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Sep 30, 2024
Confluent Q3 2024 Earnings Report
Announced financial results for the third quarter of 2024, surpassing $1 billion in total revenue run rate.
Key Takeaways
Confluent's Q3 2024 results demonstrated robust top-line growth, achieving over $250 million in total revenue and exceeding all guided metrics. The company drove record gross margins and positive non-GAAP operating and free cash flow margins. Given this performance, Confluent is raising its full-year 2024 subscription revenue guidance and now targets positive non-GAAP operating margin and free cash flow margin for the year.
Subscription revenue reached $240 million, a 27% increase year-over-year.
Confluent Cloud revenue was $130 million, up 42% year-over-year.
The company has 1,346 customers with $100,000 or greater in ARR, reflecting a 14% increase year-over-year.
Exceeded all guided metrics for Q3, including year-over-year subscription revenue growth of 27%.
Revenue by Segment
Forward Guidance
For the fourth quarter of 2024, Confluent expects subscription revenue between $245 and $246 million and a non-GAAP operating margin of approximately 2%. For the full fiscal year 2024, the company anticipates subscription revenue between $916.5 and $917.5 million and a non-GAAP operating margin of around 2%. They are also targeting positive non-GAAP operating margin and free cash flow margin for 2024.
Positive Outlook
- Targeting positive non-GAAP operating margin for 2024.
- Targeting positive free cash flow margin for 2024.
- Expecting subscription revenue between $245 and $246 million for Q4 2024.
- Anticipating a non-GAAP operating margin of approximately 2% for Q4 2024.
- Forecasting subscription revenue between $916.5 and $917.5 million for FY 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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