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Q1 2022 Earnings Conference Call
spk_2: greetings and welcome to the sumo logic. First quarter fiscal 2022 earning call at this time. All participants gonna listen only mode
spk_0: a question and answer
spk_2: session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star
spk_2: on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over €2
spk_1: paul thomas.
spk_2: You may begin.
spk_1: Thank you. Good afternoon and welcome to sumo logic. First quarter fiscal 22 earnings conference call. I'm paul thomas, sumo Logic vice president of investor relations. Joining me on the call today are Romney in Sayer president and Ceo and Sydney Kerry, chief financial officer. Our format today will include prepared remarks by remain in Sydney followed by a question and answer session. Some of our discussions and responses to your questions will contain forward looking statements, Including statements related to the expected impact of the COVID-19 pandemic, the expected performance of our business expectations regarding our platform and solutions expectations regarding our go to market efforts. The expected benefits and the impact of the acquisitions of DF labs and sense Ooh, future financial results and guidance strategy of all future prospects. These statements are subject to risks and uncertainties. Actual results may differ materially from are forward looking statements. A discussion of the risks and uncertainties related to our business is contained in our filings with the Securities and Exchange Commission, including our risk factors filed with our most recent annual report on Form 10-K. And the risk factors that will be included in our Form 10-Q. That will be filed subsequent to this call. Sumo logic assumes no obligation and does not intend to update or comment on forward looking statements made on this call, except as required by law. Our discussion today will include non gap financial measures. These non gap financial measures should be considered in addition to and not as a substitute for or in isolation from our gap results. Information regarding our non gap financial results, including a reconciliation of our historical gap to non gap results may be found. Our earnings release, which was furnished on our form eight K, filed today with the sec and on our investor relations website at investor. That sumo logic dot com for certain forward looking guidance. A reconciliation of the non gap financial guidance to the corresponding gap measure is not available as discussed in detail in our earnings release, posted on our investor relations website. With that, let me turn the call over to remain.
spk_0: Thanks everyone for joining us today on our first quarter earnings call. Our year is off to a strong start, driven by a demand from our global enterprise and our mid market customers for sumo logic continuous intelligence platform. Our results give us confidence that we are in the early stages of stabilization and pre pandemic recovery. As we continue to see signs of a return to more normal activity and demand. With the stabilization, we continue to increase our investments to further expand and grow our platform capabilities in both security and observe ability powered by analytics and machine learning. Combined with our investments to increase our routes to market, we are well positioned to capture the $50 billion dollar plus market opportunity created by digital transformation in cloud migration. I would like to start with some highlights in the quarter and then go into more detail on each of these topics. First, we delivered strong revenue performance at the top end of our guidance range driven by robust demand for differentiated continuous intelligence platform. We saw multiple seven Figure Act deals from both enterprise and mid-market customers. Second, we saw continued improvement in customer metrics, Total customers and 100K-plus customers increased And we added the most $1 million 8/4 we added customers that span the fortune Global 500 to innovative SMB cloud. First companies across US EMEA and asia pacific theaters. Third as cybersecurity breaches and supply chain attacks continue to be an increasing concern. We continue to expand our capabilities and customers as well as gain industry and analysts recognition for our visionary cloud sim solution as such. We continue to enhance our security offering with the closing of DF labs to further expand our cloud sim and Security orchestration automation and response or sore capabilities for hybrid cloud customers and managed service providers. Together our joint solution will help further reduce manual tasks and accelerate threat detection analysis, incident response and forensic investigations for security analysts and operations teams. Next, we extend