Qualys (QLYS) 3 Aug 232023 Q2 Earnings call transcript

Good day and thank you for standing by. Welcome to the Qualys Second Quarter 2023 Investor Call. [Operator Instructions] Please be advised that today’s conference is being recorded. I would now like to hand the conference over to your speaker today, Blair King. Please go ahead.

afternoon, to good XXXX Second and Call. Earnings Victor, and Qualys’ welcome Quarter Thanks,

to results our discuss our today me Joining our CEO; Joo President are and Mi Kim, CFO. and Thakar, Sumedh

to to I would will statements. today’s the may events call press materially differ Actual today statements result a statements differ Form XX-K. filings undertake assumptions release or Before we information future forward-looking update that cause new and events. factors in get like remind that of or obligation today, our include to you based forward-looking relate are generally forth SEC, these results XX-Q future financial these set our with materially of statements Any The this latest including we in to could as our as that on our from remarks or that future results are on we make performance. started, operating and and no

will section we release. And and non-GAAP press in the are press earnings call, all of investor non-GAAP today’s and measures a website. Relations is available this reminder, to remarks reconciliation A present Investor release, as the GAAP During of presentation measures. our included financial GAAP prepared on both

turn that, I’d Sumedh. with call So like the to to over

you, And second Thank welcome quarter our earnings to Blair. call.

driving security in and reducing the drive delay clear macro firm customer today’s consolidation to profitability, security sprawl scrutinize value. deals and and We’re is to long-term outcomes, increasing pleased cost strategy foundation to Nevertheless, period need announce environment implementing growth. leadership management environments necessary start that with the quarter stack dates. on and project a of of threat for uneven based demonstrating combination tough our industry-leading for and vendor a continuing security cybersecurity we revenue growth QX delivered heightened and healthy customers another in remained risk future

feel fortunate which to these QX evidenced are them in that journey platform on we by customers, and of Key solution, well many VMDR transformation to was a continues of our is forms management recognition. steady market with competitive and customers, us down in VMDR industry positions our This to deployed customers garner deliver long-term of by Qualys’ TrueRisk the risk the our include VMDR both solution outcomes XXXX. Our significant worldwide. now us. with adoption multiple wins XX%

announced, in believe inputs based Europe. TrueRisk recently Awards vendors one was Risk Qualys’ the We Solution evaluates This customer single practitioners and in solution the a with Qualys validates for VMDR the today as gold high agent voted from esteem. Best the management future. placement and on for in Management the at securing our customers award held is to in number security value As business. and XXXX with further multiple greater delivering investments our have Leveraging represents long-term drivers the blueprint approach, environment standard our we platform and our built VMDR vulnerability

reputation customers. third-party VPN to software, OS, early Their Fortune Let solution victim Patch platform day to saved for manufacturing patch company iOS we’re large our became to they because quickly. deployed Qualys XXX environments already unable agents me broader our chose global QX, deploy the effectively company needed quickly customer to existing assets a couple with adoption a of and highlight and seeing malicious for to breach. a same of was In XX,XXX across productivity complex line they manufacturing Patch success Management a over solution to and using without prevent deploy activity. This the same losses. our the the from a Management ability solution to need deploy VMDR The had

but urgent engagement, efficacy. expertise, the professionalism customer with trust by Through demonstrating and our technical Qualys this brief additional built

surface external evaluating now is solution with streamline their to visibility customer this result, stack. a cybersecurity management further As security our asset

With improved considerably security their the response posture. times platform, eliminating Cloud and have they are and tools legacy Qualys

on Patch to cybersecurity continued consolidating asset external Qualys’ manufacturer of additional and of console all were and TruRisk differentiators customer enhance solutions, a Management in expanded CMDB with asset adoption comprehensive external surface the asset in with attack example with cybersecurity fast another while the contact XXXX management integrated security QX. as platform In an its on agents this and expanded management, and win. The ability Forbes deployment food of our and VMDR program we internal engagement selected integration management scoring risk single key remediation a also

this we hybrid with you CSPM, recall, featuring cloud unified simplify and less February teams public a may detection and scanning CWPP and cloud, environments. response total agent workloads native Further to in extensible assessment along cloud solution, cloud agent to and year, workflows capabilities and X broadening capabilities, and announced options, security migrate help platform touch of our CNAP

seeing the are XX we over our and solution. the quite customer already by With cloud million adoption workloads cloud are early agents encouraged supporting cloud, total for feedback we in

new flexible run detection platform deployment For dashboard. given threats adaptive and security unified development subscription against its win, over multi-cloud example, better competing container options, mid-six a from cloud advanced in scanning company and rapid security recent unparalleled to time, all shows providers, in environments supported figure through with seeking cloud cybersecurity a total and model, solution uniquely capabilities remediation a our our frictionless

from multiple but platform. today solutions. along faster customers to much macroeconomic security have proposition risk today’s we across and value remediating ability offerings here vulnerabilities The stronger as alternative than Qualys assets In even single our while believe customers environments current siloed a detect with environment, seek only all help becomes I several wins them others also like Qualys’ prioritize not shared underscore

more management across ago to remain or $XXX,XXX bolstered in platform us customers XXX customers confidence to Qualys with as a ability This multiple XX% point more that we risk from to our [ph]. growth beginning grew leading With pursue year gain in more confident as drive market environments, and and was solutions long-term consolidates security share. QX spending all again a

development misconfiguration am groundbreaking not lack within innovation, every deployment organizations a solution. I today announce This platform code their detect management our Qualys their allows using detect, of them disruptive CVDs prioritize, and software it a today house, existing only nearly own most risk our to of new capability VMDR software, now also to and pleased choice tools leverage high to base. in vulnerabilities software first-party launch becoming first-party proprietary own software risk remediate manage Continuing our to organization proper single platform. third-party but With

their customers new demonstrated capability prevalence components picture high at Hat in LogXShell next manage risk. will risk given these capability week. this like embedded and true these Black of This Additionally, be new software a complete allows of to from open-source applications, get

Hexagon extend Encouraged platform of recent deep discover our TotalCloud, we and scale by have Qualys CDR patterns harnessed data power own cloud identify to to highly the AI-based within learning of early capabilities further our the container relationships our Cloud of adoption and Blue images into flexing acquisition from lake. by technology integrated

is development threats already spanning helping security time. to the market. run operations organizations and customers to and capability container and hard enabling that magnifying zero-day traditional AI-based transform customers now advanced from activity competitive to undetectable detect, our predict, anomalous are empowers in latest the environments some and their are for differentiation remediate proactively prioritize center, respond signature-based in our of advancement cloud to action our invisible rapidly with cloud. in in We This This solutions

our expertise are further with remediation deep Qualys we insights And Looking Cloud quarters, of few the into solutions unknown ahead, next the extend rich and AI exploitation. capabilities AI. and expect and over points TruRisk remediation we harvesting to in-house, platform, using generative factory these trillions our transform to already predictive on to learning algorithmic experience the data the vulnerabilities, and management further technologies misconfigurations of integrating ML investigation provide and of instances user

of QX, with be key investing ecosystem go-to-market AWS, in SME/SMB its our our key several terms product available our including aimed providers, continues relationship partner which new we is In cloud marketplace. making In expanded at in initiatives, priority. now a bundles to our

Qualys orchestration with platform our agent natively who into a time its leading competing simplify for remediation single entered reduce integrated global relationship its detection-only and we and a Additionally, a given significantly MSSP of new operations ease solution chose to over customers.

passion to and of revenue cloud aspects Dino sustainable business in customer most of in the established high-growth organization and cybersecurity track joined forward new in SaaS contribution in development has partnerships new growth, XX over with leadership pleased worldwide for of Dino the product and performance all are our demonstrated customers. and which companies, teams, He highlight executive sales driving experience and DiMarino recently He the will has Qualys’ accelerating focus the has with record Dino bringing existing that new we for responsible both be partner channel with shares an of Qualys. our organization a out delivering sales I’m the to support leading CRO. customer. with successfully as in and business sales looking and on growth years outcomes, Qualys most success in to the his align product-led Finally, Snyk. value and

and of leadership strong risk customer testament transforming innovation proposition financial response as protecting posture value traditional a platform and In a performance environments of cyber capabilities. the and prioritization summary, is record to our with management management risk trusted technologies vulnerability stand to of dedication assessment Qualys’

and modern and best-in-class as choice With the position environment, our strengthen of partner maintain term, between to the key to further further to in extending profitability looking invest gap solve believe long opportunity consolidate strategic Qualys continue security can and challenges, security we we to re-architect this tools in the competition. the unique as customers for grow the initiatives

Mi quarter detail XXXX. second call over With the and the full year to quarter results to that, Joo third more for outlook turn I discuss will in and our

Sumedh. And afternoon. good Thanks,

all prior non-GAAP, otherwise. based note to that period on are financial comparisons rates are year for start, Before except like I’d the I revenue, figures and unless growth to stated

same which second XX%. partners to revenues million. continuing contribution revenue XX%. the to outpace $XXX.X at Channel quarter from Revenues results, XX%, to XX% direct, grew grew as Turning last remained grew quarter channel

our as XX%. which XX%, U.S. respectively. was revenue By in and U.S. international grew last at same quarter geo, remained of and international of XX% growth business, XX% the ahead the

XXX%, Although unchanged year. quarter dollar selling the customer largely and challenging, our basis XXX% last net was XXX% expansion last at environment with on QX, was down from down in business and dollar constant a new currency rate retention

us, strong from we than the pleased with While less there growth remain customers. with continues smaller larger from continued spend spending improvement revenue of remain $XX,XXX XX% to customers for room

XX% and asset customers’ environments management of on made in XX% of new patch contribution a product bookings, our this tax terms cybersecurity bookings, bookings We integrated management to awareness and for In needs remediation up attribute single of broader all contextualized to management platform. across service mainly success their new risk LTM of LTM combined workflows QX.

a representing XX% XX% Reflecting our compared scalable second the EBITDA and to sustainable business of a margin ago. adjusted million, year for was model, a XXXX quarter margin $XX.X

QX driven expenses million, X% by in marketing, including $XX.X increased Operating sales in headcount. to and primarily by investments

investing, Although our demonstrates our our we with long-term resulted expectations disciplined mindful driving further operating This to remain while innovate in while optimizing and exceeding on to growth high where to focused which and returns being remain margin of others, QX. continuing to leverage we are increase maintain capital and invest EBITDA approach support ability our investments initiatives. in growth, efficient to

million, strong With free was XX% of quarter for margin. XXXX our $XX.X was second performance, for $X.XX, representing the this flow second cash EPS of quarter and the XXXX a

XXX,XXX invest the repurchase $X.X of on million shares. back Qualys, capital from continue generated expenditures including we we into to operations outstanding our and million QX, $XX.X In to cash

end remaining the share quarter, the program. repurchase million of had our As of we in $XXX.X

guidance, to like few provide comments. I’d a turning Before to

continue pipeline successful our building sales foresee a been challenging force. and for environment new we We although have growth, in to customer

the still monitoring With and closely the unfolding, impact we macro economy shifting priorities of business our the are accordingly. environment

guidance of growth range given a million, remains said, million that With to $XXX end with our full model, SaaS for year largely range from at subscription $XXX unchanged million down our last the the for high XX% ratable XXXX $XXX revenue the of revised quarter.

the be to XX% For representing $XXX.X of $XXX.X to the a we XXXX, third growth million million, of of expect in range revenues rate to quarter XX%.

expect margins and intend to responsible ahead these us driving opportunities to sales. to pipeline and product growth and marketing prioritize we long-term and investment, the doing In continue implying our strategy. and further investments Considering to align room industry-leading supporting we for of specific that so, our growth investments initiatives make

few naturally our we new just planned some us expect which CR out with a However, revisit initiatives, push by quarter, to having may this joined investments quarters.

As $X.XX in range year $X.XX, margin the full a of be of the mid-XXs with full prior the to expect result, $X.XX. to in the year up we from EBITDA XXXX $X.XX range EPS to

EPS expect we third the $X.XX. of quarter the For to in range XXXX, of $X.XX

$X the in in $XX million $X range for the Our $XX third of planned substituted to to the million range and XXXX of capital expenditures quarter in XXXX of million. million

delivered our In we industry-leading profitability value. long growth conclusion, our top in ability term shareholder remain and opportunity healthy responsibly deliver QX, investing to line while and growth a on to confident in maximize

and would Sumedh happy answer be other questions. that, I With any to

[Operator Instructions] question Blair. Our Ho Jonathan from line the William first comes of from

Your line is open.

good good Hi, – afternoon. morning

dig us the maybe Can your assumptions help the add around relative a maybe customer of your particularly maybe some in and new guidance. you to wanted changed Just now of bit little sort that and to understand you’ve baked what’s macro expectations into side?

Yes.

the and we not in based are given cases, color. I on what Mi little working in pushing we deals, in et bit I But way macro the feel is we’re like now, appropriate, can through, what the provide a out see right any of more assuming we Joo think some improvement cetera. see overall, kind think guide customers

on So, which see with that some we investments excited And been we additional has quarter, made in are making this while rates we are couple last something we upsells did in quarters. worked the customers. that with down, of generated the of win pipeline was that scrutiny the the about our through

And with he’s looking board, forward on term, some like there. the term probably on Dino any disruption there will coming short now of contribution and be coming executive the we’re going to the in course, make in to long with board,

this consideration, point. And see. believe the all at really, feel into factors taking what is those we guide We we for appropriate so

much. to Yes, to XX% color at additional been consistent in look said, be that add little achieve We’ve guidance, take a annual revenue that a Sumedh if hasn’t it growth. what bit changed able believe to you emphasizing that our revenue really we we’ll all

even think don’t we it able and that, year. materially belief XX% It so, continue our rate that ticked is our don’t X%, see has that change. to by we billings this and that underlying could the was dollar half so this to a current back to net percentage do to reaccelerate up our isn’t down in second expansion with And that going to change quarter, of from but

is color that a Great. last make, net bit in a And little bit into maybe just to little comment the more there way a the on expansion, expansion. dollar so of dig what's is impacting around could you anything sort on terms product your net ability Is impacting anything the of dollar that's upsell more to there this? churn Or you. side? there Thank

So our retention be continues to strong.

is downtick up-sell So X% the Sumedh earlier. the to headwind commented that and due

that additional sales to quarter-over-quarter. down and are customers on seeing opportunities, at looking and are cycles We potential who with cross-sell existing deals group contributed percentage up-sell revisiting the extended

Great. Thank you.

Instructions] from [Operator the next line question Hedberg Our of Markets. comes Matt Capital RBC from

open. is line Your

growth we versus This It's about Hi. billings second Anushtha accelerate quarter to is billings so, think comps the to to Maybe growth here. to the given high in current Thanks back continue how if half last Hedberg. year? could in of should teens see of the billings for expect growth to it taking accelerate my Matt the accelerate? year? And for back double-digit back growth. mid- ease question to we good Should

said, is what the Yes. number, We right don't to we're But in no, and quarter. guide the we X% billings the don't it manage that due to with the now ticking fluctuate actively to XX%, materially typically for up could customer. in terms next correct that that billing to don't see seeing we business because at

too that to coming and of is the or in don't less digits same customers new no it see changes going but in. it we will to existing are same, time QX early think more billing tell, down at a now. assuming the there the I little terms significant right be single

margin, it. leverage? talk profitability which significant what's you significantly EBITDA quarter. a outperforming and step-up then Can that Got you improved from And with last is driving about XX% outperformance

always the increase that board. on didn't that reason just investments already new we and set year, fact to that the on we because from and have very person prioritize see was looking taken right to that different planned And to we're investments were opportunities, look the then finding to returns we initiatives this now, right in for each especially at see And flexible for tend look very due the take had we Dino we areas, a plan to the approach a based we've CRO. at the we to fortunate year, made. way we've accelerate very and been of there We on we us a full multiple knew disciplined we've It's primarily we that investing. a that investment have because for

now, But So think in what us we to ending range. be that in see most with QX it based right scenario full year Dino us the sense or investments understand the initiatives we'll EBITDA in XX% on onboard for at margin right is increase maybe to with assessing the makes likely the all QX. we now,

Got it. Thank you.

Our Instructions] Davidson. [Operator line comes of the next question from from Kessinger D.A. Rudy

line open. Your is

Hi. here just year. expected revenue rest maybe Joo calculated of question. you want Guys. said the calculated on in to Mi, topped the QX. guide. know my billings current throughout billings Obviously, for QX quarter I the taking and last accelerate it the maybe to growth over Thanks you I clarify points two current

roughly calculated what Just sure current be growth saying? QX. flat to QX to in make just to expect I that's remain and billings clear, you want you're

previously. the growth implies year, XX-ish but to exiting for now the about closer on about at probably XX% again year, I guide, think versus the percent the growth guide full And the then the midpoint, same

the a be growth step down year. to exiting appear does it So the of

make Just missing I'm there's sure nothing that want there? to

Yes.

we X% billings, though QX the really that anomaly. It need fully So wasn't representative a that of was calculated momentum don't were we we knew in the business an of manage we seeing. even terms

we that year. that's remainder would why the indicated it the So had higher of for be

in think that will I higher. don't see that it with probably and right be don't kind ticking achievement of think be QX QX, now. QX that XX% had Looking XX% or QX, in it in will XX% from at potentially we down different. I materially line that I more

Is a just probably that anything maybe there was versus amount just think gross that margins from And Okay. far you've one, Or gross for kind in quarter? years. up, least the of models, you at QX then the benefited good one QX, forward I several and shown highest stepped margins? the new one-time go last

the call to think make little that PDP Employee did on bit was later. done out, I Nothing year one this change a we merit is cycle

versus hover So But QX XX% margin around to XX%. look XX%, QX. to you that take a we hit in the expect if gross will at of that

we We getting can. a efficiency that think we just are cost getting we because some are disciplined making getting that approach, savings the sure we're where

nothing out material think that it's to around We So will call range. there. that hover

taking Thanks my questions. Great. for

line Instructions] come [Operator next Genuity. question Our will Mike from Walkley of from the Canaccord

open. Your line is

I feedback GovCloud government and the ask slowing customers in maybe And consolidation customers? base? that How the wanted you from the more to enterprise Fed towards seeing be might about less are introduction. your is thanks. Hi, early or maybe Fed

are federal been that see question. us Yes, that's customers. the for the a It's we great to exciting really having with conversations

are these I've over. of think I've best I seen since the one conversations taken

of and in management, patch we management quarter. good an as FedRAMP that wins management pipeline from FedRAMP federal it now that you had have the for I other that's do no when can platform vendor talk high side, that And as there's fact a a And the one, last good all We because and patch that vulnerability couple very We right ready example. help developing. of about primarily encouraging well think that's highlighted us. and so the

comprehensive. not high And FedRAMP so you just scan becomes scanner. the very engagement give really about can and It's a me

So become more nature. conversations holistic in those

and be customers services us because also their the also And conversation – provide with FedRAMP to their to to what's clouds high is to government FedRAMP also want conversations commercial to interesting high. they solutions high have these FedRAMP is that driving that the want the be GovCloud

house, that federal status. government, from but encouraged one see we're it's has the saying, Qualys pipeline early management the to FedRAMP customers pipeline and need the high, just platforms So from are for go also not of which that who building FedRAMP risk to the signs kind of high that side is only providing is commercial of a the the we the

to Great. question, and follow-up just DiMarino And the adding That's helpful. hear my congratulations to good Dino for team. on

slowed for clarify on to the just the wait Or is that's term in of it near cautiousness and backdrop? Just OpEx, as formulate you. higher you've to overall profitability? area Thank a is it him plan macro you kind given the

us. on that really then to It's that and more that that balancing of But are make we the believe the so opportunity and a again, profitability. We huge growth we sure think it time focused ahead former because we we maximize there's we upside want of return.

regrouping to we now, can justify on. going are investments just sure to the right So we that of we're make some and double reassessing, we understand down

Great. sense. you. That Thank makes

the you. line will come from next [Operator question from Loop Kim Capital Markets. Thank Yun Our of Instructions]

is open. line Your

Okay. Great. you. Thank

Just investments that go-to-market on laying of were hiring in go-to-market half the in the are on we CRO. the what to congrats planning of that motion you second the second around into that year? some on new year? expect And next question; the half plan following-up initially Should you of change any the

of you which the we we why quarter the that product-led one so culture really growth all I as assessment risk platform think even well have Qualys, and the were here we with have capabilities and reasons really with mindset that I saw have, so Dino today, the capability. that jells excited the many think given at have to first opportunities so on

a et at of those look even marketing cetera. partner you have before showing our interaction we actually excited board, if the investments good signs have in think good and with that that driving pipeline investments some pretty are on strong we some partners, some came that Dino of build, with see been I so early And to

how accounts to as $XX,XXX is cetera, to those some pipeline. other – on because areas the building going et And looking around notion is sort then to Dino where go-to-market comes in we we're continue I continuing sales And are are of there those strong involvement, and where board he think have at invest. of conviction then And the how that smaller accounts or team versus there investments are the at and structured optimize certain looking we more larger the that going areas Where the where we're where are [ph] investments? are $XX,XXX made, sales right? already that less, we spending are address do make the we or we

a year So investments growth good the year we have in last relative before. to

sure of need investments you value some make And getting to of out optimize those to them we're the those.

And will then look and formulate some as coming thesis. day I'm business. with overall so those at he of he's Dino every basis as well on an areas board day-to-day involved now, the But a on will will

improve to the And our bring. GTM our that as so can opportunities partner rest even growth well sales we while at execution to ourselves we balancing looking make et the that that additional to are up Tim improvement and so in growth those sure can going longer-term set and I we continue as motion, that focus and on we cetera, in partner believe for profitability,

quarter? a increase was deals? Thank to to a tend deals there's concerted a Is in revenue. Mi, Or the of that deferred like sign just that huge Joo long-term in the larger have longer-duration for just a bigger Great. there that. sequential couple deals you effort

were We're it's that multiyear seeking. happy have actively not to prepays, but something latter. the It's we

Great. Okay.

strategy past around the those deal something contracts changed linked? this it's that So quarter, not

No.

Okay. Great. Thank you.

will Wolfe from come Our from Instructions] the [Operator of question Josh line Research. next Tilton

Your line is open.

for Josh. taking this question. Thanks for Patrick Hey is on my

seems And EBITDA then XQ flow range expectations XX% commentary may commentary deals Thanks. the see the from low- to XQ? First the the benefit with for all Did on full the to slipped the the does billings out that for into year? of cash have you margin linearity in that strong. mid-XXs moving change any and free adjusted up around full the year quarter,

we're flow guiding not margin of the that. midpoint the margin tax for the XXs free to because will will low mid-XXs the then and I be now, XX Yes. of flow guide, free answer and cash EBITDA, in EBITDA

did have then see benefit XQ? slipped may out And you the any Great. Okay. of deals all on that billings, from

Not see But if that or particularly. We large benefits, Sometimes there's typically have some always we anything have billings. some to we current in call naturally, slippage, QX deal there's didn't really We and QX call ticks. a impacted out right? out.

Thank Great. you. Okay.

question our will from [Operator Instructions] Matt And Morgan the line Stanley. from of Saltzman come next

line Your is open.

Thank you. Great.

I'm incremental So the kind any starts. of intra-quarter. related was? able the you what know around just a potential saw if curious curious MOVEit you're so, delayed and deal from still potential to mentioned But with just you quantify if and contributions period the I'm I tough demand scrutiny to Hack hack benefit if any maybe

they and that engage whatever more things these addressing to strategy more And come find deploy rather out from and understand typically jerk change prospects meaningful nothing or the of with immediately SolarWinds et as a reaction long-term cetera. No, our customers with we around think sort I to perspective. and it's a same pattern licenses, that saw having than even of back

any didn't of we impact So QX in that. really see

actually being detect can it, the highlight you was continues patch more customers there. of patching and It not just a vulnerability it vulnerabilities in exploited time of not rapidly. these pretty from one the biggest importance had course, and were the because that that that was And we was things it can management just to us with Of longevity was fix the that our scanner. help conversation around, you

continued is seeing what think And engagement. so we're I just

this We contribution Management in is Management focus quarter. It for to and Risk a out are from around Vulnerability strong that. a customers, call but nothing

for if it around first-party directly And assessment announcement quick Thanks. and it. just as this risk the on monetize Got to will I'm plan a the is follow-up curious apps. that making Or or this have platform just for customers about solutions? overall sticky making multiple and adopt bolstering attractive it to more ASP is Thanks. an incremental the it more uplift? VMDR

of that's VMDR. contribute things Yes, how and I of wake adoption every up to think night I always what continued sleep dream will retention towards all is I these go better and of

CVE a et software today, the to look, specific is third-party is for not have while. servers, been have are and is does way and risk on with have customer. and way find others that a to good that at However, individual running Qualys providing But homegrown very this been assessment each the we cetera, vulnerabilities we software create something that signatures has look what

an I've that misconfiguration with us, their of the what about And where customers to days. quite that so hand. brings capability do add-on getting a providing lot now, last them view the into had scripts have see this and third-party and good because a with single that have purchase. whereas own additional feedback conversations will in we are will the of right it and writing couple don't we platform are is seven be their then CISOs for VMDR really vulnerabilities But that initial first-party initial about by excited they tools We're to the

And so will will want for be own Qualys just and really look vulnerabilities. an leverage the them already additional evaluate if a it to custom that and we their also lot look revenue to of that take it of the they deployment they A look can for. on have asset same it at

done cetera. total call too look embracing at out And this will et towards how early as good areas it to they it. cloud Fiber this that like continue our customers the monitor continue we've Security will getting see and under in However, traction of that at adoption, for we'll at that feedback on just we start look the and be for Patch contribute will Management, it's point and from ASV. additional we're how Asset But Management to to new to

Got it. Thank you.

today's Session. conference with This call. Q&A end that, our we'll concludes for Thank And participating. you. you Thank

You day. have may Everyone, disconnect. a now great

Goodbye.