Tenable(US:TENB)2024-11-05 21:31Revenue Performance - Revenue for the three months ended September 30, 2024, was $227,088 thousand, representing a 12.7% increase from $201,529 thousand in the same period of 2023[87] - Total revenue for the nine months ended September 30, 2024, was $664,290 thousand, a 13% increase from $585,404 thousand in the same period of 2023[143] - Subscription revenue increased by $25,286 thousand, or 14%, to $208,554 thousand compared to $183,268 thousand in the prior year[134] - International revenue for the three months ended September 30, 2024, increased by $14,400 thousand, or 16%[134] Profitability and Loss - Net loss for the three months ended September 30, 2024, was $9,211 thousand, an improvement from a net loss of $15,565 thousand in the same period of 2023[87] - Loss from operations for the three months ended September 30, 2024, was $(2,083) thousand, significantly improved from $(7,913) thousand in the same period of 2023[87] - Non-GAAP net income for the three months ended September 30, 2024, was $39,323,000, compared to $27,668,000 for the same period in 2023[110] - Non-GAAP earnings per share for the three months ended September 30, 2024, was $0.32, up from $0.23 in the same period of 2023[110] Cash Flow and Operating Activities - Net cash provided by operating activities for the three months ended September 30, 2024, was $54,607 thousand, compared to $42,411 thousand in the same period of 2023[96] - Free cash flow for the three months ended September 30, 2024, was $52,711 thousand, an increase from $40,316 thousand in the same period of 2023[96] - As of September 30, 2024, the company had $312.2 million in cash and cash equivalents and $236.2 million in short-term investments[153] Expenses - Operating expenses totaled $178,672 thousand for the three months ended September 30, 2024, up from $163,688 thousand in 2023, representing a 9% increase[132] - Research and development expenses rose by $10,968 thousand, or 30%, to $48,020 thousand compared to $37,052 thousand in the prior year[137] - Sales and marketing expenses increased by $10.3 million to $300.0 million, a 4% rise, primarily due to higher demand generation costs and sales commissions[146] - General and administrative expenses increased by $7.3 million to $92.9 million, an 8% rise, mainly due to higher personnel costs and professional fees[148] Deferred Revenue and Customer Metrics - Deferred revenue at the end of the period for September 30, 2024, was $583,940 thousand, compared to $518,372 thousand at the end of September 30, 2023[93] - The number of customers with an annual contract value of $100,000 or greater increased by 18%, reaching 1,853 customers as of September 30, 2024, compared to 1,565 in 2023[99] Market and Economic Factors - The company is exposed to foreign currency exchange risks, particularly with the Euro, British Pound, Australian dollar, Israeli New Shekel, Indian Rupee, and Brazilian Real[172] - The strengthening of the U.S. dollar could lead to lower international sales as products may appear more expensive[172] - Inflation has not materially affected the company's operations through September 30, 2024, but rising costs related to employees and cloud infrastructure may pose future risks[173] Strategic Initiatives - The company acquired Eureka Security, Inc. for approximately $29 million in cash in June 2024, indicating ongoing market expansion efforts[157] - A stock repurchase plan authorized up to $100 million, with $64.9 million spent to buy back 1.5 million shares through September 30, 2024[159]