Alteryx Inc - Ordinary Shares (AYX) 7 Aug 202020 Q2 Earnings call transcript

Greetings, and welcome to the Alteryx Second Quarter 2020 Earnings Conference Call. At this time, all participants are in listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder this conference is being recorded. It is now my pleasure to introduce your host Chris Lal, General Counsel. Mr. you, Thank begin. may Lal, you

Stoecker, Thank you, us financial you joining Financial are and With and Executive Kevin Rubin, Good to review afternoon Chief Dean today today call XXXX on thank and Alteryx’s Chief me Officer for Officer. the operator. Chairman second results. quarter

of of statements to During federal statements These securities make our and future They that subject related risks guarantees are performance. call, variety this may are business a laws. are to we forward-looking under uncertainties. not statements

Our could any materially expectations forward-looking from statements. actual differ results reflected in

For website a website actual SEC’s other could well and risk as release. filings discussion factors results, of factors our the our and on and the as in the the SEC material affect today’s important our earnings available important other risks Investor please Relations discussed to refer of that section

be in Executive will these GAAP today’s measures Stoecker. over found be measures financial Chief release. turn to like the our Dean? their call Dean to call. of financial most to non-GAAP discussed directly comparable With that, today’s A can reconciliation I’d Officer, on Additionally, earnings measures conference

safe everyone Thanks, to joining us that call Chris be everyone for thanks We time. hope healthy and the today. challenging to on during and this continues

will into brief for followed of COVID’s dive that results activity, navigating Let on me give the you a for some strategy expect by go-to-market we we’ll overview continue time. then details our QX impact our uncertainty some on

Lastly quarter innovation. perhaps, for and importantly QX most a was

our for will and quarter through the process, performance I’ll second provide our in they’re additions with product in to were you In recurring financial in our commentary portfolio high-level analytics, three bookings $XX we advancing how on revenue. generated Kevin XX% resonating our then we outlook year. quarter with meaningful category. For and the customers automation year-over-year walk bring in up-to-date QX, quarter for growth did annual third XX% the over year-over-year, the on revenue what while up flat, exit remainder million expecting of the we’re role and

remain new and strong more margins including We and XXX% Net six Our around net now at Global QX of added XXX% XXX customers the for we was of X,XXX XXXX. including world XX% the than gross overall the GXK. expansion XX% the Global have XXXX. customers

for we Southern Finally, with food our this Energy, favorable APJ, the our business a cycles, Center business. Chemicals just new balance sectors Construction QX quarter. risk used a industry ServiceNow Companies to the under their $X Japan, longer-term anticipate as a XXXX. limited, important Levi observed global and Omega with verticals scrutiny challenges Limited, changes our of experienced found - and sheet service Match what and as a capabilities in rigor believe longer have provided times functional historically. Bank Qatar of and in and We illustrates Group, that equivalents. customers and altered saw solution levels in sales a Biologics, Dhabi, answer that Many land QX. and deal particularly data remains cases than time, The today, We LATAM, COVID are we Abu changing conditions Tassal shelter resulting continue with although higher rapidly for conditions. dynamic cash see were [ph], XG and Airways, analytic analytic this by help tailwind the as strong on pandemic in solid accommodations, high including buying customers believe to out in sort we landed be quick material - adapt China initial addresses We behaviors broad. lacked smaller Alteryx such smaller dislocation billion across to slightly spending activity or Brazil, them Alteryx. Mondulus sizes place Bayer notable Samsung quite deal tailwind data challenging followed sizes they those [ph], Group believe orders, We result in ROI the in Systems a and business we Based creating same such Services during retail. Merck as SNAP, not in all improvement of Santander [ph], Statistics North new on in during Petrobras [indiscernible] At America is less and in Strauss, Banco Suncor COVID linearity Water business The in AG, Corporation L'Oréal BlackLine Toyota EMEA. do transportation,

incredible two QX, While ROI out. in we see stood stories every quarter

of support by audience”. operations focus of a defined on ROI. its In automated that drove create first cases like webinar services the pandemic and in was they was session, cases early used potential with Tax adapted annual more Leibowitz, in delivered used larger hours journey many tax at a of than automation than more expand example described a during automation expanding savings. and Vice a QX with savings case accounting this this of business In hours of more than this President virtually year so to team SiriusXM July. of The had hundreds of Alteryx and Neil landing be Early activities XX APA in in his hours the to period easier in provision platform. compliance shared federal that and more cash XXX third a for in process savings days, an in contributing and complex use with used with stated The of developing year to XX with along state efficiencies It to the hundred tax led began of to cases likely QX X,XXX was just process “Alteryx and X,XXX adoption models analytics Neil annually. and for license apportionment. last

Over journey indicated forced more technology has financial their short justify Neil to transformation think a nine-month critically COVID to successfully them that of through lens investments.

land Alteryx as and an SiriusXM expand count to customer. excited super We’re

save Additionally, ROI when is you immeasurable. lives

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on to expansion activity. our turn COVIDs QX Let’s impact

value, and out help demand us period new prove As consequently an larger for investments for with behavior, indicated year-over-year undertake sorts is to our a of longer-term and that business to over short-term allow trying It slow, insurance An QX, broader rather also we customers make sales buying initiatives. to our we more saw engage extended extended adoption our engage six prove to with and or support months generally also commitment. expansion with a acts existing before adoption contract an licenses take customers In at new agreements increased business, this increased adoption license the time they To large, downsize us in than these cycle as than initiatives. for test XXX% new that a is XX% their audience times thought and conversations address continue to digital to policy for normal use customers Adoption engage projects an leverage by postpone ride allows of many to larger sequentially. Alteryx of with of way enterprise transformation customers. licenses. effectively

us have accelerating land As you SiriusXM a expiration or the enterprise since see these and we velocity. hear departmental sales agreement upon adoption model. agreements our to in initiated expand we of revenue large story been Historically, successful expansion for a license the convert

macro predict support will conditions they continue difficult cannot these our times. navigate improve, we when to customers can and will as we While

to Turning based contracts the regions and and to retention, an existing experience impacts our smaller brace want customer QX customers investments. potential predominantly as economic rationalize get in high pandemic verticals Dollar to as downsized organization, churn seen particularly in we by themselves We call. discussed COVID. churn was impacted related on highly mostly for in impacted

It concentrated only seat is driven million a customer which quarters, the revenue has of of that commercial churn in the most not prior important yet sector has to as expanded. case than organizations be been note annual the by to As the designer regardless in less continue vertical. single with that customer churn also was we defined $XXX in

partners of partner process an our important to the We adding global ecosystem network they’re our in converge. strong to continues automation vibrant by the automation our Turning having broadened believe, and market data, open as our an elite life vision Adobe In to for relationship element and we with and QX. analytics to bringing announcing UiPath. in QX on PWC is analytic ecosystem two heels technology

experience generation and [ph] Gas Suite, has Intelligence innovation capabilities analysis learning modeling significant process. robust, a Power, models code-free Analytics the Early in Suite, During Corporation, with machine data building of in improved and semi-structured add-on Hub In to audience the releases, a and work of and assisted provides to Dynamics result. integration a Suite Connect with developed OCR Alteryx parties processing world. and topic working we been the potential the Hub of see Research entire to line a design and for and process Lab. from analytic stage next as in of the Qdoba step-by-step Bell delivered by discovery to modeling and time which automation analyst sets enterprise through US a with a Navy’s, positive sentiment Hub the Canada, business from engine. and AMP in market governed data marketplace actionable also automation unstructured and Incorporated, Intelligence modeling recognition, an of to Restaurant QX, the blocks lines designer of capabilities to enabled benefit and around monetize language advance leveling of powerful General Alteryx Allowing leverage Intelligence greater natural assets and to and market across smaller the generation the some runtime guided of customers in to capabilities server feedback Siemens intend up bundle Naval growing for the analytic designed benefits environment auto and include the third path through being teams brings and everyone analytics. Mars collaboration customers next early for our affordable currently data mining the users blurs automation. future build Alteryx for way. deliver text Alteryx’s between Promote, launch automation, securing Analytics

execute We to new efficiency in engine complex or also our sets workflow Processing process. Alteryx larger customers simultaneously AMP data with resulting introduced analytical allowing Multithreaded on processing

While delighted Recipient not we’re customer’s Science for and standalone in impressive have shift Insights a Machine and server Gardner in Choice AMP Learning Hub Data gains with is third for engine a every the consecutive Peer to the processing. named proud and year. efficiency skew, Platforms to Alteryx designer, humble is see analytic the and been Analytics

operating how on in now me update Let an Alteryx today’s to fluid is environment. you adjusting give

We continue where select do where to offices so. a started in and we is from reopen have safe it to home regions and although it’s work to permitted environment primarily operate

require remote work, to in associates our our primary health offices and associates regions so comfortable objective. to not we’ll work where of will in near doing if return our term. have to safety support and the not reopened, However continue they’re The is we

and historical at address new learning While site of one as sales Alteryx at systems to cohorts. new very these quickly onboard well haven’t sales and our and efficiency and Many any marketing did effectively and restore as overall adapted sales to We’ll offices levels. enable specific team limited we reps new of offerings. challenge if playbooks product on our our ramped had the new the to us time reps overall home, of working particularly some struggle historical hires

made the adjustments. operational are or have We following

remote adopted capabilities improving We’re development ramp enablement they and additional content learning at to to platform, learning account levels our We’ve and enhanced up same to for offerings historically. fully reps help sales our and sales playbooks learning a the refining environment. are new foster further creating in have a adjusted

engagement our global sales While footprint. also are to expand alliances with sales enablement and we enhancing improving partners our tech

reallocating taking and SMB some we��re With sales the negative financial mid-market verticals organizations resources. many realities in hold

commercial our expansion renewal our enterprise some teams from example, success and teams the For reassigned customer and larger help reps of customer we’ve support to to activity.

realign We reality. enhance to to and support an will digital community initiatives experiences reflect continue marketing today’s

to which we connect and objective, to to profitability our discussed support last so an while operating limited. to with We center you so be monitor strategic see continues Maintaining our community for resource necessary, continues with appropriately do site levels As are other great in-person to adjust and if align to opportunities will a virtual we strong quarter. is engagement plan. operating we’ll continue each important customers expenses to launched closely a

work and and top overall pipeline bottom-line and is as to conversion are deal key aligned. sales that have our rate ADAPT cycles, most of is I’m that done sizes, the in performance ensure program. quarter, Average what of I’m rates. indicator associates our has proud done proud We work that our renewal uncertain discounting performance of most But creating monitoring such this our on times. team

with from and COVID-XX help welcomed last early a is program way XXX ADAPT, our we’ve to those global participants launching negatively the since we Potential community Science and you the to XX,XXX program. Analytics countries in back upscale As Advancing the impacted Together analytics May, quarter, almost Data give by crisis. Since discuss

in the driven fold We help platform the individuals into today’s the system. of and to and with business are bring nano provide economy. learning people to becoming obtaining With degrees be certified on Udacity excited them our their part more of analytics hundreds analytics data them resources and

for We well execute future-proof for vision remain foreseeable automation. our uncertainty our belief is despite We’re their to in remain help the that the that positioned closing, steadfast to part doing process In careers. Alteryx believe analytics future. our continued I on will

let than we’ll call QX ever that the the Kevin commentary a With stronger year. our outlook as financial to margin the and in to over QX well from for Kevin? to position and me emerge and drive expansion. confident levels We’re of that, growth this remainder higher crisis some solid of our discuss for turn performance as

Thank Dean. you,

additional experienced provide quarter, new some color the jumping we let into numbers the result the me as QX pandemic. Before we Last XXXX. us the of end This consistent customers some the the levels was were with saw that of current you April in business on in business in activity April, of we March. at a after that slowdown degree impacts, gave abrupt highlighted confidence reengaging

sizes transaction of having changes favorable customers our software in typical of to behavior in the deal in the changes later and sales become our buying customer resulting have we with These as scrutiny, linearity not smaller concentrated more However, elongated quarter. approvals business into robust from meaning in QX. included are until higher levels cycles us and processes some generally half customer, did bookings back apparent less the linearity the majority of slipping

added the Within XXX in our customers important. quarter The new new XX% particularly transactions risk very quarter, even saw our demonstrating medium or our productivity and these churn we new have to and of increase with these remains high globally. were marketing XXXX. most XXX behavior including trends in customer declined for the a we in quarter, were landed X,XXX net the evident expansion Along analytics buying now not moderate renewal. changes for that Global sales and the that challenging business attached in we in for rates customers During logos times customers and verticals

term these As I strategic actions, our lay will in Dean in actions we’re priority. to there by efficiency number of investment drive near business. undertaking mentioned are the

marketing. and sales First,

digital our living areas QX sales reflect go-to-market primary has investment focusing sales result footprint. our redeploying to spend value training on previously and was global buying the challenging today. higher discussed our improving a expanding and been focus reevaluating customer as we to marketing engagement, and rep a we’re environment As we’re on partner adjusting opportunities resources in reality enablement,

monitor and levels year. levels during or rates average renewal pipeline continue activity sizes, cycles, of of trial our to the remainder to discounting deal affecting duration, overall creation, if, economics will key inform activity continue us we and to unit sales how contract invest We conversion, including the

investment development. is second Our area product

We transformation. advance we efforts will product in our in expect digital current to pandemic economic product APA We our development when dislocation. position believe support emerge short-term and to the to continue product roadmap from us able the continue roadmap despite invest and to our better of being challenges to advance

Our area back third investment support and is office infrastructure.

We’re in direct dynamic. area go-to-market investments and our evaluating critically response to this

area the future teams. in global on as make will our In deemed of we’re investments this teams monitor in and ensuring are focused We closely efficiently in these operating go-to-market momentum term, support our near necessary.

As go-to-market. we strength and of appropriately profitability navigate the renewed to year, see to we until balance growth we begin future intend our remainder the in

have investment balancing we on our manage line intend profitability of cost discipline based to We top historically demonstrated the dynamics. and for and structure financial growth

the million turning increase customer North negatively XXX% ARR Middle quarter Global was with approximately East experience We recurring we for and XXXX XX% and for which up two America revenue while expansion year-over-year. was strategic XX% to XXX%. net was by the although year-over-year did in expansion duration weakness, was million, million an periods. teams. was of Net expansion Now saw was the revenue annual specifically average consistent Asia. year-over-year. year-over-year. with $XXX US $XX.X increase years activity revenue or of contract prior for strength the global Overall, QX QX back ended over increase revenue impacted was and $XX.X within an in Internationally, international numbers, million, regions of most was our XX% enterprise of an Growth XX% lower $XX of

measure health to provide we assess ARR Going intend operating our business. of investors additional help the forward as to an

Before moving want will to refer results. I I discussing press non-GAAP Please that for non-GAAP full a of reconciliation to be stated everyone unless to on, GAAP results. our otherwise remind release

was QX Our margin XX% QX, consistent XXXX. with

Our $XX in increase million operating The in to attributable expenses headcount were year. primarily to expenses increases same in $XX.X our last the QX compared levels. period million is overall

QX $X.X Our share Net shares diluted million on effectively was $XX.X per operating breakeven. based average outstanding. non-GAAP $X.XX loss fully million or weighted income was

related to positive of needs. of cash, Turning primarily of second $X.X GAAP cash operating used had balance X,XXX we statement cash generated associates of $XXX.X quarter from working We in events of investment. Year-to-date now of ended with In cancelled short-term flow and timing sheet payments XX, have X,XXX million end quarter, the QX, the and and QX, and flow other XXXX related capital long-term the we cash $XX.X million million the as to XXXX. cash flows. operations associates the as in at and June up X,XXX from associates equivalents, end to

the Now macroeconomic expect continues and current fluid. of our state will The turning this into Taking in to turmoil to remain outlook. account. be we environment conditions

guidance We’re with operating QX providing for revenue, income historical and EPS consistent patterns.

year also in referenced guidance risk for is release. and We ARR. that various revenue call factors to emphasize subject important our cautionary providing today’s earnings a full and outlook We’re and our in today

The subscription the Our be timing our increased account to range macroeconomic agreements will for continues environment guidance higher of as of in churn in variability challenging XXXX be new we average expanded slightly of and and the approximately business, renewals, two experienced duration years. uncertainty rates. duration QX, guidance contract considers following; overall as to

to recognized recognized as contract the to our the to the be TCV duration However, of quarter be in XX% Approximately booked the contract. will time ratably headwinds second with of there XXXX. over may remainder upfront half compared the relative of XX%

Approximately from seen recognized For remainder is We’ve which quarter. scheduled deferred and the in-period first come from be from is line what to bookings generally existing the coming of the in XXXX. to of contract in multi-year closed QX, and with XX% saw XX% in from business new of historically expected half customers we XX% renewals net billings. approximately expected XX% revenue will revenue our

million $XXX XXXX to For XX%. X% QX, the in approximately of representing expect of we year-over-year growth $XXX GAAP million revenue to range

diluted and in the share non-GAAP non-GAAP $X.XX. We average to of to net This fully $X non-GAAP million income assumes weighted $X.XX range operating million our income be of believe $XX expect changes fully diluted $XX million to to shares no million a or for conditions we million year approximately revenue full $XXX of outstanding. that Again, the year-over-year $XXX increase XXXX approximately be macro to will major XX%. assuming

market, believe ARR expect of with and Additionally, that the billion product opportunity significant year-over-year into addressable XXXX million annual we summary, business the position powerful our of total remains translates revenue we’re over nearly with to strong recurring $X we given into our XX% financial growth. fit, market, given while low strong unprecedented sheet. in $XXX approximately which exit market we model market cash In on balance positioned penetration Alteryx or times

all thanks delight customers the also the extend and home these have would to work that, each times. globe to from our Operator? uncertain continued I adopted associates Finally, our in And special with like to to across we’ll reality to my questions. have call who of day open Alteryx up the every and

comes question Please our question. from first Citi. Tyler proceed with your Radke Instructions] with [Operator

faster new Between may you on said the was any little just duration churn, as about Kevin bookings and that. duration headwind. think of guess mentioned know sure said that in years, wanted if but just you there that flat than bit was expect year curious any you year-over-year there the duration is I to I drive a you impact on flat because billings know were second just the I half make two grew whether duration. help QX business But much and numbers the year-over-year. I I bookings

So kind just understand discrepancy trying there. to of

did you. of first hear not question, part end of thank the if but the We the it. Tyler,

question. kind of the answering that. sure, in to right make want to first to I’m asking I contract dynamics If QX But you’re answer just half, duration the happy for the relative I’m

like like mainly around they flat headwind but XXXX I XX%. Yes, duration QX, was seeing looked look bookings look there are just at it - a billings it were was you versus year-over-year XXXX grew if your because

to on there understand if the wanted bookings. headwind duration a just was So

to not any related versus see for as in contract We material duration did QX. it change Thanks QX clarifying.

Okay.

that QX. what experienced billings And a into effect really we timing with was came

then just for guess I Dean. And Okay. a maybe question

the broad I’m prep advanced base curious and there to if within to of as analytics finance think of customer out tons you look tons of different used from automation and kind you’ve Alteryx And data I there’s cases department. of if modernizing whatnot, stickier. are terms used of environment. think PWC do have obviously cases departments doing in this and still finance those work I would any observed, you’re some their packs and of taxes in the those with at to

So if just there’s case. kind of used based the kind any curios on business of trends discrepancy between

No, planning continue change major I will the we did think any don’t to see been area. bit of Alteryx in XXXX’s say see use there’s scenario probably that in would any FP&A QX [ph] a really fee for in that in I with QX. and functional more Alteryx

the partnerships or Most for last SiriusXM brings more like case. [ph] folks the saw automating us. similar was expect more used we on of churn what months that to didn’t I you couldn’t The of actually the account the saw have or expertise the think that PWC six commercial very finance that and either us matter TAM business with available. for just so subject in activity around, office is

part for And just deal adoption our elongated saw so and that’s we we kicked sizes in and quarter with what I think average was why the most cycled licenses. in the smaller sales

with so happening adoption be vehicle bit. to it’s and space. The a So same, time the selling this remain in we continue tested been licenses excited a changed wasn’t pretty one, used about cycle the new what’s cases the the

down efforts. digital transformation can transformation to of a that a folks think large We success. more the organizations march I have CxO efforts, continue so paused in saw and the major lot lot journey micro office transformation to this mini

end? I a of of just with I agreements wanted some users - of could your where give just Year demand, see align amount to when when QX? talk of maybe you about that those time it? kind an period unlimited If one, and trial When clarification. expires do clarify to that periods just for that. does typically you Does sneak these license

different Well we have [ph]. ilk’s

servers. matter the of they us unlimited. in the to to seats do customers. And are control So we three that dials the don’t number and We

that point use price for a a have and We duration.

good Sometimes for three we of has depending on the it the be vision this. We do transformation, this adoption six months, historically licenses the know had is the we’ve with it the last organization is What it business number saw maybe new might which they of have adds months, quarter that, culture that very or a success conversion with nine maturity typically not maybe months. case.

customers journey. the velocity out but coming bigger up of journey helping expansion. down on in slowed want to don’t give we’re So have their lead much adoption And that to who out to tend the period

not the QX do pushed We’re to If sure if get from this be will time. from to that case, works. QX QX they’ll vehicle QX. We know that

you. Thank

question. your comes and Please with Company. from Cowen proceed Derrick question with Our next Wood

you helpful. ARR gave that’s Kevin,

us gave last quarter. You

just was giving what growth. QX we growth number and you’re what but numbers. - how number ARR in quarter, So you Can think you and gave I us a now grew a last XXXX? those have in tell

various It of out different forward. we recently milestones that and at in now a thanks provide Yes, more did metric Derrick. years both the drift we’ve and kind going over is QX

what providing are. information own interim your aren’t We enough there’s those I kind come to with periods But estimate. up that think of you interpolate

on it’s growth guided Well Derrick ARR end to year. remember we XX% the to to that the I important think of

this with business a companies code-free, So help and data on today we’re in traded transformation. publicly analytics people healthy code-friendly space only very large see and focuses a in space that the to science success growing platform for strong in digital

software - guess into this more in there’s terms I of seeing of bitter because little external in Yes, you we’ve it a look some thanks storm bit part wanted QX a back clearly guys and parse the what are the the enterprise if through by you’ve weather more you team. I companies better and internal surprise to and particularly seen going you quarter. headwinds got and at caught other factors.

maybe some pressure, there’s that with there is were absorption. or external, internal the there a end budget was markets that oversold there year greater there’s respect maybe where On more to seats may and development something change competitively facing

be internal taking external kind through thoughts needed to just on more versus a You little walk bit impacts. now. you of can Maybe us

I think control, it was the and can we things impact its control. things businesses a then was COVID quarters. and and tale can’t of on two the we its spread It

it one did So like almost than with we in what QX being May very was quarters see, April and different June. three in

We improvement there obviously in a anticipated although we April. blip on air that was in big some pocket necessarily So didn’t May, wasn’t for so an linearity it see side. had much improvement our actually

excited engaged we So We’ve of excitement platform monthly community. excitement take that everything for active the all the We’ve buy. community. on moving that control We’ve XX% to from moved center. our our to drives a all users seen seen We everything, an which people growth virtual gone in the users the XX% we We community. solutions actually from virtual Inspire of example has our to Conference about almost things the engagement in launched the can of. rationalized spend, marketing control reality took

a the for kind saw things XX-day the launched iterated were value understanding pre-COVID. to One pre-COVID. thousand of guided of a virtual organization, the - advance that XXX and to to all to get continue that’s customers effort Event. and activities webinars We of expansion launch sales the these of APA enterprise customer team brings. including their our a quickly. began program We’ve Program these the Discovery and which Almost held the in success team. allocating bunch We is live the platform learning trial people Discovery stream value and

the of bunch the that So do we strong. is to conversations whole what at But level that very there’s know strategic can’t change. continue we a things

start and frankly to COVID of bullish quite on We’re emerge run. think as from adoption the happen people use what’s help to going licenses I in that us long

license If squeeze some Can give of that and moving sense could you I QX half? more adoption the see in you in metric the point. of a us in that one percentage second last transactions or total how mix of

We you can’t that. give

same in over increase of in year. is is use QX about it what’s telling to QX. in licenses in last that I XXX% licenses quarter more [ph] period a think think world growth mostly had than I a a pre-COVID adoption telling most is, XX% in the the And COVID we adoption

to couldn’t up. organizations the we some So it were that was were quick we as soon standing as change model things there control, a recognize

New much teams They kind to inserting process the as some of could these spend. licenses bricks control. cycles. and much the possible took They out we every being of as were out so delaying things were scrutinize can as possibly option take we in in bud as

you. thank Okay,

question. with question Ittai next proceed Oppenheimer. Our your comes with from Please Kidron

to something here. temporary just make this? try to pricing on and chose you you Can again given guys these we following listen just this somewhere up that you deals something had road? of to down lower understand and challenges said, trying bit on clarify do then to sure I’m having came customers Dean materially and of this push kind customers adoption or the that in and licenses. the the and challenge you I Can is on a those renewals closing revisit again something a we’re Thanks you is gauge maybe as and Whether

appetite standard would say an we again it Yes, slowed from that, and offer to would aptitude has flexibility typically adoption customers vision, have things say customer skews some them licenses. have are our for ask platform. of I the the who There goes up down. for back growth we as and

anywhere figure not in They $X,XXX. I I large be do it this say get was exact is. We’re out increase What able QX. to don’t for a so between of to adoptions. going count number the true be know, have deal demand the the what to through, let’s let’s tend

that commercial. make the about this buying this across commercial the again Okay just want sure impacted changed. just and business verticals was -- to itself, applies us I talked and to referred behavior you or and has all a your across you is industries? It

sales of elongated the occurred think I cycle the across business. base entirety of Well the

highly think tending But our business, impacted time larger in same organizations I was at the to in that verticals. in new impacted risk high the those from commercial the it came verticals, be much verticals. customers XX% in of churn mostly of

in Some a the to understand like us happening know but of had what’s operations. really air, if who landed I their Airways plane Qatar those don’t with examples they in are

Got it, luck. Thanks very good. Good guys.

Thank you.

Goldman question. Merwin Please your Chris with Sachs. comes Our next with question from proceed

to from acceleration trying Is that or same particularly in in the your be I wanted an talk more through to do of more about companies the more migrate you. migrate digital to mean today in of we light they hearing architecting your customers customers all ask thinking you what instance seems I I that an your cloud the customers of about have Thank cloud type and of to for there looking is as keep to that time the customers? cloud transformations native cloud products? obviously are to systems or to know of strategy. the more imperative But different increasingly of product. cloud of some and --

the for you question. thank Sure,

customers So are everyone cloud. knows a in few we actually who the have quite

no $X the that that We in have We analyst few years for you server suggest and activity especially of AWS We little processing for with and Global where Azure keystrokes. important. understand not there we almost lives large we’re their deployments have hour just and that’s But up actually the four that to in up in to an close be want our and as the a or automation XXXX for organizations as moved. isn’t data cloud execute most three can hybrid. with that hasn’t data

of cloud. Officer currently the and a the was data of single Chief dabbling the bit Coast time. Fortune Data week, indicated with the earlier on with East some they’ve been a insurance customer phone this But fact on he a In in company XX, not for cloud I quite was that

And time. on for think so we’ve very I focused long that cloud a been

ease cloud-based a burden of organizations deployment implementations world. process the large around designer of in are mostly of We in the to the

APA you Alteryx. event, XX,XXX If our attended indicated of you they have would that heard have users PWC

hassle just we’ll hybrid better. going are living I the and at for quite the service having for quarterly tells an not for deploy pushing gravity SaaS of least live shift that has it’s says where would not be image releases time. us customer a those us delivery users a everywhere. be the going It shifted live multi-tenant they to customer We’ll think some to to is don’t shifted. It’s customers prepared The not if be to for when browser-based has Now today. The data forever. data and

very much. it. Got Thanks

you. Thank

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your next Our Please Needham. proceed from Andrews comes with question Jack with question.

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with question Please next Morgan. proceed Mark with Our comes question. JP from your Murphy

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Brent Piper Please next Sandler. Our with comes with question. from proceed Bracelin your question

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time. closing no are at There management turn the Thank floor for back I’d over this questions any you. further remarks. like to to

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Ladies conference. this today’s concludes web and gentlemen,

You disconnect lines this have great Thank a participation may you now day. your and time. at your for