Tenable(TENB) - 2024 Q1 - Quarterly Report

Revenue Performance - Revenue for the three months ended March 31, 2024, was $216.0 million, representing a year-over-year growth of 14$188.8 million in the same period of 2023[80] - Revenue for the three months ended March 31, 2024, was $215.961 million, an increase of$27.122 million or 14% compared to $188.839 million in 2023[125] - Subscription revenue increased by$26.537 million or 16% to $197.635 million, while professional services and other revenue rose by$610,000 or 11% to $6.170 million[125] - U.S. revenue increased by$12.0 million or 11%, while international revenue rose by $15.1 million or 18$14.4 million, a decrease from a net loss of $25.1 million in Q1 2023[81] - The net loss for the three months ended March 31, 2024, was$14.386 million, a reduction from a net loss of $25.097 million in the same period of 2023[123] - Non-GAAP net income for the period was$30.440 million, compared to $13.063 million in the prior year, leading to non-GAAP earnings per share of$0.25, up from $0.11[123] Cash Flow - Cash flows from operating activities increased to$50.3 million in Q1 2024, compared to $38.7 million in Q1 2023[81] - Free cash flow for Q1 2024 was$47.1 million, compared to $37.3 million in Q1 2023[90] - Net cash provided by operating activities was$50.3 million, an increase from $38.7 million in the prior year[143] Customer Growth - The number of new enterprise platform customers added in Q1 2024 was 410, an increase of 8$100,000 or greater increased by 19%, reaching 1,717 in Q1 2024, up from 1,444 in Q1 2023[91] Operating Expenses - Operating expenses totaled $175.959 million, an increase of$13.470 million or 8% from $162.489 million in 2023, with sales and marketing expenses rising to$99.825 million[123] - Research and development expenses increased to $43.727 million, up from$38.183 million in the previous year, reflecting ongoing investment in product capabilities[123] - Research and development expenses increased by $5.5 million, or 15$38.2 million for the three months ended March 31, 2024[129] - General and administrative expenses rose by $3.9 million, or 14$31.0 million for the same period[129] - The company incurred $1.4 million in restructuring costs, representing a 100$197.8 million, up from $176.8 million in Q1 2023, reflecting a growth of 12$37.0 million, compared to $18.1 million in Q1 2023, with a non-GAAP operating margin of 17$722.7 million, with $562.6 million expected to be recognized as revenue in the next 12 months[136] Acquisitions and Stock Repurchase - The company acquired Ermetic for approximately$244 million in cash in October 2023[137] - A stock repurchase program authorized up to $100 million, with$25.0 million spent to repurchase 525,773 shares in the three months ended March 31, 2024[139] Interest and Taxes - Interest income increased by $0.5 million, or 10$5.6 million, while interest expense rose by $0.8 million, or 11$8.1 million[133] - The provision for income taxes decreased by $1.5 million, or 47$1.7 million for the three months ended March 31, 2024[134] Cash and Investments - Cash and cash equivalents totaled $260.0 million, with short-term investments of$250.8 million as of March 31, 2024[134]