According to a Tech Navio report, the global ERP market is estimated to grow 9% over the next few years to $18.91 billion by the year 2023. The growth in the industry will be driven by the increased adoption of planning solutions by the SMB segment. Cloud-based enterprise planning services provider Anaplan (NYSE: PLAN) is already witnessing this growth and features among our list of Top 20 Cloud Stocks for 2020.

Anaplan’s Financials

For the recently announced third quarter, Anaplan’s revenues grew 44% to $89.4 million, ahead of the Street’s forecast of $86.4 million. Operating loss was $0.26 per share, compared to $1.11 per share reported a year ago. Non-GAAP loss was $0.08 per share, compared with the Street’s forecast of a loss of $0.12 per share and previous year’s loss of $0.18 per share.

By segment, subscription revenues grew 47% to $79.7 million and professional services revenues came in at $9.72 million compared with $7.65 million a year ago.

Anaplan expects to end the current quarter with revenues of $96.5-$97.5 million. It forecast revenues of $346-$347 million for the year. The Street had forecast revenues of $95.7 million for the quarter with a loss of $0.11 per share. It expects Anaplan to end the year with revenues of $342.6 million and a loss of $0.52 per share.

Anaplan’s Platform Adoption

During the quarter, Anaplan continued to see significant adoption of its platform spanning diverse use cases across various industries. It ended the quarter with more than 1,300 total customers with more than 320 of them delivering annual revenues of more than $250,000. That number has grown 42% over the previous year. Anaplan may have started as financial planning software, but it is being deployed as a true ERP solution.

To illustrate its use case expansion, Anaplan was recently leveraged by a drug development company with over 50,000 employees in over 60 countries to manage key insights throughout the entire life of projects. Its platform will be used to enable over 3,500 researchers to plan the entire project cycle with the objective of gaining more accuracy in forecasting and reducing project delays and cost inflation. It was also adopted by one of the largest airline carriers globally for workforce planning in their operations customer center.

Within the global consumer goods industry, Anaplan has been used across different businesses in areas such as production planning, pricing, and assortment planning. Anaplan’s focus on Connected Planning is helping it integrate resource planning across various departments within the organization including sales, supply chain, finance, and workforce planning.

Last quarter, Anaplan released its new platform user experience and mobile app. The new mobile app enables businesses to address real-time changes over a mobile device. The app ensures data security and delivers an intuitive UI that allows decision-makers to access planning capabilities on the go and increase their productivity.

It is also investing in the Anaplan Academy that has been focused on creating and delivering more learning courses. During the last quarter, they reported more than 100,000 individual online courses completed online.

Anaplan is currently trading at $51.79 with a market capitalization of $6.9 billion. It had reached a 52-week high of $60.36 in July this year. It has climbed from a 52-week low of $23.37 that it was trading at in December last year.

In October 2018, Anaplan had listed at $17 and raised $263.5 million at a valuation of $1.8 billion. Prior to listing, it 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.