Back to top

Image: Bigstock

Anaplan's (PLAN) Q1 Loss Narrows, Revenues Increase Y/Y

Read MoreHide Full Article

Anaplan reported first-quarter fiscal 2021 adjusted loss of 10 cents per share, narrower than the Zacks Consensus Estimate of a loss of 14 cents as well as the year-ago quarter’s loss of 16 cents.

Revenues of $103.8 million beat the Zacks Consensus Estimate by 1.5% and also surged 36.9% year over year.

Anaplan’s results for the fiscal first quarter were negatively impacted by the COVID-19 outbreak. This Zacks Rank #1 (Strong Buy) company withdrew its previously-issued financial guidance for fiscal 2021 due to the adverse COVID-19 impact. You can see the complete list of today’s Zacks #1 Rank stocks here.

Notably, Anaplan’s Zacks Internet Software industry peers, such as Nice (NICE - Free Report) , Pinterest (PINS - Free Report) and Twitter also suspended their respective full-year projections due to the negative impact of COVID-19.

Anaplan has underperformed Nice, Pinterest, Twitter and the industry on a year-to-date basis.

Year-to-Date Performance


 

Quarterly Details

Subscription revenues (90.4% of total revenues) soared 44.2% year over year to $93.8 million.

Revenues from Professional services (9.6% of total revenues) declined 6.7% year over to $8.7 million.

The company’s dollar-based expansion rate was 117%, lower than the historic rate of 120%, reflecting a fall in the percentage of booked deals in the reported quarter.

Notably, calculated billings in the fiscal first quarter were $96 million, up 10% year over year. Moreover, Remaining Performance Obligation (RPO) increased 37% year over year to $647 million.

Anaplan is now serving 367 customers with more than $250K in annual recurring revenues, up 32% on a year-over-year basis.

Operating Details

Gross margin on a non-GAAP basis in the reported quarter was 78%, up five percentage points on a year-over-year basis.

Subscription gross margin was 85%, expanding 117 basis points (bps) year over year. Services gross margin was roughly 10%, up 310 bps from the year-ago quarter.

Total non-GAAP operating costs jumped 25.3% year over year to $94 million, driven by the company’s go-to-market investments.

General & administrative expenses escalated 12.1% year over year to $22.4 million while sales and marketing expenses rose 27.3% to $71.7 million. Additionally, research and development expenses shot up 57.8% year over year to $23.8 million.

Anaplan’s non-GAAP operating loss was $13.4 million compared with a loss of $20.1 million in the year-ago quarter.

Balance Sheet & Cash Flow

Total cash and cash equivalents as of Apr 30, 2020 were $303.1 million compared with $309.9 million as Jan 31, 2020.

Non-GAAP free cash outflow was $6 million in the quarter.

Guidance

For second-quarter fiscal 2021, Anaplan expects revenues in the range of $103-$104 million. Services revenues are expected in the $8-$9 million band.

Billings are expected between $98 million and $100 million.


More Stock News: This Is Bigger than the iPhone!

It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.

Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2021.

Click here for the 6 trades >>


See More Zacks Research for These Tickers


Normally $25 each - click below to receive one report FREE:


Nice (NICE) - free report >>

Pinterest, Inc. (PINS) - free report >>

Published in