AYX - Alteryx: Even With Upside Guidance Revision I'm Sitting On The Sidelines

• Alteryx unexpectedly raised its Q3 guidance to 22-24% y/y growth, up from 7-11% y/y growth that the company originally guided to.
• Shares rose >25% on the news, essentially bringing Alteryx back to the levels prior to the disastrous Q2 earnings release.
• Alteryx is also changing up its C-suite, appointing a board member as its new CEO.
• The company still has challenges ahead: it still has to maneuver a recovery in expansion rates while bringing down operating costs closer to its long-term model.
• The stock looks appropriately valued at ~15.7x forward revenues for a company that has been proven to have very lumpy, license-based revenues.

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