This meeting is being recorded. This meeting is being recorded. On short notice. As you've seen, this morning, we announced the proposed acquisition of Expanse. Joining us today to discuss the transaction are Nikesh Arora, Chairman and CEO of Palo Walton Networks and Lee Klaritch, Chief Product Officer.
Please note that we are still in our quiet period and will be reporting our fiscal Q1 results on Monday, November 16. We will not be commenting on our fiscal Q1 results or our fiscal Q2 guidance during today's call. We'd like to remind you that during the course of this conference call, management will make forward looking statements, including statements regarding our competitive position and the demand and market opportunity for our products and subscriptions, including our beliefs anticipated benefits of the proposed acquisition of Expanse for us and our customers, the anticipated timing of close and our integration approach and our continued execution and focus on providing new products to our customers. All statements other than historical facts, including statements regarding the expected benefits of the proposed transaction and forward looking statements. These statements are based on management's current expectations, assumptions, estimates and beliefs.
While we believe these expectations, assumptions, estimates and beliefs are reasonable, Such forward looking statements are only predictions and are subject to a number of risks and uncertainties, which are beyond our control and which could cause actual results to differ materially from those anticipated by these statements. These forward looking statements apply as of today and you should not rely on them as representing our views in the future. With that, I'll turn the call over to Nikesh.
Thank you, Karen, and thank you, everyone, for joining us at a short notice. First and foremost, today is November 11. It is Veterans Day. Before I begin, I would like to recognize and thank all of our veterans for their service and particularly those in our Palo Alto Networks family. We're grateful for everything you do for our nation and feel tremendous benefit of your public service.
Thank you. Now turning to our news this morning. We're delighted to share more about our proposed acquisition of Expanse, which will significantly enrich our Cortex product suite to proactively address all security threats based by an enterprise. Let me first give you an idea of why we're excited about Expanse and their unique technology before turning it over to our Chief Product Officer, Lee Klarich, who is here to dive in further. Since releasing their first product 4 years ago, Expanse has become a leader in attack surface management.
Expanse has dedicated themselves to developing an Internet collection and attribution platform that constantly monitors the global Internet, mapping the exposed an untracked assets of an enterprise that comprise its attack surface. This data gives organizations a crucial picture from the outside in, that is to say the same view that an attacker sees when hunting for potential weaknesses. It's because of the insight that their technology is trusted by some of the world's largest the most complex organization from members of the Fortune 500 to the U. S. Military.
While this category of attack surface management has been important on its own, We think it has more powerful implications for customers when combined with Palo Alto Networks' Cortex product suite. Once Integrated after closing, Cortex will stitch together internal and threat data with Expanse's external view of exposed assets. This will give customers a complete picture eliminate vulnerabilities across an enterprise. Together with Expanse, Ours will be the first solution that combines the outside view of an organization's attack surface with an inside view to proactively address all security threats. We believe that no security solution is complete without this.
As you can see, With past acquisitions, we were early to spot and invest in the best companies in emerging technology areas and competitors have validated our strategy by following us and investing in the same areas. Our intent to acquire Expanse will likely continue this trend. Let me cover the details of transactions. Under the terms of the agreement, the total purchase price includes approximately $670,000,000 of cash and stock, approximately $130,000,000 in replacement equity awards, with each amount subject to adjustment at close. We expect Expanse to contribute $67,000,000 of ARR in our current fiscal year ending July 2021, continuing its 100% growth momentum.
Expanse transaction multiples are very favorable compared to other companies of equivalent size and even more so when when adjusting for growth. As you've likely read already, Expanse co founders Doctor. Tim Junio and Doctor. Matt Kraning will join Palo Alto Networks once closed, and we're excited to join forces. With that, I'll turn it over to Lee.
Thank you, Nikesh, and thank you for joining us today. I'm excited to share How Xpance fits into our broader Cortex strategy. So let me start by telling you more about Xpance. As Nikesh mentioned, Xpance was founded about 8 years ago and built up an incredible team of experts across many technical disciplines, including data science and machine learning, security and distributed systems. They figured out that there is a tremendous amount of information you can find simply by scanning the Internet, but to do so in an accurate, Scalable and complete manner is extremely difficult.
It requires a large dynamic and global infrastructure that continuously scans the Internet for any new or modified assets. To give you an indication of the scale, Expanse makes 10,000,000,000,000 decisions every day with their analytics. With our Internet collection and attribution platform, they constantly monitor the global Internet to map exposed and untracked assets that comprise a customer's attack surface. This includes all exposed cloud resources, remote workers and on premise assets. Every asset is attributed to an owner, security exposures identified and presented to the customers an x-ray of their enterprise from the outside in, the same view that attackers sees as they probe for points of weakness.
As an example, when we first activated Expanse at Palo Alto Networks, We found cloud workloads that we didn't know existed and remote workers with services exposed that shouldn't be. We were able to remediate this very quickly with Xpance, But Expanse quickly became ingrained in our stock processes. Imagine what other companies would find. Expanse packages this data in a very intuitive UI as well as an exec level that can gain immediate attention within enterprise. For example, the report will show cloud workloads that were deployed outside of enterprise security controls, something that happens all the time.
It will show assets with remote access such as SSH accidentally left open to the Internet and exposed to attackers, something that happens far too often. Or in the case of one of Expanse's customers, it showed an unsecured military operation in to the world, definitely not something you want to find out the wrong way. Now, let's talk about how Xpance accelerates our broader Cortex vision. But first, some context. We've spoken in previous calls and our analysts have ended 2019 about the challenges facing Security operations as they are constantly overwhelmed with alerts that often go ignored.
The underlying reasons for this are 1st and foremost, Data is collected into disconnected data lakes or not collected at all. Without the right data in the right place, analytics is difficult, limited and often left to static correlation rules. This then results in massive alert volume that requires an overly manual and reactive approach. It's simply not sustainable. Our vision for Cortex is to build the industry's first proactive security platform for security operations, one that focuses on collecting a rich set of data into a robust and growing data lake, applying AI based analytics for detection and leveraging automation throughout to dramatically reduce the number of alerts and amount of manual work needed.
With this combination, we believe We can proactively detect and remediate all security issues. At the foundation of our Cortex vision is rich security data and deep knowledge and understanding of that data. When we look at data, we see 3 key types: enterprise data, including endpoint, network and cloud threat data and attack surface data. The Cortex XDR data lake now holds close to 120 petabytes of enterprise and threat data, and Xpans will accelerate our Goal, to collect all relevant security data by providing the best attack surface data. This combination will provide, for the first time, a true three This integrated data will drive a rich set of analytics that will be a game changer for proactively addressing security issues.
And with automation, we've seen an acceleration of XOR Automation, where we've now crossed the $400,000,000 mark of actions that can be automated, up 100% in just the last 4 months. This exponential growth is a result of increased automation playbook adoption where we now have customers that automate more than 1,000,000 alerts per day and achieve up to 20x alert reduction using automation. With the proposed acquisition of Xpance, we will take the great data and analytics from and combine it with the automation power of XR, enabling full security remediation via automation. This is a great example amongst several of how the integration of This combination of Xpance, XDR and XR will accelerate our path to achieving our vision with Cortex. Expanse will provide a unique outside in view of an enterprise that will become a must have data source for enterprises.
This Data will enable the first three sixty degree view of an enterprise and at the same time provide a unique and valuable data and analytics source to Cortex. As we expand Cortex to collect data from any relevant data source, we are setting our sights on building the most robust data lake to enable greater levels of analytics and automation. With that, let's open the call up for questions.
Our first question comes from Sterling Auty of JPMorgan.
There you go. Thanks for letting me unmute. So just maybe to start off, I think it's very interesting technology, but can you help us understand exactly how have they monetized this capability? So What is the contract structure for the company? And is that going to change underneath Palo Alto Networks?
And who do they compete with on a heads up basis?
Hi, Sterling. Good morning. Good morning. They've been able to monetize their ability by sharing the data with their And giving them a vulnerability assessment as part of their they scan the Internet multiple times a day Almost on an hourly basis and they're able to see any new assets that are exposed or created in any customer's enterprise. And then they're able to take that data and check that off against existing vulnerabilities, known vulnerabilities, and they're able to show the exposed assets We should not be exposed to Internet, which basically allows the customers to take that and remediate that with whatever remediation that they have in place.
Now the benefit we have is we have 2 incremental capabilities. 1, we already have an inside out view of the customer. So we know which assets have been created. Being able to marry that data with the data which looks at it from the outside end, coupling that with playbooks that we have in XOR allows us to automate that remediation. So basically customers over time will not have to do much effort other than just be able to subscribe to the data feeds both from them as well as use XTR.
They can also use them without using XPR. So in the future, you will see a motion from us, which is a independent motion where Xpance sells, which they do today. And As we saw on the data sheet, they do $600,000 of ARR, sorry, ACV per customer, which if you look at security, These are this is a big number. It's hard to find companies out there in the space which can generate that amount of dollar value on an annualized basis for each customer. So I find that particularly exciting.
It is a product which is targeted to larger enterprises that given we have 1600 of the 2,000 Global 2000s, We find that's a very sweet spot for us for where they operate. We don't anticipate in changing their contract structures as much as we anticipate the ability as we integrate that into our Cortex data lake with XDR and XR of creating new product offerings that allow us to not only sell them independently, but also sell them as part of our overall Cortex capability. You want to add something? All right. He's about 8, 10 feet away from me.
Thank you. That makes sense.
Our next question comes from Keith Weiss of Morgan Stanley.
Excellent. So thank you guys for taking the question. Maybe one For Nikesh and one for Lee. For Nikesh,
it sounds
like these guys have a considerable government business. Can you talk to us about sort of who their It seems very large enterprise focus. Is there a considerable government exposure here as well? And then one for Lee. Can you help us understand like in post the acquisition you have Xpance, you have Xpance.
Is there also a need for like the traditional VM perspective? Do you already have tools that are going to be competitive with what like a Rapid 7 or Qualys has given you from the inside out perspective or is that like additional functionality that will be vis a vis partnership or whatnot be incorporated into this inside out View of vulnerabilities.
Okay. Well, first of all, Keith, you look wonderful. I'm just trying to figure out which movie I've seen you in.
It's pretty early in the morning for this Let's just admit that, okay.
Trust me, you and me both. I found my first malfunctioning Railway track traffic light this morning. I just hung out of there for 10 minutes. The hotel has gone out. Anyway, sorry, back to business.
You know the vulnerability question. On the exposure, I don't know. Having customers in the government Is you call it exposure, I call it phenomenal because they've been able to go take a technology which they develop and have been able to This is critical to national security infrastructure. Now, unfortunately, I can't tell you who their customers are in the government, otherwise they will kill me. So they have customers in the government.
I think they have applicability not just to one government, they have applicability to many governments around the world because every government, they scan the entire global Internet. They watch 10% of the traffic On the Internet, on a daily basis, that's a lot, because there's like 4,000,000 IP addresses out So they do watch a lot of the Internet. We think there's tremendous opportunity in where they already have created capability. They've only had Very few go to market people. And we have the opportunity of applying the Palo Alto Networks marketing capabilities behind them.
In fact, we're doing a commercial relationship with them to allow us to do some marketing with them In short order. So we think the opportunity is huge. We think most enterprises should have this data. I think without this data, it's impossible for enterprises To be able to understand what the attackers are seeing, that's why we're really excited about it. But I'm going to let Lee talk about Qualys and Rapid7, etcetera.
Yes. So Look, the data that Expanse finds by scanning internet is we haven't found any substitute for it. So unlike more traditional vulnerability scanning where you specifically scan the things you know about, what Expanse is doing is finding all of the That's workloads, etcetera, that you didn't know you had. So it's a very unique data source from that perspective. Now, We'll be able to combine that with the data that we're collecting already within Cortex and recently Cortex XDR added Vulnerability information from all endpoints.
And as Cortex opens up to additional Data sources, including up to any data source in the future, yes, we'll pull in other data, whether that's from KRAS, RAPA-seven, etcetera, to combine with This other view that we have with Expanse, XDR, etcetera. Makes sense? Okay. Excellent. Thank you, guys.
Our next question comes from Fatima Boolani from UBS. Good morning.
Good morning, How
are you? Thanks for taking
the call. How could I be at 5:30 in the morning?
Early bird gets warm. I wanted to dig into the competitive differentiation and the technological barrier to entry with Expanse. So my sense is there's elements of threat intelligence here, security validation and certainly So I really wanted to drill in on the approach Expanse has from a data collection standpoint and to what extent is the data that Expanse generates proprietary versus partnerships with other third party threat intelligence platform to really reinforce the quality of the data coming through the platform.
Thanks, Patio. I'm going to have Lee answer most of the questions. But I will tell you, I was amazed at What these people have created, they've taken 8 years. This is a nontrivial engineering problem trying to scan the global Internet because most things do not like you to be So they've had to build all kinds of technologies and servers sitting in different parts of the world trying to scan everything Make sure they can I wouldn't use the word circumvent, but make sure that they are considered a valid scanner when they go and look at stuff? But with that, I'm going to pass it over Lee to answer all the threat intel and security validation questions you
have. Yes. As Nikesh said, it is a hard problem to solve. On the surface, It seems easy. You just scan stuff.
But getting accurate results, Being able to constantly update those results as assets change, being able To make sure you have a comprehensive view is actually a very difficult data problem, Machine learning problem, etcetera. The vast majority of what they do is homegrown. It's what they do Versus coming from partners. They do have a number of partners in order to help extend what they do, but the vast majority is from within their own team and
Our next question comes from Philip Winslow from Wells Fargo.
Great. Thanks guys for taking my question. Obviously, this still makes sense in your thesis of sort of security is a data problem. But I didn't want to focus on sort of the IT operations side of this because obviously when you think about asset inventory management, governance, there is an IT operations So how do you think about sort of the blurring of the lines between sort of security and IT ops and also just call it different buying
Well, Phil, 1st and foremost, you're 100% right. The data has applicability both in The security domain and the IT asset management domain. Interestingly, our teams, once we Put it in the SOC and did the security solve. They've come with a shadow IT use case where they found people spinning up stuff that shouldn't be spun up. And we can go ask them, hey, we just found these fund this up, this is for work, click here to accept.
If it is, we'll move it into the work domain. So yes, 100%. There is an IT asset domain capability that the data allows us to have. And I'll tell you what's interesting is over time, as you get into a world where you have more and more enterprise data and large data lake, It will have more applicability outside of security. It's kind of interesting, there are some companies out there, as you know, who started with collection of all data and they realized 80% of use case Security, we start with 80% of the use case, I.
E. Security, and you understand there is a 20% use case, which also is outside of security. So For now, we're very focused on the ability to take this data and run all the security capabilities around it. As we've talked in the past, 2.5 years, we had a thesis. We expressed a point of view.
We think all security is a data problem in the future. We think Security is not a hygiene problem, it's not a policy problem, it's a data problem. That requires you to collect a lot of data, both inside and outside the firm. And in the past, Historically, whether it's healthcare or it's education or it's security, it has been hard to collect and store. It's been expensive.
As you see, the world is going to a place where data is easier to store, collect and analyze. And we think we've got to stay 2 steps ahead of making sure all the data that's available For an enterprise that helps make them more secure is available and normalized by us in one data lake. So as Lee mentioned earlier, We have Cortex XDR, we added firewall capability to it, we've added email capability, we have identity capability to it, we're going to add external points of view to it. So we're slowly and steadily normalizing All security data that's available to allow us to provide a sort of an auto remediation capability to our customers because we believe security both is a data problem and also needs Become more proactive in real time.
Our next question comes from Brian Essex of Goldman
Sachs. Hey, good morning. Thanks for getting up early and giving us a highlight of the acquisition. Just want to ask about the history behind the 2 companies. And Nikesh, how long have you been working with them and what might you expect in terms of integration?
And then finally, in terms of the sales force's familiarity, how fast can this kind of go to market? What are the synergies across Your platform from a go to market perspective, you guys have a lot of tools in your bag at this point. So just trying to understand how quickly we might be able to Anticipate integration with the platform and then impact in terms of revenue contribution with your sales force.
Yes. Thanks, Matt. Look, 1st and foremost, we looked at them and a bunch of other people who claim to collect data from the outside in, I want to say about 9 months ago approximately. And our CISO actually was the first one who took this, Deployed it. He did the analytics on many such companies and data out there and came back and said, this is by far 3 to 4x better than any data I've ever seen.
And we have a CISO, as you can imagine for a cybersecurity company, we have somebody who's been around the block and seen most things out there. And that was kind of like the first moment. We looked at it. Our team looked at it and then we said, oh, wow, they don't do remediation, they do basically vulnerability assessment. Kind of like, tell you what the problem is and then we're on our own.
So our XRAR team got involved and built a bunch of playbooks and said, wow, this is cool. Now we can find this and we can remediate it on the fly. As you know, our SOC has less than 500 alerts a week, which has come down from tens of thousands. And we said, well, what is the larger applicability of this? And we sat down with the founding team I know Lee, Nir and I talked about this and it's very hard to get down Nir's technical diligence.
Nir is a firm believer in that everything is a simple When Neil tells you that this is hard, then you have to pay attention. And Neil got excited about the data they were collecting because a hard technical problem to go collect data from everything in the world and monitor 10% of the Internet traffic on a daily basis on multiple times a So when we got to that realization that they're collecting something unique, there's nothing out there, we looked at the viability as part of our platform. Now what's fascinating, Brian, For example, we're about to have our customer conference in 10 days. We've been working before this idea Because Expanse with the notion like, hey, what if we gave our customers their vulnerability map? So we can actually If the customer wants, you tell us the name of your company, you say, yes, I would like it, we can build a map.
There isn't anything. Remember, I'm looking outside in. I don't need to be in your infrastructure. I'm looking outside in, so I can actually build the vulnerability map for you and tell you how many assets you have exposed tomorrow. So I think that's the best sales tool our salespeople are going to have is we don't need to deploy anything in your infrastructure.
We don't need to Do a POC. We don't need to put a sensor in your infrastructure. We know. Now, we can work with you. In about a week, we can make that data even a lot better because you can What's what and why it's open, why it's not.
So from a sales perspective, I think our team should be finding it easy to understand. Like we're telling you, this a vulnerability map, here's where the vulnerabilities are. And it's typically something a CISO or CIO at that senior level is interested in. So we think that will act as a huge lead generation And then after that question, I mean, it's kind of like, if I'm a CISO CIO and I see this, I shouldn't I can't unsee it. It's like, okay, I don't have a problem.
It's hard to unsee and say, oh, you know what, I don't need it. Thanks for letting me know that 5 of my things are busted and I'll
Our next question comes from Andy Nowinski from D. A. Davidson.
Great. Thank you. Good morning, everyone. So is the $67,000,000 in revenue that Expanse, is that something that Expanse may have already booked or does that assume some cross sell contribution into your own installed base? And then second, How much customer overlap does Expanse have with your current installed base of 72,000 customers?
So first and foremost, Andrew, I want to thank you I spent lots and lots of time with Louise, our CFO, on those two slides of numbers. And I was like, holy shit, nobody wants to ask me a question about those two slides I on why we're early in technology on M and A and why this is a very, very attractive acquisition. So as you can imagine, we are in our acquired period. Dollars 67,000,000 is their forecast for our fiscal year from an ARR perspective. It's a standalone number.
It is to show the asset we acquired and what value we paid relative to their forecast and their growth rate for this We're not making any projections as to the incremental capabilities we can build and deploy in this fiscal year or next with the combination of Power Networks and Expanse. We will leave that For our earnings call, which is next Monday at a similar time. So we're not commenting on that. In terms of number of customers, As I said earlier, we have 1600 as a Global 2000, not counting many governments around the world. Expanse has approximately in the vicinity of 50 customers.
So there's 80 times more customers We have just at the top end of the funnel. I don't think it's applicable to 72,000 customers just yet, but I think it definitely has applicability to the 1600 Customers we have as well as the many governments around the world, which have not seen this capability yet.
That's great. Thanks, Nikesh.
Thank you.
Our next question comes from Jonathan Ho from William Blair.
Hi, good morning. I just wanted to ask in terms of Expanse's ability to collect data from assets globally. Is this easier in some regions than others? Are there any dark spots out there that maybe require more CapEx investment? I just want to get a sense of the need to potentially expand their coverage over time.
Thank you.
Hi, Jonathan. It's a good question. The Internet assets react differently depending on where you're coming from. And so in order to get a True global view of the world, you actually have to be global in the scanning infrastructure itself. And this is part of what I was saying In terms of just needing to build out that global infrastructure for scanning, for scale, for speed, etcetera.
And they figured out how to do that. They significantly leveraged the cloud to be able to do this, which obviously gives them benefits in terms And they can combine it with additional data sources and additional probing locations to augment that where needed. But this has proven to be a key piece to how they are able to achieve the level of accuracy That they do and that we saw when we did the testing versus others in this space.
Our next question comes from Gray Powell of BTIG.
Hey, Gray. Can you hear me?
Yes.
All right. Thank you very much. So yes, Expanse sounds very much like a high end enterprise grade product. How should we think about the potential to move the product set more into the middle market? Are there any pricing changes or anything that you would need to tweak?
Not particularly. I think from our perspective, getting it down to middle market, The more we can package it as a set of solutions. So for example, our SOC has already prepared the playbooks needed to remediate. What you'd What you'd find when you get from enterprise down to the mid market that there's not as many security people around who want to go solve every security problem and learn every tool that's out there. So the more you can auto remediate things, the happier people are.
So we already have automated playbooks. If we can step into a mid market So look, if you turn this data on, we get the data, we look at the vulnerability and this playbook will remediate that problem for you and solve it. So you don't have to get involved in solving the problem. The more we can do that, the more applicability it has below the enterprise tier. So we think that's very well in the realm of capability and possibility for us to go ahead and do.
And obviously, we have plans to do that. So as and when So we first, we got to acquire the company, get it closed. Once we have closed it, we've got to go put the packaging in place around some of these Automation capabilities, which we think we should be able to do.
Our next question comes from Shaul Eyal from Oppenheimer.
Thank you. Hi. Very early. Good morning to you guys. On Expanse, do they collect structured or unstructured data or both?
Do they have sensors in the dark web?
So they collect so they're collecting both structured and unstructured data. And as you would expect, They're constantly scanning for everything they can find. The dark web, I'd say for the most part, no. And that tends to be more of a threat intel kind of feed that Can be interesting, but it is distinct and different from the outside in view that Expanse is collecting and analyzing. Thanks.
Our next question comes from Matthew Hedberg of RBC.
Hey, guys. Thanks for taking my question.
Famous words of 2020, you're on mute.
There we go. Sorry about that. It's the unmute on phone and Zoom. 650,000 ARR per customer is impressive. Can you guys talk about how did a customer start And get to that level because with 4 years of history, these are some really, really big customers.
I'm just kind of curious that kind of that land and expand with the customer.
Yes.
So, most of what we've been talking about today is what they call their expander product, which Is that outside in view, understanding all of the assets, understanding what security risks are exposed And even that can start off with a subset of a large enterprise or a large government organization and then expand to include the entire enterprise. And to include the entire enterprise, they then can also come in with a product they call Link, which is how they can Then start to apply the same level of visibility and scanning to critical suppliers. Supply chain integrity has become A very important part of organization security posture, as more and more companies realize the importance of their suppliers to And third, they can expand into a behavior Module that actually looks more at the traffic leaving an enterprise and analyzing that against And so they sort of take those things together, they can land in a portion of the enterprise and expand. From there they can expand into supplier security and from there they can expand into the behavior analysis as well. That's great.
Thanks a lot.
Our next question comes from Catharine Trebnick of Colliers.
Hi there. Yes, just to net this out, it seems like you're looking you're adding a Solution on to give you better visibility because you don't really have all the capabilities to look at what you don't know to protect the surface. So I'm just trying to simplify what seems to be pretty complicated. And that simplified messaging or not. So it's not really a question.
Catherine, if you think about most security products in the world, they're installed inside the enterprise And they're looking from the inside to say, well, there's doors, let's shut them down. When you open this door, let's make sure there are guardrails around opening this door, And whether you set the right rules or not. And when you're done, it's like bringing in a security expert who walks on the outside and say, well, that window is open and that door is open or why is that door It doesn't have the right things that need to be in place for that door to be open. So yes, you have a website which is open to customers who can access your data. But why is the other website open?
Because it's not supposed to be open externally. Why is it open? So you can find the errors from the other side when you're scanning from the outside. And you can also say, oh, I know I See that, that's a known malware or there's a known security vulnerability. Why is that exposed to the Internet?
So you're just basically looking from the outside in See, what do I see when you believe you've done all your work on the inside out?
All right. Thank you very much.
I had to dump it down for myself too, don't worry. I won't let Lee answer it because if he does it, he'll tell you the exact answer.
Thank you.
Our last question comes from Joel Fishbein from Truist Securities.
This must be the 2nd most exciting on Zoom. It's no longer there.
Joel, can you please unmute yourself? Okay. Last question will be from Eric Supekar from JMP Securities.
My questions have been answered. Thank you.
Great. That concludes the Q and A portion of our call. Thank you for all of your questions. I'm going to turn it back to Nikesh for closing remarks.
Thank you very much, guys. Appreciate Your quick turnaround and dialing in early in the morning for some of us. Can't wait to be with you again in less than a week at the same time, same place.