Qualys, Inc. has recently released its 10-K report, showcasing its cloud-based information technology (IT), security, and compliance solutions. The company's integrated suite of IT, security, and compliance solutions delivered on its Qualys' Enterprise TruRisk Platform enables customers to identify and manage IT assets, collect and analyze IT security data, discover and prioritize vulnerabilities, recommend and implement remediation actions, and verify the implementation of such actions. The company offers its solutions to enterprises, government entities, and small and medium-sized businesses in various industries, including education, financial services, government, healthcare, insurance, manufacturing, media, retail, technology, and utilities.
Financial Metrics and Business Developments: Revenues: In 2023, revenues increased by 13% to $554.5 million compared to $489.7 million in 2022. Of the total increase, 80% was from existing customers, and the remaining 20% was from new customers added in 2023. Cost of Revenues: Increased by 5% to $107.5 million in 2023 compared to $102.8 million in 2022, driven by increased personnel costs, including stock-based compensation, and an increase in shared cloud platform cost. Research and Development Expenses: Increased by 9% to $110.5 million in 2023 compared to $101.2 million in 2022, primarily due to an increase in personnel costs, including stock-based compensation, and increased headcount. Sales and Marketing Expenses: Increased by 15% to $111.7 million in 2023 compared to $97.2 million in 2022, driven by increased personnel costs, including stock-based compensation, and an increase in travel and entertainment costs associated with in-person sales meetings and marketing events. * General and Administrative Expenses: Not detailed in the provided text.
Overall, the company experienced revenue growth from existing and new customers, but also saw increased costs across various operational areas, including cost of revenues, research and development, and sales and marketing expenses. The company also highlighted potential macroeconomic impacts such as supply chain environment, inflationary pressure, and reduced spending, which could affect its long-term business.
Following these announcements, the company's shares moved 0.1%, and are now trading at a price of $162.08. For more information, read the company's full 10-K submission here.
