S&P assigns B- to Alteryx, notes

S&P said it assigned B- ratings to Alteryx, Inc. and its $350 million of senior unsecured notes due 2028. The recovery rating on the notes is 2 and the outlook is stable.

“Our assessment of Alteryx incorporates the company's relatively uneven operating history, significant investments in sales and marketing over the past two years (which has resulted in weak profitability), the highly competitive and fragmented landscape, and what we view as a less-mission-critical platform.

“These factors are partially offset by Alteryx's strong growth prospects over the next 24 months based on large and growing annual recurring revenues (ARR) base, unique value proposition in a growing market, as well as its large and diversified customer and end-market base. The rating also reflects our expectation that Alteryx will maintain good liquidity via cash and liquid investments on its balance sheet over the next two years,” the agency said in a statement.

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