Tufin Software Technologies Ltd. (NYSE:TUFN) Q2 2019 Earnings Conference Call Transcript

Sep 03, 2019 • 08:30 am ET

Previous

Tufin Software Technologies Ltd. (NYSE:TUFN) Q2 2019 Earnings Conference Call Transcript

Share
Close

Loading Event

Loading Transcript

Presentation
Operator
Operator

Good morning, my name is Sharon, and I will be your conference operator today. At this time, I would like to welcome everyone to the Tufin Second Quarter 2019 Earnings Conference Call. [Operator Instructions] Thank you.

Mr. Ryan Burkart, Director of Investor Relations, you may begin your conference.

Executive
Ryan Burkart

Thanks, operator. Good morning, everyone and thank you for joining Tufin second quarter 2019 earnings conference call. With me on the call today are Ruvi Kitov, our Chief Executive Officer; and Jack Wakileh, our Chief Financial Officer.

Before we begin, I would like to remind everyone that any statements made on today's conference call that express the beliefs, expectation, projection, forecast, anticipation or intent regarding future event and the company's future performance may be considered forward-looking statements as defined by the Private Securities Litigation Reform Act. These forward-looking statements are based on information available to Tufin's management as of today and involves risks and uncertainties, including those noted in this morning's press release and Tufin's filings with the SEC. Such forward-looking statements are not guarantees of future performance. Actual results may differ materially from those projected in the forward-looking statements. Tufin specifically disclaims any intent or obligation to update these forward-looking statements except as required by law.

A telephone replay of the call will be available shortly after completion of this call. You'll find the dial-in information in today's press release. The archived webcast will be available for one year on the company's website at tufin.com.

Now I'd like to turn the call over to Tufin's CEO, Ruvi Kitov.

Executive
Ruvi Kitov

Thanks, Ryan, and good morning, everyone. Thank you for joining today. We had a strong second quarter and I'm very pleased with our results. We continue to see strong demand across all verticals and geographies. We landed notable new logos, while at the same time expanding the business within our existing customer base.

Total revenue was $25.1 million, representing 36% growth year-over-year. This is driven by the increasing needs of large organizations to get a handle of their network security posture and to automate their network change processes.

As a reminder for those who are new to Tufin. We are the security policy company helping large enterprises to manage their network policies, the policy governing who can talk to whom or what can talk to what on the network. We are focused on enterprises which are seeing growing network complexity, dozens or 100's of firewalls from different vendors, 100's or 1000's of routers and switches, private cloud and SDN technologies such as Vmware NSX and Cisco ACI. Public cloud with native security controls and containers running in Kubernetes or Docker often in multi-cloud environments.

This results in complex fragmented networks that have a huge attack surface that is vulnerable to hackers. Despite spending millions on firewalls in other security measures, most organizations still lack a unified comprehensive security policy governing who can talk to whom and what can talk to what across the entire network. These organizations are also lacking visibility into their security