0001660280-24-000153 | 10-Q | XBRL Viewer

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Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt

Credit Agreement

In July 2021, we entered into a credit agreement ("Credit Agreement") which is comprised of:

•a $375.0 million senior secured term loan facility ("Term Loan"); and

•a $50.0 million senior secured revolving credit facility ("Revolving Credit Facility").

The table below summarizes the carrying value of the Term Loan:


(in thousands)	September 30, 2024
Term loan	$	364,687
Less: Unamortized debt discount and issuance costs	(4,747)
Term loan, net of issuance costs	359,940
Less: Term loan, net, current (1)	(2,606)
Term loan, net of issuance costs (net of current portion)	$	357,334

_______________

(1) Term loan, net current is included in other current liabilities on our consolidated balance sheets.

The Term Loan bears interest at a rate of 2.75% per annum over the Secured Overnight Financing Rate ("SOFR"), subject to a 0.50% floor, plus a credit spread adjustment depending on the interest period. The Term Loan is being amortized at 1% per annum in equal quarterly installments until the final payment of $350.6 million on the July 7, 2028 maturity date.

Our Term Loan is recorded at its carrying value. At September 30, 2024, the fair value of our Term Loan was approximately $364.2 million. In the fair value hierarchy, our Term Loan is classified as Level 2 as it is traded in less active markets.

The maturities of the Term Loan at September 30, 2024 were as follows:


(in thousands)
Year ending December 31,
2024(1)	$	937
2025	3,750
2026	3,750
2027	3,750
2028	352,500
Total	$	364,687

_______________

(1) Represents the three months ending December 31, 2024.

We may be subject to mandatory Term Loan prepayments related to the excess cash flow provisions. These prepayments would only be required if our first lien net leverage ratio (as defined in our Credit Agreement) exceeds 3.5 at the end of each year. At September 30, 2024, our first lien net leverage ratio was 1.00.

At September 30, 2024, we had $0.2 million of standby letters of credit outstanding under our Revolving Credit Facility related to one of our operating leases. At September 30, 2024, we were in compliance with the covenants under the Credit Agreement.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on a Recurring Basis

The following tables summarize assets that are measured at fair value on a recurring basis:


	September 30, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	161,509	$	—	$	—	$	161,509
U.S. Treasury and agency obligations	—		988		—		988
Total cash equivalents	$	161,509	$	988	$	—	$	162,497

Short-term investments
Commercial paper	$	—	$	44,951	$	—	$	44,951
Corporate bonds	—		86,938		—		86,938
Asset backed securities	—		27,852		—		27,852
Yankee bonds	—		12,087		—		12,087
U.S. Treasury and agency obligations	—		64,414		—		64,414
Total short-term investments	$	—	$	236,242	$	—	$	236,242


	December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	130,375	$	—	$	—	$	130,375
Total cash equivalents	$	130,375	$	—	$	—	$	130,375

Short-term investments
Commercial paper	$	—	$	82,216	$	—	$	82,216
Corporate bonds	—		61,149		—		61,149
Asset backed securities	—		15,043		—		15,043
Yankee bonds	—		6,913		—		6,913
U.S. Treasury and agency obligations	—		71,519		—		71,519
Total short-term investments	$	—	$	236,840	$	—	$	236,840

Our investments in privately held securities, which are included in other assets on our consolidated balance sheets and classified as level 3, were as follows:


(in thousands)	September 30, 2024		December 31, 2023
Equity securities	$	6,702	$	—
Debt and other securities	1,871		9,383
Total other investments	$	8,573	$	9,383

Debt -Schedule of Carrying Value of Term Loan (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Debt Instrument [Line Items]
Term loan	$ 364,687
Secured Debt
Debt Instrument [Line Items]
Term loan	364,687
Less: Unamortized debt discount and issuance costs	(4,747)
Term loan, net of issuance costs	359,940
Less: Term loan, net, current	(2,606)
Term loan, net of issuance costs (net of current portion)	$ 357,334

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Stock-Based Compensation - Schedule of RSUs and PSUs (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Restricted Stock
Number of Shares
Number of shares unvested, beginning of period (in shares) \| shares	311
Number of shares, granted (in shares) \| shares	0
Number of shares, performance adjustment (in shares) \| shares	0
Number of shares, vested (in shares) \| shares	(93)
Number of shares, forfeited (in shares) \| shares	0
Number of shares unvested, end of period (in shares) \| shares	218
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, beginning of period (in usd per share) \| $ / shares	$ 45.67
Weighted average grant date fair value, granted (in usd per share) \| $ / shares	0
Weighted average grant date fair value, performance adjustment (in usd per share) \| $ / shares	0
Weighted average grant date fair value, vested (in usd per share) \| $ / shares	45.67
Weighted average grant date fair value, forfeited (in usd per share) \| $ / shares	0
Weighted average grant date fair value, end of period (in usd per share) \| $ / shares	$ 45.67
RSUs
Number of Shares
Number of shares unvested, beginning of period (in shares) \| shares	7,343
Number of shares, granted (in shares) \| shares	3,949
Number of shares, performance adjustment (in shares) \| shares	0
Number of shares, vested (in shares) \| shares	(2,497)
Number of shares, forfeited (in shares) \| shares	(860)
Number of shares unvested, end of period (in shares) \| shares	7,935
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, beginning of period (in usd per share) \| $ / shares	$ 43.80
Weighted average grant date fair value, granted (in usd per share) \| $ / shares	46.10
Weighted average grant date fair value, performance adjustment (in usd per share) \| $ / shares	0
Weighted average grant date fair value, vested (in usd per share) \| $ / shares	43.07
Weighted average grant date fair value, forfeited (in usd per share) \| $ / shares	45.02
Weighted average grant date fair value, end of period (in usd per share) \| $ / shares	$ 45.03
PSUs
Number of Shares
Number of shares unvested, beginning of period (in shares) \| shares	258
Number of shares, granted (in shares) \| shares	170
Number of shares, performance adjustment (in shares) \| shares	(10)
Number of shares, vested (in shares) \| shares	(88)
Number of shares, forfeited (in shares) \| shares	(11)
Number of shares unvested, end of period (in shares) \| shares	319
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, beginning of period (in usd per share) \| $ / shares	$ 43.90
Weighted average grant date fair value, granted (in usd per share) \| $ / shares	47.20
Weighted average grant date fair value, performance adjustment (in usd per share) \| $ / shares	43.24
Weighted average grant date fair value, vested (in usd per share) \| $ / shares	43.87
Weighted average grant date fair value, forfeited (in usd per share) \| $ / shares	43.95
Weighted average grant date fair value, end of period (in usd per share) \| $ / shares	$ 45.68

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit
Beginning Balance (in shares) at Dec. 31, 2022		113,056
Beginning Balance at Dec. 31, 2022	$ 270,866	$ 1,131	$ 1,017,837	$ 0	$ (1,351)	$ (746,751)
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Exercise of stock options (in shares)		289
Exercise of stock options	2,421	$ 3	2,418
Vesting of restricted stock units (in shares)		2,541
Vesting of restricted stock units	0	$ 25	(25)
Vesting of performance stock units (in shares)		78
Vesting of performance stock units	0	$ 1	(1)
Issuance of common stock under employee stock purchase plan (in shares)		506
Issuance of common stock under employee stock purchase plan	16,224	$ 5	16,219
Stock-based compensation	109,987		109,987
Other comprehensive income (loss)	811				811
Net loss	(56,636)					(56,636)
Ending Balance (in shares) at Sep. 30, 2023		116,470
Ending Balance at Sep. 30, 2023	343,673	$ 1,165	1,146,435	0	(540)	(803,387)
Beginning Balance (in shares) at Jun. 30, 2023		115,529
Beginning Balance at Jun. 30, 2023	314,561	$ 1,156	1,101,928	0	(701)	(787,822)
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Exercise of stock options (in shares)		123
Exercise of stock options	884	$ 1	883
Vesting of restricted stock units (in shares)		611
Vesting of restricted stock units	0	$ 6	(6)
Vesting of performance stock units (in shares)		13
Issuance of common stock under employee stock purchase plan (in shares)		194
Issuance of common stock under employee stock purchase plan	6,310	$ 2	6,308
Stock-based compensation	37,322		37,322
Other comprehensive income (loss)	161				161
Net loss	(15,565)					(15,565)
Ending Balance (in shares) at Sep. 30, 2023		116,470
Ending Balance at Sep. 30, 2023	343,673	$ 1,165	1,146,435	0	(540)	(803,387)
Beginning Balance (in shares) at Dec. 31, 2023		117,504
Beginning Balance at Dec. 31, 2023	$ 346,344	$ 1,175	1,185,100	(14,934)	38	(825,035)
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Exercise of stock options (in shares)	756	756
Exercise of stock options	$ 4,798	$ 7	4,791
Vesting of restricted stock units (in shares)		2,497
Vesting of restricted stock units	0	$ 25	(25)
Vesting of performance stock units (in shares)		88
Vesting of performance stock units	0	$ 1	(1)
Issuance of common stock under employee stock purchase plan (in shares)		499
Issuance of common stock under employee stock purchase plan	16,262	$ 5	16,257
Purchase of treasury stock	(49,991)			(49,991)
Fair value of replacement equity attributable to pre-acquisition service	42		42
Stock-based compensation	124,353		124,353
Other comprehensive income (loss)	916				916
Net loss	(38,169)					(38,169)
Ending Balance (in shares) at Sep. 30, 2024		121,344
Ending Balance at Sep. 30, 2024	404,555	$ 1,213	1,330,517	(64,925)	954	(863,204)
Beginning Balance (in shares) at Jun. 30, 2024		120,461
Beginning Balance at Jun. 30, 2024	363,561	$ 1,205	1,281,545	(64,925)	(271)	(853,993)
Increase (Decrease) in Stockholders' Deficit [Roll Forward]
Exercise of stock options (in shares)		109
Exercise of stock options	663	$ 1	662
Vesting of restricted stock units (in shares)		561
Vesting of restricted stock units	0	$ 5	(5)
Vesting of performance stock units (in shares)		19
Issuance of common stock under employee stock purchase plan (in shares)		194
Issuance of common stock under employee stock purchase plan	6,384	$ 2	6,382
Stock-based compensation	41,933		41,933
Other comprehensive income (loss)	1,225				1,225
Net loss	(9,211)					(9,211)
Ending Balance (in shares) at Sep. 30, 2024		121,344
Ending Balance at Sep. 30, 2024	$ 404,555	$ 1,213	$ 1,330,517	$ (64,925)	$ 954	$ (863,204)

Business and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidations	All intercompany accounts and transactions have been eliminated in consolidation.
Basis of Accounting	The accompanying consolidated financial statements include the accounts of Tenable Holdings, Inc. and our wholly owned subsidiaries and have been prepared in conformity with United States generally accepted accounting principles (“GAAP”) for interim financial information.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates include, but are not limited to, the determination of the estimated economic life of perpetual licenses for revenue recognition, the estimated period of benefit for deferred commissions, the useful lives of long-lived assets, the fair value of acquired intangible assets, the valuation of stock-based compensation, the incremental borrowing rate for operating leases, and the valuation of deferred tax assets and investments. We base these estimates on historical experience and on various other assumptions that we believe to be reasonable. Actual results could differ significantly from these estimates.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07 - Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities with a single reportable segment to provide all the disclosures required by this standard and all existing segment disclosures in Topic 280 on an interim and annual basis, including new requirements to disclose significant segment expenses that are regularly provided to the Chief Operating Decision Maker ("CODM") and included within the reported measure(s) of a segment's profit or loss, the amount and composition of any other segment items, the title and position of the CODM, and how the CODM uses the reported measure(s) of a segment's profit or loss to assess performance and decide how to allocate resources. The guidance is effective for our annual period beginning January 1, 2025, and interim periods thereafter, applied retrospectively with early adoption permitted. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities to provide greater disaggregation within their annual rate reconciliation, including new requirements to present reconciling items on a gross basis in specified categories, disclose both percentages and dollar amounts, and disaggregate individual reconciling items by jurisdiction and nature when the effect of the items meet a quantitative threshold. The guidance also requires disaggregating the annual disclosure of income taxes paid, net of refunds received, by federal (national), state, and foreign taxes, with separate presentation of individual jurisdictions that meet a quantitative threshold. The guidance is effective for our annual periods beginning January 1, 2025 on a prospective basis, with a retrospective option, and early adoption is permitted. Adopting this guidance will result in additional annual tax disclosures but will not impact our provision for income taxes, deferred tax assets or deferred tax liabilities.

Debt -Schedule of Maturities of Term Loan (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Debt Disclosure [Abstract]
2024	$ 937
2025	3,750
2026	3,750
2027	3,750
2028	352,500
Total	$ 364,687

Revenue - Contract Balances (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue recognized that was included in deferred revenue	$ 209.6	$ 185.9	$ 497.3	$ 430.8

Geographic Information -Schedule of Property and Equipment, Net by Geographic Area (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	$ 39,780	$ 45,436
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	35,256	39,497
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	$ 4,524	$ 5,939

Net Loss Per Share -Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net loss	$ (9,211)	$ (15,565)	$ (38,169)	$ (56,636)
Weighted-average shares used to compute net loss per share, basic (in shares)	119,169	115,954	118,466	114,967
Weighted-average shares used to compute net loss per share, diluted (in shares)	119,169	115,954	118,466	114,967
Net loss per share, basic (in usd per share)	$ (0.08)	$ (0.13)	$ (0.32)	$ (0.49)
Net loss per share, diluted (in usd per share)	$ (0.08)	$ (0.13)	$ (0.32)	$ (0.49)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In the nine months ended September 30, 2024, the provision for income taxes included $5.6 million of income taxes in foreign jurisdictions in which we conduct business, $2.6 million of discrete items primarily related to withholding taxes on sales to customers and $2.5 million of Base Erosion and Anti-Abuse Tax. In the nine months ended September 30, 2023, the provision for income taxes included $4.3 million of income taxes in foreign jurisdictions in which we conduct business and $2.8 million of discrete items primarily related to withholding taxes on sales to customers, partially offset by $0.2 million of deferred tax benefits related to the acquisition of Alsid SAS.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Fair Value Measurements - Narrative (Details) $ in Millions	1 Months Ended
Fair Value Measurements - Narrative (Details) $ in Millions	May 31, 2024 USD ($)
Fair Value Disclosures [Abstract]
Gain (loss) from SAFE investments	$ 1.5

Net Loss Per Share - Schedule of Potentially Dilutive Securities (Details) - shares shares in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	12,685	12,797
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	7,935	7,343
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	4,339	5,196
Shares to be issued under the 2018 ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	44	128
PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	149	130
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	218	0

Leases

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

We have operating leases for office facilities. The components of lease expense were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Operating lease cost(1)	$	1,906	$	1,900	$	5,691	$	5,690

_______________

(1) Excludes sublease income.

Rent expense for short-term leases in the three and nine months ended September 30, 2024 and 2023 was not material.

In June 2024, we executed a sublease for of a portion of our corporate headquarters through February 2032 and recognized $4.5 million of restructuring expense related to the associated impairment of leasehold improvements and furniture and fixtures. Sublease income, which is recorded as a reduction of rent expense, was $0.4 million for the three and nine months ended September 30, 2024.

Supplemental information related to leases was as follows:


	September 30, 2024	December 31, 2023
Operating leases
Weighted average remaining lease term	6.7 years	7.3 years
Weighted average discount rate	5.7%	5.6%


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
ROU assets obtained in exchange for lease obligations
Operating leases	$	—	$	—	$	806	$	1,234

Maturities of operating lease liabilities at September 30, 2024 were as follows:


(in thousands)
Year ending December 31,
2024(1)	$	1,472
2025	9,831
2026	9,157
2027	8,667
2028	7,777
Thereafter	23,390
Total lease payments	60,294
Less: Imputed interest	(10,489)

Total	$	49,805

_______________

(1) Represents the three months ending December 31, 2024.

Operating lease payments in the table above do not include $0.9 million, $1.7 million, $1.8 million, $1.9 million and $6.4 million of sublease payments we expect to receive in 2025, 2026, 2027, 2028 and thereafter, respectively.

In October 2024, we entered into a new lease in Tel Aviv, Israel. The new lease term is 7 years and the future lease payments are expected to be $19.4 million.

Debt- Narrative (Details)	1 Months Ended
Debt- Narrative (Details)	Jul. 31, 2021 USD ($)	Sep. 30, 2024 USD ($)
Line of Credit Facility [Line Items]
Standby letters of credit		$ 5,700,000
Secured Debt
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity	$ 375,000,000
Basis spread on variable rate	2.75%
Debt instrument, basis spread on variable rate, variable rate floor	0.50%
Annual amortization amount, percent	1.00%
Debt instrument, periodic payment terms, balloon payment to be paid	$ 350,600,000
Long-term debt, fair value		$ 364,200,000
Secured Debt \| Credit Agreement
Line of Credit Facility [Line Items]
Debt Instrument, covenant, leverage ratio, maximum		3.5
Debt instrument, covenant, leverage ratio		1.00
Revolving Credit Facility
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity	$ 50,000,000
Standby letters of credit		$ 200,000

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share data)	2024		2023		2024		2023
Net loss	$	(9,211)	$	(15,565)	$	(38,169)	$	(56,636)

Weighted-average shares used to compute net loss per share, basic and diluted	119,169		115,954		118,466		114,967
Net loss per share, basic and diluted	$	(0.08)	$	(0.13)	$	(0.32)	$	(0.49)

Schedule of Potentially Dilutive Securities

The following potentially dilutive securities have been excluded from the diluted per share calculations because they would have been antidilutive:


	September 30,
(in thousands)	2024	2023
RSUs	7,935	7,343
Stock options	4,339	5,196
Shares to be issued under the 2018 ESPP	44	128

PSUs	149	130
Restricted stock	218	—
Total	12,685	12,797

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of Components of Lease Expense and Supplemental Information

The components of lease expense were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Operating lease cost(1)	$	1,906	$	1,900	$	5,691	$	5,690

_______________

(1) Excludes sublease income.

Supplemental information related to leases was as follows:


	September 30, 2024	December 31, 2023
Operating leases
Weighted average remaining lease term	6.7 years	7.3 years
Weighted average discount rate	5.7%	5.6%


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
ROU assets obtained in exchange for lease obligations
Operating leases	$	—	$	—	$	806	$	1,234

Schedule of Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities at September 30, 2024 were as follows:


(in thousands)
Year ending December 31,
2024(1)	$	1,472
2025	9,831
2026	9,157
2027	8,667
2028	7,777
Thereafter	23,390
Total lease payments	60,294
Less: Imputed interest	(10,489)

Total	$	49,805

_______________

(1) Represents the three months ending December 31, 2024.

Revenue

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

Disaggregation of Revenue

The following table presents a summary of revenue:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Subscription revenue	$	208,554	$	183,268	$	608,727	$	531,133
Perpetual license and maintenance revenue	11,769		12,200		35,941		36,535
Professional services and other revenue	6,765		6,061		19,622		17,736
Revenue	$	227,088	$	201,529	$	664,290	$	585,404

Concentrations

We sell and market our products and services through our field sales force that works closely with our channel partners, which includes a network of distributors and resellers, in developing sales opportunities. We use a two-tiered channel model whereby we sell our products and services to our distributors, which in turn sell to resellers, which then sell to end-users. Revenue derived through our channel network comprised 94% of revenue in the three and nine months ended September 30, 2024 and 93% of revenue in the three and nine months ended September 30, 2023. One of our distributors accounted for 33% and 34% of revenue in the three and nine months ended September 30, 2024, respectively, and 36% of revenue in the three and nine months ended September 30, 2023. That same distributor accounted for 32% of accounts receivable at September 30, 2024 and December 31, 2023.

Contract Balances

We generally bill our customers in advance and accounts receivable are recorded when we have the right to invoice the customer. Contract liabilities consist of deferred revenue and include customer billings and payments received in advance of performance under the contract. In the three months ended September 30, 2024 and 2023 and the nine months ended September 30, 2024 and 2023, we recognized revenue of $209.6 million, $185.9 million, $497.3 million and $430.8 million, respectively, that was included in the deferred revenue balance at the beginning of the respective periods.

Remaining Performance Obligations

At September 30, 2024, the future estimated revenue related to unsatisfied performance obligations was $771.6 million, of which $592.4 million is expected to be recognized as revenue over the next twelve months, and the remainder is expected to be recognized over the four years thereafter.

Deferred Commissions

The following summarizes the activity of deferred incremental costs of obtaining a contract:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Beginning balance	$	115,529	$	109,582	$	121,953	$	111,508
Capitalization of contract acquisition costs	12,420		14,527		32,921		36,819
Amortization of deferred contract acquisition costs	(13,686)		(12,565)		(40,611)		(36,783)
Ending balance	$	114,263	$	111,544	$	114,263	$	111,544

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Acquisitions, Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Intangible assets acquired, estimated useful life				5 years 6 months
Amortization of intangible assets		$ 5.0	$ 3.0	$ 14.4	$ 9.2
General and administrative
Business Acquisition [Line Items]
Acquisition-related transaction costs		$ 0.4	$ 4.6	$ 1.3	$ 4.7
Eureka
Business Acquisition [Line Items]
Percentage of voting interests acquired	100.00%
Business combination, consideration transferred	$ 29.2
Cash acquired	0.4
Intangible assets acquired, cost	$ 6.9
Intangible assets acquired, estimated useful life	5 years

Stock-Based Compensation - Schedule of Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Number of Shares
Number of shares outstanding, beginning of period (in shares) \| shares	5,095
Number of shares, exercised (in shares) \| shares	(756)
Number of shares, forfeited/canceled (in shares) \| shares	0
Number of shares outstanding, end of period (in shares) \| shares	4,339	5,095
Number of shares exercisable (in shares) \| shares	4,339
Weighted Average Exercise Price
Weighted average exercise price, outstanding, beginning of period (in usd per share) \| $ / shares	$ 8.95
Weighted average exercise price, exercised (in usd per share) \| $ / shares	6.34
Weighted average exercise price, forfeited/canceled (in usd per share) \| $ / shares	0
Weighted average exercise price, outstanding, end of period (in usd per share) \| $ / shares	9.40	$ 8.95
Weighted average exercise price, exercisable (in usd per share) \| $ / shares	$ 9.40
Weighted Average Remaining Contractual Term/ Aggregate Intrinsic Value
Weighted average remaining contractual term (in years), outstanding		3 years 6 months
Weighted average remaining contractual term (in years), exercisable	2 years 10 months 24 days
Aggregate intrinsic value, outstanding, beginning of period \| $	$ 135,020	$ 189,108
Aggregate intrinsic value, exercised \| $	30,215
Aggregate intrinsic value, exercisable, ending of period \| $	$ 135,020

Revenue - Remaining Performance Obligations (Details) $ in Millions	Sep. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Future estimated revenue	$ 771.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Future estimated revenue	$ 592.4
Expected timing of satisfaction	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction	4 years

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total	$ 87,564	$ 89,973
Less: accumulated depreciation and amortization	(47,784)	(44,537)
Property and equipment, net	39,780	45,436
Computer software and equipment
Property, Plant and Equipment [Line Items]
Total	20,131	21,845
Internally developed software
Property, Plant and Equipment [Line Items]
Total	39,250	32,261
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total	5,191	6,513
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total	$ 22,992	$ 29,354

Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Carrying Value of Term Loan

The table below summarizes the carrying value of the Term Loan:


(in thousands)	September 30, 2024
Term loan	$	364,687
Less: Unamortized debt discount and issuance costs	(4,747)
Term loan, net of issuance costs	359,940
Less: Term loan, net, current (1)	(2,606)
Term loan, net of issuance costs (net of current portion)	$	357,334

_______________

(1) Term loan, net current is included in other current liabilities on our consolidated balance sheets.

Schedule of Maturities of Term Loan

The maturities of the Term Loan at September 30, 2024 were as follows:


(in thousands)
Year ending December 31,
2024(1)	$	937
2025	3,750
2026	3,750
2027	3,750
2028	352,500
Total	$	364,687

_______________

(1) Represents the three months ending December 31, 2024.

Property and Equipment, Net

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net consisted of the following:


(in thousands)	September 30, 2024		December 31, 2023
Computer software and equipment	$	20,131	$	21,845
Internally developed software	39,250		32,261
Furniture and fixtures	5,191		6,513
Leasehold improvements	22,992		29,354
Total	87,564		89,973
Less: accumulated depreciation and amortization	(47,784)		(44,537)
Property and equipment, net	$	39,780	$	45,436

Depreciation and amortization related to property and equipment was $3.6 million, $3.2 million, $10.0 million and $9.7 million in the three months ended September 30, 2024 and 2023 and the nine months ended September 30, 2024 and 2023, respectively.

In the nine months ended September 30, 2024, we recorded a $4.5 million impairment for furniture and fixtures and leasehold improvements. See Note 7 for additional information.

Geographic Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Revenue by Region

Revenue by region, based on the address of the end user as specified in our subscription, license or service agreements, was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
The Americas	$	141,583	$	127,016	$	412,820	$	368,510
Europe, Middle East and Africa	59,688		51,397		176,046		150,437
Asia Pacific	25,817		23,116		75,424		66,457
Revenue	$	227,088	$	201,529	$	664,290	$	585,404

Schedule of Property and Equipment, Net by Geographic Area

Our property and equipment, net by geographic area is summarized as follows:


(in thousands)	September 30, 2024		December 31, 2023
United States	$	35,256	$	39,497
International	4,524		5,939
Property and equipment, net	$	39,780	$	45,436

Acquisitions, Goodwill and Intangible Assets - Schedule of Future Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2024	$ 5,014
2025	20,055
2026	19,870
2027	17,840
2028	14,797
Thereafter	21,898
Total	$ 99,474	$ 107,017

Stock-Based Compensation - Schedule of Unrecognized Stock-Based Compensation (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Restricted stock units ("RSUs")
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Stock-Based Compensation Expense (in thousands)	$ 310,029
Estimated Weighted Average Period (in years)	2 years 8 months 12 days
Performance stock units ("PSUs")
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Stock-Based Compensation Expense (in thousands)	$ 7,190
Estimated Weighted Average Period (in years)	3 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Stock-Based Compensation Expense (in thousands)	$ 8,557
Estimated Weighted Average Period (in years)	1 year 6 months
2018 Employee Stock Purchase Plan ("2018 ESPP")
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Stock-Based Compensation Expense (in thousands)	$ 13,345
Estimated Weighted Average Period (in years)	1 year

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Revenue

The following table presents a summary of revenue:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Subscription revenue	$	208,554	$	183,268	$	608,727	$	531,133
Perpetual license and maintenance revenue	11,769		12,200		35,941		36,535
Professional services and other revenue	6,765		6,061		19,622		17,736
Revenue	$	227,088	$	201,529	$	664,290	$	585,404

Schedule of Activity of Deferred Contract Costs

The following summarizes the activity of deferred incremental costs of obtaining a contract:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Beginning balance	$	115,529	$	109,582	$	121,953	$	111,508
Capitalization of contract acquisition costs	12,420		14,527		32,921		36,819
Amortization of deferred contract acquisition costs	(13,686)		(12,565)		(40,611)		(36,783)
Ending balance	$	114,263	$	111,544	$	114,263	$	111,544

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 971	$ 470
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000	500,000
Common stock, shares issued (in shares)	121,344	117,504
Treasury Stock (in shares)	1,471	356

Leases - Schedule of Supplemental Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Operating leases
Weighted average remaining lease term (in years)	6 years 8 months 12 days		6 years 8 months 12 days		7 years 3 months 18 days
Weighted average discount rate	5.70%		5.70%		5.60%
ROU assets obtained in exchange for lease obligations
Operating leases	$ 0	$ 0	$ 806	$ 1,234

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 227,088	$ 201,529	$ 664,290	$ 585,404
Cost of revenue	50,499	45,754	148,229	134,774
Gross profit	176,589	155,775	516,061	450,630
Operating expenses:
Sales and marketing	99,083	94,759	300,037	289,750
Research and development	48,020	37,052	136,896	113,080
General and administrative	31,569	31,877	92,889	85,614
Restructuring	0	0	6,070	0
Total operating expenses	178,672	163,688	535,892	488,444
Loss from operations	(2,083)	(7,913)	(19,831)	(37,814)
Interest income	5,989	7,662	17,587	19,323
Interest expense	(8,148)	(8,119)	(24,333)	(23,208)
Other income (expense), net	359	(6,502)	(858)	(7,993)
Loss before income taxes	(3,883)	(14,872)	(27,435)	(49,692)
Provision for income taxes	5,328	693	10,734	6,944
Net loss	$ (9,211)	$ (15,565)	$ (38,169)	$ (56,636)
Net loss per share, basic (in usd per share)	$ (0.08)	$ (0.13)	$ (0.32)	$ (0.49)
Net loss per share, diluted (in usd per share)	$ (0.08)	$ (0.13)	$ (0.32)	$ (0.49)
Weighted-average shares used to compute net loss per share, basic (in shares)	119,169	115,954	118,466	114,967
Weighted-average shares used to compute net loss per share, diluted (in shares)	119,169	115,954	118,466	114,967

Acquisitions, Goodwill and Intangible Assets - Schedule of Acquired Intangible Assets Subject to Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 149,927	$ 143,027
Accumulated Amortization	(50,453)	(36,010)
Total	99,474	107,017
Acquired technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	149,437	142,537
Accumulated Amortization	(49,963)	(35,520)
Total	99,474	107,017
Trade name
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	490	490
Accumulated Amortization	(490)	(490)
Total	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Revenue - Schedule of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 227,088	$ 201,529	$ 664,290	$ 585,404
Subscription revenue
Disaggregation of Revenue [Line Items]
Revenue	208,554	183,268	608,727	531,133
Perpetual license and maintenance revenue
Disaggregation of Revenue [Line Items]
Revenue	11,769	12,200	35,941	36,535
Professional services and other revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 6,765	$ 6,061	$ 19,622	$ 17,736

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Income Taxes (Details) - USD ($) $ in Millions	9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Income Tax Examination [Line Items]
Foreign tax expense	$ 5.6	$ 4.3
Discrete expenses	2.6	2.8
Base Erosion and Anti-Abuse Tax (BEAT), amount	$ 2.5
Alsid SAS
Income Tax Examination [Line Items]
Deferred tax benefit		$ 0.2

Cash Equivalents and Short-Term Investments - Schedule of Amortized Cost, Unrealized Gain and Loss and Estimated Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Line Items]
Cash equivalents	$ 162,497	$ 130,375
Amortized Cost	235,288	236,802
Unrealized Gain	958	217
Unrealized Loss	(4)	(179)
Estimated Fair Value	236,242	236,840
Commercial paper
Cash and Cash Equivalents [Line Items]
Amortized Cost	44,931	82,188
Unrealized Gain	20	50
Unrealized Loss	0	(22)
Estimated Fair Value	44,951	82,216
Corporate bonds
Cash and Cash Equivalents [Line Items]
Amortized Cost	86,461	61,200
Unrealized Gain	477	40
Unrealized Loss	0	(91)
Estimated Fair Value	86,938	61,149
Asset backed securities
Cash and Cash Equivalents [Line Items]
Amortized Cost	27,756	15,032
Unrealized Gain	97	26
Unrealized Loss	(1)	(15)
Estimated Fair Value	27,852	15,043
Yankee bonds
Cash and Cash Equivalents [Line Items]
Amortized Cost	12,049	6,926
Unrealized Gain	41	4
Unrealized Loss	(3)	(17)
Estimated Fair Value	12,087	6,913
U.S. Treasury and agency obligations
Cash and Cash Equivalents [Line Items]
Amortized Cost	64,091	71,456
Unrealized Gain	323	97
Unrealized Loss	0	(34)
Estimated Fair Value	64,414	71,519
Total cash equivalents
Cash and Cash Equivalents [Line Items]
Cash equivalents	162,497	130,375
Money market funds
Cash and Cash Equivalents [Line Items]
Cash equivalents	161,509	$ 130,375
U.S. Treasury and agency obligations
Cash and Cash Equivalents [Line Items]
Cash equivalents	$ 988

Leases - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Oct. 31, 2024
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Restructuring		$ 0	$ 0	$ 6,070	$ 0
Sublease income		(400)		(400)
Lessor, sublease income to be received 2025		900		900
Lessor, sublease income to be received 2026		1,700		1,700
Lessor, sublease income to be received 2027		1,800		1,800
Lessor, sublease income to be received 2028		1,900		1,900
Lessor, sublease income to be received thereafter		6,400		6,400
Future lease payment		$ 60,294		60,294
Subsequent Event \| Tel Aviv, Israel Lease
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Lease term						7 years
Future lease payment						$ 19,400
Impairment Of Right-of-use Asset and Fixed Assets
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Restructuring	$ 4,500			$ 4,500

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-38600
Entity Registrant Name	TENABLE HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-5580846
Entity Address, Address Line One	6100 Merriweather Drive
Entity Address, City or Town	Columbia
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21044
City Area Code	410
Local Phone Number	872-0555
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	TENB
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		120,135,387
Entity Central Index Key	0001660280
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus (i.e. Q1,Q2,Q3,FY)	Q3
Amendment Flag	false

Geographic Information

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Geographic Information

We operate as one operating segment. Our Chief Executive Officer, who is our CODM, reviews financial information on a consolidated basis for purposes of making operating decisions, allocating resources and evaluating financial performance.

Revenue by region, based on the address of the end user as specified in our subscription, license or service agreements, was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
The Americas	$	141,583	$	127,016	$	412,820	$	368,510
Europe, Middle East and Africa	59,688		51,397		176,046		150,437
Asia Pacific	25,817		23,116		75,424		66,457
Revenue	$	227,088	$	201,529	$	664,290	$	585,404

Customers located in the United States accounted for 54% of revenue in the three and nine months ended September 30, 2024 and 55% of revenue in the three and nine months ended September 30, 2023. No other country accounted for 10% or more of revenue in the periods presented.

Our property and equipment, net by geographic area is summarized as follows:


(in thousands)	September 30, 2024		December 31, 2023
United States	$	35,256	$	39,497
International	4,524		5,939
Property and equipment, net	$	39,780	$	45,436

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments In December 2023, we entered into a contract with Microsoft for cloud services from February 2024 through January 2027. Under the terms of the contract we committed to spend €28.5 million. If we do not meet our commitment by the end of the term, we will be required to pay the difference. As of September 30, 2024, we have spent €5.1 million of our commitment. In July 2024, we entered into a new contract with Amazon Web Services, Inc. ("AWS") for cloud services, in which we committed to spend $59.7 million, $77.6 million and $93.0 million in years one, two and three, respectively, for a total commitment of $230.3 million from August 2024 to July 2027. As of September 30, 2024, we have spent $10.0 million of our first year commitment. Letters of Credit At September 30, 2024, we had $5.7 million of standby letters of credit related to our grant agreements with the State of Maryland and our operating leases.

Cash Equivalents and Short-Term Investments (Tables)

9 Months Ended

Sep. 30, 2024

Cash and Cash Equivalents [Abstract]

Schedule of Amortized Cost, Unrealized Gain and Loss and Estimated Fair Value

The following tables summarize the amortized cost, unrealized gain and loss and estimated fair value of cash equivalents and short-term investments:


	September 30, 2024
(in thousands)	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash equivalents
Money market funds	$	161,509	$	—	$	—	$	161,509
U.S. Treasury and agency obligations	988		—		—		988
Total cash equivalents	$	162,497	$	—	$	—	$	162,497

Short-term investments
Commercial paper	$	44,931	$	20	$	—	$	44,951
Corporate bonds	86,461		477		—		86,938
Asset backed securities	27,756		97		(1)		27,852
Yankee bonds	12,049		41		(3)		12,087
U.S. Treasury and agency obligations	64,091		323		—		64,414
Total short-term investments	$	235,288	$	958	$	(4)	$	236,242


	December 31, 2023
(in thousands)	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash equivalents
Money market funds	$	130,375	$	—	$	—	$	130,375
Total cash equivalents	$	130,375	$	—	$	—	$	130,375

Short-term investments
Commercial paper	$	82,188	$	50	$	(22)	$	82,216
Corporate bonds	61,200		40		(91)		61,149
Asset backed securities	15,032		26		(15)		15,043
Yankee bonds	6,926		4		(17)		6,913
U.S. Treasury and agency obligations	71,456		97		(34)		71,519
Total short-term investments	$	236,802	$	217	$	(179)	$	236,840

Schedule of Contractual Maturities on Short-Term Investments

The contractual maturities of our short-term investments are as follows:


	September 30, 2024				December 31, 2023
(in thousands)	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due within one year	$	184,356	$	184,883	$	219,437	$	219,414
Due between one and two years	50,932		51,359		17,365		17,426
Total short-term investments	$	235,288	$	236,242	$	236,802	$	236,840

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Commitments and Contingencies (Details) € in Millions, $ in Millions	Sep. 30, 2024 USD ($)	Sep. 30, 2024 EUR (€)	Jul. 31, 2024 USD ($)	Dec. 31, 2023 EUR (€)
Line of Credit Facility [Line Items]
Purchase obligation, amount spent	$ 10.0	€ 5.1
Standby letters of credit	$ 5.7
Microsoft
Line of Credit Facility [Line Items]
Purchase obligation \| €				€ 28.5
Amazon Web Services (AWS)
Line of Credit Facility [Line Items]
Purchase obligation			$ 230.3
Purchase obligation, to be paid, year one			59.7
Purchase obligation, to be paid, year two			77.6
Purchase obligation, to be paid, year three			$ 93.0

Geographic Information - Narrative (Details) - segment	3 Months Ended		9 Months Ended
Geographic Information - Narrative (Details) - segment	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Concentration Risk [Line Items]
Number of operating segments			1
United States \| Revenue \| Geographic Concentration Risk
Concentration Risk [Line Items]
Concentration risk (in percent)	54.00%	55.00%	54.00%	55.00%

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (38,169)	$ (56,636)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	24,434	18,900
Stock-based compensation	122,801	108,812
Net accretion of discounts and amortization of premiums on short-term investments	(6,141)	(5,903)
Amortization of debt issuance costs	1,003	941
(Gain) loss on other investments	(1,452)	5,000
Restructuring	4,528	0
Other	4,128	1,800
Changes in operating assets and liabilities:
Accounts receivable	26,911	9,084
Prepaid expenses and other assets	29,868	17,524
Accounts payable, accrued expenses and accrued compensation	(22,921)	447
Deferred revenue	(3,153)	16,856
Other current and noncurrent liabilities	(5,480)	(5,475)
Net cash provided by operating activities	136,357	111,350
Cash flows from investing activities:
Purchases of property and equipment	(1,924)	(1,299)
Capitalized software development costs	(5,930)	(4,707)
Purchases of short-term investments	(227,210)	(217,239)
Sales and maturities of short-term investments	234,865	242,864
Proceeds from other investments	3,512	0
Purchases of other investments	(1,250)	0
Business combinations, net of cash acquired	(29,162)	0
Net cash (used in) provided by investing activities	(27,099)	19,619
Cash flows from financing activities:
Payments on term loan	(2,813)	(2,813)
Proceeds from loan agreement	0	424
Proceeds from stock issued in connection with the employee stock purchase plan	16,262	16,224
Proceeds from the exercise of stock options	4,798	2,421
Purchase of treasury stock	(49,991)	0
Other financing activities	0	(213)
Net cash (used in) provided by financing activities	(31,744)	16,043
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(2,439)	(2,562)
Net increase in cash and cash equivalents and restricted cash	75,075	144,450
Cash and cash equivalents and restricted cash at beginning of period	237,132	300,866
Cash and cash equivalents and restricted cash at end of period	312,207	445,316
Supplemental disclosure of cash flow information:
Cash paid for interest	23,505	26,786
Cash paid for income taxes, net of refunds	10,073	6,166
Supplemental cash flow information related to leases:
Cash payments for operating leases	$ 7,409	$ 6,797

Leases -Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease cost	$ 1,906	$ 1,900	$ 5,691	$ 5,690

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	9 Months Ended
	Jan. 31, 2024	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from stock issued in connection with the employee stock purchase plan		$ 16,262	$ 16,224
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares reserved (in shares)	1,800,000
Shares available for grant (in shares)		10,000,000.0
Common stock purchased (in shares)		498,890
Share price (in usd per share)		$ 32.60
Employee contributions		$ 1,600
2018 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares reserved (in shares)	5,900,000
Shares available for grant (in shares)		26,000,000.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Acquisitions, Goodwill and Intangible Assets - Schedule Of Recognized Identified Assets Acquired And Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 541,292		$ 518,539
Eureka
Business Acquisition [Line Items]
Intangible assets		$ 6,900
Goodwill		22,753
Other current liabilities, net		(449)
Total purchase price		$ 29,204

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Revenue -Schedule of Activity of Deferred Contract Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Capitalized Contract Cost [Roll Forward]
Beginning balance	$ 115,529	$ 109,582	$ 121,953	$ 111,508
Capitalization of contract acquisition costs	12,420	14,527	32,921	36,819
Amortization of deferred contract acquisition costs	(13,686)	(12,565)	(40,611)	(36,783)
Ending balance	$ 114,263	$ 111,544	$ 114,263	$ 111,544

Revenue - Concentrations (Details)	3 Months Ended		9 Months Ended		12 Months Ended
Revenue - Concentrations (Details)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenue \| Customer Concentration Risk \| One Distributor
Concentration Risk [Line Items]
Concentration risk (in percent)	33.00%	36.00%	34.00%	36.00%
Accounts Receivable \| Customer Concentration Risk \| One Distributor
Concentration Risk [Line Items]
Concentration risk (in percent)			32.00%		32.00%
Channel Network \| Revenue \| Sales Method Risk
Concentration Risk [Line Items]
Concentration risk (in percent)	94.00%	93.00%	94.00%	93.00%

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 312,207	$ 237,132
Short-term investments	236,242	236,840
Accounts receivable (net of allowance for doubtful accounts of $971 and $470 at September 30, 2024 and December 31, 2023, respectively)	192,648	220,060
Deferred commissions	49,858	49,559
Prepaid expenses and other current assets	52,575	61,882
Total current assets	843,530	805,473
Property and equipment, net	39,780	45,436
Deferred commissions (net of current portion)	64,405	72,394
Operating lease right-of-use assets	32,127	34,835
Acquired intangible assets, net	99,474	107,017
Goodwill	541,292	518,539
Other assets	13,811	23,177
Total assets	1,634,419	1,606,871
Current liabilities:
Accounts payable and accrued expenses	17,833	16,941
Accrued compensation	43,040	66,492
Deferred revenue	583,940	580,779
Operating lease liabilities	6,099	5,971
Other current liabilities	6,205	5,655
Total current liabilities	657,117	675,838
Deferred revenue (net of current portion)	163,512	169,718
Term loan, net of issuance costs (net of current portion)	357,334	359,281
Operating lease liabilities (net of current portion)	43,706	48,058
Other liabilities	8,195	7,632
Total liabilities	1,229,864	1,260,527
Stockholders’ equity:
Common stock (par value: $0.01; 500,000 shares authorized; 121,344 and 117,504 shares issued at September 30, 2024 and December 31, 2023, respectively)	1,213	1,175
Additional paid-in capital	1,330,517	1,185,100
Treasury stock (at cost: 1,471 and 356 shares at September 30, 2024 and December 31, 2023, respectively)	(64,925)	(14,934)
Accumulated other comprehensive income	954	38
Accumulated deficit	(863,204)	(825,035)
Total stockholders’ equity	404,555	346,344
Total liabilities and stockholders’ equity	$ 1,634,419	$ 1,606,871

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]
Depreciation and amortization		$ 3,600	$ 3,200	$ 10,000	$ 9,700
Restructuring		$ 0	$ 0	6,070	$ 0
Impairment Of Right-of-use Asset and Fixed Assets
Restructuring Cost and Reserve [Line Items]
Restructuring	$ 4,500			$ 4,500

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Cash Equivalents and Short-Term Investments - Schedule of Contractual Maturities on Short-Term Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Amortized Cost, Due within on year	$ 184,356	$ 219,437
Amortized Cost, Due between one and two years	50,932	17,365
Amortized Cost	235,288	236,802
Estimated Fair Value, Due within one year	184,883	219,414
Estimated Fair Value, Due between one and two years	51,359	17,426
Estimated Fair Value	$ 236,242	$ 236,840

Geographic Information - Schedule of Revenue by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 227,088	$ 201,529	$ 664,290	$ 585,404
The Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	141,583	127,016	412,820	368,510
Europe, Middle East and Africa
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	59,688	51,397	176,046	150,437
Asia Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 25,817	$ 23,116	$ 75,424	$ 66,457

- Definition

+ References

+ Details

Acquisitions, Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Roll Forward]
Balance at December 31, 2023	$ 518,539
Acquired goodwill	22,753
Balance at September 30, 2024	$ 541,292

- Definition

+ References

+ Details

Acquisitions, Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisitions, Goodwill and Intangible Assets

Business Combinations

In June 2024, we acquired Eureka Security, Inc. ("Eureka"), a provider of data security posture management ("DSPM") for cloud environments. Adding Eureka's DSPM capabilities to our solutions provides customers a view into their organization's cloud data security footprint, fight policy drift and misconfigurations that put data at risk, and enables customers to continuously improve their security posture over time. We acquired 100% of Eureka's equity through a share purchase agreement for total cash consideration of $29.2 million, net of $0.4 million cash acquired.

Cash consideration, net of cash acquired, was preliminarily allocated as follows:


(in thousands)	Eureka



Intangible assets	$	6,900
Goodwill	22,753


Other current liabilities, net	(449)
Total purchase price	$	29,204

We allocated $6.9 million to Eureka's proprietary technology with an estimated useful life of 5 years.

We are still finalizing the allocation of the purchase price for Eureka, which may change as additional information becomes available around working capital and income taxes.

The results of operations of Eureka are included in our consolidated statements of operations from the acquisition date and were not material. Pro forma results of operations are not presented as they are not material to the consolidated statement of operations.

In general and administrative expense, we recognized $0.4 million, $4.6 million, $1.3 million and $4.7 million of acquisition-related transaction costs in the three months ended September 30, 2024 and 2023, and the nine months ended September 30, 2024 and 2023, respectively.

Goodwill and Acquired Intangible Assets

The changes in the carrying amount of goodwill are as follows:


(in thousands)
Balance at December 31, 2023	$	518,539
Acquired goodwill	22,753
Balance at September 30, 2024	$	541,292

The excess purchase consideration over the fair value of acquired assets and liabilities is recorded as goodwill. The acquired goodwill reflects the synergies we expect from marketing and selling new capabilities from Eureka to our customers. Acquired goodwill is generally not tax deductible.

Acquired intangible assets subject to amortization are as follows:


	September 30, 2024						December 31, 2023
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Acquired technology	$	149,437	$	(49,963)	$	99,474	$	142,537	$	(35,520)	$	107,017
Trade name	490		(490)		—		490		(490)		—
	$	149,927	$	(50,453)	$	99,474	$	143,027	$	(36,010)	$	107,017

Amortization of acquired intangible assets was $5.0 million, $3.0 million, $14.4 million and $9.2 million in the three months ended September 30, 2024 and 2023, and the nine months ended September 30, 2024 and 2023, respectively. At September 30, 2024, our acquired intangible assets are expected to be amortized over an estimated remaining weighted average period of 5.5 years.

At September 30, 2024, estimated future amortization of acquired intangible assets is as follows:


(in thousands)
Year ending December 31,
2024(1)	$	5,014
2025	20,055
2026	19,870
2027	17,840
2028	14,797
Thereafter	21,898
Total	$	99,474

_______________

(1) Represents the three months ending December 31, 2024.

Leases - Schedule of Operating Lease Liability Maturities (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases [Abstract]
2024	$ 1,472
2025	9,831
2026	9,157
2027	8,667
2028	7,777
Thereafter	23,390
Total lease payments	60,294
Less: Imputed interest	(10,489)
Total	$ 49,805

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 41,684	$ 36,835	$ 122,801	$ 108,812
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	3,216	3,011	9,486	8,542
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	15,941	15,805	47,517	46,622
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	12,435	9,242	35,395	27,871
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 10,092	$ 8,777	$ 30,403	$ 25,777

Acquisitions, Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

Cash consideration, net of cash acquired, was preliminarily allocated as follows:


(in thousands)	Eureka



Intangible assets	$	6,900
Goodwill	22,753


Other current liabilities, net	(449)
Total purchase price	$	29,204

Schedule of Goodwill

The changes in the carrying amount of goodwill are as follows:


(in thousands)
Balance at December 31, 2023	$	518,539
Acquired goodwill	22,753
Balance at September 30, 2024	$	541,292

Schedule of Acquired Intangible Assets Subject to Amortization

Acquired intangible assets subject to amortization are as follows:


	September 30, 2024						December 31, 2023
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Acquired technology	$	149,437	$	(49,963)	$	99,474	$	142,537	$	(35,520)	$	107,017
Trade name	490		(490)		—		490		(490)		—
	$	149,927	$	(50,453)	$	99,474	$	143,027	$	(36,010)	$	107,017

Schedule of Future Amortization of Intangible Assets

At September 30, 2024, estimated future amortization of acquired intangible assets is as follows:


(in thousands)
Year ending December 31,
2024(1)	$	5,014
2025	20,055
2026	19,870
2027	17,840
2028	14,797
Thereafter	21,898
Total	$	99,474

_______________

(1) Represents the three months ending December 31, 2024.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Cash Equivalents and Short-Term Investments - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Collateral For Letters of Credit
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 5.9	$ 5.8

Fair Value Measurements -Schedule of Assets Measured At Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 162,497	$ 130,375
Short-term investments	236,242	236,840
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	44,951	82,216
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	86,938	61,149
Asset backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	27,852	15,043
Yankee bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	12,087	6,913
U.S. Treasury and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	64,414	71,519
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	161,509	130,375
U.S. Treasury and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	988
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	161,509	130,375
Short-term investments	0	0
Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Level 1 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Level 1 \| Asset backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Level 1 \| Yankee bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Level 1 \| U.S. Treasury and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	161,509	130,375
Level 1 \| U.S. Treasury and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	988	0
Short-term investments	236,242	236,840
Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	44,951	82,216
Level 2 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	86,938	61,149
Level 2 \| Asset backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	27,852	15,043
Level 2 \| Yankee bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	12,087	6,913
Level 2 \| U.S. Treasury and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	64,414	71,519
Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Level 2 \| U.S. Treasury and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	988
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Short-term investments	0	0
Total other investments	8,573	9,383
Level 3 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Level 3 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Level 3 \| Asset backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Level 3 \| Yankee bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Level 3 \| U.S. Treasury and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0	0
Level 3 \| Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total other investments	6,702	0
Level 3 \| Debt and other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total other investments	1,871	9,383
Level 3 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	$ 0
Level 3 \| U.S. Treasury and agency obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 0

Business and Summary of Significant Accounting Policies	9 Months Ended
Business and Summary of Significant Accounting Policies	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Summary of Significant Accounting Policies	Business and Summary of Significant Accounting Policies Business Description Tenable Holdings, Inc. (the “Company,” “we,” "us," or “our”) is a provider of exposure management solutions. Exposure management is an effective discipline for measuring, comparing and reducing cybersecurity risk in today's complex IT environments. Our solutions provide broad visibility into security issues such as vulnerabilities, misconfigurations, internal and regulatory compliance violations and other indicators of the state of an organization’s security across IT infrastructure and applications, cloud environments, Active Directory and industrial internet of things and operational technology environments. Basis of Presentation The accompanying consolidated financial statements include the accounts of Tenable Holdings, Inc. and our wholly owned subsidiaries and have been prepared in conformity with United States generally accepted accounting principles (“GAAP”) for interim financial information. All intercompany accounts and transactions have been eliminated in consolidation. The consolidated statements are unaudited and should be read in conjunction with the consolidated financial statements and related notes included in our 2023 Annual Report on Form 10-K ("10-K") filed with the Securities and Exchange Commission on February 28, 2024. The consolidated financial statements have been prepared on a basis consistent with the audited annual consolidated financial statements included in the 10-K and, in the opinion of management, include all adjustments of a normal recurring nature necessary to fairly state our financial position, our results of operations, and cash flows. The results for the three and nine months ended September 30, 2024 are not necessarily indicative of the operating results expected for the year ending December 31, 2024 or any other future period. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates include, but are not limited to, the determination of the estimated economic life of perpetual licenses for revenue recognition, the estimated period of benefit for deferred commissions, the useful lives of long-lived assets, the fair value of acquired intangible assets, the valuation of stock-based compensation, the incremental borrowing rate for operating leases, and the valuation of deferred tax assets and investments. We base these estimates on historical experience and on various other assumptions that we believe to be reasonable. Actual results could differ significantly from these estimates. Significant Accounting Policies Our significant accounting policies are described in our 10-K. During the nine months ended September 30, 2024, there were no material changes to our significant accounting policies from those described in our 10-K. Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07 - Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities with a single reportable segment to provide all the disclosures required by this standard and all existing segment disclosures in Topic 280 on an interim and annual basis, including new requirements to disclose significant segment expenses that are regularly provided to the Chief Operating Decision Maker ("CODM") and included within the reported measure(s) of a segment's profit or loss, the amount and composition of any other segment items, the title and position of the CODM, and how the CODM uses the reported measure(s) of a segment's profit or loss to assess performance and decide how to allocate resources. The guidance is effective for our annual period beginning January 1, 2025, and interim periods thereafter, applied retrospectively with early adoption permitted. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities to provide greater disaggregation within their annual rate reconciliation, including new requirements to present reconciling items on a gross basis in specified categories, disclose both percentages and dollar amounts, and disaggregate individual reconciling items by jurisdiction and nature when the effect of the items meet a quantitative threshold. The guidance also requires disaggregating the annual disclosure of income taxes paid, net of refunds received, by federal (national), state, and foreign taxes, with separate presentation of individual jurisdictions that meet a quantitative threshold. The guidance is effective for our annual periods beginning January 1, 2025 on a prospective basis, with a retrospective option, and early adoption is permitted. Adopting this guidance will result in additional annual tax disclosures but will not impact our provision for income taxes, deferred tax assets or deferred tax liabilities.

Stock-Based Compensation -Schedule of Fair Value Assumptions (Details) - Employee Stock Purchase Plan	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum	31.90%	46.90%
Expected volatility, maximum	51.40%	58.10%
Risk-free interest rate, minimum	3.80%	4.80%
Risk-free interest rate, maximum	5.10%	5.40%
Expected dividend yield	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 months	6 months
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	2 years	2 years

Property and Equipment, Net (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following:


(in thousands)	September 30, 2024		December 31, 2023
Computer software and equipment	$	20,131	$	21,845
Internally developed software	39,250		32,261
Furniture and fixtures	5,191		6,513
Leasehold improvements	22,992		29,354
Total	87,564		89,973
Less: accumulated depreciation and amortization	(47,784)		(44,537)
Property and equipment, net	$	39,780	$	45,436

Net Loss Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share data)	2024		2023		2024		2023
Net loss	$	(9,211)	$	(15,565)	$	(38,169)	$	(56,636)

Weighted-average shares used to compute net loss per share, basic and diluted	119,169		115,954		118,466		114,967
Net loss per share, basic and diluted	$	(0.08)	$	(0.13)	$	(0.32)	$	(0.49)

The following potentially dilutive securities have been excluded from the diluted per share calculations because they would have been antidilutive:


	September 30,
(in thousands)	2024	2023
RSUs	7,935	7,343
Stock options	4,339	5,196
Shares to be issued under the 2018 ESPP	44	128

PSUs	149	130
Restricted stock	218	—
Total	12,685	12,797

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense

Stock-based compensation expense included in the consolidated statements of operations was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Cost of revenue	$	3,216	$	3,011	$	9,486	$	8,542
Sales and marketing	15,941		15,805		47,517		46,622
Research and development	12,435		9,242		35,395		27,871
General and administrative	10,092		8,777		30,403		25,777
Total stock-based compensation expense	$	41,684	$	36,835	$	122,801	$	108,812

Schedule of Unrecognized Stock-Based Compensation

A summary of the unrecognized stock-based compensation expense related to unvested stock at September 30, 2024 is presented below:


	Unrecognized Stock-Based Compensation Expense (in thousands)		Estimated Weighted Average Period (in years)
Restricted stock units ("RSUs")	$	310,029	2.7
Performance stock units ("PSUs")	7,190		3.0
Restricted stock	8,557		1.5
2018 Employee Stock Purchase Plan ("2018 ESPP")	13,345		1.0

Schedule of RSUs and PSUs

A summary of our restricted stock, RSU and PSU activity is presented below:


	Restricted Stock			RSUs			PSUs
(in thousands, except for per share data)	Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2023	311	$	45.67	7,343	$	43.80	258	$	43.90
Granted	—	—		3,949	46.10		170	47.20
Performance adjustment(1)	—	—		—	—		(10)	43.24
Vested	(93)	45.67		(2,497)	43.07		(88)	43.87
Forfeited	—	—		(860)	45.02		(11)	43.95
Unvested balance at September 30, 2024	218	45.67		7,935	45.03		319	45.68

_______________

(1) Represents adjustments due to the achievement of predefined financial performance targets.

Schedule of Stock Option Activity

A summary of our stock option activity is presented below:


(in thousands, except for exercise prices and years)	Number of Shares	Weighted Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2023	5,095	$	8.95	3.5	$	189,108

Exercised	(756)	6.34			30,215
Forfeited/canceled	—	—			—
Outstanding and exercisable at September 30, 2024	4,339	9.40		2.9	135,020

Schedule of ESPP Valuation Assumptions

The fair value of the 2018 ESPP purchase rights was estimated on the offering or modification dates using a Black-Scholes option-pricing model and the following assumptions:


	Nine Months Ended September 30,
	2024	2023
Expected term (in years)	0.5 — 2.0	0.5 — 2.0
Expected volatility	31.9% — 51.4%	46.9% — 58.1%
Risk-free interest rate	3.8% — 5.1%	4.8% — 5.4%
Expected dividend yield	—	—

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (9,211)	$ (15,565)	$ (38,169)	$ (56,636)
Other comprehensive income, net of tax:
Unrealized gains on available-for-sale securities, net	1,225	161	916	811
Other comprehensive income	1,225	161	916	811
Comprehensive loss	$ (7,986)	$ (15,404)	$ (37,253)	$ (55,825)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Cash Equivalents and Short-Term Investments

9 Months Ended

Sep. 30, 2024

Cash and Cash Equivalents [Abstract]

Cash Equivalents and Short-Term Investments

The following tables summarize the amortized cost, unrealized gain and loss and estimated fair value of cash equivalents and short-term investments:


	September 30, 2024
(in thousands)	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash equivalents
Money market funds	$	161,509	$	—	$	—	$	161,509
U.S. Treasury and agency obligations	988		—		—		988
Total cash equivalents	$	162,497	$	—	$	—	$	162,497

Short-term investments
Commercial paper	$	44,931	$	20	$	—	$	44,951
Corporate bonds	86,461		477		—		86,938
Asset backed securities	27,756		97		(1)		27,852
Yankee bonds	12,049		41		(3)		12,087
U.S. Treasury and agency obligations	64,091		323		—		64,414
Total short-term investments	$	235,288	$	958	$	(4)	$	236,242


	December 31, 2023
(in thousands)	Amortized Cost		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Cash equivalents
Money market funds	$	130,375	$	—	$	—	$	130,375
Total cash equivalents	$	130,375	$	—	$	—	$	130,375

Short-term investments
Commercial paper	$	82,188	$	50	$	(22)	$	82,216
Corporate bonds	61,200		40		(91)		61,149
Asset backed securities	15,032		26		(15)		15,043
Yankee bonds	6,926		4		(17)		6,913
U.S. Treasury and agency obligations	71,456		97		(34)		71,519
Total short-term investments	$	236,802	$	217	$	(179)	$	236,840

We considered the extent to which any unrealized losses on our short-term investments were driven by credit risk and other factors, including market risk, and if it is more-likely-than-not that we would have to sell the security before the recovery of the amortized cost basis. At September 30, 2024 and December 31, 2023, our unrealized losses were due to rising market interest rates compared to when the investments were initiated. We do not believe any unrealized losses represent credit losses, and it is unlikely we would sell the investments before we would recover their amortized cost basis.

The contractual maturities of our short-term investments are as follows:


	September 30, 2024				December 31, 2023
(in thousands)	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
Due within one year	$	184,356	$	184,883	$	219,437	$	219,414
Due between one and two years	50,932		51,359		17,365		17,426
Total short-term investments	$	235,288	$	236,242	$	236,802	$	236,840

At September 30, 2024 and December 31, 2023, cash and cash equivalents included $5.9 million and $5.8 million, respectively, of restricted cash primarily related to collateral for our outstanding letters of credit.

Stock-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-based compensation expense included in the consolidated statements of operations was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Cost of revenue	$	3,216	$	3,011	$	9,486	$	8,542
Sales and marketing	15,941		15,805		47,517		46,622
Research and development	12,435		9,242		35,395		27,871
General and administrative	10,092		8,777		30,403		25,777
Total stock-based compensation expense	$	41,684	$	36,835	$	122,801	$	108,812

A summary of the unrecognized stock-based compensation expense related to unvested stock at September 30, 2024 is presented below:


	Unrecognized Stock-Based Compensation Expense (in thousands)		Estimated Weighted Average Period (in years)
Restricted stock units ("RSUs")	$	310,029	2.7
Performance stock units ("PSUs")	7,190		3.0
Restricted stock	8,557		1.5
2018 Employee Stock Purchase Plan ("2018 ESPP")	13,345		1.0

Restricted Stock, RSUs and PSUs

A summary of our restricted stock, RSU and PSU activity is presented below:


	Restricted Stock			RSUs			PSUs
(in thousands, except for per share data)	Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value		Number of Shares	Weighted Average Grant Date Fair Value
Unvested balance at December 31, 2023	311	$	45.67	7,343	$	43.80	258	$	43.90
Granted	—	—		3,949	46.10		170	47.20
Performance adjustment(1)	—	—		—	—		(10)	43.24
Vested	(93)	45.67		(2,497)	43.07		(88)	43.87
Forfeited	—	—		(860)	45.02		(11)	43.95
Unvested balance at September 30, 2024	218	45.67		7,935	45.03		319	45.68

_______________

(1) Represents adjustments due to the achievement of predefined financial performance targets.

In January 2024, under the evergreen provision in our 2018 Equity Incentive Plan we reserved an additional 5.9 million shares of our common stock. At September 30, 2024, there were 26.0 million shares available for grant under the plan.

Stock Options

A summary of our stock option activity is presented below:


(in thousands, except for exercise prices and years)	Number of Shares	Weighted Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2023	5,095	$	8.95	3.5	$	189,108

Exercised	(756)	6.34			30,215
Forfeited/canceled	—	—			—
Outstanding and exercisable at September 30, 2024	4,339	9.40		2.9	135,020

2018 Employee Stock Purchase Plan

In the nine months ended September 30, 2024, employees purchased 498,890 shares of our common stock at a weighted average price of $32.60 per share, resulting in $16.3 million of cash proceeds. At September 30, 2024, there was $1.6 million of employee contributions to the 2018 ESPP included in accrued compensation.

The fair value of the 2018 ESPP purchase rights was estimated on the offering or modification dates using a Black-Scholes option-pricing model and the following assumptions:


	Nine Months Ended September 30,
	2024	2023
Expected term (in years)	0.5 — 2.0	0.5 — 2.0
Expected volatility	31.9% — 51.4%	46.9% — 58.1%
Risk-free interest rate	3.8% — 5.1%	4.8% — 5.4%
Expected dividend yield	—	—

Under the evergreen provision in our 2018 ESPP, in January 2024 we reserved an additional 1.8 million shares of our common stock. At September 30, 2024, there were 10.0 million shares reserved for issuance under our 2018 ESPP.

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

We measure certain financial instruments at fair value using a fair value hierarchy. In the hierarchy, assets are classified based on the lowest level inputs used in valuation into the following categories:

•Level 1 — Quoted prices in active markets for identical assets and liabilities;

•Level 2 — Observable inputs including quoted market prices for similar assets and liabilities in active markets, quoted prices for identical assets and liabilities in inactive markets, or inputs that are corroborated by observable market data; and

•Level 3 — Unobservable inputs.

The following tables summarize assets that are measured at fair value on a recurring basis:


	September 30, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	161,509	$	—	$	—	$	161,509
U.S. Treasury and agency obligations	—		988		—		988
Total cash equivalents	$	161,509	$	988	$	—	$	162,497

Short-term investments
Commercial paper	$	—	$	44,951	$	—	$	44,951
Corporate bonds	—		86,938		—		86,938
Asset backed securities	—		27,852		—		27,852
Yankee bonds	—		12,087		—		12,087
U.S. Treasury and agency obligations	—		64,414		—		64,414
Total short-term investments	$	—	$	236,242	$	—	$	236,242


	December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	130,375	$	—	$	—	$	130,375
Total cash equivalents	$	130,375	$	—	$	—	$	130,375

Short-term investments
Commercial paper	$	—	$	82,216	$	—	$	82,216
Corporate bonds	—		61,149		—		61,149
Asset backed securities	—		15,043		—		15,043
Yankee bonds	—		6,913		—		6,913
U.S. Treasury and agency obligations	—		71,519		—		71,519
Total short-term investments	$	—	$	236,840	$	—	$	236,840

Other Investments

Our investments in privately held securities, which are included in other assets on our consolidated balance sheets and classified as level 3, were as follows:


(in thousands)	September 30, 2024		December 31, 2023
Equity securities	$	6,702	$	—
Debt and other securities	1,871		9,383
Total other investments	$	8,573	$	9,383

In May 2024, we recognized a $1.5 million gain on the conversion of our simple agreement for future equity ("SAFE") investment to an investment in preferred stock.

We did not have any liabilities measured and recorded at fair value on a recurring basis at September 30, 2024 and December 31, 2023.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details