Fourth Quarter Revenue Increased 55%
Year-over-Year to $38.6 millionFull Year 2017 Revenue Increased 53%
Year-over-Year to $131.6 million
Alteryx, Inc. (NYSE: AYX), a provider of a leading end-to-end
analytics platform for the enterprise, today announced financial
results for its fourth quarter and full year ended December 31,
2017.
“The fourth quarter was a very strong end to a terrific 2017.
During the fourth quarter, revenue increased 55% year-over-year and
dollar-based net revenue retention rates were again above 130% for
the fifth consecutive quarter,” said Dean Stoecker, CEO of Alteryx,
Inc.
Stoecker continued, “Demand for our complete end-to-end
analytics platform for the enterprise increased, driven by our land
and expand strategy. We added a meaningful number of net new
customers and continue to have a very strong dollar-based net
revenue retention rate. More and more of our customers are
embracing our expanded platform and partnering with us to create an
analytics culture that is core to their organization. As we look to
2018, we are focused on delivering innovation to strengthen our
platform, investing in sales and marketing initiatives globally to
capture our large market opportunity, and building out our world
class teams. We believe we are building an enduring business that
can deliver strong revenue growth, on our path towards long-term
sustainable profitability.”
Fourth Quarter 2017 Financial Highlights
- Revenue: Revenue for the fourth
quarter was $38.6 million, an increase of 55% year-over-year.
- Gross Profit: GAAP gross profit
for the fourth quarter was $32.3 million, or a GAAP gross margin of
84%, an increase compared to GAAP gross profit of $20.7 million, or
a GAAP gross margin of 83%, in the fourth quarter of 2016. Non-GAAP
gross profit for the fourth quarter was $32.9 million, or a
non-GAAP gross margin of 85%, an increase compared to non-GAAP
gross profit of $20.7 million, or a non-GAAP gross margin of 83%,
in the fourth quarter of 2016.
- Income (Loss) from Operations:
GAAP loss from operations for the fourth quarter was $(1.9)
million, compared to a loss from operations of $(5.6) million for
the fourth quarter of 2016. Non-GAAP income from operations for the
fourth quarter was $1.0 million, an improvement compared to
non-GAAP loss from operations of $(4.6) million for the fourth
quarter of 2016.
- Net Income (Loss) Attributable to
Common Stockholders: GAAP net loss attributable to common
stockholders for the fourth quarter was $(1.5) million, an
improvement compared to a GAAP net loss attributable to common
stockholders of $(8.1) million for the fourth quarter of 2016. GAAP
net loss per share attributable to common stockholders for the
fourth quarter was $(0.03), based on 59.4 million weighted-average
basic and diluted shares outstanding, compared to a GAAP net loss
per share attributable to common stockholders of $(0.25), based on
32.6 million weighted-average basic and diluted shares outstanding,
for the fourth quarter of 2016.Non-GAAP net income for the fourth
quarter was $1.4 million, an improvement compared to a non-GAAP net
loss of $(5.1) million for the fourth quarter of 2016. Non-GAAP net
income per diluted share for the fourth quarter was $0.02, based on
62.7 million non-GAAP weighted-average diluted shares outstanding,
compared to a non-GAAP net loss per share of $(0.11), based on 47.2
million non-GAAP weighted-average basic and diluted shares
outstanding, for the fourth quarter of 2016.
Full Year 2017 Financial Highlights
- Revenue: Revenue for the full
year was $131.6 million, an increase of 53% year-over-year.
- Gross Profit: GAAP gross profit
for the full year was $109.8 million, or a GAAP gross margin of
83%, an increase compared to GAAP gross profit of $69.8 million, or
a GAAP gross margin of 81%, for the full year 2016. Non-GAAP gross
profit for the full year was $111.5 million, or a non-GAAP gross
margin of 85%, an increase compared to non-GAAP gross profit of
$69.9 million, or a non-GAAP gross margin of 81%, for the full year
2016.
- Income (Loss) from Operations:
GAAP loss from operations for the full year was $(18.2) million,
compared to a loss from operations of $(23.0) million for the full
year 2016. Non-GAAP loss from operations for the full year was
$(7.2) million, an improvement compared to non-GAAP loss from
operations of $(19.7) million for the full year 2016.
- Net Income (Loss) Attributable to
Common Stockholders: GAAP net loss attributable to common
stockholders for the full year was $(19.5) million, an improvement
compared to a GAAP net loss attributable to common stockholders of
$(30.7) million for the full year 2016. GAAP net loss per share
attributable to common stockholders for the full year was $(0.37),
based on 53.0 million weighted-average basic and diluted shares
outstanding, compared to a GAAP net loss per share attributable to
common stockholders of $(0.95), based on 32.4 million
weighted-average basic and diluted shares outstanding, for the full
year 2016.Non-GAAP net loss for the full year was $(6.4) million,
an improvement compared to a non-GAAP net loss of $(21.0) million
for the full year 2016. Non-GAAP net loss per share for the full
year was $(0.11), based on 56.3 million non-GAAP weighted-average
basic and diluted shares outstanding, compared to a non-GAAP net
loss per share of $(0.45), based on 47.1 million non-GAAP
weighted-average basic and diluted shares outstanding, for the full
year 2016.
Balance Sheet and Cash Flow: As of December 31, 2017,
Alteryx had cash, cash equivalents, and short- and long-term
investments of $194.1 million, compared with $182.6 million as of
September 30, 2017. Cash provided by operating activities for the
fourth quarter of 2017 was $12.5 million compared to $3.1 million
in the same period last year. For the full year 2017, cash provided
by operating activities was $18.9 million, compared to $(6.0)
million used in operating activities for the same period last
year.
A reconciliation of GAAP to non-GAAP financial measures is
provided in the tables included in this press release. An
explanation of these measures is also included below under the
heading “Non-GAAP Financial Measures.”
Fourth Quarter and Recent Business Highlights
- Ended the fourth quarter of 2017 with
3,392 customers, a 46% increase from the fourth quarter of 2016.
Added 338 net new customers in the fourth quarter of 2017.
- Achieved a dollar-based net revenue
retention rate of 131% for the fourth quarter of 2017.
Financial Outlook
As of February 21, 2018, guidance for the first quarter 2018 and
full year 2018 is as follows:
- First Quarter 2018 Guidance:
- Revenue is expected to be in the range
of $39.0 million to $40.0 million.
- Non-GAAP loss from operations is
expected to be in the range of $(3.5) million to $(4.5)
million.
- Non-GAAP net loss per share is expected
to be in the range of $(0.06) to $(0.07) based on approximately
60.0 million non-GAAP weighted-average basic and diluted shares
outstanding.
- Full Year 2018 Guidance:
- Revenue is expected to be in the range
of $176.0 million to $179.0 million.
- Non-GAAP loss from operations is
expected to be in the range of $(15.0) million to $(18.0)
million.
- Non-GAAP net loss per share is expected
to be in the range of $(0.24) to $(0.29) based on approximately
60.9 million non-GAAP weighted-average basic and diluted shares
outstanding.
The financial outlook above for non-GAAP loss from operations
and non-GAAP net loss per share exclude estimates for stock-based
compensation expense, acquisition related adjustments, and other
non-recurring items. A reconciliation of the non-GAAP financial
guidance measures to corresponding GAAP measures is not available
on a forward-looking basis primarily as a result of the uncertainty
regarding, and the potential variability of, stock-based
compensation expense, acquisition related adjustments, and other
non-recurring items. In particular, stock-based compensation
expense is impacted by our future hiring and retention needs, as
well as the future fair market value of our Class A common stock,
all of which is not within our control, is difficult to predict,
and is subject to constant change. The actual amount of these
expenses during 2018 will have a significant impact on our future
GAAP financial results. Accordingly, a reconciliation of the
non-GAAP financial guidance measures to the corresponding GAAP
measures is not available without unreasonable effort.
Quarterly Conference Call
Alteryx will host a conference call today at 5:00 p.m. Eastern
Time to discuss the Company’s financial results. To access this
call, dial 877-407-9716 (domestic) or 201-493-6779 (international).
A live webcast of this conference call will be available on the
“Investors” page of the Company’s website at www.alteryx.com.
Following the conference call, a telephone replay will be
available through February 28, 2018, at 844-512-2921 (domestic) or
412-317-6671 (international). The replay passcode is 13675199. An
archived webcast of this conference call will also be available in
the “Investors” section of the Company’s website.
Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are
prepared and presented in accordance with GAAP, we use the
following non-GAAP financial measures: non-GAAP gross profit,
non-GAAP gross margin, non-GAAP income (loss) from operations,
non-GAAP net income (loss), non-GAAP net income (loss) per share,
and non-GAAP weighted-average diluted shares outstanding. The
presentation of these financial measures is not intended to be
considered in isolation or as a substitute for, or superior to,
financial information prepared and presented in accordance with
GAAP.
We use non-GAAP measures to internally evaluate and analyze
financial results. We believe these non-GAAP financial measures
provide investors with useful supplemental information about the
financial performance of our business, enable comparison of
financial results between periods where certain items may vary
independent of business performance, and enable comparison of our
financial results with other public companies, many of which
present similar non-GAAP financial measures. We exclude the
following items from one or more of our non-GAAP financial
measures:
Stock-based compensation expense. We exclude stock-based
compensation expense, which is a non-cash expense, from certain of
our non-GAAP financial measures because we believe that excluding
this item provides meaningful supplemental information regarding
operational performance. In particular, companies calculate
stock-based compensation expense using a variety of valuation
methodologies and subjective assumptions.
Acquisition related adjustments. We exclude amortization of
intangible assets, changes in fair value of contingent
consideration, and related income tax adjustments, which are
non-cash, related to business combinations from certain of our
non-GAAP financial measures. We exclude such expenses as they are
related to a business combination and have no direct correlation to
the operation of our business.
Accretion of Series A redeemable convertible preferred stock. We
exclude accretion relating to our Series A redeemable convertible
preferred stock from non-GAAP net loss per share because this is a
non-cash item that will not recur in the periods following our
initial public offering.
Follow-on public offering costs. We exclude the costs relating
to our follow-on public offering in September 2017 from certain of
our non-GAAP financial measures because the costs do not have a
direct correlation to the operation of our business.
Impairment of long-lived assets. We exclude the impairment of
long-lived assets from certain of our non-GAAP financial measures,
because the expenses are non-cash and do not have a direct
correlation to the operation of our business.
In addition, we adjust non-GAAP weighted-average diluted shares
outstanding to include the conversion of the redeemable convertible
preferred stock into shares of common stock as though the
conversion had occurred at the beginning of each of the respective
periods. In periods of non-GAAP net income, we adjust non-GAAP
weighted-average diluted shares outstanding to include the effect
of dilutive shares.
Investors are cautioned that there are material limitations
associated with the use of non-GAAP financial measures as an
analytical tool. In particular, we exclude stock-based compensation
expense and amortization of intangible assets which are recurring
and will be reflected in our financial results for the foreseeable
future. The non-GAAP measures we use may be different from non-GAAP
financial measures used by other companies, limiting their
usefulness for comparison purposes. We compensate for these
limitations by providing specific information regarding the GAAP
items excluded from these non-GAAP financial measures.
Safe Harbor Statement
This press release contains forward-looking statements that
involve risks and uncertainties, including statements regarding our
outlook for the first quarter 2018 and full year 2018, our market
opportunity, our ability to execute the Company’s long-term growth
strategy, and other future events. These forward-looking statements
are only predictions and may differ materially from actual results
due to a variety of factors including, but not limited to: our
limited operating history under our current business model; our
ability to manage our growth effectively; the rate of growth in the
market for analytics products and services; our ability to attract
new customers and expand sales to existing customers; our ability
to develop and release product and service enhancements and new
products and services to respond to rapid technological change in a
timely and cost-effective manner; intense and increasing
competition in our market; our ability to develop, maintain,
and enhance our brand and reputation cost-effectively; our ability
to expand our sales force and the effectiveness of our sales force;
our ability to establish and maintain successful relationships with
our channel partners; risks associated with our international
operations; litigation, and related costs; security breaches; and
other general market, political, economic, and business
conditions.
Additional risks and uncertainties that could affect our
financial results are included under the caption “Risk Factors” in
our Quarterly Report on Form 10-Q for the three months
ended September 30, 2017, which is available on the Investor
Relations page of our website at www.alteryx.com and on
the SEC website at www.sec.gov. Additional
information will also be set forth in our Annual Report on Form
10-K for the year ended December 31, 2017. All forward-looking
statements contained herein are based on information available to
us as of the date hereof and we do not assume any obligation to
update these statements as a result of new information or future
events.
About Alteryx, Inc.
Revolutionizing business though data science and analytics,
Alteryx offers an end-to-end analytics platform which empowers data
analysts and scientists alike to break data barriers, deliver
insights, and experience the thrill of getting to the answer
faster. Organizations all over the world rely on Alteryx daily to
deliver actionable insights. For more information visit
www.alteryx.com.
Alteryx is a registered trademark of Alteryx, Inc. All other
product and brand names may be trademarks or registered trademarks
of their respective owners.
Alteryx, Inc. Consolidated
Statements of Operations and Comprehensive Loss (in thousands,
except per share data) (unaudited)
Three Months Ended
Year Ended December 31, December 31,
2017 2016 2017 2016 Revenue $
38,588 $ 24,962 $ 131,607 $ 85,790 Cost of revenue 6,258
4,299 21,803 16,026
Gross profit 32,330 20,663 109,804 69,764 Operating
expenses: Research and development 8,399 5,062 29,342 17,481 Sales
and marketing 17,689 15,055 66,420 57,585 General and
administrative 8,126 6,097
32,241 17,720 Total operating expenses
34,214 26,214 128,003
92,786 Loss from operations (1,884 ) (5,551 ) (18,199 )
(23,022 ) Other income (expense), net 72 (466
) (205 ) (1,028 ) Loss before provision for (benefit
of) income taxes (1,812 ) (6,017 ) (18,404 ) (24,050 ) Provision
for (benefit of) income taxes (273 ) 60
(905 ) 208 Net loss $ (1,539 ) $ (6,077 ) $ (17,499 )
$ (24,258 ) Less: Accretion of Series A redeemable
convertible preferred stock - (1,976 )
(1,983 ) (6,442 ) Net loss attributable to common
stockholders $ (1,539 ) $ (8,053 ) $ (19,482 ) $ (30,700 )
Net loss per share attributable to common stockholders, basic and
diluted $ (0.03 ) $ (0.25 ) $ (0.37 ) $ (0.95 ) Weighted-average
shares used to compute net loss per share attributable to common
stockholders, basic and diluted 59,363 32,590
53,006 32,440 Other
comprehensive income (loss), net of tax: Change in net unrealized
holding gains (losses) on investments, net of tax (116 ) (3 ) (217
) 72 Foreign currency translation adjustments, net of tax 20
— (128 ) — Other
comprehensive income (loss), net of tax (96 ) (3 )
(345 ) 72 Total comprehensive loss $ (1,635 )
$ (6,080 ) $ (17,844 ) $ (24,186 )
Alteryx, Inc. Stock-Based Compensation Expense (in
thousands) (unaudited)
Three Months Ended Year
Ended December 31, December 31, 2017
2016 2017 2016 Cost of revenue $ 117 $
34 $ 485 $ 106 Research and development 478 95 1,635 338 Sales and
marketing 660 339 2,302 1,281 General and administrative
1,177 482 4,519 1,559 Total $ 2,432 $ 950 $
8,941 $ 3,284
Alteryx, Inc. Consolidated Balance Sheets (in
thousands) (unaudited)
December 31, December
31, 2017 2016 Assets Current
assets: Cash and cash equivalents $ 119,716 $ 31,306 Short-term
investments 54,386 21,394 Accounts receivable, net 49,797 35,367
Deferred commissions 11,213 7,358 Prepaid expenses and other
current assets 7,227 5,013 Total
current assets 242,339 100,438 Property and equipment, net
7,492 6,212 Long-term investments 19,964 - Goodwill 8,750 -
Intangible assets, net 7,995 - Other assets 4,876
4,765 Total assets $ 291,416 $ 111,415
Liabilities, Redeemable Convertible Preferred Stock, and
Stockholders’ Equity (Deficit) Current liabilities: Accounts
payable $ 522 $ 1,780 Accrued payroll and payroll related
liabilities 11,835 7,760 Accrued expenses and other current
liabilities 8,270 4,987 Deferred revenue 110,213
71,050 Total current liabilities 130,840 85,577
Deferred revenue 3,545 3,084 Other liabilities 3,527
1,182 Total liabilities 137,912
89,843 Commitments and contingencies
Redeemable convertible preferred stock - 99,182
Stockholders’ equity (deficit): Preferred stock - - Common stock 5
3 Additional paid-in capital 257,399 8,443 Accumulated deficit
(103,546 ) (86,047 ) Accumulated other comprehensive loss
(354 ) (9 ) Total stockholders’ equity (deficit)
153,504 (77,610 ) Total liabilities, redeemable
convertible preferred stock, and stockholders’ equity (deficit) $
291,416 $ 111,415
Alteryx,
Inc. Consolidated Statements of Cash Flows (in
thousands) (unaudited)
Three Months Ended Year Ended
December 31, December 31, 2017 2016
2017 2016 Cash flows from operating
activities: Net loss $ (1,539 ) $ (6,077 ) $ (17,499 ) $
(24,258 ) Adjustments to reconcile net loss to net cash provided by
(used in) operating
activities:
Depreciation and amortization 1,287 495 3,957 1,677 Stock-based
compensation 2,432 950 8,886 3,284 Provision for doubtful accounts
and sales reserve, net of recoveries 50 468 820 432 Deferred income
taxes (287 ) (27 ) (1,425 ) (27 ) Impairment of long-lived assets -
- 1,050 - Change in fair value of contingent consideration - - 190
- Loss on disposal of assets 143 10 175 66 Changes in operating
assets and liabilities, net of effect of business acquisitions:
Accounts receivable (19,217 ) (10,906 ) (15,325 ) (14,248 )
Deferred commissions (4,490 ) (1,831 ) (3,663 ) (1,582 ) Prepaid
expenses and other current assets and other assets (1,279 ) (3,105
) (3,508 ) (4,314 ) Accounts payable (3,203 ) (512 ) (1,483 ) 2,134
Accrued payroll and payroll related liabilities 5,714 3,534 4,047
1,177 Accrued expenses and other current liabilities 974 1,363
2,444 1,122 Deferred revenue 31,764 19,410 39,835 27,840 Other
liabilities 154 (677 ) 442
666 Net cash provided by (used in) operating
activities 12,503 3,095 18,943
(6,031 )
Cash flows from investing
activities: Purchases of property and equipment (1,366 ) (853 )
(3,669 ) (4,307 ) Cash paid in business acquisitions, net of cash
acquired - - (9,097 ) - Purchases of investments (3,966 ) (14 )
(91,517 ) (5,720 ) Maturities of investments 16,094 9,380 37,862
20,762 Change in restricted cash - 1,000
- 1,000 Net cash provided by
(used in) investing activities 10,762 9,513
(66,421 ) 11,735
Cash flows
from financing activities: Payments of Series C issuance costs
- - - (350 ) Proceeds from initial public offering, net of
underwriting commissions and discounts - - 134,757 - Payment of
initial public offering costs (529 ) (880 ) (2,396 ) (948 )
Repurchase of common stock, net of costs paid - - - (256 )
Principal payments on capital lease obligations (81 ) (109 ) (328 )
(274 ) Repayment of loans to stockholders - 2,237 - 2,237 Proceeds
from exercise of stock options 1,780 143 4,342 413 Excess tax
benefit from stock-based compensation 162 1 162 1 Minimum tax
withholding paid on behalf of employees for restricted stock units
(674 ) - (674 ) - Net
cash provided by financing activities 658
1,392 135,863 823 Effect
of exchange rate changes on cash 17 - 25 - Net increase in cash and
cash equivalents 23,940 14,000 88,410 6,527 Cash and cash
equivalents—beginning of period 95,776 17,306
31,306 24,779 Cash and cash
equivalents—end of period $ 119,716 $ 31,306 $
119,716 $ 31,306
Supplemental disclosure of
noncash investing and financing activities: Property and
equipment recorded in accounts payable $ - $ 38 $ -
$ 38 Consideration for business acquisition
initially included in accrued expenses and
other current liabilities and other
liabilities
$ - $ - $ 1,660 $ -
Consideration for business acquisition from issuance of common
stock $ - $ - $ 5,285 $ -
Contingent consideration settled through issuance of common stock $
- $ - $ 375 $ - Accretion of
Series A redeemable convertible preferred stock $ - $ 1,976
$ 1,983 $ 6,422 Deferred initial public
offering costs recorded in accounts payable and accrued
expenses
$ - $ 123 $ - $ 452 Property and
equipment funded by capital lease borrowing $ - $ - $
- $ 987 Conversion of redeemable convertible
preferred stock to common shares $ - $ - $ 101,165
$ -
Alteryx, Inc.
Reconciliation of GAAP Measures to Non-GAAP Measures (in
thousands, except percentages and per share amounts) (unaudited)
Three Months Ended
Year Ended December 31, December 31,
2017 2016 2017 2016 Reconciliation
of non-GAAP gross profit: GAAP gross profit $ 32,330 $ 20,663 $
109,804 $ 69,764 GAAP gross margin 84 % 83 % 83 % 81 %
Add back: Stock-based compensation expense 117 34 485 106
Amortization of intangible assets 456 -
1,213 - Non-GAAP gross profit $
32,903 $ 20,697 $ 111,502 $ 69,870
Non-GAAP gross margin 85 % 83 % 85 % 81 %
Reconciliation of non-GAAP income (loss) from operations:
GAAP loss from operations $ (1,884 ) $ (5,551 ) $ (18,199 ) $
(23,022 ) GAAP operating margin -5 % -22 % -14 % -27 %
Add back: Stock-based compensation expense 2,432 950 8,941
3,284 Amortization of intangible assets 461 - 1,225 - Contingent
consideration expense - - 190 - Follow-on public offering costs
- - 676 -
Non-GAAP income (loss) from operations $ 1,009 $
(4,601 ) $ (7,167 ) $ (19,738 ) Non-GAAP operating margin 3
% -18 % -5 % -23 %
Reconciliation of non-GAAP net income
(loss): GAAP net loss attributable to common stockholders $
(1,539 ) $ (8,053 ) $ (19,482 ) $ (30,700 ) Add back:
Stock-based compensation expense 2,432 950 8,941 3,284 Amortization
of intangible assets 461 - 1,225 - Accretion of Series A redeemable
convertible preferred stock - 1,976 1,983 6,442 Contingent
consideration expense - - 190 - Follow-on public offering costs - -
676 - Impairment of long-lived assets - - 1,050 - Income tax
adjustments - - (998 ) -
Non-GAAP net income (loss) $ 1,354 $ (5,127 )
$ (6,415 ) $ (20,974 )
Non-GAAP diluted income (loss) per
share: Non-GAAP net income (loss) $ 1,354 $ (5,127 ) $ (6,415 )
$ (20,974 ) Non-GAAP weighted-average shares used to compute
net income (loss) per share attributable to common stockholders,
diluted 62,744 47,237 56,296 47,087 Non-GAAP net income
(loss) per share, diluted $ 0.02 $ (0.11 ) $ (0.11 ) $ (0.45
)
Reconciliation of non-GAAP diluted net income (loss)
per share GAAP net loss per share attributable to common
stockholders, diluted $ (0.03 ) $ (0.25 ) $ (0.37 ) $ (0.95 )
Add back: Non-GAAP adjustments to net loss per share
0.05 0.14 0.26 0.50
Non-GAAP net income (loss) per share, diluted $ 0.02
$ (0.11 ) $ (0.11 ) $ (0.45 )
Reconciliation of
non-GAAP diluted weighted-average shares outstanding GAAP
weighted-average shares used to compute net loss per share
attributable to common stockholders, diluted 59,363 32,590 53,006
32,440 Add back: Conversion of redeemable convertible
preferred stock into common stock - 14,647 3,290 14,647 Effect of
potentially dilutive shares 3,381 -
- - Non-GAAP weighted-average
shares used to compute non-GAAP net income (loss) per share,
diluted 62,744 47,237 56,296
47,087
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180221006280/en/
Investor RelationsICRStaci Mortenson,
844-842-1912ir@alteryx.com
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