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30.04.2018 22:20
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Apptio Announces Results for the First Quarter 2018
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PR Newswire
BELLEVUE, Wash., April 30, 2018
BELLEVUE, Wash., April 30, 2018 /PRNewswire/ -- Apptio, Inc. (NASDAQ: APTI), the business management system of record for hybrid IT, today announced results for the fiscal first quarter ended March 31, 2018.
"Our first quarter subscription revenue growth accelerated to 26%, year over year, and we reached break-even Non-GAAP operating income," said Sunny Gupta, co-founder and CEO, Apptio. "The quarter was driven by large strategic deals, continued momentum in the enterprise segment, solid renewals and upsells, and a strong contribution from the Digital Fuel business."
First Quarter Financial Summary
- Subscription revenue was $45.5 million, an increase of 26% from the first quarter of 2017, and comprised 84% of total revenue. Services revenue was $8.6 million, an increase of 11% from the first quarter of 2017. Total revenue was $54.1 million, an increase of 23% from the first quarter of 2017.
- GAAP gross margin was 68%, a significant improvement from the first quarter of 2017 GAAP gross margin of 65%. Non-GAAP gross margin improved to 70%, as compared to non-GAAP gross margin of 66% in the first quarter of 2017.
- GAAP operating margin was negative 15%, improving from GAAP operating margin of negative 17% in the first quarter of 2017. Non-GAAP operating margin improved to 0%, as compared to non-GAAP operating margin of negative 8% in the first quarter of 2017.
- GAAP net loss per basic and diluted share was $0.19 based on 42.8 million weighted average shares outstanding, compared to GAAP net loss per basic and diluted share of $0.19 based on 38.4 million weighted average shares outstanding in the first quarter of 2017.
- Non-GAAP net loss per basic and diluted share was $0.00 based on 42.8 million weighted average shares outstanding, compared to non-GAAP net loss per basic and diluted share of $0.09 based on 38.4 million weighted average shares outstanding in the first quarter of 2017.
- Cash, cash equivalents and marketable securities were approximately $253.4 million as of March 31, 2018.
Business Highlights
- Saw continued strength in both our Strategic and Enterprise segments in the quarter
- Received certification in the Federal Risk and Authorization Management Program (FedRAMP), perpetuating our momentum at the Federal Government level
- Completed successful acquisition and initial integration of Digital Fuel
- Completed $143.75 million Convertible Notes Offering
Financial Outlook
Apptio provides guidance based on current market conditions and expectations and actual results may differ materially. Please refer to the company's comments below regarding Forward Looking Statements. Apptio is providing guidance for the second quarter ending June 30, 2018 and for the full year 2018 as follows:
Second quarter of 2018:
- Total revenue is expected to be in the range of $55.0 to $56.0 million
- Non-GAAP operating loss between $0.5 and $1.0 million
Full year 2018:
- Total revenue is expected to be in the range of $225 and $230 million
- Positive Non-GAAP operating income
All forward-looking non-GAAP financial measures contained in this section titled "Financial Outlook" exclude the effects of stock-based compensation expense, acquisition-related expenses, and amortization of acquisition related intangible assets. Guidance reflects the February 2, 2018 contribution from Digital Fuel and the impact of the full retrospective adoption of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) on January 1, 2018.
Conference Call Information
Apptio plans to host a conference call today to discuss the results. The call is scheduled to begin at 2:00 p.m. PT/ 5:00 p.m. ET and can be accessed by dialing 844-233-0116 (passcode: 2126329), or if outside North America, by dialing 574-990-1011 (passcode: 2126329). Individuals may also access the live teleconference from the investor relations section of the Apptio website at investors.apptio.com. A replay will be available following completion of the live broadcast.
About Apptio
Apptio (NASDAQ: APTI) is the business management system of record for hybrid IT. We transform the way IT runs its business and makes decisions. With our cloud-based applications, IT leaders manage, plan and optimize their technology investments across on-premises and cloud. With Apptio, IT leaders become strategic partners to the business by demonstrating the value of IT investments, accelerate innovation and shift their technology investments from running the business to digital innovation. Hundreds of customers choose Apptio as their business system of record for hybrid IT. For more information, please visit www.Apptio.com.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding our strategy, prospects, customer demand, application adoption and our financial outlook for the second quarter of, and full year, 2018. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the caption "Risk Factors" and elsewhere in our filings with the U.S. Securities and Exchange Commission, including, without limitation, the Form 10-K filed with the SEC on February 21, 2018. All information provided in this release and in the attachments is as of the date hereof, and we undertake no duty to update this information unless required by law.
Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with Generally Accepted Accounting Principles in the United States of America (GAAP), we use the following non-GAAP financial measures: non-GAAP gross margin, non-GAAP operating loss, non-GAAP net loss per basic and diluted share, and free cash flow. In computing these measures, with the exception of free cash flow, we exclude the effects of stock-based compensation expense, acquisition-related expenses, and amortization of acquisition-related intangible assets. We define free cash flow as net cash used in operating activities, less the purchases of property and equipment. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, and our non-GAAP measures may be different from non-GAAP measures used by other companies.
We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures that may not be indicative of our ongoing core business operating results. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when analyzing historical performance and liquidity and planning, forecasting, and analyzing future periods.
For a reconciliation of these non-GAAP financial measures to GAAP measures, please see the tables captioned "Results of Operations GAAP to Non-GAAP Reconciliation" included at the end of this release. We have not reconciled guidance for non-GAAP metrics to their most directly comparable GAAP measures because such items that impact these measures are not within our control or cannot be reasonably predicted.
| Apptio, Inc. | |||||||||
| Condensed Consolidated Statements of Operations | |||||||||
| (In thousands, except per share amounts) | |||||||||
| (Unaudited) | |||||||||
| | |||||||||
| | | Three Months Ended | | | |||||
| | | March 31, | | | |||||
| | | 2018 | | | 2017 | | | ||
| | | | | | | *As Adjusted | | | |
| | | | |||||||
| Revenue | | | | | | | | | |
| Subscription | | $ | 45,471 | | | $ | 36,187 | | |
| Professional services | | | 8,599 | | | | 7,744 | | |
| Total revenue | | | 54,070 | | | | 43,931 | | |
| Cost of revenue | | | | | | | | | |
| Subscription | | | 8,949 | | | | 7,850 | | |
| Professional services | | | 8,465 | | | | 7,569 | | |
| Total cost of revenue | | | 17,414 | | | | 15,419 | | |
| Gross profit | | | 36,656 | | | | 28,512 | | |
| Operating expenses | | | | | | | | | |
| Research and development | | | 11,897 | | | | 9,658 | | |
| Sales and marketing | | | 22,678 | | | | 19,617 | | |
| General and administrative | | | 10,154 | | | | 6,534 | | |
| Total operating expenses | | | 44,729 | | | | 35,809 | | |
| Loss from operations | | | (8,073) | | | | (7,297) | | |
| Other income (expense) | | | | | | | | | |
| Interest income and other, net | | | 128 | | | | 236 | | |
| Foreign exchange gain (loss) | | | 114 | | | | (53) | | |
| Loss before provision for income taxes | | | (7,831) | | | | (7,114) | | |
| Provision for income taxes | | | (268) | | | | (25) | | |
| Net loss | | $ | (8,099) | | | $ | (7,139) | | |
| Net loss per share attributable to common stockholders, basic and diluted | | $ | (0.19) | | | $ | (0.19) | | |
| Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted | | | 42,762 | | | | 38,407 | | |
| | | | | | | | | | |
| *As adjusted for the three months ended March 31, 2017 to reflect the adoption of Accounting Standards Update, ASU, No. 2014-09, Revenue from Contracts with Customers (Topic 606). | | | |||||||
| Apptio, Inc. | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (In thousands) | ||||||||
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