QLYS — Questions for Management

Anchored to Q2 2026 print (Aug 4, 2026). Sources: Q2 2026 Earnings Call, Q1 2026 Earnings Call, Q2 2026 Earnings Release, UBS Global Technology and AI Conference 2025, QLYS Case Study CQ 2026 Q2.

Growth reacceleration

1. You called out "reaccelerating long-term growth" on Q2 but framed it as not new. Is the destination low-double-digit or mid-teens, and is the driver NDR, new logos, or federal? (Q2 2026 Earnings Call)
2. Full-year and Q3 both guided 9–10% with LTM billings already at 10%. What has to happen in H2 for the 2027 exit rate to break above the band? (Q2 2026 Earnings Call)

ETM/CSAM

1. ETM/CSAM new-bookings mix has stuck at 14% two quarters running. What breaks that ceiling, and when? (Q2 2026 Earnings Call)
2. What additional ETM KPIs get disclosed over the next 2–3 quarters, and at what mix does ETM lift company-wide NDR above 105%? (UBS Global Technology and AI Conference 2025)
3. Inside the VMDR-only "second camp," how much is at risk to consolidation displacement vs. natural migration to ETM? (Q2 2026 Earnings Call)

QFlex

1. What share of the 2026–27 renewal book moves to QFlex, and how lumpy do billings get as it scales? (Q2 2026 Earnings Call)
2. Is QFlex margin-neutral, or does the module-shift mechanic create a mix headwind that offsets the ARR uplift? (Q2 2026 Earnings Call)

Federal

1. TotalCloud got FedRAMP High in Q2. How much of the 2026 raise is federal vs. still all-commercial? (Q2 2026 Earnings Release)
2. With federal FY26 starting Oct 1 and CISA's 72-hour remediation mandate live, how does the pipeline compare to a year ago against incumbent on-prem VM/patch stacks? (UBS Global Technology and AI Conference 2025)

Competition

1. Post-Mythos, what have you seen in win rates and cycle length vs. Tenable, Rapid7, CrowdStrike, and Wiz/Palo Alto? (Q2 2026 Earnings Call)
2. The OpenAI Trusted Access and Anthropic Project Glasswing partnerships — what's the economic model beyond brand? (Q2 2026 Earnings Release)
3. Agent Val's moat: is it patch volume (40M+), rollback-rate telemetry, or scanner install base — and how is it defended? (Q2 2026 Earnings Call)

Channel & sales productivity

1. Direct grew 3% vs. channel 17% in Q1. Structural reorientation, or a direct-force productivity problem? (QLYS Case Study CQ 2026 Q2)
2. Joo Mi said productivity isn't yet where you want it while S&M ran +17% vs. revenue +10%. Which 2–3 KPIs improve in H2, and what if they don't? (UBS Global Technology and AI Conference 2025)
3. mROC: how many partners are live, what's the ramp curve, and what's a reasonable 2027 contribution? (UBS Global Technology and AI Conference 2025)

Margins & capital

1. EBITDA guide mid-40s vs. 47% run-rate and FCF low-40s vs. 45% in 2025 — is this the floor for the investment cycle, or is there more compression if reacceleration slips? (Q2 2026 Earnings Call)
2. TotalCloud stuck at 5% of bookings YoY despite Forrester Wave Leader and FedRAMP High. What's the realistic 2027 CNAPP share vs. Wiz/Palo Alto/CrowdStrike, and is M&A required? (QLYS Case Study CQ 2026 Q2, Q2 2026 Earnings Release)
3. $306.6M buyback authorization remaining after $53.5M in Q1. What's the framework for repurchase pace vs. dry powder for tuck-in M&A? (QLYS Case Study CQ 2026 Q2)

Cash & sentiment

1. Q1 CFO missed by ~$14M on AR timing; Q2 rebounded to $59.6M (+77% YoY). What's the through-cycle cash-conversion algorithm, especially as QFlex commitments grow? (QLYS Case Study CQ 2026 Q2, Q2 2026 Earnings Release)
2. What has changed in the fundamentals since the William Blair downgrade in April that the broader Street still isn't pricing in? (QLYS Case Study CQ 2026 Q2)