Alteryx Inc (AYX) Reports 8% Revenue Growth and 21% Increase in Annualized Recurring Revenue in ...
Alteryx Inc (NYSE:AYX) reports an 8% increase in Q3 2023 revenue, reaching $232 million compared to $215 million in Q3 2022.
Annualized Recurring Revenue (ARR) rose by 21% year-over-year to $914 million.
Non-GAAP income from operations for Q3 2023 was $36 million, a significant increase from $5 million in Q3 2022.
Alteryx Inc (NYSE:AYX) raises its 2023 Non-GAAP Operating Income Outlook following a strong Q3 performance.
On November 6, 2023, Alteryx Inc (NYSE:AYX), a leading Analytics Automation company, announced its financial results for the third quarter ended September 30, 2023. The company reported a solid Q3 performance, with key growth and profitability metrics exceeding prior outlooks. This was attributed to improved execution and cost discipline.
Financial Highlights
Alteryx Inc (NYSE:AYX) reported Q3 2023 revenue of $232 million, marking an 8% increase from the $215 million revenue reported in Q3 2022. The company's GAAP gross profit for Q3 2023 was $198 million, maintaining a GAAP gross margin of 85%, similar to the same period in 2022. Non-GAAP gross profit for Q3 2023 was $207 million, with a non-GAAP gross margin of 89%, consistent with Q3 2022.
The company reported a GAAP loss from operations of $(37) million for Q3 2023, a significant improvement from the $(65) million loss reported in Q3 2022. Non-GAAP income from operations for Q3 2023 was $36 million, a substantial increase from the $5 million reported in Q3 2022.
Alteryx Inc (NYSE:AYX) ended Q3 2023 with $914 million in ARR, a 21% year-over-year increase. The company also reported a dollar-based net expansion rate (ARR-based) of 119% for Q3 2023.
Outlook
Based on current market conditions and expectations, Alteryx Inc (NYSE:AYX) provided guidance for Q4 2023 and the full year 2023. For Q4 2023, revenue is expected to be in the range of $334 million to $340 million, representing year-over-year growth of 11% to 13%. Non-GAAP income from operations is expected to be in the range of $112 million to $118 million. For the full year 2023, revenue is expected to be in the range of $953 million to $959 million, representing year-over-year growth of 11% to 12%.
Company's Commentary
Mark Anderson, CEO of Alteryx Inc, commented on the company's performance, stating,
Alteryx delivered a solid Q3, with key growth and profitability metrics exceeding our prior outlook, driven by improved execution and cost discipline. Gross retention held at a healthy level as customers continued to demonstrate their commitment to the Alteryx Analytics Platform and we remain focused on the vision we have set forth with Alteryx AiDIN, our generative AI and machine learning technologies, as well as our growing portfolio of cloud-connected offerings."
Explore the complete 8-K earnings release (here) from Alteryx Inc for further details.
This article first appeared on GuruFocus.
