Tenable Holdings Inc (TENB) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Tenable Q3 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.

各位好，歡迎參加 Tenable 2025 年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。現在，我很高興向大家介紹主持人，投資者關係副總裁艾琳‧卡尼。謝謝。你可以開始了。

Thank you, operator, and thank you all for joining us on today's conference call to discuss Tenable's third-quarter 2025 financial results. With me on the call today are Co-Chief Executive Officer; Steve Vintz and Mark Thurmond; and Chief Financial Officer, Matt Brown.

謝謝接線員，也感謝各位參加今天的電話會議，共同討論 Tenable 2025 年第三季的財務表現。今天和我一起參加電話會議的有聯席執行長史蒂夫·文茨和馬克·瑟蒙德，以及財務長馬特·布朗。

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 fourth quarter and full year 2025 and growth and drivers in our business, changes in the threat landscape in the security industry and anticipated shift towards preemptive security approaches, our competitive position in the market, growth in customer demand for and adoption of our solutions, including Tenable One, our exposure management platform, our ability to expand integrations with third-party tools and data sources and grow our ecosystem, planned innovation, research and development investments and new product services and initiatives 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，公佈了本季的財務表現。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發表前瞻性聲明，包括與我們對 2025 年第四季度和全年業績的指引和預期、業務增長和驅動因素、安全行業威脅形勢的變化以及預期向先發製人安全方法的轉變、我們在市場上的競爭地位、客戶對我們解決方案（包括我們的風險管理平台 Tenable One）的需求成長和採用情況、我們擴展與第三方工具和資料來源整合並發展我們生態系統的能力、計劃中的創新、研發投資以及新產品服務和舉措，以及我們對長期盈利能力和自由現金流的預期相關的聲明。

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，這可能導致實際結果與這些陳述所預期的結果有重大差異。您不應將前瞻性陳述作為對未來事件的預測。前瞻性陳述僅代表我們截至今日的信念和假設，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. In addition, all of the financial results we'll discuss today are non-GAAP financial measures with the exception of revenue.

有關可能影響我們實際業績的重大風險和其他重要因素的進一步討論，請參閱我們最新的 10-K 表格年度報告以及我們隨後向美國證券交易委員會提交的報告。此外，除收入外，我們今天討論的所有財務結果均為非GAAP財務指標。

These non-GAAP financial measures are in addition to and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their closest GAAP equivalent. Our press release includes GAAP to non-GAAP reconciliations for these measures.

這些非公認會計準則財務指標是依照公認會計準則編製的財務績效指標的補充，而不是替代或優於後者。與最接近的 GAAP 等效指標相比，使用這些非 GAAP 財務指標存在一些限制。我們的新聞稿包含了這些指標的 GAAP 與非 GAAP 調整表。

I'll now turn the call over to Steve.

現在我將把電話交給史蒂夫。

Thanks, Erin. Before we get started, I want to welcome Matt Brown to the Tenable team. Matt comes with tremendous experience and his ground running since he joined us in August. With that, let's get into the quarter.

謝謝你，艾琳。在正式開始之前，我想歡迎 Matt Brown 加入 Tenable 團隊。Matt 自從八月加入我們以來，擁有非常豐富的經驗和出色的工作能力。那麼，讓我們進入本季吧。

In Q3, we exceeded all of our guidance metrics delivering 11% year-over-year revenue growth and 23% operating margin. We continue to see strong growth from Tenable One, our exposure management platform, which represented approximately 40% of new business during the quarter. We added 437 new enterprise platform customers in the quarter, a 13% increase compared to Q3 of 2024. Notably, half of all those customers are landing with exposure solutions with strong momentum globally.

第三季度，我們所有業績指標均超出預期，實現了11%的年成長收入和23%的營業利潤率。我們的風險管理平台 Tenable One 繼續保持強勁成長勢頭，在本季新業務中約佔 40%。本季我們新增了 437 個企業平台客戶，比 2024 年第三季成長了 13%。值得注意的是，這些客戶中有一半都採用了在全球範圍內發展勢頭強勁的曝光解決方案。

We believe our strong new platform traction reflects a fundamental shift in cybersecurity away from detection and response technologies and more toward a more preventative and preemptive approach. The reactive approach to cyber is where the tools, the budgets, compliance priorities have lived for many years, simply trying to detect breaches. In fact, more than 95% of all cyber security spend today is on post-breach technologies. So consequently, less than 5% is spent on preemptive security.

我們相信，我們強大的新平台吸引力反映了網路安全領域的一個根本性轉變，即從偵測和回應技術轉向更具預防性和先發制人的方法。多年來，網路安全一直採取被動應對的方式，工具、預算和合規重點都只關注如何偵測安全漏洞。事實上，目前網路安全支出中超過 95% 都用於安全漏洞後的應對技術。因此，用於預防性安全措施的支出不到 5%。

Now the good news here is that, that mix is expected to change significantly over the ensuing years, and we're starting to see signs of that shift with Tenable One. The obvious question is why is this happening now? The short answer is AI. AI is dramatically reshaping the threat landscape as attacks have become faster, more automated and more sophisticated exposing the limits of traditional reactive defenses. The takeaway here is that it's no longer just about firefighting, it's about fireproofing and exposure management is helping customers make that shift.

好消息是，這種格局預計在未來幾年將發生顯著變化，而我們已經開始從Tenable One身上看到這種轉變的跡象。顯而易見的問題是，為什麼這種情況現在會發生？簡而言之，就是人工智慧。人工智慧正在大幅改變威脅情勢，攻擊速度更快、自動化程度更高、複雜程度更大，暴露出傳統被動防禦的限制。由此可見，現在不只是滅火的問題了，而是防火的問題，而暴露管理正在幫助客戶實現這種轉變。

Market-leading exposure management starts with unified visibility, but it's more than just seeing assets, domains and systems across your environment. It demands intelligence, context, and the ability to mobilize that insight into action. It's not just about knowing that vulnerability exists, but understanding that it's on a critical asset that is actively exploited and sitting on a direct attack path to your crown jewels. It's also about using AI, not simply to find flaws but to anticipate how an adversary may move through your environment and to see your organization the way an attacker does and moreover, to mobilize before attackers do.

市場領先的風險敞口管理始於統一的可見性，但這不僅僅是查看環境中的資產、領域和系統。它需要智慧、背景知識以及將這種洞察力轉化為行動的能力。不只是知道漏洞存在，而是要明白這個漏洞存在於關鍵資產上，並且正被積極利用，處於直接攻擊你核心資產的路徑上。它也關乎人工智慧的應用，不僅是為了發現漏洞，更是為了預測對手可能如何在你的環境中移動，以攻擊者的視角看待你的組織，而且，在攻擊者行動之前就採取行動。

We believe Tenable One is uniquely positioned to win in this next phase of security in this new AI world, given our roots in our strategic direction. Our foundation in vulnerability management gives us the data the scale and credibility to lead gift toward exposure management. And we're building on that strength with focused investment and innovation. Notably, R&D is up over 20% year-to-date, reflecting significant investments in Tenable One that unified visibility, insight and action across the full attack surface.

我們相信，鑑於我們在戰略方向上的根基，Tenable One 在人工智慧新世界的下一階段安全領域擁有獨特的優勢，必將取得成功。我們在漏洞管理方面的基礎使我們擁有了規模和可信度的數據，從而引領風險敞口管理的發展。我們正透過重點投資和創新來鞏固這一優勢。值得注意的是，今年迄今的研發投入成長超過 20%，這反映出對 Tenable One 的大量投資，該平台統一了整個攻擊面的可見度、洞察力和行動力。

In Q3, we launched Tenable AI Exposure, leveraging technology from APAC to Gio's visibility into and control over the risk associated with generative AI. The solution helps organizations discover AI usage across their environment, understand how it impacts their attack surface and identify potential exposure stemming from AI-enabled applications, code and user behavior. It is a powerful example of how we continue to extend Tenable One to stay ahead of emerging threats.

第三季度，我們推出了 Tenable AI Exposure，利用亞太地區的技術，讓 Gio 更了解並控制與生成式人工智慧相關的風險。此解決方案可協助組織發現其環境中的 AI 使用情況，了解其對攻擊面的影響，並識別 AI 應用、程式碼和使用者行為所引起的潛在風險。這有力地證明了我們如何不斷擴展 Tenable One，以應對不斷湧現的威脅。

We also surpassed 300 validated integrations in the Tenable One platform, underscoring our progress in creating the most open and the most interconnected exposure management platform in the market. This open ecosystem is a key differentiator. These integrations go beyond technical connectivity to unify visibility insight across tools and data and teams. By breaking down silos between vulnerability management, biosecurity, identity, OT operations and the broader ecosystem of third-party tools, we are advancing how customers unify data apply contacts and orchestrate faster in a more coordinated way. As we continue advancing this vision, we are building a platform where connectivity drives action, where customers don't just see risk, they can act on it.

我們在 Tenable One 平台上的驗證整合數量也超過了 300 個，這凸顯了我們在打造市場上最開放、互聯性最強的風險敞口管理平台方面取得的進展。這種開放的生態系統是其關鍵差異化優勢。這些整合超越了技術連接，實現了跨工具、數據和團隊的統一可視性洞察。透過打破漏洞管理、生物安全、身分、OT 營運和更廣泛的第三方工俱生態系統之間的孤島，我們正在推進客戶統一資料、應用聯絡人和以更協調的方式更快地進行協調。隨著我們不斷推進這個願景，我們正在建立一個連結驅動行動的平台，在這個平台上，客戶不僅能看到風險，還能採取行動應對風險。

Finally, we advanced our vulnerability priority rating across different domains allowing for higher levels of smarter orchestration and mobilization for exposure management. This gives organizations even sharper precision in determining which risk demand immediate action. Most enterprises are flooded with findings and the challenge is not just seen vulnerabilities, but knowing which ones matter by combining real-world threat intelligence contextualized asset data and AI-driven analytics. Our enhanced VPR helps customers focus their remediation efforts on the exposures that matter most.

最後，我們提高了不同領域的漏洞優先級評級，從而能夠更聰明地協調和調動風險敞口管理。這使得組織能夠更精準地確定哪些風險需要立即採取行動。大多數企業都會面臨大量的安全漏洞，挑戰不僅在於發現漏洞，還在於透過結合真實世界的威脅情報、情境化的資產數據和人工智慧驅動的分析來了解哪些漏洞是重要的。我們增強的 VPR 可協助客戶將補救工作重點放在最重要的風險敞口上。

We believe that these innovations are cross visibility, insight and action, combined with our growing open integration ecosystem and our focused investment on ramp secured an R&D are what differentiate Tenable among the many vendors now laying claim to the exposure management space. And our core to wide customers are turning to us.

我們相信，這些創新，包括跨領域的可見性、洞察力和行動力，再加上我們不斷發展的開放式整合生態系統以及我們對加速研發的重點投資，使 Tenable 在眾多聲稱擁有風險敞口管理領域的供應商中脫穎而出。從核心客戶到廣大客戶，都在轉向我們。

I'd now like to turn the call over to Mark to discuss how customers and the industry are responding to the shift to exposure management and how we are leading them through this change.

現在我想把電話交給馬克，讓他來討論客戶和行業如何應對向風險敞口管理的轉變，以及我們如何引導他們完成這一轉變。

Thanks, Steve. We believe Tenable is leading the transformation to exposure management, and the industry is taking notice. We are recognized as a leader in exposure management by two of the industry's top analyst firms during Q3. In July, Tenable was named a leader in the Forrester Wave for unified vulnerability management solutions. In August, we were recognized as a leader in the IDC MarketScape for exposure management platforms. And in September, IDC again reported Tenable ranked number one in its latest market share report.

謝謝你，史蒂夫。我們相信 Tenable 正在引領風險敞口管理的變革，業界也注意到了這一點。第三季度，我們被業界兩家頂尖分析公司公認為風險敞口管理領域的領導者。7 月，Tenable 在 Forrester Wave 統一漏洞管理解決方案領域被評為領導者。8 月，我們在 IDC MarketScape 風險敞口管理平台領域被評為領導者。9 月份，IDC 再次發布市場佔有率報告，Tenable 排名第一。

As Steve mentioned, one of our defining strengths and what signs through in every customer story is Tenable one's ability to unify visibility, insight and action across the modern attack surface. We're now extending that power to include both tenable native and third-party data, giving customers an even more complete view of risk. But exposure management is more than a technology. It's a journey that requires a new mindset. We're listening closely to our customers by helping them chart that path step by step.

正如史蒂夫所提到的，我們的一大優勢，也是每個客戶故事中都體現出來的，是 Tenable 能夠統一現代攻擊面上的可見性、洞察力和行動力。我們現在將這種能力擴展到包括可靠的原生數據和第三方數據，從而為客戶提供更全面的風險視圖。但暴露管理不僅僅是一項技術。這是一段需要全新思維方式的旅程。我們認真傾聽客戶的需求，並幫助他們一步一步地規劃發展道路。

Our Exposure Management Leadership Council and our exposure management maturity model have become critical guides in that journey. The Leadership Council, which launched this quarter brings together some of the most forward-thinking CISOs and security leaders to share insights and best practices from their own exposure management transformations. Their feedback helped shape our platform road map and ensures we're focused on solving the challenges that matter most.

我們的風險敞口管理領導委員會和風險敞口管理成熟度模型已成為這一歷程中的關鍵指導。本季度成立的領導力委員會匯集了一些最具前瞻性的首席資訊安全長和安全領導者，旨在分享他們自身在風險敞口管理轉型方面的見解和最佳實踐。他們的回饋幫助我們制定了平台路線圖，並確保我們專注於解決最重要的挑戰。

Our new Exposure Management Maturity Model gives organizations a framework to assess where they are today and what it will take to advance in their exposure management journey. It helps them measure progress identify gaps and prioritize the investments that will have the greatest impact. Together, our Exposure Management Leadership Council and Maturity Model are helping customers turn exposure management from an abstract goal into a disciplined strategy for the future. Through these initiatives, we're helping customers evolve their approach, from managing vulnerabilities to embracing a true preemptive security mindset.

我們新推出的風險敞口管理成熟度模型為組織提供了一個框架，用於評估他們目前所處的位置以及在風險敞口管理之旅中取得進展需要做些什麼。它幫助他們衡量進展、發現差距並優先考慮能夠產生最大影響的投資。我們的風險敞口管理領導委員會和成熟度模型共同幫助客戶將風險敞口管理從一個抽象的目標轉變為面向未來的嚴謹策略。透過這些舉措，我們正在幫助客戶改進他們的方法，從管理漏洞轉變為真正建立先發制人的安全意識。

It's how they move from reacting to risk to staying ahead of it. That's what Tenable One is designed to deliver the clarity, intelligence and context to see threats before they strike. As Steve highlighted, we're leading the way with the most comprehensive exposure management platform in the market, helping our customers build stronger, smarter defenses for the AI era.

這就是他們如何從被動應對風險轉變為主動出擊的方式。Tenable One 的設計宗旨就是提供清晰的思路、情報和背景訊息，以便在威脅發生之前就發現它們。正如史蒂夫所強調的，我們擁有市場上最全面的風險敞口管理平台，引領著產業發展，幫助我們的客戶為人工智慧時代建立更強大、更聰明的防禦體系。

Let me give you some real-world examples from the quarter. First, we captured a major new logo with a global commercial real estate investment services firm, displacing the top cloud security provider and an incumbent vulnerability management player to consolidate onto the Tenable One platform. Like many large enterprises, this constipates growing complexity of a hybrid environment with assets spread across on-prem infrastructure, multiple cloud providers and third-party systems.

讓我舉幾個本季發生的真實案例。首先，我們與一家全球商業房地產投資服務公司合作，為其設計了一個全新的重要標識，取代了頂級雲端安全供應商和現有的漏洞管理廠商，整合到 Tenable One 平台上。與許多大型企業一樣，這加劇了混合環境日益增長的複雜性，其資產分散在本地基礎設施、多個雲端供應商和第三方系統中。

Tenable One was selected for its superior technical capabilities across cloud security and vulnerability management. It was also chosen for its ability to unify data and context across their entire ecosystem. This consolidation immediately filled critical visibility gaps streamline operations and reduce the cost and complexity of managing risk across a fragmented landscape.

Tenable One憑藉其在雲端安全和漏洞管理方面的卓越技術能力而被選中。之所以選擇它，也因為它能夠統一整個生態系中的資料和脈絡。此次整合立即填補了關鍵的可見性空白，簡化了運營，並降低了在分散的環境中管理風險的成本和複雜性。

We also had another major win this quarter with a national electric utility provider in EMEA to accelerate their critical infrastructure transformation. Like many in the energy sector, this organization is navigating the growing convergence of IT and OT environments with operational technology increasingly coming under the responsibility of the CECL. They selected Tenable as their exposure management partner for our ability to integrate complex technical requirements and deliver a cohesive, scalable OT security framework across their national distribution network. By unifying visibility and context across IT and OT assets, Tenable is helping them eliminate silos and protecting critical infrastructure at a national scale.

本季我們也與歐洲、中東和非洲地區的國家電力公司達成了一項重大合作，加速其關鍵基礎設施轉型。與能源產業的許多企業一樣，該組織正在應對 IT 和 OT 環境日益融合的趨勢，營運技術也越來越多地由 CECL 負責。他們選擇 Tenable 作為其風險敞口管理合作夥伴，是因為我們能夠整合複雜的技術要求，並在其全國分銷網絡中提供統一、可擴展的 OT 安全框架。Tenable 透過統一 IT 和 OT 資產的可見性和上下文，幫助他們消除資訊孤島，並在全國範圍內保護關鍵基礎設施。

We also secured a six-figure expansion with a leading technology provider serving the public sector, converting them from our stand-alone crowd product onto the Tenable One platform. This is a strategic shift for the customer, driven by their need to unify visibility and control across a complex environment supporting sensitive government workloads. This multiyear agreement enables them to consolidate onto Tenable One over time; simplifying operations, reducing vendors fall and strengthening compliance across both commercial and public sector deployments.

我們還與一家服務於公共部門的領先技術提供商達成了一項六位數的擴張協議，將其從我們獨立的眾籌產品轉換為 Tenable One 平台。對客戶而言，這是一個策略轉變，其驅動力在於客戶需要統一複雜環境中對敏感政府工作負載的可見度和控制力。這項多年協議使他們能夠隨著時間的推移整合到 Tenable One 上；簡化操作，減少供應商流失，並加強商業和公共部門部署的合規性。

These customer wins reinforce that our strategy is absolutely working. We are earning larger, longer-term commitments by delivering strategic value and deeper integration into our customer environments. At the same time, we believe these wins reflect the broader industry shift that is now underway from reactive post-breach defense to preemptive security. As this shift accelerates, we believe Tenable is exceptionally well positioned for sustainable growth. with exposure management becoming the foundation of modern cybersecurity programs worldwide.

這些客戶的成功案例進一步證明，我們的策略絕對有效。我們透過提供策略價值和更深入地融入客戶環境，贏得了更大、更長期的合作關係。同時，我們認為這些勝利反映了整個產業正在發生的更廣泛的轉變，即從被動的入侵後防禦轉向主動安全。隨著這一轉變加速，我們相信Tenable已做好充分準備，實現永續成長，因為風險敞口管理正成為全球現代網路安全計畫的基礎。

With that, I'll turn the call back over to Matt to dive deeper into the results for the quarter.

接下來，我將把電話轉回給馬特，讓他更深入分析本季的表現。

Thanks, Mark. I want to thank everyone for the warm welcome, and I'm really excited to be here I look forward to seeing new and familiar faces over the next couple of months. With that, I'll jump into the results for the quarter.

謝謝你，馬克。我要感謝大家的熱情歡迎，我很高興來到這裡，期待在接下來的幾個月裡見到新朋友和老朋友。接下來，我將直接進入本季業績報告環節。

We're encouraged by the strong third quarter, exceeding the high end of the range on every metric we guided to for the quarter. Revenue was $252.4 million, representing growth of 11.2% year-over-year. The year-over-year growth in revenue for the quarter as well as outperformance relative to guidance was underpinned by a solid foundation of renewal business strong tenable on adoption and better-than-expected contribution from professional services.

第三季業績強勁，所有指標都超過了我們預期的季度目標範圍上限，這令我們倍感鼓舞。營收為 2.524 億美元，年增 11.2%。本季度營收年增率以及業績超出預期，得益於續約業務的穩健發展（這得益於客戶的積極採納）以及專業服務貢獻超出預期。

Our percentage of recurring revenue remained high at 95% this quarter. We're continuing to see solid momentum in Tenable One as customers are increasingly turning to our platform to bolster their preemptive security programs. The strength in new platform growth in the quarter drove calculated current billings or CCB, to $267.5 million, a year-over-year increase of 7.7%, while short-term remaining purchase obligations or CRPO, grew 12.9%. These measures are beginning to diverge due to changes in upfront billings patterns and increasing contract durations, which we expect to persist in the midterm.

本季我們的經常性收入佔比仍高達 95%。我們看到 Tenable One 的發展勢頭依然強勁，越來越多的客戶開始使用我們的平台來加強他們的預防性安全計畫。本季新平台成長強勁，推動計算的當前帳單金額（CCB）達到 2.675 億美元，年增 7.7%，而短期剩餘採購義務（CRPO）則成長了 12.9%。由於預付款模式的變化和合約期限的延長，這些措施開始出現分歧，我們預計這種情況在中期內會持續下去。

Net dollar expansion rate was in line with expectations at 106%. Non-GAAP gross margin was 81.6% for the quarter, an increase from 81.4% in Q3 2024. We're encouraged by our ability to slowly but steadily increase non-GAAP gross profit year-over-year, both on a quarter and year-to-date basis. Year-to-date non-GAAP gross margin was 81.8% compared to 81.3% for the nine months ended in the prior year.

美元淨擴張率符合預期，為106%。本季非GAAP毛利率為81.6%，高於2024年第三季的81.4%。我們感到鼓舞的是，無論按季度還是按年初至今來看，我們的非GAAP毛利都能逐年穩定成長。今年迄今的非GAAP毛利率為81.8%，而去年同期為81.3%。

Non-GAAP income from operations was $58.9 million or 23.3% of revenue compared to $45 million or 19.8% of revenue in Q3 2024. Although we continue to make targeted investments during the quarter, including growth of more than 18% in research and development-related expenses year-over-year, we were able to drive continued leverage in the business as a whole. Our investment in innovation is a result of our focus on delivering the most comprehensive exposure management platform to our customers. On a year-to-date basis, non-GAAP income from operations grew to $155.3 million or 21.0% of revenue, compared to $124.8 million or 18.8% of revenue in the comparable period last year.

非GAAP營業收入為5,890萬美元，佔營收的23.3%，而2024年第三季為4,500萬美元，佔營收的19.8%。儘管我們在本季繼續進行有針對性的投資，包括研發相關支出年增超過 18%，但我們仍能推動整個業務的持續槓桿作用。我們對創新的投入源自於我們致力於為客戶提供最全面的風險敞口管理平台。今年迄今，非GAAP營業收入成長至1.553億美元，佔營收的21.0%，去年同期為1.248億美元，佔營收的18.8%。

Non-GAAP earnings per share for the quarter was $0.42, compared to $0.32 in Q3 2024, an increase of 31.3%, reflecting the increase in profitability, combined with a decrease in diluted shares outstanding.

本季非GAAP每股收益為0.42美元，而2024年第三季為0.32美元，成長了31.3%，這反映了獲利能力的提高以及稀釋後流通股數量的減少。

Turning to the balance sheet. Cash and short-term investments totaled $383.6 million. We generated $58.5 million of unlevered free cash flow during the quarter. compared to $60.8 million in Q3 2024. This brings the year-to-date unlevered free cash flow to $189.6 million, a year-over-year increase of 24.7%, putting our annual guide well within reach.

接下來看一下資產負債表。現金及短期投資總額為 3.836 億美元。本季我們產生了5,850萬美元的非槓桿自由現金流，而2024年第三季為6,080萬美元。這使得今年迄今的非槓桿自由現金流達到 1.896 億美元，年增 24.7%，使我們的年度目標完全可以實現。

During the third quarter, we repurchased 2 million shares for $60 million. In total, we have now repurchased 8.3 million shares for $300 million since November 2023 and have $250 million of repurchase authorization remaining. We intend to continue to repurchase shares, which we believe is an effective use of capital.

第三季度，我們以 6,000 萬美元的價格回購了 200 萬股股票。自 2023 年 11 月以來，我們已累積回購 830 萬股，總額達 3 億美元，目前還有 2.5 億美元的回購授權額度。我們打算繼續回購股票，我們認為這是有效利用資本的方式。

Turning to the financial outlook for the remainder of the year. With the results of the third quarter behind us, we've gained incremental visibility into the full year. And as a result, we are raising our full year guidance at the midpoint across most of our guided metrics. Specifically, we are increasing our full year guidance at the midpoint for CCB and now expect a range of $1.040 to $1.048 billion. representing a year-over-year increase of 7.7% at the midpoint.

接下來展望今年剩餘時間的財務前景。隨著第三季業績的公佈，我們對全年業績有了更清晰的了解。因此，我們將全年業績預期在大多數指導指標的中點上調。具體而言，我們將建行全年業績預期中位數上調至 10.4 億美元至 10.48 億美元，年增 7.7%。

We expect revenue for the fourth quarter to be in a range of $249.1 million to $253.1 million, representing a year-over-year increase of 6.5% at the midpoint. For full year 2025, we are raising our revenue guidance range to $988 million to $992 million, representing a year-over-year increase of 10.0% at the midpoint.

我們預計第四季度營收將在 2.491 億美元至 2.531 億美元之間，以中間值計算，年增 6.5%。對於 2025 年全年，我們將營收預期範圍上調至 9.88 億美元至 9.92 億美元，其中點值年增 10.0%。

We expect non-GAAP income from operations for the fourth quarter to be in the range of $55.7 million to $59.7 million or 23.0% of revenue at the midpoint. For full year 2025, we are raising our non-GAAP operating income guidance at the midpoint and now expect a range of $211 million to $215 million, or 21.5% of revenue at the midpoint, representing a year-over-year increase of 100 basis points. We remain committed to balancing top line growth with a steady increase in profitability.

我們預計第四季非GAAP營業收入將在5,570萬美元至5,970萬美元之間，佔營收的23.0%（取中間值）。對於 2025 年全年，我們將非 GAAP 營業收入預期中位數上調，目前預計為 2.11 億美元至 2.15 億美元，佔營收中位數的 21.5%，年成長 100 個基點。我們將繼續致力於在實現營收成長的同時，穩步提高獲利能力。

We expect non-GAAP net income for the fourth quarter to be in the range of $47.9 million to $51.9 million, representing a year-over-year decrease of 1.6% at the midpoint. For full year 2025, we are raising our non-GAAP net income guidance at the midpoint and now expect a range of $185 million to $189 million. representing year-over-year growth of 17.9% at the midpoint.

我們預計第四季非GAAP淨利潤將在4,790萬美元至5,190萬美元之間，以中間值計算，年減1.6%。對於 2025 年全年，我們將非 GAAP 淨利潤預期中位數上調，目前淨利潤範圍為 1.85 億美元至 1.89 億美元，年增 17.9%（中位數）。

We expect non-GAAP earnings per share for the fourth quarter to be in the range of $0.39 to $0.43 and flat at the midpoint compared to Q4 2024. For full year 2025, we are raising our non-GAAP earnings per share guidance to $1.51 to $1.54, representing year-over-year growth of 18.2% at the midpoint.

我們預計第四季度非GAAP每股收益將在0.39美元至0.43美元之間，與2024年第四季相比，中位數將持平。對於 2025 年全年，我們將非 GAAP 每股盈餘預期上調至 1.51 美元至 1.54 美元，其中數值表示年增 18.2%。

In closing, we'd like to thank the entire Tenable team and our customers and partners for a great result. We're very pleased with the steady execution the team has delivered this quarter and our incremental optimism for the rest of the year, as reflected in the increased guidance ranges we've provided.

最後，我們要感謝 Tenable 團隊全體成員以及我們的客戶和合作夥伴，感謝他們共同取得如此優異的成果。我們對團隊本季穩步推進的工作表現非常滿意，並且隨著我們提高了業績預期範圍，我們對今年剩餘時間的前景也越來越樂觀。

Mark, Steve and I thank you all for joining and we look forward to seeing you at the UBS and Barclays conferences in the coming weeks. We are happy to open the call up for questions. Operator?

馬克、史蒂夫和我感謝大家的參與，我們期待在接下來的幾週在瑞銀和巴克萊銀行的會議上見到大家。我們很高興開放提問環節。操作員？

(Operator Instructions) Saket Kalia, Barclays.

（操作說明）Saket Kalia，巴克萊銀行。

Okay. Great. And welcome, Matt. I'll just keep it to one question. Steve and Mark, maybe for you, US Federal is, of course, a really important vertical for Tenable. Can you just talk a little bit about how that performed this quarter? And given the current situation, maybe give us a little historical context of how the business has performed around prior shutdowns as we think about any potential impact going into Q4. Does that makes sense?

好的。偉大的。歡迎你，馬特。我只問一個問題。Steve 和 Mark，對你們來說，美國聯邦市場當然是 Tenable 非常重要的一個垂直領域。能簡單談談本季該項業務的表現嗎？鑑於目前的情況，能否給我們一些關於公司在以往停業期間表現的歷史背景，以便我們考慮第四季度可能受到的任何影響。這樣說得通嗎？

It does, Saket, and thank you for your question. This is Steve. We have major market leadership in public sector and US federal in particular, across a wide range of three-letter federal agencies, spanning civilian, defense and intel. And CRs are not new nor are government shutdowns.

是的，Saket，謝謝你的提問。這是史蒂夫。我們在公共部門，特別是美國聯​​邦政府領域，擁有強大的市場領導地位，涵蓋了廣泛的三字母聯邦機構，包括民事、國防和情報部門。而持續性民事訴訟並非新鮮事，政府停擺也並非新鮮事。

We have seen that before, and we've demonstrated an ability to execute in these environments, and we're particularly pleased with the results this quarter. Public sector, new federal in-line expectations, which is very notable given the seasonally high mix of US federal business. So overall, a good result for us for the quarter.

我們以前就遇到過這種情況，也證明了我們有能力在這種環境下執行任務，我們對本季的成果尤其滿意。公共部門和新的聯邦業務符合預期，考慮到美國聯邦業務的季節性高比例，這一點非常值得注意。總的來說，本季我們取得了不錯的成績。

Brian Essex, JPMorgan.

Brian Essex，摩根大通。

And Matt, congratulations on the new role for me as well. Looking forward to working with you again. And nice consistency out of the gates as well. So I certainly appreciate that. I guess maybe to follow on with Saket's question for you, Matt.

馬特，也祝賀你擔任新職務，我也要祝賀你。期待再次與您合作。而且開局表現也很穩定。我對此非常感激。我想，或許我可以接著Saket的問題問你，Matt。

I was down to D.C. last week in that basis, and it was clear that things were going to get incrementally uglier this week as agencies run out of money, particularly for central employees where CISA is focused. But would love to hear from your perspective, given that, I guess, deceleration that's baked into the 4Q, like just basically what's implied by your full year guide, the deceleration of revenue in the 4Q. What are you contemplating within guidance and what kind of scenarios might lead for upside to your expectations for the quarter and for the year?

上週我去了華盛頓特區，很明顯，隨著各機構資金的耗盡，本週情況會逐漸惡化，尤其是對於CISA重點關注的中心員工而言。但我很想聽聽你的看法，因為我認為第四季成​​長放緩是不可避免的，就像你的全年業績指引所暗示的那樣，第四季營收成長放緩。您在業績指引上有何考量？哪些情況可能導致您對本季和全年的預期有所提高？

Yes. I think the first thing to note is just the steady execution that we had in Q3 under the current environment of uncertainty. And keeping in mind, Q3 is a higher proportion of Fed for us relative to other quarters in the year. So with that backdrop, we look ahead to Q4, which seasonally is a smaller Fed quarter for us. and see relatively minimal exposure.

是的。我認為首先需要指出的是，在當前充滿不確定性的環境下，我們在第三季取得了穩健的表現。需要注意的是，第三季對我們來說，聯準會的支出佔比高於一年中的其他季度。基於上述背景，我們展望第四季度，由於聯準會的季度活動通常較少，我們預期第四季度的風險敞口也相對較小。

Now of course, there's a couple of million dollars that could be at play here or there. But generally, we feel very positive about the pipeline that we see renewals continue to come in very strong. We think we've got good line of sight. So we think we're not especially exposed in this fourth quarter.

當然，這裡面可能牽涉到幾百萬美元。但總的來說，我們對專案儲備感到非常樂觀，續約業務持續強勁成長。我們認為我們的視線很好。所以我們認為，在第四季我們不會面臨特別大的風險。

Got it. Maybe if I just sneak in a quick follow-up for Mark. Just with regard to the impact of the expiration of CISA 2015 and what that might have on CVE reporting. Any impact that you might envision for the core VM portion of your business?

知道了。或許我可以偷偷給馬克一個簡短的後續訊息。僅就 CISA 2015 到期可能對 CVE 報告產生的影響而言。您認為這會對貴公司的核心虛擬機器部分產生哪些影響？

Yes. Right now, based on feedback with customers and talking to a bunch of partners, and obviously, our employee base, we're not really projected to see any type of negative impact right now. as it plays out, we'll obviously be monitoring it closely. But right now, based on a lot of our conversations and contacts and relationships we've got going on in the federal government, we're not really anticipating any significant downside there.

是的。目前，根據客戶的回饋、與眾多合作夥伴的溝通以及員工的意見，我們預計暫時不會受到任何負面影響。當然，我們會密切關注事態發展。但就目前而言，根據我們與聯邦政府的大量對話、聯繫和關係，我們預計不會有任何重大不利影響。

Mike Cikos, Needham & Co.

Mike Cikos，Needham & Co.

Great. And congratulations to you, Matt, looking forward to working together. Before I ask my second question, which is more tied to the billings, I just wanted to ask, Matt, since this is your first earnings call here with the firm, can you help us think about if there were any changes to guidance philosophy or what you're bringing to the finance function here now that you got a couple of months in the seat?

偉大的。恭喜你，馬特，期待與你合作。在我提出第二個問題之前（這個問題與帳單更相關），我想先問一下，馬特，因為這是你在公司第一次參加財報電話會議，你能否幫我們思考一下，在你上任幾個月後，公司在業績指引理念方面是否有任何變化，或者你為財務部門帶來了什麼？

Yes. I think generally, no substantial changes to our approach to guidance. I will say I was just extremely pleased to come in and see a very high-functioning team not just within finance, but across the entire organization. I feel like we're really focused on the right things and the team is all rowing together. So I would say no major shifts in the way that we're approaching guidance.

是的。我認為總體而言，我們在指導方面的方法不會發生實質變化。我很高興地看到，不僅是財務部門，整個組織都是一個有效率運作的團隊。我覺得我們真的把精力放在了正確的事情上，整個團隊都在齊心協力地划船。所以我認為，我們在提供指導方面不會有重大轉變。

Okay. And then the follow-up is again on that billing side. Just trying to get a better sense of the different puts and takes here, right? If we have the call it, $3 million-ish of upside this quarter versus where people were expected. We're nudging up the low end of the guide by $2 million.

好的。然後後續工作又回到了帳單方面。我只是想更了解這裡不同的買入和賣出方式，對吧？如果根據我們的預測，本季可能會比人們預期的增加 300 萬美元左右。我們將指南中的最低價格區間上調了 200 萬美元。

You guys are talking about increased visibility into year-end. Can you just discuss how you guys I thought about putting out this range and some of the different puts and takes there as it pertains to the visibility you're talking to?

你們在討論如何提高年底的可見度。你們能不能談談你們當初是怎麼考慮推出這個範圍的，以及在談到能見度問題時，有哪些不同的推桿和收桿方式？

Sure. I think the very brief takeaway is, as we sit here today, we're feeling incrementally more positive about the year than we were three months ago. That's as a result of a strong Q3, but also visibility into Q4. So it represents a small guidance increase at the midpoint for CCB of $1 million but that slows down, too. So taking up the guidance to revenue and taking up the guidance in op income, all of those things are things that we're happy we're able to do, which is as a result of us feeling better about the year on balance.

當然。我認為最簡要的結論是，就我們今天所處的位置而言，我們對今年的前景比三個月前更加樂觀。這得益於第三季強勁的業績，同時也對第四季充滿信心。因此，CCB的指導值中點小幅上調了100萬美元，但這一增幅也在放緩。因此，我們對營收指引和營業收入指引都感到滿意，所有這些事情我們都能夠做到，因為我們對今年的整體情況感到比較樂觀。

Rob Owens, Piper Sandler.

羅布歐文斯，派珀桑德勒。

Great. And Steve, really enjoyed the discussion upfront on fireproofing versus firefighting in terms of where things are going. To that end, if I look at your enterprise adds versus your 100,000 ACV customers, maybe you can parse what's going on there? And are you just -- are you seeing more new customer additions upfront and you're starting to see just velocity increase on that front as some of these trends are changing? And if that's the case, maybe you could add some color around the 100,000 ACV customers?

偉大的。史蒂夫非常喜歡前面關於防火和消防發展方向的討論。為此，如果我查看您的企業新增客戶與 10 萬 ACV 客戶，或許您就能分析出其中的原因了？您是否看到更多的新客戶提前加入，隨著某些趨勢的變化，您開始看到這方面的成長速度加快？如果真是這樣的話，或許可以為這 10 萬 ACV 客戶添加一些細節？

Sure. Well, as you noted, like our mix of business can change from quarter-to-quarter. This quarter has higher concentrations with US Federal. And as we mentioned, we were very pleased with the results there.

當然。正如您所指出的，我們的業務組合可能會每個季度都發生變化。本季美國聯邦儲備的集中度較高。正如我們之前提到的，我們對那裡的結果非常滿意。

We're also very pleased with a strong quarter for new business for us. We added 437 new enterprise platform customers, which was one of our strongest quarters, I would say, to date. And look, on a year-to-date basis, too, new lands have been strong.

我們對本季強勁的新業務表現也感到非常滿意。我們新增了 437 個企業平台客戶，可以說這是我們迄今為止業績最好的一個季度。而且，從今年迄今的數據來看，新土地市場也表現強勁。

We're also, as we've talked about on the prior quarters is that we've demonstrated an ability with our exposure management platform to transact larger deals, we're delivering incremental value to customers, transaction sizes and deal sizes are getting larger. On average, anywhere from 50% to 90% plus in comparison to stand-alone VM. So overall, we're pleased with the velocity of lands this quarter. We're pleased with our ability to continue to do larger deals. And there's always some interplay from one quarter to the other.

正如我們在前幾個季度所討論的那樣，我們已經證明，我們的風險敞口管理平台有能力處理更大的交易，我們正在為客戶創造增量價值，交易規模越來越大。平均而言，效能比獨立虛擬機器提升 50% 到 90% 以上。總的來說，我們對本季土地交易的速度感到滿意。我們對能夠繼續達成更大額的交易感到滿意。而且，各個面向之間總是存在著某種互動。

And I think it really speaks to the continued momentum of the platform and the ability to help customers sort through all of this fragmented visibility, this overwhelming noise and alerts and all this manual remediation to help them unify visibility, insights and action to reduce risk. And so it's certainly something that we're pleased to see with the continued traction of the platform.

我認為這充分體現了該平台的持續發展勢頭，以及幫助客戶梳理所有這些分散的信息、鋪天蓋地的噪音和警報以及所有手動補救措施的能力，從而幫助他們統一信息、洞察和行動，以降低風險。因此，我們當然很高興看到該平台持續獲得關注。

Meta Marshall, Morgan Stanley.

Meta Marshall，摩根士丹利。

Maybe a couple for me. Just first, in terms of noted commentary on the OT market. Just wanted to know if there's efforts underway kind of either with R&D or go-to-market to kind of better take advantage of some of those opportunities? And then second, just kind of noting the 18% increase in R&D just in terms of kind of the answer to the previous question of trying to simplify kind of environment for customers. Just what are some of the other investments, whether that's professional services or go-to-market?

也許我會要兩三個。首先，關於OT市場的一些著名評論。我想知道目前是否有在研發或市場推廣方面進行的工作，以便更好地利用這些機會？其次，值得注意的是，研發投入增加了 18%，這正是為了回答先前提出的「如何簡化客戶環境」的問題。其他投資項目還有哪些？例如專業服務或市場推廣方面？

Are you making to kind of help simplify the offering for customers?

你這樣做是為了幫助客戶簡化產品和服務嗎？

Yes. Great question. I'll take the first part on the OT market and what we're seeing, and then I'll pass it over to Steve to talk about some of the investments from a research perspective. So we are seeing a dynamic in the market and it's been happening really all year, but it's happening, I think, at a bit of a faster pace where you're seeing this convergence of the OT market and the CISOs getting a lot more responsibility and visibility over those OT assets.

是的。問得好。我先來談談OT市場以及我們目前所看到的狀況，然後我會把麥克風交給史蒂夫，讓他從研究的角度談談一些投資。因此，我們看到市場正在發生一種動態變化，這種變化實際上已經持續了一整年，但我認為，它發生的速度更快了，你會看到 OT 市場的融合，以及 CISO 對這些 OT 資產承擔了更多的責任和擁有了更多的可見性。

And one of the deals that we referenced in the earnings announcement was that consolidation story. So we're seeing a lot of not only our installed base customers wanting to look at and be able to ingest those OT assets into Tenable One but also new customers where they're saying, we don't want to have two distinct products and technologies, one looking at traditional IT assets and then another one looking at OT assets. So you're seeing that convergence and it is speeding up.

我們在獲利公告中提到的交易之一就是那次整合。因此，我們看到，不僅我們現有的客戶群希望能夠查看並將這些 OT 資產導入 Tenable One，而且新客戶也表示，我們不希望有兩個不同的產品和技術，一個用於查看傳統的 IT 資產，另一個用於查看 OT 資產。所以你會看到這種融合趨勢，而且這種趨勢正在加速。

When you also look at some of the market dynamics around the AI data center build-out, that is a big area for us. We're seeing a lot of demand when companies and organizations are building out data centers. they need operational technology to monitor all of those different asset types. And we're starting to see significant pipeline growth in closing deals in that area. So we were very pleased and have been pleased all year with our OT performance, and we will continue to focus in on it from a go-to-market perspective.

當你觀察到人工智慧資料中心建立相關的市場動態時，你會發現這對我們來說是一個重要的領域。我們看到，企業和機構在建造資料中心時對營運技術的需求非常旺盛，他們需要營運技術來監控所有這些不同類型的資產。我們開始看到該領域交易量顯著成長。因此，我們對今年的OT表現非常滿意，並且一直都很滿意，我們將繼續從市場推廣的角度關注OT。

I'll pass it over to Steve now to talk about some of the R&D questions.

現在我把麥克風交給史蒂夫，讓他來談談一些研發上的問題。

Yes. With regard to R&D and the investments we're making, they're paired with increased confidence in our ability to execute in this big market that we call exposure management. And it's really centered around three things. Number one is the ability to unify visibility, and in particular, in just data from other security providers so we can help customers see any asset, whether it's on their factory floor, in their network or even in their cloud environment. And then moreover, is the ability to normalize and dedupe all of that to tie it to mobilization and orchestration on the back end so we can help customers reduce risk.

是的。就研發和我們正在進行的投資而言，我們對自己在這個我們稱之為風險敞口管理的大市場中的執行能力越來越有信心。它實際上圍繞著三件事展開。第一點是統一可見性的能力，特別是來自其他安全提供者的數據，這樣我們就可以幫助客戶查看任何資產，無論是在他們的工廠車間、網路中還是在雲端環境中。此外，我們還能將所有這些資料標準化和去重，以便將其與後端的行動化和編排連結起來，從而幫助客戶降低風險。

And that's -- and then last, I would say, and really important is helping customers secure their AI attack surface and leveraging AI in the way where we're able to deliver greater insights to customers. and AI adoption of applications has dramatically expanded the attack surface and certainly made us all more successful to exploit. And Tenable plays a really big role there. as we're able to discover all AI applications, whether they're internally developed or even shadow AI. And then we're able to assess those for risk, including determining vulnerabilities and scans.

最後，也是非常重要的一點，是幫助客戶保護其人工智慧攻擊面，並以能夠為客戶提供更深入洞察的方式利用人工智慧。人工智慧應用的普及大大擴大了攻擊面，也無疑地使我們更容易利用漏洞。Tenable 在這方面發揮著非常重要的作用，因為我們能夠發現所有的人工智慧應用，無論是內部開發的還是影子人工智慧。然後我們就可以對這些風險進行評估，包括確定漏洞和掃描。

And now with AI Exposure, we can go and inspect and control at the prompt level, the AI applications that enterprise use the most. So we have a lot of traction with AI, pleased with the innovation we've done to date, but there's certainly a lot more to do. And we believe principally the real winners in this new AI world will be companies that can assess a wide range of domains, ingest data from other security providers and then really combine all that proprietary exposure data with AI to anticipate tax, not simply to respond to them. And that's a foundational change in the security market, shifting away from detect and response more towards pretty active and preventative approaches.

現在有了 AI Exposure，我們可以及時檢查和控制企業最常使用的 AI 應用。我們在人工智慧領域取得了很大進展，對迄今為止的創新成果感到滿意，但當然還有很多工作要做。我們相信，在這個全新的人工智慧世界中，真正的贏家主要是那些能夠評估各種領域、吸收其他安全提供者的數據，然後真正將所有這些專有的風險敞口數據與人工智慧結合起來，從而預測稅收，而不僅僅是應對稅收的公司。這是安全市場的一次根本性變革，從偵測和回應轉向了更積極主動的預防性方法。

Jonathan Ho from William Blair.

來自威廉布萊爾的喬納森何。

Congratulations on the strong results. Can you give us a sense of what percentage of your total base is now on Tenable One? And it seems to me like there would be some opportunity to upsell more into the base once they've adopted the platform. So can you also talk about maybe the potential for uplift going forward on the platform?

恭喜你們取得優異成績。您能否大致說明一下，目前您的用戶總數中有多少百分比在使用 Tenable One？在我看來，一旦用戶接受了該平台，就有機會向他們追加銷售更多產品。那麼，您能否也談談該平台未來可能的發展潛力？

Yes. As you know, we have roughly 40,000 customers, 3,000 plus, should I say, and approximately, we'll call it, 18,000 use one of our enterprise offerings. And of those 3,000-plus are using Tenable One. So we've got good traction to date. It's 40% of our total new sales.

是的。如您所知，我們大約有 40,000 名客戶，其中 3,000 多名（應該說是 3,000 多名），大約有 18,000 名客戶使用我們的企業級產品。其中超過3000家用戶正在使用Tenable One。所以到目前為止，我們的用戶成長勢頭良好。這占我們新銷售額的40%。

And so there's a significant opportunity not only to expand within of the existing customers to have adopted Tenable One, but moreover, to continue to see further traction within our customer base.

因此，我們不僅有機會擴大現有客戶群，讓他們採用 Tenable One，還有機會在我們的客戶群中繼續獲得進一步的成長。

The next question is from Joseph Gallo from Jefferies.

下一個問題來自傑富瑞集團的約瑟夫·加洛。

And Matt, congrats on the new role. Looking forward to working together. It was great to hear the exposure management momentum. As we start to get ready for next year, in your combos with customers, where is the prioritization for exposure management in their budgets? And then historically, I think you gave some sense of following your billings in 3Q.

馬特，祝賀你擔任新職務。期待與您合作。很高興聽到有關風險敞口管理的積極進展。當我們開始為明年做準備時，在您與客戶的合作中，預算中曝光管理的優先順序是什麼？從歷史數據來看，我認為您在第三季的帳單情況方面給出了一些參考。

Just any commentary on what billings can look like in 2016 or confidence in sustaining the current levels would be helpful.

任何關於 2016 年帳單情況或維持當前水準的信心方面的評論都將有所幫助。

I'll take down of the budget question from the customer perspective, from exposure management. I think one of the bright spots that we're really starting to see is we talked about all of the different analysts that are starting to cover the exposure management category. And coming out as the leader and the number one player in that category has given us lots of visibility, especially at the CECL level. And so now when we're sitting down with customers, we're not actually having to educate a lot of the CISOs, what exposure management is and how it is so different from vulnerability management. They're hearing about it, they're seeing it.

我將從客戶的角度，從風險敞口管理的角度來探討預算問題。我認為我們真正開始看到的亮點之一是，我們討論過所有開始關注風險敞口管理類別的不同分析師。成為該類別中的領導者和第一名，讓我們獲得了很高的知名度，尤其是在 CECL 級別。因此，現在當我們與客戶坐下來交談時，我們實際上不必再向許多首席資訊安全長 (CISO) 解釋什麼是風險暴露管理以及它與漏洞管理有何不同。他們聽說了，他們也看到了。

And so you're starting to see budgets being allocated that way. You're starting to see budgets in regard to consolidation, which is really one of the biggest motions we have in regard to going after and talking about exposure management and justifying it is really looking at that consolidation play. So that momentum is there, and it's gaining traction, and that continues to play out in the market, not just with customers, but we're also seeing our resellers and our partner community around the globe, start to build out exposure management practices and gain visibility there.

所以，你開始看到預算以這種方式分配了。你開始看到有關整合的預算，這實際上是我們追求和討論風險敞口管理並證明其合理性的最大舉措之一，實際上就是著眼於整合策略。因此，這種勢頭已經形成，並且正在獲得發展動力，這不僅體現在客戶身上，我們還看到我們在全球各地的經銷商和合作夥伴社群開始建立風險敞口管理實踐，並在那裡獲得關注。

Yes. And I can answer your second question. So we're really happy about is that there is this move, in particular, the Tenable One, roughly 1/3 of our business now is Tenable One. Increasingly, we're seeing new customers adopting 101. That's exactly what we're focused on.

是的。我可以回答你的第二個問題。所以我們很高興看到這項轉變，特別是Tenable One，我們目前大約三分之一的業務都來自Tenable One。而且，我們看到越來越多的新客戶開始採用101版本。這正是我們關注的重點。

And we think that sets us up well for the long term in going and really capitalizing on this exposure management environment. With respect to 2026, we're really focused on 2025 and closing out and continuing to execute there. And it's just too early to talk about 2026 at this point. But importantly, we feel like we're doing all the right things to put us in the right spot.

我們認為這為我們長期發展奠定了良好的基礎，使我們能夠真正利用這種風險敞口管理環境。至於 2026 年，我們目前主要專注於 2025 年的工作，並努力完成和繼續推進 2025 年的各項計劃。現在談2026年還為時過早。但重要的是，我們感覺我們正在做所有正確的事情，使我們處於正確的位置。

The next question is from Patrick Colville from Scotiabank.

下一個問題來自加拿大豐業銀行的派崔克‧科爾維爾。

This is [Joe Vandrick] on for Patrick Colville. Steve, I think you mentioned earlier that there's a lot more to do on AI innovation. So I was hoping you could expand a bit more on that maybe talk about how you're thinking about the road map, you're planning and how you're planning to add these new AI security products or solutions, would it be organically or through M&A?

這位是喬·範德里克，他代替帕特里克·科爾維爾上場。史蒂夫，我想你之前提到過，人工智慧創新方面還有很多工作要做。所以我希望您能再詳細闡述一下，例如您是如何考慮發展路線圖的，您是如何規劃以及如何添加這些新的 AI 安全產品或解決方案的，是透過自身發展還是透過併購？

I think we would certainly consider both and successful companies pull both levers here. And I think it's centered around the fact that the threat environment that we're experiencing today is unlike anything we've seen before. adversaries are moving with incredible speed, scale, sophistication and leveraging LLM and AI to create flawless, hyperrealistic fishing e-mails that bypass both human especially and traditional e-mail filters. We're also seeing executive coming executive faces and voices for socially engineered attacks.

我認為我們一定會同時考慮這兩種方法，成功的公司也會同時運用這兩種手段。我認為問題的核心在於，我們今天所面臨的威脅環境與以往任何時期都截然不同。攻擊者正以驚人的速度、規模和複雜性行動，並利用低階郵件行銷（LLM）和人工智慧（AI）創建完美無瑕、高度逼真的釣魚郵件，繞過人類（尤其是）和傳統的電子郵件過濾器。我們也看到一些高階主管的面孔和聲音被用於社會工程攻擊。

So certainly, bad actors are moving with incredible speed. We're seeing the weaponization of AI, which is resulting in the discovery of more vulnerabilities. And perhaps more concerning is not just more vulnerabilities in this all new digital world of AI, but it's the exploitation of those have become much faster, meantime for vulnerability discovery to vulnerability exploitation has compressed dramatically. So this necessitates a completely new approach to security, to sense on every dollar in cybersecurity spend on detect and respond technologies.

所以，不法分子的確正在以驚人的速度行動。我們正在目睹人工智慧的武器化，這導致更多漏洞的發現。或許更令人擔憂的不僅是人工智慧這個全新的數位世界中存在的更多漏洞，而且這些漏洞的利用速度也大大加快，同時，從發現漏洞到利用漏洞的時間已經大幅縮短。因此，這需要一種全新的安全方法，來仔細評估網路安全支出中用於偵測和回應技術的每一分錢。

Consequently, 4% is on proactive security. Gartner estimates over the next five years that, that mix will change dramatically. And so we'll see a disproportionate amount of spend more towards proactive security. And the goal here is to move tenable, are well in this world is to evolve from not just providing visibility but to be able to correlate vulnerabilities with preps and exploit chatter with criticality of those assets. So we can highlight likely passive exploit so organizations can look at their enterprise to the lens of adversaries and they can identify attack paths that are most meaningful to them.

因此，4%用於主動安全措施。Gartner 預計，未來五年內，這種結構將會發生巨大變化。因此，我們將看到相當一部分資金更多地用於主動安全措施。而這裡的目標是朝著永續的方向發展，在這個世界上，我們不僅要提供可見性，還要能夠將漏洞與準備工作聯繫起來，並將利用資訊與這些資產的關鍵性聯繫起來。因此，我們可以專注於可能的被動攻擊，以便組織能夠從對手的角度審視自己的企業，並確定對他們而言最有意義的攻擊路徑。

So exposure management is really at the epicenter of all of that. And it's a category that continues to grow and received recognition from IDC and some of the others that Mark talked about earlier, given our traction with exposure management and we're super excited about what's ahead for us.

因此，暴露管理其實是這一切的核心。而且，鑑於我們在風險敞口管理方面取得的進展，這一類別持續增長，並得到了 IDC 和 Mark 之前提到的其他一些機構的認可，我們對未來的發展感到非常興奮。

Roger Boyd, UBS.

羅傑·博伊德，瑞銀集團。

You talked about the longer, more strategic deals, and it seems like that's been a consistent trend over the past couple of quarters. And clearly evident in the nice acceleration on ARPU on bookings this quarter. Can you just further quantify what you're seeing there, what you're doing there from a sales perspective? And with these longer contracts, what's the overlap with customers adopting Tenable One Exposure Management?

你談到了更長期、更具戰略意義的交易，而這似乎在過去幾季中一直是一個持續的趨勢。這一點在本季預訂量ARPU的良好成長中體現得尤為明顯。您能否進一步量化您在那裡看到的情況，以及您從銷售角度所做的工作？而隨著這些較長合約的簽訂，與採用 Tenable One Exposure Management 的客戶之間的重疊部分是多少？

Yes, you bet. I mean it's a really phenomenal dynamic that we're seeing, right? The great part of this, and you see it in the RPO numbers, is we have customers not only new customers, but our installed base that want to get longer-term three-year commitments, right? They're seeing the road map, they're seeing how we're evolving exposure management, right, how we're building the technology and building tenable on the platform. And when we are able to articulate that and explain from where we're headed, the customers are buying in and they're buying it aggressively and they're making long-term commitments.

當然。我的意思是，我們現在看到的這種動態真的非常驚人，對吧？最棒的一點是，從 RPO 數據也可以看出，我們不僅有新客戶，還有我們現有的客戶群，他們都希望獲得更長期的三年承諾，對吧？他們看到了路線圖，看到了我們如何發展風險敞口管理，對吧，看到了我們如何建立技術並在平台上建立可持續的解決方案。當我們能夠清楚地闡述這一點，並解釋我們的發展方向時，客戶就會接受，他們會積極購買，並且會做出長期承諾。

And so we're very, very focused on the installed base that Steve identified, going after those 18,000 to 20,000 commercial and enterprise customers. anyone that's on VM, getting them upsold to Tenable One. That is our motion. We are driving that aggressively. And then for the new logos, one of the very cool things when we identified which is an extremely high number, 437 new logos in the quarter, a very significant portion of those customers were Tenable One, right?

因此，我們非常非常專注於史蒂夫所確定的現有客戶群，目標是那18,000到20,000家商業和企業客戶。任何使用VM的用戶，我們都要讓他們升級到Tenable One。這就是我們的策略。我們正在積極推進這項工作。至於新徽標，我們發現了一個非常酷的現象，那就是本季度新增了 437 個徽標，其中很大一部分客戶是 Tenable One，對吧？

So that is a pretty cool trend and we'll be able to then upsell those customers over time. And so I think when you see customers willing to sign up for long-term contracts, when they understand where you're headed and you're truly building an enterprise scale platform, that's an extremely positive sign for us.

所以這是一個很棒的趨勢，隨著時間的推移，我們將能夠向這些客戶推銷更多產品。所以我覺得，當看到客戶願意簽訂長期合同，當他們理解你的發展方向，並且你真正正在建立一個企業級平台時，這對我們來說是一個非常積極的信號。

Joshua Tilton, Wolfe Research.

Joshua Tilton，沃爾夫研究公司。

And Matt, it's good to hear your voice again. Two for me. The first one, hopefully, kind of easy, more of a clarification. Is there any way you can just help us understand what the inorganic contribution to billings was in the quarter? And how we should think about the inorganic contribution to billings for the full year? And then I have a follow-up.

馬特，很高興再次聽到你的聲音。我兩個。第一個問題，希望比較簡單，更像是說明。您能否幫我們了解本季非有機成長對帳單金額的貢獻是多少？那麼我們該如何看待全年非有機成長對帳單總額的貢獻呢？然後我還有一個後續問題。

Yes. Very insignificant, Josh, for both the quarter and the year.

是的。喬希，無論從季度還是年度來看，這都微不足道。

Okay. Very helpful. And then maybe just a follow-up, and I prefaced the question with not here to hold you to any numbers. But I think part of what was great about you in your previous role is you had a pretty predictable playbook on how you wanted the financial profile of the business to kind of unfold on an annual basis. And I think investors really appreciated that.

好的。很有幫助。然後，也許可以追問一下，我在提問前就說明，我不是來用任何數字來衡量你的。但我認為你之前的工作之所以出色，部分原因在於你對公司每年的財務狀況有著相當可預測的規劃。我認為投資者對此非常讚賞。

So again, not here looking for numbers, but maybe how do you think about your ability to leverage some of the playbook from your previous role to kind of deliver or help deliver a more consistent message around the durability of the financial profile for Tenable going forward?

所以，我並不是來問具體數字的，而是想問您，您如何利用之前工作中積累的經驗，來傳遞或幫助傳遞一個更一致的信息，即 Tenable 未來財務狀況的可持續性？

Oh man, that is quite a setup. So I mean, here's the way that I look at it. Tenable has a really incredible business and is getting only better and more strategic with our move to exposure management. So when you look at the underlying fundamentals and 95% of revenue is subscription and recurring, there is an opportunity to make sure that we can continue to grow top line while also continue to add profitability.

我的天，這佈置得真夠複雜的。所以，我是這麼看的。Tenable 的業務非常出色，隨著我們向風險敞口管理轉型，它只會變得越來越好，策略也越來越完善。因此，從基本面來看，95% 的收入來自訂閱和經常性收入，這為我們提供了一個機會，確保我們能夠在繼續提高營收的同時，繼續增加獲利能力。

And I think there are some spots in the P&L, where we've done that already over the past couple of years. But we'll continue to do that going forward into the future where we can continue to get more leverage out of the business. So I think there's a lot of opportunity to do some of the same things that I've done before, yes.

我認為在損益表中，過去幾年我們已經在某些方面這樣做了。但未來我們將繼續這樣做，以便繼續從業務中獲得更大的優勢。所以我覺得有很多機會可以做一些我以前做過的事情，是的。

Adam Borg, Stifel.

Adam Borg，Stifel。

Awesome. Of course, welcome and congrats to Matt. Maybe just on the macro, we talked a lot about the Fed. It's great to see in line with expectations. Any other color you could share just demand environment overall, be it at the upper end of the market, the mid-market geography vertical?

驚人的。當然，歡迎並祝賀馬特。或許只談宏觀經濟方面，我們聊了很多關於聯準會的話題。很高興看到結果符合預期。您能否分享一下其他顏色的整體需求環境，無論是高階市場還是中階市場？

Any other color would be really great.

其他任何顏色都非常棒。

No. I think demand was pretty even really across the board. We talked about the seasonally high mix in US Federal, and we were pleased with the results there. I talked about strength in new land and new logos, 437.

不。我認為各方面的需求都相當均衡。我們討論了美國聯邦儲備銀行的季節性高配股情況，我們對結果感到滿意。我談到了在新土地和新標誌中的力量，437。

And obviously, the continued traction with the platform. And I think that's really the highlight of the quarter here. The one takeaway is that the ability to close platform sales, the ability to assess a wide range of domains, the ability to unify action insight and deliver increased visibility from both the things that we assessed, assets that we assess as well as ingest data from others is resonating. It's a big market opportunity. we believe we're the clear leader there, and it's good to see the validation and recognition from our customers.

顯然，該平台持續獲得關注。我認為這才是本季真正的亮點。最重要的一點是，能夠完成平台銷售、評估各種領域、統一行動洞察並提高我們評估的事物、我們評估的資產以及從其他人那裡獲取的數據的可見性的能力，引起了共鳴。這是一個巨大的市場機會。我們相信我們在這個領域是絕對的領導者，很高興看到客戶的認可和肯定。

Jonathan Ruykhuver, Cantor.

喬納森·魯伊庫弗，坎托爾。

Yes. I'm curious to hear how conversations might be changing with the pending with Google deal, how much of a concern is multi-cloud support. And then just broadly looking at Tenable cloud security, how is it performing? I mean it does look like a market that is increasingly competitive but when you look at your positioning relative to the broader exposure management opportunity, it seems like that could be a differentiating factor. So maybe you could just elaborate on those two questions.

是的。我很想知道隨著與Google的交易即將完成，雙方的討論可能會發生怎樣的變化，多雲支援究竟有多重要。那麼，從整體來看，Tenable 雲端安全性表現如何呢？我的意思是，這看起來確實是一個競爭日益激烈的市場，但當你審視自身在更廣泛的風險敞口管理機會中的定位時，這似乎可能是一個差異化因素。所以，您或許可以詳細解釋這兩個問題。

Yes, you bet. No, absolutely. And yes, it is definitely an active conversation without a doubt, right? So a lot of CISOs are really looking at it. And we mentioned this on a couple of previous calls once the announcement first out there, but you're really starting to see it pick up because now it's becoming a reality.

當然。不，絕對的。是的，這無疑是一場積極的對話，對吧？所以很多首席資訊安全官都在密切關注這個問題。我們在之前的幾次電話會議上也提到過這一點，當時公告剛發布，但現在你真的開始看到它逐漸成為現實了。

Now customers are getting a true sense of how they're going to come together within Google. And we are doing a significant amount of presentations, demonstrations and POVs with accounts. When we look at Q3, we had a bunch of deals that we were able to go in and actually do displacements. One of the deals we highlighted on the call was a displacement of not just a Wiz account, but also an incumbent VM player.

現在，客戶們真正感受到了他們將如何在谷歌內部協同工作。我們正在與客戶進行大量的簡報、講解和觀點分享。當我們回顧第三季時，我們達成了很多交易，我們能夠真正進入市場並進行置換。我們在電話會議上重點提到的一筆交易，不僅取代了 Wiz 的一個客戶，也取代了一家現有的 VM 營運商。

So to the point that you brought up on the question, this consolidation story around a platform that centers around exposure management right, being able to ingest multiple different assets into a hybrid platform, so both on-prem and in the cloud and in OT and in identity in other areas that absolutely resonates. And so we are -- I use the term getting invited to a significant amount of more dances and we continue -- and we will continue to expect that to happen throughout Q4 and going into next year. So we are very, very optimistic about our cloud business centered around Tenable One.

所以，回到你提出的問題，這個圍繞著以風險敞口管理為中心的平台的整合故事，能夠將多種不同的資產導入混合平台，包括本地和雲端、OT 和身分管理等其他領域，這絕對引起了我的共鳴。因此，我們——我用「受邀參加更多舞會」這個詞來形容——並且我們將繼續——我們預計這種情況會在整個第四季度以及明年繼續發生。因此，我們對以 Tenable One 為中心的雲端業務非常非常樂觀。

Todd Weller, Stephens.

托德·韋勒，史蒂芬斯。

In the past, we've talked about kind of the growth equation to drive top line acceleration. Wanted to see if you could just kind of revisit that and give us an update. Continued momentum with Tenable One and exposure management is great, and that's much higher growth and then you have like the traditional VM piece. So how are you thinking about those components? How you're thinking about the VM kind of sustainable growth and is it really just a math equation and time of the exposure piece continuing to get bigger? Or is there anything that can happen on the VM side that could drive kind of improved growth there?

過去，我們討論過推動營收成長的某種成長方程式。我想問您是否可以再跟我們說說這件事，並給我們一些最新進展。Tenable One 和風險敞口管理業務的持續成長勢頭非常好，這帶來了更高的成長，然後還有像傳統 VM 部分這樣的業務。那麼，你對這些組成部分有什麼看法？您如何看待 VM 的永續成長？它真的只是一個數學方程式，隨著曝光時間的不斷增加而成長嗎？或者說，虛擬機器方面有沒有什麼可以推動其成長的因素？

Yes. I think you've hit on the main components there. So we're 100% focused on Tenable One and driving customers to Tenable One. And our belief is that once they're there, they will continue to expand. So whether they're doing pretty much as core VM there today, we're seeing opportunities where they then expand within Tenable One to take on more EM type activities. So that's encouraging.

是的。我認為你已經抓住了其中的關鍵要素。因此，我們百分之百專注於Tenable One，並致力於引導客戶遷移到Tenable One。我們相信，一旦他們使用Tenable One，他們就會繼續拓展業務。所以，無論他們目前主要從事的是核心虛擬機業務，我們都看到了他們在 Tenable One 內部擴展業務，承擔更多 EM 類型活動的機會。這令人鼓舞。

When you zoom out from Tenable One and you look just at VM versus EM, EM is obviously today a smaller part of our business, but it is growing much faster. So our expectation is that over time, while VM is a stable grower, EM is growing much faster, and that helps drive that growth algorithm overall.

當你從 Tenable One 的角度放大來看，只看 VM 與 EM 時，EM 顯然目前在我們業務中所佔的份額較小，但它的成長速度要快得多。因此，我們預期隨著時間的推移，雖然 VM 的成長較為穩定，但 EM 的成長速度要快得多，這有助於推動整體成長演算法。

Junaid Siddiqui, Truist.

Junaid Siddiqui，Truist。

Great. You highlighted now supporting over 300 validated integrations. How are these integrations contributing to deal velocity and deal sizes?

偉大的。您重點提到目前支援超過 300 個經過驗證的整合。這些整合如何促進交易速度和交易規模的提升？

Yes. Well, the -- it's been around this belief that no one security company can secure all domains all assets across the attack surface. We have -- today, it's a tack surface, is us prowling the ecosystem of traditional IT devices, it's cloud environments, identities, both human and machine as well as OT industrial control systems that power on of critical infrastructure. So over the years, the attack surface has expanded, right? It's no longer about securing servers in the data center or laptops in an office.

是的。一直以來，人們都認為沒有一家安全公司能夠保護所有網域和所有資產免受攻擊。如今，我們面臨的挑戰是——我們正在探索傳統 IT 設備、雲端環境、身分（包括人的身份和機器的身份）以及為關鍵基礎設施提供動力的 OT 工業控制系統的生態系統。所以這些年來，攻擊面擴大了，對吧？現在的問題不再是保護資料中心的伺服器或辦公室的筆記型電腦了。

And so we think exposure management it's really turned around this belief of any assessing things that are foundational, like traditional IT devices like cloud environments, both pre and post production like OT assets and even looking at the important context around the identities of those, but also the ability to ingest data from others. We believe in an open platform, we believe we should be able to partner for this kind of data to deliver this kind of insight to customers, all center around this notion of unified visibility and insight and action.

因此，我們認為風險暴露管理真正改變了這種觀念，即評估基礎性事物，例如傳統的 IT 設備（如雲端環境）、生產前和生產後（如 OT 資產），甚至考慮這些資產身分的重要背景，以及從其他來源獲取資料的能力。我們相信開放平台，我們相信我們應該能夠合作獲取這類數據，從而為客戶提供這類洞察，所有這些都圍繞著統一的可見性、洞察力和行動這一理念。

Those are foundations to what we do. We think the connections matter. We think it gives us certainly more breadth, the ability to deliver more insights and more importantly, the ability to help our customers mobilize and orchestrate fixes on the back end and correlate vulnerabilities with exploit chatter with asset criticality, that's really important to do that in a very cohesive way.

這些都是我們工作的基礎。我們認為人際關係很重要。我們認為這無疑為我們提供了更廣闊的視野，能夠提供更多見解，更重要的是，能夠幫助我們的客戶在後端調動和協調修復工作，並將漏洞與攻擊資訊和資產關鍵性關聯起來，以非常協調的方式做到這一點非常重要。

Shrenik Kothari, Robert Baird.

施萊尼克·科塔里，羅伯特·貝爾德。

Congrats, and welcome, Matt. Mark, you cited turn at 40% of new business, of course, improving ASPs and deal sizes. And it seems like the platform growth as percent of new business is covering in near that 40% mix. Just what do you think are going to be the biggest unlocks to further accelerate this platform as a percentage of new business? Are you thinking something along the lines of a pricing package and exploring something like flex? Are you also thinking more sort of field enablement and increased S&M investments? Just curious and then a follow-up for Matt.

恭喜，歡迎馬特。馬克，你提到新業務的 40% 實現了轉型，當然，這提高了平均售價和交易規模。而且，平台成長佔新業務的百分比似乎已經接近 40% 了。您認為哪些因素將最大程度地推動該平台在新業務中所佔比例的進一步成長？您是不是在考慮價格方案，或是探索類似靈活付費模式之類的東西？您是否也在考慮加強現場賦能和增加行銷投資？只是好奇問，然後想問馬特一個後續問題。

Yes. So you highlighted a couple of great areas right there, right? And so those areas we're looking at. But I think one of the best things we've got in front of us is we've got the opportunity to expand in that installed base, right? So as Steve kind of highlighted the numbers, we've got phenomenal opportunity to go expand within our huge, massive installed base. So that is like the number one focus for us is getting that expansion.

是的。所以你剛才重點提到了幾個很棒的領域，對吧？所以，這就是我們正在關注的領域。但我認為我們面前最好的事情之一就是我們有機會擴大現有用戶群，對吧？正如史蒂夫強調的數據所示，我們擁有絕佳的機會，可以在我們龐大的用戶群中實現擴張。所以，我們目前的首要任務就是實現擴張。

When you then look at the innovation that we've done around third-party ingest, right, we're now seeing here in Q4 a bunch of quotes going out to Tenable One deals that have third-party asset types, right? So we'll be able to monetize that third-party asset type. So that will start taking off. We talked about our AI strategy and what we did with Apex and how we'll be able to start monetizing that in Q4 and especially going into 2026.

當你審視我們在第三方資料攝取方面所做的創新時，你會發現，在第四季度，我們看到很多報價都發給了 Tenable One，這些交易都包含第三方資產類型，對吧？這樣我們就能將這種第三方資產類型貨幣化。所以這件事就會開始進展順利。我們討論了我們的人工智慧策略，以及我們在 Apex 所做的工作，以及我們將如何在第四季度開始實現其盈利，尤其是在 2026 年。

Now that is on the back of some of the things you highlighted, right? So obviously, evaluating pricing and packaging strategies and marketing strategies, those are all things that we're very much on top of. But there is very tangible specific things that we're doing today that to get the growth and the expansion within Tenable One, and we're going to continue to march down that road.

這是基於你剛才提到的一些要點，對吧？很顯然，評估定價和包裝策略以及行銷策略，這些都是我們非常重視的事情。但是，為了實現 Tenable One 的成長和擴張，我們今天正在做一些非常具體的事情，我們將繼續沿著這條道路前進。

Great. Very helpful. And Matt, very quickly from your perspective in terms of what you have seen so far, like how do you plan to now kind of balance all the priorities that just laid out versus incremental operating leverage in terms of your strategy or your priorities? How should we expect 2026?

偉大的。很有幫助。馬特，從你目前所見的情況來看，你打算如何平衡剛才列出的所有優先事項與你的策略或優先事項中的增量營運槓桿？我們該如何看待2026年？

Yes. I think we expect to continue to both grow top line and add incremental margin. And so when we look at places on the P&L where we can expect to go get that margin, it's a little bit like what you should have seen in this quarter's results actually, where you're going to get a little bit out of gross margin, you're going to get a little bit out of sales and marketing and G&A. And we are going to probably give a little bit back in R&D because we're continuing to invest in the platform. And we're going to -- there's going to be, obviously, no one quarter is going to be exactly like the next. We're going to continue to invest in sales capacity as well. But the point is as you grow revenue, you're able to just get a little bit more leverage.

是的。我認為我們有望繼續實現營收成長和利潤率提升。因此，當我們查看損益表上可以預期獲得利潤的地方時，這有點像你實際上應該在本季度業績中看到的情況，你會從毛利率中獲得一些利潤，你會從銷售和營銷以及一般及行政費用中獲得一些利潤。我們可能會在研發方面做出一些貢獻，因為我們將繼續投資於該平台。而且，很顯然，每個季度都不會和下一個季度完全一樣。我們將繼續投資提升銷售能力。但關鍵在於，隨著營收的成長，你就能獲得更大的議價能力。

Gray Powell, BTIG.

Gray Powell，BTIG。

Okay. Great. Thank you very much for working me in. Greatly appreciate it. A lot of good questions have been asked.

好的。偉大的。非常感謝你安排我來上班。非常感謝。大家提出了很多很好的問題。

Maybe I said one of my list that has not. What kind of traction are you seeing with the Apex acquisition and AI exposure? And I'm not sure if you said this, but how should we think about it impacting ASPs with Tenable One or potentially driving just incremental adoption of the platform?

也許我說過我名單上的某個人，但他還沒有。Apex 的收購和人工智慧領域的應用，您看到了怎樣的進展？我不確定您是否說過，但我們應該如何看待它對 Tenable One 的 ASP 的影響，或者它可能只是推動平台的逐步普及？

Sure. So that's an acquisition that we announced, I think the last quarter, several months ago. And really the plan from an integration perspective was to natively build those capabilities in the platform. and then come to market with a more expansive AI offering, which we're pleased to see us do at Black Hat. So we did that over the summer.

當然。這是我們在上個季度，也就是幾個月前宣布的收購。從整合角度來看，我們的計劃是在平台內部原生建立這些功能，然後推出更全面的AI產品，我們很高興能在黑帽大會上實現這一點。我們在今年夏天完成了這項工作。

We brought to market AI exposure. And our exposure gives us the ability to not only discover AI applications and shadow AI, but now gives us to the ability to inspect at the prompt level usage of AI.

我們將人工智慧技術推向市場。我們的這種接觸不僅使我們能夠發現人工智慧應用和影子人工智慧，而且現在還使我們能夠及時檢查人工智慧的使用情況。

It is a foundational piece in our broader AI strategy, and the AI strategy is really centered around a couple of things. Number one, contextualized risk with which we've been doing for some time, and we continue to do and that's generate risk-based prioritization. That is really dynamic and constantly updated so AI acts really is this risk co-pilot.

它是我們更廣泛的人工智慧策略的基礎組成部分，而人工智慧策略實際上是圍繞著以下幾個方面展開的。第一，我們已經進行了一段時間的背景化風險評估，我們將繼續進行評估，這會產生基於風險的優先排序。它非常動態，並且不斷更新，因此人工智慧實際上扮演著風險副駕駛的角色。

The second thing is really a journey that we've been on, which is autonomous remediation agents. And right now, we're able to integrate bidirectionally with the CMDBs and the ticketing systems. And the focus is really on generating tickets with precise remediation steps to orchestrate patch deployments and force configuration baselines.

第二件事是我們一直在探索的領域，那就是自主修復代理。目前，我們已經能夠與組態管理資料庫 (CMDB) 和工單系統進行雙向整合。重點在於產生包含精確修復步驟的工單，以協調修補程式部署並強制執行設定基準。

But the goal here over the course of time is this continuous learning and adaptation and use AI as a means not only to deliver greater insight, but have customers benefit from this network effect to 40,000-plus customers at global telemetry that we've collected over the last 20 years to do safer auto remediation. And so we can not only not just respond to threats, but also anticipate them. So we're super excited about our place in this world, with AI, EM exposure management is taking on greater importance Obviously, we expect continued grow air and continued traction with the offering itself.

但從長遠來看，我們的目標是不斷學習和適應，並將人工智慧作為一種手段，不僅是為了提供更深刻的見解，更是為了讓客戶從這種網路效應中受益。我們過去 20 年收集的全球遙測數據，惠及 4 萬多名客戶，以實現更安全的汽車維修。因此，我們不僅可以應對威脅，還可以預測威脅。因此，我們對自身在人工智慧領域的發展前景感到非常興奮，電磁暴露管理的重要性日益凸顯。顯然，我們期待著持續成長的市場環境和產品本身的持續發展勢頭。

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

問答環節和今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。