SolarWinds Corporation - SWI STOCK NEWS

SolarWinds (NYSE:SWI) has released its 2024 State of ITSM Report, offering actionable insights based on over 2,000 ITSM data systems and 60,000 points of anonymized customer data. The report emphasizes that enhancing IT Service Management (ITSM) efficiency requires a multi-faceted approach rather than merely increasing staff. Key strategies include:

• Automation Rules: Save 3 hours per ticket and improve SLA compliance.
• Self-Service Portals: Reduce resolution times by 2 hours per ticket.
• Knowledge Base Articles: Resolve incidents 6 hours faster.
• Service-Level Agreements (SLAs): Improve customer trust and resource optimization.

These methods collectively prepare ITSM teams for diverse requests, leading to a mature service desk. The report debunks the conventional belief that more staff equates to better ITSM services, advocating instead for strategic planning and technology utilization.

Skyhigh Security has announced two key executive appointments: Sanjay Castelino as President and James Denena as Chief Financial Officer. Castelino brings over 30 years of technology experience, including roles at Snow Software, Spiceworks, and SolarWinds. Denena joins with nearly 25 years of experience in financial leadership at companies like Snow Software, PROS, and Applied Materials. These appointments follow recent additions of a CRO, CTO, and EVP of Product, strengthening the company's position in data-focused cloud, on-premises, and hybrid security solutions. The expanded leadership team aims to accelerate growth, drive innovation, and establish Skyhigh Security as a trusted leader in data security.

SolarWinds (NYSE:SWI) reported strong Q3 2024 results with total revenue of $200.0 million, up 6% year-over-year. The company achieved a net income of $12.6 million and Adjusted EBITDA of $96.0 million, representing a 48% margin and 13% year-over-year growth. Subscription Annual Recurring Revenue reached $289.5 million, growing 36% year-over-year, while Total ARR hit $724.1 million, up 8%. Notably, recurring revenue comprised 94% of total revenue. The company maintains a strong balance sheet with $199.2 million in cash and investments, against $1.2 billion in total debt.

SolarWinds (NYSE:SWI), a provider of observability and IT management software, has announced it will report its third quarter 2024 financial results on Thursday, October 31, 2024. The company will host a conference call to discuss these results at 7:30 a.m. CT on the same day.

A live webcast of the call will be available on the SolarWinds Investor Relations website. For those who prefer to dial in, domestic and international numbers are provided. Participants should dial in 5-10 minutes before the scheduled start time and use the conference passcode 2975715.

The earnings release will be issued at approximately 7 a.m. CT on October 31, 2024. A replay of the webcast will be temporarily available on the Investor Relations website after the event.

SolarWinds has launched the next generation of its Observability solution, available in both self-hosted and SaaS options. This upgrade aims to close the hybrid IT observability gap by providing comprehensive visibility across on-premises, cloud, and hybrid environments. Key enhancements include:

1. Broader on-premises infrastructure monitoring
2. Expanded cloud infrastructure observability
3. Enhanced AI/ML capabilities
4. More comprehensive network performance analysis
5. Increased device coverage and scale
6. Improved ITSM capabilities

The solution offers flexibility in deployment and monitoring choices, addressing the challenges of managing complex, distributed hybrid IT environments. SolarWinds reports that customers have seen significant improvements, with some reducing issue resolution time by 60-80% and eliminating up to 75% of IT issues.

SolarWinds (NYSE:SWI) has appointed Andre Cuenin as its new Chief Revenue Officer effective September 3, 2024. Cuenin, with over 20 years of experience in IT and software sales, will oversee all revenue generation efforts for SolarWinds' observability, database, and service management solutions. Previously, he served as CRO at Veracode, Rapid7, and Cherwell Software, where he drove significant growth and led successful transitions to subscription-based models.

This appointment comes at a time of ongoing growth for SolarWinds, which has reported four consecutive quarters of year-over-year revenue growth. The company is focusing on AI-powered solutions to help customers manage complex hybrid and multi-cloud environments, increase productivity, and reduce costs. SolarWinds CEO Sudhakar Ramakrishna expressed excitement about Cuenin's track record and the company's future prospects.

SolarWinds (NYSE:SWI) has been recognized as a Leader in the 2024 GigaOm Radar Reports for Network and Cloud Observability. The company's SolarWinds Observability and Hybrid Cloud Observability solutions were praised for their comprehensive monitoring capabilities, flexible deployment options, and scalability.

SolarWinds was named a Leader and Outperformer in Network Observability and a Leader and Forward Mover in Cloud Observability. The company recently introduced AI-powered enhancements to its observability solutions, including new capabilities in network and infrastructure observability, query explorer, visual explain plans, and AIOps-enabled pattern recognition and anomaly detection.

These updates aim to support organizations facing increased monitoring and issue resolution challenges associated with digital transformation efforts.

SolarWinds Corp. (NYSE: SWI) is set to replace SunPower Corp. (NASD: SPWR) in the S&P SmallCap 600 index, effective prior to the opening of trading on Friday, August 9, 2024. This change comes as a result of SunPower filing for Chapter 11 bankruptcy, making it ineligible for continued inclusion in the index.

The transition will see SolarWinds, classified under the Information Technology sector, added to the S&P SmallCap 600, while SunPower, previously listed under the Industrials sector, will be removed. This adjustment reflects the dynamic nature of the financial markets and the ongoing evaluation of companies' eligibility for inclusion in major indices.

SolarWinds (NYSE:SWI) reported strong Q2 2024 results, with total revenue of $193.3 million, up 4% year-over-year. Recurring revenue accounted for 93% of total revenue. The company achieved a net income of $11.1 million and an Adjusted EBITDA of $92.5 million, representing a 48% margin and 17% year-over-year growth. Subscription ARR grew 36% to $269.9 million, while Total ARR increased 7% to $704.7 million.

SolarWinds highlighted product enhancements, including AI integration in its ITSM solution. The company appointed Lewis Black as the new CFO, effective August 2024. SolarWinds maintains a strong financial position with $169.6 million in cash and investments and $1.2 billion in total debt. A special cash dividend of $168.2 million was paid in April 2024.