Tenable Holdings, Inc. (TENB) Tops Q4 EPS by 1c, Revenues Beat; Offers Q1 & FY20 EPS/Revenue Outlook

Tenable Holdings, Inc. (NASDAQ: TENB) reported Q4 EPS of ($0.11), $0.01 better than the analyst estimate of ($0.12). Revenue for the quarter came in at $97 million versus the consensus estimate of $94.22 million.

Fourth Quarter 2019 Financial Highlights

• Revenue was $97.0 million, representing a 29% increase year-over-year.
• Calculated current billings was $125.0 million, representing a 28% increase year-over-year.
• GAAP loss from operations was $27.6 million, compared to a loss of $19.6 million in the fourth quarter of 2018.
• Non-GAAP loss from operations was $11.1 million, compared to a loss of $10.8 million in the fourth quarter of 2018.
• GAAP net loss was $38.3 million, compared to a loss of $19.6 million in the fourth quarter of 2018.
• GAAP net loss per share was $0.39, compared to a loss of $0.21 in the fourth quarter of 2018.
• Non-GAAP net loss was $11.1 million, compared to a loss of $10.9 million in the fourth quarter of 2018.
• Pro forma non-GAAP net loss per share was $0.11, compared to a loss per share of $0.12 in the fourth quarter of 2018.
• Net cash used in operating activities was $3.1 million, compared to $1.6 million in the fourth quarter of 2018.
• Free cash flow was $(13.5) million, compared to $(3.1) million in the fourth quarter of 2018. Free cash flow in the fourth quarter of 2019 included $13.1 million of non-recurring payments related to the Indegy acquisition, $9.0 million of capital expenditures for our new headquarters, and a $3.8 million benefit related to employee stock purchase plan activity. Free cash flow in the fourth quarter of 2018 included a $4.0 million benefit related to employee stock purchase plan activity.

“Q4 marked an end to a successful year,” said Amit Yoran, Chairman and CEO of Tenable. "We made great progress in the execution of our broader Cyber Exposure strategy with enhancements across our product portfolio and the launch of Lumin. We believe our investments in breadth of coverage, depth of analytics, prioritization and data science provide momentum heading into 2020 and will help us continue to transform how organizations manage and measure cyber risk."

GUIDANCE:

Tenable Holdings, Inc. sees Q1 2020 EPS of ($0.19)-($0.18), versus the consensus of ($0.12). Tenable Holdings, Inc. sees Q1 2020 revenue of $100-101 million, versus the consensus of $100.26 million.

Tenable Holdings, Inc. sees FY2020 EPS of ($0.41)-($0.36), versus the consensus of ($0.39). Tenable Holdings, Inc. sees FY2020 revenue of $435-440 million, versus the consensus of $434.8 million.

For the first quarter of 2020, we currently expect:

• Revenue in the range of $100.0 million to $101.0 million.
• Non-GAAP loss from operations in the range of $18.0 million to $17.0 million.
• Non-GAAP net loss in the range of $19.0 million to $18.0 million.
• Non-GAAP net loss per share in the range of $0.19 to $0.18, assuming 98.7 million weighted average shares outstanding.

For the year ending December 31, 2020, we currently expect:

• Revenue in the range of $435.0 million to $440.0 million.
• Calculated current billings in the range of $500.0 million to $510.0 million.
• Non-GAAP loss from operations in the range of $38.0 million to $33.0 million.
• Non-GAAP net loss in the range of $41.0 million to $36.0 million, assuming a provision for income taxes of $6.5 million.
• Non-GAAP net loss per share in the range of $0.41 to $0.36, assuming 100.1 million weighted average shares outstanding.

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

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