And now more than 25% of our total cloud ARR is from customers utilizing workload-based pricing. This quarter's results showed that our customers are increasingly favoring this pricing option.ĭuring Q2, more than 80% of net new cloud ARR was from workload-based pricing, up more than 3x from a year ago. That's why we introduced workload-based pricing nearly 2 years ago, allowing our customers to take action on even more of their data without any gates on the ingestion of that data. And when we talk about supporting any hybrid deployment, we're referring to helping customers at absolutely any stage of their transition to the cloud, whether they're still predominantly on-prem or all-in on the cloud or somewhere between.Īs transformation that cloud accelerates and data ingestion needs skyrocket, our customers have asked for more flexible pricing. Our priority is for our customers to have the highest level of visibility across their organization's data as they can serve their own customers effectively and securely. When we talk about Splunk's supporting multi-class deployments, we're enabling deep and native visibility across any public cloud AWS, Google Cloud, Microsoft Azure and others as well as any combination of those clouds. We brought together the best cloud experts in the market to do this, while evolving our platform and customer-facing teams to serve our customers multi-cloud and hybrid worlds. We're also helping organizations rapidly migrate to the cloud, sticking more effectively and securely serve their own customers. We are 100% focused on enabling them to make sense of and act on their log, metric and trace data to achieve the outcomes that matters most to them. Splunk offers the most comprehensive data platform in the market today, powering our customer security, IT and DevOps teams. Our Q2 outperformance was also broad-based, with each of our major geographic regions exceeding plan, and validating that customers globally are relying on Splunk and our market-leading data platform and cloud-based capabilities. These results speak to the high strategic value we delivered to the world's largest and most dynamic organizations. And our Cloud dollar-based net retention rate remains best-in-class at 129%. Over the last year, we've also doubled the number of customers with Cloud ARR by more than $1 million. Our team delivered another very strong quarter, with Cloud ARR growing 72% our 10th consecutive quarter of 70% plus growth. Thanks, Ken, and good afternoon, everyone. So with that, let me turn it over to Doug. 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 this 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. Please refer to documents we file with the SEC, including the Form 8-K filed with today's press release those documents contain risks and other factors that may cause our actual results to differ from those contained in our forward-looking statements. These statements are based on our assumptions as to the macroeconomic environment in which we will be operating and reflect our best judgment based on factors currently known to us and actual events or results may differ materially. On today's call, we will be making forward-looking statements, including financial guidance and expectations, such as our forecast for our third quarter and our fiscal year 2022 as well as future expectations of revenue mix, renewals, duration, RPO growth, cloud growth, bookings, gross margin and operating cash flow, as well as trends in our markets and our business and our expectations regarding our acquisitions, products, technology, strategy, customers, demand and markets. And following the call, an audio replay will be available on the website. This conference call is being broadcast live via webcast. With me on the call today are Doug Merritt and Jason Child.Īfter market closed today, we issued a press release which is posted on our Investor Relations website along with supplemental material. I would now like to hand the conference over to your speaker today, Ken Tinsley. Please be advised that today's conference is being recorded. After the speaker presentation, there will be a question-and-answer session. At this time, all participants are in a listen-only mode. Second Quarter 2022 Financial Results Conference Call. ( NASDAQ: SPLK) Q2 2022 Earnings Conference Call Aug4:30 PM ETīrad Sills - Bank of America Merrill Lynch
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