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TheStreet Open House

Splunk Inc. Announces Fiscal Fourth Quarter And Full Year 2014 Financial Results

Stock quotes in this article: SPLK

Splunk Inc. (NASDAQ: SPLK), provider of the leading software platform for real-time operational intelligence, today announced results for its fiscal fourth quarter and year ended January 31, 2014.

Fourth Quarter 2014 Financial Highlights

  • Total revenues were $99.9 million, up 53% year-over-year.
  • License revenues were $68.8 million, up 47% year-over-year.
  • GAAP operating loss was $32.5 million; GAAP operating margin was negative 32.5%.
  • Non-GAAP operating income was $4.0 million; non-GAAP operating margin was 4.0%.
  • GAAP loss per share was $0.30; non-GAAP income per share was $0.03.
  • Operating cash flow was $34.4 million with free cash flow of $32.4 million.

Full Year 2014 Financial Highlights

  • Total revenues were $302.6 million, up 52% year-over-year.
  • License revenues were $199.0 million, up 46% year-over-year.
  • GAAP operating margin was negative 25.9%; non-GAAP operating margin was negative 0.4%.
  • Operating cash flow was $73.8 million with free cash flow of $64.5 million.

“We are delighted to welcome more than 500 new customers to the Splunk family and now have more than 7,000 customers worldwide,” said Godfrey Sullivan, Chairman and CEO, Splunk. “Customers are choosing Splunk as their standard for operational intelligence at a faster pace than we have ever seen. We recognize and appreciate the contribution that both partners and our new and existing customers have played in our growth.”

Fourth Quarter 2014 and Recent Business Highlights

Customers:

  • New and Expansion Customers Include: Air France, Ascension Health, Auburn University, AURIZON (Australia), Boston Public Library, Chevron Australia, ChungHwa Telecom-Mobile (Taiwan), City of Austin, Cornerstone OnDemand, DATEV eG (Germany), Denver International Airport, DZ BANK AG (Germany), Finanz Informatik, General Electric, Hospital Corporation of America (HCA), John Lewis (UK), Major League Baseball Advanced Media, Nottinghamshire Police (UK), Panasonic Avionics, Paycorp (Australia), PetroChina Tarim Oilfield Company, Phillips 66, Polycom, Press Association (UK), PT Kalbe Farma Tbk (Indonesia), Ramsay Health Care (Australia), Shanghai Pudong Development Bank, Singapore Workforce Development Agency, State of New Mexico Human Services, SunGard Availability Services, Svyaznoy Bank (Russia), Symantec, Telenor Group (Norway), United Health Group Inc., Viet A Bank (Vietnam), WorldPay (UK) and World Vision Australia.

Product:

  • Announced general availability (GA) of the Splunk App for Enterprise Security 3.0 , which provides enhancements to help find unknown threats, while continually monitoring for known threats detected by traditional security infrastructure products.
  • Announced the Splunk ODBC Driver that allows customers to interact with, manipulate and visualize machine data stored in Splunk Enterprise using existing business software tools, such as Microsoft Excel or Tableau Desktop.
  • Updated the Splunk SDK for Python and released the Splunk Plug-in for Eclipse to help developers build applications that use and extend Splunk Enterprise.
  • Released the Splunk App for NetApp to provide comprehensive visibility into the operational health of NetApp Data ONTAP storage systems.

Acquisitions

  • Announced the acquisition of Cloudmeter, a provider of network data capture technologies. The addition of Cloudmeter will enhance the ability of Splunk customers to analyze machine data directly from their networks and correlate it with other machine-generated data to gain insights across Splunk's core use cases in application and infrastructure management, IT operations, security and business analytics.

Partners

  • Announced a strategic agreement with Internet2 to bring Splunk technology to hundreds of potential new U.S. higher-education customers.
  • Announced a combined solution with Cisco Identity Services Engine (ISE) data. The software provides users with a scalable security intelligence platform to quickly discover and identify the source of a suspicious event.

Recognition

Financial Outlook

The company is providing the following guidance for its fiscal first quarter 2015 (ending April 30, 2014):

  • Total revenues are expected to be between $78 million and $80 million.
  • Non-GAAP operating margin is expected to be between negative 8% and 10%.

The company is providing the following guidance for its fiscal year 2015 (ending January 31, 2015):

  • Total revenues are expected to be approximately $400 million.
  • Non-GAAP operating margin is expected to be approximately zero.

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 and amortization of acquired intangible assets.

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