11/22/2023 0 Comments Splunk inc earnings date![]() ![]() And in the current macro environment, we believe the prioritization of IT budgets is benefiting platforms like ours. Splunk is the leader within a massive and growing market opportunity. Q3 results illustrate one of the core reasons I joined Splunk in the first place. I’d like to thank the entire Splunk team for their commitment and execution throughout the quarter. Our revenue outperformance and expense reductions were key contributors to delivering a nearly $350 million improvement in free cash flow on a trailing 12-month over a trailing 12-month basis. In addition to our top line results, we made good progress on our expense controls, which I’ll detail in a moment. That said, as noted last quarter, we continue to see caution from customers on the timing of their cloud migrations and expansions setting ongoing macro concerns. Our top line outperformance was driven by strong term license demand from existing customers, underscoring the value our customers continue to gain from Splunk’s mission-critical security and observability solutions powered by our one-of-a-kind data platform. We grew total revenues by 40% year-over-year to $930 million, and cloud revenues, 54% to $374 million. I’m pleased to report that we delivered solid third quarter results, demonstrating progress in our disciplined approach to deliver long-term durable growth and profitability. Good afternoon, everyone, and thank you for joining today’s call. Gary Steele - President and Chief Executive Officer So with that, let me turn it over to Gary. And unless otherwise noted, financial comparisons made on this call are on a year-over-year basis. Just a reminder that most of our financial and operating metrics are provided in the supplemental slides, which are available on our IR website. We’ll then move to a brief question-and-answer session. The format for today’s call will be a little different with the CFO position open and the search underway, Gary will provide our prepared remarks, including an overview of results, highlights in the quarter and the outlook for the remainder of the year. 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 the 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. These 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 our Form 10-K and 10-Qs as well as the Form 8-K filed with today’s press release. Actual events or results may differ materially. These statements are subject to risks and uncertainties and based on our assumptions as to the macroeconomic environment and reflect our best judgment based on factors currently known to us. On today’s call, we will be making forward-looking statements, including financial guidance and expectations, including our long-term growth and profitability and expense reduction efforts, forecasts of our fourth quarter and full year fiscal 2023 and our future expectations of revenues, total ARR, cloud ARR, operating margin and free cash flow as well as trends in our markets and our business, our strategies, our expectations regarding our business, acquisitions, products, technology, customers and demand. This conference call is being webcast live, and following the call, an audio replay will be available on our website. After market closed today, we issued our earnings press release, which is also posted on our Investor Relations website, along with supplemental material. With me on the call today is Gary Steele. I would now like to turn the call over to Ken Tinsley, Corporate Treasurer and Vice President of Investor Relations. Third Quarter 2023 Financial Results Conference Call. Ladies and gentlemen, thank you for standing by, and welcome to the Splunk Inc. ![]() Mike Cikos - Needham & Company - Analyst Presentation: Steven Koenig - SMBC Nikko Securities America, Inc. John DiFucci - Guggenheim Securities - Analystīradley Sills - Bank of America Merrill Lynch - Analyst Matt Hedberg - RBC Capital Markets - Analyst Gary Steele - President and Chief Executive Officer Analysts: ![]() Ken Tinsley - Corporate Treasurer and Vice President of Investor Relations Splunk Inc (NASDAQ: SPLK) Q3 2023 earnings call dated Nov. ![]()
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