Tenable Holdings, Inc.TENB

Tenable Holdings, Inc. Leases Disclosure

10-KFiled Feb 27, 20262 min read
Leases
We have operating leases for office facilities. Our leases have remaining terms of under one year to just over six years, some of which include one or more options to renew, with renewal terms up to five years and one of which includes an option to terminate the lease within the next five years.
The components of lease expense were as follows:
Year Ended December 31,
(in thousands)
202520242023
Operating lease cost(1)
$9,865 $8,102 $7,592 
_______________
(1)    Excludes sublease income.
In June 2024, we executed a sublease 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 $1.6 million and $0.8 million in 2025 and 2024, respectively.
Rent expense for short-term leases was not material in 2025, 2024 and 2023.
Supplemental information related to leases was as follows:
December 31,
20252024
Operating leases
Weighted average remaining lease term
5.7 years6.5 years
Weighted average discount rate
6.2%6.1%
Year Ended December 31,
(in thousands)
202520242023
ROU assets obtained in exchange for lease obligations
Operating leases
$1,832 $10,143 $1,234 
Maturities of operating lease liabilities at December 31, 2025 were as follows:
(in thousands)
Year ending December 31,
2026$13,006 
202712,403 
202811,667 
202911,611 
203011,538 
Thereafter
11,703 
Total lease payments
71,928 
Less: Imputed interest
(11,455)
Total
$60,473 
Operating lease payments in the table above do not include $1.7 million, $1.8 million, $1.9 million, $1.9 million, $2.0 million and $2.5 million of sublease payments we expect to receive in 2026, 2027, 2028, 2029, 2030 and thereafter, respectively.
In January 2026, we entered into a new lease in Ireland with a ten year term and expected future lease payments of $12.9 million.

Historical Timeline

Fiscal YearFiled
2025Feb 27, 2026Showing above
2024Feb 24, 2025
2023Feb 28, 2024
2022Feb 24, 2023
2021Feb 25, 2022
2020Feb 23, 2021
2019Feb 28, 2020
2018Mar 1, 2019

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.

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