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Splunk Inc. Announces Fiscal Third Quarter 2013 Financial Results

Splunk Inc. (NASDAQ: SPLK), the leading software platform for real-time operational intelligence, today announced results for its fiscal third quarter ended October 31, 2012.

“We are pleased to welcome more than 350 new Enterprise customers to the Splunk family and also want to recognize the many customers who expanded their use of Splunk software during the quarter,” said Godfrey Sullivan, Chairman and CEO. “Our license revenues were the result of broad adoption by our customers in financial services, technology, telecommunications and government sectors.”

Third Quarter 2013 Financial Highlights

  • Total revenue was $52.0 million, up 67% year-over-year.
  • License revenue was $34.6 million, up 56% year-over-year.
  • GAAP operating loss was $5.4 million; GAAP operating margin was negative 10.3%.Non-GAAP operating loss was $0.7 million; non-GAAP operating margin was negative 1.3%.
  • GAAP net loss was $5.5 million and included $4.7 million in non-cash, stock-based compensation expenses; non-GAAP net loss was $0.8 million.
  • GAAP loss per share was $0.06 based on a 96.7 million weighted-average share count; non-GAAP loss per share was $0.01.
  • Operating cash flow was $6.5 million with free cash flow of $4.2 million.

A reconciliation of GAAP to non-GAAP results is provided in the accompanying table.

Third Quarter 2013 and Recent Business Highlights

Customers:

New license customers include: Bureau of Alcohol, Tobacco, Firearms and Explosives, China Mobile, Churchill Downs, Daimler AG, Eldorado (Russia), Getty Images, Hyundai Kia (Korea), Kohl's Department Stores, Newell Rubbermaid, PCCW Now (Hong Kong), South Australia Police, TCS Bank (Russia), U.S. Department of Agriculture, U.S. Department of Education and Vodafone Australia.

Expansion customers include: Adobe, Ceryx Inc., Cisco, Comcast, Commercial Bank of Qatar, Defense Information Systems Agency (DISA), Interactive Data, Major League Baseball, Moody's, Purdue University, UniCredit Business Integrated Solutions (UBIS – Italy), University of Connecticut, U.S. Department of Energy and Vattenfall Europe Information Services GmbH.

Product:

  • Announced the general availability (GA) of Splunk® Enterprise 5, the fastest, most resilient version of the company's flagship product. The latest release also includes additional developer tools for building big data applications.
  • Released the GA version of Splunk Storm™, a cloud service for organizations that develop and run applications in the public cloud.

Developers and Content:

Channel Partners:

  • Signed a global reseller agreement with Wipro Technologies, the global information technology, consulting and outsourcing business of Wipro Ltd (NYSE:WIT).
  • Announced a strategic alliance under which Carahsoft Technology Corp., a government IT solution provider, will proactively market, sell and distribute Splunk software to federal, state and local government agencies and the Splunk reseller partner ecosystem.

Awards:

  • Recognized as the Best IT Security Product of 2012 by Sweden's Protection and Safety Newspaper in its third annual security awards.
  • Named the IT Performance Technology winner at the 2012 Ventana Research Technology Innovation Awards.
  • Selected as one of the “40 Vendors We're Watching: 2012” by Information Management.

Financial Outlook

The company is providing the following guidance for its fiscal 2013 fourth quarter (ending January 31, 2013):

  • Total revenue is expected to be between $58 million and $60 million.
  • Non-GAAP operating margin is expected to be between 3% and 4%.

The company is updating its previous guidance for its 2013 full fiscal year (ending January 31, 2013):

  • Total revenue is now expected to be between $192 million and $194 million (was previously $183 million to $186 million as of August 30, 2012).
  • Non-GAAP operating margin is expected to be between negative 1% and negative 2% (was previously negative 2% to negative 3% as of August 30, 2012).

All forward-looking non-GAAP financial measures contained in this section “Financial Outlook” exclude estimates for stock-based compensation expenses. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis.

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