Tenable Announces Fourth Quarter and Full Year 2020 Financial Results

  • Added 460 new enterprise platform customers and 66 net new six-figure enterprise platform customers in the fourth quarter.
  • Fourth quarter revenue of $118.1 million, up 22% year-over-year; Full year revenue of $440.2 million, up 24% year-over-year.
  • Fourth quarter GAAP loss from operations of $0.7 million; Non-GAAP income from operations of $15.4 million.
  • Full year net cash provided by operating activities of $64.2 million; Free cash flow of $44.0 million.

COLUMBIA, Md., Feb. 02, 2021 (GLOBE NEWSWIRE) -- Tenable Holdings, Inc. (“Tenable”) (Nasdaq: TENB), the Cyber Exposure company, today announced financial results for the quarter and year ended December 31, 2020.

“Q4 capped a very successful 2020 for Tenable, and included attractive topline growth, expanding operating margins and positive free cash flow,” said Amit Yoran, Chairman and CEO of Tenable. “Underpinning our strong financial performance is healthy demand for securing new cloud deployments and digital infrastructure as the threat environment escalates. Tenable’s risk-based vulnerability management solutions provide unified visibility across this expanding attack surface, enabling customers to understand, quantify and ultimately reduce their risk.”

Fourth Quarter 2020 Financial Highlights

  • Revenue was $118.1 million, representing a 22% increase year-over-year.
  • Calculated current billings was $150.5 million, representing a 20% increase year-over-year.
  • GAAP loss from operations was $0.7 million, compared to a loss of $27.6 million in the fourth quarter of 2019.
  • Non-GAAP income from operations was $15.4 million, compared to a loss of $11.1 million in the fourth quarter of 2019.
  • GAAP net loss was $1.9 million, compared to a loss of $38.3 million in the fourth quarter of 2019.
  • GAAP net loss per share was $0.02, compared to a loss per share of $0.39 in the fourth quarter of 2019.
  • Non-GAAP net income was $14.4 million, compared to a loss of $11.1 million in the fourth quarter of 2019.
  • Non-GAAP diluted earnings per share was $0.13, compared to a loss per share of $0.11 in the fourth quarter of 2019.
  • Net cash provided by operating activities was $17.9 million, compared to $3.1 million of net cash used in operating activities in the fourth quarter of 2019.
  • Free cash flow was $16.7 million, compared to $(13.5) million in the fourth quarter of 2019.

Full Year 2020 Financial Highlights

  • Revenue was $440.2 million, representing a 24% increase year-over-year.
  • Calculated current billings was $494.7 million, representing a 19% increase year-over-year.
  • GAAP loss from operations was $36.4 million, compared to a loss of $90.8 million in 2019.
  • Non-GAAP income from operations was $25.8 million, compared to a loss of $42.8 million in 2019.
  • GAAP net loss was $42.7 million, compared to a loss of $99.0 million in 2019.
  • GAAP net loss per share was $0.42, compared to a loss of $1.03 in 2019.
  • Non-GAAP net income was $20.8 million, compared to a loss of $40.5 million in 2019.
  • Non-GAAP diluted earnings per share was $0.19, compared to a loss per share of $0.42 in 2019.
  • Cash and cash equivalents and short-term investments were $291.8 million at December 31, 2020, compared to $212.3 million at December 31, 2019.
  • Net cash provided by operating activities was $64.2 million, compared to $10.7 million of net cash used in operating activities in 2019.
  • Free cash flow was $44.0 million, compared to $(31.4) million in 2019.

Fourth Quarter 2020 and Recent Business Highlights

  • Added 460 new enterprise platform customers and 66 net new six-figure customers.
  • Launched Frictionless Assessment for Tenable.io® in AWS Marketplace, which continuously provides accurate visibility into cyber risk across all cloud-based assets without having to configure a scan, manage credentials or install agents.
  • Announced enhancements to our Managed Security Service Provider (MSSP) portal that will empower partners to build and launch vulnerability management services in the cloud within minutes. After adding over 150 MSSPs in 2020, we now have over 350, including a majority of the top global MSSPs.
  • Selected as the first vulnerability management partner to integrate with Splunk’s new cloud-native platform, Mission Control, to provide customers with real-time, data-driven visibility and insight across their entire digital infrastructure.
  • Achieved ISO/IEC 27001:2013 certification, recognizing Tenable’s proven commitment to the highest level of information security management.
  • Recognized as Vendor of the Year in the Networking & Security Divisional Award from Ingram Micro Inc., the world's largest wholesale technology distributor.

Financial Outlook

For the first quarter of 2021, we currently expect:

  • Revenue in the range of $118.0 million to $120.0 million.
  • Non-GAAP income from operations in the range of $7.0 million to $9.0 million.
  • Non-GAAP net income in the range of $5.0 million to $7.0 million, assuming a provision for income taxes of $1.5 million.
  • Non-GAAP diluted earnings per share in the range of $0.04 to $0.06.
  • 115.0 million diluted weighted average shares outstanding.

For the year ending December 31, 2021, we currently expect:

  • Calculated current billings in the range of $565.0 million to $575.0 million.
  • Revenue in the range of $510.0 million to $515.0 million.
  • Non-GAAP income from operations in the range of $40.0 million to $45.0 million.
  • Non-GAAP net income in the range of $30.0 million to $35.0 million, assuming a provision for income taxes of $6.0 million.
  • Non-GAAP diluted earnings per share in the range of $0.26 to $0.30.
  • 116.0 million diluted weighted average shares outstanding.

Conference Call Information

Tenable will host a conference call 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 Cyber Exposure company. Over 30,000 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 more than 50 percent of the Fortune 500, more than 30 percent of the Global 2000, and large government agencies. Learn more at tenable.com.

Contact Information

Investor Relations
Andrea DiMarco
Erin Karney
investors@tenable.com

Media Relations
Cayla Baker
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, 2019, our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 and other filings that we make from time to time with the SEC, which are available on the SEC's website at sec.gov. Such risks and uncertainties may be amplified by the COVID-19 pandemic and its potential impact on our business and the global economy. 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 and Other Key Metrics

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 investors’ 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 present these non-GAAP financial measures to assist investors in seeing our financial performance using a management view and because we believe that these measures provide an additional tool for investors to use in comparing 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: We define free cash flow, a non-GAAP financial measure, as net cash provided by (used in) 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.

Non-GAAP Income (Loss) 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 and amortization of acquired intangible assets. Acquisition-related expenses include transaction expenses and costs related to the transfer of acquired intellectual property.

Non-GAAP Net Income (Loss) and Non-GAAP Earnings (Loss) Per Share: We define non-GAAP net income (loss) as GAAP net loss, excluding the effect of stock-based compensation, acquisition-related expenses and amortization of acquired intangible assets, including the applicable tax impact. We use non-GAAP net income (loss) to calculate non-GAAP earnings (loss) 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 and acquisition-related expenses.


TENABLE HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)

  Three Months Ended
December 31,
 Year Ended
December 31,
(in thousands, except per share data) 2020 2019 2020 2019
Revenue $118,082  $97,049  $440,221  $354,586 
Cost of revenue(1) 20,317  18,429  77,554  60,818 
Gross profit 97,765  78,620  362,667  293,768 
Operating expenses:        
Sales and marketing(1) 55,934  62,632  224,277  228,035 
Research and development(1) 24,418  22,668  101,687  87,064 
General and administrative(1) 18,144  20,873  73,136  69,468 
Total operating expenses 98,496  106,173  399,100  384,567 
Loss from operations (731) (27,553) (36,433) (90,799)
Interest income, net 67  1,153  1,244  5,830 
Other expense, net (66) (104) (1,885) (680)
Loss before income taxes (730) (26,504) (37,074) (85,649)
Provision for income taxes 1,206  11,801  5,657  13,364 
Net loss $(1,936) $(38,305) $(42,731) $(99,013)
         
Net loss per share, basic and diluted $(0.02) $(0.39) $(0.42) $(1.03)
Weighted-average shares used to compute net loss per share, basic and diluted 103,203  97,738  101,009  96,014 

(1) Includes stock-based compensation as follows:

  Three Months Ended
December 31,
 Year Ended
December 31,
  2020 2019 2020 2019
Cost of revenue $755  $729  $3,158  $2,817 
Sales and marketing 5,165  4,930  19,842  16,032 
Research and development 4,000  2,316  14,794  8,911 
General and administrative 5,652  4,277  21,779  15,683 
Total stock-based compensation $15,572  $12,252  $59,573  $43,443 


TENABLE HOLDINGS, INC.

CONSOLIDATED BALANCE SHEETS
(unaudited)

  December 31,
(in thousands, except per share data) 2020 2019
Assets     
Current assets:    
Cash and cash equivalents $178,223  $74,363 
Short-term investments 113,623  137,904 
Accounts receivable (net of allowance for doubtful accounts of $261 and $764 at December 31, 2020 and 2019, respectively) 115,342  94,827 
Deferred commissions 32,143  28,499 
Prepaid expenses and other current assets 44,462  27,369 
Total current assets 483,793  362,962 
Property and equipment, net 38,920  26,847 
Deferred commissions (net of current portion) 46,733  43,766 
Operating lease right-of-use assets 39,426  42,847 
Acquired intangible assets, net 13,193  15,508 
Goodwill 54,414  54,138 
Other assets 14,110  12,544 
Total assets $690,589  $558,612 
     
Liabilities and Stockholders' Equity    
Current liabilities:    
Accounts payable and accrued expenses $5,731  $10,168 
Accrued compensation 35,509  36,634 
Deferred revenue 328,819  274,348 
Operating lease liabilities 3,815  5,209 
Other current liabilities 1,028  1,284 
Total current liabilities 374,902  327,643 
Deferred revenue (net of current portion) 105,691  88,779 
Operating lease liabilities (net of current portion) 54,529  40,663 
Other liabilities 4,802  2,622 
Total liabilities 539,924  459,707 
Stockholders’ equity:    
Common stock (par value: $0.01; 500,000 shares authorized, 103,715 and 98,587 shares issued and outstanding at December 31, 2020 and 2019, respectively) 1,037  986 
Additional paid-in capital 757,470  662,990 
Accumulated other comprehensive income 10  50 
Accumulated deficit (607,852) (565,121)
Total stockholders’ equity 150,665  98,905 
Total liabilities and stockholders' equity $690,589  $558,612 


TENABLE HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)

  Year Ended December 31,
(in thousands) 2020 2019
Cash flows from operating activities:    
Net loss $(42,731) $(99,013)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Deferred income taxes 161  4,243 
Depreciation and amortization 10,633  6,880 
Stock-based compensation 59,573  41,610 
Other 1,071  (784)
Changes in operating assets and liabilities:    
Accounts receivable (20,012) (25,941)
Prepaid expenses and other assets (19,372) (16,954)
Accounts payable, accrued expenses and accrued compensation (5,282) 10,513 
Deferred revenue 71,383  72,799 
Other current and noncurrent liabilities 8,808  (4,097)
Net cash provided by (used in) operating activities 64,232  (10,744)
     
Cash flows from investing activities:    
Purchases of property and equipment (20,277) (20,674)
Purchases of short-term investments (184,516) (242,059)
Sales and maturities of short-term investments 209,148  224,594 
Business combination, net of cash acquired (276) (74,911)
Net cash provided by (used in) investing activities 4,079  (113,050)
     
Cash flows from financing activities:    
Proceeds from loan agreement 2,000   
Proceeds from stock issued in connection with the employee stock purchase plan 13,040  15,129 
Proceeds from the exercise of stock options 21,709  19,048 
Other financing activities (346) (16)
Net cash provided by financing activities 36,403  34,161 
Effect of exchange rate changes on cash and cash equivalents and restricted cash (916) (1,080)
Net increase (decrease) in cash and cash equivalents and restricted cash 103,798  (90,713)
Cash and cash equivalents and restricted cash at beginning of year 74,665  165,378 
Cash and cash equivalents and restricted cash at end of year $178,463  $74,665 


TENABLE HOLDINGS, INC.

REVENUE COMPONENTS AND RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(unaudited)

Revenue Three Months Ended
December 31,
 Year Ended
December 31,
(in thousands) 2020 2019 2020 2019
Subscription revenue $102,162  $80,939  $377,354  $290,549 
Perpetual license and maintenance revenue 12,548  13,296  50,594  54,173 
Professional services and other revenue 3,372  2,814  12,273  9,864 
Revenue(1) $118,082  $97,049  $440,221  $354,586 

(1) Recurring revenue, which includes revenue from subscription arrangements for software and cloud-based solutions and maintenance associated with perpetual licenses, represented 93.9% and 92.6% of revenue in the three months ended December 31, 2020 and 2019, respectively, and 93.6% and 91.8% of revenue for the year ended December 31, 2020 and 2019, respectively.

Calculated Current Billings Three Months Ended
December 31,
 Year Ended
December 31,
(in thousands) 2020 2019 2020 2019
Revenue $118,082  $97,049  $440,221  $354,586 
Deferred revenue (current), end of period 328,819  274,348  328,819  274,348 
Deferred revenue (current), beginning of period(1) (296,360) (246,410) (274,348) (214,069)
Calculated current billings $150,541  $124,987  $494,692  $414,865 

(1) Deferred revenue (current), beginning of period for the three months and year ended December 31, 2019 includes $0.4 million related to acquired deferred revenue.

Free Cash Flow Three Months Ended
December 31,
 Year Ended
December 31,
(in thousands) 2020 2019 2020 2019
Net cash provided by (used in) operating activities $17,934  $(3,072) $64,232  $(10,744)
Purchases of property and equipment (1,204) (10,412) (20,277) (20,674)
Free cash flow(1) $16,730  $(13,484) $43,955  $(31,418)

(1) Free cash flow for the periods presented increased (decreased) due to:

  Three Months Ended
December 31,
 Year Ended
December 31,
(in millions) 2020 2019 2020 2019
Employee stock purchase plan activity $3.6  $3.8  $0.9  $(0.9)
Capital expenditures related to new headquarters (0.6) (9.0) (17.2) (11.4)
Proceeds from lease incentives     14.2   
Acquisition-related expenses   (13.1) (0.7) (13.1)

Free cash flow for the three months and year ended December 31, 2020 was reduced by approximately $17 million as a result of the accelerated timing of payments for cloud software subscriptions, insurance and rent.

Non-GAAP Income (Loss) from Operations and Non-GAAP Operating Margin Three Months Ended
December 31,
 Year Ended
December 31,
(dollars in thousands) 2020 2019 2020 2019
Loss from operations $(731) $(27,553) $(36,433) $(90,799)
Stock-based compensation 15,572  12,252  59,573  43,443 
Acquisition-related expenses   3,970  339  3,970 
Amortization of acquired intangible assets 578  193  2,314  620 
Non-GAAP income (loss) from operations $15,419  $(11,138) $25,793  $(42,766)
Operating margin (1)% (28)% (8)% (26)%
Non-GAAP operating margin 13% (11)% 6% (12)%


Non-GAAP Net Income (Loss) and Non-GAAP Earnings (Loss) Per Share Three Months Ended
December 31,
 Year Ended
December 31,
(in thousands, except per share data) 2020 2019 2020 2019
Net loss $(1,936) $(38,305) $(42,731) $(99,013)
Stock-based compensation 15,572  12,252  59,573  43,443 
Tax impact of stock-based compensation(1) 167  160  1,299  (95)
Acquisition-related expenses   3,970  339  3,970 
Tax impact of acquisition(2)   10,582    10,582 
Amortization of acquired intangible assets(3) 578  193  2,314  620 
Non-GAAP net income (loss) $14,381  $(11,148) $20,794  $(40,493)
         
Net loss per share, diluted $(0.02) $(0.39) $(0.42) $(1.03)
Stock-based compensation 0.15  0.13  0.59  0.45 
Tax impact of stock-based compensation(1)     0.01   
Acquisition-related expenses   0.04    0.04 
Tax impact of acquisition(2)   0.11    0.11 
Amortization of acquired intangible assets(3) 0.01    0.02  0.01 
Adjustment to diluted earnings per share(4) (0.01)   (0.01)  
Non-GAAP earnings (loss) per share, diluted $0.13  $(0.11) $0.19  $(0.42)
         
Weighted-average shares used to compute GAAP net loss per share, diluted  103,203   97,738   101,009   96,014 
         
Weighted-average shares used to compute non-GAAP earnings (loss) per share, diluted(5)  112,691   97,738   109,962   96,014 

(1) The tax impact of stock-based compensation is based on the tax treatment for applicable tax jurisdictions.
(2) The tax impact of the acquisition in the three months and year ended December 31, 2019 includes $6.3 million of current tax expense and $4.2 million of deferred tax expense related to the transfer of acquired intellectual property.
(3) The tax impact of amortization of acquired intangible assets is not material.
(4) Adjustment to reconcile GAAP net loss per share, which excludes potentially dilutive shares, to non-GAAP earnings per share, which includes potentially dilutive shares.
(5) In periods in which there is a non-GAAP net loss, basic and diluted weighted average shares outstanding are the same, as potentially dilutive shares would be antidilutive.

Non-GAAP Gross Profit and Non-GAAP Gross Margin Three Months Ended
December 31,
 Year Ended
December 31,
(dollars in thousands) 2020 2019 2020 2019
Gross profit $97,765  $78,620  $362,667  $293,768 
Stock-based compensation 755  729  3,158  2,817 
Amortization of acquired intangible assets 578  193  2,314  620 
Non-GAAP gross profit $99,098  $79,542  $368,139  $297,205 
Gross margin 83% 81% 82% 83%
Non-GAAP gross margin 84% 82% 84% 84%


Non-GAAP Sales and Marketing Expense Three Months Ended
December 31,
 Year Ended
December 31,
(dollars in thousands) 2020 2019 2020 2019
Sales and marketing expense $55,934  $62,632  $224,277  $228,035 
Less: Stock-based compensation 5,165  4,930  19,842  16,032 
Non-GAAP sales and marketing expense $50,769  $57,702  $204,435  $212,003 
Non-GAAP sales and marketing expense % of revenue 43% 59% 46% 60%


Non-GAAP Research and Development Expense Three Months Ended
December 31,
 Year Ended
December 31,
(dollars in thousands) 2020 2019 2020 2019
Research and development expense $24,418  $22,668  $101,687  $87,064 
Less: Stock-based compensation 4,000  2,316  14,794  8,911 
Non-GAAP research and development expense $20,418  $20,352  $86,893  $78,153 
Non-GAAP research and development expense % of revenue 17% 21% 20% 22%


Non-GAAP General and Administrative Expense Three Months Ended
December 31,
 Year Ended
December 31,
(dollars in thousands) 2020 2019 2020 2019
General and administrative expense $18,144  $20,873  $73,136  $69,468 
Less: Stock-based compensation 5,652  4,277  21,779  15,683 
Less: Acquisition-related expenses   3,970  339  3,970 
Non-GAAP general and administrative expense $12,492  $12,626  $51,018  $49,815 
Non-GAAP general and administrative expense % of revenue 11% 13% 12% 14%


Forecasted Non-GAAP Income from Operations Three Months Ended
March 31, 2021
 Year Ended
December 31, 2021
(in millions) Low High Low High
Forecasted loss from operations $(10.6) $(8.6) $(42.3) $(37.3)
Forecasted stock-based compensation 17.0  17.0  80.0  80.0 
Forecasted amortization of acquired intangible assets 0.6  0.6  2.3  2.3 
Forecasted non-GAAP income from operations $7.0  $9.0  $40.0  $45.0 


Forecasted Non-GAAP Net Income and Non-GAAP Earnings Per Share Three Months Ended
March 31, 2021
 Year Ended
December 31, 2021
(in millions, except per share data) Low High Low High
Forecasted net loss $(12.8) $(10.8) $(53.8) $(48.8)
Forecasted stock-based compensation 17.0  17.0  80.0  80.0 
Tax impact of stock-based compensation 0.2  0.2  1.5  1.5 
Forecasted amortization of acquired intangible assets 0.6  0.6  2.3  2.3 
Forecasted non-GAAP net income $5.0  $7.0  $30.0  $35.0 
         
Forecasted net loss per share, diluted $(0.12) $(0.10) $(0.50) $(0.46)
Forecasted stock-based compensation 0.16  0.16  0.75  0.75 
Tax impact of stock-based compensation     0.01  0.01 
Forecasted amortization of acquired intangible assets 0.01  0.01  0.02  0.02 
Adjustment to diluted earnings per share (0.01) (0.01) (0.02) (0.02)
Forecasted non-GAAP earnings per share, diluted $0.04  $0.06  $0.26  $0.30 
         
Forecasted weighted-average shares used to compute GAAP net loss per share, diluted  105.0   105.0   107.0   107.0 
         
Forecasted weighted-average shares used to compute non-GAAP earnings per share, diluted  115.0   115.0   116.0   116.0 



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