Qualys Inc (QLYS) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Qualys' second-quarter 2025 investors 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 2025 年第二季投資者電話會議。（操作員指示）請注意，今天的會議正在錄音。

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

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' second-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 年第二季財報電話會議。今天與我一起討論我們業績的有總裁兼執行長 Sumedh Thakar 和財務長 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. 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，這些陳述通常涉及未來事件或我們未來的財務或營運表現。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 reminder, the press release, prepared remarks and investor presentation, were 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'd like now to turn the call over to Sumedh.

因此，現在我想將電話轉給 Sumedh。

Thank you, Blair, and welcome to our second-quarter earnings call. In Q2, we continue to execute well. resulting in another quarter of solid revenue growth and profitability. In this new era of cybersecurity driven by advanced data analytics automation and AI, Qualys's pioneering a new risk operation center category in cybersecurity and redefining our organizations managed by risk. While traditional security operations center saw focus on detecting breaches after they happen.

謝謝布萊爾，歡迎參加我們的第二季財報電話會議。在第二季度，我們繼續表現良好，再次實現了穩健的收入成長和利潤。在這個由先進資料分析自動化和人工智慧驅動的網路安全新時代，Qualys 開創了網路安全領域的新風險營運中心類別，並重新定義了我們由風險管理的組織。而傳統的安全營運中心則著重在漏洞發生後偵測漏洞。

The rock is built for prevention. Qualys' cloud-native ETM enterprise tourist management solution powers this transformation. With over 18 trillion data points processed in real time, we have unleashed the power of our platform to integrate and normalize signals from both Qualys and non-QualyS tools, excluding CrowdStrike securities work (inaudible) tenable and with. Unlike other continuous threat exposure management solutions that simply highlight exposure and lack effective remediation or business context, Qualys ETM solution is a powerful orchestration layer aggregating both Qualys and noncore security findings applying Threat Intelligence and delivering a unified business contextual view of risk with holistic prioritization and automated remediation.

這塊岩石是為了預防而建造的。Qualys 的雲端原生 ETM 企業旅遊管理解決方案為此轉變提供了動力。透過即時處理超過 18 兆個數據點，我們釋放了平台的強大功能，可以整合和規範來自 Qualys 和非 QualyS 工具的訊號，但不包括 CrowdStrike 證券工作（聽不清楚）和使用。與其他僅強調風險暴露、缺乏有效補救或業務環境的持續威脅暴露管理解決方案不同，Qualys ETM 解決方案是一個強大的編排層，它聚合了 Qualys 和非核心安全發現，應用威脅情報並提供具有整體優先級和自動補救的統一業務環境風險視圖。

This business aligned approach to pre-breach cyber risk management continues to resonate strongly with customers and boards and positions Qualys at the forefront of (inaudible) in cybersecurity. One defined not just by the detection of the vulnerabilities, but by measurable proactive, automated risk reduction at scale. With active POCs already converting after announcing GA just a short while ago, we continue to see many parallels between this new market opportunity and the early days of our VMDR launch, including a significant greenfield opportunity and growing demand.

這種與業務保持一致的預先入侵網路風險管理方法繼續引起客戶和董事會的強烈共鳴，並使 Qualys 處於網路安全領域的前沿（聽不清楚）。它不僅透過檢測漏洞來定義，還透過可衡量的、主動的、自動化的大規模風險降低來定義。在剛剛宣布 GA 之後，活躍的 POC 已經開始轉換，我們繼續看到這個新的市場機會與我們 VMDR 推出初期的許多相似之處，包括重要的綠地機會和不斷增長的需求。

With our latest announcement yesterday, we are very excited to introduce Qualys' later game-changing vision for the future of cyber is management with the launch of a fully reimagined Agent AI platform built on a unified fiber to seamlessly manage cyber risk across multi-vendor environment. At its core, every cyber risk AI agent represents a specialized autonomous AI fabric equipped to automate complex business processes and autonomously adapt to customers' environment by accessing diverse internal and external data sources, applications and machines.

透過昨天發布的最新公告，我們非常高興地介紹 Qualys 對網路管理未來的全新願景，即推出基於統一光纖構建的完全重新構想的 Agent AI 平台，以無縫管理跨多供應商環境的網路風險。從本質上講，每個網路風險 AI 代理程式都代表一個專門的自主 AI 結構，該結構能夠自動化複雜的業務流程，並透過存取各種內部和外部資料來源、應用程式和機器自主適應客戶的環境。

These agents achieve complete end-to-end outcomes for sub-security teams. Available in a first-of-a-kind agent AI marketplace for risk management. CISOs can now quickly augment their team with highly specialized autonomous experts that can bring down the time to remediation, increase accuracy and reduce costs. Users can use out-of-the-box cyber risk agents available in the marketplace, interactively create their own specialist agents or leverage third-party agents for our -- from our partners that can be added to the marketplace in the future.

這些代理程式為子安全團隊實現了完整的端到端結果。可在首創的代理 AI 市場中用於風險管理。CISO 現在可以快速透過高度專業化的自主專家擴充其團隊，從而縮短補救時間、提高準確性並降低成本。用戶可以使用市場上現成的網路風險代理，以互動方式創建自己的專業代理或利用我們的合作夥伴提供的第三方代理，這些代理將來可以添加到市場中。

Further advancing our remediation focus beyond patching, we are also introducing new capabilities to our TruRisk eliminate umbrella of remediation solutions. Now organizations can quickly determine trending risks to that environment. The estimated impact of a breach on a particular asset and the probability of successfully applying a patch. If applying Apache deem the significant operational risk of the business, security and IT teams can alternatively choose to automate array early of compensating controls to prevent an incident from occurring.

除了修補之外，我們還進一步推進了我們的補救重點，為 TruRisk 消除補救解決方案的保護傘引入了新功能。現在組織可以快速確定該環境中的趨勢風險。違規行為對特定資產的估計影響以及成功應用補丁的可能性。如果 Apache 軟體基金會認為業務存在重大的營運風險，安全性和 IT 團隊可以選擇儘早自動化一系列補償控制措施，以防止事件發生。

Embedding Qualys' AI assistant directly into remediation workflows is a significant adoption level, a strong competitive differentiator opens new market opportunities well beyond patch management. Continuing this rapid pace of innovation, we are further broadening our ATM solution and bringing natively integrated identity security posture management, ISPM to market at a time when identities have become part of the new perimeter.

將 Qualys 的 AI 助理直接嵌入到修復工作流程中是一個重要的採用水平，強大的競爭差異化為修補程式管理之外開闢了新的市場機會。我們繼續保持這種快速創新的步伐，進一步拓寬我們的 ATM 解決方案，並在身份成為新邊界一部分的時代，將原生整合的身份安全態勢管理 (ISPM) 推向市場。

Compromised credentials are central to nearly every major cyber attack today Qualys solution is aimed at helping organizations stay in front of adversaries by continuously analyzing identity systems for misconfigurations, excessive privileges and toxic combinations with assets. By unifying the identity risk surface, we eliminate silos and hub securities visualize amenity exposure and remediate risk before attaches escalate privileges or laterally.

當今，幾乎所有重大網路攻擊的核心都是憑證洩露，Qualys 解決方案旨在透過持續分析身分系統是否存在錯誤配置、過度權限和與資產的有害組合，幫助組織始終領先於對手。透過統一身分風險面，我們消除了孤島，樞紐安全可視化了便利設施暴露，並在升級特權或橫向附加之前補救風險。

Spanning devices, cloud workloads and applications, Qualys now provides holistic protection using Qualys and normal data sources across key identity touch points max to asset criticality and backed by real-time remediation through a single native integrated platform. These innovative new approaches to cybersecurity risk management, along with several others we are showcasing at Black Hat this week, allow our customers to reduce complexity and cost achieve better outcome and create multidimensional path for durable long-term growth in our business.

Qualys 涵蓋裝置、雲端工作負載和應用程序，現在使用 Qualys 和常規資料來源提供全面的保護，涵蓋關鍵身分接觸點直至資產關鍵性，並透過單一原生整合平台提供即時修復支援。這些創新的網路安全風險管理新方法以及我們本週在黑帽大會上展示的其他幾種方法，使我們的客戶能夠降低複雜性和成本，實現更好的結果，並為我們業務的長期持久增長創造多維途徑。

Moving on to the business update. Over the last several months, I have personally met with many customers, prospects and partners, and the message has remained resoundingly clear. Organizations are increasingly anchoring pre-breach cyber spend to solutions that articulate and demonstrate a measurable impact on cyber risk rather than consolidating around a single vendor CISOs are seeking platforms.

繼續進行業務更新。在過去的幾個月裡，我親自會見了許多客戶、潛在客戶和合作夥伴，訊息仍然非常清晰。組織越來越多地將網路安全前支出用於能夠清楚地展示對網路風險可衡量影響的解決方案，而不是圍繞 CISO 正在尋求的單一供應商平台進行整合。

There are a lot of flexibility across their secured stack while unifying this through a common framework. This requires a centralized risk habitat, which brings together diverse tools and enables teams to uniformly assess, prioritize and remediate risk. With a 25-year track record of converting operational challenges for customers into strong competitive advantages, we are well positioned to capitalize on the evolving market opportunities.

透過通用框架統一安全堆疊的同時，其安全堆疊具有很大的靈活性。這需要一個集中的風險環境，它匯集各種工具並使團隊能夠統一評估、確定優先事項並補救風險。我們擁有 25 年的幫助客戶將營運挑戰轉化為強大競爭優勢的經驗，因此我們有能力利用不斷發展的市場機會。

In Q2, this success was demonstrated by the number of customers spending $500,000 or more growing 7% from a year ago to [212]. It was also evidenced by notable industry endorsements in the market we help pioneer. Qualys VMDR with TruRisk and total cloud were voted the best vulnerability and cloud security posture management solution, respectively, at the 2024 SC Awards in Europe. IDC named Qualys a major player in [Snap and Koping Coal] recognized Qualys as a leader in SNAP and a market leader in our tax service management.

在第二季度，消費金額達到或超過 50 萬美元的客戶數量較去年同期增加了 7%，證明了這一成功。[212]我們所協助開拓的市場所獲得的業界廣泛認可也證明了這一點。在 2024 年歐洲 SC 大獎中，Qualys VMDR 與 TruRisk 以及 Total Cloud 分別被評為最佳漏洞和雲端安全態勢管理解決方案。IDC 將 Qualys 評為 [Snap 和 Koping Coal] 領域的主要參與者，並認可 Qualys 是 SNAP 領域的領導者以及我們稅務服務管理領域的市場領導者。

Let me share a couple of recent wins, which illustrate these accolades and reflect why companies ready to centralize their response to cyber risk are turning to Qualys to help unify their security tools quantify and immediate risk in their environments and achieve better security outcomes.

讓我分享幾個最近的勝利，它們說明了這些榮譽，並反映了為什麼準備集中應對網路風險的公司轉向 Qualys 來幫助統一他們的安全工具，量化和直接應對他們環境中的風險，並實現更好的安全結果。

First, a global fintech company determined that managing silo tools added complexity to their operations lack integration and misdetection, which hindered their ability to assess risk and centralized remediation. This customer chose Qualys to transform siloed risk signals spanning, core depositories, endpoint, identity, cloud container IT and network such into a cohesive real-time risk management solution by consolidating Qualys and non-Qualys.

首先，一家全球金融科技公司發現，管理孤立工具增加了其營運的複雜性、缺乏整合和誤檢，阻礙了他們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，將跨越核心儲存庫、端點、身分、雲端容器 IT 和網路等的孤立風險訊號轉換為一個有凝聚力的即時風險管理解決方案。

This included purchasing 7 Qualys modules, including ATM to bring -- to begin operationalizing their risk operation center with ingested data from strike it side and is resulting in a 7-figure annual bookings deal. By consolidating these data sources into the Qualys platform, we are now delivering this customer, a vendor-agnostic orchestration layer with full visibility of their attack surface centralized risk assessment, quantification, prioritization and remediation while enlishing the operational efficiencies of security stack consolidation aligned with acceptable risk parameters for the business.

其中包括購買 7 個 Qualys 模組（包括 ATM），以開始利用從攻擊方獲取的資料來營運其風險營運中心，並最終達成 7 位數的年度預訂交易。透過將這些資料來源整合到 Qualys 平台，我們現在為該客戶提供一個與供應商無關的編排層，該編排層可以全面了解他們的攻擊面集中風險評估、量化、優先排序和補救，同時提高安全堆疊整合的營運效率，並與業務可接受的風險參數保持一致。

Another marquee win was a large federal government agency previously using multiple legacy and next-gen solutions to manage a variety of risk management use cases across their security and DevOps teams. In addition to the complexity of using multiple products, this government agency was frustrated with increasing costs associated with outdated on-prem deployments from last several years.

另一個重大勝利是一家大型聯邦政府機構，該機構先前使用多種傳統和下一代解決方案來管理其安全和 DevOps 團隊中的各種風險管理用例。除了使用多種產品的複雜性之外，該政府機構也對過去幾年過時的內部部署所帶來的成本增加感到沮喪。

Looking to migrate to a cloud native solution that meets the CISA binding operational directives, are now in the process of replacing two of their existing vendors in a high six-figure annual booking deployment using 10 Qualys modules, including Cybersecurity Asset Management, VMDR, patch management and, [total] cloud. Through this highly strategic and competitive win, the customer is now able to leverage unified dashboards across nearly a dozen separate bureaus that provides them a greater insight and automation that can -- that any of the competitive products that they are evaluated while taking full advantage of the speed and scale of the integrated platform. with out-of-the-box support for CDM within the CISA framework, we are now working towards a Phase II agency-wide rollout of the cybersecurity asset management solution, presenting a significant upsell opportunity for us.

為了遷移到符合 CISA 約束性操作指令的雲端原生解決方案，目前正在使用 10 個 Qualys 模組（包括網路安全資產管理、VMDR、修補程式管理和 [總] 雲端）以每年六位數的高額預訂部署替換其現有的兩個供應商。透過這項極具戰略意義和競爭力的勝利，客戶現在能夠利用近十幾個獨立機構的統一儀表板，為他們提供更深入的洞察力和自動化——可以比他們評估的任何競爭產品更勝一籌，同時充分利用整合平台的速度和規模。憑藉 CISA 框架內對 CDM 的開箱即用支持，我們目前正致力於在整個機構範圍內推出第二階段的網路安全資產管理解決方案，這為我們提供了一個重要的追加銷售機會。

Beyond this win, we are pleased to announce Qualys has recently received Agency Authorization for Fed Ramp High. With this authorization, Qualys is the only FedRAMP high platform offering inventory, vulnerability management, patch management, CSPM, container security and EDR in a single unified workflow across hybrid environments. As government agencies increasingly transition workloads from on-prem environments to the cloud, the achievement marks a significant milestone and establishes Qualys as the only modern alternative to legacy scanners for federal, state and local agencies.

除了這場勝利之外，我們還很高興地宣布 Qualys 最近獲得了 Fed Ramp High 的機構授權。憑藉此授權，Qualys 成為唯一一個在混合環境中透過單一統一工作流程提供庫存、漏洞管理、修補程式管理、CSPM、容器安全性和 EDR 的 FedRAMP 高平台。隨著政府機構越來越多地將工作負載從本地環境轉移到雲端，這項成就標誌著一個重要的里程碑，並使 Qualys 成為聯邦、州和地方機構傳統掃描器的唯一現代替代品。

Our authorization consolidated platform and continued investment in public sector expansion underscores our commitment to this market and positions Qualys well to drive long-term incremental growth. That momentum was on full display at our Second Annual Public Sector Risk Conference, Cyber Risk Conference in May where we were especially encouraged by the strong turnout and positive feedback to the concept of a risk operation center to bring efficiency to government agencies instead of playing risk vacuole with multiple siloed legacy solutions.

我們的授權整合平台和對公共部門擴張的持續投資凸顯了我們對這個市場的承諾，並使 Qualys 能夠很好地推動長期增量成長。這一勢頭在我們 5 月份舉行的第二屆年度公共部門風險會議、網絡風險會議上得到了充分展示，會議上我們尤其受到鼓舞，因為與會者人數眾多，並且大家對風險運營中心的概念反饋積極，這為政府機構帶來了效率，而不是通過多個孤立的遺留解決方案來製造風險空洞。

Investing in our partner ecosystem remains a key pillar of our growth agenda. Through our strategic technical alliances program, we are driving deep technology integrations, whole-selling opportunities and demand generation programs. We believe this expanding ecosystem bolsters our capacity, harnesses transformative solution sales and brings new business to Qualys.

投資我們的合作夥伴生態系統仍然是我們成長議程的重要支柱。透過我們的策略技術聯盟計劃，我們正在推動深度技術整合、批發銷售機會和需求產生計劃。我們相信，這個不斷擴大的生態系統將增強我們的能力，利用變革性解決方案的銷售，並為 Qualys 帶來新的業務。

Additionally, we have advanced our global Rock ecosystem by certifying three new strategic partners who wanted to partner with Qualys to bring the rock to their customer base. With growing channel momentum and a growing pipeline of fresh new analog services being offered to customers, we look forward to sharing some exciting new wins in the upcoming quarters.

此外，我們還透過認證三家希望與 Qualys 合作將 Rock 帶給他們的客戶群的新策略合作夥伴，推進了我們的全球 Rock 生態系統。隨著通路發展勢頭的增強以及向客戶提供的全新模擬服務管道的不斷擴大，我們期待在未來幾季分享一些令人興奮的新勝利。

With more and more customers and partners beginning to perceive Qualys as a leading pre-breach risk mitigation management platform, that consolidates and orchestrates multiple security solutions and workflows, I am pleased to announce [May Mitchell] as our newly appointed CMO pipeline creation, growing module adoption, winning new business and vagilizing the AI native rock are key priorities. With me at (inaudible) and her long experience in cybersecurity, we are intensifying our marketing activities and increasing focus on ramping top-of-funnel initiatives and enhancing brand awareness to help drive adoption of the Qualys platform to new heights.

隨著越來越多的客戶和合作夥伴開始將 Qualys 視為領先的預先違規風險緩解管理平台，該平台整合並協調多種安全解決方案和工作流程，我很高興地宣布 [May Mitchell] 成為我們新任命的 CMO，管道創建、增加模組採用、贏得新業務和使 AI 原生搖滾變得搖擺不定是關鍵優先事項。在我（聽不清楚）和她在網路安全領域的長期經驗的幫助下，我們正在加強行銷活動，並更加專注於加強漏斗頂端計劃和提高品牌知名度，以幫助推動 Qualys 平台的採用達到新的高度。

To further accelerate awareness and unleash new Qualys capabilities for customers, I'm also pleased to announce the launch of our Qualys platform pricing model, where we enable customers to purchase Qualys units providing access to the entire platform and flexibly utilizing Qualys modules of their choice over the course of their subscription term. Instead of purchasing Qualys modules individually organizations now adopt the products they need today and in the future through a frictionless process design to flexibly replace existing technologies and seamlessly switch between Qualys modules.

為了進一步提高知名度並為客戶釋放新的 Qualys 功能，我也很高興地宣布推出我們的 Qualys 平台定價模式，我們允許客戶購買 Qualys 單元，從而可以訪問整個平台並在訂閱期內靈活地使用他們選擇的 Qualys 模組。現在，組織無需單獨購買 Qualys 模組，而是透過無摩擦流程設計採用他們現在和將來需要的產品，靈活地替換現有技術並在 Qualys 模組之間無縫切換。

Customers are expressing strong enthusiasm for this new pricing model, and we believe it will further enhance long-term customer loyalty and drive larger lands, reduce cost and bolster cyber resilience over time with more customers adopting more Qualys solutions faster.

客戶對這種新的定價模式表現出了強烈的熱情，我們相信，隨著更多客戶更快地採用更多 Qualys 解決方案，它將進一步增強長期客戶忠誠度、擴大土地使用範圍、降低成本並增強網路彈性。

In summary, Qualys is well armed with fresh new capabilities and new agency authorized FedRAMP high solution for government wide use, strong channel momentum and flexible platform pricing to help customers unify pre bridge risk management workloads, reduce costs and address today's stock security challenges with trusted innovation and early adoption we're strengthening our position as the partner of choice for customers ready to centralize the response to cyber risk and believe we have to outpace our competitors extend our thought leadership and build upon an already strong foundation to drive durable long-term growth in the business.

總而言之，Qualys 擁有全新的功能和新機構授權的 FedRAMP高解決方案，可供政府廣泛使用，強大的渠道發展勢頭和靈活的平台定價，可幫助客戶統一橋接風險管理工作負載，降低成本，並通過值得信賴的創新和早期採用應對當今的庫存安全挑戰，我們正在加強我們作為客戶首選合作夥伴的地位，準備集中應對網絡風險，並相信我們必須超越競爭對手，擴展我們的思想領導力，並在已經如此強大的基礎上推動

With that, I will turn the call over to Joo Mi to further discuss our second quarter results and outlook for the third quarter and full year 2025.

接下來，我將把電話轉給 Joo Mi，進一步討論我們第二季的業績以及對第三季和 2025 年全年的展望。

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

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

Turning to second-quarter results. Revenues grew 10% to $164.1 million. The channel continued to increase its contribution, making up 49% of total revenue compared to 46% a year ago. Revenues from channel partners grew 17%, outpacing direct, which grew 4%. As a result of our strategic emphasis on leveraging our partner ecosystem to drive growth, we expect this trend to continue. (inaudible) 15% growth outside the US was ahead of our domestic business, which grew by 7%.

談到第二季的業績。營收成長 10% 至 1.641 億美元。該通路的貢獻持續增加，佔總收入的 49%，而一年前為 46%。來自通路合作夥伴的收入成長了 17%，超過了直接收入的 4% 的成長。由於我們的策略重點是利用合作夥伴生態系統來推動成長，我們預期這一趨勢將會持續下去。 （聽不清楚）美國以外地區 15% 的成長率超過了我們國內業務 7% 的成長率。

US and international revenue mix was 57% and 43%, respectively. In Q2, despite ongoing macroeconomic uncertainty, our growth retention rate and upsell execution improved with our net dollar expansion rate of 104%, up from 13% last quarter.

美國和國際收入佔比分別為57%和43%。在第二季度，儘管宏觀經濟不確定性持續存在，但我們的成長保留率和追加銷售執行率有所提高，淨美元擴張率為 104%，高於上一季的 13%。

In terms of product contribution to bookings, patch management and cybersecurity asset management combined made up 16% of total bookings and 26% of new bookings on an LTM basis. Our cloud security solutions, total cloud [Sina] made up 5% of LTM bookings.

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 16%，佔 LTM 新訂單的 26%。我們的雲端安全解決方案、整體雲端[新浪]佔 LTM 預訂量的 5%。

Turning to profitability. Adjusted EBITDA for the second quarter of 2025 was $73.4 million, representing a 45% margin compared to a 47% margin a year ago. Operating expenses in Q2 increased by 15% to $67.7 million. driven by investments in sales and marketing and R&D. Demonstrating our ability to innovate and invest in our long-term growth initiatives while remaining capital efficient. ETMs for the second quarter of 2025 grew 11% to 1.68.

轉向盈利能力。2025 年第二季調整後 EBITDA 為 7,340 萬美元，利潤率為 45%，而去年同期的利潤率為 47%。第二季營運費用成長 15%，達到 6,770 萬美元，主要得益於銷售、行銷和研發方面的投資。展現我們在保持資本效率的同時創新和投資長期成長計畫的能力。2025 年第二季的 ETM 成長 11%，達到 1.68。

Our free cash flow was $32.4 million, representing a 20% margin compared to 33% in the prior year due to fluctuations in working capital. Normalizing for this, first half 2025 margin was 43% compared to 45% in the prior year. In Q2, we continue to invest the cash we generated from operations back into Qualys, including $1.3 million in capital expenditures and $49.2 million to repurchase $375,000 of our outstanding shares. Since commencing our share repurchase program in February 2018, we have repurchased 10 million shares and returned over $1.1 billion in cash to shareholders.

我們的自由現金流為 3,240 萬美元，由於營運資金波動，利潤率為 20%，而前一年為 33%。以此為標準，2025 年上半年的利潤率為 43%，而去年同期為 45%。在第二季度，我們繼續將營運產生的現金重新投資於 Qualys，其中包括 130 萬美元的資本支出和 4,920 萬美元用於回購 375,000 美元的流通股。自 2018 年 2 月啟動股票回購計畫以來，我們已回購了 1,000 萬股，並向股東返還了超過 11 億美元的現金。

As of the end of the quarter, we had $254.6 million remaining in our share repurchase program. With that, let me turn to guidance, starting with revenue. For the full year 2025, we expect revenue to be in the range of $656 million to $662 million, which represents a growth rate of 8% to 9%. This compares to prior guidance of $648 million to $657 million.

截至本季末，我們的股票回購計畫剩餘金額為 2.546 億美元。有了這個，讓我來談談指導，首先是收入。就 2025 年全年而言，我們預計營收將在 6.56 億美元至 6.62 億美元之間，成長率為 8% 至 9%。相比之下，先前的指導金額為 6.48 億美元至 6.57 億美元。

For the third quarter of 2025, we expect revenue to be in the range of $164.5 million to $167.5 million, representing a growth rate of 7% to 9%. While we believe our platform approach to cyber risk management provides some insulation as macro volatility, this guidance assumes continued budget scrutiny in a challenging environment for new business growth in 2025.

對於 2025 年第三季度，我們預計營收將在 1.645 億美元至 1.675 億美元之間，成長率為 7% 至 9%。雖然我們相信，我們的平台式網路風險管理方法能夠在一定程度上抵禦宏觀波動，但本指南假設在 2025 年新業務成長面臨挑戰的環境中，預算審查仍將持續進行。

Shifting to profitability guidance for the full year 2025, we expect an EBITDA margin in the range of low to mid-40s, applying a 15% to 17% 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 $6.20 to $6.50, up from the prior range of $6 to $6.3 million. For the third quarter of 2025, we expect EPS to be in the range of 1.50% to 1.60%.

轉向 2025 年全年獲利預測，我們預計 EBITDA 利潤率將在 40% 左右，營運費用將增加 15% 至 17%，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 6.20 美元至 6.50 美元之間，高於先前的 600 萬至 630 萬美元。對於 2025 年第三季度，我們預計每股盈餘將在 1.50% 至 1.60% 之間。

Our planned capital expenditures in 2025 are expected to be in the range of $7 million to $9 million for the third quarter of 2025 and the range of $1 million to $3 million. We continue to believe organizations will increasingly adopted both stack security and compliance coverage to meet the demands of today's threat landscape and reduce costs. As the impact of the macro economy unfolds, we are closely monitoring the business environment. We'll continue to adjust our priorities accordingly.

我們計劃在 2025 年進行的資本支出預計在 2025 年第三季為 700 萬至 900 萬美元之間，2025 年第三季為 100 萬至 300 萬美元之間。我們繼續相信，組織將越來越多地採用堆疊安全性和合規性覆蓋來滿足當今威脅情勢的需求並降低成本。隨著宏觀經濟影響的顯現，我們正在密切關注商業環境。我們將繼續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 responsibly 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.

話雖如此，考慮到我們面臨的長期成長機會以及我們領先業界的利潤率，這意味著還有進一步的投資空間。我們打算繼續負責任地調整我們的產品和行銷投資，專注於旨在推動更多管道、加速我們的合作夥伴計劃和擴大我們的聯邦垂直領域的高影響力舉措。

As a percentage of revenues, we expect to prioritize increased investments in sales and marketing and engineering with a more modest increase in G&A consistent with our commitment to Qualys's long-term growth and profitability.

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 G&A 費用，以符合我們對 Qualys 長期成長和盈利的承諾。

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 I wanted to maybe start out with the macro environment and you get a sense from you of what some of the puts and takes are out there and especially relative to your ability to raise guidance, how we should think about sort of the conservatism that's baked in?

恭喜您取得如此出色的業績，我想先從宏觀環境說起，您可以從中了解一下目前的一些利弊，特別是相對於您提高指導的能力，我們應該如何看待其中蘊含的保守主義？

I think at a high level, as Joo Mi mentioned, right, the environment is kind of stable right now, but it continues to be challenging. So deal scrutinies there. I think customers are overall just a little bit more wait and watch to see how the impact of some of the current conditions is going to be on their spend through the rest of the year. And so we're just being factoring that in right now in the way that we are thinking, we're not assuming anything getting better from an environment perspective. So it's more assuming that it's going to continue kind of as is.

我認為從高層次來看，正如 Joo Mi 提到的那樣，現在的環境比較穩定，但仍然充滿挑戰。因此，要進行審查。我認為，總體而言，客戶還需要再等待一段時間，觀察當前的一些情況將如何影響他們在今年剩餘時間的支出。因此，我們現在只是在思考時考慮到這一點，我們並沒有假設從環境角度來看任何事情都會變得更好。因此，我們更願意假設它會以目前的狀態繼續下去。

Yes. And from our perspective, in Q2, we did see slight improvement in net dollar expansion rate, moving up to 104%. We've been at 103% for several quarters in a row and are low was at 102% a year ago. And so we are optimistic that we were able to make an improvement from both the growth retention as well as upsell perspective this quarter, which kind of indicates that the market and the selling environment is actually not worsening.

是的。從我們的角度來看，在第二季度，我們確實看到淨美元擴張率略有改善，上升至 104%。我們已經連續幾季保持 103% 的成長率，而去年的最低成長率為 102%。因此，我們樂觀地認為，本季我們能夠從成長維持和追加銷售的角度取得進步，這表明市場和銷售環境實際上並沒有惡化。

We see an opportunity to sell more of our newer products, have more conversations with their customers. And although the new business continues to be challenging, and we expect that to continue throughout 2025, do see some upside when it comes to expand with our existing customers. .

我們看到了銷售更多新產品、與客戶進行更多對話的機會。儘管新業務仍然充滿挑戰，我們預計這種挑戰將持續到 2025 年，但在與現有客戶拓展業務方面，我們確實看到了一些好處。。

Excellent. And just in terms of a follow-up, can you help us understand how maybe the (inaudible) messaging has been performing just given the challenges of selling sort of new platforms in the environment, we may be resonating the most with customers and causing them to choose to go in the (inaudible) direction?

出色的。就後續問題而言，您能否幫助我們了解，考慮到在環境中銷售新平台的挑戰，（聽不清楚）訊息傳遞的效果如何，我們可能最能引起客戶的共鳴，並促使他們選擇（聽不清楚）方向？

That's a great question. I think a lot of partners are providing sort of SOX/MDR services. It's a bit of a saturated market. And for them, this threat detection after the breach has happened is what they are focused on. And so what partners are excited about is being able to go back to those partners who have a SOC to those customers who have a SOC and being able to position a new solution and new services, which is proactively managing your risk and helping prevent a lot of them sort of provide some managed vulnerability service here or there, but there is no -- and then there is cloud and then there is identity.

這是一個很好的問題。我認為很多合作夥伴都在提供 SOX/MDR 服務。這是一個有點飽和的市場。對他們來說，他們關注的重點是發生違規行為後的威脅偵測。因此，合作夥伴們興奮的是能夠回到那些擁有 SOC 的合作夥伴，回到那些擁有 SOC 的客戶，並能夠定位新的解決方案和新服務，這可以主動管理您的風險並幫助防止很多問題，他們在這裡或那裡提供一些託管漏洞服務，但沒有——然後是雲，然後是身份。

And so when you look at risk management, there is sort of no easy holistic service that a lot of them are offering. And so what (inaudible) does is part of the managed risk operation center concept, they can go to the customers that have SOC and say, hey, we now have a new capability that you can upsell to, which allows you to implement a similarly operationalized risk operation center environment built on the Qualys platform and it does not require them to switch out solutions that they are potentially using for cloud security for entity that this is something that can be built on top of that.

因此，當您考慮風險管理時，您會發現許多公司提供的並不是簡單的整體服務。因此，(聽不清楚) 所做的是管理風險營運中心概念的一部分，他們可以去找擁有 SOC 的客戶並說，嘿，我們現在有一項新功能可以向您追加銷售，這使您可以實施基於 Qualys 平台構建的類似操作化的風險運營中心環境，並且它不需要他們切換他們可能用於雲安全的解決方案，因為這是可以在其基礎上構建的東西。

And so they're excited about that because this is -- this allows them to create services and services revenue is very interesting for them rather than just a few points here or there on the price of the individual SKU. And so in some cases, can potentially add $5 of service to $1 of ATM that they could sell as a representative example, right?

他們對此感到很興奮，因為這讓他們能夠創造服務，而且服務收入對他們來說非常有吸引力，而不僅僅是單一 SKU 價格上的幾個點。因此在某些情況下，他們可以將價值 5 美元的服務添加到價值 1 美元的 ATM 中作為代表性示例出售，對嗎？

And so -- that is where we are seeing these partners are excited. Of course, they have to build out new services and they have to build new practices to be able to do that. but the excitement of being one of the few (inaudible) partners that actually is able to offer this service is very interesting for them because that differentiates them from the other 200 players that are only offering MDR.

所以——我們看到這些合作夥伴很興奮。當然，他們必須建立新的服務，必須建立新的實踐才能做到這一點。但作為少數幾個能夠提供此項服務的（聽不清楚）合作夥伴之一，他們感到非常興奮，因為這使他們有別於其他 200 家僅提供 MDR 的參與者。

Roger Boyd, UBS.

瑞銀的羅傑·博伊德。

Joo Mi, I was wondering if you could just help us kind of bridge the gap between revenue and billings growth? I know that's not a metric you guide to, but you've previously given some directional color about the growth of those two numbers being in the same ballpark. Just trying to get a sense of the difference there, what you're seeing from a billings front, anything to be mindful of around deal timing given RPO bookings look, I think, pretty strong this quarter. Anything else to be mindful there of FX or anything else would be great.

Joo Mi，我想知道您是否可以幫助我們彌補收入和帳單成長之間的差距？我知道這不是您指導的指標，但您之前已經給出了一些關於這兩個數字的增長處於同一水平的方向性說明。只是想了解那裡的差異，從賬單方面看，鑑於本季度 RPO 預訂量看起來相當強勁，在交易時機方面需要注意什麼。如果還要注意 FX 或其他任何事情，那就太好了。

Yes. The revenue is lagging. I would say that current billings on an LTM basis could be indicative of the bookings performance, which is more of a leading indicator. So I understand the focus on the current billings. At the beginning of the year, what I have kind of given an indication for current billings at around like 6% to 8%, in line with the revenue growth guidance, 6% to 8% at the beginning of the year.

是的。收入落後。我想說的是，基於 LTM 的當前帳單可以表明預訂表現，這更像是一個領先指標。所以我理解人們對當前帳單的關注。年初時，我曾表示，目前營業額成長率約為 6% 至 8%，與年初的營收成長預期（6% 至 8%）一致。

For current billings, I would say that still remains true probably the best indicator there or a guidance I can give at the time.

對於當前的帳單，我想說這仍然是事實，可能是最好的指標或我當時可以提供的指導。

Now on the revenue side, you could see that we've outperformed booking 10% growth rate for Q1 and Q2, guiding to 7% to 9% for Q3. And so what that implies is current billings going up from 7% to 8%, 7% in Q1 looks like. We closed it at 8%. But in the second half, because of the tougher comparison relative to second half of last year, we are anticipating it to kind of come down to land around 6% to 8% for the full year for current billings.

現在從收入方面來看，您可以看到，我們的業績超出了預期，第一季和第二季的成長率為 10%，預計第三季的成長率將達到 7% 至 9%。這意味著當前的帳單金額將從 7% 上升到 8%，第一季看起來是 7%。我們以 8% 的價格收盤。但在下半年，由於與去年下半年相比比較困難，我們預計全年當期帳單的成長率將下降到 6% 至 8% 左右。

Got it. That's helpful. And then just as a follow-up, Sumedh, nice to see FedRAMP high. Just any insight into kind of your expectations for the federal vertical in 3Q? My gut assumption is that it's probably difficult to think that can be super impactful in the next quarter, but would love to get kind of your view on the opportunity there.

知道了。這很有幫助。然後作為後續，Sumedh，很高興看到 FedRAMP 很高。您對第三季聯邦垂直產業的預期有何見解？我的直覺是，可能很難想像這會在下個季度產生巨大影響，但我很想聽聽您對這個機會的看法。

Yes, for sure, right. I think expecting any federal movement happening within a few weeks of us getting the FedRAMP high would be a little bit too much expectation. But I think -- so see, for us, this has been a long-term focus and investment that we have been making. And as anybody who goes for FedRAMP, FedRAMP High will tell you this is a significant investment to really get there.

是的，當然對。我認為，期望在我們獲得 FedRAMP 高點後的幾週內發生任何联邦行動都有點太過分了。但我認為——所以，對我們來說，這是我們一直以來的長期關注和投資。任何使用 FedRAMP 的人都會告訴您，要真正實現這一目標，FedRAMP High 是一項重大投資。

And so we're super excited to now have that FedRAMP High platform that does vulnerability management, patch management and cloud security. And so that really is going to open us up opportunities. Obviously, right now, you kind of have a mixed bag with some folks kind of waiting to see how things progress with the cost reduction, others are seeing this as an opportunity to change out their incumbent vendors to new solutions and FedRAMP high coming at this time bodes well in my mind for opportunities that will get created over the next few quarters because now we could go in, we could basically showcase what we are the modern solution that is FedRAMP High.

因此，我們非常高興現在擁有可以進行漏洞管理、修補程式管理和雲端安全的 FedRAMP High 平台。這確實會為我們帶來機會。顯然，現在，你會看到各種各樣的情況，有些人在等著看成本降低的進展情況，而其他人則將此視為一個機會，可以用新的解決方案取代現有的供應商，而 FedRAMP High 此時的推出在我看來預示著未來幾個季度將會出現新的機遇，因為現在我們可以開始，我們基本上可以展示我們的現代解決方案。

And so as they are looking for efficiency and moving out of legacy on-prem solutions, their options are non-FedRAMP High solution in the cloud or a FedRAMP High with Qualys. And so I think that is an advantage in my opinion for us, and we look forward to leveraging that. I'm also looking forward to a lot of other commercial companies that actually are FedRAMP high or looking to get FedRAMP High, need FedRAMP High solution, and you have a lot of big companies who are looking for that.

因此，當他們尋求效率並擺脫傳統的內部部署解決方案時，他們的選擇是雲端的非 FedRAMP High 解決方案或帶有 Qualys 的 FedRAMP High。因此我認為這對我們來說是一個優勢，我們期待利用這一點。我還期待許多其他商業公司實際上採用 FedRAMP High 或希望獲得 FedRAMP High，需要 FedRAMP High 解決方案，並且有許多大公司正在尋找這種解決方案。

And so that puts us in an interesting opportunity, again, where it's not just the government agencies themselves, but we can also see potential pipeline buildup from commercial entities that are currently in the process of trying to go FedRAMP High and want to switch to a solution that is also FedRAMP High because there currently is no other solution that can do like FedRAMP High management as an example, right? So I don't really expect anything immediately in this quarter.

因此，這再次為我們帶來了一個有趣的機會，不僅僅是政府機構本身，我們還可以看到來自商業實體的潛在管道建設，這些實體目前正在嘗試採用 FedRAMP High，並希望切換到也是 FedRAMP High 的解決方案，因為目前沒有其他解決方案可以像 FedRAMP High 管理那樣，對嗎？因此我並不期待本季能立即取得任何成果。

But I think with the momentum that we're seeing, our investment in the federal side of the conference that we did and now getting FedRAMP High. I think this is key for us, as I have mentioned in the last few quarters as well that federal over the next couple of years can be an important area of growth for us.

但我認為，隨著我們看到的勢頭，我們對會議聯邦的投資以及現在獲得的 FedRAMP High。我認為這對我們來說至關重要，正如我在過去幾個季度中提到的那樣，未來幾年聯邦政府可能成為我們重要的成長領域。

Kingsley Crane, Canaccord.

金斯利·克蘭（Kingsley Crane），Canaccord。

And echo congrats on a really strong quarter. Nice to hear about Qualys flex pricing. I think this has been something you've been considering for a while. I want to hear more about what kinds of impacts we could expect as a result, like perhaps larger commitments. And just want to clarify any of the large deals in the quarter were flex pricing?

並恭喜本季業績表現強勁。很高興聽到有關 Qualys 彈性定價的消息。我想這是你考慮了一段時間的事情。我想進一步了解我們可以預期的結果，例如更大的承諾。只是想澄清一下本季的任何大交易都是彈性定價嗎？

Look, it's early days right now, but the feedback that we have gotten has been very positive, right? So we want to get this out and we want to get some of these deals close. But overall, today, a customer buys VMDR, then they are interested in trying patch management, like that's a whole process that they have to go through to buy that additional SKU win.

瞧，現在還處於早期階段，但我們收到的回饋非常積極，對嗎？因此，我們希望能夠實現這一目標，並達成一些交易。但總的來說，今天，客戶購買了 VMDR，然後他們有興趣嘗試修補程式管理，就像這是他們必須經歷的整個過程才能購買額外的 SKU 一樣。

So as we move into this pricing, it essentially, if they buy any number of pricing, it gives them access to all Qualys modules, right? They have access to it. Of course, if they want to use it, they have to buy additional units to be able to leverage those. And so for somebody who is maybe focusing on vulnerability management, they want to try a patch management, they can just do that now with the flex pricing without really having to go and get a whole new SKU purchase, et cetera.

因此，當我們進入這個定價時，基本上，如果他們購買任意數量的定價，他們可以存取所有 Qualys 模組，對嗎？他們可以訪問它。當然，如果他們想使用它，他們必須購買額外的設備才能利用它們。因此，對於可能專注於漏洞管理的人來說，他們想要嘗試修補程式管理，他們現在可以使用靈活定價來做到這一點，而不必真正去買全新的 SKU 等等。

So that is where it's exciting for them is that they can look at the utilization, they can try and new capabilities. And then as they like those capabilities that they can actually buy more units to be able to use those capabilities at scale. And that's really where we see the opportunity. And so we are looking forward to seeing the kind of uplift that we can get because that can get a customer interested in buying fewer additional units so that they can leverage broader platform capabilities right as they do the purchase.

因此，令他們興奮的是，他們可以了解利用率，可以嘗試新的功能。然後，當他們喜歡這些功能時，他們實際上可以購買更多的設備以便能夠大規模使用這些功能。這確實是我們看到的機會。因此，我們期待看到我們能夠獲得什麼樣的提升，因為這可以讓客戶有興趣購買更少的額外單位，以便他們在購買時能夠利用更廣泛的平台功能。

So that's the hypothesis and the way we are seeing the early conversations with customers, but we still need to get a few of those deals closed and then we'll give updates as we see the progress happening, but it is definitely something that we see as a key aspect over the next year or two for us to push forward so that we can create upsells.

這就是假設，也是我們與客戶進行早期對話的方式，但我們仍然需要完成一些交易，然後我們會根據進展情況提供更新信息，但這絕對是我們認為在未來一兩年內需要推動的一個關鍵方面，以便我們能夠創造追加銷售。

And also for net new customers is we're seeing customer net must also coming in buying multiple modules upfront, as you can see, cybersecurity asset management, patch management already 26% of bookings for net new customers, like that will give them opportunity to leverage newer capabilities and more capabilities, which then allows them to potentially buy more units as they roll that out.

對於淨新客戶來說，我們看到客戶淨也必須預先購買多個模組，如您所見，網路安全資產管理、修補程式管理已經佔淨新客戶預訂量的 26%，這將使他們有機會利用更新的功能和更多的功能，從而使他們在推出這些功能時有可能購買更多的設備。

Great. Yes. I mean the model -- it's great for customers good for you. And so for Joo Mi, so you just brought on May Mitchell and we're talking about investing in more key marketing initiatives. Of course, we've had some pretty significant earnings upticks over the past two quarters on the guide. So I mean, should we expect that some of these are really going to be more of a focus in fiscal '26?

偉大的。是的。我的意思是，這個模型對客戶來說很棒，對你來說也很有利。對於 Joo Mi 來說，您剛剛引入了 May Mitchell，我們正在討論投資更多關鍵的行銷計劃。當然，過去兩個季度我們的獲利情況已經出現了相當顯著的成長。所以我的意思是，我們是否應該預期其中一些將在 26 財年成為更多關注的焦點？

I would say that we're ready to get started because we've kind of built the momentum because if you take a look at our sales and marketing for the first half of this year. It's grown by 15% year over year and then even in the R&D front, we grew by 8% in Q1. We ramped that up to 15% because R&D also included product management.

我想說我們已經準備好開始了，因為我們已經建立了勢頭，因為如果你看看我們今年上半年的銷售和行銷情況。它同比增長了 15%，甚至在研發方面，我們在第一季也成長了 8%。我們將這一比例提高到 15%，因為研發還包括產品管理。

And the entire GTM team has been working very closely together to make sure that we work on the value proposition, how we're positioning our product to not just our sales reps, but more importantly, a partner-first approach.

整個 GTM 團隊一直密切合作，以確保我們致力於價值主張，我們如何將我們的產品定位給不僅我們的銷售代表，更重要的是，合作夥伴優先的方法。

So we are really working with the entire team, including the engineers to make sure that are we working on the right product enhancements? Are we messaging it correctly and then really focus on partner marketing front and so we do anticipate the increase in sales and marketing investments up from the 15% level that we saw in Q2 and then same thing on the R&D side. .

所以我們確實在與整個團隊合作，包括工程師，以確保我們正在進行正確的產品改進？我們是否正確地傳達了這一訊息，然後真正專注於合作夥伴行銷方面，因此我們確實預計銷售和行銷投資將從第二季度的 15% 水平上升，研發方面也會出現同樣的情況。。

Rudy Kessinger, D.A. Davidson.

魯迪凱辛格、地方檢察官戴維森。

The revenue -- Joo Mi, the revenue outperformance historically has been pretty minimal in your quarters last four quarters now, you've beaten on revenue by about 2%. Is there any more color you can add to that? Just what's driving that relative to your guidance? Have you guys just adopted a more conservative guidance framework in general is because of the macro conservatism or any professional services revenue potentially driving that upside?

營收——Joo Mi，從歷史上看，你們季度的收入超出預期非常小，但過去四個季度，你們的收入超出預期約 2%。您還可以添加更多顏色嗎？相對於您的指導，究竟是什麼推動了這項進程？你們是否整體上採用了更保守的指導框架，是因為宏觀保守主義或任何專業服務收入可能會推動這一上漲？

Yes. It's not professional services, but I definitely had to do with the fact that when we first guided to revenue at the beginning of the year, there was a good amount of uncertainty in the business with respect to macro as well as if you're taking a look at our current billings kind of the trajectory of historical performance and with our revenue coming down, we wanted to make sure that, look, if I'm looking at a potential range of outcomes, for the business, given that we are pivoting significantly into ATM, a new platform play introducing new products and the difficulty that we've had with expanding the spend with our existing cost centers that we were looking at a more conservative scenario.

是的。這不是專業服務，但我肯定與這樣的事實有關：當我們在年初首次公佈收入時，業務在宏觀方面存在很大的不確定性，如果你看看我們目前的賬單，就會發現它的歷史業績軌跡以及我們的收入下降，我們想確保，如果我看看業務的潛在結果範圍，考慮到我們正在大力轉向 ATM，這是一個推出新產品的新成本平台，而且我們在保守方向的

And it could have gone that way, but thankfully, as you see by our performance, we've done really well the first half. I think the team has worked really hard to make sure that we're making up or kind of all the underperformance, if you will, like that we saw at the end of last year with our CMO in place, and we're continuing to look for our new CRO, we are hoping that we will continue to make good progress on this going forward through the end of 2025 and hopefully, we'll be able to make some meaningful improvements in 2026.

事情本來可能會這樣發展，但幸運的是，正如你所看到的，我們的表現讓我們在上半場表現得非常出色。我認為團隊已經非常努力地確保我們能夠彌補或彌補所有表現不佳的情況，就像我們在去年年底 CMO 到位時看到的那樣，並且我們正在繼續尋找新的 CRO，我們希望到 2025 年底我們將繼續在這方面取得良好進展，並希望我們能夠在 2026 年取得一些有意義的改進。

Okay. That's helpful. And then on current calculated billings, TTM current calculated billings, it sounds like you are still expecting 6% to 8% year. What would be the drivers of upside to that figure and irrespective of where it lands, should we still look at TTM billings as the go-forward indicator of next 12 months revenue growth as we exit this year and go into '26?

好的。這很有幫助。然後根據目前計算的帳單、TTM 目前計算的帳單，聽起來您仍然預計年增長率為 6% 到 8%。這數字的上升驅動因素是什麼？無論其落到什麼程度，當我們離開今年並進入 26 年時，我們是否仍應將 TTM 帳單視為未來 12 個月營收成長的指標？

Yes. I think that would be the best proxy at this point, if you're thinking about 2026 revenue. But on current billings, I would say that higher probability of us outperforming with our existing customers, given our newer products, like, for example, our net dollar expansion rate did increase to 104%, up from 103%. If you were to call out 2 areas where it could -- the additional growth could come from new land versus existing customers, I would say the latter.

是的。如果您考慮 2026 年的收入，我認為這將是目前最好的代理商。但就目前的帳單而言，考慮到我們的新產品，我想說，我們在現有客戶中表現優於現有客戶的可能性更高，例如，我們的淨美元擴張率確實從 103% 上升到了 104%。如果要說兩個可能實現額外成長的領域——新土地與現有客戶，我會說後者。

Trevor Walsh, Citizens.

特雷弗·沃爾什（Trevor Walsh），公民。

Sumedh, maybe to start with you, great to see the product development that you're working on as far as AI agents in the marketplace and kind of all the ways in which that can I guess, boost the platform. There's been a lot of activity in that space, I guess, AI security just generally kind of M&A-wise this week given Black Hat and others.

Sumedh，首先我想說的是，很高興看到您正在進行的 AI 代理產品開發，我想這可以透過各種方式來提昇平台的效能。我想，鑑於 Black Hat 和其他安全會議的召開，該領域已經出現了許多活動，本週人工智慧安全總體上呈現出併購的態勢。

Just curious kind of what your overall take is on that space given some of that -- those announcements and just as a product person yourself, how you feel about building versus buying there and if this is somehow different in the space the pace at which some of these tools are kind of moving and growing that, that might get you off the fence to do something around the same lines or if it were thinking you can do it kind of organically internally?

我只是好奇，考慮到這些公告，您對這個領域的整體看法是什麼？作為產品人員，您對自己開發和購買有什麼看法？如果這個領域的某些工具移動和增長的速度有所不同，這可能會讓您下定決心做一些類似的事情，或者您是否認為您可以在內部有機地進行這項工作？

Yes. Thank you for that question. I was like with 4 questions saying and nobody's asked about AI, so excited about it, but it's super exciting, right? If you get a chance to really go through that. I think the way we have positioned and created this capability is really bridging that gap between like the agent AI being some piece of core somewhere versus sort of having a marketplace or you feel like you're actually able to hire a patch choose expert who knows absolutely end-to-end hard to coordinate scans how to coordinate assessment, how to coordinate prioritization, how to coordinate reputation and gets all of that thing done all in one, and they have a name, they have a persona, you can rate them.

是的。謝謝你的提問。我當時想問 4 個問題，但沒有人問過有關人工智慧的問題，所以我對此很興奮，但這真的非常令人興奮，對吧？如果你有機會真正經歷這一切。我認為我們定位和創建此功能的方式確實彌合了代理 AI 作為某個地方的核心部分與某種市場之間的差距，或者你覺得你實際上能夠聘請一位補丁選擇專家，他絕對了解端到端難以協調的掃描，如何協調評估，如何協調優先級，如何協調聲譽並一次性完成所有這些事情，他們有名字，有角色，你可以對他們進行評級。

And so that's been super exciting for us. And we have been really able to get that. We've been working on it for a few months. But one of the things that are happening in AI, in general, is the advancement of technology is happening at a rapid base, right? And not to get too much into the depth of it. But if you look at like RAG came out a year or so ago and now what we are leveraging is in big ways MCP protocol, right? Like the -- then the model context protocol.

這對我們來說是極其令人興奮的。我們確實做到了這一點。我們已經為此工作了幾個月。但總體而言，人工智慧領域正在發生的事情之一是技術進步正在快速發生，對嗎？並且不要對此進行太深入的探討。但如果你看一下 RAG 大約在一年前推出的情況，那麼我們現在所利用的正是 MCP 協議，對嗎？類似於——然後是模型上下文協定。

MCP allows customers to much more rapidly take their existing solutions and use them with overall AI agents because they add a layer of context on top of their existing APIs and existing databases and existing data stores, right? And so that allows us to do this much, much quicker than what we have. And so I think AI security is following that same that as AI concepts and AI protocols are evolving so fast. People are also trying to figure out what does that mean, right?

MCP 允許客戶更快地採用現有解決方案並將其與整體 AI 代理一起使用，因為它們在現有 API、現有資料庫和現有資料儲存之上添加了一層上下文，對嗎？這樣，我們就能比以前更快完成這項工作。因此我認為人工智慧安全也遵循同樣的規律，因為人工智慧概念和人工智慧協議正在快速發展。人們也在試圖弄清楚這意味著什麼，對嗎？

If we were looking at RAC security where you are bringing all of your data into one single vector database, maybe a few months ago, certainly, you have MCP, which is sort of bringing a new layer. Now bringing the new layer of MCP doesn't mean that your existing data store and all of that does not have to have the traditional security, it still needs to have the security that you need to.

如果我們研究 RAC 安全性，您將所有資料放入單一的向量資料庫中，也許幾個月前，當然，您有 MCP，它帶來了一個新的層。現在，引入新的 MCP 層並不意味著您現有的資料儲存和所有這些都不必具有傳統的安全性，它仍然需要具有您所需的安全性。

And so what our team is doing is really rapidly tracking sort of these enhancements and new capabilities that are coming out in AI and responding accordingly. And that's where we came up with Total AI few months ago when people were running LLM in their own environment.

因此，我們的團隊正在做的事情就是快速追蹤人工智慧領域的增強功能和新功能，並做出相應的反應。幾個月前，當人們在自己的環境中運行 LLM 時，我們提出了 Total AI 這個想法。

And now we're seeing LMs being run at least the foundational LLMs being leveraged by from backlog as a service. And so we're pivoting quickly to provide capabilities around MCP protocol, MCP discovery and MCP mapping as well as MCP authentication authorization capabilities. So I think there's always opportunities for us to look at players that are upcoming, but it's just so dynamic right now that we also want to wait and watch as we develop our own solutions to see which direction is going to be the stable direction for some of these AI capabilities to go.

現在我們看到 LM 正在運行，至少基礎 LLM 正在透過積壓即服務來利用。因此，我們正在快速轉變，提供圍繞 MCP 協定、MCP 發現和 MCP 映射以及 MCP 身份驗證授權功能。因此，我認為我們總是有機會關注即將到來的參與者，但現在的情況非常動態，我們也希望在開發自己的解決方案時等待和觀察，看看哪些方向將成為這些人工智慧功能的穩定方向。

That makes total sense. Maybe a quick follow-up for you, Joo Mi, just more of a clarification. So now that you have the FedRAMP high in place, I know that some of the investments in the past around sales and marketing were to build out the public sector team. So do you feel like those investments now are just kind of waiting to deliver on the ROI of those? Or will there still be as part of that increased spend you noted going forward, kind of public sector pieces or elements to that?

這完全有道理。也許對您來說這是一個快速的跟進，Joo Mi，只是更多的澄清。現在，您已經將 FedRAMP 部署到位，我知道過去在銷售和行銷方面的一些投資是為了組建公共部門團隊。那麼，您是否覺得這些投資現在只是在等待實現投資報酬率？或者，您提到的未來增加的支出中是否仍會包含公共部門的部分或元素？

There are definitely pieces just because we are making sure that all investments that we made to achieve FedRAMP High already been made. But with that said, there is maintenance, and there's also GTM efforts. Marketing effort to make sure that we just opened up the DC offer to make sure our customers know that we have a presence in DC.

肯定有一些部分，因為我們正在確保為實現 FedRAMP High 所做的所有投資都已完成。但話雖如此，還需要維護，還需要 GTM 努力。我們努力進行行銷，以確保我們剛剛開放 DC 優惠，讓我們的客戶知道我們在 DC 有業務。

And so we'll be working very closely with our marketing team to make sure that we have all the opportunities out there. I think that from a meaningful booking perspective, it won't happen until next year. But we've been ready. I think it's just about execution at this point.

因此，我們將與我們的行銷團隊密切合作，以確保我們擁有所有的機會。我認為從有意義的預訂角度來看，這要到明年才會發生。但我們已經做好準備了。我認為現在只是執行問題。

Patrick Colville, Scotia Bank.

加拿大豐業銀行的派崔克‧科爾維爾。

This is Joe Vandrick on for Patrick Colville. Sumedh, that global fintech win you highlighted is a great example of consolidation on the platform. So how often are your conversations turning it into multiproduct platform deals versus customers just buying a module to solve the specific pain point?

這是喬·範德里克 (Joe Vandrick) 代替帕特里克·科爾維爾 (Patrick Colville)。Sumedh，您強調的全球金融科技勝利是平台整合的一個很好的例子。那麼，您的對話中有多少次將其轉變為多產品平台交易，而不是客戶只是購買一個模組來解決特定的痛點？

The way the space is evolving is very interesting, right? There are opportunities for consolidation with -- in certain areas with the vendor, and you see that happening with CNAPP, where -- in the past, it used to be multiple cloud security solutions are not going under one umbrella. But we also see that customers are not necessarily looking to have every single capability from the same vendors. So there are areas and vendors that they trust for certain use cases, and they want to stick with those vendors.

空間演變的方式非常有趣，對吧？在某些領域，與供應商進行整合的機會是存在的，你可以看到 CNAPP 正在發生這種情況，而過去，多種雲端安全解決方案並不歸於一個系統。但我們也看到，客戶不一定希望從同一家供應商那裡獲得所有功能。因此，他們在某些特定用例上信任某些領域和供應商，並且希望堅持使用這些供應商。

And so what we see when we are talking to customers is a combination of in areas where they are like, hey, look, I want to consolidate vulnerability and patching and some of those cloud things with you. But for IDBS, want to continue to Okta and for EDR I'm still using CrowdStrike and want security score for third-party management. And so that's kind of where -- and that deal that I highlighted was great because we saw a bunch of modules they took from Qualys, but then they also took the ETA module, which allows them to bring third-party data from their existing solutions to consolidate into a single fabric to get a single view of their risk.

因此，當我們與客戶交談時，我們看到的是他們在各個領域的結合，例如，嘿，看，我想與您整合漏洞和修補以及一些雲端運算方面的東西。但對於 IDBS，我想繼續使用 Okta，對於 EDR，我仍然使用 CrowdStrike，並希望獲得第三方管理的安全評分。這就是我強調的那個交易很棒的地方，因為我們看到他們從 Qualys 中獲取了一堆模組，但他們也採用了 ETA 模組，這使得他們能夠從現有解決方案中獲取第三方數據，並將其整合到單一結構中，以獲得對其風險的單一視圖。

And so that's what we are excited about is like while it's early days, if the customer wants to consolidate certain capabilities, we have a bunch of those modules and in the cases where they don't necessarily want to consolidate right now. We don't have to walk away.

所以，這就是我們感到興奮的地方，雖然還處於早期階段，但如果客戶想要整合某些功能，我們有很多這樣的模組，在某些情況下，他們不一定想立即整合。我們不必走開。

We still have an APM solution that they can purchase to take the data from the existing modules and actually provide better value of the investment in some of these third parties and in one of the conferences in BC, I showcased this sort of a funnel view where we took 65 million findings across CrowdStrike, Qualys Security Scorecard and after we applied the risk operation center, paradigms, threat detection and business context, it went from $65 million overall finding to $2 million that actually mattered and then after we applied the business context, this went down to $300,000 that actually were adding business risk to the customer.

我們仍然有一個 APM 解決方案，他們可以購買該解決方案來從現有模組中獲取數據，並實際上為這些第三方中的一些投資提供更好的價值，在 BC 的一次會議上，我展示了這種漏斗視圖，我們從 CrowdStrike、Qualys Security Scorecard 業務中心中獲得了 6500 萬美元的發現，在我們應用風險檢測到環境200 萬美元，然後，在我們應用業務環境之後，這個數字下降到 30 萬美元，這實際上增加了客戶的業務風險。

And that kind of an outcome from a risk operation center really was exciting for them so they could get the value without having to do a vendor replacement and going through that process, they could combine Qualys modules with third-party data and get real meaningful outcome and value for the Board.

風險營運中心的這種成果確實讓他們感到興奮，因此他們無需更換供應商即可獲得價值，並且經過該過程，他們可以將 Qualys 模組與第三方數據相結合，為董事會獲得真正有意義的成果和價值。

That's helpful. And then maybe one for Joo Mi. And you guys mentioned an improvement in gross retention and net retention. So I'm wondering if you attribute that mostly to the macro environment? Or is that driven by improved execution or maybe a little bit of those?

這很有幫助。然後也許還會給 Joo Mi 一個。你們提到了總留存率和淨留存率的提高。所以我想知道您是否認為這主要歸因於宏觀環境？或者這是由執行力的提高所驅動的，或者可能是其中的一點？

I would say it's hard to parse in it, but it's probably a little bit of both because if you're talking about our our net dollar expansion increasing this quarter relative to last quarter, it's a of customers that were up for renewal in this quarter. And from the discussions that we were having, it's not just that we start today. We typically start discussions like throughout the entire year, like definitely at least a quarter before the intended renewal date.

我想說這很難分析，但可能兩者都有一點，因為如果你說的是本季我們的淨美元擴張相對於上一季度有所增加，那麼這就是本季續約的客戶數量。從我們之前的討論來看，這並不是今天才開始的。我們通常會在全年開始討論，例如至少在預定續約日期前一個季度。

And what we've seen is, I think that there's less of a macro headwind today than we saw definitely at the beginning of the year. So with our continued execution, continue having multiple discussions of our new products and the value, how we're evolving as a company and how our product, we said it makes sense for them, especially with what's upcoming with the new pricing model, it's really resonating with our existing customers.

我們看到的是，我認為今天的宏觀逆風比年初要小。因此，隨著我們持續的執行，繼續對我們的新產品和價值進行多次討論，我們作為一家公司如何發展以及我們的產品如何，我們說這對他們來說是有意義的，特別是即將推出的新定價模式，它確實引起了我們現有客戶的共鳴。

Joshua Tilton, Wolfe Research.

約書亞‧蒂爾頓 (Joshua Tilton)，沃爾夫研究公司。

Two for me. The first one is, Sumedh, unless I misheard you, I think you spoke to some channel initiatives that you to drive some large deals in the second half -- is there anything you can elaborate on those large deals? Is it new customers? Is it existing customers expanding? And more importantly, are these deals baked into your revenue outlook and your 6% to 8% billings growth expectation for the full year? And then again, I have a follow-up.

對我來說是兩個。第一個問題是，Sumedh，如果我沒聽錯的話，我認為您談到了一些渠道計劃，以便在下半年推動一些大交易——您能詳細說明一下這些大交易嗎？是新客戶嗎？現有客戶在擴大嗎？更重要的是，這些交易是否包含在您的收入預期以及全年 6% 至 8% 的營業額成長預期中？然後我再次進行後續跟進。

Yes. No specific deals when I talked about strategically is the risk operation center concept is resonating well with the CISOs of the partners' customers. And they are working with us to get the mROC certification and then mROC services deployed in our catalog and for them to be able to sell those. And what we are seeing is the conversations are driving their customers to look at consolidation of certain areas as well as purchasing Qualys licenses on top of existing solutions as well.

是的。當我從策略上談論時，沒有具體的交易，風險營運中心的概念與合作夥伴客戶的 CISO 產生了良好的共鳴。他們正在與我們合作以獲得 mROC 認證，然後將 mROC 服務部署到我們的目錄中，以便他們可以銷售這些服務。我們看到的是，這些對話正在促使他們的客戶考慮整合某些領域，以及在現有解決方案的基礎上購買 Qualys 授權。

And so we are looking forward to working with them for new business deals and taking some of our existing direct customers as we work with them to see if they have the right contacts that we can upsell to additional capabilities, but nothing specific at this point that we are talking about or baking in anything additional as part of that. This is a more of long term initiative and we are looking forward for our partners to start to help us build that pipeline, which obviously is going to take some time and closing their pipeline will take some more time.

因此，我們期待與他們合作開展新的業務交易，並利用我們現有的一些直接客戶與他們合作，看看他們是否擁有合適的聯絡人，以便我們能夠追加銷售附加功能，但目前我們還沒有談論任何具體內容，也沒有在其中加入任何額外內容。這是一項長期計劃，我們期待我們的合作夥伴開始幫助我們建造這條管道，這顯然需要一些時間，而關閉他們的管道也需要更多時間。

Super helpful. And then maybe my second one, just more of a clarification, just a follow-up to question. New CMO, lots of exciting product announcements. It sounds like you guys are going to invest behind this to drive some additional growth. Are the investments that you plan to execute? Are they fully baked into the second half? Or is this should we start to see these investments ramping next year?

超有幫助。然後也許是我的第二個問題，只是更多的澄清，只是對問題的後續。新的首席行銷官，許多令人興奮的產品發布。聽起來你們會對此進行投資以推動額外的成長。這些是您計劃執行的投資嗎？他們是否已經完全融入下半場了？或者我們應該在明年開始看到這些投資的增加？

Right now, we are starting the 2026 budget and planning cycle, but what we're planning to execute to is what we had planned at the beginning of this year it's fully baked into the guidance. And the way we're seeing kind of the traction and the increase in investments quarter over quarter, we saw some nice improvement with respect to investments in product management as well as the sales and marketing.

目前，我們正在開始 2026 年的預算和規劃週期，但我們計劃執行的是我們在今年年初制定的計劃，它已完全納入指導方針。我們看到投資的吸引力和季度環比增長，我們看到產品管理以及銷售和行銷方面的投資都有了很好的改善。

We do see more room and for us to take advantage of the current opportunities ahead with the newer employees in seed. And so we plan to continue to invest and hence, we were guiding to the 15% to 17% increase in OpEx growth.

我們確實看到了更多的空間，我們可以利用新員工帶來的當前機會。因此，我們計劃繼續投資，因此我們預計營運支出成長率將達到 15% 至 17%。

Shrenik Kothari, Bard.

施雷尼克·科塔里（Shrenik Kothari），詩人。

Congrats on the great results. Some, you mentioned, of course, identity become the leading vector and the new periphery and now with the formal introduction of ISPM which because potentially seems like it can be an anchor for broader Zero Trust side rock, mROC. So just curious what advantages do you think Qualys brings to identity risk that allows you to compete here natively against other players? And what monetization potential you see in identity risk management controls. Then I had a quick follow-up.

恭喜您取得如此優異的成績。當然，您提到，身分認同成為主導載體和新的邊緣，現在隨著 ISPM 的正式引入，它似乎可以成為更廣泛的零信任側岩 mROC 的錨點。所以我很好奇，您認為 Qualys 為身份風險帶來了哪些優勢，使您能夠在這裡與其他參與者進行本地競爭？您在身分風險管理控制中看到了哪些貨幣化潛力。然後我進行了快速跟進。

Still a lot of value that we add is our understanding in how our tax work and how vulnerabilities and escalation or privileges are tied to identities. And so for a while, we are focused on hosts and assets and servers and containers. And the second part of that is the partial view of the identity and how that creates a combination that can add additional risks, right? So particular asset with a particular vulnerability. It also has an identity that has certain issues.

我們增加的許多價值仍然是我們對稅收如何運作以及弱點和升級或特權如何與身分連結在一起的理解。因此，有一段時間，我們專注於主機、資產、伺服器和容器。第二部分是身分的部分觀點，以及如何創造可能增加額外風險的組合，對嗎？因此特定資產具有特定的脆弱性。它的身分也存在某些問題。

Now the risk is compounded as an example. And so the main differentiator that we bring is not necessarily that we are going to be identity service provider or like that. But pulling in the identity posture view into the risk operation center, tying that identity with the risk that we see coming from the infrastructure, the risk that we see coming from third-party integrations and the risk that we see coming from any of the other sources like misconfigurations, cloud, et cetera, how do you bring a holistic view of that identity and as it ties to the assets themselves?

現在，風險就變得更加嚴重了。因此，我們帶來的主要區別不一定是我們將成為身分識別服務提供者或類似的服務提供者。但是，將身分態勢視圖引入風險營運中心，將身分與我們看到來自基礎架構的風險、我們看到來自第三方整合的風險以及我們看到來自任何其他來源（如錯誤配置、雲端等）的風險聯繫起來，您如何從整體上看待該身分並將其與資產本身聯繫起來？

And is it tied to the vendors? And how does that create a compound risk is really our main focus. And so it's not necessarily for that we are going to replace some of the provider that they might have identity, there's more how we integrate with the provider that they have for identities and then provide them a better view of the risk which is not siloed only for identity, but it's actually a combined view of the identity and the asset together with the context of the threat actors for utilizing that. That's really the focus.

它與供應商有關係嗎？而這如何產生複合風險才是我們真正關注的重點。因此，我們不一定要替換掉他們可能擁有身份的某些提供商，更重要的是，我們如何與他們擁有的身份提供者進行整合，然後為他們提供更好的風險視圖，這種風險視圖不僅僅是針對身份的，而是將身份和資產與威脅行為者的背景結合起來。這才是真正的重點。

And quick follow-up for Joo Mi. So net dollar retention ticked up. Just looking out and looking forward, I know, Joo Mi, you had talked about potential sort of floor around 103%. How much headroom do you see just looking at -- I know it's backward looking, but the pipeline trends convergence, for the NDR and just from the rock adoption from the pricing model shift, just deeper sort of multi-model attaches with the platform model here? Just curious how you're thinking about going forward.

並快速跟進 Joo Mi。因此淨美元保留率上升。只是展望未來，我知道，Joo Mi，你曾談到潛在的底線在 103% 左右。從目前的情況來看，您認為還有多少發展空間——我知道這是回顧過去的，但對於 NDR 來說，通路趨勢正在趨同，而且從定價模型轉變的穩健採用來看，這裡還有更深層次的多模型與平台模型的結合？只是好奇你對未來有何打算。

I do see an upside there because if you take a look at our low, it was at 102% a year ago. And when we were hoping that would be the trough. And since then, we've been kind of holding on study at 103%. We did increase to 104%. Now if you're looking at our historical net dollar expansion rate in the most recent year, the highest we've seen was at 111% a few years back.

我確實看到了其中的上行空間，因為如果你看一下我們的低點，你會發現一年前它是 102%。而當我們期盼那會是低潮時。從那時起，我們的學習進度就一直維持在 103%。我們確實增加到了 104%。現在，如果您查看我們最近一年的歷史淨美元擴張率，我們所見過的最高值是幾年前的 111%。

And so given the ROC, given the flex pricing, given newer products that we've just launched, I do anticipate that to continue to tick up, not consistently to I'm not calling that. I think that for this year, I'm just assuming that new meaningful improvement in net dollar expansion rate in the current guy, but with that said, that is something that we will be taking a look at very closely for next year's guidance.

因此，考慮到 ROC、考慮到彈性定價、考慮到我們剛剛推出的新產品，我確實預計它會繼續上漲，但不會持續上漲，我不會這麼說。我認為，對於今年來說，我只是假設當前的淨美元擴張率將出現新的有意義的改善，但話雖如此，這也是我們將在明年的指導中密切關注的事情。

Mike Cikos, Needham.

麥克·西科斯，尼德姆。

I just wanted to cycle back to the improved commentary we're hearing today on upsell activity. Is there a way for you guys to parse out -- I know if I go back Q1 to towards the end of the quarter, we saw customers look to delay or weaker upsell activity than what was initially expected. How many of those customers came back to the table, did all of them come back in during this June quarter? And was there a catch-up, so to speak, when we think about the results we have here today?

我只是想回到我們今天聽到的有關追加銷售活動的改進評論。你們有沒有辦法分析一下——我知道如果我回到第一季末，我們會看到客戶看起來會推遲或減弱追加銷售活動，而不是最初的預期。有多少顧客再次光臨？他們都是在今年六月季度再次光臨的嗎？那麼，當我們思考我們今天所取得的成果時，是否可以說我們趕上了？

No. It doesn't quite work like that for us. Typically, what happens is there's a core of customers that are up for renewal because majority of our deals are one-year renewal. So if you think about the customers that were up for renewal in Q1, what we would talk -- what would we be talking to them about is a renewal set of products in a dollar amount and then plus the upsell side. Like let's say you were spending $100,000 with us, and you had a 10% increase in budget.

不。對我們來說，情況並非如此。通常情況下，會有一批核心客戶需要續約，因為我們的交易大多是一年期續約。因此，如果您考慮第一季度需要續約的客戶，我們會談論的——我們會與他們談論的是按美元金額續約的一套產品，然後再加上追加銷售。假設您在我們這裡花費了 100,000 美元，並且您的預算增加了 10%。

How would you like to allocate that? Would you like to purchase more of existing products, let's say, VMDR? Would you like to try a newer product that you haven't had before for patch management, as an example, so we will be having those discussions with those core of customers up for renewal in that quarter.

您想如何分配？您想購買更多現有產品，例如 VMDR 嗎？例如，您是否願意嘗試一種以前從未使用過的補丁管理新產品，因此我們將與該季度需要續約的核心客戶進行討論。

And typically, we would follow up with them, but it's not a meaningful percentage of customers who come back the quarter after to say all of a sudden, they have increase in budget and they like to do a second upsell. So what you're seeing for Q2 is really the score of customers that are up for renewal in Q2.

通常情況下，我們會跟進他們，但在一個季度後突然回來告訴他們預算增加了並且想要進行第二次追加銷售的客戶比例並不大。因此，您看到的第二季度實際上是第二季續約的客戶數量。

Okay. And then improved 2Q upsell activity, then was that in any way a reflection of the macro? Or what did you guys do from an internal process standpoint to drive that behavior, whether it was from partners or direct?

好的。然後第二季追加銷售活動有所改善，這是否在某種程度上反映了宏觀因素？或者從內部流程的角度來看，你們做了什麼來推動這種行為，無論是透過合作夥伴還是直接？

Majority of our discussions currently are focus on partners. I would say that it applies still more to new land with existing cars that working very closely with partners as our existing GTM team to make sure that we're having the right conversations with the right set of customers. I think that it's not necessarily due to 1 versus another. I think the macro from our perspective definitely hasn't worsened.

我們目前的大部分討論都集中在合作夥伴身上。我想說的是，它更適用於擁有現有汽車的新土地，我們與現有的 GTM 團隊等合作夥伴密切合作，以確保我們與正確的客戶進行正確的對話。我認為這不一定是由於 1 與 1 之間的對立。我認為從我們的角度來看宏觀經濟肯定沒有惡化。

I think there weren't any surprises in the quarter in the quarter when you're looking at external factors. We are getting better in terms of making sure that how we're communicating with our existing customers, how they should be thinking about public products and adopting newer products as well as utilizing their existing subscription, we've been getting better at it. And so I think all of it kind of contributed to the slight uptick in the net dollar expansion rate.

我認為，從外部因素來看，本季並沒有什麼意外。我們在確保如何與現有客戶溝通、如何讓他們考慮公共產品、如何採用新產品以及如何利用現有訂閱方面做得越來越好，我們在這方面做得越來越好。所以我認為所有這些都促成了美元淨擴張率的輕微上升。

Brian Essex, JPMorgan.

摩根大通的布萊恩艾塞克斯。

Two for me. I guess, one, Sumedh, I think you alluded to maybe making some progress on the Chief Revenue Officer front. It's great to see the addition of many of the team. Just wondering what your timeline would be around that and how that might impact some of the go-to-market initiatives you might have?

對我來說是兩個。我想，首先，Sumedh，我認為你提到可能在首席營收長方面取得一些進展。很高興看到團隊中又增添了這麼多新成員。只是想知道您的時間表是怎樣的，以及這會如何影響您可能擁有的一些市場進入計劃？

Yes, as soon as I find the perfect one. I think my focus was the last few months to really make sure we get the marketing team in shape because I think for us, all the messaging around risk operation center is key for us to grow in the future. Like I said, we have a pretty good team under that -- from a sales perspective, that's been working well as you're seeing improving our performance.

是的，只要我找到最完美的。我認為過去幾個月我的重點是確保我們的行銷團隊保持良好狀態，因為我認為對我們來說，圍繞風險營運中心的所有資訊對於我們未來的發展都至關重要。就像我說的，我們擁有一支非常優秀的團隊——從銷售角度來看，他們的工作進展順利，正如您所看到的，我們的業績正在不斷提高。

And we look forward to -- as we continue to talk and interview people. I think we -- I don't have a timeline right now. I'm honestly just looking to find the right fit for us as we move more of partner-led approach, so we need a CRO that's going to be focusing more on partners rather than building a direct sales force, et cetera.

我們期待著——繼續與人們交談和採訪。我想我們——我現在還沒有時間表。說實話，隨著我們更多地轉向合作夥伴主導的方式，我只是想找到適合我們的方案，所以我們需要一個更加關注合作夥伴而不是建立直銷隊伍的 CRO，等等。

And I think from that perspective, it's not that necessarily we're holding back too much on the -- like we are continuing to invest in the business. And of course, when we have we will work through and figure out kind of what the strategy change, if anything, is needed, whether that falls and then any investment changes we'll follow according to that.

我認為從這個角度來看，我們不一定會對業務進行過多的抑制——我們會繼續對業務進行投資。當然，當我們有了這些之後，我們會研究並弄清楚是否需要進行策略變革，是否需要變革，然後我們會根據這些變革進行任何投資變革。

Got it. Super helpful. And maybe a quick housekeeping question for Joo Mi. FX really moving around a lot this quarter. Just wondering what the impact was, I guess, both on the revenue side. And then on the cost side of the business as you see it and what we should expect, should we see the same, I guess, devaluation of the dollar towards the back half of the year?

知道了。超有幫助。也許可以問 Joo Mi 一個簡單的基本問題。本季外匯確實波動很大。我只是想知道這對收入有何影響。那麼，從您看到的業務成本方面以及我們應該預期的情況來看，我們是否應該看到美元在今年下半年出現同樣的貶值？

Yes. For us on both fronts, whether you're looking at the top line or the expense line, it wasn't material for us is because we do hedge both. And so what we'll do is we are monitoring it. And when it becomes meaningful, we will call it out.

是的。對我們來說，無論你是在關注收入還是支出，這對我們來說都不重要，因為我們對兩者都進行了對沖。因此我們要做的是對其進行監控。當它變得有意義時，我們就會大聲喊出來。

Rob Owens, Piper Sandler.

羅伯歐文斯、派珀桑德勒。

Aidan on for Rob. You touched on this a bit earlier, but can you speak to how channel and customer education efforts with the newer products and partners that track relative to expectations? And what are some of the hurdles that may still exist there with newer solutions and AI advancements?

艾丹替換羅布。您之前提到過這一點，但是您能否談談通路和客戶教育工作如何隨著新產品和合作夥伴的推出而達到預期？儘管出現了新的解決方案和人工智慧的進步，但仍可能存在哪些障礙？

No, I think the response has been great as one of the key strategic changes we made up from getting this information out to customer perspective last year, we hired Rich Sison as the Chief Risk Technology Officer. He's authored to measure anything in cybersecurity. And that has led to a lot of CES workshops around board risk reporting, and this has really been very helpful for us for top of the funnel activities, we're getting a lot of direct CISO conversations, and they are hearing about the conversation of the risk operation center.

不，我認為反應非常好，因為去年我們將這些資訊發佈到客戶視角，做出了一個關鍵的策略改變，那就是聘請 Rich Sison 擔任首席風險技術長。他致力於衡量網路安全領域的一切。這導致了許多圍繞董事會風險報告的 CES 研討會，這對我們開展漏斗頂端活動確實非常有幫助，我們進行了很多直接的 CISO 對話，他們也聽到了有關風險營運中心的對話。

We're doing these workshops along with partners in many countries where the partner will bring their customers and which will go on top. And so I think those are all positive indicators. Again, that the concept of a ROC is new and they may not have budgeted for it. And so Typically, once they come, they like the idea, they want to talk to the Board.

我們正與許多國家的合作夥伴一起舉辦這些研討會，合作夥伴將把他們的客戶帶到研討會上，並進行深入交流。所以我認為這些都是正面的指標。再次強調，ROC 的概念很新，他們可能沒有為此預留預算。通常，一旦他們來了，他們就會喜歡這個想法，他們想與董事會談談。

We work them then that goes into a demo that goes into a POC and then that helps them sort of figure out, okay, I had budgeted for this this year, how can I work on getting a budget that then I can get done purchase the following year. So that's sort of where we're at in the journey. Super excited about the engagement we're seeing at the top and happy with the conversions we're seeing right now as well. And we have good things in the hopper.

我們對他們進行工作，然後進行演示，然後進行 POC，然後幫助他們弄清楚，好的，我今年已經為此做好了預算，我怎樣才能獲得預算，然後在第二年完成購買。這就是我們所處的旅程。我們對頂部看到的參與度感到非常興奮，並且對我們現在看到的轉換率也感到滿意。我們的料斗裡有好東西。

And so now it's about how do we get those closed. So I think getting this out to the right people is something I think we're doing well. I think now it's about how do we scale that and how do we get more people to close those deals.

所以現在我們要討論的是如何解決這些問題。因此，我認為將這一訊息傳達給合適的人是我們做得很好的事情。我認為現在的問題是我們如何擴大規模以及如何讓更多的人達成這些交易。

There are no further questions at this time. This will conclude today's conference call. Thank you for your participation, and you may now disconnect.

目前沒有其他問題。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。