Company: TENB
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001660280-25-000034
Chunk: 132

Company: Tenable Holdings, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 132
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 prospective basis, with a retrospective option, and early adoption is permitted. We are currently evaluating the impact of adopting this standard on our consolidated financial statements and disclosures.

2. Revenue

Disaggregation of RevenueThe following table presents a summary of revenue:Year Ended December 31,(in thousands)202420232022Subscription revenue$824,659 $725,013 $612,510 Perpetual license and maintenance revenue47,774 48,729 50,699 Professional services and other revenue27,588 24,968 19,982 Revenue$900,021 $798,710 $683,191 ConcentrationsWe 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.

83

Contract BalancesWe 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 ObligationsThe following summarizes the future estimated revenue related to unsatisfied performance obligations:December 31,(in thousands)20242023Remaining performance obligations, short-term$660,647 $595,053 Remaining performance obligations, long-term206,879 179,955 Remaining performance obligations$867,526 $775,008 Deferred CommissionsThe following summarizes the activity of deferred incremental costs of obtaining a contract:Year Ended December 31,(in thousands)20242023Beginning balance