Junaid Siddiqui • Truist Securities

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CEO Corey Thomas stated that while partner channel initiatives are progressing, the adoption of Exposure Command is manifesting differently than initially expected. Instead of smaller, high-velocity upgrades, Rapid7 is winning larger, more strategic consolidation deals with significantly higher ASPs, which have longer sales cycles. He noted this dynamic is positive for the mid-term but has been factored into the updated guidance.

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CEO Ken Xie explained that sovereign SASE is a key long-term trend, as customers and service providers are increasingly concerned about data sovereignty. He highlighted that Fortinet's ability to deliver all SASE functions in a single OS that can be deployed locally by partners is a huge advantage over other cloud-based players. He believes sovereign SASE could eventually represent nearly half of the total SASE market.

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COO John Whittle stated that Fortinet sees a significant opportunity in the CNAPP space, citing recent market disruption. He described the Lacework solution as very strong but acknowledged that it represents a new sales motion for the company that requires further refinement to capitalize on the large market opportunity.

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CFO Keith Jensen credited the company's mature channel program and a renewed focus on collaborating with channel leadership to structure tailored incentives. CEO Ken Xie emphasized the technology advantage, where a single OS (FortiOS) with ASIC acceleration provides superior performance and functionality in SMB-focused products. He noted a large, underpenetrated market opportunity exists as most SMBs still lack network security.

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Co-CEO Mark Thurmond confirmed a strong Q2 for cloud security and noted an increase in inbound RFPs following the Wiz-Google announcement. While customers are not replacing Wiz, the deal is opening doors for dual-vendor strategy discussions. He reiterated that Tenable's success in CNAPP is primarily driven by selling it as an integrated part of the differentiated Tenable One platform.

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CEO Nadav Zafrir reported solid 40%ish growth in SASE and noted the go-to-market is expanding from a specialist overlay team to the broader field sales force. He highlighted the key differentiator as a hybrid architecture (not cloud-only), which delivers a better user experience, lower cloud costs, and superior on-device protection.

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CEO Yaki Faitelson clarified that the capability is not a new module but is integrated into the core platform. He explained that Varonis does not manage identity access but rather analyzes identity from a threat perspective—monitoring behavior and configuration to detect anomalies. This is critical because compromised identities are the starting point for data breaches.

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Co-Founder and CEO Sanjit Biswas noted strong adoption of digital workflows, which are being enhanced with new AI capabilities like visual intelligence. He explained that the ability to deliver relevant, in-context training helps customers reduce risk, and this clear value proposition is helping to drive sales of the broader platform.

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CEO Sanjit Biswas affirmed that security is a significant differentiator. He explained that Samsara's scale allows for substantial R&D investment in security, which is a key concern for its large enterprise customers. He highlighted certifications like ISO 27001 as proof points that resonate with sophisticated buyers and noted the company will continue to invest heavily in this area.

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CFO Dominic Phillips highlighted capital allocation and R&D investment as a key lever. He explained that creating more products opens up more opportunities for customer conversations, allows Samsara to solve more problems, and ultimately creates more ROI and impact for large customers, which in turn drives faster growth in that cohort.

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CEO Todd McKinnon indicated that Privileged Access, while still early, appears to be in the 'same zone' as Governance, potentially adding around 30% to a deal's value. He described the uplift from Identity Threat Protection as significant and comparable in scale to the value added by Advanced Multi-Factor Authentication.

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CEO Matt Cohen described MSPs as a vital and growing channel, noting the new MSP console has received 'rave reviews' for simplifying management. He highlighted that MSPs are now embracing the full CyberArk platform beyond just PAM, driving new use cases like developer security with Secure Cloud Access, as exemplified by a recent win at SAP.

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