Rapid7, Inc. (RPD) 2026 Q2 法說會逐字稿

Good day, everyone. My name is [Kahelani], and I will be your conference operator today. At this time, I would like to welcome you to the Q2 2026 Rapid7 earnings call. (Operator Instructions)

各位好。我叫[Kahelani]，今天將擔任本次會議的接線員。此刻，我想歡迎各位參加 Rapid7 2026 會計年度第二季（Q2）財報電話會議。（接線員指示）

At this time, I'd like to turn the call over to Matt Wells, Vice President of Investor Relations.

現在，我想把電話會議交給投資人關係副總裁 Matt Wells。

Thank you, operator, and good afternoon, everyone. Today, we will be discussing Rapid7's second-quarter fiscal 2026 financial results. We've distributed our earnings press release over the wire, and it can be accessed on our Investor Relations website. With me on the call are Corey Thomas, Executive Chairman; Wael Mohamed, CEO; and Rafe Brown, CFO. As a reminder, all participants are in a listen-only mode, and a question-and-answer session will follow our opening remarks.

謝謝接線員，各位下午好。今天我們將討論 Rapid7 2026 會計年度第二季的財務結果。我們已透過新聞專線發布財報新聞稿，您也可在我們的投資人關係網站上取得。與我一同參與電話會議的有：執行董事長 Corey Thomas、執行長 Wael Mohamed，以及財務長 Rafe Brown。提醒各位，所有與會者目前皆為僅收聽模式，我們的開場致詞結束後將進行問答環節。

Before I hand the call over to Corey, I want to remind everyone that certain statements made during this conference call may be considered forward-looking statements 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, among other things, our outlook for the third quarter and full-year 2026, our expectations regarding fiscal periods beyond 2026, our transformation and restructuring initiatives, our strategy, priorities, and capital allocation, anticipated operational improvements, investments in our core platform and AI capabilities, and our expected growth drivers and financial performance.

在我把電話交給 Corey 之前，我想提醒各位，本次電話會議中所作的某些陳述，依聯邦證券法可能被視為前瞻性陳述。這些陳述係依據 1995 年《私人證券訴訟改革法案》的「安全港」條款作出，並包括但不限於：我們對 2026 年第三季與 2026 全年的展望、對 2026 年以後會計期間的預期、我們的轉型與重整計畫、我們的策略、優先事項與資本配置、預期的營運改善、對核心平台與 AI 能力的投資，以及我們預期的成長動能與財務表現。

These forward-looking statements are based on our current expectations and beliefs and information currently available to us. While we believe any forward-looking statements we make are reasonable, actual results could differ materially due to a number of risks and uncertainties, including those contained in our filings with the SEC. Reported results should not be considered indicative of future performance. We do not undertake and expressly disclaim any obligation to update or alter our forward-looking statements, whether as a result of new information, future events, or otherwise, except to the extent required by applicable law. Further information on these forward-looking statements and risk factors are included in the filings we make with the SEC, including the section titled Cautionary Language Concerning Forward-Looking Statements in our earnings press release.

這些前瞻性陳述係基於我們目前的預期與信念，以及目前可得的資訊。雖然我們相信所作的任何前瞻性陳述均屬合理，但由於多項風險與不確定性，實際結果可能出現重大差異，其中包括我們向美國證券交易委員會（SEC）提交文件中所載的風險。已揭露的結果不應被視為未來表現的指標。除非適用法律另有要求，否則我們不承擔且明確聲明不負有更新或修訂任何前瞻性陳述之義務，不論係因新資訊、未來事件或其他原因。關於這些前瞻性陳述與風險因素的更多資訊，載於我們向 SEC 提交的文件中，包括我們財報新聞稿中題為「關於前瞻性陳述之警示性語言」的章節。

Additionally, over the course of this call, we'll reference non-GAAP measures to describe our performance. Please review our earnings press release and filings with the SEC for a rationale behind the use of non-GAAP measures and for a full reconciliation of these GAAP to non-GAAP metrics. These documents, in addition to a replay of this call, will be available on the Rapid7 Investor Relations website.

此外，在本次電話會議過程中，我們將引用非 GAAP 指標來說明我們的表現。請查閱我們的財報新聞稿及向 SEC 提交的文件，以了解使用非 GAAP 指標的理由，以及 GAAP 與非 GAAP 指標之間的完整調節表。上述文件以及本次電話會議的重播，將可於 Rapid7 投資人關係網站取得。

And with that, I'd like to turn the call over to Corey.

接下來，我想把電話交給 Corey。

Welcome to Rapid7's Q2 2026 earnings call. I join you today in a new role but with the same passion and purpose: to ensure that organizations of all sizes can get the best results from their security operations. I have worked with the Board, and especially with Wael, over the last year to revitalize our team, improve our execution, and fully leverage the opportunity that AI is providing. As part of that work, it was clear that we have significant opportunities but only if we tighten our focus on our core offerings, sharpen our alignment and execution around those offerings, and deliver a more efficient model.

歡迎各位參加 Rapid7 2026 年第二季（Q2）財報電話會議。我今天以新的角色與各位相聚，但熱情與使命不變：確保各種規模的組織都能從其資安營運中取得最佳成果。過去一年，我與董事會合作，特別是與 Wael 一起，致力於重振團隊、提升執行力，並充分把握 AI 帶來的機會。在這項工作中，我們清楚看到存在重大機會，但前提是我們必須更聚焦於核心產品、強化圍繞這些產品的對齊與執行，並交付更高效率的營運模式。

The Board and I recruited Wael, whom I have known and respected for many years, to do exactly that: deliver on Rapid7's full potential in the midst of one of the most exciting moments in technology. In many ways, Wael is accelerating a plan he helped develop. In other areas, he's providing sharper focus and leadership, as you will hear in his upcoming comments. Before I hand it over to Wael, I want to take a moment to acknowledge the incredible work of our colleagues at Rapid7, whose passion and care for our customers and their deep and energetic embrace of innovation continue to inspire me.

董事會與我延攬 Wael——我多年來認識並敬重他——正是為了做到這一點：在科技最令人振奮的時刻之一，釋放 Rapid7 的全部潛力。在許多方面，Wael 正在加速推進一項他曾協助制定的計畫。在其他方面，他也帶來更清晰的聚焦與領導力，您將在他接下來的談話中聽到。在我把電話交給 Wael 之前，我想花點時間肯定 Rapid7 同仁們令人讚嘆的努力；他們對客戶的熱情與關懷，以及對創新的深度且充滿活力的擁抱，持續啟發著我。

With that, I turn the call over to Wael.

接下來，我把電話交給 Wael。

Thank you, Corey, and good afternoon. Since this is my first earnings call as CEO of Rapid7, I want to use my time a little differently. Rafe will take you through the quarter, the actions we announced, and our guidance. I want to focus on our strategy, the operating discipline behind it, and how I ask you to measure our progress. I have known Rapid7 for years. Long before I joined the Board, I saw this company at its best: moving fast, earning customer trust, and winning in the market. Joining the Board gave me a much closer view of the company, its people, and its potential. The closer I got, the more I liked what I found.

謝謝你，Corey，各位下午好。由於這是我擔任 Rapid7 執行長後的首次財報電話會議，我想用稍微不同的方式來運用我的時間。Rafe 將帶各位回顧本季表現、我們宣布的行動，以及我們的財測指引。我想聚焦在我們的策略、支撐該策略的營運紀律，以及我希望各位如何衡量我們的進展。我認識 Rapid7 已有多年。早在我加入董事會之前，我就看過這家公司最好的樣子：行動迅速、贏得客戶信任、並在市場上取勝。加入董事會讓我更近距離地了解公司、同仁與其潛力。我越深入了解，就越喜歡我所看到的一切。

Rapid7 is a good company ready to be great. It is not broken. It has reached a ceiling. The issue is not our assets. It is how we focus our resources and energy. Breaking through requires clear choices, strong execution, and an operating system that can repeat success at scale. That is the work I signed up for.

Rapid7 是一家好公司，已準備好邁向卓越。它並沒有壞掉。它是碰到了天花板。問題不在於我們的資產。而在於我們如何聚焦資源與能量。要突破，需要清晰的取捨、強而有力的執行，以及一套能在規模化下重複成功的營運系統。這正是我選擇投入的工作。

Transformation is not about changing everything. It is about having the discipline to change the few things that matter and doing so consistently over time. Over the past year, we put the leadership team in place for this next chapter. We added a proven Chief Financial Officer to strengthen operating discipline, a Chief Commercial Officer to help us scale and win with customers, and a Chief Product and Technology Officer to build an AI-first platform. We now have our leadership team, operating model, and capital allocation aligned behind one direction.

轉型不是要改變一切。而是要有紀律地改變少數真正重要的事情，並長期一致地落實。過去一年，我們為下一個篇章建立了領導團隊。我們延攬一位經驗證的財務長以強化營運紀律、一位商務長以協助我們擴張並與客戶取勝，以及一位產品與技術長以打造 AI 優先的平台。如今，我們的領導團隊、營運模式與資本配置已對齊於同一個方向。

Since stepping into this role, I have spent my time listening to customers, our people, partners, and many of you. Three things are clear. First, focus matters. We do not need to win everywhere. We need to be exceptional where we can win.

自從接任這個職務以來，我把時間用在傾聽客戶、同仁、合作夥伴，以及在座許多人的意見。有三件事很清楚。第一，聚焦很重要。我們不需要在每個地方都贏。我們需要在我們能贏的地方做到卓越。

Our clearest right to win is in the heart of the enterprise market, customers that need enterprise-grade security, but also need fewer tools, less complexity, and faster outcomes. Our leadership in the mid-market is proof of our strength. It is not a limit on our technology or our market. We will continue to compete for larger enterprises where our platform is the right fit. These customers want fewer, better partners, not more tools. That is where Rapid7 has earned the right to win.

我們最明確的致勝優勢在於企業市場的核心地帶：這些客戶需要企業級資安，但也需要更少的工具、更低的複雜度，以及更快的成果。我們在中型市場的領導地位證明了我們的實力。這並不是我們技術或市場的限制。我們將持續競逐更大型的企業客戶，只要我們的平台適配其需求。這些客戶想要更少、但更好的合作夥伴，而不是更多工具。這正是 Rapid7 已贏得致勝資格的領域。

Second, outcomes matter more than products. For years, cybersecurity answered complexity with more complexity: more tools, more alerts, more consoles, more people. Customers do not need another dashboard. They need less risk, less complexity, and faster action. Our opportunity is to connect Exposure Management and Detection and Response to move from finding problems to resolving them. For many customers, that outcome will be delivered as a service. Skilled security people are hard to find. They need a trusted partner that can bring the platform, the expertise, and the work together.

第二，成果比產品更重要。多年來，資安以更多複雜性來回應複雜性：更多工具、更多警示、更多主控台、更多人力。客戶不需要另一個儀表板。他們需要更低的風險、更少的複雜性，以及更快的行動。我們的機會在於把曝險管理（Exposure Management）與偵測與回應（Detection and Response）連結起來，從「找出問題」轉向「解決問題」。對許多客戶而言，這樣的成果將以服務的形式交付。熟練的資安人才難以尋覓。他們需要一個可信賴的夥伴，能把平台、專業能力與實際工作整合在一起。

Third, the way security work gets done is changing. AI should not become another label. It should change the work. Automation helps us move faster today. Agents let us do more across more data, more steps, and at much greater scale.

第三，資安工作的完成方式正在改變。AI 不應成為另一個標籤。它應該改變工作本身。自動化讓我們今天能更快前進。代理（Agents）讓我們能在更多資料、更多步驟上做得更多，並以更大的規模運作。

Attackers are moving at machine speed. Attackers only need to find the seam between an exposure and a fix, an alert and the work needed to investigate it, or a decision and an action. Defenders need the same reach and speed, with people remaining in control. People decide. Agents do.

攻擊者正以機器速度行動。攻擊者只需要找到曝險與修補之間的縫隙、警示與調查所需工作之間的縫隙，或決策與行動之間的縫隙。防禦者需要同樣的觸及範圍與速度，同時仍由人員保持掌控。人做決策。代理去執行。

In this model, agents are not just features of the product. They become part of the service layer, extending the reach of our security experts and helping us deliver outcomes faster and at scale. We acquired Kenzo Security because AI needs a foundation, not another feature. That foundation connects data, agents, and human decisions across the tools customers already use while keeping customers in control of their data. We want AI to fit into our customers' environments, not force them into ours.

在這個模型中，代理不只是產品功能。它們成為服務層的一部分，延伸我們資安專家的觸及範圍，並協助我們以更快速度、以規模交付成果。我們收購 Kenzo Security，因為 AI 需要的是基礎，而不是另一個功能。這個基礎能在客戶既有使用的工具之間，連結資料、代理與人類決策，同時讓客戶仍能掌控其資料。我們希望 AI 能融入客戶的環境，而不是迫使他們進入我們的環境。

Building that future requires focus now. The changes we announced affect colleagues who have contributed to Rapid7. I want to thank them for what they have given to this company and to our customers. These actions are a focus reset. We are not shrinking our way to the future. We are reshaping the company so we can invest more behind the parts of the business that will define it.

打造那樣的未來，需要我們現在就聚焦。我們宣布的變更影響到曾為 Rapid7 做出貢獻的同事。我想感謝他們為這家公司以及我們的客戶所付出的一切。這些行動是一次聚焦重置。我們不是靠縮減來走向未來。我們正在重塑公司，以便能在將定義公司未來的業務部分投入更多資源。

We are simplifying the company, aligning our cost structure with the core, and creating room to invest. We are concentrating our growth investment behind Detection and Response, Exposure Management, and the AI foundation that connects them. We will continue to support customers using our other products. This is not simply a cost action. We'll reinvest a meaningful portion of the savings in our core platform, the people building it, and the AI foundation behind the next generation of our products.

我們正在簡化公司，使成本結構與核心業務對齊，並創造投資空間。我們將成長投資集中在偵測與回應、曝險管理，以及連結兩者的 AI 基礎之上。我們將持續支援使用我們其他產品的客戶。這不僅僅是一項成本措施。我們會把節省下來的相當一部分資金再投資於核心平台、打造平台的人才，以及支撐下一代產品的 AI 基礎。

70 days is not enough to complete a transformation. It is enough to set direction and show how we will operate with speed, clarity, and accountability. Operating discipline creates choices. As Rafe will explain, the actions we announced put us on a path to exit the year at approximately 20% non-GAAP operating margin. That is not the destination. It is evidence that we are building a healthier company, one with more capacity to invest, innovate, and generate durable returns over time.

70 天不足以完成一場轉型。但足以確立方向，並展現我們將如何以速度、清晰度與問責來運作。營運紀律會創造選擇。正如 Rafe 將說明的，我們宣布的行動讓我們走在一條路徑上，預期在年底時非 GAAP 營業利益率約為 20%。那不是終點。它證明我們正在打造一家更健康的公司，具備更多投資、創新並在時間推移中創造持久報酬的能力。

In the second quarter, we came in slightly above the guidance we provided. Detection and Response continued to perform well. At the same time, total ARR declined. Exposure Management is not yet where it needs to be, and other parts of the portfolio continue to pressure our results.

在第二季，我們的表現略高於先前提供的指引。偵測與回應持續表現良好。同時，總 ARR 下滑。曝險管理尚未達到應有水準，而產品組合中的其他部分仍持續對我們的結果造成壓力。

The current direction of ARR is not good enough. We are acting on it. This is a multi-quarter transformation. We are changing the path of the company toward durable growth, not managing for one quarter. As we sharpen our focus, some parts of the business may face pressure before the benefits become visible.

目前 ARR 的走勢不夠理想。我們正在採取行動。這是一項跨多個季度的轉型。我們正在改變公司的路徑，朝向可持續的成長，而不是只為單一季度做管理。隨著我們更聚焦，業務中的某些部分可能在效益顯現之前先承受壓力。

At times, we may need to simplify before we can accelerate. Let me leave you with the framework I ask you to use when measuring Rapid7 over the coming quarters. First, look at the cash generated. Cash is not the finish line, durable growth is. But cash tells you whether the operating model is becoming healthier and whether we have the capacity to keep investing.

有時，我們需要先簡化，才能加速。最後我想提供一個框架，請各位在未來幾個季度衡量 Rapid7 時使用。第一，看產生的現金。現金不是終點，可持續的成長才是。但現金能告訴你營運模式是否正在變得更健康，以及我們是否有能力持續投資。

Second, measure this transformation over several quarters, not one. Look for stronger execution in the core, better outcomes for customers, and meaningful improvement in Exposure Management. Third, watch how we reinvest. We are putting resources behind the platform, the people, and the AI foundation required to return Rapid7 to durable growth. We have hard work ahead, but we also have what matters most: strong customer trust, deep security expertise, a clear place to win, and a team that cares deeply about our mission.

第二，請用數個季度來衡量這次轉型，而不是只看一季。尋找核心業務更強的執行力、客戶更好的成果，以及曝險管理的顯著改善。第三，觀察我們如何再投資。我們正把資源投入到平台、人才，以及讓 Rapid7 回到可持續成長所需的 AI 基礎。前方有艱鉅的工作，但我們也擁有最重要的要素：強大的客戶信任、深厚的資安專業、清晰的致勝領域，以及一支對使命高度投入的團隊。

I have believed in Rapid7 for years. The more time I have spent with its people, its customers, and its technology, the stronger that belief has become. We know this transformation will take time. We will not ask you to judge us by promises. Judge us by execution.

多年來我一直相信 Rapid7。我與其員工、客戶與技術相處的時間越多，這份信念就越強。我們知道這次轉型需要時間。我們不會要求各位用承諾來評斷我們。請用執行力來評斷我們。

Judge us by whether, quarter after quarter, this company becomes more focused, more disciplined, and more capable of delivering durable growth. That is how we intend to earn your confidence.

請看這家公司是否在一季又一季之間變得更聚焦、更有紀律，並更有能力交付可持續的成長。這就是我們打算贏得各位信心的方式。

Rafe, over to you.

Rafe，交給你。

Thank you, Wael, and good afternoon, everyone. As a quick reminder, unless otherwise noted, all numbers except revenue and balance sheet metrics mentioned during my remarks today are non-GAAP. Please refer to our earnings release and SEC filings for additional details regarding the presentation of our results and guidance metrics.

謝謝你，Wael，各位下午好。快速提醒一下，除非另有說明，今天我發言中提到的所有數字，除營收與資產負債表指標外，皆為非 GAAP。關於我們業績與指引指標的呈現方式，請參閱我們的財報新聞稿與向 SEC 提交的文件以取得更多細節。

In the second quarter of 2026, I'm pleased to report that we exceeded expectations across all metrics. We ended the second quarter with total ARR of $824 million. We reported non-GAAP operating income of $28.9 million. Free cash flow came in strong at $31.9 million, with collections healthily exceeding our internal expectations. As of the end of the quarter, we had total cash, cash equivalents, and short-term investments of $702.6 million.

在 2026 年第二季，我很高興報告我們在所有指標上都超出預期。我們在第二季末的總 ARR 為 8.24 億美元。我們的非 GAAP 營業利益為 2,890 萬美元。自由現金流表現強勁，達 3,190 萬美元，收款情況健康，超出我們內部預期。截至季度末，我們的現金、約當現金與短期投資合計為 7.026 億美元。

I want to begin by taking a closer look at our ARR as of the end of the quarter. As a quick reminder, our long-term strategy is focused on our core platform solutions, comprised of our Detection and Response business, which includes MDR, and our Exposure Management business. Our core platform solutions represent over 80% of overall ARR and grew approximately 1% on a year-over-year basis, led by our Detection and Response business, which is approximately 55% of total ARR, grew approximately 5% on a year-over-year basis.

我想先從更仔細地檢視截至季度末的 ARR 開始。快速提醒一下，我們的長期策略聚焦於核心平台解決方案，包含偵測與回應業務（其中包括 MDR）以及曝險管理業務。我們的核心平台解決方案占整體 ARR 的 80% 以上，年對年約成長 1%；其中由偵測與回應業務帶動，該業務約占總 ARR 的 55%，年對年約成長 5%。

While our overall Exposure Management business offsets some of the growth of our D&R business within the Exposure Management segment of our core offerings, we continue to see healthy adoption of our Exposure Command solution driven by both new customers and customers upgrading from our older vulnerability management solutions. In contrast, our non-core products, which, as a reminder, are less than 20% of total ARR, declined in the quarter, driving the sequential decline we saw in total ARR, as we focus our resources toward growing our core products. As we plan for the remainder of 2026 and beyond, we see opportunities to optimize margins for these standalone, non-core solutions, as well as opportunities to migrate customers to core platform offerings.

雖然我們整體的曝險管理（Exposure Management）業務在一定程度上抵銷了我們核心產品中曝險管理分部內 D&R 業務的部分成長，但我們仍持續看到 Exposure Command 解決方案的健康採用，動能同時來自新客戶以及從我們較舊的弱點管理解決方案升級的既有客戶。相較之下，我們的非核心產品（提醒一下，佔總 ARR 不到 20%）在本季下滑，帶動我們總 ARR 出現環比下滑，因為我們正將資源聚焦於推動核心產品成長。在規劃 2026 年剩餘期間及更長遠的未來時，我們看到可為這些獨立的非核心解決方案優化利潤率的機會，同時也看到將客戶遷移至核心平台產品的機會。

As Wael mentioned, our organization is undergoing a significant transformation. Our new Chief Product and Technology Officer, Dan Deklich, just two months into his role, is making changes and investments across the product and engineering organization. We expect these investments to strengthen our core platform solutions, accelerate innovation, and deliver meaningful product capabilities throughout 2027. We expect, however, that these efforts will take time to translate into ARR growth.

如 Wael 所提到的，我們的組織正在經歷一項重大轉型。我們的新任產品與技術長（Chief Product and Technology Officer）Dan Deklich 上任僅兩個月，已在產品與工程組織推動變革並進行投資。我們預期這些投資將強化我們的核心平台解決方案、加速創新，並在 2027 年期間交付具實質意義的產品能力。不過，我們也預期這些努力需要時間才能轉化為 ARR 成長。

Returning now to our financial statements, total revenue of $210.9 million declined approximately 1.5% year over year, reflecting the declines in non-core product ARR we saw earlier this year. We finished the quarter with over 11,500 customers and an average ARR per customer of approximately $70,000.

回到我們的財務報表，總營收為 2.109 億美元，年減約 1.5%，反映了我們今年稍早看到的非核心產品 ARR 下滑。本季結束時，我們擁有超過 11,500 名客戶，且每位客戶的平均 ARR 約為 7 萬美元。

Turning to second quarter profitability, total non-GAAP gross margins of 71.7% were down approximately 215 basis points year over year. Consistent with our expectations, driven by year-over-year increases in staffing of our global security operations centers and increased cloud usage for product improvements. We reported non-GAAP operating income of $28.9 million, or a margin of 13.7%, favorable to our guidance. This upside in profitability drove non-GAAP earnings per share of $0.44 per diluted share.

接著看第二季獲利能力，非 GAAP 總毛利率為 71.7%，年減約 215 個基點。這與我們的預期一致，主要受全球資安營運中心（SOC）人員編制年增，以及為產品改進而增加雲端使用所驅動。我們的非 GAAP 營業利益為 2,890 萬美元，或營業利益率 13.7%，優於我們的指引。這項獲利上行帶動非 GAAP 每股盈餘為稀釋後每股 0.44 美元。

Free cash flow totaled $31.9 million in the second quarter, driven by strong collections. And from a balance sheet perspective, we ended the second quarter with $702.6 million in cash, cash equivalents, and short-term investments. Combined with our continued free cash flow generation and a $200 million undrawn credit facility, we are well positioned to repay our $600 million convertible notes due in March of 2027.

第二季自由現金流合計 3,190 萬美元，主要由強勁的收款所帶動。從資產負債表角度來看，我們在第二季末持有 7.026 億美元的現金、約當現金及短期投資。結合我們持續產生的自由現金流，以及一筆 2 億美元尚未動用的授信額度，我們具備良好條件償還將於 2027 年 3 月到期的 6 億美元可轉換公司債。

Turning to the restructuring announced earlier today. This restructuring marks a strategic shift in our business to drive efficiency and focus across the organization, aligning resources and investments to our core platform solutions. We are also creating capacity to increase our investments in cutting-edge, AI-driven solutions that will improve customer experience and increase competitiveness in the marketplace. In terms of approach, we first eliminated non-headcount spend wherever possible. Unfortunately, approximately 12% of our workforce has been notified that their roles are impacted by the restructuring.

接著談談今天稍早宣布的重組。此次重組標誌著我們業務的策略性轉向，旨在提升效率並在全組織聚焦，將資源與投資對齊至我們的核心平台解決方案。我們也在創造產能，以增加對前沿、AI 驅動解決方案的投資，進而改善客戶體驗並提升市場競爭力。在執行方式上，我們首先在可行之處削減非人力支出。遺憾的是，約有 12% 的員工已被通知其職務受到此次重組影響。

From a financial perspective, as a result of the efficiency gains already underway, as well as the impact of the restructuring announced today, we expect to deliver 20% non-GAAP operating margins in Q4 of 2026 compared to 13.7% in the second quarter, fulfilling our commitment to improve our cost run rate as we exit 2026. We expect to incur restructuring charges of approximately $10 million to $11 million, the majority of which will be paid throughout the third and fourth quarters of 2026. These restructuring charges will be excluded from our non-GAAP P&L results. The cash expenditures will, however, be reflected in our operating and free cash flow results.

從財務角度來看，受已在進行中的效率提升，以及今日宣布的重組影響，我們預期在 2026 年第四季達成 20% 的非 GAAP 營業利益率，相較第二季的 13.7%，以履行我們在 2026 年結束時改善成本運行率的承諾。我們預期將產生約 1,000 萬至 1,100 萬美元的重組費用，其中大部分將在 2026 年第三與第四季期間支付。這些重組費用將自我們的非 GAAP 損益表結果中排除。然而，相關現金支出將反映在我們的營運現金流與自由現金流結果中。

As such, for the remainder of the year, the cash benefit of reduced headcount will largely be offset by the associated severance-related costs, as well as targeted reinvestment into our product and engineering organization. Therefore, while weighted toward the fourth quarter, we are maintaining our expectation of approximately $130 million in free cash flow for the full-year 2026. We believe this restructure will allow us to improve free cash flow in 2027 over our 2026 guide despite a lower ARR base as we enter 2027, investments we are making to modernize our products and SDLC process, and the reduction of our interest income that we'll incur once we use our invested cash to repay our March 2027 convertible bonds.

因此，在今年剩餘期間，裁減人力所帶來的現金效益將在很大程度上被相關的資遣成本，以及對產品與工程組織的定向再投資所抵銷。因此，儘管自由現金流將偏向第四季，我們仍維持 2026 全年自由現金流約 1.3 億美元的預期。我們相信，此次重組將使我們在 2027 年的自由現金流優於 2026 年指引，儘管在進入 2027 年時 ARR 基礎較低、我們正進行產品與 SDLC 流程現代化的投資，以及當我們使用投資現金償還 2027 年 3 月到期的可轉換公司債後將承受的利息收入下降。

This brings us to third-quarter 2026 guidance. We expect to end the third quarter with ARR of approximately $812 million. And on a sequential basis, we expect ending ARR for our combined core platform solutions of D&R and Exposure Management will be approximately flat quarter on quarter, with the expected sequential ARR decline coming from our non-core offerings.

接下來是 2026 年第三季指引。我們預期第三季末 ARR 約為 8.12 億美元。以環比來看，我們預期 D&R 與曝險管理兩項核心平台解決方案合計的期末 ARR 將大致持平，而預期的環比 ARR 下滑將來自我們的非核心產品。

For the third quarter, we expect total revenue in the range of $208 million to $210 million, or down approximately 4% at the midpoint on a year-over-year basis. Non-GAAP operating income is expected to be in the range of $34 million to $36 million, or a margin of 16.7% at the midpoint. Non-GAAP earnings per diluted share are expected to be in the range of $0.44 to $0.47 on approximately 80 million fully diluted shares.

對於第三季，我們預期總營收介於 2.08 億至 2.10 億美元之間，以中位數計算年減約 4%。非 GAAP 營業利益預期介於 3,400 萬至 3,600 萬美元之間，以中位數計算營業利益率為 16.7%。非 GAAP 稀釋後每股盈餘預期介於 0.44 至 0.47 美元之間，係以約 8,000 萬股完全稀釋股數計算。

Updating our full-year fiscal 2026 guidance, we expect total revenue in the range of $837 million to $841 million, a year-on-year decline of approximately 2% at the midpoint. We are raising non-GAAP operating income guidance for 2026 to a range of $129 million to $133 million, or a full-year non-GAAP operating margin of 15.6% at the midpoint. As I mentioned earlier, this implies a 20% non-GAAP operating margin in the fourth quarter. Non-GAAP earnings per share are expected to be in the range of $1.78 to $1.83 per share on approximately 79 million fully diluted shares. We expect free cash flow of approximately $130 million for the full year, in line with prior-year performance and a free cash flow margin of approximately 15.5%.

更新我們 2026 財年的全年指引，我們預期總營收介於 8.37 億至 8.41 億美元之間，以中位數計算年減約 2%。我們將 2026 年非 GAAP 營業利益指引上調至 1.29 億至 1.33 億美元區間，以中位數計算全年非 GAAP 營業利益率為 15.6%。如我先前提到的，這意味著第四季非 GAAP 營業利益率為 20%。非 GAAP 每股盈餘預期介於每股 1.78 至 1.83 美元之間，係以約 7,900 萬股完全稀釋股數計算。我們預期全年自由現金流約 1.3 億美元，與前一年表現一致，自由現金流利潤率約為 15.5%。

In conclusion, our solid execution in the second quarter, combined with our focus and prioritization efforts to improve our core product offerings, as well as our commitment to manage costs and expand operating margins, positions Rapid7 well for the transformation ahead.

總結而言，我們在第二季的穩健執行，加上我們為改善核心產品供給所做的聚焦與優先順序調整，以及我們對成本管理與擴大營業利益率的承諾，使 Rapid7 能夠為即將到來的轉型做好準備。

And with that, I'd like to turn the call over to the operator for Q&A.

接下來，我想把電話交給主持人，進入問答環節。

(Operator Instructions) Rob Owens, Piper Sandler.

（主持人指示）Rob Owens，Piper Sandler。

As you look across the product set, and in particular your Exposure Management platform, I know you said that things will get better from here and you're looking at adding to the portfolio or adding to the capability. When you focus on that, is this a function of coverage, or is it lacking functionality that your customers are looking for? Just trying to understand directionally where you hope to take this technology.

當你檢視整體產品組合，特別是你們的曝險管理平台時，我知道你提到從這裡開始情況會改善，而且你們正考慮擴充產品組合或增加能力。當你聚焦在這點時，這主要是覆蓋範圍的問題，還是缺少客戶正在尋找的功能性？我只是想從方向上理解，你希望把這項技術帶往哪裡。

And I'll just ask the follow-up right away. In terms of customers that haven't moved to your more comprehensive capability, especially given the threat environment that we're in right now, what is your sense as to what customers are doing here?

我就立刻追問一下。就那些尚未轉向你們更全面能力的客戶而言，尤其是在我們目前所處的威脅環境下，你的感覺是客戶在這裡都在做些什麼？

First of all, it's nice to actually be here, and I look forward to work with all of you. It's been a little bit over two months. When I was on the Board, and as you know, I actually started a year ago, over a year ago, with Corey on the Board, and I looked at the overall business. It was very clear that there was part core and non-core. And as I actually got in the seat, it was very clear to me that most of decline happen in the non-core. Nonetheless, there's a lot of work we need to do on the core side.

首先，能夠真正來到這裡很高興，我也期待與各位一起合作。到現在大概兩個多月了。當我在董事會時，如你所知，我其實是一年前、超過一年前就和 Corey 一起在董事會，並且我看了整體業務。很清楚地看到有一部分是核心、另一部分是非核心。而當我真正坐到這個位置上時，我非常清楚，多數的下滑都發生在非核心。儘管如此，在核心這一側我們仍有很多工作要做。

So the restructuring that actually Rafe talked about was to shift some of our focus to the core and making sure that we have our weight on it because we have really a good position. We have a lot of customers that use us. We have the right to win. And most importantly, we are invited every single day. I sat in a lot of customer calls in the last two months, and I can see that we are actually in a better position.

因此，Rafe 談到的重組，是要把我們的一部分重心轉回核心，並確保我們把資源與比重放在那裡，因為我們其實有很好的位置。我們有很多使用我們的客戶。我們有贏的正當性。而且最重要的是，我們每天都被邀請參與。過去兩個月我參與了很多客戶電話會議，我看得出來我們其實處在更有利的位置。

But to answer your question on Exposure Management, there is definitely some work to do on focus. We were spread very thin, trying to be able to address all our portfolio, and now we are basically shifting our focus on the core side and making sure that we are actually making investments, so we can get our fair share in that market. We are invited, which is good. We're shortlisted because we are one of the leaders. Nonetheless, we can increase our win rate by having more focus and obviously having the right investment.

但回到你關於曝險管理（Exposure Management）的问题，確實在聚焦上還有一些工作要做。我們過去鋪得很薄，試圖覆蓋整個產品組合；而現在我們基本上是在把重心轉向核心，並確保我們確實在投入，這樣才能在那個市場拿到我們應得的份額。我們被邀請參與，這很好。我們也被列入短名單，因為我們是領導者之一。儘管如此，透過更聚焦以及當然配合正確的投資，我們可以提高贏單率。

And I'm very excited about the addition of Dan, since Dan is working very hard to making sure that not only new features, but the AI-first methodology is implemented in all our product lines.

我也對 Dan 的加入感到非常興奮，因為 Dan 正非常努力，確保不只是新增功能，而是把 AI-first 的方法論落實到我們所有產品線。

The second question was -- The migration --

第二個問題是——遷移——

What are customers doing in this environment? Yeah.

在這樣的環境下，客戶在做什麼？對。

Yes. When I talk to customers, they actually -- they talk about how can you not only find things but actually fix it. And I'm very excited that we play in these two subcategories, the Exposure Management as well as the Detection and Response. And I do believe the AI-first, basically, structure will allow us to be able to provide that for customers.

是的。當我和客戶交談時，他們其實——他們在談的是你如何不只是找出問題，還能真正把它修好。我很興奮的是，我們同時在這兩個子類別裡：曝險管理以及偵測與回應（Detection and Response）。而我確實相信，AI-first 的基本架構將使我們能為客戶提供這些能力。

But customers actually buy every single day. They are not waiting and wait and see. That's what I thought when I came in. It would be a wait and see. They're waiting for the AI.

但客戶其實每天都在買。他們不是在觀望、等著看。這是我剛進來時的想法。我以為會是觀望。他們在等 AI。

They're actually -- they just want to make sure that the right vendors are moving in the right direction, and they are looking for solutions that not only help them to identify what's going on but also fix it and take them through that journey.

其實——他們只是想確保正確的供應商正朝正確的方向前進；他們在尋找的不只是能幫他們辨識發生了什麼的解決方案，也要能修復問題，並帶著他們走完整個旅程。

Jonathan Ho, William Blair.

Jonathan Ho，William Blair。

Hi. I just wanted to understand, first of all, Wael, I really appreciate the detail that you're providing. Can you help us understand the opportunities to reaccelerate growth? Where do you specifically see the ability to focus paying off? It's always been challenging to show operating leverage while trying to reaccelerate growth at the same time. Can you help us understand the balance between these two?

嗨。我想先了解一下，首先 Wael，我非常感謝你提供的細節。你能幫我們理解重新加速成長的機會在哪裡嗎？你具體看到聚焦在哪些地方會帶來回報？在試圖同時重新加速成長的情況下，要展現營運槓桿一直都很具挑戰。你能幫我們理解這兩者之間的平衡嗎？

It's a very good question, and I always ask myself when I basically -- before I started, the most question I asked myself, are we in a category that it's big enough and is growing fast enough to be able to get us the growth we're looking for? And you cannot buy that. And we are very fortunate that we are in two big categories. And even in the Vulnerability Management and basically the migration into Exposure, it's almost like I feel like it has a refuel of interest again.

這是一個非常好的問題，而我也一直問自己：當我——在我開始之前，我問自己最多的問題是：我們所在的類別是否夠大、成長是否夠快，足以帶來我們想要的成長？而這不是你能用買的買來的。我們很幸運，因為我們身處兩個很大的類別。即便是在弱點管理（Vulnerability Management）以及基本上向曝險的遷移上，我幾乎覺得它又重新被點燃了興趣。

So there's two categories that we have very strong position. We are definitely a leader. We have the right to win, and we're invited to participate. And that's itself extremely important.

所以我們在兩個類別都有非常強的地位。我們確實是領導者。我們有贏的正當性，而且我們被邀請參與。而這本身就極其重要。

How can we basically find growth? The way I look at it is a sequence. This is not going to be a one-quarter turnaround. It's going to be in multiple quarters. And the way I think about it, first, the cash generated will be able to demonstrate how well and how precise we're running the business.

我們要如何找到成長？我的看法是這是一個序列。這不會是一季就能扭轉的事。會跨越多個季度。而我思考的方式是：第一，所產生的現金將能展示我們營運這門生意的成效與精準度。

Number two, we need the noncore to clear, and we already basically understand what that is, and we're making all the right structure to allow us to do that.

第二，我們需要讓非核心出清，而我們基本上已經理解那是什麼，也正在建立所有正確的架構來讓我們做到。

And number three, we need to stabilize the core itself. Within the core, there is a lot of great assets, a good position, but there is some more work we needed to do, and that's why we are refunneling part of the investment and put it behind that.

第三，我們需要讓核心本身穩定下來。在核心裡有很多很好的資產與良好的位置，但我們還需要做更多工作；這也是為什麼我們正在把部分投資重新導流，並把資源押在那上面。

And fourth, we will get back again to growth. So I believe the category we're in will allow us to do so. The work we're doing will allow us to get there faster.

第四，我們會再次回到成長。所以我相信我們所在的類別會讓我們能做到。我們正在做的工作會讓我們更快到達那裡。

Excellent. And just in terms of the strong margins that you guided to in the fourth quarter, I just want to better understand. I mean, is this a starting point then for 2027, or can you help shape what the endpoint looks like in terms of what you want to ultimately achieve?

很好。另外就你們對第四季所指引的強勁利潤率而言，我想更好地理解一下。我的意思是，這是否就是 2027 年的起點？或者你能否幫我們勾勒一下你們最終想達成的終點樣貌？

When I was on the Board, I was actually part of the work on Kenzo Security, and I was very, very excited because it can allow us to do two things. Not only we're going to be be able provide services at scale with software-like margins, but it will allow us to connect our solutions together with a common data structure. So I believe that basically the AI-first work that Dan is doing, it will allow us to not only maintain the margins that we're providing today but actually sustain them even better.

當我在董事會時，我其實參與了 Kenzo Security 的相關工作，我非常、非常興奮，因為它能讓我們做到兩件事。不只是讓我們能以類似軟體的毛利率規模化提供服務，也能讓我們用一個共同的資料結構把我們的解決方案串接在一起。因此我相信，Dan 正在推動的 AI-first 工作，不只會讓我們維持今天所提供的利潤率，還能更好地把它們持續下去。

And I will pass it to Rafe. He can share with you how we're thinking about it. We want to run a business that's profitable, high margin, and at scale. And the only way we can be able to do that in the category we are in is to be able to make sure that our gross margin is best in class.

我把問題交給 Rafe。他可以跟你分享我們是怎麼思考的。我們想經營一個有獲利、高利潤率、且具規模的事業。而在我們所處的類別中，能做到這點的唯一方式，就是確保我們的毛利率是同業最佳水準。

Yeah, Jonathan, I would add -- just to add to that, one of the things that I think we're pleased to be able to talk about today is we talked about improving margins as we went through 2026, we're delivering on that. And I think that was an important goal for us. That balanced growth that Wael was talking about is how we really look out across the next few years, frankly, about how we're focusing the business.

是的，Jonathan，我想補充一下——在此基礎上再補充一點，我認為我們今天很高興能談到的一件事是：我們先前談到在邁向 2026 年的過程中要改善利潤率，而我們正在兌現這一點。我認為那對我們而言是一個重要目標。Wael 所談到的那種均衡成長，就是我們坦白說在展望未來幾年時，如何看待並聚焦這項業務的方式。

We want to invest in the product, so we can drive growth. That is incredibly important, and we think that will be a big driver of valuation over the longer term. We also realize that the margin on the bottom line is incredibly important. So we've taken a big step today.

我們希望投資於產品，這樣才能推動成長。這點極其重要，我們也認為從更長期來看，這將是估值的重要驅動因素。我們也意識到，最終的底線利潤率同樣極其重要。因此我們今天邁出了一大步。

We're obviously not giving 2027 guidance yet, but it speaks to our commitment and our focus. And I think we'll continue to maintain that focus on being very smart about how we invest and also keeping an eye constantly on the bottom line.

我們顯然還沒有提供 2027 年的指引，但這反映了我們的承諾與聚焦。我認為我們會持續維持這種專注：在投資方式上非常精明，同時也持續關注底線表現。

Fatima Boolani, Citi.

Fatima Boolani，花旗。

Wael, you counted the number of ways in which you're setting the foundation for running a more streamlined business and a streamlined execution. But specifically, I wanted to ask you on the non-core product portfolio. Is the eventual conclusion or end game there to deprecate most of that portfolio on a standalone basis? I think you earlier did talk about transitioning some customers out of the non-core and providing them a bridge into the core. I was wondering if you could help us a little bit around is the entire noncore portfolio eligible to move into the core or perhaps there's an opportunity to deprecate and/or rationalize some of what's in that portfolio under the auspices of just becoming more and more efficient as an organization.

Wael，你列舉了多種方式，說明你們正在為更精簡的業務運作與更精簡的執行奠定基礎。但我想特別就非核心產品組合請教你。那邊最終的結論或終局，是否是要把其中大部分以獨立產品的形式淘汰（deprecate）？我記得你先前確實談到，會把部分客戶從非核心轉移出去，並為他們提供銜接到核心產品的橋接方案。我想請你再多說明一下：整個非核心產品組合是否都有資格移入核心？或者，是否有機會在「讓組織愈來愈有效率」的前提下，將其中部分內容淘汰及／或合理化（rationalize）？

And then I have a follow-up as well, please.

另外我也有一個追問，謝謝。

Sounds good. And those are very good questions. The way I look at the non-core, certain categories that require a different type of investment, if you're going to be competing with the pure players, and those races are not the one that we're actually going after. We're focusing all our energy and our investment behind the ones that we're already a leader and we can participate and basically grow with those categories.

好的。這些都是非常好的問題。我看待非核心的方式是：某些類別若要與純玩家競爭，就需要不同類型的投資，而那些競賽並不是我們實際要去追逐的。我們把所有精力與投資聚焦在我們已經是領導者、且能夠參與並基本上隨著那些類別一起成長的領域。

Nonetheless, we have an incredible amount of technologies, and our customer base is intertwined. So some of those technologies will basically be servicing our customers from the vignettes of our platform. So we're basically looking at every opportunities to make sure that we can provide outcomes to our customers but also not to chase certain races that the market already decided and the pure play game is not going to be ours to win. There is enough for us to win. There is a big market that is pulling us, and we need to put the appropriate investments, so we can make sure that we can have our lion's share of those subcategories as well.

儘管如此，我們擁有大量技術，而我們的客戶基礎彼此交織。因此其中一些技術，基本上會透過我們平台的不同切面來服務客戶。所以我們正在檢視每一個機會，確保我們能為客戶提供成果，同時也不去追逐某些市場已經定調、而純玩家賽局不會是我們能贏的競賽。我們有足夠多的領域可以取勝。有一個龐大的市場正在拉動我們，我們需要投入適當的投資，確保我們也能在那些子類別中取得我們應有的最大份額。

As a matter of fact, I believe there is a category envy, like the neighboring industry players, they are already coming from EDR, and they see there's a lot of action in MDR. So we'll see some competition coming sideways. They don't have the right to win because they are not vendor-neutral like we are. They don't really have the strength and the depth that we have. We have thousands of customers relying on us every single day.

事實上，我認為存在一種「類別羨慕」（category envy）：像鄰近產業的業者，他們原本已經從 EDR 切入，看到 MDR 有很多動能。因此我們會看到一些側向而來的競爭。但他們沒有贏的條件，因為他們不像我們一樣是供應商中立（vendor-neutral）。他們也沒有我們所具備的強度與深度。每天都有數千家客戶仰賴我們。

So we really need to focus to make sure we defend our turf that we have earned. And that may make us actually deemphasize in some subcategories that we would not be able to actually chase. We have to make some choices.

所以我們確實需要聚焦，確保我們守住自己辛苦贏得的地盤。而這也可能讓我們在某些我們無法真正追逐的子類別上降低投入比重。我們必須做出一些取捨。

Understood. Very clear. And then you mentioned earlier that the core of the portfolio was around finding things but then being able to also fix them, right? So this whole patch management and remediation window that has effectively vanished against the innovation that we've seen out of the large language model providers. So I'm curious just from an asset management, patch management perspective, what intellectual property you have there?

了解。非常清楚。另外你先前提到，產品組合的核心在於能找到問題，然後也能把它修好，對吧？因此，隨著我們在大型語言模型供應商那邊看到的創新，整個修補管理（patch management）與補救（remediation）的時間窗口實際上已經消失了。所以我很好奇，從資產管理、修補管理的角度來看，你們在這方面有哪些智慧財產（IP）？

And why do you feel that a detection and response angle to solving that approach is the right way versus a traditional asset management or patch management intellectual property?

以及為什麼你們認為，以偵測與回應（detection and response）的角度來解決這個問題是正確的方式，而不是採用傳統的資產管理或修補管理的智慧財產？

We are in a very fortunate position. Over the years, we have assembled some deep technology, deep expertise, and we understand our customer environment extremely well. Sometimes we see the alerts before the EBIT enter. And sometimes, we are actually integrated within the customer where we can actually work with them to be able to tackle some attacks and making sure that we respond swiftly.

我們處在一個非常有利的位置。多年來，我們累積了深厚的技術、深厚的專業能力，而且我們對客戶環境的理解非常透徹。有時候我們在 EBIT 進入之前就看到警示。有時候我們其實已經整合在客戶內部，能與他們合作來應對某些攻擊，並確保我們迅速回應。

But what we saw in order for us to do this the way the market is going, we need to have a common data backbone that when we have a common data backbone that it allow us to leverage customers' assets instead of ask them to replace it. So from an architecture perspective, we basically had to focus on that. That's also going to be the basis for the genic work that we're actually working towards.

但我們看到的是：為了以符合市場走向的方式做到這些，我們需要一個共同的資料骨幹（common data backbone）；有了共同的資料骨幹，就能讓我們去運用客戶既有的資產，而不是要求他們更換。因此從架構角度來看，我們基本上必須聚焦在這一點。這也將成為我們正在推進的 genic 工作的基礎。

And with that, we can be able to do way more than what we're doing today. It's the combination between our expertise and our people and the future agents. We should be able to actually close those gaps. And there's going to be many gaps actually in the future more than today.

有了這個，我們就能做得比今天更多。這是我們的專業與人員，結合未來代理（agents）之間的組合。我們應該能真正補上那些缺口。而且未來的缺口其實會比今天更多。

And customers are asking us, how can you be able to help us at scale? And that's really the work that we're doing right now in the platform. And we see that customers will be coming to us asking not only define the vulnerabilities, not only to make sure that it's exploitable but help them to close all the gaps, all the teams and help them to fix.

客戶也在問我們：你們如何能以規模化的方式幫助我們？這正是我們目前在平台上所做的工作。我們看到客戶會來找我們，不僅要我們找出弱點，不僅要確保它是否可被利用（exploitable），還要我們協助他們補上所有缺口、協助所有團隊，並幫他們修復。

The ultimate answer is patching, but there is a lot of things you can be able to do if you cannot patch on time.

最終的答案是打補丁（patching），但如果你無法及時打補丁，其實還有很多事情可以做。

I appreciate the detail.

感謝你提供這些細節。

Brian Essex, JPMorgan.

Brian Essex，摩根大通。

Maybe first of all, Rafe, thank you again for another good quarter of transparency. Really appreciate the level of detail. And then maybe for Wael, we'd love to understand what you're seeing in the pipeline. It seems as though we're in kind of an unprecedented time here for some of the businesses that your core segments are exposed to. So I'd love to know, are you seeing an acceleration in the pipeline?

也許首先，Rafe，再次感謝你在又一個季度提供良好的透明度。非常感謝這樣的細節程度。接著可能想請教 Wael，我們很想了解你在銷售管線（pipeline）中看到的情況。看起來你們核心業務所暴露的某些產業，正處在一個前所未有的時期。所以我想知道，你是否看到管線正在加速？

And if you are, it seems as though the assumptions around the core business are relatively conservative. If you could maybe kind of contextualize your outlook for that business, how conversion and win rates are transpiring, and what your expectations might be for potential upside or downside to those expectations given what you're seeing in the environment on the customer side?

而且如果是這樣，看起來你們對核心業務的假設相對保守。如果可以的話，能否請你把對該業務的展望放在脈絡中說明一下：轉換率與贏單率目前的進展如何？以及基於你在客戶端環境所觀察到的情況，你對這些預期可能出現的上行或下行空間有何看法？

And then I've got a follow-up for Corey.

然後我還有一個問題要追問 Corey。

Sounds great. And thank you, Brian. So the way I look at it, like I just talked to some of my team members who came back from Black Hat. And the excitement and the talk around basically our solution, it was very much notable. Nonetheless, I see customers actually now exploring more than buying as you basically trying to figure out who are the players that they're going to need to be putting bets behind.

聽起來很好。也謝謝你，Brian。所以我看待這件事的方式是：就像我剛才提到的，我剛和一些從 Black Hat 回來的團隊成員聊過。大家對基本上我們的解決方案的興奮與討論非常明顯。不過，我看到客戶現在其實更多是在探索而不是購買，因為他們正試著弄清楚有哪些玩家是他們需要押注的。

And they are actually asking me a lot of questions about Exposure Management and Detection of Response, alot of questions. And some of the questions is related to what type of investment you need to make? What type of basically integration need to happen? And what is our vision and philosophy when it comes to Agentic? And what do you need to basically be prepared to do ? And also, what is the connections between Exposure Management and Detection Response and how we see that?

而且他們確實問了我很多關於曝險管理（Exposure Management）與偵測與回應（Detection of Response）的問題，很多問題。其中一些問題與需要投入什麼樣的投資有關？需要進行什麼樣的整合？以及在 Agentic 方面，我們的願景與理念是什麼？以及你基本上需要準備做什麼？另外，曝險管理與偵測回應之間的關聯是什麼，以及我們如何看待這一點？

I cannot really wait for this week to pass us by. It's been a very difficult week for us as a company where we actually had to make some major restructuring. But I am very positive that we should be able to participate. I actually participated in a lot of customer calls in the last few weeks and the last couple of months. And to my surprise, the customers actually asking us for answers.

我真的等不及這一週趕快過去。這對我們公司來說是非常艱難的一週，我們確實不得不進行一些重大的重整。但我非常正面地認為，我們應該能夠參與其中。過去幾週以及過去幾個月，我其實參與了很多客戶電話會議。令我驚訝的是，客戶其實在向我們要答案。

We have 10,000-plus customers who've been doing business for years. That level of confidence that we can be able to give them answers is definitely there. Nonetheless, there is some more work we need to do to sharpen our story and connect it together. And that's going to be my job in the next couple of months.

我們有超過 10,000 名客戶，多年來一直與我們往來。我們能夠給他們答案的那種信心，絕對是存在的。不過，我們還需要做更多工作，把我們的敘事打磨得更銳利，並把它串連起來。這將會是我接下來幾個月的工作。

And Brian, I would just add on a couple of the points you called out there. I think we've been very pleased as the year has been developing. Remember, the sales leadership team was really brand new at the beginning of the year. We continue to see productivity per rep go up. The team has really done a lot of work focusing on their pipeline generation efforts. And also, frankly, as precursor to the things we're talking about now on a regular basis, really directing the team's efforts so they make sure we're selling our core platform solutions. And we could see strong evidence of all three of those elements coming into play in Q2. So I think Alan and the team have done a great job there.

Brian，我再補充你剛提到的幾點。我認為隨著今年的進展，我們一直感到非常滿意。請記得，銷售領導團隊在年初其實幾乎是全新的。我們持續看到每位業務代表的人均生產力提升。團隊也投入了大量工作，聚焦在他們的管線生成（pipeline generation）努力上。而且坦白說，作為我們現在經常談到的事情的前奏，他們也在引導團隊的努力方向，確保我們在銷售核心平台解決方案。我們在第二季看到很強的證據，顯示這三個要素都開始發揮作用。所以我認為 Alan 和團隊在這方面做得非常好。

It's part of the longer journey. It's got to be paired with the product releases. But when we look at the competitive deals that we went head-to-head against our well-known competitors, like we win because of great sales execution combined with the product that's there today. So we have room to get out there and win, and I think that's always super encouraging to us. As we gain momentum under new leadership on the product side, we really hope that that's going to play out in a very positive way.

這是更長旅程的一部分。它必須與產品發佈相互搭配。但當我們看那些與知名競爭對手正面交鋒的競爭型案子時，我們之所以能贏，是因為出色的銷售執行力，加上今天就已經到位的產品。所以我們有空間走出去贏單，而我認為這總是讓我們非常振奮。隨著產品端在新領導之下累積動能，我們真的希望這會以非常正面的方式展現出來。

It may take some quarters to become large enough and evident enough for everybody on this call. But we're really encouraged by those elements, just good execution in the trenches, if you will.

可能需要幾個季度，才會大到足以讓這通電話上的每個人都看得很明顯。但我們確實受到這些要素的鼓舞，也就是你可以說，在第一線壕溝裡的良好執行。

Got it. I really appreciate that color. Maybe a quick one for Corey just because, Corey, you have the context here. From a restructuring perspective, I mean, you guys have gone through a number of changes over the years, back in 2023, I think, 18% of the workforce. And as Rafe just mentioned, you have new sales leadership in place.

了解。我非常感謝這些補充說明。也許給 Corey 一個簡短的問題，因為 Corey，你在這裡有脈絡。從重整的角度來看，你們這些年經歷了不少變動；我記得在 2023 年，約有 18% 的員工。而且如 Rafe 剛提到的，你們也已經有新的銷售領導到位。

I would just love to -- if you could just wrap some context around the changes that you're going through now, how they're different than ones that you've gone through before, and what the environment is for attracting and retaining talent? Wael, free to interject as well. But in the quarter, just because you have that context, historical context, would love your insight.

我很想請你——如果你能把你們現在正在進行的變動放在脈絡中說明一下：它們與你們以前經歷過的變動有何不同？以及在吸引與留任人才方面，目前的環境如何？Wael 也可以自由補充。但就這一季而言，因為你有那個歷史脈絡，很希望聽到你的見解。

No, absolutely. And context is important. So I think the biggest change, especially from the last time that we did this, is we have a lot more clarity today. Keep in mind, today, we enter with doing this with a completely revised leadership team that's operated at this scale that's actually done turnarounds to send growth. So we enter it with a strong team.

當然可以。而且脈絡很重要。所以我認為最大的改變，尤其相較於我們上一次這麼做，是我們今天有更清晰的方向。請記住，今天我們是在一個完全更新的領導團隊之下進行這件事；這個團隊曾在這個規模下運作，也做過扭轉局面以帶動成長的案例。所以我們是帶著一個強而有力的團隊進場。

We enter with clarity of knowing where we need to focus and, frankly, where we need to be focus. And so we do this work with more purpose in mind and more clarity about like where we're going and what we want to become, and, frankly, a very inspired view of the work that we could do for our customers in the future. When Wael talks about sort of the reallocation of focus and investment, it's something he is quite serious about, is that we are investing and building something that's not just relevant but leverages lots of the great technologies and lot of the great work that we've done and builds on it for our customers.

我們進場時也很清楚知道該把焦點放在哪裡，坦白說，也知道我們需要聚焦在哪裡。因此我們帶著更明確的目的與更清晰的方向來做這項工作：我們要往哪裡去、我們想成為什麼樣子；而且坦白說，對於未來能為客戶做的工作，我們有一個非常受鼓舞的願景。當 Wael 談到焦點與投資的重新配置時，他是非常認真的：我們正在投資並打造的東西，不只是相關而已，還會善用我們已經完成的許多優秀技術與成果，並在此基礎上為客戶持續建構。

So I think today we're doing it from a place of clarity and focus. And not that it wasn't important before, we knew the right things that we needed to do before, but we're still evolving the direction. We have a lot more clarity about where we need to actually go, and we have a team that actually has the experience doing it.

所以我認為今天我們是從清晰與聚焦的狀態來做這件事。並不是說以前不重要；以前我們也知道需要做哪些正確的事，但當時方向仍在演進。我們現在對於實際需要前往的方向清楚得多，而且我們也有一個確實具備相關經驗的團隊來執行。

I appreciate that.

謝謝你的說明。

Yeah, no problem. It's okay. Just to follow on what Corey said is, from day one, and my partnership with Corey on the Board and as CEO was understanding the culture of the company, making sure that everybody understands why we're doing this, understand exactly the compositions and the options. And in the last couple of months, regularly open communicating with the team, the basically the finding, the structure, and the whys, so as basically Corey said, everybody is -- to my surprise, actually, the leadership, the new and the existing, and even the second level and the third level, the embracing of the change was there.

好的，沒問題。沒事。延續 Corey 的說法，從第一天起，我和 Corey 在董事會以及我擔任 CEO 的合作重點，就是理解公司的文化，確保每個人都明白我們為什麼要這麼做，並且清楚了解各種組成與選項。而在過去幾個月，我們也定期與團隊進行公開溝通，說明基本上的發現、架構與原因；因此如 Corey 所說，令我驚訝的是，不論是新的或既有的領導層，甚至第二層與第三層，大家都願意擁抱這個改變。

And this has all been fueled by conviction that we're actually in a place where we can service customers in a way that the customer wants to serve them, and that's really what's driving all these changes.

而這一切都源自於我們的信念：我們確實處在一個能以客戶希望被服務的方式來服務客戶的位置，而這也正是推動所有這些變革的核心動力。

Joseph Gallo, Jefferies.

Joseph Gallo，Jefferies。

Hey, guys. Thanks for the question. Wael, there's a lot of change, and you've talked about products a lot on the call, but can you just talk a little bit more about go-to-market refinement? Are any more changes expected there? With the 12% of jobs impacted, is that also impacting the go-to-market organization?

嗨，各位。謝謝讓我提問。Wael，變化很多，你在這通電話裡也談了很多產品，但你能否再多談一點 go-to-market（市場進入）策略的精煉？那邊還預期會有更多變動嗎？在受影響的 12% 職位中，是否也影響到 go-to-market 組織？

And then just as part of my follow-up, Rafe, how are you embedding all of that uncertainty and job impact into guidance? When we look at your guide, is it more prudent than previous guides that you've given, or is the right read that ARR decline should worsen versus the past two quarters?

另外作為追問，Rafe，你們如何把這些不確定性與職位受影響的因素納入財測指引？當我們看你們的指引時，它是否比你們先前給的指引更保守？或者正確的解讀是：ARR 的下滑相較過去兩季會惡化？

When we actually have been looking at this, we look at this before I started on the Board, Corey and the team have been actually looking at how we can be able to reshape our company into the future for growth. So the addition of Rafe for precision and Alan as a CCO for scale and Dan for the AI first, that was actually always from day one in the structure. On the go-to-market, I had a partnership with Alan when I was actually on the Board and today as a CEO and make sure that any of the restructuring we're making, it will not impact the scale we need to be able to actually continue with our transformation.

其實我們在檢視這件事時，早在我加入董事會之前，Corey 和團隊就一直在思考如何把公司重塑成面向未來、能夠成長的樣子。因此，從第一天的組織架構設計開始，引進 Rafe 以提升精準度、引進 Alan 擔任 CCO 以擴大規模、以及引進 Dan 推動 AI first，這些其實一直都在規劃之中。在 go-to-market 方面，我在董事會時就與 Alan 合作，今天作為 CEO 也同樣如此，並確保我們所做的任何重整都不會影響我們持續推動轉型所需的規模。

It's a multiple basically sequence. And I believe that the way we actually did the restructuring we try to be very, very careful in a couple of areas. Number one is the -- anything to do with customer journey. It's pre or post. We make sure that we have all the right resources that allow us to get there safely.

這基本上是一個多步驟的序列。我相信我們在進行重整時，在幾個面向都非常、非常謹慎。第一是——任何與客戶旅程相關的事情。不論是前端或後端。我們都確保具備所有正確的資源，讓我們能夠安全地達成目標。

We need to protect our customer base. We need to protect our turf. We need to show up when customer invite us, and we need to be able to have our fair share. When Rafe basically mentioned many times, actually, will get invited and we get shortlisted, and we get selected, but even when I examined the time when we do not get selected, I feel we can improve that, and we can actually increase that with Rafe.

我們需要保護我們的客戶基礎。我們需要守住我們的地盤。客戶邀請我們時，我們要到場，也要能取得我們應有的份額。如同 Rafe 多次提到的，我們確實會被邀請、會進入短名單、也會被選中；但即便在我檢視那些我們沒有被選中的情況時，我也覺得我們可以做得更好，而在 Rafe 的協助下，我們確實能把這部分提升上來。

And Alan is laser-focused on it. He has done a very good job taking our existing great go-to-market team, augmented it with basically done-it-before team members, and I think the combination will allow us to be able to navigate. Rafe?

而 Alan 對此是高度聚焦、全力以赴。他做得非常好：在我們既有優秀的 go-to-market 團隊基礎上，補強了具備「做過、成功過」經驗的成員；我認為這樣的組合能讓我們順利應對。Rafe？

Yes, on the guidance side, obviously, this is something you look at when you're looking across the team. As Wael mentioned, the reorganization -- every group participated in the reorganization to one extent or the other. There was and will always be a very big focus on those individuals who frankly touch customers on the frontlines whether it's on the customer success side or on the new sales side. So we tried to be very, very prudent as we looked at where savings opportunities had to be taken. But it is something we considered as we are forming our guidance.

是的，在指引（guidance）方面，顯然這是你在檢視整個團隊時會納入考量的事情。如 Wael 所提，重組——每個團隊或多或少都參與了重組。我們一直、也將永遠非常重視那些坦白說在第一線接觸客戶的人，不論是在客戶成功（customer success）端或新銷售端。因此，在我們評估必須採取哪些節省機會時，我們盡可能非常、非常審慎。但這確實是我們在制定指引時所考量的因素之一。

Meta Marshall, Morgan Stanley.

Meta Marshall，Morgan Stanley。

Maybe a question. You noted, Dan, has been doing some significant work for a couple of months. And I know that there's been a lot of work being done over the last year to kind of add a lot of features into the MDR product. So just how do you think about -- obviously, the product will be continuously evolving. But when should we kind of think of judging milestones in terms of kind of the products for both Exposure Management, MDR kind of being where you would like -- closer to where you would like to see them?

我有個問題。你提到 Dan 這幾個月做了不少重要工作。而我也知道過去一年在 MDR 產品上投入了很多工作，加入了許多功能。所以你怎麼看——顯然產品會持續演進。但我們應該在什麼時間點、以哪些里程碑來評估產品進展，特別是 Exposure Management 與 MDR 何時能更接近你們希望達到的狀態？

And then the second question, just on MDR, just any pricing commentary of what you're seeing in the market would be helpful.

第二個問題是關於 MDR：就你們在市場上看到的情況，任何定價方面的評論都會很有幫助。

Yes. We've been actually doing a lot of work on the product, not only in the last couple of months, before then for the last year. And I see that with the win rate and how we can basically win some of some of the RFPs coming our way. And we will continue to basically make the right investment.

是的。我們在產品上做了很多工作，不只是過去幾個月，在那之前的過去一年也一直在做。我從贏單率以及我們如何在迎面而來的一些 RFP 中勝出，看得到這些成果。而我們也會持續做出正確的投資。

On the D&R, I sat with customers, and I can see who are the competition. And most times, actually, price was never the differentiator. We're looking for a partner that can be able to help them and can be able to be there, and they're looking for a lot of references. And we have plenty of references that we can be able to furnish to those customers to give them the comfort.

在 D&R（偵測與回應）方面，我和客戶坐下來交流，也看得到競爭對手是誰。而多數時候，價格其實從來不是差異化因素。他們在找的是一個能幫得上忙、能在場支援的合作夥伴，也會尋求大量的客戶推薦與參考案例。而我們有很多參考案例可以提供給這些客戶，讓他們更安心。

I have talked to some customers. And when we basically talk about the sensitivity, I did not see that the price sensitivity -- to the customer that we're talking to, it was mostly about the service level, the ability to evolve into the Agentic and the AI world. That was the number one priority for them.

我也和一些客戶談過。當我們談到敏感度時，我沒有看到我們所接觸的客戶對價格有很高的敏感度——他們更在意的是服務水準，以及能否演進到 Agentic 與 AI 的世界。那是他們的第一優先。

And then when you talk about basically the Exposure Management, I think it's just focus. I think we just needed to put more focus and let the team know that this is definitely not only core, but it's very much a priority because it will help us to complete the journey of our customers. Not only we can find things we can be able to fix it.

至於 Exposure Management，我認為關鍵就是聚焦。我覺得我們需要投入更多專注，並讓團隊知道這不僅是核心，更是非常高的優先事項，因為它能幫助我們完成客戶的整段旅程。不只是找出問題，我們也能把它修好。

The connection is extremely important. There is a huge opportunity with our platform to be able to do so. So overall, I think there's a lot of work done, but there's a lot of work needs to be done as well.

這種連結性極其重要。我們的平台在這方面有很大的機會可以做到。所以整體而言，我認為已經做了很多工作，但同時也還有很多工作需要繼續完成。

But from a modernization perspective. So the way I always talked with the team, AI first is going to be always part of our design. Vendor neutral is extremely important in what we do. Number three, connecting basically our exposure management with our detection response, so our customer can get the highest value from our platform and a greater outcome into the future. So that's the way that Dan is actually managing his priorities and he's done a lot of progress in the last couple of months, and I see that the next quarters, we'll see that manifest itself and then increasing our win rate as we participate in more RFPs and more customer requirements.

但從現代化（modernization）的角度來看，我一直跟團隊說，AI first 會永遠是我們設計的一部分。供應商中立（vendor neutral）對我們所做的事情極其重要。第三，是把我們的 Exposure Management 與偵測回應（detection response）連結起來，讓客戶能從我們的平台獲得最高價值，並在未來取得更好的成果。這就是 Dan 管理其優先事項的方式；他在過去幾個月已經取得很大進展，而我也看到在接下來幾個季度，這些成果會逐步展現出來，並在我們參與更多 RFP、回應更多客戶需求時，帶動我們的贏單率提升。

Adam Tindle, Raymond James.

Adam Tindle，Raymond James。

Wael, you mentioned that you're asking investors to judge you on cash generated over time and you're addressing profitability now and generating cash, which is especially important with that instrument coming due in March makes total sense. Then beyond this, I think you mentioned your other thing that you asked investors to judge you on was how you reinvest, and that's the part that I wanted to ask you about as we kind of squint forward. You've been on the Board for other initiatives that involve accelerating hiring.

Wael，你提到你希望投資人以長期產生的現金來評價你，而你現在正著手改善獲利能力並產生現金；考量到那項工具將於 3 月到期，這完全合理。此外，我想你提到你希望投資人評價你的另一件事是你如何再投資；當我們稍微往前看時，這正是我想問你的部分。你曾在董事會參與其他涉及加速招募的倡議。

Today, we're making the decision to restructure. So what would be different about that period of time where you're investing once we get to that point? What have you learned and what might be different as you enter into that phase?

今天，我們做出重組的決定。那麼，一旦我們走到那個投資階段，與當時相比會有什麼不同？你學到了什麼？當你進入那個階段時，可能會有哪些不同？

When I was at the Board, it was very clear that there is definitely a core and non-core component in our book. It was very clear, and making sure that we have the right categorization was very important. As I said in the seat, I was pleasantly surprised that most of the decline happened on the noncore, so I thought I was going to come in, and we'll try to do some basically shifting and showing the team why we needed to be able to focus on the core more and deemphasize the noncore, but it was very, very clear, and the work was done for me when the majority of the decline was happening in the non-core.

當我在董事會時，很清楚我們的業務組合中確實有核心與非核心的部分。這點非常明確，而確保我們有正確的分類非常重要。如我在那個位置所說，我很驚喜地發現，大部分的下滑發生在非核心業務上；所以我原本以為我會進來後做一些調整，向團隊說明為什麼我們需要更聚焦核心、淡化非核心，但事實非常清楚，而且當大多數下滑都發生在非核心時，等於這些工作已經替我做完了。

But the other part that was very surprising to me is the appetite of our customers to talk to us and work with us and want us to give them more. Like I know the subcategory that we'll play in are attractive. And as I said, there's a category envy where I saw myself in the outside, endpoint players are trying to become in the MDR because they know there is projects, there is budget, and there is action. So they're trying to get in, although they don't have the right to win.

但另一個讓我非常意外的是，我們客戶願意與我們對話、與我們合作，並希望我們提供更多的意願。我知道我們將參與的那個子類別很有吸引力。而且如我所說，存在一種「類別羨慕」：我在外部看到端點（endpoint）廠商試圖進入 MDR，因為他們知道那裡有專案、有預算、也有行動。所以他們想進來，儘管他們並沒有取勝的正當性。

We have the right to win. We are actually invited. And that made me feel stronger about accelerating the restructure that fast and redirecting our energy into these two important subcategories. They are growing -- some of them are growing fast. The others will actually start growing faster, and we need to be ready.

我們有取勝的正當性。我們其實是被邀請進來的。這讓我更有信心，能夠如此快速地加速重組，並把我們的精力重新導向這兩個重要的子類別。它們正在成長——其中一些成長很快。其他的也將開始更快成長，而我們需要做好準備。

There's a lot of work we need to do to make sure we can really get our fair share from that upcoming growth, if you will.

我們還有很多工作要做，以確保能在即將到來的成長中真正取得我們應得的份額。

Great. Maybe just a quick follow-up, and this might be for Rafe. I just wanted to ask for a little bit more quantification around the restructuring, if possible. What maybe hits in Q3, what is incremental in Q4? Because it's quite a ramp on EBIT margin, I imagine there's dollars of savings to the extent that you could maybe just help us with the quantification of that.

很好。也許再快速追問一下，這可能是問 Rafe 的。如果可以的話，我想請你對重組做更量化的說明。Q3 可能會有哪些影響？Q4 有哪些是增量的？因為 EBIT 利潤率的提升幅度相當大，我想應該有以金額計的節省；如果你能協助我們量化一下就太好了。

And secondly, Rafe, sorry to throw at you. But I would also be interested in the cash cost of the restructuring. I couldn't help but notice your strong cash flow guide for fiscal '26. So just wondering how you considered that when you looked at the $130 million, I think, what you guided to for cash?

第二點，Rafe，不好意思把問題丟給你。但我也想了解重組的現金成本。我注意到你對 2026 會計年度的強勁現金流指引。所以想請教，當你看待你所指引的約 1.3 億美元現金（我記得是這個數字）時，你是如何把這點納入考量的？

I think in terms of the split of the benefit, and you can frankly see this by looking at the operating income guide for Q3 and the full year, it gives you the full view. Q3 is obviously -- the restructuring is happening partway into the quarter, and obviously especially, as we look around the world, the discussions are ongoing pursuant to local laws. So Q3 will not see that much of the benefit really, with all things being equal.

我想就效益的拆分而言，你其實可以直接從 Q3 與全年營業利益指引看出來，這能給你完整的視角。Q3 很明顯——重組是在該季度進行到一半時才發生；而且特別是我們放眼全球，依各地法律規定，相關討論仍在進行中。因此在其他條件相同的情況下，Q3 實際上不會看到太多效益。

Q4, you start to get a much cleaner view of it. And you can see that full impact because it will be a quarter where, by and large, we'll have worked through all of that. So that's what is really driving that big increase we're projecting for Q4.

到了 Q4，你就會開始看到更清楚的樣貌。你也能看到完整影響，因為那將是一個季度，我們大致上會把這些事情都處理完。所以這正是我們對 Q4 所預測的大幅提升的主要驅動因素。

On the cash side, you're spot on. Again, we do have the severance costs, and as I mentioned in the scripted part of the call, most of those severance costs will fall in Q3 and Q4, and that offsets essentially a lot of the savings that we're getting from the restructuring. We've been calling out approximately $130 million of free cash flow all year long.

在現金面，你說得很對。同樣地，我們確實有資遣費用；正如我在電話會議的事先準備稿中提到的，大部分資遣費用會落在 Q3 與 Q4，而這基本上會抵銷我們從重組中取得的相當一部分節省。我們全年一直強調約 1.3 億美元的自由現金流。

So we're really just staying with that and working towards that number. It will be back-end loaded just the way the timing of the collections goes as well as the severance costs and whatnot from the restructuring.

所以我們就是維持這個目標，並朝這個數字努力。由於收款時點，以及重組帶來的資遣費用等因素，現金流會偏向後段集中。

Helpful details. Thank you.

這些細節很有幫助。謝謝。

At this time, we have reached the end of our question-and-answer session. We thank you all for your questions, and you can now disconnect your lines.

此時，我們的問答環節已結束。感謝各位的提問，現在您可以掛斷電話線。