Q2 2020 Talend SA Earnings Call
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Please standby went back again.
Good day and welcome to Challenge second quarter 2020 earnings Conference call Today's conference is being recorded.
Hi, let's turn the conference over to launch <unk>. Please go ahead.
Thank you. This is Marty Pollack Investor Relations for talent has picked up I mean, how in second quarter fiscal years 20, Oh, Oh with me on the call today I see okay. So be it yeah.
During the course of today's presentation or that you guys will make forward looking statement, what meaning federal securities laws.
Forward looking statement generally relate to future, but if you're just financial and operating costs.
No.
That's very cheap other factors that may cause actual results.
Archie, but did not materially but that was contemplated I think oh, okay.
Forward looking statements. The presentation include but are not limited to think Thats really the truck <unk> financial performance expectations, He guided Egypt or.
Expectations regarding our strategic initiative.
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Okay.
Market, including in pockets.
Our expectations and beliefs regarding these matters may not materialize.
Well this open pit your period for such a Chile, and I'm, sorry could cause actual results could differ materially less Jackie.
These risks include both in the press release issued earlier today as well, but luckily describing our filings with the Securities Exchange Commission.
Looking statements that are the teaching okay on the information available to take your up you should not rely on another predictions of future bank and we disclaim any obligation to update any.
Except as required by law.
No other than revenue.
The financial measures to be somewhat called <unk> GAAP basis.
Non-GAAP financial measure or not I, just take pictures that Oregon isolation quite cheap.
According to GAAP.
We have provided a reconciliation of these non-GAAP financial measure the most directly comparable GAAP financial Badger and that's really.
Oh, I thought a reference frightening right you know endorse any vendor product or service I did not advice any company on why can't you allergy product [laughter] adopt I'm just trying to calibrate.
Oh yeah.
Thank you Laura welcome to our Q2 2020 earnings call. We hope you all safe and well we like many of you are now and our kids month of working remotely and I'm, So great ballpark team and how they not only adopted excel at least on parts within a tight.
We're pleased to report strong results. Despite the ongoing uncertainty caused by coping night team. We've continued to work closely with our customers, though the meat today's market challenges. Many have resulted in digital transformation issued an intern feeling the move to the cloud.
He doesn't especially been meaningful during this time, a data transformation if TV digital transformation.
Once the bike solution [laughter], okay, so real time delivery trucks to be enabling our customers to effectively we instrument business critical business decision okay.
Let me walk you through some of the key highlights for the quarter before providing an update on the strategic priority.
We laid out last quarter.
Our success in Q2 was driven by or cloud growth engine and the early benefits derived from our ongoing strategic initiatives.
We achieved total revenue of 67.7 billion, we ended the quarter with 255.9 billion in total.
Which was up 19% on a constant currency basis.
Well. They are now stands at 75 million up 130% on a constant currency basis, we now have over 2800 cloud customers.
Let me take a moment for further drilling on cloud.
We are seeing strength in the addition of new enterprise customers, although such a big through in perfect. It Scotia Bank and energy Australia. We also continue to see growth look into account with companies such as they are converting on premise license as well.
At the same time, a significant part of our Q2 topics that it's the growth from our high volume business driven by sketch.
Wow cloud migration, we're strong in 25.7 billion, we see migrations as a validation of our vision for the future in quell any reaffirmation of confidence in the partnership with Cowen.
Increasingly customers and prospects Lucky nice superior value proposition as well as witnessed by the strength in both net new as well as client expansion and migration.
Oh, I'm kinda give nets remains an important assets it represents that keeps towards the future club customers as well as current revenue and the stability of the business is indicative of the values support reaching each delivered to our customers.
As I discussed on our last call improvement in our go to market strategy and building a world class go to market organization that will go more sustainable long term growth is one of my key priorities.
Earlier this year, we began to work and yeah I'll go to market strategy focused on the efficiencies and be Oh goodness of Archie as a result, if you too we saw improvements in a number of area, including an increase in early quarter linear already an increase in the velocity of deals we close and also an increasing.
Got it didn't deal stores and closed within the quarter.
I wonder fueling a momentum Cowen marketing has transformed brand identity and is increasing awareness for calendar <unk> strategic business partner with new positioning aligned to meet the business outcomes and a unique value proposition centered on the delivery of trucks to date, we're cutting through the market clutter with a message that its.
The need for companies of all sizes and across all industries.
We've also significantly ramped our overall demand program, including our digital demand initiatives are helping us drive pipeline and efficiently attract and nurture pop at scale.
In tandem with marketing initiative. We also continued to demonstrate our customer first approach and mentality in Q2, our customer success team work to improve the overall experience for both new and existing Cowen customers.
This includes the launch of enhance community platform and the migration of 25000 number.
He actually brings together community members and customers on a single platform for the first time, which will help simplify engagement and enable us to steal far more easily in the future.
In addition to leveraging a block community. We've also streamlined and enhance our enterprise great success offerings with enhanced training technical support and access to Collin best practices.
We're working to help our customer implement Cowen faster drives increased time, devalue and also increasing the number of skilled talent experts in the field.
I believe our customer first focus circumcision Palin strategic business partner to work hard and is a critical mentality required to create a world class go to market organization and grow awareness of talent in the market.
With these initial changes to our go to market strategy in place and if we start to feed result, we won't be too easily find our strategy to enhance the old efficiencies to capitalize on the cloud opportunity in front of us.
Now, let me share with you and customer proof points from Q2.
Incorporate a fresh produce in grocery delivery service in the U.S. is a new cloud logo wins in Q2, it demonstrates our ability to land rapidly and grow what the customer absolutely. The ball the company evaluated five trend of a trillion before ultimately selecting talent to ingest data from a variety of sources it could be queries.
They initially signed up at the sketch pace you go customer Newpage enterprises under two weeks to meet the significant spike in demand a quarter services due to colder at night tea.
With the move the company is able to seamlessly scale its operations in pockets more data to better understand and meet customer needs.
Another great New cloud logo wins last last quarter with NHS digital the national provider of information data and I see systems for health and social care in England, and they trust digital well if nothing new strategic platform that include Cowen data bricks and eat up U.S., replacing a legacy environment.
The youth apparel wins will help to ensure any Chuck digital can't onboard gate effect quickly make available Quinn governed data analytics and reporting.
Nextera energy, Australia, one of the leading gas and electric supplier in Australia, which is another new logo for us It you too.
The utility company evaluated solution from work on yield and selective talent, because we provide greater automation support dr. data processing times and self service capabilities working with the Boy Energy, Australia will you count was with either U.S. automatically collect basket announces smart meter data in far shorter integral to meet the.
New regulatory requirements.
The company Walter you Cowen Whats Snowflakes run churn analysis, and that's that's offered pike recommendation to retain and gross customer base.
As evidence of our customer wins in Q2, we continue to strengthen our relationships with ecosystem partner, which is helping to fuel our overall cloud transition.
Further to that challenge achieved elite got us into Snowflake partner network. If you choose an accomplishment that demonstrate no play customer that Cowen delivered optimal performance and work seamlessly with the cloud based platform.
I'm pleased to report Italys was recognized as a leader in the forced away enterprise data fabric evaluation talent to repeat the highest sport any vendor in the report correct offering category and for Keytruda abilities to be putting data quality lineage and catalog.
We believe the recognition and high score validate our market vision and ability to deliver customers today, how we believe the customers are choosing its data fabric solution because it helps address all of their digital programs, including cloud data warehousing advanced analytics customer threesixty and customer experience initiatives.
He's also select Cowen data fabric, knowing that whatever they do though what we won't be able to take advantage of the latest filed innovation.
I'm also pleased to announce that last week, how we will also work nice like partner as a leader in the magic quadrant for data quality.
As data quality is quickly becoming the Lynch kind of data management, we're very proud we identify doesn't leader for the third you're in a row.
Six years Magic quadrant research indicates that data quality shouldn't be designed as a standalone solutions. Instead data quality is the core discipline within data management, we could not agree more with this analysis.
Within our Cowen data fabric data quality is deliberate as a pervasive capability that spans across our platform. We believe we recognized as a leader not only highlights our capacity to Dolby vision for data quality, but also validate our ability to help organizations exceed in their digital transformation journey.
Introduced on our last earning call I talked about the automatic trust sports we bought the market in the winter release of Cowen data fabric.
We believe Countrys score is an important market breakthrough.
As mentioned data is at the heart of digital transformation and technology, such as I O T machine learning and precision analytics are vital to company long term viability.
Yeah. That's important have data is until now there hasn't been an easy way to verify the data how are you decision how many trucks for begins to build one spot, giving users and got a glance view of the trustworthiness of any dataset and a wave of result problems that means that.
The challenge trucks for extends the value we offer to our customers and enables us to play and even more critical role as a strategic business partner to the business.
We believe there's an opportunity to continue to expand the capabilities of the challenge trust for and develop new industry standard for how individuals and companies measure the overall health and performance a complete data expected hear more about this in future calls.
As we went through the second half of the year, we will continue to focus on our cloud strategy, which we firmly believe present talent, but that's an opportunity to create long term sustainable growth Cowen cloud is the future and we expect defeat too cheap momentum and validation of our called strategy with our relentless commitment to our strategic initiatives along with this.
Missing an opportunity in cloud we're pleased to reintroduce are pretty cold. The target you provided to be ended the year to achieve 100 million equalled air our I'd ended this year.
We believe into value how it provides to our customers now more than ever and I'm proud of all of what we've accomplished.
Well I just paid on the number quite regarding our strategy one that can go to market. It's only scratched the surface pounds exciting cloud feature.
I will discuss we will hold in Investor day in November during which will be able to explore each of these topics in more depth.
I'll conclude my thinking our employees customers and partners and with that I'll turn the call over Adam.
Oh I go Crystal stage, two employees and appreciate your how quickly they have adapted to this bar.
I'm pleased with our performance Q2 and does it looks all these bolton, but he's a proven edwards.
Altitude, if you feel for the quarter provide an update your outlook for the remainder report each week.
We ended the quarter with record Cloudier or 75 million.
Going 130% year over year constant currency growth.
The sequential growth from 61.1 million at the end of Q1 was driven by the addition of over 300, new logos showing that expansion of existing customers and 5.7 million premise to cloud migration to the quarter.
Great. Thanks, you treat benefited for a few large customers even faster than anticipated.
And how they were 20 800000 cultures.
Joel ill.
With that you thought point Ninemillion at the end of Q2, 19% year over year on calls they couldn't you basis.
For the second quarter was 57 cents I noticed that 12 to show year over year in above the high end or drugs range.
Okay.
Core, which should be important noise or 16% year on year studies, you've shown on page 20 basis.
We continue to seek to judge that larger deals with large customers. We ended the quarter was 600 import your customers.
Probably the more they are or.
These customers represent 66% or they are as it begins Q2.
As Christian mentioned, we also show solid performance in our volumes.
Significantly quarter over.
Andrew greater emphasis on driving velocity and shorten deal cycles.
She has a bold there was a business is a positive indicator of the precision, but it still is it still will go to market motion.
Oh results were particularly pleased when considering shouldn't we couldn't barb.
I expect to go into the quarter, we did see an impact overall demand immediate generate she was a quarter, particularly in travel retail and energy.
Yes, it all demand generation strategy, which falls in this remains a focus for the literature the second half a year.
We were probably conservative or areas that you jewel in Belgium cookies efficiency as well both.
Long term averages.
Our expectation going into Q2.
The current macro environment, we continue to put pressure on renewals and extensions. This year. They said because you rich.
Quarter ended June $30. There, if you had expected <unk>, 110% in constant currency.
Professional services revenue was 6.9 million second quarter, which is about expectations of the CIMB quickly dockets deliver services implementation to lately.
Before I moved your property loss and I'd like to point out that unless otherwise stated bought all its bones and profitability metrics I will be discussing going forward or long GAAP results.
Reconciliations between GAAP and non-GAAP results can be found in our earnings press release issued today, which is posted on the Investor relations portion of our website.
The second quarter total gross margin was 80% that's true those margin remained at 87%.
We expect a modest been package trips your gross margin as we can choose scale or cloud operations.
Services gross margins, it's 50%.
We incurred an operating loss for the quarter 7 million or 10% compared to an operating loss of 6.3 words Fortunately shows in the second quarter 2019.
Stronger top line performance in careful expense management through the quarter benefited operating well, especially of guidance.
Well I guess within quarter with negative 15.8 million cash cash equivalents ended at 155 more and as of June Thirtyth do you guys are important.
As I noted in our last earnings call future literature. He will account for most of the expected cash burn. This year Q2 will be the trough in free cash flows given current business conditions continued.
Yes. He does performance this quarter. However, you can see yourself with an uncertain environment.
Continue to close the law, the leading indicators across our pipeline generation deal cycles renewals. It was favorable to inform our forecast we do expect cold it will pressure I keep spending through the remainder view.
Managing our expenses or why does the current environment, but we'll continue to invest in the business, where we believe there's an opportunity to warm up this year. It's good officially.
Our outlook for Q3, the flux. These factors exchange current business conditions and foreign exchange rates as of July 31st you guys are important.
The third quarter 40 40.
Revenue is expected to be in a range of 69.2 million to 70 point you know it.
Well you got lost about wishes is expected to give a range of 11.6 million to 10.6 million.
Non-GAAP net loss is expected to be in a range of 12.4 million well, what's important for more than.
Non-GAAP net loss per share is expected to be in a range of 39 cents get 36 cents.
This is based on a basic and diluted weighted average share count 81.7 million shares.
The greater visibility we gained over the last quarter. We're also pleased to reach their full year guidance total revenue is now expected to be in the range of 277.5 to 279.5 million.
Well, you got Walsall operation, but to be in a range of 36 Morgan to 34 million.
Non-GAAP net loss was expecting being a range of 38 million keep 36 million.
Non-GAAP net loss for sure is expected to be in a range of $1.40 cents to $1.14 judge isn't based on the basic and diluted weighted average shook out with a 31.6 million shares.
Cash flow is expected to get delayed negative 37 million to maybe to Philly cumulative narrowing our prior guidance. It looks like they are showing juju, California performance.
We also were committing to our guidance, reaching 100 and only a quarter all that into toward each will be we believe that approximately 15, though that new cardell city you come from migration.
Occasionally, we'll probably quarterly against this goal.
The recent neither essentially positively impacts all for your guidance by approximately 3 million offset headwinds associated with it.
You can see that low yesterday, they ask why 20 guidance, which is above our original does it covered in part because the motor strong result, you got a quality business continues to perform very well.
So much and we'll be hosting a bushel investor day on November 18 could provide a deeper you all product strategy. They loved initiatives longer term potential targets you know overall outlook for the business.
Well look forward to show a busy for the future with you.
There's a massive caught up what you reported Charles the ongoing macroeconomic uncertainty underscores the importance of every visit placing real time trusted data at the center critical business decisions.
I believe all continued we're making body so called strategies and the operational changes we've implemented over the first happens in your well continue to invest as follows wearable market initiatives product innovation, where operation to capture outside share the same opportunity continuing to drive. This strategy is what we truly believe it will drive long term.
Well the gentlemen.
Well open the call for questions operator.
Thank you and if he would like to ask a question on today's call. Please press star one on your telephone keypad.
Oh.
Sorry about that we and we'll go ahead and take Oxford.
First question from those I'm, sorry, with William Blair. Please go ahead.
They have on but because my question and a.
Nice job, there, especially what I called it or almost 40% arose or where they are our business would be because of your go to it looks pretty significant jump.
So it's it's great to see I guess, maybe the first question because they'll just because it's been about more initiatives coming in.
Talked about them to go to market the books costs.
In terms of data and I think about most American to me I've just got to give some color how's that trying to deal with the expectations, obviously going well.
Think about where you are there more you can do with a more seems to be more involved which in turn your to driving of salaries that it was still early.
Or that's exactly what would be about themselves on a go quick follow.
Sure.
Well first I'll say, well, it's amazing quarter from our account with the yield hope it Andy you don't navigation of what we knew was uncertain times. So that the team did an amazing job with that and navigated the strategic initiatives very well specifically to your question we.
You know, we're early and we're going to continue to see Hum holiday improvements that will continue throughout the rest of this year and you know, we'll just see it next year into 2021 as well. So I think in many of the categories that I just talked about you'll start to see that show up.
Even stronger and so I think there are no more not certainly to turn and then the November 18th state that we talked about at the Investor Day, We're really lay out and frames for you. How we see 2021 in our strategy, which we can go into little bit more detail there.
Bob It got it and then there's three or four out of it just put some numbers you can around the snow platform, just maybe not dollars, but you don't number of deals or something along those lines and then how should we think about the incremental contribution to growth from the partnership I guess, given your driver outboard knows no we'd just like.
The civil and often policy, we think about the smokeless wasn't people importance in general terms of the driver there Pops and she will thank you.
Yeah, I'll take that one the partners that we haven't or ecosystem are are massively important to US you. We have 600 joint customers with snowflake and we see it as material part of every quarter and we would continue to see that well into the future and you know I think it's going to play a really important role as.
All of our partners do it is critical and it will continue to grow.
Got it thank you my questions and losses or most of those.
Thank you.
Thank you. We'll go ahead and our next question from Raimo Lenschow with Fair Barclays. Please go ahead.
[laughter] anything to congrats from me as well two quick questions. So first Chris on the mean change to the feel for horse to kind of moves towards more solution selling Robin I'm, just being a product driven organization like what's the point where is it seems so far are its interest are done in there.
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Hi, My model, we are seeing a great tell progress from the work that in itself doing I think it's a combination of a few things. So yes, I'm working really closely and being coupled with our marketing strategy and the conversations that we're bringing to the market that really expand the value.
And how we show up to think about you know the role that we play in our customers outcomes of data not just the delivery of data to win from in the oversight and governance, but the ability for us to really you know demonstrate in not only on messaging within in our sales cycles. The you know the.
All that we play that goes beyond just the integration piece and so if I'm just an evolution of that messaging and bringing that to the field and I think where you'll see that show up in that talents from core is really the first opportunity that we'll see two items like that home. So it's not only execution that we were just.
Not a moment ago, but it's also that messaging that you're referring to that I think is really starting to land.
Yes, Okay. That's helpful and then so we're also tracking.
The little bit like no cloud usage caldolor, Okay, and then well be sold this quarter for the first time were last month actually to be more precise I guess pitched can all be ahead over the t. over probably recall competitors. What do you have sitting there in terms or voice customers I'm understanding go called message to you know, how stitching and kind of tell them.
Turning to cover and.
And then if you know the uptake here and the competitive dynamic there.
I'm. So excited about that this is Dan critical from one of the things why walking the door that I I just saw some massive opportunity for us mimo and I couldn't agree more.
You know the opportunity that we have right now and how it showed up in Q2 was live amazing and it really is living in a in a really you know frictionless way in some cases, but also really nice land and expand in other cases, and so it's a really big part of our future and I think we're really only getting started with what the potential live.
And you know something that a strong value proposition for us that allows us to really serve multiple use cases in local enter the market.
Okay perfect. Thank you then one last question.
Adam if I look at the the cloud run rate and then the number and you kind of guided before the year or.
Is there anything in terms of second half that would carnivals slow you down on the call that we need to bureau of like some of factors et cetera, like when you will sit on top of their company to kinda give an offset to the overall underlying momentum I'm just kind of looking at my true true number and then your for your number I'm, just thinking where you know second.
Oh is durable where do you see that a there might be some other factors in there.
Yeah, that's where most so just to reiterate we're super pleased with the momentum on quality. It's been a it's been tremendous to see the progress there continue.
The migration numbers I mentioned in my prepared comments I'm also very very strong reflection of a handful of customers actually moving faster than we even anticipated towards that 15 million dollar goal for your guys. So there's nothing we're seeing really in that and that's used to the business, that's indicating an outsized headwind.
Cobiz going to impact the business overall of course as you'd expect proud has been relatively immune to it.
So as we go into the back half of your we want to be prudent in terms of how we're thinking about planning, but where we're really excited to continue to see the.
This is firing all cylinders.
Well done commercially.
Yes.
Well go had antique our next question from Tyler Radke with Citi. Please go ahead.
Hey, Thanks, Good afternoon, Adam coastal I wanted to ask you.
On the cloud so I'm, just curious where where you're seeing the strongest.
And you don't have you use cases as it is it mainly snowflake is it redshift you know data bricks and then.
I'm sure I'm, sorry, I missed it would be out of did you quantify the impact of conversions from from on premise to cloud at all.
Oh I go out for that first yeah, we had 5.7 billion of on Prem to cloud migrations and kitchen.
Yeah, I'll grab the first part.
The yeah, we're seeing across all segments, all market and different ends up the spectrum in terms of segmentation as well as you know industry. So you know cloud is digital transformation for sure as it is a big driver, but you know with one of those things that.
I see is you know showing up in migration somebody just talked about and then net new business as well.
Got it and.
Chris I know what are the things that you talked about you know in terms of.
And your initiatives as Gio, losing was engaging potentially different users outside of traditional data integration. Each he also.
Perhaps even expanding some of the capability to get data quality and looking at.
Statute Gibson.
And just a placing in packaging just curious.
Have you been able to kind of engaged folks in the organization, yet and what do you said the on terms of potential changes to placing or packages.
Yes, it's a really good question I would say you know we are on in a evolution of the conversations that we're having you you can probably here even in just the and see in our messaging that we believe through the customers that we have into partners that we have the.
Expanded value, which is really the most important thing and that we're going to focus on above and beyond anything else, where can we add value to our customers in the outcomes, but they're trying to achieve and we see that there's a gap right now and there's some missing component that has to do with the the information being something to think.
Hand Trust is as we talk about Helling trust and the ability to have explain ability the ability for them to be able to to fix it but the ability for them to you don't really think about the in half of lacking of something beyond quality of data and what that means to a business.
This conversation is showing up not only in or products that our ability to happen you know conversation with multiple constituents the crop accompany.
We're really pleased with they're around with it right now it'll continue to evolve, but no matter, what we do with anything with pricing or packaging it'll always start with how do we provide the most value we possibly can impact the outcomes of our customers as it relates to data and that's what we'll still see eight ourselves with as.
It relates to making sure that we have long term sustainable growth in this business.
We really building customer business. This is about building you know customers for life.
Thank you bills.
Thank you so.
Thank you. We'll go ahead and take our next question from Jack Andrews with Needham. Please go ahead.
Good afternoon, and congratulations on the results.
Ask a little bit more on the cloud migration side of things. So it sounds like you outperformed on the metrics in the quarter and you're sticking with your initial $15 million God for the year, but could you just help us understand whats happening underneath the surface. This 15 million opportunity for 2020 religious.
Organically happening with your customer base in their behavior or are you considering your sales force to help it'll put push some customers want you look to club migration to this point.
Hey, Jack I'll take that one.
So you know.
As we walk into this year. We were we were really early in the migration conversation with our customers and over the last few quarters now its wasn't gotta much better degree of of visibility now to predict it out to help them along that journey. It absolutely requires a conversation or and I think our team.
Getting very sharp now and how to navigate this conversations with customers.
Oh, sorry, DOCSIS Christos earlier answer around value proposition migrations are all about demonstrating to the customer what the incremental value is with the cloud Bang out that password them of where our product road map is really going it encouraging them to shift grows promote a position of strength.
And so I think that you'll continue to see both our sales and support organizations involved in helping customers along that journey, but we'll get better at it will get faster at it it will be able to do it in a more automated way over time.
The number it was all in Q2 was incredibly strong and as I mentioned, there was a handful of customers on the larger sizes that moves a little faster than we do than initially anticipated. We're really pleased to see that that right. Now. We're we're having success in accounts of all SaaS or migrations.
I think that's a demonstration that this is really something that will be applicable to our entire premise based overtime, but I think that's a really important driver for our cloud over a over the next couple of years.
Great. Thanks for the color on that and then just one follow up question can I ask about how you're thinking about the prioritization of R&D between you know cloud, which seems to be as its CRE. So much in the future versus your existing on premise products are you speaking about releasing maybe cloud or lease features now.
As part of your future product releases that are essentially leading the way though.
He cloud it is our feature for sure. It you know everything that we see in the direction of not just you know where we're headed but all the you know the momentum that we've just expressed in this call already.
As a future spouse and so we're going to force or place our best there and it will be about making it as simple as possible for four or proposed to receive the value that you're just talking about died at all at all there a couple of specifics maybe.
If you I product capabilities are all entirely cloud based inventory as a is the product that we released just couple of most of it was are excited about that is entirely cooperation as well.
Really logistics issue, but last year and before have shifted all of our new R&D efforts towards kind of a cloud native approach.
So you'll continue to see US released new function capabilities that are that are really the zone, four and only old and the club.
Right. Thanks for taking my questions [noise].
How do we have no further questions at this time that does conclude today's question and answer session. We appreciate everyone's participation you may now disconnect your phone lines.
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