Q1 2024 Tenable Holdings Inc Earnings Call Transcript
Key Points
- Tenable Holdings Inc (TENB) reported better-than-expected financial results for Q1 2024, including revenue, operating income, and cash flow.
- Tenable One, the company's exposure management platform, grew to represent 26% of total new enterprise sales, highlighting strong market demand.
- The company added 410 new enterprise platform customers, demonstrating robust sales to new customers and nearly 30% year-over-year ACV growth from newly acquired customers.
- Tenable Holdings Inc (TENB) has integrated generative AI capabilities into Tenable One, enhancing interactive attack path visualizations and providing specific mitigation advice.
- The company's focus on exposure management solutions now represents approximately 50% of total new enterprise sales, indicating a strong market position and customer adoption.
- Net new 6-figure customers decreased by 4% in the quarter, attributed to a higher-than-usual number of customers dropping below the $100,000 threshold.
- The net dollar expansion rate decreased to 109% this quarter from 111% last quarter, indicating a slight reduction in customer expansion rates.
- There are ongoing challenges in the financial services and tech and telecom verticals, impacted by the regional banking crisis last year.
- Tenable Holdings Inc (TENB) is still in negotiations to sublease a portion of its real estate, expected to result in a noncash impairment charge of $6 million to $7 million in Q2.
- The company incurred $1.4 million of restructuring costs in Q1 related to onetime severance benefits, although this was lower than the anticipated $2 million to $3 million.
Greetings, and welcome to Tenable Q1 2024 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Ms. Erin Karney, Vice President, Investor Relations.
Thank you, Ms. Karney. You may begin.
Thank you, operator, and thank you all for joining us on today's conference call to discuss Tenable's first quarter 2024 financial results.
With me on the call today are Amit Yoran, our Chief Executive Officer; Steve Vintz, our Chief Financial Officer; and Jason Merrick, Senior Vice President, Products.
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 relating to our guidance and expectations for the second quarter and full year 2024, growth and drivers in our business, changes
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