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Qlik Technologies Inc. (NASDAQ:QLIK)

February 27, 2013 5:30 pm ET

Executives

Lars Björk - Chief Executive Officer, President and Director

William G. Sorenson - Chief Financial Officer

Analysts

Adam H. Holt - Morgan Stanley, Research Division

Adam H. Holt - Morgan Stanley, Research Division

Thank you all for joining us. For those of you I don't know, my name is Adam Holt, and I run the Enterprise Software Practice and Equity Research at Morgan Stanley. And I'm very excited to have our next presentation with Qlik. As some of you might have seen, we highlighted QlikTech as one of our top picks heading into calendar '13. And then on Monday, at the analyst forum, we reiterated that view and selected Qlik as the highlight name that we talked about in terms of most leveraged to secular trends, best positioning relative to the market and a very attractive financial and valuation story. So one of our key names right now. And I'm thrilled to have both the CEO, Lars Bjork, and the CFO, Bill Sorenson, to talk to us about the strength of the business and the outlook for this year. So thanks, guys.

Lars Björk

Thank you, Adam.

William G. Sorenson

Thanks, Adam.

Question-and-Answer Session

Adam H. Holt - Morgan Stanley, Research Division

So why don't we start with sort of where we are in the model. Over the last 12 to 18 months, you all have done a lot to really up-level the company. Why don't we start with the product, and then we'll go to sales, and then we'll touch on services. So what have you done on the product side over the last 12 to 18 months to really improve the positioning?

Lars Björk

So right now, we are selling the 11th version of the product. It's a very compelling offering out there. We released this last year. We are working on -- in the background, on the next version of QlikView, which will be released this year. It is a bigger rewrite sort of product than we've probably done in a long time to enable a lot of things that we think are important trends in this industry. And I will just touch on a few of those trends or themes, because legal doesn't allow me to be more explicit until we release. So for instance, mobile and touch are things that are going to be here. We think that BYOD, whatever device you would like to bring or use should be the one that you use to access the QlikView application. We think that the whole idea of managing the environment of QlikView needs to be better governed by the IP site. Hasn't been our core strength in the past. If I say so, we have improved over the years. We're going to do a lot more in that area when you look at '12. If you go back to '11 and look at some intermediate stuff that we've done, we have come out with Direct Discovery at the end of last year. This is our first step away from saying that everything has to be in QlikView's proprietary data file in memory. What if you could also access the data set outside of QlikView, on occasional basis, object by object, and send a query down to whatever that data set or database is? So those are sort of high-level themes around what's on the market now and what's under way to be released later this year.

Adam H. Holt - Morgan Stanley, Research Division

Can I just drill down on the last piece because I got lots of questions about this? Could you maybe be a little bit more explicit in terms of what Direct Discovery is? What the data problem is that it solves, and how it complements your existing approach?

Lars Björk

Yes. So as I said before here, you pull data into QlikView into a file from whatever data source you want. You can combine many types of data sources, there is no limitation to that. There is clearly a limitation when you come to the largest of the largest of data sets because you can't fit it in RAM memory. And in some cases, you would not prefer to take it out of the source that it is in as well. And we thought about this. We don't want to shift our model from what is the most performing engine out there. Nothing is faster than the QlikView application because we utilize the fastest asset you have in front of you, RAM memory. But what if you could, on occasion and on your preference, access data sets outside of that, where you write a query down to a Teradata database, where you write it to another type of data source like that and get to a very, very, very large data set that you might not frequently access, but it could still be an additional benefit to you. So it's a little bit of best of both worlds. We don't think most clients are going to use it as an extensive way of accessing data. It's going to be an add-on to what they already do with QlikView. And just to be clear, there is interest out there, there is very interesting discussions going on with clients. It hasn't influenced any business yet.

Adam H. Holt - Morgan Stanley, Research Division

Okay. Well, that was going to be my next question, which is, is that something you did proactively or was that something that the market was asking for, demanding that you do? And it doesn't sound like it's impacted win rates yet.

Lars Björk

It certainly wasn't something that the market was asking for, it was us being proactive. And I think when it comes to some of these use cases and the other vendors that we're working with, a Teradata or an EMC, which we just announced this Monday, their sales cycle tends to be slightly longer than ours, it's not a few months. So we have to adhere to that as well.

Adam H. Holt - Morgan Stanley, Research Division

Going back to your first point, mobility and touch. Those have been themes of yours for a while. In fact, when we talk to customers, it seems like your touch and your mobile capabilities are real differentiators. How do you think about what you offer relative to the broader market and enhancing what's already a point of differentiation?

Lars Björk

Well, I don't think we compare it to the broader market. We try to think of what would be the best experience if you would like to use it on a mobile device. And that's why if you look at the next version of QlikView, you will have exactly the same experience on an iPad as on your computer. The only difference is the fact that you don't have a keyboard, so you have to do some of those moves by multi-touching on the screen. But that, you're probably familiar with from other types of software as well. For instance, making a selection, you first have to make your selection and then okay it, that's how the small differences that they are. It also means that everything will be done through a browser. You will, pointing at the guy in the first row, be able to build your QlikView application directly through that iPad in the next version, which also means that you can have more than one person working on building the same application at the same time, which we are somewhat limited to only have one person doing now because all the power is, again, at the server. And it also enables something more, where that service is, we can talk about cloud, we can talk about SaaS, you can talk about on-premise, you can talk somewhere else. Again, it becomes your preference.

Adam H. Holt - Morgan Stanley, Research Division

Okay. Let me shift to the distribution side. You started to really, in my view, upgrade your management in the sales organization about 1.5 years ago. Can you talk about what you've done on that front? And then you've also really accelerated your capacity over the last 12 to 18 months. Can we talk about what you've done there as well?

Lars Björk

So we are in a constant upgrade and evaluation of the sales team because the business continues to develop. And what we have shown, I think, very clearly in 2012 is that the fastest-growing segment is the enterprise segment. That's not where we started our journey on this. So a lot of people that have been with us for some years might not be the best to move into that market of enterprise selling. And therefore, we also made an upgrade here in the U.S., the person that runs U.S. sales is very comfortable talking to large clients about large deployments. And let's not single too much in on the individuals I'm going to mention because the key thing that these guys do is not their own capacities, it's the fact that they are leaders and can build a team around them. And we have done the same thing in Northern Europe. If you go back 2 years, we've done the same thing in Southern Europe. In the last 6 months, we've changed the manager in the Nordic to that type of profile. We have a new, since a year ago, a new Asia Pac leader. These people are a lot more comfortable engaging with large clients. They have seen the movie and know how it can end when you walk into that type of environment where it's not just going to be a sales rep engaging with a client, it's going to be a whole team, there's going to be services, there's going to be educational services, there's going to be customer support, there's going to be marketing specialists that engage with the client to help them utilize what we have built in the past around best practices and best ways of deploying the software in this specific use case.

Adam H. Holt - Morgan Stanley, Research Division

One of the lessons, I think, that we talked a little bit about last year was thinking through how long it takes salespeople to ramp. I think you ended the year thinking it may be 6 to 9 months and maybe that extended a little bit. Am I characterizing that correctly? And what should be the operating assumptions going forward in terms of time to ramp on enterprise salespeople?

Lars Björk

I think we plan for that it takes 6 to 9 months for a person to start delivering revenue. But we also see that they continue to mature into their -- well into their second year of employment, primarily when you're selling into the enterprise, because there are longer sales cycles, there are longer relationships that need to be built.

Adam H. Holt - Morgan Stanley, Research Division

Okay. So I mean, does that essentially mean that you've sort of adjusted the ramp times in terms of thinking through how long it takes people to ramp?

Lars Björk

Yes.

Adam H. Holt - Morgan Stanley, Research Division

Okay. And how should we think about investments going forward? Do you feel like you're going to continue to invest at the same level you're growing revenue? How do you think about growing sales capacity?

Lars Björk

I think we've made a huge investment last year, primarily on the field organization, in sales capacity. We are likely going to be more modest this year. We are going to drive a lot more what you would summarize as productivity. We want more of these people to be successful. We are going to hire more people in the enabling organization, the service organization that enable these deployments to be successful. We are going to walk into big accounts hand-in-hand with service -- sales and services. So it's not as much a focus on just the rep, but the whole team that makes it successful. More so in this year than it has in previous years.

Adam H. Holt - Morgan Stanley, Research Division

Using that as the pivot to talk about the services organization, you made a couple of key hires internally. What are you doing internally to not only build out the management layer but also the organization to scale into some of these larger enterprise deals?

Lars Björk

So we're continuing on what we have done in the past, is we are going to build out expert services. We are going to build out capacity so we can service these large clients. We don't want to build out the capacity of deployment services when it comes to building the applications as such. We want to more be the expert that can lead the project, that can advise the architecture and the environment that's best for a QlikView setup, and we leave the application building -- and we have done that for many years, mostly to our partner community.

Adam H. Holt - Morgan Stanley, Research Division

If you think about the partner ecosystem, you've announced some relationships with third parties. How does that factor into your planning and your capacity going forward?

Lars Björk

It factors in as well, if you're referring to the system integrators and such. I don't think you can -- you can hope for that they will ramp up quickly. I don't think they have a strong loyalty towards any product, it's more driven with demand that they see out of their client base or our joint client base. If a lot of their customers point to QlikView to be the product, you can be sure that they pay a lot more attention to building out that service capacity. And that's why it's so important you don't leave them to lead the way. You've got to do it jointly with them or we lead the way. Well, we also have deals recently in Q4 as we have spoken to on the earnings call. We closed most of the large deals at the end of last year. And a number of those deals are now being deployed by system integrators who will own the project, and we will have a small piece of the project, and they will do most of the legwork.

Adam H. Holt - Morgan Stanley, Research Division

Are most of those relationships on the deployment side or is there an opportunity to pivot into more lead generation kind of relationships?

Lars Björk

It's mostly on the deployment side. But I wouldn't rule the other side out since they have very strong relationships with a lot of customers. But I wouldn't call it lead gen, I would call it more relationship-building than anything.

Adam H. Holt - Morgan Stanley, Research Division

And you also have a relatively recent relationship with Teradata. Can you talk about what that is and whether that's more of a lead gen kind of deal or whether it's more of a technology deal?

Lars Björk

It's more of a technology deal. So the Teradatas, the Informaticas, the Google, the Clouderas, the EMCs of the world, are companies that we more or less see in the same accounts. And we then came to the conclusion jointly with a number of them, why shouldn't we walk in hand-in-hand and support each other. We don't really compete. We have adjacent solutions. We solve slightly different problems. And some of the larger ones, there's clearly opportunity as they progress to get some leverage out of that because they have a big installed base.

Adam H. Holt - Morgan Stanley, Research Division

You all are obviously a much bigger company now than you were when you went public. We hear lots and lots of the bigger folks now talking about in-memory, and we had Microsoft here earlier this week talking about how important business intelligence is to their evolving MBD strategy. Have you seen any real competitive response from the larger organizations, the SAPs, IBMs, Microsofts, that has changed any of the dialogues that you have in the field?

Lars Björk

Not really. I think their attempts to do something hasn't shown up in any use case at all. So you can view it this way, has our win rate against this large incumbent players, who still own most of this market, shifted? No. We still win 9 out of 10 times.

Adam H. Holt - Morgan Stanley, Research Division

And as you've moved from being, call it $10,000, $15,000, $20,000 deals into some of these bigger deals, does that mean you're typically replacing a Business Objects or a Cognos or you're still largely complementing these technologies?

Lars Björk

First of all, we don't focus on if we replace them or we augment them. We focus on solving that use case that we were brought in and had a dialogue about. If the customer decides that, yes, this is great, why couldn't we do this as well, and they de-engage from another platform, that could very well be the consequence. And we can see more and more of that happening. So it's not us bringing it up on the table, it's them coming to that conclusion. A simple way of saying is, is a lot of these incumbent solutions dying on the vine more rapidly? Yes.

Adam H. Holt - Morgan Stanley, Research Division

Okay. Maybe let's pivot for a little bit and talk about some of the recent results. So if you look at the Q2 and Q3 results, they were what you were expecting. And then Q4, you reversed back to the good old days, a big upside quarter with acceleration of license growth. What was the biggest difference between the Q4 results and the Q2 and Q3 results?

Lars Björk

So Q2, I think, there was a macroeconomic effect. There was a lot of uncertainty. Larger clients felt, "Why should I make a decision now, I'll take a vacation and come back and revisit the decision," that was clearly. In Q3, what's a little bit frustrating for us was that a lot of the initiatives that we started already after Q2 to address that type of behavior in the market was well under way, but it wasn't showing in numbers. And then in Q4, what I begin to see is relentless scrubbing, discipline, hard work and focusing even more in on selling business value and proving that use case paid off. Of course, I think there was an element of less uncertainty in Q4, people felt more comfortable. Budget flush, if you want use that word, or people want to wrap up the year and want to close out on a good note, get things done. But we were a lot more prepared for that type of environment. And a lot of hard work.

Adam H. Holt - Morgan Stanley, Research Division

Just on to that last point. I mean, I have been asking a lot of the folks at this conference how they're viewing the macro environment, the spending environment. Is it better than it was this time last year? What's the impact of the sequester potentially? How do you view the environment versus a year ago or compared to the June quarter last year?

Lars Björk

If you take the June quarter last year, as I just said, I think we were unprepared for some of the effects of that, which surprised us negatively. I think in Q4, in all honesty, it even surprised Bill and myself positively. It was above our expectations as well. I think we are much, much better equipped for this market, and we have taken a planning assumption: it's not going to get any worse -- you can debate that, but we don't think it's going to get any better sooner either. So adapt to these business conditions, sell into that, we know how to deal with it, we can show why it's just as important to apply QlikView and make it a must-have, for selling nice-to-have solutions in this market environment, I think, is a dead-end street.

Adam H. Holt - Morgan Stanley, Research Division

A lot of debates about what the sequester will mean. What do you all think it means to you? And how material is your federal business?

William G. Sorenson

The sequester, it's not a Swedish word?

Lars Björk

No. Go ahead.

William G. Sorenson

When you look at the environments we've been working in since we've gone public, they've all been difficult for different reasons, in Europe, here in the U.S. Certainly, the sequester could put a pall on investments overall, but the thing that we continue to focus on is trying to sell the value of the product. And I repeatedly go back to the success we're having in Spain, selling to some big enterprise customers there in a market that has 25% unemployment. We're demonstrating that the product will yield value and therefore is worthy of the investment. The use cases even in a sequester environment can work very much to our benefit. One of the things we're talking quite a bit about and we're having more and more success with is in the health care space, evidence-based medicine. The government providing incentives to health care providers to show better results in terms of their procedures as a way to basically improve the overall delivery and quality of that service. The ability of these hospitals and caregivers to have that information which comes from multiple systems really just speaks to what we can do, and we had 2 big wins in that category in Q4. So certainly, sequester can create a negative environment, and certainly, we could see companies hunker down as they did at the beginning of 2011 or midway through 2011, but it's been a difficult environment since 2010.

Adam H. Holt - Morgan Stanley, Research Division

In the fourth quarter, a lot of the things we've talked about have been sort of building up to being more successful in the enterprise. You've really had a blowout in the fourth quarter in terms of the bigger enterprise deals. Do you think that, that's now a bigger part of your story that you're going to have more of a concentration of large deals in a Q4, similar to like maybe an SAP might see or is your cadence going to be different? And what's the outlook for large deals in the first half?

Lars Björk

I think the important takeaway here is, are we going to close more than 11 large deals in '13? Yes, we are. Are we going to close most of them at the beginning of the year? Doubt that. But I think it's more important from a predictability perspective, it's not just those large deals, it's the multi-hundred thousand dollar deals that we do hundreds of in a quarter. And can we do several hundred, can we do 500 of those? Those are the interesting ones. Because that brings a lot more predictability to the table for Bill and myself.

William G. Sorenson

One of the things, too, Adam, I would just add to that is, as you know, I was a media and entertainment guy, so software was new to me 5 years ago. And the way that companies buy software is amazing to me, because I think if you have a need for a product, why are you waiting till Q4? But it is the reality of this marketplace. However, nowadays, where we see so many other changes in terms of the way people buy technology, particularly at the enterprise level, that's certainly something we would love to see. The reality is, though, that I don't think you're ever going to see Q1 be a big quarter. Salespeople are tired of selling and people who buy are tired of looking at opportunities. But hopefully, we could see Q4 moderating a bit as people realize that, "I want this software, I can put it in now, I don't have to wait."

Adam H. Holt - Morgan Stanley, Research Division

You all were very early, in my view, to talk about the concept of landing a customer and then expanding a customer. Could you talk about the mix that you're seeing with respect to customer up-sells versus new customers?

Lars Björk

Well, you saw it. It was 67% in Q4, that was the expanding. And I think we incentivize for that purpose as well. So our direct sales force, our named account managers that have between 2 and 10 accounts. So by nature, they better go back and sell to those 2 because they're not going to get #3 and 4 before they are penetrated. So it's built in by itself that, that goes to the named accounts side. On the partners side and on the inside sales, I think it's a very different mix. But any sales guy would probably come to this conclusion, it is easier to sell to an existing customer than to find a new one.

Adam H. Holt - Morgan Stanley, Research Division

Right. I've got 2 more questions, then I'm going to open up it to the audience for your questions. You did a small acquisition a couple of quarters ago. How do you think about what you need to add to the portfolio inorganically versus organically?

Lars Björk

So not being too explicit. We continue to look at interesting technologies out there, and we look at it very much from the same angle as we did with Expressor. It is things that we might have on our roadmap to build ourselves, but what if we can buy it and get it on board now versus later into the future. And there's a small team looking at this. Don't be surprised if we announce another one in this year or maybe 2 other ones. Because clearly, there is interesting smaller companies out there. We have a different perspective of buying a sizable player. First, there is very few that we think would fit to what we do, and then we have all the respect of integrating another organization into ours. That's something we have a lot of experience about.

Adam H. Holt - Morgan Stanley, Research Division

But the key message is you're going to look at interesting technologies but it's going to favor the smaller sort of tactical technologies?

Lars Björk

Yes, yes. And mainly because we don't feel like we are facing the end of our runway here. The technology is going to take us many years into the future. But what if we can create an even longer runway right now rather than wait till we get to the end.

Adam H. Holt - Morgan Stanley, Research Division

Got it. And then my last question is just on margins. As you noted, you've been in an investment period. How do we think about sort of the medium-term margin story?

William G. Sorenson

Well, I mean, last year, as you know, Adam, from our guidance for '12, we had hoped to have margin expansion. As you also know, we generally have to invest sort of 6 months out. And when you're growing as we're growing, it's sort of hard to throttle it completely, so we had made a number of investments, the market turned sour midway through the year, and it limited our ability to do it. We put another 200 basis points out there within the guidance. We think we have a number of opportunities in sales and marketing and in G&A to drive that type of improvement, and I think that's something we've got to continue to do. We have a 90% gross profit margin. We should be able to drop more to the bottom line. We don't want to give out -- or give up on the growth trajectory because we think there's a very big greenfield still out there for us. But I would look for 200, several hundred basis point type improvement year-on-year as we move forward.

Adam H. Holt - Morgan Stanley, Research Division

And you all used to have long-term growth targets. Is that still something that you're comfortable talking about, sort of long-term top line growth targets?

Lars Björk

Yes, I think we've spoken about 25%, and we view it as a constant currency one, and we beat that last year. And we don't think it's out of reach to maintain that.

Adam H. Holt - Morgan Stanley, Research Division

All right. That's a good one for me to end on. I will turn it to the audience for any questions. This good-looking guy right here in the middle.

Unknown Analyst

Lars, you talked in the beginning about educating the market. Maybe you could just kind of level set for us here, a little bit about competition, I think there's maybe some misunderstanding in the market about the players. There's one emerging competitor that starts with letter T, and I think they do things that are different than you. Maybe you could help us understand that in the context of the size of the market and how it's developing.

Lars Björk

Yes, yes. It's a very valid question, we get it all the time, is Tableau stealing business from you, that was the one you're referring to. I think there's a big, big, big misunderstanding here. Guys, Tableau is a small player. They're riding on our wave. They're doing a great job. We're doing a great job. It's not a zero sum game between the 2 of us. We are both eating the lunch of the big guys. But the more important thing, this is a huge TAM, and what I think we have shown is with the discovery products, whether you call them data discovery or business discovery that we call it, you have grown that TAM because you've lowered the threshold for anyone to use the product. I think there can be many players in this field without -- and that's why you can see these skewed statistics, too. You might listen to somebody else, and they say, "Well, we take this much market share from QlikTech." And we sit at the other end, and I can assure you, we track all of this in QlikView, of course, and we don't have the same statistics. And the very simple truth is, we of course not in all the same opportunities. So again, the big players here continue to be the BOBJs and the Cognos and the likes of the world, and we are eating into their market. Of course, we bump into Tableau from time to time, but that's not the big competitor.

Adam H. Holt - Morgan Stanley, Research Division

Is there anyone you see in more than 50% of your deals?

Lars Björk

No, no.

Adam H. Holt - Morgan Stanley, Research Division

Is there anyone you see in more than -- I mean, it used to be a really small number. Is it -- what's the -- is there anyone you see more than 25%?

Lars Björk

Those 2 players that I mentioned, those are the ones that would be up there on 10%, 15% of the deals. But it's a pretty long tail. And we don't see them as they are walking in together with us to sell the new deals, we see them more because they happen to be the wallpaper on the wall [indiscernible].

Adam H. Holt - Morgan Stanley, Research Division

Okay. We've got time for one more question.

Lars Björk

Way in the back.

Unknown Analyst

Adam referred to earlier Q4 as the kind of the old days of Qlik of a nice beat. And you did state on the call that your goal for 2013 is to get back into the old days of Qlik and beat and raise. What is it that you see that gave you the confidence to make that statement, either in productivity, changes that you've made in the sales force or your pipeline? What is it that gave you the confidence to make that statement?

Lars Björk

So I think you almost answered the question, but I will elaborate on what you said. Far more equipped team to address this market opportunity in this market, productivity gains that we're beginning to see, but we are not where we would like to be yet. The tenure of the sales force is still young. And I think what we also see is that the use cases out there that clients more and more are trying to solve are moving towards where we have been on a broad base a lot more distinct. People want tools that are easy to use. People want tools that are flexible and agile. People want tools that can constantly evolve as the business evolves. And they realize that, that's not a tool where every single change has to be done by IT. That's not going to support that. Not discrediting what IT does in an organization, but they shouldn't be the ones building and maintaining the best of applications in this field. They should maintain and build the best infrastructure, and of course, govern who has access to what. So a number of variables and us continuing to fine-tuning that.

William G. Sorenson

And if I could just add, I think the wins that we had with big enterprises, several of them new, large deals and several of them repeats from earlier large deals, showing we're beating out the competition where it's head-to-head and people are making the nod for us because they're saying, this product is scaling and can scale to a bigger and broader need. So that's telling us we are very much in that sweet spot where we think we belong.

Adam H. Holt - Morgan Stanley, Research Division

All right, with that, we're out of time. Thank you.

Lars Björk

Thank you, Adam.

William G. Sorenson

Thanks, Adam.

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