The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Kasthuri Gopalan Rangan - Goldman Sachs Group, Inc., Research Division - Analyst
: Congratulations on the quarter, Gary, nice to meet you. And I'm curious to get your perspective on when you look at Splunk as a
business asset, I know you've certainly talked about your ambition to get the company to $5 billion, maybe even $10 billion of
revenue. What are the things that excite you the most about Splunk, if you can just expand on that, that would be great.
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MAY 25, 2022 / 8:30PM, SPLK.OQ - Q1 2023 Splunk Inc Earnings Call
And also, this is a very interesting time in the market. Everybody is worried about contraction in GDP, inflation, that sort of thing.
What is your overall sense as to how the Splunk portfolio could hold up in the event of a more challenging cost center, labor markets,
inflation, rates, et cetera. Sorry for the long-winded question, but curious to get your perspective.
Question: Chirag Haresh Ved - Evercore ISI Institutional Equities, Research Division - Analyst
: This is Chirag Ved on for Kirk. Congratulations on a great quarter. Gary, maybe just one for you. Could you talk about the potential
to get greater scale and efficiency through partners and how you're continuing to engage with the ecosystem to help you scale?
Question: Steven Richard Koenig - SMBC Nikko Securities America, Inc., Research Division - Analyst
: Gary, congratulations on the new role.
Question: Steven Richard Koenig - SMBC Nikko Securities America, Inc., Research Division - Analyst
: I got 2 questions for you. So one is about competition with the XDR vendors. What's your view of the difference between XDR and
SIEM other than having an endpoint agent? And then I'll hit you with the next one after that.
Question: Steven Richard Koenig - SMBC Nikko Securities America, Inc., Research Division - Analyst
: Got it. That makes sense. And then my follow-up is really about the context here. You've been working in cyber for many years. And
so I'm curious, your view, I understand the product leverage you get from playing across IT ops, dev ops and SIEM. From a customer
buying perspective, where are the security purchases dependent on IT budgets? And then where are they separate? And is there
Question: Matthew George Hedberg - RBC Capital Markets, Research Division - Analyst
: Great. Gary, congrats and really look forward to working with you again.
Question: Matthew George Hedberg - RBC Capital Markets, Research Division - Analyst
: So I guess you guys have obviously a blue chip list of customers and have made a tremendous push with Splunk Cloud. How do you
think about accelerating new customer lands? It's been more of an upsell into the base, but that new customer land piece, how do
you think about that?
Question: Matthew George Hedberg - RBC Capital Markets, Research Division - Analyst
: Got it. Okay. And then maybe for yourself or Jason. Speaking about the base, obviously, you have a large renewal opportunity this
year. Can you talk about the health of the large deal pipeline and maybe some of the close rates that you saw and maybe some of
the assumptions you're making for Q2?
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