Joe Payne

So that's a really, that's a sea change.

And I think the data is showing right now, security budgets are growing about 5% in 2023.

And, you know, historically over the last 10 years, security budgets grow 30 to 35%.

So this has been a really tough year in security.

So for me and my team, the way we're looking at it, we'll re-look at quotas next year going into 2024.

We'll look at territories.

We'll make sure there's enough business there for our teams to do well.

We haven't bought anything.

And again, this is all about focus.

So we, you know, it's a very high bar for us.

You know, it's a very high bar.

You're going to look for somebody that augments something that you already do.

But again,

know it's worth buying because you it not as opposed to building and so far in all the analysis we've done we every time we look at something that we really get excited about it we end up saying we could build most of what they have or we don't want to take on their uh customers or their challenges so we're being very judicious about that it's the other thing that hasn't happened yet in security it's interesting that the budgets are down to five percent growth but we haven't seen valuations

The valuation expectations for a lot of companies are still pretty high because people raised money during difficult times.

I mean, during good times.

And so they still have money on the balance sheet.

And until people start running out of money, valuation expectations are going to still be high.

So that's a long way of saying things are not cheap yet.

Well, the company's been around since 2001.