Tenable Holdings, Inc. (TENB) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Tenable first-quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Tenable 2026 年第一季財報電話會議。（接線員指示）提醒各位，本次會議將被錄音。

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

現在我很榮幸介紹本次會議主持人：投資人關係副總裁 Erin Karney。謝謝。您可以開始了。

Thank you, operator, and thank you, all, for joining us on today's conference call to discuss Tenable's first-quarter and full-year 2026 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，也謝謝各位參加今天的電話會議，一同討論 Tenable 2026 年第一季及全年財務結果。今天與我一同出席的有共同執行長 Steve Vintz 與 Mark Thurmond，以及財務長 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. We will make forward-looking statements during the course of this call, including statements relating to our guidance and expectations for the second-quarter and full-year 2026; growth and drivers in our business; changes in the threat landscape in the security industry, particularly regarding AI security, the expected impact of Frontier AI models like Anthropic Mythos on accelerated vulnerability discovery, 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; the expansion of Tenable One, including agentic AI security and orchestration through Hexa AI and OT Discovery; research and development investments in Tenable One; and our future results of operations and financial position.

在本次電話會議之前，我們已發布新聞稿公告本季財務結果。您可在 tenable.com 的投資人關係網站找到該新聞稿。我們將在本次電話會議過程中作出前瞻性陳述，包括與我們對 2026 年第二季及全年之指引與預期相關的陳述；我們業務的成長與驅動因素；資安產業威脅態勢的變化，特別是 AI 安全；如 Anthropic Mythos 等 Frontier AI 模型對加速漏洞發現的預期影響，以及向預防性安全的轉變；我們在市場中的競爭地位；客戶對我們解決方案（包括我們的曝險管理平台 Tenable One）的需求成長與採用；Tenable One 的擴展，包括透過 Hexa AI 與 OT Discovery 的代理式 AI 安全與協同編排；對 Tenable One 的研發投資；以及我們未來的營運結果與財務狀況。

These forward-looking statements involve risks and uncertainties, some of which are beyond our control, which could cause actual results to differ materially from those anticipated by these statements. You should not rely upon forward-looking statements as a prediction of future events.

這些前瞻性陳述涉及風險與不確定性，其中部分超出我們的控制範圍，可能導致實際結果與這些陳述所預期者出現重大差異。您不應將前瞻性陳述視為對未來事件的預測。

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. 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.

前瞻性陳述僅代表我們截至今日的信念與假設，不應被視為代表任何後續日期的觀點；我們亦不承擔更新任何前瞻性陳述或展望的義務。關於可能影響我們實際結果之重大風險及其他重要因素的進一步討論，請參閱我們最近一期 Form 10-K 年報以及其後向 SEC 提交的報告。

In addition, all of the financial results we will discuss today are non-GAAP financial measures with the exception of revenue. These non-GAAP financial measures are in addition to and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their closest GAAP equivalents. Our press release includes GAAP to non-GAAP reconciliations for these measures.

此外，除營收外，我們今天將討論的所有財務結果皆為非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標是對依 GAAP 編製之財務績效衡量的補充，並非替代，也不優於 GAAP 指標。相較於最接近的 GAAP 對應指標，使用這些非 GAAP 財務衡量指標存在若干限制。我們的新聞稿包含這些指標由 GAAP 轉換至非 GAAP 的調節表。

I'll now turn the call over to Steve.

接下來把電話交給 Steve。

Thanks, Erin. In Q1, we exceeded all of our guided metrics, with 10% year-over-year revenue growth and 24% operating margin. Tenable One, our AI-powered exposure management platform, was 41% of new business this quarter, an 8-point increase from Q1 last year.

謝謝 Erin。第一季我們在所有指引指標上皆超越預期，營收年增 10%，營業利益率 24%。Tenable One——我們以 AI 驅動的曝險管理平台——本季占新業務的 41%，較去年第一季提升 8 個百分點。

In addition, we added 406 new enterprise platform customers and 43 net new six-figure customers. New customer adds and large deals with Tenable One continue to underscore our strong financial performance and balanced growth approach.

此外，我們新增 406 家企業平台新客戶，並新增 43 家淨新增的六位數客戶。新客戶增加以及以 Tenable One 為主的大型交易，持續凸顯我們強勁的財務表現與均衡的成長策略。

The rapid advancement of Frontier AI models is having a profound impact on cybersecurity, and there is understandably a lot of noise in the market. Recent announcements including Anthropic Mythos have demonstrated that AI can now autonomously discover software vulnerabilities at scale and speed we have not seen before.

Frontier AI 模型的快速進展正對網路資安產生深遠影響，市場上也因此出現大量雜訊，這可以理解。近期包含 Anthropic Mythos 在內的公告顯示，AI 現在已能以我們前所未見的規模與速度，自主發現軟體漏洞。

As a result, the number one question we are getting from investors is, what does this mean for the future of cybersecurity and what does it mean for Tenable in particular?

因此，投資人向我們提出的第一大問題是：這對網路資安的未來意味著什麼？尤其對 Tenable 又意味著什麼？

To start, as part of our ongoing research and development efforts, we are actively engaging with leading frontier AI model providers, including Anthropic, to better understand these investments and help customers prepare for what's next in the cybersecurity industry.

首先，作為我們持續研發工作的一部分，我們正積極與領先的 Frontier AI 模型供應商（包括 Anthropic）合作，以更深入了解這些投資，並協助客戶為網路資安產業的下一步做好準備。

This is top of mind for customers as we've seen a significant increase in inbound inquiry from our customers over the past couple of weeks, which Mark will cover later on the call.

這也是客戶目前最關注的議題；過去幾週我們看到客戶主動來詢問的量顯著增加，Mark 稍後會在電話會議中進一步說明。

Our view is this. AI models are incredibly proficient at discovering previously unknown vulnerabilities. Number two, AI is also changing low-risk evolve and software quickly and at scale. And third and finally, these two things will lead to a proliferation of new vulnerabilities and attack paths in customers' environments, overloading operational workloads for defenders.

我們的看法是：第一，AI 模型在發現先前未知的漏洞方面極其擅長。第二，AI 也正在改變低風險的演進方式，並能快速且大規模地改寫軟體。第三也是最後，這兩點將導致客戶環境中出現大量新的漏洞與攻擊路徑，使防禦方的營運工作量超載。

On that note, let me be precise about where these models operate and where we operate because the distinction matters here, frontier models like Mythos, read and reason about source code. They find vulnerabilities such as logic flaws, injection weaknesses, and authentication bypasses by tracing data flows through a codebase. That is application security research at the source code layer. It is genuinely impressive, and it is one stage of a much longer life cycle for managing risk.

就此讓我精確說明這些模型運作的範圍，以及我們運作的範圍，因為這裡的區別很重要。像 Mythos 這類 Frontier 模型會讀取並推理原始碼；它們透過追蹤資料在程式碼庫中的流向，找出例如邏輯缺陷、注入弱點與驗證繞過等漏洞。那是原始碼層的應用程式安全研究。這確實令人印象深刻，但它只是風險管理更長生命週期中的其中一個階段。

Tenable operates on the other stages of that life cycle. The ones that determine whether a vulnerability actually creates risk in a real customer environment. Specifically, customers need to understand their entire digital footprint and then assesses for critical exposures. Exposures are much broader than vulnerabilities. They include overprivileged access, misconfigurations, (inaudible), and the real-world impact of vulnerabilities as they exist in our customers' environment from their Tenable works across all of these signals to prioritize and identify the likely and most critical path of exploit by threat actors.

Tenable 著力於該生命週期的其他階段——也就是決定某個漏洞在真實客戶環境中是否真的造成風險的階段。具體而言，客戶需要了解其完整的數位足跡，並進一步評估關鍵曝險。曝險的範圍遠大於漏洞；它包含過度授權的存取權限、錯誤設定、（聽不清），以及漏洞在客戶環境中實際存在時所造成的真實世界影響。Tenable 會整合所有這些訊號，進行優先排序並識別威脅行為者最可能、也最關鍵的利用路徑。

So let me put this in pragmatic terms. There will be a window where adversaries hold a clear advantage in the AI era because we will see more exploits due to a Tsunami of new vulnerabilities. That's exactly why the urgency for exposure management has never been higher. Organizations need to understand what exposures exist and which ones create real, immediate risk in their environment, and then ensure those risks are remediated and verified. That is exactly what Tenable One is designed to deliver.

用務實的方式來說：在 AI 時代，對手將有一段明顯占優的窗口期，因為新的漏洞海嘯將帶來更多的攻擊利用。這正是為什麼曝險管理的急迫性從未如此之高。組織需要了解其環境中存在哪些曝險、哪些會造成真實且立即的風險，並確保這些風險被修復且完成驗證。這正是 Tenable One 所設計要交付的價值。

For over two decades, we have built one of the industry's most comprehensive and proprietary datasets across IT, cloud, OT, which we have also expanded to AI infrastructure and apps and third-party data to solve the hardest problems in cybersecurity.

二十多年來，我們建立了業界最全面且具專有性的資料集之一，涵蓋 IT、雲端與 OT；我們也將其擴展至 AI 基礎設施與應用程式，以及第三方資料，用以解決網路資安中最棘手的問題。

Tenable One leverages this expansive data set of exposure intelligence to unify visibility across assets, vulnerabilities, identities, and misconfigurations, then applies business context and drives prioritized remediation across the environment.

Tenable One 運用這套龐大的曝險情報資料集，統一資產、漏洞、身分與錯誤設定的可視性，接著套用業務情境，並在整體環境中推動具優先順序的修復。

And that brings me to Tenable Hexa AI, our new Agentic engine, which we announced in Q1. Hexa is designed to take the prioritized exposures we identified, primarily in runtime infrastructure and turn them into a coordinated action. It operates as an orchestration layer across the security ecosystem, automating triage and executing multi-step remediation workflows across a wide range of domains.

這也帶到我們在第一季宣布的 Tenable Hexa AI——我們新的代理式（Agentic）引擎。Hexa 的設計目標，是將我們識別並優先排序的曝險（主要在執行期基礎設施中）轉化為協同一致的行動。它作為資安生態系的協同編排層，能自動化分流（triage），並在多個領域中執行多步驟的修復工作流程。

Where Tenable One serves as the system of record for risk management, at its core, Hexa serves as a system of action for proactive risk reduction, coordinating work across humans and agents autonomously. It determines what matters most in the broader security context and drives the steps required to reduce exposure.

若說 Tenable One 在本質上是風險管理的「系統紀錄」（system of record），那麼 Hexa 在本質上就是主動降低風險的「行動系統」（system of action），可在人的參與與代理之間進行自主協作與協調。它會判斷在更廣泛的資安情境下什麼最重要，並推動降低曝險所需的步驟。

This is a critical shift. Security teams today are not just dealing with more vulnerabilities. They are managing fragmented workloads across tools, teams, and systems. Hexa brings all of that together, transforming exposure intelligence into coordinated execution at scale.

這是一個關鍵轉變。如今的資安團隊不只是面對更多漏洞；他們還要在工具、團隊與系統之間管理碎片化的工作負載。Hexa 將這一切整合起來，把曝險情報轉化為可大規模執行的協同作業。

Hexa is built to execute automating complex tasks and orchestrate the right fixes across the enterprise before exposures are exploited. The result is a move from reactive response where you wait for vulnerabilities to come to consistent machine speed risk reduction, enabling defenders to operate with the speed and precision required in an AI-driven threat landscape.

Hexa 的打造目標是在曝險被利用之前，執行自動化的複雜任務，並在全企業範圍內協同編排正確的修復措施。其結果是從被動反應——等待漏洞出現——轉向一致的機器速度風險降低，使防禦方能以 AI 驅動威脅態勢所要求的速度與精準度運作。

Now, with that said, we are also continuing to broaden our capabilities across asset types. We recently announced OT Discovery to secure cyberphysical systems. These systems have historically required time-consuming deployments of specialized hardware, new agents, and bolt-on software to gain visibility. We've eliminated this friction by integrating OT Discovery directly into our core solution inside the Tenable One platform. This is particularly important as the number of OT devices explode with AI data centers and build-outs.

此外，我們也持續擴展在不同資產類型上的能力。我們近期宣布 OT Discovery，以保護資安與實體世界交會的系統（cyberphysical systems）。這些系統過去往往需要耗時部署專用硬體、新代理程式與外掛式軟體才能取得可視性。我們已透過將 OT Discovery 直接整合到 Tenable One 平台內的核心解決方案中，消除這些摩擦。隨著 AI 資料中心與建置擴張，OT 裝置數量爆發性成長，這點尤其重要。

And finally, before I turn the call over to Mark, I want to remind everyone we will be hosting an Investor Day as part of our EXPOSURE 2026 Industry Conference. Investor Day will take place the afternoon of May 21 in Boston. We hope to see you there.

最後，在我把電話交給 Mark 之前，我想提醒大家，我們將在 EXPOSURE 2026 產業大會期間舉辦投資人日（Investor Day）。投資人日將於 5 月 21 日下午在波士頓舉行。我們希望到時能與各位相見。

With that, I'll turn the call over to Mark to walk through what we are seeing with our customers.

接下來，我把電話交給 Mark，請他帶大家了解我們從客戶端看到的情況。

Thanks, Steve. As Steve outlined, the cyber landscape is shifting at an unprecedented pace, and the conversations we are having with customers and partners reflect that shift. We are seeing a level of urgency that is different from even a month ago, not just at the practitioner level, but across the C-suite and the Board. Initiatives like OpenAI's TAC program and Anthropic Mythos have triggered a surge of inbound strategic customer conversations as organizations work to understand how to prepare for a world where vulnerabilities are discovered and exploited at machine speed.

謝謝你，Steve。正如 Steve 所概述，網路資安態勢正以前所未有的速度轉變，而我們與客戶及合作夥伴的對話也反映了這一轉變。我們看到的急迫程度，甚至不同於一個月前——不僅在實務執行層面，而是遍及 C-level 高階主管與董事會。像 OpenAI 的 TAC 計畫與 Anthropic Mythos 這類倡議，已引發大量客戶主動洽談策略性議題，因為各組織正努力理解：在漏洞以機器速度被發現並遭利用的世界裡，該如何做好準備。

And the concerns we are hearing are consistent. First, customers are preparing for a massive increase in the volume of discovered vulnerabilities. They're concerned about the real possibility that AI models like Mythos can potentially change multiple flaws into full system compromise.

而我們聽到的擔憂也相當一致。第一，客戶正在為已發現漏洞數量的大幅增加做準備。他們擔心像 Mythos 這樣的 AI 模型，可能把多個缺陷串連成全面性的系統入侵。

Second, they are realizing that their current remediation process will not scale to meet this new reality. A recurring theme from the hundreds of customer conversations we've had since these announcements is that our customers now see an increased urgency to prioritize and remediate exposures.

第二，他們意識到目前的修補（remediation）流程無法擴展以因應這個新現實。自這些公告以來，我們與數百位客戶的對話中反覆出現的主題是：客戶現在更迫切需要對曝險進行優先排序並加速修補。

Importantly, this is not just our perspective. Industry leaders in cybersecurity experts have been aggressively validating these points. For example, JPMorgan Chase published a blog that highlighted that AI is compressing the time from vulnerability discovery to exploitation, while patch cycles are often exceeding organization's capacity. They also recommended that organizations need to focus effort where risk is highest rather than chasing volume indiscriminately.

重要的是，這不只是我們的觀點。資安產業的領導者與專家也在積極驗證這些論點。舉例來說，摩根大通（JPMorgan Chase）發表了一篇部落格文章，指出 AI 正在壓縮從漏洞發現到被利用的時間，而修補週期往往已超出組織的承載能力。他們也建議，組織應把資源聚焦在風險最高之處，而不是不加區分地追逐大量漏洞。

Additionally, a highly respected cybersecurity consulting firm recently noted that in an AI-driven world, sustainable advantage will belong to companies that own differentiated data and are embedded in mission-critical workflows. They also highlighted a shift from software that helps users do work to platforms that automate and execute that work directly.

此外，一家備受尊敬的資安顧問公司近期指出，在 AI 驅動的世界裡，可持續的競爭優勢將屬於那些擁有差異化資料、並深度嵌入關鍵任務工作流程的公司。他們也強調，市場正從「協助使用者完成工作」的軟體，轉向「直接自動化並執行工作」的平台。

As Steve discussed earlier, this is where we believe Tenable is uniquely positioned. Our differentiation is rooted in four main pillars: first, our unmatched breadth of telemetry combining native and third-party signals across the modern attack surface; second, our proprietary exposure data fabric, which transforms fragmented signals into [authorative] context; third, our market-leading research and exposure intelligence, which continuously enriches and prioritizes the exposures that matter most; and fourth, Tenable Hexa AI within our platform, which is designed to help automate prioritization and remediation workflows to drive action at scale.

如 Steve 先前所談，這正是我們認為 Tenable 具備獨特優勢之處。我們的差異化根基在四大支柱：第一，我們無可匹敵的遙測廣度，結合原生與第三方訊號，涵蓋現代攻擊面；第二，我們專有的 exposure data fabric，可將零散訊號轉化為[authorative]情境脈絡；第三，我們市場領先的研究與曝險情報，持續強化並優先排序最重要的曝險；第四，平台內的 Tenable Hexa AI，旨在協助自動化優先排序與修補工作流程，以規模化推動行動。

Taken together, these advantages help position Tenable to lead as the market shifts towards exposure management. We believe this creates a meaningful tailwind for Tenable. As organizations adapt to this new environment, we see evidence that many organizations are recognizing that traditional silo tools are no longer sufficient and that consolidating onto a platform that provides unified visibility, contextual prioritization, and increasingly automated remediation is even more essential.

綜合而言，這些優勢有助於讓 Tenable 在市場轉向曝險管理（exposure management）之際扮演領導角色。我們相信這將為 Tenable 帶來顯著的順風。隨著各組織適應這個新環境，我們看到許多組織逐漸認知到：傳統的孤島式工具已不再足夠；而整合到一個能提供一致可視性、具情境的優先排序，以及日益自動化修補能力的平台，變得更加關鍵。

We saw that play out in the quarter in several ways. First, our largest new logo of the quarter for Tenable One was a seven-figure transaction with a major financial institution in the Middle East. In this case, the customer displaced an incumbent competitor and chose Tenable ones because they needed a more unified approach to understanding and prioritizing exposures across a large and complex environment.

本季我們在多個面向看到這一點的具體展現。第一，本季 Tenable One 最大的新客戶（new logo）是一筆七位數交易，客戶為中東一家大型金融機構。在此案例中，客戶汰換了既有競品，選擇 Tenable One，因為他們需要更一致的方法，來理解並優先排序在龐大且複雜環境中的各項曝險。

Second, we secured a new six-figure Tenable One deal driven by the need to secure the company's use of AI. This organization is proactively investing to prepare for the wave of AI-driven threats and vulnerabilities that we've been discussing and to ensure they can identify and remediate AI risk faster.

第二，我們拿下一筆新的六位數 Tenable One 交易，主要動因是需要確保公司對 AI 的使用安全。該組織正主動投資，以因應我們所討論的 AI 驅動威脅與漏洞浪潮，並確保他們能更快識別與修補 AI 風險。

And third, we closed a significant six-figure OT deal with a large public sector organization responsible for critical infrastructure.

第三，我們與一家負責關鍵基礎設施的大型公部門組織，完成一筆重要的六位數 OT 交易。

As AI accelerates vulnerability discovery and exploitation we are seeing more organizations focused on securing operational environments where the consequences of disruption extend well beyond IT.

隨著 AI 加速漏洞的發現與利用，我們看到更多組織把重點放在保護營運環境，因為一旦中斷，其後果遠遠超出 IT 範疇。

These wins reinforce what we see as a broader market shift. Customers are moving away from tools that create more noise and toward exposure management platforms that provide context, prioritization, and automated action.

這些勝利再次印證我們所看到的更廣泛市場轉變。客戶正遠離會製造更多雜訊的工具，轉向能提供情境、優先排序與自動化行動的曝險管理平台。

This is a key area of differentiation for Tenable One. Our current momentum reinforces our conviction that our strategy is aligned to where the market is going with Tenable One and Hexa AI at the forefront of this shift towards exposure management and automated action.

這是 Tenable One 的關鍵差異化領域。我們目前的動能強化了我們的信念：我們的策略與市場走向一致，而 Tenable One 與 Hexa AI 正站在這波轉向曝險管理與自動化行動的浪潮前沿。

And finally, this week, we announced an important step forward in how customers buy and adopt Tenable One with new flexible pricing and packaging. As AI drives an explosion and vulnerability discovery and increases the urgency to prioritize and remediate exposures at scale, customers are looking for platforms that can deliver value quickly without adding complexity to procurement or budgeting.

最後，本週我們宣布一項重要進展：透過新的彈性定價與套裝方案，改變客戶購買與採用 Tenable One 的方式。隨著 AI 推動漏洞發現的爆發式成長，並提高以規模化方式優先排序與修補曝險的急迫性，客戶正在尋找能快速交付價值、且不會增加採購或預算編列複雜度的平台。

Our new flex model continues to price per asset. However, pricing will be consistent across all asset types, which creates predictable spend and removes frictions as customers scale their exposure management program across their entire attack surface.

我們新的 flex 模式仍以每項資產計價。然而，所有資產類型的定價將保持一致，這可帶來可預測的支出，並在客戶將其曝險管理計畫擴展至整個攻擊面時，降低摩擦。

Ultimately, we believe this new flex pricing will help us reach more customers, accelerate adoptions and create a clear path to broader platform deployments over time.

最終，我們相信這項新的彈性定價將幫助我們觸及更多客戶、加速採用，並隨時間推進為更廣泛的平台部署建立清晰路徑。

With that, I'll turn the call over to Matt to discuss our financial results.

接下來，我把電話交給 Matt，請他說明我們的財務結果。

Thanks, Mark. Q1 was another quarter of very strong and steady execution. Revenue increased year over year by nearly 10% and even more impressive, we converted more than half of that increase into operating income, once again demonstrating our ability to balance growth and profitability. We were pleased to have exceeded the high end of the range on every metric we guided to for the quarter and are raising our full-year outlook.

謝謝你，Mark。第一季（Q1）是另一個執行力非常強且穩健的季度。營收年增接近 10%，更令人印象深刻的是，我們將其中超過一半的增量轉化為營業利益，再次展現我們在成長與獲利之間取得平衡的能力。我們很高興本季在所有我們提供指引的指標上都超越區間上緣，並上調全年展望。

Let's dive into the details. Revenue for the quarter was $262.1 million, representing growth of 9.6% 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 and an increase in new business growth.

讓我們深入細節。本季營收為 2.621 億美元，年增 9.6%。本季營收的年增以及相對於指引的超預期表現，主要由穩健的續約業務基礎與新業務成長的提升所支撐。

Professional services also drove upside to expectations. Our percentage of recurring revenue remained high at 96% for the quarter. We're continuing to see growing momentum in Tenable One, with 41% of new business coming from the platform, an increase from Q1 in the prior year.

專業服務也帶來高於預期的表現。本季經常性收入占比仍維持在高水準，達 96%。我們持續看到 Tenable One 的動能增強，新業務中有 41% 來自該平台，較去年第一季有所提升。

Customers are increasingly turning to our platform as their solution of choice to manage risk across their attack surface, including AI. We added 406 new enterprise customers in the quarter, an increase of 12.5% compared to Q1 in the prior year, many of which came directly into Tenable One. We added 43 net new six-figure deals and our net dollar expansion rate landed at 105%.

客戶愈來愈多地將我們的平台視為其管理整體攻擊面（包含 AI）風險的首選解決方案。本季我們新增 406 家企業客戶，較去年第一季增加 12.5%，其中許多直接採用 Tenable One。我們新增 43 筆淨新增六位數交易（net new six-figure deals），淨美元擴張率（net dollar expansion rate）為 105%。

Non-GAAP gross margin was 82.2% for the quarter, an increase from 81.9% in Q1 2025. Once again, we've demonstrated our ability to slowly but steadily increase non-GAAP gross margin year over year, while sales within the Tenable One platform continue to represent a larger share of the total.

本季非 GAAP 毛利率為 82.2%，高於 2025 年第一季的 81.9%。我們再次展現逐年緩步但穩定提升非 GAAP 毛利率的能力，同時 Tenable One 平台內的銷售持續占總體更高比重。

Non-GAAP income from operations for the quarter was $61.9 million, or 23.6% of revenue compared to $48.7 million in Q1 2025, an increase of 27.1%. We are beginning to see the first signs of AI-driven operational efficiencies. As our internal use of AI capabilities expands, we're able to minimize headcount growth due to the increased productivity the technology is offering, which is a trend we expect to continue throughout the year.

本季非 GAAP 營業利益為 6,190 萬美元，占營收 23.6%；相較之下，2025 年第一季為 4,870 萬美元，年增 27.1%。我們開始看到 AI 驅動的營運效率初步跡象。隨著我們內部對 AI 能力的使用擴大，因技術帶來的生產力提升，我們得以將人力成長降到最低；我們預期這一趨勢將在全年持續。

Non-GAAP earnings per share for the quarter was $0.47 compared to $0.36 in Q1 2025, an increase of 30.6%. The increase year-over-year reflects the increase in profitability combined with the decrease in diluted shares outstanding.

本季非 GAAP 每股盈餘為 0.47 美元，較 2025 年第一季的 0.36 美元增加 30.6%。年增主要反映獲利能力提升，並結合稀釋後流通在外股數下降。

Turning to the balance sheet. Cash and short-term investments totaled $360.3 million. We generated $88.6 million of unlevered free cash flow during the quarter, which is an all-time record and represents 33.8% of revenue.

接著看資產負債表。現金與短期投資合計為 3.603 億美元。本季我們創造 8,860 萬美元的無槓桿自由現金流（unlevered free cash flow），創歷史新高，占營收 33.8%。

During the first quarter, we repurchased 6.1 million shares for $130 million and have $207.6 million remaining on our current share repurchase authorization as of the end of the quarter. We continue to 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. We are realizing the benefit of these share repurchases and as our weighted average diluted shares outstanding in Q1 decreased 5% year over year and is now the lowest it has been in more than three years.

在第一季，我們以 1.30 億美元回購了 610 萬股，且截至季末，我們目前的股票回購授權尚餘 2.076 億美元可用。我們仍然相信，目前股價相較於我們的真實價值存在折價，而運用我們強健的資產負債表與現金流創造能力，更積極地回購股票，是一種有效的資本運用方式。我們正逐步體現這些回購的效益，因為我們第一季的加權平均稀釋流通股數較去年同期下降 5%，目前也降至三年多以來的最低水準。

Turning to the financial outlook for Q2 and full year 2026. For Q2, we expect revenue to be in the range of $263 million to $266 million, representing a year over year increase of 7.0% at the midpoint. For full year 2026, we are raising our guidance range to $1.068 billion to $1.078 billion, representing a year over year increase of 7.4% at the midpoint.

接著談第二季與 2026 全年的財務展望。就第二季而言，我們預期營收將落在 2.63 億至 2.66 億美元區間，以中位數計算，年增 7.0%。就 2026 全年而言，我們將指引區間上調至 10.68 億至 10.78 億美元，以中位數計算，年增 7.4%。

We expect non-GAAP income from operations for Q2 and to be in the range of $61 million to $64 million or 23.6% of revenue at the midpoint. For full year 2026, we are raising our guidance range for non-GAAP operating income to $252 million to $262 million or 24.0% of revenue at the midpoint representing a year-over-year increase of 210 basis points.

我們預期第二季的非 GAAP 營業利益將落在 6,100 萬至 6,400 萬美元區間，以中位數計算約為營收的 23.6%。就 2026 全年而言，我們將非 GAAP 營業利益指引區間上調至 2.52 億至 2.62 億美元，以中位數計算約為營收的 24.0%，較去年同期提升 210 個基點。

We expect non-GAAP net income for Q2 to be in the range of $53 million to $56 million representing a year-over-year increase of 31.5% at the midpoint. For full year 2026, we are raising our guidance range for non-GAAP net income to $222 million to $232 million, representing a year-over-year increase of 16.8% at the midpoint.

我們預期第二季的非 GAAP 淨利將落在 5,300 萬至 5,600 萬美元區間，以中位數計算，年增 31.5%。就 2026 全年而言，我們將非 GAAP 淨利指引區間上調至 2.22 億至 2.32 億美元，以中位數計算，年增 16.8%。

We expect non-GAAP earnings per share for Q2 to be in the range of $0.46 to $0.48 per share, representing a year-over-year increase of 38.2% at the midpoint. For full year 2026, we are raising our guidance range for non-GAAP earnings per share to $1.90 to $1.98 per share representing a year-over-year increase of 22.0% at the midpoint.

我們預期第二季的非 GAAP 每股盈餘將落在每股 0.46 至 0.48 美元區間，以中位數計算，年增 38.2%。就 2026 全年而言，我們將非 GAAP 每股盈餘指引區間上調至每股 1.90 至 1.98 美元，以中位數計算，年增 22.0%。

We are pleased to have been able to carry forward the momentum we saw in the second half of 2025 and into the first quarter and are excited about the growing opportunity we are seeing as customers lean into exposure management to reduce risk. Demand continues to be driven by Tenable One where we see tremendous benefits both for our customers and as a foundation to continue to drive balanced growth.

我們很高興能延續 2025 年下半年所見的動能，並帶入第一季；同時也對客戶為降低風險而更加投入曝險管理所帶來的成長機會感到振奮。需求持續由 Tenable One 所驅動，我們在其中看見對客戶的巨大效益，也將其視為持續推動均衡成長的基礎。

We hope to see you all at Investor Day on May 21 in Boston, where we will provide even more context around the impact of AI, our road map and midterm financial expectations.

我們希望在 5 月 21 日於波士頓舉行的投資人日與各位相見，屆時我們將就 AI 的影響、我們的產品路線圖以及中期財務預期提供更多背景說明。

Finally, thank you to the entire Tenable team for their contribution to our strong results.

最後，感謝整個 Tenable 團隊對我們強勁成果所做出的貢獻。

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

接下來，我們很高興開放電話會議進入提問環節。

(Operator Instructions) Saket Kalia, Barclays.

（接線員指示）Saket Kalia，Barclays。

Okay, great. Hey, guys, thanks for taking my question here. I'll keep it to one. Steve and Mark, it's clear that the newly discovered vulnerabilities through Mythos are driving more interest and exposure management. I think that shows in a lot of your commentary. But I want to zoom out from some of your prepared remarks. I guess I'm curious how you think about frontier models longer term in the exposure management space?

好的，太好了。各位好，謝謝讓我在這裡提問。我會只問一題。Steve 和 Mark，很明顯地，Mythos 新發現的漏洞正帶動更多人對曝險管理的興趣，我想這也反映在你們許多評論中。但我想從你們準備好的發言稍微拉遠一點來看。我很好奇，你們如何看待長期而言前沿模型（frontier models）在曝險管理領域的角色？

And maybe specifically, do you think customers are going to look to these models as alternatives to VM tools, or do they actually heighten awareness on exposure management tools? And therefore, this is maybe more of a complement to the industry long term? Sorry, I know there's a lot there, but does that make sense?

更具體地說，你們認為客戶會把這些模型視為 VM 工具的替代方案，還是它們其實會提高對曝險管理工具的認知？因此，長期來看這可能更像是對產業的互補？抱歉，我知道這裡面有很多層次，但這樣問有道理嗎？

Yes, Saket. This is Steve. I'll take a stab at this.

是的，Saket。我是 Steve。我來嘗試回答一下。

First and foremost, AI is a massive opportunity for Tenable. I want to be very clear about that. Mark and I cannot be more excited, more energized about the opportunity that's in front of us. We are and will partner with the frontier model companies for our customers reduce risk at machine speed.

首先也是最重要的，AI 對 Tenable 來說是一個巨大的機會。我想把這點說得非常清楚。Mark 和我對眼前的機會感到無比興奮、充滿能量。我們現在以及未來都會與前沿模型公司合作，協助我們的客戶以機器速度降低風險。

It is not AI versus security or AI versus Tenable. It is AI enables Tenable in the AI era, it's going to be more infrastructure, more identities, more applications, more agents and therefore, more speed and more exposures, and that's why exposure management is more important now than ever. And so the frontier model companies make us better.

這不是 AI 對上資安，或 AI 對上 Tenable。AI 會在 AI 時代賦能 Tenable；屆時會有更多基礎設施、更多身分、更多應用程式、更多代理（agents），因此也會有更高速度與更多曝險，這也是為什麼曝險管理比以往任何時候都更重要。因此，前沿模型公司會讓我們變得更強。

It starts with our data. It's something I talked about earlier in the call, the breadth and depth of the data we've collected over two-plus decades is unparallel. We're deeply embedded behind the garden wall and one-time infrastructure. The data we collect is unique, it's based on domain expertise, years of trust, continuous scanning and exposure analysis. This is something that general models can't replicate.

一切從我們的資料開始。這也是我在先前電話會議中提到的：我們在二十多年來所蒐集資料的廣度與深度無可比擬。我們深度嵌入在「花園高牆」之後以及既有基礎設施之中。我們蒐集的資料是獨特的，建立在領域專業、長年信任、持續掃描與曝險分析之上。這是一般模型無法複製的。

And at its core, the frontier model companies are raising engines. They're not in the business that deploying agents and sensors in your network, and they're not in the business of deploying those in your OT and industrial control systems environment or audience fakes and scanning images in a public cloud environment, but we are. And that's something that we want to make clear.

而且從本質上來說，前沿模型公司是在打造推理引擎（reasoning engines）。他們不從事在你的網路中部署代理與感測器的業務，也不從事在你的 OT 與工業控制系統環境中部署這些的業務，或在公有雲環境中部署並掃描映像檔，但我們有。這一點我們希望說得很清楚。

And the last comment I'll say here is that we're applying AI. AI makes us better, allows us to reimagine the value that we can deliver to customers and the bigger problem that we can solve. The data we have delivers valuable insights to the customer so they can take action deterministically to reduce risk. And from that AI at the center of what we do to not only augment human operators but also gives us the critical context to develop a deeper understanding of exposure. So we can help our customers provide and orchestrate the fixes and move that machine speed and move at the speed of trust.

最後我想補充的是，我們正在應用 AI。AI 讓我們變得更好，使我們能重新想像可為客戶交付的價值，以及我們能解決的更大問題。我們的資料能為客戶提供有價值的洞察，讓他們可以以確定性的方式採取行動以降低風險。而且，AI 作為我們工作的核心，不僅能增強人類操作人員，也能提供關鍵脈絡，讓我們對曝險建立更深入的理解。如此一來，我們就能協助客戶提供並編排修補措施，以機器速度推進，並以信任的速度前進。

Yeah. And listen, I'll just add from the field perspective, literally, having hundreds of calls here over the last few weeks. This is a force multiplier for us. The amount of feedback we're getting from our customers, this is a massive opportunity. This is like a game-changing opportunity for us in the exposure management space.

是的。另外我再從前線角度補充一下：過去幾週我們真的進行了數百通電話。這對我們而言是一個力量倍增器。我們從客戶那裡收到的回饋顯示，這是一個巨大的機會。對我們在曝險管理領域而言，這就像是改變遊戲規則的機會。

And as Steve discussed, it needs to be very clear. We are partnering with Anthropic. And we are partnering with OpenAI. We are building Claude into Hexa, right? So when you look at this partnership, it is just going to strengthen Tenable and Tenable one, and it will drive more demand. There is no question about that, and we're kind of seeing that in these initial conversations.

如 Steve 所說，這點必須非常清楚：我們正在與 Anthropic 合作，也正在與 OpenAI 合作。我們正在把 Claude 整合進 Hexa，對吧？因此，當你看這項合作關係時，它只會強化 Tenable 與 Tenable One，並帶動更多需求。這點毫無疑問，而我們也在這些初期對話中某種程度看到了。

And then when you take what the Frontier labs are doing and then building out and continuing to drive our innovation with Tenable One focused on the entire attack surface, focused on world-class pinpoint prioritization, because now when you're dealing with thousands or hundreds of thousands of vulnerabilities, you need to be d*** accurate where you need to apply your resources and prioritization has never ever been more important in one of the massive gold standards we have here at Tenable.

接著，當你把 Frontier labs 正在做的事情，與我們以 Tenable One 持續打造並推動創新結合起來——聚焦於整個攻擊面、聚焦於世界級的精準優先排序——因為當你面對成千上萬甚至數十萬個漏洞時，你必須非常、非常精準地判斷資源該投入在哪裡，而優先排序從未像現在這樣重要；這也是 Tenable 在此領域的一項重要黃金標準。

You take a lot of reporting, the governance, the compliance needs you need when you get this massive tsunami of vulns coming in. The agentic workflows we're now doing with Hexa, the remediation capability going into OT environments. So it's a bit long winded, but we've been dealing with this for the last few weeks with customers and I'm telling you, we feel unbelievably optimistic that this is going to be a force multiplier for the exposure management category moving forward.

再加上大量的報告、治理，以及在這波大量漏洞海嘯湧入時你所需要的合規需求；我們現在透過 Hexa 所做的代理式工作流程（agentic workflows）、延伸到 OT 環境的修復能力等等。說得有點長，但我們過去幾週一直在與客戶討論這些，我可以告訴你，我們極度樂觀，這將在未來成為推動曝險管理類別向前發展的力量倍增器。

That's super helpful, guys. Thanks very much, and look forward to the Analyst Day.

這非常有幫助。非常感謝各位，也期待參加分析師日。

Brian Essex, JPMorgan.

Brian Essex，摩根大通。

Hi, good afternoon, and thank you for taking the question. Steve, a question for you. We're hearing a lot about security software getting access to budgets outside of traditional IT security budgets, particularly as business unit leaders slap AI on top of their budgets and get more allocation. And I think you guys alluded to it a bit last quarter. We heard it from Varonis last night, but I was wondering if you could update us to your conversations and what you're seeing, maybe the puts and takes involved? Are you getting meaningful incremental budget in -- is this a tailwind to close rates, or are the additional stakeholders extending sales cycles. We just love just a little bit more color on that. Thank you.

嗨，下午好，謝謝讓我提問。Steve，我有個問題想請教你。我們聽到很多關於資安軟體開始取得傳統 IT 資安預算以外的預算，特別是當各事業單位主管把 AI 疊加到他們的預算上、因此獲得更多資源分配時。我記得你們上季也稍微提到過。我們昨晚也從 Varonis 聽到類似說法，但我想請你更新一下你們與客戶的對話以及你們看到的情況，包含其中的拉鋸因素？你們是否拿到有意義的額外預算——這是否有助於成交率（close rates），還是新增的利害關係人反而拉長銷售週期？希望能多給我們一些細節。謝謝。

Sure. I think a couple of things here. Certainly, with Mythos and other frontier model companies. We have to acknowledge the (inaudible) just got an upgrade.

當然。我想這裡有幾點。確實，隨著 Mythos 和其他前沿模型公司，我們必須承認（聽不清）剛剛獲得了升級。

And I think we all know that, but our customers know that. I think Boards and CEOs also realize that outside of the security community. And so consequently, it needs more vulnerabilities, more that, more exploits -- and so there's a window here where adversaries hold an early advantage, and that's exactly why the urgency around exposure management has never been higher.

我想我們都知道這點，但我們的客戶也知道。我認為董事會與 CEO 也意識到這件事，而且不只是在資安圈內。因此，這會帶來更多弱點、更多那類問題、更多漏洞利用——所以這裡存在一個窗口期，對手會握有早期優勢，而這正是為什麼對曝險管理的急迫性從未如此之高。

I will tell you this, the threat of -- in the impending tsunami of new vulnerabilities. We're talking about order of magnitude of 10 or 20x more than what we currently have today, there's roughly 300,000 CBEs. We're like we see $3 million, maybe $6 million over the course of time, an increase in the own caps.

我可以告訴你，面對——即將到來的新弱點海嘯威脅。我們談的是相較於目前，數量級可能增加 10 倍或 20 倍；目前大約有 30 萬個 CBE。我們大概看到 300 萬美元、也許 600 萬美元，隨時間推移，自有資本支出（own caps）會增加。

I think people realize that the threat is real. This is a security challenge. The Boards and CEOs are getting involved, number one. Number two, we will likely see this is not tied to guidance or anything like that, that we're providing today, but we will likely see sizable increases in security budgets. We'll likely see a healthy spending environment. We will likely see the acceleration of security projects, not only in the private sector but also in the public sector.

我認為大家意識到威脅是真實存在的。這是一個資安挑戰。第一，董事會與 CEO 正在介入。第二，我們很可能會看到——這不與我們今天提供的指引或任何內容綁定——但我們很可能會看到資安預算大幅增加。我們很可能會看到健康的支出環境。我們很可能會看到資安專案加速，不僅在民間部門，也在公部門。

We're having regular and ongoing conversations with the OMCD the Office of the National Cyber Security Director. They arguably have the best intel on Anthropic and some of the other frontier model companies. I think they realize what's potentially coming our way and they're moving quickly. So I think all of this creates incredible opportunity for us in exposure management.

我們正與 OMCD（國家網路安全主任辦公室）進行定期且持續的對話。他們可以說掌握了關於 Anthropic 以及其他一些前沿模型公司的最佳情報。我想他們也意識到可能即將到來的情況，並且正在快速行動。所以我認為，這一切都為我們在曝險管理領域創造了極大的機會。

And yes, I think it's fair to say, Mark can provide more perspective here. factoring into every sales conversation.

而且是的，我認為可以公平地說——Mark 可以在這裡提供更多觀點——這已經納入每一場銷售對話的考量。

Yes, no question. We highlighted it on one of the deals that we discussed, right? There is definitely spend, and I'll call it, there is security AI spend that is becoming clean, and you can see it when you're talking to CISOs, but there's also discretionary spend, right?

是的，毫無疑問。我們在其中一筆我們討論過的交易裡就強調過，對吧？確實有支出，我會稱之為：有一部分是正在變得更明確的資安 AI 支出，你在和 CISO 對話時就能看出來；但也有可自由裁量的支出，對吧？

We saw a bunch of deals, where we're working with the security contacts that we have where they would then -- when we start talking about especially AI exposure, looking at discovering shadow AI looking at protecting and configurations, best practices for AI-related deployments in the cloud, governing. There was budget that they pulled in to add on to these Tenable One deals.

我們看到不少交易，我們與既有的資安窗口合作，然後——當我們開始談，特別是 AI 曝險時，包含發現影子 AI、保護與組態、雲端 AI 相關部署的最佳實務、治理等。他們會拉進一些預算，作為這些 Tenable One 交易的加購。

So I think that will become more mainstream over time. It won't be so much discretionary. It will be built in and moved into the cybersecurity budget. But there's no question, as Steve said, it's every single call starts off with the AI security discussion. It's that omnipresent.

所以我認為，隨著時間推移，這會變得更主流。不會那麼像是自由裁量支出，而是會被內建並移入網路安全預算。但毫無疑問，正如 Steve 所說，每一通電話一開始都是 AI 資安的討論；它無所不在。

Great. That's helpful color. And Mark, thank you for -- I'm sure, our CISO appreciates you flagging his blog. So thank you on behalf of him.

很好，這些細節很有幫助。Mark，謝謝你——我相信我們的 CISO 也很感謝你提到他的部落格。所以我代表他向你致謝。

Very, very well done blog, by the way. A lot of people downloaded phenomenal information there.

順帶一提，那篇部落格寫得非常、非常好。很多人下載了，資訊非常出色。

Rob Owens, Piper Sandler.

Rob Owens，Piper Sandler。

Sorry about that.

抱歉，剛剛那樣。

There you go.

好了，可以了。

Sorry, I apologize. I had the mute on. I think I've learned after all this time. Mark, Steve, very bullish comments from both of you. And clearly, this could be a watershed moment for the industry overall. But I wanted to pivot a little bit towards sales capacity. And noting sales and marketing growing less than 5% year over year this quarter. Maybe help us understand where you guys are from a capacity standpoint as this opportunity is in front of you right now? And what are your intentions with the new CRO in place to maybe lean in a little bit in terms of that sales and marketing line as we move forward? Because I think investors would prefer point of growth over point of margin at this point in your life cycle. Thanks.

抱歉，我道歉。我剛剛把靜音開著。我想經過這麼久我應該學會了。Mark、Steve，你們兩位的評論都非常看多。顯然，這可能會是整個產業的分水嶺時刻。但我想稍微轉到銷售產能。注意到本季銷售與行銷年增不到 5%。也許請你們幫我們理解，當這個機會就在眼前時，你們目前在產能面處於什麼狀態？以及在新 CRO 到位後，你們的意圖是否是在接下來更積極投入銷售與行銷這條線？因為我認為在你們目前的生命週期，投資人會更偏好成長點數而不是利潤點數。謝謝。

No. Awesome question. And yes, no question. And as we discussed numerous times, we are laser-focused on growth, right? The number one factor here at Tenable is getting growth accelerated.

不，這是個很棒的問題。是的，毫無疑問。正如我們多次討論過的，我們非常聚焦在成長，對吧？在 Tenable，第一要務就是讓成長加速。

Yes, super excited to have a new CRO, Dino DiMarino, who joined Tenable. Our COO, Dave Feringa, had retired. We did an incredible job here at Tenable, but Dino is phenomenal and has been here for a short time period, but already making an impact.

是的，我們非常興奮迎來新的 CRO——Dino DiMarino——加入 Tenable。我們的 COO Dave Feringa 已退休。他在 Tenable 做得非常出色，但 Dino 非常傑出，雖然加入時間不長，但已經開始產生影響。

And when we look at sales capacity, it's something literally we look at on a weekly basis. We made some decisions coming into 2026 to add some incremental capacity, and we're actually seeing that pay off, which is great. We are evaluating some of the faster-growing regions and countries to look at adding additional sales capacity, especially when we start seeing some of the pipeline growth and we see some of the Tenable One activity in some of these faster-growing regions. So it is something we are absolutely evaluating.

當我們看銷售產能時，這是我們幾乎每週都會檢視的事情。我們在進入 2026 年時做了一些決策，增加一些額外產能，而我們也確實看到成效，這很棒。我們正在評估一些成長更快的區域與國家，考慮增加更多銷售產能，特別是當我們開始看到某些高成長地區的管線成長，以及看到一些 Tenable One 的活動。因此這確實是我們正在評估的事項。

We also, though, are spending a huge amount of time on productivity per seller. So we're using a bunch of AI technology to get more efficiency out of our sellers. So our sellers can produce more at a lower cost, taking away a massive amount of manual processes and tasks that slowed them down that took away from customer-facing time. We're removing those obstacles, and we're literally returning a significant amount of time back where our sellers are in front of more customers and partners on a daily basis.

不過同時，我們也投入大量時間在提升每位銷售的人均生產力。我們使用一系列 AI 技術，讓銷售更有效率。因此我們的銷售能以更低成本產出更多，移除大量拖慢他們、占用客戶面對面時間的手動流程與任務。我們正在移除這些障礙，並且實際上把大量時間還給銷售，讓他們每天能面對更多客戶與合作夥伴。

So we are all over it. We're evaluating it. We made that move to add some capacity, and we're going to continue to tweak that as we see kind of the productivity improve, and we see pipeline build continue to grow.

所以我們全面在做。我們在評估。我們已經採取增加一些產能的動作，並且會隨著生產力提升、以及管線持續成長，繼續微調。

Yeah. And Rob, this is Matt. I'll just add on what Mark was saying there. You heard in some of my prepared remarks, I called out our use of AI beginning to see the impact on the efficiency we gain in there. That's exactly what Mark is talking about there, where we're able to actually increase sales capacity and quota capacity while reducing costs overall because we're rotating those dollars out of other non-quota carrying areas and that's helping. We're able to do that through the use of some AI technology.

是的。Rob，我是 Matt。我補充一下 Mark 剛才說的。你在我事先準備的發言中也聽到，我提到我們使用 AI 已開始看到效率提升的影響。這正是 Mark 在說的：我們能在整體降低成本的同時，實際提高銷售產能與配額產能，因為我們把資金從其他非配額承擔（non-quota carrying）的領域轉出，這帶來幫助。我們能透過一些 AI 技術做到這點。

All right, thank you.

好，謝謝。

Adam Borg, Stifel.

Adam Borg，Stifel。

Great, and thanks so much for taking the question. Great. Maybe just building off the last question around some of the operational efficiencies, Matt. Maybe a follow-up is, as you continue to introduce Hexa and introduce more AI into the offering, and maybe we'll hear a lot more about this at the Analyst Day in a month, but how do we think about the flip side to the efficiencies with higher spend and the impact that could have on gross margin? Thanks.

很好，也非常感謝讓我提問。很好。也許延續上一題談到的一些營運效率，Matt。我想追問的是：隨著你們持續推出 Hexa，並在產品中導入更多 AI——也許我們會在一個月後的分析師日聽到更多——那麼從效率的另一面來看，較高的支出以及它可能對毛利率造成的影響，我們應該如何思考？謝謝。

Sure. Yes. As you know, cloud costs are one of our largest expenditures and it's something that we focus quite a bit on optimizing. But the truth is today, we get a better trade in leaning into AI spend and compute power. There's a bigger payoff there on the extra efficiency capacity that we're able to gain.

當然。是的。如你所知，雲端成本是我們最大的支出之一，也是我們相當著力優化的項目。但事實是，以目前來看，加大 AI 支出與運算資源的投入，能帶來更好的權衡；因為我們能從額外的效率產能中獲得更大的回報。

As you look in total at our P&L, that model that I laid out in terms of adding incremental margin. I think I've said this over the past couple of quarters and it holds true today. where that's going to show up is mostly in G&A, a little bit in sales and marketing, tiny bit in gross margin.

當你從整體來看我們的損益表（P&L）時，我先前所闡述的、關於增加增量利潤率的那個模型——我想我在過去幾個季度都提過，而且現在依然成立。它主要會反映在一般及行政費用（G&A）上，銷售與行銷（sales and marketing）會有一點點，毛利率（gross margin）則只有非常小的一部分。

And then R&D is probably going to be roughly consistent as a percentage of revenue. And we're doing that through making sure that we're optimizing our cloud costs for sure, and that gross margin remained strong, but also just optimizing some of the tools that we have at our disposal now, which is really powerful.

然後研發（R&D）大概會以營收百分比來看維持大致一致。我們之所以能做到，是因為我們確保在優化雲端成本，同時毛利率仍然強勁；另外也在優化我們目前可運用的一些工具，而這些工具其實非常有力。

Great. Thanks so much.

很好。非常感謝。

Mike Cikos, Needham & Co.

Mike Cikos，Needham & Co.

Hey team, thanks for taking the questions here and Congrats on a strong start to the year. I just wanted to come back to the -- I know CCB is a weaker indicator here, but we've been looking obviously at the CCB versus the CRPO and that delta that's widened in recent quarters. It seemed to converge this quarter. And I just wanted to get a better sense of how CCB/CRPO played out in Q1. Should we expect this convergence to play out, or no, we should expect a widening now over the rest of the year? Any color that would be beneficial?

各位團隊好，謝謝你們在這裡回答問題，也恭喜今年開局強勁。我想回到——我知道在這裡 CCB 是比較弱的指標，但我們顯然一直在看 CCB 相對於 CRPO，以及近幾個季度擴大的那個差距。這一季看起來有收斂。我想更清楚了解 Q1 的 CCB/CRPO 是怎麼表現的。我們應該預期這種收斂會持續發生嗎？還是說接下來一年其餘時間會再度擴大？有任何補充說明都很有幫助。

Yeah. I -- yeah, you're going to continue to see some fluctuation there in the delta between CCB and CRPO will likely bounce around a bit because number one, seasonality plays a role. And number two, we're continuing to work through and anniversary some of the noise that we saw in both billings duration and contract duration. So it was -- it narrowed this quarter. It will likely widen again next quarter.

是的。我——是的，你會持續看到那個波動，CCB 與 CRPO 之間的差距可能會上下起伏一些，原因第一是季節性會扮演角色；原因第二是我們仍在消化並進入一些先前在開立帳單期間（billings duration）與合約期間（contract duration）所看到的雜訊的周年比較。所以——這一季是縮小了，但下一季很可能又會擴大。

There's not much to read into there, actually. Having said all of that, we're happy with where our billings came in our commitment in this quarter, which gave us the confidence to not only beat revenue for the quarter, but then to take up the guidance for the full year. So we're happy with where things are coming in.

其實沒有太多需要過度解讀的。話雖如此，我們對本季的開立帳單（billings）與承諾（commitment）表現感到滿意，這也讓我們有信心不僅本季營收優於預期，並且上調全年指引。所以我們對目前的進展很滿意。

Terrific. Thank you.

太好了。謝謝你。

Meta Marshall, Morgan Stanley.

Meta Marshall，Morgan Stanley。

Great, thanks. Maybe just coming back to the influx of business that you guys are seeing for Tenable One and exposure management, just driven by the AI risk headlines customers are seeing. Do you think that they have enough knowledge of what the customers have enough knowledge of what they need or what the potential weaknesses are to speed up decision-making processes? Or are they still -- are some of these sales cycles potentially longer just as they try to evaluate kind of what the changes to the environment are? Just any reflection on sales cycle.

很好，謝謝。也許回到你們在 Tenable One 與曝險管理（exposure management）上看到的業務湧入，主要是由客戶看到的 AI 風險新聞標題所驅動。你認為客戶是否已經有足夠的認知，知道自己需要什麼、或潛在弱點是什麼，因而能加速決策流程？還是說他們仍然——有些銷售週期可能會更長，因為他們要評估環境變化帶來的影響？想請你們分享對銷售週期的觀察。

Yes. No, no, so. Very, very good question. A couple of points there. We are still doing a lot of education.

是的。不，不，所以——非常、非常好的問題。這裡有幾點。我們仍在做大量的教育工作。

As we hit on in the beginning of this call, we've taken hundreds of calls over the last few weeks with customers literally asking for our advice, giving them guidance getting on the phone and Zoom sessions with our CSO and getting guidance and leadership from that perspective.

正如我們在本次電話會議一開始提到的，過去幾週我們與客戶進行了數百通電話，客戶真的在向我們請教，尋求我們的建議；我們提供指引，並安排與我們的 CSO 進行電話與 Zoom 會議，從那個角度提供指導與領導。

Just to put a small example, we're actually doing a webinar in 24 hours in regards to doing some education around the Frontier AI models, and we have over 1,000 people registered. It's one of the fastest, thousand-person webinars we generated since the last 12 to 13 months. So incredible amount of evangelizing and education.

舉個小例子，我們其實在 24 小時後會就 Frontier AI 模型做一場教育性網路研討會（webinar），目前已有超過 1,000 人註冊。這是我們在過去 12 到 13 個月以來，最快達到千人規模的研討會之一。所以宣導（evangelizing）與教育的量非常驚人。

We are sensing now that people are getting it. Like these conversations are going from less of an enablement and education saying, okay, let's come in here, let's talk about exposure management. Let's talk about Tenable One. What would be the deployment strategy, how do we get full visibility across the entire tax surface and then digging in on some of the relationships and partnerships that we've got with Anthropic and open AI and building some of that capability in the product.

我們現在感受到大家開始理解了。這些對話正從較偏向啟用與教育，轉變為：好，我們進來談曝險管理，談 Tenable One；部署策略會是什麼？如何在整個攻擊面（attack surface）上取得完整可視性？接著再深入討論我們與 Anthropic、OpenAI 的一些合作關係與夥伴關係，以及把部分能力建到產品裡。

So there's still some evangelizing indication, but customers are definitely getting smarter. And as I said before, right, we see it as a tailwind here in 2026.

所以仍然有一些宣導與教育，但客戶確實變得更聰明了。而且如我之前所說，對我們而言，這會是 2026 年的一股順風。

Great. Thanks so much.

很好。非常感謝。

Jonathan Ruykhaver, Cantor Fitzgerald.

Jonathan Ruykhaver，Cantor Fitzgerald。

Yeah. Nice execution. So I'm just curious if you could comment on the platform expansion opportunity relative to new ads. You did see a nice uptick in six-figure customers sequentially. So how should we be thinking of that platform of customer growth versus expansion? It does seem like there's a nice opportunity as well to drive are incrementally higher as we move through the year. So how are you looking to balance those two growth drivers?

是的，執行得很不錯。我想請教你們能否評論一下平台擴張機會相對於新增客戶（new ads）的情況。你們看到六位數客戶數量（six-figure customers）季對季有不錯的提升。所以我們應該如何看待平台客戶成長與擴張之間的關係？看起來也有不錯的機會在今年推進，讓（成長）逐步提高。所以你們如何在這兩個成長驅動因素之間取得平衡？

Hi. This is Steve, Jonathan. I would say, look, in any given quarter, there's always some variability between expansion opportunities and pipeline opportunities for new customers this quarter. The number of new customers was extraordinarily strong. It's 400-plus, one of our strong quotas specifically here in Q1, we're off to a great start.

嗨，Jonathan，我是 Steve。我會說，任何一個季度，擴張機會與新客戶管線機會之間總會有一些變動。而這一季新客戶數異常強勁，超過 400 家，是我們特別在 Q1 的強勁表現之一，我們開局非常好。

So we're really pleased with the ability to continue to take and win customers that we've never had a relationship with. Customers who recognize and appreciate the importance of exposure management in the agentic era.

所以我們對於能持續拿下並贏得過去從未有往來的客戶感到非常滿意。這些客戶認知並重視在代理式（agentic）時代中曝險管理的重要性。

The expense rate, Matt can provide more color about it, but played out as expected. But extension remains certainly a big opportunity for us. We have one of the largest customer bases in all security. We have certainly demonstrated an ability to move customers into the exposure management platform into Tenable One to drive higher selling prices and remains certainly a focus for us going forward.

費用率方面，Matt 可以提供更多說明，但整體如預期發展。不過，擴張（extension）對我們而言仍然絕對是一個很大的機會。我們擁有整個資安領域中最大的客戶基礎之一；我們也確實展現了把客戶導入曝險管理平台、導入 Tenable One，以推動更高售價的能力，這也將持續是我們未來的重點。

Yeah. I would just add there, we were pleased with the new business, which includes new and expansion business into Tenable One in Q1, you saw 41% of that new business coming into the platform, which is an increase year over year of about 8 percentage points. So it was a nice uptick there, and we expect to continue to carry that momentum forward.

是的，我再補充一下：我們對 Q1 的新業務感到滿意，其中包含導入 Tenable One 的新客與擴張業務。你看到新業務中有 41% 進入平台，年對年提升約 8 個百分點。所以這是一個不錯的上升，我們也預期會把這股動能延續下去。

Helpful. Thank you.

很有幫助。謝謝。

Shaul Eyal, TD Cowen.

Shaul Eyal，TD Cowen。

Congrats on the performance and a little bit in rate. Steve, on that seven-digit EMEA win, can I ask how many vendors did you displace or consolidate?

恭喜表現，也在費用率上有些改善。Steve，關於那筆 EMEA 的七位數（seven-digit）勝案，我可以問你們取代或整併了多少家供應商嗎？

Yeah. Hey, Mark here. Yeah, so we consolidated one major player that was in there. That was an incumbent that was in this account for multiple years. This was a strategic decision that they were working on out of the Middle East, and you guys -- everyone knows all of the distractions in the geopolitical situation over there.

是的。嗨，我是 Mark。是的，我們整併掉其中一家主要玩家。那是一個在這個帳戶裡已經多年、原本就存在的供應商。這是他們從中東推動的一項策略性決策，而你們——大家都知道那邊地緣政治局勢帶來的各種干擾。

So for them to make a move of an incumbent player, an incumbent VM player and move to Tenable one, I think shows you the power that we are able to show and be able to give this customer around not just Tenable One the platform but being able to evaluate and look at all of those incremental assets that they're struggling to get visibility on, which is one of the biggest drivers, and so it was a one vendor situation that we replaced an incumbent that was in there for multiple years. Great Tenable One victory.

所以對他們而言，能夠把一個既有供應商——一個既有的弱點管理（VM）供應商——換掉並轉向 Tenable One，我認為這顯示了我們所能展現的力量，以及我們能為這位客戶提供的不只是 Tenable One 這個平台，還包括能夠評估並檢視那些他們一直難以取得可視性的增量資產，而這正是最大的驅動因素之一。因此這是一個單一供應商的情境：我們取代了一家在那裡多年既有的供應商。這是一次很棒的 Tenable One 勝利。

Thank you so much for that. Appreciate it.

非常感謝你的說明。很感激。

Rudy Kessinger, D.A. Davidson.

Rudy Kessinger，D.A. Davidson。

Hey, guys. Thanks for taking my question. Matt, I want to ask about CROs. I know the CRPO growth has actually been trending ahead of revenue growth basically for the same reason CCB has been below. But we saw that [decel] 3 points from 13% last quarter this quarter. So any comment there you can -- or color you can provide and just what drove the decel and how that line should trend throughout the year?

嗨，各位。謝謝回答我的問題。Matt，我想問一下 CROs。我知道 CRPO 的成長其實一直領先於營收成長，基本上原因和 CCB 偏低相同。但我們看到這一季從上季 13% 下滑（[decel]）了 3 個百分點。你能否就此做些評論——或提供一些背景——是什麼導致放緩？以及這條線在今年應該如何走勢？

Yeah. Thanks for the question. There is there is seasonality at play. So if you look at kind of growth rate quarter on quarter from Q4 to Q1 in any year, typically, there is a downward tick on CRPO. And so that's at play.

是的，謝謝你的問題。這裡有季節性因素在發揮作用。所以如果你看任何一年從 Q4 到 Q1 的季對季成長率，通常 CRPO 都會有一個向下的小幅變動。因此這是其中一個因素。

And then there's also the normalization of some of the contract duration noise that was in that number that starts to work its way through as we anniversary some of the policy changes that we had. And so that creates some noise in there as well.

此外，該數字中也包含了一些合約期間長短所造成的雜訊，隨著我們先前所做的一些政策變更逐步進入週期性比較（anniversary），這些雜訊也會逐步被正常化。因此那裡也會產生一些雜訊。

I do expect that that number is going to continue to fluctuate quarter to quarter throughout the year. And as I mentioned a few moments ago, the delta between CCB, let's say, and CRPO is likely to continue to fluctuate as well.

我確實預期這個數字在全年會持續按季波動。正如我剛才提到的，CCB 與（比如說）CRPO 之間的差異（delta）也很可能會持續波動。

Gray Powell, BTIG.

Gray Powell，BTIG。

Okay. Great. Thank you very much for taking the question.

好的。非常好。非常感謝讓我提問。

So as I listen to this call, I mean, I got to say that the commentary around customer conversations and everything that you're seeing about the elevated demand for exposure management just in the last month, it sounds really good.

所以我在聽這通電話會議時，我得說，關於你們與客戶對話的評論，以及你們在過去一個月看到對曝險管理（exposure management）需求升高的各種跡象，聽起來真的很不錯。

At the same time, the second-half revenue guide is at about 6.5% versus a little over 9.5% in Q1. And I get that you're normally conservative. I understand that a lot of these developments are very recent, so you probably don't want to bake it in. But I guess I'm just trying to think like how should we think of the conservatism within guidance? And then like, are there any underlying metrics we should be focused on going forward to prove out the bull case thesis? I hope that's okay.

同時，下半年營收指引大約是 6.5%，相較於第一季的略高於 9.5%。我理解你們通常會比較保守。我也理解很多這些發展都非常近期，所以你們可能不想把它直接納入預測。但我想我是在思考，我們應該如何看待指引中的保守程度？另外，往後是否有任何我們應該關注的底層指標，用來驗證多頭情境（bull case）的投資論點？希望這樣問可以。

Sure. No, I think the way to think of it is that we came in over the top of guidance for revenue in Q1, and then we're raising for the full year, which should hopefully communicate a level of conviction that we have on the rest of the year.

當然。是的，我認為可以這樣看：我們第一季的營收表現超出指引，而我們也上調了全年指引，這應該能傳達我們對今年剩餘期間的信心程度。

At the midpoint, we took it up -- well, actually, across the entire range, we took up the full-year revenue guide, and the reason we're able to do that is because of a lot of the commentary that you've heard here gives us that confidence.

以中位數來看——其實是整個區間——我們都上調了全年營收指引；之所以能做到，是因為你在這裡聽到的許多評論讓我們更有信心。

Now, of course, when you have the midpoint of the guide for revenue at 7.4%, and you have a quarter like we just did which is 9.6%. obviously, the averages are going to work out such that there's something less than 7.4% to get to that number.

當然，當你的營收指引中位數是 7.4%，而像我們剛做出的這一季是 9.6%，很顯然平均下來要達到 7.4%，後面就會有某些季度低於 7.4%。

But the takeaway is, as we sit here a quarter later, net-net, we're in a better position now than we were a quarter ago. We're feeling more bullish. We're feeling more convicted on the year. And that is what has allowed us to raise the guide for the full year.

但重點是：我們現在坐在這裡、相較一季前，整體而言處於更好的位置。我們更偏多、更有信心看好今年。也正是這一點讓我們得以上調全年指引。

That's really helpful. Thank you.

這非常有幫助。謝謝。

Junaid Siddiqui, Truist Securities.

Junaid Siddiqui，Truist Securities。

Great. Thank you for taking my question. You've talked about remediation as the next major chapter in exposure management and a large greenfield opportunity. With the launch of Hexa AI, how do you position Tenable One as a system of action, not just insight, where do you believe Tenable can establish a durable leadership position in driving measurable remediation outcomes versus other exposure management platforms?

很好。謝謝讓我提問。你們談到補救（remediation）是曝險管理的下一個重大篇章，也是很大的綠地（greenfield）機會。隨著 Hexa AI 的推出，你們如何將 Tenable One 定位為一個「行動系統」（system of action），而不只是「洞察系統」？你們認為 Tenable 能在哪些方面建立可長可久的領導地位，以推動可衡量的補救成果，並優於其他曝險管理平台？

Yeah. Look, over the years, we -- this is Steve. We've evolved from helping customers understand risk to helping customers reduce it and now the agentic era to do that in a very deterministic way, moving at machine speed.

是的。你看，這些年來——我是 Steve——我們已從協助客戶理解風險，演進到協助客戶降低風險；而現在進入代理式（agentic）時代，我們能以非常確定性的方式、以機器速度來做到這件事。

We're not in the business of building the bigger -- to build the bigger telescope to watch the meteor hit, we're in the business of helping our customers reduce risk. And it all starts with the data, which we talked about earlier.

我們不是在做更大的——打造更大的望遠鏡去看隕石撞上來；我們是在幫助客戶降低風險。而一切都從資料開始，也就是我們先前談到的。

But a little more color really on Hexa generally be available here in the second quarter. Hexa automates complex multistep workflows and leverages our exposure data and turns it into action.

再補充一些關於 Hexa 的細節：它將在第二季正式全面推出（generally available）。Hexa 會自動化複雜的多步驟工作流程，運用我們的曝險資料並把它轉化為行動。

I mean, there's a couple of types of action here and pain points that we're solving for our customers. Number one, reducing the manual toil and the drudgery as we would say, for security practitioners, but automate on a wide range of manual tasks such as grouping and tagging, things that just take extraordinary amount of time. But maybe take weeks here, days, we can do in short order even in minutes.

我的意思是，這裡有幾種類型的行動與我們正在為客戶解決的痛點。第一，降低資安從業人員的手動勞務與繁瑣工作（drudgery），把各種手動任務自動化，例如分組與標籤等，這些事情往往要花非常多時間。可能原本要幾週、幾天，我們可以在很短時間內完成，甚至幾分鐘。

And more importantly, and this is really the bigger mandate for us, which is we can take action via prebuilt agents or custom agents that practitioners can build either to patch or change configs or apply compensating control to reduce risk. It's the action here that really matters and really depending on the maturity and the sophistication of the customer, we can do that autonomously with guardrails. We can do that with a human in loop to ensure that the action is taken in the right manner.

更重要的是——這其實是我們更大的使命——我們可以透過預建代理（prebuilt agents）或由從業人員自行建立的自訂代理來採取行動：不論是修補（patch）、變更設定（configs），或是套用補償性控制（compensating control）以降低風險。真正重要的是「行動」。而且依客戶的成熟度與複雜度不同，我們可以在有護欄（guardrails）的情況下自動執行；也可以採用人機協作（human in loop），確保行動以正確方式被執行。

But in the agentic era, it's really the fewest actions with the biggest impact that really matters, and that's our mandate. That's been our mandate since day one. This is -- exposure management is a category that we've created, is one we're continuing to refine and evolve, and we are the unequivocal leader here.

但在代理式時代，真正重要的是用最少的行動帶來最大的影響，這就是我們的使命。我們從第一天起就是這個使命。這——曝險管理是我們所創造的類別，我們也持續在精煉與演進，而我們在這裡是無可爭議的領導者。

So excited about the opportunity and what AI means for us and the ability to solve the bigger problem for our customer.

所以我們對這個機會，以及 AI 對我們的意義、以及為客戶解決更大問題的能力，都感到非常興奮。

Todd Weller, Stephens.

Todd Weller，Stephens。

Thanks for the question. Steve, to piggyback on that question. Could you talk about how Hexa AI is packaged and price? Just trying to get a sense of kind of the monetization strategy for it? Thank you.

謝謝這個問題。Steve，延續剛才那個問題。你能談談 Hexa AI 的包裝與定價嗎？我想了解一下它的變現策略大概會是什麼樣子？謝謝。

Yes. As I mentioned earlier, we have customers that have been using it with great success, and we're getting some tremendous feedback on it. It will be generally available here in the quarter.

好的。如我先前提到的，我們已有客戶使用並取得很好的成效，我們也收到非常多正面的回饋。它會在本季正式全面推出。

We have launched new pricing and packaging here. We have a foundational package. We have an advanced package, and Hexa will be available either in full form in the advanced model. We want customers to be able to use it, perhaps with greater tokenized access with Hexa in the advanced model. But Hexa will play an important role here in helping us drive our ASPs higher and developing better engagement and creating better outcomes for our customers. and certainly solving the exposure management problem.

我們已推出新的定價與包裝。我們有基礎方案（foundational package），也有進階方案（advanced package）；Hexa 將會在進階方案中以完整形態提供。我們希望客戶能夠使用它，或許在進階方案中透過更多以代幣化（tokenized）的方式存取 Hexa。但 Hexa 將在推動我們的 ASP（平均售價）提升、深化互動、並為客戶創造更好成果方面扮演重要角色，當然也能協助解決曝險管理問題。

So more to come on that, something we'll talk about really probably over the ensuing weeks, but we're excited about bringing Hexa to the market.

所以後續還會有更多資訊，我們可能會在接下來幾週再談得更深入，但我們很期待把 Hexa 推向市場。

Jonathan Ho, William Blair.

Jonathan Ho，William Blair。

Hi. Good afternoon, and congrats on the strong results. One thing I wanted to understand a little bit better is how are you partnering with Anthropic and OpenAI today? And can you maybe help us understand how that partnership might differ from Project Glass swing or some of the other broader platform players? Thank you.

嗨。午安，並恭喜你們有很強勁的成果。我有一點想更了解：你們目前是如何與 Anthropic 和 OpenAI 合作的？你們也能否協助我們理解，這種合作關係與 Project Glass swing 或其他更廣泛的平台型玩家相比，可能有哪些不同？謝謝。

Yes. I mean, listen, I'll kind of kick it off, and Steve might have one or two comments. But listen, what we can say is we have a very good close relationship with both Anthropic and with OpenAI, so we're working with these folks on a bunch of different fronts.

好的。我的意思是，聽著，我先簡單開個頭，Steve 可能也會補充一兩點。但我們能說的是：我們與 Anthropic 以及 OpenAI 都有非常良好且緊密的關係，所以我們正與他們在多個面向上合作。

We're obviously using their technology to actually build Tenable One and build Hexa. We're taking actually their product. We're building Claude into Hexa. So there's a great partnership opportunity there. And so this is something that we've been working on for a while. We'll continue to work and continue to expand that relationship as they continue to expand their partner program and they're partnering with different cybersecurity vendors.

我們顯然在使用他們的技術來打造 Tenable One、打造 Hexa。我們實際上在採用他們的產品，把 Claude 整合進 Hexa。因此那裡有很好的合作機會。這也是我們已經合作一段時間的事情。我們會持續合作並擴大這段關係，因為他們也在持續擴展其合作夥伴計畫，並與不同的資安廠商合作。

So this is something that we're extremely optimistic about and the attitude that they're coming to us with where it is truly partnering, right? It is not this combative situation that I think a lot of people have in their minds.

所以我們對此非常樂觀，而且他們與我們互動的態度是真正的合作，對吧？並不是我想很多人腦中所想的那種對立情境。

I mean, they're coming after and trying to take over all of software. I mean, they are working with us, partnering with us. They've got embedded engineers that we're going to be working with, with our engineering teams. There's just a massive amount of partnering that is going to be a huge benefit to the cybersecurity industry, not just Tenable but the entire industry.

我的意思是，他們不是要來、試圖接管所有軟體。他們是在與我們合作、與我們結盟。他們會有駐點工程師與我們的工程團隊一起工作。這種大規模的合作將對資安產業帶來巨大益處，不只是對 Tenable，而是對整個產業。

So we're going to continue to drive it, and we're off to a great start with both OpenAI and Anthropic.

因此我們將持續推動這項工作，而且我們與 OpenAI 和 Anthropic 的合作都已取得非常好的開端。

Yes. And the one thing I would add there, just to play off what Mark said, which is we can't comment on all the specifics. What I can say, as Mark mentioned, that we're in active and ongoing conversations with Anthropic and OpenAI on a wide range of initiatives that gives us access to non-public models.

是的。另外我想補充一點，呼應 Mark 剛才所說的，我們無法評論所有具體細節。我能說的是，如 Mark 提到的，我們正與 Anthropic 與 OpenAI 就廣泛的計畫進行積極且持續的對話，這讓我們能夠取得非公開模型的使用權。

We can say we're partners of OpenAI's TAC program, which is the trusted access for cyber program. So that will empower our researchers to be able to do greater higher levels of innovation and do that more efficiently.

我們可以說，我們是 OpenAI 的 TAC 計畫（trusted access for cyber program，網路資安可信存取計畫）的合作夥伴。這將使我們的研究人員能夠進行更高層次的創新，並更有效率地完成。

So the takeaway here is we're doing joint research with the frontier model companies, to help defenders leverage the most sophisticated models to fight AI with AI, and we're bringing that technology to market and our technology stack by embedding it in every layer of our platform. So certainly excited about with the opportunity to continue to work with them.

因此這裡的重點是：我們正與前沿模型公司進行聯合研究，協助防禦方運用最先進的模型，以 AI 對抗 AI；同時我們也透過將其嵌入平台的每一層，把這項技術帶到市場並納入我們的技術堆疊。因此我們當然對能持續與他們合作的機會感到非常興奮。

Joshua Tilton, Wolfe Research.

Wolfe Research 的 Joshua Tilton。

Hey, guys. Thanks for sneaking me in here. Maybe just one on my end. I totally appreciate and understand all the commentary around the urgency you're hearing from your customers as everybody, I guess, sort of freaks out ahead of this Mythos launch. I guess, what we're trying to reconcile and the question that we're getting from investors just help us bridge that sense of urgency and everything that you're hearing from your customers with short-term bookings growth this quarter of 0%.

嗨，各位。謝謝讓我插隊進來。可能我這邊就一個問題。我完全理解並認同你們提到的，客戶所傳達的急迫感——在這次 Mythos 上線之前，大家似乎都有點緊張。我想我們試圖釐清的是，以及投資人問我們的問題是：能否幫我們把你們從客戶那裡聽到的急迫感，與本季短期訂單成長為 0% 之間的落差連結起來？

I think you addressed some of that around timing in an earlier question, but any incremental color that you can help us with there would be very helpful. Thank you so much.

我想你們在先前的問題中提到了一些時點因素，但如果能再提供一些額外的說明會非常有幫助。非常感謝。

Sure. Yeah, Josh, I'll take that. This is Matt. The short-term bookings growth, if you're referring to CCB, that was up 9.2% this quarter year over year.

當然。是的，Josh，我來回答。這是 Matt。短期訂單成長，如果你指的是 CCB，本季年增為 9.2%。

But I think to the broader comment, around when is this going to show up in the numbers, this is still early, so it does take time for some of this to play out.

但我想就更廣泛的評論而言，關於這何時會反映在數字上，這仍然是早期階段，因此確實需要一些時間讓部分因素逐步發酵。

I think the takeaway and what we're trying to communicate here is though it's early, we're seeing all the signs that point to it being a massive opportunity for us. And the takeaway is that as more vulnerabilities are exposed, exposure management becomes that much more important for our customers to be able to put those vulnerabilities in the context of their own environment, and how that impacts them and then prioritize what to fix. That's really critical.

我認為我們想傳達的重點是：雖然還早，但我們看到的所有跡象都指向這對我們而言將是一個巨大的機會。重點在於，隨著更多漏洞被揭露，曝險管理對客戶而言變得更加重要，因為他們需要把這些漏洞放在自身環境的脈絡中理解其影響，並據此排定修補優先順序。這非常關鍵。

So for us, the takeaway is, look, exposure management has never been more important. It will continue to be increasingly important as some of these models continue to discover more vulnerabilities. And of course, that ultimately the idea that ultimately, that makes its way to the numbers, of course.

所以對我們而言，重點是：曝險管理從未像現在這麼重要。隨著這些模型持續發現更多漏洞，它的重要性也會持續提升。而且當然，最終這些都會反映到數字上。

Any incremental color on the CRPO bookings growth?

能否再補充一些關於 CRPO 訂單成長的資訊？

No, nothing more than what I've said. I guess I can say it came in line with expectations. It was not a surprise to us. It will continue to, like I said, fluctuate in the delta between CCB and CRPO. But no, it came in line with expectations. And again, it's what gave us confidence to be able to raise the full-year revenue guide. So we feel good about it.

沒有，除了我已經說過的之外沒有更多補充。我想我可以說的是，它符合預期，對我們而言並不意外。正如我所說，CCB 與 CRPO 之間的差異（delta）會持續波動。但沒有，它符合預期。而且同樣地，這也是讓我們有信心上調全年營收指引的原因。所以我們對此感覺良好。

Super helpful. Thank you so much.

非常有幫助。非常感謝。

Thanks, Josh.

謝謝你，Josh。

Shrenik Kothari, Robert Baird.

Robert Baird 的 Shrenik Kothari。

Yeah, thanks for taking my question. So really great to see the hundreds of early customer conversations around frontier model (inaudible) Discovery. You did announce the flex pricing and how it can be central in removing procurement and budgeting friction. So just curious, how do you think about the unlock opportunity here?

是的，謝謝讓我提問。看到你們與數百位早期客戶就前沿模型（聽不清）Discovery 進行對話，真的很棒。你們也宣布了彈性定價，以及它如何在消除採購與預算上的摩擦方面扮演核心角色。所以我想請教，你們如何看待這裡的解鎖機會（unlock opportunity）？

And do you see like a clear shift in confidence from customers that they are now excited to kind of scale spending and utilization, especially in light of this AI-driven tsunami as you described, without having to sort of rebuy that budget conversation. Just any comments on that and timing wise, how do you see that unlock play out? Thank you.

以及你們是否看到客戶信心出現明顯轉變——他們現在是否更興奮、願意擴大支出與使用量，特別是在你們所描述的 AI 驅動海嘯之下，而不必再重新進行那種預算購買的對話。想請你們就此與時點提供一些看法：你們認為這個解鎖會如何展開？謝謝。

Sure. Yeah, no. I mean, we've been extremely, extremely well received. We put a press release announcing the pricing change. We've obviously have been working with our channel partners. We're 100% channel-driven company, and so we gave early access to a bunch of our partners got tremendous feedback.

當然。是的。我的意思是，我們的反應非常、非常正面。我們發布新聞稿宣布定價變更。我們也顯然一直與通路夥伴合作。我們是一家 100% 由通路驅動的公司，因此我們讓一批夥伴提前取得資訊，並獲得了非常好的回饋。

And yes, we absolutely view this as something that is going to allow customers to expand with us very, very easily. The way we now have taken out some of the complexity around our older pricing model and really having just one price per asset in a single license model, we view is going to be able to drive expansion of asset types.

而且是的，我們絕對認為這將使客戶能非常、非常容易地與我們擴大合作。透過現在移除舊定價模型的一些複雜性，並真正採用單一授權模式、每項資產一個價格，我們認為這將能推動資產類型的擴張。

So kind of think about it if you were just a VM customer using OT, you now have a one license pricing model where you can easily be able to expand with not a lot of pain from procurement to add cloud to add AI to add web application scanning to add a tax surface management and be able to spin that up and down based on where you see demand.

所以可以這樣想：如果你原本只是 VM 客戶在使用 OT，現在你有一個單一授權的定價模式，你可以很容易地擴充，採購流程的痛點也不大，例如新增雲端、新增 AI、新增 Web 應用程式掃描、新增攻擊面管理，並且能依據你看到的需求進行彈性啟用與停用。

So this was a big initiative within Tenable and this was very much a collaborative effort with our partner community and our customer base to make sure we dial this incorrectly. And so yeah, we are very optimistic this will move a lot of friction and will drive expansion within the base.

因此這是 Tenable 內部的一項重大計畫，而且這非常是與我們的夥伴社群與客戶群共同協作的成果，以確保我們把這件事調整到位。因此，是的，我們非常樂觀，這將移除大量摩擦，並推動既有客戶基礎內的擴張。

Great. Thanks a lot.

很好。非常感謝。

Roger Boyd, UBS.

UBS 的 Roger Boyd。

Great, thanks for taking the question. I wanted to touch on the buyback, a pretty substantial step-up there. Free cash flow generation remains strong. Matt, I appreciate your commentary here, but would love for you to kind of expand on how the buyback factors in the capital allocation in the current environment and how you're thinking about that relative to M&A and other organic investment. I know Steve talked about investing in the sales force earlier as well, too. So any thoughts there would be great. Thanks.

很好，謝謝讓我提問。我想談一下庫藏股回購，這次提升幅度相當大。自由現金流的產生仍然強勁。Matt，我很感謝你在這裡的評論，但也希望你能進一步說明，在目前環境下，回購在資本配置中扮演什麼角色，以及你們如何在回購、併購（M&A）與其他有機投資之間做取捨。我也知道 Steve 先前提到會投資銷售團隊。所以若能分享一些想法會很棒。謝謝。

Sure, yeah. Yeah, we were pleased to be able to lean into the share buyback this quarter. As we announced last quarter, we had an increase to the share repurchase authorization and we've been accelerating the pace of repurchases.

當然。是的。是的，我們很高興本季能加大力道進行股票回購。正如我們上季宣布的，我們提高了股票回購授權額度，並且一直在加快回購步伐。

So in Q1, we repurchased 6.1 million shares for $130 million, and that's because we believe that the stock is trading at a price that doesn't represent true value. We continue to believe that share buybacks are a good use of capital, and so we're going to continue to repurchase shares.

因此在第一季，我們以 1.30 億美元回購了 610 萬股，因為我們認為目前股價的交易水準未能反映其真實價值。我們仍然相信股票回購是資本的良好運用，因此我們將持續回購股票。

We maintain though the capacity for opportunistic M&A as well. We've got a very strong balance sheet. The cash position is strong. We got access to debt and so should the right thing come along, of course, we can be opportunistic there. So this in no way limits that, but we do believe that this is the best use of capital right now just simply because of where our share price is trading.

不過我們也保留進行機會型併購的能力。我們的資產負債表非常強健，現金部位充裕，也能取得債務資金，因此若出現合適的標的，我們當然可以把握機會。所以這完全不會限制併購；但我們確實認為，就目前而言，考量到我們股價的交易水準，回購就是當下最好的資本運用方式。

Thanks very much.

非常感謝。

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

我們的問答環節到此結束，也結束今天的電話會議。您現在可以掛斷電話線。感謝您的參與。