Technology
Qualys Announces Third Quarter 2024 Financial Results
Published
11 hours agoon
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Revenue Growth of 8% Year-Over-Year
GAAP EPS: $1.24; Non-GAAP EPS: $1.56
Raises 2024 Revenue Guidance to $602.9–$605.9 million
Raises 2024 GAAP EPS Guidance to $4.31–$4.41
Raises 2024 Non-GAAP EPS Guidance to $5.81–$5.91
FOSTER CITY, Calif., Nov. 5, 2024 /PRNewswire/ — Qualys, Inc. (NASDAQ: QLYS), a leading provider of disruptive cloud-based IT, security and compliance solutions, today announced financial results for the third quarter ended September 30, 2024. For the quarter, the Company reported revenues of $153.9 million, net income under United States Generally Accepted Accounting Principles (“U.S. GAAP”) of $46.2 million, non-GAAP net income of $58.0 million, Adjusted EBITDA of $69.7 million, GAAP net income per diluted share of $1.24, and non-GAAP net income per diluted share of $1.56.
“Q3 was another strong quarter of rapid innovation for Qualys, reflecting our ongoing commitment to technology leadership, cybersecurity transformation, and successful outcomes for customers,” said Sumedh Thakar, Qualys’ president and CEO. “With the release of several new capabilities, including our Enterprise TruRisk Management solution, TruRisk Eliminate, and Qualys TotalAI we have further strengthened our strategic position as the partner of choice for customers looking to rearchitect and consolidate their security tools to solve modern security challenges while simplifying their operational defenses. We believe we can continue to grow long-term, maintain best-in-class profitability, and invest in key initiatives aimed at further extending the gap between Qualys and the competition.”
Third Quarter 2024 Financial Highlights
Revenues: Revenues for the third quarter of 2024 increased by 8% to $153.9 million compared to $142.0 million for the same quarter in 2023.
Gross Profit: GAAP gross profit for the third quarter of 2024 increased by 8% to $125.0 million compared to $115.3 million for the same quarter in 2023. GAAP gross margin was 81% for both the third quarter of 2024 and the same quarter in 2023. Non-GAAP gross profit for the third quarter of 2024 increased by 8% to $127.8 million compared to $118.0 million for the same quarter in 2023. Non-GAAP gross margin was 83% for both the third quarter of 2024 and the same quarter in 2023.
Operating Income: GAAP operating income for the third quarter of 2024 increased by 3% to $45.0 million compared to $43.6 million for the same quarter in 2023. As a percentage of revenues, GAAP operating income was 29% for the third quarter of 2024 compared to 31% for the same quarter in 2023. Non-GAAP operating income for the third quarter of 2024 increased by 5% to $66.0 million compared to $62.9 million for the same quarter in 2023. As a percentage of revenues, non-GAAP operating income was 43% for the third quarter of 2024 compared to 44% for the same quarter in 2023.
Net Income: GAAP net income for the third quarter of 2024 decreased by 1% to $46.2 million, or $1.24 per diluted share, compared to $46.5 million, or $1.24 per diluted share, for the same quarter in 2023. As a percentage of revenues, GAAP net income was 30% for the third quarter of 2024 compared to 33% for the same quarter in 2023. Non-GAAP net income for the third quarter of 2024 was $58.0 million, or $1.56 per diluted share, compared to $56.7 million, or $1.51 per diluted share, for the same quarter in 2023. As a percentage of revenues, non-GAAP net income was 38% for the third quarter of 2024 compared to 40% for the same quarter in 2023.
Adjusted EBITDA: Adjusted EBITDA (a non-GAAP financial measure) for the third quarter of 2024 increased by 1% to $69.7 million compared to $68.8 million for the same quarter in 2023. As a percentage of revenues, Adjusted EBITDA was 45% for the third quarter of 2024 compared to 48% for the same quarter in 2023.
Operating Cash Flow: Operating cash flow for the third quarter of 2024 decreased by 34% to $61.0 million compared to $92.4 million for the same quarter in 2023. As a percentage of revenues, operating cash flow was 40% for the third quarter of 2024 compared to 65% for the same quarter in 2023.
Third Quarter 2024 Business Highlights
Launched Qualys’ TruRisk Eliminate, a remediation solution extending beyond patching by providing patchless patching, targeted isolation, and other mitigation strategies to help organizations reduce risk.Expanded our portfolio by introducing Qualys TotalAI, designed to address the growing challenges and risks of securing generative AI and large language model (LLM) applications to detect data leaks, injection issues, and model theft.The 2024 GigaOm Radar Report for Continuous Vulnerability Management ranked Qualys’ VMDR as a leading vulnerability management solution for the fourth straight year. It noted VMDR stands apart from the competition as a “comprehensive risk-based approach to vulnerability management.”Gartner recognized TotalCloud among solutions named in its July 2024 Marketguide for Cloud Native Application Protection Platforms.Qualys’ CyberSecurity Asset Management ranked as a strong performer among top vendors in the Forrester Wave for Attack Surface Management in its debut in the report.Introduced updates to our Web Application Security solution including context-aware TruRisk prioritization, advanced API security features, and a redesigned user interface offering guided workflows and feedback loops. These updates address the growing complexity of securing web applications and APIs in digital environments.
Financial Performance Outlook
Based on information as of today, November 5, 2024, Qualys is issuing the following financial guidance for the fourth quarter and full year fiscal 2024. The Company emphasizes that the guidance is subject to various important cautionary factors referenced in the sections entitled “Legal Notice Regarding Forward-Looking Statements” and “Non-GAAP Financial Measures” below.
Fourth Quarter 2024 Guidance: Management expects revenues for the fourth quarter of 2024 to be in the range of $154.5 million to $157.5 million, representing 7% to 9% growth over the same quarter in 2023. GAAP net income per diluted share is expected to be in the range of $0.84 to $0.94, which assumes an effective income tax rate of 21%. Non-GAAP net income per diluted share is expected to be in the range of $1.28 to $1.38, which assumes a non-GAAP effective income tax rate of 21%. Fourth quarter 2024 net income per diluted share estimates are based on approximately 36.9 million weighted average diluted shares outstanding for the quarter.
Full Year 2024 Guidance: Management now expects revenues for the full year of 2024 to be in the range of $602.9 million to $605.9 million, representing 9% growth over 2023. This compares to the previous guidance range of $597.5 million to $601.5 million. GAAP net income per diluted share is expected to be in the range of $4.31 to $4.41, up from the previous guidance range of $3.85 to $4.01. This assumes an effective income tax rate of 18%. Non-GAAP net income per diluted share is expected to be in the range of $5.81 to $5.91, up from the previous guidance range of $5.46 to $5.62. This assumes a non-GAAP effective income tax rate of 21%. Full year 2024 net income per diluted share estimates are based on approximately 37.4 million weighted average diluted shares outstanding.
Qualys has not reconciled non-GAAP net income per diluted share guidance to GAAP net income per diluted share guidance because Qualys does not provide guidance on the various reconciling cash and non-cash items between GAAP net income and non-GAAP net income (i.e., stock-based compensation, amortization of intangible assets from acquisitions and non-recurring items). The actual dollar amount of reconciling items in the fourth quarter and full year 2024 is likely to have a significant impact on the Company’s GAAP net income per diluted share in the fourth quarter and full year 2024. A reconciliation of the non-GAAP net income per diluted share guidance to the GAAP net income per diluted share guidance is not available without unreasonable effort.
Investor Conference Call
Qualys will host a conference call and live webcast to discuss its third quarter financial results at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) on Tuesday, November 5, 2024. To access the conference call by phone, please register here. A live webcast of the earnings conference call, investor presentation and prepared remarks can be accessed at https://investor.qualys.com/events-presentations. A replay of the conference call will be available through the same webcast link following the end of the call.
Investor Contact
Blair King
Vice President, Investor Relations and Corporate Development
(650) 538-2088
ir@qualys.com
About Qualys
Qualys, Inc. (NASDAQ: QLYS) is a leading provider of disruptive cloud-based Security, Compliance and IT solutions with more than 10,000 subscription customers worldwide, including a majority of the Forbes Global 100 and Fortune 100. Qualys helps organizations streamline and consolidate their security and compliance solutions onto a single platform for greater agility, better business outcomes, and substantial cost savings.
The Qualys Enterprise TruRisk Platform leverages a single agent to continuously deliver critical security intelligence while enabling enterprises to automate the full spectrum of vulnerability detection, compliance, and protection for IT systems, workloads and web applications across on premises, endpoints, servers, public and private clouds, containers, and mobile devices. Founded in 1999 as one of the first SaaS security companies, Qualys has strategic partnerships and seamlessly integrates its vulnerability management capabilities into security offerings from cloud service providers, including Amazon Web Services, the Google Cloud Platform and Microsoft Azure, along with a number of leading managed service providers and global consulting organizations. For more information, please visit www.qualys.com.
Qualys, Qualys VMDR® and the Qualys logo are proprietary trademarks of Qualys, Inc. All other products or names may be trademarks of their respective companies.
Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements in this press release include, but are not limited to, quotations of management and statements related to: the benefits of our existing, new and upcoming products, features, integrations, acquisitions, collaborations and joint solutions, and their impact upon our long-term growth; our ability to advance our value proposition and competitive differentiation in the market; our ability to address demand trends; our ability to maintain and strengthen our category leadership; our ability to solve modern security challenges at scale; our strategies and ability to achieve and maintain durable profitable growth; our guidance for revenues, GAAP EPS and non-GAAP EPS for the fourth quarter and full year 2024; and our expectations for the number of weighted average diluted shares outstanding and the GAAP and non-GAAP effective income tax rate for the fourth quarter and full year 2024. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include our ability to continue to develop platform capabilities and solutions; the ability of our platform and solutions to perform as intended; customer acceptance and purchase of our existing solutions and new solutions; real or perceived defects, errors or vulnerabilities in our products or services; our ability to retain existing customers and generate new customers; the budgeting cycles and seasonal buying patterns of our customers; general market, political, economic and business conditions in the United States as well as globally; our ability to manage costs as we increase our customer base and the number of our platform solutions; the market for cloud solutions for IT security and compliance not increasing at the rate we expect; competition from other products and services; fluctuations in currency exchange rates; unexpected fluctuations in our effective income tax rate on a GAAP and non-GAAP basis; our ability to effectively manage our rapid growth and our ability to anticipate future market needs and opportunities; and any unanticipated accounting charges. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
The forward-looking statements in this press release are based on information available to Qualys as of the date hereof, and Qualys disclaims any obligation to update any forward-looking statements, except as required by law.
Non-GAAP Financial Measures
In addition to reporting financial results in accordance with GAAP, Qualys provides investors with certain non-GAAP financial measures, including non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income per diluted share, Adjusted EBITDA (defined as earnings before interest expense, interest income and other income (expense), net, income taxes, depreciation, amortization, and stock-based compensation) and non-GAAP free cash flows (defined as cash provided by operating activities less purchases of property and equipment, net of proceeds from disposal).
In computing non-GAAP financial measures, Qualys excludes the effects of stock-based compensation expense, amortization of intangible assets from acquisitions, non-recurring items and for non-GAAP net income, certain tax effects. Qualys believes that these non-GAAP financial measures help illustrate underlying trends in its business that could otherwise be masked by the effect of the income or expenses that are excluded in non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income per diluted share, Adjusted EBITDA and non-GAAP free cash flows.
Furthermore, Qualys uses some of these non-GAAP financial measures to establish budgets and operational goals for managing its business and evaluating its performance. Qualys believes that non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income per diluted share, Adjusted EBITDA and non-GAAP free cash flows provide additional tools for investors to use in comparing its recurring core business operating results over multiple periods with other companies in its industry.
Although Qualys does not focus on or use quarterly billings in managing or monitoring the performance of its business, Qualys provides calculated current billings (defined as total revenues recognized in a period plus the sequential change in current deferred revenue in the corresponding period) for the convenience of investors and analysts in building their own financial models.
In order to provide a more complete picture of recurring core operating business results, the Company’s non-GAAP net income and non-GAAP net income per diluted share include adjustments for non-recurring income tax items and certain tax effects of non-GAAP adjustments to achieve the effective income tax rate on a non-GAAP basis. The Company’s non-GAAP effective tax rate may differ from the GAAP effective income tax rate as a result of these income tax adjustments. The Company believes its estimated non-GAAP effective income tax rate of 21% in 2024 is a reasonable estimate under its current global operating structure and core business operations. The Company may adjust this rate during the year to take into account events or trends that it believes materially impact the estimated annual rate. The non-GAAP effective income tax rate could be subject to change for a number of reasons, including but not limited to, significant changes resulting from tax legislation, material changes in geographic mix of revenues and expenses and other significant events.
The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of the non-GAAP financial measures discussed in this press release to the most directly comparable GAAP financial measures is included with the financial statements contained in this press release. Management uses both GAAP and non-GAAP information in evaluating and operating its business internally and as such has determined that it is important to provide this information to investors.
Qualys, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Revenues
$ 153,867
$ 141,996
$ 448,380
$ 409,888
Cost of revenues (1)
28,832
26,739
82,445
80,355
Gross profit
125,035
115,257
365,935
329,533
Operating expenses:
Research and development (1)
28,901
27,782
83,550
83,001
Sales and marketing (1)
32,686
27,881
94,240
79,750
General and administrative (1)
18,494
15,999
50,362
45,182
Total operating expenses
80,081
71,662
228,152
207,933
Income from operations
44,954
43,595
137,783
121,600
Other income (expense), net:
Interest income
6,764
5,136
19,590
11,342
Other income (expense), net
605
(708)
(1,381)
(1,883)
Total other income, net
7,369
4,428
18,209
9,459
Income before income taxes
52,323
48,023
155,992
131,059
Income tax provision
6,111
1,508
26,277
20,057
Net income
$ 46,212
$ 46,515
$ 129,715
$ 111,002
Net income per share:
Basic
$ 1.26
$ 1.27
$ 3.52
$ 3.01
Diluted
$ 1.24
$ 1.24
$ 3.46
$ 2.96
Weighted average shares used in computing net income per share:
Basic
36,762
36,766
36,877
36,891
Diluted
37,136
37,448
37,441
37,516
(1) Includes stock-based compensation as follows:
Cost of revenues
$ 2,081
$ 1,946
$ 5,967
$ 5,255
Research and development
5,448
5,671
15,911
15,734
Sales and marketing
3,649
3,229
11,020
8,580
General and administrative
9,159
7,676
23,556
20,991
Total stock-based compensation, net of amounts capitalized
$ 20,337
$ 18,522
$ 56,454
$ 50,560
Qualys, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands)
September 30,
2024
December 31,
2023
Assets
Current assets:
Cash and cash equivalents
$ 235,430
$ 203,665
Restricted cash
—
1,500
Short-term marketable securities
150,913
221,893
Accounts receivable, net
114,967
146,226
Prepaid expenses and other current assets
35,307
26,714
Total current assets
536,617
599,998
Long-term marketable securities
186,680
56,644
Property and equipment, net
27,343
32,599
Operating leases – right of use asset
41,294
22,391
Deferred tax assets, net
77,730
62,761
Intangible assets, net
7,451
9,715
Goodwill
7,447
7,447
Noncurrent restricted cash
1,200
1,200
Other noncurrent assets
22,561
19,863
Total assets
$ 908,323
$ 812,618
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$ 1,422
$ 988
Accrued liabilities
39,960
43,096
Deferred revenues, current
337,821
333,267
Operating lease liabilities, current
9,333
11,857
Total current liabilities
388,536
389,208
Deferred revenues, noncurrent
23,116
31,671
Operating lease liabilities, noncurrent
38,266
16,885
Other noncurrent liabilities
8,810
6,680
Total liabilities
458,728
444,444
Stockholders’ equity:
Common stock
37
37
Additional paid-in capital
642,435
597,921
Accumulated other comprehensive loss
(293)
(1,704)
Accumulated deficit
(192,584)
(228,080)
Total stockholders’ equity
449,595
368,174
Total liabilities and stockholders’ equity
$ 908,323
$ 812,618
Qualys, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)
Nine Months Ended
September 30,
2024
2023
Cash flow from operating activities:
Net income
$ 129,715
$ 111,002
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense
14,410
21,140
Provision for credit losses
411
230
Loss on non-marketable securities
—
533
Stock-based compensation, net of amounts capitalized
56,454
50,560
Accretion of discount on marketable securities, net
(5,231)
(3,502)
Deferred income taxes
(15,374)
(11,561)
Changes in operating assets and liabilities:
Accounts receivable
30,848
18,137
Prepaid expenses and other assets
(9,900)
(4,804)
Accounts payable
391
(1,428)
Accrued liabilities and other noncurrent liabilities
(1,351)
8,211
Deferred revenues
(4,001)
22,248
Net cash provided by operating activities
196,372
210,766
Cash flow from investing activities:
Purchases of marketable securities
(305,952)
(252,438)
Sales and maturities of marketable securities
252,940
212,202
Purchases of property and equipment
(6,497)
(7,263)
Net cash used in investing activities
(59,509)
(47,499)
Cash flow from financing activities:
Repurchase of common stock
(97,188)
(147,725)
Proceeds from exercise of stock options
8,311
28,384
Payments for taxes related to net share settlement of equity awards
(23,093)
(14,998)
Proceeds from issuance of common stock through employee stock purchase plan
6,872
6,077
Payment of acquisition-related holdback
(1,500)
—
Net cash used in financing activities
(106,598)
(128,262)
Net increase in cash, cash equivalents and restricted cash
30,265
35,005
Cash, cash equivalents and restricted cash at beginning of period
206,365
176,419
Cash, cash equivalents and restricted cash at end of period
$ 236,630
$ 211,424
Qualys, Inc.
RECONCILIATION OF NON-GAAP DISCLOSURES
ADJUSTED EBITDA
(unaudited)
(in thousands, except percentages)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Net income
$ 46,212
$ 46,515
$ 129,715
$ 111,002
Net income as a percentage of revenues
30 %
33 %
29 %
27 %
Depreciation and amortization of property and equipment
3,670
5,922
12,146
18,824
Amortization of intangible assets
721
772
2,264
2,316
Income tax provision
6,111
1,508
26,277
20,057
Stock-based compensation
20,337
18,522
56,454
50,560
Total other income, net
(7,369)
(4,428)
(18,209)
(9,459)
Adjusted EBITDA
$ 69,682
$ 68,811
$ 208,647
$ 193,300
Adjusted EBITDA as a percentage of revenues
45 %
48 %
47 %
47 %
Qualys, Inc.
RECONCILIATION OF NON-GAAP DISCLOSURES
(unaudited)
(in thousands, except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
GAAP Cost of revenues
$ 28,832
$ 26,739
$ 82,445
$ 80,355
Less: Stock-based compensation
(2,081)
(1,946)
(5,967)
(5,255)
Less: Amortization of intangible assets
(705)
(747)
(2,198)
(2,241)
Non-GAAP Cost of revenues
$ 26,046
$ 24,046
$ 74,280
$ 72,859
GAAP Gross profit
$ 125,035
$ 115,257
$ 365,935
$ 329,533
Plus: Stock-based compensation
2,081
1,946
5,967
5,255
Plus: Amortization of intangible assets
705
747
2,198
2,241
Non-GAAP Gross Profit
$ 127,821
$ 117,950
$ 374,100
$ 337,029
GAAP Research and development
$ 28,901
$ 27,782
$ 83,550
$ 83,001
Less: Stock-based compensation
(5,448)
(5,671)
(15,911)
(15,734)
Less: Amortization of intangible assets
(16)
(25)
(66)
(75)
Non-GAAP Research and development
$ 23,437
$ 22,086
$ 67,573
$ 67,192
GAAP Sales and marketing
$ 32,686
$ 27,881
$ 94,240
$ 79,750
Less: Stock-based compensation
(3,649)
(3,229)
(11,020)
(8,580)
Non-GAAP Sales and marketing
$ 29,037
$ 24,652
$ 83,220
$ 71,170
GAAP General and administrative
$ 18,494
$ 15,999
$ 50,362
$ 45,182
Less: Stock-based compensation
(9,159)
(7,676)
(23,556)
(20,991)
Non-GAAP General and administrative
$ 9,335
$ 8,323
$ 26,806
$ 24,191
GAAP Operating expenses
$ 80,081
$ 71,662
$ 228,152
$ 207,933
Less: Stock-based compensation
(18,256)
(16,576)
(50,487)
(45,305)
Less: Amortization of intangible assets
(16)
(25)
(66)
(75)
Non-GAAP Operating expenses
$ 61,809
$ 55,061
$ 177,599
$ 162,553
GAAP Income from operations
$ 44,954
$ 43,595
$ 137,783
$ 121,600
Plus: Stock-based compensation
20,337
18,522
56,454
50,560
Plus: Amortization of intangible assets
721
772
2,264
2,316
Non-GAAP Income from operations
$ 66,012
$ 62,889
$ 196,501
$ 174,476
GAAP Net income
$ 46,212
$ 46,515
$ 129,715
$ 111,002
Plus: Stock-based compensation
20,337
18,522
56,454
50,560
Plus: Amortization of intangible assets
721
772
2,264
2,316
Less: Tax adjustment
(9,299)
(9,129)
(18,812)
(18,569)
Non-GAAP Net income
$ 57,971
$ 56,680
$ 169,621
$ 145,309
GAAP Net income per share:
Basic
$ 1.26
$ 1.27
$ 3.52
$ 3.01
Diluted
$ 1.24
$ 1.24
$ 3.46
$ 2.96
Non-GAAP Net income per share:
Basic
$ 1.58
$ 1.54
$ 4.60
$ 3.94
Diluted
$ 1.56
$ 1.51
$ 4.53
$ 3.87
Weighted average shares used in GAAP and non-GAAP net income per share:
Basic
36,762
36,766
36,877
36,891
Diluted
37,136
37,448
37,441
37,516
Qualys, Inc.
RECONCILIATION OF NON-GAAP DISCLOSURES
FREE CASH FLOWS
(unaudited)
(in thousands)
Nine Months Ended
September 30,
2024
2023
GAAP Cash flows provided by operating activities
$ 196,372
$ 210,766
Less:
Purchases of property and equipment, net of proceeds from disposal
(6,497)
(7,263)
Non-GAAP Free cash flows
$ 189,875
$ 203,503
Qualys, Inc.
RECONCILIATION OF NON-GAAP DISCLOSURES
CALCULATED CURRENT BILLINGS
(unaudited)
(in thousands, except percentages)
Three Months Ended
September 30,
2024
2023
GAAP Revenue
$ 153,867
$ 141,996
GAAP Revenue growth compared to same quarter of prior year
8 %
13 %
Plus: Current deferred revenue at September 30
337,821
307,179
Less: Current deferred revenue at June 30
(324,334)
(302,446)
Non-GAAP Calculated current billings
$ 167,354
$ 146,729
Calculated current billings growth compared to same quarter of prior year
14 %
14 %
View original content:https://www.prnewswire.com/news-releases/qualys-announces-third-quarter-2024-financial-results-302296710.html
SOURCE Qualys, Inc.
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SINGAPORE, Nov. 6, 2024 /PRNewswire/ — Funding for Financial Technology (FinTech) in ASEAN has surged more than 10 times since 2015[1], growing at an exponential rate compared to global FinTech funding. This fuelled growth in sectors such as payments and alternative lending, and is poised to advance further with the increasing prevalence of Generative Artificial Intelligence (GenAI) and quantum computing. Jointly launched by UOB, PwC Singapore and the Singapore FinTech Association (SFA) today, the roundup edition of FinTech in ASEAN 2024 report: A decade of innovation report recaps the evolution of FinTech in the region from 2015 to 2024.
Weathering through the funding winter in recent years on the back of uncertain macroeconomic climate, FinTech investments in the six biggest ASEAN economies[2] are finally seeing some light at the end of the tunnel. ASEAN FinTech funding totalled US$1.41 billion in the first three quarters of this year (9M24), constituting four per cent of global FinTech funding, a one percentage point growth year-on-year (yoy). Though the region’s total funding was down by less than one per cent yoy, it was a significant recovery from the 71 per cent fall seen in 9M23 against 9M22.
Ms Janet Young, Managing Director and Group Head, Channels & Digitalisation and Strategic Communications & Brand, UOB, said, “FinTechs have evolved from a disruptive force to an essential component of financial ecosystems over the past decade. ASEAN’s FinTech sector continues to show promise, supported by improving macroenvironment and emergence of advanced technologies. UOB has been a long-term supporter of FinTechs and will continue to look for opportunities for collaboration to bring innovation and better solutions to our customers and stakeholders across ASEAN.”
The latest report showed regional FinTechs garnering more than US$20 billion in investments over the last decade, with close to 1,500 deals. FinTechs in payment and alternative lending sectors were the most sought, making up more than half of ASEAN’s total funding at US$6.5 billion and US$4.1 billion respectively.
Ms Wong Wanyi, FinTech Leader, PwC Singapore, said, “ASEAN’s FinTech sector is progressively making waves in global waters, demonstrating resilience and adaptability amidst macroeconomic uncertainties. Despite being in the game with larger economies, ASEAN’s FinTechs have steadily gained long-term investor confidence over the last decade. Going forward, the growing impact of quantum computing and GenAI will continue to push new frontiers in financial services, offering faster, more secure and intelligent solutions. We are at the epicentre of a transformation, where these advancements will not only drive unprecedented growth, but also firmly establish ASEAN as a global FinTech innovation leader.”
Mr Shadab Taiyabi, President, Singapore FinTech Association, said, “It is encouraging to see that ASEAN remains as a vibrant hub for FinTech innovation, with the sector demonstrating resilience and adaptability in the face of ongoing volatility. The FinTech ecosystem in Singapore continues to attract robust funding, driven by strong regulatory support and opportunities for cross-border collaboration. Looking ahead, SFA remains committed to foster the growth of the FinTech ecosystem while creating new opportunities for FinTechs to leverage emerging technologies and strategic partnerships that will further strengthen the ecosystem.”
The next decade of innovation
With the US Federal Reserve (Fed)’s recent interest rate cut in September 2024, the FinTech industry will likely receive a shot in the arm. Lower interest rates typically lead to cheaper funding, greater investor appetite from venture capital and higher valuations, ultimately improving exit opportunities. When Fed last cut interest rates in third quarter 2019 and further slashed it to a historical low during 2020 to 2021, ASEAN’s FinTech funding spiked and peaked at US$6.36 billion in 2021, the region’s highest amount in the past decade.
Beyond better macroeconomic environment, FinTechs worldwide are set to enter a new era catalysed by two advanced technologies – GenAI and quantum computing – which may potentially reshape the financial ecosystem significantly.
In 9M24, global funding injected into the GenAI sector increased by 38 per cent yoy. GenAI can significantly enhance customer experience in the FinTech sector with innovative personalised financial advice and products, improved fraud detection and risk management.
Another promising FinTech sector is quantum computing, which enables financial institutions to develop innovation solutions beyond boundaries of classic computers. It has the potential to revolutionise the FinTech sector in areas such as optimising investment strategies and enhancing security through advanced cryptography algorithms.
Singapore and Thailand lead ASEAN FinTech investments in 2024
Singapore snared the lion’s share of FinTech investments in ASEAN for the 10th consecutive year, securing more than half of the region’s total funding with US$745 million in 9M24. Singapore also topped the number of deals at 62 across nine FinTech categories. The Lion City housed the most FinTech unicorns in ASEAN since 2015, with six out of 16 unicorn firms. Notable FinTech unicorns include Advance Intelligence Group, the parent company of several AI financial service platforms including buy-now-pay-later platform Atome; and NIUM, a cross-border payments firm that has expanded globally and continued to raise a series E funding this year.
Thailand to rose to second place, ahead of last year’s runner up Indonesia, with US$341 million or 24 per cent of ASEAN’s Fintech funding in 9M24, backed by closing two mega deals[3]. Singapore and Thailand accounted for 76 per cent of total FinTech funding and close to 68 per cent of funding deals in ASEAN in 9M24, having clinched the only four mega deals in the region.
Two of the mega deals are seed- and early-stage[4] investments of more than US$240 million, boosting young FinTechs to make up more than 60 per cent of total funding in ASEAN. This reflects investors’ willingness to bet on budding innovation, and ASEAN is still seen as a fertile ground for new FinTechs to thrive with favorable long-term growth prospects, building the region’s growth in FinTech for the past decade.
The FinTech in ASEAN 2024: A decade of innovation report was launched at Singapore FinTech Festival today. For the full report, please visit go.uob.com/fintech2024.
[1] 9M15 vs 9M24
[2] Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam
[3] Funding deals of more than US$100 million. The two mega deals from Thailand are: Payment FinTech firm Ascend Money with US$195 million and financial blockchain firm GuildFi with US$140 million.
[4] Seed investments refer to seed and angel funding; Early-stage investments refer to Series A or B funding.
– Ends –
About UOB
UOB is a leading bank in Asia. Operating through its head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam, UOB has a global network of around 500 offices in 19 countries and territories in Asia Pacific, Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. Today, UOB is rated among the world’s top banks: Aa1 by Moody’s Investors Service and AA- by both S&P Global Ratings and Fitch Ratings.
For nearly nine decades, UOB has adopted a customer-centric approach to create long-term value by staying relevant through its enterprising spirit and doing right by its customers. UOB is focused on building the future of ASEAN – for the people and businesses within, and connecting with, ASEAN.
The Bank connects businesses to opportunities in the region with its unparalleled regional footprint and leverages data and insights to innovate and create personalised banking experiences and solutions catering to each customer’s unique needs and evolving preferences. UOB is also committed to help businesses forge a sustainable future, by fostering social inclusiveness, creating positive environmental impact and pursuing economic progress. UOB believes in being a responsible financial services provider and is steadfast in its support of art, social development of children and education, doing right by its communities and stakeholders.
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SOURCE UOB
Technology
From Wall Street to Web3: How Triskel is Transforming Financial Access
Published
4 mins agoon
November 6, 2024By
NEW DELHI, Nov. 6, 2024 /PRNewswire/ — In a world where financial systems are showing cracks—from limited access to exclusionary practices—a quiet revolution is brewing. Web3, with its promise of decentralization, offers more than just technological change; it offers a philosophical shift. But with opportunity comes complexity.
The rise of DeFi has unlocked new possibilities, yet many individuals and businesses struggle to navigate this evolving landscape securely and confidently.
Enter Triskel Wallet, a groundbreaking platform redefining financial tools. The Web3 superapp bridges traditional finance and the Web3 ecosystem, offering unprecedented asset control while ensuring security and compliance.
Beyond Traditional Finance
With just a few taps on a smartphone, investors can access prime real estate opportunities across the globe. No paperwork, no brokers, no hassle.
That’s the power of asset tokenization, and it’s just one of the ways Triskel is democratizing finance. As founder, Abel Benitez, explains, “Imagine owning a piece of global real estate without the paperwork, brokers, or middlemen—just a few clicks away on your phone.”
What was once exclusive to institutional investors, high-net-worth families, and patrimonial wealth is now accessible to everyday users. Triskel opens financial opportunities that were previously reserved for the few, democratizing access to investments and wealth-building tools through its innovative platform.
Your Keys Your Kingdom
Redefining Asset Control At its core, Triskel is a non-custodial wallet. This means users retain exclusive control of their private keys, eliminating the need for bank intermediaries. Users maintain complete autonomy over their assets as sole owners of their wealth.
Abel Benitez, the visionary behind Triskel, puts it perfectly: “Finance isn’t just about profit; it’s about freedom—freedom to control, build, and participate in wealth creation without borders or intermediaries.” This freedom to grow wealth and access previously unattainable opportunities defines true financial autonomy.
Security and Innovation Combined
Regarding security, Triskel has implemented robust measures. Advanced security protocols and regulatory compliance allow safe exploration of the DeFi world while keeping both individuals and businesses protected from legal pitfalls. The platform’s hybrid model offers the best of both worlds, enabling seamless management of both crypto and fiat assets.
Triskel emphasizes the importance of a collaborative economy, reflecting its commitment to shared value creation. As part of this effort, the platform has introduced the Real Referral Program (RRP), offering participants up to 50% of revenue. This initiative not only rewards community engagement but also aligns with Triskel’s vision of building an inclusive financial ecosystem where users benefit from collective growth.
The Future of Finance
As the lines between traditional and decentralized finance continue to blur, platforms like Triskel Wallet are leading the way. By offering security, compliance, and user control, Triskel ensures that individuals and businesses can confidently navigate both realms.
“We’re not just building a platform,” Benitez reflects. “We’re building the future. A future where trust, control, and opportunity are in the hands of everyone.”
About Triskel
Triskel Wallet is a decentralized, non-custodial super app that provides users with complete control over crypto assets. The platform bridges the gap between DeFi and traditional finance with USDT-backed Debit card.
Social: https://linktr.ee/triskel_wallet
Photo: https://mma.prnewswire.com/media/2543172/Triskel_Financial_Access.jpg
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SOURCE Triskel
Technology
Volta Energy Solutions Hungary pursues ‘The Copper Mark’ award
Published
4 mins agoon
November 6, 2024By
The “Copper Mark” is the leading assurance framework to promote responsible practices across the copper industry that considers the environmental, social and governance issues, from mining to processing, in the copper industry.CEO Kwak Keun-man said, “We will prove that our sourcing is ethical and fulfill our social responsibilities in accordance with international standards.”
BUDAPEST, Hungary, Nov. 6, 2024 /PRNewswire/ — Volta Energy Solutions Hungary (VESH) announced that it has started the process to obtain The Copper Mark, under their assurance process.
The Copper Mark was established in 2019 and is the leading assurance framework in the copper industry’s to ensure that the environmental, social, and governance (ESG) practices are met. In the assurance process, extensive evaluation is conducted in terms of environmental and human rights protection, regional coexistence, and compliance with ethical management from ore mining to production sales of ore products and others. Therefore, it is considered the “ESG assurance process within the copper industry.”
The London Metal Exchange (LME), the world’s largest metal exchange, recommends that companies involved in the copper industry implement a responsible sourcing policy. The Copper Mark is used as a means of ensuring that this policy is carried out, and companies that have obtained this mark are included in the “LME-Approved Brands” list. As of August 2024, more than 360 brands are registered in more than 55 countries for copper cathode, zinc, nickel, etc.
In Europe, where Volta Energy Solutions currently operates battery copper foil and copper foil plants including Hungary, the stability of the resource supply chain is being enhanced by establishing sustainable supply chains and raising standards to meet environmental and social responsibilities. By obtaining the Copper Mark award, Volta Energy Solutions expects that it will be able to secure an advantageous position as a reliable raw material supplier and continue to build stronger business relationships with many global customers.
Kwak Keun-man, CEO of Volta Energy Solutions, said, “Our pursuit of The Copper Mark award is part of our efforts to meet the strict ESG standards of the international community, including Europe and the United States. We will reinforce ESG management through responsible sourcing policies and grow together with global customers in the long term as a sustainable company.”
In addition to pursuing this The Copper Mark award, Volta Energy Solutions is carrying out various ESG activities to meet international standards.
For example, the company has a supply chain management policy to ensure that its product supply chain does not include conflict minerals linked to armed groups in conflict zones. As a global company with several overseas subsidiaries, Volta Energy Solutions is striving to respect human rights, coexist with local communities, and comply with local laws.
About Volta Energy Solutions
Volta Energy Solutions (VES) is a European subsidiary of Solus Advanced Materials (a South Korea-based company listed on the Korean stock market (KOSPI)). Volta Energy Solutions operates its respective subsidiaries in Hungary and Canada. VES’s history back to 1960, when Circuit Foil Luxembourg (CFL) was established in Luxembourg. CFL was the first company to develop copper foil for electric vehicle batteries in 1996. Solus Advanced Materials acquired CFL in 2014 and entered the copper foil business based on CFL’s technological expertise and knowhow. Since 2014, Solus Advanced Materials has been expanding its business presence, establishing a new footprint in Europe with its battery foil plant in Hungary in 2018. Through this strategic movement, VES was established in Luxembourg to manage and expand its global presence further. With the rapid growth of the North American EV market, Volta Energy Solutions Canada (VESC), located in Quebec, Canada, to expand its business presence in the market. For more information, please visit the VES & CFL website at www.volta-energysolutions.com/ www.circuitfoil.com
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SOURCE Solus Advanced Materials
ASEAN FinTech funding grew more than 10-fold in past decade, GenAI and Quantum Computing to power new era: FinTech in ASEAN 2024 report
From Wall Street to Web3: How Triskel is Transforming Financial Access
Volta Energy Solutions Hungary pursues ‘The Copper Mark’ award
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