Rapid7 Inc (RPD) 2025 Q2 法說會逐字稿

Good day, everyone. My name is Leila, and I will be your conference operator today. At this time, I would like to welcome you to the Q2 2025 Rapid7 earnings call. (Operator Instructions)

大家好。我叫萊拉 (Leila)，今天我將擔任您的會議主持人。現在，我歡迎您參加 2025 年第二季 Rapid7 收益電話會議。（操作員指示）

At this time, I would like to turn the call over to Elizabeth Chwalk, Vice President of Investor Relations.

現在，我想將電話轉給投資者關係副總裁 Elizabeth Chwalk。

Thank you, operator, and good afternoon, everyone. We appreciate you joining us today to discuss Rapid7's second-quarter 2025 financial and operating results in addition to our financial outlook for the third quarter and full fiscal year 2025.

謝謝接線員，大家下午好。感謝您今天加入我們，討論 Rapid7 2025 年第二季度的財務和營運業績以及我們對 2025 年第三季和全年財務的財務展望。

With me on the call today are Corey Thomas, our CEO; and Tim Adams, our CFO. 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.

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。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。本次電話會議將透過網路直播進行現場直播，會議結束後，音訊回放將在 investors.rapid7.com 上提供。

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 third 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. 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 May 12, 2025, and in the subsequent reports that we file with the SEC. 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.

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 年第三季度和全年財務指導以及此類目標和指導所依據的假設相關的聲明。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。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。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 remarks 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公認會計準則 (Non-GAAP) 資料。您可以查看今天的收益新聞稿以及我們的網站 investors.rapid7.com 上的 GAAP 和非 GAAP 業績對比表。有時，我們會在準備好的發言稿或回答您的問題時提供一些增量指標，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？

Thank you, Elizabeth, and welcome to everyone joining us on the call today. Rapid7 ended the second quarter with $841 million in ARR, in line with our expectations and growing 3% year over year. Revenue and profitability were ahead of our outlook, and our business generated strong free cash flow of $42 million. While customer spending scrutiny persists, our detection and response business continues to be a core growth driver, which now represents over half of our ARR and continues to grow in the mid-teens year-over-year. We also saw encouraging pipeline growth in exposure management in response to product investments we have made in our command platform strategy.

謝謝你，伊莉莎白，歡迎大家今天參加我們的電話會議。Rapid7 第二季的 ARR 為 8.41 億美元，符合我們的預期，年增 3%。收入和獲利能力超出了我們的預期，我們的業務產生了 4,200 萬美元的強勁自由現金流。雖然客戶支出審查仍在繼續，但我們的檢測和回應業務仍然是核心成長動力，目前占我們 ARR 的一半以上，並且繼續以每年 15% 左右的速度成長。由於我們在指揮平台策略中進行了產品投資，我們也看到風險管理的通路成長令人鼓舞。

The key message I want to leave you with today is that we are uniquely positioned to capitalize on the escalating customer demand to bring AI tools and capabilities into the SOC. We have years of experience operating in security operations centers with our scaled software and services MDR business, and this gives us a tremendous head start with proprietary data and experience. We're taking focused action to enhance our go-to-market capabilities, including today's announcement of our new Chief Commercial Officer. As we will discuss, we today have the products and the capabilities to win, accelerating our organizational focus to capitalize on this and match our product capabilities with faster revenue growth is our top organizational priority. First, let's recap the most recent quarter.

我今天想要傳達的關鍵訊息是，我們擁有獨特的優勢，可以利用不斷增長的客戶需求，將 AI 工具和功能引入 SOC。我們擁有多年在安全營運中心營運的經驗，以及規模化的軟體和服務 MDR 業務，這使我們在專有數據和經驗方面擁有巨大的領先優勢。我們正在採取有針對性的行動來增強我們的市場進入能力，包括今天宣布任命新的商務長。正如我們將要討論的，我們今天擁有贏得勝利的產品和能力，加速我們的組織重點以利用這一點，並將我們的產品能力與更快的收入成長相匹配是我們組織的首要任務。首先，讓我們回顧一下最近一個季度。

We experienced a solid second quarter that reflects strong performance globally, particularly in our larger deal segments. We won a number of meaningful consolidation opportunities at higher ASPs. This validates our strategic position in the market. Deal cycles remain extended, but we're seeing strong adoption among enterprises willing to make larger investments in comprehensive security solutions. And we have a number of signature seven-figure wins this quarter that are highly validating both of our product capabilities and the value of our integrated offerings.

我們在第二季度表現穩健，反映出我們全球範圍內的強勁表現，特別是在較大的交易領域。我們以更高的平均售價贏得了許多有意義的整合機會。這證實了我們在市場上的戰略地位。交易週期仍然延長，但我們看到企業願意在綜合安全解決方案上進行更大投資，並積極採用該解決方案。本季我們獲得了多項七位數的標誌性勝利，這充分證明了我們的產品能力和整合產品的價值。

While these higher-value consolidation deals naturally have longer cycle times, the quality and scale of opportunities we're pursuing and in particular, the ones that we have won demonstrate clear market validation of our approach. We're optimistic about our strategy while maintaining realistic expectations around the extended deal cycles that naturally accompany these substantial commitments. I'm excited to share that ahead of Black Hat this week, we announced a significant milestone in our journey to deliver truly integrated security operations that give customers command of their end-to-end attack surface. We built the Command platform to unify all customer data, not just the data that we collect, so that organizations get the facts from the beginning and reduce their time to action. Our new next-gen SIEM Incident Command has the power to scale detection and response operations with expertise from our decades of SOC expertise and Agentic AI integrated directly within the workflows that customers use every day.

雖然這些更高價值的整合交易自然具有更長的周期時間，但我們所追求的機會（特別是我們已經贏得的機會）的品質和規模清楚地證明了我們的方法的市場驗證。我們對我們的策略持樂觀態度，同時對這些重大承諾自然伴隨的延長交易週期保持現實的期望。我很高興地告訴大家，在本週黑帽大會之前，我們宣布了我們在提供真正整合的安全操作方面的一個重要里程碑，使客戶能夠控制他們的端到端攻擊面。我們建立了 Command 平台來統一所有客戶數據，而不僅僅是我們收集的數據，以便組織從一開始就獲得事實並縮短採取行動的時間。我們的新一代 SIEM 事件指揮部能夠利用我們數十年的 SOC 專業知識和 Agentic AI 來擴展偵測和回應操作，並將其直接整合到客戶每天使用的工作流程中。

We launched the first phase of the Command platform last year with Surface Command and Exposure Command. And now with Incident Command, we have delivered a fully integrated platform for security operations and management. This enables our partners and our MDR team to fully leverage a unified AI-driven platform that provides complete visibility into customers' environments with the ability to leverage data on demand to minimize the attack surface and respond to threats in real time. Rapid7 is the only cybersecurity vendor with years of learnings from operating a managed SOC offering, including the past year activating and developing our own proprietary AI agents and our unique capabilities and experience give us a huge advantage in this growing market. Incident Command now provides customers with the easy packaging and platform integration to activate this.

我們去年啟動了指揮平台的第一階段，包括地面指揮和曝光指揮。現在，透過事件指揮部，我們已經提供了一個完全整合的安全營運和管理平台。這使我們的合作夥伴和 MDR 團隊能夠充分利用統一的 AI 驅動平台，該平台可以全面了解客戶的環境，並能夠按需利用資料來最大限度地減少攻擊面並即時應對威脅。Rapid7 是唯一一家擁有多年營運託管 SOC 產品經驗的網路安全供應商，包括過去一年啟動和開發我們自己的專有 AI 代理，我們獨特的能力和經驗使我們在這個不斷增長的市場中擁有巨大優勢。事件指揮部現在為客戶提供簡單的打包和平台整合來啟動此功能。

Coming out of the second quarter, one theme is clear. Customers are increasingly focused on collecting more of their security data and leveraging AI in the SOC to drive measurable outcomes. Security teams need platforms that provide a more comprehensive view of their risk surface while delivering more efficient, transparent and accelerated decision-making and response. We see growing demand for unified attack surface visibility to simplify risk management and the mounting regulatory pressure is reinforcing the need for integrated compliance and reporting. These priorities align directly with our platform strategy, which continues to be focused on expert-guided AI, automation and providing strong ROI for customers.

從第二季來看，有一個主題很明確。客戶越來越專注於收集更多的安全資料並利用 SOC 中的 AI 來推動可衡量的成果。安全團隊需要能夠提供更全面的風險面視圖，同時提供更有效率、透明和更快的決策和回應的平台。我們看到對統一攻擊面可見性的需求不斷增長，以簡化風險管理，而日益增加的監管壓力也加強了對綜合合規和報告的需求。這些優先事項與我們的平台策略直接一致，該策略繼續專注於專家指導的人工智慧、自動化以及為客戶提供強大的投資回報率。

We benefit from the head start we have given the years of operating our own security operations center and all the learnings that accompany making us uniquely positioned in this market.

我們受益於多年來經營自己的安全營運中心所獲得的領先優勢以及隨之而來的所有經驗，使我們在這個市場上佔據了獨特的地位。

Our long-term strategy continues to focus on scaling our leading AI-driven security operations platform. At the center of this strategy is the Command platform, which integrates native telemetry, open data ingestion, curated intelligence and automation into a single system of record for risk and response. It's built on 3 core differentiators. First, our open platform with over 500 integration, it solves a fundamental challenge for security teams, fragmented and conflicting views of the attack surface. The Command platform brings together diverse data sources into a single, deconflicted and contextualized view, giving customers a holistic understanding of the environment and the risk it represents.

我們的長期策略繼續專注於擴展我們領先的人工智慧驅動的安全營運平台。該戰略的核心是指揮平台，它將原生遙測、開放資料提取、精選情報和自動化整合到一個風險和回應記錄系統中。它建立在 3 個核心差異化因素之上。首先，我們的開放平台具有超過 500 個集成，它解決了安全團隊面臨的一個根本挑戰，即攻擊面分散且相互衝突的觀點。Command 平台將不同的資料來源整合成單一的、無衝突的、情境化的視圖，讓客戶全面了解環境及其代表的風險。

Second, our expert trained Agentic AI workflows are built on years of SOC expertise, trained on live playbooks and refined through real-world analyst feedback. These are not generic models. They are proprietary and purpose-built engines that improve outcomes in real time. And these Agentic AI workflows are fully embedded in our MDR offering. Third, customers are looking for automated measurable progress.

其次，我們經過專家培訓的 Agentic AI 工作流程建立在多年的 SOC 專業知識之上，經過即時劇本的訓練，並透過真實分析師的回饋進行完善。這些不是通用模型。它們是專有的專用引擎，可以即時改善結果。這些 Agentic AI 工作流程完全嵌入在我們的 MDR 產品中。第三，客戶正在尋求自動化可衡量的進展。

And we don't just surface alerts. We drive outcomes, whether that's reducing noise through AI-informed active response, prioritizing toxic misconfigurations to maximize remediation or coordinating faster incident response. Our platform helps security teams reduce mean time to detect, respond and remediate. These innovations continue to drive our leadership position in the growing detection and response market, our largest product segment, led by our managed offerings. During the second quarter, we advanced our enterprise MDR rollout with the addition of co-managed detection, expanded support for operational cloud environments and new SOC capacity in India.

我們不只是發出表面警報。我們推動成果，無論是透過人工智慧主動回應來減少噪音，還是優先處理有害錯誤配置以最大限度地補救，還是協調更快的事件回應。我們的平台可協助安全團隊減少偵測、回應和補救的平均時間。這些創新繼續推動我們在不斷增長的檢測和回應市場中的領導地位，這是我們最大的產品領域，由我們的託管產品主導。在第二季度，我們推進了企業 MDR 的推廣，增加了共同管理檢測、擴大了對營運雲環境的支援以及在印度增加新的 SOC 容量。

These investments strengthen our ability to support larger enterprise use cases that demand hybrid visibility, AI-powered automation and human expertise. We're starting to see our enterprise MDR investments begin to pay off, and we think we're just getting started. For example, during the second quarter, we signed a multiyear, multimillion dollar agreement with a major UK-based retailer that consolidated its security operations stack on Rapid7's command platform. After years of managing fragmented tools across multiple vendors with limited visibility, this customer selected our MDR-led solution to unify detection response and exposure management. Our ability to deliver deep coverage, asset-level context and expert trained AI resonated throughout a highly competitive process.

這些投資增強了我們支援需要混合可視性、人工智慧自動化和人類專業知識的大型企業用例的能力。我們開始看到我們的企業 MDR 投資開始獲得回報，而且我們認為這才剛開始。例如，在第二季度，我們與一家英國大型零售商簽署了一份為期多年、價值數百萬美元的協議，該零售商將其安全營運堆疊整合到 Rapid7 的指揮平台上。經過多年管理跨多個供應商且可見性有限的分散工具後，該客戶選擇了我們以 MDR 為主導的解決方案來統一檢測回應和暴露管理。我們提供深度報告、資產級背景和專家訓練的人工智慧的能力在高度競爭的過程中產生了共鳴。

The decision to replace multiple incumbent vendors at a large enterprise with our Command platform underscores the growing demand for Rapid7's integrated AI-driven security operations. Shifting to our exposure management business. As we've discussed, a key pillar of our platform strategy is helping customers move from siloed stand-alone tools to an integrated outcome-driven security operations model. In exposure management, that means upgrading customers from traditional vulnerability management products to our unified risk and exposure management solution, Exposure Command. Built directly into the Command platform, Exposure Command provides a single contextualized view of risk across both on-premise and cloud environments, enabling faster, more precise prioritization and remediation.

決定用我們的 Command 平台取代大型企業的多個現有供應商，凸顯了對 Rapid7 整合 AI 驅動安全營運日益增長的需求。轉向我們的風險管理業務。正如我們所討論的，我們平台策略的一個關鍵支柱是幫助客戶從孤立的獨立工具轉向整合的結果驅動的安全營運模式。在風險管理中，這意味著將客戶從傳統的漏洞管理產品升級到我們的統一風險和風險管理解決方案「Exposure Command」。Exposure Command 直接內建於 Command 平台中，可提供跨本機和雲端環境的單一上下文風險視圖，從而實現更快、更精確的優先排序和補救。

By eliminating fragmented tools and manual integration and giving customers a more complete AI-powered understanding of their risk surface, Rapid7 is firmly positioned as a strategic consolidation platform for modern security operations. Before I turn the call over to Tim, I want to briefly address our updated outlook. We're narrowing our full year ARR guidance range to $850 million to $865 million. As you know, budget dollars and new commitments are subject to normal seasonality and are typically Q4 concentrated. Given a number of macro factors impacting our customers and the back-end loaded nature of our new business cadence, we think it's prudent to provide this updated color.

透過消除分散的工具和手動集成，並讓客戶更全面地了解其風險面，Rapid7 牢牢佔據著現代安全營運策略整合平台的地位。在我將電話轉給蒂姆之前，我想先簡單談談我們最新的展望。我們將全年 ARR 指引範圍縮小至 8.5 億美元至 8.65 億美元。如您所知，預算金額和新承諾受正常季節性影響，通常集中在第四季度。考慮到影響我們客戶的許多宏觀因素以及我們新業務節奏的後端加載性質，我們認為提供這種更新的顏色是明智之舉。

That said, we internally continue to target better pipeline conversion as we firmly believe our product offerings give us the right to win more business in the market. Accelerating our revenue growth rate to match the underlying strength of our product portfolio is a core focus. The remainder of our guidance items remains unchanged. In closing, I want to reiterate the confidence we have in our strategy and in our team's ability to execute against it. We have a clear path forward with AI-driven managed detection response as it continues to drive healthy growth and our differentiated command platform rooted in automation, integration and expert guided AI is more relevant than ever.

儘管如此，我們內部仍繼續致力於實現更好的管道轉換，因為我們堅信我們的產品使我們有權在市場上贏得更多業務。加快我們的收入成長率以配合我們產品組合的潛在實力是我們的核心重點。我們的其餘指導項目保持不變。最後，我想重申我們對我們的策略以及我們團隊執行該策略的能力的信心。我們在人工智慧驅動的託管偵測回應方面擁有清晰的前進方向，因為它將繼續推動健康成長，而我們植根於自動化、整合和專家指導的人工智慧的差異化指揮平台比以往任何時候都更加重要。

We're seeing early proof points. We're doing the hard work, and we remain focused on delivering meaningful outcomes for our customers, our shareholders and our team. Thank you for joining us on the call today.

我們看到了早期的證據點。我們正在努力工作，並將繼續專注於為我們的客戶、股東和團隊提供有意義的成果。感謝您今天參加我們的電話會議。

I appreciate your support, and I will now turn the call over to Tim to walk through the results in more detail.

我感謝您的支持，現在我將把電話交給提姆，讓他更詳細地介紹結果。

Thank you, Corey, and 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 second quarter of 2025 with $840 million in ARR, representing growth of 3% over the prior year. Revenue and profitability were above our guided ranges, and we continue to see healthy growth in detection and response and early progress in Exposure Command adoption. While the customer spending environment remains mixed, particularly in North American mid-market, the operating discipline and flexibility we built into our business model continues to serve us well, and we remain focused on executing against our long-term strategy to deliver durable growth and expand free cash flow over time. Turning to our financial results for the second quarter. Year-over-year ARR growth in the second quarter was split fairly evenly between new and existing customers, ending the second quarter with 11,643 customers globally and average ARR per customer of $72,000.

Rapid7 截至 2025 年第二季的 ARR 為 8.4 億美元，比前一年成長 3%。收入和盈利能力高於我們的指導範圍，我們繼續看到檢測和回應的健康成長以及暴露命令採用的早期進展。儘管客戶支出環境仍然好壞參半，尤其是在北美中端市場，但我們在業務模式中構建的營運紀律和靈活性繼續為我們帶來良好的服務，我們仍然專注於執行長期策略，以實現持久增長並隨著時間的推移擴大自由現金流。談談我們第二季的財務表現。第二季 ARR 年成長率在新客戶和現有客戶之間分配相當均勻，第二季末全球客戶總數為 11,643 名，每位客戶的平均 ARR 為 72,000 美元。

Second quarter revenue of $214 million grew 3% year-over-year and exceeded our guided range. Product subscription revenue grew 4% year-over-year to $208 million, supported by favorable bookings linearity in the quarter. Professional services declined year-over-year, consistent with our decision to deemphasize certain lower-margin services. International revenue represented 25% of total revenue and grew 10% over the prior year. On profitability measures, our product gross margin was 76% and total gross margin was 74%.

第二季營收為 2.14 億美元，年增 3%，超出了我們的預期範圍。產品訂閱收入年增 4% 至 2.08 億美元，這得益於本季良好的預訂線性。專業服務年減，這與我們不再強調某些低利潤服務的決定一致。國際收入佔總收入的25%，比前一年增長10%。從獲利能力指標來看，我們的產品毛利率為76%，總毛利率為74%。

Sales and marketing expenses were 33% of revenue, in line with the prior year. R&D and G&A expenses were 17% and 6% of revenue, respectively, compared to 15% and 7% in the prior year. Operating income for the second quarter was $36 million and above our guidance range, driven by timing of spending as we continue to focus on making targeted growth investments as well as scaling our India innovation center during the second half. Adjusted EBITDA was $43 million in the quarter and non-GAAP net income per share was $0.58. Turning to our balance sheet and cash flow statement.

銷售和行銷費用佔收入的33%，與前一年持平。研發費用和一般及行政費用分別佔營收的 17% 及 6%，去年同期分別為 15% 及 7%。第二季的營業收入為 3,600 萬美元，高於我們的預期範圍，這得益於支出時機的推動，因為我們在下半年將繼續專注於進行有針對性的成長投資以及擴大我們的印度創新中心。本季調整後息稅折舊攤提前利潤（EBITDA）為4,300萬美元，非公認會計準則每股淨利為0.58美元。接下來是我們的資產負債表和現金流量表。

We ended the second quarter with cash, cash equivalents and investments of $600 million compared to $592 million at the end of the first quarter. In May, we fully repaid the remaining $46 million balance of our 2025 convertible notes. We generated free cash flow of $42 million in the second quarter, bringing our year-to-date free cash flow to $67 million. Additionally, we entered into a new $200 million revolving credit facility. While we have no immediate plans to draw on it, the facility adds incremental flexibility and reinforces our already strong liquidity position.

我們第二季末的現金、現金等價物和投資為 6 億美元，而第一季末為 5.92 億美元。5 月份，我們全額償還了 2025 年可轉換票據剩餘的 4,600 萬美元餘額。我們在第二季度產生了 4,200 萬美元的自由現金流，使我們年初至今的自由現金流達到 6,700 萬美元。此外，我們還達成了一項新的 2 億美元循環信貸協議。雖然我們目前沒有計劃利用該工具，但該工具增加了增量靈活性並增強了我們本已強大的流動性狀況。

This brings us to our outlook for the remainder of the year. For the full year 2025, we are narrowing our full year ARR guidance range to $850 million to $865 million compared to our prior range of $850 million to $880 million. Additionally, we expect Q3 ending ARR of approximately $840 million, with net new ARR for the year weighted heavily to the fourth quarter. As Corey said, we will continue to target stronger pipeline conversion rates in the back half. We believe it's prudent to provide this additional context given ongoing macro uncertainty and the seasonal weighting of Q4.

這讓我們對今年剩餘時間的前景有了展望。對於 2025 年全年，我們將全年 ARR 指引範圍從先前的 8.5 億美元至 8.8 億美元縮小至 8.5 億美元至 8.65 億美元。此外，我們預計第三季末的 ARR 約為 8.4 億美元，全年淨新 ARR 主要來自第四季。正如科里所說，我們將繼續致力於在下半年提高管道轉換率。我們認為，鑑於持續的宏觀不確定性和第四季度的季節性權重，提供這項額外背景資訊是明智之舉。

We are maintaining our full year revenue guidance range of $853 million to $863 million, representing revenue growth of 1% to 2%. Recurring product revenue growth will continue to outpace total revenue growth, partially offset by year-over-year declines in professional services. We are also reiterating our full year operating income range of $125 million to $135 million as well as our full year free cash flow range of $125 million to $135 million. We now expect non-GAAP net income per share of $1.90 to $2.03 based on approximately 75.8 million diluted weighted average shares outstanding. For the third quarter, we expect revenue in the range of $215 million to $217 million, up roughly 1% from the prior year.

我們維持全年營收預期範圍為 8.53 億美元至 8.63 億美元，代表營收成長 1% 至 2%。經常性產品收入成長將繼續超過總收入成長，但專業服務的年減將部分抵銷這一成長。我們也重申全年營業收入範圍為 1.25 億美元至 1.35 億美元，全年自由現金流範圍為 1.25 億美元至 1.35 億美元。我們現在預計，基於約 7,580 萬股稀釋加權平均流通股，非 GAAP 每股淨收益為 1.90 美元至 2.03 美元。我們預計第三季的營收將在 2.15 億美元至 2.17 億美元之間，比上年增長約 1%。

We expect non-GAAP operating income between $29 million to $31 million and non-GAAP net income per share of $0.44 to $0.47 based on approximately 75.8 million diluted weighted average shares outstanding. To close, we remain focused on disciplined execution as we manage through a dynamic environment. We continue to see a resilient detection and response business, growing customer interest in our platform strategy and a durable model that supports both innovation and strong free cash flow generation. We believe these fundamentals position us well for long-term value creation.

我們預計非公認會計準則營業收入在 2,900 萬美元至 3,100 萬美元之間，非公認會計準則每股淨收入在 0.44 美元至 0.47 美元之間，基於約 7,580 萬股稀釋加權平均流通股。最後，在動態環境中進行管理時，我們仍將重點放在嚴格的執行上。我們繼續看到具有彈性的檢測和響應業務、客戶對我們的平台策略日益增長的興趣以及支持創新和強勁自由現金流產生的持久模型。我們相信，這些基本面為我們創造長期價值奠定了良好的基礎。

With that, I will turn the call back over to Corey.

說完這些，我將把電話轉回給科里。

Thank you, Tim. Before we open up the call for questions, I want to address two important organizational updates that position Rapid7 for continued success as we execute our strategy. First, I want to share that Tim Adams intends to retire from his role as Chief Financial Officer. Tim has been an exceptional partner over the past three years, got us through significant transformation while maintaining strong financial discipline and operational excellence. His leadership has been instrumental in navigating both growth investments and strategic realignments, including our previous restructuring efforts that helped position us for profitable growth.

謝謝你，提姆。在我們開始提問之前，我想先談談兩個重要的組織更新，這些更新將使 Rapid7 在執行策略時能夠繼續取得成功。首先，我想告訴大家，提姆‧亞當斯 (Tim Adams) 打算辭去財務長一職。過去三年來，蒂姆一直是一位出色的合作夥伴，帶領我們經歷了重大轉型，同時保持了嚴格的財務紀律和卓越的營運。他的領導在引導成長投資和策略調整方面發揮了重要作用，包括我們先前幫助我們實現獲利成長的重組努力。

Tim has committed to remaining at Rapid7 until we identify and onboard his successor to ensure a seamless transition. We've engaged a leading executive search firm to conduct a comprehensive search process. I want to thank Tim for his continued dedication to Rapid7 and his commitment to seeing us through this important transition. His contributions have been invaluable, and we wish him all the best as he approaches his next chapter.

提姆承諾將繼續留在 Rapid7，直到我們確定並任命他的繼任者，以確保順利過渡。我們已聘請一家領先的高階主管搜尋公司來進行全面的搜尋流程。我要感謝蒂姆對 Rapid7 的持續奉獻以及他幫助我們度過這一重要轉變的承諾。他的貢獻是無價的，我們祝福他在人生的新篇章中一切順利。

Second, I'm thrilled to announce that we've appointed Alan Peters as our new Chief Commercial Officer.

其次，我很高興地宣布，我們已任命艾倫彼得斯為新任首席商務官。

This newly created role underscores our commitment to driving our go-to-market capabilities to accelerate revenue growth. We have spent the past year significantly investing in our product capabilities, particularly MDR and in Exposure Command. We believe that our product offerings today are industry-leading with highly differentiated capabilities. Alan joins us as we enter the next critical phase of delivering on this, driving the acceleration of our go-to-market efforts to capitalize on our unique product offerings. With detection response now representing over half of our business and demonstrating strong growth opportunities, we have both an expanding product portfolio and significant upgrade opportunity ahead of us.

這項新設立的職位凸顯了我們致力於推動市場進入能力以加速收入成長的承諾。過去一年，我們大力投資我們的產品功能，特別是 MDR 和 Exposure Command。我們相信，我們今天提供的產品是領先業界的，並且具有高度差異化的能力。當我們進入實現這一目標的下一個關鍵階段時，艾倫加入了我們，推動我們加速進入市場的努力，以利用我們獨特的產品。目前，檢測響應已占我們業務的一半以上，並顯示出強勁的成長機會，我們既擁有不斷擴大的產品組合，也擁有重大的升級機會。

Our Command platform provides a straightforward upsell motion across our entire portfolio from VM to cloud to exposure management, SIEM and MDR. Recent customer validation, combined with the now complete integration of our technologies on our Command platform creates significant opportunities. Our focus is now on growth and market adoption and how we operationalize our go-to-market engine, which is what matters most at this time. Alan brings the exact expertise we need. He has deep expertise in our core markets and importantly, is an exceptional operator who knows how to scale commercial organizations through periods of transformation.

我們的 Command 平台為我們的整個產品組合（從 VM 到雲端到風險管理、SIEM 和 MDR）提供了直接的追加銷售動作。最近的客戶驗證，加上我們現在在 Command 平台上的技術完全集成，創造了重大機會。我們現在的重點是成長和市場採用，以及如何運作我們的市場進入引擎，這是目前最重要的事情。艾倫 (Alan) 擁有我們所需的專業知識。他在我們的核心市場擁有深厚的專業知識，更重要的是，他是一位出色的營運者，知道如何在轉型期擴大商業組織的規模。

With over 25 years of experience, Alan has a proven track record of scaling go-to-market motions, accelerating revenue growth in software and specifically in cybersecurity businesses. Throughout his career, Alan has consistently delivered revenue growth and operational excellence, successfully leading companies through periods of significant transformation. His expertise in building high-performing sales organizations and executing complex go-to-market strategies makes him the ideal leader to help us operationalize our platform strategy. Alan will oversee our global sales organization, partner ecosystem and revenue operations, ensuring we execute with precision as we capture the significant opportunities in front of us. His operational rigor and deep understanding of our markets make him an ideal leader to help us maximize our commercial potential.

艾倫擁有超過 25 年的經驗，在擴大市場進入力度、加速軟體（尤其是網路安全業務）收入成長方面有著良好的記錄。在他的整個職業生涯中，艾倫始終如一地實現收入成長和卓越運營，成功帶領公司度過重大轉型時期。他在建立高績效銷售組織和執行複雜的市場進入策略方面的專業知識使他成為幫助我們實施平台策略的理想領導者。艾倫將負責監督我們的全球銷售組織、合作夥伴生態系統和收入運營，確保我們在抓住眼前的重大機會時精準執行。他的嚴謹運作和對我們市場的深刻理解使他成為幫助我們最大限度地發揮商業潛力的理想領導者。

As we continue to drive innovation and capture market share, having world-class operational leadership will be critical to delivering value to our customers and driving sustainable profitable growth for our shareholders. We remain confident in our strategy, our team and our ability to be the platform of choice for the modern SOC. Thank you for joining us on the call today.

隨著我們繼續推動創新和佔領市場份額，擁有世界一流的營運領導力對於為我們的客戶提供價值和為我們的股東帶來可持續的獲利成長至關重要。我們對我們的策略、我們的團隊以及成為現代 SOC 首選平台的能力充滿信心。感謝您今天參加我們的電話會議。

And with that, we will now open up the call for questions. Operator?

現在，我們將開始提問環節。操作員？

(Operator Instructions) Matt Hedberg, RBC.

（操作員指示）Matt Hedberg，RBC。

I wanted to -- so D&R continues to do well. And I'm curious, I wanted to double-click on that and ask specifically about MDR in there. I know it's a pretty significant portion of that business and had been seeing some strong demand trends. Just curious if you could give us a bit more of an update on MDR.

我希望——這樣 D&R 就能繼續表現良好。我很好奇，我想雙擊它並具體詢問其中的 MDR。我知道這是該業務中相當重要的一部分，並且已經看到了一些強勁的需求趨勢。我只是好奇您是否可以向我們提供有關 MDR 的更多更新資訊。

Yes. We continue to see strong demand trends. I'll remind you that we started the MDR expansion a few years ago, and it's been a core growth engine of the business. D&R in total is over half of our overall business. But even with the success we've seen, we were only really addressing part of the overall customer market.

是的。我們持續看到強勁的需求趨勢。我要提醒大家的是，我們幾年前就開始了 MDR 擴張，它一直是業務的核心成長引擎。D&R 業務總量占我們整體業務的一半以上。但即使我們取得了成功，我們也僅僅真正解決了整體客戶市場的一部分。

Earlier this year, we launched our customization and expansion offering that we just call -- happen to call enterprise and D&R. But really, what it was about was accepting all data and all workloads from customers and being able to manage that at quality and at scale. We couldn't have done it without the investments that we have been doing behind the scenes on our own AI technology that we have been rolling out steadily, which we are continuing to invest in. And so we look at detection and response as a major growth area. If you just take a step back and look at the fundamentals is every organization is under increasing pressure to actually manage their entire data set and their entire security operations on a 24/7 basis.

今年早些時候，我們推出了客製化和擴展產品，我們稱之為企業和 D&R。但實際上，它的目的是接受來自客戶的所有資料和所有工作負載，並能夠高品質、大規模地管理這些資料和工作負載。如果沒有我們在幕後對自己的人工智慧技術的投資，我們就不可能做到這一點。我們一直在穩步推出這項技術，並且我們仍在繼續投資。因此，我們將檢測和回應視為主要的成長領域。如果你退一步看看基本面，你會發現每個組織都面臨越來越大的壓力，需要全天候管理他們的整個資料集和整個安全操作。

The regulatory pressure is increasing. The amount of their environment is becoming more complex, especially if you consider not just SaaS, but also the fact that you're now having lots of custom AI-driven applications. And so the ability to be able to monitor that complexity, people need people that are not just deploying technology, but they also actually have the active ability to actually manage and separate the signal from the noise. And that's what we've been focused on, but our whole goal is to actually make sure we can do that at quality. So that's a continued expansion area.

監管壓力不斷增大。他們的環境變得越來越複雜，特別是如果你不僅考慮 SaaS，而且還考慮現在擁有大量定制的 AI 驅動應用程式。因此，為了能夠監控這種複雜性，人們需要的不僅僅是部署技術的人，而且他們實際上還具有主動管理和分離訊號與雜訊的能力。這就是我們一直關注的重點，但我們的整個目標實際上是確保我們能夠高品質地做到這一點。所以這是一個持續擴展的領域。

We're investing both in the team and the services around that and the AI to support that, but that's a big investment area for us.

我們正在對團隊、相關服務以及支援該服務的人工智慧進行投資，但這對我們來說是一個很大的投資領域。

Got it. And then maybe you mentioned, Corey, net new ARR is weighted towards Q4, recognizing it was a good quarter relative to expectations and you did temper full year. Just can you just underscore the confidence that you see kind of specifically in 4Q which seemingly could set a good foundation for '26?

知道了。然後也許您提到，科里，淨新 ARR 偏向於第四季度，認識到相對於預期而言這是一個良好的季度，並且您確實對全年進行了調整。您能否強調一下您對第四季的信心，這似乎可以為 26 年奠定良好的基礎？

Yes. And by the way, if you look at what we had in Q2, we saw that higher concentration of larger, more strategic deals. And so frankly, what we're looking at is really, we have a great mix of strategic deals that we're winning and converting. The deal cycles are longer because we're seeing larger, more strategic concentration.

是的。順便說一句，如果你看看我們第二季的情況，你會發現規模更大、更具策略性的交易集中度更高。坦白說，我們真正關注的是，我們擁有一系列正在贏得和轉換的策略交易。交易週期更長，因為我們看到更大、更具策略性的集中度。

And so we're always tentative like not actually trying to estimate timing too precisely. But when we look at over the course of the year, when you look across Q3 and Q4, we see many different paths to actually achieve the range, which is why we actually tightened up the range so -- we also, frankly, like if you look at Q3, we don't want to actually estimate timing too precisely. We got burned on that early in the year, even though many of those deals closed. And we had a healthy momentum actually in Q2, but we see more than that pipeline to actually be in the guided range.

因此，我們總是持嘗試性態度，實際上並不會嘗試太精確地估計時間。但是，當我們回顧全年時，當你回顧第三季度和第四季度時，我們會看到許多不同的路徑來實現這一範圍，這就是為什麼我們實際上縮小了範圍——坦率地說，如果你看第三季度，我們實際上不想太精確地估計時間。儘管許多交易已經完成，但我們在今年年初還是遭受了損失。實際上，我們在第二季度的勢頭很好，但我們認為，實際上在指導範圍內的管道數量不止這些。

We always are a little bit more back-end loaded. If you look at every year. Last year, we had a very robust Q4 -- we probably are in great shape to actually have a healthy Q4 this year or home back in part of the year. But what we really look at is the fundamentals of like what's the pipeline, how we're doing on conversion and how we set ourselves up. But we want to make sure that we are in a range that we actually have confidence that we can achieve, and that's why we tightened the range and made it a bit more focused.

我們的後端負載總是有點大。如果你每年都看看。去年，我們的第四季度業績非常強勁——我們很可能在今年第四季或部分時間內實現良好的業績。但我們真正關注的是一些基本要素，例如管道是什麼樣的、我們在轉換方面做得如何以及我們如何進行自我設定。但我們希望確保我們處於一個我們有信心能夠實現的範圍內，這就是為什麼我們縮小了範圍並使其更加集中。

Matt, if you pencil out the numbers -- yes, if you look at the midpoint of the guide, Q4 of this year is expected to be very similar to what we saw a year ago in Q4. So we've done that before.

馬特，如果你用鉛筆列出這些數字——是的，如果你看一下指南的中點，預計今年第四季的情況將與一年前第四季非常相似。我們以前也這樣做過。

Got it. And then Tim best of luck in the next chapter of your life.

知道了。然後蒂姆祝你人生的下一篇章好運。

Matt, thank you. I appreciate it.

馬特，謝謝你。我很感激。

Junaid Siddiqui, Truist.

Junaid Siddiqui，Truist。

Corey, could you comment on the progress of some of the various sales and channel enablement initiatives you've undertaken to drive adoption of your Exposure Command platform and how they're tracking?

Corey，您能否評論一下您為推動曝光控制平台的採用而採取的一些銷售和管道支援舉措的進展情況以及它們的追蹤情況？

Yes, absolutely. I think what you're alluding to is the fact that we actually shifted last year to take more investment in our partner channel ecosystem. And we watch that's going well. We're getting good feedback from our partners. We're starting to scale that business.

是的，絕對是。我認為您暗示的是，我們去年實際上已經轉向對合作夥伴通路生態系統進行更多投資。我們看到一切進展順利。我們從合作夥伴那裡得到了良好的回饋。我們正在開始擴大該業務。

As I talked about earlier in the year is that, that was going to be a ramp overall. One thing that we're finding that is, I would say, good in the midterm, but was somewhat different than what we expected originally is when we originally launched Exposure Command, we expected it to be a smaller dollar, 10% to 20% uplift upgrade cycle. And we've continued to develop a robust pipeline around that. What we're actually finding is that it is actually a more strategic choice, and we're finding that we're willing larger deals, but the deal cycles are longer, but also the ASPs are significantly higher than we estimated, which is, I think, positive in the midterm, but we're not necessarily getting the 10% to 20% upgrades that we originally expected between us and our partners. But our partners are excited by the ability to actually win larger workloads for customers.

正如我今年早些時候談到的，這將是一個總體上的上升。我們發現的一件事，我想說，在中期是好的，但與我們最初的預期有些不同，當我們最初啟動曝光命令時，我們預計這將是一個較小規模的資金，10% 到 20% 的提升升級週期。我們將繼續圍繞這一點開發強大的管道。我們實際上發現，這實際上是一個更具策略性的選擇，我們發現我們願意進行更大規模的交易，但交易週期更長，而且平均售價也明顯高於我們的預期，我認為這在中期是積極的，但我們不一定會獲得我們和合作夥伴之間最初預期的 10% 到 20% 的升級。但我們的合作夥伴對於能夠真正為客戶贏得更大的工作量感到非常興奮。

So we have readjusted in our guidance our expectation. Again, having customers consolidate, I gave one case study, but we have several different case studies where customers with the full attack surface management view have larger assets under management than they have with vulnerability management. It has been a great entrée and starting to upgrade the cloud workloads. But again, those are much, much larger deals, much larger ASPs.

因此，我們重新調整了我們的指導和預期。再次，讓客戶進行整合，我給出了一個案例研究，但我們有幾個不同的案例研究，其中具有完整攻擊面管理視圖的客戶管理的資產比具有漏洞管理的客戶管理的資產更大。這是一個很好的切入點，並開始升級雲端工作負載。但同樣，這些都是規模大得多的交易，平均售價也高得多。

Eric Heath, KeyBanc.

艾瑞克‧希思（Eric Heath），KeyBanc。

Corey, great to hear the focus on accelerating growth. I guess what are some of the near-term and medium-term priorities to execute on that? And maybe some of the internal metrics you're measuring to understand how you're tracking towards those goals?

科里，很高興聽到關於加速成長的關注。我想問一下近期和中期需要優先執行哪些事項？也許您正在衡量一些內部指標，以了解您如何實現這些目標？

No, it's a great question. Look, I think our team has -- and we're continuing to invest in the product and the service. Look, at the end of the day, having robust investments in product and services is key, and that's been a big focus of the time. And our sellers and our customers really focus on both serving the customers and starting to get the story out about what we're doing because there's been lots of changes and investments in our technology stack over the last few years. As we think about operationalizing the platform, it's a big deal now to have our full technology stack on the platform to have some of the proof points and the evidence in MDR and the DNR space and to continue to expand our exposure offering.

不，這是一個很好的問題。看，我認為我們的團隊已經——而且我們將繼續對產品和服務進行投資。看，歸根結底，對產品和服務進行大量投資是關鍵，這也是當時的重點。我們的賣家和客戶真正專注於服務客戶，並開始宣傳我們正在做的事情，因為過去幾年我們的技術堆疊發生了巨大的變化和投資。當我們考慮將平台投入運作時，現在最重要的是將我們的完整技術堆疊放在平台上，以獲得 MDR 和 DNR 領域的一些證明點和證據，並繼續擴大我們的曝光範圍。

Part -- a big part of what we're doing is moving to really operationalize our expansion motion. If you think about sort of like the two big things that we actually have not nailed and we actually have to have improvement on that we're working with both our customer teams and our new CCO on is, one, we have to educate the market that the traction and the momentum that we have in the detection and response space. We are one of the larger and more successful companies. We have outstanding marks from our customers. We just had an exciting new release with Incident Command, but we have to actually do a good job of educating the market that we've successfully expanded beyond the traditional vulnerability management routes and that we're actually taking data and workloads of all sizes in.

我們正在做的很大一部分工作是真正地將我們的擴張行動付諸實現。如果您想想我們實際上尚未解決的兩件大事，我們實際上必須改進，我們正在與我們的客戶團隊和我們的新 CCO 合作，首先，我們必須讓市場了解我們在檢測和回應領域的牽引力和動力。我們是規模較大、較成功的公司之一。我們獲得了客戶的一致好評。我們剛剛發布了一個令人興奮的新版本“事件指揮”，但我們必須真正做好教育市場的工作，讓市場知道我們已經成功超越了傳統的漏洞管理路線，並且我們實際上正在處理各種規模的數據和工作負載。

So that's one is making sure we actually educate the market. So that's a clear focus and doing that cost effectively, by the way. The second thing that we're sort of like are really focused on is we have to really build the operational engine for our expansion. We do it today, but we have a bunch of hard-working people that are actually going in and frankly, doing it much more manually. And so really building the rigor and the process around that expansion engine is a big focus that I actually have going forward.

因此，其中之一就是確保我們確實教育了市場。順便說一句，這是一個明確的重點，而且能夠以成本有效的方式實現這一點。我們真正關注的第二件事是我們必須真正為我們的擴張建立營運引擎。我們今天就在做這件事，但我們有一群勤奮的人在實際工作，坦白說，他們更依靠手動來完成這件事。因此，真正圍繞擴展引擎建立嚴謹性和流程是我未來工作的重點。

But it is a big deal that we can actually do it off of a fully integrated platform that's all upgraded, ingesting data across the environment on the Command platform, which was a big milestone for me and a big focus on both myself and the company over the last year.

但我們實際上可以在一個完全升級的完全整合平台上做到這一點，在 Command 平台上提取整個環境中的數據，這對我來說是一個重要的里程碑，也是我和公司在過去一年中關注的重點。

Yes. That's great. I just want to -- if I could, just help me understand a little bit better what's incremental with the Incident Command platform versus the prior iteration. Is this just more holistic data capture onto a single unified interface? And is there any sort of customer migration activity that's needed to get on to that platform?

是的。那太棒了。我只是想——如果可以的話，請幫助我更好地理解事件指揮平台與之前的迭代相比有哪些增量。這是否只是將更全面的數據捕獲到單一統一的介面上？是否需要進行任何類型的客戶遷移活動才能進入該平台？

The upgrade is going to be very straightforward and easy, and it's a lot that's actually incremental. So like if you look at the core fundamentals is we've actually made it easy to actually consume both more raw data and more alert data and telemetry into the platform. So it's just like the rest of the Command platform, it's about both the data that we collect, but it's also is actually rationalizing the master system record data. The second thing that it actually has its core is it has a fully built-in threat intelligence platform that actually takes a lot of the noise that you get in and helps make sense, but also helps correlate your data about real-world threats and attacks that we're seeing in the environment. And probably the biggest single piece of the upgrade is we've been training and working with Incident Command as part of our MDR offering and training and optimizing it.

升級將會非常直接和容易，而且很多升級其實是漸進的。因此，如果你看一下核心基礎，你會發現我們實際上已經可以輕鬆地將更多的原始數據、更多的警報數據和遙測數據實際消耗到平台中。因此，它就像 Command 平台的其他部分一樣，既涉及我們收集的數據，也實際上合理化了主系統記錄數據。它的核心實際上是第二個，它有一個完全內建的威脅情報平台，這個平台實際上可以吸收你收到的大量噪音並幫助你理解，同時也有助於關聯你在環境中看到的現實世界威脅和攻擊的數據。升級過程中最重要的部分可能是我們一直在與事件指揮部進行培訓和合作，作為我們 MDR 產品的一部分，並對其進行培訓和優化。

And so customers out of the box get a full agentic experience, where it actually dispenses alerts, organizes it, puts it directly into the MITRE framework and allows customers to actually not have to actually go through and do their own research. It provides a clear point of view about what's deduplicated, what's not, what's likely a threat, what's not a threat. And it actually starts to do the work for all of our customers in the SOC. Again, this was trained on the data that's actually helped our own MDR team scale and our customers and our partners' MDR team scale in their environment.

因此，客戶可以立即獲得完整的代理體驗，它可以實際發出警報、組織警報、將其直接放入 MITRE 框架中，並且允許客戶實際上不必親自去進行研究。它提供了關於什麼是重複資料刪除、什麼不是、什麼可能是一種威脅、什麼不是威脅的清晰觀點。它實際上開始為 SOC 中的所有客戶工作。再次，這是根據數據進行訓練的，這些數據實際上幫助我們自己的 MDR 團隊擴大規模，以及我們的客戶和合作夥伴的 MDR 團隊在他們的環境中擴大規模。

Keep in mind, our managed detection response is both us, but we have a lot of partners that do that, and we've been making these technologies available steady to those partners.

請記住，我們的管理檢測回應既是我們自己的，也是我們有很多合作夥伴在這樣做，並且我們一直在穩定地為這些合作夥伴提供這些技術。

Michael Cikos, Needham.

麥可·西科斯，尼德姆。

This is Jeff Hopson on for Mike. We've seen companies that had deals slipped from Q1 to Q2 from Liberation Day and then now Q2 to Q3 in some cases. Is this something you guys are seeing that could end up pushing even more to Q4 even more than last year?

我是傑夫‧霍普森 (Jeff Hopson)，代替麥克 (Mike)。我們發現，有些公司的交易量從解放日開始從第一季下滑至第二季度，現在又從第二季下滑至第三季。你們是否看到了這種情況，並且最終可能會比去年更加推動第四季的發展？

Yes, it's a great question. So one is, we definitely saw it in Q2 -- I mean, Q1. And in Q2, we were more prepared for it. So we actually felt like things ended up quite healthy in Q2. But I mean, to be clear, there are some things that came in, there are some things that actually were delayed to slip, but we overall felt quite healthy.

是的，這是一個很好的問題。一方面，我們確實在第二季（也就是第一季）看到了這一點。而在第二季度，我們對此做好了更充分的準備。因此，我們實際上感覺第二季的情況相當健康。但我的意思是，要明確的是，有些事情已經發生，有些事情實際上被推遲了，但總體而言，我們感覺相當健康。

We are not -- just to be clear, our baseline assumption right now is that deals will move around. This is why we gave you what we consider a prudent outlook that Tim gave in the outlook. And look, deals with one, we have more larger deals. They're more strategic. They're more concentrated.

我們不是——只是為了明確起見，我們現在的基本假設是交易將會改變。這就是為什麼我們給你提供了蒂姆在展望中給出的我們認為是審慎的觀點。看看吧，除了一筆交易，我們還有更多的大型交易。他們更具有戰略眼光。它們更加專注。

They actually have more scrutiny. And so there's a range of a couple of million dollars that actually happens. We don't think that's a big deal, which is why we really focused on the outlook for the overall year. But I would say Q2, we felt good about the mix. Q3, we assume that it's stable.

他們實際上進行了更嚴格的審查。因此實際損失在幾百萬美元左右。我們認為這不是什麼大問題，這就是為什麼我們真正關注全年的前景。但我想說 Q2，我們對這種組合感覺很好。Q3，我們假設它是穩定的。

A few deals may slip that can actually add some incremental pressure, but that's why we're managing to the full year outlook, not really focused on sort of like the Q2, Q4 timing because we found that, that wasn't as big a deal once we actually got through April.

一些交易可能會出現下滑，這實際上會增加一些壓力，但這就是為什麼我們要著眼於全年展望，而不是真正關注第二季度、第四季度的時間安排，因為我們發現，一旦我們真正度過了四月份，這並不是什麼大問題。

Got it. And could you just give an update on the time line of the investments in the India SOC -- the stock has come up a lot in discussions. And just curious of how that's been going.

知道了。您能否介紹一下印度 SOC 投資的時間表——股票在討論中被多次提及。我只是好奇事情進展如何。

Yes, it's a good question. It's a ramping. What I would say is that we're ramping capacity, but just as importantly, we're adding capacity and frankly, accelerating, and we're going to continue to accelerate the capacity of what our AI engine can do. We have a global 24/7 stock around the world that actually operates in the US, operates in Europe, operates in the Asia Pacific region. And so adding India is another region because we do believe that AI gives us scale, but we think people matter.

是的，這是個好問題。這是一個斜坡。我想說的是，我們正在提高產能，但同樣重要的是，我們正在增加產能，坦白說，我們正在加速，我們將繼續加速我們的人工智慧引擎的產能。我們在全球擁有全天候庫存，實際上在美國、歐洲和亞太地區運作。因此，增加印度是另一個地區，因為我們確實相信人工智慧可以擴大規模，但我們認為人也很重要。

We think security is an ever-evolving thing. And so this is an ideal area where you actually take AI and you actually push it. The fact of matter is we love the fact that our security operations team pushes our engineering team aggressively and has actually helped push the bar, not just on the success we have but it's also pushed us aggressively to actually do even more from where we are today. And we think that's a very healthy dynamic. And I think the customers are incident command and then able to see that value directly in the product.

我們認為安全是一個不斷發展的事物。因此，這是一個真正採用人工智慧並推動其發展的理想領域。事實上，我們喜歡我們的安全營運團隊積極推動我們的工程團隊，這實際上幫助我們突破了標準，不僅在我們的成功上，而且還積極推動我們在目前的基礎上做得更多。我們認為這是一種非常健康的動態。我認為客戶是事件指揮者，並且能夠直接在產品中看到該價值。

Jeff, when you see it hit in the P&L, it's definitely ramping up in the second half of the year. If you look at the OI guide for Q3, it's a pinch below where we landed in Q2. That's really the investment really starting to tick up in Q3 and Q4 of this year.

傑夫，當你看到它在損益表中出現時，它肯定會在今年下半年增加。如果你看第三季的 OI 指南，你會發現它比第二季的水平略低。這實際上是今年第三季和第四季投資開始真正增加。

Joshua Tilton, Wolfe Research.

約書亞‧蒂爾頓 (Joshua Tilton)，沃爾夫研究公司。

Can you guys hear me?

你們聽得到我說話嗎？

Yes, Josh.

是的，喬希。

Yes.

是的。

Awesome. Congrats on the results. I have two. The first one, you guys kind of sort of addressed it, but I guess I'm still a little unsure as to why you guys are lowering the high end of the ARR guide. I think you said that the ARR this quarter was in line with your expectations.

驚人的。恭喜取得成果。我有兩個。第一個問題，你們已經解決了這個問題，但我仍然有點不確定為什麼你們要降低 ARR 指南的高端。我認為您說過本季的 ARR 符合您的預期。

There was better bookings linearity. It sounds like there's still deal scrutiny, but it hasn't gotten worse than last quarter. So I'm just trying to understand why exactly is the high end of the guide coming down? That's my first one.

預訂線性更好。聽起來交易仍然受到審查，但情況並沒有比上個季度更糟。所以我只是想了解為什麼指南的高端價格會下降？這是我的第一個。

Yes. It's a great question. So the core of it is if you look at what's happened on a fundamentals basis, we're continuing to build total pipe. We are seeing a larger concentration of more strategic deals that are FX. And you know our history, but that's actually a new thing that we're actually going through.

是的。這是一個很好的問題。因此，其核心是，如果你從基本面來觀察發生的事情，你會發現我們正在繼續建立整體管道。我們看到外匯交易中更具策略性的交易越來越集中。你們知道我們的歷史，但這實際上是我們正在經歷的新事物。

And we actually think it's prudent not to be out over our skis. So we have high confidence in the guidance range. Could we do better than that? Yes. But our focus has actually given investors a high-quality range that we actually feel good on, especially when you actually have a back-end loaded year and you actually are seeing a higher concentration of larger and more strategic deals.

我們實際上認為不出去滑雪是明智之舉。因此我們對指導範圍充滿信心。我們能做得更好嗎？是的。但我們的重點實際上為投資者提供了高品質的產品範圍，我們對此感到滿意，特別是當你實際上擁有後端負載的一年並且你實際上看到更大、更具戰略性的交易的集中度更高的時候。

We actually feel okay about the economy in general. We are seeing a deal mix shift up. But we also don't want to -- in a world that is volatile, let's just put it that way. We don't want to put all of our eggs in the basket of everything is going to actually be fine across the rest of the year. So we gave you what we actually thought is a range that we actually feel good about, especially as you look at sort of like the remainder of the year, and we can actually land the time and how it lands.

事實上，我們對整體經濟狀況感覺良好。我們看到交易組合正在轉變。但我們也不想──在一個動盪的世界裡，我們就這麼說吧。我們不想把所有的事情都放在今年剩餘時間裡一切都會好起來的籃子裡。因此，我們為您提供了我們實際上認為的一個讓我們感到滿意的範圍，特別是當您回顧今年剩餘的時間時，我們實際上可以確定時間和方式。

But we have a good pipe and it's more robust there, but that's the focus. We want to make sure investors have a clear sense of where we are, where we actually have confidence and what we're seeing.

但我們有一條很好的管道，而且那裡更堅固，但這就是重點。我們希望確保投資者清楚地了解我們的現狀、我們的信心所在以及我們看到的情況。

Okay. Makes sense. And maybe just my follow-up. You announced a new Chief Commercial Officer. I believe that's the title of the role.

好的。有道理。也許只是我的後續行動。您宣布了一位新的首席商務官。我相信這就是這個角色的標題。

Corey, I think the words you used were drive go-to-market capabilities and accelerate revenue growth.

Corey，我認為您使用的詞彙是推動市場進入能力和加速收入成長。

Clearly, half the business is still doing pretty well. The other half of the business is obviously kind of lagging. day 1, new Chief Commercial Officer, like what are his expectations? Like when would Core like to see him start to really make an improvement to the half of the business that's been kind of overshadowing the strong growth in D&R?

顯然，一半的業務仍然表現良好。另一半業務顯然有些落後。第一天，新任首席商務官的期望是什麼？例如，Core 什麼時候希望看到他開始真正改善那一半一直掩蓋著 D&R 強勁成長的業務？

Yes. So one, I think that steady wins the race. So we have a high sense of urgency, but we want to focus on fundamentals. I expect to actually see continued success in D&R, and we don't want to sacrifice that because that's a robust market that's healthy, that has healthy trends overall. The biggest thing that we actually are going to focus on when it comes to the other parts of the business is really operationalizing the customer go-to-market and expansion engine.

是的。所以，我認為，穩紮穩打才能贏得比賽。因此，我們有很強的緊迫感，但我們希望把重點放在基本面上。我希望看到 D&R 繼續取得成功，我們不想犧牲這一點，因為這是一個強勁、健康的市場，整體趨勢良好。當涉及到業務的其他部分時，我們實際上要關注的最重要的事情是真正實現客戶進入市場和擴張引擎的運作。

I think we have some efficiency gains to do. I think there are some things that actually make it easier for our sellers to actually get momentum. There are some market things that we have to do to actually make sure people actually are aware of where we are and that we're actually selling in a platform motion. And so I'm really expecting the leader to actually work with our teams on making things easier for our sellers to actually go not just tell the story, but be able to cross-sell and upsell more efficiently and effectively. If we do that, everything will actually follow and actually growth will follow.

我認為我們需要提高一些效率。我認為有些事情實際上可以讓我們的賣家更容易獲得動力。我們必須做一些行銷工作，以確保人們真正了解我們的位置，並且我們確實在以平台動作進行銷售。因此，我真誠地希望領導者能夠與我們的團隊合作，讓我們的銷售人員不僅能夠更輕鬆地講述故事，而且能夠更有效率、更有效地進行交叉銷售和追加銷售。如果我們這樣做，一切都會順利進行，成長也會隨之而來。

My expectation is to see improvements as we actually move into next year. And we'll continue to actually talk about that and educate you about where we are along the way. But I think we're doing off of a stronger base of a more integrated platform, but we don't want to lose the momentum that we actually have in D&R. What we really want to do is make the selling motion easier for our sellers.

我的期望是，隨著我們真正進入明年，我們會看到進步。我們將繼續討論這個問題，並告訴您我們目前所處的階段。但我認為我們正在以更強大的整合平台為基礎，但我們不想失去我們在 D&R 領域現有的勢頭。我們真正想要做的是讓賣家的銷售行為更輕鬆。

Awesome. We are excited to see it.

驚人的。我們很高興看到它。

Aidan Perry, Piper Sandler.

艾丹佩里、派珀桑德勒。

Can you hear me?

你聽得到我嗎？

Yes.

是的。

This is Aidan on for Rob Owens. It was great to see the recent FedRAMP achievement. And I understand it might still be early, but how are you thinking about the federal opportunity in longer term and your right to win in this area versus other competitive solutions?

這是艾丹 (Aidan)，取代羅布‧歐文斯 (Rob Owens)。很高興看到 FedRAMP 最近的成就。我知道現在可能還為時過早，但您如何看待聯邦的長期機會以及與其他競爭解決方案相比您在此領域的獲勝權利？

Yes. We're very excited about it. If you look, we actually have some early customers that we've had for a while that they think is more about exception basis. We see a robust opportunity there because we have not had these certifications, and this is a catch-up area. And we see lots of healthy demand where we can help make those workloads more efficient, more effective, introduce some competition into the market.

是的。我們對此感到非常興奮。如果你看一下，你會發現我們實際上有一些早期的客戶，我們已經合作了一段時間，他們認為這更多的是基於例外情況的。我們看到了巨大的機遇，因為我們還沒有獲得這些認證，這是一個追趕領域。我們看到了很多健康的需求，我們可以幫助提高這些工作量的效率，更有效，為市場引入一些競爭。

So this is a huge upside for us. That's it, it's the federal government. Deal cycles are actually longer. It's an impact that we expect to start seeing in '26. We got the certification.

所以這對我們來說是一個巨大的優勢。就是這樣，這是聯邦政府。交易週期實際上更長。我們預計這種影響將在 26 年開始顯現。我們獲得了認證。

Our teams are out in the market now. We're frankly scaling the teams that are actually addressing the federal government workloads, but it's a benefit that we start -- expect to start seeing in '26. The federal government is one of the largest and most stable spenders on security, and we haven't been participating in the market. And I'm thrilled that we're actually doing it now, but we have to build up our capacity to actually do that well and not just in the narrow way that we've been doing it, but in a more expansive way. And so it provides a good opportunity in front of us.

我們的團隊現在已經進入市場。坦白說，我們正在擴大實際上處理聯邦政府工作量的團隊，但這是我們開始看到的好處——預計將在 26 年開始看到。聯邦政府是安全領域最大、最穩定的支出者之一，而我們一直沒有參與這個市場。我很高興我們現在正在做這件事，但我們必須增強我們的能力，才能真正做好這件事，而且不只是以我們一直以來狹隘的方式，而是以更廣泛的方式。所以這給了我們一個很好的機會。

Gray Powell, BTIG.

格雷·鮑威爾（Gray Powell），BTIG。

Okay. Great. Can you guys hear me okay?

好的。偉大的。你們聽得到我說話嗎？

We can hear you.

我們能聽到你的聲音。

All right. Awesome. I was a little slow on the trigger there. Great. So yes, look, I know that the MDR space is pretty fragmented.

好的。驚人的。我扣下板機有點慢。偉大的。是的，我知道 MDR 空間相當分散。

But I guess I'd be curious, like how does Zscaler's acquisition of Red Canary change the competitive landscape there, if at all? Do you see any potential discussions resulting from that acquisition or any potential tailwinds?

但我想我會很好奇，例如 Zscaler 收購 Red Canary 會如何改變那裡的競爭格局？您是否認為此次收購將帶來任何潛在的討論或任何潛在的順風？

There could be some tailwinds. Look, Zscaler is an incredibly talented company. I have a lot of respect for Jay and the team there. I don't think it changed anything mostly because the MDR market is a highly fragmented market. So our focus is doing what we think we actually do best, which is offering a high-value solution to manage all of customer security data with a high-quality level of service.

可能會有一些順風。看，Zscaler 是一家非常有才華的公司。我非常尊重傑伊和那裡的團隊。我認為它沒有改變任何事情，主要是因為 MDR 市場是一個高度分散的市場。因此，我們的重點是做我們認為我們最擅長的事情，即提供高價值的解決方案，以高品質的服務水準管理所有客戶安全資料。

And I think we made great strides there. But frankly, we're ambitious. We plan to make even greater strides there, having a high bar for some -- our goal, and we have this history of Rapid7 around security and security focus. We want to be the best home in the world for security practitioners, but that also marries that with some of the latest advances in artificial intelligence to actually give customers a trusted provider of security solutions. I think if we do that, we'll be wildly successful.

我認為我們在這方面取得了巨大進步。但坦白說，我們雄心勃勃。我們計劃在那裡取得更大的進步，對我們的目標有一些很高的標準，並且我們在安全和安全重點方面擁有 Rapid7 的歷史。我們希望成為世界上最好的安全從業人員之家，但這也與人工智慧的一些最新進展相結合，從而真正為客戶提供值得信賴的安全解決方案提供者。我認為如果我們這樣做，我們將會獲得巨大的成功。

And I also think the market will be a highly fragmented market. And so I think because of that, it doesn't really change the dynamics overall, it's a noisy market. Frankly, I think we have not been the most effective that we could be telling our story and making sure people know how impactful and successful they are. Every time we meet customers and they actually look at it or they get references from other customers, they're constantly surprised about how impactful and how successful we are and the quality of service that we actually have. So we have to actually do a better job of telling our story, and that's frankly going to matter more than anything that's happening in the competitive environment. It's a big market.

我還認為市場將會是一個高度分散的市場。因此我認為，正因為如此，它並沒有真正改變整體動態，這是一個吵雜的市場。坦白說，我認為我們還沒有盡最大努力講述我們的故事，也沒有讓人們知道他們的影響力和成功程度。每次我們與客戶見面，他們真正看到它或從其他客戶那裡得到推薦時，他們總是對我們的影響力和成功程度以及我們實際提供的服務品質感到驚訝。因此，我們必須更好地講述我們的故事，坦白說，這比競爭環境中發生的任何事情都重要。這是一個很大的市場。

If you just zoom out, my estimate is that over 90% of the world will not have the capacity to do what's required from a security operations perspective, which is to manage and monitor all their data, all their telemetry on a 24/7 worldwide basis in an incredibly technology fragmented and highly regulatory environment. That's a massive opportunity, not just for us, not just for Zscaler, but for the world, and we have to compete effectively. But we're doing that from a scale position, from an innovative position and frankly, from a position where we actually are able to attract great cybersecurity talent.

如果只是縮小範圍，我估計世界上超過 90% 的國家將沒有能力做到安全營運所需的事情，即在技術極其分散且監管嚴格的環境中，在全球範圍內全天候管理和監控所有數據和遙測數據。這是一個巨大的機遇，不僅對我們、不僅對 Zscaler 而言，對全世界都是如此，我們必須有效競爭。但我們這樣做是為了規模、創新，坦白說，也是為了吸引優秀的網路安全人才。

Adam Borg, Stifel.

亞當·博格（Adam Borg），Stifel。

Awesome. Can you hear me okay?

驚人的。你聽見我說話嗎？

Just go ahead, Adam.

繼續吧，亞當。

Maybe just for Corey. So as we think about the Command platform and the various pieces coming into place now with Incident Command, how do we think about just overall pricing and packaging? You just spent -- a few minutes ago, you talked a little bit about trying to make the selling motion easier for sellers. And just thinking when Alan joins, what's the opportunity around pricing and packaging given what you just mentioned?

也許只是為了科里。因此，當我們考慮指揮平台和事件指揮現在所包含的各個部分時，我們如何考慮整體定價和包裝？幾分鐘前，您剛剛談到如何讓賣家的銷售行為變得更容易。我只是在想，當艾倫加入時，根據您剛才提到的情況，定價和包裝方面有什麼機會？

Yes. Look, there's work that we have to do. We've done some -- we've gone through multiple iterations over the years with doing consolidation packages, which has helped on the initial sale. We have not actually nailed the pricing and packaging on the expansion motion. And even if you think about the success that we're having in Exposure Command, it's strategic success that's either really, really massive upgrades or significant new lands.

是的。瞧，我們有工作要做。我們已經做了一些——多年來，我們在製作整合包方面經歷了多次迭代，這對最初的銷售有所幫助。我們實際上還沒有確定擴張計劃的定價和包裝。即使你想想我們在曝光指揮部所取得的成功，這也是戰略上的成功，要不是真正大規模的升級，就是重要的新土地。

And so we have to actually make it easier for our customers to actually adopt on the journey and actually take out bite-size increments and for our sellers to be able to actually sell the bite-size increments on the journey. So there's work to do there, just to be clear. I mean if you look at like where our growth is versus where our platform, it's actually very clear that we're actually taking in large complicated chunks. And the biggest drag on growth is we actually don't have the continuous expansion engine. And we own doing that, and we actually own doing that well.

因此，我們必須讓客戶更容易在旅途中採用並實際獲得小塊增量，並且讓我們的賣家能夠在旅途中實際銷售小塊增量。因此，我們需要做一些工作，以明確這一點。我的意思是，如果你看看我們的成長情況以及我們的平台狀況，你會發現我們實際上正在吸收大量複雜的數據。而成長的最大阻力是我們實際上沒有持續的擴張引擎。我們自己做到了這一點，而且我們確實做得很好。

So that's a relatively large area of focus that gives us steady, frankly, better predictability over time because I love having some of the success that we're seeing in larger deals, I don't love not having the volume of transactions there. So it give us both more predictability, but it also materially actually assist in the revenue growth piece because we have 11,000 customers. We have a good story. We have to tell them that story, but we have to provide the right bite size chunks for people to buy it off. And so that will actually both help the growth, but it will also help the overall customer experience.

因此，這是一個相對較大的關注領域，它能讓我們隨著時間的推移保持穩定，坦白說，具有更好的可預測性，因為我喜歡在大型交易中取得一些成功，但我不喜歡那裡沒有交易量。因此，它不僅為我們提供了更多的可預測性，而且實際上也有助於收入成長，因為我們有 11,000 名客戶。我們有一個好故事。我們必須向他們講述這個故事，但我們必須提供適當的內容以便人們可以接受。因此，這實際上不僅有助於成長，而且還有助於整體客戶體驗。

That's great. And maybe just as a quick follow-up, number of customers modestly fell for two quarters straight. When should we begin to see that stabilizing?

那太棒了。也許只是一個簡單的後續行動，客戶數量連續兩季小幅下降。我們什麼時候才能開始看到這種穩定？

Yes. So I think what you're seeing is that we're doing quite well at adding strategic customers. Look, we have some -- what I would consider legacy customers and trade-off -- we owe you a measure to actually think about quality overall. It's not something I'm focused on at all is the customer count. I really want to shift it to be how many customers do we actually have, how far in the journey of customers fully leveraging the platform, how many coverage is our AI managed SOC managing, how many workloads are we managing and leveraging through AI, and that will represent significant growth.

是的。所以我認為您看到的是我們在增加策略客戶方面做得相當不錯。看，我們有一些——我認為是遺留客戶和權衡——我們欠你一個衡量標準來真正考慮整體品質。我關注的根本不是客戶數量。我真正想將其轉變為我們實際上有多少客戶，客戶充分利用平台的旅程有多遠，我們的 AI 管理 SOC 管理的覆蓋範圍有多少，我們透過 AI 管理和利用了多少工作負載，這將代表著顯著的成長。

We'll grow customers. But like losing transactional customers while adding strategic customers, that's going to be noise for a little while. I won't even call it a headwind. It's just noise for a little while. We do owe you some better measures about how to actually see that equality.

我們將增加客戶。但就像失去交易客戶而增加戰略客戶一樣，這會在一段時間內造成困擾。我甚至不會稱之為逆風。這只是一小會兒的噪音。我們確實欠你們一些更好的措施來真正實現這種平等。

So I hope the team will work together on that. But it's not a big factor right now because it's a little bit noisy.

所以我希望團隊能夠共同努力。但現在這不是一個大問題，因為有點吵。

Yes, but still a lot of room to grow that ARR per customer.

是的，但每位客戶的 ARR 仍有很大的成長空間。

It will be quality platform customer, too. But we have significant room on ARR per customer, and that's the focus, but we are also adding new customers in a quality way. But we are having like, again, sets of smaller dollar customers fall that are more transactional as we have larger, more strategic customers.

這也將成為優質平台客戶。但我們在每位客戶的 ARR 上都有很大空間，這是重點，但我們也以高品質的方式增加新客戶。但是，我們再次遇到了一些金額較小的客戶，這些客戶的交易性更強，因為我們擁有規模更大、更具策略性的客戶。

Rudy Kessinger, D.A. Davidson.

魯迪凱辛格、地方檢察官戴維森。

Can you guys hear me okay?

你們聽得到我說話嗎？

Yes.

是的。

Yes, Rudy.

是的，魯迪。

Okay. Great. So I want to kind of go back to Josh's question about lowering the ARR guide by $15 million on the top end. I think last quarter, you guys said the outlook kind of relied on some stabilization declines you're seeing in your VM business. I'm curious how that trended in the quarter.

好的。偉大的。所以我想回到 Josh 的問題，關於將 ARR 指南最高降低 1500 萬美元。我認為上個季度，你們說過前景有點依賴虛擬機業務中看到的一些穩定性下降。我很好奇本季的趨勢如何。

And because when I look at your ARR, if D&R has continued to grow in the mid-teens and make up an increase in mix, while your overall ARR growth has slowed, obviously, that math suggests that the declines in the rest of the business are actually worsening. So I'm curious if you could just give any color on that dynamic.

因為當我查看你的 ARR 時，如果 D&R 繼續以十幾歲的幅度增長並構成組合的增長，而你的整體 ARR 增長卻放緩了，顯然，這個數字表明其餘業務的下滑實際上正在惡化。所以我很好奇您是否可以對這種動態做出任何解釋。

Yes. No, it's a great question. So the first thing is we are seeing very healthy both pipeline and conversion. It is much chunkier this year. So it's larger, more strategic deals.

是的。不，這是一個很好的問題。因此，首先我們看到管道和轉換都非常健康。今年它變得更加厚實了。因此，這是規模更大、更具策略性的交易。

And frankly, we are getting better and better at forecasting those. but we don't want to be out over our skis. We saw exactly what we hope to see in Q2, and so we feel good about the overall Q2 dynamic. But we want to have a range that we actually had high confidence. To answer your core question is I'll answer it two ways.

坦白說，我們在預測這些方面做得越來越好。但我們不想在滑雪時出門。我們在第二季度看到了我們希望看到的情況，因此我們對第二季的整體動態感到滿意。但我們希望有一個我們實際上高度信任的範圍。要回答你的核心問題，我將從兩個方面來回答。

One, we have a massive D&R opportunity, and we expect both the work that we've done on the product side, but frankly, the work that we're investing on the sales side, we think that we actually have more growth capacity in the overall D&R business. And it's a larger, more strategic market. So we have laser sight and focus on that overall. The second thing that I would say is we are investing in the technology around both vulnerability management and exposure at the core level. But we think about that as an upgrade motion in the installed base and business.

首先，我們擁有巨大的 D&R 機會，我們期望我們在產品方面所做的工作，但坦白說，我們在銷售方面投入的工作，我們認為我們實際上在整個 D&R 業務中擁有更大的成長能力。而且這是一個更大、更具戰略意義的市場。因此，我們有雷射瞄準器，並且總體上關注這一點。我想說的第二件事是，我們正在核心層面投資漏洞管理和暴露技術。但我們認為這是安裝基礎和業務的升級舉措。

And we're frankly happy with what we're -- it's not what we expect to see because I don't want to. We expected to see a bunch of smaller dollar transactions. That would have given us higher predictability and concentration on growth. And what we're seeing is a robust pipeline build, but customers making strategic platform decisions. And again, frequently, they're choosing us, but instead of a smaller dollar 3- to 6-month sales cycle, we're definitely seeing a larger dollar 9- to 12-month sales cycle.

坦白說，我們對目前的情況感到滿意——但這並不是我們期望看到的，因為我不想看到這樣的結果。我們預計會看到大量小額美元交易。這將使我們對成長有更高的可預測性和集中度。我們看到的是強大的管道建設，但客戶正在做出策略平台決策。而且，他們經常選擇我們，但我們看到的不是較小的 3 到 6 個月的銷售週期，而是較大的 9 到 12 個月的銷售週期。

And so part of what we're bringing it down is that like the smaller dollar high volume is much more predictable, and that was our base coming in. We like what we're seeing in the larger strategic consolidation dollars. We like what we're seeing in the upgrade motions. I gave you a couple of examples in the case studies early on. But those are a little bit trickier to actually forecast the timing of.

因此，我們降低這一數字的部分原因是，較小的美元高交易量更加可預測，這就是我們的基礎。我們對更大規模的策略整合資金的投入感到滿意。我們喜歡升級動議中所看到的。我之前在案例研究中給了你幾個例子。但實際上預測這些時間有點棘手。

And so based on where we are and the concentration of larger deals in pipeline, we actually adjusted our guidance to where we want to be. And that's really the dynamic that you're talking about, it sounds like Q2 was fine, and you saw what you need to see. Absolutely, it was actually fine. What's not what we want to see is the volume of smaller dollar upgrades. Some of that we have to actually tune the engine on.

因此，根據我們所處的位置以及正在進行的大型交易的集中度，我們實際上將我們的指導調整到了我們想要的位置。這確實是您談論的動態，聽起來第二季表現不錯，您看到了您需要看到的東西。絕對的，實際上還不錯。我們不希望看到的是金額較小的美元升級。其中一些我們必須實際調整引擎。

But frankly, if you zoom out, we're fine with that because we're seeing the consolidation and the wins on the larger dollar, and we actually have a path to that. And we don't want to distract ourselves too much from the really large D&R opportunity that's in front of us. So I know that was a lot, but I really want to get to the core of that question. All right. Thank you all very, very much.

但坦白說，如果你縮小視野，我們對此感到滿意，因為我們看到了美元的整合和勝利，而且我們實際上已經找到了實現這一目標的途徑。我們不想讓自己過度分心於擺在我們面前的真正巨大的 D&R 機會。我知道這有很多內容，但我真的想找到這個問題的核心。好的。非常感謝大家。

Look, as we close out today, I just want to thank Tim again for his work, commitment and service to the company. I'm deeply appreciative of his commitment and what he's helped us achieve here as we've gone through, frankly, radically reforming the company to be something that's equipped to actually invest in and actually tackle the future opportunities that we see in the world around us today.

聽著，在我們今天結束之際，我只想再次感謝提姆為公司所做的工作、承諾和服務。我非常感謝他的承諾以及他幫助我們取得的成就，坦白說，我們已經徹底改革了公司，使之有能力真正投資並真正抓住我們今天在周圍世界看到的未來​​機會。

So thank you so much, Tim, and thank you all for joining us on the call today.

非常感謝你，提姆，也感謝大家今天參加我們的電話會議。