Revenues rose nearly 23% and topped expectations, thanks to solid subscriptions growth, and earnings before interest, taxes, depreciation and amortization jumped to $87M.
For the full year, the company guided to revenue growth of 25%, and raised expectations for operating margin as well as its earnings per share (to $1.97-$1.98).
"We intend to leverage and build on these strengths as we are addressing mission critical needs in markets that we believe collectively exceed $100 billion," CEO, founder and Chairman Vlad Shmunis said.
“Our top priority is driving efficient growth as we benefit from the inherent operating leverage of being a $2 billion recurring revenue business with top tier gross margins," said Chief Financial Officer Sonalee Parekh.
The company's board also approved a reduction in force plan as part of restructuring. That's expected to reduce full-time employees by about 10%.
That plan will cost $10M-$15M mainly in severance payments, benefits and related costs. It expects to take those charges in the fourth quarter and the first quarter of 2023, by which time it expands the cuts to be "substantially complete."