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Mar 31, 2023
SolarWinds Q1 2023 Earnings Report
Reported strong Q1 2023 results, exceeding revenue and adjusted EBITDA guidance, driven by subscription revenue growth.
Key Takeaways
SolarWinds announced its Q1 2023 financial results with total revenue of $186.0 million, a 5% year-over-year increase. The company's adjusted EBITDA was $77.4 million, representing 42% of total revenue and a 12% year-over-year growth. Subscription revenue drove the positive results.
Total revenue for the first quarter was $186.0 million, representing 5% year-over-year growth.
Total recurring revenue represented 91% of total revenue.
Net loss for the first quarter was $5.6 million.
Adjusted EBITDA for the first quarter was $77.4 million, representing a margin of 42% of total revenue and 12% year-over-year growth.
SolarWinds
SolarWinds
SolarWinds Revenue by Segment
Revenue by Segment
Subscription Revenue
CapyFin.comMaintenance Revenue
CapyFin.comLicense Revenue
CapyFin.com Forward Guidance
SolarWinds provided financial outlook for the second quarter and updated financial outlook for the full year of 2023.
Positive Outlook
- Total revenue in the range of $177 to $182 million for Q2 2023, representing growth at the midpoint of approximately 2% as compared to the second quarter of 2022 total revenue.
- Adjusted EBITDA of approximately $69.5 million to $72.5 million for Q2 2023, representing growth at the midpoint of approximately 6% over the second quarter of 2022 adjusted EBITDA.
- Non-GAAP diluted earnings per share of $0.15 to $0.17 for Q2 2023.
- Total revenue in the range of $725 to $740 million for the full year of 2023, representing growth at the midpoint of approximately 2% over the full year of 2022 total revenue.
- Adjusted EBITDA of approximately $295 to $305 million for the full year of 2023, representing growth at the midpoint of approximately 7% over the full year of 2022 adjusted EBITDA.
Revenue & Expenses
Visualization of income flow from segment revenue to net income