- Fourth Quarter Subscription Revenue up 26% Year-Over-Year
- Remaining Performance Obligation of $818 million, up 25%
Year-Over-Year
- Dollar-Based Net Expansion of 114%
Anaplan, Inc. (NYSE:PLAN), provider of a leading cloud-native
platform for orchestrating business performance, today announced
financial results for its fourth quarter and full fiscal year ended
January 31, 2021.
“We delivered solid execution in FY21 with steady new customer
growth this quarter,” said Frank Calderoni, chief executive officer
of Anaplan. “We are seeing a rising demand for rapid scenario-based
planning as our customers are looking for the best way to plan for
an uncertain and unpredictable future.”
Fourth Quarter Fiscal 2021 Financial
Results
- Total revenue was $122.5 million, an increase of 25%
year-over-year. Subscription revenue was $112.6 million, an
increase of 26% year-over-year.
- GAAP operating loss was $41.5 million or 33.8% of total
revenue, compared to $37.6 million in the fourth quarter of fiscal
2020 or 38.3% of total revenue. Non-GAAP operating loss was $9.4
million, or 7.7% of total revenue, compared to $11.0 million in the
fourth quarter of fiscal 2020, or 11.2% of total revenue.
- GAAP loss per share was $0.29, compared to $0.27 in the fourth
quarter of fiscal 2020. Non-GAAP loss per share was $0.07 in the
fourth quarter of fiscal 2021 and fiscal 2020.
- Cash and Cash Equivalents were $321.0 million as of January 31,
2021.
Full Year Fiscal 2021 Financial
Results
- Total revenue was $447.8 million, an increase of 29%
year-over-year. Subscription revenue was $408.2 million, an
increase of 33% year-over-year.
- GAAP operating loss was $153.8 million or 34.3% of total
revenue, compared to $148.4 million in fiscal 2020 or 42.7% of
total revenue. Non-GAAP operating loss was $38.5 million, or 8.6%
of total revenue, compared to $56.5 million in fiscal 2020, or
16.2% of total revenue.
- GAAP loss per share was $1.10, compared to $1.15 in fiscal
2020. Non-GAAP loss per share was $0.27, compared to $0.44 in
fiscal 2020.
Financial Outlook
The company is providing the following guidance for its first
quarter fiscal 2022:
- Total revenue is expected to be between $126.5 and $127.5
million.
- Non-GAAP operating margin is expected to be between negative
9.5% and 10.5%.
- As a baseline for first quarter, we expect billings to be in
the range of $122 million to $124 million.
The company is updating its previous guidance provided on
November 24, 2020 for its full year fiscal 2022:
- Total revenue is expected to be between $550 and $555 million
(was approximately $550 million).
- Non-GAAP operating margin is expected to be between negative
8.0% and 9.0%.
The guidance provided above are forward-looking statements and
actual results may differ materially. Refer to the “Forward-Looking
Statements” safe harbor section below for information on the
factors that could cause our actual results to differ materially
from these forward-looking statements.
The section titled “Non-GAAP Financial Measures” below contains
a description of the non-GAAP financial measures used in this press
release, definitions of our operating metrics and a reconciliation
of GAAP and non-GAAP financial measures is contained in the tables
below. A reconciliation of non-GAAP measures to corresponding GAAP
measures is not available on a forward-looking basis without
unreasonable effort due to the uncertainty regarding, and the
potential variability of, costs and expenses, including the impact
of stock-based compensation, which is dependent on factors such as
future stock price and volume of equity awards granted in the
future, that may be incurred in the future and therefore, cannot be
reasonably predicted. The effect of these excluded items may be
significant.
Recent Highlights
- Anaplan announced a strategic collaboration with Amazon Web
Services to deliver the Anaplan platform on AWS.
- Bill Schuh joined Anaplan as Chief Revenue Officer.
- Anaplan appointed Brooke Major-Reid to its Board of
Directors.
- Anaplan was named a Leader in IDC MarketScape for Enterprise
Performance Management.
Webcast and Conference Call Information
Event: Anaplan Fourth Quarter and Full Fiscal Year 2021
Earnings Conference Call When: Thursday, February 25, 2021
Time: 5:30 a.m. PT / 8:30 a.m. ET Live Call: Please
see online registration Replay: (800) 585-8367 or (416)
621-4642 with passcode 4093584 Live Webcast:
https://investors.anaplan.com or with replay available for 12
months
Upcoming Investor Events
Anaplan management will be participating in the following
investor conference:
Morgan Stanley Technology, Media and Telecom Conference
Wednesday, March 3, 2021 1:15pm PT/4:15pm ET
Interested parties can listen to the live audio webcast of
Anaplan’s presentations available on Anaplan’s Investor Center
website at https://investors.anaplan.com. A replay of the
presentations will be available on the website following the
completion of the event.
About Anaplan
Anaplan, Inc. (NYSE: PLAN) is a cloud-native enterprise SaaS
company helping global enterprises orchestrate business
performance. Leaders across industries rely on our platform—powered
by our proprietary Hyperblock® technology—to connect teams,
systems, and insights from across their organizations to
continuously adapt to change, transform how they operate, and
reinvent value creation. Based in San Francisco, Anaplan has over
175 partners and more than 1,600 customers worldwide. To learn
more, visit anaplan.com.
Forward-Looking Statements
This press 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, each as
amended, including all statements other than statements of
historical fact contained in this press release and includes,
without limitation, statements about the company’s expectations
regarding the impact of the COVID-19 pandemic and resulting global
economic uncertainty, the quotations from management, statements
regarding market demand, market opportunity, competitive position
including of the company’s solutions compared to the offerings of
competitors, use of the company’s solutions and the results of such
use, statements about the company’s plans, strategies and
prospects, statements about offerings, solutions, services and
functionality, statements regarding growth and momentum, statements
about customers’ plans and priorities, the financial outlook and
guidance, which may include expected GAAP and non-GAAP financial
and other results, for the company’s first fiscal quarter ending
April 30, 2021 and for the full fiscal year ending January 31, 2022
and the underlying assumptions, and statements about events and
trends including events and trends that we believe may affect our
financial condition, results of operations, short- and long-term
business operations and objectives, and financial needs. These
statements identify prospective information and may include words
such as “expects,” “intends,” “continue,” “plans,” “anticipates,”
“believes,” “estimates,” “predicts,” “projects,” “potential,”
“should,” “may,” “will,” or the negative version of these words,
variations of these words and comparable terminology. These
forward-looking statements are based on information available to
the company as of the date of this press release and are based on
management’s current views and assumptions. These forward-looking
statements are conditioned upon and also involve a number of known
and unknown risks, uncertainties, and other factors that could
cause actual results, performance or events to differ materially
from those anticipated by these forward-looking statements. Such
risks, uncertainties, and other factors may be beyond the company’s
control and may pose a risk to the company’s operating and
financial condition. Such risks and uncertainties include, but are
not limited to: the ongoing COVID-19 pandemic, and resulting global
economic downturn, has impacted how we, our customers, and our
partners are operating, and could result in a material adverse
effect on our business, financial condition, operating results and
cash flows; we have a limited history of operating at our current
scale and under our current strategy, which makes it difficult to
predict our future operating results, and we may not achieve our
expected operating results in the future; our recent revenue growth
rates may not be indicative of our future growth; we have a history
of net losses, we anticipate increasing our operating expenses in
the future, and we do not expect to be profitable for the near
future; our quarterly results may fluctuate significantly and may
not fully reflect the underlying performance of our business; we
have experienced rapid growth and expect to continue to invest in
our growth in the future, and if we fail to manage our growth
effectively, we may be unable to execute our business plan,
maintain high levels of service, or adequately address competitive
challenges and our business, financial condition and results of
operations may be adversely affected; because we derive
substantially all of our revenue from a single software platform,
failure of Connected Planning solutions and digital transformation
in general and our platform in particular to satisfy customer
demands or to achieve increased market acceptance would adversely
affect our business, results of operations, financial condition,
and growth prospects; if we are unable to attract new customers,
both domestically and internationally, the growth of our revenue
will be adversely affected and our business may be harmed; our
business depends substantially on our customers renewing their
subscriptions and expanding their use of our platform and if we
fail to achieve renewals and expansions or our customers renew or
expand their subscriptions on less favorable terms, our business
and operating results will be adversely affected; failure to
effectively expand our sales and marketing capabilities could harm
our ability to increase our customer base and achieve broader
market acceptance of our service; our growth depends in part on the
success of our strategic relationships with third parties and their
continued performance; the success of our business depends upon
training our customers to effectively utilize our platform to
unlock its full potential and our failure to effectively educate,
train and provide continuing guidance and support to our customers
may adversely affect our results of operations, financial condition
and growth prospects; our ability to achieve growth in revenue will
depend substantially on our partners being able to utilize highly
skilled and trained users of our platform to provide professional
services, promote the adoption of our platform and drive revenue
generation activities and if we fail to effectively educate, train
and provide continuing guidance to a sufficient number of qualified
users of our platform for utilization with our partners, our
results of operations, financial condition and growth prospects may
be adversely affected; if we fail to continue to enhance our
platform, satisfy the cloud infrastructure priorities of our
clients or adapt to rapid technological change, our ability to
remain competitive could be impaired; if we experience a security
incident affecting our platform or internal networks, systems or
data, or are perceived to have experienced such a security
incident, our platform may be perceived as not being secure, our
reputation may be harmed, customers may reduce the use of or stop
using our platform, we may incur significant liabilities, and our
business could be materially adversely affected; real or perceived
errors, failures, bugs, service outages, or disruptions in our
platform could adversely affect our reputation and harm our
business; we depend on the experience and expertise of our senior
management team and certain key employees, and our inability to
retain these executive officers and key employees or recruit them
in a timely manner, could harm our business, operating results, and
financial condition; the markets in which we participate are
intensely competitive, and if we do not compete effectively, our
business and operating results could be adversely affected; we
collect, process and store personal information and furthermore,
our platform could be used by customers to do the same, and
evolving domestic and international privacy and security laws,
regulations and other obligations could result in additional costs
and liabilities to us or inhibit sales of our platform.
Furthermore, the additional or unforeseen effects from the COVID-19
pandemic and the global economic climate may amplify many of these
risks. Information concerning risks, uncertainties and other
factors that could cause results to differ materially from the
expectations described in this press release is contained in the
company’s filings with the U.S. Securities and Exchange Commission
(“SEC”), including its quarterly report on Form 10-Q filed with the
SEC on December 3, 2020, and other documents the company may file
with or furnish to the SEC from time to time such as annual reports
on Form 10-K, quarterly reports on Form 10-Q and current reports on
Form 8-K. These forward-looking statements should not be relied
upon as representing the company’s views as of any subsequent date
and the company undertakes no obligation to update forward-looking
statements to reflect events or circumstances after the date they
were made. The information contained in, or that can be accessed
through, Anaplan’s website and social media channels are not part
of this press release.
Preliminary Consolidated Statements of Operations (In
thousands, except per share amounts) (Unaudited)
Three Months Ended January
31,
Year Ended January 31,
(In thousands, except per share amounts)
2021
2020
2021
2020
Revenue: Subscription revenue
$
112,551
$
89,512
$
408,199
$
307,890
Professional services revenue
9,974
8,730
39,556
40,132
Total revenue
122,525
98,242
447,755
348,022
Cost of revenue: Cost of subscription revenue (1)
19,282
15,054
69,802
51,460
Cost of professional services revenue (1)
10,140
9,155
39,177
39,317
Total cost of revenue
29,422
24,209
108,979
90,777
Gross profit
93,103
74,033
338,776
257,245
Operating expenses: Research and development (1)
27,537
20,433
100,523
68,396
Sales and marketing (1)
83,521
69,499
302,002
250,430
General and administrative (1)
23,516
21,694
90,030
86,852
Total operating expenses
134,574
111,626
492,555
405,678
Loss from operations
(41,471
)
(37,593
)
(153,779
)
(148,433
)
Interest income (expense), net
48
708
167
4,478
Other income (expense), net
351
1,287
3,736
(809
)
Loss before income taxes
(41,072
)
(35,598
)
(149,876
)
(144,764
)
Provision for income taxes
(977
)
(1,085
)
(4,091
)
(4,453
)
Net loss
$
(42,049
)
$
(36,683
)
$
(153,967
)
$
(149,217
)
Net loss per share attributable to common stockholders, basic and
diluted
$
(0.29
)
$
(0.27
)
$
(1.10
)
$
(1.15
)
Weighted-average shares used in computing net loss per share
attributable to common stockholders, basic and diluted
142,627
134,415
139,499
129,799
(1) Includes stock-based compensation expense as
follows: Cost of subscription revenue
$
1,285
$
730
$
3,822
$
2,547
Cost of professional services revenue
775
622
2,481
2,199
Research and development
5,454
3,488
18,715
10,608
Sales and marketing
14,396
10,700
48,210
34,428
General and administrative
7,284
7,192
30,398
30,264
Total stock-based compensation expense
$
29,194
$
22,732
$
103,626
$
80,046
Preliminary Consolidated Balance Sheets (In
thousands) (Unaudited) As of
January 31,
January 31,
2021
2020
ASSETS Current assets: Cash and cash equivalents
$
320,990
$
309,894
Accounts receivable, net
147,005
109,217
Deferred commissions, current portion
36,797
25,990
Prepaid expenses and other current assets
24,252
17,814
Total current assets
529,044
462,915
Property and equipment, net
51,603
48,639
Deferred commissions, net of current portion
82,405
57,947
Goodwill
32,379
32,379
Operating lease right-of-use asset
33,985
37,875
Other noncurrent assets
9,709
10,052
TOTAL ASSETS
$
739,125
$
649,807
LIABILITIES AND STOCKHOLDERS' EQUITY Current
liabilities: Accounts payable
$
7,949
$
5,331
Accrued expenses
101,507
79,024
Deferred revenue, current portion
287,778
216,059
Operating lease liabilities, current portion
7,951
7,278
Total current liabilities
405,185
307,692
Deferred revenue, net of current portion
7,765
4,149
Operating lease liabilities, net of current portion
30,130
34,017
Other noncurrent liabilities
18,032
12,268
TOTAL LIABILITIES
461,112
358,126
Stockholders' equity: Common stock
14
13
Accumulated other comprehensive loss
(7,528
)
(4,326
)
Additional paid-in capital
932,505
788,447
Accumulated deficit
(646,978
)
(492,453
)
TOTAL STOCKHOLDERS' EQUITY
278,013
291,681
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
739,125
$
649,807
Preliminary Consolidated Statements of Cash Flows (In
thousands) (Unaudited)
Year Ended January 31,
2021
2020
CASH FLOWS FROM OPERATING ACTIVITIES: Net loss
$
(153,967
)
$
(149,217
)
Adjustments to reconcile net loss to net cash used in operating
activities: Depreciation and amortization
25,831
20,341
Amortization of deferred commissions
33,404
20,508
Stock-based compensation
103,626
80,046
Reduction of operating lease right-of-use assets and accretion of
operating lease liabilities
10,060
10,748
Foreign currency remeasurement gains
(4,178
)
(516
)
Other non-cash items
3,100
1,077
Changes in operating assets and liabilities: Accounts receivable
(39,947
)
(16,313
)
Prepaid expenses and other current assets
(6,128
)
(4,266
)
Other noncurrent assets
(1,017
)
(1,419
)
Deferred commissions
(65,639
)
(53,978
)
Accounts payable and accrued expenses
21,163
19,550
Deferred revenue
71,751
67,478
Payments for operating lease liabilities, net
(9,252
)
(10,435
)
Other noncurrent liabilities
6,562
1,991
Net cash used in operating activities
(4,631
)
(14,405
)
CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property
and equipment
(5,680
)
(3,991
)
Capitalized internal-use software
(10,063
)
(11,023
)
Business combinations, net of acquired cash
-
(33,492
)
Net cash used in investing activities
(15,743
)
(48,506
)
CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from exercise
of stock options
18,834
21,859
Proceeds from repayment of promissory notes
-
11,526
Proceeds from employee stock purchase plan
17,678
18,565
Principal payments on capital lease obligations
(8,680
)
(5,444
)
Net cash provided by financing activities
27,832
46,506
Effect of exchange rate changes on cash and cash equivalents
3,638
(564
)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED
CASH
11,096
(16,969
)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH - Beginning of period
309,894
326,863
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH - End of period
$
320,990
$
309,894
Reconciliation of GAAP to Non-GAAP Financial Measures (In
thousands, except percentages and per share amounts)
(Unaudited)
Three Months Ended January
31,
Year Ended January 31,
(In thousands, except percentages and per share amounts)
2021
2020
2021
2020
Revenue
$
122,525
$
98,242
$
447,755
$
348,022
GAAP operating loss
$
(41,471
)
$
(37,593
)
$
(153,779
)
$
(148,433
)
Stock-based compensation
29,194
22,732
103,626
80,046
Employer payroll tax expense related to employee stock plans
1,720
2,206
6,702
8,638
Business combination and other related cost
801
1,330
3,636
2,720
Amortization of acquired intangibles
335
335
1,340
482
Non-GAAP operating loss
$
(9,421
)
$
(10,990
)
$
(38,475
)
$
(56,547
)
GAAP operating margin %
-33.8
%
-38.3
%
-34.3
%
-42.7
%
Stock-based compensation %
23.8
%
23.1
%
23.1
%
23.0
%
Employer payroll tax expense related to employee stock plans %
1.4
%
2.2
%
1.5
%
2.5
%
Business combination and other related cost %
0.6
%
1.4
%
0.8
%
0.8
%
Amortization of acquired intangibles %
0.3
%
0.4
%
0.3
%
0.2
%
Non-GAAP operating margin %
-7.7
%
-11.2
%
-8.6
%
-16.2
%
GAAP net loss
$
(42,049
)
$
(36,683
)
$
(153,967
)
$
(149,217
)
Stock-based compensation
29,194
22,732
103,626
80,046
Employer payroll tax expense related to employee stock plans
1,720
2,206
6,702
8,638
Business combination and other related cost
801
1,330
3,636
2,720
Amortization of acquired intangibles
335
335
1,340
482
Non-GAAP tax adjustments
-
-
1,250
-
Non-GAAP net loss
$
(9,999
)
$
(10,080
)
$
(37,413
)
$
(57,331
)
GAAP net loss per share, basic and diluted
$
(0.29
)
$
(0.27
)
$
(1.10
)
$
(1.15
)
Stock-based compensation
0.20
0.17
0.74
0.62
Employer payroll tax expense related to employee stock plans
0.01
0.02
0.05
0.07
Business combination and other related cost
0.01
0.01
0.02
0.02
Amortization of acquired intangibles
-
-
0.01
-
Non-GAAP tax adjustments
-
-
0.01
-
Non-GAAP net loss per share
$
(0.07
)
$
(0.07
)
$
(0.27
)
$
(0.44
)
Shares used to compute GAAP net loss per share attributable
to common stockholders, basic and diluted
142,627
134,415
139,499
129,799
Shares used to compute Non-GAAP net loss per share
142,627
134,415
139,499
129,799
GAAP net cash provided by (used in) operating activities
$
10,304
$
(1,571
)
$
(4,631
)
$
(14,405
)
Purchase of property and equipment
(437
)
(1,536
)
(5,680
)
(3,991
)
Capitalized internal-use software
(2,397
)
(3,002
)
(10,063
)
(11,023
)
Non-GAAP free cash flow
$
7,470
$
(6,109
)
$
(20,374
)
$
(29,419
)
Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with
U.S. generally accepted accounting principles (GAAP), this press
release and the accompanying tables contain non-GAAP financial
measures, including non-GAAP loss from operations, non-GAAP
operating margin, non-GAAP net loss, non-GAAP net loss per share,
and free cash flow. The non-GAAP financial information is presented
for supplemental informational purposes only, and is not intended
to be considered in isolation or as a substitute for, or superior
to, financial information prepared and presented in accordance with
GAAP. The non-GAAP measures presented here may be different from
similarly-titled non-GAAP measures used by other companies.
We use these non-GAAP measures in conjunction with GAAP measures
as part of our overall assessment of our performance, including the
preparation of our annual operating budget and quarterly forecasts,
to evaluate the effectiveness of our business strategies and to
communicate with our board of directors concerning our financial
performance. We believe these non-GAAP measures, when viewed
collectively with the GAAP measures, may be helpful to investors
because they provide consistency and comparability with our past
financial performance and facilitate period-to-period comparisons
of our operating results.
There are material limitations associated with the use of
non-GAAP financial measures since they exclude significant expenses
and income that are required by GAAP to be recorded in our
financial statements. The definitions of our non-GAAP measures may
differ from the definitions used by other companies and therefore
comparability may be limited. In addition, other companies may
utilize metrics that are not similar to ours. We compensate for
these limitations by analyzing current and future results on a GAAP
basis as well as a non-GAAP basis and by providing specific
information regarding the GAAP items excluded from these non-GAAP
financial measures. Please see the reconciliation tables in this
release for the reconciliation of GAAP and non-GAAP results.
We adjust the following items from one or more of our non-GAAP
financial measures:
Stock-based compensation expense. We exclude stock-based
compensation expense, which is a non-cash expense, from certain of
our non-GAAP financial measures because we believe that excluding
this item provides meaningful supplemental information regarding
operational performance. In particular, companies calculate
stock-based compensation expense using a variety of valuation
methodologies and subjective assumptions.
Employer payroll tax expense related to employee stock plans. We
exclude employer payroll tax expense related to employee stock
plans, which is a cash expense, from certain of our non-GAAP
financial measures because we believe that excluding this item
provides meaningful supplemental information regarding operational
performance. In particular, this expense is tied to the exercise or
vesting of underlying equity awards and the price of our common
stock at the time of exercise or vesting, which may vary from
period to period independent of the operating performance of our
business.
Amortization of acquired intangible assets. We exclude
amortization of acquired intangible assets, which is a non-cash
expense, from certain of our non-GAAP financial measures. Our
expenses for amortization of intangible assets are inconsistent in
amount and frequency because they are significantly affected by the
timing, size of acquisitions and the inherent subjective nature of
purchase price allocations. We exclude these amortization expenses
because we do not believe these expenses have a direct correlation
to the operation of our business.
Business combinations and related cost. We exclude transaction,
integration, and retention expenses that are directly related to
business combinations from certain of our non-GAAP financial
measures because we believe that excluding these items provides
meaningful supplemental information regarding operational
performance.
Non-GAAP tax adjustments. We exclude discrete tax expenses
associated with non-recurring intercompany transactions because we
believe that excluding these items facilitate a comparison of the
non-GAAP tax provision in the current and prior periods.
Free cash flow. Our management reviews cash flows generated from
operations after taking into consideration capital expenditures
such as purchase of property and equipment and internal-use
software as these expenditures are considered to be a necessary
component of ongoing operations. We define non-GAAP free cash flow
as net cash provided by (used in) operating activities, reduced by
purchase of property and equipment and capitalization of
internal-use software.
Operating Metrics
Annual recurring revenue (ARR) is calculated as subscription
revenue already booked and in backlog that will be recorded over
the next 12 months, assuming any contract expiring in those 12
months is renewed and continues on its existing terms and at its
prevailing rate of utilization.
Dollar-based Net Expansion Rate is calculated as the ARR at the
end of a period for the base set of customers from which we had ARR
in the year prior to the calculation, divided by the ARR one year
prior to the date of calculation for that same customer base.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210225005540/en/
Investor Contact: Edelita Tichepco
investors@anaplan.com
Media Contact: Anthony Harrison press@anaplan.com
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