New Relic (NEWR) Tops Q4 EPS by 11c, Revenues Beat; Offers 1Q EPS Guidance Below Consensus, Provides 1Q Revenue Outlook

New Relic (NYSE: NEWR) reported Q4 EPS of $0.14, $0.11 better than the analyst estimate of $0.03. Revenue for the quarter came in at $160 million versus the consensus estimate of $153.48 million.

Fourth Quarter Fiscal Year 2020 Financial Highlights:

• Revenue of $160 million, compared to $132 million for the fourth quarter of fiscal 2019.
• GAAP loss from operations was $(27.5) million, compared to $(15.4) million for the fourth quarter of fiscal 2019.
• Non-GAAP income from operations was $3.5 million, compared to $3.8 million for the fourth quarter of fiscal 2019.
• GAAP net loss attributable to New Relic per basic share was $(0.47), compared to $(0.30) per basic share for the fourth quarter of fiscal 2019.
• Non-GAAP net income attributable to New Relic per diluted share was $0.14, compared to $0.13 per diluted share for the fourth quarter of fiscal 2019.
• Cash, cash equivalents and short-term investments were $805 million at the end of the fourth quarter of fiscal 2020, compared with $737 million at the end of the third quarter of fiscal 2020.

“I am proud of the team for a number of accomplishments in fiscal 2020 despite a variety of challenges. We achieved 25% revenue growth, built out our New Relic One platform strategy, and added a number of remarkably talented leaders to our management team with the skills and experience to help us reach our intermediate and long-term goals. I am excited about our future; over the last two months, we have seen our customers prioritize digital, the cloud, and operational resiliency, and we are committed to helping them meet their goals with the strongest product lineup in our company’s history,” said Lew Cirne, CEO and founder, New Relic. “Separately, I’d like to acknowledge how difficult COVID-19 has been for everyone, and I’d like to recognize the extraordinary resiliency we’ve seen from our customers and our employees as we come together and rise to the challenge.”

GUIDANCE:

New Relic sees Q1 2021 EPS of ($0.01)-$0.04, versus the consensus of $0.08. New Relic sees Q1 2021 revenue of $158-160 million, versus the consensus of $159.65 million.

First Quarter Fiscal 2021 Outlook:

• Revenue between $158 million and $160 million, representing year-over-year growth of between 12% and 13%, respectively.
• Non-GAAP income (loss) from operations of between $(3) million and break even.
• Non-GAAP net income (loss) attributable to New Relic per diluted share between $(0.01) and $0.04.

ARR growth of 13% to 14%, year-over-year.

For earnings history and earnings-related data on New Relic (NEWR) click here.

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