Tenable Holdings Inc
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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FY2023 · Filed Feb 28, 2024
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Item 6. Selected Financial Data
The following selected consolidated statements of operations data for the years ended December 31, 2023, 2022 and 2021 and the selected consolidated balance sheet data at December 31, 2023 and 2022 are derived from our audited consolidated financial statements included in this Annual Report on Form 10-K. The consolidated statements of operations data for the years ended December 31, 2020 and 2019 and consolidated balance sheet data as of December 31, 2021, 2020 and 2019 are from our audited financial statements not included in this Annual Report on Form 10-K.
You should read the following selected financial data with the historical consolidated financial statements and related notes to those statements, as well as “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” included in this Annual Report on Form 10-K.
| Consolidated Statements of Operations Data: | Year Ended December 31, | ||||
|---|---|---|---|---|---|
| (in thousands, except per share data) | 2023 | 2022 | 2021 | 2020 | 2019 |
| Revenue | $798,710 | $683,191 | $541,130 | $440,221 | $354,586 |
| Cost of revenue(1) | 183,577 | 154,789 | 106,396 | 77,554 | 60,818 |
| Gross profit | 615,133 | 528,402 | 434,734 | 362,667 | 293,768 |
| Operating expenses: | |||||
| Sales and marketing(1) | 393,450 | 349,430 | 270,158 | 224,277 | 228,035 |
| Research and development(1) | 153,163 | 143,560 | 116,432 | 101,687 | 87,064 |
| General and administrative(1) | 116,181 | 103,227 | 89,912 | 73,136 | 69,468 |
| Restructuring | 4,499 | — | — | — | — |
| Total operating expenses | 667,293 | 596,217 | 476,502 | 399,100 | 384,567 |
| Loss from operations | (52,160) | (67,815) | (41,768) | (36,433) | (90,799) |
| Interest income | 24,700 | 6,284 | 606 | 1,740 | 6,037 |
| Interest expense | (31,339) | (19,001) | (7,502) | (496) | (207) |
| Other expense, net | (8,602) | (4,757) | (1,965) | (1,885) | (680) |
| Loss before income taxes | (67,401) | (85,289) | (50,629) | (37,074) | (85,649) |
| Provision (benefit) for income taxes | 10,883 | 6,933 | (3,952) | 5,657 | 13,364 |
| Net loss | $(78,284) | $(92,222) | $(46,677) | $(42,731) | $(99,013) |
| Net loss per share, basic and diluted(2) | $(0.68) | $(0.83) | $(0.44) | $(0.42) | $(1.03) |
| Weighted-average shares used to compute net loss per share, basic and diluted | 115,408 | 111,321 | 106,387 | 101,009 | 96,014 |
(1) Includes stock-based compensation expense as follows:
| Year Ended December 31, | |||||
|---|---|---|---|---|---|
| (in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 |
| Cost of revenue | $11,247 | $8,369 | $4,446 | $3,158 | $2,817 |
| Sales and marketing | 61,322 | 49,383 | 29,410 | 19,842 | 16,032 |
| Research and development | 37,225 | 31,499 | 20,593 | 14,794 | 8,911 |
| General and administrative | 35,533 | 31,382 | 24,956 | 21,779 | 15,683 |
| Total stock-based compensation expense | $145,327 | $120,633 | $79,405 | $59,573 | $43,443 |
(2) See Note 12 to our Consolidated Financial Statements in this Annual Report on Form 10-K for details on the calculation of basic and diluted net loss per share.
| Consolidated Balance Sheet Data: | December 31, | ||||
|---|---|---|---|---|---|
| (in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 |
| Cash and cash equivalents | $237,132 | $300,866 | $278,000 | $178,223 | $74,363 |
| Short-term investments | 236,840 | 266,569 | 234,292 | 113,623 | 137,904 |
| Working capital(1) | 129,635 | 273,007 | 265,556 | 108,891 | 35,319 |
| Total assets | 1,606,871 | 1,439,530 | 1,248,819 | 690,589 | 558,612 |
| Deferred revenue, current and non-current | 750,497 | 664,602 | 530,885 | 434,510 | 363,127 |
| Term loan, net of issuance costs (net of current portion) | 359,281 | 361,970 | 364,728 | — | — |
| Accumulated deficit | (825,035) | (746,751) | (654,529) | (607,852) | (565,121) |
| Total stockholders' equity | 346,344 | 270,866 | 215,313 | 150,665 | 98,905 |
(1)We define working capital as total current assets less total current liabilities. See our Consolidated Financial Statements in this Annual Report on Form 10-K for further details regarding our current assets and current liabilities.
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