Apptio Announces Results for the Third Quarter 2018
Reported Q3 revenue of $59 million, 26% growth year over year
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BELLEVUE, Wash., Oct. 29, 2018 /PRNewswire/ -- Apptio, Inc. (NASDAQ: APTI), the business management system of record for hybrid IT, today announced results for the fiscal third quarter ended September 30, 2018.
"Our third quarter highlights include 26% year over year revenue growth and expanding non-GAAP operating income to $4 million," said Sunny Gupta, co-founder and CEO, Apptio. "We had strong contributions from our strategic segment and continued progress with our upsells, further validating our land and expand strategy. The move toward a digital enterprise, enabled by cloud, is fueling the need for CIOs to adopt Apptio. We are excited about our recent acquisition of FittedCloud, which will add capabilities to our offering in the rapidly expanding Hybrid and Multi-cloud market."
Third Quarter Financial Summary
- Subscription revenue was $49.6 million, an increase of 26% from the third quarter of 2017, and comprised 84% of total revenue. Services revenue was $9.6 million, an increase of 27% from the third quarter of 2017. Total revenue was $59.2 million, an increase of 26% from the third quarter of 2017.
- GAAP gross margin was 69.5%, as compared to the third quarter of 2017 GAAP gross margin of 70.4%. Non-GAAP gross margin of 72.3% improved from non-GAAP gross margin of 71.7% in the third quarter of 2017.
- GAAP operating margin was negative 4.9%, an improvement from GAAP operating margin of negative 8.6% in the third quarter of 2017. Non-GAAP operating margin improved to 7.3%, as compared to non-GAAP operating margin of 0.6% in the third quarter of 2017.
- GAAP net loss per basic and diluted share was $0.10 based on 44.8 million weighted average shares outstanding, compared to GAAP net loss per basic and diluted share of $0.10 based on 40.1 million weighted average shares outstanding in the third quarter of 2017.
- Non-GAAP net income per diluted share was $0.05 based on 49.3 million weighted average shares outstanding, compared to non-GAAP net income per basic and diluted share of $0.01 based on 43.3 million weighted average shares outstanding in the third quarter of 2017.
- Cash, cash equivalents and marketable securities were approximately $258.0 million as of September 30, 2018.
Financial OutlookApptio provides guidance based on current market conditions and expectations and actual results may differ materially. Please refer to the company's comments below regarding Forward-Looking Statements. Apptio is providing guidance for the fourth quarter ending December 31, 2018 and for the full year 2018 as follows:
Fourth quarter of 2018:
- Total revenue is expected to be in the range of $61.0 to $62.0 million
- Non-GAAP operating income of approximately $1.0 million
Full year 2018:
- Total revenue is expected to be in the range of $233.3 and $234.3 million
- Non-GAAP operating income of approximately $7.4 million
All forward-looking non-GAAP financial measures contained in this section titled "Financial Outlook" exclude the effects of stock-based compensation expense, acquisition-related expenses, and amortization of acquisition related intangible assets. Guidance reflects the contribution from Digital Fuel which we acquired on February 2, 2018 and the impact of the full retrospective adoption of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) on January 1, 2018.
Conference Call InformationApptio plans to host a conference call today to discuss the results. The call is scheduled to begin at 2:00 p.m. PT/ 5:00 p.m. ET and can be accessed by dialing 844-233-0116 (passcode: 6180216), or if outside North America, by dialing 574-990-1011 (passcode: 6180216). Individuals may also access the live teleconference from the investor relations section of the Apptio website at investors.apptio.com. A replay will be available following completion of the live broadcast.
About ApptioApptio (NASDAQ: APTI) is the business management system of record for hybrid IT. We transform the way IT runs its business and makes decisions. With our cloud-based applications, IT leaders manage, plan and optimize their technology investments across on-premises and cloud. With Apptio, IT leaders become strategic partners to the business by demonstrating the value of IT investments, accelerate innovation and shift their technology investments from running the business to digital innovation. Hundreds of customers choose Apptio as their business system of record for hybrid IT. For more information, please visit www.Apptio.com.
Forward-Looking Statements This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding our strategy, prospects, customer demand, application adoption, potential benefits from acquired companies, and our financial outlook for the fourth quarter of, and full year, 2018. Forward-looking statements are subject to risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the caption "Risk Factors" and elsewhere in our filings with the U.S. Securities and Exchange Commission, including, without limitation, the Form 10-Q filed with the SEC on August 3, 2018. All information provided in this release and in the attachments is as of the date hereof, and we undertake no duty to update this information unless required by law.
Non-GAAP Financial Measures To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with Generally Accepted Accounting Principles in the United States of America (GAAP), we use the following non-GAAP financial measures: non-GAAP gross margin, non-GAAP operating loss, non-GAAP net loss per basic and diluted share, and free cash flow. In computing these measures, with the exception of free cash flow, we exclude the effects of stock-based compensation expense, acquisition-related expenses, and amortization of acquisition-related intangible assets. We define free cash flow as net cash used in operating activities, less the purchases of property and equipment. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, and our non-GAAP measures may be different from non-GAAP measures used by other companies.
We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures that may not be indicative of our ongoing core business operating results. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when analyzing historical performance and liquidity and planning, forecasting, and analyzing future periods.
For a reconciliation of these non-GAAP financial measures to GAAP measures, please see the tables captioned "Results of Operations GAAP to Non-GAAP Reconciliation" included at the end of this release. We have not reconciled guidance for non-GAAP metrics to their most directly comparable GAAP measures because such items that impact these measures are not within our control or cannot be reasonably predicted.
Apptio, Inc. | ||||||||||||||||
Condensed Consolidated Statements of Operations | ||||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
*As Adjusted | *As Adjusted | |||||||||||||||
Revenue | ||||||||||||||||
Subscription | $ | 49,610 | $ | 39,426 | $ | 144,287 | $ | 112,860 | ||||||||
Professional services | 9,613 | 7,570 | 28,051 | 23,292 | ||||||||||||
Total revenue | 59,223 | 46,996 | 172,338 | 136,152 | ||||||||||||
Cost of revenue | ||||||||||||||||
Subscription | 9,157 | 7,167 | 27,777 | 22,269 | ||||||||||||
Professional services | 8,916 | 6,763 | 26,925 | 21,599 | ||||||||||||
Total cost of revenue | 18,073 | 13,930 | 54,702 | 43,868 | ||||||||||||
Gross profit | 41,150 | 33,066 | 117,636 | 92,284 | ||||||||||||
Operating expenses | ||||||||||||||||
Research and development | 12,130 | 10,139 | 36,204 | 30,060 | ||||||||||||
Sales and marketing | 23,993 | 19,792 | 70,695 | 60,401 | ||||||||||||
General and administrative | 7,905 | 7,188 | 25,558 | 20,342 | ||||||||||||
Total operating expenses | 44,028 | 37,119 | 132,457 | 110,803 | ||||||||||||
Loss from operations | (2,878) | (4,053) | (14,821) | (18,519) | ||||||||||||
Other (expense) income | ||||||||||||||||
Interest expense | (1,897) | (1) | (4,021) | (21) | ||||||||||||
Interest income | 1,126 | 326 | 2,375 | 859 | ||||||||||||
Other income (expense), net | 109 | (14) | 81 | (27) | ||||||||||||
Foreign exchange (loss) gain | (335) | 93 | (797) | 159 | ||||||||||||
Loss before income taxes | (3,875) | (3,649) | (17,183) | (17,549) | ||||||||||||
Provision for income taxes | (695) | (463) | (783) | (614) | ||||||||||||
Net loss | $ | (4,570) | $ | (4,112) | $ | (17,966) | $ | (18,163) | ||||||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.10) | $ | (0.10) | $ | (0.41) | $ | (0.46) | ||||||||
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted | 44,785 | 40,120 | 43,830 | 39,240 | ||||||||||||
*As adjusted for the three and nine months ended September 30, 2017 to reflect the adoption of Accounting Standards Update, ASU, No. 2014-09, Revenue from Contracts with Customers (Topic 606). |
Apptio, Inc. | |||||||
Condensed Consolidated Balance Sheets | |||||||
(In thousands) | |||||||
(Unaudited) | |||||||
September 30, | December 31, | ||||||
2018 | 2017 | ||||||
*As Adjusted | |||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 177,677 | $ | 55,069 | |||
Short-term investments | 77,495 | 93,901 | |||||
Accounts receivable, net of allowance for doubtful accounts of $839 and $413 | 66,485 | 68,782 | |||||
Deferred costs | 14,252 | 11,898 | |||||
Prepaid expenses and other current assets | 5,078 | 5,079 | |||||
Total current assets | 340,987 | 234,729 | |||||
Long-term assets | |||||||
Property and equipment, net of accumulated depreciation and amortization of $25,394 and $21,924 | 10,592 | 10,437 | |||||
Long-term investments | 2,837 | -- | |||||
Deferred costs, net of current portion | 18,779 | 17,182 | |||||
Acquisition-related intangible assets, net | 18,112 | -- | |||||
Goodwill | 31,004 | -- | |||||
Other long-term assets | 951 | 983 | |||||
Total assets | $ | 423,262 | $ | 263,331 | |||
Liabilities and Stockholders' Equity | |||||||
Current liabilities | |||||||
Accounts payable | $ | 8,492 | $ | 5,598 | |||
Accrued payroll and other expenses | 19,816 | 16,481 | |||||
Deferred revenue | 118,242 | 116,831 | |||||
Deferred rent | 1,000 | 892 | |||||
Capital leases | 25 | 21 | |||||
Total current liabilities | 147,575 | 139,823 | |||||
Long-term liabilities | |||||||
Convertible senior notes, net | 109,772 | -- | |||||
Deferred revenue, net of current portion | 5,919 | 2,470 | |||||
Deferred rent, net of current portion | 2,996 | 3,483 | |||||
Capital leases, net of current portion | 103 | 26 | |||||
Asset retirement obligation | 222 | 199 | |||||
Total liabilities | 266,587 | 146,001 | |||||
Stockholders' equity | |||||||
Class A and Class B Common stock | 5 | 4 | |||||
Additional paid-in capital | 371,491 | 314,301 | |||||
Accumulated other comprehensive income (loss) | 10 | (110) | |||||
Accumulated deficit | (214,831) | (196,865) | |||||
Total stockholders' equity | 156,675 | 117,330 | |||||
Total liabilities and stockholders' equity | $ | 423,262 | $ | 263,331 | |||
*As adjusted for the year ended December 31, 2017 to reflect the adoption of Accounting Standards Update, ASU, No. 2014-09, Revenue from Contracts with Customers (Topic 606). |
Apptio, Inc. | |||||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||||
(In thousands) | |||||||||||||
(Unaudited) | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||
*As Adjusted | *As Adjusted | ||||||||||||
Cash flows from operating activities | |||||||||||||
Net loss | $ | (4,570) | $ | (4,112) | $ | (17,966) | $ | (18,163) | |||||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities | |||||||||||||
Depreciation and amortization | 1,316 | 1,575 | 4,000 | 4,657 | |||||||||
(Accretion of discounts)/amortization of premiums on investments | (280) | 5 | (517) | 59 | |||||||||
Amortization of acquisition-related intangible assets | 896 | -- | 2,388 | -- | |||||||||
Amortization of deferred costs | 4,272 | 3,477 | 12,222 | 10,093 | |||||||||
Amortization of debt discount and issuance costs | 1,588 | -- | 3,362 | 18 | |||||||||
(Gain) loss on disposal of property and equipment | (38) | 11 | 9 | 7 | |||||||||
Stock-based compensation | 6,155 | 4,357 | 16,686 | 11,667 | |||||||||
Foreign exchange loss (gain) | 335 | (93) | 797 | (159) | |||||||||
Change in operating assets and liabilities, net of impact of business combination | |||||||||||||
Accounts receivable | (7,522) | 4,696 | 7,986 | 12,026 | |||||||||
Prepaid expenses and other assets | (682) | 1,779 | (593) | 3,260 | |||||||||
Deferred costs | (5,448) | (4,529) | (13,611) | (10,648) | |||||||||
Accounts payable | 265 | (402) | 1,104 | 635 | |||||||||
Accrued expenses | 3,765 | (298) | 2,437 | (2,025) | |||||||||
Deferred revenue | (197) | 2,892 | (9,871) | 72 | |||||||||
Deferred rent | (148) | (198) | (594) | (596) | |||||||||
Net cash (used in) provided by operating activities | (293) | 9,160 | 7,839 | 10,903 | |||||||||
Cash flows from investing activities | |||||||||||||
Business combination, net of cash acquired | -- | -- | (39,041) | -- | |||||||||
Purchases of property and equipment | (842) | (601) | (2,238) | (2,837) | |||||||||
Proceeds from sale of equipment | 38 | 2 | 38 | 11 | |||||||||
Proceeds from maturities of investments | 34,400 | 15,375 | 115,950 | 35,075 | |||||||||
Purchases of investments | (34,567) | (37,298) | (101,785) | (66,196) | |||||||||
Return of (payments for) security deposits | 3 | 6 | 53 | (23) | |||||||||
Net cash used in investing activities | (968) | (22,516) | (27,023) | (33,970) | |||||||||
Cash flows from financing activities | |||||||||||||
Proceeds from borrowings on convertible notes, net of discounts and issuance costs | -- | -- | 139,438 | -- | |||||||||
Purchase of capped calls | -- | -- | (17,092) | -- | |||||||||
Proceeds from exercises of common stock options | 4,090 | 3,453 | 18,032 | 8,948 | |||||||||
Payment of debt issuance fees | (4) | -- | (469) | -- | |||||||||
Proceeds from purchases of stock under employee stock purchase plan | -- | -- | 2,391 | 2,251 | |||||||||
Payment of initial public offering costs | -- | -- | -- | (243) | |||||||||
Principal payments on capital lease obligations | (7) | (11) | (20) | (32) | |||||||||
Net cash provided by financing activities | 4,079 | 3,442 | 142,280 | 10,924 | |||||||||
Foreign currency effect on cash, cash equivalents and restricted cash | (135) | (641) | (488) | (585) | |||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 2,683 | (10,555) | 122,608 | (12,728) | |||||||||
Cash, cash equivalents and restricted cash | |||||||||||||
Beginning of period | 174,994 | 39,834 | 55,069 | 42,007 | |||||||||
End of period | $ | 177,677 | $ | 29,279 | $ | 177,677 | $ | 29,279 | |||||
*As adjusted for the three and nine months ended September 30, 2017 to reflect the adoption of Accounting Standards Update, ASU, No. 2014-09, Revenue from Contracts with Customers (Topic 606). |
Apptio, Inc. | |||||||||||||||
Results of Operations GAAP to Non-GAAP Reconciliation | |||||||||||||||
(In thousands, except per share data) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
*As Adjusted | *As Adjusted | ||||||||||||||
Revenue | |||||||||||||||
Subscription | $ | 49,610 | $ | 39,426 | $ | 144,287 | $ | 112,860 | |||||||
Professional services | 9,613 | 7,570 | 28,051 | 23,292 | |||||||||||
Total revenue | 59,223 | 46,996 | 172,338 | 136,152 | |||||||||||
Cost of revenue reconciliation: | |||||||||||||||
GAAP subscription | 9,157 | 7,167 | 27,777 | 22,269 | |||||||||||
Non-GAAP adjustment: | |||||||||||||||
Stock-based compensation | (286) | (330) | (894) | (927) | |||||||||||
Amortization of acquisition-related intangible assets | (896) | -- | (2,388) | -- | |||||||||||
Non-GAAP subscription cost of revenue | 7,975 | 6,837 | 24,495 | 21,342 | |||||||||||
GAAP professional services | 8,916 | 6,763 | 26,925 | 21,599 | |||||||||||
Non-GAAP adjustment: | |||||||||||||||
Stock-based compensation | (507) | (294) | (1,314) | (842) | |||||||||||
Non-GAAP professional services cost of revenue | $ | 8,409 | $ | 6,469 | $ | 25,611 | $ | 20,757 | |||||||
Gross profit and gross margin reconciliation: | |||||||||||||||
GAAP subscription gross profit | $ | 40,453 | $ | 32,259 | $ | 116,510 | $ | 90,591 | |||||||
Non-GAAP adjustment: | |||||||||||||||
Stock-based compensation | 286 | 330 | 894 | 927 | |||||||||||
Amortization of acquisition-related intangible assets | 896 | -- | 2,388 | -- | |||||||||||
Non-GAAP subscription gross profit | 41,635 | 32,589 | 119,792 | 91,518 | |||||||||||
GAAP subscription gross margin | 81.5 | % | 81.8 | % | 80.7 | % | 80.3 | % | |||||||
Non-GAAP subscription gross margin | 83.9 | % | 82.7 | % | 83.0 | % | 81.1 | % | |||||||
GAAP professional services gross profit | 697 | 807 | 1,126 | 1,693 | |||||||||||
Non-GAAP adjustment: | |||||||||||||||
Stock-based compensation | 507 | 294 | 1,314 | 842 | |||||||||||
Non-GAAP professional services gross profit | 1,204 | 1,101 | 2,440 | 2,535 | |||||||||||
GAAP professional services gross margin | 7.3 | % | 10.7 | % | 4.0 | % | 7.3 | % | |||||||
Non-GAAP professional services gross margin | 12.5 | % | 14.5 | % | 8.7 | % | 10.9 | % | |||||||
GAAP gross profit | 41,150 | 33,066 | 117,636 | 92,284 | |||||||||||
Non-GAAP adjustment: | |||||||||||||||
Stock-based compensation | 793 | 624 | 2,208 | 1,769 | |||||||||||
Amortization of acquisition-related intangible assets | 896 | -- | 2,388 | -- | |||||||||||
Non-GAAP gross profit | $ | 42,839 | $ | 33,690 | $ | 122,232 | $ | 94,053 | |||||||
GAAP gross margin | 69.5 | % | 70.4 | % | 68.3 | % | 67.8 | % | |||||||
Non-GAAP gross margin | 72.3 | % | 71.7 | % | 70.9 | % | 69.1 | % | |||||||
Operating expenses reconciliation: | |||||||||||||||
GAAP research and development | $ | 12,130 | $ | 10,139 | $ | 36,204 | $ | 30,060 | |||||||
Non-GAAP adjustment: | |||||||||||||||
Stock-based compensation | (1,516) | (1,179) | (4,308) | (3,332) | |||||||||||
Non-GAAP research and development | 10,614 | 8,960 | 31,896 | 26,728 | |||||||||||
As a % of total revenue, non-GAAP | 17.9 | % | 19.1 | % | 18.5 | % | 19.6 | % | |||||||
GAAP sales and marketing | 23,993 | 19,792 | 70,695 | 60,401 | |||||||||||
Non-GAAP adjustment: | |||||||||||||||
Stock-based compensation | (2,050) | (1,239) | (5,186) | (3,316) | |||||||||||
Non-GAAP sales and marketing | 21,943 | 18,553 | 65,509 | 57,085 | |||||||||||
As a % of total revenue, non-GAAP | 37.1 | % | 39.5 | % | 38.0 | % | 41.9 | % | |||||||
GAAP General and administrative | 7,905 | 7,188 | 25,558 | 20,342 | |||||||||||
Non-GAAP adjustment: | |||||||||||||||
Stock-based compensation | (1,796) | (1,315) | (4,984) | (3,250) | |||||||||||
Acquisition-related expenses and purchase accounting adjustment | (160) | -- | (2,109) | -- | |||||||||||
Non-GAAP general and administrative | 5,949 | 5,873 | 18,465 | 17,092 | |||||||||||
As a % of total revenue, non-GAAP | 10.0 | % | 12.5 | % | 10.7 | % | 12.6 | % | |||||||
Loss from operations reconciliation: | |||||||||||||||
GAAP loss from operations | (2,878) | (4,053) | (14,821) | (18,519) | |||||||||||
Non-GAAP adjustment: | |||||||||||||||
Stock-based compensation | 6,155 | 4,357 | 16,686 | 11,667 | |||||||||||
Acquisition-related expenses and purchase accounting adjustment | 160 | -- | 2,109 | -- | |||||||||||
Amortization of acquisition-related intangible assets | 896 | -- | 2,388 | -- | |||||||||||
Non-GAAP income (loss) from operations | $ | 4,333 | $ | 304 | $ | 6,362 | $ | (6,852) | |||||||
Loss from operations as a percentage of revenue: | |||||||||||||||
GAAP loss from operations | (4.9%) | (8.6%) | (8.6%) | (13.6%) | |||||||||||
Non-GAAP income (loss) from operations | 7.3 | % | 0.6 | % | 3.7 | % | (5.0%) | ||||||||
Net income (loss) reconciliation: | |||||||||||||||
GAAP | $ | (4,570) | $ | (4,112) | $ | (17,966) | $ | (18,163) | |||||||
Non-GAAP adjustment: | |||||||||||||||
Stock-based compensation | 6,155 | 4,357 | 16,686 | 11,667 | |||||||||||
Acquisition-related expenses and purchase accounting adjustment | 160 | -- | 2,109 | -- | |||||||||||
Amortization of acquisition-related intangible assets | 896 | -- | 2,388 | -- | |||||||||||
Non-GAAP Net income (loss) | $ | 2,641 | $ | 245 | $ | 3,217 | $ | (6,496) | |||||||
Weighted-average shares used in Non-GAAP basic net income (loss) per share | 44,785 | 40,120 | 43,830 | 39,240 | |||||||||||
Effect of potentially dilutive shares | 4,493 | 3,161 | 4,573 | -- | |||||||||||
Weighted-average shares used in Non-GAAP diluted net income (loss) per share | 49,278 | 43,281 | 48,403 | 39,240 | |||||||||||
Non-GAAP net income (loss) per share: | |||||||||||||||
Basic | $ | 0.06 | $ | 0.01 | $ | 0.07 | $ | (0.17) | |||||||
Diluted | $ | 0.05 | $ | 0.01 | $ | 0.07 | $ | (0.17) | |||||||
*As adjusted for the three and nine months ended September 30, 2017 to reflect the adoption of Accounting Standards Update, ASU, No. 2014-09, Revenue from Contracts with Customers (Topic 606). |
Apptio, Inc. | ||||||||||||||||
Free Cash Flow Non-GAAP Reconciliation | ||||||||||||||||
(In thousands) | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
*As Adjusted | *As Adjusted | |||||||||||||||
Net cash (used in) provided by operating activities | $ | (293) | $ | 9,160 | $ | 7,839 | $ | 10,903 | ||||||||
Less: purchases of property and equipment | (842) | (601) | (2,238) | (2,837) | ||||||||||||
Free cash flow | $ | (1,135) | $ | 8,559 | $ | 5,601 | $ | 8,066 | ||||||||
*As adjusted for the three and nine months ended September 30, 2017 to reflect the adoption of Accounting Standards Update, ASU, No. 2014-09, Revenue from Contracts with Customers (Topic 606). |
© 2018 Apptio, Inc. All rights reserved. Apptio and the Apptio logo are registered trademarks of Apptio, Inc.
Investor Contact:Drew Laxton(425) 279-6101[email protected]
Media Contact:Sarah Vreugdenhil (425) 279-6097 [email protected]
View original content to download multimedia:http://www.prnewswire.com/news-releases/apptio-announces-results-for-the-third-quarter-2018-300739635.html
SOURCE Apptio
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