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Cloud Stocks: Alteryx Sees Strong Momentum

Posted on Monday, Jul 1st 2019

According to IDC, global revenue from big data and business analytics (BDA) solutions is expected to grow 12% to 189.1 billion in 2019. By 2022, IDC expects worldwide BDA revenue will be $274.3 billion. Irvine, Californa-based Alteryx (NYSE: AYX), which addresses the business intelligence and analytic tools, analytic data integration and spatial information analysis markets, reported another strong quarter in May that beat analyst estimates.

Alteryx’s Financials

For the first quarter, Alteryx reported revenue of $76 million, up 51%. GAAP net income increased slightly to $5.9 million or $0.09 per share. Non-GAAP net income was $3 million or $0.04 per diluted share. Analysts expected loss of $(0.16) per share on revenue of $71.41 million.

Alteryx ended the first quarter with 4,973 customers, up 35%. It added 277 net new customers in Q1 and achieved a dollar-based net expansion rate of 134%. It also opened new offices in Japan and Dubai.

For the current quarter, revenue is expected to be in the range of $74 million to $77 million. Non-GAAP net loss per share is expected to be in the range of $(0.04) to $(0.09). Analysts expect revenue of $76.45 million.

For the full year 2019, revenue is expected to be in the range of $355 million to $360 million. Non-GAAP net income per share is expected to be in the range of $0.38 to $0.45.

Alteryx reported annual revenue of $253.6 million in 2018. GAAP net income was $28 million, or $0.43 per share. Non-GAAP net income was $53.4 million or $0.82 per share.

As of March 31, 2019, Alteryx had cash, cash equivalents, and short- and long-term investments of $461.3 million, compared with $426.2 million as of December 31, 2018.

Alteryx’s Acquisitions

In April, Alteryx acquired Menlo Park-based ClearStory Data for $20 million. ClearStory Data is an enterprise-scale, continuous intelligence analytics solution for complex and unstructured data. Seen as an acqui-hire, the acquisition will give Alteryx a team with technical expertise in scalable compute, data profiling, and auto inference.

Founded in 2011, ClearStory Data focused on enabling intelligent automation on large-scale data processing platforms, including Spark™. It has raised $50.5 million in funding from investors including Kleiner Perkins, GV, DAG Ventures, Khosla Ventures, and Andreessen Horowitz. Its annual revenue is estimated to be $1.4 million and competed with Infor-owned Birst, Datameer, and Looker that was recently acquired by Alphabet for $2.6 billion. On the heels of the Looker acquisition, Salesforce announced the acquisition of Tableau, a leader in the data visualization market, for $15.7 billion.

Following these acquisitions, there is much speculation about acquisitions in the analytics space. As a result, Alteryx’s stock rallied by about 4%. Alteryx was early this year recognized as a challenger in the 2019 Magic Quadrant for Data Science and Machine Learning Platforms.

Gartner’s 2019 Magic Quadrant for Data Science and Machine Learning Platforms

Its stock is trading at a 52-week high of $109.12 with a market cap of $6.82 billion. Its 52-week low is $35.02.

Alteryx was bootstrapped initially with a little help from family funds. In 2011, the company raised $6 million in funding from SAP Ventures. Since then, it raised $163 million from investors including Insight Venture Partners, Iconiq Capital, Meritech Capital Partners, Sapphire Ventures, and Toba Capital. It raised $85 million in its latest round in October 2015 at a valuation approaching $1 billion. The company went public in March 2017 at a valuation of about $840 million and a list price of $14.61.

Within a span of just two years, Alteryx has become profitable and shown strong growth and momentum. The consolidation in the industry has also worked to its advantage and its market cap has grown over seven times. It’s definitely a stock worth watching!

This segment is a part in the series : Cloud Stocks

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