Q2 2021 SecureWorks Corp Earnings Call
[music].
You're welcome to secure works second quarter fiscal 2021 financial results Conference call.
Only prepared remarks, we'll conduct a question answer session.
If you have a question simply press Star then one or your telephone keypad at anytime during the presentation.
At this time, all participants are in listen only mode.
Webcasting this call live on the secure works Investor Relations website.
For the completion of the call either corn another call will be made available on the same site.
Now I will turn the call over to Paul Parish, Chief Financial Officer, you may begin.
Thanks, everyone for joining us with me today is much odier, CEO and Wendy Thomas President will join us for questions at the end of our prepared remarks.
During this call will reference non-GAAP financial measures, including non-GAAP revenue gross margin operating expenses operating income net income.
Yes, EBITDA adjusted EBITDA and adjusted free cash flow.
A reconciliation of these measures to their most directly comparable GAAP measures can be found in our web deck and press release.
Please also note that our growth percentages referred to year over year change unless otherwise specified.
Finally, I'd like to remind you that all statements made during this call that relate to future results and events are forward looking statements based on current expectations.
Actual results and events could differ materially from those projected due to a number of risk and uncertainties, which are discussed in this mornings press release and our SEC reports.
Now I'll turn it over to Mike.
Thanks, Paul.
Before I go through the progress toward our strategic vision I'd like to reflect for a moment on the past five to six month as coven 19 to certainly made it clear that the world is changing as we all strive to have greater trust empathy and flexibility.
This has impacted all of us our teammates are customers, our partners and everyone around the world.
I'm incredibly proud of the resiliency determination and adaptability that is inherent in my secure works teammates spirit and in our culture.
It's what keeps us focused on each other and ground in an optimism knowing that we can innovate and outmaneuver the adversary under any circumstance.
We are building deeper relationships internally and with our customers prospects and partners as we continue to host lives remote interactions nearly every week.
We are listening intently to our customers, we're listening intently, our teammates and we're listening to society and the world around us.
All influencing the transformational journey we are on.
We expect that most of our workforce will continue to work remotely for the foreseeable future.
While working from home with the norm for many of our teammates the pandemic has created a new normal for others.
With these changes we are focused on all aspects of all of our teammates health well being and productivity.
Again, I'm inherently proud of the resiliency determination and adaptability my teammates have display and serving our customers and partners.
We are especially cognizant of this as we focus on our purpose to.
To secure human progress by outpacing and outmaneuvering adversary.
More unified we have recommended our efforts towards this purpose.
We have events plan that will allow us to touch more customers prospects and partners that we couldn't person.
And in the second quarter, a strong driver of our performance continued to be our differentiated cyber security offerings.
So, let's get into our vision and strategic priorities.
I'm pleased with our transformational progress in Q2.
As we look at the overall security industry, our fundamental belief is that the ability to outpace the adversary at scale requires an integrated platform that works with point products from across the industry, enabling superior detection and remediation capabilities.
That our accelerated with deep learning machine learning and workflow automation.
History has shown that point product based security alone will never be sufficient.
Through a variety of means the adversary rule evade the best intended security controls.
It is therefore critical to have the ability to detect adversary behavior quickly with high fidelity to reduce dwell time and meantime to remediation.
We also believe that enabling the power of the security community is a critical factor in getting ahead of the adversary.
I'm proud of the steps we've taken in that direction, this quarter, which I'll share more on it a few minutes.
We continue to build on our expertise as a global leader and managed security to be the provider of choice and the converging STR market that cuts across markets from NSS and MDR to next generation Sem and store.
Our cloud native platform continues to one detect and respond to threats across the full environment, including endpoints network.
Business systems and cloud infrastructures.
Our integrated approach means customers benefit from the capabilities of our security platform without the need to rip and replace existing point products.
And as they digitally transform and migrate to the cloud.
Two.
Leverage our deep security operations experience to help customers transform their security operations.
Automate and simplify investigations enable collaboration across security and IP functions in a single platform that sits at the heart of their security operations.
And three is delivered with flexible service options for customers, who have varying levels of in house security expertise.
Putting choice and control and our customer sands.
Our customers are telling us they choose us for the following reasons.
Deep security expertise, our understanding of thread active behavior derived from our security operations incident response engagements and counter threat unit research.
The insights we gain in our advanced data science technique enable higher fidelity analytics to reduce noise and find the unknown unknown.
And we've enabled our platform with automated workflows powered by best practices, we're fine in serving thousands of customers.
They also choose us for ease of deployment, providing faster time to value.
Simple predictable pricing and chat based access to our security experts real time.
We've achieved several milestones in our go to market efforts and our software product roadmap.
Resulting in increased differentiated customer value that drives us forward towards our vision.
To be the essential cyber security company for digitally connected world.
Let me share some highlights from Q2.
First I'm pleased to report, we surpassed more than 200 customers on our new cloud based security analytics platform with a mix of new logos and existing customer migrations.
The growth rate was over 100% in both number of customers and they are in the first half of this year.
We also increased non-GAAP gross margin by 340 basis points to 60%.
The highest in our company's history.
Here are some example of new customer wins from across the globe in the last 90 days.
First in North America, a premier global consumer and commercial services company that provides pest control services to more than 2 million customers.
They chose our Red club threat detection and response application to consolidate network endpoint and cloud security events into a single analytic platform and help improve the investigative efficiency and collaboration between their security operation staff.
Resulting in improved visibility for finding in removing threat actors.
While quickly understanding the scope and risk of thread activity across their environment.
Second in EMEA.
The company that designs and manufactures infant products and luggage systems sold in 50 countries around the world experienced several spear phishing attacks.
As a result, they decided to partner with US and selected our managed REIT club PDR cloud based application to gain visibility and proactively detect and rapidly respond to attacks.
And finally in Asia Pacific.
A medical device technology provider initially called on us to help with the ransomware attack.
The success of this engagement expanded to include Red cloak TDR.
Quickly redcoat TDR machine learning capabilities resulted in less time chasing false positives and workflows that automate routine tasks, allowing limited resources to be prioritized, where they matter most.
The common theme.
These are all customers that needed their technology solutions to work together scale as their business needs change and provide actionable insights across their environment.
We have over 20 years of historical attack data and security operations expertise across thousands of customers around the globe.
Which has informed the capabilities that we're continuing to build into our security analytics platform.
The three strategic areas of progress that will discuss today are.
First our platform investments.
Second our go to market efforts and third I'll wrap up with more specifics on our long term focus areas.
Beginning with our platform and investments.
We have been investing and building out the platform and applications. In addition to exploring technology acquisitions.
Hey, I'm excited to announce our intention to acquire delve spelled T E. L D laboratories inc.
Which will extend our product portfolio.
Dell delivers a cloud based SaaS product based on artificial intelligence and machine learning, which automates asset discovery asset classification vulnerability assessment and risk prioritization across the network endpoint and cloud environments.
The addition of 12 addresses our customers need for accurate and prioritize data about the assets in their various environments and provides better threat detection orchestration automation and response capabilities.
By integrating delve into our portfolio, we see increased opportunities to expand our footprint to meet our customers security needs.
I look forward to welcoming the Dell team to our secure works family and we expect to close the deal soon.
So let's talk about go to market.
We have made great strides on our go to market efforts, starting with the launch of our global partner program in May.
In the last 90 days more than 100 partners selected us for our collaborative network effect approach to cyber security.
We have closed several new Red club PDR SaaS application and MDR deals these new partners this quarter.
One example is condo for Kigo, you a fee based IP infrastructure and information management consultancy organization.
They joined our partner program in July to help address that regions $22 billion cyber security market and close their first deal in just three days.
Also during the quarter. The addition of Arrow electronics, which expands our reach with one of the world's largest distributors and value added services providers.
North American distribution agreement makes our TDR cloud based application available to arrows partners for their customers.
These partners find our program to be simple easy and see large growth opportunities.
I'm excited about the long term opportunities our global partner program.
Another example of deepening and enhancing our relationships.
This quarter. We also hosted our first virtual global threat intelligence summit.
More than 1200 customers and prospects attended.
The secured counter threat unit unveiled research that has subsequently been featured in major media outlets around the world covering a variety of important cyber threat topics such as.
Iranian nation state threats.
Cyber espionage as part of statecraft and ransomware expertise and knowledge such as the wasted locker breach.
We also know the importance for the security community to come together.
To combat the threat actors, who already work well together in a coordinated and organized underground ecosystem.
One way to get ahead of the threat actors and better serve csos in security practitioners.
As to share consistent threat actor naming convention profiles.
That's why we published threat actor profiles on secure works dotcom.
Providing a rosetta stone of who's who in the cyber criminal world inviting the cyber community to participate and better collaborate.
We're pleased that the industry analysts are taking note of our strategic progress.
Secure ups has noted as a leader in the Forrester wave for global managed security service providers and a strong performer in the Forrester wave for European Security service providers.
The Global report noted and I quote.
Secureworks strengths include threat intelligence research and system, criticality, and alert context, which client references mentioned.
For US are also noted in the European wave that and I quote secure access recently augment its MSS offerings with its software driven right close threat detection and response application release.
Which remains an option to customers.
We were also noted is a leader in the 2020 IVC Marketscape for worldwide managed security services vendors.
Not only the day acknowledge our history of MSP leadership, but they also recognized our software transformation and its benefits for customers, noting in the report.
Quote a great deal of time and monetary investment has been put into the SaaS product red quote threat detection and response capabilities moving it into a software provider shifting secure works into a product plus MSP hybrid category over the last 24 to 36 months.
In my opinion, this kind of validation acknowledges our history of NSS P. leadership and recognition of our software transformation and its benefit for customers.
I'm extremely excited about our progress to date.
This is a multiyear evolution for our company and we'll continue to focus on three key areas.
One advancing the delivery of our SaaS security analytics platform and applications.
To delivering a differentiated experience for our customers and innovating in our go to market.
And three driving our platform to bring the community together and accelerate the benefit of the network effect across our customers and partners.
We will continue to reimagine the future security.
And we continue to be the company to outpace and outmaneuver adversaries on behalf of our customers and partners around the world.
Finally, I'd like to thank our customers for continuing to partner with us and keep them secure as we together shake their digital future.
I also want to again personally acknowledge the hard work and dedication of my teammates around the globe. Thank you and now I'd like to turn it over Paul to take you through the full financial results.
Thanks, Mike.
We are pleased with our Q2 financial results. Some highlights include record gross margin percentage record EPS record adjusted EBITDA now our ninth consecutive quarter of positive adjusted EBITDA.
In $26.4 million of positive cash flow from operations delivered in that quarter.
Maneuvering within a dynamic global environment, we maintained our strong financial position, we continue to significant growth in our new SaaS solutions, we exited the quarter with annual recurring revenue of $441 million and we made progress with our channel program as you just heard from Mark.
In the second quarter, Velphoro 21 revenue of $138.5 million exceeded the top end of our guidance range and represents a 1.4% increase over Q2 o'clock 20.
The composition of our revenue continues to reflect our shift from less custom consulting and staffing tied MSS work to more software driven breadth detection and response services that provide differentiated value.
Revenue from our managed security solutions, including increased revenues from our TDR MDR offerings grew 3.4% year over year and comprised 76.7% total revenue.
In contrast, consulting revenue decreased 4.8% year over year.
Gross margin totaled $82.6 million in the second quarter about what 21 or a record 59.7% of revenue.
Our gross margin did benefit some from reduced travel related expenses. Our performance. This quarter reflects our shift to new solutions and de emphasis on lower margin suite of services as we transform.
Of note our cloud based SaaS security analytics platform now represents 5% of customers, 17% of Q2, HCV sold 36% of ending Q2 pipeline and although we're in the early phases were encouraged by initial customer reception feedback, particularly regarding speed to value for.
Customers.
Moving to Opex second quarter operating expenses totaled $72.7 million compared with $79.3 million last year, largely driven by reduced travel.
Research and development expenses improved as a percent of revenue totaling 16.6% of revenue in the quarter compared to 17.5% in Q2 o'clock 20.
Sales and marketing expenses were 25.1% of revenue in the second quarter compared to 27.2% for prior year Q2.
General and administrative expenses totaled 10.8% of revenue in second quarter, compared with 13.4% for the same quarter last year.
Adjusted EBITDA in Q2 was a record $13.1 million compared with $1.3 million last year.
This record performance is driven by a combination of gross margin gains from the ongoing mix shift described earlier, we continue to automation in our service delivery as well as from reduced Opex as we navigate the current environment and the business continues to find creative efficient ways to engage our customers and collaborate.
We will continue to invest prudently balancing the R&D investment mix in the new software platform expansion of our partner program and leverage in DNA to grow cash flow and expand profitably.
I mentioned earlier cash flow provided by operating activities was $26.4 million in second quarter. This compares with $16.3 million of cash provided by operating activities in Q2 up by 20.
Dsos improved to 71 days from 75 days in Q1.
We finished the quarter with cash of $181.5 million, which increased from $156 million in Q1 and from $117.7 million at the end of second fiscal quarter last year.
Capex was 700000 in the second quarter, and our 30 million credit facility remains untapped.
Now for guidance in the third quarter about Quad 21, we expect both GAAP and non-GAAP revenue to be in the range of 137 million $239 million.
And we expect non-GAAP net income per share performance to be between four to six cents.
For F 121, we expect to following GAAP and non-GAAP revenue to be in the range of $554 million to $558 million.
Adjusted EBITDA to be positive for the full year in the range of $29 million to $33 million.
Non-GAAP net income per share to be 19 to 23 cents per share.
GAAP net loss per share to be in the range of 20 to 31 cents.
For modeling purposes, we estimate that tax benefit rate will be approximately 27% for the remainder of the year.
Cash provided by operations to be between 50, Bob and $60 million.
And we expect second half cash flow to be weighted more towards Q4, given the expected collection of the tax receivable from Dell in that quarter and capex to be in the range of $3 million to $5 million.
Before we move to Tonight I also want to share that we're hosting an investor day in early December and we will provide details on that virtually jensen. Additionally to learn more about delve laboratories Inc. you can visit their website, which is no security dotcom.
Finally, I want to reiterate Mike's things to our secure works teammates for their dedication to our customers will be half of the entire Skyworks team. We appreciate your continued interest and support.
When do Thomas will join Micronized during the humanize session. Operator, please open the lines for questions.
Okay.
No.
Yeah.
Operator.
Okay.
Right.
Operator.
Yes.
Yeah.
I think there's a couple of this is Mike I think there's a couple of folks teed up to ask questions. We're trying to see where you contact the operator to make sure. The lines are open sorry, I apologize.
Hi, guys were as you're trying to work through years.
This is Mike again, maybe what I'd suggest.
Is.
If you want to.
Text. The question you May have I think Sterling you look like your first in the Q.
If you want to Textainer question.
On Wednesday, and I can try and respond to hold while we see we can figure out what's going on here and how are you feeling. Our next question comes from Sterling Auty with JP Morgan. Your line is now open.
Okay.
Hey, Mike.
Good pace.
No no big deal as well the end as well so I did have one question and one follow up.
Yes in terms of the first question looking at the results in the quarter last quarter, you had a really strong incident response quarter.
Relative to expectations, but we are seeing some that Src revenue declined just can you update what's happening with incident response versus the rest of the consulting piece not only in the quarter, but what did you factor into your outlook and I have one follow up.
Hey, Paul you want to take that yes, well so.
So the as we approached our year, we were looking at how do we continue to focus on our software offerings.
How do we are.
Our focus toward where we're growing our business and as you see in our numbers the percent increased in our MSS overall revenue to the total revenue year over year and that reflects the mix as we are.
Selling more of what.
Provides more value to the company and additional profits from Ross and so Thats, what you were seeing or margin improving our margin as well as or some small benefit from travel reduced travel in those numbers, but the larger is the composition of our revenue.
All right got it and then in terms of the acquisition of adult.
It looks like it's a it's a VMD tool vulnerability management tool and what I'm curious is as you become more of a product company.
How is this impacted some of your third party relationship. So as you rolled out endpoint I know you have the strong partnership obviously, we were carbon black is part of VM, where how did these new product introductions impact the overall business for you and what does it do for your partners revenue because I think about the BMC.
Yes, I think quality has been what are your largest partners on the VM side for for many years, just kind of curious how this will unfold.
Sure. Thanks for that it's when then I'll take that one.
So so you're right we have when a long history of really providing customer choice and then we do see different segments of customers choosing.
Sort of integrated one stop shop with US and then others you don't want to select certain security products and still have us, bringing all of that together in terms of the holistic security program. So this is really just a continued extension of that same approach. There's no change to how we support our current qualys customers and with today's and.
Since then.
Similar to the way, we worked with partners like kind of black and others before.
Got it thank you.
Thank you and your next question comes from the key Kelly from Barclays Capital. Your line is now open.
Okay, Great, Hey, Hey, guys. Thanks for taking my questions here.
Yes.
Hey, Paul maybe first for you.
Great to see the better gross margin I think you've touched on this a little bit earlier, but.
Can you just maybe talk about the relative gross margin differences between traditional MSS.
Versus some of the newer software offerings like like TDR in AMDR, and and and how that perhaps contributed to the better gross margin. It sounds like there was definitely a mix effect, but I'm curious as the magnitude of the gross margin difference between two like like TDR. For example answer to your traditional counteract MSS, yes. So let's just talk in the in the bigger sense.
About consulting or Src.
Margins are lower than our MSS. So that's the overall mix as we mix more in the MSS then within MSS as we're driving to more software only type offerings and of course, there are some services that could be offered along with that along the way, but we have greater margins in that mix and as we get to more.
And.
Obviously is not a large percent right now software only but it's growing and thats what slowly tilting those as we grow over time, we'll have more improve margins as more and more software only type offerings are open on it.
Got it that makes sense and for my follow up for you Mike.
Great to see the customer traction with MDR in TDR.
And also by the way some of the some of the distribution agreements like you mentioned with Arrow and maybe just on that broader point around go to market can you just talk about how secure work to sort of managing the salesforce in terms of selling.
Mitch MSS traditional NSS and software and how that transition within the Salesforce is perhaps playing out.
Sure socket. Thanks for the question so as we talked about earlier trying to deal with this regionally we change the model. The beginning of this fiscal year in North America back too. If you will an acquisition our 100 and pharma model. So in North America, we have continued to in sent to the compensation.
Plan and add a fair amount of training and with the sales organization on software and on the new TDR platform direction that we're heading.
It's allowed the acquisition team to focus on the target market for the application. The TDR MDR application. If you will those TDR and then the man is aspect of it.
And the traction has been good, particularly considering the covert situation this year and I would say the improvement as Paul alluded to in the size of the pipeline growing.
From a the new software applications that we're we have in outside of North America, or let me, let me actually hit the account management team in North America, because they've created sales plays.
And re solution in place to go through the current install base to show them the increased higher value that we have with the existing.
Or with the new platform, the new TDR application.
So that the conversion as we talked about EUR 200 customers part of that is re solutioning and conversion with existing customers and a big portion of this new customers are through the acquisition side of things. So we've seen great aggressive tivity to the sales team members, who are getting into selling into software both from new ones that.
We've hired the existing people had software experience and the training and sales.
Within North America outside in North America with most of our sellers are more I'll say hybrid where they have account existing account teams and do honey and many of them head. Prior software experience. So we've seen great and you saw some examples that I gave in my prepared remarks, we've seen great traction.
In a PJ in EMEA.
From a software growth I and I really feel like we're hitting a bit of a tipping point here as we head further into the back half of this year. So there is hopefully you're at some of the optimism excitement Paul and I have been in the way things are moving along.
Yes, absolutely. Thanks for taking my questions here. Thank you. Thank you.
Once again, if you do have a question press star one or your telephone keypad. This star one to ask a question.
Our next question from Brian Essex with Goldman Sachs.
Hi, Good morning, guys and thanks for taking my question.
Mike I was just wondering if maybe you could dig into a little bit what youre seeing in the market. You know as you kind of shift we go to market strategy. Both from a I guess, maybe more from an existing.
Customer perspective.
And I guess, where I'm going with this is.
What are you seeing in terms of potential headwinds.
Do you know maybe the percentage of SMB exposure is it purely seat lozenges budget reduction.
And then maybe compare that to what you saw last quarter are we seeing any relative improvement or are we kind of like running at a steady state here in terms of your ability to penetrate the market.
Yes.
With existing customers as well as you progress you've made on the new customer front.
Thank you sure Brian Thanks for the question actually there was a lot in right. So let me know if I didn't address it with with my response, you're trying to get a sense.
First of all I would tell you that I think second quarter and build the momentum we're feeling right now from an overall market perspective is continuing to increase in steel good.
We're not.
Thing headwinds if you will from the Bill if you the SMB marketplace actually the traction from a.
Software perspective, particularly the managed aspect of TDR has been very very good and our what we term commercial space.
In.
So there's not been anything I think Paul mentioned earlier some of the industries, but we don't have major exposure to the industry's mckelvin perspective, well from an economic development perspective at this point in time. So we've really seen it we have seen increased demand across all segments of the customer base that we're focused on both our existing customers.
And.
The new acquisition customers that were focused on ongoing after now with that I would say that there is.
A little bit of some of the and Paul said this is compared remarks as well some of the things that we're doing and has historically done we are moving to higher value.
Solutions, the higher value higher differentiated value from our customers perspective, so with our existing customer base are.
Account management team is really focused on trying to show the customer and lease solution. So they can see an experienced incremental value with the new software.
Platform that we've developed and the new applications that we're putting on top of it.
Got it that's helpful. And then maybe by just kind of circle back on on billing seemed a little bit softer is that primarily due to.
Terms and.
Duration that that you maybe staying within your customer base or is there something else there that we had to need APAC considerably.
Evaluate what steady state kind of post pandemic billings rate might be.
No there's no systemic issues going on in billing.
In fact, we're finding collections are continuing to run a long collection side of that which would be early indicator.
Concerns over have you bill in the future. So our collections our dsos as I indicated drop down to 71, so that.
We don't we don't see any systemic problems or no.
Early indicators that people are trying to prolong or payments.
We were concerned about that going into this but doesn't seem to be initial.
Got it Super helpful. Thank you very much.
Thank you well take our next question from Kansas Auto loans.
With Morgan Stanley.
Hi, guys. Thank you for taking my question.
Hi, My first question was on the the cyber security analytics platform.
Wondering where are you guys are in sort of building.
The ecosystem around in terms of third party integration do talk a little bit about.
The the global partner program, how important is that to having a competitive solution in this marketplace, which.
Does have a.
Number of vendors competing in this category.
Going forward.
Sure and good morning, and plenty I'll take that one.
Well, we are really pleased with our progress in terms of that platform and the ability to to bring visibility to customers across a variety of.
Existing point products in there and their network.
Then also to be expanding access to folks to.
Build a pie is into the platform themselves.
Professional services team are on their own.
And when we think about that sort of technical functionality in relationship to expanding a partner ecosystem. No. There was really go hand in hand, so the the program that our Chief Financial Officer Farmer Marine currently is building out really wants to be able to work with partners and a variety of business models. So whether they are yes.
Traditional resale of our entire portfolio of both services and software.
Now extending into new relationships, where they provide value added services on top of the platform and frankly can build out capability is on the platform whether.
We as we roll out orchestration capabilities and playbook building capabilities.
Automate workflows or even to build out.
Additional analytics on the platform supporting that kind of.
Flexibility and interaction with partners, who have different models is is absolutely part into the strategy here.
If I could sneak in a follow up just curious how.
In the quarters took out in terms of renewal rate versus new business and then on the operating margin b to what extent.
Was that better operating leverage versus some covered related savings and that's it for me. Thank you.
Yes renewal rates continue to be something we focus on we're not happy where they are but there are.
Where there have been traveling in the prior quarters. So it's not a concern other than a normal.
No.
Oh Thats addresses your question.
Were they sort of consistent I guess with the prior quarter.
Be slightly better just curious on okay.
System.
Not nothing thats, an overly concerning but certain certain were.
Always focused on we want to keep every customer.
Of course.
And then on the new business side.
Yes, you business as applied continues to be.
Our continued to grow a directional wanted to grow related to our new product offerings.
And the operating margins associated with that will.
Clearly reflect that as those deals close over time and continue to report into our results. So from a youre operating margin standpoint, it is reflective of that mix change in our business.
Thank you.
Okay.
Well now take our final questions from.
For Telpad with Stifel.
Hey, good morning, everyone. This is Blake on for Gore, Thanks for taking the question.
I was curious if you could talk about where you're seeing so far in Q3.
Typically with regards to customer visibility into their budgets and if some enterprises are deferring purchases into the fourth quarter when they might have better visibility into their 2021 budgets. Thank you.
So this is Mike I appreciate the question.
We have not seen.
Let me just answer we've not and we're not anticipating are saying budgets being pushed from Q3 to Q4.
Okay, great. Thank you.
You're welcome.
Thank you and Im showing no further questions, let me turn call back over to pull appearance.
That wraps up todays call a replay of this webcast will be available on our Investor Relations page of secure works dotcom, along with our Q2 for 21 web deck with additional financial tables. Thanks again for joining us today.
Ladies and gentlemen. This concludes today's call you may all disconnect at this time.
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