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]

Core Viewpoint - The technology sector is undergoing transformation due to the rapid adoption of AI and multi-cloud environments, leading to increased cyber threats and a demand for integrated security solutions [1][2] Group 1: Company Strategy - Palo Alto Networks is positioning itself as a leader in cybersecurity through a strategy called platformization, which aims to consolidate multiple security tools into a single, unified platform [2] - The platformization strategy is supported by three main pillars: Strata for network security, Prisma for cloud security, and Cortex for security operations [4] - Recent acquisitions, including Protect AI, enhance Palo Alto's capabilities in AI security by integrating AI model scanning and runtime protection into its Prisma platform [3][5] Group 2: Financial Performance - Palo Alto Networks' Next-Generation Security (NGS) Annual Recurring Revenue (ARR) grew 34% year-over-year to $5.1 billion as of April 30, 2025, indicating a successful transition to a software and subscription-based model [7] - The company's total revenue increased by 15.3% to $2.3 billion in the third quarter of fiscal 2025, surpassing analyst expectations [8] - The company has achieved 12 consecutive quarters of positive GAAP net income, demonstrating a combination of high growth and sustained profitability [8] Group 3: Market Position and Future Prospects - Palo Alto Networks is reportedly in advanced talks to acquire CyberArk for over $20 billion, which would significantly enhance its identity security offerings and competitive position [9][11] - The stock has a price-to-earnings ratio (P/E) above 110, reflecting high investor expectations for future growth [12] - Analysts maintain a Moderate Buy consensus rating for the stock, with an average price target of $209.42, indicating confidence in the company's strategy and financial performance [13]

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]

Core Insights - Tenable Holdings, Inc. reported a revenue of $247.3 million for Q2 2025, reflecting a 12% year-over-year growth, driven by the adoption of its exposure management platform [5][6] - The company achieved a non-GAAP operating margin of 19% and a GAAP operating margin of (3%) for the same period [5][6] - Tenable's leadership in exposure management is highlighted by significant customer expansions and strong competitive wins [2] Financial Highlights - Revenue increased to $247.3 million, up 12% year-over-year [5][6] - Calculated current billings reached $238.6 million, an 8% increase year-over-year [5][6] - Net cash provided by operating activities was $42.5 million, compared to $31.4 million in Q2 2024 [5][6] - Unlevered free cash flow was $44.3 million, up from $36.5 million in the same quarter last year [5][6] Business Developments - The company repurchased 2.0 million shares for $65.0 million and announced a $250 million expansion of its stock repurchase program [5][6] - Tenable completed the acquisition of Apex Security, enhancing its exposure management platform [5][6] - The launch of Tenable One connectors and advanced risk dashboards aims to provide a comprehensive view of organizational risk [5][6] Market Position - Tenable was named a "Major Player" in IDC's inaugural MarketScape report for Cloud-Native Application Protection Platforms (CNAPP) [5][6] - The company published the 2025 Cloud Security Risk Report, offering insights into current security challenges faced by organizations [5][6] - Tenable received two AI-powered security awards from the 2025 Globee Awards and 2025 Cybersecurity Excellence Awards [5][6]

Acquisition Details - Palo Alto Networks 将以现金加股票方式收购 CyberArk，交易估值 250 亿美元 [1] Industry Impact - 这是一项网络安全领域的重大收购 [1]

Core Viewpoint - CrowdStrike (CRWD) stock has experienced a decline from its peak of $517.98 on July 3, currently trading at $465.26, yet remains up 35% year-to-date, indicating potential for recovery as it approaches key support levels [1] Group 1: Stock Performance and Trends - CRWD shares are currently down 0.4% from their recent peak, but the stock has shown resilience with a 35% increase year-to-date [1] - The stock is close to the 80-day moving average, which historically has led to bullish movements, suggesting a potential upward pivot [1] - Over the past three years, similar signals have resulted in a 75% success rate for price increases one month later, with an average gain of 6.2%, indicating a potential recovery above $494 [2] Group 2: Market Sentiment and Options Trading - Short-term options traders are exhibiting a bearish sentiment, as indicated by a put/call open interest ratio of 1.32, which is in the 98th percentile of annual readings, suggesting that unwinding this pessimism could benefit CRWD [4] - The Schaeffer's Volatility Index (SVI) for CRWD is at 36%, in the 5th percentile of its annual range, indicating that options traders are anticipating low volatility, which may present an affordable trading opportunity [5]

Core Insights - VCI Global Limited will present its Sovereign Data Infrastructure at the ASEAN AI Summit 2025, highlighting its role in enabling sovereign-ready digital ecosystems [1][5] - Jane Teh, Chief AI Security Officer, will discuss the importance of quantum-resistant infrastructure for national data resilience during her keynote address [2][3] Company Overview - VCI Global is a cross-sector platform builder that integrates deep technology with financial architecture, focusing on sovereign digital ecosystems [12][13] - The company has evolved from capital markets consultancy to operate in fintech, AI, robotics, and cybersecurity [12][13] Sovereign Data Infrastructure - The Sovereign Data Infrastructure comprises a comprehensive ecosystem of hardware and software solutions developed through subsidiaries V Gallant and QuantGold [4] - It aims to empower governments with encrypted computer-secure mobile layers and national-scale AI ecosystems [3][4] Key Technologies - QuantGold is a sovereign-grade encrypted data platform that enables secure and compliant data monetization, leveraging over 120 encryption patents [7][8] - Technologies include SecureGPU for encrypted AI compute servers, CyberSecure for hardware-based encryption storage, and Qsecore for secure mobile communication [9] Market Focus - The initial market focus for QuantGold includes Malaysia, Singapore, and Hong Kong, with applications in healthcare, financial services, public sector analytics, and AI research [8] Event Participation - VCI Global's participation in the ASEAN AI Summit underscores its leadership in sovereign AI infrastructure and provides a platform for engagement with ASEAN governments [6]

Core Insights - Palo Alto Networks announced its intent to acquire CyberArk for $25 billion, marking its entry into the identity security space [1] - This acquisition is part of a broader trend of aggressive expansion under CEO Nikesh Arora, who has overseen over $7 billion in acquisitions since 2018 [2] - The CyberArk deal is the largest acquisition by Palo Alto to date and one of the largest cybersecurity deals in 2025, following Google's acquisition of Wiz for $32 billion [3] Acquisition Details - The acquisition of CyberArk will be a mix of cash and stock [1] - Other notable acquisitions by Palo Alto include Dig Security for approximately $400 million, Talon Cyber Security for about $625 million, and Bridgecrew for $156 million [3]

Acquisition Rationale & Strategy - Palo Alto Networks acquired CyberArk to address the growing identity security concerns arising from AI proliferation and agent-based attacks [4][5] - The acquisition aims to integrate CyberArk's identity security solutions into Palo Alto Networks' comprehensive cybersecurity platform [4][6] - Palo Alto Networks views identity as a critical security problem, especially with the rise of AI-driven attacks [7][8] - The combined entity seeks to provide identity security to tens of thousands of organizations globally, leveraging existing partnerships and customer bases [9][10] Financial & Operational Synergies - The acquisition is expected to accelerate CyberArk's top-line growth through Palo Alto Networks' global presence and product innovation [13][15] - Palo Alto Networks aims to improve CyberArk's operating margins, targeting north of 30%, leveraging its efficient infrastructure [15] - The deal is expected to be gross margin and revenue accretive from day one, with cash flow accretion anticipated in FY28 [16] Future Outlook & Market Positioning - Palo Alto Networks believes a comprehensive security suite across multiple platforms, including a strong focus on identity, is crucial for future market leadership [21] - The company aims to expand CyberArk's reach from 8,000 customers to hundreds of millions of users [21] - Palo Alto Networks anticipates significant demand for comprehensive security solutions in the next 3-5 years, driving the company towards a $250 billion market cap [20][22]

Acquisition Overview - Palo Alto Networks is acquiring Cyber Arc for approximately $25 billion [1] - Cyber Arc's stock price remained relatively stable after the announcement, while Palo Alto Networks' stock decreased by about 7% [1] - The deal is largely stock-based, with only about $45 in cash per share [6][7] Rationale for Acquisition - Cyber Arc specializes in identity security, which is becoming increasingly important with the rise of AI agents [2][3] - Cyber Arc addresses the need for AI agents to verify the identities of other AI agents to prevent fraud or unauthorized actions [3] - Palo Alto Networks lacks a strong identity security component within its platform, making Cyber Arc a valuable addition [4] M&A Market Trends - The market is seeing a surge in M&A activity, including Baker Hughes buying Chart Industries for $135 billion and Union Pacific's potential acquisition of NSX for $72 billion [4][5] - High equity prices are making stock a favorable currency for companies to use in acquisitions [5][7] - The Palo Alto Networks-Cyber Arc deal suggests a trend of larger tech companies acquiring specialized cybersecurity firms [8] Cybersecurity and AI - The cybersecurity sector is drawing parallels to the energy sector, with AI foundational models (LLMs) likened to oil, and cybersecurity services likened to oil field services [9] - Companies are expected to acquire infrastructure to support AI development [9]