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 ...

Financial Performance - Revenue for the three months ended March 31, 2020, was $102.6 million, representing a year-over-year growth of 28% compared to $80.3 million in the same period of 2019[66] - Net loss for the three months ended March 31, 2020, was $23.0 million, compared to a net loss of $21.4 million in the same period of 2019[68] - Calculated current billings for the three months ended March 31, 2020, were $99.2 million, up from $81.2 million in the same period of 2019[86] - Revenue for the three months ended March 31, 2020, was $102,648,000, an increase of 28% compared to $80,301,000 in the same period of 2019[119] - Gross profit for the three months ended March 31, 2020, was $83,947,000, compared to $67,075,000 in 2019[119] - Non-GAAP loss from operations for the three months ended March 31, 2020, was $(7,719,000), an improvement from $(13,215,000) in 2019[96] - Gross profit for the same period was $83.9 million, reflecting a 25% increase from $67.1 million in 2019, with a gross margin of 82%[121] Customer Growth - The number of new enterprise platform customers added in the period was 319, representing a 3% increase from 311 in the prior year[91] - The number of customers with annual contract values of $100,000 and greater increased by 35%, from 494 in 2019 to 665 in 2020[92] - The company is focused on upselling existing Nessus Professional customers to its enterprise platform offerings to drive additional revenue growth[75] Expenses and Investments - Total operating expenses for the three months ended March 31, 2020, were $105,619,000, up from $89,760,000 in the same period of 2019[119] - Stock-based compensation expense increased to $13,035,000 in the three months ended March 31, 2020, from $9,319,000 in 2019[119] - Operating expenses for sales and marketing increased by $7.2 million, primarily due to a $2.7 million rise in third-party cloud infrastructure costs[122] - Research and development expenses rose by $4.9 million, totaling $26.8 million, which is a 22% increase compared to 2019[124] - The company expects to continue investing in its cloud-based platform and customer support team, which may affect future cost of revenue[106] - The company anticipates that its sales and marketing expenses will continue to increase in absolute dollars as it aims to grow revenue and expand its global customer base[111] Cash Flow and Liquidity - Free cash flow is defined as GAAP net cash flows from operating activities reduced by purchases of property and equipment, which is an important liquidity measure[87] - As of March 31, 2020, cash and cash equivalents were $107.8 million, with short-term investments totaling $118.9 million[125] - Net cash provided by operating activities was $4.5 million for the three months ended March 31, 2020, compared to a net cash used of $0.9 million in 2019[138] - The company has maintained a cash and cash equivalents balance of $107.8 million as of March 31, 2020, alongside short-term investments totaling $118.9 million[150] - The company expects capital expenditures related to its new corporate headquarters to be approximately $17.0 million in 2020[131] Deferred Revenue - The company has experienced a significant increase in deferred revenue, which is expected to positively impact calculated current billings in 2020[85] - Deferred revenue stood at $358.1 million, with $270.9 million expected to be recognized as revenue in the next 12 months[130] Market and Economic Conditions - The impact of the COVID-19 pandemic on the company's operations remains uncertain, with potential effects on partners, customers, and service providers[132] - Inflation has not had a material effect on the company's business or financial condition, although significant inflationary pressures could pose risks[153] - A hypothetical 10% change in interest rates would not have had a material impact on the company's financial statements[150] Risk Management - The company focuses on capital preservation, liquidity needs, and fiduciary control of cash and investments, avoiding speculative investments[150] - The company has no long-term debt or financial liabilities with floating interest rates, reducing exposure to interest rate fluctuations[151] - Substantially all sales contracts are denominated in U.S. dollars, with limited exposure to foreign currencies, which mitigates foreign currency exchange risk[152] - The company has not entered into derivative or hedging transactions for foreign currency exchange, as historical impacts have not been material[152] - Operating expenses incurred outside the U.S. are subject to foreign currency fluctuations, particularly with the Euro, British Pound, and Australian dollar[152] - The company may consider entering into hedging transactions in the future if foreign currency exposure becomes more significant[152]

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 ...

Table of Contents 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, 2019 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. (NASDAQ:TENB) Q4 2019 Earnings Conference Call February 4, 2020 4:30 PM ET Company Participants Andrea DiMarco - Head, IR Amit Yoran - Chairman and CEO Stephen Vintz - Chief Financial Officer Conference Call Participants Sterling Auty - JPMorgan Chase & Co. Melissa Franchi - Morgan Stanley Gur Talpaz - Stifel, Nicolaus & Company Jonathan Ho - William Blair & Company Daniel Ives - Wedbush Securities Nicholas Yako - Cowen and Company Joshua Tilton - Berenberg Operator Greetings and welc ...

PART I – FINANCIAL INFORMATION This section provides the company's unaudited consolidated financial statements, management's discussion and analysis, market risk disclosures, and controls [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents Tenable Holdings, Inc.'s unaudited consolidated financial statements, including balance sheets, statements of operations, cash flows, and detailed notes - The financial statements are unaudited and prepared in conformity with **U.S. Generally Accepted Accounting Principles (GAAP)** for interim financial information[24](index=24&type=chunk) - The company completed its **Initial Public Offering (IPO)** on July 30, 2018, receiving net proceeds of **$264.6 million** after deducting underwriting discounts, commissions, and other offering expenses[26](index=26&type=chunk) [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to **$532.2 million** from **$460.6 million**, while total liabilities grew to **$409.0 million** from **$338.8 million** Consolidated Balance Sheet Highlights (in thousands) | Metric | Sep 30, 2019 | Dec 31, 2018 | | :--- | :--- | :--- | | **Total Assets** | **$532,212** | **$460,612** | | Cash and cash equivalents | $171,303 | $165,116 | | Deferred revenue (Total) | $329,375 | $289,903 | | **Total Liabilities** | **$409,024** | **$338,849** | | **Total Stockholders' Equity** | **$123,188** | **$121,763** | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) Q3 2019 revenue grew **32%** to **$91.9 million**, with net loss narrowing, while nine-month revenue grew **34%** to **$257.5 million**, with net loss widening Statement of Operations Summary (in thousands, except per share data) | Metric | Q3 2019 | Q3 2018 | Nine Months 2019 | Nine Months 2018 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $91,852 | $69,440 | $257,537 | $192,139 | | Gross Profit | $76,607 | $57,279 | $215,148 | $161,371 | | Loss from Operations | $(18,327) | $(21,096) | $(63,246) | $(52,990) | | Net Loss | $(17,640) | $(20,869) | $(60,708) | $(53,907) | | Net Loss Per Share | $(0.18) | $(0.28) | $(0.64) | $(1.34) | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities was **$7.7 million**, investing activities used **$15.5 million**, and financing activities provided **$30.6 million**, significantly lower due to prior year's IPO Cash Flow Summary (Nine Months Ended Sep 30, in thousands) | Metric | 2019 | 2018 | | :--- | :--- | :--- | | Net cash used in operating activities | $(7,672) | $(1,005) | | Net cash used in investing activities | $(15,480) | $(38,254) | | Net cash provided by financing activities | $30,565 | $265,750 | - The significant decrease in financing cash flow year-over-year is due to the **$268.5 million** in net **IPO** proceeds received in 2018, which was a one-time event[19](index=19&type=chunk)[170](index=170&type=chunk) [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section details significant accounting policies, including revenue recognition, concentrations (one distributor **43%** of revenue), deferred commissions, lease accounting, and geographic revenue Revenue Breakdown (in thousands) | Revenue Type | Q3 2019 | Q3 2018 | YTD 2019 | YTD 2018 | | :--- | :--- | :--- | :--- | :--- | | Subscription revenue | $75,503 | $53,511 | $209,610 | $146,568 | | Perpetual license and maintenance | $13,797 | $13,864 | $40,877 | $40,753 | | Professional services and other | $2,552 | $2,065 | $7,050 | $4,818 | - A single distributor accounted for **43%** of revenue in both the three and nine months ended September 30, 2019, and represented **40%** of accounts receivable at the end of the period[37](index=37&type=chunk) - At September 30, 2019, remaining performance obligations were **$333.4 million**, with **74%** expected to be recognized as revenue in the next twelve months[39](index=39&type=chunk) Revenue by Geography (Nine Months Ended Sep 30, in thousands) | Region | 2019 | 2018 | | :--- | :--- | :--- | | Americas | $177,392 | $137,868 | | Europe, Middle East and Africa | $56,123 | $38,218 | | Asia Pacific | $24,022 | $16,053 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial results, highlighting **32%** Q3 2019 revenue growth, continued investment in growth leading to net loss, and key metrics like **28%** calculated current billings growth and strong customer acquisition - The company identifies itself as the first and only provider of solutions for **Cyber Exposure**, a new category of cybersecurity[83](index=83&type=chunk) - Key factors affecting performance include product leadership, new enterprise customer acquisition, and retaining/expanding revenue from existing customers. The company expects its dollar-based net expansion rate to continue to exceed **110%**[91](index=91&type=chunk)[93](index=93&type=chunk)[100](index=100&type=chunk) Calculated Current Billings (Non-GAAP, in thousands) | Period | 2019 | 2018 | Growth | | :--- | :--- | :--- | :--- | | Three Months Ended Sep 30 | $110,610 | $86,741 | 28% | | Nine Months Ended Sep 30 | $289,878 | $228,819 | 27% | Enterprise Customer Growth | Metric | Q3 2019 vs Q3 2018 | As of Sep 30, 2019 vs 2018 | | :--- | :--- | :--- | | New enterprise platform customers added | 387 vs 258 (50% increase) | N/A | | Customers with >$100k ACV | N/A | 589 vs 387 (52% increase) | [Results of Operations](index=32&type=section&id=Results%20of%20Operations) Detailed operating results show Q3 2019 revenue up **32%** to **$22.4 million**, driven by subscription revenue, with gross margin at **83%** and increased operating expenses - Q3 2019 revenue increased **$22.4 million** (**32%**) year-over-year, primarily from a **$22.0 million** increase in subscription revenue. Revenue from existing customers comprised **49%** of the increase[144](index=144&type=chunk)[145](index=145&type=chunk) - Q3 2019 sales and marketing expense increased by **$12.1 million** (**27%**) year-over-year, mainly due to a **$5.6 million** increase in personnel costs and a **$3.5 million** increase in sales commissions[146](index=146&type=chunk)[148](index=148&type=chunk) - For the nine months ended Sep 30, 2019, revenue increased **$65.4 million** (**34%**) year-over-year. Revenue from existing customers comprised **62%** of this increase[150](index=150&type=chunk) [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) As of September 30, 2019, the company held **$171.3 million** in cash and **$125.3 million** in short-term investments, with **$329.4 million** in deferred revenue, sufficient for the next 12 months Key Liquidity Figures (as of Sep 30, 2019, in millions) | Metric | Amount | | :--- | :--- | | Cash and cash equivalents | $171.3 | | Short-term investments | $125.3 | | Deferred revenue | $329.4 | - The company has a **$25.0 million** revolving credit facility which was undrawn as of September 30, 2019[163](index=163&type=chunk) - Management believes existing cash will be sufficient for at least the next **12 months**. Capital expenditures for the new corporate headquarters are expected to be **$5 million to $7 million** in Q4 2019[161](index=161&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from interest rates, foreign currency, and inflation, with interest rate risk on its cash and investments deemed immaterial, and foreign currency risk limited as most sales are in USD - The primary market risks are **interest rate**, **foreign currency exchange**, and **inflation**[178](index=178&type=chunk) - Interest rate risk on the **$171.3M** cash and **$125.3M** investment portfolio is not considered material[179](index=179&type=chunk) - Foreign currency risk is limited as substantially all sales contracts are denominated in **U.S. dollars**, though some operating expenses are incurred in foreign currencies. The company does not currently hedge this exposure[181](index=181&type=chunk) [Controls and Procedures](index=39&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of September 30, 2019, with no material changes in internal control over financial reporting - Management, including the CEO and CFO, concluded that as of September 30, 2019, the company's disclosure controls and procedures were **effective**[184](index=184&type=chunk) - **No material changes** were identified in the company's internal control over financial reporting during the quarter ended September 30, 2019[186](index=186&type=chunk) PART II – OTHER INFORMATION This section covers legal proceedings, key risk factors, equity securities sales and use of proceeds, and a list of exhibits and signatures [Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any legal proceedings that would have a material adverse effect on its business, though it may face ordinary claims - The company is **not presently a party** to any legal proceedings that, if determined adversely, would individually or in aggregate have a **material adverse effect** on its business, financial condition, or cash flows[190](index=190&type=chunk) [Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) Key risks include a history of losses, intense competition, reliance on revenue growth and customer renewals, channel partner dependency (one distributor **43%** of revenue), and evolving data privacy regulations - The company has a history of **net losses**, including a **$60.7 million** loss for the nine months ended September 30, 2019, and an accumulated deficit of **$526.8 million**[192](index=192&type=chunk) - The market for cybersecurity solutions is **intensely competitive**, with competitors including vulnerability management vendors like Qualys and Rapid7, and diversified security vendors like IBM[207](index=207&type=chunk) - The company relies **heavily on its channel partner network**, which generated **90% of revenue** in the first nine months of 2019. One distributor, **Ingram Micro**, accounted for **43% of revenue** during this period[233](index=233&type=chunk)[234](index=234&type=chunk) - The business is subject to **complex and evolving data privacy regulations** like **GDPR** and the **California Consumer Privacy Act (CCPA)**, which could increase costs and create liability[228](index=228&type=chunk)[230](index=230&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=65&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities and confirmed its July 2018 IPO raised **$264.6 million** in net proceeds, with no material change in use - There were **no unregistered sales** of equity securities during the reporting period[313](index=313&type=chunk) - The company confirms it received net proceeds of **$264.6 million** from its July 2018 **IPO** and that there has been **no material change** in the planned use of these proceeds[316](index=316&type=chunk)[317](index=317&type=chunk) [Exhibits](index=66&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Quarterly Report on Form 10-Q, including corporate documents and certifications from executive officers [Signatures](index=67&type=section&id=Signatures) The report is duly signed and authorized by Amit Yoran, Chairman and CEO, and Stephen A. Vintz, CFO, on November 13, 2019

CYBER EXPOSURE MANAGING AND MEASURING CYBER RISK IN THE DIGITAL ERA October 2019 Forward-Looking Statements 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," "expect, ...

Tenable Holdings, Inc. (NASDAQ:TENB) Q3 2019 Earnings Conference Call October 29, 2019 4:30 PM ET Company Participants Andrea DiMarco - Head, IR Amit Yoran - President, CEO & Chairman Stephen Vintz - CFO Conference Call Participants Sterling Auty - JPMorgan Chase & Co. Melissa Franchi - Morgan Stanley Gur Talpaz - Stifel, Nicolaus & Company Jonathan Ho - William Blair & Company Daniel Ives - Wedbush Securities Gray Powell - Deutsche Bank Nicholas Yako - Cowen and Company Joshua Tilton - Berenberg Operator G ...

Table of Contents 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 June 30, 2019 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (410) 872-0555 (Registrant's telephone number, including area code) __________________ For the transition period from _____ to _____ Commission f ...

Tenable Holdings, Inc. (NASDAQ:TENB) Q2 2019 Results Earnings Conference Call July 30, 2019 4:30 PM ET Company Participants Andrea DiMarco - VP, IR and Strategy Amit Yoran - CEO Steve Vintz - CFO Conference Call Participants Gur Talpaz - Stifel Jonathan Ho - William Blair Dan Ives - Wedbush Securities Gray Powell - Deutsche Bank Joshua Tilton - Berenberg Nick Yako - Cowen & Company Operator Greetings and welcome to the Tenable Second Quarter Earnings Call. [Operator Instructions] As a reminder, this confere ...