Tenable Holdings, Inc.

Greetings and welcome to the tenable fourth quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Aaron Carney, Vice President, Investor Relations. Please go ahead.

Thank you, Operator, and thank you all for joining us on today's conference call to discuss Tenable's fourth quarter and full year 2025 financial results. With me on the call today are Co-Chief Executive Officers Steve Vince and Mark Thurman 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. We will make forward-looking statements during the course of this call, including statements relating to our guidance and expectations for the first quarter and full year 2026, growth and drivers in our business, changes in threat landscape in the security industry, particularly regarding AI security and the shift to preemptive security, our competitive position in the market, growth in customer demand for and adoption of our solutions, including Tenable One, our exposure management platform, planned innovation, including agentic AI security and orchestration capabilities, research and development, investments in Tenable One, changes in key financial metrics, and our future results of operations and financial position. 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 and 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 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. In addition, all of the financial results we will discuss today are non-GAAP financial measures with the exception of revenue. 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. Our press release includes GAAP to non-GAAP reconciliations for these measures. I'll now turn the call over to Steve.

Thanks, Erin. Before we get started, I want to welcome Vlad Krasunsky to Tenable as our new CTO. He'll be instrumental in advancing our AI strategy and driving innovation across our AI-powered platform, specifically advancing our GenTech and remediation capabilities. Vlad comes with tremendous experience building and leading Microsoft's global multi-cloud security, enterprise AI security, and exposure management businesses. With that, let's get into the quarter. In Q4, we exceeded all of our guided metrics with 11% year-over-year revenue growth and 24% operating margin. Tenable One, our AI-powered exposure management platform, was 46% of new business this quarter, an exciting record for us. During the quarter, we added over 500 new enterprise platform customers, which was our best quarter in two years. Strong demand for preemptive security, along with the continued validation from major industry analyst firms, is driving larger deal sizes. These firms have recognized Tenable One as a leader in exposure management. Mark will speak more about this momentarily. Now, a key driver behind these wins is the complexity of the modern attack surface. AI is showing up in nearly every customer conversation. Organizations are moving quickly, but many still can't see where AI is running, what it touches, who can access it, or how it connects to the rest of the environment. This creates an invisible attack surface that most teams aren't equipped to manage. In response, many organizations have turned to AI specific point products that focus on a narrow slice of the problem. But because they only see a part of the environment, they leave gaps across applications, identities, cloud workloads, and data, which is exactly where risk grows. This is why a platform approach is needed. And for Tenable, it's a natural extension of what we've always done and why we are demonstrating early customer momentum. Tenable One now continuously discovers AI across the entire organization, including internal and external, on-premises, and cloud, to deliver a complete risk-aware view of where AI operates, how it's connected, and where exposure is created. From there, the platform provides the insight and contacts that customers want to identify the governance controls required to reduce risk. By bringing AI into the same unified exposure management model that our platform customers already rely on, Tenable One delivers the clarity and consistency organizations need in a rapidly changing landscape. We are a platform-first company. Everything we do is about giving customers unified visibility, insight, and action in a way that scales with the complexity of the attack surface. Tenable One enables security leaders to reduce operational complexity, resulting in a comprehensive single source of truth for risk. As we expand our capabilities in the platform with more third-party integrations, we are also leaning in and investing in what comes next in preemptive security, including agentic AI security and the evolution of exposure management into advanced remediation. Our customers are increasingly asking us to go beyond identifying risk and help them reduce it in an automated, repeatable way. We believe remediation will be a major part of the next chapter in exposure management, and that Tenable is in a strong position to lead that shift into this expansive greenfield opportunity. As we enter this next phase, we see our advantages as fundamental to helping customers solve their biggest cybersecurity challenges. We have vast amounts of exposure data from over 15,000 enterprise platform customers through our open platform and continuous scanning and exposure analysis. This helps create competitive moat and will allow us to deliver data-driven scalability, autonomy, and transparency so our customers can reduce risk preemptively. We view our data's breadth, depth and quality as unmatched given the expansive ecosystem of assets, environments, and signals it spans. This differentiation matters. The accuracy of any AI model or prioritization engine depends on the strength of its underlying data. And our data is built to give customers a level of precision and context that is difficult to replicate. And with emerging capabilities, we are positioning our solutions to turn that insight into action by automating the manual, repetitive tasks that slow teams down, enabling faster and more efficient remediation. Our disciplined focus on expanding the platform and ensuring AI remains central to every innovation is driving stronger platform adoption and deeper customer engagement. We believe these priorities will be key drivers in the evolution of our growth trajectory as we move throughout 2026. And now I'd like to turn the call over to Mark to discuss how customers and the industry are responding to the shift to exposure management and how we are positioned to lead them through this change. Thanks, Steve. We spoke last quarter about being recognized as a leader in the exposure management category by IDC and in the unified vulnerability management category by Forrester, two of the industry's top analyst firms. In Q4, we were named a leader in the 2025 Gartner Magic Quadrant for exposure assessment platforms. We were also named as the current company to beat in the 2025 Gartner AI vendor race. Tenable is the company to beat for AI-powered exposure assessment reporting. Tenable was also one of two vendors recognized as a customer choice alongside with WIS and the 2025 Gartner Peer Insights, Voice of the Customer for Cloud Native Application Protection Platform Report. Taken together, this recognition reinforces what we are hearing from customers and partners every day. Tenable One is emerging as the essential foundation for exposure management. helping customers turn fragmented security data into unified, actionable roadmap for risk reduction. Let me share a few examples of customer wins in Q4 and how they are using Table 1 as their environments grow more complex and their needs evolve. First, let's talk about expansion momentum. A large global enterprise significantly expanded its Tenable One deployment after consolidating and simplifying multiple VM technologies. They selected Tenable because our platform gave them deeper, more accurate visibility and reduced operational overhead compared to their previous tools. They also chose Tenable One for third-party risk management, following a highly competitive and rigorous evaluation, including multiple large platform players. This win reinforces two important trends we are seeing in real time. Customers want to consolidate fragmented tools, and they increasingly view Tenable One as the strategic platform that can address multiple exposure-related use cases through a single, unified platform approach. Second, we are seeing strong demand driven by rapid adoption of AI. We closed our first seven-figure deal driven by AI exposure in the quarter. A major telecommunications provider selected Tenable One to gain visibility into how AI was being deployed and used throughout the organization. They had no unified way to understand which agents were being used, what data was being shared, or how AI-driven activity was expanding their attack surface. Their teams were trying to address AI exposure in silos, which left significant blind spots. Tenable One AI exposure closed that gap by giving them end-to-end visibility across their entire AI environment. With Tenable One, they can see which AI apps are being used and by which users, what data is being shared by those users and how these elements combine to create potential exposure paths. They chose Tenable because our platform delivers a complete connected view of AI activity instead of a series of isolated findings. Third, we are seeing momentum in the public sector. A large higher education consortium selected Tenable to lead a multi-phase exposure management initiative spanning more than 20 campuses as part of a statewide cybersecurity modernization effort. The program focuses on reducing systemic risk across institutions with varied levels of maturity, while establishing consistent visibility, prioritization, and remediation practices. This was a highly strategic win because the customer required a unified platform that could support a diverse environment, integrate with existing tools, and scale across dozens of institutions. Tenable One met those requirements and demonstrated the ability to drive measurable risk reduction in the early phases of the project. As a result, the customer consolidated on Tenable and eliminated competitive solutions to standardize on Tenable One. Additional phases covering the remaining campuses are expected as the program expands. While these all represent clear examples of where Tenable differentiates itself from the competition, there is one other key point here. We view these customer wins as representing early steps and a much larger opportunity. Customers are not buying Tenable for a single use case. We are seeing that they are investing in Tenable One as a long-term platform to address exposures across multiple domains in their environments. This reflects a broader shift for platform consolidation. And Tenable One is becoming the system our customers standardize on as they replace fragmented point solutions. With that, I'll turn the call back over to Matt to dive deeper into the results for the quarter.