Temenos AG (TMNSF) Q3 2022 Earnings Call Transcript

Oct. 20, 2022 6:04 PM ETTemenos AG (TMNSF), TMSNY
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Temenos AG (OTCPK:TMNSF) Q3 2022 Earnings Conference Call October 20, 2022 12:30 PM ET

Company Participants

Max Chuard - Chief Executive Officer

Panagiotis Spiliopoulos - Chief Financial Officer

Conference Call Participants

Charlie Brennan - Jefferies

Josh Levin - Autonomous

Laurent Daure - Kepler Cheuvreux

Justin Forsythe - Credit Suisse

Michael Briest - UBS

Mohammed Moawalla - Goldman Sachs

Michael Foeth - Vontobel

Frederic Boulan - Bank of America


Ladies and gentlemen, welcome to the Temenos Q3 2022 Results Conference Call and Live Webcast. I'm Maria Reddy, the Chorus Call operator. [Operator Instructions] And the conference has been recorded. [Operator Instructions] The conference must not be recorded for publication or broadcast.

At this time, it's my pleasure to hand over to Max Chuard, CEO. Please go ahead, sir.

Max Chuard

Thank you, operator. Good afternoon. Thank you for joining today's call to run through our Q3 results. As always, the results presentation is available on our website. I will start with some introductory remarks and an overview of our business performance and then Takis will run through the financials.

Starting with Slide 7. I'm clearly disappointed with our performance this quarter, in particular, around subscription license revenue. There were 2 main factors driving lower revenue in Q3. Firstly, our sales cycles are lengthening due to the current macro environment. Some banks are taking longer to assess investments and make buying decisions. And this is impacting some of the larger deals in our pipeline. And secondly, we had some sales execution issues and number of deals did not close on time as expected.

On the positive side, we saw strong momentum on our SaaS revenue and ARR growing 41% and 16% year-on-year, respectively. To address the issues from Q3, we are taking a number of measures. Firstly, we are focusing on sales leadership and execution. We've asked our Chief Revenue

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