Financial Performance - For the quarter ended March 2025, Tenable reported revenue of $239.14 million, reflecting a year-over-year increase of 10.7% [1] - Earnings per share (EPS) for the quarter was $0.36, up from $0.25 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $233.62 million by 2.36% [1] - The company delivered an EPS surprise of 28.57%, with the consensus EPS estimate being $0.28 [1] Key Metrics - Calculated Current Billings were $215.36 million, surpassing the average estimate of $182.09 million based on seven analysts [4] - Subscription revenue reached $220.44 million, compared to the average estimate of $215.49 million, marking an 11.5% year-over-year increase [4] - Revenue from professional services and other was $7.14 million, exceeding the estimated $6.57 million, representing a 15.8% year-over-year change [4] - Revenue from perpetual license and maintenance was $11.55 million, slightly below the average estimate of $11.71 million, indicating a year-over-year decline of 5% [4] Stock Performance - Shares of Tenable have returned -5.4% over the past month, while the Zacks S&P 500 composite experienced a -0.8% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Group 1 - Tenable reported quarterly earnings of $0.36 per share, exceeding the Zacks Consensus Estimate of $0.28 per share, and up from $0.25 per share a year ago, representing an earnings surprise of 28.57% [1] - The company achieved revenues of $239.14 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 2.36%, and an increase from $215.96 million year-over-year [2] - Tenable has consistently surpassed consensus EPS estimates over the last four quarters, indicating strong performance [2] Group 2 - The stock has underperformed, losing about 15.9% since the beginning of the year, compared to a decline of 6% in the S&P 500 [3] - The current consensus EPS estimate for the upcoming quarter is $0.35 on revenues of $239.98 million, and for the current fiscal year, it is $1.50 on revenues of $978.16 million [7] - The Zacks Industry Rank places the Internet - Software sector in the bottom 43% of over 250 Zacks industries, suggesting potential challenges for stock performance [8]

Financial Data and Key Metrics Changes - The company reported revenue of $239.1 million for Q1 2025, representing an 11% year-over-year growth and exceeding the midpoint of the guided range by $5.1 million [28][34] - Unlevered free cash flow reached a record $87 million during the quarter, influenced by seasonal timing of collections from Q4 sales [32][34] - Gross margin remained stable at 82%, consistent with expectations, while the percentage of recurring revenue was high at 96% [28][29] Business Line Data and Key Metrics Changes - Current billings grew 9% year-over-year to $215.4 million, driven largely by Tenable One and cloud security [27] - The company added 361 new enterprise platform customers, with a net dollar expansion rate of 108% [27][28] - The company secured significant wins, including a major federal contract managing over 1 million assets and a 7-figure expansion with a global financial institution [20][21] Market Data and Key Metrics Changes - The company noted strong momentum in exposure management, particularly in the public sector, despite macroeconomic uncertainties [34][35] - The competitive environment showed historically high win rates against traditional vulnerability management players, with notable 7-figure deals [52][54] - The company is seeing increased demand for integrated solutions that combine first-party assessments with third-party data [22][23] Company Strategy and Development Direction - The company is focused on expanding its exposure management strategy and enhancing its product offerings, particularly through the integration of AI capabilities [12][88] - The strategic priority includes consolidating vendor solutions for customers and enhancing the Tenable One platform to provide a comprehensive view of risk [19][22] - The company aims to leverage its competitive moat in exposure data to lead in AI-powered exposure management [12][88] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the outlook due to increased macroeconomic uncertainty and potential disruptions in the public sector [34][35] - The company anticipates longer lead times for procurement decisions, particularly in the public sector, while demand generation remains strong [45][71] - Despite uncertainties, management reiterated confidence in achieving operating income and free cash flow targets for the year [47][34] Other Important Information - The company completed the acquisition of Vulcan, which is expected to contribute approximately $5 million to growth, primarily in the latter half of the year [106] - The company repurchased 1.6 million shares for $60 million, with a total of nearly 4.3 million shares repurchased since November 2023 [33] Q&A Session Summary Question: What is driving the incremental caution in guidance? - Management noted ongoing macro uncertainty, particularly in the public sector, and acknowledged strong demand generation despite the cautious outlook [42][44] Question: How is the competitive environment in vulnerability management? - Management reported historically high win rates against traditional players and noted strong performance in securing large deals [52][54] Question: How does the acquisition of Wiz impact the cloud space? - Management views the acquisition as a market opportunity, noting increased activity and interest from customers seeking alternatives [58][60] Question: What are the strategic priorities for the next 100 days? - The focus will be on expanding market opportunities, enhancing the exposure management platform, and leveraging AI for better insights [84][88]

Financial Performance - Revenue for Q1 2025 was $239.1 million, an 11% increase year-over-year[6] - Calculated current billings for Q1 2025 were $215.4 million, up 9% year-over-year[6] - GAAP net loss for Q1 2025 was $22.9 million, compared to a net loss of $14.4 million in Q1 2024[7] - Non-GAAP net income for Q1 2025 was $44.3 million, compared to $30.4 million in Q1 2024[7] - Total revenue for the three months ended March 31, 2025, was $239,137,000, representing a 10.8% increase from $215,961,000 in the same period of 2024[33] - Net loss for the three months ended March 31, 2025, was $22,935,000, compared to a net loss of $14,386,000 in the same period of 2024[32] - Non-GAAP income from operations was $48,677,000 for the three months ended March 31, 2025, compared to $37,008,000 in 2024, reflecting a non-GAAP operating margin of 20%[35] Cash Flow and Liquidity - Cash and cash equivalents at March 31, 2025, were $460.3 million, down from $577.2 million at December 31, 2024[7] - Net cash provided by operating activities was $87.4 million, compared to $50.3 million in Q1 2024[7] - Free cash flow for the three months ended March 31, 2025, was $80,230,000, an increase from $47,129,000 in the prior year[33] - Forecasted net cash provided by operating activities for the year ending December 31, 2025 is estimated to be between $256.0 million and $266.0 million[43] Customer Growth - The company added 361 new enterprise platform customers and 54 net new six-figure customers in Q1 2025[7] Acquisitions - Tenable completed the acquisition of Vulcan Cyber Ltd., enhancing its exposure management platform[7] Future Projections - For Q2 2025, the company expects revenue in the range of $241.0 million to $243.0 million[5] - Forecasted non-GAAP income from operations for Q2 2025 is estimated between $43.0 million and $45.0 million[40] - Forecasted non-GAAP net income for Q2 2025 is projected to be between $36.0 million and $38.0 million[41] - Forecasted free cash flow for the year ending December 31, 2025 is expected to be between $238.0 million and $248.0 million[43] - Forecasted unlevered free cash flow for the year ending December 31, 2025 is projected to be between $265.0 million and $275.0 million[43] - Stock-based compensation for the year ending December 31, 2025 is forecasted at $196.0 million[41] Financial Position - Remaining performance obligations totaled $882,245,000 as of March 31, 2025, up from $742,411,000 in the prior year[33] - Total assets decreased to $1,693,577,000 as of March 31, 2025, from $1,742,119,000 at the end of 2024[30] - Total liabilities were $1,310,416,000 as of March 31, 2025, compared to $1,342,165,000 at the end of 2024[30] Profitability Metrics - Non-GAAP gross profit for Q1 2025 was $195.856 million, up from $174.680 million in Q1 2024, reflecting a growth of 12.0%[39] - Non-GAAP gross margin improved to 82% in Q1 2025, compared to 81% in Q1 2024[39] - Non-GAAP sales and marketing expense as a percentage of revenue decreased to 36% in Q1 2025 from 39% in Q1 2024[39] - Non-GAAP research and development expense increased to $39.017 million in Q1 2025, up from $32.586 million in Q1 2024, representing a growth of 19.6%[39]

Core Insights - Tenable Holdings, Inc. reported strong financial results for Q1 2025, with revenue of $239.1 million, an 11% increase year-over-year, and calculated current billings of $215.4 million, up 9% year-over-year [6][7][34]. Financial Highlights - Revenue for Q1 2025 was $239.1 million, compared to $215.9 million in Q1 2024 [6][24]. - GAAP operating margin was (7)%, while Non-GAAP operating margin was 20% [6][39]. - Net cash provided by operating activities was $87.4 million, an increase from $50.3 million in Q1 2024 [6][32]. - Unlevered free cash flow reached $86.8 million, up from $54.7 million in the same quarter last year [6][34]. Business Developments - The company added 361 new enterprise platform customers and 54 net new six-figure customers during the quarter [6][7]. - Tenable completed the acquisition of Vulcan Cyber Ltd., enhancing its exposure management platform [6][7]. - The company released new capabilities, Identity 360 and Exposure Center, aimed at addressing identity risks [6][7]. Financial Outlook - For Q2 2025, Tenable expects revenue in the range of $241.0 million to $243.0 million [5]. - For the year ending December 31, 2025, the company anticipates revenue between $970.0 million and $980.0 million [11]. Market Position - Tenable serves approximately 44,000 customers globally, focusing on reducing cybersecurity risks through its AI-powered exposure management platform [9].

At Tenable, Doerr will lead the company's global product organization, overseeing strategy, innovation and execution across its growing cybersecurity portfolio. His appointment comes at a pivotal moment, as Tenable prepares to launch a significantly expanded version of its Tenable One platform—designed to deliver the most comprehensive exposure management capabilities in the industry. It also coincides with Tenable's demonstrated momentum in cloud security. COLUMBIA, Md., April 29, 2025 (GLOBE NEWSWIRE) -- ...

Core Insights - Tenable Vulnerability Management has been recognized as the AI-Powered Vulnerability Management category winner for the 2025 Cybersecurity Excellence Awards, highlighting its leadership in the industry [1] - The solution is designed to help organizations proactively identify, assess, and remediate vulnerabilities across an expanding attack surface, utilizing machine learning and advanced analytics [2][5] Company Innovations - Tenable is innovating its use of AI to enhance customer efficiency and resource allocation towards preventing successful attacks, as stated by the co-CEO [3] - The company has introduced several AI security capabilities, including the Tenable Vulnerability Priority Rating (VPR), which uses machine learning for dynamic risk scoring [6] - Tenable ExposureAI offers generative AI capabilities for faster analysis and decision-making, leveraging the world's largest repository of contextual exposure data [6] Upcoming Events - Tenable will be present at the RSA Conference 2025, where the co-CEO will deliver a keynote address on the future of risk reduction through exposure management [4]

Core Insights - Tenable has appointed Steve Vintz and Mark Thurmond as co-CEOs on a permanent basis after a successful interim period, reflecting the Board's confidence in their leadership [1][3] - The co-CEO structure will allow Vintz to oversee product, cybersecurity, corporate development, and administrative functions, while Thurmond will manage go-to-market functions including sales and marketing [2][4] - Under their interim leadership, Tenable expanded its customer base and adopted the Tenable One Exposure Management platform, along with the strategic acquisition of Vulcan Cyber to enhance its product offerings [3][5] Company Leadership - Steve Vintz has been the Chief Financial Officer since 2014, and Mark Thurmond has served as Chief Operating Officer since 2020, bringing extensive industry experience to their new roles [2][4] - The Board of Directors, led by Chairman Art Coviello, expressed confidence in Vintz and Thurmond's collaborative leadership style and customer-first approach [3] Strategic Developments - Tenable has seen strong adoption of its Tenable One Exposure Management platform and growing momentum in Tenable Cloud Security during the interim leadership [3] - The acquisition of Vulcan Cyber is expected to significantly enhance Tenable's product roadmap, leading to the launch of a more comprehensive exposure management platform [3]

Company Announcement - Tenable will release its financial results for the first quarter ended March 31, 2025, after the U.S. market close on April 29, 2025 [1] - A conference call will be held on the same day at 4:30 p.m. ET to discuss the results [1] Investor Relations - A live webcast of the conference call will be available on the Tenable Investor Relations website [2] - Domestic dial-in number for the call is 1-877-407-9716, and the international dial-in number is 1-201-493-6779 [2] - An archived replay of the call will be available following the event [2] Company Overview - Tenable is an exposure management company focused on closing cybersecurity gaps that affect business value, reputation, and trust [3] - The company offers an AI-powered exposure management platform that unifies security visibility, insight, and action across various attack surfaces [3] - Tenable serves approximately 44,000 customers globally, helping to reduce business risk associated with security exposure [3]

Core Insights - Tenable has achieved FedRAMP authorization at the Moderate impact level for its Tenable One Exposure Management Platform and Tenable Cloud Security, highlighting its commitment to enhancing government infrastructure and reducing cybersecurity risks [1][2]. Group 1: Product Offerings - Tenable One FedRAMP is a cloud-based exposure management platform that provides unified visibility into all asset types, assessing exposures and vulnerabilities across the entire attack surface [3]. - Tenable Cloud Security FedRAMP is designed to help federal agencies strengthen their cloud infrastructure by identifying and mitigating security gaps caused by misconfigurations and vulnerabilities [4]. Group 2: Strategic Positioning - Tenable is recognized as a trusted partner for the federal government, with a strong understanding of the unique needs and requirements of the public sector [2][5]. - The recent FedRAMP authorizations follow the announcement of Tenable Enclave Security, which caters to customers in highly secure environments, supporting stringent security requirements [2]. Group 3: Commitment to Innovation - The FedRAMP authorization reflects Tenable's dedication to innovation and the accelerated adoption of cloud technologies within the U.S. government [5]. - The company aims to collaborate with federal agencies to enhance their security approaches and reduce cyber risks [5].