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Qualys . Qualys Announces Third Quarter 2021 Financial Results November 3 , 2021 Revenue Growth of 13 % Year - Over - Year GAAP EPS : $ 0.70 ; Non - GAAP EPS : $ 0.86 Raises 2021 Revenue Guidance to $ 409.5- $ 410.1 million Announces $ 200 Million Increase to Share Repurchase Program FOSTER CITY , Calif . , Nov. 3 , 2021 / PRNewswire / -- Qualys . Inc. ( NASDAQ : QLYS ) , a pioneer and leading provider of disruptive cloud - based IT , security and compliance solutions , today announced financial results for the third quarter ended September 30 , 2021. For the quarter , the Company reported revenues of $ 104.9 million , net income under United States Generally Accepted Accounting Principles ( " U.S. GAAP " ) of $ 27.8 million , non - GAAP net income of $ 34.2 million , Adjusted EBITDA of $ 50.3 million , GAAP net income per diluted share of $ 0.70 , and non - GAAP net income per diluted share of $ 0.86 . " Building on our momentum , we delivered another solid quarter of financial performance reflecting progress advancing our go - to - market initiatives and continued platform innovation , " said Sumedh Thakar , president and CEO of Qualys . " With the Qualys Cloud Platform as a foundation for securing our customers ' digital transformations , we experienced strong interest and adoption of our Vulnerability Management , Detection and Response ( VMDRⓇ ) application in the quarter with paid Cloud Agent subscriptions growing 40 % year - over - year to 70 million deployed . I am also pleased to announce our Board has authorized a $ 200 million increase to our share repurchase program , which allows us to mitigate our share dilution and drive shareholder value . " Third Quarter 2021 Financial Highlights Revenues : Revenues for the third quarter of 2021 increased by 13 % to $ 104.9 million compared to $ 93.1 million for the same quarter in 2020 . Gross Profit : GAAP gross profit for the third quarter of 2021 increased by 14 % to $ 82.5 million compared to $ 72.5 million for the same quarter in 2020. GAAP gross margin was 79 % for the third quarter of 2021 compared to 78 % for the same quarter in 2020. Non - GAAP gross profit for the third quarter of 2021 increased by 14 % to $ 85.1 million compared to $ 74.8 million for the same quarter in 2020. Non - GAAP gross margin was 81 % for the third quarter of 2021 compared to 80 % for the third quarter of 2020 . Operating Income : GAAP operating income for the third quarter of 2021 increased by 22 % to $ 32.0 million compared to $ 26.3 million for the same quarter in 2020. As a percentage of revenues , GAAP operating income was 30 % for the third quarter of 2021 compared to 28 % for the same quarter in 2020. Non - GAAP operating income for the third quarter of 2021 increased by 12 % to $ 43.1 million compared to $ 38.4 million for the same quarter in 2020. As a percentage of revenues , non - GAAP operating income was 41 % for both the third quarter of 2021 and 2020 . Net Income : GAAP net income for the third quarter of 2021 was $ 27.8 million , or $ 0.70 per diluted share , compared to $ 22.7 million , or $ 0.56 per diluted share , for the same quarter in 2020. As a percentage of revenues , GAAP net income was 26 % for the third quarter of 2021 compared to 24 % for the same quarter in 2020. Non - GAAP net income for the third quarter of 2021 was $ 34.2 million , or $ 0.86 per diluted share , compared to $ 31.4 million , or $ 0.77 per diluted share , for the same quarter in 2020. As a percentage of revenues , non - GAAP net income was 33 % for the third quarter of 2021 compared to 34 % for the same quarter of 2020 . Adjusted EBITDA : Adjusted EBITDA for the third quarter of 2021 increased by 11 % to $ 50.3 million compared to $ 45.1 million for the same quarter in 2020. As a percentage of revenues , Adjusted EBITDA was 48 % for both the third quarter of 2021 and 2020 . Operating Cash Flow : Operating cash flow for the third quarter of 2021 decreased by 19 % to $ 48.5 million compared to $ 59.6 million for the same quarter in 2020. As a percentage of revenues , operating cash flow was 46 % for the third quarter of 2021 compared to 64 % for the same quarter in 2020 . Third Quarter 2021 Business Highlights • Integrated new Zero - Touch Patch capabilities into Qualys Patch Management to help companies ensure their endpoints and servers are proactively updated as soon as patches are available to reduce overall risk . • Qualys Research team was honored by the acclaimed Pwnie Awards at Black Hat USA 2021 , receiving recognition for Best Privileged Escalation Bug and Most Under - Hyped Research . • Collaborated with Red Hat to offer joint customers enhanced security for both the container and host operating systems for Red Hat OpenShift . • Acquired TotalCloud to integrate its workflow management technology into the Qualys Cloud Platform so that customers will be able to build no - code , user - defined workflows that simplify security and compliance outputs . Financial Performance Outlook Based on information as of today , November 3 , 2021 , Qualys is issuing the following financial guidance for the fourth quarter and full year fiscal 2021 . The Company emphasizes that the guidance is subject to various important cautionary factors referenced in the section entitled " Legal Notice Regarding Forward - Looking Statements " below . Fourth Quarter 2021 Guidance : Management expects revenues for the fourth quarter of 2021 to be in the range of $ 108.1 million to $ 108.7 million ,