Te able Exceeds Q3 Reve ue a d P ofit Expectatio s, Raises Full-Yea Outlook
- Reve ue of $276.4 millio , yea -ove -yea g owth of 9.5%
- GAAP ope ati g ma gi of 6.0%; No -GAAP ope ati g ma gi of 27.1%, yea -ove -yea i c ease of 380 basis poi ts
- Net cash p ovided by ope ati g activities of $72.5 millio ; U leve ed f ee cash flow of $69.4 millio
COLUMBIA, Md., Oct. 28, 2026 (GLOBE NEWSWIRE) — Te able Holdi gs, I c. (“Te able”) (Nasdaq: TENB), the exposu e ma ageme t compa y, today a ou ced fi a cial esults fo the qua te e ded Septembe 30, 2026.
“We delive ed a excelle t thi d qua te , exceedi g eve y o e of ou guided met ics,” said Steve Vi tz, Co-CEO of Te able. “As AI c eates a st uctu al shift i how o ga izatio s ma age cybe exposu e, secu ity is becomi g its ow busi ess fu ctio tied to busi ess isk a d g owth, a d we believe Te able is u iquely positio ed to lead i this ew e a.”
“Custome s a e movi g f om co ve satio to commitme t, a d this qua te that i c easi gly mea t expa di g thei elatio ship with Te able O e,” said Ma k Thu mo d, Co-CEO of Te able. “We a e seei g u ge cy t a slate i to b oade adoptio , which fu the validates ou leade ship i exposu e ma ageme t as the ma ket expa ds to cove AI.”
- Reve ue was $276.4 millio , a 9.5% i c ease yea -ove -yea
- GAAP i come f om ope atio s was $16.7 millio , compa ed to $7.1 millio i the thi d qua te of 2025
- GAAP ope ati g ma gi was 6.0%, compa ed to 2.8% i the thi d qua te of 2025
- No -GAAP i come f om ope atio s was $74.9 millio , compa ed to $58.9 millio i the thi d qua te of 2025
- No -GAAP ope ati g ma gi was 27.1%, compa ed to 23.3% i the thi d qua te of 2025
- GAAP et i come was $11.3 millio , compa ed to $2.3 millio i the thi d qua te of 2025
- GAAP diluted ea i gs pe sha e was $0.10, compa ed to $0.02 pe sha e i the thi d qua te of 2025
- No -GAAP et i come was $72.9 millio , compa ed to $51.4 millio i the thi d qua te of 2025
- No -GAAP diluted ea i gs pe sha e was $0.63, compa ed to $0.42 i the thi d qua te of 2025
- Net cash p ovided by ope ati g activities was $72.5 millio , compa ed to $53.9 millio i the thi d qua te of 2025
- U leve ed f ee cash flow was $69.4 millio , compa ed to $58.5 millio i the thi d qua te of 2025
- Repu chased 6.8 millio sha es of ou commo stock fo $223.8 millio , i cludi g 5.3 millio sha es fo $170.5 millio i co ectio with the issua ce of ou co ve tible se io otes
- Added 413 ew e te p ise platfo m custome s a d 39 et ew six-figu e custome s
- Dolla -based et expa sio ate was 107%, compa ed to 106% i the seco d qua te of 2026
- I teg ated A th opic’s Claude Mythos i to ou Te able O e Exposu e Ma ageme t Platfo m to powe Te able O e Adve sa y View, helpi g secu ity teams discove hidde attack paths a d how to best emediate them
- Lau ched Cybe Age ts Excha ge, the i dust y’s fi st ope -sou ce, ve do -ag ostic cybe secu ity- ative egist y fo AI age ts, skills, MCP se ve s a d multi-age t playbooks
- Expa ded Te able Hexa AI, ou age tic e gi e, with always-o capabilities, i t oduci g a coo di ated fleet of AI age ts that co ti uously ide tify c itical exposu es, o chest ate emediatio a d ve ify fixes, eve whe secu ity teams a e offli e
- Closed a upsized $800 millio co ve tible se io otes offe i g alo g with a ew $400 millio secu ed evolvi g c edit facility
- Joi ed the White House-led P oject Wate shed i itiative to bolste U.S. wate a d wastewate systems f om evolvi g cybe th eats
- Recog ized by Ga t e ® as the “Compa y to Beat” fo P eemptive Cybe secu ity i AI-Powe ed Exposu e Assessme t(1)
- Ra ked fi st i wo ldwide ma ket sha e i the IDC Wo ldwide Device Vul e ability a d Exposu e Ma ageme t Ma ket Sha es epo t fo the eighth co secutive yea (2)
Fo the fou th qua te of 2026, we cu e tly expect:
- Reve ue i the a ge of $277.0 millio to $280.0 millio
- No -GAAP i come f om ope atio s i the a ge of $67.1 millio to $70.1 millio
- No -GAAP et i come i the a ge of $63.6 millio to $66.6 millio , assumi g i te est expe se of $1.9 millio , i te est i come of $3.8 millio a d a p ovisio fo i come taxes of $4.6 millio
- No -GAAP diluted ea i gs pe sha e i the a ge of $0.56 to $0.58
- 114.0 millio diluted weighted ave age sha es outsta di g
Fo the yea e di g Decembe 31, 2026, we cu e tly expect:
- Reve ue i the a ge of $1.084 billio to $1.087 billio
- No -GAAP i come f om ope atio s i the a ge of $270.0 millio to $273.0 millio
- No -GAAP et i come i the a ge of $250.0 millio to $253.0 millio , assumi g i te est expe se of $20.4 millio , i te est i come of $11.8 millio a d a p ovisio fo i come taxes of $8.7 millio
- No -GAAP diluted ea i gs pe sha e i the a ge of $2.16 to $2.19
- 115.5 millio diluted weighted ave age sha es outsta di g
- U leve ed f ee cash flow i the a ge of $289.0 millio to $295.0 millio
Te able will host a co fe e ce call o Octobe 28, 2026 at 4:30 p.m. Easte Time to discuss its fi a cial esults. The co fe e ce call ca be accessed at 877-407-9716 (U.S.) a d 201-493-6779 (i te atio al). A live webcast of the eve t will be available o the Te able I vesto Relatio s website at https://i vesto s.te able.com. A a chived eplay of the live b oadcast will be available o the I vesto Relatio s page of the website followi g the call.
Te able® is the exposu e ma ageme t compa y, exposi g a d closi g the cybe secu ity gaps that e ode busi ess value, eputatio a d t ust. The compa y’s AI-powe ed exposu e ma ageme t platfo m adically u ifies secu ity visibility, i sight a d actio ac oss the attack su face, equippi g mode o ga izatio s to p otect agai st attacks f om IT i f ast uctu e to cloud e vi o me ts to c itical i f ast uctu e a d eve ywhe e i betwee . By p otecti g e te p ises f om secu ity exposu e, Te able educes busi ess isk fo ove 40,000 custome s a ou d the globe. Lea mo e at te able.com.
This p ess elease i cludes fo wa d-looki g stateme ts withi the mea i g of the “safe ha bo ” p ovisio s of the P ivate Secu ities Litigatio Refo m Act of 1995. All stateme ts co tai ed i this p ess elease othe tha stateme ts of histo ical fact, i cludi g stateme ts ega di g ou futu e esults of ope atio s a d fi a cial positio , the ability of ou pa t e ship with A th opic to help secu ity teams discove hidde attack paths a d dete mi e how to best emediate them, ou ability to co ti ue expa di g Te able O e AI Exposu e cove age ac oss LLMs, MCPs a d AI tools to delive g eate isk visibility a d gove a ce, the ability of the P oject Wate shed i itiative to help p otect U.S. wate a d wastewate systems f om evolvi g cybe th eats, ou busi ess st ategy, ma ket oppo tu ity a d pla s a d objectives fo futu e ope atio s, a e fo wa d-looki g stateme ts a d ep ese t ou views as of the date of this p ess elease. The wo ds “a ticipate,” “believe,” “co ti ue,” “estimate,” “expect,” “i te d,” “may,” “will” a d simila exp essio s a e i te ded to ide tify fo wa d-looki g stateme ts. We have based these fo wa d-looki g stateme ts o ou cu e t expectatio s a d p ojectio s about futu e eve ts a d fi a cial t e ds that we believe may affect ou fi a cial co ditio , esults of ope atio s, busi ess st ategy, sho t-te m a d lo g-te m busi ess ope atio s a d objectives a d fi a cial eeds. These fo wa d-looki g stateme ts a e subject to a umbe of assumptio s a d isks a d u ce tai ties, ma y of which i volve facto s o ci cumsta ces that a e beyo d ou co t ol that could affect ou fi a cial esults. These isks a d u ce tai ties a e detailed i the sectio s titled “Risk Facto s” a d “Ma ageme t’s Discussio a d A alysis of Fi a cial Co ditio a d Results of Ope atio s” i ou A ual Repo t o Fo m 10-K fo the yea e ded Decembe 31, 2025 a d othe fili gs that we make f om time to time with the SEC, which a e available o the SEC’s website at sec.gov. Mo eove , we ope ate i a ve y competitive a d apidly cha gi g e vi o me t. New isks eme ge f om time to time. It is ot possible fo ou ma ageme t to p edict all isks, o ca we assess the impact of all facto s o ou busi ess o the exte t to which a y facto , o combi atio of facto s, may cause actual esults to diffe mate ially f om those co tai ed i a y fo wa d-looki g stateme ts we may make. I light of these isks, u ce tai ties a d assumptio s, the futu e eve ts a d t e ds discussed i this p ess elease may ot occu a d actual esults could diffe mate ially a d adve sely f om those a ticipated o implied i a y fo wa d-looki g stateme ts. Except as equi ed by law, we a e u de o obligatio to update these fo wa d-looki g stateme ts subseque t to the date of this p ess elease, o to update the easo s if actual esults diffe mate ially f om those a ticipated i the fo wa d-looki g stateme ts.
To suppleme t ou co solidated fi a cial stateme ts, which a e p epa ed a d p ese ted i acco da ce with GAAP, we use ce tai o -GAAP fi a cial measu es, as desc ibed below, to u de sta d a d evaluate ou co e ope ati g pe fo ma ce. These o -GAAP fi a cial measu es, which may be diffe e t tha simila ly titled measu es used by othe compa ies, a e p ese ted to e ha ce the ove all u de sta di g of ou fi a cial pe fo ma ce a d should ot be co side ed a substitute fo , o supe io to, the fi a cial i fo matio p epa ed a d p ese ted i acco da ce with GAAP.
We believe that these o -GAAP fi a cial measu es p ovide useful i fo matio about ou fi a cial pe fo ma ce, e ha ce the ove all u de sta di g of ou past pe fo ma ce a d futu e p ospects a d a e helpful to i vesto s i compa i g ou fi a cial esults ove multiple pe iods with othe compa ies i ou i dust y.
Reco ciliatio s of o -GAAP fi a cial measu es to the most di ectly compa able GAAP fi a cial measu es a e i cluded i the fi a cial tables accompa yi g this p ess elease.
F ee Cash Flow a d U leve ed F ee Cash Flow: We defi e f ee cash flow, a o -GAAP fi a cial measu e, as et cash p ovided by ope ati g activities less pu chases of p ope ty a d equipme t a d capitalized softwa e developme t costs. We believe f ee cash flow is a impo ta t liquidity measu e of the cash that is available (if a y), afte pu chases of p ope ty a d equipme t a d capitalized softwa e developme t costs, fo i vestme t i ou busi ess a d to make acquisitio s. We believe that f ee cash flow is useful as a liquidity measu e because it measu es ou ability to ge e ate cash. We defi e u leve ed f ee cash flow as f ee cash flow plus cash paid fo i te est a d othe fi a ci g costs. We believe u leve ed f ee cash flow is useful as a liquidity measu e as it measu es the cash that is available to i vest i ou busi ess a d meet ou cu e t debt obligatio s a d futu e fi a ci g eeds. Howeve , give ou debt obligatio s, o -ca celable commitme ts a d othe co t actual obligatio s, u leve ed f ee cash flow does ot ep ese t esidual cash flow available fo disc etio a y expe ses.
No -GAAP I come f om Ope atio s a d No -GAAP Ope ati g Ma gi : We defi e these o -GAAP fi a cial measu es as thei espective GAAP measu es, excludi g the effect of stock-based compe satio , acquisitio – elated expe ses, est uctu i g expe ses, costs elated to the i t a-e tity asset t a sfe s esulti g f om the i te al est uctu i g of legal e tities, a d amo tizatio of acqui ed i ta gible assets. Acquisitio – elated expe ses i clude t a sactio a d i teg atio expe ses, as well as costs elated to the i te compa y t a sfe of acqui ed i tellectual p ope ty. Rest uctu i g expe ses i clude o -o di a y cou se seve a ce, employee elated be efits, a d othe cha ges to eo ga ize busi ess ope atio s. We believe that the exclusio of these expe ses p ovides fo a useful compa iso of ou ope ati g esults to p io pe iods a d to ou pee compa ies, which commo ly exclude est uctu i g expe ses.
No -GAAP Net I come a d No -GAAP Ea i gs Pe Sha e: We defi e o -GAAP et i come as GAAP et i come (loss), excludi g the effect of stock-based compe satio , acquisitio – elated expe ses, est uctu i g expe ses, loss o exti guishme t of debt a d amo tizatio of acqui ed i ta gible assets, i cludi g the applicable tax impacts. I additio , we exclude the tax impact a d elated costs of i t a-e tity asset t a sfe s esulti g f om the i te al est uctu i g of legal e tities a d defe ed i come tax be efits ecog ized i co ectio with acquisitio s. We use o -GAAP et i come to calculate o -GAAP ea i gs pe sha e. The weighted ave age sha es used to calculate GAAP diluted ea i gs pe sha e may i clude dilutive sha es elated to the pote tial co ve sio of ou co ve tible se io otes i pe iods i which the qua te ly ave age stock p ice pe sha e exceeds the co ve sio p ice of the co ve tible se io otes. We e te ed i to capped call co t acts which a e expected to educe the sha e dilutio elated to a y co ve sio of the co ve tible se io otes, subject to a cap. The weighted ave age sha es used to calculate o -GAAP ea i gs pe sha e excludes dilutio esulti g f om the pote tial co ve sio of ou co ve tible se io otes expected to be offset by the capped call co t acts.
No -GAAP G oss P ofit a d No -GAAP G oss Ma gi : We defi e o -GAAP g oss p ofit as GAAP g oss p ofit, excludi g the effect of stock-based compe satio a d amo tizatio of acqui ed i ta gible assets. No -GAAP g oss ma gi is defi ed as o -GAAP g oss p ofit as a pe ce tage of eve ue.
No -GAAP Sales a d Ma keti g Expe se, No -GAAP Resea ch a d Developme t Expe se a d No -GAAP Ge e al a d Admi ist ative Expe se: We defi e these o -GAAP measu es as thei espective GAAP measu es, excludi g stock-based compe satio , acquisitio – elated expe ses a d costs elated to i t a-e tity asset t a sfe s esulti g f om the i te al est uctu i g of legal e tities.
(1) Ga t e , AI Ve do Race: Te able Is the Compa y to Beat fo P eemptive Cybe secu ity i AI-Powe ed Exposu e Assessme t, Elizabeth Kim, Isy Ba gu ah, Mitchell Sch eide , Luis Castillo, 24 Ju e 2026.
The Ga t e co te t desc ibed he ei , (the “Ga t e Co te t”) ep ese ts esea ch opi io o viewpoi ts published, as pa t of a sy dicated subsc iptio se vice, by Ga t e , I c. (“Ga t e “), a d a e ot ep ese tatio s of fact. Ga t e Co te t speaks as of its o igi al publicatio date (a d ot as of the date of this p ess elease) a d the opi io s exp essed i the Ga t e Co te t a e subject to cha ge without otice.
(2) IDC, Wo ldwide Device Vul e ability a d Exposu e Ma ageme t Ma ket Sha es, doc #US53903826, August 2026.
| Reve ue | $ | 276,387 | $ | 252,440 | $ | 806,953 | $ | 738,872 | Cost of eve ue(1) | 61,332 | 56,753 | 178,334 | 163,647 | G oss p ofit | 215,055 | 195,687 | 628,619 | 575,225 | Ope ati g expe ses: | Sales a d ma keti g(1) | 102,913 | 99,949 | 315,771 | 310,222 | Resea ch a d developme t(1) | 62,145 | 56,265 | 174,905 | 168,724 | Ge e al a d admi ist ative(1) | 33,141 | 32,337 | 96,874 | 114,302 | Rest uctu i g | 147 | — | 3,229 | — | Total ope ati g expe ses | 198,346 | 188,551 | 590,779 | 593,248 | I come (loss) f om ope atio s | 16,709 | 7,136 | 37,840 | (18,023 | ) | I te est i come | 2,573 | 3,590 | 7,925 | 12,597 | I te est expe se | (8,270 | ) | (7,213 | ) | (21,118 | ) | (21,363 | ) | Othe expe se, et | (248 | ) | (703 | ) | (1,860 | ) | (204 | ) | I come (loss) befo e i come taxes | 10,764 | 2,810 | 22,787 | (26,993 | ) | (Be efit) p ovisio fo i come taxes | (535 | ) | 550 | 6,269 | 8,388 | Net i come (loss) | $ | 11,299 | $ | 2,260 | $ | 16,518 | $ | (35,381 | ) | Net ea i gs (loss) pe sha e: | Basic | $ | 0.10 | $ | 0.02 | $ | 0.15 | $ | (0.29 | ) | Diluted | $ | 0.10 | $ | 0.02 | $ | 0.14 | $ | (0.29 | ) | Weighted-ave age sha es used to compute et ea i gs (loss) pe sha e: | Basic | 108,974 | 120,483 | 111,846 | 120,516 | Diluted | 115,970 | 121,953 | 115,785 | 120,516 |
_______________(1) I cludes stock-based compe satio as follows:
| Cost of eve ue | $ | 3,378 | $ | 3,495 | $ | 10,218 | $ | 10,270 | Sales a d ma keti g | 17,935 | 17,051 | 53,276 | 51,499 | Resea ch a d developme t | 18,837 | 14,174 | 45,852 | 42,441 | Ge e al a d admi ist ative(2) | 11,067 | 10,162 | 32,074 | 43,101 | Total stock-based compe satio | $ | 51,217 | $ | 44,882 | $ | 141,420 | $ | 147,311 |
_______________(2) Stock-based compe satio i the i e mo ths e ded Septembe 30, 2025 i cludes $14.6 millio of expe se elated to the accele ated vesti g of equity awa ds fo ou fo me Chai ma a d Chief Executive Office .
| Cu e t assets: | Cash a d cash equivale ts | $ | 317,401 | $ | 187,762 | Sho t-te m i vestme ts | 177,860 | 214,419 | Accou ts eceivable ( et of allowa ce fo doubtful accou ts of $386 a d $656 at Septembe 30, 2026 a d Decembe 31, 2025, espectively) | 211,019 | 279,150 | Defe ed commissio s | 50,559 | 52,914 | P epaid expe ses a d othe cu e t assets | 55,343 | 39,339 | Total cu e t assets | 812,182 | 773,584 | P ope ty a d equipme t, et | 50,488 | 40,062 | Defe ed commissio s ( et of cu e t po tio ) | 64,589 | 71,715 | Ope ati g lease ight-of-use assets | 39,967 | 35,558 | Acqui ed i ta gible assets, et | 94,949 | 115,296 | Goodwill | 697,886 | 697,886 | Othe assets | 12,951 | 13,566 | Total assets | $ | 1,773,012 | $ | 1,747,667 | Cu e t liabilities: | Accou ts payable a d acc ued expe ses | $ | 26,585 | $ | 21,889 | Acc ued compe satio | 55,621 | 69,166 | Defe ed eve ue | 685,375 | 706,866 | Ope ati g lease liabilities | 9,302 | 9,596 | Othe cu e t liabilities | 2,033 | 5,432 | Total cu e t liabilities | 778,916 | 812,949 | Defe ed eve ue ( et of cu e t po tio ) | 178,048 | 192,410 | Co ve tible se io otes, et | 779,016 | — | Te m loa , et of issua ce costs ( et of cu e t po tio ) | — | 354,209 | Ope ati g lease liabilities ( et of cu e t po tio ) | 52,774 | 50,877 | Othe liabilities | 10,730 | 10,846 | Total liabilities | 1,799,484 | 1,421,291 | Stockholde s’ equity: | Commo stock (pa value: $0.01; 500,000 sha es autho ized; 133,597 a d 129,046 sha es issued at Septembe 30, 2026 a d Decembe 31, 2025, espectively) | 1,336 | 1,290 | Additio al paid-i capital | 1,682,036 | 1,586,727 | T easu y stock (at cost: 28,737 a d 10,596 sha es at Septembe 30, 2026 a d Decembe 31, 2025, espectively) | (828,270 | ) | (364,574 | ) | Accumulated othe comp ehe sive (loss) i come | (638 | ) | 387 | Accumulated deficit | (880,936 | ) | (897,454 | ) | Total stockholde s’ (deficit) equity | (26,472 | ) | 326,376 | Total liabilities a d stockholde s’ (deficit) equity | $ | 1,773,012 | $ | 1,747,667 |
| Net i come (loss) | $ | 16,518 | $ | (35,381 | ) | Adjustme ts to eco cile et i come (loss) to et cash p ovided by ope ati g activities: | Dep eciatio a d amo tizatio | 31,090 | 31,817 | Stock-based compe satio | 141,420 | 147,311 | Net acc etio of discou ts a d amo tizatio of p emiums o sho t-te m i vestme ts | (1,182 | ) | (2,568 | ) | Loss o exti guishme t of debt | 2,415 | — | Othe | 4,283 | 3,880 | Cha ges i ope ati g assets a d liabilities: | Accou ts eceivable | 68,401 | 59,733 | P epaid expe ses a d othe assets | (7,392 | ) | 16,877 | Accou ts payable, acc ued expe ses a d acc ued compe satio | (12,058 | ) | (9,795 | ) | Defe ed eve ue | (35,853 | ) | (30,413 | ) | Othe cu e t a d o cu e t liabilities | (2,439 | ) | 2,259 | Net cash p ovided by ope ati g activities | 205,203 | 183,720 | Pu chases of p ope ty a d equipme t | (7,464 | ) | (11,768 | ) | Capitalized softwa e developme t costs | (11,712 | ) | (2,676 | ) | Pu chases of sho t-te m i vestme ts | (127,746 | ) | (116,687 | ) | Sales a d matu ities of sho t-te m i vestme ts | 164,461 | 156,171 | P oceeds f om othe i vestme ts | — | 852 | Pu chases of othe i vestme ts | (300 | ) | — | Busi ess combi atio s, et of cash acqui ed | — | (196,182 | ) | Net cash p ovided by (used i ) i vesti g activities | 17,239 | (170,290 | ) | P oceeds f om issua ce of co ve tible se io otes | 800,000 | — | Payme t of issua ce costs of co ve tible se io otes | (21,154 | ) | — | Pu chase of capped calls | (64,080 | ) | — | Payme ts o te m loa | (360,000 | ) | (2,813 | ) | P oceeds f om stock issued i co ectio with the employee stock pu chase pla | 13,084 | 15,482 | P oceeds f om the exe cise of stock optio s | 3,527 | 2,420 | Payme ts fo taxes elated to et sha e settleme t of equity awa ds | (8,465 | ) | (1,329 | ) | Pu chase of t easu y stock | (454,038 | ) | (184,968 | ) | Net cash used i fi a ci g activities | (91,126 | ) | (171,208 | ) | Effect of excha ge ate cha ges o cash a d cash equivale ts a d est icted cash | (1,677 | ) | 983 | Net i c ease (dec ease) i cash a d cash equivale ts a d est icted cash | 129,639 | (156,795 | ) | Cash a d cash equivale ts a d est icted cash at begi i g of pe iod | 187,762 | 328,647 | $ | 317,401 | $ | 171,852 |
| Subsc iptio eve ue | $ | 254,600 | $ | 232,211 | $ | 746,014 | $ | 680,685 | Pe petual lice se a d mai te a ce eve ue | 9,713 | 11,088 | 29,737 | 34,051 | P ofessio al se vices a d othe eve ue | 12,074 | 9,141 | 31,202 | 24,136 | Reve ue(1) | $ | 276,387 | $ | 252,440 | $ | 806,953 | $ | 738,872 |
_______________(1) Recu i g eve ue, which i cludes eve ue f om subsc iptio a a geme ts fo softwa e (both ecog ized atably ove the subsc iptio te m a d upo delive y) a d cloud-based solutio s a d mai te a ce associated with pe petual lice ses, ep ese ted 95% of eve ue i the th ee a d i e mo ths e ded Septembe 30, 2026 a d 95% a d 96%, espectively, of eve ue i the th ee a d i e mo ths e ded Septembe 30, 2025.
| Remai i g pe fo ma ce obligatio s, sho t-te m | $ | 747,222 | $ | 669,015 | 11.7 | % | Remai i g pe fo ma ce obligatio s, lo g-te m | 315,822 | 259,849 | 21.5 | % | Remai i g pe fo ma ce obligatio s | $ | 1,063,044 | $ | 928,864 | 14.4 | % |
| Net cash p ovided by ope ati g activities | $ | 72,516 | $ | 53,850 | $ | 205,203 | $ | 183,720 | Pu chases of p ope ty a d equipme t | (3,504 | ) | (867 | ) | (7,464 | ) | (11,768 | ) | Capitalized softwa e developme t costs | (4,789 | ) | (1,353 | ) | (11,712 | ) | (2,676 | ) | F ee cash flow(1) | 64,223 | 51,630 | 186,027 | 169,276 | Cash paid fo i te est a d othe fi a ci g costs | 5,176 | 6,854 | 17,292 | 20,287 | U leve ed f ee cash flow(1) | $ | 69,399 | $ | 58,484 | $ | 203,319 | $ | 189,563 |
________________(1) F ee cash flow a d u leve ed f ee cash flow fo the pe iods p ese ted we e impacted by:
| Employee stock pu chase pla activity | $ | 365 | $ | (4,824 | ) | $ | (917 | ) | $ | (5,314 | ) | Acquisitio – elated expe ses | — | (311 | ) | (157 | ) | (5,130 | ) | Rest uctu i g | (2,055 | ) | — | (5,053 | ) | — |
| I come (loss) f om ope atio s | $ | 16,709 | $ | 7,136 | $ | 37,840 | $ | (18,023 | ) | Stock-based compe satio | 51,217 | 44,882 | 141,420 | 147,311 | Acquisitio – elated expe ses | 33 | 113 | 90 | 6,815 | Rest uctu i g | 147 | — | 3,229 | — | Amo tizatio of acqui ed i ta gible assets | 6,782 | 6,782 | 20,347 | 19,183 | No -GAAP i come f om ope atio s | $ | 74,888 | $ | 58,913 | $ | 202,926 | $ | 155,286 | Ope ati g ma gi | 6.0 | % | 2.8 | % | 4.7 | % | (2.4 | )% | No -GAAP ope ati g ma gi | 27.1 | % | 23.3 | % | 25.1 | % | 21.0 | % |
| Net i come (loss) | $ | 11,299 | $ | 2,260 | $ | 16,518 | $ | (35,381 | ) | Stock-based compe satio | 51,217 | 44,882 | 141,420 | 147,311 | Tax impact of stock-based compe satio (1) | 832 | (2,552 | ) | 2,235 | (656 | ) | Acquisitio – elated expe ses(2) | 33 | 113 | 90 | 6,815 | Rest uctu i g(2) | 147 | — | 3,229 | — | Loss o exti guishme t of debt(2) | 2,637 | — | 2,637 | — | Amo tizatio of acqui ed i ta gible assets(2) | 6,782 | 6,782 | 20,347 | 19,183 | Tax impact of acquisitio s | (35 | ) | (47 | ) | (64 | ) | (147 | ) | No -GAAP et i come | $ | 72,912 | $ | 51,438 | $ | 186,412 | $ | 137,125 | Net ea i gs (loss) pe sha e, diluted | $ | 0.10 | $ | 0.02 | $ | 0.14 | $ | (0.29 | ) | Stock-based compe satio | 0.44 | 0.37 | 1.22 | 1.22 | Tax impact of stock-based compe satio (1) | 0.01 | (0.02 | ) | 0.02 | (0.01 | ) | Acquisitio – elated expe ses(2) | — | — | — | 0.06 | Rest uctu i g(2) | — | — | 0.03 | — | Loss o exti guishme t of debt(2) | 0.02 | — | 0.02 | — | Amo tizatio of acqui ed i ta gible assets(2) | 0.06 | 0.05 | 0.18 | 0.16 | Tax impact of acquisitio s | — | — | — | — | Adjustme t to diluted ea i gs pe sha e(3) | — | — | — | (0.03 | ) | No -GAAP ea i gs pe sha e, diluted | $ | 0.63 | $ | 0.42 | $ | 1.61 | $ | 1.11 | Weighted-ave age sha es used to compute GAAP et ea i gs (loss) pe sha e, diluted | 115,970 | 121,953 | 115,785 | 120,516 | Weighted-ave age sha es used to compute o -GAAP ea i gs pe sha e, diluted | 115,970 | 121,953 | 115,785 | 122,995 |
________________(1) The tax impact of stock-based compe satio is based o the tax t eatme t fo the applicable tax ju isdictio s.(2) The tax impact of acquisitio – elated expe ses, est uctu i g, loss o exti guishme t of debt a d the amo tizatio of acqui ed i ta gible assets a e ot mate ial.(3) A adjustme t to eco cile GAAP et loss pe sha e, which excludes pote tially dilutive sha es, to o -GAAP ea i gs pe sha e, which i cludes pote tially dilutive sha es.
| G oss p ofit | $ | 215,055 | $ | 195,687 | $ | 628,619 | $ | 575,225 | Stock-based compe satio | 3,378 | 3,495 | 10,218 | 10,270 | Amo tizatio of acqui ed i ta gible assets | 6,782 | 6,782 | 20,347 | 19,183 | No -GAAP g oss p ofit | $ | 225,215 | $ | 205,964 | $ | 659,184 | $ | 604,678 | G oss ma gi | 77.8 | % | 77.5 | % | 77.9 | % | 77.9 | % | No -GAAP g oss ma gi | 81.5 | % | 81.6 | % | 81.7 | % | 81.8 | % |
| Sales a d ma keti g expe se | $ | 102,913 | $ | 99,949 | $ | 315,771 | $ | 310,222 | Less: Stock-based compe satio | 17,935 | 17,051 | 53,276 | 51,499 | Less: Acquisitio – elated expe ses | — | 8 | — | 1,320 | No -GAAP sales a d ma keti g expe se | $ | 84,978 | $ | 82,890 | $ | 262,495 | $ | 257,403 | No -GAAP sales a d ma keti g expe se % of eve ue | 30.7 | % | 32.8 | % | 32.5 | % | 34.8 | % |
| Resea ch a d developme t expe se | $ | 62,145 | $ | 56,265 | $ | 174,905 | $ | 168,724 | Less: Stock-based compe satio | 18,837 | 14,174 | 45,852 | 42,441 | Less: Acquisitio – elated expe ses | — | 3 | — | 1,774 | No -GAAP esea ch a d developme t expe se | $ | 43,308 | $ | 42,088 | $ | 129,053 | $ | 124,509 | No -GAAP esea ch a d developme t expe se % of eve ue | 15.7 | % | 16.7 | % | 16.0 | % | 16.9 | % |
| Ge e al a d admi ist ative expe se | $ | 33,141 | $ | 32,337 | $ | 96,874 | $ | 114,302 | Less: Stock-based compe satio | 11,067 | 10,162 | 32,074 | 43,101 | Less: Acquisitio – elated expe ses | 33 | 102 | 90 | 3,721 | No -GAAP ge e al a d admi ist ative expe se | $ | 22,041 | $ | 22,073 | $ | 64,710 | $ | 67,480 | No -GAAP ge e al a d admi ist ative expe se % of eve ue | 8.0 | % | 8.7 | % | 8.0 | % | 9.1 | % |
The followi g adjustme ts to eco cile fo ecasted o -GAAP i come f om ope atio s, o -GAAP et i come, o -GAAP ea i gs pe sha e, f ee cash flow a d u leve ed f ee cash flow a e subject to a umbe of u ce tai ties a d assumptio s, each of which a e i he e tly difficult to fo ecast. As a esult, actual adjustme ts a d GAAP esults may diffe mate ially.
| Fo ecasted i come f om ope atio s | $ | 16.1 | $ | 19.1 | $ | 54.0 | $ | 57.0 | Fo ecasted stock-based compe satio | 43.9 | 43.9 | 185.3 | 185.3 | Fo ecasted acquisitio – elated expe ses | — | — | 0.1 | 0.1 | Fo ecasted est uctu i g | 0.5 | 0.5 | 3.7 | 3.7 | Fo ecasted amo tizatio of acqui ed i ta gible assets | 6.6 | 6.6 | 26.9 | 26.9 | Fo ecasted o -GAAP i come f om ope atio s | $ | 67.1 | $ | 70.1 | $ | 270.0 | $ | 273.0 |
| Fo ecasted et i come(1) | $ | 10.8 | $ | 13.8 | $ | 27.4 | $ | 30.4 | Fo ecasted stock-based compe satio | 43.9 | 43.9 | 185.3 | 185.3 | Fo ecasted tax impact of stock-based compe satio | 1.8 | 1.8 | 4.1 | 4.1 | Fo ecasted acquisitio – elated expe ses | — | — | 0.1 | 0.1 | Fo ecasted est uctu i g | 0.5 | 0.5 | 3.7 | 3.7 | Fo ecasted loss o exti guishme t of debt | — | — | 2.6 | 2.6 | Fo ecasted amo tizatio of acqui ed i ta gible assets | 6.6 | 6.6 | 26.9 | 26.9 | Fo ecasted tax impact of acquisitio s | — | — | (0.1 | ) | (0.1 | ) | Fo ecasted o -GAAP et i come | $ | 63.6 | $ | 66.6 | $ | 250.0 | $ | 253.0 | Fo ecasted et ea i gs pe sha e, diluted(1) | $ | 0.09 | $ | 0.12 | $ | 0.24 | $ | 0.26 | Fo ecasted stock-based compe satio | 0.39 | 0.38 | 1.60 | 1.60 | Fo ecasted tax impact of stock-based compe satio | 0.02 | 0.02 | 0.04 | 0.05 | Fo ecasted acquisitio – elated expe ses | — | — | — | — | Fo ecasted est uctu i g | — | — | 0.03 | 0.03 | Fo ecasted loss o exti guishme t of debt | — | — | 0.02 | 0.02 | Fo ecasted amo tizatio of acqui ed i ta gible assets | 0.06 | 0.06 | 0.23 | 0.23 | Fo ecasted tax impact of acquisitio s | — | — | — | — | Fo ecasted o -GAAP ea i gs pe sha e, diluted | $ | 0.56 | $ | 0.58 | $ | 2.16 | $ | 2.19 | Fo ecasted weighted-ave age sha es used to compute o -GAAP ea i gs pe sha e, diluted | 114.0 | 114.0 | 115.5 | 115.5 |
________________(1) The fo ecasted GAAP et i come assumes i come tax expe se of $6.4 millio a d $12.7 millio i the th ee mo ths a d yea e di g Decembe 31, 2026, espectively.
| Fo ecasted i te est expe se | $ | 1.9 | $ | 23.0 | Fo ecasted loss o exti guishme t of debt | — | (2.6 | ) | Fo ecasted o -GAAP i te est expe se | $ | 1.9 | $ | 20.4 |
| Fo ecasted et cash p ovided by ope ati g activities | $ | 297.6 | $ | 303.6 | Fo ecasted pu chases of p ope ty a d equipme t | (10.5 | ) | (10.5 | ) | Fo ecasted capitalized softwa e developme t costs | (15.4 | ) | (15.4 | ) | Fo ecasted f ee cash flow | 271.7 | 277.7 | Fo ecasted cash paid fo i te est a d othe fi a ci g costs | 17.3 | 17.3 | Fo ecasted u leve ed f ee cash flow | $ | 289.0 | $ | 295.0 |
