COLUMBIA, Md., Feb. 02, 2021 (GLOBE NEWSWIRE) -- Tenable Holdings, Inc. (Nasdaq: TENB), the Cyber Exposure company, today announced financial results for the quarter and year ended December 31, 2020.

“Q4 capped a very successful 2020 for Tenable, and included attractive topline growth, expanding operating margins and positive free cash flow,” said Amit Yoran, Chairman and CEO of Tenable. “Underpinning our strong financial performance is healthy demand for securing new cloud deployments and digital infrastructure as the threat environment escalates. Tenable’s risk-based vulnerability management solutions provide unified visibility across this expanding attack surface, enabling customers to understand, quantify and ultimately reduce their risk.”

Fourth Quarter 2020 Financial Highlights

• Revenue was $118.1 million, representing a 22% increase year-over-year.
• Calculated current billings was $150.5 million, representing a 20% increase year-over-year.
• GAAP loss from operations was $0.7 million, compared to a loss of $27.6 million in the fourth quarter of 2019.
• Non-GAAP income from operations was $15.4 million, compared to a loss of $11.1 million in the fourth quarter of 2019.
• GAAP net loss was $1.9 million, compared to a loss of $38.3 million in the fourth quarter of 2019.
• GAAP net loss per share was $0.02, compared to a loss per share of $0.39 in the fourth quarter of 2019.
• Non-GAAP net income was $14.4 million, compared to a loss of $11.1 million in the fourth quarter of 2019.
• Non-GAAP diluted earnings per share was $0.13, compared to a loss per share of $0.11 in the fourth quarter of 2019.
• Net cash provided by operating activities was $17.9 million, compared to $3.1 million of net cash used in operating activities in the fourth quarter of 2019.
• Free cash flow was $16.7 million, compared to $(13.5) million in the fourth quarter of 2019.

Full Year 2020 Financial Highlights

• Revenue was $440.2 million, representing a 24% increase year-over-year.
• Calculated current billings was $494.7 million, representing a 19% increase year-over-year.
• GAAP loss from operations was $36.4 million, compared to a loss of $90.8 million in 2019.
• Non-GAAP income from operations was $25.8 million, compared to a loss of $42.8 million in 2019.
• GAAP net loss was $42.7 million, compared to a loss of $99.0 million in 2019.
• GAAP net loss per share was $0.42, compared to a loss of $1.03 in 2019.
• Non-GAAP net income was $20.8 million, compared to a loss of $40.5 million in 2019.
• Non-GAAP diluted earnings per share was $0.19, compared to a loss per share of $0.42 in 2019.
• Cash and cash equivalents and short-term investments were $291.8 million at December 31, 2020, compared to $212.3 million at December 31, 2019.
• Net cash provided by operating activities was $64.2 million, compared to $10.7 million of net cash used in operating activities in 2019.
• Free cash flow was $44.0 million, compared to $(31.4) million in 2019.

Fourth Quarter 2020 and Recent Business Highlights

• Added 460 new enterprise platform customers and 66 net new six-figure customers.
• Launched Frictionless Assessment for Tenable.io® in AWS Marketplace, which continuously provides accurate visibility into cyber risk across all cloud-based assets without having to configure a scan, manage credentials or install agents.
• Announced enhancements to our Managed Security Service Provider (MSSP) portal that will empower partners to build and launch vulnerability management services in the cloud within minutes. After adding over 150 MSSPs in 2020, we now have over 350, including a majority of the top global MSSPs.
• Selected as the first vulnerability management partner to integrate with Splunk’s new cloud-native platform, Mission Control, to provide customers with real-time, data-driven visibility and insight across their entire digital infrastructure.
• Achieved ISO/IEC 27001:2013 certification, recognizing Tenable’s proven commitment to the highest level of information security management.
• Recognized as Vendor of the Year in the Networking & Security Divisional Award from Ingram Micro Inc., the world's largest wholesale technology distributor.

Financial Outlook

For the first quarter of 2021, we currently expect:

• Revenue in the range of $118.0 million to $120.0 million.
• Non-GAAP income from operations in the range of $7.0 million to $9.0 million.
• Non-GAAP net income in the range of $5.0 million to $7.0 million, assuming a provision for income taxes of $1.5 million.
• Non-GAAP diluted earnings per share in the range of $0.04 to $0.06.
• 115.0 million diluted weighted average shares outstanding.

For the year ending December 31, 2021, we currently expect:

• Calculated current billings in the range of $565.0 million to $575.0 million.
• Revenue in the range of $510.0 million to $515.0 million.
• Non-GAAP income from operations in the range of $40.0 million to $45.0 million.
• Non-GAAP net income in the range of $30.0 million to $35.0 million, assuming a provision for income taxes of $6.0 million.
• Non-GAAP diluted earnings per share in the range of $0.26 to $0.30.
• 116.0 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.