Company: TENB
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001660280-25-000034
Chunk: 146

Company: Tenable Holdings, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 146
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156,695 Deferred revenue21,949 22,194 Stock-based compensation21,802 17,767 Tax credits28,420 24,174 Leases14,936 12,296 Accrued compensation3,364 3,245 Interest expense2,171 1,860 Capitalized research and development32,441 22,078 Other3,219 3,587 Total deferred tax assets282,083 263,896 Valuation allowance(219,773)(203,773)Net deferred tax assets62,310 60,123 Deferred tax liabilities:Deferred commissions(23,623)(24,289)Property and equipment(12,821)(11,923)Intangible assets(27,302)(24,915)Other(773)(600)Total deferred tax liabilities(64,519)(61,727)Net deferred tax liabilities$(2,209)$(1,604)At December 31, 2024, we had net operating loss (“NOL”) carryforwards for federal, state and foreign tax purposes of $353.9 million, $239.3 million, and $468.6 million, respectively, which will begin to expire in 2030, as well as $32.1 million of federal, state and foreign research and development tax credits, foreign tax credits, minimum tax credits and certain states’ job creation tax credits. The federal research and development and foreign tax credits will begin to expire in 2032 and the state job creation tax credits will begin to expire in 2025.We are currently subject to the annual limitation under Sections 382 and 383 of the Internal Revenue Code. We will not be precluded from realizing the NOL carryforward and tax credits but may be limited in the amount we could utilize in any given tax year in the event that the federal and state taxable income will exceed the limitation imposed by Section 382. The amount of the annual limitation is determined based on our value immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years.At December 31, 2024 and 2023, the total amount of gross unrecognized tax benefits was $8.5 million and $8.3 million, respectively, which, if recognized, would impact our effective tax rate by approximately $0.2 million in each year. Interest and penalties associated with uncertain tax positions recognized as a component of income tax expense were immaterial in 2024,