Qualys Inc (QLYS) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Qualys third-quarter 2024 investor call. (Operator Instructions) Please be advised that today's conference is being recorded.

女士們、先生們，感謝你們的支持。歡迎參加 Qualys 2024 年第三季投資者電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would like now to turn the conference over to Blair King, Investor Relations. Sir, please go ahead.

現在我想將會議交給投資者關係部的布萊爾金 (Blair King)。先生，請說。

Thank you, Michelle. Good afternoon and welcome to Qualys' third-quarter 2024 earnings call. Joining me today to discuss our results are Sumedh Thakar, our President and CEO; and Joo Mi Kim, our CFO.

謝謝你，米歇爾。下午好，歡迎參加 Qualys 2024 年第三季財報電話會議。今天與我一起討論我們業績的有我們的總裁兼執行長 Sumedh Thakar；以及我們的財務長 Joo Mi Kim。

Before we get started, I would like to remind you that our remarks today will include forward-looking statements that generally relate to future events or our future financial or operating performance. Actual results may differ materially from these statements. Factors that could cause results to differ materially are set forth in today's press release and our filings with the SEC, including our latest Form 10-Q and 10-K. Many forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events.

在我們開始之前，我想提醒您，我們今天的演講將包括前瞻性陳述，這些陳述通常與未來事件或我們未來的財務或營運績效有關。實際結果可能與這些陳述有重大差異。今天的新聞稿和我們向美國證券交易委員會提交的文件中列出了可能導致結果出現重大差異的因素，包括我們最新的 10-Q 表和 10-K 表。我們在本次電話會議上所做的許多前瞻性陳述都是基於今天的假設，我們不承擔根據新資訊或未來事件更新這些陳述的義務。

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

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。今天的收益新聞稿中包含了 GAAP 指標與非 GAAP 指標的對帳。提醒一下，新聞稿準備好的評論和投資者介紹均可在我們網站的投資者關係部分找到。

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

因此，現在我想將電話轉給 Sumedh。

All right. Thank you, Mr. King, and welcome to our third-quarter earnings call. Q3 was another quarter of rapid innovation for Qualys, reflecting our ongoing commitment to technology leadership, cybersecurity transformation, and successful outcome for our customers.

好的。謝謝您，金先生，歡迎參加我們的第三季財報電話會議。第三季度是 Qualys 又一個快速創新的季度，反映了我們對技術領導地位、網路安全轉型以及為客戶帶來成功成果的持續承諾。

As I have focused on product management and marketing in the last few months, I have personally spoken to many CISOs who are struggling with way too many security tools from shift left to run time, creating too many findings that are overwhelming the IT and dev teams, leading to multiple siloed top 10 dashboards and an inability to articulate the TruRisk to the business stakeholders. They are feeling the pressure to articulate the ROI of their security spend and rationalize the security spend in context of the risk to the organization, to their CFO, CEO, and board members. Risk can only be mitigated if it is remediated and performed in a timely manner. There is an immediate desire to stop playing the risk whack-a-mole and establish a properly operationalized risk management process by implementing a modern risk operation center.

由於過去幾個月我一直專注於產品管理和行銷，我親自與許多 CISO 進行了交談，他們正在努力應對從左移到運行時的太多安全工具，產生了太多讓 IT 和開發團隊不知所措的發現，導致了多個孤立的前 10 個儀表板，並且無法向業務利益相關者闡明 TruRisk。他們感受到壓力，需要明確說明安全支出的投資報酬率，並根據組織、財務長、執行長和董事會成員面臨的風險合理化安全支出。只有及時補救和執行，才能減輕風險。人們迫切希望停止玩風險打地鼠遊戲，並透過實施現代化風險營運中心來建立適當操作的風險管理流程。

At our recent QSC event in San Diego, we ushered in the next era of cybersecurity innovation by announcing the GA of Enterprise Truist Management Solution, which is the world's first cloud-based ROC. ETM transforms siloed data into cohesive, real-time risk management solution by consolidating quality and non-quality data from several technology design partners, including Wiz, AWS, Microsoft Defender, Oracle, Okta, and Forescout. The result is a single comprehensive AI-powered platform that aggregates security findings, unifies threat intelligence, and provides organizations with actionable enterprise-wide insights to prioritize and remediate cyber risk with unique business context and financial impact via cyber risk quantification.

在我們最近於聖地牙哥舉行的 QSC 活動中，我們宣布推出 Enterprise Truist 管理解決方案，這是世界上第一個基於雲端的 ROC，從而迎來了網路安全創新的新時代。ETM 透過整合多個技術設計合作夥伴（包括 Wiz、AWS、Microsoft Defender、Oracle、Okta 和 Forescout）的優質和非優質數據，將孤立的數據轉變為有凝聚力的即時風險管理解決方案。結果是一個單一的綜合人工智慧平台，可以匯總安全發現，統一威脅情報，並為組織提供可操作的企業範圍洞察，透過網路風險量化，根據獨特的業務環境和財務影響確定網路風險的優先順序並採取補救措施。

Unlike some exposure management platforms in the market that only expose the exposure based on data their sensors collect and provide no remediation capabilities, Qualys ETM comprehensively provides a single risk view that goes beyond vulnerabilities across core repositories, on-prem, cloud, container, remote endpoint, identity, OT, and IoT findings from multiple existing security tools in the customer environment, along with patching and remediation capabilities.

與市場上一些僅根據感測器收集的資料暴露風險且不提供補救功能的風險管理平台不同，Qualys ETM 全面提供了單一風險視圖，該視圖超越了核心儲存庫、本地、雲端、容器、遠端端點、身分、OT 和 IoT 中的漏洞，這些漏洞來自客戶環境中現有的多種安全工具，還具有修補和補救功能。

With ETM, Qualys has set a new gold standard in the industry for proactive cybersecurity risk management: cyber risk orchestration is coordinated, quantification is comprehensive, remediation is transformed, and the enterprise-wide ROC at scale is now a reality. We see many parallels between this new market opportunity and the early days of VMDR, including a significant greenfield opportunity and being early to market. I encourage all of you to watch the video describing our ETM powered ROC in more detail at qualys.com.

透過 ETM，Qualys 在業界為主動網路安全風險管理樹立了新的黃金標準：網路風險編排協調、量化全面、補救措施轉變，並且大規模企業範圍的 ROC 已成為現實。我們發現這個新的市場機會與 VMDR 早期有許多相似之處，包括重要的綠地機會和早期進入市場。我鼓勵大家在 qualys.com 上觀看描述我們由 ETM 提供支援的 ROC 的影片。

We also announced mROC, which will enable many managed service providers to deliver services on the Qualys ETM as a managed risk operation center. Lastly, we announced a cyber insurance company is going to provide Qualys ETM customers with additional discounts on their premium for lower TruRisk scores shared directly from ETM, allowing customers to transfer the residual risk to their business.

我們也宣布了 mROC，它將使許多託管服務提供者能夠在 Qualys ETM 上提供服務作為託管風險營運中心。最後，我們宣布一家網路保險公司將為 Qualys ETM 客戶提供直接從 ETM 分享的較低 TruRisk 分數的保費額外折扣，從而允許客戶將剩餘風險轉移到他們的業務中。

With a ROC delivered by Qualys ETM, we are now empowering C-level executives and security teams with out-of-the-box, instant, and actionable insights into trending risk specific to their vertical and mapped to their own data to preemptively identify prevailing threats well in advance of a potential security incident. With this new app, which we call TruLens, going GA soon, CISOs and their security teams can immediately be notified of potentially impacted IT and IoT assets within their environment. The materiality of these assets to their business, the associated impact to their overall risk score, and are equipped with the ability to make a remediation frictionless and immediate with a simple click of a button.

借助 Qualys ETM 提供的 ROC，我們現在可以為 C 級高管和安全團隊提供開箱即用的、即時的、可操作的洞察，讓他們了解特定於其垂直領域的趨勢風險，並映射到他們自己的數據中，以便在潛在安全事件發生之前搶先識別當前存在的威脅。這款新應用程式（我們稱之為 TruLens）即將正式發布，CISO 及其安全團隊可以立即收到其環境中可能受到影響的 IT 和 IoT 資產的通知。這些資產對其業務的重要性、對其整體風險評分的相關影響，以及只需單擊按鈕即可輕鬆、立即進行補救的能力。

Alongside several other existing announcements at QSC San Diego, we were pleased to commend GA of both our TruRisk Eliminate and Qualys Total AI capabilities, marking another milestone in Qualys' 25-year history of cybersecurity innovation. We are pioneering these categories and both are key differentiators on our platform.

除了 QSC 聖地牙哥的其他幾個現有公告外，我們很高興地讚揚 GA 的 TruRisk Eliminate 和 Qualys Total AI 功能，這標誌著 Qualys 25 年網路安全創新歷史上的又一個里程碑。我們是這些類別的先驅，它們都是我們平台的關鍵差異因素。

These new approaches to cybersecurity risk management, along with several others on our roadmap in the coming quarters, arm our customers with the tools necessary to navigate an increasingly complex threat environment and regulatory environment, streamline security operations, and reduce cost.

這些新的網路安全風險管理方法以及我們未來幾季路線圖中的其他幾種方法將為我們的客戶提供必要的工具，以應對日益複雜的威脅環境和監管環境，簡化安全操作並降低成本。

Moving to our business update, with many of our customers already embracing Qualys to help re-architect and consolidate their stack, Qualys VMDR and has translated into an enviable customer base, broad adoption and notable industry recognition. As recently announced, Qualys's VMDR with TruRisk was recognized by GigaOm as a comprehensive risk-based approach to vulnerability management and a leader in the category for the fourth consecutive year. We believe Qualys's placement as a leading vulnerability management solution further validates our investments in the platform and continues to represent the high watermark for securing customer environments today and in the future.

談到我們的業務更新，我們的許多客戶已經採用 Qualys 來幫助重新設計和整合他們的堆棧，Qualys VMDR 已轉化為令人羨慕的客戶群、廣泛的採用和顯著的行業認可。正如最近宣布的那樣，Qualys 的 TruRisk VMDR 被 GigaOm 認可為一種基於風險的全面漏洞管理方法，並連續第四年成為該類別的領導者。我們相信，Qualys 作為領先的漏洞管理解決方案的地位進一步證明了我們對該平台的投資，並繼續代表當前和未來保護客戶環境的高水準。

Given Qualys' demonstrated track record for delivering greater value to customers, our VMDR solution with TruRisk is not only fueling new logo lands, but also helping to increase platform adoption, especially in the areas of cybersecurity asset management with EASM, patch management, and cloud security. Let me share a couple of recent wins which illustrate why companies turn to Qualys to help consolidate their security tools and fortify their security operations.

鑑於 Qualys 在為客戶提供更大價值方面擁有良好的記錄，我們與 TruRisk 合作的 VMDR 解決方案不僅推動了新標誌的傳播，而且還有助於提高平台採用率，特別是在使用 EASM 的網路安全資產管理、修補程式管理和雲端安全領域。讓我分享幾個最近的成功案例，以說明為什麼公司求助於 Qualys 來幫助整合他們的安全工具並加強他們的安全操作。

In Q3, one of my favorite wins was a large federal government agency becoming a Qualys customer. This new customer was previously using multiple legacy and next-gen solutions to manage a variety of risk management use cases across their security IT and DevOps teams. In addition to the complexity of using multiple point solutions, the government agency was also frustrated with increasing costs associated with on-prem deployments, the inefficiencies of operating siloed systems, and elongated remediation efforts.

在第三季度，我最喜歡的勝利之一是一家大型聯邦政府機構成為 Qualys 的客戶。這位新客戶之前曾使用多種傳統和下一代解決方案來管理其安全 IT 和 DevOps 團隊中的各種風險管理用例。除了使用多點解決方案的複雜性之外，政府機構還對與內部部署相關的成本增加、操作孤立系統的低效率以及延長的補救工作感到沮喪。

Looking to migrate to a natively integrated cloud-based FedRAMP high-impact level-ready solution that meets the CISA binding operational directives, we displaced five of their existing vendors in a seven-figure bookings deployment using multiple Qualys modules right out of the gate. These initial deployments included cybersecurity asset management with EASM, VMDR, and with TruRisk, patch management, policy compliance, and EDR.

為了遷移到符合 CISA 約束性操作指令的本機整合的基於雲端的 FedRAMP 高影響力等級就緒解決方案，我們一開始就使用多個 Qualys 模組以七位數的預訂部署取代了他們的五家現有供應商。這些初始部署包括使用 EASM、VMDR 和 TruRisk 進行網路安全資產管理、修補程式管理、政策合規性和 EDR。

Through this highly strategic and competitive win, the customer is now able to leverage unified dashboards that provide them with greater insights and automation than any of the competitive solutions that they had evaluated while taking full advantage of a natively integrated platform. This win alongside a separate seven-figure upsell with an existing large government agency customer and a significant state win are a testament to our ongoing investments to expand our federal, state, and local government business in the United States.

透過這場極具策略性和競爭力的勝利，客戶現在能夠利用統一的儀表板，為他們提供比他們評估過的任何競爭解決方案更深入的洞察力和自動化，同時充分利用原生整合的平台。此次勝利以及與現有大型政府機構客戶的七位數追加銷售以及一項重大的州勝利證明了我們為擴大美國聯邦、州和地方政府業務而進行的持續投資。

Continuing our global expansion, I'm pleased to announce that IRAP in Australia has recently assessed Qualys at the Protected level. This achievement opens the door for Australian government agencies and commercial organizations looking to comply with the ACSC essential aid strategy as well as their PSPF requirements to meet their country's most stringent security and compliance standards. Our successful assessment follows Qualys' approval as a cybersecurity service provider to the Victorian state government for vulnerability management services. Qualys, as selected through a highly competitive and extensive vetting process and is being bundled into a managed service delivered by E&Y.

隨著我們繼續全球擴張，我很高興地宣布，澳洲的 IRAP 最近將 Qualys 評估為受保護等級。這項成就為尋求遵守 ACSC 基本援助策略及其 PSPF 要求以滿足其國家最嚴格的安全和合規標準的澳洲政府機構和商業組織打開了大門。我們的成功評估是在 Qualys 獲得維多利亞州政府批准成為網路安全服務提供者並提供漏洞管理服務之後進行的。Qualys 是透過高度競爭和廣泛的審查程序選出的，並且被捆綁到安永提供的託管服務中。

Turning to the momentum we are seeing with our TotalCloud CNAPP solution, in a mid six-figure booking upsell with a financial services company in the Global 200, this existing VMDR and CSAM customer selected TotalCloud to scale their container deployments to over 70,000 hosts, monitoring millions of Kubernetes container images daily. Through its evaluation of competing cloud security providers, this customer determined that alternative point solutions added complexity to their operations, lacked integration, and missed detection, which hindered their ability to assess risk and consolidate their security tools.

談到我們在 TotalCloud CNAPP 解決方案中看到的勢頭，在與全球 200 強中的一家金融服務公司的六位數中段預訂追加銷售中，這家現有的 VMDR 和 CSAM 客戶選擇了 TotalCloud 將其容器部署擴展到超過 70,000 個主機，每天監控數百萬個 Kubernetes 容器映像。透過對競爭雲端安全供應商的評估，該客戶確定替代點解決方案增加了其營運的複雜性、缺乏整合並且錯過了檢測，從而阻礙了他們評估風險和整合安全工具的能力。

Today, through a highly scalable, natively integrated CNAPP solution, this customer is leveraging the Qualys Enterprise TruRisk Platform to combine runtime insights with proactive risk management while actively detecting anomalies, preventing zero-day attacks, closing compliance gaps, and remediating risk with ITSM integration through a single dashboard from code to cluster. These capabilities provide the visibility, automation, and cloud hygiene necessary to defend against today's adversaries and represent a significant long-term growth opportunity for Qualys. Our growing partnership leadership in the cloud market was also recently recognized by Gartner in his July 2024 market guide for cloud-native application protection platforms.

如今，透過高度可擴展、本機整合的 CNAPP 解決方案，該客戶正在利用 Qualys Enterprise TruRisk 平台將運行時洞察與主動風險管理相結合，同時主動檢測異常、防止零日攻擊、彌補合規差距並透過從程式碼到叢集的單一儀表板透過 ITSM 整合來補救風險。這些功能提供了防禦當今對手所必需的可視性、自動化和雲端衛生，並為 Qualys 帶來了重大的長期成長機會。我們在雲端市場不斷成長的合作夥伴領導地位最近也得到了 Gartner 公司在 2024 年 7 月雲端原生應用程式保護平台市場指南中的認可。

With seamlessly integrated solutions delivered natively on our platform to solve modern security challenges, more and more Qualys customers are beginning to understand how cybersecurity transformation drives better security outcomes, saves time, and costs less. As a result, customers spending $500,000 or more with us in Q3 grew 15% from a year ago to 200.

透過在我們的平台上原生交付無縫整合的解決方案來解決現代安全挑戰，越來越多的 Qualys 客戶開始了解網路安全轉型如何推動更好的安全結果、節省時間並降低成本。因此，第三季在我們這裡消費 50 萬美元或以上的客戶數量比去年同期增加了 15%，達到 200 人。

Consolidation isn't just happening with customers, it's also embraced and applied by our partners where we continue to see an increase in new customer deal registration and cost sales. We believe the expansion of our partner program continues to reflect our strengthening brand awareness and strategic position in the market.

整合不僅發生在客戶身上，我們的合作夥伴也接受並應用了整合，我們繼續看到新客戶交易註冊和成本銷售的增加。我們相信，合作夥伴計畫的擴大將繼續反映出我們不斷增強的品牌知名度和市場策略地位。

In summary, we believe our natively integrated platform that comprehensively measures, communicates, and remediates cyber risk brings a highly differentiated value proposition to our customers as they get more security using fewer resources with the Qualys Enterprise TruRisk Platform. With a unique opportunity in this environment to further strengthen our strategic position as the partner of choice for customers looking to re-architect and consolidate their security tools, To evolve, to solve modern security challenges, we believe we can continue to grow long-term, maintain best-in-class profitability, and invest in key initiatives aimed at further extending the gap between Qualys and the competition.

總而言之，我們相信，我們在地整合的平台可以全面衡量、傳達和補救網路風險，為我們的客戶帶來高度差異化的價值主張，因為他們可以透過 Qualys Enterprise TruRisk 平台使用更少的資源獲得更多的安全性。在這種環境下，我們有獨特的機會進一步加強我們的戰略地位，作為尋求重新架構和整合其安全工具的客戶的首選合作夥伴，為了發展，為了解決現代安全挑戰，我們相信我們可以繼續長期增長，保持一流的盈利能力，並投資於旨在進一步擴大 Qualys 與競爭對手之間差距的關鍵舉措。

With that, I will turn the call over to Joo Mi to further discuss our third-quarter results and outlook for the fourth quarter and full year 2024.

接下來，我將把電話轉給 Joo Mi，進一步討論我們的第三季業績以及對第四季和 2024 年全年的展望。

Thanks, Sumedh, and good afternoon. Before I start, I'd like to note that except for revenues, All financial figures are non-GAAP, and growth rates are based on comparisons to the prior year period, unless stated otherwise.

謝謝，Sumedh，下午好。在開始之前，我想指出的是，除收入外，所有財務數據均為非 GAAP，成長率是基於與去年同期的比較，除非另有說明。

Turning to third-quarter results, revenues grew 8% to $153.9 million, with channel continuing to increase its contribution, making up 47% of total revenues, compared to 43% a year ago. As a result of our continued commitment to leverage our partner ecosystems to drive growth, we were able to grow revenues from channel partners by 17%, outpacing direct, which grew 1%. By geo, 14% growth outside the US was ahead of our domestic business, which grew 5%. US and international revenue mix was 58% and 42%, respectively.

第三季業績顯示，公司營收成長 8% 至 1.539 億美元，其中通路收入貢獻持續增加，佔總營收的 47%，而去年同期為 43%。由於我們持續致力於利用合作夥伴生態系統來推動成長，我們從通路合作夥伴獲得的收入成長了 17%，超過直接收入的 1%。從地理來看，美國以外地區的業務成長了 14%，高於國內業務 5% 的成長。美國和國際收入佔比分別為58%和42%。

In Q3, we saw some stabilization in the selling environment, but believe ongoing budget scrutiny will persist for the foreseeable future. Reflecting the sentiment, Our growth retention rate remained largely unchanged at approximately 90%, but with stronger upsell performance, our net dollar expansion rate came in higher at 103%, up from 102% last quarter. We continue to see a positive growth trend in new business, achieving a double-digit growth rate for the fifth consecutive quarter.

在第三季度，我們看到銷售環境有所穩定，但我們相信在可預見的未來，預算審查仍將持續存在。反映出這種情緒，我們的成長保留率基本上保持不變，約為 90%，但隨著追加銷售表現的增強，我們的淨美元擴張率上升至 103%，高於上一季的 102%。我們繼續看到新業務呈現正面的成長趨勢，連續五個季度實現兩位數的成長率。

In terms of product contribution to booking, patch management and cybersecurity asset management combined made up 15% of LTM bookings and 24% of LTM new bookings in Q3. Cloud Security Solution, TotalCloud CNAPP made up 4% of LTM bookings. The foundational theme underpinning these results is the power of our Enterprise TruRisk Platform to help customers consolidate cybersecurity at scale.

就產品對預訂的貢獻而言，修補程式管理和網路安全資產管理合計佔第三季 LTM 預訂量的 15%，佔 LTM 新預訂量的 24%。雲端安全解決方案 TotalCloud CNAPP 佔 LTM 預訂量的 4%。支撐這些成果的基礎主題是我們的企業 TruRisk 平台的強大功能，可協助客戶大規模整合網路安全。

Turning to profitability, reflecting our scalable and sustainable business model, adjusted EBITDA for the third quarter of 2024 was $69.7 million, representing a 45% margin compared to a 48% margin a year ago. Operating expenses in Q3 increased by 12% to $61.8 million, primarily driven by an 18% increase in sales and marketing investments, aimed at capturing the market opportunities in front of us. As we continue to increase our investment intensity, and focus on sales and marketing enablement, customer success and productivity. We believe we will be able to drive wallet share and long-term return.

談到獲利能力，反映了我們可擴展和可持續的商業模式，2024 年第三季的調整後 EBITDA 為 6,970 萬美元，利潤率為 45%，而去年同期的利潤率為 48%。第三季的營運費用增加了 12%，達到 6,180 萬美元，這主要由於銷售和行銷投資增加了 18%，旨在抓住我們面前的市場機會。我們不斷增加投資力度，並專注於銷售和行銷支援、客戶成功和生產力。我們相信我們將能夠提高錢包份額和長期回報。

EPS for the third quarter of 2024 was $1.56 and our free cash flow was $57.6 million, representing a 37% margin compared to 64% in the prior year. In Q3, we continue to invest the cash we generated from operations back into Qualys including $3.4 million in capital expenditures and $44.9 million to repurchase 344,000 of our outstanding shares. As of the end of the quarter, we had $185.7 million remaining in our share repurchase program.

2024 年第三季的每股盈餘為 1.56 美元，我們的自由現金流為 5,760 萬美元，利潤率為 37%，而去年同期為 64%。在第三季度，我們繼續將營運產生的現金重新投資於 Qualys，其中包括 340 萬美元的資本支出和 4,490 萬美元用於回購 344,000 股流通股。截至本季末，我們的股票回購計畫剩餘金額為 1.857 億美元。

With that, let us turn to guidance, starting with revenues. For the full year 2024, we are now expecting our revenues to be in the range of $602.9 million to $605.9 million, which represents a growth rate of 9%. This compares to revenue guidance of $597.5 million to $601.5 million last quarter. For the fourth quarter of 2024, we expect revenues to be in the range of $154.5 million to $157.5 million, representing a growth rate of 7% to 9%. This guidance assumes later new businesses quarter based on current pipeline and continued deal scrutiny from existing customers with no meaningful change in our net dollar expansion rate in Q4.

因此，讓我們從收入開始來探討指導。我們預計 2024 年全年營收將在 6.029 億美元至 6.059 億美元之間，成長率為 9%。相比之下，上季的營收預期為 5.975 億美元至 6.015 億美元。對於 2024 年第四季度，我們預計營收在 1.545 億美元至 1.575 億美元之間，成長率為 7% 至 9%。該指引假設新業務季度後將基於當前管道和現有客戶對交易的持續審查，而第四季度的淨美元擴張率不會發生顯著變化。

Shifting to profitability guidance, factoring in the better-than-expected profitability today, we expect full year 2024 EBITDA margin in the mid-40s% and free cash flow margin in the mid to high 30s%. We expect full year EPS to be in the range of $5.81 to $5.91 up from the prior range of $5.46 to $5.62. For the fourth quarter of 2024, we expect EPS to be in the range of $1.28 to $1.38. Our planned capital expenditures in 2024 are expected to be in the range of $12 million to $16 million, and for the fourth quarter of 2024, in the range of $5.5 million to $9.5 million.

轉向獲利能力指引，考慮到目前優於預期的獲利能力，我們預計 2024 年全年 EBITDA 利潤率將在 40% 左右，自由現金流利潤率將在 30% 左右。我們預計全年每股收益將在 5.81 美元至 5.91 美元之間，高於先前的 5.46 美元至 5.62 美元。對於 2024 年第四季度，我們預計每股收益將在 1.28 美元至 1.38 美元之間。我們預計 2024 年的計畫資本支出將在 1,200 萬美元至 1,600 萬美元之間，2024 年第四季的計畫資本支出在 550 萬美元至 950 萬美元之間。

Adding additional context, we are currently making certain investments in some of our data centers to achieve greater operational efficiencies and reduce medium to long-term marginal costs. These investments pressure gross margin in Q3 by approximately 1%, and we anticipate a similar contraction in Q4. With respect to operating expenses, in Q4, we expect to continue to prioritize an increase in investments in sales and marketing aimed at driving more pipeline, supporting sales, enhancing our partner program, and expanding our federal vertical with more modest increases in engineering and G&A.

另外，我們目前正在對一些資料中心進行一定投資，以提高營運效率並降低中長期邊際成本。這些投資使第三季的毛利率下降約 1%，我們預計第四季也會出現類似的收縮。至於營業費用，在第四季度，我們預計將繼續優先增加對銷售和行銷的投資，旨在推動更多的管道，支持銷售，加強我們的合作夥伴計劃，並透過適度增加工程和一般行政費用來擴大我們的聯邦垂直業務。

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

因此，Sumedh 和我很樂意回答您的任何問題。

(Operator Instructions) Jonathan Ho, William Blair.

（操作員指示） Jonathan Ho，William Blair。

Congratulations on the strong results. Sumedh, can you talk a little bit about some of the changes that you've implemented on the product marketing side and maybe help us understand maybe what that impact could be just moving forward? It seems like your CNAPP products did quite well this quarter.

恭喜您取得的優異成績。Sumedh，您能否談談您在產品行銷方面實施的一些變化，也許可以幫助我們了解這些變化可能對未來產生什麼樣的影響？看來你們的 CNAPP 產品本季表現相當不錯。

Yeah, thank you. Great question. So I think where we see the opportunity really is aligning overall messaging around the different modules to the messaging around business risk and risk quantification that we have been talking about, which is really helping customers sort of -- there's a lot of people talking about single grade of glass and platformization and different things and just bundling products for the sake of bundling.

是的，謝謝。好問題。因此，我認為我們看到的機會實際上是將不同模組的整體訊息傳遞與我們一直在談論的業務風險和風險量化訊息傳遞相結合，這確實在某種程度上幫助了客戶——很多人在談論單一等級的玻璃和平台化以及不同的東西，只是為了捆綁而捆綁產品。

I think for us, as we launched the ROC, which is a big announcement that we made on QSC, which is really bringing all the things that we're doing in cyber cyclical together from a risk operationalization perspective. At the end of the day, how much money you spend on cyber security is really directly proportional to how much risk you perceive to the business and a lot of CSO struggle to an articulate that.

我認為對我們來說，當我們推出 ROC 時，這是我們在 QSC 上做出的一項重大聲明，它實際上從風險操作化的角度將我們在網路週期中所做的所有事情整合在一起。歸根結底，您在網路安全上花費的資金實際上與您認為業務面臨的風險成正比，許多 CSO 都很難清楚地表達這一點。

So if you don't necessarily have a good view of how much risk you have to the business, how do you decide on how much you should spend on the different areas of cybersecurity. And so with product marketing and product management, really, we are really focused on the last couple of months on realigning our messaging to the risk message and sort of just individual modules and products.

因此，如果您不一定清楚地了解業務面臨的風險，那麼您如何決定在網路安全的不同領域投入多少資金。因此，在產品行銷和產品管理方面，我們實際上在過去幾個月中真正專注於將我們的資訊重新調整為風險資訊以及單獨的模組和產品。

Of course, the journey that we have started on, but really being able to have that quantification conversation with a single risk score across all the different capabilities in the platform and bringing in third-party tools. So we are not getting into the conversation of replacing existing tools. We're saying if you have these tools that you like, you can keep those. But we can bring the data into the Qualys platform and give you that very simplistic view of essentially what is the risk so you can articulate that risk to your management, to your Board.

當然，我們已經開始了這段旅程，但真正能夠透過單一風險評分在平台的所有不同功能中進行量化對話並引入第三方工具。因此我們不會討論更換現有工具的問題。我們的意思是，如果您擁有這些喜歡的工具，您可以保留它們。但是我們可以將資料帶入 Qualys 平台，為您提供風險的非常簡單的視圖，以便您可以向管理層和董事會清楚地說明該風險。

And that is resonating extremely well. So when people are saying, I want to consolidate different tools or bring data together, it is really at the end for the purpose of understanding what does it mean to have so many different risk factors affecting a particular business entity? What does that mean in terms of how much risk do I have to the business. And so this change in marketing, product marketing, the announcement of the ROC as well as the mROC, a lot of these things are very new in the way that we have announced them at our QSC event.

這引起了極大的共鳴。因此，當人們說「我想整合不同的工具或匯總數據」時，其最終目的實際上是為了理解有如此多不同的風險因素影響特定商業實體意味著什麼？就我對業務的風險有多大而言，這意味著什麼？因此，行銷、產品行銷的這種變化、ROC 以及 mROC 的發布，許多都是在 QSC 活動中宣布的非常新穎的方式。

Excellent. And then just for Joo Mi, can you talk a little bit about the strength you saw this quarter in terms of the net retention? And should we expect things to maybe trend towards this positive direction just given the release of the new products and the new sort of bundles that you've put together? Thank you.

出色的。然後就 Joo Mi 來說，您能否談談本季在淨留存率方面的優勢？並且，鑑於您發布的新產品和新捆綁產品，我們是否應該期待事情朝著正面的方向發展？謝謝。

Yeah, we were really pleased with the outperformance and the upsell, especially after a few consecutive quarters of a tick down in the dollar expansion rate. So, we're pleased to report that it's increased back up to 103%.

是的，我們對優異的表現和銷售成長感到非常滿意，特別是在美元擴張率連續幾季下降之後。因此，我們很高興地報告，它已回升至 103%。

Now with that said, what we're assuming for the guidance is no material improvements in Q4 based on the current deals in play, what we're seeing in the business today. We are optimistic in the longer term that we will see that continue to tick up, but for the purposes of guidance, we are assuming no material change right now.

話雖如此，根據目前的交易情況以及我們今天的業務情況，我們對第四季的預期是沒有實質的改善。從長遠來看，我們樂觀地認為這一數字將持續上升，但出於指導目的，我們假設目前不會發生重大變化。

Thank you.

謝謝。

Roger Boyd, UBS.

瑞銀（UBS）羅傑·博伊德（Roger Boyd）。

I want to touch on the channel. You continue to sound pretty confident in the opportunities that are unlocking there, particularly with the new platform offerings with mROC. It's clearly showing up in the revenue numbers. I wonder if you could just expand on the momentum you're seeing there and maybe to what extent was channel a material contributor to the pretty strong 3Q billings growth here. Thanks.

我想談談渠道。您聽起來對那裡釋放的機會仍然非常有信心，特別是 mROC 提供的新平台產品。這在收入數字上明顯反映出來。我想知道您是否可以詳細說明您所看到的勢頭，以及通路在多大程度上對第三季帳單成長相當強勁做出了重要貢獻。謝謝。

Yeah, I think at a high level, we are happy with sort of the journey we started a year, 1.5 years ago around really focusing more with our partners, channel partners to bring a business to us, increasing deal rates. So we're seeing positive momentum there.

是的，我認為從高層次來看，我們對一年半前開始的旅程感到滿意，我們真正更加專注於與我們的合作夥伴、通路合作夥伴合作，為我們帶來業務，並提高交易率。因此我們看到了積極的勢頭。

And I think as we're seeing that momentum, what we are really looking forward to is embracing the strategy, which is our partner for strategy, right, for both new business and for upsells. We're looking to say, how do we work with our partners and pivot more and more towards helping them not just bring a resale deal to us, but with the launch of the mROC, how can we enable these partners to now provide some meaningful services to the customer?

我認為，當我們看到這種勢頭時，我們真正期待的是擁抱這一戰略，這是我們的戰略合作夥伴，對，無論是新業務還是追加銷售。我們希望說的是，我們如何與合作夥伴合作並越來越多地幫助他們不僅為我們帶來轉售交易，而且隨著 mROC 的推出，我們如何使這些合作夥伴現在能夠為客戶提供一些有意義的服務？

For a long time, MDRs and managed stocks have been something that they have been focusing on. But a lot of our partners now are excited that after a few years, they actually have the ability to now provide some really fresh new services in cybersecurity that are relevant to their customers, especially around providing a risk advisory service, a risk quantification service, and a technical service around ability to ingest data from multiple different tools, a prioritization, ongoing risk monitoring service around the ROC, Board reporting service so that they can have reporting that actually is meaningful to the Board. And then, of course, a remediation packaging service where they can actually take packages.

長期以來，MDR 和管理股票一直是他們關注的重點。但是，現在我們的許多合作夥伴都很興奮，因為幾年後，他們實際上有能力在網路安全領域提供一些與他們的客戶相關的真正全新的服務，尤其是提供風險諮詢服務、風險量化服務和技術服務，包括從多種不同工具中提取數據的能力、優先級排序、圍繞 ROC 的持續風險監控服務和董事會報告服務，以便他們能夠獲得董事會真正有意義的報告。然後，當然還有補救包裝服務，他們可以實際接收包裹。

And so for us, we see as we work with our partners and AT&T company level blue signed up as the first ever partner, and expanding from just channel partner, just managed service providers to even cyber insurance companies that we're talking to is that partnership that can essentially help to say if you invest a certain amount in building out a risk operation center, that can give you benefit with lower risk scores and getting out of this like too many alert fatigue to actually focus on saying that this can actually give us and a meaningful discount on our cyber insurance premium because we have set up a rock with the TruRisk score. So we see that a lot of things that we're doing really is about how do we embrace this partner for strategy across the board and creating products and capabilities and service that actually our partners can offer services on top of what we do and not just picking and reselling the capabilities.

因此對我們來說，我們看到我們與合作夥伴和 AT&T 公司合作，成為有史以來第一個合作夥伴，並且從渠道合作夥伴、託管服務提供商擴展到我們正在談判的網絡保險公司，這種合作關係本質上可以幫助你，如果你投資一定數量的資金來建立一個風險運營中心，這可以為你帶來較低的風險評分，讓你實際上可以擺脫過多的警報疲勞，因為我們的折扣，因為我們已經建立了合理的基礎。因此，我們看到，我們所做的很多事情實際上是關於如何全面擁抱這一合作夥伴策略，並創造產品、能力和服務，實際上我們的合作夥伴可以在我們所做的事情的基礎上提供服務，而不僅僅是挑选和轉售這些能力。

Patrick Colville, Scotiabank.

加拿大豐業銀行的派崔克‧科爾維爾。

Congratulations on a very healthy print. I guess I want to focus specifically on the current billing's performance, which is highly impressive. The question I'm getting is, were there any deals, remind me, that was pushed from 2Q into 3Q? Or were there any deals that were signed in 3Q that were maybe kind of pulled in for 4Q? I mean, I guess, were there any one-offs, maybe, is kind of phrased more succinctly this quarter with the current billings performance?

恭喜您獲得非常健康的印刷品。我想特別關注目前計費的表現，這令人印象深刻。我的問題是，提醒我一下，是否有任何交易從第二季推遲到第三季？或者第三季簽署的任何交易是否可能在第四季度被納入其中？我的意思是，我想，本季是否有任何一次性事件，也許，以目前的帳單表現來說，可以更簡潔地表達出來嗎？

There were, but not outside the normal course of the business. In any given quarter, we do have some deals that get pushed out and then pulled forward. And so it was a typical quarter from that perspective. With that said, when you take a look at current billing, it does get impacted by the billing schedule and the contract terms for the customers.

有，但並不超出正常業務範圍。在任何一個季度，我們都會有一些交易被推遲，然後又提前。從這個角度來看，這是一個典型的季度。話雖如此，當您查看當前帳單時，它確實會受到帳單時間表和客戶合約條款的影響。

And I would say that the 14% that we just posted, it is higher than the booking performance just based on the billing schedule. And so one of the things that we do take a guide to is if you take a look at it on an LTM basis or even year-to-date basis, that helps to kind of smooth out the lumpiness in current billing. And so I would say that's probably more indicative of the business momentum that we see today.

我想說的是，我們剛剛公佈的 14% 高於僅基於結算時間表的預訂業績。因此，我們採取的指導措施之一是，如果您以 LTM 為基礎或甚至是以年初至今為基礎進行查看，這有助於消除當前帳單中的不平衡。所以我想說這可能更能說明我們今天看到的業務動能。

Very helpful. And so I guess, I mean, you just touched on this now, but I guess I want to zoom in on exactly what you said. So is using kind of an LTM basis the best way to get a kind of normalized view of what things might be next year? Appreciate you're not providing an early guide. But is that kind of mid to high single-digit level the right level on a forward-looking basis or should we expect more like a double-digit performance like this quarter?

非常有幫助。所以我想，我的意思是，你剛剛提到了這一點，但我想我想要詳細地談談你所說的內容。那麼，使用 LTM 基礎是否是獲得明年情況的標準化視圖的最佳方式？感謝您沒有提供早期指南。但是，從前瞻性的角度來看，這種中高個位數的水平是否正確，還是我們應該期待本季出現兩位數的表現？

Yeah, it's a little too early to be commenting on next year. But because of the focus on current things, I would say that look like the best guide that we could give right now. The indication that we can give for Q4 is more or less in line with a revenue growth guidance, so we're guiding to 7% to 9% revenue growth rate for Q4. And I would say that currently we are expecting it to be more or less trend in that direction.

是的，現在評論明年還為時過早。但由於關注的是當前的事情，我想說這看起來是我們現在可以提供的最佳指南。我們對第四季的預測與營收成長指引大致一致，因此我們預期第四季的營收成長率為 7% 至 9%。我想說，目前我們預計它或多或少會朝著這個方向發展。

Terrific. Thank you so much and well done for a great print.

了不起。非常感謝您，您完成了出色的印刷工作。

[Kingsley Crane]

[金斯利·克蘭]

Really impressive results. I'm sure it's gratifying for the whole team. I just want to get a little bit more granular on what drove the strength from a product perspective. It seems like with TruRisk and TotalAI, that those are really going to be more meaningful over the next couple of quarters and years. Thanks.

確實令人印象深刻的結果。我確信這對整個團隊來說都是令人欣慰的。我只是想從產品角度更詳細地了解推動其發展的因素。看起來，有了 TruRisk 和 TotalAI，它們在未來幾季和幾年裡將變得更有意義。謝謝。

Yeah, great question. Look, I think overall we're happy to see we're in a good quarter. We're happy about that. Glad to see the pickup in the NRR that we saw this quarter. We're happy with multiple quarters of new business growth that we have seen, though. As you mentioned, looking at the Q4 pipeline, we expect some of the new business stuff to moderate a little bit.

是的，很好的問題。看，我認為總的來說，我們很高興看到我們處於一個很好的季度。我們對此感到高興。很高興看到本季度 NRR 有所回升。不過，我們對連續多個季度的新業務成長感到滿意。正如您所提到的，縱觀第四季度的情況，我們預計一些新業務的發展會略有放緩。

But having said that, our federal investments that we have been making, we saw some good momentum and good deals with upsells and new business from the federal side as well in Q3. And we're happy with how our TotalCloud solution has been and also the kind of performance that we saw from a Q3 bookings perspective.

但話雖如此，我們在聯邦投資方面一直在努力，在第三季度我們也看到了一些良好的勢頭和來自聯邦方面的追加銷售和新業務的良好交易。我們對 TotalCloud 解決方案的表現以及從第三季預訂量來看的表現感到滿意。

As you saw, VMDR or vulnerability management is really shifting with people buying more patch management as part of VM solutions rather than just scan-only tools. You see that reflected in 15% of the LTM total bookings being patch management and CSAM. And then 24% of new bookings, LTM bookings, are cybersecurity asset management and patch management in addition to VMDR.

正如您所看到的，VMDR 或漏洞管理正在轉變，人們購買更多的修補程式管理作為 VM 解決方案的一部分，而不僅僅是掃描工具。您會看到，LTM 總預訂量的 15% 用於修補程式管理和 CSAM。然後，24% 的新訂單、LTM 訂單除了 VMDR 之外，還涉及網路安全資產管理和修補程式管理。

And so the new product capabilities that we are providing with VMDR are driving the net new business coming to us because people are saying instead of just moving from a scanning-only solution to another scanning-only solution. They're buying patch management, they're buying cybersecurity asset management in the first purchase itself.

因此，我們透過 VMDR 提供的新產品功能正在推動我們獲得新業務，因為人們說的不僅僅是從一種僅掃描解決方案轉向另一種僅掃描解決方案。他們購買補丁管理，在第一次購買時就購買了網路安全資產管理。

We're also seeing some of growth in the cloud. We're security solution in the first purchase itself. And so as we continue to put more training, more resources, more product marketing around the TotalCloud and then the risk operation center, ETM driving it. We're also seeing some very, very positive early conversations with customers around TotalAI, because what is happening right now is a lot of IT teams are getting ready to deploy some form of AI into production next year.

我們也看到雲端運算領域的一些成長。我們本身就是第一次購買的安全解決方案。因此，我們將繼續圍繞 TotalCloud 以及風險營運中心 (ETM) 投入更多的培訓、更多的資源和更多的產品行銷。我們也看到圍繞 TotalAI 與客戶進行了一些非常積極的早期對話，因為目前的情況是，許多 IT 團隊正準備在明年將某種形式的 AI 投入生產。

They're coming to the security team and saying, hey, can you guys certify this? And most security teams today don't have any idea what to test from an AI LLM security perspective.

他們來到安全團隊並詢問，嘿，你們能證明這一點嗎？而當今大多數安全團隊不知道從 AI LLM 安全角度要測試什麼。

And so with Qualys TotalAI providing almost like a point-and-shoot scanner for AI that tests jailbreaks and some of the common AI vulnerabilities and giving a thumbs up or a thumbs down is really the perfect recipe for what they're looking for at this point of time. So we're seeing that momentum building up as well. And so as we get into next year, we were looking forward to continuing that momentum with patch management, cybersecurity asset management, bringing on more customers who are looking at cloud security solution consolidation as we are seeing wins against the established cloud-only players that are the ones in the market. We're seeing wins against them. One of those we highlighted here as well.

因此，Qualys TotalAI 幾乎可以提供類似 AI 的傻瓜掃描儀，用於測試越獄和一些常見的 AI 漏洞，而豎起大拇指或豎起大拇指確實是他們此時正在尋找的完美答案。因此，我們也看到這種勢頭正在增強。因此，隨著明年的到來，我們期待在修補程式管理、網路安全資產管理方面繼續保持這一勢頭，吸引更多關注雲端安全解決方案整合的客戶，因為我們正在戰勝市場上現有的純雲端運算供應商。我們看到了對上他們的勝利。我們也在這裡重點介紹了其中之一。

And then also we are seeing that the amount of interest in the ROC and the ETM is very, very high. Our Strategic Advisory Board CISOs, we are seeing a lot of them eagerly waiting to test this, try this, and really hitting a key point of contention that they are seeing with their management and their Board. And so we feel like as we get into the next couple of years with growth on cloud, federal, ETM, and AI are really building up some very, very nice potential growth opportunities for us over the next couple of years.

我們也看到，人們對 ROC 和 ETM 的興趣非常非常高。我們的策略顧問委員會 CISO，我們看到很多人熱切地等待測試這一點、嘗試這一點，並且真正觸及他們與管理層和董事會之間爭論的關鍵點。因此，我們覺得，隨著未來幾年雲端、聯邦、ETM 和 AI 的成長，我們將在未來幾年獲得一些非常非常好的潛在成長機會。

Great. That's really helpful. Sumedh, I just want to take a step back and circling back to the departure of Pinkesh, the Chief Product Officer in September, which had been planned. I mean, what have you learned operationally over the past couple months? Do you feel like you have the appropriate bandwidth? It seems like you do. It seems like things are going well.

偉大的。這真的很有幫助。Sumedh，我只想回顧一下首席產品長 Pinkesh 於 9 月離職的事件，這是預料之中的。我的意思是，在過去的幾個月裡你在營運方面學到了什麼？您是否覺得您的頻寬合適？看起來你是這麼認為的。看起來事情進展得很順利。

Yeah, I do. I think it's always good to get back in and see. And like most places, you just get people to talk to each other. What a wonderful impact that can make. And so I think, as I stepped in and brought the product management, product marketing teams together, and we were able to really just in a very quick period come up with this branding of Risk Operations Center, which is a wonderful way of describing instead of calling it security data lakes and all kinds of different names that people are struggling with, it resonated really well.

是的，我知道。我認為回去看看總是好的。和大多數地方一樣，你只是讓人們互相交談。這會產生多麼奇妙的影響。因此我認為，當我介入並將產品管理、產品行銷團隊聚集在一起時，我們能夠在很短的時間內想出風險營運中心的品牌，這是一種很好的描述方式，而不是稱之為安全數據湖和人們正在努力使用的各種不同名稱，它引起了很好的共鳴。

And this just came from the creativity of our product management and product marketing team sitting together and saying, what are we eventually offering our customers instead of coming up with some very fancy terms and names like it's literally just a risk operation center that helps them operationalize that cyber risk.

這源自於我們的產品管理和產品行銷團隊坐在一起的創造力，我們會討論，我們最終會為客戶提供什麼，而不是想出一些非常花哨的術語和名稱，好像它只是一個幫助他們實施網路風險的風險營運中心。

And so I'm able to really see that enthusiasm in the team coming together. And you're seeing some of that with the messaging and the clarity and the crispness of the messaging that is coming out of Qualys now as we've evolved ourselves from just being a vulnerability scanner into a really much bigger, broader platform for risk management and not just scanning and finding vulnerabilities.

因此我能夠真正看到團隊凝聚力的熱情。現在您可以從 Qualys 傳遞的訊息中看到這一點，而且訊息傳遞的清晰度和清晰度也很高，因為我們已經從一個漏洞掃描程式發展成為一個更大、更廣泛的風險管理平台，而不僅僅是掃描和尋找漏洞。

Great to hear. Thanks again.

很高興聽到這個消息。再次感謝。

Joel Fishbein, Truist.

喬爾‧菲什拜因 (Joel Fishbein)，Truist。

Just to follow up on the product questions, I'm really interested in TruRisk Eliminate. It seems like a very differentiated product. Love to hear what the early feedback is, and when does it specifically go to market, and when do you expect revenue to come from the management platform altogether? Thanks.

只是為了跟進產品問題，我對 TruRisk Eliminate 非常感興趣。這看起來像是一個非常差異化的產品。很想聽聽早期的回饋，具體什麼時候上市，您預計什麼時候整個管理平台能帶來收入？謝謝。

Thanks, Joel. You always ask the product question. I like that. So it's really, TruRisk Estimate is very interesting. So I mean, if you recall into the history, a few years ago, when I introduced batch management, there was a lot of pushback at the time. Analysts were not quite ready for that, and the market and competition today hasn't really picked that up.

謝謝，喬爾。您總是詢問產品問題。我喜歡這個。所以，TruRisk Estimate 確實非常有趣。所以我的意思是，如果你回顧歷史，幾年前，當我引入批量管理時，當時遭到了很多阻力。分析師對此還沒有做好準備，當今的市場和競爭也還沒有真正意識到這一點。

But patch management has become a real differentiator for the vulnerability management solution that we have, which has really helped us evolve our vulnerability management solution. And our customer spend has really been now distributed between scanning and patching with us.

但修補程式管理已成為我們現有的漏洞管理解決方案的真正差異化因素，它確實幫助我們改進了漏洞管理解決方案。現在，我們的客戶支出實際上已經分配到我們的掃描和修補之間。

And while there were initially some questions on would anybody buy patch management from a vulnerability scanning vendor, today, just this year in 2024, Qualys agents have deployed 78 million patches in our customer environment. So we are looking at some significant uptake in the patching cycles from our customers and the number of devices that they are patching, et cetera.

雖然最初有人存在一些疑問，是否會有人從漏洞掃描供應商那裡購買修補程式管理，但今天，光是 2024 年，Qualys 代理就在我們的客戶環境中部署了 7,800 萬個修補程式。因此，我們正在觀察客戶的修補週期和修補的設備數量等的顯著增加。

However, patching is a little bit of a political battle in customer environment between IT team and security team and so we run into that sometimes.

然而，修補在客戶環境中有點像 IT 團隊和安全團隊之間的政治鬥爭，所以我們有時會遇到這種情況。

It's also an operational challenge, right? The more. patches you deploy, the more opportunities that something could go wrong. And so there is hesitation on catching but is required. So with TruRisk Eliminate, we have come up with a very nice packaging that not only does patch management that we have done but it also now provides the ability to mitigate the issue without patching.

這也是一個營運挑戰，對嗎？更多。您部署的補丁越多，出現問題的機會就越大。因此，對於是否接球有猶豫，但這是必須的。因此，透過 TruRisk Eliminate，我們提出了一個非常好的包裝，它不僅可以進行我們已經完成的修補程式管理，現在還提供無需修補即可緩解問題的能力。

So our agents can actually deploy very specific mitigation because we study how attackers go about attacking a device and we can make some small changes to the device that will prevent the attacker from being successful even without deploying a patch. And this is really something that our customers are really looking forward to because those who cannot buy patch management can now buy the mitigate capability because now they're saying, look, we're not buying patching, but we're buying something that allows us to mitigate the risk.

因此，我們的代理商實際上可以部署非常特定的緩解措施，因為我們研究攻擊者如何攻擊設備，並且我們可以對設備進行一些小的改動，即使沒有部署修補程式也可以阻止攻擊者成功。這確實是我們的客戶非常期待的事情，因為那些無法購買補丁管理的人現在可以購買緩解功能，因為現在他們說，看，我們不是在購買補丁，而是在購買可以讓我們減輕風險的東西。

And also it provides the capability of isolation. And so we're seeing some highly regulated environments where they're saying, look, if I cannot patch, I cannot mitigate, I'm going to actually take the machine off the network because it has way too much risk. And I just cannot take that kind of a risk.

並且它還提供隔離能力。因此，我們看到一些受到嚴格監管的環境，他們會說，看，如果我無法修補，無法緩解，我實際上會將機器從網路上移除，因為它的風險太大了。我不能冒這樣的風險。

And so this packaging is something that just rolled out to production this quarter. And so as we start to get this messaging out, we talked to our Strategic Advisory Board members. They were very optimistic about that because it helps them address the IT political challenge internally, but it also helps them address the zero day challenge where there is no patch available and devices are being attacked. We can actually provide solutions for that.

這種包裝是本季剛投入生產的。因此，當我們開始傳播這一訊息時，我們與策略顧問委員會成員進行了交談。他們對此非常樂觀，因為這有助於他們應對內部 IT 政治挑戰，同時也有助於他們應對沒有可用修補程式且設備受到攻擊的零日挑戰。我們實際上可以為此提供解決方案。

And so, I'm looking forward early next year for that momentum, because now we just go back to our existing customers who have patch and say, hey, here's an upgrade that you can buy that allows you to also bring mitigate. And those who are resistant to patch management can now actually purchase the mitigate capability as part of the eliminate where they say, well, I'm not patching, but I can actually buy this addition capability.

因此，我期待明年年初出現這種勢頭，因為現在我們只需回到擁有補丁的現有客戶身邊，並說，嘿，這是一個您可以購買的升級，它還可以讓您帶來緩解。那些抵制補丁管理的人現在實際上可以購買緩解功能作為消除的一部分，他們會說，好吧，我不打補丁，但我實際上可以購買這個附加功能。

So lots of interesting opportunities. And as we start to roll this out more broadly and getting early adopter customers using it, we're optimistic for this to be something that we will see more momentum in next year.

因此有很多有趣的機會。隨著我們開始更廣泛地推出這項服務並讓早期採用者客戶使用它，我們樂觀地認為這將在明年取得更大的發展勢頭。

Great, thank you so much.

太好了，非常感謝。

Rudy Kessinger, D.A. Davidson.

凱辛格（Rudy Kessinger），地方檢察官戴維森。

Congrats on a strong quarter, particularly on revenue and billings. Similar to Patrick's question, I guess I'm curious on the revenue outperformance in the quarter. One of your largest, I think as a public company, if not your largest relative to your guys, it sounds like upsell being better than expected was the primary driver. But I'm curious if that was it or anything else to it. And in particular on the upsell, just, was it a handful of large upsell deals or was it broad-based, better upsell than expectations?

恭喜您本季業績強勁，尤其是營收和帳單方面。與帕特里克的問題類似，我對本季的收入表現感到好奇。我認為，作為一家上市公司，即使不是你們公司中最大的公司，聽起來追加銷售額好於預期是主要驅動力。但我很好奇是不是就是這樣，還是其他什麼。特別是在追加銷售方面，是少數大型追加銷售交易還是廣泛的、比預期更好的追加銷售？

Yeah, from an upsell perspective, it was more or less broad-based. And we were really pleased with the performance just because if you take a look at the recent quarters, because we've been underperforming not only in Q2 but it's been continuing to tick down from a net dollar expansion rate. We were conservative in how we were viewing the potential results of Q3. And so with our net dollar expansion rate finally going back up to 103%, it was really primarily driven by the upsell performance, our focused execution, getting the deals in the quarter that we had to work with.

是的，從追加銷售的角度來看，它或多或少是廣泛的。我們對業績感到非常滿意，因為如果回顧最近幾個季度，我們會發現我們不僅在第二季度表現不佳，而且淨美元擴張率也持續下降。我們對第三季的潛在結果持保守看法。因此，隨著我們的淨美元擴張率最終回升至 103%，這主要得益於追加銷售業績、我們專注的執行以及在我們必須合作的季度內達成的交易。

And then in addition to that, you definitely helped as well because you're seeing a continued momentum in the new business bookings where we're able to take some market share, get the new logos in. It's another double-digit growth. And so looking to Q4, we don't expect that to continue. We do expect a lighter new business quarter. And then on the upsell, we don't anticipate a similar rate of success on the upsell based on the deals that we see today.

除此之外，你們肯定也提供了幫助，因為你們看到新業務預訂持續增長的勢頭，我們能夠佔領一些市場份額，獲得新的標誌。這又是一次兩位數的成長。因此展望第四季度，我們預計這種情況不會持續下去。我們確實預計新業務季度將會比較清淡。然後，在追加銷售方面，根據我們今天看到的交易，我們預期追加銷售的成功率不會相似。

Okay, that's helpful. And then I believe in an answer to the question earlier you said Q4 current calculated billings in the 7% to 9% range that you're guiding to on revenue just to be clear was that for CCB for Q4 or for trailing 12-month CCB in Q4, 7% to 9%?

好的，這很有幫助。然後我相信之前問題的答案是您說第四季度目前計算的帳單在 7% 到 9% 的範圍內，您預計這個範圍是收入，只是為了明確這是針對第四季度的 CCB 還是針對第四季度過去 12 個月的 CCB，7% 到 9%？

Yeah, Q4 CCB.

是的，Q4 CCB。

Okay. Got it. Thank you.

好的。知道了。謝謝。

Matt Hedberg, RBC.

馬特·赫德伯格（Matt Hedberg），RBC。

Sumedh, a lot of positivity from this quarter. The channel contributions really stood out to me in new product momentum. I guess I'm curious, based on what you've seen now and maybe through the first month of Q4, can you comment on the durability of these trends? They seem to have an idiosyncratic nature versus maybe more macro driven, but I was kind of curious on if you could provide a bit more color on maybe the durability of some of these trends that you're seeing.

Sumedh，這個方面有很多正面因素。在新產品發展動能方面，通路貢獻確實讓我印象深刻。我想我很好奇，根據您現在看到的情況以及可能到第四季度的第一個月的情況，您能否評論一下這些趨勢的持久性？它們似乎具有一種特殊的性質，而不是更多的宏觀驅動，但我很好奇您是否可以提供更多的資訊來說明您所看到的某些趨勢的持久性。

I think if you look at the conversations that we are having, our user conference that we had in Mumbai, as well as in San Diego, the Strategic Advisory Board, we just did this one exercise where we gave mock money to the CISOs to put on different products and the momentum, like the interest that we saw with AI, et cetera.

我認為，如果你看看我們正在進行的對話，我們在孟買和聖地亞哥舉行的用戶會議，戰略諮詢委員會，我們剛剛做了一項練習，我們向 CISO 提供了模擬資金來投入不同的產品和勢頭，比如我們對人工智能的興趣等等。

I think there's a real desire and a real focus on we need to move in this direction. We can continue to just buy more tools and get more alerts and just randomly ask IT and dev teams to start to fix everything. So aligning with this sort of business outcome and figuring out how do you get that one view of the different risk factors while keeping your tools and not having to go into the conversation having to replace.

我認為我們需要真正渴望並真正專注於朝這個方向前進。我們可以繼續購買更多工具、獲取更多警報，並隨機要求 IT 和開發團隊開始修復所有問題。因此，與這種業務結果保持一致，並弄清楚如何獲得對不同風險因素的單一視圖，同時保留您的工具，而不必進行替換的討論。

I think the momentum around looking to replace or get more TotalCloud and AI opportunities seems to us is very real, I think, but it is -- the reality of the macro is still there where there is extra scrutiny on the deals where deal cycles are longer. So I think we're encouraged with the conversations, the momentum, the level of interest. I think all of that has been quite positive.

我認為尋求替代或獲得更多 TotalCloud 和 AI 機會的勢頭對我們來說是非常真實的，但宏觀的現實仍然存在，對交易週期較長的交易需要進行額外的審查。所以我認為我們對對話、動力和興趣程度感到鼓舞。我認為所有這些都是非常積極的。

Now, how does that translate quarter over quarter in the short term, I think is something that is combination of our execution, which you are happy with how we did in Q3, and then focusing on some of the pipeline build that we need to have, et cetera.

現在，短期內季度環比增長如何？

I think what I look at is given these different capabilities are quite differentiated. I mean, if you look at ROC ETM, if you look at eliminate, if you look at the patching piece, if you look at AI security that we have, these are quite differentiated from what the (inaudible) competition has.

我認為我所看到的這些不同的能力是有很大的區別。我的意思是，如果你看看 ROC ETM，如果你看看消除，如果你看看修補部分，如果你看看我們擁有的 AI 安全性，這些與（聽不清楚）競爭對手的有很大不同。

So I think in the longer term, I see that as the focus on cybersecurity is going to be stable and people continue to come back to say what are the areas of focus I have. I look forward essentially for these things to make a bigger impact in the next two, three years rather than sort of trying to find just the next couple of quarters. So I think the interest in all of that is real. I think how the deals close, I think some of that is going to be lumpy as we have seen the last three quarters.

因此我認為從長遠來看，對網路安全的關注將會穩定下來，人們會繼續回來詢問我關注的領域是什麼。我主要期待這些事情能在未來兩三年產生更大的影響，而不是只在接下來的幾季產生影響。所以我認為人們對這一切的興趣都是真實的。我認為交易將如何結束，其中一些將不太順利，正如我們在過去三個季度中看到的那樣。

Well, that's super helpful. And maybe this kind of partially answers my next question, but for Joo Mi, It's maybe a point of clarification. I know you said even to the answer to the last question that your guidance assumes lighter new business trends for 4Q. I just wanted to put a finer point on that. Is that something, is that a trend that you're seeing? Or is it just sort of layers of conservatism as you go into what typically is a pretty strong end-of-year quarter for you guys?

嗯，這非常有幫助。也許這可以部分回答我的下一個問題，但對於 Joo Mi 來說，這也許是一個澄清點。我知道您甚至對最後一個問題的答案說，您的指導假設第四季度的新業務趨勢更為溫和。我只是想更詳細地闡述這一點。這是您所看到的趨勢嗎？或者，當你們進入通常對你們來說相當強勁的年底季度時，這只是某種程度的保守主義？

It's definitely not a trend that we're seeing today. I think that we've seen the trend where the new business bookings have been performing very well year-to-date for us. What I'm commenting on is based on the deals that we're looking at in the outlook, kind of the pipeline, per se. We are seeing a lighter pipe than we would like to see for Q4. So because of that, I'm pointing to the fact that we've had this consecutive quarter of double-digit new bookings close, which was great. I don't necessarily see that continuing Q4, not to say that it won't continue out to 2025. I'm just giving a little bit of color for Q4.

這絕對不是我們今天看到的趨勢。我認為我們已經看到了這樣的趨勢：今年迄今為止，我們的新業務預訂表現非常良好。我的評論是基於我們在展望中看到的交易，也就是管道本身。我們看到的管道比我們希望第四季度看到的要輕。因此，我想指出的是，我們連續一個季度的新預訂量都接近兩位數，這是非常好的。我認為這種情況不會在第四季度持續，也不是說它不會持續到 2025 年。我只是對 Q4 做一點介紹。

Yeah, just to add to that, as you know, right, I mean, the pipeline in Q4 is informed by efforts that were made a couple of quarters ago. And so the changes in marketing that we have made are important for us to understand kind of where we came from. And we look forward to -- with the changes that we have made, to bringing that pipeline back home.

是的，補充一下，如你所知，第四季度的管道是根據幾個季度前所做的努力而製定的。因此，我們在行銷方面所做的改變對於我們了解我們的起點非常重要。我們期待著——透過我們所做的改變，將這條管道重新帶回國內。

Momentum over the last few quarters has been quite encouraging and has been a trend essentially, right? I think Q4 is calling out sort of what we see just for Q4 at this point.

過去幾季的發展勢頭相當令人鼓舞，而且基本上是一種趨勢，對嗎？我認為 Q4 正在呼喚我們目前對 Q4 的看法。

Got it. Thank you both for the answers.

知道了。謝謝你們的回答。

Trevor Walsh, Citizens.

特雷弗·沃爾什（Trevor Walsh），公民。

Sumedh, I know you had a lot of questions already around risk. So I wanted to just maybe back out from a high, super high-level view. You had a good slide in the deck around just all the different tools out there that are quantifying risk in some way and totally understand or get kind of where you guys are coming from and being kind of the consolidator of all those different views. Can you just maybe tell us from the customer view, from the conversations you've had, what's maybe the one or two things that you think customers are going to lean on or like look to Qualys to kind of be that consolidator around risk as you roll out Enterprise TruRisk Management?

Sumedh，我知道你已經對風險有很多疑問。所以我可能只是想從高層次、超高層次的視角退出。你們在幻燈片中展示了非常精彩的關於各種不同的工具，這些工具在某種程度上可以量化風險，你們完全理解或知道你們的出發點，你們是所有這些不同觀點的整合者。您能否從客戶的角度、從您之間的對話告訴我們，在您推出 Enterprise TruRisk Management 時，您認為客戶可能會依賴哪一兩件事，或者希望 Qualys 成為風險整合者？

Yeah, excellent question. I think there are some smaller companies that are doing some form of quantification, but if they're focusing on the quantification from a dollar value perspective, they're not necessarily doing the finding consolidation of pulling data from multiple tools.

是的，這個問題問得非常好。我認為有些較小的公司正在進行某種形式的量化，但如果他們從美元價值的角度來關注量化，他們不一定會進行從多個工具中提取數據的整合。

And then if there are some tools that are doing some of that, primary, they're pulling a lot of their data from Qualys, and they're not doing a really good job of quantification. And neither tool is doing a good job of any remediation at all. So at the end of the day, you spend billions of dollars building all these nice dashboards, and staring at them doesn't mean anything if you don't actually get remediation done.

如果有一些工具可以完成這些工作，那麼主要是他們從 Qualys 中提取大量數據，但是他們並沒有很好地完成量化工作。而這兩種工具都不能很好地完成任何補救工作。所以到最後，你花了數十億美元來建立所有這些漂亮的儀表板，但如果你實際上沒有完成補救措施，那麼盯著它們就沒有任何意義。

And so the level of interest from a lot of our customers is very high with the ETM and the ROC story, because first of all, those who are Qualys customers already, that information or what asset inventory, which is a foundational element of any ROC, is already in Qualys. The findings, a large part of the findings are already in Qualys, and now they can just take their time to start to plug in additional sources with the partnerships that we announced with some of these key vendors that they are using.

因此，許多客戶對 ETM 和 ROC 非常感興趣，因為首先，對於已經是 Qualys 客戶的人來說，這些資訊或資產清單（任何 ROC 的基礎要素）已經在 Qualys 中了。這些發現中的大部分已經在 Qualys 中了，現在他們可以花時間開始利用我們與他們正在使用的一些主要供應商宣布的合作夥伴關係來插入其他來源。

And so that -- being able to have that inventory, being able to consolidate on a scalable platform, so we have a proven scalable platform where we can bring millions and millions of findings and actually provide that visibility with the scoring, which is another capability that a lot of customers use, but then ultimately, being able to create reporting that is relevant to the Board and the remediation part are really the differentiator. You could have some folks who are consolidating some stuff and giving some risk numbers, but ultimately, they don't really help you actually get things fixed and provide you a report that you can take to the Board for the most part.

這樣，我們就能擁有這樣的庫存，能夠在可擴展的平台上進行整合，這樣我們就有了一個經過驗證的可擴展平台，我們可以在這個平台上帶來數以百萬計的調查結果，並通過評分提供可見性，這是很多客戶使用的另一項功能，但最終，能夠創建與董事會和補救部分相關的報告才是真正的區別所在。您可能會讓一些人整合一些東西並提供一些風險數字，但最終，他們實際上並沒有幫助您解決問題，也沒有向您提供一份您可以提交給董事會的報告。

The fact that we're able to actually bring these different pieces and tools that are out there instead of having multiple silos, bringing all of that in one workflow. And it's a lot easier from what the feedback that our CISOs gave us is they say, when I'm going for a conversation about cybersecurity in a budget, it is a lot easier for me to talk to the Board to say that we are putting in place a risk operation center, which is going to operationalize our risk across multiple tools.

事實上，我們能夠真正整合現有的這些不同部分和工具，而不是採用多個孤島，而是將所有這些都納入一個工作流程中。從我們的 CISO 給我們的回饋來看，這要容易得多，他們說，當我在預算中討論網路安全問題時，我更容易與董事會溝通，告訴他們我們正在建立一個風險營運中心，該中心將透過多種工具來操作我們的風險。

Rather than go and ask for money for the next big trend that has come out and whether it's Zero Trust or this or that, I can't explain that if I'm going to go and do something around Zero Trust as an example, what is the outcome that the company or the business is going to get. But with this, I can report something that says my $500 million business unit has a possibility for $10 million loss per day. And my score that is collected from multiple different vendors in a single score is giving an indication that there is a high possibility that you're going to lose that $10 million a day.

我無法解釋，如果我要以零信任為例做一些事情，那麼公司或企業會得到什麼結果。但有了這個，我可以報告一些事情，說我價值 5 億美元的業務部門每天可能損失 1000 萬美元。我的評分是從多個不同供應商收集的，這個評分錶明，你很有可能每天損失 1000 萬美元。

And when I take that to my CFO to say, look, our score is high, the possibility of losing $10 million a day is much higher. Then it's a much better conversation to have to say, like, can we spend $650,000 to put these four controls in place, which will then bring the risk down to 30%, which is an acceptable level. And you can prove that that risk actually came down.

當我向我的財務長提出這個問題時，他說，看，我們的分數很高，但每天損失 1000 萬美元的可能性就高得多了。那麼更好的對話就是，我們是否可以花 65 萬美元來實施這四項控制措施，從而將風險降至 30%，這是一個可接受的水平。而且你可以證明風險確實下降了。

And that conversation is a lot easier for them rather than going and asking for more money to deploy the next big thing in security without actually being able to explain what they're going to get in return for that, other than just saying, oh, we're going to make things safer. And so that's where the initial enthusiasm is very high that the time to value is very fast because a lot of the data is already in Qualys.

對他們來說，這種對話要容易得多，而不是去要求更多的資金來部署安全領域的下一個重大項目，而實際上卻無法解釋他們將得到什麼回報，而只是說，哦，我們將讓事情變得更安全。這就是最初的熱情非常高漲的原因，價值實現時間非常快，因為大量數據已經在 Qualys 中了。

I think for the business side, I'm excited because our sellers and our partners, when they go to prospects who maybe have other competing solutions, they don't have to walk away or get into protracted battle for replacement. They can say, okay, give me the data of your four different security tools. I can show you value in the next one hour of how all of that can come together and give you a TruRisk score.

我認為就業務方面而言，我感到很興奮，因為我們的賣家和合作夥伴在找到可能有其他競爭解決方案的潛在客戶時，他們不必放棄或陷入曠日持久的替代之戰。他們可以說，好的，請給我你的四種不同安全工具的數據。在接下來的一個小時內，我可以向您展示如何將所有這些結合在一起並為您提供 TruRisk 分數。

We're also looking at existing customers adopting more modules because these modules are already integrated into the TruRisk scoring rather than having to go with other solutions which then they again have to pull feeds and feed into something. So there's a lot of positive things that we see with the ETM ROC not only for the customers but for our business as well. And so our focus for the next few quarters is really going to be on executing across different fronts.

我們也正在考慮讓現有客戶採用更多模組，因為這些模組已經整合到 TruRisk 評分中，而不必採用其他解決方案，然後他們必須再次提取資訊並將其輸入到某個模組中。因此，我們看到 ETM ROC 不僅對客戶而且對我們的業務都有許多正面的影響。因此，我們未來幾季的重點將放在不同方面的執行上。

But as you can see, we have really taken a holistic approach on not only the product marketing of it but also forming the mROC as well as the cyber insurance as the other end of the risk transfer market as well. That's really what customers like. It's not just a one score here. It's really a comprehensive look at how they can provide this visibility to their Board and management.

但正如您所看到的，我們不僅在產品行銷方面採取了整體方法，而且還形成了 mROC 以及網路保險作為風險轉移市場的另一端。這確實是顧客喜歡的。這裡不只是一個分數。這實際上是對他們如何向董事會和管理層提供這種可見性的全面審視。

Great. Thanks so much for the perspective.

偉大的。非常感謝您提出的觀點。

One quick follow-up for you, Joo Mi, if I can. I appreciate the color around some of the sales and marketing investments made in the quarter and kind of the effect on operating expenses there. I think that's been a theme for a few quarters now around just the overall investments, whether it's channel or otherwise.

如果可以的話，Joo Mi，我想快速跟進一下你的情況。我很欣賞本季的一些銷售和行銷投資以及對營運費用的影響。我認為這已經成為過去幾季圍繞整體投資的主題，無論是通路還是其他方面。

Can you just maybe give us a sense of how you're thinking about tracking the ROI from these investments, maybe like a few levels deeper than the metrics that we're seeing, whether it's revenue or billings and just how you kind of are seeing whether or not these different choices that you're making are kind of paying off? Thanks.

您能否向我們介紹一下您是如何追蹤這些投資的投資回報率的，也許比我們看到的指標更深幾個層次，無論是收入還是賬單，以及您如何看待您所做的這些不同選擇是否有回報？謝謝。

And the way that we measure ROI, I mean, one of the kind of the standard metrics is obviously from a direct sales force perspective, the sales productivity, how much bookings we're able to generate for each branch sales headcount. And the way that we've been tracking on that metric is we haven't seen that significant of an increase overall just because you have puts and takes.

我們衡量投資報酬率的方式，其中一個標準指標顯然是從直銷人員的角度來看的，即銷售效率，也就是我們能夠為每個分公司的銷售人員創造多少訂單。我們一直在追蹤這個指標的方式是，我們並沒有看到整體上有那麼顯著的成長，只是因為你有投入和產出。

We have pre-sales business. The sales who are working on the new business bookings has been doing really well this year, as indicated by the fact that we've been growing new bookings in double digits.

我們有售前業務。今年，負責新業務預訂的銷售人員表現非常出色，我們的新預訂量一直以兩位數的速度成長。

Now, on the post-sales side, if you take a look at the renewals and upsells, we haven't done as well in that area for this year. And so what we're trying to do is really taking a look at the sales overall to make sure that the structure is set up properly for us to really accelerate growth next year. And as we go through the 2025 planning, we will be taking a look at that in addition to all the initiatives that we've kind of tried out this year when it comes to the channel partners.

現在，在售後方面，如果你看一下續約和追加銷售，你會發現我們今年在這方面做得併不好。因此，我們試圖做的是真正審視整體銷售情況，以確保結構設定正確，以便我們明年可以真正加速成長。在我們制定 2025 年規劃時，除了今年在通路合作夥伴方面嘗試的所有舉措之外，我們還將考慮這一點。

We've been trying to invest in channel, whether it's from like setting up MSSP portal, making sure that they're incentivized from the deal rights perspective or sharing rebates with partners. We're taking a look at the different campaigns to see which ones worked and then which ones we should continue into 2025 and how that will impact our profitability.

我們一直在嘗試投資管道，無論是從設置 MSSP 門戶，還是確保從交易權利的角度激勵他們，或與合作夥伴分享回扣。我們正在研究不同的活動，看看哪些活動有效，哪些活動應該延續到 2025 年，以及這將如何影響我們的獲利能力。

Great. Thank you both. Appreciate the answers.

偉大的。謝謝你們兩位。感謝您的回答。

Shrenik Kothari, Baird.

什雷尼克·科塔里，貝爾德。

Congrats on the really great quarter, Sumedh. I had asked about the federal last quarter and the first public sector summit at the time and sounded quite enthusiastic about it. You highlighted some great wins in Q3. Just if you can help quantify or any color in terms of the potential uplift relative to your expectations or seasonality. And you mentioned that the pipeline is still looking pretty robust from a federal standpoint in terms of the momentum beyond just the 3Q budget year. You can talk about specific products and go-to-market strategies there specifically in relation to deepening federal relationships and federal agencies and how to expand into new departments there. And then I'll have a quick follow-up.

恭喜你度過了一個非常美好的季度，Sumedh。我曾詢問過上個季度的聯邦情況和當時的第一次公共部門高峰會，聽起來他們對此相當熱情。您強調了第三季的一些重大勝利。如果您能幫助量化或說明相對於您的預期或季節性的潛在提升，那會怎麼樣？您提到，從聯邦的角度來看，除了第三季預算年度之外，該管道的勢頭仍然相當強勁。您可以談論具體產品和市場進入策略，特別是涉及深化聯邦關係和聯邦機構以及如何擴展到新的部門。然後我會快速跟進。

Federal is an area of focus for us the last year or so in a big way. Of course, we have always focused on getting our FedRAMP medium certification for a few years, and that's definitely helped to get our name out there. Focused team building where we hired Bill Hawkins really to build up our federal sales practice, work with our partners.

過去一年來，聯邦一直是我們重點關注的領域之一。當然，幾年來我們一直致力於獲得 FedRAMP 中級認證，這無疑有助於提高我們的名字。我們專注於團隊建設，聘請了比爾霍金斯來建立我們的聯邦銷售業務，與我們的合作夥伴一起工作。

The first conference that we did from a marketing perspective to get Qualys in the name out there and the work that our team is doing with these agencies and we highlighted one net new seven-figure deal and upsell for seven figures in this quarter are really good indicators of what the interest level is in consolidating multiple different tools.

我們從行銷角度召開的第一次會議是為了讓 Qualys 的名字廣為人知，我們的團隊正在與這些機構合作，我們重點介紹了本季度一筆七位數的淨新交易和七位數的追加銷售額，這很好地表明了人們對整合多種不同工具的興趣水平。

I mean, that's the good news is even the federal space focused on complexity and cost is driving people to drop four or five different solutions in favor of one single Qualys platform. And typically, these are bigger names that we are replacing as well. So we see the momentum. I think, as you know, federal business is two, three budgets, and it's a little bit lumpy that way.

我的意思是，好消息是，即使是聯邦空間也關注複雜性和成本，促使人們放棄四到五種不同的解決方案，轉而選擇單一的 Qualys 平台。通常，我們替換的都是一些比較知名的公司。因此我們看到了這種勢頭。我認為，如你所知，聯邦業務有兩到三個預算，在這方面有點不平衡。

But overall, we're seeing positive momentum as we get into the next few years. I think it takes time to build out that federal practice where it's a significant amount. And so we are looking forward to continuing that investment into next year on the federal side and then seeing the outcome of that. But we're pleased with what we're seeing right now.

但總體而言，隨著未來幾年的到來，我們將看到積極的動力。我認為，在聯邦層級建立起這一大規模的實踐需要時間。因此，我們期待聯邦政府明年繼續投資，然後看到其成果。但我們對於目前看到的情況感到滿意。

Very helpful. Just a quick follow up for Joo Mi. You touched on and mentioned the billing schedule, if I heard it right. If we can kind of delve a bit more into the change in terms of scheduling compared to what you perhaps said last quarter in terms of billings growth expected to mirror revenue growth for mid-single digits in the second half. Just trying to understand if there are any factors which might be missing contributing to the upsides in relative to the revenues.

非常有幫助。只是想快速跟進一下 Joo Mi 的情況。如果我沒聽錯的話，您提到了計費時間表。如果我們能夠更深入地探討一下時間安排方面的變化，與您上個季度所說的相比，預計下半年的帳單成長將反映出收入成長的中位數個位數。只是想了解是否存在某些因素可能會對收入的上升產生不利影響。

Yeah, the current billings, it tends to fluctuate and there's definitely lumpiness in current billings when you're looking, trying to use it as a proxy for bookings performance or business trajectory. And so that's what I was commenting on.

是的，當前的帳單往往會波動，當您試圖將其用作預訂表現或業務軌蹟的代理時，當前帳單中肯定會存在波動。這就是我要評論的內容。

There was nothing really that was significant to highlight. There were some deals that were pushed out and then pulled forward. So nothing abnormal or significant.

確實沒有什麼值得強調的重要的事情。一些交易被推遲了，然後又提前了。因此沒有什麼不正常或重大的事情。

But last quarter, as an example, current billings happened to be lower than the bookings performance. And then this quarter, it's a reverse. Current billings growth happened to be higher than the bookings growth performance. So you see that fluctuations and that lumpiness. So I would say that if you're really trying to use that as a proxy for bookings, using it on an LTM basis is probably more accurate.

但以上個季度為例，當前帳單金額低於預訂金額。但本季度，情況卻出現了逆轉。目前帳單成長恰好高於預訂量成長表現。所以你會看到波動和不平整。因此我想說，如果您真的想將其用作預訂的代理，那麼在 LTM 基礎上使用它可能會更準確。

Got it. Thanks, Jillian. Appreciate it.

知道了。謝謝，吉莉安。非常感謝。

Yun Kim, Loop Capital.

Yun Kim，Loop Capital。

Thank you. First, congrats on a solid execution. Sumedh, good to see continued solid bookings around new products. If you can give us some insights into the go-to-market around these new products. For instance, is the sales process for these new products, is that primarily driven by renewal process? And also, what kind of traction are you seeing with new customers for these new products.

謝謝。首先，恭喜您出色的執行力。Sumedh，很高興看到新產品的預訂持續穩定。如果您能向我們介紹這些新產品的上市情況，我們很樂意聽取您的意見。例如，這些新產品的銷售過程是否主要由更新過程所驅動？此外，您認為這些新產品對新客戶有怎樣的吸引力？

Yeah, I mean, as Joo Min talked about it, right, if you look at batch management, cybersecurity asset management, 24% of LTM net new bookings is basically coming from these products. And so this is really thanks to the execution in sales enablement, sales training that Dino and team have been really focusing on the ability for our sellers to go in and not have the conversation of, oh, our scanner is a little bit better than the other scanner, really to talk about the comprehensive ROI of saying you cannot scan without an inventory, and there is no point of scanning if you don't patch things.

是的，我的意思是，正如 Joo Min 所說的那樣，如果你看看批次管理、網路安全資產管理，24% 的 LTM 淨新預訂基本上來自這些產品。因此，這真的要歸功於銷售支援和銷售培訓的執行，Dino 和團隊一直非常注重讓我們的賣家能夠走進去，而不是說我們的掃描器比其他掃描器好一點，真正談論綜合投資回報率，說沒有庫存就無法掃描，如果不修補，掃描就沒有意義。

And so Qualys is the only platform that is really providing the ability to have all of these three together. And so in this market, that is what is helping customers make the decision to say, even if they may be satisfied with the current scanner that they have from a scanning perspective and they look at it holistically at their vulnerability management workflow. We had a session at our QSC where we said Qualys is putting the M back in VM. The management of vulnerability management process is important.

因此，Qualys 是唯一真正能夠將這三者結合在一起的平台。因此在這個市場中，這就是幫助客戶做出決定的原因，即使他們可能對從掃描角度擁有的當前掃描器感到滿意，他們也會從整體上看待他們的漏洞管理工作流程。我們在 QSC 召開了一次會議，會上我們表示 Qualys 正在將 M 重新放入 VM 中。漏洞管理流程的管理非常重要。

As our sellers are now going in and positioning the comprehensive packaging in a new business, it's giving us advantage because then when we provide that and the customer goes back to a competing solution, they cannot offer patch management. They're not offering patch management. In fact, I talked to a CISO of a new logo that just came on board, and he said he did talk to our competition and said, you know, one of them is doing and so on.

由於我們的賣家現在正在進入並將綜合包裝定位在新業務中，這給我們帶來了優勢，因為當我們提供該解決方案而客戶回到競爭解決方案時，他們無法提供補丁管理。他們不提供補丁管理。實際上，我與一位剛剛推出的新標誌的 CISO 進行了交談，他說他確實與我們的競爭對手進行了交談，並說，你知道，他們其中一個人在做等等。

So we're seeing that these new product capabilities are differentiating as we are evolving out of just a vulnerability management scanning tool, which is something that people are not focusing as much on to just say, okay, we want to scan stuff. So new products are getting momentum.

因此，我們看到這些新產品的功能正在發生變化，因為我們正在從漏洞管理掃描工具發展而來，而人們並沒有太多關注這一點，只是說，好吧，我們想要掃描一些東西。因此，新產品正在獲得發展動力。

As I said, TotalCloud, we had a good quarter with TotalCloud and we're happy with that right now. So we are seeing even net new businesspeople coming to us look at to say, well, I could buy a cloud scanning-only solution, but then it doesn't scan my desktops and my laptops. So might as well go with something like Qualys, which again is providing a comprehensive solution where we're not cloud only, though we are very good at the cloud security. We also provide the ability to assess all of your other devices as well in the same context.

正如我所說，TotalCloud，我們本季的業績表現良好，我們對此感到滿意。因此，我們看到甚至有新的商人來找我們說，好吧，我可以購買僅雲掃描的解決方案，但它不會掃描我的桌上型電腦和筆記型電腦。因此不妨選擇像 Qualys 這樣的公司，它再次提供了一個全面的解決方案，我們不僅僅是雲，儘管我們在雲端安全方面非常擅長。我們還提供在相同環境下評估您的所有其他設備的能力。

Enablement has been a key focus for us this quarter and they've been really putting a lot of focus on getting our sellers to articulate the newer messaging rather than just sort of going and saying our scanner is better than your scanner.

本季度，支援一直是我們關注的重點，他們確實把重點放在讓我們的賣家表達新的訊息上，而不是只是說我們的掃描器比你們的掃描器更好。

Okay, great. Just want to make sure though, is the selling around these new products driven by the renewal process or is it independent of that?

好的，太好了。只是想確認一下，這些新產品的銷售是否由更新過程推動，還是與之無關？

Sorry, the what process?

抱歉，什麼流程？

The renewal.

更新。

Oh, renewal?

哦，續約？

Yeah. Are you selling these new products in conjunction with renewals or is it really, really independent of the renewal process?

是的。您是否在續訂的同時銷售這些新產品，還是它實際上與續訂過程無關？

Oh, yeah, yeah. No, no, both. So, yeah, I get the question.

哦，是的，是的。不，不，兩者都有。是的，我明白你的疑問。

So, the 24% that we talked about for ETM was on new bookings that come to Qualys, which is like new logos coming to Qualys, right? And then the 15% is overall that includes existing customers who are either buying additional cybersecurity asset management and patch management or in some cases might be adjusting some of their VM spend to spend more on patching and buying more patch management. So it's both. We're seeing that in both places.

那麼，我們談到的 ETM 的 24% 是來自 Qualys 的新預訂，這就像 Qualys 的新標誌一樣，對嗎？然後 15% 是總體，包括現有客戶，他們要么購買額外的網路安全資產管理和修補程式管理，要么在某些情況下可能會調整他們的一些 VM 支出，以便在修補程式上花費更多併購買更多的修補程式管理。所以兩者都有。我們在兩個地方都看到了這種情況。

So we are attracting net new logos because we have cybersecurity asset management and patch management and we are also creating opportunities to upsell to existing customers these new capabilities because we don't see that with the competition.

因此，我們吸引了全新的客戶，因為我們擁有網路安全資產管理和修補程式管理，而且我們還創造了向現有客戶推銷這些新功能的機會，因為我們在競爭對手中沒有看到這一點。

We would like to thank everyone for your participation. This will conclude today's conference call, and you may now disconnect.

我們感謝大家的參與。今天的電話會議到此結束，您可以掛斷電話了。