Tenable Holdings Inc at Barclays Global Technology Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Saket Kalia - Barclays Services Corp - Analyst : Yeah, absolutely. So I think that there's so much to talk about from last quarter, right? I mean, Steve, Matt, maybe just to help us level set, can you just spend a couple minutes kind of recapping some of the points from last quarter that you were most proud of? Maybe, Steve, you talked to us about some of the strategic points in the business that we've made some really good progress and some good things. And Matt, maybe from a financial perspective, you can highlight some of the points you want us to take away.

Question: Saket Kalia - Barclays Services Corp - Analyst : Yeah, absolutely. Matt, maybe on the financial side, you could round that out.

Question: Saket Kalia - Barclays Services Corp - Analyst : Yeah, absolutely. Steve, maybe back to you. I mean, the way that you talked about the business before just around sort of exposure management, that's so much of a broader category than what we've historically called VM, vulnerability management. How do you think about that sort of expanding the TAM? Do you see that out there? I mean, do you think exposure management kind of expands that definition? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 9:20PM, TENB.OQ - Tenable Holdings Inc at Barclays Global Technology Conference

Question: Saket Kalia - Barclays Services Corp - Analyst : Interesting. I always love that analogy of firefighting versus fireproofing really brings it home. But maybe we'll use that as a stepping stone to talking about Tenable One a little bit. And Matt, maybe the question is for you. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 9:20PM, TENB.OQ - Tenable Holdings Inc at Barclays Global Technology Conference The way that I was viewing the mix shift in this business was that maybe VM was 80% of the business and exposure solutions was the remaining 20%. But that doesn't really tell the whole story because Tenable One, of course, includes VM. So I was curious, right, just as you come in with fresh eyes, how you sort of articulate the mix shift that's happening in the business right now?

Question: Saket Kalia - Barclays Services Corp - Analyst : That was going to be the next question on runway. So thank you for that. That's great context. Maybe, Steve, then this one could be for you. I think we disclosed last quarter, right? We just said, right, Tenable One is about a third of the total business. And we've talked about sometimes how -- we talked about sometimes the parallels between Tenable One and Tenable.io, for example, right? And so maybe the question is, how do you compare and contrast that adoption curve of Tenable One to Tenable.io? It seems like it's steeper. It feels steeper from what I remember Tenable.io, but I'd love to hear how you compare and contrast those two.

Question: Saket Kalia - Barclays Services Corp - Analyst : Yeah, absolutely. Matt, maybe for you, just staying on Tenable One. I mean, you talked about kind of the ASP uplift that you get the additional value that a customer is receiving. Just walk us through some of the drivers of that. And what's kind of the uplift that you're able to see from some of the data that you've seen?

Question: Saket Kalia - Barclays Services Corp - Analyst : Got it. Got it. Maybe, Matt, just to stay with you just on Tenable One because we've talked a bunch about the product and we talked about the market a little bit as well. I want to -- and this is clearly the future of the business, right? That's what's kind of coming through. But I'd love to dig into how a growing mix of Tenable One could maybe impact the model. And so one of the things that we've talked about in the last couple of calls has sort of been this growing divergence or this divergence between CRPO and CCB, right, calculated current billings. Can we just touch on that as it relates to Tenable One? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 9:20PM, TENB.OQ - Tenable Holdings Inc at Barclays Global Technology Conference

Question: Saket Kalia - Barclays Services Corp - Analyst : If you could start us off, Matt.

Question: Saket Kalia - Barclays Services Corp - Analyst : Yeah, absolutely. I think that's a really important point. I mean -- and maybe we'll come back to that. But Steve, maybe for you, just to kind of stay on the economics of Tenable One because I think they're just so much more compelling, as you build up a bigger base of Tenable One customers, what's keeping a customer on Tenable One or even expanding versus moving to another solution? And maybe relatedly, Matt, I mean, you touched on this earlier, but how different are the gross and net retention rates on Tenable One versus other Tenable products? Maybe you could start us off.

Question: Saket Kalia - Barclays Services Corp - Analyst : Absolutely. Matt, maybe on gross or net retention rates to the extent you can comment?

Question: Saket Kalia - Barclays Services Corp - Analyst : So boy, that's a great segue into the next question that I wanted to ask you, Matt. I mean, to your point, right, like as we change -- as the billings duration here changes, that might weigh a little bit on CCB. You still grew at 11%. But then, of course, RPO might also feel that impact of longer contract duration. So I mean, how could those focus metrics change? Like does it make sense to go to talk about other metrics? A lot of our companies talk about ARR. I mean how do you sort of think about the future of the metrics here as the business evolves? Because the economics here are improving, those metrics don't necessarily reflect it properly. So what will be a good way to think about that?

Question: Saket Kalia - Barclays Services Corp - Analyst : Yeah, absolutely. I'm going to go back to some financial questions in a second. But Steve, maybe for you. Obviously, US Fed and public sector have been nice, large, stable businesses for Tenable for years now. Is there any area within the large public sector that you and the team are particularly excited about as we head into 2026?

Question: Saket Kalia - Barclays Services Corp - Analyst : That's great. That's great. Matt, maybe back to you. I mean, just to talk about growth headwinds, tailwinds, it's obviously very early to guide for next year. But with all the different dynamics that we've talked about, what are some puts and takes that you want us to think about for

Question: Saket Kalia - Barclays Services Corp - Analyst : Yeah. That's really -- no, that's a really helpful framework. I mean, Steve, maybe last one as we wrap up here. I mean, to Matt's point just around still being able to invest, I think you specifically highlighted investments in R&D on the Q3 call. The team has just done a series of great tuck-in acquisitions over the years to really build that breadth of product right across exposure. Should we expect that to continue? Maybe open-ended question for you.

Question: Saket Kalia - Barclays Services Corp - Analyst : I don't think I could have thought of a better way to end right there. So Steve, Matt, thanks so much. That was a really enlightening session. So thank you.