Financial Data and Key Metrics Changes - In Q1, bookings and revenue grew over 30% year over year on a reported basis and 10% on a pro forma basis [6] - Non GAAP operating margins remained robust at 52% and non GAAP EPS exceeded guidance at $0.64, up 20% year over year [6][36] - Q1 bookings were $1.2 billion, up 32% year over year, and revenue was $1.26 billion, up 30% year over year [25] Business Line Data and Key Metrics Changes - The Cyber Safety Platform represented two-thirds of Q1 revenue, growing 11% on a reported basis and 4% when normalizing for the extra week [9] - Trust Based Solutions represented one-third of revenue, growing over 100% on a reported basis and 25% when normalized for the extra week and MoneyLion baseline [13] - MoneyLion's revenue grew 45% pro forma, driven by personal financial management offerings and the AI-powered financial marketplace [15] Market Data and Key Metrics Changes - The direct revenue channels grew 25% as reported and 6% pro forma, with strong fundamentals across channels and geographies [27] - Partner channels grew 68% as reported and 38% pro forma, driven by strength in employee benefits and international partnerships [28] - The total paid customer count reached over 76 million, with 40.6 million direct paid customers and 28 million engaged through partner channels [30][32] Company Strategy and Development Direction - The company is focused on product innovation and integration of MoneyLion, with plans to launch the first integrated product under Gen's brand by fall [7][18] - The strategy includes leveraging AI for operational efficiency and customer engagement, aiming to become an AI-first company [20][21] - The company raised its annual revenue guidance by $100 million to a range of $4.8 billion to $4.9 billion, reflecting confidence in growth [21][41] Management's Comments on Operating Environment and Future Outlook - Management highlighted the resilience of the business amid macroeconomic uncertainty, supported by a recurring revenue base and strong customer retention [41] - The evolving cyber threat landscape necessitates continuous innovation and proactive measures to protect consumers [10][11] - The integration of MoneyLion is expected to enhance customer engagement and retention, driving long-term value creation [18][82] Other Important Information - The company plans to host an investor briefing on September 8 to discuss strategic direction and MoneyLion's product portfolio [17] - Q1 operating income was $650 million, translating to a 52% operating margin, with high margins expected to continue [35] - The company repurchased nearly 5 million shares during Q1 and paid down $180 million in debt [38] Q&A Session Summary Question: Can you discuss the fundamental trends in MoneyLion's business? - Management noted that MoneyLion's growth accelerated to 45% in Q1, with strong performance in both personal financial management and the marketplace [46][48] Question: How does the company view pricing as a lever for monetization? - The strategy focuses on delivering innovative products that enhance customer protection, which in turn justifies price increases and higher ARPU [50][56] Question: What operational improvements have been implemented in MoneyLion? - Management highlighted the focus on growth and operational integration, with expectations for continued innovation and margin improvement [62][63] Question: What drove the strength in the Cyber Safety business in Q1? - The company attributed the strength to cross-selling, upselling, and strong retention rates, maintaining a mid single-digit growth rate [72][73] Question: How will the growth rates of the new reporting segments be structured going forward? - Cyber Safety is expected to maintain mid single-digit growth, while Trust Based Solutions is projected to see double-digit growth as it integrates with MoneyLion [76]

Financial Data and Key Metrics Changes - Rapid7 ended Q2 2025 with $841 million in ARR, growing 3% year over year, and revenue of $214 million, also up 3% year over year, exceeding guidance [6][22] - Free cash flow for the quarter was $42 million, bringing year-to-date free cash flow to $67 million [25] - Product subscription revenue grew 4% year over year to $208 million, while professional services revenue declined due to a focus on higher-margin services [22][24] Business Line Data and Key Metrics Changes - Detection and response (D&R) business continues to be a core growth driver, representing over half of ARR and growing in the mid-teens year over year [6][22] - The exposure management business is transitioning customers from traditional vulnerability management to a unified risk and exposure management solution, which is integrated into the command platform [17][18] Market Data and Key Metrics Changes - International revenue accounted for 25% of total revenue and grew 10% year over year [23] - The customer base expanded to 11,643 globally, with an average ARR per customer of $72,000 [22] Company Strategy and Development Direction - The company is focused on enhancing go-to-market capabilities and accelerating revenue growth, particularly through the command platform strategy [7][31] - Investments in AI tools and capabilities are aimed at capitalizing on increasing customer demand for integrated security operations [6][12] - The long-term strategy emphasizes scaling the AI-driven security operations platform, integrating various data sources into a single system for risk and response [13][14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing customer spending scrutiny but expressed optimism about the strategic deals being pursued [10][19] - The updated ARR guidance for the full year is narrowed to $850 million to $865 million, reflecting a prudent approach given macroeconomic uncertainties [26][27] - Management remains confident in the ability to achieve revenue growth and maintain a strong pipeline for Q4 [41][42] Other Important Information - Tim Adams, the CFO, intends to retire, and Alan Peters has been appointed as the new Chief Commercial Officer to drive go-to-market efforts [29][30] - The company is ramping up its India SOC to enhance operational capabilities and support larger enterprise use cases [16][73] Q&A Session Summary Question: Update on MDR demand trends - Management confirmed strong demand trends in the MDR space, emphasizing ongoing investments in AI technology to manage complex security operations [35][39] Question: Confidence in Q4 performance - Management expressed confidence in achieving the guided range for Q4, citing a healthy pipeline and strategic deal momentum [40][41] Question: Progress on Exposure Command platform - Management reported positive feedback from partners and noted that the Exposure Command platform is leading to larger deals than initially expected [48][50] Question: Near-term and medium-term priorities for growth - Focus on product and service investments, operationalizing the expansion engine, and educating the market about the company's capabilities [56][58] Question: Federal opportunity post-FedRAMP achievement - Management sees robust demand in the federal sector and expects to start seeing benefits from this market in 2026 [93][95] Question: Impact of Zscaler's acquisition of Red Canary - Management believes the acquisition does not significantly change the competitive landscape, as the MDR market remains highly fragmented [100][102] Question: Pricing and packaging strategy for the command platform - Management acknowledged the need to improve pricing and packaging strategies to facilitate easier customer adoption and drive revenue growth [108][111]

Financial Performance & Guidance - The company's 2024 revenue grew by 9% year-over-year[45] - The company's revenue Compound Annual Growth Rate (CAGR) from 2020 to 2024 was 20%[45] - The company's non-GAAP operating margin scaled to over 19% in 2024[45] - The company's Annual Recurring Revenue (ARR) grew by 3% year-over-year in Q2 2025[47] - The company's ARR Compound Annual Growth Rate (CAGR) from Q2 2021 to Q2 2025 was 15%[47] - The company's ARR per customer was approximately $72,000 in Q2 2025[52] - The company's ARR per customer Compound Annual Growth Rate (CAGR) from Q2 2021 to Q2 2025 was 8%[52] - The company anticipates full year 2025 Annualized Recurring Revenue between $850 million and $865 million, representing a year-over-year growth of 1% to 3%[56] - The company anticipates full year 2025 revenue between $853 million and $863 million, representing a year-over-year growth of 1% to 2%[56] - The company anticipates full year 2025 non-GAAP operating income between $125 million and $135 million[56] Market Opportunity - The Total Addressable Market (TAM) for SecOps is over $54 billion[7] - The Total Addressable Market (TAM) for SecOps is expected to reach $85 billion by 2027[20] - The Total Addressable Market (TAM) for SecOps has a Compound Annual Growth Rate (CAGR) of 16%[20]

Core Viewpoint - Fortinet Inc (NASDAQ:FTNT) experienced a significant decline of 25.9%, trading at $71.61, following a disappointing fiscal third-quarter outlook despite a second-quarter earnings win and matched revenue forecasts [1] Company Performance - Fortinet's second-quarter earnings were positive, but the negative guidance for the third quarter is impacting its stock performance [1] - Morgan Stanley downgraded Fortinet from "overweight" to "equal-weight" and reduced its price target from $110 to $78 [2] - If the current losses persist, Fortinet could face its worst one-day decline ever and may end up in negative territory for the year [2] Stock Trends - Fortinet shares are trading at their lowest in nearly 12 months and have fallen below a critical support level of $95 [2] - Crowdstrike Holdings Inc (NASDAQ:CRWD) is down 6.1% to $423.97, influenced by Alphabet's divestment of its stake in the company, although it still shows a 23.4% year-to-date gain [3] - SentinelOne Inc (NYSE:S) is down 5.2% to $16.42, with a 41.5% deficit over the past nine months, approaching its first close below $17 since April 22 [3] Options Activity - Fortinet is experiencing unusual options activity with 10 times the usual intraday average volume, particularly in the weekly 8/8 70-strike put [4] - Crowdstrike is also seeing increased options activity, with double the usual put volume, led by the September 420 put [4]

Core Insights - IGEL has announced the availability of the Zscaler Client Connector (ZCC) through the IGEL App Portal, enhancing Zero Trust security and cloud connectivity for IGEL-powered endpoints, which supports digital transformation for hybrid workforces [1][3][4] - The partnership with Zscaler aims to protect organizations from cyber threats while ensuring productivity across various applications and devices [3][6] - The integration of ZCC with IGEL's Preventative Security Model™ reduces the endpoint attack surface and lowers total cost of ownership (TCO) by up to 75% [6][9] Company Overview - IGEL is a secure endpoint OS platform designed for VDI, DaaS, SaaS, and secure browsing, providing a high-performance user experience and simplifying endpoint management [8][10] - The company enforces Zero Trust principles through a modular, read-only OS that eliminates common attack surfaces, thereby extending device lifespans and achieving sustainability goals [9][10] - IGEL is recognized globally across various sectors, including healthcare, financial services, retail, manufacturing, and government, and is supported by a partner ecosystem of over 100 integrated technology vendors [10]

Core Insights - BlackRock TCP Capital Corp. (TCPC) experienced a decline in net asset value (NAV) in Q2 2025, primarily due to markdowns on previously restructured portfolio companies rather than new credit issues [12][19] - The company reduced nonaccruals to 3.7% of the portfolio's fair market value, down from 4.4% in Q1 2025 and 5.6% at the end of 2024, indicating improved management of distressed assets [12][19] - The acquisition of HPS by BlackRock has led to the formation of the Private Financing Solutions (PFS) platform, which is expected to enhance TCPC's investment sourcing and risk management capabilities [11][41] Financial Performance - Net realized losses for Q2 2025 totaled approximately $66 million, or $0.78 per share, mainly due to restructurings in several portfolio companies [3][36] - Adjusted net investment income was $0.31 per share in Q2 2025, down from $0.36 per share in Q1 2025; gross investment income was $0.61 per share, down from $0.66 [7][34] - The weighted average annual effective yield was 12% in Q2 2025, compared to 12.2% in the prior quarter [7][33] Portfolio Management - The portfolio included 153 companies across more than 20 industry sectors, with an average investment size of $11.7 million [6][32] - 89% of the $1.8 billion portfolio was invested in senior secured debt, all in floating-rate instruments [6][32] - Four new investments were added to nonaccrual status in Q2 2025 due to uneven performance and liquidity constraints [4][19] Dividend and Share Repurchase - A regular dividend of $0.25 and a special dividend of $0.04 per share were declared for Q2 2025, payable on September 30 [8][24] - The company repurchased 40,830 shares during Q2 2025 [8][25] Leverage and Liquidity - Total liquidity at the end of Q2 2025 was $566 million, with available leverage of $155 million and cash of $107 million [9][37] - Net regulatory leverage rose to 1.28 times, exceeding the targeted range of 0.9 to 1.2 times, due to new investments and delayed repayments [3][38] Strategic Outlook - Management expects net regulatory leverage to return to approximately Q1 2025 levels in the next quarter following investment deployments and delayed repayments [14] - The integration into the PFS platform is anticipated to provide enhanced sourcing and allocation capabilities, benefiting TCPC's investment strategy [41][42]

Core Viewpoint - CrowdStrike Holdings Inc. has experienced a significant decline in stock price, down over 14% in the last 30 days, despite a generally bullish earnings season for technology stocks [1] Company Performance - Despite the recent pullback, CRWD stock is still up 29.25% in 2025, over 99% in the last 12 months, and more than 285% in the last five years [2] - The company capitalized on a previous software update glitch to drive revenue growth by allowing customers to test its Falcon platform [3] - The latest quarter saw a 100% year-over-year gain in annual recurring revenue (ARR), although revenue expectations were missed [5] AI Integration - CrowdStrike's Falcon platform is cloud-native and AI-first, with the introduction of Charlotte AI to automate detection and response to emerging threats [4] Earnings Guidance - For the upcoming earnings report on August 27, CrowdStrike guided for revenue between $1.14 and $1.15 billion, indicating a 3% sequential improvement and an approximate 18% year-over-year increase [6] - Analysts forecast revenue at $1.15 billion, suggesting that even at the high end of guidance, CrowdStrike would only meet expectations [7] Market Sentiment - Analysts maintain a price target of $461.17 for CRWD stock, with a moderate buy rating based on 46 analyst ratings [10] - The stock has broken below its 100-day simple moving average, indicating potential resistance and increasing selling momentum [11] Options Market - The options chain for August 29 shows a bearish bias, with a 43% chance that the stock will close below $450 [14] Institutional Activity - Institutions may be preparing to buy CRWD stock at lower levels, potentially between $420 and $425, as they signal that the stock is currently expensive compared to its past and peers [16]

Financial Data and Key Metrics Changes - Total ARR reached $513.7 million, growing 14% year over year, with a 12% increase on a constant currency basis [28] - Total revenue was $131.2 million, exceeding guidance by $4.7 million, representing approximately 10% year over year growth on a reported basis and 8% on a constant currency basis [28] - Adjusted EBITDA was $41.6 million, which is $6.6 million above the high end of guidance, resulting in an adjusted EBITDA margin of approximately 31.7% [30] - Dollar-based net revenue retention was approximately 102% on a reported basis and 101% on a constant currency basis [29] Business Line Data and Key Metrics Changes - Net new ARR growth was led by data protection, followed by security operations and unified endpoint management (UEM) [10] - Cove, the data protection solution, recorded its highest bookings and net new ARR quarter ever, with 25% year over year ARR growth [12] - Security operations, particularly the XDR and MDR offerings, showed healthy ARR growth, with Canalys reporting a 16% growth projection for MDR in 2025 [14] Market Data and Key Metrics Changes - Approximately 45% of revenue was generated outside of North America [31] - The company is seeing a healthy demand environment, with IT spending remaining stable among mid-market companies [68] Company Strategy and Development Direction - The company aims to expand its channel strategy to unlock new markets, focusing on resellers, system integrators, and distributors [22] - The growth strategy is built on three pillars: driving security success, scaling go-to-market efforts, and boosting customer expansion [25] - The company is focused on integrating AdLumen into its cyber resilience platform and enhancing its channel motion to capture mid-market opportunities [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to execute and create long-term value amidst a complex threat landscape [35] - The outlook for the second half of 2025 suggests more growth in ARR compared to the first half, despite some foreign exchange dynamics [53] Other Important Information - The company began executing a share repurchase program as part of its capital allocation strategy, reflecting confidence in the business [27] - The company appointed Vikram Ramesh as Chief Marketing Officer to advance its mission and amplify its message globally [24] Q&A Session Summary Question: Can you provide more color on the go-to-market traction with resellers? - The go-to-market teams are finding a rhythm with three pillars to engage mid-market companies, leading to increased bookings and opportunities [38][39] Question: Where are we with the optimization and ASC 606 headwinds? - The company is seeing healthy renewal rates around 90%, indicating customer willingness to recommit [48] Question: Can you provide detail on the ARR guidance? - There are FX dynamics at play, but the second half implies more growth in ARR compared to the first half [53] Question: How are you educating MSP customers on the opportunity? - The company emphasizes augmenting MSP capabilities with its XDR technology, allowing them to focus on strategic initiatives [60] Question: What do you attribute the strength in the $50k customer adds to? - The focus on larger MSPs and the ability to cross-sell the portfolio are key drivers of strength in customer additions [62]

Core Insights - IQSTEL Inc. and Cycurion Inc. have signed a Memorandum of Understanding (MOU) to become mutual equity partners through a planned $1 million stock exchange, enhancing shareholder value by distributing half of the exchanged shares as dividends [1][5][6] - The collaboration aims to create a strong presence in AI-driven cybersecurity for the global telecommunications industry, leveraging both companies' strengths [1][11][15] Investment and Shareholder Value - The stock exchange is designed to unlock shareholder value and is strategically timed to mitigate potential disruptions from U.S. tariffs [2][6] - Each company will issue $1 million worth of common stock to the other, with share distribution based on the lower of the Nasdaq Official Closing Price on the day before the agreement or the average price over the preceding five trading days [4][5] Strategic Collaboration - The agreement integrates the AI-focused Research and Development departments of both companies, aiming to deliver next-generation cybersecurity solutions for telecom, government, and enterprise clients [3][8] - The partnership is expected to create cross-selling opportunities, allowing IQSTEL to introduce its services to Cycurion's customer base and vice versa [7][12] Future Growth and Development - The MOU outlines an initial 60-day exploratory period, with plans to execute a definitive agreement within 30 days, focusing on further collaboration opportunities such as joint ventures and expanded R&D initiatives [13][14] - Both companies are committed to pooling resources and aligning strategic focus to maximize value for their combined shareholder base [11][14] Company Profiles - IQSTEL specializes in telecommunications, fintech, AI, and cybersecurity, with a goal to reach $1 billion in annual revenue by 2027 [16][18] - Cycurion focuses on IT cybersecurity solutions and has strong relationships within government and institutional sectors, enhancing its market presence [17][18]

Zscaler (NASDAQ: ZS) accelerates digital transformation so customers can be more agile, efficient, resilient, and secure. The Zscaler Zero Trust Exchange™ platform protects thousands of customers from cyberattacks and data loss by securely connecting users, devices, and applications in any location. Distributed across more than 160 data centers globally, the SASE-based Zero Trust Exchange™ is the world's largest in-line cloud security platform. Zscaler™ and the other trademarks listed at https://www.zscaler ...