Full Year 2023 Revenue of $970 million, up 13% Year-Over-Year
Annualized Recurring Revenue of $955
million, up 15% Year-Over-Year
IRVINE,
Calif., Feb. 6, 2024 /PRNewswire/ -- Alteryx, Inc.
(NYSE: AYX), the Analytics Automation company, today announced
financial results for its fourth quarter and full year ended
December 31, 2023.
Fourth Quarter 2023 Financial Highlights
- Revenue: Revenue for the fourth quarter of 2023 was
$351 million, an increase of 17%,
compared to revenue of $301 million
in the fourth quarter of 2022.
- Gross Profit: GAAP gross profit for the fourth quarter
of 2023 was $317 million, or a GAAP
gross margin of 90%, compared to GAAP gross profit of $269 million, or a GAAP gross margin of 89%, in
the fourth quarter of 2022. Non-GAAP gross profit for the fourth
quarter of 2023 was $324 million, or
a non-GAAP gross margin of 92%, compared to non-GAAP gross profit
of $277 million, or a non-GAAP gross
margin of 92%, in the fourth quarter of 2022.
- Income (Loss) from Operations: GAAP income from
operations for the fourth quarter of 2023 was $76 million, compared to GAAP loss from
operations of $(41) million for the
fourth quarter of 2022. Non-GAAP income from operations for the
fourth quarter of 2023 was $154
million, compared to non-GAAP income from operations of
$68 million for the fourth quarter of
2022.
- Net Income (Loss): GAAP net income attributable to
common stockholders for the fourth quarter of 2023 was $80 million, compared to GAAP net loss
attributable to common stockholders of $(32)
million for the fourth quarter of 2022. GAAP net income per
diluted share for the fourth quarter of 2023 was $1.07, based on 76.9 million GAAP
weighted-average diluted shares outstanding, compared to GAAP net
loss per diluted share of $(0.46),
based on 69.2 million GAAP weighted-average diluted shares
outstanding for the fourth quarter of 2022.
Non-GAAP net income and non-GAAP net income per diluted share for
the fourth quarter of 2023 were $129
million and $1.70,
respectively, compared to non-GAAP net income of $62 million and non-GAAP net income per diluted
share of $0.84 for the fourth quarter
of 2022. Non-GAAP net income per diluted share for the fourth
quarter of 2023 was based on 76.9 million non-GAAP weighted-average
diluted shares outstanding, compared to 76.3 million non-GAAP
weighted-average diluted shares outstanding for the fourth quarter
of 2022.
- Balance Sheet and Cash Flow: Cash, cash equivalents, and
short-term and long-term investments as of December 31, 2023 was $744
million, compared to $432
million as of December 31,
2022. This reflects a $441
million cash inflow primarily related to the issuance of our
8.75% senior notes due 2028, net of debt issuance costs, partially
offset by an $85 million cash outflow
related to principal payments on our 0.5% convertible senior notes
due 2023 in settlement of conversions in early 2023 and payments at
maturity. Cash provided by operating activities for the fourth
quarter of 2023 was $80 million,
compared to cash provided by operating activities of $8 million for the fourth quarter of 2022.
Full Year 2023 Financial Highlights
- Revenue: Revenue for the full year 2023 was $970 million, an increase of 13%, compared to
revenue of $855 million for the full
year 2022.
- Gross Profit: GAAP gross profit for the full year 2023
was $839 million, or a GAAP gross
margin of 86%, compared to GAAP gross profit of $737 million, or a GAAP gross margin of 86%, for
the full year 2022. Non-GAAP gross profit for the full year 2023
was $871 million, or a non-GAAP gross
margin of 90%, compared to non-GAAP gross profit of $768 million, or a non-GAAP gross margin of 90%,
for the full year 2022.
- Income (Loss) from Operations: GAAP loss from operations
for the full year 2023 was $(165)
million, compared to GAAP loss from operations of
$(301) million for the full year
2022. Non-GAAP income from operations for the full year 2023 was
$142 million compared to non-GAAP
income from operations of $13 million
for the full year 2022.
- Net Income (Loss): GAAP net loss attributable to common
stockholders for the full year 2023 was $(179) million, compared to GAAP net loss of
$(319) million for the full year
2022. GAAP net loss per diluted share for the full year 2023 was
$(2.52), based on 70.9 million GAAP
weighted-average diluted shares outstanding, compared to GAAP net
loss per diluted share of $(4.65),
based on 68.5 million GAAP weighted-average diluted shares
outstanding for the full year 2022.
Non-GAAP net income and non-GAAP net income per diluted share for
the full year 2023 were $110 million
and $1.53, respectively, compared to
non-GAAP net income of $0 million and
non-GAAP net income per diluted share of $0.00 for the full year 2022. Non-GAAP net income
per diluted share for the full year 2023 was based on 76.4 million
non-GAAP weighted-average diluted shares outstanding, compared to
68.5 million non-GAAP weighted-average diluted shares outstanding
for the full year 2022.
A reconciliation of GAAP to non-GAAP financial measures has been
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 and Operating Measures."
During the year ended December 31,
2023, management elected to change the presentation of our
financial statements and accompanying footnote disclosures from
thousands to millions. The change in presentation had no material
impact on previously reported financial information, but certain
amounts reported for prior periods may differ by insignificant
amounts due to the nature of rounding relative to the change in
presentation. In addition, historical percentages and per share
amounts presented may not add to their respective totals or
recalculate due to rounding.
Fourth Quarter 2023 and Recent Business Highlights
- Ended the fourth quarter of 2023 with $955 million in annualized recurring revenue, or
ARR, an increase of 15% year-over-year.
- Achieved a dollar-based net expansion rate (ARR-based) of 116%
for the fourth quarter of 2023.
- Announced the formation of Alteryx Public Sector, LLC, a new
entity that will focus on helping U.S. public sector institutions,
including federal, state, local, and tribal governments, as well as
educational institutions, accelerate their use of analytics.
- Announced that we ranked in first place in all categories
across the mid-cap software sector and achieved the 'Most Honored'
company distinction in the Institutional Investor's 2023-24
All-America Executive Team.
Transaction with Clearlake Capital Group and Insight
Partners
In a separate press release issued on December 18, 2023, we announced that we have
entered into a definitive agreement, or the Merger Agreement, to be
acquired by Clearlake Capital Group, L.P. and Insight Partners. A
copy of the press release and supplemental materials can be found
on the "Investors" page of our website at
https://investor.alteryx.com and on the Securities and
Exchange Commission, or the SEC, website at http://www.sec.gov.
Additional details and information about the terms and conditions
of the Merger Agreement and the transactions contemplated by the
Merger Agreement are available in the Current Report on Form 8-K
filed with the SEC on December 18,
2023.
Given the announced transaction, we will not be hosting an
earnings conference call nor providing financial guidance in
conjunction with this press release. For further detail and
discussion of our financial performance, please refer to our Annual
Report on Form 10-K for the year ended December 31, 2023, filed today with the SEC.
Non-GAAP Financial Measures and Operating Measures
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 operating margin, non-GAAP
net income (loss), non-GAAP net income (loss) per diluted 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.
Payroll tax expense related to stock-based compensation.
We exclude employer payroll tax expense related to stock-based
compensation to present the full effect that excluding stock-based
compensation expense has on operating results. These expenses are
tied to the exercise or vesting of underlying equity awards and the
price of our common stock at the time of vesting or exercise, which
may vary from period to period independent of the operating
performance of the business.
Acquisition-related adjustments. We exclude amortization
of intangible assets, which is non-cash and related to business
combinations from certain of our non-GAAP financial
measures. In addition, we exclude acquisition and integration
expenses, such as transaction costs and costs associated with the
applicable retention, restructuring and successful integration of
operational activities of the acquired company, as they are related
to a business combination and have no direct correlation to the
operation of our business. Effective as of the fourth quarter of
2023, we have additionally excluded any transaction costs incurred
related to the planned merger as these costs do not contribute to a
meaningful evaluation of our current operating performance.
Impairment of long-lived assets. We exclude non-cash
charges for impairment of long-lived assets from certain of our
non-GAAP financial measures. Impairment charges can vary
significantly in terms of amount and timing and we do not consider
these charges indicative of our current or past operating
performance.
Cost optimization charges. We exclude other cost
optimization charges, which primarily include compensation costs
for the impacted workforce and additional non-impairment office
exit costs. Although office exits are non-recurring in nature,
certain costs associated with the exits will be incurred in future
periods. We exclude cost optimization charges as they do not
contribute to a meaningful evaluation of our current or past
operating performance.
Income tax adjustments. We utilize a fixed annual
projected long-term non-GAAP tax rate in order to provide better
consistency across reporting periods by eliminating the effects of
items such as changes in the tax valuation allowance, excess tax
benefits associated with stock options, and tax effects of
acquisition-related costs, since each of these can vary in size and
frequency. When projecting this rate, we exclude the direct impact
of the following non-cash items: stock-based compensation expenses,
amortization and impairment of purchased intangibles, and the
amortization of debt discount and issuance costs. The projected
rate also assumes no new acquisitions, and considers other factors,
including our expected tax structure, our tax positions in various
jurisdictions and key legislation in major jurisdictions where we
operate. We used a projected non-GAAP tax rate of 20% for both 2023
and 2022.
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
and related payroll tax 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.
Annualized Recurring Revenue (ARR). Annualized recurring
revenue, or ARR, represents the annualized recurring value of all
active subscription contracts at the end of a reporting period, and
excludes the value of non-recurring revenue streams that are
recognized at a point in time, such as certain professional
services. We use ARR as one of our operating measures to assess the
health and trajectory of our business. ARR is a performance metric
and should be viewed independently of revenue and deferred revenue,
and is not intended to be a substitute for, or combined with, any
of these items. Both multi-year contracts and contracts with terms
less than one year are annualized by dividing the total committed
contract value by the number of months in the subscription term and
then multiplying by twelve. Annualizing contracts with terms less
than one year results in amounts being included in our ARR
calculation that are in excess of the total contract value for
those contracts at the end of the reporting period.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of the federal securities laws that involve risks and
uncertainties, including statements regarding our expectations with
respect to the pending merger; ARR, non-GAAP operating margin, and
assumptions related to the foregoing; our workforce reduction plans
and related impacts; our ability to execute our long-term growth,
go-to-market, operations, and product strategies, including with
respect to our public sector business and our cloud and artificial
intelligence, or AI, offerings; our non-GAAP tax rate for 2024; 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: the pendency of
the merger and our ability to complete the merger in a timely
manner or at all; our history of losses; volatile and significantly
weakened global economic conditions; our ability to develop,
release, and gain market acceptance of product and service
enhancements and new products and services to respond to rapid
technological change in a timely and cost-effective manner, or if
we are unable to develop a successful business model to sell those
products and services we have acquired or integrate them into our
existing products and services; our dependence on our software
platform for a large portion of our revenue; our ability to manage
our growth effectively; our ability to attract new customers,
expand sales to existing customers, both domestically and
internationally, or maintain the subscription amount or
subscription term of renewing customers; our ability to establish
and maintain successful relationships with our channel partners;
intense and increasing competition in our market; the rate of
growth in the market for analytics products and services; our
dependence on technology and data licensed to us by third parties;
risks associated with the expansion of our international
operations; our ability to develop, maintain, and enhance our brand
and reputation cost-effectively; litigation and related costs;
security breaches; the success of our AI initiatives; our
indebtedness and risks related to our outstanding notes; and other
macroeconomic conditions, including, but not limited to, rising
inflation, interest rates, disruptions in access to bank deposits
or lending commitments due to bank failures, foreign currency
exchange rates, economic uncertainty, and the impacts of
geopolitical and other natural and man-made events, like regional
conflicts and government shutdowns. Additionally, these
forward-looking statements involve risk, uncertainties and
assumptions, many of which relate to matters that are beyond our
control and changing rapidly.
Additional risks and uncertainties that could affect our
financial results are included under the caption "Risk Factors" in
our filings with the SEC, including our Quarterly Report on Form
10-Q for the quarter ended September 30,
2023, which are available on the "Investors" page of our
website at https://investor.alteryx.com and on the SEC website at
http://www.sec.gov. Additional information will also be set forth
in our Annual Report on Form 10-K for the year ended December 31, 2023. 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.
Alteryx (NYSE: AYX) powers analytics for all by providing our
leading Analytics Automation Platform. With Alteryx, enterprises
can make intelligent decisions across their organizations with
automated, AI-driven insights. More than 8,000 customers globally
rely on Alteryx to democratize analytics across use cases and
deliver high-impact business outcomes. To learn more, visit
http://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
|
(in millions, except
per share data)
|
(unaudited)
|
|
|
Three Months Ended
December 31,
|
|
Year Ended December
31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Revenue:
|
|
|
|
|
|
|
|
Subscription-based
software license
|
$
232
|
|
$
192
|
|
$
516
|
|
$
447
|
PCS and
services
|
119
|
|
109
|
|
454
|
|
408
|
Total
revenue
|
351
|
|
301
|
|
970
|
|
855
|
Cost of
revenue:
|
|
|
|
|
|
|
|
Subscription-based
software license
|
2
|
|
3
|
|
7
|
|
11
|
PCS and
services
|
32
|
|
29
|
|
124
|
|
107
|
Total cost of
revenue
|
34
|
|
32
|
|
131
|
|
118
|
Gross profit
|
317
|
|
269
|
|
839
|
|
737
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development
|
51
|
|
59
|
|
220
|
|
221
|
Sales and
marketing
|
135
|
|
157
|
|
581
|
|
542
|
General and
administrative
|
55
|
|
59
|
|
201
|
|
232
|
Impairment of
long-lived assets
|
—
|
|
35
|
|
2
|
|
43
|
Total operating
expenses
|
241
|
|
310
|
|
1,004
|
|
1,038
|
Income (Loss) from
operations
|
76
|
|
(41)
|
|
(165)
|
|
(301)
|
Interest
expense
|
(13)
|
|
(2)
|
|
(43)
|
|
(9)
|
Other income (expense),
net
|
20
|
|
12
|
|
39
|
|
(4)
|
Income (Loss) before
provision for income taxes
|
83
|
|
(31)
|
|
(169)
|
|
(314)
|
Provision for income
taxes
|
3
|
|
1
|
|
10
|
|
5
|
Net income
(loss)
|
$
80
|
|
$
(32)
|
|
$
(179)
|
|
$
(319)
|
Convertible debt
interest expense, after-tax
|
2
|
|
—
|
|
—
|
|
—
|
Adjusted net
income
|
$
82
|
|
$
(32)
|
|
$
(179)
|
|
$
(319)
|
Net income (loss) per
share attributable to common stockholders, basic
|
$
1.11
|
|
$
(0.46)
|
|
$
(2.52)
|
|
$
(4.65)
|
Adjusted net income
(loss) per share attributable to common stockholders,
diluted
|
$
1.07
|
|
$
(0.46)
|
|
$
(2.52)
|
|
$
(4.65)
|
Weighted-average shares
used to compute net income (loss) per share attributable to common
stockholders, basic
|
71,935
|
|
69,215
|
|
70,948
|
|
68,510
|
Weighted-average shares
used to compute net income (loss) per share attributable to common
stockholders, diluted
|
76,866
|
|
69,215
|
|
70,948
|
|
68,510
|
Alteryx,
Inc.
|
Stock-Based
Compensation Expense
|
(in
millions)
|
(unaudited)
|
|
|
Three Months Ended
December 31,
|
|
Year Ended December
31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Cost of
revenue
|
$
5
|
|
$
4
|
|
$
18
|
|
$
17
|
Research and
development
|
13
|
|
15
|
|
56
|
|
55
|
Sales and
marketing
|
23
|
|
24
|
|
92
|
|
80
|
General and
administrative
|
21
|
|
20
|
|
79
|
|
75
|
Total
|
$
62
|
|
$
63
|
|
$
245
|
|
$
227
|
Alteryx,
Inc.
|
Consolidated Balance
Sheets
|
(in
millions)
|
(unaudited)
|
|
|
December 31,
2023
|
|
December 31,
2022
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
530
|
|
$
105
|
Short-term
investments
|
195
|
|
237
|
Accounts receivable,
net
|
296
|
|
260
|
Prepaid expenses and
other current assets
|
169
|
|
145
|
Total current
assets
|
1,190
|
|
747
|
Property and equipment,
net
|
69
|
|
69
|
Operating lease
right-of-use assets
|
43
|
|
51
|
Long-term
investments
|
19
|
|
90
|
Goodwill
|
398
|
|
398
|
Intangible assets,
net
|
48
|
|
61
|
Other assets
|
145
|
|
141
|
Total
assets
|
$
1,912
|
|
$
1,557
|
Liabilities and
Stockholders' Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
4
|
|
$
14
|
Accrued payroll and
payroll related liabilities
|
81
|
|
81
|
Accrued expenses and
other current liabilities
|
82
|
|
56
|
Deferred
revenue
|
252
|
|
276
|
Convertible senior
notes, net
|
399
|
|
85
|
Total current
liabilities
|
818
|
|
512
|
Long-term debt,
net
|
839
|
|
793
|
Operating lease
liabilities
|
47
|
|
61
|
Other
liabilities
|
18
|
|
17
|
Total
liabilities
|
1,722
|
|
1,383
|
Stockholders'
equity:
|
|
|
|
Common
stock
|
—
|
|
—
|
Additional paid-in
capital
|
824
|
|
623
|
Accumulated
deficit
|
(622)
|
|
(443)
|
Accumulated other
comprehensive loss
|
(12)
|
|
(6)
|
Total stockholders'
equity
|
190
|
|
174
|
Total liabilities and
stockholders' equity
|
$
1,912
|
|
$
1,557
|
Alteryx,
Inc.
|
Consolidated
Statements of Cash Flows
|
(in
millions)
|
(unaudited)
|
|
|
Three Months
Ended
December 31,
|
|
Year Ended December
31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
80
|
|
$
(32)
|
|
$
(179)
|
|
$
(319)
|
Adjustments to
reconcile net income (loss) to net cash provided by (used in)
operating activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
9
|
|
10
|
|
36
|
|
37
|
Non-cash operating
lease cost
|
3
|
|
5
|
|
12
|
|
20
|
Stock-based
compensation
|
62
|
|
63
|
|
245
|
|
227
|
Amortization
(accretion) of discounts and premiums on investments,
net
|
(1)
|
|
(1)
|
|
(5)
|
|
—
|
Amortization of debt
discount and issuance costs
|
1
|
|
1
|
|
4
|
|
3
|
Deferred income
taxes
|
(2)
|
|
—
|
|
2
|
|
2
|
Impairment of long-lived assets
|
—
|
|
35
|
|
2
|
|
43
|
Other
non-cash operating activities, net
|
(11)
|
|
(9)
|
|
(8)
|
|
12
|
Changes
in operating assets and liabilities, net of effect of business
acquisitions:
|
|
|
|
|
|
|
|
Accounts
receivable
|
(167)
|
|
(148)
|
|
(40)
|
|
(65)
|
Deferred
commissions
|
(20)
|
|
(19)
|
|
(32)
|
|
(28)
|
Prepaid expenses and
other current assets and other assets
|
5
|
|
(7)
|
|
11
|
|
(101)
|
Accounts
payable
|
(9)
|
|
(10)
|
|
(10)
|
|
5
|
Accrued payroll and
payroll related liabilities
|
28
|
|
33
|
|
1
|
|
10
|
Accrued expenses,
other current liabilities, operating lease liabilities, and other
liabilities
|
28
|
|
(2)
|
|
10
|
|
(15)
|
Deferred
revenue
|
74
|
|
89
|
|
(20)
|
|
64
|
Net cash provided by
(used in) operating activities
|
80
|
|
8
|
|
29
|
|
(105)
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
Capitalized software
development costs
|
(6)
|
|
(4)
|
|
(21)
|
|
(12)
|
Purchases of property
and equipment
|
(1)
|
|
(4)
|
|
(3)
|
|
(24)
|
Cash paid in
acquisitions, net of cash acquired
|
—
|
|
—
|
|
—
|
|
(387)
|
Purchases of
investments
|
(54)
|
|
(88)
|
|
(197)
|
|
(203)
|
Sales and maturities
of investments
|
62
|
|
115
|
|
307
|
|
723
|
Net cash provided by
investing activities
|
1
|
|
19
|
|
86
|
|
97
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
Proceeds from issuance
of senior notes
|
—
|
|
—
|
|
443
|
|
—
|
Principal payments on
2023 convertible senior notes
|
—
|
|
—
|
|
(85)
|
|
—
|
Proceeds from exercise
of stock options and issuance of shares from employee stock
purchase plan
|
—
|
|
—
|
|
13
|
|
10
|
Minimum tax
withholding paid on behalf of employees for restricted stock
units
|
(12)
|
|
(8)
|
|
(60)
|
|
(45)
|
Other financing
activity
|
(4)
|
|
—
|
|
(5)
|
|
—
|
Net cash provided by
(used in) financing activities
|
(16)
|
|
(8)
|
|
306
|
|
(35)
|
Effect of exchange rate
changes on cash, cash equivalents, and restricted cash
|
1
|
|
1
|
|
1
|
|
(2)
|
Net increase (decrease)
in cash, cash equivalents, and restricted cash
|
66
|
|
20
|
|
422
|
|
(45)
|
Cash, cash equivalents,
and restricted cash—beginning of period
|
466
|
|
90
|
|
110
|
|
155
|
Cash, cash equivalents,
and restricted cash—end of period
|
$
532
|
|
$
110
|
|
$
532
|
|
$
110
|
Alteryx,
Inc.
|
Reconciliation of
GAAP Measures to Non-GAAP Measures
|
(in millions, except
percentages and per share amounts)
|
(unaudited)
|
|
|
Three Months Ended
December 31,
|
|
Year Ended December
31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Reconciliation of
non-GAAP gross profit:
|
|
|
|
|
|
|
|
GAAP gross
profit
|
$
317
|
|
$
269
|
|
$
839
|
|
$
737
|
GAAP gross
margin
|
90 %
|
|
89 %
|
|
86 %
|
|
86 %
|
Add
back:
|
|
|
|
|
|
|
|
Stock-based
compensation and related payroll tax expense
|
5
|
|
4
|
|
19
|
|
17
|
Amortization of
intangible assets
|
2
|
|
3
|
|
11
|
|
13
|
Cost optimization
charges
|
—
|
|
1
|
|
2
|
|
1
|
Non-GAAP gross
profit
|
$
324
|
|
$
277
|
|
$
871
|
|
$
768
|
Non-GAAP gross
margin
|
92 %
|
|
92 %
|
|
90 %
|
|
90 %
|
Reconciliation of
non-GAAP income from operations:
|
|
|
|
|
|
|
|
GAAP income (loss) from
operations
|
$
76
|
|
$
(41)
|
|
$
(165)
|
|
$
(301)
|
GAAP operating
margin
|
22 %
|
|
(14) %
|
|
(17) %
|
|
(35) %
|
Add
back:
|
|
|
|
|
|
|
|
Stock-based
compensation and related payroll tax expense
|
63
|
|
64
|
|
252
|
|
232
|
Amortization of
intangible assets
|
2
|
|
3
|
|
12
|
|
14
|
Impairment of
long-lived assets
|
—
|
|
35
|
|
2
|
|
43
|
Cost optimization
charges
|
1
|
|
4
|
|
26
|
|
4
|
Acquisition-related
adjustments
|
12
|
|
3
|
|
15
|
|
21
|
Non-GAAP income from
operations
|
$
154
|
|
$
68
|
|
$
142
|
|
$
13
|
Non-GAAP operating
margin
|
44 %
|
|
23 %
|
|
15 %
|
|
2 %
|
Reconciliation of
non-GAAP net income:
|
|
|
|
|
|
|
|
GAAP net income (loss)
attributable to common stockholders
|
$
80
|
|
$
(32)
|
|
$
(179)
|
|
$
(319)
|
Add
back:
|
|
|
|
|
|
|
|
Stock-based
compensation and related payroll tax expense
|
63
|
|
64
|
|
252
|
|
232
|
Amortization of
intangible assets
|
2
|
|
3
|
|
12
|
|
14
|
Impairment of
long-lived assets
|
—
|
|
35
|
|
2
|
|
43
|
Cost optimization
charges
|
1
|
|
4
|
|
26
|
|
4
|
Acquisition-related
adjustments
|
12
|
|
3
|
|
15
|
|
21
|
Income tax
adjustments
|
(29)
|
|
(15)
|
|
(18)
|
|
5
|
Non-GAAP net
income
|
$
129
|
|
$
62
|
|
$
110
|
|
$
—
|
Convertible debt
interest expense, after-tax (1)
|
2
|
|
2
|
|
7
|
|
—
|
Adjusted non-GAAP net
income (1)
|
$
131
|
|
$
64
|
|
$
117
|
|
$
—
|
Non-GAAP net income
per diluted share
|
|
|
|
|
|
|
|
Adjusted non-GAAP net
income (1)
|
$
131
|
|
$
64
|
|
$
117
|
|
$
—
|
Non-GAAP
weighted-average shares used to compute net income per share
attributable to common stockholders, diluted
(2)
|
76,866
|
|
76,257
|
|
76,369
|
|
68,510
|
Non-GAAP net income
per diluted share
|
$
1.70
|
|
$
0.84
|
|
$
1.53
|
|
$
—
|
Reconciliation of
non-GAAP diluted net income per share:
|
|
|
|
|
|
|
|
Adjusted GAAP net
income (loss) per share attributable to common stockholders,
diluted
|
$
1.07
|
|
$
(0.46)
|
|
$
(2.52)
|
|
$
(4.65)
|
Add
back:
|
|
|
|
|
|
|
|
Non-GAAP adjustments
to net income per share
|
0.63
|
|
1.30
|
|
4.05
|
|
4.65
|
Non-GAAP net income per
share, diluted
|
$
1.70
|
|
$
0.84
|
|
$
1.53
|
|
$
—
|
Reconciliation of
non-GAAP diluted weighted-average shares
outstanding:
|
|
|
|
|
|
|
|
GAAP weighted-average
shares used to compute income (loss) per share attributable to
common stockholders, diluted
|
76,866
|
|
69,215
|
|
70,948
|
|
68,510
|
Add
back:
|
|
|
|
|
|
|
|
Effect of potentially
dilutive shares
|
—
|
|
7,042
|
|
5,421
|
|
—
|
Non-GAAP
weighted-average shares used to compute non-GAAP net income per
share, diluted
|
76,866
|
|
76,257
|
|
76,369
|
|
68,510
|
|
(1) Following the adoption of ASU
2020-06, effective as of January 1, 2022, we utilize the
"if-converted" method for calculating diluted net income per share,
which assumes conversion of our convertible senior notes as of the
beginning of the period or at the time of issuance, if later. For
periods in which we are in an income position, we add back
after-tax interest expense related to our convertible senior
notes.
|
(2) For
periods in which we are in an income position, the denominator of
our calculation of diluted net income per share includes potential
shares issued related to our convertible senior notes pursuant to
the "if-converted" method for calculating diluted net income per
share.
|
|
Alteryx, Inc.
Other Business
Metrics
(unaudited)
Annualized Recurring Revenue (ARR). ARR represents
the annualized recurring value of all active subscription contracts
at the end of a reporting period and excludes the value of
non-recurring revenue streams that are recognized at a point in
time, such as certain professional services. Both multi-year
contracts and contracts with terms less than one year are
annualized by dividing the total committed contract value by the
number of months in the subscription term and then multiplying by
twelve. Annualizing contracts with terms less than one year results
in amounts being included in our ARR calculation that are in excess
of the total contract value for those contracts at the end of the
reporting period (in millions).
|
|
Mar. 31,
|
|
Jun. 30,
|
|
Sep. 30,
|
|
Dec. 31,
|
|
Mar. 31,
|
|
Jun. 30,
|
|
Sep. 30,
|
|
Dec. 31,
|
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
Annualized recurring
revenue
|
|
$ 684
|
|
$ 727
|
|
$ 758
|
|
$ 834
|
|
$ 857
|
|
$ 890
|
|
$ 914
|
|
$ 955
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dollar-Based Net Expansion Rate. Our
dollar-based net expansion rate is a trailing four-quarter average
of the ARR from a cohort of customers in a quarter as compared to
the same quarter in the prior year. To calculate our dollar-based
net expansion rate, we first identify a cohort of customers, or the
Base Customers, in a particular quarter, or the Base Quarter. A
customer will not be considered a Base Customer unless such
customer has an active subscription on the last day of the Base
Quarter. We then divide the ARR in the same quarter of the
subsequent year attributable to the Base Customers, or the
Comparison Quarter, including Base Customers from which we no
longer derive ARR in the Comparison Quarter, by the ARR
attributable to those Base Customers in the Base Quarter. Our
dollar-based net expansion rate in a particular quarter is then
obtained by averaging the result from that particular quarter with
the corresponding result from each of the prior three quarters.
To better align our reported business metrics, beginning in the
first quarter of 2023, we revised our dollar-based net expansion
calculation to utilize ARR instead of annual contract value, which,
if applied to prior periods presented, would have had no more than
a 1% impact on any such prior period. As a result, we have not
recast prior period dollar-based net expansion rates to conform to
the current definition because the impact is immaterial.
|
|
Mar. 31,
|
|
Jun. 30,
|
|
Sep. 30,
|
|
Dec. 31,
|
|
Mar. 31,
|
|
Jun. 30,
|
|
Sep. 30,
|
|
Dec. 31,
|
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
Dollar-based net
expansion rate
|
|
119 %
|
|
120 %
|
|
121 %
|
|
121 %
|
|
121 %
|
|
120 %
|
|
119 %
|
|
116 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Customers with ARR of $250,000 or Greater. As we have
grown, and as part of our enterprise-focused sales strategy, our
ability to grow our base of larger customers while increasing
penetration with those customers has increasingly become a key
indicator of our market expansion, the growth of our business, and
our future potential business opportunities. In particular, we
believe that the number of customers with ARR of $250,000 or greater at the end of a reporting
period is a useful indicator of the scale of customer adoption and
expansion of our platform and the success of our enterprise-focused
sales strategy.
Accordingly, beginning in the three months ended June 30, 2023, we began reporting the number of
customers with ARR of $250,000 or
greater instead of our total number of customers. We define a
customer at the end of any particular period as an entity with a
subscription agreement that runs through the current or future
period as of the measurement date. A single organization with
separate subsidiaries, segments, or divisions that use our platform
may represent multiple customers, and we treat each identified
entity with a unique nine-digit identification number provided by
Dun & Bradstreet as a single customer. In cases where
customers subscribe to our platform through our channel partners,
each end customer is counted separately.
|
|
Mar. 31,
|
|
Jun. 30,
|
|
Sep. 30,
|
|
Dec. 31,
|
|
Mar. 31,
|
|
Jun. 30,
|
|
Sep. 30,
|
|
Dec. 31,
|
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
Customers with ARR of
$250,000 or greater
|
|
530
|
|
566
|
|
586
|
|
643
|
|
660
|
|
689
|
|
706
|
|
748
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Remaining Performance Obligations. Remaining
performance obligations represent amounts from contracts with
customers allocated to unsatisfied or partially unsatisfied
performance obligations that are not yet recorded in revenue in our
consolidated statements of operations (in millions).
|
|
Mar. 31,
|
|
Jun. 30,
|
|
Sep. 30,
|
|
Dec. 31,
|
|
Mar. 31,
|
|
Jun. 30,
|
|
Sep. 30,
|
|
Dec. 31,
|
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
Remaining performance
obligations
|
|
$ 445
|
|
$ 495
|
|
$ 488
|
|
$ 592
|
|
$ 509
|
|
$ 502
|
|
$ 517
|
|
$ 641
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract Assets. Contract assets primarily
relate to unbilled amounts for contracts with customers for which
the amount of revenue recognized exceeds the amount billed to the
customer. Contract assets are transferred to accounts receivable
when the right to invoice becomes unconditional in our consolidated
balance sheets (in millions).
|
|
Mar. 31,
|
|
Jun. 30,
|
|
Sep. 30,
|
|
Dec. 31,
|
|
Mar. 31,
|
|
Jun. 30,
|
|
Sep. 30,
|
|
Dec. 31,
|
|
|
2022
|
|
2022
|
|
2022
|
|
2022
|
|
2023
|
|
2023
|
|
2023
|
|
2023
|
Contract
assets
|
|
$
54
|
|
$
76
|
|
$ 130
|
|
$ 131
|
|
$ 132
|
|
$ 127
|
|
$ 135
|
|
$ 120
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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SOURCE Alteryx, Inc.