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December 1st Earnings Call Highlights! (CRWD, SNOW, OKTA, SPLK)
Yesterday several high-profile tech companies reported earnings. Despite the recent sell-off in growth stocks, it's clear a lot of these companies are still performing at a high level.
- $CRWD "We also continued to perform at a high level well in excess of the SaaS industry's Rule of 40 benchmark, achieving a Rule of 77 and when calculated on a free cash flow basis, a Rule of 96 at scale with over $1.5 billion in ARR."
- $SNOW "We saw momentum accelerate in Q3 with product revenues growing 110% year-on-year to $312 million and remaining performance obligations growing to $1.8 billion. The net revenue retention rate expanded to 173%, and we recorded our first positive non-GAAP operating income in the company's history."
- $OKTA "The 3 mega trends that have driven Okta's business over the past few years continue to drive our growth: the deployment of cloud and hybrid IT, digital transformation projects and the adoption of Zero Trust security environments."
- $SPLK "Q3 was Splunk's first $1 billion cloud quarter with cloud ARR reaching $1.1 billion and growing 75% year-over-year. This was our 11th straight quarter of 70-plus percent cloud ARR growth. Our cloud bookings mix jumped to 68%, our highest ever. And our cloud dollar-based net retention rate increased to 130%. Total ARR grew 37% from the year ago period, keeping Splunk in the rarefied group of multibillion-dollar companies growing faster than 30%."
Valuations, which were my main concern a few months ago, are compressing. I believe now is the time to start scaling into positions into high conviction names.
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