10-Q 1 tenb-20220930.htm 10-Q tenb-20220930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-Q
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Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended September 30, 2022
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from _____ to _____
Commission file number 001-38600
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TENABLE HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
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Delaware 47-5580846
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number)
6100 Merriweather Drive, Columbia, Maryland 21044
(Address of principal executive offices, including zip code)
(410) 872-0555
(Registrant’s telephone number, including area code)
__________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareTENBThe Nasdaq Stock Market LLC
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes         No     
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes       No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer
Non-accelerated filer  
Emerging growth company Smaller reporting company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes         No   
The number of shares of the Registrant's common stock outstanding as of October 26, 2022 was 112,514,101.



TENABLE HOLDINGS, INC.
TABLE OF CONTENTS
Page
 

2

PART I. FINANCIAL INFORMATION
Item 1.        Financial Statements
TENABLE HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
September 30, 2022December 31, 2021
(in thousands, except per share data)(unaudited)
Assets
Current assets:
Cash and cash equivalents$288,179 $278,000 
Short-term investments
259,832 234,292 
Accounts receivable (net of allowance for doubtful accounts of $268 and $524 at September 30, 2022 and December 31, 2021, respectively)
147,944 136,601 
Deferred commissions41,283 40,311 
Prepaid expenses and other current assets48,583 60,234 
Total current assets 785,821 749,438 
Property and equipment, net 45,759 36,833 
Deferred commissions (net of current portion)59,993 59,638 
Operating lease right-of-use assets39,594 38,530 
Acquired intangible assets, net78,456 71,536 
Goodwill316,787 261,614 
Other assets 23,327 31,230 
Total assets $1,349,737 $1,248,819 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued expenses$26,237 $16,254 
Accrued compensation37,154 54,051 
Deferred revenue447,863 407,498 
Operating lease liabilities5,576 2,320 
Other current liabilities4,114 3,759 
Total current liabilities 520,944 483,882 
Deferred revenue (net of current portion) 145,849 123,387 
Term loan, net of issuance costs (net of current portion)362,679 364,728 
Operating lease liabilities (net of current portion)53,746 55,046 
Other liabilities 6,664 6,463 
Total liabilities 1,089,882 1,033,506 
Stockholders’ equity:
Common stock (par value: $0.01; 500,000 shares authorized; 112,401 and 108,929 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively)
1,124 1,089 
Additional paid-in capital985,864 869,059 
Accumulated other comprehensive loss(1,869)(306)
Accumulated deficit(725,264)(654,529)
Total stockholders’ equity259,855 215,313 
Total liabilities and stockholders’ equity$1,349,737 $1,248,819 
The accompanying notes are an integral part of these consolidated financial statements.
3

TENABLE HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands, except per share data)2022202120222021
Revenue$174,851 $138,664 $498,560 $392,112 
Cost of revenue38,582 27,062 109,549 75,560 
Gross profit136,269 111,602 389,011 316,552 
Operating expenses:
Sales and marketing88,123 68,360 258,119 192,673 
Research and development36,131 30,675 106,649 85,714 
General and administrative24,973 23,785 77,969 67,066 
Total operating expenses149,227 122,820 442,737 345,453 
Loss from operations(12,958)(11,218)(53,726)(28,901)
Interest income1,803 115 2,746 324 
Interest expense(5,082)(3,594)(12,246)(3,873)
Other expense, net(2,073)(823)(4,880)(1,360)
Loss before income taxes(18,310)(15,520)(68,106)(33,810)
Provision for income taxes420 726 2,629 1,822 
Net loss$(18,730)$(16,246)$(70,735)$(35,632)
Net loss per share, basic and diluted
$(0.17)$(0.15)$(0.64)$(0.34)
Weighted-average shares used to compute net loss per share, basic and diluted
111,937 106,869 110,843 105,765 
The accompanying notes are an integral part of these consolidated financial statements.
4

TENABLE HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2022202120222021
Net loss$(18,730)$(16,246)$(70,735)$(35,632)
Other comprehensive (loss) income, net of tax:
Unrealized (losses) gains on available-for-sale securities(13)1 (1,563)(25)
Other comprehensive (loss) income(13)1 (1,563)(25)
Comprehensive loss$(18,743)$(16,245)$(72,298)$(35,657)
The accompanying notes are an integral part of these consolidated financial statements.

5

TENABLE HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
Additional
Paid-in
Capital
Accumulated
Other
Comprehensive
(Loss) Income
Total
Stockholders’
Equity
Common StockAccumulated Deficit
(in thousands)SharesAmount
Balance at June 30, 2022
111,574 $1,116 $944,799 $(1,856)$(706,534)$237,525 
Exercise of stock options
158 2 1,977 — — 1,979 
Vesting of restricted stock units482 4 (4)— —  
Issuance of common stock under employee stock purchase plan187 2 5,907 — — 5,909 
Stock-based compensation— — 33,185 — — 33,185 
Other comprehensive loss— — — (13)— (13)
Net loss— — — — (18,730)(18,730)
Balance at September 30, 2022112,401 $1,124 $985,864 $(1,869)$(725,264)$259,855 
Balance at December 31, 2021108,929 $1,089 $869,059 $(306)$(654,529)$215,313 
Exercise of stock options1,090 11 10,644 — — 10,655 
Vesting of restricted stock units1,939 19 (19)— —  
Issuance of common stock under employee stock purchase plan443 5 14,786 — — 14,791 
Stock-based compensation— — 91,394 — — 91,394 
Other comprehensive loss— — — (1,563)— (1,563)
Net loss— — — — (70,735)(70,735)
Balance at September 30, 2022112,401 $1,124 $985,864 $(1,869)$(725,264)$259,855 
Balance at June 30, 2021
106,510 $1,065 $811,644 $(16)$(627,238)$185,455 
Exercise of stock options
229 3 2,212 — — 2,215 
Vesting of restricted stock units349 3 (3)— —  
Issuance of common stock under employee stock purchase plan272 3 5,687 — — 5,690 
Stock-based compensation— — 20,942 — — 20,942 
Other comprehensive income— — — 1 — 1 
Net loss— — — — (16,246)(16,246)
Balance at September 30, 2021107,360 $1,074 $840,482 $(15)$(643,484)$198,057 
Balance at December 31, 2020103,715 $1,037 $757,470 $10 $(607,852)$150,665 
Exercise of stock options1,441 15 10,904 — — 10,919 
Vesting of restricted stock units1,533 15 (15)— —  
Issuance of common stock under employee stock purchase plan671 7 13,729 — — 13,736 
Stock-based compensation— — 58,394 — — 58,394 
Other comprehensive loss— — — (25)— (25)
Net loss— — — — (35,632)(35,632)
Balance at September 30, 2021107,360 $1,074 $840,482 $(15)$(643,484)$198,057 
The accompanying notes are an integral part of these consolidated financial statements.
6

TENABLE HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended September 30,
(in thousands)20222021
Cash flows from operating activities:
Net loss$(70,735)$(35,632)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization15,911 11,123 
Stock-based compensation89,954 58,333 
Other2,102 832 
Changes in operating assets and liabilities:
Accounts receivable(10,727)3,993 
Prepaid expenses and other assets20,355 (5,284)
Accounts payable, accrued expenses and accrued compensation(8,829)4,023 
Deferred revenue61,731 38,747 
Other current and noncurrent liabilities(529)(1,342)
Net cash provided by operating activities99,233 74,793 
Cash flows from investing activities:
Purchases of property and equipment(13,910)(3,769)
Purchases of short-term investments(190,440)(211,755)
Sales and maturities of short-term investments163,340 109,000 
Business combinations, net of cash acquired(66,993)(98,489)
Net cash used in investing activities(108,003)(205,013)
Cash flows from financing activities:
Payments on term loan(2,813) 
Proceeds from term loan 375,000 
Credit facility issuance costs (9,348)
Proceeds from stock issued in connection with the employee stock purchase plan14,791 13,736 
Proceeds from the exercise of stock options10,655 10,919 
Other financing activities562 (8)
Net cash provided by financing activities23,195 390,299 
Effect of exchange rate changes on cash and cash equivalents and restricted cash(4,276)(2,418)
Net increase in cash and cash equivalents and restricted cash10,149 257,661 
Cash and cash equivalents and restricted cash at beginning of period278,271 178,463 
Cash and cash equivalents and restricted cash at end of period$288,420 $436,124 
Supplemental disclosure of cash flow information:
Cash paid for interest$10,619 $1,765 
Cash paid for income taxes, net of refunds7,630 5,186 
Supplemental cash flow information related to leases:
Cash payments for operating leases
$3,641 $3,357 
The accompanying notes are an integral part of these consolidated financial statements.
7

TENABLE HOLDINGS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Business and Summary of Significant Accounting Policies
Business Description
Tenable Holdings, Inc. (the “Company,” “we,” "us," or “our”) is a provider of Exposure Management solutions, which is a discipline for managing, measuring and comparing cybersecurity risk in the digital era. Our platform offerings provide broad visibility into security issues such as vulnerabilities, misconfigurations, internal and regulatory compliance violations and other indicators of the state of an organization’s security across IT infrastructure and applications, cloud environments, Active Directory and industrial internet of things and operational technology environments.
Basis of Presentation
The accompanying consolidated financial statements include the accounts of Tenable Holdings, Inc. and our wholly owned subsidiaries and have been prepared in conformity with United States generally accepted accounting principles (“GAAP”) for interim financial information. All intercompany accounts and transactions have been eliminated in consolidation.
The consolidated statements are unaudited and should be read in conjunction with the consolidated financial statements and related notes included in our 2021 Annual Report on Form 10-K ("10-K") filed with the Securities and Exchange Commission on February 25, 2022. The consolidated financial statements have been prepared on a basis consistent with the audited annual consolidated financial statements included in the 10-K and, in the opinion of management, include all adjustments of a normal recurring nature necessary to fairly state our financial position, our results of operations, and cash flows.
The results for the three and nine months ended September 30, 2022 are not necessarily indicative of the operating results expected for the year ending December 31, 2022 or any other future period.
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates include, but are not limited to, the determination of the estimated economic life of perpetual licenses for revenue recognition, the estimated period of benefit for deferred commissions, the useful lives of long-lived assets, the fair value of acquired intangible assets, the valuation of stock-based compensation, the incremental borrowing rate for operating leases, and the valuation of deferred tax assets. We base these estimates on historical experience and on various other assumptions that we believe to be reasonable. Actual results could differ significantly from these estimates.
Significant Accounting Policies
Our significant accounting policies are described in our 10-K. During the nine months ended September 30, 2022, there were no material changes to our significant accounting policies from those described in our 10-K.
8

2. Revenue
Disaggregation of Revenue
The following table presents a summary of revenue:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2022202120222021
Subscription revenue$156,764 $122,156 $446,257 $343,725 
Perpetual license and maintenance revenue12,658 12,749 38,214 37,721 
Professional services and other revenue5,429 3,759 14,089 10,666 
Revenue$174,851 $138,664 $498,560 $392,112 
Concentrations
We sell and market our products and services through our field sales force that works closely with our channel partners, which includes a network of distributors and resellers, in developing sales opportunities. We use a two-tiered channel model whereby we sell our products and services to our distributors, which in turn sell to resellers, which then sell to end-users. We derived 92% of revenue through our channel network in the three and nine months ended September 30, 2022 and 2021. One of our distributors accounted for 38% of revenue in the three and nine months ended September 30, 2022 and 39% and 40% of revenue in the three and nine months ended September 30, 2021, respectively. That same distributor accounted for 38% and 32% of accounts receivable at September 30, 2022 and December 31, 2021, respectively.
Contract Balances
We generally bill our customers in advance and accounts receivable are recorded when we have the right to invoice the customer. Contract liabilities consist of deferred revenue and include customer billings and payments received in advance of performance under the contract. In the three months ended September 30, 2022 and 2021 and the nine months ended September 30, 2022 and 2021, we recognized revenue of $156.3 million, $124.6 million, $350.6 million and $283.3 million, respectively, that was included in the deferred revenue balance at the beginning of each of the respective periods.
Remaining Performance Obligations
At September 30, 2022, the future estimated revenue related to unsatisfied performance obligations was $612.8 million, of which approximately 75% is expected to be recognized as revenue over the succeeding twelve months, and the remainder is expected to be recognized over the four years thereafter.
Deferred Commissions
The following summarizes the activity of deferred incremental costs of obtaining a contract:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2022202120222021
Beginning balance$100,000 $78,497 $99,949 $78,876 
Capitalization of contract acquisition costs12,837 12,109 35,240 29,555 
Amortization of deferred contract acquisition costs(11,561)(9,368)(33,913)(27,193)
Ending balance$101,276 $81,238 $101,276 $81,238 
9

3. Cash Equivalents and Short-Term Investments
The following tables summarize the amortized cost, unrealized gain and loss and estimated fair value of cash equivalents and short-term investments:

September 30, 2022
(in thousands)Amortized CostUnrealized GainUnrealized LossEstimated Fair Value
Cash equivalents
Money market funds$204,249 $ $ $204,249 
Total cash equivalents$204,249 $ $ $204,249 
Short-term investments
Commercial paper$144,557 $ $(524)$144,033 
Corporate bonds26,719  (321)26,398 
Asset backed securities17,197  (163)17,034 
Certificates of deposit10,000   10,000 
Supranational bonds8,534  (104)8,430 
U.S. Treasury and agency obligations54,694  (757)53,937 
Total short-term investments$261,701 $ $(1,869)$259,832 
December 31, 2021
(in thousands)Amortized CostUnrealized GainUnrealized LossEstimated Fair Value
Cash equivalents
Money market funds$178,518 $ $ $178,518 
Total cash equivalents$178,518 $ $ $178,518 
Short-term investments
Commercial paper$134,165 $ $(47)$134,118 
Corporate bonds27,169  (41)27,128 
Asset backed securities27,464  (53)27,411 
Certificates of deposit10,000  (8)9,992 
Supranational bonds8,632  (33)8,599 
U.S. Treasury and agency obligations27,168  (124)27,044 
Total short-term investments$234,598 $ $(306)$234,292 
We considered the extent to which any unrealized losses on our short-term investments were driven by credit risk and other factors, including market risk, and if it is more-likely-than-not that we would have to sell the securities before the recovery of the amortized cost basis. At September 30, 2022, our unrealized losses were due to rising market interest rates compared to when the investments were initiated. We do not believe any unrealized losses represent credit losses, and it is unlikely we would sell the investments before we would recover their amortized cost basis.
10

The contractual maturities of our short-term investments are as follows:
September 30, 2022
(in thousands)Amortized CostEstimated Fair Value
Due within one year$258,745 $256,899 
Due between one and two years2,956 2,933 
Total short-term investments$261,701 $259,832 
At September 30, 2022 and December 31, 2021, cash and cash equivalents included $5.8 million of restricted cash primarily related to collateral for our outstanding letters of credit and excluded $0.2 million and $0.3 million, respectively, of restricted cash related to an account established as collateral for a lease arrangement, which is included in other assets on the consolidated balance sheets.
4. Fair Value Measurements
We measure certain financial instruments at fair value using a fair value hierarchy. In the hierarchy, assets are classified based on the lowest level inputs used in valuation into the following categories:
Level 1 — Quoted prices in active markets for identical assets and liabilities;
Level 2 — Observable inputs including quoted market prices for similar assets and liabilities in active markets, quoted prices for identical assets and liabilities in inactive markets, or inputs that are corroborated by observable market data; and
Level 3 — Unobservable inputs.
The following tables summarize assets that are measured at fair value on a recurring basis:
September 30, 2022
(in thousands)Level 1Level 2Level 3Total
Cash equivalents
Money market funds$204,249 $ $ $204,249 
Total cash equivalents$204,249 $ $ $204,249 
Short-term investments
Commercial paper$ $144,033 $ $144,033 
Corporate bonds 26,398  26,398 
Asset backed securities 17,034  17,034 
Certificates of deposit 10,000  10,000 
Supranational bonds 8,430  8,430 
U.S. Treasury and agency obligations 53,937  53,937 
Total short-term investments$ $259,832 $ $259,832 
11

December 31, 2021
(in thousands)Level 1Level 2Level 3Total
Cash equivalents
Money market funds$178,518 $ $ $178,518 
Total cash equivalents$178,518 $ $ $178,518 
Short-term investments
Commercial paper$ $134,118 $ $134,118 
Corporate bonds 27,128  27,128 
Asset backed securities 27,411  27,411 
Certificates of deposit 9,992  9,992 
Supranational bonds 8,599  8,599 
U.S. Treasury and agency obligations 27,044  27,044 
Total short-term investments$ $234,292 $ $234,292 
We did not have any liabilities measured and recorded at fair value on a recurring basis at September 30, 2022 and December 31, 2021.
5. Property and Equipment, Net
Property and equipment, net consisted of the following:
(in thousands)
September 30, 2022December 31, 2021
Computer software and equipment
$44,698$29,203
Furniture and fixtures
5,7225,944
Leasehold improvements
27,20026,713
Right-of-use assets under finance leases
1,3251,343
Total
78,94563,203
Less: accumulated depreciation and amortization
(33,186)(26,370)
Property and equipment, net
$45,759$36,833
Depreciation and amortization related to property and equipment was $2.7 million, $2.6 million, $7.6 million and $7.3 million in the three months ended September 30, 2022 and 2021 and the nine months ended September 30, 2022 and 2021, respectively.
6. Acquisitions, Goodwill and Intangible Assets
Business Combinations
In June 2022, we acquired Bit Discovery, a leader in external attack surface management (EASM). Adding Bit Discovery's EASM capabilities to our solutions provides customers with a comprehensive view of their attack surface and helps identify and eliminate areas of risk. We acquired 100% of Bit Discovery's equity for $44.0 million in cash, net of cash acquired of $2.2 million, through a share purchase agreement.
In February 2022, we acquired Cymptom, a platform that proactively measures, maps and prioritizes probable attack paths, and enables security teams to preemptively focus response ahead of and during breaches. Through a share purchase agreement, we acquired 100% of Cymptom's equity in exchange for cash consideration, net of cash acquired, for $23.0 million.
12

Cash consideration, net of cash acquired, was preliminarily allocated as follows:
(in thousands)
Bit DiscoveryCymptom
Intangible assets$11,100 $4,113 
Goodwill36,213 18,960 
Deferred tax (liabilities) assets, net(2,501)128 
Other liabilities, net(779)(241)
Total purchase price
$44,033 $22,960 
We are still finalizing the allocations of the purchase price, which may change as additional information becomes available related to acquired intangible assets, working capital and income taxes for Bit Discovery and working capital for Cymptom.
Acquired intangible assets and their estimated useful lives at the date of acquisition are as follows:
Bit DiscoveryCymptom
Intangible AssetsIntangible Assets
(dollars in thousands)
CostEstimated Useful LifeCostEstimated Useful Life
Acquired technology
$11,0007 years$4,1137 years
Trade name100 1 year 
Acquired intangible assets$11,100 $4,113 
The results of operations of Bit Discovery and Cymptom are included in our consolidated statements of operations from the acquisition date and were not material. Pro forma results of operations are not presented as they are not material to the consolidated statements of operations.
In general and administrative expense, we recognized $0.3 million, $2.3 million, $2.3 million and $6.0 million of acquisition-related transaction costs in the three months ended September 30, 2022 and 2021 and the nine months ended September 30, 2022 and 2021, respectively.
Goodwill and Acquired Intangible Assets
The changes in the carrying amount of goodwill are as follows:
(in thousands)
Balance at December 31, 2021
$261,614 
Acquired goodwill55,173 
Balance at September 30, 2022
$316,787 
The excess purchase consideration over the fair value of acquired assets and liabilities is recorded as goodwill. The acquired goodwill reflects the synergies we expect from marketing and selling new capabilities from Bit Discovery and Cymptom to our customers. The acquired goodwill from both acquisitions is not tax deductible.
Acquired intangible assets subject to amortization are as follows:
September 30, 2022December 31, 2021
(in thousands)Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Acquired technology$97,037 $(18,694)$78,343 $81,924 $(10,499)$71,425 
Trade name490 (377)113 390 (279)111 
$97,527 $(19,071)$78,456 $82,314 $(10,778)$71,536 
13

Amortization of acquired intangible assets was $3.1 million, $1.7 million, $8.3 million and $3.7 million in the three months ended September 30, 2022 and 2021 and the nine months ended September 30, 2022 and 2021, respectively. At September 30, 2022, our acquired intangible assets are expected to be amortized over an estimated weighted average period of 6.9 years.
At September 30, 2022, estimated future amortization of acquired intangible assets is as follows:
(in thousands)
Year ending December 31,
2022(1)
$3,080 
202312,252 
202412,175 
202512,175 
202611,990 
Thereafter
26,784 
Total
$78,456 
_______________
(1)    Represents the three months ending December 31, 2022.
7. Leases
We have operating leases for office facilities and finance leases for office equipment. The components of lease expense were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)
2022202120222021
Operating lease cost
$1,977 $1,924 $5,564 $5,700 
Rent expense for short-term leases and finance lease costs in the three and nine months ended September 30, 2022 and 2021 were not material.
Supplemental information related to leases was as follows:
September 30, 2022December 31, 2021
Operating leases
Weighted average remaining lease term
8.4 years9.2 years
Weighted average discount rate
5.6%5.5%
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)
2022202120222021
ROU assets obtained in exchange for lease obligations
Operating leases
$3,863 $2,215 $4,256 $2,215 
In the three and nine months ended September 30, 2022 and 2021, we did not obtain any right-of-use assets in exchange for finance lease liabilities.
14

Maturities of operating lease liabilities at September 30, 2022 were as follows:
(in thousands)
Year ending December 31,
2022(1)
$1,969 
20239,027 
20249,070 
20258,886 
20268,213 
Thereafter
38,055 
Total lease payments
75,220 
Less: Imputed interest
(15,898)
Total
$59,322 
_______________
(1)    Represents the three months ending December 31, 2022.
8. Debt
Credit Agreement
In July 2021, we entered into a credit agreement ("Credit Agreement") which is comprised of:
a $375.0 million senior secured term loan facility ("Term Loan"); and
a $50.0 million senior secured revolving credit facility ("Revolving Credit Facility").
The table below summarizes the carrying value of the Term Loan:
(in thousands)September 30, 2022