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Alteryx's (AYX) ClearStory Data Buyout Strengthens Portfolio

Zacks Equity Research

Alteryx AYX recently completed the acquisition of privately-held business intelligence (BI) and data analytics solutions provider, ClearStory Data, for $20 million in cash.

ClearStory Data focuses on enabling intelligent automation on large-scale data processing platforms, including Spark. Its data preparation, data blending and data discovery solutions allow users to easily work with complex and unstructured data.

The deal strengthens Alteryx’s data preparation capabilities, particularly with large, cloud-based datasets. Forrester named ClearStory Data in its Forrester Wave for Data Preparation Solutions for 4Q 2018 as one of the top providers of data preparation solutions along with the likes of Oracle ORCL and SAP SE SAP.

More of an “aqui-hire,” the addition of ClearStory Data’s technology and team will help Alteryx work toward its vision of providing an end-to-end self-service data science and analytics platform.

Expanding Clientele to Aid Momentum

Notably, Alteryx’s shares have soared 146.3% in the past year, outperforming industry’s growth of 21.7%.

 


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The outperformance can be attributed to Alteryx’s expanding clientele, driven by increasing demand for a self-service data science and analytics platform. The company’s innovative portfolio is not only helping it attract new customers but also retain the existing ones.

The ClearStory Data acquisition is expected to further help Alteryx win new clients.

Notably, in the last reported quarter (fourth-quarter 2018), dollar-based net revenue retention was 129%. Moreover, dollar-based net expansion rate was 132%, up 100 basis points (bps) sequentially.

Alteryx added 381 net new customers in fourth-quarter 2018, bringing the total to 4,696, including 534 from the Global 2000 list. New customers include CenturyLink, Credit Agricole Assurances, Colgate-Palmolive, Hewlett Packard Enterprise HPE and Pfizer, among others.

Moreover, gross margin and operating margin expanded significantly in 2018, driven by solid revenues that surged 92.4% from 2017 to $254 million. Non-GAAP gross margin was 92% compared with 85% in the previous year. The company reported operating income of $49.1 million compared with a loss of $7.2 million in 2017.

Positive Outlook

Alteryx expects revenues between $69 million and $72 million for first-quarter 2019. At mid-point, this represents 80.8% year-over-year growth. Non-GAAP operating loss is expected to be $5-$8 million.

Further, net loss is expected between 8 cents and 13 cents per share. The Zacks Consensus Estimate for loss has remained unchanged at 8 cents over the past 30 days.

Moreover, for 2019, revenues are expected between $345 million and $350 million. At mid-point, this represents 36.8% year-over-year growth. Non-GAAP operating income is expected to be $30-$35 million.

Additionally, non-GAAP earnings are estimated between 36 cents and 42 cents per share. The consensus mark for earnings has remained unchanged at 40 cents over the past 30 days.

Currently, Alteryx sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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