Company: TENB
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001660280-25-000128
Chunk: 35

Company: Tenable Holdings, Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 35
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0 million of discrete items primarily related to withholding taxes on sales to customers; and

•$0.8 million related to Base Erosion and Anti-Abuse Tax.

Comparison of the Nine Months Ended September 30, 2025 and 2024

Revenue

The following table presents the increase in revenue:

Nine Months Ended September 30,Change(dollars in thousands)20252024($)(%)Subscription revenue$680,685 $608,727 $71,958 12 %Perpetual license and maintenance revenue34,051 35,941 (1,890)(5)%Professional services and other revenue24,136 19,622 4,514 23 %Revenue$738,872 $664,290 $74,582 11 %

The increase in revenue of $74.6 million included $73.1 million from existing customers as of October 1, 2024, and $1.5 million from new customers. U.S. revenue increased $33.0 million, or 9%. International revenue increased $41.4 million, or 14%.

Cost of Revenue, Gross Profit and Gross Margin

Nine Months Ended September 30,Change(dollars in thousands)20252024($)(%)Cost of revenue$163,647 $148,229 $15,418 10 %Gross profit575,225 516,061 59,164 11 %Gross margin78 %78 %

The increase in cost of revenue of $15.4 million was primarily due to:

•a $4.7 million increase in amortization of acquired intangible assets;

•a $3.3 million increase in third-party cloud infrastructure costs;

•a $2.9 million increase in depreciation and amortization expenses;

•a $2.6 million increase in personnel costs, including a $0.8 million increase in stock-based compensation;

•a $0.6 million increase in software subscription costs;

•a $0.5 million increase in professional fees;

•a $0.4 million increase in allocated overhead; and

•a $0.3 million increase in the cost of goods.

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Operating Expenses

Sales and Marketing

Nine Months Ended September 30,Change(dollars in thousands)20252024($)(%)Sales and marketing$310,222 $300,037 $10,185 3 %

The increase in sales and