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Tenable : Corporate Presentation

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10/27/2020 | 06:59pm EDT

CYBER EXPOSURE

MANAGING AND MEASURING CYBER RISK IN THE DIGITAL ERA

October 2020

Forward-Looking Statements

This presentation includesforward-lookingstatements. All statements contained in this presentation other than statements of historical facts, including statements regarding our future results of operations and financial position, our business strategy and plans and our objectives for future operations, areforward-lookingstatements. The words "anticipate," believe," "continue," "estimate," "expect," "intend," "may," "will" and similar expressions areintended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions. These risks and uncertainties are detailed in the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Quarterly Report on Form 10-Q filed and other filings that we make from time to time with the SEC, which are available on the SEC's website at sec.gov. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Such risks and uncertainties may be amplified by the COVID-19 pandemic and its potential impact on our business and the global economy. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this presentation may not occur and actual results could differ materially and adversely from those anticipated or implied in any forward-lookingstatements we make.

You should not rely on forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, achievements or events and circumstances reflected in the forward-looking statements will occur. Neither we, nor any other person, are under any duty to update any of these forward-looking statements after the date of this presentation to conform these statements to actual results or revised expectations, except as required by law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this presentation. Moreover, except as required by law, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements contained in this presentation.

This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Neither we nor any other person makes any representation as to the accuracy or completeness of such data or undertakes any obligation to updatesuch data after the date of this presentation. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk. By receiving this presentation you acknowledge that you will be solely responsible for your own assessment of the market and our market position and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of our business.

This presentation includes non-GAAP financial measures which have certain limitations and should not be considered in isolation, or as alternatives to or substitutes for, financial measures determined in accordance with GAAP. The non-GAAP measures as defined by us may not be comparable to similar non-GAAP measures presented by other companies. Our presentation of such measures, which may include adjustments to exclude unusual or non- recurring items, should not be construed as an inference that our future results will be unaffected by these or other unusual or non-recurring items. See the GAAP to Non-GAAP Reconciliation section for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures.

All third-party trademarks, including names, logos and brands, referenced by us in this presentation are property of their respective owners. All references to third-party trademarks are for identification purposes only. Such use should not be construed as an endorsement of our products or services.

2

We help organizations

confidently answer the question:

"How secure are we?"

We Have Delivered Since IPO

Market Leader with

Revenue

($ in millions)

$322.1

30K+

50%+of Fortune 500

$257.5

25%

Growth

Customers

30%+of Global 2000

#1 VMMarket Share and

94%Recurring

VRMLeader(1)

Revenue(2)

84%Q3'20 Non-GAAP

PositiveQ3'20 Non-

GAAP Operating Income

Gross Margin(3)

and Free Cash Flow(3)

Q3 YTD 2019

Q3 YTD 2020

% Free Cash

(7%)

8%

Flow Margin(3)

1

Vulnerability Risk Management, Source: IDC, "Worldwide Device Vulnerability Management Market Shares 2019: Finding the Transitional Elements Between Device Assessment Scanning and Risk-

Based Remediation" - May 2020.

4

2

Recurring revenue as a percentage of total revenue as of Q3 2020

3

Refer to Appendix for the definitions of non-GAAP financial measures and a reconciliation from the GAAP measures to the non-GAAP measures

Investment Highlights

Unique approach to

Best of Breed

One platform unifying data

secular growth

strategy in VM

across network, cloud, OT and

opportunity

DevOps environments

Data science driven

High growth, recurring

Attractive margin profile

analytics - prioritization,

model

with operating leverage

benchmarking

5

Digital Transformation Increases Complexity & Risk

Increasing Surface of Attack…

…requires Best of Breed, Risk-Based VM

Growth of

Remote

Proliferation of

Applications

workforce

IoT and OT

PrioritizationScoring

Adoption of

Rise of

Cloud Computing

DevOps

Business Context

Benchmarking

6

Enterprises Struggle to Make Sense of Vulnerabilities

Enterprise challenge

Visibility

Live asset discovery and automated

exposure assessment

Prioritization

Remediation actions by order of risk

Business Context

Translate IT/OT VM data into C-Suite

digestible risk assessment

Tenable solution

Network and cloud monitoring of allIT

assets

150 data sources feed the Tenable analytics

engine to prioritize vulnerabilities by

likelihood, severity and difficulty

Data and data science allows for objective

scores, trends and benchmarks

7

8

Best of Breed Strategy in Vulnerability Management

#1 in Device VM Market Share(1)

27.6%Market share in Device VM(1)

#1 In Vulnerability Coverage(2)

>20%More CVEs than competitors(2)

Leader In Zero-day Research(3)

149/104Zero-day vulnerabilities discovered in 2019 / YTD 2020

1Source: IDC, "Worldwide Device Vulnerability Management Market Shares 2019: Finding the Transitional Elements Between Device Assessment Scanning and Risk-Based Remediation" - May 2020.

2Reported in A Principled Technologies report: "Comparing vulnerability and security configuration assessment coverage of leading VM vendors" - September, 2019.

3Refer to https://www.tenable.com/security/researchfor published vulnerabilities and research advisories.

Tenable Named a Leader by Market Analysts

and Recognized by Customers

Tenable is Top Rankedin both strategyand current offeringcategories

The Forrester Wave™ is copyrighted by Forrester Research, Inc. Forrester and Forrester Wave™ are trademarks of Forrester Research, Inc. The Forrester

Wave™ is a graphical representation of Forrester's call on a market and is plotted using a detailed spreadsheet with exposed scores, weightings, and

comments. Forrester does not endorse any vendor, product, or service depicted in the Forrester Wave™. Information is based on best available resources.

9

Opinions reflect judgment at the time and are subject to change.

Tenable Named a 2020 Gartner Peer Insights Customers' Choice for Vulnerability Assessment for the second year in a row

"We needed to switch to a new vulnerability management tool when BeyondTrust announced they were getting out of thev-mbusiness, and even they recommend Tenable. I see why - they are the

industry leader and deserve to be. I wish we'd switched a long time ago."

-AnalystNetwork and Infrastructure in the Transportation Industry

https://www.gartner.com/reviews/market/vulnerability-assessment/vendor/tenable/product/tenable-sc/review/view/1315226

Gartner Peer Insights Customers' Choice constitute the subjective opinions of individual end-user reviews, ratings, and data applied against a documented methodology; they neither represent the views of, nor constitute an endorsement by, Gartner or its affiliates. The Gartner Peer Insights Customers' Choice badge is a trademark and service mark of Gartner, Inc., and/or its affiliates, and is used herein with permission. All rights reserved. Gartner Peer Insights Customers' Choice constitute the subjective opinions of individual end-user reviews, ratings, and data applied against a documented methodology; they neither represent the views of, nor constitute an endorsement by, Gartner or its affiliates.

One Platform Unifying Data Across Modern Attack Surface

Risk-based analytics, prioritization, benchmarking

ACTIVE SCANNING

Unified Data Platform

PC/Laptop

Data Center/

Cloud

OT/IoT

DevOps &

and Remote

Servers

Web App

10

Frictionless Assessment Of Cloud Assets

PURPOSE BUILT FOR VM IN THE CLOUD

Deploy at the speed of Cloud.

Cloud Native.

Continuous Visibility.

Setup in seconds and receive

Leverage cloud native

Continuously assess the cloud

actionable results in minutes - no

management tools for frictionless

as new assets are discovered or

scanner installs or agents required

collection of state information

vulnerabilities disclosed

11

Tenable's Cyber Exposure Platform

Real Time

Vulnerability

Data

Cyber Exposure

Data Lake

Multiple Third

Party Data

Sources

12

Vulnerability

Priority Asset

Criticality

Threat

Business

Business

Sources

Purpose

Context

Threat

Device

Intensity

Type

Cyber Exposure Score

Peer Benchmarking

Trending Over Time

Remediation Guidance

Large and Underpenetrated TAM

Traditional vulnerability

Bottoms-up analysis

management market(1)

TAM

$16Bn

$ in billions

Risk-Based Analytics

12%

$6.1

CAGR

$3.9

Modern IT Assets

Expand

Traditional Vulnerability Management Market

2018

2022

Existing

Land

customers

1Traditional Vulnerability Management Market includes the Policy and Compliance and Device and Application Vulnerability Assessment segments as reported by IDC in their Worldwide Cybersecurity

13

Analytics, Intelligence, Response, and Orchestration Forecast, 2019-2023: Finding and Mitigating the Adversary .

Large and Diverse Customer Base

30,000+

>30%

>50%

Customers

of Global 2000

of Fortune 500

14

Best of Breed Strategy Strengthens Technology Ecosystem

112Integrations

74Technology Partners

15

Growth Strategy

Acquire new

Expand asset

Invest in

Explore

enterprise platform

coverage

technology and

acquisition

customers

expand use cases

opportunities

16

Experienced Management Team

Amit Yoran

Steve Vintz

Mark Thurmond

Renaud Deraison

Bridgett Paradise

Steve Riddick

CEO & Chairman

CFO

COO

Co-Founder & CTO

Chief People Officer

General Counsel

Terry Dolce

Dave Feringa

Ofer Ben-David

Matt Olton

SVP, Global Operations

SVP, Worldwide Sales

Chief Product Officer

SVP, Corp. Development

17

Financial Overview

18

Financial Highlights

Rapid revenue

Land-and-expand

Balanced and

Profitable, Capital

growth via

model

diversified model

efficient business

attractive,

recurring model

19

Rapid Growth at Scale

Annual Revenue

Quarterly revenue

$ in millions

$ in millions

$355

22%

$112

growth

$92

$267

$188

2017

2018

2019

Q3 2019

Q3 2020

20

Attractive Composition of Revenue/Balanced Model

Revenue by offering

% recurring

92%94%

Q3 2019

Q3 2020

Revenue by geography

Americas

Europe,

Middle East

67%

& Africa

23%

Asia Pacific 10%

Q3 2020

21

Landing Higher Value Customers

New logo enterpriseplatform customers(1)

LTM $100K+ ACV accounts(2)

1,511

1,178

1,017

641

589

538

494

453

387

340

307

771

715

665

2017

2018

2019

Q1'18

Q2'18

Q3'18

Q4'18

Q1'19

Q2'19

Q3'19

Q4'19

Q1'20

Q2'20

Q3'20

1Chart represents new enterprise platform customer acquisitions excluding upsells. Enterprise platform customer defined as a customer that has licensed Tenable.io or Tenable.sc for an annual amount of

22$5,000 or greater.

2Chart represents the number of customers with $100K and greater of annual contract value (ACV) for the last 12 months.

Multiple Ways to Land and Expand

Annual Contract Value*

  • Nessus acost-effectiveon-ramp to larger enterprise platform
  • Nessus Professional upgrades to either T.SC (on prem) or T.IO (cloud) or both (hybrid) can access additional features:
    • Centralized data & reporting
    • Access to more sensors (Agents, Passive, WebApp, OT, etc)
    • Predictive Prioritization
    • APIs

New logos

On-ramp:

Enterprise

Nessus upsells

Nessus

Platform

More assets and

applications

* Exemplary only; actual comparison of contract value varies by customer. This is not intended as an average or median representation.

23

Improving Operating Leverage

Improving non-GAAP operating margins(1)

11%

5%

(8%)(8%)

(11%)

(13%)

(16%)

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Improving free cash flow margin profile(1)

8%

(7%)

Q3 YTD 2019

Q3 YTD 2020

1Figures presented here are Non-GAAP financial measures. Refer to Appendix for the definitions of non-GAAP financial measures and reconciliation of GAAP to Non-GAAP financial measures.

24

Appendix

25

Strong Growth in Calculated Current Billings

Annual CCB(1)

Quarterly CCB

$ in millions

$ in millions

$415

21%

$134

growth

$326

$111

$236

2017

2018

2019

Q3 2019

Q3 2020

1Calculated current billings (CCB) figures presented here are Non-GAAP financial measures. Refer to Appendix for the definitions of non-GAAP financial measures and reconciliation of GAAP to Non-GAAP financial measures.

26

Non-GAAP Reconciliations

Calculated Current Billings:We define calculated current billings, a non-GAAP financial measure, as total revenue recognized in a period plus the change in current deferred revenue in the corresponding period. We believe that calculated current billings is a key metric to measure our periodic performance. Given that most of our customers pay in advance (including multi-year contracts), but we generally recognize the related revenue ratably over time, we use calculated current billings to measure and monitor our ability to provide our business with the working capital generated by upfront payments from our customers. We believe that calculated current billings, which excludes deferred revenue for periods beyond twelve months in a customer's contractual term, more closely correlates with annual contract value and that the variability in total billings, depending on the timing of large multi-year contracts and the preference for annual billing versus multi-year upfront billing, may distort growth in one period over another.

The following table presents a reconciliation of revenue, the most directly comparable GAAP measure, to calculated current billings for each of the periods presented. All dollars are in thousands.

Calculated Current Billings:

2017

2018

2019

Q3 2019

Q3 2020

Revenue

$187,727

$267,360

$354,586

$91,852

$112,282

Add: Deferred revenue (current), end of period

154,898

213,644

274,348

245,985

296,360

Less: Deferred revenue (current), beginning of period(1)(2)

(107,006)

(154,898)

(214,069)

(227,227)

(274,953)

Calculated current billings

$235,619

$326,106

$414,865

$110,610

$133,689

  1. In connection with adopting ASC 606, we recorded $19.0 million of current deferred revenue on January 1, 2017 related to perpetual license revenue recognized in prior periods.
  2. Deferred revenue (current), beginning of period for the year ended December 31, 2019 includes $0.4 million related to Indegy's deferred revenue at the acquisition date.

27

Non-GAAP Reconciliations (continued)

Non-GAAPIncome (Loss) from Operations andNon-GAAPOperating Margin:We define these non-GAAP financial measures as their respective GAAP measures, excluding the effect of stock-based compensation, acquisition-related expenses and amortization of acquired intangible assets. Acquisition-related expenses include transaction expenses and costs related to the transfer of acquired intellectual property.

Non-GAAPGross Profit andNon-GAAPGross Margin:We define non-GAAP gross profit as GAAP gross profit, excluding the effect of stock-based compensation and amortization of acquired intangible assets. Non-GAAP gross margin is defined as non-GAAP gross profit as a percentage of revenue.

Non-GAAP Sales and Marketing Expense, Non-GAAP Research and Development Expense and Non-GAAP General and Administrative Expense: We define thesenon-GAAP

measures as their respective GAAP measures, excluding stock-based compensation and acquisition-related expenses.

Free Cash Flow:We define free cash flow, a non-GAAP financial measure, as net cash (used in) provided by operating activities less purchases of property and equipment. We believe free cash flow is an important liquidity measure of the cash (if any) that is available, after purchases of property and equipment, for investment in our business and to make acquisitions. We believe that free cash flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash.

The following tables reconcile the most directly comparable GAAP measures to our non-GAAP measures for each of the periods presented. All dollars are in thousands.

Non-GAAP Income (Loss) from

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Operations

Loss from operations

($22,685)

($22,234)

($18,327)

($27,553)

($21,672)

($10,565)

($3,465)

Stock-based compensation

9,319

11,373

10,499

12,252

13,035

15,666

15,300

Acquisition-related expenses

-

-

-

3,970

339

-

-

Amortization of acquired intangible

151

151

125

193

579

578

579

assets

Non-GAAP income (loss) from

($13,215)

($10,710)

($7,703)

($11,138)

($7,719)

$5,679

$12,414

operations

Non-GAAP operating margin

(16%)

(13%)

(8%)

(11%)

(8%)

5%

11%

28

Non-GAAP Reconciliations (continued)

Non-GAAP Gross Profit

2019

Q3 2019

Q3 2020

Gross Profit

$293,768

$76,607

$92,888

Stock-based compensation (1)

2,817

694

826

Amortization of acquired intangible assets

620

125

579

Non-GAAP gross profit

$297,205

$77,426

$94,293

Non-GAAP gross margin

84%

84%

84%

Free Cash Flow

Q3 YTD 2019

Q3 YTD 2020

Q2 2019

Q3 2020

Net cash (used in) provided by operating activities

($7,672)

$46,298

($4,675)

$24,807

Purchases of property and equipment

(10,262)

(19,073)

(4,927)

(8,069)

Free cash flow(2)

($17,934)

$27,225

($9,602)

$16,738

Free cash flow margin

(7%)

8%

(10%)

15%

  1. Cost of revenue portion of totalStock-based compensation
  2. Free cash flow included reductions related to employee stock purchase plan activity of $2.3 million and $3.7 million in the three months ended September 30, 2020 and 2019, respectively, and $2.7 million, and $4.7 million in the nine months ended September 30, 2020 and 2019, respectively. The three and nine months ended September 30, 2020 included $5.6 million and $14.2 million, respectively, in proceeds from lease incentives as well as $6.8 million and $16.6 million, respectively, in capital expenditures for our new headquarters. The three and nine months ended September 30, 2019 included $2.4 million in capital expenditures for our new headquarters. The nine months ended September 30, 2020 also included $0.7 million ofacquisition-related payments for Indegy.

29

Disclaimer

Tenable Holdings Inc. published this content on 27 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2020 22:59:08 UTC


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