Bearish stock to watch: Anaplan Inc (NYSE: PLAN)

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Anaplan Inc (NYSE: PLAN) fell 7.57% on May 26th, 2020 (Source: Google finance) and continued its bearish momentum on May 27th, 2020 pre-market session (as of 9:15 am GMT-4; Source: Google finance) after the company gave weak outlook for the current quarter. Due to the uncertainty surrounding the ongoing impact of COVID-19 the company has withdrawn the previously issued full-year fiscal 2021 guidance provided February 27, 2020. The company had a strong start in February and was able to convert some of the Q4 deals that had not closed last quarter. However, due to COVID-19, the deal flows were affected as customers delayed budget decisions related to spending on new projects. This is evident in the first-quarter billings which only grew 10% over the prior year.

PLAN in the first quarter of FY 21 has reported the adjusted loss per share of 10 cents, beating the analysts’ estimates for the adjusted loss per share of 14 cents, according to the Zacks Investment Research. The company had reported 37 percent increase in the adjusted revenue to $103.8 million in the first quarter of FY 21, beating the analysts’ estimates for revenue of  $101.08 million. The subscription revenues were up 44% and comprised 90% of total revenue. The remaining performance obligation or RPO, balance exiting the quarter was $647 million, up 37% over last year. The portion of RPO that is projected to be recognized as revenue over the next 12 months is $330 million, up 20% over last year. The number of customers with greater than $250,000 in ARR was up 32% to 367 this quarter year over year. Our dollar-based net expansion rate or NRR, was 117% this quarter. Service revenues were $10 million, down from $11 million in the first quarter last year. Calculated billings for the first quarter were up 10% to $96 million, year over year.

Moreover, the company delivered the subscription gross margins of 85%, up 117 basis points year over year, and services gross margins were approximately 10%, up 310 basis points year over year.

For the second quarter ending in July, Anaplan expects revenue to be in the range of $103 million to $104 million, versus the consensus of $110.24 million. For the second quarter fiscal 2021, the company expects Non-GAAP operating margin is expected to be between negative 15.0% and 16.0%, as a baseline for second quarter, billings are expected to be in the range of $98 million to $100 million.

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