Tenable Holdings Inc (TENB) 2025 Q1 法說會逐字稿

Greetings and welcome to the Tenable first-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Tenable 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

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

現在我很高興介紹主持人、投資者關係副總裁艾琳卡尼 (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 first-quarter 2025 financial results. With me on the call today are Co-Chief Executive Officers, Steve Vintz and Mark Thurmond.

謝謝接線員，也謝謝大家參加今天的電話會議，討論 Tenable 2025 年第一季的財務表現。今天與我一起參加電話會議的還有聯合執行長史蒂夫文茨 (Steve Vintz) 和馬克瑟蒙德 (Mark Thurmond)。

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. We will make forward-looking statements during the course of this call, including statements relating to our guidance and expectations for the second quarter and full year 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, cloud security, exposure management, our ability to expand integrations with third-party tools and data sources, including new capabilities from our Vulcan acquisition, planned innovation and new products and services, and our expectations regarding long-term profitability and free cash flow.

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。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 年第二季和全年的指導和預期、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採用的成長和需求，包括 Tenable One、雲端安全、風險管理、我們擴展與第三方工具和資料來源整合的能力，包括我們 Vulcan帶來的新功能、計劃中的創新和新產品和服務，以及我們對長期獲利能力和自由現金流的預期。

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, 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，其中一些是我們無法控制的，可能導致實際結果與這些陳述預期的結果有重大差異。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，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 the 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.

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 equivalents. 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 財務指標是依照 GAAP 編製的財務績效指標的補充，而非替代或優於這些指標。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 對帳。

I'll now turn the call over to Steve.

我現在將電話轉給史蒂夫。

Thank you, Erin.

謝謝你，艾琳。

We're excited to share our strong results for the quarter, discuss customer and end market dynamics, and provide our outlook for the remainder of the year. Before delving into these areas, I do want to acknowledge that Mark and I are honored to be named co-CEOs. We are committed to advancing our exposure management strategy and accelerating the expansion of our market opportunities.

我們很高興分享本季的強勁業績，討論客戶和終端市場動態，並提供今年剩餘時間的展望。在深入探討這些領域之前，我想承認馬克和我很榮幸被任命為聯合執行長。我們致力於推進我們的風險管理策略並加速擴大我們的市場機會。

I also would like to welcome Eric Doerr as our new Chief Product Officer and thank Shai Morag for leading the product organization over the past year and helping us at an important time. I'm very excited that Eric is joining us as he brings nearly three decades of experience at Microsoft and Google, building and scaling security products and in leadership and developing innovative security solutions aligned perfectly well with Tenable's mission.

我還要歡迎 Eric Doerr 擔任我們的新任首席產品官，並感謝 Shai Morag 在過去一年中領導產品組織並在重要時刻為我們提供幫助。我很高興 Eric 加入我們，他擁有在微軟和谷歌近三十年的經驗，在構建和擴展安全產品以及領導和開發與 Tenable 使命完全一致的創新安全解決方案方面擁有豐富的經驗。

With that, I'm pleased to say we're off to a great start to the year. This quarter, we beat all of our guided metrics on the top and bottom line. We delivered 11% growth year over year and a 36% unlevered free cash flow margin, which reflects our balanced growth approach and ability to drive continued operating leverage in the business.

我很高興地說，我們今年有了一個好的開始。本季度，我們的營收和利潤均超出了所有指導指標。我們實現了年增 11%，無槓桿自由現金流利潤率達到 36%，這反映了我們均衡的成長方式和推動業務持續營運槓桿的能力。

Our performance in the quarter also reflects the continued momentum of our exposure management platform, which drove acceleration in new sales due to a high conversion rate with large deals. In fact, this was our best quarter ever for seven-figure wins, and Tenable One was certainly the catalyst for that success.

我們本季的業績也反映了我們的風險管理平台的持續發展勢頭，由於大額交易的高轉換率，該平台推動了新銷售的加速。事實上，這是我們有史以來取得七位數收益的最佳季度，而 Tenable One 無疑是這項成功的催化劑。

It's also worth mentioning that on our February call, we highlighted the potential for a more modest Fed contribution this quarter due to uncertainties related to the change in the administration, and that played out as expected. Clearly, enterprises are becoming more thoughtful and strategic in how they invest. These organizations are growing with us, adopting Tenable One to identify, prioritize, and remediate exposures across an expanding the tax surface and diverse asset types.

另外值得一提的是，在我們 2 月的電話會議上，我們強調，由於政府更迭帶來的不確定性，聯準會本季的貢獻可能會更加溫和，而這一結果也符合預期。顯然，企業在投資方面變得更加深思熟慮和具有策略性。這些組織與我們一起成長，採用 Tenable One 來識別、確定優先順序並補救不斷擴大的稅收範圍和多樣化資產類型中的風險。

As a result, we're seeing increased opportunity, larger deal sizes, broader platform adoption, and greater asset coverage. What's clear is that few vendors can deliver solutions that address the needs of an enterprise operating in a complex multi-cloud hybrid work environment. This is becoming increasingly more important. Our platform addresses a rapidly evolving world where customers are constantly evaluating the right deployment model to fit their needs.

因此，我們看到了更多的機會、更大的交易規模、更廣泛的平台採用和更大的資產覆蓋範圍。顯而易見的是，很少有供應商能夠提供滿足在複雜的多雲混合工作環境中運作的企業需求的解決方案。這一點正變得越來越重要。我們的平檯面向快速發展的世界，客戶不斷評估適合其需求的正確部署模式。

In fact, we're making great progress executing on our product roadmap as we continue to find ways to break down long-standing security silos and give organizations a more unified way to reduce risk. A top priority is expanding integrations with third-party tools and data sources, including new capabilities from our Vulcan Cyber acquisition. These integrations feed Tenable One's analytics engine with rich data from application security tools, code repos, and more, broadening the intact surface, visibility and sharpening privatization, so customers can focus on what matters most.

事實上，我們在執行產品路線圖方面取得了巨大進展，我們不斷尋找打破長期存在的安全孤島的方法，並為組織提供更統一的降低風險的方法。首要任務是擴大與第三方工具和資料來源的集成，包括我們收購 Vulcan Cyber​​ 所帶來的新功能。這些集成為 Tenable One 的分析引擎提供了來自應用程式安全工具、程式碼庫等的豐富數據，擴大了完整的表面、可見性並加強了私有化，因此客戶可以專注於最重要的事情。

Now the same rich contextual data is also the foundation of our AI strategy. The power of AI lies in the quality, diversity, and history of the data it learns from, and this is where we see a decisive advantage. We believe no vendor in the market can match the depth and breadth of our exposure data we've assembled over the past two decades. This gives us a real competitive mode with a uniquely comprehensive view of risk, spanning assets, vulnerabilities, misconfigurations, identities, and more. And that's why we think we are positioned to lead an AI-powered exposure management.

現在同樣豐富的上下文資料也是我們人工智慧策略的基礎。人工智慧的力量在於它所學習的數據的品質、多樣性和歷史，而這正是我們所看到的決定性優勢。我們相信，市場上沒有任何一家供應商能夠與我們過去二十年來收集的風險數據的深度和廣度相提並論。這為我們提供了一種真正的競爭模式，具有獨特全面的風險視圖，涵蓋資產、漏洞、錯誤配置、身分等。這就是為什麼我們認為我們有能力引領人工智慧風險管理。

We're working toward building the most intelligent, scalable, and complete exposure management solution on the market. With these advancements, Tenable One is evolving from a system of record to a system of action, closing the loop on exposure management by not just identifying risks but also by helping customers act on it in real time.

我們正在努力打造市場上最聰明、可擴展且完整的風險管理解決方案。透過這些進步，Tenable One 正在從記錄系統演變為行動系統，不僅透過識別風險，還透過幫助客戶即時採取行動，實現風險管理的閉環。

A great example of this is our recent research into the security posture of AI workloads. Our research team found that 70% of cloud workloads leveraging AI services contain unresolved vulnerabilities. This isn't just an interesting data point, it's actionable intelligence that we operationalize in Tenable One.

一個很好的例子就是我們最近對人工智慧工作負載安全態勢的研究。我們的研究團隊發現，70% 利用 AI 服務的雲端工作負載存在未解決的漏洞。這不僅是一個有趣的數據點，更是我們在 Tenable One 中可操作的可操作情報。

We're also seeing growing momentum in our AI aware discovery capabilities, with many of our customers using Tenable to help secure their expanding AI footprint. While the broader market for securing AI is in the early stages, Tenable is already delivering at scale.

我們也看到我們的 AI 感知發現能力正在不斷增長，許多客戶都在使用 Tenable 來幫助保護他們不斷擴大的 AI 足跡。儘管更廣泛的 AI 安全市場尚處於早期階段，但 Tenable 已開始大規模交付。

In Q1 alone, Tenable One detected 22 million AI-related applications, up from 14 million in the prior quarter. We identified over 160 million instances of AI-embedded browser plug-ins. These are not just numbers, they're a testament to Tenable's ability to help customers stay ahead of the emerging threats tied to AI.

僅在第一季度，Tenable One 就檢測到了 2,200 萬個與人工智慧相關的應用程序，高於上一季的 1,400 萬個。我們發現了超過 1.6 億個嵌入 AI 的瀏覽器插件實例。這些不僅僅是數字，它們還證明了 Tenable 有能力幫助客戶領先於與 AI 相關的新興威脅。

We're also investing heavily in remediation to tie exposures to fixes. We're expecting to roll out powerful new capabilities, including bidirectional ticketing and automated workflows to help customers close risk faster with greater accountability across fragmented environments.

我們也大力投資補救措施，將風險暴露與修復措施連結起來。我們期望推出強大的新功能，包括雙向票務和自動化工作流程，以幫助客戶在分散的環境中更快地消除風險並承擔更大的責任。

In short, we're executing on our strategic initiatives that we outlined at the beginning of the year by accelerating innovation in our platform and expanding our footprint and cloud. We're also already seeing progress in both these areas. While there's a lot of uncertainty in this macro, we continue to be a very valuable partner to our customers by helping them reduce risks with greater efficiency across the enterprise.

簡而言之，我們正在執行年初提出的策略舉措，加速平台創新並擴大我們的足跡和雲端。我們也已經看到這兩個領域都取得了進展。儘管宏觀上存在著許多不確定性，但我們將繼續成為客戶非常有價值的合作夥伴，幫助他們在整個企業內以更高的效率降低風險。

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

現在我想把電話轉給馬克。

Thanks, Steve.

謝謝，史蒂夫。

Steve underscored a critical point. Our leadership and vulnerability management is not only holding strong, it's driving real acceleration and Tenable One adoption. Our customers are taking this journey with us. As the threat landscape has evolved, so has the mandate of exposure management. It's no longer just about finding vulnerabilities. It's about understanding how those risks connect across your entire environment.

史蒂夫強調了一個關鍵點。我們的領導力和漏洞管理不僅保持強勁，而且還推動了真正的加速和 Tenable One 的採用。我們的客戶正與我們一起踏上這趟旅程。隨著威脅情勢的演變，風險暴露管理的要求也在不斷變化。這不再只是尋找漏洞。這是為了了解這些風險如何與整個環境連結。

That's why we made deliberate strategic investments to expand Tenable One into a comprehensive exposure management platform and our customers are responding. This quarter, that partnership was on full display with major Tenable One expansions across industries. We had strong win rates against major players in the VM, EM, and cloud space. This is a direct result, not just of extending our leadership, but reshaping what exposure management looks like.

這就是為什麼我們進行了深思熟慮的策略性投資，將 Tenable One 擴展為一個全面的風險管理平台，而我們的客戶也做出了積極的回應。本季度，隨著 Tenable One 在各行業的大規模擴張，這種合作關係得到了充分展現。我們在虛擬機器、終端設備和雲端領域與主要競爭對手的競爭中取得了很高的勝率。這不僅是擴大我們領導力的直接結果，也是重塑風險管理的直接結果。

In Q1, we secured a major federal win with the organization undertaking a global modernization effort. The organization is using Tenable to manage over 1 million assets globally hosted in a private cloud environment, our solution is providing them scalable, centralized visibility and consistent risk insights across their global footprint, an essential foundation for enhancing their overall security posture.

在第一季度，我們與開展全球現代化工作的組織一起贏得了重大的聯邦勝利。該組織正在使用 Tenable 管理全球託管在私有雲環境中的 100 多萬項資產，我們的解決方案為他們提供可擴展、集中的可視性和覆蓋其全球範圍的一致風險洞察，這是增強其整體安全態勢的重要基礎。

Beyond the public sector this quarter, we also secured a seven-figure expansion with a global financial institution. This institution was an existing Tenable customer, underscoring the value of delivering in a highly regulated industry. These organizations need a unified, comprehensive view of risk, particularly as they prepare for regulatory audits.

本季度，除了公共部門之外，我們還與一家全球金融機構達成了七位數的擴張協議。該機構是 Tenable 的現有客戶，凸顯了在嚴格監管的行業中交付的價值。這些組織需要統一、全面的風險觀念，特別是在準備接受監管審計時。

In this case, the customer upgraded to Tenable One to support both audit readiness and vendor consolidation across a complex attack surface. The deal includes hundreds of thousands of assets reflecting a broad market shift. Customers want to centralize control of their environments, and they're turning to Tenable to make that happen.

在這種情況下，客戶升級到 Tenable One，以支援跨複雜攻擊面的稽核準備和供應商整合。該交易涉及數十萬項資產，反映了廣泛的市場轉變。客戶希望集中控制他們的環境，他們正在尋求 Tenable 來實現這一目標。

We believe this also opens up significant opportunities as customers are beginning integrating third-party security data into Tenable One., giving them a more complete picture of risk and fueling momentum for platform consolidation and upsell. By combining our first-party assessments with third-party inputs, we're making it even easier for organizations to manage their full exposure landscape through a single platform.

我們相信，隨著客戶開始將第三方安全資料整合到 Tenable One 中，這也帶來了重大機遇，使他們能夠更全面地了解風險，並為平台整合和追加銷售提供動力。透過將我們的第一方評估與第三方意見結合，我們使組織能夠更輕鬆地透過單一平台管理其全部風險狀況。

Another significant new customer win that underscores the momentum behind our unified platform strategy and the value of our Vulcan acquisition was with a Fortune 100 customer. This customer has selected Tenable as their North Star for exposure management as part of a broader cybersecurity consolidation effort. They're replacing multiple vendor solutions, choosing to standardize on Tenable One.

我們贏得的另一個重要的新客戶是財富 100 強客戶，這凸顯了我們統一平台策略背後的動力以及我們收購 Vulcan 的價值。作為更廣泛的網路安全整合工作的一部分，該客戶已選擇 Tenable 作為其風險管理的北極星。他們正在替換多個供應商解決方案，選擇採用 Tenable One 進行標準化。

The ability to ingest third-party data combined with first-party assessments was the differentiator for this customer, as it allows us to deliver insights on holistic risk. We consider this multi-year commitment as a strong validation of our ability to deliver integrated high-impact solutions that align with enterprise needs for simplicity, consolidation, and clear ROI.

吸收第三方數據並結合第一方評估的能力是該客戶的差異化因素，因為它使我們能夠提供有關整體風險的見解。我們認為，這項多年承諾有力地證明了我們有能力提供符合企業對簡單性、整合性和明確投資報酬率需求的整合式高影響力解決方案。

As we said many times now, we see cloud as a critical pillar of exposure management. And this quarter showed exactly why. We landed a seven-figure deal with a global software and services company operating in over 180 countries. With a massive multi-cloud environment spanning AWS, Azure, GCP, and OCI, they needed a smarter, more scalable way to manage risk across their cloud footprint.

正如我們多次說過的，我們將雲端視為風險管理的重要支柱。本季恰恰表明了原因。我們與一家在 180 多個國家開展業務的全球軟體和服務公司達成了七位數的交易。在橫跨 AWS、Azure、GCP 和 OCI 的大規模多雲環境中，他們需要一種更智慧、更具可擴展性的方式來管理整個雲端覆蓋範圍內的風險。

With compliance pressure rising and thousands of assets to secure, they launched a competitive review of multiple vendors to replace their Microsoft deployment. Tenable came out on top for our fast deployment, seamless multi-cloud integrations, and real-time visibility and control across their cloud infrastructure.

隨著合規壓力的增加和數千項資產的安全需要，他們對多家供應商展開了競爭性審查，以取代他們的 Microsoft 部署。Tenable 憑藉其快速部署、無縫多雲整合以及跨雲端基礎架構的即時視覺性和控製而脫穎而出。

And under two months, we proved our value. We are managing tens of thousands of cloud resources and thousands of identities, helping them strengthen their overall security posture while laying a foundation for more unified exposure management strategy.

不到兩個月，我們就證明了我們的價值。我們管理數以萬計的雲端資源和數千個身份，幫助他們加強整體安全態勢，同時為更統一的風險管理策略奠定基礎。

The takeaway here is we're seeing exceptional momentum and exposure management and believe we are best positioned to help our customers evolve their solution stack as they implement modern technologies such as cloud, AI, interconnected IT/OT systems, and hybrid environments.

這裡的重點是，我們看到了卓越的發展勢頭和風險管理，並相信我們最有能力幫助我們的客戶在實施雲端、人工智慧、互聯 IT/OT 系統和混合環境等現代技術時發展他們的解決方案堆疊。

With that, I'll turn it back over to Steve to dive deeper into our results for the quarter.

說完這些，我將把話題交還給史蒂夫，讓他更深入地探討我們本季的表現。

Thanks, Mark.

謝謝，馬克。

I'll now turn to our results in the quarter, which, as a reminder, includes the impact from the acquisition of Vulcan. Calculated current billings to find as revenue recognized in the quarter plus the change in current deferred revenue grew 9% year over year to $215.4 million. As discussed earlier, this outperformance was largely driven by Tenable One, including cloud security.

現在我將談談我們本季的業績，提醒一下，其中包括收購 Vulcan 的影響。計算當前帳單發現，本季確認的收入加上當前遞延收入的變化同比增長 9% 至 2.154 億美元。如前所述，這種優異表現很大程度上是由 Tenable One（包括雲端安全）推動的。

Current RPO grew 13% year over year, 400 basis points ahead of CCB growth as backlog accelerated during the quarter. During the quarter, we added 361 new enterprise platform customers and our LTM net new six-figure count was 54. Our net dollar expansion rate was consistent this quarter at 108%, and our overall renewal rates remained strong.

由於本季積壓訂單加速，目前 RPO 年增 13%，比 CCB 成長高出 400 個基點。本季度，我們增加了 361 個新的企業平台客戶，LTM 淨新增六位數客戶數量為 54 個。本季我們的淨美元擴張率穩定在 108%，我們的整體續訂率仍然強勁。

Now on to the P&L for the quarter. Revenue was $239.1 million, which represents 11% year-over-year growth. Revenue in the quarter exceeded the midpoint of our guided range by $5.1 million. Our percentage of recurring revenue remains high at 96% this quarter.

現在來看看本季的損益表。營收為 2.391 億美元，年增 11%。本季營收超出我們預期範圍的中點 510 萬美元。本季我們的經常性收入比例仍高達 96%。

Gross margin was 82% this quarter, flat relative to last quarter and in line with expectations. Going forward, we continue to expect gross margins to be in the high 70s to low 80% range. While we're investing to deliver enhanced functionality and analytics to customers, the scalability of our platform has enabled gross margins to remain constant.

本季毛利率為82%，與上季持平，符合預期。展望未來，我們繼續預期毛利率將在 70% 高點至 80% 低點之間。雖然我們正在投資為客戶提供增強的功能和分析功能，但我們平台的可擴展性使毛利率保持不變。

Sales and marketing expense was $85.5 million, up from $80.1 million last quarter. And as a percentage of revenue, sales and marketing was 36% compared to 34% last quarter. Sales and marketing expense was higher sequentially on an absolute dollar basis and a percentage basis primarily due to the cost associated with our annual sales kickoff conference in February, partially offset by lower sales commissions from a seasonally lower renewal base in the quarter.

銷售和行銷費用為 8,550 萬美元，高於上一季的 8,010 萬美元。銷售和行銷佔收入的百分比為 36%，而上一季為 34%。銷售和行銷費用以絕對美元和百分比計算均比上一季度有所增加，這主要是由於我們 2 月份的年度銷售啟動會議的相關成本，但本季度季節性續約基數較低導致的銷售佣金降低部分抵消了這一影響。

Looking ahead, we expect sales and marketing as a percentage of revenue to be modestly higher in Q2 due to the industry events and other investments we're making, including sales capacity, and trend lower in the second half of the year.

展望未來，我們預計，由於行業事件和我們正在進行的其他投資（包括銷售能力），銷售和行銷佔收入的百分比將在第二季度小幅上升，並在下半年呈下降趨勢。

R&D expense was $39 million, which was up from $32.5 million last quarter. R&D expense was higher this quarter in comparison to last quarter, primarily due to increased personnel costs resulting from the Vulcan acquisition, as well as the foreign tax credits we received last quarter. As a result, R&D expenses as a percentage of revenue was 16% this quarter, up from 14% last quarter. We expect R&D expense as a percentage of revenue to increase in Q2 due to a full quarter of Vulcan cost with improved margins the second half of the year.

研發費用為 3,900 萬美元，高於上一季的 3,250 萬美元。本季的研發費用與上一季相比有所增加，主要原因是收購 Vulcan 導致人員成本增加，以及我們上一季收到的外國稅收抵免。因此，本季研發費用佔營收的比例為 16%，高於上一季的 14%。我們預計，由於 Vulcan 成本的整個季度以及下半年利潤率的提高，第二季研發費用佔收入的百分比將會增加。

G&A expense was $22.7 million which was up from $20.5 million last quarter, primarily due to compensation expense associated with the passing of our former CEO and payroll taxes, which reset at the beginning of the year. G&A expense as a percentage of revenue was 9% this quarter, which was flat relative to last quarter.

一般及行政費用為 2,270 萬美元，高於上一季的 2,050 萬美元，主要原因是我們前任執行長過世相關的薪資費用和薪資稅，這兩項費用在年初重置。本季一般及行政費用佔營收的百分比為 9%，與上一季持平。

Income from operations was $48.7 million and exceeded the midpoint of our guided range by $7.7 million. Operating margin for the quarter was 20%, which was approximately 300 basis points better than the midpoint of our guided range. We're very pleased with our ability to drive continued leverage in the business while investing for growth. EPS for the quarter was $0.36 a share, which was $0.095 better than the midpoint of our guided range.

營業收入為 4,870 萬美元，超出我們指引範圍的中點 770 萬美元。本季營業利益率為 20%，比我們指引範圍的中點高出約 300 個基點。我們對自己在投資成長的同時還能繼續發揮業務槓桿作用的能力感到非常高興。本季每股收益為 0.36 美元，比我們指導範圍的中點高出 0.095 美元。

Now let's turn to the balance sheet. We finished the quarter with $460 million in cash and short-term investments, reflecting $149 million of net cash used for the Vulcan acquisition. Accounts receivable was $168 million and total deferred revenue was $808 million. Current deferred revenue was $633 million, which gives us a lot of visibility into expected revenue over the next 12 months.

現在讓我們來看看資產負債表。本季末，我們擁有 4.6 億美元的現金和短期投資，其中用於收購 Vulcan 的淨現金為 1.49 億美元。應收帳款為 1.68 億美元，遞延收入總額為 8.08 億美元。目前遞延收入為 6.33 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 $87 million of unlevered free cash flow during the quarter. While this quarter's result was influenced by seasonal timing of collections from Q4 sales, we feel confident that we can continue to expand our operating and free cash flow margins over the ensuing years as we have done so every year since our IPO.

本季度，我們創造了創紀錄的 8,700 萬美元無槓桿自由現金流。雖然本季的業績受到第四季度銷售回款季節性時間的影響，但我們有信心，我們可以在接下來的幾年裡繼續擴大我們的營業利潤率和自由現金流利潤率，就像我們自首次公開募股以來每年所做的那樣。

During the quarter, we repurchased 1.6 million shares of our common stock for an aggregate purchase price of $60 million. In total, we're purchased almost 4.3 million shares for $175 million since November of 2023 and have $125 million of remaining authorization.

本季度，我們回購了 160 萬股普通股，總購買價為 6,000 萬美元。總體而言，自 2023 年 11 月以來，我們已以 1.75 億美元的價格購買了近 430 萬股股票，剩餘授權金額為 1.25 億美元。

Now, with the results of the quarter behind us, I'd like to discuss our outlook for Q2 in the full year 2025. For the second quarter, we currently expect revenue to be in the range of $241 million to $243 million. Non-GAAP income from operations to be in the range of $43 million to $45 million. Non-GAAp net income to be in the range of $36 million to $38 million, assuming interest expense of $7.1 million, interest income of $4 million, and a provision for income taxes of $3.2 million. And non-GAAP diluted earnings per share to be in the range of $0.29 to $0.31 a share, assuming 123 million fully diluted weighted average shares outstanding.

現在，我們已經了解了本季的業績，我想討論一下我們對 2025 年全年第二季的展望。對於第二季度，我們目前預計營收將在 2.41 億美元至 2.43 億美元之間。非公認會計準則營業利潤將在 4,300 萬美元至 4,500 萬美元之間。非 GAAp 淨收入將在 3,600 萬美元至 3,800 萬美元之間，假設利息支出為 710 萬美元，利息收入為 400 萬美元，所得稅準備金為 320 萬美元。假設完全稀釋的加權平均流通股數為 1.23 億股，則非 GAAP 稀釋每股盈餘將在 0.29 美元至 0.31 美元之間。

For the full year, we currently expect calculated current billings to be in the range of $1.025 billion to $1.045 billion. Revenue to be in the range of $970 million to $980 million. Non-GAAP income from operations to be in the range of $205 million to $215 million. Non-GAAP net income to be in the range of $178 million to $188 million, assuming interest expense of $28.4 million, interest income of $16.8 million, and provision for income taxes of $13.1 million.

就全年而言，我們目前預計計算出的當前帳單金額將在 10.25 億美元至 10.45 億美元之間。營收在 9.7 億美元至 9.8 億美元之間。非公認會計準則營業利潤將在 2.05 億美元至 2.15 億美元之間。非公認會計準則淨收入將在 1.78 億美元至 1.88 億美元之間，假設利息支出為 2,840 萬美元，利息收入為 1,680 萬美元，所得稅準備金為 1,310 萬美元。

Non-GAAP diluted earnings per share would be in the range of $1.44 to $1.52 per share, assuming $123.5 million fully diluted weighted average shares outstanding, and unlevered free cash flow in the range of $265 million to $275 million.

假設完全稀釋加權平均流通股數為 1.235 億美元，無槓桿自由現金流為 2.65 億美元至 2.75 億美元，則非 GAAP 稀釋每股收益將在 1.44 美元至 1.52 美元之間。

While we're off to a great start for the year and see real momentum in our business, there's clearly more economic uncertainty in the market now than at the beginning of the year. As a result, we are taking an incrementally more cautious approach with our outlook today. Specifically, we extended the cautious first-half outlook we provided in February in the US public sector for the remainder of the year. We also acknowledge that recent US policy actions have the potential to reduce visibility in our enterprise business, which could lengthen sales cycles.

雖然我們今年開局良好，業務發展勢頭強勁，但目前市場的經濟不確定性顯然比年初更大。因此，我們今天對前景採取了更謹慎的態度。具體來說，我們延續了 2 月對美國公共部門上半年前景的謹慎預測，並將這一預測延續到了今年剩餘時間。我們也承認，美國最近的政策行動可能會降低我們企業業務的可見性，從而延長銷售週期。

It's important to note that demand creation and top of the funnel remains strong. A revised guidance today simply reflects the fact that the world is more uncertain and visibility into when deals close has become murkier since we provided our initial guide in February. We believe our updated guidance appropriately balances these potential geopolitical and economic risks and sets us up for success the remainder of the year.

值得注意的是，需求創造和漏斗頂部依然強勁。今天修訂後的指南只是反映了這樣一個事實：自從我們二月提供初始指南以來，世界變得更加不確定，交易何時完成的可見性也變得更加模糊。我們相信，我們更新的指引適當地平衡了這些潛在的地緣政治和經濟風險，並為我們在今年剩餘時間內取得成功奠定了基礎。

Our guidance for operating income remains unchanged and reflects our emphasis on profitable growth. We expect operating margins to generally increase throughout the year, resulting in an approximate 100 basis points improvement over 2024, even as we absorb the costs associated with the Vulcan acquisition. Notably, our discipline and approach to balanced growth has enabled us to manage the business in a way that allows us to continue to drive strong margins in multiple environments.

我們對營業收入的預期保持不變，這反映了我們對獲利成長的重視。我們預計，即使我們承擔了與 Vulcan 收購相關的成本，全年營業利潤率仍將普遍增加，到 2024 年，營業利潤率也將提高約 100 個基點。值得注意的是，我們的紀律和平衡成長方法使我們能夠以一種允許我們在多種環境中繼續實現強勁利潤的方式管理業務。

As a reminder, we typically update our leveraged free cash flow with our Q2 call, but we continue to expect to deliver $265 million to $275 million of unlevered free cash flow in 2025.

提醒一下，我們通常會在第二季電話會議上更新我們的槓桿自由現金流，但我們仍然預計 2025 年將實現 2.65 億至 2.75 億美元的無槓桿自由現金流。

With that said, Mark and I would like to thank everyone for joining the call today. We're very excited about the opportunity ahead and look forward to updating you throughout the year. We hope to see you at the JPMorgan and D.A. Davison conferences in the coming weeks.

話雖如此，馬克和我要感謝大家今天參加電話會議。我們對未來的機會感到非常興奮，並期待全年為您提供最新消息。我們希望在摩根大通和 D.A. 見到您。戴維森會議將在未來幾週舉行。

And we'd now like to open the call for questions.

現在我們開始提問。

(Operator Instructions) Brian Essex, JPMorgan.

（操作員指示）摩根大通的 Brian Essex。

Hi, good afternoon. Thank you for taking the question. Congrats to both of you on the CEO appointment. It's great to see. Maybe Steve, if you could maybe touch on the guidance and what you're seeing in the business that's driving that incremental caution? I mean, you mentioned that things from APRA perspective, a little bit more volatile perhaps than we saw at the end of the year.

嗨，下午好。感謝您回答這個問題。祝賀你們二位就任執行長。很高興看到。史蒂夫，您能否談談指導意見以及您在業務中看到的促使人們逐漸謹慎起來的原因？我的意思是，您提到從 APRA 的角度來看，情況可能比我們在年底看到的情況更加不穩定。

But what specifically are you seeing in the business and what's the philosophy around the level of incremental conservatism that you're baking in the guide? Thank you.

但是，您在業務中具體看到了什麼？您在指南中所體現的漸進式保守主義程度的理念是什麼？謝謝。

Sure, Brian, good question. As we mentioned earlier, we did revise our CCB outlook for the year due to ongoing macro uncertainty, and that's most notably in our public sector business. We're off to a terrific start for the year. We're pleased with the print in the quarter and top of the funnel remains exceptionally strong.

當然，布萊恩，這個問題問得好。正如我們之前提到的，由於持續的宏觀不確定性，我們確實修改了今年的 CCB 前景，這在我們的公共部門業務中最為明顯。今年我們有了一個非常好的開始。我們對本季的業績感到滿意，漏斗頂部仍然保持著異常強勁的勢頭。

And the one thing I want to be very clear about today is that demand gen in the quarter exceeded our own expectations. And there's certainly more appetite for a broader platform play and expansion with our own customer base. That said, we have to acknowledge what's playing out and potentially could come our way.

今天我想非常明確的一點是，本季的需求超出了我們的預期。我們當然更有興趣在更廣泛的平台上開展業務並擴大我們自己的客戶群。話雖如此，我們必須承認正在發生的事情以及可能發生的事情。

Subsequent to our last call, we've seen an acceleration in DOGE-related activities and disruption from a personnel perspective, a lot of disruption, and there's several notable open leadership roles in Fed, and all of that creates a confluence of activities and creates less visibility in our business short term.

在我們上次通話之後，我們看到與 DOGE 相關的活動加速，從人員角度來看，中斷很多，而且聯準會有幾個值得注意的開放領導職位，所有這些都造成了活動的匯合，並降低了我們業務短期內的可見性。

We spent a lot of time analyzing and scrubbing our pipeline and taking a data-driven approach to provide our outlook today. We disaggregated our opportunities and looked at them by geo, industry, such as Fed and other sites of customer, and we're assuming longer lead times here for procurement decisions.

我們花了大量時間分析和清理我們的管道，並採用數據驅動的方法來提供我們今天的展望。我們對機會進行了分解，並根據地理位置、行業（例如美聯儲和其他客戶站點）對其進行了審視，並且我們假設採購決策的準備時間更長。

This is most notably in our public sector business, but we're also applying that level, some level of caution to our enterprise business which has the potential to be disrupted due to tariffs and geopolitical events. We think this is a prudent approach and we think this sets us up well for the rest of the year.

這在我們的公共部門業務中表現得最為明顯，但我們也對企業業務採取了一定程度的謹慎態度，因為企業業務可能會因關稅和地緣政治事件而受到干擾。我們認為這是一種謹慎的做法，並且為我們今年剩餘時間的表現打下了良好的基礎。

Does that impact your free cash flow, because you pretty much reiterated your adjusting for Vulcan, which you said would hit another free cash flow about $20 million. You're pretty much reiterating your Vulcan adjusted free cash flow for the year?

這會影響您的自由現金流嗎？因為您幾乎重申了對 Vulcan 的調整，您說這將帶來約 2000 萬美元的自由現金流。您幾乎是在重申今年的 Vulcan 調整自由現金流嗎？

Yes, that's a great point. We are a balance grower and we have a strong track record of success, expanding our operating margins, and so there's a lot of natural leverage in the business, and we are reiterating our outlook despite the visibility that comes with some of these recent policy actions, but we're reiterating our outlook for operating income and free cash flow.

是的，這是一個很好的觀點。我們是一家平衡成長型企業，擁有良好的成功記錄，不斷擴大我們的營業利潤率，因此業務中有很多自然槓桿，儘管最近的一些政策行動帶來了可見性，但我們仍重申我們的展望，但我們重申對營業收入和自由現金流的展望。

Excellent. Thank you so much.

出色的。太感謝了。

Saket Kalia, Barclays.

巴克萊銀行的 Saket Kalia。

Okay, great. Hey, guys, thanks for taking my question here. Very helpful answer earlier there, Steve, on why maybe the CCB guide is changing. But Mark, maybe for you, just to make sure the question is asked, can we just talk a little bit about the competitive environment here in VM? I think we all know your established players, but curious what you're seeing from other players here like Endpoint, for example, in VM?

好的，太好了。嘿，夥計們，謝謝你們在這裡回答我的問題。史蒂夫，先前關於 CCB 指南為何改變的回答非常有幫助。但馬克，也許對你來說，只是為了確保這個問題被提出，我們可以稍微談談 VM 的競爭環境嗎？我想我們都了解您現有的玩家，但好奇您從這裡的其他玩家（例如 Endpoint）那裡看到了什麼，例如在 VM 中？

Sure, no, absolutely great question. When you take a look at Q1, it was actually an extremely strong quarter in regards to the competitive environment. If you kind of break this up and look at just the pure-play VM players, so take a look at Qualys and Rapid. We had historically high win rates.

當然，不，這絕對是個好問題。當你回顧第一季時，你會發現從競爭環境來看，這實際上是一個極其強勁的季度。如果您將其分解開來並只看純粹的 VM 播放器，那麼請看一下 Qualys 和 Rapid。我們的勝率創歷史新高。

A couple of the deals that I referenced in the beginning of the call were seven-figure replacements of traditional VM players. So our compete level is extremely high, and that is continuing from the end of last year and now we're seeing it again this year. So extremely strong, very historically high win rates.

我在電話會議開始時提到的幾筆交易都是以七位數的價格取代傳統的 VM 播放器。因此，我們的競爭水平非常高，這種狀態從去年年底就持續到今年。非常強大，勝率創歷史新高。

In regard to the endpoint player, say a CrowdStrike end or a Microsoft, same type of trend in regard to no massive shifts or changes in regard to the competitive dynamics. We do see them. We don't see them a significant amount of times, though, compared to obviously the traditional VM players. So our win rates are high. Our compete level is very high in that space.

對於終端參與者，例如 CrowdStrike 或 Microsoft，在競爭動態方面沒有發生大規模轉變或變化的趨勢相同。我們確實看到了它們。不過，與傳統的 VM 播放器相比，我們見到它們的次數並不多。所以我們的勝率很高。我們在該領域的競爭水平非常高。

And so we're very optimistic, especially, based on those seven-figure wins and I think as you know, it takes a lot to rip and replace an incumbent and to be able to do that on seven-figure deals. We were pretty excited about what we did in Q1.

因此，我們非常樂觀，特別是基於這些七位數的勝利，而且我認為，正如你所知，要推翻和取代現任者並能夠透過七位數的交易做到這一點需要付出很多努力。我們對第一季所取得的成績感到非常興奮。

Very helpful. Thanks, guys.

非常有幫助。謝謝大家。

Andrew Nowinski, Wells Fargo.

富國銀行的安德魯·諾溫斯基。

Great, thank you for taking the question and congrats on both of your appointments to a co-CEO. I want to ask a question on your cloud business. So you talked about how cloud is a critical pillar of exposure management. So I'm wondering, do customers understand that cloud security and exposure management go hand in hand?

太好了，謝謝您回答這個問題，並祝賀你們兩位被任命為聯合首席執行官。我想問一個有關你們雲端業務的問題。所以您談到了雲端如何成為風險管理的重要支柱。所以我想知道，客戶是否了解雲端安全和風險管理是相輔相成的？

And really, what I'm trying to get is, how are you thinking about the impact of Google's acquisition of Wiz in the cloud space and the customers want to buy exposure management and cloud together? Does that make sense?

實際上，我想知道的是，您如何看待Google收購 Wiz 在雲端運算領域的影響，以及客戶是否希望同時購買風險管理和雲端運算？這樣有道理嗎？

Sure, I'll start, and Mark may provide additional color. In short, the acquisition of Wiz, we think, creates certainly a market opportunity for us. It's clear that Google views Wiz way more than just a security business as it's widely believed in talking to some of these customers that we see more innovation perhaps on the Google platform will be used as a means to sell more workloads there than perhaps on other platforms.

當然，我會開始，馬克可能會提供更多的內容。簡而言之，我們認為收購 Wiz 無疑為我們創造了市場機會。顯然，Google認為 Wiz 不僅僅是一項安全業務，因為在與一些客戶的交談中，人們普遍認為，Google平台上的更多創新可能被用作一種手段，在該平台上銷售比其他平台更多的工作負載。

So we're actively talking to customers in that regard and we're seeing the outsized growth in cloud. We talked about the record number of large seven-figure deals this quarter. We're seeing a lot of expansion opportunities within our own VM customer base, customers that are stepping up buying the larger exposure management platform, and cloud is an important part of that in their ability to assess other asset types.

因此，我們正在積極與客戶進行這方面的溝通，我們看到雲端運算的迅猛增長。我們討論了本季創紀錄的七位數大額交易數量。我們在自己的 VM 客戶群中看到了許多擴展機會，客戶正在加緊購買更大的風險管理平台，而雲端是他們評估其他資產類型的能力的重要組成部分。

So if you look at kind of the underlying trends of the business between VM and cloud and specifically exposure solutions, we're seeing a continuation of those trends. Real, strong growth certainly and exposure solutions with outsized growth and cloud and certainly lots of opportunities in our VM business, but we think we're still very early on. We're continuing to take and win share here and cloud is an important part of the exposure management story.

因此，如果您觀察虛擬機器和雲端以及特別是曝光解決方案之間的業務的潛在趨勢，我們會看到這些趨勢的延續。真正的、強勁的成長肯定存在，而且我們的 VM 業務中存在著超大成長和雲端運算的曝光解決方案以及大量機會，但我們認為我們還處於早期階段。我們將繼續在這裡奪取並贏得份額，而雲端是風險管理故事的重要組成部分。

And I will just add on to Steve's comments. It is definitely a net positive for us, right, when you have an acquisition of that size to a very dominant player. It does create a bit of uncertainty and so we definitely have heard that from our prospects, and they are coming to us where in the beginning when Wiz was a standalone, they might not have even included certain players in regards to RFPs and to do proof of values and proof of concepts.

我只是想補充史蒂夫的評論。當你收購一家如此規模且佔據主導地位的公司時，這對我們來說絕對是一件好事。這確實帶來了一些不確定性，我們肯定已經從潛在客戶那裡聽說了這一點，他們來找我們時，一開始當 Wiz 還是一個獨立公司時，他們甚至可能沒有在 RFP 中包括某些球員，也沒有進行價值證明和概念證明。

We have seen over the last 3.5 weeks an increase in the amount of activity and being invited to participate in RFPs. We have customers that are saying, hey, before this might have been a locked-in Wiz deal, we're now opening it up. We want to look at options. We have a multi-cloud environment using Azure, AWS, OCI, and they do not want to get locked in.

在過去的 3.5 週內，我們看到活動數量和受邀參與 RFP 的數量有所增加。我們有一些客戶說，嘿，以前這可能是一個鎖定的 Wiz 交易，但現在我們將其開放。我們想看看有哪些選擇。我們擁有使用 Azure、AWS、OCI 的多雲環境，他們不想被鎖定。

So this is definitely going to be a net positive for us. And one thing I will highlight is this hybrid environment of being able to look not just at your cloud environment but be able to look at holistically these other asset types is a massive differentiator and that's kind of what exposure management and the Tenable One platform is all about. So we view this as a net positive moving forward.

所以這對我們來說絕對是件好事。我要強調的一點是，這種混合環境不僅能夠查看您的雲端環境，還能夠全面查看這些其他資產類型，這是一個巨大的差異化因素，而這正是風險管理和 Tenable One 平台的意義所在。因此，我們認為這對未來發展有正面意義。

Superb. Thanks, guys.

高超。謝謝大家。

Mike Cikos, Needham.

麥克·西科斯，尼德姆。

Hey, guys, this is Matt Calitri on for Mike Cikos over at Needham. Thanks for taking our questions and I'd like to echo my congratulations to Steve and Mark.

嘿，大家好，我是 Needham 的 Mike Cikos 的 Matt Calitri。感謝您回答我們的問題，我謹向史蒂夫和馬克表示祝賀。

On the calendar '25 guidance cut, can you help us think about how to quantify how much of that impact is in the public versus private sector, and can the move up market help combat any of this weakness you're projecting?

在 25 年指導削減日曆上，您能否幫助我們思考如何量化公共部門和私營部門的影響程度，以及市場上漲是否有助於對抗您所預測的任何弱點？

Sure, well, if you look at kind of the revision to our guidance today specifically on CCB, we say about two-thirds, approximately two-thirds is in US public sector, and then obviously the remaining third is in our enterprise business. Now look, we had a strong print. We transacted a record number of seven-figure deals. We're seeing momentum in the enterprise market with some of our highest conversion rates than we've ever seen, and new business was strong.

當然，如果你看一下我們今天對 CCB 的指導意見的修訂，我們會發現大約三分之二，大約三分之二在美國公共部門，而剩下的三分之一顯然在我們的企業業務中。現在看，我們有一個強大的印刷品。我們達成了創紀錄數量的七位數交易。我們看到企業市場的發展勢頭強勁，我們的轉換率達到了前所未有的最高水平，新業務也表現強勁。

But we do have to recognize what potentially could come our way. It just feels like there's more uncertainty now since our February call than there was early in the year, and we think this is certainly the right approach to take, and we're pleased to see top of the funnel remain strong.

但我們必須認識到可能出現的問題。感覺自從我們二月份召開電話會議以來，現在的不確定性比年初更多，我們認為這肯定是正確的方法，我們很高興看到漏斗頂部仍然保持強勁。

Understood. That makes sense. And then just generally in the US federal business, are budgets on hold or are there any sort of clarity coming up now that we're a couple of months into the new administration? How is FedRAMP impacting any of this? Just any general color would be helpful.

明白了。這很有道理。那麼，總體而言，就美國聯邦事務而言，預算是否被擱置，或者在新政府上任幾個月後，是否有任何明確的消息？FedRAMP 對此有何影響？任何一般顏色都會有幫助。

Yeah, I think it's really a question of visibility. When we talked at the beginning of the year, we provided an incrementally more cautious approach to our outlook and specifically the US public sector and that was really due to the change in the administration and the budget uncertainty surrounding continuing resolution and we said we would get less contribution from PubSec the first half of the year, most notably in Q1, and that played out as expected despite this sizable seven-figure deal that we closed on the defense side in federal.

是的，我認為這確實是一個可見性的問題。當我們在年初進行談話時，我們對我們的前景，特別是美國公共部門，採取了更加謹慎的態度，這實際上是由於政府的變化和圍繞繼續決議的預算不確定性，我們說過，今年上半年我們從 PubSec 獲得的貢獻會減少，尤其是在第一季度，儘管我們在聯邦國防方面達成了一筆數額可觀的七位數交易，但情況仍然符合預期的七位數。

As we look at the rest of the year, I think just more generally, there's just more uncertainty. There's been a lot of disruptions from a personnel perspective, certainly more so on the civilian side than the defense side, and we're just taking more of a cautious approach for the remainder of the year and just assuming longer lead times here.

當我們展望今年剩餘時間時，我認為總體而言，不確定性會更多。從人員角度來看，出現了許多中斷，民事方面肯定比國防方面更嚴重，我們只是在今年剩餘時間內採取更加謹慎的態度，並假設這裡的交貨時間更長。

Yeah, and let me just kind of piggyback on that too. So when you take a look at what has gone on in regards to some of the DOGE cuts and also some of the leadership changes, right, there have been pretty significant leadership positions within the federal government, especially on the cyber side of the House that have not been filled yet.

是的，讓我也搭上這個便車吧。因此，當您查看有關 DOGE 削減和領導層變動的情況時，您會發現聯邦政府內部，特別是眾議院網路部門的一些相當重要的領導職位尚未填補。

And so while we're seeing a positive top of the funnel buildout, we now are FedRAMP-authorized for Tenable One, which is new here coming into Q2. We actually see huge opportunity for the consolidation. The biggest theme that's coming out of the federal government right now is what vendors can save us money, what vendors can consolidate multiple products onto a single platform.

因此，雖然我們看到了積極的漏斗頂部建設，但我們現在已經獲得了 FedRAMP 授權的 Tenable One，這是我們在第二季度推出的新產品。我們實際上看到了整合的巨大機會。目前聯邦政府提出的最大主題是哪些供應商可以為我們節省資金，哪些供應商可以將多種產品整合到單一平台上。

So we actually feel good in the top of the funnel. But it really is what Steve hit on. It is just a challenging environment determining how deals are going to happen, when they're going to actually close, who's going to be processing and doing the mechanics of getting the deal done, and then getting some of these leadership positions done. So it is just a bit gray right now. We are optimistic about the business and Fed and PubSec, but we just need to get a little more clarity to be able to call the business.

因此，我們實際上對漏斗頂部感覺良好。但這確實是史蒂夫所想到的。這是一個充滿挑戰的環境，決定交易將如何進行、何時真正完成、誰來處理和執行交易的機制，然後確定一些領導職位。所以現在只是有點灰暗。我們對這項業務以及 Fed 和 PubSec 持樂觀態度，但我們需要更清楚地了解這項業務。

Very helpful. Thanks so much.

非常有幫助。非常感謝。

Rob Owens, Piper Sandler.

羅伯歐文斯、派珀桑德勒。

Great, thanks for taking my question. This is Ethan on for Rob this afternoon. There's been a lot of commotional industry recently around the potential end of funding for the CVE program. It seems that the funding's been extended for the time being, but what do you think the implications would be for Tenable or the VM industry more broadly if we were to see the funding end for that program in the future?

太好了，感謝您回答我的問題。今天下午，Ethan 將代替 Rob 為您表演。最近，業界對於 CVE 計劃可能停止資助感到非常不安。目前看來，資金已經延長，但如果未來該計劃的資金終止，您認為這會對 Tenable 或更廣泛的 VM 行業產生什麼影響？

Sure, well, the minor back CVE program, there are some questions about funding, and then we were pleased to see funding get extended for the remainder of the year. I think the big takeaway here is that collaboration is really important and that's a program that's used as a means to facilitate sharing of vulnerabilities and exploits.

當然，對於小型 CVE 計劃，存在一些有關資金的問題，我們很高興看到資金在今年剩餘時間內延長。我認為這裡最大的收穫是合作非常重要，這是一個用來促進漏洞和漏洞共享的手段的計畫。

I think there will always be a need for that. We're one of the few companies that's able to contribute and add CVEs to that national database and program, we recognize that's an important effort. So we're here to serve and help customers and we're actively working with members at the highest level, both within the public sector as well as the private sector to see if there's a better approach here.

我認為這種需求永遠存在。我們是少數能夠為國家資料庫和計劃貢獻和添加 CVE 的公司之一，我們認識到這是一項重要的努力。因此，我們在這裡為客戶提供服務和幫助，並且我們正在積極與公共部門和私營部門的最高級別成員合作，以尋找更好的方法。

And certainly, the CVE program has had its limitations, right? There's been a proliferation of vulnerabilities. A lot of those vulnerabilities are categorized as critical or very critical, and so we certainly think there's a better opportunity here, and this is where we like to see better collaboration.

當然，CVE 計劃也有其局限性，對嗎？漏洞不斷增多。許多漏洞被歸類為嚴重或非常嚴重，因此我們當然認為這裡有更好的機會，這也是我們希望看到更好的合作的地方。

Appreciate the color.

欣賞色彩。

Patrick Colville, Scotiabank.

加拿大豐業銀行的派崔克‧科爾維爾。

Thank you so much for taking my question. I guess, can I just ask a cheeky two-parter. So Steve or Mark, what are your strategic priorities for the next 100 days as Tenable co-CEOs? And then the second part, if I may, is I think in 4Q results, you mentioned that PubSec, US PubSec was 15% of revenue, so the guidance cut for 2025 is being largely attributed to US PubSec. Do I have my numbers right and if not, would you mind correcting me?

非常感謝您回答我的問題。我想，我可以問一個厚臉皮的兩部分問題嗎？那麼史蒂夫或馬克，作為 Tenable 聯合首席執行官，你們未來 100 天的策略重點是什麼？然後第二部分，如果可以的話，我認為在第四季度的結果中，您提到 PubSec，美國 PubSec 佔收入的 15%，因此 2025 年的指導削減主要歸因於美國 PubSec。我的數字正確嗎？如果不正確，您介意糾正我嗎？

Thank you so much.

太感謝了。

Yes, with regard to the latter, US PubSec is approximately 15% of our total sales, and so the revision to the top line today, we said a majority of it, about two-thirds of the revision is for US public sector, and we said we're also taking a bit of a cautious approach to enterprise where we continue to see great momentum and traction there.

是的，就後者而言，美國公共部門約占我們總銷售額的 15%，因此，今天對營收的修訂中，我們表示，其中大部分，約三分之二的修訂是針對美國公共部門的，並且我們表示，我們對企業也採取了謹慎的態度，我們繼續看到企業的巨大發展勢頭和牽引力。

And with regard to our priorities here, first, let me just say the co-CEO structure is one that we're very familiar with and reflects how we've been operating as a company really for the past year. We're committed to certainly expanding our market opportunities and to our mandate. Our roots are in vulnerability management, but the outgrowth of that is exposure management.

關於我們的優先事項，首先，我想說的是，我們非常熟悉聯合執行長的結構，它反映了我們公司過去一年的營運情況。我們致力於擴大我們的市場機會和實現我們的使命。我們的根基在於漏洞管理，但結果卻是暴露管理。

And so with that, there's, I would say, several opportunities. Number one, we're delivering incremental value to customers and so we see a lot of momentum with our exposure management platform. Exposure management platform is a catalyst to higher deal sizes. The ESPs this quarter were very high in part of those seven-figure deals that we announced, and we're using that really as the tip of the spear to be able to consolidate spend in areas like cloud, like web applications, like OT and other areas.

因此，我想說，存在著幾個機會。首先，我們正在為客戶提供增量價值，因此我們看到我們的風險管理平台擁有巨大的發展動力。風險管理平台是增加交易規模的催化劑。在我們宣布的部分七位數交易中，本季的 ESP 非常高，我們真正將其用作先鋒，以便能夠整合雲端、網路應用程式、OT 和其他領域的支出。

So that's certainly one bigger opportunity is to use the platform as a means to assess other asset types and do more first-party assessments.

因此，這無疑是一個更大的機會，即利用該平台作為評估其他資產類型並進行更多第一方評估的手段。

The second thing is we recognize that the security market is fragmented and there's a lot of players and there's been vendor sprawl and so -- and no security company can possibly assess all these different asset types. So we're bringing the market here a more expanded version of our exposure management platform. That will include not only our first-party assessment data but also our third-party data that we can ingest from other security providers whether it's cloud security, application security, whatever it may be. So combining third-party data with our first-party assessment data really provides a broader set of exposure data for customers and help them remediate or mobilize their efforts to reduce risk.

第二件事是，我們認識到安全市場是分散的，參與者眾多，供應商蔓延等等——沒有一家安全公司能夠評估所有這些不同的資產類型。因此，我們向市場推出了更擴展的風險管理平台版本。這不僅包括我們的第一方評估數據，還包括我們可以從其他安全提供者取得的第三方數據，無論是雲端安全、應用程式安全還是其他什麼。因此，將第三方數據與我們的第一方評估數據相結合，確實為客戶提供了更廣泛的風險暴露數據，並幫助他們補救或調動他們的努力來降低風險。

The last thing here I will say is AI. AI is a force multiplier on the types of insights that we can deliver to customers. We think in the years to come, the real competitive mode here for exposure management and AI is kind of central to exposure management. It is not so much features and functionality that will be important, but the insights that you can deliver to customers.

我最後要說的是人工智慧。人工智慧可以增強我們為客戶提供各種見解的力量。我們認為，在未來幾年，風險管理和人工智慧的真正競爭模式對於風險管理至關重要。重要的並不是特性和功能，而是您可以向客戶提供的見解。

So aggregating all that data from all those different asset types, both first-party and third-party assessment data to be able to integrate it in a way and combine vulnerabilities with threats and identities, is really a powerful offering. And it means to help customers not only identify risk where we've historically been focused but help them actually reduce risk and tie balls to actual fixes.

因此，匯總來自所有不同資產類型的數據（包括第一方和第三方評估數據），以便能夠以某種方式整合這些數據，並將漏洞與威脅和身分結合起來，這確實是一項強大的功能。這意味著我們不僅要幫助客戶識別我們過去一直關注的風險，還要幫助他們真正降低風險，並採取實際措施。

So you look for more here investments from us in AI, but certainly it's a big opportunity here and really you'll create more competitive mode and a catalyst for growth going forward.

因此，您可以期待我們在人工智慧方面進行更多投資，但這無疑是一個巨大的機遇，您確實將創造更具競爭力的模式和未來成長的催化劑。

No, very well said, Steve, totally agree, and I think when you look at it from a go to market to keep it really basic and simple, we're going to be focused on continuing to drive the T1 message and positioning. With Eric Doerr now joining us from Google, I think you'll see a lot of fantastic innovation on the points that Steve just hit on.

不，說得很好，史蒂夫，完全同意，我認為當你從市場角度來看它時，為了保持它的真實基礎和簡單，我們將專注於繼續推動 T1 訊息和定位。現在，埃里克·多爾 (Eric Doerr) 從谷歌加入我們，我想你會看到史蒂夫剛才提到的許多出色的創新。

When we talk about Tenable One, it is truly a very strong consolidation story that is resonating in the market right now. The second big piece is going to continue to be cloud, right? So cloud is part of Tenable One, it's the two big areas that we're going to go for from a go-to-market perspective.

當我們談論 Tenable One 時，它確實是一個非常強大的整合故事，目前在市場上引起共鳴。第二大塊將繼續是雲，對嗎？因此，雲端是 Tenable One 的一部分，從市場進入的角度來看，這是我們要進軍的兩個大領域。

Terrific. Thank you so much and looking forward to this next chapter.

了不起。非常感謝，期待下一章。

Rudy Kessinger, D.A. Davidson.

凱辛格（Rudy Kessinger），地方檢察官戴維森。

Congrats, both of you, on the co-CEO roles. Hopefully I'm your last question on public sector, but with the two-thirds of the cut that is being attributed to public sector, I guess I'm curious, is that mostly just from less visibility on new deals or if you actually had any contracts that have been canceled or downsized? And if the answer is yes, what kind of notice did you have that they were being canceled? Did you kind of have a sense or were they kind of cut out of the blue?

恭喜你們二位擔任聯合執行長。希望這是我關於公共部門的最後一個問題，但是由於削減的三分之二都歸因於公共部門，所以我很好奇，這是否主要是因為新交易的透明度較低，或者是否真的有一些合約被取消或縮減了？如果答案是肯定的，那麼您會收到什麼樣的通知來告知他們取消了這些活動？您有沒有什麼感覺，還是他們只是突然想到了這一點？

Thank you.

謝謝。

Yeah, so commentary around Fed applies both to new as well as renewal, but more so the former than the latter. We have a longstanding relationship with the federal government. We serve every three-letter federal agency from defense to civilian to intel, and so we know this is a foundational piece of their program. As you probably know, just from looking at the headlines, some of the disruption that we've talked about from a personnel perspective has been more on the civilian side.

是的，因此有關聯準會的評論既適用於新的，也適用於更新的，但前者比後者更重要。我們與聯邦政府有著長期的合作關係。我們為每一個聯邦機構提供服務，從國防到民用到情報，所以我們知道這是他們計劃的基礎部分。您可能知道，僅從頭條新聞來看，我們從人員角度討論的一些混亂更多的是在民事方面。

And so we've seen, certainly, lower rental dollars coming out of some of those civilian agencies that are seeing more disruption from those related actions. But going forward, we just see longer times, longer lead times here and cycle times to be able to close the opportunities.

因此，我們確實看到一些民間機構的租金收入減少，因為這些相關行動對他們造成了更大的干擾。但展望未來，我們只會看到更長的時間、更長的交貨時間和週期時間才能抓住機會。

Mark talked about our two newer products, Tenable One and cloud security getting FedRAMP authorized. We're seeing certainly a lot of market pull there and the three themes that we're focused on is to better serve the federal government, is really modernization. That's a big area of emphasis for them, consolidation, and then certainly, more efficiency in the platform strategy and approach that we have here certainly creates a lot more utility for a lot of our federal customers.

Mark 談到了我們的兩款新產品 Tenable One 和獲得 FedRAMP 授權的雲端安全。我們確實看到那裡有很大的市場吸引力，我們關注的三個主題是更好地服務聯邦政府，實際上是現代化。這是他們重點關注的領域，整合，當然，我們在這裡的平台策略和方法的更高效率無疑為我們的許多聯邦客戶創造了更多的實用性。

We'll take the next question, please.

請回答下一個問題。

Joseph Gallo, Jefferies.

約瑟夫‧加洛，傑富瑞集團。

Hi, this is (inaudible) on for Joseph Gallo. Appreciate you taking our questions. So my question is, I guess, can you give us an update on how things are progressing with the channel and where you are on a sales quota rep carrying capacity basis and how we should think about additional go-to-market investments going forward that you haven't touched upon yet?

大家好，這是（聽不清楚）為 Joseph Gallo 主持的。感謝您回答我們的問題。所以我的問題是，您能否向我們介紹一下通路的進展情況，以及您的銷售配額代表承載能力如何，以及我們應該如何考慮您尚未涉及的未來額外的市場投資？

Sure. When you take a look at the Q1 performance, the channel performed extremely well. I mean, the beautiful part of the Tenable distribution models, we are 100% channel, so we do all our business through the channel. So we saw great momentum in the channel in Q1. We saw excellent channel in business coming in from the partner community, so that was excellent.

當然。當你查看第一季的表現時，你會發現該管道的表現非常出色。我的意思是，Tenable 分銷模式的美妙之處在於我們是 100% 通路，因此我們的所有業務都透過通路進行。因此，我們在第一季看到了通路的巨大發展動能。我們看到來自合作夥伴社群的優秀業務管道，所以這非常好。

We did add some sales capacity in Q1 and we will continue to evaluate looking at certain regions, theaters, and countries that are showing signs of growth. And if we see significant growth patterns, those are going to be some geographies that we might take a look at adding sales capacity throughout the year.

我們確實在第一季增加了一些銷售能力，我們將繼續評估那些顯示出成長跡象的地區、劇院和國家。如果我們看到顯著的成長模式，我們可能會考慮在某些地區全年增加銷售能力。

Okay. Thanks. Appreciate the color.

好的。謝謝。欣賞色彩。

Joshua Tilton, Wolfe Rsearch.

約書亞‧蒂爾頓 (Joshua Tilton)，Wolfe Research。

Hi, this is Patrick O'Neill on for Josh. Just a quick one for me. Can you talk a little bit about the progress you're seeing with Vulcan and maybe some anecdotes from -- early anecdotes from customers there and adoption? And then are we still thinking about $5 million contributions from Vulcan for this year? Thanks.

大家好，我是派崔克‧歐尼爾 (Patrick O'Neill)，代表喬希 (Josh)。對我來說只是一個快速的步驟。您能否談談 Vulcan 所取得的進展，以及一些來自客戶和採用者的早期軼事？那我們是否還在考慮今年 Vulcan 捐贈 500 萬美元呢？謝謝。

Yes, this is Steve. So yes, we said beginning of the year to contribute roughly a half a point of growth. That's roughly $5 million. That's more weighted towards the latter part of the year. So just to be mindful of what we acquired here from an IP perspective and it's very complimentary to our Tenable One platform. We now have the ability to ingest third-party data and findings and metadata from other security providers.

是的，這是史蒂夫。是的，我們說年初將貢獻大約半個百分點的成長。這大約是 500 萬美元。這更側重於今年下半年。因此，從 IP 角度來看，我們在這裡所獲得的東西對我們的 Tenable One 平台非常有益。我們現在能夠從其他安全提供者取得第三方資料、發現和元資料。

It will be in market with a more expansive Tenable One offering sometime in Q2. So the plan here is to kind of build some of these capabilities natively into our platform and then be in market sometime over the ensuing months and then we expect the contribution that I just mentioned earlier to be more weighted in the back half of the year.

它將在第二季的某個時候推出更廣泛的 Tenable One 產品。因此，這裡的計劃是將其中一些功能原生地構建到我們的平台中，然後在接下來的幾個月內將其推向市場，然後我們預計我剛才提到的貢獻將在下半年更加重要。

And then obviously, the remediation capabilities is another important part of the platform. So very complimentary to what we do and we're seeing good traction out of the gate here, but obviously it had little lower contribution in Q1. The one thing I will mention is one of the seven-figure deals that we talked about here was a VM displacement that we had been chasing for really a couple of years now, and Vulcan was the catalyst for that displacement.

顯然，修復能力是該平台的另一個重要部分。因此，這對我們所做的工作非常有益，而且我們看到了良好的發展勢頭，但顯然它在第一季的貢獻略低。我要提到的一件事是，我們在這裡談論的七位數交易之一是我們已經追逐了好幾年的 VM 置換，而 Vulcan 是該置換的催化劑。

So we actually displaced the incumbent VM provider who is using us for VM and now will be turning to us for third-party data certainly over the ensuing months and so certainly creates a lot of expansion opportunities for us.

因此，我們實際上取代了使用我們提供 VM 服務的現任 VM 提供商，並且在接下來的幾個月裡，他們肯定會向我們尋求第三方數據，因此無疑為我們創造了許多擴展機會。

Perfect. Thank you.

完美的。謝謝。

Oscar Saavedra, Morgan Stanley.

摩根士丹利的奧斯卡·薩維德拉 (Oscar Saavedra)。

Hi, guys. Thank you for taking my question and congrats to Steve and Mark. I guess for me it's just a quick one on -- it's great to see Tenable On being a strong driver of those large deals that you noted. Last quarter, I believe it was 40% of new business, sales was attributed to Tenable One. Any update on how that was this quarter?

嗨，大家好。感謝您回答我的問題，並向史蒂夫和馬克表示祝賀。我想對我來說這只是一個快速的介紹——很高興看到 Tenable On 成為您提到的那些大型交易的強大推動者。上個季度，我相信 40% 的新業務銷售額歸功於 Tenable One。本季有什麼最新情況嗎？

And on the cloud security side, I think the footprint expansion was like more than double in Q4. Maybe an update on that? Thank you.

在雲端安全方面，我認為第四季的足跡擴張了兩倍以上。或許對此有更新？謝謝。

Yeah, so yeah, Tenable One. So first of all, the tail of the tape this quarter and the outperformance was because of Tenable One with traction and cloud and other areas of our business. So it continues to represent a sizeable percentage of our new business. This quarter was notably over 30%.

是的，是的，Tenable One。首先，本季的尾部表現優異是由於 Tenable One 的牽引力以及雲端和我們業務的其他領域。因此它仍然占我們新業務的很大一部分。本季明顯超過30%。

I think in Q4, it tends to tick a little higher just to budget slosh and it just tends to be a seamlessly stronger quarter for us. So certainly, seeing a lot of pull for Tenable One, ASPs are higher, anywhere from 50% to 90%, and usually the catalyst for a customer to move to Tenable One is this desire to do VM plus cloud or OT or identity or other there.

我認為在第四季度，由於預算變動，它往往會略微上漲，而這對我們來說往往是一個更強勁的季度。因此，可以肯定的是，Tenable One 具有很大的吸引力，ASP 更高，從 50% 到 90% 不等，而客戶轉向 Tenable One 的催化劑通常是希望在那裡實現 VM 加雲或 OT 或身份或其他功能。

So certainly pleased with the continued momentum that we're seeing with the platform and we'll continue to add capabilities I talked about earlier, specifically with regard to Vulcan short term, the focus on adding third-party data, the ability to ingest that, as well as add remediation capabilities, remediation automation capabilities and mobilization capabilities.

因此，我們對平台持續的發展勢頭感到非常高興，我們將繼續添加我之前提到的功能，特別是關於 Vulcan 的短期功能，重點是添加第三方數據、提取數據的能力，以及添加補救功能、補救自動化功能和動員功能。

Yeah, I mean, the only thing I'll add there too, it's a phenomenal summary, is three buckets you really want to think about with Tenable One, phenomenal positioning in regard to driving new licensed business. Also from a competitive displacement when we talk about those seven-figure deals, one of the main factors that's allowing us to beat the competition and get into those accounts is Tenable One.

是的，我的意思是，我唯一要補充的是，這是一個非凡的總結，你真正想要考慮的 Tenable One 的三個方面，在推動新的許可業務方面的非凡定位。另外，從競爭的角度來看，當我們談論那些七位數的交易時，讓我們擊敗競爭對手並獲得這些帳戶的主要因素之一是 Tenable One。

So allowing us to do big rip and replaces. And then the third is obviously the expansion in the installed base. And so those are the big drivers when you take a look at the Tenable One activity and growth, and we're going to continue to drive that throughout the year.

因此我們可以進行大規模的拆除和替換。第三顯然是安裝基礎的擴充。因此，當您查看 Tenable One 的活動和成長時，這些都是主要驅動力，我們將全年繼續推動這些驅動力。

Awesome, very clear. Thank you very much.

太棒了，非常清楚。非常感謝。

Kingsley Crane, Canaccord Genuity.

金斯利·克蘭（Kingsley Crane），Canaccord Genuity。

Thank you and echo my congrats. Thinking about the shift to exposure management for many companies that includes OT, how should we think about that ongoing ramp and OT? Are you getting more excited about that opportunity versus maybe two or three years ago? And then I'm curious what you're hearing from customers. Thanks.

謝謝您，並向您表示祝賀。考慮到許多公司轉向包括加班 (OT) 在內的風險管理，我們應該如何看待這種持續的成長和加班？與兩三年前相比，您是否對這個機會更加興奮？我很好奇您從客戶那裡聽到了什麼。謝謝。

Yeah, you bet. So Q1 actually was a strong OT quarter and we're still seeing momentum there. So year-over-year growth was strong, very happy with the performance we're seeing there, and it goes back to the theme that we talked a little bit about. Every quarter, you're starting to see more of a pickup where OT is being more centralized into the Chief Security Officer into the CIO, and they want to be able to have that full visibility of the attack surface, obviously including the OT asset.

是的，沒錯。因此，第一季實際上是一個強勁的加時季度，我們仍然看到這一勢頭。因此，同比成長強勁，我們對所看到的表現非常滿意，這又回到了我們剛才談到的主題。每個季度，你都會開始看到越來越多的 OT 被集中到首席安全官和首席資訊長手中，他們希望能夠全面了解攻擊面，顯然包括 OT 資產。

And so this is a driver for us that we still think will be very strong for us throughout 2025, being able to go in, consolidate, get the OT assets into Tenable One and continue to be a driver for us.

因此，我們仍然認為這對我們來說是一個非常強大的驅動力，能夠進入、整合、將 OT 資產納入 Tenable One，並繼續成為我們的驅動力。

Really helpful. Thank you.

真的很有幫助。謝謝。

Adam Borg, Stifel.

亞當·博格（Adam Borg），Stifel。

Awesome and thanks so much for taking the question and congrats on the co-CEO structure. Maybe for Steve, just on Vulcan Cyber, I'd love to hear a little bit more on just the R&D priorities and the sales and marketing priorities. It's great to hear that you can bring some new stuff to market, but love to go a step deeper there. That'll be great. Thanks so much.

太棒了，非常感謝您回答這個問題，並祝賀聯合首席執行官架構。也許對於史蒂夫來說，僅就 Vulcan Cyber​​ 而言，我很想聽到更多關於研發重點以及銷售和行銷重點的資訊。很高興聽到您能將一些新產品推向市場，但我們希望能更進一步。那太好了。非常感謝。

Yeah, I'll talk about the R&D priorities. Mark can chime in on the go-to-market priorities. It's really pretty straightforward. Vulcan adds -- it's very complimentary to Tenable One, as I mentioned earlier. It'll add third-party data into the platform. We'll have the ability to ingest data from other security providers and not just the basic findings but also the metadata: a lot of the network info, who's responsible. So we talked about this bigger focus on AI. Certainly, that will be a means for us to expand our exposure data on top of the 40,000-plus customers, on top of the 3 million-plus users and downloads of our Nessus products.

是的，我會談談研發重點。馬克可以就進入市場的優先事項發表意見。這確實非常簡單。Vulcan 補充道——正如我之前提到的，它對 Tenable One 非常有幫助。它將把第三方數據添加到平台中。我們將能夠從其他安全提供者獲取數據，不僅是基本發現，還有元數據：大量的網路信息，誰負責。因此，我們討論了對人工智慧的更大關注。當然，這將成為我們在 40,000 多名客戶、300 多萬用戶和 Nessus 產品下載量的基礎上擴大曝光數據的一種手段。

So we believe certainly one of the big modes here going forward for cyber, the ability to deliver exposure management at scale and evolve us from a system of record to a system of action will be AI and Vulcan is an important part of that aggregating that data, combining third-party data with first-party assessment data.

因此，我們相信，未來網路攻擊的主要模式之一、大規模提供風險管理的能力以及將我們從記錄系統發展為行動系統的能力將是人工智慧，而 Vulcan 是聚合數據、將第三方數據與第一方評估數據相結合的重要組成部分。

And then the other piece is really tying involves really on the back end to actual fixes and driving and automating remediation ops, that's a really important part of the value chain. There's a lot we can do from that perspective, from everything from identifying unmanaged applications and devices to then integrating on the back end with ticketing systems to be able to drive remediation and updates and then closing the loop back into the platform.

另一部分實際上是將後端與實際修復、驅動和自動化補救操作聯繫起來，這是價值鏈中非常重要的一部分。從這個角度來看，我們可以做很多事情，從識別非託管應用程式和設備到在後端與票務系統集成，以便能夠推動補救和更新，然後將循環關閉回平台。

So that's a big area of focus for us going forward. Vulcan certainly a means to do so, but it's complementary to our whole exposure management mandate and certainly will help enable a lot of the AI initiatives.

所以這是我們今後重點關注的領域。Vulcan 當然是一種手段，但它是我們整個風險管理任務的補充，並且肯定有助於實現許多人工智慧計劃。

Very well said. And when you take a look at it from a go-to-market perspective, and we touched on this in Q1. The beautiful thing about Vulcan is we've actually been talking and positioning third-party ingests and automated remediation with our customers for quite a bit of time, so our sales force and our channel understand this talk track. They understand how these types of third-party assets and automated remediation flows into the Tenable One consolidation story.

說得很好。當你從市場進入的角度來看待這個問題時，我們在第一季就談到了這一點。Vulcan 的優點在於，我們實際上已經與客戶討論和定位第三方攝取和自動修復相當長一段時間了，因此我們的銷售人員和管道了解這個談話軌跡。他們了解這些類型的第三方資產和自動修復如何融入 Tenable One 整合故事。

So we do not have specialized sellers and specialized SEs. This is mainstreamed into our core sales force and is a core sales play that we're out there talking to customers, prospects, and channel in regard to what we're doing with Vulcan. And so as I discussed earlier, those two big themes of driving Tenable One and driving cloud security, Vulcan fits perfectly into the Tenable One story.

所以我們沒有專門的賣家和專門的SE。這已成為我們核心銷售團隊的主流，也是我們與客戶、潛在客戶和管道談論我們使用 Vulcan 所做的事情的核心銷售方式。正如我之前所討論的，推動 Tenable One 和推動雲端安全這兩個大主題，Vulcan 完美地契合了 Tenable One 的故事。

Super clear. Thanks again.

超級清晰。再次感謝。

Trevor Rambo, BTIG.

特雷弗·蘭博 (Trevor Rambo)，BTIG。

Great, thanks for taking my question. This is Trevor on for Gray Powell. So going back to Tenable One, it was good to hear the positive commentary again around adoption and that cloud security drove a lot of the outperformance. Could you give us some more color on how the rest of the portfolio performed in relation to cloud security in the quarter? And then, is cloud security is something that you see going forward that's going to continue to outperform within that segment?

太好了，感謝您回答我的問題。這是特雷弗 (Trevor) 代替格雷鮑威爾 (Gray Powell)。因此，回到 Tenable One，很高興再次聽到有關採用的正面評價，並且雲端安全推動了其優異表現。您能否向我們詳細介紹本季投資組合中其他部分在雲端安全方面的表現？那麼，您是否認為雲端安全在未來會繼續在該領域保持領先地位？

Yeah, listen, at the end of the day, when you look at Tenable One, it was a very strong quarter and drove a lot of those seven-figure deals, which is outstanding. We touched a little bit in regards to some of the OT asset, it was very strong also. Cloud security, because there was obviously a bunch of very sizable deals and a seven-figure deal that was in there, and we do continue to see that type of activity and be able to (technical difficulty) security as part of Tenable One.

是的，聽著，歸根結底，當你看到 Tenable One 時，你會發現這是一個非常強勁的季度，促成了許多七位數的交易，這是非常出色的。我們稍微觸及了部分 OT 資產，它也非常強大。雲端安全，因為顯然有很多非常大的交易，其中有一筆七位數的交易，我們確實繼續看到這種類型的活動，並且能夠（技術難度）安全作為 Tenable One 的一部分。

As we discussed earlier in this call, we also are optimistic in regards to the cloud security business because of some of the M&A activity that we had on before with Wiz and Google. And so we're already starting to see decent pipeline build from a cloud superior perspective as part of T1, once that acquisition was announced. So yeah, we expect those two to be big drivers for us in 2025.

正如我們之前在電話會議中討論的那樣，由於我們之前與 Wiz 和 Google 進行過一些併購活動，我們對雲端安全業務也持樂觀態度。因此，一旦宣布收購，我們就已經開始從雲端運算優勢角度看到作為 T1 一部分的良好管道建設。所以，是的，我們預計這兩者將成為我們在 2025 年發展的重大推動力。

Shrenik Kothari, Baird.

什雷尼克·科塔里，貝爾德。

Great, thanks. This is Zach Schneider on for Shrenik. Thanks for taking the question and wanted to echo our congrats to Steve and Mark. So I wanted to ask about pricing, one thing we've picked up sort of across the sector is just some more aggressive discounting and pricing. So just curious if this is something you're seeing in customer conversations or if there's been any changes to your pricing strategy? Thanks.

太好了，謝謝。這是 Zach Schneider 為 Shrenik 報導的。感謝您提出這個問題，我們想向史蒂夫和馬克表示祝賀。所以我想問一下關於定價的問題，我們在整個行業中發現的一個現象就是更激進的折扣和定價。所以我只是好奇這是您在客戶對話中看到的嗎，或者您的定價策略是否有任何變化？謝謝。

Yeah, no, we've actually seen no significant changes in pricing. We haven't modified or done anything different in regards to our pricing strategies. Obviously, our margins are extremely stable, so we expect our pricing strategy and the way we're discussing and managing all these different opportunities remain extremely consistent the way they did in Q1.

是的，沒有，我們實際上沒有看到價格有重大變化。在定價策略方面，我們沒有修改或做任何不同的事情。顯然，我們的利潤率非常穩定，因此我們預計我們的定價策略以及我們討論和管理所有這些不同機會的方式將與第一季保持高度一致。

Great. Thank you.

偉大的。謝謝。

We have reached the end of our question-and-answer session. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

我們的問答環節已經結束。今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。