- $139M rev (+58% YoY) vs $132M consensus (6% beat)
- $144M next Q guidance vs $142M consensus (1% raise)
- $47M Confluent Cloud rev (+139%)
-
130% net retention
- 38 months GM adj. CAC payback
- 64% GM
- (26%) FCF Margin
Confluent Cloud revenue of $47 million, up 139% year over year
Remaining performance obligations of $591 million, up 81% year over year
857 customers with $100,000 or greater in ARR, up 39% year over year
Revenue
2019 29 34 39 48
2020 51 54 62 70
2021 77 88 103 120
2022 126 139
Revenue QoQ
2019 17 15 23
2020 6 6 15 13
2021 10 14 17 17
2022 5 10
Revenue YoY
2020 76 59 59 46
2021 51 63 66 71
2022 64 58
Customers >100k
2019 337
2020 374 408 449 513
2021 561 617 664 734
2022 791 857
Customers >100k QoQ
2020 11 9 10 14
2021 9 10 8 11
2022 8 8
Customers >100k YoY
2020 NaN NaN NaN 52
2021 50 51 48 43
2022 41 39
Customers >1mil
2021 60 70 74 88
2022 97 107
Customers >1mil QoQ
2021 17 6 19
2022 10 10
More details: https://investors.confluent.io/financial-information/quarter…
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Certainly a lot to like in CFLT’s Q2 report. Here are a few other items that stood out to me:
Cloud revenue grew 21% QoQ and is now 34% of total revenue (up from 22% of total revenue a year ago).
They expect a $2-3M revenue impact in Q3 and $4-6M impact to FY revenues due to increased deal scrutiny as clients use sharper pencils to maximize their IT spend. These impacts are included in their forward guidance. In spite of macro pressures on clients’ budgets, the company believes that it is better situated because it is part of the client’s operational stack powering core business transactions while its cloud platform enables clients to reduce IT spend resulting in bottom line improvements.
For the third consecutive quarter, their cloud offering accounted for more than 50% of new ACV bookings.
Customers bringing in more than $1M ARR grew to 107 (53% YoY).
Kafka data-streaming has become the de facto standard for data in motion used by over 70% of the Fortune 500.
CFLT launched a Confluent cloud reseller program in collaboration with 17 other business partners, including Amazon AWS, Microsoft and MongoDB.
Institutional ownership has risen three quarters in a row and is currently at 72%.
Beachman (Beachman.substack.com)
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