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Tenable Announces Second Quarter 2024 Financial Results

  • Revenue of $221.2 million, up 13% year-over-year.
  • Calculated current billings of $221.1 million, up 10% year-over-year.
  • GAAP operating margin of (4)%; Non-GAAP operating margin of 19%.
  • Net cash provided by operating activities of $31.4 million; Unlevered free cash flow of $36.5 million.

COLUMBIA, Md., July 31, 2024 (GLOBE NEWSWIRE) -- Tenable Holdings, Inc. ("Tenable") (Nasdaq: TENB), the Exposure Management company, today announced financial results for the quarter ended June 30, 2024.

"We delivered better-than-expected revenue, operating income and unlevered cash flow in Q2," said Amit Yoran, Chairman and CEO of Tenable. "Despite lower-than-expected CCB, we saw tremendous momentum in our newer products, specifically Tenable Cloud Security and Tenable One. As we have expanded our offerings, Tenable has become a trusted source of truth for understanding and managing exposure and risk."

Second Quarter 2024 Financial Highlights

  • Revenue was $221.2 million, a 13% increase year-over-year.
  • Calculated current billings was $221.1 million, a 10% increase year-over-year.
  • GAAP loss from operations was $8.8 million, compared to $10.7 million in the second quarter of 2023.
  • Non-GAAP income from operations was $42.8 million, compared to $30.2 million in the second quarter of 2023.
  • GAAP net loss was $14.6 million, compared to $16.0 million in the second quarter of 2023.
  • GAAP net loss per share was $0.12, compared to $0.14 in the second quarter of 2023.
  • Non-GAAP net income was $38.2 million, compared to $26.3 million in the second quarter of 2023.
  • Non-GAAP diluted earnings per share was $0.31, compared to $0.22 in the second quarter of 2023.
  • Cash and cash equivalents and short-term investments were $487.0 million at June 30, 2024, compared to $474.0 million at December 31, 2023.
  • Net cash provided by operating activities was $31.4 million, compared to $30.2 million in the second quarter of 2023.
  • Unlevered free cash flow was $36.5 million, compared to $39.8 million in the second quarter of 2023.
  • Repurchased 0.6 million shares of our common stock for $25.0 million.

Recent Business Highlights

  • Added 408 new enterprise platform customers and 76 net new six-figure customers.
  • Acquired Eureka Security, a provider of data security posture management (DSPM) for cloud environments, to provide a holistic view of an organization’s cloud data security footprint, to fight policy drift and misconfigurations, and to continuously improve their security posture over time.
  • Formed a strategic alliance with Deloitte to enable customers to harness the power of proactive security and remove noise by delivering a unified view of their attack surfaces for both cloud and on-prem.
  • Expanded availability of Tenable Cloud Security and Tenable Vulnerability Management to Amazon Web Services in Abu Dhabi.
  • Recognized as an AI 100 company by CRN.

Financial Outlook

For the third quarter of 2024, we currently expect:

  • Revenue in the range of $222.0 million to $224.0 million.
  • Non-GAAP income from operations in the range of $42.0 million to $44.0 million.
  • Non-GAAP net income in the range of $35.0 million to $37.0 million, assuming interest expense of $8.3 million, interest income of $5.7 million and a provision for income taxes of $3.8 million.
  • Non-GAAP diluted earnings per share in the range of $0.28 to $0.30.
  • 123.0 million diluted weighted average shares outstanding.

For the year ending December 31, 2024, we currently expect:

  • Calculated current billings in the range of $957.0 million to $967.0 million.
  • Revenue in the range of $889.0 million to $895.0 million.
  • Non-GAAP income from operations in the range of $167.0 million to $171.0 million.
  • Non-GAAP net income in the range of $143.0 million to $147.0 million, assuming interest expense of $32.7 million, interest income of $23.5 million and a provision for income taxes of $12.8 million.
  • Non-GAAP diluted earnings per share in the range of $1.16 to $1.19.
  • 123.5 million diluted weighted average shares outstanding.
  • Unlevered free cash flow in the range of $225.0 million to $235.0 million.

Conference Call Information

Tenable will host a conference call on July 31, 2024 at 4:30 p.m. Eastern Time to discuss its financial results. The conference call can be accessed at 877-407-9716 (U.S.) and 201-493-6779 (international). A live webcast of the event will be available on the Tenable Investor Relations website at https://investors.tenable.com. An archived replay of the live broadcast will be available on the Investor Relations page of the website following the call.

About Tenable

Tenable® is the Exposure Management company. Approximately 44,000 organizations around the globe rely on Tenable to understand and reduce cyber risk. As the creator of Nessus®, Tenable extended its expertise in vulnerabilities to deliver the world’s first platform to see and secure any digital asset on any computing platform. Tenable customers include approximately 65 percent of the Fortune 500, approximately 50 percent of the Global 2000, and large government agencies. Learn more at tenable.com.

Contact Information

Investor Relations
investors@tenable.com

Media Relations
tenablepr@tenable.com

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding our future results of operations and financial position, business strategy and plans and objectives for future operations, are forward-looking statements and represent our views as of the date of this press release. The words “anticipate,” "believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “will” and similar expressions are intended 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 assumptions and risks and uncertainties, many of which involve factors or circumstances that are beyond our control that could affect our financial results. 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 Annual Report on Form 10-K for the year ended December 31, 2023 as well as 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. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in any forward-looking statements. Except as required by law, we are under no obligation to update these forward-looking statements subsequent to the date of this press release, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, as described below, to understand and evaluate our core operating performance. These non-GAAP financial measures, which may be different than similarly titled measures used by other companies, are presented to enhance the overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects and allow for greater transparency with respect to important metrics used by management for financial and operational decision-making. We include these non-GAAP financial measures to present our financial performance using a management view and because we believe that these measures provide an additional comparison of our core financial performance over multiple periods with other companies in our industry.

Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the financial tables accompanying this press release.

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.

Free Cash Flow and Unlevered Free Cash Flow: We define free cash flow, a non-GAAP financial measure, as net cash provided by operating activities less purchases of property and equipment and capitalized software development costs. We believe free cash flow is an important liquidity measure of the cash that is available (if any), after purchases of property and equipment and capitalized software development costs, for investment in our business and to make acquisitions. We believe that free cash flow is useful as a liquidity measure because it measures our ability to generate or use cash. We define unlevered free cash flow as free cash flow plus cash paid for interest and other financing costs. We believe unlevered free cash flow is useful as a liquidity measure as it measures the cash that is available to invest in our business and meet our current debt obligations and future financing needs. However, given our debt obligations, non-cancelable commitments and other contractual obligations, unlevered free cash flow does not represent residual cash flow available for discretionary expenses.

Non-GAAP Income from Operations and Non-GAAP Operating Margin: We define these non-GAAP financial measures as their respective GAAP measures, excluding the effect of stock-based compensation, acquisition-related expenses, restructuring expenses, costs related to the intra-entity asset transfers resulting from the internal restructuring of legal entities, and amortization of acquired intangible assets. Acquisition-related expenses include transaction and integration expenses, as well as costs related to the intercompany transfer of acquired intellectual property. Restructuring expenses include non-ordinary course severance, employee related benefits, and other charges. We believe that the exclusion of these expenses provides for a useful comparison of our operating results to prior periods and to our peer companies, which commonly exclude restructuring expenses.

Non-GAAP Net Income and Non-GAAP Earnings Per Share: We define non-GAAP net income as GAAP net loss, excluding the effect of stock-based compensation, acquisition-related expenses, restructuring expenses and amortization of acquired intangible assets, including the applicable tax impacts. In addition, we exclude the tax impact and related costs of intra-entity asset transfers resulting from the internal restructuring of legal entities as well as deferred income tax benefits recognized in connection with acquisitions. We use non-GAAP net income to calculate non-GAAP earnings per share.

Non-GAAP Gross Profit and Non-GAAP Gross 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 these non-GAAP measures as their respective GAAP measures, excluding stock-based compensation, acquisition-related expenses and costs related to intra-entity asset transfers resulting from the internal restructuring of legal entities.

TENABLE HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
    
 Three Months Ended June 30, Six Months Ended June 30,
(in thousands, except per share data) 2024   2023   2024   2023 
Revenue$221,241  $195,036  $437,202  $383,875 
Cost of revenue(1) 48,798   43,514   97,730   89,020 
Gross profit 172,443   151,522   339,472   294,855 
Operating expenses:       
Sales and marketing(1) 101,129   97,800   200,954   194,991 
Research and development(1) 45,149   37,845   88,876   76,028 
General and administrative(1) 30,302   26,622   61,320   53,737 
Restructuring 4,681      6,070    
Total operating expenses 181,261   162,267   357,220   324,756 
Loss from operations (8,818)  (10,745)  (17,748)  (29,901)
Interest income 5,974   6,566   11,598   11,661 
Interest expense (8,073)  (7,750)  (16,185)  (15,089)
Other income (expense), net 93   (944)  (1,217)  (1,491)
Loss before income taxes (10,824)  (12,873)  (23,552)  (34,820)
Provision for income taxes 3,748   3,101   5,406   6,251 
Net loss$(14,572) $(15,974) $(28,958) $(41,071)
        
Net loss per share, basic and diluted$(0.12) $(0.14) $(0.25) $(0.36)
Weighted-average shares used to compute net loss per share, basic and diluted 118,681   115,131   118,111   114,465 

_______________

(1) Includes stock-based compensation as follows:

 Three Months Ended June 30, Six Months Ended June 30,
 2024 2023 2024 2023
Cost of revenue$3,288 $2,906 $6,270 $5,531
Sales and marketing 16,276  16,423  31,576  30,817
Research and development 11,799  9,764  22,960  18,629
General and administrative 10,035  8,767  20,311  17,000
Total stock-based compensation$41,398 $37,860 $81,117 $71,977


TENABLE HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
 
 June 30, 2024 December 31, 2023
(in thousands, except per share data)(unaudited)  
Assets    
Current assets:   
Cash and cash equivalents$233,467  $237,132 
Short-term investments 253,536   236,840 
Accounts receivable (net of allowance for doubtful accounts of $456 and $470 at June 30, 2024 and December 31, 2023, respectively) 179,612   220,060 
Deferred commissions 49,388   49,559 
Prepaid expenses and other current assets 58,886   61,882 
Total current assets 774,889   805,473 
Property and equipment, net 41,448   45,436 
Deferred commissions (net of current portion) 66,141   72,394 
Operating lease right-of-use assets 33,315   34,835 
Acquired intangible assets, net 104,488   107,017 
Goodwill 541,292   518,539 
Other assets 14,776   23,177 
Total assets$1,576,349  $1,606,871 
    
Liabilities and Stockholders’ Equity   
Current liabilities:   
Accounts payable and accrued expenses$19,543  $16,941 
Accrued compensation 44,119   66,492 
Deferred revenue 562,587   580,779 
Operating lease liabilities 6,161   5,971 
Other current liabilities 5,832   5,655 
Total current liabilities 638,242   675,838 
Deferred revenue (net of current portion) 163,211   169,718 
Term loan, net of issuance costs (net of current portion) 357,969   359,281 
Operating lease liabilities (net of current portion) 45,315   48,058 
Other liabilities 8,051   7,632 
Total liabilities 1,212,788   1,260,527 
    
Stockholders’ equity:   
Common stock (par value: $0.01; 500,000 shares authorized; 120,461 and 117,504 shares issued at June 30, 2024 and December 31, 2023, respectively) 1,205   1,175 
Additional paid-in capital 1,281,545   1,185,100 
Treasury stock (at cost: 1,471 and 356 shares at June 30, 2024 and December 31, 2023, respectively) (64,925)  (14,934)
Accumulated other comprehensive (loss) income (271)  38 
Accumulated deficit (853,993)  (825,035)
Total stockholders’ equity 363,561   346,344 
Total liabilities and stockholders’ equity$1,576,349  $1,606,871 


TENABLE HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
 
 Six Months Ended June 30,
(in thousands) 2024   2023 
Cash flows from operating activities:   
Net loss$(28,958) $(41,071)
Adjustments to reconcile net loss to net cash provided by operating activities:  
Depreciation and amortization 15,864   12,624 
Stock-based compensation 81,117   71,977 
Net accretion of discounts and amortization of premiums on short-term investments (4,378)  (3,595)
Amortization of debt issuance costs 662   618 
Restructuring 4,528    
Other 2,184   182 
Changes in operating assets and liabilities:   
Accounts receivable 40,462   33,997 
Prepaid expenses and other assets 18,105   12,649 
Accounts payable, accrued expenses and accrued compensation (20,162)  (1,276)
Deferred revenue (24,807)  (14,408)
Other current and noncurrent liabilities (2,867)  (2,758)
Net cash provided by operating activities 81,750   68,939 
    
Cash flows from investing activities:   
Purchases of property and equipment (1,191)  (1,098)
Capitalized software development costs (4,767)  (2,813)
Purchases of short-term investments (160,405)  (147,434)
Sales and maturities of short-term investments 147,778   148,760 
Proceeds from other investments 3,512    
Purchases of other investments (250)   
Business combinations, net of cash acquired (29,162)   
Net cash used in investing activities (44,485)  (2,585)
    
Cash flows from financing activities:   
Payments on term loan (1,875)  (1,875)
Proceeds from loan agreement    424 
Proceeds from stock issued in connection with the employee stock purchase plan 9,878   9,914 
Proceeds from the exercise of stock options 4,135   1,537 
Purchase of treasury stock (49,991)   
Other financing activities    (129)
Net cash (used in) provided by financing activities (37,853)  9,871 
Effect of exchange rate changes on cash and cash equivalents and restricted cash (3,077)  (1,032)
Net (decrease) increase in cash and cash equivalents and restricted cash (3,665)  75,193 
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$233,467  $376,059 


TENABLE HOLDINGS, INC.
REVENUE COMPONENTS AND RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(unaudited)
 
RevenueThree Months Ended June 30, Six Months Ended June 30,
(in thousands)2024 2023 2024 2023
Subscription revenue$202,538 $176,767 $400,173 $347,865
Perpetual license and maintenance revenue 12,016  12,154  24,172  24,335
Professional services and other revenue 6,687  6,115  12,857  11,675
Revenue(1)$221,241 $195,036 $437,202 $383,875

_______________

(1) Recurring revenue, which includes revenue from subscription arrangements for software (both recognized ratably over the subscription term and upon delivery) and cloud-based solutions and maintenance associated with perpetual licenses, represented 96% of revenue in the three and six months ended June 30, 2024 and 95% of revenue in the three and six months ended June 30, 2023.

Calculated Current BillingsThree Months Ended June 30, Six Months Ended June 30,
(in thousands) 2024   2023   2024   2023 
Revenue$221,241  $195,036  $437,202  $383,875 
Deferred revenue (current), end of period 562,587   495,199   562,587   495,199 
Deferred revenue (current), beginning of period(1) (562,683)  (490,076)  (580,887)  (502,115)
Calculated current billings$221,145  $200,159  $418,902  $376,959 

________________
(1) Deferred revenue (current), beginning of period for the three and six months ended June 30, 2024 includes $0.1 million related to acquired deferred revenue.

Remaining Performance ObligationsJune 30,
(in thousands)2024 2023
Remaining performance obligations, short-term$572,015 $503,960
Remaining performance obligations, long-term 175,526  158,713
Remaining performance obligations$747,541 $662,673


Free Cash Flow and Unlevered Free Cash FlowThree Months Ended June 30, Six Months Ended June 30,
(in thousands) 2024   2023   2024   2023 
Net cash provided by operating activities$31,424  $30,193  $81,750  $68,939 
Purchases of property and equipment (526)  (711)  (1,191)  (1,098)
Capitalized software development costs (2,235)  (1,790)  (4,767)  (2,813)
Free cash flow(1) 28,663   27,692   75,792   65,028 
Cash paid for interest and other financing costs 7,839   12,123   15,450   18,943 
Unlevered free cash flow(1)$36,502  $39,815  $91,242  $83,971 

________________

(1) Free cash flow and unlevered free cash flow for the periods presented were impacted by:

 Three Months Ended June 30, Six Months Ended June 30,
(in thousands) 2024   2023   2024   2023 
Employee stock purchase plan activity$3,702  $4,419  $(2,630) $(271)
Acquisition-related expenses (197)  (21)  (663)  (259)
Restructuring (1,597)     (5,419)   


Non-GAAP Income from Operations and Non-GAAP Operating MarginThree Months Ended June 30, Six Months Ended June 30,
(dollars in thousands) 2024   2023   2024   2023 
Loss from operations$(8,818) $(10,745) $(17,748) $(29,901)
Stock-based compensation 41,398   37,860   81,117   71,977 
Acquisition-related expenses 763   30   924   130 
Restructuring 4,681      6,070    
Amortization of acquired intangible assets 4,760   3,073   9,429   6,153 
Non-GAAP income from operations$42,784  $30,218  $79,792  $48,359 
Operating margin(4)% (6)% (4)% (8)%
Non-GAAP operating margin 19%  15%  18%  13%


Non-GAAP Net Income and Non-GAAP Earnings Per ShareThree Months Ended June 30, Six Months Ended June 30,
(in thousands, except per share data) 2024   2023   2024   2023 
Net loss$(14,572) $(15,974) $(28,958) $(41,071)
Stock-based compensation 41,398   37,860   81,117   71,977 
Tax impact of stock-based compensation(1) 1,175   1,336   98   2,253 
Acquisition-related expenses(2) 763   30   924   130 
Restructuring(2) 4,681      6,070    
Amortization of acquired intangible assets(3) 4,760   3,073   9,429   6,153 
Tax impact of acquisitions (43)  (59)  (78)  (113)
Non-GAAP net income$38,162  $26,266  $68,602  $39,329 
        
Net loss per share, diluted$(0.12) $(0.14) $(0.25) $(0.36)
Stock-based compensation 0.35   0.33   0.69   0.63 
Tax impact of stock-based compensation(1) 0.01   0.01      0.02 
Acquisition-related expenses(2)       0.01    
Restructuring(2) 0.04      0.05    
Amortization of acquired intangible assets(3) 0.04   0.03   0.08   0.05 
Tax impact of acquisitions           
Adjustment to diluted earnings per share(4) (0.01)  (0.01)  (0.02)  (0.01)
Non-GAAP earnings per share, diluted$0.31  $0.22  $0.56  $0.33 
        
Weighted-average shares used to compute GAAP net loss per share, diluted 118,681   115,131   118,111   114,465 
        
Weighted-average shares used to compute non-GAAP earnings per share, diluted 123,056   120,057   123,161   119,665 

________________

(1) The tax impact of stock-based compensation is based on the tax treatment for the applicable tax jurisdictions.
(2) The tax impact of acquisition-related expenses and restructuring are not material.
(3) The tax impact of the amortization of acquired intangible assets is included in the tax impact of acquisitions.
(4) An adjustment to reconcile GAAP net loss per share, which excludes potentially dilutive shares, to non-GAAP earnings per share, which includes potentially dilutive shares.

Non-GAAP Gross Profit and Non-GAAP Gross MarginThree Months Ended June 30, Six Months Ended June 30,
(dollars in thousands) 2024   2023   2024   2023 
Gross profit$172,443  $151,522  $339,472  $294,855 
Stock-based compensation 3,288   2,906   6,270   5,531 
Amortization of acquired intangible assets 4,760   3,073   9,429   6,153 
Non-GAAP gross profit$180,491  $157,501  $355,171  $306,539 
Gross margin 78%  78%  78%  77%
Non-GAAP gross margin 82%  81%  81%  80%


Non-GAAP Sales and Marketing ExpenseThree Months Ended June 30, Six Months Ended June 30,
(dollars in thousands) 2024   2023   2024   2023 
Sales and marketing expense$101,129  $97,800  $200,954  $194,991 
Less: Stock-based compensation 16,276   16,423   31,576   30,817 
Less: Acquisition-related expenses 49      49    
Non-GAAP sales and marketing expense$84,804  $81,377  $169,329  $164,174 
Non-GAAP sales and marketing expense % of revenue 38%  42%  39%  43%


Non-GAAP Research and Development ExpenseThree Months Ended June 30, Six Months Ended June 30,
(dollars in thousands) 2024   2023   2024   2023 
Research and development expense$45,149  $37,845  $88,876  $76,028 
Less: Stock-based compensation 11,799   9,764   22,960   18,629 
Less: Acquisition-related expenses       (20)   
Non-GAAP research and development expense$33,350  $28,081  $65,936  $57,399 
Non-GAAP research and development expense % of revenue 15%  14%  15%  15%


Non-GAAP General and Administrative ExpenseThree Months Ended June 30, Six Months Ended June 30,
(dollars in thousands) 2024   2023   2024   2023 
General and administrative expense$30,302  $26,622  $61,320  $53,737 
Less: Stock-based compensation 10,035   8,767   20,311   17,000 
Less: Acquisition-related expenses 714   30   895   130 
Non-GAAP general and administrative expense$19,553  $17,825  $40,114  $36,607 
Non-GAAP general and administrative expense % of revenue 9%  9%  9%  10%

The following adjustments to reconcile forecasted non-GAAP income from operations, non-GAAP net income, non-GAAP earnings per share, free cash flow and unlevered free cash flow are subject to a number of uncertainties and assumptions, each of which are inherently difficult to forecast. As a result, actual adjustments and GAAP results may differ materially.

Forecasted Non-GAAP Income from OperationsThree Months Ending
September 30, 2024
 Year Ending
December 31, 2024
(in millions)Low High Low High
Forecasted loss from operations$(5.6) $(3.6) $(25.1) $(21.1)
Forecasted stock-based compensation 41.6   41.6   164.6   164.6 
Forecasted acquisition-related expenses 1.0   1.0   1.9   1.9 
Forecasted restructuring       6.1   6.1 
Forecasted amortization of acquired intangible assets 5.0   5.0   19.5   19.5 
Forecasted non-GAAP income from operations$42.0  $44.0  $167.0  $171.0 


Forecasted Non-GAAP Net Income and Non-GAAP Earnings Per ShareThree Months Ending
September 30, 2024
 Year Ending
December 31, 2024
(in millions, except per share data)Low High Low High
Forecasted net loss(1)$(14.6) $(12.6) $(52.6) $(48.6)
Forecasted stock-based compensation 41.6   41.6   164.6   164.6 
Forecasted tax impact of stock-based compensation 2.0   2.0   3.7   3.7 
Forecasted acquisition-related expenses 1.0   1.0   1.9   1.9 
Forecasted restructuring       6.1   6.1 
Forecasted amortization of acquired intangible assets 5.0   5.0   19.5   19.5 
Forecasted tax impact of acquisitions       (0.2)  (0.2)
Forecasted non-GAAP net income$35.0  $37.0  $143.0  $147.0 
        
Forecasted net loss per share, diluted(1)$(0.12) $(0.11) $(0.44) $(0.41)
Forecasted stock-based compensation 0.35   0.35   1.38   1.38 
Forecasted tax impact of stock-based compensation 0.02   0.02   0.03   0.03 
Forecasted acquisition-related expenses 0.01   0.01   0.02   0.02 
Forecasted restructuring       0.05   0.05 
Forecasted amortization of acquired intangible assets 0.04   0.04   0.16   0.16 
Forecasted tax impact of acquisitions           
Adjustment to diluted earnings per share(2) (0.02)  (0.01)  (0.04)  (0.04)
Forecasted non-GAAP earnings per share, diluted$0.28  $0.30  $1.16  $1.19 
        
Forecasted weighted-average shares used to compute GAAP net loss per share, diluted 119.0   119.0   119.0   119.0 
Forecasted weighted-average shares used to compute non-GAAP earnings per share, diluted 123.0   123.0   123.5   123.5 

________________
(1) The forecasted GAAP net loss assumes income tax expense of $5.8 million and $16.3 million in the three months ending September 30, 2024 and year ending December 31, 2024, respectively.

(2) Adjustment to reconcile GAAP net loss per share, which excludes potentially dilutive shares, to non-GAAP earnings per share, which includes potentially dilutive shares.

Forecasted Free Cash Flow and Unlevered Free Cash FlowYear Ending
December 31, 2024
(in millions)Low High
Forecasted net cash provided by operating activities$206.2  $216.2 
Forecasted purchases of property and equipment (6.0)  (6.0)
Forecasted capitalized software development costs (6.5)  (6.5)
Forecasted free cash flow 193.7   203.7 
Forecasted cash paid for interest and other financing costs 31.3   31.3 
Forecasted unlevered free cash flow$225.0  $235.0 

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