Splunk Inc SPLK
Q1 2014 Earnings Call Transcript

Transcript Call Date 05/30/2013

Operator: Good day, ladies and gentlemen, and thank you for standing by and welcome to the Splunk Incorporated First Quarter 2014 Financial Results Conference Call. At this time, all participants are in a listen-only mode. Later, we'll conduct a question-and-answer session and instructions will follow at that time. As a reminder, today's conference may be recorded.

It's now my pleasure to turn the floor over to Ken Tinsley. Sir, the floor is yours.

Ken Tinsley - IR: Great. Thank you, we appreciate that, and good afternoon everybody. With me on the call today are Splunk's CEO, Godfrey Sullivan and CFO, David Conte. Just to hands up, we've had a power disruption to the building today. So if you drop off, we'll direct by Kim.

As a reminder, today's conference call is being broadcast live via webcast. An addition, a replay of the call will be available on our website following the conclusion of the call.

By now, you should have received a copy of our press release which was distributed this afternoon. If you have not, it is available on the Investor Relations section of our website. I'd like to remind you today that during today's call we will be making forward-looking statements including our guidance for our second quarter and full fiscal 2014, expanded use of our software by our existing customs, the size of license purchases, our investments and product enhancements. We caution you that such statements reflect our best judgment based on factors currently known to us and that actual events or results could differ materially. Please refer to the documents we file from time to time with the SEC, including the 8-K filed with today's press release.

Those documents contain important risks and other factors that may cause our actual results to differ from those contained in our forward-looking statements today. Forward-looking statements made today based on facts known to us. If the call is replayed at a future date, the information presented during this call today may not contain current or accurate information. Splunk disclaims any obligation to update or revise any forward-looking statements to reflect events that occur or circumstances that exist after today. We will provide guidance on today's call, but will not provide any further guidance or updates on our performance during the quarter unless we do so in a public forum.

During the call, we will also discuss non-GAAP financial measures. These non-GAAP financial measures are not prepared in accordance with Generally Accepted Accounting Principles. A reconciliation of the GAAP to non-GAAP results is provided in today's press release and on the Investor Relations section of our website. The projections regarding our non-GAAP operating margin today that we provide today exclude stock-based compensation expense and payroll taxes related to employee stock transactions which cannot be determined at this time and are therefore not reconciled in today's press release.

So, with that, let me turn it over to Godfrey.

Godfrey R. Sullivan - Chairman and CEO: Thank you, Ken. I always hope that that disclaimer introduction will get better and it just doesn't. Hi everyone, and welcome to the call. We're off to a strong start in Q1. Revenue for our fiscal first quarter was $57.2 million, up 54% compared to Q1 last year. License revenue was $36.2 million, up 48% compared to Q1 last year. We had more than 350 new customers. New and upgraded customers in Q1 included the Bank of New York Mellon, Level 3 Communications, the State of Texas - Health and Human Services, Nordstrom, the Bank of New Zealand and Winn-Dixie.

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