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Dec 31, 2023
Tenable Q4 2023 Earnings Report
Tenable's Q4 2023 earnings exceeded expectations, driven by strong performance in Tenable One, particularly in cloud, identity, and OT solutions.
Key Takeaways
Tenable announced strong Q4 2023 financial results, with revenue of $213.3 million, a 16% increase year-over-year, and calculated current billings of $271.6 million, up 14% year-over-year. The company added 597 new enterprise platform customers and 156 net new six-figure customers. Tenable's success was underpinned by strength in Tenable One, fueled by adoption of cloud and identity solutions, along with continued traction in OT.
Revenue was $213.3 million, up 16% year-over-year.
Calculated current billings was $271.6 million, up 14% year-over-year.
Non-GAAP income from operations was $36.1 million, compared to $19.9 million in the fourth quarter of 2022.
Added 597 new enterprise platform customers and 156 net new six-figure customers.
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 first quarter of 2024, Tenable expects revenue in the range of $212.0 to $214.0 million and Non-GAAP income from operations in the range of $27.0 million to $29.0 million. For the year ending December 31, 2024, Tenable expects revenue in the range of $895.0 million to $905.0 million and calculated current billings in the range of $982.0 million to $992.0 million.
Positive Outlook
- Revenue in the range of $212.0 to $214.0 million for Q1 2024.
- Non-GAAP income from operations in the range of $27.0 million to $29.0 million for Q1 2024.
- Non-GAAP net income in the range of $20.0 million to $22.0 million for Q1 2024.
- Revenue in the range of $895.0 million to $905.0 million for the year ending December 31, 2024.
- Calculated current billings in the range of $982.0 million to $992.0 million for the year ending December 31, 2024.
Challenges Ahead
- Non-GAAP net income in the range of $129.0 million to $137.0 million for the year ending December 31, 2024, assuming interest income of $21.7 million, interest expense of $32.2 million and a provision for income taxes of $10.6 million.
- Non-GAAP diluted earnings per share in the range of $0.16 to $0.18 for Q1 2024.
- Non-GAAP diluted earnings per share in the range of $1.03 to $1.10 for the year ending December 31, 2024.
- Forecasted loss from operations of $(27.7) to $(23.7) million for Q1 2024.
- Forecasted net loss of $(34.6) to $(30.6) million for Q1 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income