UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________ FORM 10-K ______________________________________ ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2020 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _____ to _____ Commission file number 001-38600 ______________________________________ TENABLE H ...

CYBER EXPOSURE MANAGING AND MEASURING CYBER RISK IN THE DIGITAL ERA February 2021 Forward-Looking Statements 2 This presentation includes forward-looking statements. All statements contained in this presentation other than statements of historical facts, including statements regarding our future results of operations and financial position, our business strategy and plans and our objectives for future operations, are forward-looking statements. The words "anticipate," believe," "continue," "estimate," "expe ...

Tenable Holdings, Inc. (NASDAQ:TENB) Q4 2020 Earnings Conference Call February 2, 2021 4:30 PM ET Company Participants Andrea DiMarco - Vice President of Investor Relations Amit Yoran - Chief Executive Officer Steve Vintz - Chief Financial Officer Conference Call Participants Brian Essex - Goldman Sachs Joshua Tilton - Berenberg Hamza Fodderwala - Morgan Stanley Sterling Auty - J.P. Morgan Andrew Nowinski - D.A. Davidson Jonathan Ho - William Blair Rob Owens - Piper Sandler Daniel Ives - Wedbush Securities ...

[PART I – FINANCIAL INFORMATION](index=2&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company presents its unaudited consolidated balance sheets, statements of operations, and cash flows for Q3 2020 [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets grew to $623.8 million, driven by an increase in cash, while stockholders' equity rose to $131.1 million Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Item | September 30, 2020 (unaudited) | December 31, 2019 | | :--- | :--- | :--- | | **Total Current Assets** | $420,976 | $362,962 | | Cash and cash equivalents | $141,387 | $74,363 | | **Total Assets** | **$623,835** | **$558,612** | | **Total Current Liabilities** | $338,290 | $327,643 | | Deferred revenue (current) | $296,360 | $274,348 | | **Total Liabilities** | **$492,708** | **$459,707** | | **Total Stockholders' Equity** | **$131,127** | **$98,905** | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) Q3 2020 revenue grew 22.2% year-over-year to $112.3 million, significantly narrowing the net loss to $5.9 million Consolidated Statements of Operations Highlights (in thousands, except per share data) | Metric | Q3 2020 | Q3 2019 | YTD 2020 | YTD 2019 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | $112,282 | $91,852 | $322,139 | $257,537 | | **Gross Profit** | $92,888 | $76,607 | $264,902 | $215,148 | | **Loss from Operations** | ($3,465) | ($18,327) | ($35,702) | ($63,246) | | **Net Loss** | ($5,858) | ($17,640) | ($40,795) | ($60,708) | | **Net Loss Per Share** | ($0.06) | ($0.18) | ($0.41) | ($0.64) | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities for the nine-month period improved significantly to $46.3 million from a $7.7 million use in 2019 Consolidated Statements of Cash Flows Highlights (Nine Months Ended Sep 30, in thousands) | Cash Flow Activity | 2020 | 2019 | | :--- | :--- | :--- | | **Net cash provided by (used in) operating activities** | $46,298 | ($7,672) | | **Net cash used in investing activities** | ($8,455) | ($15,480) | | **Net cash provided by financing activities** | $30,478 | $30,565 | | **Net increase in cash and cash equivalents** | $66,962 | $6,187 | [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Subscription revenue remains the primary driver, with a single distributor accounting for 43% of total revenue Revenue Disaggregation (in thousands) | Revenue Type | Q3 2020 | Q3 2019 | YTD 2020 | YTD 2019 | | :--- | :--- | :--- | :--- | :--- | | Subscription revenue | $96,792 | $75,503 | $275,192 | $209,610 | | Perpetual license and maintenance | $12,448 | $13,797 | $38,046 | $40,877 | | Professional services and other | $3,042 | $2,552 | $8,901 | $7,050 | | **Total Revenue** | **$112,282** | **$91,852** | **$322,139** | **$257,537** | - A single distributor accounted for **43% of revenue** in both the three and nine months ended September 30, 2020 and 2019[31](index=31&type=chunk) - At September 30, 2020, the company had **$399.7 million in remaining performance obligations**, with approximately 76% expected to be recognized as revenue over the next twelve months[33](index=33&type=chunk) Revenue by Geography (in thousands) | Region | Q3 2020 | Q3 2019 | YTD 2020 | YTD 2019 | | :--- | :--- | :--- | :--- | :--- | | Americas | $74,569 | $62,413 | $215,829 | $177,392 | | Europe, Middle East and Africa | $26,193 | $19,968 | $74,385 | $56,123 | | Asia Pacific | $11,520 | $9,471 | $31,925 | $24,022 | | **Total Revenue** | **$112,282** | **$91,852** | **$322,139** | **$257,537** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a 22% YoY revenue increase, improved cash flow, and a dollar-based net expansion rate of 110% [Overview and Financial Highlights](index=19&type=section&id=Overview%20and%20Financial%20Highlights) Q3 2020 revenue grew 22% YoY to $112.3 million, with recurring revenue comprising 94% of the total Q3 2020 Financial Highlights (in thousands) | Metric | Q3 2020 | Q3 2019 | | :--- | :--- | :--- | | Revenue | $112,282 | $91,852 | | Loss from operations | ($3,465) | ($18,327) | | Net loss | ($5,858) | ($17,640) | | Net cash provided by (used in) operating activities | $24,807 | ($4,675) | - **Recurring revenue**, which includes subscriptions and maintenance, represented **94% of total revenue** in Q3 2020, up from 92% in Q3 2019[71](index=71&type=chunk) [Key Operating and Financial Metrics](index=24&type=section&id=Key%20Operating%20and%20Financial%20Metrics) Key non-GAAP metrics show positive free cash flow, a 110% net expansion rate, and 31% growth in large-contract customers - The **dollar-based net expansion rate was approximately 110%** for the three months ended September 30, 2020, impacted by a more moderate pace of IT asset expansion[82](index=82&type=chunk) Calculated Current Billings Reconciliation (in thousands) | Metric | Q3 2020 | Q3 2019 | | :--- | :--- | :--- | | Revenue | $112,282 | $91,852 | | Change in current deferred revenue | $21,407 | $18,758 | | **Calculated current billings** | **$133,689** | **$110,610** | Free Cash Flow Reconciliation (in thousands) | Metric | Q3 2020 | Q3 2019 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $24,807 | ($4,675) | | Purchases of property and equipment | ($8,069) | ($4,927) | | **Free cash flow** | **$16,738** | **($9,602)** | Enterprise Customer Growth | Metric | Q3 2020 | Q3 2019 | Change (%) | | :--- | :--- | :--- | :--- | | New enterprise platform customers added | 335 | 387 | (13)% | | Customers with >$100k ACV (at period end) | 771 | 589 | 31% | [Results of Operations](index=31&type=section&id=Results%20of%20Operations) Revenue grew 22% YoY, driven by subscription increases, while sales and marketing expenses decreased by 6% - Q3 2020 revenue increased by **$20.4 million (22%) YoY**, with 25% of the increase from existing customers and the remainder from new customers[126](index=126&type=chunk)[127](index=127&type=chunk) - Sales and marketing expense **decreased by $3.7 million (6%)** in Q3 2020 compared to Q3 2019, mainly due to a $2.4 million decrease in selling expenses and a $2.1 million decrease in marketing expenses[129](index=129&type=chunk)[131](index=131&type=chunk) - Research and development expense **increased by $4.4 million (21%)** in Q3 2020, primarily due to a $4.9 million increase in personnel costs[129](index=129&type=chunk)[132](index=132&type=chunk) [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) The company holds sufficient liquidity with $141.4 million in cash, supported by customer prepayments and an undrawn credit facility - At September 30, 2020, the company had **cash and cash equivalents of $141.4 million** and short-term investments of $127.7 million[142](index=142&type=chunk) - A substantial source of cash is from customer prepayments, with a **deferred revenue balance of $390.2 million** at September 30, 2020[144](index=144&type=chunk) - In July 2020, the company entered a new **$45.0 million senior secured credit facility**, which was undrawn as of September 30, 2020[148](index=148&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=34&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Primary market risks from interest rates, foreign currency, and inflation are considered to have no material impact - The company is exposed to **interest rate, foreign currency exchange, and inflation risks**[162](index=162&type=chunk) - A hypothetical **10% change in interest rates** would not have had a material impact on the financial statements[163](index=163&type=chunk) - The impact of foreign currency exchange rates has **not been material** to historical operating results, as substantially all sales contracts are denominated in U.S. dollars[165](index=165&type=chunk) [Controls and Procedures](index=34&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes to internal controls - Management, including the CEO and CFO, concluded that as of September 30, 2020, the company's **disclosure controls and procedures were effective**[168](index=168&type=chunk) - There were **no changes in internal control** over financial reporting during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[170](index=170&type=chunk) [PART II – OTHER INFORMATION](index=36&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Legal Proceedings](index=36&type=section&id=Item%201.%20Legal%20Proceedings) The company is not party to any legal proceedings expected to have a material adverse effect on the business - The company is **not presently a party to any legal proceedings** that would individually or in aggregate have a material adverse effect on its business, results of operations, or financial condition[174](index=174&type=chunk) [Risk Factors](index=36&type=section&id=Item%201A.%20Risk%20Factors) Key risks include the COVID-19 pandemic's impact, a history of net losses, intense competition, and reliance on channel partners - The **COVID-19 pandemic could materially adversely affect** business, operations, and financial performance, as customers may reduce or delay technology spending[176](index=176&type=chunk)[178](index=178&type=chunk) - The company has a **history of losses**, with an accumulated deficit of **$605.9 million** as of September 30, 2020, and may not achieve or maintain profitability in the future[181](index=181&type=chunk) - The business depends substantially on customers renewing their subscriptions, and a **decline in renewals** would harm the business[208](index=208&type=chunk) - The company relies heavily on its channel partner network, with one distributor, Ingram Micro, Inc., accounting for **43% of revenue** in the nine months ended September 30, 2020[228](index=228&type=chunk) - The company faces **intense competition** from vulnerability management vendors like Qualys and Rapid7, diversified security vendors like IBM, and endpoint security vendors[202](index=202&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=61&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered equity securities were sold, and the planned use of IPO proceeds remains materially unchanged - There were **no unregistered sales of equity securities** during the period[309](index=309&type=chunk) - The company received net proceeds of **$264.6 million from its July 2018 IPO** and confirms no material change in the planned use of these proceeds[312](index=312&type=chunk)[313](index=313&type=chunk) [Exhibits](index=62&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including corporate documents and officer certifications

Financial Performance - The company has over 30,000 customers, including over 50% of the Fortune 500 and over 30% of the Global 2000 [11] - The company achieved 84% non-GAAP gross margin in Q3 2020 [11] - Q3 YTD 2020 revenue reached $322.1 million, representing 25% growth [12] - The company's recurring revenue accounts for 94% of total revenue as of Q3 2020 [11] - The company improved its free cash flow margin to 8% in Q3 YTD 2020 [72] Market Position and Strategy - The company is a leader in Vulnerability Risk Management (VRM) with the 1 market share [11, 20] - The company's traditional vulnerability management market is estimated to reach $6.1 billion in 2022, with a 12% CAGR [35] - The company has a large and diverse customer base of 30,000+ customers [41] - The company has 112 integrations and 74 technology partners, strengthening its technology ecosystem [44] Technology and Innovation - The company's vulnerability coverage includes >20% more CVEs than competitors [20] - The company discovered 149 zero-day vulnerabilities in 2019 and 104 YTD 2020 [20]

Tenable Holdings, Inc. (NASDAQ:TENB) Q3 2020 Earnings Conference Call October 27, 2020 4:30 PM ET Company Participants Andrea DiMarco - VP of R Amit Yoran - CEO Steve Vintz - CFO Conference Call Participants Hamza Fodderwala - Morgan Stanley Rob Owens - Piper Sandler Gur Talpaz - Stifel Jonathan Ho - William Blair Daniel Ives - Wedbush Securities Joshua Tilton - Berenberg Brian Essex - Goldman Sachs Andrew Nowinski - D.A. Davidson Operator Greetings and welcome to the Tenable Third Quarter 2020 Earnings ...

Revenue Performance - Revenue for the three months ended June 30, 2020, was $107.2 million, representing a year-over-year growth of 26% compared to $85.4 million in 2019[64] - Revenue for the three months ended June 30, 2020, was $107,209,000, a 25.5% increase from $85,384,000 in 2019[85] - For the six months ended June 30, 2020, total revenue was $209,857,000, a 27% increase from $165,685,000 in the same period of 2019[127] - The increase in revenue for the six months was driven by a $44,300,000 rise in subscription revenue[127] - Subscription revenue increased by $22,600,000, while international revenue rose by $10,600,000, or 34%[120] Recurring Revenue - Recurring revenue accounted for 93% of total revenue in the three months ended June 30, 2020, up from 91% in the same period of 2019[64] Profitability and Loss - Net loss for the three months ended June 30, 2020, was $12.0 million, an improvement from a net loss of $21.6 million in the same period of 2019[66] - The net loss for the three months ended June 30, 2020, was $11,960,000, compared to a net loss of $21,628,000 in the same period of 2019[119] - Non-GAAP income from operations for the three months ended June 30, 2020, was $5,679,000, compared to a loss of $10,710,000 in 2019[93] - Non-GAAP net income for the three months ended June 30, 2020, was $4,721,000, compared to a loss of $9,983,000 in 2019[96] - The operating margin for the three months ended June 30, 2020, was -10%, while the non-GAAP operating margin was 5%[93] Cash Flow and Financial Position - Free cash flow for the three months ended June 30, 2020, was $6,609,000, compared to a negative $5,152,000 in 2019[88] - The company reported a net cash provided by operating activities of $21.5 million for the six months ended June 30, 2020, compared to a net cash used of $3.0 million in the same period of 2019[144][146] - Cash and cash equivalents totaled $136.5 million, with short-term investments of $105.6 million as of June 30, 2020[156] - The company has an accumulated deficit of $600.1 million as of June 30, 2020, reflecting significant operating losses since inception[135] Customer Growth - The number of customers with annual contract value of $100,000 and greater increased by 33% to 715 in 2020 from 538 in 2019[90] - The number of new enterprise platform customers added in the three months ended June 30, 2020, was 341, a decrease of 3% from 352 in 2019[89] Investments and Expenditures - The company plans to continue investing in sales and marketing to expand its customer base and increase market share[68] - Investments in research and development are expected to enhance the functionality of the company's solutions and maintain its technological leadership in Cyber Exposure[78] - The company is proactively managing expenditures in response to the COVID-19 pandemic while preserving strategic investments in sales capacity and research and development[65] - The company plans to continue investing in its cloud-based platform and customer support team, which may affect future cost of revenue[105] - The company expects capital expenditures related to its new corporate headquarters to be approximately $8 million in the second half of 2020[137] Deferred Revenue and Billings - Deferred revenue stood at $365.3 million as of June 30, 2020, with $275.0 million expected to be recognized as revenue in the next 12 months[136] - The calculated current billings metric is used to measure periodic performance, consisting of revenue recognized in a period plus the change in current deferred revenue[81] - Calculated current billings for the six months ended June 30, 2020, were $210,462,000, up 17.4% from $179,268,000 in 2019[85] Operating Expenses - Total operating expenses for the three months ended June 30, 2020, were $98,632,000, compared to $93,700,000 in 2019[122] - Sales and marketing expenses for the three months ended June 30, 2020, were $55,443,000, a slight decrease of 1% from $56,015,000 in 2019[123] - Research and development expenses increased by $3,612,000, or 17%, totaling $25,310,000 for the three months ended June 30, 2020[123] - General and administrative expenses rose by $1,892,000, or 12%, reaching $17,879,000 for the three months ended June 30, 2020[126] - Personnel costs increased by $7.5 million, driven by headcount growth, including a $2.3 million rise in stock-based compensation[132] Future Outlook - The company expects gross profit to increase in absolute dollars but anticipates a decrease in gross margin due to a higher percentage of revenue from cloud-based subscriptions[107] - Operating losses are anticipated to continue in the near term, despite generating positive cash flows from operations in the first half of 2020[137] - A $45.0 million senior secured facility was established in July 2020, with a financial covenant requiring a minimum consolidated quick ratio of at least 1.5:1.0[143] - The company experienced a $1.3 million increase in acquisition-related expenses, partially offset by a $0.7 million decrease in travel and meeting costs[133] - A $24.5 million increase in sales and maturities of short-term investments was noted, contributing to net cash provided by investing activities[147]

Tenable Holdings Inc (NASDAQ:TENB) Q2 2020 Results Conference Call July 28, 2020 4:30 PM ET Company Participants Andrea DiMarco - Vice President of Investor Relations Amit Yoran - Chief Executive Officer Steve Vintz - Chief Financial Officer Conference Call Participants Keith Weiss - Morgan Stanley Gur Talpaz - Stifel Jonathan Ho - William Blair Daniel Ives - Wedbush Joshua Tilton - Berenberg Brian Essex - Goldman Sachs Operator Greetings and welcome to the Tenable Second Quarter 2020 Earnings Conference Ca ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________ FORM 10-Q __________________ ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended March 31, 2020 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _____ to _____ Commission file number 001-38600 __________________ TENABLE HOLDINGS, INC. (Exact name of registrant as specified in ...

Tenable Holdings, Inc. (NASDAQ:TENB) Q1 2020 Earnings Conference Call April 28, 2020 4:30 PM ET Company Participants Andrea DiMarco - Head, IR Amit Yoran - Chairman and CEO Stephen Vintz - Chief Financial Officer Conference Call Participants Sahil Dhingra - JPMorgan Melissa Franchi - Morgan Stanley Gur Talpaz - Stifel, Nicolaus & Company Jonathan Ho - William Blair Nick Yako - Cowen and Company Brian Essex - Goldman Sachs Operator Greetings and welcome to the Tenable First Quarter 2020 Earnings Conference C ...