Tenable Announces Third Quarter 2020 Financial Results

10/28/20

COLUMBIA, Md., Oct. 27, 2020 (GLOBE NEWSWIRE) -- Tenable (Nasdaq: TENB), the Cyber Exposure company, today announced financial results for the quarter ended September 30, 2020.

“We are pleased with our results for the quarter which includes attractive topline growth and expanding operating and free cash flow margins,” said Amit Yoran, Chairman and CEO of Tenable. “Remote work models have accelerated digital transformation and cloud adoption and organizations are increasingly relying on Tenable to secure these dynamic, modern environments. Tenable is helping customers invest in the cloud confidently and securely, empowering them to take a unified, risk-based approach to vulnerability management.”

Third Quarter 2020 Financial Highlights

  • Revenue was $112.3 million, representing a 22% increase year-over-year.
  • Calculated current billings was $133.7 million, representing a 21% increase year-over-year.
  • GAAP loss from operations was $3.5 million, compared to a loss of $18.3 million in the third quarter of 2019.
  • Non-GAAP income from operations was $12.4 million, compared to a loss of $7.7 million in the third quarter of 2019.
  • GAAP net loss was $5.9 million, compared to a loss of $17.6 million in the third quarter of 2019.
  • GAAP net loss per share was $0.06, compared to a loss per share of $0.18 in the third quarter of 2019.
  • Non-GAAP net income was $10.5 million, compared to a loss of $6.7 million in the third quarter of 2019.
  • Non-GAAP diluted earnings per share was $0.09, compared to a loss per share of $0.07 in the third quarter of 2019.
  • Cash and cash equivalents and short-term investments were $269.1 million at September 30, 2020, compared to $212.3 million at December 31, 2019.
  • Net cash provided by operating activities was $24.8 million, compared to $4.7 million of net cash used in operating activities in the third quarter of 2019.
  • Free cash flow was $16.7 million, compared to $(9.6) million in the third quarter of 2019.

Recent Business Highlights

  • Added 335 new enterprise platform customers and 56 net new six-figure customers.
  • Unveiled Frictionless Assessment, a new cloud security capability for Tenable.io® that empowers customers to instantly and continuously evaluate their cloud assets and allows them to quickly detect new vulnerabilities without the need to schedule a scan or deploy an agent.
  • Announced enhancements to Tenable Lumin™, including new capabilities to assess organizations’ remediation maturity, an inventory of endpoint security controls and predictive scoring for more comprehensive insight into an organization’s cyber exposure.
  • Achieved “In Process” designation from the Federal Risk and Authorization Management Program (FedRAMP) for Tenable.io, our cloud-based vulnerability management platform.
  • Announced a new partnership with the Center for Internet Security, Inc. (CIS®) that will bolster cyber hygiene for both public and private sector organizations, making foundational cybersecurity more affordable, accessible and actionable.

Financial Outlook

For the fourth quarter of 2020, we currently expect:

  • Revenue in the range of $113.0 million to $115.0 million.
  • Non-GAAP income from operations in the range of $8.0 million to $9.0 million.
  • Non-GAAP net income in the range of $6.0 million to $7.0 million.
  • Non-GAAP diluted earnings per share in the range of $0.05 to $0.06.
  • 113.0 million diluted weighted average shares outstanding.

For the year ending December 31, 2020, we currently expect:

  • Revenue in the range of $435.1 million to $437.1 million.
  • Non-GAAP income from operations in the range of $18.4 million to $19.4 million.
  • Non-GAAP net income in the range of $12.4 million to $13.4 million.
  • Non-GAAP diluted earnings per share in the range of $0.11 to $0.12.
  • 110.6 million diluted weighted average shares outstanding.

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.