According to an IDC report, the global data analytics market is expected to grow from $65 billion this year to over $110 billion by 2025. Data science and analytics platform provider Alteryx’s (NYSE: AYX) recently announced impressive quarterly results. The company is stepping up its focused sales approach to drive the adoption of its products within the larger enterprise segment.

Alteryx’s Financials

For the first quarter, Alteryx’s revenue grew 33% to $157.9 million, ahead of the market’s estimates of $145.88 million. GAAP gross profit of $133.7 million, or a GAAP gross margin of 85%, was better than GAAP gross profit of $107.9 million, or a GAAP gross margin of 91% a year ago. Non GAAP net loss of $27.3 million or $0.40 per diluted share fell from $3.3 million or a loss of $0.05 per diluted share a year ago. The market was looking for a loss per share of $0.59.

Alteryx ended the quarter with 8,195 customers, up 14%, with 259 net new customers. It achieved a dollar-based net expansion rate of 119%. ARR for the quarter grew 33% to $683.6 million.

For the second quarter, Alteryx expects revenues of $159-$162 million with a non GAAP net loss of $0.61-$0.58 per share. For the full year 2021, it expects revenue of $730-$740 million and a net loss of $0.56-$0.46 per share. The market was looking for revenues of $716.13 million and a net loss of $0.64 per share for the year and revenues of $154.72 million and a net loss of $0.31 for the quarter.

Alteryx’s Sales Strategy

Alteryx is following a two-step approach to drive growth. Its first focus area is that of expanding its sales focus on larger enterprise companies. It has significantly expanded and focused on the growth of its enterprise sales team over the past year. Its sales team is now engaged with customers at a more executive level. This sales strategy is expected to help Alteryx land and expand smaller wins over time. One can see the success of this strategy through the growth in its customer base. It added several new Global 2000 wins this quarter, including several marquee clients such as AES, Boston Properties, Credit Agricole, Investec, and Voya Investments, among others. Its Global 2000 penetration expanded by roughly six points over the year to 45% in the quarter.

The second key focus area is the scaling of its partnerships. Earlier this year, it announced an updated partner program that empowers this community to bring Alteryx solutions to the global markets and drive user engagement. These partners are helping Alteryx land new logos and newer use cases. For instance, a customer of one of its partners is implementing a designer within its tax organization to unlock efficiencies in terms of time and cost savings.

Meanwhile, Alteryx announced several new capabilities that leverage its earlier acquisition of Trifacta. Trifacta was known for its easier-to-use, low-code/no-code user experience. Through the acquisition, Alteryx has updated Alteryx Designer, which creates a modern look, and Alteryx Intelligence Suite, which provides capabilities for Text Mining and Computer Vision including a barcode reader tool, part of speech tool, and key vale pair tool. These tools allow users to analyze unstructured data.

Other capabilities released recently include the addition of Alteryx Auto Insights that is seamlessly integrated with Designer Desktop and Server, allowing users to automatically connect, configure, and schedule Auto Insights from their workflows to gain AI-driven insights from data. Alteryx Machine Learning has new updates for its Time Series Modeling, including new functionality that provides trending, seasonality, and increases performance to enable business users to create machine learning models. Alteryx also recently announced that it would start Early Access for its Metric Store capability. The capability provides enterprises with the ability to define standard key performance indicators that can be reused by anyone in the organization to rapidly, consistently, and accurately derive insights.

It is currently trading at $53.69 with a market cap of $3.66 billion. It hit a 52-week high of $90.57 in June last year. It hit a 52-week low of $49.67 in February.