Tenable Holdings, Inc. (TENB) 2026 Q2 法說會逐字稿

Greetings and welcome to the Tenable Q2 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Tenable 2026 年第二季（Q2）財報電話會議。(接線員指示) 提醒各位，本次會議正在錄音。

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 second-quarter financial results. With me on the call today are Co-Chief Executive Officers, 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，一同討論 Tenable 第二季的財務結果。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。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。您可在我們的投資人關係網站 tenable.com 上找到該新聞稿。

We will make forward-looking statements during the course of this call, including statements relating to our guidance and expectations for the third 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 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 the impact of new pricing and packaging models, the expansion of Tenable One, including agentic AI security orchestration through Hexa AI and planned AI Exposure coverage across third-party models, the expected benefits of our strategic partnerships with frontier AI labs, our ongoing research and development investments, our capital allocation strategy, including share repurchases, and our future results of operations and financial position.

在本次電話會議過程中，我們將作出前瞻性陳述，包括與我們對 2026 年第三季及 2026 全年之指引與預期、業務成長及其驅動因素、安全產業威脅態勢的變化（特別是 AI 安全）、前沿 AI 模型對加速漏洞發現及轉向預防式安全的預期影響、我們在市場中的競爭地位、客戶對我們解決方案的需求成長與採用（包括新定價與包裝模式的影響）、Tenable One 的擴展（包括透過 Hexa AI 的代理式 AI 安全協同編排，以及規劃中的跨第三方模型 AI Exposure 覆蓋）、我們與前沿 AI 實驗室策略合作夥伴關係的預期效益、我們持續的研發投資、我們的資本配置策略（包括股票回購），以及我們未來的營運結果與財務狀況等相關陳述。

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

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存在重大差異。您不應將前瞻性陳述視為對未來事件的預測。前瞻性陳述僅代表截至今日我們的信念與假設。其不應被視為代表任何後續日期的觀點，且我們不承擔更新任何前瞻性陳述或展望的義務，特此聲明。如需進一步了解可能影響我們實際結果的重大風險及其他重要因素，請參閱我們最近一期的 Form 10-K 年度報告以及其後向美國證券交易委員會（SEC）提交的報告。

Today's discussion includes non-GAAP financial measures. 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. Additionally, please see our press release for reconciliations of GAAP to non-GAAP financial measures that we discuss today.

今天的討論包含非 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指標的補充，並非替代，也不應被視為更優。相較於其最接近的 GAAP 對應指標，使用這些非 GAAP 財務衡量指標存在若干限制。此外，請參閱我們的新聞稿，其中包含我們今天所討論之 GAAP 與非 GAAP 財務衡量指標的調節表。

I will now turn the call over to Steve.

接下來我把電話交給 Steve。

Thanks, Erin. We're very pleased with our results in the quarter as we exceeded all of our guided metrics and are raising our outlook for the year. Tenable One was a record 50% of new business this quarter, continuing a strong upward trajectory. Earlier this year, we launched new pricing and packaging for Tenable One, introducing Tenable One Foundation and Tenable One Advanced. Notably, we are seeing greater than anticipated adoption of Tenable One Advanced, which reflects growing customer demand given the evolving AI threat landscape. Accordingly, larger lands and expansion deals with Tenable One helped drive average deal sizes higher this quarter, and it also helped increase our net dollar expansion rate to 106%. This is the first acceleration in our expansion rate in many quarters.

謝謝你，Erin。我們對本季的表現非常滿意，因為我們超越了所有指引指標，並上調了全年展望。本季 Tenable One 佔新業務的比例創下 50% 的紀錄，延續強勁的上升趨勢。今年稍早，我們為 Tenable One 推出新的定價與包裝方案，推出 Tenable One Foundation 與 Tenable One Advanced。值得注意的是，我們看到 Tenable One Advanced 的採用率高於原先預期，反映在 AI 威脅態勢演變下，客戶需求持續成長。因此，Tenable One 帶來更大規模的首次導入（land）與擴張交易，推動本季平均交易規模上升，並協助我們的淨美元擴張率提升至 106%。這是我們多個季度以來擴張率首次加速。

The takeaway here is that our results are clear validation of our strategy and the opportunity in front of us. As AI reshapes the attack surface faster than most organizations can respond, we believe customers are increasingly choosing Tenable One as the platform that turns complexity into clear, actionable insight to reduce risk. And that differentiation is what's resulting in higher deal sizes, faster expansion, and durable leadership in this category. In fact, we believe it is becoming increasingly clear that companies who lead in this market will need three core capabilities to survive in the agentic era. First, the ability to understand every exposure across the enterprise. Next, the ability to prioritize tasks that matter most, and then translate that intelligence into action. I'll discuss each of these three capabilities in a bit more detail.

重點在於，我們的成果清楚驗證了我們的策略以及眼前的機會。隨著 AI 以多數組織難以及時應對的速度重塑攻擊面，我們相信客戶正日益選擇 Tenable One 作為平台，將複雜性轉化為清晰、可執行的洞察，以降低風險。而這種差異化正帶來更高的交易規模、更快的擴張，以及在此類別中持久的領導地位。事實上，我們認為愈來愈明顯的是，在代理式（agentic）時代，要在這個市場中領先的公司必須具備三項核心能力才能生存。第一，能夠理解企業內部的每一項曝險（exposure）。第二，能夠優先處理最重要的任務，並將這些情報轉化為行動。我將更詳細地說明這三項能力。

First, organizations must understand exposure holistically across the enterprise. AI is accelerating vulnerability discovery and increasing the volume of issues requiring attention. Vulnerabilities are only part of the attack surface. Misconfigurations, compromised identities, and other non-CVE weaknesses represent more than 60% of potential breach entry points, and we capture both CVE and non-CVE risks. As attackers operate with greater speed and scale, organizations need a unified view of all of the conditions that create business risk, not simply a longer list of vulnerabilities.

第一，組織必須以整體方式理解企業範圍內的曝險。AI 正在加速漏洞發現，並增加需要關注的問題數量。漏洞只是攻擊面的一部分。設定錯誤、身分遭入侵，以及其他非 CVE 弱點，占潛在入侵入口點的 60% 以上，而我們同時涵蓋 CVE 與非 CVE 風險。當攻擊者以更高速度與更大規模運作時，組織需要的是對所有造成業務風險之條件的統一視圖，而不僅僅是一份更長的漏洞清單。

Second, more findings make effective prioritization essential. Tenable combines broad exposure intelligence, deep contextual data, and decades of security research to help customers distinguish the exposures that create meaningful business risk from those that do not. This allows security teams to concentrate their resources on the relatively small number of actions capable of producing the greatest reduction in risk.

第二，發現項目愈多，有效的優先排序就愈關鍵。Tenable 結合廣泛的曝險情報、深度情境資料，以及數十年的安全研究，協助客戶區分哪些曝險會造成實質的業務風險、哪些不會。這讓資安團隊能將資源集中在相對少數、但能帶來最大風險降低效果的行動上。

And third, prioritization is only as valuable as the action it enables. As AI models become more broadly available, the key to agentic security is not the model itself. It's what sits between the model and the customer's environment, ensuring that agents operate safely and accurately with human oversight and an audit trail. We call that the harness. Built into Tenable One, our harness draws on decades of exposure data, research, and our trusted sensor layer. Hexa, our agentic engine for Tenable One, operates within this harness to orchestrate the right fixes deterministically for customers.

第三，優先排序的價值取決於它能促成的行動。隨著 AI 模型更廣泛可得，代理式安全的關鍵不在於模型本身。而是在模型與客戶環境之間的那一層，確保代理在人工監督與稽核軌跡（audit trail）下，能安全且準確地運作。我們稱之為「harness」。harness 內建於 Tenable One，汲取數十年的曝險資料、研究成果，以及我們可信賴的感測器層。Hexa 作為 Tenable One 的代理式引擎，在此 harness 內運作，為客戶以確定性方式協同編排正確的修復措施。

Digging a little further into Hexa, we continue to expand what Hexa can do. Just yesterday, we announced new capabilities that equip security teams with a coordinated fleet of agents capable of operating continuously, executing multi-step security tasks, and orchestrating remediation across the exposure management lifecycle. Together, the Tenable One harness and Hexa's agentic capabilities move exposure management from periodic analysis and manual intervention towards a continuous always-on defense. As frontier models become more widely available, we believe this combination will become an increasingly important and durable differentiator for Tenable.

再深入談 Hexa，我們持續擴展 Hexa 的能力。就在昨天，我們宣布了新功能，讓資安團隊能擁有一支協同運作的代理群（fleet），可持續運行、執行多步驟資安任務，並在曝險管理生命週期中協同編排修復。Tenable One 的 harness 與 Hexa 的代理式能力相結合，將曝險管理從週期性分析與人工介入，推進到持續、永遠在線（always-on）的防禦。隨著前沿模型更廣泛可得，我們相信這種組合將成為 Tenable 日益重要且持久的差異化優勢。

In addition to the exciting AI capabilities we're building into our platform, we're also helping our customers secure their use of AI. With Tenable's AI Exposure, we're extending coverage to include Gemini alongside Claude, ChatGPT, Copilot, as well as major MCP deployments and AI-native development tools. Together, these capabilities give security teams a more complete view of where AI is used, the risk it creates, and where action is needed. As part of Tenable One, AI Exposure and Hexa are highly complementary, helping security teams secure their organization's use of AI while harnessing AI to improve operational efficiency.

除了我們在平台中打造令人振奮的 AI 能力之外，我們也在協助客戶確保其 AI 使用的安全。透過 Tenable 的 AI Exposure，我們正擴展覆蓋範圍，將 Gemini 納入，並與 Claude、ChatGPT、Copilot 一同涵蓋，同時也涵蓋主要的 MCP 部署與原生 AI 開發工具。這些能力結合後，能讓資安團隊更完整地掌握 AI 的使用位置、其帶來的風險，以及需要採取行動之處。作為 Tenable One 的一部分，AI Exposure 與 Hexa 高度互補，協助資安團隊在確保組織 AI 使用安全的同時，也運用 AI 提升營運效率。

Finally, we're deepening our relationships with the two leading frontier AI labs, Anthropic through Project Glasswing and OpenAI through their Daybreak program. These partnerships are deep and broad working collaborations. We have access to non-public models. We're participating in joint research. We have early insight into how the attack landscape is evolving before these capabilities are broadly available in the market. More specifically, our testing as a part of Glasswing demonstrated that frontier AI can dramatically increase the speed and scale of vulnerability discovery. It also reinforced that discovering more potential vulnerabilities does not by itself tell an organization where it is truly exposed or what it should fix first. The output requires a trust layer to validate and provide context to determine if an exposure is reachable and exploitable, and whether existing controls can mitigate the risk.

最後，我們正透過 Project Glasswing 與 Anthropic，以及透過其 Daybreak 計畫與 OpenAI，深化與兩家領先的前沿 AI 實驗室之合作關係。這些夥伴關係是深度且廣泛的工作型合作。我們可存取非公開模型。我們正參與聯合研究。在這些能力尚未在市場上廣泛可得之前，我們就能及早洞察攻擊態勢如何演進。更具體而言，我們作為 Glasswing 一部分所進行的測試顯示，前沿 AI 能夠大幅提升漏洞發現的速度與規模。同時也再次強化一點：僅僅發現更多潛在漏洞，本身並不能告訴組織其真正暴露於何處，或應該先修補什麼。輸出結果需要一個信任層來進行驗證並提供脈絡，以判定某項暴露是否可達且可被利用，以及既有控制措施是否能緩解風險。

This is the direction the market is moving. It's the direction we've been building toward. Customers need more than just another standalone AI feature. They're looking for an integrated platform that can act with the speed and context this moment demands. That's exactly what we're seeing show up and how our customers are buying today.

這就是市場正在前進的方向。也是我們一直在打造的方向。客戶需要的不僅僅是另一個獨立的 AI 功能。他們在尋找一個整合式平台，能以此刻所需的速度與脈絡採取行動。這正是我們今天所看到的呈現方式，以及我們客戶當下的採購方式。

Mark will walk you through what that looks like in practice because it says a lot about where this shift is taking us.

Mark 會帶各位了解這在實務上是什麼樣子，因為這充分說明了這場轉變將帶我們走向何處。

Thanks, Steve. The market dynamics surrounding AI that Steve described are increasingly translating into customer action and stronger commercial outcomes for Tenable. We are now seeing customer conversations convert into action, which we believe points to the early stages of ongoing tailwinds to the business. Customers are moving beyond education to investing in broader, more sophisticated exposure management programs. They recognize that addressing this new environment requires a unified view of exposure across the enterprise, the intelligence to identify what creates the greatest risk, and the ability to take actions before the attackers do. As Steve noted, Tenable One sales accounted for 50% of new business, a really exciting record for us. We believe two factors are contributing to this momentum.

謝謝你，Steve。Steve 所描述的 AI 市場動態，正日益轉化為客戶行動，並為 Tenable 帶來更強勁的商業成果。我們現在看到客戶對話正在轉化為行動，我們認為這指向業務持續順風的早期階段。客戶正從教育階段走向投資更廣泛、更成熟的曝險管理計畫。他們認知到，要因應這個新環境，需要在全企業範圍內對曝險有一致的視圖、能辨識何者造成最大風險的情報，以及在攻擊者之前採取行動的能力。如 Steve 所提，Tenable One 的銷售占新業務的 50%，對我們而言是非常令人振奮的紀錄。我們認為有兩個因素正在推動這股動能。

First, the pricing and packaging changes we introduced earlier this year have made the path to Tenable One clearer and easier for customers. The new model gives organizations the flexibility to start where they are, expand over time, and move seamlessly across asset types and the attack surface with predictable spend, simplified procurement, and faster time to value.

第一，我們今年稍早推出的定價與方案組合調整，讓客戶通往 Tenable One 的路徑更清晰、也更容易。新模式讓組織能以自身現況為起點，隨時間擴展，並能在可預期的支出、簡化的採購流程與更快的價值實現時間下，於不同資產類型與攻擊面之間無縫移轉。

Second, the AI-driven threat environment is accelerating customer demand for exposure management. Tenable is meeting that demand with capabilities such as Tenable Hexa and AI Exposure, which are making the value of the broader platform more immediate and tangible. We are already seeing encouraging signs in how customers engage with Hexa. More than 80% of customers who open Hexa submit a prompt, and nearly half are using it to take action rather than simply consuming information. Hexa users are also engaging with an average of six Tenable One tools, indicating that the agentic engine can help customers discover and use more of the platform while freeing security teams to focus on higher-value work.

第二，由 AI 驅動的威脅環境正在加速客戶對曝險管理的需求。Tenable 以 Tenable Hexa 與 AI Exposure 等能力回應這項需求，使更廣泛平台的價值更即時且更具體。我們已在客戶與 Hexa 的互動方式上看到令人鼓舞的跡象。開啟 Hexa 的客戶中，超過 80% 會提交提示詞（prompt），且近一半是用它來採取行動，而不只是單純取得資訊。Hexa 使用者平均也會與 6 個 Tenable One 工具互動，顯示這個代理式引擎（agentic engine）能協助客戶發掘並使用更多平台功能，同時讓資安團隊能將精力投入更高價值的工作。

For one customer, Hexa connected fragmented data across systems, workflows, and geographies to identify a single patch that could neutralize 53 potential attack paths. This illustrates the efficiency opportunity Hexa creates, focusing resources on the action that reduce the most risk, accelerating remediation, and enabling security teams to accomplish more with their existing resources. These early indicators reinforce our belief that Hexa can become an important driver of Tenable One adoption and expansion over time.

以某位客戶為例，Hexa 將跨系統、工作流程與地理區域的零散資料串接起來，找出一個修補程式即可中和 53 條潛在攻擊路徑。這說明了 Hexa 所創造的效率機會：將資源聚焦在能降低最多風險的行動上、加速修復，並讓資安團隊在既有資源下完成更多工作。這些早期指標強化了我們的信念：Hexa 可望成為推動 Tenable One 採用與長期擴張的重要動力。

Customers are also seeing the benefits of Tenable One AI Exposure, which helps customers discover, govern, and secure the rapidly growing use of AI platforms and agents across their organizations. Together, as part of Tenable One, these highly complementary capabilities help security teams secure their organization's use of AI while using the power of AI to create operational efficiencies. This results in a very powerful preemptive security strategy.

客戶也正在看到 Tenable One AI Exposure 的效益；它協助客戶在組織內快速成長的 AI 平台與代理（agents）使用情況中，進行發現、治理與防護。兩者同屬 Tenable One 的一部分，這些高度互補的能力可協助資安團隊在保護組織使用 AI 的同時，也運用 AI 的力量創造營運效率。其結果是一套非常強大的預先防禦資安策略。

Our position in this evolving market is also receiving external recognition. In June 2026 report, Gartner named Tenable the company to beat in AI-powered exposure assessment, noting that Tenable's long-standing dominance and vulnerability assessment, its strong asset and attack surface discovery capabilities, and its ability to execute on its AI strategy make it the front runner in an AI-powered exposure assessment. We believe this recognition validates the strength of our position today and our strategy for where the market is heading.

我們在這個演進中市場的地位也獲得外部肯定。在 2026 年 6 月的報告中，Gartner 將 Tenable 評為 AI 驅動曝險評估領域最值得擊敗的公司，並指出 Tenable 長期在漏洞評估上的主導地位、強大的資產與攻擊面發現能力，以及其執行 AI 策略的能力，使其成為 AI 驅動曝險評估的領跑者。我們相信這項肯定驗證了我們當前地位的強度，以及我們對市場走向的策略。

Let me bring these trends to life through three customer examples from the quarter. First, a global manufacturing services company selected Tenable One Advanced, resulting in a six-figure deal, replacing a legacy vulnerability management provider. The deployment brings together multiple asset types to both consolidate and give the customer a more unified view of exposures across its environment. This is another example of a large enterprise moving away from fragmented tools to consolidate on Tenable One.

讓我透過本季三個客戶案例，將這些趨勢具體呈現。第一，一家全球製造服務公司選擇了 Tenable One Advanced，促成一筆六位數交易，並取代一家傳統漏洞管理供應商。該部署整合多種資產類型，既能達到整併，也能讓客戶對其環境中的曝險有更一致的視圖。這是另一個大型企業從零散工具轉向整併至 Tenable One 的例子。

Second, a leading financial services company significantly expanded its relationship with Tenable in our largest transaction of the quarter. An existing Tenable customer, the company made a three-year, seven-figure commitment to Tenable One, including services. This expansion demonstrates our ability to deepen relationships with some of the world's largest and most sophisticated organizations and establish Tenable One as the foundation for their exposure management programs.

第二，一家領先的金融服務公司在本季最大的一筆交易中，大幅擴展了與 Tenable 的合作關係。作為既有 Tenable 客戶，該公司對 Tenable One（含服務）做出為期三年、七位數金額的承諾。這項擴張展現了我們深化與全球最大且最成熟組織合作關係的能力，並將 Tenable One 建立為其曝險管理計畫的基礎。

Finally, we also displaced a major competitor who had a long-standing relationship at a large European postal service. Once again, this customer saw the need to move beyond traditional VM to Tenable One for full exposure management. The win was supported by the region's largest cybersecurity service provider and provides a strong foundation for broader collaboration and additional opportunities in the region. This was a strategically important win that demonstrates our ability to disrupt established competitive relationships in key international markets.

最後，我們也在一家大型歐洲郵政服務機構中，取代了一家與其長期合作的主要競爭對手。同樣地，該客戶看到了從傳統 VM 走向 Tenable One 以實現完整曝險管理的必要性。這次勝出獲得該地區最大的資安服務供應商支持，並為在該地區更廣泛的合作與更多機會奠定了堅實基礎。這是一場具策略重要性的勝利，展現了我們在關鍵國際市場中打破既有競爭關係的能力。

Together, these wins illustrate the broader trends we saw during the quarter. First, increased customer demand for exposure management driven by the frontier AI labs, specifically Mythos. Second, very strong competitive displacements. Third, increasing adoption of Tenable One Advanced. Fourth, meaningful expansion within our install base.

綜合而言，這些勝利說明了我們在本季看到的更廣泛趨勢。第一，在前沿 AI 實驗室（特別是 Mythos）的推動下，客戶對曝險管理的需求增加。第二，競爭對手被強力取代的情況非常顯著。第三，Tenable One Advanced 的採用率持續提升。第四，我們既有客戶基礎中的擴張具實質意義。

In addition to these exciting customer wins, we also achieved FedRAMP High authorization for Tenable One Cloud Exposure during the quarter, one of the most rigorous security authorizations in the US federal government. This expands our opportunity in the federal market and reinforces the trust that mission-critical organizations place in our platform.

除了這些令人振奮的客戶勝利之外，我們本季也取得 Tenable One Cloud Exposure 的 FedRAMP High 授權，這是美國聯邦政府最嚴格的安全授權之一。這擴大了我們在聯邦市場的機會，並強化了關鍵任務型組織對我們平台的信任。

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. We delivered excellent results in the second quarter, underscored by our highest-ever adoption of the Tenable One platform, which reflects the early success of the new pricing and packaging introduced in the quarter. Growth in the platform and meaningful operating leverage drove second quarter results above the high end of the range for every metric we guided to for the quarter. We are once again raising our full-year outlook across the board, reflecting the growing momentum we're seeing in the business. Let's dive into the details.

謝謝你，Mark。我們在第二季交出優異成果，其中最突出的，是 Tenable One 平台採用率創下歷史新高，反映出本季推出的新定價與方案組合已取得初步成功。平台成長與顯著的營運槓桿，推動第二季各項指標的表現均高於我們對本季所提供區間的上緣。我們再次全面上調全年展望，反映出我們在業務中看到的動能持續增強。讓我們深入細節。

Revenue for the quarter was $268.5 million, representing growth of 8.6% year-over-year. The year-over-year growth in revenue for the quarter, as well as outperformance relative to guidance, was driven by strong expansion within existing accounts and underpinned by continued strength in renewals. Professional services, which are often attached to our larger Tenable One deals, also contributed ahead of expectations. Despite the strength in professional services, our percentage of recurring revenue remained high at 95% for the quarter.

本季營收為2.685億美元，年增8.6%。本季營收的年增，以及相較於財測指引的超預期表現，主要由既有客戶帳戶的強勁擴張所帶動，並以續約持續強勁作為支撐。專業服務（通常會隨我們較大型的 Tenable One 交易一併提供）也高於預期地貢獻營收。儘管專業服務表現強勁，本季經常性收入占比仍維持在95%的高水準。

We had a record quarter for Tenable One, with 50% of new business coming from the platform, a new milestone, up from 41% in the prior quarter and 40% in Q2 of last year. We believe this growing adoption reflects the increasing conviction customers have in leveraging the platform, including Hexa AI, to manage risk across their entire attack surface. Importantly, while adoption of the platform was at an all-time high, we're also seeing an increase in average deal sizes within the platform, reflecting customer preferences for our Tenable One Advanced offering, which boasts a more robust feature set and price point compared with Tenable One Foundation.

Tenable One 在本季創下紀錄，新業務中有50%來自該平台，達成新的里程碑，較上一季的41%以及去年第二季的40%提升。我們認為，這項日益提升的採用率反映出客戶對於運用該平台（包含 Hexa AI）來管理其整體攻擊面風險的信心正在增加。重要的是，雖然平台採用率創下歷史新高，我們也看到平台內平均交易規模上升，反映客戶偏好我們的 Tenable One Advanced 方案；相較於 Tenable One Foundation，該方案具備更完整的功能組合與更高的定價。

We added 381 new enterprise customers in the quarter and added 32 net new six-figure accounts. My favorite metric of the quarter was our net dollar expansion rate, which improved to 106%, up from 105% in the prior quarter. This is the first quarter since Q1 2022, more than four years ago, that we have seen a percentage point quarter-over-quarter increase in the net dollar expansion rate. The growth here was driven by strong expansion and renewals business and reflects important stabilization of our growth rate.

本季我們新增381家新的企業客戶，並新增32個淨新增的六位數帳戶。我本季最喜歡的指標是我們的淨美元擴張率（net dollar expansion rate），提升至106%，高於上一季的105%。這是自2022年第一季以來（四年多前）首次看到淨美元擴張率出現季對季提升1個百分點。此處的成長由強勁的擴張與續約業務所帶動，並反映我們成長率的重要穩定化。

Non-GAAP gross margin was 81.4% for the quarter, compared to 82.0% in Q2 2025, and within our typical historical range of 81% to 82% over the last couple of years. Non-GAAP income from operations for the quarter was $66.2 million, or 24.7% of revenue, compared to $47.7 million in Q2 2025, an increase of 38.8%. We're continuing to benefit from the efficiencies that I highlighted last quarter while rotating spend into the opportunities for growth in product development and sales capacity. We expect to continue investing in the second half while still meeting our profitability targets for the year.

本季非GAAP毛利率為81.4%，相較於2025年第二季的82.0%略低，且仍落在過去幾年典型的歷史區間81%至82%之內。本季非GAAP營業利益為6,620萬美元，占營收24.7%；相較於2025年第二季的4,770萬美元，增加38.8%。我們持續受惠於我在上一季提到的效率提升，同時將支出轉向產品開發與銷售產能等成長機會。我們預期下半年將持續投資，同時仍能達成全年獲利目標。

Non-GAAP earnings per share for the quarter was $0.51 compared to $0.34 in Q2 2025, an increase of 50%. The improvement year-over-year reflects the increase in profitability combined with a decrease in diluted shares outstanding, driven by our share repurchase program.

本季非GAAP每股盈餘為0.51美元，相較於2025年第二季的0.34美元，增加50%。年對年改善反映獲利能力提升，並結合稀釋後流通在外股數下降；該下降由我們的庫藏股回購計畫所帶動。

Turning to the balance sheet. Cash and short-term investments total $298.2 million. We generated $45.3 million in unlevered free cash flow during the quarter, compared to $44.3 million in Q2 2025. During the second quarter, we repurchased 5.2 million shares for $100 million and have $108 million remaining on our current share repurchase authorization as of the end of the quarter. So far this year, we've repurchased 11.4 million shares for approximately $230 million, reflecting an average repurchase price of $20.23.

接著看資產負債表。現金與短期投資合計2.982億美元。本季我們產生4,530萬美元的無槓桿自由現金流，較2025年第二季的4,430萬美元增加。第二季期間，我們以1億美元回購520萬股；截至季末，現行回購授權尚餘1.08億美元。今年迄今，我們已回購1,140萬股，總額約2.30億美元，平均回購價格為20.23美元。

Our repurchase program remains an active pillar of our capital allocation strategy, reflecting our view that returning capital to shareholders through buybacks represents an effective use of our free cash flow, given the underlying strength of the business. We're realizing the benefits of these share repurchases as our weighted average diluted shares outstanding for the quarter is now the lowest it has been since Q4 2020, more than five years ago.

我們的回購計畫仍是資本配置策略中的重要支柱，反映我們的看法：在業務基本面強勁的前提下，透過回購向股東返還資本，是我們自由現金流的有效運用。我們正享受這些回購帶來的效益，本季加權平均稀釋後流通在外股數已降至自2020年第四季以來（五年多前）的最低水準。

Turning to the financial outlook for Q3 and full year 2026. For Q3, we expect revenue to be in the range of $270 million to $273 million, representing a year-over-year increase of 7.6% at the midpoint.

接著談2026年第三季與全年財務展望。就第三季而言，我們預期營收將介於2.70億至2.73億美元，中位數代表年增7.6%。

Given the strength we've seen in the first half of the year and our expectations for continued momentum into the second half, for full year 2026, we are raising our guidance range for revenue to $1.075 billion to $1.081 billion, representing a year-over-year increase of 7.9% at the midpoint. We expect non-GAAP income from operations for Q3 to be in the range of $66 million to $69 million or 24.9% of revenue at the midpoint. For full-year 2026, we are raising our guidance range for non-GAAP operating income to $258 million to $264 million or 24.2% of revenue at the midpoint, representing a year-over-year increase of 230 basis points. We expect non-GAAP net income for Q3 to be in the range of $58 million to $61 million, representing a year-over-year increase of 15.8% at the midpoint.

鑑於我們在上半年所見的強勁表現，以及我們預期動能將延續至下半年，對於2026年全年，我們上調營收財測區間至10.75億至10.81億美元，中位數代表年增7.9%。我們預期第三季非GAAP營業利益將介於6,600萬至6,900萬美元，中位數約占營收24.9%。對於2026年全年，我們上調非GAAP營業利益財測區間至2.58億至2.64億美元，中位數約占營收24.2%，相當於年對年提升230個基點。我們預期第三季非GAAP淨利將介於5,800萬至6,100萬美元，中位數代表年增15.8%。

For full-year 2026, we are raising our guidance range for non-GAAP net income to $228 million to $234 million, representing a year-over-year increase of 18.8% at the midpoint. We expect non-GAAP earnings per share for Q3 to be in the range of $0.49 to $0.52 per share, representing a year-over-year increase of 20.2% at the midpoint. For full year 2026, we are raising our guidance range for non-GAAP earnings per share to $1.95 to $2 per share, representing a year-over-year increase of 24.2% at the midpoint. We are also raising our unlevered free cash flow outlook at the midpoint and now expect a range of $289 million to $295 million or 27.1% of revenue at the midpoint.

對於2026年全年，我們上調非GAAP淨利財測區間至2.28億至2.34億美元，中位數代表年增18.8%。我們預期第三季非GAAP每股盈餘將介於每股0.49至0.52美元，中位數代表年增20.2%。對於2026年全年，我們上調非GAAP每股盈餘財測區間至每股1.95至2.00美元，中位數代表年增24.2%。我們也上調無槓桿自由現金流展望的中位數，現預期區間為2.89億至2.95億美元，中位數約占營收27.1%。

Before I open it up to Q&A, I want to thank the entire Tenable team for another strong quarter of execution. We are really excited by the momentum we're seeing in the business and expect that to continue into the second half. We look forward to seeing you all at the upcoming Stifel and Piper Sandler conferences.

在我開放問答之前，我想感謝整個 Tenable 團隊在本季再次展現強勁的執行力。我們對於業務所展現的動能感到非常振奮，並預期這股動能將延續至下半年。我們期待在即將到來的 Stifel 與 Piper Sandler 研討會上與各位見面。

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

接下來，我們很高興開放電話會議進行提問。接線員？

(Operator Instructions) Rob Owens, Piper Sandler.

(接線員指示) Piper Sandler 的 Rob Owens。

Great to see the DBNER reverse course to your point. Do you think we've hit the low water mark or could we see continued volatility? And secondarily, what are you guys seeing from a new customer perspective, especially given all the noise that's been created in the post-Mythos environment?

很高興看到 DBNER 如你所說出現反轉。你認為我們已經觸底了嗎？還是可能會看到持續的波動？另外，從新客戶的角度來看，你們觀察到什麼情況，特別是在 Mythos 之後的環境中出現了各種雜音的情況下？

Hey, Rob. This is Matt. I'll take the first part of your question, then I'll pass it over to Mark and Steve to answer the second part.

嗨，Rob。我是 Matt。我先回答你問題的第一部分，接著我會請 Mark 和 Steve 回答第二部分。

Yeah, we were really pleased to see the net dollar expansion rate increase quarter on quarter. As I mentioned in my prepared remarks, it's the first time we'd seen that in quite some time, and it was ahead of expectations, so seeing that strength come through and in particular, seeing that strength continue on now into the second half, that gives us confidence that that rate holds steady at 106%. That's our expectation for the rest of the year, and that's the expectation that we've built into our guidance.

是的，我們非常高興看到淨美元擴張率季對季上升。如我在事先準備的談話中提到的，這是我們相當長一段時間以來第一次看到這樣的情況，而且也高於預期；因此看到這股強勁表現出現，尤其是現在也看到這股強勁延續到下半年，讓我們有信心該比率能穩定維持在106%。這是我們對今年剩餘期間的預期，也是我們納入財測指引中的預期。

Yeah, and I'll hit on some of the customer demand. As we have talked about a little bit in regards to some of the investor conversations, this has definitely been, when you look at Mythos and some of the frontier AI labs, this has been a tailwind without a doubt. So we are seeing strong demand from our customers around exposure management, specifically based on what they've seen and some of the feedback they've been getting from the research that's been done with the AI frontier lab, again, highlighted with Mythos. We saw a significant uptick in our competitive displacement of customers that might be on old school standard VM wanting to move to an exposure management platform, moving from competition to us. That was a very strong highlight in Q2.

是的，我也補充一些客戶需求方面的情況。正如我們在一些投資人對話中稍微談到的，當你看 Mythos 以及一些前沿 AI 實驗室時，這無疑一直是個順風因素。因此，我們看到客戶在曝險管理（exposure management）方面有強勁需求，特別是基於他們所看到的內容，以及他們從與 AI 前沿實驗室（再次以 Mythos 為例）所做研究中獲得的回饋。我們看到在競品替換方面顯著增加：一些原本使用傳統標準 VM 的客戶希望轉向曝險管理平台，從競爭對手轉到我們這邊。這在第二季是一個非常突出的亮點。

And with the new pricing and packaging we've highlighted, we've now been able to streamline and make it much easier and simpler for customers to move into either Foundation or Advanced. We saw a higher percentage move to Advanced, which was great, and we're continuing to see that momentum.

另外，隨著我們強調的新定價與包裝方案，我們現在已能精簡流程，讓客戶更容易、更簡單地轉入 Foundation 或 Advanced。我們看到轉向 Advanced 的比例更高，這非常好，而且我們也持續看到這股動能。

The last thing is our expansion. We saw some phenomenal expansion. I highlighted one of the accounts in the remarks. We are seeing great expansion opportunity within the install base. Very strong demand, very happy what we saw in Q2, and we're going to continue with the momentum.

最後一點是我們的擴張。我們看到一些非常出色的擴張表現。我在發言中提到其中一個客戶案例。我們在既有客戶基礎（install base）中看到很好的擴張機會。需求非常強勁，我們對第二季看到的表現非常滿意，並將持續延續這股動能。

Mike Cikos, Needham & Company.

Mike Cikos，Needham & Company。

Hey, guys. This is Matt Calitri on for Mike Cikos over at Needham. Thanks for taking our questions.

嗨，各位。我是 Needham 的 Matt Calitri，代替 Mike Cikos 提問。謝謝你們回答我們的問題。

Wondering if you guys could give some more color on how customers are responding to flex pricing and packaging. I know you noted greater-than-expected adoption of Advanced, which is obviously great to hear, but just curious if there's anything you could share on if customers are in any way rationalizing certain asset types in favor of others, or if there are any leading indicators in terms of what the actual uplift looks like.

想請你們多分享一些客戶對彈性定價與包裝（flex pricing and packaging）的反應。我知道你們提到 Advanced 的採用率高於預期，這當然很令人振奮；但我想了解你們是否能分享：客戶是否在某種程度上會為了偏好某些資產類型而去精簡/調整其他資產類型，或是否有任何領先指標能反映實際的提升幅度（uplift）大概長什麼樣子。

Yeah, well, as Mark commented earlier, we're very pleased with our expansion this quarter and our new lands. Something that we talked about earlier, but one of the big takeaways from the quarter are higher average selling prices. Couldn't be more pleased, and pricing and packaging is playing a big role. More customers opted for Advanced, which has a notably higher selling price in comparison to standalone VM. We added a healthy number of net new six-figure customers, but the big takeaway was the number of net new seven-figure customers was more than double than what we typically do. It's one of our best net new seven-figure customers adds in nearly two years.

是的，如 Mark 先前所說，我們對本季的擴張以及新增客戶（new lands）非常滿意。我們之前也談過，本季的一個重要收穫是平均售價（average selling prices）提高。我們非常滿意，而定價與包裝在其中扮演了很重要的角色。更多客戶選擇 Advanced，相較於單獨的 VM，其售價明顯更高。我們新增了相當健康數量的淨新增六位數客戶，但更大的重點是：淨新增七位數客戶的數量，比我們通常的水準多出一倍以上。這是我們近兩年來淨新增七位數客戶增加表現最好的其中一季。

And what drove that is really two things. Number one, customers migrating from standalone products into the platform at a greater rate. And then number two is the customers that are in Tenable One that are expanding, where we're doubling and increasing the selling price there dramatically. And things just feel different since April in a post-Mythos world. I think customers recognize they need unified visibility, they need unified insights, and they need to be able to take action deterministically, and that's exactly what the platform does. That's what Hexa AI does. Things feel different, and we feel really good about the setup for the second half of the year and have confidence in our ability to continue to execute here.

而推動這點的主要有兩個因素。第一，客戶以更高的速度從單一產品遷移到平台。第二，已在使用 Tenable One 的客戶正在擴張，我們在那裡把售價大幅拉升，等於翻倍並顯著提高。自從四月以來，在 Mythos 之後的世界裡，整體感覺確實不一樣了。我認為客戶意識到他們需要統一的可視性、統一的洞察，並且需要能以確定性的方式採取行動，而這正是平台所提供的。這也是 Hexa AI 所做的。整體感覺不同了；我們對下半年布局非常看好，也對我們持續在此執行落地的能力充滿信心。

Patrick Colville, Scotiabank.

Patrick Colville，Scotiabank。

Hi, this is Conner Weed calling in for Patrick. We were just wondering what the initial feedback on Hexa was looking like from customers, and if you could remind us of what the average selling price kind of uplift looks like for customers moving from VM to Hexa. And if there is a scenario where customer spend goes up to remediate a lot of vulnerabilities that we're seeing currently, but then customer spend kind of falls back as well. Thank you.

嗨，我是 Conner Weed，代替 Patrick 來電提問。我們想了解客戶對 Hexa 的初步回饋如何；也請你們提醒一下，客戶從 VM 轉到 Hexa 時，平均售價（average selling price）的提升幅度大概是什麼樣子。另外，是否存在一種情境：客戶支出會因為要修補目前看到的大量弱點而上升，但之後客戶支出又會回落？謝謝。

I'll comment a bit on what we're seeing from a demand perspective. Hexa as we launched in Q2, has actually picked up to a very, very high level in regard to customer adoption. So we now have hundreds of Tenable One customers using Hexa. As we highlighted, they're not just using Hexa to go get more information and content. They're actually taking prompts, they're taking actions, they're automating significant parts of how and what they do around automated remediation.

我先從需求面談一下我們看到的情況。Hexa 在第二季推出後，客戶採用率其實提升到非常、非常高的水準。因此，我們現在已有數百家 Tenable One 客戶在使用 Hexa。如我們所強調的，他們不只是用 Hexa 來取得更多資訊與內容。他們實際上在下提示（prompts）、採取行動，並自動化他們在自動修復（automated remediation）方面所做的很大一部分工作。

Some of the use cases that we're starting to see is they're creating dashboards for certain exposure scores. They're identifying and updating different findings, now doing this autonomously. They're being able to manage their tagging environment and managing and scanning workflows from servers and workstations. So the adoption that we've seen has been fantastic.

我們開始看到的一些使用案例包括：他們在針對特定曝險分數建立儀表板。他們在識別並更新不同的發現項目，現在能以自主方式完成。他們也能管理標籤（tagging）環境，並管理與掃描伺服器與工作站的工作流程。因此，我們看到的採用情況非常出色。

To give you a bit of sense, we actually created a new SKU for incremental tokens for our overages from the customers, because customers with significant percentages were over on their tokens, we actually created a SKU to sell them incremental tokens because of the overages. So all of the signs that we've seen since we've launched, and again, early days, there's going to be some great announcements coming out of Black Hat next week, but super happy, and the customer feedback has been phenomenal in regard to what they're actually doing with Hexa.

讓你稍微有個概念：我們其實為客戶超額使用（overages）的增量 token 新增了一個 SKU，因為有相當比例的客戶 token 用量超出配額；因此我們建立了一個 SKU 來販售增量 token 以因應超額。所以，自我們推出以來看到的所有跡象——當然目前仍是早期階段——下週 Black Hat 也會有一些很棒的公告，但我們非常滿意，客戶對於他們實際如何使用 Hexa 的回饋也非常好。

And I'll just add one thing, too. Hexa, as you know, is only available in the platform, and so that was a major driver of customers adopting the platform in the quarter. As you know, there's a significant price uplift going from standalone VM into Tenable One. And we think a big driver of the record adoption that we had in new business in Tenable One at 50% this quarter was due to some of the improvements that we've made and really a lot of the robust features that Hexa delivers.

我再補充一點。如你所知，Hexa 只在平台中提供，因此這是本季推動客戶採用平台的一個主要因素。如你所知，從單獨的 VM 升級到 Tenable One 會有顯著的價格提升（price uplift）。我們認為，本季 Tenable One 新業務採用率達到 50% 的創紀錄表現，其中一個重要驅動因素，就是我們所做的一些改進，以及 Hexa 所帶來的許多強大功能。

Rudy Kessinger, D.A. Davidson.

Rudy Kessinger，D.A. Davidson。

Congrats on the nice results here. You guys mentioned that the uptake of Advanced was higher than your expectations versus Foundation. Can you share any more color on what that split looks like for new logos who are taking Tenable One in terms of what percentage are taking Foundation versus what percentage are taking Advanced?

恭喜你們交出很不錯的成績。你們提到 Advanced 的採用率相較於 Foundation 高於你們的預期。能否再多分享一些新客戶（new logos）採用 Tenable One 時的組合比例：有多少百分比選 Foundation、多少百分比選 Advanced？

This is Matt. Thanks for your question. Advanced this quarter benefited at a ratio of something like 2:1 versus Foundation. So it was a meaningful percentage higher than what we had seen in Foundation for the quarter.

我是 Matt。謝謝你的問題。本季 Advanced 相對於 Foundation 的比例大約是 2:1。因此，Advanced 的占比明顯高於我們本季在 Foundation 看到的水準。

The only thing I'll piggyback on that is what we saw with the customers and why we are seeing this significant adoption on Advanced compared to Foundation is there's some things with Foundation you get. There's some specific cloud CNAPP capability that you get in Advanced that was a very big driver. We're seeing strong demand for cloud security. You get some advanced capabilities around attack path analysis and some scoring within Advanced, which was a big differentiator.

我再補充一下：我們看到客戶之所以在 Advanced 上有如此顯著、相較 Foundation 更高的採用，原因在於 Foundation 能提供一些功能。而在 Advanced 中，你會得到一些特定的雲端 CNAPP 能力，這是非常重要的驅動因素。我們看到雲端安全有強勁需求。在 Advanced 中，你也會得到一些關於攻擊路徑分析（attack path analysis）以及評分（scoring）的進階能力，這是很大的差異化因素。

You also get a significantly more amount of tokens when you go with Advanced. So some of these customers that want to be able to leverage Hexa are getting a significant incremental amount of tokens in Advanced compared to Foundation, and they just have more domains, more assets that can actually go in different types of assets.

當你選擇 Advanced 時，也會獲得顯著更多的代幣。因此，一些希望能夠運用 Hexa 的客戶，相較於 Foundation，在 Advanced 方案中會獲得大幅增加的代幣，而且他們也有更多網域、更多資產，能夠實際納入不同類型的資產。

So we were extremely pleased with that motion and what we saw, and I think it's one of the reasons that you're now seeing 50% of our new business coming in from Tenable One. I think the pricing and packaging had a lot to do with it, and our sellers and our partners are getting just more comfortable talking to our install base and our competitive opportunities about it.

所以我們對這個推進方式以及所看到的成果感到非常滿意，我認為這也是你現在看到我們 50% 的新業務來自 Tenable One 的原因之一。我認為定價與方案包裝在其中扮演了很大角色，而我們的銷售團隊與合作夥伴也越來越能自在地向既有客戶群，以及競爭性機會客戶，談論這件事。

Great. Thank you. And then for my follow-up, it sounds like you've got really some good early momentum following Mythos. You talked about NDR kind of being stable at 106%. I know there's some noise and volatility in both CCB and CRPO. And so with revenue, I guess, being the best indicator of the business for the time being, when might we see some of this momentum you're seeing translate into accelerated revenue growth?

很好。謝謝。接著我的追問是，聽起來在 Mythos 之後你們確實有不錯的早期動能。你提到 NDR 大致穩定在 106%。我知道 CCB 和 CRPO 兩者都有一些雜訊與波動。因此就營收而言，我想在目前階段它是衡量業務的最佳指標，那麼我們何時可能看到你們所觀察到的這些動能，轉化為更快的營收成長？

Yeah, so some of that we're seeing already. Like we've talked about before, that first step to inflecting growth higher is really to stabilize our top-line growth rate, and the good news is we're seeing early signs of that. We saw that this quarter. Pipeline, super strong this quarter. Competitive win rates, very strong this quarter. We had one of the strongest quarters in expansion growth that we've had in quite some time.

是的，其中一部分我們其實已經看到了。如同我們先前談過的，要讓成長再度上行的第一步，確實是先穩定我們的營收成長率，而好消息是我們正看到一些早期跡象。我們在本季看到了。本季的 pipeline 非常強勁。本季的競爭性贏單率也非常強。我們在擴張成長方面，交出了一段時間以來最強的季度之一。

And so what that enabled us to do is to raise guidance by $5 million to the midpoint for a full year, which is great. You saw our 106% NDR rate, which was excellent also. One of the things, when we started the year, we talked about CCB being roughly in line with consensus expectations. And as we sit here today, we think that's probably $8 million to $10 million higher than where we started the year, with the majority of that benefiting the back half, just based on the strength and the momentum that we've seen so far.

因此，這讓我們能把全年指引的中位數上調 500 萬美元，這很棒。你也看到我們 106% 的 NDR，比率同樣非常出色。年初時我們談到 CCB 大致會與市場共識預期一致。而以目前來看，我們認為它可能比年初預期高出約 800 萬到 1,000 萬美元，其中大部分將反映在下半年，主要是基於我們迄今所看到的強勁表現與動能。

Jonathan Ho, William Blair.

Jonathan Ho，William Blair。

With your existing AI solutions, what's been sort of the customer feedback? This is the non-Hexa solutions. And can you talk a little bit about maybe what that means from an asset coverage standpoint? Is that potentially growing as well as people start to look at the existing solutions that you have?

就你們既有的 AI 解決方案而言，客戶回饋大概是什麼樣子？這裡指的是非 Hexa 的解決方案。另外你能否談談，從資產覆蓋的角度來看，這可能意味著什麼？隨著大家開始檢視你們現有的解決方案，這方面是否也可能在成長？

Yeah, Jonathan, first, just some color on Hexa. I think Mark talked about the commercial traction that we're getting, it's worth adding a little more color. We're off to a terrific start with Hexa AI. We GA'd it in Q2. More than 80% of the users in Hexa submit a prompt and use it to take action, over 90% of the actions that Hexa recommends are accepted by customers. We're continuing to innovate there.

好的，Jonathan，先補充一些關於 Hexa 的背景。我想 Mark 談到了我們取得的商業牽引力，值得再多補充一些細節。Hexa AI 的起步非常出色。我們在第二季正式全面推出（GA）。在 Hexa 的使用者中，超過 80% 會提交提示（prompt）並用它來採取行動；而 Hexa 所建議的行動中，超過 90% 會被客戶接受。我們也持續在那裡創新。

We introduced recently advanced multi-step reasoning and automated remediation workflows. Now, we have Hexa that's always on, orchestrating a continuous autonomous defense without needing humans to re-prompt. We're getting great traction there.

我們最近推出了進階的多步推理與自動化修復工作流程。現在，Hexa 可以保持常開（always on），在不需要人員重新下提示的情況下，協調持續的自主防禦。我們在這方面獲得了很好的牽引力。

I think you asked about our non-Hexa capabilities as well. That would take us really to AI Exposure, which is important because it addresses a couple of key use cases, and we do really three things, right? And if you think about Hexa AI's ability to take action within the platform deterministically and with trust, what AI Exposure does, it helps customers understand AI as a threat vector, which is one of the biggest blind spots in all of security today. Look, it starts with visibility, we do three things.

我想你也問到了我們的非 Hexa 能力。這會帶到 AI Exposure，這很重要，因為它涵蓋了幾個關鍵使用情境，而我們基本上做三件事，對吧？如果你把 Hexa AI 在平台內以確定性、且可被信任的方式採取行動的能力放在一起看，AI Exposure 所做的是幫助客戶理解 AI 作為一個威脅向量，而這是當今整個資安領域最大的盲點之一。你看，一切從可視性開始，我們做三件事。

Number one, visibility, we help discover what's running in a customer's environment, shadow AI agents, browser plugins, APIs, things like that. The second thing we do is we provide infrastructure protection related to AI models, workloads, and agents on shelves. We can discover agents, more importantly, we understand what agents are connected to and what they have access to, and whether it's exposed to the internet and what kind of permissions kind of surround agents and if there's identity weaknesses.

第一，可視性：我們協助發現客戶環境中正在運行的內容，例如影子 AI 代理、瀏覽器外掛、API 等等。第二，我們提供與 AI 模型、工作負載，以及現成代理（agents on shelves）相關的基礎設施防護。我們可以發現代理；更重要的是，我們了解代理連到哪些系統、擁有哪些存取權限、是否暴露在網際網路上、代理周邊有哪些權限設定，以及是否存在身分識別方面的弱點。

And the third thing, we monitor our customers' use of prompts across a wide range of models and tie it back to security policy. Both on the front end, helping customers understand their posture and helping them secure their use of AI, as well as AI infrastructure, also helping them take action deterministically with trust on the back end in the platform so they can reduce their risk. So we're certainly at the forefront of AI in security, we have a big role here to play, you're starting to see some really good traction on it.

第三，我們監控客戶在各式各樣模型上的提示（prompt）使用情況，並將其回連到資安政策。在前端，我們協助客戶了解其態勢並確保其 AI 使用（以及 AI 基礎設施）的安全；在後端，我們也協助他們在平台內以確定性、且可被信任的方式採取行動，從而降低風險。因此我們確實站在資安 AI 的最前沿，在這裡扮演重要角色，你也開始看到相當不錯的牽引力。

Excellent. And just as a quick follow-up, you talked a little bit about your harness advantages relative to other exposure management providers. Can you talk a little bit about what you have that's unique there? Are you concerned at all about the LLM providers maybe trying to move more upstream into your area? Can you just talk about the barriers to entry there?

非常好。再快速追問一下，你提到相較於其他曝險管理供應商，你們在 harness 方面的優勢。你能否談談你們在這方面有哪些獨特之處？你是否擔心 LLM 供應商可能會嘗試更往上游延伸到你們的領域？也請談談這裡的進入門檻。

Sure. It is something we talked about at Investor Day. Look, the moat here, we're likely starting to see the commoditization of the intelligence layer. I think models will continue to get infinitely good, and that's important. There's also open-weight models that give enterprises flexibility and control to effectively deploy AI in their own environment.

當然。這也是我們在投資人日談過的內容。你看，這裡的護城河，我們很可能正開始看到智慧層（intelligence layer）的商品化。我認為模型會持續變得無限地好，這很重要。另外也有開放權重模型（open-weight models），讓企業能更有彈性與掌控力，在自有環境中有效部署 AI。

Again, the best model today may not be the best model tomorrow, or six months, or even a year from now. With that, the real moat we think will be above the model and below the model. The real moat will be the application layer, which provides the context and trust to run these models safely and securely and deterministically in your environment. Hexa was built with this in mind. Hexa routes the right task to the right model, frontier or otherwise, and allows customers to take action in near real time with confidence.

同樣地，今天最好的模型，明天、六個月後，甚至一年後未必仍是最好的。在此情況下，我們認為真正的護城河會在模型之上與模型之下。真正的護城河會是應用層，它提供情境與信任，使這些模型能在你的環境中以安全、可靠且具確定性的方式運行。Hexa 的設計初衷就是如此。Hexa 會把正確的任務路由到正確的模型，不論是前沿模型或其他模型，並讓客戶能以接近即時的速度、帶著信心採取行動。

And also, moat is below the model, which is the extensive sensor layer and the ability to deploy agents and scanners and sensors on a wide range of domains to be able to collect data. We have one of the largest data fabrics in all of security, one of the largest customer bases. We're deeply embedded behind the firewall. It's proprietary, it's unique to us, and now with our harness, which is the scaffolding around the model and orchestrates the workflow and allows us to take action and to reduce risk with customers deterministically, that's an important part of the value add. It's one of the reasons why customers are increasingly choosing Tenable One.

此外，護城河也在模型之下，也就是廣泛的感測器層，以及在多種網域部署代理、掃描器與感測器以蒐集資料的能力。我們擁有整個資安領域中最大的資料織網（data fabric）之一，以及最大的客戶基礎之一。我們深度嵌入在防火牆後方。這是專有的、獨特於我們的；而現在再加上我們的 harness——也就是圍繞模型的支架（scaffolding），用來協調工作流程，讓我們能以確定性方式協助客戶採取行動並降低風險——這是價值增益的重要部分。這也是客戶日益選擇 Tenable One 的原因之一。

It's one of the reasons why 50% of all of our new business is coming from the platform. We feel really good about differentiation and moat.

這是我們所有新業務中有 50% 來自該平台的原因之一。我們對差異化與護城河感到非常有信心。

Brian Essex, JPMorgan.

Brian Essex，摩根大通。

Hi, guys. Thanks for taking the question. I guess, I would love to follow up and get your feel, and I apologize if I missed it. We're bouncing around between a few calls, but the one thing that resonated throughout last quarter across most of the companies that reported in this quarter, across most of the partners that we spoke with, is that CFOs or CIOs are freaking out about Mythos. It's leading to an elevated threat environment and there's an emphasis to push to get the most updated software operating systems hardware into those enterprise networks. I just wanted to take a step back in terms of what you've commented on in terms of pipeline acceleration, how companies are engaging with you to address those concerns, and how an elevated pipeline might convert to revenue as you walk through the year.

嗨，各位。謝謝讓我提問。我想我想追問一下、聽聽你們的看法，如果我有漏聽也先致歉。我們在幾通電話之間來回切換，但在上一季以及本季多數已公布的公司、以及我們交談過的大多數合作夥伴之間，一個貫穿的共鳴點是：CFO 或 CIO 對 Mythos 感到非常緊張。這導致威脅環境升高，並且更強調要把最新的軟體、作業系統與硬體推進到那些企業網路中。我想先退一步，從你們提到的管線加速來看，企業如何與你們互動以因應這些疑慮，以及在你們走過今年的過程中，較高的管線如何轉換為營收。

How much visibility you might have on that?

你們對此可能有多少能見度？

Yeah, so let me take a shot at that one because there's a couple of different parts of it.

好的，我來嘗試回答，因為這裡面有幾個不同的部分。

So first and foremost, the Mythos AI lab discussion is still omnipresent. It's still happening. It's still going on. There's still an enormous amount of interest from customers on what we've learned as a cybersecurity company and the pressure they're getting from the board of directors and from the CEO.

首先也是最重要的，關於 Mythos AI lab 的討論仍然無所不在。它仍在發生。仍在進行。客戶對於我們作為資安公司所學到的東西，以及他們從董事會與 CEO 那裡承受的壓力，仍然有極大的興趣。

And so t is definitely creating this demand. It is creating sense of urgency. So when you're talking to CISOs and they're saying, hey, we know that there's going to be this massive influx of vulnerabilities and all of these other potential risks coming down the road.

因此，這確實正在創造需求。也在創造緊迫感。所以當你和 CISO 交談時，他們會說：嘿，我們知道接下來會有大量漏洞湧入，以及各種其他潛在風險。

We know that one of the most productive things we can do is have a preventative and proactive exposure management platform, so we can actually get ahead of it and understand what's happening and get true visibility across the entire attack surface. And so we are going in, having those discussions, and that's why you're seeing Tenable One hit that 50% of new business because customers want to get off VM, they want to get all the benefits of exposure management, and they are doing it with more urgency. So you're definitely seeing that. That's why Matt commented, we are seeing accelerated pipeline.

我們知道我們能做的最有成效的事情之一，就是擁有一個預防性、主動式的曝險管理平台，這樣我們才能真正超前部署，了解正在發生什麼，並在整個攻擊面上取得真正的可視性。因此我們會進去進行這些討論，這也是為什麼你會看到 Tenable One 佔新業務的 50%，因為客戶想要從 VM 轉出來，他們想要獲得曝險管理的所有好處，而且他們正以更高的急迫性來做這件事。所以你確實看得到這點。這也是為什麼 Matt 提到我們看到管線加速。

Obviously, we feel great about what we achieved in Q2 and the guide that we gave for Q3 and Q4. There is a significant amount of momentum in this business right now and in exposure management. That is definitely a tailwind, without a doubt.

顯然，我們對第二季達成的成果，以及我們對第三季與第四季給出的指引都感到非常滿意。目前這項業務以及曝險管理領域有相當顯著的動能。毫無疑問，這絕對是一股順風。

From a budgeting perspective, you're not seeing this massive incremental flow of budgets saying, we're going to increase the cyber budget by 10%, 15%, 20%. What you are seeing is this consolidation story happen at a very rapid pace. They do not want to have the number of tools. They want to consolidate.

從預算角度來看，你不會看到預算大量增量流入、例如「我們要把資安預算提高 10%、15%、20%」。你看到的是整併的故事正在非常快速地發生。他們不想要那麼多工具。他們想要整合。

They want to do more, with fewer vendors and have platforms. You're seeing these exposure management projects happen at a faster pace, and that's why you're seeing the positivity and some of the momentum we're seeing in our business, because that's what's happening at the customer level.

他們希望用更少的供應商做更多事，並採用平台化。你會看到這些曝險管理專案以更快的速度推進，這也是為什麼你會看到我們業務的正向訊號與一些動能，因為在客戶端層面正在發生的就是這些事。

Is that permeating through the network scanning exposure that you might have? In other words, are they scanning more of their estate, or are they just taking what they have and then focusing on the analytics aspect of it?

這是否也滲透到你們可能看到的網路掃描曝險？換句話說，他們是在掃描更多的資產範圍，還是只是用既有的範圍，然後把重點放在分析層面？

It's a great question. It's both. We did see a very significant pickup in our expansion business in Q2. We absolutely saw our installed base customers expand the asset coverage to, again, get better visibility on what's happening in the environment. We absolutely saw that. We saw them look at incremental different types of assets. We had a very strong OT quarter. A very strong OT quarter around the globe, especially in the federal government. It was outstanding. We saw strong cloud demand for that asset type. It's both expanding overall coverage within their environment, their infrastructure environment, but then also looking at incremental asset types.

這是個很好的問題。兩者都有。我們確實在第二季看到擴張型業務非常顯著的回升。我們絕對看到既有客戶擴大資產覆蓋範圍，以再次取得對環境中正在發生事情的更佳可視性。我們確實看到了。我們也看到他們關注額外、不同類型的資產。我們在 OT 有非常強勁的一季。全球 OT 都非常強勁，尤其是在聯邦政府。表現非常出色。我們也看到對該資產類型的雲端需求強勁。這既包括在其環境、其基礎設施環境中擴大整體覆蓋，也包括關注額外的資產類型。

Got it. Super helpful. Thank you very much.

了解。非常有幫助。非常感謝。

Meta Marshall, Morgan Stanley Investment Management.

Meta Marshall，摩根士丹利投資管理。

Hi, this is Abhishek Murli on for Meta Marshall. Thanks for taking the question. Could you talk us through some of the dynamics you're having with customers as they are looking to move towards automated remediation? I understand that there was some press releases inter-quarter as well on this. Would love to hear what you're hearing on the ground. I have a follow-up.

嗨，我是 Abhishek Murli，代 Meta Marshall 提問。謝謝讓我提問。你們能否談談當客戶希望朝向自動化修復移動時，你們與客戶之間的一些互動動態？我也理解你們在季中就此發布過一些新聞稿。很想聽聽你們在第一線聽到的情況。我還有一個追問。

I think Mark talked about the momentum that we have with customers. This was a quarter where we added over 300 new customers, a healthy number of new lands. This was a quarter where we added a healthy number of new six-figure customers. The big takeaway was really the expansion within the customer base and the higher selling prices. Packaging and pricing plays a big role in that. With that, there's really two core use cases around our pricing and packaging. Number one, Foundation, which is all about unified asset visibility, which discovering and continuously inventorying assets across a wide range of domains.

我想 Mark 談到了我們在客戶端的動能。這一季我們新增了超過 300 位新客戶，新落地（new lands）的數量相當健康。這一季我們也新增了相當健康數量的六位數客戶。最大的重點其實是客戶基礎內的擴張，以及更高的成交價格。產品打包與定價在其中扮演很重要的角色。在此之下，我們的定價與打包主要有兩個核心使用情境。第一是 Foundation，重點在於統一的資產可視性，也就是在廣泛的領域中發現並持續盤點資產。

As Mark called out, the reason why customers are choosing overwhelmingly Advanced, where the selling prices are notably higher, which is having an impact not only on the results for the quarter, but gives us confidence to have a really good raise for the full year, is really because of the ability to take action and measure risk for customers. The orchestrator remediation comes in Advanced. Risk measurement and benchmarking and scoring, that comes in Advanced. That's a big problem, and that's the problem we're here to solve. That's the critical asset in the AI and the agentic era, and that's the moat we have. Things, as I mentioned before, feel different. Customer conversations feel different. Obviously, all of this has to go through procurement and sales cycles.

如 Mark 所指出，客戶之所以壓倒性地選擇 Advanced（其成交價格明顯更高），這不僅影響本季的結果，也讓我們有信心把全年展望上調得相當不錯，主要是因為它能讓客戶採取行動並衡量風險。協調式修復（orchestrator remediation）包含在 Advanced。風險衡量、基準比較與評分也包含在 Advanced。這是一個重大問題，而這正是我們要解決的問題。在 AI 與代理（agentic）時代，這是關鍵資產，而這就是我們的護城河。如我先前提到的，感覺不一樣了。與客戶的對話感覺不一樣了。當然，所有這些仍必須經過採購與銷售週期。

We feel really good about what we're seeing in the business, and there's some good early signs of strong momentum here, and that's the takeaway.

我們對目前在業務上看到的情況感到非常有信心，也看到一些早期的良好跡象顯示這裡有強勁動能，這就是重點。

Super helpful. Thank you. Maybe as a follow-up, you also laid out in the Analyst Day that the Tenable One platform could be around half of revenue exiting 2029. I guess, given the traction you're seeing across the portfolio, is there potential for that to happen sooner?

非常有幫助。謝謝。或許追問一下，你們也在分析師日提到，Tenable One 平台在 2029 年底時可能約佔營收的一半。我想，考量你們在整個產品組合看到的牽引力，是否有可能更早發生？

We're definitely seeing progress towards that goal. At the time of Analyst Day, we called out Tenable One making up roughly one-third of our total business. That number is increasing. We hope to get it up to 40% by the time we get to the end of the year, and we've made some progress against that goal already. Having a quarter like we had in Q2, where we had a record amount of new business coming into the platform, certainly helps. We've increased from a third, and we're on our way to 40% and hope that that's where we get to by the end of this year.

我們確實正在朝著那個目標看到進展。在分析師日當時，我們提到 Tenable One 約占我們整體業務的三分之一。這個數字正在上升。我們希望在年底前把它提高到 40%，而且我們已經在這個目標上取得了一些進展。像第二季那樣的一個季度——平台新增業務創下紀錄——當然很有幫助。我們已經從三分之一提升，正朝 40% 邁進，並希望在今年年底前達到那個水準。

Joseph Gallo, Jefferies.

Joseph Gallo，Jefferies。

Hi, this is Grant Darling on for Joe Gallo. I wanted to circle back real quick on competition, as I think it's certainly clear that exposure management is increasingly important in an AI world, which puts you in a great position. I wanted to ask, has there been any changes in competitive dynamics with regard to some of these larger platform vendors, especially with them trying to embed some of these LLM technologies and what you're seeing there?

嗨，我是 Grant Darling，代替 Joe Gallo 發問。我想很快再回到競爭這個話題，因為我認為在 AI 的世界裡，曝險管理的重要性日益提升，這讓你們處於很有利的位置。我想請教的是，針對一些較大型的平台型供應商，競爭態勢是否有任何變化？特別是他們嘗試嵌入一些 LLM 技術時，你們觀察到的情況如何？

Yeah, I mean, listen, we commented on a couple of the customer examples that we gave and in some of the commentary. This is one of the best competitive quarters we have had. Our compete level in regard to the deals of rip and replacing incumbent players was unbelievably strong with very specific programs, which grew double-digits in Q2, so we're super happy to see that. It was a very strong quarter in regard to some of the larger players that have pricing and packaging, where they talk to a customer and want to give away free capabilities as part of their pricing and packaging. We had a very strong quarter there. There are certain things when you look at Tenable One and exposure management about visibility in the entire environment that we see that these players simply do not see.

是的，我的意思是，聽著，我們在先前提到的幾個客戶案例以及一些評論中都有談到。這是我們表現最好的競爭季度之一。在一些「汰換並取代」既有供應商的交易上，我們的競爭力非常強，且有非常具體的方案，第二季成長達到兩位數，所以我們非常高興看到這點。就某些大型業者而言，他們在定價與方案包裝上，會跟客戶談並希望把一些能力作為其定價與包裝的一部分免費送出；在這方面我們也有非常強勁的一季。我們在那裡表現非常好。當你看 Tenable One 與曝險管理在整體環境可視性上的能力時，我們看到有些事情是這些業者根本看不到的。

We've got massive advantage around our accuracy and finding significantly more vulnerabilities than some of these free solutions bundled in. We also, when you look at just the coverage, the amount of coverage we have around CISA KEV coverage is exponentially more than them. When we deal with CISOs and lay out the technical differentiation we have, we have an extremely high win rate and compete level, and we saw that without a doubt in Q2.

我們在準確度方面有巨大的優勢，能找出遠多於那些綁在一起的免費解決方案的弱點。另外，若只看覆蓋範圍，我們在 CISA KEV 覆蓋上的量級也遠遠超過他們。當我們與 CISO 交流並闡述我們的技術差異化時，我們的勝率與競爭力都非常高，而第二季我們毫無疑問地看到了這點。

Very helpful.

非常有幫助。

Jonathan Ruykhaver, Cantor Fitzgerald.

Jonathan Ruykhaver，Cantor Fitzgerald。

Thank you. I'd like to just talk about the importance you see of identities within exposure management. It would just seem immediately from a high-level view that including a view of attack paths that includes risk related to identities broadens out a exposure management view. I know you have the Tenable Identity Exposure solution in the market. We haven't heard much in terms of adoption, but just where are customers around that vision of including identity risk paths, and what do you expect to see out of that solution looking out the next couple of quarters?

謝謝。我想談談你們在曝險管理中對身分（identity）重要性的看法。從高層次來看，若把與身分相關的風險納入攻擊路徑的視角，似乎能擴大曝險管理的視野。我知道你們已推出 Tenable Identity Exposure 解決方案。我們在採用情況方面聽到的不多，但客戶對於把身分風險路徑納入這個願景的進展如何？以及展望未來幾個季度，你們預期這個解決方案會帶來什麼？

What we're seeing is that you're 100% right in regards to the importance of identity. Where we have really taken the identity technology that we've had, we very much, from an engineering perspective, been focused on embedding it seamlessly into Tenable One. Instead of selling it as an independent identity solution, it's about how do we get leverage within the Tenable One platform. When you hear us talk about one of the big differentiators, which is our attack path analysis, that is a huge play from an identity perspective, where we're able to differentiate and get insight into certain areas around the attack path that other platforms simply cannot do.

我們看到的是，你對身分重要性的看法完全正確。就我們既有的身分技術而言，從工程角度我們非常專注於把它無縫嵌入 Tenable One。與其把它當作獨立的身分解決方案來銷售，更重要的是如何在 Tenable One 平台內取得槓桿效益。當你聽到我們談到其中一個重大差異化——也就是我們的攻擊路徑分析——這在身分面向是一個很大的發揮點，因為我們能在攻擊路徑的某些領域提供洞察並形成差異化，而其他平台根本做不到。

It is definitely, when you look at decision criteria being created for exposure management platform, it's one of the areas that we differentiate, we've got a long history in the identity business, now it is embedded into Tenable One. It's allowing us to get leverage based on the advanced feature set and capabilities and monetization of identities also.

確實如此。當你看曝險管理平台的決策準則逐步形成時，這是我們能夠差異化的領域之一；我們在身分業務上有很長的歷史，現在它已嵌入 Tenable One。這也讓我們能基於進階功能組合與能力取得槓桿，同時也能在身分面向進行變現。

Is it more about driving that attach across Hexa in exposure management or compared to the monetization opportunity? Just explain that.

這比較是為了推動在曝險管理中跨 Hexa 的附加（attach），還是相較之下更偏向變現機會？請解釋一下。

This is Steve. What Mark said, it is really an important contextualized feed in the platform itself. The ability to first identify flaws and exposures. If you look at our data fabric, a substantial percentage of what we have is non-CVE related. Understanding critical vulnerabilities and exposures, understanding where they exist across what assets, systems, devices, workloads, models. More importantly, understanding if those flaws and exposures are on those systems that have sensitive data.

我是 Steve。如 Mark 所說，這其實是平台本身一個非常重要、具情境化的輸入來源。首先是辨識缺陷與曝險的能力。如果你看我們的資料織網（data fabric），其中相當高比例並非與 CVE 相關。理解關鍵弱點與曝險、理解它們存在於哪些資產、系統、裝置、工作負載、模型之中。更重要的是，理解這些缺陷與曝險是否存在於那些含有敏感資料的系統上。

The contextualization. All of that feeds into and is scored with regard to risk. Prioritization becomes critical where the identity is an important aspect to that, because we need to look at the access and entitlements. In order to identify attack paths, we need to basically aggregate and chain together all of these different exposures. You need to understand prioritization and contextualization, which we are able to do leveraging our harness, and therefore, be able to take action. So access and entitlements are important here. You have to understand, in the event that there is an incident or attack, what is the blast radius? Who owns which assets, which systems?

也就是情境化。所有這些都會被納入並就風險進行評分。此時「優先順序」就變得關鍵，而身分是其中重要的一環，因為我們需要看存取權限與授權（entitlements）。為了識別攻擊路徑，我們基本上需要彙整並串接所有這些不同的曝險。你需要理解優先順序與情境化；我們能運用我們的 harness 來做到，因此也能採取行動。所以存取與授權在這裡很重要。你必須了解，一旦發生事件或攻擊，影響範圍（blast radius）是什麼？哪些資產、哪些系統是由誰負責？

It is an area we are going to continue to focus on. It is one of the reasons why customers continue to buy the platform. It is an important part of the value add when it comes to attack path analysis.

這是我們會持續聚焦的領域。這也是客戶持續購買該平台的原因之一。在攻擊路徑分析方面，這是很重要的加值部分。

Understood. Thank you.

了解。謝謝。

Joshua Tilton, Wolfe Research.

Joshua Tilton，Wolfe Research。

Hey, guys, this is Ivan here on the line for Josh. Thanks for taking my question. Maybe one more on the competitive side. Microsoft announced a VM program a couple of days ago. So just wanted to get your thoughts on what are you thinking about that, and how do you see Tenable's position in this context.

嗨，各位，我是 Ivan，代替 Josh 在線上提問。謝謝你們回答我的問題。也許再問一個競爭相關的問題。Microsoft 幾天前宣布了一個 VM 計畫。想請教你們對此有何看法，以及在這個背景下你們如何看 Tenable 的定位。

Listen, we feel very strong. As I said, a lot of the points that I brought up earlier fall into that category in regard to when we're discussing Tenable One and we're discussing exposure management. They're really, right now, especially, with some of the frontier AI labs and the heightened threat landscape and some of the things you're seeing around some of the state-sponsored attacks that happened, for instance, in Minneapolis. People and CISOs are looking for best-of-breed from an exposure management perspective. We feel, again, very confident about our compete level against Microsoft and what was launched. We just will keep on working with our CISOs and walking them through the value prop of what we do from a Tenable One perspective.

聽著，我們覺得非常有信心。如我先前所說，我剛剛提到的許多重點都屬於這個範疇，尤其是在我們討論 Tenable One、討論曝險管理時。他們現在確實——特別是在一些前沿 AI 實驗室、威脅態勢升高，以及你看到的一些國家級（state-sponsored）攻擊事件（例如明尼阿波利斯發生的）——人們與 CISO 正在從曝險管理的角度尋找最佳同類（best-of-breed）的解決方案。我們再次強烈地對我們與 Microsoft 以及其所推出方案的競爭力感到非常有信心。我們會持續與我們的 CISO 合作，並帶他們逐步了解我們從 Tenable One 角度所提供的價值主張。

Kingsley Crane, Canaccord Genuity.

Kingsley Crane，Canaccord Genuity。

Hi. Thanks for fitting me in. I appreciated the comments on differentiation above and below the model. At the Investor Day, you talked about part of that differentiation coming from 300,000 plugins, built over time, producing around 100 new plugins per week. If AI is reducing time to exploit, then with what we've seen with some of these more novel agentic attacks, I'm just wondering if there's room to accelerate the new plugins per week, with AI-enabled threat discovery, tying into your deep partnerships with OpenAI and Anthropic or even using some of those open-weight models. Just kind of curious on your thoughts there. Thanks.

嗨。謝謝讓我插個問題。我很感謝你們先前對於模型之上與之下差異化的評論。在投資人日，你們談到部分差異化來自於 30 萬個外掛，長期累積而成，每週大約產出 100 個新外掛。如果 AI 正在縮短被利用（time to exploit）的時間，那麼結合我們看到一些較新穎的代理式（agentic）攻擊，我想請教是否有空間在 AI 賦能的威脅發現下，加速每週新增外掛的數量，並且連結你們與 OpenAI、Anthropic 的深度合作，甚至使用一些開放權重模型。想聽聽你們的看法。謝謝。

Yes. The short answer is we are. So I think the point we made at Investor Day is that humans in the loop still matter, humans doing research, providing plugins and coverage for zero days, well before even a KEV is published. But we're also leveraging AI in a way to create plugins and automate the process. You still need a human in the loop to exercise judgment. Look, threat actors have the ability to weaponize AI and move at machine speed. Our goal here with the platform and exposure management is to be able to put capability in the hands of defenders so they can move even faster. Mean time to exploit here, I think has compressed over the years from 30 days down to 1.6 days. If you look at the average SLA for applying a patch, that's like 30+ days.

是的。簡短的答案是：我們正在這麼做。我想我們在投資人日強調的一點是，人類在迴圈中（humans in the loop）仍然很重要；人類進行研究、提供外掛，並在甚至 KEV 發布之前，就為零日漏洞提供外掛與覆蓋。但我們也在運用 AI 來建立外掛並自動化流程。你仍然需要人類在迴圈中做判斷。你看，威脅行為者有能力把 AI 武器化，並以機器速度行動。我們在平台與曝險管理上的目標，是把能力交到防禦者手上，讓他們能更快行動。我認為被利用的平均時間（mean time to exploit）這些年已從 30 天壓縮到 1.6 天。如果你看套用修補程式的平均 SLA，大概是 30 天以上。

We have to do better. That imbalance right there creates the risk. It's one of the reasons why in a post-Mythos world, customers are increasingly choosing the platform. Our goal is to not build a bigger telescope. Our goal is to tie vulnerabilities and exposures to fixes and to fix things, to shrink the attack surface, to take action, change configurations. What you mentioned here is exactly how we're applying AI. We're applying AI not only in the product, but also on the back end, on the plugins and the coverage. It's one of the reasons why our coverage in our database continues to grow. We have one of the largest data fabrics in the market, and it's driving the actions that we can take deterministically with Hexa.

我們必須做得更好。這種不平衡本身就造成風險。這也是為什麼在後 Mythos 時代，客戶愈來愈多選擇這個平台。我們的目標不是打造一個更大的望遠鏡。我們的目標是把弱點與曝險連結到修復措施並真正修好，把攻擊面縮小，採取行動、變更設定。你提到的正是我們應用 AI 的方式。我們不只在產品中應用 AI，也在後端、在外掛與覆蓋上應用。這也是為什麼我們資料庫的覆蓋範圍持續成長。我們擁有市場上最大的資料織網之一，並透過 Hexa 推動我們能以確定性方式採取的行動。

Really helpful. Thank you.

非常有幫助。謝謝。

Shaul Eyal, TD Cowen.

Shaul Eyal，TD Cowen。

Thank you. Good afternoon, everybody. Steve, very simple question. What are your hiring plans into the second half of this year? Maybe in other words, how do they build on the first half of 2026 given the success you're seeing out there?

謝謝。各位下午好。Steve，一個很簡單的問題。你們今年下半年的人才招募計畫是什麼？或者換句話說，鑑於你們目前看到的成功，這些計畫將如何在 2026 年上半年的基礎上再往上加碼？

Great question. We saw some of the highest levels of productivity in sales that we've seen in a few years here. We are going to add capacity the second half of the year, more capacity in the second half than we've added really over the last two years.

這個問題問得好。我們看到銷售端的生產力達到近幾年來的最高水準之一。我們將在下半年增加產能，而且下半年新增的產能會超過我們過去兩年實際增加的總和。

So we have confidence to go out and invest. We have confidence that we'll generate return. Mark and I spent a lot of time on this, we're going to continue to invest and balance growth with profitability. We see a big opportunity here, we're pleased with the productivity levels and the achievement rates against quota, we're leaning in.

所以我們有信心出去投資。我們有信心能產生回報。Mark 和我在這件事上花了很多時間；我們會持續投資，並在成長與獲利之間取得平衡。我們看到很大的機會，對生產力水準以及達成配額（quota）的比率感到滿意，我們會加大投入。

Thank you so much.

非常感謝。

Richard Poland, Wells Fargo.

Richard Poland，Wells Fargo。

So I just wanted to get an understanding of, it sounds like there's a lot of excitement around just the value proposition that Tenable's able to deliver, the activity that's kind of going on, whether it's actually converting to pipeline or not. But I guess, I think one of the things investors are going to struggle with is when you just look at kind of what's implied in Q4 revenue growth and just the back half guidance. It's still not perking up to the tune of exactly what we've been hearing the whole call. So I guess just to level set, help us bridge kind of the excitement or activity you're seeing in the market, some of the competitive displacement with just kind of where numbers are headed.

我想先釐清一下：聽起來市場對 Tenable 能提供的價值主張非常興奮，相關活動也很多，但不確定是否真的轉化為銷售管線（pipeline）。不過我想投資人會覺得困難的一點是，當你只看第四季營收成長的隱含水準，以及下半年指引時，它仍然沒有像我們整場電話會議聽到的那樣明顯回升。所以我想請你們幫忙校準一下：協助我們把你們在市場上看到的興奮與活動、一些競品替換（competitive displacement），和數字走向之間做個連結。

I can take that. I think just to level set, we are in a better spot today than we were 90 days ago with respect to the second half, and pretty meaningfully. As you know, revenue is a lagging indicator. It takes a while for when you book a deal, of course, to recognize that over the course of the contract, because we're recognizing that revenue ratably. We took the guidance up for the full year by $5 million at the midpoint. Of course, a portion of that is in the second half.

我來回答。我想先校準一下：就下半年而言，我們今天的位置比 90 天前好，而且是相當明顯地更好。如你所知，營收是落後指標。當你簽下一筆交易後，當然需要一段時間才能在合約期間內認列，因為我們是按期間平均（ratably）認列營收。我們把全年指引在中位數上調了 500 萬美元。當然，其中一部分會落在下半年。

But then importantly, and I mentioned this earlier in response to a question, our expectations with respect to CCB that we laid out at the beginning of the year have improved by $8 million to $10 million, and the majority of that is coming into the second half. I think that's important. When you break down the kind of Q3, Q4 dynamics with revenue, there's a little bit of timing going on there with expectations when we think professional services are going to come in. But the key takeaway is that the second half is better for revenue and meaningfully better when you look at our short-term billings.

但更重要的是，我先前在回答問題時也提到：我們年初提出的 CCB 預期已改善 800 萬到 1,000 萬美元，其中大部分會在下半年實現。我認為這點很重要。當你拆解第三季、第四季營收的動態時，裡面有一些時點因素，涉及我們預期專業服務收入何時進來。但關鍵結論是：下半年營收會更好，而若看我們的短期帳單（short-term billings），改善幅度會更明顯。

Very clear. Thank you, guys.

非常清楚。謝謝各位。

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

問答環節以及今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。