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Jun 30, 2023
SolarWinds Q2 2023 Earnings Report
SolarWinds reported total revenue and adjusted EBITDA results above the high end of its guidance, with total revenue growth and strong adjusted EBITDA growth.
Key Takeaways
SolarWinds announced its Q2 2023 results, showcasing a 5% year-over-year total revenue growth and an 18% year-over-year adjusted EBITDA growth. The company also raised its total revenue and adjusted EBITDA outlook for the full year.
Total revenue for the second quarter was $185.0 million, representing 5% year-over-year growth.
Recurring revenue represented 92% of total revenue.
Net income for the second quarter was $0.3 million.
Adjusted EBITDA for the second quarter was $79.1 million, representing a margin of 43% of total revenue and 18% year-over-year growth.
Revenue by Segment
Forward Guidance
SolarWinds provided its financial outlook for the third quarter and its updated financial outlook for the full year of 2023.
Positive Outlook
- Total revenue in the range of $182 to $186 million for Q3 2023, representing growth at the midpoint of approximately 3% as compared to the third quarter of 2022 total revenue.
- Adjusted EBITDA of approximately $74 to $76.5 million for Q3 2023, representing growth at the midpoint of approximately 7% over the third quarter of 2022 adjusted EBITDA.
- Non-GAAP diluted earnings per share of $0.17 to $0.19 for Q3 2023.
- Total revenue in the range of $740 to $748 million for full year 2023, representing growth at the midpoint of approximately 3% over the full year of 2022 total revenue.
- Adjusted EBITDA of approximately $308 to $313 million for full year 2023, representing growth at the midpoint of approximately 11% over the full year of 2022 adjusted EBITDA.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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