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Q1 2022 Earnings Conference Call
spk_2: Ladies and gentlemen, thank you for standing by and welcome to the demo Q. One fiscal year 2022 earnings call at this time. All participants are now listen only mode. After the speaker's presentation. There will be a question and answer session. Ask a question during the session. We will need press star one on your telephone. Please be advised that today's conference is being recorded and if you need any further assistance, please press star zero. I would now like to hand the conference over to your speaker today. Mr Peter Lowry Vice president of investor relations. Please go ahead.
spk_1: Good afternoon and welcome on the call today. We have josh James, our founder and
spk_0: Ceo Bruce felt our cfl and julie Keogh, our chief
spk_1: communications officer
spk_0: julie will lead out
spk_1: with our safe harbor statement and then onto the call julie. Thanks Pete. Our press release was issued after the market closed and is posted on the investor relations section of our website. Where this call is also being. Webcast Statement made on this call include forward looking statements related to our business under federal securities laws, including statements about financial projections, the plans and expectations for our go to market strategy, our expectations for our sales and new business initiatives, the impact of COVID-19 on our business and our financial condition. These statements are subject to a variety of risks, uncertainties and assumptions. For a discussion of these risks and uncertainties, Please refer to the documents we filed with the sec in particular today's press release, our most recently filed annual report on Form 10-K and our most recently filed quarterly report on Form 10-Q. These documents contain and identify important risk factors and other information that may cause our actual results to differ materially from those contained in our forward looking statements. In addition, during today's call, we will discuss non gap financial measures which we believe are useful as supplemental measures of dough most performance other than revenue. Unless otherwise stated, we will be discussing our results of operations on a non gap basis. These non gap measures should be considered in addition to and not as a substitute for or in isolation from gap results. Please refer to the tables and our earnings press release for a reconciliation of our non gap financial measures to their most directly comparable gap measure. With that. Let me hand it over to josh josh.
spk_0: Thank you julie. Hello everyone. Thanks for joining us on the call. I hope everyone is certainly in good health and when I'm done today, it's going to be extremely difficult for the Bruce to not refuse bullishness. You'll see us raise guidance today. We see potential upside in our future In Q1, we got off to a great start to our fiscal year 2022, we had a record to one across many important metrics, including new business and retention. We posted 25% buildings growth, 23% subscription revenue growth and 24% total revenue growth With a 90% plus retention rate across both the enterprise and corporate segments of our business and in every geography. Yeah. With a full recognition that it's been a humbling process and a ton of hard work from our people to create this great company and even get to this spot. I read all the reports and despite the performance that we've been putting up, see how some people have characterized their growth profile. Now for those of you who know me, you know that I'm not generally known as an infinitely patient, unendingly understanding, not demanding kind of guy. So you appreciate that. It's very hard to be patient long enough to wait for all the characterizations to catch up with the reality. Obviously I'm saying that a bit in jest, but with what we have consistently been producing, I think it's important to do some math that calls out how strong and consistent our performance has actually been Over the last four quarters. We've seen 23%, and now 25% growth in billings. I know everyone on the phone call is exceptionally good at math. That sounds to me like buildings have consistently grown each quarter by an average of 25%. So in fact, for more than a year we've been operating at that next phase, We've been growing billings at 25 and like I've said many times, you know, we're playing for more. I can't wait to see what the team does in future quarters to accelerate growth, using our integrated platform to deliver B I leverage at cloud scale in record time. Now, there's certainly a tremendous amount of work in front of us, but it's been worth it because we have all felt like there is so much unrecognized and unrealized, potential, what we've built here, despite the fact that it has not been easy.