Company: TENB
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001660280-25-000128
Chunk: 79

Company: Tenable Holdings, Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 2
Chunk 79
---
-GAAP operating margin exclude stock-based compensation expense, which has been, and will continue to be, a significant recurring expense in our business and an important part of our compensation strategy. 

The following table presents a reconciliation of income (loss) from operations, the most directly comparable financial measure calculated in accordance with GAAP, to non-GAAP income from operations, and operating margin, the most directly comparable financial measure calculated in accordance with GAAP, to non-GAAP operating margin:

Three Months Ended September 30,Nine Months Ended September 30,(dollars in thousands)2025202420252024Income (loss) from operations$7,136 $(2,083)(18,023)(19,831)Stock-based compensation44,882 41,684 147,311 122,801 Acquisition-related expenses113 360 6,815 1,284 Restructuring— — — 6,070 Amortization of acquired intangible assets6,782 5,014 19,183 14,443 Non-GAAP income from operations$58,913 $44,975 $155,286 $124,767 Operating margin2.8 %(0.9)%(2.4)%(3.0)%Non-GAAP operating margin23.3 %19.8 %21.0 %18.8 %

Non-GAAP Net Income and Non-GAAP Earnings Per Share

We use non-GAAP net income, which excludes stock-based compensation, acquisition-related expenses, restructuring expenses and amortization of acquired intangible assets, as well as the related tax impacts, and the tax impact and related costs of intra-entity asset transfers resulting from the internal restructuring of legal entities as well as deferred income tax benefits recognized in connection with acquisitions, to calculate non-GAAP earnings per share.

25

The following table presents a reconciliation of net income (loss) and net earnings (loss) per share, the most comparable financial measures calculated in accordance with GAAP, to non-GAAP net income and non-GAAP earnings per share:

Three Months Ended September 30,Nine Months Ended September 30,(in thousands, except for per share amounts)2025202420252024Net income (loss)$2,260 $(9,211)$(35,381)$(38,169)Stock-based compensation44,882 41,684 147,311 122,801 Tax impact of stock-based compensation(1)(