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Qualys Inc (QLYS) Q4 2018 Earnings Conference Call Transcript


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Qualys Inc (NASDAQ: QLYS)
Q4 2018 Earnings Conference Call
Feb. 12, 2019 , 5:00 p.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Good day, everyone, and welcome to Qualys Fourth Quarter 2018 Earnings Conference Call. This call is being recorded. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions for asking a question will be given at that time.

I would now like to turn the call over to Natasha Asar, Investor Relations. Please go ahead, ma'am.

Natasha Asar -- Investor Relations

Good afternoon, and welcome to Qualys' fourth quarter and full year 2018 earnings call . Joining me today to discuss our results are Philippe Courtot, our Chairman and CEO, and Melissa Fisher, 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 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 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. As a reminder, the press release, prepared remarks, and an accompanying investor presentation with supplemental information are available on our website.

With that, I'd like to turn the call over to Philippe.

Philippe Courtot -- Chairman and Chief Executive Officer

Thanks Natasha. And welcome, everyone, to our Q4 earnings call. Melissa and I are pleased to report another strong quarter and year in terms of revenue growth and profitability. These results underscore our position as the leading cloud-based security and compliance platform that unifies IT, security and compliance in a single-pane-of-glass view with two-second visibility across on-premises assets and cloud and soon, mobile OT and IOT devices.

With 19 Cloud Apps native in our platform, we believe we are well positioned to expand our wallet share within our growing user base as well as gain new customers. At our user conference in November, we observed that our customers increasingly view Qualys as a trusted strategic partner. As we all know, the digital transformation of businesses, fueled by an explosion of new technologies, is leaving gaping security holes in its wake. Organizations who are continuing to layer on point solutions that do not communicate with each other are seeing diminishing returns.

Qualys delivers a true platform, offering greater visibility, accuracy, and scalability across hybrid and cloud environments while ultimately allowing customers to reduce their overall spend. To achieve security and compliance in this new hyper-connected environment and respond to an ever-increasing set of regulations, we believe that organizations, in addition to deploying traditional firewalls and intrusion detection, must know in real-time what devices and applications are connected on the network; always know the security and compliance posture for every device both known and unknown; and take immediate remediation action whenever necessary.

This is precisely where traditional enterprise solutions are falling short as they were not designed to operate at such a scale and in reality, only solutions that adopt a cloud-based architecture can provide the necessary scale, visibility, correlation and immediacy. A few months ago again, we demonstrated to our customers at our user conference the significant extensions we have made to our cloud-based platform and Cloud Apps.

In 2018 specifically we launched several new solutions into general availability or beta, including Container Security, Cloud Inventory, Cloud Security Assessment, Certificate Inventory, Certificate Assessment as well as our new groundbreaking app for global IT Asset Inventory which we call AI and CMDB Synchronization.

Our AI cloud app, formally launched yesterday, enables us to offer our customers a single source of truth for all IT assets within hybrid environments, covering on-premises assets, endpoints, clouds, and soon, mobile, OT and IOT environments; we also demonstrated our Passive Network Analysis solution now in beta that natively integrates network analysis functions deep packet inspection, device fingerprinting and data correlation into the Qualys Cloud Platform, delivering customers complete IT visibility at scale.

This new capability will enhance our global IT Asset Management offering by adding the visibility of unknown assets to the existing capabilities. We acquired 1Mobility, completed in Q2, which will enable us to provide enterprises discovery, inventory, security, compliance and response on both enterprise-owned as well as employee-owned mobile devices, further expanding our footprint within our customer base and we also completed the acquisition of Layered Insight, a pioneer and global leader in run-time container security, which will provide insight into container images, adaptive analysis of running containers, and automated enforcement of policy.

We are currently integrating Layered Insight's technology into the Qualys Container Security App, which will allow us to uniquely bring transparent orchestration to container security. We expect to complete this integration in the second half of this year.

In the fourth quarter, we continued to expand our partnerships integrating with the AWS Security Hub, introducing Qualys vulnerability and policy compliance findings within AWS Security Hub. We launched the Qualys Container Security solution on the new AWS Marketplace for Containers; and we also announced today an expanded relationship with IBM X-Force Red who will deploy Qualys Patch Management and Web Application Scanning into global client environments along with its existing Vulnerability Management deployment.

This expansion enables X-Force Red Vulnerability Management Services, VMS to automate vulnerability prioritization and patching, enabling clients to simplify vulnerability remediation and fix their most critical vulnerabilities using less resources and time.

Earlier in 2018 we are been expanding our capabilities in the federal market with a deeper partnership with Carahsoft to market, sell and distribute the FedRAMP-authorized Qualys Gov Platform, and are now working on attaining FedRamp certification. We are broadening our relationships with key partners, including Microsoft and IBM by adding an integration into Microsoft's hybrid cloud, Azure Stack, releasing monitoring and assessment for the CIS, Center for Internet Security Microsoft Azure Foundations Benchmark within our Cloud Security Assessment Cloud App, adding an integration with X-Force Red, which will deploy the Qualys Cloud Agent and Qualys Cloud Apps into client environments across the globe, and adding an integration with IBM's first open cloud platform IBM Security Connect.

We released our Qualys Community Edition, a free version of our cloud platform to provide organizations including SMBs, consultants and managed service providers MSPs with a unified view of IT, security and compliance, as well as two other free services, CloudView and CertView, providing companies of all sizes the instant ability to track and monitor digital certificates and cloud resources and we are been -- and we launch a new comprehensive offering, as well the Qualys Consulting Edition, for consultants, consulting organizations and MSPs, enabling them to perform multiple ongoing vulnerability assessment engagements and track these results from a single, centralized and self-updating platform.

So now build upon a very successful 2018, where we will continue to increase our competitive advantage by releasing new groundbreaking security and compliance applications, leveraging both our talent base as well as acquired technologies. Our current plans in 2019 include, the release of new solutions such as Passive Network Discovery, Secure Access Control, Certificate Management and Cloud Security Management; the general availability of Patch Management, announced today, enabling IT and SecOps teams to quickly target critical common vulnerabilities and exposures, then deploy the patches across endpoints, on-premises or cloud assets and verify remediation, all from one console; continued acquisitions to enhance our product suite. In January, we completed the acquisition of Adya, a small innovative Indian start-up that built their solution on the AWS Lambda platform.

Adya's solution enables security and compliance audits of SaaS applications, which is becoming critical to enterprises as they increasingly rely on cloud-based software. The Adya cloud-based solution provides companies of all sizes with the ability to consolidate administration of their Software as a Service applications into one console, manage license costs across SaaS applications, set and enforce security policies in one place and report and audit on all activity with a single tool.

And finally, we invest -- we have invested significantly in our back-end, continuing to enhance what we believe to be the most robust and scalable cloud platform in our market. We now have almost two trillion security data points indexed in our elastic search clusters, providing almost instant query results and alerts. This gives our customers two-second visibility, and as we know, visibility accuracy and scale are the keystone of security.

To support the significant number of additional solutions we are bringing to market, we increased our sales organization in the second half of 2018 by over 20% and we will continue to do so over the next year. We expect to continue to outperform market growth in 2019 while producing high levels of profitability. We are very optimistic about the opportunity to increase bookings growth in the future because our newest solutions, which solve meaningful problems for customers, and are priced similar to or at a premium to Vulnerability Management and Policy Compliance and for example our Cloud Agent and Threat Protection which are priced at a fraction of Vulnerability Management and Policy Compliance. Qualys continues to clearly move well beyond vulnerability management and increase its competitive advantage through the acceleration of multi-product adoption. This naturally increases our stickiness, which is a key element of our profitable growth, driving value for our shareholders.

With that, I'll turn the call over to Melissa to discuss our financial results, guidance and metrics. Thank you.

Melissa Fisher -- Chief Financial Officer

Thanks, Philippe 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. Our solid Q4 financial and operational results continue to reflect the healthy demand for our scalable and robust Cloud Platform. This is evidenced in the following financial and operational highlights.

Revenues for the fourth quarter of 2018 grew 18% to $74.2 million. Platform adoption continued to increase as the percentage of enterprise customers with three or more Qualys solutions rose to 41% from 32% and the percentage of enterprise customers with four or more Qualys solutions increased to 21% from 15%.

New products released since 2015 contributed approximately 26% of total bookings in the quarter, up from 15% and similar to Q3, we saw higher growth in the total number of orders from our SME and PCI customers. This positive result pulled our historical year-over-year average deal size increase down to 5%, however, the average deal size for our enterprise customers grew 11% year-over-year.

Our scalable platform model continues to drive superior margins and generate significant cash flow. Adjusted EBITDA for the fourth quarter of 2018 was $29.1 million, representing a 39% margin versus 38%. For comparability purposes, Q4 adjusted EBITDA margin would have been 37%, normalized for the impact of 606 and software capitalization.

Q4 EPS grew 62% including the benefit of a tax true-up; normalized for this, Q4 EPS would have grown a healthy 44%; and we generated strong operating cash flow for the fourth quarter of 2018 of $29 million, an increase of 12%.

In Q4, we continued to invest the cash we generate from operations back into Qualys including $6 million on capital expenditures, including principal payments under capital lease obligations. $10.3 million on the acquisition of Layered Insight and $38.5 million to repurchase 521,257 of our shares.

Looking back on the year, we had a successful 2018 at Qualys as we released several new products, features and enhancements, completed two acquisitions and made our first minority investment; saw an acceleration in the number of customers spending $500,000 or more; enjoyed continued Cloud Agent adoption with 16.2 million Cloud Agents purchased over the last 12-months, up from 6 million, over 150% growth.

Benefited from strong performance from new products released since 2015 which, at 20% of 2018 bookings -- almost double the prior year -- contributed to growth of our subscription revenues by 20%, normalized for the positive impact of fx; and we achieved record EBITDA margins of 39% and grew operating cash flow 21%, normalized for the 606 benefit, software capitalization and our investment in 42Crunch all these despite our continued investment in the business, including 37% year-over-year growth in headcount in 2018.

Looking to 2019, we expect full year revenue in the range of $320 million to $323 million, which represents a growth rate of 15% to 16% and Q1 revenue in the range of $74.5 million to $75.2 million, which represents a growth rate of 15% to 16%. We are excited about the opportunities to accelerate revenue growth with our new solutions. Many of our newest solutions, for example, FIM, IOC, AI, passive scanning and patch management are priced similar to or at a premium to Vulnerability Management and Policy Compliance as Philippe mentioned.

As you have seen multi-product adoption has increased quarter-after-quarter however these newer solutions are still early in their adoption and consistent with prior years, we are not assuming a material contribution from new solutions in our guidance.

Furthermore, the large deal we referenced on our Q3 earnings call has not yet concluded. In terms of 2019 profitability, we expect to maintain industry-leading margins while further investing to set the stage for future revenue growth. While we achieved record profitability in 2018, we invested in the business throughout the year, particularly in building our team, driving our record 2018 headcount growth of 325 employees. This spend was back-end loaded, and combined with additional expenditures we plan to make in 2019 across our engineering, sales and marketing, operations and administrative functions, will result in our adjusted EBITDA margin in fiscal year 2019 in a range of 37% to 38% based on our current forecasts.

We expect capital expenditures from operations to be roughly flat with 2018, in a range of $22 million to $27 million. We're continuing to invest to support the growth of the business but we will benefit from earlier investments in building out data center and U.S. office locations.

Additionally, we expect to purchase less hardware for physical scanner subscriptions as customers increasingly subscribe to virtual scanners. As we have significantly increased our employee base in Pune, we due expect to spend an additional $4 million in the second half of 2019 for the beginning of our buildout of a new Qualys facility in Pune.

For the first quarter of 2019, we expect capital expenditures to be in the range of $8.5 million to $9.5 million. Even with all of these infrastructure investments, we expect our 2019 year-over-year free cash flow growth to exceed the earnings growth currently implied by our guidance.

We feel very well-positioned in our markets given the unique nature of our integrated IT, security and compliance Cloud Platform. Our customer count growth accelerated in 2018 and we added almost 1,100 active users to our free solutions. Our new solutions provide the opportunity for us to increase average revenue per user, accelerate revenue growth and, driven by our highly scalable model, expand margins in the future. Our focus continues to be growing our foundation of recurring revenues and maintaining strong profitability.

With that, Philippe and I would be happy to answer any of your questions.

Questions and Answers:

Operator

Thank you. (Operator Instruction) Your first question comes from Howard Smith with First Analysis. Your line is open.

Howard Smith -- First Analysis Securities -- Analyst

I guess, can you hear me?

Philippe Courtot -- Chairman and Chief Executive Officer

Yes, we can.

Howard Smith -- First Analysis Securities -- Analyst

Okay, good. Thank you. Good afternoon and just wanted to start in thinking about the revenue guidance for '19 in the context of some of your longer-term guidance and one, are you still comfortable with the 2021 projection of low 20's growth rate and if so is the idea these product that are coming out in the investments you're making now and in '19 in the headcount in sales starts to really kick in earnest in the following years and cause that acceleration or maybe you can just put it in context for us?

Melissa Fisher -- Chief Financial Officer

Yes, I'll take this. Howard, let me start with the '19 and then come back to the 2021. So we have a very healthy business as I mentioned multi-product adoption continues to increase and new solutions contributed to 26% of our bookings. Having said that consistent with prior years we said that we are not assuming a material contribution from new solutions for the purposes of guidance because it's prudent given that the pace of adoption can be difficult to predict.

Now, the framework for the 2021 growth rate target was that fact that all the additional solutions, when you add them up in totality come to at least $10 or 10 times out of, of $1 spend of VM, and that framework hasn't changed. So while we're not update -- we don't update the model on a quarterly basis the framework hasn't changed and so everything that we're doing now should put us in position to achieve that.

Philippe Courtot -- Chairman and Chief Executive Officer

And I will add to what Melissa said is that, we have a very strong pipeline, and our business received a lot of very good adoptions. We are very eager to bring these new services to market, but again it takes time. So, I've been really be prudent and as Melissa indicated in her comments earlier today because the cloud agent and the threat protects are only a fraction today of Vulnerability Management Solution and we have such a huge base, of course, it becomes a bit harder for these services to accelerated growth. And that's why essentially that combination of these two factors, the reason why we were taken a prudent approach to our revenues again as we all know being a 100% pure subscription base Company doesn't help in the term of revenues because you need to of course take the revenue as you deliver them and so this is where we are -- so I think we're very bullish about the business, very happy with where we are, we have made significant investment in our back-end and you're going to see even more things in 2019, which we believe are going to add, if you prefer to the very disruptive nature.

And again, the passive scanning is not yet there, so of course we are not -- we are essentially competing today -- traditional market against the two companies which is Tenable and Rapid7, but of course, we have a lot of more now to go and compete while being very well with our team of course the passive scanning will bring us in competition with ForeScout and others, but all of that out of a single platform and that's a really core philosophy of Qualys and that's why we all put lot of efforts scaling -- to scale to the security at the scale that you need to -- it's not a walk in the park.

Howard Smith -- First Analysis Securities -- Analyst

Great. Well, I think that was -- the real response. I'll just leave it there and I'll get back in queue, if I need to. Thank you.

Philippe Courtot -- Chairman and Chief Executive Officer

Thank you.

Operator

Thank you. Your next question comes from Erik Suppiger with JMP Securities. Your line is open.

Michael Berg -- JMP Securities -- Analyst

Hi, this is Michael Berg on for Erik Suppiger. Quick question on -- I'm going to dive down little bit deeper into the guide. Can you help us walk through why it's almost 3% lower than whether it strip out it, it seems like your new products are doing getting good initial traction and we had some stacks (ph) that suggested the IT asset inventory and passive scanning are really well, like the beta testers. So, can you just describe to us why the lower guide?

Melissa Fisher -- Chief Financial Officer

Yes. So, let me remind you we purposely to our full guidance at the end of Q4 because Q4 has a meaningful impact on the guidance for the year. So the early expectations were not our guidance. This is our first time setting formal guidance for the year. And as I earlier mentioned, we have a very healthy business. As I said, the key metrics that we look out, like multi-product adoption and the contribution of new products into bookings have been doing very well. As Philippe mentioned, those earlier new products like Cloud Agent protection are only price at a fraction. Of what I'll call the older products policy compliance and vulnerability management.

The newer solutions that are coming out, are priced at a similar to our premium to policy compliance and vulnerability management. That's the opportunity to accelerate revenue growth in the future, but for the purpose of revenue guidance, we're not assuming a material contribution from these new solutions because it's difficult to predict with the uptake, but the pace of the adoption will be.

Michael Berg -- JMP Securities -- Analyst

So, if I'm hearing you correctly, it sounds like accelerating revenue growth is still the plan for '20 and '21. It's just the '19 numbers you're gauging that based on what happened in the fourth quarter is that my understanding?

Melissa Fisher -- Chief Financial Officer

Let me clarify a couple things. So first of all, we've never given guidance for '19 or 2020 before today. So if you look back at our both of our June presentation as well as the one we had accuracy. The long-term target that we provided was for a growth rate in 2021 because it would have then frankly a really precise for us at that point in time to be able to give guidance for all the years up until then, and as Philippe mentioned we always act or we think it's in the -- much prudent way. So with regards to guidance for this year Q4 obviously had an impact as well as other quarters and we have this large base of customers and revenues and so in order to continue the growth rates at the levels for example that we achieved in 2018. We will need additional contribution from new solutions.

Philippe Courtot -- Chairman and Chief Executive Officer

Yeah. And to answer your question -- directly here is that -- yes, we do anticipate of course that these new services which carries much bigger dollar value than the VM which will be adopted by customers, in fact will contribute to accelerate growth in the future.

Michael Berg -- JMP Securities -- Analyst

Okay. That helps answer my question. Thank you.

Operator

Thank you. Your next question comes from Daniel Ives with Wedbush Securities. Your line is open.

Daniel Ives -- Wedbush Securities -- Analyst

Yeah, thanks. So first question, in regards to largely -- the one that in Q3 hasn't closed yet -- which talked about appreciate that. In terms of embedded in the 2019 guidance, have you factored in any of your larger deals of those sizes and specifically that Q3 deals to close in 2019?

Melissa Fisher -- Chief Financial Officer

Thanks Daniel. We don't take those type of outsized opportunities into our guidance, because again, we believe that we should be prudent with our guidance. So something that would -- deals that would close of their size, it would be additive to what we've assumed.

Philippe Courtot -- Chairman and Chief Executive Officer

Yeah, that could be a -- little bit specific about that one deal in fact that one deal this is a customer, which is essentially migrating a lot of its infrastructure at the top we're about to get the order into a cloud -- into the -- totally cloud-based environment and for us to essentially complete the deal, we would have to port our solution to that specific cloud that they have selected, which is something in the making, but of course that we don't have done yet and still that happens, obviously it kind of materialize.

Daniel Ives -- Wedbush Securities -- Analyst

Okay, great. And in terms of leverage, because obviously with the margin guidance for next year real strong -- in terms of the model I know you're not giving longer-term guidance, but is there just a lot more leverage even less in the model -- just to -- you just continue to execute on for the strategy or maybe you could just talk about that because obviously margin is strong for next year or may be give us just some thoughts maybe going ahead. Thanks.

Melissa Fisher -- Chief Financial Officer

Yeah. Dan -- Thanks, Dan. We're proud of our industry leading margins and are delighted with what we achieved in the past year. We did in conjunction with 2020 outlets, we did provide an outlook on margins. And so the margins for '20, '21, which we provided EBITDA -- adjusted EBITDA margin range of 40% to 42%. I think big picture, this is a very scalable model and as you saw in 2018 the more we drive the revenue growth to be higher than what we actually expand margins.

Philippe Courtot -- Chairman and Chief Executive Officer

Yeah, absolutely. And just to add to what Melissa said, effectively we have a lot of leverage in our model that we've really built, a highly leveraged model and in fact, you can see that because we did increase our sales force significantly on the second half of last year. But about 20% as you mentioned, I want you to continue expanding our sales force because of all these new services that we have in fact with our market strategy -- I would add is as too prong one you are going to see us launching a lot of what we called mini campaigns, which are campaigns whereby we invite people to twice specific solution. We have now 19 solution and more to come, and then walk into the top-end -- well preparing a tap-down of Qualys is essentially going to the CIO, et cetera, to explain to them the value of the Qualys platform. So this is absolutely in the making. And despite all of that and in fact you could see that the model still generate significant profitability -- that's the leverage inherent to the model because we adopted absolutely a cloud that we all really -- the model as a lot of components on the leverage. And of course our Indian operation, their is a unit leverage as a way the work today about 700 people now in Pune. I just visited Pune last year there's a ton of talent in our operation there and that gives us a significant leverage plus also the relationship with all the Indian outsourcers and addition partners. So I think we'll for extremely well position.

Michael Berg -- JMP Securities -- Analyst

Thank you.

Operator

Thank you. Your next question comes from Melissa Franchi with Morgan Stanley. Your line is open.

Melissa Franchi -- Morgan Stanley -- Analyst

Thank you for taking my question. So I just wanted to go back to sort of the same idea of previous questions and thinking about to the acceleration or potential acceleration in the future. So multi-product adoption continues to proceed nicely and new products are contributing to bookings, fairly well but billings growth did slow this quarter? And so, I'm just wondering if you could maybe talk about what's happening in the core VM business. And as you're thinking about the acceleration over the next few years, what do you need to assume about the health and pricing dynamic of core vulnerability management?

Melissa Fisher -- Chief Financial Officer

Hi, Melissa. It's Melissa. I'm going to take -- try and take those one at a time. So first of all, let me handle your billings question. So as I mentioned, they very healthy business and as we previously discussed though, we often in collaboration with our customers move deals from the end of a quarter to the beginning of the following quarter to lesson the procurement pane on both ends, as we did in Q4. The impact to us, is a day or two of revenue and this is baked into our annual revenue guidance.

So, I think the bigger question now that you're trying to answer is, well, how do we think about the growth prospects and the way I think about that based on the conversations with investors as well we would evaluate our revenue guidance, which we said doesn't assume a material contribution from new solutions.

And then assess where you think the uptake of these new solutions to be, as I said, which are now picked into our revenue guidance. With regard to the health of the core vulnerability management. So, I would say a couple of things, so we are continuous trying healthy. As we've talked about previously, we don't intent our salesforces by product. So we don't manage the business on a product basis ourselves versus in centered on total dollars and in that way they're working with the customers to be able to provide the customer exactly what they need and they're not pushing specific products that they're not going to use deploy and then turn off.

And so we do assume that Vulnerability Management remains healthy, but it's not, I would say there's a number of different scenarios. On a product basis that could accomplish the long-term target in 2021.

Philippe Courtot -- Chairman and Chief Executive Officer

Yes, and I will add to what Meslissa said, if you looked at the, at the vulnerability management. So in our larger customers today as we mentioned issued of today at the gross retention rate of customers which have more than four solution have attained 99% which is absolutely strong. So today, if you look at the VM specifically while competing much more -- continuing competing at the mid-market rather than the large enterprise, in fact we have tendency to continue expanding significantly.

So for us, we believe that today or they to have -- you have two competitors in that marketplace. One, obviously it's -- one is Tenable and the other one is Rapid7. So what we see specifically Rapid7 essentially more providing with our inside, they are more attacking the marketplace of the low end of Splunk and that's where they find our growth and have done a pretty good job by packaging those solution around cloud, but still they don't scale.

There we see that, and every time they try to capture want to follow our customers, which we can if I look today at the larger -- at the enterprise customers that we could -- that we lose you can count them in one hand and it typically are those Company we have not deployed more than two solutions. As far as, Tenable is concerned, Tenable is extremely aggressive in price today, so they try to steal the business, but yet they're still much more into that mid-market where we compete.

So what we believe in term of -- so we don't compete really on price because what happens -- because scalability wins at the end of the day when we lose on price we typically recover these customers, one or two years later. So what we believe is -- as we deliver more solution of course we are governing if you prefer the competition and it's going to become harder and harder, and harder to compete with Qualys as we deliver all these new services.

So once suddenly you have the asset inventory that you can do the patch management that you can do, the passive scanning also all of that integrated into a single platform. We really believe there's going to be harder and harder to compete with Qualys and that's what makes us very good, very confident. In addition to a very significant pipeline that we have today.

That would be, again, all of that needs to be translated into revenue. Which, again,this is where we are ready to be at a disadvantage because we have zero dollar of perpetual license.

Melissa Franchi -- Morgan Stanley -- Analyst

Got it. That's helpful. Talking about the sales force and you've made some advanced -- some acceleration in hiring for the sales force to the second half of the year, how do you feel about the capabilities of those individuals in terms of selling the broader suite. I know a number of products are not yet on the market, but are they fully ramped in selling the broader portfolio or is there still work to do in terms of selling the suite?

Philippe Courtot -- Chairman and Chief Executive Officer

So I would answer that, they are fully ramped to sell the new -- all these new services, first of all, and the reason I would substantiate why? If you recall, we have, in fact, structural sales force between the hunters and the farmers. The Hunters they own their old technical and we hire them from our customers that they already have the understanding of what it takes to deploy enterprise solution, et cetera, of course, they can pick up pretty quickly new solutions of course where we train them, et cetera, but also bagged by SMEs subject matter experts and we have done one change today with our post-sales if you prefer our farmers which reflects by the way, the fact that Qualys is becoming extremely strategic for lot of companies now divided them into what we call the (inaudible) which is the major account solution architects and of course the regular technical account managers.

We did that, so we could have now the best of our times have now been promoted to essentially have handled in this number of account, but much bigger one. So they have about typically about 10 accounts that has been already implemented, which of course allows us to grow with some banks, which we can see, we could triple, quadruple the revenues that we do and then so -- as an example, so that's what we have done for the post-sales. And that's is pretty much done, essentially, globally in countries where we have enough of these very large customers, which is not of course every country but essentially Europe and the U.S. and not yet in Asia, but that will come.

Now on the new business side, we are expanding, in fact now more, that's where we make the investment. Our new business salesforce which now we're hiring typically from consulting organization again technical people then, which have now -- knows how to sell to the C-suite, which is obviously what is going to be the new if you prefer (inaudible) of Qualys is now, we have all these solutions together build into one single solution.

So that's essentially what we're done in the go to market and again all that if you prefer supported by what I mentioned earlier, which is that flurry of going to see these many campaigns going after. Okay. Try out file Integrity Monitoring solution, et cetera well about 20 of those new campaigns.

On the other way, which I'll go into essentially allows us to go the bottom and then one now comparing a big campaign starting at RSA with that setting top down and that's essentially what we have organized and all the investment has already been made, essentially.

Melissa Franchi -- Morgan Stanley -- Analyst

Very helpful. Thank you very much.

Operator

Thank you your next question comes Alex Henderson with Needham. Your line is open.

Alex Henderson -- Needham -- Analyst

Hi, I just wanted to hit a couple of quick ones. First, could you give a geo split in a sense of what the growth rates are in geo's, I don't think that was offered up and then second along the same lines, the acquisition, any sense of the size of that in terms of either revenues cost that we need to build into the model would be helpful. And I've got a follow-up.

Philippe Courtot -- Chairman and Chief Executive Officer

What was it -- I'm not sure that I understood the second question?

Melissa Fisher -- Chief Financial Officer

The size of Adya?

Philippe Courtot -- Chairman and Chief Executive Officer

Oh, size of Adya, of Adya. This is a small company what is interesting it is a fascinating company by the way, it's a very small company.

Alex Henderson -- Needham -- Analyst

No, we are not looking for a description of the Company. I'm just need to the revenue and costs associated with it.

Melissa Fisher -- Chief Financial Officer

It's not material. Its really like a acquire-hire, Alex.

Philippe Courtot -- Chairman and Chief Executive Officer

Yeah, correct. Correct.

Alex Henderson -- Needham -- Analyst

Great. Perfect.

Philippe Courtot -- Chairman and Chief Executive Officer

What is interesting with them is that they have done everything based on the AWS Lambda which is service less architectures. So you realize this surely cost effective for them to deploy to develop that application because they only have to upload their code into the AWS platform.

So, to answer your previous question. Today If you look at the dynamic. As you know, U.S. has always been the bigger market and then followed by Europe and then by Asia. We are starting to see India by the way as a very significant market for us as we're picking up a lot of steam there. But globally speaking we see today that growth rate in Europe been now to be little bit higher than in the U.S. and the reason is because of course, the U.S. has already deployed all these that move much more than Europe, the threat protect and all of these -- and all of these services which are only carrying a fraction of the cost. However, as we develop these new services, we believe is going to revert back. The U.S. being growing much faster than Europe because again, so much that we can sell to our existing huge large base of -- large companies and therefore while this is that change. So that's the dynamic that we have. Doesn't that -- is that clear.

Alex Henderson -- Needham -- Analyst

Yeah. But I'm really wasn't, wanted that -- I'm just looking for this, the mechanical splits?

Philippe Courtot -- Chairman and Chief Executive Officer

What do you mean by --

Alex Henderson -- Needham -- Analyst

As far as , do you have the, what's the -- what portion was in U.S., what portion was in Europe?

Philippe Courtot -- Chairman and Chief Executive Officer

It's about typically 70% in the U.S., 25% in Europe and 5% in the Asia-Pac.

Alex Henderson -- Needham -- Analyst

All right. Was it the same as normal or was there any changes?

Philippe Courtot -- Chairman and Chief Executive Officer

Yeah, that significantly change.

Alex Henderson -- Needham -- Analyst

Okay. And then looking at the guide for the 2019 period. Can you give us some sense of what you're thinking in terms of impact from FX economic activity any of the sort of exogenous variables are you taking into account a slower condition as a result of recent geo slowdowns or any change in conditions that you're seeing as a result of those broader environmental issues?

Melissa Fisher -- Chief Financial Officer

Yes, so we believe today that the impact from FX was in material, but we know that things could change. So it obviously depend on how rate -- how rates move. We do believe that the market for our products is still very healthy.

Philippe Courtot -- Chairman and Chief Executive Officer

Yeah, absolutely. And on the geo side, I don't -- we don't see much change today, the dynamics for example, to Europe. Thanks to all global (inaudible) debenture very strategic for large European companies, especially because of GDPR. One of the things they've got to do is their global IT inventories. So that's a product that we see could take -- is going to take traction because again the platform, the aspect that we have, we help them to save money. So I -- we don't see any geopolitical impact. With the exception and I think India, we're extremely well positioned to see of course to really becoming an interesting market for us. But again, it's just at the beginning here.

Alex Henderson -- Needham -- Analyst

One last question, before I leave the floor. What rate of hiring and sales do you expect in 2019 and built into your model? Thanks and then I'll leave the floor?

Philippe Courtot -- Chairman and Chief Executive Officer

So we have increased that by 20% last year, our sales force of course, we don't need to increase as much and the reason is because I don't have the exact number, but it's certainly not meant to be 20%, I can tell you. The reason is because on our -- it's totally predictable. This is absolutely of course and we, that's part of the power, the model is that if I double the revenues on an existing customers. I don't need to double the size of our technical account managers, it's more on the new business side. So I would say today that you know it's less -- much -- it's quite less than 20%. We make the effort that the second half and I think we're going to continue expanding more on the new business side and on the form of depends of -- on the growth of the new business essentially.

Melissa Fisher -- Chief Financial Officer

Yeah, and I would just add to that as we've had mentioned that a lot of the sales -- a lot of these ad will come in the second half. So we're going to see from an expense perspective, obviously hit the full year in 2019. From a modeling perspective you're going to see that, there is any highest investment for us in the year-over-year basis be R&D, and sales & market.

Alex Henderson -- Needham -- Analyst

Thank you.

Operator

Your next question comes from Sterling Auty with J.P. Morgan. Your line is open.

Sterling Auty -- J.P. Morgan -- Analyst

Yeah, hi guys. So I'm bouncing between calls, so I'm still little confused about the guidance for 2019 revenue and the slowdown, I caught the -- not including the new products given, want to make sure you get confidence and I think I caught the one or two days maybe difference in terms of revenue recognition, but what else explains the, you know, it's a pretty material slowdown from the rate that you have been seeing is a competitive, is that something that you're seeing in the customers. I'm still not clear?

Philippe Courtot -- Chairman and Chief Executive Officer

No, it's essentially the fact that we're prudent because today you have to realize that what was fueling our growth is essentially the cloud agent, which is doing very well. And the threat protects all these new services and they are a fraction of the cost of that for $1 of VM -- we got $0.20 of those products. So because we have such a huge base today, growing that base of course, will require if you prefer bigger guns and this is exactly where these new services that we have now today, which carry far more than $4 VM. We have -- we have these new services, our multiple of dollar VM. So they will grind we see today, for example, one of the services, which was like the themes specifically it now starting to growing because we have the full product, the APIs and so for this just at the beginning.

So we're being prudent and we don't want to have extend our thoughts. And that's the fundamental reason here. So we hope that we are going to do significantly better. Quite frankly, but we didn't want to and yet, what is remarkable I will add is that we can maintain our profitability and avoid continuing investing. That's not the case of many. So we try to balance that and that's today we say -- I wish we could continue -- continue populating the word with agents and as with threat protect et cetera. But of course, we have such a large user base, specifically in the U.S., which have adopted that pretty well, which by the way again remember these Agent generate additional services and all of that, this more (inaudible) will be greater, but it takes some well prudent.

Sterling Auty -- J.P. Morgan -- Analyst

So basically you're saying the core VM growth has been constant steady over the last couple of years, you had a surge, but you had an uplift from adoption of cloud agent. But now that you've gotten to a certain level of penetration that growth will now kind of more normalized and now it's just the timing as you wait for the new products to kick into recur --.

Philippe Courtot -- Chairman and Chief Executive Officer

Yeah, that's exactly -- that's exactly it. Now, we could be surprised, pleasantly because these new products are very good by the way, we know that. So I'm not questioning at all the adoption of this new product is more question of timing here.

Melissa Fisher -- Chief Financial Officer

Yeah, I guess Sterling, I may help you, we need a breakdown from a revenue perspective, our VM grew 20% the past year in the so called non-VM categories grew 23% VM is fairly good.

Philippe Courtot -- Chairman and Chief Executive Officer

Yeah. Because of course, fuel by the component of the cloud agent and Threat protect that's exactly the point.

Operator

Thank you. Your next question comes from Rob Owens with KeyBanc Capital Markets. Your line is open.

Rob Owens -- KeyBanc Capital Markets -- Analyst

Yeah. So if you look at the slowing follow-on, I guess, is it the VM that slows relative to '19 and with the 20% hiring throughout the year or/in the back half, how do you think about sales force productivity and what point of those get fully ramped?

Philippe Courtot -- Chairman and Chief Executive Officer

So, what we have today. Again, we need to distinguish between the farmers and the hunters. The farmers are extremely good productivity. Of course, we make an investment. But all that as we said this -- new services though -- I would say that we certainly will maintain if not increase the productivity on our farmers, it's on the new business side that today. Of course, it takes a bit longer. And also we have tendency naturally to instead of pushing these to make them bigger and bigger and bigger. We try to -- we prefer to land the customer young if you prefer and then grow that customer that has been our model since the very beginning, because of course -- it looking more profitable than trying to go and give big discounts at the end of the quarter and all these things that enterprise software is pretty good at and like our competitors I'll name few of them but absolutely done their price. So that's never been Qualys. So we try to do, Okay, let's start smaller and then there's go over the customer. That has been our philosophy, as a result of that the ramping of that sales force -- of the new business salesforce is much slower.

Rob Owens -- KeyBanc Capital Markets -- Analyst

Okay, great. Thank you.

Operator

Thank you. Your next question comes from Matt Hedberg with RBC Capital Markets. Your line is open.

Matthew Hedberg -- RBC Capital Markets -- Analyst

Yeah, thanks guys. I guess, following up on Sterling and Rob's question, the VM market seems to -- seems to remain healthy. I mean, I think 20% growth is pretty good relative to historical trends. I know its hard to generalize fleet. But I guess excluding Cloud Agent, do you have a sense for how penetrated your customer basis in terms of being scanned. In other words, like how much dark space is there in networks within your customer base?

Philippe Courtot -- Chairman and Chief Executive Officer

I would say today there is not that much, if you look at the large companies, in fact, that's the reason why Qualys is so strong in that marketplace and the large enterprise that what's in our case -- our competition despite their pricing tactic and everything they can say, they really don't take that market away from us is because of scale and I will say that today there is still some more growth, but for us it's more at the endpoint. On the server side, I think the large companies are pretty now looking continuously and now the endpoint of course, we have now more opportunities because of the asset inventories going to put our agent from the endpoint and of course now suddenly you do more VM and on and on.

So, for us the green space...

Melissa Fisher -- Chief Financial Officer

Dark space.

Philippe Courtot -- Chairman and Chief Executive Officer

Dark space -- space is on the endpoint which is quite significant. So that's where we see the future growth. And of course, IOC all these new solution that all recalls an agent, the Patch Management is going to really propel and once now you suddenly do Patch Management on the endpoint. What about doing Vulnerability Management? What about doing compliance? Well, in the past, people were saying, OK, OK, I'm not going to do it or I've got another agent, I've got so many agent. Now today, they've got a compelling reason to go. So that's what we see on the high-end of their marketplace.

The mid-market, what mid-market is more market. The new space is the cloud, which we're extremely well positioned. More and more the SME & SMB are moving to the cloud. And therefore, it's now a kind of a different market and that's where we compete really essentially with the Tenable and Rapid7 is in the mid-market which is also moving into the cloud, and there we believe we have a unique advantage because of our agent can natively be as they are today integrated with Azure where they are about to fully be integrated the same way with AWS, as well as with Google and soon with IBM as well.

And at some point in time also Alibaba. So, I think we're native in the cloud, and that will give us an advantage. Currently today that's where we fight if you prefer.

Matthew Hedberg -- RBC Capital Markets -- Analyst

Great. Thanks a lot.

Operator

Thank you. Your next question comes from Gur Talpaz with Stifel. Your line is open.

Christopher Speros -- Stifel, Nicolaus & Company -- Analyst

Hi, this is actually Chris Speros on for Gur. Thanks for squeezing us in here. Peripherally, but can you speak to the demand that you saw in Q4 for the recently launched Container Security and asset inventory products as well as the feedback you've received from customers in the passive scanning data?

Philippe Courtot -- Chairman and Chief Executive Officer

Absolutely, so the Container Security, this is definitively will be the new game in town. Its still early in the market, customers are adapting Container Security. So how we -- by the way? We have containerized now almost everything that Qualys does. This is really the future. It totally changed a lot of the IT dynamics and of course, so, but it's still early. So today everybody life's, our vulnerability assessment solution that we have for containers, it's very straightforward. We have quite a very good use cases from customers. Now, we're integrating with that acquisition with they are inside, which will happen most likely because quite of complexity, more in the Q2 end of Q2 time frame, second half maybe Q3, which then will have the full solution for Container Security because not only you can do the assessment, but also you do the run time and then you can of course control and push your policies, but that's the new big game. No question, I think we're extremely well positioned, but in term of revenues, this is still little bit early.

As far as the passive scanning is concerned, I am very impatient to get that being delivered. It's today, it's we have a fantastic solution. We are, data as you know, I would expect because there's a lot of complexity with technically that you need to absolutely to make it easily deployable et cetera. I think we will be in Q2 GA, and that component has a lot of -- this is the ForeScout competitor except that is going to be totally integrated with the Qualys platform. So you have -- at the same time agent, agentless all that into a single platform, the full view of your global IT assets inventory.

Now you can do network traffic. It's also well embarking into another major developments which are -- we are going to speak a little bit later in the year. It's also gives so much information and now what is fascinating is when you combine agentless, which is the scanning, agent plus the passive scanning your dealing now with the volume of data that there is not a single company today we can do that. And that's essentially what we're now working on our back-end is to bring all that data into a single place where you can analyze, correlate et cetera, et cetera.

So that's the new game. So passive scanning is very strategic for us. And I think while we are taking our time because you need to build that at scale, and that's why the big challenges are worth mentioning already have index 2 trillion data points on our Elasticsearch Clusters, believe it or not Elasticsearch is becoming too slow. So that's the new frontiers. So we're really moving into that new frontier as well. So and later this year we will talk about that.

Christopher Speros -- Stifel, Nicolaus & Company -- Analyst

Awesome. Thanks guys.

Operator

Thank you. Your next question comes from Josh Tilton with Berenberg. Your line is open.

Joshua Tilton -- Berenberg Capital Markets -- Analyst

Hi, thanks for taking my question. Just one more on the guidance. If the new products being released grow at a similar rate of the older non-VM product. Should we expect upside to the guidance as to the price to higher. And then maybe just what level of contribution the revenues you are hoping from these new products that have yet to be released?

Melissa Fisher -- Chief Financial Officer

Yes. So as I mentioned, since the guidance doesn't assuming any material contribution from these new solutions should that happen, yes, that would be an additional contribution to our revenue guidance. I'm not sure, I understood the second part of your question.

Joshua Tilton -- Berenberg Capital Markets -- Analyst

Do you guys have any anticipated contribution to total revenues from the new products that are yet to be released?

Melissa Fisher -- Chief Financial Officer

We really don't manage our business on a product basis. We really, as Philip mentioned we have hunter and farmer sales force and so our sales force is focused on -- what we call farmers are focused on renewals and upsells and those are all done on a dollar basis and that's because we don't want our sales force pushing product and customer that they're not going to use and that they're going to just turn off. So we've always kept our sales force, as I mentioned with dollar-base, as we don't manage the business on a product basis.

Philippe Courtot -- Chairman and Chief Executive Officer

Yes, but I think the question was, unless I misunderstood on these new services like the Patch Management and all that -- and we said that we have not really consider that as a meaningful revenues to 2019 because it's hard to predict the ramp of, the adoption ramp. We are very confident that our customers will adapt it but it takes some time because they need to find the budget, they do the proof of concept, et cetera. Sometime it's a displacement which more than, so you got all that takes time, but we are absolutely confident of the adoption of these new services.

Melissa Fisher -- Chief Financial Officer

Yes that's a flattered color -- I was portraying to write the framework of how we manage our business, which is based on contribution from new customers and then growth of existing.

Joshua Tilton -- Berenberg Capital Markets -- Analyst

And are you guys expecting similar uptake by customers relative for the older products that have been released in 2015?

Melissa Fisher -- Chief Financial Officer

While as we said the actual curve is going to depend on what the pace of adoption is and without any data points, it's hard to impart what the curves is going to be some maybe faster, some maybe slower.

Philippe Courtot -- Chairman and Chief Executive Officer

Right. However, if you look at the key metrics that we disclosed that the number of customers, which have adapted two or more solution, which now is I think 70%. And then those growth rate, which I think today it's 40%.

Melissa Fisher -- Chief Financial Officer

41%.

Philippe Courtot -- Chairman and Chief Executive Officer

41%. Those who have adapted four and more, which is..

Melissa Fisher -- Chief Financial Officer

21%.

Philippe Courtot -- Chairman and Chief Executive Officer

21% and now we show the 10%, which is about 10%, correct?

Melissa Fisher -- Chief Financial Officer

5 -- 5% -- with 10%.

Philippe Courtot -- Chairman and Chief Executive Officer

That was 5 plus 10%. We can absolutely say that today, we believe that of course these new product they all continue feeling that, so at the end of the day, we believe that 70% of our customer base are going to adopt all our four solutions. Why is because while you would never want to do that when they authority native in one single platform, a single administration self updating all of these benefits and it start to reduce significantly your cost as you're instead of relaying on all these different solutions that you got to integrate to manage different teams all of that will make a lot of color. So we're very confident that overall whether we cannot really predict is essentially the ramp in the early days. So today, as we start to see having data points, so today we can see the trajectory by the way of the three plus which today at 40% you could almost predict when are they going to be at 70%. But those, which are the more you go into, of course, the newer ones they harder to predict because we have less data point. Does that make sense.

Joshua Tilton -- Berenberg Capital Markets -- Analyst

Yeah. Thank you very much.

Operator

Thank you. Your next question comes from Patrick Colville with Arete Research. Your line is open.

Patrick Colville -- Arete Research Services LLP -- Analyst

Thank you for taking my question. Can I ask about the Patch Management tool, because I know in my work speaking to CISOs. That is going to be a product that's going to be really in demands. And so I'd like to better understand it in terms of what is the tool, I guess, can offer and when it's like to be released. Yeah, that'd be great. Thank you.

Philippe Courtot -- Chairman and Chief Executive Officer

So the -- we just announced today that the Patch Management is really going to (inaudible) in the few weeks. So it's well ready to go. Now would that Patch Management solution is really unique because it cuts across all the different environment. The Patch Management tools today that you have are very specific to Windows, to Unix, to this to that. So it's a nightmare for companies when they're for example to put a urgent patch, which cuts across like one acquired. For example multiple environment.

Today with Qualys you are now able to essentially first of all, Qualys will tell you exactly where all your vulnerabilities are? Where did you need to patch? And then you just push button and it will be all patched. Now, you could of course not do that 100% of that (inaudible), you may want to have some kind of steps in-between but that's become an operational issue for companies. So, that multi-patching capabilities is very unique of Qualys. So that's one big differentiator.

And then after that, the question becomes also a question of automation. The problem today is that this, you had never tied very well vulnerability with Patch Management with the superseding patches and that's we resolved all of this part. So look at us, operationalizing it. So for example, we have solution on Patch Management like some of the macro file solution like -- seriously are totally free. But the problem is that you just do patching without the visibility. So, Qualys will relatively very attractive price everything automated give you this capability.

So, we cannot tell you again the rate of adoption. It's too soon. However, I can tell you that we're solving a real problem here because immediacy of patching has become today very important because the more time it takes -- you take to eliminate your vulnerabilities, the more time you give for the bad guys to essentially damage you and as you know today, zero days used to be few months before the exploit could -- was in a while though it published now today, it's almost minutes. It's absolutely pretty fast. So you better be at the top of your vulnerabilities.

But then you need to patch. Without the remediation, identifying your vulnerabilities, whether it admits. Okay, so the only -- so you could shut down your network, close down your network, then you don't do any business. So that image is becoming very important. So we anticipate a very good success as well as of the Patch Management solution.

Patrick Colville -- Arete Research Services LLP -- Analyst

And guys, a follow up on that. I mean it seems like a very, like obvious place for you to go into. And so I guess why now, given that, this would be product that's -- alone...

Philippe Courtot -- Chairman and Chief Executive Officer

Very good question. If you look today -- very good question. If you look today, at the story of Patch Management, just Big Six (ph). Big Six was the first solution that really was providing a natural price wide Patch Management solution multi-platform issue wafer. And then, IBM both times, the problem with Big Six is that its center enterprise software. So it's pretty heavy, it's cost a lot.

So, we took a cloud approach to Patch Management. Again everything centrally managed, self updating. It took us, we have been working at that now for about essentially four years. And so it doesn't happen in one day. And we took the lot of the technology and partnership with (inaudible). So taking some of -- because there's a lot of complexity and to deliver that as a cloud solution like doing Vulnerability Management solution, which is very unique to what Qualys did from the cloud, very few companies have done that. In fact, we're the only one who really does that well and at scale, because we needed to have our scanners, then you put your scanners inside, you need to remotely manage. It's a lot of complexity to make it that easy and that's the same thing with Patch Management. It took us about four years to get the product out.

Patrick Colville -- Arete Research Services LLP -- Analyst

Great. Thank you so much.

Operator

Thank you. And I am showing no further questions at this time. I'd like to turn the call back over to Natasha Asar for closing remarks.

Natasha Asar -- Investor Relations

Thanks, Heather. And thank you all for attending our fourth quarter and full year 2018 earnings call. We are holding an event for analysts and investors during the RSA Conference. On Wednesday, March 6th from 11:00 AM to 1:00 PM. And registration will be on our site soon. We also look forward to seeing many of you later this month at the JMP Securities Technology Conference and the Morgan Stanley TMT Conference in San Francisco. Thank you.

Operator

Ladies and gentlemen, thank you for participating in today's conference. This does conclude the program and you all may disconnect. Everyone have a wonderful day.

Duration: 68 minutes

Call participants:

Natasha Asar -- Investor Relations

Philippe Courtot -- Chairman and Chief Executive Officer

Melissa Fisher -- Chief Financial Officer

Howard Smith -- First Analysis Securities -- Analyst

Michael Berg -- JMP Securities -- Analyst

Daniel Ives -- Wedbush Securities -- Analyst

Melissa Franchi -- Morgan Stanley -- Analyst

Alex Henderson -- Needham -- Analyst

Sterling Auty -- J.P. Morgan -- Analyst

Rob Owens -- KeyBanc Capital Markets -- Analyst

Matthew Hedberg -- RBC Capital Markets -- Analyst

Christopher Speros -- Stifel, Nicolaus & Company -- Analyst

Joshua Tilton -- Berenberg Capital Markets -- Analyst

Patrick Colville -- Arete Research Services LLP -- Analyst

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