Core Insights - Tenable (TENB) reported quarterly earnings of $0.42 per share, exceeding the Zacks Consensus Estimate of $0.37 per share, and up from $0.32 per share a year ago, representing an earnings surprise of +13.51% [1] - The company achieved revenues of $252.44 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.99% and increasing from $227.09 million year-over-year [2] - Tenable has consistently surpassed consensus EPS and revenue estimates over the last four quarters [2] Earnings Performance - The earnings surprise for the latest quarter was +13.51%, following a previous surprise of +13.33% in the prior quarter [1][2] - The current consensus EPS estimate for the upcoming quarter is $0.44, with expected revenues of $251.11 million, and for the current fiscal year, the EPS estimate is $1.50 on revenues of $985.48 million [7] Stock Performance and Outlook - Tenable shares have declined approximately 22.9% year-to-date, contrasting with the S&P 500's gain of 17.2% [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating expectations of underperformance in the near future [6] Industry Context - The Internet - Software industry, to which Tenable belongs, is currently ranked in the top 30% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [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]

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Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $252.4 million, representing an 11.2% year-over-year growth [20] - Non-GAAP gross margin was 81.6%, an increase from 81.4% in Q3 2024 [21] - Non-GAAP income from operations was $58.9 million, or 23.3% of revenue, compared to $45 million, or 19.8% of revenue in Q3 2024 [21] - Non-GAAP earnings per share for the quarter was $0.42, an increase of 31.3% from $0.32 in Q3 2024 [22] - Cash and short-term investments totaled $383.6 million, with unleveraged free cash flow of $58.5 million for the quarter [22][23] Business Line Data and Key Metrics Changes - Tenable One, the exposure management platform, represented approximately 40% of new business during the quarter [7] - 437 new enterprise platform customers were added, a 13% increase compared to Q3 2024 [7] - The percentage of recurring revenue remained high at 95% [20] Market Data and Key Metrics Changes - Tenable was recognized as a leader in exposure management by Forrester and IDC during Q3 [13] - The company reported a net dollar expansion rate of 106% [21] Company Strategy and Development Direction - The company is focusing on a shift from reactive to preemptive security, driven by advancements in AI [8][9] - Significant investments in R&D, up over 20% year-to-date, are aimed at enhancing Tenable One [10] - The company is building a comprehensive exposure management platform that integrates various security tools and data sources [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the pipeline and renewal business, indicating minimal exposure to potential government shutdown impacts [31][38] - The company raised its full-year guidance for calculated current billings and revenue, reflecting confidence in sustained growth [24][25] Other Important Information - The company repurchased 2 million shares for $60 million during the quarter, totaling 8.3 million shares repurchased for $300 million since November 2023 [23] - The company launched Tenable AI Exposure to help organizations manage risks associated with generative AI [10] Q&A Session Summary Question: Performance in U.S. Federal vertical - Management noted strong performance in the public sector and U.S. Federal, in line with expectations despite potential shutdowns [31] Question: Impact of CISA 2015 expiration on CVE reporting - Management does not anticipate significant negative impacts from the expiration based on current feedback [39] Question: Changes to guidance philosophy - Management indicated no substantial changes to guidance philosophy, emphasizing a high-functioning team [45] Question: Billings guidance and visibility - Management expressed increased positivity about the year due to strong Q3 performance and visibility into Q4 [47] Question: AI innovation roadmap - Management is considering both organic growth and M&A for AI innovations, focusing on proactive security [74] Question: Percentage of customers on Tenable One - Approximately 3,000 out of 18,000 enterprise customers are using Tenable One, with significant upsell opportunities [64] Question: Demand environment across markets - Demand was consistent across various sectors, with strong performance in new customer acquisitions [92] Question: Multi-cloud support and cloud security performance - Management noted active discussions regarding multi-cloud support and expressed optimism about cloud business growth [99]

Financial Data and Key Metrics Changes - In Q3 2025, the company reported revenue of $252.4 million, reflecting an 11.2% year-over-year growth [20] - Non-GAAP gross margin increased to 81.6% from 81.4% in Q3 2024 [21] - Non-GAAP income from operations was $58.9 million, or 23.3% of revenue, compared to $45 million, or 19.8% of revenue in Q3 2024 [22] - Non-GAAP earnings per share for the quarter was $0.42, up 31.3% from $0.32 in Q3 2024 [22] - Cash and short-term investments totaled $383.6 million, with unleveraged free cash flow of $58.5 million for the quarter [23][24] Business Line Data and Key Metrics Changes - Tenable One, the exposure management platform, represented approximately 40% of new business during the quarter [6] - The company added 437 new enterprise platform customers, a 13% increase compared to Q3 2024 [6] - The percentage of recurring revenue remained high at 95% [20] Market Data and Key Metrics Changes - The company was recognized as a leader in exposure management by Forrester and IDC during Q3 [13] - IDC reported that Tenable ranked number one in its latest market share report [13] Company Strategy and Development Direction - The company is focusing on a shift from reactive cybersecurity to a more preventative and preemptive approach, driven by AI advancements [7][8] - Significant investments in R&D, with over 20% increase year-to-date, are aimed at enhancing Tenable One [10] - The company is building a comprehensive exposure management platform that integrates various security tools and data sources [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the pipeline and renewal business, indicating minimal exposure to potential government shutdown impacts [31][35] - The company raised its full-year guidance for calculated current billings and revenue, reflecting optimism for continued growth [25][26] Other Important Information - The company repurchased 2 million shares for $60 million during the quarter, totaling 8.3 million shares repurchased for $300 million since November 2023 [24] - The company launched Tenable AI Exposure to help organizations manage risks associated with generative AI [10] Q&A Session Summary Question: Performance in U.S. Federal vertical - Management noted strong performance in the public sector and U.S. Federal, aligning with expectations despite seasonal challenges [31] Question: Impact of government shutdowns on Q4 - Management indicated minimal exposure to potential shutdown impacts, with strong renewal business and a positive pipeline outlook [35] Question: Changes in guidance philosophy - Management confirmed no substantial changes to guidance philosophy, emphasizing a high-functioning team and focus on key metrics [40] Question: Billings guidance and visibility - Management expressed increased confidence in year-end visibility, leading to a slight upward adjustment in guidance [41] Question: AI innovation roadmap - Management indicated a dual approach of organic growth and potential M&A to enhance AI capabilities in response to evolving threats [64] Question: Contribution of integrations to deal velocity - Management highlighted that over 300 validated integrations enhance deal velocity and customer insights, supporting unified visibility [91]

Business Overview - Tenable offers a unique approach to a secular growth opportunity in Exposure Management[10] - The company's platform unifies data across network, cloud, Identity, OT, and DevOps environments[10] - AI-driven analytics are used for prioritization and benchmarking[10] - Tenable One is designed to be a comprehensive Exposure Management Platform[17] Market Opportunity & Competitive Position - Exposure Management represents a $50 billion market opportunity[25] - Tenable holds the 1 market share at 26.6% in the Worldwide Device Vulnerability and Exposure Management market[29] Financial Performance - Q3 2025 revenue reached $252.4 million, reflecting 11% year-over-year growth[35] - Calculated Current Billings (CCB) for Q3 2025 were $267.5 million, an 8% year-over-year increase[35] - Short-Term Remaining Performance Obligations (RPO) grew to $669 million, a 13% year-over-year increase[35] - The company anticipates full year 2025 revenue between $988 million and $992 million[54] - The company anticipates full year 2025 Calculated Current Billings between $1.040 billion and $1.048 billion[54]

Financial Performance - Revenue for Q3 2025 was $252.4 million, representing an 11% year-over-year growth[6] - Calculated current billings for Q3 2025 were $267.5 million, an 8% increase year-over-year[7] - GAAP net income was $2.3 million, compared to a loss of $9.2 million in Q3 2024[7] - Non-GAAP net income was $51.4 million, up from $39.3 million in Q3 2024[7] - Non-GAAP diluted earnings per share increased to $0.42 from $0.32 in Q3 2024[7] - Revenue for Q3 2025 was $252,440,000, a 11.2% increase from $227,088,000 in Q3 2024[25] - Gross profit for Q3 2025 reached $195,687,000, compared to $176,589,000 in Q3 2024, reflecting a 10.8% growth[25] - Net income for Q3 2025 was $2,260,000, a significant improvement from a net loss of $9,211,000 in Q3 2024[25] - Total revenue for the nine months ended September 30, 2025, was $738.9 million, a 11.2% increase compared to $664.3 million for the same period in 2024[30] - Non-GAAP income from operations for Q3 2025 was $58.9 million, compared to $45.0 million in Q3 2024, representing a 30.0% increase[32] - Non-GAAP net income for the nine months ended September 30, 2025, was $137.1 million, up 27.1% from $107.9 million in 2024[32] Customer Growth - Added 437 new enterprise platform customers and 38 net new six-figure customers in Q3 2025[7] Future Guidance - For Q4 2025, revenue is expected to be in the range of $249.1 million to $253.1 million[11] - Full-year revenue guidance for 2025 is projected between $988.0 million and $992.0 million[11] - Forecasted non-GAAP income from operations for the three months ending December 31, 2025, is projected to be between $55.7 million and $59.7 million, with a year-end forecast of $211.0 million to $215.0 million[36] - The forecasted net loss for the three months ending December 31, 2025, is estimated to be between $(6.0) million and $(2.0) million, with a year-end forecast of $(41.3) million to $(37.3) million[36] - Forecasted non-GAAP net income for the three months ending December 31, 2025, is expected to range from $47.9 million to $51.9 million, with a year-end forecast of $185.0 million to $189.0 million[36] - The forecasted free cash flow for the year ending December 31, 2025, is projected to be between $238.2 million and $248.2 million[36] - Forecasted unlevered free cash flow for the year ending December 31, 2025, is estimated to be between $265.0 million and $275.0 million[36] Operating Expenses and Cash Flow - Total operating expenses for the nine months ended September 30, 2025, were $593,248,000, up from $535,892,000 in the same period of 2024[25] - Cash and cash equivalents decreased to $171,852,000 as of September 30, 2025, down from $328,647,000 at the end of 2024[27] - Net cash provided by operating activities for the nine months ended September 30, 2025, was $183,720,000, compared to $136,357,000 in 2024[29] - Free cash flow for Q3 2025 was $51.6 million, slightly down from $52.7 million in Q3 2024[30] Stock and Compensation - Stock-based compensation for the nine months ended September 30, 2025, totaled $147,311,000, an increase from $122,801,000 in 2024[29] - Forecasted stock-based compensation for the three months ending December 31, 2025, is expected to be $44.6 million, with a year-end forecast of $191.9 million[36] Assets and Liabilities - Total assets as of September 30, 2025, were $1,652,622,000, a decrease from $1,742,119,000 at the end of 2024[27] - The company reported a decrease in deferred revenue to $639,614,000 as of September 30, 2025, from $650,372,000 at the end of 2024[27] - Remaining performance obligations as of September 30, 2025, totaled $928.9 million, reflecting a 20.4% increase from $771.6 million in 2024[30] - Business combinations in 2025 resulted in a cash outflow of $196,182,000, compared to $29,162,000 in 2024[29] New Initiatives - Launched Tenable AI Exposure, a solution for managing risks from generative AI[7] - Appointed Matthew Brown as Chief Financial Officer, enhancing leadership[7] Profitability Metrics - Non-GAAP gross profit for Q3 2025 was $206.0 million, an increase from $184.8 million in Q3 2024[34] - Non-GAAP operating margin improved to 23.3% in Q3 2025, compared to 19.8% in Q3 2024[32] - The forecasted diluted non-GAAP earnings per share for the three months ending December 31, 2025, is expected to range from $0.39 to $0.43, with a year-end forecast of $1.51 to $1.54[36] - The forecasted weighted-average shares used to compute non-GAAP earnings per share, diluted, is projected to be 121.5 million for the three months ending December 31, 2025[36]

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Core Insights - Tenable Holdings, Inc. reported better-than-expected financial results for Q3 2025, driven by strong demand for its Tenable One Exposure Management platform, reflecting a shift in the cybersecurity industry towards proactive risk management [2][6][7]. Financial Highlights - Revenue for Q3 2025 was $252.4 million, representing an 11% year-over-year growth [6][7]. - Calculated current billings reached $267.5 million, an 8% increase year-over-year [6][7]. - GAAP operating margin improved to 2.8%, compared to a loss of 0.9% in Q3 2024 [6][7]. - Non-GAAP operating margin increased to 23.3%, up 350 basis points year-over-year [6][7]. - GAAP net income was $2.3 million, a significant recovery from a loss of $9.2 million in Q3 2024 [6][7]. - Non-GAAP net income was $51.4 million, compared to $39.3 million in the same quarter last year [6][7]. Business Developments - The company added 437 new enterprise platform customers and 38 new six-figure customers during the quarter [6][7]. - Tenable launched Tenable AI Exposure, a solution aimed at managing risks associated with generative AI [6][7]. - The company was recognized as a "Leader" in Worldwide Exposure Management by IDC and Unified Vulnerability Management by Forrester [6][7]. Financial Outlook - For Q4 2025, Tenable expects revenue in the range of $249.1 million to $253.1 million [11]. - For the full year ending December 31, 2025, revenue is projected to be between $988.0 million and $992.0 million [11].

Company Overview - Sandisk is valued at $18.6 billion and is known for creating, manufacturing, and distributing flash memory storage systems used in smartphones, cameras, computers, and data centers [5] - The stock has experienced a significant rise of over 288% since its relisting under the SNDK ticker earlier this year, driven by increased demand for high-performance data storage solutions for AI workloads [4] Financial Performance - Analysts expect Sandisk's revenue to increase by 22% to $8.9 billion, with earnings projected to rise by 119% to $6.55 per share [2] - For the full fiscal year 2025, Sandisk reported a 10% increase in revenue to $7.3 billion and a profit of $2.99 per share, compared to a loss of $3.46 per share in fiscal 2024 [3] Market Position and Competition - The competitive landscape in the flash memory market remains intense, with Micron dominating both the NAND and DRAM markets [2] - The demand for massive storage and memory capacities driven by AI models positions Sandisk as an appealing target for Big Tech firms developing or expanding AI data centers [3] Analyst Ratings - Wall Street rates Sandisk stock as a consensus "Moderate Buy," with 11 out of 18 analysts recommending a "Strong Buy," six recommending a "Hold," and one suggesting a "Strong Sell" [1] - The stock has surpassed its average analyst price target of $94.28, with a high price estimate of $150 implying an upside potential of 8% over the next 12 months [1]

Financial Results Announcement - Tenable Holdings, Inc. will release its financial results for the third quarter ended September 30, 2025, after the U.S. market close on October 29, 2025 [1] - A conference call will be held on the same day at 4:30 p.m. ET to discuss the results [1] Webcast and Dial-in Information - A live webcast of the conference call will be available on the Tenable Investor Relations website [2] - Domestic dial-in number is 1-877-407-9716 and 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 integrates 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]