Company: TENB
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001660280-25-000090
Chunk: 22

Company: Tenable Holdings, Inc.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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 Months Ended June 30,(in thousands, except per share data)2025202420252024Revenue$247,295 $221,241 $486,432 $437,202 Loss from operations(7,448)(8,818)(25,159)(17,748)Net loss(14,706)(14,572)(37,641)(28,958)Net loss per share, basic and diluted(0.12)(0.12)(0.31)(0.25)Net cash provided by operating activities42,463 31,424 129,870 81,750 Purchases of property and equipment(4,348)(526)(10,901)(1,191)Capitalized software development costs(699)(2,235)(1,323)(4,767)

Recurring revenue, which includes revenue from subscription arrangements for software (both recognized ratably over the subscription term and upon delivery) and cloud-based solutions and maintenance associated with perpetual licenses, represented 96% of revenue in the three and six months ended June 30, 2025 and 2024.

Key Operating and Financial Metrics

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use and monitor the following operating and financial metrics, which include non-GAAP financial measures, to understand and evaluate our core operating and financial performance. 

Calculated Current Billings

We use the non-GAAP measure of calculated current billings, which we believe is a key metric to measure our periodic performance. Given that most of our customers pay in advance, we typically recognize a majority of the related revenue ratably over time. We use calculated current billings to measure and monitor our ability to provide our business with the working capital generated by upfront payments from our customers. 

Calculated current billings consists of revenue recognized in a period plus the change in current deferred revenue in the corresponding period. We believe that calculated current billings, which excludes deferred revenue for periods beyond twelve months in a customer’s contractual term, more closely correlates with annual contract value. Variability in total billings, depending on the timing of large multi-year contracts and the preference for annual billing versus multi-year upfront billing, may distort growth in one period over another.

Calculated current billings may vary from period-to-period for a number of reasons, and therefore has a number of limitations as a quarter-to-quarter or year-over-year comparative measure. Calculated current billings in any one period may be impacted