Rapid7 Inc (RPD) 2025 Q3 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 Q3 2025 Rapid7 earnings call. (Operator Instructions).

大家好。我叫萊拉，今天我將擔任你們的會議接線生。現在，我謹代表 Rapid7 公司歡迎各位參加 2025 年第三季財報電話會議。（操作說明）

At this time, I would like to turn the call over to Ryan Gardella, Investor Relations.

此時，我想把電話交給投資人關係部門的瑞安·加德拉。

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

謝謝接線員，大家下午好。感謝您今天蒞臨現場，與我們共同探討 Rapid7 2025 年第三季的財務與營運表現。除了我們對第四季和 2025 財年的財務展望之外。今天和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。我們透過新聞專線發布了獲利新聞稿，目前已將其發佈在公司網站 investors.rapid7.com 上，同時發布的還有更新後的公司簡報和財務指標文件。

This call is being broadcast live via webcast. And following the call, an audio replay will be available at investors.rapid7.com. 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 fourth 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.

本次通話將透過網路直播。電話會議結束後，投資人可在 investors.rapid7.com 收聽錄音重播。在本次電話會議中，我們可能會發表一些與本公司業務相關的、根據聯邦證券法被視為前瞻性陳述的聲明。這些聲明是根據 1995 年《私人證券訴訟改革法案》的安全港條款作出的，其中包括與公司 2025 年第四季和全年財務指引以及此類目標和指引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可獲得的資訊。

Actual outcomes and results may differ materially from the future results expressed or implied in these statements due to the number of risks and uncertainties, including those contained in our most recent quarterly report on Form 10-Q filed on August 8, 2025, and in 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.

由於存在許多風險和不確定性，實際結果可能與這些聲明中明示或暗示的未來結果存在重大差異，包括我們在 2025 年 8 月 8 日提交的最新季度報告（10-Q 表格）以及我們隨後向美國證券交易委員會提交的報告中所包含的風險和不確定性。應結合這些風險來考慮本次電話會議中提供的資訊。實際結果和某些事件發生的時間可能與此類前瞻性聲明預測或暗示的結果或時間有重大差異，已公佈的結果不應被視為未來績效的指標。Rapid7 不承擔更新本次電話會議中所提供資訊的任何義務，除非適用法律另有規定。

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 insights 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以非GAAP財務指標呈現，您可以在今天的盈利新聞稿和我們的網站 investors.rapid7.com 上找到我們歷史GAAP和非GAAP業績的調節表。有時，在準備好的評論或對您問題的回覆中，我們可能會提供一些補充指標，以便更深入地了解我們業務的動態或季度業績。請注意，這些額外細節可能僅此一次，我們將來可能會也可能不會更新這些指標。

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

接下來，我想把電話交給我們的執行長科里·托馬斯。科里？

Thank you, Ryan. And welcome to everyone joining us on the call today. Rapid7 ended the third quarter with $838 million in ARR, growing 2% year over year as we innovate on our AI-powered SOC vision but continue to see timing variability within our large deal pipeline. Revenue for the quarter was $218 million and operating income was $37 million, both ahead of our outlook. We once again delivered strong free cash flow of $30 million generated in the quarter.

謝謝你，瑞恩。歡迎今天所有參加電話會議的朋友們。Rapid7 第三季末的 ARR 為 8.38 億美元，年成長 2%，這得益於我們在 AI 驅動的 SOC 願景方面的創新，但我們的大型交易管道的進度仍然存在波動。本季營收為 2.18 億美元，營業收入為 3,700 萬美元，均超出我們的預期。本季我們再次實現了強勁的自由現金流，達到 3000 萬美元。

The key message I want to leave you with today is Rapid7 has made and continues to make significant organizational changes to accelerate our go-to-market motion, capture the large opportunity in front of us in AI SOC and position the company for accelerating top line growth. We have a leading franchise with a competitively strong set of capabilities that we continue to invest behind. We have alignment to move as quickly as possible across all dimensions of our organization to improve and capitalize on the opportunities in front of us.

今天我想留給大家的關鍵訊息是，Rapid7 已經並將繼續進行重大的組織變革，以加快我們的市場進入步伐，抓住 AI SOC 領域的巨大機遇，並使公司能夠加速營收成長。我們擁有領先的特許經營權和極具競爭力的強大實力，我們將繼續加強對其投入。我們已達成共識，將在組織的各個層面盡快採取行動，以改善並抓住擺在我們面前的機會。

This includes several recent senior leadership changes, including our new Chief Commercial Officer, Allan Peters, who joined us in early September and today's announcement of Rafe Brown as our next Chief Financial Officer beginning in December. It also includes operational changes Allan is beginning to implement in the fourth quarter to better align resources and incentives for growth in 2026 and beyond, particularly in our MDR business, which is more than half of our ARR and continues to grow double digits, but which is part of our business where we believe we can focus more resources to accelerate growth with attractive margins.

這其中包括最近的幾項高層領導變動，包括我們新任首席商務官艾倫·彼得斯 (Allan Peters)，他於 9 月初加入我們，以及今天宣布拉夫·布朗 (Rafe Brown) 將於 12 月起擔任我們的下一任首席財務官。這也包括艾倫在第四季度開始實施的營運變革，以更好地協調資源和激勵措施，促進 2026 年及以後的成長，尤其是在我們的 MDR 業務方面。 MDR 業務占我們 ARR 的一半以上，並且繼續保持兩位數的成長，但我們相信，我們可以將更多資源集中到這部分業務中，以具有吸引力的利潤率加速成長。

I will discuss this in more detail in a bit. We are confident that we are making the right changes to reaccelerate Rapid7, but we also acknowledge that we have fallen short of the ARR guidance that we have provided to you in recent history and thus far this year. As we take action across the organization, we view it as imperative that we rebuild confidence in our guidance with the investment community.

我稍後會更詳細地討論這個問題。我們相信我們正在做出正確的改變來重新加速 Rapid7 的發展，但我們也承認，我們未能達到我們最近以及今年迄今為止向您提供的 ARR 指導目標。在我們全公司採取行動的同時，我們認為重建投資界對我們指導的信心至關重要。

As such, with a new CCO and CFO and recognizing the operational changes we are enacting may create higher near-term forecasting variance, we are today reducing our 2025 ARR target to reflect a higher confidence outlook. The new target is based on what we have experienced year-to-date and now embeds a discount of the new business win benefits expected from Q4 seasonal budget opportunities for the potential impact of the changes that I discussed. Based on our competitive product position and growth across our markets, all of us at Rapid7 believe we're capable of executing better. Let me tell you why and where we are investing in our organization to drive us forward. It is clear that customers are significantly involved in how they operate their SecOps programs.

因此，鑑於我們任命了新的首席商務官和首席財務官，並且認識到我們正在實施的營運變革可能會造成近期預測差異增大，我們今天下調了 2025 年年度經常性收入目標，以反映我們更高的信心展望。新目標是基於我們今年迄今為止的經驗，並考慮到我所討論的變化可能產生的影響，已將預期從第四季度季節性預算機會中獲得的新業務收益進行了折扣。基於我們具有競爭力的產品地位和在各個市場的成長，Rapid7 的所有人都相信我們有能力做得更好。讓我來告訴你們我們為什麼要以及在哪些方面投資我們的組織，以推動我們向前發展。很明顯，客戶對其安全營運計畫的運作方式有著重要的參與度。

Seeking to integrate AI as they look to consolidate core elements of exposure and direct response in the SOC. We built Rapid7's Command Platform, an AI-powered security operations platform that unifies exposure management and threat detection response to enable quicker execution and accelerate remediation outcomes through deeper and more integrated situational awareness of risk and threats across customers' attack surface. We're optimistic about our road map and strategy, yet we maintain a realistic view that these larger platform consolidation opportunities naturally lend themselves to longer, more competitive deal cycles. We have seen this affect quarterly deal timing and overall growth performance throughout the year. But the scale and quality of recent wins demonstrate strong market validation of our platform approach.

他們正尋求將人工智慧融入安全營運中心（SOC）的曝光和直接回應的核心要素中。我們建構了 Rapid7 的 Command 平台，這是一個由人工智慧驅動的安全營運平台，它統一了暴露管理和威脅偵測回應，透過對客戶攻擊面的風險和威脅進行更深入、更整合的態勢感知，實現更快的執行和更快的補救結果。我們對我們的路線圖和策略持樂觀態度，但我們也保持著務實的看法，即這些更大的平台整合機會自然會導致更長、更具競爭性的交易週期。我們已經看到這影響了季度交易時間和全年的整體成長表現。但近期取得的成功規模和品質都充分證明了我們平台方法的強大市場認可。

And as we are seeing adoption from mainstream customers committing to an integrated solution. A great example of this was a competitive six figure win during the third quarter with a large Tier 1 public university. We were brought in to replace their disparate multi-vendor tech stack across exposure management, SIEM and Managed Detection and Response. The customer security team faced friction trying to leverage a fragmented tool set and legacy technologies. While their initial exploration was around MDR, our holistic security operations offering, including full visibility and access to our market-leading SIEM, coupled with unlimited IR and integrated vulnerability management and deliver it via a global 24/7 SOC was a value proposition that no competitor can match.

我們看到主流客戶正在採用整合解決方案。這方面的一個很好的例子是，在第三季度與一所大型的一流公立大學進行了一場競爭激烈的六位數比賽並最終獲勝。我們受邀替換他們分散的多供應商技術堆疊，涵蓋暴露管理、SIEM 和託管偵測與回應。客戶安全團隊在嘗試利用分散的工具集和遺留技術時遇到了困難。雖然他們最初的探索圍繞著 MDR，但我們全面的安全運營解決方案，包括對我們市場領先的 SIEM 的全面可見性和訪問權限，以及無限的 IR 和集成的漏洞管理，並通過全球 24/7 SOC 提供，是任何競爭對手都無法匹敵的價值主張。

These types of deals highlight our leadership position, strong platform value and right to win in our detection response business, which continues to serve as a core growth driver of our business. This is a great validation of why Rapid7 is well positioned to help customers integrate leading AI capabilities and experiences into their SOC while unifying their overall security operations tech stack through our integrated Command Platform experience.

這些類型的交易凸顯了我們在偵測響應業務領域的領導地位、強大的平台價值和勝利優勢，而這項業務也一直是我們業務成長的核心驅動力。這充分證明了 Rapid7 的優勢在於能夠幫助客戶將領先的 AI 功能和體驗整合到他們的 SOC 中，同時透過我們整合的指揮平台體驗統一他們的整體安全營運技術堆疊。

With years of experience operating in a scaled global 24/7 managed SOC, we have a significant advantage in proprietary data, expertise, and as a result, agentic AI capabilities. And we're taking deliberate steps to sharpen our go-to-market focus and execution as we look ahead to 2026 spearheaded by Allan as I referenced. Although Allan has only been in the seat for a few weeks, he is already sharpening the discipline and operational focus around the execution as we aim to accelerate our position and market capture in our AI-led D&R space looking ahead.

憑藉多年在全球 24/7 全天候管理的 SOC 營運經驗，我們在專有數據、專業知識以及由此產生的智慧 AI 能力方面擁有顯著優勢。正如我之前提到的，在艾倫的領導下，我們將採取實際措施，加強市場推廣的重點和執行力，並展望 2026 年。儘管艾倫上任僅幾週，但他已經加強了執行方面的紀律和營運重點，因為我們的目標是加快我們在人工智慧驅動的研發領域的地位和市場份額。

As we'll discuss, we believe we have the products and capabilities to be one of the leading providers in this space. Accelerating our focus to enhance our operational alignment with faster revenue opportunities remains our top priority, and we're confident in our path forward. We're doing this through both focused product innovation as well as some deeper partnerships that enable us to more seamlessly extend the value of our customers' existing ecosystems.

正如我們將要討論的，我們相信我們擁有成為該領域領先供應商之一的產品和能力。加快推進運營，以更好地把握更快實現營收的機會，仍然是我們的首要任務，我們對未來的道路充滿信心。我們透過專注的產品創新以及更深入的合作來實現這一目標，從而能夠更無縫地擴展客戶現有生態系統的價值。

A great example of this was our recent announcement of our expanding partnership with Microsoft to advance modern detection and response by helping organizations simplify and strengthen their detection and response capabilities across their Microsoft environments. Rapid7's new MDR for Microsoft solution integrates a dedicated service with Microsoft Defender that provides comprehensive coverage across endpoints, cloud, identity and e-mail.

一個很好的例子是我們最近宣布擴大與微軟的合作關係，透過幫助組織簡化和加強其在微軟環境中的偵測和回應能力，來推動現代偵測和回應。Rapid7 的全新 MDR for Microsoft 解決方案將專用服務與 Microsoft Defender 集成，可全面覆蓋端點、雲端、身分和電子郵件。

This new collaboration brings together Rapid7 SOC expertise with the Microsoft security ecosystem to simplify operations, strengthen protection and unlock new value for joint customers. By combining the power of Microsoft's advanced telemetry and analytics with Rapid7 human-led threat expertise and AI-driven operations, organizations can gain faster, more precise detection and more contextually rich response playbooks to stop threats before they impact.

這項新的合作將 Rapid7 SOC 的專業知識與微軟安全生態系統相結合，以簡化營運、加強保護並為共同客戶釋放新的價值。透過將微軟先進的遙測和分析功能與 Rapid7 的人工威脅專業知識和 AI 驅動的營運相結合，企業可以獲得更快、更精確的檢測和更具上下文關聯的響應策略，從而在威脅造成影響之前將其阻止。

Overall, our strategy is well aligned to what we're seeing in the market. Customers are increasingly prioritizing unified data collection and AI and the SOC to achieve better security outcomes than they can achieve with their existing fragmented tool sets. Security teams need platforms that deliver comprehensive attack surface visibility and threat context to enable efficient decision-making and faster, more automated response to threats that are happening in their environment.

整體而言，我們的策略與我們所看到的市場趨勢非常契合。客戶越來越重視統一的資料收集、人工智慧和安全營運中心 (SOC)，以期獲得比現有分散工具集更好的安全效果。安全團隊需要能夠提供全面攻擊面可見度和威脅情境的平台，以便能夠有效率地做出決策，並對環境中發生的威脅做出更快、更自動化的回應。

Demand for integrated exposure and detection programs is growing, amplified by regulatory pressures for compliance and reporting. These trends align directly with the broad SOC capabilities embedded in our Command Platform, focused on expert guided AI, both for exposure, remediation and threat response, alongside automation and a strong return on investment. Our head start from operating our own SOC for years positions us uniquely in this market. A great example of this ongoing convergence within customer environment was a six figure deal in the quarter with an existing exposure management customer. This customer was looking to address detection gaps that they were experiencing within their existing program.

對綜合暴露和檢測方案的需求日益增長，而監管部門對合規和報告的壓力也加劇了這一需求。這些趨勢與我們指揮平台中嵌入的廣泛的 SOC 功能直接相關，該平台專注於專家指導的 AI，用於暴露、補救和威脅響應，同時實現自動化和強勁的投資回報。我們憑藉著多年經營自有SOC的先發優勢，在這個市場中擁有獨特的地位。客戶環境持續整合的典型例子是，本季與現有風險敞口管理客戶達成了一筆六位數的交易。該客戶希望解決其現有程式中存在的檢測漏洞。

The combination of our broader telemetry coverage, demonstrated superior detections and a cost-effective platform value proposition, all of which was fully integrated with their existing exposure management platform, drove this retail customer to displace their existing MDR vendor with Rapid7's Managed Threat Complete offering. Our long-term strategy remains centered on scaling our AI-driven security operations command platform with increasing focus on accelerating our growth transition towards our scaled market-leading MDR position as we look ahead to 2026.

我們更廣泛的遙測覆蓋範圍、卓越的檢測能力和經濟高效的平台價值主張，所有這些都與他們現有的風險暴露管理平台完全集成，促使這家零售客戶用 Rapid7 的 Managed Threat Complete 產品取代了他們現有的 MDR 供應商。展望 2026 年，我們的長期策略仍是以擴大人工智慧驅動的安全營運指揮平台為中心，更加重視加速成長轉型，以達到市場領先的 MDR 規模地位。

The Command Platform integrates native telemetry, Open Data integration, curated intelligence and automation into a unified system for risk remediation and threat response that rests on three core differentiators. First, our open platform with over 500 integrations addressed fragmented attack surface use. These integrations unify diverse data into a deconflicted contextualized perspective, providing holistic environmental understanding.

指揮平台將原生遙測、開放資料整合、精選情報和自動化整合到一個統一的風險補救和威脅回應系統中，該系統基於三個核心差異化因素。首先，我們擁有超過 500 個整合功能的開放平台解決了攻擊面分散的問題。這些整合將各種數據統一到一個不衝突的、有背景的視角中，從而提供對環境的整體理解。

Second, our expert trained agentic AI workflows draw from years of SOC expertise, live playbooks and real-world feedback. These proprietary engines enhance outcomes in real time and are embedded in our MDR offering. Third, we drive automated measurable progress, not just alerts but actions. From AI-informed response to prioritizing misconfigurations and coordinated incidents, we reduce mean time to detect, respond and remediate.

其次，我們專家訓練的智慧AI工作流程借鑒了多年的SOC專業知識、即時劇本和現實世界的回饋。這些專有引擎可即時提升效果，並已嵌入我們的 MDR 產品中。第三，我們推動的是可衡量的自動化進展，而不僅僅是警報，而是行動。從人工智慧輔助回應到優先處理錯誤配置和協調事件，我們縮短了偵測、回應和修復的平均時間。

Our innovation across these areas fuels our unique position as a leading provider across both the exposure management and detection response market, demonstrated by the breadth of analyst recognition we received within just the last quarter, including our seventh consecutive recognition in Gartner's Magic Quadrant for SIEM, our position as a leader in Frost Radar for Managed Detection and Response, our recognition in Forrester's Unified Vulnerability Management Wave and our leadership position in IDC's MarketScape for exposure management.

我們在這些領域的創新鞏固了我們在風險管理和檢測響應市場中作為領先供應商的獨特地位，這體現在我們僅在上個季度就獲得了廣泛的分析師認可，包括連續第七年入選 Gartner SIEM 魔力像限，在 Frost Radar 託管檢測和響應領域擔任領導者，在 Forrester 統一漏洞管理領導地位，以及在 IDC MarketScape 風險領域擔任風險管理地位。

Overall, our AI-powered security operations platform that unifies exposure management and detection and response and a single customer experience is resonating with customers and industry analysts alike. And is a strong foundation to support improved execution as we look ahead to 2026. As we drive towards this unified AI-powered SOC vision, the integrated platform experience between our managed D&R and exposure management capability remains a key differentiator, delivering deeper visibility and contextual awareness around threats.

總體而言，我們以人工智慧為驅動的安全營運平台，將風險管理、偵測和回應以及單一客戶體驗融為一體，受到了客戶和產業分析師的一致好評。這也為我們展望 2026 年時更好地執行工作奠定了堅實的基礎。在我們朝著這個統一的 AI 驅動型 SOC 願景邁進的過程中，我們託管的 D&R 和風險暴露管理能力之間的整合平台體驗仍然是一個關鍵的差異化因素，可提供更深入的可見性和對威脅的上下文感知。

We believe we're just scratching the surface here, and we continue to innovate demonstrated most recently by our announcements of AI-generated risk intelligence delivered through Rapid7's Remediation Hub. This new AI-driven risk and vulnerability intelligence will empower security teams to prioritize and remediate security threats faster, an outcome that is core to our vision around unified exposure management in the SOC.

我們相信我們只是觸及了冰山一角，我們將繼續創新，最近我們宣布透過 Rapid7 的 Remediation Hub 提供 AI 產生的風險情報，就證明了這一點。這種由人工智慧驅動的全新風險和漏洞情報將使安全團隊能夠更快地確定安全威脅的優先順序並進行補救，這是我們圍繞 SOC 中的統一風險暴露管理願景的核心成果。

A key pillar of our growth this year has been around our exposure expansion engine, which is anchored on transitioning our traditional VM customer base through this integrated outcome-focused exposure management model through Exposure Command. We continue to see steady increase in the upgrades and expansions of our core base of Exposure Command in Q3. And looking ahead, Allan is keenly focused on improving our execution around this expansion engine.

今年我們成長的關鍵支柱是我們的敞口擴展引擎，其核心是透過 Exposure Command 將我們傳統的 VM 客戶群過渡到這種以結果為導向的整合式敞口管理模式。第三季度，我們核心的Exposure Command基礎的升級和擴展持續穩定成長。展望未來，艾倫正著力提升我們圍繞這股擴張引擎的執行力。

This is an area where we have fallen short of our goals this year. However, we view this as an execution shortcoming, and we remain confident that delivering a single contextualized risk view across cloud and on-prem environments with AI-powered insights and particularly in the context of Managed Detection and Response program will enable better risk prioritization and remediation and ultimately deliver improved security outcomes and customer environments.

這是今年我們未能達到目標的領域。然而，我們認為這是一個執行上的不足，我們仍然相信，透過人工智慧驅動的洞察力，在雲端和本地環境中提供單一的、情境化的風險視圖，尤其是在託管檢測和響應計劃的背景下，將能夠更好地確定風險優先級和進行補救，並最終帶來更好的安全結果和客戶環境。

Shifting now to an important and exciting leadership update, which we announced today. I'm pleased to welcome our new Chief Financial Officer, Rafe Brown. Rafe is an outstanding leader with extensive executive leadership experience across multiple public companies, most recently at Mimecast, where he's initially served as Chief Financial Officer; and then later as President and COO. His track record of driving operational excellence, scaling growth in SaaS businesses and building high-performing teams makes him an exceptional addition to our leadership team. I'm thrilled to welcome Rafe to Rapid7 and look forward to his arrival later this year and to continue to work with him to drive our business forward.

接下來，我們將介紹一項重要且令人振奮的領導層更新，我們今天已正式宣布。我很高興地歡迎新任財務長雷夫布朗。Rafe 是一位傑出的領導者，在多家上市公司擁有豐富的管理經驗，最近在 Mimecast 擔任財務官，後來擔任總裁兼營運長。他在推動卓越營運、擴大 SaaS 業務成長和打造高效團隊方面的卓越成就，使他成為我們領導團隊的傑出成員。我非常高興地歡迎 Rafe 加入 Rapid7，期待他今年晚些時候到任，並繼續與他合作，推動我們的業務向前發展。

In closing, as we look ahead, we're confident that we have the right strategy, and we are moving as fast as possible, including our recent leadership additions to position Rapid7 to improve our midterm growth execution. We believe there is significant inherent value in our platform that is not fully reflected by the market at this time, and we're taking direct action to address this disconnect. Managed Detection and Response continues to fuel a strong growth opportunity for us and our differentiated Command Platform rooted in automation, integration and expert guided AI is more relevant than ever. We're focused on continuing to innovate execute efficiently and position ourselves to deliver outcomes for our customers, our shareholders and our team. Thank you for joining us today.

最後，展望未來，我們相信我們擁有正確的策略，並且我們正在以最快的速度前進，包括最近新增的領導層，以使 Rapid7 能夠改善其中期增長的執行情況。我們相信，我們的平台具有巨大的內在價值，但目前尚未被市場充分體現，我們正在採取直接行動來解決這種脫節現象。託管偵測與回應持續為我們帶來強勁的成長機會，而我們基於自動化、整合和專家指導的 AI 的差異化指揮平台比以往任何時候都更具相關性。我們專注於持續創新、高效執行，並做好準備，為我們的客戶、股東和團隊帶來成果。感謝您今天蒞臨。

I appreciate your support. And I will now turn the call over to Tim to walk us through our financial results in more detail.

感謝您的支持。現在我將把電話交給提姆，讓他更詳細地為我們介紹我們的財務表現。

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. Rapid7 ended the third quarter of 2025 with $838 million in ARR, representing a 2% increase year over year.

謝謝你，科里，大家下午好。感謝您抽空參加今天的電話會議。在介紹結果之前，請容許我快速提醒一下，除收入外，除非另有說明，我們今天討論的所有財務結果均為非GAAP財務指標。此外，您可以在我們的獲利新聞稿中找到我們 GAAP 和非 GAAP 結果之間的調整表。Rapid7 截至 2025 年第三季末，其年度經常性收入 (ARR) 為 8.38 億美元，年增 2%。

Revenue and profitability were above our guided ranges and as in prior quarters, we continue to see promising signs for future growth in detection and response and progress in Exposure Command adoption. While in general, we've seen the customer spending environment challenged by additional scrutiny, particularly in large deals, we have been focused on enhancing our product capabilities to address a challenged threat environment driven by escalating AI-enhanced threats and cloud migration demand.

收入和盈利能力均高於我們的預期範圍，並且與前幾季度一樣，我們繼續看到檢測和響應方面未來增長的良好跡象，以及暴露指揮系統採用方面的進展。雖然總體而言，我們看到客戶的消費環境受到了更多審查的挑戰，尤其是在大宗交易中，但我們一直專注於增強我們的產品能力，以應對由人工智慧增強型威脅不斷升級和雲端遷移需求所驅動的充滿挑戰的威脅環境。

Turning to our financial results for the third quarter. Year over year ARR growth in the third quarter was driven predominantly by 2% in ARR per customer. And we ended the third quarter with over 11,600 customers globally and average ARR per customer of over $72,000.

接下來來看看我們第三季的財務表現。第三季年度經常性收入年增率主要得益於每位客戶年度經常性收入成長 2%。第三季末，我們在全球擁有超過 11,600 名客戶，每位客戶的平均年度經常性收入超過 72,000 美元。

Third quarter revenue of $218 million grew 2% year over year and exceeded our guided range. Product subscription revenue also grew 2% year over year to $210 million. Professional services continued to decline year over year consistent with our expectations and decision to deemphasize certain lower-margin services. International revenue represented 25% of total revenue and grew 8% over the prior year. On profitability measures, our product gross margin was 75% and total gross margin was 73%.

第三季營收達 2.18 億美元，年增 2%，超過了我們預期的範圍。產品訂閱收入也較去年同期成長 2%，達到 2.1 億美元。專業服務業務持續逐年下滑，這與我們的預期以及我們決定減少對某些低利潤服務的重視程度相符。國際收入佔總收入的 25%，比上年增長 8%。從獲利能力指標來看，我們的產品毛利率為 75%，總毛利率為 73%。

Sales and marketing expenses were 33% of revenue, slightly above the prior year at 31%. R&D and G&A expenses were 17% and 6% of revenue, respectively, compared to 16% and 6% in the prior year. Operating income for the third quarter was $37 million and above our guidance range, driven by natural leverage in the business as well as timing of spend as we continue to focus on making targeted growth investments and scaling our India capability center during the second half. Adjusted EBITDA was $44 million in the quarter, and non-GAAP net income per share was $0.57. Shifting to our balance sheet and cash flow statement.

銷售和行銷費用佔收入的 33%，略高於上年的 31%。研發費用和一般及行政費用分別佔收入的 17% 和 6%，而去年同期分別為 16% 和 6%。第三季營業收入為 3,700 萬美元，高於我們的預期範圍，這得益於業務的自然槓桿作用以及支出時機，因為我們將繼續專注於進行有針對性的成長投資，並在下半年擴大我們在印度的能力中心。本季調整後 EBITDA 為 4,400 萬美元，非 GAAP 每股淨收益為 0.57 美元。接下來我們來看資產負債表和現金流量表。

We ended the third quarter with cash, cash equivalents and investments of $635 million compared to $600 million at the end of the second quarter. We generated free cash flow of $30 million in the third quarter, bringing our year-to-date free cash flow to $98 million, and we remain well on track to achieve our full year free cash flow targets.

第三季末，我們的現金、現金等價物和投資總額為 6.35 億美元，而第二季末為 6 億美元。第三季我們產生了 3,000 萬美元的自由現金流，使今年迄今的自由現金流達到 9,800 萬美元，我們仍然有望實現全年自由現金流目標。

This brings us to our outlook for the remainder of the year. As Corey referenced, we believe we are well positioned to help customers and prospects integrate our leading AI capabilities and experiences into their SOC as we look ahead. At the same time, we are managing active change during the fourth quarter, both from a leadership perspective as well as we accelerate our focus and operational alignment toward our fastest growth opportunities as we look ahead to 2026. We have factored these dynamics into our fourth quarter ARR outlook, which now calls for ARR to end Q4 approximately flat quarter over quarter.

接下來，我們將展望今年剩餘時間的情況。正如 Corey 所提到的，展望未來，我們相信我們已做好充分準備，幫助客戶和潛在客戶將我們領先的 AI 能力和經驗整合到他們的 SOC 中。同時，我們正在積極應對第四季度的變革，無論是從領導層面，還是在展望 2026 年之際，我們都會加快對成長最快的機會的關注和營運調整。我們已將這些因素納入第四季 ARR 預期，目前預計第四季度 ARR 將與上一季基本持平。

Turning to our other guidance metrics. We are tightening our full year revenue guidance range to $856 million to $858 million, representing year over year revenue growth of 1% to 2%. Full year recurring product revenue growth will continue to outpace total revenue growth, partially offset by year over year declines in professional services. Moving to profitability.

接下來，我們來看看其他指導指標。我們將全年營收預期範圍收窄至 8.56 億美元至 8.58 億美元，年增 1% 至 2%。全年經常性產品收入成長將持續超過總收入成長，但部分將被專業服務收入年減所抵銷。邁向盈利。

We are raising our full year operating income guidance to the upper half of our prior range and now expect to deliver $130 million to $135 million in operating income for the year, representing an operating margin of 15% to 16%. We continue to generate strong free cash flow and are reiterating our full year free cash flow target range of $125 million to $135 million. Finally, we now expect non-GAAP net income per share for the full year of $2.02 to $2.09 based on approximately 75.9 million diluted weighted average shares outstanding.

我們將全年營業收入預期上調至先前預期範圍的上半部分，目前預計全年營業收入為 1.3 億美元至 1.35 億美元，營業利潤率為 15% 至 16%。我們持續產生強勁的自由現金流，並重申全年自由現金流目標範圍為 1.25 億美元至 1.35 億美元。最後，我們現在預計全年非GAAP每股淨收益為2.02美元至2.09美元，基於約7,590萬股稀釋加權平均流通股。

Turning to fourth quarter guidance. We expect revenue in the range of $214 million to $216 million. We expect non-GAAP operating income of between $25 million and $30 million and non-GAAP net income per share of $0.37 to $0.44 based on approximately 76.6 million diluted weighted average shares outstanding. In closing, I'd like to thank everyone for their support during my time as Rapid7 CFO, including our Board, our investors and analysts, and most importantly, our team here at Rapid7. I would also like to welcome Rafe Brown to the team and wish him the best. Thanks for everything, and I look forward to continuing our relationships in the future.

接下來展望第四季業績。我們預計營收將在 2.14 億美元至 2.16 億美元之間。我們預計非GAAP營業收入在2500萬美元至3000萬美元之間，非GAAP每股淨收入在0.37美元至0.44美元之間，基於約7660萬股稀釋加權平均流通股。最後，我要感謝在我擔任 Rapid7 財務長期間給予我支持的所有人，包括我們的董事會、投資者和分析師，以及最重要的，我們 Rapid7 的團隊。我還要歡迎拉夫布朗加入團隊，並祝他一切順利。感謝你所做的一切，我期待未來繼續與你保持聯繫。

With that, I want to thank you for joining us on the call today, and I will now turn the call back to the operator to open the line for questions.

最後，感謝各位今天參加我們的電話會議，現在我將把電話轉回給接線員，以便大家提問。

(Operator Instructions)

（操作說明）

Rob Owens, Piper Sandler.

羅布歐文斯，派珀桑德勒。

Great. Hopefully, you can hear me. A couple for you, Corey, is the business seems to shift towards MDR. Can you talk about the economic model? And despite the success you're seeing here, it doesn't seem to be dragging on margins either from a gross margin or operating margin standpoint. So I would just love to understand that. And then I'll just ask the second one upfront. Can you maybe parse for us the success that you're seeing internationally versus what you're seeing domestically? And just looking at the dispersion between those two growth rates?

偉大的。希望你能聽到我說話。科里，給你舉個例子，業務似乎正在向 MDR 轉型。能談談這個經濟模型嗎？儘管目前取得了成功，但從毛利率或營業利潤率的角度來看，似乎並沒有對利潤率造成拖累。所以我很想弄清楚這一點。然後我就直接問第二個問題了。您能否為我們分析一下您在國際市場和國內市場的成功有何不同？僅僅觀察這兩個成長率之間的差異呢？

Thank you so much, Rob. We can hear you just fine. So I think part of what you're getting is MDR, we run at a higher both gross margin and overall profitability than your average MDR companies. And most of that is based on the fact that we've had to take our time and frankly, gate some of the growth historically to really -- and market addressability to make sure that we were building both first, the automation and now the AI capacity to actually map that in, which allows us to actually run it. We believe that we can actually run modern managed services at higher quality, better efficacy and higher gross margins than you could in the last 10 years.

非常感謝你，羅布。我們聽得很清楚。所以我認為，您獲得的部分好處是 MDR，我們的毛利率和整體獲利能力都高於一般的 MDR 公司。而這主要基於這樣一個事實：我們不得不放慢腳步，坦白說，歷史上我們限制了一些增長，以真正實現市場覆蓋範圍，確保我們首先建立自動化能力，現在又建立人工智能能力來實際映射這些能力，這使我們能夠真正運行它。我們相信，我們現在能夠以比過去 10 年更高的品質、更好的效率和更高的毛利率來運作現代化的託管服務。

And we think AI is a big part of the story. We think AI SOC is a big part of that story. And so it's something we've been -- and as you recall, that's one of the big investments that we actually made this year, and we're well on the journey there, and we're delivering the economic output, which sets us up well to actually expand our addressability of how much we can actually grow that business because now we can actually over half of our business -- approaching half of our business. We can actually grow that profitably at scale with more and more addressability. So we do think we have an incredibly strong economic model that sets up a great platform as we actually go forward.

我們認為人工智慧是這個故事的重要組成部分。我們認為人工智慧系統晶片是這一發展歷程中的重要組成部分。所以，我們一直在做這件事——正如你所知，這是我們今年進行的一項重大投資，我們在這方面進展順利，並且正在產生經濟產出，這使我們能夠更好地擴大業務規模，因為現在我們實際上可以覆蓋超過一半的業務——接近一半的業務。我們實際上可以透過不斷擴大覆蓋範圍，實現規模化獲利成長。所以我們認為我們擁有一個非常強大的經濟模式，為我們未來的發展奠定了良好的基礎。

But we did actually gate it along the way to make sure that we were building up the automation and the core baseline technology to support a high-quality, higher-margin business that was profitable over time, and that took time and deliberation. Your second question was --

但我們確實在過程中設定了階段性限制，以確保我們能夠建立起自動化和核心基礎技術，從而支持高品質、高利潤的業務，並使其隨著時間的推移實現盈利，而這需要時間和深思熟慮。你的第二個問題是--

Yeah, Corey, I think his second question was the success we're seeing internationally. It's 25% of revenue growing faster than the business overall. So it's got a nice growth rate.

是的，科里，我認為他的第二個問題是關於我們在國際上的成功。這部分收入佔總收入的 25%，成長速度超過了公司整體的成長速度。所以它的成長率很不錯。

Yeah. And -- I'll remind you, we've been putting more wood internationally from an investment perspective because we were historically a little bit lighter on the international percentage of the business. We've been investing more. That said is that one of the things that Allan is really focused on is aligning the sales processes across the business. So that we can actually be more consistent both across segments and regions around the country and really look at the investment profile.

是的。還有──我要提醒各位，從投資的角度來看，我們一直在國際上加大木材投入，因為我們過去在國際業務中所佔的比例相對較小。我們一直在增加投資。也就是說，艾倫真正關注的事情之一是協調整個公司的銷售流程。這樣我們才能在全國各個領域和地區之間保持更一致的立場，並真正審視投資概況。

And so we do think that we have plenty of opportunity in North America. And we actually think the sales has opportunities to expand and accelerate there. And we still see a lot of growth that we have available for us as we actually go forward international. And thank you for the question, Rob.

因此，我們認為我們在北美有很多機會。我們實際上認為，那裡的銷售額有成長和加速的機會。我們看到，隨著我們走向國際市場，仍然有很多成長空間。謝謝你的提問，羅布。

Fatima Boolani, Citi.

Fatima Boolani，花旗銀行。

Corey, the question is for you. Just with respect to MDR now, almost the majority of the business. But when I map that back to the flat ARR per customer growth you've experienced sequentially, it is up 2% year on year. How can we not conclude that there are elements of pricing pressure and/or pricing competition inside the MDR business as well?

科里，這個問題要問你。就目前 MDR 而言，幾乎佔據了業務的大部分份額。但當我把這個數字與你們連續成長的每位客戶的年度經常性收入持平的情況進行對比時，發現它同比增長了 2%。我們怎能不認為 MDR 業務內部也存在價格壓力和/或價格競爭的因素呢？

And maybe what are you seeing that we aren't necessarily seeing or is not necessarily visible to the naked eye for us to give you that confidence because that space generally is fairly competitive. And the AI SOC vision, there are a lot of vendors competing before the hearts and minds of the SOC. So I would just love your perspective on some of the pricing dynamics and what insulates you and why it may not be visible to us? And I have a follow-up, please.

也許你看到了我們未必看到的東西，或者肉眼不一定能看到的東西，從而讓你充滿信心，因為這個領域通常競爭相當激烈。至於 AI SoC 願景，有很多供應商都在爭奪 SoC 用戶的心。所以我很想聽聽您對一些定價動態的看法，以及是什麼讓您免受影響，為什麼我們可能看不到這些影響？我還有一個後續問題。

Yeah, absolutely. So one, it's a very fair question. So MDR, just to be clear, we're still growing that business double digits, and we actually see plenty of capacity to continue to do that and grow that. So we do see that we are quite effective there. Now we have been gated historically about how much we want to grow and launch because we had the gross margin concerns.

是的，絕對的。首先，這是一個非常合理的問題。所以，MDR，需要明確的是，我們這項業務仍然保持著兩位數的成長，而且我們實際上看到了充足的能力繼續保持並發展這項業務。所以我們看到，我們在那裡確實非常有效。從歷史上看，由於毛利率方面的擔憂，我們在發展和產品發布方面一直受到限制。

And as we actually automate more and more of that business, we feel more and more comfortable unlocking that business, which is why you also see us talking about a little bit more because we have -- on the competitive positioning, our competitive position is fairly straightforward is we are great for organizations that are actually looking to actually get leverage from outsourcing to an AI-driven SOC that combines to both the best of technology and people.

隨著我們越來越多地實現業務自動化，我們越來越有信心釋放業務潛力，這也是為什麼你會看到我們更多地談論這一點，因為我們——在競爭定位方面，我們的競爭定位相當直接，我們非常適合那些希望透過外包給人工智慧驅動的SOC來獲得優勢的組織，該SOC結合了最好的技術和人才。

And so if you look at what we're doing today and what we've set up is we have an incredibly driving practice around MDR that delivers high-quality, efficacy at scale, and results in relatively high retention rates. You add on to that. We've extended that and we're extending that to managed red teaming, managed risk. We have coming up, and our value proposition is that for customers that want to scale and outsource the SOC at quality, and they still want to actually have targeted sort of like access to people and talent, where you're getting both the best of AI, but you also have access to people.

因此，如果你看看我們今天正在做的事情以及我們已經建立的東西，你會發現我們圍繞 MDR 建立了一個非常強大的驅動實踐，能夠大規模地提供高品質、高效的服務，並帶來相對較高的客戶留存率。你在此基礎上補充。我們已經擴展了這一理念，並且正在將其擴展到受控紅隊演練和受控風險領域。我們即將推出的產品，其價值主張是，對於那些希望以高品質擴展和外包 SOC，並且仍然希望實際擁有針對性地接觸人員和人才的客戶而言，他們既可以獲得最好的 AI，也可以獲得人員。

We can do that economically better than anyone else. And we have both the scale and the experience to actually demonstrate that. So that's our core value proposition, and it's one that we're leaning into and it's one that we're actually optimizing around it's one that shows continued good growth opportunity. You said you had a second question?

我們在這方面比任何人都更有經濟優勢。我們擁有足夠的規模和經驗來證明這一點。這就是我們的核心價值主張，也是我們正在大力發展和優化的核心價值主張，它展現了持續良好的成長機會。你說你還有第二個問題？

Fatima, go ahead if you had another question.

法蒂瑪，如果你還有其他問題，請繼續。

I appreciate that. As we think about calendar '26 with the backdrop of what has been a year of work in progress in calendar '25, you're layering on further operational changes and some new sales processes. So when we think about calendar '26 at a very high level, how should we internalize the growth versus profitability algorithm and specifically around efficient reinvestments. And I know one of the mandates this past year also was leveraging the channel more. So how should we, at a very high level, think about that algorithm seeing that you outperformed on operating margin and cost control this year?

我很感激。當我們回顧 2026 年的計劃，並結合 2025 年一年的工作進展，你們正在逐步增加營運方面的變革和一些新的銷售流程。因此，當我們從宏觀層面思考 2026 年日曆時，我們應該如何將成長與獲利能力演算法內化，尤其是在有效再投資方面。我知道去年的其中一項任務是更多地利用管道。那麼，鑑於您今年在營業利潤率和成本控制方面表現出色，我們該如何從宏觀層面看待這個演算法？

Yeah. I actually think we have a -- we've built a very fairly efficient business. I think we can actually build off of that and continue that trend. Part of the reason that we're making the investments right now is because it's the right opportunity window. Like if you look at what we're doing both in the MDR space, if you look at the position that we actually had in our recently announced partnership with Microsoft, where we have a big opportunity to actually help Microsoft customers really manage their security ecosystem in a more scalable way and meet the outsourcing needs that they actually have.

是的。我其實認為我們已經建立了一個——我們已經建立了一個相當有效率的企業。我認為我們可以以此為基礎，繼續保持這種趨勢。我們現在進行投資的部分原因是，現在正是合適的投資時機。例如，看看我們在 MDR 領域所做的工作，看看我們最近宣布與微軟建立合作夥伴關係時所處的地位，我們有很大的機會幫助微軟客戶以更具可擴展性的方式管理他們的安全生態系統，並滿足他們實際的外包需求。

This is the window that we could have actually either waited to next year and have the noise go in or we could actually execute that right now to tee up for momentum next year. And we decided to actually that we had enough clear opportunity in front of us to actually pull the trigger now and actually move forward with some of the obvious changes that are really about how do we actually scale and rationalize our efforts as we move forward.

我們原本可以等到明年，讓各種傳言湧入，或現在就採取行動，為明年的發展動能做好準備。我們決定，我們面前確實有足夠清晰的機會，現在就可以採取行動，推進一些顯而易見的變革，這些變革實際上關乎我們如何在未來的發展中擴大規模和合理化我們的努力。

Yeah, Corey, I would just add. We said earlier in the year that this is an investment year for us as we're building out the innovation center over in India, and that continues to ramp up and you see it in the second half of the year with some of the expense load that we anticipate in Q4 as we continue to ramp that business, but giving us leverage in the business over time.

是的，科里，我還要補充一點。今年早些時候我們說過，今年是我們的投資年，因為我們正在印度建設創新中心，而且這個中心還在不斷擴大規模，你會在今年下半年看到一些支出，我們預計第四季度會有一些支出，因為我們將繼續擴大這項業務，但隨著時間的推移，這將使我們在業務中獲得優勢。

Yeah. And the overall goal was always to actually make sure that we can actually scale profitability as we go forward in the next couple of years. Thank you very much for the questions.

是的。而我們的整體目標始終是確保在未來幾年內，隨著業務的發展，獲利能力能夠真正實現規模化成長。非常感謝大家的提問。

Matt Hedberg, RBC.

Matt Hedberg，RBC。

Can you hear me, okay?

你聽得到我說話嗎？

Yeah, Matt, you're just fine.

是的，馬特，你沒事。

Okay. So I guess maybe one for both of you guys. You guys have noted some timing variability with large deals, and it seems like Allan is going to be working on some processes to improve that. I guess as you think about Q4, can you talk about the large deal pipeline? And Tim, how have you sort of contemplated that in your Q4 outlook?

好的。所以我想也許你們兩個都能得到一份。你們注意到大額交易的時間安排存在一些波動，看來艾倫正在著手改進一些流程。我想，在您展望第四季時，能否談談大型交易的進展？提姆，你在第四季展望中是如何考慮這個問題的？

Do you want to talk about Adam?

你想談談亞當嗎？

Yeah. So Matt, it's a fair question. And I think Corey had it in his prepared comments that we really wanted to give you a high confidence outlook for Q4 as we come into the quarter. So we take a very hard look at the pipeline, and we're looking at that all the time, as you might imagine, because that is your leading indicator. And you're looking at conversion rates, you're looking at cycle times of deals when they're in the pipeline.

是的。馬特，你問得好。我認為科里在事先準備好的發言稿中也提到了，我們非常希望在第四季伊始就對業績充滿信心。因此，我們會非常仔細地審視管道，而且正如你可能想像的那樣，我們會一直關注它，因為這是領先指標。你要關注的是轉換率，以及交易在進行中的周期時間。

And Corey mentioned this earlier that when you're looking at these platform conversions with customers, the great news is these are larger deals that we have the opportunity to win. They do take more time for these deals to work themselves into a closed state.

Corey 之前也提到過，當你和客戶一起查看這些平台轉換率時，好消息是這些都是我們有機會贏得的大單。這些交易確實需要更多時間才能最終完成。

And then, Matt, I'll just say, if you're looking at how we actually factored it in, is that we didn't actually try to get overcomplicated. Look, I think that, one, we saw plenty of opportunities we actually go forward next year. So the question is always, do you hold any sales or organization or any changes in Q4 in -- for January, which listen, we actually think it's straightforward enough. That we want to make sure that we're addressing the process, enabling other stuff now. The second thing that I would just emphasize when you think about it, is we acknowledge that there's a range of outcomes.

然後，馬特，我只想說，如果你看看我們是如何把它考慮進去的，那就是我們實際上並沒有試圖把它複雜化。我認為，第一，我們看到了很多機會，明年我們真的可以向前邁進。所以問題總是，您是否對第四季度的任何銷售、組織或任何變化——或者對一月份的情況——持有任何看法，聽著，我們實際上認為這足夠簡單明了。我們希望確保我們正在處理這個過程，以便能夠進行其他工作。第二點我想強調的是，仔細想想，我們承認有一系列結果。

I think this part you get to -- probably the point that you actually making. There's an absolute range of outcomes, but also, we have not been extraordinarily precise on exactly where we land in those range of outcomes. And so as Allan has come on board and has Rafe come on board, we just decided to rebaseline and keep it relatively simple and say we have confidence that we can actually be here. We absolutely know that there's a range of outcomes around it. But we did not want to attempt to be overly precise as Allan was actually working through the model.

我認為你提到的這一點——可能就是你真正想表達的觀點。結果肯定有很多種可能，但是，我們還沒有非常精確地確定我們最終會落入這些結果中的哪個位置。所以，隨著艾倫和拉夫的加入，我們決定重新制定基準，保持相對簡單，並表示我們有信心真正做到這一點。我們非常清楚，這件事可能會有多種結果。但我們不想過於精確，因為艾倫實際上是在研究這個模型。

Mike Cikos, Needham.

麥克·西科斯，尼德姆。

Corey, just picking up on that last remark as it pertains to the Chief Commercial Officer, Allan Peters, could you just provide additional detail on what exactly he is doing with respect to that resource alignment behind the MDR opportunity and execution and transitioning the VM to Exposure Command? I would just love to get some more color there.

Corey，我剛才提到首席商務官Allan Peters，能否請你詳細說明一下，他在MDR機會和執行以及將VM過渡到Exposure Command方面，究竟做了哪些資源協調工作？我真希望那裡能多一些色彩。

Yeah. So one of them is we have a wide range of practice across. So one is just there's a focus, as you would expect on just standardizing the operating procedures. We have a lot of talent, but we do have -- we have variability across both the reps and teams. And so we just went online that to set up everyone for success.

是的。其中之一是我們擁有廣泛的實務經驗。所以，正如你所預料的那樣，重點在於規範操作流程。我們有很多有天賦的球員，但是——無論是球員還是團隊，我們的水平都存在差異。所以我們就上網做了些準備工作，確保每個人都能成功。

And so a lot of it is just the foundation of how we set our people for success. The second thing that's the big thing is I talked about this earlier in the years that this is our first big upgrade wave that we had in a long time and operationalizing that, maturing that and making that effective is a big deal. We have that both on the VM to exposure management side. We also have on the detection and response side. We have probably the biggest setup for upgrade opportunities.

因此，這很大程度上是我們如何幫助員工走向成功的基礎。第二件大事是我幾年前就說過的，這是我們多年來第一次大規模升級，而使其投入營運、成熟並發揮效用是一件大事。我們在虛擬機器和風險管理方面都有這方面的支援。我們在偵測和回應方面也有所建樹。我們可能擁有最豐富的升級機會。

And Allan is partnering with the sales teams and the marketing teams about how you actually make sure that we have a well-organized process to unlock it. And then the last aspect of is we do think that we can be unconstrained in our ability to actually deliver the full AI managed SOC platform where we're delivering sort of like the AI-centric managed both detection and response, risk and compliance workloads on that over time and how we actually tee that up and leverage that up and focus the sales team around the highest number rated opportunities is the last piece.

艾倫正在與銷售團隊和行銷團隊合作，探討如何確保我們有一個組織良好的流程來解鎖它。最後一點是，我們認為我們能夠不受限制地交付完整的 AI 管理 SOC 平台，隨著時間的推移，我們將交付以 AI 為中心的管理檢測和響應、風險和合規性工作負載，而我們如何真正地啟動和利用它，並讓銷售團隊專注於最高評級的機會，這是最後一部分。

So if you just think about the three is sort of like standardization, really building and accelerating the engine around expansion, which we have the biggest upgrade opportunity. We didn't fully tap it this year, I'll just say that. And then the third one is really focusing on the biggest opportunity around MDR and making sure our sales force is aligned around that.

所以，如果你仔細想想這三點，它們有點像標準化，真正圍繞著擴張來建構和加速引擎，而這正是我們最大的升級機會。我只能說，今年我們還沒有完全開發它。第三點是真正專注於 MDR 帶來的最大機遇，並確保我們的銷售團隊圍繞著這一目標保持一致。

Brian Essex, JPMorgan.

Brian Essex，摩根大通。

This is John on behalf of Brian. Yeah. So I guess I'm just curious to hear maybe what were the key criteria in selecting Rafe? And what are the top priorities or changes the team is most excited for him to drive when he joins in December?

我是約翰，代表布萊恩。是的。所以我想知道的是，選擇拉夫的關鍵標準是什麼？那麼，他12月加入團隊後，團隊最希望他推動的首要任務或改變是什麼？

Yeah. And we'll talk more about like he has some big shoes to fill with Tim. We'll talk a little bit about more in the future. I mean, later on the call. One of the things that we were actually looking for is someone who could actually meet where we are is as we actually go forward, we are an AI services engine.

是的。我們也會進一步討論他要如何才能接替提姆的位置。以後我們會再詳細談談這個話題。我的意思是，稍後在通話中。我們一直在尋找的，是能夠真正理解我們發展方向的人，因為我們未來的目標是成為人工智慧服務引擎。

And so we were looking for someone who could actually come in and bring not just the financial acumen, but we wanted someone that can bring the operational acumen as we actually to partner with our go-to customers teams to actually really scale our processes around how do we actually do land, expand, how do we scale our pricing and packaging, how do we actually really drive the economic engine predictably for growth? We've been investing and we're still investing efficiently on -- I'll mind you.

因此，我們一直在尋找一位不僅具備財務才能，而且還具備營運才能的人，以便與我們的主要客戶團隊合作，真正擴大我們的流程，包括如何獲取市場、如何擴張、如何擴大定價和包裝規模，以及如何真正可預測地推動經濟成長引擎。我們一直在進行投資，而且我們仍在進行高效的投資——請注意。

But we're in a good place. We're in the right markets for growth, which is important. More and more customers are looking to outsource more and more of their security workloads. We've set it up well, whereas people are thinking about how they scale their security operations, we can do that across detection and response. We can actually do that across risk.

但我們目前處境良好。我們進入了有利於成長的市場，這一點很重要。越來越多的客戶希望將越來越多的安全工作負載外包出去。我們已經做好了充分的準備，當人們還在思考如何擴展安全營運規模時，我們可以在偵測和回應方面做到這一點。我們實際上可以跨風險領域做到這一點。

We can do that across compliance, and so we're set up well today. We're tuning the product engine, of course, around that. But now it's really about how do we actually take that the market, how do we have the right pricing and packaging, the operations engine behind that. And we're looking for someone who was an operationally minded CFO who could really tie the sales and the business model together with the product strategy to actually drive that sustained growth. And that's what we're looking for, and that's what we got in a great candidate with Rafe.

我們可以在整個合規過程中做到這一點，所以我們目前的情況很好。當然，我們正在圍繞這一點調整產品引擎。但現在真正的問題是，我們如何才能真正進入市場，如何制定合適的定價和包裝，以及背後的營運機制。我們正在尋找一位具有營運思維的財務官，他能夠將銷售和商業模式與產品策略真正結合起來，從而推動持續成長。而這正是我們一直在尋找的，而拉夫正是這樣一位優秀的候選人。

Eric Heath, KeyBanc.

Eric Heath，KeyBanc。

Can you hear me?

你聽得到我嗎？

Yeah, Eric.

是的，埃里克。

Corey, I wanted to ask on the SIEM, MDR side of the business, which does seem to be going strong and even validating the latest Gartner Magic Quadrant last month. But my question is to maybe understand the business a little bit more holistically and how valuable the traditional VM piece is to the SIEM, MDR side of the business?

Corey，我想問 SIEM 和 MDR 這方面的業務，這方面似乎發展勢頭強勁，甚至在上個月的最新 Gartner 魔力像限報告中也得到了驗證。但我的問題是，或許可以更全面地了解這項業務，以及傳統的虛擬機器部分對於安全資訊和事件管理 (SIEM)、託管偵測與回應 (MDR) 業務的重要性？

And maybe the second part to that question is, we did see another vendor announced the end of life of its on-prem business. That was a reasonable portion of its overall business. And maybe how you're thinking about similarly bold options or less strategic parts of the business in order to focus on the growth side of the business that is doing well, whether that's MDR Exposure Command.

或許這個問題的第二部分是，我們確實看到另一家供應商宣布終止其本地部署業務。那佔了其整體業務的相當一部分。或許您正在考慮類似的激進選擇，或是業務中策略性較低的部分，以便專注於業務中表現良好的成長部分，例如 MDR Exposure Command。

Well, absolutely. And by the way, we've been on that journey already to rationalize the business as part of the growth dynamic that you see. And so while it wasn't a big lights on, lights off thing, we have been actually steadily moving the shift in the business. As we think about it going forward, I would just say it's pretty straightforward. We think about how do customers who are actually looking to scale their operations want to align their security outsourcing needs.

當然。順便說一句，我們已經開始了業務合理化調整的進程，這也是您所看到的成長動力的一部分。因此，雖然這並不是一件大事，但我們實際上一直在穩步推進業務轉型。展望未來，我認為其實很簡單。我們會思考，那些真正希望擴大業務規模的客戶希望如何調整他們的安全外包需求。

So we think about how do you actually build on top of the Managed Detection and Response offering to actually not just deliver Managed Detection and Response, how does that extend to manage risk, manage compliance and managed red teaming. So what we've been steadily doing over time is moving from the traditional on-premise workloads to what we consider much more strategic value-added workloads that serves a large part of both the mid-market and the -- I would just say, the resource-constrained upper enterprise market, that are focused on the service layer, not just the technology layer and not the on-prem layer.

因此，我們思考如何在託管檢測和響應產品的基礎上進行構建，從而不僅提供託管檢測和響應，還能擴展到風險管理、合規性和託管紅隊演練。因此，隨著時間的推移，我們一直在穩步地從傳統的本地工作負載轉向我們認為更具戰略意義的增值工作負載，這些工作負載服務於中端市場和——我只想說，資源受限的高端企業市場——這些市場專注於服務層，而不僅僅是技術層和本地層。

So our primary focus is extending the MDR focus, and we've been at that shift for a steady while, it's one of the things that we've been talking to you all about. We do feel like we're in the last sort of like stages of that shift where we're continuing to accelerate. That's why we're retooling some of our sales focus to really align around -- everything is aligned around that AI managed experience that operates at the service layer because more and more customers we see do want to actually take workload off of their teams and staff, and they're not able to actually add more and more people.

因此，我們的主要重點是擴大 MDR 的關注範圍，我們已經持續進行這一轉變一段時間了，這也是我們一直在和大家談論的事情之一。我們感覺自己正處於這種轉變的最後階段，並且繼續加速。這就是為什麼我們正在調整一些銷售重點，真正圍繞著人工智慧管理的體驗進行調整——一切都圍繞著在服務層運行的體驗進行調整，因為我們看到越來越多的客戶確實希望減輕團隊和員工的工作量，但他們實際上無法增加更多的人。

Joseph Gallo, Jefferies.

Joseph Gallo，傑富瑞集團。

I know you have the large deal dynamics. But fundamentally, where does exposure management and MDR rank in terms of CISO budget priorities right now?

我知道你們有大宗交易的運作模式。但從根本上講，目前在首席資訊安全官 (CISO) 的預算優先事項中，暴露管理和 MDR 的排名如何？

MDR is actually one of the top two or three in every survey that we see. Now there's ranges of MDR and -- but a smaller and smaller number of customers are looking to actually manage a 24/7 global SOC themselves. And so more and more looking to actually outsource and get leverage, which is why we see plenty of opportunity there. As I said before, the traditional on-premise VM for the last call is less and less of a priority. But if you look at the modern exposure management, it is a priority.

在我們看到的每一項調查中，MDR 實際上都名列前二或前三名。現在 MDR 服務種類繁多，但越來越少的客戶希望自己管理 24/7 全球 SOC。因此，越來越多的人開始尋求外包並獲得優勢，這就是為什麼我們看到了許多機會。正如我之前所說，傳統的本地虛擬機器用於最後一次呼叫的優先順序越來越低。但如果你看看現代風險暴露管理，它就是優先事項。

And we've been rebuilding the -- I would just say, updating the capability around exposure management to tie that to MDR, and we see plenty of opportunities there. But that is the transition that we're making. I think the whole industry is making that from the legacy here. We've been heavily focused on the MDR aspects and then leveraging and extending the exposure management to the workloads there. But I would just say MDR is one of the top three budget spend priorities from most CISOs.

我們一直在重建——我只想說，更新暴露管理方面的能力，將其與 MDR 聯繫起來，我們看到了很多機會。但這就是我們正在經歷的轉變。我認為整個產業都在從這裡的歷史遺產中汲取經驗。我們一直非常關注 MDR 方面，然後利用和擴展暴露管理到那裡的工作負載。但我只想說，MDR 是大多數首席資訊安全長 (CISO) 預算支出優先事項中的前三名之一。

Gregg Moskowitz, Mizuho.

Gregg Moskowitz，瑞穗銀行。

Interesting announcement with Microsoft. And I'm wondering, Corey, if you could elaborate a bit on your expectations from this going forward? And is this purely a technology integration? Or could there be a go-to-market aspect at some point as well?

微軟發布了一項有趣的公告。科里，我想問你，你對未來有什麼期待？這僅僅是技術整合嗎？或者，在某個階段是否也需要考慮市場推廣的問題？

Yeah. We're at the early stage of -- I believe it's starting with a technology, a deeper technology integration. But we've also been working heavily with the go-to customer, with their go-to-market teams. They're -- look, the issue is straightforward. Microsoft has a great technology stack.

是的。我們正處於早期階段——我相信它是從一項技術開始的，更深入的技術整合。但我們也一直在與最終客戶及其市場推廣團隊密切合作。他們——你看，問題很簡單。微軟擁有強大的技術棧。

We've actually been building out our technology stack aligned with theirs. They have a large installed customer base. There's not a clear preferred sort of like top-tier partner that's actually delivering high-quality, efficient managed services on top of their stack. They're looking to build their partner portfolio. We're investing heavily behind that.

實際上，我們一直在建立與他們技術堆疊相匹配的技術棧。他們擁有龐大的使用者群體。目前還沒有明顯的首選頂級合作夥伴，能夠在其技術堆疊之上提供高品質、高效率的託管服務。他們正在尋求拓展合作夥伴組合。我們在這方面投入了大量資金。

But there's a lot of customers that have the defender ecosystem that we've now tuned and we're announcing more and more technology integrations to own it. That we can actually manage their technology infrastructure integration, leveraging our technology stack, do it at scale and do it at great cost economics for our mutual customers. And so we see it as an incredibly strong growth opportunity as we go forward. We're in the very early stages, but we have been working with both their technology teams on a frequent basis and their go-to-customer teams is picking up.

但是，我們現在已經調整了許多客戶的 Defender 生態系統，我們正在宣布越來越多的技術整合來幫助他們擁有它。我們能夠利用我們的技術棧，大規模地管理他們的技術基礎設施集成，並為我們的共同客戶帶來巨大的成本效益。因此，我們認為這是一個非常強勁的成長機會。我們目前還處於非常早期的階段，但我們一直在與他們的技術團隊頻繁合作，他們的客戶服務團隊也積極推進。

Junaid Siddiqui, Truist.

Junaid Siddiqui，Truist。

Corey, you have mentioned extended deal cycles for some time now as your platform becomes more strategic. How comfortable are you getting with the visibility around the pipeline and close rates so to give you a better ability to forecast.

Corey，隨著你的平台變得更具策略性，你已經多次提到延長交易週期。您對銷售管道和成交率的可見性有多大程度的了解，以便更好地進行預測？

Yeah, I think this is -- and this is why I said, listen, we do have a range of outcomes this quarter as we go forward. One of Allan's top things is really to rationalize the process about how we manage the larger deal cycle. He's used to looking at these, and we have to really standardize the process. Look, we were somewhat -- we moved faster to competing in more of the strategic deals at larger ASPs. We were traditionally a mid-market focus lower.

是的，我認為——這就是為什麼我說，聽著，隨著我們本季的推進，我們確實會面臨一系列的結果。艾倫最重視的事情之一，就是要理順我們管理大型交易週期的流程。他已經習慣了查看這些，我們必須真正規範化這個過程。你看，我們在某種程度上——我們更快地參與到規模更大的應用服務提供者 (ASP) 的更多策略交易中。我們傳統上專注於中低階市場。

I would just say mid like $40,000, $50,000 ASP company. And that's changed relatively quickly over the last 18 months, and we're getting our handle around that. That's impacted both the accuracy of what we communicated from guidance. But we also have to upgrade our processes and our systems for how we actually manage that, and that's a clear mandate and a focus that Allan is working.

我只能說，這是一家平均售價在 4 萬到 5 萬美元之間的中型公司。在過去 18 個月裡，這種情況變化得相對較快，我們逐漸適應這種情況。這影響了我們透過指導傳達訊息的準確性。但我們也必須升級我們的流程和系統，以便更好地管理這些流程和系統，這是艾倫正在努力實現的明確目標和重點。

Yeah. And he has the experience doing that years of it. He's just a seasoned leader.

是的。而且他有多年從事這方面工作的經驗。他只是一位經驗豐富的領導者。

So I actually think that, that will be not a problem as we go into next year. But that's also why we didn't want to actually sort of like have Q4 be a distraction around it because he's only been in a little over a month, and we did not want to have more precision that was warranted.

所以我認為，明年這應該不會是個問題。但這也是為什麼我們不想讓第四季成為分散注意力的因素，因為他才上任一個多月，我們不想有不必要的精確度。

Joshua Tilton, Wolfe Research.

Joshua Tilton，沃爾夫研究公司。

Can you hear me?

你聽得到我嗎？

Yeah, hearing just fine, Josh.

是的，聽力很好，喬希。

Great. Totally understand the decision to put some incremental conservatism in the guidance for ARR for this year. I guess I'm trying to understand outside of that conservatism, what is the underlying momentum of the business. So my question is, assuming you don't see any disruptions, right, from these one-off dynamics, are you still on track to hit the ARR guidance that we had coming into this quarter? Are you running below that prior ARR guidance that you gave? How do I understand what you're guiding to from an underlying momentum of the business, if that makes sense?

偉大的。完全理解今年在年度經常性收入預期中採取更保守的策略。我想了解的是，拋開這種保守主義，企業的潛在發展動力是什麼。所以我的問題是，假設您沒有看到任何干擾，對吧，這些一次性的動態因素，您是否仍然能夠實現我們在本季度初設定的 ARR 目標？你們的年經常性收入（ARR）是否低於先前所給的預期目標？如果這樣說你能理解的話，我該如何理解你從企業潛在發展動能出發所引導的方向？

Yeah, it does make sense. It does make -- look, we're not going to give you two guidances, just to be clear. But what I would say is I'll get to your core thing is that we still have the same, I would just say, pipeline that we expected to have in -- within a couple of points. I won't be overly precise there. But we still have the same pipeline.

是的，這很有道理。確實如此──聽著，說清楚點，我們不會給你兩個指導原則。但我想說的是，回到你的核心問題，我們仍然擁有相同的，我只能說，我們預期的流程——只差幾分。我不會在這方面給出過於精確的答案。但我們仍然使用同樣的管道。

What's really changing is that we're not actually attempted to be overly precise about how much of that pipeline lands in a specific time frame. So what we wanted to give you was just an ARR guy, when Tim said about that Rafe, he was just like, hey, we know we can hit that we'll go forward. We'll tell you what it is and where it lands sort of like in Q1. I know that's not great. I just want to be clear about.

真正改變的是，我們不再試圖非常精確地控制有多少產品會在特定的時間範圍內落地。所以，我們想給你的只是一個 ARR 人，當 Tim 談到 Rafe 時，他就說，嘿，我們知道我們可以做到，我們會繼續前進。我們會在第一季告訴你它是什麼，以及它最終會落在哪裡。我知道這不太好。我只是想把事情說清楚。

I know that's not great. But it's also the right thing to do, especially as we have a new CFO and a new CCO to actually let us get a clean baseline and then we'll reestablish the cadence that we actually want to have next year.

我知道這不太好。但這也是應該做的，尤其是我們有了新的財務長和新的首席商務官，這實際上可以讓我們獲得一個清晰的基準，然後我們將在明年重新建立我們真正想要的節奏。

Zach Schneider, Baird.

Zach Schneider，貝爾德。

This is Zack on for Shrenik. So Exposure Command really feels like a big flagship bet for you guys. And I'd love to just hear more about what does the data really show today. Maybe our net new customers landing faster or larger with it. And then maybe what's the ASP uplift versus just legacy VM only? And what's the true ramp time line?

這裡是札克為什雷尼克報道。所以，Exposure Command 看起來確實是你們的重大旗艦產品。我很想了解一下，今天的數據究竟顯示了什麼。也許它能幫助我們更快吸引新客戶，或吸引更多新客戶。那麼，與僅使用傳統虛擬機器相比，ASP 提升幅度是多少呢？那麼真正的產能爬坡時間表是什麼？

Yeah, there's two dynamics. One, we're actually focusing on, again, tying the Exposure Command into our overall services strategy with MDR, which is sort of like the early stages. The second is that, yes, we're actually very focused on the upgrade because it aligns it around the overall MDR strategy, the upgrade of VM to Exposure Command. What we've seen so far is much, much larger deals in terms of ASPs. And lastly, like larger -- it's like over double the ASPs that we're actually expecting and so we've seen much, much larger deals at longer deal cycles than the smaller at bat upgrades and that has not been -- and we were really focused on the upgrades.

是的，這裡存在著兩種動態。第一，我們實際上再次專注於將暴露指揮部與我們的整體服務策略與 MDR 聯繫起來，這有點像是早期階段。第二點是，是的，我們確實非常關注升級，因為它與整體 MDR 策略保持一致，即將 VM 升級到 Exposure Command。目前我們看到的都是平均售價 (ASP) 方面規模更大的交易。最後，就像規模更大一樣——它比我們實際預期的平均售價高出一倍多，因此我們看到了比規模較小的升級交易更大的交易，交易週期也更長，而我們一直專注於升級交易。

Again, we have not focused a lot on landing new for Exposure Command. So we're focused just on the upgrades. As the primary focus for this year, something that we talked about at the start of the year. And so we've not had the volume that we wanted to actually have on the conversions because the pipeline is of larger deals, even though we like the dollars of the pipeline, the size of the pipeline is larger and they're coming in slower.

再次強調，我們並沒有太多關注 Exposure Command 的新舉措。所以我們目前只專注於升級改造。作為今年的主要重點，也是我們在年初討論過的事情。因此，我們並沒有達到預期的轉換量，因為銷售管道中的交易金額較大，儘管我們喜歡銷售管道中的金額，但銷售管道的規模更大，轉換速度也更慢。

Kingsley Crane, Canaccord Genuity.

金斯利·克萊恩，Canaccord Genuity。

Just wanted to double-click again on the Microsoft integration. As that scales, just could you speak more to any near-term investment required to support that at the engineering or sales level? And then do you have a sense of what portion of your customer base are already customers of both Rapid7 and Microsoft?

我只是想再次雙擊微軟整合。隨著規模的擴大，您能否詳細說明在工程或銷售層面，近期需要進行哪些投資來支持這項工作？那麼，您是否了解您的客戶群中有多少人既是 Rapid7 的客戶又是微軟的客戶？

Yeah. It's a little bit under half, but it's still a substantial portion of our customer base that is Microsoft. And frankly, we see a big opportunity to grow it. Like we look at this as primarily a growth opportunity as we go forward. We've been working on the engineering for a while now. And so it's one of the investments that we talked about, and we wanted to invest in earlier this year. We're not done. By the way, just to be clear, we're not done, but we actually can do it within the resource outlook that we actually have available. So it's not incremental resources. It is the resources that we have on board.

是的。雖然略低於一半，但微軟客戶仍占我們客戶群的很大一部分。坦白說，我們看到了它巨大的發展機會。我們認為這主要是一個發展機會。我們已經為此工程技術工作了一段時間了。所以，這是我們討論過的投資項目之一，也是我們今年早些時候想要投資的項目之一。我們還沒完。順便說一下，需要說明的是，我們還沒有完成，但我們確實可以在我們目前可用的資源範圍內完成這項工作。所以這不是增量資源。這是我們船上擁有的資源。

This is part of why we're taking the opportunity to refocus and retune and realign the sales engine, though. Because it's not more salespeople, it is sort of like focusing and training and enabling our sales teams on the partnerships and the opportunities that we have in front of us, of which this is a substantial new one that provides net new opportunities. Our sales leadership team has been asking for this. It's been one of the priority areas. And so taking the time next year to make sure that we actually start next year with velocity and momentum is a big deal.

這也是我們藉此機會重新調整、重新調整和重新定位銷售引擎的部分原因。因為這並非意味著需要更多的銷售人員，而是要集中精力培訓和賦能我們的銷售團隊，讓他們專注於我們面前的合作關係和機遇，而這正是一個意義重大的新合作，能夠帶來全新的機會。我們的銷售領導團隊一直要求這樣做。這一直是優先關注的領域之一。因此，明年花時間確保我們能夠以速度和動力開啟新的一年，這非常重要。

So it's not more sales resources, but it is time and focus to align that engine. And we decided that we wanted to do that as soon as possible, not wait to Q1 where if you wait to Q1, you don't see the benefits in the back half of next year.

所以關鍵不在於增加銷售資源，而是投入時間和精力來調整這套機制。我們決定盡快實施，而不是等到第一季度，因為如果等到第一季度，明年下半年就看不到好處了。

Rudy Kessinger, D.A. Davidson.

魯迪·凱辛格，D.A.戴維森。

Could you just talk to us about gross churn and how that's trended throughout the year and your expectations for gross retention and gross churn going forward into '26?

您能否談談總流失率，以及它在過去一年中的趨勢，並展望一下您對 2026 年的總留存率和總流失率的預期？

Yeah, it's a great question. Gross churn has actually been exactly where we expected it to be based on our last calls. And so that's not been -- we've had a -- frankly, if you look at where the issue in the business is much more in the landing of new customer ARR and the deal cycles around that than the churn. So what I would just say is we're expecting to see the continuing trends that we saw this year, which we're very comfortable with as we go -- now MDR are larger, more strategic. They tend to be longer deal cycles and deal terms.

是的，這是一個很好的問題。根據我們最近的通話，實際客戶流失率與我們預期的完全一致。所以，坦白說，我們面臨的問題更多的是如何獲得新客戶的年度經常性收入 (ARR)，以及圍繞這一點的交易週期，而不是客戶流失。所以我想說的是，我們預計今年出現的趨勢將會持續下去，我們對此感到非常滿意——現在 MDR 規模更大，更具策略性。它們的交易週期和交易期限往往更長。

So as a business shift mix towards that, you do see a slightly upward tip on the gross churn dynamics in terms of improving, meaning you see higher retention rates. But that's more based on mix shift than anything else on the type of business that MDR is. But the -- that's not been the big issue this year. Thus far, the primary thing is just that we're under the new customer add ARR and expansion ARR that we expected. So it's a great question. I do want to clarify that. That's good to clarify.

因此，隨著業務組合向這個方向轉變，你會看到總流失率動態略有上升，這意味著你會看到更高的客戶留存率。但這更多是基於產品組合的變化，而不是 MDR 業務類型的其他任何因素。但是——這並不是今年最大的問題。到目前為止，最主要的是我們的新客戶新增 ARR 和擴充 ARR 都達到了預期。這是一個很好的問題。我想澄清一下。澄清一下很好。

There are no more questions at this time. I'd now like to turn the call over to Corey Thomas for closing remarks.

目前沒有其他問題了。現在我把電話交給科里·托馬斯，請他作總結發言。

So thank you all for joining on the call today. I want to take this time to thank Tim Adams, our CFO, for his outstanding service for his time, for his partnership to both myself, the Board and the leadership team. Tim, I want to thank you. I want to acknowledge it since this will be your last call but thank you so much for your time today. And I want to thank all of you for taking the time to join us on our earnings call today.

感謝各位今天參加電話會議。我想藉此機會感謝我們的財務長蒂姆·亞當斯，感謝他抽出時間給予我的傑出服務，感謝他對我、董事會和領導團隊的合作。提姆，我想謝謝你。鑑於這將是您最後一次來電，我想再次感謝您今天抽出時間。我要感謝各位抽出時間參加我們今天的財報電話會議。

Thank you.

謝謝。