Tenable Holdings Inc (TENB) Reports 15% YoY Revenue Growth in Q3 2023
Tenable Holdings Inc (NASDAQ:TENB) reported a 15% year-over-year increase in revenue, reaching $201.5 million in Q3 2023.
The company's calculated current billings also saw an 8% YoY increase, amounting to $224.7 million.
GAAP net loss improved to $15.6 million compared to a loss of $18.7 million in Q3 2022.
Non-GAAP net income was $27.7 million, compared to $17.2 million in the same period last year.
On November 1, 2023, Tenable Holdings Inc (NASDAQ:TENB) announced its financial results for the quarter ended September 30, 2023. The company reported a 15% YoY increase in revenue, reaching $201.5 million. The calculated current billings also saw an 8% YoY increase, amounting to $224.7 million.
Financial Highlights
The company's GAAP loss from operations was $7.9 million, compared to a loss of $13.0 million in the third quarter of 2022. Non-GAAP income from operations was $36.6 million, compared to $23.1 million in the same period last year. The GAAP net loss was $15.6 million, compared to a loss of $18.7 million in Q3 2022. Non-GAAP net income was $27.7 million, compared to $17.2 million in the same period last year.
As of September 30, 2023, Tenable Holdings Inc (NASDAQ:TENB) had cash and cash equivalents and short-term investments amounting to $693.0 million, compared to $567.4 million at the end of 2022. The net cash provided by operating activities was $42.4 million, compared to $35.9 million in the third quarter of 2022. Unlevered free cash flow was $48.2 million, compared to $34.8 million in the same period last year.
Business Highlights
During the quarter, Tenable Holdings Inc (NASDAQ:TENB) added 386 new enterprise platform customers and 58 net new six-figure customers. The company also acquired Ermetic Ltd. on October 2, 2023, an integrated cloud-native application protection platform (CNAPP) company. This acquisition is expected to enhance Tenable's ability to identify cyber risks and secure cloud and hybrid environments for its customers.
Outlook
For the fourth quarter of 2023, Tenable Holdings Inc (NASDAQ:TENB) expects revenue in the range of $204.0 million to $208.0 million and non-GAAP net income in the range of $16.0 million to $17.0 million. For the full year ending December 31, 2023, the company anticipates revenue in the range of $789.4 million to $793.4 million and non-GAAP net income in the range of $83.0 million to $84.0 million.
Explore the complete 8-K earnings release (here) from Tenable Holdings Inc for further details.
This article first appeared on GuruFocus.
