Tenable Holdings Inc
For the period ended Sep 30, 2024. Filed Nov 5, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 5, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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7. Leases
- Leases
We have operating leases for office facilities. The components of lease expense were as follows:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| (in thousands) | 2024 | 2023 | 2024 | 2023 |
| Operating lease cost(1) | $1,906 | $1,900 | $5,691 | $5,690 |
(1)Excludes sublease income.
Rent expense for short-term leases in the three and nine months ended September 30, 2024 and 2023 was not material.
In June 2024, we executed a sublease for of a portion of our corporate headquarters through February 2032 and recognized $4.5 million of restructuring expense related to the associated impairment of leasehold improvements and furniture and fixtures. Sublease income, which is recorded as a reduction of rent expense, was $0.4 million for the three and nine months ended September 30, 2024.
Supplemental information related to leases was as follows:
| September 30, 2024 | December 31, 2023 | |
|---|---|---|
| Operating leases | ||
| Weighted average remaining lease term | 6.7 years | 7.3 years |
| Weighted average discount rate | 5.7% | 5.6% |
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| (in thousands) | 2024 | 2023 | 2024 | 2023 |
| ROU assets obtained in exchange for lease obligations | ||||
| Operating leases | $— | $— | $806 | $1,234 |
Maturities of operating lease liabilities at September 30, 2024 were as follows:
| (in thousands) | |
|---|---|
| Year ending December 31, | |
| 2024(1) | $1,472 |
| 2025 | 9,831 |
| 2026 | 9,157 |
| 2027 | 8,667 |
| 2028 | 7,777 |
| Thereafter | 23,390 |
| Total lease payments | 60,294 |
| Less: Imputed interest | (10,489) |
| Total | $49,805 |
Operating lease payments in the table above do not include $0.9 million, $1.7 million, $1.8 million, $1.9 million and $6.4 million of sublease payments we expect to receive in 2025, 2026, 2027, 2028 and thereafter, respectively.
In October 2024, we entered into a new lease in Tel Aviv, Israel. The new lease term is 7 years and the future lease payments are expected to be $19.4 million.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.