Tenable Holdings Inc (TENB) 2025 Q4 法說會逐字稿

Greetings, and welcome to the Tenable fourth quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Erin Karney, Vice President, Investor Relations. Please go ahead.

各位好，歡迎參加 Tenable 2025 年第四季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。現在我榮幸地向大家介紹投資人關係副總裁艾琳‧卡尼。請繼續。

Thank you, operator, and thank you all for joining us on today's conference call to discuss Tenable's fourth quarter and full year 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. Prior to this call, we issued a press release announcing our financial results for the quarter. You can find the press release on our IR website at tenable.com.

謝謝接線員，也感謝各位參加今天的電話會議，共同討論 Tenable 2025 年第四季和全年的財務表現。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。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。

We will make forward-looking statements during the course of this call, including statements relating to our guidance and expectations for the first quarter and full year 2026, growth and drivers in our business, changes in the threat landscape in the security industry, particularly regarding AI security and the shift to preemptive security, our competitive position in the market; growth in customer demand for and adoption of our solutions, including Tenable One, our exposure management platform; planned innovation, including Agentic AI security and orchestration capabilities, research and development, investments in Tenable One, changes in key financial metrics and our future results of operations and financial position.

在本次電話會議中，我們將發表前瞻性聲明，包括與我們對 2026 年第一季和全年的指導和預期、業務成長和驅動因素、安全產業威脅情勢的變化（尤其是在人工智慧安全和向先發製人安全轉變方面）、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）的需求和成長功能、對我們解決方案（包括我們的風險管理平台 Tenable One)的投資、關鍵財務指標的變化以及與我們未來的經營績效和財務狀況相關的聲明。

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 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.

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，我們今天將討論的所有財務結果均為非GAAP財務指標。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。

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. I'll now turn the call over to Steve.

與最接近的 GAAP 財務指標相比，使用這些非 GAAP 財務指標有一些限制。我們的新聞稿包含了這些指標的 GAAP 與非 GAAP 調整表。現在我將把電話交給史蒂夫。

Thanks, Erin. Before we get started, I want to welcome Vlad Korsunsky to Tenable as our new CTO. He will be instrumental in advancing our AI strategy and driving innovation across our AI-powered platform, specifically advancing our argentic remediation capabilities. Vlad comes with tremendous experience building and leading Microsoft's global multi-cloud security, enterprise AI security and exposure management businesses.

謝謝你，艾琳。在正式開始之前，我想歡迎 Vlad Korsunsky 加入 Tenable，擔任我們的新任技術長。他將對推動我們的人工智慧策略和推動我們人工智慧平台的創新起到重要作用，尤其是在提升我們的人工智慧修復能力方面。Vlad 在建構和領導微軟的全球多雲安全、企業 AI 安全和風險管理業務方面擁有豐富的經驗。

With that, let's get into the quarter. In Q4, we exceeded all of our guided metrics with 11% year-over-year revenue growth and 24% operating margin. Tenable One, our AI-powered exposure management platform, was 46% of new business this quarter, an exciting record for us.

那麼，讓我們進入本季吧。第四季度，我們所有指標均超出預期，營收年增 11%，營業利益率達 24%。我們的人工智慧風險敞口管理平台 Tenable One 本季佔新業務的 46%，這對我們來說是一個令人興奮的記錄。

During the quarter, we added over 500 new enterprise platform customers, which was our best quarter in two years. Strong demand for preemptive security, along with the continued validation from major industry analyst firms is driving larger deal sizes. These firms have recognized Tenable One as a leader in exposure management.

本季度，我們新增了 500 多個企業平台客戶，這是我們兩年來最好的季度。對先發制人安全防護的強勁需求，以及主要產業分析公司的持續認可，正在推動交易規模的擴大。這些公司已將 Tenable One 視為風險敞口管理領域的領導者。

Mark will speak more about this momentarily. Now a key driver behind these wins is the complexity of the modern attack surface. AI is showing up in nearly every customer conversation. Organizations are moving quickly, but many still can't see where AI is running, what it touches, who can access it or how it connects to the rest of the environment. This creates an invisible attack surface that most teams aren't equipped to manage.

馬克稍後會就此作進一步說明。如今，這些勝利背後的一個關鍵驅動因素是現代攻擊面的複雜性。人工智慧幾乎出現在每一次客戶對話中。各個組織都在快速發展，但許多組織仍然看不到人工智慧在哪裡運作、它影響到什麼、誰可以存取它，或它如何與環境的其他部分連結。這就造成了一個隱形的攻擊面，大多數團隊都沒有能力應付。

In response, many organizations have turned to AI-specific point products that focus on a narrow slice of the problem. But because they only see a part of the environment, they leave gaps across applications, identities, cloud workloads and data, which is exactly where risk grows. This is why a platform approach is needed. And for Tenable, it's a natural extension of what we've always done and why we are demonstrating early customer momentum.

為此，許多組織轉向了專門針對人工智慧的特定產品，這些產品只關注問題的一小部分。但由於他們只能看到環境的一部分，因此在應用程式、身分、雲端工作負載和資料方面留下了漏洞，而這正是風險成長的地方。這就是為什麼需要採用平台化方法的原因。對 Tenable 而言，這是我們一直以來所做事情的自然延伸，也是我們能夠展現早期顧客成長動能的原因。

Tenable One now continuously discovers AI across the entire organization, including internal and external, on-premises and cloud to deliver a complete risk-aware view of where AI operates, how it's connected and where exposure is created. From there, the platform provides the insight and context that customers want to identify the governance controls required to reduce risk. By bringing AI into the same unified exposure management model that our platform customers already rely on, Tenable One delivers the clarity and consistency organizations need in a rapidly changing landscape.

Tenable One 現在可以持續發現整個組織（包括內部和外部、本地和雲端）的 AI，從而提供完整的風險感知視圖，了解 AI 的運作位置、連接方式以及風險敞口的產生位置。在此基礎上，該平台提供了客戶想要了解的洞察和背景信息，以便確定降低風險所需的治理控制措施。Tenable One 將 AI 引入我們平台客戶已經依賴的統一風險管理模型中，為組織在快速變化的環境中提供了所需的清晰度和一致性。

We are a platform-first company. Everything we do is about giving customers unified visibility, insight and action in a way that scales with the complexity of the attack surface. Tenable One enables security leaders to reduce operational complexity, resulting in a comprehensive single source of truth for risk. As we expand our capabilities in the platform with more third-party integrations, we are also leaning in and investing in what comes next in preemptive security, including Agentic AI security and the evolution of exposure management into advanced remediation.

我們是一家平台優先的公司。我們所做的一切都是為了向客戶提供統一的可見性、洞察力和行動力，而這種可見性、洞察力和行動力能夠隨著攻擊面的複雜性而擴展。Tenable One 讓安全領導者能夠降低營運複雜性，從而形成全面、單一的風險真實來源。隨著我們透過更多第三方整合擴展平台的功能，我們也正積極投入到預防性安全領域的下一步發展中，包括智慧人工智慧安全以及將暴露管理演進為進階補救措施。

Our customers are increasingly asking us to go beyond identifying risk and help them reduce it in an automated, repeatable way. We believe remediation will be a major part of the next chapter in exposure management and that Tenable is in a strong position to lead that shift into this expansive greenfield opportunity. As we enter this next phase, we see our advantages as fundamental to helping customers solve their biggest cybersecurity challenges.

我們的客戶越來越要求我們不僅要識別風險，還要以自動化、可重複的方式幫助他們降低風險。我們相信，補救措施將是風險暴露管理下一階段的重要組成部分，而 Tenable 處於有利地位，能夠引領這一轉變，抓住這一廣闊的全新機會。進入下一階段，我們認為自身優勢對於幫助客戶解決他們面臨的最大網路安全挑戰至關重要。

We have vast amounts of exposure data from over 15,000 enterprise platform customers through our open platform and continuous scanning and exposure analysis. This helps create competitive moat and will allow us to deliver data-driven scalability, autonomy and transparency so our customers can reduce risk preemptively. We view our data's breadth, depth and quality as unmatched given the expansive ecosystem of assets, environments and signals it spans.

我們透過開放平台和持續掃描及風險分析，從超過 15,000 家企業平台客戶那裡獲得了大量的風險暴露資料。這有助於建立競爭優勢，並使我們能夠提供數據驅動的可擴展性、自主性和透明度，使我們的客戶能夠提前降低風險。鑑於我們的數據涵蓋了廣泛的資產、環境和訊號生態系統，我們認為我們的數據在廣度、深度和品質方面是無與倫比的。

This differentiation matters. The accuracy of any AI model or prioritization engine depends on the strength of its underlying data. And our data is built to give customers a level of precision and context that is difficult to replicate. And with emerging capabilities, we are positioning our solutions to turn that insight into action by automating the manual repetitive tasks that slow teams down, enabling faster and more efficient remediation.

這種區別很重要。任何人工智慧模型或優先排序引擎的準確性都取決於其底層資料的品質。我們的數據旨在為客戶提供難以複製的精確度和背景資訊。隨著新興能力的出現，我們正在調整我們的解決方案，透過自動化那些拖慢團隊速度的重複性手動任務，將這些洞察轉化為行動，從而實現更快、更有效率的補救措施。

Our disciplined focus on expanding the platform and ensuring AI remains central to every innovation is driving stronger platform adoption and deeper customer engagement. We believe these priorities will be key drivers in the evolution of our growth trajectory as we move throughout 2026.

我們始終專注於擴展平台，並確保人工智慧始終是每項創新的核心，這正在推動平台更廣泛地被採用，並加深客戶參與度。我們相信，這些優先事項將成為我們在 2026 年發展歷程中的關鍵驅動力，推動我們實現成長軌跡。

And now I'd 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 positioned to lead them through this change.

現在我想把電話交給馬克，讓他來討論客戶和產業如何應對向風險敞口管理的轉變，以及我們如何定位自己，引領他們完成這項變革。

Thanks, Steve. We spoke last quarter about being recognized as a leader in the exposure management category by IDC and in the unified vulnerability management category by Forrester. Two of the industry's top analyst firms. In Q4, we were named a leader in the 2025 Gartner Magic Quadrant for Exposure Assessment platforms. We were also named as the current company to beat in the 2025 Gartner AI Vendor race.

謝謝你，史蒂夫。上個季度我們談到了被 IDC 評為風險敞口管理領域的領導者，以及被 Forrester 評為統一漏洞管理領域的領導者。業界兩家頂尖分析公司。第四季度，我們被評為 2025 年 Gartner 風險評估平台魔力像限的領導者。我們也被評為 2025 年 Gartner AI 供應商競賽中最具競爭力的公司。

Tenable is the company to beat for AI-powered exposure assessment reporting. Tenable was also one of two vendors recognized as a customer choice alongside with Wiz in the 2025 Gartner Peer Insights, Voice of the Customer for cloud-native Application Protection Platform report. Taken together, this recognition reinforces what we are hearing from customers and partners every day.

在人工智慧驅動的風險評估報告領域，Tenable 是業界翹楚。在 2025 年 Gartner Peer Insights 雲端原生應用程式保護平台客戶之聲報告中，Tenable 與 Wiz 一起被評為客戶首選的兩家供應商之一。綜上所述，這項認可印證了我們每天從客戶和合作夥伴那裡聽到的回饋。

Tenable One is emerging as the essential foundation for exposure management, helping customers turn fragmented security data into unified, actionable road map for risk reduction. Let me share a few examples of customer wins in Q4 and how they are using Tenable One as their environments grow more complex and their needs evolve.

Tenable One 正成為風險敞口管理的重要基礎，幫助客戶將分散的安全資料轉化為統一的、可操作的風險降低路線圖。讓我分享一些第四季客戶成功案例，以及隨著客戶環境日益複雜、需求不斷變化，他們如何使用 Tenable One。

First, let's talk about expansion momentum. A large global enterprise significantly expanded its Tenable One deployment after consolidating and simplifying multiple VM technologies. They selected Tenable because our platform gave them deeper, more accurate visibility and reduced operational overhead compared to their previous tools. They also chose Tenable One for third-party risk managements following a highly competitive and rigorous evaluation, including multiple large platform players.

首先，我們來談談擴張勢頭。一家大型全球企業在整合和簡化多種虛擬機器技術後，大幅擴展了其 Tenable One 部署。他們選擇 Tenable 是因為與他們先前的工具相比，我們的平台能夠提供更深入、更準確的可見性，並降低營運成本。經過競爭激烈且嚴格的評估（包括多家大型平台廠商的評估），他們最終選擇了 Tenable One 作為第三方風險管理合作夥伴。

This win reinforces two important trends we are seeing in real time. Customers want to consolidate fragmented tools, and they increasingly view Tenable One as the strategic platform that can address multiple exposure-related use cases through a single unified platform approach. Second, we are seeing strong demand driven by rapid adoption of AI.

這場勝利印證了我們目前正在即時觀察到的兩個重要趨勢。客戶希望整合分散的工具，他們越來越將 Tenable One 視為能夠透過單一統一的平台方法解決多個與風險敞口相關的用例的策略平台。其次，我們看到強勁的需求是由人工智慧的快速普及所驅動的。

We closed our first seven-figure deal driven by AI exposure in the quarter. A major telecommunications provider selected Tenable One to gain visibility into how AI was being deployed and used throughout the organization. They had no unified way to understand which agents were being used, what data was being shared or how AI-driven activity was expanding their attack surface.

本季度，我們完成了首筆受人工智慧推動的七位數交易。一家大型電信業者選擇 Tenable One 來了解人工智慧在整個組織中的部署和使用情況。他們沒有統一的方法來了解正在使用哪些代理、正在共享哪些數據，或人工智慧驅動的活動如何擴大他們的攻擊面。

Their teams were trying to address AI exposure in silos, which left significant blind spots. Tenable One AI exposure closed that gap by giving them end-to-end visibility across their entire AI environment. With Tenable One, they can see which AI apps are being used and by which users, what data is being shared by those users and how these elements combine to create potential exposure paths. They chose Tenable because our platform delivers a complete connected view of AI activity instead of a series of isolated findings.

他們的團隊試圖各自為政地解決人工智慧風險問題，造成了嚴重的盲點。Tenable One AI 的普及彌補了這一差距，使他們能夠全面了解其整個 AI 環境。借助 Tenable One，他們可以看到哪些 AI 應用程式正在被使用，以及哪些用戶正在使用，這些用戶正在共享哪些數據，以及這些因素如何結合起來形成潛在的風險暴露路徑。他們選擇 Tenable 是因為我們的平台提供的是人工智慧活動的完整關聯視圖，而不是一系列孤立的發現。

Third, we are seeing momentum in the public sector, a large higher education consortium selected Tenable to lead a multiphase exposure management initiative spanning more than 20 campuses as part of a statewide cybersecurity modernization effort. The program focuses on reducing systemic risk across institutions with varied levels of maturity, while establishing consistent visibility, prioritization and remediation practices. This was a highly strategic win because the customer required a unified platform that could support a diverse environment, integrate with existing tools and scale across dozens of institutions.

第三，我們看到公共部門正在取得進展，一個大型高等教育聯盟選擇 Tenable 來領導一項涵蓋 20 多個校區的多階段風險暴露管理計劃，這是全州網路安全現代化工作的一部分。該計劃旨在降低不同成熟度機構的系統性風險，同時建立一致的可見度、優先排序和補救措施。這是一場極具戰略意義的勝利，因為客戶需要一個統一的平台，該平台能夠支援多樣化的環境，與現有工具集成，並可擴展到數十個機構。

Tenable One met those requirements and demonstrated the ability to drive measurable risk reductions in the early phases of the project. As a result, the customer consolidated on Tenable and eliminated competitive solutions to standardize on Tenable One. Additional phases covering the remaining campuses are expected as the program expands. While these all represent clear examples of where Tenable differentiates itself from the competition, there is one other key point here. We view these customer wins as representing early steps in a much larger opportunity.

Tenable One 滿足了這些要求，並展現了在專案早期階段推動可衡量的風險降低的能力。因此，客戶最終選擇了Tenable，並淘汰了其他競爭解決方案，統一採用Tenable One。隨著計畫的擴展，預計後續階段也將涵蓋其餘校區。雖然以上都清楚地表明了 Tenable 與競爭對手的不同之處，但這裡還有另一個關鍵點。我們認為這些客戶的成功只是邁向更大機會的早期步驟。

Customers are not buying Tenable for a single use case. We are seeing that they are investing in Tenable One as a long-term platform to address exposures across multiple domains in their environments. This reflects a broader shift to platform consolidation. And Tenable One is becoming the system our customers standardize on as they replace fragmented point solutions.

顧客購買 Tenable 並非為了單一用途。我們看到，他們正在投資 Tenable One，將其視為長期平台，以解決其環境中多個領域的風險敞口。這反映了平台整合的更廣泛趨勢。Tenable One 正在成為我們的客戶取代分散的獨立解決方案時所採用的標準化系統。

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. We're very encouraged by the strong fourth quarter, exceeding the high end of the range on every metric we guided to for the quarter and the year. It was an outstanding finish to the year, and I'm so proud of the entire team for their execution.

謝謝你，馬克。第四季業績強勁，我們對此感到非常鼓舞，所有指標均超過了我們預期的季度和年度目標範圍的上限。這是今年最完美的收官之戰，我為整個團隊的出色表現感到無比自豪。

Revenue for the quarter was $260.5 million, representing growth of 10.5% year over year and driving growth of 11.0% year-over-year on a full year basis. 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 and an increase in our new and expansion growth rates driven by Tenable One adoption. Our percentage of recurring revenue remained high at 96% for the year. We're continuing to see increasing momentum in Tenable One with an all-time high of 46% of new and expansion business coming from the platform.

本季營收為 2.605 億美元，年增 10.5%，全年年增 11.0%。本季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以及 Tenable One 的普及推動了新業務和擴張業務成長率的提高。本年度我們的經常性收入佔比維持在96%的高點。我們看到 Tenable One 的發展勢頭持續增強，新增和擴展業務中來自該平台的比例達到了歷史新高，高達 46%。

As preemptive security takes center stage, customers are turning to our platform as their solution of choice to manage risk across their attack surface, including AI. We added 502 new customers in the quarter, many of which came directly into Tenable One. The strength in Tenable One drove calculated current billings, or CCB, ahead of expectations to $327.8 million in the fourth quarter, a year-over-year increase of 8.5%. Full year 2025 CCB landed at $1.049 billion, growing 8.2% year over year, while short-term remaining purchase obligations, or cRPO, grew 13.3%.

隨著先發制人的安全措施日益受到重視，客戶紛紛選擇我們的平台作為其管理攻擊面（包括人工智慧）風險的首選解決方案。本季我們新增了 502 位客戶，其中許多客戶直接加入了 Tenable One 平台。 Tenable One 的強勁表​​現推動第四季計算出的當期帳單金額 (CCB) 超出預期，達到 3.278 億美元，年增 8.5%。2025 年全年 CCB 達到 10.49 億美元，年成長 8.2%，而短期剩餘購買義務 (cRPO) 成長了 13.3%。

Changes in upfront billing patterns and increasing contract durations are causing the growth rates in CCB and CRPO to diverge, which we expect to persist in the midterm. Net dollar expansion rate came in ahead of expectations at 106%. Non-GAAP gross margin was 82.7% for the quarter, an increase from 81.7% in Q4 2024. Full year 2025 non-GAAP gross margin was 82.1% compared to 81.4% in the prior year.

預付計費模式的變化和合約期限的延長導致 CCB 和 CRPO 的成長率出現分歧，我們預計這種情況在中期內會持續下去。美元淨擴張率超出預期，達 106%。本季非GAAP毛利率為82.7%，高於2024年第四季的81.7%。2025 年全年非 GAAP 毛利率為 82.1%，而前一年為 81.4%。

We are encouraged by our ability to slowly but steadily increase non-GAAP gross margin year over year, both on a quarter and full year basis. Non-GAAP income from operations for the quarter was $63.7 million or 24.4% of revenue. On a full year basis, non-GAAP income from operations grew to $219.0 million or 21.9% of revenue compared to $184.1 million or 20.5% of revenue in the prior year.

我們很欣慰地看到，無論按季度還是全年來看，我們的非GAAP毛利率都能逐年穩定成長。本季非GAAP營業收入為6,370萬美元，佔營收的24.4%。以全年計算，非GAAP營業收入成長至2.19億美元，佔營收的21.9%，而上一年為1.841億美元，佔營收的20.5%。

I'm especially proud of our ability to steadily increase margins in 2025, growing operating margin 140 basis points compared to 2024. In a year in which we absorbed two acquisitions and invested significantly in product innovation as demonstrated by the year-over-year increase in research and development expenses.

我尤其為我們能夠在 2025 年穩步提高利潤率而感到自豪，與 2024 年相比，營業利潤率增長了 140 個基點。在這一年中，我們完成了兩項收購，並在產品創新方面投入了大量資金，研發費用比去年同期成長就證明了這一點。

We expect to continue our strong track record of delivering margin expansion, while balancing for growth, having expanded our non-GAAP operating margin by 680 basis points since the end of 2023. Non-GAAP earnings per share for the quarter was $0.48 compared to $0.41 in Q4 2024, an increase of 17.1%. Non-GAAP earnings per share for the year was $1.59 compared to $1.29 in 2024, an increase of 23.3%. The increase in Q4 and full year EPS reflects the increase in profitability combined with a decrease in diluted shares outstanding.

我們預計將繼續保持強勁的利潤率擴張記錄，同時兼顧成長，自 2023 年底以來，我們的非 GAAP 營業利潤率已成長了 680 個基點。本季非GAAP每股收益為0.48美元，而2024年第四季為0.41美元，成長了17.1%。本年度非GAAP每股收益為1.59美元，而2024年為1.29美元，成長了23.3%。第四季和全年每股收益的成長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 $402.2 million. We generated $87.5 million in unlevered free cash flow during the quarter compared to $85.7 million in Q4 2024, bringing our full year 2025 unlevered free cash flow to $277.0 million, a year-over-year increase of 16.5% and now represents 27.7% of revenue. During the fourth quarter, we repurchased 2.3 million shares for $62.5 million. And through the end of 2025, we have repurchased a total of 10.6 million shares for $362.4 million since November 2023.

接下來看一下資產負債表。現金和短期投資總額為 4.022 億美元。本季我們產生了 8,750 萬美元的非槓桿自由現金流，而 2024 年第四季為 8,570 萬美元，使我們 2025 年全年的非槓桿自由現金流達到 2.77 億美元，年成長 16.5%，目前佔營收的 27.7%。第四季度，我們以 6,250 萬美元的價格回購了 230 萬股股票。截至 2025 年底，自 2023 年 11 月以來，我們已累計回購 1,060 萬股股票，總額達 3.624 億美元。

Today, I'm happy to announce that we recommended and the Board approved a $150 million increase to our share repurchase authorization, increasing our current total authorization to $338 million as of year end and enabling us to accelerate repurchases under the program. We believe that our current share price trades at a discount relative to our true value and that utilizing our strong balance sheet and cash flow generation to more aggressively repurchase shares is an effective use of capital.

今天，我很高興地宣布，我們建議並經董事會批准將股票回購授權增加 1.5 億美元，使我們目前的股票回購授權總額在年底達到 3.38 億美元，並使我們能夠加快該計劃下的回購速度。我們認為，我們目前的股價相對於我們的真實價值而言存在折價，利用我們強大的資產負債表和現金流量產生能力更積極地回購股票是有效利用資本的方式。

Turning to the financial outlook for Q1 and full year 2026. We have discussed over the past several quarters that CCV and RPO growth rates are diverging due to changes in upfront billings patterns and increasing contract durations. The increasing mix of larger strategic multiyear transactions is a desired outcome of our platform strategy and is driving an increase in overall contract duration.

接下來展望2026年第一季和全年的財務前景。在過去的幾個季度裡，我們一直在討論，由於預付款模式的變化和合約期限的延長，CCV 和 RPO 的成長率正在出現分歧。規模更大的多年策略交易日益增多，這是我們平台策略的預期結果，也是推動整體合約期限延長的因素。

At the same time, the shift to annual installment billings based on customer demand and away from 100% upfront payments on multiyear transactions is reducing overall billings durations compared to prior periods and causing a negative distortion to CCV that we believe fails to accurately represent the growth of our business.

同時，根據客戶需求，從多年交易的 100% 預付款轉向年度分期付款，與之前的時期相比，整體帳單週期有所縮短，導致 CCV 出現負面扭曲，我們認為這未能準確反映我們業務的成長。

In addition to the distortion dynamic that impacts what we disclose externally, internally, management is no longer using CCB as a component to monitor the performance of the business. Consequently, CCB is no longer a key financial metric for us, and we will not be providing a specific guidance range for CCB in 2026 and forward.

除了影響我們對外揭露資訊的扭曲動態之外，內部管理階層也不再使用CCB作為監控業務績效的組成部分。因此，建行不再是我們重要的財務指標，我們將不會對建行在 2026 年及以後的表現給予具體的指引範圍。

Having said that, while we will not guide to a specific CCB range in 2026, we expect full year 2026 CCB will be in line with current consensus expectations despite the anticipated billings duration headwinds. The momentum we experienced in Tenable One in the second half of 2025 and growing opportunity in AI exposure gives us confidence heading into 2026. For Q1, we expect revenue to be in the range of $257 million to $260 million, representing a year-over-year increase of 8.1% at the midpoint.

話雖如此，雖然我們不會給出 2026 年 CCB 的具體範圍，但我們預計，儘管預計賬單期限將面臨不利因素，但 2026 年全年 CCB 將與目前的普遍預期保持一致。2025 年下半年，Tenable One 的發展勢頭強勁，人工智慧領域的機會也不斷增加，這讓我們對 2026 年充滿信心。我們預計第一季營收將在 2.57 億美元至 2.6 億美元之間，以中間值計算，年增 8.1%。

For full year 2026, we expect revenue to be in the range of $1.065 billion to $1.075 billion, exceeding the $1 billion milestone for the first time and representing a year-over-year increase of 7.1% at the midpoint. We expect non-GAAP income from operations for the first quarter to be in the range of $53 million to $56 million or 21.1% of revenue at the midpoint.

我們預計 2026 年全年營收將在 10.65 億美元至 10.75 億美元之間，首次突破 10 億美元大關，以中間值計算，年增 7.1%。我們預計第一季非GAAP營業收入將在5,300萬美元至5,600萬美元之間，佔營收的21.1%（取中間值）。

For full year 2026, we expect non-GAAP operating income to be in the range of $245 million to $255 million or 23.4% of revenue at the midpoint, representing a year-over-year increase of 150 basis points. At the end of Q4, we began an effort to realign departments across the company, stripping out redundant roles and reinvesting into innovation in the Tenable One platform and AI security.

我們預計 2026 年全年非 GAAP 營業收入將在 2.45 億美元至 2.55 億美元之間，佔營收的 23.4%（取中間值），比上年增長 150 個基點。在第四季末，我們開始著手調整公司各部門的架構，裁撤冗餘職位，並將資金重新投入 Tenable One 平台和 AI 安全領域的創新。

As a result of these efforts, we incurred $3.1 million of restructuring expenses in Q4 and expect to incur approximately $5 million more in the first half of the year, all of which is expected to be paid in 2026. We expect non-GAAP net income for the first quarter to be in the range of $46 million to $49 million, representing a year-over-year increase of 7.2% at the midpoint. For full year 2026, we expect non-GAAP net income in the range of $214 million to $224 million, representing a year-over-year increase of 12.7% at the midpoint.

由於這些努力，我們在第四季度產生了 310 萬美元的重組費用，預計今年上半年還將產生約 500 萬美元的費用，所有這些費用預計將在 2026 年支付。我們預計第一季非GAAP淨收入將在4,600萬美元至4,900萬美元之間，以中間值計算，年增7.2%。我們預計 2026 年全年非 GAAP 淨收入將在 2.14 億美元至 2.24 億美元之間，以中間值計算，年增 12.7%。

We expect non-GAAP earnings per share for the first quarter to be in the range of $0.39 to $0.42 per share, representing a year-over-year increase of 12.5% at the midpoint. For full year 2026, we expect non-GAAP earnings per share in the range of $1.81 to $1.90 per share, representing a year-over-year increase of 16.7% at the midpoint.

我們預計第一季非GAAP每股盈餘將在0.39美元至0.42美元之間，以中位數計算，年增12.5%。我們預計 2026 年全年非 GAAP 每股盈餘將在 1.81 美元至 1.90 美元之間，其中數值較上年同期成長 16.7%。

And finally, we expect unlevered free cash flow for the year to be in the range of $285 million to $295 million or 27.1% of revenue at the midpoint. While we're pleased unlevered free cash flow continues to grow year over year, it's worth noting that our 2026 forecast is being impacted by an estimated $24 million or approximately 220 basis points of margin due to the reduction in upfront multiyear billings and cash restructuring charges that I spoke about before.

最後，我們預計本年度未槓桿自由現金流將在 2.85 億美元至 2.95 億美元之間，佔營收的 27.1%（取中間值）。儘管我們很高興看到未槓桿自由現金流逐年增長，但值得注意的是，由於我之前提到的多年期預付款減少和現金重組費用，我們 2026 年的預測將受到約 2400 萬美元或約 220 個基點的利潤率的影響。

Looking ahead to 2027 and beyond, we expect billings durations to normalize and unlevered free cash flow as a percentage of revenue will grow generally in line with growth in non-GAAP operating margin. In closing, we'd like to thank the entire Tenable team and our customers and partners for a great result. It's amazing to see the traction we're getting in Tenable One and our customers' excitement around our AI exposure management capabilities. We believe the second half of 2025 was important validation and that 2026 is setting the foundation for returning to accelerating growth, which is our number one priority.

展望 2027 年及以後，我們預期帳單週期將趨於正常化，未槓桿自由現金流佔收入的百分比將總體上與非 GAAP 營業利潤率的成長保持一致。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。看到 Tenable One 取得的進展以及客戶對我們 AI 風險暴露管理功能的興奮之情，真是令人驚嘆。我們認為 2025 年下半年是一個重要的驗證，而 2026 年將為恢復加速成長奠定基礎，這是我們的首要任務。

With that, we are happy to open up the call for questions. Operator?

接下來，我們很高興地向大家徵求問題。操作員？

(Operator Instructions) Rob Owens, Piper Sandler.

（操作說明）羅伯歐文斯，派珀桑德勒。

Great stuff on the deal size is moving up the success with Tenable One everything you're -- the successes you're seeing from an exposure management standpoint. But hoping you could square that a little bit with what you saw in the large customer cohort and the net additions of $100,000 ACV customers, as it was lower than we've seen in the past.

交易規模的顯著提升，以及你從風險敞口管理角度所取得的成功，都推動了 Tenable One 的成功。但希望您能將此與您在大客戶群體中看到的情況以及 10 萬美元 ACV 客戶的淨新增數量進行一些調和，因為這比我們過去看到的要低。

Rob, this is Steve. I would say two things. Number one, new business was strong for us. As you saw, we added 500 new customers and the value of those lands are more sizable now than they have been in the past. Second thing is that expansion was good for us in the quarter. I want to make that very clear. Where we saw strength is within the cohort of customers that were -- our large customers.

羅伯，這是史蒂夫。我想說兩點。第一，我們的新業務發展強勁。正如你所看到的，我們新增了 500 位客戶，這些土地的價值現在比過去大得多。其次，本季的擴張對我們有利。我想把這一點說清楚。我們發現，我們的大客戶群才是我們的優勢所在。

So our largest customers that have adopted Tenable One, who are using Tenable One, expand it within the quarter. So we're very pleased to see the ability to land and transact new business at higher price points with the platform, but also more importantly, expand the relationships with our largest customers. And that's really the tail to take this quarter.

因此，我們最大的客戶，那些已經採用 Tenable One 並正在使用 Tenable One 的客戶，會在本季度內擴展其業務。因此，我們非常高興地看到，透過該平台，我們能夠以更高的價格達成新的業務交易，但更重要的是，我們能夠擴大與最大客戶的關係。這就是本季真正值得關注的尾聲。

Great. When you talk about some of the success you're seeing in terms of AI exposure, and I think you mentioned your first seven-figure deal on that front. Just help us understand where customers are in this journey at this point? Is it a tip of spear type of item for you or something that's being followed on? And while it's conversational, how much activity you're actually seeing out of the customer base right now to move?

偉大的。當你談到你在人工智慧應用方面取得的一些成功時，我想你提到了你在該領域的第一筆七位數交易。請幫助我們了解客戶目前處於購買流程的哪個階段？對你來說，它是先鋒之作還是後續跟進之作？雖然目前是對話式的，但你現在實際看到的客戶群中有多少人有購買意願呢？

Yes. So it is literally coming up in every single conversation, right? There isn't a conversation that you have with the CISO where AI and AI security and how to protect their organizations does not come up. So it is unbelievably prevalence. We see it everywhere. When you look at some of the opportunities that we're going after, obviously, we commented we closed our first seven-figure deal, which was outstanding.

是的。所以，幾乎每次談話都會提到這個問題，對吧？在你與首席資訊安全長 (CISO) 的任何對話中，都不會不涉及人工智慧、人工智慧安全以及如何保護其組織。所以它的普遍程度令人難以置信。我們到處都能看到它。當你審視我們正在追求的一些機會時，很明顯，我們提到我們完成了第一筆七位數的交易，這非常了不起。

And when you look at some of the use cases, there's some constant themes that are coming up, where I think we're uniquely positioned to excel, right? When you look at some of the things that are coming up from the CISO around looking at and discovering AI across the entire enterprise and the company, looking for like shadow AI and the AI attack surface and the public services being used from an AI perspective, then how do they protect the AI workloads and the agents for misconfigurations and nonhuman identities, those type of things and then the governance issues that are arising in regard to deploying and using AI.

當你觀察一些使用案例時，你會發現一些反覆出現的主題，我認為我們在這些方面具有獨特的優勢，能夠脫穎而出，對吧？當你看到首席資訊安全長 (CISO) 提出的關於在整個企業和公司範圍內審視和發現人工智慧的一些問題時，例如尋找影子人工智慧、人工智慧攻擊面以及從人工智慧角度使用的公共服務，那麼他們如何保護人工智慧工作負載和代理免受配置錯誤和非人類身份的侵害，以及在部署和使用人工智慧方面出現的治理問題。

So these are constant themes that we're seeing. And we are seeing pipeline build, and we're seeing it come up in all of our conversations. So I think this will be quite a bit of tailwind for us moving forward.

所以這些是我們一直看到的幾個共同主題。我們看到管道正在建設中，而且在我們所有的談話中都看到了這一點。所以我認為這將對我們未來的發展起到相當大的推動作用。

Saket Kalia, Barclays.

薩克特·卡利亞，巴克萊銀行。

Nice quarter. Steve and Mark, maybe just to start with you. I mean, Tenable One is clearly doing very well. And that really expands vulnerability management into exposure. And so maybe the question around that is what additional modules within Tenable One, are customers adopting most as you look at that growing Tenable One base? And maybe relatedly, how is that broader offering impacting your competitive win rates, if at all?

不錯的街區。史蒂夫和馬克，或許就先從你們兩個開始。我的意思是，Tenable One 顯然做得非常好。這實際上將漏洞管理擴展到了暴露風險領域。因此，圍繞這個問題或許可以思考：隨著 Tenable One 用戶群的不斷增長，客戶最常採用 Tenable One 中的哪些附加模組？或許相關的是，這種更廣泛的產品組合對你的比賽勝率有何影響（如果有的話）？

Sure. Yes. Good question, Saket. I would say a couple of things. First and foremost, as you saw this quarter, mix of new business inflected higher. 46% of our total new sales came from the platform. Customers clearly won a platform. They clearly want to be able to assess risk holistically and it really comes down to three things: one, I would say visibility; two is insights; and three is action.

當然。是的。問得好，薩凱特。我想說幾點。首先，正如您在本季度所看到的，新業務的組成有所改善。我們新增銷售額的46%來自平台。顯然，客戶贏得了一個平台。他們顯然希望能夠全面評估風險，而這實際上歸結為三件事：第一，我認為是可見性；第二是洞察力；第三是行動。

And so one of the big areas of value for the platform is our ability to help customers understand their entire digital footprint, whether it's asset systems, devices, workloads that are either in the cloud on your network, on the factory floor. And so consequently, we have most customers who are using the platform are using us for traditional VM, but plus web app, plus cloud security, which continues to grow at a very nice rate.

因此，該平台的一大價值領域是能夠幫助客戶了解其整個數位足跡，無論是資產系統、設備或工作負載，無論是在雲端、網路或工廠車間。因此，我們的大多數平台使用者都使用我們的平台進行傳統虛擬機器部署，此外還包括 Web 應用程式和雲端安全，而雲端安全業務正以非常可觀的速度持續成長。

And then more recently, as Mark called out, securing the AI attack surface, which is a big blind spot for our customers. And then more importantly, it's the ability to correlate all those data -- all that data to deliver insights and help customers orchestrate remediation to reduce risk.

最近，正如 Mark 指出的那樣，保護 AI 攻擊面是一個重要問題，也是我們客戶的一大盲點。更重要的是，它能夠關聯所有這些數據——所有這些數據都能提供洞察，並幫助客戶協調補救措施以降低風險。

And I think the takeaway here going forward, there will be less emphasis on individual modules and individual products. And the emphasis for us and it's really selling the platform, selling it in a more cohesive way and making sure that we're giving customers access to all of the capabilities within the platform to continue to drive higher levels of utilization and continue to inflect selling prices higher.

我認為，未來我們將不再那麼重視單一模組和單一產品。而我們的重點在於真正地推銷這個平台，以更連貫的方式推銷它，並確保我們讓客戶能夠使用平台內的所有功能，從而繼續提高利用率，並繼續推高售價。

Got it. Got it. Very helpful. Maybe for my follow-up for you, Matt. Listen, it was very clear on the call.

知道了。知道了。很有幫助。或許我可以給你後續回复，馬特。聽著，通話中說得很清楚。

I mean, the billings duration dynamics definitely help explain why we're no longer going to be talking about CCB. But it also sounds like the growth here in fiscal '26 on CCB shouldn't be that impacted. Can you just unpack that a little bit? I mean is the headwind from billings duration maybe smaller? Or is there just faster underlying growth in the business that enables you to sort of endorse consensus?

我的意思是，帳單週期動態肯定有助於解釋為什麼我們不再討論 CCB 了。但聽起來，CCB 在 2026 財年的成長應該不會受到太大影響。你能稍微解釋一下嗎？我的意思是，比林斯持續時間帶來的不利影響可能較小嗎？或者，業務本身是否有更快的潛在成長，使您能夠認同這種共識？

And maybe just philosophically, what is -- is it going to be revenue that's going to be really the basis that we should be judging the health of the business? Or anything on that on sort of new metrics that you think are going to be better reflective of the dynamics that are happening?

或許從哲學角度來說，收入是否才是我們評斷企業健康狀況的真正依據？或者，您認為有哪些新的指標可以更好地反映正在發生的動態變化？

Yes. Thanks for the question, Saket. So really, we saw a really strong finish to 2025, which gives us quite a bit of confidence heading into 2026. We are still seeing a billings direction headwind to CCB. But we did feel like it was important to at least give that qualitative direction around where our expectations are for CCB in 2026.

是的。謝謝你的提問，Saket。所以，我們看到 2025 年取得了非常強勁的收官成績，這讓我們對 2026 年充滿信心。我們仍然看到CCB的帳單方向面臨不利因素。但我們確實覺得有必要至少給出一些定性的方向，說明我們對 CCB 在 2026 年的期望。

Beyond that, though, you could just tell from our guide, we're feeling very good about where revenue is coming in op income, and despite the fact that we also see billings duration headwinds in free cash flow, we're also able to put up a pretty good free cash flow number for the guide as well.

除此之外，從我們的指南中可以看出，我們對營運收入的來源感到非常滿意，儘管我們也看到帳單週期對自由現金流構成不利影響，但我們仍然能夠在指南中給出相當不錯的自由現金流數字。

So generally feeling very positive, and it goes back to a lot of what we've discussed already, which is our confidence in the platform. We're seeing where that's working, that strategy is paying off and the opportunities that we're continuing to see in AI.

總的來說，感覺非常積極，這與我們之前討論過的許多內容都有關，那就是我們對這個平台的信心。我們看到這種策略在哪些方面行之有效，這種策略正在發揮成效，而且我們在人工智慧領域也持續看到了機會。

And despite that headwind, the one comment I would add there is that despite that headwind, we're seeing strength. If you look at the strength in our business, so I think the guide reflects the strength and the underlying momentum of the business despite the change that Matt mentioned. So really pleased with the results for the quarter. Really pleased to be giving the guide today and demonstrates the increasing confidence in our ability to execute and deliver greater value to customers.

儘管面臨這些不利因素，但我還要補充一點，儘管面臨這些不利因素，我們仍然看到了力量。如果你看看我們業務的實力，我認為這份指南反映了業務的實力和潛在發展勢頭，儘管馬特提到了變化。我對本季的業績非常滿意。今天能夠提供這份指南，我感到非常高興，這也反映了我們對自身執行能力的日益增強的信心，以及我們為客戶創造更大價值的能力。

Brian Essex, JPMorgan.

Brian Essex，摩根大通。

I appreciate all the commentary on the quality of the data across the platform. Or maybe for either Steve or Mark, if you could maybe pull on that thread a little bit. As investors become concerned about the potential for disruption outside of the depth of visibility that you noted with Rob and Saket, could you maybe help us better understand where some of the deeper data differentiation lies, how that resonates with customers? And then also maybe how you might competitively see larger platform vendors that are innovating into the exposure management space, particularly as we see demand on the AI side?

我感謝大家對平台上數據品質的所有評論。或許對史蒂夫或馬克來說，如果你能稍微拉一下那根線就好了。鑑於投資者開始擔心除了您提到的 Rob 和 Saket 的深度可見性之外，還可能出現顛覆性影響，您能否幫助我們更好地了解一些更深層的數據差異化在哪裡，以及這些差異化如何引起客戶的共鳴？此外，我們或許可以探討一下，隨著人工智慧領域的需求成長，大型平台供應商在風險敞口管理領域進行創新，它們之間的競爭格局又會如何改變？

Sure. First and foremost, let me say that AI is a massive opportunity for us. I want to be very clear about that. I think Mark and I are convicted in that. It makes us more relevant.

當然。首先，我想說人工智慧對我們來說是一個巨大的機會。我想把這一點說清楚。我認為我和馬克都認同這一點。這讓我們更具相關性。

It makes us more important and more importantly, it makes exposure management more critical for our customers. Mark highlighted this earlier, but we're starting to see incremental AI budget dollars flow our way to help customers secure their use of AI. But it all starts with our data, the breadth and depth of the data we've collected over two-plus decades, we believe is absolutely unparalleled.

這讓我們變得更加重要，更重要的是，這使得風險敞口管理對我們的客戶來說更加關鍵。Mark 之前已經強調過這一點，但我們開始看到越來越多的 AI 預算資金流入我們這裡，以幫助客戶確保他們能夠安全地使用 AI。但這一切都始於我們的數據，我們相信，我們二十多年來收集的數據的廣度和深度是絕對無與倫比的。

We talked about this earlier on the call, the data that we collect is unique. It's based on deep domain expertise and things like trusted access and years of continuous scanning telemetry and exposure analysis. And this is something that either general models or other companies can't replicate. And moreover, it's really about applying AI to leverage this data to deliver insights in a way that allow us to solve the closure gap.

我們之前在電話會議中討論過這個問題，我們收集的數據是獨一無二的。它基於深厚的領域專業知識，以及可信任存取權限和多年持續的掃描遙測和暴露分析​​等因素。這是通用模型或其他公司都無法複製的。而且，這實際上是應用人工智慧來利用這些數據，從而提供洞察力，使我們能夠彌合差距。

And for that, AI is at the center of what we're doing, it's not only going to augment human operators. But it's going to give us like critical context and knowledge that will help our customers develop a deeper understanding about their risk. And more importantly, it will allow us to drive actionability and orchestrated remediation to reduce risk in the world of AI speed and scale.

因此，人工智慧是我們工作的核心，它不僅會增強人類操作員的能力。但這將為我們提供關鍵的背景資訊和知識，幫助我們的客戶更深入地了解他們的風險。更重要的是，它將使我們能夠推動可操作性和有組織的補救措施，從而降低人工智慧快速發展和規模化所帶來的風險。

So this data is going to allow us to continue to create a bunch of agentic workflows to get the job done in the right way. And so we're well positioned here, and it's of course, more compliant in what we can do. And the last thing I would say here would be -- I think, it's just to connect the dots. It's really about the brand, the trust customers have in us, the size of our customer base, the ability to leverage the data to reduce risk at all of these things.

因此，這些數據將使我們能夠繼續創建大量智慧工作流程，以正確的方式完成工作。因此，我們在這裡處於有利地位，當然，我們能做的事情也更加合規。最後我想說的是——我認為，這只是為了把各個點連接起來。這實際上是關乎品牌、客戶對我們的信任、我們的客戶群規模，以及利用數據降低所有這些方面風險的能力。

Great. Super helpful. And maybe if I could do one quick follow-up for Matt. Conservatism in the guide, I mean, 1Q at the midpoint implies a sequential decline, which seems early similar to 1Q this year. You have the same philosophy? Should we think about the setup this year the same way as you have coming into 2025 and --

偉大的。非常有用。或許我可以幫馬特做個簡短的後續工作。指南中的保守做法是，第一季中點意味著季比下降，這似乎與今年第一季的情況類似。你的理念和我一樣嗎？我們今年的安排是否應該和你們考慮2025年的情況一樣？--

Yes. I think -- look, we're pretty happy with the guide certainly relative to the expectations that were already out there. We're -- I think we're ahead across the board on our guided metrics. I expect seasonality will be pretty similar to what we've seen in the past. So I would expect that to be consistent. But we're very happy about the opportunity that we've seen, not just exiting the year, but also as we look ahead to the pipeline and the deals that we have in front of us, we're feeling good about the year.

是的。我認為——你看，我們對這份指南相當滿意，當然，這與之前已有的預期相比，已經很不錯了。我認為，在我們設定的所有指標上，我們都處於領先地位。我預計季節性變化將與過去的情況非常相似。所以我認為情況會保持一致。但我們對所看到的機會感到非常高興，不僅是對今年的展望，而且展望未來的項目儲備和擺在我們面前的交易，我們對今年充滿信心。

Joseph Gallo, Jefferies.

Joseph Gallo，傑富瑞集團。

There was a lot of strength in pro services in the past two quarters. Can you just speak to that? And how we should think about that in the context of the guidance?

過去兩個季度，專業服務領域表現強勁。您能談談這個問題嗎？那麼，我們該如何結合指導原則來思考這個問題呢？

You bet, I'll comment on that. The reason you're starting to see that pick up, and it is a unique model that we have here at Tenable because we do 100% of our business through partners and resellers. So our partners and resellers. They also drive a significant part of their business through services. But as we now are deploying a platform at scale, you see these deployments, where they're going through and rolling out multiple different asset types.

當然，我會對此發表評論。你開始看到這種成長的原因是，Tenable 採用了一種獨特的模式，因為我們 100% 的業務都是透過合作夥伴和經銷商完成的。所以我們的合作夥伴和經銷商。他們也透過服務推動了其業務的很大一部分。但隨著我們現在大規模部署平台，你會看到這些部署，它們正在逐步推出多種不同的資產類型。

And so we're able to go in there and as we're doing larger transactions, larger deals, we're able to go in there with our professional services organization and help them on this exposure management journey. When it was just core base VM way back in the day, there wasn't this massive demand for professional services. But now as you deploy a platform, they want to do it, they want to deploy it quickly.

因此，隨著我們進行更大規模的交易，我們能夠進入其中，透過我們的專業服務機構幫助他們進行風險敞口管理。以前只有核心基礎虛擬機器的時候，專業服務的需求並沒有這麼大。但現在，當你部署一個平台時，他們希望盡快部署。

They want to make sure that they get all of the different asset types deployed over time, and they want to get it done to drive their utilization rates as high as possible, utilizing all their licenses. So we expect that to continue, but we also expect our partner community and the GSI community to be able to drive significant service exposure management platform, Tenable One.

他們希望確保隨著時間的推移，所有不同類型的資產都能部署，並且他們希望透過充分利用所有許可證，盡可能提高資產利用率。因此我們預計這種情況會持續下去，但我們也希望我們的合作夥伴社群和 GSI 社群能夠推動重要的服務暴露管理平台 Tenable One 的發展。

Awesome. That's really helpful. And then maybe just as a quick follow-up. So it was a really strong quarter and you guys spoken to prudence, it seems like in the guidance. But I just want to square away, you just grew 11%.

驚人的。這真的很有幫助。然後或許可以簡單地跟進一下。所以這是一個非常強勁的季度，而且你們在業績指引中也提到了謹慎行事。但我只想澄清一下，你剛剛成長了 11%。

You're guiding to 7%. So the exit rate may be below that. Like is that just a straight math equation between the baton handoff between VM and exposure management. And like at what point can we see exposure management be material enough to kind of offset that and stabilize growth?

你的指導目標是7%。因此，退出率可能低於這個水準。這是否只是虛擬機器和風險暴露管理之間接力傳遞的一個簡單數學方程式？那麼，我們什麼時候才能看到風險敞口管理發揮足夠重要的作用，從而抵消這種影響並穩定成長呢？

Yes. Underneath that, what we're seeing is strength and significantly higher growth rates within Tenable One, which is exactly what we want to see. Today, though, Tenable One represents about 1/3 of our overall business. As that percent overall percentage continues to decline and continues to grow faster than non-Tenable One, we expect that, that overall growth rate then inflects higher stabilizes and then inflect higher.

是的。在此基礎上，我們看到的是 Tenable One 的強勁實力和顯著更高的成長率，這正是我們所希望看到的。但如今，Tenable One 約占我們整體業務的三分之一。隨著該百分比總體佔比持續下降，並且持續以高於非 Tenable One 的速度增長，我們預計，該總體增長率將趨於穩定，然後進一步上升。

The Good thing is we're seeing signs of that now. So we're seeing increased rates of adoption Tenable One. That's exactly what we want to see. We're seeing increased growth rates within new and expansion, which is also exactly what we want to see. So the early signs are there, and that gives us confidence.

好消息是，我們現在已經看到了這種跡象。所以我們看到Tenable One的採用率正在提高。這正是我們所希望看到的。我們看到新業務和擴張業務的成長率都在提高，這正是我們希望看到的。所以早期跡像已經顯現，這給了我們信心。

Mike Cikos, Needham & Company.

Mike Cikos，Needham & Company。

I'll echo congratulations here. Appreciate the commentary on the shifting patterns here to annual installment billings. Matt, I guess, first question for you, but my concern is you would cited the $24 million headwind to unlevered free cash flow this year from both billings and restructuring. And the concern is that folks are still going to calculate CCB and then try to triangulate off of that $24 million to derive some sort of figure.

我在此也表示祝賀。感謝您對目前付款方式從按年分期付款轉變的評論。馬特，我想問你第一個問題，但我擔心的是，你會提到今年由於帳單和重組，未槓桿自由現金流將面臨 2400 萬美元的不利影響。令人擔憂的是，人們仍然會計算 CCB，然後試圖從這 2400 萬美元中得出某種數字。

Can you point us in the right direction for why that and is or is not what we should be doing when thinking about normalized CCB adjusting for these different billing patterns, please? And then I have a followup.

請問您能否指出，為什麼這樣做是我們應該做的，或者不應該這樣做，以及在考慮針對這些不同的計費模式調整標準化 CCB 時，這樣做是否正確？然後我還有後續問題。

Sure. So first off, we thought it was important to at least provide some qualitative direction around our expectations for CCB for 2026, which is why we pointed -- why we pointed out in my prepared remarks that we expected CCB to be in line with current consensus expectations. So that was important for us.

當然。首先，我們認為至少應該就我們對建行2026年的預期提供一些定性方向，這就是為什麼我們在準備好的發言稿中指出，我們預計建行將符合當前的普遍預期。所以這對我們來說很重要。

Underneath that, though, we know that's despite some of the billings headwinds. And so I think what I would point to is, yes, there is going to be this impact. But we're also providing other metrics that should be helpful. So if we talk about percentage of new and expansion business in Tenable One. We talk about additional new customers.

但我們知道，即便麵臨一些不利因素，最終還是能取得這樣的成績。所以我認為，是的，這會產生影響。但我們也提供了其他一些有用的指標。所以，如果我們談論Tenable One的新業務和現有業務的佔比，我們指的是新增客戶數量。

We talk about our net expansion rate. And obviously, we're talking guide to revenue. The types of things that I would be looking at and that we are looking at are things like the net expansion rate, I think that's important. That came in ahead of expectations at 106%.

我們來談談淨擴張率。顯然，我們指的是收入指南。我會關注並且我們正在關注的事情包括淨擴張率，我認為這很重要。這結果超出預期，達到了106%。

Actually expected that to drop down to 105% in Q4, but we exceeded expectations and it landed at 106%. I think that percentage very likely could bounce down to 105%, but I expect that to stabilize in the middle of the year. And I think that's a very good first sign that things overall are stabilizing. So I think there's a lot there to look at. as you point out, CCB, not only, of course, do we provide that qualitative aggression.

原本預計第四季會降至 105%，但我們超出了預期，達到了 106%。我認為這個百分比很可能會回落到 105%，但我預計到年中會趨於穩定。我認為這是一個非常好的初步跡象，表明整體情況正在趨於穩定。所以我認為這裡有很多值得探討的地方。正如你所指出的，CCB，當然，我們提供的不僅僅是這種定性的侵略性。

CCB is going to be readily available for everyone to calculate, when you're looking at our financial statements. So that is going to be something that folks can continue to look at, if they so choose. But we tried our best to quantify the impact and that headwind is embedded into our expectations for 2026.

當您查看我們的財務報表時，CCB 將很容易被大家計算出來。所以，如果人們願意的話，這將是他們可以繼續關注的事情。但我們盡力化了這種影響，並將這種不利因素納入了我們對 2026 年的預期中。

And just as a follow-up, I want to make sure I heard correctly, this probably goes back to Joe's question on the shape or what's implied for the decel through '26. But if I heard you correctly, so it sounds like the guide is underwriting net expansion rate of 105% in the back half of the year. So first, did I hear that correctly? And then secondly, just given that Tenable One today is about 1/3 of the business. At what scale does Tenable One need to be before we can actually see an inflection point?

作為後續，我想確認我是否聽得正確，這可能與 Joe 關於 '26 之前減速的形狀或含義的問題有關。但如果我理解正確的話，那麼這份指南似乎預測下半年淨擴張率將達到 105%。首先，我沒聽錯吧？其次，考慮到 Tenable One 目前約占公司業務的三分之一。Tenable One 需要達到多大的規模，我們才能真正看到轉捩點？

Yes. So actually, it underwrites a net expansion rate of 105% in the first half of the year. My expectation is that, that rate stabilizes and could, in fact, inflect higher. And that really, at that point, demonstrates the stability in our overall growth rate at which point Tenable One continues to drive things higher. And in particular, as we see greater opportunities within exposure management. AI is just one example, but we're beginning to see the signs of accelerated growth beyond.

是的。所以實際上，它保證了今年上半年淨擴張率達到 105%。我的預期是，該利率將趨於穩定，甚至可能進一步走高。而這確實顯示了我們整體成長率的穩定性，Tenable One 將繼續推動成長率不斷提高。尤其是我們看到了風險敞口管理領域更大的機會。人工智慧只是一個例子，但我們開始看到其他領域加速成長的跡象。

And I think that's really the important point here, which is we have confidence and our ability, we feel like we have the right strategy, our confidence in our ability to execute as we've demonstrated here not only just this quarter, but over the last few quarters, where we're demonstrating good stable growth with traction in the platform, and that is all a preposition to driving growth higher.

我認為這才是重點，那就是我們有信心和能力，我們覺得我們擁有正確的策略，我們有信心執行，正如我們不僅在本季度，而且在過去的幾個季度中所證明的那樣，我們展現出了良好的穩定增長，平台也獲得了認可，這一切都為推動更高增長奠定了基礎。

And so, the investments we're making around the platform, the investments we're making in AI helping our customers secure the AI attack surface. The investments we're making in the ability to monetize leverage the data to deliver insights to orchestrate remediation or we're confident in our ability to drive growth higher. And that's -- Mark and I are focused on that and the opportunities are right in front of us, and we're confident in our ability to do that.

因此，我們圍繞著平台進行的投資，以及在人工智慧領域的投資，都在幫助我們的客戶保護人工智慧攻擊面。我們正在投資提升利用數據獲利的能力，從而提供洞察力來協調補救措施，或者我們有信心推動更高的成長。而這正是──我和馬克都專注於此，機會就在眼前，我們對自己的能力充滿信心。

Jonathan Ho, William Blair.

喬納森·何，威廉·布萊爾。

Could you maybe talk a little bit about -- especially the broader adoption of Tenable One maybe what the pricing uplift looks like, but also potentially how asset and coverage rates increase over time as well?

您能否談談—特別是Tenable One的更廣泛應用，例如價格上漲的情況，以及資產和覆蓋率如何隨著時間的推移而增長？

Yes, I can speak to that. This is Matt. So the great thing about the platform is we see an opportunity where customers today standalone VM customers today moving to the platform to do full exposure management, can see an uplift as much as 80% uplift when moving to the platform. But even customers that wanted to stand-alone VM today, but want to move to the platform to do VM within the platform. They're seeing an increased set of capabilities within the platform, and they get an uplift as well.

是的，我可以就此發表看法。這是馬特。因此，該平台最大的優勢在於，我們看到了一個機會，即目前獨立的虛擬資產客戶如果遷移到該平台進行全面的風險敞口管理，其收益可能會提升高達 80%。但即使是那些今天想要獨立運行虛擬機，但以後想要遷移到該平台並在該平台內運行虛擬機的客戶。他們看到平台的功能越來越強大，他們自身也得到了提升。

So regardless of where you're at in your exposure management journey, moving to the platform ends up being a net positive for the customer and it ends up being a net uplift for us in terms of ASP. So that's why it's important when we move customers to the platform. The thing that gets us just incredibly optimistic there is yes, you get an uplift when they move to the platform, but these are also just the customers that we want.

因此，無論您處於風險敞口管理之旅的哪個階段，遷移到該平台最終都會對客戶產生淨積極影響，並且最終也會在平均售價方面為我們帶來淨提升。所以，將客戶遷移到平台這一點非常重要。最讓我們感到無比樂觀的是，當他們遷移到該平台時，確實會得到提升，但這些也正是我們想要的客戶。

You have customers that are churning less. They're expanding more the deals are larger in size, they're more strategic. So this is a strategy that we're all in on and is working for us. And I think from our perspective, the best part is that we've got a pretty good on-ramp here to the platform. And with roughly 2/3 of our business not on the platform, it represents an opportunity that we're very excited about.

你們的客戶流失率更低。他們正在擴大規模，交易規模更大，更具戰略意義。所以這是我們全員參與並正在實施的策略，而且對我們很有效。我認為從我們的角度來看，最棒的是，我們這裡有一個非常好的平台准入途徑。由於我們大約 2/3 的業務不在該平台上，這代表著一個我們非常興奮的機會。

Got it. And then just quickly as a follow-up. When it comes to Agentic AI, we seem to be seeing a lot of interest not just in sort of visibility, but also the governance side of AI. Can you talk a little bit about how your CIEM and CNAPP products sort of play a role in governance. Why is important? And maybe what you're seeing customers invest in early on?

知道了。然後，作為後續的簡短說明。就智能體人工智慧而言，我們似乎看到人們不僅對人工智慧的可見性很感興趣，而且對人工智慧的治理方面也很感興趣。您能否談談您的 CIEM 和 CNAPP 產品在治理上的作用？為什麼這很重要？或許你看到客戶早期就進行投資了？

Yes. Well, it's all -- governance is all very important regardless of what domain, whether it's network, cloud, or even AI applications and Agentic capabilities. And I think you mentioned on the cloud side, our CNAPP offering covers broad cloud risk across configs identities and workloads. While cloud VM, as we call it, 0 in an extending traditional VM into those environments. And this is also a specific app ensuring like workloads like virtual machines and container images are monitored continuously and prioritize with contact.

是的。嗯，無論在哪個領域，無論是網路、雲端，甚至是人工智慧應用和智慧體能力，治理都非常重要。我想您也提到了雲端方面，我們的 CNAPP 產品涵蓋了配置、身分和工作負載方面的廣泛雲端風險。而我們稱為雲端虛擬機的，則是將傳統虛擬機器擴展到這些環境。此外，該應用程式還專門用於確保虛擬機器和容器鏡像等工作負載持續監控，並根據情況確定優先順序。

So look, the problem we're helping to solve is really about helping customers discover all of their assets across multi-domains, it's about correlating a lot of this data to deliver insights. And then it's also really about the transparency and the governance behind it, so we can enforce AI security policies and force broader security policies to ensure there's the right use and deployment of this technology.

所以你看，我們正在幫助解決的問題實際上是幫助客戶發現他們在多個領域中的所有資產，是將大量資料關聯起來以提供洞察。此外，這也關乎背後的透明度和治理，以便我們能夠強制執行人工智慧安全策略和更廣泛的安全策略，以確保這項技術得到正確使用和部署。

Shaul Eyal, TD Cowen.

Shaul Eyal，TD Cowen。

Congrats on the performance and initial 2026 outlook. Steve, I know it's early days, but lots of consolidation in the exposure management arena. Do you see Tenable benefiting from customers revisiting prior relations? And maybe as my follow-up, how would you characterize the current pricing environment? Have you seen increasing ASP slightly during the quarter, maybe even during January?

祝賀取得如此佳績，並對2026年的初步展望表示讚賞。史蒂夫，我知道現在還為時過早，但風險敞口管理領域正在發生很多整合。您認為Tenable會從客戶重新聯繫之前的客戶中受益嗎？那麼，作為我的後續問題，您如何評價目前的定價環境？您是否注意到本季度，甚至1月份，平均售價略有上升？

Yes. And I want to make sure the connection was clear. So prioritization certainly is a big challenge for a lot of customers are talking to a lot of CISOs. What we hear time and time again is that they're overwhelmed with alerts and the starter insights.

是的。我想確保連接暢通。因此，優先排序無疑是許多客戶與眾多首席資訊安全長 (CISO) 溝通時面臨的一大挑戰。我們一次又一次地聽到這樣的回饋：他們被大量的警報和初步資訊淹沒了。

And so there's a need to be able to correlate all that data across domains, whether it's network, cloud, OT, identities. All that's really important. And our goal here is to help customers prioritize and identify the riskiest exposures on their most critical assets that have a lot of access and entitlements.

因此，我們需要能夠跨領域關聯所有這些數據，無論是網路、雲端、OT 還是身分。這些都非常重要。我們的目標是幫助客戶確定優先級，並識別其最關鍵資產（擁有大量存取權限和權利）上風險最高的曝險。

So we do that in a very visualized way that customers can consume. And that all points towards remediation. So you can't take action without delivering insights and you can't deliver insights to customers and correlate data without having the visibility. But now having 20 years plus of exposure analysis and ingesting data from others. So all of it is really important. It's all of it interconnected, and that's why we're having success selling the platform in a very integrated way.

所以，我們以一種客戶能夠理解的、非常直觀的方式來呈現這些資訊。這一切都指向補救措施。因此，如果沒有提供洞察，就無法採取行動；如果沒有可見性，就無法向客戶提供洞察並關聯資料。但現在我們已經累積了 20 多年的暴露分析經驗，並吸收了來自其他人的數據。所以這一切都非常重要。這一切都是相互關聯的，正因如此，我們才能以高度整合的方式成功銷售這個平台。

Any view about ASPs during the quarter, maybe during January?

對本季（例如一月）的平均售價有什麼看法？

Yes. So Mark here. Yes, no, they were strong. I mean you could see from our margin perspective, very, very strong quarter. We're not seeing any pricing pressure, the beautiful thing that Matt already highlighted is when you are selling Tenable One on the platform. Obviously, you're getting an uplift for that, you're getting incremental capability, you're getting incremental coverage.

是的。我是馬克。是的，他們很強大。從利潤率的角度來看，這是一個非常非常強勁的季度。我們沒有看到任何價格壓力，Matt 已經強調的美妙之處在於，當你在平台上銷售 Tenable One 時。顯然，這樣做會提升性能，增強能力，擴大覆蓋範圍。

And so when you look at it from a competitive standpoint, when you're driving and selling Tenable One, it is really about this consolidation play. And so when you're able to go ahead and consolidate multiple other tools into the platform and get a higher asset count into Tenable One that allows you to get very, very good pricing. And so we feel very confident there. We're not seeing any pricing pressure with new logo or with our installed base.

因此，從競爭的角度來看，當你推動和銷售 Tenable One 時，這實際上就是一場整合策略。因此，當您能夠將多個其他工具整合到平台中，並將更多資產匯入 Tenable One 時，您可以獲得非常非常好的價格。因此，我們對此非常有信心。無論是新標誌還是現有客戶群，我們都沒有感受到任何價格壓力。

Patrick Colville, Scotiabank.

派崔克‧科爾維爾，加拿大豐業銀行。

I guess one for Matt. I just want to circle back to the guidance because lots of exciting innovation, success, but the guidance is strong. But if I look at RPO or short-term RPO, it was 13.3% in 4Q, where 2026 guidance is for 7%. It's just like a big gap between the two. So why is short-term RPO not a good indicator of forward revenue given there's such a big gap between the two?

我想這一個是給馬特的。我只想再回到指導方針上來，因為有很多令人興奮的創新和成功，但指導方針非常重要。但如果我看一下 RPO 或短期 RPO，第四季為 13.3%，而 2026 年的預期為 7%。兩者之間就像隔著一道巨大的鴻溝。既然短期 RPO 和未來收入之間存在如此大的差距，為什麼短期 RPO 不能很好地預測未來收入呢？

Yes. I just want to make sure you're clear on this. So we don't guide CRPO. So that 2026 number that you mentioned is not an RPO number. So CRPO did come in at more than 13% for 2025.

是的。我只是想確保你明白這一點。所以我們不指導 CRPO。所以你提到的2026這個號碼不是RPO號碼。因此，2025 年 CRPO 的預測值確實超過了 13%。

One of the things that we talked about with CRPO is that, that number continues to be driven higher in part due to contract durations becoming longer. And that contract duration is increasing as a result of us entering into more larger strategic transactions many times in the case of a Tenable One transaction.

我們與 CRPO 討論過的一個問題是，這個數字持續上升的部分原因是合約期限越來越長。而且，由於我們進行更多規模更大的策略交易（很多情況下是 Tenable One 的交易），合約期限也不斷延長。

And so it's a desired outcome is what we want to see. We want to see our contract durations going up, but it does have a byproduct effect of increasing CRPO and actually distorting that number a bit. You can see there was a tremendous growth in long-term RPO as well. So 2026, we don't guide to CRPO and actually for similar reasons as to why we're no longer guiding to CCB. Both of those metrics are somewhat distorted.

所以，這正是我們想要看到的理想結果。我們希望看到合約期限延長，但這確實會產生增加 CRPO 的副作用，實際上會稍微扭曲這個數字。可以看出，長期招募流程外包（RPO）也取得了巨大的成長。所以，2026 年，我們不再指導 CRPO，實際上，原因與我們不再指導 CCB 的原因類似。這兩個指標都存在一定程度的偏差。

Okay. Very clear. And just focusing on another metric that you do guide to non-GAAP operating, I guess, margin, right. I'm calculating at 23.5% for 2026, which is a really -- calculated it correctly, it's a really healthy increase of about 1.5 points year on year. I guess can you just talk through, if I'm right in my calculations, the puts and takes there. And it seems like the Tenable is really continuing this effort to improve profitability.

好的。非常清楚。然後，我們再來看看另一個指標，也就是非GAAP營運利潤率，對吧。我計算出 2026 年的成長率為 23.5%，這確實是一個——如果我計算正確的話，這是一個非常健康的增長，比上一年增長了約 1.5 個百分點。我想你可以幫我分析一下，如果我的計算沒錯的話，那裡的買賣情況是怎麼樣的嗎？看來 Tenable 確實在持續努力提高獲利能力。

Yes, that's right. So the guide for 2026 at the midpoint is 23.4%. And what I love about that number is, yes, you're right, it's an increase of about 150 basis points year on year. It is also while we are investing significantly in product development, in particular, in the platform and around innovations in AI, in particular. So this is something that we expect to be able to continue to drive higher.

是的，沒錯。因此，2026 年的指導值中位數為 23.4%。我喜歡這個數字的原因是，是的，你說得對，它比去年同期增長了約 150 個基點。同時，我們也在產品開發方面投入了大量資金，尤其是在平台和人工智慧創新方面。所以我們預計這項指標能夠持續攀升。

We've taken an approach, where we're balancing growth and profitability and our expectation is that we'll be able to grow in 2026 by about 150 basis points, while meeting our -- all of our investment goals as well.

我們採取了一種平衡成長和獲利能力的方法，我們預計到 2026 年，我們將能夠成長約 150 個基點，同時實現我們所有的投資目標。

Rudy Kessinger, D.A. Davidson.

魯迪·凱辛格，D.A.戴維森。

And congrats on the quarter and solid guidance here. Just one for me. What are the federal assumptions for Q3 and the full year? I know we're a couple of quarters out from the big federal quarter, but the government is still a bit volatile, if you will, with almost shut down this past week. So what are the assumptions there relative to last year and just overall on a growth standpoint?

恭喜本季業績出色，並給出了穩健的業績指引。我只留一個。聯邦政府對第三季和全年的財政預期是什麼？我知道距離聯邦政府公佈重要季度還有幾個季度，但政府仍然有些不穩定，過去一周幾乎處於停擺狀態。那麼，相對於去年以及整體成長情況，有哪些假設呢？

Yes. So the expectation is embedded within the guide for federal is that federal will perform more or less in line actually with the rest of the business. So we're not expecting outsized growth, and we're not expecting any particular headwinds for Fed. So again, just in line with overall company growth.

是的。因此，聯邦政府的指導方針中隱含的期望是，聯邦政府的實際運作方式將與公司其他部門的運作方式大致保持一致。因此，我們預計不會出現超常成長，也不預期聯準會會面臨任何特別的阻力。所以，這同樣符合公司整體成長趨勢。

Yes. No, I think it's a very, very accurate feedback and we're happy, very happy with our performance in the federal space in Q4. So we're finally seeing some stability there, and we're expecting the same thing in 2026. And from a state, local sled perspective, very, very strong also. So it seems like things are getting back to normal there, which is great to see.

是的。不，我認為這是一個非常非常準確的回饋，我們對第四季在聯邦領域的表現非常滿意。所以我們終於看到那裡出現了一些穩定，我們預計 2026 年也會如此。從州級、地方雪橇的角度來看，也非常非常強勁。看來那裡的情況正在逐漸恢復正常，這真是個好消息。

Abhishek Murli, Morgan Stanley.

阿布舍克‧穆里 (Abhishek Murli)，摩根士丹利。

This is Abhishek Murli on behalf of Marshall. And congrats on a really strong end of the year. I guess to start off, could you kind of walk us through whether you embedded government shutdown into guidance? And then kind of what you ended up seeing for the quarter in terms of the federal dynamics given the tougher backdrop?

我是阿比舍克·穆爾利，代表馬歇爾公司。恭喜你們以如此出色的成績結束了這一年。首先，您能否簡要介紹一下，您是否已將政府停擺納入指導方針中？那麼，在更嚴峻的背景下，您最終觀察到本季度聯邦層級的動態變化如何？

Yes. So no, a federal government shutdown is not embedded within the guide per se. But we saw minimal impact of that in 2025 and don't expect to see any significant impact on that one way or the other. As I mentioned, Fed, our expectations for Fed in 2026 are very much in line with our expectations on growth on the rest of the business.

是的。所以，聯邦政府停擺並沒有直接包含在指南中。但我們在 2025 年並未看到這種影響，預計也不會對此產生任何重大影響。正如我之前提到的，我們對聯準會在 2026 年的預期與我們對公司其他業務成長的預期非常一致。

Just one clarification. This is Steve. So Mark talked about some of the strength in Fed in the fourth quarter, right? Other quarters were not as favorable, just given a confluence of different events in US Federal this past year, and that's what's reflected in our outlook for the full year for 2026.

還有一個問題需要澄清。這是史蒂夫。所以馬克談到了聯準會在第四季度的一些強勢表現，對吧？其他季度的情況則不太樂觀，這主要是由於過去一年美國聯邦層級發生的一系列不同事件造成的，而這也反映在我們對 2026 年全年的展望中。

Got it. And then to follow up on like more of a budgetary perspective, do you see exposure management getting lumped into AI spend in budgets? And then can you kind of walk us through some of the dynamics you're seeing of where it's being allocated in cybersecurity budgets more broadly?

知道了。那麼，從預算角度來看，您認為風險敞口管理是否會被納入人工智慧預算支出？那麼，您能否為我們詳細介紹一下您觀察到的網路安全預算分配方面的一些動態變化？

Yes. No, it's being added to. So when you take a look at the exposure management, when you look at like RFPs and you look at opportunities right now, you are starting to see AI being added to it. And as we highlighted in one of the big customer wins, sometimes it can be for significant budget dollars. So when you're now competing from an exposure management perspective, we are seeing an increase and RFPs and pipeline build around exposure management opportunities for Tenable One, AI is now becoming a critical part of that decision criteria.

是的。不，它還在增加。所以，當你審視風險敞口管理，當你審視 RFP 以及當前的機會時，你會開始看到人工智慧被添加到其中。正如我們在贏得一位重要客戶時所強調的那樣，有時這可能涉及巨額預算。因此，從風險敞口管理的角度來看，我們看到 Tenable One 的風險敞口管理機會不斷增加，RFP 和專案儲備也在不斷增長，人工智慧現在正成為決策標準中的關鍵部分。

And so you're seeing that budget from an AI perspective to be added into exposure management. And, a, it's a great differentiator for us. So it gives us a great competitive foothold and it's also one of the more pressing areas that CISOs are really driving us too and having conversations with us about.

因此，從人工智慧的角度來看，這筆預算將被納入曝光管理。而且，這對我們來說是一個巨大的差異化優勢。因此，這為我們提供了強大的競爭優勢，同時也是首席資訊安全長們正在推動我們關注並與我們討論的更緊迫的領域之一。

Thank you. There are no further questions at this time. This does conclude today's conference. We thank you again for your participation. You may now disconnect your lines.

謝謝。目前沒有其他問題了。今天的會議到此結束。再次感謝您的參與。現在您可以斷開線路了。