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 September 30, 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 filer, 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.

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 October 27, 2014, there were 90,312,552 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 September 30, 2014 (unaudited) and December 31, 2013	1
	Unaudited Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2014 and 2013	2
	Unaudited Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2014 and 2013	3
	Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 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	16
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	33
Item 4.	Controls and Procedures	34
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	35
Item 1A.	Risk Factors	35
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	50
Item 3.	Defaults Upon Senior Securities	50
Item 4.	Mine Safety Disclosures	50
Item 5.	Other Information	50
Item 6.	Exhibits	51
SIGNATURES		52

ii

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

QLIK TECHNOLOGIES INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

	September 30, 2014			December 31, 2013
Assets		(unaudited)
Current assets:
Cash and cash equivalents	$	241,979		$	227,693
Accounts receivable, net of allowance for doubtful accounts of $1,218 and $1,442 respectively		129,082			162,009
Prepaid expenses and other current assets		13,457			16,296
Deferred income taxes		1,886			1,886
Total current assets		386,404			407,884
Property and equipment, net		26,973			21,500
Intangible assets, net		9,310			12,695
Goodwill		19,971			21,233
Deferred income taxes		2,620			2,107
Deposits and other noncurrent assets		2,950			2,503
Total assets	$	448,228		$	467,922
Liabilities and stockholders’ equity
Current liabilities:
Income taxes payable	$	769		$	2,634
Accounts payable		7,395			5,262
Deferred revenue		92,465			98,684
Accrued payroll and other related costs		42,094			46,780
Accrued expenses		30,722			29,495
Deferred income taxes		544			544
Total current liabilities		173,989			183,399
Long-term liabilities:
Deferred revenue		4,390			3,637
Deferred income taxes		370			894
Other long-term liabilities		5,563			7,822
Total liabilities		184,312			195,752
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value, 10,000,000 authorized, none issued and outstanding at September 30, 2014 and December 31, 2013		—			—
Common stock, $0.0001 par value, 300,000,000 shares authorized; 90,306,246 shares issued and outstanding at September 30, 2014 and 88,989,091 shares issued and outstanding at December 31, 2013		9			9
Additional paid-in-capital		309,425			265,711
Retained earnings (accumulated deficit)		(47,414	)		3,037
Accumulated other comprehensive income		1,896			3,413
Total stockholders’ equity		263,916			272,170
Total liabilities and stockholders’ equity	$	448,228		$	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 September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Revenue:
License revenue	$	67,476		$	54,495		$	188,301		$	167,648
Maintenance revenue		51,755			40,723			148,489			114,859
Professional services revenue		12,053			8,882			37,224			26,148
Total revenue		131,284			104,100			374,014			308,655
Cost of revenue:
License revenue		2,165			1,454			5,456			4,624
Maintenance revenue		2,740			2,461			8,565			7,879
Professional services revenue		13,116			11,027			40,848			31,389
Total cost of revenue		18,021			14,942			54,869			43,892
Gross profit		113,263			89,158			319,145			264,763
Operating expenses:
Sales and marketing		74,110			56,273			222,564			181,700
Research and development		20,954			13,511			55,588			45,061
General and administrative		26,835			22,773			80,127			67,254
Total operating expenses		121,899			92,557			358,279			294,015
Loss from operations		(8,636	)		(3,399	)		(39,134	)		(29,252	)
Other income (expense), net:
Interest income, net		23			46			98			113
Foreign exchange gain (loss), net		(1,724	)		18			(2,138	)		(1,969	)
Total other income (expense), net		(1,701	)		64			(2,040	)		(1,856	)
Loss before income taxes		(10,337	)		(3,335	)		(41,174	)		(31,108	)
Benefit (provision) for income taxes		(4,028	)		6,330			(9,277	)		12,848
Net income (loss)	$	(14,365	)	$	2,995		$	(50,451	)	$	(18,260	)
Net income (loss) per common share
Basic	$	(0.16	)	$	0.03		$	(0.56	)	$	(0.21	)
Diluted	$	(0.16	)	$	0.03		$	(0.56	)	$	(0.21	)
Weighted average number of common shares outstanding:
Basic		90,064,658			88,164,897			89,677,323			87,326,863
Diluted		90,064,658			90,334,304			89,677,323			87,326,863

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

2

QLIK TECHNOLOGIES INC.

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands)

	Three Months Ended September 30,					Nine Months Ended September 30,
	2014			2013		2014			2013
Net income (loss)	$	(14,365	)	$	2,995	$	(50,451	)	$	(18,260	)
Other comprehensive income (loss):
Foreign currency translation		(1,824	)		1,521		(1,517	)		(13	)
Total comprehensive income (loss)	$	(16,189	)	$	4,516	$	(51,968	)	$	(18,273	)

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)

	Nine Months Ended September 30,
	2014			2013
Cash flows from operating activities
Net loss	$	(50,451	)	$	(18,260	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		8,347			5,918
Stock-based compensation expense		26,246			21,159
Excess tax benefit from stock-based compensation		(5,186	)		(5,766	)
Other non-cash items		6,043			9,784
Changes in assets and liabilities:
Accounts receivable		27,185			53,808
Prepaid expenses and other assets		1,223			(90	)
Income taxes		(1,866	)		(36,021	)
Deferred revenue		(945	)		(1,784	)
Accrued expenses and other liabilities		6,712			(4,132	)
Net cash provided by operating activities		17,308			24,616
Cash flows from investing activities
Acquisition, net of cash acquired		—			(4,371	)
Capital expenditures		(11,228	)		(7,164	)
Net cash used in investing activities		(11,228	)		(11,535	)
Cash flows from financing activities
Proceeds from exercise of common stock options		12,282			21,219
Excess tax benefit from stock-based compensation		5,186			5,766
Payments on contingent consideration		(1,960	)		(219	)
Payments on line of credit, net		—			(1	)
Net cash provided by financing activities		15,508			26,765
Effect of exchange rates on cash and cash equivalents		(7,302	)		(495	)
Net increase in cash and cash equivalents		14,286			39,351
Cash and cash equivalents, beginning of period		227,693			195,803
Cash and cash equivalents, end of period	$	241,979		$	235,154
Supplemental cash flow information:
Cash paid during the period for income taxes	$	7,239		$	9,908
Non-cash investing activities:
Tenant improvement allowances received under operating leases	$	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 powerful, user-driven business intelligence (“BI”) solutions that enable its customers to make better and faster business decisions, wherever they are. The Company’s software products help 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 software products are 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 September 30, 2014, the results of operations and comprehensive income (loss) for the three and nine months ended September 30, 2014 and 2013 and cash flows for the nine months ended September 30, 2014 and 2013. The results of operations for the three and nine months ended September 30, 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 Company’s 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.

Revenue Recognition

The Company derives its revenues from three sources: (i) license revenues; (ii) maintenance revenues; and (iii) professional services revenues. The majority of license revenue is from the sale of perpetual licenses to customers or resellers. Maintenance, which generally has a contractual term of 12 months, includes telephone and web-based support and rights to software updates and upgrades on a when-and-if-available basis. Professional services include training, implementation, consulting and expert services.

For each arrangement, the Company recognizes revenue when (a) persuasive evidence of an arrangement exists (e.g. a signed contract or purchase order); (b) delivery of the product has occurred and there are no remaining obligations or substantive customer acceptance provisions; (c) the fee is fixed or determinable; and (d) collection of the fee is deemed reasonably assured. Delivery is considered to have occurred upon electronic transfer of the license key that provides immediate availability of the product to the purchaser.

As substantially all of the Company’s software licenses are sold in multiple-element arrangements that include either maintenance or both maintenance and professional services, the Company uses the residual method to determine the amount of license revenue to be recognized. Under the residual method, consideration is allocated to undelivered elements based upon vendor-specific objective evidence (“VSOE”) of the fair value of those elements, with the residual of the arrangement fee allocated to and recognized as license revenue. The Company has established VSOE of the fair value of maintenance through independent maintenance renewals, which demonstrate a consistent relationship of maintenance pricing as a percentage of the contractual license fee, and for new products for which renewals have not yet occurred, the Company has established VSOE of maintenance based on prices established by management with relevant authority. Maintenance revenue is deferred and recognized ratably over the contractual period of the maintenance arrangement, which is generally 12 months. Arrangements that include other professional services are evaluated to determine whether those services are essential to the functionality of other elements of the arrangement. The Company has determined that these services are not considered essential and the amounts allocated to the services are recognized as revenue when the services are performed. The VSOE of the fair value of the Company’s professional services is based on the price for these same services when they are sold separately. Revenue for services that are sold either on a stand-alone basis or included in multiple-element arrangements is recognized as the services are performed.

Certain of the Company’s license arrangements include license remix rights which allow the customer to change or alternate its use of the Company’s products after those products have been delivered to the customer. Under these arrangements, the customer has the right to deploy and use at least one copy of each licensed product, and the cumulative value of all products in use cannot exceed the total license fee. Assuming all other revenue recognition criteria have been met, the Company recognizes revenue under these arrangements upon delivery of the first license key of each product eligible for remix under the arrangement.

For sales made through resellers, the Company recognizes revenue upon the delivery of the license key only if those resellers provide the Company, at the time of placing their order, with the identity of the end-user customer to whom the product has been sold. Resellers do not carry inventory of the Company’s software products and, generally, do not have the right to return the Company’s software products. Sales made through resellers are evidenced by a reseller agreement, together with purchase orders on a transaction-by-transaction basis.

6

The Company also sells software licenses to original equipment manufacturers (“OEMs”) who integrate the Company’s products for distribution with their applications. The Company does not offer any rights to return products sold to OEM’s. The OEM’s end-user customer is licensed to use the Company’s products solely in conjunction with the OEM’s application. In OEM arrangements, license key delivery is required as the basis for revenue recognition. The Company recognizes revenue under its OEM arrangements when (a) persuasive evidence of an arrangement exists (e.g. a signed contract or purchase order); (b) delivery of the product has occurred and there are no remaining obligations or substantive customer acceptance provisions; (c) the fee is fixed or determinable; and (d) collection of the fee is deemed reasonably assured.

The Company records taxes collected on revenue-producing activities on a net basis.

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 closing price 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 unaudited 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 and nine months ended September 30, 2014 and 2013:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
			(in thousands)
Cost of revenue	$	777	$	927	$	1,972	$	2,225
Sales and marketing		4,760		3,472		13,066		9,707
Research and development		1,036		892		2,870		2,467
General and administrative		3,157		3,287		8,338		6,760
	$	9,730	$	8,578	$	26,246	$	21,159

Net Income (Loss) Per Common Share

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

	Three Months Ended September 30,					Nine Months Ended September 30,
	2014			2013		2014			2013
	(in thousands, except share and per share data)
Basic and diluted net loss per common share calculation:
Net income (loss)	$	(14,365	)	$	2,995	$	(50,451	)	$	(18,260	)
Weighted average common shares outstanding:
Basic		90,064,658			88,164,897		89,677,323			87,326,863
Diluted		90,064,658			90,334,304		89,677,323			87,326,863
Net income (loss) per common share:
Basic	$	(0.16	)	$	0.03	$	(0.56	)	$	(0.21	)
Diluted	$	(0.16	)	$	0.03	$	(0.56	)	$	(0.21	)

7

Diluted net income (loss) per common share for the three and nine months ended September 30, 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 September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Common stock options		10,071,559		3,001,349		10,071,559		9,859,751
SSARs		278,917		—		278,917		—
Restricted stock units		1,002,894		—		1,002,894		357,602
MVSSSARs		471,752		32,367		471,752		346,615
		11,825,122		3,033,716		11,825,122		10,563,968

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 an impact on the Company’s consolidated financial statements.

In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers: Topic 606 (ASU 2014-09), to supersede nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required within the revenue recognition process than required under existing U.S. GAAP. ASU 2014-09 is effective for the Company beginning on January 1, 2017 using either of two methods: (i) retrospective to each prior reporting period presented with the option to elect certain practical expedients as defined within ASU 2014-09; or (ii) retrospective with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application and providing certain additional disclosures as defined per ASU 2014-09. The Company is currently evaluating the impact of adopting ASU 2014-09 on its consolidated financial statements.

In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (ASU 2014-15), to provide guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 is effective for the Company beginning in the first quarter of 2016 with early adoption permitted. The adoption of this standard is not expected to 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 unaudited consolidated financial results for the three and nine months ended September 30, 2014. Had the acquisition occurred as of the beginning of the periods presented in these unaudited consolidated financial statements, the pro forma statements of operations would not be materially different than the unaudited 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.

8

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed on October 3, 2013 in connection with the acquisition 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.

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. During the third quarter of 2014, the Company entered into a transaction with the Italian government that will allow a substantial portion of the goodwill generated from the acquisition to be amortized over a period of ten years for 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 impairment. There was no impairment in the three and nine months ended September 30, 2014 and 2013. The change in goodwill in the consolidated balance sheet as of September 30, 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:

	September 30, 2014							December 31, 2013
	Gross Amount		Accumulated Amortization			Net Amount		Gross Amount		Accumulated Amortization			Net Amount
						(in thousands)
Acquired technology	$	12,067	$	(4,538	)	$	7,529	$	13,442	$	(3,020	)	$	10,422
Customer relationships and other identified intangible assets		2,564		(864	)		1,700		2,775		(690	)		2,085
Trade names		357		(276	)		81		391		(203	)		188
Total	$	14,988	$	(5,678	)	$	9,310	$	16,608	$	(3,913	)	$	12,695

The change in intangible assets in the consolidated balance sheet as of September 30, 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 $0.7 million for the three months ended September 30, 2014 and 2013. Amortization of intangible assets was approximately $2.3 million and $1.6 million for the nine months ended September 30, 2014 and 2013, respectively. The estimated aggregate amortization expense for each of the succeeding years is as follows: $0.7 million for the remainder of 2014; $2.6 million in 2015; $2.6 million in 2016; $2.0 million in 2017; $0.6 million in 2018; and $0.8 million thereafter. The weighted-average amortization period for all intangible assets is approximately 5.4 years.

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(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 is exposed to certain risks related to its ongoing business operations, including the fluctuation of foreign currency exchange rates. The Company uses short-term foreign currency forward contracts as part of its strategy to manage these risks, but does not hold or issue these or any other types of derivative instruments for trading purposes or speculation. The Company uses these short-term foreign currency forward contracts to manage foreign currency exchange rate risks related to certain intercompany borrowings. The Company executes these instruments with financial institutions that hold an investment grade credit rating. These short-term foreign currency forward contracts do not meet the requirements for hedge accounting and are recorded on the Company’s balance sheet as either an asset or liability measured at their fair value as of the reporting date. The changes in the fair value of derivative instruments, as measured using the three-level hierarchy described above, are recognized in other expense, net, in the Company’s unaudited consolidated statements of operations.

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 September 30, 2014 and December 31, 2013, by level within the fair value hierarchy:

	Amounts at Fair Value		Fair Value Measurement Using
			Level 1		Level 2		Level 3
	(in thousands)
As of September 30, 2014
Assets
Cash and cash equivalents	$	241,979	$	241,979	$	—	$	—
Foreign currency contracts	$	55	$	—	$	55	$	—
Liabilities
Accrued contingent consideration	$	382	$	—	$	—	$	382
As of December 31, 2013
Assets
Cash and cash equivalents	$	227,693	$	227,693	$	—	$	—
Liabilities
Accrued contingent consideration	$	2,263	$	—	$	—	$	2,263

The fair value of the Company’s foreign currency short-term forward contracts is determined using Level 2 observable market inputs to extrapolate forward points to be added to or subtracted from the closing market spot rate on the reporting date, and then discounted to present value.

As of September 30, 2014, the Company had one short-term foreign currency forward contract outstanding to sell Swedish kronor with a notional value of 355.3 million Swedish kronor and $49.0 million. As of September 30, 2014, the unrealized gain on the Company’s short-term foreign currency forward contract was approximately $0.1 million and is recorded within other current assets on the unaudited consolidated balance sheet. At December 31, 2013, the Company had no foreign currency forward contracts outstanding.

For the three and nine months ended September 30, 2014, the unaudited consolidated statements of operations reflect a gain of approximately $3.5 million and $4.4 million, respectively, within foreign exchange gain(loss), net related to short-term foreign currency forward contracts. During the three and nine months ended September 30, 2013, there was no impact to the unaudited consolidated statements of operations related to foreign currency forward contracts.

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A reconciliation of the beginning and ending balances of acquisition related accrued contingent consideration using significant unobservable inputs (Level 3) for the nine months ended September 30, 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		79
Payment of contingent consideration		(1,960	)
Accrued contingent consideration as of September 30, 2014	$	382

The accrued contingent consideration liability relates to acquisition-related contingent consideration. During the nine months ended September 30, 2014, the Company revised its estimate of the amount of contingent consideration that it expects to be payable, and accordingly recorded an increase of approximately $0.2 million to the fair value of the contingent consideration liability. In addition, during the nine months ended September 30, 2014, the change in fair value of the contingent consideration includes a foreign currency translation gain of approximately $0.1 million. During the nine months ended September 30, 2014, the Company paid approximately $2.0 million of contingent consideration related to the acquisition of NComVA AB in May 2013.

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 acquisitions 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 and nine months ended September 30, 2014.

(6) Benefit (Provision) 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. During 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 and nine months ended September 30, 2014 based on the actual effective rate for the three and nine months ended September 30, 2014. The effective tax rate for all other jurisdictions for the three and nine months ended September 30, 2014 and for all jurisdictions in the three and nine months ended September 30, 2013 was calculated based on an estimated annual effective tax rate plus discrete items.

For the three months ended September 30, 2014, the Company recorded a provision for income taxes of approximately $4.0 million, which resulted in an effective tax rate of (39.0%), compared to a benefit of approximately $6.3 million, or an effective tax rate of 189.8%, for the three months ended September 30, 2013. For the nine months ended September 30, 2014, the Company recorded a provision for income taxes of approximately $9.3 million, which resulted in an effective tax rate of (22.5%), compared to a benefit of approximately $12.8 million, or an effective tax rate of 41.3%, for the nine months ended September 30, 2013. As of September 30, 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 and nine months ended September 30, 2014 reflects the effects of the foreign tax rate differential, permanent differences, and the changes in the valuation allowance on deferred tax assets. The effective tax rate for the three and nine months ended September 30, 2013 reflects the effects of benefits from foreign tax 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 and nine months ended September 30, 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 September 30, 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.

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(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 September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(in thousands)
The Americas	$	52,271	$	41,289	$	135,755	$	112,519
Europe		63,157		52,062		196,286		163,728
Rest of world		15,856		10,749		41,973		32,408
	$	131,284	$	104,100	$	374,014	$	308,655

(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 September 30, 2014, there were 3,516,530 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 nine months ended September 30, 2014:

	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)		Aggregrate Intrinsic Value (in thousands)
Outstanding as of January 1, 2014		9,796,816		$	20.44		7.79
Granted		2,296,854		$	23.44
Exercised		(1,166,953	)	$	10.52
Forfeited		(855,158	)	$	23.56
Outstanding as of September 30, 2014		10,071,559		$	22.01		7.74	$	58,241
Exercisable at September 30, 2014		4,686,163		$	19.20		6.53	$	40,074
Vested at September 30, 2014 and expected to vest in future periods		9,494,565		$	21.89		7.68	$	56,137

The grant date weighted-average fair value for common stock options granted during the nine months ended September 30, 2014 and 2013 was $9.65 and $12.83, respectively. Stock-based compensation expense related to common stock options is amortized on a straight-line basis over the vesting period.

Proceeds from the exercise of common stock options were approximately $12.3 million and $21.2 million for the nine months ended September 30, 2014 and 2013, respectively. The total intrinsic value of common stock options exercised during the nine months ended September 30, 2014 and 2013 was approximately $19.8 million and $46.3 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 $5.2 million and $5.8 million for the nine months ended September 30, 2014 and 2013, respectively.

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The following provides a summary of the SSARs activity for the Company for the nine months ended September 30, 2014:

	Number of Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)		Aggregrate Intrinsic Value (in thousands)
Outstanding as of January 1, 2014		—	$	—		—
Granted		278,917	$	28.27
Exercised		—	$	—
Forfeited		—	$	—
Outstanding as of September 30, 2014		278,917	$	28.27		9.61	$	100
Exercisable at September 30, 2014		—	$	—		—	$	—
Vested at September 30, 2014 and expected to vest in future periods		260,443	$	28.42		9.60	$	85

The grant date weighted-average fair value for SSARs granted during the nine months ended September 30, 2014 was $11.38. Stock-based compensation expense related to SSARs is amortized on a straight-line basis over the vesting period. For the nine months ended September 30, 2013, the Company did not grant any SSARs.

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

	Three Months Ended September 30,		Nine Months Ended September 30,
	2014	2013	2014	2013
Expected dividend yield	0.0%	0.0%	0.0%	0.0%
Risk-free interest rate	1.7% - 1.8%	1.4% - 1.7%	1.5% - 1.8%	0.9% - 1.7%
Expected volatility	41.9% - 42.2%	46.7% - 47.2%	41.9% - 44.9%	46.7% - 47.7%
Expected life (in years)	5.27	5.41	5.16 - 5.36	5.41 - 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 and nine months ended September 30, 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 September 30, 2014 and 2013, the Company recorded stock-based compensation expenses of approximately $6.8 million and $7.1 million, respectively, related to common stock option grants and SSARs. For the nine months ended September 30, 2014 and 2013, the Company recorded stock-based compensation expenses of approximately $19.3 million and $17.6 million, respectively, related to common stock option grants and SSARs.

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As of September 30, 2014, there was approximately $52.2 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 nine months ended September 30, 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		816,359		$	23.73
Vested		(128,072	)	$	27.81
Forfeited		(57,845	)	$	23.73
Unvested as of September 30, 2014		1,002,894		$	24.47

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 related to restricted stock unit awards is amortized on a straight-line basis over the vesting period.

For the three months ended September 30, 2014 and 2013, the Company recorded stock-based compensation expenses of approximately $2.3 million and $1.0 million, respectively, related to restricted stock unit awards. For the nine months ended September 30, 2014 and 2013, the Company recorded stock-based compensation expenses of approximately $5.1 million and $2.2 million, respectively, related to restricted stock unit awards.

As of September 30, 2014, there was approximately $19.0 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 2.9 years.

MVSSSARs

The following provides a summary of the MVSSSARs activity for the Company for the nine months ended September 30, 2014:

	Number of Shares			Weighted- Average Exercise Price
Outstanding as of January 1, 2014		974,669		$	25.81
Granted		464,670		$	24.53
Exercised		(71,879	)	$	19.86
Forfeited		(90,319	)	$	27.13
Outstanding as of September 30, 2014		1,277,141		$	25.59

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

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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 related to MVSSSARs 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.

The grant date weighted-average fair value for MVSSSARs granted during the nine months ended September 30, 2014 and 2013 was $6.56 and $6.97, respectively.

For the three months ended September 30, 2014 and 2013, the Company recorded stock-based compensation expenses of approximately $0.6 million and $0.5 million, respectively, related to MVSSSARs. For the nine months ended September 30, 2014 and 2013, the Company recorded stock-based compensation expenses of approximately $1.8 million and $1.4 million, respectively, related to MVSSSARs.

As of September 30, 2014, there was approximately $5.1 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 2.6 years.

For the nine months ended September 30, 2014, the Company settled 71,879 MVSSSARs by issuing 22,126 shares of the Company’s common stock. For the nine months ended September 30, 2013, the Company settled 141,627 MVSSSARs by issuing 36,684 shares of the Company’s common stock. If settlement of all outstanding MVSSSARs had occurred on September 30, 2014 at the predetermined cap on the maximum stock price at which point the instrument must be exercised, the Company would have issued 471,752 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.

(10) Subsequent Events

In October 2014, the Company closed on a transaction to acquire all of the outstanding shares of DataMarket ehf. (“DataMarket”), an Icelandic corporation. The Company purchased DataMarket for a total maximum purchase price of $13.5 million. The total maximum purchase price includes approximately $1.7 million of contingent consideration payable upon the achievement of certain financial targets and product development milestones as set forth in the purchase agreement governing the transaction.

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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, but not limited to, “predicts,” “plan,” “expects,” “focus,” “anticipates,” “believes,” “goal,” “target,” “estimate,” “potential,” “may,” “help,” “key,” “will,” “might,” “momentum,” “can,” “could,” “design,” “see,” “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 our 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.

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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.

• Consolidated Results of Operations. This section provides an analysis of our results of operations for the three and nine months ended September 30, 2014 and 2013.

• Foreign Exchange Rates. This section discusses the impact of foreign exchange rate fluctuations for the three and nine months ended September 30, 2014 compared to the three and nine months ended September 30, 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 nine months ended September 30, 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 powerful, user-driven Business Intelligence (“BI”) solutions that enable our customers to make better and faster business decisions, wherever they are. Our software products help 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 software products are powered by our in-memory engine which maintains associations in data and calculates aggregations rapidly, as business users interact with our software. Our software products are designed to give our customers significant improvements in usability, flexibility and performance at lower costs compared to traditional BI solutions.

In July 2014, we announced the availability of a free version of our next-generation data visualization application, Qlik Sense Desktop. Qlik Sense Desktop delivers an intuitive drag-and-drop experience for data visualization, exploration, and storytelling capabilities in a stand-alone, Windows client. The server edition of Qlik Sense, which was made generally available in September 2014, enables server side development from any device, flexible mobile use, collaboration and sharing, data security and data and application governance.

We currently operate in one business segment, namely, the development, commercialization and implementation of software products and related services. See Note 7 to our unaudited 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.

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We have grown our customer base to approximately 33,000 active customers as of September 30, 2014 and increased our revenue at approximately a 27% compound annual growth rate from January 1, 2010 through September 30, 2014. During the nine months ended September 30, 2014, our solution addressed the needs of a diverse range of customers from middle market customers to large enterprises such as 3P Learning Pty Ltd, AAF International Company Inc. (American Air Filter), AllianceBernstein LP, Arkema Inc., Analogic Corporation, Canadian Pacific Railway Limited, Center Parcs (Operating Company) Limited, Children’s Hospital of Wisconsin, Community Health Network, David Lloyd Leisure, Deutsche Börse AG, Direct Line Group, Harbour Industries, Inc., Harris Farm Markets, Hindustan Zinc, IKEA Japan K.K., Ingram Micro UK Ltd, JBS Swift & Company, Kuoni Destination Management, LastMinute.Com, Mission Health, New Hanover Regional Medical Center, Nestlé Nederland BV, Palmetto Health, Roadchef Limited, Saint-Gobain Corporation, Sime Darby Global Services Centre Sdn Bhd, Snapdeal, Southern Illinois Healthcare, STAR India Pvt Ltd, Suguna Foods, Sunstar Americas, Inc., Topps Tiles (UK) Ltd, Tupperware, the U.S. Department of Justice and ZF Friedrichshafen AG. We currently have customers in over 100 countries and, for the three and nine months ended September 30, 2014, approximately 69% and 71%, respectively, of our revenue was derived internationally. For the three and nine months ended September 30, 2013, approximately 69% and 70%, 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 products. 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.

We license our software products 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 nine months ended September 30, 2014, our total revenue was comprised of 50% license revenue, 40% maintenance revenue and 10% professional services revenue. For the nine months ended September 30, 2013, our total revenue was comprised of 54% license revenue, 37% maintenance revenue and 9% professional services revenue. Total billings from our OEM relationships accounted for approximately 7% and 8% of our total billings during the nine months ended September 30, 2014 and 2013, respectively. 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 software products, 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 71% of our revenue during the nine months ended September 30, 2014 was derived internationally, of which 53% was derived in Europe. Approximately 70% of our revenue

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during the nine months ended September 30, 2013 was derived internationally, of which 53% 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 our software products 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 64% for the three months ended September 30, 2014 and 58% for the three months ended September 30, 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 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 nine months ended September 30, 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 nine months ended September 30, 2014 and 9% of total revenues for the nine months ended September 30, 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 and nine months ended September 30, 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 have made incremental investments in sales and marketing in 2014, including the hiring of additional sales personnel in both the U.S. and our international locations. In the fourth quarter of 2014, we will continue to make incremental investments as we will be holding our first global user event. We expect that our sales and marketing expenses will continue to increase in absolute dollars and remain constant or decline as a percentage of revenue over time as we expect to derive greater efficiencies from the investments made in our sales organization.

Research and Development. Research and development expenses primarily consist of personnel and facility costs for our research and development and product management employees along with the amortization of research and development related intangible assets acquired. The vast majority of our research and development staff is based in Lund, Sweden. We have devoted our development efforts primarily to enhancing the functionality and expanding the capabilities of our software products. We

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expect that our research and development expenses will continue to increase in absolute dollars, but remain relatively constant as a percentage of revenue in the near term as we increase our research and development and product management headcount to further strengthen and enhance our software products.

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 closing price 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.

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 or losses relate to our business activities in foreign countries and the re-measurement of intercompany transactions between subsidiaries with different functional reporting currencies, as well as the impact of our short-term foreign currency forward contracts related to certain intercompany borrowings. As a result of our business activities in foreign countries, we expect that foreign exchange gains or 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 68% of our revenues for the nine months ended September 30, 2014 and 2013 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.

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Foreign currency exchange rate fluctuations negatively impacted total revenue for the three months ended September 30, 2014 compared to the three months ended September 30, 2013 by approximately $0.6 million, principally driven by the strengthening of the U.S. dollar relative to the Swedish kronor, the euro, the Canadian dollar and the Japanese yen, partially offset by the weakening of the U.S. dollar relative to the British pound. Total cost of revenue and operating expenses for the three months ended September 30, 2014 compared to the three months ended September 30, 2013 were positively impacted as a result of foreign exchange rate fluctuations by approximately $0.8 million, principally driven by the strengthening of the U.S. dollar relative to the Swedish kronor, the euro, the Canadian dollar and the Japanese yen, partially offset by the weakening of the U.S. dollar relative to the British pound.

Foreign currency exchange rate fluctuations positively impacted total revenue for the nine months ended September 30, 2014 compared to the nine months ended September 30, 2013 by approximately $2.9 million, principally driven by the weakening of the U.S. dollar relative to the euro and the British pound, partially offset by the strengthening of the U.S. dollar to the Swedish kronor, the Brazilian real, the Australian dollar, the Japanese yen and the Canadian dollar. Total cost of revenue and operating expenses for the nine months ended September 30, 2014 compared to the nine months ended September 30, 2013 were negatively impacted as a result of foreign exchange rate fluctuations by approximately $1.8 million, principally driven by the weakening of the U.S. dollar relative to the euro and the British pound, partially offset by the strengthening of the U.S. dollar to the Swedish kronor, the Brazilian real, the Australian dollar, the Japanese yen and the Canadian dollar.

Consolidated Results of Operations

Comparison of the Three Months Ended September 30, 2014 and 2013

Revenue

The following table sets forth revenue by source:

	Three Months Ended September 30,
	2014					2013
	Amount		Percentage of Revenue			Amount		Percentage of Revenue			Period-to-Period Change
			(unaudited)
			(dollars in thousands)
Revenue:
License revenue	$	67,476		51.4	%	$	54,495		52.4	%	$	12,981	23.8	%
Maintenance revenue		51,755		39.4	%		40,723		39.1	%		11,032	27.1	%
Professional services revenue		12,053		9.2	%		8,882		8.5	%		3,171	35.7	%
Total revenue	$	131,284		100.0	%	$	104,100		100.0	%	$	27,184	26.1	%

Revenue was approximately $131.3 million for the three months ended September 30, 2014 compared to approximately $104.1 million for the three months ended September 30, 2013, an increase of 26.1%. Total revenue for the three months ended September 30, 2014 was negatively impacted by approximately $0.6 million as a result of foreign currency exchange rate fluctuations, principally driven by the strengthening of the U.S. dollar relative to the euro, the Swedish kronor, the Canadian dollar and the Japanese yen, partially offset by the weakening of the U.S. dollar to 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), Rest of World (includes Asia-Pacific, Middle East and Africa), the United Kingdom (includes United Kingdom and Ireland), and the German region (includes Germany, Austria, and Switzerland), which grew by 26.6%, 47.5%, 38.5% and 18.8%, respectively, and contributed approximately $21.8 million in incremental total revenue. License revenue grew by approximately $13.0 million, or 23.8%. There was no material change in the pricing for our products during the year. Revenue growth was achieved primarily due to volume growth as new customers acquired our products for the first time, along with additional license purchases by our existing customers. During the three months ended September 30, 2014, we closed 108 contracts that had total license and first year’s maintenance exceeding $100,000, compared to 111 contracts for the same period last year. Included in the deals exceeding $100,000, we closed 23 contracts that had total license and first year’s maintenance exceeding $250,000, compared to 27 contracts for the same period last year. Included in the deals exceeding $250,000, we closed seven contracts 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 September 30, 2014, approximately 74%, resulting from our “land and expand” sales strategy, compared to approximately 71% during the three months ended September 30, 2013. Billings from our indirect partner channel for license and first year maintenance were approximately 52% of total license and first year maintenance billings for the three months ended September 30, 2014 compared to approximately 59% for the three months ended September 30, 2013. Maintenance revenues grew by 27.1% during the three months ended September 30, 2014 compared to the three months ended September 30, 2013 driven by annual maintenance renewal rates of greater than 90% and an increase in our customer

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base. Professional services revenue grew 35.7% during the three months ended September 30, 2014 compared to the three months ended September 30, 2013 due to growth in consulting and training revenue, resulting primarily from an increase in our customer base and expanded professional services engagements with certain large customers. The revenue growth during the three months ended September 30, 2014 as compared to the three months ended September 30, 2013 may not be indicative of our future revenue growth, if any.

Cost of Revenue and Gross Profit

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

	Three Months Ended September 30,
	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	$	2,165			3.2	%	$	1,454			2.7	%	$	711	48.9	%
Cost of maintenance revenue		2,740			5.3	%		2,461			6.0	%		279	11.3	%
Cost of professional services revenue		13,116			108.8	%		11,027			124.1	%		2,089	18.9	%
Total cost of revenue	$	18,021			13.7	%	$	14,942			14.4	%	$	3,079	20.6	%
Gross Profit:
License revenue	$	65,311			96.8	%	$	53,041			97.3	%	$	12,270	23.1	%
Maintenance revenue		49,015			94.7	%		38,262			94.0	%		10,753	28.1	%
Professional services revenue		(1,063	)		-8.8	%		(2,145	)		-24.1	%		1,082	-50.4	%
Total gross profit	$	113,263			86.3	%	$	89,158			85.6	%	$	24,105	27.0	%

Cost of revenue was approximately $18.0 million for the three months ended September 30, 2014 compared to approximately $14.9 million for the three months ended September 30, 2013, an increase of approximately $3.1 million, or 20.6%. Total cost of revenue for the three months ended September 30, 2014 compared to the three months ended September 30, 2013 were not significantly impacted as a result of foreign currency exchange rate fluctuations. 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 increased approximately $0.7 million as a result of increased license revenue for the three months ended September 30, 2014 as compared to the three months ended September 30, 2013. Cost of maintenance revenue increased approximately $0.3 million for the three months ended September 30, 2014 as compared to the same period in 2013 largely due to an increase in other cost of maintenance revenue of approximately $0.2 million and, in anticipation of continued growth in our current customer base, we increased headcount in our support organization which increased personnel costs by approximately $0.1 million. Cost of professional services revenue increased approximately $2.1 million for the three months ended September 30, 2014 as compared to the same period in 2013 largely due to increased personnel costs of approximately $2.0 million. In addition, we had an increase in travel and entertainment costs of approximately $0.6 million and an increase in facility and infrastructure costs of approximately $0.1 million to support global expansion. These increases were offset by a decrease in outside contractor costs and other cost of professional services revenue of approximately $0.6 million.

Total gross profit increased approximately $24.1 million, or 27.0%, for the three months ended September 30, 2014 compared to the three months ended September 30, 2013 largely due to an increase in total revenue of approximately $27.2 million, or 26.1%. The increase in our total gross profit during the three months ended September 30, 2014 as compared to the three months ended September 30, 2013 may not be indicative of our future gross profit. For the three months ended September 30, 2014, total gross margin increased to 86.3% from 85.6% for the three months ended September 30, 2013. The increase in our total gross margin from the prior year period is primarily due to an increase in professional services revenue of approximately $3.2 million, or 35.7%, for the three months ended September 30, 2014 as compared to the same period in 2013. The total gross margin during the three months ended September 30, 2014 as compared to the three months ended September 30, 2013 may not be indicative of our future gross margin.

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Operating Expenses

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

	Three Months Ended September 30,
	2014					2013
	Amount		Percentage of Revenue			Amount		Percentage of Revenue			Period-to-Period Change
	(unaudited)
	(dollars in thousands)
Operating expenses:
Sales and marketing	$	74,110		56.5	%	$	56,273		54.1	%	$	17,837	31.7	%
Research and development		20,954		16.0	%		13,511		13.0	%		7,443	55.1	%
General and administrative		26,835		20.4	%		22,773		21.9	%		4,062	17.8	%
Total operating expenses	$	121,899		92.9	%	$	92,557		89.0	%	$	29,342	31.7	%

Sales and Marketing. Sales and marketing expenses increased approximately $17.8 million, or 31.7%, for the three months ended September 30, 2014 as compared to the three months ended September 30, 2013. Sales and marketing expenses for the three months ended September 30, 2014 compared to the three months ended September 30, 2013 were not significantly impacted as a result of foreign currency exchange rate fluctuations. The period over period increase in sales and marketing expenses was primarily attributable to an increase in personnel and commission costs of approximately $14.6 million (including a $1.3 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 $2.6 million, an increase of approximately $0.5 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 $7.4 million, or 55.1%, during the three months ended September 30, 2014 as compared to the three months ended September 30, 2013. Research and development expenses for the three months ended September 30, 2014 compared to the three months ended September 30, 2013 were positively impacted by foreign currency exchange rate fluctuations by approximately $0.7 million. The period over period increase in research and development expenses was primarily attributable to product management costs of approximately $4.6 million related to the market introduction of Qlik Sense. In addition, we had higher personnel costs of approximately $1.7 million (including a $0.1 million increase in stock-based compensation) and an increase in outside professional fees of approximately $1.1 million related to the market introduction of Qlik Sense.

General and Administrative. General and administrative expenses were approximately $26.8 million for the three months ended September 30, 2014 compared to approximately $22.8 million for the three months ended September 30, 2013, an increase of approximately $4.1 million, or 17.8%. General and administrative expenses for the three months ended September 30, 2014 compared to the three months ended September 30, 2013 were positively impacted as a result of foreign currency exchange rate fluctuations by approximately $0.2 million. The increase in general and administrative expenses for the three months ended September 30, 2014 compared to the three months ended September 30, 2013 was largely due to an increase of approximately $2.1 million in other general and administrative costs, primarily related to professional fees, such as information systems consulting, legal and accounting fees. In addition, we had an increase in personnel costs of approximately $1.7 million and an increase in other general and administrative costs, such as facility and infrastructure costs, and travel and entertainment costs of approximately $0.3 million.

Other Income (Expense), net.

During the three months ended September 30, 2014, other expense, net was approximately $1.7 million and primarily consisted of foreign exchanges losses. During the three months ended September 30, 2013, other income, net was approximately $0.1 million and primarily consisted of net interest income.

(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 September 30, 2014 based on the actual effective rate for the three months ended September 30, 2014. The effective tax rate for all other jurisdictions for the three months ended September 30, 2014 and for all jurisdictions for the three months ended September 30, 2013, was calculated based on an estimated annual effective tax rate plus discrete items.

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For the three months ended September 30, 2014, we recorded a provision for income taxes of approximately $4.0 million, which resulted in an effective tax rate of (39.0%), compared to a benefit of approximately $6.3 million, or an effective tax rate of 189.8%, for the three months ended September 30, 2013. As of September 30, 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 September 30, 2014 reflects the effects of the foreign tax rate differential, permanent differences, and the changes in the valuation allowance on deferred tax assets. The effective tax rate for the three months ended September 30, 2013 reflects the effects of benefits from a foreign tax 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 September 30, 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 September 30, 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 September 30, 2014 and December 31, 2013, respectively. 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.

Comparison of the Nine Months Ended September 30, 2014 and 2013

Revenue

The following table sets forth revenue by source:

	Nine Months Ended September 30,
	2014					2013
	Amount		Percentage of Revenue			Amount		Percentage of Revenue			Period-to-Period Change
	(unaudited)
	(dollars in thousands)
Revenue:
License revenue	$	188,301		50.3	%	$	167,648		54.3	%	$	20,653	12.3	%
Maintenance revenue		148,489		39.7	%		114,859		37.2	%		33,630	29.3	%
Professional services revenue		37,224		10.0	%		26,148		8.5	%		11,076	42.4	%
Total revenue	$	374,014		100.0	%	$	308,655		100.0	%	$	65,359	21.2	%

Revenue was approximately $374.0 million for the nine months ended September 30, 2014 compared to approximately $308.7 million for the nine months ended September 30, 2013, an increase of 21.2%. Total revenue for the nine months ended September 30, 2014 was positively impacted by approximately $2.9 million as a result of foreign currency exchange rate fluctuations, principally driven by the weakening of the U.S. dollar relative to the euro and the British pound, partially offset by the strengthening of the U.S. dollar to the Swedish kronor, the Brazilian real, the Australian dollar, the Japanese yen and the Canadian dollar. 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 (includes United Kingdom and Ireland), Rest of World (includes Asia-Pacific, Middle East and Africa) and the Benelux region (includes Belgium, the Netherlands, Luxembourg and Eastern Europe), which grew by 20.7%, 32.6%, 29.5% and 21.8%, respectively, and contributed approximately $48.2 million in incremental total revenue. License revenue grew by approximately $20.6 million, or 12.3%. There was no material change in the pricing for our products during the year. Revenue growth was achieved primarily due to volume growth as new customers acquired our products for the first time, along with additional license purchases by our existing customers. During the nine months ended September 30, 2014, we closed 318 contracts that had total license and first year’s maintenance exceeding $100,000, compared to 303 contracts for the same period last year. Included in the deals exceeding $100,000, we closed 76 contracts that had total license and first year’s maintenance exceeding $250,000, compared to 86 contracts for the same

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period last year. Included in the deals exceeding $250,000, we closed 11 contracts that had total license and first year’s maintenance exceeding $1.0 million, compared to eight contracts for the same period last year. Amounts invoiced to existing customers represented a larger share of total billings during the nine months ended September 30, 2014, approximately 77%, resulting from our “land and expand” sales strategy, compared to approximately 75% during the nine months ended September 30, 2013. Billings from our indirect partner channel for license and first year maintenance were approximately 54% of total license and first year maintenance billings for the nine months ended September 30, 2014 compared to approximately 59% for the nine months ended September 30, 2013. Maintenance revenues grew by 29.3% during the nine months ended September 30, 2014 compared to the nine months ended September 30, 2013 driven by annual maintenance renewal rates of greater than 90% and an increase in our customer base. Professional services revenue grew 42.4% during the nine months ended September 30, 2014 compared to the nine months ended September 30, 2013 due to growth in consulting and training revenue, resulting primarily from an increase in our customer base and expanded professional services engagements with certain large customers. The revenue growth during the nine months ended September 30, 2014 as compared to the nine months ended September 30, 2013 may not be indicative of our future revenue growth, if any.

Cost of Revenue and Gross Profit

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

	Nine Months Ended September 30,
	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	$	5,456			2.9	%	$	4,624			2.8	%	$	832	18.0	%
Cost of maintenance revenue		8,565			5.8	%		7,879			6.9	%		686	8.7	%
Cost of professional services revenue		40,848			109.7	%		31,389			120.0	%		9,459	30.1	%
Total cost of revenue	$	54,869			14.7	%	$	43,892			14.2	%	$	10,977	25.0	%
Gross Profit:
License revenue	$	182,845			97.1	%	$	163,024			97.2	%	$	19,821	12.2	%
Maintenance revenue		139,924			94.2	%		106,980			93.1	%		32,944	30.8	%
Professional services revenue		(3,624	)		-9.7	%		(5,241	)		-20.0	%		1,617	-30.9	%
Total gross profit	$	319,145			85.3	%	$	264,763			85.8	%	$	54,382	20.5	%

Cost of revenue was approximately $54.9 million for the nine months ended September 30, 2014 compared to approximately $43.9 million for the nine months ended September 30, 2013, an increase of approximately $11.0 million, or 25.0%. Total cost of revenue for the nine months ended September 30, 2014 compared to the nine months ended September 30, 2013 was negatively impacted as a result of foreign currency exchange rate fluctuations by approximately $0.4 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 increased approximately $0.8 million as a result of increased license revenue for the nine months ended September 30, 2014 as compared to the nine months ended September 30, 2013. Cost of maintenance revenue increased approximately $0.7 million for the nine months ended September 30, 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 $0.5 million (including a $0.1 million increase in stock-based compensation). In addition, we had an increase in other cost of maintenance revenue of approximately $0.2 million for the nine months ended September 30, 2014 as compared to the same period in 2013. Cost of professional services revenue increased approximately $9.5 million for the nine months ended September 30, 2014 as compared to the same period in 2013 largely due to increased personnel costs of approximately $7.2 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 $1.0 million and an increase in facility and infrastructure costs of approximately $0.2 million as we continue to invest in our services organization.

Total gross profit increased approximately $54.4 million, or 20.5%, for the nine months ended September 30, 2014 compared to the nine months ended September 30, 2013 largely due to an increase in total revenue of approximately $65.4 million, or 21.2%. The increase in our total gross profit during the nine months ended September 30, 2014 as compared to the nine months ended September 30, 2013 may not be

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indicative of our future gross profit. For the nine months ended September 30, 2014, total gross margin decreased to 85.3% from 85.8% for the nine months ended September 30, 2013. The decrease in our total gross margin from the prior year period is primarily due to the cost of professional services revenue, which increased approximately $9.5 million for the nine months ended September 30, 2014 as compared to the same period in 2013 and was largely due to increased personnel costs and an increase in outside contractor costs and other cost of professional services revenue. The total gross margin during the nine months ended September 30, 2014 as compared to the nine months ended September 30, 2013 may not be indicative of our future gross margin.

Operating Expenses

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

	Nine Months Ended September 30,
	2014					2013
	Amount		Percentage of Revenue			Amount		Percentage of Revenue			Period-to-Period Change
	(unaudited)
	(dollars in thousands)
Operating expenses:
Sales and marketing	$	222,564		59.5	%	$	181,700		58.9	%	$	40,864	22.5	%
Research and development		55,588		14.9	%		45,061		14.6	%		10,527	23.4	%
General and administrative		80,127		21.4	%		67,254		21.8	%		12,873	19.1	%
Total operating expenses	$	358,279		95.8	%	$	294,015		95.3	%	$	64,264	21.9	%

Sales and Marketing. Sales and marketing expenses increased approximately $40.9 million, or 22.5%, for the nine months ended September 30, 2014 as compared to the nine months ended September 30, 2013. Sales and marketing expenses for the nine months ended September 30, 2014 compared to the nine months ended September 30, 2013 were negatively impacted as a result of foreign currency exchange rate fluctuations by approximately $1.5 million. The period over period increase in sales and marketing expenses was primarily attributable to an increase in personnel and commission costs of approximately $33.7 million (including a $3.4 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 $6.5 million, an increase in travel and entertainment costs of approximately $0.4 million, and an increase in facility and infrastructure costs of approximately $0.3 million to support global expansion.

Research and Development. Research and development expenses increased by approximately $10.5 million, or 23.4%, during the nine months ended September 30, 2014 as compared to the nine months ended September 30, 2013. Research and development expenses for the nine months ended September 30, 2014 compared to the nine months ended September 30, 2013 were positively impacted by foreign currency exchange rate fluctuations by approximately $0.7 million. The period over period increase in research and development expenses was primarily attributable to product management costs of approximately $4.6 million related to the market introduction of Qlik Sense. In addition, we had an increase in personnel costs of approximately $2.9 million (including a $0.3 million increase in stock-based compensation) and an increase in outside professional fees of approximately $2.3 million related to the market introduction of Qlik Sense. The increase in research and development expenses also reflects an increase of approximately $0.2 million in other research and development costs, such as facility and infrastructure costs and travel and entertainment costs, as well as an increase of approximately $0.5 million related to the amortization of research and development related intangible assets acquired.

General and Administrative. General and administrative expenses were approximately $80.1 million for the nine months ended September 30, 2014 compared to approximately $67.3 million for the nine months ended September 30, 2013, an increase of approximately $12.9 million, or 19.1%. General and administrative expenses for the nine months ended September 30, 2014 compared to the nine months ended September 30, 2013 were negatively impacted as a result of foreign currency exchange rate fluctuations by approximately $0.6 million. The increase in general and administrative expenses for the nine months ended September 30, 2014 compared to the nine months ended September 30, 2013 was largely due to an increase in personnel costs of approximately $6.7 million (including a $1.6 million increase in stock-based compensation). In addition, we had an increase of approximately $6.3 million in other general and administrative costs, primarily related to professional fees, such as information systems consulting, legal and accounting fees. We also had an increase in facility and infrastructure costs of approximately $0.8 million to support global expansion. These increases were offset by a decrease of approximately $0.9 million related to travel and entertainment.

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Other Expense, net.

During the nine months ended September 30, 2014, other expense, net was approximately $2.0 million. Other expense, net for the nine months ended September 30, 2014 primarily consisted of foreign exchanges losses of approximately $2.1 million offset by net interest income of approximately $0.1 million. During the nine months ended September 30, 2013, other expense, net was approximately $1.9 million. Other expense, net, for the nine months ended September 30, 2013 primarily consisted of foreign exchange losses of approximately $2.0 million offset by net interest income of approximately $0.1 million.

(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 nine months ended September 30, 2014 based on the actual effective rate for the nine months ended September 30, 2014. The effective tax rate for all other jurisdictions for the nine months ended September 30, 2014 and for all jurisdictions for the nine months ended September 30, 2013, was calculated based on an estimated annual effective tax rate plus discrete items.

For the nine months ended September 30, 2014, we recorded a provision for income taxes of approximately $9.3 million, which resulted in an effective tax rate of (22.5%), compared to a benefit of approximately $12.8 million, or an effective tax rate of 41.3%, for the nine months ended September 30, 2013. As of September 30, 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 nine months ended September 30, 2014 reflects the effects of the foreign tax rate differential, permanent differences, and the changes in the valuation allowance on deferred tax assets. The effective tax rate for the nine months ended September 30, 2013 reflects the effects of benefits from a foreign tax 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 and nine months ended September 30, 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 nine months ended September 30, 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 September 30, 2014 and December 31, 2013, respectively. 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 negatively impacted total revenue for the three months ended September 30, 2014 compared to the three months ended September 30, 2013 by approximately $0.6 million, principally driven by the strengthening of the U.S. dollar relative to the Swedish kronor, the euro, the Canadian dollar and the Japanese yen, partially offset by the weakening of the U.S. dollar relative to the British pound. Total cost of revenue and operating expenses for the three months ended September 30, 2014 compared to the three months ended September 30, 2013 were positively impacted as a result of foreign exchange rate fluctuations by approximately $0.8 million, principally driven by the strengthening of the U.S. dollar relative to the Swedish kronor, the euro, the Canadian dollar and the Japanese yen, partially offset by the weakening of the U.S. dollar relative to the British pound.

Foreign currency exchange rate fluctuations positively impacted total revenue for the nine months ended September 30, 2014 compared to the nine months ended September 30, 2013 by approximately $2.9 million, principally driven by the weakening of the U.S. dollar relative to the euro and the British pound, partially offset by the strengthening of the U.S. dollar to the Swedish kronor, the Brazilian real, the Australian dollar, the Japanese yen and the Canadian dollar. Total cost of revenue and operating expenses for the nine months ended September 30, 2014 compared to the nine months ended September 30, 2013 were negatively impacted as a result of foreign exchange rate fluctuations by approximately $1.8 million, principally driven by the weakening of the U.S. dollar relative to the euro and the British pound, partially offset by the strengthening of the U.S. dollar to the Swedish kronor, the Brazilian real, the Australian dollar, the Japanese yen and the Canadian dollar.

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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 generally 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.

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 unaudited consolidated financial results for the three and nine months ended September 30, 2014. Had the acquisition occurred as of the beginning of the periods presented in our unaudited consolidated financial statements, the pro forma statements of operations would not be materially different than the audited 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 September 30, 2014, we had cash and cash equivalents totaling approximately $242.0 million, net accounts receivable of approximately $129.1 million and working capital of approximately $212.4 million. Our cash and cash equivalents held domestically were approximately $157.0 million as of September 30, 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 September 30, 2014, cash and cash equivalents held by foreign subsidiaries were approximately $85.0 million, which include undistributed earnings of foreign subsidiaries indefinitely invested outside of the U.S. of approximately $19.2 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 nine months ended September 30, 2014 were approximately $11.2 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

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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.

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:

	September 30, 2014			December 31, 2013
	(unaudited)
	(in thousands)
Cash and cash equivalents	$	241,979		$	227,693
Accounts receivable, net		129,082			162,009
Deferred revenue		96,855			102,321
Working capital		212,415			224,485
	Nine Months Ended September 30,
	2014			2013
	(unaudited)
	(in thousands)
Cash flow activities
Net cash provided by operating activities	$	17,308		$	24,616
Net cash used in investing activities		(11,228	)		(11,535	)
Net cash provided by financing activities		15,508			26,765

Cash and Cash Equivalents

Our cash and cash equivalents at September 30, 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 $17.3 million for the nine months ended September 30, 2014. We incurred non-cash expenses totaling approximately $40.7 million for the nine months ended September 30, 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 $5.2 million for the nine months ended September 30, 2014.

The change in certain assets and liabilities resulted in a net source of cash of approximately $32.3 million for the nine months ended September 30, 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 $7.2 million.

Net cash provided by operating activities was approximately $24.6 million for the nine months ended September 30, 2013. We incurred non-cash expenses totaling approximately $36.9 million for the nine months ended September 30, 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 $5.8 million for the nine months ended September 30, 2013.

The change in certain assets and liabilities resulted in a net source of cash of approximately $11.8 million for the nine months ended September 30, 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 $9.9 million.

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Investing Activities

Net cash used in investing activities was approximately $11.2 million for the nine months ended September 30, 2014. Cash used in investing activities for the nine months ended September 30, 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.

Net cash used in investing activities was approximately $11.5 million for the nine months ended September 30, 2013. Cash used in investing activities for the nine months ended September 30, 2013 included approximately $7.1 million 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. In addition, during the nine months ended September 30, 2013, we acquired all of the outstanding shares of NComVA AB which resulted in a use of cash of approximately $4.4 million.

Financing Activities

Net cash provided by financing activities was approximately $15.5 million for the nine months ended September 30, 2014. Net cash provided by financing activities included proceeds from the exercise of common stock options of approximately $12.3 million and an excess tax benefit from stock-based compensation of approximately $5.2 million. These proceeds were offset by payments on contingent consideration of approximately $2.0 million during the period for the achievement of certain product development milestones related to the acquisition of NComVA AB in May 2013.

Net cash provided by financing activities was approximately $26.8 million for the nine months ended September 30, 2013. Net cash provided by financing activities included proceeds from the exercise of common stock options of approximately $21.2 million and an excess tax benefit from stock-based compensation of approximately $5.8 million. These proceeds were offset by payments on contingent consideration of approximately $0.2 million during the period for the achievement of certain financial targets related to the acquisition of Syllogic Corporation in January 2010.

Non-GAAP Financial Measures

In order to supplement our unaudited 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 and nine months ended September 30, 2014 and 2013, Non-GAAP income (loss) from operations is determined by taking GAAP loss from operations and adding back stock-based compensation expense, employer payroll taxes on stock transactions, amortization of intangible assets and contingent consideration adjustments. Non-GAAP net income (loss) is determined by taking GAAP income (loss) before (provision) benefit for income taxes and adding back stock-based compensation expense, employer payroll taxes on stock transactions amortization of intangible assets and contingent consideration adjustments 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 income (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.

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• 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.

• Contingent consideration adjustment. We periodically enter into business combinations which may contain contingent consideration arrangements. At each reporting date, we remeasure these contingent consideration liabilities at fair value until the contingencies are resolved. During the three and nine months ended September 30, 2014, a charge of approximately $0.2 million was recorded related to changes in the fair value of contingent consideration liabilities and is included in our consolidated statement of operations. We believe that these costs are generally non-recurring and do not correlate to the ongoing operation of our business.

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
	(unaudited)
	(in thousands, except share and per share data)
Reconciliation of Non-GAAP income (loss) from operations:
GAAP loss from operations	$	(8,636	)	$	(3,399	)	$	(39,134	)	$	(29,252	)
Stock-based compensation expense		9,730			8,578			26,246			21,159
Employer payroll taxes on stock transactions		672			814			1,226			1,283
Contingent consideration adjustment		170			—			170			—
Amortization of intangible assets		704			793			2,252			1,727
Non-GAAP income (loss) from operations	$	2,640		$	6,786		$	(9,240	)	$	(5,083	)
Reconciliation of Non-GAAP net income (loss):
GAAP net income (loss)	$	(14,365	)	$	2,995		$	(50,451	)	$	(18,260	)
Stock-based compensation expense		9,730			8,578			26,246			21,159
Employer payroll taxes on stock transactions		672			814			1,226			1,283
Contingent consideration adjustment		170			—			170			—
Amortization of intangible assets		704			793			2,252			1,727
Income tax adjustment (1)		3,746			(8,385	)		12,661			(10,766	)
Non-GAAP net income (loss)	$	657		$	4,795		$	(7,896	)	$	(4,857	)
Reconciliation of Non-GAAP income (loss) per share:
Non-GAAP net income (loss) per common share - basic	$	0.01		$	0.05		$	(0.09	)	$	(0.06	)
Non-GAAP net income (loss) per common share - diluted	$	0.01		$	0.05		$	(0.09	)	$	(0.06	)
GAAP net income (loss) per common share - basic	$	(0.16	)	$	0.03		$	(0.56	)	$	(0.21	)
GAAP net income (loss) per common share - diluted	$	(0.16	)	$	0.03		$	(0.56	)	$	(0.21	)
Non-GAAP weighted average number of common shares outstanding - basic		90,064,658			88,164,897			89,677,323			87,326,863
Non-GAAP weighted average number of common shares outstanding - diluted		91,290,848			90,334,304			89,677,323			87,326,863
GAAP weighted average number of common shares outstanding - basic		90,064,658			88,164,897			89,677,323			87,326,863
GAAP weighted average number of common shares outstanding - diluted		90,064,658			90,334,304			89,677,323			87,326,863

(1) Income tax adjustment is used to adjust the U.S. GAAP benefit (provision) for income taxes to a Non-GAAP benefit (provision) for income taxes by taking U.S. GAAP loss before (provision) benefit for income taxes and adding back (1) stock-based compensation expense, (2) employer payroll taxes on stock transactions, (3) amortization of intangible assets and (4) contingent consideration adjustment and applying an estimated long-term tax rate of 30%.

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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 and nine months ended September 30, 2014. To determine the revenue growth rates on a constant currency basis for the three and nine months ended September 30, 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 September 30,							Nine Months ended September 30,
	2014		2013		% change			2014		2013		% change
	(unaudited)							(unaudited)
	(in thousands)							(in thousands)
Constant currency reconciliation:
Total revenue, as reported	$	131,284	$	104,100		26	%	$	374,014	$	308,655		21	%
Estimated impact of foreign currency fluctuations						1	%						-1	%
Total revenue constant currency growth rate						27	%						20	%

Critical Accounting Policies and Estimates

We prepare our unaudited consolidated financial statements in accordance with U.S. GAAP. The preparation of unaudited 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.

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 September 30, 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.

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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, at times, may use hedging strategies to mitigate these risks.

Interest Rate Sensitivity

We had cash and cash equivalents of approximately $242.0 million at September 30, 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 foreign currency 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 foreign exchange rate fluctuation. We will continue to monitor our exposure to foreign currency fluctuations and, at times, we may use financial hedging techniques to minimize the effect of these fluctuations. We may choose not to continue to hedge certain foreign exchange exposure for a variety of reasons, including accounting considerations and the prohibitive economic cost of hedging particular exposure.

During the nine months ended September 30, 2014, we began using derivative instruments, specifically, short-term foreign currency forward contracts to hedge certain exposures to fluctuations in foreign currency exchange rates. We use these short-term foreign currency forward contracts to manage foreign currency exchange rate risks related to certain intercompany borrowings. The use of such hedging activities may not offset any or more than a portion of the adverse financial effects of unfavorable movements in foreign exchange rates over the limited time the hedges are in place. Depending on their fair value at the end of the reporting period, derivatives are recorded either in prepaid expenses and other current assets or in accrued expenses on the unaudited consolidated balance sheet.

As of September 30, 2014, we had one short-term foreign currency forward contract outstanding to sell Swedish kronor with a notional value of 355.3 million Swedish kronor and $49.0 million. As of September 30, 2014, the unrealized gain on our short-term foreign currency forward contract was approximately $0.1 million and is recorded within other current assets on the unaudited consolidated balance sheet. At December 31, 2013, we had no foreign currency forward contracts outstanding.

For the three and nine months ended September 30, 2014, the unaudited consolidated statements of operations reflects a gain of approximately $3.5 million and $4.4 million, respectively, within foreign exchange gain (loss), net, related to short-term foreign currency forward contracts. During the three and nine months ended September 30, 2013, there was no impact in the unaudited consolidated statements of operations related to foreign currency forward contracts.

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 68% of our revenues for the nine months ended September 30, 2014 and 2013 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

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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 September 30, 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 September 30, 2014, our disclosure controls and procedures were effective at the reasonable assurance level.

Changes in Internal Control Over Financial Reporting

During the quarter ended September 30, 2014, we implemented a new enterprise resource planning (“ERP”) system. As appropriate, we are modifying the design and documentation of internal control processes and procedures relating to the new system and interfaces to simplify and synchronize our existing internal control over financial reporting.

With the exception of the ERP implementation described above, there were no changes in our internal control over financial reporting during the third 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, our internal control over financial reporting.

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PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We are party to ordinary routine litigation incidental to the 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,” “Natural Analytics” 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 September 30, 2014, we had eight issued U.S. patents and had nine pending applications for U.S. patents. In addition, as of September 30, 2014, we had 21 issued and 19 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.

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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 products, such as QlikView and Qlik Sense, 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)

• 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, such as Qlik Sense, 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

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• 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

• 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 products 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

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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.

Despite our release of Qlik Sense in September 2014, we have and 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:

• 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 software products 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 nine months ended September 30, 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.

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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.

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 71% of our total revenues for the nine months ended September 30, 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

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• 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

• 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 have entered into foreign currency hedging transactions and 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. 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, our operating and financial condition will be harmed 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.

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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 products, 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 (which was acquired by TIBCO in 2014). 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 software products and our existing and future products and are important elements in attracting new customers

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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 our 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.

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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 software products 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.

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

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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 September 30, 2014, we had eight issued U.S. patents and nine pending applications for U.S. patents expiring at various times ranging from 2015 through 2033 and 21 issued and 19 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.

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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.

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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. 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.

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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. During the quarter ended September 30, 2014, we implemented a new enterprise resource planning system. If we experience a significant deficiency or material weakness in our 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.

Many of our key financial systems used for internal purposes are cloud based solutions provided by third parties

Our new enterprise resource planning system along with certain other internal financial systems, are cloud based solutions provided by third parties. The use of cloud based systems provided by third parties exposes us to certain risks of those third parties. If a disruption of services by third party cloud financial system providers were to occur, it could have a material adverse effect on our ability to record and report financial and management information on a timely and accurate basis.

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 unaudited 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, 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.

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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 September 30, 2014, we held approximately $85.0 million, or approximately 35.1%, 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

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• 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.

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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.

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ITEM 6. EXHIBITS

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

Exhibit Number	Description of Document
10.21F†	Form of Notice of Stock Option Grant under 2010 Omnibus Equity Incentive Plan
10.21G†	Form of Notice of Employee Stock Unit Award under 2010 Omnibus Equity Incentive Plan
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 September 30, 2014).

† Compensation arrangement

* 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.

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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 October 31, 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)

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EXHIBIT INDEX

Exhibit Number	Description of Document
10.21F†	Form of Notice of Stock Option Grant under 2010 Omnibus Equity Incentive Plan
10.21G†	Form of Notice of Employee Stock Unit Award under 2010 Omnibus Equity Incentive Plan
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 September 30, 2014).

† Compensation arrangement

* 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.

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EX-10.21F

Exhibit 10.21F

QLIK TECHNOLOGIES INC. 2010 OMNIBUS EQUITY INCENTIVE PLAN

NOTICE OF STOCK OPTION GRANT

You have been granted an Option to purchase Common Shares of Qlik Technologies Inc. (the “Company”). The specific details of the Option are set forth in the electronic representation of the Notice of Stock Option Grant (the “Notice”) provided to you by the Company or a third party authorized by the Company to administer its Plan

Vesting Schedule:	Provided you are in Service, this Option becomes vested and exercisable with respect to the number of Common Shares subject to this Option set forth in Notice on the dates set forth in the Notice.
Expiration Date:	This Option expires earlier if your Service terminates earlier, as described in the Stock Option Agreement.

You and the Company agree that this Option is granted under and governed by the terms and conditions of the 2010 Omnibus Equity Incentive Plan (the “Plan”), the Stock Option Agreement including the appendix, which includes any applicable country-specific provisions (together, the “Agreement”), all of which are attached to and made a part of this document.

You further agree to accept by email all documents relating to the Company, the Plan or this Option and all other documents that the Company is required to deliver to its security holders (including, without limitation, disclosures that may be required by the U.S. Securities and Exchange Commission). You also agree that the Company may deliver these documents by posting them on a website maintained by the Company or by a third party under contract with the Company. If the Company posts these documents on a website, it will notify you by email. In addition, you agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party under contract with the Company. You acknowledge that you may incur costs in connection with electronic delivery and participation, including the cost of accessing the internet and printing fees, and that an interruption of internet access may interfere with your ability to access the documents. This consent will remain in effect until you give the Company written notice that it should deliver paper documents.

Capitalized terms used but not defined herein shall have the meanings set forth in the Plan.

You further agree to comply with the Company’s Securities Trading Policy when selling Common Shares acquired under the Plan.

OPTIONEE:	QLIK TECHNOLOGIES INC.
	Name:	Lars Björk
	Title:	President and Chief Executive Officer

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QLIK TECHNOLOGIES INC. 2010 OMNIBUS EQUITY INCENTIVE PLAN

STOCK OPTION AGREEMENT

Grant of Option	Pursuant to your Notice of Stock Option Grant (“Notice”) and this Stock Option Agreement including the appendix which includes any applicable country-specific provisions (together, the “Agreement”), Qlik Technologies Inc. (the “Company”) has granted you an Option under the 2010 Omnibus Equity Incentive Plan (the “Plan”) to purchase the number of Common Shares indicated in the Notice at the Exercise Price indicated in the Notice. Capitalized terms used but not defined herein shall have the meanings set forth in the Plan.
Tax Treatment	This Option is intended to be an incentive stock option under Section 422 of the Internal Revenue Code or a nonstatutory stock option, as provided in the Notice.
Vesting	This Option becomes vested and exercisable in installments, as shown in the Notice. This Option will in no event become exercisable for additional Common Shares after your Service has terminated for any reason.
Term	This Option expires in any event at the close of business at Company headquarters on the day before the 10th anniversary of the date of grant, as shown in the Notice (the “Date of Grant”). (It will expire earlier if your Service terminates, as described below.)
Regular Termination	If your Service terminates for any reason except death or total and permanent disability, then this Option will expire at the close of business at Company headquarters on the date three months after your termination date. The Company determines when your Service terminates for this purpose.
Death	If you die before your Service terminates, then this Option will expire at the close of business at Company headquarters on the date 12 months after the date of death.
Disability	If your Service terminates because of your total and permanent disability, then this Option will expire at the close of business at Company headquarters on the date 12 months after your termination date. For all purposes under this Agreement, “total and permanent disability” means that you are unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted, or can be expected to last, for a continuous period of not less than one year.

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Leaves of Absence and Part-Time Work	For purposes of this Option, your Service does not terminate when you go on a military leave, a sick leave or another bona fide leave of absence, if the leave was approved by the Company in writing and if continued crediting of Service is required by the terms of the leave or by applicable law. But your Service terminates when the approved leave ends, unless you immediately return to actively providing Service. If you go on a leave of absence, then the vesting schedule specified in the Notice may be adjusted in accordance with the Company’s leave of absence policy or the terms of your leave. If you commence working on a part-time basis, then the vesting schedule specified in the Notice may be adjusted in accordance with the Company’s part-time work policy or the terms of an agreement between you and the Company pertaining to your part-time schedule.
Restrictions on Exercise	The Company will not permit you to exercise this Option if the issuance of Common Shares at that time would violate any law or regulation.
Notice of Exercise	When you wish to exercise this Option, you must notify the Company by filing the proper “Notice of Exercise” in the manner and form authorized by the Company. Your notice must specify how many Common Shares you wish to purchase. Your notice must also specify how your Common Shares should be registered. The notice will be effective when the Company receives it. However, if you wish to exercise this Option by executing a same-day sale (as described below), you must follow the instructions of the Company and the broker who will execute the sale. If someone else wants to exercise this Option after your death, that person must prove to the Company’s satisfaction that he or she is entitled to do so.
Form of Payment	When you submit your Notice of Exercise, you must include payment of the Exercise Price for the Common Shares that you are purchasing. To the extent permitted by applicable law, payment may be made in one (or a combination of two or more) of the following forms: •     By delivering your personal check, a cashier’s check or a money order. •     By delivering certificates for Common Shares that you own, along with any forms needed to effect a transfer of those shares to the Company. The value of such shares, determined as of the effective date of the Option exercise, will be applied to the Exercise Price. Instead of surrendering Common Shares, you may attest to the

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ownership of such shares on a form provided by the Company or its designee and have the same number of shares subtracted from the Common Shares issued to you. •     By giving to a securities broker approved by the Company irrevocable directions to sell all or part of the Common Shares acquired at exercise of the Option and to deliver to the Company, from the sale proceeds, an amount sufficient to pay the Exercise Price and any Tax-Related Items (as defined in the “Withholding Taxes” paragraph below). (The balance of the sale proceeds, if any, will be delivered to you.) The directions must be given in accordance with the instructions of the Company and the broker. This exercise method is sometimes called a “same-day sale.”

Withholding Taxes

You acknowledge that, regardless of any action taken by the Company or, if different, your employer (the “Employer”), the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to your participation in the Plan and legally applicable to you (“Tax-Related Items”), is and remains your responsibility and may exceed the amount actually withheld by the Company or the Employer. You further acknowledge that the Company and/or the Employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Option, including, but not limited to, the grant, vesting or exercise of the Option, the subsequent sale of any Common Shares acquired pursuant to such exercise and the receipt of any dividends; and (ii) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the Option to reduce or eliminate your liability for Tax-Related Items or achieve any particular tax result. Further, if you are subject to Tax-Related Items in more than one jurisdiction between the Date of Grant and the date of any relevant taxable or tax withholding event, as applicable, you acknowledge that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. Prior to any relevant taxable or tax withholding event, as applicable, you agree to make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items. You will not be allowed to exercise this Option unless you make such arrangements. In this regard, you authorize the Company and/or the Employer, or their respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following: (a) withholding from the proceeds of the sale of Common Shares acquired at exercise through a Company-approved broker as arranged by the Company (on your behalf pursuant to this authorization without further

5

	consent), (b) withholding Common Shares that otherwise would be issued to you when you exercise this Option, or (c) withholding cash from any compensation or payments owed to you. Depending on the withholding method, the Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding amounts or other applicable withholding rates, including maximum applicable rates, in which case you will receive a refund of any over-withheld amount in cash and will have no entitlement to the equivalent amount in Common Shares. Finally, you agree to pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of your participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the Common Shares or the proceeds from the sale of the Common Shares if you fail to comply with your obligations in connection with Tax-Related Items.
Restrictions on Resale	You agree not to sell any Common Shares acquired upon exercise of the Option at a time when applicable laws, Company policies or an agreement between the Company and its underwriters prohibit a sale. This restriction will apply as long as your Service continues and for such period of time after the termination of your Service as the Company may specify.
Transfer of Option	Prior to your death, only you may exercise this Option. You cannot transfer or assign this Option. For instance, you may not sell this Option or use it as security for a loan. If you attempt to do any of these things, this Option will immediately become invalid. You may, however, dispose of this Option in your will or, if permitted by the Company, a beneficiary designation. Regardless of any marital property settlement agreement, the Company is not obligated to honor a Notice of Exercise from your former spouse, nor is the Company obligated to recognize your former spouse’s interest in your Option in any other way.
Retention Rights	Your Option grant and your participation in the Plan shall not create a right to be retained by or be interpreted as forming a Service contract with the Company, the Employer or any Subsidiary or Affiliate, and shall not interfere with the ability of the Company, the Employer, or any Subsidiary or Affiliate to terminate your Service at any time, with or without cause.

6

Stockholder Rights	You, or your estate or heirs, have no rights as a stockholder of the Company until you have exercised this Option by giving the required Notice of Exercise to the Company and paying the Exercise Price. No adjustments are made for dividends or other rights if the applicable record date occurs before you exercise this Option, except as described in the Plan.
Adjustments	In the event of a stock split, a stock dividend or a similar change in Company stock, the number of Common Shares covered by this Option and the Exercise Price per Common Share will be adjusted pursuant to the Plan.
Nature of Grant	In accepting the Option, you acknowledge, understand and agree that: (1) the Plan is established voluntarily by the Company, it is discretionary in nature, and may be amended, suspended or terminated by the Company at any time, to the extent permitted by the Plan; (2) the grant of the Option is voluntary and occasional and does not create any contractual or other right to receive future grants of Options, or benefits in lieu of Options, even if Options have been granted in the past; (3) all decisions with respect to future Option or other grants, if any, will be at the sole discretion of the Company; (4) you are voluntarily participating in the Plan; (5) the Option and any Common Shares acquired under the Plan are not intended to replace any pension rights or compensation; (6) the Option and any Common Shares acquired under the Plan and the income and value of same, are not part of normal or expected compensation for purposes of calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments; (7) the future value of the Common Shares underlying the Option is unknown, indeterminable, and cannot be predicted with certainty; (8) if the underlying Common Shares do not increase in value, the Option will have no value; (9) if you exercise the Option and acquire Common Shares, the value of such Common Shares may increase or decrease in value, even below the Exercise Price; (10) no claim or entitlement to compensation or damages shall arise from forfeiture of the Option resulting from the termination of your Service (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where you provide Service or the terms of your Service agreement, if any), and in consideration of the grant of the Option to which you are otherwise not entitled, you irrevocably agree never to institute any claim against the Company, any Subsidiary or Affiliate or the Employer, waive your ability, if any, to bring any such claim, and release the Company, any Subsidiaries or Affiliates and the Employer from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, you shall be

7

deemed irrevocably to have agreed not to pursue such claim and agree to execute any and all documents necessary to request dismissal or withdrawal of such claim; (11) for purposes of the Option, your Service will be considered terminated as of the date you are no longer actively providing Service to the Company or one of its Subsidiaries or Affiliates (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where you provide Service or the terms of your Service agreement, if any), and unless otherwise expressly provided in this Agreement or determined by the Company, (a) your right to vest in the Option under the Plan, if any, will terminate as of such date and will not be extended by any notice period (e.g., your period of Service would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where you provide Service or the terms of your Service agreement, if any); and (ii) the period (if any) during which you may exercise the Option after such termination of your employment or Service relationship will commence on the date you cease to actively provide Service and will not be extended by any notice period mandated under employment laws in the jurisdiction where you provide Service or the terms of your Service agreement, if any); as provided in the “Regular Termination” paragraph above, the Company shall have the exclusive discretion to determine when you are no longer actively providing Service for purposes of your Option grant (including whether you may still be considered to be providing Service while on a leave of absence); (12) unless otherwise provided in the Plan or by the Company in its discretion, the Option and the benefits evidenced by this Agreement do not create any entitlement to have the Option or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any Corporate Transaction affecting the shares of the Company; and (13) the following provisions apply only if you are providing Service outside the United States: (a) the Option and the Common Shares subject to the Option are not part of normal or expected compensation or salary for any purpose; and (b) neither the Company, the Employer nor any Subsidiary or Affiliate shall be liable for any foreign exchange rate fluctuation between your local currency and the United States Dollar that may affect the value of the Option or of any amounts due to you pursuant to the exercise of the Option or the subsequent sale of any Common Shares acquired upon exercise.

No Advice Regarding Grant

The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding your participation in the Plan, or your acquisition or sale of the Common Shares. You are hereby advised to consult with your own personal tax, legal and financial advisors regarding your participation in the Plan before taking any action related to the Plan.

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Data Privacy You hereby explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of your personal data as described in this Agreement and any other Option grant materials by and among, as applicable, the Employer, the Company and any Subsidiary or Affiliate for the exclusive purpose of implementing, administering and managing your participation in the Plan.   You understand that the Company and the Employer may hold certain personal information about you, including, but not limited to, your name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any stock or directorships held in the Company, details of all Options or any other entitlement to stock awarded, canceled, exercised, vested, unvested or outstanding in your favor (“Data”), for the exclusive purpose of implementing, administering and managing the Plan.   You understand that Data will be transferred to Morgan Stanley or such other stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan. You understand that the recipients of the Data may be located in the United States or elsewhere, and that the recipient’s country (e.g., the United States) may have different data privacy laws and protections than your country. You understand that if you reside outside the United States, you may request a list with the names and addresses of any potential recipients of the Data by contacting your local human resources representative. You authorize the Company, Morgan Stanley and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purposes of implementing, administering and managing your participation in the Plan. You understand that Data will be held only as long as is necessary to implement, administer and manage your participation in the Plan. You understand that if you reside outside the United States, you may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing your local human resources representative. Further, you understand that you are providing the consents herein on a purely voluntary basis. If you do not consent, or if you later seek to revoke your consent, your Service and career with the Employer will not be adversely affected;

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	the only adverse consequence of refusing or withdrawing your consent is that the Company would not be able to grant you Options or other equity awards or administer or maintain such awards. Therefore, you understand that refusing or withdrawing your consent may affect your ability to participate in the Plan. For more information on the consequences of your refusal to consent or withdrawal of consent, you understand that you may contact your local human resources representative.
Applicable Law; Choice of Venue	This Agreement will be interpreted and enforced under the laws of the State of Delaware (without regard to their choice-of-law provisions). For purposes of litigating any dispute that arises under this grant or this Agreement, the parties hereby submit to and consent to the jurisdiction of the State of Pennsylvania, agree that such litigation shall be conducted in the courts of Delaware County, Pennsylvania, or the federal courts for the United States for the Eastern District of Pennsylvania, where this grant is made and/or to be performed.
Language	If you have received this Agreement, or any other document related to the Option and/or the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.
Severability	The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.
Imposition of Other Requirements	The Company reserves the right to impose other requirements on your participation in the Plan, on the Option and on any Common Shares purchased upon exercise of the Option, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require you to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.
Appendix	Notwithstanding any provisions in this Stock Option Agreement, the Option grant shall be subject to any special terms and conditions set forth in any appendix to this Stock Option Agreement for your country (the “Appendix”). Moreover, if you relocate to one of the countries included in the Appendix, the special terms and conditions for such country will apply to you, to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. The Appendix constitutes part of this Stock Option Agreement.

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Waiver	You acknowledge that a waiver by the Company of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach of this Agreement.
The Plan and Other Agreements	This Agreement and the Plan constitute the entire understanding between you and the Company regarding this Option. Any prior agreements, commitments or negotiations concerning this Option are superseded. This Agreement may be amended only by another written agreement between the parties.

BY SIGNING THE NOTICE ATTACHED TO THIS STOCK OPTION AGREEMENT, YOU

AGREE TO ALL OF THE TERMS AND CONDITIONS DESCRIBED ABOVE AND IN THE PLAN

AND TO ANY COUNTRY-SPECIFIC TERMS AND CONDITIONS FOR YOUR COUNTRY

INCLUDED IN THE APPENDIX.

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APPENDIX

TO THE

STOCK OPTION AGREEMENT

Terms and Conditions

This Appendix includes additional country-specific terms that apply to residents in the countries listed below. This Appendix is part of the Stock Option Agreement. Unless otherwise provided below, capitalized terms used but not defined herein shall have the same meanings assigned to them in the Plan and the Stock Option Agreement.

Notifications

This Appendix also includes information of which you should be aware with respect to your participation in the Plan. The information is based on the securities, exchange control and other laws in effect in the respective countries as of February 2013. Such laws are often complex and change frequently, and certain individual exchange control reporting requirements may apply upon exercise of the Option and/or sale of Common Shares. As a result, the Company strongly recommends that you do not rely on the information noted herein as the only source of information relating to the consequences of your participation in the Plan because the information may be out of date at the time you exercise the Option, or you sell Common Shares acquired under the Plan.

In addition, the information is general in nature and may not apply to your particular situation, and the Company is not in a position to assure you of any particular result. Accordingly, you are advised to seek appropriate professional advice as to how the relevant laws in your country may apply to your situation.

Finally, if you are a citizen or resident of a country other than the one in which you currently are working, transfer employment after the Option is granted to you, or are considered a resident of another country for local law purposes, the information contained herein may not be applicable to you, and the Company shall, in its discretion, determine to what extent the terms and conditions contained herein shall be applicable to you.

AUSTRALIA

Terms and Conditions

Exercise of Option. The following supplements the “Notice of Exercise” paragraph of the Stock Option Agreement:

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If the Option vests when the Fair Market Value per Common Share is equal to or less than the Exercise Price for the Option, you will not be permitted to exercise the vested Option. The vested Option may be exercised only starting on the business day following the first day on which the Fair Market Value per Common Share exceeds the Exercise Price for the Option. For the avoidance of doubt, this provision applies equally to any unvested Option held by a Participant who transfers to Australia after the grant of the Option, unless otherwise determined by the Company in its sole discretion.

Notifications

Securities Law Notification. If you exercise the Option and subsequently offer the Common Shares purchased upon exercise for sale to a person or entity resident in Australia, the offer may be subject to disclosure requirements under Australian law and you should obtain legal advice regarding any applicable disclosure obligations prior to making any such offer.

AUSTRIA

Notifications

Exchange Control Notification. If you hold Common Shares acquired under the Plan outside of Austria, you must submit a report to the Austrian National Bank. An exemption applies if the value of the shares as of any given quarter does not exceed €30,000,000 or if the value of the shares in any given year as of December 31 does not exceed €5,000,000. If the former threshold is exceeded, quarterly obligations are imposed, whereas if the latter threshold is exceeded, annual reports must be given. The annual reporting date is December 31 and the deadline for filing the annual report is January 31 of the following year.

A separate reporting requirement applies when you sell Common Shares acquired under the Plan. In that case, there may be exchange control obligations if the cash proceeds are held outside of Austria. If the transaction volume of all accounts abroad exceeds €3,000,000, the movements and balances of all accounts must be reported monthly, as of the last day of the month, on or before the 15th day of the following month, on the prescribed form (Meldungen SI-Forderungen und/oder SI-Verpflichtungen).

BELGIUM

Notifications

Taxation of the Option. If you choose to accept the Option, the timing of the taxation of the Option depends upon when you accept the Option. Based on the current interpretation of Belgian tax law by the Belgian Minister of Finance, if you accept the Option within 60 days from the offer date, you will be taxed at the time of offer, or if you accept the Option after 60 days from the offer date, you will be taxed at the time of exercise. Neither the Company or

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any Subsidiary or Affiliate nor the Employer may be held liable for damages, if any, that you may incur should the Minister of Finance’s interpretation not be upheld (with respect to taxation at exercise for Options accepted after 60 days following the offer date).

You are strongly encouraged to consult your personal tax advisor in deciding if and when to accept the Option.

Tax Reporting Requirement. You are required to report any bank accounts opened and maintained outside Belgium on your annual tax return.

BRAZIL

Terms and Conditions

Compliance with Law. By accepting the Option, you acknowledge that you agree to comply with applicable Brazilian laws and pay any and all applicable taxes associated with the exercise of the Option and the sale of Common Shares acquired under the Plan.

Notifications

Exchange Control Notification. If you are resident or domiciled in Brazil, you will be required to submit annually a declaration of assets and rights held outside of Brazil to the Central Bank of Brazil if the aggregate value of such assets and rights equals or exceeds US$100,000. Assets and rights that must be reported include the following: (i) bank deposits; (ii) loans; (iii) financing transactions; (iv) leases; (v) direct investments; (vi) portfolio investments, including Common Shares acquired under the Plan; (vii) financial derivatives investments; and (viii) other investments, including real estate and other assets. Please note that foreign individuals holding Brazilian visas are considered Brazilian residents for purposes of this reporting requirement and must declare at least the assets held abroad that were acquired subsequent to the date of admittance as a resident of Brazil. Individuals holding assets and rights outside Brazil valued at less than US$100,000 are not required to submit a declaration.

CANADA

Terms and Conditions

Form of Payment. The following supplements the “Form of Payment” paragraph in the Stock Option Agreement:

Notwithstanding anything to the contrary in the Stock Option Agreement, you are prohibited from surrendering Common Shares that you already own or attesting to the ownership of Common Shares to pay the Exercise Price or any Tax-Related Items in connection with the Option.

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Termination of Employment. This provision replaces subparagraph 11 of the “Nature of Grant” paragraph in the Stock Option Agreement:

for purposes of the Option, your Service will be considered terminated as of the date that is the earlier of (1) the date you are no longer actively providing Service or, at the discretion of the Company, (2) the date you receive notice of termination of Service from the Employer (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where you provide Service or the terms of your Service agreement, if any), and unless otherwise expressly provided in this Agreement or determined by the Company, (a) your right to vest in the Option under the Plan, if any, will terminate as of such date and will not be extended by any notice period (e.g., your period of Service would not include any notice period or period of pay in lieu of notice or similar period mandated under employment laws in the jurisdiction where you provide Service or the terms of your Service agreement, if any (including, but not limited to statutory law, regulatory law and/or common law)); and (ii) the period (if any) during which you may exercise the Option after such termination of your employment or Service relationship will commence as of such date will not be extended by any notice period mandated under employment laws in the jurisdiction where you provide Service or terms of your Service agreement, if any (including, but not limited to statutory law, regulatory law and/or common law)); as provided in the “Regular Termination” paragraph above, the Company shall have the exclusive discretion to determine when you are no longer actively providing Service for purposes of your Option grant (including whether you may still be considered to be providing Service while on a leave of absence);

The following provisions apply if you are resident in Quebec:

Language Consent. The parties acknowledge that it is their express wish that this Agreement, as well as all documents, notices and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be provided to them in English.

Consentement relatif à la langue utilisée. Les parties reconnaissent avoir exigé la rédaction en anglais de cette convention, ainsi que de tous documents, avis et procédures judiciaires, exécutés, donnés ou intentés en vertu de, ou liés directement ou indirectement à, la présente convention.

Data Privacy. This provision supplements the “Data Privacy” paragraph in the Stock Option Agreement:

You hereby authorize the Company, the Employer and their representatives to discuss with and obtain all relevant information from all personnel, professional or not, involved in the administration and operation of the Plan. You further authorize the Company and its Subsidiaries or Affiliates to disclose and discuss the Plan with their advisors. You further authorize the Company and its Subsidiaries or Affiliates to record such information and to keep such information in your employee file.

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Notifications

Securities Law Notification. You acknowledge and agree that you will only sell Common Shares acquired through participation in the Plan outside of Canada through the facilities of a stock exchange on which the Common Shares are listed. Currently, the Common Shares are listed on the NASDAQ.

COLOMBIA

Notifications

Exchange Control Notification. Investments in assets located outside of Colombia (including Common Shares) are subject to registration with the Central Bank (Banco de la República) if the aggregate value of such investments is US$500,000 or more (as of December 31 of the applicable calendar year). Further, upon the sale of any Common Shares that you have registered with the Central Bank, you must cancel the registration by March 31 of the following year. You may be subject to fines if you fail to cancel such registration.

DENMARK

Terms and Conditions

Stock Option Act. You acknowledge that you have received an Employer Statement in Danish.

Notifications

Securities/Tax Reporting Notification. If you hold Common Shares acquired under the Plan in a brokerage account with a broker or bank outside Denmark, you are required to inform the Danish Tax Administration about the account. For this purpose, you must file a Form V (Erklaering V) with the Danish Tax Administration. In the event that the applicable broker or bank with which the account is held does not also sign the Form V, you acknowledge that you are solely responsible for providing certain details regarding the foreign brokerage or bank account and any Common Shares acquired at exercise and held in such account to the Danish Tax Administration as part of your annual income tax return. By signing the Form V, you authorize the Danish Tax Administration to examine the account.

In addition, if you open a brokerage account (or a deposit account with a U.S. bank) for the purpose of holding cash outside Denmark, you are required to inform the Danish Tax Administration about this account. To do so, you must file a Form K (Erklaering K) with the Danish Tax Administration. The Form K must be signed both by you and by the applicable broker or bank where the account is held. By signing the Form K, the broker/bank undertakes an obligation, without further request each year, to forward information to the Danish Tax Administration concerning the content of the account. In the event that the applicable broker or bank with which

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the account is held does not wish to, or, pursuant to the laws of the country in question, is not allowed to assume such obligation to report, you acknowledge that you are solely responsible for providing certain details regarding the foreign brokerage or bank account to the Danish Tax Administration as part of your annual income tax return. By signing the Form K, you authorize the Danish Tax Administration to examine the account.

FINLAND

There are no country-specific provisions.

FRANCE

Terms and Conditions

Language Consent. By accepting the grant, you confirm that you have read and understood the documents relating to the Option (the Plan and this Agreement) which were provided to you in the English language. You accept the terms of these documents accordingly.

Consentement Relatif à la Langue Utilisée. En acceptant l’attribution, vous confirmez avoir lu et compris les documents relatifs à l’Option (le Plan et la présente Convention) qui vous ont été communiqués en langue anglaise. Vous en acceptez les dispositions en connaissance de cause.

Notifications

Exchange Control Notification. If you hold Common Shares outside of France or maintain a foreign bank account, you are required to report such to the French tax authorities when filing your annual tax return.

GERMANY

Notifications

Exchange Control Notification. Cross-border payments in excess of €12,500 must be reported monthly to the German Federal Bank. In the event that you make or receive a payment in excess of this amount, you are solely responsible for obtaining the appropriate form from a German federal bank and complying with applicable reporting requirements.

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HONG KONG

Terms and Conditions

Restriction on Sale of Shares. In the event that the Option vests and is exercised within six months of the Date of Grant, you agree that you will not dispose of the Common Shares acquired upon exercise prior to the six-month anniversary of the Date of Grant.

Notifications

Securities Law Notice. WARNING: The Option and any Common Shares issued at exercise do not constitute a public offering of securities under Hong Kong law and are available only to Employees of the Company or its Subsidiaries or Affiliates. This Agreement, the Plan and other incidental communication materials have not been prepared in accordance with and are not intended to constitute a “prospectus” for a public offering of securities under the applicable securities legislation in Hong Kong, nor have the documents been reviewed by any regulatory authority in Hong Kong. The Option is intended only for the personal use of each eligible Employee of the Employer, the Company or any Subsidiary or Affiliate and may not be distributed to any other person. If you are in any doubt about any of the contents of this Agreement or the Plan, you should obtain independent professional advice.

Nature of Scheme. The Corporation specifically intends that the Plan will not be an occupational retirement scheme for purposes of the Occupational Retirement Schemes Ordinance.

INDIA

Terms and Conditions

Form of Payment. The following supplements the “Form of Payment” paragraph in the Stock Option Agreement:

You understand and agree that, if you elect to pay the Exercise Price by means of a same-day sale, you will not be permitted to engage in a “cashless sell-to-cover” exercise whereby a portion of exercised Common Shares are sold at exercise to cover the Exercise Price, Tax-Related Items and brokerage fees. The Company reserves the right to permit this procedure for payment of the Exercise Price in the future, depending on the development of local law.

Notifications

Exchange Control Notification. If you remit funds outside of India to exercise the Option, it is your responsibility to comply with any applicable exchange control regulations in India. In particular, you will be responsible for determining whether approval from the Reserve Bank of India is required prior to exercise or whether you have exhausted your investment limit for the relevant fiscal year. Further, you must repatriate the proceeds from the sale of Common Shares acquired upon exercise of the Option to India within 90 days after receipt. You must retain the foreign inward remittance certificate received from the bank where the foreign currency is deposited in the event that the Reserve Bank of India or the Employer requests proof of repatriation. It is your responsibility to comply with these requirements.

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Foreign Assets Reporting Notification. You are required to declare foreign bank accounts and any foreign financial assets (including Common Shares held outside India) in your annual tax return. It is your responsibility to comply with this reporting obligation and you should consult your personal tax advisor in this regard.

IRELAND

Notifications

Director Notification Requirement. If you are a director, shadow director (i.e., an individual who is not on the board of directors but who has sufficient control so that the board of directors acts in accordance with the “directions and instructions” of the individual) or secretary of an Irish Subsidiary or Affiliate, you are subject to certain notification requirements under the Companies Act. Among these requirements is an obligation to notify the Irish Subsidiary or Affiliate in writing when you receive an interest (e.g., Options, Common Shares) in the Company and the number and class of shares or rights to which the interest relates within five business days of the acquisition or disposal of such Common Shares or within five business days of becoming aware of the event giving rise to the notification. These notification requirements also apply to any rights or Common Shares acquired by your spouse or children under the age of 18.

ITALY

Terms and Conditions

Method of Exercise. This provision supplements the “Form of Payment” paragraph in the Stock Option Agreement:

Due to local regulatory requirements, you will be restricted to a “same-day sale” method of exercise similar to that described in the “Form of Payment” paragraph of the Stock Option Agreement. To complete a “same-day sale,” you understand that you will be required to give a securities broker approved by the Company irrevocable directions to sell all of the Common Shares acquired at exercise of the Option and to deliver to the Company, from the sale proceeds, an amount sufficient to pay the Exercise Price and any Tax-Related Items. (The balance of the sale proceeds, if any, will be delivered to you.) The directions must be given in accordance with the instructions of the Company and the broker. You will not be permitted to hold Common Shares after exercise. Depending on the development of local laws in your country of residence, the Company reserves the right to modify the methods of exercising the Option and, in its sole discretion, to permit any other methods of exercise and payment of Tax-Related Items permitted under the Plan.

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Data Privacy Notice. The following provision replaces the “Data Privacy” paragraph in the Stock Option Agreement:

You understand that the Employer, the Company and any Subsidiary or Affiliate may hold certain personal information about you including, without limitation, your name, home address and telephone number, date of birth, social insurance or other identification number, salary, nationality, job title, any stock or directorships held in the Company or any Subsidiary or Affiliate, details of all Options or any other entitlement to stock awarded, canceled, exercised, vested, unvested or outstanding in your favor (“Data”), for the exclusive purpose of implementing, managing and administering the Plan.

You also understand that providing the Company with Data is necessary for the performance of the Plan and that your refusal to provide such Data would make it impossible for the Company to perform its contractual obligations and may affect your ability to participate in the Plan. The Controller of personal data processing is Qlik Technologies Inc. 150 N. Radnor Chester Road, Suite E220, Radnor, PA, 19087, United States of America, and, pursuant to Legislative Decree no. 196/2003, its representative in Italy is Xavier Massey, Qlik, 93 avenue Charles de Gaulle, 92200 Neuilly sur Seine.

You understand that Data will not be publicized, but it may be transferred to Morgan Stanley or such other stock plan service provider as may be selected by the Committee in the future (any such entity, “Broker”), or other third parties involved in the management and administration of the Plan. You understand that Data may also be transferred to the independent registered public accounting firm engaged by the Company. You further understand that the Company and/or any Subsidiary or Affiliate will transfer Data among themselves as necessary for the purpose of implementing, administering and managing your participation in the Plan, and that the Company or any Subsidiary or Affiliate may each further transfer Data to third parties assisting the Company in the implementation, administration, and management of the Plan, including any requisite transfer of Data to the Broker or other third party with whom you may elect to deposit any Common Shares acquired upon exercise of the Option. Such recipients may receive, possess, use, retain, and transfer Data in electronic or other form, for the purposes of implementing, administering, and managing your participation in the Plan. You understand that these recipients may be located in or outside the European Economic Area, such as in the United States or elsewhere. Should the Company exercise its discretion in suspending all necessary legal obligations connected with the management and administration of the Plan, it will delete Data as soon as it has completed all the necessary legal obligations connected with the management and administration of the Plan.

You understand that Data processing related to the purposes specified above shall take place under automated or non-automated conditions, anonymously when possible, that comply with the purposes for which Data is collected and with confidentiality and security provisions, as set forth by applicable Italian data privacy laws and regulations, with specific reference to Legislative Decree no. 196/2003.

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The processing activity, including communication, the transfer of Data abroad, including outside of the European Economic Area, as herein specified and pursuant to applicable Italian data privacy laws and regulations, does not require your consent thereto, as the processing is necessary to performance of contractual obligations related to implementation, administration, and management of the Plan. You understand that, pursuant to Section 7 of the Legislative Decree no. 196/2003, you have the right to, without limitation, access, delete, update, correct, or terminate, for legitimate reason, the Data processing.

Furthermore, you are aware that Data will not be used for direct-marketing purposes. In addition, Data provided can be reviewed and questions or complaints can be addressed by contacting your local human resources representative.

Grant Terms Acknowledgment. In accepting the Option, you acknowledge that you have received a copy of the Plan and the Agreement and have reviewed the Plan and the Agreement, in their entirety and you fully understand and accept all provisions of the Plan and the Agreement.

You further acknowledge having read and specifically approve the following paragraphs of the Agreement: Withholding Taxes; Nature of Grant; Applicable Law; Choice of Venue; Language; and the “Data Privacy Notice” paragraph set forth above.

Notifications

Exchange Control Notification. You are required to report in your annual tax return: (a) any transfers of cash or shares to or from Italy exceeding €10,000 or the equivalent amount in U.S. dollars, (b) any foreign investments or investments held outside of Italy at the end of the calendar year exceeding €10,000 if such investments (vested Options, cash or Common Shares) may result in taxable income in Italy, and (c) the amount of the transfers to and from abroad that have had an impact on your foreign investments or investments held outside of Italy during the calendar year. Under certain circumstances, you may be exempt from the requirement in (a) above if the transfer or investment is made through an authorized broker resident in Italy.

JAPAN

Notifications

Exchange Control Notification. If you remit more than ¥30 million for the purchase of Common Shares in a single transaction, you must file a Payment Report with the Ministry of Finance (through the Bank of Japan or the bank carrying out the transaction). The precise reporting requirements vary depending on whether the relevant payment is made through a bank in Japan. If you intend to acquire Common Shares whose value exceeds ¥100 million in a single transaction, you must also file a Report Concerning Acquisition of Shares (“Securities Acquisition Report”) with the Ministry of Finance through the Bank of Japan within 20 days of acquiring the shares. The forms to make these reports can be acquired from the Bank of Japan.

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A Payment Report is required independently from a Securities Acquisition Report. Therefore, if the total amount that you pay upon a one-time transaction for exercising the Option and acquiring Common Shares exceeds ¥100 million, you must file both a Payment Report and a Securities Acquisition Report.

Offshore Assets Reporting. Pursuant to a new law, you will be required to report details of any assets held outside of Japan as of December 31st (including Common Shares acquired under the Plan), to the extent such assets have a total net fair market value exceeding ¥50 million. Such report will be due by March 15th each year. You should consult with your personal tax advisor as to whether the reporting obligation applies to you and whether you will be required to report details of your outstanding Options, as well as Common Shares, in the report.

MEXICO

Terms and Conditions

No Entitlement or Claims for Compensation/Policy Statement. In accepting the Option, you expressly recognize that the Company, with offices at 150 N. Radnor Chester Road, Suite E220, Radnor, PA, 19087, U.S.A., is solely responsible for the administration of the Plan and that your participation in the Plan and acquisition of Common Shares does not constitute an employment relationship between you and the Company since you are participating in the Plan on a wholly commercial basis and your sole employer is QlikTech Mexico, S. de R.L. de C.V. (“Qlik-Mexico”), not the Company in the United States. Based on the foregoing, you expressly recognize that the Plan and the benefits that you may derive from participation in the Plan do not establish any rights between you and your employer, Qlik-Mexico, and do not form part of the employment conditions and/or benefits provided by Qlik-Mexico and any modification of the Plan or its termination shall not constitute a change or impairment of the terms and conditions of your employment.

You further understand that your participation in the Plan is as a result of a unilateral and discretionary decision of the Company; therefore, the Company reserves the absolute right to amend and/or discontinue your participation at any time without any liability to you.

Finally, you hereby declare that you do not reserve to yourself any action or right to bring any claim against the Company for any compensation or damages regarding any provision of the Plan or the benefits derived under the Plan, and you therefore grant a full and broad release to the Company and any Subsidiaries or Affiliates, the Company’s shareholders, officers, agents or legal representatives with respect to any claim that may arise.

Aceptando este Premio1, usted reconoce que la Compañía, con oficinas registradas en 150 N. Radnor Chester Road, Suite E220, Radnor, PA, 19087, U.S.A., es la única responsable de la

¹  El término “Premio” se refiere a la palabra “Option”

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administración del Plan y que la participación de usted en el mismo y la adquisición de Acciones no constituye de ninguna manera una relación laboral entre usted y la Compañía, toda vez que su participación en el Plan deriva únicamente de una relación comercial con la Compañía, reconociendo expresamente que su único empleador lo es QlikTech Mexico, S. de R.L. de C.V. (“Qlik-Mexico”), no la Compañía en los Estados Unidos. Derivado de lo anterior, usted expresamente reconoce que el Plan y los beneficios que pudieran derivar del mismo no crean ningún derecho entre usted y su empleador, Qlik-México, y no forman parte de las condiciones laborales y/o prestaciones otorgadas por Qlik-México, y expresamente usted reconoce que cualquier modificación al Plan o la terminación del mismo, no deberá ser interpretada como una modificación de las condiciones de su trabajo.

Asimismo, usted reconoce que su participación en el Plan es consecuencia de una decisión unilateral y discrecional de la Compañía; por lo tanto, la Compañía se reserva el derecho para modificar y/o terminar su participación en cualquier momento, sin responsabilidad alguna.

Finalmente, usted manifiesta que no se reserva ninguna acción o derecho en contra de la Compañía, por cualquier compensación o daños y perjuicios en relación con cualquier disposición del Plan o de los beneficios derivados del mismo, y en consecuencia usted libera amplia y completamente de toda responsabilidad a la Compañía, sus Subsidiarias o Afiliadas, sus accionistas, directivos, agentes o representantes, en relación con cualquier demanda que pudiera surgir.

NETHERLANDS

Notifications

Insider Trading Notification. You should be aware of Dutch insider trading rules that may impact the sale of Common Shares acquired under the Plan. In particular, you may be prohibited from effecting certain transactions if you have insider information regarding the Company.

By accepting the grant of the Option and participating in the Plan, you acknowledge having read and understood this Insider Trading Notification and further acknowledge that it is your responsibility to comply with the following Dutch insider trading rules.

Under Article 5:56 of the Dutch Financial Supervision Act, anyone who has “inside information” related to an issuing company is prohibited from effectuating a transaction in securities in or from the Netherlands. “Inside information” is defined as knowledge of details concerning the issuing company to which the securities relate that is not public and which, if published, would reasonably be expected to affect the stock price, regardless of the development of the price. The insider could be any Employee in the Netherlands who has inside information as described herein.

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Given the broad scope of the definition of inside information, certain Employees working in the Netherlands (including a Participant in the Plan) may have inside information and, thus, would be prohibited from effectuating a transaction in securities in the Netherlands at a time when in possession of such inside information. If you are uncertain whether the insider trading rules apply to you, you should consult with your personal legal advisor.

NORWAY

There are no country-specific provisions.

POLAND

Notifications

Exchange Control Information. Polish residents holding foreign securities (including Common Shares) and maintaining accounts abroad must report information to the National Bank of Poland. Specifically, if the aggregate value of shares and cash held in such foreign accounts exceeds PLN 7 million, Polish residents must file reports on the transactions and balances of the accounts on a quarterly basis. If required, the reports are due on a quarterly basis and must be filed on special forms available on the website of the National Bank of Poland. In addition, Polish residents are required to transfer funds through a bank account in Poland if the transferred amount in any single transaction exceeds a specified threshold (currently €15,000). You must store all documents connected with any foreign exchange transactions you engage in for a period of five years.

PORTUGAL

Terms and Conditions

Consent to Receive Information in English. You hereby expressly declare that you have full knowledge of the English language and have read, understood and fully accept and agreed with the terms and conditions established in the Plan and Agreement.

Conhecimento da Lingua. Por meio do presente, eu declaro expressamente que tem pleno conhecimento da língua inglesa e que li, compreendi e livremente aceitei e concordei com os termos e condições estabelecidas no Plano e no Acordo.

Notifications

Exchange Control Notification. If you do not hold the Common Shares acquired under the Plan with a Portuguese financial intermediary, you will need to file a report with the Portuguese Central Bank. If the Common Shares are held by a Portuguese financial intermediary, it will file the report for you.

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RUSSIA

Notifications

U.S. Transaction. Any Common Shares issued upon exercise of the Option shall be delivered to you through a brokerage account in the U.S. You may hold Common Shares in your brokerage account in the U.S.; however, in no event will shares issued to you and/or share certificates or other instruments be delivered to you in Russia. You are not permitted to make any public advertising or announcements regarding the Option or Common Shares in Russia, or promote these shares to other Russian legal entities or individuals, and you are not permitted to sell or otherwise dispose of Common Shares directly to other Russian legal entities or individuals. You are permitted to sell Common Shares only on the NASDAQ and only through a U.S. broker.

Securities Law Notification. These materials do not constitute advertising or an offering of securities in Russia nor do they constitute placement of the Common Shares in Russia. The issuance of Common Shares pursuant to the Option described herein has not and will not be registered in Russia and hence, the Common Shares described herein may not be admitted or used for offering, placement or public circulation in Russia.

Exchange Control Notification. If you wish to exercise the Option using the cash exercise method, you must remit the funds from a foreign currency account at an authorized bank in Russia. This requirement does not apply if you use a same-day sale method of exercise, such that there is no remittance of funds out of Russia.

You acknowledge that you must repatriate the proceeds from the sale of Common Shares in relation to the Option within a reasonably short time of receipt. Such amounts must be initially credited to you through a foreign currency account opened in your name at an authorized bank in Russia. After the funds are initially received in Russia, they may be further remitted to foreign banks subject to the following limitations: (i) the foreign account may be opened only for individuals; (ii) the foreign account may not be used for business activities; and (iii) you must give notice to the Russian tax authorities about the opening/closing of each foreign account within one month of the account opening/closing.

You should consult your personal tax advisor before remitting any sale proceeds to Russia, as exchange control requirements may change.

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SINGAPORE

Notifications

Securities Law Notification. The grant of the Option under the Plan is being made pursuant to the “Qualifying Person” exemption under section 273(1)(f) of the Securities and Futures Act (Chapter 289, 2006 Ed.) (“SFA”). The Plan has not been lodged or registered as a prospectus with the Monetary Authority of Singapore. You should note that the Option is subject to section 257 of the SFA and that you will not be able to make (i) any subsequent sale of Common Shares in Singapore or (ii) any offer of such subsequent sale of Common Shares subject to the Option in Singapore, unless such sale or offer is made pursuant to the exemptions under Part XIII Division (1) Subdivision (4) (other than section 280) of the SFA.

Director Notification Obligation. If you are a director of a Singapore Subsidiary or Affiliate, you must notify the Singapore Subsidiary or Affiliate in writing within two business days of: (i) receiving or disposing of an interest (e.g., Options, Common Shares) in the Company or any related companies (ii) any change in a previously disclosed interest (e.g., exercise of Options, Common Shares, etc.) or (iii) becoming a director if such an interest exists at the time. This notification requirement also applies to an associate director and to a shadow director (i.e., an individual who is not on the board of directors but who has sufficient control so that the board of directors acts in accordance with the “directions and instructions” of the individual) of a Singapore Subsidiary or Affiliate.

Insider Trading Notification. You should be aware of the Singapore insider trading rules, which may impact the acquisition or disposal of Common Shares or Options under the Plan. Under the Singapore insider trading rules, you are prohibited from selling Common Shares when you are in possession of information which is not generally available and which you know or should know will have a material effect on the price of Common Shares once such information is generally available.

SPAIN

Terms and Conditions

Nature of Grant. The following supplements the “Nature of Grant” paragraph of the Stock Option Agreement:

In accepting the Option, you consent to participate in the Plan and acknowledge having received and read a copy of the Plan.

Further, you understand that the Company has unilaterally, gratuitously and in its sole discretion decided to grant an Option under the Plan to individuals who may be Employees of the Company or its Subsidiaries or Affiliates throughout the world. The decision is a limited

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decision that is entered into upon the express assumption and condition that any grant will not bind the Company or any Subsidiary or Affiliate. Consequently, you understand that the Option is granted on the assumption and condition that such Option and any Common Shares acquired upon exercise of the Option shall not become a part of any employment contract (either with the Company or any Subsidiary or Affiliate) and shall not be considered a mandatory benefit, salary for any purposes (including severance compensation) or any other right whatsoever. In addition, you understand that the Option would not be granted but for the assumptions and conditions referred to above; thus, you acknowledge and freely accept that should any or all of the assumptions be mistaken or should any of the conditions not be met for any reason, then the grant of the Option shall be null and void.

Further, the vesting of the Option is expressly conditioned on your active Service, such that if your Service terminates for any reason whatsoever, the Option ceases vesting immediately effective on the date of termination of your Service. This will be the case, for example, even if you (1) are considered to be unfairly dismissed without good cause; (2) are dismissed for disciplinary or objective reasons or due to a collective dismissal; (3) terminate Service due to a change of work location, duties or any other employment or contractual condition; (4) terminate Service due to the Company’s or any Subsidiary’s or Affiliate’s unilateral breach of contract; or (5) are terminated from Service for any other reason whatsoever. Consequently, upon your termination of Service for any of the above reasons, you may automatically lose any rights to the Option that were unvested on the date of termination.

Notifications

Securities Law Notification. No “offer of securities to the public,” as defined under Spanish law, has taken place or will take place in the Spanish territory. The Agreement has not been nor will it be registered with the Comisión Nacional del Mercado de Valores, and does not constitute a public offering prospectus.

Exchange Control Notification. The acquisition of Common Shares and the sale of Common Shares must be declared for statistical purposes to the Dirección General de Comercio e Inversiones (the “DGCI”). Because you will not purchase or sell the Common Shares through the use of a Spanish financial institution, you must make the declaration yourself by filing a D-6 form with the DGCI. Generally, the D-6 form must be filed each January while the shares are owned or to report the sale of Common Shares.

When receiving foreign currency payments derived from the ownership of Common Shares (e.g., dividends or sale proceeds) exceeding €50,000, you must inform the financial institution receiving the payment of the basis upon which such payment is made. You will need to provide the institution with the following information: (i) your name, address, and fiscal identification number; (ii) the name and corporate domicile of the Company; (iii) the amount of the payment; (iv) the currency used; (v) the country of origin; (vi) the reasons for the payment; and (vii) any further information that may be required.

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Foreign Assets Reporting Notification. Effective January 1, 2013, you are required to declare electronically to the Bank of Spain any securities accounts (including brokerage accounts held abroad), as well as the Common Shares held in such accounts if the value of the transactions during the prior tax year or the balances in such accounts as of December 31 of the prior tax year exceed €1,000,000.

Further, effective January 1, 2013, to the extent that you hold Common Shares and/or have bank accounts outside Spain with a value in excess of €50,000 (for each type of asset) as of December 31 each year, you will be required to report information on such assets in your tax return (tax form 720) for such year.

SWEDEN

There are no country-specific provisions.

SWITZERLAND

Securities Law Notification. The offering of the Plan is considered a private offering in Switzerland; therefore, it is not subject to registration in Switzerland.

UNITED ARAB EMIRATES

Notifications

Securities Law Notification. The Plan is only being offered to qualified Employees and is in the nature of providing equity incentives to Employees of the Company or its Subsidiaries or Affiliates in the United Arab Emirates (“UAE”). Any documents related to the Plan, including the Plan, Plan prospectus and other grant documents (“Plan Documents”), are intended for distribution only to such Employees and must not be delivered to, or relied on by, any other person. The securities to which this summary relates may be illiquid and/or subject to restrictions on their resale. You should conduct your own due diligence on the securities. If you do not understand the contents of the Plan Documents, you should consult an authorized financial adviser.

The relevant securities authorities have no responsibility for reviewing or verifying any Plan Documents. UAE securities or financial/economic authorities have not approved the Plan Documents, nor taken steps to verify the information set out in them, and thus, are not responsible for their content.

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UNITED KINGDOM

Terms and Conditions

Withholding Taxes. The following supplements the “Withholding Taxes” paragraph of the Stock Option Agreement:

You agree that, if you do not pay or the Employer or the Company does not withhold from you the full amount of income tax that you owe at exercise of the Option, or the release or assignment of the Option for consideration, or the receipt of any other benefit in connection with the Option (the “Taxable Event”) within 90 days after the Taxable Event, or such other period specified in Section 222(1)(c) of the U.K. Income Tax (Earnings and Pensions) Act 2003, then the amount of income tax that should have been withheld shall constitute a loan owed by you to the Employer, effective 90 days after the Taxable Event. You agree that the loan will bear interest at Her Majesty’s Revenue & Customs’ (“HMRC”) official rate and will be immediately due and repayable by you, and the Company and/or the Employer may recover it at any time thereafter by any of the means set forth in the “Withholding Taxes” paragraph of the Stock Option Agreement. You also authorize the Company to delay the issuance of any Common Shares unless and until the loan is repaid in full.

Notwithstanding the foregoing, if you are an officer or executive director (as within the meaning of Section 13(k) of the Exchange Act), the terms of the immediately foregoing provision will not apply. In the event that you are an officer or executive director and the income tax that is due is not collected from or paid by you within 90 days of the Taxable Event, the amount of any uncollected income tax may constitute a benefit to you on which additional income tax and National Insurance contributions (“NICs”) may be payable. You will be responsible for reporting and paying any income tax due on this additional benefit directly to the HMRC under the self-assessment regime and for reimbursing the Employer or the Company, as applicable, for the value of any NICs due on this additional benefit.

Joint Election. As a condition of participation in the Plan and the exercise of the Option, you agree to accept any liability for secondary Class 1 National Insurance contributions (the “Employer NICs”) that may be payable by the Company, the Employer, a Subsidiary or Affiliate in connection with the Option and any event giving rise to Tax-Related Items. Without prejudice to the foregoing, you agree to execute a joint election with the Company, the form of such joint election (the “Joint Election”) having been approved formally by HMRC, and any other required consent or election. You further agree to execute such other joint elections as may be required between you and any successor to the Company, the Employer, a Subsidiary or Affiliate. You further agree that the Company, the Employer, a Subsidiary or Affiliate may collect the Employer NICs from you by any of the means set forth in the “Withholding Taxes” paragraph of the Stock Option Agreement.

If you do not enter into a Joint Election prior to exercise of the Option, you will not be entitled to exercise the Option unless and until you enter into a Joint Election and no Common Shares will be issued to you under the Plan, without any liability to the Company, the Employer, a Subsidiary or Affiliate.

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EX-10.21G

Exhibit 10.21G

QLIK TECHNOLOGIES INC. 2010 OMNIBUS EQUITY INCENTIVE PLAN:

NOTICE OF EMPLOYEE STOCK UNIT AWARD

You have been granted Stock Units to be settled in shares of the common stock of Qlik Technologies Inc. (the “Company”). Provided you are in Service, these Stock Units become vested with respect to the number of Stock Units subject to this award set forth in the electronic representation of the Notice of Employee Stock Unit Award (the “Notice”) provided to you by the Company or a third party authorized by the Company to administer its 2010 Omnibus Equity Incentive Plan (the “Plan”) on the dates set forth in such notice. The Stock Units expire earlier if your Service terminates earlier, as described in the Stock Unit Terms & Conditions. Capitalized terms used but not defined herein shall have the meanings set forth in the Plan.

You and the Company agree that these Stock Units are granted under and governed by the terms and conditions of the Plan and the Stock Unit Terms & Conditions, including the Appendix, which includes any applicable country-specific provisions (together, the “Agreement”) all of which are attached to and made a part of this document. In accepting this award and the benefits it conveys, you are also accepting all the terms and conditions of this award as set forth in these documents. This Notice refers to any paper copy of such notice or an electronic representation of the Notice provided to you by the Company or a third party authorized by the Company to administer its Plan.

You further agree to accept by email, electronic submission or any other means requested by the Company all documents relating to the Company, the Plan or this award and all other documents that the Company is required to deliver to its security holders (including, without limitation, disclosures that may be required by the U.S. Securities and Exchange Commission). You also agree that the Company may deliver these documents by posting them on a website maintained by the Company or by a third party under contract with the Company. If the Company posts these documents on a website, it will notify you by email. You acknowledge that you may incur costs in connection with electronic delivery, including the cost of accessing the internet and printing fees, and that an interruption of internet access may interfere with your ability to access the documents. This consent will remain in effect until you give the Company written notice that it should deliver paper documents.

You further agree to comply with the Company’s Securities Trading Policy when selling shares of the Company’s common stock.

QLIK TECHNOLOGIES INC.
Name:	Lars Björk
Title:	President and Chief Executive Officer

QLIK TECHNOLOGIES INC. 2010 OMNIBUS EQUITY INCENTIVE PLAN:

STOCK UNIT TERMS AND CONDITIONS

Grant	Pursuant to the Notice of Employee Stock Unit Award (the “Notice”) attached to these Stock Unit Terms and Conditions, and the Appendix (together, the “Agreement”), Qlik Technologies Inc., a Delaware corporation (the “Company”), has granted to you the right to receive the number of Stock Units under the 2010 Omnibus Equity Incentive Plan (the “Plan”), as set forth in the Notice. Capitalized terms used but not defined herein shall have the meanings set forth in the Plan.
Payment for Units	No payment is required for the Stock Units that you are receiving.
Vesting	Provided you are in Service, the Stock Units set forth in the electronic representation of the Notice provided to you by the Company or a third party authorized by the Company to administer its Plan will vest according to the following schedule: 25% of the Stock Units subject to this award will vest on each of the first, second, third and fourth anniversary of the date of grant set forth in the Notice (the “Date of Grant”).
	No additional Stock Units vest after your Service has terminated for any reason.
Forfeiture	If your Service terminates for any reason, then your Stock Units will be forfeited to the extent that they have not vested before the termination date and do not vest as a result of the termination. This means that any Stock Units that have not vested under this Agreement will immediately be cancelled. You receive no payment for Stock Units that are forfeited. The Company determines when your Service terminates for this purpose.
Leaves of Absence and Part-Time Work	If you go on a leave of absence, then the vesting schedule specified in the Notice may be adjusted in accordance with the terms of your leave.
Settlement of Stock Units	Each of your Stock Units will be settled when it vests. At the time of settlement, you will receive one share of the Company’s common stock for each vested Stock Unit. The shares to be issued upon vesting of the Stock Units will be issued as soon as reasonably practicable on or following the vesting date and, unless applicable law requires otherwise, will in all events be issued within 30 days of such vesting date.

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Section 409A	This paragraph applies only if you are a U.S. taxpayer and the Company determines that you are a “specified employee,” as defined in the regulations under Section 409A of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), at the time of your “separation from service,” as defined in those regulations, and if the Stock Units are deemed to be “nonqualified deferred compensation” under Code Section 409A. If this paragraph applies, then any Stock Units that otherwise would have been settled during the first six months following your separation from service will instead be settled during the seventh month following your separation from service, unless the settlement of those Stock Units is exempt from Section 409A of the Code or unless the event triggering vesting is an event other than your separation from service.
Nature of Stock Units	Your Stock Units are mere bookkeeping entries. They represent only the Company’s unfunded and unsecured promise to issue Common Shares (or distribute cash) on a future date. As a holder of Stock Units, you have no rights other than the rights of a general creditor of the Company.
No Voting Rights or Dividends	Your Stock Units carry neither voting rights nor rights to cash dividends. You have no rights as a stockholder of the Company unless and until your Stock Units are settled by the issuance of Common Shares.
Stock Units Nontransferable	You may not sell, transfer, assign, pledge or otherwise dispose of any Stock Units. For instance, you may not use your Stock Units as security for a loan.
Beneficiary Designation	You may dispose of your Stock Units in a written beneficiary designation. A beneficiary designation must be filed with the Company on the proper form. It will be recognized only if it has been received at the Company’s headquarters before your death. If you file no beneficiary designation or if none of your designated beneficiaries survives you, then your estate will receive any vested Stock Units that you hold at the time of your death.

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Withholding Taxes

You acknowledge that, regardless of any action taken by the Company or, if different, your employer (the “Employer”), the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to your participation in the Plan and legally applicable to you (“Tax-Related Items”), is and remains your responsibility and may exceed the amount actually withheld by the Company or the Employer. You further acknowledge that the Company and/or the Employer (1) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Stock Units, including, but not limited to, the grant, vesting or settlement of the Stock Units, the subsequent sale of Common Shares acquired pursuant to such settlement and the receipt of any dividends and/or dividend equivalents; and (2) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the Stock Unit to reduce or eliminate your liability for Tax-Related Items or achieve any particular tax result. Further, if you are subject to Tax-Related Items in more than one jurisdiction between the Date of Grant and the date of any relevant taxable or tax withholding event, as applicable, you acknowledge that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

Prior to any relevant taxable or tax withholding event, as applicable, you agree to make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items. In this regard, you authorize and direct the Company and any brokerage firm determined acceptable to the Company to sell on your behalf a whole number of shares from those Common Shares issued to you as the Company determines to be appropriate to generate cash proceeds sufficient to satisfy the obligation for Tax-Related Items. In the event that such withholding by sale of Common Shares is problematic under applicable tax or securities law or has materially adverse accounting consequences, you authorize the Company or its respective agents to satisfy the obligations with regard to all Tax-Related Items by withholding in Common Shares to be issued upon settlement of the Stock Units.

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	Depending on the withholding method, the Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding rates or other applicable withholding rates, including maximum applicable rates, in which case you will receive a refund of any over-withheld amount in cash and will have no entitlement to the Common Share equivalent. If the obligation for Tax-Related Items is satisfied by withholding in Common Shares, for tax purposes, you are deemed to have been issued the full number of Common Shares subject to the vested Stock Units, notwithstanding that a number of the Common Shares are held back solely for the purpose of paying the Tax-Related Items.
	Finally, you agree to pay to the Company or the Employer, including through withholding from your wages or other cash compensation paid to you by the Company and/or the Employer, any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of your participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the shares or the proceeds of the sale of Common Shares, if you fail to comply with your obligations in connection with the Tax-Related Items.
Restrictions on Resale	You agree not to sell any Common Shares at a time when applicable laws, Company policies or an agreement between the Company and its underwriters prohibit a sale. This restriction will apply as long as your Service continues and for such period of time after the termination of your Service as the Company may specify.
Nature of Grant	In accepting the grant, you acknowledge, understand and agree that: (1) the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, to the extent permitted by the Plan; (2) the grant of the Stock Units is voluntary and occasional and does not create any contractual or other right to receive future grants of Stock Units, or benefits in lieu of Stock Units, even if Stock Units have been granted in the past; (3) all decisions with respect to future Stock Units or other grants, if any, will be at the sole discretion of the Company; (4) the Stock Unit grant and your participation in the Plan shall not create a right to employment or be interpreted as forming an employment or service contract with the Company, the Employer or any Subsidiary or Affiliate and shall not interfere with the ability of the Company, the Employer or any Subsidiary or Affiliate of the Company, as applicable, to terminate your Service; (5) you are voluntarily participating in the Plan; (6) the Stock Units and the Common Shares subject to the Stock Units are not intended to replace any pension rights or compensation; (7) the Stock Units and the Common Shares subject to the Stock Units, and the income and value of same, are not part of normal or expected

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compensation or salary for purposes of calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments; (8) the future value of the underlying Common Shares is unknown, indeterminable and cannot be predicted with certainty; (9) no claim or entitlement to compensation or damages shall arise from forfeiture of the Stock Units resulting from the termination of your Service (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where you are employed or the terms of your employment agreement, if any), and in consideration of the grant of the Stock Units to which you are otherwise not entitled, you irrevocably agree never to institute any claim against the Company, any of its Subsidiaries or Affiliates or the Employer, waive your ability, if any, to bring any such claim, and release the Company, its Subsidiaries and Affiliates and the Employer from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, you shall be deemed irrevocably to have agreed not to pursue such claim and agree to execute any and all documents necessary to request dismissal or withdrawal of such claim; (10) for purposes of the Stock Units, your Service will be considered terminated as of the date you are no longer actively providing services to the Company or one of its Subsidiaries or Affiliates (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where you are employed or the terms of your employment agreement, if any), and unless otherwise expressly provided in this Agreement or determined by the Company, your right to vest in the Stock Unit under the Plan, if any, will terminate as of such date and will not be extended by any notice period (e.g., your period of Service would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where you are employed or the terms of your employment agreement, if any); as provided in the forfeiture paragraph above, the Company shall have the exclusive discretion to determine when you are no longer actively providing Services for purposes of your Stock Unit grant (including whether you may still be considered to be providing services while on a leave of absence); (11) unless otherwise provided in the Plan or by the Company in its discretion, the Stock Units and the benefits evidenced by this Agreement do not create any entitlement to have the Stock Units or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any Corporate Transaction affecting the shares of the Company; and (12) the following provisions apply only if you are providing services outside the United States: (a) the Stock Units and the Common Shares subject to the Stock Units are not part of normal or

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	expected compensation or salary for any purpose; and (b) neither the Company, the Employer nor any Subsidiary or Affiliate shall be liable for any foreign exchange rate fluctuation between your local currency and the United States Dollar that may affect the value of the Stock Unit or of any amounts due to you pursuant to the settlement of the Stock Units or the subsequent sale of any Common Shares acquired upon settlement.
Adjustments	In the event of a stock split, a stock dividend or a similar change in Company stock, the number of your Stock Units will be adjusted accordingly, as the Company may determine pursuant to the Plan.
Effect of Merger	If the Company is a party to a Corporate Transaction, then your Stock Units will be subject to the applicable provision of the Plan, provided that any action taken must either (a) preserve the exemption of your Stock Units from Section 409A of the Code or (b) comply with Section 409A of the Code.
Applicable Law and Venue	This Agreement will be interpreted and enforced under the laws of the State of Delaware (without regard to their choice-of-law provisions). For purposes of litigating any dispute that arises under this grant or this Agreement, the parties hereby submit to and consent to the jurisdiction of the State of Pennsylvania, agree that such litigation shall be conducted in the courts of Delaware County, Pennsylvania, or the federal courts for the United States for the Eastern District of Pennsylvania, where this grant is made and/or to be performed.
The Plan and Other Agreements	The text of the Plan is incorporated in this Agreement by reference. The Plan, this Agreement and the Notice constitute the entire understanding between you and the Company regarding this award. Any prior agreements, commitments or negotiations concerning this award are superseded.
No Advice Regarding Grant	The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding your participation in the Plan, or your acquisition or sale of the underlying Common Shares. You are hereby advised to consult with your own personal tax, legal and financial advisors regarding your participation in the Plan before taking any action related to the Plan.
Data Privacy	You hereby explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of your personal data as described in this Agreement and any other Stock Unit grant materials (“Data”) by and among, as applicable, the Employer, the Company and its Subsidiaries and Affiliates for the exclusive purpose of implementing, administering and managing your participation in the Plan.

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You understand that the Company and the Employer may hold certain personal information about you, including, but not limited to, your name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all Stock Units or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in your favor, for the exclusive purpose of implementing, administering and managing the Plan.

You understand that Data will be transferred to Morgan Stanley or such other stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan. You understand that the recipients of the Data may be located in the United States or elsewhere, and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than your country. You understand that if you reside outside the United States, you may request a list with the names and addresses of any potential recipients of the Data by contacting your local human resources representative. You authorize the Company, Morgan Stanley and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing your participation in the Plan. You understand that Data will be held only as long as is necessary to implement, administer and manage your participation in the Plan. You understand that if you reside outside the United States, you may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing your local human resources representative. Further, you understand that you are providing the consents herein on a purely voluntary basis. If you do not consent, or if you later seek to revoke your consent, your employment status or Service and career with the Employer will not be adversely affected; the only adverse consequence of refusing or withdrawing your consent is that the Company would not be able to grant you Stock Units or other equity awards or administer or maintain such awards. Therefore, you understand that refusing or withdrawing your consent may affect your ability to participate in the Plan. For more information on the consequences of your refusal to consent or withdrawal of consent, you understand that you may contact your local human resources representative.

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Insider Trading Restrictions/Market Abuse Laws	You acknowledge that, depending on your country, you may be subject to insider trading restrictions and/or market abuse laws, which may affect your ability to acquire or sell Common Shares or rights to Common Shares under the Plan during such times as you are considered to have “inside information” regarding the Company (as defined by the laws in your country). Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy. You acknowledge that it is your responsibility to comply with any applicable restrictions, and you are advised to speak to your personal advisor on this matter.
Language	If you have received this Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.
Severability	The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.
Waiver	You acknowledge that a waiver by the Company of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach of this Agreement.
Appendix	Notwithstanding any provisions in this Agreement, the Stock Unit grant shall be subject to any special terms and conditions set forth in any appendix to this Agreement for your country (the “Appendix”). Moreover, if you relocate to one of the countries included in the Appendix, the special terms and conditions for such country will apply to you, to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. The Appendix constitutes part of this Agreement.
Imposition of Other Requirements	The Company reserves the right to impose other requirements on your participation in the Plan, on the Stock Units and on any Common Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require you to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

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QLIK TECHNOLOGIES INC.

2010 Omnibus Equity Incentive Plan

APPENDIX

STOCK UNIT TERMS AND CONDITIONS

This Appendix includes additional country-specific terms that apply to residents in the countries listed below. This Appendix is part of the Agreement. Unless otherwise provided below, capitalized terms used but not defined herein shall have the same meanings assigned to them in the Plan and the Agreement.

This Appendix also includes information of which you should be aware with respect to your participation in the Plan. The information is based on the securities, exchange control and other laws in effect in the respective countries as of June 2014. Such laws are often complex and change frequently, and certain individual exchange control reporting requirements may apply upon vesting of the Stock Units and/or sale of Common Shares. As a result, the Company strongly recommends that you do not rely on the information noted herein as the only source of information relating to the consequences of your participation in the Plan because the information may be out of date at the time your Stock Units vest or are settled, or you sell Common Shares acquired under the Plan.

In addition, the information is general in nature and may not apply to your particular situation, and the Company is not in a position to assure you of any particular result. Accordingly, you are advised to seek appropriate professional advice as to how the relevant laws in your country may apply to your situation.

Finally, if you are a citizen or resident of a country other than the one in which you currently are working, transfer employment after the Stock Units are granted to you, or are considered a resident of another country for local law purposes, the information contained herein may not be applicable to you, and the Company shall, in its discretion, determine to what extent the terms and conditions contained herein shall be applicable to you.

AUSTRALIA

Securities Law Notification

If you acquire Common Shares pursuant to your Stock Units and you offer such shares for sale to a person or entity resident in Australia, your offer may be subject to disclosure requirements under Australian law. You should obtain legal advice on your disclosure obligations prior to making any such offer.

Exchange Control Notification

Exchange control reporting is required for cash transactions exceeding AUD10,000 and for international fund transfers. If an Australian bank is assisting with the transaction, the bank will file the report on your behalf.

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AUSTRIA

Exchange Control Notification

You understand that if you hold Common Shares acquired under the Plan outside of Austria, you will be required to submit reports to the Austrian National Bank as follows: (i) on a quarterly basis if the value of the Common Shares as of any given quarter meets or exceeds €30,000,000; and (ii) on an annual basis if the value of the Common Shares as of December 31 meets or exceeds €5,000,000; the deadline for filing the annual report is January 31 of the following year.

When Common Shares are sold or a dividend is paid on the shares, you understand that you may have exchange control obligations if you hold the cash proceeds outside Austria. If the transaction volume of all of your accounts abroad meets or exceeds €3,000,000, you understand that you must report the movements and balances of all accounts on a monthly basis, as of the last day of the month, on or before the fifteenth day of the following month.

BELGIUM

Foreign Asset/Account Reporting Notification

If you are a Belgian resident, you are required to report any security or bank account (including brokerage accounts) you maintain outside of Belgium on your annual tax return.

BRAZIL

Compliance with Law

By accepting the Stock Units, you acknowledge your agreement to comply with applicable Brazilian laws and to pay any and all applicable taxes associated with the vesting of the Stock Units and the sale of Common Shares acquired under the Plan and the receipt of any dividends.

Exchange Control Notification

If you are resident or domiciled in Brazil, you will be required to submit annually a declaration of assets and rights held outside of Brazil to the Central Bank of Brazil if the aggregate value of such assets and rights is equal to or greater than US$100,000. Assets and rights that must be reported include Common Shares acquired under the Plan.

CANADA

Securities Law Notification

You acknowledge and agree that you will only sell Common Shares acquired through participation in the Plan outside of Canada through the facilities of a stock exchange on which the Common Shares are listed. Currently, the Common Shares are listed on the NASDAQ.

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Termination of Employment

This provision replaces Section 10 of the “Nature of Grant” paragraph in the Agreement:

In the event of your termination of Service (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where you are employed or the terms of your employment agreement, if any), your right to vest in the Stock Units will terminate effective as of the date that is the earlier of (1) the date you are no longer actively providing Service or, at the discretion of the Company, (2) the date you receive notice of termination of Service from the Employer if earlier than (1), regardless of any notice period or period of pay in lieu of such notice required under employment laws in the jurisdiction where you are employed or the terms of your employment agreement, if any (including, but not limited to statutory law, regulatory law and/or common law); as provided in the forfeiture paragraph above, the Company shall have the exclusive discretion to determine when you are no longer actively providing Services for purposes of your Stock Unit grant (including whether you may still be considered to be providing services while on a leave of absence);

Foreign Asset/Account Reporting Notification

Foreign property (including Common Shares) held by Canadian residents must be reported annually on Form T1135 (Foreign Income Verification Statement) if the total value of such foreign property exceeds C$100,000 at any time during the year. It is not certain if the Stock Units themselves constitute foreign property that needs to be reported on Form T1135. For the 2013 taxation year, the filing deadline is July 31, 2014. For 2014 and later, the form must be filed by April 30th of the following year. It is your responsibility to comply with applicable reporting obligations.

The following provisions apply if you are resident in Quebec:

Language Consent

The parties acknowledge that it is their express wish that this Agreement, as well as all documents, notices and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be provided to them in English.

Consentement relatif à la langue utilisée

Les parties reconnaissent avoir exigé la rédaction en anglais de cette convention, ainsi que de tous documents, avis et procédures judiciaires, exécutés, donnés ou intentés en vertu de, ou liés directement ou indirectement à, la présente convention.

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Data Privacy

This provision supplements the “Data Privacy” paragraph in the Agreement:

You hereby authorize the Company, the Employer and their representatives to discuss with and obtain all relevant information from all personnel, professional or not, involved in the administration and operation of the Plan. You further authorize the Company and its Subsidiaries or Affiliates to disclose and discuss the Plan with their advisors. You further authorize the Company and its Subsidiaries or Affiliates to record such information and to keep such information in the your employee file.

COLOMBIA

Labor Law Acknowledgement

This provision supplements the “Nature of Grant” provision in the Agreement:

You acknowledge that pursuant to Article 128 of the Colombian Labor Code, the Plan and related benefits do not constitute a component of “salary” for any purpose.

Exchange Control Notification

Investments in assets located outside of Colombia (including Common Shares) are subject to registration with the Central Bank (Banco de la República) if the aggregate value of such investments is US$500,000 or more (as of December 31 of the applicable calendar year). Further, upon the sale of any Common Shares that you have registered with the Central Bank, you must cancel the registration by March 31 of the following year. You may be subject to fines if you fail to cancel such registration.

DENMARK

Stock Option Act

You acknowledge that you have received an Employer Statement in Danish.

Foreign Asset/Account Reporting Notification

If you establish an account holding Common Shares or an account holding cash outside Denmark, you must report the account to the Danish Tax Administration. The form may be obtained from a local bank. Please note that these obligations are separate from and in addition to the obligations described below.

Securities/Tax Reporting Notification

If you hold Common Shares acquired under the Plan in a brokerage account with a broker or bank outside Denmark, you are required to inform the Danish Tax Administration about the account. For this purpose, you must file a Form V (Erklaering V) with the Danish Tax

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Administration. In the event that the applicable broker or bank with which the account is held does not also sign the Form V, you acknowledge that you are solely responsible for providing certain details regarding the foreign brokerage or bank account and any Common Shares acquired at vesting and held in such account to the Danish Tax Administration as part of your annual income tax return. By signing the Form V, you authorize the Danish Tax Administration to examine the account.

In addition, if you open a brokerage account (or a deposit account with a U.S. bank) for the purpose of holding cash outside Denmark, you are required to inform the Danish Tax Administration about this account. To do so, you must file a Form K (Erklaering K) with the Danish Tax Administration. The Form K must be signed both by you and by the applicable broker or bank where the account is held. By signing the Form K, the broker/bank undertakes an obligation, without further request each year, to forward information to the Danish Tax Administration concerning the content of the account. In the event that the applicable broker or bank with which the account is held, does not wish to, or, pursuant to the laws of the country in question, is not allowed to assume such obligation to report, you acknowledge that you are solely responsible for providing certain details regarding the foreign brokerage or bank account to the Danish Tax Administration as part of your annual income tax return. By signing the Form K, you authorize the Danish Tax Administration to examine the account.

FINLAND

There are no country-specific provisions.

FRANCE

Language Consent

By accepting the grant, you confirm that you have read and understood the documents relating to the Stock Units (the Plan and this Agreement) which were provided to you in the English language. You accept the terms of these documents accordingly.

Consentement relatif à la langue utilisée.

En acceptant l’attribution, vous confirmez avoir lu et compris les documents afférents aux Droits sur des Actions (le Plan et la présente Convention) qui vous ont été communiqués en langue anglaise. Vous en acceptez les dispositions en connaissance de cause.

Exchange Control Notification

If you retain Common Shares outside of France or maintain a foreign bank account, you are required to report such to the French tax authorities when filing your annual tax return.

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GERMANY

Exchange Control Notification

Cross-border payments in excess of €12,500 must be reported monthly to the German Federal Bank (Bundesbank). In case of payments in connection with the sale of Common Shares acquired under the Plan or the receipt of any cash dividends, the report must be filed electronically by the 5th day of the month following the month in which the payment was received. The form of report (“Allgemeines Meldeportal Statistik”) can be accessed via the Bundesbank’s website (www.bundesbank.de) and is available in both German and English.

HONG KONG

Securities Law Notification

Warning: The Stock Units and any Common Shares issued at vesting do not constitute a public offering of securities under Hong Kong law and are available only to employees of the Company or its Subsidiaries or Affiliates. This Agreement, the Plan and other incidental communication materials have not been prepared in accordance with and are not intended to constitute a “prospectus” for a public offering of securities under the applicable securities legislation in Hong Kong, nor have the documents been reviewed by any regulatory authority in Hong Kong. The Stock Units are intended only for the personal use of each eligible employee of the Employer, the Company or any Subsidiary or Affiliate and may not be distributed to any other person. If you are in any doubt about any of the contents of this Agreement or the Plan, you should obtain independent professional advice.

Settlement of Stock Units and Sale of Shares

If the Stock Units vest and Common Shares are issued within six months of the Date of Grant, you agree that you will not dispose of such Common Shares prior to the six-month anniversary of the Date of Grant.

Nature of Scheme

The Company specifically intends that the Plan will not be an occupational retirement scheme for purposes of the Occupational Retirement Schemes Ordinance.

INDIA

Exchange Control Notification

You must repatriate all proceeds received from the sale of Common Shares and any cash dividends to India within a reasonable time following the sale (i.e., within 90 days). You must maintain the foreign inward remittance certificate received from the bank where the foreign currency is deposited in the event that the Reserve Bank of India or the Company or the Employer requests proof of repatriation. It is your responsibility to comply with applicable exchange control laws in India.

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Foreign Asset/Account Reporting Notification

You are required to declare your foreign bank accounts and any foreign financial assets (including Common Shares held outside India) in your annual tax return. It is your responsibility to comply with this reporting obligation and you should consult your personal advisor in this regard.

IRELAND

Director Notification Requirement

If you are a director, shadow director (i.e., an individual who is not on the board of directors but who has sufficient control so that the board of directors acts in accordance with the “directions and instructions” of the individual) or secretary of an Irish Subsidiary or Affiliate, you are subject to certain notification requirements under the Companies Act. Among these requirements is an obligation to notify the Irish Subsidiary or Affiliate in writing when you receive an interest (e.g., Stock Units, Common Shares) in the Company and the number and class of shares or rights to which the interest relates within five business days of the acquisition or disposal of such Common Shares or within five business days of becoming aware of the event giving rise to the notification. These notification requirements also apply to any rights or Common Shares acquired by your spouse or children under the age of 18.

ITALY

Data Privacy

The following provision replaces the “Data Privacy” paragraph in the Agreement:

You understand that the Employer, the Company and any Subsidiary or Affiliate may hold certain personal information about you including, without limitation, your name, home address and telephone number, date of birth, social insurance or other identification number, salary, nationality, job title, any stock or directorships held in the Company or any Subsidiary or Affiliate, details of all Stock Units or any other entitlement to stock awarded, canceled, exercised, vested, unvested or outstanding in your favor (“Data”), for the exclusive purpose of implementing, managing and administering the Plan.

You also understand that providing the Company with Data is necessary for the performance of the Plan and that your refusal to provide such Data would make it impossible for the Company to perform its contractual obligations and may affect your ability to participate in the Plan. The Controller of personal data processing is Qlik Technologies Inc. 150 N. Radnor Chester Road, Suite E220, Radnor, PA, 19087, United States of America, and, pursuant to Legislative Decree no. 196/2003, its representative in Italy is Xavier Massey, Qlik, 93 avenue Charles de Gaulle, 92200 Neuilly sur Seine.

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You understand that Data will not be publicized, but it may be transferred to Morgan Stanley or such other stock plan service provider as may be selected by the Committee in the future (any such entity, “Broker”), or other third parties involved in the management and administration of the Plan. You understand that Data may also be transferred to the independent registered public accounting firm engaged by the Company. You further understand that the Company and/or any Subsidiary or Affiliate will transfer Data among themselves as necessary for the purpose of implementing, administering and managing your participation in the Plan, and that the Company or any Subsidiary or Affiliate may each further transfer Data to third parties assisting the Company in the implementation, administration, and management of the Plan, including any requisite transfer of Data to the Broker or other third party with whom you may elect to deposit any Common Shares acquired upon vesting of the Stock Units. Such recipients may receive, possess, use, retain, and transfer Data in electronic or other form, for the purposes of implementing, administering, and managing your participation in the Plan. You understand that these recipients may be located in or outside the European Economic Area, such as in the United States or elsewhere. Should the Company exercise its discretion in suspending all necessary legal obligations connected with the management and administration of the Plan, it will delete Data as soon as it has completed all the necessary legal obligations connected with the management and administration of the Plan.

You understand that Data processing related to the purposes specified above shall take place under automated or non-automated conditions, anonymously when possible, that comply with the purposes for which Data is collected and with confidentiality and security provisions, as set forth by applicable Italian data privacy laws and regulations, with specific reference to Legislative Decree no. 196/2003.

The processing activity, including communication, the transfer of Data abroad, including outside of the European Economic Area, as herein specified and pursuant to applicable Italian data privacy laws and regulations, does not require your consent thereto, as the processing is necessary to performance of contractual obligations related to implementation, administration, and management of the Plan. You understand that, pursuant to Section 7 of the Legislative Decree no. 196/2003, you have the right to, without limitation, access, delete, update, correct, or terminate, for legitimate reason, the Data processing.

Furthermore, you are aware that Data will not be used for direct-marketing purposes. In addition, Data provided can be reviewed and questions or complaints can be addressed by contacting your local human resources representative.

Grant Terms Acknowledgment

In accepting the Stock Units, you acknowledge that you have received a copy of the Plan and the Agreement and have reviewed the Plan and the Agreement, in their entirety and you fully understand and accept all provisions of the Plan and the Agreement.

You further acknowledge having read and specifically approve the following paragraphs of the Agreement: Withholding Taxes; Nature of Grant; Applicable Law and Venue; Language; and the “Data Privacy” paragraph set forth above.

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Foreign Asset/Account Reporting Notification

If you are an Italian resident and hold investments or financial assets outside of Italy (e.g., Stock Units, Common Shares) during any fiscal year which may generate income taxable in Italy (or if you are the beneficial owner of such an investment or asset even if you do not directly hold the investment or asset), you are required to report such investments or assets on your annual tax return for such fiscal year (on UNICO Form, RW Schedule, or on a special form if you are not required to file a tax return).

JAPAN

Foreign Asset/Account Reporting Notification

You will be required to report details of any assets (including any Common Shares acquired under the Plan) held outside of Japan as of December 31st of each year, to the extent such assets have a total net fair market value exceeding ¥50,000,000. Such report will be due by March 15th of the following year. You should consult with your personal tax advisor as to whether the reporting obligation applies to you and whether you will be required to report details of any outstanding Stock Units or Common Shares in the report.

MEXICO

No Entitlement or Claims for Compensation

These provisions supplement the “Nature of Grant” paragraph of the Agreement:

Modification

By accepting the Stock Units, you understand and agree that any modification of the Plan or the Agreement or its termination shall not constitute a change or impairment of the terms and conditions of your employment.

Policy Statement

The award of Stock Units the Company is making under the Plan is unilateral and discretionary and, therefore, the Company reserves the absolute right to amend it and discontinue it at any time without any liability.

The Company, with registered offices at 150 N. Radnor Chester Road, Suite E220, Radnor, Pennsylvania, U.S.A., is solely responsible for the administration of the Plan and participation in the Plan and the acquisition of Common Shares does not, in any way, establish an employment relationship between you and the Company since you are participating in the Plan on a wholly commercial basis, nor does it establish any rights between you and the Employer.

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Plan Document Acknowledgment

By accepting the award of Stock Units, you acknowledge that you have received copies of the Plan, have reviewed the Plan and the Agreement in their entirety and fully understand and accept all provisions of the Plan and the Agreement.

In addition, by signing the Agreement, you further acknowledge that you have read and specifically and expressly approve the terms and conditions in the “Nature of Grant” paragraph of the Agreement, in which the following is clearly described and established: (i) participation in the Plan does not constitute an acquired right; (ii) the Plan and participation in the Plan is offered by the Company on a wholly discretionary basis; (iii) participation in the Plan is voluntary; and (iv) neither the Company nor any Parent, Subsidiary or Affiliate is responsible for any decrease in the value of the Common Shares underlying the Stock Units.

Finally, you hereby declare that you do not reserve any action or right to bring any claim against the Company for any compensation or damages as a result of your participation in the Plan and therefore grant a full and broad release to the Employer, the Company and any Parent, Subsidiary or Affiliate with respect to any claim that may arise under the Plan.

Renuncia de Derechos o Reclamos por Compensación

Modificación

Mediante la aceptación de las Unidades de Acciones, usted reconoce y acuerda que cualquier modificación al Plan o al Acuerdo o su terminación no constituye afectación o cambio alguno a los términos y condiciones de su empleo.

Declaración de Política

El Otorgamiento de Unidades de Acción de la Compañía en virtud del Plan, es unilateral y discrecional; y por lo tanto, la Compañía se reserva el derecho absoluto de modificar y descontinuar el mismo en cualquier momento, sin incurrir en responsabilidad alguna.

La Compañía, con oficinas registradas en 150 N. Radnor Chester Road, Suite E220, Radnor, Pennsylvania, EE.UU., es la única responsable de la administración del Plan y de la participación en el mismo, y la adquisición de Acciones Ordinarias de ninguna forma constituye una relación de trabajo entre usted y la Compañía, ya que su participación en el Plan es plenamente comercial, por lo que tampoco crea derechos entre usted y el Patrón.

Reconocimiento del Documento del Plan

Al aceptar el Otorgamiento de las Unidades de Acciones, usted reconoce haber recibido copias del Plan, haber revisado el mismo, al igual que el Acuerdo en su totalidad, y que entiende y acepta todas y cada una de las disposiciones contenidas en el Plan y en el Acuerdo.

Adicionalmente, mediante la firma del Acuerdo, usted reconoce haber leído y aprobado, específica y expresamente, los términos y condiciones contenidos en el párrafo del Acuerdo titulado “Naturaleza del Otorgamiento”, en el cual se describe y establece claramente lo siguiente: (i) la participación en el Plan no constituye un derecho adquirido; (ii) la Compañía ofrece el Plan y la participación en el mismo, a su entera y absoluta discreción; (iii) la

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participación en el Plan es voluntaria; y (iv) ni la Compañía, ni su Empresa Matriz, Subsidiaria o Filial son responsables de ninguna disminución en el valor de las Acciones Ordinarias que formen parte de las Unidades de Acciones.

Finalmente, en este acto usted declara no reservarse acción o derecho alguno de interponer ninguna reclamación en contra de la Compañía, por ninguna compensación o daños, como resultado de su participación en el Plan, y en consecuencia usted otorga el más amplio finiquito al Patrón, así como a la Compañía, a su Empresa Matriz, Subsidiaria o Filial con respecto a cualquier reclamación que pudiera originarse en virtud del Plan.

NETHERLANDS

There are no country-specific provisions.

NORWAY

There are no country-specific provisions.

POLAND

Exchange Control Notification

Polish residents are obliged to file quarterly reports to the National Bank of Poland with information on transactions and balances regarding their rights to Common Shares (such as Stock Units) and Common Shares if the total value (calculated individually or together with other assets/liabilities possessed abroad) exceeds PLN 7 million.

Polish residents also are required to transfer funds through a bank account in Poland if the transferred amount in any single transaction exceeds a specified threshold (currently €15,000). Polish residents are required to store documents connected with foreign exchange transactions for a period of five years from the date the exchange transaction was made.

PORTUGAL

Language Consent

You hereby expressly declare that you have full knowledge of the English language and have read, understood and fully accepted and agreed with the terms and conditions established in the Plan and Agreement.

Conhecimento da Lingua

Contratado, pelo presente instrumento, declara expressamente que tem pleno conhecimento da língua inglesa e que leu, compreendeu e livremente aceitou e concordou com os termos e condições estabelecidas no Plano e no Acordo.

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Exchange Control Notification

If you acquire Common Shares under the Plan and do not hold the shares with a Portuguese financial intermediary, you may need to file a report with the Portuguese Central Bank. If the Common Shares are held by a Portuguese financial intermediary, it will file the report for you.

RUSSIA

U.S. Transaction

Any Common Shares issued pursuant to the Stock Units shall be delivered to you through a brokerage account in the U.S. You may hold Common Shares in your brokerage account in the U.S.; however, in no event will shares issued to you and/or share certificates or other instruments be delivered to you in Russia. You are not permitted to make any public advertising or announcements regarding the Stock Units or Common Shares in Russia, or promote these shares to other Russian legal entities or individuals, and you are not permitted to sell or otherwise dispose of Common Shares directly to other Russian legal entities or individuals. You are permitted to sell Common Shares only on the NASDAQ and only through a U.S. broker.

Securities Law Notification

These materials do not constitute advertising or an offering of securities in Russia nor do they constitute placement of the Common Shares in Russia. The issuance of Common Shares pursuant to the Stock Units described herein has not and will not be registered in Russia and hence, the Common Shares described herein may not be admitted or used for offering, placement or public circulation in Russia.

Exchange Control Notification

You acknowledge that you must repatriate the proceeds from the sale of Common Shares in relation to the Stock Units within a reasonably short time of receipt. Such amounts must be initially credited to you through a foreign currency account opened in your name at an authorized bank in Russia. After the funds are initially received in Russia, they may be further remitted to foreign banks subject to the following limitations: (i) the foreign account may be opened only for individuals; (ii) the foreign account may not be used for business activities; and (iii) you must give notice to the Russian tax authorities about the opening/closing of each foreign account within one month of the account opening/closing.

Labor Law Notification

You acknowledge that if you continue to hold Common Shares acquired under the Plan after an involuntary termination of your Service, you will not be eligible to receive unemployment benefits in Russia.

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Data Privacy Acknowledgement

You hereby acknowledge that you have read and understood the terms regarding collection, processing and transfer of Data contained in the “Data Privacy” paragraph in the Agreement and by participating in the Plan, you agree to such terms. In this regard, upon request of the Company or the Employer, you agree to provide an executed data privacy consent form to the Employer or the Company (or any other agreements or consents that may be required by the Employer or the Company) that the Company and/or the Employer may deem necessary to obtain under the data privacy laws in your country, either now or in the future. You understand you will not be able to participate in the Plan if you fail to execute any such consent or agreement.

SINGAPORE

Securities Law Notification

The grant of the Stock Units is being made in reliance on section 273(1)(f) of the Securities and Futures Act (Chap. 289) (“SFA”) for which it is exempt from the prospectus and registration requirements under the SFA. The Plan has not been lodged or registered as a prospectus with the Monetary Authority of Singapore. You should note that the Stock Units are subject to section 257 of the SFA and you will not be able to make (i) any subsequent sale of the Common Shares in Singapore or (ii) any offer of such subsequent sale of the Common Shares in Singapore, unless such sale or offer is made pursuant to the exemptions under Part XIII Division (1) Subdivision (4) (other than section 280) of the SFA.

Director Notification Requirement

If you are a director of a Singapore Subsidiary or Affiliate, you must notify the Singapore Subsidiary or Affiliate in writing within two days of: (i) receiving or disposing of an interest (e.g., Stock Units, Common Shares) in the Company or any related companies (ii) any change in a previously disclosed interest (e.g., vesting of Stock Units, Common Shares, etc.) or (iii) becoming a director if such an interest exists at the time. This notification requirement also applies to an associate director and to a shadow director (i.e., an individual who is not on the board of directors but who has sufficient control so that the board of directors acts in accordance with the “directions and instructions” of the individual) of a Singapore Subsidiary or Affiliate.

SPAIN

Nature of Grant

This provision supplements the “Nature of Grant” provision in the Agreement:

By accepting the Stock Units, you consent to participation in the Plan and acknowledge that you have received a copy of the Plan document.

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You understand and agree that, as a condition of the grant of the Stock Units, your termination of Service for any reason (including for the reasons listed below) will automatically result in the forfeiture of any Stock Units that have not vested on the date of your termination.

In particular, you understand and agree that the Stock Units will be forfeited without entitlement to the underlying Common Shares or to any amount as indemnification in the event of a termination of your employment prior to vesting by reason of, including, but not limited to: resignation, disciplinary dismissal adjudged to be with cause, disciplinary dismissal adjudged or recognized to be without cause, individual or collective layoff on objective grounds, whether adjudged to be with cause or adjudged or recognized to be without cause, material modification of the terms of employment under Article 41 of the Workers’ Statute, relocation under Article 40 of the Workers’ Statute, Article 50 of the Workers’ Statute, unilateral withdrawal by the Employer, and under Article 10.3 of Royal Decree 1382/1985.

Furthermore, you understand that the Company has unilaterally, gratuitously and in its own discretion decided to grant Stock Units under the Plan to individuals who may be employees of the Company or a Subsidiary or Affiliate. The decision is a limited decision that is entered into upon the express assumption and condition that any grant will not economically or otherwise bind the Company or any Subsidiary or Affiliate on an ongoing basis, other than as expressly set forth in the Agreement. Consequently, you understand that the Stock Units are granted on the assumption and condition that the Stock Units and the Common Shares underlying the Stock Units shall not become a part of any employment or service contract (either with the Company, the Employer or any Subsidiary or Affiliate) and shall not be considered a mandatory benefit, salary for any purposes (including severance compensation) or any other right whatsoever. In addition, you understand that the Stock Units would not be granted to you but for the assumptions and conditions referred to above; thus, you acknowledge and freely accept that, should any or all of the assumptions be mistaken or should any of the conditions not be met for any reason, then any award of Stock Units shall be null and void.

Securities Law Notification

No “offer of securities to the public,” as defined under Spanish law, has taken place or will take place in the Spanish territory. This Agreement has not been nor will it be registered with the Comisión Nacional del Mercado de Valores, and does not constitute a public offering prospectus.

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Exchange Control Notification

The acquisition of Common Shares and the sale of Common Shares must be declared for statistical purposes to the Dirección General de Comercio e Inversiones (the “DGCI”). Because you will not purchase or sell the Common Shares through the use of a Spanish financial institution, you must make the declaration yourself by filing a D-6 form with the DGCI. Generally, the D-6 form must be filed each January while the shares are owned or to report the sale of Common Shares, unless the sale proceeds exceed the applicable threshold (currently €1,502,530), in which case, the filing is due within one month after the sale.

When receiving foreign currency payments derived from the ownership of Common Shares (e.g., dividends or sale proceeds) exceeding €50,000, you must inform the financial institution receiving the payment of the basis upon which such payment is made. You will need to provide the institution with the following information: (i) your name, address, and fiscal identification number; (ii) the name and corporate domicile of the Company; (iii) the amount of the payment; (iv) the currency used; (v) the country of origin; (vi) the reasons for the payment; and (vii) any further information that may be required.

Tax Reporting Notification

To the extent that you holds rights or assets (e.g., Common Shares, cash, etc.) in a bank or brokerage account outside of Spain with a value in excess of €50,000 per type of right or asset as of December 31 each year, you are required to report information on such rights and assets on your tax return for such year. Common Shares acquired under the Plan constitute securities for purposes of this requirement, but unvested rights (e.g., Stock Units) are not considered assets or rights for purposes of this requirement.

If applicable, you must report the rights or assets on Form 720 by no later than March 31 following the end of the relevant year. After such rights or assets are initially reported, the reporting obligation will only apply for subsequent years if the value of any previously-reported rights or assets increases by more than €20,000. Failure to comply with this reporting requirement may result in penalties. Accordingly, you are advised to consult with your personal tax and legal advisors to ensure that you are properly complying with your reporting obligations.

Foreign Asset/Transaction Reporting Notification

You are required to electronically declare to the Bank of Spain any securities accounts (including brokerage accounts held abroad), as well as the securities held in such accounts if the value of the transactions for all such accounts during the prior tax year or the balances in such accounts as of December 31 of the prior tax year exceeds €1,000,000.

SWEDEN

There are no country-specific provisions.

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SWITZERLAND

Securities Law Notification

The offering of the Plan is considered a private offering in Switzerland; therefore, it is not subject to registration in Switzerland.

UNITED ARAB EMIRATES

Securities Law Notification

The Plan is only being offered to qualified employees and is in the nature of providing equity incentives to employees of the Company or its Subsidiary or Affiliate in the United Arab Emirates (“UAE”). Any documents related to the Plan, including the Plan, Plan prospectus and other grant documents (“Plan Documents”), are intended for distribution only to such employees and must not be delivered to, or relied on by, any other person. The securities to which this summary relates may be illiquid and/or subject to restrictions on their resale. You should conduct your own due diligence on the securities. If you do not understand the contents of the Plan Documents, you should consult an authorized financial adviser.

The relevant securities authorities have no responsibility for reviewing or verifying any Plan Documents. UAE securities or financial/economic authorities have not approved the Plan Documents, nor taken steps to verify the information set out in them, and thus, are not responsible for their content.

UNITED KINGDOM

Form of Settlement

Notwithstanding any discretion in Section 9.5 of the Plan, the Stock Units will be settled only in Common Shares. The Stock Units do not provide you with any right to receive a cash payment.

Withholding Taxes

This provision supplements the “Withholding Taxes” paragraph in the Agreement:

You agree that, if you do not pay or the Employer or the Company does not withhold from you the full amount of income tax that you owe at vesting and settlement of the Stock Units, or the release or assignment of the Stock Units for consideration, or the receipt of any other benefit in connection with the Stock Units (the “Taxable Event”) within 90 days after the Taxable Event, or, if the Taxable Event occurs on or after April 6, 2014, within 90 days after the end of the UK tax year in which the Taxable Event occurs, or such other period specified in Section 222(1)(c) of the U.K. Income Tax (Earnings and Pensions) Act 2003 (the “Due Date”), the amount of income tax that should have been withheld shall constitute a loan owed by you to the Employer, effective on the Due Date. You agree that the loan will bear interest at Her Majesty’s Revenue

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& Customs’ (“HMRC”) official rate and will be immediately due and repayable by you, and the Company and/or the Employer may recover it at any time thereafter by withholding the funds from salary, bonus or any other funds due to you by the Employer, by withholding in Common Shares issued upon vesting of your Stock Units or from the cash proceeds from the sale of Common Shares or by demanding cash or a cheque from you. You also authorize the Company to delay the issuance of any Common Shares unless and until the loan is repaid in full.

Notwithstanding the foregoing, if you are an officer or executive director (as within the meaning of Section 13(k) of the Exchange Act), the terms of the immediately foregoing provision will not apply. In the event that you are an officer or executive director and the income tax that is due is not collected from or paid by you by the Due Date, the amount of any uncollected income tax may constitute a benefit to you on which additional income tax and National Insurance contributions (“NICs”) may be payable. You will be responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for reimbursing the Company and/or the Employer for the value of any employee NICs due on this additional benefit, and the Company and/or the Employer may recover it at any time thereafter by any of the means referred to in the “Withholding Taxes” paragraph of the Agreement.

Joint Election

As a condition of participation in the Plan and the vesting of the Stock Units, you agree to accept any liability for secondary Class 1 National Insurance contributions (the “Employer NICs”) that may be payable by the Company, the Employer, a Subsidiary or Affiliate in connection with the Stock Units and any event giving rise to Tax-Related Items. Without prejudice to the foregoing, you agree to execute a joint election with the Company, the form of such joint election (the “Joint Election”) having been approved formally by HMRC, and any other required consent or election. You further agree to execute such other joint elections as may be required between you and any successor to the Company, the Employer, a Subsidiary or Affiliate. You further agree that the Company, the Employer, a Subsidiary or Affiliate may collect the Employer NICs from you by any of the means set forth in the “Withholding Taxes” paragraph in the Agreement.

If you do not enter into a Joint Election prior to the vesting of the Stock Units, you will not be entitled to vest in the Stock Units unless and until you enter into a Joint Election, and no Common Shares will be issued to you under the Plan, without any liability to the Company, the Employer, a Subsidiary or Affiliate.

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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(s) 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(s) 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: October 31, 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(s) 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(s) 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: October 31, 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 September 30, 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)
	October 31, 2014
By:	/s/ TIMOTHY MACCARRICK
	Timothy MacCarrick
	Chief Financial Officer and Treasurer (Principal Financial Officer)
	October 31, 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.

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Stock-Based Compensation - Summary of Common Stock Option Activity (Detail) (Common Stock Options [Member], USD $) In Thousands, except Share data, unless otherwise specified	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Common Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Outstanding, Beginning Balance	9,796,816
Number of Shares, Granted	2,296,854
Number of Shares, Exercised	(1,166,953)
Number of Shares, Forfeited	(855,158)
Number of Shares, Outstanding, Ending Balance	10,071,559	9,796,816
Number of Shares, Exercisable	4,686,163
Number of Shares, Vested and expected to vest in future periods	9,494,565
Weighted-Average Exercise Price, Outstanding, Beginning Balance	$ 20.44
Weighted-Average Exercise Price, Granted	$ 23.44
Weighted-Average Exercise Price, Exercised	$ 10.52
Weighted-Average Exercise Price, Forfeited	$ 23.56
Weighted-Average Exercise Price, Outstanding, Ending Balance	$ 22.01	$ 20.44
Weighted-Average Exercise Price, Exercisable	$ 19.20
Weighted-Average Exercise Price, Vested and expected to vest in future periods	$ 21.89
Weighted-Average Remaining Contractual Term (Years)	7 years 8 months 27 days	7 years 9 months 15 days
Weighted-Average Remaining Contractual Term (Years), Exercisable	6 years 6 months 11 days
Weighted-Average Remaining Contractual Term (Years), Vested and expected to vest in future periods	7 years 8 months 5 days
Aggregate Intrinsic Value, Outstanding	$ 58,241
Aggregate Intrinsic Value, Exercisable	40,074
Aggregate Intrinsic Value, Vested and expected to vest in future periods	$ 56,137

XML

Fair Value Measurements - Additional Information (Detail)	3 Months Ended		9 Months Ended					9 Months Ended
	Sep. 30, 2014 USD ($)	Sep. 30, 2013 USD ($)	Sep. 30, 2014 USD ($)	Sep. 30, 2013 USD ($)	Sep. 30, 2014 Forward Contracts [Member] USD ($) Contract	Sep. 30, 2014 Forward Contracts [Member] SEK	Dec. 31, 2013 Forward Contracts [Member] USD ($)	Sep. 30, 2014 NComVA AB [Member] USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term foreign currency forward contract	$ 55,000		$ 55,000		$ 49,000,000	355,300,000	$ 0
Number of short-term foreign currency contract					1
Gain on foreign currency forward contracts					100,000			100,000
Approximate gain (loss) within foreign exchange, net related to short-term foreign currency forward contracts	3,500,000	0	4,400,000	0
Accrued contingent consideration liability								2,000,000
Increase in fair value of contingent consideration liability								200,000
Other non-recurring fair value adjustments	$ 0		$ 0

XML

Significant Accounting Policies - Stock-Based Compensation Expense Included in Consolidated Statements of Operations (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 9,730	$ 8,578	$ 26,246	$ 21,159
Cost of Revenue [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	777	927	1,972	2,225
Sales and Marketing [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	4,760	3,472	13,066	9,707
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	1,036	892	2,870	2,467
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 3,157	$ 3,287	$ 8,338	$ 6,760

XML

Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Detail) (Restricted Stock Unit Activity [Member], USD $)	9 Months Ended
	Sep. 30, 2014
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	816,359
Number of Shares, Vested	(128,072)
Number of Shares, Forfeited	(57,845)
Number of Shares, Outstanding, Ending Balance	1,002,894
Weighted-Average Grant Date Fair Value, Beginning Balance	$ 27.12
Weighted-Average Grant Date Fair Value, Granted	$ 23.73
Weighted-Average Grant Date Fair Value, Vested	$ 27.81
Weighted-Average Grant Date Fair Value, Forfeited	$ 23.73
Weighted-Average Grant Date Fair Value, Ending Balance	$ 24.47

XML

Business and Geographic Segment Information - Net Revenues Based on Geographic Area (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 131,284	$ 104,100	$ 374,014	$ 308,655
The Americas [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	52,271	41,289	135,755	112,519
Europe [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	63,157	52,062	196,286	163,728
Rest of World [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 15,856	$ 10,749	$ 41,973	$ 32,408

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Acquisitions

9 Months Ended

Sep. 30, 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 unaudited consolidated financial results for the three and nine months ended September 30, 2014. Had the acquisition occurred as of the beginning of the periods presented in these unaudited consolidated financial statements, the pro forma statements of operations would not be materially different than the unaudited 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 on October 3, 2013 in connection with the acquisition 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.

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. During the third quarter of 2014, the Company entered into a transaction with the Italian government that will allow a substantial portion of the goodwill generated from the acquisition to be amortized over a period of ten years for tax purposes.

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Stock-Based Compensation - Summary of Maximum Value Stock-Settled Stock Appreciation Rights Activity (Detail) (MVSSSARs [Member], USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
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	464,670
Number of Shares, Exercised	(71,879)	(141,627)
Number of Shares, Forfeited	(90,319)
Number of Shares, Outstanding, Ending Balance	1,277,141
Weighted-Average Exercise Price, Outstanding, Beginning Balance	$ 25.81
Weighted-Average Exercise Price, Granted	$ 24.53
Weighted-Average Exercise Price, Exercised	$ 19.86
Weighted-Average Exercise Price, Forfeited	$ 27.13
Weighted-Average Exercise Price, Outstanding, Ending Balance	$ 25.59

XML

Acquisitions - Summary of Estimated Fair Values of the Assets Acquired and Liabilities (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 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	19,971	21,233	8,907
Total purchase price			$ 8,980

XML

Acquisitions - Additional Information (Detail)				9 Months Ended
	Oct. 03, 2013	Oct. 03, 2013 Qlik Tech Italy [Member] USD ($)	Oct. 03, 2013 Qlik Tech Italy [Member] EUR (€)	Sep. 30, 2014 Qlik Tech Italy [Member] Customer Relationships [Member] USD ($)	Sep. 30, 2014 Qlik Tech Italy [Member] Goodwill [Member] Scenario, Forecast [Member]
Business Acquisition [Line Items]
Total preliminary maximum purchase price		$ 10,200,000	€ 7,500,000
Assumed exchange rate at the date of acquisition	1.355	1.355	1.355
Payment of contingent consideration		1,400,000
Fair value of business combination contingent liability		200,000
Intangible assets		$ 2,033,000		$ 2,033,000
Estimated useful life				9 years	10 years

XML

Subsequent Events - Additional Information (Detail) (Subsequent Event [Member], DataMarket [Member], USD $) In Thousands, unless otherwise specified	Oct. 31, 2014
Subsequent Event [Member] | DataMarket [Member]
Subsequent Event [Line Items]
Total maximum consideration on acquisition	$ 13,500
Maximum contingent consideration payable	$ 1,700

XML

Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment cost	$ 0	$ 0	$ 0	$ 0
Amortization of intangible assets	0.7	0.7	2.3	1.6
Estimated aggregate amortization expense for 2014	0.7		0.7
Estimated aggregate amortization expense for 2015	2.6		2.6
Estimated aggregate amortization expense for 2016	2.6		2.6
Estimated aggregate amortization expense for 2017	2.0		2.0
Estimated aggregate amortization expense for 2018	0.6		0.6
Estimated aggregate amortization expense for thereafter	$ 0.8		$ 0.8
Weighted average amortization period			5 years 4 months 24 days

XML

Goodwill and Other Intangible Assets - Summary of Intangible Assets Subject to Amortization (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 14,988	$ 16,608
Accumulated Amortization	(5,678)	(3,913)
Net Amount	9,310	12,695
Acquired Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Amount	12,067	13,442
Accumulated Amortization	(4,538)	(3,020)
Net Amount	7,529	10,422
Customer Relationships and Other Identified Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Amount	2,564	2,775
Accumulated Amortization	(864)	(690)
Net Amount	1,700	2,085
Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Amount	357	391
Accumulated Amortization	(276)	(203)
Net Amount	$ 81	$ 188

XML

Significant Accounting Policies

9 Months Ended

Sep. 30, 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 September 30, 2014, the results of operations and comprehensive income (loss) for the three and nine months ended September 30, 2014 and 2013 and cash flows for the nine months ended September 30, 2014 and 2013. The results of operations for the three and nine months ended September 30, 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 Company’s 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.

Revenue Recognition

The Company derives its revenues from three sources: (i) license revenues; (ii) maintenance revenues; and (iii) professional services revenues. The majority of license revenue is from the sale of perpetual licenses to customers or resellers. Maintenance, which generally has a contractual term of 12 months, includes telephone and web-based support and rights to software updates and upgrades on a when-and-if-available basis. Professional services include training, implementation, consulting and expert services.

For each arrangement, the Company recognizes revenue when (a) persuasive evidence of an arrangement exists (e.g. a signed contract or purchase order); (b) delivery of the product has occurred and there are no remaining obligations or substantive customer acceptance provisions; (c) the fee is fixed or determinable; and (d) collection of the fee is deemed reasonably assured. Delivery is considered to have occurred upon electronic transfer of the license key that provides immediate availability of the product to the purchaser.

As substantially all of the Company’s software licenses are sold in multiple-element arrangements that include either maintenance or both maintenance and professional services, the Company uses the residual method to determine the amount of license revenue to be recognized. Under the residual method, consideration is allocated to undelivered elements based upon vendor-specific objective evidence (“VSOE”) of the fair value of those elements, with the residual of the arrangement fee allocated to and recognized as license revenue. The Company has established VSOE of the fair value of maintenance through independent maintenance renewals, which demonstrate a consistent relationship of maintenance pricing as a percentage of the contractual license fee, and for new products for which renewals have not yet occurred, the Company has established VSOE of maintenance based on prices established by management with relevant authority. Maintenance revenue is deferred and recognized ratably over the contractual period of the maintenance arrangement, which is generally 12 months. Arrangements that include other professional services are evaluated to determine whether those services are essential to the functionality of other elements of the arrangement. The Company has determined that these services are not considered essential and the amounts allocated to the services are recognized as revenue when the services are performed. The VSOE of the fair value of the Company’s professional services is based on the price for these same services when they are sold separately. Revenue for services that are sold either on a stand-alone basis or included in multiple-element arrangements is recognized as the services are performed.

Certain of the Company’s license arrangements include license remix rights which allow the customer to change or alternate its use of the Company’s products after those products have been delivered to the customer. Under these arrangements, the customer has the right to deploy and use at least one copy of each licensed product, and the cumulative value of all products in use cannot exceed the total license fee. Assuming all other revenue recognition criteria have been met, the Company recognizes revenue under these arrangements upon delivery of the first license key of each product eligible for remix under the arrangement.

For sales made through resellers, the Company recognizes revenue upon the delivery of the license key only if those resellers provide the Company, at the time of placing their order, with the identity of the end-user customer to whom the product has been sold. Resellers do not carry inventory of the Company’s software products and, generally, do not have the right to return the Company’s software products. Sales made through resellers are evidenced by a reseller agreement, together with purchase orders on a transaction-by-transaction basis.

The Company also sells software licenses to original equipment manufacturers (“OEMs”) who integrate the Company’s products for distribution with their applications. The Company does not offer any rights to return products sold to OEM’s. The OEM’s end-user customer is licensed to use the Company’s products solely in conjunction with the OEM’s application. In OEM arrangements, license key delivery is required as the basis for revenue recognition. The Company recognizes revenue under its OEM arrangements when (a) persuasive evidence of an arrangement exists (e.g. a signed contract or purchase order); (b) delivery of the product has occurred and there are no remaining obligations or substantive customer acceptance provisions; (c) the fee is fixed or determinable; and (d) collection of the fee is deemed reasonably assured.

The Company records taxes collected on revenue-producing activities on a net basis.

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 closing price 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 unaudited 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 and nine months ended September 30, 2014 and 2013:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
			(in thousands)
Cost of revenue	$	777	$	927	$	1,972	$	2,225
Sales and marketing		4,760		3,472		13,066		9,707
Research and development		1,036		892		2,870		2,467
General and administrative		3,157		3,287		8,338		6,760
	$	9,730	$	8,578	$	26,246	$	21,159

Net Income (Loss) Per Common Share

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

	Three Months Ended September 30,					Nine Months Ended September 30,
	2014			2013		2014			2013
	(in thousands, except share and per share data)
Basic and diluted net loss per common share calculation:
Net income (loss)	$	(14,365	)	$	2,995	$	(50,451	)	$	(18,260	)
Weighted average common shares outstanding:
Basic		90,064,658			88,164,897		89,677,323			87,326,863
Diluted		90,064,658			90,334,304		89,677,323			87,326,863
Net income (loss) per common share:
Basic	$	(0.16	)	$	0.03	$	(0.56	)	$	(0.21	)
Diluted	$	(0.16	)	$	0.03	$	(0.56	)	$	(0.21	)

Diluted net income (loss) per common share for the three and nine months ended September 30, 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 September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Common stock options		10,071,559		3,001,349		10,071,559		9,859,751
SSARs		278,917		—		278,917		—
Restricted stock units		1,002,894		—		1,002,894		357,602
MVSSSARs		471,752		32,367		471,752		346,615
		11,825,122		3,033,716		11,825,122		10,563,968

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 an impact on the Company’s consolidated financial statements.

In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers: Topic 606 (ASU 2014-09), to supersede nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required within the revenue recognition process than required under existing U.S. GAAP. ASU 2014-09 is effective for the Company beginning on January 1, 2017 using either of two methods: (i) retrospective to each prior reporting period presented with the option to elect certain practical expedients as defined within ASU 2014-09; or (ii) retrospective with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application and providing certain additional disclosures as defined per ASU 2014-09. The Company is currently evaluating the impact of adopting ASU 2014-09 on its consolidated financial statements.

In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (ASU 2014-15), to provide guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 is effective for the Company beginning in the first quarter of 2016 with early adoption permitted. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.

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Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Assets
Cash and cash equivalents	$ 241,979	$ 227,693
Foreign currency contracts	55
Liabilities
Accrued contingent consideration	382	2,263
Fair Value, Inputs, Level 1 [Member]
Assets
Cash and cash equivalents	241,979	227,693
Fair Value, Inputs, Level 2 [Member]
Assets
Foreign currency contracts	55
Fair Value, Inputs, Level 3 [Member]
Liabilities
Accrued contingent consideration	$ 382	$ 2,263

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Stock-Based Compensation - Summary of SSARs Activity (Detail) (SSARs [Member], USD $) In Thousands, except Share data, unless otherwise specified	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
SSARs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Outstanding, Beginning Balance
Number of Shares, Granted	278,917
Number of Shares, Exercised
Number of Shares, Forfeited
Number of Shares, Outstanding, Ending Balance	278,917
Number of Shares, Exercisable
Number of Shares, Vested and expected to vest in future periods	260,443
Weighted-Average Exercise Price, Outstanding, Beginning Balance
Weighted-Average Exercise Price, Granted	$ 28.27
Weighted-Average Exercise Price, Exercised
Weighted-Average Exercise Price, Forfeited
Weighted-Average Exercise Price, Outstanding, Ending Balance	$ 28.27
Weighted-Average Exercise Price, Exercisable
Weighted-Average Exercise Price, Vested and expected to vest in future periods	$ 28.42
Weighted-Average Remaining Contractual Term (Years)	9 years 7 months 10 days	0 years
Weighted-Average Remaining Contractual Term (Years), Exercisable	0 years
Weighted-Average Remaining Contractual Term (Years), Vested and expected to vest in future periods	9 years 7 months 6 days
Aggregate Intrinsic Value, Outstanding	$ 100
Aggregate Intrinsic Value, Exercisable
Aggregate Intrinsic Value, Vested and expected to vest in future periods	$ 85

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Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 241,979	$ 227,693
Accounts receivable, net of allowance for doubtful accounts of $1,218 and $1,442 respectively	129,082	162,009
Prepaid expenses and other current assets	13,457	16,296
Deferred income taxes	1,886	1,886
Total current assets	386,404	407,884
Property and equipment, net	26,973	21,500
Intangible assets, net	9,310	12,695
Goodwill	19,971	21,233
Deferred income taxes	2,620	2,107
Deposits and other noncurrent assets	2,950	2,503
Total assets	448,228	467,922
Current liabilities:
Income taxes payable	769	2,634
Accounts payable	7,395	5,262
Deferred revenue	92,465	98,684
Accrued payroll and other related costs	42,094	46,780
Accrued expenses	30,722	29,495
Deferred income taxes	544	544
Total current liabilities	173,989	183,399
Long-term liabilities:
Deferred revenue	4,390	3,637
Deferred income taxes	370	894
Other long-term liabilities	5,563	7,822
Total liabilities	184,312	195,752
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.0001 par value, 10,000,000 authorized, none issued and outstanding at September 30, 2014 and December 31, 2013
Common stock, $0.0001 par value, 300,000,000 shares authorized; 90,306,246 shares issued and outstanding at September 30, 2014 and 88,989,091 shares issued and outstanding at December 31, 2013	9	9
Additional paid-in-capital	309,425	265,711
Retained earnings (accumulated deficit)	(47,414)	3,037
Accumulated other comprehensive income	1,896	3,413
Total stockholders' equity	263,916	272,170
Total liabilities and stockholders' equity	$ 448,228	$ 467,922

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Unaudited Condensed Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities
Net loss	$ (50,451)	$ (18,260)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	8,347	5,918
Stock-based compensation expense	26,246	21,159
Excess tax benefit from stock-based compensation	(5,186)	(5,766)
Other non-cash items	6,043	9,784
Changes in assets and liabilities:
Accounts receivable	27,185	53,808
Prepaid expenses and other assets	1,223	(90)
Income taxes	(1,866)	(36,021)
Deferred revenue	(945)	(1,784)
Accrued expenses and other liabilities	6,712	(4,132)
Net cash provided by operating activities	17,308	24,616
Cash flows from investing activities
Acquisition, net of cash acquired		(4,371)
Capital expenditures	(11,228)	(7,164)
Net cash used in investing activities	(11,228)	(11,535)
Cash flows from financing activities
Proceeds from exercise of common stock options	12,282	21,219
Excess tax benefit from stock-based compensation	5,186	5,766
Payments on contingent consideration	(1,960)	(219)
Payments on line of credit, net		(1)
Net cash provided by financing activities	15,508	26,765
Effect of exchange rates on cash and cash equivalents	(7,302)	(495)
Net increase in cash and cash equivalents	14,286	39,351
Cash and cash equivalents, beginning of period	227,693	195,803
Cash and cash equivalents, end of period	241,979	235,154
Supplemental cash flow information:
Cash paid during the period for income taxes	7,239	9,908
Non-cash investing activities:
Tenant improvement allowances received under operating leases	$ 1,048

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Benefit (Provision) for Income Taxes - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Provision for income taxes	$ (4,028,000)	$ 6,330,000	$ (9,277,000)	$ 12,848,000
Effective tax rate	(39.00%)	189.80%	(22.50%)	41.30%
Unrecognized tax benefits			$ 2,800,000		$ 2,400,000

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Business and Geographic Segment Information (Tables)

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(in thousands)
The Americas	$	52,271	$	41,289	$	135,755	$	112,519
Europe		63,157		52,062		196,286		163,728
Rest of world		15,856		10,749		41,973		32,408
	$	131,284	$	104,100	$	374,014	$	308,655

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Business and Geographic Segment Information - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2014 Segment
Segment Reporting [Abstract]
Number of operating business segment	1

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Significant Accounting Policies - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]
Contractual term of maintenance contracts	12 months

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Description of Business

9 Months Ended

Sep. 30, 2014

Accounting Policies [Abstract]

Description of Business

(1) Description of Business

Qlik Technologies Inc. (“We”, “Qlik” or the “Company”) has pioneered powerful, user-driven business intelligence (“BI”) solutions that enable its customers to make better and faster business decisions, wherever they are. The Company’s software products help 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 software products are designed to give customers significant improvements in usability, flexibility and performance at lower costs compared to traditional BI solutions.

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Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 1,218	$ 1,442
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	90,306,246	88,989,091
Common stock, outstanding	90,306,246	88,989,091

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Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 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 September 30, 2014, the results of operations and comprehensive income (loss) for the three and nine months ended September 30, 2014 and 2013 and cash flows for the nine months ended September 30, 2014 and 2013. The results of operations for the three and nine months ended September 30, 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 Company’s 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.

Revenue Recognition

Revenue Recognition

The Company derives its revenues from three sources: (i) license revenues; (ii) maintenance revenues; and (iii) professional services revenues. The majority of license revenue is from the sale of perpetual licenses to customers or resellers. Maintenance, which generally has a contractual term of 12 months, includes telephone and web-based support and rights to software updates and upgrades on a when-and-if-available basis. Professional services include training, implementation, consulting and expert services.

For each arrangement, the Company recognizes revenue when (a) persuasive evidence of an arrangement exists (e.g. a signed contract or purchase order); (b) delivery of the product has occurred and there are no remaining obligations or substantive customer acceptance provisions; (c) the fee is fixed or determinable; and (d) collection of the fee is deemed reasonably assured. Delivery is considered to have occurred upon electronic transfer of the license key that provides immediate availability of the product to the purchaser.

As substantially all of the Company’s software licenses are sold in multiple-element arrangements that include either maintenance or both maintenance and professional services, the Company uses the residual method to determine the amount of license revenue to be recognized. Under the residual method, consideration is allocated to undelivered elements based upon vendor-specific objective evidence (“VSOE”) of the fair value of those elements, with the residual of the arrangement fee allocated to and recognized as license revenue. The Company has established VSOE of the fair value of maintenance through independent maintenance renewals, which demonstrate a consistent relationship of maintenance pricing as a percentage of the contractual license fee, and for new products for which renewals have not yet occurred, the Company has established VSOE of maintenance based on prices established by management with relevant authority. Maintenance revenue is deferred and recognized ratably over the contractual period of the maintenance arrangement, which is generally 12 months. Arrangements that include other professional services are evaluated to determine whether those services are essential to the functionality of other elements of the arrangement. The Company has determined that these services are not considered essential and the amounts allocated to the services are recognized as revenue when the services are performed. The VSOE of the fair value of the Company’s professional services is based on the price for these same services when they are sold separately. Revenue for services that are sold either on a stand-alone basis or included in multiple-element arrangements is recognized as the services are performed.

Certain of the Company’s license arrangements include license remix rights which allow the customer to change or alternate its use of the Company’s products after those products have been delivered to the customer. Under these arrangements, the customer has the right to deploy and use at least one copy of each licensed product, and the cumulative value of all products in use cannot exceed the total license fee. Assuming all other revenue recognition criteria have been met, the Company recognizes revenue under these arrangements upon delivery of the first license key of each product eligible for remix under the arrangement.

For sales made through resellers, the Company recognizes revenue upon the delivery of the license key only if those resellers provide the Company, at the time of placing their order, with the identity of the end-user customer to whom the product has been sold. Resellers do not carry inventory of the Company’s software products and, generally, do not have the right to return the Company’s software products. Sales made through resellers are evidenced by a reseller agreement, together with purchase orders on a transaction-by-transaction basis.

The Company also sells software licenses to original equipment manufacturers (“OEMs”) who integrate the Company’s products for distribution with their applications. The Company does not offer any rights to return products sold to OEM’s. The OEM’s end-user customer is licensed to use the Company’s products solely in conjunction with the OEM’s application. In OEM arrangements, license key delivery is required as the basis for revenue recognition. The Company recognizes revenue under its OEM arrangements when (a) persuasive evidence of an arrangement exists (e.g. a signed contract or purchase order); (b) delivery of the product has occurred and there are no remaining obligations or substantive customer acceptance provisions; (c) the fee is fixed or determinable; and (d) collection of the fee is deemed reasonably assured.

The Company records taxes collected on revenue-producing activities on a net basis.

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 closing price 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 unaudited 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 and nine months ended September 30, 2014 and 2013:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
			(in thousands)
Cost of revenue	$	777	$	927	$	1,972	$	2,225
Sales and marketing		4,760		3,472		13,066		9,707
Research and development		1,036		892		2,870		2,467
General and administrative		3,157		3,287		8,338		6,760
	$	9,730	$	8,578	$	26,246	$	21,159

Net Loss Per Common Share

Net Income (Loss) Per Common Share

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

	Three Months Ended September 30,					Nine Months Ended September 30,
	2014			2013		2014			2013
	(in thousands, except share and per share data)
Basic and diluted net loss per common share calculation:
Net income (loss)	$	(14,365	)	$	2,995	$	(50,451	)	$	(18,260	)
Weighted average common shares outstanding:
Basic		90,064,658			88,164,897		89,677,323			87,326,863
Diluted		90,064,658			90,334,304		89,677,323			87,326,863
Net income (loss) per common share:
Basic	$	(0.16	)	$	0.03	$	(0.56	)	$	(0.21	)
Diluted	$	(0.16	)	$	0.03	$	(0.56	)	$	(0.21	)

Diluted net income (loss) per common share for the three and nine months ended September 30, 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 September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Common stock options		10,071,559		3,001,349		10,071,559		9,859,751
SSARs		278,917		—		278,917		—
Restricted stock units		1,002,894		—		1,002,894		357,602
MVSSSARs		471,752		32,367		471,752		346,615
		11,825,122		3,033,716		11,825,122		10,563,968

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 an impact on the Company’s consolidated financial statements.

In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers: Topic 606 (ASU 2014-09), to supersede nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required within the revenue recognition process than required under existing U.S. GAAP. ASU 2014-09 is effective for the Company beginning on January 1, 2017 using either of two methods: (i) retrospective to each prior reporting period presented with the option to elect certain practical expedients as defined within ASU 2014-09; or (ii) retrospective with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application and providing certain additional disclosures as defined per ASU 2014-09. The Company is currently evaluating the impact of adopting ASU 2014-09 on its consolidated financial statements.

In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (ASU 2014-15), to provide guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 is effective for the Company beginning in the first quarter of 2016 with early adoption permitted. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.

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Document and Entity Information	9 Months Ended
	Sep. 30, 2014	Oct. 27, 2014
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q3
Trading Symbol	QLIK
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		90,312,552

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Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2014 and 2013:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
			(in thousands)
Cost of revenue	$	777	$	927	$	1,972	$	2,225
Sales and marketing		4,760		3,472		13,066		9,707
Research and development		1,036		892		2,870		2,467
General and administrative		3,157		3,287		8,338		6,760
	$	9,730	$	8,578	$	26,246	$	21,159

Computation of Basic and Diluted Net Loss Per Common Share

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

	Three Months Ended September 30,					Nine Months Ended September 30,
	2014			2013		2014			2013
	(in thousands, except share and per share data)
Basic and diluted net loss per common share calculation:
Net income (loss)	$	(14,365	)	$	2,995	$	(50,451	)	$	(18,260	)
Weighted average common shares outstanding:
Basic		90,064,658			88,164,897		89,677,323			87,326,863
Diluted		90,064,658			90,334,304		89,677,323			87,326,863
Net income (loss) per common share:
Basic	$	(0.16	)	$	0.03	$	(0.56	)	$	(0.21	)
Diluted	$	(0.16	)	$	0.03	$	(0.56	)	$	(0.21	)

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

Diluted net income (loss) per common share for the three and nine months ended September 30, 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 September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Common stock options		10,071,559		3,001,349		10,071,559		9,859,751
SSARs		278,917		—		278,917		—
Restricted stock units		1,002,894		—		1,002,894		357,602
MVSSSARs		471,752		32,367		471,752		346,615
		11,825,122		3,033,716		11,825,122		10,563,968

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Unaudited Consolidated Statements of Operations (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenue:
License revenue	$ 67,476	$ 54,495	$ 188,301	$ 167,648
Maintenance revenue	51,755	40,723	148,489	114,859
Professional services revenue	12,053	8,882	37,224	26,148
Total revenue	131,284	104,100	374,014	308,655
Cost of revenue:
License revenue	2,165	1,454	5,456	4,624
Maintenance revenue	2,740	2,461	8,565	7,879
Professional services revenue	13,116	11,027	40,848	31,389
Total cost of revenue	18,021	14,942	54,869	43,892
Gross profit	113,263	89,158	319,145	264,763
Operating expenses:
Sales and marketing	74,110	56,273	222,564	181,700
Research and development	20,954	13,511	55,588	45,061
General and administrative	26,835	22,773	80,127	67,254
Total operating expenses	121,899	92,557	358,279	294,015
Loss from operations	(8,636)	(3,399)	(39,134)	(29,252)
Other income (expense), net:
Interest income, net	23	46	98	113
Foreign exchange gain (loss), net	(1,724)	18	(2,138)	(1,969)
Total other income (expense), net	(1,701)	64	(2,040)	(1,856)
Loss before income taxes	(10,337)	(3,335)	(41,174)	(31,108)
Benefit (provision) for income taxes	(4,028)	6,330	(9,277)	12,848
Net income (loss)	$ (14,365)	$ 2,995	$ (50,451)	$ (18,260)
Net income (loss) per common share
Basic	$ (0.16)	$ 0.03	$ (0.56)	$ (0.21)
Diluted	$ (0.16)	$ 0.03	$ (0.56)	$ (0.21)
Weighted average number of common shares outstanding:
Basic	90,064,658	88,164,897	89,677,323	87,326,863
Diluted	90,064,658	90,334,304	89,677,323	87,326,863

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Benefit (Provision) for Income Taxes

9 Months Ended

Sep. 30, 2014

Income Tax Disclosure [Abstract]

Benefit (Provision) for Income Taxes

(6) Benefit (Provision) 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. During 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 and nine months ended September 30, 2014 based on the actual effective rate for the three and nine months ended September 30, 2014. The effective tax rate for all other jurisdictions for the three and nine months ended September 30, 2014 and for all jurisdictions in the three and nine months ended September 30, 2013, was calculated based on an estimated annual effective tax rate plus discrete items.

For the three months ended September 30, 2014, the Company recorded a provision for income taxes of approximately $4.0 million, which resulted in an effective tax rate of (39.0%), compared to a benefit of approximately $6.3 million, or an effective tax rate of 189.8%, for the three months ended September 30, 2013. For the nine months ended September 30, 2014, the Company recorded a provision for income taxes of approximately $9.3 million, which resulted in an effective tax rate of (22.5%), compared to a benefit of approximately $12.8 million, or an effective tax rate of 41.3%, for the nine months ended September 30, 2013. As of September 30, 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 and nine months ended September 30, 2014 reflects the effects of the foreign tax rate differential, permanent differences, and the changes in the valuation allowance on deferred tax assets. The effective tax rate for the three and nine months ended September 30, 2013 reflects the effects of benefits from foreign tax 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 and nine months ended September 30, 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 September 30, 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.

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Fair Value Measurements

9 Months Ended

Sep. 30, 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 is exposed to certain risks related to its ongoing business operations, including the fluctuation of foreign currency exchange rates. The Company uses short-term foreign currency forward contracts as part of its strategy to manage these risks, but does not hold or issue these or any other types of derivative instruments for trading purposes or speculation. The Company uses these short-term foreign currency forward contracts to manage foreign currency exchange rate risks related to certain intercompany borrowings. The Company executes these instruments with financial institutions that hold an investment grade credit rating. These short-term foreign currency forward contracts do not meet the requirements for hedge accounting and are recorded on the Company’s balance sheet as either an asset or liability measured at their fair value as of the reporting date. The changes in the fair value of derivative instruments, as measured using the three-level hierarchy described above, are recognized in other expense, net, in the Company’s unaudited consolidated statements of operations.

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 September 30, 2014 and December 31, 2013, by level within the fair value hierarchy:

	Amounts at Fair Value		Fair Value Measurement Using
			Level 1		Level 2		Level 3
	(in thousands)
As of September 30, 2014
Assets
Cash and cash equivalents	$	241,979	$	241,979	$	—	$	—
Foreign currency contracts	$	55	$	—	$	55	$	—
Liabilities
Accrued contingent consideration	$	382	$	—	$	—	$	382
As of December 31, 2013
Assets
Cash and cash equivalents	$	227,693	$	227,693	$	—	$	—
Liabilities
Accrued contingent consideration	$	2,263	$	—	$	—	$	2,263

The fair value of the Company’s foreign currency short-term forward contracts is determined using Level 2 observable market inputs to extrapolate forward points to be added to or subtracted from the closing market spot rate on the reporting date, and then discounted to present value.

As of September 30, 2014, the Company had one short-term foreign currency forward contract outstanding to sell Swedish kronor with a notional value of 355.3 million Swedish kronor and $49.0 million. As of September 30, 2014, the unrealized gain on the Company’s short-term foreign currency forward contract was approximately $0.1 million and is recorded within other current assets on the unaudited consolidated balance sheet. At December 31, 2013, the Company had no foreign currency forward contracts outstanding.

For the three and nine months ended September 30, 2014, the unaudited consolidated statements of operations reflect a gain of approximately $3.5 million and $4.4 million, respectively, within foreign exchange gain(loss), net related to short-term foreign currency forward contracts. During the three and nine months ended September 30, 2013, there was no impact to the unaudited consolidated statements of operations related to foreign currency forward contracts.

A reconciliation of the beginning and ending balances of acquisition related accrued contingent consideration using significant unobservable inputs (Level 3) for the nine months ended September 30, 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		79
Payment of contingent consideration		(1,960	)
Accrued contingent consideration as of September 30, 2014	$	382

The accrued contingent consideration liability relates to acquisition-related contingent consideration. During the nine months ended September 30, 2014, the Company revised its estimate of the amount of contingent consideration that it expects to be payable, and accordingly recorded an increase of approximately $0.2 million to the fair value of the contingent consideration liability. In addition, during the nine months ended September 30, 2014, the change in fair value of the contingent consideration includes a foreign currency translation gain of approximately $0.1 million. During the nine months ended September 30, 2014, the Company paid approximately $2.0 million of contingent consideration related to the acquisition of NComVA AB in May 2013.

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 acquisitions 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 and nine months ended September 30, 2014.

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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2014

Summary of Common Stock Option and SSARs Activity

The following provides a summary of the common stock option activity for the Company for the nine months ended September 30, 2014:

	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)		Aggregrate Intrinsic Value (in thousands)
Outstanding as of January 1, 2014		9,796,816		$	20.44		7.79
Granted		2,296,854		$	23.44
Exercised		(1,166,953	)	$	10.52
Forfeited		(855,158	)	$	23.56
Outstanding as of September 30, 2014		10,071,559		$	22.01		7.74	$	58,241
Exercisable at September 30, 2014		4,686,163		$	19.20		6.53	$	40,074
Vested at September 30, 2014 and expected to vest in future periods		9,494,565		$	21.89		7.68	$	56,137

Assumptions Used in Black-Scholes Option Pricing Model

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

	Three Months Ended September 30,		Nine Months Ended September 30,
	2014	2013	2014	2013
Expected dividend yield	0.0%	0.0%	0.0%	0.0%
Risk-free interest rate	1.7% - 1.8%	1.4% - 1.7%	1.5% - 1.8%	0.9% - 1.7%
Expected volatility	41.9% - 42.2%	46.7% - 47.2%	41.9% - 44.9%	46.7% - 47.7%
Expected life (in years)	5.27	5.41	5.16 - 5.36	5.41 - 6.25

Summary of Restricted Stock Unit Activity

The following provides a summary of the restricted stock unit activity for the Company for the nine months ended September 30, 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		816,359		$	23.73
Vested		(128,072	)	$	27.81
Forfeited		(57,845	)	$	23.73
Unvested as of September 30, 2014		1,002,894		$	24.47

SSARs [Member]

Summary of Common Stock Option and SSARs Activity

The following provides a summary of the SSARs activity for the Company for the nine months ended September 30, 2014:

	Number of Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)		Aggregrate Intrinsic Value (in thousands)
Outstanding as of January 1, 2014		—	$	—		—
Granted		278,917	$	28.27
Exercised		—	$	—
Forfeited		—	$	—
Outstanding as of September 30, 2014		278,917	$	28.27		9.61	$	100
Exercisable at September 30, 2014		—	$	—		—	$	—
Vested at September 30, 2014 and expected to vest in future periods		260,443	$	28.42		9.60	$	85

MVSSSARs [Member]

Summary of Maximum Value Stock-Settled Stock Appreciation Rights Activity

The following provides a summary of the MVSSSARs activity for the Company for the nine months ended September 30, 2014:

	Number of Shares			Weighted- Average Exercise Price
Outstanding as of January 1, 2014		974,669		$	25.81
Granted		464,670		$	24.53
Exercised		(71,879	)	$	19.86
Forfeited		(90,319	)	$	27.13
Outstanding as of September 30, 2014		1,277,141		$	25.59

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Acquisitions (Tables)

9 Months Ended

Sep. 30, 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 on October 3, 2013 in connection with the acquisition 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

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Commitments and Contingencies

9 Months Ended

Sep. 30, 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.

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Business and Geographic Segment Information

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
	(in thousands)
The Americas	$	52,271	$	41,289	$	135,755	$	112,519
Europe		63,157		52,062		196,286		163,728
Rest of world		15,856		10,749		41,973		32,408
	$	131,284	$	104,100	$	374,014	$	308,655

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Stock-Based Compensation

9 Months Ended

Sep. 30, 2014

Disclosure of Compensation Related Costs, Share-based 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 September 30, 2014, there were 3,516,530 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 nine months ended September 30, 2014:

	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)		Aggregrate Intrinsic Value (in thousands)
Outstanding as of January 1, 2014		9,796,816		$	20.44		7.79
Granted		2,296,854		$	23.44
Exercised		(1,166,953	)	$	10.52
Forfeited		(855,158	)	$	23.56
Outstanding as of September 30, 2014		10,071,559		$	22.01		7.74	$	58,241
Exercisable at September 30, 2014		4,686,163		$	19.20		6.53	$	40,074
Vested at September 30, 2014 and expected to vest in future periods		9,494,565		$	21.89		7.68	$	56,137

The grant date weighted-average fair value for common stock options granted during the nine months ended September 30, 2014 and 2013 was $9.65 and $12.83, respectively. Stock-based compensation expense related to common stock options is amortized on a straight-line basis over the vesting period.

Proceeds from the exercise of common stock options were approximately $12.3 million and $21.2 million for the nine months ended September 30, 2014 and 2013, respectively. The total intrinsic value of common stock options exercised during the nine months ended September 30, 2014 and 2013 was approximately $19.8 million and $46.3 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 $5.2 million and $5.8 million for the nine months ended September 30, 2014 and 2013, respectively.

The following provides a summary of the SSARs activity for the Company for the nine months ended September 30, 2014:

	Number of Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)		Aggregrate Intrinsic Value (in thousands)
Outstanding as of January 1, 2014		—	$	—		—
Granted		278,917	$	28.27
Exercised		—	$	—
Forfeited		—	$	—
Outstanding as of September 30, 2014		278,917	$	28.27		9.61	$	100
Exercisable at September 30, 2014		—	$	—		—	$	—
Vested at September 30, 2014 and expected to vest in future periods		260,443	$	28.42		9.60	$	85

The grant date weighted-average fair value for SSARs granted during the nine months ended September 30, 2014 was $11.38. Stock-based compensation expense related to SSARs is amortized on a straight-line basis over the vesting period. For the nine months ended September 30, 2013, the Company did not grant any SSARs.

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

	Three Months Ended September 30,		Nine Months Ended September 30,
	2014	2013	2014	2013
Expected dividend yield	0.0%	0.0%	0.0%	0.0%
Risk-free interest rate	1.7% - 1.8%	1.4% - 1.7%	1.5% - 1.8%	0.9% - 1.7%
Expected volatility	41.9% - 42.2%	46.7% - 47.2%	41.9% - 44.9%	46.7% - 47.7%
Expected life (in years)	5.27	5.41	5.16 - 5.36	5.41 - 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 and nine months ended September 30, 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 September 30, 2014 and 2013, the Company recorded stock-based compensation expenses of approximately $6.8 million and $7.1 million, respectively, related to common stock option grants and SSARs. For the nine months ended September 30, 2014 and 2013, the Company recorded stock-based compensation expenses of approximately $19.3 million and $17.6 million, respectively, related to common stock option grants and SSARs.

As of September 30, 2014, there was approximately $52.2 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 nine months ended September 30, 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		816,359		$	23.73
Vested		(128,072	)	$	27.81
Forfeited		(57,845	)	$	23.73
Unvested as of September 30, 2014		1,002,894		$	24.47

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 related to restricted stock unit awards is amortized on a straight-line basis over the vesting period.

For the three months ended September 30, 2014 and 2013, the Company recorded stock-based compensation expenses of approximately $2.3 million and $1.0 million, respectively, related to restricted stock unit awards. For the nine months ended September 30, 2014 and 2013, the Company recorded stock-based compensation expenses of approximately $5.1 million and $2.2 million, respectively, related to restricted stock unit awards.

As of September 30, 2014, there was approximately $19.0 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 2.9 years.

MVSSSARs

The following provides a summary of the MVSSSARs activity for the Company for the nine months ended September 30, 2014:

	Number of Shares			Weighted- Average Exercise Price
Outstanding as of January 1, 2014		974,669		$	25.81
Granted		464,670		$	24.53
Exercised		(71,879	)	$	19.86
Forfeited		(90,319	)	$	27.13
Outstanding as of September 30, 2014		1,277,141		$	25.59

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 related to MVSSSARs 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.

The grant date weighted-average fair value for MVSSSARs granted during the nine months ended September 30, 2014 and 2013 was $6.56 and $6.97, respectively.

For the three months ended September 30, 2014 and 2013, the Company recorded stock-based compensation expenses of approximately $0.6 million and $0.5 million, respectively, related to MVSSSARs. For the nine months ended September 30, 2014 and 2013, the Company recorded stock-based compensation expenses of approximately $1.8 million and $1.4 million, respectively, related to MVSSSARs.

As of September 30, 2014, there was approximately $5.1 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 2.6 years.

For the nine months ended September 30, 2014, the Company settled 71,879 MVSSSARs by issuing 22,126 shares of the Company’s common stock. For the nine months ended September 30, 2013, the Company settled 141,627 MVSSSARs by issuing 36,684 shares of the Company’s common stock. If settlement of all outstanding MVSSSARs had occurred on September 30, 2014 at the predetermined cap on the maximum stock price at which point the instrument must be exercised, the Company would have issued 471,752 shares of the Company’s common stock.

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Subsequent Events

9 Months Ended

Sep. 30, 2014

Subsequent Events [Abstract]

Subsequent Events

(10) Subsequent Events

In October 2014, the Company closed on a transaction to acquire all of the outstanding shares of DataMarket ehf. (“DataMarket”), an Icelandic corporation. The Company purchased DataMarket for a total maximum purchase price of $13.5 million. The total maximum purchase price includes approximately $1.7 million of contingent consideration payable upon the achievement of certain financial targets and product development milestones as set forth in the purchase agreement governing the transaction.

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Fair Value Measurements - Reconciliation of Acquisition Related Accrued Contingent Consideration (Detail) (Fair Value, Inputs, Level 3 [Member], USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accrued contingent consideration as of December 31, 2013	$ 2,263
Acquisition date fair value of contingent consideration
Payment of contingent consideration	(1,960)
Accrued contingent consideration as of September 30, 2014	382
Changes Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in fair value of contingent consideration	$ 79

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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value

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 September 30, 2014 and December 31, 2013, by level within the fair value hierarchy:

	Amounts at Fair Value		Fair Value Measurement Using
			Level 1		Level 2		Level 3
	(in thousands)
As of September 30, 2014
Assets
Cash and cash equivalents	$	241,979	$	241,979	$	—	$	—
Foreign currency contracts	$	55	$	—	$	55	$	—
Liabilities
Accrued contingent consideration	$	382	$	—	$	—	$	382
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 nine months ended September 30, 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		79
Payment of contingent consideration		(1,960	)
Accrued contingent consideration as of September 30, 2014	$	382

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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		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Basic and diluted net loss per common share calculation:
Net income (loss)	$ (14,365)	$ 2,995	$ (50,451)	$ (18,260)
Weighted average common shares outstanding:
Basic	90,064,658	88,164,897	89,677,323	87,326,863
Diluted	90,064,658	90,334,304	89,677,323	87,326,863
Net income (loss) per common share
Basic	$ (0.16)	$ 0.03	$ (0.56)	$ (0.21)
Diluted	$ (0.16)	$ 0.03	$ (0.56)	$ (0.21)

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Stock-Based Compensation - Assumptions Used in Black-Scholes Option Pricing Model (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Risk-free interest rate, minimum	1.70%	1.40%	1.50%	0.90%
Risk-free interest rate, maximum	1.80%	1.70%	1.80%	1.70%
Expected volatility, minimum	41.90%	46.70%	41.90%	46.70%
Expected volatility, maximum	42.20%	47.20%	44.90%	47.70%
Expected life (in years)	5 years 3 months 7 days	5 years 4 months 28 days
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (in years)			5 years 1 month 28 days	5 years 4 months 28 days
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (in years)			5 years 4 months 10 days	6 years 3 months

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Unaudited Consolidated Statements of Comprehensive Income (Loss) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (14,365)	$ 2,995	$ (50,451)	$ (18,260)
Other comprehensive income (loss):
Foreign currency translation	(1,824)	1,521	(1,517)	(13)
Total comprehensive income (loss)	$ (16,189)	$ 4,516	$ (51,968)	$ (18,273)

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Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 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 impairment. There was no impairment in the three and nine months ended September 30, 2014 and 2013. The change in goodwill in the consolidated balance sheet as of September 30, 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:

	September 30, 2014							December 31, 2013
	Gross Amount		Accumulated Amortization			Net Amount		Gross Amount		Accumulated Amortization			Net Amount
						(in thousands)
Acquired technology	$	12,067	$	(4,538	)	$	7,529	$	13,442	$	(3,020	)	$	10,422
Customer relationships and other identified intangible assets		2,564		(864	)		1,700		2,775		(690	)		2,085
Trade names		357		(276	)		81		391		(203	)		188
Total	$	14,988	$	(5,678	)	$	9,310	$	16,608	$	(3,913	)	$	12,695

The change in intangible assets in the consolidated balance sheet as of September 30, 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 $0.7 million for the three months ended September 30, 2014 and 2013. Amortization of intangible assets was approximately $2.3 million and $1.6 million for the nine months ended September 30, 2014 and 2013, respectively. The estimated aggregate amortization expense for each of the succeeding years is as follows: $0.7 million for the remainder of 2014; $2.6 million in 2015; $2.6 million in 2016; $2.0 million in 2017; $0.6 million in 2018; and $0.8 million thereafter. The weighted-average amortization period for all intangible assets is approximately 5.4 years.

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Significant Accounting Policies - Diluted Net Loss Per Common Share for Periods Presented Does Not Reflect Potential Issuance of Common Shares (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share, amount	11,825,122	3,033,716	11,825,122	10,563,968
Common Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share, amount	10,071,559	3,001,349	10,071,559	9,859,751
SSARs [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share, amount	278,917		278,917
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	1,002,894		1,002,894	357,602
MVSSSARs [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share, amount	471,752	32,367	471,752	346,615

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Stock-Based Compensation - Additional Information (Detail) (USD $)	9 Months Ended			1 Months Ended	9 Months Ended		3 Months Ended		9 Months Ended		3 Months Ended		9 Months Ended		3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014 SSARs [Member]	Feb. 28, 2014 2010 Equity Incentive Plan [Member]	Sep. 30, 2014 2010 Equity Incentive Plan [Member]	Jul. 16, 2010 2010 Equity Incentive Plan [Member]	Sep. 30, 2014 Common Stock Options [Member]	Sep. 30, 2013 Common Stock Options [Member]	Sep. 30, 2014 Common Stock Options [Member]	Sep. 30, 2013 Common Stock Options [Member]	Sep. 30, 2014 Restricted Stock Unit [Member]	Sep. 30, 2013 Restricted Stock Unit [Member]	Sep. 30, 2014 Restricted Stock Unit [Member]	Sep. 30, 2013 Restricted Stock Unit [Member]	Sep. 30, 2014 MVSSSARs [Member]	Sep. 30, 2013 MVSSSARs [Member]	Sep. 30, 2014 MVSSSARs [Member]	Sep. 30, 2013 MVSSSARs [Member]	Sep. 30, 2014 MVSSSARs [Member] Common Stock [Member]	Sep. 30, 2013 MVSSSARs [Member] Common Stock [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
Potential company authorized automatic increase of shares as a percentage of common stock outstanding					3.75%
Common stock options to purchase					3,516,530
Company authorized automatic increase				3,300,000
Grant date weighted-average fair value			$ 11.38						$ 9.65	$ 12.83
Proceeds from exercise of common stock options	$ 12,282,000	$ 21,219,000
Total intrinsic value of common stock options exercised	19,800,000	46,300,000
Excess tax benefit from stock-based compensation	5,186,000	5,766,000
Stock-based compensation expenses							6,800,000	7,100,000	19,300,000	17,600,000	2,300,000	1,000,000	5,100,000	2,200,000	600,000	500,000	1,800,000	1,400,000
Total unrecognized compensation cost, net of estimated forfeitures, non-vested							$ 52,200,000		$ 52,200,000		$ 19,000,000		$ 19,000,000		$ 5,100,000		$ 5,100,000
Weighted-average period									2 years 7 months 6 days				2 years 10 months 24 days				2 years 7 months 6 days
Grant date weighted-average fair value, granted																	$ 6.56	$ 6.97
Issue upon settlement common stock																			22,126	36,684
Settlement of MVSSSARs with common stock																	71,879	141,627
Settlement of common stock																	471,752

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Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 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:

	September 30, 2014							December 31, 2013
	Gross Amount		Accumulated Amortization			Net Amount		Gross Amount		Accumulated Amortization			Net Amount
						(in thousands)
Acquired technology	$	12,067	$	(4,538	)	$	7,529	$	13,442	$	(3,020	)	$	10,422
Customer relationships and other identified intangible assets		2,564		(864	)		1,700		2,775		(690	)		2,085
Trade names		357		(276	)		81		391		(203	)		188
Total	$	14,988	$	(5,678	)	$	9,310	$	16,608	$	(3,913	)	$	12,695