Amit Yoran: Yes. Great question. I would say it is absolutely on the new logo side. We continue to see strength in renewal rates. I think Steve called out a net dollar renewal rates remain consistent and healthy, both in enterprise and mid-market. On the competitive dynamics, competitive landscape, we just continue to see strength and improvement. I think this quarter was the first significant step above previous quarters in terms of competitive win rates and close rates. So we feel really good about where we’re at competitively, from a product perspective as well as our ability to execute just as we said, more difficult to transact new logos in the mid-market in this economy.
Brian Colley: Got it. Okay. That’s helpful. And then one for you, Steve. Apologies if I missed it, but did you disclose the statistic on what Tenable One represented as a percentage of new business in total sales?
Steve Vintz: I did, 20% approximately of total new enterprise sales.
Brian Colley: Okay. Thank you.
Operator: Thank you. Next question comes from the line of Garrett Burkam on for Jonathan Ho with William Blair. Please go ahead.
Garrett Burkam: Hi, thanks for taking my question and This is Garrett Burkam on for Jonathan Ho. So you noted success with selling Tenable One as a strength in the quarter. So how has pricing been for those specific deals? Have you been able to realize as much pricing as you anticipated? Or has there been a lot of discounting involved? I would just like to get some color there. Thanks.
Steve Vintz: Yes, no change in pricing dynamics. We continue to see strong traction with Tenable One. Selling prices there are 70% higher selling the platform in comparison to selling stand-alone VM. We have an asset-based pricing model with Tenable One. And because Tenable One not only includes VM, but also newer asset types. We are covering more assets within our customers’ environment. So that’s what’s driving the selling price is higher, only ability to capture more of those systems and more of those assets, but also delivering more value, greater insight. So the price per asset consequently is higher, but no changes in pricing.
Garrett Burkam: Got it. Thanks.
Operator: Thank you. Next question comes from the line of Matthew Calitri with Needham & Co. Please go ahead.
Matthew Calitri: Hey guys, this is Matt Calitri on from Mike Cikos over at Needham. Thanks for taking our question. I wanted to ask about how pipeline looked in Q3 both in comparison to the first two quarters, which I believe are both record quarters and also in terms of linearity throughout the quarter?
Steve Vintz: Yes. First I would say top of the funnel remains strong for us. And as we’ve stated on prior calls, we continue to generate healthy levels of demand and the size and the shape of those pipelines are very strong. I think where we’re seeing and what we specifically discussed in the call as relates to the mid-market is the conversion rate is the bottom of the funnel. And the biggest factor here is no decision. We’re not seen any changes in pricing or competitive dynamics. We’re confident we’ll continue to be able to close deals at a very high rate. In this market though, the macro impacts some customers more so than others. And it’s fluid from one quarter to the next. So the good news is that demand, we believe, remains healthy.
We have adequate pipeline coverage as we look into the fourth quarter, now that we’re one month in, we take it all into consideration in terms of flow. We’re off to a strong start here in the fourth quarter. But the quarter is back-end loaded, just like other software companies, it’s not unusual for us to close 50%, 60% or more of our total new enterprise sales in the last month, and a lot of that can come in the last couple of weeks of the quarter. But overall feeling good as we head into Q4.
Matthew Calitri: Awesome. Thanks so much. And then despite macro pressures you mentioned, net expansion rate was steady in the quarter after decreasing for two in a row. Is it fair to think that this has stabilized at this level? Or how should we think about that going forward? Thanks.
