ABST - Earnings call transcript Q4 2022

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Operator

Good afternoon everyone and thank you for standing by. Welcome to the Absolute Software's Fiscal 2022 Fourth Quarter and Full Year Financial Results Conference Call. All participants are in a listen-only mode. [Operator Instructions] I would also like to remind everyone that this conference call is being recorded today Tuesday August 23, 2022. I would now like to turn the floor over to your host Joo-Hun Kim, Vice President of Investor Relations. ahead. go Please

Joo Kim

Chief thank on and Chief joining today. Fior, us Officer Good call you are me Interim Ron and today's Absolute and Officer. Christy With of afternoon Software; for Financial Wyatt, Executive President

statements. uncertainties such would assumptions, respect Before listeners could to materially and to that call contain future that Absolute reflect risks, that Any today's remind forward-looking of events like statements in results beginning statements portions current actual remarks, to to our those publicly may applicable from formal and date, conference or Tuesday, today's these of be are Software subject certain statements, forward-looking views forward-looking any Any cause conditions. with differ projected to a Software call today's XXXX. may required XX, as by obligation And the Absolute of events included law. of contained future forward-looking as new August information, statements whether otherwise, undertakes revise are result as or in except securities no made update

For the also these for and forward-looking website on will more refer Software's uncertainties on relating available go now MD&A section please appropriate call assumptions, to the ahead. Absolute to the to EDGAR. the Christy most is information I over now statements, recent and which to available and SEDAR would like be company's risks on turn Wyatt. Please

Christy Wyatt

XX% out ‘XX. QX is for million adjusted close $XXX from fiscal with than different exited We basis, XX% everyone ARR operating than prior million was combined XX% versus $XX our increasing year’s today. year as and am we the I saw million. ARR of XXXX the On of second we of the the our of XX to fiscal up government prior now announce the has than an a company. truly to year enterprise combined fiscal more solid of us did of than ‘XX good full end cloud joining growth is population and over XX% endpoints fiscal XX exiting our you, as-if afternoon strengths a million, at basis, We base more company end annually exit On customer increase XX,XXX million, EBITDA year. fiscal sectors year, as-if And the ending $XXX saw representing at over XXXX year active up XX% more Fiscal in Thank Joo-Hun. from pleased to our been a at Absolute. a at ‘XX. $XX business consecutive transformative the what a Rule

record our our addition, NPS levels. scores In are products across at

For the of year, adjusted we achieved And deliver we of year year-on with total We And delivered of can year. exited another margin long-term more do work more to accomplish have still XX approximately $XXX to year profitable XX% growth we our representing for Absolute. XX%. while this we adjusted we solid goals, balanced revenue confident million growth. than EBITDA Rule are

our a have selling market persistence a ecosystem. nearly completed our strides platform strategy. We've on continued considerable common in our teams. and out the made of made product have platform common with go-to- now year the We security great and building teams progress end integration and And

made is internationally investments partnerships our the and of well. off and working handsomely NetMotion OEM Our acquisition all our we've as are paying

strains been in security I fiscal had all billion more only have of opportunity our devices. provider from scale, being the to they the thanks a today had impact of XXXX. organizations working resilient of go-to-market. This profitability, pandemic, placed and us to including better embedded in employees position home. we in solutions on course We and Throughout are in the the the of during hard growth, respect here, my than a product ever the market in am transitioned time confident through every a front work unique to over the undoubtedly than of self-healing, we of our as half ability firsthand as knowledge is

in both is elevating the in customers’ strengthen number environments. outside our our with incorporated with witnessed the well secure of the worker Access users we also application growth office both what under need resilience the year, new network as end employees cyber market. drift that Organizations capabilities a of Access, and to attack between and when across tools, recognize one portfolios, introduced customers, aware possible the first better integrations our their Throughout we the within a of of ability breaches. the including posture connected high increasingly platform when other with network while of is its engaging even resilience these the protected are the organizations zero as purchased recovery uniquely accelerate today, successful we've our remain defense our alerting endpoint both solutions the to with progress support network user as and on they ransomware setting. tools zero teams trust compliance risk enabling secure breaches rebranded architectures to trust capabilities, concept and when access We to installed have improving our attacks threat resilience We product We what attack. increasingly would devices pressures the increase and the applications to give even Secure made an resilience them modernize ensure of believe environment and capabilities, them now remote also the secure into security remarkable knew it sophisticated increasingly need security have IT actively ensure company remains cyber versus protecting security from and to and productivity, Secure brought technology NetMotion’s experience, are bringing

enable critical applications performance XX, data across to connections. for and we've Our that And and to unique intelligence products customers endpoints insights, and leading and our industry network data users’ application visibility resilience analyze endpoints network over capabilities endpoint deliver critical metrics library encompasses leveraged now and track applications. insights and health

making actively parallel, ship make and self-healing We Program as services first our continue our cloud, Service In for further to are enable progress market solid our we of milestones licensees the Absolute begin XXXX our of ecosystem even progress, to of been year our within public solutions. seen self-healing to an a and Persistence having migrating opening products. commercialize significant as Fiscal leveraging solutions. execute the to vision has a security thus resilience intelligence intelligent we persistence,

proud significant both Access and XXXX focus the execution And On Secure driving security portfolios. and the have team's and a front, integrate selling extremely progress secure am a world endpoint with focused I the fiscal was to am build for organization. of focus I for our pleased made. momentum we class go-to-market

all distribution team channels Our of -- was maintain fiscal key our pillar continued our a momentum and a investment international logo ‘XX. ARR growth, of we products, ARR in delivered OEM of in been growing the to retention has record ever new levels seen driver year, which by strategy. our and have metrics customer we and growth our success XX% across which fiscal and strong ‘XX Through versus our enterprise in government net contributed the dollar continued best retention, key

We'll of of demand cybersecurity generation In As expanded significantly our underway, began is investing professional teams in QX in team and fiscal expanding to our shifting in with to support services XXXX, also an is well ‘XX offerings accelerated and SDR with available enterprises. of legion domain we resilience experience and we knowledge within offerings cyber focus fiscal experts team our to expand our pipeline. growth. working This CISOs solutions. cyber as and larger grow has customers our resilience, engagement deep at and cybersecurity are improve

We which see work, activity increase this we expect a hope to progress to later and year. great in make certification our FedRAMP of to in advance continue full receiving certification lead we generation

are we transformation better opportunity of there about our Looking of ahead excited by we products how our at is us, customers are today. forward, are looking progress Absolute making evidence the than using the no in

is their ever that Conference needed as the a XX and self-healing in GX zero most Internet had and with vulnerabilities Absolute’s a that branch also an their comparing its Awards, As required customers for endpoint other trust. their services named Market for more by recent Access pricing, Access three how era. solutions them to most now ran ensures on mid-market bank At cost. endpoints security and their cybersecurity made to XXth work and of products RSA Access the Access, with their Absolute needs. example, European of been to a of with away Customers increasing the have includes because the threat an numbers just as minimize key alongside of beginning cost and in over modernize are Access, recognized configuration by including leader experience, insights, the for process existing run as using anywhere And the journey component network Citrix of pressing in Network cloud. we've report of operational number investment This recognized as it. at consecutive month, and risk. employees year, and the that is endpoint InfoSec institution customer, top Secure Internet to and on flexibility Secure offices using decrease quarter moving quarter. Global Access. year's costs. rich leader Absolute new Secure are work the They Leveraging in Absolute evaluation in financial year, on-premise one relationship a is and cover security very their environment was effectively. to this industry noncompliant customer demonstrate management two that last capabilities Secure current ZTNA Absolute in this already The careful from Absolute ways technology of June, Zscaler Access legacy landscape existing Gartner Persistence as voted data the firm in their the and And Private absolute services Zscaler the in their finally, growing architecture. the recognized Secure to market adding Access to our professional posture a chose from pressure Forrester Cloud seeking network was user the endpoints solution cloud platform GX Zero all work which XXX,XXX address A they compliance Earlier patched they architecture leveraging Access improve our These the featuring reduce global begun customer examples categories be the Absolute anywhere security also And Trust Zscaler a is large from comprehensive devices being recognized into expanded great Absolute their were their the a feeling selected a in comes for in in top Guide whole.

With directly in ratio moving been the is is higher, our resilient zero show capabilities at as never our least in unique to has the the industry The towards recognize our around to market trust. I've sales us, been deals here. of years Rule of more evidence the this, we XX beginning coverage starting strategic seeing while involve very company. XXXX a status And through continue largest that are global of institutions. maintaining growth intend fiscal as Because in to we some larger, investing are and our pipeline,

celebrate I the tremendous took in the company held actually it in limits. ever was meeting handing It by the inside way to pandemic Vancouver. an multiple population the beyond. energy Ron, to focused details. focused only to a the the this circumstances the focus call After as made, to you united for could, we've and progress financial The of With turn fiscal of us And Absolute expressed over and for want opportunity to zoom was absence, no the we that Before well opportunity of I've goals the has our Ron entire XXXX company as that on energized now. that, one both momentum event no kickoff share that took me energized the the theme is investment annual our our and company years personal to July. on with really induced on us. enthusiasm it invite and team achieving right we well worth tremendous we over ahead as the opportunity matched as a to Considering let employee

Ron Fior

afternoon, thank us. Thanks, Christy. joining you Good everyone. And for

QX some full year for provide today, guidance I over provide year for the highlights call our fiscal then the financial go On the XXXX, results and fiscal XXXX. will

reporting are basis accounting deferred excludes we revenue that a IFRS As an adjusted purchase revenue. on reminder, impact on any

in in In fiscal the our IFRS any as-if are addition, not US on period adjustments. includes comparisons motion that combined XXXX year-over-year the does based GAAP basis factor ago but results year net of to

relations filed the XX.X% XXXX guidance available and of The acquisition for on range report our forma we rate million. in we strength recurring revenue fiscal financial XX.X% year. in was million $XXX.X in driven in and of You of saw revenue acceleration for SEDAR growth we can with business and came Total of XXXX $XXX.X pro $XXX.X the the XXXX. subscription the our the that find investor of EDGAR. and year. the fiscal up over and XXXX September fiscal million combined to our The revenue adjusted model reported and high Consistent XXXX, the by the throughout ARR end results website at section acceleration for fiscal

‘XX the of broke XX% our can driven $XXX the benefits offset grew mark which and be still at fiscal fiscal of Access grew saw ARR attributed in ended treatment to XXXX the the in multiyear by comp. performance a Total migrations XXXX education faced contracts fiscal ARR XX.X% by of our million product. fiscal our -- primarily million, XX.X% XX.X% the sector, tough million also year $X year-over-year. of grew in ARR $XXX prior government in growth which up and with year, Secure and healthy in accounting partially but We vertical, to was that the revenue enterprise

our ARR in to enterprise XXX% growth growth last represents million now from related recall XX.X% our XXX segment which revenue. for education above but range XX.X%, or the to and Education through That XX% net unlike you fiscal million QX combined XXX% than also to XX.X% million the costs. of a of composed this a line. margin of over to year. business in we existed retention, ‘XX, in and meaningful customer accounting average, As of performance of key business strong and point in that guidance time. under found year, adjusted believes ARR and enterprise most our is also strong operational pandemic free have complexities made and prior more would provides delivered metric tougher The It's versus is fiscal management, a on. over we expense $X.X of revenue education may ARR come a revenue, Management a hidden increase in tight transparent view belies And spending best performance in that investors of XXXX. measure in surge at ARR reflective management performance believe making fiscal quarter. that The for company. of of Investments remind of of the the we the sales that with the higher dollar of The our partially grew how paying in is XXXX to XX% our internally. new our measured I that rate consistent disciplined corporate EBITDA the it Fiscal go-to-market both the like also metric of market have is end level for that us measure $XX was showed caused record ’XX by of are government. adjusted ARR logo came hiring labor versus total at and retention $XX.X international the was government targets. improvements been are basis and everyone the XX%

recent in months and hire the our XXX improve have year talent to We seen exited with approximately ability employees. we

new and growth with in product invest to continue profitability. We and balancing spend

was fewer ARR our QX results, conversions, growth the tough comp, million, ‘XX our solid XX.X% by fiscal base. revenue Secure Access in adjusted at education total by revenue continued $XX Looking QX up performance driven impacted was the and from

term see the expect move contract end the the slightly Access was term arrangements, quarter. we prior on pre-acquisition see versus of the of ARR the stabilize to of XX% length, As At and cloud, rates Secure we to portfolio normalization the growth return. to up revenue approximately growth customers more subscription from rates ARR QX,

-- with and driven we Education growth we strong quarters. was earlier, solid seasonally growth ARR Access secure accelerating Enterprise mentioned XX.X% growth, we similar Summer solid I return quarter. government. ARR endpoint the consistent last our as and Fall enterprise sequential XX% education and growth to and performance was in and and that ARR As Secure saw by saw primarily enter government

anticipated a we coupon on subsequently the net The received, been have was been than With ARR respect came our adjusted has for with cash, and better approximately a balance EBITDA $XX QX, versus lower and acquire million was positioning equivalents government having pushed basis retention fiscal discipline quarter. interest our operations driven million, logo call dollar and a The quarter. onetime into quarter. partners in migration of debt points the $XX expected their primarily it resulting the additional us was improving from of million systems, cash and one bonus The since prior in was that go-to-market XXX% cash to $XXX,XXX investments in This last the results million. payment following combination was of cash delay which it for increased had rose $X.X by the Near strong our new million to would and the sales caused than a our by of strong for $XX in quarter of able were investments short-term million servicing, flow not saw $X.X and open in Adjusted Cash largest our the approximately execution New XX payment been from expense payment result enterprise XX.X% accrual from annual ‘XX. market we operating for operations margin and while reversals. teams. well to of development. research for were QX expenses, in a revenue. go-to-market talent the end $XX.X talent and and

from growth, in Given the we profitable expectation continued are our to service the to delever cash operations, the of cash while pay we our and build balance. continue our to and flow sheet balance debt as dividend organically strong ability confident continuing our

turn to financial for the let's the ahead. Now outlook year

revenue Firstly, Please derived ARR fiscal XXXX into ‘XX accounting fiscal in in of Secure fiscal XXXX. will fiscal the multiyear acceleration The deals ‘XX. growth our impact drive growth linearity revenue growth and provide the treatment million I XXXX our we of to in revenue how some the forecasts. context of combination $X migrations want will continued approximately and note Access of

have We Secure customers to already over subscription. migrated XX% of Access

pace do levels these slowing, ‘XX same of to conversions fiscal the some the we not did recur the particularly year. of they is making Given fiscal comparisons at as anticipate first for harder migrations half in the dollar in ’XX, in

we in platform of Christy earlier, our the into public are cloud. As discussed migrating progress the

a incur as same be goods cloud data the As as our costs. centers incurring to at of sold cost additional result, running we time expect we will

are As a basis levels points to be result, to by expected end gross margins XXXX. impacted XXX in return migration fiscal but is completed by will calendar ‘XX, normal once the the negatively of

it our balance the million with accounting Finally, been write-down merger purchase closed now approximately on there but we $X NetMotion, sheet. a left deferred revenue of since remains has year

shrink, relatively a provide the As for differences the to -- and of our revenue result, end these we through will will the for continue continue by though and the revenue should to IFRS fiscal year. be ’XX immaterial adjusted guidance between fiscal

So that, on to the with guidance.

is the be of growth of between to year-on-year. expect expected $XXX.X range XX% Adjusted XX%. to be representing revenue For to million, to ‘XX, and in million XX.X% fiscal $XXX.X revenue adjusted EBITDA we XX.X%

given to it While organization revenue to continue in growth. ARR trend And in continue higher go-to-market do than investments to revenue quarter. some from and make and NetMotion Recall I we the XXXX $X.X by the that we accelerate and XX% provide that believe be growth, end for of on benefited million deal year. did in guide at XXXX out we like have the should further not marketing the incremental multi-year a large the set would color QX also QX. towards we will revenue

somewhat grow will and expect to be multi-year of we year-on-year by impacted ’XX, revenue migrations. timing the and through While sequentially fiscal contracts comparisons renewals

XXXX. top impact higher growth that, guidance balances our that turn invited QX see our first in since of of of all as $X Christy of reflects line time conclusion, to of to kickoff. answer company earlier, entirety the Absolute the discussed this operator event we And pandemic. profitable cash of management everyone our the kickoff Vancouver you and addition, in fiscal accelerating the approximately maintaining In strong our for and one to question usual will million me employees want to strategy With call face-to-face goal cost on I was than its the time profitability onset and the growth The begin attend to In the while session. flow. over let remind this

Operator

our And [Operator Mike Instructions] from come Canaccord first question with will Walkley Genuity.

Mike Walkley

guidance from given And like fiscal is thought to there momentum from getting, Thanks. any to your the at Christy, company some macro Is sales terms strong Feedback the deal you're is sales quite Congratulations on customers? there your ‘XX. your my in initial sounds and with backdrop. scrutiny? strong close in of was pushback a the expanding any the you force I ‘XX all question kickoff of of team. just lot concerns

Christy Wyatt

you. thank Mike, Hi,

So it we are carefully. very watching

it overall, that whole that similar the robust. to expectation markets. our But a as forward is I vertical go when in we cybersecurity may as we've see went some we remain we'll pandemic, we somewhat into think seen

watching are So we it closely.

to when intended bit we to giving think a of guidance, give a we range. I tended

the some that there of now. talking is downside So this right not there. accommodating scenario is certainly for about kind softness in we're But

So unfolds. we'll as it continue to watch it

seen it haven't We yet.

Mike Walkley

model spread guidance? momentum be terms environments it the front the hiring of end puts as it and evenly to sounds in Great. think Ron, I guess follow QX. ongoing you Thanks. in like some Ron, it had still a But to or just and the loaded all up think also, in thanks how building hiring momentum year. is good takes to going And, of you, hiring for more And for the about throughout Christy in I kind is then year

Christy Wyatt

first shot that I'll at Mike. the take

sort a preparation bunch of I the QX at of into QX. think So in investments of coming we end for did we,

of talked the year. and SDR as roles that So then well building we backfilling talent of some some we came our capability go-to-market as open technical to position this about into and became available as

our will you some cost end of that that the lot see show some that say QX, first the back the take you'll more you slowed a us will in year sort see of as QX. somewhat So at likely I'd of get ready another that is hiring half we look for fiscal in of cost of of and because see was for half. the up second loaded But

Mike Walkley

Great, into thinking I'll be just you that thanks. of government? for about think for of we Or asked enterprise me. How teens. mid the given to Last are question growth jump terms XX%? Can that way closer and about queue, another guidance? education guidance maybe kind in what to should higher

Ron Fior

right already Well, accelerate it'll at, it's from I at mean, now, it there. XX.X%. we was think And

close to So XX%. the pretty

Christy Wyatt

governments. or before, consistently expectation and single said sort in of on to of, bit. low based of sort may trending direction little to of it And expect enterprise that Probably stabilize, a up are seasonality. double as digits trend is digits course, that we down we is continue education sort we on But our high to

Operator

question Tindle with from Raymond next Our Adam come will James.

Adam Tindle

XX, Christy. year afternoon, of second Good the consecutive Rule and thanks. Okay, of on congrats

the or the I in incentive You changes specifically talked mentioned more if pushing ideas fiscal ‘XX, is to initiatives we've click that maybe of other comp particularly wondered drive and acquisition in past guess double about around further. synergy. that you to And contemplating, further to plans could keep potential cross-sell changes on working some for potential NetMotion you're forward

you're wondering to contemplating, as try synergies further. you NetMotion Just drive what

Christy Wyatt

Adam, Hi, you. thank

ended I specialist sort in team. to described in largely that we've where the integrated were has team been as I of think Access broadly overlay the America, we've still year, if we before, a So the describe teams, North Secure

to of We come this that we year. as first into fiscal somewhat expect half continue the

selling around I think starting that nice broader put and cross- of both some technologies. kickoff convergence some of to coming success incentives out and in introducing we've messaging seen

persistence One a we're of of framework, that the sort really integration products. year but just consistent into nice things of with messaging Secure the coming this of Access also the is not sort solid with

proof really these able that's teams be a so great how products demonstrate come And for together. the to sides, to on point selling both

think and go little security through messaging bit keep out year, see really bringing you'll I as calling talked more we we a the close that that on against little As gap all lean bit us in product see of couple taking about, company development years I sort you to generation. us little of demand bit We will first can coolest on of. ever customers, nobody's focusing us strategy. the a a of that in more I don't we really it view the here, a focus that on But year. was the heard

little the that into year. tell more the come our we our better as what this story how bit you'll selling and demand where I of we tried and generation, about up into we come year. of organization do think the to brand us marketing kind gap, talk a is I think a some see to really this past tee year and invested was for year And organic

Adam Tindle

you're or displacement you them, of that. sort on the product tethering of thought Zscaler building I competitor just or basically And mean, I example deploying Access or mentioned of to direct a to them is Secure the alongside us think Zscaler. where NetMotion, some had

to against thinking big little So players more, you're going how alongside more necessarily bit not perhaps, maybe in head-to-head like examples can out talk but the field now them. some or that you that, is about working this a

Christy Wyatt

Absolutely.

overall larger So that a of parts framework. organizations in companies broad like Zscaler, these or and Palo have the Alto, Clearly, there's of a them. portfolio many different number are

like that particular features, an you're platform I companies the And endpoint there of endpoint see seen resilience. going solution. overlap may is, alongside there's endpoint there. whole the Tanium, the about for with is deploying of core strategy we our case from sort in but and or conversation some host choose around still part us. And to think have endpoint their so, that there that were different have one competition, still if we up competing of the of where environments. a other the applicable we of that of look to resilience is to or we end, there's us really And rest like for of ended deployments. solutions, may where part lot And and the other, customer our a you be But often a management We've customer of these really role that the secure this what think, with some do one broader and areas honestly can once I

Adam Tindle

And in the table. Alto while sit at Palo cool Zscaler

your So journey. that in should you you. Thank help

Operator

Our will come BMO Thanos Capital Moschopoulos Markets. next question with from

Thanos Moschopoulos

good afternoon the guidance. the on symbolically and congrats Hi, and on quarter

In the of sides? technical on anything to sense [Inaudible] this left do is at terms point? Any there the or NetMotion, integration of

Christy Wyatt

Hi, Absolutely. Thanos.

piece in fiscal So we of integration past first the XXXX. just -- the launched this this or

bringing I next datasets sort another where the interesting think of investing together. a in we're is area

so So how area. do the of and And risk we place? the both one data NetMotion the get in same that that's holistic data Absolute looking view by at

the some think second coordination of level interesting I is around us area for enforcement.

limiting by do then Can contemplating data device limiting policies, they So to the device, respond network taking set by if the you by how broader you that freezing access, altogether. do that respond risk? set

they steps, solutions nice But I these and we're many milestone investment And coexist about the that just there's two getting journey, do is milestones so and this or this part this quite on on nicely. really started. think, on

self-healing Now sort of of some, the together. that connected pieces have we some

Thanos Moschopoulos

impact maybe launched the early And [Inaudible] but ransomware in you've days, recently the initial any field. products,

Christy Wyatt

of that for I've product. I and demonstrated nice seen the the interest think of broader the And ransomware proof and this talked been bit has that pipeline, interesting, capabilities We've that also is seen a broader of services platform. in little the the some before strong think we've is about sort I of a what ransomware on some resilience in point some

show deployment, so discussion may a the open in but helps broader And within resilience be portfolio. ransomware the organization, that with can an up up or are oftentimes a pieces us opportunity conversation other full

go share further. pipeline some around them. stories we'll success nice, come So we continue we some early back seeing are customer activity as And to and

Thanos Moschopoulos

in go-to-market of of Christy terms of the priorities in more spending. any you're other go-to-market focus finally, generation, hiring mentioned you be Then investments where demand on within may key terms investments, and certainly

Christy Wyatt

FTRS, two more on that's but we the had around was And success really and the think with we high of that kind formalization at the level, last some think late is a program. touched a, of this a investment first much year, I I FTRS. significant

looking that. to forward So we're

the second services. think I really is piece around

cybersecurity with organization PS earlier QX familiar And sometime, using partnership and within selling brought of analytics us new model end and in QX. data with I consultative that Again, from so background a maybe in that and bringing a customer. very we closer the for coming that a kind think, larger in leader a of really

area to as see base. you'll a And so some another been small us nicely in that's invest where we investments, year. continue have in still we did last international putting as on It's

And lots opportunity well. and there's there of headroom so us grow for as there to

Operator

with Scott Berg from next will question Needham. Our come

Scott Berg

about Absolute quarter. How or think have great a product to kind higher. I've ratios, driven or by high I today? got been the product Thanks never should least? your that NetMotion at Think we coverage couple, quoted, the maybe for that at set wanted on on ratio comment off start combined have of everyone, first taking solution how looking with much my legacy Hi, congrats to the record with coverage Christy, all, questions. customers of set, the of is that regards comment right

Christy Wyatt

a it's Scott, question. great Hi,

our visibility really this activities. about in dimension and our pipeline into So is us investing

ratio, as nice coverage in deals we're really the quarter. see it is the target, describing our coverage sort we we the do before pipeline So building come and into for against sort of of

made. speaks this we've really, investments the think, I And to so

the operations pipeline and of that I sales hygiene the think leadership and getting he's on. how we're earlier over in put year brought of some tracking really discipline sort visibility of much past and focus in Matthew have and lot

that selling of think, so are coming, sort partners, seen we've there's sort the both deals of our ways. through a and team. of, are in having, And deals there's coming, OEM I level different those our sort that and finer coming understanding And builds what's those coming from of direct of nicely especially those

I what comment. describing that's that was So with

Scott Berg

here, And with history call you for revenue another for the of clarification [Tech in a the your can spike a out is deferred to it, helpful. Ron, kind perspective, reason flows, remember related increased that from to in there regards Got most to I payment or Difficulty] have late for that then cash is that that QX?

Ron Fior

For the deferred itself? revenue

Scott Berg

Yes, that's correct.

Ron Fior

broke when sorry. were you up You speaking question when your coming, was

Scott Berg

had on trends. little nice increase sequential deferred Yes, the specifically bit a historical than more and That from a revenue was QX.

was that that didn't was else. to related that delayed know was payments it if Just something or

Ron Fior

the was to that did deals course through the when the events came of relate they normal for not and it It in just built of were payment, kind quarter.

Operator

[Operator next from Securities. Our come will Instructions] with TD David question Kwan

David Kwan

Christy, wondering, you're could customer talk to there joint out that of when platform? going Absolute getting selling about feedback was what and I if motion out And afternoon. you're Good kind you And that some Is are gaps there other on looking Like for? there still see they're the looking evolved to their here? solutions? a are lot maybe offer offering customers of education in

Christy Wyatt

sort Hi, call any integrated in broader I the offering. know around platform. gaps have the resiliency We David. don't could aspirations of that T&A I certainly out

suite, components to scripts consistent. missing scores. the commented just customer has glaring, portfolios, are tremendous the that This IT a that like great but so that with necessarily Secure and was having pretty quotes self-healing is of on on customers don't I've conversation the with sort on tremendous sort both in our flexibility We it's give past the resilience of say the that us around And of had early this and products another the feedback the portfolio, around piece user the there's the really for would both think we've the deployment continue you having feedback I products. connected us NPS experience, I the shared Access person. there been -- product on I of this in days in quarter NPS is year us and And, course, think to

relatively really piece, it's self-healing people there's understand this self-explanatory. the once So

this analysts’ we we've areas the bit excited of of in that industry one getting were feedback the been think quite of I script analysts. year, as that little I is some the a mentioned

investment both did Forrester And in of our and the closer how ourselves the some of them. we moving of and the making QX and investment, our Forrester to were capabilities to programs, in Gartner an call start on QX, Gartner we outs kind those early end discussions. very responding with really pleased in So customers are

David Kwan

business, seasonality a out Christy. And last are of look government there, It's funds there's to at as an well. there I funding of education seeing of there certain know there's to through Thanks, kind the and obviously chunky starting But that's you certain flow in know when year. helpful. was I of are DCF parts kind that extent, get system? the in lot going forward. being you issue

Christy Wyatt

a good is I chunky think probably word.

is I And little of think of had sort own was it distorted with funding. the bit natural always has a another one, its education some seasonality cycle. nice pandemic

of seeing are is so deployment. administrators there from a of of funding and the still digital to broader students you in and more little digitization, will bit We there, of is that school, the enterprise really it fair amount a North out if America, teachers away kind enabling shifting

a internationally, stable of still this we still market, healthy and see right. So opportunity that can we a do believe amount of remain fair do sort

quite in areas and So students nice well. for there far not represent ahead some as so are continues of opportunities maybe sort some are as to digitization that that of their us

of my single said variability -- some quarter of believe low digits, term double sort So quarter in in script long stays that I digits, to still there that this I but X:XX:XX.X high we, think is it

David Kwan

And question. there update last CFO on Is any Thanks. the search?

Christy Wyatt

today met no candidates, have have stages some I who conversation. other the say in we announcement we've for folks are great you than some later of So to

have soon I asking as Ron out just for dragging this not back what answer to final be we'll keep to so again. And us. although I'm update a promise that's we you as he's here, shortly

Operator

back This concludes Christy and conference the any answer for I question our Wyatt would turn like session. to closing to over remarks.

Christy Wyatt

inventory I I help achieved in proud but everybody again of be thank for of XXXX. fiscal today. I our want we joining can't And team take us what as everything to years, modest full for two almost four Since macro fiscal we've events from successfully accomplished. delivering ago, years growth arrived XX a many of Rule gone and despite I pressures. to only

confident City. our be accomplished in September to look profitability. maintaining an ability I ARR final strong earlier while note, build forward, in continue to in hosting what the will we As announce upon Day Analyst and growth One did York accelerating month we've that I XX already feel New on execute we

webcast. and hope details I innovation everybody is go-to-market. you. trends, expanding more I'll person evolving Thank about or there the see to growth on in share our Our plan product and

Operator

today's now concluded. presentation. for attending conference The is you Thank

You may now disconnect.

Absolute Software (ABST) 24 Aug 222022 Q4 Earnings call transcript