Company: TENB
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001660280-25-000072
Chunk: 28

Company: Tenable Holdings, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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 revenue$220,443 $197,635 $22,808 12 %Perpetual license and maintenance revenue11,552 12,156 (604)(5)%Professional services and other revenue7,142 6,170 972 16 %Revenue$239,137 $215,961 $23,176 11 %

The increase in revenue of $23.2 million included $22.6 million from existing customers as of April 1, 2024 and $0.6 million from new customers. U.S. revenue increased $9.9 million, or 8%. International revenue increased $13.3 million, or 13%.

Cost of Revenue, Gross Profit and Gross Margin

Three Months Ended March 31,Change(dollars in thousands)20252024($)(%)Cost of revenue$52,460 $48,932 $3,528 7 %Gross profit186,677 167,029 19,648 12 %Gross margin78 %77 %

The increase in cost of revenue of $3.5 million was primarily due to:

•a $1.2 million increase in amortization of intangible assets due to acquired intangible assets;

•a $1.1 million increase in depreciation expense;

•a $0.9 million increase in personnel costs, including $0.3 million in stock-based compensation; and

•a $0.2 million increase in subscription costs.

Operating Expenses

Sales and Marketing

Three Months Ended March 31,Change(dollars in thousands)20252024($)(%)Sales and marketing$103,182 $99,825 $3,357 3 %

The increase in sales and marketing expense of $3.4 million was primarily due to:

•a $1.4 million increase in expenses for demand generation programs, including advertising, sponsorships and brand awareness efforts;

•a $1.1 million increase in acquisition-related expenses; and

•a $0.9 million increase in sales commissions.

30

Research and Development

Three Months Ended March 31,Change(dollars in thousands)20252024($)(%)Research and development$53,223 $43,727 $9,496 22 %

The increase in research and development expense of $9.5 million was primarily due to:

•an $8.4 million increase in personnel costs, including a $1.