(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Exhibit Number | Description | |||||||
99.1 | ||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
104 | The cover page from Tenable's 8-K filed on November 1, 2023, formatted in Inline XBRL. |
TENABLE HOLDINGS, INC. | |||||||||||
Date: | November 1, 2023 | By: | /s/ Michelle VonderHaar | ||||||||
Michelle VonderHaar | |||||||||||
Chief Legal Officer and Corporate Secretary |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in thousands, except per share data) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Revenue | $ | 201,529 | $ | 174,851 | $ | 585,404 | $ | 498,560 | |||||||||||||||
Cost of revenue(1) | 45,754 | 38,582 | 134,774 | 109,549 | |||||||||||||||||||
Gross profit | 155,775 | 136,269 | 450,630 | 389,011 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Sales and marketing(1) | 94,759 | 88,123 | 289,750 | 258,119 | |||||||||||||||||||
Research and development(1) | 37,052 | 36,131 | 113,080 | 106,649 | |||||||||||||||||||
General and administrative(1) | 31,877 | 24,973 | 85,614 | 77,969 | |||||||||||||||||||
Total operating expenses | 163,688 | 149,227 | 488,444 | 442,737 | |||||||||||||||||||
Loss from operations | (7,913) | (12,958) | (37,814) | (53,726) | |||||||||||||||||||
Interest income | 7,662 | 1,803 | 19,323 | 2,746 | |||||||||||||||||||
Interest expense | (8,119) | (5,082) | (23,208) | (12,246) | |||||||||||||||||||
Other expense, net | (6,502) | (2,073) | (7,993) | (4,880) | |||||||||||||||||||
Loss before income taxes | (14,872) | (18,310) | (49,692) | (68,106) | |||||||||||||||||||
Provision for income taxes | 693 | 420 | 6,944 | 2,629 | |||||||||||||||||||
Net loss | $ | (15,565) | $ | (18,730) | $ | (56,636) | $ | (70,735) | |||||||||||||||
Net loss per share, basic and diluted | $ | (0.13) | $ | (0.17) | $ | (0.49) | $ | (0.64) | |||||||||||||||
Weighted-average shares used to compute net loss per share, basic and diluted | 115,954 | 111,937 | 114,967 | 110,843 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Cost of revenue | $ | 3,011 | $ | 2,341 | $ | 8,542 | $ | 5,968 | |||||||||||||||
Sales and marketing | 15,805 | 13,589 | 46,622 | 36,420 | |||||||||||||||||||
Research and development | 9,242 | 8,754 | 27,871 | 23,294 | |||||||||||||||||||
General and administrative | 8,777 | 7,959 | 25,777 | 24,272 | |||||||||||||||||||
Total stock-based compensation | $ | 36,835 | $ | 32,643 | $ | 108,812 | $ | 89,954 |
September 30, 2023 | December 31, 2022 | ||||||||||
(in thousands, except per share data) | (unaudited) | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 445,316 | $ | 300,866 | |||||||
Short-term investments | 247,658 | 266,569 | |||||||||
Accounts receivable (net of allowance for doubtful accounts of $225 and $1,400 at September 30, 2023 and December 31, 2022, respectively) | 179,432 | 187,341 | |||||||||
Deferred commissions | 46,132 | 44,270 | |||||||||
Prepaid expenses and other current assets | 52,529 | 58,121 | |||||||||
Total current assets | 971,067 | 857,167 | |||||||||
Property and equipment, net | 44,076 | 46,726 | |||||||||
Deferred commissions (net of current portion) | 65,412 | 67,238 | |||||||||
Operating lease right-of-use assets | 35,989 | 38,495 | |||||||||
Acquired intangible assets, net | 66,169 | 75,376 | |||||||||
Goodwill | 316,520 | 316,520 | |||||||||
Other assets | 25,213 | 38,008 | |||||||||
Total assets | $ | 1,524,446 | $ | 1,439,530 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable and accrued expenses | $ | 26,880 | $ | 18,722 | |||||||
Accrued compensation | 44,850 | 52,620 | |||||||||
Deferred revenue | 518,372 | 502,115 | |||||||||
Operating lease liabilities | 5,655 | 5,821 | |||||||||
Other current liabilities | 4,986 | 4,882 | |||||||||
Total current liabilities | 600,743 | 584,160 | |||||||||
Deferred revenue (net of current portion) | 163,086 | 162,487 | |||||||||
Term loan, net of issuance costs (net of current portion) | 359,941 | 361,970 | |||||||||
Operating lease liabilities (net of current portion) | 49,382 | 52,611 | |||||||||
Other liabilities | 7,621 | 7,436 | |||||||||
Total liabilities | 1,180,773 | 1,168,664 | |||||||||
Stockholders’ equity: | |||||||||||
Common stock (par value: $0.01; 500,000 shares authorized; 116,470 and 113,056 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively) | 1,165 | 1,131 | |||||||||
Additional paid-in capital | 1,146,435 | 1,017,837 | |||||||||
Accumulated other comprehensive loss | (540) | (1,351) | |||||||||
Accumulated deficit | (803,387) | (746,751) | |||||||||
Total stockholders’ equity | 343,673 | 270,866 | |||||||||
Total liabilities and stockholders’ equity | $ | 1,524,446 | $ | 1,439,530 |
Nine Months Ended September 30, | |||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | (56,636) | $ | (70,735) | |||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 18,900 | 15,911 | |||||||||
Stock-based compensation | 108,812 | 89,954 | |||||||||
Other | 1,838 | 2,102 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 9,084 | (10,727) | |||||||||
Prepaid expenses and other assets | 17,524 | 20,355 | |||||||||
Accounts payable, accrued expenses and accrued compensation | 447 | (8,829) | |||||||||
Deferred revenue | 16,856 | 61,731 | |||||||||
Other current and noncurrent liabilities | (5,475) | (529) | |||||||||
Net cash provided by operating activities | 111,350 | 99,233 | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property and equipment | (1,299) | (5,132) | |||||||||
Capitalized software development costs | (4,707) | (8,778) | |||||||||
Purchases of short-term investments | (217,239) | (190,440) | |||||||||
Sales and maturities of short-term investments | 242,864 | 163,340 | |||||||||
Business combinations, net of cash acquired | — | (66,993) | |||||||||
Net cash provided by (used in) investing activities | 19,619 | (108,003) | |||||||||
Cash flows from financing activities: | |||||||||||
Payments on term loan | (2,813) | (2,813) | |||||||||
Proceeds from loan agreement | 424 | 572 | |||||||||
Proceeds from stock issued in connection with the employee stock purchase plan | 16,224 | 14,791 | |||||||||
Proceeds from the exercise of stock options | 2,421 | 10,655 | |||||||||
Other financing activities | (213) | (10) | |||||||||
Net cash provided by financing activities | 16,043 | 23,195 | |||||||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (2,562) | (4,276) | |||||||||
Net increase in cash and cash equivalents and restricted cash | 144,450 | 10,149 | |||||||||
Cash and cash equivalents and restricted cash at beginning of period | 300,866 | 278,271 | |||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 445,316 | $ | 288,420 |
Revenue | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Subscription revenue | $ | 183,268 | $ | 156,764 | $ | 531,133 | $ | 446,257 | |||||||||||||||
Perpetual license and maintenance revenue | 12,200 | 12,658 | 36,535 | 38,214 | |||||||||||||||||||
Professional services and other revenue | 6,061 | 5,429 | 17,736 | 14,089 | |||||||||||||||||||
Revenue(1) | $ | 201,529 | $ | 174,851 | $ | 585,404 | $ | 498,560 |
Calculated Current Billings | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Revenue | $ | 201,529 | $ | 174,851 | $ | 585,404 | $ | 498,560 | |||||||||||||||
Deferred revenue (current), end of period | 518,372 | 447,863 | 518,372 | 447,863 | |||||||||||||||||||
Deferred revenue (current), beginning of period(1) | (495,199) | (415,378) | (502,115) | (408,443) | |||||||||||||||||||
Calculated current billings | $ | 224,702 | $ | 207,336 | $ | 601,661 | $ | 537,980 |
Remaining Performance Obligations | September 30, | ||||||||||
(in thousands) | 2023 | 2022 | |||||||||
Remaining performance obligations, short-term | $ | 528,367 | $ | 458,910 | |||||||
Remaining performance obligations, long-term | 168,817 | 153,939 | |||||||||
Remaining performance obligations | $ | 697,184 | $ | 612,849 |
Free Cash Flow and Unlevered Free Cash Flow | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net cash provided by operating activities | $ | 42,411 | $ | 35,853 | $ | 111,350 | $ | 99,233 | |||||||||||||||
Purchases of property and equipment | (201) | (1,896) | (1,299) | (5,132) | |||||||||||||||||||
Capitalized software development costs(1) | (1,894) | (2,451) | (4,707) | (8,778) | |||||||||||||||||||
Free cash flow(2) | 40,316 | 31,506 | 105,344 | 85,323 | |||||||||||||||||||
Cash paid for interest and other financing costs | 7,843 | 3,253 | 26,786 | 10,619 | |||||||||||||||||||
Unlevered free cash flow(2) | $ | 48,159 | $ | 34,759 | $ | 132,130 | $ | 95,942 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Employee stock purchase plan activity | $ | (2,236) | $ | (4,845) | $ | (2,507) | $ | (4,538) | |||||||||||||||
Acquisition-related expenses | (571) | (398) | (830) | (2,395) | |||||||||||||||||||
Costs related to intra-entity asset transfers | — | — | — | (838) | |||||||||||||||||||
Tax payment on intra-entity asset transfers | — | — | — | (2,697) | |||||||||||||||||||
Non-GAAP Income from Operations and Non-GAAP Operating Margin | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Loss from operations | $ | (7,913) | $ | (12,958) | $ | (37,814) | $ | (53,726) | |||||||||||||||
Stock-based compensation | 36,835 | 32,643 | 108,812 | 89,954 | |||||||||||||||||||
Acquisition-related expenses | 4,598 | 322 | 4,728 | 2,376 | |||||||||||||||||||
Costs related to intra-entity asset transfers | — | — | — | 838 | |||||||||||||||||||
Amortization of acquired intangible assets | 3,055 | 3,080 | 9,208 | 8,292 | |||||||||||||||||||
Non-GAAP income from operations | $ | 36,575 | $ | 23,087 | $ | 84,934 | $ | 47,734 | |||||||||||||||
Operating margin | (4) | % | (7) | % | (6) | % | (11) | % | |||||||||||||||
Non-GAAP operating margin | 18 | % | 13 | % | 15 | % | 10 | % |
Non-GAAP Net Income and Non-GAAP Earnings Per Share | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
(in thousands, except per share data) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net loss | $ | (15,565) | $ | (18,730) | $ | (56,636) | $ | (70,735) | |||||||||||||||
Stock-based compensation | 36,835 | 32,643 | 108,812 | 89,954 | |||||||||||||||||||
Tax impact of stock-based compensation(1) | (1,207) | 318 | 1,046 | 1,572 | |||||||||||||||||||
Acquisition-related expenses(2) | 4,598 | 322 | 4,728 | 2,376 | |||||||||||||||||||
Costs related to intra-entity asset transfers(3) | — | — | — | 838 | |||||||||||||||||||
Amortization of acquired intangible assets(4) | 3,055 | 3,080 | 9,208 | 8,292 | |||||||||||||||||||
Tax impact of acquisitions(5) | (48) | (958) | (161) | (4,307) | |||||||||||||||||||
Tax impact of intra-entity asset transfers(6) | — | 508 | — | 2,121 | |||||||||||||||||||
Non-GAAP net income | $ | 27,668 | $ | 17,183 | $ | 66,997 | $ | 30,111 | |||||||||||||||
Net loss per share, diluted | $ | (0.13) | $ | (0.17) | $ | (0.49) | $ | (0.64) | |||||||||||||||
Stock-based compensation | 0.32 | 0.29 | 0.94 | 0.81 | |||||||||||||||||||
Tax impact of stock-based compensation(1) | (0.01) | — | 0.01 | 0.01 | |||||||||||||||||||
Acquisition-related expenses(2) | 0.04 | — | 0.04 | 0.02 | |||||||||||||||||||
Costs related to intra-entity asset transfers(3) | — | — | — | 0.01 | |||||||||||||||||||
Amortization of acquired intangible assets(4) | 0.02 | 0.03 | 0.08 | 0.08 | |||||||||||||||||||
Tax impact of acquisitions(5) | — | (0.01) | — | (0.04) | |||||||||||||||||||
Tax impact of intra-entity asset transfers(6) | — | 0.01 | — | 0.02 | |||||||||||||||||||
Adjustment to diluted earnings per share(7) | (0.01) | — | (0.02) | (0.01) | |||||||||||||||||||
Non-GAAP earnings per share, diluted | $ | 0.23 | $ | 0.15 | $ | 0.56 | $ | 0.26 | |||||||||||||||
Weighted-average shares used to compute GAAP net loss per share, diluted | 115,954 | 111,937 | 114,967 | 110,843 | |||||||||||||||||||
Weighted-average shares used to compute non-GAAP earnings per share, diluted | 121,473 | 117,334 | 120,273 | 117,524 |
Non-GAAP Gross Profit and Non-GAAP Gross Margin | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Gross profit | $ | 155,775 | $ | 136,269 | $ | 450,630 | $ | 389,011 | |||||||||||||||
Stock-based compensation | 3,011 | 2,341 | 8,542 | 5,968 | |||||||||||||||||||
Amortization of acquired intangible assets | 3,055 | 3,080 | 9,208 | 8,292 | |||||||||||||||||||
Non-GAAP gross profit | $ | 161,841 | $ | 141,690 | $ | 468,380 | $ | 403,271 | |||||||||||||||
Gross margin | 77 | % | 78 | % | 77 | % | 78 | % | |||||||||||||||
Non-GAAP gross margin | 80 | % | 81 | % | 80 | % | 81 | % |
Non-GAAP Sales and Marketing Expense | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Sales and marketing expense | $ | 94,759 | $ | 88,123 | $ | 289,750 | $ | 258,119 | |||||||||||||||
Less: Stock-based compensation | 15,805 | 13,589 | 46,622 | 36,420 | |||||||||||||||||||
Less: Acquisition-related expenses | — | — | — | 15 | |||||||||||||||||||
Non-GAAP sales and marketing expense | $ | 78,954 | $ | 74,534 | $ | 243,128 | $ | 221,684 | |||||||||||||||
Non-GAAP sales and marketing expense % of revenue | 39 | % | 43 | % | 42 | % | 44 | % |
Non-GAAP Research and Development Expense | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Research and development expense | $ | 37,052 | $ | 36,131 | $ | 113,080 | $ | 106,649 | |||||||||||||||
Less: Stock-based compensation | 9,242 | 8,754 | 27,871 | 23,294 | |||||||||||||||||||
Less: Acquisition-related expenses | — | — | — | 46 | |||||||||||||||||||
Non-GAAP research and development expense | $ | 27,810 | $ | 27,377 | $ | 85,209 | $ | 83,309 | |||||||||||||||
Non-GAAP research and development expense % of revenue | 14 | % | 16 | % | 15 | % | 17 | % |
Non-GAAP General and Administrative Expense | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
General and administrative expense | $ | 31,877 | $ | 24,973 | $ | 85,614 | $ | 77,969 | |||||||||||||||
Less: Stock-based compensation | 8,777 | 7,959 | 25,777 | 24,272 | |||||||||||||||||||
Less: Acquisition-related expenses | 4,598 | 322 | 4,728 | 2,315 | |||||||||||||||||||
Less: Costs related to intra-entity asset transfers | — | — | — | 838 | |||||||||||||||||||
Non-GAAP general and administrative expense | $ | 18,502 | $ | 16,692 | $ | 55,109 | $ | 50,544 | |||||||||||||||
Non-GAAP general and administrative expense % of revenue | 9 | % | 10 | % | 9 | % | 10 | % |
Forecasted Non-GAAP Income from Operations | Three Months Ending December 31, 2023 | Year Ending December 31, 2023 | |||||||||||||||||||||
(in millions) | Low | High | Low | High | |||||||||||||||||||
Forecasted loss from operations | $ | (27.2) | $ | (26.2) | $ | (65.0) | $ | (64.0) | |||||||||||||||
Forecasted stock-based compensation | 38.0 | 38.0 | 146.8 | 146.8 | |||||||||||||||||||
Forecasted acquisition-related expenses | 6.8 | 6.8 | 11.5 | 11.5 | |||||||||||||||||||
Forecasted amortization of acquired intangible assets(1) | 5.4 | 5.4 | 14.6 | 14.6 | |||||||||||||||||||
Forecasted non-GAAP income from operations | $ | 23.0 | $ | 24.0 | $ | 107.9 | $ | 108.9 |
Forecasted Non-GAAP Net Income and Non-GAAP Earnings Per Share | Three Months Ending December 31, 2023 | Year Ending December 31, 2023 | |||||||||||||||||||||
(in millions, except per share data) | Low | High | Low | High | |||||||||||||||||||
Forecasted net loss(2) | $ | (35.2) | $ | (34.2) | $ | (91.7) | $ | (90.7) | |||||||||||||||
Forecasted stock-based compensation | 38.0 | 38.0 | 146.8 | 146.8 | |||||||||||||||||||
Forecasted tax impact of stock-based compensation | 1.0 | 1.0 | 2.0 | 2.0 | |||||||||||||||||||
Forecasted acquisition-related expenses | 6.8 | 6.8 | 11.5 | 11.5 | |||||||||||||||||||
Forecasted amortization of acquired intangible assets(1) | 5.4 | 5.4 | 14.6 | 14.6 | |||||||||||||||||||
Forecasted tax impact of acquisitions | — | — | (0.2) | (0.2) | |||||||||||||||||||
Forecasted non-GAAP net income | $ | 16.0 | $ | 17.0 | $ | 83.0 | $ | 84.0 | |||||||||||||||
Forecasted net loss per share, diluted(2) | $ | (0.30) | $ | (0.29) | $ | (0.79) | $ | (0.79) | |||||||||||||||
Forecasted stock-based compensation | 0.32 | 0.32 | 1.27 | 1.27 | |||||||||||||||||||
Forecasted tax impact of stock-based compensation | 0.01 | 0.01 | 0.02 | 0.02 | |||||||||||||||||||
Forecasted acquisition-related expenses | 0.06 | 0.06 | 0.10 | 0.10 | |||||||||||||||||||
Forecasted amortization of acquired intangible assets(1) | 0.05 | 0.05 | 0.12 | 0.12 | |||||||||||||||||||
Forecasted tax impact of acquisitions | — | — | — | — | |||||||||||||||||||
Adjustment to diluted earnings per share(3) | (0.01) | (0.01) | (0.04) | (0.03) | |||||||||||||||||||
Forecasted non-GAAP earnings per share, diluted | $ | 0.13 | $ | 0.14 | $ | 0.68 | $ | 0.69 | |||||||||||||||
Forecasted weighted-average shares used to compute GAAP net loss per share, diluted | 117.0 | 117.0 | 115.5 | 115.5 | |||||||||||||||||||
Forecasted weighted-average shares used to compute non-GAAP earnings per share, diluted | 123.5 | 123.5 | 121.0 | 121.0 |
Forecasted Free Cash Flow and Unlevered Free Cash Flow | Year Ending December 31, 2023 | ||||||||||
(in millions) | Low | High | |||||||||
Forecasted net cash provided by operating activities | $ | 143.4 | $ | 148.4 | |||||||
Forecasted purchases of property and equipment | (3.2) | (3.2) | |||||||||
Forecasted capitalized software development costs | (6.8) | (6.8) | |||||||||
Forecasted free cash flow | 133.4 | 138.4 | |||||||||
Forecasted cash paid for interest and other financing costs | 34.6 | 34.6 | |||||||||
Forecasted unlevered free cash flow | $ | 168.0 | $ | 173.0 |
Document and Entity Information Document |
Nov. 01, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Nov. 01, 2023 |
Entity Registrant Name | TENABLE HOLDINGS, INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-38600 |
Entity Tax Identification Number | 47-5580846 |
Entity Address, Address Line One | 6100 Merriweather Drive |
Entity Address, City or Town | Columbia |
Entity Address, State or Province | MD |
Entity Address, Postal Zip Code | 21044 |
City Area Code | 410 |
Local Phone Number | 872-0555 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Trading Symbol | TENB |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001660280 |
Amendment Flag | false |
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