Overview
- Earnings came in at $0.15 per share versus $0.12 expected, with revenue of $415.98 million topping the $398.47 million consensus and rising from $321.98 million a year ago.
- Annual recurring revenue reached $1.75 billion, up 29% year over year, marking a scale milestone alongside the first quarter of GAAP profitability.
- Higher-value customers expanded to 2,990 with over $100,000 in ARR, an increase of 219 in the quarter, and to 164 with over $1 million in ARR, up by 17.
- Following the results, BMO, BofA, RBC, JPMorgan, Wells Fargo, TD Cowen, and Piper Sandler raised their price targets while largely maintaining existing ratings.
- Management guided fourth-quarter revenue to $421 million to $423 million with non-GAAP EPS of $0.12 to $0.13.