...A. Highlights: Strong 2Q. 1. Annual recurring revenue (ARR), up 50% YoverY. a. 2. Cloud momentum continues to accelerate. For first time in Co.'s history, cloud-based products drove over half of total software bookings; far outpacing expectations and squarely confirming SPLK as cloud-first co. a. i. This step-shifting growth has put Co. on trajectory to reach FY23 cloud mix target of 60%, two years ahead of schedule. 3. Customers are turning to Splunk Cloud faster than ever before, thanks to its rapid time-to-value, high velocity of innovative features at lower total cost of ownership. Current macro environment is playing role here too, as more and more organizations accelerate their move to cloud-based services in response to pandemic. a. 4. Many purchasing trends Co. saw in 1Q continued or accelerated. Although some customers remained hesitant to commit to long-term contracts, especially for larger orders, many existing customers continue to expand their use of Splunk as they realized...
