Tue, May 6, 8:41 PM (5 days ago)
### Tenable Holdings, Inc. (TENB) Q1 2025 Financial Summary **Financial Health and Performance:** - **Revenue:** $239.1 million, up 11% from $215.9 million in Q1 2024. - **Net Loss:** $22.9 million, wider than the $14.4 million loss in Q1 2024. - **Gross Profit:** $186.7 million, up 12% from $167.0 million in Q1 2024. - **Gross Margin:** 78%, slightly up from 77% in Q1 2024. - **Operating Expenses:** $204.4 million, up 16% from $175.9 million in Q1 2024. - **Operating Loss:** $17.7 million, wider than the $8.9 million loss in Q1 2024. - **Cash Flow from Operations:** $87.4 million, up from $50.3 million in Q1 2024. - **Free Cash Flow:** $80.2 million, up from $47.1 million in Q1 2024. **Key Metrics and Trends:** - **Subscription Revenue:** $220.4 million, up 12% from $197.6 million in Q1 2024. - **Perpetual License and Maintenance Revenue:** $11.6 million, down 5% from $12.2 million in Q1 2024. - **Professional Services and Other Revenue:** $7.1 million, up 16% from $6.2 million in Q1 2024. - **New Enterprise Platform Customers:** 361, down 12% from 410 in Q1 2024. - **Dollar-Based Net Expansion Rate:** 108%, slightly down from 109% in Q1 2024. - **Non-GAAP Income from Operations:** $48.7 million, up from $37.0 million in Q1 2024. - **Non-GAAP Operating Margin:** 20%, up from 17% in Q1 2024. - **Non-GAAP Net Income:** $44.3 million, up from $30.4 million in Q1 2024. - **Non-GAAP Earnings Per Share:** $0.36, up from $0.25 in Q1 2024. **Uncertainties and Future Operations:** - **Economic Conditions:** Unstable market and economic conditions may adversely affect business, financial condition, and share price. - **Government Contracts:** Dependence on government contracts introduces risks related to budgetary cycles, funding authorizations, and regulatory compliance. - **Acquisitions:** Continued focus on acquiring complementary businesses and technologies to enhance platform capabilities. - **Cash Position:** Strong cash position with $233.4 million in cash and cash equivalents, and $226.8 million in short-term investments. - **Debt:** Term Loan of $356.1 million, with a maturity date of July 7, 2028, and a Revolving Credit Facility of $50.0 million. - **Stock Repurchase:** Authorized repurchase of up to $300 million of common stock, with $174.9 million spent as of March 31, 2025. **Conclusion:** Tenable Holdings, Inc. (TENB) reported strong revenue growth and improved cash flow in Q1 2025, despite a wider net loss. The company continues to invest in acquisitions and expansion, maintaining a strong cash position. However, economic uncertainties and dependence on government contracts pose risks. The focus on non-GAAP metrics indicates a commitment to operational efficiency and shareholder value.