Anaplan (NYSE:PLAN)

Total revenue for the third quarter was $115 million, up 28% year-over-year. Within this, subscription revenues grew 31% and comprised 91% of total revenue. Service revenues were $10 million, roughly flat from the third quarter last year, as we continue to maintain our services contributions as a percentage of total revenue. Third quarter billings growth rate improved sequentially. Calculated billings for the third quarter were $145 million, up 27% year-over-year and represent a sequential improvement compared to last quarter’s year-over-year growth rate of 22%. RPO exiting the third quarter was $740 million, up 25% over last year. The current portion of RPO that is expected to be recognized as revenue over the next 12 months is $383 million, up 28% year-over-year.

Turning to additional key metrics, we demonstrated healthy new enterprise growth and ended the quarter with over 1,500 customers. Our dollar based net expansion rate or NRR is 113% this quarter. We remain focused on driving higher volume in expand deals. However, NRR does continue to reflect a lower volume of expand deals as compared to this time last year, primarily due to the impact of COVID-19 on the timing and velocity of deals. There was no change in churn this quarter and our overall customer retention rate is in line with historical levels.