Company: TENB
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001660280-25-000072
Chunk: 60

Company: Tenable Holdings, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 60
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443 $197,635 Perpetual license and maintenance revenue11,552 12,156 Professional services and other revenue7,142 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 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 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.

9

Remaining Performance ObligationsThe following summarizes the future estimated revenue related to unsatisfied performance obligations:March 31,(in thousands)20252024Remaining performance obligations, short-term$647,647 $572,851 Remaining performance obligations, long-term234,598 169,560 Remaining performance obligations$882,245 $742,411 Deferred CommissionsThe following summarizes the activity of deferred incremental costs of obtaining a contract:Three Months Ended March 31,(in thousands)20252024Beginning balance$119,705 $121,953 Capitalization of contract acquisition costs11,194 9,035 Amortization of deferred contract acquisition costs(14,070)(13,373)Ending balance$116,829 $117,615 

3. Cash Equivalents and Short-Term Investments

The following tables summarize the amortized cost, unrealized gain and loss and estimated