Tufin 软件技术有限公司 (TUFN) 首席执行官 Ruvi Kitov 在 2019年 第一季度业绩 - 收益电话会议记录

Tufin Software Technologies Ltd. (NYSE:TUFN) Q1 2019 Earnings Conference Call June 13, 2019 8:30 AM ET

Tufin软件技术有限公司(纽约证券交易所代码:[TUFN])2019年第一季度收益电话会议2019年6月13日美国东部时间上午8:30

公司参与者

Yuval Fessler - General Counsel
Ruvi Kitov - CEO
Jack Wakileh - CFO

  • Yuval Fessler - 总法律顾问
  • Ruvi Kitov - 首席执行官
  • Jack Wakileh - 首席财务官

电话会议参与者

Sterling Auty - JP Morgan
Saket Kalia - Barclays
John DiFucci - Jefferies
Shaul Eyal - Oppenheimer
Andrew Nowinski - Piper Jaffray
Jonathan Ho - William Blair
Gur Talpaz - Stifel

  • Sterling Auty - 摩根大通
  • Saket Kalia - 巴克莱
  • John DiFucci - Jefferies
  • Shaul Eyal - 奥本海默
  • Andrew Nowinski - Piper Jaffray
  • 乔纳森何 - 威廉布莱尔
  • Gur Talpaz - Stifel

会议主持员

Good morning. My name is Chris and I will be your conference operator today. At this time, I would like to welcome everyone to the Tufin First Quarter 2019 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions]. Thank you.
Yuval Fessler, Tufin's General Counsel, you may begin your conference.

早上好。 我叫Chris,今天我将成为您的会议运营商。 在这个时候,我想欢迎大家参加2014年第一季度Tufin收益电话会议。 所有线路都已静音以防止任何背景噪音。 发言者发言后,将会有一个问答环节。 [操作员说明]。 谢谢。

Tufin的总法律顾问Yuval Fessler,你可以开始你的会议。

Yuval Fessler

Thank you, operator. Hi, everyone. Before we get started, I'd like to read out the Safe Harbor statement. I'd like to remind everyone that any statements made on today's conference call that express the beliefs, expectation, projection, forecast, anticipation or intent regarding future event and the company's future performance may be considered forward-looking statements as defined by the Private Securities Litigation Reform Act.
These forward-looking statements are based on information available to Tufin's management as of today and involves risks and uncertainties including those noted in this morning's press release and Tufin's filings with the SEC. Such forward-looking statements are not guarantees of future performance. Actual results may differ materially from those projected in the forward-looking statements. Tufin specifically disclaims any intent or obligation to update these forward-looking statements except as required by law.
A telephone replay of the call will be available shortly after the completion of this call. You'll find the dial-in information in today's press release. The archived webcast will be available for one year on the company's website at tufin.com.
Now, I would like to turn over the call to Ruvi Kitov, Tufin's CEO.

谢谢运营商。嗨,大家好。在我们开始之前,我想宣读安全港声明。我想提醒大家的是,在今天的电话会议上发表的任何声明,表达对未来事件的信念,预期,预测,预期或意图以及公司的未来业绩,可能被视为私人证券所定义的前瞻性陈述。诉讼改革法案。

这些前瞻性陈述基于截至今天Tufin管理层可获得的信息,涉及风险和不确定性,包括今天上午的新闻稿和Tufin向美国证券交易委员会提交的文件。这些前瞻性陈述并非对未来业绩的保证。实际结果可能与前瞻性陈述中的预测产生重大差异。除法律要求外,Tufin特别声明不承担更新这些前瞻性陈述的任何意图或义务。

电话会议结束后不久将提供电话重播。您可以在今天的新闻稿中找到拨入信息。存档的网络广播将在公司网站tufin.com上提供一年。

现在,我想把这个电话交给Tufin首席执行官Ruvi Kitov。

Ruvi Kitov

Thanks, and good morning, everyone. I’d like to start by thanking you all for joining us today for our first conference call as a public company. Before getting into the results, I'd like to thank all of our customers, employees and partners for all of your support leading up to our successful IPO in April. I'd like to also welcome our new shareholders for joining us at the IPO and since then, and thank to our existing shareholders for their support in the growth of the company.
This is an important milestone for the company, which will position us well, to realize our vision to enable enterprises to balance their security and agility. I realized that not everyone may be familiar with Tufin, and therefore I'd like to first introduce ourselves to you. We’ve built Tufin to fundamentally change the way organizations manage their security and network infrastructure. Enterprise networks are becoming increasingly complex and fragmented, spanning across many on-premise, private and public cloud environments. At the same time, digital transformation and DevOps practices are driving a significant increase in software releases, requiring frequent connectivity changes. And with each new connection, you can have a potential entry point for cyber attackers.
Today, many businesses are struggling to keep pace with these changes, and find it difficult to efficiently and securely control information flows across their network. Tufin has pioneered a security policy management platform that brings automation and analytics to security and network operations, and enables true digital transformation. We believe that fundamentally your security is only as good as the policy that you define and enforce. Policy-centric security is core to our approach. Every organization needs a unified security policy for foundational controls, who can talk to whom and what can talk to what on the network. These are the core tenants of any network security architecture.
With Tufin’s policy-driven automation, each network change can be implemented in minutes instead of days, removing the chance of human error. This can significantly accelerate the development and deployment of revenue generating applications, providing tangible business value in the near-term. We are a pioneer and a leader in our markets, and are in the early stages of capitalizing on significant, untapped market opportunity.
Now, let's talk about our results in the first quarter. I'm pleased to report that we executed well and delivered strong results in the quarter. Total revenue was $22.5 million exceeding our expectations. We have about 15% of the Global 2000 as part of our geographically diverse customer base. We believe we have a significant opportunity to drive growth by expanding within our customer base, as well as by winning new customers within the Global 2000 and beyond. The main reasons customers choose Tufin are primarily our superior automation, with wider platform coverage and higher accuracy of changes, our ability to scale to large environments with thousands of devices and our unified security policy for both cloud and on-premise network environments.

谢谢,大家早上好。首先,我要感谢大家今天加入我们作为上市公司的第一次电话会议。在进入结果之前,我要感谢所有客户,员工和合作伙伴,感谢您在4月份成功上市之前的所有支持。我也欢迎新股东加入我们的首次公开募股,从那时起,感谢我们现有股东对公司发展的支持。

这是公司的一个重要里程碑,它将使我们做得很好,实现我们的愿景,使企业能够平衡其安全性和敏捷性。我意识到不是每个人都熟悉Tufin,因此我想首先向你介绍自己。我们已经构建了Tufin,从根本上改变了组织管理其安全性和网络基础架构的方式。企业网络正变得越来越复杂和分散,跨越许多内部部署,私有云和公共云环境。与此同时,数字转型和DevOps实践正在推动软件版本的显着增长,需要频繁更改连接。通过每个新连接,您可以为网络攻击者提供潜在的切入点。

如今,许多企业都在努力跟上这些变化,并发现很难有效和安全地控制网络中的信息流。 Tufin率先推出了一个安全策略管理平台,可为安全和网络运营带来自动化和分析,并实现真正的数字化转型。我们认为,从根本上说,您的安全性与您定义和执行的策略一样好。以政策为中心的安全性是我们方法的核心。每个组织都需要一个统一的安全策略来进行基础控制,他们可以与谁通话以及可以与网络上的内容进行通信。这些是任何网络安全架构的核心租户。

借助Tufin的策略驱动的自动化,每个网络变更都可以在几分钟而不是几天内实现,从而消除了人为错误的可能性。这可以显着加快创收应用程序的开发和部署,从而在短期内提供切实的商业价值。我们是市场的先驱和领导者,并且处于利用重要的未开发市场机会的早期阶段。

现在,我们来谈谈第一季度的结果。我很高兴地报告说我们在本季度表现良好并取得了很好的成绩。总收入超过我们预期的2250万美元。作为我们地域多样化客户群的一部分,我们拥有全球2000强企业的约15%。我们相信,通过扩大客户群,以及赢得全球2000及以后的新客户,我们有很大的机会推动增长。客户选择Tufin的主要原因主要是我们卓越的自动化,更广泛的平台覆盖范围和更高的变更准确性,我们能够扩展到拥有数千台设备的大型环境以及我们针对云和内部部署网络环境的统一安全策略。

Our technological leadership and strong roadmap of innovation are key components of why we win. A key new logo that we won in the first quarter and highlights our market opportunity, is a seven figure deal with a large cruise line company, which is undergoing a digital transformation project. They have a large network and cloud environment with no visibility over a growing number of network changes and a manual time consuming change process. They were looking to become more agile, while maintaining security compliance for both their on-premise and their cloud environment. They chose Tufin due to our unique ability to enforce a unified security policy across the hybrid network. We also saw continued strength in our land and expand model with over half of new business revenue coming from existing customers. One such customer is a large financial payment processor that owned SecureTrack for several years and has been using spreadsheets until now to management network changes. They merged with another company and needed to automate risk analysis and change provisioning without increasing their staff. They quadrupled their total investment in Tufin in the first quarter with the expansion of SecureTrack and the purchase of SecureChange for automation.
We also won another large deal with an aircraft parts manufacturer where the complex network coupled with a manual change process which caused human errors that resulted in misconfigurations and network outages. We were the only vendor that was able to answer their policy control requirements and scale the solution to fit their needs. The biggest deal of the quarter was a large bank, which is building their next generation network using Cisco ACI, and several firewall vendors. They were looking to automate security policy changes across their entire network from the edge all the way to the data centers. They selected Tufin due to our comprehensive platform coverage and superior automation capabilities.
On the product side, we've recently announced the general availability of Tufin Orchestration Suite R19-1 in which we've extended our lead in automation with policy-based automation for server cloning. This capability enables customers to duplicate the relevant security rules that are required for servers as they’re being migrated from automated error-free process. Organizations that are going for digital transformation can use R19-1 to migrate applications between data centers, without compromising the availability and security of mission critical services.
Another strength of our platform lies in the extensible set of API's that we've built. Our customers and partners use the API framework to supplement the Tufin Orchestration Suite with additional functionality by integrating with third-party security ecosystem. Our Technology Alliance Program or TAP enables other vendors to use our APIs and gather intelligence under network topology in the configuration or to automate policy changes based on the incidents that they identify.

我们的技术领先地位和强大的创新路线图是我们获胜的关键因素。我们在第一季度赢得的一个重要的新标识,突出了我们的市场机会,是与一家大型邮轮公司的七位数交易,该公司正在进行数字化转型项目。他们拥有庞大的网络和云环境,无法通过越来越多的网络变更和手动耗时的变更流程实现可见性。他们希望变得更加敏捷,同时保持内部部署和云环境的安全合规性。由于我们在混合网络中实施统一安全策略的独特能力,他们选择了Tufin。我们还看到了我们土地的持续优势和扩展模式,超过一半的新业务收入来自现有客户。其中一个客户是拥有SecureTrack多年的大型金融支付处理器,并且到目前为止一直在使用电子表格来管理网络变更。他们与另一家公司合并,需要自动化风险分析和变更配置,而不增加员工。随着SecureTrack的扩展和购买SecureChange的自动化,他们在第一季度将他们在Tufin的总投资翻了两番。

我们还与一家飞机零件制造商赢得了另一项大型协议,其中复杂的网络加上手动更改流程,导致人为错误,导致错误配置和网络中断。我们是唯一能够满足其政策控制要求并扩展解决方案以满足其需求的供应商。本季度最大的一笔交易是一家大型银行,它正在使用思科ACI和几家防火墙供应商建立下一代网络。他们希望自动化整个网络的安全策略变更,从边缘一直到数据中心。由于我们全面的平台覆盖和卓越的自动化功能,他们选择了Tufin。

在产品方面,我们最近宣布了Tufin Orchestration Suite R19-1的普遍可用性,其中我们通过基于策略的服务器克隆自动化扩展了我们在自动化领域的领先优势。此功能使客户能够复制服务器从自动无错过程迁移时所需的相关安全规则。正在进行数字化转型的组织可以使用R19-1在数据中心之间迁移应用程序,而不会影响关键任务服务的可用性和安全性。

我们平台的另一个优势在于我们构建的可扩展API集。我们的客户和合作伙伴使用API​​框架通过与第三方安全生态系统集成来补充Tufin Orchestration Suite的附加功能。我们的技术联盟计划或TAP使其他供应商能够使用我们的API并在配置中收集网络拓扑下的智能,或根据他们识别的事件自动执行策略更改。

In Q1, we expanded our technology partnerships with five new partners, Demisto, which is now part of Palo Alto Networks; Efficient IP, Fortress, Infoblox and Splunk Phantom. In many ways, we are the Switzerland of the network world, having built a vendor agnostic policy layer that supports all the major network vendors, as well as cloud platforms with an extensible API framework.
In summary, I'm pleased with our first quarter results and what we've accomplished to-date. Our market opportunity is very significant and we remain optimistic about our growth outlook. We continue to progress by delivering our mission to help large organizations significantly improve their security and agility.
Now, I would like to turn the call over to Jack Wakileh, our CFO to discuss our financials in more detail.

在第一季度,我们与五个新的合作伙伴Demisto扩展了我们的技术合作伙伴关系,Demisto现在是Palo Alto Networks的一部分; 高效的IP,Fortress,Infoblox和Splunk Phantom。 在许多方面,我们是网络世界的瑞士,建立了供应商不可知的策略层,支持所有主要的网络供应商,以及具有可扩展API框架的云平台。

总之,我对第一季度的业绩以及迄今为止的成就感到满意。 我们的市场机会非常重要,我们对增长前景保持乐观。 我们的使命是帮助大型组织显着提高其安全性和敏捷性,从而不断取得进步。

现在,我想转达我们的首席财务官杰克瓦基勒,更详细地讨论我们的财务状况。

Jack Wakileh

Thanks Ruvi. As you just heard, we're pleased with the results of our first quarter that continued to validate the strong demand for Tufin solutions. Total revenue was $22.5 million in the first quarter of 2019, representing a 25% increase over the first quarter of 2018. On a year-over-year basis, product revenue for this quarter increased 26% to $10.6 million, and our maintenance and professional services revenue grew 25% to $11.8 million.
Looking at the geographic mix for Q1, we have a well diversified geographical distribution with Americas representing 53% of our revenue, EMEA representing 43% and the balance 4% coming from Asia Pacific. Given the size of our business and the fact that our revenue may comprise seven figure deals in any quarter, we may experience variability by geography on a quarter-by-quarter basis.
Moving to margins and expenses, I will discuss our results based on GAAP numbers and where applicable, non-GAAP numbers. Non-GAAP numbers exclude stock-based compensation expense in the total amount of $1.1 million for Q1 2019 and $0.4 million for Q1 2018. Please note that the GAAP to non-GAAP reconciliation can be found in the tables of our earnings press release located on our Investor Relations section of our website.
GAAP gross profit for the first quarter was $18.4 million compared to $14.7 million in Q1 2018, both quarters representing an 82% gross margin. Non-GAAP gross profit for the first quarter was $18.7 million compared to $14.8 million in Q1 2018, both quarters representing an 83% non-GAAP gross margin.
Tufin is addressing the large market that is primarily greenfield with multiple factors driving an inflection. As a market leader, we plan to invest in this opportunity. To that end, total operating expense for Q1 2019 was $22.7 million, a 52% increase year-over-year from $14.9 million in Q1 2018.
Looking at our operating expenses. Sales and marketing expense for Q1 2019 was $13.6 million or 61% of revenue, compared to $9.1 million and 51% of revenue in Q1 2018. This increase in sales and marketing expense is driven by our investments in expanding our sales organization and reach to land more Global 2000 customers and large enterprise customers as well as increasing demand and market awareness for our solutions.
Our research and development expense for Q1 2019 was $6.5 million or 29% of revenue compared to $4.7 million and 26% of revenue in Q1 2018. The increase in R&D expense is primarily due to our investment in engineering talent as we continue to deliver on our roadmap and strengthen our technological leadership.
General and administrative expense for Q1 2019 was $2.6 million or 12% of revenue, compared to $1.1 million and 6% of revenue in Q1 2018. The increase in G&A expense is associated with investments in infrastructure, and increased expenses related to being a public company. GAAP operating loss for Q1 2019 was $4.3 million, compared to an operating loss of $0.2 million in the first quarter of 2018. On a non-GAAP basis, operating loss for the first quarter of 2019 was $3.2 million, compared to an operating profit of $0.2 million in the same period last year. GAAP net loss was $4.5 million compared to a net loss of $0.7 million in Q1 of 2018. Net loss per share basic and diluted was $0.54 for Q1 2019 compared to $0.09 in Q1 of 2018 and that's based on 8.3 million and 8 million weighted average ordinary shares respectively.

谢谢Ruvi。正如您刚才所听到的,我们对第一季度的结果表示满意,这些结果继续证实了对Tufin解决方案的强劲需求。 2019年第一季度的总收入为2250万美元,比2018年第一季度增长了25%。与去年同期相比,本季度的产品收入增长了26%,达到1060万美元,我们的维护和专业服务收入增长25%至1,180万美元。

从第一季度的地理组合来看,我们的地理分布多元化,美洲占我们收入的53%,EMEA占43%,余下4%来自亚太地区。鉴于我们的业务规模以及我们的收入可能包括任何季度的七个数字交易这一事实,我们可能会按季度的地理位置经历可变性。

转到保证金和费用,我将根据GAAP数据和适用的非GAAP数字讨论我们的结果。非美国通用会计准则编号不包括基于股票的薪酬费用,2019年第一季度总额为110万美元,2018年第一季度为40万美元。请注意,非公认会计原则对账的公认会计原则可在我们的盈利新闻稿表格中找到。我们网站的投资者关系部分。

GAAP第一季度毛利润为1840万美元,而2018年第一季度为1470万美元,两季度毛利率均为82%。第一季度的非美国通用会计准则毛利润为1870万美元,而2018年第一季度为1480万美元,两个季度的非美国通用会计准则毛利率均为83%。

Tufin正在解决主要是绿地的大市场,其中多种因素推动了拐点。作为市场领导者,我们计划投资这个机会。为此,2019年第一季度的总运营支出为2270万美元,比2018年第一季度的1490万美元同比增长52%。

看看我们的运营费用。 2019年第一季度的销售和营销费用为1360万美元,占收入的61%,而2018年第一季度为910万美元,占收入的51%。销售和营销费用的增加是由于我们扩大销售组织和扩大土地的投资所致。更多全球2000客户和大型企业客户以及我们解决方案的需求和市场意识不断提高。

我们2019年第一季度的研发费用为650万美元,占收入的29%,而2018年第一季度为470万美元,占收入的26%。研发费用的增加主要是由于我们继续为我们的工程人才投资。路线图并加强我们的技术领导力。

2019年第一季度的一般和管理费用为260万美元,占收入的12%,而2018年第一季度的收入为110万美元,占收入的6%.G&A费用的增加与基础设施投资以及与上市公司相关的费用增加有关。 。 2019年第一季度GAAP运营亏损为430万美元,而2018年第一季度的运营亏损为20万美元。按非GAAP计算,2019年第一季度的运营亏损为320万美元,而营业利润为去年同期为20万美元。 GAAP净亏损为450万美元,而2018年第一季度净亏损为70万美元。2019年第一季度每股净亏损基本和稀释为0.54美元,而2018年第一季度为0.09美元,基于830万和800万加权平均普通股股票分别。

On a non-GAAP basis, net loss was $3.4 million, compared to a net loss of $0.3 million in Q1 2018. And net loss per share basic and diluted was $0.41 for Q1 2019 compared to $0.04 in Q1 2018.
I should remind everyone that our preferred equity conversion into common shares came in effect in the second quarter of 2019 upon the IPO, and hence was not taken into our share count for calculating the net loss per share in the first quarter of 2019. I did notice that some analysts may have included those preferred shares in their Q1 share count for their EPS estimates.
During the quarter, we had a financial gain of $40,000 due to foreign exchange, compared to a financial loss of $112,000 in Q1 2018 also primarily due to foreign exchange. Foreign exchange gains and losses can fluctuate and we do not try to estimate future movements in foreign currency.
Turning now to our balance sheet. As of March 31, 2019, we had cash and cash equivalents of $28.6 million exclusive of the funds in our IPO that came in the second quarter, and that is compared with $17.6 million as of December 31, 2018. Deferred revenue on our balance sheet as of March 31, 2019, was $43.8 million, compared to $31.4 million as of December 31, 2018. These figures represent the deferred balance after netting off the portion of the deferred revenue that has not been collected as of end of March 2019 and as of December 2018, respectively.
The gross deferred revenue as of March 31, 2019, was $58 million, compared to $56.6 million as of December 31, 2018. In the first quarter of 2019, we generated $11.9 million in cash flow from operating activities, compared with $15.8 million in the same period of 2018. The timing of when we close large deals within the quarter can impact our operating cash flow. This quarter, we had a record number of seven figure deals for our first quarter at Tufin.
Turning to guidance, I want to share with those who may have not met or followed us during the IPO process, that we look at the next couple of years as investment years. We plan to spend on accelerating our technological leadership in the market and growing our sales and marketing organization.
For the second quarter of 2019, we expect total revenue of $23 million to $25 million and we expect non-GAAP operating loss to range between $4.9 million to $6.4 million. For the full year 2019, we expect total revenue in the range of $105 million to $110 million and we expect non-GAAP operating loss to range between $10.7 million to $12.7 million.
With that, I will take it back to the operator to open it for Q&A. Operator?

按非美国通用会计准则计算,净亏损为340万美元,而2018年第一季度净亏损为30万美元。2019年第一季度基本和稀释后每股净亏损为0.41美元,而2018年第一季度为0.04美元。

我应该提醒大家,我们优先股权转换为普通股在首次公开募股后于2019年第二季度生效,因此未计入我们在2019年第一季度计算每股净亏损的股票数量。我做了请注意,一些分析师可能已将这些优先股纳入其第一季度的每股盈利预测中。

本季度,由于外汇,我们获得了40,000美元的经济收益,而2018年第一季度的经济损失为112,000美元,主要是由于外汇。外汇收益和损失可能会波动,我们不会尝试估计未来的外汇变动。

现在转到我们的资产负债表。截至2019年3月31日,我们的现金和现金等价物为2860万美元,不包括第二季度IPO中的资金,相比之下,截至2018年12月31日为1760万美元。资产负债表的递延收入截至2019年3月31日,截至2018年12月31日的金额为4380万美元,而截至2018年12月31日的金额为3140万美元。这些数字代表扣除截至2019年3月底尚未收取的部分递延收入后的递延余额。分别于2018年12月。

截至2019年3月31日的总递延收入为5800万美元,而截至2018年12月31日的收入为5660万美元。在2019年第一季度,我们从经营活动中获得了1190万美元的现金流,而之为1580万美元。 2018年同期。我们在本季度内完成大宗交易的时间可能会影响我们的经营现金流。本季度,我们在Tufin的第一季度创下七项数字交易记录。

谈到指导,我想与那些在IPO过程中可能没有见过或关注过我们的人分享,我们将在接下来的几年中将其视为投资年。我们计划花费在加速我们在市场上的技术领先地位以及发展我们的销售和营销组织。

对于2019年第二季度,我们预计总收入为2300万美元至2500万美元,我们预计非GAAP运营亏损将在490万美元至640万美元之间。对于2019年全年,我们预计总收入在1.05亿美元至1.1亿美元之间,我们预计非GAAP运营亏损将在1070万美元至1270万美元之间。

有了这个,我会把它带回运营商打开它进行问答。操作?

问答环节

Thank you. [Operator Instructions]. Your first question comes from Sterling Auty of JP Morgan. Your line is open.

谢谢。 [操作员说明]。 您的第一个问题来自摩根大通的Sterling Auty。 你的线是开放的。

Sterling Auty

Hi, guys. Welcome to the public market. One question and one follow-up. First, Ruvi for you. When you look at the expansion deals, the follow on purchases from customers, how much of that is buying the same product for more used cases or in other words buying more SecureTrack just for using a broader part of the organization versus how much of what you saw in the quarter was actually upselling additional products like SecureChange?

嗨,大家好。 欢迎来到公共市场。 一个问题和一个后续行动。 首先,Ruvi为你服务。 当您查看扩展交易时,从客户那里购买产品,其中有多少是为更多用例购买相同产品,或者换句话说购买更多SecureTrack只是为了使用更广泛的组织部分而不是购买多少 在本季度看到的其他产品实际上正在推销像SecureChange这样的产品?

Ruvi Kitov

Alright. Hi, Sterling. Thanks for the question. So we're seeing expansion on both fronts. So we're seeing expansion both in SecureTrack for new environments, people expanding to new data centers and into new parts of the business, and also automation. Automation is definitely one of our strong growers. So we're seeing automation expansion deals and also new customers that are buying automation at the first time as soon as they become a customer.

好的。 嗨,斯特林。 谢谢你的提问。 所以我们看到两个方面的扩张。 因此,我们看到SecureTrack在新环境中的扩展,人们扩展到新的数据中心以及业务的新部分以及自动化。 自动化绝对是我们强大的种植者之一。 因此,我们看到自动化扩展交易以及新客户在成为客户后第一时间购买自动化。

Sterling Auty

And one follow-up. We're seeing lots of moves in terms of people in our vendors and security trying to put together their portfolio of what they're going to do in the cloud. When you look at Orca and Iris and some of the things that you're positioned for containers, microservices, et cetera, is there going to be a change in terms of who you compete against in the cloud versus who you’re competing against traditionally on-premise?

还有一个后续行动。 我们看到我们的供应商和安全人员试图将他们将要在云中做的事情组合在一起的很多举措。 当你看看Orca和Iris以及你为容器,微服务等所做的一些事情时,你在云中与谁竞争的方式会发生变化,而不是你在传统上与谁竞争内部部署?

Ruvi Kitov

Yes, I think that's natural, because in the cloud world there are different vendors. And you're looking especially at Orca and Iris, which are unique solutions, our current competitors don't have anything that's close to that or any answer in that area. So there will be different competitors I assume. But when we look at what we provide, it's a Unified Security Policy Management Solution across your entire network, both the on-premise and the cloud and going to containers. It's for customers who have an environment in all those areas and no one does that better than Tufin.

是的,我认为这很自然,因为在云世界中有不同的供应商。 而且你特别关注Orca和Iris,它们是独特的解决方案,我们目前的竞争对手没有任何接近该领域或该领域任何答案的东西。 所以我假设会有不同的竞争对手。 但是当我们查看我们提供的内容时,它是整个网络中的统一安全策略管理解决方案,包括内部部署和云端,以及容器。 它适用于在所有这些领域都拥有环境的客户,没有人比Tufin更好。

会议主持员

Your next question comes from Saket Kalia of Barclays Capital. Your line is open.

您的下一个问题来自巴克莱资本的Saket Kalia。 你的线是开放的。

Saket Kalia

Hi, guys, thanks for taking my questions here. Maybe first for you, Ruvi. I think one of your competitors in the space announced maybe some changes to the workforce during the quarter. It may be early to comment on this, but can you just touch on any changes that you saw in your competitive backdrop, competitive win rates or any thoughts on what that might mean for the overall space, if you will?

嗨,伙计们,谢谢你们在这里提出我的问题。 也许首先是你,Ruvi。 我认为这个领域的竞争对手之一宣布可能会在本季度对员工进行一些改变。 对此进行评论可能还为时过早,但您是否可以触及您在竞争背景下看到的任何变化,有竞争力的赢率或对整体空间可能意味着什么的任何想法,如果您愿意的话?

Ruvi Kitov

Thanks, Saket. So, we can't comment on what's going on inside other companies. From our perspective, the demand that we're seeing in the market is very strong. And the competitive landscape has not really changed. We often see AlgoSec, Skybox or FireMon as competitive deals. And most customers actually don't have a policy automation solution yet. So in competition, we win due to the superior automation capabilities, better scalability, and our strong roadmap and history of innovation.

谢谢,Saket。 因此,我们无法评论其他公司内部的情况。 从我们的角度来看,我们在市场上看到的需求非常强劲。 竞争格局并没有真正改变。 我们经常将AlgoSec,Skybox或FireMon视为竞争性交易。 而且大多数客户实际上还没有策略自动化解决方案。 因此,在竞争中,由于卓越的自动化功能,更好的可扩展性以及强大的路线图和创新历史,我们赢得了胜利。

Saket Kalia

Got it. That makes sense. Maybe -- so my follow-up for you, Jack. Thanks for the detailed guide for next quarter. I just want to touch on the implied revenue growth a little bit. Obviously, in a perpetual license model, things can be lumpy. But it looks like the implied revenue growth for the second quarter might actually accelerate just a little bit year-on-year. So is there anything you can touch on either from a comparability issue or a big deal perspective that might touch on that implied acceleration?

得到它了。 那讲得通。 也许 - 所以我跟进你,杰克。 感谢下一季度的详细指南。 我只是想稍微谈谈隐含的收入增长。 显然,在永久许可证模型中,事情可能是块状的。 但看起来第二季度隐含的收入增长实际上可能实际上同比增长一点点。 那么,从可比性问题或可能触及隐含加速的大问题角度来看,您有什么可以触及的吗?

Jack Wakileh

Yes, thanks for the question, Saket. So we’re not planning to go into a pipeline discussion, but I can tell you that you should be approaching this through the guidance. And you are right as a perpetual company the comparable part is the fact that we run a bottom up pipeline analysis, and we apply it in a consistent and disciplined methodology. And based on that, Saket, I can tell you that we feel comfortable with what we guided for Q2.

是的,谢谢你的问题,Saket。 所以我们不打算进行管道讨论,但我可以告诉你,你应该通过指导来解决这个问题。 而你作为一家永久公司是正确的,可比较的部分是我们进行自下而上的管道分析这一事实,我们将其应用于一致且规范的方法论。 基于此,Saket,我可以告诉你,我们对第二季度的指导感到满意。

会议主持员

Your next question comes from John DiFucci with Jefferies. Your line is open.

你的下一个问题来自John DiFucci和Jefferies。 你的线是开放的。

身份不明的分析师

Hey, guys, this is Joe on for John, thanks for the question. A follow up to that last question, Jack based off of Saket’s question. You're in a unique situation where you're reporting with only two weeks left in the next quarter. How much of that guidance is left to achieve? And I know most deals are back end loaded. But just trying to figure out how much is already in hand versus what's left to go get?

嘿,伙计们,这是约翰的乔,谢谢你的问题。 作为对最后一个问题的跟进,杰克基于Saket的问题。 您处于一个独特的情况,您在下一季度仅剩下两周报告。 要实现多少指导? 我知道大多数交易都是后端加载的。 但是只是想弄清楚已经掌握了多少而剩下的东西?

Jack Wakileh

Thanks, John. So again, I mean, we're again going back and saying that the way we should approach is through the guidance. We have enough experience in running the bottom up pipeline analysis and we apply it consistently in a disciplined manner. So again, what I can tell you is, we do feel comfortable with the second quarter guidance.

谢谢,约翰。 所以,我的意思是,我们再次回过头来说我们应该采取的方式是通过指导。 我们在运行自下而上的管道分析方面拥有足够的经验,并且我们以一种纪律的方式始终如一地应用它 再说一遍,我可以告诉你的是,我们对第二季度的指导感到满意。

身份不明的分析师

And then if I could just two quick model questions. So you had a strong first quarter on the top-line and bottom-line, the cash flow is a little light. And you had some comments there, I just want to make sure, I fully understand that. Was that timing of deals or was deferred revenue also like a little bit like lighter than I guess street would have expected?

然后,如果我只能提出两个快速模型问题。 因此,您在第一季度在收入和利润方面表现强劲,现金流量有点轻微。 你在那里有一些评论,我只想确定,我完全理解。 交易时间或延期收入是否有点像我认为街道预期的那么轻?

Jack Wakileh

Yes. Good point, John. So as we said, operating cash flow is influenced by the timing of large deals, as you mentioned. So based on the closing dates of those deals, we can see fluctuation between quarters. But nevertheless, we guided revenue and operating loss. And we believe these are better measures, if you want to look our performance for 2019.

是。 好的,约翰。 正如我们所说,正如您所提到的,运营现金流受到大额交易时间的影响。 因此,基于这些交易的截止日期,我们可以看到季度之间的波动。 但是,我们指导了收入和经营亏损。 如果你想看看我们2019年的表现,我们相信这些是更好的措施。

身份不明的分析师

And then just a quick follow-up.

然后快速跟进。

Jack Wakileh

So I can add a little bit more color and share with you that we had a record number of large deals for our first quarter at Tufin -- for Q1.

因此,我可以添加更多颜色,并与您分享我们在第一季度在Tufin的第一季度创造了大量交易的记录 - 第一季度。

身份不明的分析师

And then any sense that you can give us of the split between software product and hardware or maintenance and professional services, just trying to get a little more granularity in your results?

然后,您可以告诉我们软件产品和硬件或维护和专业服务之间的区别,只是想让您的结果更加细化?

Jack Wakileh

Yes, sure. So you've seen in the past couple of years we’re reporting 50%-50% split approximately. And we're going to be in line when you're looking on the annual basis. Within the quarters, you will see the first half of the year maintenance and services being ahead of product, just the way our model works. And then that’s going to be balanced off in the second half of the quarter, where product is going to exceed maintenance and services.

是的,当然。 所以你在过去的几年里看到我们报告约50%-50%的分割。 当你每年看时,我们会排成一列。 在这些季度中,您将看到今年上半年维护和服务领先于产品,就像我们的模型一样。 然后,这将在本季度下半年得到平衡,产品将超过维护和服务。

会议主持员

Your next question comes from Shaul Eyal of Oppenheimer. Your line is open.

你的下一个问题来自奥本海默的Shaul Eyal。 你的线是开放的。

Shaul Eyal

Congrats on the debut quarter and set of absolutely strong results. Ruvi, I want to go back to one of the wins you discussed in your prepared remarks, whereby the customer has gone through consolidation. I think you mentioned quadrupled, exists opportunity moving from SecureTrack and adding SecureChange. Are they also looking into SecureApp at the stage?

恭喜首次亮相的季度和一系列绝对强劲的成绩。 Ruvi,我想回到你准备好的评论中所讨论的一项胜利,即客户已完成整合。 我认为你提到了从SecureTrack转移并添加SecureChange的四倍存在机会。 他们是否也在阶段研究SecureApp?

Ruvi Kitov

Hey, Shaul, thank you for the question. So this customer right now is not yet looking at SecureApp but we see that in our land and expand model as people crawl, walk and then run as a natural step. So they just bought SecureChange, they need to automate their network, that can take a little bit of time. And once they do that, we expect to offer them SecureApp as well. So that's an opportunity for the future.

嘿,Shaul,谢谢你的提问。 所以这个客户现在还没有关注SecureApp,但我们看到在我们的土地和扩展模型中,人们爬行,走路然后作为自然步骤运行。 所以他们刚刚购买了SecureChange,他们需要自动化他们的网络,这可能需要一点时间。 一旦他们这样做,我们期望也为他们提供SecureApp。 这是未来的机会。

Shaul Eyal

Understood, understood. And Ruvi or Jack, can you talk to us about some of the ASP trends you are seeing out there, clearly as Jack just indicated, the number of sizeable transactions and certain deals as they’re seeing, the good highs, but what's underlying that from a pricing perspective, from an ASP perspective?

明白了,明白了。 还有Ruvi或Jack,你能跟我们谈谈你在那里看到的一些ASP趋势,很明显就像杰克所说的那样,他们看到的大量交易和某些交易的数量,好的高点,但是什么是潜在的 从定价的角度来看,从ASP的角度来看?

Jack Wakileh

Okay, so I'll take that Shaul. You’ve probably seen our F-1, the perspectives that we filed. We were talking about ASPs there. We said that ASP was around $200,000 for Global 2000 enterprise and 120 on the overall for Tufin. We do think this is an annual measure. It's going to be more valuable to look at it on an annual basis. On a quarterly basis, this may fluctuate given the size of our business, obviously. So we do recommend to look at this metric annually. I can give color saying that if you're going to compare Q1 2019 to Q1 2018, you're going to see increase in ASPs. And as I said before, that's largely also attributable to the fact that we have a record number of large deals for Q1.

好的,所以我会拿那个Shaul。 您可能已经看过我们的F-1,我们提交的观点。 我们在那里谈论ASP。 我们说全球2000强企业的平均售价约为20万美元,而对于Tufin来说平均价格为120欧元。 我们认为这是一项年度措施。 每年查看它会更有价值。 根据我们的业务规模,每季度可能会出现波动。 因此,我们建议每年查看此指标。 我可以说颜色,如果你要比较2019年第一季度到2018年第一季度,你会看到平均售价增加。 正如我之前所说,这在很大程度上也归功于我们在第一季度拥有创纪录数量的大宗交易。

会议主持员

Your next question comes from Andrew Nowinski of Piper Jaffray. Your line is open.

你的下一个问题来自Piper Jaffray的Andrew Nowinski。 你的线是开放的。

Andrew Nowinski

Alright, thank you. So if we look back at the results from the primary firewall vendors in Q1, most were relatively weak. Check Point’s product revenue declined about 4.5%, Fortinet’s product revenue was barely above street expectations. So can you just talk about how you can maintain your growth rate in what looks to be a slowing firewall market? And then I have a follow up.

好的,谢谢。 因此,如果我们回顾第一季度主要防火墙供应商的结果,大多数都相对较弱。 Check Point的产品收入下降约4.5%,Fortinet的产品收入仅略高于街头预期。 那么您能谈谈如何在看起来缓慢的防火墙市场中保持增长率吗? 然后我有一个跟进。

Ruvi Kitov

Hey, thanks for the question. I'll take that. So, when you look at Tufin and what we do, and the relationship to the firewall market, we're actually selling into a huge unpenetrated market, right. The vast majority of the customers don't have a solution for Tufin. And so, while we license based on number of firewalls, if you look at the TAM, there's actually about 12 million devices in the world out there, right. So we do have just a very, very small fraction of the number of firewalls in the world covered by Tufin, or any of the competitors for that matter. And if you look at the firewall vendors and how their results fluctuate over time, they have resource cycles, they grow at different paces. For us, that doesn't really affect our TAM at this point. We have a huge market opportunity ahead of us. And we’ve penetrated very few accounts so far.

嘿,谢谢你的提问。 我会接受的。 所以,当你看到Tufin和我们做什么,以及与防火墙市场的关系时,我们实际上正在卖给一个巨大的未经渗透的市场,对吧。 绝大多数客户没有Tufin的解决方案。 因此,虽然我们根据防火墙的数量许可,但如果你看看TAM,那么世界上实际上有大约1200万台设备,对吧。 因此,我们确实只拥有Tufin所涵盖的全球防火墙数量的很小一部分,或者任何竞争对手。 如果你看看防火墙供应商以及他们的结果如何随时间波动,他们就有资源周期,他们会以不同的速度增长。 对我们来说,这并不会影响我们的TAM。 我们面前有巨大的市场机遇。 到目前为止,我们已经渗透了很少的帐户。

Andrew Nowinski

Great, thanks, Ruvi. And then, if you look at Palo Alto, they also missed billings, due to a shift to the cloud. I think this was touched on earlier, but I was just wondering if you could provide any color as to what we should expect from Iris and Orca for the year given the increasing move to the cloud?

太好了,谢谢,Ruvi。 然后,如果你看看帕洛阿尔托,由于转向云计算,他们也错过了账单。 我想早些时候已经触及了这一点,但我只是想知道你是否可以提供任何颜色,因为我们应该从Iris和Orca那里得到什么,因为云计算的增加?

Ruvi Kitov

So Iris and Orca, they are still in early availability. We're seeing a lot of interest from customers on both products. We have several customers that are testing them. And we're building our go to market efforts under a new cloud unit now and recently appointed General Manager of Cloud to lead those efforts. So Orca and Iris are seeing a lot of traction. And we're actually seeing them impact some of our deals already, as customers are looking to future proof their investments. So they're looking for a vendor whose roadmap matches their cloud strategy.

所以Iris和Orca,他们仍处于早期可用状态。 我们看到客户对这两种产品都很感兴趣。 我们有几个客户在测试它们。 我们现在正在新的云计算单位下建立我们的市场努力,最近任命云总经理领导这些工作。 所以Orca和Iris看到了很多牵引力。 我们实际上已经看到它们已经影响了我们的一些交易,因为客户希望未来证明他们的投资。 因此,他们正在寻找一个与其云战略相匹配的供应商。

会议主持员

Our next question comes from Jonathan Ho of William Blair. Your line is open.

我们的下一个问题来自William Blair的Jonathan Ho。 你的线是开放的。

Jonathan Ho

Hi, good morning. I just wanted to maybe start out with your R19 release. And could you give us a sense of maybe what customers are most excited about in terms of that offering?

早上好。 我只是想开始你的R19版本。 您是否可以让我们了解一下客户最感兴趣的产品?

Ruvi Kitov

Sure. So in R19-1, one of the things that we announced is server policy cloning, and server policy cloning is where you take a server and you migrate it from one data center to another. Think of all of the network connectivity the firewall rules that need to be modified, you need to take down that environment in the initial data center, set it up correctly in the new data center. That type of change can take hours and days. We can do that in minutes and we can do that securely and accurately.
So it's very interesting for customers as they are migrating to a new data center or as they're migrating applications to the cloud. On top of that, there's a lot of other functionality that we've added that relates to automation, extending our lead in automation. I'm not going to go into individual pieces, but you can read the press release and get some more details on that.

当然。 因此,在R19-1中,我们宣布的事情之一是服务器策略克隆,服务器策略克隆是您获取服务器并将其从一个数据中心迁移到另一个数据中心的地方。 考虑到需要修改的防火墙规则的所有网络连接,您需要在初始数据中心中删除该环境,并在新数据中心中正确设置。 这种类型的改变可能需要数小时和数天。 我们可以在几分钟内完成,我们可以安全准确地做到这一点。

因此,当客户迁移到新的数据中心或者将应用程序迁移到云时,这对客户来说非常有趣。 最重要的是,我们添加了许多与自动化相关的其他功能,扩展了我们在自动化方面的领先优势。 我不打算单独讨论,但你可以阅读新闻稿并获得更多细节。

Jonathan Ho

And then just with regard to the automation, you guys talked about some partnerships with SOAR vendors. And I guess just can you give us a sense of how you work with them, and maybe how your type of automation is different from what they're doing and maybe where the overlap might be?

然后就自动化而言,你们谈到了与SOAR供应商的一些合作关系。 我想你能告诉我们你如何与他们合作,也许你的自动化类型与他们正在做什么不同,也许重叠可能在哪里?

Ruvi Kitov

So SOAR -- SOAR vendors are primarily in the incident response cycle. So they're in threat detection. People use them in security operation center, they're integrated with Swim frameworks. So think of it this way, those SOAR vendors, they get a feed, and when they see something go wrong, they go out, and they hook into various systems in order to allow security engineers to tackle a problem in real time, right. And if you think of Tufin we’re a security policy solution. So the way we integrate is twofold. One, is those sorts of solutions can connect to two things. Get a lot more intelligence on what's happening in the network. What is the network topology? Where can you get on the network? What is the current security rule based on every one of those firewalls? That's one piece. And the other piece is, if they identify a malicious activity, and they want to block or continue certain host or a network, they can call Tufin through an API and we will segment that and essentially install a rule in all the firewalls to affect that change and block off an attacker. And we can do that on the network.

所以SOAR-SOAR供应商主要处于事件响应周期。所以他们正在进行威胁检测。人们在安全运营中心使用它们,它们与[Swim](ph)框架集成在一起。所以想想这样,那些SOAR供应商,他们得到一个提要,当他们看到出错的时候,他们就会出去,他们会挂钩各种系统,以便安全工程师能够实时解决问题。如果你想到Tufin,我们就是一个安全策略解决方案。所以我们整合的方式是双重的。一,是那种解决方案可以连接两件事。了解网络中发生的事情。什么是网络拓扑?你在哪里可以上网?什么是基于每个防火墙的当前安全规则?这是一件作品。另一方面,如果他们发现了恶意活动,他们想要阻止或继续某些主机或网络,他们可以通过API调用Tufin,我们会对其进行细分,并在所有防火墙中实际安装规则以影响更改并阻止攻击者。我们可以在网络上做到这一点。

会议主持员

Your next question comes from Gur Talpaz of Stifel. Your line is open.

你的下一个问题来自Stifel的Gur Talpaz。 你的线是开放的。

Gur Talpaz

Ruvi, you talked about a large financial services win in the quarter within a Cisco ACI environment. I was hoping you could expand a bit on that? And then just more broadly, the opportunity you see in software defined networking?

Ruvi,你谈到了思科ACI环境中本季度大型金融服务的胜利。 我希望你能扩展一下吗? 然后更广泛地说,您在软件定义网络中看到的机会?

Ruvi Kitov

Sure. So Cisco ACI is gaining a lot of traction with customers. I think Cisco was very successful selling it. And early on a lot of customers bought it, because that's kind of the next generation of Cisco. But now they're starting to do a lot more software defined networking with it, where the vision for Cisco ACI is for an app developer to say I want to go from point A to point B in a gooey. And then for the network to reconfigure itself automatically, without actually anybody going to data center or opening SSH to Sandbox.
So that's the promise of software defined networking and Cisco ACI is building that. People want to be able to use Tufin with Cisco ACI in conjunction, right? So the question is, if you have firewalls that are plugged into Cisco ACI and various firewall vendors already have advanced firewalls that integrate Cisco ACI, how do you manage the rules on those? What are the ACI topology look like? The idea is that if you want to open a connection from point A to point B, beyond just the data center, let's say it's from a compute environment all the way up to the cloud, you're going to need to spam many firewalls, routers and switches, and maybe even touch the Cisco ACI routing itself. And therefore, customers asked us to add that integration and that's what we're building with the Cisco ACI support right now.

当然。因此,思科ACI正在吸引客户。我认为思科非常成功地销售它。早期很多客户都买了它,因为那是下一代思科的一种。但是现在他们开始用它做更多的软件定义网络,其中思科ACI的愿景是让应用程序开发人员说我想要从A点到B点。然后让网络自动重新配置,实际上没有人去数据中心或打开SSH到Sandbox。

这就是软件定义网络的承诺,思科ACI正在构建这一点。人们希望能够将Tufin与Cisco ACI结合使用,对吧?所以问题是,如果您有防火墙插入Cisco ACI并且各种防火墙供应商已经拥有集成Cisco ACI的高级防火墙,那么您如何管理这些规则呢? ACI拓扑结构是什么样的?我们的想法是,如果你想打开从A点到B点的连接,不仅仅是数据中心,让我们说它是从计算环境一直到云端,你需要向许多防火墙发送垃圾邮件,路由器和交换机,甚至可能触摸Cisco ACI路由本身。因此,客户要求我们添加该集成,这就是我们现在正在构建的Cisco ACI支持。

Gur Talpaz

That helpful. And then with Orca, we saw Palo Alto acquire Twistlock a few weeks back. I think it'd be helpful to understand how you position Orca relative to sort of the pure play container security vendors like, Twistlock and like Aqua out there. But then I think more broadly, I know, it's early days here, and you sort of build out the policy automation inside of container environment. But how has customer response been in the Early Access Program for this solution? Thank you, Ruvi.

这很有帮助。 然后在Orca,几周前我们看到Palo Alto收购了Twistlock。 我认为理解你如何定位Orca相对于纯粹的游戏容器安全供应商,如Twistlock和Aqua那样有用。 但是我想更广泛地说,我知道,这是早期的,你可以在容器环境中构建策略自动化。 但是,对于此解决方案,客户对早期访问计划的反应如何? 谢谢,Ruvi。

Ruvi Kitov

Thanks, Gur. So on Twistlock, when we look at them their main use case is attack detection and prevention. You can think of it as IPS for the container world, and primarily at the OS level, not the network level. They also provide vulnerability scanning, that's another use case they have. And if you think of Tufin Orca, it's a network security policy solution, right? It's a policy of who can talk to whom or what can talk to what in the container world. And that's very different from what Twistlock and some of its direct competitors do. We have a very strong partnership with Palo Alto. In the future, Palo Alto will integrate Twistlock into Panorama, we see actually opportunities to support that as well. So that's the first part of the answer.
And your second question was on Early Access Program. People are very excited about it, starting to play with it, look at their environment, some of them are testing them in their labs, the next phase is to move people into production. So we're seeing a lot of interest from our customers.

谢谢,古尔。所以在Twistlock上,当我们看到它们时,它们的主要用例是攻击检测和预防。您可以将其视为容器世界的IPS,主要是在操作系统级别,而不是网络级别。他们还提供漏洞扫描,这是他们的另一个用例。如果你想到Tufin Orca,这是一个网络安全策略解决方案,对吧?这是一个政策,谁可以与谁交谈或什么可以与容器世界中的内容交谈。这与Twistlock及其一些直接竞争对手的做法截然不同。我们与Palo Alto建立了非常紧密的合作伙伴关系。在未来,Palo Alto将把Twistlock整合到Panorama中,我们也看到了支持它的机会。这就是答案的第一部分。

你的第二个问题是早期访问计划。人们对此感到非常兴奋,开始玩它,看看他们的环境,其中一些人正在他们的实验室中测试它们,下一阶段是将人们投入生产。所以我们看到了很多客户的兴趣。

会议主持员

There are no further questions at this time. I will now return the call to our presenters.

目前没有其他问题。 我现在将电话回复给我们的主持人。

Ruvi Kitov

Alright, thank you very much. Just want to conclude that we had a very strong Q1, very happy with the results. I want to thank everyone for all their efforts. And look forward to seeing you all next quarter. Thank you.

好的,非常感谢你。 只想得出结论,我们有一个非常强大的Q1,对结果非常满意。 我要感谢大家的所有努力。 期待下个季度见到你们。 谢谢。

会议主持员

This concludes today's conference call. You may now disconnect.

今天的电话会议结束了。 您现在可以断开连接。

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