Qlik's worldwide growth includes opening an office in Singapore. Credit: Qlik Technologoies via Facebook.   

Shares of Qlik Technologies (NASDAQ:QLIK) stock rose 4.93% as of 7:59 p.m. ET Thursday evening as investors cheered the company's expectations-busting first-quarter results. Here's a closer look at the final totals versus Wall Street's projections:

QLIKRevenueYOY GrowthEPSYOY Growth
Consensus estimate  $114.43 million  2.9%  ($0.14)  (14.3%)
Q1 actuals  $120.26 million  5.1%  ($0.09)  33.3%
DIFFERENCE  $5.83 million  2.2%  $0.05  46.6%

Sources: S&P Capital IQ and Qlik Technologies press release.  

Commenting on the results, CEO Lars Bjork said in a press release:

The first quarter was a terrific start to 2015. Both revenue and non-GAAP operating results exceeded our expectations, highlighting the benefits of our global footprint, more comprehensive BI offerings, and expanded addressable market. Our platform is designed to fulfill a greater portion of market needs and enables customers to start their journey wherever they want, with best in class visualization, governance, security and collaboration, ensuring greater confidence and trust across an entire organization.

What went right: Cash from operations surged for the second-consecutive quarter, up 85.9%, as Qlik recorded three $1 million-plus deals in Q1. The sales team closed just one seven-figure contract in the fourth quarter. License revenue jumped more than 16% after normalizing for currency effects -- a good sign. More licenses means more Qlik software in the hands of more users who will need the support provided through lucrative long-term maintenance deals.

What went wrong: Unfortunately, there were just as many bad signs as good signs. Deferred revenue fell from $11 million to $10.6 million as Qlik had a tougher time winning lower-priced contracts. (Just 88 deals more than $100,000 versus 101 in last year's Q1, and 17 more than $250,000 versus 28 in the prior year quarter.) Qlik may also be discounting: Gross margin fell to 82.4% from 83.8%. 

What's next: For the second quarter, Qlik expects $133 million to $137 million in revenue, with earnings ranging from a $0.02 per share loss to a $0.01 per share profit. Analysts tracked by S&P Capital IQ have the company generating $140.61 million in revenue, with $0.00 in profit per share, versus $131.62 million and $0.02 a share in last year's Q2. Longer term, analysts have Qlik Technologies growing earnings by an average of 17.97% annually during the next three-to-five years.

And in terms of the overall business? Investors should be looking for numerical proof of the "expanded addressable market" in which Bjork places so much faith.