Company: TENB
Filing Date: 2025-04-03
Form Type: DEF 14A
Source: 0001660280-25-000058
Chunk: 99

Company: Tenable Holdings, Inc.
Filing Date: 2025-04-03
Form: DEF 14A
Chunk 99
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ed free cash flow is

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useful as a liquidity measure as it measures the cash that is available to invest in our business and meet our current debt obligations and future financing needs. However, given our debt obligations, non-cancelable commitments and other contractual obligations, unlevered free cash flow does not represent residual cash flow available for discretionary expense.

The following table presents a reconciliation of net cash provided by operating activities, the most directly comparable financial measure calculated in accordance with GAAP, to free cash flow and unlevered free cash flow:

|                                                  | (in thousands) | Year Ended December 31, |    2024 |     |   |    2023 |
|:-------------------------------------------------|:---------------|:------------------------|--------:|:----|:--|--------:|
| Net cash provided by operating activities        |                | $                       | 217,476 |     | $ | 149,855 |
| Purchases of property and equipment              |                |                         |  -4,247 |     |   |  -1,704 |
| Capitalized software development costs           |                |                         |  -6,451 |     |   |  -7,052 |
| Free cash flow                                   |                |                         | 206,778 |     |   | 141,099 |
| Cash paid for interest and other financing costs |                |                         |  30,977 |     |   |  34,323 |
| Unlevered free cash flow                         |                | $                       | 237,755 |     | $ | 175,422 |

Free cash flow and unlevered free cash flow for the periods presented were impacted by:

|                                               | (in thousands) | Year Ended December 31, |   2024 |     |   |   2023 |
|:----------------------------------------------|:---------------|:------------------------|-------:|:----|:--|-------:|
| Employee stock purchase plan activity         |                | $                       | -1,016 |     | $ |  1,077 |
| Acquisition-related expenses                  |                |                         | -1,496 |     |   | -9,336 |
| Restructuring                                 |                |                         | -5,911 |     |   |      — |
| Tax payment on intra-entity asset transfer(1) |                |                         | -1,232 |     |   |      — |

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