Core Insights - Tenable One has achieved over 300 validated integrations, positioning it as the most interconnected exposure management platform in the market, enhancing visibility and risk reduction for security teams [1][2][3] Group 1: Platform Features and Benefits - The platform addresses the fragmentation in cybersecurity tools, which averages 83 per enterprise, by providing a unified view of the attack surface, thus reducing blind spots for security teams [2][3] - Tenable One integrates data from various security tools, including EDR, CNAPP, and PAM, to deliver a contextualized risk view, enabling teams to visualize attack paths and focus on critical exposures [3][4] - The platform automates remediation workflows and enhances collaboration across teams, significantly decreasing the time required to investigate and resolve security exposures [4] Group 2: Customer Impact and Ecosystem - Two-thirds of Tenable One customers utilize its integrations, with reported benefits including up to 10x greater visibility and a 75% reduction in time spent on data aggregation, allowing teams to concentrate on proactive risk management [5] - Tenable is launching a universal integrations connector to facilitate the development of custom integrations, reinforcing its commitment to an open ecosystem and enabling organizations to tailor the platform to their needs [6] Group 3: Partnerships and Industry Collaboration - Partnerships with companies like Splunk and ServiceNow enhance the platform's capabilities, allowing for faster threat detection and response through deep integration of exposure data [7][8] - The collaboration with CyberArk focuses on securing privileged access, combining vulnerability insights with intelligent controls to mitigate risks effectively [8]

Core Insights - Tenable has been recognized as a 2025 Customers' Choice in the Gartner Peer Insights™ 'Voice of the Customer': Vulnerability Assessment, being the only vendor to achieve this recognition in the current report [1][2] Company Overview - Tenable is an exposure management company focused on identifying and closing cybersecurity gaps that can impact business value, reputation, and trust [5] - The company serves approximately 44,000 customers globally, providing an AI-powered exposure management platform that enhances security visibility and action across various environments [5] Product Recognition - The recognition as Customers' Choice reflects Tenable's strong performance in both Overall Experience and User Interest and Adoption, indicating high customer satisfaction with its products [2] - Gartner defines vulnerability assessment solutions as tools that identify, categorize, and prioritize vulnerabilities while orchestrating their remediation, focusing on enterprise risk identification and compliance reporting [2] Customer Feedback - Reviews highlight Tenable's platform as robust and user-friendly, providing comprehensive insights into security posture and enabling quick vulnerability management [2] - Customers have praised Tenable for outstanding customer service and the advanced capabilities of its products compared to competitors [2]

Core Insights - Tenable has announced enhancements to its Vulnerability Priority Rating (VPR) system, utilizing generative AI to improve precision in identifying risks that pose the greatest threat to organizations [1][2]. Group 1: Tenable VPR Enhancements - The updated Tenable VPR now identifies only 1.6% of vulnerabilities as critical, significantly narrowing down from the 60% flagged by the Common Vulnerability Scoring System (CVSS) [2]. - The AI-driven enhancements provide twice the clarity and precision, allowing organizations to focus on vulnerabilities that represent actual business risks [2]. - Enhanced explainability and contextualization lead to faster mean-time-to-remediation and optimized resource allocation [2]. Group 2: User Experience and Feedback - Users, such as Jorge Orchilles from Verizon, have reported that Tenable VPR has significantly reduced the noise from thousands of vulnerabilities, enabling a focus on genuine threats [3]. - The system allows organizations to visualize the importance of exposures, their vulnerabilities, and how to address priority risks effectively [3]. Group 3: Key Features of Tenable VPR - AI-powered insights provide instant clarity on why an exposure matters, how it has been weaponized, and actionable mitigation guidance [4]. - Enhanced filtering and querying capabilities allow organizations to prioritize vulnerabilities based on real-world threats specific to their industry and region [4]. Group 4: Company Overview - Tenable is recognized as an exposure management company that helps organizations close cybersecurity gaps, thereby protecting business value, reputation, and trust [6]. - The company serves approximately 44,000 customers globally, providing a unified platform for security visibility and action across various environments [6].

Group 1 - Tenable has been named a Leader in "The Forrester Wave™: Unified Vulnerability Management, Q3 2025," ranking highest in the Strategy category and receiving the highest scores (5.0) in seven criteria, including Vision and Roadmap [1][3] - Unified Vulnerability Management is defined as a solution that serves as the primary record for organizational vulnerabilities and enhances remediation workflows, with the report evaluating 10 vendors based on 19 criteria [2] - Tenable's ranking is based on its Strategy and Current Offering, the Tenable One Exposure Management Platform, which emphasizes proactive security strategies to address evolving attacker techniques over the next three to five years [3] Group 2 - The Forrester report highlights Tenable's strong roadmap for expanding remediation and response capabilities, focusing on remediation orchestration and a flexible asset-ratio-based pricing model [3][5] - Tenable's exposure management platform provides unmatched visibility across various environments, including IT, cloud, and operational technology, through both native discovery and third-party data ingestion [5] - The reporting capabilities of Tenable are noted for their presentation-ready format, including trending and benchmarking data, which enhances the overall user experience [5]

Group 1 - The S&P 500 continues to rise despite macroeconomic challenges such as tariffs, U.S. government debt concerns, and geopolitical tensions, indicating a strong market performance [1] - Large-cap companies are resuming high valuations, which raises caution among analysts regarding the sustainability of this market trend [1] - Analysts recommend investors to rotate their investments in light of the current market conditions [1] Group 2 - Gary Alexander has extensive experience in technology sectors, having worked on Wall Street and in Silicon Valley, which informs his insights into current industry trends [1] - He has been a contributor to Seeking Alpha since 2017 and has been featured in various web publications, indicating his influence and recognition in the investment community [1]

Financial Performance - Q1 2025 revenue reached $239.1 million[12] - Q1 2025 unlevered free cash flow was $86.8 million[12] - Q1 2025 non-GAAP gross margin was 82%[12] - Q1 2025 recurring revenue was 96%[12] - The company forecasts revenue between $970 million and $980 million for the full year 2025[52] - The company forecasts unlevered free cash flow between $265 million and $275 million for the full year 2025[52] Market Position and Growth - The company is a category leader in Exposure Management[11] - The company has approximately 44,000 customers[12] - The company is ranked 1 in market share in Vulnerability Management[12, 23] - The total addressable market for cyber exposure is estimated at $33 billion with an 18% CAGR[29]

Core Insights - Tenable has been recognized as a Major Player in the inaugural IDC MarketScape: Worldwide Cloud-Native Application Protection Platform (CNAPP) 2025 Vendor Assessment, highlighting its strong position in the market [1][2]. Company Overview - Tenable is identified as an exposure management company that focuses on closing cybersecurity gaps that can undermine business value, reputation, and trust [7]. - The company serves approximately 44,000 customers globally, providing a unified security visibility and action platform that spans various environments, including IT infrastructure and cloud [7]. Product Capabilities - Tenable Cloud Security offers a comprehensive CNAPP solution that integrates seamlessly with Tenable One, enabling organizations to secure their entire cloud stack without needing additional tools [3]. - The platform provides tailored visibility for specific cloud providers such as AWS, GCP, Azure, and Oracle Cloud, simplifying the interpretation of security findings for personnel [4]. - It emphasizes context-rich prioritization and identity-intelligent risk analysis, allowing for the identification of critical vulnerabilities and toxic access combinations that may be overlooked by other solutions [4]. Market Recognition - The IDC MarketScape assessment involved structured discussions, interviews with market leaders, and end-user experiences, validating Tenable's strategies and capabilities in the CNAPP space [2]. - Eric Doerr, the chief product officer of Tenable, stated that this recognition underscores the company's commitment to helping customers manage risk across their cloud environments and overall attack surface [5].

Core Insights - The 2025 Cloud Security Risk Report by Tenable highlights the urgent need for unified cloud exposure management due to widespread risks from insecure cloud configurations [1][2] Cloud Security Risks - 9% of publicly accessible cloud storage contains sensitive data, with 97% classified as restricted or confidential, increasing the risk of exploitation [1][2] - Exposed sensitive data, misconfigurations, and poorly stored secrets such as passwords and API keys significantly heighten cloud environment risks [2][5] Organizational Vulnerabilities - Over half of organizations (54%) store at least one secret directly in AWS Elastic Container Service (ECS) task definitions, creating direct attack paths [7] - Similar vulnerabilities are found in Google Cloud Platform (GCP) Cloud Run (52%) and Microsoft Azure Logic Apps workflows (31%) [7] - 3.5% of all AWS Elastic Compute Cloud (EC2) instances contain secrets in user data, posing major risks given EC2's widespread use [7] Toxic Cloud Combinations - The percentage of organizations with a "toxic cloud trilogy" (publicly exposed, critically vulnerable, and highly privileged workloads) has decreased from 38% to 29%, but this remains a significant risk [7] Identity Management Challenges - While 83% of AWS organizations follow best practices in using Identity Providers (IdPs) for cloud identity management, risks persist due to overly-permissive defaults and excessive entitlements [7]

Core Insights - Tenable Vulnerability Management has been awarded the 2025 Globee® Award for AI-Powered Vulnerability Management, highlighting its leadership in exposure management solutions [1] - The company emphasizes its commitment to innovation and proactive security, utilizing AI to enhance threat analysis and risk reduction for organizations [2] - Tenable's AI-powered approach has also been recognized with the AI-powered vulnerability management category of the 2025 Cybersecurity Excellence Awards [3] Company Developments - Tenable has acquired Apex Security to enhance its capabilities in securing AI attack surfaces, which will strengthen the Tenable One exposure management platform [4] - The integration of AI technologies aims to provide deeper visibility, control, and governance over AI initiatives, reinforcing the company's position in the cybersecurity market [4] - Tenable serves approximately 44,000 customers globally, focusing on reducing cybersecurity risks across various environments, including IT infrastructure and cloud [5]

Summary of Tenable Conference Call Company Overview - **Company**: Tenable - **Core Business**: Transitioned from vulnerability management (VM) to a broader exposure management platform, Tenable One, integrating various asset types and focusing on risk-based security [2][5][6] Key Points Industry Dynamics - **Market Position**: Tenable has expanded its total addressable market (TAM) significantly, now assessing assets in operational technology (OT), identity, cloud security, attack surface management, and web application security [5][6] - **Acquisitions**: Recent acquisitions include Vulcan and Apex, enhancing capabilities in integrating third-party assets and AI security [5][7][68] Financial Performance - **Q1 Performance**: Strong start to the year with all metrics beating guidance, but 2025 outlook lowered from 7%-9% to 6%-8% due to federal sector uncertainties and global trade scrutiny [8][9][10] - **Federal Sector Impact**: Approximately 15% of business tied to the federal sector, with reduced visibility affecting growth expectations [10][11][12] Growth Strategy - **Focus on Exposure Management**: Transitioning existing customers to Tenable One and consolidating multiple asset types onto one platform [6][41] - **AI Integration**: Leveraging AI for assessing generative AI usage within organizations, enhancing security measures [7][68] Competitive Landscape - **VM Market Concerns**: While growth in the VM market has moderated, Tenable continues to attract new customers, with 40%-50% being greenfield opportunities [28][30] - **Competitors**: Main competitors include Rapid7 and Qualys, with some presence from CrowdStrike and Microsoft. However, Tenable maintains strong win rates against these competitors [34][35][38] Customer Engagement - **Pipeline Development**: Strong demand for new integrations and features, with over 150 customers interested in demos post-Vulcan acquisition [49][50] - **Cloud Security Portfolio**: Tenable offers a full CNAP solution, competing effectively against Wizz and Palo Alto by leveraging its existing customer base [52][53] Financial Management - **Capital Allocation**: M&A remains a priority over share buybacks, with sufficient capital available for strategic investments [74][75] Leadership Structure - **Co-CEO Model**: Unique leadership structure with co-CEOs dividing responsibilities effectively, enhancing operational efficiency [78][82] Additional Insights - **Market Trends**: The shift towards exposure management reflects a broader industry trend of consolidating cybersecurity tools into comprehensive platforms [41][43] - **Customer Sentiment**: Concerns about pricing and vendor lock-in are influencing customer decisions, particularly in the cloud security space [56][59] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting Tenable's position in the cybersecurity landscape and its plans for future growth.