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Sep 30, 2023
SolarWinds Q3 2023 Earnings Report
Reported 6% year-over-year revenue growth and adjusted EBITDA exceeded guidance.
Key Takeaways
SolarWinds Corporation reported a total revenue of $189.6 million for Q3 2023, representing a 6% year-over-year growth. Adjusted EBITDA grew by 21% year-over-year. The company's subscription-first strategy continues to yield strong results.
Total revenue for the third quarter was $189.6 million, a 6% year-over-year increase.
Recurring revenue accounted for 92% of the total revenue.
The company's Next-Generation Build System meets or exceeds NIST Secure Software Development Framework guidance for secure software development.
SolarWinds launched Enterprise Service Management and upgraded SQL Sentry.
SolarWinds
SolarWinds
SolarWinds Revenue by Segment
Revenue by Segment
Subscription Revenue
CapyFin.comMaintenance Revenue
CapyFin.comLicense Revenue
CapyFin.com Forward Guidance
SolarWinds provided its financial outlook for the fourth quarter and updated financial outlook for the full year of 2023.
Positive Outlook
- Total revenue in the range of $188.5 to $192.5 million for Q4 2023.
- Total revenue growth of approximately 2% compared to Q4 2022 at the midpoint of the range.
- Adjusted EBITDA of approximately $80.5 to $82.5 million for Q4 2023.
- Adjusted EBITDA growth of approximately 9% over Q4 2022 at the midpoint of the range.
- Non-GAAP diluted earnings per share of $0.20 to $0.22 for Q4 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income