Instructure Holdings, Inc. (NYSE:INST) Q3 2022 Earnings Conference Call November 1, 2022 5:00 PM ET
Company Participants
April Scee - IR
Stephen Daly - CEO & Director
Dale Bowen - CFO
Conference Call Participants
Joshua Baer - Morgan Stanley
Frederick Havemeyer - Macquarie
Joseph Vruwink - Robert W. Baird & Co.
David Lustberg - Jefferies
Steven Enders - Citigroup
Brian Peterson - Raymond James & Associates
Matthew VanVliet - BTIG
Joseph Meares - Truist Securities
Stephen Sheldon - William Blair & Company
Operator
Ladies and gentlemen, thank you for standing by, and welcome to Instructure's Third Quarter 2022 Earnings Call. [Operator Instructions]. I would now like to turn the conference over to your first speaker, April Scee, Investor Relations. April, please go ahead.
April Scee
Good afternoon, and welcome to Instructure's Third Quarter 2022 Earnings Call. We will be discussing the results announced in our press release issued after the market closed 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 actual 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 file from time to time with the Securities and Exchange Commission.
All of our statements are made as of today 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 the website. All of our non-revenue financial measures, we discuss today, are non-GAAP, unless we state that the measure is a GAAP measure.
With that, let me turn the call over to Steve.
Stephen Daly
Thank you, April, and good afternoon, everyone. Thank you all for joining us for our third quarter 2022 earnings call. During today's call, Dale and I will provide an overview of company results for the third quarter and provide fourth quarter and updated full year 2022 guidance. Instructure delivered another strong performance in the third quarter, exceeding our guidance across all metrics as we benefit from the digital transformation of education, favorable federal funding dynamics, our strong reputation for innovation and leading market positions. Third quarter GAAP revenue was $122.4 million, up 14.2% year-over-year, while allocated combined receipts or ACR, was $122.5 million, up 12.8% year-over-year. We think ACR, which adds back the impact of fair value adjustments to acquired unearned revenue gives investors better visibility into the underlying growth of our business.