Tenable (TENB) 46th Annual William Blair Growth Stock Conference summary

Company overview and market dynamics

• Exposure management is a core focus, with $1B in annual revenue, 2,000 employees, and 40,000+ customers globally.

• Business has shifted toward larger, strategic deals, with a doubling of six-figure and tripling of seven-figure customers in recent years.

• Cybercrime losses are projected to rise from $10T to $16T in three years, driving increased cybersecurity spend, especially in AI security.

• The attack surface is expanding rapidly, with organizations managing about 2,000 digital assets per employee and over 300,000 known vulnerabilities.

• The time from vulnerability disclosure to exploit is now just 1.6 days, while average remediation takes 40 days.

Exposure management platform and technology

• Exposure management provides unified visibility, insight, and action, shifting security from reactive to proactive.

• Recognized as a leader by Gartner, Forrester, and IDC in exposure management.

• Platform focuses on discovering, inventorying, and enriching all digital assets, assessing for vulnerabilities, misconfigurations, and operational errors.

• Prioritization and automation are key, using context to identify critical attack paths and enable rapid, confident remediation.

• Platform is built on trusted infrastructure, a vast exposure data fabric, and the new Hexa agentic engine for workflow automation.

Financial performance and growth strategy

• Over 96% of revenue is recurring, with 13% trailing 12-month revenue growth and over $1B in annual revenue as of Q1.

• Operating margin reached 22.7% in Q1, up from just over 10% several years ago, with strong cash flow generation.

• Significant share repurchases, with $130M spent in Q1 and over $300M authorized.

• Tenable One platform customers have longer contracts, higher ACVs (2–3x), and greater expansion rates than non-platform customers.

• New pricing tiers (Foundation and Advanced) drive price uplifts of 6% and 60%, respectively, with platform growth in the mid-teens.