Company: TENB
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001660280-25-000034
Chunk: 100

Company: Tenable Holdings, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 100
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40,45535,53331,382Total stock-based compensation expense$163,515$145,327$120,633

Comparison of 2024 and 2023

Revenue

Year Ended December 31,Change(dollars in thousands)20242023($)(%)Subscription revenue$824,659 $725,013 $99,646 14 %Perpetual license and maintenance revenue47,774 48,729 (955)(2)%Professional services and other revenue27,588 24,968 2,620 10 %Revenue$900,021 $798,710 $101,311 13 %

The increase in revenue of $101.3 million included $101.1 million from existing customers as of January 1, 2024 and $0.2 million from new customers. U.S. revenue increased $44.0 million, or 10%. International revenue increased $57.3 million, or 16%. 

58

Cost of Revenue, Gross Profit and Gross Margin

Year Ended December 31,Change(dollars in thousands)20242023($)(%)Cost of revenue$199,668 $183,577 $16,091 9 %Gross profit700,353 615,133 85,220 14 %Gross margin78 %77 %

The increase in cost of revenue of $16.1 million was primarily due to:

•a $5.6 million increase in amortization of acquired intangible assets;

•a $3.5 million increase in third-party cloud infrastructure costs;

•a $2.2 million increase in professional fees;

•a $1.7 million increase in personnel costs, including a $1.4 million increase in stock-based compensation;

•a $1.1 million increase in depreciation and amortization;

•a $0.8 million increase in allocated overhead expenses; and 

•a $0.8 million increase in subscription costs.

Operating Expenses

Sales and Marketing

Year Ended December 31,Change(dollars in thousands)20242023($)(%)Sales and marketing$395,385 $393,450 $1,935 — %

The increase in sales and marketing expense of $1.9 million was primarily due to:

•a $4.7 million increase in sales commissions;

•a $2.8 million increase in allocated overhead expenses;

•a $2.2 million increase in expenses for demand