Why Alteryx Shares (AYX) Shares Are Falling Today

Alteryx Inc AYX shares are down Friday morning after releasing a mixed bag of first-quarter 2023 results. The company also provided lackluster second-quarter guidance.
AYX reported a Q1 2023 revenue increase of 26% Y/Y to $199.1 million, an increase of 26%, slightly missing the consensus of $200.1 million.
Annualized Recurring Revenue (ARR) increased 25% Y/Y to $857 million in Q1, with a dollar-based net expansion rate of 121%.
Adjusted gross profit rose to $176.0 million from $139.5 million a year ago, with margins remaining flat Y/Y at 88%.
The company reported an adjusted loss per share of $(0.19), better than the consensus of $(0.26).
Cash flow from operating activities stood at $40.0 million in Q1. As of March 31, 2023, AYX had cash and cash equivalents of $885.1 million.
Workforce Reduction: The company disclosed its plan to reduce its workforce by around 11% and expects to incur charges of around $11 million to $13 million, with major part of the costs incurring in Q2 2023. AYX expects the workforce reduction initiative to conclude by the end of Q3 2023.
Outlook: For Q2 2023, AYX expects revenues of $180 million - $184 million (+0% to +2%, consensus $205.1 million) and adjusted EPS of $(0.69) to $(0.65) compared to consensus of $(0.42).
ARR is expected to be $902 million to $906 million (+24% to +25% Y/Y) in Q2 2023.
For 2023, AYX continues to expect revenue of $980 million-$990 million (+15% to +16%, vs. consensus $986.89 million) and adjusted EPS of $0.65-$0.75 (prior view $0.36-$0.46) (vs. consensus $0.38).
For 2023, AYX projects ARR to be $1.015 billion to $1.025 billion, up 22% to 23%.
Price Action: AYX shares traded lower by 17.11% at $42.29 premarket Friday.

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Alteryx Shares Dip Post Q1 Earnings, Guides Q2 Below Consensus, Announces 11% Reduction In Workforce

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