ANAPLAN, INC (NYSE:PLAN) Q2 2021 Earnings Conference Call - Final Transcript

Aug 26, 2020 • 08:30 am ET

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ANAPLAN, INC (NYSE:PLAN) Q2 2021 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by and welcome to the Anaplan's Second Quarter Fiscal 2021 Earnings Conference Call. [Operator Instructions] I would now like to hand the conference over to your speaker today Edelita Tichepco, you may begin.

Executive
Edelita Tichepco

Good morning. Thank you for joining us on today's conference call to discuss Anaplan's second quarter fiscal year 2021 financial results. Joining me on the call are Frank Calderoni, our Chief Executive Officer; and Dave Morton, our Chief Financial Officer. On this call we will be making forward-looking statements including financial guidance and expectations for third quarter and fiscal year 2021, anticipated future operating and financial performance, strategies, customer demand, product and technologies. These statements reflect our best judgment based on factors currently known to us and actual events or results may differ materially.

Please refer to documents we filed with the SEC, including the Form 8-K filed today with today's press release. Those documents contain risks and other factors that may cause our actual results to differ from those contained in our forward-looking statements. These forward-looking statements are being made as of today, and we disclaim any obligation to update or revise these statements.If this call is reviewed after today, the information presented during this call may not be current or accurate.

We will also discuss non-GAAP financial measures, which are not prepared in accordance with generally accepted accounting principles. Unless otherwise stated during the call, all references to our gross margins, expenses and operating results are on a non-GAAP basis.For historical periods, a reconciliation of GAAP and non-GAAP results is provided in the press release and in supplemental financial information on our website.

And with that, I will turn the call over to Frank Calderoni.

Executive
Frank Calderoni

Thank you Edelita. Good morning and thank you all for joining us today. I'd like to first start with our continued appreciation to those on the front line who keeps us safe and healthy during this pandemic. With the ongoing challenges associated with COVID-19 globally, it is energizing to see the commitment and the impact our Anaplan team is having with our customers, partners and each other during these times. This was our first full quarter navigating COVID-19 as a global pandemic. As we mentioned last quarter, we focused on building a healthy pipeline and driving expansion opportunities with existing customers.

Despite the current economic challenges digital transformation efforts remain a top priority for many companies. Disruptive secular trends only continue, fueling the need for businesses to invest in technology and capabilities that will help improve their competitive position. This is where we are focused on helping our customers navigate their operational response and digital transformation efforts to Connected Planning.

Moving on to our execution and performance. We continue to see stability in our go-to-market, making further progress on pipeline quality and sales enablement. Our remaining performance obligation or RPO balance exiting the quarter was $703 million, up 36% over last year. Billings grew 22% year-over-year and subscription revenue was up 32% year-over-year.

With