Qualys Inc (QLYS) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Qualys first-quarter 2025 investors call. (Operator Instructions) Please be advised that today's conference is being recorded. I would like now to turn the conference over to Blair King, Investor Relations. Please go ahead, sir.

女士們、先生們，感謝你們的支持，歡迎參加 Qualys 2025 年第一季投資者電話會議。（操作員指示）請注意，今天的會議正在錄音。現在我想將會議交給投資者關係部的布萊爾金 (Blair King)。先生，請繼續。

Thank you, Michelle. Good afternoon, and welcome to Qualys's first-quarter 2025 earnings call. Joining me today to discuss our results are: Sumedh Thakar, President and CEO; and Joo Mi Kim, our CFO.

謝謝你，米歇爾。下午好，歡迎參加 Qualys 2025 年第一季財報電話會議。今天與我一起討論我們業績的有：總裁兼執行長 Sumedh Thakar；以及我們的財務長 Joo Mi Kim。

Before we get started, I'd like to remind you that our remarks today will include forward-looking statements that generally relate to future events or future financial 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. Any 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未來財務經營業績有關。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（包括最新的 10-Q 表和 10-K 表）列出了可能導致結果出現重大差異的因素。我們在本次電話會議上所做的任何前瞻性陳述均基於今天的假設，我們不承擔因新資訊或未來事件而更新這些陳述的義務。

During this call, we will present both GAAP and non-GAAP financial measures. A 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 與非 GAAP 指標的對帳。提醒一下，新聞稿、準備好的發言稿和投資者介紹都可以在我們網站的投資者關係部分找到。

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

因此，我現在將電話轉給 Sumedh。

Thanks, Blair, and welcome all to our first earnings call. We are entering a new era for Cybersecurity Risk Management powered by real-time data, automation and AI. Against this backdrop, we executed well in this quarter, resulting in better-than-expected revenue growth, strong profitability and solid cash flow generation.

謝謝，布萊爾，歡迎大家參加我們的第一次財報電話會議。我們正在進入由即時數據、自動化和人工智慧驅動的網路安全風險管理的新時代。在此背景下，我們本季表現良好，營收成長優於預期，獲利能力強勁，現金流穩健。

Fueled by customer insights, Qualys's mission is to bring innovative new security solutions to the market. With over 25 years of evolving our platform to meet the next generation of modern security challenges, we have established a strong track record of inverting operational challenges into secular competitive advantages while maximizing lifetime value, ensuring frictionless outcomes at scale and driving immediate ROI on security spend.

在客戶洞察的推動下，Qualys 的使命是向市場推出創新的新型安全解決方案。我們經過 25 年多的發展，不斷改進平台以應對下一代現代安全挑戰，在將營運挑戰轉化為長期競爭優勢的同時，最大限度地提高生命週期價值，確保大規模無摩擦成果，並推動安全支出的即時投資回報，建立了良好的業績記錄。

In doing so, we believe we have built a new security industry paradigm, which today leverages our powerful real-time data processing capabilities across more than 18 trillion data points on a natively integrated platform to help organizations streamline their Cybersecurity Risk Management program with the risk operations center, ROC.

透過這樣做，我們相信我們已經建立了一個新的安全產業範式，今天，它利用我們在本地整合平台上超過 18 兆個數據點的強大即時數據處理能力，幫助組織透過風險營運中心 ROC 簡化其網路安全風險管理計劃。

While a security operations center, SOC, is used for detection of threat actors after a breach, the ROC is leaded by organization for proactive risk management to reduce the chance of breaches by deploying the cyber budget where the highest risk of loss is. Unlike other CTEM solutions that only reveal exposures without providing effective remediation, Qualys's cloud native, Enterprise TruRisk Management, ETM solution is purpose-built to deliver a single comprehensive AI power orchestration security findings from multiple Qualys and non-Qualys sources to implement them

安全營運中心 (SOC) 用於在違規行為發生後檢測威脅行為者，而 ROC 則由主動風險管理組織領導，透過在損失風險最高的地方部署網路預算來降低違規行為的可能性。與其他僅揭示風險而不提供有效補救措施的 CTEM 解決方案不同，Qualys 的雲端原生企業 TruRisk 管理 ETM 解決方案旨在從多個 Qualys 和非 Qualys 來源提供單一全面的 AI 電源編排安全發現，以實現它們

By unleashing the scale of the Qualys platform, we end data from multiple sources, including tenable CrowdStrike with normalized risk signals enriched with threat intelligence, analyze adversary behavior and provide organizations with actionable enterprise-wide insights to prioritize and remediate cyber risk through a language of business and financial impact. This holistic approach uniquely ensures organizations not only understand their cyber risk in quantifiable terms, but can take immediate action to reduce the risk that matters the most.

透過釋放 Qualys 平台的規模，我們可以從多個來源獲取數據，包括具有富含威脅情報的標準化風險信號的可靠的 CrowdStrike，分析對手行為並為組織提供可操作的企業範圍洞察，以通過業務和財務影響的語言確定網絡風險的優先級並進行補救。這種整體方法以獨特的方式確保組織不僅能夠以可量化的方式了解其網路風險，而且可以立即採取行動來降低最重要的風險。

With prospects of POCs more than doubling from last quarter and over 25 active POCs already underway since launching of GA a short while level, we continue to see milk between this new market opportunity and the early days of the MDR launch, including significant greenfield opportunity and a growing demand. Embracing this momentum in the market, we further evolved our ATM solution through an expanding ecosystem of remediation solutions.

由於 POC 前景較上一季度增長了一倍以上，並且自 GA 推出以來短時間內已有超過 25 個活躍的 POC 正在進行中，我們繼續看到這一新的市場機會與 MDR 推出初期之間的利好，包括重要的綠地機會和不斷增長的需求。抓住市場這一發展勢頭，我們透過不斷擴大的補救解決方案生態系統進一步發展了我們的 ATM 解決方案。

In doing so, we have advanced our tourist eliminate agenda by enabling organizations to amplify third-party remitting tools with security insights from Qualys to prioritize patching or activate other compacity controls available through the platform. With this latest innovation organizations can soon leverage a unified cost workflow with end-to-end automation, CMDB and ITSM integration to prioritize a rapid remediation all environments from their patching vendors of choice.

在此過程中，我們推進了遊客消除議程，使組織能夠利用來自 Qualys 的安全見解來擴大第三方匯款工具，以優先修補或激活透過平台提供的其他容量控制。借助這項最新創新，組織很快就能利用具有端到端自動化、CMDB 和 ITSM 整合的統一成本工作流程，優先從其選擇的修補供應商快速修復所有環境。

This is a strong competitive difference of Qualys further neutralizes IT and procurement friction and significantly expands our market opportunity by going well beyond patch management. Continuing the rapid pace of innovation, we're expanding our Qualys TotalAI and tourist capabilities to help organizations address the evolving its associated with LLMs.

這是 Qualys 的強大競爭優勢，它進一步消除了 IT 和採購摩擦，並透過超越修補程式管理顯著擴展了我們的市場機會。我們繼續快速創新，不斷擴展我們的 Qualys TotalAI 和旅遊能力，以幫助組織解決與 LLM 相關的不斷發展的問題。

With this latest release, TotalAI brings full visibility across ML supply chain, data applications and pipelines to detect malicious core, policy violation and advanced multinodal exports hidden within images, audio and video files. By enhancing our AI security posture AI SPM with native internal LLM calling expands detection and seamless integration into MLFs pipeline, we're equipping security teams with the agility and insight needed to protect modern AI-driven workloads from development all the way through run time while building what we believe is the most advanced AI security solution available in the market.

透過最新版本，TotalAI 為 ML 供應鏈、資料應用程式和管道帶來了全面的可見性，以偵測隱藏在映像、音訊和視訊檔案中的惡意核心、政策違規和進階多節點匯出。透過增強我們的 AI 安全態勢，具有原生內部 LLM 調用的 AI SPM 擴展了檢測範圍並無縫整合到 MLF 管道中，我們為安全團隊提供了所需的敏捷性和洞察力，以保護現代 AI 驅動的工作負載從開發到運行的整個過程，同時構建我們認為是市場上最先進的 AI 安全解決方案。

In addition, with the launch of policy audit and audit fix, we are now providing organizations of all sizes with the ability to streamline audit operations by providing audit readiness reporting and automated evidence collection across 450-plus technologies and over 1,000 out-of-the-box audit processes for frameworks like PCI et cetera. This solution reverses a growing area of focus and cyber spend for CISO as they are under pressure to ensure their organizations don't feel audits while at the same time, reducing their spend in audit readiness with automation, in not only detecting the gaps, but automation and also fixing them.

此外，隨著政策審計和審計修復的推出，我們現在可以為各種規模的組織提供簡化審計操作的能力，透過提供 450 多種技術的審計準備報告和自動證據收集以及 1,000 多個適用於 PCI 等框架的開箱即用審計流程。該解決方案扭轉了 CISO 日益增長的關注領域和網路支出，因為他們面臨著壓力，需要確保他們的組織不會感受到審計，同時透過自動化減少他們在審計準備方面的支出，不僅可以檢測差距，還可以透過自動化來修復它們。

Moving to our business update. We have hosted several workshops attended by many of the most forward-thinking CEOs around the world in recent quarters and the message is clear. Organizations are increasingly anchoring pre-breach cyber spend to quantifiable risk reduction in that business which is easily articulated to boards and business partners. CISOs on a platform that speaks to unified language of risk while letting their teams choose their own tools with various components of the stack rather than trying to consolidate multiple vendors into a single platform. This requires centralized risk fabric that seamlessly unifies the underlying tools of choice to effectively measure communicate and fortify an organization's response with reducing complexity, operating cost and time to reduction time remediation.

轉到我們的業務更新。最近幾個季度，我們舉辦了多場研討會，全球許多最具前瞻性的執行長參加了此次研討會，我們傳達的訊息非常明確。組織越來越多地將網路安全前支出與業務中可量化的風險降低掛鉤，以便輕鬆地向董事會和業務合作夥伴闡明。首席資訊安全長可以在一個平台上使用統一的風險語言，同時讓他們的團隊選擇具有各種堆疊組件的自己的工具，而不是試圖將多個供應商整合到一個平台中。這需要集中的風險結構，無縫統一所選的底層工具，以有效地衡量、溝通並加強組織的回應，同時降低複雜性、營運成本和減少補救時間。

As a result, our technologies are not only fueling new logo lands but also helping to increase product platform adoption, especially in the areas of VMDR, Cyberseal asset management, patch management, cloud security and increasingly the delivered through Qualys's ETM solution. With thousands of customers consolidating on Qualys Enterprise to platform, let me share a couple of recent wins, which like why these companies are turning to Qualys to help unify their security tools, quantify an immediate cyber risk in their environment and achieve better security outcomes.

因此，我們的技術不僅推動了新標誌的出現，而且還有助於提高產品平台的採用率，特別是在 VMDR、Cyber​​seal 資產管理、修補程式管理、雲端安全性以及越來越多地透過 Qualys 的 ETM 解決方案交付的領域。隨著成千上萬的客戶整合到 Qualys Enterprise 平台，讓我分享一些最近的成功案例，例如為什麼這些公司轉向 Qualys 來幫助統一他們的安全工具，量化他們環境中的直接網路風險並實現更好的安全結果。

First, an existing Global 100 multinational media company with a rapidly growing multi-cloud and container environment, determine that managing siloed tools added complexity to their operation lack integration and misdetection while hindering their ability to assess risk and centralized remediation. This customer chose Qualys to transform silo risk factors spanning core depositories, endpoint, identity, cloud container, IT, IoT and network asset into a cohesive real-time risk management solution by consolidating Qualys and non-Qualys data.

首先，一家現有的全球 100 強跨國媒體公司擁有快速成長的多雲和容器環境，他們認為管理孤立的工具增加了其營運的複雜性，缺乏整合和誤檢，同時阻礙了其評估風險和集中補救的能力。該客戶選擇 Qualys，透過整合 Qualys 和非 Qualys 數據，將涵蓋核心儲存庫、端點、身分、雲端容器、IT、物聯網和網路資產的孤立風險因素轉化為一個有凝聚力的即時風險管理解決方案。

This included purchasing 8 Qualys modules and deploying ETM to bring operationalizing -- to begin operationalizing the ROC and consolidating ingested data from this, resulting in a 7-figure annual bookings deal including a mid-6-figure total cloud snap upsell. We are now quickly migrating numerous data sources in the Qualys platform and delivering a vendor-agnostic orchestration layer with full visibility of the back surface centralized risk assessment, quantification prioritization and remediation while engaging the operational efficiencies of security stack consolidation.

其中包括購買 8 個 Qualys 模組並部署 ETM 以實現營運 - 開始運營 ROC 並整合從中獲取的數據，從而產生 7 位數的年度預訂交易，其中包括 6 位數的中間總雲快照追加銷售。我們現在正在快速遷移 Qualys 平台中的大量資料來源，並提供與供應商無關的編排層，該編排層具有對後台集中風險評估、量化優先排序和補救的完全可見性，同時提高安全堆疊整合的營運效率。

Looking ahead, this customer now in the process of planning to power its ROC with ETI across 30 separate entities worldwide. Further advance for total Cloud snap momentum is another marquee 7-figure annual booking swing the Global 50 financial services company. This existing customer launched and initiated to strengthen its cloud and container security solution against advanced threats, close security gaps and remediate risk with IT relation to a single dashboard. It also needed to meet increasingly stringent global regulatory requirements and extended its on-prem visibility to multi-cloud and container environment.

展望未來，該客戶目前正計劃透過 ETI 為其遍布全球 30 個獨立實體的 ROC 提供支援。雲端運算整體動能的進一步推進是全球 50 強金融服務公司另一個 7 位數的年度預訂量成長。該現有客戶啟動並著手加強其雲端和容器安全解決方案以抵禦進階威脅、彌補安全漏洞並透過與單一儀表板相關的 IT 措施補救風險。它還需要滿足日益嚴格的全球監管要求，並將其內部可見性擴展到多雲和容器環境。

Through its evaluation, this customer chose our total cloud Snap solution and is now leveraging the Qualys enterprise through risk platform for lead visibility across this entire attack service to quantify and prioritize the reduction initiatives and increased operational regulation and compliance. Our growing leadership in the cloud market was further evidenced in Gigamiport, Banking Qualys as a leading outperformer in cloud workload security.

透過評估，該客戶選擇了我們的全雲 Snap 解決方案，現在正在利用 Qualys 企業透過風險平台來監控整個攻擊服務，從而量化和確定減少措施的優先級，並加強營運監管和合規性。Gigamiport 和 Banking Qualys 在雲端工作負載安全領域表現領先，進一步證明了我們在雲端市場不斷成長的領導地位。

With customer beginning to perceive Qualys as a leading risk management platform that consolidates and orchestrates multiple security solutions and workflow, we are going increasingly confident in our ability to drive long-term growth and gain market share. This confidence was again bolstered in Q1 with customers spending $5,000 -- $500,000 or more with a -- grew 6% from a year ago to 203. Consolidating workflows isn't just happening with customers. It's also embraced and prioritized by our partners, underscored by an increasingly strong mix of new business and significant growth.

隨著客戶開始將 Qualys 視為整合和協調多種安全解決方案和工作流程的領先風險管理平台，我們對推動長期成長和獲得市場份額的能力越來越有信心。這種信心在第一季再次增強，消費金額在 5,000 美元至 500,000 美元或以上的客戶數量較去年同期增長了 6%，達到 203 人。整合工作流程不僅發生在客戶身上。我們的合作夥伴也對此表示歡迎和重視，新業務和顯著成長的組合日益強勁就是明證。

As we continue to endorse our partner for a motion partner-led deal registration increase again in Q1. In addition, we have now certified 6 leading partners who are actively marketing the delay of our fresh new managers corporations, MRO services and just beginning their efforts to capitalize on a centralized and automated approach to pre-breach risk management on top of ATM. Further advancing our momentum towards a global ROC ecosystem, we look forward to certifying a few additional strategic partners in the months ahead who have already demonstrated a firm commitment to sharing this new initiative with Qualys as their MRO partner of choice.

隨著我們繼續支持我們的合作夥伴，由動議合作夥伴主導的交易註冊量在第一季再次增加。此外，我們現在已經認證了 6 個領先的合作夥伴，他們正在積極行銷我們新管理公司的延遲、MRO 服務，並且剛開始努力利用集中和自動化的方法在 ATM 之上進行預先違規風險管理。為了進一步推進我們向全球 ROC 生態系統邁進的勢頭，我們期待在未來幾個月內認證一些其他戰略合作夥伴，這些合作夥伴已經表現出堅定的承諾，願意與 Qualys 分享這一新舉措，成為其首選的 MRO 合作夥伴。

And finally, as the federal government seeks to show efficiency and replace outdated and costly on-prem deployments from years past with modern cloud-native risk management solutions, we are especially excited to host our second annual federal conference in Washington, D.C. towards the end of this month. We have recently made good progress advancing our FedRAMP high certification status, and we continue to believe we are on track to achieve authorized milestone later this year, fueling a new leg of growth for the company.

最後，由於聯邦政府尋求展示效率並用現代雲端原生風險管理解決方案取代過去幾年過時且昂貴的內部部署，我們特別高興在本月底在華盛頓特區舉辦第二屆年度聯邦會議。我們最近在提升 FedRAMP 高認證地位方面取得了良好進展，我們仍然相信我們預計在今年稍後實現授權里程碑，為公司帶來新的成長動力。

In summary, Qualys is increasingly well armed with fresh new capabilities to further strengthen our strategic position as a partner of choice for customers ready to centralize their response to cyber risks, solve modern security challenges and reduce costs. Looking ahead, we believe we will continue to outpace our competitors, extend our leadership in the market and build upon an already strong foundation to drive durable long-term growth in the business.

總而言之，Qualys 擁有越來越強大的全新能力，可以進一步加強我們的策略地位，成為客戶的首選合作夥伴，幫助客戶集中應對網路風險、解決現代安全挑戰並降低成本。展望未來，我們相信我們將繼續超越競爭對手，擴大我們在市場上的領導地位，並在現有堅實的基礎上推動業務的長期持久成長。

With that, I will turn the call over to Joo Mi to further discuss our first quarter results and look forward to the second quarter and the year ahead.

接下來，我將把電話轉給 Joo Mi，進一步討論我們的第一季業績，並展望第二季和未來一年。

Thanks, and, and good afternoon. Before I start, I'd like to note that except for revenue, all financial years are non-GAAP, and the growth rates are based on comparisons to the prior year period unless stated otherwise. Turning to first quarter results. Revenues grew 10% to $159.9 million. The channel continued to increase its contribution, making up 49% of total revenues compared to 45% a year ago.

謝謝，下午好。在開始之前，我想指出，除收入外，所有財政年度都是非 GAAP，且成長率是基於與去年同期的比較，除非另有說明。談到第一季的業績。營收成長 10% 至 1.599 億美元。該通路的貢獻持續增加，佔總收入的 49%，而一年前為 45%。

As a result of our continued commitment to leverage our partner ecosystem to drive growth, we were able to grow revenues from channel partners by 19%, outpacing direct, which grew 2%. 16% growth outside the US was ahead of our domestic business, which grew 6%. US and international revenue mix was 57% and 43%, respectively.

由於我們持續致力於利用合作夥伴生態系統來推動成長，我們能夠將來自通路合作夥伴的收入成長 19%，超過直接收入的 2% 的成長。美國以外地區的成長 16%，高於國內業務 6% 的成長。美國和國際收入佔比分別為57%和43%。

In Q1, we were pleased to see some improvements in our gross retention rate. However, our growing macroeconomic uncertainty toward that quarter presented an increasingly challenging upsell environment unchanged from last quarter. In terms of product contribution to bookings, patch management and cybersecurity asset management combined made up 15% of total bookings and 24% of new bookings on an LTM basis.

在第一季度，我們很高興看到我們的總留存率有所提高。然而，該季度宏觀經濟的不確定性日益增加，導致追加銷售環境與上一季相比沒有變化，且挑戰性加大。就產品對訂單的貢獻而言，修補程式管理和網路安全資產管理合計佔總訂單的 15%，佔 LTM 新訂單的 24%。

Our Cloud Security Solutions total cloud Sanoma 5% of LTM bookings. We credit this momentum to customer demand for a more comprehensive and contextual understanding of their expanding attack service, supported by seamless integrated risk management and remediation workflows across all environments within a unified platform.

我們的雲端安全解決方案佔 Sanoma LTM 預訂量的 5%。我們將這一勢頭歸功於客戶對其不斷擴展的攻擊服務有更全面、更具體的了解的需求，並透過統一平台內跨所有環境的無縫整合風險管理和補救工作流程提供支援。

Turning to profitability. Adjusted EBITDA for the first quarter of 2025, was $74.8 million, representing a 47% margin, in line with last year. Operating expenses in Q1 increased by 10% to $62.5 million, primarily driven by investments in sales and marketing, which grew 15%. Demonstrating our ability to innovate and invest in our long-term growth initiatives while remaining capital efficient, EPS for the first quarter of 2025 was 1.67, and our free cash flow was $107.6 million, representing a 67% margin compared to 57% in the prior year. In Q1, we continued to invest the cash we generated from operations back into Qualys, including $2 million on capital expenditures and $39.6 million to repurchase $292,000 of our outstanding shares.

轉向盈利能力。2025 年第一季調整後 EBITDA 為 7,480 萬美元，利潤率為 47%，與去年持平。第一季營運費用成長 10% 至 6,250 萬美元，主要原因是銷售和行銷投資成長了 15%。2025 年第一季的每股盈餘為 1.67，自由現金流為 1.076 億美元，利潤率為 67%，而去年同期為 57%，證明了我們具有創新能力和投資長期成長計畫的能力，同時保持了資本效率。在第一季度，我們繼續將營運產生的現金重新投資於 Qualys，其中包括 200 萬美元的資本支出和 3,960 萬美元用於回購 292,000 美元的流通股。

Since convincing our CI repurchase program in February 2018, we repurchased 9.6 million shares and return year $1.1 billion in cash to shareholders. As of the end of the quarter, we had 3.8 million remaining in our share repurchase program.

自 2018 年 2 月說服我們的 CI 回購計畫以來，我們回購了 960 萬股，並向股東返還了 11 億美元現金。截至本季末，我們的股票回購計畫還剩餘 380 萬股。

With that guidance, starting with revenue. For the full year 2025, we expect revenues to be in the range of $648 million to $657 million, which represents a growth rate of 7% to 8%. This compares to prior guidance of $645 million to $657 million. For the second quarter of 2025, we expect revenues to be in the range of $159.7 to $162.7 million, representing a growth rate of 7% to 9%.

按照這個指導，從收入開始。就 2025 年全年而言，我們預計營收將在 6.48 億美元至 6.57 億美元之間，成長率為 7% 至 8%。相比之下，先前的指導金額為 6.45 億美元至 6.57 億美元。對於 2025 年第二季度，我們預計營收將在 1.597 億美元至 1.627 億美元之間，成長率為 7% 至 9%。

While we believe our platform approach to cyber risk management provides some installation of ongoing macro volatility. This guidance as increased in a more challenging environment for new business growth in 2025.

雖然我們相信，我們的網路風險管理平台方法為持續的宏觀波動提供了一定的保障。這項指引是在 2025 年新業務成長面臨更具挑戰性的環境中提出的。

Shifting to profitability guidance. Given our strong Q1 performance, for the full year 2025, we expect an EBITDA margin in the low to mid-40s, implying a 15% to 7% increase in operating expenses and a free cash flow margin in the mid-30s. We expect full year EPS to be in the range of $6 to $6.3, up from a prior range of $5.5 to $5.9. For the second quarter of 2025, we expect EPS to be in the range of $1.4 to $1.5.

轉向盈利指導。鑑於我們第一季的強勁表現，我們預計 2025 年全年的 EBITDA 利潤率將在 40% 左右，這意味著營運費用將增加 15% 至 7%，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 6 美元至 6.3 美元之間，高於先前的 5.5 美元至 5.9 美元。對於 2025 年第二季度，我們預計每股盈餘將在 1.4 美元至 1.5 美元之間。

Our planned capital expenditures in 2025 are expected to be in the range of $8 million to $11 million, and for the second quarter of 2025 and the range of $1.5 million to $3 million. We continue to believe organizations will increasingly adopt cloud native, full step security and compliance coverage to meet the demands of today's drive landscape and reduce costs. And the impact of the macro economy is still unfolding. We are closely monitoring the business environment and adjusting our priorities accordingly.

我們預計 2025 年的計畫資本支出將在 800 萬美元至 1,100 萬美元之間，2025 年第二季的計畫資本支出將在 150 萬美元至 300 萬美元之間。我們始終相信，越來越多的組織將採用雲端原生、全方位安全性和合規性覆蓋，以滿足當今驅動格局的需求並降低成本。宏觀經濟的影響仍在顯現。我們正在密切關注商業環境並相應地調整我們的優先事項。

That said, considering the long-term growth opportunities ahead of us and our industry-leading margins, implying further room for investment, we intend to continue to align our product and marketing investments to focus on high-impact initiatives, aimed at driving more pipeline, accelerating our partner program and expanding our federal vertical. As a percentage of revenues, we expect to prioritize increased investment in sales and marketing and engineering with a more modest increase in G&A, consistent with our commitment of balancing long-term growth and profitability.

話雖如此，考慮到我們面臨的長期成長機會和我們領先業界的利潤率，這意味著進一步的投資空間，我們打算繼續調整我們的產品和行銷投資，專注於高影響力的舉措，旨在推動更多的管道，加速我們的合作夥伴計劃並擴大我們的聯邦垂直領域。作為收入的百分比，我們預計優先增加對銷售、行銷和工程的投資，並適度增加一般及行政費用，這符合我們平衡長期成長和獲利能力的承諾。

With that, Sumedh and I will 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。

Congrats on the strong quarter. I just wanted to maybe stand a little bit better what your thoughts are around the macro environment, perhaps what you're seeing from customers spending so far? And maybe what underpins your confidence to tighten the guidance range a little bit higher?

恭喜本季業績強勁。我只是想更了解您對宏觀環境的看法，也許您目前看到的客戶支出情況如何？也許是什麼支撐了您有信心將指導範圍稍微收緊一些？

Yes, I would say that at a high level, what we're seeing is similar to what we have seen in the last couple of years where cybersecurity still continues to be an important aspect of risk management for the company, and there is a continued focus. However, as we have seen, there is more scrutiny on the spend, ROI, the spend is important. And we're seeing longer cycles because we're taking longer time to make the decision.

是的，我想說，從總體上看，我們所看到的情況與過去幾年的情況類似，網路安全仍然是公司風險管理的一個重要方面，並且受到持續的關注。然而，正如我們所見，對支出、投資回報率的審查更加嚴格，支出很重要。而且我們看到週期變得更長，因為我們花了更長的時間來做決定。

So I think that is what we continue to see right now, of course, given more recent changes. There is a little bit of uncertainty, I would say. And so a little bit of that is factored into how we're thinking about the rest of the year, though we haven't particularly seen anything specifically. We're just being prudent about sort of what we see now and a little bit of expectation around people scrutinizing things a little bit more and continuing to inspect budget spend not just in cyber, but overall budget spend across the world with everything.

所以我認為，考慮到最近的變化，這就是我們現在繼續看到的情況。我想說，存在一點不確定性。因此，在考慮今年剩餘時間的走勢時，我們會考慮到這一點，儘管我們還沒有特別看到任何具體的情況。我們只是對目前看到的情況持謹慎態度，並希望人們能夠更加仔細地審查事物，並繼續檢查預算支出，不僅是在網絡方面，而且是全球範圍內所有方面的總體預算支出。

Got it. And then just in terms of your discussion of the ROC, can you talk a little bit about how that works from a customer journey perspective? What they may be add to their existing solutions? And what that looks like from a financial perspective?

知道了。然後就您對 ROC 的討論而言，您能否從客戶旅程的角度談談它是如何運作的？他們可能會在現有的解決方案中添加什麼？從財務角度來看，這是什麼樣的情況？

Yes, that's a great question. I think really where everybody is struggling right now is all their investments across multiple tools are generating tons and tons of risk signals. And we routinely see that if you take vulnerabilities an example, less than 95% of those vulnerabilities are -- or I would say like less than 5% of the vulnerabilities that even have some form of a potential immediate attack vector.

是的，這是一個很好的問題。我認為現在每個人真正苦苦掙扎的原因是他們在多種工具上的所有投資都在產生大量風險訊號。我們經常看到，以漏洞為例，這些漏洞中不到 95% 是 - 或者說，不到 5% 的漏洞甚至具有某種形式的潛在直接攻擊媒介。

And so customers, as they are trying to figure out how they don't end up with 10 different consoles from 10 different solutions when they look at risk, we're seeing -- it's our ability to take the risk operation center idea of consolidating all assets from all tools, all findings, applying credit intelligence, providing contextual from a business perspective, adding dollar values to the business potential loss that they could have, and then providing remediation plans as well as board reporting is what is sort of the journey of a risk operation center, and it starts with consolidation of assets. And for us, what we are seeing with ETM, we're able to walk into customers who today have multiple solutions and not necessarily start off with the conversation of replacing something that they have.

因此，當客戶試圖弄清楚如何在考慮風險時避免最終使用來自 10 個不同解決方案的 10 個不同控制台時，我們看到——我們能夠採用風險運營中心的理念，整合來自所有工具、所有發現的所有資產，應用信用情報，從業務角度提供背景信息，為他們可能遭受的業務潛在損失增加美元價值，然後提供補救計劃以及董事會報告，這就是風險中心的旅程。對我們來說，透過 ETM 我們能夠接觸到如今擁有多種解決方案的客戶，而不必一開始就討論更換他們已有的產品。

And so I took some of them when we are currently pulling data from. And so we're able to say, look, if you have this particular VM solution, if you have this particular integration solution, if you have this particular identity solution, you can keep that we can ingest the data from these tools and provide you a higher level visibility of what your actual risk is that is aligned with your dollar value risk from your business entities that you have and then provide your reporting that you can take to the Board and also to our IT teams in terms of prioritizing what is the most important thing that they need to fix.

因此，當我們目前提取資料時，我選取了其中的一些。因此，我們可以說，看，如果您有這個特定的 VM 解決方案，如果您有這個特定的集成解決方案，如果您有這個特定的身份解決方案，您可以保留，我們可以從這些工具中提取數據，並為您提供更高級別的可見性，了解您的實際風險，這與您的業務實體的美元價值風險相一致，然後提供您的優先事項

And what we're finding is that this approach is helping them partner with the IT team to not spend time on fixing hundreds and thousands of issues that actually are not exploitable or not attackable right now. And so this is actually creating potential cost savings for the company in terms of not wasting developer and time as well as not wasting IT team's time on fixing things that are not immediately actionable and then going back and focusing on the things that are immediately actionable.

我們發現，這種方法可以幫助他們與 IT 團隊合作，而無需花時間解決數百上千個實際上目前無法利用或無法攻擊的問題。因此，這實際上為公司創造了潛在的成本節約，因為不會浪費開發人員的時間，也不會浪費 IT 團隊的時間來修復無法立即採取行動的事情，然後再回過頭來關注那些可以立即採取行動的事情。

So from a customer journey perspective, they look at it as something that layers on top of what they have, so they don't need to work through a replacement plan. And they essentially pay an additional amount to Qualys for the cost savings that they end up getting in terms of consolidation and not having to waste time on fixing things that are not important. And so they are able to walk in and make a case for additional budget for risk operation center, they see the savings coming out from the outcome of the isolation center.

因此，從客戶旅程的角度來看，他們將其視為現有內容之上的層級，因此他們不需要製定替代方案。他們實際上向 Qualys 支付了額外的費用，以節省整合過程中的成本，而不必浪費時間修復不重要的事情。因此，他們能夠走進來並為風險營運中心申請額外的預算，他們看到了隔離中心帶來的節省。

Patrick Colville, Scotiabank.

加拿大豐業銀行的派崔克‧科爾維爾。

I guess let me just ask to Sumedh and Joo Mi. I mean in your prepared remarks, there was a comment that macro at the end of the quarter was a challenge. Did that -- I mean, were there any deals that pushed at the end of 1Q into 2Q or pulled? Or was that comment kind of in isolation and didn't have an impact on current billings?

我想我只需要問 Sumedh 和 Joo Mi 即可。我的意思是，在您準備好的發言中，有一條評論說本季末的宏觀經濟是一個挑戰。是這樣嗎——我的意思是，是否有任何交易在第一季末推遲到第二季或被取消？或者該評論是孤立的並且對當前賬單沒有影響？

Yes, there wasn't any material deal that was pushed to or pooled in the current quarter. That was more of the commentary around the fact that like, let's say, a customer that was set to renew in the quarter, we had anticipated a higher upsell rate potentially from that customer increasing their spend with us. We saw some pushback. And so that doesn't necessarily mean that it's a push -- it's going to be closed in Q2. It's in the quarter impact was calling out.

是的，本季沒有任何重大交易被推遲或集中。這更多的是圍繞著這樣一個事實的評論：比如說，一個客戶準備在本季度續約，我們預計該客戶增加在我們這裡的支出可能會帶來更高的追加銷售率。我們看到了一些阻力。所以這並不一定意味著這是一個推動——它將在第二季結束。正是在本季度，影響力開始顯現。

Okay. Crystal clear. And congrats on all these terrific announcements made by Qualys at RSA Conference. I want to actually touch on the announcement made by a competitor, best known for endpoint security, they GA a product expanding into network-based VM. I mean, would you mind just commenting on your thoughts on I guess, other cybersecurity players moving into network-based VM? And how Qualys is defending against these guys?

好的。晶瑩剔透。恭喜 Qualys 在 RSA 大會上宣布了所有這些令人振奮的消息。我實際上想談談競爭對手發布的公告，該競爭對手以端點安全而聞名，他們推出了一款擴展到基於網路的 VM 的產品。我的意思是，您介意就其他網路安全參與者進入基於網路的 VM 一事發表一下看法嗎？那麼 Qualys 是如何防禦這些傢伙的呢？

Yes. Great question. And I think we're actually pretty happy to see that competitors are acknowledging that their current solutions, which are agent only are not enough give customers a full view of what their overall attack surfaces from a vulnerability perspective. And so while we haven't really seen that solution with any of our current customer engagements or prospect engagements, we've heard about it.

是的。好問題。我認為，我們實際上非常高興地看到，競爭對手承認他們當前的解決方案（僅限代理商）不足以讓客戶從漏洞角度全面了解他們的整體攻擊面。因此，雖然我們還沒有在當前客戶或潛在客戶互動中真正看到解決方案，但我們聽說過它。

To me, I think, as I mentioned earlier, anyone going back four, five years ago, Qualys really has been talking about the evolution of vulnerability management and less about finding more vulnerabilities that you are not able to fix and more focusing on the ones that actually matter to the risk and then actually helping them remediate. And so our focus really has been about how do we help them prioritize and remediate the findings and rather just finding more findings which are not being fixed anyway.

對我來說，我認為，正如我之前提到的，回顧四、五年前，Qualys 確實一直在談論漏洞管理的演變，而不是尋找更多無法修復的漏洞，而是更專注於那些真正與風險相關的漏洞，然後真正幫助他們進行補救。因此，我們的重點實際上是如何幫助他們確定優先順序並糾正發現的問題，而不是僅僅發現更多尚未解決的問題。

And to that extent, we are taking data of those findings from the competitor and providing customers a higher value capability around taking that information is just a big bob of findings that are hard to decipher and adding the right context with over 20-plus years of significant research that we have done in -- and vulnerability exploitation, and using that to provide additional value on top of that. And so I think it's really leading to the customer having the choice that they can either use Qualys or the other solution is something that satisfies their need for that particular environment, we will still be able to take that data and we're already seeing consuming data from competitors.

從這個意義上講，我們從競爭對手那裡獲取這些發現的數據，並為客戶提供更高價值的能力，獲取這些資訊只是一大堆難以解讀的發現，並透過我們在 20 多年的重要研究中添加正確的背景——以及漏洞利用，並利用它來提供額外的價值。因此，我認為這實際上讓客戶有了選擇，他們可以使用 Qualys 或其他解決方案來滿足他們對特定環境的需求，我們仍然能夠獲取這些數據，而且我們已經看到競爭對手的數據消費。

So I think when the solution comes out, we will take a look at it and see how our customers feel about that. But having said that, were not dependent on the customers' leveraging Qualys scanner necessarily to find the vulnerabilities as we move forward with our focus on risk operation center in ETM.

因此我認為，當解決方案出來時，我們會對其進行研究，看看我們的客戶對此有何感受。但話雖如此，隨著我們繼續將重點放在 ETM 的風險營運中心，我們並不依賴客戶利用 Qualys 掃描器來發現漏洞。

Kingsley Crane, Canaccord.

金斯利·克蘭（Kingsley Crane），Canaccord。

I appreciated your comments on TotalAI. Curious how you would characterize the competitive market in And then how do you think security budgets are going to play out with respect to that market? Do you think that they need to lag as we wait for more upstream adoption? Or are you already seeing some nice uptick?

我很感謝您對 TotalAI 的評論。好奇您如何描述競爭市場？然後您認為安全預算將如何在該市場中發揮作用？您是否認為他們需要滯後，等待更多上游的採用？或者您已經看到一些不錯的上漲趨勢？

Great question. Right now, everybody seems more in the exploratory phase rather than obviously there are some very, very early adopters. But I think overall, we feel like a lot of customers are just trying to understand the risk electors started coming out from potentially AI. They are looking at what are the solutions out there. So I don't think this is more of a competitive thing as much as an educational phase that customers are going to as they're looking at various AI security solutions that are out there, and trying to figure out where within the AI doing is the place that have the maximum risk from a business perspective that they need to mitigate.

好問題。目前，每個人似乎都處於探索階段，而不是顯然有一些非常早期的採用者。但我認為總的來說，我們覺得很多客戶只是想了解選民開始從潛在的人工智慧中走出來的風險。他們正在尋找現有的解決方案。因此，我認為這與其說是一種競爭，不如說是一種教育階段，當客戶在研究現有的各種人工智慧安全解決方案時，會試圖找出人工智慧中從業務角度來看需要緩解的最大風險所在。

And so we have had some great conversations around TotalAI. We already have a couple customers that are engaged with POC with us on TotalAI, in terms of being able to focus in on LLM that they're going to put out. And now with our new announcement that we will -- they will be able to run LLM scans within their dev environment means that they can actually test these LLM in the preproduction before they go out there. The dynamic that is playing out right now is IT teams are ready to say, hey, here's a few LLMs. We are ready to go to production with they're asking the security team for a sign off before they go and the security team doesn't necessarily have a good knowledge or idea of what they can do from the sign-off perspective.

因此，我們就 TotalAI 進行了一些很棒的對話。我們已經有幾個客戶在 TotalAI 上與我們合作進行 POC，以便能夠專注於他們將要推出的 LLM。現在，我們宣布他們將能夠在其開發環境中運行 LLM 掃描，這意味著他們可以在產品投入生產之前在預生產階段對這些 LLM 進行實際測試。目前正在上演的動態是，IT 團隊準備說，嘿，這裡有幾個法學碩士學位。我們已準備好投入生產，他們要求安全團隊在開始之前簽字，但安全團隊不一定非常了解或知道從簽署的角度來看他們可以做什麼。

And so with the Qualys's TotalAI solution is like a point and shoot scanner, you pointed to LLM, it gives you a green yellow or red signal to say whether this LLM is good to go or not. So that's the dynamic in terms of people who are evaluating, looking at it and trying to figure out.

因此，Qualys 的 TotalAI 解決方案就像一個瞄準掃描儀，當您指向 LLM 時，它會給出綠色、黃色或紅色訊號來表明這個 LLM 是否可以繼續學習。這就是人們評估、觀察並試圖弄清楚的動態。

I think the second dynamic is, given that overall security budgets have not increased significantly, even with the onset of people are in the mode right now of trying to figure out what the potential loss that they could have from AI security-related insurance perspective? And then using that this year to formulate their ask for budget next year. So while we will continue to see more interest and more adoption in terms of POCs this year and maybe a few customers signing up for a few more AI-related cans. I think this is a journey that is going to take a couple more years where people really have to go and make the case for why the additional but for AI security and then the willingness of the business to give them additional versus asking them to adjust against existing budget that's been allocated to them. I think that remains to be seen.

我認為第二個動態是，鑑於整體安全預算沒有大幅增加，即使人們現在正試圖弄清楚從人工智慧安全相關保險的角度他們可能遭受的潛在損失是什麼？然後利用今年的預算來制定明年的預算要求。因此，今年我們將繼續看到人們對 POC 有更多的興趣和採用，也許會有一些客戶簽約購買更多與 AI 相關的罐頭。我認為這是一個需要幾年時間的旅程，人們必須真正解釋為什麼需要額外的人工智慧安全，然後解釋企業是否願意給予他們額外的支持，而不是要求他們根據分配給他們的現有預算進行調整。我認為這還有待觀察。

Sumedh, that's really helpful. And then for Joo Mi, a quarter ago, we were looking at EPS guidance that was down here. Now we've meaningfully raised it this quarter. I think the midpoint is roughly flat from last year. But can you speak to what went into the change over the past quarter? I think last quarter, you had called out investments in data centers and aligning some product marketing with to break into federal. Just kind of curious any specific points that have changed.

Sumedh，這真的很有幫助。對於 Joo Mi 來說，一個季度前，我們正在查看此處的 EPS 指導。現在我們在本季度已大幅提高了這一數字。我認為中點與去年大致持平。但您能談談過去一個季度發生的變化嗎？我認為上個季度您曾呼籲對資料中心進行投資，並調整一些產品行銷以打入聯邦市場。只是有點好奇有哪些具體點改變了。

Yes. Last quarter, the guidance was informed by our annual planning. And so what we like to do is we like to set aside the sufficient funds to be able to execute on the priorities that we had set at the beginning of the year. And as we move through the quarter, you see that our EBITDA margin came in at 47% with our sales and marketing growing by 15%, which is a healthy growth in and of itself. But with that said, looking back at Q1 performance and the treatment and the initiatives that we have set for ourselves for the rest of the year, we felt that the growth right now we're expecting on the OpEx.

是的。上個季度，該指導意見是根據我們的年度計劃制定的。因此，我們想做的是留出足夠的資金，以便能夠執行我們在年初設定的優先事項。隨著本季的推進，您會發現我們的 EBITDA 利潤率達到了 47%，而我們的銷售和行銷成長了 15%，這本身就是一個健康的成長。但話雖如此，回顧第一季的表現以及我們為今年剩餘時間制定的措施和計劃，我們認為目前的營運支出成長是我們預期的。

It's more along the lines of 15% to 17%. What we've seen a great success or traction in our ability to work very closely with our partners, which may not really translate to a significant increase in sales and marketing spend this year. And so that kind of speaks to why the margin contraction is not as significant as what we had anticipated at the beginning of the year.

大致在 15% 到 17% 之間。我們在與合作夥伴密切合作的能力方面取得了巨大的成功或推動力，但這並不一定意味著今年銷售和行銷支出的大幅增加。這在某種程度上解釋了為什麼利潤率收縮並不像我們年初預期的那麼嚴重。

Rudy Kessinger, D.A. Davidson.

凱辛格（Rudy Kessinger），地方檢察官戴維森。

I saw the LTM 500,000-plus ACV customer count actually dropped by 4 versus Q4. One of your competitors had called out a record quarter of 7-figure deals. At the same time, I heard you guys call out, I believe, improved gross retention. So were there any large customer losses or some down sell that push customers below that threshold? Or just any comment on that?

我發現 LTM 500,000 多 ACV 客戶數量與第四季度相比實際上下降了 4 個。您的一個競爭對手曾宣布一個季度達成創紀錄的七位數交易。同時，我聽到你們呼籲，我相信，總留存率有所提高。那麼是否存在大量客戶流失或降價銷售導致客戶數量低於該門檻的情況？或對此有什麼評論？

Rudy, nothing out of the ordinary to call out for. Our win rates have been stable, and as you saw, we improved our gross retention. And so that metric you talk about is an LTM metric. And so we continue to see in some quarter sometimes customers might have a downsell bit that has been offset by a larger upsell with another customer. Or we might -- that sometimes can drop them below the 500,000. But again, I think we're glad to see that there continues to be growth in that area and year-over-year. And from our perspective, we're glad to see that with our focused efforts, we're seeing some incremental improvement in our retention.

魯迪，沒什麼異常的。我們的贏率一直很穩定，而且如您所見，我們提高了總留存率。所以您談論的那個指標是 LTM 指標。因此，我們繼續看到，在某個季度，有時客戶的降價銷售可能會被另一個客戶的更大額度追加銷售所抵消。或者我們可能——有時可能會將其降至 500,000 以下。但我再次高興地看到，該領域繼續保持成長，並且逐年成長。從我們的角度來看，我們很高興地看到，透過我們的集中努力，我們的保留率正在逐步提高。

Got it. Okay. And then, Sumedh, apologies, I joined the call a bit late. I just want to understand maybe some of the increased conservatism that guide to the macro for the remainder of the year. I guess, are you now expecting net retention rate to maybe come down a point or 2 versus kind of staying flat at the 103? And what do you expect on the new book -- new logo on standpoint for the rest of the year, I guess, versus prior guidance and versus last year?

知道了。好的。然後，Sumedh，抱歉，我加入通話有點晚了。我只是想了解今年剩餘時間內影響宏觀經濟的一些較保守的因素。我猜，您現在是否預計淨留存率可能會下降 1 點或 2 點，而不是保持在 103 的水平？您對新書有什麼期待？我猜，與先前的指導和去年相比，今年剩餘時間裡，立場上會出現新的標誌嗎？

change as indicated by the annual revenue guidance, Rudy. Right now, what we're seeing in division today is -- at the end of the -- close to the end of the quarter, we did see some push down and some impact from the macro. And what that resulted in is -- even with lower than what we would have liked the upsell rate to be, it was more than offset by the fact that our retention rate was a little bit better.

根據年度收入指導所指示的變化，魯迪。現在，我們今天在部門看到的情況是——在接近季度末時，我們確實看到了一些下滑和一些來自宏觀的影響。結果是——即使追加銷售率低於我們所希望的水平，但我們的保留率略有提高，這足以抵消這一影響。

And so all in all, we did put out 103%. As we're assuming 103% will for throughout the rest of the year. We do expect to continue to see some headwinds in the new bookings and its ability to contribute to revenue growth. And hence, we're guiding to a revenue growth rate of 7% to 8% for the full year.

總而言之，我們確實付出了 103% 的努力。我們預計今年剩餘時間的成長率將達到 103%。我們確實預計新訂單及其對收入成長的貢獻能力將繼續面臨一些阻力。因此，我們預計全年營收成長率為 7% 至 8%。

Trevor Walsh, Citizens.

特雷弗·沃爾什（Trevor Walsh），公民。

Great. Sumedh, maybe for you, could you just walk us through how you're thinking about the MROC kind of roll out with partners and how you're gaining mind share with them when they've got a lot of different managed services that they are probably trying to bring to market? And then kind of with that, why not -- why just kind of the 6 to start? There's probably a lot of other players you go after out there to partner with. So is there kind of more to follow? Or how you're thinking about just onboarding of those?

偉大的。Sumedh，也許對您來說，您能否向我們介紹一下您如何考慮與合作夥伴一起推出 MROC 服務，以及當他們擁有許多可能試圖推向市場的不同託管服務時，您如何獲得他們的青睞？那麼，為什麼不呢——為什麼只是從 6 開始呢？您可能還有很多其他玩家想要與您合作。那麼還有更多內容需要關注嗎？或者您如何考慮僅僅將這些納入其中？

That's a really good question. And we're pretty excited about this because as you know, the last three years or so, we have really been focused on a partner strategy and a partner of our strategy, and you can see that in the numbers in the way the business is moving more towards partners.

這真是一個好問題。我們對此感到非常興奮，因為正如您所知，在過去三年左右的時間裡，我們一直專注於合作夥伴策略和我們的策略合作夥伴，您可以從數字中看到業務正更多地轉向合作夥伴。

And so part of that, we really felt like we wanted to do something that was meaningful to our partners and wasn't just about a few points here or there in terms of recall. And when we talk to some of the partners, as you said, they have managed services today, but a lot of their managed services are around MDR, which is becoming more and more commoditized or price-sensitive because everybody is offering some sort of an MDR service.

因此，我們真的覺得我們想做一些對我們的合作夥伴有意義的事情，而不僅僅是回憶方面的幾點。當我們與一些合作夥伴交談時，正如您所說，他們今天擁有託管服務，但他們的許多託管服務都圍繞著 MDR，而 MDR 正變得越來越商品化或對價格敏感，因為每個人都在提供某種 MDR 服務。

However, MDR services are post breach detection, right? Is there somebody in my environment that I can direct and be able to alert and take action by looking at data from all of the different tools? And that's a different architecture. What we talked -- when we talk to our partners, they felt like they did not have really great services from a managed service perspective, other than sort of point solution type services for scanning service as a managed service or patching as a managed service. And so when we introduced the concept of a risk operation center, it was also pretty clear that implementing the risk operation center. We have a great platform that we have with ETM that consolidates all these findings.

但是，MDR 服務是違規檢測後提供的，對嗎？我的環境中是否有人可以透過查看所有不同工具的資料來指揮、警告並採取行動？這是一種不同的架構。我們與合作夥伴交談時發現，從託管服務的角度來看，他們感覺自己並沒有真正出色的服務，除了將掃描服務作為託管服務或將修補作為託管服務的點解決方案類型的服務。因此，當我們引入風險營運中心的概念時，實施風險營運中心也非常明確。我們擁有一個很棒的平台，即 ETM，可以整合所有這些發現。

However, the customer does need help with risk quantification, putting dollar value terms in terms of how their business is evolving, what the risk are, they need some help with connectors, they need help with actively metering risk because today, the issues they have millions and millions of findings, which out of those once Qualys has prioritized truly actually impact their environment by looking at their environment. So sort of a risk monitoring service and then ultimately, our risk remediation service. And so these are fairly new services that most MSSPs don't have when we talk to them.

然而，客戶確實需要風險量化方面的幫助，根據他們的業務發展情況、風險是什麼來衡量美元價值，他們需要一些連接器方面的幫助，他們需要主動衡量風險方面的幫助，因為今天，他們有數以百萬計的發現，其中 Qualys 優先考慮的那些問題實際上通過觀察他們的環境來影響他們的環境。因此，這是一種風險監控服務，最終是我們的風險補救服務。因此，當我們與大多數 MSSP 交談時，他們發現這些都是相當新的服務，而大多數 MSSP 都沒有這些服務。

And so they were excited about the ability to launch new or different services in the market rather than just launching another MBR, which is pretty saturated. But from that perspective, we wanted to work closely and prioritize with the partners that understand the vision and are investing together with us in terms of their resources hiring the right people on their side for quantification type services and working with us to provide a tightly bundled service.

因此，他們對能夠在市場上推出新的或不同的服務感到興奮，而不是僅僅推出另一個已經相當飽和的 MBR。但從這個角度來看，我們希望與理解願景的合作夥伴密切合作，並優先考慮那些在資源方面與我們共同投資的合作夥伴，僱用合適的人員來提供量化類型的服務，並與我們合作提供緊密捆綁的服務。

And so the way we focused on those first two, these are the launch partners, there are a few others where talking to as well. And the ability -- the excitement from them is, can they make a few more dollars of services on a dollar of Qualys ETM that they sell is the exciting part for them. So we are going to continue to work with selected strategic partners that are really working closely investing rather than the sort of making it available on the shelf and they're reselling. So that's really the focus.

因此，我們主要關注前兩個合作夥伴，他們是啟動合作夥伴，同時我們也正在與另外幾個合作夥伴洽談。而他們興奮的是，他們能否在每銷售一美元的 Qualys ETM 上賺取多幾美元的服務，這是讓他們興奮的部分。因此，我們將繼續與選定的策略合作夥伴合作，這些合作夥伴將真正進行密切投資，而不是將其擺上貨架然後轉售。所以這才是真正的重點。

And our thought there is that Amrock partners will be more excited to bring more customers to Qualys because that will allow them to create more dollars of services versus maybe a competitor who's competing with them on services or offering professional services and does not provide a lot of capability to add additional services on top of just reselling. So it's a very strategic move for us, and we're excited to see globally, multiple partners actually signing up and excited about this.

我們的想法是，Amrock 的合作夥伴會更樂意為 Qualys 帶來更多的客戶，因為這將使他們能夠透過服務創造更多的收入，而競爭對手可能在服務或提供專業服務方面與他們競爭，並且除了轉售之外沒有提供很多添加額外服務的能力。所以這對我們來說是一個非常有戰略意義的舉措，我們很高興看到全球有多個合作夥伴真正簽約並對此感到興奮。

Awesome. That's great. I appreciate all the color there. Sumedh, maybe just one quick follow-up for you kind of along the same lines I think last quarter, you had mentioned some gross margin pressure as these partner programs are rolled out. But it looks like, at least from just the results in this quarter that you were a little bit ahead of kind of where expectations were around gross margin.

驚人的。那太棒了。我很欣賞那裡的所有色彩。Sumedh，也許我只是想快速跟進一下，我想上個季度您提到了隨著這些合作夥伴計劃的推出，毛利率會面臨一些壓力。但至少從本季的業績來看，你們的毛利率似乎略高於預期。

So is that just a function of maybe these partner programs still kind of basically still launching and so you're not seeing the kind of added gross margin requirements there? Or do you have kind of a new perspective on kind of where gross margin should track kind of heading into the rest of the year?

那麼，這是否只是因為這些合作夥伴計劃基本上仍在啟動，所以您沒有看到那裡增加的毛利率要求？或者您對今年剩餘時間內毛利率應該如何變化有新的看法嗎？

Yes. We had talked about the gross margin contraction, primarily due to the data center operations investments that we plan to continue throughout the year. So that really hasn't changed. From the pressure on the partner side, I think that we've actually seen it. We don't expect it to be material.

是的。我們曾討論過毛利率下降，這主要是因為我們計劃全年繼續進行資料中心營運投資。所以這確實沒有改變。從合作夥伴的壓力來看，我認為我們確實已經看到了。我們並不期望它是物質的。

If you take a look at our revenue, it continued to tick up with 49% of our revenue coming from the channel side. And so from that perspective, unless there is any meaningful change to the pricing or incentive program, which we don't foresee for this year, we kind of see no impact on gross margin due to our partnering initiatives.

如果你看我們的收入，你會發現它持續上升，其中 49% 的收入來自通路方面。因此從這個角度來看，除非定價或激勵計畫發生任何有意義的變化（我們預計今年不會發生這樣的變化），否則我們認為合作計畫不會對毛利率產生任何影響。

Joshua Tilton, Wolfe Research.

約書亞‧蒂爾頓 (Joshua Tilton)，沃爾夫研究公司。

I have two, and I also apologize if they've been addressed just jumping around on a few calls in. My first question is on billings. I think it's kind of been asked a few times, but I'm just going a little bit more direct. Was the billings growth that you saw in the quarter like in line, below or above your expectations for the quarter? And then going forward, how should we think about billings growth relative to revenue growth and specifically 2Q given the interesting comp from last year?

我有兩個問題，如果這些問題只是在幾次通話中解決，我也很抱歉。我的第一個問題是關於帳單的。我想這個問題已經被問過幾次了，但我只是想更直接一點。您在本季看到的帳單成長是否符合、低於或高於您的預期？展望未來，考慮到去年有趣的比較，我們應該如何看待相對於營收成長的帳單成長，特別是第二季？

Yes. Current billings because we don't manage to it, we don't really have the necessary expectations for the current quarter. But what we did comment on is last quarter, we did expect current billings to be more or less in line with the annual revenue growth rate guidance of 6% to 8%. So 7% current billings for the quarter wasn't a surprise to us. And I would say that -- even though we don't actively manage two, if you were to look for a color for the annual current billings growth, it will be more or less the same as our prior guidance of 6% to 8%.

是的。目前的帳單因為我們沒有做到，我們對當前季度確實沒有必要的期望。但我們確實評論的是上個季度，我們確實預計當前的帳單或多或少與 6% 至 8% 的年收入成長率預期一致。因此本季 7% 的當前帳單對我們來說並不意外。我想說的是——儘管我們沒有積極管理兩個，但如果你要尋找年度當前賬單增長的顏色，它或多或少與我們之前預測的 6% 到 8% 相同。

Super helpful. And maybe just one follow-up here. I think in response to a question about the bottom line beat you talked about how your plans for the year, you talked about some potential investments that you guys going to the year, setting yourself cushion for in case you can execute. I guess from your perspective, what would it take to ignite growth on the direct side of the business to kind of trend towards or be more in line with what you're seeing on the partner side?

超有幫助。這裡也許只有一個後續行動。我認為，在回答有關底線擊敗的問題時，您談到了您今年的計劃，您談到了您今年要進行的一些潛在投資，為自己設定了緩衝，以防萬一可以執行。我想從您的角度來看，需要採取什麼措施才能推動直接業務的成長，使其趨向於或更符合您在合作夥伴方面所看到的情況？

I think for the direct side of the business, we are not expecting an acceleration on that side just because we are taking the partner-first approach for this year, whether it's from a new business perspective as well as existing customer perspective. So what this year we're really focused on is making sure that we're building the channel partner team and how as well as working closely with our top partners to come up with different programs and initiatives, so that they can help us with lead generation as well as us kind of discussing with them for our existing Qualys customers who are currently direct with us where it makes sense for them to go and derive where the partners could add more value. And so for us, it's about the partner kind of driving growth versus trying to moderate the deceleration on the direct side.

我認為，對於業務的直接方面，我們並不期望這方面會加速發展，因為我們今年採取了合作夥伴優先的方式，無論是從新業務角度還是現有客戶角度來看。因此，今年我們真正關注的是確保我們正在建立通路合作夥伴團隊，以及如何與我們的頂級合作夥伴密切合作，制定不同的計劃和舉措，以便他們可以幫助我們進行潛在客戶開發，同時我們也可以與他們討論我們現有的 Qualys 客戶，這些客戶目前直接與我們合作，這對他們來說是有意義的，並且可以從合作夥伴可以增加更多價值的地方獲得幫助。因此，對我們來說，重要的是合作夥伴推動成長，而不是試圖緩和直接方面的減速。

Shrenik Kothari, Baird.

什雷尼克·科塔里，貝爾德。

Congrats team. Again, it was running a bit late. So apologies. Sumedh, you disclosed the total cloud CNAPP, kind of now 5% of bookings and mid-6-figure CNAPP deal in that sounds a granulized. So help kind of break down the elements of that win, like how are you differentiating? And what is arguably the rates? And I believe you said the audit readiness message, integrated risk, all of that is serving as a key edge, so just curious how is translating to wins? And how fast overall the CNAPP is growing? And is it mostly greenfield? And then I had a quick follow-up.

恭喜團隊。再次，它運行得有點晚了。所以很抱歉。Sumedh，您透露了總體雲端 CNAPP，現在約佔預訂量的 5%，並且有 6 位數中間的 CNAPP 交易，這聽起來很詳細。那麼，請幫助分解勝利的要素，例如您如何區分它們？那可以說利率是多少呢？我相信您說過審計準備資訊、綜合風險，所有這些都是關鍵優勢，所以我只是好奇如何將其轉化為勝利？那麼，CNAPP 的整體成長速度有多快？它大部分都是綠地嗎？然後我進行了快速的跟進。

Yes. Still early days with the cloud solution. I think we're happy with having increased that 5% LTM as a percentage of our bookings, again, shows that our solution is at the level our investment in getting our sales force trained and our partners working with us is working, even though it's early days. As you said, the market is crowded. I think customers have different requirements.

是的。雲端解決方案仍處於早期階段。我認為我們很高興將 LTM 作為我們預訂量的百分比提高了 5%，這再次表明我們的解決方案達到了我們在培訓銷售人員和與我們的合作夥伴合作方面所投入的水平，儘管這還處於早期階段。正如你所說，市場很擁擠。我認為客戶有不同的要求。

It's not that every customer has the exact same requirements for cloud and what we see is that there are times when customers prefer to take the program that they have built with Qualys all these years. And also from the auditor perspective, just expand that into the cloud, in some case, I might want to go with some other provider for some part of the cloud and still continue with Qualys on the workload side.

並不是每個客戶對雲端都有完全相同的要求，我們看到的是，有時客戶更喜歡採用他們多年來與 Qualys 共同建立的程式。而且從審計員的角度來看，只需將其擴展到雲端中，在某些情況下，我可能想與其他提供者合作提供雲端的某些部分，並在工作負載方面繼續使用 Qualys。

So today, our approach really is we have a pretty mature solution now that is offering all kinds of different capabilities, including CSBM, including identity, cloud and entity management. We have a combination. So we're seeing those wins when we're going head-to-head depending on what that particular customer wants. In some case, we see the customers are adopting Qualys for one part of the environment and maybe somebody else for CSPM.

所以今天，我們的方法實際上是我們現在有一個非常成熟的解決方案，它提供各種不同的功能，包括 CSBM，包括身分、雲端和實體管理。我們有一個組合。因此，當我們根據特定客戶的需求進行正面交鋒時，我們就會獲得勝利。在某些情況下，我們發現客戶在環境的某個部分採用 Qualys，而在 CSPM 中可能採用其他部分。

I think the exciting thing for us is that with the risk operation center solution, we have customers where they might be using a different cloud provider for a part of their cloud fit and we're actually now able to bring the data from that cloud provider in Qualys to give the customer a unified view of all of their different capabilities, whether it's on laptops, whether it's on their on-prem environment, whether it's on their cloud, they are able to see a unified view of the risk.

我認為對我們來說令人興奮的是，透過風險營運中心解決方案，我們的客戶可能會使用不同的雲端供應商來實現部分雲端適配，而我們現在實際上能夠將該雲端供應商的資料帶到 Qualys 中，讓客戶能夠統一查看他們所有不同的功能，無論是在筆記型電腦上，還是在他們的本地環境中，還是在他們的雲端上，他們都能夠看到風險的統一視圖。

And so for us, whenever tens for the customer to leverage our cloud-native solution, we're working with them. In some cases, it's a partnership with other providers. And in some cases, they are using other providers who are still able to look at potential revenue from them because we're pulling the findings and data, adding meaningful context to the vulnerability and the contribution side of it.

因此對我們來說，每當客戶需要利用我們的雲端原生解決方案時，我們都會與他們合作。在某些情況下，它是與其他供應商的合作關係。在某些情況下，他們會使用其他提供者，這些提供者仍然能夠從中獲取潛在收入，因為我們正在提取調查結果和數據，為漏洞及其貢獻方面添加有意義的背景。

And to your point on the audit readiness, this is what we see as a big area of focus and spend for CISOs where part of it is on risk management. The other part of the spend for budget for them is around audit readiness ensuring that they don't fail audits because that's fully within your control as an organization to make sure that fail your audit by putting the right controls in place. And so the audits are costly and they -- whether it's cloud in the cloud or whether it's on-prem and the amount of work that goes into manually collecting evidence and once the auditor is on board when they go and ask you to find some data.

關於您提到的審計準備，我們認為這是 CISO 重點關注和支出的領域，其中一部分用於風險管理。預算支出的另一部分是用於審計準備，確保他們不會審計失敗，因為作為一個組織，這完全在您的控制範圍內，透過實施正確的控制措施來確保審計失敗。因此審計成本高昂，而且無論是雲端中雲端還是本地審計，都需要大量手動收集證據，一旦審計員加入，他們就會要求您找到一些資料。

So we're seeing a combination of Qualys, not just about finding buckets, but also helping them with findings in the bigger context of risk, but in the context of audit readiness so that they can be completely prepared for audits is helping drive that focus on saying, well, maybe we should just leverage the Qualys plug-in for cloud security. But if it's not, and they have something else, we're more than happy to take the data, which we're already seeing in the current POC, where we are taking data from other cloud providers already and giving the customer single

因此，我們看到 Qualys 的組合，不僅可以找到儲存桶，還可以幫助他們在更大的風險背景下發現問題，但在審計準備的背景下，以便他們可以為審計做好充分的準備，這有助於推動這種關注，也許我們應該利用 Qualys 插件來實現雲端安全。但如果不是，而且他們有其他數據，我們非常樂意獲取這些數據，我們已經在當前的 POC 中看到了這一點，我們已經從其他雲端提供者獲取數據，並為客戶提供單一

Got it. Helpful. And Joo Mi, just a quick follow-up to some of the previous line of questioning. And you have done onto the long-standing kind of margin discipline, targeting, of course, low 40s a bit of margins. Just as you're shifting your bookings overall towards higher value kind of module seen up match, just how are you deciding and also, Sumedh, feel free to chime in as of how to deploy the incremental OpEx along the lines of kind of new sales leadership, investments in Total Cloud, which is going to activate that, just broader S&M and product? Just curious how you're thinking about it?

知道了。很有幫助。還有 Joo Mi，我想快速跟進一下之前的一些問題。而且您已經遵循了長期的利潤紀律，當然，目標是 40 出頭的利潤。正如您將整體預訂轉向更高價值的模組匹配一樣，您是如何決定的？此外，Sumedh，您可以隨意加入討論如何按照新的銷售領導力、對 Total Cloud 的投資來部署增量運營支出，這將激活更廣泛的 S&M 和產品嗎？只是好奇您是怎麼想的？

The way we're thinking about it is at the beginning of the year, we do go through the number of initiatives, whether it's from a product development standpoint, that engineering for the investment that we have to make on the R&D side as well as operations and data centers in addition to the sales and marketing. The go-to market, it's basically based on what we think that we'll be able to achieve in the current year with the goals we've set up for ourselves and then the risk weighted adjusted target, does that make sense?

我們在年初就考慮過這個問題，我們確實會採取一些舉措，無論是從產品開發的角度，還是從我們必須在研發方面進行的投資，以及除了銷售和營銷之外的運營和數據中心的工程。進入市場，基本上是基於我們認為我們能夠在本年度實現的目標，以及我們為自己設定的目標，然後是風險加權調整後的目標，這有意義嗎？

And then because of that, we have set us aside significant flexibility for us to execute on a number of initiatives which we have the to do it. Aside from that, we did take into consideration that if we were to onboard a new CRO, there will be some kind of reevaluating some of the initiatives we want to make sure that we have and up funds available for us to meet some bets that are appropriate for our business today.

正因為如此，我們為我們執行一些我們必須做的計劃留出了很大的靈活性。除此之外，我們確實考慮到，如果我們要引入新的 CRO，我們將對一些舉措進行重新評估，以確保我們有足夠的資金來滿足一些適合我們當前業務的賭注。

Yun Kim, Loop.

Yun Kim，Loop。

On your channel around MSP partners, how long does it take for these MSP partners to ramp? And then also, are these MSP partners that you're initially focused on, are they targeting certain customer segments like primarily targeting SMB or mid-market?

在您有關 MSP 合作夥伴的頻道中，這些 MSP 合作夥伴需要多長時間才能成長？而且，您最初關注的這些 MSP 合作夥伴是否針對特定的客戶群，例如主要針對 SMB 或中型市場？

Yes. Look, these are new services, right? This is not like MDR, it's a well-known survey. So IDR ramping up. They are also figuring out on operationally on their side what are the investments that they need and they're making those investments to make sure that they are able to work with the customers that need this kind of a view.

是的。看，這些都是新服務，對吧？這不像 MDR，這是一項眾所周知的調查。因此 IDR 正在上升。他們也正在從營運角度弄清楚他們需要進行哪些投資，並且進行這些投資以確保能夠與需要這種觀點的客戶合作。

So there is excitement around that. I think the time it takes we're already engaged with a couple of partners who are part of these POCs who brought us these POCs. So we're seeing the excitement and we're seeing that engagement already. And I think the -- what was the last part of the question? I forgot, sorry.

因此，人們對此感到興奮。我認為我們已經與這些 POC 中的一些合作夥伴進行了接觸，他們為我們帶來了這些 POC。因此，我們看到了這種興奮，也看到了這種參與。我認為──問題的最後一部分是什麼？我忘了，抱歉。

Are these partners kind of focused on certain customer segments like are they primarily targeting SMB market?

這些合作夥伴是否專注於特定的客戶群，例如他們主要針對中小企業市場？

I think the -- overall, I feel like the risk operation center solution pretty much work for anybody who has more than three security solutions, which is pretty much everybody at this point. However, I think the number of findings and the amount of triage that they have to go through to figure out those findings, I think that is a lot more of high priority for the larger customers right now.

我認為——總的來說，我覺得風險營運中心解決方案對於擁有三種以上安全解決方案的任何人都非常有用，目前幾乎所有人都是如此。然而，我認為，對於大客戶來說，發現的數量以及他們必須經過的分類才能得出這些發現，這是目前更優先考慮的問題。

So most of the POCs that we see engagement are large enterprises that have multiple tools, multiple solutions and are really struggling to convince their IT teams to focus on fixing things as well as they are struggling with showing ROI of large spend to their CFO and to their board. And so that's kind of where we are seeing potential target focus for these customers to the MSSP is the large customers that have a bunch of these large tools and a large number of assets.

因此，我們看到參與的大多數 POC 都是大型企業，它們擁有多種工具、多種解決方案，並且很難說服他們的 IT 團隊專注於修復問題，同時他們也在努力向 CFO 和董事會展示大筆支出的投資回報率。因此，我們看到這些客戶對 MSSP 的潛在目標關注點是擁有大量大型工具和大量資產的大型客戶。

Okay. Great. Joo Mi, if you can remind us how renewals are lined up for the rest of the year? Do you expect the typical seasonal pattern like we saw over the last couple of years? Or do you see certain renewals kind of shifting between first half and second half?

好的。偉大的。Joo Mi，您能否提醒我們今年剩餘時間的續約安排如何？您是否預計會出現像過去幾年那樣的典型季節性模式？或者您認為某些續約行為會在上半年和下半年之間轉變？

Yes. I would say I assume the same seasonality as the prior year.

是的。我想說我假設的季節性與前一年相同。

Rob Owens, Piper Sandler.

羅伯歐文斯、派珀桑德勒。

Just a quick one on geographic mix. And I guess, more so from the standpoint, if I look over the last year, North America has been very soft for you guys growing low to mid-single digits. While internationally, you've actually put up some pretty reasonable results. Can you just parse your success internationally and why domestically, it's been so difficult for you guys?

簡單介紹一下地理分佈。而且我想，從這個角度來看，如果回顧過去的一年，你會發現北美市場對你們來說非常疲軟，成長率只有低到中等個位數。而在國際上，你們其實已經取得了一些相當合理的成果。您能否分析一下你們在國際上取得的成功以及為什麼在國內對你們來說如此困難？

I said the high level international tends to be more partner-oriented business. And as we are focusing more on working with our partners and channel partners and moving business with them, we're naturally seeing a little bit more success there already, it's much more oriented thing. I think we do see opportunity for continuing to improve our execution in North America with our -- so that's where part of the MRO services and lining up with creating abilities for them to be able to provide more services around Qualys can be that sort of a catalyst that we are working with them to see if as we bring the -- we bring our existing direct accounts in North America to them, how do we do a gift to get where they're able to bring us additional new business that we don't have today in return from moving some of these customers to them. So those are the motions that we're going through right now, and we're looking forward to executing on some of these. And improving how we can get this business in North America as well.

我說過，高水準的國際業務更傾向於以合作夥伴為導向。由於我們更加重視與合作夥伴和通路合作夥伴的合作並與他們一起開展業務，我們自然已經看到了更多的成功，這是更有針對性的事情。我認為我們確實看到了繼續改善我們在北美執行情況的機會 - 這就是 MRO 服務的一部分，並為他們創造能力，使他們能夠圍繞 Qualys 提供更多服務，這可以成為一種催化劑，我們正在與他們合作，看看我們是否 - 我們將我們在北美的現有直接賬戶帶給他們，我們如何做一個禮物，讓他們能夠為我們帶來我們今天沒有額外的新業務，我們如何做一個客戶作為我們。這些就是我們現在正在審議的議案，我們期待著執行其中的一些議案。並改進我們如何在北美開展這項業務。

Oscar Saavedra, Morgan Stanley.

摩根士丹利的奧斯卡·薩維德拉 (Oscar Saavedra)。

Congrats on a great quarter. Joo Mi, regarding partners, can you give us an update on performance in terms of lead generation and pipeline generation? How has that been tracking against your internal expectations? And when we think about the guidance, to what extent is it assuming that, that continues to improve? Or is it assuming still similar to what you're seeing in the current quarter?

恭喜本季取得優異成績。Joo Mi，關於合作夥伴，您能否向我們介紹潛在客戶生成和通路生成的表現？這與您的內心預期相比如何？當我們考慮指導時，它在多大程度上假設情況會繼續改善？或者它是否仍然假設與您在本季度看到的情況相似？

Yes, we've been satisfied with the progress that we've been making on the partner side. Relative to the direct business, we've seen like pipeline increased success in increasing the deal range. In our guidance, what we're kind of assuming is no meaningful improvement from what we see today. It's kind of stay the course given that we are expecting increase in budget scrutiny given the macro. So we've adjusted.

是的，我們對合作夥伴的進展感到滿意。相對於直接業務，我們看到管道在擴大交易範圍方面取得了更大的成功。在我們的指導中，我們假設與今天看到的情況相比沒有任何有意義的改善。鑑於我們預計宏觀經濟情勢下預算審查將會增加，因此這種情況會持續下去。因此我們已經做出調整。

We've taken that into consideration when setting guidance. But with that said, we are very happy with the progress that we're making with partners. We kind of are hoping that once the macro improves, we will see meaningful improvements there.

我們在製定指導時已經考慮到了這一點。但話雖如此，我們對與合作夥伴的進展感到非常高興。我們有點希望，一旦宏觀經濟改善，我們就會看到有意義的改善。

There are no further questions at this time. This does conclude the Q&A session and today's conference call. Thank you for participating, and you may now disconnect.

目前沒有其他問題。問答環節和今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。

Goodbye.

再見。