Tenable Holdings Inc (TENB) 2024 Q4 法說會逐字稿

Greetings and welcome to the Tenable fourth quarter 2024 earnings conference call. (Operator Instructions). As a reminder, this conference is being recorded. It's now my pleasure to introduce your host, Erin Karney. Thank you. You may begin.

大家好，歡迎參加 Tenable 2024 年第四季財報電話會議。（操作員指令）。提醒一下，本次會議正在錄音。現在我很高興介紹您的主持人艾琳卡尼 (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 fourth quarter 2024 financial results. With me on the call today are Steve Vintz, our co-Chief Executive Officer and Chief Financial Officer, and Mark Thurmond, our co-Chief Executive Officer and Chief Operating 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.

謝謝接線員，也謝謝大家參加今天的電話會議，討論 Tenable 2024 年第四季的財務表現。今天與我一起參加電話會議的還有我們的聯席執行長兼財務長史蒂夫文茨 (Steve Vintz) 和我們的聯席執行長兼營運長馬克瑟蒙德 (Mark Thurmond)。在本次電話會議之前，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 上找到該新聞稿。

We will make forward-looking statements during the course of this call, including statements relating to our guidance and expectations for the first quarter and full year 2025, growth and drivers in our business, changes in the threat landscape in the security industry and our competitive position in the market, growth and customer demand for an adoption of our solutions, including Tenable One and cloud security, the potential benefits and financial impact of our potential acquisition of Vulcan Cyber, and our ability to successfully integrate Vulcan Cyber's operations, 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中做出前瞻性陳述，包括與我們對 2025 年第一季和全年的指導和期望有關的陳述、我們業務的成長和驅動力、安全產業威脅情勢的變化和我們在市場上的競爭地位、客戶對我們解決方案（包括 Tenable One 和雲端安全）採用的需求和成長、我們可能收購 Vulcan Cyber​​長期獲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 as of any subsequent date.

這些前瞻性陳述涉及風險和不確定性，其中一些超出我們的控制範圍，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在任何後續日期的觀點。

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 at the SEC.

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，請參閱我們最近的 10-K 表年度報告以及我們向美國證券交易委員會提交的後續報告中的內容。

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.

此外，我們今天討論的所有財務結果都是非 GAAP 財務指標（收入除外）。這些非 GAAP 財務指標是根據 GAAP 編制的財務績效指標的補充，而非替代或優於後者。與最接近的 GAAP 財務指標相比，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指標的 GAAP 與非 GAAP 的對帳。

Before I turn the call over to Steve, for those of you who may be interested, we have set up a tribute site for our late CEO Amit Yoran. We welcome any of you that have stories to share to post them. You can find the site at www.tenable.com/rememberingamityoran. I'll now turn the call over to Steve.

在我將電話轉給史蒂夫之前，對於那些可能感興趣的人，我們為已故首席執行官阿米特·約蘭（Amit Yoran）建立了一個紀念網站。我們歡迎任何有故事想分享的人發布故事。您可以在 www.tenable.com/rememberingamityoran 找到網站。我現在將電話轉給史蒂夫。

Thank you, Erin. I'd like to take a moment to express our heartfelt gratitude for the outpouring of condolences and memories shared in honor of our late CEO, Amit Yoran. The messages we've received from the investment community, as well as friends and colleagues, past and present, have been deeply moving and meaningful. Amit was a trailblazer whose independent and fun-loving spirit shone brightly. His integrity and transparency were qualities many of you value deeply, and his presence is irreplaceable.

謝謝你，艾琳。我想花點時間對大家為紀念我們已故首席執行官阿米特·約蘭 (Amit Yoran) 而表達的哀悼和回憶表示衷心的感謝。我們從投資界以及過去和現在的朋友和同事那裡收到的訊息令人深受感動且意義深遠。阿米特 (Amit) 是一位開拓者，他的獨立和愛好娛樂的精神閃閃發光。他的正直和透明是你們許多人深深重視的特質，他的存在是無可取代的。

Mark and I remain steadfast in our commitment to honoring his legacy by continuing to advance Tenable's mission of building a more secure digital future. That said, I'm pleased to join the call today alongside Mark Thurmond as we host this call as co-CEOs.

馬克和我始終堅定不移地致力於繼承他的遺產，繼續推進 Tenable 建立更安全的數位未來的使命。話雖如此，我很高興今天與馬克瑟蒙德一起參加這次電話會議，我們以聯合執行長的身份主持這次電話會議。

We're excited to share our strong results for the quarter, outline our priorities for 2025, and discuss the strategic rationale behind our pending acquisition of Vulcan Cyber. This quarter, we delivered exceptional results, exceeding expectations on all of our guided metrics. We achieved 11% CCB growth, which exceeds the midpoint of our guidance by $7.5 million.

我們很高興分享本季的強勁業績，概述我們的 2025 年優先事項，並討論我們即將收購 Vulcan Cyber​​ 背後的戰略理由。本季度，我們取得了卓越的業績，所有指導指標均超出預期。我們實現了 11% 的 CCB 成長，超出我們預期的中位數 750 萬美元。

Operating margin was 25%, which was significantly better than our expectations. We also generated $86 million in unlevered free cash flow, which was also better than expected. In short, we saw strong performance across our business, primarily driven by continued demand for exposure management and cloud security. These results reflect our commitment to evolve our business to address adjacent high growth markets and deliver incremental value to our customers.

營業利益率為25％，明顯優於我們的預期。我們也產生了 8,600 萬美元的無槓桿自由現金流，這也好於預期。簡而言之，我們的整個業務表現強勁，這主要得益於對風險管理和雲端安全的持續需求。這些結果反映了我們致力於發展業務以應對相鄰的高成長市場並為我們的客戶提供增量價值。

As I mentioned earlier, one of the areas of outperformance in the quarter was exposure management, highlighted by Tenable One reaching a record 40% of new business sales. The compelling value that our unified exposure platform delivers is rooted in helping customers identify and focus on the exposures that matter most to their business. Providing these actionable insights through enhanced analytics is the foundation for a holistic approach to risk management and is the driving force behind the strong adoption of Tenable One.

正如我之前提到的，本季表現優異的領域之一是風險管理，其中 Tenable One 的新業務銷售額達到了創紀錄的 40%。我們的統一風險敞口平台提供的引人注目的價值在於幫助客戶識別並專注於對其業務最重要的風險敞口。透過增強的分析提供這些可行的見解是整體風險管理方法的基礎，也是大力採用 Tenable One 的驅動力。

In order for our customers to better understand and reduce risk, they need a comprehensive platform that not only contextualizes and prioritizes risk data from systems we assess, but also one that aggregates risk data from their other security providers. Extending our leadership and exposure management by adding third-party data sources and associated remediation workflows across the security stack is a priority for us this year.

為了讓我們的客戶更了解並降低風險，他們需要一個綜合平台，該平台不僅可以對我們評估的系統的風險資料進行情境化和優先排序，還可以匯總來自其他安全提供者的風險資料。透過在整個安全堆疊中添加第三方資料來源和相關的補救工作流程來擴展我們的領導力和風險管理是今年我們的首要任務。

This brings me to motivation behind our recent announcement of our agreement to acquire Vulcan Cyber. The acquisition of Vulcan will augment our existing data capabilities and accelerate our ability to deliver on the future of exposure management in two ways. First, it will enhance our ability to aggregate and consolidate vast amounts of data into a singular, unified cyber risk data set within Tenable One.

這讓我想到了我們最近宣布收購 Vulcan Cyber​​ 的協議背後的動機。收購 Vulcan 將增強我們現有的資料能力，並透過兩種方式加速我們實現未來風險管理的能力。首先，它將增強我們在 Tenable One 中將大量資料聚合並整合為單一、統一的網路風險資料集的能力。

Specifically, Vulcan will allow us to integrate data for more than 100 third-party security products such as endpoint security, cloud security, application security, and vulnerability assessment. These extensive data aggregation capabilities, when combined with our own extensive risk data, will help customers consolidate all exposures across their security stack into a singular prioritized view from which they can remediate threats.

具體來說，Vulcan 將允許我們整合 100 多種第三方安全產品的數據，例如端點安全、雲端安全、應用程式安全和漏洞評估。這些廣泛的資料聚合功能與我們自己廣泛的風險資料相結合，將幫助客戶將其安全堆疊中的所有風險整合到單一的優先視圖中，以便他們能夠補救威脅。

By leveraging this unified risk data set, we believe Tenable will be positioned to advance AI-driven exposure management to transform how customers predict, prioritize, and mitigate risk across the security stack.

透過利用這個統一的風險資料集，我們相信 Tenable 將能夠推進人工智慧驅動的風險管理，從而改變客戶在整個安全堆疊中預測、確定優先順序和減輕風險的方式。

This brings me to the second key motivator for the acquisition. We expect that Vulcan will accelerate our ability to deliver automated remediation capabilities, sometimes referred to as mobilization. CISOs and their security teams will be able to act faster and more efficiently, resolving their exposures across their security environments with greater precision.

這讓我想到了此次收購的第二個關鍵動機。我們期望 Vulcan 將加速我們提供自動修復功能（有時也稱為動員）的能力。CISO 及其安全團隊將能夠更快、更有效地採取行動，更精確地解決其安全環境中的風險。

With these enhanced remediation capabilities, Tenable One will help ensure that security issues, along with corrective guidance, get into the hands of the security team members to address exposures quickly wherever they may exist in their environment, whether it be the data center, in apps, in the cloud, and so on. In short, this pending acquisition underscores our commitment to bring the most comprehensive exposure management platform in the market.

憑藉這些增強的補救功能，Tenable One 將幫助確保安全問題以及糾正指導到達安全團隊成員手中，以便快速解決環境中存在的任何風險，無論是資料中心、應用程式、雲端等等。簡而言之，此次即將進行的收購凸顯了我們致力於為市場帶來最全面的風險管理平台的決心。

Another theme for us this year is expanding our footprint and cloud security. This quarter, our cloud security sales more than doubled, with significant wins across both public and private sectors. What differentiates Tenable in this space is our ease of use, pace of innovation, and the ability to offer CNAPP integrated with our exposure management platform.

我們今年的另一個主題是擴大我們的足跡和雲端安全。本季度，我們的雲端安全銷售額成長了一倍多，在公營和私營部門都取得了顯著的成功。Tenable 在這領域的與眾不同之處在於我們的易用性、創新速度，以及提供與我們的風險管理平台整合的 CNAPP 的能力。

Tenable has the ability to assess hybrid environments that most organizations operate in. Few organizations exist solely on-premise or just in the cloud. On-premise data centers, private clouds, and public clouds are all part of the equation, and our exposure management approach integrates these disparate environments into a unified strategy.

Tenable 有能力評估大多數組織運作的混合環境。很少有組織僅僅存在於本地或雲端。內部資料中心、私有雲和公有雲都是等式的一部分，我們的風險管理方法將這些不同的環境整合到統一的策略中。

So in summary, we believe we have strong momentum in exposure management, including cloud security. Consistent with the commentary we provided last quarter on our growth drivers, we believe we will continue to see outsized growth and exposure management highlighted by our increasing scale and cloud security over the ensuing years.

總而言之，我們相信我們在風險管理（包括雲端安全）方面擁有強勁的發展勢頭。與我們上個季度就成長動力所做的評論一致，我們相信，未來幾年，我們將繼續看到超額的成長和風險管理，而這主要體現在我們不斷增長的規模和雲端安全性上。

To continue to execute on this growth algorithm, in 2025, we plan to increase our investment and product development and go to market, all while continuing to expand our operating and free cash flow margins. We remain firmly committed to a balanced growth approach and returning capital to our shareholders through our share we purchase program, all of which is intended to create long-term value to our shareholders.

為了繼續執行這項成長演算法，我們計劃在 2025 年增加投資和產品開發並推向市場，同時繼續擴大我們的營業和自由現金流利潤率。我們始終堅定地致力於平衡成長方式，並透過我們的股票購買計劃向股東返還資本，所有這些都是為了為我們的股東創造長期價值。

I'd like to turn the call now over to Mark Thurmond.

現在我想把電話轉給馬克·瑟蒙德。

Thank you, Steve. For the last five years as the Chief Operating Officer, I've had the privilege of working with thousands of customers worldwide, as well as partners and employees to understand their challenges first-hand and ensure we deliver solutions that make the biggest impact for their organizations. I'm incredibly proud of what we've accomplished together and excited to continue executing on our strategy as we move forward.

謝謝你，史蒂夫。在過去五年擔任營運長期間，我有幸與全球數千名客戶、合作夥伴和員工合作，直接了解他們面臨的挑戰，並確保我們提供對他們的組織產生最大影響的解決方案。我對我們共同取得的成就感到無比自豪，並且很高興在未來繼續執行我們的策略。

A key area of focus for us and one I'm very passionate about is making sure we are delivering the solutions our customers need. This is the motivation behind our investment decisions and our long term strategy. This also requires us to work closely with customers and partners with feet on the street understanding purchasing behaviors and priorities.

我們關注的一個重點領域，也是我非常熱衷的領域，是確保我們能夠提供客戶所需的解決方案。這是我們投資決策和長期策略背後的動機。這也要求我們與客戶和合作夥伴密切合作，以了解他們的購買行為和優先事項。

While we have historically added hundreds of new customers and even more expansion deals in past quarters, there are consistent themes among these deals. I'm going to take some time to highlight customer examples that encompass the broader theme we are experiencing.

雖然我們在過去幾季增加了數百名新客戶，並進行了更多的擴張交易，但這些交易之間存在著一致的主題。我將花一些時間來重點介紹涵蓋我們正在經歷的更廣泛主題的客戶案例。

As Steve mentioned, we're seeing tremendous strength in Tenable One in cloud security, but it's also worth emphasizing that vulnerability management remains foundational to customer security programs. For many customers, VM continues to be the starting point for exposure management as it lays the groundwork for understanding and addressing an organization's risk. We believe this sets us apart from the competition.

正如史蒂夫所提到的，我們看到 Tenable One 在雲端安全方面擁有巨大的優勢，但同樣值得強調的是，漏洞管理仍然是客戶安全計畫的基礎。對許多客戶來說，VM 仍然是風險管理的起點，因為它為理解和解決組織的風險奠定了基礎。我們相信這使我們在競爭中脫穎而出。

A great example is a major telecom provider that has relied on Tenable VM for years. They are working hand in hand with us to transform their entire approach to exposure management. The Fortune 100 company is leveraging Tenable One to help unify risk findings for more than 50 security tools, including those for cloud, on-prem, endpoints, and OT systems. As part of this transformation, they've even created a dedicated exposure management team to support the initiative.

一個很好的例子是一家大型電信供應商多年來一直依賴 Tenable VM。他們正與我們攜手合作，徹底改變其風險管理方法。這家財富 100 強公司正在利用 Tenable One 幫助統一 50 多種安全工具的風險發現，包括雲端、本地、端點和 OT 系統的風險發現。作為此次轉型的一部分，他們甚至成立了專門的風險管理團隊來支持這項措施。

While VM continues to be a great starting point with existing customers, we are seeing a shift in new customer interest and behavior. Increasingly we are seeing new customers adopt Tenable One as their starting point with Tenable. This quarter alone, we closed multiple six-figure Tenable One deals including VM, across industries like healthcare, banking, retail, and tech, as organizations of all kinds grapple with understanding risk in their fragmented hybrid environments.

雖然 VM 對現有客戶來說仍然是一個很好的起點，但我們看到新客戶的興趣和行為正在轉變。我們看到越來越多的新客戶採用 Tenable One 作為使用 Tenable 的起點。僅在本季度，我們就完成了包括 VM 在內的多筆六位數 Tenable One 交易，涉及醫療保健、銀行、零售和科技等行業，因為各類組織都在努力了解其分散的混合環境中的風險。

Tenable One resonated deeply with the major financial services company that needed a holistic view across multiple asset types, including external assets, cloud infrastructure, containers, and active directory. The customer quickly recognized the power of Tenable One's visibility and risk prioritization, which provided them with actionable insight to reduce their exposure. As a result, this turned into a seven-fi expansion deal.

Tenable One 與大型金融服務公司產生了深刻的共鳴，該公司需要全面了解多種資產類型，包括外部資產、雲端基礎設施、容器和活動目錄。客戶很快就認識到 Tenable One 的可視性和風險優先順序的強大功能，這為他們提供了可行的洞察力以降低風險。結果，這變成了一項 7-fi 擴張交易。

As Steve alluded to, our exposure management value proposition is also driving significant traction in cloud security. When Marquee win this quarter was with a major international healthcare agency. They needed a centralized view of their hybrid attack surface, including their cloud environment. And a competitive bake off against the top cloud players, we won because of our unified platform approach, which delivered critical vendor consolidation, cost savings, and operational efficiencies.

正如史蒂夫所提到的，我們的風險管理價值主張也正在推動雲端安全領域的巨大發展。本季 Marquee 贏得勝利時與一家大型國際醫療保健機構合作。他們需要集中查看他們的混合攻擊面，包括他們的雲端環境。在與頂級雲端運算公司的激烈競爭中，我們憑藉統一的平台方法贏得了勝利，該方法實現了關鍵的供應商整合、成本節約和營運效率。

Most importantly, we help them meet their $1 billion cost cutting mandate while ensuring consistent risk prioritization across their entire attack surface at scale. These customer examples illustrate the trust we've earned and the opportunities we're seeing in the market. They also highlight the transformative potential of exposure management as organizations move toward a more holistic approach to managing cyber risk.

最重要的是，我們幫助他們滿足了 10 億美元的成本削減要求，同時確保在整個攻擊面上一致的風險優先順序。這些客戶案例說明了我們贏得的信任以及我們在市場上看到的機會。他們也強調了隨著企業轉向更全面的網路風險管理方法，風險管理的變革潛力。

We are extremely optimistic about the exposure management market opportunity and are excited about the long run way ahead of us as we continue to focus on organic and inorganic investments that align with our customer goals.

我們對風險管理市場機會極為樂觀，並對我們未來的長期發展感到興奮，因為我們將繼續專注於符合客戶目標的有機和無機投資。

Over the past year and a half, we have added key technologies to our exposure management platform. Vulcan is no different. This acquisition will directly respond to the needs of our customers who are overwhelmed with scattered security products, siloed views, and resource constrained teams. And it underscores our commitment to building the most comprehensive exposure management platform on the market.

在過去的一年半里，我們為我們的風險管理平台添加了關鍵技術。Vulcan 也不例外。此次收購將直接滿足我們的客戶的需求，他們正飽受分散的安全產品、孤立的觀點和資源受限的團隊的困擾。這也凸顯了我們致力於打造市場上最全面的風險管理平台的決心。

Importantly, we are executing in the market with a continued focus on sales efficiency. We have driven sales productivity higher over the last few years, and we intend to continue to drive leverage in the business while not sacrificing market opportunities.

重要的是，我們在市場執行中持續注重銷售效率。過去幾年來，我們不斷提高銷售效率，並打算在不犧牲市場機會的同時，繼續提高業務槓桿率。

With that, I will turn it back over to Steve to dive into the financials.

說完這些，我會把話題轉回給史蒂夫，讓他深入研究財務問題。

Thanks, Mark. I will now turn to our results for the quarter. As I mentioned earlier, calculated current billings to find as revenue recognized in the quarter, plus the current change in current deferred revenue grew 11% year over year to $302.2 million. This outperformance was largely driven by Tenable One and cloud security.

謝謝，馬克。現在我將介紹本季的業績。正如我之前提到的，計算當前帳單以發現本季確認的收入，加上當前遞延收入的當前變化同比增長 11% 至 3.022 億美元。這種優異表現主要得益於 Tenable One 和雲端安全。

Current RPO growth was 11% year by year, consistent with CCB growth. During the quarter we added 485 new enterprise platform customers and 135 net new six-figure customers. This was a strong quarter for us and is indicative of our growing deal sizes. Our net dollar expansion rate was 108% this quarter. Our renewal rates remains strong.

目前RPO年增11%，與CCB成長一致。本季度，我們新增了 485 個企業平台客戶，並淨增加了 135 個六位數客戶。對我們來說這是一個強勁的季度，顯示我們的交易規模不斷成長。本季我們的淨美元擴張率為 108%。我們的續約率依然保持強勁。

Now on to the P&L for the quarter. Revenue was $235.7 million, which represents 11% year for year growth. Revenue in the quarter exceeded the midpoint of our guided range by $4.7 million. Our percentage of recurring revenue remained high at 95%. Gross margin was 82% this quarter, up from 81% last quarter, and is in line with expectations. Gross margin for the full year is 81%, up from 80% last year. Going forward, we continue to expect gross margins to be in the high 70s to low 80% range.

現在來看看本季的損益表。營收為 2.357 億美元，年增 11%。本季的營收超出了我們預期範圍的中點 470 萬美元。我們的經常性收入比例仍高達 95%。本季毛利率為82%，高於上季的81%，符合預期。全年毛利率為81%，高於去年的80%。展望未來，我們繼續預期毛利率將在 70% 高點至 80% 低點之間。

Sales and marketing expense was $80.1 million, down from $83.1 million last quarter, and as a percentage of revenue was 34% compared to 37% last quarter. Sales and marketing expense was lower sequentially on an absolute dollar basis and percentage basis, primarily due to improved sales efficiency, partially offset by higher sales commissions attributed to our sales performance, and seasonally high or no base in the quarter.

銷售和行銷費用為 8,010 萬美元，低於上季的 8,310 萬美元，佔營收百分比為 34%，而上季為 37%。銷售和行銷費用以絕對美元基礎和百分比計算環比下降，主要由於銷售效率提高，但被銷售業績帶來的銷售佣金增加和本季季節性高基數或無基數所部分抵銷。

For the full year, sales and marketing expense as a percentage of revenue was 37%, down from 42% last year, representing a 450-basis point improvement reflecting the strength of our go to market model. Looking ahead, we plan to add capacity this year, but expect sales and marketing spend as a percentage of revenue will continue to trend lower in 2025.

全年銷售和行銷費用佔收入的 37%，低於去年的 42%，提高了 450 個基點，反映了我們行銷模式的實力。展望未來，我們計劃今年增加產能，但預計 2025 年銷售和行銷支出佔收入的百分比將繼續呈下降趨勢。

R&D expense was $32.5 million which was down from $35.6 million last quarter. R&D expense was lower this quarter in comparison to last quarter, primarily due to foreign tax credits received associated with investments and scaling our global engineering capabilities. R&D expense as a percentage of revenue was 14% this quarter, down from 16% last quarter. For the full year, R&D expenses, the percentage of revenue was 15% compared to 14% last year.

研發費用為 3,250 萬美元，低於上一季的 3,560 萬美元。本季的研發費用與上一季相比有所下降，這主要是由於與投資和擴大全球工程能力相關的外國稅收抵免所致。本季研發費用佔營收的比例為 14%，低於上一季的 16%。全年研發費用佔收入的比例為15%，去年為14%。

G&A expense was $20.5 million which was down from $21.1 million last quarter. G&A expense as a percentage of revenue was 9% this quarter and for the full year, which was flat relative to the last quarter, as well as for the full year 2023.

一般及行政開支為 2,050 萬美元，低於上一季的 2,110 萬美元。本季和全年的一般及行政管理費用佔收入的百分比為 9%，與上一季以及 2023 年全年持平。

Income from operations was $59.4 million and exceeded the midpoint of our guided range by $11.4 million. Operating margin for the quarter was 25%, which was 400 basis points better than the midpoint of our guided range. Operating margin for the full year is 20%, representing a 500 basis point increase from the prior year. We're very pleased with our ability to continue to drive leverage in the business, as operating margins have doubled from 10% for 2022 to 20% in 2024.

營業收入為 5,940 萬美元，超出我們指引範圍的中點 1,140 萬美元。本季營業利益率為 25%，比我們指引範圍的中點高出 400 個基點。全年營業利益率為20%，較前一年增加500個基點。我們對繼續提高業務槓桿的能力感到非常高興，因為營業利潤率已從 2022 年的 10% 翻了一番，達到 2024 年的 20%。

EPS for the quarter was $0.41, which was $0.07 better than the midpoint of our guided range.

本季每股收益為 0.41 美元，比我們指導範圍的中點高出 0.07 美元。

Now let's turn to the balance sheet. We finished the quarter with $577 million of cash in short-term investments. Accounts receivable was $259 million and total deferred revenue was $833 million. Current deferred revenue was $650 million which gives us a lot of visibility into expected revenue over the next 12 months.

現在我們來看看資產負債表。本季結束時，我們的短期投資現金為 5.77 億美元。應收帳款為 2.59 億美元，遞延收入總額為 8.33 億美元。目前遞延收入為 6.5 億美元，這使我們對未來 12 個月的預期收入有了很大的了解。

We generated a record $86 million of unlevered free cash flow this quarter, which is up compared to $61 million last quarter. For the full year 2024, we generated $238 million of unlevered free cash flow, exceeding the guide from our Q2 earnings call. We feel confident that we can continue to expand our operating free cash flow margins over the ensuing years as we have done so for every year since our IPL.

本季度，我們創造了創紀錄的 8,600 萬美元無槓桿自由現金流，較上一季的 6,100 萬美元有所上升。2024 年全年，我們產生了 2.38 億美元的無槓桿自由現金流，超過了我們第二季財報電話會議的預期。我們有信心在未來幾年繼續擴大我們的經營自由現金流利潤率，就像我們自 IPL 以來每年都這樣做一樣。

In October 2024, our Board of Directors increased the repurchase authorization under our share repurchase program by $200 million. During the quarter, we purchased 1.2 million shares of our common stock for an aggregate purchase price of $50 million. Thus far, we have repurchased almost 2.7 million shares for $115 million since November of '23 and have $185 million of remaining authorization.

2024 年 10 月，我們的董事會將股票回購計畫下的回購授權增加了 2 億美元。本季度，我們回購了 120 萬股普通股，總購買價為 5,000 萬美元。到目前為止，自 23 年 11 月以來我們已以 1.15 億美元回購了近 270 萬股，剩餘授權金額為 1.85 億美元。

With the results of the quarter behind us, I'd like to discuss our outlook for Q1 in the full year 2025. Our guidance excludes the impact of the potential acquisition of Vulcan Cyber, which we expect to close shortly. For the first quarter, we currently expect revenue to be in the range of $232 million to $234 million.

基於本季的業績，我想討論我們對 2025 年全年第一季的展望。我們的指引不包括對 Vulcan Cyber​​ 的潛在收購的影響，我們預計該收購將很快完成。對於第一季度，我們目前預計營收在 2.32 億美元至 2.34 億美元之間。

Non-GAAP income from operations to be in the range of $42 million to $44 million. Non-GAAP net income to be in the range of $35 million to $37 million, assuming interest expense of $7 million interest income of $5.2 million and a provision for income taxes of $3.6 million. And non-GAAP diluted earnings per share to be in the range of $0.28 to $0.30 per share, assuming $124 million fully diluted weighted average shares outstanding.

非公認會計準則營業收入將在4,200萬美元至4,400萬美元之間。非公認會計準則淨收入將在 3,500 萬美元至 3,700 萬美元之間，假設利息支出為 700 萬美元，利息收入為 520 萬美元，所得稅準備金為 360 萬美元。假設完全攤薄的加權平均流通股數為 1.24 億美元，非 GAAP 攤薄每股收益將在 0.28 美元至 0.30 美元之間。

For the full year we currently expect, calculated current billing to be in the range of $1.040 billion to $1.055 billion. Revenue to be in the range of $971 million to $981 million. Non-GAAP income from operations to be in the range of $213 million to $223 million. Non-GAAP net income to be in the range of $189 million to $199 million assuming interest expense of $28.3 million, interest income of $21 million and a provision for income taxes of $13.4 million.

對於我們目前預期的全年而言，計算出的當前帳單將在 10.4 億美元至 10.55 億美元之間。營收在 9.71 億美元至 9.81 億美元之間。非公認會計準則營業收入預計在2.13億美元至2.23億美元之間。假設利息支出為 2,830 萬美元、利息收入為 2,100 萬美元以及所得稅準備金為 1,340 萬美元，非 GAAP 淨收入將在 1.89 億美元至 1.99 億美元之間。

Non-GAAP diluted earnings per share to be in the range of $1.52 to $1.60 per share, assuming $124.5 million fully diluted, weighted average shares outstanding and unlever free cash flow to be in the range of $285 million to $295 million.

非 GAAP 攤薄每股收益將在 1.52 美元至 1.60 美元之間，假設完全攤薄的加權平均流通股數為 1.245 億美元，且無槓桿自由現金流將在 2.85 億美元至 2.95 億美元之間。

Let me provide some context related to our Tenable Standalone outlook. The CCB outlook we're providing today is consistent with the directional comments we provided last quarter. The one thing I would note is that our outlook is incrementally more cautious for US federal due to the transition of a new administration. It's early in the year, so we look forward to updating you on our progress throughout the year.

讓我提供一些與我們的 Tenable Standalone 展望相關的背景資訊。我們今天提供的 CCB 展望與我們上個季度提供的方向性評論一致。我要指出的一點是，由於新政府的過渡，我們對美國聯邦政府的展望愈加謹慎。現在還只是年初，因此我們期待向您通報我們全年的進展。

Our guidance for operating income reflects our emphasis on profitable growth. We typically frontload our investments in sales and marketing and R&D early in the year. In terms of quarterly flow, we expect operating margins to generally increase throughout the year as some of these investments take hold.

我們對營業收入的指導反映了我們對獲利成長的重視。我們通常會在年初對銷售、行銷和研發進行預先投資。就季度流量而言，我們預計隨著部分投資落地，全年營業利潤率將普遍增加。

For the full year, our guide reflects a 200 basis point improvement over 2024. It's worth noting that on a stand-alone basis, we expect to deliver $285 million to $295 million of unlever free cash flow in 2025, which is above the target that we previously provided. Our long-term expectation of 35% plus on lever free cash flow margins over time is unchanged.

就全年而言，我們的預期將比 2024 年提高 200 個基點。值得注意的是，就獨立基礎而言，我們預計 2025 年將實現 2.85 億至 2.95 億美元的無槓桿自由現金流，高於我們先前設定的目標。我們對槓桿自由現金流利潤率長期預期為 35% 以上，這項預期保持不變。

Now, separate from the outlook and related commentary I just provided, Vulcan is expected to contribute an additional 50 basis points of growth to CCB and revenue for the full year with a de minimis contribution to Q1.

現在，除了我剛剛提供的展望和相關評論之外，Vulcan 預計將為 CCB 和全年收入貢獻額外的 50 個基點的增長，並對第一季做出最低限度的貢獻。

In terms of quarterly flow for the rest of the year, we expect the top line financial impact of Vulcan to occur largely in the second half of the year as we prioritize the product integration into Tenable One and go to market with the expansive remediation workflow ops in the second half of the year.

就今年剩餘時間的季度流量而言，我們預計 Vulcan 的營收影響將主要發生在下半年，因為我們優先將產品整合到 Tenable One，並在下半年將廣泛的補救工作流程操作推向市場。

Vulcan is also expected to add $11 million to $13 million of operating expenses and reduce and lever free cash flow by $20 million including transaction costs. We expect the transaction to be creative in the first half of next year and for the full year 2026.

Vulcan 預計還將增加 1,100 萬至 1,300 萬美元的營運費用，並減少和利用 2,000 萬美元的自由現金流（包括交易成本）。我們預計該交易將在明年上半年和2026年全年產生效果。

So with that, Mark and I would like to thank everyone for joining us on the call today. We're very excited about the opportunity ahead. I look forward to updating you throughout the year. We hope to see you at the Morgan Stanley, Susquehanna, and Cantor Fitzgerald conferences in the coming weeks. We now like to open the call for questions.

因此，馬克和我要感謝大家今天參加我們的電話會議。我們對未來的機會感到非常興奮。我期待著全年向您更新最新情況。我們希望在未來幾週的摩根士丹利、Susquehanna 和 Cantor Fitzgerald 會議上見到您。我們現在開始回答問題。

(Operator Instructions)

（操作員指令）

Saket Kalia, Barclays.

Saket Kalia，巴克萊銀行。

Okay great. Hey guys, thanks for taking my question here and let me just start by saying -- I know the team will continue to honor and meet legacy of better security and I'm sure he'd be proud of these results today.

好的，太好了。嘿夥計們，感謝你們回答我的問題，首先我要說的是——我知道團隊將繼續尊重和實現更好的安全傳統，我相信他會為今天的這些成果感到自豪。

Maybe on the business, Steve and Mark, there's a good bit of noise out in the VM space right now. Maybe the question is how do you sort of feel Tenable is doing competitively and do you think there's an opportunity to maybe extend your lead in VM and exposure management in 2025?

也許就業務而言，史蒂夫和馬克，現在虛擬機器領域存在著許多噪音。也許問題是，您覺得 Tenable 的競爭力如何，您是否認為有機會在 2025 年擴大您在​​虛擬機器和風險管理方面的領先地位？

Hey, Saket, good question. I'll start here. First, we feel really good about the momentum we have in VM. We saw better than expected growth in VM. We beat CCB by $7.5 million from the midpoint of the guided range. VM was certainly a contributing factor, and it came in better than what we're expecting at the onset of the quarter.

嘿，Saket，你問得好。我將從這裡開始。首先，我們對 VM 領域發展動能感到非常滿意。我們看到VM的成長比預期好。我們比 CCB 的指導範圍中點高出 750 萬美元。VM 無疑是一個促成因素，而且它的表現比我們在本季初預期的要好。

There a lot of large wins and competitive displacements, and VM continues to be a foundational starting point for exposure management and notwithstanding that the results for the quarter outlook for VM for the upcoming year and even beyond does not change from the growth outgo I provided last quarter. We expect VM growth to be in the mid-single digit range going forward. We think those are the right expectations to have.

有許多重大的勝利和競爭性的取代，VM 繼續成為風險管理的基礎起點，儘管對來年乃至更遠未來的 VM 季度展望的結果與我上個季度提供的成長支出相比沒有變化。我們預計未來虛擬機器成長率將維持在個位數的中等水準。我們認為這些都是正確的期望。

Yeah, and I'll just add -- from a customer and field perspective, we're definitely very, very bullish on what we saw from the VM perspective. We had some of the highest win rates against the competition in Q4 from a VM perspective. And when you really are talking to customers and as we're separating ourselves from a Tenable One perspective and differentiating, we are seeing competitive displacements.

是的，我只想補充一點——從客戶和現場的角度來看，我們對從虛擬機器角度看到的情況非常非常樂觀。從 VM 角度來看，我們在第四季的競爭中取得了最高的勝率。當您真正與客戶交談時，當我們脫離 Tenable One 的視角並進行差異化時，我們看到了競爭力的取代。

The environment, I will also add, there was a threatening environment that was out there with salt typhoon and with some of the telcos which were leading to even more displacements from a competitive perspective. So we were very optimistic. We really were positive about we saw what we saw in Q4 in regard to competitive displacement and our differentiation from a VM and Tenable One perspective.

我還要補充一點，環境非常危險，有鹽颱風，一些電信公司也面臨威脅，從競爭的角度來看，這導致了更多的人員流動。因此我們非常樂觀。我們對第四季度在競爭性取代以及從 VM 和 Tenable One 角度的差異化方面所取得的成績感到非常樂觀。

Very helpful. Thanks guys.

非常有幫助。謝謝大家。

Brian Essex, JPMorgan.

摩根大通的布萊恩‧艾塞克斯 (Brian Essex)。

Thank you for taking the question and good to see a solid set of results here. Steve, maybe for you, could we unpack some of the comments that you made on the federal caution and the quarters related to guidance? I know you guys have a lot of government business, a lot of its state and local, but on the federal side, what is it that you're seeing, real time that's kind of giving you a little bit more caution.

感謝您回答這個問題，很高興看到一系列可靠的結果。史蒂夫，也許我們能為您解析一下您對聯邦警告和與指導相關的季度所發表的一些評論嗎？我知道你們有很多政府業務，很多是州和地方的，但在聯邦方面，你所看到的即時情況會讓你們更加謹慎。

Obviously you see news stories, but maybe if you could relate, where you're seeing some softness, where you're seeing stability just to gauge the level of caution that you see and kind of what's driving that caution around the guys.

顯然，你會看到新聞報道，但也許如果你能聯繫起來，你會看到一些疲軟，你會看到穩定，這只是為了衡量你所看到的謹慎程度，以及是什麼導致了人們周圍的謹慎。

You bet. Hey, it's Mark. I'll kind of jump in on that one. So you know we actually saw this a little bit in Q4 from a CR perspective with a bit of an overhang in Q4. And now as we have the new administration kind of taking hold, we are seeing a little bit of a distraction. We are not seeing any changes in budgets. We are not seeing any changes in projects being canceled, but there is a little bit of gray area as there's some moving freeze.

當然。嘿，我是馬克。我會參與這個話題。因此，您知道，從 CR 的角度來看，我們實際上在第四季度看到了這一點，並且在第四季度出現了一些懸而未決的情況。現在，隨著新政府的上台，我們看到了一些分散注意力的事情。我們沒有看到預算有任何變化。我們沒有看到項目取消的任何變化，但由於存在一些移動凍結，因此存在一些灰色區域。

And there are some freezes in hiring where it's just putting a little bit of gray area in regards to timing of some of these transactions in the federal space. We have, I think, very strong pipeline and momentum in the Fed space. We're just being a bit cautious based on all of the different factors and really the moving seats that are taking place, which we expect and anticipate to get cleaned up, but that is why we're taking the outlook in the Fed space here in Q1.

在招聘方面有一些凍結，這只是在聯邦領域中一些交易的時間安排上留下了一些灰色地帶。我認為，我們在聯準會領域擁有非常強大的管道和勢頭。基於所有不同的因素以及正在發生的變動席位，我們只是有點謹慎，我們預計並期望得到清理，但這就是我們在第一季度關注美聯儲前景的原因。

Great and any appetite for disclosing maybe the federal exposure kind of disaggregate that from the state and local. I know you usually give a total government number, but just to get a better sense of the exposure there.

非常好，任何披露的興趣或許都可以將聯邦風險與州和地方風險區分開來。我知道您通常會給出政府的總數，但這只是為了更好地了解那裡的曝光情況。

You know, we typically -- about 15% of our total sales come from public sector that includes us federal as well as state and local and a number of other agencies. We'll say here that what we're modeling for a full year, something slightly lower. Again, as Mark said, we're just taking a more cautious approach here, given the new administration, given the overhang of continuing resolution.

您知道，我們通常約有 15% 的總銷售額來自公共部門，包括聯邦、州、地方和許多其他機構。我們在這裡要說的是，我們為全年建模，這個數字會稍微低一些。再次，正如馬克所說，考慮到新政府，考慮到持續決議的懸而未決，我們只是採取了更謹慎的態度。

And we think that's the right expectation to set. It's still extremely bullish on the outlook and the opportunity. We have tremendous foothold in the federal and civilian and Intel and we expect those will be tail ends of growth for us, but certainly some cautionary remarks just given some of the change that's taking place.

我們認為這是正確的預期。對前景和機會仍然極為樂觀。我們在聯邦、民事和英特爾領域擁有巨大的立足點，我們預計這些將成為我們成長的尾聲，但考慮到正在發生的一些變化，我們肯定會提出一些警告。

Very helpful. Thank you, Steve.

非常有幫助。謝謝你，史蒂夫。

Hamza Fodderwala, Morgan Stanley.

摩根士丹利的 Hamza Fodderwala。

Alright, great. Thank you for taking my question and I'll echo my condolences on the passing of Amit to his family and to the entire Tenable team.

好的，太棒了。感謝您回答我的問題，我謹向阿米特的家人以及整個 Tenable 團隊表示對阿米特去世的哀悼。

Steve or excuse me, Mark. You know, talked about -- Steve, talked about cloud security sales, I think doubling year on year. I'm wondering, we're seeing a lot of consolidation in the security market and in the cloud security market more recently as well. To what extent is that coming from your existing customers or net new customer lands? Thank you.

史蒂夫，或者對不起，馬克。你知道，史蒂夫談到了雲端安全銷售，我認為銷售額會逐年翻倍。我想知道，我們最近也看到安全市場和雲端安全市場出現了許多整合。其中有多少是來自於您的現有客戶還是淨新增客戶？謝謝。

Yeah, so kind of what we're seeing, and we highlighted with Tenable One. We actually saw a significant uptick in new customers actually joining Tenable being part of the Tenable One platform. But we see a massive opportunity. We have huge -- one of the largest installed bases of any cyber company on the planet. And we are going out there with this Tenable One message. And cloud security is a huge part of that consolidation message.

是的，這就是我們所看到的，並且我們用 Tenable One 進行了重點強調。事實上，我們看到加入 Tenable 並成為 Tenable One 平台一部分的新客戶數量顯著增加。但我們看到了巨大的機會。我們的安裝基礎非常龐大——是地球上所有網路公司中最大的安裝基礎之一。我們將帶著這個 Tenable One 訊息出去。雲端安全是這項整合資訊的重要組成部分。

I highlighted one of the examples of a health agency which was a seven-figure cloud deal. This was all about consolidation. It was all about a hybrid environment where they had on-prem vulnerability needs and assets, they had cloud, they had operational technology. So what we are seeing with exposure management is getting that full visibility of that attack surface and cloud is a massive part of it and that's why we're seeing that business double. That's why we're very optimistic about our cloud bookings and revenues in 2025.

我重點提到了一個醫療機構的例子，這是一筆價值七位數的雲端運算交易。這一切都是為了合併。這一切都是關於一個混合環境，他們有內部部署漏洞需求和資產、有雲端、有營運技術。因此，我們在風險管理中看到的是獲得對攻擊面的全面可見性，而雲端是其中很重要的一部分，這就是我們看到業務翻倍的原因。這就是我們對 2025 年雲端預訂和收入非常樂觀的原因。

And I think you're going to continue to see that trend, customers are definitely looking for that consolidation play and exposure management fits really, really nicely in that talk track.

我認為你會繼續看到這種趨勢，客戶肯定在尋找這種整合策略，而風險管理非常非常契合這個主題。

Thank you.

謝謝。

Shaul Eyal, TD Cowen.

沙烏爾·埃亞爾（Shaul Eyal），TD Cowen。

Thank you. Good afternoon. Let me also offer my my condolences. Steve, I had a question about your European, maybe international operations. How did they perform this quarter versus the US operations. And maybe -- I know you've mentioned the competitive landscape, but maybe can you break it for us? What you're seeing on the legacy front versus some of the maybe emerging private competitors front, any color will be extremely helpful. Thank you.

謝謝。午安.我還要表示我的哀悼。史蒂夫，我對你在歐洲甚至國際的業務有一個疑問。與美國業務相比，本季他們的表現如何。也許—我知道您提到了競爭格局，但您能為我們分析一下嗎？與一些可能正在出現的私人競爭對手相比，您在傳統前端看到的任何顏色都將極為有幫助。謝謝。

Sure. Well, Tenable is a global company. We sell in 160 countries, and we have a presence in 40 different countries. And demand is not monolithic, and it can change from quarter to quarter. This quarter, we saw, particular demand on the international fund specifically in Europe and even in particular in the Middle East. Continues retail wins of growth for us. Certainly areas of Latin America, some of our largest deals came out of those two theaters. We're pleased to see that.

當然。Tenable 是一家全球性公司。我們的產品銷往 160 個國家，並且在 40 個不同的國家設有辦事處。而且需求並不是一成不變的，它會隨著季度的變化而改變。本季度，我們發現，國際基金的需求特別大，特別是在歐洲，甚至中東。我們的零售業務將持續成長。當然，在拉丁美洲地區，我們的一些最大交易就來自這兩個地區。我們很高興看到這一點。

And I think as a whole, as we look out into 2025, one of the things we mentioned early in the call was that we plan to add capacity, we plan to make investments. And so we're going to invest in those markets where we're seeing opportunity, where we're seeing growth. Competitive dynamics really haven't changed that much from quarter to quarter. You see the traditional VM incumbents for vulnerability management and then cloud security, we're seeing good traction there.

我認為，總體而言，展望 2025 年，我們在電話會議初期提到的事情之一就是我們計劃增加產能，我們計劃進行投資。因此，我們將在那些我們看到機會、看到成長的市場進行投資。每季的競爭態勢其實並沒有太大的變化。您會看到，傳統的 VM 在漏洞管理和雲端安全方面都佔有一席之地，我們看到了良好的發展勢頭。

Not only are we demonstrating an ability to sell cloud security stand alone and win those deals outright, but we're also selling it as a part of the broader solution. And with regards to the latter, our front is really you know, selling into environments that where customers have hybrid needs. Most customers don't have workloads that are completely on-prem, they don't have workloads that are 100% in the cloud. So hybrid environments, the ability to secure both and be able to deliver insights with respect to those environments is certainly a big part of the value proposition we're delivering.

我們不僅展示了單獨銷售雲端安全性並直接贏得這些交易的能力，而且我們還將其作為更廣泛解決方案的一部分進行銷售。對於後者，我們的重點實際上是向具有混合需求的客戶環境進行銷售。大多數客戶沒有完全在本地的工作負載，也沒有 100％ 在雲端的工作負載。因此，混合環境、保護兩者的能力以及能夠提供有關這些環境的見解的能力無疑是我們提供的價值主張的重要組成部分。

Thank you so much. Very helpful.

太感謝了。非常有幫助。

Gray Powell, BTIG.

格雷·鮑威爾（Gray Powell），BTIG。

Okay, great. Thanks for taking my question. And before I ask, I just wanted to offer my condolences on Amit as well. I had a lot of respect for him. But yeah, in terms of the question, just on the billings guidance. Can you give us any color on how you're thinking about linearity for the year versus prior years? And is there any reason why maybe this year would be more back and loaded, particularly with some of the comments you made on US set?

好的，太好了。感謝您回答我的問題。在我詢問之前，我也想對阿米特表示哀悼。我非常尊敬他。但是是的，就問題而言，僅涉及賬單指導。您能否告訴我們，您對今年與前幾年的線性有何看法？有什麼理由可以解釋為什麼今年的活動會更加豐富多彩，尤其是您對美國場館發表的一些評論？

Sure. Well, with regard to our outlook for the full year. The CCB outlook we're providing today is consistent with the directional comments we made last quarter. You know, the one thing that we called out earlier is that we're incrementally more cautious than US federal. We also talked about the impact of the Vulcan acquisition when closed. It'll contribute roughly a half a point of CCB growth. That'll be more towards the back half of the year.

當然。嗯，關於我們對全年的展望。我們今天提供的 CCB 展望與我們上個季度做出的方向性評論一致。你知道，我們之前提到的一件事是，我們比美國聯邦政府更謹慎。我們也討論了 Vulcan 收購完成後的影響。它將為 CCB 成長貢獻約半個百分點。這將會更多地發生在下半年。

In part, because we're prioritizing the product integration first. We're building those capabilities natively into our Tenable One platform. We will be in market with more expansive solution during the course of the year. And we expect it to contribute more fully to CCB in the second half of the year. So notwithstanding Fed and certainly the impact of the acquisition, you would expect our same seasonal flow.

部分原因是我們首先優先考慮產品整合。我們正在將這些功能原生地建置到我們的 Tenable One 平台中。今年，我們將向市場提供更廣泛的解決方案。我們預計下半年將為建行做出更大貢獻。因此，儘管受到聯準會和收購的影響，您仍會預期我們的季節性流量會相同。

Understood. Okay. Thank you very much.

明白了。好的。非常感謝。

Rudy Kessinger, D. A. Davidson.

魯迪·凱辛格、D.A.戴維森。

Hey, thanks for taking my questions. I guess just kind of similar to Gray's question CCB, but actually on the revenue. The guide kind of implies like a pretty modest acceleration of revenue growth rate year to year throughout the year. Curious, any color you can provide there as Q1 a tough compare or just what maybe is driving that in the guide, especially considering maybe some more conservative assumptions around Fed, which is more Q3 heavy.

嘿，謝謝你回答我的問題。我想這和格雷關於 CCB 的問題有點類似，但實際上是關於收入的。該指南暗示全年營收成長率將呈現相當溫和的成長動能。好奇的是，您能否提供任何細節，因為 Q1 是一個艱難的比較，或者只是可能在指南中推動這一點的因素，尤其是考慮到可能圍繞美聯儲的一些更保守的假設，這對 Q3 的影響更大。

Yeah, I mean, revenue is really an output of sales with -- and CCB is a good proxy of that. There's a number of factors that go into our revenue forecast. That is the mix between subscriptions and perpetual licenses, services, things of that sort. So, overall, we feel like the assumptions are appropriate given our outlook in sales. And I would say there's nothing here discrete that's skewing that higher, more an extrapolation of what we're seeing in the current quarter for the full year.

是的，我的意思是，收入實際上是銷售的產出——而 CCB 就是一個很好的代表。我們的收入預測考慮了許多因素。這是訂閱和永久許可、服務以及諸如此類的東西之間的混合。因此，總體而言，我們認為根據我們的銷售前景，這些假設是合理的。我想說的是，這裡沒有任何離散因素導致這一數字偏高，更多的是我們在本季看到全年情況的推論。

Okay. That's helpful. That's it for me. Thank you.

好的。這很有幫助。對我來說就是這樣了。謝謝。

Roger Boyd, UBS.

瑞銀（UBS）羅傑·博伊德（Roger Boyd）。

Okay, thanks for taking my questions. I'll add my condolence for Amit. Industry lost just a great person. I wanted to ask about customer ads. The 100,000 plus ACV number looked pretty good. I think the overall enterprise customer ads maybe a little bit weaker. Any color on what you're seeing across the co-horts. I know you mentioned kind of better traction up market. What are you seeing with the kind of mid-market S&B? Thanks.

好的，感謝您回答我的問題。我要向阿米特表示哀悼。業界失去了一位偉人。我想詢問有關顧客廣告的問題。100,000 多的 ACV 數字看起來相當不錯。我認為整體企業客戶廣告可能會弱一點。您在同類人群中看到的任何顏色。我知道您提到過更好的市場吸引力。您對中階市場 S&B 有何看法？謝謝。

Yeah. Well, first of all, this was a quarter of large deals. So yes, we added over 400, I think 485 new enterprise platform customers. We added 185 net new six figure customers. And one of the things that Mark talked about earlier was to strengthen large deals, the ability to transact six and even seven figure deals.

是的。首先，這是大交易的四分之一。是的，我們增加了 400 多個，我想是 485 個新的企業平台客戶。我們新增了 185 位淨六位數客戶。馬克之前談到的事情之一就是加強大額交易，即完成六位數甚至七位數交易的能力。

Obviously, that corresponds with the broader product set. We're going to market with a very expansive cloud offering. We have an integrated platform. We're securing and assessing more areas of the attack surface for our customers and consequently, we're covering more of those assets. So we're pleased to see these bigger bites up front larger lands. And not only the ability to bring on new customers, but also expand relationships with existing customers. So certainly a large-deals figured prominently this quarter.

顯然，這與更廣泛的產品組合相對應。我們將向市場提供非常廣泛的雲端服務。我們有一個整合平台。我們正在為客戶保護和評估更多攻擊面區域，從而涵蓋更多此類資產。因此，我們很高興看到這些更大的土地被搶佔。並且不僅能吸引新客戶，還能擴大與現有客戶的關係。因此，本季大型交易無疑佔據了突出地位。

Yeah. And then I'll do that exactly what Steve just said. Not only did we see great big expansions coming out of our larger install base, but some of the largest competitive wins that we had were in Fortune 500 companies. So we were displaced in competition and very, very large enterprise customers, which obviously helped us grow pretty significantly here in Q4.

是的。然後我會照史蒂夫剛才說的去做。我們不僅看到了由更大的安裝基礎而帶來的巨大的擴張，而且我們所取得的一些最大的競爭勝利都是來自財富 500 強公司。因此，我們在競爭和非常非常大的企業客戶中脫穎而出，這顯然幫助我們在第四季度實現了相當顯著的成長。

Also, we balanced that though with outstanding mid-market growth. So we saw excellent global mid market growth. This was a very, very exciting trend that we had seen all the way through Q4 and it wasn't just a US based phenomenon. We saw across the globe in EMEA, Asia, and LATAM. So not only were we able to win in these large enterprise accounts, getting expansion, getting big competitive displacements, but that mid market messaging truly resonates right from a Tenable One perspective. And we saw great growth around the globe and mid market too. So it was an exciting thing in regard to not only the size of the deals, but the growth rates that we saw.

此外，我們還透過出色的中端市場成長實現了平衡。因此，我們看到了全球中端市場的出色成長。這是一個非常非常令人興奮的趨勢，我們在整個第四季度都看到了這種趨勢，而且它不僅僅是一種美國現象。我們的業務範圍遍及歐洲、中東和非洲地區、亞洲和拉丁美洲。因此，我們不僅能夠在這些大型企業帳戶中獲勝，實現擴張，獲得巨大的競爭優勢，而且從 Tenable One 的角度來看，中端市場資訊確實引起了共鳴。我們也看到全球和中端市場的巨大成長。因此，這是一件令人興奮的事情，不僅因為交易規模，還因為我們看到的成長率。

Really helpful color. Thanks guys.

確實很有幫助的顏色。謝謝大家。

Patrick Colville, Scotiabank.

加拿大豐業銀行的派崔克‧科爾維爾。

Hi, this is Joe Vandrick on for Patrick Colville. You touched on it a bit in the prepared marks, but I'd love to hear a bit more about Vulcan Cyber. Why Vulcan and I know you touched on data integration and automated remediation. But is there application security posture management a focus as well? Thanks.

大家好，我是 Joe Vandrick，取代 Patrick Colville 播報。您在準備好的標記中稍微提到了這一點，但我很想聽到更多有關 Vulcan Cyber​​ 的信息。為什麼 Vulcan 和我知道您觸及了資料整合和自動修復。但應用安全態勢管理是否也是重點呢？謝謝。

Yeah. A very good question. I think the best way to think about Vulcan is two-fold. First, Vulcan enhances as you mentioned earlier, everything we do by bringing in and adjusting massive amounts of data from third party security products such as endpoint and cloud and application security and even vulnerability assessment. They have fairly robust data model for aggregation, duplication, prioritization and even normalization of this vast amounts of data.

是的。非常好的問題。我認為思考 Vulcan 的最佳方式是雙重的。首先，正如您之前提到的，Vulcan 透過引入和調整來自第三方安全產品（如端點、雲端、應用程式安全甚至漏洞評估）的大量資料來增強我們所做的一切。他們擁有相當強大的資料模型，可以對這些海量資料進行聚合、複製、優先排序甚至標準化。

Second , Vulcan enriches the data that we have and provides broader, more intelligent remediation capabilities. For example, you can automatically launch a web application scan of an external domain with our last product. And when that domain itself is discovered with our ASM offering. So they provide rich radiation workflow ops on the back end.

其次，Vulcan 豐富了我們擁有的數據並提供更廣泛、更聰明的修復功能。例如，您可以使用我們上一款產品自動啟動外部網域的 Web 應用程式掃描。當我們的 ASM 產品發現該網域本身。因此他們在後端提供了豐富的輻射工作流程操作。

So the final piece I would say here, notwithstanding the ability and just data, notwithstanding the ability to drive more and deeper richer remediation capabilities, it accelerates really our AI strategy. We'll have more expansive data, more expansive data sets allow us to solve critical challenges to our customers. AI certainly will be a multi-year cycle. It's a force multiplier on the kinds of insights that we can deliver with the risk data that we're managing for our customer.

因此，我在這裡想說的最後一點是，儘管有能力和數據，儘管有能力推動更多、更深入、更豐富的補救能力，但它確實加速了我們的人工智慧策略。我們將擁有更廣泛的數據，更廣泛的數據集使我們能夠解決客戶面臨的關鍵挑戰。人工智慧肯定會是一個多年的周期。這是一種力量倍增器，可以增強我們利用為客戶管理的風險數據所提供的各種見解。

So really excited about the acquisition, certainly complements what we're doing today and certainly provides a broader and richer capabilities on many levels for us.

我對這次收購感到非常興奮，它無疑補充了我們今天的工作，並在許多層面上為我們提供了更廣泛、更豐富的能力。

That makes sense. Thank you.

這很有道理。謝謝。

Joshua [Tilton], Wolfe Research.

約書亞[蒂爾頓]，沃爾夫研究公司。

This is Patrick on for Josh and just want to echo both of our condolences. Can you give us a sense for how you're thinking about the trend of NRR for 2025? It was good to see it stabilize this quarter. But how -- what's, factored into the guidance from that perspective? Thanks.

我是派崔克，代替喬希，我只想表達我們兩人的哀悼。您能否告訴我們您對 2025 年 NRR 趨勢的看法？很高興看到本季情況趨於穩定。但從這個角度來看，有什麼因素被考慮進了指導中？謝謝。

We don't disclose -- we talk about, we provide a guide for CCP. We do it on an annual basis. And one of the things that we talked about earlier was there's no significant changes to the seasonal quarterly flow that we experienced last year that we expect for this year with the exception of two things.

我們不披露——我們談論，我們為中共提供指南。我們每年都會這樣做。我們之前談到的一件事是，我們預計去年經歷的季節性季度流量今年不會發生重大變化，但有兩件事除外。

Number one, we're expecting lower contribution from the Fed. We're taking a cautious tone there and approach given the new administration and the overhang of continuing resolution. So we're expecting it to contribute minimally in the first quarter and to some extent in the Q2.

首先，我們預期聯準會的貢獻將會減少。考慮到新政府和持續解決的懸而未決的問題，我們對此採取謹慎的語氣和態度。因此，我們預期它在第一季的貢獻很小，在第二季的貢獻也有一定程度。

The second thing is we have the acquisition of Vulcan and when closed, it'll add a half a point of CCB growth. We said that'll be more so the back half of the year, given the fact that we're prioritizing the product integration and building some of those capabilities natively into our Tenable One exposure management platform.

第二件事是我們收購了 Vulcan，收購完成後，它將為 CCB 成長帶來半個百分點的增幅。我們說，考慮到我們優先考慮產品整合並將其中一些功能原生建置到我們的 Tenable One 風險管理平台中，這種情況將會更常出現在下半年。

Adam Borg, Stifel.

亞當·博格（Adam Borg），斯蒂費爾（Stifel）。

Hey, thanks guys. You got Max Perisco on for Adam Borg Just wanted to ask if you could give an update on what kind of traction you're seeing with the channel. And then as you look at into 2025, where is Tenable going to be investing most across SIs, VARs, MSSPs and etcetera and any color around that would be super helpful.

嘿，謝謝大家。您讓 Max Perisco 取代 Adam Borg 演出。然後，當您展望 2025 年時，Tenable 將在 SI、VAR、MSSP 等領域進行最大投資，而任何與此相關的資訊都將非常有幫助。

You bet. So all of the above. We obviously -- one of the greatest differentiators Tenable has a company is we are 100% channel company. So we don't do direct business. So we get an enormous amount of leverage from our partner and ecosystem. And so Q4 was no different. And when you look at what we now are doing with Tenable One, with cloud security and now adding Vulcan and it's really important to keep this in mind with Vulcan, is we are going to our existing buyer. We are going to the folks that we have champions and coaches within the install base and talking to them about exposure management and now fulfilling exposure management from third party assets, ingesting that and by also doing this automated mediation work flow.

當然。以上就是全部內容。顯然，Tenable 與公司最大的差異化因素之一是我們是一家 100% 通路公司。因此我們不做直接生意。因此，我們從合作夥伴和生態系統中獲得了巨大的槓桿作用。因此第四季也沒有什麼不同。當您查看我們現在對 Tenable One 所做的工作、雲端安全性以及現在新增的 Vulcan 時，對於 Vulcan，真正需要牢記的是，我們將面向現有的買家。我們將與安裝基礎內的擁護者和教練討論風險管理，現在從第三方資產實現風險管理，吸收這一點，並執行這個自動化調解工作流程。

The channel will benefit greatly because the channel all around the globe, right over 5,000 partners, they have exposure management and VM practices. So now that we're able to integrate with Tenable One, Vulcan being able to go to the channel, the training, the enablement, the on boarding will be very quickly, will very quickly happen almost seamlessly because it's the Tenable One story.

該管道將受益匪淺，因為該管道遍布全球，擁有超過 5,000 個合作夥伴，他們擁有曝光管理和 VM 實踐。所以現在我們能夠與 Tenable One 集成，Vulcan 能夠進入管道，培訓、支援和入職將會非常快，幾乎無縫地進行，因為這是 Tenable One 的故事。

So we'll be investing in MSSPs. We'll be investing in resellers, we'll be investing in distribution. You know, we saw a record quarter in regards to some of our channel in business in Q4 and we're expecting a phenomenal year coming out of the channel in 2025. And it's really going to be driven by Tenable One, cloud and exposure management now with Vulcan.

所以我們將投資MSSP。我們將投資經銷商，我們將投資分銷。您知道，我們在第四季的部分業務管道創下了創紀錄的業績，我們預計 2025 年該通路將會迎來非凡的一年。實際上它將由 Tenable One 驅動，現在採用 Vulcan 進行雲端和風險管理。

Jonathan Ho, William Blair.

喬納森·何、威廉·布萊爾。

Hi and let me also echo my condolences as well with Amit. Definitely a large loss here for the entire community and for his family. Just wanted to see if you could maybe give us a sense of where we are in terms of executive search and perhaps, some thoughts on what you're looking for. This is definitely a tough shoes to fill. And so, any color would definitely be appreciated. Thank you.

你好，我也要向阿米特表示我的哀悼。對於整個社區和他的家人來說，這無疑是一個巨大的損失。只是想看看您是否可以告訴我們我們在高階主管搜尋方面的現狀，以及您對所尋找的東西的一些想法。這絕對是一個難以填補的空缺。因此，任何顏色都一定會受到歡迎。謝謝。

Hi, Jonathan. This is Steve. The Board is running a search and evaluating internal and external candidates. But there's no designated timeline and they're focused on ensuring -- we of course, have the right leadership of this company going forward.

你好，喬納森。這是史蒂夫。董事會正在尋找並評估內部和外部候選人。但沒有指定的時間表，他們專注於確保——當然，我們擁有正確的領導力來領導公司前進。

In the interim, the Board has expressed complete confidence in me and Mark to be able to lead this company going forward. I can't speak for the main criteria but certainly someone who has the ability to continue to execute on the vision and continue to refine and enhance the vision over the course of time. And the one thing I will say is that, Amit was certainly the driving force behind the strategy and vision for Tenable, but, collectively, the management team had a very heavy hand in shaping it, influencing it, refining it and evolving it. And so, that's something we plan to continue going forward.

在此期間，董事會對我和馬克表示完全信任，相信他們能夠帶領公司繼續前進。我不能代表主要標準發言，但肯定是一位有能力繼續執行願景，並隨著時間的推移不斷完善和增強願景的人。我要說的是，阿米特 (Amit) 無疑是 Tenable 策略和願景背後的推動力量，但總體而言，管理團隊在塑造、影響、改進和發展它方面發揮了非常重要的作用。所以，我們計劃繼續這樣做。

Thank you.

謝謝。

Mike Cikos, Needham & Company.

麥克‧西科斯 (Mike Cikos)，Needham & Company。

Hey, thanks for taking the questions guys and I apologize if there's any background noise on my side. I think the first question if I could, I just wanted to check and I know we've centered some of the commentary on this incremental caution is being introduced with respect to US Fed versus the CCB guide being relatively maintained versus where we were a quarter ago despite that Q4 upside.

嘿，感謝你們回答問題，如果我這邊有任何背景噪音，我深表歉意。我想第一個問題如果可以的話，我只是想檢查一下，我知道我們已經集中了一些關於這種漸進式謹慎的評論，這是針對美聯儲而引入的，儘管第四季度有所上行，但中國央行的指導方針與上一季相比仍然保持相對穩定。

So, is it fair to assume that we're not for this incremental portion around US Fed. You guys would be lifting the CCB guide for this coming year by that 4Q beat or is there any way to kind of quantify that incremental portion that's being introduced here today?

那麼，我們可以公平地假設，我們並不支持聯準會的這一增量部分。你們會根據第四季的業績預測上調今年的 CCB 指引嗎？

No, I think that's certainly a fair characterization. Look, the quarter came in better than expected. It's early in the year. Our outlook for the full year reflects some of the directional comments we made last quarter. The difference here is that we're modeling in lower contribution from Fed. That historically has been strong for us.

不，我認為這當然是個公平的描述。看起來，本季的表現優於預期。現在還只是年初。我們對全年的展望反映了我們上個季度所發表的一些方向性評論。這裡的差異在於，我們模擬的是聯準會的較低貢獻。從歷史上看，這對我們來說一直很強大。

Long term, we expect it to continue to do so. It's fair to say there's a little more uncertainty given the transition of the new administration and other things that we talked about here. So, I think that's a fair characterization of the outlook.

從長遠來看，我們預計這種情況將持續下去。公平地說，考慮到新政府的過渡以及我們在此討論的其他事情，不確定性會更多。所以，我認為這是對前景的公正描述。

Terrific and then for the follow up, I know that we've spoken about this additional capacity that's coming online as well. Is it fair to think that again, you guys are talking about the strength in Q4 with these large six and seven figure deals. Is that capacity really to help you land with these larger deals or can you help us again provide some additional context for where that capacity is expected to go.

太棒了，然後說到後續問題，我知道我們已經討論過即將上線的額外容量。再想想，你們在談論第四季的強勁表現，這些交易有六位數和七位數之多，這樣公平嗎？這種能力真的能幫助您達成這些更大的交易嗎？

Yeah. In terms of the capacity we're adding, given how the second half of the year has played out, we have confidence to add capacity. I think we're very pleased with the level of productivity that we're seeing in the sales organization. It's inflected higher during the course of the year. We discussed at the beginning of the year that we expect sales and marketing as a percent of revenue to turn lower during the course of the year. And it certainly did so. We're putting more product in the hands of our sellers.

是的。就我們增加的產能而言，考慮到今年下半年的表現，我們有信心增加產能。我認為我們對銷售組織的生產力水準感到非常滿意。今年以來，該數字不斷上升。我們在年初就討論過，預計銷售和行銷佔收入的百分比在今年內將會下降。並且它確實做到了。我們正在向賣家提供更多產品。

And so the investment here really reflects that the strength that we're seeing. One thing I want to make clear is that we're not capacity constrained. We have the ability to only the deliver hit and exceed the guide that we provide today. But certainly be able to drive significant upside. So the capacity wise really speaks to opportunity, maybe perhaps the second half of the year more so in 2026.

因此這裡的投資確實反映了我們所看到的實力。我想明確指出的是，我們的產能不受限制。我們有能力只交付符合並超越我們今天提供的指南的產品。但肯定能夠帶來顯著的上漲。因此，從產能角度來看，這確實意味著機遇，或許是在 2026 年下半年。

Very good. Thank you very much, guys. Good luck.

非常好。非常感謝大家。祝你好運。

Shrenik Kothari, Robert Bair.

Shrenik Kothari、Robert Bair。

Thanks for taking my question. Again, we echo condolences for Amit as well as his family and lots of support for the entire team of Tenable. Just on the federal note, in the public sector of course, there are notable events even as some other segments that you cited has seen or undergoing administration related uncertainty. Just curious, looking ahead as you are favoring your approach to not only address the unique procurement cycles and compliance requirements of public sector, which you anyways have worked on for years now. But it's still early days, but I understand you're trying to appeal to the new kind of tool or cost conscious and mind and framework which are really moving to. I know you guys have just.

感謝您回答我的問題。我們再次向阿米特和他的家人表示哀悼，並向 Tenable 整個團隊表示大力支持。僅就聯邦而言，在公共部門當然也存在值得注意的事件，即使您提到的其他一些部門已經看到或正在經歷與管理相關的不確定性。只是好奇，展望未來，您青睞的方法不僅在於解決公共部門獨特的採購週期和合規要求，而且您多年來一直致力於此。但現在還為時過早，但我知道您正試圖吸引真正正在轉向的新工具或成本意識、思維和框架。我知道你們剛才。

I'm sorry. You're a bit inaudible right now. I'm having a tough time hearing you. So when we go into the next section and maybe if it clears up, we can come back.

對不起。現在你說話有點聽不清楚。我很難聽清楚你的聲音。因此，當我們進入下一部分時，如果情況明朗，我們就可以回來。

Operator. Let's go to the next question.

操作員。我們來看下一個問題。

Sure, no problem. (Operator Instructions)

當然，沒問題。（操作員指令）

As there are no further questions, I bring call back to management for closing comments.

由於沒有其他問題，我將電話轉回管理層以徵求最後意見。

Well, great. Thank you for joining us today. We're excited to be here and update you on our progress for the fourth quarter as well as share our outlook for full year '25. And we hope to see you at the Morgan Stanley, Susquehanna, even Cantor Fitzgerald conferences in the coming weeks. Thank you.

嗯，很棒。感謝您今天加入我們。我們很高興來到這裡向您通報我們第四季度的進展並分享我們對 25 年全年的展望。我們希望在未來幾週的摩根士丹利、Susquehanna 甚至 Cantor Fitzgerald 會議上見到您。謝謝。

Thank you.

謝謝。

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

今天的電話會議到此結束。現在您可以斷開您的線路。再次感謝您的參與。