Q2 2024 Qualys Inc Earnings Call Transcript
Key Points
- Qualys Inc (QLYS) reported an 8% revenue growth to $48.7 million in Q2 2024.
- International revenue growth outpaced domestic growth, with international revenues increasing by 14%.
- The company achieved double-digit new bookings growth for the fourth consecutive quarter.
- Adjusted EBITDA margin remained strong at 47%, reflecting a scalable and sustainable business model.
- Qualys Inc (QLYS) continues to innovate, introducing new capabilities like AI and ML-based security solutions and expanding its Total Cloud Synapse platform.
- Net dollar expansion rate declined to 102% from 104% last quarter, indicating challenges in upselling to existing customers.
- Calculated current billings were negatively impacted by the sunset of embedded solutions for Microsoft Defender, resulting in a 2% decline.
- The departure of the Chief Product Officer may create transitional challenges in product and marketing alignment.
- The company faced increased deal scrutiny and a challenging IT spending environment, leading to lower than expected bookings growth.
- Free cash flow margin decreased to 33% from 37% in the prior year, indicating a reduction in cash generation efficiency.
Good day and thank you for standing by, and welcome to 2024 second-quarter Qualys' investor call. (Operator Instructions) Please be advised that today's conference is being recorded.
I hand the conference over to your first speaker today, Blair King, Investor Relations. Go ahead.
Thank you, Marvin. Good afternoon, and welcome to call us a second-quarter 2024 earnings call. Joining me today to discuss our results is Sumedh Thakar our President and CEO; and Joo Mi Kim, our CFO.
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 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
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