INSTRUCTURE INC (INST) saw its loss widen to $12.32 million, or $0.44 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $10.21 million, or $1.60 a share. On the other hand, adjusted net loss for the quarter widened to $9.50 million, or $0.34 a share from a loss of $9.19 million or $0.43 a share, a year ago. Revenue during the quarter surged 44.28 percent to $30.14 million from $20.89 million in the previous year period. Gross margin for the quarter expanded 386 basis points over the previous year period to 71.35 percent. Operating margin for the quarter stood at negative 40.69 percent as compared to a negative 48.35 percent for the previous year period.
Operating loss for the quarter was $12.27 million, compared with an operating loss of $10.10 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $9.46 million compared to operating loss of $9.09 million in prior year period.
"This quarter we delivered solid top line growth and made continued progress on our path toward profitability," said Josh Coates, chief executive officer at Instructure. "We continue to enjoy strong adoption of Canvas across the globe and are encouraged by the positive response to Bridge. We remain focused on product innovation to bring even more value to our customer base, attract new customers and grow our total market opportunity."
For the fourth-quarter, INSTRUCTURE forecasts revenue to be in the range of $30.40 million to $31 million. INSTRUCTURE forecasts revenue to be in the range of $109.70 million to $110.30 million for fiscal year 2016. INSTRUCTURE expects adjusted net loss to be in the range of $12.40 million to $11.90 million for the fourth-quarter. For the financial year 2016, INSTRUCTURE expects adjusted net loss to be in the range of $45.60 million to $45.10 million. On an adjusted basis, the company expects diluted loss per share to be in the range of $0.44 to $0.42 for the fourth-quarter. For fiscal year 2016, the company expects diluted loss per share to be in the range of $1.64 to $1.62 on adjusted basis.
Operating cash flow remains negativeINSTRUCTURE has spent $6.74 million cash to meet operating activities during the nine month period as against cash outgo of $7.04 million in the last year period. The company has spent $29.25 million cash to meet investing activities during the nine month period as against cash outgo of $5.37 million in the last year period. It has incurred net capital expenditure of $5.21 million on net basis during the nine month period, up 18.14 percent or $0.80 million from year ago period.
Cash flow from financing activities was $4.49 million for the nine month period, up 1,648.64 percent or $4.24 million, when compared with the last year period.
Cash and cash equivalents stood at $58.98 million as on Sep. 30, 2016, up 85.63 percent or $27.21 million from $31.77 million on Sep. 30, 2015.
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