Analytics automation company Alteryx has seen some impressive growth in the first quarter of this year, with revenue of $118.8 million, an incline of 9% compared to the first quarter of last year, according to its earnings report.
The company also reaped in $513 million in annual recurring revenue, a sharp 27% increase year-over-year.
Alteryx, based in Irvine, California, has been doing pretty well by Zacks Equity Research standards, having topped consensus revenue estimates four times in the past four quarters. Its revenue metrics also beat analysts expectations at Zacks Equity Research by 12.47%.
Alteryx combines analytics, data science and business process automation in its platform to speed up digital transformation. The company has a subscription based platform and its customer base are data workers, Alteryx CFO Kevin Rubin told FinLedger.
The data company has 7,214 customers, seeing a 12% surge from the same period last year. Overall, it added 131 net new customers this quarter, the earnings report shows.
Rubin said that the analytics company is expecting 29% year-over-year growth for the full year and that seasonally, the back half of the year is stronger than the first half.
“We’ve made some pretty significant changes to our go-to market, going into this year,” he said. “We have a relatively new CEO, Mark Anderson, and he is the go-to market expert amongst experts. We’ve simplified the go-to market to focus on the largest customers and prospects that have the largest propensity to spend.”
Alteryx’s platform has two main products, its designer product that is its analytic production system and its server product which is its deployment system, Rubin explained. Although the company has two other products as well, the “the lion’s share of the business is transacted” from those two main products, he said.
The company has also scaled internally, having doubled its “customer success” team in the past four months, according to its earnings call. Rubin said that he expects Alteryx to hire throughout the year and to continue building out its sales and product development organizations.
“I expect that this is a year of transformation, and we’ll see the positive effects of all these changes we’ve made,” he said. “Plus, we think that overall market conditions are improving. On top of partner activity that we’ve recently announced, and that is expanding on top of roadmap items, we think is a pretty strong tailwind for the business.”
Alteryx was trading at $77.72 per share, down 1.74% at market close on Thursday. The company has a $5.2 billion market cap.
In other recent fintech news, I recently spoke with Truist’s Ken Meyer, CIO of the Channel Engineering & Innovation, about how the pandemic affected Truist’s tech strategy, how the merger is going, his thoughts on cryptocurrencies and more