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Confluent
🇺🇸 NASDAQ:CFLT
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•
Mar 31, 2024

Confluent Q1 2024 Earnings Report

Confluent's first quarter 2024 results demonstrated strong growth in Confluent Cloud and subscription revenue, indicating successful consumption transformation.

Key Takeaways

Confluent reported a strong start to fiscal year 2024, with total revenue of $217 million, a 25% year-over-year increase. Confluent Cloud revenue grew by 45% year-over-year, accounting for the majority of subscription revenue. The company also saw an increase in customers with $100,000 or greater in ARR, up 17% year-over-year.

Total revenue reached $217 million, representing a 25% increase year-over-year.

Subscription revenue grew to $207 million, a 29% increase year-over-year.

Confluent Cloud revenue increased by 45% year-over-year, reaching $107 million.

Customers with $100,000 or greater in ARR increased by 17% year-over-year, totaling 1,260 customers.

Total Revenue
$217M
Previous year: $174M
+24.6%
EPS
$0.05
Previous year: -$0.09
-155.6%
$100K+ ARR Customers
1.26K
Previous year: 1.08K
+17.3%
Gross Profit
$156M
Previous year: $116M
+34.3%
Cash and Equivalents
$1.91B
Previous year: $343M
+455.2%
Free Cash Flow
-$26.1M
Previous year: -$82.9M
-68.5%
Total Assets
$2.44B
Previous year: $2.29B
+6.4%

Confluent

Confluent

Confluent Revenue by Segment

Forward Guidance

For the second quarter of 2024, Confluent expects total revenue between $229 million and $230 million, subscription revenue between $217 million to $218 million, a non-GAAP operating margin of approximately negative 1%, and non-GAAP net income per diluted share between $0.04 to $0.05. For fiscal year 2024, Confluent expects total revenue of approximately $957 million, subscription revenue of approximately $910 million, a non-GAAP operating margin of approximately 0%, and non-GAAP net income per diluted share between $0.19 to $0.20.

Positive Outlook

  • Total revenue expected between $229 million and $230 million for Q2 2024.
  • Subscription revenue expected between $217 million to $218 million for Q2 2024.
  • Non-GAAP operating margin expected to be approximately negative 1% for Q2 2024.
  • Non-GAAP net income per diluted share expected between $0.04 to $0.05 for Q2 2024.
  • Total revenue expected to be approximately $957 million for fiscal year 2024.

Challenges Ahead

  • Non-GAAP operating margin expected to be approximately 0% for fiscal year 2024.
  • Non-GAAP net income per diluted share expected between $0.19 to $0.20 for fiscal year 2024.
  • Transitioning revenue outlook from total revenue to subscription revenue.
  • Second quarter of 2024 will be the final quarter for which Confluent provides total revenue outlook for the quarter and fiscal year 2024.
  • Confluent will provide only total subscription revenue outlook beginning with outlook for the third quarter of 2024.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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