Tenable Holdings Inc (TENB) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Tenable second quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Erin Karney, Vice President, Investor Relations. Thank you. You may begin.

大家好，歡迎參加 Tenable 2025 年第二季財報電話會議。（操作員指示）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、投資者關係副總裁 Erin Karney。謝謝。你可以開始了。

Thank you, operator, and thank you all for joining us on today's conference call to discuss Tenable second 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 年第二季的財務表現。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 third 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 in customer demand for and adoption of our solutions, including Tenable One, cloud security and exposure management, our ability to expand integrations with third-party tools and data sources, planned innovation and new products and services, including new capabilities from our acquisition of Apex, 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。您可以在我們的投資者關係網站 tenable.com 上找到新聞稿。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 年第三季度和全年的指引和預期、我們業務的增長和驅動因素、安全行業威脅形勢的變化以及我們在市場中的競爭地位、客戶對我們解決方案（包括 Tenable One、雲端安全和風險管理）的需求和採用的增長、我們擴展與第三方工具和數據源帶來的新功能）以及我們對長期獲利能力和自由現金流的預期相關的陳述。

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.

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。

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.

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 other important factors that could affect our actual results, please refer to those contained in our most recent annual report on Form 10-K and subsequent reports that we file with the SEC.

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.

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。

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.

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, Aaron. We're excited to share our strong results for the quarter, discuss momentum and recent enhancements to our exposure management platform, including recent investments in AI and highlight some key customer wins for the quarter.

謝謝你，亞倫。我們很高興分享本季的強勁業績，討論我們的風險管理平台的發展勢頭和最新改進，包括最近對人工智慧的投資，並強調本季度的一些關鍵客戶勝利。

In Q2, we beat all of our guided metrics, delivering 12% revenue year-over-year growth and 19% operating margin. We attribute our performance in the quarter to the growing adoption of our exposure management platform, Tenable One, which was 40% of total new sales this quarter.

在第二季度，我們超越了所有預期指標，實現了營收年增 12%，營業利潤率達到 19%。我們將本季的業績歸功於我們風險管理平台 Tenable One 的日益普及，該平台佔本季新銷售額的 40%。

Exposure management is about providing the unified risk-based and business contextualized view of an organization's cyber risk, enabling them to continuously prioritize and remediate the most critical exposures before they can be exploited.

風險管理旨在提供基於風險和業務情境的統一網路風險視圖，使組織能夠在最關鍵的風險暴露被利用之前，持續確定其優先順序並進行補救。

And the benefit of exposure management to our customers is clear, unified visibility, smarter, data-driven decisions and faster, more effective risk reduction. For Tenable, this important secular shift in the market to preempt if security is resulting in broader asset coverage and larger deal sizes, including a growing number of six-and seven-figure deals.

風險管理為我們的客戶帶來的好處是清晰、統一的可見性、更聰明、數據驅動的決策以及更快、更有效的風險降低。對於 Tenable 而言，市場向安全先發制人的這一重要長期轉變將帶來更廣泛的資產覆蓋範圍和更大的交易規模，其中包括越來越多的六位數和七位數的交易。

Mark will delve into our customer wins in the quarter as we are seeing more customers consolidate on Tenable One. And now with the acquisition of APAC Security, which closed during the quarter, we are expanding our AI Aware and AI-SPM capabilities in the platform to secure the rapidly expanding AI attack surface.

隨著越來越多的客戶整合到 Tenable One，Mark 將深入探討我們在本季的客戶成果。此外，隨著本季完成對 APAC Security 的收購，我們正在擴展該平台的 AI Aware 和 AI-SPM 功能，以應對快速擴展的 AI 攻擊面。

Drilling a little further into the specific areas of traction in the quarter, Cloud and VM continue to be critical priorities for our customers within Tenable One. We also saw strong adoption with OT. As you recall, in April, we highlighted public sector as an area where we were expecting to experience some pressure. The quarter played out slightly better than expected in (inaudible) driven largely by strong platform sales in our SLED business, which was aided by their June fiscal year-end.

進一步深入探討本季的具體成長領域，雲端和虛擬機器 (VM) 仍然是 Tenable One 客戶的關鍵優先事項。我們也看到了 OT 領域的強勁應用。大家還記得，四月我們曾強調公共部門是我們預期會面臨一些壓力的領域。本季的表現略好於預期（聽不清楚），這主要得益於我們 SLED 業務的強勁平台銷售，這得益於 6 月的財政年度結束。

Specifically with regard to US Federal, we feel incrementally more positive as we head into the second half of the year, particularly in our renewal base, where visibility is improving despite a spending environment with heightened levels of review and scrutiny.

具體來說，就美國聯邦而言，隨著進入下半年，我們感覺越來越積極，特別是在我們的續約基礎方面，儘管支出環境的審查和審查程度有所提高，但可見性正在提高。

The momentum we're experiencing with our platform is a reflection of the importance our customers are placing on preemptive security, which is the practice of reducing risk before a breach occurs rather than solely detecting and responding after an attacker has already gained access. We're building on the momentum by continuing to advance our product road map and extend our leadership in this category. Exposure management as a discipline is built on three foundational pillars, unifying visibility to discover and monitor every asset, unifying insight to contextualize and prioritize risk and unifying action to mobilize remediation and measure impact.

我們的平台所經歷的勢頭反映了我們的客戶對預防性安全的重視，預防性安全是在發生違規之前降低風險的做法，而不是僅在攻擊者已經獲得訪問權限後才進行檢測和回應。我們正在繼續推進我們的產品路線圖並擴大我們在這一領域的領導地位，從而保持這一勢頭。風險管理作為一門學科，建立在三大基礎支柱之上：統一可見性以發現和監控每項資產，統一洞察力以情境化和確定風險的優先級，統一行動以動員補救措施和衡量影響。

These pillars are essential to reducing cyber risk at scale and Tenable is leading the way across all three. First, unifying visibility. Effective risk reduction starts with comprehensive visibility. That's why broad, continuous discovery is foundational to exposure management. Tenable continues to make strong progress here, particularly in expanding third-party integrations across the security stack.

這些支柱對於大規模降低網路風險至關重要，而 Tenable 在這三個方面都處於領先地位。第一，統一認識。有效降低風險始於全面的可視性。這就是為什麼廣泛、持續的發現是風險管理的基礎。Tenable 在這方面繼續取得長足進步，特別是在擴展整個安全堆疊的第三方整合方面。

We recently surpassed 300 validated integration spanning cloud, application security, identity and more, making Tenable One the most open and interconnected exposure management platform in the market. These connections not only expand visibility, but also lay the groundwork for deeper insight and smarter action.

我們最近已驗證的整合超過 300 個，涵蓋雲端、應用程式安全、身分等，使 Tenable One 成為市場上最開放、互聯程度最高的風險管理平台。這些聯繫不僅擴大了可見性，而且為更深入的洞察和更明智的行動奠定了基礎。

AI is also enhancing visibility by helping customers discover and classify assets that might otherwise remain hidden from this configured cloud workloads to unmanaged devices and a femoral containers. By analyzing network traffic, configuration drift and usage patterns, our AI reduces blind spots and ensures customers a more accurate and comprehensive view of their attack surface.

人工智慧還可以幫助客戶發現和分類可能隱藏在配置的雲端工作負載中的資產，以及非託管設備和股骨容器，從而提高可見度。透過分析網路流量、配置漂移和使用模式，我們的人工智慧減少了盲點，並確保客戶更準確、更全面地了解他們的攻擊面。

Second, unifying insight. Once assets and exposures are discovered, the next challenge is understanding what matters and what needs to be prioritized. That's where context comes in and it's where Tenable sets itself apart. Our integrated data set enriched with over two decades of exposure telemetry and real-time threat intelligence powers a suite of AI capabilities, purpose-built for exposure management.

二是統一認識。一旦發現資產和風險，下一個挑戰就是要了解什麼是重要的以及什麼需要優先考慮。這就是背景發揮作用的地方，也是 Tenable 脫穎而出的地方。我們的整合資料集豐富了二十多年的風險遙測和即時威脅情報，為專門用於風險管理的一系列人工智慧功能提供了支援。

Tenable's AI doesn't just detect known risk, it's evolving to proactively identify emerging threat, map likely attack pass and surface exposures that are most likely to be exploited in our customer-specific environment. It's being designed to use predictive modeling to assess the blast radius of vulnerabilities, analyze attacker behavior to anticipate their next move and continuously update privatization and conditions as they change.

Tenable 的 AI 不僅可以偵測已知風險，還可以不斷發展，主動識別新出現的威脅，繪製可能的攻擊路徑以及在客戶特定環境中最有可能被利用的表面暴露。它旨在使用預測模型來評估漏洞的爆炸半徑，分析攻擊者的行為以預測他們的下一步行動，並隨著私有化和條件的變化不斷更新。

This isn't just a smarter way to triage alerts, it's a more strategic way to understand interconnected risk across hybrid environments and focus on what truly matters. And finally, unifying action. Insight is only valuable if it drives results. That's why we're transforming Tenable One from a system of record into a system of action. Our AI now delivers intelligent, environment-specific remediation guidance designed to help security teams reduce mean time to remediate and focus on what matters most.

這不僅是一種更聰明的警報分類方法，也是一種更具策略性的方式來了解混合環境中相互關聯的風險並專注於真正重要的事情。最後，統一行動。洞察力只有能夠帶來成果才有價值。這就是我們將 Tenable One 從記錄系統轉變為行動系統的原因。我們的人工智慧現在提供智慧的、特定於環境的補救指導，旨在幫助安全團隊減少平均補救時間並專注於最重要的事情。

The majority of break victims are compromised by known vulnerabilities that went unaddressed, not because the risk weren't identified, but because they weren't acted upon. It's a clear example of the last-mile problem, which is getting the right exposure data into the right teams with the right context to drive resolution.

大多數入侵受害者都是因為已知漏洞而受到攻擊，而這些漏洞尚未解決，這並不是因為沒有發現風險，而是因為他們沒有採取行動。這是最後一哩問題的一個明顯例子，即將正確的曝光資料在正確的背景下傳送給正確的團隊，以推動解決問題。

And remediation isn't just patching, its adjusting configurations, disabling risky accounts, tightening access controls and more. Exposure management demands a broader, more adaptive response than traditional vulnerability management. That's why we're embedding automation, analytics and decision support directly into customer workflows, closing the gap between insight and action.

補救措施不僅僅是修補，還包括調整配置、停用有風險的帳戶、加強存取控制等等。與傳統的漏洞管理相比，暴露管理需要更廣泛、更具適應性的回應。這就是我們將自動化、分析和決策支援直接嵌入到客戶工作流程中，縮小洞察力和行動之間差距的原因。

The result here is faster remediation, broadening adoption, and we believe a stronger position for Tenable as a leader in exposure management. And remember, in this new AI-powered world, we're seeing more frequent pervasive attacks leveraging AI, resulting in shorter meantime from known vulnerabilities to exploitation, which demands faster remediation.

結果是修復速度更快、採用範圍更廣，我們相信 Tenable 在風險管理領域的領先地位將更加穩固。請記住，在這個由人工智慧驅動的新世界中，我們看到利用人工智慧的普遍性攻擊越來越頻繁，導致從已知漏洞到被利用的時間更短，這需要更快的補救措施。

In short, while understanding, contextualizing and prioritizing risk is critical, preemptive security increasingly means leveraging that visibility and insight to empower customers to act in real time and seamlessly integrate remediation to their process.

簡而言之，雖然理解、情境化和優先考慮風險至關重要，但預防性安全越來越意味著利用這種可見性和洞察力，使客戶能夠即時採取行動，並將補救措施無縫整合到他們的流程中。

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

現在我想把電話轉給馬克。

Thanks, Steve. Our customers consistently face the same challenges, complex hybrid systems to secure, interconnected systems with siloed views and new technologies evolving faster than they can be secured. Our mandate is to help our customers identify and address the risk these problems introduce, and that's precisely what we're doing.

謝謝，史蒂夫。我們的客戶始終面臨著同樣的挑戰，即複雜的混合系統的安全、具有孤立視圖的互連繫統以及新技術的發展速度超過了其安全保障能力。我們的任務是幫助我們的客戶識別和解決這些問題所帶來的風險，而這正是我們正在做的事情。

Our deep roots in VM are the foundation of our EM leadership, enabling Tenable One to provide a profound understanding of hybrid environments and our expansion into other areas of the attack surface uniquely position us to break down silos.

我們在虛擬機器領域的深厚根基是我們在 EM 領域保持領先地位的基礎，這使得 Tenable One 能夠深入了解混合環境，而我們向攻擊面其他領域的擴展則使我們能夠打破孤島。

This is why we're seeing constant traction with Tenable One. This quarter, that partnership was on full display with major Tenable One expansions across industries. We secured strong wins against major players in VM, EM and cloud, directly resulting from not just extending our leadership, but also shaping what exposure management looks like.

這就是為什麼我們看到 Tenable One 持續受到青睞的原因。本季度，Tenable One 在各行各業的大規模擴展充分展現了雙方的合作關係。我們在 VM、EM 和雲端領域中克服了主要參與者，這不僅直接源自於我們擴大了領導地位，也塑造了風險管理的面貌。

During the quarter, we had a number of notable wins spanning products, theaters and industries. I'd like to take a moment to highlight a few that are a good reflection of what we're seeing broadly across the business and what we've highlighted in our prepared remarks today.

本季度，我們在產品、影院和產業領域取得了一系列顯著的勝利。我想花點時間強調幾點，它們很好地反映了我們在整個業務中廣泛看到的情況以及我們今天在準備好的發言中強調的內容。

We kicked off the quarter with a major win at the state level, 1 of 2 significant public sector victories this quarter, which started as a straightforward VM expansion quickly evolved into a full Tenable One adoption. The customer expanded beyond VM to include cloud, identity and web app security, consolidating multiple capabilities into a single unified platform.

我們以在州一級取得的一項重大勝利拉開了本季度的序幕，這是本季度兩項重大公共部門勝利中的一項，這項勝利最初是簡單的虛擬機擴展，但很快演變為對 Tenable One 的全面採用。客戶將範圍從 VM 擴展到雲端、身分和 Web 應用程式安全，將多種功能整合到統一的平台中。

It's a great example of a growing trend. Organizations are turning to Tenable One to streamline and strengthen their preemptive security strategies. That momentum carried into the private sector as well. A standout example is a major entertainment company that turned to Tenable One to secure its OT environments and gain a more complete view of risk.

這是一個日益增長的趨勢的一個很好的例子。各組織正在轉向 Tenable One 來簡化和加強其預防性安全策略。這種勢頭也延伸到了私營部門。一個突出的例子是一家大型娛樂公司，它採用 Tenable One 來保護其 OT 環境並獲得更全面的風險視圖。

What began as a search for better OT coverage quickly led to consolidation on Tenable One with a focus on both VM and OT. This is where we shine. Tenable's ability to span IT and OT environments with unified visibility gives us a competitive edge. Not every customer is looking to rip and replace, and that's where our flexibility truly stands out. A European global luxury brand with a mature security program wanted deeper risk insights and stronger preemptive security without disrupting their existing stack.

我們最初是為了尋求更好的 OT 覆蓋範圍，但很快便整合到了 Tenable One 上，重點關注 VM 和 OT。這就是我們閃耀光芒的地方。Tenable 能夠透過統一的視覺性跨越 IT 和 OT 環境，這為我們帶來了競爭優勢。並不是每個客戶都想拆除和更換，而這正是我們的靈活性真正脫穎而出的地方。一個擁有成熟安全計畫的歐洲全球奢侈品牌希望在不破壞現有堆疊的情況下獲得更深入的風險洞察和更強大的預防性安全。

They chose Tenable to expand their third-party asset and risk management program, tapping into the power of Tenable while maintaining the tools they already rely on. It's a great example of how we meet customers where they are, delivering value and outsourcing a full consolidation. What is increasingly clear from all these customer examples is that as cyber threats become more frequent and sophisticated, customers are shifting their focus towards preemptive strategies and industry analysts and others are following suit, placing greater emphasis on exposure management and the platforms that enable it.

他們選擇 Tenable 來擴展他們的第三方資產和風險管理計劃，利用 Tenable 的強大功能，同時保留他們已經依賴的工具。這是我們如何在客戶所在地與他們會面、提供價值並外包全面整合的一個很好的例子。從所有這些客戶案例中越來越清楚的是，隨著網路威脅變得越來越頻繁和複雜，客戶正在將注意力轉向先發製人的策略​​，行業分析師和其他人也紛紛效仿，更加重視風險管理及其實現的平台。

This growing momentum was reinforced by two key pieces of industry research that were recently released. Last week, [Forrester] named Tenable, a leader in unified vulnerability management, awarding us the highest score for the strength of our strategy.

最近發布的兩項重要行業研究進一步增強了這一成長勢頭。上週，[Forrester] 將 Tenable 評為統一漏洞管理領域的領導者，並因我們策略的實力而授予我們最高分。

In fact, Tenable received the highest possible scores in seven different categories, more than any other vendor, including vision and road map. In addition, Tenable was recognized as a major player in IDC's and Argo CNAPP [MarketScape]. We were chosen from a very substantial list of vendors for our ability to enable customers to reduce their risk by reducing noise and prioritizing remediation through clear, actionable insights.

事實上，Tenable 在七個不同類別中獲得了最高分，比其他供應商都多，包括願景和路線圖。此外，Tenable 被公認為 IDC 和 Argo CNAPP [MarketScape] 的主要參與者。我們從眾多供應商中脫穎而出，因為我們能夠透過清晰、可操作的見解降低噪音並優先採取補救措施，幫助客戶降低風險。

We see this recognition as validation of our strategy and further evidence that exposure management is becoming central to modern cybersecurity. Finally, Gartner now predicts that by 2028, investments in technologies that reduce threat exposure will grow twice as fast as those focused on detection and response.

我們認為這種認可是對我們策略的認可，也進一步證明了風險管理正成為現代網路安全的核心。最後，Gartner 預測，到 2028 年，對減少威脅暴露的技術的投資成長速度將是專注於檢測和回應的技術的投資成長速度的兩倍。

The takeaway is customers recognize the value of a unified exposure management platform and Tenable is leading the shift to exposure management. As organizations modernize with cloud, AI and hybrid IT OT environments, they're turning to us to unify and simplify their security strategy.

重點是客戶認識到統一風險管理平台的價值，而 Tenable 正在引領向風險管理的轉變。隨著組織透過雲端、人工智慧和混合 IT OT 環境實現現代化，他們開始向我們尋求統一和簡化他們的安全策略。

Our platform is the foundation for how forward-looking teams manage risk. Looking forward, as Steve highlighted, we are investing in areas that are tackling our customers' largest pain points. Knowing how to secure AI is one of the greatest frustrations facing customers today.

我們的平台是前瞻性團隊管理風險的基礎。展望未來，正如史蒂夫所強調的，我們正在投資解決客戶最大痛點的領域。如何保護人工智慧的安全是當今客戶面臨的最大難題之一。

With our acquisition of Apex, we plan to offer a holistic approach to understanding their AI risk. By providing visibility into AI usage, detecting AI-related vulnerabilities, securing AI resources and data configurations and integrating AI security into our broader exposure management platform, we believe we will be able to make AI security a key part of our customers' preemptive security program.

透過收購 Apex，我們計劃提供一種整體方法來了解他們的人工智慧風險。透過提供對人工智慧使用情況的可見性、檢測與人工智慧相關的漏洞、保護人工智慧資源和資料配置以及將人工智慧安全整合到我們更廣泛的風險管理平台中，我們相信我們將能夠使人工智慧安全成為客戶先發製人安全計畫的關鍵部分。

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

說完這些，我將把電話轉回給史蒂夫，讓他更深入地了解我們本季的業績。謝謝。

Thanks, Mark. As a reminder, our results include the impact of the Apex Security acquisition, which closed on June 6. Calculated current billings defined as revenue recognized in the quarter, plus the change in current deferred revenue grew 8% year-over-year to $238.6 million.

謝謝，馬克。提醒一下，我們的結果包括 6 月 6 日完成的 Apex Security 收購的影響。計算目前帳單定義為本季確認的收入，加上目前遞延收入的變化，年增 8% 至 2.386 億美元。

Our growing momentum with Tenable One is inflecting deal sizes higher as we added 76 net new six-figure customers during the quarter on an LTM basis. We also added 367 new enterprise platform customers, and our net dollar expansion rate was 107% this quarter.

Tenable One 的成長動能推動了交易規模的擴大，我們在本季以 LTM 計算新增了 76 位六位數淨客戶。我們也增加了367個新的企業平台客戶，本季我們的淨美元擴張率為107％。

We continue to have strong gross dollar renewal rates. We're also pleased to continue to see our backlog to accelerate significantly during the quarter. Current RPO grew 12% year-over-year, 400 basis points ahead of CCB growth, while total RPO growth was 19%, reflecting over 40% year-over-year growth in long-term RPO.

我們繼續保持強勁的總美元續訂率。我們也很高興看到我們的積壓訂單在本季度繼續大幅增加。目前 RPO 年成長 12%，比 CCB 成長高出 400 個基點，而總 RPO 成長率為 19%，反映出長期 RPO 年成長超過 40%。

RPO reflects the increasing momentum with our Tenable One platform as more customers are making multiyear commitments to more fully deploy exposure management solutions given the strategic importance to understand and reduce risk holistically across the enterprise. Now on to the P&L for the quarter.

RPO 反映了我們 Tenable One 平台日益增長的發展勢頭，因為考慮到在整個企業範圍內全面了解和降低風險具有戰略重要性，越來越多的客戶做出多年承諾，更全面地部署風險管理解決方案。現在來看看本季的損益表。

Revenue was $247.3 million, which represents 12% year-over-year growth. Revenue in the quarter exceeded the midpoint of our guided range by $5.3 million. This level of outperformance was driven in part by a more favorable mix of business with upfront revenue recognition that we're not anticipating in the second half of the year.

營收為 2.473 億美元，年增 12%。本季的營收超出了我們預期範圍的中點 530 萬美元。這種優異的表現部分是由於業務組合更加有利以及預付收入確認，而我們預計下半年不會出現這種情況。

Our percentage of recurring revenue remains high at 96%. Gross margin was 82% this quarter, flat relative to last quarter. Looking at the second half of the year, we expect gross margins to be flat to modestly lower due to the launch of third-party data, remediation automation workflows and new AI security capabilities.

我們的經常性收入比例仍高達 96%。本季毛利率為82%，與上季持平。展望下半年，由於第三方數據、補救自動化工作流程和新的人工智慧安全功能的推出，我們預計毛利率將持平或略有下降。

Sales and marketing expense was $89 million, up from $85.5 million last quarter, and as a percentage of revenue, was 36%, flat relative to last quarter. Sales and marketing expense was higher sequentially, primarily due to industry events and incremental investments in sales capacity, partially offset by costs in Q1 related to our annual sales kickoff conference.

銷售和行銷費用為 8,900 萬美元，高於上季的 8,550 萬美元，佔營收的百分比為 36%，與上季持平。銷售和行銷費用環比增長，主要原因是行業事件和銷售能力的增量投資，但第一季與年度銷售啟動會議相關的成本部分抵消了這一增長。

Looking ahead, we expect sales and marketing as a percent of revenue to trend somewhat lower, reflecting higher levels of sales productivity and greater efficiency in our go-to-market organization. R&D expense was $43.4 million, which is up from $39 million last quarter.

展望未來，我們預期銷售和行銷佔收入的百分比將會下降，這反映出我們的銷售生產力水平更高，行銷組織的效率也更高。研發費用為 4,340 萬美元，高於上一季的 3,900 萬美元。

As a result, R&D expense as a percentage of revenue was 18% this quarter, up from 16% last quarter. This increase on both a dollar basis and as a percentage of revenue was primarily related to the continued investment in R&D, including additional personnel costs related to our acquisitions of Vulcan and Apex.

因此，本季研發費用佔營收的比例為 18%，高於上一季的 16%。無論是以美元計算還是以收入百分比計算，這一增長主要與對研發的持續投資有關，包括與收購 Vulcan 和 Apex 相關的額外人員成本。

G&A expense was $22.7 million, which was flat relative to last quarter on an absolute dollar basis and as a percentage of revenue. Income from continuing operations was $47.7 million and exceeded the midpoint of our guided range by nearly $4 million.

一般及行政費用為 2,270 萬美元，以絕對美元金額及佔收入的百分比計算，與上一季持平。持續經營收入為 4,770 萬美元，超出我們指引範圍的中點近 400 萬美元。

Operating margin for the quarter was 19%, which is approximately 100 basis points better than the midpoint of our guided range. We are very pleased with our ability to drive continued leverage in the business, while investing for growth and absorbing the additional OpEx related to our acquisitions completed in the first half of the year. EPS for the quarter was $0.34, which was $0.04 better than the midpoint of our guided range.

本季營業利益率為 19%，比我們指引範圍的中點高出約 100 個基點。我們很高興能夠繼續推動業務槓桿，同時投資成長並吸收與上半年完成的收購相關的額外營運支出。本季每股收益為 0.34 美元，比我們指導範圍的中點高出 0.04 美元。

Now let's turn to the balance sheet. We finished the quarter with $387 million in cash and short-term investments. Accounts receivable was $181 million and total deferred revenue was $798 million. Current deferred revenue was $625 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。本季結束時，我們的現金和短期投資為 3.87 億美元。應收帳款為 1.81 億美元，遞延收入總額為 7.98 億美元。目前遞延收入為 6.25 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 $44 million of unlevered free cash flow during the quarter, bringing year-to-date $131 million of unlevered free cash flow, putting our annual guide well within reach. During the quarter, we utilized $48 million of net cash for the Apex acquisition as well as $65 million

我們在本季產生了 4,400 萬美元的無槓桿自由現金流，使年初至今的無槓桿自由現金流達到 1.31 億美元，使我們的年度指導目標完全可以實現。本季度，我們利用 4,800 萬美元淨現金收購 Apex，並利用 6,500 萬美元

Tenable One repurchase 2 million shares. In total, we've now repurchased 6.3 million shares for approximately $240 million since November of '23, and have $60 million of the previous repurchase authorization remaining. With our strong operating leverage and increasing free cash flow generation, we're very pleased to announce today, an additional $250 million increase to our share repurchase program, which demonstrates our continued commitment to effectively deploy and return capital to shareholders.

Tenable One 回購 200 萬股。總的來說，自 2023 年 11 月以來，我們已回購了 630 萬股，價值約 2.4 億美元，先前的回購授權金額還剩下 6,000 萬美元。憑藉我們強大的經營槓桿和不斷增加的自由現金流，我們今天非常高興地宣布，我們的股票回購計劃將額外增加 2.5 億美元，這表明我們繼續致力於有效部署並向股東返還資本。

We have confidence in our ability to drive continued leverage in the business while investing for growth and delivering compelling unlevered free cash flow margins over time.

我們有信心，我們有能力在投資成長的同時，持續推動業務槓桿率，並隨著時間的推移提供令人信服的無槓桿自由現金流利潤率。

With the results of the quarter behind us, I'd like to discuss our outlook for Q3 and the full year 2025. For the third quarter, we currently expect revenue to be in the range of $246 million to $248 million. non-GAAP income from operations to be in the range of $52 million to $54 million, non-GAAP net income to be in the range of $44 million to $46 million.

根據本季的結果，我想討論我們對第三季和 2025 年全年的展望。對於第三季度，我們目前預計營收在 2.46 億美元至 2.48 億美元之間。非 GAAP 營業收入在 5,200 萬美元至 5,400 萬美元之間，非 GAAP 淨收入在 4,400 萬美元至 4,600 萬美元之間。

Assuming interest expense of $7.2 million, interest income of $3.3 million and a provision for income taxes of $3.4 million. And non-GAAP diluted earnings per share to be in the range of $0.36 to $0.37, assuming 123 million fully diluted weighted average shares outstanding.

假設利息支出為 720 萬美元，利息收入為 330 萬美元，所得稅準備金為 340 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 0.36 美元至 0.37 美元之間。

For the full year, we currently expect calculated current billings to be in the range of $1.038 billion to $1.048 billion. Revenue to be in the range of $981 million to $987 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 $179 million to $189 million, assuming interest expense of $28.5 million, interest income of $15.6 million and a provision for income taxes of $12.8 million.

就全年而言，我們目前預計計算出的當前帳單將在 10.38 億美元至 10.48 億美元之間。營收在 9.81 億美元至 9.87 億美元之間。非公認會計準則營業收入將在 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 1.79 億美元至 1.89 億美元之間，假設利息支出為 2,850 萬美元，利息收入為 1,560 萬美元，所得稅準備金為 1,280 萬美元。

Non-GAAP diluted earnings per share to be in the range of $1.45 to $1.53, assuming 123.5 million fully diluted weighted average shares outstanding. And unlevered free cash flow to be in the range of $265 million to $275 million.

假設完全稀釋的加權平均流通股數為 1.235 億股，非 GAAP 稀釋每股盈餘將在 1.45 美元至 1.53 美元之間。無槓桿自由現金流將在 2.65 億美元至 2.75 億美元之間。

As discussed, since our last earnings call in April, we continue to gain traction with our Tenable One platform and visibility into the spending environment in public sector has improved, specifically with respect to renewals.

正如所討論的，自 4 月上次收益電話會議以來，我們的 Tenable One 平台繼續獲得關注，公共部門支出環境的可見性已經提高，特別是在續約方面。

As a result, we raised the midpoint of our guided range by $8 million and the high end by $3 million. This improved outlook will modestly benefit Q3 and Q4 to a greater degree. Turning to operating income. The outlook today reflects our strong outperformance in the second quarter as well as the improved outlook for the rest of the year, offset by the incremental OpEx related to the Apex acquisition. Therefore, we are pleased to reiterate our expectations for the full year.

因此，我們將指導範圍的中點提高了 800 萬美元，將高端提高了 300 萬美元。這種改善的前景將在更大程度上使第三季和第四季受益。轉向營業收入。今天的展望反映了我們在第二季度的強勁表現以及今年剩餘時間的改善前景，但被與 Apex 收購相關的增量營運支出所抵消。因此，我們很高興重申對全年的期望。

Similarly, reiterated our unlevered free cash flow guidance of $265 million to $275 million, while absorbing approximately $6.5 million of expected impact from Apex. The takeaway here is we are pleased with the results of the quarter, balancing growth with profitability while expanding our market opportunities. Moreover, we're excited for the second half of the year.

同樣，重申我們的無槓桿自由現金流指導價為 2.65 億美元至 2.75 億美元，同時吸收 Apex 預計的約 650 萬美元影響。這裡的要點是，我們對本季的業績感到滿意，在擴大市場機會的同時，平衡了成長與獲利。此外，我們對今年下半年充滿期待。

That said, Mark and I would like to thank everyone for joining us today on the call. We're very excited about the opportunity ahead and look forward to updating you throughout the year. We also hope to see you at the Stifel and Piper Sandler conferences in the coming weeks.

話雖如此，馬克和我還是要感謝今天參加電話會議的各位。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。我們也希望在未來幾週的 Stifel 和 Piper Sandler 會議上見到您。

We'd now like to open the call for questions.

我們現在開始提問。

(Operator Instructions)

（操作員指示）

Rob Owens, Piper Sandler.

羅伯歐文斯、派珀桑德勒。

Great. Thank you so much for taking my question. would love it for you to compare and contrast a little bit this quarter with, I guess, where you were 90 days ago? I mean, clearly, we're a little closer to the Fed fiscal year-end.

偉大的。非常感謝您回答我的問題。您是否希望將本季的情況與 90 天前的情況進行一些比較和對比？我的意思是，顯然，我們距離聯準會財政年度結束時更近了一步。

And Steve, you talked about US spend, how you're getting incrementally more positive. It does feel like we're getting cross currents from other vendors out there talking about potential truncation of deals, things going maybe even less than one year.

史蒂夫，你談到了美國的支出，你的看法是如何逐漸變得更正面。我們確實感覺到其他供應商正在討論交易可能縮短的問題，交易可能持續不到一年。

So I'd love to better understand how your visibility is better here and your confidence is better? And on the commercial front, maybe just help us understand. It seems like you're seeing a nice upsell relative to Tenable One in consolidation. Just what's driving some of those underlying trends and strength there? Thank you very much.

所以我很想更了解為什麼您在這裡的知名度更高、信心更強？從商業角度來看，也許可以幫助我們理解。看起來，您看到了與 Tenable One 相比在整合方面不錯的銷量上漲。究竟是什麼推動了這些潛在的趨勢和力量？非常感謝。

Hey Rob, this is Steve Vintz. I'll talk about what's different now versus 90 days ago. And first, we're delighted to deliver upside in the quarter. We beat our expectations for CCB, and consequently, we're raising the guide, $8 million at the midpoint and $3 million at the high end of the range.

嘿，羅布，我是史蒂夫‧文茨。我將討論現在與 90 天前有何不同。首先，我們很高興看到本季業績有所成長。我們對 CCB 的預期超出了預期，因此，我們提高了指導價，中間價為 800 萬美元，高端價為 300 萬美元。

And as we commented earlier, visibility, we believe, particularly with our federal business, where we provided some cautionary comments on our last call seems to be improving there, and most notably in our renewal base.

正如我們之前評論的那樣，我們認為，可見性，特別是我們的聯邦業務，我們在上次電話會議上提供了一些警告性評論，似乎正在改善，最明顯的是我們的續約基礎。

We have a major leadership position in US federal, specifically with regard to VM and we have a sizable customer base there as we head into the second half of the year. We have a strong pipeline, lots of opportunities. We do recognize that some of those opportunities will take longer to transact, perhaps more so on the civilian side, but just more broadly across US Federal.

我們在美國聯邦政府中佔據重要領導地位，特別是在虛擬機器方面，隨著今年下半年的到來，我們在那裡擁有龐大的客戶群。我們擁有強大的管道和大量的機會。我們確實認識到，其中一些機會需要更長的時間才能實現，在民事方面可能更是如此，但在美國聯邦範圍內則更為廣泛。

And we have greater visibility into our renewal base, and that's what's reflected into the outlook today. So -- in short, we have a lot of confidence in our ability to continue to drive momentum in the business, and we're getting a lot of traction with Tenable One. It's now 40% of our total sales, 30% -- 40% of our total new sales and 30% or more of our total sales.

我們對更新基礎有了更大的了解，這就是今天的展望所反映的。所以——簡而言之，我們對持續推動業務發展的能力充滿信心，Tenable One 也為我們帶來了巨大的推動力。現在它占我們總銷售額的 40%，占我們新增銷售額的 30% 到 40%，占我們總銷售額的 30% 甚至更多。

And we're seeing some of the highest selling prices, some of our highest close rates and some of our highest renewal rates with the platform.

我們看到該平台實現了最高的銷售價格、最高的成交率和最高的續訂率。

Brian Essex, JPMorgan.

摩根大通的布萊恩艾塞克斯。

Hi, good afternoon, and thank you for taking the question. Maybe to pivot on that last point, Steve, on kind of One penetration. Great to see the call out in the press release and the strength that you're seeing across the platform. But I guess, what's embedded in your expectations maybe for the remainder of the year?

大家好，下午好，感謝您回答這個問題。也許要圍繞最後一點展開討論，史蒂夫，關於一種滲透。很高興看到新聞稿中的呼籲以及您在整個平台上看到的力量。但我想，您對今年剩餘時間的期望是什麼？

And how meaningful can Tenable One and non-VM exposure solutions penetration be within the installed base? And maybe what might it take to get a little bit better acceleration there? Thank you.

Tenable One 和非 VM 暴露解決方案在安裝基礎中的滲透有多大意義？也許需要做些什麼才能讓加速度稍微好一點呢？謝謝。

Sure. We often talk about our business in the context of this growth algo, which is exposure solutions and the underlying growth and mix of business there relative to VM, vulnerability management. And exposure solutions represent over 20% of our total sales. So mix continues to inflect higher there, and we're getting great traction, seeing outsized growth. And we're seeing good durable growth in vulnerability management.

當然。我們經常在這種成長演算法的背景下談論我們的業務，即風險暴露解決方案以及與 VM、漏洞管理相關的底層業務成長和組合。曝光解決方案占我們總銷售額的20％以上。因此，混合物繼續在那裡向上彎曲，並且我們獲得了巨大的牽引力，看到了超額的增長。我們看到漏洞管理正在持續良好成長。

So the big opportunity for us is really with the platform. We're seeing a ton of market pull. It's clear that customers want to be able to unify visibility, unify insights and unify actions. And that's a real challenge for a lot of our customers today. And we're one of the only providers in the market that has the ability to consolidate both world-class first-party assessment data as well as rich data from other security providers into a single correlated view of risk across cloud and OT and the network and SaaS.

因此，對我們來說，最大的機會確實在於這個平台。我們看到了巨大的市場吸引力。顯然，客戶希望能夠統一可見性、統一見解和統一行動。這對我們今天的許多客戶來說是一個真正的挑戰。我們是市場上唯一能夠將世界一流的第一方評估資料以及來自其他安全供應商的豐富資料整合到跨雲端和 OT、網路和 SaaS 的單一相關風險視圖中的供應商之一。

So this is really important for us for and to deliver to our customers. And that's why we're seeing success there really with the platform. And we're focusing a lot of our go-to-market efforts around the platform. We're focusing a lot of our engineering efforts around the platform and certainly leveraging AI to be able to deliver incremental capability to customers.

因此，這對我們以及向客戶提供服務確實非常重要。這就是我們真正看到該平台成功的原因。我們正將大量的市場推廣工作重點集中在該平台上。我們將大量的工程精力集中在該平台之上，並利用人工智慧為客戶提供增量功能。

Is there a level of penetration that you're targeting that could get you to? Like what would it take to get you to double-digit growth rates like from a billings perspective?

您是否希望達到某個滲透程度？從帳單角度來看，怎樣才能達到兩位數的成長率？

It wouldn't take a lot to inflect it higher. Just looking at that mix of business. And so what we said was Tenable is roughly 40% of our total new sales and 30% of total sales. And it just takes modest movement there, to be honest with you. And we'll also -- we're going to see good stability in the federal market, right?

不需要花太多就能使其變得更高。只看一下這種業務組合。因此我們說 Tenable 約占我們新銷售額的 40% 和總銷售額的 30%。老實說，這只需要適度的行動。而且我們還會看到聯邦市場保持良好的穩定性，對嗎？

The federal market is a little bit of a headwind right now. And despite that, we're delivering better-than-expected results. It will be a major tailwind of growth for us in the future. We're certainly clear about that. We have a leadership position there.

目前聯邦市場有點逆風。儘管如此，我們還是取得了比預期更好的業績。這將成為我們未來成長的重要推動力。我們對此非常清楚。我們在那裡處於領導地位。

But right now, there's just a little less visibility. And as a result, we're taking a bit of a cautious approach. And deals would take a little longer to transact there and close. But it doesn't take a lot, certainly to accelerate growth higher. We're confident we can deliver on that. Mark and I are focused on that, and we're investing to do just that.

但目前，能見度還稍低。因此，我們採取了較為謹慎的態度。而且交易在那裡完成和結束的時間會更長一些。但這並不需要太多，肯定能加速成長。我們有信心能夠實現這一目標。馬克和我都專注於此，並且我們正在為此進行投資。

Super helpful. Thank you so much.

超有幫助。太感謝了。

Saket Kalia, Barclays.

巴克萊銀行的 Saket Kalia。

Okay, great. Hey guys, thanks for taking my questions here and a nice quarter. Mark, maybe for you, just to tie together some of the details that's been talked about. You had some nice examples of customer wins in your prepared remarks.

好的，太好了。嘿夥計們，感謝你們在這裡回答我的問題，祝你們過一個愉快的季度。馬克，也許對你來說，只是為了將一些已經討論過的細節連結在一起。您在準備好的發言中給了一些客戶成功的很好的例子。

Maybe the question is, could you talk about the competitive landscape a little bit in the exposure space? And maybe touch on how Tenable One is helping you differentiate versus a traditional VM player or versus other point players in other spaces? Does that make sense?

也許問題是，您能否談談曝光領域的競爭格局？或許可以談談 Tenable One 如何幫助您區別於傳統的 VM 播放器或其他領域的其他播放器？這樣有道理嗎？

Totally makes sense. No, I love the question because it is truly the biggest differentiator we have, right? As Steve highlighted, we have pivoted this company to be laser focused in driving Tenable One. And that's why you're seeing some of these results, and that's why you're kind of seeing us execute on this platform play around Tenable One.

完全有道理。不，我喜歡這個問題，因為這確實是我們最大的區別，對吧？正如史蒂夫強調的那樣，我們已經將公司重心轉向Tenable One。這就是為什麼你們看到了一些成果，也看到了我們圍繞著Tenable One平台的實施。

And really, when you look at some of those customer examples and all of those customer examples were competitive deals, meaning we were going against either some of our traditional competitors head-to-head or nontraditional players.

事實上，當你查看一些客戶案例時，你會發現所有這些客戶案例都是競爭性交易，這意味著我們要么與一些傳統競爭對手正面交鋒，要么與非傳統競爭對手正面交鋒。

And we were able to beat them. A couple of those deals were seven-figure deals. And what we're able to do is when we go in to Tenable One, there's a few points that absolutely differentiate us, right? First and foremost, right, very basic, but we are hybrid, right? So a lot of these environments are still on-prem and in the cloud, and we can go in and address all of these complex companies and organizations and governments that are hybrid.

我們能夠擊敗他們。其中有幾筆交易的價值是七位數。我們能夠做到的是，當我們進入 Tenable One 時，有幾點絕對能讓我們與眾不同，對吧？首先，對，非常基礎，但我們是混合的，對嗎？因此，許多此類環境仍然在本地和雲端，我們可以介入並解決所有這些複雜的混合公司、組織和政府的問題。

So that is a huge differentiator. The second part is when we go in there and we're able to have this compelling discussion around improved and unified visibility, insights and actions that allows customers to consolidate. So if you looked at some of those examples, and when we look at our largest deals, there are multiple asset types as part of the Tenable One transaction.

所以這是一個巨大的區別。第二部分是，當我們進入那裡時，我們能夠圍繞改進和統一的可見性、洞察力和行動進行引人注目的討論，從而使客戶能夠整合。因此，如果你看一下其中一些範例，當我們查看我們最大的交易時，你會發現 Tenable One 交易中包含多種資產類型。

So you're not just talking about base core VM, you're talking about cloud security, web application scanning, OT, identity, attack surface management. And right now, we are the one player that can actually go out there in a unified platform, bring it all together, be able to have it beautifully, laid out elegantly in regard to our dashboarding our capability to allow our users to make really fast, quick decisions and take action and get insight.

因此，您不僅僅談論基礎核心 VM，還談論雲端安全、Web 應用程式掃描、OT、身分、攻擊面管理。現在，我們是唯一一家能夠在統一平台上全面整合所有功能、以精美的方式呈現儀表板的廠商，我們能夠讓使用者快速做出決策、採取行動並獲得洞察力。

And when we're able to do that, our win rate this quarter were some of the highest win rates we've seen as a company. And so we feel like we are just going to continue to gain this traction account by account, install base by installed base and show our differentiation.

當我們能夠做到這一點時，我們本季的成功率將是我們公司歷史上最高的成功率之一。因此，我們覺得我們將繼續透過一個又一個的帳戶、一個又一個的安裝基礎來獲得這種吸引力，並展示我們的差異化。

The one last thing. I know this is long winded, but it is super important, right, that I think people realize this isn't just Tenable saying how we've differentiated. We now have an enormous amount of analysts that are listing us, especially over the last few weeks with Forrester and IDC and others listing us as the leader in these categories, in exposure management and unified vulnerability management, right, major player in CNAPP.

最後一件事。我知道這很冗長，但這非常重要，對吧，我認為人們意識到這不僅僅是 Tenable 在說我們如何區分。現在有大量分析師將我們列入名單，特別是過去幾週，Forrester、IDC 和其他公司都將我們列為這些類別的領導者，在風險暴露管理和統一漏洞管理方面，對，CNAPP 的主要參與者。

So you're now having analysts, right, really recognize some of the hard work we've been doing is now paying off. So short summary there, but that's really why we're differentiating and why we're doing extremely well against our competitors.

所以現在分析師確實認識到我們一直以來所做的一些努力現在正在獲得回報。這是一個簡短的總結，但這確實是我們與眾不同的原因，也是我們比競爭對手錶現優異的原因。

Super helpful. Thanks, guys.

超有幫助。謝謝大家。

Andy Nowinski, Wells Fargo.

富國銀行的安迪諾溫斯基。

Good afternoon. Thank you for taking the question. So nice job on the quarter. You noted you're seeing these larger deal sizes, the six- and seven-figure deals. I'm really wondering, are those coming from -- more from like new logos versus renewals?

午安.感謝您回答這個問題。本季的表現非常出色。您注意到您看到了這些更大的交易規模，即六位數和七位數的交易。我真的很想知道，這些是否更多地來自於新標誌而不是更新？

Because it looks like your net retention rate went down a little bit sequentially. And so I'm assuming that's coming from stronger new logo growth, but would love to hear your thoughts on that? And kind of where you see net retention bottoming out here? Thank you.

因為看起來您的淨留存率連續略有下降。因此我認為這是由於新標誌的強勁增長，但想聽聽您對此的看法？您認為淨留存率會在哪裡觸底？謝謝。

Sure. Well, our gross dollar -- let's just unpack this a little bit. Our gross dollar renewal rate continues to be very healthy and it demonstrates strength in our customer base. But as you pointed out, our expansion rate did moderate to 107% this quarter. Now a notable contributing factor here is the constrained spending environment in US Federal.

當然。好吧，我們的總收入——讓我們稍微解釋一下。我們的總美元續訂率持續保持非常健康的狀態，這表明我們的客戶群實力雄厚。但正如您所指出的，本季我們的擴張率確實放緩至 107%。現在一個值得注意的因素是美國聯邦的支出環境受限。

And as I mentioned earlier, we have a strong leadership position there. We have a sizable customer base, and it's just taking longer to convert on some of those expansion opportunities. in Fed, just due to greater scrutiny and more levels of review and approval. But we believe that indeed will inflect higher certainly over a future period. It's a big opportunity.

正如我之前提到的，我們在那裡擁有強大的領導地位。我們擁有龐大的客戶群，只是需要更長的時間來轉換其中一些擴張機會。在美聯儲，這僅僅是由於更嚴格的審查和更多級別的審查和批准。但我們相信，未來一段時間內，這個數字肯定會進一步上升。這是一個很大的機會。

But looking more broadly at our business, there's a lot of metrics that we provide for investors to understand the overall health and momentum. Of note here, as you commented, was really the strength in new business from new logos. We added over 350 new enterprise customers in the quarter.

但從更廣泛的角度來看我們的業務，我們為投資者提供了許多指標來了解整體健康狀況和發展勢頭。值得注意的是，正如您所評論的那樣，新標誌確實為新業務帶來了力量。本季我們增加了 350 多家新企業客戶。

So demand from new customers remains healthy, especially with large deals due to the growing adoption of Tenable One. And the other thing I'll say is that customers, speaking of Tenable One, are making longer-term commitments here. Our CCB growth in the quarter was 8%.

因此，新客戶的需求仍然強勁，尤其是由於 Tenable One 的普及，大宗交易的需求也保持強勁。另外，我想說的是，就 Tenable One 而言，客戶正在做出更長期的承諾。本季我們的 CCB 成長率為 8%。

But if you look at the growth overall in RPO, current RPO growth was double digits. Long-term RPO growth was about 40%. So what you're seeing is customers, 70% of all of our multiyear deals with these annual commitments are coming from the platform.

但如果你看一下 RPO 的整體成長，目前的 RPO 成長率是兩位數。長期RPO成長率約為40%。所以，您所看到的是，我們所有多年期交易中 70% 的年度承諾都來自該平台。

So customers are not only spending more, not only have the highest conversion rate with the platform and the highest win rates, but we are developing deeper and longer relationships with our customers because of the platform.

因此，客戶不僅花費更多，不僅透過該平台實現了最高的轉換率和最高的贏率，而且我們還透過該平台與客戶建立了更深厚、更長久的關係。

So strength of the platform, obviously, is translating to incremental opportunities, not only within our customer base despite some of the uncertainty or lack of visibility around the Fed, but also is translating to lots of new logos as well and longer-term commitments.

因此，該平台的優勢顯然正在轉化為增量機會，不僅在我們的客戶群中（儘管美聯儲存在一些不確定性或缺乏可見性），而且還轉化為許多新標誌以及長期承諾。

Perfect. Thanks, Steve.

完美的。謝謝，史蒂夫。

Patrick Colville, Scotiabank.

加拿大豐業銀行的派崔克‧科爾維爾。

Hi, this is Joe and on for Patrick Colville. Can you talk to us about your strategy to help secure the use of generative AI in the enterprise with Apex and AI aware it seems like it's something that that you're thinking pretty deeply about. So maybe go over that and why Tenable has the right to win here?

大家好，我是喬，下面請聽聽派崔克‧柯爾維爾的報道。您能否與我們談談您的策略，以幫助確保在企業中使用生成式人工智慧，並且 AI 意識到這一點，這似乎是您正在深入思考的事情。那麼也許可以進一步探討為什麼 Tenable 有權在這裡獲勝？

Well, let's talk a little bit about Apex in the context of our broader AI strategy. And we're transforming our customer security programs and by making Tenable One more intelligence through the use of AI. It's an arms race out there. There's lots of hackers that are leveraging AI for more advanced and persistent attacks with greater frequency. So we have to be able to leverage AI to strengthen our customers' defenses.

好吧，讓我們在更廣泛的 AI 戰略背景下談談 Apex。我們正在透過使用人工智慧來改變我們的客戶安全程式並使 Tenable One 變得更加智慧。這是一場軍備競賽。許多駭客正在利用人工智慧進行更先進、更持久、更頻繁的攻擊。因此，我們必須能夠利用人工智慧來加強客戶的防禦。

And in terms of Apex, it really accelerates our investment in AI by adopting a government or by adding a government and enforcement layer. Prior to the acquisition, what we have brought to market Tenable organically was really twofold.

就 Apex 而言，透過採用政府或增加政府和執法層，它確實加速了我們對人工智慧的投資。在收購之前，我們向市場自然推出的 Tenable 實際上有兩個面向。

Number one, AI Aware, which is all about discovery and awareness. It tells you what AI we have, what customers have and where it is and the known vulnerabilities. And then we also have AI-SPM, which focuses on cloud posture and configurations, determines how your AI resources are set up in the cloud and if it's secure.

第一，AI Aware，它專注於發現和意識。它會告訴你我們擁有什麼人工智慧、客戶擁有什麼人工智慧、它在哪裡以及已知的漏洞。然後我們還有 AI-SPM，它專注於雲端姿態和配置，確定您的 AI 資源在雲端中的設定方式以及它是否安全。

Apex really extends our own capabilities with AI by going deeper into the applications by monitoring props and interactions from its use and provide a clear governance and enforcement use case to our customers so they can use AI more safely.

Apex 透過監控使用中的道具和交互，深入應用程序，真正擴展了我們自己使用 AI 的能力，並為我們的客戶提供清晰的治理和執行用例，以便他們可以更安全地使用 AI。

And then more broadly, AI, for us, is really a force multiplier for the insights we can deliver to our customers across our best data fabric, which has taken over 20 years of exposure data. And we continue to leverage agentic to drive high levels of remediation and really orchestration for our customers to reduce risk.

更廣泛地說，對我們來說，人工智慧實際上是一種力量倍增器，讓我們能夠透過我們最好的資料結構（已經收集了 20 多年的曝光資料）向客戶提供洞察力。我們將繼續利用 agentic 為我們的客戶提供高水準的補救措施和真正的協調，以降低風險。

Yeah. And the only thing I'll piggyback on that is just in regards to kind of seeing the customer demand. I mean it was pretty amazing after we acquired Apex, the type of interest that we saw from our installed base and from our customers. And we talked a little bit earlier in the call, the competitive dynamic. I mean, we are absolutely differentiating ourselves even to the next level in regard to our AI strategy.

是的。我唯一能藉助的就是了解客戶的需求。我的意思是，在我們收購 Apex 之後，我們看到了來自我們的安裝基礎和客戶的興趣，這真是令人驚奇。我們在電話會議中早些時候談到了競爭動態。我的意思是，就我們的人工智慧策略而言，我們絕對在差異化，甚至在更高層次上。

So a lot of our installed base was very used to using AI Aware and AI-SPM. But we've got now significant enterprise customers wanting to use Apex. And now that we're going to be bedding it into the 11 platform, this call -- this literally solves a real-world problem that customers are kind of scratching their head and how to solve. And we're now bringing it to them within the platform.

因此，我們的許多安裝基礎都非常習慣使用 AI Aware 和 AI-SPM。但是我們現在有重要的企業客戶想要使用 Apex。現在我們要將它融入 11 平台，這實際上解決了客戶正在絞盡腦汁解決的一個現實問題。現在我們正在透過平台將其帶給他們。

And so we talk about differentiation. This is absolutely something that is gaining a ton of traction. And just keep in mind, the deal just closed in Q2, right? And so we're already seeing pretty significant pipe build in demand.

因此我們討論差異化。這絕對是一件正在獲得巨大關注的事情。請記住，該交易剛剛在第二季完成，對嗎？因此，我們已經看到管道建設需求相當可觀。

So very, very optimistic. It was one of the customers kind of cheering us on in regard to doing this acquisition because it's something that solves a real problem for them. So from a go-to-market and channel perspective, people are pretty excited.

非常非常樂觀。其中一位客戶對我們進行此次收購表示讚賞，因為這可以為他們解決實際問題。因此，從市場進入和通路的角度來看，人們非常興奮。

Makes sense. Thanks, Steve, and Mark.

有道理。謝謝，史蒂夫和馬克。

Roger Boyd, UBS.

瑞銀的羅傑·博伊德。

Great, thanks for taking the question. Maybe to expand on that. I think last quarter, you provided some metrics around adoption of AI Aware, and it's nice to see that pop post the Apex acquisition. But in addition to that, secondly, can you just remind us what you've said about monetization of AI Aware. I'm guessing that as you embed Apex into Tenable One, that story changes a little bit, but would love to get your perspective there. Thanks.

太好了，謝謝你回答這個問題。也許可以進一步擴展這一點。我認為上個季度您提供了一些有關 AI Aware 採用率的指標，很高興看到 Apex 收購後這一指標的流行。但除此之外，其次，您能否提醒我們您所說的 AI Aware 貨幣化的內容。我猜想，當您將 Apex 嵌入到 Tenable One 中時，這個故事會發生一些變化，但我很想聽聽您的觀點。謝謝。

Yeah, I think what we said publicly is that we have over 6,000 customers that are using AI Aware to detect shadow-AI application, browser plug-in, internally developed AI applications. And in terms of modernization, how we look at the capabilities that we acquired from Apex, it will not be sold separately. It will be sold as part of the platform. AI, how we look at it as an asset type, and we offer Tenable One to help our customers secure the AI attack surface. So it's similar to an asset type like VM or cloud or OT.

是的，我認為我們公開表示，我們有超過 6,000 名客戶正在使用 AI Aware 來檢測影子 AI 應用程式、瀏覽器插件和內部開發的 AI 應用程式。在現代化方面，我們如何看待從 Apex 獲得的功能，它不會單獨出售。它將作為平台的一部分出售。我們如何將人工智慧視為一種資產類型，並提供 Tenable One 來幫助我們的客戶保護人工智慧攻擊面。因此它類似於 VM、雲端或 OT 等資產類型。

And as Mark mentioned, we're getting some good early traction there. But obviously, we see it as an important attack factor we need to help our customers secure and requires a platform approach.

正如馬克所提到的，我們在那裡取得了一些良好的早期進展。但顯然，我們認為這是一個重要的攻擊因素，我們需要幫助客戶確保安全，並需要採用平台方法。

That's helpful. Thanks, Steve.

這很有幫助。謝謝，史蒂夫。

Rudy Kessinger, D.A. Davidson.

魯迪凱辛格、地方檢察官戴維森。

Hey guys, This is Andres Paroli. Maybe I hear you about the level of outperformance in Q2 was driven by a more favorable mix and upfront revenue recognition. But -- could you maybe unpack what products and verticals did outperform your expectations in Q2? And maybe if you could give us some data points around the core VM market and what are you seeing there that will be very helpful as well? Thank you.

大家好，我是 Andres Paroli。也許我聽說第二季的優異表現是由更有利的產品組合和前期收入確認所推動的。但是—您能否解釋一下第二季度哪些產品和垂直行業的表現超出了您的預期？也許您可以為我們提供一些有關核心 VM 市場的數據點，以及您在那裡看到了什麼，這也會很有幫助嗎？謝謝。

Okay. So just to be clear here, the upfront revenue recognition has nothing to do with CCB. We exceeded expectations for CCB in the second quarter. And that was really driven by strength of the platform. As I mentioned earlier, it's 40% of our new sales and 30% of total sales and OT was also strong here.

好的。因此需要明確的是，預付收入確認與 CCB 無關。我們對第二季建設銀行的業績超出了預期。這確實是由平台實力推動的。正如我之前提到的，它占我們新銷售額的 40% 和總銷售額的 30%，而且加班表現也很強勁。

So the takeaway here is some of our highest selling prices. We're getting great traction. It's a large and growing market opportunity, exposure management, and industry analysts and others are taking note and it will be a catalyst of growth here, the continued traction we have with the platform.

因此，這裡的要點是我們的一些最高售價。我們正獲得巨大進展。這是一個巨大且不斷成長的市場機會，風險管理、產業分析師和其他人都在關注它，它將成為這裡成長的催化劑，以及我們對平台的持續吸引力。

And in terms of revenue, there was -- the mix of business within revenue can vary from quarter-to-quarter and opportunities among products can also vary. And so this quarter, we -- the mix was slightly higher than expected with regard to products that have some upfront revenue recognition.

就收入而言，收入中的業務組合可能因季度而異，產品之間的機會也可能有所不同。因此，本季度，我們—對於具有部分預付收入確認的產品而言，其組合略高於預期。

We don't expect that to continue in the second half of the year, and that's factored in our outlook for the full year.

我們預計這種情況不會在下半年持續下去，這也已計入我們對全年的展望中。

Yes. And the only thing I'll add there, you asked a question about VM. VM was strong this quarter. We hit where we thought we would hit for VM. It wasn't like this massive outperformance, but came in exactly where we forecasted.

是的。我唯一要補充的是，您問了一個關於 VM 的問題。本季 VM 表現強勁。我們擊中了我們認為 VM 將會擊中的地方。它的表現並不像預期的那麼出色，但確實達到了我們預測的水平。

So we feel really good about that number and about the growth there. I think when you look at some of the overachievement, as Steve kind of highlighted, it is all about driving Tenable One. It's about the multiple asset types. It's about the premium we get when we sell Tenable One, that is kind of where you saw the beat take place here in Q2. But we're very happy with our core VM business.

因此，我們對這個數字以及那裡的成長感到非常滿意。我認為，正如史蒂夫所強調的那樣，當你看到一些超額完成的成就時，這一切都是為了推動 Tenable One 的發展。這關乎多種資產類型。這與我們銷售 Tenable One 時獲得的溢價有關，這就是您在第二季度看到的結果。但我們對我們的核心 VM 業務非常滿意。

Thank you.

謝謝。

Jonathan Ho, William Blair.

喬納森·何、威廉·布萊爾。

Hi, good afternoon, And let me echo my congratulations as well. Can you -- you mentioned strength in the OT and hybrid IT OT environments. Can you talk about where you're maybe seeing more opportunities? And maybe what's driving sort of a resurgence on the OT side? Thank you.

大家下午好，讓我也向你們表示祝賀。您能否—您提到了 OT 和混合 IT OT 環境的優勢。您能談談您在哪些方面可能看到更多機會嗎？那麼，是什麼推動了 OT 方面的復甦呢？謝謝。

Yeah. No, it was a great quarter for OT. And our Q3 for OT actually looks pretty strong, too. And what we're seeing there is certain verticals are really starting to play out. So we're seeing really good growth and actually data center build-out is a great example of the vertical that's doing extremely well in regard to adopting OT and then looking at a consolidated platform.

是的。不，對於 OT 來說這是一個很棒的季度。而且我們的 OT 第三季表現其實看起來也相當強勁。我們看到的是某些垂直產業確實開始發揮作用。因此，我們看到了非常好的成長，實際上資料中心的建置就是垂直產業的一個很好的例子，它在採用 OT 和尋找整合平台方面做得非常好。

You look at food processing you look at manufacturing, you look at the entertainment industry, so think of like casinos and big, large hotels are some areas we're doing extremely well. And really, what's happening is this convergence, right? So -- these folks are saying, Hey, we need OT, and we also need exposure management. We need to be looking at not just our operational technology, but all of these other asset types.

看看食品加工、製造業、娛樂業，想想賭場和大型飯店，這些都是我們做得非常好的領域。事實上，正在發生的是這種融合，對嗎？所以——這些人說，嘿，我們需要 OT，我們也需要風險管理。我們不僅需要關注我們的營運技術，還需要關注所有其他資產類型。

And so one of the deals that I highlighted was actually driven from an OT initiative. And then when the CISOs fully understood what exposure management was about and then how much more visibility they could get in regard to doing exposure management and looking at VM and then other asset types, that was how we differentiated from a pure-play OT provider that cannot do that.

因此，我強調的其中一項交易實際上是由 OT 計劃推動的。然後，當 CISO 完全了解風險管理的含義，以及他們在進行風險管理和查看 VM 以及其他資產類型方面可以獲得多少可見性時，這就是我們與無法做到這一點的純 OT 提供者的區別所在。

So that consolidation story of IT, OT, going into the CISOs, having a massive amount of relevance right now in the market, right? And we are actually seeing this adoption pick up. And as Steve kind of highlighted the numbers, we're happy with our Q2 performance, and we're looking for strong Q3 there also. So we're encouraged with what we're seeing.

那麼，IT、OT 和 CISO 的整合故事目前在市場上具有巨大的相關性，對嗎？我們確實看到這種採用正在增加。正如史蒂夫所強調的數字，我們對第二季的表現感到滿意，我們也期待第三季表現強勁。因此，我們對所看到的情況感到鼓舞。

Jonathan Ruykhaver, Cantor Fitzgerald.

喬納森·魯伊克哈弗，坎托·菲茨杰拉德。

Yeah, Thank you. So the 360 new enterprise platform customers in the 76 net new six-figure customers was impressive. Can you talk about that sales motion? Are there any incentives both either direct or through the channel that might be influencing that success?

是的，謝謝。所以360企業平台新增客戶中76個淨新增六位數客戶的表現令人印象深刻。您能談談那項銷售動議嗎？是否存在直接或透過管道的激勵措施可能影響這項成功？

And then looking at the remainder of the year, how should we be thinking of new platform adds versus expansion because it does seem that with Apex, OT exposure management and just the broadening product portfolio, that expansion is also a compelling opportunity.

然後展望今年剩餘時間，我們應該如何考慮增加新平台而不是擴展，因為看起來，有了 Apex、OT 風險管理以及不斷擴大的產品組合，擴展也是一個引人注目的機會。

Yeah, no, totally agree. It is a compelling opportunity. But in regards to new logos, we didn't actually do anything different. I think what you're seeing is just this basic adoption of Tenable One and of the platform approach, right?

是的，不，完全同意。這是一個極具吸引力的機會。但就新標誌而言，我們實際上並沒有做任何不同的事情。我認為您所看到的只是對 Tenable One 和平台方法的基本採用，對嗎？

So I think if everyone on this call is very aware we are 100% channel company, so we don't do direct business. And so we've got a very loyal channel. And so they are getting more comfortable in regard to positioning Tenable One. And as you guys do your channel checks, everything, I think, comes back relatively positive in regards to what our channel is getting enabled on, how they're getting trained, their comfort level of positioning Tenable One is pretty significant. And so I think that's really where you're seeing the traction.

所以我認為，如果參加電話會議的每個人都非常清楚，我們是 100% 通路公司，所以我們不做直接業務。因此我們有一個非常忠誠的管道。因此，他們對 Tenable One 的定位越來越得心應手。你們在通路檢查時發現，我認為所有方面都相對積極，包括我們的管道支援哪些功能、他們如何接受培訓，他們對 Tenable One 的定位也相當滿意。所以我認為這才是真正看到吸引力的地方。

And in regard to our own sellers, Again, no real -- any major shifts, no big compensation changes or anything like that at all. I think it's just more higher activities. We're seeing good pipeline growth. Some of our marketing and branding exercises are paying off. In regard to the pipeline build, I think, is strong.

對於我們自己的賣家來說，同樣，沒有任何重大轉變，沒有重大的薪酬變化或類似的事情。我認為這只是更高級的活動。我們看到了良好的管道成長。我們的一些行銷和品牌推廣活動正在取得成效。關於管道建設，我認為是強勁的。

And again, I don't want to underplay the third-party analysts when they're giving you validation in the market. It isn't just Tenable in our partner community saying we're the best EM solution. It's now analysts starting to say it. And I think that's got some forward momentum. So I think that's really it. But no big structural changes, no comp changes, nothing along those lines.

再次強調，當第三方分析師在市場上給你驗證時，我不想低估他們。在我們的合作夥伴社群中，不僅僅是 Tenable 宣稱我們是最好的 EM 解決方案。現在分析師開始這麼說。我認為這會帶來一些進步的動力。所以我認為確實如此。但沒有大的結構變化，沒有薪資變化，沒有類似的事情。

Yeah, make sense. Thanks for the color.

是的，有道理。謝謝你的顏色。

Junaid Siddiqui, Truist Securities.

Junaid Siddiqui，Truist Securities。

Hi, this is Junaid Siddiqui. Thanks for taking my question. I just wanted to ask about your cloud strategy around CNAPP. And you talked about last quarter about Wiz being the acquisition by Google being a potential net benefit for you. Are you seeing any additional RFPs that you're being invited to? And has that contributed to any growth in your cloud security business? Thank you.

大家好，我是 Junaid Siddiqui。感謝您回答我的問題。我只是想問一下您圍繞 CNAPP 的雲端策略。您在上個季度談到，Wiz 被 Google 收購會為您帶來潛在的淨收益。您是否看到了其他邀請您參加的 RFP？這對您的雲端安全業務的成長有什麼幫助嗎？謝謝。

Yeah. I mean we had a really strong cloud security in Q2. Pipeline looks good for Q3, Q4. We did see a bit of an increase in regard to inbound inquiries in regard to once the Wiz Google acquisition was announced, you are not seeing anyone Wiz and replace with by any stretch of imagination, but there is a conversation at the CISO level of dual vendor strategy, opening up the door and looking at other players. So we have seen a pipeline growth there.

是的。我的意思是我們在第二季度擁有非常強大的雲端安全性。第三季和第四季的管道看起來不錯。我們確實看到有關 Google 收購 Wiz 的消息一經宣布，來訪諮詢量就略有增加，無論如何，你都不會看到任何人收購 Wiz 並將其取代，但在 CISO 層面上，雙供應商策略正在引發討論，這為尋找其他參與者打開了大門。因此，我們看到了那裡的管道增長。

And I think one of the big factors you've got to always keep in mind with Tenable and our CNAPP solution is we sell the majority of that as part of the Tenable One platform. So when we truly go in and differentiate from a platform perspective, that's when we have success selling cloud. And so we had a good quarter and we're optimistic about Q3, Q4. And we said it last quarter, it's a net positive for us, bottom line, and we're going to continue to drive pipeline off it and then see how we convert.

我認為，對於 Tenable 和我們的 CNAPP 解決方案，您必須始終牢記的一個重要因素是，我們將其中的大部分作為 Tenable One 平台的一部分進行銷售。因此，當我們真正從平台角度進行細分並實現差異化時，我們就能成功銷售雲端服務。因此，我們度過了一個良好的季度，我們對第三季度和第四季度充滿樂觀。我們上個季度就說過，這對我們來說是淨利，底線是，我們將繼續推動管道建設，然後看看我們如何轉換。

Shaul Eyal, TD Cowen.

沙烏爾·埃亞爾（Shaul Eyal），考恩（Cowen）TD。

Thank you. Good afternoon, and congrats on your quarterly performance and improved outlook. Mark or Steve, I wanted to ask specifically about your July performance, which is coming to an end tomorrow. Maybe market comes as an easy layup with respect to your reply to Jonathan.

謝謝。下午好，恭喜您季度業績和前景改善。馬克或史蒂夫，我想具體詢問一下你們 7 月的演出，你們的演出明天就結束了。就您對喬納森的回覆而言，市場可能很容易上籃。

I'm beginning to hear some beats and pieces that July has been trending ahead of historical seasonality trends, maybe anecdotally, but curious, what is it that you're seeing out there as the first month of your third quarter is coming to an end? Thank you.

我開始聽到一些消息，說七月份的趨勢領先於歷史季節性趨勢，這也許是軼事，但很好奇，在第三季的第一個月即將結束時，您看到了什麼？謝謝。

Well, yeah, good question. And today, with the end of July, we take everything into consideration when we provide an outlook for the year. And so we look at the flow of our business. And so we specifically look at the first month and look at the results for the quarter and then combine that with pipeline opportunities and our outlook for the rest of the year when we provide an update on our guidance.

嗯，是的，好問題。今天，七月已經結束，我們在展望今年時會把所有因素都考慮進去。因此，我們觀察我們的業務流程。因此，我們特別關注第一個月並查看本季度的結果，然後將其與通路機會和我們對今年剩餘時間的展望相結合，以提供指導更新。

So as we mentioned on the top line for CCB, we raised the midpoint by $8 million just due to outperformance in the quarter due to increasing confidence in the business in the second half of the year.

因此，正如我們在 CCB 的頂線中提到的那樣，我們將中點提高了 800 萬美元，這僅僅是因為本季的出色表現以及下半年業務信心的增強。

But I would also say that flow is no different now than any other quarter. And where a lot of our new businesses closed and transacted the last month, in this quarter, we're heading into what often is a seasonally strong federal quarter.

但我還想說，現在的流量與其他季度沒有什麼不同。上個月，我們的許多新業務都已關閉並完成交易，而本季度，我們正進入一個通常具有旺季特徵的聯邦季度。

And so we have a number of pipeline opportunities. We're going to be working hard to close and convert and these are very sizable opportunities and very strategic deals and all focused around knowing VM, but also the platform.

因此，我們擁有大量的管道機會。我們將努力完成並轉化這些非常重要的機會和非常具有戰略意義的交易，所有這些都集中在了解 VM 以及平台。

Shrenik Kothari, Baird.

什雷尼克·科塔里，貝爾德。

Yeah, thanks for taking my question. So congrats, Steve, Mark and team. Just a follow-up to earlier question by Andrew and your answer around federal scrutiny and net retention. And with the improved visibility in the federal renewals you mentioned, specifically on the retention expansion opportunity.

是的，感謝您回答我的問題。所以要祝賀史蒂夫、馬克和團隊。這只是對安德魯先前提出的問題以及您關於聯邦審查和淨保留的回答的後續。而且，隨著您提到的聯邦續約的可見度提高，特別是在保留擴展機會方面。

Can you comment on whether these federal renewals are skewing towards kind of more tactical VM, but also seeing more opportunity for platform consolidation, Tenable One, for example, or cloud workloads. Like any comments on how these renewals can see potential kind of added value from Tenable One, if you may? Thanks.

您能否評論一下這些聯邦更新是否偏向於更具戰術性的虛擬機，同時也看到了更多平台整合的機會，例如 Tenable One 或雲端工作負載。您能否評論一下這些續約如何能為 Tenable One 帶來潛在的附加價值？謝謝。

Sure. And to clarify, the increased visibility that we have around our renewal base in federal is specifically on the renewal itself. So we have a number of large six-and seven-figure expansion opportunities within US Federal. And so we're not seeing that we have increased confidence around that or increased visibility, we're cautiously optimistic.

當然。需要澄清的是，我們在聯邦更新基礎方面的知名度不斷提高，具體體現在更新本身。因此，我們在美國聯邦內部擁有大量六位數和七位數的擴張機會。因此，我們並沒有看到我們對此的信心增加或知名度有所提高，我們持謹慎樂觀的態度。

We have a lot of pipeline opportunities. These are big meaningful deals, and we'll be working hard to close them. We're saying we just have a little more visibility into the renewals themselves. So the expansion opportunities do cut across not only just VM, where historically, we've put a sizable base of business there. but also cut across other things like cloud, OT, but more broadly, the platform itself.

我們有很多管道機會。這些都是意義重大的大交易，我們將努力達成這些交易。我們說的是，我們對續約本身有了更多的了解。因此，擴展機會不僅涉及 VM（從歷史上看，我們已經在該領域建立了相當大的業務基礎），而且還涉及雲端、OT 等其他領域，但更廣泛地說，涉及平臺本身。

Totally great. Steve kind of nailed it right there. It is better visibility in regard to that renewal base. And new business is still going to be something where we've got to really micro manage because there's still some issues and challenges that flow through the federal government. But we are definitely a little more optimistic.

非常棒。史蒂夫確實做到了這一點。對於該更新基礎而言，它的可見性更高。我們仍然需要對新業務進行微觀管理，因為聯邦政府仍存在一些問題和挑戰。但我們肯定更加樂觀。

I think when you look at (inaudible) the great news, right, is we now have FedRAMP authorization for Tenable One and for our cloud security. So as a traditionally very, very strong VM core base there, obviously, we're engaged with that installed base, talking to them about Tenable One, talking them above cloud security and other asset types. So we're feeling good, and we're happy that we have a little more visibility on the renewal base, and we'll go from there.

我認為當您看到（聽不清楚）好消息時，對吧，我們現在擁有 Tenable One 和我們的雲端安全的 FedRAMP 授權。因此，作為傳統上非常強大的 VM 核心基礎，顯然，我們正在與該安裝基礎進行接觸，與他們討論 Tenable One，討論雲端安全和其他資產類型。所以我們感覺很好，我們很高興對更新基礎有了更多的了解，我們將從那裡開始。

Very helpful, thanks a lot.

非常有幫助，非常感謝。

We have reached the end of our Q&A session, which 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，今天的電話會議也結束了。現在您可以斷開線路。感謝您的參與。