Tenable Announces Second Quarter 2018 Financial Results
Revenue of $63.6 million, up 44% year-over-year
Calculated current billings of $77.4 million, up 39% year-over-year
Added 282 new logo enterprise platform customers, up 30% year-over-year
Raised $265 million of net proceeds in initial public offering in July
COLUMBIA, Maryland, September 5, 2018 — Tenable Holdings, Inc. (“Tenable”) (Nasdaq: TENB), the Cyber Exposure company, today announced financial results for the quarter ended June 30, 2018.
“We are pleased with the strength of our second quarter results, highlighted by 44% year-over-year growth in revenue and 39% year-over-year growth in calculated current billings,” said Amit Yoran, Chairman and CEO of Tenable. “Our rapid growth was driven by strong worldwide demand for our enterprise platform offerings, SecurityCenter and Tenable.io, and by the increasing strategic importance of Cyber Exposure. Looking ahead, we are well positioned to capitalize on this multi-billion dollar market opportunity and help companies manage their cybersecurity risk as they undergo digital transformation.”
Second Quarter 2018 Financial Highlights
Revenue of $63.6 million represented a 44% increase year-over-year.
Calculated current billings was $77.4 million representing a 39% increase year-over-year.
GAAP loss from operations was $16.4 million, compared to a loss of $9.2 million in the second quarter of 2017.
Non-GAAP loss from operations was $13.3 million, compared to a loss of $7.2 million in the second quarter of 2017.
GAAP net loss per share was $0.73, compared to GAAP net loss per share of $0.43 in the second quarter of 2017.
Pro forma non-GAAP net loss per share, which gives effect to the conversion of outstanding preferred common stock as of the beginning of the period, was $0.18, compared to pro forma non-GAAP loss per share of $0.09 in the second quarter of 2017.
Cash and cash equivalents was $23.7 million as of June 30, 2018. Our initial public offering in July generated net proceeds of $265 million, net of underwriting discounts and commissions and offering expenses.
Net cash provided by operating activities was $0.2 million, compared to net cash used of $(1.0) million in the second quarter of 2017.
Free cash flow was $(1.1) million, compared to $(1.2) million in the second quarter of 2017.
Second Quarter 2018 Business Highlights
Announced the industry’s first solution designed to reduce cybersecurity risk across today’s converged IT/Operational Technology ("OT") environments, including enhancements to Tenable.io® and our Industrial Security offering, that is delivered in partnership with Siemens.
Added 282 new logo enterprise platform customers, up 30% year-over-year, and added 33 net new six figure annual recurring revenue customers to reach over 340 in total.
Tenable Research discovered a new vulnerability in critical infrastructure at a time when OT systems have become high-value targets for cybercriminals around the world.
Unveiled original research citing that cybercriminals have a seven-day window of opportunity to exploit a vulnerability before security teams launch initial assessments for the new vulnerability. This lag time further highlights the criticality of measuring and managing Cyber Exposure to eliminate the attackers' advantage.
Tenable.io won best vulnerability management solution at the 2018 SC Awards Europe.

1



Financial Outlook
For the third quarter of 2018, we currently expect:
Revenue in the range of $66.0 million to $66.5 million.
Non-GAAP loss from operations in the range of $17.5 million to $16.5 million.
Non-GAAP net loss in the range of $17.1 million to $16.1 million.
Pro forma non-GAAP net loss per share in the range of $0.19 to $0.18, assuming 88.7 million weighted average shares outstanding.
For the year ending December 31, 2018, we currently expect:
Revenue in the range of $260.0 million to $261.0 million.
Calculated current billings in the range of $314.0 million to $316.0 million.
Non-GAAP loss from operations in the range of $60.7 million to $58.7 million.
Non-GAAP net loss in the range of $61.2 million to $59.2 million.
Pro forma non-GAAP net loss per share in the range of $0.72 to $0.70, assuming 84.8 million weighted average shares outstanding.
Conference Call Information
Tenable will host a conference call at 5:00 p.m Eastern Time to discuss its financial results. The conference call can be accessed at 877-407-9716 (U.S.) and 201-493-6779 (international). A live webcast of the event will be available on the Tenable Investor Relations website at https://investors.tenable.com. A replay of the webcast will be available until September 19, 2018.
About Tenable
Tenable® is the Cyber Exposure company. Over 24,000 organizations around the globe rely on Tenable to understand and reduce cyber risk. As the creator of Nessus®, Tenable extended its expertise in vulnerabilities to deliver Tenable.io®, the world’s first platform to see and secure any digital asset on any computing platform. Tenable customers include more than 50 percent of the Fortune 500, more than 25 percent of the Global 2000 and large government agencies. Learn more at tenable.com.
Contact Information
Investor Relations
Andrea DiMarco
investors@tenable.com
Media Relations
Cayla Baker
tenablepr@tenable.com
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding our future results of operations and financial position, business strategy and plans and objectives for future operations, are forward-looking statements and represent our views as of the date of this press release. The words “anticipate,” believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “will” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of assumptions and risks and uncertainties, many of which involve factors

2



or circumstances that are beyond our control that could affect our financial results. These risks and uncertainties are detailed in the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our prospectus dated July 25, 2018, as filed with the Securities and Exchange Commission ("SEC") on July 26, 2018 pursuant to Rule 424(b) under the Securities Act of 1933, as amended, which is available on the SEC's website at www.sec.gov. Additional information will be made available in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2018 and other filings that we make from time to time with the SEC. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in any forward-looking statements. Except as required by law, we are under no obligation to update these forward-looking statements subsequent to the date of this press release, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.
Non-GAAP Financial Measures and Other Key Metrics
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, as described below, to understand and evaluate our core operating performance. These non-GAAP financial measures, which may be different than similarly titled measures used by other companies, are presented to enhance investors’ overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects and allow for greater transparency with respect to important metrics used by management for financial and operational decision-making. We present these non-GAAP metrics to assist investors in seeing our financial performance using a management view and because we believe that these measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods with other companies in our industry.
Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the financial tables accompanying this press release. Reconciliations of forward-looking non-GAAP financial measures are not available because certain of the expense cannot be reasonably calculated or predicted at this time.
Non-GAAP Loss from Operations and Non-GAAP Operating Margin: We define these non-GAAP financial measures as their respective GAAP measures, excluding the effect of stock-based compensation and amortization of intangible assets. We believe that these non-GAAP financial measures provide useful information about our core operating results over multiple periods.
Non-GAAP Net Loss, Non-GAAP Net Loss Per Share and Pro Forma Non-GAAP Net Loss Per Share: We define non-GAAP net loss as GAAP net loss attributable to common shareholders, excluding the effect of the accretion of Series A and B redeemable convertible preferred stock, stock-based compensation and amortization of intangible assets, including the applicable tax impact. We use non-GAAP net loss to calculate non-GAAP net loss per share and pro forma non-GAAP net loss per share. Pro forma non-GAAP net loss per share is calculated by giving effect to the conversion of our redeemable convertible preferred stock into common stock as though the conversion occurred at the beginning of each period presented. We believe that these non-GAAP measures provide important information to management and investors because they facilitate comparisons of our core operating results over multiple periods.
Non-GAAP Gross Profit and Non-GAAP Gross Margin: We define non-GAAP gross profit as GAAP gross profit, excluding the effect of stock-based compensation and amortization of intangible assets. Non-GAAP gross margin is defined as non-GAAP gross profit as a percentage of revenue. We believe that these non-GAAP financial measures provide useful information about our core operating results over multiple periods.

3



Non-GAAP Sales and Marketing Expense, Non-GAAP Research and Development Expense and Non-GAAP General and Administrative Expense: We define these non-GAAP measures as their respective GAAP measures, excluding stock-based compensation. We believe that these non-GAAP financial measures provide useful information about our core operating results over multiple periods.
Calculated Current Billings: We define calculated current billings, a non-GAAP financial measure, as total revenue recognized in a period plus the change in current deferred revenue in the corresponding period. We believe that calculated current billings is a key metric to measure our periodic performance. Given that most of our customers pay in advance (including multi-year contracts), but we generally recognize the related revenue ratably over time, we use calculated current billings to measure and monitor our ability to provide our business with the working capital generated by upfront payments from our customers. We believe that calculated current billings, which excludes deferred revenue for periods beyond twelve months in a customer’s contractual term, more closely correlates with annual contract value and that the variability in total billings, depending on the timing of large multi-year contracts and the preference for annual billing versus multi-year upfront billing, may distort growth in one period over another.
Free Cash Flow: We define free cash flow, a non-GAAP financial measure, as net cash provided by (used in) operating activities less purchases of property and equipment. We believe free cash flow is an important liquidity measure of the cash (if any) that is available, after purchases of property and equipment, for investment in our business and to make acquisitions. We believe that free cash flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash.


4



TENABLE HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(in thousands, except per share data)
2018
 
2017
 
2018
 
2017
Revenue
$
63,592

 
$
44,149

 
$
122,699

 
$
84,630

Cost of revenue(1)
9,879

 
5,348

 
18,607

 
9,786

Gross profit
53,713

 
38,801

 
104,092

 
74,844

Operating expenses:
 
 
 
 
 
 
 
Sales and marketing(1)
41,826

 
27,773

 
81,414

 
53,941

Research and development(1)
17,791

 
13,713

 
34,976

 
26,171

General and administrative(1)
10,541

 
6,544

 
19,596

 
12,707

Total operating expenses
70,158

 
48,030

 
135,986

 
92,819

Loss from operations
(16,445
)
 
(9,229
)
 
(31,894
)
 
(17,975
)
Other (expense) income, net
(461
)
 
56

 
(469
)
 
27

Loss before income taxes
(16,906
)
 
(9,173
)
 
(32,363
)
 
(17,948
)
Provision for income taxes
244

 
41

 
675

 
92

Net loss and comprehensive loss
(17,150
)
 
(9,214
)
 
(33,038
)
 
(18,040
)
Accretion of Series A and B redeemable convertible preferred stock
(191
)
 
(191
)
 
(379
)
 
(378
)
Net loss attributable to common stockholders
$
(17,341
)
 
$
(9,405
)
 
$
(33,417
)
 
$
(18,418
)
 
 
 
 
 
 
 
 
Net loss per share attributable to common stockholders, basic and diluted
$
(0.73
)
 
$
(0.43
)
 
$
(1.41
)
 
$
(0.85
)
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted
23,750

 
22,060

 
23,623

 
21,661

_______________
(1) Includes stock-based compensation as follows:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2018
 
2017
 
2018
 
2017
Cost of revenue
$
114

 
$
50

 
$
191

 
$
104

Sales and marketing
675

 
358

 
1,277

 
628

Research and development
640

 
452

 
1,167

 
846

General and administrative
1,595

 
989

 
2,788

 
1,897

Total stock-based compensation
$
3,024

 
$
1,849

 
$
5,423

 
$
3,475



5



TENABLE HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
 
June 30,
2018
 
December 31, 2017
(in thousands, except per share data)
(unaudited)
 
 
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
23,655

 
$
27,210

Accounts receivable (net of allowance for doubtful accounts of $261 and $160 at June 30, 2018 and December 31, 2017, respectively)
49,930

 
50,881

Deferred commissions
19,078

 
17,170

Prepaid expenses and other current assets
13,324

 
15,994

Total current assets
105,987

 
111,255

Property and equipment, net
11,240

 
10,754

Construction in progress
12,253

 
2,252

Deferred commissions (net of current portion)
31,727

 
33,006

Intangible assets, net
729

 
1,031

Goodwill
265

 
265

Other assets
7,157

 
5,774

Total assets
$
169,358

 
$
164,337

Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Deficit
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
1,457

 
$
338

Accrued expenses
7,462

 
4,878

Accrued compensation
15,862

 
18,482

Deferred revenue
174,277

 
154,898

Other current liabilities
1,932

 
1,750

Total current liabilities
200,990

 
180,346

Deferred revenue (net of current portion)
72,860

 
70,920

Financing obligation
11,803

 
1,802

Other liabilities
4,315

 
5,199

Total liabilities
289,968

 
258,267

 
 
 
 
Redeemable convertible Series A preferred stock (par value: $0.01; 15,848 shares authorized, issued, and outstanding with liquidation preference of $50,000 at June 30, 2018 and December 31, 2017)
49,946

 
49,935

Redeemable convertible Series B preferred stock (par value: $0.01; 42,000 shares authorized, 39,538 issued and outstanding with liquidation preference of $230,008 at June 30, 2018 and December 31, 2017)
228,168

 
227,800

Stockholders’ deficit:
 
 
 
Common stock (par value: $0.01; 93,848 and 93,855 shares authorized at June 30, 2018 and December 31, 2017; 24,951 and 24,472 shares issued and outstanding at June 30, 2018 and December 31, 2017)
250

 
246

Additional paid-in capital
26,651

 
20,676

Accumulated deficit
(425,625
)
 
(392,587
)
Total stockholders’ deficit
(398,724
)
 
(371,665
)
Total liabilities, redeemable convertible preferred stock and stockholders’ deficit
$
169,358

 
$
164,337



6



TENABLE HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
 
Six Months Ended June 30,
(in thousands)
2018
 
2017
Cash flows from operating activities:
 
 
 
Net loss
$
(33,038
)
 
$
(18,040
)
Adjustments to reconcile net loss to net cash provided by operating activities:
 
 
 
Depreciation and amortization
2,994

 
2,121

Stock-based compensation
5,423

 
3,475

Deferred income taxes

 
318

Other
664

 
(39
)
Changes in operating assets and liabilities:
 
 
 
Accounts receivable
850

 
(1,205
)
Prepaid expenses and other current assets
2,625

 
(205
)
Deferred commissions
(629
)
 
(6,134
)
Other assets
1,260

 
219

Accounts payable and accrued expenses
2,326

 
1,846

Accrued compensation
(2,620
)
 
(878
)
Deferred revenue
21,319

 
19,468

Other current liabilities
(3
)
 
(517
)
Other liabilities
(425
)
 
(261
)
Net cash provided by operating activities
746

 
168

 
 
 
 
Cash flows from investing activities:
 
 
 
Purchases of property and equipment
(2,978
)
 
(681
)
Net cash used in investing activities
(2,978
)
 
(681
)
 
 
 
 
Cash flows from financing activities:
 
 
 
Principal payments under capital lease obligations
(252
)
 
(90
)
Credit facility issuance costs

 
(238
)
Payments of deferred offering costs
(1,515
)
 

Proceeds from the exercise of stock options
1,010

 
2,467

Repurchases of common stock
(75
)
 
(385
)
Net cash (used in) provided by financing activities
(832
)
 
1,754

Effect of exchange rate changes on cash and cash equivalents and restricted cash
(491
)
 
45

Net (decrease) increase in cash and cash equivalents and restricted cash
(3,555
)
 
1,286

Cash and cash equivalents and restricted cash at beginning of period
27,472

 
34,470

Cash and cash equivalents and restricted cash at end of period
$
23,917

 
$
35,756



7



TENABLE HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(dollars in thousands)
(unaudited)
Non-GAAP Loss from Operations and Non-GAAP Operating Margin
Three Months Ended June 30,
 
Six Months Ended June 30,
2018
 
2017
 
2018
 
2017
Loss from operations
$
(16,445
)
 
$
(9,229
)
 
$
(31,894
)
 
$
(17,975
)
Stock-based compensation
3,024

 
1,849

 
5,423

 
3,475

Amortization of intangible assets
151

 
151

 
302

 
302

Non-GAAP loss from operations
$
(13,270
)
 
$
(7,229
)
 
$
(26,169
)
 
$
(14,198
)
Operating margin
(26
)%
 
(21
)%
 
(26
)%
 
(21
)%
Non-GAAP operating margin
(21
)%
 
(16
)%
 
(21
)%
 
(17
)%
Non-GAAP Net Loss, Non-GAAP Net Loss Per Share and Pro forma Non-GAAP Loss Per Share
Three Months Ended June 30,
 
Six Months Ended June 30,
2018
 
2017
 
2018
 
2017
Net loss attributable to common stockholders
$
(17,341
)
 
$
(9,405
)
 
$
(33,417
)
 
$
(18,418
)
Accretion of Series A and B redeemable convertible preferred stock
191

 
191

 
379

 
378

Stock-based compensation
3,024

 
1,849

 
5,423

 
3,475

Tax impact of stock-based compensation(1)
(25
)
 
(12
)
 
(48
)
 
(22
)
Amortization of intangible assets(1)
151

 
151

 
302

 
302

Non-GAAP net loss
$
(14,000
)
 
$
(7,226
)
 
$
(27,361
)
 
$
(14,285
)
 
 
 
 
 
 
 
 
Net loss per share attributable to common stockholders, basic and diluted
$
(0.73
)
 
$
(0.43
)
 
$
(1.41
)
 
$
(0.85
)
Accretion of Series A and B redeemable convertible preferred stock
0.01

 
0.01

 
0.02

 
0.02

Stock-based compensation
0.12

 
0.08

 
0.22

 
0.16

Tax impact of stock-based compensation(1)

 

 

 

Amortization of intangible assets(1)
0.01

 
0.01

 
0.01

 
0.01

Non-GAAP net loss per share, basic and diluted
$
(0.59
)
 
$
(0.33
)
 
$
(1.16
)
 
$
(0.66
)
 
 
 
 
 
 
 
 
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted
23,750
 
22,060
 
23,623
 
21,661
Pro forma adjustment to reflect assumed conversion of our convertible redeemable preferred stock as of the beginning of the period
55,386
 
55,386
 
55,386
 
55,386
Weighted-average shares used to compute pro forma non-GAAP net loss per share, basic and diluted
79,136
 
77,446
 
79,009
 
77,047
 
 
 
 
 
 
 
 
Pro forma non-GAAP net loss per share
$
(0.18
)
 
$
(0.09
)
 
$
(0.35
)
 
$
(0.19
)
________________
(1)    The tax impact of the adjustments to net loss attributable to common stockholders is based on the tax treatment for applicable tax jurisdictions. There was no tax impact related to the amortization of intangible assets as it was incurred in the United States in periods in which we maintained a full valuation allowance.

8



 
Three Months Ended June 30,
 
Six Months Ended June 30,
Calculated Current Billings
2018
 
2017
 
2018
 
2017
Revenue
$
63,592

 
$
44,149

 
$
122,699

 
$
84,630

Deferred revenue (current), end of period
174,277

 
122,190

 
174,277

 
122,190

Deferred revenue (current), beginning of period(1)
(160,503
)
 
(110,605
)
 
(154,898
)
 
(107,006
)
Calculated current billings
$
77,366

 
$
55,734

 
$
142,078

 
$
99,814

________________
(1)    In connection with adopting ASC 606, we recorded $19.0 million of current deferred revenue on January 1, 2017, related to perpetual license revenue recognized in prior periods.
 
Three Months Ended June 30,
 
Six Months Ended June 30,
Free Cash Flow
2018
 
2017
 
2018
 
2017
Net cash provided by (used in) operating activities
$
242

 
$
(1,019
)
 
$
746

 
$
168

Purchases of property and equipment
(1,382
)
 
(221
)
 
(2,978
)
 
(681
)
Free cash flow
$
(1,140
)
 
$
(1,240
)
 
$
(2,232
)
 
$
(513
)

 
Three Months Ended June 30,
 
Six Months Ended June 30,
Non-GAAP Gross Profit and Non-GAAP Gross Margin
2018
 
2017
 
2018
 
2017
Gross profit
$
53,713

 
$
38,801

 
$
104,092

 
$
74,844

Stock-based compensation
114

 
50

 
191

 
104

Amortization of intangible assets
151

 
151

 
302

 
302

Non-GAAP gross profit
$
53,978

 
$
39,002

 
$
104,585

 
$
75,250

Gross margin
84
%
 
88
%
 
85
%
 
88
%
Non-GAAP gross margin
85
%
 
88
%
 
85
%
 
89
%

 
Three Months Ended June 30,
 
Six Months Ended June 30,
Non-GAAP Sales and Marketing Expense
2018
 
2017
 
2018
 
2017
Sales and marketing expense
$
41,826

 
$
27,773

 
$
81,414

 
$
53,941

Less: Stock-based compensation
675

 
358

 
1,277

 
628

Non-GAAP sales and marketing expense
$
41,151

 
$
27,415

 
$
80,137

 
$
53,313


 
Three Months Ended June 30,
 
Six Months Ended June 30,
Non-GAAP Research and Development Expense
2018
 
2017
 
2018
 
2017
Research and development expense
$
17,791

 
$
13,713

 
$
34,976

 
$
26,171

Less: Stock-based compensation
640

 
452

 
1,167

 
846

Non-GAAP research and development expense
$
17,151

 
$
13,261

 
$
33,809

 
$
25,325


 
Three Months Ended June 30,
 
Six Months Ended June 30,
Non-GAAP General and Administrative Expense
2018
 
2017
 
2018
 
2017
General and administrative expense
$
10,541

 
$
6,544

 
$
19,596

 
$
12,707

Less: Stock-based compensation
1,595

 
989

 
2,788

 
1,897

Non-GAAP general and administrative expense
$
8,946

 
$
5,555

 
$
16,808

 
$
10,810


9

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Download Annual and Quarterly Reports as PDF, Word and Excel Documents
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FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
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Intrinsic Value Calculator


Intrinsic Value Calculator
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Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

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Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
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Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

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