Alteryx Inc Q1 2023 Results: Adjusted Gross Profit Rises to $176.0 Million, but Company Provides Lackluster Q2 Guidance and Plans Workforce Reduction Initiative
Layoffs
April 28, 2023
April 28, 2023
Alteryx Inc (AYX) has released a mixed bag of Q1 2023 results, causing shares to drop by 12.3% in early morning trading. The data analytics company reported a revenue increase of 26% YoY to $199.1 million, slightly missing the consensus of $200.1 million.
Adjusted gross profit rose to $176.0 million, with margins remaining flat YoY at 88%, and the company reported an adjusted loss per share of $(0.19), better than the consensus of $(0.26). However, the company provided lackluster Q2 guidance and expects to incur charges of around $11 million to $13 million due to a workforce reduction initiative.
Alteryx Inc disclosed its plan to reduce its workforce by around 11%, with the initiative expected to conclude by the end of Q3 2023. The company expects to incur charges of around $11 million to $13 million, with major part of the costs incurring in Q2 2023.
For Q2 2023, Alteryx Inc expects revenues of $180 million - $184 million, which is 0% to 2% higher than the previous year, but lower than the consensus of $205.1 million. The adjusted EPS is expected to be between $(0.69) to $(0.65), compared to the consensus of $(0.42).
The company projects ARR to be $902 million to $906 million, up by 24% to 25% YoY. For 2023, Alteryx Inc continues to expect revenue of $980 million-$990 million, up by 15% to 16% YoY, and adjusted EPS of $0.65-$0.75. Additionally, the company projects ARR to be $1.015 billion to $1.025 billion, up by 22% to 23% YoY.
AYX shares traded lower by 17.11% at $42.29 premarket Friday. Despite the mixed bag of results and workforce reduction initiative, Alteryx Inc is optimistic about its outlook for 2023.
Members of LevelFields received the alert of this event on April 28, 8:45 AM ET
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