Tenable Holdings, Inc. (TENB) Tops Q2 EPS by 9c, Revenues Beat; Offers 3Q & FY20 EPS/Revenue Outlook

Tenable Holdings, Inc. (NASDAQ: TENB) reported Q2 EPS of $0.04, $0.09 better than the analyst estimate of ($0.05). Revenue for the quarter came in at $107.2 million versus the consensus estimate of $102.18 million.

Second Quarter 2020 Financial Highlights

• Revenue was $107.2 million, representing a 26% increase year-over-year.
• Calculated current billings was $111.2 million, representing a 13% increase year-over-year.
• GAAP loss from operations was $10.6 million, compared to a loss of $22.2 million in the second quarter of 2019.
• Non-GAAP income from operations was $5.7 million, compared to a loss of $10.7 million in the second quarter of 2019.
• GAAP net loss was $12.0 million, compared to a loss of $21.6 million in the second quarter of 2019.
• GAAP net loss per share was $0.12, compared to a loss per share of $0.23 in the second quarter of 2019.
• Non-GAAP net income was $4.7 million, compared to a loss of $10.0 million in the second quarter of 2019.
• Non-GAAP diluted earnings per share was $0.04, compared to a loss per share of $0.10 in the second quarter of 2019.
• Cash and cash equivalents and short-term investments were $242.1 million at June 30, 2020, compared to $212.3 million at December 31, 2019.
• Net cash provided by operating activities was $17.0 million, compared to $2.1 million of net cash used in operating activities in the second quarter of 2019.
• Free cash flow was $6.6 million, compared to $(5.2) million in the second quarter of 2019.

"Tenable delivered another successful quarter, including our first quarter of non-GAAP operating income as a public company, which was sooner than anticipated,” said Amit Yoran, Chairman and CEO of Tenable. “Our dedication to a best-of-breed strategy for vulnerability management continues to drive results. In a time when organizations' attack surfaces are expanding across more distributed workforces, accelerating cloud deployments and evolving OT environments, customers rely on our Cyber Exposure solutions to discover, measure and reduce their cyber risk."

GUIDANCE:

Tenable Holdings, Inc. sees Q3 2020 EPS of $0.02-$0.03, versus the consensus of ($0.05). Tenable Holdings, Inc. sees Q3 2020 revenue of $108-110 million, versus the consensus of $108.74 million.

Tenable Holdings, Inc. sees FY2020 EPS of $0.00-$0.03, versus the consensus of ($0.25). Tenable Holdings, Inc. sees FY2020 revenue of $428-433 million, versus the consensus of $427.48 million.

Financial Outlook

For the third quarter of 2020, we currently expect:

• Revenue in the range of $108.0 million to $110.0 million.
• Non-GAAP income from operations in the range of $3.0 million to $4.0 million.
• Non-GAAP net income in the range of $2.0 million to $3.0 million.
• Non-GAAP diluted earnings per share in the range of $0.02 to $0.03.
• 111.0 million diluted weighted average shares outstanding.

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

• Revenue in the range of $428.0 million to $433.0 million.
• Non-GAAP income from operations in the range of $4.0 million to $7.0 million.
• Non-GAAP net income in the range of $0.0 million to $3.0 million.
• Non-GAAP diluted earnings per share in the range of $0.00 to $0.03.
• 110.0 million diluted weighted average shares outstanding.

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

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