Q1 2024 Qualys Inc Earnings Call Transcript
Key Points
- Qualys Inc (QLYS) reported healthy revenue growth, strong profitability, and cash flow generation in Q1 2024.
- The company's VMDR solution with TruRisk is driving new logo wins and increasing platform adoption, particularly in asset management, patch management, and cloud security.
- Qualys Inc (QLYS) is expanding its partner program, which is enhancing its capacity for transformative solution sales and bringing new business.
- The company introduced new capabilities such as enterprise choice management application, enhancing its platform to manage broader cyber risks.
- Qualys Inc (QLYS) is investing in its federal business, expecting to leverage opportunities with the FedRAMP high certification and expand its public sector presence.
- The net dollar expansion rate decreased slightly to 104% from 105% last quarter, indicating a challenging upsell environment.
- Despite new customer growth, the overall impact on revenue is limited due to the smaller size of new business compared to existing business.
- Qualys Inc (QLYS) faces longer review times and decision-making processes from customers on large projects.
- The company narrowed its full-year 2024 revenue guidance, reflecting ongoing challenges in improving the net dollar expansion rate.
- Investments in sales and marketing are increasing, which may impact short-term profitability as the company aims to drive long-term growth.
Good day, and thank you for standby. Welcome to the Qualys First Quarter 2024 Investor Call. (Operator Instructions). Please be advised that today's conference is being recorded.
I would now like to hand the conference over to speaker today, Blair King. Please go ahead.
Good afternoon, and welcome to Qualys' First Quarter 2024 Earnings Call. Joining me today to discuss our results are Sumedh Thakar, our President and CEO; and Joo Mi Kim, our CFO.
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. The factors that could cause results to differ materially are set forth in today's press release in 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
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