Q3 2020 Talend SA Earnings Call
Good day and welcome to the challenge third quarter 2000 <unk> earnings.
Earnings call today.
This conference is being recorded.
First time I would like to turn the conference over to you Tomorrow.
Please go ahead Sir.
[laughter].
Tomorrow.
<unk> Treasury and Investor Relations for Count I'm pleased to welcome you to colleagues third quarter fiscal year 2020 conference call.
With me on the call today, it's helping you could still be motz CFO like or.
During the course of today's presentation.
We will make forward looking statements within the meaning of the federal Securities laws.
Forward looking statements generally relate to future events or future financial or operating performance and involve known and unknown risks.
And I'm certain cues and other factors that may cause our actual results performance or achievements to differ materially from those contemplated by these forward looking statements.
Forward looking statements. In this presentation include but are not limited to statements related to our business and financial performance expectations and guidance for future periods.
Patients regarding our strategic product initiatives and related benefits.
Expectations regarding the market.
Our expectations and beliefs regarding these matters may not materialize and actual results in future periods are subject to risks and uncertainties.
Could cause actual results to differ materially from those projected.
These results include those set forth in the press release that we.
We issued earlier today as well as those more fully described in our filings with the Securities and Exchange Commission.
The forward looking statements in this presentation are based on information available to us.
As of the date hereof.
You should not rely on them as predictions of future events, and we disclaim any obligation to update any forward looking statements, except as required by law.
Please note that other than revenue or.
Otherwise specifically stated.
Financial measures to be discussed on this call will be on a non-GAAP basis.
The non-GAAP financial measures are not intended to be considered in isolation or.
The subject your well results prepared in accordance with GAAP.
We have provided reconciliations of these non-GAAP financial measures that are not.
Directly comparable GAAP financial measure in our press release.
How old customers that are referenced by name today do not endorse any thunder product or service.
And did not advise or update on selection or use of technology products services or vendors.
Let me now turn the call over the crystal be lot count Yep.
Thank you Dimare welcome to our Q3 2020 earnings call. We hope you are all facing well and we appreciate you joining today's call you.
We delivered another strong consecutive quarter fueled by the momentum of digital transformation close it continues to reinforce the importance for organizations of all sizes locations in the industry could you just type businesses and take control of their data usage.
Mystic celebrated the shift to cloud and the opportunity it provides.
I'm pleased to report there are grew to 269 million to the third quarter up 16% year over year on a constant currency basis.
Our success in Q3 was largely driven by the critical role we play in facilitating digital transformation through Talend data fabric and the continued execution of our strategic initiatives.
Well there are now stands at 88 million up 109% year over year on a constant currency basis.
Were thrilled to announce that we now have over 3250 plus customers.
Calvin continues to leverage a rich history and wealth of experience and data management and data quality at the foundation to extend our value proposition.
This leaves us uniquely positioned to identify game changing opportunities otherwise block in the chaos and associated with disorganized untrustworthy data.
He didn't trust in your data and knowing where your data is greenpeace inherent risks and leads to better decision. Those are the challenges that collyn just solving our extended value is evident in our customer expansion and I'm excited to announce that we acquired the largest new cloud win in our history, how many will be deployed across the organization and become a critical.
The driver of their digital transformation building.
Building in enabling a world class distribution organization is critical to maximizing the opportunity in front of us and we get there by continuing to strengthen and grow our go to market initiatives.
In Q3, our go to market teams continue to execute with predictability and strength and we remain focused on implementing our business operating at speed and scale.
Did the Costar market, it's critical to ensuring we built a strategic relationship and the first interaction we are realizing the value of our customers.
Open at least Blubbering fast meaningful and continued value for our customers are the underpinnings to Kuwait customers for life.
For the third consecutive quarter, we saw our strategic and it should show up in our results both in the increasing the velocity of deals year over year as well as the increasing for syndicated deals close in quarter compared to Q2.
We also ask that you didn't get better linearity and a healthy mix of new logos versus expansion, which further validates our confidence that our operations will continue to support our dynamic growth target.
Building on our customer first approach, it's cheap for long term sustainable growth for our customers as well as talent for this reason, we expanded Jamie I, just want to chief customer Officer, and Chief operating Officer Nick.
This is one for customer success opioids to include oversight and leadership over critical operational duty.
School reflects the principle that our customers are the heart and center of our strategy. The combined you shouldn't enable genie to leverage customer insights to infuse a customer first mentality through the organization meeting our customers, where they are to deliver optimal outcome.
Another exciting announcement, we recently welcomed industry veteran cushion that's come on to our leadership team as Chief Technology Officer. He is responsible for product strategy and the thought leadership at war with scaling the engineering organization to drive innovation and our market growth.
Given his prior responsibilities its long there was no one with more experience at the intersection of data and cloud been Krishna and for that reason, you're really happy to lead our engineering organization as we redefine the data market.
His skill set is particularly valuable as we continue to evolve our club business and introduce new products that help cowen position itself as a strategic business partner.
That's on the cloud offering superior Peter Governor and the industry First Trust score we have laid the foundation for Krishna to innovate at scale. He brings a differentiated customer perspective, which will be instrumental in helping tally penetrate new markets and drive.
I'd like to take this opportunity to welcome Krishna to the team I look forward to him sharing more at our upcoming Investor day on November 18th.
We are enthusiastic they have both genie in an expanded role and to have a point of course not to reflect our focus on serving our customers and executing on the opportunity in front of US you've got the right leadership team with the right experience to drive scale and efficiency as we laid the foundation for long term sustainable growth.
Dana trucks, how its core value proposition.
When tax incredible technology depth and market experience in data integration quality and governance.
Do you need to trust their data, which means they must be able to measure the health of the data and you have confidence each step of the way. These are data journey.
Whether in a single report a line of business or across the entire organization every individual and every company should have the ability can visually monitor and being real time health assessment other nothing valuable asset data.
The simple fact is because the vast majority of companies data trust is mostly likely according to a recent survey we conducted almost 70% of the operational data workers. Those that are dealing with copy data on a day to day basis don't have confidence in the organization's ability to deliver trusted data.
Their concerns are validated by market research, indicating that as much as how can the company do Ya I've been temporary issue.
We recently extended our capabilities fine either way, our customers and the industry picking a new level of confidence in managing their challenge, but palin transport.
This industry first approach allows customers to not only optimise business outcome, but also to mitigate the risk of making decisions or building operation based on faulty data.
We believe the transport will fundamentally change how people and the industry work with data and how companies run their businesses changing the land from an I.T. data validation data trucks that drive isn't this action and value.
Now, let me share some customer stories from the quarter.
Q3, maybe because we expanded glaxosmithkline between the Palin petsmart in 2017 leased.
We started our relationship by helping the company manage complex a p. integration.
Never vaccines business last year GSK embarked upon an on premise to cloud my data migration accelerate analytics and optimize across R&D marketing and finance GSK chose to expand its relationship with Cowen based on our unified approach, the pervasive data quality and governance and the ability to support our way.
Each of users.
Another exciting new logo win for us in Q3 is lets see I'd see one of the largest banking institution in North America. The IVC selected talend data fabric to implement a unique customer I D. It's customer hub for regulatory compliance and data governance.
If it's a customer that expanded into talend data fabric. This last quarter, if an insurance company for pet owners that serves a quarter of a million customers in North America.
The company's goal is to become purely digital company delivery pet insurance, New claims policy, all online and via mobile apps to their customers overtime after.
After evaluating been there's likely to be in the insurance company chose talend because of our unified data fabric approach and sophisticated data quality capability.
The company selected Cali through eight of U.S. marketplace, and will modernize legacy architecture with talent and snow flake to build a comprehensive 360 degree customer view.
A notable expansion win for US this last quarter was with a large global financial institution.
The company selected talent to support the global HR system modernization program.
We can good global my grade should have employee data from people saw systems to SPP successfactors working with Accenture, our customers what the talent because of our ability to manage complex integration project and our strong data quality capabilities.
No no because the new club logo for trial in last quarter. The American multinational manufacturer of branded consumer food feed data and analytics as a key growth driver for the business. The company will use state of the Mac like steel increased financial efficiencies as well as enhanced marketing efforts like living better insights that lead.
Keep the person likes to see more communication.
As evident by our customer wins from Q3, we continued to be a critical partner to our customers, enabling their digital transformation as well as continuing to extend our value and partnerships that create a new level of data confident standard by providing trusted data.
We continue to expand our market leadership in the industry I'm pleased to report that challenge was named a leader in the 2020 Gartner Magic quadrant for data integration tool for the fifth consecutive time.
This highlights our ability to meet our customers, where they are and talk to their most complex data challenges.
Showcasing the broad variety of customers and industries, we serve around the world last month, we announced our annual towers data Master Award winners, which honors. The most forward thinking customers. The list of innovative winners include on GE, a multinational electric utility.
The Western Union company and theories back then as well as government agencies, such as Singapore towards sport.
The award, but they did during the first leg of our Cowen connected World Tour, a virtual event for existing customers partners and prospects, which so far has attracted thousands of break it starts from around the globe.
Our ability to meet our customers, where they are and they're gave a journey is unique compelling and it's a critical part of our strategy to capture market share customers data challenges are inherently hybrid and multi cloud and we believe this approach will continue to separate talent in the market.
I'm going to need a fabric extends the value of data integration integrity, and governance, which enables our customers to scale and maximize our platform capabilities.
Over the last three quarters, we've made tremendous progress on the key areas of focus that I laid out at the beginning of the year, we're making great strides there will be a world class field marketing and global customer service organization.
We are laying the foundation for accelerated growth in steel and lastly, we expanded our leadership position in the industry.
I will conclude by reiterating my conviction about the war Palin played around trust and clarity we understand the critical need for data and are committed to providing trusted data and enabling optimal business outcomes. We are changing the way the world uses data and I look forward to sharing more about this with you during our.
Mr. event next week and with that I will turn the call over to Adam.
Thanks, Kosta and good afternoon, everyone.
Our solid execution in Q3 will be driven by our continued cloud momentum and focus on strategic priorities.
Well walk you through the details for the quarter and then provide our outlook for the remainder of 2020.
We're pleased to announce that we ended the quarter with Cloudier or 88 million.
It was only 113% year over year gross or 109% on a constant currency basis.
We saw healthy balance of expansions and new logos in Q3 and are excited to report that we now have over 3250 cloud customers.
God migration contributed 2.3 million in Q3.
It was in line with expectations year to date, which reflects the handful of larger migration in Q2 that came in ahead of schedule.
Oh Boy all grew to 269 million at the end of Q3.
23% year over year or 16% on a constant currency basis.
Total revenue for the third quarter was 73.7 million up 16% year over year.
Subscription revenues for the third quarter was 66 million up 20% year over year, 18% on a constant currency basis.
We continue to have success with larger scale deals to enterprise customers, particularly with quell.
As Christian mentioned, we closed our largest ever new cloud deal in Q3.
We ended the quarter with 642 customers 100000 or more.
Oh, So 614 at the end of Q2 these customers represent 67% of our total Errol.
Our dollar based net expansion rate for the period was 100 and starting to show in constant currency. This reflects the pressure on donor cells. We have referenced over the course of the year due to covert.
Oh, the spending environment stabilizes social overall dollar based net expansion rate.
<unk> expenses were made about the overall leverage.
Professional services revenue was 6.7 million only 9% of total revenues for the quarter.
This is consistent with our continued shift towards cloud sales, which generally requires you actually professional services.
Before moving to profit and loss items, I'll point out that unless otherwise specified all expenses and profitability metrics discussed today are on a non-GAAP basis for.
The full reconciliation of GAAP and non-GAAP results can be found in our earnings press release issued today, which is posted in the Investor relations portion of our website.
For the third quarter total gross margin was 80%.
Subscription gross margin was 86%.
We expect a modest impact to subscription gross margin as we continue scaling our cloud operations.
Professional services gross margin was 18% this quarter benefiting from our focus on balancing resources and customer engagements globally.
We incurred an operating loss for the quarter of 4.2 million were shipped to show revenue.
We outperformed our guidance due to strong topline performance at another quarter prudent expense management.
Operating loss also benefit from currency tailwind as expenses are slightly more weighted towards dollars dental revenues.
Free cash flow for the quarter was negative 13.2 million cash and cash equivalents ended at 151 million as of September Thirtyth.
As I noted on our last earnings call Q2, and Q3 will account for most of the expected cash burn this year.
We continue to operate in uncertain business environment, we will carefully balance the trade off between managing expenses and investing to support growth initiatives.
Shifting to our Q feel is full year outlook or guidance. It shows current business conditions and foreign exchange rates as of October 31st 2020.
The fourth quarter of 2012 total.
Total revenue is expected to be in the range of 74.2 million to 75.2 million.
Non-GAAP loss from operations is expected to be in the range of 9.5 million to 8.5 million.
Non-GAAP net loss is expected to be in the range of 10.2 million to 9.2 million.
Non-GAAP net loss per share is expected to be in the range of 32 cents to 20 learning trends is.
This is based on a basic and diluted weighted average share count of 31.9 million shares.
Well, that's why Twentytwenty total revenue is now expected to be in a range of 282.8 million to 283.8 million.
Oh, Yes wash wall version is expected to be in the range of 24.4 million to $23.4 million.
Non-GAAP net loss is expected to be in the range of 26.8 million to 25.8 million.
Non-GAAP net loss per share is expected to be in the range of 85 cents to 82 cents. This is based on a basic and diluted weighted average share count of 31.5 million shares.
Where cash flow is now expected to be in the range of negative 36 million to negative 32 million.
Oh, there or was shown in this quarter, we made tremendous progress towards our target of 100 million in cloud EHR or by the end of Q4, despite the impact of Cosan <unk> business. Our target is within reach we can change a lot or the current political economic and public health and Barton, including the recent reentry of walk down.
New York in a rising number could be cases in the United States.
Our strong results underscore important businesses are placing on actual trusted data.
Our cloud strategy and investments are the foundation for delivering long term profitable growth.
Krishna in JV have quickly stepped into their new roles as we continue to execute a call strategy in evolution I'm excited about the immediate impact they both have it on the organization and the immense opportunity ahead of us.
Lastly, as Christopher mentioned, we will be hosting a virtual investor day on November 18 to divide it indefinitely or strategy and longer term outlook. We look forward to sharing vision. If you will that we will open the call to questions operator.
If you would like to ask a question. Please.
Star one on your telephone keypad.
Speaker phone please make sure.
And it's turned off.
Right.
Again star one to ask a question.
Our first question from those on Sir.
Hey, everybody Jerome taking the question, though most jobs that you brought some of the large cloud was I just wanted to touch on something because you mentioned, which was the June to the deals closing faster sort of pace of improving.
I'd love to understand sort of you know what's driving that.
And you make because until the bar, so I won't do that because the BARDA contract.
Sales and marketing.
Well you towards the goals you want to get too given all the changes you've been making a situation. Since you saw the tall luxury to get a sense of what's relevant to quality.
So it's more than just doing a quick follow up.
Yeah, you bet and a good afternoon.
I would say that not just to directly hit it had the biggest impact that we've seen has been to work that and crystal and the team have done to just put a prescriptive lens on and making sure that the quality of the work that we're doing on the you know the in quarter deals that we're working quite frankly has become much tighter and.
And laying the foundation for the fine tuning that we're doing in the field and making sure that we're pulling through deals in the quarter as well as working on you know as I said the right quality in the end the right types of deals that we know can pull through right. Now so it's really the basic blocking and tackling that we've needed to do to really lay that foundation.
And it's it's tracking its trending very much different build you don't see those things immediately that have the big impact if it's a compound effect over time, but it's tracking exactly where I would expect it to be.
Okay, Great and then just go in depth in the past and we pulled out well be the government's troughs privacy compliance, it's pretty attractive opportunity.
Makes sense right what used to be a and GPR side of getting up you mentioned you're seeing it live.
Data governance will then football that's really the strategy you must have a captive breeding shut ins.
Yeah, you bet I. This is something we're going to spend a fair amount of time on at the Investor Day on November 18th It's something we're really excited about it's top of mind for a lot of people in terms of not just you know digital transformation for sure is at the heart of everything Thats driving a lot of momentum, but on the other side of that making sure that there is.
I'd be on quality, a level of quantifiable unexplainable trust or confidence and it's something that we continue to really double down on as what we see is the most strategic part of what we do for our customers in the future. So Ah you heard that Kristina has joined US. This is a a big focus for Christian and our team as we can.
You need to develop out those opportunities for the future.
Well, it's really helpful. Thank you guys nice job Yep. Thank you excellent.
Well take our next question from Jack Andrews with me.
[laughter].
Hi, good afternoon, Thanks for taking my question.
I guess I was wondering how.
How should we be thinking about cloud migrations moving forward given I think out and you mentioned there was 2.3 million contribution from that in this particular quarter is that something that you're actively you know seeking to facilitate or is this happening more just organically within your customer base and I guess the second part of the question would be.
Can you remind us is there a potential uplift opportunity as customers migrate from on Prem to cloud in terms of just they are.
Hey, Jack is out of your own I'll I'll start so.
We're really pleased at the progress year to date.
You know we had mentioned last quarter that there was a handful of bigger deals that pulled for a little bit faster and so overall, where we're tracking through September we're very comfortable with relative to our original target.
And you know this is a this is an area where it really it's about creating the conversation with the customer versus creating a push or a cool ER.
In terms of their motivations that we wants to to really be in a discussion with them around their broader cloud strategy and how a migration of talent will fit into that.
And so you know this is a balance we've had through the year and making sure. We're dedicating the right amount of energy and resources to facilitating those conversations relative to just bringing in new business.
And so from that perspective, we're really going to defer to our customers on their pacing, but what's most important is that were there and having that conversation with engaging with them literally so there were helping guide them through strategically and when we do that well Jack there isn't an upsell opportunity I wouldn't say that based on the amount we've done year to date.
As a consistent enough trend to call exactly what that expansion opportunity is but we have seen in a number of migrations that we've done that customers will choose to expand when and if your club.
Got it no first for the color around that's pretty just squeeze one more in are there any lessons learned from from this large cloud deal is there could be you know maybe applicable to other opportunities that you have in your pipeline.
Yeah, I'll take that one I think it just underscores the strategic nature of our partnership with our customers as we talked about the fact that there were already a customer you know we are you know where were seeing that there's an opportunity to really double down on the trust and confidence factor and it's something that we.
He see will continue in terms of the strategic nature of how we really add value I think you'll start to hear more and more of the larger enterprise types of opportunities versus maybe up a one off project. So to speak so with the underpinnings of how it goes across an entire organization in that form of confidence that we will deliver in.
The challenge for us.
No I don't I actually I think GSK is a great example of.
A a land and expand motion right demonstrated to be able to prove value and then grow from there across different departments for a broader set of use cases, and frankly, just a more strategic positioning and overall infrastructure and that's another one where we were successful in going to market with partners and so I think that's another indicator that you know.
Showing up and solving and overall business challenge for a problem for a customer is a is a far faster path.
To those large enterprise deals that we want to win win more of a and that's a motion that we're going to look to replicate mixture.
Got it appreciate the detail around that thank you.
Well take our next question.
Tyler Radke.
Hey, Thanks, Good afternoon, I wanted to ask you a little bit about the cloud deal that you reference a.
I think he said of who your largest cloud do you see him I'm just curious if that was the conversion of its it drove the large deal value. If this was kind of net new net.
Net new use case, and I think if I recall correctly last quarter, you did reference a seven figure conversion for I would assume that this one larger than that but maybe just give us a sense for the deal and a little bit more detail. Another was a conversion or not thank you.
Hey, Tyler it was a new deal. So this is the largest new deal in the cloud we've we've worn.
Okay. So this is a situation where was it was an existing customer and it was a more a wall to wall expansion with them, but you did not have a migration component to it.
Got it was it was a seven figures.
Yes.
But.
Got it and then I wanted to ask you on him about the.
Dollar based net expansion rate, which.
Drilling down a few points relative to Q2 and I think the way you guys define it is a a revenue base metrics with a little bit backwards looking but just curious.
As you look out which you know you seems like a strong air our and bookings quarter do you think we've kind of hit the trough a in that level, obviously, it kind of depends on the macro environment. The what's your kind of your confidence level that this is the low point.
Yeah. Good question, so Oh, we want into the beginning of the year and remind everybody that we did expect this number to come down a point or two in any given quarter as we shift more and more business to the cloud that revenue based metric just has a little bit of a structural headwind to it and so.
Any deviation from that kind of one to point to point trend in a quarter signals over underperformance and so I think we've been very upfront and transparent around just at an elevated level of down sells through the course of this year and those are finally, starting to show up in the numbers and so you know it's a it's a little bit elevated from what we.
Really expected, we don't think its materially higher and you could see some of that impact continue into Q4 and really.
Wall instability is going to be I think totally dependent and wrapped up and just when the overall spending environment stability starts to come through and were kind of past the headwind of Covance. So we're not ready to call that quite yet.
I see how helpful color if I could just a quick follow up to that I mean, it seems like you are seeing pretty good net adds at least on the on the cloud I think you had you know roughly 450 net adds versus 300 last quarter, what's called an immediate.
Talk about just higher velocity as well so I guess do you feel like we're at a point, where the new business and some of the initiatives that you know some of the new go to market leaders, who put in like do you feel like we're at a point, where those new initiatives can kind of offset the headwinds from me.
Down sell perspective in terms of driving new customers.
Yes, it's a good question I mean, this whole year the.
The investment pieces has been put in place the foundation the structure the processes mechanisms to to really be able to reaccelerate growth and part of that being expand with a with existing customers more and look I think I think a lot of the positive deal mechanics signals that the crystal walk through that we've talked to.
About our evidence is that starting to show up. So we're we're enthusiastic about next year, obviously, a lot depends on coated hate to have that is as a little bit of an overhang of the conversation.
But you know we're confident that once some of that alleviates or there should be stability and that never tension number and we think it's the right Foundation and then kind of set up for a pretty exciting 2021.
Thanks, so much.
Thank you.
Our next question comes from Chris.
Goldman Sachs.
Great. Thanks, very much for taking my question I just wanted to ask about the ability to grow users within the customer base. How are you thinking about that opportunity specifically or will you see more opportunity to grow the footprint within the customer through other means to try to think about the name.
<unk> for for extension within the base on on a go forward basis. Thanks.
Hi, I'll take that one first good afternoon, I would say, there's a couple of different ways to look at it first of all we have a tremendous opportunity to expand our existing footprint within our customer base and we look at that in terms of some of the things. We just talked about more of the not just the digital transformation.
But more at the enterprise wide on both the users that are that are interested in making sure that they have access to a trusted data, but also on the number of you know expansions across the enterprise that has a need to make sure that data is running through an accessible and facility.
In such a way that it's not just a one off so we see it we see a big opportunity there with the focus to just shift the conversation from a single project to more of an enterprise wide type of engagement.
Also see this as an opportunity to look at how we engage with customers on the front end from the very beginning when we think about what the opportunity is to move from.
Just a moment in time I see your operations discussion to more of an executive discussion that we've been focusing a lot on in terms of how we provide strategic alignment to our customers that really facilitates driving business outcomes for those companies that we work with so I'd say in our existing customer base.
It's a big opportunity for expansion and then the new customers that will be looking at how we bring in the door well be starting with the lens of how do we really help the entire enterprise and how are your business on Cowen in it in a way that are different than the way that we have seen in the past.
Okay very helpful. Thanks, so much.
Thank you.
Well take our next question from.
Cost of JP Morgan.
Hi, Good afternoon. This is Mac awesome.
Thank you.
It seems like growth in headcount, so it's accelerating year over year past several quarters can.
Can you just try to kind of where this is happening in the organization and this is the fish catch up some perhaps problems hiring.
Good.
Sure.
Hey, Matt good to hear from you.
I'll start so you know we we it's coupled with the investment thesis we had to the year a big part of that was bringing in.
Some additional members to bolster the team a it has been pretty broad based I mean, there definitely have been a a probably a little bit higher concentration around go to market functions.
But I think we did a pretty good about in Q1, and maybe you know.
I think frankly, there's probably some pause in even Canada interest for a little bit of a period there during cold winter, but I wouldn't call. It like an intentional acceleration right now relative to the middle of the year or so we're feeling really good about the people that we're bringing in a big part of the strategy. This year was to make sure you have the right team on the field.
Going into 21, and I think that we're we're feeling very confident about that.
Okay. Thank you and then.
If you provide an update on what long term subscription gross margin looks like.
Seems like it was last night.
Your remarks, Murray our own long term role this long term target.
Yeah. In fact, I think we've we've called out in the last couple of quarters that there will be a little bit of a headwind to subscription gross margin as we just see cloud get to be a bigger and bigger mix. Obviously has not had that much of an impact.
But I would say probably stabilize in the mid eightys and so it could come down a bit more from right here and we'll talk about that a little bit more in detail at the Investor Day next week.
Great. Thank you.
Well take our next question.
Right.
Hey, congrats on the strong quarter, guys, So guess what stuff smells like public now.
They've been talking quite a bit about automated medication management, you know where users don't know some passive cooling propagate EPS for structured and unstructured data you know I was hoping.
Walk through how much of that those reality worsens, that's not part of democracy still fairly limited or no amount of data sources that they could right now.
Yeah, if we get here for me.
I'll start and so can chime in I think that.
We've been really pleased with the partnership that we've got a with snowflake on the go to market side both on.
Larger enterprise transactions as well as the higher volume higher velocity and of our business.
I think that that that traction market has just continued and you know by and large we think there's a very strong value proposition compelling warn that using talend as the platform for for data quality and cleansing.
In conjunction with the shows like environment actually makes lot of sense for a lot of customers and so you know I'll go back to remind everybody kind of key principle and premise of our business is it's one of the abstract away some of that manual complexity and that has been the value prop for a long time, whether you do that on the way into the data where.
The house or whether you do it in the data warehouse. It we're actually very agnostic to that and so for us the that that abstraction layer that we provide and that consistency that we provide for customers across broader deployments of snowflake or other cloud data warehouses.
It's pretty compelling and you know, we haven't seen that really shift or change.
Over the last couple of quarters, and certainly not just since their IPO.
Yeah, and the only thing I would add to that is you know I I see the relationship with snowflake continuing to evolve its a strategic partnership as I've said, we have a a value proposition that I think is unique to talons relative to our focus on quality and now extension of quality to trusted data and I.
I think that's going to be a heightened area of focus for for the entire ecosystem and looking at how we combine quite frankly with the likes of snow flake to create a unique value proposition in the future for our joint customers. It's really it's really work well, we'll put our focus and so I think there's there's a strong.
Alignment and you know each provide a value that we think it's really important to the eco system that combines even even more so.
But and no if my math is right.
Bookings accelerated this quarter to 20% I was hoping you could kind of walk through or lose all the moving parts no, but what's the large customer.
Did that impact bookings quite a bit or is just kind of the norm in terms of coverage that we should be thinking about going forward.
Thank you.
Sure So [noise].
We'll we'll avoid any kind of a real detail on 2021 at this stage, we want to provide guidance I'm. The same way, we always do in our Q4 call in February we will provide a little bit of context for just kind of an intermediate financial framework at the analyst day or Investor Day next week, so to them for that for sure.
You know that there's definitely some moving parts FX did benefit us a bit this quarter or whatever we call that out with some of the constant currency.
Numbers.
Our PEO is up well quarter over quarter. Some of that is just our ability to win multiyear deals even if they're not billed upfront.
And you know just in general I think pretty we're just we've been pleased with the progress that we had this quarter.
And the outcome relative to kind of our base case going into it was you know it exceed what we expected. So I think that's as much as what kind of comment on it for now but next week at our Investor Day, we'll give a little bit more detail of how we think about the the curve or the shape of growth next year.
Thank you.
No further questions at this time.
Conclude today's call. Thank you for your participation you may now disconnect.
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