Tenable Holdings, Inc. (TENB) Tops Q1 EPS by 5c, Revenues Beat; Affirms 2Q & FY19 EPS/Revenue Guidance Above Consensus

Tenable Holdings, Inc. (NASDAQ: TENB) reported Q1 EPS of ($0.13), $0.05 better than the analyst estimate of ($0.18). Revenue for the quarter came in at $80.3 million versus the consensus estimate of $78.34 million.

“We had another strong quarter and a great start to the year with 36% year-over-year revenue growth,” said Amit Yoran, Chairman and CEO of Tenable. “It’s clear that enterprises understand the immediate strategic importance of vulnerability management in reducing their cyber risk. The most innovative organizations also view vulnerability management as the foundation for Cyber Exposure, which will ultimately position them to understand and reduce cyber risk in the age of digital transformation.”

First Quarter 2019 Financial Highlights

• Revenue was $80.3 million, representing a 36% increase year-over-year.
• Calculated current billings was $81.2 million, representing a 25% increase year-over-year.
• GAAP loss from operations was $22.7 million, compared to a loss of $15.4 million in the first quarter of 2018.
• Non-GAAP loss from operations was $13.2 million, compared to a loss of $12.9 million in the first quarter of 2018.
• GAAP net loss was $21.4 million, compared to a loss of $15.9 million in the first quarter of 2018.
• GAAP net loss per share was $0.23, compared to a loss per share of $0.68 in the first quarter of 2018.
• Non-GAAP net loss was $12.6 million, compared to a loss of $13.4 million in the first quarter of 2018.
• Pro forma non-GAAP net loss per share was $0.13, compared to a loss per share of $0.17 in the first quarter of 2018.
• Cash and cash equivalents and short-term investments were $299.0 million at March 31, 2019.
• Net cash used in operating activities was $0.9 million, compared to $0.5 million provided by operating activities in the first quarter of 2018. Free cash flow was $(3.2) million, compared to $(1.1) million in the first quarter of 2018. Both net cash used in operating activities and free cash flow in the first quarter of 2019 included a $4.9 million reduction related to employee stock purchase plan activity.

GUIDANCE:

Tenable Holdings, Inc. sees Q2 2019 EPS of ($0.15)-($0.14), versus the consensus of ($0.16). Tenable Holdings, Inc. sees Q2 2019 revenue of $82-83 million, versus the consensus of $81.79 million.

Tenable Holdings, Inc. sees FY2019 EPS of ($0.56)-($0.52), versus the consensus of ($0.59). Tenable Holdings, Inc. sees FY2019 revenue of $343-347 million, versus the consensus of $341.19 million.

For earnings history and earnings-related data on Tenable Holdings, Inc. (TENB) click here.

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