Instructure Holdings, Inc. (NYSE:INST) Q2 2023 Earnings Conference Call July 31, 2023 5:00 PM ET
Company Participants
David Banks - VP, IR
Steve Daly - CEO
Dale Bowen - CFO
Conference Call Participants
Josh Baer - Morgan Stanley
Steve Enders - Citi
Fred Havemeyer - Macquarie
Stephen Sheldon - William Blair
Joe Vruwink - Baird
Brian Peterson - Raymond James
Terry Tillman - Truist Securities
Matt VanVliet - BTIG
Devin Au - KeyBanc Capital Markets
Ryan MacDonald - Needham and Company
Noah Herman - JPMorgan
David Lustberg - Jefferies
Operator
Ladies and gentlemen, thank you for standing by, and welcome to Instructure's Second Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. Please be advised that this conference is being recorded.
I would now like to turn the conference over to your first speaker David Banks, Vice President, Investor Relations. David, please go ahead.
David Banks
Thank you, Josh. Good afternoon and welcome to Instructure's Q2 '23 Earnings Conference Call. We will discuss results announced in our press release issued after market close today. With me are Instructure's Chief Executive Officer, Steve Daly; and Chief Financial Officer, Dale Bowen.
Before we begin, I'd like to remind you that today's conference call will include forward-looking statements based on the company's current expectations. These forward-looking statements are subject to a number of significant risks and uncertainties and our results may differ materially. For a discussion of factors that could affect our future financial results and business, please refer to the disclosure in today's earnings release and other reports and filings we've made from time to time with the Securities and Exchange Commission. All our statements are made as of today, July 31 based on information available to us today, and except as required by law, we assume no obligation to update any such statements.
During the call, we will also refer to both GAAP and non-GAAP financial measures. You can find the reconciliation of our GAAP to non-GAAP measures included in our press release, which is posted in the Investor Relations section of our website.
With that, let me turn the call over to Steve.
Steve Daly
Thanks, David. I'm delighted to welcome everyone to Instructure's Q2 2023 earnings call.
During today's call, Dale and I will share the details of our Q2 results and provide guidance for Q3 and the full year of 2023. Q2 results exceeded our previously committed guidance range for our revenue and adjusted EBITDA fueled by our efficient go to market organization and an unyielding dedication to customer's satisfaction. Q2 revenue was $131.1 million, up 14.4% year-over-year impacted by a constant currency headwind of 160 basis points. Q2 adjusted EBITDA grew 29% year-over-year to $51.3 million, driving a 39.1% margin. We believe the strength of our Q2 performance demonstrates the effectiveness of our business model.