Rapid7 Inc (RPD) 2025 Q1 法說會逐字稿

Hello and welcome to the Rapid7 first-quarter 2025 earnings call. (Operator Instructions)

您好，歡迎參加 Rapid7 2025 年第一季財報電話會議。（操作員指示）

I would now like to turn the conference over to Elizabeth Chwalk, Head of Investor Relations at Rapid7. You may begin.

現在，我想將會議交給 Rapid7 投資者關係主管 Elizabeth Chwalk。你可以開始了。

Thank you, operator, and good afternoon, everyone. We appreciate you joining us today to discuss Rapid7's first-quarter 2025 financial and operating results, in addition to our financial outlook for the second quarter and full fiscal year 2025. With me on the call 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 2025 年第一季的財務和營運業績，以及我們對 2025 年第二季和全年財務的財務展望。今天與我一起參加電話會議的還有我們的執行長 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.

我們已經透過網路發布了我們的收益新聞稿。現在，它已發佈在我們的網站 investors.rapid7.com 上，同時發布的還有更新的公司介紹和財務指標文件。本次電話會議透過網路直播進行。電話會議結束後，音訊回放可在 investors.rapid7.com 上收聽。

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 financial guidance for the second-quarter and full-year 2025, and the assumptions underlying such goals and guidance. These forward-looking statements are based on our current expectations and beliefs and on information currently available to us.

在本次電話會議中，我們可能會做出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的。這些聲明是根據 1995 年《私人證券訴訟改革法》的安全港條款作出的，其中包括與公司 2025 年第二季度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。這些前瞻性陳述是基於我們目前的預期和信念以及我們目前所掌握的資訊。

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 today May 12, 2025, and in the subsequent reports that we filed with the SEC. The information provided on this conference call should be considered in light of such risks.

由於存在許多風險和不確定因素，包括我們於 2025 年 5 月 12 日提交的最新 10-Q 表季度報告以及我們向美國證券交易委員會提交的後續報告中包含的風險和不確定因素，實際結果可能與這些聲明中表達或暗示的未來結果有重大差異。應根據此類風險考慮本次電話會議提供的資訊。

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.

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表現的指標。Rapid7 不承擔更新本次電話會議上提供的資訊的任何義務，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.

我們今天的評論主要採用非公認會計準則 (Non-GAAP) 數據，歷史 GAAP 和非 GAAP 業績對比表可在今天的收益新聞稿和我們的網站 investors.rapid7.com 上查看。有時，當我們準備好的評論或回答您的問題時，我們可能會提供一些增量指標，以便更深入地了解我們的業務動態或季度業績。請注意，這些額外的細節可能只是一次性的，我們將來可能會或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?

說完這些，我想把電話轉給我們的執行長科里·托馬斯 (Corey Thomas)。科里？

Hello, and thank you to everyone joining us this afternoon. Rapid7 ended the first quarter with revenue and operating income above our guidance ranges, while our ARR fell short of our expectations, ending at $837 million with 4% year-over-year growth.

大家好，感謝今天下午加入我們的各位。Rapid7 第一季的營收和營業收入高於我們的預期範圍，但我們的 ARR 低於預期，最終為 8.37 億美元，年成長 4%。

During the quarter, we saw continued strength in detection response, progress towards stabilizing our risk and exposure management business and resilience and profitability and free cash flow. In a moment, I'll walk through the details of our performance. But first, I want to remind everyone of the expectations we shared on our last earnings call. We entered 2025 with a clear strategy and commitment to reaccelerate long-term growth and expand free cash flow over time.

在本季度，我們看到檢測響應持續強勁，在穩定風險和敞口管理業務、彈性和盈利能力以及自由現金流方面取得進展。稍後我將介紹我們表演的細節。但首先，我想提醒大家我們在上次收益電話會議上分享的期望。我們帶著明確的策略和承諾邁入 2025 年，以重新加速長期成長並隨著時間的推移擴大自由現金流。

This strategy rests on three pillars: first, building on our scale and success and detection response, where we have strong customer demand and are well positioned to sustain growth. Second, upgrading our large vulnerability management customer base to our exposure management platform, which will both increase retention and provide a valuable on-ramp to our D&R platform. And third, improving our underlying cost structure while continuing to innovate by leveraging our new operations center in India and streamlining our processes.

這項策略基於三大支柱：首先，基於我們的規模、成功和偵測回應，我們擁有強勁的客戶需求，並有能力維持成長。其次，將我們龐大的漏洞管理客戶群升級到我們的暴露管理平台，這不僅可以提高保留率，還可以為我們的 D&R 平台提供有價值的入口。第三，透過利用我們在印度的新營運中心並簡化流程，改善我們的基礎成本結構，同時繼續創新。

In Q1, detection and response continued as the core growth driver of our business from both an ARR and product expansion perspective. This business now represents over half of our total ARR and maintain mid-teens growth in the quarter. Our D&R performance would have been even better if not for a few seven-figure deals slipping into the second quarter, which have now since closed. However, our risk and exposure management business continue to see challenges, missing our expectations with continued growth deceleration.

在第一季度，從 ARR 和產品擴展的角度來看，檢測和響應繼續成為我們業務的核心成長動力。該業務目前占我們總 ARR 的一半以上，並在本季保持中等幅度的成長。如果不是有幾筆七位數的交易進入第二季（目前已經完成），我們的 D&R 業績會更好。然而，我們的風險和敞口管理業務持續面臨挑戰，未達到我們的預期，成長持續放緩。

While exposure command continued to gain traction, this was offset by ongoing negative growth in our traditional vulnerability management offering. On positive note, our investments to improve our cost structure remain on track, setting us up for profitability reacceleration in 2026.

雖然暴露命令繼續獲得關注，但這被我們傳統漏洞管理產品的持續負成長所抵消。積極的一面是，我們改善成本結構的投資仍在按計劃進行，為我們在 2026 年重新實現盈利奠定了基礎。

Our performance took place in a more challenging macro environment than we anticipated entering the year. We observed customers becoming increasingly cautious and measured about their investments, both in terms of what they purchase and win. Extended deal cycles have become more common across multiple sectors and many organizations are actively evaluating vendors, reprioritizing budgets and implementing tighter spending controls. These dynamics are particularly evident in the North American mid-market enterprise segment, which has experienced slower deal cycles. This customer segment is demonstrating greater scrutiny and tighter budget control, trends that are reflected more broadly as customers reassess their priorities and spending commitments.

我們今年的表現是在比預期更具挑戰性的宏觀環境中取得的。我們觀察到，客戶對於他們的投資變得越來越謹慎和謹慎，無論是購買什麼還是贏得什麼。延長交易週期在多個行業中變得越來越普遍，許多組織正在積極評估供應商、重新調整預算優先順序並實施更嚴格的支出控制。這些動態在北美中型企業領域尤其明顯，該領域的交易週期較慢。這群客戶群表現出更嚴格的審查和更嚴格的預算控制，隨著客戶重新評估其優先事項和支出承諾，這種趨勢得到了更廣泛的反映。

As we've seen in previous periods of economic uncertainty, the pressure is more pronounced in our risk and exposure management products, while our detection and response offerings continue to show resilience.

正如我們在以往的經濟不確定時期所看到的那樣，我們的風險和敞口管理產品面臨的壓力更加明顯，而我們的檢測和響應產品繼續表現出彈性。

Now let's examine our product base performance in detail. Our detection and response business continues to be our growth engine, anchored by strong momentum in our managed offering. We ended Q1 with over half of our ARR coming from detection response, growing in the mid-teens year-over-year. This growth is driven by persistent demand trends, particularly for NBR, which represents more than 75% of our D&R business. As customers seek enhanced visibility, broader coverage and operational efficiency in managing an increasingly complex threat landscape.

現在讓我們詳細檢查一下我們的產品基礎性能。我們的檢測和響應業務繼續成為我們的成長引擎，這得益於我們託管產品的強勁發展勢頭。在第一季末，我們超過一半的 ARR 來自檢測響應，年比成長率達到十五六%。這一成長是由持續的需求趨勢所推動的，尤其是對 NBR 的需求，它占我們 D&R 業務的 75% 以上。客戶在管理日益複雜的威脅情況時尋求更高的可視性、更廣泛的覆蓋範圍和營運效率。

We believe the detection response market offers attractive and durable tailwinds, and we're still in the early innings of its development. We spent years investing and laying the foundation to position ourselves to capital assets opportunity, and we continue to innovate and invest for growth. This includes our recently announced Intelligence Hub which seamlessly integrates threat intelligence into our command platform experience and expanding our capabilities through our recently opened SOC innovation center in India, which will scale over the coming quarters. These investments are helping us deliver services more efficiently while driving better customer outcomes.

我們相信檢測響應市場提供了有吸引力且持久的順風，而且我們仍處於其發展的早期階段。我們花了數年時間進行投資並奠定基礎，以把握資本資產機會，並且我們將繼續創新和投資以實現成長。這包括我們最近宣布的情報中心，它將威脅情報無縫整合到我們的指揮平台體驗中，並透過我們最近在印度開設的 SOC 創新中心擴展我們的能力，該中心將在未來幾個季度內擴大規模。這些投資幫助我們更有效率地提供服務，同時帶來更好的客戶成果。

As organizations increasingly turn to Rapid7 to monitor and respond to threats across complex environments, our integrated platform and MDR expertise continues to stand out in a private marketplace. A great example is a first quarter competitive win with a midsized enterprise health care customer who consolidated their security stack with our managed threat complete solution. They were seeking broader visibility, greater automation and reduced operational complexity, challenges we were uniquely positioned to address. Our differentiation was clear across several dimensions. Our managed XDR capabilities enable seamless third-party detection response through native integrations with their existing tools.

隨著組織越來越多地轉向 Rapid7 來監控和應對複雜環境中的威脅，我們的整合平台和 MDR 專業知識在私人市場中繼續脫穎而出。一個很好的例子是，我們在第一季與中型企業醫療保健客戶的競爭中獲勝，該客戶利用我們的託管威脅完整解決方案整合了他們的安全堆疊。他們尋求更廣泛的可視性、更高的自動化程度和更低的營運複雜性，而我們則具有獨特的優勢來應對這些挑戰。我們的差異化在多個維度上都十分明顯。我們的託管 XDR 功能透過與現有工具的本機整合實現無縫的第三方偵測回應。

Our AI-powered SIEM and log management offered unlimited ingestion and long-term retention, providing unmatched visibility, our customizable analytics and automated alert (inaudible) streamlined their operations, and we delivered true defense in-depth by correlating alerts across multiple sources, not just endpoints, creating a more robust security posture. This win was driven by our technology and strengthen our partner collaboration and ability to support the customers' goals with speed and clarity. It exemplifies how our consolidated platform continues to drive success in highly competitive environments. With our proven brand, our track record and the right capabilities to win we remain excited about the future of this business and expect to continue to drive growth for Rapid7.

我們的人工智慧 SIEM 和日誌管理提供了無限的提取和長期保留，提供了無與倫比的可見性，我們的可自訂分析和自動警報（聽不清楚）簡化了他們的操作，我們透過關聯跨多個來源（而不僅僅是端點）的警報提供了真正的縱深防禦，從而創建了更強大的安全態勢。這次勝利得益於我們的技術，並加強了我們與合作夥伴的合作以及快速、清晰地支持客戶目標的能力。它體現了我們的整合平台如何在高度競爭的環境中繼續取得成功。憑藉我們成熟的品牌、優異的業績記錄和勝利的能力，我們對這項業務的未來充滿期待，並期望繼續推動 Rapid7 的成長。

Now let's turn to our risk and exposure management business, which is where we experienced the most pressure during the first quarter. As we've shared in recent quarters, we have made a deliberate shift transitioning from a traditional standalone VM business to a consolidated integrated approach to risk and exposure management. We believe customers increasingly need unified visibility across their attack surface with streamline remediation and smarter risk prioritization. This is what exposure demand delivers, bringing together vulnerability management, cloud native application protection and threat context into a cohesive experience by consolidating risk insights across hybrid environments, automating response workflows and focusing teams on what truly matters, real, exploitable threats were helping security teams efficiently secure their expanding attack surface. Our strategy to improve risk and exposure management is center on driving adoption of exposure command across our VM customer base.

現在讓我們來談談風險和敞口管理業務，這是我們在第一季面臨最大壓力的領域。正如我們在最近幾季所分享的那樣，我們已經做出了刻意的轉變，從傳統的獨立 VM 業務過渡到綜合的風險和敞口管理方法。我們相信，客戶越來越需要透過簡化的補救措施和更聰明的風險優先順序來統一其攻擊面的可見性。這就是暴露需求所提供的，透過整合混合環境中的風險洞察、自動化回應工作流程以及讓團隊專注於真正重要的事情，將漏洞管理、雲端原生應用程式保護和威脅環境整合成一個有凝聚力的體驗，真實的、可利用的威脅正在幫助安全團隊有效地保護其不斷擴大的攻擊面。我們改善風險和敞口管理的策略是推動整個 VM 客戶群採用敞口命令。

And we continue to believe this will stabilize performance and ultimately position the business back to growth. We laid the right foundation in 2024 with our exposure coming at launch. And today, we're actively working to transition our VM installed base to this more modern integrated solution. While we've not yet made the full progress we hoped, we are resolute in our strategy and the key consideration is around timing. The most significant variable in our near-term performance will be the velocity of the upgrade cycle and risk and exposure management.

我們仍然相信這將穩定業績並最終使業務恢復成長。我們在 2024 年奠定了正確的基礎，並在產品發佈時就獲得了曝光。今天，我們正在積極努力將我們的 VM 安裝基礎過渡到這個更現代的整合解決方案。雖然我們尚未取得我們所希望的全部進展，但我們堅定地堅持我們的策略，關鍵的考慮因素是時機。我們近期表現中最重要的變數將是升級週期的速度以及風險和敞口管理。

This is where we're focusing our efforts, accelerating migrations, enabling partners and removing friction points to shorten time to upgrade in what is clearly a more competitive and measured environment.

這正是我們努力的重點，加速遷移，支持合作夥伴並消除摩擦點，以縮短在更具競爭力和更有分寸的環境中升級的時間。

On the go-to-market side, we have completed initial partner and build enablement and are now refining our packaging and pricing to support clear customer pads and more streamlined upgrades. We also recognize the need to better communicate the strength of our snow capabilities, which remain a core differentiator but are still underappreciated in the market. On the product side, we continue to invest in innovation, including several recent enhancements that expand coverage, improve automation, and reinforce our leadership in unified exposure management across hybrid environments.

在市場推廣方面，我們已經完成了初步的合作夥伴和建置支持，目前正在改進我們的包裝和定價，以支援清晰的客戶面板和更簡化的升級。我們也意識到需要更好地傳達我們的雪地能力的優勢，這仍然是我們的核心差異化因素，但在市場上仍未得到充分重視。在產品方面，我們繼續投資於創新，包括最近的幾項改進，擴大了覆蓋範圍，提高了自動化程度，並鞏固了我們在混合環境中統一風險管理方面的領導地位。

Now turning to our outlook for the remainder of the year. We remain confident that our strategy can position Rapid7 for sustainable growth and expanding cash flow in the years ahead. Our detection and response business continues to perform and remains the primary growth engine for 2025, as we work to modernize our risk and exposure management platform and return that business to growth. That said, it's clear the environment is more dynamic and fluid than when we initially provided guidance in February. We're seeing greater variability in customer decision cycles, something we experienced firsthand with certain March deals slipping into April, and we recognize that broader policy and budget implemations may take additional time to play out.

現在來談談我們對今年剩餘時間的展望。我們仍然相信，我們的策略可以幫助 Rapid7 在未來幾年實現永續成長和擴大現金流。我們的檢測和回應業務持續表現出色，並且仍然是 2025 年的主要成長引擎，因為我們致力於實現風險和敞口管理平台的現代化，並使該業務恢復成長。話雖如此，但很明顯，與我們 2 月最初提供指導時相比，目前的環境更加動態和多變。我們看到客戶決策週期的變化越來越大，我們親身經歷了某些三月的交易拖延到四月份，我們意識到更廣泛的政策和預算實施可能需要更多時間才能完成。

Additionally, we've taken the opportunity to leverage the expertise and input from our new board members to help evaluate and enhance our guidance approach.

此外，我們也藉此機會利用新董事會成員的專業知識和意見來幫助評估和加強我們的指導方法。

Given the evolving backdrop and our slower start to the year, we're adjusting our ARR guidance by lowering the overall range and also widening the range to account for increased budgetary uncertainty. Importantly, we are maintaining our expectations for operating profitability, which is a reflection of the operating flexibility and resiliency that we've built into our model. As we look ahead, our focus remains clear and grounded in 3 strategic priorities. First, we will continue to drive industry-leading product innovation across both our growing D&R franchise and our established risk and exposure management business. Second, we remain committed to delivering successful outcomes for our customers helping them navigate increasingly complex threat environments while ensuring clear returns to their security investments.

鑑於不斷變化的背景和今年開局放緩的勢頭，我們正在調整 ARR 指導，降低總體範圍並擴大範圍以應對預算不確定性的增加。重要的是，我們保持對營運獲利能力的預期，這反映了我們在模型中建構的營運靈活性和彈性。展望未來，我們的重點依然明確，並基於三大戰略重點。首先，我們將繼續在不斷成長的 D&R 特許經營權和成熟的風險與敞口管理業務中推動行業領先的產品創新。其次，我們將繼續致力於為客戶提供成功的結果，幫助他們應對日益複雜的威脅環境，同時確保他們的安全投資獲得明確的回報。

And third, we're focused on driving comfortable growth and strong cash generation, including through operational efficiency and continued leverage in our expanded partner ecosystem.

第三，我們專注於推動舒適的成長和強勁的現金創造，包括透過提高營運效率和繼續利用我們擴大的合作夥伴生態系統。

Before I turn the call over to our CFO, Tim Adams, to discuss financials, I want to take a moment to welcome our newest addition to our Board of Directors. Wael Mohamed, Michael Burns and Kevin Galligan, each brings expertise that will support our efforts as we navigate a rapidly evolving landscape. We look forward to leveraging their experience to drive growth, enhance our industry leadership and create value for all our shareholders.

在我將電話轉給我們的財務長 Tim Adams 討論財務問題之前，我想花點時間歡迎我們董事會的新成員。Wael Mohamed、Michael Burns 和 Kevin Galligan 各自帶來了專業知識，為我們在快速變化的環境中前進提供支援。我們期待利用他們的經驗來推動成長，增強我們的行業領導地位並為所有股東創造價值。

With that, I'll turn the call over to Tim to walk through the results in more detail.

說完這些，我將把電話轉給提姆，讓他更詳細地介紹結果。

Thank you, Corey. Good afternoon to everyone. We appreciate you taking the time to join us on today's call. Before I turn to the 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 non-GAAP results can be found in our earnings press release.

謝謝你，科里。大家下午好。感謝您抽空參加今天的電話會議。在我討論結果之前，需要快速提醒一下，除了收入之外，我們今天討論的所有財務結果都是非 GAAP 財務指標，除非另有說明。此外，我們的 GAAP 和非 GAAP 結果之間的對帳可以在我們的收益新聞稿中找到。

Rapid7 ended the first quarter of 2025 with $837 million in ARR, representing growth of 4% over the prior year. ARR results came in below our expectations and reflect continued healthy growth in our detection and response business, offset by both macroeconomic headwinds and continued pressure in our risk and exposure management business. Softness in our stand-alone vulnerability management business and a few delayed new deals were the primary headwinds, combined with an incrementally more cautious customer spending environment, which muted potential upside drivers in the first quarter. Amid this, we delivered revenue and profitability that exceeded our guided ranges, and we continued to demonstrate strong operational discipline and free cash flow generation.

Rapid7 2025 年第一季的 ARR 為 8.37 億美元，比前一年增長 4%。ARR 結果低於我們的預期，反映了我們的檢測和響應業務持續健康成長，但被宏觀經濟逆風和風險與敞口管理業務的持續壓力所抵消。我們獨立漏洞管理業務的疲軟和一些新交易的延遲是主要的阻力，再加上客戶支出環境逐漸變得更加謹慎，這抑制了第一季潛在的上行動力。在此期間，我們的收入和利潤超出了預期範圍，並且我們繼續表現出強大的營運紀律和自由現金流創造能力。

Now turning to the rest of our financial results for the quarter. Year-over-year ARR growth in the first quarter was split fairly evenly between new and existing customers. ARR per customer grew 2% year-over-year to approximately $72,000, and our total customer base grew 2% year-over-year to 11,685 customers globally. Revenue of $210 million for the first quarter grew 3% year-over-year and was above our guided range. Product revenue grew 4% year-over-year to $204 million.

現在來看看本季其餘的財務業績。第一季 ARR 年成長在新客戶和現有客戶中分配得相當均勻。每位客戶的 ARR 年增 2%，達到約 72,000 美元，我們的全球客戶總數較去年同期成長 2%，達到 11,685 名客戶。第一季營收 2.1 億美元，年增 3%，高於我們的預期範圍。產品營收年增4%至2.04億美元。

Professional services declined year-over-year, consistent with our decision to deemphasize certain lower-margin service engagements. International revenue represented 25% of total revenue and grew 10% over the prior year.

專業服務較去年同期下降，這與我們決定不再強調某些利潤率較低的服務業務的決定一致。國際收入佔總收入的25%，比前一年增長10%。

On operating and profitability measures, our product gross margin was 76% and total gross margin was 75%. Sales and marketing expenses were 34% of revenue, reflecting disciplined investments in growth initiatives. R&D and G&A expenses were 18% and 8% of revenue, respectively, and consistent with our plan to prioritize targeted investments behind our core security operations platform and scaling our India innovation center. Operating income for the first quarter was $32 million and above our guided range due to the timing of certain hiring and G&A expenses. We now expect these costs will be reflected in the later quarters.

從營運和獲利指標來看，我們的產品毛利率為76%，總毛利率為75%。銷售和行銷費用佔收入的 34%，反映出對成長計畫的嚴格投資。研發和一般及行政費用分別佔收入的 18% 和 8%，這與我們優先對核心安全運營平台進行有針對性的投資以及擴大印度創新中心的計劃一致。第一季的營業收入為 3,200 萬美元，由於某些招聘和一般及行政費用的時間安排，高於我們的指導範圍。我們現在預計這些成本將在以後的幾個季度反映出來。

Adjusted EBITDA was $39 million in the quarter and non-GAAP net income per share was $0.49.

本季調整後 EBITDA 為 3,900 萬美元，非 GAAP 每股淨收入為 0.49 美元。

Turning to our balance sheet and cash flow statement. We ended the first quarter with cash, cash equivalents and investments of $593 million. In early May, we fully repaid the remaining $46 million balance of our 2025 convertible notes, further simplifying our capital structure. Our existing convertible debt is attractively priced and we plan to meet these obligations through a combination of cash on hand and free cash flow generated from the business. We believe this financial flexibility positions us well to continue investing in growth while maintaining a strong capital structure.

轉向我們的資產負債表和現金流量表。第一季結束時，我們的現金、現金等價物和投資總額為 5.93 億美元。5月初，我們全額償還了2025年可轉換票據剩餘的4,600萬美元餘額，進一步簡化了我們的資本結構。我們現有的可轉換債務價格具有吸引力，我們計劃透過現金和業務產生的自由現金流來履行這些義務。我們相信，這種財務靈活性使我們能夠繼續投資於成長，同時保持強大的資本結構。

Free cash flow for the quarter was $25 million. This brings us to our outlook for the remainder of the year. For the full year 2025, we are adjusting our ARR guidance to reflect the slower start to our year, along with increased uncertainty we're seeing in the market. While detection and response remains a consistent performer. The softness in our risk and exposure management business and lengthening sales cycles, particularly in March, have created more variability than we anticipated at the start of the year.

本季自由現金流為 2,500 萬美元。這讓我們對今年剩餘時間的前景有了展望。對於 2025 年全年，我們正在調整 ARR 指引，以反映今年開局放緩以及市場不確定性增加的情況。而檢測和響應仍然保持一致的表現。我們的風險和敞口管理業務的疲軟以及銷售週期的延長（尤其是在三月），造成的變化比我們年初預期的要大。

As a result, we are lowering and widening our full year ARR range to $850 million to $880 million, growth of 1% to 5% over the prior year. in order to better account for these dynamics. We continue to monitor the macro environment closely and are staying agile in our planning and execution. Given the changes in the ARR outlook, we now expect full year revenue of $853 million to $863 million, representing growth of 1% to 2% over 2024. Recurring product revenue growth will outpace total revenue growth, offset partially by a year-over-year decline in professional services.

因此，為了更好地解釋這些動態，我們將全年 ARR 範圍降低並擴大至 8.5 億美元至 8.8 億美元，比上年增長 1% 至 5%。我們將繼續密切關注宏觀環境，並在規劃和執行中保持靈活性。鑑於 ARR 前景的變化，我們現在預計全年營收為 8.53 億美元至 8.63 億美元，比 2024 年成長 1% 至 2%。經常性產品收入成長將超過總收入成長，但專業服務的年減將部分抵銷這一成長。

On operating profitability, we are reiterating our full year operating income outlook of $125 million to $135 million. We are adjusting our full year free cash flow guidance to a range of $125 million to $135 million to reflect billings and collection dynamics associated with our lower ARR outlook.

在營業獲利能力方面，我們重申全年營業收入預期為 1.25 億美元至 1.35 億美元。我們將全年自由現金流預期調整至 1.25 億美元至 1.35 億美元之間，以反映與我們較低的 ARR 前景相關的帳單和收款動態。

Non-GAAP net income per share is expected to be between $1.78 and $1.91 based on approximately 76.7 million diluted weighted average shares. For the second quarter, we expect revenue in the range of $211 million to $213 million, representing year-over-year growth of 1% to 2%. We expect non-GAAP operating income between $30 million and $32 million and non-GAAP net income per share of $0.43 to $0.46 based on approximately 75.3 million diluted weighted average shares outstanding.

基於約 7,670 萬股稀釋加權平均股，非公認會計準則每股淨收益預計在 1.78 美元至 1.91 美元之間。對於第二季度，我們預計營收將在 2.11 億美元至 2.13 億美元之間，年增 1% 至 2%。我們預計非公認會計準則營業收入在 3,000 萬美元至 3,200 萬美元之間，非公認會計準則每股淨收入在 0.43 美元至 0.46 美元之間，基於約 7,530 萬股稀釋加權平均流通股。

In closing, while the broader environment remains cautious, we are confident that the steps we are taking, driving innovation in our product portfolio deepening customer relationships and operating with financial discipline position us well to drive improved execution through the balance of 2025 and beyond. To close, I'd like to thank our teams for their hard work and continued focus as we execute against our long-term strategy. We remain committed to driving sustainable growth, expanding profitability over time and reinforcing Rapid7's leadership in security operations. Thank you again for joining us today.

最後，儘管整體環境依然謹慎，但我們相信，我們正在採取的措施、推動產品組合創新、深化客戶關係以及遵守財務紀律，使我們能夠在 2025 年及以後推動執行力的提高。最後，我要感謝我們的團隊在我們執行長期策略過程中的辛勤工作和持續關注。我們將繼續致力於推動永續成長、持續提高獲利能力並鞏固 Rapid7 在安全營運領域的領導地位。再次感謝您今天加入我們。

Operator, we will now open the line for questions.

接線員，我們現在可以開始回答問題了。

(Operator Instructions)

（操作員指示）

Saket Kalia, Barclays.

巴克萊銀行的 Saket Kalia。

Maybe I'll stick to the rule just around one question and maybe make it for you, Corey. Can you just go one level deeper into why you think maybe the upgrade cycle on the closure command is just going a little bit longer than you expected. I mean it's clearly a tough macro, but can you just maybe dig into some of the product considerations here as customers think about really consolidating multiple tools with that product?

也許我會堅持只問一個問題的規則，也許會為你解答，科里。您能否更深入地解釋為什麼您認為關閉命令的升級週期可能比您預期的要長一點。我的意思是，這顯然是一個艱難的宏觀問題，但是當客戶考慮將多種工具與該產品真正整合在一起時，您能否深入研究一下這裡的一些產品考慮因素？

Yes. So if you look at the budgetary -- if you look at sort of a step back and say, like, why do customers want to upgrade to a product like exposure coming in is, by and large, customers have a more complex risk environment. So they have more cloud assets, more SaaS assets. They need to actually look at risk across the environment. They understand their environment.

是的。因此，如果你看預算——如果你退一步來看，然後說，為什麼客戶想要升級到像曝光這樣的產品，總的來說，客戶的風險環境更加複雜。因此他們擁有更多的雲端資產、更多的 SaaS 資產。他們需要真正審視整個環境的風險。他們了解自己的環境。

They need to model their attack surface and they need to manage their remediation and their compliance across that complex environment. So complexity is the primary driver of demand. The reason that we actually have confidence in the cycle is we're seeing good interest and demand in solving the problem. We are seeing, especially in our core mid-market installed base is not readily available budget. And so part of how we think about the opportunity is where we're seeing budget that people can actually allocate and where are we not.

他們需要對攻擊面進行建模，並需要在複雜的環境中管理補救措施和合規性。因此複雜性是需求的主要驅動力。我們之所以對這個循環充滿信心，是因為我們看到了人們對解決這個問題的濃厚興趣和需求。我們看到，特別是在我們的核心中端市場安裝基礎上，並沒有現成的預算。因此，我們看待機會的部分方式是看看人們實際上可以分配的預算在哪裡，以及我們無法分配的預算在哪裡。

As we entered the year, we actually looked at it across the board and thought that there will be a pace of upgrades to cross, which we still think that will be a healthy pace of upgrades. But we are seeing a difference between those that can actually afford the budget and those that can't afford the budget. I'll remind you that we tend to have a heavy layer -- a more heavy weighted mid-market installed base, especially in traditional VM. And that's where we're expecting it to take a little bit longer on the time to actually get through that upgrade cycle because it is incremental expense.

進入新的一年，我們實際上對整個情況進行了全面審視，認為升級步伐將會加快，我們仍然認為這將是一個健康的升級步伐。但我們看到，那些實際上負擔得起預算的人和那些負擔不起預算的人之間存在差異。我要提醒您，我們傾向於擁有一個重量級的層——更重要的中階市場安裝基礎，特別是在傳統的 VM 中。這就是我們預計實際完成升級週期需要更長的時間，因為它是一項增量費用。

Jonathan Ho, William Blair.

喬納森·何、威廉·布萊爾。

I guess one thing I wanted to understand a little bit better is when it comes to your expectations around the ARR side of things, I mean, clearly, it's a bit more challenging here with the macro and with what's happened around exposure management. But what has to happen to sort of reaccelerate the ARR? And what could maybe be some upside scenarios here as we look at sort of the environment?

我想更好地理解的一件事是，當涉及到您對 ARR 方面的期望時，我的意思是，顯然，宏觀和風險管理方面發生的事情在這裡更具挑戰性。但是要怎麼樣才能重新加速 ARR 呢？當我們觀察環境時，這裡可能有哪些好的情景？

Yes. Thanks for the question, Jonathan. Look, we see 2 drivers, which is why we have a pretty wide range right now. The first driver is the continuation of what we're seeing right now. We've seen strong demand for detection response.

是的。謝謝你的提問，喬納森。你看，我們看到了 2 個驅動因素，這就是為什麼我們現在擁有相當廣泛的範圍。第一個驅動因素是我們現在所看到的情況的延續。我們看到了對檢測響應的強烈需求。

We just expanded the offering to be able to actually go after more customized and more enterprise use cases that just launched off. So we're expecting execution there. Now those deal cycles are longer. And so we're not forecasting or making that completely into the plan. But we're definitely bullish on what we're seeing.

我們只是擴展了產品範圍，以便能夠真正滿足剛剛推出的更多客製化和更多企業用例。因此我們期待在那裡執行。現在這些交易週期更長了。因此，我們不會對此進行預測，也不會將其完全納入計劃。但我們對於目前所看到的情況絕對持樂觀態度。

And even with the performance in Q1, what I would just say some things that were headwinds where deals got delayed in D&R and they showed up in the early part of Q2. We had some customers that had M&A. We still saw very, very healthy performance on D&R, and we just significantly expanded the market opportunity at the TAM there. And so that's an area where we actually have a lot of confidence overall.

即使第一季的表現不錯，我還是想說，有些不利因素導致 D&R 交易被推遲，而這些不利因素在第二季初期就顯現出來了。我們有一些進行併購的客戶。我們仍然看到 D&R 表現非常健康，並且我們顯著擴大了那裡的 TAM 市場機會。因此，我們總體上對這個領域非常有信心。

The second part is that the ability to upgrade our installed base, we don't have to get to material parts of the installed base to see upside. We are incrementally more cautious about the U.S. mid-market. We still see lots of strength internationally around the world. But when we look at sort of what it takes to see reacceleration, it's really sort of like can we actually start to get the upgrade engine going.

第二部分是升級我們安裝基礎的能力，我們不必接觸安裝基礎的材料部分就能看到上行空間。我們對美國越來越謹慎。中端市場。我們仍然看到世界各地的國際力量十分強大。但是，當我們研究重新加速需要什麼時，這實際上就像我們是否真的可以開始啟動升級引擎一樣。

Keep in mind, the upgrade engine is a new engine for us. This is the first time in a long time that we've had the ability to upgrade a material part of the installed base. And so again, that's why we have a wider range. So again, to simplify it, continued D&R momentum pursuing the expanded D&R opportunity, which we just opened up from a product portfolio, and we're well positioned to actually get. And then we need to actually see the upgrade cycle perform on the risk side.

請記住，升級後的引擎對我們來說是一個新引擎。這是很長一段時間以來我們第一次有能力升級已安裝基礎的重要部分。這就是為什麼我們的範圍更廣。因此，再次簡化一下，繼續保持 D&R 勢頭，追求擴大 D&R 機會，這是我們剛剛從產品組合中開闢出來的，我們已準備好去實際獲得這些機會。然後我們需要實際觀察升級週期在風險上的表現。

All of those give us plenty of room to actually achieve the upside, but timing is one of those things that we did not want to actually overcommit on the timing because the upgrade cycle especially could take a little bit of time.

所有這些都為我們提供了足夠的空間來實現優勢，但時間是我們不想在時間上投入過多的時間之一，因為升級週期可能需要一點時間。

Matt Hedberg, RBC.

馬特·赫德伯格（Matt Hedberg），RBC。

I wanted to follow up on Saket's first question at the start. And it seems like, Corey, you outlined a couple of steps for improving risk and exposure management that you talked about enabling partners and accelerating migration. I'm just kind of curious, what sort of time line should we think about for stabilization, if not improvement in that business?

我想跟進一下 Saket 一開始提出的第一個問題。科里，你似乎概述了改善風險和風險管理的幾個步驟，其中談到了支持合作夥伴和加速遷移。我只是有點好奇，如果不能改善該業務，我們應該考慮什麼樣的時間表來實現穩定？

That's a great question. And this is one of the things that we focus a lot on. I would say, if you look at the guidance range that we actually have now is we're expecting moderate stabilization over the course of this year. And then I would just say, reacceleration as we actually move forward. When we look at the core drivers, you really do have to break it down and say what's happening by a segment basis.

這是一個很好的問題。這是我們非常關注的事情之一。我想說，如果你看看我們現在實際掌握的指導範圍，我們預計今年全年將出現適度穩定。然後我只想說，隨著我們真正前進，我們會重新加速。當我們研究核心驅動因素時，你確實必須將其分解，並根據細分情況說明發生了什麼。

And so what we're finding right now is that customers that actually have flexibility in budget, we're seeing a movement, and we're continuing to see upgrade cycles, not at the pace that we would want to see, just to be clear, to offset the larger macro pressure, but we are seeing momentum, and we are seeing upgrades and we are seeing proof points around those. The deal cycles tend to be a little bit larger, which is one of our indicators that we're seeing more pressure in our core mid-market installed base. There are some things that we're doing around packaging and pricing to actually try to ease that upgrade cycle for that core mid-market customer.

因此，我們現在發現，對於預算實際上具有靈活性的客戶，我們看到了一種動向，並且我們繼續看到升級週期，雖然速度不如我們希望看到的那樣，只是為了抵消更大的宏觀壓力，但我們看到了勢頭，我們看到了升級，我們看到了圍繞這些的證明點。交易週期往往會更長一些，這是我們的核心中端市場安裝基礎面臨更大壓力的指標之一。我們在包裝和定價方面做了一些事情，實際上是為了嘗試簡化核心中端市場客戶的升級週期。

But to answer your core question is that we expect to say stabilization as we -- moderate stabilization as we actually go through the year. We are expecting to be more pressured than we actually expected as we started the year overall in the risk and detection business, but we're constantly focused on what it takes to unlock that. The steps that you outlined are sales and channel enablement, honing and intuiting the price and packaging, driving campaigns against the installed base and segment in the installed base, really focused on those who actually have the budget and the ability to actually upgrade (inaudible) and most importantly, continuing to improve the product value proposition. Those are the keys that we actually see that drive the midterm cycle there. In the interim, we're not jamming the timing on that.

但要回答你的核心問題是，我們預計隨著我們度過這一年，我們會實現穩定——適度穩定。由於我們在年初總體上處於風險和檢測業務的階段，因此我們預計面臨的壓力會比我們實際預期的要大，但我們始終專注於解決這一問題所需的方法。您概述的步驟是銷售和通路支援、磨練和直觀的價格和包裝、針對安裝基礎和安裝基礎中的細分市場開展活動、真正關注那些真正擁有預算和實際升級能力的人（聽不清楚），最重要的是，繼續改進產品價值主張。這些是我們實際看到的推動中期週期的關鍵因素。在此期間，我們不會幹擾這一進程。

We're focused on -- we're focusing our sales teams and marketing teams on what's working. We have a strong value proposition in detection response. And so we're really focusing on that as we actually continue to drive the systematic upgrade on the installed base.

我們專注於—我們的銷售團隊和行銷團隊專注於有效的工作。我們在檢測響應方面有很強的價值主張。因此，我們真正關注的是這一點，因為我們實際上繼續推動已安裝基礎的系統升級。

Aaron Samuels, Susquehanna.

亞倫·塞繆爾斯，薩斯奎漢納。

I wanted to ask a little bit more about the macro. You mentioned some pressure from U.S. mid-market customers. Do you have any call-outs in terms of customers that have been relatively more resilient, whether by customer size, geography or industry vertical?

我想進一步詢問一些有關宏的問題。您提到了來自美國中端市場客戶的一些壓力。您對那些從客戶規模、地理位置或產業垂直角度來看更具彈性的客戶有什麼看法？

It's a good question. It's interesting is that I would just say customers where security is required and mandated are clearly easier to actually sort of like withstand and get the budgets more. So that's why we find it more in both highly regulated industries as well as slight -- I would just say, not large, large, but I would just say the larger end of our installed base. When you think about that over $1 billion of revenue customer set. And so there tends to be more we have to solve.

這是個好問題。有趣的是，我只想說，需要並強制執行安全措施的客戶顯然更容易承受並獲得更多預算。所以這就是為什麼我們在嚴格監管的行業和輕微監管的行業中都發現它更多——我只想說，不是大，是大，但我只想說我們安裝基數的較大端。當您想到超過 10 億美元的客戶收入時。因此，我們需要解決的問題就更多了。

But we actually do see real benefits and tailwinds from the fact that those customers also have to scale their operations. And so we think that there's a real opportunity, especially with our expanded enterprise MDR offering to actually be able to drive growth and acceleration there. So that's where we actually see opportunities. We also see lots of actually opportunities in Europe, especially outside of the U.S. where we continue to actually have healthy growth and healthy demand drivers overall.

但我們確實看到了真正的好處和順風，因為這些客戶也必須擴大其業務規模。因此，我們認為這是一個真正的機會，特別是透過擴展企業 MDR 產品，我們實際上能夠推動那裡的成長和加速。所以我們實際上看到了機會。我們也看到歐洲有很多實際機會，特別是在美國以外，總體而言，我們繼續保持健康的成長和健康的需求驅動力。

The places that we're seeing pressure are unfortunately places that are, I would say, critical to Rapid7's focus on resource-constrained buyers historically is we see pressure in the health care sector. We see pressure in the education sector where, again, they're still moving forward, but those deals are definitely taking longer, and there's lots of budget concerns as you go around. Same with state and local sectors. And then we talked about sort of like the general media market. So we see areas of strength.

不幸的是，我們看到壓力的地方是那些對於 Rapid7 關注資源受限的買家至關重要的地方，從歷史上看，我們看到醫療保健領域存在壓力。我們看到教育領域面臨壓力，儘管他們仍在向前邁進，但這些交易肯定需要更長的時間，而且在預算方面也存在許多問題。與州和地方部門相同。然後我們談論了類似一般媒體市場的事情。因此，我們看到了優勢領域。

We also see areas of pressure. The one thing I'll say, as you look across those things, we are seeing even though it may take a little bit longer, the D&R projects are closing. Now people want to make sure they get great value for what they're getting. But those D&R deals are closing and moving forward.

我們也看到了壓力領域。我想說的是，當你回顧這些事情時，我們會發現儘管可能需要更長的時間，但 D&R 專案即將結束。現在人們希望確保他們所得到的東西具有巨大的價值。但這些 D&R 交易正在結束並向前推進。

And we saw those in the month of April that slipped from March.

我們發現 4 月份的銷售額較 3 月份下滑。

Exactly.

確切地。

So it's very positive.

所以這是非常積極的。

Fatima Boolani, Citigroup.

花旗集團的 Fatima Boolani。

This is Mark on for Fatima. Maybe just on the challenging macroeconomic environment and also the new upgrade cycle motion that you guys are seeing. Can you maybe speak to the level of growth churn in those attrition during the quarter? Any sense of observed disruptions from the upgrade cycle? And related to that, any color you could provide on NRR would be great.

這是法蒂瑪的馬克。也許只是因為充滿挑戰的宏觀經濟環境以及你們所看到的新的升級週期運動。您能否談談本季員工流失的成長水準？升級週期中觀察到任何中斷現象嗎？與此相關，如果您能在 NRR 上提供任何顏色，那就太好了。

Yes. No, it's a good question. So when you look at the churn that we actually saw, it's pretty consistent with what we actually saw exiting last year. So if you think about the pressure from a net AR perspective, is the churn was consistent, especially in the risk business with what we saw exiting last year, what was a pressure environment. So we didn't expect any major changes overall.

是的。不，這是個好問題。因此，當您查看我們實際看到的客戶流失情況時，它與我們去年實際看到的流失情況非常一致。因此，如果從淨 AR 角度考慮壓力，客戶流失是持續的，特別是在風險業務中，我們看到去年退出的情況，這是一種壓力環境。因此我們總體上並不期待任何重大變化。

I will say that we refreshed more on the new side of the equation in that core mid market space. As you think about sort of like the traditional vulnerability management growth. Well, it's not a big factor it's still sort of a factor when you think about total net ARR growth. But churn was relatively consistent to what we expected as we actually exited last year. And that has -- the upgrade cycle hasn't been a major factor in the churn overall.

我想說的是，我們在核心中端市場領域的新面向進行了更多的創新。正如您所想的，這有點像是傳統的漏洞管理的成長。嗯，這不是一個很大的因素，但當你考慮總淨 ARR 成長時，它仍然是一個因素。但客戶流失率與我們去年實際退出時的預期相對一致。而且，升級週期並不是導致整體客戶流失的主要因素。

That's the core question is, is this putting more deals up for risk? No, we're not seeing that at all.

核心問題是，這是否會使更多交易面臨風險？不，我們根本沒有看到這一點。

Patrick Colville, Scotiabank.

加拿大豐業銀行的派崔克‧科爾維爾。

I guess, Corey, I mean this one is for you. I mean, in the quarter, we had, I mean, conference recently and a large, I guess, platform cybersecurity company best known for its endpoint tool put into GA, it's network-based VM. I guess, clearly, too early to tell what that might mean. But can you shove us some thoughts on like what this entrant could be for Rapid7 and how you guys are going to compete against them to kind of lock them out?

我想，科里，我的意思是這個是給你的。我的意思是，在本季度，我們最近召開了一次會議，一家大型平台網路安全公司以其端點工具而聞名，並將其投入 GA，即基於網路的 VM。我想，顯然，現在判斷這意味著什麼還為時過早。但是您能否向我們介紹一下這位參賽者對 Rapid7 來說可能意味著什麼，以及您將如何與他們競爭以將他們排除在外？

Yes. And so, when we look at VM, we consider VM to be a hyper competitive pressure, but also in that high-growth space. And so we do have to actually depend and upgrade. Our strategy is pretty straightforward. We uniquely have a very differentiated approach to actually provide integrated risk visibility across the attack surplus, which is what people are looking for now.

是的。因此，當我們審視 VM 時，我們認為 VM 是一種超級競爭壓力，但也處於高成長領域。因此我們確實必須依賴併升級。我們的策略非常簡單。我們採用獨特的差異化方法，真正提供涵蓋攻擊盈餘的綜合風險可見性，這正是人們現在所尋求的。

I've said it before. If you are looking at monetizing just traditional stand-alone VM, it's going to be an unattractive business. Part of what we're doing is part of the upgrade cycle is we're drawing down the value of historical traditional stand-alone VM and providing more value from the ability to actually track all the assets, resources technology across the attack surface look at the integrated risk profile across the attack surface, manage remediation across their attack surface and manage compliance across the attack surface. I look at all the announcements at RSA, none of them are actually taking a truly integrated approach overall there. So we think that our upgrade strategy, this is why we said that it is an imperative to upgrade our installed base because we are upgrading in a way that actually makes us stickier.

我之前就說過了。如果您只想透過傳統的獨立虛擬機器來賺錢，那麼這將是一項沒有吸引力的業務。我們正在做的工作是升級週期的一部分，我們正在降低歷史上傳統獨立虛擬機的價值，並透過實際追蹤攻擊面上的所有資產、資源技術的能力來提供更多價值，查看攻擊面上的綜合風險概況，管理攻擊面上的補救措施並管理攻擊面上的合規性。我看了 RSA 上的所有公告，沒有一個真正採取了整體整合的方法。所以我們認為我們的升級策略，這就是為什麼我們說升級我們的安裝基礎是必要的，因為我們正在以一種實際上讓我們更具黏性的方式進行升級。

And so that's a no. We have to execute on it, but that's a no, no. But the other part of it is there's a lot of focus, I would just say it is defit, and we are definitely declining on the overall traditional vulnerability management market, and that's the imperative upgrade. But the other part of that is to actually continue to play offense about what's working. And the D&R growth engine also provides a stickier avenue and approach for those VM customers as they consolidate on the platform.

所以答案是否定的。我們必須執行它，但那是不行的。但另一方面，我們關注的點很多，我只想說，這很不合理，我們在整個傳統漏洞管理市場的地位肯定在下降，而這是必須的升級。但另一方面實際上是繼續對正在起作用的事情進行攻擊。並且，D&R 成長引擎也為那些在平台上進行整合的 VM 客戶提供了更具黏性的途徑和方法。

And so if you think about our strategy, if defense is too wrong. If we have a bunch of, I would just say, stranded vulnerability management with customers that don't have any sort of like other compelling value, then that's a higher risk for disruption and we acknowledge it. That's the imperative there. but either upgrade to exposure command or upgrade them to our integrated detection and response offering, those customers are much, much more stickier. And we've already seen that with our overall D&R customer base.

所以如果你考慮我們的策略，如果防守太錯的話。我想說，如果我們有一堆陷入困境的漏洞管理，而客戶又沒有任何其他引人注目的價值，那麼中斷的風險就會更高，我們承認這一點。這是必須的。但無論是升級到曝光命令還是升級到我們的整合偵測和回應產品，這些客戶的黏性都會大大增強。我們已經在我們的整體 D&R 客戶群中看到了這一點。

So that's the strategy and that's the approach. I would just say regardless of what anyone does, standing still was never an option. We've known that. We could have managed to change better, but we've known that standing still is never an option. We are in a good place that we have massive momentum and we are participating in a core growth market, and we're getting more than our share of that core growth market, which is D&R as we actually then address the changes that are happening in the vulnerability management market overall, which we forecast and saw that coming.

這就是策略，這就是方法。我只想說，無論任何人做什麼，停滯不前都不是選項。我們已經知道了。我們本來可以做出更好的改變，但我們知道停滯不前絕對不是選項。我們處於一個很好的位置，我們擁有巨大的發展勢頭，我們正在參與一個核心成長市場，並且我們在這個核心成長市場（即 D&R）中獲得了超過我們份額的份額，因為我們實際上正在解決整個漏洞管理市場正在發生的變化，這是我們預測並預見到的。

Eric Heath, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Eric Heath。

Corey, just curious to understand, maybe at a high level, how much of the success on D&R is dependent on the installed base of VM just. Can D&R continue to grow double digits as VM continues to decline? And Tim, if I could sneak one in. I think in the past, you've given some guardrails on ARR for the upcoming quarters. So just curious if there's any guardrails on 2Q ARR?

Corey，我只是好奇地想了解，也許從高層次來看，D&R 的成功有多少取決於 VM 的安裝基礎。隨著 VM 持續下降，D&R 能否繼續維持兩位數成長？還有提姆，如果我可以偷偷帶進去的話。我認為過去您已經為未來幾季的 ARR 設定了一些限制。所以只是好奇 2Q ARR 是否有任何護欄？

So to answer your core question is we've been pretty lucky with the D&R business is that the growth has actually come from both within our installed base. I'll just point out that we have a massive upgrade opportunity within our overall installed base, both on an exposure and upsell basis, but also on the existing D&R and technology customers in the installed base. So we still have plenty of upgrade room. That's one of our underleveraged opportunities that we're really focusing our sales engine on building the motion about how do we actually expand and growing the installed base. So to answer your questions, one, are we run in our room because of the VM dynamics is no.

因此，回答您的核心問題是，我們在 D&R 業務方面非常幸運，成長實際上來自於我們的安裝基礎。我只想指出，我們在整個安裝基礎上有巨大的升級機會，不僅在曝光和追加銷售方面，而且在安裝基礎上現有的 D&R 和技術客戶方面。所以我們仍然有足夠的升級空間。這是我們未充分利用的機會之一，我們真正關注的是我們的銷售引擎如何真正擴大和增加安裝基礎。因此，要回答您的問題，首先，我們是否在我們的房間裡運行，因為 VM 動態是否為否。

We have massive room in the VMs. I think the second part of your question is, when I think about it do you actually have a land motion independent that will be installed base and yes. The unique thing about D&R business, and this is what makes us very proud is that we've always been able to actually add new land customers. And I'm not saying that's like 10%, 20%, it's been pretty close to half of the installed base could actually come from new land customers, which is much higher than we expected. So we still have more than enough land engine to actually drive sustained growth as we actually go forward.

我們的虛擬機器中有大量空間。我認為你問題的第二部分是，當我考慮它時，你是否真的有一個將要安裝的陸地運動無關裝置，是的。D&R 業務的獨特之處在於，我們始終能夠真正增加新的陸地客戶，這也是讓我們感到非常自豪的。我並不是說 10%、20%，而是接近一半的安裝基數實際上可能來自新的陸地客戶，這比我們預期的要高得多。因此，我們仍然擁有足夠的土地引擎來推動我們未來的持續成長。

in that business overall. Even as we have opportunities to upgrade existing D&R businesses, our focus on what -- some of the stuff that we're actually launching later this year around AI for our D&R customers, we think will actually be a boom for both our technology customers but also for our MDR customers who continue to want us to cover and manage more and more of the environment. You're seeing some of the early indicators of that with our recently launched enterprise MDR customizable service and business where we are using more and more AI for that and that's a upgrade opportunity. To your last point is, Tim, you can do a quick one on thing because we (inaudible)?

在整個該業務中。儘管我們有機會升級現有的 D&R 業務，但我們的重點是——我們將在今年稍後為我們的 D&R 客戶推出一些圍繞 AI 的產品，我們認為這實際上會給我們的技術客戶和我們的 MDR 客戶帶來繁榮，他們繼續希望我們覆蓋和管理越來越多的環境。您可以從我們最近推出的企業 MDR 可自訂服務和業務中看到一些早期跡象，我們正在為此使用越來越多的人工智慧，這是一個升級機會。關於你的最後一點，提姆，你可以快速做一件事，因為我們（聽不清楚）？

Yes. Eric, on Q2, I would say we're anticipating a modest increase from where we ended Q1. And our full year guide for the year is more second half weighted this year.

是的。艾瑞克，關於第二季度，我想說我們預計與第一季末相比會有小幅成長。我們今年的全年指導更側重於下半年。

Gregg Moskowitz, Mizuho.

瑞穗的格雷格·莫斯科維茲。

Okay. Corey, anecdotally speaking, why is it that the U.S. mid-market does seem particularly cautious about spending right now? For example, are customers deliberating for a longer period of time as they decide how typically they may consolidate in cybersecurity and with which vendors where tariffs mentioned at all as an issue in late March or in April. Any additional color there would be helpful.

好的。科里，從軼事來看，為什麼美國中端市場現在似乎對支出特別謹慎？例如，客戶是否需要經過更長的時間來考慮如何通常地整合網路安全，以及在 3 月底或 4 月與哪些供應商討論關稅問題。任何額外的顏色都會有幫助。

Yes. Look, I actually think it's general uncertainty. What we found in almost every cycle, we've had -- we're probably one of the few cyber companies and enterprise companies that had a mid-market business for longer. So we've seen a lot of these cycles. The mid-market tends to respond faster to economic pressures.

是的。看，我實際上認為這是普遍的不確定性。我們在幾乎每個週期中都發現——我們可能是少數幾家長期擁有中端市場業務的網路公司和企業公司之一。我們已經看到了很多這樣的循環。中端市場往往對經濟壓力反應較快。

It tends to set all faster, come on faster and so that's not anything new, which is why as we saw things play out in the early part of the year. We actually did shift our position to take more -- and we talk to them and validate it with taking more cautionary approach. . Now to get down to the reasons is that they very, very differently across the industry. So manufacturers are, of course, worried about tariffs, their cost structures, pricing, how much they can equip on their businesses.

它往往會更快地設定，更快地出現，所以這並不是什麼新鮮事，這就是為什麼我們在年初看到事情的發展。我們確實改變了立場，採取了更多措施——我們與他們進行了交談，並採取了更謹慎的態度來驗證這一點。。現在要說清楚的原因是，不同行業的情況差異非常大。因此，製造商當然會擔心關稅、成本結構、定價以及他們的業務能夠配備多少設備。

The midsized health care companies are clearly worried about margins, whether you are a health provider or health insurer that is a concern that you're actually going to have regardless. Retailers are very worried about their cost structure. So again, I won't say it's a formal survey, but we do our pressure chest across a bunch of different segments. And so it does vary about what the pressure is. But what I'll tell you is that we saw in the COVID cycle, we've seen in the previous cycles is retail customers tend to pause and wait to see what's happening much faster than some of the larger customers, some of the larger enterprises.

中型醫療保健公司顯然擔心利潤率，無論您是醫療保健提供者還是醫療保險公司，這都是您實際上都會擔心的問題。零售商非常擔心他們的成本結構。所以，我再說一次，這不是一項正式的調查，但我們對許多不同的部分進行了壓力胸檢查。所以壓力確實會有所不同。但我要告訴你的是，我們在 COVID 週期中看到，我們在之前的周期中看到，零售客戶往往會停下來等待，看看會發生什麼，速度比一些較大的客戶、一些較大的企業要快得多。

And then one thing that's unique is we lose more pressure in the education sector that go around for obvious reasons.

然後，一個獨特的事情是，由於顯而易見的原因，我們在教育領域失去了更多的壓力。

Gray Powell, BTIG.

格雷·鮑威爾（Gray Powell），BTIG。

Okay. Great. So yes, another question on the macro environment. I mean everything you said makes a lot of sense, and I just really appreciate your being upfront with everybody. I am curious like, can you give us a sense as to the tone of customer conversations in April and May?

好的。偉大的。是的，關於宏觀環境還有另一個問題。我的意思是，您說的每句話都非常有道理，我真的很感謝您對大家如此坦誠。我很好奇，您能否讓我們了解四月和五月顧客對話的基調？

And just broadly speaking, but my understanding was that people were pretty panic the week after a liberation day. And I actually heard some people say it felt like March of 2020. But once the tariff pause went into place like on April 9, I was hearing that things started to fall out. So I'm just curious if you heard anything like that. Did any conversations start to improve the last few weeks?

廣義上講，但我的理解是，解放日後的一周人們非常恐慌。我確實聽到一些人說感覺就像 2020 年 3 月一樣。但一旦關稅暫停生效，例如 4 月 9 日，我聽說事情就開始變得糟糕了。所以我只是好奇你是否聽過類似的事情。過去幾週，對話是否有所改善？

Yes, absolutely. I mean so Tim said earlier, we have closed some of the deals that we were worried about. You can make an argument that things are stabilizing. I think anyone who would actually estimate that being stay stable in this environment is probably a little dilution because I think we're probably in an up and down cycle on the new cycle. Well, I would just say there's just as much reason to actually see stabilization and upside as there is SC downside pressure.

是的，絕對是。我的意思是，正如蒂姆之前所說，我們已經完成了一些我們擔心的交易。你可以說情況正在穩定下來。我認為任何人實際上估計在這種環境下保持穩定都可能有點稀釋，因為我認為我們可能處於新周期的起伏週期中。好吧，我只想說，實際上看到穩定和上行趨勢的理由與 SC 下行壓力的理由一樣多。

I just want to be clear, is we're not, I would just say overly pessimistic about the macro. We just realized net down, there's a wider range of outcomes there. We have seen some customer deals progress and move. We see continued opportunity creation. So it's not a -- it's not a negative read.

我只是想明確一點，我們並不是對宏觀過於悲觀。我們剛剛意識到，最終的結果會更加廣泛。我們已經看到一些客戶交易取得進展和進展。我們看到機會不斷湧現。所以這不是——這不是一個負面解讀。

I would just say, on balance, we see increased pressure. But as you said earlier, as people do respond to actually what's in front of them. And it feels like it's not the worst of the worst right now what would be my read of it. But I don't think we're yet what I would consider a stable macro environment. I think there's a lot of unknowns, and we're trying to reflect that.

我只想說，總的來說，我們看到壓力增加了。但正如您之前所說，人們確實會對眼前的事物做出反應。我覺得現在的情況還不是最糟的。但我認為我們尚未達到我所認為的穩定的宏觀環境。我認為還有很多未知數，我們正在努力反映這些未知數。

That's why you see we actually have a wider range here because we haven't -- we have the upside and we have the base case and we have the downside scenario, but that required a wider range.

這就是為什麼你會看到我們實際上在這裡擁有更廣泛的範圍，因為我們沒有 - 我們有上行空間，我們有基本情況，我們有下行情景，但這需要更廣泛的範圍。

Roger Boyd, UBS Securities.

瑞銀證券的羅傑·博伊德。

Corey, you mentioned confidence in the CNAPP product. And I understand there's a big opportunity there, but I think we've all kind of seen that it's incredibly expensive to compete there. There's been others in that space that have been there for a long time that are now looking to partner. Just how are you thinking about the health of the cloud security market? And how do you think about kind of the investment strategy to capitalize on the opportunity there?

Corey，您提到了對 CNAPP 產品的信心。我知道那裡有很大的機遇，但我想我們都已經看到在那裡競爭的成本非常高。在該領域已經有其他人長期參與，現在正在尋求合作。您如何看待雲端安全市場的健康狀況？您認為該採取怎樣的投資策略來利用這項機會呢？

Yes. No, it's a great question. So I would just say we've been very deliberate about how we think about it. Our primary focus is just upgrading the installed base to our integrated offering. And we have lots of, I would just say, levers to actually pull there.

是的。不，這是一個很好的問題。所以我只想說，我們對這個問題的看法非常謹慎。我們的主要重點是將已安裝的基礎升級到我們的整合產品。我想說，我們實際上有很多可以利用的槓桿。

this is not when we're going to go out and spend a ton of money trying to acquire new land in cloud security is we think we can provide compelling economically leverage upgrades for our customers in our installed base. We think that our installed base is underpenetrated having any cloud security solutions there that tends to just describe a little bit of the resource-constrained buyer that we have heavily in our installed base. And so we see that as the primary opportunity, which is a much more efficient cost of sales and marketing. That's it. We are maturing in our ability to actually pursue that opportunity.

這並不是說我們要花大量資金去嘗試獲取雲端安全領域的新領域，而是我們認為我們可以為我們已安裝的客戶提供引人注目的經濟槓桿升級。我們認為，我們的安裝基礎尚未完全普及，任何雲端安全解決方案都往往只是描述了我們安裝基礎中資源受限的買家的一小部分。因此，我們認為這是一個主要的機會，即更有效地降低銷售和行銷成本。就是這樣。我們在實際追求這一機會的能力上正在日趨成熟。

Because this is probably the first time in a long time that we've had a big upgrade cycle in front of us. So we're getting the engine ramped and targeted. I'll talk to one of our associates earlier today, and they said, listen, we're starting to actually progress and ramping up the sales engineer. But we are targeting a much more efficient growth opportunity there, which is really how do we grow the installed base. Our mind is that to achieve success, we actually just need a moderate uplift across a moderate portion of our installed base, and that actually drives stability, which takes away a negative growth engine and our overall risk and exposure management installed base, puts it to net neutral to slightly positive.

因為這可能是我們很長一段時間以來第一次面臨大規模的升級週期。因此，我們要增加引擎的力度並有針對性。我今天早些時候與我們的一位同事進行了交談，他們說，聽著，我們實際上開始取得進展並增加銷售工程師的數量。但我們瞄準的是一個更有效率的成長機會，這實際上就是如何擴大安裝基礎。我們的想法是，為了取得成功，我們實際上只需要在安裝基數的適度部分實現適度提升，這實際上會推動穩定，從而消除負增長引擎，並使我們的整體風險和敞口管理安裝基數達到淨中性或略微正值。

And then we can actually really leverage the tailwinds that we see on the traditional D&R side of the equation. That's the goal focus in some ways, we have Tele2 cities. So stabilizing and getting to a neutral to positive on the risk and exposure, which is really about upgrading the installed base, even acknowledging some of the traditional churn pressure, while we actually continue to actually really focus on the massive growth engine that is a D&R business.

然後我們實際上可以真正利用我們在傳統 D&R 方面看到的順風。從某種程度上來說，這就是目標重點，我們有 Tele2 城市。因此，穩定風險和敞口並使其達到中性或積極狀態，這實際上是為了升級已安裝的基礎，甚至承認一些傳統的客戶流失壓力，同時我們實際上繼續真正關注 D&R 業務這一巨大的增長引擎。

Joshua Tilton, Wolfe Research.

約書亞·蒂爾頓（Joshua Tilton），沃爾夫研究公司。

Can you hear me?

你聽得到我嗎？

Yes, Josh.

是的，喬希。

Great. I want to start by echoing Gregg's comments. I appreciate you guys being upfront on what you're seeing out there. The one I had is just kind of parsing out some of the comments that have come out during the Q&A. And I guess in the prepared remarks, you talked to D&R still being mid-teens growth with some deals slip.

偉大的。首先我想重複格雷格的評論。我很感謝你們坦誠地分享你們所看到的情況。我所做的只是對問答過程中出現的一些評論進行分析。我想，在準備好的發言中，您談到了 D&R 仍處於十幾歲的成長階段，但有些交易有所下滑。

It would have been better but those deals have closed. I guess, is that a macro dynamic? And then do you see a similar dynamic on the risk and exposure side of the business in the sense that you had a light quarter, but what has happened to those deals since. And what's expected in the guide for everything that slipped going forward?

情況本來會更好，但這些交易已經結束。我猜，這是一個宏觀動態嗎？那麼，您是否看到業務風險和敞口方面也出現了類似的動態，即您經歷了一個輕鬆的季度，但自那以後這些交易發生了什麼變化？那麼，對於未來出現的所有問題，指南中有什麼要求呢？

Yes. No, it's a very fair question. So the -- on the D&R deals that actually slipped. What I was spirit was just very large deals, so it's easy to count. Like it's a handful of -- not even handful, it's a couple of deals that just happen to be very material in orientation.

是的。不，這是一個非常公平的問題。因此，D&R 交易實際上有所下滑。我所關注的只是一些非常大的交易，所以很容易計算。就像是少數——甚至不是少數，只是一些恰好在方向上非常重要的交易。

And the reason that they slipped were probably, I would just say, macro pressure situation. One was a large educational institution, which really need to see how things were going to actually play out and another was in the retail sector. And so those are sectors had a smattering of, I would just say, manufacturing companies, too, that I think most of those have actually since closed, not all. And then, when you look at the risk exposure management side, you remind our strategy on the upgrade is just much smaller ASP. So it's not that you didn't have deal slippages on that side.

我想說，他們下滑的原因可能是宏觀壓力情勢。其中一個是大型教育機構，它確實需要了解事情的實際發展情況，另一個是零售業。因此，這些行業中也有一些製造公司，我想說，其中大多數實際上已經關閉，但不是全部。然後，當您查看風險敞口管理方面時，您會想起我們的升級策略只是 ASP 要小得多。所以，這並不是說你們那邊沒有交易失誤。

It's just -- it's not as concentrated. The D&R business tends to actually have larger average ASPs and then wider ranges overall. And so that's the read through is that -- and then on your question about what's in the guide and the expectation, look, our core guide is really anchored on, I would just say, consistent D&R performance, which is, I would just say, in line with what we saw in Q1. There's no real deltas that we're experiencing there overall. I would say the range of outcomes on the high and the low is that do we actually get some acceleration in D&R based on the expanding offerings that we think are pretty competitive.

只是——它不那麼集中。D&R 業務實際上往往具有更高的平均 ASP，並且整體範圍更廣。這就是通讀的內容 - 然後關於您關於指南中的內容和期望的問題，您看，我們的核心指南實際上是基於一致的 D＆R 表現，我只想說，這與我們在第一季度看到的情況一致。整體而言，我們並沒有經歷真正的改變。我想說的是，結果的範圍從高到低都是如此，我們是否真的能夠基於我們認為相當有競爭力的不斷擴展的產品，在 D&R 方面獲得一些加速。

That's upside there. But without history, it doesn't make sense to make it into the range. And then we are more modest on balance on the pace of the upgrades, which can offset some of the VM pressure. We are working very, very hard to actually drive the upgrade cycle and then operationalize that. But I would just say, incrementally versus the start of the year, we are expecting that cycle to actually take a little bit longer, and we're expecting to see continued pressure in the overall traditional motability management business for all the reasons that we actually talked about earlier.

這有好處。但如果沒有歷史，那麼將其納入範圍就沒有意義。然後我們在升級速度上保持更適度的平衡，這可以抵消一些 VM 壓力。我們正在非常非常努力地推動升級週期並將其付諸實施。但我只想說，與年初相比，我們預計這個週期實際上會稍微長一點，而且由於我們之前討論過的所有原因，我們預計整個傳統機動性管理業務將繼續面臨壓力。

Do we have upside there based on the updated cycle? Absolutely there. But we're at where we are based on what we've seen so far.

根據更新後的周期，我們是否有上行空間？絕對有。但根據我們目前所看到的情況，我們目前的情況就是這樣。

Shrenik Kothari, Robert Baird.

施萊尼克·科塔里，羅伯特·貝爾德。

Great. So Corey, you mentioned, of course, structural pressures in credit and slower mid-market. Despite all of that, you've been able to drive MDR growth, which is anchored and, of course, lower TCO via AI automation but also differentiating on cost. So on the risk and exposure management, I hear you mentioned about, of course, packaging pricing, partner enablement. But in terms of messaging, right, you did touch upon that, how are you aiming this broader risk and exposure management to differentiate your approach Robinson's approach from other VM players?

偉大的。科里，你當然提到了信貸的結構性壓力和中端市場放緩。儘管如此，您仍然能夠推動 MDR 成長，這是固定的，當然，透過 AI 自動化可以降低 TCO，同時還可以實現成本差異化。因此，關於風險和敞口管理，我聽到您提到了打包定價、合作夥伴支援。但是就訊息傳遞而言，對吧，您確實提到了這一點，您如何瞄準這種更廣泛的風險和開放式管理，以使您的方法 Robinson 的方法與其他 VM 參與者的方法區分開來？

I had a quick follow-up after this.

此後我進行了快速跟進。

So I think the question is how are we differentiating versus traditional VM players. Well, one, I would say, look, we have to recognize that the VM market has a lot of approaches, players, avenues, I would just say, overlaps to the cloud market in some ways. We've taken a very, very specific approach of focusing on integrated risk management. And so the way to think about that is that what's unique about us is we're one of the few players and the only player I'm aware that fully out of the box integrates all the assets, all the information, all the context in your environment. We actually consolidate risk across the environment, not just from our tools and technologies, but across the environment.

所以我認為問題是我們如何與傳統的 VM 播放器區分。嗯，首先我想說，我們必須認識到虛擬機器市場有很多方法、參與者、途徑，我只想說，在某些方面與雲端市場重疊。我們採取了非常非常具體的方法來關注綜合風險管理。所以，我們應該這樣想：我們的獨特之處在於，我們是為數不多的、也是唯一一個能夠完全開箱即用地整合所有資產、所有資訊和環境中所有背景的參與者。我們實際上整合了整個環境中的風險，不僅來自我們的工具和技術，而且來自整個環境。

We have open APIs. Otherwise, people can collect our data, too. We believe in open APIs to support that. And we think that's good for the technology industry in general. We consolidate the remediation across the environment.

我們有開放的 API。否則，人們也可以收集我們的數據。我們相信開放 API 能夠支援這一點。我們認為這對整個科技業來說是件好事。我們鞏固整個環境的修復工作。

We have some enhancements later that are going to accelerate our ability to process and help customers drive compliance even AI across the environment. And then we actually build automated workflows. In general, the way to think about what we're doing is when you think about the CTM structure that Gartner recommends a cross is our big focus is about being the integration engine behind that and enabling the automation of the response and management of those processes. We see ourselves as highly differentiated. There's areas that we're catching up like some of the long tail of the cloud capabilities that some of the cloud pure plays have actually done is we're playing catch up with some of those areas.

我們稍後會進行一些改進，這些改進將加速我們的處理能力並幫助客戶在整個環境中推動合規性甚至人工智慧。然後我們實際上建立了自動化的工作流程。總的來說，當您考慮 Gartner 推薦的 CTM 結構時，思考我們正在做的事情的方式是，我們的重點是成為其背後的整合引擎，並實現這些流程的回應和管理的自動化。我們認為自己是高度差異化的。我們正在追趕一些領域，例如一些雲端運算功能的長尾效應，一些純粹的雲端運算公司實際上已經做到了這一點，我們正在追趕其中一些領域。

But when we look at our core installed base, while they may be more budget constrained, they made more resource constrained, lots of them are trying to figure out how to actually get efficacy at scale, and we think we have a great story and a great solution for that installed base.

但是，當我們審視我們的核心安裝基礎時，雖然他們的預算可能更加受限，但資源也更加受限，其中許多客戶都在試圖弄清楚如何真正實現規模效益，我們認為我們有一個很棒的故事，並且為該安裝基礎提供了一個很好的解決方案。

Aidan Perry, Piper Sandler.

艾丹佩里、派珀桑德勒。

This is Dave (inaudible) on for Rob Owens. You mentioned earlier the complexity of the driver demand and with the launch of MDR for enterprise. Do you think these new capabilities will allow you to go after specific verticals with CapEx environments more effectively? Or is this offering intended to address large customers more broadly?

我是戴夫（聽不清楚），為羅布歐文斯 (Rob Owens) 主持節目。您之前提到了驅動程式需求的複雜性以及企業推出的 MDR。您是否認為這些新功能將使您能夠更有效地利用資本支出環境來追求特定的垂直領域？或者說，此項服務是否旨在更廣泛地滿足大客戶的需求？

It's intended to address large customers more broadly. But look, there's also some large verticals that we see like we've gotten lots of demand from the manufacturing vertical, for example, which really has a massive amount to manage, and they're looking for scale help. Healthcare, we actually see on the large and real dynamics there. So Think about our sweet spot here is very, very large customers that have to scale. Security is mandatory.

其目的是更廣泛地滿足大客戶的需求。但是，我們也看到一些大型垂直行業，例如，我們從製造業垂直行業獲得了大量需求，這些行業確實需要管理大量業務，他們正在尋求規模幫助。我們實際上看到了醫療保健領域的巨大而真實的動態。所以想想我們的最佳點是必須擴大規模的非常大的客戶。安全是強制性的。

They are looking for a partner. They have some security resources, but they're looking to scale. The unique thing that we do is we help them understand what their attack surface is we actually help them monitor 100% of the attack surface at efficacy. They know that they have to monitor the not just the endpoints they know they have to monitor the identities, all the cloud resources, which are incredibly noisy across that environment. They know that they actually have to actually process all the security telemetry together.

他們正在尋找合作夥伴。他們擁有一些安全資源，但他們正在尋求擴大規模。我們所做的獨特之處在於，我們幫助他們了解他們的攻擊面是什麼，我們實際上幫助他們有效地監控 100% 的攻擊面。他們知道他們不僅要監控端點，還要監控身分、所有雲端資源，而這些資源在整個環境中都非常吵雜。他們知道他們實際上必須將所有安全遙測資料一起處理。

You have to reconcile the data. We are leveraging both AI and our talent to actually do that. And so we're adding real scale to those organizations, and we're assisting them in a way that works for them. this took a lot of effort and investment to actually be able to do that in a way that had healthy gross margins, but can operate in a way that customers want. So we're incredibly excited about the launch, that is one of the upside drivers for the year.

您必須核對資料。我們正在利用人工智慧和我們的人才來真正做到這一點。因此，我們正在為這些組織增加真正的規模，並以適合他們的方式為他們提供幫助。這需要付出大量的努力和投資才能真正做到這一點，既能獲得健康的毛利率，又能以客戶想要的方式運作。因此，我們對此次發布感到無比興奮，這是今年的上行驅動力之一。

We had a nice warm reception from our initial pilot customers and some of the customers in RSA. But that is a growth driver. But I would just say it's -- think about very, very large resource contained buyers. We offer the best economic solution to actually get efficacy at scale.

我們受到了最初的試點客戶和 RSA 的一些客戶的熱烈歡迎。但這是一個成長動力。但我只想說——想想那些擁有非常非常大資源的買家。我們提供最佳的經濟解決方案，以真正實現規模效益。

Joe Gallo, Jefferies.

喬加洛，傑富瑞。

Last quarter, you announced heavy investments for D&R which team is justified. But maybe can you just talk a little bit about your overall profit versus growth framework? Are some of these investments fluid if growth doesn't accelerate? And then maybe how should we think about sales capacity as well?

上個季度，您宣布對 D&R 進行大量投資，這是合理的。但也許您可以稍微談談您的整體利潤與成長框架？如果經濟成長沒有加速，這些投資是否會變得不穩定？那我們或許該如何考慮銷售能力呢？

No. There's a lot of questions built in there. So let me just sort of hit a couple of ones. Well, look, like any company, we need to invest behind growth opportunities. In detection response, we have a massive market.

不。這裡面有很多問題。因此，讓我簡單談談其中的幾個。嗯，就像任何公司一樣，我們需要投資成長機會。在檢測響應方面，我們擁有龐大的市場。

We have a healthy position, and we can actually create an even stronger position and frankly expand our addressable market there. So that's a clear, I would just say, profitable growth opportunity. in almost any definition you actually invest for profitable growth in the growth opportunity. When you think about the allocation of resources across is that, again, we're not trying to be all things to all people. We are focused when we think about outside of that, things that reinforce our overall stack.

我們擁有健康的地位，實際上我們可以創造更強大的地位，坦率地擴大我們在那裡的目標市場。所以，我只想說，這顯然是一個有利可圖的成長機會。幾乎在任何定義中，您實際上都是為了成長機會中的有利可圖的成長而進行投資。當你考慮資源分配時，你會發現，我們並不是試圖滿足所有人的所有需求。當我們思考那些能夠強化我們整體堆疊的事情時，我們就會集中註意力。

So we're going to be the best at actually integrating telemetry across the environment. That's both the entity data the risk data and the monitoring data. So our integration engine is a core investment prioritization that we're focused on across the environment. And then we're going to make sure that we actually have the right capabilities to serve our core mainstream customer when it comes to the risk and the exposure at the best economics. So we have a rational allocation view.

因此，我們將在實際整合整個環境中的遙測技術方面做到最好。這既包括實體數據，也包括風險數據和監控數據。因此，我們的整合引擎是我們在整個環境中關注的核心投資優先事項。然後，我們將確保在面臨風險和以最佳經濟效益暴露時，我們確實擁有適當的能力來服務我們的核心主流客戶。所以我們有合理的分配觀點。

It takes focus. It takes discipline around it. But we are invested in the areas that actually have the best growth profile. And you'll continue to see us sort of like both innovate, partner to actually drive success in the overall market.

這需要集中註意力。這需要紀律。但我們投資的是那些實際上具有最佳成長前景的領域。您將繼續看到我們雙方共同創新、合作，真正推動整個市場的成功。

Joe, it's Tim. I would just underscore something Corey brought up earlier, selling into the installed base. As you know, we're just under 12,000 customers. And that really creates a large market opportunity for us with customers that we have a good relationship with on the expansion motion, and that does come at a lower cost of sale for us. So that's one area where we can see leverage in the future.

喬，我是提姆。我只是想強調一下 Corey 之前提到的一點，即向已安裝的用戶群進行銷售。如您所知，我們的客戶數量接近 12,000 名。這確實為我們創造了一個巨大的市場機會，我們在擴張計劃中與客戶保持了良好的關係，而且這確實降低了我們的銷售成本。因此，這是我們未來可以看到槓桿作用的一個領域。

Yes. And I go to market great to hear. And our go-to-market motions are pretty straightforward. It's the -- if you look at what we're doing, we are driving the integrated land motion about like looking at how customers look at integrated security operations. We're upgrading our installed base, VM to exposure Command, and we're driving adoption as our big trust in detection response.

是的。我很高興聽到這個消息。我們的市場進入措施非常簡單。如果你看看我們正在做的事情，你會發現我們正在推動綜合土地運動，就像觀察客戶如何看待綜合安全運作一樣。我們正在將我們的安裝基礎、VM 升級到暴露命令，並且我們正在推動採用作為我們對檢測回應的巨大信任。

Adam Borg, Stifel.

亞當·博格（Adam Borg），Stifel。

Awesome. Maybe just building off to Joe's question. So when we think about the new stock in India, maybe Corey or Tim, you could talk a little bit more about how that's supposed to help not just from an innovation perspective, but also from an efficiency perspective as well.

驚人的。也許只是對喬的問題的補充。因此，當我們考慮印度的新股票時，也許 Corey 或 Tim，您可以多談談這不僅從創新角度而且從效率角度如何提供幫助。

Yes, there's a couple of elements. So one, if you think about our operations in India, India is another global development center, just like we have a couple of them in the U.S. We have one in the U.K., we just opened up a development center specifically in (inaudible), and we now will have a global operation center in India that will have some development and some security operations. I would just say, just to be clear, the #1 driver of the center that would go on for the SOC -- SOC in India is that we've had significant growth in EMEA and APAC in our core detection response business. And so having people that are in regions that have over -- overlaps that can actually do multiple times on coverage is a response to customer demand.

是的，有幾個因素。因此，如果您考慮我們在印度的業務，印度是另一個全球開發中心，就像我們在美國有幾個開發中心一樣。我們在英國有一個，我們剛剛在（聽不清楚）專門開設了一個開發中心，現在我們將在印度設立一個全球營運中心，該中心將負責一些開發和一些安全營運。我只是想說，為了明確起見，該中心繼續在印度建立 SOC 的首要驅動力是我們的核心檢測響應業務在歐洲、中東和非洲地區以及亞太地區取得了顯著增長。因此，讓人們處於重疊的地區，實際上可以實現多次覆蓋，這是對客戶需求的回應。

That's the number 1 drop. It happens and then also has some economic benefits, but I just want to recognize that the customer benefits are massive and significant because that's where the growth is, again, our lease is very clear, just invest behind the growth. So we see great growth internationally in those regions that were invested on. That said, when you think about how do we actually scale D&R and we have big MDR demand, we're customizing more. But you have to engineer that in, you have to have a product-based approach.

這是第一滴。它的發生也帶來了一些經濟效益，但我只想承認客戶效益是巨大而顯著的，因為這就是成長所在，再說一次，我們的租約非常明確，只需在成長背後進行投資。因此，我們看到在那些進行投資的地區，國際上出現了巨大的成長。也就是說，當您考慮我們如何實際擴展 D&R 並且我們對 MDR 的需求很大時，我們會進行更多自訂。但你必須將其設計出來，你必須採用基於產品的方法。

And also, it's a combination of technology and sort of like the cost of the talent there. I want to be clear is there's definitely cost talent arbitrage (inaudible) there. But if you say what's the majority of the cost efficacy that's going to allow us to continue to scale this business. As it actually serves more and more customer use cases, it's definitely the investments that we're making in our adoption of AI technology, which is a big part of the investment thesis that Tim laid out earlier. And again, I met with our teams over the last couple of weeks and that is on track and frankly, accelerating the investments that were actually having.

而且，這是技術和人才成本的結合。我想明確的是，那裡肯定存在成本人才套利（聽不清楚）。但如果你說什麼成本效益最高，就能讓我們繼續擴大這項業務。由於它實際上服務於越來越多的客戶用例，因此我們在採用人工智慧技術方面無疑進行了投資，這也是蒂姆之前提出的投資論點的重要組成部分。過去幾週我再次與我們的團隊會面，一切進展順利，坦白說，正在加速實際的投資。

Our belief is that our technology and the AI investments that we've actually already made and they're in the SOC. And frankly, we're going to make available to our broader customer base. A little bit later this year are already yielding massive dividends that are allowing us to actually run at better operating margins from a traditional MDR player. And if you say where most of the gains is going to come from, it's going to come from the technology innovation side of the equation. Yes, there will be lower-cost talent that's going to actually take a factor there.

我們相信，我們的技術和人工智慧投資實際上已經在 SOC 中了。坦白說，我們將向更廣泛的客戶群提供服務。今年晚些時候，我們已經獲得了巨額股息，這讓我們能夠從傳統的 MDR 參與者那裡獲得更好的營業利潤率。如果要問大部分收益來自哪裡，答案是來自技術創新方面。是的，確實會有低成本人才在那裡發揮作用。

But we're seeing real gains from sort of our ability to leverage both AI and automation to drive the efficacy of the stock, and that will be the dominant driver of how we continue to actually have better margins than most traditional India players.

但我們利用人工智慧和自動化來提高股票效率的能力確實帶來了收益，這將成為我們繼續比大多數傳統印度公司擁有更高利潤率的主要驅動力。

Corey, we're already seeing that in the numbers on international. It's 25% of revenue, and it's growing faster than what we saw in the U.S. that 10%.

科里，我們已經在國際數據中看到了這一點。它佔收入的25%，而且成長速度比我們在美國看到的10%還要快。

As part of how we're actually able to actually even with some of the wider ranges continue to manage profitability this year because we're already seeing some of the footprints.

作為我們實際上能夠在今年繼續管理盈利能力的一部分，即使在更廣泛的範圍內，因為我們已經看到了一些足跡。

That is all the time we have for questions. This concludes today's call. Thank you for joining. You may now disconnect.

我們回答問題的時間就這麼多了。今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。