COLUMBIA, Md., April 28, 2020 (GLOBE NEWSWIRE) -- Tenable (Nasdaq: TENB), the Cyber Exposure company, today announced financial results for the quarter ended March 31, 2020.

"In this unprecedented time and incredibly uncertain environment, Tenable has delivered a successful first quarter," said Amit Yoran, Chairman and CEO of Tenable. "Our highly resilient and deeply committed team has come together to deliver impressive top- and bottom-line results, highlighted by our first quarter of positive free cash flow. We believe our Cyber Exposure solutions continue to be strategic, and we are well positioned to serve our customers' needs as their risk profiles continue to evolve."

First Quarter 2020 Financial Highlights

• Revenue was $102.6 million, representing a 28% increase year-over-year.
• Calculated current billings was $99.2 million, representing a 22% increase year-over-year.
• GAAP loss from operations was $21.7 million, compared to a loss of $22.7 million in the first quarter of 2019.
• Non-GAAP loss from operations was $7.7 million, compared to a loss of $13.2 million in the first quarter of 2019.
• GAAP net loss was $23.0 million, compared to a loss of $21.4 million in the first quarter of 2019.
• GAAP net loss per share was $0.23, consistent with the first quarter of 2019.
• Non-GAAP net loss was $8.8 million, compared to a loss of $12.6 million in the first quarter of 2019.
• Non-GAAP net loss per share was $0.09, compared to a loss per share of $0.13 in the first quarter of 2019.
• Cash and cash equivalents and short-term investments were $226.7 million at March 31, 2020, compared to $212.3 million at December 31, 2019.
• Net cash provided by operating activities was $4.5 million, compared to $0.9 million net cash used in operating activities in the first quarter of 2019.
• Free cash flow was $3.9 million, compared to $(3.2) million in the first quarter of 2019.
• Both cash flows from operating activities and free cash flow included a reduction related to employee stock purchase plan activity of $3.7 million and $4.9 million in the first quarter of 2020 and 2019, respectively. The first quarter of 2020 also included $0.7 million of acquisition-related payments for Indegy and $0.1 million of capital expenditures for our new headquarters.

Recent Business Highlights

• Added 319 new enterprise platform customers and 24 net new six-figure customers.
• Unveiled new Tenable.io^® Web Application Scanning product enhancements to help enterprises secure the web applications that power the digital economy and represent the most common cyber attack threat they face.
• In response to the COVID-19 crisis, Tenable launched a program designed to help customers secure their remote workforces:
  • Extended all Tenable.io licenses to cover additional assets through June 15 to assist with remote workforce transition.
  • Offered Tenable.io licenses with agent scanning to Tenable.sc™ and Nessus^® customers through June 15.
  • Coordinated weekly virtual webinars with Tenable’s principal engineers which included tips on how to set up agent scanning, deployment best practices and live Q&A with experts to help address specific queries.

Financial Outlook

For the second quarter of 2020, we currently expect:

• Revenue in the range of $101.0 million to $103.0 million.
• Non-GAAP loss from operations in the range of $5.5 million to $3.5 million.
• Non-GAAP net loss in the range of $6.0 million to $4.0 million.
• Non-GAAP net loss per share in the range of $0.06 to $0.04.
• 99.8 million basic weighted average shares outstanding.

Given the uncertainty around the duration of the current public health crisis and its impact on the overall economy, there is a wide range of outcomes for this year. As such, we are withdrawing our 2020 guidance for revenue, calculated current billings, non-GAAP loss from operations, non-GAAP net loss and non-GAAP net loss per share, which we provided on February 4, 2020.

About Tenable

Tenable^® is the Cyber Exposure company. Over 30,000 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 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 30 percent of the Global 2000, and large government agencies. Learn more at tenable.com.