Greetings, and welcome to the Tenable First Quarter 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Erin Karney, Vice President of Investor Relations. Thank you. You may begin.

Thank you, operator, and thank you all for joining us on today's conference call to discuss Tenable's first quarter 2025 financial results. With me on the call today are Co-Chief Executive Officers, Steve Vintz and Mark Thurmond. 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 second quarter and full year 2025, growth and drivers in our business, changes in the threat landscape in the security industry and our competitive position in the market, growth in customer demand for and adoption of our solutions, including Tenable One, Cloud Security, exposure management, our ability to expand integrations with third-party tools and data sources, including new capabilities from our Vulcan acquisition, planned innovation and new products and services and our expectations regarding long-term profitability and free cash flow. 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 outlooks. For a 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 equivalent. Our press release includes GAAP to non-GAAP reconciliations for these measures. I’ll now turn the call over to Steve.

Thank you, Erin. We're excited to share our strong results for the quarter, discuss customer and end-market dynamics and provide our outlook for the remainder of the year. Before delving into these areas, I do want to acknowledge that Mark and I are honored co-CEOs. We are committed to advancing our exposure management strategy and accelerating the expansion of our market opportunities. I also would like to welcome Eric Doerr as our new Chief Product Officer, and thank Shai Morag for leading the product organization over the past year and helping us at an important time. I'm very excited that Eric is joining us as he brings nearly three decades of experience at Microsoft and Google, building and scaling security products and in leadership and developing innovative security solutions aligned perfectly well with Tenable's mission. With that, I'm pleased to say we're off to a great start to the year. This quarter, we beat all of our guided metrics on the top and bottom line. We delivered 11% growth year-over-year and a 36% unlevered free cash flow margin, which reflects our balanced growth approach and ability to drive continued operating leverage in the business. Our outperformance in the quarter also reflects the continued momentum of our exposure management platform, which drove acceleration in new sales, due to a high conversion rate with large deals. In fact, this was our best quarter ever for seven-figure wins, and Tenable One was certainly the catalyst for that success. It's also worth mentioning that on our February call, we highlighted the potential for a more modest Fed contribution this quarter due to uncertainties related to the change in the administration, and that played out as expected. Clearly, enterprises are becoming more thoughtful and strategic in how they invest. These organizations are growing with us, adopting Tenable One to identify, prioritize and remediate exposures across an expanding attack surface and diverse asset types. As a result, we're seeing increased opportunity larger deal sizes, broader platform adoption and greater asset coverage. What's clear is that few vendors can deliver solutions that address the needs of an enterprise operating in a complex multi-cloud hybrid work environment. This is becoming increasingly more important. Our platform addresses a rapidly evolving world, where customers are constantly evaluating the right deployment model to fit their needs. In fact, we're making great progress executing on our product roadmap as we continue to find ways to break down long-standing security silos, and give organizations a more unified way to reduce risk. Our top priority is expanding integrations with third-party tools and data sources, including new capabilities from our Vulcan Cyber acquisition. These integrations to Tenable One's analytics engine with rich data from application security tools, code repos and more, broadening the attack surface visibility and sharpening prioritization, so customers can focus on what matters most. Now the same rich contractual data is also the foundation of our AI strategy. The power of AI lies in the quality, diversity and history of the data it learns from. And this is where we see a decisive advantage. We believe no vendor in the market can match the depth and breadth of our exposure data we've assembled over the past two decades. This gives us a real competitive moat with a uniquely comprehensive view of risk, spanning assets, vulnerabilities, misconfigurations, identities and more. And that's why we think we are positioned to lead in AI-powered exposure management. We're working towards building the most intelligent, scalable and complete exposure management solution on the market. With these advancements, Tenable One is evolving from a system of record to a system of action, closing the loop on exposure management. By not just identifying risks, but also by helping customers act on them in real time. A great example of this is our recent research into the security posture of AI workloads. Our research team found that 70% of cloud workloads leveraging AI services contain unresolved vulnerabilities. This isn't just an interesting data point. It's actionable intelligence that we operationalize in Tenable One. We're also seeing growing momentum in our AI-aware discovery capabilities with many of our customers using Tenable to help secure their expanding AI footprint. While the broader market for securing AI is in the early stages, Tenable is already delivering at scale. In Q1 alone, Tenable One detected 22 million AI-related applications, up from 14 million in the prior quarter. We identified over 160 million instances of AI-embedded browser plug-ins. These are not just numbers. They are a testament to Tenable's ability to help customers stay ahead emerging threats tied to AI. We're also investing heavily in remediation to tie exposure to fixes. We're expecting to roll out powerful new capabilities, including directional ticketing and automated workflows to help customers close risk faster, with greater accountability across fragmented environments. In short, we are executing on our strategic initiatives that we outlined at the beginning of the year by accelerating innovation in our platform and expanding our footprint in the cloud. We're also already seeing progress in both these areas. While there's a lot of uncertainty in this macro, we continue to be a very valuable partner to our customers by helping them reduce risk with greater efficiency across the enterprise. I'd now like to turn the call over to Mark.

Thanks, Steve. Steve underscored a critical point. Our leadership in vulnerability management is not only holding strong, it's driving real acceleration in Tenable adoption. Customers are taking this journey with us. As the threat landscape has evolved, so has the mandate of exposure management. It's no longer just about finding vulnerabilities, it's about understanding how those risks connect across your entire environment. That's why we made deliberate strategic investments to expand Tenable One into a comprehensive exposure management platform, and our customers are responding. This quarter, that partnership was on full display with major Tenable One expansions across industries. We had strong win rates against major players in the VM, EM and cloud space. This is a direct result not just of extending our leadership, but reshaping what exposure management looks like. In Q1, we secured a major federal win with the organization undertaking a global modernization effort. The organization is using Tenable to manage over 1 million assets globally. Hosted in a private cloud environment, our solution is providing them scalable centralized visibility and consistent risk insights across their global footprint and essential foundation for enhancing the overall security posture. Beyond the public sector this quarter, we also secured a seven-figure expansion with a global financial institution. This institution was an existing Tenable customer, underscoring the value of delivering in a highly regulated industry. These organizations need a unified, comprehensive view of risk, particularly as they prepare for regulatory audits. In this case, the customer upgraded to Tenable One to support both audit readiness and vendor consolidation across a complex attack surface. The deal includes hundreds of thousands of assets, reflecting a broad market shift. Customers want to centralize control of their environment, and they're turning to Tenable to make that happen. We believe this also opens up significant opportunities as customers begin integrating third-party security data into Tenable One. Giving them a more complete picture of risk and fueling momentum for platform consolidation and upsell. By combining our first-party assessments with third-party inputs, we're making it even easier for organizations to manage their full exposure landscape through a single platform. Another significant new customer win that underscores the momentum behind our unified platform strategy and the value of our Vulcan acquisition was with a Fortune 100 customer. This customer has selected Tenable as their North Star for exposure management as part of a broader cybersecurity consolidation effort. They are replacing multiple vendor solutions, choosing to standardize on Tenable. The ability to inject third-party data combined with first-party assessments was the differentiator for this customer as it allows us to deliver insights on holistic risk. We consider this multi-year commitment as a strong validation of our ability to deliver integrated high-impact solutions that align with enterprise needs for simplicity, consolidation and clear ROI. As we said many times now, we see cloud as a critical pillar of exposure management, and this quarter showed exactly why. We landed a seven-figure deal with a global software and services company operating in over 180 countries with a master multi-cloud environment spanning AWS, Azure, GCP and OCI. They needed a smarter, more scalable way to manage risk across their cloud footprint. With compliance pressure rising and thousands of assets to secure, they launched a competitive review of multiple vendors to replace a Microsoft deployment. Tenable came out on top. For our fast deployment, seamless multi-cloud integrations and real-time visibility and control across their cloud infrastructure. In under two months, we proved our value. We are managing tens of thousands of cloud resources and thousands of identities, helping them strengthen their overall security posture while laying a foundation for a more unified exposure management strategy. The takeaway here is we're seeing exceptional momentum in exposure management and believe we are best positioned to help our customers evolve their solution stack as they implement modern technologies such as cloud, AI, interconnected IT OT systems and hybrid environments. With that, I'll turn it back over to Steve to dive deeper into our results for the quarter.

Thanks, Mark. I'll now turn to our results in the quarter, which, as a reminder, includes the impact from the acquisition of Vulcan. Calculated current billings defined as revenue recognized in the quarter plus change in current deferred revenue grew 9% year-over-year to $215.4 million. As discussed earlier driven by Tenable One, including cloud security. Current RPO grew 13% year-over-year, 400 basis points ahead of CCB growth as backlog accelerated during the quarter. During the quarter, we added 361 new enterprise platform customers and our LTM net new six-figure count was 54%. Our net dollar expansion rate was consistent this quarter at 108% and our overall renewal rates remained strong. Now on to the P&L for the quarter. Revenue was $239.1 million, which represents 11% year-over-year growth. Revenue in the quarter exceeded the midpoint of our guided range by $5.1 million. Our percentage of recurring revenue remains high at 96% this quarter. Gross margin was 82% this quarter, flat relative to last quarter and in line with expectations. Going forward, we continue to expect gross margins to be in the high 70s to low 80% range. While we are investing to deliver enhanced functionality and analytics to customers, the scalability of our platform has enabled gross margins to remain constant. Sales and marketing expense was $85.5 million, up from $80.1 million last quarter. And as a percentage of revenue, sales and marketing was 36% compared to 34% last quarter. Sales and marketing expense was higher sequentially on an absolute dollar basis and a percentage basis primarily due to costs associated with our annual sales kickoff conference in February, partially offset by lower sales commissions from a seasonally lower renewal base in the quarter. Looking ahead, we expect sales and marketing as a percentage of revenue to be modestly higher in Q2 due to the industry events and other investments we're making, including sales capacity, and trend lower in the second half of the year. R&D expense was $39 million, which was up from $32.5 million last quarter. R&D expense was higher this quarter in comparison to last quarter, primarily due to increased personnel costs, resulting from the Vulcan acquisition as well as the foreign tax credits we received last quarter. As a result, R&D expense as a percentage of revenue was 16% this quarter, up from 14% last quarter. We expect R&D expense as a percentage of revenue to increase in Q2 due to a full quarter of Vulcan costs with improved margins in the second half of the year. G&A expense was $22.7 million, which was up from $20.5 million last quarter, primarily due to compensation expense associated with the passing of our former CEO and pay taxes which reset at the beginning of the year. G&A expense as a percentage of revenue was 9% this quarter, which was flat relative to last quarter. Income from operations was $48.7 million and exceeded the midpoint of our guided range by $7.7 million. Operating margin for the quarter was 20%, which was approximately 300 basis points better than the midpoint of our guided range. We're very pleased with our ability to drive continued leverage in the business while investing for growth. EPS for the quarter was $0.36 a share, which was $0.095 better than the midpoint of our guided range. Now, let's turn to the balance sheet. We finished the quarter with $460 million in cash and short-term investments, reflecting $149 million of net cash used for the Vulcan acquisition. Accounts receivable was $168 million and total deferred revenue was $808 million. Current deferred revenue was $633 million, which gives us a lot of visibility into expected revenue over the next 12 months. We generated a record $87 million of unlevered free cash flow during the quarter. While this quarter's result was influenced by seasonal timing of collections from Q4 sales, we feel confident that we can continue to expand our operating and free cash flow margins over the ensuing years as we have done so every year since our IPO. During the quarter, we repurchased 1.6 million shares of our common stock for an aggregate purchase price of $60 million. In total, we've repurchased almost 4.3 million shares for $175 million since November of 2023 and have $125 million of remaining authorization. Now, with the results of the quarter behind us, I'd like to discuss our outlook for Q2 and the full year 2025. For the second quarter, we currently expect revenue to be in the range of $241 million to $243 million. Non-GAAP income from operations to be in the range of $43 million to $45 million. Non-GAAP net income to be in the range of $36 million to $38 million, assuming interest expense of $7.1 million, interest income of $4 million, and a provision for income taxes of $3.2 million. And non-GAAP diluted earnings are to be in the range of $0.29 to $0.31 a share, assuming 123 million fully diluted weighted average shares outstanding. For the full year, we currently expect calculated current billings to be in the range of $1.25 billion to $1.45 billion. Revenue to be in the range of $970 million to $980 million. Non-GAAP income from operations to be in the range of $205 million to $215 million. Non-GAAP net income to be in the range of $178 million to $188 million, assuming interest expense of $28.4 million, interest income of $16.8 million and a provision for income taxes of $13.1 million. Non-GAAP diluted earnings per share to be in the range of $1.44 to $1.52 per share, assuming 123.5 million fully diluted weighted average shares outstanding. And unlevered free cash flow range of $265 million to $275 million. While we're off to a great start for the year and see real momentum in our business, there is clearly more economic uncertainty in the market now than at the beginning of the year. As a result, we are taking an incrementally more cautious approach with our outlook today. Specifically, we extended the cautious first half outlook we provided in February in the U.S. public sector for the remainder of the year. We also acknowledge that recent U.S. policy actions have the potential to reduce visibility in our enterprise business, which could lessen sales cycles. It's important to note that demand creation and top of the funnel remains strong. Our revised guidance today simply reflects the fact that the world is more uncertain and its ability to know when deals close has become murkier since we provided our initial guide in February. We believe our updated guidance appropriately balances these potential geopolitical and economic risks and sets us up for success for the remainder of the year. Our guidance for operating income remains unchanged and reflects our emphasis on profitable growth. We expect operating margins to generally increase throughout the year, resulting in an approximate 100 basis point improvement over 2024, even as we absorb the costs associated with the Vulcan acquisition. Notably, our disciplined approach to balanced growth has enabled us to manage the business in a way that allows us to continue to drive strong margins in multiple environments. As a reminder, we typically update our leveraged free cash flow with our Q2 call, but we continue to expect to deliver $265 million to $275 million of unlevered free cash flow in 2025. With that said, Mark and I would like to thank everyone for joining the call today. We're very excited about the opportunity ahead and look forward to updating you throughout the year. We hope to see you at JPMorgan and D.A. Davidson conferences in the coming weeks. And we now would like to open the call for questions.

At this time, we will begin the question-and-answer session. Our first question comes from Brian Essex with JPMorgan. Please go ahead with your question.

Hi, good afternoon and thank you for taking the question. Congrats to both you and the CEO appointed and it's great to see. Maybe, Steve, if you could touch on the guidance and what you're seeing in the business that's driving that incremental caution? I mean, you mentioned that things from a macro perspective were a little bit more volatile perhaps than we saw at the end of the year. But what specifically are you seeing in the business? And what's the philosophy around the level of incremental conservatism that you're baking in the guide?

Sure, Brian. Good question. As we mentioned earlier, we did our CCB outlook for the year due to ongoing macro uncertainty, and that's most notably in our Public Sector business. We're off to a terrific start for the year, we’re pleased with print in the quarter, and top of the funnel remains exceptionally strong. And the one thing I want to be very clear about today is that demand generation in the quarter exceeded our own expectations. And there's certainly more appetite for a broader platform play and expansion within our own customer base. That said, we have to acknowledge what's playing out and potentially could come our way. Subsequent to our last call, we've seen an acceleration in deal-related activities and disruption from a personnel perspective, a lot of disruption, and there are several notable open leadership roles in Federal. And all of that creates a confluence of activities and creates less visibility in our business short-term. We spent a lot of time analyzing and scrubbing our pipeline and taking a data-driven approach to provide our outlook today. We disaggregated our opportunities and looked at them by geography, industry, such as Federal and other size of customer, and we're assuming longer lead times here for procurement decisions. This is most notably in our public sector business. But we're also applying that level of caution to our enterprise business, which has the potential to be disrupted due to tariffs and geopolitical events. We think this is a prudent approach, and we think this sets us up well for the rest of the year.

Does that impact your free cash flow? Because you pretty much reiterated you're adjusting for Vulcan, which you said would hit another free cash flow about $20 million. You're pretty much reiterating your bolt-on adjusted free cash flow for the year.

Yes. That's a great point. We're a balanced grower, and we have a strong track record of success, expanding our operating margins. And so there's a lot of natural leverage in the business, and we are reiterating our outlook. Despite the visibility that comes with some of these recent policy actions, but we're reiterating our outlook for operating income and free cash flow.

Our next question comes from Saket Kalia with Barclays. Please proceed with your question.

Okay. Great. Hey, guys. Thanks for taking my question here. Very helpful answer earlier. There, Steve, on why maybe the CCB guide is changing. But Mark, maybe for you, just to make sure the question is asked, can we just talk a little bit about the competitive environment here in VM? I think we all know your established players. But curious what you're seeing from other players here like Endpoint, for example, in VM.

Sure. No, absolutely. Great, great question. When you take a look at Q1, it was actually an extremely strong quarter in regard to the competitive environment. If you kind of break this up and look at just the pure-play VM players, take a look at their Qualys and Rapid, we had historically high win rates. A couple of the deals that I referenced in the beginning of the call were seven-figure replacements of traditional VM players. So our compete level is extremely high, and that is continuing from the end of last year, and now we're seeing it again this year. So extremely strong. Very, very historically high win rates. In regard to the Endpoint layer, say, a CrowdStrike and/or Microsoft, same type of trend in regard to no massive shifts or changes in regard to the competitive dynamics. We do see them. We don't see them a significant amount of time, though, compared to, obviously, the traditional VM players. So our win rates are high. Our compete level is very high in that space. And so we're very, very optimistic, especially based on those seven-figure wins. And I think, as you know, it takes a lot to rip and replace an incumbent. To be able to do that on a seven-figure deal, we were pretty excited about what we did in Q1.

Very helpful. Thanks, guys.

Our next question comes from Andrew Nowinski with Wells Fargo. Please proceed with your question.

Great. Thank you for taking the question and congrats on both of your appointments to Co-CEO. I wanted to ask a question on your cloud business. So you talked about how cloud is a critical pillar of exposure management. So I'm wondering, do customers understand that cloud security and exposure management go hand-in-hand? And really what I'm trying to get at is how are you thinking about the impact of Google's acquisition of Wiz in the cloud space and do customers want to buy exposure management and cloud together? Does that make sense?

Sure. I'll start, and Mark may provide additional color. But in short, the acquisition of Wiz, we think, creates certainly a market opportunity for us. It's clear that Google views Wiz as more than just a security business, which is why we believe in talking to some of these customers that we'll see more innovation perhaps on the Google platform that will be used as a means to sell more workloads there than perhaps on other platforms. So we're actively talking to customers in that regard, and we're seeing the outsized growth in cloud. We talked about the record number of large seven-figure deals this quarter. We're seeing a lot of extend opportunities within our own VM customer base, customers that are stepping up buying the larger exposure management platform and cloud is a part of that and their ability to assess other asset types. So if you look at kind of the underlying trends of the business between VM and cloud and specifically exposure solutions, we're seeing a convergence of those trends, real strong growth, certainly in exposure solutions with outsized growth in cloud and certainly lots of opportunities in our VM business. But we think we're still very early on, and we're continuing to take and win share here and cloud is an important part of the exposure management story.

Yes. And I will just add on to Steve's comments. It's definitely a net positive for us, right? When you have an acquisition of that size to a very dominant player, it does create a bit of uncertainty. And so we definitely have heard that from our prospects and they are coming to us where in the beginning, when Wiz as a standalone, they might not have even included certain players in regard to RFPs and to do proof of values and proof of concepts. We have seen over the last 3.5 weeks, an increase in the amount of activity and being invited to participate in RFPs. We have customers that are saying, 'Hey, before this might have been a locked-in Wiz deal, we're now opening up. We want to look at options.' We have a multi-cloud environment using Azure, AWS, OCI, and they do not want to get locked in. So this is definitely going to be a net positive for us. And one thing I will highlight is this hybrid environment being able to look not just at the cloud environment, but be able to look at holistically at these other asset types is a massive differentiator. And that kind of what exposure management and the Tenable One platform is all about. So we view this as a net positive move forward.

Super. Thanks, guys.

Next question comes from Mike Cikos with Needham & Co. Please proceed with your question.

Hey guys, this is Matt Calitri on for Mike Cikos over at Needham. Thanks for taking our questions and I'd like to echo my congratulations to Steve and Mark. On the calendar 2025 guidance cut, can you help us think about how to quantify how much of that impact is in the public versus private sector? And can the move-up market help combat any of this weakness you're projecting?

Sure. If you take a look at our revised guidance today, regarding CCB, about two-thirds is in the U.S. public sector, while the remaining third pertains to our enterprise business. We had a strong performance and closed a record number of seven-figure deals. The enterprise market is showing strong momentum, and we are experiencing some of our highest conversion rates ever, with new business performing well. However, we must acknowledge the potential challenges that may arise. There seems to be more uncertainty now compared to our February call. We believe this approach is appropriate, and we still see strong activity at the top of the funnel.

Understood. That makes sense. And then just generally in the U.S. federal business, are budgets on hold? Or are there any sort of clarity coming up now that there are a couple of months into the new administration? How is FedRAMP impacting any of this? Just any general color would be helpful.

Yes, it's really a question of visibility. Earlier this year, we adopted a more cautious outlook, particularly regarding the U.S. public sector. This was primarily due to the changes in administration and the surrounding budgetary issues. We anticipated that contributions from the public sector would be lower in the first half of the year, especially in the first quarter, and this turned out to be accurate despite securing a significant seven-figure defense deal in the federal sector. Looking ahead, there's a general sense of increased uncertainty. We've experienced various disruptions, particularly on the civilian side compared to defense. Consequently, we are proceeding with caution for the remainder of the year, expecting longer lead times.

Yes. And I think let me just kind of piggyback on that, too. So, when you look at what has gone on in regard to some of the DOGE cuts and also some of the leadership changes, right? There have been pretty significant leadership positions within the federal government, especially all on the cyber side of the house that have not been filled yet. We're seeing a positive top-of-the-funnel build-out. We are now FedRAMP authorized for Tenable One, which is new year coming into Q2. We actually see a huge opportunity for consolidation. The biggest theme that's coming out of the federal government right now is what vendors can save us money. What vendors can consolidate multiple products onto a single platform. So, we actually feel good in the top of the funnel. But it really is what Steve hit on. It is just a challenging environment determining how deals are going to happen, when they're going to actually close, we're going to be processing and doing the mechanics of getting the deal done, and then getting some of these leadership positions done. So, it is just a big gray right now. We are optimistic about the business in Fed and PubSec, but we just need to get a little more clarity to be able to call the business.

Hey thanks for taking my questions guys. Can you hear me okay?

You're okay.

Great. Great. Well, congrats both to you on the Co-CEO roles. Hopefully, I'm your last question on public sector, but with the two-thirds of the cut that is being attributed to public sector, I guess I'm curious, is that mostly just from less visibility on new deals? Or have you actually had any contracts that have been canceled or downsized? And if the answer is yes, with what kind of modus did you have that they were being canceled? Did you kind of have a sense or were they kind of out of the blue? Thank you.

Our commentary regarding the federal government applies to both new deals and renewals, though it is more relevant to new deals. We have maintained a strong relationship with every federal agency, from defense to civilian and intelligence. This relationship is a critical part of their program. As indicated in recent headlines, disruptions have predominantly affected civilian sectors, resulting in lower rental revenue from these agencies due to difficulties related to DOGE actions. Moving forward, we anticipate longer lead and cycle times to close opportunities. Mark mentioned our two new products, Tenable One and Cloud Security, which have received FedRAMP authorization, and we are experiencing significant market interest in this area. We are focusing on three key areas to better support the federal government: modernization, consolidation, and enhancing the efficiency of our platform and strategies, which will provide greater utility for many of our federal clients.

Hi, this is on behalf of Joseph Gallo. Thank you for taking our questions. Can you provide an update on the progress with the channel, including your current sales quota capacity, and share your thoughts on any additional go-to-market investments that haven't been discussed yet?

Sure. Yes. No. When you take a look at the Q1 performance, the channel performed extremely well. I mean, the beautiful part of the Tenable distribution model is that we are 100% channel, so we do all our business through the channel. So, we saw great momentum in the channel in Q1, we saw excellent channel business coming in from the partner community. So, that was excellent. We did add sales capacity in Q1, and we will continue to evaluate looking at certain regions, theaters, and countries that are showing signs of growth. If we see significant growth patterns, those are going to be geographies that we might take a look at adding sales capacity throughout the year.

We've reached the end of our question-and-answer session. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.