Apptio Announces Results for the Third Quarter of 2016
Q3 subscription revenue of $33.3 million, up 30% year-over-year
BELLEVUE, Wash., Nov. 2, 2016 /PRNewswire/ -- Apptio, Inc. (NASDAQ:APTI), the leading provider of cloud-based Technology Business Management (TBM) software, today announced results for the third quarter ended September 30, 2016.
"The momentum continues to build for Apptio and the TBM category. This quarter, we generated record quarterly revenues of over $40 million and significantly improved operating margins while acquiring new customers across the Global 10,000" said Sunny Gupta, co-founder and CEO, Apptio. "The global trends of digitalization and cloud migration are a tailwind for our large and growing market. In the third quarter, we successfully completed our IPO, continued to innovate across our product portfolio and extended our market leadership."
Third Quarter Financial Summary
- Subscription revenue was $33.3 million, an increase of 30% from the third quarter of 2015, and comprised 82% of total revenue. Services revenue was $7.3 million, an increase of 10% from the third quarter of 2015. Total revenues were $40.6 million, an increase of 26% from the third quarter of 2015.
- GAAP gross margins grew to 66% as compared to 60% in the third quarter of 2015. Non-GAAP gross margins grew to 67%, as compared to 61% in the third quarter of 2015.
- GAAP operating loss was $7.0 million, an improvement from an operating loss of $9.4 million in the third quarter of 2015. Non-GAAP operating loss was $4.5 million, compared to a Non-GAAP operating loss of $7.4 million in the third quarter of 2015.
- GAAP net loss per basic and diluted share was $0.63 based on 13.9 million weighted average shares outstanding, compared to a GAAP net loss per basic and diluted share of $0.77 based on 12.8 million weighted average shares outstanding in the third quarter of 2015.
- Non-GAAP net loss per basic and diluted share was $0.45 based on 13.9 million weighted average shares outstanding, compared to a non-GAAP net loss per basic and diluted share of $0.61 based on 12.8 million weighted average shares outstanding in the third quarter of 2015.
- For the nine months ended September 30, 2016, net cash used in operating activities was $2.2 million as compared to $8.8 million in the comparable period last year. Free cash flow was negative $5.7 million, as compared to negative $15.4 million in the nine months ended September 30, 2015.
- Cash, cash equivalents and marketable securities were approximately $122.5 million as of September 30, 2016. As of September 30, 2016 there was no outstanding bank debt.
Recent Business Highlights
- Completed our initial public offering and began trading on the NASDAQ on September 23, 2016. Net proceeds from the IPO were approximately $99.1 million, after underwriting discounts and commissions and other offering expenses.
- Experienced continued success selling additional applications to existing accounts and expanding customers' spend managed through Apptio.
- Released significant enhancements to our SaaS platform and Cost Transparency application to increase user productivity, improve our visual cost modeling and data management capabilities, and continue lowering deployment times.
- Released our new Apptio Vendor Insights product, which provides IT leaders with a single location for all vendor spend and contract details.
- Experienced a significant increase in the adoption of cloud Infrastructure as a Service functionality across both our new and existing customers. With our cloud solution, customers can see an integrated view across all IT spend, including cloud.
Financial Outlook
Apptio 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 initiating guidance for the fourth quarter ending December 31, 2016 and for the full year 2016 as follows:
Fourth quarter of 2016:
- Total revenue is expected to be in the range of $41.5 to $42.5 million
- Non-GAAP operating loss between $8.0 and $9.0 million
Full year 2016:
- Total revenue is expected to be in the range of $157.7 and $158.7 million
- Non-GAAP operating loss between $21.9 and $22.9 million
All forward-looking non-GAAP financial measures contained in this section titled "Financial Outlook" exclude the effects of stock-based compensation expense.
Conference Call Information
Apptio plans to host a conference call today to review its third quarter financial results and to discuss its financial outlook. 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: 98784993), or if outside North America, by dialing 574-990-1011 (passcode: 98784993). 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 Apptio
Apptio (NASDAQ: APTI) is the CIO's business management system. We build advanced data and analytics applications that help IT leaders make informed decisions about their technology investments, capitalize on the cloud transformation and drive innovation within their organizations. We call it Technology Business Management. Our applications help companies align technology spending to business outcomes and automate IT processes like cost transparency, benchmarking, charge-back and planning. Hundreds of customers, including more than 40 percent of the Fortune 100, use Apptio as their business system of record for 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 and our financial outlook for the fourth quarter of, and full year, 2016. Forward-looking statements are subject to known and unknown 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 prospectus filed pursuant to Rule 424(b) under the Securities Act of 1993 with the SEC on September 23, 2016. 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 and free cash flow. In computing non-GAAP operating loss and non-GAAP gross margin, we exclude the effects of stock-based compensation expense. 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, |
|||||||||||||||
| 2016 |
2015 |
2016 |
2015 |
|||||||||||||
| Revenue |
||||||||||||||||
| Subscription |
$ |
33,314 |
$ |
25,594 |
$ |
94,995 |
$ |
72,836 |
||||||||
| Professional services |
7,313 |
6,660 |
21,254 |
21,573 |
||||||||||||
| Total revenue |
40,627 |
32,254 |
116,249 |
94,409 |
||||||||||||
| Cost of revenue |
||||||||||||||||
| Subscription |
6,921 |
6,173 |
19,960 |
17,315 |
||||||||||||
| Professional services |
7,068 |
6,684 |
19,780 |
19,720 |
||||||||||||
| Total cost of revenue |
13,989 |
12,857 |
39,740 |
37,035 |
||||||||||||
| Gross profit |
26,638 |
19,397 |
76,509 |
57,374 |
||||||||||||
| Operating expenses |
||||||||||||||||
| Research and development |
9,015 |
7,928 |
26,072 |
22,602 |
||||||||||||
| Sales and marketing |
18,300 |
15,855 |
54,256 |
49,129 |
||||||||||||
| General and administrative |
6,285 |
5,023 |
16,969 |
12,721 |
||||||||||||
| Total operating expenses |
33,600 |
28,806 |
97,297 |
84,452 |
||||||||||||
| Loss from operations |
(6,962) |
(9,409) |
(20,788) |
(27,078) |
||||||||||||
| Other income (expense) |
||||||||||||||||
| Interest (expense) income and other, net |
(1,312) |
(18) |
(1,746) |
1 |
||||||||||||
| Foreign exchange loss |
(367) |
(351) |
(774) |
(958) |
||||||||||||
| Loss before provision for income taxes |
(8,641) |
(9,778) |
(23,308) |
(28,035) |
||||||||||||
| Provision for income taxes |
(114) |
(87) |
(328) |
(236) |
||||||||||||
| Net loss |
$ |
(8,755) |
$ |
(9,865) |
$ |
(23,636) |
$ |
(28,271) |
||||||||
| Net loss per share attributable to common stockholders, basic and diluted |
$ |
(0.63) |
$ |
(0.77) |
$ |
(1.78) |
$ |
(2.25) |
||||||||
| Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted |
13,884 |
12,754 |
13,307 |
12,575 |
||||||||||||
| Apptio, Inc. |
||||||||
| Condensed Consolidated Balance Sheets |
||||||||
| (In thousands) |
||||||||
| (Unaudited) |
||||||||
| September 30, |
December 31, |
|||||||
| 2016 |
2015 |
|||||||
| Assets |
||||||||
| Current assets |
||||||||
| Cash and cash equivalents |
$ |
111,712 |
$ |
17,256 |
||||
| Short-term investments |
10,818 |
6,260 |
||||||
| Accounts receivable, net of allowance for doubtful accounts |
||||||||
| of $215 and $289 |
42,585 |
52,887 |
||||||
| Prepaid expenses and other current assets |
5,249 |
3,990 |
||||||
| Total current assets |
170,364 |
80,393 |
||||||
| Long-term assets |
||||||||
| Property and equipment, net |
13,058 |
13,487 |
||||||
| Restricted cash |
-- |
2,500 |
||||||
| Deferred initial public offering costs |
-- |
1,973 |
||||||
| Other long-term assets, net |
616 |
798 |
||||||
| Total assets |
$ |
184,038 |
$ |
99,151 |
||||
| Liabilities, Convertible Preferred Stock and Stockholders' Equity (Deficit) |
||||||||
| Current liabilities |
||||||||
| Accounts payable |
$ |
6,375 |
$ |
3,462 |
||||
| Accrued payroll and other expenses |
12,456 |
14,732 |
||||||
| Deferred revenue |
81,415 |
82,422 |
||||||
| Deferred rent |
784 |
613 |
||||||
| Capital leases |
42 |
42 |
||||||
| Total current liabilities |
101,072 |
101,271 |
||||||
| Long-term liabilities |
||||||||
| Deferred revenue, net of current portion |
2,346 |
803 |
||||||
| Deferred rent, net of current portion |
4,540 |
4,810 |
||||||
| Capital leases, net of current portion |
62 |
95 |
||||||
| Preferred stock warrant liability |
-- |
414 |
||||||
| Asset retirement obligation |
184 |
210 |
||||||
| Total liabilities |
108,204 |
107,603 |
||||||
| Convertible preferred stock |
-- |
133,809 |
||||||
| Stockholders' equity (deficit) |
||||||||
| Class A and Class B Common stock |
4 |
1 |
||||||
| Additional paid-in capital |
268,240 |
26,509 |
||||||
| Accumulated other comprehensive loss |
(3) |
-- |
||||||
| Accumulated deficit |
(192,407) |
(168,771) |
||||||
| Total stockholders' equity (deficit) |
75,834 |
(142,261) |
||||||
| Total liabilities, convertible preferred stock and stockholders' equity (deficit) |
$ |
184,038 |
$ |
99,151 |
||||
| Apptio, Inc. |
||||||||||||||||
| Condensed Consolidated Statements of Cash Flows |
||||||||||||||||
| (In thousands) |
||||||||||||||||
| (Unaudited) |
||||||||||||||||
| Three Months Ended |
Nine Months Ended |
|||||||||||||||
| September 30, |
September 30, |
|||||||||||||||
| 2016 |
2015 |
2016 |
2015 |
|||||||||||||
| Cash flows from operating activities |
||||||||||||||||
| Net loss |
$ |
(8,755) |
$ |
(9,865) |
$ |
(23,636) |
$ |
(28,271) |
||||||||
| Adjustments to reconcile net loss to net cash used in operating activities |
||||||||||||||||
| Depreciation and amortization |
1,502 |
1,728 |
4,487 |
4,916 |
||||||||||||
| Amortization of premiums on investments |
5 |
23 |
20 |
67 |
||||||||||||
| Loss (gain) on disposal of property and equipment |
1 |
-- |
26 |
(12) |
||||||||||||
| Stock-based compensation |
2,487 |
2,022 |
6,902 |
5,877 |
||||||||||||
| Accretion of expense on line of credit fees |
55 |
27 |
127 |
39 |
||||||||||||
| Loss on extinguishment of debt |
722 |
-- |
722 |
-- |
||||||||||||
| Remeasurement of preferred stock warrant liability |
210 |
10 |
202 |
57 |
||||||||||||
| Change in operating assets and liabilities |
||||||||||||||||
| Accounts receivable |
1,759 |
(1,075) |
10,302 |
14,689 |
||||||||||||
| Prepaid expenses and other assets |
101 |
(651) |
(660) |
(2,167) |
||||||||||||
| Accounts payable |
173 |
2,193 |
1,648 |
812 |
||||||||||||
| Accrued expenses |
(500) |
(2,020) |
(2,442) |
(2,199) |
||||||||||||
| Deferred revenue |
1,576 |
2,105 |
535 |
(2,959) |
||||||||||||
| Deferred rent |
(115) |
55 |
(421) |
391 |
||||||||||||
| Net cash used in operating activities |
(779) |
(5,448) |
(2,188) |
(8,760) |
||||||||||||
| Cash flows from investing activities |
||||||||||||||||
| Purchases of property and equipment |
(1,198) |
(1,877) |
(3,518) |
(6,636) |
||||||||||||
| Proceeds from maturities of investments |
-- |
2,200 |
6,245 |
13,309 |
||||||||||||
| Purchases of investments |
(10,826) |
-- |
(10,826) |
(2,017) |
||||||||||||
| (Payment) return of security deposits |
9 |
7 |
(43) |
157 |
||||||||||||
| Return of restricted cash |
-- |
-- |
2,500 |
85 |
||||||||||||
| Net cash (used in) provided by investing activities |
(12,015) |
330 |
(5,642) |
4,898 |
||||||||||||
| Cash flows from financing activities |
||||||||||||||||
| Proceeds from initial public offering, net of underwriting discounts |
102,672 |
-- |
102,672 |
-- |
||||||||||||
| Payment of deferred initial public offering costs |
(356) |
(418) |
(574) |
(418) |
||||||||||||
| Proceeds from long-term debt |
-- |
-- |
20,000 |
-- |
||||||||||||
| Principal payments on long-term debt |
(20,000) |
-- |
(20,000) |
-- |
||||||||||||
| Payment of debt prepayment fees |
(200) |
-- |
(200) |
-- |
||||||||||||
| Proceeds from exercise of common stock options |
489 |
613 |
1,000 |
2,335 |
||||||||||||
| Principal payments on capital lease obligations |
(10) |
(9) |
(33) |
(36) |
||||||||||||
| Payment of capitalized loan fees |
(12) |
(9) |
(248) |
(78) |
||||||||||||
| Net cash provided by financing activities |
82,583 |
177 |
102,617 |
1,803 |
||||||||||||
| Foreign currency effect on cash and cash equivalents |
(129) |
(26) |
(331) |
(77) |
||||||||||||
| Net increase (decrease) in cash and cash equivalents |
69,660 |
(4,967) |
94,456 |
(2,136) |
||||||||||||
| Cash and cash equivalents |
||||||||||||||||
| Beginning of year |
42,052 |
22,517 |
17,256 |
19,686 |
||||||||||||
| End of year |
$ |
111,712 |
$ |
17,550 |
$ |
111,712 |
$ |
17,550 |
||||||||
| Supplemental disclosures |
||||||||||||||||
| Purchases under capital lease obligations |
$ |
-- |
$ |
-- |
$ |
-- |
$ |
102 |
||||||||
| Property and furniture additions in accounts payable and accrued expenses |
419 |
37 |
419 |
37 |
||||||||||||
| Leasehold improvements paid directly by lessor |
356 |
-- |
356 |
-- |
||||||||||||
| Non-cash debt issuance costs |
-- |
-- |
285 |
90 |
||||||||||||
| Deferred initial public offering cost accruals |
794 |
1,163 |
1,004 |
1,163 |
||||||||||||
| Non-cash preferred stock warrant exercise |
616 |
-- |
616 |
-- |
||||||||||||
| 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, |
||||||||||||||
| 2016 |
2015 |
2016 |
2015 |
||||||||||||
| Revenue |
|||||||||||||||
| Subscription |
$ |
33,314 |
$ |
25,594 |
$ |
94,995 |
$ |
72,836 |
|||||||
| Professional services |
7,313 |
6,660 |
21,254 |
21,573 |
|||||||||||
| Total revenue |
40,627 |
32,254 |
116,249 |
94,409 |
|||||||||||
| Cost of revenue reconciliation: |
|||||||||||||||
| GAAP Subscription |
6,921 |
6,173 |
19,960 |
17,315 |
|||||||||||
| Non-GAAP adjustment: |
|||||||||||||||
| Stock-based compensation |
(232) |
(145) |
(564) |
(341) |
|||||||||||
| Non-GAAP subscription cost of revenue |
6,689 |
6,028 |
19,396 |
16,974 |
|||||||||||
| GAAP Professional services |
7,068 |
6,684 |
19,780 |
19,720 |
|||||||||||
| Non-GAAP adjustment: |
|||||||||||||||
| Stock-based compensation |
(190) |
(179) |
(557) |
(574) |
|||||||||||
| Non-GAAP professional services cost of revenue |
$ |
6,878 |
$ |
6,505 |
$ |
19,223 |
$ |
19,146 |
|||||||
| Gross profit and gross margin reconciliation: |
|||||||||||||||
| GAAP Subscription gross profit |
$ |
26,393 |
$ |
19,421 |
$ |
75,035 |
$ |
55,521 |
|||||||
| Non-GAAP adjustment: |
|||||||||||||||
| Stock-based compensation |
232 |
145 |
564 |
341 |
|||||||||||
| Non-GAAP Subscription gross profit |
26,625 |
19,566 |
75,599 |
55,862 |
|||||||||||
| GAAP Subscription gross margin |
79.2% |
75.9% |
79.0% |
76.2% |
|||||||||||
| Non-GAAP Subscription gross margin |
79.9% |
76.4% |
79.6% |
76.7% |
|||||||||||
| GAAP Professional services gross profit |
245 |
(24) |
1,474 |
1,853 |
|||||||||||
| Non-GAAP adjustment: |
|||||||||||||||
| Stock-based compensation |
190 |
179 |
557 |
574 |
|||||||||||
| Non-GAAP Professional services gross profit |
435 |
155 |
2,031 |
2,427 |
|||||||||||
| GAAP Professional services gross margin |
3.4% |
(0.4%) |
6.9% |
8.6% |
|||||||||||
| Non-GAAP Professional services gross margin |
5.9% |
2.3% |
9.6% |
11.3% |
|||||||||||
| GAAP gross profit |
26,638 |
19,397 |
76,509 |
57,374 |
|||||||||||
| Non-GAAP adjustment: |
|||||||||||||||
| Stock-based compensation |
422 |
324 |
1,121 |
915 |
|||||||||||
| Non-GAAP gross profit |
$ |
27,060 |
$ |
19,721 |
$ |
77,630 |
$ |
58,289 |
|||||||
| GAAP gross margin |
65.6% |
60.1% |
65.8% |
60.8% |
|||||||||||
| Non-GAAP gross margin |
66.6% |
61.1% |
66.8% |
61.7% |
|||||||||||
| Operating expenses reconciliation: |
|||||||||||||||
| GAAP Research and development |
$ |
9,015 |
$ |
7,928 |
$ |
26,072 |
$ |
22,602 |
|||||||
| Non-GAAP adjustment: |
|||||||||||||||
| Stock-based compensation |
(698) |
(577) |
(1,965) |
(1,737) |
|||||||||||
| Non-GAAP research and development |
8,317 |
7,351 |
24,107 |
20,865 |
|||||||||||
| As a % of total revenue, non-GAAP |
20.5% |
22.8% |
20.7% |
22.1% |
|||||||||||
| GAAP Sales and marketing |
18,300 |
15,855 |
54,256 |
49,129 |
|||||||||||
| Non-GAAP adjustment: |
|||||||||||||||
| Stock-based compensation |
(735) |
(623) |
(2,176) |
(1,833) |
|||||||||||
| Non-GAAP sales and marketing |
17,565 |
15,232 |
52,080 |
47,296 |
|||||||||||
| As a % of total revenue, non-GAAP |
43.2% |
47.2% |
44.8% |
50.1% |
|||||||||||
| GAAP General and administrative |
6,285 |
5,023 |
16,969 |
12,721 |
|||||||||||
| Non-GAAP adjustment: |
|||||||||||||||
| Stock-based compensation |
(632) |
(498) |
(1,640) |
(1,392) |
|||||||||||
| Non-GAAP General and administrative |
5,653 |
4,525 |
15,329 |
11,329 |
|||||||||||
| As a % of total revenue, non-GAAP |
13.9% |
14.0% |
13.2% |
12.0% |
|||||||||||
| Loss from operations reconciliation: |
|||||||||||||||
| GAAP loss from operations |
(6,962) |
(9,409) |
(20,788) |
(27,078) |
|||||||||||
| Non-GAAP adjustment: |
|||||||||||||||
| Stock-based compensation |
2,487 |
2,022 |
6,902 |
5,877 |
|||||||||||
| Non-GAAP loss from operations |
$ |
(4,475) |
$ |
(7,387) |
$ |
(13,886) |
$ |
(21,201) |
|||||||
| Loss from operations as a percentage of revenue: |
|||||||||||||||
| GAAP loss from operations |
(17.1%) |
(29.2%) |
(17.9%) |
(28.7%) |
|||||||||||
| Non-GAAP loss from operations |
(11.0%) |
(22.9%) |
(11.9%) |
(22.5%) |
|||||||||||
| Net loss reconciliation: |
|||||||||||||||
| GAAP |
$ |
(8,755) |
$ |
(9,865) |
$ |
(23,636) |
$ |
(28,271) |
|||||||
| Non-GAAP adjustment: |
|||||||||||||||
| Stock-based compensation |
2,487 |
2,022 |
6,902 |
5,877 |
|||||||||||
| Non-GAAP Net loss |
$ |
(6,268) |
$ |
(7,843) |
$ |
(16,734) |
$ |
(22,394) |
|||||||
| Basic and diluted net loss per share |
|||||||||||||||
| reconciliation: |
|||||||||||||||
| GAAP |
$ |
(0.63) |
$ |
(0.77) |
$ |
(1.78) |
$ |
(2.25) |
|||||||
| Non-GAAP |
$ |
(0.45) |
$ |
(0.61) |
$ |
(1.26) |
$ |
(1.78) |
|||||||
| Shares used to compute basic and diluted GAAP and Non-GAAP net loss per share |
13,884 |
12,754 |
13,307 |
12,575 |
|||||||||||
| Apptio, Inc. |
||||||||||||||||
| Free Cash Flow Non-GAAP Reconciliation |
||||||||||||||||
| (In thousands) |
||||||||||||||||
| (Unaudited) |
||||||||||||||||
| Three Months Ended |
Nine Months Ended |
|||||||||||||||
| September 30, |
September 30, |
|||||||||||||||
| 2016 |
2015 |
2016 |
2015 |
|||||||||||||
| Net cash used in operating activities |
$ |
(779) |
$ |
(5,448) |
$ |
(2,188) |
$ |
(8,760) |
||||||||
| Less: purchases of property and equipment |
(1,198) |
(1,877) |
(3,518) |
(6,636) |
||||||||||||
| Free cash flow |
$ |
(1,977) |
$ |
(7,325) |
$ |
(5,706) |
$ |
(15,396) |
||||||||
© 2016. Apptio, Inc. All rights reserved. Apptio and the Apptio logo are registered trademarks of Apptio, Inc. All other brand and product names are trademarks or registered trademarks of their respective holders.
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SOURCE Apptio
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