Tenable Holdings Inc
For the period ended Dec 31, 2024. Filed Feb 24, 2025.
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FY2024 · Filed Feb 24, 2025
Contents
Note
- Leases
We have operating leases for office facilities. Our leases have remaining terms ofone year to just over seven years, some of which includeone or more options to renew, with renewal terms up tofive years and one of which includes an option to terminate the lease within the next five years.
In October 2024, we entered into a new lease in Tel Aviv, Israel. The lease term is 7 years, with future lease payments of $19.8 million.
The components of lease expense were as follows:
| Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2024 | 2023 | 2022 |
| Operating lease cost | $8,102 | $7,592 | $7,550 |
In June 2024, we executed a sublease 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 $0.8 million in 2024.
Rent expense for short-term leases was not material in 2024, 2023 and 2022.
Supplemental information related to leases was as follows:
| December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Operating leases | ||
| Weighted average remaining lease term | 6.5 years | 7.3 years |
| Weighted average discount rate | 6.1% | 5.6% |
| Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2024 | 2023 | 2022 |
| ROU assets obtained in exchange for lease obligations | |||
| Operating leases | $10,143 | $1,234 | $4,256 |
Maturities of operating lease liabilities at December 31, 2024 were as follows:
| (in thousands) | |
|---|---|
| Year ending December 31, | |
| 2025 | $9,585 |
| 2026 | 12,182 |
| 2027 | 11,767 |
| 2028 | 11,124 |
| 2029 | 10,800 |
| Thereafter | 22,079 |
| Total lease payments | 77,537 |
| Less: Imputed interest | (14,512) |
| Total | $63,025 |
Operating lease payments in the table above do not include $0.9 million, $1.7 million, $1.8 million, $1.9 million, $1.9 million and $4.5 million of sublease payments we expect to receive in 2025, 2026, 2027, 2028, 2029 and thereafter, respectively.
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