Tenable Holdings Inc
For the period ended Dec 31, 2024. Filed Feb 24, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 24, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
2. Revenue
- Revenue
Disaggregation of Revenue
The following table presents a summary of revenue:
| Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2024 | 2023 | 2022 |
| Subscription revenue | $824,659 | $725,013 | $612,510 |
| Perpetual license and maintenance revenue | 47,774 | 48,729 | 50,699 |
| Professional services and other revenue | 27,588 | 24,968 | 19,982 |
| Revenue | $900,021 | $798,710 | $683,191 |
Concentrations
We sell and market our products and services through our field sales force that works closely with our channel partners, which includes a network of distributors and resellers, in developing sales opportunities. We use a two-tiered channel model whereby we sell our products and services to our distributors, which in turn sell to resellers, which then sell to end users. Revenue derived through our channel network comprised 94%,93% and 92% of revenue in 2024, 2023 and 2022, respectively. One of our distributors accounted for 34%,36% and 38% of revenue in 2024, 2023 and 2022, respectively. That same distributor accounted for 29% and 32% of accounts receivable at December 31, 2024 and 2023, respectively.
Contract Balances
We generally bill our customers in advance and accounts receivable are recorded when we have the right to invoice the customer. Contract liabilities consist of deferred revenue and include customer billings and payments received in advance of performance under the contract. In 2024, 2023 and 2022, we recognized revenue of $581.8 million, $502.8 million and $407.5 million, respectively, that was included in the deferred revenue balance at the beginning of each of the respective periods.
Remaining Performance Obligations
The following summarizes the future estimated revenue related to unsatisfied performance obligations:
| December 31, | ||
|---|---|---|
| (in thousands) | 2024 | 2023 |
| Remaining performance obligations, short-term | $660,647 | $595,053 |
| Remaining performance obligations, long-term | 206,879 | 179,955 |
| Remaining performance obligations | $867,526 | $775,008 |
The following summarizes the activity of deferred incremental costs of obtaining a contract:
| Year Ended December 31, | ||
|---|---|---|
| (in thousands) | 2024 | 2023 |
| Beginning balance | $121,953 | $111,508 |
| Capitalization of contract acquisition costs | 52,263 | 60,268 |
| Amortization of deferred contract acquisition costs | (54,511) | (49,823) |
| Ending balance | $119,705 | $121,953 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.