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SolarWinds Corp (NYSE:SWI) reported a third-quarter FY23 revenue growth of 6% year-on-year to $189.6 million, beating the consensus of $183.7 million.
Adjusted EPS of $0.23 beat the consensus of $0.18.
Maintenance revenue grew by 1.8% Y/Y to $116.4 million. Subscription revenue climbed 39.1% Y/Y to $58.8 million, while License revenue declined 36.7% to $14.4 million.
The adjusted gross margin was flatish at 90.8%, and the adjusted EBITDA margin increased by 570 bps to 44.9%.
SolarWinds held $235.2 million in cash and equivalents.
Also Read: SolarWinds Corp Reportedly Eyes Potential Sale, Stock Soars
CEO Sudhakar Ramakrishna said, "Our subscription-first strategy continues to yield strong results while our product teams continue to deliver multi-cloud solutions on the SolarWinds Platform designed to improve customer productivity and reduce their costs."
Outlook: SolarWinds sees Q4 revenue of $188.5 million-$192.5 million, versus the consensus of $189.8 million.
It sees Q4 adjusted EPS of $0.20-$0.22 versus the consensus of $0.20.
SolarWinds increased FY23 revenue to $749 million-$753 million (prior $740 million-$748 million) versus the consensus of $744.51 million.
SolarWinds raised the FY23 adjusted EPS outlook to $0.83-$0.85 (prior $0.76-$0.79) versus the consensus of $0.78.
Price Action: SWI shares traded higher by 9.02% at $10.27 at the last check Thursday.
Posted In: SWI
