Tenable Holdings Inc (TENB) Q3 2024 Earnings Call Highlights: Strong Growth in Cloud Security ...

GuruFocus.com10-31

Revenue: $227.1 million, representing 13% year-over-year growth. Calculated Current Billings (CCB): $248.4 million, up 11% year over year. Gross Margin: 81% for the quarter. Operating Margin: 20% for ...

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GuruFocus has detected 4 Warning Signs with TENB.\n\nRelease Date: October 30, 2024\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.\n Positive Points \n\nTenable Holdings Inc (NASDAQ:TENB) delivered strong financial results for the quarter, surpassing expectations on both the top and bottom line.\nTenable One and Cloud Security continue to drive strong demand, with Tenable One accounting for approximately 30% of new sales in Q3.\nThe company closed its first seven-figure mid-market deal, indicating significant traction in this segment.\nTenable Cloud Security is the fastest-growing product, with ASPs twice as high as other products, and is experiencing 100% year-over-year growth.\nThe Board approved an additional $200 million to the share buyback program, reflecting confidence in the company's future prospects.\n\n Negative Points \n\nLonger sales cycles and additional scrutiny in new business and large VM deals persisted, although there was some stabilization in VM relative to Q2.\nThe net dollar expansion rate was slightly lower this quarter, attributed to timing and budgets on some large deals.\nThere is no expectation of a significant seasonal budget flush in Q4, indicating cautious guidance.\nThe competitive environment remains challenging, with newer entrants in the market, although Tenable maintains strong win rates.\nSales cycles for Tenable One, despite higher selling prices, are notably shorter, indicating potential pressure on pricing dynamics.\n\n Q & A Highlights \nQ: Steve, could you touch on how fast exposure management grew this quarter and how you think about its growth going forward? A: Exposure solutions now constitute over 50% of new sales and over 35% of total sales. Non-VM solutions on an asset basis are growing 30% and represent 20% of our total sales. This reflects the traction we're seeing within our solutions both as a platform and individually licensed assets.\nQ: How do you feel about the breadth of Tenable's cloud security offering, and where do you think it will go in the future? A: We're excited about our cloud security offering. It's a large and rapidly growing market. We're seeing success in competitive situations, and our offerings are competitive without needing aggressive discounting. We've broadened our offering to include full CNAPP capabilities, data security posture management, and AI security posture management, which keeps us competitive and on the leading edge.\nQ: Can you explain your guidance philosophy for Q4 and 2025, particularly regarding CCB growth and budget expectations? A: Our full-year CCB guide suggests 8% to 9% implied growth in Q4. This assumes continued outsized growth in exposure solutions and some moderation in VM growth. Pipeline is healthy with many large late-stage opportunities, and we feel our expectations are well set for both exposure solutions and VM growth.\nQ: How did changes in federal business incentives affect your execution this quarter, and what should we expect going forward? A: We anticipated Q3 to be a strong quarter for US Federal, and it played out as expected. Unlike last year, we didn't see any unusual twists in the federal business this year.\nQ: Can you discuss the pricing and competitive dynamics for AI Posture Management and AI Aware? A: We're seeing tremendous early adoption and enthusiasm for AI Aware. Monetization occurs through increased usage and asset count. In AI Security Posture Management, we see a small number of market-leading competitors, but there's a significant gap between us and others offering traditional CSPM or lighter cloud capabilities.\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.This article first appeared on \nGuruFocus.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2479782722"}