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Splunk Inc. Announces Fiscal Third Quarter 2014 Financial Results

Splunk Inc. (NASDAQ: SPLK), provider of the leading software platform for real-time operational intelligence, today announced results for its fiscal third quarter ended October 31, 2013.
  • Total revenues were $78.6 million, up 51% year-over-year.
  • License revenues were $50.9 million, up 47% year-over-year.
  • GAAP operating loss was $16.8 million or 21% of revenues.
  • Non-GAAP operating income was $0.9 million or 1% of revenues.
  • GAAP loss per share was $0.16; non-GAAP EPS was $0.00.
  • Operating cash flow was $13.3 million.

“We are pleased to welcome a record number of new customers to Splunk this quarter,” said Godfrey Sullivan, Chairman and CEO, Splunk. “There is tremendous value to be found in machine data. As a result, more customers are adopting Splunk software as their enterprise standard. We expanded our product portfolio this quarter with the release of Splunk Enterprise ® 6, Splunk Cloud™ and Hunk™: Splunk Analytics for Hadoop, providing more power, functionality and flexibility for our customers.”

Third Quarter 2014 and Recent Business Highlights

Customers:
  • Signed more than 450 new customers, ending the quarter with more than 6,400 customers worldwide.
  • New license customers include: Alabama Department of Transportation, Automationdirect.com, BizMobile Inc. (Japan), bonprix (Germany), Digicel Jamaica Ltd. (Jamaica), Erie Insurance Group, Gretech Corp. (Korea), Freshview (Australia), ING DIRECT (Australia), KAIST (Korea), Korea Federation of Community Credit Cooperatives (Korea), MegaFon (Russia), NASDAQ OMX, Natixis (Hong Kong), OOCL (Hong Kong), Ohio Department of Public Safety, Omaha Public Power District, SABIC - Saudi Basic Industries Corporation (Saudi Arabia), Skanska S.A. (Poland), Tesla Motors, University of New South Wales, University of Sydney, Zennisshoku Chain (Japan).
  • Expansion customers include: Betsson Malta Ltd. (Malta), Cadence Design Systems, Charlotte Russe, Chunghwa Telecom Co., Ltd. (Taiwan), CONSOL Energy, Constant Contact, Coupang (Korea), Dell Kace, U.S. Department of Energy, Discovery Communications, Domino’s Pizza, HelloWallet, IDT Corporation, Intuit, KT Cloud (Korea), Li & Fung Ltd. (Hong Kong), Otto Group (Germany), Newell Rubbermaid, SunGard, Texas Health and Human Services Commission, University of California, Los Angeles, Urban Outfitters, U.S. Army, VGTRK – All-Russia State Television and Radio Broadcasting Company (Russia), zulily.

Product:
  • Announced the general availability of Splunk® Enterprise 6, the latest version of the company’s award-winning platform for machine data.
  • Announced the general availability of Splunk Cloud™, a new service that delivers Splunk Enterprise in the cloud. With the introduction of Splunk Cloud for large-scale production environments, Splunk Storm, the cloud-based service introduced last year, significantly expanded its free developer offerings to 20GB of total storage per month.
  • Announced the general availability of Hunk™: Splunk Analytics for Hadoop. Hunk is a fully integrated analytics platform for Hadoop that enables everyone in an organization to interactively explore, analyze and visualize historical data in Hadoop.
  • Released the Splunk App for Unix and Linux, which provides rapid insights and operational visibility into large-scale Unix and Linux environments.
  • Released the Splunk App for Okta, which brings the power of the Splunk Search Processing Language to data from the Okta service enabling users to visualize logins and app utilization, as well as monitor suspicious activity.

Acquisition:
  • Announced the acquisition of BugSense Inc., a leading analytics solution for machine data generated by mobile devices. The addition of BugSense will enhance the ability of Splunk customers to analyze machine data directly from mobile devices and correlate it with other machine-generated data to gain operational intelligence.

Strategic and Channel Partners:
  • Announced Amazon Machine Images (AMIs) for Splunk Enterprise 6 and Hunk on the Amazon Web Services (AWS) Marketplace. Splunk also released the new version of the Splunk App for AWS, which leverages the newly announced Amazon CloudTrail, a service that logs all AWS API calls.
  • Signed a reseller agreement with Hitachi Solutions to distribute Splunk Enterprise across Japan.
  • Announced with Systex the launch of Systex SBOX, which is available to APAC channel partners and customers.

Recognition:
  • Received an award naming Splunk Enterprise as the “Most Innovative Big Data Tool” in the competition “Best Big Data in 2013” by COMPUTERWOCHE, a leading German-language weekly magazine for enterprise IT managers and IT professionals.
  • Won the best SIEM category in the 2013 Readers' Choice Awards by Information Security magazine and SearchSecurity.com for Splunk Enterprise.

Splunk4Good:
  • Participated in a White House event, Data to Knowledge to Action: Building New Partnerships, as part of the Obama Administration’s call for technology leaders to help harness big data to advance national goals. Splunk4Good is analyzing Regulations.gov data to create a new, public interface to better enable citizens to explore federal regulatory data.
  • Announced the  Ford OpenXC Connected Car Dashboards, a collaborative project with Ford Motor Company that collected and analyzed data from vehicles to gain insight into driving patterns and vehicle performance.

Appointments:

Financial Outlook

The company is providing the following guidance for its fiscal fourth quarter 2014 (ending January 31, 2014):
  • Total revenues are expected to be between $88 million and $90 million.
  • Non-GAAP operating margin is expected to be between 6% and 8%.

The company is updating its previous guidance for its fiscal year 2014 (ending January 31, 2014):
  • Total revenues are expected to be between $291 million and $293 million (were previously expected to be between $275 million and $281 million as of August 29, 2013).
  • Non-GAAP operating margin is expected to be approximately zero (unchanged from August 29, 2013).

All forward-looking non-GAAP financial measures contained in this section “Financial Outlook” exclude estimates for stock-based compensation expenses, employer payroll tax expense related to employee stock plans, a non-recurring non-cash charge for impairment of a long-lived asset, acquisition-related costs, amortization of acquired intangible assets as well as the partial release of the valuation allowance due to acquisition.

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