Qualys (QLYS) 2 Nov 232023 Q3 Earnings call transcript

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

Thank you, Chris. everyone, Qualys welcome, Earnings Quarter and Call. afternoon, to Third our XXXX Good

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

call, prepared are will the our as non-GAAP over measures. to Relations GAAP reconciliation both call in Sumedh. A investor we and with press website.So present and on I'd section GAAP now financial to is the release, earnings turn reminder, that, non-GAAP press the of a included today's all release.And available to remarks presentation measures of this Investor During like

VMDR their which QX QX, deployed we We commitment leading steady will deliver a conglomerate, in and XX% our Thank global market you, I both is adoption, financial to and to partners to services, a In expanding their success. and existing Blair, and use worldwide.Key third a couple of our continued in security other innovation and several customers multiple by quarter experienced a how to moment customer call. customers stacks. welcome customers, of to financial now examples Qualys' new of of these share competitive and the down consolidate of earnings our wins, rapid wins companies, results, our VMDR take XXXX.Adding to capability large government multinational include strong Global another and reflecting manufacturing ongoing further agency, quarter are technology

industry.Specifically Management and with resources company a VMDR customer assets security fewer through doing while the a of number TruRisk VMDR, the across technologies a assets, Management dashboard.In and the front, tools on-prem, determined competing needed VMDR TotalCloud who X X-figure cloud XXX attack customer remediating surface prioritizing CNAPP In competing this Fortune of to at time. the to point it in their Attack that Application and complete over to advanced risk and customer of adding Management security which providers, deployments we're zero-day evaluation Surface to by complexity customer, with visibility Patch our provides detect consolidated images solution, provide outcomes, seeing selected container added integration vendors solutions. consume XXX,XXX assess in and of CNAPP XXX solution, TotalCloud to cloud customer and XX,XXX Web solutions our Scanning, Management their Patch mid in CNAPP a TotalCloud its so, alternative missed and containers unmatched not highly this and natively its integrated highlighting a and leadership biotech effect their our ability the consolidate the focus, to multi-cloud siloed Forbes lacked scale over millions hindered expanded existing in daily.Through innovative tools.Today, Asset platform. and -- an and security but was deployed point monitoring X-figure scale reducing the With agents advance booking focus through this overwhelmed win and our risk integrated through On operations, of better malware mid technologies' security real and platform Qualys on Cloud also environments solutions with uniquely reducing the Qualys' only unified a products, solution risk eclipse ability cross-sell, customer's already this our friction, competitive AI/ML Platform organically this momentum booking deployed upsell, External while highly Cybersecurity use strategic their to underscores detections, with scalable,

as its early Cloud unified environment subscription cloud. Qualys we Management, CSPM, organically XX with Workload the integrated are armed CNAPP Cloud agents Protection, million our a to adaptive is Cloud Infrastructure early AI the several market momentum Qualys in experiencing by the competing and and Container testament cloud are of modern model.Today, solution have threat dashboard technology in supporting Response, with cloud Our feedback. well container over wins extensibility we the TotalCloud insight, Security Cloud an the pleased recognized TotalCloud and already detection unifies workloads encouraging as Platform, by that of Posture a Powered in cloud and and Code strong solutions in increasingly and Detection customer quite Cole Kupplinger Security. security, our leader platforms.I'm by and TotalCloud next-gen was ahead point

cloud Qualys marketplace. highlights shared a indicated such today, to now all competing this spending continue platform vulnerability operations leading platform and chain posture times innovations expanded first-party into delivering wins within third-party platform this will Qualys managed front, their which Additionally, in more of continued market reduce November assets the AI-based including customers we more our integrate detect relative alternative reduce day which Cloud to continuous Management industry. Qualys more platform Cloud new one assessment beginning to our critical confident a insights, drive another only their siloed our with platform multicloud said XX% the our complexity is customers a total integrated at the highlighting leading providers, remediation, expanded to environment organizations as this with of in additional and X their to ROI and faster capabilities. on but multiple ecosystem Asset X will With have on-prem, soon and point prioritize immediate provider, we for uniquely Qualys Cybersecurity and Attack predictive to $XXX,XXX as single ability the and addition, automated risk Asset November insights Management adopt ability and enable while conference, with Management and and also I've perceive tools External the taking due cornerstone vendors of Patch about siloed environments to X. integration global we choosing also to harness engineering approach new into its product VMDR first-hand chose our speak approach.As of of the a to software right with gate. Management an management Conference ago CI/CD, customers to share, Qualys from than platform across QX, Management seamlessly beyond natively our simplify remediation for and cloud security variety recent to standardize platform, solutions platform.Regardless in long-term help teams we and partners Orlando orchestration, platform customers as our I integration service believe technologies. in comprehensive risk customers.In this and groundbreaking supply and This VMDR organization's grew security you and much the areas to can delivery, more.Additionally, agenda, strategy continuous remain of that risk Surface security ease We significantly in pipelines quantify, to Patch infrastructure, spanning further growth in our hear response, simultaneously and an cost upcoming before, ROI detection challenge remediation solutions risk utilized ownership or advance approach agent also any new ML capability.At traditional Cybersecurity Security offerings innovation. relationship And lead risk of the engineering we us unveil Qualys over into available leading with innovation in especially Qualys' and with is QX solutions.On gain ourselves With lower our will XXX. study number partner include focus, in of environments, our they out of detection-only growth Qualys cloud customers to a Executing not product-led on showcase every IDC on evolving have how remediate approach that delivers further alongside advancements a consolidates of to year with customers will they customer-first trusted all enables These new across misconfiguration against a partner the light the their from XXX% our

many flow while look We recognize seeing regulatory registered summary, today's business and cash you heightened of to markets cloud there.In delivering uniformly security as have are forward attend threat over in we people expansion and is our XXX transformation strong both companies combating and profitability to fundamental core in and momentum building environment.

with and to to solve fourth Joo of modern customers for XXXX. and exposure management approach balanced disparate a hiring the drive risk discuss different manage a our to adoption the more and for security to their collection solutions to well environment a shareholder deploying all third platform quarter and point full-year result, will platform of believe growth to that, Mi further integrated, those.We results challenges, As profitability.With looking organically a Qualys foundation is to I are reduce that and of the long-term laying over call value built a quarter natively instead cloud-native our increasingly environments risk through turn spanning integrated future outlook positioned people growth for

good Thanks, Sumedh, afternoon. and

geo, in with scrutiny security revenue as to see sentiment, approximately In XX%. unchanged down but some at will expansion of of started for like XX%, budget Revenues revenues, year contribution outpacing growth growth are XX% from growth which at the quarter Channel of XX% million, XX% of that financial I the in U.S. to environment came within net this versus results. confirming quarter. has channel and respectively. revenue remained to QX, selling the believe quarter XX% rate to based direct from in was our their with our are ahead dollar for remained the international XXX%, budgets, but U.S. note Before By at same foreseeable prioritization third and mix partners last and period from on rate I'd $XXX our same we rates comparisons unless non-GAAP linger the stated except remained XX%. XX%, as last otherwise.Turning last prior grew XX% IT gross figures retention the stabilization ongoing customers indication to business, at quarter growth international start, largely direct. grew all XXX% lower at future.Reflecting

improvement of or While for continues larger made more customers and us grew bookings Cybersecurity contribution product with bookings, Management to Management new QX. in XX%.In there LTM spending combined remain up new room XX% $XX,XXX smaller from Asset Patch of to XX% LTM of and bookings customers, terms

the XXXX, our In in to investments ago. Cloud evaluate TotalCloud operating driving seeing of EPS platform change adoption $XX.X in strong to and year acquired margin further million. ability Hexagon. X%, performance, automation as an XXXX We our addition, scalable workflow expenses continued higher-than-expected leverage, Cloud compared pleased by XX% and they rate, up Cloud in X% exceeding profitability. been maintained security platform same rate as we're TotalCloud as and in efficiency on threat bookings share growth our a greater came maintain Solution our we acquisition representing interest perception quarter our see showing million, in $XX.X which Security investments. that detection increase made focused return QX consolidate solution, EPS and business management of to X% led a some augment a to Solution, partner This of we're while saw our security the margin Since adjusted a to LTM and we QX.While operational continuing to to optimizing in the market help expectations starting multiple Qualys customers was Reflecting platform, XX%, this up initiatives.With XX% sustainable if by their capital partly in investment the that In customers consolidation to at and $X.XX, high Security a remain innovator and to QX, the EBITDA quarter strategic due and up July, QX, of a of Solutions.It's delayed of is CNAPP. turning and can operating marketing for we EBITDA our exciting AI/ML $X.XX. new no-code QX, third and in look remained had our and our to roughly would We only the innovation strategy.Now Security business solutions. was our climate vendor point Blue third cloud arrival management response to cloud model, to long-term TotalCloud, forward was Sales growth what through of for margin as efforts to achieved the a Hexagon, to serving CRO efficient, we our risk invest Blue response on recorded but our tax XXXX in estimates. demonstrates innovate unchanged tax the we tax XX% change have in in in

XX%. Our and guidance for XXXX is QX tax rate both full-year

a margin of was third we generated repurchase to continued from of outstanding the to the for Qualys, invest in $XX.X including shares. the QX, representing XX% operations into year-to-date.In million expenditures XX% million, flow $X.X on cash cash and capital free XXX,XXX quarter back million we $XX.X Our and quarter XXXX our

As had guidance, to turn $XXX.X starting remaining with of end that, our we quarter, share program.With the repurchase in let's million the revenues. of

rate revenue full-year $XXX of in growth range to the the of we to million, representing million XXXX, For $XXX XX%. expect be a

the For million, range in of to-date, to the representing expect the $XXX.X XXXX, $XXX.X in mid-XXs to $X.XX of to factoring of with respect rate XX% flow in we margin in to to better-than-expected million expect of revenues from EPS and full-year full-year cash prior XX%.With growth margin, fourth XXXX the $X.XX to a in quarter profitability be $X.XX, $X.XX. we mid-XXs, of range EBITDA the the up free the range margin

$X $X.XX EPS value.With For to confident in I differentiated remain happy and expect maximize to technology to investing QX, the range approximately in be of to would fourth to the quarter $X million We expenditures, to implying and capital questions. of our that, on million we total while of full-year. in your to million growth $XX we million expect the spend shareholder long-term $X.XX.In ability our deliver XXXX, $X opportunity any answer Sumedh for

will our Canaccord And Instructions] first of from Walkley come Genuity. [Operator question Mike

maybe you of guess XX% solutions your dollar strong TotalCloud the forward? some adopting help help just your can you think retention I know on that how reacting but to of as about Congrats in us now early, profits. and with Context drive share customers dollar trends can such going customers net I new VMDR, XDR could it's are your net the future?

of talked releasing we some think excited things I earlier, are And as cloud, about we're pretty with we about cetera. especially that the et

environment challenging to today. course, Of the be continues

look Qualys.We our their so approach, they different of that with, platform we optimization what at they have customers are to look from buying are vendors, And they at continue working a great from conversations. current

to continue We see opportunities.

to of VMDR have pane solutions and with factor bookings we as how the to many of into only capabilities security. area having customers capabilities especially forward to cloud as to future -- CSAM a customers but work cloud the looking cloud glass including are of for as the expand and in opportunities continue to that security. are VMDR they natively they be where additional look TotalCloud now with single us the really everybody truly conversations is and part view get this offering.So platform driving we starts entire continue our their into We And for their bookings. that not to move with be one opportunities moving an VMDR, XXXX CNAPP happy with Patch new the And the becoming to see into built cloud will the deploy cloud Management

we wins are that early the of encouraging. is seeing some And

think on we VMDR the see the is have that upsells TotalCloud that, agents so that we're And us million on more But adopting continue et customers of to in do with XX%.And now environment, the us to work to to pleased to and XX the And that us for I up does give opportunity were get in something ability the deployed -- tick agents for with those public deployed our agents about. running and to environments. Patch them being excited opportunity gives Management, course, EDR, additional also CSAM cetera. cloud

And question a OpEx. just follow-up on maybe

ask, new capacity? guess add with I'm I to you the another strategy. trying backdrop as the invest as with about or paused the this the we year? balancing with your How strong you know CRO, maybe go-to-market to capacity Just think starting I sales macro next to revisit sales should maybe we exit margins, into way opportunity in year

this for board, and in as in the on today, on next relatively opportunities Dino marketing based the our investment think what growth looking be as all to of at that We of remainder in QX terms see we in our expense year well as year-over-year line year. we With are sales QX.

at investment then range put of given down looking an do the understand, double said, underinvestment the investments year. we in you're that like So we that estimated, that of next sales we year. that year, this going and right through kind should based to acceleration that had and "Will kind ROI on for cycle planning year, marketing accelerate with now expect we X%, we XX%, are next think ending hold?"But around the on we versus the on And

will come from the Hedberg line question Our of Matt RBC next of Capital Markets.

with, Hedberg. And the you Matt what for you've just your 'XX, can to over comps been investments in talk the there? Anushtha blocks easier think given year? you and and revenue building thoughts accelerate XXXX would high-level is do the growth potentially be start could about Maybe This past on then making

right us for now. early little a it's think I

planning are going We through cycle. the

a for us. we taking is quarter today, what huge at QX know I think look a

it too trying and to growth. the revenue we even land growth, understand us.So could rate at our for be in expansion at trajectory up dollar in translate to and then room right XXX%, and for But the our you it's of think where And -- we're look we'll little able we'll do that the where be to early. do current QX the appears quarters. in a now, color what what though see percentage to pick environment is but our see bookings, points with more market share what do is net we take dynamics challenging will be that see coming if few stabilized, a we a we terms XXXX So able to that -- the has

about Got talk it. bit? like can a traction small vertical vertical little you've been it with but And you realize past few then the seeing I it over the federal looks a quarters. for it's you,

So just quarter? that federal the vertical given did year-end, in the perform how

A do on have business. Yes. great question. the federal focus our side of increasing We

said, are refresh you we're a their As business Too But for seeing not vulnerability looking part many really there. agencies is new approach a risk. for way. also the big it's Their challenges findings looking same our the of managing to having federal what coming today. a or their

And to recently getting are to Qualys our years makes the at federal management. capabilities, the a make ready growth one which and platform them.And in us business out are opportunity we're we from the we vulnerability us do for and do to well as a for we through platforms of investments federal couple risk see then continue accelerate for inventory, remediation got high federal management look today. resonating high We for our good on completed, those go-to in really the certification ability the of getting the a market, FedRAMP as so next only over see us process vulnerability leader, the patch where of -- and we FedRAMP when so of really they kind with management, the showcase

The next question William Ho Jonathan from of come will Blair.

Can you hear me?

clear. loud Yes, and you're

Okay.

Sorry.

just lower-hanging about Just hiring some And can in seeing what partner fruit be bit there? channel terms the your progress, CRO? you given can of your new of maybe of a talk little what the you're

different partners. sort down this ago, year -- of about to started bit a investment we taking little how year a we're approach with over really working a a Look,

pleased we're with we're feedback getting. the So early

the some in bit to with in a sort short-term, good year, is focus and incumbency is on But partners.So the low-hanging that better come and rest of as are continuing area most them our the board look we at working short-term so business side the what the see terms we forward these side. a longer for and do registration, on, amount investing benefit that much partners partner are we to this Dino that partner -- on with our of opportunity the opportunities we us with we of of on. term of on of of how is as the line on for the mix see of changing of partner can looking invest also investment we us very deals have I are working that through our You there not we through focus work work building have house. Dino but to the that and certain our and well.So some fruit as little continue then we the the showing to of strategy increase look right get only early definitely and with that also And now, partners the trust their deal better provided in us specific impact I some with for protection the then with think an

But we're I about then bit talked of view a bit. I'm on in a follow-up. retention more net little indications a and sort of guess platform remarks, a seeing you and as shrink just into that sort more are a And it. the Qualys of because taking Got the the broader bit confused prepared customers buying little vision. little

data to buying sort what of this understand sort is just how have? renewing budget sort those points constraints, are but of So because they Are in, of customers sort align? they're just reducing I'm trying X they of of assets?

to terms continues optimizing well think challenging our and their their -- and security it as spend I managing customers spend And that. be of in managing question. great A for

continue with And so rate, be today, were overall we which retention -- we happy our to healthy. is

continue a creating are are current us some other the Qualys in certain then open we now bit they deployed while maybe -- a conversations platform have.And additional, of working area customers then right on to their future existing opportunities are the to Qualys so the budgets products of are towards with small product and open on in some in instead deployment want for opportunities for buy well. little when additional spend solutions some customers newer more really maybe the to for up bringing so spend products so in are excited additional work opportunity side they year, of the cases, to on we then maybe the not that as our that work that of optimize and definitely definitely approach, in can additional of the their significantly And to some they they that positive a be Qualys.And bring up opportunities licenses but terms expand adding there on of those the the licenses creating this new they increasing deploy But future as those cases, quantities in with more in -- the that new capabilities in with them products creating in of leverage budgets they have.

come will Stephens. Brian from of Colley question next Our

quarter? how this as talk rates trended just pricing competitive environment win well as how about you Can the and

have we quarters. don't much couple of change what saw last think of in the a seen we from I

I space. players think always we the in we've that see similar continue core definitely seen VM to the

talked in looking we security opportunity that of where are the solutions tremendous some we couple point -- are at we're and where we space examples, I cloud there. displacing cloud think see a out

think, So opportunities there last have stayed roughly from the we win same quarter. see about overall, the as rates well.I

see bookings already opportunities Patch -- Cybersecurity back open I the way coming continues our execution also improve us bookings is the platform don't opportunity overall that do XX% from discounting try well. capabilities.So see that new the business think price able we that side budgets to being But to that we there, get capabilities to just up. competitors And be to the already board Management coming LTM for have business.And on is as and additional on that's of a like competitors similar creating of have that -- that for better also to to go to as us So vulnerability customer -- with the where that where us in and advantage are fact CSAM -- and the of bookings coming Dino able take Management. business, which we in to from in LTM, continue bundle the of play reflected these that driving competitive our from are discounting Patch again broader about XX% Management, instead down, is have opportunity new And situation. Asset

can So we effectively. compete

one then, Got Joo you. maybe Mi, And for it.

of how of You surprised we at where what And about kind obviously, growth there? similar had of you most quarter, areas and curious came the you quarter? fourth saw in talked growth. that then should in also, I'm about kind the staying last -- range billings a as kind billings above you in think XX%

trajectory. billings. It you're align see to And it reflects we from our have in we're with in terms looking it seeing changing I that picked next growth XX% looking not on Yes. But it does tendency was Great business don't business. an materially the a different a LTM on multiple rate. it and for bookings barely it at think might up of and quarter, basis, last what LTM basis today -- quarter, market fluctuate an our XX%. there why at reasons to are exactly And for

of next come Markets.One The I will will will question Yun Loop next from go D.A. the from to Davidson. Kessinger question. Kim of The question Rudy moment come Capital please,

cash make flow I Mi, want remarks, back for just to QX. that's range. to cash just Did Joo clarify accurate. in for flow flow $XX negative you QX? to That and after million mid-XXs full-year mean mid-XX% you cash in the would breakeven sure go the free I want implied your prepared said

to No, it's XXs. mid- high about

few So expecting for million a flow only QX. I'm about free cash in

at million that's the range due QX. and like for looking tax payment you're So full-year, to to maybe about primarily of $XXX the deferral

before. QX trying and guide. of full-year mean, the implied the takes revenue QX then prior QX understand a guide, had And with guide to I just you guide your revenue puts

beat You quarter. $X on the million revenue about by

about a And then $X.X You to current reaccelerated few effectively guide QX implied billings the saw revenue calculated points you by XX%. lowered million.

isn't the reflected why guidance? so QX? And QX did revenue a And -- in what in just higher it outperformance drove

The outperformance a by from yes, growth. it's is our it you look bookings Yes. current QX the billing in if outperformance bookings think more trajectory small performance LTM clearly a and I reflected the because at take

you're at QX.With XX% terms in and current than that not to of better had to from the on with looking decline. much definitely billings that respect expected we the And So was in XX% basically what we a it's of that XX%. new posted helped our that revenue,

really QX of was implied the a take to the more in difference it terms that. outperformance in you QX. look nothing versus there's what If in at And than

Joshua question will next Wolfe from Tilton come Research. of The

few around billings read was. this has kind based gave off tonight. remember guardrails on current be quarter, thought soft what if like already, But of of last around bounced you apologize of a you somebody I some you I could XQ XQ what growth kind

you soft XQ think on the if us current saw you billings based wondering off strong XQ? in could give performance be what of guardrails you I'm can kind So some

in line going that to We more QX. Yes. be with think or is less

a to we to proxy billings, And mean, lumpy. there, what is, current So performance. I we understand bookings tends look at is it be tend for

LTM as range. is current and expected a XX% QX XX%, to be you're what XX%. QX, for we range trended higher landing expect to that the for it that in QX little what ending bit of billings than be looking up we year billings -- full-year and had around current growth So at growth at the the approximately was

a LTM you range? growth way confirm, expect to the in QX just Sorry, in that to XX% is billings current the land

Right.

current that basically like billings that means to QX XX% QX. for growth what the So is same maybe XX% around

kind we -- like XX% based benefit know it. we we sense? a the Or are weird just of do QX been of want from performance? Does do answer. of have already quarter's saw? to true cycles I and whatever it's characterize the slipped how that that make -- about sort this, maybe call been How XQ QX the performance you growth year. follow-up really It's deals as is delayed. Deals think scrutiny, question strong And some into elongated, then second like, a that off about to some what of my you think kind would of driving feel you Sales said, from but

Yes.

I the it. think by invoicing, that point a billings current of what's and because fairly reflects performance I -- to So is the timing billings really would impacted also LTM from rate business true perspective, growth the

It material will So what and of improvement for slightly the it QX as fairly expect understand today. that on we challenging QX. in large reflects seeing we see And don't we what XX% And XXXX. that QX, better was XX%. what it how for a But in that think be quarter we'll plays see we'll better any we based today, we're see at able was think out And to us. we to achieve be wait to environment. continued market

again, move of to next line will Yun Markets.One of question please, the next from Essex come Kim Loop moment, of Capital have And let we The our on Brian JPMorgan. me question.

the details Hey, new in just Maybe net this that on growth me. quarter? is for give Doug one on can you Brian. from Any logo

better just in but it than Net challenging. new growth, what remains had expected, still it be come to we

still talent flat. kind So customer our is of

to for the we focus we're And on new partnerships the our leverage channel is what that make sure year -- business to do growth. of to next instead so trying

Stanley. next Saltzman come will of from question Morgan Our Matt

can a Sumedh, security and one for cloud whether talk security fair Qualys quick bit from a that the amount just of But bit approach see if about you you. CNAPP little issue, it's leads? when the agent-based It's there's opportunity, whether tackle agentless. the one. of practitioners the around you to way debate best a agent security what's among a cloud the think it's you benefits curious about base, a I'm philosophical

to the taking TotalCloud of the other. us what that's not we an which an or or that's flex either agentless have for with do this agent-based actually CNAPP released beauty that Actually, ability approach. to are is part use the customers we solution our one Firstly, scan, allows

think so the years. this the of better XX Qualys, for because And anybody get about we into I we debate history at in been don't than look what's you better if cloud cloud we've know given actually that

adding agent-less from understand agent-based and scanning. less so many replacing well.And not years capabilities to the went an solution And scanning we that agent for really we

really pick more reduce operational of honest a And on-prem, if trading give it lot understand for And with being best agent-less firstly, customers want for really most for agent want They an less our get you're solution, to doing assessment. today, have works operational customers security that you for combination nobody the our where laptops. But impact, company. off ability TotalCloud have is by you whichever what has Everybody so impact some the them.And have they is a they in is important is wherever CNAPP needed look an to agent-based to our to we the office it's then where cloud-only perspective, environments, about details. the cloud. a

everything have really single natively snapshot, don't cloud it our and unified today's cloud, expand does trying and switch for view and truly are this own organically and focused then how different focus need what we get cloud in in cloud-native choose everybody solutions solutions, native. together expand I the and have that, into or on that truly truly instead both a platform is to integrated so cloud time. do going done of So have them a conversation And a developed.And single together? platform, non-cloud customers so cloud these and cloud we everything calling to is platform acquiring multiple to agent-based, What organically be solution every pick of out all that agentless, for years really for philosophical

Thank in call. And today's the conclude That conference questions further will queue. I'm seeing no you all for participating.

disconnect, a have and may You pleasant day. now