Tenable Holdings Inc (TENB) 2024 Q3 法說會逐字稿

Greetings, and welcome to Tenable's third-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Tenable 2024 年第三季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the call over to your host, Erin Karney. Thank you. You may begin.

現在我想將電話轉給主持人艾琳卡尼 (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 third-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 年第三季的財務業績。

With me on the call today are Amit Yoran, our Chief Executive Officer; and Steve Vintz, our Chief Financial Officer. 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.

今天與我一起參加電話會議的是我們的執行長 Amit Yoran；以及我們的財務長 Steve Vintz。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 related to our guidance and expectations for the fourth quarter and full year 2024 and 2025. 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, including Tenable One, cloud security and AI Aware, planned innovation and new products and services and our expectations regarding long-term profitability and free cash flow.

我們將在本次電話會議期間做出前瞻性聲明，包括與我們對第四季度以及 2024 年和 2025 年全年的指導和預期相關的聲明。我們業務的成長和驅動因素、安全產業威脅格局的變化以及我們在市場中的競爭地位；客戶對我們的解決方案的需求和採用的成長，包括 Tenable One、雲端安全和 AI Aware、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 beliefs and assumptions only as of today and should not be considered representative of our views of any subsequent date, and we disclaim any obligation to update any forward-looking statements or outlook.

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。

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 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.

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 表格年度報告以及我們向 SEC 提交的後續報告中的內容。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制定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'll now turn the call over to Amit.

我現在將把電話轉給阿米特。

Thank you, Erin. We delivered strong results for the quarter, surpassing expectations on both the top and bottom line, including a record quarter for unlevered free cash flow. Tenable One and Cloud Security continue to drive strong demand as customers increasingly adopt our exposure solutions and are laser-focused on exposure management.

謝謝你，艾琳。我們在本季度取得了強勁的業績，在營收和利潤方面均超出了預期，其中無槓桿自由現金流創下了創紀錄的季度記錄。隨著客戶越來越多地採用我們的曝光解決方案並高度關注曝光管理，Tenable One 和雲端安全繼續推動強勁的需求。

Many of the trends we saw across our business in Q2 continued to play out in Q3. Tenable One, our exposure management platform and cloud security were top spending priorities for customers in the quarter. We posed many deals for both offerings across geos and a wide range of industries. A healthy percentage of our customers are evolving on September 1 and embarking on the exposure management journey with us. We believe this adoption of our platform is a precursor to do a follow-on sale and a broader, more strategic relationship with Tenable.

我們在第二季度看到的許多業務趨勢在第三季度繼續顯現。Tenable One、我們的風險管理平台和雲端安全是本季客戶的首要支出重點。我們為跨地域和廣泛行業的這兩種產品提出了許多交易。我們有相當一部分客戶在 9 月 1 日開始發展，並與我們一起踏上風險管理之旅。我們相信，我們平台的採用是後續銷售以及與 Tenable 建立更廣泛、更具策略性關係的先兆。

Within Tenable One, identity and cloud security continue to be top areas of adoption for our customers as they look for analytics they can't find elsewhere. As a result, Tenable One is growing well in excess of our overall growth rate and accounted for approximately 30% of new sales in Q3. Other areas of strength in the quarter included public sector and mid-market. We anticipated Q3 to be a stronger year-end for Fed business on historical experience and that played itself out as expected. In addition to a strong Fed quarter, we closed some cloud deals in the broader public sector. This speaks to both the diversification of product and customer base that we can leverage in this theater.

在 Tenable One 中，身分和雲端安全仍然是我們的客戶採用的首要領域，因為他們正在尋找在其他地方找不到的分析。因此，Tenable One 的成長遠遠超過了我們的整體成長率，約佔第三季新銷售額的 30%。本季的其他優勢領域包括公共部門和中端市場。根據歷史經驗，我們預計第三季聯準會業務將是一個更強勁的年底，結果正如預期的那樣。除了強勁的聯準會季度外，我們還完成了更廣泛的公共部門的一些雲端交易。這說明了我們可以在這個劇院中利用的產品和客戶群的多元化。

As mentioned, another area of strength for the quarter was mid-market. We have a fairly broad definition of mid-market customers, and we're seeing meaningful traction in the higher end of that range, specifically companies approaching 5,000 employees. In fact, we closed our first seven-figure mid-market deal in Q3. This deal was primarily Tenable One with multiple asset types licensed, unlocking the power of the platform. Similar to the enterprise counterparts, these customers have complex environments that benefit from the visibility and actionable insights our products deliver. This is resulting in good demand for Tenable One as more of these companies look to a single vendor to consolidate their stack while remaining a sophisticated approach to security.

如前所述，本季的另一個優勢領域是中端市場。我們對中端市場客戶有相當廣泛的定義，我們看到該範圍的高端客戶具有有意義的吸引力，特別是員工人數接近 5,000 名的公司。事實上，我們在第三季完成了第一筆七位數的中階市場交易。這筆交易主要是 Tenable One 獲得多種資產類型的許可，釋放了該平台的力量。與企業同行類似，這些客戶擁有複雜的環境，可以從我們的產品提供的可見性和可操作的見解中受益。這導致對 Tenable One 的需求旺盛，因為越來越多的公司尋求單一供應商來整合其堆棧，同時保持複雜的安全方法。

Conversely, some of the headwinds we previously called out, including longer sales cycles with additional scrutiny in new business and large VM deals, persisted. However, we did see some stabilization in VM relative to Q2. Importantly, pipe build, particularly among large deals continues to see solid traction, which we believe indicates a lot of opportunity.

相反，我們之前指出的一些不利因素仍然存在，包括更長的銷售週期以及對新業務和大型虛擬機交易的額外審查。然而，我們確實看到 VM 相對於第二季度有所穩定。重要的是，管道建設，特別是大型交易繼續受到強勁的關注，我們認為這預示著大量的機會。

In addition to traction with Tenable One, we're seeing consistent demand for cloud security product. Tenable Cloud Security continues to be our fastest-growing product and has ASPs coming in twice as high as in our other products. Customers need to monitor the health of cloud-native applications as a whole rather than individually monitoring cloud infrastructure. Our unified cloud offering brings an overall view to our customers.

除了 Tenable One 的吸引力之外，我們還看到對雲端安全產品的持續需求。Tenable Cloud Security 仍然是我們成長最快的產品，其 ASP 是我們其他產品的兩倍。客戶需要監控整個雲端原生應用程式的運作狀況，而不是單獨監控雲端基礎架構。我們的統一雲端產品為我們的客戶帶來了整體視圖。

Further, it identifies priority risks and provides immediate insights into where they should focus this remediation efforts. We are winning landmark deals often against some of the most predominant players in the space, which validates our ability to compete and win in the cloud market. As customers cloud environments expand and get more complex, we continue to innovate at an aggressive pace. We recently released new data security posture management, and artificial intelligence security posture management capabilities for Tenable Cloud Security. By extending exposure capabilities to cloud data and AI resources, Tenable's Cloud Security, CNAPP, offering expands into some of our customers' greatest areas of concern.

此外，它還可以識別優先風險，並立即提供有關他們應將補救工作重點放在何處的見解。我們經常在與該領域一些最領先的參與者的競爭中贏得具有里程碑意義的交易，這驗證了我們在雲端市場競爭和獲勝的能力。隨著客戶雲端環境的擴展和變得更加複雜，我們繼續以積極的步伐進行創新。我們最近為 Tenable Cloud Security 發布了新的資料安全態勢管理和人工智慧安全態勢管理功能。透過將暴露功能擴展到雲端資料和 AI 資源，Tenable 的雲端安全 (CNAPP) 產品擴展到了客戶最關心的一些領域。

With the rapid rise of AI adoption, many organizations have jumped on board without fully considering essential safeguards around cybersecurity, privacy and compliance. To address that challenge, we've begun rolling out AI Aware in Q3. AI Aware detects misconfigurations and unauthorized AI software, libraries and plug-ins, all without interrupting customers' daily operations. In the eight weeks since its launch, many of our customers have already started using AI Aware. With AI Aware, our customers can confidently and securely use AI in their business, knowing to have a better handle on AI-related risks. AI Aware is another example of how Tenable One enables customers to quickly and easily assess new and evolving areas of the tax surface.

隨著人工智慧採用的迅速崛起，許多組織在沒有充分考慮網路安全、隱私和合規性方面的基本保障措施的情況下就加入了這一行列。為了應對這項挑戰，我們已在第三季開始推出 AI Aware。AI Aware 可偵測錯誤配置和未經授權的 AI 軟體、函式庫和插件，所有這些都不會中斷客戶的日常操作。自推出以來的八週內，我們的許多客戶已經開始使用 AI Aware。透過 AI Aware，我們的客戶可以自信、安全地在其業務中使用人工智慧，並更好地處理人工智慧相關風險。AI Aware 是 Tenable One 如何幫助客戶快速輕鬆地評估稅務領域新的和不斷發展的領域的另一個例子。

Most organizations operate in a hybrid environment with data and applications spread across multiple systems, both on-premise and in the cloud. When the customer wants to understand where an exposure might reside in their systems, they can turn to Tenable to determine areas that are at risk, and most importantly, uncover risks as they traverse between these environments. We believe this is a huge competitive advantage for us.

大多數組織在混合環境中運營，數據和應用程式分佈在多個系統（本地和雲端）。當客戶想要了解暴露可能存在於其係統中的哪些位置時，他們可以求助於 Tenable 來確定存在風險的區域，最重要的是，在他們穿越這些環境時發現風險。我們相信這對我們來說是一個巨大的競爭優勢。

When their customer is on-prem using private or public cloud or, in some cases, even look into a [patriot] some of their workloads, they need to feel confident that they have solutions that both cut across silos and can track and mitigate risks across these heterogeneous environments. And we're not slowing down. We are continuing to lean in on the areas that matter most to our customers. Our focus on the entire hybrid threat differentiates Tenable and is key to how we win against large and formidable competitors across the business.

當他們的客戶在本地使用私有雲或公有雲，或者在某些情況下，甚至研究他們的一些工作負載時，他們需要確信自己擁有既能跨越孤島又能追蹤和降低風險的解決方案跨越這些異構環境。我們並沒有放慢腳步。我們將繼續專注於對客戶最重要的領域。我們對整個混合威脅的關注使 Tenable 脫穎而出，也是我們如何擊敗整個產業的大型競爭對手的關鍵。

I'd like to spend a few minutes talking about an underlying transformation as we move from a primarily VM focused business to our broader exposure management offerings. Exposure solutions now constitute over 50% of new sales and over 35% of total sales. We also looked at our business in terms of total assets licensed to better understand how customers are deploying Tenable One and for what use cases. At this point, non-VM exposure solutions represent 20% of our total licensed assets. Non-VM exposure solutions are growing at nearly 30%, led by five security, which is growing at approximately 100%.

我想花幾分鐘討論一下當我們從主要以虛擬機器為中心的業務轉向更廣泛的風險管理產品時的根本轉變。曝光解決方案目前佔新銷售額的 50% 以上，佔總銷售額的 35% 以上。我們還從許可總資產的角度審視了我們的業務，以便更好地了解客戶如何部署 Tenable One 以及用於哪些用例。目前，非虛擬機器暴露解決方案占我們授權資產總額的 20%。非虛擬機器暴露解決方案以近 30% 的速度成長，其中以五安安全為首，成長速度約 100%。

There are two key takeaways that we will validate our strategy and set us up for continued success going forward. First, Tenable One become our flagship product and is the primary way our customers want to consume licenses for all asset types, including VM with enhanced analytics. The second key takeaway is that cloud and identity are primary growth drivers are growing at very healthy rates and are increasingly meaningful portions of our business. We are effectively deploying capital by investing in key areas of innovation to help our customers solve some of the toughest problems they're facing. We're doing this while also balancing growth with profitability and delivering strong cash flow.

我們將驗證我們的策略並為我們未來的持續成功做好準備，有兩個關鍵要點。首先，Tenable One 成為我們的旗艦產品，也是我們的客戶希望使用所有資產類型（包括具有增強分析功能的虛擬機器）授權的主要方式。第二個關鍵要點是，雲端和身分是主要的成長動力，並且正在以非常健康的速度成長，並且是我們業務中越來越有意義的部分。我們透過投資關鍵創新領域來有效地部署資本，幫助我們的客戶解決他們面臨的一些最棘手的問題。我們在這樣做的同時，也在平衡成長與獲利能力並提供強勁的現金流。

Given the efficiency of our model, we're happy to announce that our Board has approved an additional $200 million to our share buyback program. We believe in the incredible opportunity in front of us and look forward to continue to execute on our vision.

鑑於我們模型的效率，我們很高興地宣布，我們的董事會已批准為我們的股票回購計劃追加 2 億美元。我們相信擺在我們面前的難以置信的機會，並期待繼續實現我們的願景。

I'd now like to turn the call over to Steve.

我現在想把電話轉給史蒂夫。

Thanks, Amit. Overall, we're very pleased with our execution this quarter, highlighted by better-than-expected CCB revenue and earnings. Calculated current billings defined as revenue recognized in the quarter, plus the change in current deferred revenue grew 11% year over year to $248.4 million. CCB came in slightly better than expected in the quarter due to strength in our exposure management platform and the increased adoption in our cloud security offerings.

謝謝，阿米特。整體而言，我們對本季的執行情況非常滿意，特別是建行的收入和獲利好於預期。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 11% 至 2.484 億美元。建行由於我們的風險管理平台的實力以及雲端安全產品的採用率增加，本季的表現略優於預期。

Tenable One was approximately 30% of total new sales in the quarter with many six and seven-figure wins from large enterprises in the telecommunications, transportation, medical technology and cloud infrastructure industries. These marquee wins are a clear indication of our ability to provide large and sophisticated customers with a trusted platform that unifies and assesses the first aspects of exposure data and allow CISOs to make data-driven risk-based decisions.

Tenable One 約佔本季新銷售額總額的 30%，其中許多來自電信、交通、醫療技術和雲端基礎設施行業的大型企業，銷售額達到了六位數和七位數。這些重大勝利清楚地表明我們有能力為大型和成熟的客戶提供一個值得信賴的平台，該平台可以統一和評估暴露數據的第一方面，並允許 CISO 做出數據驅動的基於風險的決策。

We believe Tenable One provides a significant and compelling opportunity for us to continue to land new customers and expand relationships with existing customers at notably higher price points. Today, approximately a third of our total six-figure customers are Tenable One customers and we are only 10% penetrated into our total enterprise platform customer base. So the takeaway is that we are seeing meaningful momentum with our exposure management platform, and we believe there's a lot of runway for continued growth.

我們相信 Tenable One 為我們提供了一個重要且引人注目的機會，使我們能夠以顯著更高的價格繼續吸引新客戶並擴大與現有客戶的關係。如今，我們的六位數客戶總數中約有三分之一是 Tenable One 客戶，而我們只滲透到整個企業平台客戶群的 10%。因此，我們的結論是，我們的曝光管理平台看到了有意義的勢頭，我們相信持續成長還有很大的空間。

As Amit commented earlier, cloud security was also a major highlight for us with many notable wins from large organizations and public sector customers, both in the US and abroad as well as state and local government agencies. We attribute the approximately 100% year-over-year growth in this newer market to the strength of our integrated CNAPP offering and our ability to help customers of all sizes, visualize exposures, misconfigurations and access for workloads across hybrid environments. We are also pleased to see VM stabilize this quarter with outperformance in the mid-market and a maturing pipeline in the large market. Finally, I also want to note that current RPO growth was 12% year over year.

正如阿米特早些時候評論的那樣，雲端安全也是我們的一大亮點，我們從美國和國外的大型組織和公共部門客戶以及州和地方政府機構中獲得了許多顯著的勝利。我們將這個新市場約 100% 的年成長歸功於我們整合 CNAPP 產品的實力，以及我們幫助各種規模的客戶、視覺化暴露、錯誤配置和跨混合環境的工作負載存取的能力。我們也很高興看到 VM 本季穩定下來，在中端市場表現出色，在大型市場不斷成熟。最後，我還想指出，目前 RPO 年成長 12%。

Turning to other highlights. We added 386 new enterprise platform customers and 60 net new six-figure customers during the quarter. Our net dollar expansion rate was 108% this quarter. Our renewal rates remain strong. Now on to the P&L for the quarter. Revenue was $227.1 million, which represents 13% year-over-year growth. Revenue in the quarter exceeded the midpoint of our guide by $4.1 million. Our percentage recurring revenue remained high at 96% this quarter.

轉向其他亮點。本季我們新增了 386 個企業平台客戶和 60 個淨新六位數客戶。本季我們的淨美元擴張率為 108%。我們的續訂率依然強勁。現在來看看本季的損益表。營收為 2.271 億美元，年增 13%。該季度的收入超出了我們指南的中位數 410 萬美元。本季我們的經常性收入百分比仍維持在 96% 的高點。

I'll now turn to expenses. I'll start with gross margin. which was 81% this quarter, down 20 basis points from last quarter and in line with our expectations. Our gross margin reflects the continued investment in our cloud infrastructure to essentially scale our exposure platform and CNAPP offerings. We would characterize these incremental investments in the quarter semi fixed cost versus variable, which should yield some leverage in gross margins over time.

我現在談談費用。我將從毛利率開始。本季為 81%，較上季下降 20 個基點，符合我們的預期。我們的毛利率反映了對雲端基礎設施的持續投資，以從根本上擴展我們的曝光平台和 CNAPP 產品。我們將在本季將這些增量投資描述為半固定成本與變動成本，隨著時間的推移，這應該會對毛利率產生一定的影響。

Sales and marketing expense was $83.1 million, down from $84.8 million last quarter and as a percentage of revenue was 37% compared to 38% last quarter. Sales and marketing expense was lower sequentially on an absolute dollar basis, primarily due to the seasonality of marketing program spend in Q2 and higher levels of sales rep productivity in the quarter, offset in part by higher commissions.

銷售和行銷費用為 8,310 萬美元，低於上季的 8,480 萬美元，佔收入的百分比為 37%，而上季為 38%。以絕對美元計算，銷售和行銷費用環比下降，主要是由於第二季度行銷計劃支出的季節性以及本季度銷售代表生產力水平的提高，部分被較高的佣金所抵消。

Overall, we are driving greater efficiency in our go-to-market efforts this year as we successfully adapt to selling a broader product suite and close large deals. As a result, sales and marketing spend as a percentage of revenue has decreased significantly by 730 basis points since 2022. Looking ahead, we expect sales and marketing spend as a percentage of revenue will continue to trend lower over time.

總體而言，隨著我們成功適應銷售更廣泛的產品套件並完成大宗交易，今年我們在進入市場的工作中提高了效率。因此，自 2022 年以來，銷售和行銷支出佔收入的百分比大幅下降了 730 個基點。展望未來，我們預期銷售和行銷支出佔收入的百分比將隨著時間的推移繼續下降。

R&D expense was $35.6 million, which was up from $33.4 million last quarter. R&D expense was higher this quarter in comparison to last quarter due to full quarter of engineering headcount costs related to the acquisition of Eureka and less capitalized software development costs related to our recently enhanced analytics for exposure management. R&D expense as a percentage of revenue was 16% this quarter, up 60 basis points compared to last quarter.

研發費用為 3,560 萬美元，高於上季的 3,340 萬美元。與上季相比，本季的研發費用較高，原因是與收購 Eureka 相關的整個季度的工程人員成本以及與我們最近增強的風險管理分析相關的資本化軟體開發成本較少。本季研發費用佔營收的比例為16%，較上季上升60個基點。

G&A expense was $21.1 million, which was up from $19.6 million last quarter. G&A expense as a percentage of revenue was 9% this quarter and flat relative to last quarter. Income from operations was $45 million and exceeded the midpoint of our guided range by $2 million. Operating margin for the quarter was 20%, which was 50 basis points better than the midpoint of our guided range. We believe the notable outperformance in earnings this quarter reflects the strength of our recurring revenue model, resiliency of our customer base and ability to balance growth with profitability.

一般管理費用為 2,110 萬美元，高於上季的 1,960 萬美元。本季的一般管理費用佔收入的百分比為 9%，與上季持平。營運收入為 4500 萬美元，超出我們指導範圍的中位數 200 萬美元。本季營業利益率為 20%，比我們指引範圍的中位數高出 50 個基點。我們認為，本季獲利的顯著優異表現反映了我們經常性收入模式的實力、客戶群的彈性以及平衡成長與獲利能力的能力。

Overall, we are very pleased with our ability to continue driving leverage in the business as operating margins have increased from 10% for the full year 2022 to 15% for 2023 to 20% this quarter. EPS for the quarter was $0.32, which was $0.03 better than the midpoint of our guided range.

總體而言，我們對繼續提高業務槓桿率的能力感到非常滿意，因為營業利潤率已從 2022 年全年的 10% 增加到 2023 年的 15%，再到本季度的 20%。本季每股收益為 0.32 美元，比我們指導範圍的中位數高出 0.03 美元。

Now let's turn to the balance sheet. We finished the quarter with $548 million in cash and short-term investments. Accounts receivable was $193 million and total deferred revenue was $747 million. Current deferred revenue was $584 million, which gives us a lot of visibility into expected revenue over the next 12 months. We generated a record $60.8 million of unlevered free cash flow during the quarter, which is up compared to $36.5 million last quarter. On a year-to-date basis, we generated $152 million of unlevered free cash flow, which puts us well within reach to achieve the $225 million to $235 million annual guide we provided last quarter.

現在讓我們轉向資產負債表。本季結束時，我們擁有 5.48 億美元的現金和短期投資。應收帳款為 1.93 億美元，遞延收入總額為 7.47 億美元。目前的遞延收入為 5.84 億美元，這使我們能夠清楚地了解未來 12 個月的預期收入。本季我們創造了創紀錄的 6,080 萬美元無槓桿自由現金流，高於上季的 3,650 萬美元。年初至今，我們產生了 1.52 億美元的無槓桿自由現金流，這使我們完全有能力實現上季度提供的 2.25 億至 2.35 億美元的年度指南。

Recall, we do not guide to unlever free cash flow quarterly, but instead, we do it at the beginning of the year and at the midpoint of the year, which was during our call in July. We feel confident that we can continue to expand our operating and free cash flow margin over the ensuing years as we have done so every year since our IPO. With the results of the quarter behind us, I'd like to discuss our outlook for Q4 and the full year.

回想一下，我們並沒有指導每季取消自由現金流槓桿，而是在年初和年中（即 7 月的電話會議期間）進行取消槓桿操作。我們有信心在接下來的幾年裡繼續擴大我們的營運和自由現金流利潤率，就像我們自首次公開募股以來每年都這樣做的那樣。隨著本季業績的公佈，我想討論我們對第四季和全年的展望。

For the fourth quarter, we currently expect revenue to be in the range of $229 million to $233 million; non-GAAP income from operations to be in the range of $47 million to $49 million; non-GAAP net income to be in the range of $42 million to $44 million, assuming interest expense of $7.8 million, interest income of $6 million, and a provision for income taxes of $3.1 million; non-GAAP diluted earnings per share to be in the range of $0.33 to $0.35, assuming $125.5 million fully diluted weighted average shares outstanding.

我們目前預計第四季的營收將在 2.29 億美元至 2.33 億美元之間；非公認會計原則營運收入將在 4,700 萬美元至 4,900 萬美元之間；假設利息支出為 780 萬美元，利息收入為 600 萬美元，所得稅準備金為 310 萬美元，非 GAAP 淨利潤將在 4,200 萬美元至 4,400 萬美元之間；假設完全攤薄加權平均已發行股數為 1.255 億美元，則非 GAAP 攤薄每股收益將在 0.33 至 0.35 美元之間。

And for the full year, we currently expect calculated current billings to be in the range of $957 million to $967 million; revenue to be in the range of $893.3 million to $897.3 million; non-GAAP income from operations to be in the range of $171.8 million to $173.8 million; non-GAAP net income to be in the range of $149.9 million to $151.9 million, assuming interest expense of $32.1 million, interest income of $23.5 million, and a provision for income taxes of $12.3 million; and finally, non-GAAP diluted earnings per share to be in the range of $1.21 to $1.23, assuming $123.5 million fully diluted weighted average shares outstanding.

對於全年，我們目前預計計算出的當前帳單將在 9.57 億美元至 9.67 億美元之間；收入在8.933億美元至8.973億美元之間；非公認會計原則營運收入將在 1.718 億美元至 1.738 億美元之間；假設利息支出為 3,210 萬美元，利息收入為 2,350 萬美元，所得稅準備金為 1,230 萬美元，非公認會計原則淨利將在 1.499 億美元至 1.519 億美元之間；最後，假設完全稀釋的加權平均流通股為 1.235 億美元，則非 GAAP 稀釋後每股收益將在 1.21 美元至 1.23 美元之間。

Earlier, Amit highlighted some of the underlying growth drivers of our business related to the accelerated adoption of our exposure solutions. The takeaway here is that we believe we have a very compelling opportunity in front of us to drive growth higher over time as exposure solutions become a larger part of our overall mix. Consistent with past practice, we will provide our guidance for 2025 during our call next February, but at a high level, it's fair to assume that our growth next year will be approaching the midpoint of our implied CCB growth for the fourth quarter of this year.

早些時候，阿米特強調了我們業務的一些潛在成長動力，這些成長動力與加速採用我們的曝光解決方案有關。這裡的要點是，我們相信，隨著曝光解決方案成為我們整體組合的重要組成部分，我們面前有一個非常引人注目的機會，可以隨著時間的推移推動更高的成長。與過去的做法一致，我們將在明年2 月的電話會議上提供2025 年的指引，但從較高層面來看，可以公平地假設我們明年的增長將接近今年第四季度建行隱含增長的中點。

It's also worth noting that we are on track to deliver the $280 million to $290 million of unlevered free cash flow target in 2025 that we previously provided. Due to our strong operating leverage and increasing free cash flow generation we're very pleased to announce today a $200 million increase to our share repurchase program, which demonstrates our commitment to effectively deploy and return capital to our shareholders. We have confidence in our ability to drive continued leverage in our business and deliver 35% (inaudible) unlevered free cash flow margins over time.

另外值得注意的是，我們預計將實現先前提出的 2025 年 2.8 億至 2.9 億美元無槓桿自由現金流目標。由於我們強大的營運槓桿和不斷增加的自由現金流生成，我們今天非常高興地宣布我們的股票回購計劃增加 2 億美元，這表明我們致力於有效部署並向股東返還資本。我們有信心能夠持續推動業務槓桿化，並隨著時間的推移提供 35%（聽不清楚）的無槓桿自由現金流利潤率。

I will now turn the call back to Amit for some closing comments.

現在我將把電話轉回給阿米特，徵求一些結束語。

Thanks, Steve. In summary, we're happy with where we are in our journey to becoming the exposure management company. We are very encouraged by the progress in Cloud and Tenable One and look forward to long-term success. We hope to see you at the Wells Fargo and Barclays conferences in the coming weeks.

謝謝，史蒂夫。總之，我們對成為風險管理公司的歷程感到滿意。我們對 Cloud 和 Tenable One 的進展感到非常鼓舞，並期待長期成功。我們希望在未來幾週的富國銀行和巴克萊會議上見到您。

We now like to open the call up for questions.

我們現在開始接受提問。

(Operator Instructions) Saket Kalia, Barclays.

（操作員指示）Saket Kalia，巴克萊銀行。

Good to hear from everyone and on the team. Steve, maybe for you just to start with you. It was great to hear that exposure management makes up about 35% of total revenue. Could you just maybe touch on how fast that grew this quarter? And maybe how you think about that growth going forward, broad brush?

很高興聽到每個人和團隊成員的意見。史蒂夫，也許你只是從你開始。很高興聽到曝光管理約佔總收入的 35%。您能否談談本季的成長速度？也許您如何看待未來的成長？

Hi Saket, this is Steve. Good question. A couple of things. First, what we said was exposure solutions now constitute over 50% of new sales and over 35% of total sales. So that is based on sales of individual product SKUs. When we mentioned exposure solutions as a whole, it includes Tenable One and sales of our stand-alone non-VM products.

嗨，Saket，我是史蒂夫。好問題。有幾件事。首先，我們所說的曝光解決方案現在佔新銷售額的 50% 以上，佔總銷售額的 35% 以上。這是基於單一產品 SKU 的銷售情況。當我們整體提及暴露解決方案時，它包括 Tenable One 和我們獨立的非虛擬機產品的銷售。

Additionally, we also look at our business in terms of assets licensed to better understand how customers are actually deploying Tenable One and for what use cases. Our non-VM solutions on asset bases are growing 30% and represent 20% of our total sales. So this reflected some total of all assets licensed by our customers for our exposure solutions, both on a stand-alone basis as well as through the platform. So just to be clear, it does not include any VM assets licensed within the platform.

此外，我們還從許可資產的角度審視我們的業務，以便更好地了解客戶實際如何部署 Tenable One 以及用於哪些用例。我們以資產為基礎的非虛擬機器解決方案成長了 30%，占我們總銷售額的 20%。因此，這反映了我們的客戶為我們的曝光解決方案授權的所有資產的總和，無論是獨立的還是透過平台的。需要明確的是，它不包括平台內許可的任何虛擬機器資產。

Yes. And I think that's helpful because it really helps us understand the traction that we're seeing within our solutions both as a platform but then also individually licensed assets, where we're seeing the growth, where we're seeing the adoption by the customers.

是的。我認為這很有幫助，因為它確實幫助我們了解我們在解決方案中看到的吸引力，無論是作為一個平台，還是單獨許可的資產，我們看到了成長，看到了客戶的採用。

Yes, absolutely. Much faster growth in those non-VM, for sure. I mean, maybe that's a natural segue for you. Cloud security just feels like a very clear rising tide. Maybe the question for you is, how do you feel about breadth of Tenable's offering here? And where do you think your cloud security portfolio goes in the future?

是的，絕對是。當然，非虛擬機器的成長速度要快得多。我的意思是，也許這對你來說是很自然的事。雲端安全感覺就像一股非常明顯的上漲浪潮。也許您的問題是，您對 Tenable 在這裡提供的產品的廣度有何看法？您認為您的雲端安全產品組合未來會走向何方？

Yes. We're very excited about our cloud security offering. And you characterized it as all things rising with the tide. I do think this is a large market. It's a rapidly growing market. I think there's tremendous opportunity. I think above and beyond that, we're seeing and demonstrating success in competitive situations where we now have a lot of confidence going toe-to-toe against market leaders and winning our fair share of those transactions. We don't have to do crazy things. I know there's a lot of concern. We don't have to do crazy things from a discounting or packaging perspective.

是的。我們對我們的雲端安全產品感到非常興奮。你把它形容為萬物隨波逐流。我確實認為這是一個很大的市場。這是一個快速成長的市場。我認為有巨大的機會。我認為除此之外，我們在競爭環境中看到並展示了成功，我們現在有很大的信心與市場領導者正面交鋒，並贏得這些交易的公平份額。我們不必做瘋狂的事情。我知道有很多擔憂。我們不必從折扣或包裝的角度來做瘋狂的事情。

I think the competitiveness of our offerings speaks for itself. We've broadened the offering to be a full CNAPP capability. We've recently announced the addition of data security posture management. We've also added AI security posture management, things that we think make us highly competitive and on the leading edge of where this market is going. And we're seeing the adoption from our customers.

我認為我們產品的競爭力是不言而喻的。我們已將產品範圍擴展為完整的 CNAPP 功能。我們最近宣布增加資料安全態勢管理。我們還添加了人工智慧安全態勢管理，我們認為這使我們具有高度競爭力並處於該市場發展的前沿。我們看到了客戶的採用。

Hamza Fodderwala, Morgan Stanley.

哈姆扎·福德瓦拉，摩根士丹利。

Steve, I wanted to just understand a little bit related to your guidance philosophy around Q4 and 2025. So by my math, it sounds like you're guiding to about implied 8% to 9% CCB growth for Q4. Is that roughly how we should consider 2025? And related to that guidance, I'm just curious what you're assuming around budget flush in Q4, what you're seeing in your pipeline. Is it more or less conservatism or something that you're seeing in the business that makes you a bit more concerned.

Steve，我想了解一些與您在第四季和 2025 年左右的指導理念相關的資訊。因此，根據我的計算，聽起來您正在指導 CCB 第四季隱含 8% 至 9% 的成長。我們大致該如何看待 2025 年？與該指導相關，我只是好奇您對第四季度預算充裕的假設，以及您在管道中看到的情況。是或多或少的保守主義，還是你在業界看到的一些讓你更擔心的事情。

Sure. So our full-year CCB guide today is $957 million to $967 million. That does suggest that there is 8% to 9% implied growth in the fourth quarter. And just unpack that a little bit, our guide assumes that exposure solutions continues to see outsized growth. Amit talked about how 20% of our business in terms of assets its growing 30%. So we expect that level of growth going forward. It also reflects some moderation in the growth of VM. We feel like these are good expectations to have certainly in the short term.

當然。因此，我們今天的 CCB 全年指引為 9.57 億至 9.67 億美元。這確實表明第四季度隱含增長為 8% 至 9%。稍微解釋一下，我們的指南假設曝光解決方案繼續大幅成長。阿米特談到我們 20% 的業務（資產）如何成長了 30%。因此，我們預計未來會出現這種成長水準。這也反映出虛擬機器成長放緩。我們認為這些在短期內肯定是良好的期望。

And as we talked about on the call earlier, we also reflect these are our exit velocity here in terms of growth in CCB, it's fair to have those expectations for the full-year next year. We'll give our guidance in February. But obviously, it's a fair expectation to have now. Pipeline overall is healthy, and we continue to add lots of new opportunities in the top of funnel for both exposure solutions and VM.

正如我們之前在電話會議上談到的，我們也反映了我們在建行成長方面的退出速度，對明年全年有這些預期是公平的。我們將在二月份給出指導。但顯然，現在這是一個合理的期望。管道整體健康，我們繼續在曝光解決方案和虛擬機器的漏斗頂部添加大量新機會。

Moreover, we're pleased with the size, but also the shape and the maturity of the pipe as we have many large late-stage opportunities. So overall, we're pleased with the results of the quarter. We feel like we have good expectations going forward with regard to growth of both exposure solutions and VM.

此外，我們對管道的尺寸、形狀和成熟度感到滿意，因為我們有許多大型後期機會。總的來說，我們對本季的業績感到滿意。我們覺得我們對曝光解決方案和虛擬機器的成長抱持著良好的期望。

Brian Essex, JPMorgan.

布萊恩‧艾塞克斯，摩根大通。

Maybe for me, I think you previously noted that you may have changed some of the incentives that you had for the federal business. I know this time last year, there were some revenue recognition kind of issues that played into that. Could you perhaps shed a little color on how those changes played out and -- or to federal execution this quarter? And what should we expect over the next year or so?

也許對我來說，我認為您之前註意到您可能已經改變了對聯邦企業的一些激勵措施。我知道去年的這個時候，出現了一些收入確認之類的問題。您能否透露一下這些變化的實施情況以及本季度聯邦執行情況？未來一年左右我們該期待什麼？

Yes. We anticipated Q3 to be our seasonally strong quarter in US Federal. And I think it played out pretty much as expected. As you noted, last year, we had some unusual twists to the [federal] business. We didn't see anything in that nature this year.

是的。我們預計第三季將成為美國聯邦航空季節性強勁的季度。我認為結果與預期相當。正如您所指出的，去年我們的[聯邦]業務發生了一些不尋常的變化。今年我們沒有看到任何這種性質的東西。

Got it. And then maybe a quick follow-up for Steve. As you're kind of pretty much at 20% operating margins, you've delivered certainly some pretty healthy operating margin expansion consistently over the past few years. In light of the growth outlook, can you maybe help us understand how you think about the guardrails of margin expansion versus growth and how we might expect margin expansion to progress going forward given the growth outlook that you have?

知道了。然後也許是史蒂夫的快速跟進。由於您的營業利潤率幾乎為 20%，因此您在過去幾年中確實持續實現了相當健康的營業利潤率擴張。鑑於成長前景，您能否幫助我們了解您如何看待利潤率擴張與成長的護欄，以及考慮到您的成長前景，我們預計未來利潤率擴張將如何進展？

Sure. Well, I think every quarter since we've been a public company, we've been able to increase the margins -- or should I say, every year as a public company, we've been able to drive margin leverage and expand the [operating margins] and free cash flow. Just as an example, I think the operating margins on a [like-for-like] basis were 10% in 2022 and then was 15% last year in '23. This quarter, it's roughly 20%.

當然。嗯，我認為，自從我們成為上市公司以來，每個季度我們都能夠提高利潤率——或者我應該說，作為一家上市公司，我們每年都能夠提高利潤率槓桿並擴大利潤率。 ]和自由現金流。舉個例子，我認為 2022 年以[同類]計算的營業利潤率為 10%，去年 23 年為 15%。本季度，這一比例約為 20%。

On the last call, we talked about our free cash flow margins. By the way, free cash flow is following a similar trend line with the operating margins. And on the last call, we provided a new long-term target for our free cash flow margins, and we said we expect free cash flow margins to increase to 35% plus. So we have a lot of confidence to continue to drive leverage in the business. We are a balanced grower.

在上次電話會議上，我們討論了我們的自由現金流利潤率。順便說一句，自由現金流與營業利潤率遵循類似的趨勢線。在上次電話會議上，我們為自由現金流利潤率提供了新的長期目標，我們表示預計自由現金流利潤率將增加至 35% 以上。因此，我們有信心繼續提高業務槓桿率。我們是一個平衡的種植者。

We have 96% recurring revenue. We have 80% plus growth margins and healthy net and gross dollar [rates]. And certainly, a broader product portfolio, we're getting great traction with some of the newer offerings here. But at the same time, we're also investing. You can see that growth in R&D spend this quarter is approaching 30%. We become more efficient in sales and marketing. Sales and marketing as a percent of revenue was 42% last year. It's roughly 36% this quarter, and it's tracking in line with the comments we made at the beginning of the year.

我們有 96% 的經常性收入。我們擁有超過 80% 的成長率以及健康的淨美元和總美元[費率]。當然，更廣泛的產品組合，我們在這裡的一些新產品獲得了巨大的吸引力。但同時，我們也在投資。可以看到本季研發支出成長接近30%。我們在銷售和行銷方面變得更有效率。去年銷售和行銷佔收入的百分比為 42%。本季約為 36%，與我們年初的評論一致。

So overall, we think we're effectively deploying capital, managing the business in a very healthy way, leaning in and investing in innovation, and at the same time, walking the margins up in a very gradual manner. So I think the right way to think about it is that we'll expand the margins. Several hundred basis points a year, each year, sometimes more, depending on growth but we'll obviously have to see how next year plays out.

因此，總的來說，我們認為我們正在有效地部署資本，以非常健康的方式管理業務，傾斜並投資於創新，同時以非常漸進的方式提高利潤率。所以我認為正確的思考方式是我們將擴大利潤率。每年數百個基點，有時甚至更多，具體取決於成長情況，但我們顯然必須看看明年的情況如何。

Joel Fishbein, Truist Securities.

喬爾‧菲什拜因 (Joel Fishbein)，Truist 證券公司。

You talked about early traction. I know it's early days with AI Posture Management and AI Aware. I'd love to hear and understand how you're pricing these products and what the competition looks like in those markets?

你談到了早期的牽引力。我知道人工智慧姿勢管理和人工智慧感知還處於早期階段。我很想聽聽看並了解你們如何為這些產品定價以及這些市場的競爭情況如何？

Yes. With AI Aware, we're seeing tremendous early -- obviously, we're in the early innings, but we're seeing tremendous adoption and enthusiasm for that. A large number of customers are now actively using that. Our monetization occurs primarily through just increased usage, increased asset count. And the same is true with AI Security Posture Management.

是的。對於 AI Aware，我們已經看到了巨大的早期成果——顯然，我們正處於早期階段，但我們看到了巨大的採用和熱情。現在有大量客戶正在積極使用它。我們的貨幣化主要透過增加使用量和增加資產數量來實現。人工智慧安全態勢管理也是如此。

And the competitive environment around that, if anything?

以及周圍的競爭環境，如果有的話？

I think if you look at AI Security Posture Management, you are seeing a small number of other market leading [seen] apps coming to market with similar capability, but there's a pretty large trough between those of us leading the market and I think a large number of others just providing either traditional CSPM or a much lighter cloud capability, which don't include anything like AI Security Posture Management.

我認為，如果你看看人工智慧安全態勢管理，你會看到少數其他市場領先的應用程式進入市場，具有類似的功能，但我們這些領先市場的應用程式和我認為很大的應用程式之間有一個相當大的低谷。

Mike Cikos, Needham & Company.

麥克·西科斯（Mike Cikos），尼達姆公司。

And I just wanted to continue on that thread that Joel was teasing at. But do we similarly talk about the pricing dynamics for Enclave Security? I know that's a newer piece of the portfolio here. I just wanted to make sure I was checking up on the pricing and competitive dynamics for that product as well.

我只是想繼續喬爾取笑的那條線索。但我們是否也同樣談論 Enclave Security 的定價動態？我知道這是這裡的投資組合中較新的部分。我只是想確保我也在檢查該產品的定價和競爭動態。

Yes. With Enclave Security, it's very similar to how we previously priced our other on-prem offering. So we license them on a per IP address or per asset basis. In this case, I think it's per IP address. And customers would license the number of addresses that they're trying to cover.

是的。對於 Enclave Security，它與我們之前對其他本地產品的定價方式非常相似。因此，我們根據每個 IP 位址或每個資產對它們進行許可。在這種情況下，我認為它是針對每個 IP 位址的。客戶將許可他們試圖覆蓋的地址數量。

Got it. And maybe more for Steve here. But if I just cycle back to last quarter's guidance, one of the things that was implied is that you guys were seeing these headwinds specific to new business, particularly vulnerability management in North America. But the guidance cut was explained as being more cautious in its stance, i.e., that trend for the new business with VM was kind of painted across the board for new business across all of Tenable. And one of the things I'm trying to tease out is with where we stand today, how has the new business trended for Tenable, both for VM and then outside of VM, just to make sure that we're getting a sanity check on those two pieces there.

知道了。也許對史蒂夫來說更多。但如果我回到上個季度的指導，其中暗示的一件事是，你們看到了這些新業務特有的不利因素，特別是北美的漏洞管理。但指導意見的下調被解釋為其立場更加謹慎，即 VM 新業務的趨勢在整個 Tenable 的新業務中都有體現。我想弄清楚的一件事是我們今天所處的位置，Tenable 的新業務趨勢如何，無論是針對 VM 還是 VM 之外，只是為了確保我們能夠進行健全性檢查那兩塊在那裡。

Sure. Well, I think it's fair to say that new business is tougher to transact in this macro, but we're very pleased to be adding nearly 400 new logos this quarter. And of course, the number of customers added in the quarter can be influenced by a number of factors, including the size of the deals, but we typically add between 300 and 500 a quarter and this quarter was no different.

當然。好吧，我認為可以公平地說，在這個宏觀環境中新業務更難處理，但我們很高興本季添加了近 400 個新徽標。當然，本季增加的客戶數量可能會受到多種因素的影響，包括交易規模，但我們通常每季增加 300 到 500 名客戶，本季也不例外。

I think the word that Amit used earlier to describe VM this quarter was stabilized. And so we're very pleased to see us execute this quarter. We're pleased with the results in the quarter. Obviously, CCB and revenue came in slightly better than expected. So overall, we're encouraged with what we see, but we also know that we have a lot of large opportunities in the funnel. We'll be working hard to close those. But overall, I would just describe it as modestly better than what we experienced in the last quarter.

我認為本季 Amit 早些時候用來描述 VM 的詞彙已經穩定下來。因此，我們很高興看到我們本季的執行情況。我們對本季的結果感到滿意。顯然，建行和營收都略優於預期。總的來說，我們對所看到的感到鼓舞，但我們也知道我們在漏斗中擁有許多巨大的機會。我們將努力關閉這些。但總的來說，我只是將其描述為比我們上季度經歷的情況要好一些。

Jonathan Ho, William Blair.

喬納森·何，威廉·布萊爾。

Congrats on the strong results. Just wanted to follow up a little bit on the Tenable One platform. And can you help us understand. Do you typically get a lot of the benefits from new asset types upfront? Or does it take a little bit of time for that to translate? And maybe can you help us understand how Tenable One maybe affects your ASPs as well?

祝賀取得強勁的成果。只是想稍微跟進一下 Tenable One 平台。你能幫助我們理解嗎？您通常會預先從新資產類型中獲得許多好處嗎？或者翻譯需要一點時間嗎？也許您可以幫助我們了解 Tenable One 可能如何影響您的 ASP？

Yes. So great question, Jonathan. So the short answer is that that can play itself out over time. What we'll initially see is a higher price per asset, and it's typically 20% to 25% higher price per asset when purchasing coverage through Tenable One and purchasing stand-alone VM, for instance.

是的。這是一個很好的問題，喬納森。所以簡短的回答是，隨著時間的推移，這種情況會自行顯現。我們最初會看到每項資產的價格更高，例如，透過 Tenable One 購買覆蓋範圍併購買獨立虛擬機器時，每項資產的價格通常會高出 20% 到 25%。

And part of the value driver there are the enhanced analytics, alumina exposure views, the attack path analytics and some of the things that aren't available in traditional or in competitive VM products and orderings. From there, we see the remainder of uplift coming from the expansion of asset types or greater coverage of assets.

價值驅動因素的一部分包括增強的分析、氧化鋁暴露視圖、攻擊路徑分析以及一些傳統或競爭性 VM 產品和訂單中不具備的功能。從這裡開始，我們看到剩餘的成長來自於資產類型的擴展或資產覆蓋範圍的擴大。

So someone who might initially begin their exposure management journey with us stepping from VM to Tenable One will then frequently be able to seamlessly expand to cover identity and look at the identities within their environment , who has access to what and what that means and what that looks like from a blast radius perspective or from a potential compromised account or indicators of attack perspective. So the short answer is we see uplift initially through the higher price per asset, but then through greater asset coverage and greater types of assets, we'll see that broader coverage, which gets us to a 70% realized higher ASP.

因此，最初可能與我們一起從VM 轉向Tenable One 開始其暴露管理之旅的人將經常能夠無縫擴展以涵蓋身份並查看其環境中的身份，誰有權訪問什麼以及這意味著什麼以及它意味著什麼。因此，簡短的回答是，我們最初會透過提高每項資產的價格來看到提升，但隨後透過更大的資產覆蓋範圍和更多的資產類型，我們將看到更廣泛的覆蓋範圍，這使我們的平均售價提高了70%。

Makes a ton of sense. And then just in terms of your stabilization comments, can you talk to maybe the pricing environment and the competitive environment? And whether you've seen some of these newer competitors start to gain any traction or whether things are relatively stable. Just want to get a sense around that stabilization from these angles.

很有道理。然後就您的穩定評論而言，您能否談談定價環境和競爭環境？以及您是否已經看到這些新競爭對手中的一些開始獲得任何關注，或者情況是否相對穩定。只是想從這些角度來了解這種穩定性。

Yes. Things have been exceptionally stable and consistent from our perspective when it comes to the VM market. We'll see and we'll hear much more noise, certainly more marketing coming from newer entrants into the market. But we'll infrequently see them in competitive situations where someone is looking for an enterprise VM product. And where they do show up, I think our sales team is fully enabled in terms of understanding the key differentiator.

是的。從我們的角度來看，虛擬機器市場的情況一直非常穩定且一致。我們將會看到並聽到更多的聲音，當然還有更多來自市場新進者的行銷活動。但我們很少會在競爭激烈的情況下看到他們正在尋找企業虛擬機器產品。在他們出現的地方，我認為我們的銷售團隊完全能夠理解關鍵的差異化因素。

I think enterprise customers which test products very quickly look at them and say, okay, there's a very different quality of the experience and quantitative difference when looking at coverage in Tenable vis-a-vis our traditional competitors and certainly even much more pronounced against newer competitors. So we think that the competitive environment is stable and enjoy exceptionally strong win rates against both legacy and newer entrants into the market.

我認為，測試產品的企業客戶很快就會說，好吧，與我們的傳統競爭對手相比，Tenable 的覆蓋範圍存在著非常不同的體驗質量和數量差異，當然與新競爭對手相比，這種差異更加明顯競爭對手。因此，我們認為競爭環境是穩定的，對於傳統和新進入市場的企業來說，其勝率都非常高。

Patrick Colville, Scotiabank.

派崔克‧科爾維爾，豐業銀行。

Hey, Amit and [Chris]. I guess I just want to ask one about stock repurchase. I don't think there was any stock repurchase this quarter. But you guys announced an expansion of the repurchase authorization. So just I guess, talk me through why no repurchase this quarter. And then what's the philosophy around buybacks?

嘿，阿米特和[克里斯]。我想我只是想問一個關於股票回購的問題。我認為本季沒有任何股票回購。但你們宣布擴大回購授權。所以我想，請告訴我為什麼本季不回購。那麼回購的理念是什麼呢？

Yes. We did not repurchase stock this quarter, but we do plan to do so going forward. And of course, we're very pleased to announce a $200 million increase in the authorization for our share buyback program which we think reflects our ongoing commitment to reduce share count and return capital to shareholders. There's no exploration to the increase in the authorization but we do plan to do so opportunistically. So the amount that we buy back each and every quarter can vary, and obviously very pleased to increase our commitment today on the buyback.

是的。本季我們沒有回購股票，但我們確實計劃在未來這樣做。當然，我們非常高興地宣布我們的股票回購計畫授權增加 2 億美元，我們認為這反映了我們對減少股票數量和向股東返還資本的持續承諾。目前還沒有對增加授權進行探索，但我們確實計劃趁機這樣做。因此，我們每季回購的金額可能會有所不同，顯然我們非常高興今天增加了回購承諾。

And I guess my second question, if I may. Thank you for providing that kind of early look into 2025 of 8% to 9% current billings growth. I mean, there's a lot of kind of wind in Tenable sales with exposure management, with cloud, with kind of ITDR, OT security. I guess, when will these tailwinds be more reflected in numbers? If you could provide any color there, that would be super helpful.

如果可以的話，我猜我的第二個問題。感謝您提供 2025 年當前帳單成長 8% 至 9% 的早期展望。我的意思是，Tenable 銷售中有很多涉及風險管理、雲端、ITDR、OT 安全的風。我想，這些有利因素什麼時候才能更體現在數字上？如果您可以在那裡提供任何顏色，那將非常有幫助。

Yes. I think a number of things. First, obviously, we'll provide guidance in the upcoming call. But more importantly, one of the things that I wanted to call out earlier was provide a little bit more transparency to our exposure solutions and becoming an increasingly important strategic part of our business and the increasing percentage of our revenue, and they're growing at very healthy rates, and we think we're highly competitive in those win rates and growth rates, I think, are things that we'll be able to build upon and ideally expand going forward.

是的。我認為有很多事情。首先，顯然，我們將在即將舉行的電話會議中提供指導。但更重要的是，我之前想指出的一件事是為我們的曝光解決方案提供更多的透明度，並成為我們業務中越來越重要的戰略部分以及我們收入的不斷增長的百分比，並且它們的成長速度非常健康的比率，我們認為我們在這些獲勝率和成長率方面具有高度競爭力，我認為，我們將能夠在此基礎上繼續發展並理想地繼續發展。

And just to be clear, we feel very confident that growth will [reflect] higher in the course of time. We're not setting those expectations today. But over the years, we have broadened the product suite and evolve and diversified our business. And so 20% of our business today, growing 30%, it's very notable and we have confidence that we'll be able to sustain that and compete in some of these really large market opportunities.

需要明確的是，我們非常有信心隨著時間的推移，成長將會更高。我們今天不會設定這些期望。但多年來，我們擴大了產品系列，並發展和多元化了我們的業務。因此，我們今天的業務成長了 20%，成長了 30%，這是非常引人注目的，我們有信心維持這一勢頭，並在一些真正巨大的市場機會中參與競爭。

Gray Powell, BTIG.

格雷·鮑威爾，BTIG。

Congrats on the results. It's good to see the stabilization. So maybe just to start off high level, have you seen any uncertainty around the elections in the US, caused any just impact on deal discussions or just have any impact on how customers are thinking about their security budgets? It doesn't look like it just from the results, but I'm curious if that came up at all this past quarter.

祝賀結果。很高興看到穩定。那麼，也許只是從高層開始，您是否看到美國選舉周圍的任何不確定性，對交易討論造成了任何公正的影響，或者只是對客戶如何考慮他們的安全預算產生了任何影響？僅從結果來看並不像是這樣，但我很好奇上個季度是否出現了這種情況。

We have not had a lot of discussion with commercial clients or international clients about potential impacts of US elections on security budget. Obviously, there's a lot of uncertainty in the federal space, and so we're taking that sort of cautious approach to our guide in the fourth quarter.

我們尚未與商業客戶或國際客戶就美國大選對安全預算的潛在影響進行大量討論。顯然，聯邦領域存在著許多不確定性，因此我們對第四季度的指南採取了謹慎的態度。

Okay. Great. And then just more of like a housekeeping question for Steve. I just want to make sure I understand the disclosures correctly. When you call an exposure management at 35% of total sales, is that a revenue number? Or is that more related to something like billings or bookings? I guess there's sort of a loose definition of sales when disclosing these metrics. I just want to make sure I'm thinking of it correctly.

好的。偉大的。對史蒂夫來說，這更像是一個家務問題。我只是想確保我正確理解這些披露。當您將總銷售額的 35% 稱為曝光管理時，這是收入數字嗎？或者這與帳單或預訂等內容更相關？我想在揭露這些指標時，對銷售的定義有些鬆散。我只是想確保我的想法是正確的。

Yes. In terms of sales, but we call that bookings internally.

是的。就銷售而言，我們稱之為內部預訂。

Okay. All right. Perfect. Thank you very much.

好的。好的。完美的。非常感謝。

Shaul Eyal, TD Cowen.

紹爾‧埃亞爾 (Shaul Eyal)，TD‧考恩 (TD Cowen)。

Thank you. Good afternoon, everybody. My question, Amit or Steve, I know maybe it's a little too early given where we stand in the fourth quarter. But from where you sit, when you compare the seasonal budget flush, how would you characterize for (technical difficulty) current time?

謝謝。大家下午好。我的問題是，阿米特或史蒂夫，考慮到我們第四季度的情況，我知道現在可能有點太早了。但是，從您的角度來看，當您比較季節性預算充裕時，您會如何描述當前（技術難度）？

I'm sorry, you were inaudible for a part of your question. Can you repeat that?

抱歉，您的問題的部分內容聽不見。你能再說一次嗎？

Sure. I was asking about seasonality in the fourth quarter. Again, a little too early at this point, given we're in the end of the first month of the quarter. But how would you characterize the seasonal budget flush this year versus last year?

當然。我問的是第四季的季節性。再說一次，鑑於我們正處於本季第一個月末，此時此刻還為時過早。但與去年相比，您如何描述今年季節性預算的激增？

Well, I think it's fair to say that we're not expecting any significant seasonal budget flush. Obviously, if that comes, there would be upside. And in terms of familiarity within the quarter, we're off to a good start in October. I would characterize the flow that we've experienced so far is unremarkable and consistent, should I say, more so with what we've experienced with prior quarters this year.

嗯，我認為可以公平地說，我們預計不會有任何重大的季節性預算充裕。顯然，如果這種情況發生，將會有好處。就本季的熟悉程度而言，我們在 10 月有了一個良好的開端。我想說，我們迄今為止所經歷的流程是平淡無奇且一致的，我應該說，與我們今年前幾季所經歷的情況更是如此。

Understood. And maybe a follow-up from a geographic perspective, anything outstanding this quarter one way or the other?

明白了。也許是從地理角度來看的後續行動，本季有什麼突出的事情嗎？

You say outstanding. I'm sorry. We have a tough time hearing you [and understanding].

你說優秀。對不起。我們很難聽到你的聲音[和理解]。

I apologize. It's pretty much [my line], but anything unusual or pretty much a consistent quarter from a geographic performance perspective?

我道歉。這幾乎是[我的路線]，但從地域表現的角度來看，有什麼不尋常或幾乎一致的季度嗎？

No. We talked about on the last call a little bit of the (inaudible) the growth rates among some of the geos. But this quarter, as we discussed, it was more stable and the [MAM] was more consistent really across geos. The one thing that I mentioned earlier that's probably worth noting now is just really the strength in the mid-market. This year, it's been an area of outperformance for us.

不。我們在上次電話會議上討論了一些地理區域的成長率（聽不清楚）。但正如我們所討論的，本季度它更加穩定，並且 [MAM] 在各個地理區域之間更加一致。我之前提到的一件事現在可能值得注意，那就是中階市場的實力。今年，這是我們表現出色的領域。

We closed a $1 million deal there, and we see a ton of opportunity there. Keep in mind the mid-market, when we say mid-market, is employees anywhere from 500 employees up to 5,000. So these are big companies. We're having great success there, selling the broader offering. We're getting great traction there, and we have high expectations going forward.

我們在那裡完成了一筆 100 萬美元的交易，我們在那裡看到了大量的機會。請記住，當我們說中端市場時，中端市場是指員工人數從 500 人到 5,000 人不等的市場。所以這些都是大公司。我們在那裡取得了巨大的成功，銷售了更廣泛的產品。我們在那裡獲得了巨大的吸引力，並且我們對未來抱有很高的期望。

[Rankin Kothari], Robert Baird.

[蘭金·科塔里]，羅伯特·貝爾德。

This is Shrenik from Baird. So starting with Steve, just following from what you mentioned on outperforming mid-market and closing the first sale of the deal in the segment, you touched upon the net dollar expansion rate. I just wanted to -- if you can help us get a sense of how to unpack that gain 108% was than just like a point lower than last quarter. If you can help kind of elaborate and provide some color on compactors there in the context of new low expansion within these cohorts that you highlighted mid-market which, of course, are larger organizations and enterprise. If that is a factor and any color on product segments with exposure and cloud securtiy offerings also growing strongly. And then I have a follow-up.

這是來自貝爾德的史萊尼克。因此，從史蒂夫開始，繼您提到的跑贏中端市場並完成該領域的首次交易之後，您談到了淨美元擴張率。我只是想 - 如果您能幫助我們了解如何實現 108% 的成長，那麼這比上個季度低了一個點。如果您可以幫助詳細闡述並為壓實機提供一些顏色，那麼在您強調的這些群體中新低擴張的背景下，您強調的是中端市場，當然還有較大的組織和企業。如果這是一個因素，那麼曝光度和雲端安全產品的產品領域的任何色彩也都在強勁增長。然後我有一個後續行動。

Okay. I think there's a question here about the net dollar expansion rate. We provide a lot of transparency about our business on a quarterly basis. We disclose a number of new customers, a number of net new six-figure deals, large deals, the rate of expansion within the customer base in a given quarter. And we do not optimize our business around a single metric. And these metrics, of course, can fluctuate naturally from quarter to quarter.

好的。我認為這裡存在一個關於美元淨擴張率的問題。我們每季提供有關我們業務的大量透明度。我們揭露了特定季度的新客戶數量、六位數的淨新交易數量、大型交易以及客戶群的擴張率。我們不會圍繞單一指標來優化我們的業務。當然，這些指標可能會隨著季度的變化而自然波動。

That said, we did see a modestly lower rate of expansion this quarter, which we largely attributed to timing and budgets on some large deals here. We did see strength in new businesses as we've discussed. It was roughly 400 in the quarter. But what was remarkable about that is just some of the larger opportunities within that. So I think we're doing a good job.

也就是說，我們確實看到本季的擴張速度略有下降，這在很大程度上歸因於一些大型交易的時機和預算。正如我們所討論的，我們確實看到了新業務的優勢。本季約 400 人。但值得注意的是其中的一些更大的機會。所以我認為我們做得很好。

Landing at higher price points, obviously, giving the broader offering, giving the momentum in cloud, we talked about the ASPs and cloud there notably higher this year in comparison to last year and in comparison to some of our other products. So obviously, bigger lands is going to be a big area of focus for us. And of course, we still have the expansion opportunity going forward here until -- but any given quarter, the expansion rate, the number of new logos and net new six-figure deals can vary within one another.

顯然，價格更高，提供更廣泛的產品，為雲端帶來動力，我們談到今年的 ASP 和雲端與去年相比以及與我們的一些其他產品相比明顯更高。顯然，更大的土地將成為我們關注的重點領域。當然，我們仍然有擴張機會，直到——但任何特定季度，擴張率、新標誌的數量和新的六位數淨交易可能會有所不同。

Got it. Super helpful, Steve. And just a follow-up, and Amit, feel free to chime in. On this traction in the mid-market, right, as you highlighted, these are big opportunities. And considering for upsell the dynamics around their purchasing behaviors, just curious in terms of any trends that you observe with these customers in terms of how they're looking to consolidate the security vendors and how you guys are positioned. You pronounced the one-stop shop there. And anyways, how you might be adopting your sales, [motion], the pricing or customer success. Just wanted to understand how you approach mid-market.

知道了。超有幫助，史蒂夫。這只是後續行動，阿米特，請隨意插話。正如您所強調的那樣，鑑於中端市場的吸引力，這些都是巨大的機會。並考慮圍繞他們的購買行為進行追加銷售，只是好奇您在這些客戶中觀察到的任何趨勢，即他們希望如何整合安全供應商以及您的定位。你在那裡宣布了一站式服務。無論如何，您可能會如何採用您的銷售、[動議]、定價或客戶成功。只是想了解您如何進入中端市場。

Yes, I think we are seeing some benefit from consolidation with our T1 platform. Folks are including VM as a more strategic approach to understanding exposure management. I think if you talk to Gartner, if you look at some of the language they're using, the VM is foundational to understanding exposure management and risk. And as such, we're seeing adoption of VM licenses with the enhanced analytics and as part of the T1 product purchase, which we think is very applicable, and we're seeing great traction in the mid-market, which, again, for us, can go up to fairly large organizations up to 5,000 employees.

是的，我認為我們看到了與 T1 平台整合的一些好處。人們將 VM 作為理解風險管理的更具戰略意義的方法。我認為如果你與 Gartner 交談，看看他們使用的一些語言，你會發現虛擬機器是理解暴露管理和風險的基礎。因此，我們看到虛擬機器授權的採用具有增強的分析功能，並且作為 T1 產品購買的一部分，我們認為這是非常適用的，並且我們看到中端市場具有巨大的吸引力，這對於我們可以擴展到擁有5,000 名員工的相當大的組織。

So we're seeing meaningful traction there. And it's also with our cloud security solution, where the sort of elements of how the various aspects of our cloud security products are integrated into a unified platform are really appreciating perhaps especially in the mid-market where they don't have all of the cloud security expertise and all the cloud security staffing that they're looking for. So I think both Tenable One and Cloud Security become natural areas for outperformance for us in the mid-market.

所以我們在那裡看到了有意義的吸引力。我們的雲端安全解決方案也是如此，其中我們的雲端安全產品的各個方面如何整合到統一平台中的元素確實很受歡迎，尤其是在他們沒有所有雲端的中端市場安全專業知識以及他們正在尋找的所有雲端安全人員。因此，我認為 Tenable One 和雲端安全都成為我們在中階市場表現優異的自然領域。

Kingsley Crane, Canaccord Genuity.

金斯利起重機，Canaccord Genuity。

Great. Congrats on the quarter, and this is sort of similar to Jonathan's question earlier. You talked about Tenable One garnering 20% to 25% premium per asset, also a much higher ASP on the back of more pervasive deployments. So the question is, as you add in more asset types like OT and more functionality to [your metric], how should we think about the growth in both price per asset as well as asset counting? Is there room for that premium per asset to increase? Or is this really a asset growth play?

偉大的。恭喜這個季度，這有點類似喬納森之前的問題。您談到 Tenable One 為每項資產帶來 20% 到 25% 的溢價，並且在更普遍的部署的支援下獲得了更高的 ASP。所以問題是，當您為[您的指標]添加更多資產類型（例如 OT）和更多功能時，我們應該如何考慮每項資產價格和資產計數的成長？每項資產的溢價還有增加的空間嗎？或者這真的是資產成長遊戲嗎？

Yes. The short answer is that I believe there's room to expand along both of those dimensions. Certainly, when it comes to price per asset, we want to be sensitive to that. We're trying to move customers from procuring a standalone VM product to procuring any under stand-alone product to be willing to pay a premium. In order to do that, we've enhanced and released enhanced analytics as part of T1 as a platform, the attack path analytics, the Lumin Exposure Views, the benchmark and some of the functionality and capability there. We think that there's lots of room to continue to add additional analytic types and generate more pricing leverage for Tenable One within the existing customer base and within the existing asset count.

是的。簡而言之，我相信這兩個方面都有擴展的空間。當然，當涉及每項資產的價格時，我們希望對此保持敏感。我們正在努力讓客戶從購買獨立的虛擬機器產品轉向購買任何願意支付溢價的獨立產品。為了做到這一點，我們增強並發布了作為 T1 平台一部分的增強分析、攻擊路徑分析、Lumin Exposure Views、基準測試以及其中的一些功能和能力。我們認為，在現有客戶群和現有資產數量內，Tenable One 有很大的空間繼續添加額外的分析類型並產生更多的定價槓桿。

That said, we're still in the early days of penetrating a massive customer base with a broader set of asset types. So when you pull CSOs out there and you talk to many of our customers, many of them are even aware in ways that our offering has broadened. So I think we have to continue to do a more aggressive job marketing and bringing some of these new products to market and having, I think, the expansion of asset types, and asset count growth is probably also a very natural way for T1 prices to continue or realize sales to continue to grow.

也就是說，我們仍處於利用更廣泛的資產類型滲透龐大客戶群的早期階段。因此，當你把公民社會組織拉到那裡並與我們的許多客戶交談時，他們中的許多人甚至意識到我們的產品範圍已經擴大。因此，我認為我們必須繼續進行更積極的行銷工作，並將其中一些新產品推向市場，我認為，資產類型的擴展和資產數量的增長可能也是 T1 價格上漲的一種非常自然的方式。繼續或實現銷售額持續成長。

Roger Boyd, UBS.

羅傑·博伊德，瑞銀集團。

Amit, you talked last quarter about VM being cyclically challenged, and it seems like you're still expecting to see that in the fourth quarter and presumably a broader cyclical recovery is not embedded in your initial counter '25 outlook. But with that in mind, what would give you more confidence that the cyclical headwinds are lifting? Is it really just a continuation of macro uncertainty in sales cycles? Or is it more specifically tied to some of the license capacity dynamics you've talked about in the past?

阿米特，您在上個季度談到了VM 受到週期性挑戰，而且您似乎仍然期望在第四季度看到更廣泛的周期性復甦，並且可能沒有將更廣泛的周期性復甦納入您最初的25年展望中。但考慮到這一點，什麼能讓您更有信心週期性逆風正在消退？這真的只是銷售週期宏觀不確定性的延續嗎？或者它是否與您過去討論過的一些許可證容量動態更具體相關？

Yes. Well, I think we're trying to take an approach here that sets us up for success going forward. The first comment I'll make is that, as you may poll and ask CSOs out there and security programs, what you will hear is that VM is absolutely foundational to what they do. Nobody is getting rid of it, nobody is reducing their VM program. What we have heard in recent periods is that they are as rapidly expanding their VM program as they have in previous periods. One of the things that would give me confidence that we're seeing improvement there is seeing improvement there. So seeing customers expand the asset count of their VM program.

是的。嗯，我認為我們正在嘗試採取一種方法，為我們未來的成功做好準備。我要說的第一條評論是，正如您可能對民間社會組織和安全計劃進行民意調查和詢問一樣，您會聽到的是，VM 絕對是他們所做工作的基礎。沒有人擺脫它，沒有人減少他們的虛擬機器程式。我們最近聽到的消息是，他們正在像以前一樣迅速擴展其虛擬機器計畫。讓我相信我們正在看到進步的一件事就是看到那裡的進步。因此，看到客戶擴大了其虛擬機器計劃的資產數量。

What we are seeing is customers with VM requirements coming to us and say, hey, I'm willing to pay a higher ASP to procure VM through Tenable One as a platform because understanding exposure management is more strategic to me. I want these enhanced analytics. And so now, 20% plus of our VM customers are coming to us and saying, hey, we want to procure our VM program through Tenable One platform with these enhanced analytics.

我們看到有 VM 需求的客戶來找我們說，嘿，我願意支付更高的 ASP 透過 Tenable One 作為平台採購 VM，因為了解暴露管理對我來說更具策略性。我想要這些增強的分析。因此，現在，超過 20% 的 VM 客戶來找我們說，嘿，我們希望透過 Tenable One 平台以及這些增強的分析來採購我們的 VM 程式。

So what we're trying to do is provide, one, visibility into the continued confidence in the VM market, but two, the size, scope and growth rate of our exposure solutions, which are obviously, we've been talking about it a long time, as the foundational stake that we're laying for our future as a company and the real momentum that we're seeing.

因此，我們要做的是，第一，讓人們了解虛擬機市場的持續信心；第二，我們暴露解決方案的規模、範圍和增長率，顯然，我們一直在談論它長期以來，這是我們為公司未來奠定的基礎，也是我們所見的真正動力。

Rudy Kessinger, D.A. Davidson.

魯迪·凱辛格，D.A.戴維森。

This is Andres for Rudy. First of all, congrats on a fantastic quarter. I just wanted to ask a quick question. Last quarter, you said that you had longer sales cycles. Is there any update data you can give us? Do you think that was partially affected by the CrowdStrike [outage]? Any comment there would be helpful.

這是魯迪的安德烈斯。首先，恭喜這個季度的出色表現。我只是想問一個簡單的問題。上個季度，您說您的銷售週期更長。您可以向我們提供任何更新資料嗎？您認為這部分受到 CrowdStrike 的影響了嗎？[停電]？任何評論都會有幫助。

Yes. And I'll start off and then turn it over to Steve. I think we're basically seeing more of the same. Sales cycles continue to operate as we saw them in previous quarter. I don't know that I would attribute it to CrowdStrike and only CrowdStrike, but we do also see continued contract negotiations and procurement officers and procurement offices pushing aggressively on terms and things we can introduce in the sort of expansion of sales cycle. But I think what we've seen this quarter and last quarter, we're anticipating we'll continue to play itself out. We bake that into our guidance going forward and our expectations.

是的。我將開始，然後將其交給史蒂夫。我認為我們基本上看到了更多相同的情況。銷售週期繼續像我們在上一季看到的那樣運作。我不知道我是否會將其歸因於CrowdStrike，而且僅歸因於CrowdStrike，但我們也確實看到持續的合約談判以及採購官員和採購辦公室積極推動我們可以在銷售週期擴張中引入的條款和內容。但我認為我們本季和上季所看到的情況預計將繼續發揮作用。我們將其納入我們未來的指導和期望中。

Yes. And there's no notable change in our sales cycles really from one quarter to the next. The one thing that's probably worth highlighting is the sales cycle is for Tenable One. Yes, Tenable One has higher selling prices, right? We talked about this 60% to 70% uplift. Actually the range in which that happens can vary anywhere from 50% up to over 90%.

是的。從一個季度到下一個季度，我們的銷售週期實際上並沒有顯著的變化。可能值得強調的一件事是 Tenable One 的銷售週期。是的，Tenable One 的售價更高，對嗎？我們談到了 60% 到 70% 的提升。實際上，發生這種情況的範圍可能從 50% 到 90% 以上不等。

So customers move from a stand-alone product into the platform, we're obviously getting higher selling prices, we're delivering incremental value on an asset basis, and covering more assets across their attack service through different asset types. So despite having those higher selling prices, we're actually seeing notably shorter sales cycles with the integrated offering. So I think it speaks to the fact that customers certainly want to understand risk more broadly across their attack surface. They want companies to deliver greater insights. And exposure management is resonating, and obviously industry analysts and others are taking note as well.

因此，客戶從獨立產品轉向該平台，我們顯然獲得了更高的售價，我們在資產基礎上提供增量價值，並透過不同的資產類型在其攻擊服務中覆蓋更多資產。因此，儘管銷售價格較高，但我們實際上看到整合產品的銷售週期明顯縮短。因此，我認為這說明了這樣一個事實：客戶當然希望更廣泛地了解整個攻擊面的風險。他們希望公司能夠提供更深入的見解。風險管理正在引起共鳴，顯然行業分析師和其他人也注意到了這一點。

Joshua Tilton, Wolfe Research.

約書亞‧蒂爾頓，沃爾夫研究中心。

Does not sound like there's a question.

聽起來不像是有問題。

Yes. He's in the queue, but he may be muted. So if there's no other questions, so I'm going to close the call, okay?

是的。他在隊列中，但他可能被靜音了。如果沒有其他問題，我就結束通話，好嗎？

Sounds good. Thank you.

聽起來不錯。謝謝。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。此時您可以斷開線路，我們感謝您的參與。