Rapid7 Inc (RPD) 2024 Q3 法說會逐字稿

Hello greetings, and welcome to the Rapid7's third-quarter 2024 earnings conference call. (Operator Instructions)

您好，歡迎參加 Rapid7 2024 年第三季財報電話會議。（操作員說明）

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

At this time, I would like to turn the conference over to Elizabeth Chwalk, Senior Director of Investor Relations. Please go ahead.

這次，我想將會議交給投資者關係高級總監 Elizabeth Chwalk。請繼續。

Thank you, operator, and good afternoon, everyone. We appreciate you joining us today to discuss Rapid7's third-quarter 2024 financial and operating results in addition to our financial outlook for the fourth quarter and full fiscal year 2024. With me on the ball today are Corey Thomas, our CEO; and Tim Adams, our CFO.

謝謝接線員，大家下午好。感謝您今天加入我們，討論 Rapid7 2024 年第三季的財務和營運業績，以及我們對 2024 年第四季和整個財年的財務展望。今天和我一起參加會議的是我們的執行長科里·托馬斯 (Corey Thomas)；和我們的財務長 Tim Adams。

We have distributed our earnings press release over the wire, and it is now posted on our website at investors.rapid7.com, along with the updated company presentation and financial metrics file. This call is being broadcast live via webcast, and following the call, an audio replay will be available at investors.rapid7.com.

我們已經透過網路分發了我們的收益新聞稿，現在它與更新的公司演示和財務指標文件一起發佈在我們的網站 Investors.rapid7.com 上。此次電話會議將透過網路直播進行現場直播，電話會議結束後，將在 Investors.rapid7.com 上提供音訊重播。

During this call, we may make statements related to our business that are considered forward-looking under federal securities laws. These statements are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 and include statements related to the company's positioning, strategy, business plans, investments, growth drivers, financial guidance for the fourth-quarter and full-year 2024 and the assumptions underlying such goals and guidance and our expectations regarding 2025.

在這次電話會議中，我們可能會發表與我們的業務相關的聲明，這些聲明根據聯邦證券法被視為前瞻性聲明。這些聲明是根據 1995 年《私人證券訴訟改革法案》的安全港條款制定的，包括與公司定位、策略、業務計劃、投資、成長動力、2024 年第四季和全年財務指導相關的聲明以及這些目標和指導背後的假設以及我們對2025 年的期望。

These forward-looking statements are based on our current expectations and beliefs and on information currently available to us. Actual outcomes and results may differ materially from the future results expressed or implied in these statements due to a number of risks and uncertainties, including those contained in our most recent quarterly report on Form 10-Q filed on August 7, 2024, and our most recent annual report on Form 10-K on February 26, 2024, and in the subsequent reports that we file with the SEC.

這些前瞻性陳述是基於我們目前的期望和信念以及我們目前可獲得的資訊。由於許多風險和不確定性，包括我們於 2024 年 8 月 7 日提交的最新季度報告 10-Q 表格中所包含的風險和不確定性，以及我們最2024 年2 月26 日的10-K 表格最新年度報告以及我們向SEC 提交的後續報告中。

The information provided on this conference call should be considered in light of such risks. Actual results and the timing of certain events may differ materially from the results or timing predicted or implied by such forward-looking statements and reported results should not be considered as an indication of future performance. Rapid7 does not assume any obligation to update the information presented on this conference call, except to the extent required by applicable law.

應根據此類風險考慮本次電話會議中提供的資訊。實際結果和某些事件的時間可能與此類前瞻性陳述預測或暗示的結果或時間有重大差異，且報告的結果不應被視為未來績效的指標。Rapid7 不承擔任何更新本次電話會議中提供的資訊的義務，除非適用法律要求。

Our commentary today will primarily be in non-GAAP terms and reconciliations between our historical GAAP and non-GAAP results can be found in today's earnings press release and on our website at investors.rapid7.com. At times in our prepared comments or in responses to your questions, we may offer incremental metrics to provide greater insight into the dynamics of our business or our quarterly results. Please be advised that this additional detail may be onetime in nature, and we may or may not update these metrics in the future.

我們今天的評論將主要採用非 GAAP 術語，我們的歷史 GAAP 和非 GAAP 業績之間的調整可以在今天的收益新聞稿和我們的網站 Investors.rapid7.com 上找到。有時，當我們準備好的評論或回答您的問題時，我們可能會提供增量指標，以便更深入地了解我們的業務動態或季度業績。請注意，此附加詳細資訊可能是一次性的，我們將來可能會也可能不會更新這些指標。

With that, I'd like to turn the call over to our CEO, Corey Thomas. Corey?

說到這裡，我想將電話轉給我們的執行長科里·托馬斯 (Corey Thomas)。科里？

Thank you, Elizabeth. And welcome to everyone joining us on the call today. Rapid7 ended the third quarter of 2024 with $823 million in ARR, while delivering revenue and operating income above our guided ranges. Our Threat Detection Response business, which remains an area of strength and durable double-digit growth, continued to drive the majority of our growth in the third quarter as our robust capabilities, deep expertise, and investment innovation continues to support a proven world-class detection and response experience for our customers. There is positive momentum across our business, and this is a key pillar that undermines our compelling opportunity to reaccelerate growth.

謝謝你，伊麗莎白。歡迎今天加入我們電話會議的所有人。Rapid7 截至 2024 年第三季的 ARR 為 8.23 億美元，同時實現的收入和營業收入高於我們的指導範圍。我們的威脅偵測響應業務仍然是一個強大且持續兩位數成長的領域，繼續推動我們第三季度的大部分成長，因為我們強大的能力、深厚的專業知識和投資創新繼續支持經過驗證的世界一流企業為我們的客戶提供檢測和回應體驗。我們的業務呈現出積極的勢頭，這是破壞我們重新加速成長的令人信服的機會的關鍵支柱。

Our Q3 ARR results also reflect customer budgets that remain in flux, especially around this time that it's been. We saw deal cycles continue to elongate with additional levels of approval for the release of budget dollars, particularly for larger deals in North America. These longer deal cycles remain broad-based across mid-market and large enterprise customers. This change put modest pressure on new ARR in the third quarter, driving ARR results slightly below our expectations.

我們的第三季 ARR 結果也反映了不斷變化的客戶預算，尤其是在這個時期。我們看到交易週期持續延長，預算資金的核准等級不斷提高，尤其是北美的大型交易。這些較長的交易週期在中型市場和大型企業客戶中仍然具有廣泛的基礎。這一變化給第三季的新 ARR 帶來了適度壓力，導致 ARR 結果略低於我們的預期。

We have extrapolated these dynamics into the fourth quarter, and coupled with the growing mix of large deals that we expect towards the end of the year, we're allowing our 2024 ARR outlook to a range of $835 million to $845 million.

我們將這些動態推斷到第四季度，再加上我們預計到年底大型交易的數量不斷增加，我們將 2024 年 ARR 展望調整為 8.35 億美元至 8.45 億美元。

Now I'd like to give a broader overview of where our business is and the great progress we've made this year on product and service experience for our customers. Vendor consolidation continues to be a strong secure dream across software, especially in security operations where the market remains fragmented. Our consolidated offerings are addressing this market-wide customer paying point as security teams look for better outcomes and stronger value propositions.

現在，我想更廣泛地概述我們的業務狀況以及我們今年在為客戶提供產品和服務體驗方面取得的巨大進步。供應商整合仍然是整個軟體領域的一個強大的安全夢想，尤其是在市場仍然分散的安全營運領域。隨著安全團隊尋求更好的結果和更強的價值主張，我們的整合產品正在解決整個市場的客戶付費點。

We continue to see strong demand for our consolidated offerings across both threat detection and risk management which together have scaled to make up over $175 million of ARR. Additionally, the average ARR per customer for customers who own one of our consolidated offerings is roughly $150,000 highlighting the meaningful revenue opportunity for both new and existing customers that expand across our broader SecOps platform.

我們繼續看到對威脅偵測和風險管理的綜合產品的強勁需求，這些產品的 ARR 總額已超過 1.75 億美元。此外，擁有我們其中一項整合產品的客戶的平均 ARR 約為 150,000 美元，這凸顯了在我們更廣泛的 SecOps 平台上擴展的新客戶和現有客戶的有意義的收入機會。

Exposure come in, our recently launched consolidated risk management solution has also shown encouraging early progress. We introduced the Command Platform at Black Hat conference in early August. And with less than two months in the market, we have generated over 70% more pipeline for the overall risk management business compared to the second quarter of this year. When I refer to the risk management business, that includes our full suite of cloud security, vulnerability management and attack service management solutions, including Exposure Command, that help customers manage and prioritize risk across their attack surface.

據了解，我們最近推出的綜合風險管理解決方案也顯示出令人鼓舞的早期進展。我們在八月初的黑帽會議上推出了命令平台。在上市不到兩個月的時間裡，與今年第二季相比，我們的整體風險管理業務管道增加了 70% 以上。當我提到風險管理業務時，這包括我們的全套雲端安全、漏洞管理和攻擊服務管理解決方案，其中包括 Exposure Command，可協助客戶管理整個攻擊面的風險並確定其優先順序。

As expected, Exposure Command is gaining steady traction as customers seek to improve visibility across their attack surface while consolidating on the integrated platform at a compelling price point. Over time, we expect the average ARR from risk management customers to grow driven by product expansion within the category as well as expanding scope of coverage of their environment.

正如預期的那樣，隨著客戶尋求提高其攻擊面的可見性，同時以極具吸引力的價格點整合到整合平台上，Exposure Command 正在獲得穩定的關注。隨著時間的推移，我們預計風險管理客戶的平均 ARR 將在類別內產品擴展以及環境覆蓋範圍擴大的推動下成長。

As an example of the early success we're seeing in Exposure Command is a six-figure ARR deal that we closed during the quarter with a technology company looking to track all of their cloud assets in a centralized automated way. Rapid7 won against three well-known cloud security players based on our proven use cases, added business context with the customers' attack surface, and the ease of use of the Command platform's user experience. Rapid7 was able to offer the customer multi-cloud data in one place, and the single source of truth is critical in removing constant manual workload for an under-resourced security team.

作為我們在 Exposure Command 中看到的早期成功的一個例子，我們在本季度與一家希望以集中自動化方式追蹤其所有雲端資產的技術公司達成了一項六位數的 ARR 交易。Rapid7 基於我們經過驗證的用例、添加了客戶攻擊面的業務上下文以及 Command 平台用戶體驗的易用性，贏得了三個知名雲端安全廠商的勝利。Rapid7 能夠在一個地方為客戶提供多雲數據，而單一事實來源對於消除資源不足的安全團隊持續的手動工作量至關重要。

We started 2024 with a clear set of priorities and three primary focus areas: innovating to deliver world-class detection response experience to our customers, expanding our partner ecosystem for scale and efficient demand generation, and accelerating cloud security adoption. We knew this will be a product investment year for us and an opportunity to establish leadership in future growth markets for security operations. We made the decision to prioritize our investments in customers' product and service experience while being more measured on investments in sales and marketing.

2024 年伊始，我們制定了一系列明確的優先事項和三個主要重點領域：創新為客戶提供世界一流的檢測響應體驗、擴展我們的合作夥伴生態系統以實現規模化和高效的需求生成，以及加速雲端安全採用。我們知道這對我們來說將是產品投資年，也是在安全營運未來成長市場中建立領導地位的機會。我們決定優先考慮對客戶產品和服務體驗的投資，同時更加重視對銷售和行銷的投資。

As we near the end of the year, I am pleased with what we accomplished in these areas. The work we have done this year provides a critical foundation to our success, and we continue to believe these investments will position us for better long-term and durable growth.

隨著年底的臨近，我對我們在這些領域的成就感到高興。我們今年所做的工作為我們的成功奠定了重要基礎，我們仍然相信這些投資將為我們帶來更好的長期和持久成長。

First, our detection and response business continues to drive healthy momentum, particularly for customers looking to extend their SecOps capabilities with our managed services. Our commitment to driving innovation within InsightIDR is creating a stronger value proposition for our customers who increasingly need a centralized actionable view of the environment.

首先，我們的檢測和回應業務繼續推動健康發展勢頭，特別是對於希望透過我們的託管服務擴展其 SecOps 功能的客戶。我們致力於在 InsightIDR 中推動創新，為日益需要集中的、可操作的環境視圖的客戶創造更強大的價值主張。

There are a number of specific reasons that security teams are choosing Rapid7. To better pinpoint threats driven by our embedded and expanded detection library, which provides relevant and timely insights from Rapid7 security operations center, open source community and threat intelligence teams for better ability to scale and reduce manual attacks with embedded automation and AI for stock efficiency, particularly during the alert life cycle.

安全團隊選擇 Rapid7 有許多具體原因。為了更好地查明由我們的嵌入式和擴展檢測庫驅動的威脅，該庫提供來自Rapid7 安全運營中心、開源社區和威脅情報團隊的相關且及時的見解，以便更好地利用嵌入式自動化和人工智慧來擴展和減少手動攻擊，從而提高庫存效率，特別是在警報生命週期期間。

And for the ease of use of our integrated platform, with growing coverage and ability to ingest and analyze third-party security data. Additionally, the breadth and depth of the Rapid7 platform continues to be a competitive differentiator in a market that is still quite fragmented. Our leadership in this space was validated by recent vendor assessments by IDC, which positioned Rapid7's InsightIDR solution as a market leader in SIEM solutions for both SMB and enterprise. Security teams of all sizes are leveraging our core SIEM capabilities as part of our broader detection response platform to gain comprehensive and contextualized view of threats across their environment.

我們的整合平台易於使用，覆蓋範圍不斷擴大，並且能夠獲取和分析第三方安全資料。此外，Rapid7 平台的廣度和深度在仍然相當分散的市場中仍然是一個競爭優勢。IDC 最近的供應商評估驗證了我們在這一領域的領先地位，該評估將 Rapid7 的 InsightIDR 解決方案定位為中小企業和企業 SIEM 解決方案的市場領導者。各種規模的安全團隊正在利用我們的核心 SIEM 功能作為我們更廣泛的偵測響應平台的一部分，以全面了解其環境中的威脅。

The second major area of focus for this year has been on expanding our partner ecosystem for scale and efficient demand generation. We made substantial progress, and there's still a long runway of opportunity here. In the third quarter, 90% of new ARR bookings were sold through our partner ecosystem. This achievement marks a significant milestone and underscores our dedication to collaborating with our partner community aligning with purchasing channels, many customers already use to source their security solutions.

今年的第二個重點領域是擴大我們的合作夥伴生態系統，以實現規模化和高效的需求產生。我們取得了實質進展，而且還有很長的路要走。第三季度，90% 的新 ARR 預訂是透過我們的合作夥伴生態系統銷售的。這項成就標誌著一個重要的里程碑，並強調了我們致力於與合作夥伴社群合作，並與採購管道保持一致，許多客戶已經使用這些管道來採購他們的安全解決方案。

As we remain committed to advancing our partner programs and experience this quarter, we introduced the Rapid7 Partner Academy which equips our partners with technical expertise around the Command platform. This program is designed to educate our partners quickly as we innovate and is particularly beneficial as we recently delivered a series of important launches. We're also enhancing the partner experience through the recent launch of our channel partner portal, which supports streamlined engagement and a smoother sales process. Overall, the progress in this area demonstrates our dedication to seamless interaction, collaboration and business growth, with our Rapid7 partners.

由於本季我們仍然致力於推進我們的合作夥伴計劃和經驗，因此我們推出了 Rapid7 合作夥伴學院，為我們的合作夥伴提供有關 Command 平台的技術專業知識。該計劃旨在在我們創新時快速教育我們的合作夥伴，並且特別有益，因為我們最近推出了一系列重要的產品。我們也透過最近推出的通路合作夥伴入口網站來增強合作夥伴體驗，該入口網站支援簡化的參與和更順暢的銷售流程。總體而言，該領域的進展表明我們致力於與 Rapid7 合作夥伴實現無縫互動、協作和業務成長。

Lastly, our approach to accelerate cloud security adoption is well underway. Our strategy is resonating strongly with customers by bringing cloud security capabilities into a broader platform that provides customers a high-quality integrated view of their broader attack surface. The launch of our Command Platform, including Exposure Command, has been extremely well received.

最後，我們加速雲端安全採用的方法正在順利進行中。我們的策略是透過將雲端安全功能引入更廣泛的平台，為客戶提供更廣泛的攻擊面的高品質整合視圖，從而引起客戶的強烈共鳴。我們的指揮平台（包括 Exposure Command）的推出受到了極大的好評。

As I mentioned earlier, we increased our quarterly pipeline creation by over 70% on a sequential basis for risk visibility and exposure management. The positive early feedback we're hearing from the market is concentrated around a few major themes.

正如我之前提到的，我們將季度管道創建量環比增加了 70% 以上，以實現風險可見度和風險管理。我們從市場聽到的正面的早期回饋集中在幾個主要主題上。

The Command workflows and user experience stand out from the current market offerings, particularly by our ability to aggregate a diverse range of third-party security data into a single source of truth. This integrated platform experience for cost-effective management of an organization and attack service is a clear differentiator for Rapid7.

Command 工作流程和使用者體驗在當前市場產品中脫穎而出，特別是我們能夠將各種第三方安全資料聚合到單一事實來源中。這種對組織和攻擊服務進行經濟高效的管理的整合平台體驗是 Rapid7 的明顯優勢。

Second, customers like our improved cloud risk prioritization and visualization tools, which allow them to assess risk in the context of prevention gaps, including allowing security teams to monitor toxic combinations, provide guardrails for secure AI development and view executive level risk reporting.

其次，客戶喜歡我們改進的雲端風險優先順序和視覺化工具，這使他們能夠在預防差距的背景下評估風險，包括允許安全團隊監控有毒組合、為安全人工智慧開發提供護欄並查看執行等級風險報告。

And thirdly, many customers lack a firm grasp of the assets across their hybrid IT environments. With Gartner estimating that less than 20% of organizations can clearly identify and inventory a majority of their assets. Our integrated asset discovery capabilities bring crucial visibility for a attacks service management and speak to a common pain point for customers of all sizes. Additionally, our MSSP partners which have historically been focused mainly on detection response have shown strong interest in our new exposure management offerings.

第三，許多客戶缺乏對其混合 IT 環境中資產的強大掌握。Gartner 估計，只有不到 20% 的組織能夠清楚地識別和盤點其大部分資產。我們的整合資產發現功能為攻擊服務管理帶來了至關重要的可見性，並解決了各種規模的客戶的共同痛點。此外，我們歷來主要關注檢測響應的 MSSP 合作夥伴對我們新的暴露管理產品表現出了濃厚的興趣。

Though we had a slow start to 2024, we've since taken the right steps to focus on our strategic priorities. I am proud of how our team has executed over the last six months to improve the foundational aspects of our business, and we see clear signs of progress and momentum particularly around the Command Platform.

儘管 2024 年的開局進展緩慢，但我們已採取正確的步驟來專注於我們的策略重點。我對我們的團隊在過去六個月中改善業務基礎的表現感到自豪，我們看到了明顯的進展和勢頭跡象，特別是在指揮平台方面。

As we look out to the next year, there are plenty of promising indicators on the horizon. The investments and focus areas of this year have made a meaningful impact in our ability to go to customers with the best possible security operations platform, and we are already seeing tangible proof points of distraction. We expect to start 2025 with a stronger pipeline than last year based on how demand generation is currently trending. And we continue to believe that our risk visibility and exposure management offerings will be meaningful long-term drivers of growth for us.

當我們展望明年時，有很多有希望的指標即將出現。今年的投資和重點領域對我們為客戶提供最佳安全營運平台的能力產生了有意義的影響，而且我們已經看到了明顯的干擾點。根據目前需求產生的趨勢，我們預計 2025 年伊始，管道將比去年更強大。我們仍然相信，我們的風險視覺性和風險管理產品將成為我們有意義的長期成長動力。

We also have more work to do to successfully convert positive customer feedback and early pipeline traction for the Command Platform into a material contributor of new ARR. As we look ahead to the next year, we're taking a measured approach with respect to both the timing of when that contribution materializes and when we will see customer budget stability and consistent deal cycle timing. While we expect to provide formal guidance on our February earnings call, our early expectation for 2025 is that our total ARR growth rate for the year should show flat to mild acceleration in growth from our 2024 exit growth rate of ARR. That view assumes continued longer deal cycles, particularly for large deals in managed detection response and relatively stable demand environment.

我們還需要做更多的工作，才能成功地將積極的客戶回饋和指揮平台的早期管道牽引力轉化為新 ARR 的物質貢獻者。當我們展望明年時，我們正在對何時實現這一貢獻以及何時看到客戶預算穩定和一致的交易週期時間採取審慎的方法。雖然我們預計將在 2 月的財報電話會議上提供正式指引，但我們對 2025 年的早期預期是，我們今年的總 ARR 成長率應較 2024 年的 ARR 退出成長率持平至溫和加速。該觀點假設交易週期持續較長，特別是對於託管偵測回應和相對穩定的需求環境中的大型交易。

The strong fundamentals of our business are intact, and we are creating a broad-based platform of integrated security operations solutions that will have long-term product relevance in a dynamic market environment. In the meantime, we plan to continue making shifts in our business model amidst slower near-term growth by evolving our products to be leaders in their specific categories, by evolving our pricing model to align to customers' priorities and budget capacity in these areas and by remaining focused on scaling free cash flow across our business. Thank you for joining us on the call today.

我們業務的強大基礎完好無損，我們正在創建一個基礎廣泛的整合安全營運解決方案平台，該解決方案將在動態的市場環境中具有長期的產品相關性。同時，我們計劃在近期成長放緩的情況下繼續改變我們的業務模式，將我們的產品發展成為特定類別的領導者，發展我們的定價模式以適應客戶在這些領域的優先事項和預算能力，以及繼續專注於擴大整個業務的自由現金流。感謝您今天加入我們的電話會議。

I will now turn the call over to our CFO, Tim Adams, to share additional detail on our financial results and outlook. Tim?

我現在將把電話轉給我們的財務長蒂姆·亞當斯，分享有關我們財務業績和前景的更多細節。提姆？

Thank you, Corey, and good afternoon to everyone on today's call. Thank you for taking time to join us today. Before I turn to our results, a quick reminder that except for revenue, all financial results we will discuss today are non-GAAP financial measures unless otherwise stated. Additionally, reconciliations between our GAAP and our non-GAAP results can be found in our earnings press release.

謝謝你，科里，今天電話會議的大家下午好。感謝您今天抽空加入我們。在討論我們的績效之前，先快速提醒一下，除了收入之外，我們今天討論的所有財務績效都是非公認會計準則財務指標，除非另有說明。此外，我們的公認會計原則和非公認會計原則結果之間的調節可以在我們的收益新聞稿中找到。

Rapid7 ended the third quarter of 2024 with $823 million in ARR, representing 6% growth over the prior year. This ARR result reflects the continued strength in our Detection and Response business as well as elongated deal cycles, particularly for large deals in North America. ARR growth in the third quarter was weighted towards sales expansion as ARR per customer grew 4% over the prior year to $71,000 and our total cost base grew 2% year over year to end the quarter with over 11,600 customers.

Rapid7 截至 2024 年第三季的 ARR 為 8.23 億美元，較上年成長 6%。這一 ARR 結果反映了我們的檢測和響應業務的持續強勁以及交易週期的延長，特別是對於北美的大型交易。第三季的 ARR 成長得益於銷售擴張，每位客戶的 ARR 比上年增長 4%，達到 71,000 美元，我們的總成本基礎年增 2%，本季末客戶數量超過 11,600 名。

Third-quarter revenue of $215 million grew 8% over the prior year and exceeded our guided range. Recurring product subscription revenue grew 8% over the prior year to $206 million, which was better than expected on favorable linearity in the quarter. Our revenue mix continues to shift towards international, which grew 17% year over year and now represents nearly a quarter of total revenue.

第三季營收為 2.15 億美元，比上年成長 8%，超出了我們的指導範圍。經常性產品訂閱收入比上年增長 8%，達到 2.06 億美元，由於本季良好的線性關係，該收入優於預期。我們的收入結構持續轉向國際收入，年增 17%，目前佔總收入的近四分之一。

Turning to our operating and profitability measures for the third quarter. Product gross margin was 76% in the quarter, and total gross margin was 74%, both of which are in line with the prior year. Sales and marketing expense was 31% of revenue, down from 34% in the prior year. R&D and G&A expenses were in line with the prior year and made up 16% and 6% of revenue, respectively.

轉向我們第三季的營運和獲利能力指標。本季產品毛利率為76%，總毛利率為74%，兩者與去年同期持平。銷售和行銷費用佔收入的 31%，低於前一年的 34%。研發和一般行政費用與前一年持平，分別佔營收的 16% 和 6%。

Third-quarter operating income of $44 million was above our guided range and represented a roughly 21% operating margin. The outperformance was driven by higher-than-expected revenue and the timing benefit of a few million dollars in professional services and marketing spend, which we expect to incur in the fourth quarter. Adjusted EBITDA was $50 million in the quarter, and net income per diluted share was $0.66.

第三季營業收入為 4,400 萬美元，高於我們的指導範圍，營業利潤率約 21%。業績優於預期的原因是收入高於預期，以及我們預計在第四季度產生的數百萬美元的專業服務和行銷支出的時間效益。本季調整後 EBITDA 為 5,000 萬美元，攤薄後每股淨利為 0.66 美元。

Moving to our balance sheet and cash flow. We ended the third quarter with cash, cash equivalents and investments of over $500 million, slightly above the $494 million at the end of the second quarter. We continue to ramp up our free cash flow generation with $39 million in the quarter, up from $29 million we reported last quarter. This brings us to our outlook for the rest of the year.

轉向我們的資產負債表和現金流。截至第三季末，我們的現金、現金等價物和投資超過 5 億美元，略高於第二季末的 4.94 億美元。我們繼續增加自由現金流的產生，本季達到 3,900 萬美元，高於上季報告的 2,900 萬美元。這讓我們對今年剩餘時間進行展望。

We now expect full year ending ARR to be in the range of $835 million to $845 million, which represents growth of 4% to 5% over the prior year. We have adjusted our outlook for the remainder of the year based on the elongated sales cycles we saw in the third quarter and have carried forth our assumption that these customer budget dynamics will continue through the rest of the year.

我們現在預計全年最終 ARR 將在 8.35 億美元至 8.45 億美元之間，比上一年增長 4% 至 5%。根據第三季銷售週期延長的情況，我們調整了今年剩餘時間的展望，並假設這些客戶預算動態將持續到今年剩餘時間。

For full year revenue, we are raising and narrowing our range to $839 million to $841 million, representing growth of 8%. This increase from our prior guidance of $833 million to $837 million reflects revenue outperformance in the third quarter. On profitability, we are raising and narrowing our full year operating income range to $157 million to $159 million from our prior guidance of $152 million to $156 million.

對於全年收入，我們將範圍上調並縮小至 8.39 億美元至 8.41 億美元，成長 8%。這一增長從我們先前的指導值 8.33 億美元增至 8.37 億美元，反映出第三季的營收表現出色。在獲利能力方面，我們將全年營業收入範圍從先前的 1.52 億美元至 1.56 億美元提高至 1.57 億美元至 1.59 億美元。

Our updated range represents an implied operating margin of 19%, growing over 550 basis points from the full year 2023. We expect full year net income per share to be in the range of $2.28 to $2.31 based on an estimated $74.7 million diluted weighted average shares outstanding.

我們更新後的範圍代表隱含營業利潤率為 19%，較 2023 年全年增長超過 550 個基點。根據估計 7,470 萬美元的稀釋加權平均已發行股票，我們預計全年每股淨利潤將在 2.28 美元至 2.31 美元之間。

For free cash flow, we are updating our full year expectation to a range of $145 million to $155 million based on our updated ARR range. We remain strongly committed to expanding profitability.

對於自由現金流，我們根據更新後的 ARR 範圍將全年預期更新為 1.45 億至 1.55 億美元。我們仍然堅定地致力於擴大獲利能力。

Moving to quarterly guidance. For the fourth quarter of 2024, we expect total revenue in the range of $211 million to $213 million, representing growth of 3% to 4% over the prior year. Non-GAAP operating income for the fourth quarter is expected to be in the range of $33 million to $35 million, reflecting an implied operating margin of 16%. We expect non-GAAP net income per share of $0.48 to $0.51, which is based on 75.7 million diluted weighted average shares outstanding.

轉向季度指引。2024 年第四季度，我們預計總營收在 2.11 億美元至 2.13 億美元之間，較上年增長 3% 至 4%。第四季非公認會計準則營業收入預計在 3,300 萬美元至 3,500 萬美元之間，隱含營業利潤率為 16%。我們預計非 GAAP 每股淨利潤為 0.48 美元至 0.51 美元，這是基於 7,570 萬股稀釋加權平均流通股計算的。

I would like to thank our team for the great work they have accomplished so far this year, especially on the foundational improvements across our Detection and Response business, our partner ecosystem, in our push to drive cloud security adoption. The early traction for Exposure Command is encouraging, particularly as it relates to the pipeline growth we saw in our risk visibility business during the third quarter. As always, we remain focused on balancing these growth initiatives with profitability improvements in what continues to be a dynamic market environment.

我要感謝我們的團隊今年迄今為止所取得的出色工作，特別是在我們的檢測和響應業務、合作夥伴生態系統以及推動雲端安全採用方面的基礎性改進。Exposure Command 的早期吸引力令人鼓舞，特別是因為它與我們在第三季風險可見度業務中看到的管道成長有關。一如既往，我們仍然致力於在仍然充滿活力的市場環境中平衡這些成長措施與獲利能力的提高。

With that, we will now open the call for questions. Operator?

現在，我們將開始提問。操作員？

Our leadership in this space was validated by recent vendor assessments by IDC, which positioned Rapid7's InsightIDR solution as a market leader in SIEM solutions for both SMB and enterprise.

IDC 最近的供應商評估驗證了我們在這一領域的領先地位，該評估將 Rapid7 的 InsightIDR 解決方案定位為中小型企業和企業 SIEM 解決方案的市場領導者。

(Operator Instructions)

（操作員說明）

Fatima Boolani, Citi.

法蒂瑪·布拉尼，花旗銀行。

Corey, you talked at length about some of the external dynamics that are contributing to improved customer feedback and receptivity to the launch of the Command portfolio and then just general strong feedback. But I wanted to reconcile that with the results and some of what you're baking into the guidance, right?

科里，您詳細討論了一些外部動態，這些動態有助於改善客戶回饋和對 Command 產品組合推出的接受度，然後只是一般性的強烈回饋。但我想將其與結果以及您正在納入指南的一些內容相協調，對吧？

And specifically, I wanted to ask you, on internal dynamics, do you now have had a full quarter of that organizational streamlining that you undertook in terms of the organizational structure? So can you give us a sense of what some of the proof points of success are there? And why maybe that's not moving the needle and overcompensating or at least counterbalancing some of these external dynamics on sales cycle elongation?

具體來說，我想問你，關於內部動態，你現在在組織結構方面進行的組織精簡是否已經完成了整整四分之一？那麼您能為我們介紹一下成功的一些證據嗎？為什麼這可能沒有起到推動作用並過度補償或至少抵消銷售週期延長的一些外部動態？

Thanks for the question. So look, there's two focus areas internally that we actually have is -- and one of them was just to make sure we have rigorous processes so that we can actually forecast and deliver consistently well.

謝謝你的提問。所以看，我們內部實際上有兩個重點領域——其中之一就是確保我們擁有嚴格的流程，以便我們可以真正持續良好地進行預測和交付。

The second one was making sure we executed our launch of the Command Platform and Exposure Command. As you know, we've been relying on this year on this legal so like focus on (inaudible), which has performed very, very well. But at the same time, we need to actually launch our updated strategy for the risk management business with our integrated risk strategy. So the loss of that has been a primary tool.

第二個是確保我們執行命令平台和曝光命令的啟動。如你所知，我們今年一直依賴這項法律，例如關注（聽不清楚），它的表現非常非常好。但同時，我們需要透過綜合風險策略實際啟動風險管理業務的更新策略。因此，失去這一點一直是一個主要工具。

And I have to say the execution is going well there. If you zoom out and you said, all right, how does that translate into the results? Is that we built back up the pipeline frankly exceeded the targets that we actually wanted to see. But most of our pipeline for this year, we told to the core thesis was going to be around the D&R business, of which we have to (inaudible), but there are larger deals.

我不得不說那裡的執行進展順利。如果你縮小範圍並說，好吧，這如何轉化為結果？我們建立的管道坦率地超出了我們真正希望看到的目標。但我們今年的大部分管道，我們告訴核心論文將圍繞 D&R 業務，其中我們必須（聽不清楚），但也有更大的交易。

I think this may be the first time in our history, we've had over half of our pipeline deal for Q4 that are over the $100,000 mark. And so with the elongation of the sales cycle, a higher mix of larger deals, and what we saw both in Q2 and Q3 is our primary focus was making sure that we were actually being thoughtful about what sales cycles were for the pipe and then sharing that information (inaudible).

我認為這可能是我們歷史上第一次，我們第四季度的管道交易中有一半以上超過 10 萬美元大關。因此，隨著銷售週期的延長，更大的交易組合越來越多，我們在第二季和第三季看到的主要重點是確保我們真正考慮到管道的銷售週期，然後分享該訊息（聽不清楚）。

Saket Kalia, Barclays.

薩基特·卡利亞，巴克萊銀行。

Corey, maybe just to start with you, in your prepared remarks, you talked about higher ARR per customer for those that buy bundled or rather consolidated offerings. Could you just dig into that a little bit? I think you mentioned 150,000 number. I'd love to just dig into that a little bit. And maybe more broadly, can you just talk about what percentage of the base is sort of on that kind of consolidated type of offering?

科里，也許只是從您開始，在您準備好的演講中，您談到了對於那些購買捆綁或整合產品的人來說，每個客戶的 ARR 更高。能稍微深入研究一下嗎？我想你提到了15萬這個數字。我很想深入研究一下。也許更廣泛地說，您能否談談這種綜合類型的產品佔基數的比例是多少？

Yes. It's roughly 150,000 as I said in the prepared remarks, it is frankly live by D&R. So if you think about so far, like lots of the consolidation strategy has been laid by the Detection and Response business. It's an area where we actually have robust pipe now if you look at D&R and now Exposure Command which is, frankly, a much better consolidation story from list than what we had previously.

是的。正如我在準備好的演講中所說，大約是 150,000，坦白說，它是由 D&R 直播的。因此，如果您考慮一下到目前為止，檢測和回應業務已經制定了許多整合策略。如果你看看 D&R 和現在的 Exposure Command，我們實際上在這個領域擁有強大的管道，坦白說，這是一個比我們以前更好的整合故事。

And we've taken lots of the process and learnings that we actually have from last year. That said, we still think we have significant amount to actually go in and raise, as I would say, of our base. I say a little over 10% or so of our base is on one of the consolidated offerings. And we're having steady adoption, a steady uptick in pipeline, but those bills are also larger in orientation and therefore our (inaudible).

我們從去年的實際過程中學到了很多經驗教訓。也就是說，我們仍然認為我們有大量資金可以實際投入並籌集資金，正如我所說，我們的基礎。我說我們的基礎中 10% 多一點是基於其中一個綜合產品。我們正在穩步採用，管道數量穩步增加，但這些法案的方向也更大，因此我們的（聽不清楚）。

Got it. Got it. That makes sense. Maybe for my follow-up for you, Tim. I appreciate the early look at 2025. I think that's prudent. Maybe the question is, how do you think about the mix of sort of customer growth versus that ARR per customer dynamic even qualitatively, as you think about that preliminary outlook?

知道了。知道了。這是有道理的。也許是為了我對你的後續行動，提姆。我很欣賞儘早展望 2025 年。我認為這是謹慎的。也許問題是，當您考慮初步前景時，您如何看待客戶成長與每個客戶動態的 ARR 的組合，甚至是定性的？

Yes. Saket, thanks for the question. Look, I think we have the opportunity on both fronts to continue to grow. We have over 11,000 customers today. We think that market opportunity is roughly 70,000. So there's always room to expand with new logos. And to Corey's earlier point, when you look at the strength that we're seeing in the consolidation offers, they do come in at a higher ARR per the average of around 71,000 that we see on customers.

是的。薩凱特，謝謝你的提問。看，我認為我們在兩個方面都有機會繼續發展。目前我們擁有超過 11,000 名客戶。我們認為市場機會大約是70,000個。因此，新徽標總有擴展的空間。對於 Corey 先前的觀點，當您觀察我們在整合報價中看到的實力時，您會發現，我們在客戶身上看到的平均 ARR 確實較高，約為 71,000。

So by selling into the packages, certainly the strength of MDR being larger deals gives us opportunity to do the expansion. And even to Corey's earlier point on Exposure Command, if you think of that as a great way to land with new customers and then you have that upsell, cross-sell opportunity with MDR with those customers. So I think you can see it from both new customer acquisition and expansion of customers as well.

因此，透過打包出售，MDR 的優勢無疑是規模更大的交易，這給了我們擴張的機會。即使是 Corey 之前關於 Exposure Command 的觀點，如果您認為這是吸引新客戶的好方法，那麼您就可以透過 MDR 向這些客戶提供追加銷售、交叉銷售的機會。所以我認為你也可以從新客戶獲取和客戶擴展中看到這一點。

Super helpful.

超有幫助。

(Operator Instructions)

（操作員說明）

Matt Hedberg, RBC.

馬特‧赫德伯格，加拿大皇家銀行。

All right. Maybe I'll just double click on the guidance portion as well. It seems like you're taking a conservative initial approach to the framework of what seems like maybe kind of mid-singles to maybe slightly better growth next year. I'm curious, Corey, are there things that you can do from a go-to-market perspective that could combat elongated deal cycles like one thing? It really seems like you're getting a lot of channel momentum. I'm kind of curious as you think about company-specific things that could combat some of these macro pressures. I'd be curious on kind of how you think about that.

好的。也許我也會雙擊指導部分。看起來你對框架採取了保守的初步方法，看起來可能是中單，明年的增長可能會稍微好一些。我很好奇，科里，從進入市場的角度來看，您是否可以做一些事情來應對延長的交易週期？看來您確實獲得了很大的通路動力。當你想到公司特定的事情可以對抗其中一些宏觀壓力時，我有點好奇。我很好奇你對此有何看法。

Yes. I mean, look, the primary thing that we're actually focused on is we like the dynamic that we have both on the consolidation offers and the D&R traction. They are larger deals. I would just say customers have their own specific budgets dynamic (inaudible). So we want to keep the good.

是的。我的意思是，看，我們真正關注的首要事情是我們喜歡整合報價和 D&R 牽引力方面的動態。它們是更大的交易。我只想說客戶有自己特定的動態預算（聽不清楚）。所以我們想保留好的東西。

What we want to add to that is, I would just say more velocity business as we actually termed it, which is you can think about that more sort of upgrade, upsell motions in the installed base, that's the upside. We do have that. I mean, testing Exposure Command as we start to see that in the pipeline, but it's definitely premature to actually sort of like take pipeline and actually predict conversion rates and how much of that flows to do. So I just think it's just too early, but that is our strategy for actually keeping the good stuff where we have the larger deals, increasing share of wallet, healthy dynamics are in the stack but added in a mix of velocity deals that are at lower ASPs and frankly, balanced out some of the large sale momentum that we actually have.

我們想補充的是，我只想說更多的速度業務，正如我們實際上所說的那樣，你可以考慮更多類型的升級，在安裝基礎上進行追加銷售，這就是好處。我們確實有。我的意思是，當我們開始在管道中看到它時，就對 Exposure Command 進行測試，但實際上採取管道並實際預測轉換率以及要執行多少流程絕對為時過早。所以我只是認為現在還為時過早，但這是我們的策略，實際上是在我們有較大交易的情況下保留好東西，增加錢包份額，健康的動態處於堆疊中，但添加了速度較低的混合交易坦率地說，平均售價平衡了我們實際擁有的一些巨大銷售勢頭。

Joe Gallo, Jefferies.

喬·加洛，杰弗里斯。

I appreciate the question and appreciate the deal cycle elongation commentary. Is that broad-based? Or are there some areas of the platform that are most impacted? I know you don't give updated mixes, but just any sense of the growth rates for the different segments?

我很欣賞這個問題，也很欣賞交易週期延長的評論。其基礎廣泛嗎？或是平台的某些區域是否受影響最大？我知道您沒有提供更新的組合，但只是對不同細分市場的成長率有任何了解嗎？

And then maybe on the reverse, like the gross retention side, was there any impact on the core vulnerability management or have gross retention rates stayed stable?

然後也許反過來，就像總保留率方面一樣，對核心漏洞管理是否有任何影響，或者總保留率是否保持穩定？

Okay. That was less (inaudible) sure I got all of it. So the on the deal cycle elongation, I think it's primarily large us. I would say it's less product-based with deal size based. Like when you become a material part on someone's budget in this budget environment, we're just seeing customers so like, there's a gap now between sort of like your recommended and a customer says they're going to go with you and how long it takes them to actually cut your out like when the budget knowledge and going to land. So that's kind of how we describe it. And we are -- like I would just say be cautious and thoughtful about like our expectations for the year and it's been consistent with what we've seen overall.

好的。這不太確定（聽不清楚）我已經掌握了所有內容。因此，關於交易週期的延長，我認為主要是我們大公司的影響。我想說的是，它不是基於產品而是基於交易規模。就像在這種預算環境下，當您成為某人預算的重要組成部分時，我們只是看到客戶如此喜歡，現在在您推薦的產品和客戶說他們將與您合作以及持續多久之間存在差距讓他們真正削減你的開支，就像預算知識和落地一樣。這就是我們描述它的方式。我們——就像我想說的那樣，對我們今年的預期保持謹慎和深思熟慮，這與我們所看到的整體情況是一致的。

As you can imagine, is that it's still primarily that's just because the exposure for (inaudible) pipe is actually new. We would expect the same 6-month deal cycle (inaudible) really in that cycle. So this -- that is more D&R weighted, so you ask sort of like what's happening. And the growth rates in D&R continue to be strong, and we expect them to stay strong as we actually go forward. And then the last one is the gross retention rates. I think we -- I think that's probably (inaudible).

正如您可以想像的那樣，這仍然主要是因為（聽不清楚）管道的暴露實際上是新的。我們預期該週期中確實會出現同樣的 6 個月交易週期（聽不清楚）。所以這——這是更多的 D&R 權重，所以你問的問題有點像正在發生的事情。D&R 的成長率持續強勁，我們預計隨著我們的實際進展，它們將保持強勁。最後一項是毛保留率。我想我們——我想這可能是（聽不清楚）。

Earlier in the year, we had highlighted that we were seeing in some gross retention pressures. Those feel like those are actually are in the process of bottoming out. I would just say the early indicators that we're seeing around those are actually quite positive. Part of that is that customers are seeing what the what we're doing around the Exposure Command that are the VM customers, and they do like the strategy. And so we're starting to see early confirmations around that. But I would just say that the -- we think a (inaudible), the gross retention trends are positive to up and we feel good about those as we go forward. I think I got all the questions.

今年早些時候，我們曾強調，我們看到了一些總的保留壓力。那些感覺實際上正在觸底。我只想說，我們在這些方面看到的早期指標實際上非常積極。部分原因是客戶看到了我們圍繞 Exposure Command 所做的事情，他們是 VM 客戶，而且他們確實喜歡這個策略。因此，我們開始看到有關這一點的早期確認。但我只想說，我們認為（聽不清楚）總保留率趨勢呈現正向上升趨勢，隨著我們的前進，我們對此感覺良好。我想我已經回答了所有問題。

You did. That was really helpful.

你做到了。這真的很有幫助。

Hamza Fodderwala, Morgan Stanley.

哈姆扎·福德瓦拉，摩根士丹利。

Just there's been a lot of improvement on the profitability side in the last few years. You're close to 20% free cash flow margin. Obviously, you want to accelerate your growth for 2025. I know we're not providing the full formal guidance. But as you think about that balance between growth and profitability, should we expect to see additional leverage going forward? Or is the focus going to be more around investing more for growth?

過去幾年，獲利能力方面有了很大改善。您的自由現金流利潤率已接近 20%。顯然，您希望在 2025 年加速成長。我知道我們沒有提供完整的正式指導。但當您考慮成長和獲利能力之間的平衡時，我們是否應該期望看到更多的槓桿作用？還是重點將更多放在增加投資以促進成長？

Yes. Look, the clear focus actually have right now. If you think about it, we started -- last year, we shipped to driving consolidation. I want to say we did good in one part of the business, the Threat Detection part of the business. We thought like we did not -- we thought we had room to improve on the overall risk side of the business. This year, we invested in the products and the offering around risk while continue to expand profitability.

是的。你看，現在的焦點確實清晰了。如果你想一想，我們去年就開始推動整合。我想說的是，我們在業務的一部分，即威脅偵測業務部分做得很好。我們認為我們沒有——我們認為我們在業務的整體風險方面還有改進的空間。今年，我們圍繞著風險投資了產品和發行，同時繼續擴大盈利能力。

We've actually built a pipeline. We're seeing the early indicators. We feel like the set up next year is focused on the growth risk acceleration. So that's the core focus of the business as we actually go forward next year. We think it's a good time to do it because we actually have the products, the product set up well, the feedback from customers and the sales team.

我們實際上已經建立了一條管道。我們看到了早期指標。我們認為明年的設置重點是成長風險加速。因此，這是我們明年實際推進業務的核心重點。我們認為現在是這樣做的好時機，因為我們實際上擁有產品、產品設定良好、來自客戶和銷售團隊的回饋。

We're not out over our skis in terms of the expectations just because right now, early indicators are, but they're still early indicators. So my expectation is that like we're happy with the profit dollar range that we're in. We certainly expect to see more free cash flow dollars as we actually go forward. But the real focus that we actually have is reaccelerating growth of the product base that we actually have today.

我們並沒有因為現在的早期指標而超越預期，但它們仍然是早期指標。所以我的期望是，我們對目前的利潤範圍感到滿意。隨著我們的實際進展，我們當然希望看到更多的自由現金流。但我們真正的重點是重新加速我們今天實際擁有的產品基礎的成長。

Rob Owens, Piper Sandler.

羅伯歐文斯，派珀桑德勒。

Corey, in prepared remarks, you did talk about shifts in the business model and particularly on pricing and -- in the Q&A, you did talk about increasing velocity business. Does it speak to that? Or is there something else afoot, if you can maybe elaborate.

科里，在準備好的發言中，您確實談到了商業模式的轉變，特別是定價方面的轉變，並且在問答中，您確實談到了提高業務速度。是這樣說的嗎？或者是否還有其他事情正在進行中，如果您可以詳細說明的話。

Yes. I think they're interrelated. When we look out at our customer base, we've done a really good job in positive Threat Detection business, I'm actually sort of like -- just actually, I was just executing, I would say, a larger deal, larger business becoming more strategic to our customers. That's evidenced by the business that we have there. The thing that we actually have not done a good job is how do we actually get to 20%, 30% upgrade in uplift in the installed base. And all they use get a little bit of that from the people adding more VM assets overall but we didn't get -- we did not get enough of that share originally as people move to the cloud.

是的。我認為它們是相互關聯的。當我們觀察我們的客戶群時，我們在積極的威脅檢測業務方面做得非常好，我實際上有點像——實際上，我只是在執行，我想說，一項更大的交易，更大的業務對我們的客戶變得更具戰略意義。我們在那裡的業務證明了這一點。我們實際上還沒有做得很好的是，我們如何真正實現安裝基礎的 20%、30% 提升。他們使用的所有內容都從總體上添加更多虛擬機資產的人那裡獲得了一點點，但我們沒有得到——隨著人們遷移到雲，我們最初沒有獲得足夠的份額。

The part of what we actually found there was the cloud pricing was high; we would have looked at our install-based. Lots of our customers just don't have any solution at all and so what we flipped around there is how do we actually monetize, I would just say, share of wallet in risk management, in the install base with a more integrated value proposition that sit around the attack surface source of truth from the endpoint to the on-prem to the cloud environment and how do we monetize and upgrade the installed base. And so that's the strategy that Rob is sort of like making sure that we actually don't become just a business that does large D&R yields from a sales focus and from an offering focus.

我們實際發現的部分是雲端定價很高；我們會看看我們的基於安裝的。我們的許多客戶根本沒有任何解決方案，所以我們要解決的是我們如何真正貨幣化，我只想說，在風險管理中的錢包份額，在具有更集成的價值主張的安裝基礎中，圍繞從端點到本地再到雲端環境的攻擊面真相來源，以及我們如何貨幣化和升級安裝基礎。因此，Rob 的策略有點像是確保我們實際上不會成為一家僅透過銷售和產品重點來獲得大量 D&R 收益的企業。

Again, that's not our sales team. It's more of our operating strategy. I feel like we've really nailed -- I mean so far, the feedback, very early, but we've now that with Exposure Command where it's the first time we kind of upgrade to our VM with installed-based customers. It also makes the customers stickier because they like the strategy that we're actually doing. It also allows us to actually add more assets per customer from a cloud perspective. And it's a stickier solution to normal management.

再說一次，那不是我們的銷售團隊。這更多的是我們的營運策略。我覺得我們真的已經很確定了——我的意思是到目前為止，反饋非常早，但我們現在已經透過Exposure Command 實現了這一點，這是我們第一次透過基於安裝的客戶升級到我們的虛擬機。它還使客戶更具黏性，因為他們喜歡我們實際上正在執行的策略。它還使我們能夠從雲端的角度實際為每個客戶添加更多資產。對於正常管理來說，這是一個更具黏性的解決方案。

VM was about scan and report or collect data and report and this is about sort of like collect data, but integrate data and become the attack surface source of truth in the environment. And when you are a system of record and environment, it's just a much better, much stickier value proposition. So Rob, that's the one that we're talking about is how do we actually sort of like have more offerings that are not just the bigger ASP, we execute well. Again, this is the first time I think half of our pipeline is over 100,000 deals. And that's okay, but we really do want to keep a line of that velocity business.

VM 是關於掃描和報告或收集數據和報告，這有點像收集數據，但整合數據並成為環境中的攻擊面事實來源。當你是一個記錄和環境系統時，它只是一個更好、更具黏性的價值主張。所以，Rob，我們正在討論的是，我們實際上如何提供更多的產品，而不僅僅是更大的 ASP，我們執行得很好。同樣，這是我第一次認為我們的一半交易量超過 100,000 筆。沒關係，但我們確實希望保留這種速度業務。

Gray Powell, BTIG.

格雷·鮑威爾，BTIG。

I just want to make sure I understood some of the commentary correctly. So when you say in the pipeline for risk visibility and exposure is up 70% from Q2, just can you help us think through what the base of comparison is there for example, like is it 70% growth off of a small number? Or is risk visibility and exposure a more meaningful part of the pipeline at the end of the quarter? Yes, just any additional detail there would be really helpful.

我只是想確保我正確理解了一些評論。因此，當您說風險可見度和風險暴露比第二季度增長了 70% 時，您能否幫助我們思考比較的基礎是什麼，例如，是否小數字增長了 70%？或者，風險可見度和風險敞口是否是季度末通路中更有意義的部分？是的，任何額外的細節都會非常有幫助。

Yes. Thanks for the question because that's help. So to the (inaudible) call this year, as we were retooling and upgrading our strategy around risk management to move from the [CR CSO]. So really an integrated product platform approach, we stop selling and building pipe on that. So like you could think about sort of like that really going down precipitously some exiting last year and coming into this year, which could -- I would just say more pressure on growth than we probably anticipated overall. And so what that signifies is one is now we're actually wearing back up that risk business overall.

是的。感謝您的提問，因為這很有幫助。因此，對於今年的（聽不清楚）電話，我們正在圍繞風險管理重組和升級我們的策略，以從[CR CSO]。因此，實際上是一種整合產品平台方法，我們停止在此基礎上銷售和建立管道。所以，就像你可以想像的那樣，去年退出和今年進入的一些確實會急劇下降，這可能——我只想說，增長的壓力比我們總體預期的更大。因此，這意味著現在我們實際上正在整體上恢復風險業務。

So while it's up quarter over quarter, most significantly is actually back sort of like the levels that it was sort of like in the middle of last year for the risk business. And most importantly, the total pipeline has actually sort of what fund out its deceleration in Q2 and actually has steadily risen up and that accelerated in Q3 as we actually move forward.

因此，雖然它逐季上升，但最重要的是實際上已經回到了去年年中風險業務的水平。最重要的是，總管道實際上在某種程度上彌補了第二季度的減速，並且實際上穩步上升，並且隨著我們實際前進，第三季度加速了。

So what we've also seen is just overall pipeline generation improving, and that's what we really focus on. It's a contributor. By the way, it is the best contributor because D&R stay within its range of expectations. But we really have to recover that risk management pipeline generation, and we've actually seen that. And again, the early sort of like data in conversion is pretty good. So I that capture..

因此，我們也看到整體管道生成的改進，這才是我們真正關注的重點。這是一個貢獻者。順便說一句，它是最好的貢獻者，因為 D&R 保持在其預期範圍內。但我們確實必須恢復風險管理管道的生成，而且我們實際上已經看到了這一點。再說一次，早期的類似數據轉換非常好。所以我捕捉..

That's really helpful color.

這真是有用的顏色。

Gregg Moskowitz, Mizuho.

格雷格·莫斯科維茨，瑞穗。

Okay. This is maybe a bit of a high-level question, and you may have touched on this a little bit in response to Rob's. But all of us on this call are -- as we're all aware, there are many security platforms out there, Corey, and to be fair, several of them are a lot bigger than Rapid7. What gives you the confidence that Rapid7 can be one of the real longer-term winners as a security consolidator?

好的。這可能是一個有點高級的問題，您可能在回答 Rob 的問題時已經觸及了這一點。但我們所有參加這次電話會議的人都知道，Corey，市面上有許多安全平台，公平地說，其中有幾個比 Rapid7 大得多。是什麼讓您相信 Rapid7 能夠成為安全整合者真正的長期贏家之一？

No. Look, I think that there's two approaches if you're going to be -- well, I think you're right, like if you are a niche player, it's going to be hard. And there's two approaches that you can actually have for consolidation. You can be a general consolidator of which I think a lot of the companies have talked to our general consolidators. They have lots of stuff across a wide rent of overall security and they're using the cousin relationship to deliver or you can be a focused consolidator.

不。聽著，我認為如果你想要——嗯，我認為你是對的，那麼有兩種方法，就像如果你是一個小眾玩家，這會很困難。實際上，您可以採用兩種方法進行整合。您可以成為總集運商，我認為許多公司已經與我們的總集運商進行了交談。他們在整體安全性方面擁有很多東西，他們利用表親關係來交付，或者你可以成為一個專注的整合者。

And if you're focused consolidator, what you really say is, we will be best in the world at this and we will do it at better economics than anyone else. We're focused on being a focused consolidator. What we're best in that is security operations consolidated. We collect more data for more systems than anywhere else in the world.

如果你是專注的整合者，你真正想說的是，我們將在這方面成為世界上最好的，並且我們將以比其他任何人更好的經濟效益來做到這一點。我們致力於成為專注的整合者。我們最擅長的是整合安全營運。我們為更多的系統收集的數據比世界上任何其他地方都多。

No one's actually processing data across the old prem with the traditional mobile (inaudible) technologies, the cloud technologies, the endpoint data collection. And oh, by the way, we process data from every other select security telemetry provider. No one processing more data, integrates more data to actually paint a picture of the attack surface and then takes that data and then use us to monitor the overall environment for (inaudible). Security operations is about, do you have the data to (inaudible) for your attack surface and then can you monitor that attack surface for attacks. We actually have been invested in this from long to anyone.

沒有人真正使用傳統的行動（聽不清楚）技術、雲端技術、端點資料收集來處理舊場所的資料。哦，順便說一句，我們處理來自所有其他精選安全遙測提供者的資料。沒有人處理更多的數據，整合更多的數據來實際繪製攻擊面的圖片，然後取得這些數據，然後使用我們來監控整體環境（聽不清楚）。安全性操作是指，您是否擁有攻擊面的資料（聽不清楚），然後您可以監控該攻擊面的攻擊情況。事實上，我們長期以來一直在這方面對任何人進行投資。

We're still like the most comprehensive, even if you prepare every single player on the market today, and we do it with better scale, better customer economics, and a better value proposition. That is still resonating with customers.

即使你讓當今市場上的每個參與者都做好準備，我們仍然是最全面的，並且我們以更好的規模、更好的客戶經濟效益和更好的價值主張來做到這一點。這仍然引起客戶的共鳴。

And if you dig into it, what you see is, in many ways, we've actually executed and continue to do better and grow faster than the market and the hardest part of it, which is the going upmarket with the D&R stuff, we're just adding back on the risk piece, but we're adding it back on from a rebuilt risk engineering that's more about integration and the integrated, the attack surface, than it is about the traditional variability management approach. But that's the approach that we actually have and we think we focus on (inaudible).

如果你深入研究，你會發現，在很多方面，我們實際上已經執行並繼續比市場做得更好，成長得更快，而其中最困難的部分是透過 D&R 東西進入高端市場，我們只是添加了風險部分，但我們是從重建的風險工程中添加回來的，該工程更多的是關於整合和整合的攻擊面，而不是關於傳統的可變性管理方法。但這是我們實際擁有的方法，我們認為我們專注於（聽不清楚）。

That's helpful. Thanks, Corey.

這很有幫助。謝謝，科里。

Jonathan Ho, William Blair.

喬納森·何，威廉·布萊爾。

Hi, good afternoon. Just wanted to see if you could give us a little bit of additional color on what you're seeing in the MDR space and with your own managed offerings as an add-on. And just how meaningful could this be as you start to think about trying to expand wallet share within your own customer base?

嗨，下午好。只是想看看您是否可以為我們提供一些關於您在 MDR 空間中看到的內容以及您自己的託管產品作為附加元件的額外資訊。當您開始考慮嘗試擴大自己的客戶群中的錢包份額時，這到底有多有意義？

And just similar to that, if you could talk a little bit about what's happening on the InsightIDR side, whether any of the consolidation that's been happening in this space is starting to show benefit there as well? Thank you.

與此類似，如果您能談談 InsightIDR 方面發生的事情，該領域發生的任何整合是否也開始顯示出好處？謝謝。

Yes. Jonathan, it's -- look, part of the D&R backdrop is driven by the Detection Response product and the MDR service. Look, from our benchmarks, we have one of the highest quality MDR service in the market, it is backstopped by incredibly strong retention rates compared to the overall market. We are one of the few product companies that actually built and continues to build an MDR as a product stack.

是的。喬納森，看，D&R 背景的一部分是由檢測響應產品和 MDR 服務驅動的。看，從我們的基準來看，我們擁有市場上最高品質的 MDR 服務之一，與整個市場相比，它得到了令人難以置信的強勁保留率的支持。我們是少數幾家實際建造並繼續建立 MDR 作為產品堆疊的產品公司之一。

So we use in our Detection and Response product solution to actually build it out. We think that there's lots of opportunity there going forward.

因此，我們在檢測和響應產品解決方案中使用它來實際建立它。我們認為未來有很多機會。

Our engineering team has been focused on how do we actually allow customers to not just monitor part the environment. Like a lot of the consolidators are still very narrowly focused on just their data. Our goal is for customers to make 100% of their environment and do that cost effectively. You have to be a product-driven company versus a services company that adds technology or a product company that actually has MDR as an ancillary feature of how you manage their own offerings.

我們的工程團隊一直專注於如何真正讓客戶不僅僅監控部分環境。就像許多整合者仍然非常狹隘地只專注於他們的數據。我們的目標是讓客戶 100% 充分利用他們的環境，並且經濟高效地實現這一點。您必須是一家產品驅動型公司，而不是一家添加技術的服務公司，或是一家實際上將 MDR 作為管理自己產品的輔助功能的產品公司。

So our goal is to monitor and manage 100% of the attack surface, our team's focus there. The benefit on your question for our SIEM, our Security Analytics Offering is that, that helps our SIEM customers the most productive solution for actually managing detection response in the environment because our MDR analysts have to be productive, and we have to do it at scale and at quality, and that's part of why that solution so attracting so many of those customers.

因此，我們的目標是監控和管理 100% 的攻擊面，這是我們團隊的重點。您對我們的SIEM（我們的安全分析產品）提出的問題的好處在於，它可以幫助我們的SIEM 客戶提供最高效的解決方案來實際管理環境中的檢測響應，因為我們的MDR 分析師必須高效，而且我們必須大規模地做到這一點和質量，這就是解決方案如此吸引如此多客戶的部分原因。

Again, that strategy of designing it to actually be a scale market solution that monitors 100% of the environment built as a product company allows us to actually have a great MDR offer, but most importantly, debt technology to be delivered to customers and partners, importantly, deliver great managed service business.

同樣，將其設計為一個規模市場解決方案的策略，可以監控作為產品公司構建的100% 環境，使我們實際上能夠提供出色的MDR 產品，但最重要的是，將債務技術交付給客戶和合作夥伴，重要的是，提供出色的託管服務業務。

Josh Tilton, Wolfe Research.

喬許‧蒂爾頓，沃爾夫研究中心。

Hey. This is Patrick on for Josh. Thanks for taking my question. Can you talk about the competitive environment and sort of what you're seeing there right now and maybe any changes observed over the last year? And then within that, has there been any changes to your win rates over the first 11 months this year? And if so, what gives you confidence that you can at least stabilize those win rates or maybe improve them with a better pipeline in front of you? Thanks.

嘿。這是帕特里克替喬許發言。感謝您提出我的問題。您能談談競爭環境以及您現在所看到的情況以及去年觀察到的任何變化嗎？那麼今年前 11 個月你們的勝率有什麼改變嗎？如果是這樣，是什麼讓您有信心至少可以穩定這些勝率，或者透過您面前的更好的管道來提高勝率？謝謝。

Yes, it's good. So Josh (sic - "Patrick"), the win rate time and changed material is just the pipeline confidence position has changed, and it's become -- again, for this year, we had a more of a D&R focused business. We're building back up the risk business with Exposure Command. So it's just too early. I mean this is why we're not out over our skis and what the embedded model and conversion rate assumptions are. I think the win rates will be somewhat high because like half of that is just upgrades of the VM so like customer base. And so those tend to have different competitive deals.

是的，這很好。因此，喬許（原文如此，「派崔克」），獲勝率、時間和材料的變化只是管道信心位置發生了變化，而且今年我們的業務更加註重 D&R。我們正在透過 Exposure Command 重建風險業務。所以現在還為時過早。我的意思是，這就是為什麼我們沒有超出我們的滑雪板以及嵌入式模型和轉換率假設是什麼。我認為獲勝率會有點高，因為其中一半只是虛擬機器的升級，就像客戶群一樣。因此，這些往往有不同的競爭性交易。

And by the way, those are also faster cycle deals to the question that was asked earlier. So while it's early, we would expect that to overall be positive, and then we'll see how it fares in the had to hit space. We did not pursue a lot of risk management and cloud opportunities, opportunities leading into this year, like we gave at the start of last year when we were launching CRC. We really wanted to retool it for a better approach.

順便說一句，對於先前提出的問題來說，這些也是更快的周期交易。因此，雖然現在還為時過早，但我們預計總體上會是積極的，然後我們將看看它在必須進入太空的情況下表現如何。我們沒有追求很多風險管理和雲端機會，今年的機會就像我們去年年初推出 CRC 時所提供的。我們真的很想對其進行重組以獲得更好的方法。

So in the D&R, so we'll know more on the Exposure Commands, but it's actually early, but I want to say it looks really good, but I don't want to overweight a small set of deals that actually happen to actually move a lot fast.

因此，在D&R 中，我們將了解更多有關曝光命令的信息，但實際上還為時過早，但我想說它看起來非常好，但我不想過分關注實際上發生實際變化的一小部分交易快很多。

On the Detection Response, we think we have a very, very competitive solution. We have high win rates. If we lose by far, it's because we are like walking away based on price or based on sort of like the extent the customizations that we'll do because we're taking a product-based approach there. The good news there is that we're actually -- have been aggressively extending what we monitor naturally, and we can actually do that in very, very good gross margins.

在檢測響應方面，我們認為我們有一個非常非常有競爭力的解決方案。我們的勝率很高。如果我們輸得很遠，那是因為我們基於價格或基於我們將進行的定製程度而放棄，因為我們在那裡採取基於產品的方法。好消息是，我們實際上一直在積極擴展我們自然監控的範圍，而且我們實際上可以以非常非常好的毛利率做到這一點。

And so I would just say on that MDR space, we actually have a premium solution there that's actually well regarded, and we feel great about the competitive position overall there. I've actually hit it. So look, I think the biggest issue this year is we had to reaccelerate pipeline on the midsize. It's not that we were actually like generating pipe and losing. Our sales team was just waiting for us to actually redo our offering going forward.

因此，我只想說，在 MDR 領域，我們實際上擁有一個備受好評的優質解決方案，而且我們對那裡的整體競爭地位感到非常滿意。我其實已經中過了。所以，我認為今年最大的問題是我們必須重新加快中型飛機的研發。這並不是說我們實際上就像生成管道然後丟失一樣。我們的銷售團隊只是在等待我們真正重做我們的產品。

Okay. Thank you.

好的。謝謝。

Brian Essex, JPMorgan.

布萊恩‧艾塞克斯，摩根大通。

Hi. Thanks for taking my question. Corey, I think you mentioned during your prepared remarks that about 90% of new ARR is sold through the partner ecosystem. And I know previously, you talked about investing in channel relationships, MSSP partners marketplaces. Could you maybe talk a little bit about the mix of what you're seeing through the partner ecosystem? Is it leading to more consultative sales? Is there anything about that partner mix that might also be contributing to these elongated sales cycles?

你好。感謝您提出我的問題。Corey，我想您在準備好的演講中提到，大約 90% 的新 ARR 是透過合作夥伴生態系統銷售的。我知道之前，您談到了對通路關係、MSSP 合作夥伴市場的投資。您能否談談您透過合作夥伴生態系統看到的混合情況？這是否會帶來更多的諮詢式銷售？這種合作夥伴組合是否也可能導致銷售週期延長？

It's a good question. The answer is I don't think that's the primary contributor. Look, I think having looked at it and spent some time in some of these myself, it's mostly -- we are now one of the more again, for the deals -- look, our pipeline mix has actually dischanged. We just have a lot of larger deals, in fact, than probably we have at any point in our history.

這是一個好問題。答案是我不認為這是主要貢獻者。聽著，我想我自己看了它並花了一些時間在其中一些方面，主要是——我們現在再次成為交易中的一員——看，我們的管道組合實際上已經改變了。事實上，我們有很多規模更大的交易，可能比我們歷史上任何時候的交易都要大。

And customers actually have more scrutiny for $150, $200, $300 plus line item than they actually do for a [20-30] thing line item. I mean that's just the bottom line. So I think it's the deal size plus environment. I would not attribute that to our partners.

事實上，客戶對 150 美元、200 美元、300 美元以上的訂單項目的審查實際上比對 [20-30] 件事訂單項目的審查要多。我的意思是這只是底線。所以我認為這是交易規模加上環境。我不會將其歸因於我們的合作夥伴。

I think our partners are doing a great job. We've seen that momentum they've been one to be contributors to our pipeline overall. And so I think it's more environmental and frankly, us not having enough offerings that are in that velocity space and actually really focusing our partners on our D&R business. I think that should change a little bit again as we actually continue to grow the exposure coming in, which again should be a little bit more of a velocity business at a lower ASP.

我認為我們的合作夥伴做得很好。我們已經看到他們成為我們整體管道的貢獻者之一的勢頭。所以我認為這更環保，坦白說，我們在這個速度空間中沒有足夠的產品，並且實際上真正讓我們的合作夥伴專注於我們的 D&R 業務。我認為這種情況應該會再次發生一些變化，因為我們實際上繼續增加了進來的曝光度，這又應該是在較低的平均售價下更多的速度業務。

Got it. Thank you.

知道了。謝謝。

Joel Fishbein, Truist Securities.

喬爾‧菲什拜因 (Joel Fishbein)，Truist 證券公司。

Corey, for you. Just love to hear anything that's going on in the Fed business and how that tracked this quarter and what the pipeline looks like there?

科里，為了你。只是想聽聽聯準會業務中發生的任何事情以及本季的進展以及那裡的管道情況如何？

Yeah, it's a good question. So recall, we have a strategic (inaudible) business. It's actually good, but we do much more in state and local. We have some really exciting, I would just say, bit pipeline and launches come in that launch, is that like big true engagement coming up next year. And so I'll just say next year really starts our aggressive cycle in the US federal government space, where we have these certifications, we have the momentum.

是的，這是一個好問題。回想一下，我們有一項策略性（聽不清楚）業務。這實際上很好，但我們在州和地方做得更多。我們有一些非常令人興奮的，我只想說，比特管道和發佈在該發布中，就像明年即將到來的大型真正的參與一樣。所以我只想說，明年真正開始我們在美國聯邦政府領域的積極循環，我們擁有這些認證，我們有動力。

We've been working on lots of precursor work, but it's not a material factor right now for this quarter, on a new growth basis. We have some very strategic brands and companies in the federal government space, but it's not a rate -- it's not a material factor for new business this quarter for this year.

我們一直在做大量的前期工作，但在新的成長基礎上，這並不是本季的實質因素。我們在聯邦政府領域擁有一些非常具有戰略意義的品牌和公司，但這不是一個比率——它不是今年本季新業務的重要因素。

Great. Thank you.

偉大的。謝謝。

Shrenik Kothari, Robert Baird.

施萊尼克·科塔里，羅伯特·貝爾德。

Hey. Thanks for taking my question. So Corey, on the elongated deal cycle some cautions on customer budgets being more broad base. You and Tim, you guys touched upon, of course, pricing and bundling and so on (technical difficulty) in terms of adjustments?

嘿。感謝您提出我的問題。因此，科里對延長的交易週期提出了一些警告，要求客戶預算更加廣泛。您和提姆，當然，你們談到了定價和捆綁等等（技術難度）方面的調整？

Yes, you're breaking up there. Could you repeat the question, please?

是的，你們就在那裡分手。請您重複一下這個問題好嗎？

Yes. Yes. So I'm just trying to ask just taking a lead out of some other vendors, making any specific adjustments to the (technical difficulty) market in terms of perhaps exploring flexible financing, some trial periods, other value-based selling techniques just to kind of imply them to alleviate customer hesitation in adopting the platform. Just trying to understand others might be doing as well.

是的。是的。因此，我只是想問一下，以其他一些供應商為榜樣，對（技術難度）市場進行任何具體調整，也許探索靈活的融資、一些試用期、其他基於價值的銷售技術，只是為了這意味著它們可以減輕客戶在採用該平台時的猶豫。僅僅試圖理解別人也可能是這樣做的。

Yes, it's a great point. So I would just say we are active in discussions around that right now. We're learning for others. It's not the base plan that we actually gave you we're trying to see the durability of how it impacts. But I would just say we are looking at sort of like how we actually think about just securing the business as we go forward.

是的，這是一個很好的觀點。所以我只想說我們現在正在積極圍繞這個問題進行討論。我們正在為別人學習。這不是我們實際提供給您的基本計劃，我們只是想看看它影響的持久性。但我想說的是，我們正在考慮如何在前進過程中實際考慮確保業務安全。

We're doing it to a strategic and targeted, but we don't actually have a broad-based program in place around some of those things. But I would just say our financing and our sales teams are actively looking at that right now. Great question.

我們這樣做是有策略性和有針對性的，但實際上我們並沒有圍繞其中一些事情制定一個基礎廣泛的計劃。但我想說的是，我們的融資和銷售團隊現在正在積極考慮這一點。很好的問題。

Eric Heath, KeyBanc.

艾希斯 (Eric Heath)，KeyBanc。

Hey, Corey, Tim. Thanks for taking my question. I just wanted to come back to the SIEM market. Obviously, been a lot of M&A activity across both enterprise focus and mid-market-focused vendors. And there's a lot of vendors out there circling the (inaudible) opportunities. So just curious if you think you're getting shots on goal there. And I don't know if that's one of the other sources of why you're seeing longer deal cycles. So just any commentary there would be helpful.

嘿，科里，提姆。感謝您提出我的問題。我只是想回到 SIEM 市場。顯然，以企業為重點的供應商和以中端市場為重點的供應商都進行了大量的併購活動。而且有很多供應商都在圍繞著（聽不清楚）機會。所以只是好奇你是否認為你在那裡射門了。我不知道這是否是交易週期更長的其他原因之一。所以任何評論都會有幫助。

I mean I think -- yeah, I think we're doing great at the [shots]. I mean like -- and we're scoring a lot of points, too. I mean the D&R business has actually proven stable and healthy. And so we feel very good about that overall.

我的意思是我認為——是的，我認為我們在這方面做得很好[鏡頭]。我的意思是——我們也獲得了很多分數。我的意思是，D&R 業務實際上已被證明是穩定和健康的。所以我們總體上感覺非常好。

It's a competitive market, but I would say our competitive position is actually quite strong. And we're investing a lot in R&D there to actually continue to extend that strength in that leadership.

這是一個競爭激烈的市場，但我想說我們的競爭地位實際上相當強大。我們在研發方面投入了大量資金，以實際繼續擴大我們的領導力。

Yeah. Corey, the D&R business is very healthy. It's half of the ARR that we have and the growth rate has been very exciting for us. So that remains very strong.

是的。Corey，D&R 業務非常健康。這是我們 ARR 的一半，而且成長率對我們來說非常令人興奮。所以這仍然非常強大。

[Anj Colville], Scotiabank.

[Anj Colville]，豐業銀行。

Patrick Colville from Scotiabank. Corey and Tim, I guess I just want to ask about the preliminary 2025 outlook. Did you say that we should use the 4Q exit ARR rate? But if so, I calculate that to be 4% in 4Q. So should use that to forecast 2025 ARR?

豐業銀行的派崔克·科爾維爾。Corey 和 Tim，我想我只是想問一下 2025 年的初步展望。您是說我們應該使用 4Q 退出 ARR 率嗎？但如果是這樣，我計算出第四季的成長率為 4%。那麼應該用它來預測 2025 年 ARR 嗎？

And if I'm right in my math, I guess that guidance would suggest a kind of nice amelioration of demand trends. And so I guess, can you just talk us through the puts and takes as to how things are going to stabilize as we look into 2025?

如果我的數學是正確的，我想該指導將表明需求趨勢將得到某種很好的改善。所以我想，您能否向我們介紹看跌期權和看跌期權，以及我們展望 2025 年時情況將如何穩定？

Yeah. I'm going to give you assumptions sort of like race there. So one, what we say is look at the exit rate and expect sort of like flat to mild acceleration. The core assumption around it, just to be clear, is -- look, we don't love it, but we actually had to actually reset expectations a couple of times this year. And while we have extreme excitement, we expect to be in our business to be stable because it is stable, it's actually very healthy. Exposure Command, we actually are saying it actually sort of continues to show the momentum in the retention rates that we actually see.

是的。我將給你一些類似於那裡的比賽的假設。因此，我們所說的是觀察退出率，並預期會出現持平或溫和的加速。需要明確的是，圍繞它的核心假設是——看，我們不喜歡它，但今年我們實際上不得不多次重新調整期望。雖然我們非常興奮，但我們希望我們的業務能夠穩定，因為它很穩定，實際上非常健康。Exposure Command，我們實際上是說，它實際上繼續顯示出我們實際看到的保留率的勢頭。

But we are kind of taking away and see approach to see what the conversion rates are on that, and we're not baking that into any base assumptions. We'll update you on that as we actually see it. But in launch later Q3, we've been thrilled with strategic expectations so far, but we want to get through its full deal cycles versus just taking a random estimate and actually putting into the model.

但我們只是採取一種方法來了解其轉換率，並且我們不會將其納入任何基本假設。我們將根據實際情況向您通報最新情況。但在第三季稍後的發布中，到目前為止，我們對戰略預期感到興奮，但我們希望完成其完整的交易週期，而不是僅僅進行隨機估計並實際放入模型中。

So that's just the logic behind sort of like where we are but of course, we'll actually update in sort of so we actually have clarity of like there's that momentum that we actually see, carry through in the same deal cycles with the ASPs that we're expecting.

這就是我們現在所處的位置背後的邏輯，但當然，我們實際上會進行某種程度的更新，因此我們實際上很清楚，就像我們實際看到的那樣，在與ASP 相同的交易週期中進行我們期待著。

Yes. Corey, and we just -- we talked about in Q3 and Q4 and elongated deal cycles, larger deals. We assume that going into next year.

是的。科里，我們剛剛在第三季和第四季談到了延長交易週期和更大的交易。我們假設進入明年。

Mark Cash, Raymond James.

馬克卡什，雷蒙德詹姆斯。

This is Mark on for Adam. So can you just kind of circling back to the really strong ARR bookings from partners this quarter. Coming after the pipeline strategic partners being up 15% last quarter. So just kind of into what's driving that buy-in and pipeline from partners? And could you also comment tie-in how much of that has come from AWS or the impact of that relationship so far?

這是亞當的馬克。那麼，您能否回顧一下本季合作夥伴提供的真正強勁的 ARR 預訂。緊隨其後，管道戰略合作夥伴上季度成長了 15%。那麼，是什麼推動了合作夥伴的購買和管道？您能否評論一下其中有多少來自 AWS 或迄今為止這種關係的影響？

Yes. I would say we have a set of strategic partners that I believe I've talked to you all about before that are like our top -- our top strategic partners, I think [15] partners around the world. That's the lion's share of that sort of like increase. I do see that part of how you get momentum is partners great pipeline and the close pipeline and we're seeing those healthy trends.

是的。我想說的是，我們有一群策略夥伴，我相信我之前已經和大家談過，就像我們的頂級策略夥伴，我認為[15]世界各地的合作夥伴。這是此類增長的最大部分。我確實看到，獲得動力的部分原因是合作夥伴擁有良好的管道和密切的管道，我們正在看到這些健康的趨勢。

Keep in mind that we did shift lots of our investment away from purely internal sources to be more partner base last year. So this is expected. Some of this is expected I would say, again, similar to our overall business, more than D&R weighted. It's -- and frankly, it's early on the risk side, but we actually think there's lots of growth opportunity on the Exposure Command side.

請記住，去年我們確實將大量投資從純粹的內部來源轉移到了更多的合作夥伴。所以這是預料之中的。我想說，其中一些是預期的，與我們的整體業務類似，比 D&R 加權的要多。坦白說，現在還處於風險方面的早期階段，但我們實際上認為曝光司令部方面有很多成長機會。

I think about that as a part of the natural evolution of starting to see yields from the investments that we made exiting last year when we shifted from our own internal sources to more partner base, primarily D&R focused, and we're expecting both the pipeline and the conversion to actually line up as we go forward on the Exposure Command and the Risk Management business.

我認為這是自然演變的一部分，去年我們從自己的內部資源轉向更多的合作夥伴基礎（主要是 D&R 重點）時，開始看到我們退出的投資產生的收益，我們預計管道以及隨著我們推進曝光指揮和風險管理業務而實際進行的轉換。

[Matt], Needham & Company.

[馬特]，李約瑟公司。

Great. I wanted to ask about the shift to a regional sales model that you implemented recently. Can you update us on how that's progressing? And given the early glimpse to 2025, any learnings or thoughts around changing go-to-market incentives for sales reps given the pipeline composition is shifting as you alluded to?

偉大的。我想詢問一下你們最近實施的區域銷售模式的轉變。您能否向我們介紹一下進展？鑑於對 2025 年的初步了解，考慮到管道組成正如您所提到的正在發生變化，有關於改變銷售代表進入市場激勵措施的任何經驗或想法嗎？

Yes, it's a great it's a question. So I would say it's going very well so far. I mean, the pipeline acceleration you're seeing is focused execution around the world from our sales leaders to partner up with our partner teams. Based off having a full product set in market for the first half in a while, that we got competitive in the right product set. So -- so what do you want to see? You want to see the pipeline build. You want to continue to see healthy conversion rates and win rates of D&R, which we actually have, you want to see the pipeline Exposure Command, convert and actually go forward.

是的，這是一個很好的問題。所以我想說到目前為止一切都很順利。我的意思是，您所看到的管道加速是我們的銷售領導者與我們的合作夥伴團隊合作在世界各地的集中執行。基於上半年在市場上擁有完整的產品集，我們在正確的產品集中具有競爭力。那麼——那你想看到什麼？您想查看管道建置。您希望繼續看到 D&R 的健康轉換率和勝率，這是我們實際擁有的，您希望看到管道 Exposure Command、轉換並實際推進。

And that should drive sales productivity next year as we move forward. That's certainly sort of like the leading indicators that we actually see. But also the steps we go through. So like if you look today, our sales teams have been really focused on both building the pipeline and burden the existing line. And so they hit all the execution goals that we've actually laid out. They've also sort of like done a good job of going back and upgrading our installed base and building a pipeline around that.

隨著我們的前進，這應該會提高明年的銷售效率。這肯定有點像我們實際看到的領先指標。還有我們所經歷的步驟。因此，就像您今天看到的那樣，我們的銷售團隊一直專注於建立管道並減輕現有生產線的負擔。因此，他們實現了我們實際制定的所有執行目標。他們在回過頭來升級我們的安裝基礎並圍繞它建立管道方面也做得很好。

So I would say they've hit all the milestones that we've actually laid out and that we won't hit. What's next up is what allows us to actually go in and tell you more than mild acceleration is that we actually have to see what the deal cycles are for Exposure Command. We have to actually see what the conversion velocity is around that and we have to actually execute on that. That's the next update that we're really focused on -- all right. Well, thank you all. So -- do we have one more?

所以我想說，他們已經達到了我們實際設定的、但我們不會達到的所有里程碑。接下來讓我們真正進入並告訴您的不僅僅是溫和的加速，我們實際上必須了解曝光司令部的交易週期是多少。我們必須實際了解周圍的轉換速度，並且我們必須實際執行該操作。這是我們真正關注的下一個更新——好吧。嗯，謝謝大家。那麼──我們還有一個嗎？

Oh no, sorry, I was about to turn it back over to you, but please go ahead.

哦，不，抱歉，我正要把它還給你，但請繼續。

So I really appreciate everyone taking the time on the call today. This is going to say I feel -- I know we've had some changes throughout the year, but we continue the momentum with D&R. We've now led on a good integrated risk strategy that we actually feel good about. And really, our focus now is about how do we actually reaccelerate and drive growth as we actually go forward. Thank you all for your time.

因此，我非常感謝大家今天抽空參加電話會議。這就是說我覺得——我知道我們這一年裡發生了一些變化，但我們繼續保持 D&R​​ 的勢頭。我們現在已經制定了一個良好的綜合風險策略，我們實際上對此感覺良好。事實上，我們現在的重點是如何在實際前進的過程中真正重新加速並推動成長。感謝大家抽出寶貴的時間。

Thank you.

謝謝。

That does conclude today's presentation. Have a pleasant day.

今天的演講到此結束。祝你有愉快的一天。