Alteryx Q419

AYX - Q419

Frankdip take:…
Vena take:…
CC transcript:…
Rhill take:…
Bear on lapping 606:…
Gaucho on RPO:
Bobby CC bit on competition:…
Tinker on product trends:…
Gaucho on contract renewal timing:…
Tedyun primer & reasons to own:…

Revenue 156.5M +75.5% ^^

  • Int’l 45.9M +84% ^^, +54% seq !!
    Bookings 290M +81%
    Adj Op Inc 51M +93% !!
    … margin 32.6% (vs 29.6%)
    Adj Inc 44.2M +111%
    Adj EPS 0.64 +100%
    Opex 94.8M +67%
    Adj Gross Margin 93%
    Cash 975M
    Custs 6087 +30%
  • Global 2000 custs 71 +5% seq
    … 36% of Global 2000
    Empl 1291 +58%, +9.8% seq
    $NER 130%

FY19 Totals:
Revenue 418M +65%
Bookings 600M +70%
Adj Op Inc 75.2M
Adj Inc 64.6M

  • focus on bigger deals is paying off – deals >$1M +150% (!!), >$500K +80%
  • 2y avg contract duration
  • acquired Feature Labs for ML
  • added PwC as first Global Elite Partner, in 5y partnership
  • new Global 2000 custs incl Caesers, Canadian Pacific, Halliburton, NASDAQ
  • huge buys from Chevron, Fannie Mae, Splunk, Salesforce, Ulta, Xerox
  • new features for assisted modeling in final beta
  • recent price increase on Server product
  • INSPIRE conf now called Analyticon.

CEO Stoeker in Q&A: “we see the benefits of Alteryx in that rarely do our customers have all their data in one place. In fact, I think the motivations of the cloud vendors is to get your data into their place, and the reality is most customers aren’t going to do that. They’re going to be multi-cloud forever. They’re going to be on-premise for a very, very long time. In fact, I think a lot of the narrative that we see out there now is that the data hasn’t moved nearly as fast as people once thought it would. So having a set of partners in this ecosystem of data science and analytics, we find very, very helpful.”

Gartner MQ 2020 in Data Science and ML Platform (leader, top ability to execute):…

My stance: Stellar execution. That minor criticism I had last Q has been erased – huge turnaround in Int’l numbers, +54% seq (!!). They have always talked about 2 different audiences for their products - data scientist vs “citizen data scientist” (aka the professional vs amateur). On the call they discussed a new third persona - the data engineer. I always thought a huge strength of their system was in being a data load, transform and blending tool - all before you even get to the analytics features. I expect them to continue to focus on expanding data prep tooling and focus on this newly mentioned persona. They also keep talking about moving towards automation of data prep and ML, so expect tooling to keep moving that direction as well (see FeatureLabs acq last Q). In the meantime, they keep executing. I still think they are ultimately acquired.

long AYX ~21%