement

EX-10.54

Exhibit 10.54

SEPARATION AGREEMENT AND GENERAL RELEASE

THIS SEPARATION AGREEMENT AND GENERAL RELEASE (this “Agreement”) is made and entered into by and between Terrie O’Hanlon (“Executive”) and QlikTech Inc. (the “Company”), a Delaware corporation with a principal office located at 150 N. Radnor-Chester Rd., Suite E120, Radnor, PA 19087. Executive and the Company are also each referred to as a “Party” and collectively as the “Parties.”

WITNESSETH:

WHEREAS, Executive was employed as an at-will employee of the Company pursuant to an Employment Agreement dated January 8, 2013 (“Employment Agreement”);

WHEREAS, the Parties desire to enter into this Agreement to conclude Executive’s employment with the Company and to resolve all matters between the Parties, including but not limited to Executive’s employment relationship with and separation from the Company; and

WHEREAS, the Parties acknowledge and agree that this Agreement is supported by valuable consideration and is entered into voluntarily by the Parties.

NOW, THEREFORE, in exchange for the mutual agreements set forth below, the Parties, intending legally to be bound, agree as follows:

1. End of Employment. The Parties agree that Executive’s last day of employment with the Company is January 31, 2014 (the “Last Date of Employment”) and that Executive’s right to Executive’s regular wages and benefits from the Company end on the Last Date of Employment. Executive will receive her bonus for 2013 on or before March 15, 2014 as calculated in accordance with her 2013 cash bonus plan.

2. Vacation Pay. Regardless of whether or not Executive signs this Agreement, the Company will pay Executive for the number of days of accrued but unused vacation time as of the Last Date of Employment in accordance with Company policy.

3. Severance Pay. Pursuant to Section 5 of the Employment Agreement, in exchange for the releases set forth below in Sections 7 and 16, and the other terms and conditions of this Agreement, the Company will provide Executive with the severance benefits set forth in this Section, which Executive acknowledges she would otherwise not be eligible to receive provided that on or before the Last Date of Employment, Executive has returned all Company property in her possession and resigned as a member of the Boards of Directors of the Company and all of its subsidiaries and affiliated entities, to the extent applicable:

(a) The Company will pay Executive nine (9) months of base salary in the gross amount of Two Hundred Ten Thousand Dollars ($210,000) (the “Severance Pay”). The Severance Pay shall be paid in a lump sum less applicable withholdings for the payment of wages and such other deductions as may be authorized by Executive on the first regularly scheduled pay day that is at least five (5) business days following the Effective Date (as defined below) after receipt of the release set forth in Section 16.

Initial Initial

(b) If you elect to continue your health insurance coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), then the Company will pay the same portion of your monthly premium under COBRA as it pays for active employees until the earliest of (i) the close of the 9-month period following your Separation, (ii) the expiration of your continuation coverage under COBRA or (iii) the date when you become eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment.

(c) The Company shall provide Executive with outplacement services with a provider of the Company’s choice, for a period of six (6) months, at a cost not to exceed Twelve Thousand ($12,000.00) Dollars.

4. No Other Payments or Benefits. Except for the payment(s) described above, Executive acknowledges and agrees that Executive is not entitled to any additional wages, payments, bonuses, incentive pay, commissions, compensation, severance pay, vacation pay, benefits, or consideration of any kind from the Company, provided that Executive shall not forfeit any vested 401(k), if any, and Executive shall not forfeit the potential right to continue certain health and welfare benefits pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”). Executive acknowledges that, for purposes of COBRA, the date of Executive’s “qualifying event” will be the Last Day of Employment.

5. Proprietary Information, Assignment of Inventions and Non-Compete Agreement. Executive and the Company are parties to “Proprietary Information, Assignment of Inventions and Non-Compete Agreement” dated January 8, 2013 (the “Proprietary Information Agreement”). Executive acknowledges that: (a) during the course of Executive’s employment with the Company, the Company has disclosed to Executive (intentionally or inadvertently), or Executive may have otherwise obtained, confidential and proprietary information belonging to the Company; (b) during the course of Executive’s employment with the Company, Executive has acquired a considerable amount of knowledge and goodwill with respect to the Company’s business, which knowledge and goodwill are extremely valuable to the Company; and (c) it would be extremely detrimental to the Company if Executive used such confidential information, knowledge and goodwill to compete with the Company. Accordingly, Executive acknowledges and agrees that Executive will continue to be bound by the restrictive covenants in the Proprietary Information Agreement. Executive acknowledges that the restrictions set forth in the Proprietary Information Agreement are reasonable and necessary to protect the Company’s legitimate business interests and its confidential and proprietary information. Thus, Executive agrees not to contest the general validity or enforceability of such restrictions.

6. Return of Property. Executive acknowledges and agrees that: (a) all Company materials, property, documents, files and data used, prepared, or collected by Executive as part of Executive’s employment with the Company, in whatever form, and (b) all Proprietary Information (as defined in the Proprietary Information Agreement) in any form that came into Executive’s possession, are and will remain the property of the Company. Executive represents and warrants that

Initial Initial

2

Executive on or before the Last Date of Employment will return to the Company all such property, documents, data and information in Executive’s possession or control, regardless of how stored or maintained, including all originals, copies and compilations and all information stored or maintained on computers, tapes, discs or any other electronic or other form of technology. If Executive should discover after the Last Day of Employment any property in any form that contains proprietary or confidential information (including but not limited to, proprietary or confidential information contained in electronic text, cloud, or e-mail systems in the Executive’s possession or control), Executive agrees to contact the Company immediately and inform it of the nature and location of the proprietary or confidential information so that the Company may arrange to remove, recover, or collect such information.

7. Full and General Release. In consideration of the benefits to be provided by the Company to Executive pursuant to this Agreement, which Executive acknowledges and agrees are good and sufficient consideration, Executive, for Executive, Executive’s heirs, executors, legal representatives, administrators, successors and assigns, hereby fully releases and discharges, to the fullest extent permitted by applicable law, the Company, and all of the Company’s subsidiary and affiliate companies, as well as such entities’ respective officers, directors, trustees, employees, agents, predecessors, successors and assigns (collectively, the “Releasees”), of and from any and all claims, actions, lawsuits, damages, and/or demands of any kind whatsoever, whenever or wherever they arose, known and unknown, including any alleged violation of Title VII of the Civil Rights Act of 1964, Sections 1981 through 1988 of Title 42 of the United States Code, the Executive Retirement Income Security Act of 1974 (“ERISA”) (except for any vested benefits under any tax qualified benefit plan), the Age Discrimination in Employment Act, the Family Medical Leave Act, the Immigration Reform and Control Act, the Americans with Disabilities Act, the Workers Adjustment and Retraining Notification Act, the Fair Credit Reporting Act, the Sarbanes-Oxley Act of 2002, the Occupational Safety and Health Act, the Genetic Information Non-Discrimination Act, the Pennsylvania Human Relations Act, the Pennsylvania Wage Payment and Collection Law, 43 P.S. §260.1 et seq., the Pennsylvania Equal Pay Law, 43 P.S. §336 et seq., all as amended; and any other federal, state or local law, rule, regulation, or ordinance; any and all state or local discrimination or wage payment laws, to the extent permitted by law; any public policy, contract, tort, defamation, constitutional or common law claims; and any basis for recovering costs, fees, or other expenses including attorneys’ fees incurred in these matters. The Parties expressly agree that this release is and shall continue to be enforceable regardless of whether there is any subsequent dispute between the Parties concerning any alleged breach of this Agreement.

8. ADEA and OWBPA Release. Executive agrees and understands that the release above includes, but is not limited to, all claims under the Age Discrimination and Employment Act, 29 U.S.C. § 621, et seq., as amended (“ADEA”), the Older Worker Benefit Protection Act (“OWBPA”) and any other state or local laws concerning age discrimination, which may have arisen prior to the date of this Agreement. Executive acknowledges that:

(a) Executive is advised by the Company to consult with an attorney before signing this Agreement;

(b) Executive has been informed and understands that the Executive has a period of twenty-one (21) calendar days after receipt of this Agreement and Release to consider this Agreement before the Company’s offer automatically expires (unless revoked earlier by the Company);

Initial Initial

3

(c) Executive either took advantage of the 21-day consideration period to consider this Agreement or voluntarily elected to sign this Agreement without coercion from the Company prior to the expiration of the 21 day time period; and

(d) Executive understands that any rights or claims arising under ADEA after the date this Agreement is signed are not being released or discharged by this Agreement.

9. Effective Date. Executive acknowledges that, if she so chooses, she shall have seven (7) calendar days (the “Revocation Period”) after signing this Agreement to revoke this Agreement. If Executive elects to revoke this Agreement, she shall give written notice of such revocation to Deborah Lofton, QlikTech Inc., 150 N. Radnor-Chester Rd., Suite E220, Radnor, PA 19087, in such a manner that it is actually received within the seven-day period. This Agreement shall not become effective or enforceable until the first day following the Revocation Period (the “Effective Date”). Executive understands that if Executive revokes this Agreement, Executive will not be entitled to receive the payments and benefits offered by the Company in Section 3.

10. Agreement Confidential. The Parties agree that the terms of this Agreement shall remain confidential. Executive shall not reveal the existence or the terms and conditions to anyone, except as provided below, including current or former employees of the Company. The Parties, however, agree that: (a) the Company may disclose the terms of this Agreement to its officers, directors and management level employees, to professionals representing the Company, and to the Company’s insurance agents and carriers on a need to know basis; and (b) Executive may disclose the terms of this Agreement to Executive’s spouse, children, accountant or tax return preparer and attorney, provided that such third parties do not disclose the terms of this Agreement to anyone. In addition, the Parties agree that they are permitted to disclose the terms of this Agreement (x) as required by law or valid legal process, (y) in the Company’s filings with the Securities and Exchange Commission, if necessary and (z) to the IRS and other applicable departments of taxation, if necessary.

11. Non-Disparagement. Executive agrees not to make any oral or written representations, statements or other communications whatsoever, which in any way negatively or disparagingly refer or relate to the Company, including the Company’s parents, divisions, subsidiaries, and affiliates, the Company’s principals, officers, employees, agents, representatives, insurers, and fiduciaries, and the Company’s products, services and business practices. Nothing in this paragraph shall be deemed to prevent Executive from providing truthful information in response to an investigation by a duly authorized governmental agency or in response to legal proceedings. The Company agrees to provide a reference to be set forth on Exhibit B as mutually agreed.

12. No Re-employment. Executive agrees that Executive will not knowingly apply for or seek employment with the Company or any of its affiliates, predecessors, successors, parent companies, subsidiaries or any other business entities in which the Company may now or in the future have an ownership interest. If Executive seeks employment with the Company or any of its affiliates, predecessors, successors, parent companies, subsidiaries or any other business entities in which the Company may now or in the future have an ownership interest, and is hired, it is hereby acknowledged that the Company has a legitimate and valid reason to discharge Executive as part of the consideration received from the Company in connection with this Agreement.

Initial Initial

4

13. No Admissions and Voluntary Agreement. This Agreement does not constitute any admission by the Company or the Releasees of any violation by them of any contract, agreement, plan, statute, ordinance, constitutional provision or other law. Executive acknowledges that Executive has carefully read this Agreement, that Executive knows and understands the contents of this Agreement, that Executive has had ample opportunity to review the terms of this Agreement, that Executive is under no pressure to sign this Agreement, and that Executive executes this Agreement of Executive’s own free will. Executive further acknowledges that the Company has no prior legal obligation to provide the payments that it is providing to Executive in exchange for the agreements, releases and covenants of Executive under this Agreement.

14. Governing Law, Forum Selection, Jurisdiction. The Parties agree that this Agreement shall be governed by and construed in accordance with the internal laws and judicial decisions of the Commonwealth of Pennsylvania, except as superseded by federal law, without regard to otherwise applicable conflict of law rules. In addition, Executive agrees that any claim against Executive arising out of or relating in any way to this Agreement or any other matter (including any and all discrimination and harassment claims brought under federal, state, or local anti-discrimination laws) shall be brought exclusively in the federal and state courts of Pennsylvania, and in no other forum. Executive hereby irrevocably consents to the jurisdiction of federal and state courts in such jurisdiction for the purpose of adjudicating any claims between the Parties, and Executive irrevocably consents to service by mail or a nationally recognized overnight carrier for any such dispute.

15. Miscellaneous. This Agreement shall be binding upon and inure to the benefit of Executive and the Company, and their respective successors, assigns, heirs and personal representatives. No waiver of any breach of this Agreement shall operate or be construed as a waiver of any subsequent breach by any Party. No waiver shall be valid unless in writing and signed by the party waiving any particular provision. If any provision of this Agreement is deemed invalid or unenforceable, the validity of the other provisions of this Agreement shall not be impaired. This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which shall constitute but one and the same instrument. This Agreement constitutes the entire agreement among the Parties pertaining to the subject matters contained herein and supersedes any and all prior and contemporaneous agreements, representations, promises, inducements and understandings of the Parties.

16. Additional Release. As a condition to Employee’s receipt of Severance Pay as provided for in Section 3 of this Agreement, Employee shall execute and deliver the Release attached hereto as Exhibit A to Deborah Lofton at the Company within twenty-one (21) days of the Last Date of Employment.

Initial Initial

5

IN WITNESS WHEREOF, the undersigned hereto have executed this Separation Agreement and General Release as of the dates set forth below.

Executed and accepted by the Company, this the 14^th day of Nov, 2013.

QlikTech Inc.
By:	/s/ LARS BJÖRK
	Name: Lars Björk Title: CEO

Executed and accepted by Executive, this the 12^th day of Nov, 2013.

Executive:

/s/ TERRIE O’HANLON

Terrie O’Hanlon

Initial Initial

6

EXHIBIT A: GENERAL RELEASE

In consideration of the receipt of the payments and benefits to be provided by QlikTech, Inc. (the “Company) to Terrie O’Hanlon (“Executive”), pursuant to the Separation Agreement between the parties, and other good and valuable consideration, the receipt and sufficiency of which Executive hereby acknowledges, Executive does hereby release and forever discharge the Company, including its parents, subsidiaries and affiliates, and their present and former directors, officers, managers, partners, agents, representatives, employees, predecessors, successors and assigns, from any and all actions, causes of action, covenants, contracts, claims and demands whatsoever, arising prior to the date of the execution of this General Release, which Executive ever had or now has or which her heirs, executors, administrators and assigns may have, including but not limited to claims related to her employment and/or the termination of her employment with the Company effective January 31, 2014.

By signing this General Release, Executive is providing a complete waiver of all rights and claims, that may have arisen, whether known or unknown, up until the time this Release is signed. This includes, but is not limited to, claims based on Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1866, the Civil Rights Act of 1991, the Age Discrimination in Employment Act of 1967 (including the Older Workers Benefit Protection Act), the Americans with Disabilities Act, the Equal Pay Act, the Family and Medical Leave Act, the Employee Retirement Income Security Act of 1974, the Genetic Information Nondiscrimination Act, the Pennsylvania Human Relations Act, the Pennsylvania Equal Pay Law, the Pennsylvania Wage Payment and Collection Law, and any other applicable fair employment laws or any common law, public policy, contract (whether oral or written, express or implied) or tort law, and any other local, state or federal law, regulation or ordinance having any bearing whatsoever on the terms and conditions of Executive’s employment and the cessation thereof.

Executive has been given twenty-one (21) days to review this General Release and to determine whether to sign it. Executive has been advised to consult with an attorney of her own choosing prior to signing this General Release. Executive is signing this Release knowingly, voluntarily and with full understanding of its terms and effects, and Executive voluntarily accepts the consideration referred to above for the purpose of making full and final waiver and release of all rights and claims referred to above. Executive acknowledges that she has not relied on any representations or statements not set forth in this General Release. Executive further understands that she has seven (7) days after signing this General Release in which to revoke her signature. Executive understands that if she revokes her signature, the payments and benefits referred to above will not be made.

This General Release will be governed by and construed in accordance with the State and Federal laws applicable in the Commonwealth of Pennsylvania. If any provision in this General Release is held invalid or unenforceable for any reason, the remaining provisions shall be construed as if the invalid or unenforceable provision had not been included.

IN WITNESS WHEREOF, Executive has executed this General Release this 31st day of January, 2014.

/s/ TERRIE O’HANLON

Terrie O’Hanlon

/S/ DEBORAH LOFTON

Witness:

Initial Initial

7

EX-10.55

Exhibit 10.55

Tenant: QlikTech Inc.

Premises: Suites E120, E130, E200, E220, E300 and D300

FIFTH AMENDMENT TO LEASE

This Fifth Amendment to Lease (“Amendment”) made and entered into this 25th day of February, 2014, by and between RADNOR PROPERTIES – SDC, L.P. (“Landlord”) and QLIKTECH INC. (“Tenant”).

WHEREAS, Landlord leases certain premises consisting of 43,420 rentable square feet of space commonly referred to as Suites E120, E200, E220, and E300 (“Existing Premises”) located at 150 North Radnor-Chester Road, Radnor, Pennsylvania 19087 (“Building”), to Tenant pursuant to a Lease dated November 15, 2005 (“Original Lease”) as amended by the First Amendment to Lease dated March 13, 2009 (“First Amendment), Second Amendment to Lease dated November 25, 2010 (“Second Amendment”), Third Amendment to Lease dated June 30, 2011 (“Third Amendment”) and Fourth Amendment to Lease dated August 13, 2013 (“Fourth Amendment” and collectively, “Existing Lease”; the Existing Lease and this Amendment are hereinafter together referred to as “Lease”); and

WHEREAS, Landlord and Tenant wish to amend the Existing Lease to expand the Existing Premises and extend the term of the Existing Premises upon the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of these present and the agreement of each other, Landlord and Tenant agree that the Existing Lease shall be and the same is hereby amended as follows:

1. Incorporation of Recitals. The recitals set forth above, the Existing Lease referred to therein are hereby incorporated herein by reference as if set forth in full in the body of this Amendment. Capitalized terms not otherwise defined herein shall have the meanings given to them in the Existing Lease.

2. Lease of Fifth Amendment Additional Premises.

(a) The Lease is hereby amended to provide that Landlord hereby demises and lets unto Tenant, and Tenant hereby leases and hires from Landlord, all that certain space in the Building, known as Suite D300 containing approximately 17,152 rentable square feet (“Fifth Amendment Additional Premises”), as shown on Exhibit “A” attached hereto and made a part hereof. The Term of the Lease for the Fifth Amendment Additional Premises shall commence (“Fifth Amendment Additional Premises Commencement Date”) on the date which the Fifth Amendment Additional Premises has been Substantially Completed (as hereinafter defined), which is estimated to be August 1, 2014. Tenant and its authorized agents, employees and contractors shall have the right, at Tenant’s own risk, expense and responsibility, at all reasonable times prior to the Commencement Date to enter the Fifth Amendment Additional Premises for the purpose of taking measurements and installing its furnishings, fixtures and equipment, provided that Tenant acknowledges that all provisions of the Lease shall then be in full force and effect (except the obligation to pay Fixed Rent and Additional Rent). Furthermore, Tenant’s entry in the Fifth Amendment Additional Premises shall not interfere with Landlord’s construction and completion of the Landlord’s Work and any such interference shall be considered a Tenant Delay hereunder. In connection with such early access, Tenant shall follow the reasonable policies and safety directives of Landlord and Landlord’s contractor. The Fifth Amendment Additional Premises shall be deemed “Substantially Completed” when the Fifth Amendment Additional Premises Work has been substantially completed to the extent that the Fifth Amendment Additional Premises may be occupied by Tenant for its Permitted Uses, subject only to completion of minor finishing, adjustment of equipment, and other minor construction aspects, Landlord has procured either a temporary or permanent certificate of occupancy permitting the occupancy of the Fifth Amendment Additional Premises, if required by law, and Landlord has delivered possession of the Fifth Amendment Additional Premises to Tenant. The Term shall expire on December 31, 2021 (“Fifth Amendment Additional Premises Expiration Date”).

(b) Landlord’s Work. Landlord, in a good and workmanlike manner and using Building standard materials and finishes, shall construct and do such other work in the Fifth Amendment Additional Premises (collectively, “Landlord’s Work”) in substantial conformity with the plans and outline specifications of the plan,              prepared by                      dated                     , attached hereto as Exhibit “A”. If any material revision

or supplement to Landlord’s Work is deemed necessary by Landlord, those revisions and supplements shall be submitted to Tenant for approval, which approval shall not be unreasonably withheld or delayed. If Landlord’s Work is delayed in being Substantially Completed (as hereinafter defined) as a result of: (i) Tenant’s failure to furnish plans and specifications or provide any other reasonably requested information or approvals related to the furtherance of Landlord’s Work within five (5) business days following Landlord’s written request to Tenant for the same; (ii) Tenant’s request for materials, finishes or installations other than Landlord’s standard; (iii) Tenant’s changes in said plans, including but not limited to any Change Order (as hereinafter defined); (iv) the performance or completion of any work, labor or services by Tenant or any party employed or engaged by or on behalf of Tenant; or (v) Tenant’s failure to approve final plans, working drawings or reflective ceiling plans within five (5) business days following Landlord’s written request to Tenant for the same (each, a “Tenant’s Delay”); then the Fifth Amendment Additional Premises Commencement Date and the payment of Fixed Rent hereunder shall be accelerated by the number of days by which such Tenant Delay caused Landlord’s Work to be delayed in being Substantially Completed. If any change, revision or supplement to the scope of the Landlord’s Work is requested by Tenant (“Change Order”) then all such increased costs associated with such Change Order shall be paid by Tenant upfront and the occurrence of the Change Order shall not change the Fifth Amendment Additional Premises Commencement Date and shall not alter Tenant’s obligations under the Lease. After receipt of notification from Landlord, Landlord and Tenant shall schedule a pre-occupancy inspection of the Fifth Amendment Additional Premises at which time a punchlist of outstanding items, if any, shall be generated. Within a reasonable time thereafter, Landlord shall complete the punchlist items to Tenant’s reasonable satisfaction. Except for Landlord’s obligation to complete the Landlord’s Work, Tenant shall lease the Fifth Amendment Additional Premises in “AS IS” condition, without representation or warranty.

(c) Landlord shall only be responsible for payment of a maximum cost of $643,200.00 (i.e., $37.50 per rentable square foot of the Fifth Amendment Additional Premises) for all costs and expenses of and related to the Landlord’s Work (“Tenant Allowance”). All costs in excess thereof estimated to become due for the Landlord’s Work shall be paid by Tenant to Landlord upon the execution of the Lease and, thereafter, any additional costs in excess of the estimate that become due shall be paid by Tenant to Landlord within thirty (30) days of receipt of invoice therefor.

(d) Landlord shall only be responsible for payment of a maximum cost of $171,520.00 (“Maximum Contribution”) (i.e., $10.00 per rentable square foot of the Fifth Amendment Additional Premises) for the Total Costs (as hereinafter defined) of the construction of a tenant bridge (“Tenant Bridge Work”) (“Tenant Bridge Allowance”). The amount of the Maximum Contribution paid by Landlord for the Tenant Bridge Work shall be referred to as the “Landlord Bridge Work Contribution”. In connection with the Tenant Bridge Allowance, the amount of the Landlord Bridge Work Contribution shall increase the amount of Fixed Rent paid by Tenant as follows: the total amount of the Landlord Bridge Work Contribution shall be amortized over the Extension Term (as hereinafter defined) on a straight-line basis at the interest rate of 0% and Fixed Rent shall be increased by the resulting product of such calculation. For purposes hereof, “Total Costs” shall be defined solely as the reasonable and actual third party costs of installing and/or constructing the Tenant Bridge Work. All costs in excess of the Maximum Contribution incurred for the Tenant Bridge Work shall be paid by Tenant to Landlord within thirty (30) days after Tenant’s receipt of an invoice therefor.

Should Tenant not elect to proceed with the Tenant Bridge work, Tenant, at Tenant’s choice, may elect to utilize all or part of the aforementioned Maximum Contribution for additional Tenant improvements separate of the Tenant Bridge Work, provided that such Tenant improvements are not excluded by GAAP and to the extent that the Tenant improvements do not create an inducement. If Tenant elects to do such, the amount of the Maximum Contribution shall increase the amount of Fixed Rent paid by Tenant as follows: the amount of the Maximum Contribution actually used for additional Tenant improvements shall be amortized over Extension Term on a straight-line basis at the interest rate of 0% and Fixed Rent shall be increased by the resulting product of such calculation.

(e) It is the mutual intention of Landlord and Tenant that the Fifth Amendment Additional Premises shall be leased to and occupied by Tenant on and subject to all of the terms, covenants and conditions of the Existing Lease, except as otherwise expressly provided to the contrary in this Amendment, and to that end, Landlord and Tenant hereby agree that from and after the Fifth Amendment Additional Premises Commencement Date the word “Premises”, as defined in the Existing Lease, shall mean and include both the Existing Premises and the Fifth Amendment Additional Premises, containing a total of 60,572 rentable square feet, unless the context otherwise requires.

3. Extension Term. The Term of the Existing Premises is hereby extended for a period commencing October 1, 2021 and expiring on the Fifth Amendment Additional Premises Expiration Date (“Extension Term”). During the Extension Term, Tenant shall accept the Existing Premises in its “AS IS” “WHERE IS” condition, without representation or warranty (except as otherwise set forth in the Lease). All references in the Lease to the “Term” shall include the Extension Term. The Fifth Amendment Additional Premises Commencement Date and the Extension Term shall be confirmed by Landlord and Tenant by the execution of a Confirmation of Lease Term (“COLT”) in the form attached hereto as Exhibit “B”. If Tenant fails to execute or object to the COLT within twenty (20) days after its delivery, Landlord’s reasonable determination of such dates shall be deemed accepted.

4. Fixed Rent.

(a) Commencing on the Fifth Amendment Additional Premises Commencement Date, Tenant shall pay to Landlord Fixed Rent for the Fifth Amendment Additional Premises for the Term, as follows:

TIME PERIOD		PER RSF	MONTHLY INSTALLMENT	ANNUAL FIXED RENT
From	To
8/1/2014	9/30/2014	$8.79**	$12,563.84	$150,766.10
10/1/2014	7/31/2015	$34.00*	$48,597.33	$583,168.00
8/1/2015	7/31/2016	$34.75*	$49,669.33	$596,032.00
8/1/2016	7/31/2017	$35.50*	$50,741.33	$608,896.00
8/1/2017	7/31/2018	$36.25*	$51,813.33	$621,760.00
8/1/2018	7/31/2019	$37.00*	$52,885.33	$634,624.00
8/1/2019	7/31/2020	$37.75*	$53,957.33	$647,488.00
8/1/2020	7/31/2021	$38.50*	$55,029.33	$660,352.00
8/1/2021	12/31/2021	$39.25*	$56,101.33	$673,216.00

* Plus Additional Rent and Electric pursuant to the Lease.

** Reflects two (2) months of base free rent with Tenant being responsible for payment of Additional Rent and Electric pursuant to the Lease.

(b) Payments of Rent. Notwithstanding anything in the Lease to the contrary, Tenant shall pay to Landlord without notice or demand, and without set-off, Rent as required by the Lease by (i) check payable to Landlord, sent to Brandywine Operating Partnership, LP, P.O. Box 11951, Newark, NJ 07101-4951; (ii) electronic fund transfer through the Automated Clearing House network or similar system designated by Landlord, to the extent available (“ACH”) or (iii) wire transfer of immediately available funds to the account at Wells Fargo Bank, account no. 2030000359075 ABA # 121000248 and Tenant shall notify Landlord of each such wire transfer by email to Wire.Confirmation@bdnreit.com (or such other email address provided by Landlord to Tenant). All payments must include the following information: Building Number 597 and Lease Number             . The Lease Number shall be provided by Landlord within a reasonable time following the execution of this Amendment.

5. Additional Rent. From and after the Fifth Amendment Additional Premises Commencement Date, the Tenant’s Share for the Existing Premises and Fifth Amendment Additional Premises shall be 17.8% (60,572 / 340,380). In addition to the foregoing, with respect solely to the Fifth Amendment Additional Premises, the Base Year shall be calendar year 2014. Nothing contained herein is intended to modify that the Base Year for the Existing Premises. Notwithstanding the foregoing, all charges under the Lease shall be billed by Landlord within one (1) year from the end of the calendar year in which the charges were incurred; any charges beyond such period shall not be billed by Landlord, and shall not be payable by Tenant.

6. Electricity Charges. Charges for services provided pursuant to Section 5 of the Existing Lease outside of Business Hours will be provided at Tenant’s expense at $40.00 per hour.

7. Expansion. In addition to Tenant’s expansion right in Section 7 of the Fourth Amendment, Tenant shall have the following expansion right:

(a) Subject to existing tenant rights, and provided Tenant is neither in default at the time of exercise nor has Tenant ever incurred an Event of Default (irrespective of the fact that Tenant cured such Event of Default) of any monetary obligations under the Lease and subject to the existing rights of other tenants within the Building, upon Tenant’s written request; and, further provided, that Tenant first-above named (or its successors by merger, acquisition of Tenant’s assets, or consolidation) shall remain in occupancy of not less than one hundred percent (100%) of the Premises, Landlord shall notify Tenant with regard to that certain 3,909 rentable square foot space in the Building commonly known as Suite E110 (“Expansion Space”) as shown on Exhibit “C”, attached hereto and incorporated herein, that is or Landlord expects to become vacant and available for lease.

(b) In such notice Landlord shall propose to Tenant the basic economic terms upon which Landlord would be prepared to entertain the negotiation of an amendment to the Lease with which the parties would add the Expansion Space to the description of the “Premises,” in either case for a term which would be coterminous with the Lease and which economic terms shall include the estimated date that the Expansion Space shall be available for delivery and the Fixed Rent (which shall be the Fair Market Rent (as defined below) for such space), whereupon Tenant shall have thirty (30) days next following Landlord’s delivery of such notice within which to accept such terms, time being of the essence. Should Tenant accept such terms as are specified by Landlord, the parties shall negotiate the terms of an amendment to the Lease, to memorialize their agreement. In the absence of any further agreement by the parties, such additional space shall be delivered “AS -IS”, in a good neat, orderly and broom-clean condition, with all personal property and other tenants and occupants removed from such Expansion Space, and Rent for such additional space shall commence on that date which is the earlier of: (i) Tenant’s occupancy thereof, or (ii) five (5) days after Landlord delivers such additional space to Tenant free of other tenants and occupants. If Tenant shall not accept Landlord’s terms within such thirty (30) day period, or if the parties shall not have executed and delivered a mutually satisfactory lease amendment within thirty (30) days next following Landlord’s original notice under this Section, then Tenant’s rights to lease such space shall lapse and terminate, and Landlord may, at its discretion, lease such space on such terms and conditions as Landlord shall determine. Tenant’s rights hereunder shall not include the right to lease less than all of the space identified in Landlord’s notice.

(c) Nothing contained in this Section is intended nor may anything herein be relied upon by Tenant as a representation by Landlord as to the availability of the Expansion Space within the Building at any time. Tenant’s rights hereunder shall continue throughout the Term (or any extension of the Term) until the final three (3) years of the Term.

(d) For purposes of the Lease, “Fair Market Rent” shall mean the fixed rent, for comparable space, as established by Landlord or as mutually agreed by Landlord and Tenant after Landlord’s receipt of Tenant’s notice of intent to renew. Landlord shall notify Tenant of the applicable Fair Market Rent as determined by Landlord within fifteen (15) days after receipt of Tenant’s notice of intent to renew. In determining the Fair Market Rent, Landlord shall take into account applicable measurement and the loss factors, applicable lengths of lease term, differences in size of the space demised, the location of the Building and comparable buildings, amenities in the Building and comparable buildings, the ages of the Building and comparable buildings, differences in base years or stop amounts for Recognized Expenses and tax escalations and other factors normally taken into account in determining Fair Market Rent. The Fair Market Rent shall reflect the level of improvement to be made by Landlord to the space and the Recognized Expenses under the Lease. If Landlord and Tenant cannot agree on the Fair Market Rent within fifteen days of Tenant’s receipt of Landlord’s determination, the Fair Market Rent shall be established by the following procedure: (i) Tenant and Landlord, acting reasonably and in good faith, shall agree on a single MAI certified appraiser who shall have a minimum of ten (10) years’ experience in real estate leasing in the market in which the Premises is located; (ii) Landlord and Tenant shall each notify the other (but not the appraiser), of its determination of such Fair Market Rent and the reasons therefor; (iii) during the next seven (7) days both Landlord and Tenant shall prepare a written critique of the other’s determination and shall deliver it to the other party; and (iv) on the tenth (10th) day following delivery of the critiques to each other, Landlord’s and Tenant’s determinations and critiques (as originally submitted to the other party, with no modifications whatsoever) shall be submitted to the appraiser, who shall decide whether Landlord’s or Tenant’s determination of Fair Market Rent is more correct. The determinations so chosen shall be the Fair Market Rent. The appraiser shall not be empowered to choose any number other than the Landlord’s or Tenant’s. The fees of the appraiser shall be paid by the non-prevailing party.

8. Renewal Option. Tenant shall have the same Renewal Option as set forth in the Second Amendment, to renew the Term for one (1) term of five (5) years beyond the end of the Term.

9. Parking. In addition to the fifteen (15) reserved/exclusive parking spaces provided to Tenant in the Second and Fourth Amendments, Tenant shall be entitled to three (3) reserved/exclusive parking spaces for a total of eighteen (18) reserved/exclusive parking spaces.

10. Existing Tenant Condition. This Amendment and all of the obligations herein are subject to and conditioned upon the satisfaction of the Existing Tenant Condition. For purposes hereof, “Existing Tenant Condition” shall be defined as Landlord recapturing, free and clear, the Fifth Amendment Additional Premises from the existing tenant of the Fifth Amendment Additional Premises.

11. Press Releases; Confidentiality. Landlord shall have the right, without further notice to Tenant, to include general information relating to the Lease, limited to Tenant’s name, the Building and the square footage of the Premises in press releases relating to Landlord’s and its affiliates’ leasing activity. Information relating to rates set forth in the Lease will not be released without Tenant’s prior written consent. Tenant shall not issue, nor permit any broker, representative, or agent representing Tenant in connection with the Lease to issue, any press release or other public disclosure regarding the Lease or any of the terms contained in the Lease (or any amendments or modifications thereto), without the prior written approval of Landlord. The parties acknowledge that the transaction described in the Lease (and any amendments and modifications thereto) and the terms thereof are of a confidential nature and shall not be disclosed except to such party’s employees, attorneys, accountants, consultants, advisors, affiliates, and actual and prospective purchasers, lenders, investors, subtenants and assignees (collectively, “Permitted Parties”), and except as, in the good faith judgment of Landlord or Tenant, may be required to enable Landlord or Tenant to comply with its obligations under law or under rules and regulations of the Securities and Exchange Commission. Neither party may make any public disclosure of the specific terms of the Lease, except as required by law or as otherwise provided in this paragraph. In connection with the negotiation of the Lease and the preparation for the consummation of the transactions contemplated hereby, each party acknowledges that it will have had access to confidential information relating to the other party. Each party shall treat such information and shall cause its Permitted Parties to treat such confidential information as confidential, and shall preserve the confidentiality thereof, and not duplicated or use such information, except to Permitted Parties.

12. Representations. Tenant hereby confirms that (i) the Lease is in full force and effect and Tenant is in possession of the Existing Premises; (ii) Landlord has performed all outstanding Landlord’s Work under the Existing Lease; and (iii) to Tenant’s knowledge, there are no defaults by Landlord under the Lease. Landlord hereby confirms that (i) the Lease is in full force and effect; (ii) Landlord has performed all outstanding Landlord’s Work under the Existing Lease; and (iii) to Landlord’s knowledge, there are no defaults by Landlord or Tenant under the Lease.

13. Notices. Wherever in the Lease it is required or permitted that notice or demand be given or served by either party to the Lease to or on the other party, such notice or demand shall be duly given or served if in writing and either: (i) personally served; (ii) delivered by pre-paid nationally-recognized overnight courier service (e.g., Federal Express) with evidence of receipt required for delivery; (iii) forwarded by registered or certified mail, return receipt requested, postage prepaid; or (iv) emailed with evidence of receipt and delivery of a copy of the notice by first class mail; in all such cases addressed to the parties at the addresses set forth below. Each such notice shall be deemed to have been given to or served upon the party to which addressed on the date the same is delivered or delivery is refused. Each party shall have the right to change its address for notices (provided such new address is in the continental United States) by a writing sent to the other party in accordance with this Section, and each party shall, if requested, within ten (10) days confirm to the other its notice address. Notices may be given by either an agent or attorney acting on behalf of the party giving such notice. Notwithstanding the foregoing, any notice from Landlord to Tenant regarding the exercise of a right of access to the Premises, invoices, notice of maintenance activities, estimated Operating Expenses, reconciliation of Operating Expenses may be given by written notice left at the Premises or delivered by regular mail, facsimile, or electronic means (such as email) to any person at the Premises whom Landlord reasonably believes is authorized to receive such notice on behalf of Tenant without copies as specified herein.

If to Tenant: QlikTech Inc. 150 N. Radnor-Chester Road, Suite 220 Radnor, PA 19087 Attn: General Counsel Phone: 610-975-5987 E-mail: Deborah.Lofton@qlikview.com	with a copy to: McCausland, Keen & Buckman 259 N. Radnor-Chester Road, Suite 160 Radnor, PA 19087 Attn: Blake T. Fritz, Esq. Phone: 610-341-1016 E-mail: bfritz@mkbattorneys.com
and to Landlord: Brandywine Operating Partnership, L.P. 555 East Lancaster Ave., Suite 100 Radnor, PA 19087 Attn: Jeff DeVuono Phone No. 610-325-5600 E-mail: jeff.devuono@bdnreit.com	with a copy to: Brandywine Realty Trust 555 East Lancaster Ave. Suite 100 Radnor, PA 19087 Attn: Brad A. Molotsky Phone No. 610-325-5600 E-mail: Legal.Notices@bdnreit.com

14. Brokerage Commission. Landlord and Tenant mutually represent and warrant to each other that they have not dealt, and will not deal, with any real estate broker or sales representative in connection with this proposed transaction, other than Jones Lang LaSalle. Each party agrees to indemnify, defend and hold harmless the other and their directors, officers and employees from and against all threatened or asserted claims, liabilities, costs and damages (including reasonable attorney’s fees and disbursements) which may occur as a result of a breach of this representation.

15. Counterparts; Electronic Transmittal. This Amendment may be executed in any number of counterparts, each of which when taken together shall be deemed to be one and the same instrument. Tenant shall provide two (2) executed original counterparts of this Amendment to Landlord, and upon Landlord’s counter-signature Landlord shall provide Tenant with one (1), fully executed original of this Amendment. The parties acknowledge and agree that notwithstanding any law or presumption to the contrary, the exchange of copies of this Amendment and signature pages by electronic transmission shall constitute effective execution and delivery of this Amendment for all purposes, and signatures of the parties hereto transmitted electronically shall be deemed to be their original signature for all purposes.

16. Effect of Amendment; Ratification. Landlord and Tenant hereby acknowledge and agree that, except as provided in this Amendment, the Existing Lease has not been modified, amended, canceled, terminated, released, superseded or otherwise rendered of no force or effect. The Existing Lease is hereby ratified and confirmed by the parties hereto, and every provision, covenant, condition, obligation, right, term and power contained in and under the Existing Lease shall continue in full force and effect, affected by this Amendment only to the extent of the amendments and modifications set forth above. In the event of any conflict between the terms and conditions of this Amendment and those of the Existing Lease, the terms and conditions of this Amendment shall control. To the extent permitted by applicable law, Landlord and Tenant hereby waive trial by jury in any action, proceeding or counterclaim brought by either against the other on any matter arising out of or in any way connected with the Lease, the relationship of Landlord and Tenant, or Tenant’s use or occupancy of the Building, any claim or injury or damage, or any emergency or other statutory remedy with respect thereto. Tenant specifically acknowledges and agrees that Section 18 of the Original Lease concerning Confession of Judgment is and shall remain in full force and effect in accordance with its terms.

[Signatures on following page.]

IN WITNESS WHEREOF, Landlord and Tenant have duly executed this agreement on the date first above written.

LANDLORD:

RADNOR PROPERTIES-SDC, L.P.

By: Radnor GP-SDC, L.L.C., its general partner

By:	/s/ DANIEL PALAZZO
Name:	Daniel Palazzo
Title:	VP of Asset Management

TENANT:

QLIKTECH INC.

By:	/s/ TIMOTHY MACCARRICK
Name: Timothy J. MacCarrick
Title: Chief Financial Officer

EXHIBIT “A”

Fifth Amendment Additional Premises

[floor plan]

EXHIBIT “B”

FORM OF COLT

CONFIRMATION OF LEASE TERM

THIS CONFIRMATION OF LEASE TERM (“COLT”) is made as of the              of             ,             , between                      (“Landlord”) and                      (“Tenant”).

1. Landlord and Tenant are parties to that certain              dated              (“Lease Document”), with respect to the premises described in the Lease Document, known as Suite              consisting of approximately              rentable square feet (“Premises”), located at                                         .

2. All capitalized terms, if not defmed in this COLT, have the meaning give such terms in the Lease Document.

3. Tenant has accepted possession of the Premises in its “AS IS” “WHERE IS” condition and all improvements required to be made by Landlord per the Lease Document have been completed.

4. The Lease Document provides for the commencement and expiration of the Term of the lease of the Premises, which Term commences and expires as follows:

a. Commencement of the Term of the Premises:             

b. Expiration of the Term of the Premises:             

5. The required amount of the Security Deposit and/or Letter of Credit per the Lease Document is $            . Tenant has delivered the Security Deposit and/or Letter of Credit per the Lease Document in the amount of $            .

6. The Building Number is              and the Lease Number is             . This information must accompany every payment of Rent made by Tenant to Landlord per the Lease Document.

TENANT:	LANDLORD:
By:	By:
Name:	Name:
Title:	Title:

Exhibit “C”

Expansion Space

[floor plan]

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Lars Björk, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Qlik Technologies Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision; to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 2, 2014	/s/ LARS BJÖRK
	Lars Björk
	President, Chief Executive Officer and Director (Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Timothy MacCarrick, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Qlik Technologies Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision; to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 2, 2014	/s/ TIMOTHY MACCARRICK
	Timothy MacCarrick
	Chief Financial Officer and Treasurer (Principal Financial Officer)

EX-32.1

Exhibit 32.1

CERTIFICATIONS OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the accompanying Quarterly Report on Form 10-Q of Qlik Technologies Inc. (the “Company”) for the quarter ended March 31, 2014, as filed with the United States Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Lars Björk, President, Chief Executive Officer and Director of the Company, and Timothy MacCarrick, Chief Financial Officer and Treasurer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to their respective knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

By:	/s/ LARS BJÖRK
	Lars Björk
	President, Chief Executive Officer and Director (Principal Executive Officer)
	May 2, 2014
By:	/s/ TIMOTHY MACCARRICK
	Timothy MacCarrick
	Chief Financial Officer and Treasurer (Principal Financial Officer)
	May 2, 2014

This certification is made solely for the purposes of 18 U.S.C. Section 1350, subject to the knowledge standard contained therein, and not for any other purpose. A signed original of this written statement required by Section 906 has been provided to Qlik Technologies Inc. and will be retained by Qlik Technologies Inc. and furnished to the United States Securities and Exchange Commission or its staff upon request.

XML

Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Granted	150,000
Restricted Stock Unit Activity [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares Outstanding, Beginning Balance	372,452
Number of Shares, Granted	138,654
Number of Shares, Vested	(2,500)
Number of Shares, Forfeited	(23,801)
Number of Shares Outstanding, Ending Balance	484,805
Weighted-Average Grant Date Fair Value, Beginning Balance	$ 27.12
Weighted-Average Grant Date Fair Value, Granted	$ 28.91
Weighted-Average Grant Date Fair Value, Vested	$ 23.99
Weighted-Average Grant Date Fair Value, Forfeited	$ 20.74
Weighted-Average Grant Date Fair Value, Ending Balance	$ 27.96

XML

(Provision) Benefit for Income Taxes - Additional Information (Detail) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Provision for income taxes	$ (2,055,000)	$ 5,006,000
Effective tax rate	8.60%	27.50%
Unrecognized tax benefits	$ 2,800,000		$ 2,400,000

XML

Significant Accounting Policies - Diluted Net Loss Per Common Share for Periods Presented Does Not Reflect Potential Issuance of Common Shares (Detail)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share, amount	10,014,056	10,709,262
Common Stock Option And SSARs [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share, amount	9,153,348	10,156,068
Restricted Stock Unit Activity [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share, amount	484,805	249,798
MVSSSARs [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share, amount	375,903	303,396

XML

Stock-Based Compensation - Summary of Common Stock Option Activity (Detail) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Shares Outstanding, Beginning Balance	9,796,816
Number of Shares, Granted	202,198
Number of Shares, Exercised	(605,007)
Number of Shares, Forfeited	(390,659)
Number of Shares Outstanding, Ending Balance	9,003,348	9,796,816
Number of Shares, Exercisable	4,009,508
Number of Shares, Vested and expected to vest in future periods	8,511,720
Weighted-Average Exercise Price, Beginning of Period	$ 20.44
Weighted-Average Exercise Price, Granted	$ 27.77
Weighted-Average Exercise Price, Exercised	$ 9.86
Weighted-Average Exercise Price, Forfeited	$ 22.00
Weighted-Average Exercise Price, End of Period	$ 21.25	$ 20.44
Weighted-Average Exercise Price, Exercisable	$ 16.35
Weighted-Average Exercise Price, Vested and expected to vest in future periods	$ 21.04
Weighted-Average Remaining Contractual Term (Years)	7 years 7 months 17 days	7 years 9 months 15 days
Weighted-Average Remaining Contractual Term (Years), Exercisable	6 years 4 months 13 days
Weighted-Average Remaining Contractual Term (Years), Vested and expected to vest in future periods	7 years 6 months 26 days
Aggregate Intrinsic Value, Outstanding	$ 57,308
Aggregate Intrinsic Value, Exercisable	43,191
Aggregate Intrinsic Value, Vested and expected to vest in future periods	$ 55,834

XML

Acquisitions

3 Months Ended

Mar. 31, 2014

Business Combinations [Abstract]

Acquisitions

(3) Acquisitions

On October 3, 2013, the Company acquired the ongoing operations of its Italian master reseller (“QlikTech Italy”) that specializes in the distribution of QlikView software and provides maintenance and consulting services related to that software. The Company purchased QlikTech Italy for a total maximum purchase price of approximately 7.5 million euros (approximately $10.2 million based on an exchange rate of 1.355 on October 3, 2013). The total maximum purchase price included approximately $1.4 million of contingent consideration payable upon the achievement of certain revenue targets as set forth in the purchase agreement. At the purchase date, the Company estimated approximately $0.2 million of contingent consideration would be payable based upon the achievement of certain revenue targets, and therefore, this amount was included in the purchase price. The results of operations and financial position of QlikTech Italy are included in the Company’s consolidated financial statements from and after the date of acquisition. The inclusion of QlikTech Italy did not have a material impact on the Company’s consolidated financial results for the three months ended March 31, 2014. Had the acquisition occurred as of the beginning of the periods presented in these consolidated financial statements, the pro forma statements of operations would not be materially different than the consolidated statements of operations presented.

During the three months ended March 31, 2014, the Company completed the purchase price allocation for QlikTech Italy including the valuation of intangible assets acquired, deferred revenue assumed and deferred income taxes. The adjustments from the preliminary purchase price allocation were immaterial.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at October 3, 2013 based on an exchange rate of 1.355 (in thousands):

Cash	$	—
Other assets		63
Property and equipment		421
Liabilities assumed		(1,485	)
Net liabilities assumed	$	(1,001	)
Deferred tax liability		(959	)
Intangible assets		2,033
Goodwill		8,907
Total purchase price	$	8,980

Of the total purchase price, approximately $2.0 million has been allocated to finite-lived intangible assets acquired, which consists of the value assigned to QlikTech Italy’s customer relationships. The value assigned to QlikTech Italy’s customer relationships was determined based on the acquired existing customer revenue base, an estimated growth rate on the existing revenue base, an estimated attrition rate and the estimated net cash flows to be generated by this existing customer base, which is discounted to reflect the level of risk associated with receiving future cash flows attributable to the customer relationships. The Company will amortize the customer relationships on a straight-line basis over an estimated useful life of nine years. The amortization of intangible assets is not expected to be deductible for income tax purposes.

Goodwill represents the excess of the purchase price over the net identifiable tangible and intangible assets acquired. The Company believes the goodwill related to the acquisition was a result of the expected synergies to be realized from combining operations and is not expected to be deductible for income tax purposes.

XML

Goodwill and Other Intangible Assets - Summary of Intangible Assets Subject to Amortization (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 16,567	$ 16,608
Accumulated Amortization	(4,717)	(3,913)
Net Amount	11,850	12,695
Acquired Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Amount	13,400	13,442
Accumulated Amortization	(3,672)	(3,020)
Net Amount	9,728	10,422
Customer Relationships and Other Identified Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Amount	2,777	2,775
Accumulated Amortization	(810)	(690)
Net Amount	1,967	2,085
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Amount	390	391
Accumulated Amortization	(235)	(203)
Net Amount	$ 155	$ 188

XML

Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Goodwill And Intangible Assets Disclosure [Abstract]
Impairment cost
Amortization of intangible assets	0.8	0.3
Estimated aggregate amortization expense for 2014	2.3
Estimated aggregate amortization expense for 2015	2.9
Estimated aggregate amortization expense for 2016	2.9
Estimated aggregate amortization expense for 2017	2.2
Estimated aggregate amortization expense for 2018	0.7
Estimated aggregate amortization expense for thereafter through 2022	$ 0.9
Weighted average amortization period	5 years 4 months 24 days

XML

Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Assets
Cash and cash equivalents	$ 253,279	$ 227,693
Liabilities
Accrued contingent consideration	2,256	2,263
Fair Value, Inputs, Level 1 [Member]
Assets
Cash and cash equivalents	253,279	227,693
Liabilities
Accrued contingent consideration
Fair Value, Inputs, Level 2 [Member]
Assets
Cash and cash equivalents
Liabilities
Accrued contingent consideration
Level 3 [Member]
Assets
Cash and cash equivalents
Liabilities
Accrued contingent consideration	$ 2,256	$ 2,263

XML

Fair Value Measurements - Reconciliation of Acquisition Related Accrued Contingent Consideration (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accrued contingent consideration, Beginning Balance	$ 2,263
Acquisition date fair value of contingent consideration
Payment of contingent consideration
Accrued contingent consideration, Ending Balance	2,256
Changes Measurement [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in fair value of contingent consideration	$ (7)

XML

Significant Accounting Policies

3 Months Ended

Mar. 31, 2014

Accounting Policies [Abstract]

Significant Accounting Policies

(2) Significant Accounting Policies

Significant Accounting Policies

The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2013 included in the Company’s Annual Report on Form 10-K (file number 001-34803), filed with the Securities and Exchange Commission (“SEC”) on February 28, 2014. Since the date of those financial statements, there have been no material changes to the Company’s significant accounting policies.

Basis of Presentation and Consolidation

The accompanying unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated. Prior year amounts have been reclassified where appropriate to conform to the current year classification for comparative purposes.

Interim Financial Statements

These interim consolidated financial statements are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) on the same basis as the audited consolidated financial statements for the year ended December 31, 2013 included in the Company’s Annual Report on Form 10-K, filed with the SEC on February 28, 2014 and, in the opinion of management, include all adjustments of a normal recurring nature considered necessary to present fairly the Company’s financial position at March 31, 2014, the results of operations and comprehensive loss for the three months ended March 31, 2014 and 2013 and cash flows for the three months ended March 31, 2014 and 2013. The results of operations for the three months ended March 31, 2014 and 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014 or any other future periods. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted under the SEC’s rules and regulations. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended December 31, 2013. The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to the Quarterly Report on Form 10-Q and, therefore, do not include all information and footnotes required by U.S. GAAP for complete financial statements.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

The Company evaluates its estimates, including those related to the accounts receivable allowance, useful lives of long-lived assets, the recoverability of goodwill and other intangible assets, assessing fair values of assets and liabilities acquired in and contingent consideration related to business acquisitions, and assumptions used for the purpose of determining stock-based compensation expense and income taxes, among others. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying value of assets and liabilities as well as reported revenue and expenses during the periods presented.

Foreign Currency Translation

The financial statements of the Company’s foreign operations are measured using the local currency as the functional currency. The local currency assets and liabilities are translated at the rate of exchange to the United States (“U.S.”) dollar on the balance sheet date and the local currency revenues and expenses are translated at average rates of exchange to the U.S. dollar during the reporting periods. Foreign currency transaction gains (losses) have been reflected as a component of other income (expense), net, within the Company’s consolidated statements of operations and foreign currency translation gains (losses) have been included as a component of the Company’s consolidated statements of comprehensive income (loss) and accumulated other comprehensive income (loss) within the Company’s consolidated balance sheets.

Business Combinations

The Company recognizes assets acquired, liabilities assumed and any contingent consideration related to business combinations at fair value on the date of acquisition. The purchase price allocation process requires management to make significant estimates and assumptions with respect to the fair value of any intangible assets acquired, deferred revenues assumed, or contingent consideration within the arrangement. Unanticipated events and circumstances may occur which may affect the accuracy or validity of such assumptions or estimates. All subsequent changes to a valuation allowance or uncertain tax position related to the acquired company that occur within the measurement period and are based on facts and circumstances that existed at the acquisition date are recognized as an adjustment to goodwill.

Acquisition-related transaction costs, including legal and accounting fees and other external costs directly related to the acquisition, are recognized separately from the acquisition and expensed as incurred in general and administrative expenses in the consolidated statements of operations.

Stock-Based Compensation

The Company recognizes the cost of stock-based compensation based on the fair value of those awards at the date of grant over the requisite service period on a straight line basis. The Company uses the Black-Scholes-Merton (“Black-Scholes”) option pricing model to determine the fair value of common stock option awards and Stock-settled Stock Appreciation Rights (“SSARs”). The fair value of a restricted stock unit is determined by using the fair value of the Company’s common stock on the date of grant. The fair value of Maximum Value Stock-settled Stock Appreciation Rights (“MVSSSARs”) is determined by utilizing a lattice model under the option pricing method. Stock-based compensation plans, related expenses and assumptions used in the Black-Scholes option pricing model and the lattice model under the option pricing method are more fully described in Note 8 to these consolidated financial statements. Stock-based compensation expense is recorded within cost of revenue, sales and marketing, research and development and general and administrative expenses in the consolidated statements of operations.

The following table sets forth the total stock-based compensation expense included in the unaudited consolidated statements of operations for the three months ended March 31, 2014 and 2013:

	Three Months Ended March 31,
	2014		2013
	(in thousands)
Cost of revenue	$	556	$	608
Sales and marketing		4,107		2,965
Research and development		811		740
General and administrative		2,364		1,676
	$	7,838	$	5,989

Net Loss Per Common Share

The following table sets forth the computation of basic and diluted net loss per common share for the periods indicated:

	Three Months Ended March 31,
	2014			2013
	(in thousands, except share and per share data)
Basic and diluted net loss per common share calculation:
Net loss	$	(25,880	)	$	(13,206	)
Weighted average common shares outstanding:
Basic and diluted		89,204,334			86,516,905
Net loss per common share:
Basic and diluted	$	(0.29	)	$	(0.15	)

Diluted net loss per common share for the three months ended March 31, 2014 and 2013 does not reflect the potential issuance of common shares underlying the following securities as the effect would be anti-dilutive:

	Three Months Ended March 31,
	2014		2013
Common stock options and SSARs		9,153,348		10,156,068
Restricted stock units		484,805		249,798
MVSSSARs		375,903		303,396
		10,014,056		10,709,262

Recent Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or consolidated results of operations upon adoption.

In July 2013, the FASB amended its guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or a tax credit carryforward exists. This guidance is effective for fiscal periods beginning after December 15, 2013. The adoption of this amendment did not have a material impact on the Company’s consolidated financial statements.

XML

Fair Value Measurements - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accrued contingent consideration liability	$ 2,256	$ 2,263
Other non-recurring fair value adjustments
NComVA AB [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accrued contingent consideration liability	$ 3,500

XML

Stock-Based Compensation - Summary of Maximum Value Stock-Settled Stock Appreciation Rights Activity (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Granted	150,000
MVSSSARs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares Outstanding, Beginning Balance	974,669
Number of Shares, Granted	162,836
Number of Shares, Exercised	(51,004)
Number of Shares, Forfeited	(67,272)
Number of Shares Outstanding, Ending Balance	1,019,229
Weighted-Average Grant Date Fair Value, Beginning Balance	$ 25.81
Weighted-Average Grant Date Fair Value, Granted	$ 27.31
Weighted-Average Grant Date Fair Value, Exercised	$ 19.81
Weighted-Average Grant Date Fair Value, Forfeited	$ 25.98
Weighted-Average Grant Date Fair Value, Ending Balance	$ 26.34

XML

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 253,279	$ 227,693
Accounts receivable, net of allowance for doubtful accounts of $985 and $1,442 respectively	123,941	162,009
Prepaid expenses and other current assets	19,060	16,296
Income tax receivable	649
Deferred income taxes	1,886	1,886
Total current assets	398,815	407,884
Property and equipment, net	24,169	21,500
Intangible assets, net	11,850	12,695
Goodwill	21,324	21,233
Deferred income taxes	2,151	2,107
Deposits and other noncurrent assets	3,239	2,503
Total assets	461,548	467,922
Current liabilities:
Income taxes payable		2,634
Accounts payable	6,256	5,262
Deferred revenue	110,157	98,684
Accrued payroll and other related costs	39,541	46,780
Accrued expenses	28,956	29,495
Deferred income taxes	544	544
Total current liabilities	185,454	183,399
Long-term liabilities:
Deferred revenue	3,426	3,637
Deferred income taxes	894	894
Other long-term liabilities	7,970	7,822
Total liabilities	197,744	195,752
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.0001 par value, 10,000,000 authorized, none issued and outstanding at March 31, 2014 and December 31, 2013
Common stock, $0.0001 par value, 300,000,000 shares authorized; 89,613,538 shares issued and outstanding at March 31, 2014 and 88,989,091 shares issued and outstanding at December 31, 2013	9	9
Additional paid-in-capital	282,961	265,711
Retained earnings (accumulated deficit)	(22,843)	3,037
Accumulated other comprehensive income	3,677	3,413
Total stockholders' equity	263,804	272,170
Total liabilities and stockholders' equity	$ 461,548	$ 467,922

XML

Condensed Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities
Net loss	$ (25,880)	$ (13,206)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	2,569	1,719
Stock-based compensation expense	7,838	5,989
Excess tax benefit from stock-based compensation	(3,445)	(4,181)
Other non-cash items	630	1,667
Changes in assets and liabilities:
Accounts receivable	37,737	41,096
Prepaid expenses and other assets	(3,542)	(1,973)
Income taxes	(3,283)	(15,684)
Deferred revenue	11,072	4,787
Accrued expenses and other liabilities	(4,327)	(5,507)
Net cash provided by operating activities	19,369	14,707
Cash flows from investing activities
Capital expenditures	(3,407)	(2,762)
Net cash used in investing activities	(3,407)	(2,762)
Cash flows from financing activities
Proceeds from exercise of common stock options	5,968	4,002
Excess tax benefit from stock-based compensation	3,445	4,181
Borrowings on line of credit, net		182
Net cash provided by financing activities	9,413	8,365
Effect of exchange rates on cash and cash equivalents	211	(1,279)
Net increase in cash and cash equivalents	25,586	19,031
Cash and cash equivalents, beginning of period	227,693	195,803
Cash and cash equivalents, end of period	253,279	214,834
Supplemental cash flow information:
Cash paid during the period for income taxes	2,185	5,530
Non-cash investing activities:
Tenant improvement allowances received under operating lease	$ 1,048

XML

Business and Geographic Segment Information - Net Revenues Based on Geographic Area (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 111,112	$ 96,548
The Americas [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	36,852	33,372
Europe [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	62,773	53,676
Rest of World [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 11,487	$ 9,500

XML

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2014

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Common Stock Option Activity

The following provides a summary of the common stock option activity for the Company for the three months ended March 31, 2014:

	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of January 1, 2014		9,796,816		$	20.44		7.79
Granted		202,198		$	27.77
Exercised		(605,007	)	$	9.86
Forfeited		(390,659	)	$	22.00
Outstanding as of March 31, 2014		9,003,348		$	21.25		7.63	$	57,308
Exercisable at March 31, 2014		4,009,508		$	16.35		6.37	$	43,191
Vested at March 31, 2014 and expected to vest in future periods		8,511,720		$	21.04		7.57	$	55,834

Assumptions Used in Black-Scholes Option Pricing Model

The assumptions used in the Black-Scholes option pricing model are:

	Three Months Ended March 31,
	2014	2013
Expected dividend yield	0.0%	0.0%
Risk-free interest rate	1.5% - 1.8%	1.0% - 1.1%
Expected volatility	43.2% - 44.9%	47.6% - 47.7%
Expected life (in years)	5.16	6.25

Summary of Restricted Stock Unit Activity

The following provides a summary of the restricted stock unit activity for the Company for the three months ended March 31, 2014:

	Number of Shares Underlying Outstanding Restricted Stock Units			Weighted- Average Grant Date Fair Value
Outstanding as of January 1, 2014		372,452		$	27.12
Granted		138,654			28.91
Vested		(2,500	)		23.99
Forfeited		(23,801	)		20.74
Unvested as of March 31, 2014		484,805		$	27.96

Summary of Maximum Value Stock-Settled Stock Appreciation Rights Activity

The following provides a summary of the MVSSSARs activity for the Company for the three months ended March 31, 2014:

	Number of Shares			Weighted- Average Grant Date Fair Value
Outstanding as of January 1, 2014		974,669		$	25.81
Granted		162,836			27.31
Exercised		(51,004	)		19.81
Forfeited		(67,272	)		25.98
Outstanding as of March 31, 2014		1,019,229		$	26.34

XML

Stock-Based Compensation - Additional Information (Detail) (USD $)	3 Months Ended		1 Months Ended	3 Months Ended		3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Feb. 28, 2014 2010 Equity Incentive Plan [Member]	Mar. 31, 2014 2010 Equity Incentive Plan [Member]	Jul. 16, 2010 2010 Equity Incentive Plan [Member]	Mar. 31, 2014 MVSSSARs [Member]	Mar. 31, 2013 MVSSSARs [Member]	Mar. 31, 2014 Common Stock Options [Member]	Mar. 31, 2013 Common Stock Options [Member]	Mar. 31, 2014 Restricted Stock Unit [Member]	Mar. 31, 2013 Restricted Stock Unit [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for issuance under plan					3,300,000
Potential company authorized automatic increase				3,300,000
Common stock outstanding				3.75%
Common stock options to purchase				6,018,405
Company authorized automatic increase			3,300,000
Number of shares, SSARs granted	150,000					162,836
Exercise price, SSARs granted	$ 30.00
Aggregate grant date fair value	$ 1,800,000
Grant date weighted-average fair value	$ 12.11							$ 11.40	$ 10.67
Proceeds from the exercise of common stock options	5,968,000	4,002,000
Total intrinsic value of common stock options exercised	11,600,000	12,900,000
Excess tax benefit from stock-based compensation	3,445,000	4,181,000
Stock-based compensation expenses						500,000	400,000	6,200,000	5,000,000	1,100,000	600,000
Total unrecognized compensation cost, net of estimated forfeitures, non-vested						$ 4,500,000		$ 49,100,000		$ 9,600,000
Weighted-average period						2 years 6 months		2 years 7 months 6 days		2 years 3 months 18 days
Issue upon settlement common stock						16,940	1,536
Settlement of MVSSSARs with common stock						51,004	5,971
Settlement of common stock						375,903

XML

Significant Accounting Policies - Computation of Basic and Diluted Net Loss Per Common Share (Detail) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Basic and diluted net loss per common share calculation:
Net loss	$ (25,880)	$ (13,206)
Weighted average common shares outstanding:
Basic and diluted	89,204,334	86,516,905
Net loss per common share:
Basic and diluted	$ (0.29)	$ (0.15)

XML

Description of Business

3 Months Ended

Mar. 31, 2014

Accounting Policies [Abstract]

Description of Business

(1) Description of Business

Qlik Technologies Inc. (“We”, “Qlik” or the “Company”) has pioneered a powerful, user-driven business intelligence (“BI”) solution that enables its customers to make better and faster business decisions, wherever they are. The Company’s Business Discovery platform helps people create and share insights and analysis in groups and across organizations. Business users can explore data, ask and answer their own stream of questions and follow their own path to insight on their own and in teams and groups. Through its wholly-owned subsidiaries, the Company sells software solutions that are powered by the Company’s in-memory engine which maintains associations in data and calculates aggregations rapidly, as needed. The Company’s Business Discovery platform is designed to give customers significant improvements in usability, flexibility and performance at lower costs compared to traditional BI solutions.

XML

Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts	$ 985	$ 1,442
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	89,613,538	88,989,091
Common stock, outstanding	89,613,538	88,989,091

XML

Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2014

Accounting Policies [Abstract]

Stock-Based Compensation Expense Included in Consolidated Statements of Operations

The following table sets forth the total stock-based compensation expense included in the unaudited consolidated statements of operations for the three months ended March 31, 2014 and 2013:

	Three Months Ended March 31,
	2014		2013
	(in thousands)
Cost of revenue	$	556	$	608
Sales and marketing		4,107		2,965
Research and development		811		740
General and administrative		2,364		1,676
	$	7,838	$	5,989

Computation of Basic and Diluted Net Loss Per Common Share

The following table sets forth the computation of basic and diluted net loss per common share for the periods indicated:

	Three Months Ended March 31,
	2014			2013
	(in thousands, except share and per share data)
Basic and diluted net loss per common share calculation:
Net loss	$	(25,880	)	$	(13,206	)
Weighted average common shares outstanding:
Basic and diluted		89,204,334			86,516,905
Net loss per common share:
Basic and diluted	$	(0.29	)	$	(0.15	)

Diluted Net Loss Per Common Share for Periods Presented Does Not Reflect Potential Issuance of Common Shares

Diluted net loss per common share for the three months ended March 31, 2014 and 2013 does not reflect the potential issuance of common shares underlying the following securities as the effect would be anti-dilutive:

	Three Months Ended March 31,
	2014		2013
Common stock options and SSARs		9,153,348		10,156,068
Restricted stock units		484,805		249,798
MVSSSARs		375,903		303,396
		10,014,056		10,709,262

XML

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	Apr. 25, 2014
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q1
Entity Registrant Name	QLIK TECHNOLOGIES INC
Entity Central Index Key	0001305294
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		89,639,858

XML

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2014

Business Combinations [Abstract]

Summary of Estimated Fair Values of the Assets Acquired and Liabilities

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at October 3, 2013 based on an exchange rate of 1.355 (in thousands):

Cash	$	—
Other assets		63
Property and equipment		421
Liabilities assumed		(1,485	)
Net liabilities assumed	$	(1,001	)
Deferred tax liability		(959	)
Intangible assets		2,033
Goodwill		8,907
Total purchase price	$	8,980

XML

Consolidated Statements of Operations (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Revenue:
License revenue	$ 53,883	$ 52,652
Maintenance revenue	45,845	35,716
Professional services revenue	11,384	8,180
Total revenue	111,112	96,548
Cost of revenue:
License revenue	1,506	1,647
Maintenance revenue	3,057	2,872
Professional services revenue	13,476	9,837
Total cost of revenue	18,039	14,356
Gross profit	93,073	82,192
Operating expenses:
Sales and marketing	72,763	60,980
Research and development	17,046	15,480
General and administrative	26,761	22,493
Total operating expenses	116,570	98,953
Loss from operations	(23,497)	(16,761)
Other expense, net:
Interest income, net	35	32
Foreign exchange loss, net	(363)	(1,483)
Total other expense, net	(328)	(1,451)
Loss before (provision) benefit for income taxes	(23,825)	(18,212)
(Provision) benefit for income taxes	(2,055)	5,006
Net loss	$ (25,880)	$ (13,206)
Net loss per common share:
Basic and diluted	$ (0.29)	$ (0.15)
Weighted average number of common shares outstanding:
Basic and diluted	89,204,334	86,516,905

XML

(Provision) Benefit for Income Taxes

3 Months Ended

Mar. 31, 2014

Income Tax Disclosure [Abstract]

(Provision) Benefit for Income Taxes

(6) (Provision) Benefit for Income Taxes

In accordance with FASB Accounting Standards Codification 740, Income Taxes, each interim period is considered integral to the annual period and tax expense is measured using an estimated annual effective tax rate. An entity is required to record income tax expense each quarter based on its best estimate of the annual effective tax rate for the full fiscal year and use that rate to provide for income taxes on a current year-to-date basis, as adjusted for discrete taxable events that occur during the interim period. If, however, the entity is unable to reliably estimate its annual effective tax rate, then the actual effective tax rate on a year-to-date basis may be the best annual effective tax rate estimate. For the three months ended March 31, 2014, the Company determined that it was no longer able to make a reliable estimate of the annual effective tax rate in the U.S. as relatively small changes in its projected income or loss produce a significant variance in its annual effective tax rate in this jurisdiction. Therefore, the Company recorded tax expense in the U.S., for the three months ended March 31, 2014 based on the actual effective rate for the three months ended March 31, 2014. The effective tax rate for all other jurisdictions for the three months ended March 31, 2014 and for all jurisdictions in the three months ended March 31, 2013, was calculated based on an estimated annual effective tax rate plus discrete items.

For the three months ended March 31, 2014, the Company recorded a provision for income taxes of approximately $2.1 million that resulted in an effective tax rate of (8.6%) compared to a benefit of approximately $5.0 million, or an effective tax rate of 27.5% in the three months ended March 31, 2013. As of March 31, 2014, a full valuation allowance has been recorded against its U.S. and Swedish deferred tax assets, based on an analysis of positive and negative evidence, including projected three-year cumulative losses through December 31, 2014. The effective tax rate for the three months ended March 31, 2014 reflects the effect of benefits from a foreign rate differential offset by the effects of permanent differences and the changes in the valuation allowance on deferred tax assets. The effective tax rate for the three months ended March 31, 2013 reflects the effects of benefits from a foreign rate differential and discrete items offset by the effects of permanent differences and changes in the valuation allowance on deferred tax assets. The primary differences between the effective tax rates for the three months ended March 31, 2014 and 2013 are the increases in the valuation allowances against deferred tax assets, the impact of the permanent differences, and discrete items.

The Company’s liability for unrecognized tax benefits (including penalties and interest) was approximately $2.8 million and $2.4 million as of March 31, 2014 and December 31, 2013, respectively. The Company does not expect that the total amount of unrecognized tax benefits will change significantly during the next twelve months. See Note 7 to the audited consolidated financial statements for the year ended December 31, 2013 included in the Company’s Annual Report on Form 10-K, filed with the SEC on February 28, 2014, for more detailed information regarding unrecognized tax benefits.

XML

Fair Value Measurements

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value Measurements

(5) Fair Value Measurements

Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. The Company evaluates the fair value of certain assets and liabilities using the following fair value hierarchy which ranks the quality and reliability of inputs, or assumptions, used in the determination of fair value:

• Level 1 – quoted prices in active markets for identical assets and liabilities

• Level 2 – inputs other than Level 1 quoted prices that are directly or indirectly observable

• Level 3 – unobservable inputs that are not corroborated by market data

The Company evaluates assets and liabilities subject to fair value measurements on a recurring and non-recurring basis to determine the appropriate level to classify them for each reporting period. This determination requires significant judgments to be made by the Company. The following table sets forth the Company’s assets and liabilities that were measured at fair value as of March 31, 2014 and December 31, 2013, by level within the fair value hierarchy:

	Amounts at		Fair Value Measurement Using
	Fair Value		Level 1		Level 2		Level 3
	(in thousands)
As of March 31, 2014
Assets
Cash and cash equivalents	$	253,279	$	253,279	$	—	$	—
Liabilities
Accrued contingent consideration	$	2,256	$	—	$	—	$	2,256
As of December 31, 2013
Assets
Cash and cash equivalents	$	227,693	$	227,693	$	—	$	—
Liabilities
Accrued contingent consideration	$	2,263	$	—	$	—	$	2,263

A reconciliation of the beginning and ending balances of acquisition related accrued contingent consideration using significant unobservable inputs (Level 3) for the three months ended March 31, 2014 follows (in thousands):

Accrued contingent consideration as of December 31, 2013	$	2,263
Acquisition date fair value of contingent consideration		—
Change in fair value of contingent consideration		(7	)
Payment of contingent consideration		—
Accrued contingent consideration as of March 31, 2014	$	2,256

The accrued contingent consideration liability is related to maximum acquisition contingent consideration of approximately $3.5 million that is payable based on the achievement of certain product development milestones related to the NComVA AB acquisition in the second quarter of 2013 and based on the achievement of certain revenue targets related to the QlikTech Italy acquisition. The change in fair value of the contingent consideration is primarily due to foreign currency translation during the three months ended March 31, 2014.

Assets and liabilities that are measured at fair value on a non-recurring basis include intangible assets and goodwill. These items are recognized at fair value in the period in which an acquisition is completed, or when they are considered to be impaired. During the year ended December 31, 2013, the Company completed the acquisition of NComVA AB and QlikTech Italy (See Note 3), and recorded the fair value of the assets acquired and liabilities assumed on the date of acquisition. These non-recurring fair value measurements, primarily for intangible assets acquired, were based on Level 3 unobservable inputs. There were no other non-recurring fair value adjustments recorded during the three months ended March 31, 2014.

XML

Significant Accounting Policies - Stock-Based Compensation Expense Included in Consolidated Statements of Operations (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 7,838	$ 5,989
Cost of Revenue [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	556	608
Sales and Marketing [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	4,107	2,965
Research and Development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	811	740
General and Administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 2,364	$ 1,676

XML

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2014

Goodwill And Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets Subject to Amortization

The following table provides information regarding the Company’s intangible assets subject to amortization:

	March 31, 2014							December 31, 2013
	Gross		Accumulated			Net		Gross		Accumulated			Net
	Amount		Amortization			Amount		Amount		Amortization			Amount
						(in thousands)
Acquired technology	$	13,400	$	(3,672	)	$	9,728	$	13,442	$	(3,020	)	$	10,422
Customer relationships and other identified intangible assets		2,777		(810	)		1,967		2,775		(690	)		2,085
Trade names		390		(235	)		155		391		(203	)		188
Total	$	16,567	$	(4,717	)	$	11,850	$	16,608	$	(3,913	)	$	12,695

XML

Commitments and Contingencies

3 Months Ended

Mar. 31, 2014

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

(9) Commitments and Contingencies

There have been no material changes to the Company’s commitments and contingencies from the information provided in Note 9 of the Notes to the Consolidated Financial Statements in Item 8, “Financial Statements and Supplementary Data”, included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013.

XML

Business and Geographic Segment Information

3 Months Ended

Mar. 31, 2014

Segment Reporting [Abstract]

Business and Geographic Segment Information

(7) Business and Geographic Segment Information

The Company currently operates in one operating business segment, namely, the development, commercialization and implementation of software products and related services. The Company is managed and operated as one business. A single management team that reports to the chief operating decision maker comprehensively manages the entire business. The Company does not operate any material separate lines of business or separate business entities with respect to its products or product development.

The following geographic data includes revenues generated by subsidiaries located within that geographic region. The Company’s revenues were generated in the following geographic regions for the periods indicated:

	Three Months Ended March 31,
	2014		2013
	(in thousands)
The Americas	$	36,852	$	33,372
Europe		62,773		53,676
Rest of world		11,487		9,500
	$	111,112	$	96,548

XML

Stock-Based Compensation

3 Months Ended

Mar. 31, 2014

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

(8) Stock-Based Compensation

The Company’s 2010 Equity Incentive Plan (“2010 Plan”) took effect on the effective date of the registration statement, July 16, 2010, for the Company’s initial public offering (“IPO”). The Company initially reserved 3,300,000 shares of its common stock for issuance under the 2010 Plan. The number of shares reserved for issuance under the 2010 Plan will be increased automatically on January 1st of each year by a number equal to the smallest of (i) 3,300,000 shares; (ii) 3.75% of the shares of common stock outstanding at that time; or (iii) a number of shares determined by the Company’s Board of Directors. In February 2014, the Board of Directors of the Company authorized an automatic increase to the 2010 Plan equal to 3,300,000 shares. As of March 31, 2014, there were 6,018,405 shares of common stock available for issuance under the 2010 Plan.

Common Stock Options and SSARs

The following provides a summary of the common stock option activity for the Company for the three months ended March 31, 2014:

	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of January 1, 2014		9,796,816		$	20.44		7.79
Granted		202,198		$	27.77
Exercised		(605,007	)	$	9.86
Forfeited		(390,659	)	$	22.00
Outstanding as of March 31, 2014		9,003,348		$	21.25		7.63	$	57,308
Exercisable at March 31, 2014		4,009,508		$	16.35		6.37	$	43,191
Vested at March 31, 2014 and expected to vest in future periods		8,511,720		$	21.04		7.57	$	55,834

For the three months ended March 31, 2014, the Company granted 150,000 SSARs at an exercise price of $30.00 per SSAR, having an aggregate grant date fair value of $1.8 million. The grant date fair value per SSAR for the three months ended March 31, 2014 was $12.11. Stock-based compensation expense is amortized on a straight-line basis over the vesting period. For the three months ended March 31, 2013, the Company did not grant any SSARs.

The grant date weighted-average fair value per common stock option for the three months ended March 31, 2014 and 2013 was $11.40 and $10.67, respectively.

Proceeds from the exercise of common stock options were approximately $6.0 million and $4.0 million for the three months ended March 31, 2014 and 2013, respectively. The total intrinsic value of common stock options exercised during the three months ended March 31, 2014 and 2013 was approximately $11.6 million and $12.9 million, respectively. As a result of expected full year taxable income in certain tax jurisdictions, the Company recorded an excess tax benefit from stock-based compensation of approximately $3.4 million and $4.2 million for the three months ended March 31, 2014 and 2013, respectively.

The assumptions used in the Black-Scholes option pricing model are:

	Three Months Ended March 31,
	2014	2013
Expected dividend yield	0.0%	0.0%
Risk-free interest rate	1.5% - 1.8%	1.0% - 1.1%
Expected volatility	43.2% - 44.9%	47.6% - 47.7%
Expected life (in years)	5.16	6.25

The Company uses the Black-Scholes option-pricing model to value common stock option awards and SSARs. The Black-Scholes option-pricing model requires the input of subjective assumptions, including the expected term of the stock-based compensation awards and stock price volatility. The Company uses blended volatility to estimate expected volatility. Blended volatility includes a weighting of the Company’s historical volatility from the date of its IPO to the respective grant date and an average of the Company’s peer group historical volatility consistent with the expected term of the common stock option. The Company’s peer group volatility includes the historical volatility of certain companies that share similar characteristics in terms of revenue size and industry. The Company expects to continue to use a larger proportion of its own stock price volatility in future periods as it develops additional experience of its own common stock price fluctuations considered in relation to the expected term of the common stock option. For common stock options granted prior to the third quarter of 2013, the Company based the expected term on the simplified method. Beginning in the third quarter of 2013, the Company began using its historical activity related to common stock option exercises and post-vesting forfeitures in order to estimate the expected term of its common stock option awards, as the Company believes it now has a sufficient amount of experience to provide a reasonable basis for the calculation of the expected term. This change in estimate did not have a material impact on the results of operations for 2013 or for the three months ended March 31, 2014. The risk-free interest rate used to value common stock option awards is based on the U.S. Treasury yield curve with a remaining term equal to the expected term assumed at the grant date. The assumptions used in calculating the fair value of stock-based compensation awards represent management’s best estimate and involve inherent uncertainties and the application of management judgment. As a result, if factors change and management uses different assumptions, stock-based compensation expense could be materially different in the future.

For the three months ended March 31, 2014 and 2013, the Company recorded stock-based compensation expenses of approximately $6.2 million and $5.0 million, respectively, related to common stock option grants and SSARs.

As of March 31, 2014, there was approximately $49.1 million of total unrecognized compensation cost, net of estimated forfeitures, related to non-vested employee and non-employee director common stock options and SSARs. The remaining cost is expected to be recognized over a weighted-average period of approximately 2.6 years.

Restricted Stock Units

The following provides a summary of the restricted stock unit activity for the Company for the three months ended March 31, 2014:

	Number of Shares Underlying Outstanding Restricted Stock Units			Weighted- Average Grant Date Fair Value
Outstanding as of January 1, 2014		372,452		$	27.12
Granted		138,654			28.91
Vested		(2,500	)		23.99
Forfeited		(23,801	)		20.74
Unvested as of March 31, 2014		484,805		$	27.96

The Company grants restricted stock unit awards to its employees and non-employee directors under the provisions of the 2010 Plan. The fair value of a restricted stock unit is determined by using the closing price of the Company’s common stock on the date of grant. A restricted stock unit award entitles the holder to receive shares of the Company’s common stock as the award vests, which is generally based on length of service. Stock-based compensation expense is amortized on a straight-line basis over the vesting period.

For the three months ended March 31, 2014 and 2013, the Company recorded stock-based compensation expenses of approximately $1.1 million and $0.6 million, respectively, related to restricted stock unit awards.

As of March 31, 2014, there was approximately $9.6 million of total unrecognized compensation cost, net of estimated forfeitures, related to unvested restricted stock units. The remaining cost is expected to be recognized over a weighted-average period of approximately 2.3 years.

MVSSSARs

The following provides a summary of the MVSSSARs activity for the Company for the three months ended March 31, 2014:

	Number of Shares			Weighted- Average Grant Date Fair Value
Outstanding as of January 1, 2014		974,669		$	25.81
Granted		162,836			27.31
Exercised		(51,004	)		19.81
Forfeited		(67,272	)		25.98
Outstanding as of March 31, 2014		1,019,229		$	26.34

The Company grants MVSSSARs to its Swedish employees under the provisions of the 2010 Plan. MVSSSARs contain a predetermined cap on the maximum stock price at which point the instrument must be exercised. At exercise, employees holding MVSSSARs will receive shares of the Company’s common stock with a value equal to the difference between the exercise price and the current market price per share of the Company’s common stock, subject to a predetermined cap. The exercise price of MVSSSARs is determined by using the closing price of the Company’s common stock on the date of grant. Vesting is based on length of service. Stock-based compensation expense is amortized on a straight-line basis over the vesting period. The fair value of MVSSSARs is determined by utilizing a lattice model under the option pricing method. The key inputs to the lattice model are the current price of the Company’s common stock, the fair value of the Company’s common stock at date of grant, the maximum fair value at which the MVSSSARs must be exercised, the vesting period, the contractual term, the volatility, the risk-free interest rate, the employment termination rate and assumptions with respect to early exercise behavior.

For the three months ended March 31, 2014 and 2013, the Company recorded stock-based compensation expenses of approximately $0.5 million and $0.4 million, respectively, related to MVSSSARs.

As of March 31, 2014, there was approximately $4.5 million of total unrecognized compensation cost related to unvested MVSSSARs. The remaining cost is expected to be recognized over a weighted-average period of approximately 2.5 years.

For the three months ended March 31, 2014, the Company settled 51,004 MVSSSARs by issuing 16,940 shares of the Company’s common stock. For the three months ended March 31, 2013, the Company settled 5,971 MVSSSARs by issuing 1,536 shares of the Company’s common stock. If settlement of all outstanding MVSSSARs had occurred on March 31, 2014 at the predetermined cap on the maximum stock price at which point the instrument must be exercised, the Company would have issued 375,903 shares of the Company’s common stock.

XML

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2014

Accounting Policies [Abstract]

Significant Accounting Policies

Significant Accounting Policies

The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2013 included in the Company’s Annual Report on Form 10-K (file number 001-34803), filed with the Securities and Exchange Commission (“SEC”) on February 28, 2014. Since the date of those financial statements, there have been no material changes to the Company’s significant accounting policies.

Basis of Presentation and Consolidation

Basis of Presentation and Consolidation

The accompanying unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated. Prior year amounts have been reclassified where appropriate to conform to the current year classification for comparative purposes.

Interim Financial Statements

Interim Financial Statements

These interim consolidated financial statements are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) on the same basis as the audited consolidated financial statements for the year ended December 31, 2013 included in the Company’s Annual Report on Form 10-K, filed with the SEC on February 28, 2014 and, in the opinion of management, include all adjustments of a normal recurring nature considered necessary to present fairly the Company’s financial position at March 31, 2014, the results of operations and comprehensive loss for the three months ended March 31, 2014 and 2013 and cash flows for the three months ended March 31, 2014 and 2013. The results of operations for the three months ended March 31, 2014 and 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014 or any other future periods. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted under the SEC’s rules and regulations. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended December 31, 2013. The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to the Quarterly Report on Form 10-Q and, therefore, do not include all information and footnotes required by U.S. GAAP for complete financial statements.

Use of Estimates

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

The Company evaluates its estimates, including those related to the accounts receivable allowance, useful lives of long-lived assets, the recoverability of goodwill and other intangible assets, assessing fair values of assets and liabilities acquired in and contingent consideration related to business acquisitions, and assumptions used for the purpose of determining stock-based compensation expense and income taxes, among others. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying value of assets and liabilities as well as reported revenue and expenses during the periods presented.

Foreign Currency Translation

Foreign Currency Translation

The financial statements of the Company’s foreign operations are measured using the local currency as the functional currency. The local currency assets and liabilities are translated at the rate of exchange to the United States (“U.S.”) dollar on the balance sheet date and the local currency revenues and expenses are translated at average rates of exchange to the U.S. dollar during the reporting periods. Foreign currency transaction gains (losses) have been reflected as a component of other income (expense), net, within the Company’s consolidated statements of operations and foreign currency translation gains (losses) have been included as a component of the Company’s consolidated statements of comprehensive income (loss) and accumulated other comprehensive income (loss) within the Company’s consolidated balance sheets.

Business Combinations

Business Combinations

The Company recognizes assets acquired, liabilities assumed and any contingent consideration related to business combinations at fair value on the date of acquisition. The purchase price allocation process requires management to make significant estimates and assumptions with respect to the fair value of any intangible assets acquired, deferred revenues assumed, or contingent consideration within the arrangement. Unanticipated events and circumstances may occur which may affect the accuracy or validity of such assumptions or estimates. All subsequent changes to a valuation allowance or uncertain tax position related to the acquired company that occur within the measurement period and are based on facts and circumstances that existed at the acquisition date are recognized as an adjustment to goodwill.

Acquisition-related transaction costs, including legal and accounting fees and other external costs directly related to the acquisition, are recognized separately from the acquisition and expensed as incurred in general and administrative expenses in the consolidated statements of operations.

Stock-Based Compensation

Stock-Based Compensation

The Company recognizes the cost of stock-based compensation based on the fair value of those awards at the date of grant over the requisite service period on a straight line basis. The Company uses the Black-Scholes-Merton (“Black-Scholes”) option pricing model to determine the fair value of common stock option awards and Stock-settled Stock Appreciation Rights (“SSARs”). The fair value of a restricted stock unit is determined by using the fair value of the Company’s common stock on the date of grant. The fair value of Maximum Value Stock-settled Stock Appreciation Rights (“MVSSSARs”) is determined by utilizing a lattice model under the option pricing method. Stock-based compensation plans, related expenses and assumptions used in the Black-Scholes option pricing model and the lattice model under the option pricing method are more fully described in Note 8 to these consolidated financial statements. Stock-based compensation expense is recorded within cost of revenue, sales and marketing, research and development and general and administrative expenses in the consolidated statements of operations.

The following table sets forth the total stock-based compensation expense included in the unaudited consolidated statements of operations for the three months ended March 31, 2014 and 2013:

	Three Months Ended March 31,
	2014		2013
	(in thousands)
Cost of revenue	$	556	$	608
Sales and marketing		4,107		2,965
Research and development		811		740
General and administrative		2,364		1,676
	$	7,838	$	5,989

Net Loss Per Common Share

Net Loss Per Common Share

The following table sets forth the computation of basic and diluted net loss per common share for the periods indicated:

	Three Months Ended March 31,
	2014			2013
	(in thousands, except share and per share data)
Basic and diluted net loss per common share calculation:
Net loss	$	(25,880	)	$	(13,206	)
Weighted average common shares outstanding:
Basic and diluted		89,204,334			86,516,905
Net loss per common share:
Basic and diluted	$	(0.29	)	$	(0.15	)

Diluted net loss per common share for the three months ended March 31, 2014 and 2013 does not reflect the potential issuance of common shares underlying the following securities as the effect would be anti-dilutive:

	Three Months Ended March 31,
	2014		2013
Common stock options and SSARs		9,153,348		10,156,068
Restricted stock units		484,805		249,798
MVSSSARs		375,903		303,396
		10,014,056		10,709,262

Recent Accounting Pronouncements

Recent Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or consolidated results of operations upon adoption.

In July 2013, the FASB amended its guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or a tax credit carryforward exists. This guidance is effective for fiscal periods beginning after December 15, 2013. The adoption of this amendment did not have a material impact on the Company’s consolidated financial statements.

XML

Business and Geographic Segment Information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2014 Segment
Segment Reporting [Abstract]
Number of operating business segment	1

XML

Business and Geographic Segment Information (Tables)

3 Months Ended

Mar. 31, 2014

Segment Reporting [Abstract]

Net Revenues Based on Geographic Area

The following geographic data includes revenues generated by subsidiaries located within that geographic region. The Company’s revenues were generated in the following geographic regions for the periods indicated:

	Three Months Ended March 31,
	2014		2013
	(in thousands)
The Americas	$	36,852	$	33,372
Europe		62,773		53,676
Rest of world		11,487		9,500
	$	111,112	$	96,548

XML

Acquisitions - Additional Information (Detail) In Millions, unless otherwise specified	3 Months Ended		0 Months Ended		3 Months Ended
	Mar. 31, 2014	Oct. 03, 2013	Oct. 03, 2013 Qlik Tech Italy [Member] USD ($)	Oct. 03, 2013 Qlik Tech Italy [Member] EUR (€)	Mar. 31, 2014 Qlik Tech Italy [Member] Customer Relationships [Member] USD ($)
Business Acquisition [Line Items]
Total preliminary maximum purchase price			$ 10.2	€ 7.5
Assumed exchange rate at the date of acquisition		1.355	1.355
Payment of contingent consideration			1.4
Fair value of business combination contingent liability			0.2
Intangible assets					$ 2.0
Estimated useful life	5 years 4 months 24 days				9 years

XML

Consolidated Statements of Comprehensive Loss (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (25,880)	$ (13,206)
Other comprehensive income (loss):
Foreign currency translation	264	(817)
Total comprehensive loss	$ (25,616)	$ (14,023)

XML

Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2014

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

(4) Goodwill and Other Intangible Assets

The Company tests goodwill resulting from acquisitions for impairment annually on October 1, or whenever events or changes in circumstances indicate an impairment. There was no impairment in the three months ended March 31, 2014 and 2013. The change in goodwill in the consolidated balance sheet as of March 31, 2014 from December 31, 2013 was primarily due to the effect of foreign currency translation.

The following table provides information regarding the Company’s intangible assets subject to amortization:

	March 31, 2014							December 31, 2013
	Gross		Accumulated			Net		Gross		Accumulated			Net
	Amount		Amortization			Amount		Amount		Amortization			Amount
						(in thousands)
Acquired technology	$	13,400	$	(3,672	)	$	9,728	$	13,442	$	(3,020	)	$	10,422
Customer relationships and other identified intangible assets		2,777		(810	)		1,967		2,775		(690	)		2,085
Trade names		390		(235	)		155		391		(203	)		188
Total	$	16,567	$	(4,717	)	$	11,850	$	16,608	$	(3,913	)	$	12,695

The change in intangible assets in the consolidated balance sheet as of March 31, 2014 from December 31, 2013 was due to the amortization of intangible assets and the effect of foreign currency translation. Amortization of intangible assets was approximately $0.8 million and $0.3 million for the three months ended March 31, 2014 and 2013, respectively. The estimated aggregate amortization expense for each of the succeeding years is as follows: $2.3 million for the remainder of 2014; $2.9 million in 2015; $2.9 million in 2016; $2.2 million in 2017; $0.7 million in 2018; and $0.9 million thereafter through 2022. The weighted average amortization period for all intangible assets is approximately 5.4 years.

XML

Acquisitions - Summary of Estimated Fair Values of the Assets Acquired and Liabilities (Detail) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013	Oct. 03, 2013 Qlik Tech Italy [Member]
Business Acquisition [Line Items]
Cash
Other assets			63
Property and equipment			421
Liabilities assumed			(1,485)
Net liabilities assumed			(1,001)
Deferred tax liability			(959)
Intangible assets			2,033
Goodwill	21,324	21,233	8,907
Total purchase price			$ 8,980

XML

Stock-Based Compensation - Assumptions Used in Black-Scholes Option Pricing Model (Detail)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Expected dividend yield	0.00%	0.00%
Risk-free interest rate, minimum	1.50%	1.00%
Risk-free interest rate, maximum	1.80%	1.10%
Expected volatility, minimum	43.20%	47.60%
Expected volatility, maximum	44.90%	47.70%
Expected life (in years)	5 years 1 month 28 days	6 years 3 months

XML

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value

The following table sets forth the Company’s assets and liabilities that were measured at fair value as of March 31, 2014 and December 31, 2013, by level within the fair value hierarchy:

	Amounts at		Fair Value Measurement Using
	Fair Value		Level 1		Level 2		Level 3
	(in thousands)
As of March 31, 2014
Assets
Cash and cash equivalents	$	253,279	$	253,279	$	—	$	—
Liabilities
Accrued contingent consideration	$	2,256	$	—	$	—	$	2,256
As of December 31, 2013
Assets
Cash and cash equivalents	$	227,693	$	227,693	$	—	$	—
Liabilities
Accrued contingent consideration	$	2,263	$	—	$	—	$	2,263

Reconciliation of Acquisition Related Accrued Contingent Consideration

A reconciliation of the beginning and ending balances of acquisition related accrued contingent consideration using significant unobservable inputs (Level 3) for the three months ended March 31, 2014 follows (in thousands):

Accrued contingent consideration as of December 31, 2013	$	2,263
Acquisition date fair value of contingent consideration		—
Change in fair value of contingent consideration		(7	)
Payment of contingent consideration		—
Accrued contingent consideration as of March 31, 2014	$	2,256