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.

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The following information was filed by Tenable Holdings, Inc. (TENB) on Wednesday, September 5, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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