Q3 2024 Tenable Holdings Inc Earnings Call Transcript
Key Points
- Tenable Holdings Inc (TENB) delivered strong financial results for the quarter, surpassing expectations on both the top and bottom line.
- Tenable One and Cloud Security continue to drive strong demand, with Tenable One accounting for approximately 30% of new sales in Q3.
- The company closed its first seven-figure mid-market deal, indicating significant traction in this segment.
- Tenable Cloud Security is the fastest-growing product, with ASPs twice as high as other products, and is experiencing 100% year-over-year growth.
- The Board approved an additional $200 million to the share buyback program, reflecting confidence in the company's future prospects.
- Longer sales cycles and additional scrutiny in new business and large VM deals persisted, although there was some stabilization in VM relative to Q2.
- The net dollar expansion rate was slightly lower this quarter, attributed to timing and budgets on some large deals.
- There is no expectation of a significant seasonal budget flush in Q4, indicating cautious guidance.
- The competitive environment remains challenging, with newer entrants in the market, although Tenable maintains strong win rates.
- Sales cycles for Tenable One, despite higher selling prices, are notably shorter, indicating potential pressure on pricing dynamics.
Greetings, and welcome to Tenable's third-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.
I would now like to turn the call over to your host, Erin Karney. Thank you. You may begin.
Thank you, operator, and thank you all for joining us on today's conference call to discuss Tenable's third-quarter 2024 financial results.
With me on the call today are Amit Yoran, our Chief Executive Officer; and Steve Vintz, our Chief Financial Officer. Prior to this call, we issued a press release announcing our financial results for the quarter. You can find the press release on our IR website at tenable.com.
We will make forward-looking statements during the course of this call, including statements related to our guidance and expectations for the fourth quarter and full year 2024 and 2025. Growth and drivers in our business, changes in the threat landscape in the security industry and our competitive position in the market
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
