Tenable Holdings Inc
For the period ended Mar 31, 2025. Filed May 6, 2025.
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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.
Mar 31, 2025 · Filed May 6, 2025
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2. Revenue
- Revenue
Disaggregation of Revenue
The following table presents a summary of revenue:
| Three Months Ended March 31, | ||
|---|---|---|
| (in thousands) | 2025 | 2024 |
| Subscription revenue | $220,443 | $197,635 |
| Perpetual license and maintenance revenue | 11,552 | 12,156 |
| Professional services and other revenue | 7,142 | 6,170 |
| Revenue | $239,137 | $215,961 |
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% and 93% of revenue in the three months ended March 31, 2025 and 2024, respectively. One of our distributors accounted for 32% and 34% of revenue in the three months ended March 31, 2025 and 2024, respectively. That same distributor accounted for 30% and 29% of accounts receivable at March 31, 2025 and December 31, 2024, 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 the three months ended March 31, 2025 and 2024, we recognized revenue of $224.1 million and $201.0 million, respectively, that was included in the deferred revenue balance at the beginning of the respective periods.
Remaining Performance Obligations
The following summarizes the future estimated revenue related to unsatisfied performance obligations:
| March 31, | ||
|---|---|---|
| (in thousands) | 2025 | 2024 |
| Remaining performance obligations, short-term | $647,647 | $572,851 |
| Remaining performance obligations, long-term | 234,598 | 169,560 |
| Remaining performance obligations | $882,245 | $742,411 |
Deferred Commissions
The following summarizes the activity of deferred incremental costs of obtaining a contract:
| Three Months Ended March 31, | ||
|---|---|---|
| (in thousands) | 2025 | 2024 |
| Beginning balance | $119,705 | $121,953 |
| Capitalization of contract acquisition costs | 11,194 | 9,035 |
| Amortization of deferred contract acquisition costs | (14,070) | (13,373) |
| Ending balance | $116,829 | $117,615 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.