It has been under a year since the cloud-based enterprise planning services provider Anaplan (NYSE: PLAN) went public. The stock has almost tripled since it listed. It recently announced its first quarter results, and the stock climbed 20% post the announcement.

Anaplan’s Financials

For the quarter, Anaplan’s revenues grew 47% to $75.8 million, significantly ahead of the Street’s forecast of $70.5 million. It ended the quarter with an operating loss of $37.1 million, compared to $25.3 million reported a year ago. On an adjusted basis, it reported a loss of $0.16 per share, compared with the Street’s forecast of a loss of $0.21 per share.

By segment, subscription revenues grew 45% to $65.1 million and professional services revenues grew 62% to $10.7 million.

Anaplan expects to end the current quarter with revenues of $77.5-$78.5 million. It forecast revenues of $326-$331 million for the year. The Street had forecast revenues of $74.4 million for the quarter.

Anaplan’s Partner Network Expansion

Anaplan is driving growth through expansion of its partner network who are investing in the Anaplan practice capacity and capability. Anaplan now has partnerships with most strategic and global systems integrators including Bain, BCG, McKinsey, and Deloitte. During the recent quarter, it added A.T. Kearney and Oliver Wyman to this network.

Recently, it also expanded its relationship with Deloitte and announced that it had signed 41 new deals with them. Deloitte now has more than 650 consultants delivering Anaplan solutions to its customers and plans to double that number by 2021. Deloitte is leveraging Anaplan’s flexibility, customizable strategic planning capabilities, and industry expertise to deliver solutions that address workforce planning, sales planning, financial planning and analysis, and tax planning across industries like Oil and Gas, Insurance, CPG, and Retail.

Anaplan’s Product Upgrades

Meanwhile, Anaplan continues to improve its product offering and released an updated platform that delivers an improved user experience. It also released a new mobile app that will allow users to access relevant business data on the go. Its upgraded platform now allows users to update plans quickly and visualizes the impact of their changes in real-time. It also offers a modern user-interface that drives personalized experiences for every user and offers a visually impactful planning and analysis environment. Some of the other upgraded features include a redesigned home screen, access to an iOS and Android mobile app, and workflow improvements.

Anaplan is also improving its product offering by introducing ML and AI capabilities. The recent platform advances include predictive analytics and automation to help with scenario-based decision-making within Connected Planning; an optimizer that helps find new ways to automate, anticipate, and accelerate the planning process to improve prediction on  outcomes based on multiple internal and external factors; and frictionless integration that leverages Anaplan’s integration capabilities and purpose-built connectors to gain insights from disparate data sources for true connected planning.

Anaplan’s product and partner expansion is helping it attract customers at an impressive rate. For the recently reported quarter, the number of enterprises that spend at least $250,000 a year on its platform grew 43% to 279. Its existing customers are also increasing their spending on planning software and the net dollar expansion rate was 123% during the quarter.

Last October, Anaplan listed its stock at $17 apiece and raised $263.5 million at a valuation of $1.8 billion. Prior to listing, Anaplan had raised $300 million from investors including PremjiInvest, Baillie Gifford, Brookside Capital, Coatue Management, Founders Circle Capital, Harmony Ventures, Sands Capital Management, Salesforce Ventures, Sands Capital Ventures, DFJ Growth, Shasta Ventures, Meritech Capital Partners, and Granite Ventures. Less than a year since it went public, Anaplan’s stock is trading at $50.86 with a market capitalization of $6.6 billion. It had reached a high of $53 earlier this month.

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