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SolarWinds Announces Second Quarter 2021 Results

SolarWinds Corporation, a leading provider of simple, powerful, and secure IT management software, today reported results for its second quarter ended June 30, 2021.

On a GAAP basis:

  • Total revenue for the second quarter of $262.0 million, representing 6.5% year-over-year growth.
    • Core IT Management total revenue for the second quarter of $176.8 million, representing 2.4% year-over-year growth.
    • N-able total revenue for the second quarter of $85.2 million, representing 16.1% year-over-year growth.
  • Total recurring revenue for the second quarter of $235.3 million, representing 10.8% year-over-year growth. Total recurring revenue includes:
    • Maintenance revenue for the second quarter of $122.9 million, representing 5.5% year-over-year growth.
    • Subscription revenue for the second quarter of $112.4 million, representing 17.3% year-over-year growth.
  • Net loss for the second quarter of $11.6 million.

On a non-GAAP basis:

  • Non-GAAP total revenue for the second quarter of $262.0 million, representing 6.3% year-over-year growth.
    • Core IT Management non-GAAP total revenue for the second quarter of $176.8 million, representing 2.1% year-over-year growth.
    • N-able non-GAAP total revenue for the second quarter of $85.2 million, representing 16.1% year-over-year growth.
  • Non-GAAP total recurring revenue for the second quarter of $235.4 million, representing 10.5% year-over-year growth. Non-GAAP total recurring revenue includes:
    • Non-GAAP maintenance revenue for the second quarter of $122.9 million, representing 5.5% year-over-year growth.
    • Non-GAAP subscription revenue for the second quarter of $112.5 million, representing 16.7% year-over-year growth.
  • Adjusted EBITDA for the second quarter of $111.1 million, representing a margin of 42.4% of non-GAAP total revenue.

For a reconciliation of our GAAP to non-GAAP results, please see the tables below.

"I continue to be impressed by the resiliency of our business and, in particular, our employees who, through focus and dedication, helped us deliver second quarter results above the high end of our outlook for non-GAAP total revenue and Adjusted EBITDA," said Sudhakar Ramakrishna, president and Chief Executive Officer, SolarWinds. "We believe our commitment to customer success, transparent communication, and our ‘Secure by Design' initiatives have put us in a strong position to continue to be a valued partner to technology professionals around the world as they continue to transform their businesses."

Additional highlights include:

  • During the second quarter of 2021, SolarWinds launched SolarWinds® Database Insights for SQL Server®, expanding its comprehensive database performance management portfolio. Uniting the features and functionality of the award-winning SolarWinds Database Performance Analyzer (DPA) and SolarWinds SQL Sentry®, Database Insights for SQL Server provides the in-depth performance and environmental data teams need to optimize the performance of Microsoft® SQL Server and other leading database platforms running on-premises, in the cloud, or in hybrid environments.
  • SolarWinds products and services received more than 35 industry and customer awards in the first half of 2021. Notably, TrustRadius® named nine SolarWinds IT operations management products as 2021 Top Rated award winners across 13 categories. These include Network Performance Monitor (NPM), Server & Application Monitor (SAM), SolarWinds Service Desk for IT Service and IT Management, Database Performance Analyzer (DPA) and SQL Sentry. Database Trends and Applications named SolarWinds to its DBTA 100 2021: The Companies That Matter Most in Data. And, Security Today awarded SolarWinds with two Govies Government Security Awards. SolarWinds Network Performance Monitor (NPM) won Gold in the Network Monitoring category and SolarWinds Access Rights Manager (ARM) won Platinum in the Access Control Software category. The company's commitment to customer support and success was also honored through five Stevie Awards.
  • SolarWinds continued to implement its 'secure by design' initiatives including meaningfully redesigning the company's software build environment and processes. These investments and initiatives have been critical in supporting the company's efforts to retain and expand their relationships with public and private sector customers around the world. Also in the second quarter, the company continued to maintain consistent renewal rates further demonstrating the team's proactive and sustained efforts to ensure the safety and security of customers while delivering industry-leading solutions.
  • After the end of the second quarter, on July 19, 2021, SolarWinds also completed the spin-off of its managed services provider (MSP) business, now known as N-able. By operating as two independent, publicly-traded companies, the company believes that SolarWinds and N-able will be better positioned to align with each organization's market needs and customer requirements, enhancing the successful operations of both companies for the future. We will no longer consolidate N-able into our financial results for periods ending after July 19, 2021. As a result, beginning in the third quarter of 2021, N-able's historical financial results through the spin-off will be reflected in our consolidated financial statements as a discontinued operation.
Published Tuesday, August 03, 2021 11:01 AM by David Marshall
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