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Mar 31, 2024
Tenable Q1 2024 Earnings Report
Reported strong first-quarter results, driven by a unified platform and customer resonance with exposure management solutions.
Key Takeaways
Tenable announced strong financial results for Q1 2024, with a 14% year-over-year increase in revenue to $216.0 million and a non-GAAP operating margin of 17%. The company's exposure management solutions, including Tenable One, are gaining traction with customers.
Revenue reached $216.0 million, a 14% increase year-over-year.
Calculated current billings totaled $197.8 million, up 12% year-over-year.
GAAP operating margin was (4)%, while non-GAAP operating margin was 17%.
Net cash provided by operating activities was $50.3 million, and unlevered free cash flow was $54.7 million.
Tenable
Tenable
Tenable Revenue by Segment
Revenue by Segment
Subscription Revenue
CapyFin.comPerpetual License & Maintenance Revenue
CapyFin.comProfessional Services & Other Revenue
CapyFin.com Forward Guidance
For the second quarter of 2024, Tenable expects revenue in the range of $217.0 million to $219.0 million and non-GAAP diluted earnings per share in the range of $0.22 to $0.24. For the year ending December 31, 2024, the company expects revenue in the range of $900.0 million to $908.0 million and non-GAAP diluted earnings per share in the range of $1.08 to $1.12.
Positive Outlook
- Revenue in the range of $217.0 million to $219.0 million for Q2 2024.
- Non-GAAP income from operations in the range of $34.0 million to $36.0 million for Q2 2024.
- Non-GAAP net income in the range of $28.0 million to $30.0 million for Q2 2024.
- Non-GAAP diluted earnings per share in the range of $0.22 to $0.24 for Q2 2024.
- Calculated current billings in the range of $986.0 million to $994.0 million for the year ending December 31, 2024.
Challenges Ahead
- Interest expense of $8.2 million is assumed for Q2 2024.
- A provision for income taxes of $3.1 million is assumed for Q2 2024.
- Interest expense of $32.8 million is assumed for the year ending December 31, 2024.
- Interest income of $24.2 million is assumed for the year ending December 31, 2024.
- A provision for income taxes of $12.3 million is assumed for the year ending December 31, 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income