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Sep 30, 2022
Tenable Q3 2022 Earnings Report
Tenable's Q3 2022 financial results were announced, demonstrating strong top-line performance, operating leverage, and free cash flow.
Key Takeaways
Tenable reported a revenue of $174.9 million, a 26% increase year-over-year, and calculated current billings of $207.3 million, up 24% year-over-year. The company added 712 new enterprise platform customers and 89 net new six-figure customers. Non-GAAP income from operations was $23.1 million, and unlevered free cash flow was $34.8 million.
Revenue reached $174.9 million, reflecting a 26% year-over-year increase.
Calculated current billings totaled $207.3 million, a 24% increase year-over-year.
The company added 712 new enterprise platform customers and 89 net new six-figure customers.
Unlevered free cash flow was $34.8 million, compared to $20.1 million in the third quarter of 2021.
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 fourth quarter of 2022, Tenable expects revenue in the range of $180.0 million to $182.0 million and non-GAAP income from operations in the range of $15.0 million to $16.0 million.
Positive Outlook
- Revenue in the range of $180.0 million to $182.0 million.
- Non-GAAP income from operations in the range of $15.0 million to $16.0 million.
- Non-GAAP net income in the range of $7.5 million to $8.5 million.
- Non-GAAP diluted earnings per share in the range of $0.06 to $0.07.
- 118.5 million diluted weighted average shares outstanding.
Challenges Ahead
- Assumes interest expense of $6.8 million.
- Assumes a provision for income taxes of $2.8 million.
- Forecasted loss from operations $(20.5) - $(19.5) million
- Forecasted net loss $(27.8) - $(26.8) million
- Forecasted net loss per share, diluted $(0.25) - $(0.24)
Revenue & Expenses
Visualization of income flow from segment revenue to net income