Customer Base and Market Position - As of December 31, 2024, the company had approximately 44,000 customers, including about 65% of the Fortune 500 and 50% of the Global 2000[30]. - The company aims to expand its market leadership in exposure management and capture large market opportunities in cloud, identity, and operational technology (OT)[25]. - The company plans to continue acquiring new enterprise platform customers, leveraging expanded product capabilities and investments in sales and marketing[26]. - The company’s sales strategy includes both direct-touch and low-touch approaches, utilizing a network of channel partners for broader geographic reach[31]. - Revenue derived from the channel network comprised 94% of total revenue in 2024, compared to 93% in 2023[443]. Product and Technology Development - The Tenable One platform integrates various products, providing a unified view of risk across IT assets, cloud resources, containers, web applications, and identity systems[18]. - The company intends to invest in its technology platform to innovate and broaden exposure management solutions, enhancing analytical capabilities over time[34]. - The company continues to invest in research and development to enhance its platform offerings and maintain competitive positioning[37]. - The Nessus product line is one of the most widely deployed vulnerability assessment solutions, providing a continuous feedback loop of data and insights[21]. Financial Performance - Total revenue for the year ended December 31, 2024, was $900,021,000, representing a 12.7% increase from $798,710,000 in 2023[384]. - Gross profit for 2024 was $700,353,000, up from $615,133,000 in 2023, indicating a gross margin improvement[384]. - Net loss for 2024 decreased to $36,301,000 from $78,284,000 in 2023, showing a significant reduction in losses[384]. - Cash and cash equivalents increased to $328,647,000 in 2024 from $237,132,000 in 2023, reflecting improved liquidity[382]. - Total assets grew to $1,742,119,000 in 2024, compared to $1,606,871,000 in 2023, indicating overall growth in the company's financial position[382]. Revenue Recognition and Deferred Revenue - Subscription revenue for 2024 reached $824,659,000, an increase of 13.8% from $725,013,000 in 2023[442]. - Deferred revenue increased to $650,372,000 in 2024 from $580,779,000 in 2023, suggesting strong future revenue recognition potential[382]. - Remaining performance obligations totaled $867,526,000 as of December 31, 2024, an increase from $775,008,000 in 2023[445]. - Deferred revenue recognized in 2024 was $581.8 million, up from $502.8 million in 2023[444]. Cash Flow and Liquidity - Cash flows from operating activities increased to $217,476 thousand in 2024, up from $149,855 thousand in 2023, representing a growth of approximately 45.2%[392]. - Cash and cash equivalents at the end of 2024 were $328,647 thousand, up from $237,132 thousand at the end of 2023, indicating an increase of approximately 38.6%[392]. - The company had $328.6 million in cash and cash equivalents and $248.5 million in short-term investments as of December 31, 2024[355]. Investments and Acquisitions - The company plans to explore acquisition opportunities to enhance the functionality of its platform offerings[34]. - In 2024, the company recorded a total cash consideration of $29.2 million for the acquisition of Eureka Security, Inc. and $243.8 million for the acquisition of Ermetic, including $243.3 million in cash[457][458]. - The company recognized acquisition-related expenses of $1.9 million in 2024, down from $9.5 million in 2023[461]. Tax and Deferred Tax Assets - The total provision for income taxes in 2024 was $17.415 million, compared to $10.883 million in 2023[492]. - As of December 31, 2024, the company reported net operating loss (NOL) carryforwards of $353.9 million for federal, $239.3 million for state, and $468.6 million for foreign tax purposes, with expirations beginning in 2030[496]. - Total deferred tax assets increased to $282.1 million in 2024 from $263.9 million in 2023, primarily driven by increases in stock-based compensation and capitalized research and development[496]. Employee and Operational Metrics - The company employs 1,872 individuals, with 854 located outside the United States, and has not experienced any work stoppages[49]. - Stock-based compensation expenses rose to $163,515 thousand in 2024, compared to $145,327 thousand in 2023, marking an increase of about 12.5%[392]. Environmental and Social Responsibility - The company has implemented environmental stewardship practices, including recycling and using renewable energy through AWS[57].

Core Insights - Tenable has launched new capabilities, Identity 360 and Exposure Center, to address identity sprawl and enhance visibility into identity risks, enabling organizations to prevent identity-based attacks [1][2]. Group 1: Identity Management Challenges - Identity management has become fragmented, resulting in identity sprawl, which complicates risk detection and weakens access controls, increasing the threat of privilege escalation and lateral movement [2]. - Approximately 75% of organizations manage two or more identity solutions, contributing to increased complexity in identity security [3]. Group 2: New Product Features - Tenable Identity Exposure continuously monitors for misconfigurations, attack paths, and security weaknesses, allowing organizations to proactively reduce risk and enhance their security posture [4]. - The new capabilities provide a unified view of accounts, weaknesses, entitlements, roles, groups, and relationships across identity providers, consolidating this information into comprehensive identity profiles for streamlined risk management [5]. - Centralized weakness management allows for the consolidation of identity-related weaknesses into a single interface, with detailed remediation steps and one-click PowerShell scripts for action [5]. - An AI-driven Identity Asset Exposure Score (AES) helps identify critical identity weaknesses, allowing organizations to focus remediation efforts on the highest-priority threats [5].

Group 1: Market Overview - Investors have heavily invested in major AI companies, contributing to the S&P 500's annual gains exceeding 25% for two consecutive years, a performance last seen in 1997 and 1998 [1] - There are overlooked AI opportunities in smaller companies, such as Tenable, which is a leader in vulnerability management within the cybersecurity sector [2] Group 2: Company Profile - Tenable specializes in vulnerability management, identifying weaknesses in networks to prevent exploitation, which is crucial in the digital age where businesses face constant cyber threats [3] - The Nessus platform is Tenable's flagship tool, recognized for its accuracy and widespread deployment, with over 2 million downloads [4] Group 3: Product Offerings - Tenable's cloud platform includes AI Security Posture Management (AI-SPM), designed to secure data and identify vulnerabilities in cloud-based AI development platforms [5][6] - Larger clients can utilize Tenable One, a comprehensive platform that extends AI-powered protection across all IT assets, featuring tools like ExposureAI that analyze data from 1 trillion unique threats [7] Group 4: Financial Performance - In 2024, Tenable achieved a record revenue of $900 million, marking a 13% increase from the previous year, although this growth rate decelerated from 17% in 2023 [8] - The company reduced growth-oriented spending, resulting in a 5.9% increase in operating expenses and a significant reduction in net loss to $36.3 million, down 53% from $78.2 million in 2023 [9] - On a non-GAAP basis, Tenable reported a profit of $158.6 million, a 63% increase compared to 2023 [10] Group 5: Valuation and Market Potential - Tenable's price-to-sales (P/S) ratio is 5.3, which is lower than many cybersecurity peers, despite its slower revenue growth compared to companies like CrowdStrike and Zscaler [12] - Tenable's management estimates its addressable market at $33 billion, indicating significant long-term growth potential, especially as AI adoption increases [14]

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) [Fourth Quarter 2024 Financial Highlights](index=1&type=section&id=Fourth%20Quarter%202024%20Financial%20Highlights) Tenable reported strong Q4 2024 results with **11% year-over-year growth** in revenue and billings, shifting to GAAP operating income and achieving substantial non-GAAP profitability Q4 2024 vs. Q4 2023 Key Financial Metrics | Metric | Q4 2024 | Q4 2023 | Change | | :--- | :--- | :--- | :--- | | Revenue | $235.7 Million | $213.3 Million | +11% | | Calculated Current Billings | $302.2 Million | $271.6 Million | +11% | | GAAP Income (Loss) from Operations | $13.0 Million | ($14.3 Million) | N/A | | Non-GAAP Income from Operations | $59.4 Million | $36.1 Million | +64.5% | | GAAP Net Income (Loss) | $1.9 Million | ($21.6 Million) | N/A | | Non-GAAP Net Income | $50.7 Million | $30.2 Million | +67.9% | | GAAP Diluted EPS | $0.02 | ($0.19) | N/A | | Non-GAAP Diluted EPS | $0.41 | $0.25 | +64.0% | | Unlevered Free Cash Flow | $85.7 Million | $43.3 Million | +97.9% | * The company repurchased **1.2 million shares** of its common stock for **$50.0 million** during the fourth quarter[7](index=7&type=chunk) * Company leadership attributed the outperformance to strong traction in cloud security and the Tenable One platform[3](index=3&type=chunk) [Full Year 2024 Financial Highlights](index=1&type=section&id=Full%20Year%202024%20Financial%20Highlights) For 2024, Tenable achieved **13% revenue growth** to **$900.0 million**, significantly narrowing GAAP losses and substantially increasing non-GAAP income and cash flow Full Year 2024 vs. 2023 Key Financial Metrics | Metric | Full Year 2024 | Full Year 2023 | Change | | :--- | :--- | :--- | :--- | | Revenue | $900.0 Million | $798.7 Million | +13% | | Calculated Current Billings | $969.5 Million | $873.3 Million | +11% | | GAAP Loss from Operations | ($6.9 Million) | ($52.2 Million) | +86.8% Improvement | | Non-GAAP Income from Operations | $184.1 Million | $121.0 Million | +52.2% | | GAAP Net Loss | ($36.3 Million) | ($78.3 Million) | +53.6% Improvement | | Non-GAAP Net Income | $158.6 Million | $97.2 Million | +63.2% | | GAAP Net Loss Per Share | ($0.31) | ($0.68) | +54.4% Improvement | | Non-GAAP Diluted EPS | $1.29 | $0.80 | +61.3% | | Unlevered Free Cash Flow | $237.8 Million | $175.4 Million | +35.6% | * Cash and cash equivalents and short-term investments increased to **$577.2 million** at year-end, up from **$474.0 million** at the end of 2023[7](index=7&type=chunk) * The company repurchased **2.3 million shares** of its common stock for **$100.0 million** during the full year[7](index=7&type=chunk) [Business and Operations](index=3&type=section&id=Business%20and%20Operations) [Recent Business Highlights](index=3&type=section&id=Recent%20Business%20Highlights) Tenable demonstrated strong business momentum through customer growth, a strategic acquisition, and product enhancements for patch management and vulnerability intelligence * Customer growth included the addition of **485 new enterprise platform customers** and **135 net new six-figure customers**[10](index=10&type=chunk) * Announced the intent to acquire exposure management company Vulcan Cyber Ltd. to enhance its platform with better visibility, risk prioritization, and remediation capabilities[10](index=10&type=chunk) * Launched Tenable Patch Management, an autonomous solution to accelerate the closing of vulnerability exposures[10](index=10&type=chunk) * Enhanced Tenable Security Center by integrating Tenable Vulnerability Intelligence to streamline vulnerability analysis and response[10](index=10&type=chunk) [Financial Outlook](index=3&type=section&id=Financial%20Outlook) [First Quarter 2025 Outlook](index=3&type=section&id=First%20Quarter%202025%20Outlook) For Q1 2025, Tenable projects revenue between **$232.0 million** and **$234.0 million**, with non-GAAP operating income of **$42.0 million** to **$44.0 million**, excluding acquisition impact Q1 2025 Financial Outlook | Metric | Low Range | High Range | | :--- | :--- | :--- | | Revenue | $232.0 Million | $234.0 Million | | Non-GAAP Income from Operations | $42.0 Million | $44.0 Million | | Non-GAAP Net Income | $35.0 Million | $37.0 Million | | Non-GAAP Diluted EPS | $0.28 | $0.30 | * The financial outlook for Q1 2025 does not include any impact from the potential acquisition of Vulcan Cyber[9](index=9&type=chunk) [Full Year 2025 Outlook](index=3&type=section&id=Full%20Year%202025%20Outlook) For full year 2025, Tenable forecasts revenue between **$971.0 million** and **$981.0 million**, calculated current billings over **$1 billion**, and significant non-GAAP operating income and free cash flow Full Year 2025 Financial Outlook | Metric | Low Range | High Range | | :--- | :--- | :--- | | Calculated Current Billings | $1.040 Billion | $1.055 Billion | | Revenue | $971.0 Million | $981.0 Million | | Non-GAAP Income from Operations | $213.0 Million | $223.0 Million | | Non-GAAP Net Income | $189.0 Million | $199.0 Million | | Non-GAAP Diluted EPS | $1.52 | $1.60 | | Unlevered Free Cash Flow | $285.0 Million | $295.0 Million | [Consolidated Financial Statements](index=7&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statements of Operations](index=7&type=section&id=Consolidated%20Statements%20of%20Operations) For 2024, Tenable's revenue grew to **$900.0 million**, significantly reducing operating and net losses, reflecting improved operational efficiency and cost management Annual Statement of Operations Highlights (in thousands) | Line Item | 2024 (in thousands) | 2023 (in thousands) | | :--- | :--- | :--- | | Revenue | $900,021 | $798,710 | | Gross Profit | $700,353 | $615,133 | | Total Operating Expenses | $707,209 | $667,293 | | Income (Loss) from Operations | ($6,856) | ($52,160) | | Net Income (Loss) | ($36,301) | ($78,284) | | Diluted EPS | ($0.31) | ($0.68) | * Total stock-based compensation for 2024 was **$163.5 million**, an increase from **$145.3 million** in 2023[24](index=24&type=chunk) [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) As of December 31, 2024, Tenable's balance sheet showed a stronger financial position with total assets increasing to **$1.74 billion** and stockholders' equity rising to **$400.0 million** Balance Sheet Highlights (in thousands) | Line Item | Dec 31, 2024 (in thousands) | Dec 31, 2023 (in thousands) | | :--- | :--- | :--- | | Cash, Cash Equivalents & Short-term Investments | $577,194 | $473,972 | | Total Current Assets | $940,745 | $805,473 | | Total Assets | $1,742,119 | $1,606,871 | | Deferred Revenue (Current + Non-current) | $833,187 | $750,497 | | Total Liabilities | $1,342,165 | $1,260,527 | | Total Stockholders' Equity | $399,954 | $346,344 | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For 2024, Tenable generated **$217.5 million** in cash from operating activities, with cash and cash equivalents increasing by **$91.5 million** despite significant share repurchases Annual Statement of Cash Flows Highlights (in thousands) | Line Item | 2024 (in thousands) | 2023 (in thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | $217,476 | $149,855 | | Net cash used in investing activities | ($41,431) | ($212,615) | | Net cash (used in) provided by financing activities | ($79,401) | $1,251 | | Net increase (decrease) in cash | $91,515 | ($63,734) | | Cash and cash equivalents at end of year | $328,647 | $237,132 | [Non-GAAP Financial Measures and Reconciliations](index=4&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) [Explanation of Non-GAAP Financial Measures](index=4&type=section&id=Explanation%20of%20Non-GAAP%20Financial%20Measures) Tenable uses non-GAAP measures like Calculated Current Billings, Unlevered Free Cash Flow, and Non-GAAP Income from Operations to provide a clearer view of core operating performance * **Calculated Current Billings:** Defined as total revenue plus the change in current deferred revenue for the period, used to monitor working capital generation from upfront customer payments[15](index=15&type=chunk) * **Unlevered Free Cash Flow:** Defined as net cash from operations less capital expenditures, plus cash paid for interest, measuring cash available for investment and debt obligations[17](index=17&type=chunk) * **Non-GAAP Income from Operations:** Excludes stock-based compensation, acquisition-related expenses, restructuring, and amortization of acquired intangible assets for comparable operating results[18](index=18&type=chunk) [Reconciliation of GAAP to Non-GAAP Measures](index=10&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) The report provides detailed reconciliations, adjusting the 2024 GAAP operating loss of **$6.9 million** to a non-GAAP operating income of **$184.1 million**, primarily for stock-based compensation and amortization Reconciliation of GAAP to Non-GAAP Income from Operations (Full Year 2024, in thousands) | Description | Amount (in thousands) | | :--- | :--- | | **GAAP Loss from Operations** | **($6,856)** | | Stock-based compensation | $163,515 | | Amortization of acquired intangible assets | $19,457 | | Restructuring | $6,070 | | Acquisition-related expenses | $1,932 | | **Non-GAAP Income from Operations** | **$184,118** | Reconciliation of GAAP to Non-GAAP Net Income (Full Year 2024, in thousands) | Description | Amount (in thousands) | | :--- | :--- | | **GAAP Net Loss** | **($36,301)** | | Stock-based compensation | $163,515 | | Amortization of acquired intangible assets | $19,457 | | Restructuring | $6,070 | | Other adjustments (tax impacts, etc.) | $5,848 | | **Non-GAAP Net Income** | **$158,589** | Reconciliation of Net Cash from Operations to Unlevered Free Cash Flow (Full Year 2024, in thousands) | Description | Amount (in thousands) | | :--- | :--- | | **Net cash provided by operating activities** | **$217,476** | | Purchases of property and equipment | ($4,247) | | Capitalized software development costs | ($6,451) | | **Free cash flow** | **$206,778** | | Cash paid for interest and other financing costs | $30,977 | | **Unlevered free cash flow** | **$237,755** |

Core Insights - Tenable Holdings, Inc. has successfully completed the acquisition of Vulcan Cyber Ltd., enhancing its Exposure Management platform to provide better visibility, prioritization, and remediation across the attack surface [1][2] - The integration of Vulcan Cyber is expected to accelerate Tenable's exposure management vision, aiming to set a new industry standard for risk mitigation accuracy [2] Company Overview - Tenable is recognized as an exposure management company that addresses cybersecurity gaps, protecting business value, reputation, and trust for approximately 44,000 customers globally [3] Financial Outlook - For Q1 2025, Tenable anticipates revenue between $233.0 million and $235.0 million, with non-GAAP income from operations projected between $40.0 million and $42.0 million [5] - For the year ending December 31, 2025, revenue is expected to be in the range of $975.0 million to $985.0 million, with non-GAAP net income projected between $175.0 million and $185.0 million [5][12] - The forecasted unlevered free cash flow for the year ending December 31, 2025, is estimated to be between $265.0 million and $275.0 million [12]

Group 1 - Tenable Holdings, Inc. is a cybersecurity firm focused on exposure management, identifying and addressing potential security issues before they escalate into significant threats across IT, cloud, and critical infrastructure environments [1] - The primary product offered by Tenable is Tenable.io, which plays a crucial role in the company's cybersecurity solutions [1] Group 2 - Grassroots Trading emphasizes providing objective and unbiased research, concentrating on small- to mid-cap companies while also identifying opportunities in larger firms [1]

Financial Data and Key Metrics Changes - The company achieved 11% calculated current billings (CCB) growth, exceeding the midpoint of guidance by $7.5 million [12][36] - Revenue for the quarter was $235.7 million, representing 11% year-over-year growth and exceeding the midpoint of guidance by $4.7 million [38][44] - Operating margin was 25%, significantly better than expectations, with a full-year operating margin of 20%, up from 15% the previous year [43][44] - Generated $86 million in unlevered free cash flow for the quarter, up from $61 million in the previous quarter [46][96] Business Line Data and Key Metrics Changes - Strong performance in Exposure Management, with Tenable One reaching a record 40% of new business sales [13][65] - Cloud Security sales more than doubled during the quarter, with significant wins across both public and private sectors [20][71] - The company added 485 new enterprise platform customers and 135 net new six-figure customers during the quarter [36][88] Market Data and Key Metrics Changes - The company noted a cautious outlook for U.S. Federal business due to the transition of a new administration, impacting guidance [51][102] - The competitive environment in the Vulnerability Management (VM) space showed strong momentum, with high win rates against competitors [111][113] Company Strategy and Development Direction - The company plans to increase investment in product development and go-to-market strategies in 2025 while expanding operating and free cash flow margins [22][73] - The acquisition of Vulcan Cyber is aimed at enhancing data capabilities and accelerating the delivery of automated remediation capabilities [15][18] - The company remains committed to a balanced growth approach and returning capital to shareholders through a share repurchase program [22][74] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the Exposure Management market opportunity and the transformative potential of their solutions [84][86] - The company expects to deliver unlevered free cash flow in the range of $285 million to $295 million for 2025, above previous targets [103][104] - Management highlighted the importance of sales efficiency and competitive differentiation in the current market landscape [86][113] Other Important Information - The company finished the quarter with $577 million in cash and short-term investments, providing strong visibility into expected revenue [45][95] - The board increased the share repurchase authorization by $200 million, with $185 million remaining [47][97] Q&A Session Questions and Answers Question: Competitive Position in VM and Exposure Management - Management feels confident about the momentum in VM, noting better-than-expected growth and competitive displacements [110][112] Question: Caution on Federal Business - Management indicated caution regarding U.S. Federal business due to the transition of a new administration, with specific areas of softness noted [118][119]

Financial Performance - Tenable reported revenue of $235.73 million for the quarter ended December 2024, reflecting a year-over-year increase of 10.5% [1] - Earnings per share (EPS) for the quarter was $0.41, up from $0.25 in the same quarter last year, representing a significant increase [1] - The reported revenue exceeded the Zacks Consensus Estimate of $231.82 million by 1.69%, while the EPS surpassed the consensus estimate of $0.34 by 20.59% [1] Key Metrics - Current Billings were reported at $302.16 million, exceeding the average estimate of $295.71 million from seven analysts [4] - Subscription revenue reached $215.93 million, surpassing the six-analyst average estimate of $212.78 million, with a year-over-year growth of 11.4% [4] - Revenue from professional services and other was $7.97 million, exceeding the average estimate of $6.94 million, marking a year-over-year increase of 10.2% [4] - Revenue from perpetual license and maintenance was $11.83 million, slightly below the estimated $11.89 million, showing a decline of 3% compared to the previous year [4] Stock Performance - Tenable's shares have returned +10.4% over the past month, outperforming the Zacks S&P 500 composite's +1.7% change [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]

Core Insights - Tenable reported quarterly earnings of $0.41 per share, exceeding the Zacks Consensus Estimate of $0.34 per share, and up from $0.25 per share a year ago, representing an earnings surprise of 20.59% [1] - The company achieved revenues of $235.73 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 1.69% and increasing from $213.31 million year-over-year [2] - Tenable has consistently outperformed consensus EPS and revenue estimates over the last four quarters [2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.32 on revenues of $235.68 million, and for the current fiscal year, it is $1.44 on revenues of $982.4 million [7] - The estimate revisions trend for Tenable is favorable, contributing to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Internet - Software industry, to which Tenable belongs, is currently ranked in the top 28% of over 250 Zacks industries, suggesting a positive outlook for stocks within this sector [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Core Insights - Tenable Holdings, Inc. reported strong financial results for Q4 and the full year 2024, exceeding expectations in key metrics such as revenue, operating income, and unlevered free cash flow [2][5][6]. Financial Highlights - Q4 2024 revenue reached $235.7 million, marking an 11% increase year-over-year, while full year revenue totaled $900.0 million, up 13% year-over-year [5][6]. - Calculated current billings for Q4 were $302.2 million, also an 11% increase year-over-year, with full year calculated current billings at $969.5 million, up 11% year-over-year [5][6]. - The company achieved a GAAP income from operations of $13.0 million in Q4 2024, a significant improvement from a loss of $14.3 million in Q4 2023 [6]. - Non-GAAP income from operations for Q4 was $59.4 million, compared to $36.1 million in the same quarter of the previous year [6]. - Full year net cash provided by operating activities was $217.5 million, with unlevered free cash flow of $237.8 million [5][6]. Business Developments - The company added 485 new enterprise platform customers and 135 net new six-figure customers during the year [11]. - Tenable announced its intent to acquire Vulcan Cyber Ltd., which is expected to enhance its exposure management platform [11]. - The launch of Tenable Patch Management and integration of Tenable Vulnerability Intelligence into Tenable Security Center were key product developments [11]. Financial Outlook - For Q1 2025, Tenable expects revenue in the range of $232.0 million to $234.0 million and non-GAAP income from operations between $42.0 million and $44.0 million [12]. - For the full year 2025, revenue is projected to be between $971.0 million and $981.0 million, with non-GAAP income from operations expected to be in the range of $213.0 million to $223.0 million [12].