Results
EPS: $1.42 vs $1.22 expected, an earnings surprise of 16.4%
Revenue: $1.41 billion vs $1.36 billion expected, up 27% YoY
Subscription revenue $1.33 billion, up 31% YoY
Strong demand as companies retool their workflows as they go digital
Current remaining performance obligations of $4.7 billion, up 34% YoY
1,201 customers with more than $1 million in contract value, up 25% YoY
62 customers with more than $10 million in contract value
Operating margin of 25%, beating guidance of 22%
FCF margin of 19%
97% renewal rate (strong level of stickiness)
Q3 Guidance
Revenue: $1.4-1.405 billion, up 28-29% YoY
FY21 revenue between $5.53-5.54 billion
Margin of 23%, with marketing spend saved is Q2 pushed to Q3
FY21 Guidance
Revenue: $6.315-6.325 billion, up 27% YoY, revised up $123 million
Subscription revenue: $5.53-5.54 billion, up 29% YoY, revised up $73 million
Margin of 24.5% margin, revised up from 23.5%
FCF margin of 31%, revised up from 30%
Commentary of being well on their way to being a $15 billion revenue company
Market Reaction
Dropped 2% on after-hours trading, which climbed back up into marginally positive territory