Qualys, Inc 10-K for FY2022

Qualys, Inc. (QLYS)

10-K 2023-02-23 For: 2022-12-31

Added on April 08, 2026

About this 10-K

Qualys, Inc filed this 10-K on February 23, 2023, covering the fiscal year ended December 31, 2022 (FY2022).

Headline figures

Fiscal year ended December 31, 2022, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $489.72M; up 19.1% from $411.17M a year earlier
Net income: $107.99M; up 52.2% from net income of $70.96M a year earlier
Diluted EPS: $2.74; up 54.8% from $1.77 a year earlier

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Delaware		77-0534145
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification Number)

Title of each class	Trading Symbol(s)	Name of exchange on which registered
Common stock, $0.001 par value per share	QLYS	NASDAQ Stock Market

Large accelerated filer	☒		Accelerated filer	☐		Non-accelerated filer	☐		Smaller reporting company	☐
									Emerging growth company	☐

		Page
Risk Factor Summary		3
Note Regarding Forward-Looking Statements		4
PART I
Item 1.	Business	5
Item 1A.	Risk Factors	17
Item 1B.	Unresolved Staff Comments	36
Item 2.	Properties	36
Item 3.	Legal Proceedings	36
Item 4.	Mine Safety Disclosures	36
PART II
Item 5.	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	37
Item 6.	[Reserved]	39
Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	40
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	48
Item 8.	Financial Statements and Supplementary Data	49
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	80
Item 9A.	Controls and Procedures	80
Item 9B.	Other Information	80
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
PART III
Item 10.	Directors, Executive Officers and Corporate Governance	81
Item 11.	Executive Compensation	81
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	81
Item 13.	Certain Relationships and Related Transactions, and Director Independence	81
Item 14.	Principal Accounting Fees and Services	81
PART IV
Item 15.	Exhibits and Financial Statement Schedules	82
Signatures		84

	•	Our quarterly and annual operating results may vary from period to period, which could result in our failure to meet expectations with respect to operating results and cause the trading price of our stock to decline.
	•	If we do not successfully anticipate market needs and opportunities or are unable to enhance our solutions and develop new solutions that meet those needs and opportunities on a timely or cost-effective basis, we may not be able to compete effectively and our business and financial condition may be harmed.
	•	If we fail to continue to effectively scale and adapt our platform to meet the performance and other requirements of our customers, our operating results and our business would be harmed.
	•	If we are unable to renew existing subscriptions for our IT, security and compliance solutions, sell additional subscriptions for our solutions and attract new customers, our operating results would be harmed.
	•	Our current research and development efforts may not produce successful products or enhancements to our platform that result in significant revenue, cost savings or other benefits in the near future.
	•	Our platform, website and internal systems may be subject to intentional disruption or other security incidents that could result in liability and adversely impact our reputation and future sales.
	•	Our sales cycle can be long and unpredictable, and our sales efforts require considerable time and expense. As a result, revenues may vary from period to period, which may cause our operating results to fluctuate and could harm our business.
	•	Adverse economic conditions or reduced IT spending may adversely impact our business.
	•	Our IT, security and compliance solutions are delivered from 11 shared cloud platforms, and any disruption of service at these facilities would interrupt or delay our ability to deliver our solutions to our customers which could reduce our revenues and harm our operating results.
	•	We face competition in our markets, and we may lack sufficient financial or other resources to maintain or improve our competitive position.
	•	If our solutions fail to detect vulnerabilities or incorrectly detect vulnerabilities, our brand and reputation could be harmed, which could have an adverse effect on our business and results of operations.
	•	If we are unable to continue the expansion of our sales force, sales of our solutions and the growth of our business would be harmed.
	•	We rely on third-party channel partners to generate a substantial amount of our revenues, and if we fail to expand and manage our distribution channels, our revenues could decline and our growth prospects could suffer.
	•	A significant portion of our customers, channel partners and employees are located outside of the United States, which subjects us to a number of risks associated with conducting international operations, and if we are unable to successfully manage these risks, our business and operating results could be harmed.
	•	If the market for cloud solutions for IT, security and compliance does not evolve as we anticipate, our revenues may not grow and our operating results would be harmed.
	•	Our business and operations have continued to grow since inception, and if we do not appropriately manage any future growth, or are unable to improve our systems and processes, our operating results may be negatively affected.
	•	A portion of our revenues are generated by sales to government entities, which are subject to a number of challenges and risks.
	•	Undetected software errors or flaws in our solutions could harm our reputation, decrease market acceptance of our solutions or result in liability.
	•	Our solutions could be used to collect and store personal information of our customers’ employees or customers, and therefore privacy and other data handling concerns could result in additional cost and liability to us or inhibit sales of our solutions.
	•	Our solutions contain third-party open source software components, and our failure to comply with the terms of the underlying open source software licenses could restrict our ability to sell our solutions.
	•	We use third-party software and data that may be difficult to replace or cause errors or failures of our solutions that could lead to lost customers or harm to our reputation and our operating results.
	•	Failure to protect our proprietary technology and intellectual property rights could substantially harm our business and operating results.
	•	Assertions by third parties of infringement or other violations by us of their intellectual property rights could result in significant costs and harm our business and operating results.

	•	our financial performance, including our revenues, costs, expenditures, growth rates, operating expenses and ability to generate positive cash flow to fund our operations and sustain profitability;
	•	anticipated technology trends, such as the use of cloud solutions;
	•	our ability to adapt to changing market conditions;
	•	the impact of the ongoing COVID-19 pandemic on our business;
	•	economic and financial conditions, including volatility in foreign exchange rates, inflation concerns, rising interest rates, recessionary fears, supply chain disruption, and global labor shortage;
	•	our ability to diversify our sources of revenues, including selling additional solutions to our existing customers and our ability to pursue new customers;
	•	the effects of increased competition in our market;
	•	our ability to innovate and enhance our cloud solutions and platform and introduce new solutions;
	•	our ability to effectively manage our growth;
	•	our anticipated investments in sales and marketing, our infrastructure, new solutions, research and development, and acquisitions;
	•	maintaining and expanding our relationships with channel partners;
	•	our ability to maintain, protect and enhance our brand and intellectual property;
	•	costs associated with defending intellectual property infringement and other claims;
	•	our ability to attract and retain qualified employees and key personnel, including sales and marketing personnel;
	•	our ability to successfully enter new markets and manage our international expansion;
	•	our expectations, assumptions and conclusions related to our income tax provision, our deferred tax assets and our effective tax rate; and
	•	other factors discussed in this Annual Report on Form 10-K in the sections titled “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations.”

	•	the extent to which customers subscribe for additional solutions;
	•	changes in customer renewals of our solutions;
	•	timing of deals signed within the applicable fiscal period;
	•	seasonal buying patterns of our customers;
	•	timely invoicing or changes in billing terms of customers;
	•	the length of our sales cycle for our products and services;
	•	price competition;
	•	the timing and success of new product or service introductions by us or our competitors or any other changes in the competitive landscape of our industry, including consolidation among our competitors;
	•	the introduction or adoption of new technologies that compete with our solutions;
	•	decisions by potential customers to purchase IT, security and compliance products or services from other vendors;
	•	general economic conditions, both domestically and in the foreign markets in which we sell our solutions;
	•	changes in foreign currency exchange rates;
	•	changes in the growth rate of the IT, security and compliance market;
	•	actual or perceived security breaches, technical difficulties or interruptions with our service;
	•	failure of our products and services to operate as designed;
	•	publicity regarding security breaches generally and the level of perceived threats to IT security;
	•	the announcement or adoption of new regulations and policy mandates or changes to existing regulations and policy mandates;
	•	the amount and timing of operating costs and capital expenditures related to the operations and expansion of our business;
	•	pace and cost of hiring employees;

	•	expenses associated with our existing and new products and services;
	•	the timing of sales commissions relative to the recognition of revenues;
	•	insolvency or credit difficulties confronting our customers, affecting their ability to purchase or pay for our solutions;
	•	our ability to integrate any products or services that we have acquired or may acquire in the future into our product suite or migrate existing customers of any companies that we have acquired or may acquire in the future to our products and services;
	•	future accounting pronouncements or changes in our accounting policies;

	•	our effective tax rate, changes in tax rules, tax effects of infrequent or unusual transactions, and tax audit settlements;
	•	the amount and timing of income tax that we recognize resulting from stock-based compensation;
	•	the timing of expenses related to the development or acquisition of technologies, services or businesses; and
	•	potential goodwill and intangible asset impairment charges associated with acquired businesses.

Plan Category	(a) Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights			(b) Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights			(c) Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a)
	(in thousands)						(in thousands)
Equity compensation plans approved by security holders ⁽¹⁾		2,990	(2)	$	87.59	(3)		2,906	(4)
Equity compensation plans not approved by security holders		—		$	—			—

	December 31, 2017		December 31, 2018		December 31, 2019		December 31, 2020		December 31, 2021		December 31, 2022
Qualys, Inc.	$	100.00	$	125.93	$	140.47	$	205.34	$	231.20	$	189.10
NASDAQ Global Select Market	$	100.00	$	96.32	$	130.62	$	186.83	$	230.03	$	155.00
NASDAQ Computer	$	100.00	$	96.32	$	144.80	$	217.17	$	299.39	$	192.28
S&P 500	$	100.00	$	95.62	$	125.72	$	148.85	$	191.58	$	156.88

Period	Total Number of Shares Purchased		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plan or Program (1)		Approximate Dollar Value of Shares that May Yet Be Purchased under the Plan or Program
October 1, 2022 - October 31, 2022		231,057	$	136.68		231,057	$	227,405,137
November 1, 2022 - November 30, 2022		285,100	$	121.98		285,100	$	192,628,215
December 1, 2022 - December 31, 2022		331,441	$	115.09		331,441	$	154,481,340	(2)
Total		847,598				847,598

	Year Ended December 31,
	2022			2021
Revenues		100	%		100	%
Cost of revenues		21			22
Gross profit		79			78
Operating expenses:
Research and development		21			20
Sales and marketing		20			19
General and administrative		12			18
Total operating expenses		53			57
Income from operations		26			21
Total other income, net		1			—
Income before income taxes		27			21
Income tax provision		5			4
Net income		22	%		17	%

	Year Ended
	December 31,				Change
	2022		2021		$		%
	(in thousands, except percentages)
Revenues	$	489,723	$	411,172	$	78,551		19	%

	Page
Reports of Independent Registered Public Accounting Firm (PCAOB ID Number 248)	50
Consolidated Balance Sheets	52
Consolidated Statements of Operations	53
Consolidated Statements of Comprehensive Income	54
Consolidated Statements of Cash Flows	55
Consolidated Statements of Stockholders' Equity	56
Notes to Consolidated Financial Statements	57

•	Involved an employee compensation specialist to assess the application of stock-based compensation tax rules.
•	Obtained management’s permanent and temporary provision calculation and tied out inputs to supporting equity documentation.
•	Tested the completeness and accuracy of the calculation of permanent and temporary differences.
•	Determined that the ending gross temporary difference agreed to the supporting equity documentation.
•	We tested the design and operating effectiveness of internal controls over the Company’s calculation of the tax effects covering the validation of the completeness and accuracy of underlying data used in the analysis.

	*December 31,*
	*2022*			*2021*
Assets
Current assets:
Cash and cash equivalents	$	173,719		$	137,328
Short-term marketable securities		147,608			267,960
Accounts receivable, net of allowance of $736 and $793 as of December 31, 2022 and 2021, respectively		121,795			108,998
Prepaid expenses and other current assets		30,216			32,112
Total current assets		473,338			546,398
Long-term marketable securities		59,206			111,198
Property and equipment, net		47,428			61,854
Operating leases - right of use asset		33,752			37,016
Deferred tax assets, net		45,412			25,087
Intangible assets, net		12,801			6,545
Goodwill		7,447			7,447
Restricted cash		2,700			1,200
Other noncurrent assets		18,857			17,814
Total assets	$	700,941		$	814,559
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	2,808		$	1,296
Accrued liabilities		42,592			32,504
Deferred revenues, current		293,728			257,872
Operating lease liabilities, current		13,060			12,608
Total current liabilities		352,188			304,280
Deferred revenues, noncurrent		23,490			32,753
Operating lease liabilities, noncurrent		29,121			35,914
Other noncurrent liabilities		7,013			4,898
Total liabilities		411,812			377,845
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock: $0.001 par value; 20,000 shares authorized, no shares issued and outstanding as of December 31, 2022 and 2021		—			—
Common stock: $0.001 par value; 1,000,000 shares authorized, 37,362 and 39,112 shares issued and outstanding as of December 31, 2022 and 2021, respectively		37			39
Additional paid-in capital		512,486			477,323
Accumulated other comprehensive income (loss)		(1,947	)		1,007
Accumulated deficit		(221,447	)		(41,655	)
Total stockholders’ equity		289,129			436,714
Total liabilities and stockholders’ equity	$	700,941		$	814,559

	*Year Ended December 31,*
	*2022*			*2021*			*2020*
Revenues	$	489,723		$	411,172		$	362,963
Cost of revenues		102,788			89,439			79,226
Gross profit		386,935			321,733			283,737
Operating expenses:
Research and development		101,186			81,289			72,548
Sales and marketing		97,221			76,487			67,965
General and administrative		57,981			76,274			46,570
Total operating expenses		256,388			234,050			187,083
Income from operations		130,547			87,683			96,654
Other income (expense), net:
Interest expense		—			—			(9	)
Interest income		5,191			2,287			5,385
Other income (expense), net		(2,038	)		(573	)		7
Total other income, net		3,153			1,714			5,383
Income before income taxes		133,700			89,397			102,037
Income tax provision		25,708			18,437			10,465
Net income	$	107,992		$	70,960		$	91,572
Net income per share:
Basic	$	2.81		$	1.82		$	2.34
Diluted	$	2.74		$	1.77		$	2.25
Weighted average shares used in computing net income per share:
Basic		38,453			39,030			39,167
Diluted		39,344			40,118			40,740

										*Accumulated*			*Retained*
	*Common Stock*						*Additional*			*Other*			*Earnings*			*Total*
							*Paid-In*			*Comprehensive*			*(Accumulated*			*Stockholders’*
	*Shares*			*Amount*			*Capital*			*Income (Loss)*			*Deficit)*			*Equity*
Balances at December 31, 2019		39,146		$	39		$	362,408		$	1,162		$	23,194		$	386,803
Net income		—			—			—			—			91,572			91,572
Other comprehensive loss, net of tax		—			—			—			(1,646	)		—			(1,646	)
Issuance of common stock upon exercise of stock options		1,130			1			34,460			—			—			34,461
Repurchase of common stock		(1,293	)		(1	)		(15,530	)		—			(111,198	)		(126,729	)
Issuance of common stock upon vesting of restricted stock units		476			—			—			—			—			—
Taxes related to net share settlement of equity awards		(206	)		—			(20,199	)		—			—			(20,199	)
Stock-based compensation		—			—			40,220			—			—			40,220
Balances at December 31, 2020		39,253			39			401,359			(484	)		3,568			404,482
Net income		—			—			—			—			70,960			70,960
Other comprehensive income, net of tax		—			—			—			1,491			—			1,491
Issuance of common stock upon exercise of stock options		725			1			49,993			—			—			49,994
Repurchase of common stock		(1,148	)		(1	)		(13,793	)		—			(116,183	)		(129,977	)
Issuance of common stock upon vesting of restricted stock units		530			—			—			—			—			—
Taxes related to net share settlement of equity awards		(248	)		—			(27,815	)		—			—			(27,815	)
Stock-based compensation		—			—			67,579			—			—			67,579
Balances at December 31, 2021		39,112			39			477,323			1,007			(41,655	)		436,714
Net income		—			—			—			—			107,992			107,992
Other comprehensive loss, net of tax		—			—			—			(2,954	)		—			(2,954	)
Issuance of common stock upon exercise of stock options		468			—			24,483			—			—			24,483
Repurchase of common stock		(2,460	)		(2	)		(29,558	)		—			(287,784	)		(317,344	)
Issuance of common stock upon vesting of restricted stock units		329			—			—			—			—			—
Taxes related to net share settlement of equity awards		(132	)		—			(17,615	)		—			—			(17,615	)
Issuance of common stock through employee stock purchase plan		45						4,445									4,445
Stock-based compensation		—			—			53,408			—			—			53,408
Balances at December 31, 2022		37,362		$	37		$	512,486		$	(1,947	)	$	(221,447	)	$	289,129

	*December 31, 2022*
	*Level 1*		*Level 2*		*Fair Value*
	(in thousands)
Money market funds	$	82,701	$	—	$	82,701
U.S. Treasury and government agencies		—		156,662		156,662
Foreign government		—		1,006		1,006
Corporate bonds		—		63,910		63,910
Asset-backed securities		—		15,027		15,027
Foreign currency forward contracts		—		1,493		1,493
Total assets	$	82,701	$	238,098	$	320,799
Foreign currency forward contracts	$	—	$	4,679	$	4,679
Total liabilities	$	—	$	4,679	$	4,679

	*December 31, 2021*
	*Level 1*		*Level 2*		*Fair Value*
	(in thousands)
Money market funds	$	75,258	$	—	$	75,258
Commercial paper		—		18,896		18,896
U.S. Treasury and government agencies		—		254,527		254,527
Foreign government		—		1,019		1,019
Corporate bonds		—		86,703		86,703
Asset-backed securities		—		18,863		18,863
Foreign currency forward contracts		—		3,336		3,336
Total assets	$	75,258	$	383,344	$	458,602
Foreign currency forward contracts	$	—	$	388	$	388
Total liabilities	$	—	$	388	$	388

	*December 31, 2022*
	*Amortized Cost*		*Unrealized Gains*		*Unrealized Losses*			*Fair Value*
	(in thousands)
Cash equivalents: (1)
Money market funds	$	82,701	$	—	$	—		$	82,701
U.S. Treasury and government agencies		29,787		4		—			29,791
Total		112,488		4		—			112,492
Short-term marketable securities:
Corporate bonds		36,908		3		(337	)		36,574
Asset-backed securities		726		—		(2	)		724
U.S. Treasury and government agencies		110,225		—		(921	)		109,304
Foreign government		1,008		—		(2	)		1,006
Total		148,867		3		(1,262	)		147,608
Long-term marketable securities:
Corporate bonds		28,146		—		(810	)		27,336
Asset-backed securities		14,435		—		(132	)		14,303
U.S. Treasury and government agencies		18,076		—		(509	)		17,567
Total		60,657		—		(1,451	)		59,206
Total	$	322,012	$	7	$	(2,713	)	$	319,306

	*December 31, 2022*
	*Less than 12 months*					*12 months or longer*					*Total*
	Fair value		Gross unrealized losses			Fair value		Gross unrealized losses			Fair value		Gross unrealized losses
	(in thousands)
Foreign government agencies	$	998	$	(2	)	$	-	$	-		$	998	$	(2	)
Asset-backed securities		13,365		(124	)		1,652		(10	)		15,017		(134	)
Corporate bonds		33,800		(389	)		26,326		(758	)		60,126		(1,147	)
U.S. Treasury and government agencies		89,802		(1,175	)		36,833		(255	)		126,635		(1,430	)
Total	$	137,965	$	(1,690	)	$	64,811	$	(1,023	)	$	202,776	$	(2,713	)

	*Available-for-sale debt securities*			*Cash flow hedges*			*Total*
	(in thousands)
Balances at December 31, 2019	$	822		$	340		$	1,162
Change in unrealized gains (losses) during the period		549			(2,099	)		(1,550	)
Net gains reclassified into income during the period		(25	)		(564	)		(589	)
Income tax benefit (provision)		(122	)		615			493
Net change during the period		402			(2,048	)		(1,646	)
Balances at December 31, 2020		1,224			(1,708	)		(484	)
Change in unrealized gains (losses) during the period		(1,854	)		2,837			983
Net losses reclassified into income during the period		22			933			955
Income tax benefit (provision)		423			(870	)		(447	)
Net change during the period		(1,409	)		2,900			1,491
Balances at December 31, 2021		(185	)		1,192			1,007
Change in unrealized gains (losses) during the period		(2,462	)		581			(1,881	)
Net gains reclassified into income during the period		—			(1,147	)		(1,147	)
Income tax benefit (provision)		(58	)		132			74
Net change during the period		(2,520	)		(434	)		(2,954	)
Balances at December 31, 2022	$	(2,705	)	$	758		$	(1,947	)

	(in thousands)
2023	$	158,607
2024		82,902
2025		27,874
2026		1,994
2027		692
2028 and thereafter		62
Total	$	272,131

			*December 31, 2022*
(in thousands)	*Weighted Average Life (Years)*	*Weighted Average Remaining Life (Years)*		*Cost*		*Accumulated Amortization*			*Net Book Value*
Developed technology	4.6	1.4	$	40,141	$	(27,860	)	$	12,281
Patent licenses	14.0	1.7		1,387		(1,221	)		166
Non-compete agreements	2.0	—		500		(500	)		—
Assembled workforce	2.0	1.7		359		(45	)		314
Total intangibles subject to amortization			$	42,387	$	(29,626	)	$	12,761
Intangible assets not subject to amortization									40
Total intangible assets, net								$	12,801

		(in thousands)
2023	$	3,085
2024		2,904
2025		2,557
2026		2,477
2027		1,738
Total expected future amortization expense	$	12,761

		(in thousands)
2023	$	14,940
2024		13,460
2025		7,715
2026		4,498
2027		4,353
2028 and thereafter		1,465
Total minimum lease payments		46,431
Less: interest		(4,250	)
Present value of net minimum lease payments		42,181
Less: lease liabilities, current		(13,060	)
Lease liabilities, noncurrent	$	29,121

	(in thousands)
2023	$	12,862
2024		13,261
2025		12,597
2026		11,591
2027		14,091
Total purchase commitments	$	64,402

	*Outstanding Options*			*Weighted Average Exercise Price*		*Weighted Average Remaining Contractual Life*		*Aggregate Intrinsic Value*
	(in thousands)					(Years)		(in thousands)
Balance as of December 31, 2021		1,838		$	66.05		6.0	$	130,791
Granted		593		$	133.43
Exercised		(468	)	$	52.29
Canceled		(156	)	$	114.21
Balance as of December 31, 2022		1,807		$	87.59		6.5	$	58,024
Vested and expected to vest - December 31, 2022		1,583		$	81.95		6.1	$	57,690
Exercisable - December 31, 2022		981		$	56.25		4.4	$	56,062

	*Outstanding RSUs*				*Weighted Average Grant Date Fair Value*
	(in thousands)
Balance as of December 31, 2021		952		(1)	$	105.20
Granted		711		(2)	$	137.50
Vested		(330	)		$	100.27
Forfeited		(150	)		$	117.63
Balance as of December 31, 2022		1,183		(3)	$	124.42
Outstanding and expected to vest - December 31, 2022		929			$	122.55

	*Year Ended December 31,*
	*2022*
Expected term (in years)		0.5
Volatility		41.1% to 50.1%
Risk-free interest rate		0.7% to 3.1%
Dividend yield		—

Announcement Date	*Authorized Dollar Value*
	(in millions)
February 12, 2018	$	100.0
October 30, 2018		100.0
October 30, 2019		100.0
May 7, 2020		100.0
February 10, 2021		100.0
November 3, 2021		200.0
May 4, 2022		200.0
Total as of December 31, 2022	$	900.0


3.1	Amended and Restated Certificate of Incorporation of Qualys, Inc.	S-1/A	333-182027	3.3	September 12, 2012

3.2	Amended and Restated Bylaws of Qualys, Inc.	8-K	001-35662	3.1	November 2, 2022

4.1	Form of common stock certificate.	S-1/A	333-182027	4.1	September 12, 2012

4.2	Description of Registrant’s securities	10-K	001-35662	4.2	February 21, 2020

10.1*	2000 Equity Incentive Plan, as amended, and the form of stock option agreement thereunder.	S-1	333-182027	10.1	June 8, 2012

10.2*	Qualys, Inc. 2012 Equity Incentive Plan, as amended, restated and extended.	8-K	001-35662	10.1	June 10, 2022

10.3*	Qualys, Inc. 2021 Employee Stock Purchase Plan	8-K	001-35662	10.1	June 11, 2021

10.4*	Offer Letter, between Qualys, Inc. and Sumedh S. Thakar, dated January 20, 2003.	S-1	333-182027	10.5	June 8, 2012

10.5*	Offer Letter, between Qualys, Inc. and Joo Mi Kim, dated May 21, 2020.	8-K	001-35662	10.1	May 26, 2020

10.6*	Offer Letter, between Qualys, Inc. and Bruce K. Posey, dated May 8, 2012.	S-1	333-182027	10.9	June 8, 2012

10.7*	Offer Letter, between Qualys, Inc. and Allan Peters, dated April 26, 2021.	10-K	001-35662	10.7	February 22, 2022

10.8*	Form of Performance-Based Restricted Stock Unit Agreement for Executives under the 2012 Equity Incentive Plan, dated October 28, 2021	10-K	001-35662	10.8	February 22, 2022

10.9*	Form of director and executive officer indemnification agreement.	S-1/A	333-182027	10.10	August 10, 2012

10.10*	Qualys, Inc. Executive Performance Bonus Plan.	Schedule 14A, Appendix A	001-35662	N/A	April 25, 2016

10.11*#		Qualys, Inc. 2022 Corporate Bonus Plan.	X

10.12		Lease Agreement, between Qualys, Inc. and Hudson Metro Center, LLC, dated October 14, 2016.		8-K	001-35662	10.1	October 19, 2016

21.1		List of subsidiaries of Qualys, Inc.	X

23.1		Consent of Grant Thornton LLP, independent registered public accounting firm.	X

31.1		Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of The Sarbanes-Oxley Act of 2002.	X

31.2		Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of The Sarbanes-Oxley Act of 2002.	X

32.1		Certification of Chief Executive Officer pursuant to Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of The Sarbanes-Oxley Act of 2002.	X

32.2		Certification of Chief Financial Officer pursuant to Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of The Sarbanes-Oxley Act of 2002.	X

101.INS		Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.	X

101.SCH		Inline XBRL Taxonomy Extension Schema Document.	X

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document.	X

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase.	X

101.LAB		Inline XBRL Taxonomy Extension Labels Linkbase Document.	X

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document.	X

104		Cover Page Interactive Data File - formatted in Inline XBRL and included as Exhibit 101.	X

	*	Indicates a management contract or compensatory plan or arrangement.
	†	Portions of this exhibit have been omitted due to a determination by the Securities and Exchange Commission that these portions should be granted confidential treatment.
	#	Portions of the exhibit, marked by brackets, have been omitted because the omitted information (i) is not material and (ii) would likely cause competitive harm if publicly disclosed.