TLND - Earnings call transcript Q2 2020

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Operator

Good day and welcome to Talend Second Quarter 2020 Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Lauren Sloane. Please go ahead ma'am.

Lauren Sloane

Thank you. Investor Talend. Sloane, Lauren is Relations for This I'm fiscal year welcome you second quarter to Talend XXXX pleased to conference call. With Meister. today and me is Talend CEO, call on Christal CFO, Adam the Bemont

executives During of the of securities the federal forward-looking today's our meaning course laws. statements will presentation, with make

those statements to results, that factors from or statements. differ may our actual future Forward-looking or forward-looking future performance achievements operating materially other and generally uncertainties, by known involve and relate performance to and and events these financial contemplated unknown risks, cause

expectations Forward-looking statements our limited including market, expectations our financial in strategic benefits, this but the that of periods, are impact our and and regarding expectations presentation business are pandemic. to, not include initiative in and performance future related product to the statements for COVID-XX our guidance related the and and

those to that as today, expectations materialize in not cause Exchange subject The risks matters presentation available information and statements and were earlier uncertainties on periods, forth projected. in those in the set actual results materially these beliefs could are Our in future These described risks to with to differ may based that fully include from Securities those the as are issued regarding date Commission. forward-looking our well as us results and of this release the in press filings more hereof. actual

any considered isolation with in The non-GAAP results obligation for be Please will any this revenue rely or intended as law. events basis. stated, otherwise in to than the update them predictions we not accordance to on financial or to disclaim non-GAAP should financial substitute statements future not on required measures other be You a except call of discussed measures GAAP. forward-looking in are note, be by as specifically and prepared on

vendor, name today products, service We that the endorse CEO. our and do in not advise direct call by provided Talend are let GAAP do press customers of release. on these technologies or to any Talend's non-GAAP measures services, any With most Christal the product that, reconciliation company use financial financial Bemont, referenced a to of have turn or vendors. comparable measures over selection or not me

Christal Bemont

QX all Welcome unprecedented and our well. call. team We you, hope only fifth you, times. working of adapted Thank excelled XXXX remotely, now our like and many grateful Lauren. so earnings in to safe I'm month you're in and We, are of these for they've how but not our

caused to We are uncertainty despite COVID-XX. ongoing pleased report the by strong results

is our the this have especially in meet to the Talend delivery that data, continue transformation that our digital reinstrument work feeling move transformation confidence. challenges. decisions to Talend cloud. to trusted with with key customers effectively business market their have a provides Many been customers to a meaningful has and of data as closely We solutions resulted digital to time real-time make facilitate transformation. and in enabling turn business initiative during critical

out last quarter on providing laid strategic Let key quarter. through walk some for the me before priorities of an highlights update the the we you

have total benefits let in customers, cloud. ended We by a stands $XX.X we constant now $XX currency over our a cloud at quarter XXXX me success up take the moment a and further driven basis. drill strategic $XXX.X Our basis. And million, the XXX% ongoing cloud was ARR constant XX% with up now We of million. total early derived in on QX Cloud million engine revenue growth which achieved our initiatives. in was to currency from on ARR, on

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of will in on the of efficiencies improvement and that our world-class go-to this strategy of discussed organization It key one year the on growth we began long-term to go-to-market asset. the deliver source to market and cloud support current Our a on-premise last our business is continue well to go-to-market work effectiveness is a of enhance and call represents to focused business deliver strategy, customers, my we our value indicative our as customers future remains an revenue, important key priorities. stability sustainable our as team. building of I the Earlier as and the

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strategy. by growth. on look Cloud present of we our the relentless focus to we commitment And expect with all create achieve in have beginning provides significant long-term year. the pleased which cloud, to sustainable the customers, half cloud strategy end cloud of to are year to accomplished. We the more we believe As pre-COVID second the see in provided now, opportunity and our we continued proud firmly to to I value $XXX momentum we am future, our our opportunity target than in to we initiatives, strategic year, our of ever. reintroduce ARR believe the million at the and cloud of best Talend what of Talend to we is the Talend our validation along will continue With the this of

on just of hit our strategy, performance market, scratches future. I have the number the this points While of in only cloud Talend's exciting surface go-to regarding

discuss, we Day in employees, And I'll turn each over able November, thanking will call an during I'll that, will depth. more the which explore Adam Adam. As by Investor with topics will to of hold partners. our these in conclude customers, and be to

Adam Meister

strong on for constant And representing results solid our headwinds. logos, the from environment. the with for update driven for the thanks growth ARR The XXXX. to new with walk We're $XX quarter echo over I'll through the our growth. at QX of employees of end faster year-over-year now our customers of quarter. cloud remainder of the details was of at XXX% $X.X quickly record than customers a in quarter. expansion benefited appreciation addition We this the face in of to million a by customers. ended QX anticipated. pleased outlook year-on-year, end performance and on I'll COVID Christal's XXX revenues moving XX% sequential grew million, million $XXX.X was above Total the Migrations and delivered to over cloud the the premise the year-over-year XX% We $XX.X currency an and $XX.X cloud high adapted in the how net you basis. have of in and guidance for provide million million they at was our million migration ARR QX the have second Total on few for end for currency existing X,XXX $XX.X year-over-year XX% currency large of to constant at quarter revenue constant second QX Subscription up We XX% basis. range. quarter

to ended or with at customers the continue These represent with enterprise We more QX. XX% success see ARR as XXX We end deals of of larger customers. of to quarter the of ARR. customers XXX,XXX

a precision that business of of instilling As in volume to emphasis early with indicator solid we greater the saw business and Christal due performance up cycles. velocity outgoing both also a our mentioned, on market shortening deal The bookings quarter-over-quarter driving in ends significantly in is is positive motion. success the [indiscernible]

pleasing particularly Our considering the results at environment. current headwind were

new As travel, We've an half in remains did enter a second us year. this response generation we going focus into in in deal and expected particularly demand the quarter, adapted we the generation quarter, see and energy. impact when overall for the we retail, our demand of and strategy the

renewals believe our production expansions that We and may slightly retention averages, We with the appropriately efficiency conservative affect on we Also planning continue QX. will macro better downtime year pressure to QX well. our and as for current below on on long-term put rates. than going but environment; into expectation this

dollar XX, rate our expansion the quarter million services is in Professional as based and remotely. deliver ended adapted to the above in XXX% constant $X.X For quickly net revenue June was team expectations currency. services was quarter. second our implementations the This

non-GAAP Before out I expense will of be website. that going results. in Relations can posted to Investor our profit loss results unless reconciliation on press between forward issued profitability move are non-GAAP all which found full and today, point specified, is discussing I otherwise our and portion to the would earnings items, GAAP I release metrics, and be like A

and at the gross margin quarter, XX%. XX% total second For remained gross was subscription margin

in the cash cash XXXX. margin flow guidance. the the million services as the of $XXX line as Free our million scaling benefited expense of subscription our XX% ended management incurred for negative or cloud quarter million. Stronger and million impact We quarter. and careful equivalents to modest second continue Professional operating $XX.X $X we of loss XX% versus this operating of XX, June gross gross operating XX% an loss operations. performance was an XXXX. Cash quarter a expect at for through was loss of margin quarter We $X.X compared quarter top or

our I cash QX be expected in QX free of will noted in earnings most during assuming the flow, conditions last trough call, the continue. and will this year. As for current QX account cash business

performance quarter. with pleased are We our this

However, we continue to operate in uncertain an environment.

remainder COVID to continue inform We pipeline the generation, spending will and through across year. of cycles, closely monitor our the leading do We indicators IT renewals expect to deal forecast. our receivables pressure

to business believe our and the We opportunity scale our grow is an market in but are continue managing we of the environment, expenses efficiency. to where light current in there invest share we'll

outlook rates XX, XXXX. assumes current business as factors, these of exchange for reflects foreign QX, conditions Our and July

the of to loss the $XX.X of is total is to of be be For is weighted million shares. to net XXXX on is net of This loss operations quarter per in XX.X basic range of the $XX.X the diluted from loss Non-GAAP $XX.X $XX.X third million range to be to share to to a in million million. range be and Non-GAAP is $XX.X based million. average $X.XX expected of count Non-GAAP share $XX.X to $X.XX cents. in million. expected range revenue expected the expected million in

full visibility loss be of be to million are and of the diluted share be to expected is million. based last on in share range average the $X.XX $XX over per of $XXX.X million greater in operations of of loss pleased range $XX weighted reinstate This is Non-GAAP $XXX.X net Non-GAAP basic Non-GAAP count the XX.X to $X.XX. also in to line is million. Total the loss the of the to million. a million quarter, $XX be from to to range we is flow year to million revenue million cash net With our to $XX in our expected QX Free now range gained negative top to range be narrowing guidance prior we guidance. expected to the expected $XX is performance. shares. and reflecting in negative our is $XX expected strong million

ARR million, to in new are reaching approximately ARR of of year of also to again, will our guidance offset guidance re-committing We $XX rate come We from the that XXXX. $XXX in quarterly migration. million year our cloud end We'll million net $X by believe COVID. cloud the with by progress move for FX report our headwind Fiscal. recent associated approximately The positively impacts continue full

our that has is see COVID guidance impact Though from and FY original reinstated business can which You our our modest well. cloud guidance. XX results, our above the perform to very to continues been

in a every we've and Day financial and believe momentum As the the in Christal XX our Investor future targets critical to at the a forward outlook business front implemented strategy operational longer-term our we virtual vision a business. decisions. underscores of overall We over our cloud the business the will our provide changes data the look We to go-to-market review you. first validates time opportunity of strategy, of on macroeconomic for There's mentioned, Talend of initiatives, on center place continued importance half be sharing cloud massive for hosting year. November product ongoing deep with in the trusted uncertainty our and real the

sustainable invest opportunity. operator. we this growth Talend. truly call our Continuing sized cloud go-to-market to is the a we'll for believe open responsibly share to continue of strategy in that, to our innovation, drive questions, With initiatives, will long-term product and drive our what to will the operations capture We

Operator

first Bhavan Thank we'll Please and go go you. that, Sorry Blair. ahead. ahead from Suri Instructions] William and with take about question our [Operator

Bhavan Suri

you first And of It's got pretty build you just early question and how question to North as guess Christal, going a can initiatives more do are, that about what think cloud turn that to the job can about I so my the get or do, that's well, you of is the with that? ARR great maybe your I governance is as this data. there see. think XX% haven't about jump, the for accelerate talked the then vis-a-vis you think could obviously be? XX% you just that to nice you especially trending ARR. Are coming some you significant expectations? America taking Almost the year, things about to maybe ability we knobs here and that's And versus I've for Thanks more and more there, in. go-to-market And thought revs a quick would where and exactly it or EMEA you got follow-up. is color still trust drive

Christal Bemont

from say with the that times, so what we first while and account very COVID the of did amazing Well, quarter navigation an it's knew navigated with initiatives well. amazing I'd our the with and strategic job an uncertain team

will we throughout continue question, to improvements see we're into your it we'll to rest as see year year and of to Specifically, we're going to continue and this next early XXXX the continue that compounded well.

categories in think to see many even of just that up I So start stronger. show I that you'll the talked about,

about And more our there we there. Day, see bit really and how we'll you at we can frame for lay think a into are turn talked XXXX little go so Investor out knobs XX more we detail in I the and the strategy, that in to which certainly November

Bhavan Suri

around dollars, to to incremental those some to deals the Snowflake and how but And the Adam, announcement, general not in it. then in from Snowflake about think something for should about should partners, that Thank partnership can maybe add numbers, terms respect then or to And think partnership if in you just with partnerships you. competition your partnership. of contribution drive their similar growth? I we we growth now guess, Got given number lines. put the how and of drive maybe the or in you on a

Christal Bemont

take have to that we ecosystem important partners massively that in The are our I'll one. Yes. us.

really as partners critical it know, I we it see you all part think of we grow. customers our and XXX to it's to every material We play it's important would do, as going quarter, Snowflake continue continue and with of a see role will joint future. well the And a to have that and into

Bhavan Suri

taking for Got you and questions it. thanks, guys. Thank my

Christal Bemont

Thank you.

Operator

you. Thank ahead Go Andy.

Barclays. from Our next Please with ahead. question go Lenschow Raimo

Raimo Lenschow

Hey, me quick from Congrats questions. you. thank as Two well.

to the initiative? like the force towards being you've since what's so Christal, progress you first was sales just move the main more solution selling rather product-driven far kind seen to that organization So of than started change

Christal Bemont

seeing interests the deal are doing. work progress we of great that of from a Hello,

I think it's a things. of combination few a

about, seek So and really coupled it's the marketing we're sales expand to not working that closely only first the our to role and the our an show to home. with will we that how that think evolution play of to and is our and and see beyond it's governance oversight we that that fees drive you play cycles. Score I the strategy the in our will the to in the role the customers' demonstrate for outcomes in think we and and that that that of delivery of up the just and to but but bringing conversations field from the that ability messaging opportunity data, that really is messaging so not The data goes being in value integration where market Talend show just and Trust bringing really really us up that then

is that that referring not it's land. also only moment a just to but starting about that think I are messaging it's we to you're execution So ago the talking really that

Raimo Lenschow

Yes.

and the lock-ins, precise saw then, quarter kind other hence the more understanding first of or private perfect. last cloud you there? dynamic in being of like to also your it's actually terms and are helpful. there be month together for how Okay, uptick seeing so What of cloud balance competitive and ahead we competitors. what are little the to this customers tracking usage, cloud we cloud Stitch like time That's bit the Stitch of kind And a message like and in

Christal Bemont

some things Stitch been you in is, more one up other excited I off critical. it's expand now the you QX and I'm opportunity and right massive I way, is cases. have that really a amazing nice set couldn't with for in of to we walked that know, the Raimo about opportunity thought really the so It door was we're when I really was and in and land us in driven how frictionless it in agree Stitch. has just the cases,

And only cases us we're us of to strong value so of really market. that started I really multiple serve in It's ends allows our what getting something the part and news big potential really proposition is. for future the a multiple it's that think with a

Raimo Lenschow

full-year at Thank kind second for perfect. half of last there the that are run might some of be but the durable the at and would rate other and like happening kind second offset one factors thinking just of be number terms then like guided slow need down half is if or an your of etcetera; in really, Okay, momentum? number you. Adam, anything QX Then, of the we number to something year, there kind there? not question, in looking renewals look you then give of to my and that to that the of overall cloud on underlying is factors I'm you you kind would just cloud one

Adam Meister

Raimo. thanks Yes,

super mentioned reiterate, tremendous faster actually the million than very customers we're on the handful to continued. The pleased the we It's been moving of an see cloud. to strong, even $XX towards also progress So in selection it's number, very, been migration year. have of for momentum comments, the they just that goal my with as the prepared I anticipated

we're to of in an to we headwind. into we're to relatively as be the we're all back And to want being as outsize that's to impact has of piece in half prudent immune that business year, and really excited we go the really nothing cylinders. it so, indicating overall, so on there's business COVID been that but the business you'd in course, seeing the see expect cloud the about cloud of thinking planning, of fire terms how continue

Raimo Lenschow

Well Congratulations. done. Perfect.

Operator

ahead We'll and go question from take our next go Please Tyler Citi. ahead. with Radke

Tyler Radke

afternoon, the Good couple a wanted ask to cloud. of questions Adam and I Thanks. Christal. on you

cases, you used of of it curious the just the you're sorry Snowflake, terms impact and from I'm I'm ARR? Adam, cloud missed I seeing of to mainly on-premise did Redshift, strongest Databricks, if quantify So where kind in is then it demand conversions

Adam Meister

had I'll of that part first. take from the on $X.X we migrations million in Yes, last QX. cloud

Christal Bemont

Yes, all We're in all ends of different markets, I'll address at of the it segmentation industries. across terms seeing part. first spectrum as well the as segments,

transformation But new is the is cloud think sure of net So, that driver. one we things business about talked that is for big digital and as migrations the just showing then I a up well. it's

Tyler Radke

changes that one talked initiatives things of perhaps data your organization some Got or of outside your and with potentially different expanding I in are we the data you and been looking capabilities it. engaging as you to And in different about and integration, of of able to ETL at or of terms I'm folks curious, you of think kind users packaging? have in even quality, engage terms yet? what pricing pricing the know of folks Christal, traditional packaging. changes I'm potential just different to potentially And CEO do

Christal Bemont

the good a we question. say would having. of in I are conversations that we're on, it's really Yes, evolution

which we and thing to customers really ability see beyond is value that that and now You that see that that that we the the to on right missing they're trust trying information have, explainability, the can add to they believe customers can means achieve to talked probably the fix there hear the Where above impact business. of that really in the to Talend a messaging going and outcomes we're the them think component with about to value something beyond we else. what focus has can that is even ability the through important lacking anything the in do have, there's for for in we our gap ability it. we just and to to be them expanded to most partners about trust be that our and as being a quality data But and of we something have the able a

multiple up our across to company. showing So our this but in only conversation with a have ability conversation is not constituents product a

But sustainable And a do outcomes to always business sure the of that evolve. associate will we can impact we it matter as we with we no This have it right ourselves start long-term how It relates anything really to will customers it for is most So, building that's pricing packaging, we're as or we provide in at customers growth with where that what life. we data. making possibly we're with about the but really our business. build what to now. this value it with pleased do continue relates with customer with to

Tyler Radke

Thank you, both.

Christal Bemont

Thank you.

Operator

go go ahead. We'll our and next from Please Andrews Jack ahead take you. Needham. with question Thank

Jack Andrews

migration the Good a I on more bit want of things. afternoon congratulations on to the side ask and cloud little results.

point? for underneath So understand on it year, what's cloud $XX happening are us this your $XX sales you're guide really customers just initial organically your sounds or push to like with help but behavior inserting Is million million and opportunity migration this the happening with sticking you their metric surface? the that quarter your you along the outperformed at base for you in to XXXX could customer and just some force help

Adam Meister

Jack. Hey, that will take one. I

we're customers. of better our the we've early we them visibility in migration with our and over incremental and in customer the conversation around how Migrations to to a and conversations how on help this And to are that that very team to value is So we absolutely requires demonstrating walk navigate sharp quarters, I now few back as got a cloud. into those tie earlier really with the It much Christal's degree proposition. to journey. think predict what how the all getting now, the year, last customers. I'll along answer value with is conversation about felt

with is our map road really position of a to We them and path from where going really shift of them have product encouraging that laying out been strength.

way it, the we size. at initially And now, QX all do so in faster helping customers larger get we'll as a in but number handful overtime. and that customers that be see you'll We're mentioned, better we'll in pleased saw that on to accounts both in it a of of little we moved incredibly we're side was than had having success that was really I anticipated. think to our The see I that strong a it continue right even sales automated involved more get journey, faster organizations along we'll and support and to it at able

applicable migrations entire that something over Our our will base and that is to really that's premise this be time. a demonstration

the that's important over a years. our of I think cloud really for driver next couple

Jack Andrews

that. maybe this which of cloud, versus that the R&D thinking to color you on-premise essentially product future the prioritization existing cloud-only then part now way about as ask about future for how be, releasing of releases Can Are now? Thanks are seems the products? And features Christal on Great. as I is leading your follow-up your question. thinking in mentioned, between the you're about

Christal Bemont

where just our all Everything this see future's but future momentum just of The expressed that that we're headed, call direction cloud. we've the cloud is in the in already, for of not we the sure.

possible talking And customers are are the it making be place about. we simple for will sure our that it for so to we there receive going and as our to bet as just about value

Adam Meister

And only capabilities in really all shifted I'll and inventory you'll cloud. cloud-based in just well. but all efforts We've approach and continue I this us in API of a time towards excited available it. R&D very months, not released maybe but and new are entirely see native our that that cloud we're around about year really capabilities is last so to of before we add on a release of That there have a as based couple with designed product for our couple cloud specifics function the product of year, is the are are kind new that

Jack Andrews

questions. for thanks my Great, taking

Operator

question-and-answer time. now appreciate We this no lines. have further participation questions everyone's phone today's does That and we session. disconnect you conclude may And your at

Talend (TLND) 9 Aug 202020 Q2 Earnings call transcript