PART I – FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents Tenable Holdings, Inc.'s unaudited consolidated financial statements for Q2 2025, showing increased revenue but a wider net loss [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) The balance sheets reflect a decrease in total assets driven by lower cash, offset by increases in goodwill and acquired intangible assets Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $175,025 | $328,647 | | Goodwill | $697,769 | $541,292 | | Acquired intangible assets, net | $128,860 | $94,461 | | Total assets | $1,656,572 | $1,742,119 | | **Liabilities & Equity** | | | | Deferred revenue (Current) | $624,548 | $650,372 | | Term loan, net | $355,439 | $356,705 | | Total liabilities | $1,305,873 | $1,342,165 | | Total stockholders' equity | $350,699 | $399,954 | - Total assets decreased from **$1.74 billion** at year-end 2024 to **$1.66 billion** at June 30, 2025, primarily due to a significant decrease in cash and cash equivalents. Goodwill and acquired intangible assets increased, reflecting recent business acquisitions[11](index=11&type=chunk) [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) The statements of operations show increased revenue for the quarter and six-month periods, but a widening net loss due to higher operating expenses Statement of Operations Summary (in thousands, except per share data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $247,295 | $221,241 | $486,432 | $437,202 | | Gross Profit | $192,861 | $172,443 | $379,538 | $339,472 | | Loss from operations | $(7,448) | $(8,818) | $(25,159) | $(17,748) | | Net loss | $(14,706) | $(14,572) | $(37,641) | $(28,958) | | Net loss per share | $(0.12) | $(0.12) | $(0.31) | $(0.25) | - Revenue increased by **11.8%** YoY for the second quarter and **11.3%** for the first six months of 2025. However, the net loss for the six-month period widened from **$(29.0) million** in 2024 to **$(37.6) million** in 2025, driven by higher operating expenses, particularly in Research and Development and General and Administrative[13](index=13&type=chunk) [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash from operations significantly increased, but overall cash decreased due to substantial outflows for acquisitions and treasury stock purchases Cash Flow Summary for Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $129,870 | $81,750 | | Net cash used in investing activities | $(168,766) | $(44,485) | | Net cash used in financing activities | $(116,304) | $(37,853) | | Net decrease in cash | $(153,622) | $(3,665) | - Cash from operations increased significantly in the first half of 2025 compared to 2024. However, cash used in investing activities rose sharply due to **$196.2 million** spent on business combinations. Financing activities also saw increased cash usage, primarily from **$125.0 million** in treasury stock purchases[21](index=21&type=chunk) [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section provides detailed notes explaining the accounting policies and specific line items within the consolidated financial statements [Note 2: Revenue](index=10&type=section&id=2.%20Revenue) This note details revenue composition, highlighting significant reliance on channel partners and strong growth in remaining performance obligations Revenue by Type (in thousands) | Revenue Type | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | | :--- | :--- | :--- | | Subscription revenue | $228,031 | $448,474 | | Perpetual license and maintenance | $11,411 | $22,963 | | Professional services and other | $7,853 | $14,995 | | **Total Revenue** | **$247,295** | **$486,432** | - The company has a significant concentration of revenue from its channel network, which accounted for **94%** of revenue in the first six months of 2025. One distributor represented **32%** of revenue during this period[33](index=33&type=chunk) - Total remaining performance obligations (RPO) grew to **$889.1 million** as of June 30, 2025, up from **$747.5 million** a year prior, indicating a strong backlog of future revenue[35](index=35&type=chunk) [Note 6: Acquisitions, Goodwill and Intangible Assets](index=14&type=section&id=6.%20Acquisitions%2C%20Goodwill%20and%20Intangible%20Assets) This note details recent acquisitions, including Vulcan Cyber and Apex Security, and their impact on goodwill and intangible assets - In the first half of 2025, Tenable completed two acquisitions: Vulcan Cyber Ltd. for **$148.5 million** in cash and Apex Security, Inc. for **$47.8 million**[46](index=46&type=chunk)[47](index=47&type=chunk) - As a result of the acquisitions, goodwill increased by **$156.5 million** during the first six months of 2025, reaching a total of **$697.8 million**[51](index=51&type=chunk) [Note 10: Stock-Based Compensation](index=18&type=section&id=10.%20Stock-Based%20Compensation) This note details stock-based compensation expenses across departments, including a significant one-time expense for the former CEO's equity awards Stock-Based Compensation Expense (in thousands) | Department | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Cost of revenue | $6,775 | $6,270 | | Sales and marketing | $34,448 | $31,576 | | Research and development | $28,267 | $22,960 | | General and administrative | $32,939 | $20,311 | | **Total** | **$102,429** | **$81,117** | - Stock-based compensation for the first six months of 2025 included **$14.6 million** of expense related to the accelerated vesting of equity awards for the company's late CEO[66](index=66&type=chunk) [Note 13: Segment and Geographic Information](index=21&type=section&id=13.%20Segment%20and%20Geographic%20Information) This note confirms the company operates as a single segment and provides revenue breakdown by region, highlighting US revenue concentration - The company operates as a single operating segment[79](index=79&type=chunk) Revenue by Region for Six Months Ended June 30 (in thousands) | Region | 2025 | 2024 | | :--- | :--- | :--- | | The Americas | $299,944 | $271,237 | | Europe, Middle East and Africa | $131,031 | $116,358 | | Asia Pacific | $55,457 | $49,607 | | **Total** | **$486,432** | **$437,202** | - Customers in the United States accounted for **53%** of total revenue in the first six months of 2025[80](index=80&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, highlighting an 11% revenue increase, GAAP operating loss, non-GAAP operating income, rising expenses, and strong liquidity Key Operating and Financial Metrics | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Calculated Current Billings (in thousands) | $238,585 | $221,145 | $453,945 | $418,902 | | Free Cash Flow (in thousands) | $37,416 | $28,663 | $117,646 | $75,792 | | Dollar-Based Net Expansion Rate | 107% | 109% | N/A | N/A | - Revenue for Q2 2025 increased by **$26.1 million** (**12%**) year-over-year, with **$24.1 million** of the increase coming from existing customers[133](index=133&type=chunk) - Research and Development expenses rose **31%** in Q2 2025 compared to Q2 2024, primarily due to a **$12.0 million** increase in personnel costs[137](index=137&type=chunk) - General and Administrative expenses for the first six months of 2025 included **$15.5 million** in termination benefits related to the passing of the company's Chairman and CEO[127](index=127&type=chunk)[149](index=149&type=chunk) - The company's stock repurchase program has purchased a total of **6.3 million shares** for **$239.9 million** since its inception. The Board increased the authorization by an additional **$250 million** in July 2025[159](index=159&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Primary market risks include interest rate, foreign currency, and inflation, with interest rate risk potentially increasing 2025 expense by $1.2 million - The company is exposed to interest rate risk through its **$375.0 million** Term Loan, which has a variable interest rate based on SOFR. A one percentage point increase in the rate would increase 2025 interest expense by **$1.2 million**[172](index=172&type=chunk) - Foreign currency exchange risk is mainly from operating expenses incurred in currencies like the Euro, British Pound, and Israeli New Shekel, as most sales contracts are denominated in U.S. dollars[173](index=173&type=chunk) - While inflation has not had a material effect so far, the company acknowledges that rising costs for employees and third-party cloud infrastructure could become a significant pressure[174](index=174&type=chunk) [Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting - Based on an evaluation, the Co-Chief Executive Officers concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[176](index=176&type=chunk) - There were no changes in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, these controls[178](index=178&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=44&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any legal proceedings expected to have a material adverse effect on its business or financial condition - Tenable is not presently a party to any legal proceedings that would be expected to have a material adverse effect on the company[181](index=181&type=chunk) [Risk Factors](index=44&type=section&id=Item%201A.%20Risk%20Factors) This section highlights new and updated material risks, including generative AI integration, channel partner reliance, government sales uncertainties, and macroeconomic instability - The use of generative AI in products like ExposureAI introduces risks of inaccurate output, data privacy concerns, and navigating an emerging and uncertain legal and regulatory landscape, such as the EU's Artificial Intelligence Act[183](index=183&type=chunk)[184](index=184&type=chunk)[186](index=186&type=chunk) - The company has a high concentration of revenue from its channel partners, with **94%** of revenue in H1 2025 derived from this network. A single distributor, Ingram Micro, accounted for **32%** of revenue, posing a significant dependency risk[189](index=189&type=chunk) - Sales to government entities are subject to risks from budgetary cycles, funding authorizations, and potential spending reductions, such as those proposed by the Department of Government Efficiency (DOGE), which could elongate sales cycles in the second half of 2025[191](index=191&type=chunk) - Unstable market conditions, including inflation, high interest rates, and trade tensions, may cause customers to defer or reduce spending, which could adversely impact business[197](index=197&type=chunk)[198](index=198&type=chunk)[199](index=199&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=50&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reports no unregistered equity sales and details Q2 2025 stock repurchases, with the Board increasing authorization by $250 million in July 2025 Issuer Purchases of Equity Securities (Q2 2025) | Period | Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | April 2025 | 40 (thousands) | $33.17 | | May 2025 | 1,203 (thousands) | $32.43 | | June 2025 | 800 (thousands) | $32.48 | | **Total** | **2,043 (thousands)** | **$32.47** | - In July 2025, the Board of Directors increased the stock repurchase authorization by **$250 million**[206](index=206&type=chunk) [Other Information](index=50&type=section&id=Item%205.%20Other%20Information) The company amended Co-CEO employment agreements in August 2025, enhancing severance benefits from 12 to 18 months of base salary upon certain terminations - Employment agreements for Co-CEOs Stephen Vintz and Mark Thurmond were amended following their permanent appointment in April 2025[207](index=207&type=chunk) - Severance benefits for termination without cause or resignation for good reason were enhanced, increasing continued base salary payments from **12 months** to **18 months**[210](index=210&type=chunk) [Exhibits](index=53&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Quarterly Report on Form 10-Q, including amended executive employment agreements and SOX certifications - The report includes a list of filed exhibits, such as the Amended and Restated Certificate of Incorporation, amendments to executive employment agreements, and certifications by the Principal Executive Officer[214](index=214&type=chunk)

Core Insights - Tenable has launched Tenable AI Exposure, a solution designed to manage and control risks associated with generative AI tools like ChatGPT Enterprise and Microsoft Copilot, providing organizations with unprecedented visibility and control [1][2][3] Group 1: Product Features - Tenable AI Exposure offers an end-to-end approach that includes discovery, risk management, and policy enforcement for enterprise AI platforms [1][2] - The solution integrates into the Tenable One platform, providing a unified view of risk across the entire attack surface, combining capabilities from Tenable AI Aware, AI Security Posture Management (AI-SPM), and new governance features [4][8] - The deployment of Tenable AI Exposure is agentless and can be set up in minutes, allowing for rapid coverage [3] Group 2: Market Context - As businesses adopt generative AI to enhance productivity, they are creating new security challenges that lack visibility, making it difficult for security teams to monitor sensitive data exposure and potential manipulations by attackers [2] - The introduction of Tenable AI Exposure addresses the entire lifecycle of AI security challenges, moving beyond mere discovery to comprehensive management [2][3] Group 3: Availability and Demonstration - Tenable AI Exposure is currently available through a private customer preview program, with general availability expected by the end of 2025 [4] - A demonstration of Tenable AI Exposure is being showcased at Black Hat USA 2025, highlighting its capabilities [5]

Group 1 - The Q2 earnings season reveals that markets are struggling to maintain recent all-time highs, with even strong earnings failing to support many momentum stocks [1] - Gary Alexander, with extensive experience in technology companies and startups, provides insights into current industry themes and has been a contributor to Seeking Alpha since 2017 [1] Group 2 - The article does not provide specific financial data or performance metrics related to companies or industries [2][3]

Core Viewpoint - Tenable (TENB) has received an upgrade to a Zacks Rank 2 (Buy) due to an upward trend in earnings estimates, indicating a positive outlook for the company's stock price [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system emphasizes the importance of changing earnings estimates in influencing near-term stock price movements, making it a valuable tool for investors [2][4]. - The correlation between earnings estimate revisions and stock price movements is strong, largely due to institutional investors who adjust their valuations based on these estimates [4]. Business Improvement Indicators - Rising earnings estimates and the Zacks rating upgrade suggest an improvement in Tenable's underlying business, which could lead to increased stock prices as investors respond positively [5][10]. - For the fiscal year ending December 2025, Tenable is expected to earn $1.49 per share, with a significant increase of 100% in the Zacks Consensus Estimate over the past three months [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a proven track record of Zacks Rank 1 stocks generating an average annual return of +25% since 1988 [7]. - Tenable's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, indicating strong potential for market-beating returns in the near term [10].

Core Insights - The conference call is focused on discussing Tenable's second quarter 2025 financial results [2][3] - Co-Chief Executive Officers Steve Vintz and Mark Thurmond are present to provide insights and updates [3] Financial Results - A press release detailing the financial results for the quarter was issued prior to the call, available on the company's investor relations website [3] Forward-Looking Statements - The company will make forward-looking statements regarding guidance and expectations for the third quarter and full year 2025, as well as business growth and changes in the threat landscape [4]

Group 1 - Tenable reported $247.3 million in revenue for the quarter ended June 2025, an 11.8% year-over-year increase, with EPS of $0.34 compared to $0.31 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate of $241.89 million by 2.23%, and the EPS surpassed the consensus estimate of $0.30 by 13.33% [1] - The calculated current billings were $238.59 million, slightly above the average estimate of $237.55 million by analysts [4] Group 2 - Subscription revenue was reported at $228.03 million, exceeding the average estimate of $223.27 million, representing a 12.6% year-over-year change [4] - Revenue from professional services and other was $7.85 million, surpassing the average estimate of $7.13 million, with a year-over-year increase of 17.4% [4] - Revenue from perpetual license and maintenance was $11.41 million, matching the average estimate, but reflecting a 5% year-over-year decline [4] Group 3 - Tenable's shares returned -2% over the past month, while the Zacks S&P 500 composite increased by 3.4% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Core Insights - Tenable reported quarterly earnings of $0.34 per share, exceeding the Zacks Consensus Estimate of $0.30 per share, and showing an increase from $0.31 per share a year ago, resulting in an earnings surprise of +13.33% [1] - The company achieved revenues of $247.3 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 2.23% and increasing from $221.24 million year-over-year [2] - Tenable has consistently surpassed consensus EPS estimates over the last four quarters, indicating strong performance [2] Earnings Outlook - The future performance of Tenable's stock will largely depend on management's commentary during the earnings call and the sustainability of the stock's immediate price movement based on recent earnings and future expectations [3][4] - The current consensus EPS estimate for the upcoming quarter is $0.40 on revenues of $244.15 million, and for the current fiscal year, it is $1.49 on revenues of $975.07 million [7] Industry Context - The Internet - Software industry, to which Tenable belongs, is currently ranked in the top 30% of over 250 Zacks industries, suggesting a favorable environment for performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Data and Key Metrics Changes - In Q2 2025, the company achieved a revenue of $247.3 million, reflecting a 12% year-over-year growth and exceeding the midpoint of the guided range by $5.3 million [28][29] - The operating margin for the quarter was 19%, which is approximately 100 basis points better than the midpoint of the guided range [31] - The net dollar expansion rate was 107% for the quarter, indicating strong customer retention and upsell [27][66] Business Line Data and Key Metrics Changes - The exposure management platform, Tenable One, accounted for 40% of total new sales in the quarter, highlighting its growing adoption [7][27] - The company added 367 new enterprise platform customers and 76 net new six-figure customers during the quarter [27][66] - Current RPO (Remaining Performance Obligations) grew 12% year-over-year, reflecting increasing momentum with Tenable One [27] Market Data and Key Metrics Changes - The public sector showed better-than-expected performance, particularly in the SLED (State, Local, Education) business, driven by strong platform sales [9][10] - The company noted a positive outlook for the U.S. Federal market, with improved visibility into the renewal base despite a cautious spending environment [10][41] Company Strategy and Development Direction - The company is focusing on expanding its AI capabilities and integrating them into the Tenable One platform, particularly following the acquisition of Apex Security [26][75] - The strategic emphasis is on preemptive security, which involves reducing risk before breaches occur, rather than just responding after an attack [10][17] - The company aims to unify visibility, insights, and actions across various asset types, enhancing its competitive edge in the exposure management space [58][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive momentum and growth, particularly with the Tenable One platform [41][66] - The outlook for Q3 and the full year 2025 has been raised, reflecting improved visibility and performance in the federal market [34][35] - The company anticipates continued strong demand for its exposure management solutions as organizations modernize their security strategies [25][26] Other Important Information - The company reported a gross margin of 82% for the quarter, which is flat compared to the previous quarter [29] - The company has a strong cash position with $387 million in cash and short-term investments, providing flexibility for future investments and share repurchases [32][33] Q&A Session Summary Question: Comparison of current quarter with previous expectations - Management noted improved visibility in the federal business and a strong pipeline, leading to an upward revision of guidance [41][42] Question: Expectations for Tenable One penetration - The company highlighted that exposure solutions represent over 20% of total sales, with significant growth potential in the platform [45][46] Question: Competitive landscape in exposure management - Management emphasized Tenable One's hybrid capabilities and unified platform as key differentiators against traditional VM players [56][60] Question: Larger deal sizes and their sources - The company indicated that larger deals are coming from both new logos and existing customers, with a strong focus on the Tenable One platform [66][67] Question: Strategy for securing generative AI in enterprises - The acquisition of Apex is expected to enhance the company's AI capabilities, providing customers with better governance and security for AI resources [72][75] Question: Adoption metrics for AI solutions - Over 6,000 customers are using AI aware to detect shadow AI applications, with the capabilities from Apex being integrated into the Tenable One platform [83][84] Question: Performance of specific products and verticals - The company reported strong performance in exposure management and noted that the VM market met expectations without significant outperformance [88][91] Question: Opportunities in OT and hybrid environments - Management highlighted growth in sectors like data centers and manufacturing, where customers are seeking unified exposure management solutions [97][98]

Financial Data and Key Metrics Changes - In Q2 2025, the company achieved a revenue of $247.3 million, reflecting a 12% year-over-year growth and exceeding the midpoint of the guided range by $5.3 million [26][27] - The operating margin for the quarter was 19%, approximately 100 basis points better than the midpoint of the guided range [29] - Calculated current billings grew 8% year-over-year to $238.6 million, indicating strong momentum with the Tenable One platform [25] - The net dollar expansion rate was 107% for the quarter, demonstrating robust customer retention and upsell [25][70] Business Line Data and Key Metrics Changes - The exposure management platform, Tenable One, accounted for 40% of total new sales in the quarter, highlighting its growing adoption [5][25] - The company added 367 new enterprise platform customers and 76 net new six-figure customers during the quarter, indicating strong demand for its solutions [25][70] - The percentage of recurring revenue remained high at 96%, showcasing the stability of the revenue model [27] Market Data and Key Metrics Changes - The public sector showed better-than-expected performance, particularly in the SLED business, driven by strong platform sales [7][8] - The company noted an improvement in visibility within the U.S. Federal market, particularly regarding renewals, despite a cautious spending environment [8][42] Company Strategy and Development Direction - The company is focused on expanding its AI capabilities and integrating them into the Tenable One platform, particularly following the acquisition of Apex Security [6][24] - The strategic emphasis is on preemptive security, which involves reducing risk before breaches occur, rather than just responding to incidents [8][14] - The company aims to unify visibility, insights, and actions across hybrid environments, positioning itself as a leader in exposure management [16][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive momentum, particularly in the federal market, with a strong pipeline and opportunities for growth [42][44] - The outlook for Q3 and the full year 2025 has been raised, reflecting improved visibility and performance in the public sector [34] - The company anticipates continued growth in long-term RPO, with a 40% year-over-year increase, indicating strong customer commitment [25][70] Other Important Information - The company has a strong cash position with $387 million in cash and short-term investments, providing flexibility for future investments and share repurchases [30] - The company announced a $250 million increase to its share repurchase program, demonstrating a commitment to returning capital to shareholders [31] Q&A Session Summary Question: Comparison of current quarter performance with previous expectations - Management noted improved visibility in the federal business and a strong pipeline, leading to an upward revision of guidance [42][44] Question: Expectations for Tenable One penetration and growth - Management highlighted that Tenable One represents over 40% of new sales and is expected to drive further growth with modest movement in penetration [46][50] Question: Competitive landscape in exposure management - Management emphasized the differentiation of Tenable One through its hybrid capabilities and unified platform approach, leading to high win rates against competitors [58][60] Question: Impact of larger deal sizes on new logos versus renewals - Management indicated that while gross dollar renewal rates remain strong, new business from new logos is driving growth, particularly with the Tenable One platform [67][70] Question: Strategy for securing generative AI in enterprises - The company is leveraging AI to enhance customer security programs and has integrated Apex capabilities to address AI-related risks [76][78] Question: Performance trends in July - Management noted that July has been trending ahead of historical seasonality, indicating positive momentum as the third quarter progresses [115]

Financial Performance - Q2 2025 revenue reached $247.3 million[11], with a 12% revenue growth[11] - Q2 2025 unlevered free cash flow was $44.3 million[11] - Q2 2025 non-GAAP gross margin was 82%[11] - Q2 2025 recurring revenue was 96%[11] - The forecast for FY 2025 revenue is $981.0 million to $987.0 million[54] - The forecast for FY 2025 unlevered free cash flow is $265.0 million to $275.0 million[54] Market Position and Opportunity - The company has approximately 44,000 customers[11] - The company is the 1 market share leader in Vulnerability Management[11] - Exposure Management is estimated to be a $50 billion market opportunity[27] - The Exposure Management market is expected to have a 20% CAGR from 2025-2027[28] Product and Strategy - The company aggregates 1.5 billion assets[25], normalizes 100+ 3rd party integrations[25], and classifies 150 billion exposures[25]