Qualys, Inc. (NASDAQ:QLYS) Q2 2024 Earnings Conference Call August 6, 2024 5:00 PM ET

Corporate Participants

Blair King - VP, IR & Corporate Development
Sumedh Thakar - President and Chief Executive Officer
Joo Mi Kim - Chief Financial Officer

Conference Call Participants

Joel Fishbein - Truist
Shrenik Kothari - Baird
Matt Hedberg - RBC
Kingsley Crane - Canaccord Genuity
Jonathan Ho - William Blair
Rudy Kessinger - DA Davidson
Brian Essex - JPMorgan
Hamza Fodderwala - Morgan Stanley

Operator

Good day and thank you for standing by. Welcome to the 2024 Second Quarter Qualys Investor Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]. Please be advised that, today's conference is being recorded.

I would now like to hand the conference over to your first speaker today Blair King, Investor Relations. Please go ahead.

Blair King

Thank you, Marvin and good afternoon and welcome to Qualys' second 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. 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.

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 available on the Investor Relations website.

With that, I’d like to turn it over to Sumedh.

Sumedh Thakar

Thank you, Blair, and welcome to our second quarter earnings call.

In Q2, we witnessed organizations increasingly optimize spend within an already tight IT spending environment. Given this dynamic, organizations are standardizing on trusted platforms to consolidate security stacks, leverage automation, and achieve expedient remediation of risk.

Qualys has a unique, organically built platform to address this need. Nevertheless, crisp execution is required to fully capitalize on this opportunity. While we’ve made meaningful progress on several fronts, including growing our Sales and Marketing team, building momentum with partners, and growing new business, we have work to do in addressing our upsell execution in the current environment, which resulted in lower-than-expected bookings growth this quarter.