Company Quick10K Filing
Anaplan
Price51.51 EPS-1
Shares133 P/E-61
MCap6,867 P/FCF-535
Net Debt-311 EBIT-109
TEV6,556 TEV/EBIT-60
TTM 2019-10-31, in MM, except price, ratios
10-Q 2020-10-31 Filed 2020-12-03
10-Q 2020-07-31 Filed 2020-09-04
10-Q 2020-04-30 Filed 2020-06-04
10-K 2020-01-31 Filed 2020-03-30
10-Q 2019-10-31 Filed 2019-12-09
10-Q 2019-07-31 Filed 2019-09-09
10-Q 2019-04-30 Filed 2019-06-10
10-K 2019-01-31 Filed 2019-03-29
S-1 2018-09-14 Public Filing
8-K 2020-11-24
8-K 2020-11-24
8-K 2020-08-26
8-K 2020-06-03
8-K 2020-05-26
8-K 2020-04-23
8-K 2020-02-27
8-K 2020-02-26
8-K 2019-11-21
8-K 2019-11-19
8-K 2019-09-25
8-K 2019-08-27
8-K 2019-06-05
8-K 2019-05-28
8-K 2019-04-14
8-K 2019-04-01
8-K 2019-03-04
8-K 2019-02-25

PLAN 10Q Quarterly Report

Part I
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 plan-ex311_9.htm
EX-31.2 plan-ex312_8.htm
EX-32.1 plan-ex321_7.htm
EX-32.2 plan-ex322_6.htm

Anaplan Earnings 2020-10-31

Balance SheetIncome StatementCash Flow
0.70.60.40.30.10.02016201720182020
Assets, Equity
0.10.10.0-0.0-0.1-0.12016201720182020
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12016201720182020
Ops, Inv, Fin

plan-10q_20201031.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC  20549

 

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended October 31, 2020

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

  For the transition period from:                  to

Commission File Number 001-38698

 

ANAPLAN, INC.

(Exact name of registrant as specified in its charter)

Delaware

 

27-0897861

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification Number)

 50 Hawthorne Street

San Francisco, California 94105

(Address of principal executive offices)

 

(415742-8199

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, $0.0001 par value per share

PLAN

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer: 

Non-accelerated filer:

 

Smaller reporting company: 

 

 

 

Emerging growth company:

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.             

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  No   

As of November 27, 2020, the number of shares of the registrant’s common stock, $0.0001 par value per share, outstanding was 141,892,022.

 

 

 

 


Table of Contents

 

TABLE OF CONTENTS

 

 

 

Page

 

 

 

 

Part I. FINANCIAL INFORMATION

5

Item 1.

Financial Statements (Unaudited)

5

 

Condensed Consolidated Balance Sheets

5

 

Condensed Consolidated Statements of Comprehensive Loss

6

 

Condensed Consolidated Statements of Stockholders’ Equity

7

 

Condensed Consolidated Statements of Cash Flows

8

 

Notes to Condensed Consolidated Financial Statements

9

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

20

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

32

Item 4.

Controls and Procedures

32

 

 

 

 

Part II. OTHER INFORMATION

34

Item 1.

Legal Proceedings

34

Item 1A.

Risk Factors

34

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

68

Item 6.

Exhibits

69

 

Signatures

70

 


2


Table of Contents

 

CAUTIONARY note regarding FORWARD-lOOKING STATEMENTS

This Quarterly Report on Form 10-Q includes forward-looking statements. All statements other than statements of historical facts contained in this report are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “design,” “intend,” “expect,” “could,” “plan,” “potential,” “predict,” “seek,” “should,” “would,” or the negative version of these words and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, strategy, short- and long-term business operations and objectives, and financial needs. The forward-looking statements are contained principally in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors.” Forward-looking statements contained in this report include, but are not limited to, statements about:

 

the impact of the global pandemic related to the novel coronavirus and resulting COVID-19 pandemic, and any associated economic downturn on our business operations and financial results and the businesses of our customers, prospective customers and partners;

 

our anticipated responses to, or actions arising out of, and impacts on our business relating to, the COVID-19 pandemic;

 

our future performance, including our revenue, costs of revenue, gross profit or gross margin, operating expenses, deferred revenue, and billings;

 

our ability to sell our platform to new customers;

 

our ability to retain, and expand use of our platform by, our existing customers;

 

our ability to train our customers and partners to effectively utilize our platform;

 

the sufficiency of our cash and cash equivalents to meet our projected operating requirements;

 

our ability to maintain the security of our platform;

 

our ability to maintain the availability of our platform;

 

our ability to successfully expand in our existing markets and into new markets;

 

our ability to effectively manage our growth and future expenses;

 

our ability to broaden and deepen our partner ecosystems;

 

our estimated total addressable market;

 

our ability to maintain, protect, and enhance our intellectual property;

 

our ability to enhance our platform and satisfy the cloud infrastructure priorities of our customers;

 

our ability to comply with laws, regulations and accounting rules applying to our business, including privacy regulations such as the General Data Protection Regulation;

 

anticipated income tax rates, tax estimates and tax standards;

 

the attraction and retention of qualified employees and key personnel and the rate of expansion and productivity of our sales force;

 

our anticipated investments in sales and marketing and research and development;

 

our ability to realize anticipated benefits from strategic transactions in a timely manner;

 

our ability to manage changes in foreign currency exchange rates and effectively hedge our foreign currency exposure; and

 

our ability to successfully defend litigation brought against us.

We caution you that the foregoing list may not contain all of the forward-looking statements made in this report.

These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including those described in “Risk Factors.” Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and

3


Table of Contents

 

assumptions, the forward-looking events and circumstances discussed in this report may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance, or events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, except as required by law, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. The forward-looking statements made in this report relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this report to reflect events or circumstances after the date of this report or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments we may make.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this report, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

You should read this report and the documents that we reference in this report and have filed with the Securities and Exchange Commission as exhibits to this report with the understanding that our actual future results, levels of activity, performance, and events and circumstances may be materially different from what we expect.

4


Table of Contents

 

PART I

item 1. Financial Statements

ANAPLAN, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)

(Unaudited)

 

 

 

As of

 

 

 

October 31,

2020

 

 

January 31,

2020

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

296,801

 

 

$

309,894

 

Accounts receivable, net of allowances for credit losses of $3,226 and $996

   as of October 31, 2020 and January 31, 2020, respectively

 

 

127,905

 

 

 

109,217

 

Deferred commissions, current portion

 

 

32,393

 

 

 

25,990

 

Prepaid expenses and other current assets

 

 

18,742

 

 

 

17,814

 

Total current assets

 

 

475,841

 

 

 

462,915

 

Property and equipment, net

 

 

52,610

 

 

 

48,639

 

Deferred commissions, net of current portion

 

 

71,545

 

 

 

57,947

 

Goodwill

 

 

32,379

 

 

 

32,379

 

Operating lease right-of-use assets

 

 

35,362

 

 

 

37,875

 

Other noncurrent assets

 

 

10,370

 

 

 

10,052

 

TOTAL ASSETS

 

$

678,107

 

 

$

649,807

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

5,970

 

 

$

5,331

 

Accrued expenses

 

 

90,044

 

 

 

79,024

 

Deferred revenue, current portion

 

 

239,642

 

 

 

216,059

 

Operating lease liabilities, current portion

 

 

7,506

 

 

 

7,278

 

Total current liabilities

 

 

343,162

 

 

 

307,692

 

Deferred revenue, net of current portion

 

 

5,389

 

 

 

4,149

 

Operating lease liabilities, net of current portion

 

 

31,899

 

 

 

34,017

 

Other noncurrent liabilities

 

 

20,596

 

 

 

12,268

 

TOTAL LIABILITIES

 

 

401,046

 

 

 

358,126

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Common stock, par value of $0.0001 per share; 1,750,000 shares

   authorized as of October 31, 2020 and January 31, 2020; 141,626

   and 135,495 shares issued and outstanding as of October 31, 2020

   and January 31, 2020

 

 

14

 

 

 

13

 

Accumulated other comprehensive loss

 

 

(6,000

)

 

 

(4,326

)

Additional paid-in capital

 

 

887,976

 

 

 

788,447

 

Accumulated deficit

 

 

(604,929

)

 

 

(492,453

)

TOTAL STOCKHOLDERS' EQUITY

 

 

277,061

 

 

 

291,681

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

678,107

 

 

$

649,807

 

 

The information as of January 31, 2020, was derived from the Company’s audited Consolidated Balance Sheet as of January 31, 2020.

The accompanying notes are an integral part of these condensed consolidated financial statements.

5


Table of Contents

 

ANAPLAN, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended October 31,

 

 

Nine Months Ended October 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subscription revenue

 

$

104,707

 

 

$

79,695

 

 

$

295,648

 

 

$

218,378

 

Professional services revenue

 

 

10,168

 

 

 

9,715

 

 

 

29,582

 

 

 

31,402

 

Total revenue

 

 

114,875

 

 

 

89,410

 

 

 

325,230

 

 

 

249,780

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of subscription revenue

 

 

19,187

 

 

 

13,108

 

 

 

50,520

 

 

 

36,406

 

Cost of professional services revenue

 

 

10,188

 

 

 

9,376

 

 

 

29,037

 

 

 

30,162

 

Total cost of revenue

 

 

29,375

 

 

 

22,484

 

 

 

79,557

 

 

 

66,568

 

Gross profit

 

 

85,500

 

 

 

66,926

 

 

 

245,673

 

 

 

183,212

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

24,629

 

 

 

16,462

 

 

 

72,986

 

 

 

47,963

 

Sales and marketing

 

 

73,893

 

 

 

60,644

 

 

 

218,481

 

 

 

180,931

 

General and administrative

 

 

22,851

 

 

 

22,344

 

 

 

66,514

 

 

 

65,158

 

Total operating expenses

 

 

121,373

 

 

 

99,450

 

 

 

357,981

 

 

 

294,052

 

Loss from operations

 

 

(35,873

)

 

 

(32,524

)

 

 

(112,308

)

 

 

(110,840

)

Interest income (expense), net

 

 

(208

)

 

 

1,180

 

 

 

119

 

 

 

3,770

 

Other income (expense), net

 

 

(291

)

 

 

(2,398

)

 

 

3,385

 

 

 

(2,096

)

Loss before income taxes

 

 

(36,372

)

 

 

(33,742

)

 

 

(108,804

)

 

 

(109,166

)

Provision for income taxes

 

 

(420

)

 

 

(959

)

 

 

(3,114

)

 

 

(3,368

)

Net loss

 

 

(36,792

)

 

 

(34,701

)

 

 

(111,918

)

 

 

(112,534

)

Comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(138

)

 

 

(1,182

)

 

 

(1,674

)

 

 

847

 

Comprehensive loss

 

$

(36,930

)

 

$

(35,883

)

 

$

(113,592

)

 

$

(111,687

)

Net loss per share attributable to common stockholders,

   basic and diluted

 

$

(0.26

)

 

$

(0.26

)

 

$

(0.81

)

 

$

(0.88

)

Weighted-average shares used in computing net loss per

   share attributable to common stockholders, basic and

   diluted

 

 

140,603

 

 

 

132,352

 

 

 

138,448

 

 

 

128,286

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

6


Table of Contents

 

ANAPLAN, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

Total

 

 

Common Stock

 

 

Paid-in

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders’

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Equity

 

For the Three Months Ended October 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at July 31, 2020

 

139,306

 

 

$

14

 

 

$

856,129

 

 

$

(5,862

)

 

$

(568,137

)

 

$

282,144

 

Stock-based compensation

 

 

 

 

 

 

 

27,890

 

 

 

 

 

 

 

 

 

27,890

 

Exercise of stock options, net of repurchases

   and early exercises

 

692

 

 

 

 

 

 

3,957

 

 

 

 

 

 

 

 

 

3,957

 

Vesting of restricted stock units

 

1,628

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

(36,792

)

 

 

(36,792

)

Foreign currency translation adjustments

 

 

 

 

 

 

 

 

 

 

(138

)

 

 

 

 

 

(138

)

Balance at October 31, 2020

 

141,626

 

 

$

14

 

 

$

887,976

 

 

$

(6,000

)

 

$

(604,929

)

 

$

277,061

 

For the Three Months Ended October 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at July 31, 2019

 

131,631

 

 

$

13

 

 

$

726,100

 

 

$

(1,007

)

 

$

(421,069

)

 

$

304,037

 

Stock-based compensation

 

 

 

 

 

 

 

21,826

 

 

 

 

 

 

 

 

 

21,826

 

Repayment of promissory notes, net of early

   exercises

 

 

 

 

 

 

 

287

 

 

 

 

 

 

 

 

 

287

 

Exercise of stock options, net of repurchases

   and early exercises

 

633

 

 

 

 

 

 

4,148

 

 

 

 

 

 

 

 

 

4,148

 

Vesting of restricted stock units

 

1,044

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

(34,701

)

 

 

(34,701

)

Foreign currency translation adjustments

 

 

 

 

 

 

 

 

 

 

(1,182

)

 

 

 

 

 

(1,182

)

Balance at October 31, 2019

 

133,308

 

 

$

13

 

 

$

752,361

 

 

$

(2,189

)

 

$

(455,770

)

 

$

294,415

 

For the Nine Months Ended October 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 31, 2020

 

135,495

 

 

$

13

 

 

$

788,447

 

 

$

(4,326

)

 

$

(492,453

)

 

$

291,681

 

Cumulative adjustment upon adoption of

    ASC 326 (Note 1)

 

 

 

 

 

 

 

 

 

 

 

 

 

(558

)

 

 

(558

)

Stock-based compensation

 

 

 

 

 

 

 

77,433

 

 

 

 

 

 

 

 

 

77,433

 

Exercise of stock options, net of repurchases

   and early exercises

 

2,393

 

 

 

1

 

 

 

12,590

 

 

 

 

 

 

 

 

 

12,591

 

Vesting of restricted stock units

 

3,503

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock under employee

   stock purchase plan

 

235

 

 

 

 

 

 

9,481

 

 

 

 

 

 

 

 

 

9,481

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

(111,918

)

 

 

(111,918

)

Foreign currency translation adjustments

 

 

 

 

 

 

 

 

 

 

(1,674

)

 

 

 

 

 

(1,674

)

Other

 

 

 

 

 

 

 

25

 

 

 

 

 

 

 

 

 

25

 

Balance at October 31, 2020

 

141,626

 

 

$

14

 

 

$

887,976

 

 

$

(6,000

)

 

$

(604,929

)

 

$

277,061

 

For the Nine Months Ended October 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 31, 2019

 

126,246

 

 

$

12

 

 

$

653,738

 

 

$

(3,036

)

 

$

(343,236

)

 

$

307,478

 

Stock-based compensation

 

 

 

 

 

 

 

58,821

 

 

 

 

 

 

 

 

 

58,821

 

Repayment of promissory notes, net of early

   exercises

 

 

 

 

 

 

 

11,741

 

 

 

 

 

 

 

 

 

11,741

 

Exercise of stock options, net of repurchases

   and early exercises

 

4,008

 

 

 

1

 

 

 

18,973

 

 

 

 

 

 

 

 

 

18,974

 

Vesting of restricted stock units

 

2,425

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock under employee

   stock purchase plan

 

629

 

 

 

 

 

 

9,088

 

 

 

 

 

 

 

 

 

9,088

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

(112,534

)

 

 

(112,534

)

Foreign currency translation adjustments

 

 

 

 

 

 

 

 

 

 

847

 

 

 

 

 

 

847

 

Balance at October 31, 2019

 

133,308

 

 

$

13

 

 

$

752,361

 

 

$

(2,189

)

 

$

(455,770

)

 

$

294,415

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

7


Table of Contents

 

ANAPLAN, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

 

Nine Months Ended October 31,

 

 

 

2020

 

 

2019

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net loss

 

$

(111,918

)

 

$

(112,534

)

Adjustments to reconcile net loss to net cash used in operating

   activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

18,934

 

 

 

14,355

 

Amortization of deferred commissions

 

 

24,418

 

 

 

14,053

 

Stock-based compensation

 

 

74,432

 

 

 

57,314

 

Reduction of operating lease right-of-use assets and accretion of

   operating lease liabilities

 

 

7,642

 

 

 

7,840