Company: TENB
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001660280-25-000034
Chunk: 101

Company: Tenable Holdings, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 101
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 generation programs, including advertising, sponsorships, and brand awareness efforts; and

•a $0.2 million increase in selling expenses, including travel and meeting costs and software subscription costs; partially offset by

•a $7.6 million decrease in personnel costs, net of a $1.4 million increase in stock-based compensation; and

•a $0.4 million decrease in depreciation expense.

Research and Development

Year Ended December 31,Change(dollars in thousands)20242023($)(%)Research and development$181,624 $153,163 $28,461 19 %

The increase in research and development expense of $28.5 million was primarily due to:

•a $21.3 million increase in personnel costs, largely associated with an increase in headcount, including a $10.4 million increase in stock-based compensation;

•a $2.9 million increase in allocated overhead expenses;

•a $1.7 million increase in third-party cloud infrastructure costs;

•a $0.8 million decrease in tax credits;

•a $0.6 million increase in travel and meeting costs; and

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•a $0.5 million increase in software subscriptions.

General and Administrative

Year Ended December 31,Change(dollars in thousands)20242023($)(%)General and administrative$124,130 $116,181 $7,949 7 %

The increase in general and administrative expense of $7.9 million was primarily due to:

•an $8.6 million increase in personnel costs, largely associated with an increase in headcount, including a $4.9 million increase in stock-based compensation;

•a $5.1 million increase in professional fees; and

•a $0.9 million increase in software subscriptions; partially offset by

•a $4.2 million decrease in acquisition-related expenses; and

•a $2.6 million decrease in allocated overhead expenses.

Restructuring

Year Ended December 31,Change(dollars in thousands)20242023($)(%)Restructuring$6,070 $4,499 $1,571 35 %

The increase in restructuring of $1.6 million was due to a $4.5 million non-cash impairment of leasehold improvements and furniture and fixtures that was recorded in connection with the sublease of a portion of our headquarters in 2024, net of a decrease of $2.9 million in non-