We also reached an important milestone this quarter, exceeding $2 billion in ARR, up 44% over last year. More and more customers are adopting to Splunk broadly throughout the organizations and increasing their commitments which is seen through ARRs of seven and eight figures and our Q4 pipeline is robust. ![]() Our customers are buying more over time through data and infrastructure expansion. As we outlined at our Investor and Analyst Day, we’re early in the penetration of our $81 billion TAM. Despite these near-term headwinds and our Q3 performance, Splunk remains one of the fastest growing enterprise software companies in history. Overall, our third quarter did not meet our expectations. As we reached the end of October, we saw a much lower-than-normal close rate among our largest deals which caused us to fall short of our bookings target. There is continued pressure brought on by macro conditions which resulted in some customers hesitating to commit to long-term contracts. The environment we saw in the third quarter was similar to the first half of the year. Welcome everyone and thanks for joining us today. A reconciliation of GAAP and non-GAAP results is provided in the press release and on our website. We will also discuss non-GAAP financial measures, which are not prepared in accordance with Generally Accepted Accounting Principles. If this call is reviewed after today, the information presented during this call may not contain current or accurate information. These forward-looking statements are being made as of today and we disclaim any obligation to update or revise these statements. ![]() Those documents contain risks and other factors that may cause our actual results to differ from those contained in our forward-looking statements. Please refer to documents we file with the SEC, including the Form 8-K filed with today’s press release. Many of these assumptions relate to matters that are beyond our control and changing rapidly, including the impact of COVID-19 pandemic on our business and the overall economic environment. These statements are made on our assumptions as to the macroeconomic environment in which we will be operating and reflect our best judgment based on factors currently known to us and actual events or results may differ materially. On today’s call, we will be making forward-looking statements including financial guidance and expectations, such as a forecast for our fourth quarter as well as revenue mix, cloud gross margin, full-year and long-term ARR and operating cash flow and statements and benefits regarding our recently announced intent to acquire Flowmill, which we expect to close during this quarter and trends in our markets as well as our expectations regarding our acquisitions, products, technology, strategy, customers, demand and markets. This conference call is being broadcast live via webcast and following the call, an audio replay will be available on the website. Also note that we have posted supplemental material on the Investor Relations web page as well. After market closed today, we issued a press release which is posted on our website. With me on the call today are Doug Merritt and Jason Child. Great, thank you, Jonathan, and good afternoon everyone. I would now like to introduce your host for today’s program, Ken Tinsley, Corporate Treasurer and Vice President of Investor Relations. Third Quarter 2021 Financial Results Conference Call. Ladies and gentlemen, thank you for standing by and welcome to the Splunk Inc. Keith Bachman - Bank of Montreal - AnalystĬhris Merwin - Goldman Sachs - Analyst Presentation: Matt Swanson - RBC Capital Markets - Analyst ![]() Jason Child - Senior Vice President and Chief Financial Officer Analysts: Ken Tinsley - Vice President, Investor Relations & Corporate Treasurerĭoug Merritt - President and Chief Executive Officer ( NASDAQ: SPLK) Q3 2021 earnings call dated Dec.
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