(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of Principal Executive Offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
99.1 | ||
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
ALTERYX, INC. | |||||
Date: | February 13, 2020 | By: | /s/ Christopher M. Lal | ||
Name: | Christopher M. Lal | ||||
Title: | Chief Legal Officer and Corporate Secretary |
• | Revenue: Revenue for the fourth quarter of 2019 was $156.5 million, an increase of 75%, compared to revenue of $89.2 million in the fourth quarter of 2018. |
• | Gross Profit: GAAP gross profit for the fourth quarter of 2019 was $144.2 million, or a GAAP gross margin of 92%, compared to GAAP gross profit of $82.4 million, or a GAAP gross margin of 92%, in the fourth quarter of 2018. Non-GAAP gross profit for the fourth quarter of 2019 was $145.9 million, or a non-GAAP gross margin of 93%, compared to non-GAAP gross profit of $83.1 million, or a non-GAAP gross margin of 93%, in the fourth quarter of 2018. |
• | Income from Operations: GAAP income from operations for the fourth quarter of 2019 was $38.7 million, compared to $21.1 million for the fourth quarter of 2018. Non-GAAP income from operations for the fourth quarter of 2019 was $51.0 million compared to non-GAAP income from operations of $26.4 million for the fourth quarter of 2018. |
• | Net Income: GAAP net income attributable to common stockholders for the fourth quarter of 2019 was $30.7 million, compared to GAAP net income of $16.5 million for the fourth quarter of 2018. GAAP net income per diluted share for the fourth quarter of 2019 was $0.44, based on 69.1 million GAAP weighted-average diluted shares outstanding, compared to GAAP net income per diluted share of $0.25, based on 66.1 million GAAP weighted-average diluted shares outstanding for the fourth quarter of 2018. |
• | Balance Sheet and Cash Flow: As of December 31, 2019, we had cash, cash equivalents, and short-term and long-term investments of $974.9 million, compared with $426.2 million as of December 31, 2018. Cash provided by operating activities for the fourth quarter of 2019 was $20.7 million compared to cash provided by operating activities of $14.4 million for the fourth quarter of 2018. |
• | Revenue: Revenue for the full year 2019 was $417.9 million, an increase of 65%, compared to revenue of $253.6 million for the full year 2018. |
• | Gross Profit: GAAP gross profit for the full year 2019 was $378.8 million, or a GAAP gross margin of 91%, compared to GAAP gross profit of $230.8 million, or a GAAP gross margin of 91%, for the full year 2018. Non-GAAP gross profit for the full year 2019 was $384.2 million, or a non-GAAP gross margin of 92%, compared to non-GAAP gross profit of $233.4 million, or a non-GAAP gross margin of 92%, for the full year 2018. |
• | Income from Operations: GAAP income from operations for the full year 2019 was $38.0 million, compared to $29.8 million for the full year 2018. Non-GAAP income from operations for the full year 2019 was $75.2 million compared to non-GAAP income from operations of $49.1 million for the full year 2018. |
• | Net Income: GAAP net income attributable to common stockholders for the full year 2019 was $27.1 million, compared to GAAP net income of $28.0 million for the full year 2018. GAAP net income per diluted share for the full year 2019 was $0.40, based on 68.7 million GAAP weighted-average diluted shares outstanding, compared to GAAP net income per diluted share of $0.43, based on 64.7 million GAAP weighted-average diluted shares outstanding for the full year 2018. |
• | Ended the fourth quarter of 2019 with 6,087 customers, a 30% increase from the fourth quarter of 2018. Added 474 net new customers in the fourth quarter of 2019. |
• | Achieved a dollar-based net expansion rate (annual contract value based) of 130% for the fourth quarter of 2019. |
• | Acquired Feature Labs in October 2019 to augment our machine learning capabilities and establish an engineering hub on the East Coast of the U.S. |
• | Announced a five-year strategic relationship with PwC U.S., which includes the designation of PwC as a “Global Elite Partner.” |
• | First Quarter 2020 Guidance: |
• | Revenue is expected to be in the range of $105.0 million to $108.0 million, an increase of 38% to 42% year-over-year. |
• | Non-GAAP loss from operations is expected to be in the range of $(9.0) million to $(6.0) million. |
• | Non-GAAP net loss per share is expected to be in the range of $(0.11) to $(0.07) based on approximately 66.0 million non-GAAP weighted-average basic and diluted shares outstanding. |
• | Full Year 2020 Guidance: |
• | Revenue is expected to be in the range of $555.0 million to $565.0 million, an increase of 33% to 35% year-over-year. |
• | Non-GAAP income from operations is expected to be in the range of $71.0 million to $81.0 million. |
• | Non-GAAP net income per share is expected to be in the range of $0.80 to $0.91 based on approximately 71.5 million non-GAAP weighted-average diluted shares outstanding and an effective tax rate of 20%. |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenue | $ | 156,450 | $ | 89,150 | $ | 417,910 | $ | 253,570 | |||||||
Cost of revenue | 12,211 | 6,717 | 39,151 | 22,800 | |||||||||||
Gross profit | 144,239 | 82,433 | 378,759 | 230,770 | |||||||||||
Operating expenses: | |||||||||||||||
Research and development | 20,892 | 11,970 | 69,100 | 43,449 | |||||||||||
Sales and marketing | 61,321 | 34,731 | 191,735 | 109,284 | |||||||||||
General and administrative | 23,291 | 14,614 | 79,943 | 48,267 | |||||||||||
Total operating expenses | 105,504 | 61,315 | 340,778 | 201,000 | |||||||||||
Income from operations | 38,735 | 21,118 | 37,981 | 29,770 | |||||||||||
Interest expense | (9,283 | ) | (3,008 | ) | (21,844 | ) | (7,378 | ) | |||||||
Other income, net | 6,613 | 1,352 | 10,434 | 3,042 | |||||||||||
Loss on induced conversion and debt extinguishment | — | — | (20,507 | ) | — | ||||||||||
Income before provision for (benefit from) income taxes | 36,065 | 19,462 | 6,064 | 25,434 | |||||||||||
Provision for (benefit from) income taxes | 5,377 | 2,921 | (21,079 | ) | (2,586 | ) | |||||||||
Net income | $ | 30,688 | $ | 16,541 | $ | 27,143 | $ | 28,020 | |||||||
Net income per share attributable to common stockholders, basic | $ | 0.47 | $ | 0.27 | $ | 0.43 | $ | 0.46 | |||||||
Net income per share attributable to common stockholders, diluted | $ | 0.44 | $ | 0.25 | $ | 0.40 | $ | 0.43 | |||||||
Weighted-average shares used to compute net income per share attributable to common stockholders, basic | 65,152 | 61,454 | 63,424 | 60,829 | |||||||||||
Weighted-average shares used to compute net income per share attributable to common stockholders, diluted | 69,132 | 66,079 | 68,661 | 64,744 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Cost of revenue | $ | 486 | $ | 226 | $ | 1,634 | $ | 797 | |||||||
Research and development | 2,940 | 917 | 6,954 | 3,699 | |||||||||||
Sales and marketing | 3,837 | 1,742 | 12,659 | 6,153 | |||||||||||
General and administrative | 3,667 | 1,697 | 11,878 | 5,998 | |||||||||||
Total | $ | 10,930 | $ | 4,582 | $ | 33,125 | $ | 16,647 |
December 31, 2019 | December 31, 2018 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 409,949 | $ | 89,974 | |||
Short-term investments | 376,995 | 239,718 | |||||
Accounts receivable, net | 129,912 | 94,922 | |||||
Prepaid expenses and other current assets | 55,129 | 37,199 | |||||
Total current assets | 971,985 | 461,813 | |||||
Property and equipment, net | 20,296 | 11,729 | |||||
Operating lease right-of-use assets | 33,600 | — | |||||
Long-term investments | 187,921 | 96,551 | |||||
Goodwill | 36,910 | 9,494 | |||||
Intangible assets, net | 22,083 | 7,491 | |||||
Other assets | 69,543 | 31,089 | |||||
Total assets | $ | 1,342,338 | $ | 618,167 | |||
Liabilities and Stockholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 9,383 | $ | 5,028 | |||
Accrued payroll and payroll related liabilities | 53,683 | 24,659 | |||||
Accrued expenses and other current liabilities | 31,715 | 10,878 | |||||
Deferred revenue | 83,895 | 84,015 | |||||
Convertible senior notes, net | 68,154 | — | |||||
Total current liabilities | 246,830 | 124,580 | |||||
Convertible senior notes, net | 630,321 | 173,647 | |||||
Deferred revenue | 2,733 | 2,130 | |||||
Operating lease liabilities | 29,293 | — | |||||
Other liabilities | 8,254 | 15,992 | |||||
Total liabilities | 917,431 | 316,349 | |||||
Stockholders’ equity: | |||||||
Preferred stock | — | — | |||||
Common stock | 7 | 6 | |||||
Additional paid-in capital | 412,191 | 315,291 | |||||
Retained earnings (accumulated deficit) | 14,235 | (12,908 | ) | ||||
Accumulated other comprehensive loss | (1,526 | ) | (571 | ) | |||
Total stockholders’ equity | 424,907 | 301,818 | |||||
Total liabilities and stockholders’ equity | $ | 1,342,338 | $ | 618,167 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Cash flows from operating activities: | |||||||||||||||
Net income | $ | 30,688 | $ | 16,541 | $ | 27,143 | $ | 28,020 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||
Depreciation and amortization | 2,492 | 1,431 | 8,292 | 5,218 | |||||||||||
Non-cash operating lease cost | 1,550 | — | 5,088 | — | |||||||||||
Stock-based compensation | 10,930 | 4,582 | 33,125 | 16,647 | |||||||||||
Amortization (accretion) of discounts and premiums on investments, net | (558 | ) | (682 | ) | (3,030 | ) | (1,382 | ) | |||||||
Amortization of debt discount and issuance costs | 7,676 | 2,719 | 18,625 | 6,652 | |||||||||||
Deferred income taxes | 4,423 | (3,706 | ) | (22,844 | ) | (3,434 | ) | ||||||||
Loss on induced conversion and debt extinguishment | — | — | 20,507 | — | |||||||||||
Other non-cash operating activities, net | (2,471 | ) | 546 | (1,328 | ) | 1,024 | |||||||||
Changes in operating assets and liabilities, net of effect of business acquisitions: | |||||||||||||||
Accounts receivable | (62,023 | ) | (44,337 | ) | (35,325 | ) | (45,640 | ) | |||||||
Deferred commissions | (15,579 | ) | (6,628 | ) | (20,461 | ) | (12,741 | ) | |||||||
Prepaid expenses and other current assets and other assets | (6,022 | ) | 3,121 | (34,971 | ) | (16,077 | ) | ||||||||
Accounts payable | (2,846 | ) | (1,457 | ) | 2,319 | 4,530 | |||||||||
Accrued payroll and payroll related liabilities | 26,948 | 11,201 | 28,651 | 12,898 | |||||||||||
Accrued expenses, other current liabilities, operating lease liabilities, and other liabilities | 7,650 | 3,385 | 8,091 | 1,315 | |||||||||||
Deferred revenue | 17,848 | 27,708 | 310 | 29,059 | |||||||||||
Net cash provided by operating activities | 20,706 | 14,424 | 34,192 | 26,089 | |||||||||||
Cash flows from investing activities: | |||||||||||||||
Purchases of property and equipment | (5,293 | ) | (799 | ) | (11,453 | ) | (6,728 | ) | |||||||
Cash paid in business acquisitions, net of cash acquired | (24,345 | ) | — | (40,949 | ) | (3,537 | ) | ||||||||
Purchases of investments | (366,730 | ) | (102,854 | ) | (602,703 | ) | (445,705 | ) | |||||||
Sales and maturities of investments | 146,180 | 96,193 | 377,974 | 185,112 | |||||||||||
Net cash used in investing activities | (250,188 | ) | (7,460 | ) | (277,131 | ) | (270,858 | ) | |||||||
Cash flows from financing activities: | |||||||||||||||
Proceeds from issuance of senior convertible notes, net of issuance costs | (625 | ) | (462 | ) | 783,321 | 224,246 | |||||||||
Principal payments on convertible senior notes | — | — | (145,241 | ) | — | ||||||||||
Purchase of capped calls | — | — | (87,360 | ) | (19,113 | ) | |||||||||
Proceeds from receipt of Section 16(b) disgorgement | — | — | 4,918 | — | |||||||||||
Proceeds from exercise of stock options | 2,091 | 1,656 | 20,156 | 14,154 | |||||||||||
Minimum tax withholding paid on behalf of employees for restricted stock units | (4,248 | ) | (2,581 | ) | (10,643 | ) | (2,730 | ) | |||||||
Other financing activity | — | (79 | ) | (1,305 | ) | (577 | ) | ||||||||
Net cash provided by (used in) financing activities | (2,782 | ) | (1,466 | ) | 563,846 | 215,980 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (121 | ) | (61 | ) | (444 | ) | (166 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | (232,385 | ) | 5,437 | 320,463 | (28,955 | ) | |||||||||
Cash and cash equivalents—beginning of period | 643,809 | 85,524 | 90,961 | 119,916 | |||||||||||
Cash and cash equivalents—end of period | $ | 411,424 | $ | 90,961 | $ | 411,424 | $ | 90,961 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Reconciliation of non-GAAP gross profit: | |||||||||||||||
GAAP gross profit | $ | 144,239 | $ | 82,433 | $ | 378,759 | $ | 230,770 | |||||||
GAAP gross margin | 92 | % | 92 | % | 91 | % | 91 | % | |||||||
Add back: | |||||||||||||||
Stock-based compensation expense | 486 | 226 | 1,634 | 797 | |||||||||||
Amortization of intangible assets | 1,131 | 456 | 3,801 | 1,809 | |||||||||||
Non-GAAP gross profit | $ | 145,856 | $ | 83,115 | $ | 384,194 | $ | 233,376 | |||||||
Non-GAAP gross margin | 93 | % | 93 | % | 92 | % | 92 | % | |||||||
Reconciliation of non-GAAP income from operations: | |||||||||||||||
GAAP income from operations | $ | 38,735 | $ | 21,118 | $ | 37,981 | $ | 29,770 | |||||||
GAAP operating margin | 25 | % | 24 | % | 9 | % | 12 | % | |||||||
Add back: | |||||||||||||||
Stock-based compensation expense | 10,930 | 4,582 | 33,125 | 16,647 | |||||||||||
Amortization of intangible assets | 1,184 | 517 | 4,022 | 2,029 | |||||||||||
Contingent consideration expense | 175 | 169 | 100 | 624 | |||||||||||
Non-GAAP income from operations | $ | 51,024 | $ | 26,386 | $ | 75,228 | $ | 49,070 | |||||||
Non-GAAP operating margin | 33 | % | 30 | % | 18 | % | 19 | % | |||||||
Reconciliation of non-GAAP net income: | |||||||||||||||
GAAP net income attributable to common stockholders | $ | 30,688 | $ | 16,541 | $ | 27,143 | $ | 28,020 | |||||||
Add back: | |||||||||||||||
Stock-based compensation expense | 10,930 | 4,582 | 33,125 | 16,647 | |||||||||||
Amortization of intangible assets | 1,184 | 517 | 4,022 | 2,029 | |||||||||||
Amortization of debt discount and issuance costs | 6,947 | 2,471 | 16,882 | 6,045 | |||||||||||
Loss on induced conversion and debt extinguishment | — | — | 20,507 | — | |||||||||||
Contingent consideration expense | 175 | 169 | 100 | 624 | |||||||||||
Income tax adjustments | (5,683 | ) | (3,335 | ) | (37,219 | ) | (14,265 | ) | |||||||
Non-GAAP net income | $ | 44,241 | $ | 20,945 | $ | 64,560 | $ | 39,100 | |||||||
Non-GAAP income per diluted share: | |||||||||||||||
Non-GAAP net income | $ | 44,241 | $ | 20,945 | $ | 64,560 | $ | 39,100 | |||||||
GAAP and Non-GAAP weighted-average shares used to compute net income per share attributable to common stockholders, diluted | 69,132 | 66,079 | 68,661 | 64,744 | |||||||||||
Non-GAAP net income per share, diluted | $ | 0.64 | $ | 0.32 | $ | 0.94 | $ | 0.60 | |||||||
Reconciliation of non-GAAP net income per diluted share: | |||||||||||||||
GAAP net income per share attributable to common stockholders, diluted | $ | 0.44 | $ | 0.25 | $ | 0.40 | $ | 0.43 | |||||||
Add back: | |||||||||||||||
Non-GAAP adjustments to net income per share | 0.20 | 0.07 | 0.54 | 0.17 | |||||||||||
Non-GAAP net income per share, diluted | $ | 0.64 | $ | 0.32 | $ | 0.94 | $ | 0.60 |
As of | ||||||||||||||||||
Mar. 31, 2018 | Jun. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2018 | Mar. 31, 2019 | Jun. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2019 | |||||||||||
Customers | 3,673 | 3,940 | 4,315 | 4,696 | 4,973 | 5,278 | 5,613 | 6,087 |
Three Months Ended | ||||||||||||||||||||||||
Mar. 31, 2018 | Jun. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2018 | Mar. 31, 2019 | Jun. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2019 | |||||||||||||||||
Dollar-based net expansion rate | 129 | % | 129 | % | 131 | % | 132 | % | 134 | % | 133 | % | 132 | % | 130 | % |
Dec. 31, 2018 | Mar. 31, 2019 | Jun. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2019 | ||||||||||||||||
Remaining performance obligations | $ | 223.1 | $ | 214.0 | $ | 238.8 | $ | 271.8 | $ | 407.0 |
Dec. 31, 2018 | Mar. 31, 2019 | Jun. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2019 | ||||||||||||||||
Contract assets | $ | 27.7 | $ | 34.5 | $ | 38.6 | $ | 50.4 | $ | 57.8 |
Cover Page |
Feb. 13, 2020 |
---|---|
Cover page. | |
Document Type | 8-K |
Document Period End Date | Feb. 13, 2020 |
Entity Registrant Name | ALTERYX, INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-38034 |
Entity Tax Identification Number | 90-0673106 |
Entity Address, Address Line One | 3345 Michelson Drive, |
Entity Address, Address Line Two | Suite 400, |
Entity Address, City or Town | Irvine, |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 92612 |
City Area Code | 888 |
Local Phone Number | 836-4274 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class A Common Stock, $0.0001 par value per share |
Trading Symbol | AYX |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001689923 |
Amendment Flag | false |
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