Tenable Holdings Inc (TENB) 2023 Q1 法說會逐字稿

Greetings, and welcome to Tenable's First Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎來到 Tenable 的 2023 年第一季度收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。

It is now my pleasure to introduce your host, Erin Karney, Vice President, Investor Relations. Thank you. You may begin.

現在我很高興向您介紹主持人，投資者關係副總裁 Erin Karney。謝謝。你可以開始了。

Thank you, operator, and thank you all for joining us on today's conference call to discuss Tenable's first quarter 2023 financial results. With me on the call today are Amit Yoran, our Chief Executive Officer; and Steve Vintz, our Chief Financial Officer.

謝謝運營商，也感謝大家參加今天的電話會議，討論 Tenable 2023 年第一季度的財務業績。今天和我一起打電話的是我們的首席執行官 Amit Yoran；和我們的首席財務官 Steve Vintz。

Prior to this call, we issued a press release announcing our financial results for the quarter. You can find the press release on the IR website at tenable.com.

在此電話會議之前，我們發布了一份新聞稿，宣布了我們本季度的財務業績。您可以在 IR 網站 tenable.com 上找到新聞稿。

Before we begin, let me remind you that we will make forward-looking statements during the course of this call, including statements relating to our guidance and expectations for the second quarter and full year 2023, growth and drivers in our business, changes in the threat landscape in the security industry and our competitive position in the market, growth in our customer demand for and adoption of our solutions, planned innovation and new products and services and our expectations regarding long-term profitability and free cash flow.

在我們開始之前，讓我提醒您，我們將在本次電話會議期間發表前瞻性陳述，包括與我們對第二季度和 2023 年全年的指導和預期、我們業務的增長和驅動因素、我們的變化安全行業的威脅態勢和我們在市場上的競爭地位、客戶對我們解決方案的需求增長和採用我們的解決方案、計劃的創新和新產品和服務以及我們對長期盈利能力和自由現金流的期望。

These forward-looking statements involve risks and uncertainties, some of which are beyond our control, which could cause actual results to differ materially from those anticipated by these statements. You should not rely upon forward-looking statements as a prediction of future events. Forward-looking statements represent our management's beliefs and assumptions only as of today and should not be considered representative of our views as of any subsequent date.

這些前瞻性陳述涉及風險和不確定性，其中一些是我們無法控制的，可能導致實際結果與這些陳述預期的結果存在重大差異。您不應依賴前瞻性陳述作為對未來事件的預測。前瞻性陳述僅代表我們管理層截至今天的信念和假設，不應被視為代表我們在任何後續日期的觀點。

We disclaim any obligation to update any forward-looking statements or outlook. For further discussion of the material risks and other important factors that could affect our actual results, please refer to those contained in our most recent annual report on Form 10-K and subsequent reports that we file with the SEC which are available on the SEC website at sec.gov.

我們不承擔任何更新任何前瞻性陳述或展望的義務。有關可能影響我們實際結果的重大風險和其他重要因素的進一步討論，請參閱我們最近的 10-K 表格年度報告以及我們向美國證券交易委員會提交的後續報告中包含的內容，這些報告可在美國證券交易委員會網站上查閱在 sec.gov。

In addition, during today's call, we will discuss non-GAAP financial measures. These non-GAAP financial measures are in addition to and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their closest GAAP equivalents. Our earnings release that we issued today includes GAAP to non-GAAP reconciliations for these measures and is also available on the Investor Relations section of our website.

此外，在今天的電話會議中，我們將討論非 GAAP 財務指標。這些非 GAAP 財務措施是對根據 GAAP 編制的財務業績措施的補充，而不是替代或優於這些措施。這些非 GAAP 財務指標與其最接近的 GAAP 等效指標的使用存在許多限制。我們今天發布的收益發布包括這些措施的 GAAP 與非 GAAP 對賬，也可在我們網站的投資者關係部分獲取。

I'll now turn the call over to Amit.

我現在將電話轉給 Amit。

Today, I'll provide some financial highlights on the quarter, discuss the current state of the market and our momentum with Tenable One. We delivered strong revenue, operating income and cash flow during the quarter. This is particularly notable given the macro headwinds we experienced at the end of March.

今天，我將提供本季度的一些財務亮點，討論市場的現狀以及我們與 Tenable One 的勢頭。我們在本季度實現了強勁的收入、營業收入和現金流。鑑於我們在 3 月底經歷的宏觀逆風，這一點尤其值得注意。

Based on conversations with customers, we are confident that cybersecurity and specifically Cyber Exposure Management remains a top strategic focus for organizations globally. While we experienced some challenges in the quarter, we saw some incredibly positive signs for our business.

根據與客戶的對話，我們相信網絡安全，尤其是 Cyber Exposure Management 仍然是全球組織的首要戰略重點。雖然我們在本季度遇到了一些挑戰，但我們看到了一些令人難以置信的業務積極跡象。

Let me start by making a few comments about the broader market, which impacted current calculated billings. Some of the macro conditions we've been discussing, back-end loaded quarters, longer sales cycles and more scrutiny of large deals, particularly new business, continued during the quarter.

讓我首先對影響當前計算賬單的更廣泛市場發表一些評論。我們一直在討論的一些宏觀條件、後端負載季度、更長的銷售週期以及對大型交易（尤其是新業務）的更多審查在本季度繼續存在。

Last 2 weeks of March exacerbated these conditions as the banking crisis came to life. Specifically, we saw a longer lead time in purchasing and approval phases of our sales cycle in the first quarter versus what we had typically experienced. As a direct result, a number of highly qualified committed deals pushed out of the quarter, which is reflected in our net new enterprise and our 6-figure ads. Of the deals pushed, many were in banking and financial services and technology and telecom, traditionally strong sectors for Tenable. We expect these macro factors to continue to have an impact this year.

隨著銀行業危機的出現，3 月的最後兩週加劇了這些情況。具體來說，與我們通常經歷的情況相比，我們在第一季度發現銷售週期的採購和審批階段的準備時間更長。直接結果是，許多高質量的承諾交易被推遲到本季度，這反映在我們的淨新企業和我們的 6 位數廣告中。在推動的交易中，許多是在銀行和金融服務以及技術和電信領域，這些行業歷來是 Tenable 的強項。我們預計這些宏觀因素今年將繼續產生影響。

As we navigate the current macro environment, there are 2 points that are important to note. The first is that demand remains strong. New pipeline generation added during the quarter exceeded our expectations and was a record for Tenable. Customers clearly want to understand and reduce their risk and they're increasingly using Tenable One as the platform of choice to do so.

當我們瀏覽當前的宏觀環境時，有兩點需要注意。首先是需求依然強勁。本季度新增的管道一代超出了我們的預期，創下了 Tenable 的記錄。客戶顯然希望了解並降低他們的風險，他們越來越多地使用 Tenable One 作為這樣做的首選平台。

The second is that we believe our competitive dynamics have never been more favorable. We're getting tech evaluation wins at a much faster rate. In fact, the lead to tech win phase of our sales cycle in the quarter was approximately 10% shorter than the same quarter last year, which was also aided by Log4j.

第二，我們相信我們的競爭動態從未像現在這樣有利。我們正在以更快的速度獲得技術評估的勝利。事實上，本季度我們銷售週期的領先技術獲勝階段比去年同期縮短了大約 10%，這也得益於 Log4j。

In this market, more enterprises are specifically looking to consolidate their investments with the platform first approach to cybersecurity. This trend is good news for us and one that we intend to use to our full advantage. Tenable One enables our customers to achieve greater return on their cybersecurity investment while also providing the preventative security they desperately need.

在這個市場中，越來越多的企業特別希望通過平台優先的網絡安全方法來鞏固他們的投資。這一趨勢對我們來說是個好消息，我們打算充分利用這一趨勢。 Tenable One 使我們的客戶能夠獲得更高的網絡安全投資回報，同時還提供他們迫切需要的預防性安全。

Tenable One continues to be an exciting area of growth for us and represents a mid-teens percentage of new business and a high single-digit percentage of our overall business. It's also noteworthy that within Tenable One, we continue to see a shift in allocation of licenses beyond vulnerability management.

Tenable One 仍然是我們令人興奮的增長領域，佔新業務的十幾%，占我們整體業務的高個位數百分比。還值得注意的是，在 Tenable One 中，我們繼續看到漏洞管理之外的許可證分配發生了變化。

Cloud and analytics are key areas of growth with existing customers, validating our investments to unify cloud security posture and vulnerability management as well as our analytics-led approach to Exposure management. The strength we're seeing in Tenable One is a direct result of our pursuit to operationalize preventative security, which has been a driving force for our road map.

雲和分析是現有客戶增長的關鍵領域，驗證了我們在統一云安全態勢和漏洞管理方面的投資，以及我們以分析為主導的風險管理方法。我們在 Tenable One 中看到的優勢是我們追求實施預防性安全的直接結果，這一直是我們路線圖的驅動力。

While reactive cybersecurity is necessary, it does little to nothing to address the root causes of a majority of breaches, known vulnerabilities and misconfigurations. We are leading the industry to change the way it thinks about managing risk. With Exposure management capabilities of Tenable One, organizations are rethinking their approach to risk, leveraging vulnerability and risk data to proactively unearth weaknesses and prioritize vulnerability remediation.

雖然反應性網絡安全是必要的，但它幾乎無法解決大多數違規、已知漏洞和錯誤配置的根本原因。我們正在引領行業改變其管理風險的思維方式。借助 Tenable One 的風險暴露管理功能，組織正在重新考慮他們應對風險的方法，利用漏洞和風險數據主動發現弱點並確定漏洞修復的優先級。

And as I mentioned, we're getting tech wins faster. We believe the speed of our wins reflects a combination of our position as a technology leader, our reputation as a company and the superiority of our Exposure management platform. There's no doubt that security teams need to do more with less and are choosing to do so with a partner they trust.

正如我提到的，我們正在更快地獲得技術勝利。我們相信，我們獲勝的速度反映了我們作為技術領導者的地位、我們作為公司的聲譽以及我們曝光管理平台的優勢。毫無疑問，安全團隊需要事半功倍，並且選擇與他們信任的合作夥伴一起這樣做。

We're committed to delivering more for our customers. And we're updating Tenable One to support on-premise and hybrid environments via integration with Tenable SecurityCenter. This enables tens of thousands of organizations and customers with regulatory and data privacy requirements to access Tenable One features such as risk analytics, attack path analytics, benchmarking and asset inventory.

我們致力於為客戶提供更多服務。我們正在更新 Tenable One，以通過與 Tenable SecurityCenter 的集成來支持本地和混合環境。這使數以萬計具有監管和數據隱私要求的組織和客戶能夠訪問 Tenable One 的功能，例如風險分析、攻擊路徑分析、基準測試和資產清單。

Tenable One streamlines Exposure management for hybrid vulnerability management deployments and may help on-prem customers transition to the cloud more quickly.

Tenable One 簡化了混合漏洞管理部署的風險管理，並可能幫助本地客戶更快地過渡到雲。

Customers want to understand exposures and manage risk. Tenable One provides a means to consistently enforce cloud security posture and compliance across multi-cloud in hybrid environments through a single unified platform. Our solution is more cost-effective and scalable than using one-off or siloed tools.

客戶希望了解風險並管理風險。 Tenable One 提供了一種方法，可以通過單一統一平台在混合環境中的多雲環境中始終如一地實施雲安全態勢和合規性。我們的解決方案比使用一次性或孤立的工具更具成本效益和可擴展性。

While we are navigating some near-term macro headwinds, which have led us to revise our top line guide, we have a lot to be excited about. We have an industry-leading technology and are expanding successfully to a platform, enabling our customers to consolidate vendors and increase operating efficiency, both of which are critical in this environment. We are building strong demand at the top end of the funnel, we're changing tech wins faster, and we believe we've never been better positioned competitively.

雖然我們正在應對一些近期的宏觀逆風，這導致我們修改了我們的頂線指南，但我們有很多值得興奮的事情。我們擁有行業領先的技術，並正在成功擴展到一個平台，使我們的客戶能夠整合供應商並提高運營效率，這兩者在這種環境下都至關重要。我們正在漏斗的頂端建立強大的需求，我們正在更快地改變技術勝利，我們相信我們從未像現在這樣處於競爭優勢。

In short, I believe that Tenable is well positioned strategically for long-term success and could not be more excited about our future. Additionally, we remain committed to delivering on the operating and unlevered free cash flow commitments we made at the beginning of the year. We look forward to updating you as the year progresses.

簡而言之，我相信 Tenable 在戰略上處於長期成功的有利位置，並且對我們的未來感到無比興奮。此外，我們仍然致力於兌現我們在年初做出的經營和無槓桿自由現金流承諾。隨著時間的推移，我們期待著為您更新。

I'll now turn the call over to Steve for further commentary on our financial results and outlook.

我現在將電話轉給史蒂夫，以進一步評論我們的財務業績和前景。

Thanks, Amit. Our ability to deliver better-than-expected profitability in the quarter due to stronger operating efficiency is certainly a notable accomplishment in this market. I will provide more commentary momentarily. But first, please note that all financial results we discuss today are non-GAAP financial measures with the exception of revenue.

謝謝，阿米特。由於更高的運營效率，我們在本季度實現了好於預期的盈利能力，這無疑是該市場的一項顯著成就。我將暫時提供更多評論。但首先請注意，我們今天討論的所有財務結果都是非 GAAP 財務指標，收入除外。

As Erin mentioned, at the start of this call, GAAP to non-GAAP reconciliations may be found in our earnings release issued earlier today, which is posted on our website.

正如 Erin 提到的，在本次電話會議開始時，GAAP 與非 GAAP 對賬可以在我們今天早些時候發布的收益報告中找到，該報告發佈在我們的網站上。

Now on to our results for the quarter. Calculated current billings, defined as the change in current deferred revenue plus revenue recognized in the quarter, grew 13% year-over-year to $176.8 million.

現在談談我們本季度的業績。計算得出的當前賬單（定義為當前遞延收入的變化加上本季度確認的收入）同比增長 13% 至 1.768 億美元。

As Amit discussed earlier, we experienced a more challenging selling environment in Q1, most notably during the final 2 weeks of the quarter, which historically is our busiest time. This resulted in a higher percentage of large deals both in terms of new lands and expansion opportunities that pushed out of the quarter, particularly in North America and specifically in the banking and financial services and the technology and telecom sectors.

正如 Amit 之前所討論的，我們在第一季度經歷了更具挑戰性的銷售環境，尤其是在本季度的最後兩週，這在歷史上是我們最繁忙的時期。這導致本季度推出的新土地和擴張機會方面的大型交易比例更高，特別是在北美，特別是在銀行和金融服務以及技術和電信行業。

It's important to note that banking and financial services and technology and telecom are frequently an area of strength for us, given the sophisticated nature of these customers from a cyber perspective, and their propensity to transact larger deals.

重要的是要注意銀行和金融服務以及技術和電信通常是我們的優勢領域，因為從網絡角度來看這些客戶的複雜性以及他們進行更大交易的傾向。

Despite the environment, demand remained strong and exceeded our expectations as we generated more pipe during the quarter than any other time in our company's history. In terms of key financial metrics, we added 379 new enterprise platform customers and 24 net new 6-figure customers in Q1.

儘管環境惡劣，但需求依然強勁，超出了我們的預期，因為我們在本季度生產的鋼管數量超過了公司歷史上任何時候。在關鍵財務指標方面，我們在第一季度增加了 379 個新的企業平台客戶和 24 個淨新的 6 位數客戶。

Our dollar-based net expansion rate was 113% in the quarter. As a reminder, the expansion rate can fluctuate on a quarterly basis. Gross retention is worth noting, was strong in the quarter. Revenue was $188.8 million, which represents 18% year-over-year growth. Revenue in the quarter exceeded the midpoint of our guided range by $1.8 million. Our percentage of recurring revenue remains high and was 95% this quarter, which is consistent with prior periods.

本季度我們以美元為基礎的淨擴張率為 113%。提醒一下，擴張率可能會按季度波動。毛保留率值得注意，本季度表現強勁。收入為 1.888 億美元，同比增長 18%。本季度的收入超出我們指導範圍的中點 180 萬美元。我們的經常性收入百分比仍然很高，本季度為 95%，與前期一致。

I'll now turn to expenses where we are demonstrating good cost control and operating leverage. I'll start with gross margin, which was 79% this quarter and up from 78% last quarter. We are pleased to see our gross margin expand over the prior quarter primarily due to our ability to cost-effectively provision and manage public cloud infrastructure as we absorb the initial cost related to our newer Exposure management offerings.

我現在轉向支出，我們正在展示良好的成本控制和運營槓桿。我將從毛利率開始，本季度毛利率為 79%，高於上一季度的 78%。我們很高興看到我們的毛利率比上一季度有所擴大，這主要是由於我們能夠以具有成本效益的方式提供和管理公共雲基礎設施，因為我們吸收了與我們新的曝光管理產品相關的初始成本。

Sales and marketing expense was $82.8 million, which was up from $78.3 million last quarter. Sales and marketing expense as a percentage of revenue was 44% compared to 42% last quarter. Sales and marketing expense increased primarily due to the incremental costs associated with resuming our annual in-person sales kickoff, higher wages attributed to hiring additional sales personnel and quota-carrying sales reps, offset by lower commissions expense due to our large renewal base in Q4.

銷售和營銷費用為 8280 萬美元，高於上一季度的 7830 萬美元。銷售和營銷費用佔收入的百分比為 44%，而上一季度為 42%。銷售和營銷費用的增加主要是由於與恢復年度面對面銷售啟動相關的增量成本，由於僱用額外的銷售人員和配額銷售代表而導致的更高工資，被我們在第四季度的大更新基數導致的較低佣金費用所抵消.

R&D expense was $29.3 million, which was up from $28.7 million last quarter. R&D expense as a percentage of revenue was 16% this quarter and last quarter. R&D expense increased sequentially due to additional personnel costs, primarily payroll taxes and benefits and investments in software development and associated cloud resources.

研發費用為 2930 萬美元，高於上一季度的 2870 萬美元。本季度和上一季度，研發費用佔收入的百分比為 16%。由於額外的人員成本，主要是工資稅和福利以及對軟件開發和相關雲資源的投資，研發費用環比增加。

G&A expense was $18.8 million, which was up from $17.9 million last quarter, primarily due to higher wages and payroll taxes as well as higher IT and professional fees to support our continued growth. As a percentage of revenue, G&A expense was 10% this quarter, consistent with last quarter.

G&A 費用為 1,880 萬美元，高於上一季度的 1,790 萬美元，這主要是由於工資和工資稅增加以及支持我們持續增長的 IT 和專業費用增加。本季度 G&A 費用佔收入的百分比為 10%，與上一季度一致。

Income from operations was $18.1 million, which is very notably above the midpoint of our guided range by $8.6 million. Operating margin for the quarter was 10%, which was 500 basis points better than the midpoint of our guidance.

運營收入為 1810 萬美元，明顯高於我們指導範圍的中點 860 萬美元。本季度的營業利潤率為 10%，比我們指引的中點高出 500 個基點。

The takeaway here is, even in a dynamic environment, we've been able to expand our operating margin as we scale our business by leveraging our VM market leadership, sizable customer base and broad exposure management platform. All of this resulted in earnings per share in the first quarter of $0.11, which was $0.085 better than the midpoint of our guided range.

這裡的要點是，即使在動態環境中，我們也能夠通過利用我們的 VM 市場領導地位、龐大的客戶群和廣泛的風險管理平台來擴展我們的業務，從而擴大我們的營業利潤率。所有這些導致第一季度每股收益為 0.11 美元，比我們指導範圍的中點高出 0.085 美元。

Now let's turn to the balance sheet. We finished the quarter with $616.7 million in cash and short-term investments. Accounts receivable was $123.9 million, and total deferred revenue was $642.1 million, including $490.1 million of current deferred revenue, which gives us a lot of visibility into revenue over the next 12 months.

現在讓我們轉向資產負債表。我們以 6.167 億美元的現金和短期投資結束了本季度。應收賬款為 1.239 億美元，遞延收入總額為 6.421 億美元，其中包括當前遞延收入的 4.901 億美元，這讓我們對未來 12 個月的收入有了很大的了解。

We generated $44.2 million of unleveraged free cash flow during the quarter, which is up from $32.1 million last quarter.

本季度我們產生了 4420 萬美元的無槓桿自由現金流，高於上一季度的 3210 萬美元。

With 95% recurring revenue, high gross margins and high renewal rates, we feel confident that we can continue to expand our operating and free cash flow margins over the ensuing years.

憑藉 95% 的經常性收入、高毛利率和高續訂率，我們有信心在接下來的幾年中繼續擴大我們的運營和自由現金流利潤率。

With the results of the quarter behind us, I'd like to discuss our outlook for the second quarter and full year 2023. For the second quarter, we currently expect revenue to be in the range of $189 million to $191 million, non-GAAP income from operations to be in the range of $20 million to $21 million, non-GAAP net income to be in the range of $15 million to $16 million, assuming interest expense of $7.7 million, interest income of $5.2 million and a provision for income taxes of $2.4 million.

鑑於本季度的結果，我想討論一下我們對第二季度和 2023 年全年的展望。對於第二季度，我們目前預計收入將在 1.89 億美元至 1.91 億美元之間，非 GAAP運營收入在 2000 萬至 2100 萬美元之間，非 GAAP 淨收入在 1500 萬至 1600 萬美元之間，假設利息支出為 770 萬美元，利息收入為 520 萬美元，併計提所得稅240萬美元。

Non-GAAP diluted earnings per share to be in the range of $0.12 to $0.13, assuming 120.5 million fully diluted weighted average shares outstanding.

假設 1.205 億股完全稀釋的加權平均流通股，非 GAAP 攤薄每股收益在 0.12 美元至 0.13 美元之間。

And for the full year, we currently expect -- calculate our current billings to be in the range of $875 million to $885 million, revenue to be in the range of $775 million to $785 million. Non-GAAP income from operations to be in the range of $90 million to $95 million, non-GAAP net income to be in the range of $69 million to $74 million, assuming interest expense of $31.6 million, interest income of $20.8 million and a provision for income taxes of $9.9 million.

對於全年，我們目前預計 - 計算我們當前的賬單在 8.75 億美元至 8.85 億美元之間，收入在 7.75 億美元至 7.85 億美元之間。非 GAAP 運營收入在 9000 萬美元至 9500 萬美元之間，非 GAAP 淨收入在 6900 萬美元至 7400 萬美元之間，假設利息支出為 3160 萬美元，利息收入為 2080 萬美元，準備金990 萬美元的所得稅。

Non-GAAP diluted earnings per share to be in the range of $0.57 to $0.61 assuming 121.5 million fully diluted weighted average shares outstanding, and unlevered free cash flow to be in the range of $175 million to $180 million.

假設 1.215 億股完全稀釋加權平均流通股，非 GAAP 攤薄每股收益在 0.57 美元至 0.61 美元之間，無槓桿自由現金流在 1.75 億美元至 1.8 億美元之間。

There are a few comments I want to make that will provide important context to our guidance today. First, our annual CCB guide reflects a continuation of the selling environment that we experienced at the end of March. While in April, we closed a number of the deals that pushed out of Q1 and demand generation was strong in the quarter, our guidance assumes that new business will take longer to close over the remainder of the year in light of the macro.

我想發表一些評論，它們將為我們今天的指導提供重要背景。首先，我們的年度 CCB 指南反映了我們在 3 月底經歷的銷售環境的延續。雖然在 4 月份，我們完成了一些推遲到第一季度的交易，並且該季度的需求增長強勁，但我們的指引假設，鑑於宏觀經濟，新業務將在今年剩餘時間內完成，需要更長的時間。

Our annual CCB guide also reflects a slightly shorter contract duration, which is what we experienced in Q1. In terms of quarterly flow, we expect Q2 to be slightly lower than the 13% to 14% CCB growth expected for the full year. Our revenue guidance also reflects the impact of all these factors.

我們的年度 CCB 指南也反映出合同期限略短，這是我們在第一季度所經歷的。就季度流量而言，我們預計第二季度將略低於建行全年預期的 13% 至 14% 的增長。我們的收入指引也反映了所有這些因素的影響。

In terms of profitability, we are very pleased to raise our full year outlook for operating income given our outperformance in the first quarter, and our confidence to drive continued leverage in the business.

在盈利能力方面，鑑於我們在第一季度的出色表現以及我們有信心推動業務的持續槓桿作用，我們很高興提高全年營業收入預期。

Recall, in February, we laid out a plan to invest more aggressively this year and go to market. And it's worth noting that we were able to execute on some of that hiring in Q1. That said, our guidance calls for more select investment across the business for the remainder of the year.

回想一下，在 2 月份，我們制定了今年更積極地投資並進入市場的計劃。值得注意的是，我們能夠在第一季度執行部分招聘。也就是說，我們的指導意見要求在今年剩餘時間內對整個企業進行更多有選擇的投資。

In addition, our outlook reflects lower variable costs that dropped directly to the bottom line based on our revised top line guidance. We are mindful of the macro was very fluid and highly dynamic. So we expect to remain agile, and we'll reevaluate the ROI of future spend as we continuously strike the right balance between growth and profitability.

此外，我們的展望反映了較低的可變成本，根據我們修訂後的頂線指引，這些成本直接下降到底線。我們注意到宏觀非常流暢且高度動態。因此，我們希望保持敏捷，並且隨著我們不斷在增長和盈利能力之間取得適當的平衡，我們將重新評估未來支出的投資回報率。

It's also important to note that we were able to reiterate our annual guide for unlevered free cash flow today based on the strength of our guide for full year op income.

同樣重要的是要注意，我們能夠根據我們全年營業收入指南的實力，重申我們今天的無槓桿自由現金流年度指南。

At this point, I'd like to turn the call back over to Amit for some closing comments.

在這一點上，我想將電話轉回給 Amit 以徵求一些結束意見。

Thanks, Steve. This is indeed a very fluid environment, but we are well positioned strategically to help our customers solve their most important cyber challenges. We have a ton of opportunity ahead of us and look forward to updating you throughout the year. We hope to see many of you at the JPMorgan conference in the upcoming weeks. We now like to open the call up for questions.

謝謝，史蒂夫。這確實是一個非常多變的環境，但我們在戰略上處於有利地位，可以幫助我們的客戶解決他們最重要的網絡挑戰。我們面前有很多機會，期待全年為您更新。我們希望在接下來的幾週內在摩根大通會議上見到你們中的許多人。我們現在想公開提問。

(Operator Instructions) Our first question comes from the line of Rob Owens with Piper Sandler.

（操作員說明）我們的第一個問題來自 Rob Owens 和 Piper Sandler 的台詞。

Great. Could you guys specifically speak to the weakness that you're seeing in the tech and telecom vertical? Anything headcount related or some of the reasoning behind the pushed deals? And then I guess, in addition, steps that you guys are taking from a pipeline management perspective to shepherd deals across the line.

偉大的。你們能具體談談您在技術和電信垂直領域看到的弱點嗎？是否有任何與員工人數相關或推動交易背後的一些原因？然後我想，此外，你們正在從管道管理的角度採取步驟來引導整個生產線的交易。

I don't think that we've looked at any of the change in sales cycle as related specifically to headcount in tech and telecom, although I do acknowledge that maybe there has been some impact to that. From our perspective, it was much more of a procurement process than it was headcount or a number of asset types of issue. We saw deals actually -- we saw very healthy demand in the top-end of the funnel, a lot of demand generation activities. We actually saw faster lead to technical win by about 10% faster than we have in previous periods. So from our perspective, there was more of deal delay in the final phase, waiting for negotiation and final approval from the finance team.

我不認為我們已經研究過任何與技術和電信人員具體相關的銷售週期變化，儘管我承認這可能有一些影響。從我們的角度來看，這更像是一個採購流程，而不是員工人數或多種資產類型的問題。我們實際上看到了交易——我們在漏斗的頂端看到了非常健康的需求，很多需求生成活動。實際上，我們看到更快的領先技術獲勝速度比我們之前的時期快了大約 10%。所以從我們的角度來看，在最後階段有更多的交易延遲，等待財務團隊的談判和最終批准。

So I think that's kind of how I would characterize the change in buying behaviors. And internally, we're doing a number of things with the sales team to a go-to-market functions to assure that we've got greater visibility across the board in terms of looking above and beyond approval from the Exposure management, risk management teams, the CSO's office and much more visibility into the financial side of deal close.

所以我認為這就是我描述購買行為變化的方式。在內部，我們正在與銷售團隊一起做一些事情，以進入市場功能，以確保我們在曝光管理、風險管理的批准之外獲得更高的全面知名度團隊、CSO 辦公室以及對交易完成的財務方面的更多可見性。

Our next question comes from the line of Joel Fishbein with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Joel Fishbein。

Amit, I guess one quick one for you and a quick follow-up for Steve. On -- just I'm curious, you talked a little bit about the Tenable One getting some traction. I really want to understand what the buyer reaction is to that in terms of pricing and how that has flowed through if pricing is stable? And maybe you could talk about -- give an example or two of some customers that have adopted Tenable One.

阿米特，我想你可以快速跟進一次，史蒂夫也可以快速跟進一次。開 - 我很好奇，你談到了一些關於 Tenable One 獲得一些牽引力的事情。我真的很想了解買家對定價的反應是什麼，以及如果定價穩定，情況如何？也許你可以談談 - 舉一兩個已經採用 Tenable One 的客戶的例子。

Yes. I think we're super excited about Tenable One. Every data point that we've seen shows us that we're achieving faster sales cycles, we're achieving higher ASPs. And from our customer perspective, we're seeing them allocate more of their licenses toward things above and beyond VM. So looking at cloud security, looking at identity and other aspects of their attack surface.

是的。我認為我們對 Tenable One 感到非常興奮。我們看到的每個數據點都向我們表明，我們正在實現更快的銷售週期，我們正在實現更高的 ASP。從我們客戶的角度來看，我們看到他們將更多的許可證分配給 VM 之外的東西。所以看看雲安全，看看身份和他們攻擊面的其他方面。

So from our perspective, faster sales cycles, larger ASPs, which deliver better and more compelling analytics. And from a customer perspective, yes, they're paying more, but they're actually able to do some vendor consolidation and reduce costs. So if you look at Tenable on VM and some other solutions for identity or securing identities or helping with cloud security, that combination of activities and vendors ends up being subsequently more expensive than allowing Tenable to deliver on all those capabilities through a unified platform, which helps save on license costs and ultimately helps you operationalize the security activities through integrated APIs and streamlined operations, fewer interfaces and the like.

因此，從我們的角度來看，更快的銷售週期、更大的 ASP，可以提供更好、更有吸引力的分析。從客戶的角度來看，是的，他們支付了更多費用，但他們實際上能夠進行一些供應商整合併降低成本。因此，如果您查看 Tenable on VM 和其他一些用於身份或保護身份或幫助雲安全的解決方案，那麼活動和供應商的組合最終會比允許 Tenable 通過統一平台提供所有這些功能更昂貴，後者有助於節省許可成本，並最終幫助您通過集成的 API 和簡化的操作、更少的接口等來實施安全活動。

Okay. And Steve, real quick, just as a follow-up. On -- you sort of reiterated the unlevered free cash flow for '23. So can we assume that the unlevered free cash flow of '24 for $240 million to $250 million is still intact?

好的。史蒂夫，很快，就像跟進一樣。關於——你有點重申了 23 年的無槓桿自由現金流。那麼我們是否可以假設 24 年 2.4 億美元至 2.5 億美元的無槓桿自由現金流仍然完好無損？

Joe, this is Steve. We'll talk about 2024 in February of next year, but what I will say is notwithstanding the current macro, nothing changed here in our business. We're excited about the opportunity. We're committed to the cash flow targets that we said at the beginning of the year. So we're reaffirming op income and free cash flow, and we're happy to talk about free cash flow more in 2024 in February of next year.

喬，這是史蒂夫。我們將在明年 2 月討論 2024 年，但我要說的是，儘管目前的宏觀形勢，我們的業務沒有任何變化。我們對這個機會感到興奮。我們致力於實現我們在年初所說的現金流量目標。因此，我們重申營業收入和自由現金流，我們很高興在明年 2 月更多地討論 2024 年的自由現金流。

Our next question comes from the line of Brian Essex with JPMorgan.

我們的下一個問題來自摩根大通的 Brian Essex。

Maybe if I could follow-up to Rob's question a little bit. Could you speak to weakness in the financial services vertical with regard to the size of the enterprises? And then was there any specific focus in terms of the breadth of the deals. So are these, for example, Tenable One deals where you had a lot of greater attach rates and there was maybe more dollars at stake. Maybe just a little color there would be helpful.

也許我可以跟進一下 Rob 的問題。您能否談談金融服務垂直行業在企業規模方面的弱點？然後在交易的廣度方面是否有任何具體的重點。這些也是如此，例如，Tenable One 交易，你有更高的附加率並且可能有更多的美元處於危險之中。也許只是一點點顏色會有幫助。

Yes. I think with respect to the banking and financial services sector, we saw -- as we said in the elongation of the deal approvals in the finance team at the very end of the sales cycle, it was certainly more toward the midsized and regional banks, and I'd say also more heavily weighted in North America than in any other geo.

是的。我認為就銀行和金融服務業而言，我們看到——正如我們在銷售週期末期延長財務團隊的交易批准時所說的那樣，肯定更多地是針對中型和區域性銀行，而且我想說北美的權重也比其他任何地區都高。

Okay. And in terms of breadth of deals and complexity, attach rates and so forth, any concentration there?

好的。就交易的廣度和復雜性、附加率等而言，那裡有任何集中度嗎？

Brian, this is Steve. I would just say that what we saw in the last weeks of the quarter was more broadly across the board. And obviously, we talked about greater percentage of pushed deals and banking and financial services in tech and telecom and specifically in North America, those 2 sectors are pretty sizable for us. It can represent approximately 30% of our total sales. Historically, it's been very strong. And they also tend to skew towards larger transactions, irrespective of whether they're NASDAQ or even a regional bank here.

布賴恩，這是史蒂夫。我只想說，我們在本季度最後幾週看到的情況更為廣泛。顯然，我們談到了科技和電信領域更大比例的推動交易以及銀行和金融服務，特別是在北美，這兩個行業對我們來說相當可觀。它可以代表我們總銷售額的大約 30%。從歷史上看，它非常強大。而且他們也傾向於更大規模的交易，無論他們是納斯達克還是這裡的區域性銀行。

So for us here, we're seeing a lot of positive signs in the quarter, but obviously, we believe these are short-term headwinds that we're working to overcome and feel good about the outlook that we're giving with regard to profitability and cash flows. And the good news here is that we made a fair investment out of the gate here at the start of the first quarter, and our expectation is that this is a good step for success for the remainder of the year.

所以對我們來說，我們在本季度看到了很多積極的跡象，但顯然，我們認為這些是我們正在努力克服的短期逆風，並對我們給出的前景感到滿意盈利能力和現金流量。好消息是，我們在第一季度初就在這裡進行了公平投資，我們預計這是今年剩餘時間取得成功的良好一步。

Our next question comes from the line of Hamza Fodderwala with Morgan Stanley.

我們的下一個問題來自 Hamza Fodderwala 與摩根士丹利的合作。

So if I got this right, last 2 weeks of the quarter, not great, seems like a lot of that was due to the financial services sector. Has there been anything in the month of April to suggest to you that it was, in fact, a pause from some of your banking customers as opposed to perhaps another leg down for Q2 versus Q1?

因此，如果我沒看錯的話，本季度的最後兩週表現不佳，似乎很大程度上是由於金融服務業。 4 月份是否有任何跡象表明，實際上，您的一些銀行客戶暫停了，而不是第二季度相對於第一季度的又一次下跌？

Hamza, this is Steve. Well, April was strong for us. We're tracking to our revised outlook. We're encouraged by some of the data that we're seeing in April. And as I talked about earlier, we closed some of the deals that we -- that pushed out of Q1, we closed specifically in April. That said, the last month of the quarter is always our busiest, so June will certainly be determined here, but initially off to a strong start, and all this is factored into our outlook for the year.

哈姆扎，這是史蒂夫。好吧，四月對我們來說很強大。我們正在跟踪我們修改後的前景。我們對 4 月份看到的一些數據感到鼓舞。正如我之前談到的，我們完成了一些從第一季度推出的交易，我們特別在 4 月份完成了這些交易。也就是說，本季度的最後一個月總是我們最忙的，所以 6 月肯定會在這裡確定，但最初是一個良好的開端，所有這些都被納入了我們今年的展望。

Got it. So it sounds like too early to tell. And then just roughly like could you help us size what the banking and financial services revenue exposure is for Tenable? I know there's a lot that goes into financial services like different sectors. But like just roughly how big that is for you guys.

知道了。所以現在下結論還為時過早。然後大致就像你能幫助我們評估 Tenable 的銀行和金融服務收入風險嗎？我知道金融服務領域有很多，比如不同的行業。但就像對你們來說大概有多大。

Yes, not surprisingly, when you look at banking and financial services and also tech telecom, those are some of the more sophisticated industries when it comes to cybersecurity. So collectively, those represent about 30% of the overall business on a global basis.

是的，毫不奇怪，當您查看銀行和金融服務以及科技電信時，就網絡安全而言，這些都是一些更複雜的行業。因此，這些合計約佔全球整體業務的 30%。

Our next question comes from the line of Saket Kalia with Barclays.

我們的下一個問題來自巴克萊銀行的 Saket Kalia。

Amit, maybe for you, just to change it up a little bit on verticals, I was wondering if you could just talk a little bit about the federal business. How did that do here in the March quarter? And how does sort of the pipeline look for the rest of the year?

阿米特，也許對你來說，只是為了在垂直領域稍微改變一下，我想知道你是否可以談談聯邦業務。三月季度這裡的情況如何？今年餘下時間的管道情況如何？

Yes. We actually saw a reasonably strong quarter for our public sector business, including federal and maybe even more so on the state and local side and we anticipate that to be a strong sector for us throughout the remainder of the year.

是的。我們實際上看到了我們公共部門業務的一個相當強勁的季度，包括聯邦部門，甚至可能在州和地方方面更是如此，我們預計在今年餘下的時間裡，這對我們來說將是一個強勁的部門。

Got it. Got it. And Steve, maybe for you. You talked about maybe seeing slightly shorter contract durations but you're still able to reiterate the unlevered free cash flow guide. So kudos. Just maybe help us think about some of the puts and takes there.

知道了。知道了。史蒂夫，也許對你來說。您談到可能會看到合同期限略短，但您仍然能夠重申無槓桿自由現金流量指南。所以榮譽。也許可以幫助我們考慮一些 puts 和 takes。

Yes, sure. Well, we talked about in terms of CCB reflects a continuation of the selling environment we experienced in Q1. We are assuming that new business, albeit from new logos or even upsell will take longer to close for the remainder of the year. So we're modeling in lower conversion rates and even lower net dollar expansion rate than what we were expecting on our last call in February.

是的，當然。好吧，我們談到的建行反映了我們在第一季度經歷的銷售環境的延續。我們假設新業務，儘管來自新徽標或什至追加銷售，但在今年剩餘時間裡將需要更長的時間才能關閉。因此，與我們在 2 月份的最後一次電話會議上預期的相比，我們正在以較低的轉換率和甚至更低的淨美元擴張率進行建模。

And we think this is prudent to do so, the way it would play out here in the last couple of weeks. Our guidance does reflect a slightly shorter contract duration due to fewer than expected multiyear prepaid deals. That said, the top of the funnel is strong. We're getting to tech lines much faster, we're qualifying these opportunities, working closely with our prospects and partners.

我們認為這樣做是謹慎的，就像過去幾週在這裡發生的那樣。我們的指引確實反映了由於多年預付交易少於預期而導致的合同期限略短。也就是說，漏斗的頂部很堅固。我們正在更快地進入技術領域，我們正在把握這些機會，與我們的潛在客戶和合作夥伴密切合作。

Now on the other side of that, the expense side, our plan this year calls for a fairly significant investment. And the good news is we were able to execute on a lot of that in the first quarter. Beginning with the last couple of weeks of the quarter, we're moderating that level of investment, to be more selective about investing going forward and that allows us to achieve actually the same, if not higher levels of op income and we're guiding up today of op income due to the strong start in Q1, we're also able to get back to and reaffirm our outlook for unlevered free cash flow.

另一方面，在費用方面，我們今年的計劃要求進行相當大的投資。好消息是我們能夠在第一季度執行其中的大部分內容。從本季度的最後幾週開始，我們正在降低投資水平，以便對未來的投資更有選擇性，這使我們能夠實現實際上相同的水平，如果不是更高水平的營業收入，我們正在指導由於第一季度的強勁開局，今天的營業收入有所增加，我們也能夠回到並重申我們對無槓桿自由現金流的展望。

We've always been a balanced grower. We have a great business model with lots of recurring revenue, high gross margins, high renewal rates and each quarter is different in its own right, and we're going to continue to balance the investments with the opportunities that are in front of us and with the desire to achieve compelling levels of cash flow.

我們一直是一個平衡的種植者。我們有一個很好的商業模式，有很多經常性收入、高毛利率、高續約率，每個季度都有自己的不同，我們將繼續平衡投資與我們面前的機會，希望實現令人信服的現金流水平。

Our next question comes from the line of Brad Reback with Stifel.

我們的下一個問題來自 Brad Reback 與 Stifel 的對話。

Steve, sorry if I missed this. But on the quarter capacity, do you still expect '23 to be larger from an ad perspective than '22?

史蒂夫，對不起，如果我錯過了這個。但就季度容量而言，從廣告的角度來看，您是否仍預計 23 年會比 22 年更大？

We are, as we mentioned, some of the moderation in investment also impact quarter capacity. So our focus here, we've added good quarter capacity in Q1. Our focus here for short term is going to be on achieving higher levels of productivity. And so our expectation is that the investment that we contemplated across the board for the business at the onset of the year and specifically in sales will be more moderate going forward here in -- than what we discussed on our February call.

正如我們所提到的，我們的一些投資放緩也會影響季度產能。所以我們的重點是，我們在第一季度增加了良好的季度產能。短期內，我們的重點是實現更高水平的生產力。因此，我們的預期是，我們在今年年初為業務考慮的全面投資，特別是在銷售方面的投資將比我們在 2 月份的電話會議上討論的更溫和。

Great. And Amit, given the significant amount of free cash flow you guys are generating right now, do you need CCB to reaccelerate before you would do an M&A transaction? Or does it not matter?

偉大的。阿米特，鑑於你們現在產生的大量自由現金流，你們是否需要建行在進行併購交易之前重新加速？還是無所謂？

No, I don't think we have to wait for CCB to reaccelerate before doing an M&A transactions. I think we're looking at it -- and in this market, especially where we anticipate a lot of companies struggling, both from a sales perspective as well as from a cost of capital perspective, we do expect opportunities to make themselves available for -- with respect to M&A that would not be available in other markets and we want to take advantage of that.

不，我認為我們不必等待建行重新加速再進行併購交易。我認為我們正在研究它——在這個市場上，尤其是在我們預計很多公司都在苦苦掙扎的地方，無論是從銷售角度還是從資本成本的角度來看，我們確實希望有機會讓自己可以—— - 關於其他市場無法獲得的併購，我們希望利用這一點。

(Operator Instructions) Our next question comes from the line of Mike Cikos with Needham & Company.

（操作員說明）我們的下一個問題來自 Needham & Company 的 Mike Cikos。

I wanted to circle back. I know that we're talking about the moderation in investments to help you guys preserve that unlevered free cash flow guidance we have for the year. Like if we're moderating on the hiring side for quota-carrying reps or the sales and marketing more broadly, beyond those hires, are there other areas where the company is looking to either become more efficient or to reduce some of those variable expenses that you guys were initially looking to invest in? And can you give us some more concrete examples as far as where those, I guess, redeployed assets, where those savings are coming from?

我想繞回來。我知道我們正在談論投資的節制，以幫助你們保持我們今年的無槓桿自由現金流指導。就像我們在招聘配額代表或更廣泛的銷售和營銷方面一樣，除了這些員工之外，公司是否希望在其他領域提高效率或減少一些可變費用你們最初是想投資嗎？你能給我們一些更具體的例子嗎，我猜，這些重新部署的資產是從哪裡來的？

Yes. I guess I'd start by saying we did a tremendous amount of hiring in Q1 and believe that we have both the quarter capacity as well as the head count necessary to drive the results that we provided through the remainder of the year. What is contemplated is that we will be moderating the pace of new and additional investments throughout the year while we're seeing these longer sales cycles and change in sales process and that enables us to deliver on the free cash flow commitments that we've made.

是的。我想我首先要說的是我們在第一季度進行了大量招聘，並且相信我們既有季度產能又有必要的人數來推動我們在今年剩餘時間提供的結果。預期的是，在我們看到這些更長的銷售週期和銷售流程發生變化的同時，我們將在全年放慢新投資和額外投資的步伐，這使我們能夠兌現我們做出的自由現金流承諾.

Understood. And I guess, for the follow-up here, but I know Tenable One continues to be something that you guys are highlighting. Can you give us a better sense, I guess, excluding some of the commentary that we have around those more difficult weeks in March, but where are you seeing the greatest success with Tenable One? Is it with existing customers? Is it with landing new customers? Is it vertical specific? Any sense there would be helpful.

明白了。我想，對於這裡的後續行動，但我知道 Tenable One 仍然是你們強調的內容。我猜你能給我們一個更好的感覺，排除我們在 3 月份那些更困難的幾週周圍的一些評論，但是你在哪裡看到 Tenable One 的最大成功？與現有客戶有關嗎？是為了吸引新客戶嗎？它是垂直特定的嗎？任何感覺都會有所幫助。

Yes. I think not surprisingly, the greatest momentum is occurring with existing customers where they're already leveraging us for VM and this becomes an easy on-ramp to broadening their understanding of cyber exposure. And in this market, we do anticipate new customer acquisition to be more difficult than it has been in previous periods. So we do land new logos. We think there's competitive differentiation with Tenable One, but we believe, given the size of our customer base, the sales motion and the market that we're operating in, that we expect to see a lot of those sales coming from the existing customer base.

是的。我認為毫不奇怪，最大的勢頭髮生在現有客戶身上，他們已經在利用我們的 VM，這成為擴大他們對網絡暴露的理解的一個簡單的入口。在這個市場上，我們確實預計新客戶的獲取將比以往更加困難。所以我們確實登陸了新的標誌。我們認為 Tenable One 具有競爭優勢，但我們相信，考慮到我們客戶群的規模、銷售動向和我們所處的市場，我們希望看到很多銷售來自現有客戶群.

Our next question comes from the line of Andrew Nowinski with Wells Fargo.

我們的下一個問題來自 Andrew Nowinski 與 Wells Fargo 的對話。

Okay. So you guys play across a number of different market segments, including like identity, cloud, VM, app security, et cetera. Just wondering if you saw a change in sales cycles across all those different product segments? Or was it more concentrated than maybe in one.

好的。所以你們在許多不同的細分市場中發揮作用，包括身份、雲、虛擬機、應用程序安全等。只是想知道您是否看到所有這些不同產品領域的銷售週期發生變化？或者它比一個人更集中。

No. We saw the change in buying behavior occur across all product segments. It was more heavily weighted to, again, the financial services, banking, telecom and technology sectors, and more heavily weighted in North America than other geos. But it wasn't specific or weighted in any one product here. It's pretty much across all of them.

沒有。我們看到購買行為的變化發生在所有產品領域。同樣，金融服務、銀行、電信和科技行業的權重更高，北美的權重高於其他地區。但它在此處的任何一種產品中都不是特定的或加權的。這幾乎涵蓋了所有這些。

Okay. Got it. And then I wanted to ask a follow-up question on your comments about Tenable One being updated for on-prem and hybrid. I was wondering, do you still get the 70% price uplift with that form factor? And are there any revenue recognition differences between the 2 when you sell it as an on-prem solution.

好的。知道了。然後我想問一個後續問題，關於你對 Tenable One 更新為本地和混合的評論。我想知道，這種外形規格還能讓價格上漲 70% 嗎？當您將其作為本地解決方案出售時，兩者之間是否存在任何收入確認差異。

Yes. We have not -- yes, I can't comment to the actual price uplift because we're only now -- we're certainly going to be introducing the hybrid with on-prem capabilities for Tenable One. And then from a revenue recognition perspective, being separate purchases. I don't know if there's...

是的。我們還沒有——是的，我不能對實際價格上漲發表評論，因為我們只是現在——我們肯定會為 Tenable One 推出具有本地功能的混合動力車。然後從收入確認的角度來看，是單獨的購買。不知道有沒有...

Yes, there's no change in revenue reference even when we sell an on-prem. Almost all the time, it's subscription and to a recurring revenue model and it will continue to be that way.

是的，即使我們銷售內部部署，收入參考也沒有變化。幾乎一直以來，它都是訂閱和經常性收入模式，而且這種模式將繼續下去。

Our next question comes from the line of Joshua Tilton with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Joshua Tilton。

I have 2 actually. From my understanding, the initial guidance for 1Q and the full year did assume that things got worse in the macro environment. And I guess that was before the SVB fallout. So I guess my question is, ex the weakness in banking and financial services, was the rest of the business materially worse than the weakness you'd already baked into the guide? And my second question is you said that the guidance assumes that new business remains pressured for the rest of the year. Are you assuming this for just the verticals that you saw weakness in this quarter? Or are you assuming this for all the verticals that you sell to?

其實我有2個。根據我的理解，第一季度和全年的初步指導確實假設宏觀環境中的情況變得更糟。我想那是在 SVB 影響之前。所以我想我的問題是，除了銀行和金融服務的弱點，其他業務是否比你已經納入指南的弱點更糟糕？我的第二個問題是你說指南假設新業務在今年剩餘時間裡仍然面臨壓力。您是否僅針對您在本季度看到的弱點的垂直行業假設這一點？或者你假設你銷售的所有垂直行業都是這樣？

Yes. I guess the way I would answer that is we saw a particular impact in the sectors that we had mentioned earlier. But that those also, we believe that those -- the challenges experienced in the financial services sector, we do have (inaudible) into other companies and other sectors. So what we're modeling in is basically more of the same or those challenges that we saw at the very end of Q1 occurring and playing themselves out for the remainder of the year.

是的。我想我會回答的方式是我們看到了我們之前提到的部門的特殊影響。但是，我們也相信，那些——金融服務行業所經歷的挑戰，我們確實（聽不清）進入了其他公司和其他行業。因此，我們所建模的基本上更多是我們在第一季度末看到的相同或那些挑戰，這些挑戰在今年剩餘時間裡發生並發揮作用。

Our outlook actually reflects lower achievement rates and lower net dollar expansion rate. We think that's the right thing to do. And again, what we saw some of these headwinds in the last 2 weeks of the quarter, which are typically their busiest time so we're translating that out over the rest of the year and taking a more cautious outlook.

我們的前景實際上反映了較低的實現率和較低的美元淨擴張率。我們認為這是正確的做法。再一次，我們在本季度的最後兩週看到了其中一些不利因素，這通常是他們最繁忙的時間，因此我們正在將其轉化為今年剩餘時間，並採取更加謹慎的展望。

And just -- Steve, is that lower DBNR that you're assuming? Is that lower than what you saw this quarter? Or is that lower than the midpoint of your expected range that you've previously communicated to us?

只是——史蒂夫，你假設的 DBNR 較低嗎？這比你在本季度看到的要低嗎？還是低於您之前告知我們的預期範圍的中點？

Our guidance reflects a lower net dollar expansion rate for the rest of the year than what we experienced. And keep in mind, too, we don't -- the net dollar expansion rate can vary from quarter-to-quarter. But if you look at the compare last year in Q1, it was exceptional, it was one of our strongest because of Log4j. So our outlook reflects moderating that dollar expansion rate due to some of the factors that we experienced the last couple of weeks of Q1. And we think this is the right approach.

我們的指引反映了今年剩餘時間的淨美元增長率低於我們所經歷的。請記住，我們也沒有——美元淨擴張率可能因季度而異。但是如果你看一下去年第一季度的比較，它是例外的，它是我們最強大的之一，因為 Log4j。因此，由於我們在第一季度最後幾周經歷的一些因素，我們的前景反映出美元擴張速度正在放緩。我們認為這是正確的方法。

Our next question comes from the line of [Phil Scarpelli] with FBN Securities.

我們的下一個問題來自 FBN 證券的 [Phil Scarpelli]。

Related to the last question, the net expansion rate did decline by 4 points from 117% to 113%, and you expect another decline. How confident are you that it won't undercut the low end of the range of which is 110% going forward?

與上一個問題相關，淨擴張率確實下降了4個百分點，從117%下降到113%，你預計還會下降。您對它不會削弱未來 110% 範圍的低端有多大信心？

Yes. Well, we -- instead of providing the -- historically, we used to provide the range, saying that we expect the net dollar expansion rate to be between 110% and 120%. That's why we were not disclosing the net dollar expansion rate. Now every quarter, we're one of the few companies that do this, we disclose the exact net dollar expansion rate.

是的。好吧，我們——而不是提供——歷史上，我們過去常常提供範圍，說我們預計美元淨擴張率在 110% 到 120% 之間。這就是我們沒有披露美元淨增長率的原因。現在每個季度，我們都是少數這樣做的公司之一，我們會披露確切的淨美元增長率。

So there's a lot of visibility into the business. We also provide investors with a number of new enterprise platform customers we add, the number of net new 6-figure customers. So it's important to note that the pipeline opportunities can vary from quarter-to-quarter between new logos and expansion opportunities and we're seeing some natural variation.

所以對業務有很多可見性。我們還為投資者提供了我們添加的一些新的企業平台客戶，淨新客戶數量為 6 位數。因此，重要的是要注意，管道機會在新徽標和擴展機會之間可能會因季度而異，我們看到了一些自然的變化。

This quarter, we saw some moderation. We expect it to moderate -- our expectation in the outlook for the full year is that, that will indeed moderate lower. And I think that's a good approach to take right now.

本季度，我們看到了一些節制。我們預計它會放緩——我們對全年前景的預期是，這確實會放緩。我認為這是立即採取的好方法。

So the takeaways out is we have 40,000 customers, massive customer base. We have a broad product portfolio with a platform that continues to take home and get momentum. And we see a massive opportunity to sell with products back into our base. And in terms of long term, nothing has changed here in terms of what our expectation is on the expansion rate, our ability to monetize our existing -- more product back into the base, not within the current quarter.

所以外賣是我們有 40,000 名客戶，龐大的客戶群。我們擁有廣泛的產品組合和一個繼續帶回家並獲得動力的平台。我們看到了將產品帶回我們基地銷售的巨大機會。從長遠來看，就我們對擴張速度的預期、我們將現有產品貨幣化的能力而言，這裡沒有任何變化——更多產品回到基地，而不是在當前季度內。

Okay. And my second question is the financial services vertical, some believe that the mess in the banking sector has stabilized a bit, notwithstanding the fact that First Republic was down 20% today after the market. But there is some sense that it has stabilized. So did you see any signs of stabilization in the month of April in that sector?

好的。我的第二個問題是垂直金融服務，儘管 First Republic 今天盤後下跌了 20%，但一些人認為銀行業的混亂局面已經有所穩定。但從某種意義上說，它已經穩定下來。那麼，您是否看到該行業 4 月份出現任何穩定跡象？

Yes. Go on, Steve.

是的。繼續，史蒂夫。

I would say the good news is -- we talked about this earlier that some of the deals that pushed, we closed a good percentage of those in April. That is certainly encouraging. And we're not seeing customers cancel projects across the board. I would make that very clear.

我想說的好消息是——我們早些時候談到了一些推動的交易，我們在 4 月份完成了其中很大一部分。這當然令人鼓舞。而且我們沒有看到客戶全面取消項目。我會說得很清楚。

Now that said, if you look at the seasonal flows of our business and kind of the intra-quarter flow, the last month of the quarter is always expected to be our strongest. So June will certainly be determinative. But we're very pleased with our start to the quarter and specifically what we're seeing in April, but when you see something towards the end of the quarter, we think the right thing to do is kind of extrapolate that out over the rest of the year, and we'll be working hard in (inaudible) quarters trying to capitalize on the opportunities that are right in front of us.

話雖如此，如果您查看我們業務的季節性流量和季度內流量，就會發現本季度的最後一個月總是我們最強勁的。所以六月肯定是決定性的。但是我們對本季度的開始感到非常滿意，特別是我們在 4 月份看到的情況，但是當您在本季度末看到一些事情時，我們認為正確的做法是將其推斷出其餘部分今年，我們將在（聽不清）季度努力工作，試圖利用擺在我們面前的機會。

We've seen demand remain strong, competitive differentiation, Amit talked about that, and we're getting to tech wins much faster. So we think the opportunities are right in front of us, and we'll be working with our prospects and customers to close.

我們已經看到需求依然強勁，競爭差異化，阿米特談到了這一點，我們正在更快地贏得技術勝利。所以我們認為機會就在我們面前，我們將與我們的潛在客戶和客戶合作來關閉。

Our next question comes -- no, there are no more questions in the queue at this time. This does conclude today's teleconference. Thank you for your participation, everyone. You may disconnect your lines at this time, and have a wonderful day.

我們的下一個問題來了——不，此時隊列中沒有其他問題了。今天的電話會議到此結束。謝謝大家的參與。此時您可以斷開線路，度過美好的一天。