Tenable Holdings Inc (TENB) 2024 Q1 法說會逐字稿

Greetings, and welcome to Tenable Q1 2024 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Tenable 2024 年第一季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Ms. Erin Karney, Vice President, Investor Relations.

現在我很高興向您介紹主持人，投資者關係副總裁 Erin Karney 女士。

Thank you, Ms. Karney. You may begin.

謝謝你，卡尼女士。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 2024 financial results.

感謝營運商，感謝大家參加今天的電話會議，討論 Tenable 2024 年第一季的財務業績。

With me on the call today are Amit Yoran, our Chief Executive Officer; Steve Vintz, our Chief Financial Officer; and Jason Merrick, Senior Vice President, Products.

今天與我一起參加電話會議的是我們的執行長 Amit Yoran； Steve Vintz，我們的財務長； Jason Merrick，產品資深副總裁。

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

在此電話會議之前，我們發布了一份新聞稿，宣布了本季的財務表現。您可以在我們的 IR 網站 tenable.com 上找到新聞稿。

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 2024, growth and drivers in our business, changes in the threat landscape and the security industry and our competitive position in the market; growth in our customer demand for and adoption of our solutions; including Tenable One, planned innovation and new products and services, the potential benefits and financial impact of our recent acquisition of Ermetic, our expectations regarding the cost savings associated with optimizing our go-to-market efforts and our expectations regarding long-term profitability and free cash flow. 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 on forward-looking statements as a prediction of future events. Forward-looking statements represent our beliefs and assumptions only as of today, and should not be considered representative of our views as of any subsequent date, and we disclaim any obligation to update any forward-looking statements or outlook. For a 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. In addition, all of the financial results we will discuss today are non-GAAP financial measures with the exception of revenue. 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 equivalent. Our press release includes GAAP to non-GAAP reconciliations for these measures.

我們將在本次電話會議期間做出前瞻性陳述，包括與我們對2024 年第二季和全年的指導和預期、我們業務的成長和驅動因素、威脅情勢和安全產業的變化以及我們的競爭優勢相關的陳述。客戶對我們解決方案的需求和採用率不斷增長；包括 Tenable One、計劃中的創新以及新產品和服務、我們最近收購 Ermetic 的潛在收益和財務影響、我們對優化上市工作相關成本節約的期望以及我們對長期盈利能力和自由現金流。這些前瞻性陳述涉及風險和不確定性，其中一些風險和不確定性超出了我們的控制範圍，這可能導致實際結果與這些陳述預期的結果有重大差異。您不應依賴前瞻性陳述來預測未來事件。前瞻性陳述僅代表我們截至今天的信念和假設，不應被視為代表我們截至任何後續日期的觀點，並且我們不承擔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，請參閱我們最新的 10-K 表年度報告以及我們向 SEC 提交的後續報告中包含的內容。此外，我們今天討論的所有財務表現均為非公認會計準則財務指標（收入除外）。這些非公認會計原則財務指標是根據公認會計原則編制的財務績效指標的補充，而不是替代或優於這些指標。與最接近的 GAAP 同等指標相比，使用這些非 GAAP 財務指標有許多限制。我們的新聞稿包括這些措施的 GAAP 與非 GAAP 調整表。

I will now turn the call over to Amit.

我現在將把電話轉給阿米特。

Thank you, Erin. We're very pleased with our results in the quarter. CCB, revenue, operating income and cash flow, all came in better than expected. Our leadership and exposure management resulted in strong momentum in Tenable One. In short, we're off to a good start for the year. There are 2 clear takeaways this quarter. First, exposure management, the category we pioneered over 5 years ago, is increasingly recognized as a crucial practice for security teams. Tenable is uniquely positioned to identify and mitigate risks across the attack surface, including cloud, identities, operational technology, applications and IT assets. And second, that the convergence of these categories onto a single platform is the most efficient way to truly understand and reduce risk, and we believe we are the only security vendor in the market providing these capabilities with Tenable One.

謝謝你，艾琳。我們對本季的業績非常滿意。建行的營收、營業收入及現金流量均優於預期。我們的領導力和曝光管理為 Tenable One 帶來了強勁的勢頭。簡而言之，我們今年有了一個好的開始。本季有兩個明顯的要點。首先，暴露管理是我們 5 年前開創的類別，越來越多地被認為是安全團隊的重要實踐。 Tenable 具有獨特的優勢，可識別和減輕整個攻擊面的風險，包括雲端、身分、營運技術、應用程式和 IT 資產。其次，將這些類別整合到單一平台上是真正理解和降低風險的最有效方式，我們相信我們是市場上唯一一家透過 Tenable One 提供這些功能的安全供應商。

Let me go deeper on the first point. Exposure management is gaining widespread attention and validation from security practitioners, industry analysts and vendors. In fact, Gartner predicts that by 2026, organizations prioritizing their security investments based on an exposure management program will suffer 2/3 fewer breaches. We believe there is no company better positioned than Tenable to seize this opportunity, thanks to our early focus and ongoing commitment to delivering innovative exposure management solutions. And our focus is paying off with these solutions now representing approximately half of our total new sales in the quarter, inclusive of Tenable One. This momentum is a result of customers realizing that managing risks and solid programs is failing them. Security products for identifying and closing exposures of different types are still very disjointed, forcing security teams to work in isolation just like their tools. This approach to security makes it extremely difficult to defend against advanced threats or more sophisticated campaigns to leverage multiple attack methods and complex tool sets. For example, an attacker may gain access from an end point vulnerability, move laterally to an over-provision identity for privileged access and from there exploit misconfigured service running in the cloud. Point solutions simply are not able to identify and remediate these risks across domains. A unified approach that consolidates visibility from assets, identities and risk configurations, spanning across domains, from on-prem to the cloud to critical infrastructure creates leverage and insights previously (inaudible). This is exactly what Tenable One is designed to deliver. A great example of Tenable One's impact involves a multibillion-dollar automotive parts company that selected Tenable One in Q1. They're looking to gain a unified understanding of risk across their attack surface. Recognizing the limitations of separate solutions, they replaced a key incumbent in vulnerability management with Tenable, while also adopting Tenable OT and cloud security to extend their visibility and remediation capabilities. Notably, the customer opted for our cloud security solution because it outperformed several well-known pure-play CNAPP competitors and uncovering exposures in the cloud and the fact that it integrates with the rest of their stack using Tenable One.

讓我更深入地討論第一點。暴露管理正在獲得安全從業者、行業分析師和供應商的廣泛關注和驗證。事實上，Gartner 預測，到 2026 年，根據暴露管理計畫優先考慮安全投資的組織所遭受的洩漏事件將減少 2/3。我們相信，由於我們早期的關注和對提供創新曝光管理解決方案的持續承諾，沒有一家公司比 Tenable 更能抓住這個機會。我們的重點是透過這些解決方案獲得回報，這些解決方案目前約占我們本季新銷售總額的一半，其中包括 Tenable One。這種勢頭是由於客戶意識到管理風險和可靠的計劃正在失敗。用於識別和關閉不同類型暴露的安全產品仍然非常脫節，迫使安全團隊像他們的工具一樣孤立地工作。這種安全方法使得防禦高級威脅或利用多種攻擊方法和複雜工具集的更複雜的活動變得極其困難。例如，攻擊者可能從端點漏洞獲得訪問權限，橫向移動到超額配置身分以進行特權訪問，並從那裡利用在雲端中運行的配置錯誤的服務。單點解決方案根本無法跨領域識別和補救這些風險。統一的方法可以整合資產、身分和風險配置的可見性，跨越從本地到雲端再到關鍵基礎設施的各個領域，從而創造了先前的槓桿作用和洞察力（聽不清楚）。這正是 Tenable One 的設計初衷。 Tenable One 影響的一個很好的例子是一家價值數十億美元的汽車零件公司在第一季選擇了 Tenable One。他們希望對整個攻擊面的風險有一個統一的了解。在意識到單獨解決方案的限制後，他們用 Tenable 取代了漏洞管理中的關鍵角色，同時也採用 Tenable OT 和雲端安全來擴展其可見性和修復能力。值得注意的是，客戶選擇了我們的雲端安全解決方案，因為它的性能優於幾個知名的純CNAPP 競爭對手，並揭示了雲端中的漏洞以及它使用Tenable One 與堆疊的其餘部分集成的事實。

We repeatedly encounter scenarios that underscore this new way of thinking. Conversations with customers and prospects often lead them to realize the dangerous limitations of using separate products to manage risk, like using a specific control system security product that has no connection to the rest of their environment. Customers are coming to grips with the fundamental truth. You cannot fully understand the risk of an interconnected environment when your risk management practice is compartmentalized. These scenarios are the reasons why solutions like our OT and our CNAPP capabilities are gaining traction with our customers. Given the scope of our coverage, Tenable stands out in our capacity to identify and prioritize risk. We leverage the data lake built around exposure information that encompasses hundreds of billions of aspects of threat, vulnerability, entitlement and configuration data. This robust foundation underpins all of our products from CNAPP to vulnerability management to identity to OT. Each product is strengthened by the deep insights gleaned from our entire portfolio.

我們一再遇到強調這種新思維方式的場景。與客戶和潛在客戶的對話通常會讓他們意識到使用單獨的產品來管理風險的危險局限性，例如使用與其環境的其他部分沒有連接的特定控制系統安全產品。客戶正在逐漸認識到基本事實。當您的風險管理實務被劃分時，您無法完全理解互連環境的風險。這些場景是我們的 OT 和 CNAPP 功能等解決方案受到客戶青睞的原因。鑑於我們的覆蓋範圍，Tenable 在識別風險並確定風險優先順序的能力方面表現出色。我們利用圍繞暴露資訊的資料湖，其中包含威脅、漏洞、權利和配置資料的數千億個面向。這一堅實的基礎支撐著我們從 CNAPP 到漏洞管理、識別和 OT 的所有產品。每個產品都透過我們整個產品組合中收集的深刻見解而得到加強。

Last quarter, we continued to innovate aggressively in exposure management along many fronts, including the integration of more generative AI capabilities into Tenable One. These new advancements bring to life interactive attack path visualizations and offer an AI assistant that answers queries and delivers specific mitigation advice. This tool is our customers' real-time access to the latest exposure data tailored to their specific environment. In addition, it provides customized guidance for fixing these issues. In an era marked by huge cybersecurity talent shortages, our generative AI-driven enhancements help streamline workflows, enhance security insights and boost productivity, and once again, position Tenable at the forefront of exposure to management innovation. We have demonstrated an ability to differentiate our core products as well as with our broader exposure management platform. Whether it's in identity, OT, cloud security or our unified platform, we are delivering solutions that enable our customers to better understand and remediate risk, and we are doing it in a way that has delivered impressive margin expansion.

上季度，我們繼續在多個方面積極進行曝光管理創新，包括將更俱生成性的 AI 功能整合到 Tenable One 中。這些新的進步使互動式攻擊路徑視覺化變得栩栩如生，並提供人工智慧助理來回答查詢並提供具體的緩解建議。該工具是我們的客戶即時存取針對其特定環境量身定制的最新暴露數據的工具。此外，它還提供了解決這些問題的客製化指南。在網路安全人才嚴重短缺的時代，我們的生成式 AI 驅動增強功能有助於簡化工作流程、增強安全洞察力並提高生產力，並再次將 Tenable 置於管理創新的前沿。我們已經展示了使我們的核心產品以及更廣泛的風險管理平台脫穎而出的能力。無論是在身分、OT、雲端安全還是我們的統一平台方面，我們提供的解決方案使我們的客戶能夠更好地理解和補救風險，並且我們的做法帶來了令人印象深刻的利潤成長。

Finally, on a personal note, thanks to everyone for the well wishes regarding my recent diagnosis. My treatment is going well, but my voice has been temporarily impacted. As a result, I will not be able to fully participate in the Q&A session today, and I apologize in advance for subjecting you to even more time with Steve. But I do look forward to speaking with you in the upcoming investor events in the near future.

最後，就我個人而言，感謝大家對我最近的診斷的良好祝愿。我的治療進展順利，但我的聲音暫時受到了影響。因此，我將無法完全參與今天的問答環節，對於讓您有更多時間與史蒂夫交談，我提前表示歉意。但我確實期待在不久的將來即將舉行的投資者活動中與您交談。

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

我現在將把電話轉給史蒂夫，請他對我們的財務表現和前景進行進一步評論。

Thanks, Amit. I'm glad to see that you have not lost your sense of humor.

謝謝，阿米特。我很高興看到你沒有失去幽默感。

Now on to our results for the quarter, which reflect better-than-expected top line growth and operating income. Calculated current billings defined as revenue recognized in the quarter plus change in current deferred revenue grew 12% year-over-year to $197.8 million. CCB exceeded expectations for the quarter, and accordingly, we are increasing our annual CCB outlook today. As Amit commented earlier, Tenable One was a major highlight in the quarter and grew to 26% of total new enterprise sales, up from 22% last quarter. Exposure solutions, which includes Tenable One and stand-alone cloud security, identity security and operational technology security represented approximately 50% of our total new enterprise sales in the quarter. We believe this reflects the growing demand for our exposure management solutions and the actionable insights it delivers to CISOs and their security teams.

現在我們來看看本季的業績，該業績反映了好於預期的營收成長和營業收入。計算得出的當前帳單（定義為本季確認的收入加上當前遞延收入的變化）年增 12%，達到 1.978 億美元。 CCB 本季超出了預期，因此，我們今天上調了 CCB 年度展望。正如 Amit 早些時候評論的那樣，Tenable One 是本季的一大亮點，佔新企業總銷售額的比例從上季度的 22% 增長至 26%。暴露解決方案（包括 Tenable One 和獨立雲端安全、身分安全和營運技術安全）約佔本季新企業總銷售額的 50%。我們相信，這反映了對我們的暴露管理解決方案及其為 CISO 及其安全團隊提供的可行見解不斷增長的需求。

Turning to other highlights. Sales to new customers were exceptionally strong for us. During the quarter, we added 410 new enterprise platform customers, including a healthy number of 6-figure LANs. The strength in new logos resulted in nearly 30% year-over-year ACV growth from our newly acquired customers. To put matters in perspective, this was one of our best quarters for year-over-year ACV growth to new customers since 2022. This dynamic impacted our net dollar expansion rate, which was 109% this quarter compared to 111% last quarter, which we believe is a result of the natural variance in the mix of pipeline opportunities between new and expansion. The takeaway here is that we saw strength in new logo sales and large LANs, and we believe, it's enabling us to win share in the exposure management market. Pipeline generation was also strong for us and is very encouraging.

轉向其他亮點。我們對新客戶的銷售異常強勁。本季度，我們新增了 410 位企業平台客戶，其中包含數量充足的 6 位數 LAN。新商標的優勢使我們新收購的客戶的 ACV 年比增長了近 30%。從長遠來看，這是自2022 年以來我們對新客戶的ACV 年成長最好的季度之一。 ，這我們認為這是新建和擴建管道機會組合自然差異的結果。這裡的要點是，我們看到了新商標銷售和大型 LAN 的實力，我們相信，這使我們能夠贏得曝光管理市場的份額。管道的產生對我們來說也很強大且非常令人鼓舞。

Our net new 6-figure customers decreased by 4% in the quarter. This is a result of a higher-than-usual number of customers who dropped below the $100,000 threshold in Q1 of 2023, which impacts this metric now because these customers dropped out of the LTM count this quarter. This was concentrated primarily in the financial services and tech and telecom verticals that were impacted by the regional banking crisis in March of last year. This dynamic more than offset the strong number of new 6-figure logo LANs in the quarter. I would note that we always have some number of customers who dip below the $100,000 threshold in any given quarter. Q1 of '23 was an outlier last year. And consequently, we do not expect this to be a headwind to the net new 6-figure customer calculation for the remainder of this year.

本季我們的 6 位數淨新客戶減少了 4%。這是由於 2023 年第一季低於 100,000 美元門檻的客戶數量高於平常，這影響了該指標，因為這些客戶在本季度退出了 LTM 計數。這主要集中在去年 3 月受到地區銀行危機影響的金融服務以及科技和電信垂直產業。這一動態足以抵銷本季新增 6 位數標誌 LAN 的強勁數量。我要指出的是，在任何特定季度，我們總是會有一些客戶的金額低於 100,000 美元。去年的 23 年第一季是一個異常值。因此，我們預計這不會對今年剩餘時間的淨新增 6 位數客戶運算產生不利影響。

Now on to the P&L for the quarter. Revenue was $216 million, which represents 14% year-over-year growth. Revenue in the quarter exceeded the midpoint of our guided range by $3 million. Our percentage of recurring revenue remains high at 96% this quarter.

現在來看看本季的損益表。營收為 2.16 億美元，年增 14%。該季度的收入超出了我們指導範圍的中點 300 萬美元。本季我們的經常性收入百分比仍高達 96%。

I will now turn to expenses. I'll start with gross margin, which was 81% this quarter and last quarter and higher than our expectations. Gross margin benefited this quarter from the successful integration of (inaudible) public cloud infrastructure and the overall efficiency with which we have been able to scale our exposure management platform.

我現在談談費用。我先從毛利率開始，本季和上季毛利率均為 81%，高於我們的預期。本季的毛利率得益於（聽不清楚）公有雲基礎設施的成功整合以及我們能夠擴展曝光管理平台的整體效率。

Sales and marketing expense was $84.5 million, which was down from $88.5 million last quarter. Sales and marketing expense as a percentage of revenue was 39% compared to 41% last quarter. Sales and marketing expense was lower sequentially primarily due to reduced headcount from our cost optimization efforts, seasonally lower program spend and commission expense and was partially offset by the cost associated with our annual sales kickoff conference in February. Overall, we are pleased with the improved efficiency in our go-to-market efforts this quarter and expect sales and marketing spend as a percentage of revenue to trend lower over the remainder of the year.

銷售和行銷費用為 8,450 萬美元，低於上季的 8,850 萬美元。銷售和行銷費用佔收入的百分比為 39%，而上季為 41%。銷售和行銷費用環比下降，主要是由於我們的成本優化工作減少了人員數量，季節性降低了計劃支出和佣金費用，但部分被我們 2 月份年度銷售啟動會議相關的費用所抵消。總體而言，我們對本季上市工作效率的提高感到滿意，並預期銷售和行銷支出佔收入的百分比在今年剩餘時間內呈下降趨勢。

R&D expense was $32.6 million, which was up from $27.8 million last quarter. R&D expense as a percentage of revenue was 15% this quarter compared to 13% last quarter. R&D expense increased sequentially primarily due to increased personnel costs and other costs, largely in cloud analytics and VM as well as the foreign R&D tax credits that we received last quarter.

研發費用為 3,260 萬美元，高於上季的 2,780 萬美元。本季研發費用佔營收的比例為 15%，上季為 13%。研發費用較上季增加主要是因為人員成本和其他成本增加，主要是雲端分析和虛擬機器以及我們上季度收到的國外研發稅收抵免。

G&A expense was $20.6 million, which was up from $19.5 million last quarter, primarily due to higher payroll taxes, which reset at the beginning of the year. G&A expense as a percentage of revenue was 10% this quarter compared to 9% last quarter. Income from operations was $37 million, which was significantly better than expected and exceeded the midpoint of our guided range by $9 million.

一般及行政費用為 2,060 萬美元，高於上季的 1,950 萬美元，主要是由於年初重置的工資稅上漲。本季的一般管理費用佔收入的百分比為 10%，而上季為 9%。營運收入為 3700 萬美元，明顯優於預期，超出我們指導範圍的中位數 900 萬美元。

Operating margin for the quarter was 17%, which was 400 basis points better than the midpoint of our guidance. The outperformance in earnings this quarter reflects the timing of certain expenses and our ability to deliver profitable growth and drive leverage in the business while continuing to invest in our largest market opportunities. The sizable beat in op income resulted in significant EPS upside. EPS for the quarter was $0.25, which is $0.08 better than the midpoint of our guided range.

本季營業利益率為 17%，比我們指引的中位數高出 400 個基點。本季收益的優異表現反映了某些支出的時機以及我們實現獲利成長和推動業務槓桿的能力，同時繼續投資於我們最大的市場機會。營運收入的大幅成長導致每股收益顯著上漲。本季每股收益為 0.25 美元，比我們指導範圍的中位數高出 0.08 美元。

Now let's turn to the balance sheet. We finished the quarter with $510.8 million in cash and short-term investments. Accounts receivable was $156.8 million and total deferred revenue was $722.7 million. Current deferred revenue was $562.6 million, which gives us a lot of visibility into expected revenue over the next 12 months. We generated $54.7 million of unlevered free cash flow during the quarter, which is up from $43.3 million last quarter. With high recurring revenue, gross margins and renewal rates, we feel confident that we can continue to expand our operating and free cash flow margins over the ensuing years. Our higher margin profile has also caught the attention of the rating agencies as Moody's recently upgraded our issuer credit rating to Ba3 as well as S&P's upgrade to BB minus in late November.

現在讓我們轉向資產負債表。本季結束時，我們擁有 5.108 億美元的現金和短期投資。應收帳款為 1.568 億美元，遞延收入總額為 7.227 億美元。目前的遞延收入為 5.626 億美元，這使我們能夠清楚地了解未來 12 個月的預期收入。本季我們產生了 5,470 萬美元的無槓桿自由現金流，高於上季的 4,330 萬美元。憑藉較高的經常性收入、毛利率和續訂率，我們有信心在接下來的幾年裡繼續擴大我們的營運利潤率和自由現金流利潤率。我們較高的利潤率也引起了評級機構的關注，穆迪最近將我們的發行人信用評級上調至 Ba3，標準普爾也在 11 月底將我們的發行人信用評級上調至 BB-。

During the quarter, we repurchased 526,000 shares of our common stock for an aggregate purchase price of $25 million. That leaves $60.1 million of remaining authorization under our share repurchase program. We continue to take a programmatic approach to partially offsetting our share creep, and we'll continue to evaluate the size of the program going forward based on evaluation of our common stock as well as other factors.

本季度，我們回購了 526,000 股普通股，總購買價為 2,500 萬美元。我們的股票回購計畫還剩下 6,010 萬美元的剩餘授權。我們繼續採取計劃性方法來部分抵消我們的股票攀升，並且我們將繼續根據對我們普通股的評估以及其他因素來評估未來計劃的規模。

With the results of the quarter behind us, I'd like to discuss our outlook for Q2 and the remainder of the year. For the second quarter, we currently expect revenue to be in the range of $217 million to $219 million. Non-GAAP income from operations to be in the range of $34 million to $36 million. Non-GAAP net income to be in the range of $28 million to $30 million, assuming interest expense of $8.2 million, interest income of $5.9 million and a provision for income taxes of $3.1 million. Non-GAAP diluted earnings per share to be in the range of $0.22 to $0.24, assuming 124.5 million fully diluted weighted average shares outstanding. And for the full year, we currently expect calculated current billings to be in the range of $986 million and $994 million, revenue to be in the range of $900 million to $908 million. Non-GAAP income from operations to be in the range of $158 million to $163 million. Non-GAAP net income to be in the range of $135 million to $140 million, assuming interest expense of $32.8 million, interest income of $24.2 million and a provision for income taxes of $12.3 million. Non-GAAP diluted earnings per share to be in the range of $1.08 to $1.12, assuming 125 million fully diluted weighted average shares outstanding and unlevered free cash flow to be in the range of $220 million to $230 million.

隨著本季的業績公佈，我想討論一下我們對第二季和今年剩餘時間的展望。我們目前預計第二季營收將在 2.17 億美元至 2.19 億美元之間。非 GAAP 營運收入將在 3,400 萬美元至 3,600 萬美元之間。假設利息支出為 820 萬美元，利息收入為 590 萬美元，所得稅準備金為 310 萬美元，非 GAAP 淨利潤將在 2,800 萬美元至 3,000 萬美元之間。假設完全攤薄加權平均流通股為 1.245 億股，非公認會計準則攤薄後每股收益將在 0.22 美元至 0.24 美元之間。對於全年，我們目前預計計算出的當前帳單將在 9.86 億美元至 9.94 億美元之間，收入將在 9 億美元至 9.08 億美元之間。非 GAAP 營運收入將在 1.58 億美元至 1.63 億美元之間。假設利息支出為 3,280 萬美元，利息收入為 2,420 萬美元，所得稅撥備為 1,230 萬美元，非 GAAP 淨利潤將在 1.35 億美元至 1.4 億美元之間。假設 1.25 億股完全稀釋加權平均流通股和無槓桿自由現金流在 2.2 億至 2.3 億美元之間，非公認會計準則稀釋後每股收益將在 1.08 美元至 1.12 美元之間。

I would like to provide some commentary regarding our increased outlook today. Our CCB guide represents a range of 13% to 14% growth for the full year and reflects a $2 million beat in our expectations in Q1 and a $1 million raise at the midpoint. Similarly, revenue reflects a $3 million beat and a $1 million raise at the midpoint of the range. Consistent with the directional comments I provided on our last call, we expect CCB growth to accelerate modestly in the second half of the year as we continue to build pipeline opportunities in the first half of the year in connection with our more expansive CNAPP offering and some of the newly acquired capabilities from Ermetic.

我想就我們今天增強的前景發表一些評論。我們的 CCB 指南代表了全年 13% 至 14% 的成長範圍，反映出第一季超出我們預期的 200 萬美元，中間增加了 100 萬美元。同樣，收入反映了 300 萬美元的超額成長以及區間中點 100 萬美元的成長。與我在上次電話會議中提供的方向性評論一致，我們預計 CCB 的成長將在下半年小幅加速，因為我們在上半年繼續透過更廣泛的 CNAPP 產品和一些產品來建立管道機會。的功能。

Our guidance today also reflects a full year operating margin of 18% at the midpoint, which is a 50 basis point improvement over our prior guidance and is a terrific start to the year for us. We continue to expect to follow the similar seasonal spending patterns as prior years with incremental investment more weighted in the first half of the year, resulting in higher operating margins in the second half. I also want to provide an update on the restructuring costs that we discussed in February. We incurred $1.4 million of restructuring costs in Q1 associated with onetime severance benefits related to the reduction in force that took place in January, which was better than the $2 million to $3 million range that we previously provided. Further, we are still in negotiations to sublease a portion of our real estate, which is expected to result in a noncash impairment charge of $6 million to $7 million in Q2. Please note that restructuring expenses are excluded from our non-GAAP results.

我們今天的指引也反映了全年營運利潤率中點為 18%，這比我們先前的指引提高了 50 個基點，對我們來說是今年的一個好開始。我們仍預期將遵循與往年類似的季節性支出模式，上半年增量投資的比重更大，從而導致下半年營業利潤率更高。我還想提供我們二月份討論的重組成本的最新情況。我們在第一季產生了 140 萬美元的重組成本，這些成本與 1 月份裁員相關的一次性遣散費有關，這比我們之前提供的 200 萬至 300 萬美元的範圍要好。此外，我們仍在就轉租部分房地產進行談判，預計這將導致第二季產生 600 萬至 700 萬美元的非現金減損費用。請注意，重組費用不包括在我們的非公認會計準則績效中。

And finally, as a reminder, our next update to unlevered free cash flow will be on our Q2 call.

最後，提醒一下，我們對無槓桿自由現金流的下一次更新將在第二季電話會議上進行。

Thanks, Steve. In summary, Q1 was marked by a healthy balance of growth and margin expansion. We are excited about where we are as a company and the opportunity in front of us. We hope to see you at the Morgan Stanley conference in the coming weeks.

謝謝，史蒂夫。總而言之，第一季的特點是成長和利潤擴張的健康平衡。我們對公司的現狀和擺在我們面前的機會感到興奮。我們希望在未來幾週的摩根士丹利會議上見到您。

We now like to open the call up for questions for Steve. Also Jason Merrick, our Senior Vice President, Products, is here today to participate in the Q&A session.

我們現在開始向史蒂夫提問。我們的產品資深副總裁 Jason Merrick 今天也出席了問答環節。

(Operator Instructions) The first question comes from the line of Joel Fishbein with Truist Securities.

（操作員說明）第一個問題來自 Truist Securities 的 Joel Fishbein。

And congrats on the good quarter. I'd like to ask about Ermetic. I know that Amit talked about a win there in the automotive space that included cloud security. I'd just love to understand the competitive dynamics around that space. And I just have a quick follow-up for Steve.

恭喜這個季度的良好表現。我想諮詢一下Ermetic的情況。我知道阿米特談到了汽車領域的勝利，其中包括雲端安全。我只是想了解該領域的競爭動態。我只是對史蒂夫進行快速跟進。

Please go ahead. Ms. Karney, can you please go ahead and speak? Your line has been unmuted. All right. Just give me a moment. Ladies and gentlemen, the speaker line has been disconnected. Please be on hold, while we quickly get them reconnected.

請繼續。卡尼女士，您能繼續發言嗎？您的線路已取消靜音。好的。請給我一點時間。女士們先生們，揚聲器線路已斷開。請稍候，我們會盡快重新連線。

Ladies and gentlemen, the speaker line has been reconnected. Please go ahead.

女士們先生們，揚聲器線已重新連接。請繼續。

Congrats on the good quarter. Jason, I had one for you and a quick follow-up for Steve. Amit mentioned on the call, the Ermetic win with the automotive company. And that's obviously great. I'm curious about the competitive dynamics around Ermetic. Obviously, the space is fairly crowded. And what differentiates that offering that you have in the marketplace and talk about maybe the competitive dynamics of why you won, that would be helpful.

恭喜季度表現良好。傑森，我為你準備了一份，並為史蒂夫準備了一份快速跟進報告。阿米特在電話中提到，Ermetic 與汽車公司獲勝。這顯然很棒。我對 Ermetic 周圍的競爭動態很好奇。顯然，這個空間相當擁擠。以及您在市場上提供的產品有何不同，並談論您獲勝的原因，這可能會有所幫助。

Joel, thank you very much for the question. So we could not be more excited with the competitive capabilities across the Tenable portfolio and even more so with our cloud security solution that Ermetic brings. With their more expansive CNAPP capabilities, it gives our customers the ability to leverage the entire platform, but we also have the flexibility for customers to choose specific components within our cloud security offering. So customers can choose infrastructure's code, CSPM, CWPP.

喬爾，非常感謝你的提問。因此，我們對 Tenable 產品組合的競爭力感到無比興奮，對 Ermetic 帶來的雲端安全解決方案更是如此。憑藉更廣泛的 CNAPP 功能，我們的客戶能夠利用整個平台，但我們也可以讓客戶靈活地在我們的雲端安全產品中選擇特定組件。因此客戶可以選擇基礎設施的程式碼、CSPM、CWPP。

But we also believe that we've got the industry-leading Cloud Infrastructure and Entitlement Management capabilities, the acronym is called CIEM. This gives organizations the ability to have visibility into the entitlements of the workloads that are working in the cloud. And this is a differentiator for us in the market. Even customers that have made a cloud security solution today with other competitors are choosing to add our CIEM capability in. Now the other major competitive dynamic is Tenable One and being able to bring the cloud security data into Tenable One.

但我們也相信我們擁有業界領先的雲端基礎設施和授權管理能力，縮寫為CIEM。這使組織能夠了解在雲端工作的工作負載的權利。這是我們在市場上的差異化因素。即使現在已經與其他競爭對手一起制定了雲端安全解決方案的客戶也選擇添加我們的 CIEM 功能。

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

下一個問題來自摩根大通的布萊恩‧艾塞克斯 (Brian Essex)。

I was wondering maybe either Jason or Steve, could you talk about the spending environment in macro? I know last year, Q1 was a bit unusual. What are you seeing so far, you're a bit early in the earnings season, so it would be great to get your insight around how you see the spending environment unfolding so far this year? Are enterprises willing to spend, maybe compare that to the environment last year? And where you're seeing any strength or weakness, whether that's selling enterprise side, recovery in the small bank credit union side after the disruption last year. Maybe give us a sense of that and how the pipeline is looking as we head into Q2.

我想知道傑森或史蒂夫，您能談談宏觀的支出環境嗎？我知道去年第一季有點不尋常。到目前為止，你看到了什麼，你現在還處於財報季的早期，所以如果能了解你對今年迄今為止支出環境的看法，那就太好了？企業是否願意花錢，也許與去年的環境相比？你會看到任何優勢或劣勢，無論是銷售企業方面，還是小銀行信用合作社方面在去年的混亂之後的復甦。當我們進入第二季度時，也許可以讓我們了解這一點以及管道的情況。

Sure. This is Steve. I'll say first, I think we're executing very well, certainly, within the confines of the current market. Overall security spend remains healthy and a top priority. And as mentioned earlier, exposure management category that we pioneered continues to gain widespread adoption and validation, not only from security practitioners but also partners and industry analysts. Gartner, as you heard earlier, is now talking about cyber exposure as a critical means to reducing breaches. We're seeing large enterprise organizations create (inaudible) management departments. We're seeing our partners, too, starting to go exposure management practices and exposure management engineers folks.

當然。這是史蒂夫。我首先要說的是，我認為我們在目前市場的範圍內執行得非常好。整體安全支出仍然健康，並且是重中之重。如同前面所提到的，我們開創的暴露管理類別繼續獲得廣泛的採用和驗證，不僅來自安全從業者，還來自合作夥伴和產業分析師。正如您之前所聽到的，Gartner 現在正在談論網路暴露作為減少違規行為的關鍵手段。我們看到大型企業組織創建了（聽不清楚）管理部門。我們看到我們的合作夥伴也開始採取曝光管理實務和曝光管理工程師人員。

Clearly, there's a lot of momentum in the space and specifically with our platform. So one of the major areas of strength for us, what with Tenable One, our unified platform and exposure management offering, it represented 26% of our total new sales this quarter, it's up from 22% last quarter. We also saw strength in our core VM business, where we continue to enjoy high win rates. And out of the gate here, we're very pleased with the demand that we're generating, specifically cloud. Top of the funnel there remains very strong. We're seeing some terrific engagement on both the customer and the partner front. So overall, we're seeing good spending across the board, good start to the year, and we think we're providing a good outlook as a result.

顯然，這個領域有很大的動力，特別是我們的平台。因此，我們的主要優勢領域之一是 Tenable One（我們的統一平台和曝光管理產品），佔本季新銷售總額的 26%，高於上季的 22%。我們也看到了核心 VM 業務的實力，我們繼續享有高勝率。從一開始，我們對我們產生的需求（特別是雲端）感到非常滿意。漏斗頂部仍然非常強勁。我們看到客戶和合作夥伴方面都進行了出色的參與。因此，總體而言，我們看到全面支出良好，今年開局良好，我們認為我們因此提供了良好的前景。

Next question comes from the line of Saket Kalia with Barclays.

下一個問題來自 Saket Kalia 與巴克萊銀行的關係。

Steve, maybe just to start with you. Just on that last point, great to see just that growing mix of Tenable One as a percentage of new sales. Do you have any data or just even anecdotes on what exposure management modules outside of core VM customers are most gravitating towards? Because you get a nice uplift there on Tenable One versus sort of kind of buying a la carte. What are the modules that are sort of driving that most often?

史蒂夫，也許只是從你開始。就最後一點而言，很高興看到 Tenable One 的組合佔新銷售的百分比不斷增長。您是否有關於核心虛擬機器客戶以外的哪些暴露管理模組最受青睞的任何數據甚至軼事？因為與點菜相比，你在 Tenable One 上得到了很大的提升。最常驅動的模組是什麼？

Yes. Well, a good example of that is our largest win within the quarter, a 7-figure win with a European manufacturer. We specifically -- Tenable One, we won the cloud security mandate. So that was the tip of the spear for us. And then along with that purchase, we displaced an incumbent VM vendor, and we also sold all OT security, which we now have more recently integrated into Tenable One. So Tenable One is a means for customers to now understand the risk posture across the attack surface, but also is allowing us to consolidate many categories of security, not only VM, but also cloud and OT, as I just mentioned.

是的。一個很好的例子就是我們本季最大的勝利，與歐洲製造商取得了 7 位數的勝利。具體來說，我們——Tenable One，我們贏得了雲端安全任務。這就是我們的矛尖。然後，隨著這次購買，我們取代了一家現有的虛擬機器供應商，我們也出售了所有 OT 安全性，現在我們最近將其整合到 Tenable One 中。因此，Tenable One 是客戶現在了解整個攻擊面的風險狀況的一種手段，而且還使我們能夠整合許多類別的安全性，不僅是虛擬機，還包括雲端和 OT，正如我剛才提到的。

Web App was also one of those modules that continues to get good traction for us. And I would say not only in terms of the breadth that we offer in Tenable One of the areas of the attack surface that we secure, but it's also the insights and the analytics. It's connecting all of the balls and all the threats with the identities and the entitlements and those who can make lateral movement. So we could not be more pleased with the momentum we're getting in Tenable One. And again, there's just a lot of traction with exposure management, as I mentioned earlier. And certainly, it's resonating well not only with customers but also partners.

Web 應用程式也是繼續為我們帶來良好吸引力的模組之一。我想說的不僅是我們在 Tenable One 中提供的廣度（我們保護的攻擊面領域之一），而且還包括洞察和分析。它將所有的球和所有的威脅與身份、權利以及可以橫向移動的人聯繫起來。因此，我們對 Tenable One 所取得的勢頭感到非常滿意。再次強調，正如我之前提到的，曝光管理具有很大的吸引力。當然，它不僅引起了客戶的共鳴，也引起了合作夥伴的共鳴。

That's great. And maybe for my follow-up, and it's maybe something for both you and Jason, and maybe it's also related to that answer that you gave. But one thing that sort of stood out to me was just the better new logo ACV in the quarter. I think that's one that you typically called out, Steve. Maybe some of the things that you just talked about, but what do you feel like is driving that success, particularly with new logos? And as I just think about some reasons, maybe it's a better VM market. Maybe that sort of momentum and exposure, maybe it's market share gains. Any thoughts on sort of what's driving that -- it's good performance all around, but particularly with new logos. Any thoughts there would be helpful.

那太棒了。也許對於我的後續行動，這可能對你和傑森都有好處，也許也與你給的答案有關。但對我來說比較突出的一件事是本季度 ACV 更好的新標誌。我想這就是你通常所說的，史蒂夫。也許是您剛才談到的一些事情，但您覺得是什麼推動了成功，尤其是新徽標？我只是考慮了一些原因，也許這是一個更好的虛擬機器市場。也許是這種勢頭和曝光度，也許是市場份額的成長。關於推動這一趨勢的任何想法——它在各個方面都表現良好，尤其是在新標誌方面。任何想法都會有幫助。

Yes, that's a great question. And I think it's -- the market is starting to dictate this. I can tell you that at Tenable, we're having more conversations with CISOs that are looking for more than a single solution vendor. And with Tenable, we have the portfolio of products to help an organization be able to deal with the ever-growing attack surface. And maybe this is an area that I can explain a little bit more about Tenable One, and what it does for our customers. It starts with we build an inventory for a customer. We bring in assets from the cloud, from OT. We bring in identities, human and nonhuman. We can even bring in third-party data assets. So being able to bring in all of this information, so an organization has the ability to understand what assets they're responsible for. The second piece is we then analyze that inventory. We look for findings. We look for risk. We look for toxic combinations, and we contextualize and normalize this information. And then the third step is we help with prioritization.

是的，這是一個很好的問題。我認為市場開始決定這一點。我可以告訴您，在 Tenable，我們與正在尋找多個解決方案供應商的 CISO 進行了更多對話。透過 Tenable，我們擁有了一系列產品來幫助組織應對不斷增長的攻擊面。也許在這個領域我可以更多地解釋 Tenable One 以及它為我們的客戶帶來的好處。首先我們為客戶建立庫存。我們從雲端、OT 引進資產。我們帶來人類和非人類的身分。我們甚至可以引入第三方資料資產。因此，如果能夠引入所有這些信息，組織就有能力了解他們負責哪些資產。第二部分是我們分析該庫存。我們尋找發現。我們尋找風險。我們尋找有毒的組合，並將這些資訊置於情境中並使其標準化。第三步是我們幫助確定優先順序。

We give business contacts from a business organization what the associated risk is, and why it's important. But just as importantly, we also give the technical prioritization details, what assets need to be remediated. This helps with clients. This helps with regulation and drives remediation. And then lastly, and really truly the power of Tenable One is we bring all these things together is the analytics, the ability to optimize, the ability to share this information with executive management, with boards and with peer groups to be able to drive actionability. And if you think about it, it's circular. So that continually the inventory constantly changes, and the power of Tenable One is we build that inventory. We analyze the inventory for risk and toxic combinations. We help with the prioritization, and we help with the optimization.

我們向業務組織的業務聯絡人提供相關風險及其重要性。但同樣重要的是，我們還提供了技術優先級詳細信息，以及需要修復哪些資產。這對客戶很有幫助。這有助於監管並推動補救。最後，Tenable One 真正的力量在於，我們將所有這些東西結合在一起，包括分析、優化能力、與執行管理層、董事會和同行團體共享這些資訊的能力，從而能夠推動可操作性。如果你仔細想想，它是循環的。因此，庫存會不斷變化，而 Tenable One 的力量就是我們建造該庫存。我們分析庫存中的風險和有毒組合。我們幫助確定優先級，並幫助優化。

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

下一個問題來自哈姆扎·福德瓦拉 (Hamza Fodderwala) 與摩根士丹利 (Morgan Stanley) 的對話。

Steve, a lot of macro uncertainty out there. I'm wondering, just on the spending environment again, how would you characterize the environment relative to when you last gave guidance 90 days ago? And could you give any commentary on early pipeline trends for Q2 as it relates to your guidance for Q2 and for the full year?

史蒂夫，宏觀經濟存在著許多不確定性。我想知道，就消費環境而言，相對於 90 天前上次提供指導時，您如何描述當前環境？您能否對第二季的早期管道趨勢發表任何評論，因為它與您對第二季和全年的指導有關？

Well, specifically with regard to Q2, pipeline remains healthy, and this is the first time we're setting expectations for the quarter and providing an outlook and the outlook we're providing, we think, is strong, not only for Q2, but also for the year. And as a reminder, in Q1, we beat CCB, we beat revenue. We're flowing through the beat for both CCP and revenue. We're also raising in both of those areas. So the outlook for Q2, we believe, is absolutely strong. The outlook for the year is more improved than 90 days ago.

嗯，特別是關於第二季度，管道仍然健康，這是我們第一次設定本季度的預期並提供前景，我們認為，我們提供的前景是強勁的，不僅是第二季度，而且也是今年的。提醒一下，在第一季度，我們擊敗了建行，我們擊敗了收入。我們正在經歷 CCP 和收入的節拍。我們也在這兩個領域進行融資。因此，我們相信第二季的前景絕對強勁。今年的前景比 90 天前有更大改善。

And I would say certainly some areas of strength, as we talked about earlier with regard to Tenable One and even in our core VM business where there's lots of opportunity for us, and we are continuing to remain strong there. Some of the areas that have been more fluid for us over the past year were strong for us, specifically mid-market. We're off to a good start. Pending environment was again healthy this quarter. The deal sizes continue to be favorable. We're making a lot of progress with cloud there, transacting large 6-figure deals. OT continues to resonate only in the enterprise market, but also in the mid-market. So certainly, mid-market was another area of strength. And I would also say the Fed in Q1, defense and critical infrastructure was an interest run for us in the public sector.

我肯定會說一些優勢領域，正如我們之前談到的 Tenable One，甚至在我們的核心 VM 業務中，我們有很多機會，而且我們將繼續在這些領域保持強勢。過去一年對我們來說流動性較大的一些領域對我們來說也很強大，特別是中端市場。我們有了一個好的開始。本季的待處理環境再次健康。交易規模持續有利。我們在雲端方面取得了很大進展，達成了 6 位數的大型交易。 OT 繼續僅在企業市場產生共鳴，但也在中端市場產生共鳴。當然，中階市場是另一個優勢領域。我還想說，聯準會第一季的國防和關鍵基礎設施是我們公共部門的利息運作。

We also saw good traction in state and local and higher end. Pipeline and Fed remains exceptionally strong. And we did have the opportunity to see a little bit of upside in the quarter from U.S. Federal, but CR continuing resolution influencing cap some of the upside for us in the quarter. That said, the selling environment, I would say, is stronger now than last year, and we had a great year last year's Fed. And we expect to have another strong year this year. Funds are starting to open and slow down the different agencies, activity around customers is as strong as we've ever seen in federal. So we're certainly excited, and we think we're providing a bullish outlook on the year and certainly a good start to it with regard to our results for the quarter.

我們也看到了州、地方和高端市場的良好吸引力。管道和聯準會仍然異常強勁。我們確實有機會看到美國聯邦儲備委員會本季的一些上行空間，但 CR 持續的決議影響限制了我們本季的一些上行空間。也就是說，我想說，現在的銷售環境比去年更強，去年的聯準會表現出色。我們預計今年又將是強勁的一年。資金開始開放並放慢了不同機構的速度，圍繞客戶的活動與我們在聯邦見過的一樣強勁。因此，我們當然很興奮，我們認為我們對今年的前景持樂觀態度，並為本季的業績提供了一個良好的開端。

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

下一個問題來自富國銀行的安德魯‧諾溫斯基 (Andrew Nowinski)。

Great to hear that Amit's recovery is going well. I wanted to ask, Steve, maybe just a follow-up on the Fed side, as it relates to the Ivanti vulnerability that seems pretty widespread in the industry. I guess was that one of the drivers of Fed demand? And how much of an impact did it have on the quarter or your pipeline going forward?

很高興聽到阿米特康復進展順利。我想問，史蒂夫，也許只是聯準會方面的後續行動，因為它與業內似乎相當普遍的 Ivanti 漏洞有關。我想這是聯準會需求的驅動因素之一嗎？它對本季或您未來的管道有多大影響？

Things like that, they kind of bubble up pretty fast, don't have a big impact in the current quarter. We can see some upside there. But as I commented earlier, what drove the results in Fed in Q1 was defense and critical infrastructure. And I would say, Tenable One is certainly an area that continues to resonate well, certainly within at the federal level. But we're also seeing a ton of strength at state and local and higher (inaudible) where OT also remains a tailwind for us. So overall spending environment is very strong for Fed. I'm super excited about not only Q2, what's ahead for us there, but also headed into the strong Fed year-end in September quarter.

類似的事情，它們的出現速度相當快，在當前季度不會產生很大的影響。我們可以看到一些好處。但正如我之前評論的那樣，推動聯準會第一季業績的因素是國防和關鍵基礎設施。我想說，Tenable One 無疑是一個持續引起良好共鳴的領域，尤其是在聯邦層級。但我們也看到州、地方和更高等級（聽不清楚）的力量龐大，加班仍然是我們的順風車。因此，聯準會的整體支出環境非常強勁。我不僅對第二季的前景感到非常興奮，而且對即將到來的九月季度聯準會強勁的年底也感到非常興奮。

Okay. And then it looks like the net retention rate dipped down to about 109% this quarter. I guess when do you think that will bottom out? And how are you thinking about it going forward?

好的。然後，本季的淨保留率似乎下降至 109% 左右。我猜你認為什麼時候會見到底？您對未來有何看法？

Sure. Yes. Well, the net retention rates in the quarter, as I mentioned earlier in the call, was really a consequence of the mix of business, more skewed towards new versus expansion. By the way, that is a very good thing for us. And the one thing I will say is that, we provide a lot of color on our business with regards to the metrics that we provide. We disclosed a number of new customers. We disclosed the number of large deals. And the rate of expansion with customers in the current quarter. It's important to note that we do not optimize our business around a single metric, and these metrics can fluctuate naturally from quarter-to-quarter.

當然。是的。嗯，正如我之前在電話會議中提到的，本季的淨保留率實際上是業務組合的結果，更傾向於新業務而不是擴張業務。順便說一句，這對我們來說是一件非常好的事情。我要說的一件事是，我們在我們提供的指標方面為我們的業務提供了許多色彩。我們揭露了一些新客戶。我們揭露了大宗交易的數量。以及本季客戶的擴張率。值得注意的是，我們不會圍繞單一指標來優化我們的業務，而且這些指標可能會隨著季度的變化而自然波動。

And I'll say that all of our KPIs are meant to be evaluated in aggregate. So you have to have a better appreciation of the factors that influence our results for the quarter. And with respect to the expansion rate, it is possible that we could see fluctuations going forward. That said, we feel good about our outlook for the year, which reflects modestly higher growth in the second half of the year, consistent with our top track last quarter, and that would indeed be driven by an improvement in one or more of those metrics.

我想說的是，我們所有的 KPI 都應該進行總結評估。因此，您必須更了解影響我們本季業績的因素。就擴張率而言，我們可能會看到未來的波動。也就是說，我們對今年的前景感到樂觀，這反映了下半年的適度增長，與上季度我們的最佳表現一致，而且這確實是由其中一個或多個指標的改善所推動的。

Next question comes from the line of Brad Reback with Stifel.

下一個問題來自 Brad Reback 和 Stifel 的對話。

Steve, I know during the prepared remarks, you talked about an acceleration in CCP growth in the back half of the year, consistent with last quarter. What are things that need to get better for that to happen?

史蒂夫，我知道在準備好的發言中，您談到了下半年 CCP 成長的加速，與上個季度一致。為了實現這個目標，哪些事情需要變得更好？

Sure. I would say a couple of things. First, again, this is very consistent with the top track that we offered up on our last call. (inaudible) we acquired Ermetic in October of last year. And our mandates were very clear. Number one, integrate the current capabilities of (inaudible) with the Ermetic platform, which we have done and we'll certainly do. Number two, work to build pipeline opportunities. So the guide that we gave last quarter, which was 12% to 14% growth, we said directionally expect slightly lower growth in the first half of the year, in particular to Q1. We're delighted to deliver outperformance relative to those expectations that we set in the first quarter today. And then we also said honestly higher growth with regard to cloud security in the second half of the year, as we complete the product integration as we build pipeline opportunities, and we start to have -- work towards closing those opportunities over the course of the ensuing months.

當然。我想說幾件事。首先，這與我們上次通話中提供的頂級曲目非常一致。 （聽不清楚）我們在去年 10 月收購了 Ermetic。我們的任務非常明確。第一，將（聽不清楚）的當前功能與 Ermetic 平台集成，我們已經做到了，而且肯定會做到。第二，努力建立管道機會。因此，我們在上個季度給出的指導意見是 12% 至 14% 的成長，我們表示定向預計今年上半年的成長將略有下降，特別是第一季。我們很高興能夠實現超出我們今天第一季設定的預期的業績。然後，我們也誠實地說，下半年雲端安全方面的成長將更高，因為我們在建立管道機會時完成了產品集成，並且我們開始努力在整個過程中關閉這些機會接下來的幾個月。

The other thing I'll tell you is certainly fact that's going to be a catalyst to growth. We could not be more bullish about Fed, the pipeline that we have, the mandates that we're getting and certainly the engagement with our customers. So nothing's really changed in our outlook for the year this quarter relative to last.

我要告訴你的另一件事是，這肯定會成為成長的催化劑。我們對聯準會、我們擁有的管道、我們獲得的授權以及與客戶的互動都非常樂觀。因此，與上一季相比，我們對本季的全年展望沒有任何真正的變化。

Next question comes from the line of Jonathan Ho with William Blair.

下一個問題來自喬納森·何（Jonathan Ho）和威廉·布萊爾（William Blair）的對話。

Just wanted to also echo my thoughts and prayers with Amit as he continues to improve as well. Just wanted to get a sense from you in terms of the OT markets, you've mentioned this a number of times in the discussions, but what's maybe changed there? And what's -- where are we in terms of the adoption curve around these OT solutions?

我只是想向阿米特表達我的想法和祈禱，因為他也在不斷進步。只是想從您那裡了解 OT 市場的情況，您在討論中多次提到了這一點，但是那裡可能發生了什麼變化？就這些 OT 解決方案的採用曲線而言，我們處於什麼位置？

Yes, absolutely. Great question. So what you're seeing in the industry is quite interesting. With the role of the CISO, more CISOs are having to accept the risk to be able to take over the OT security requirements. So not only are we seeing this in manufacturing and industrial controls, but we're also setting them in building management systems. The CISOs are now having to take on responsibility of this.

是的，一點沒錯。很好的問題。所以你在這個行業看到的情況非常有趣。隨著 CISO 的角色的發揮，更多的 CISO 必須接受風險才能接手 OT 安全要求。因此，我們不僅在製造和工業控制中看到了這一點，而且還在建築管理系統中設置了它們。 CISO 現在必須承擔這方面的責任。

Just recently, I was with a CISO in the financial services sector, who has just gotten a mandate from his board that he is now responsible for the building management system. So -- and we're seeing this trend across the board, where CISOs are now having to take on more and more responsibility. So by being able to give the visibility not only from cloud, but being able to bring an identity and OT and bring that data together, we really do find that we have a unique opportunity, and we are seeing a significant number of opportunities in the OT space.

就在最近，我與一位金融服務業的 CISO 共事，他剛從董事會獲得授權，現在負責建築管理系統。因此，我們全面看到了這一趨勢，CISO 現在必須承擔越來越多的責任。因此，透過不僅能夠從雲端提供可見性，而且能夠將身分和 OT 並將這些資料整合在一起，我們確實發現我們擁有一個獨特的機會，並且我們在以下領域看到了大量的機會： OT空間。

Next question comes from the line of Mike Cikos with Needham & Company.

下一個問題來自 Needham & Company 的 Mike Cikos。

I think the first one for Steve, I just want to make sure I better understand the guidance that we have here today. So I know 2Q coming in slightly below on the top line versus where consensus was, but you guys are taking up full year above and beyond just this 1Q be, right? And I just wanted to get a better understanding that second half acceleration that we're looking for. Is that really a function of what you're seeing in pipe related to Fed? Is it part of the outperformance for 1Q here? Any change in assumptions around mid-market? Can you better (inaudible)?

我想第一個是史蒂夫，我只是想確保我更好地理解我們今天在這裡得到的指導。所以我知道第二季度的收入略低於共識的水平，但你們全年的收入都高於第一季度，對嗎？我只是想更好地理解我們正在尋找的下半年加速。這真的是你在與聯準會相關的管道中看到的函數嗎？這是第一季表現優異的一部分嗎？圍繞中端市場的假設有什麼變化嗎？你能更好嗎（聽不清楚）？

Sure. First, in terms of Q2, as I mentioned, this is the first time we're providing any commentary around the quarter. So the guide we think we're giving in Q2 is strong. It's reflective of the execution and the outperformance in Q1 as well as our revised outlook for the year. And I would say there's -- in terms of the spending environment, I think there's a confluence of factors that are impacting that, number one, we're continuing to see strength in the mid-market. Number two, we talked about public sector that will be a source of tailwind for us during the course of the year, specifically as we head into the Fed's fiscal year end in September. And certainly, cloud security, where we're building pipeline opportunities.

當然。首先，就第二季而言，正如我所提到的，這是我們第一次在本季提供任何評論。因此，我們認為我們在第二季度提供的指南是強有力的。它反映了第一季的執行和優異表現以及我們修訂後的今年前景。我想說的是，就支出環境而言，我認為有多種因素共同影響，第一，我們繼續看到中端市場的強勁勢頭。第二，我們談到了公共部門，這將成為我們今年的順風車，特別是在我們進入 9 月聯準會財年結束之際。當然，還有雲端安全，我們正在其中建立管道機會。

So overall, if you look at the guide that we're giving 217 to 219 for revenue, the high end, it's in line with the consensus. We think we're set up well for success, not only in the current quarter, but also for the rest of the year.

因此，總體而言，如果您查看指南，我們給出的收入為 217 至 219，即高端，這符合共識。我們認為，我們已經為成功做好了充分準備，不僅在本季度，而且在今年剩餘時間裡也是如此。

Got it. And if I could just shift over to Jason for a second, really on the product here. We saw that Tenable One had released AI assisted and attack path analysis, and I know that, that is a part of your higher-tier SKU, if you will, it's Tenable One enterprise, right? So should we think about Tenable's strategy with the GenAI capabilities is really helping drive an up-tiering, if you will, towards those higher SKU packages?

知道了。如果我能請傑森談談這裡的產品。我們看到Tenable One發布了AI輔助和攻擊路徑分析，我知道，這是你們更高級別SKU的一部分，如果你願意的話，它是Tenable One企業版，對嗎？那麼，我們是否應該考慮一下，Tenable 的 GenAI 功能策略確實有助於推動升級（如果您願意的話）走向更高的 SKU 套餐？

That was a great question. So I think, first, fundamentally, we have to -- as a Tenable, what we are doing within AI, it's important to understand that to be competitive in AI, organizations have to have proprietary information, information that they in the industry have that differentiates across the competitive landscape. At Tenable, we're the market leader in vulnerability management. We've been doing this for over 20 years. So we have a ton of rich information, knowing more about threat (inaudible) data and cyber than any other organization. The second piece is we have the ability to leverage insights from our 40,000-plus customers and bringing that in as part of our model train and giving us the ability to then put this throughout the product. So the first place that we put it into was attack path analytics and providing the AI function there.

這是一個很好的問題。所以我認為，首先，從根本上來說，我們必須——作為一個Tenable，我們在人工智慧領域所做的事情，重要的是要理解，為了在人工智慧領域具有競爭力，組織必須擁有專有資訊，他們在行業中擁有的資訊在競爭格局中脫穎而出。在 Tenable，我們是漏洞管理領域的市場領導者。我們這樣做已經有 20 多年了。因此，我們擁有大量豐富的信息，比任何其他組織都更了解威脅（聽不清楚）數據和網路。第二點是我們有能力利用 40,000 多名客戶的見解，並將其作為我們模型系列的一部分，然後使我們能夠將其應用到整個產品中。因此，我們首先將其放在攻擊路徑分析並在那裡提供人工智慧功能。

And again, that is part of our top-tier Tenable One offering. So we've got organizations today, for instance, a large shipping manufacturer. The exposure management team is leveraging the attack path analytics enabled with AI to actually help drive prioritization and visualization of how the systems are actually connected. And that's just one example, but we're seeing that across the board. Our plan is also to take the AI function and capability and embed it across the entire portfolio. So it's not just the top tier Tenable One analytic components, we're going to be bringing this into -- we're going to be bringing this into our identity exposure capability. We're going to be bringing this into all of our service-delivered solutions. And we're super excited about that capability because it's going to help organizations with explainability, drive prioritization and drive analytics.

再說一遍，這是我們頂級 Tenable One 產品的一部分。所以我們今天有一些組織，例如一個大型運輸製造商。暴露管理團隊正在利用人工智慧支援的攻擊路徑分析來實際幫助推動系統實際連接方式的優先順序劃分和視覺化。這只是一個例子，但我們在所有方面都看到了這一點。我們的計劃還包括將人工智慧功能和能力嵌入整個產品組合中。因此，這不僅僅是頂級的 Tenable One 分析組件，我們將把它帶入我們的身份暴露功能中。我們將把這一點帶入我們所有提供服務的解決方案中。我們對這項功能感到非常興奮，因為它將幫助組織提高可解釋性、推動優先順序劃分和推動分析。

Next question comes from the line of Patrick Colville with Scotiabank.

下一個問題來自豐業銀行 Patrick Colville 的電話。

Great to be a part of Tenable story. Steve, let me ask you a question. I want to ask about the competitive environment (inaudible) vulnerability management. I mean you've got one competitor who over the last couple of quarters and this year is really stepping on the gas in terms of investment. You've got another payer that's going through quite a deep restructuring. I guess what are you seeing in terms of competitive dynamics in vulnerability management and how are these impacting Tenable (inaudible)?

很高興成為 Tenable 故事的一部分。史蒂夫，讓我問你一個問題。我想問競爭環境（聽不清楚）漏洞管理。我的意思是，有一個競爭對手在過去幾個季度和今年在投資方面確實加大了力度。另一個付款人正在經歷相當深入的重組。我想您對漏洞管理的競爭動態有何看法？

Well, I would say the market and competitive dynamics there are very favorable for us in VM. VM was a source of upside for us in the quarter. Our close rates and our win rates remain very high. We believe differentiation is very apparent. Investing in this market is not a recent phenomenon for us. It's something we've been doing over the course of the years. And we have been investing. We recognize the importance of the VM market. And we believe that success there translates to opportunity elsewhere. So we are, we believe, a clear and unequivocal leader. We have the largest customer base. Now in terms of device coverage, most expansive in terms of device coverage, you can see that we're adding 400 new customers a quarter. And yes, a good number of those are coming from Tenable One. But within Tenable One or having success selling VM there and addressing the VM use case, but a good number of those customers are also coming from our core VM offerings such as security center or I/O.

嗯，我想說，VM 領域的市場和競爭動態對我們來說非常有利。 VM 是我們本季上漲的一個來源。我們的成交率和勝率仍然非常高。我們認為差異化非常明顯。對我們來說，投資這個市場並不是什麼新鮮事。這是我們多年來一直在做的事情。我們一直在投資。我們認識到 VM 市場的重要性。我們相信，那裡的成功可以轉化為其他地方的機會。因此，我們相信，我們是一個明確而明確的領導者。我們擁有最大的客戶群。現在就設備覆蓋範圍而言，最廣泛的是設備覆蓋範圍，您可以看到我們每季都會增加 400 個新客戶。是的，其中很大一部分來自 Tenable One。但在 Tenable One 中，或在那裡成功銷售虛擬機器並解決虛擬機器用例，但其中大量客戶也來自我們的核心虛擬機產品，例如安全中心或 I/O。

So for us, VM is an incredibly important market. It's one we're going to continue to invest in. We are continuing to differentiate, and we're continuing to displace incumbent vendors. As we mentioned earlier, our largest opportunity. Our largest deal in the quarter was a 7-figure opportunity, where we displaced the current VM incumbent, and there's many stories like that all within those 410 customers that we announced this quarter. So overall, we are incredibly bullish on VM going forward. And I also want to add that we are also investing in innovation in VM. So we're not resting on our laurels. We're going to be adding new capabilities that are really, truly focused on the VM practitioner that is going to create a lot of excitement for our customers.

所以對我們來說，虛擬機器是一個非常重要的市場。這是我們將繼續投資的領域。正如我們之前提到的，我們最大的機會。我們本季最大的交易是一個價值 7 位數的機會，我們取代了目前的 VM 現有企業，在我們本季宣布的 410 名客戶中，有許多類似的故事。總的來說，我們非常看好虛擬機器的未來。我還想補充一點，我們也在虛擬機器創新方面進行投資。所以我們不會固步自封。我們將添加真正真正專注於 VM 從業者的新功能，這將為我們的客戶帶來很多興奮。

Next question comes from the line of Gary Powell with BTIG.

下一個問題來自 BTIG 的 Gary Powell。

Yes, I was just hoping to dig in on some of the disclosures. The stats you gave on Tenable One at 26% and then broader exposure management solutions, that 50% of new sales was really helpful. Is there anything you can do to give us like a sense as to what stand-alone cloud security contributed? Or was the bigger contribution of that incremental more like on the OT and like some of the other products in there?

是的，我只是希望深入了解一些披露的內容。您在 Tenable One 上提供的統計數據為 26%，然後是更廣泛的曝光管理解決方案，即新銷售額的 50%，這確實很有幫助。您可以做些什麼來讓我們了解獨立雲端安全性的貢獻嗎？或者，增量的更大貢獻是否更像 OT 以及其中的其他一些產品？

We do not disclose bookings or CCB by product. And what I will say is, look, Tenable One is nearly half of the, we said 26%. So nearly half of the 50% of our new sales is coming from exposure management solutions. Exposure management solutions is either selling the platform stand-alone or selling individual products such as cloud security or OT, individually to address a specific use case. And so we're having success on the both. What we did say though, with regard to cloud securities, expect greater contribution in the second half of the year related to the acquisition of Ermetic as we look to begin -- start building pipeline opportunities and closing deals in the second half of the year

我們不會依產品揭露預訂或 CCB。我要說的是，你看，Tenable One 幾乎佔了一半，我們說的是 26%。因此，我們 50% 的新銷售額中近一半來自曝光管理解決方案。暴露管理解決方案要么單獨銷售平台，要么單獨銷售雲端安全或 OT 等單獨產品，以解決特定用例。所以我們在這兩方面都取得了成功。不過，我們確實說過，關於雲端證券，預計下半年與收購 Ermetic 相關的貢獻會更大，因為我們希望在下半年開始建立管道機會並完成交易

regarding our more expansive CNAPP offering.

關於我們更廣泛的 CNAPP 產品。

So overall, I would say we're seeing good growth in cloud security specifically. Obviously, you continue to see good growth with Tenable One, and we expect both cloud security and Tenable One to be a tailwind for us during the course of the year.

總的來說，我想說我們在雲端安全方面看到了良好的成長。顯然，您將繼續看到 Tenable One 的良好成長，我們預計雲端安全和 Tenable One 將在這一年中成為我們的推動力。

Next question comes from the line of Shaul Eyal, TD Cowen.

下一個問題來自 TD Cowen 的 Shaul Eyal。

Congrats on the results. Great to hear Amit is doing much better. My question also on new logos. Leaving aside that sizable displacement that you had and you just announced and discussed, were mostly -- or the 410 logos, were they mostly displacement or were they mostly greenfield?

祝賀結果。很高興聽到阿米特做得更好了。我的問題也是關於新標誌的。撇開您剛剛宣布和討論的相當大的位移不談，或者說 410 徽標，它們主要是位移還是主要是綠地？

That's a good question. What we said is on average or what we have said in this quarter was no different. It's about 1/3 of all of our new logos are greenfield opportunities. And these are customers, specifically, I'll say within VM customers that have had no enterprise-wide VM solution. They could be using a systems integrator, they could be using an MSSP, an outsourcing VM. So there's for us, lots of untapped opportunity not only within VM, but certainly elsewhere as we look to invest in some of the biggest markets in all of cyber, such as cloud, identity and OT. So about 1/3 of our opportunities are greenfield, which means consequently, some of these are displacements. And again, we continue to have a very high win rate. against incumbents. And there's no change in the competitive dynamics, certainly within VM.

這是個好問題。我們所說的是平均水平，或者我們本季所說的沒有什麼不同。我們所有新商標中約有 1/3 是全新機會。這些客戶，特別是那些沒有企業級虛擬機器解決方案的虛擬機器客戶。他們可以使用系統整合商，也可以使用 MSSP（外包虛擬機器）。因此，對我們來說，不僅在虛擬機器領域，而且在其他地方，我們都有很多未開發的機會，因為我們希望投資於所有網路領域的一些最大市場，例如雲端、身分和 OT。因此，我們大約 1/3 的機會是未開發的，這意味著其中一些機會是流離失所的。再說一次，我們仍然擁有非常高的勝率。反對現任者。而且競爭動態沒有變化，尤其是在虛擬機器領域。

Next question comes from the line of Rudy Kessinger with D.A. Davidson.

下一個問題來自魯迪·凱辛格 (Rudy Kessinger) 和 D.A.戴維森。

This is (inaudible) on for Rudy. First of all, congrats on the numbers. I just have a quick question for you guys. Could you quantify the Ermetic contribution to revenue and CCB in Q1? Or any other data points that we can use for the model?

這是魯迪（聽不清楚）的。首先，恭喜你的數字。我只想問你們一個簡單的問題。您能否量化 Ermetic 對第一季營收和 CCB 的貢獻？或者我們可以用於模型的任何其他數據點？

Well, Ermetic contributed minimally in Q1, and that's expected, right? We closed on Ermetic in Q4. We're hard at work integrating the product. We're in market selling the more expansive CNAPP offering, and we expect (inaudible) second half of the year. And our outlook for Ermetic specifically, has not changed since our last call. We said we expect 2 points of incremental CCB growth because of Ermetic, and that has not changed this quarter.

嗯，Ermetic 在第一季的貢獻微乎其微，這是預期的，對吧？我們在第四季關閉了 Ermetic。我們正在努力整合該產品。我們正在市場上銷售更廣泛的 CNAPP 產品，我們預計（聽不清楚）今年下半年。自上次電話會議以來，我們對 Ermetic 的具體前景沒有改變。我們表示，由於 Ermetic，我們預計 CCB 的增量將成長 2 個百分點，這一點在本季沒有改變。

Great. And -- what -- just a quick one. What percent of your sales came from the overlay teams in the past years? If you could maybe give us some color there? And are you seeing any sales reps selling the entire portfolio successfully since the past (inaudible) that you announced?

偉大的。還有——什麼——只是快一點。過去幾年，您的銷售額中有多少來自覆蓋團隊？你能給我們一些顏色嗎？自從您宣布的過去（聽不清楚）以來，您是否看到任何銷售代表成功銷售整個產品組合？

Yes. Well, we're seeing most, if not all, of our sales rep selling combined offering. So we're leading with Tenable One. Number 1 is a use case that resonates with customers. It obviously helps customers understand their risk more broadly across the attack surface and at least the higher selling prices for us and some of our highest close rates in the company are coming through Tenable One. Also half of all of our new logo 6-figure LANs (inaudible), so we're getting great traction with Tenable One, transacting larger deals and having success selling into our customers. In terms of the overlays, it's something that we talked about on the last call, which is Look, over the course of the years, we have broadened the product portfolio and evolved from having a singular focus on VM, which we continue to do very well, and we continue to be the market leader. But also addressing adjacent markets such as Web App security, cloud security, OT, identity security, ASM, so we broadened the product portfolio, we have brought new products to market, and our reps have had success selling those. Initially, when you do that, it requires the use of some specialist reps and overlay reps, but what we have recognized is that we have had success selling those products in our own right and those products become more mainstream as we've become less reliant on overlay reps, Again, specialists are going to be really important here, and we continue to have those. But I think what you're seeing today in terms of the efficiency of our spend in sales and marketing really reflects the sales organization's ability to sell the broader exposure platform.

是的。好吧，我們看到大多數（如果不是全部）銷售代表都在銷售組合產品。因此，我們以 Tenable One 為主導。第一個是與客戶產生共鳴的用例。顯然，它可以幫助客戶更廣泛地了解整個攻擊面的風險，至少我們的更高售價以及公司中一些最高的成交率都是透過 Tenable One 實現的。此外，我們所有新徽標 6 位數 LAN 的一半（聽不清楚），因此我們透過 Tenable One 獲得了巨大的吸引力，達成了更大的交易並成功向客戶銷售產品。就覆蓋而言，這是我們在上次電話會議中討論的內容，多年來，我們擴大了產品組合，並從單一關注 VM 發展而來，我們繼續這樣做好吧，我們仍然是市場領導者。而且也解決了 Web 應用安全、雲端安全、OT、身分安全、ASM 等鄰近市場的問題，因此我們擴大了產品組合，我們將新產品推向市場，並且我們的銷售代表已成功銷售這些產品。最初，當你這樣做時，需要使用一些專業代表和覆蓋代表，但我們認識到，我們已經成功地憑藉自己的能力銷售了這些產品，並且隨著我們的依賴程度降低，這些產品變得更加主流對於疊加代表，再次強調，專家在這裡非常重要，我們將繼續擁有這些專家。但我認為您今天所看到的我們在銷售和行銷方面的支出效率確實反映了銷售組織銷售更廣泛的曝光平台的能力。

Next question comes from the line of Shyam Patil with Susquehanna.

下一個問題來自希亞姆·帕蒂爾 (Shyam Patil) 與薩斯奎哈納 (Susquehanna) 的關係。

This is Aaron on for Shyam. Jason, maybe this one is for you on the product side. You gave that helpful answer a few minutes ago on the generative AI offerings and road map. Just as we think about the generative AI road map, what do you see as kind of the low-hanging fruit in terms of things you can add on in the near term versus what's more of a longer-term objective and opportunity?

這是亞倫 (Aaron) 替補席亞姆 (Shyam)。 Jason，也許這適合產品方面的你。幾分鐘前，您就生成式人工智慧產品和路線圖給出了有用的答案。就像我們思考生成式人工智慧路線圖一樣，您認為短期內可以添加的東西與更長期的目標和機會相比，什麼是唾手可得的成果？

Yes, absolutely. Great question. So from a product perspective, I think there's a couple of pieces that we will go when we will leverage our AI capabilities. First and foremost is being able to pull together information and enrich it that helps a security practitioner understand the risk of an asset. So this is a term that you're going to hear us use a lot more called toxic combination. The ability to pull together not just the asset information, but combine this and enrich it with identity data. So I can now pull together that I've got an individual with elevated credentials, that has access to this critical system and being able to expose that. AI gives you the ability to pull together all of this information very quickly.

是的，一點沒錯。很好的問題。因此，從產品的角度來看，我認為當我們利用我們的人工智慧功能時，我們將採取一些措施。首先也是最重要的是能夠匯集資訊並豐富資訊，以幫助安全從業人員了解資產的風險。所以你會聽到我們更多地使用這個術語，稱為“有毒組合”。不僅能夠匯集資產訊息，還能將其與身分數據結合並豐富它。因此，我現在可以確定，我已經找到了一個具有高級資質的個人，可以存取這個關鍵系統並能夠公開該系統。人工智慧使您能夠快速整合所有這些資訊。

And so there's an explainability component within this. So instead of a practitioner going through a kind of mining for all of this information because we collect a significant amount of data for our customers, providing that quickly is an easy, what I would call, low-hanging fruit. We're also going to be enabling an AI Chatbot capability. So think of it as a Tenable expert at your fingertips. So the ability to do generative AI questions where you can say, hey, what are my top threats? What is my CEO vulnerable to? And being able to get context of that information, I think that even from a business standpoint, AI can help organizations find blind spots, areas that they're not scanning, areas that they need of improvement.

所以這裡面有一個可解釋性的部分。因此，從業者不必因為我們為客戶收集大量資料而對所有這些資訊進行挖掘，而是快速提供這是一個簡單的，我稱之為唾手可得的成果。我們也將啟用人工智慧聊天機器人功能。因此，請將其視為觸手可及的 Tenable 專家。因此，能夠解決生成式人工智慧問題，你可以說，嘿，我的最大威脅是什麼？我的執行長容易受到什麼影響？並且能夠獲取這些資訊的背景，我認為即使從商業角度來看，人工智慧也可以幫助組織找到盲點、他們沒有掃描的領域以及他們需要改進的領域。

So I think that with our AI capabilities, well, while they're going to help with prioritization explainability, it can also drive business outcomes. You've got a grouping of cloud services that are not being scanned, or you've got a grouping of assets that just came up in a sub domain and our tax service management product brought that up. So being able to highlight those business cases for organizations, I think, are super powerful. And again, I think that we've got a phenomenal opportunity with the Tenable data that is going to make our LLM powerful and really important across the product portfolio.

因此，我認為，憑藉我們的人工智慧功能，雖然它們將有助於確定優先順序的可解釋性，但它也可以推動業務成果。您有一組未掃描的雲端服務，或者您有一組剛出現在子網域中的資產，而我們的稅務服務管理產品將其顯示出來。因此，我認為能夠為組織突出這些業務案例是非常強大的。再說一遍，我認為 Tenable 數據為我們帶來了絕佳的機會，這將使我們的法學碩士在整個產品組合中變得強大且非常重要。

The next question comes from the line of Patrick O'Neill with Wolf Research.

下一個問題來自 Wolf Research 的 Patrick O'Neill。

This is Patrick on for Josh. Just was hoping to get a little more color on the 109% NRR. Is there anything to call out on expansion generally being worse or gross retention being worse outside of the Finserv tech and telecom names that you called out?

這是帕特里克替喬許發言。只是希望在 109% NRR 上能有更多的色彩。除了您提到的 Finserv 科技和電信公司之外，還有什麼值得指出的擴張普遍惡化或總保留率惡化的情況嗎？

Hi, this is Steve. No, retention was really this quarter. This is the moderation, the expansion rate is really a function of the mix of business. And in Q1, it was skewed towards new. Specifically, we added 410 new Tenable enterprise platform customers, lots of new 6-figure logo LANs. And within those cohort of new customers, we grew year-over-year ACV by 30% from newly acquired customers. So certainly a strong quarter for us for new business. That's a very good thing for us, and that had an impact on our expansion rate.

嗨，這是史蒂夫。不，保留率確實是本季的。這就是適度，擴張速度其實是業務組合的函數。在第一季度，它偏向新品。具體來說，我們新增了 410 個新的 Tenable 企業平台客戶，以及許多新的 6 位數商標 LAN。在這些新客戶群中，我們新獲得的客戶的 ACV 年比成長了 30%。因此，我們的新業務無疑是一個強勁的季度。這對我們來說是一件非常好的事情，並且對我們的擴張速度產生了影響。

And then one quick follow-up, if you don't mind. How should we think about that number going forward and sort of what's baked into the guidance? I know you don't explicitly guide to that or measure the business to one metric, but sort of what's baked into the guidance around that full year NRR?

如果您不介意的話，然後進行快速跟進。我們應該如何考慮未來的數字以及指南中包含的內容？我知道您沒有明確指導這一點，也沒有根據一個指標來衡量業務，但是圍繞全年 NRR 的指導中包含了哪些內容？

Sure. So in terms of our outlook for the year, our outlook does reflect higher growth in the second half of the year for reasons that I just described. And that would mean that we would see improvement in at least one, if not more, of the 3 key KPIs that we provide. Again, we provide number of large customers. We provide new enterprise platform customers. We also disclosed the expansion rate. And we would need to see at least one, specifically one, should I say, improvement in one of those metrics. It can come from any one of us.

當然。因此，就我們今年的前景而言，由於我剛才描述的原因，我們的前景確實反映了下半年的更高成長。這意味著我們將看到我們提供的 3 個關鍵 KPI 中至少一項（如果不是更多的話）的改進。再次，我們提供了大量的大客戶。我們為客戶提供新的企業平台。我們也披露了擴張率。我們需要看到這些指標之一至少有一項，特別是一項，應該說是改進。它可以來自我們任何一個人。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。