COLUMBIA, Md., July 18, 2024 (GLOBE NEWSWIRE) -- Tenable®, the Exposure Management company, today announced that it has launched a Public Sector Advisory Board (PSAB) for the U.S. market. Inaugural members include Rob Joyce, former Director of Cybersecurity at the National Security Agency (NSA) and Mark Weatherford, former first Deputy Under Secretary for Cybersecurity at the Department of Homeland Security (DHS). They will be joined by Tenable Chairman and CEO Amit Yoran, and James Hayes, Senior Vice Presi ...

COLUMBIA, Md., July 18, 2024 (GLOBE NEWSWIRE) -- Tenable®, the Exposure Management company, today announced that it has launched a Public Sector Advisory Board (PSAB) for the U.S. market. Inaugural members include Rob Joyce, former Director of Cybersecurity at the National Security Agency (NSA) and Mark Weatherford, former first Deputy Under Secretary for Cybersecurity at the Department of Homeland Security (DHS). They will be joined by Tenable Chairman and CEO Amit Yoran, and James Hayes, Senior Vice Presi ...

Investor Contact: Tenable investors@tenable.com A live webcast of the event will be available on the Tenable Investor Relations website at https://investors.tenable.com. A live dial-in will be available domestically at 1-877-407-9716 or internationally at 1-201-493-6779. A webcast replay will be available after the call through Wednesday, August 14, 2024. Tenable® is the Exposure Management company. Approximately 44,000 organizations around the globe rely on Tenable to understand and reduce cyber risk. As t ...

In fact, 64% of the 4,702 CEOs surveyed by PwC earlier this year said generative AI will increase cybersecurity risks in their organization during the coming 12 months alone. Cybersecurity providers are likely to see a rush of spending from their customers in the coming years as the threat posed by AI continues to grow. 1. Tenable: A leader in vulnerability management Tenable develops proactive cybersecurity products to help businesses stay one step ahead of potential threats. Its Nessus platform is the mos ...

Which of these companies is worth a closer look? Is one a buy and the other worth ignoring? Stock price and recent movement can't tell you that, but looking at a stock's forward price-to-earnings ratio can help you determine if it is fairly valued. Arm's forward P/E sits at a staggering 119, one of the highest in its sector. Tenable's forward P/E is less than a third of that at 36. What do these two companies do? In addition to licensing IP cores for central processing units (CPUs), Arm has a smaller graphi ...

COLUMBIA, Md., June 06, 2024 (GLOBE NEWSWIRE) -- Tenable® Holdings, Inc., the Exposure Management company, today announced that it has signed a definitive agreement to acquire Eureka Security, Inc., a provider of data security posture management (DSPM) for cloud environments. Eureka Security helps security teams gain a holistic view into an organization's cloud data security footprint, fight policy drift and misconfigurations that put data at risk, and continuously improve their security posture over time. ...

COLUMBIA, Md., June 06, 2024 (GLOBE NEWSWIRE) -- Tenable® Holdings, Inc., the Exposure Management company, today announced that it has signed a definitive agreement to acquire Eureka Security, Inc., a provider of data security posture management (DSPM) for cloud environments. Eureka Security helps security teams gain a holistic view into an organization's cloud data security footprint, fight policy drift and misconfigurations that put data at risk, and continuously improve their security posture over time. ...

Leveraging Tenable's exposure management capabilities, Deloitte and Tenable's shared customers can harness the power of proactive security and help remove noise by bringing their attack surfaces – on-premise and cloud- based – into a single view. Tenable One provides customers with the necessary comprehensive visibility, the breadth of vulnerability coverage, and depth of context-driven risk analytics to prioritize actions based on likelihood of attack to reduce cyber risk. COLUMBIA, Md., June 05, 2024 (GLO ...

Revenue Performance - Revenue for the three months ended March 31, 2024, was $216.0 million, representing a year-over-year growth of 14% compared to $188.8 million in the same period of 2023[80] - Revenue for the three months ended March 31, 2024, was $215.961 million, an increase of $27.122 million or 14% compared to $188.839 million in 2023[125] - Subscription revenue increased by $26.537 million or 16% to $197.635 million, while professional services and other revenue rose by $610,000 or 11% to $6.170 million[125] - U.S. revenue increased by $12.0 million or 11%, while international revenue rose by $15.1 million or 18%[125] Recurring Revenue - Recurring revenue accounted for 96% of total revenue in Q1 2024, up from 95% in Q1 2023[80] Profit and Loss - Net loss for the three months ended March 31, 2024, was $14.4 million, a decrease from a net loss of $25.1 million in Q1 2023[81] - The net loss for the three months ended March 31, 2024, was $14.386 million, a reduction from a net loss of $25.097 million in the same period of 2023[123] - Non-GAAP net income for the period was $30.440 million, compared to $13.063 million in the prior year, leading to non-GAAP earnings per share of $0.25, up from $0.11[123] Cash Flow - Cash flows from operating activities increased to $50.3 million in Q1 2024, compared to $38.7 million in Q1 2023[81] - Free cash flow for Q1 2024 was $47.1 million, compared to $37.3 million in Q1 2023[90] - Net cash provided by operating activities was $50.3 million, an increase from $38.7 million in the prior year[143] Customer Growth - The number of new enterprise platform customers added in Q1 2024 was 410, an increase of 8% from 379 in Q1 2023[91] - The number of customers with annual contract values of $100,000 or greater increased by 19%, reaching 1,717 in Q1 2024, up from 1,444 in Q1 2023[91] Operating Expenses - Operating expenses totaled $175.959 million, an increase of $13.470 million or 8% from $162.489 million in 2023, with sales and marketing expenses rising to $99.825 million[123] - Research and development expenses increased to $43.727 million, up from $38.183 million in the previous year, reflecting ongoing investment in product capabilities[123] - Research and development expenses increased by $5.5 million, or 15%, to $38.2 million for the three months ended March 31, 2024[129] - General and administrative expenses rose by $3.9 million, or 14%, to $31.0 million for the same period[129] - The company incurred $1.4 million in restructuring costs, representing a 100% increase compared to the previous year[130] Financial Metrics - Calculated current billings for Q1 2024 were $197.8 million, up from $176.8 million in Q1 2023, reflecting a growth of 12%[87] - The dollar-based net expansion rate for Q1 2024 was 109%, down from 113% in Q1 2023[94] - Non-GAAP income from operations for Q1 2024 was $37.0 million, compared to $18.1 million in Q1 2023, with a non-GAAP operating margin of 17%[98] Future Outlook - The company expects to continue investing in its cloud-based platform and customer support, which may affect future cost of revenue[108] - The company anticipates longer purchasing and approval phases in its sales cycle during 2024, despite improvements in sales cycles observed in the recent quarter[106] Deferred Revenue - Deferred revenue reached $722.7 million, with $562.6 million expected to be recognized as revenue in the next 12 months[136] Acquisitions and Stock Repurchase - The company acquired Ermetic for approximately $244 million in cash in October 2023[137] - A stock repurchase program authorized up to $100 million, with $25.0 million spent to repurchase 525,773 shares in the three months ended March 31, 2024[139] Interest and Taxes - Interest income increased by $0.5 million, or 10%, to $5.6 million, while interest expense rose by $0.8 million, or 11%, to $8.1 million[133] - The provision for income taxes decreased by $1.5 million, or 47%, to $1.7 million for the three months ended March 31, 2024[134] Cash and Investments - Cash and cash equivalents totaled $260.0 million, with short-term investments of $250.8 million as of March 31, 2024[134]

Financial Data and Key Metrics Changes - Revenue for the quarter was $216 million, representing a 14% year-over-year growth, exceeding the midpoint of the guided range by $3 million [167] - Calculated current billings grew 12% year-over-year to $197.8 million, with a strong performance in new logos resulting in nearly 30% year-over-year ACV growth from newly acquired customers [164][165] - The net dollar expansion rate decreased to 109% from 111% in the previous quarter, attributed to a higher-than-usual number of customers dropping below the $100,000 threshold [184] Business Line Data and Key Metrics Changes - Tenable One represented 26% of total new enterprise sales, up from 22% last quarter, indicating strong momentum in exposure management solutions [183] - Exposure management solutions, including Tenable One and stand-alone products, accounted for approximately 50% of total new enterprise sales in the quarter [183] - Sales and marketing expenses decreased to $84.5 million from $88.5 million last quarter, while R&D expenses increased to $32.6 million from $27.8 million [22][23] Market Data and Key Metrics Changes - The company added 410 new enterprise platform customers during the quarter, including a healthy number of six-figure lands, reflecting strength in new logo sales [19] - The spending environment is reported to be stronger than the previous year, with favorable deal sizes and strong pipeline generation [51][74] - The Federal sector showed significant traction, with strong demand in defense and critical infrastructure [50][76] Company Strategy and Development Direction - The company is focused on continuing to invest in the vulnerability management (VM) market, believing it translates to opportunities in other areas [4] - Tenable One is positioned as a unified platform to manage risks across various domains, including cloud, identities, and operational technology [160] - The company aims to leverage AI capabilities to enhance security insights and streamline workflows, positioning itself at the forefront of exposure management innovation [181][112] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the outlook for Q2 and the full year, citing a healthy pipeline and strong demand across various sectors [48][51] - The company anticipates greater contributions from cloud security in the second half of the year, particularly following the acquisition of Ermetic [11][134] - Management noted that the competitive dynamics in the VM market remain favorable, with high win rates and successful displacements of incumbent vendors [2][5] Other Important Information - The company finished the quarter with $510.8 million in cash and short-term investments, providing visibility into expected revenue over the next 12 months [25] - Moody's upgraded the company's issuer credit rating to Ba3, and S&P upgraded it to BB- [26] - The company incurred $1.4 million in restructuring costs in Q1, which was better than previously expected [31] Q&A Session Summary Question: What is the competitive environment in vulnerability management? - Management noted that the market dynamics are favorable, with high close rates and win rates, and emphasized their leadership position in the VM market [2][5] Question: Can you provide insights on the contributions from cloud security? - Management indicated that cloud security is expected to contribute more significantly in the second half of the year, particularly due to the integration of Ermetic [11][134] Question: How is the spending environment compared to last year? - The spending environment is reported to be stronger now than last year, with favorable deal sizes and strong activity in the Federal sector [51][74] Question: What is the outlook for the second half of the year? - Management expressed a bullish outlook for the second half, expecting higher growth driven by strong pipeline opportunities and engagement with customers [82][107]