First Quarter Revenue of $108.8 million, up 43% Year-Over-Year
Dollar-Based Net Expansion Rate of 128%
http://www.prnewswire.com/news-releases/alteryx-announces-fi…
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Just guessing
March was bad from covid
So 43% growth y/y was from January and February ?
Otherwise 21.5% per month times 3=64.5% growth
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At first glance, I am pretty disappointed at these results. Here is what I am seeing-
Revenue growth the lowest it has been as far back as numbers I have go. Obviously they are at a larger scale now, but the 43% growth is a very far cry from the incredible acceleration we had seen the previous three quarters. I won’t even mention the 10-15% Q2 guide as I am going to write that off as a big sandbag, although I will say, AYX typically beats guidance by 6-10% (even 16% and 21% the previous two Q’s) and this beat of 2% was the smallest yet, but of course those quarters did not deal with a pandemic.
Revenue Growth YoY
2017 61% 50% 55% 56% 55%
2018 50% 54% 59% 57% 55%
2019 52% 58% 64% 76% 65%
2020 43%
What I find more concerning, is looking at the margins. They clearly really ramped up S&M spend to help offset some slowing growth this Q, yet it did not translate over to the top line very well. S&M spend at 55% in Q1 was at levels seen in 2016, yet revenue growth decreased significantly. I find this the most disappointing.
2016 2017 2018 2019 Q1
GM 81% 85% 92% 92% 91%
R&D 20% 21% 16% 15% 21%
S&M 66% 49% 41% 43% 55%
G&A 19% 20% 16% 16% 16%
OM -24% -5% 19% 18% -3%
The only somewhat silver lining I see is the customer growth and DBNER. At least these figures remained on par with the last few quarters. This gives me hope that they are still landing new customers and will hopefully increase usage with these new customers over time.
Customer Growth
2016 108% 91% 80% 67% 83%
2017 63% 54% 49% 46% 52%
2018 43% 40% 41% 38% 40%
2019 35% 34% 30% 30% 32%
2020 30%
DBNER
2015 123% 124% 125% 122% 124%
2016 126% 127% 129% 135% 129%
2017 134% 133% 131% 130% 132%
2018 129% 129% 131% 132% 130%
2019 134% 133% 132% 130% 132%
2020 128%
Overall, I see growth decelerating and profitability decreasing. Seems like everything went the wrong direction this Q. I know COVID struck and maybe I set the bar too high, but I am very underwhelmed at first glance. I still think the long-term thesis is intact, but let’s just say I will be listening to the CC very closely.
RW
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Dollar-Based Net Expansion Rate of 128%
As I listen to the webcast one important number, IMHO, is the dollar-based net expansion rate for Global 2000 customers. CFO Kevin Rubin just said that number for Q1 was 148%!!!
This seems to imply that the land and expand strategy is working well inside enterprise size accounts. It is the smaller accounts that are bringing the average down in light of the COVID-19 environment.
Frank - long AYX, see profile for all holdings
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