Appian (Nasdaq: APPN) today announced financial results for the
third quarter ended September 30, 2023.
“Our private data-centric approach to AI is getting
strong support from buyers,” said Matt Calkins, CEO &
Founder.
Third Quarter
2023 Financial Highlights:
-
Revenue: Cloud subscription revenue was $77.2
million, up 27% compared to the third quarter of 2022. Total
subscriptions revenue, which includes sales of our cloud
subscriptions, on-premises term license subscriptions, and
maintenance and support, increased 20% year-over-year to $103.8
million. Professional services revenue was $33.3 million, an
increase of 6% compared to the third quarter of 2022. Total revenue
was $137.1 million, up 16% compared to the third quarter of 2022.
Cloud subscription revenue retention rate was 117% as of
September 30, 2023.
- Operating
loss and non-GAAP operating loss: GAAP
operating loss was $(15.2) million, compared to $(37.8) million for
the third quarter of 2022. Non-GAAP operating loss was $(7.7)
million, compared to $(24.6) million for the third quarter of
2022.
- Net loss
and non-GAAP net loss: GAAP net loss was $(22.3) million,
compared to $(44.0) million for the third quarter of 2022. GAAP net
loss per share was $(0.30) for the third quarter of 2023, compared
to $(0.61) for the third quarter of 2022. Non-GAAP net loss was
$(14.7) million, compared to $(30.9) million for the third quarter
of 2022. Non-GAAP net loss per share was $(0.20), compared to the
$(0.43) net loss per share for the third quarter of 2022. GAAP and
non-GAAP net loss for the third quarter of 2023 included $4.3
million, or $(0.06) per share, of foreign currency exchange losses.
GAAP and non-GAAP net loss for the third quarter of 2022 included
$6.1 million, or $(0.08) per share, of foreign currency exchange
losses. We do not forecast foreign exchange rate movements.
- Adjusted
EBITDA: Adjusted EBITDA loss was $(5.3) million, compared
to adjusted EBITDA loss of $(22.9) million for the third quarter of
2022.
- Balance sheet and cash
flows: As of September 30, 2023, Appian had total
cash, cash equivalents, and investments of $169.5 million. Net cash
used by operating activities was $(65.0) million for the three
months ended September 30, 2023, compared to $(43.7) million of net
cash used by operating activities for the same period in 2022.
A reconciliation of GAAP to non-GAAP financial
measures has been provided in the tables following the financial
statements in this press release. An explanation of these measures
is also included below under the heading “Non-GAAP Financial
Measures.”
Recent Business Highlights:
- Appian Named a
Leader in the 2023 Gartner Magic Quadrant for Enterprise Low - Code
Application Platforms
- Appian Ranked by
Gartner#1 for Business Workflow Automation with Integration Use
Case in Low-Code Report
- 2023 Appian
AppMarket Solution Award Winners Deliver Business Impact through AI
Process Automation
- Announced Appian’s
Case Management as a Service (CMaaS) for Public Sector
- Appian Launches
Connected Underwriting for Life Insurance in Partnership with Swiss
Re
- Appian AI Copilot
Delivers Practical Value to Boost Developer Productivity
- Appian is
Transforming Business Registrations and Services in the Texas
Secretary of State’s Office
- Aon Transforms
Reinsurance Claims Processing with Appian
- Appian Appoints Randy Guard as Chief
Marketing Officer
Financial Outlook:
As of November 2, 2023, guidance for 2023 is
as follows:
- Fourth
Quarter 2023
Guidance:
- Cloud subscription revenue is expected
to be between $78.6 million and $79.6 million, representing
year-over-year growth of 19% to 21%.
- Total revenue is expected to be
between $138.0 million and $143.0 million, representing a
year-over-year increase of 10% to 14%.
- Adjusted EBITDA loss is expected to be
between $(16.1) million and $(12.1) million.
- Non-GAAP net loss per share is
expected to be between $(0.29) and $(0.24), assuming weighted
average common shares outstanding of 73.3 million.
- Full Year
2023 Guidance:
- Cloud subscription revenue is expected
to be between $300.0 million and $301.0 million, representing
year-over-year growth of 27%.
- Total revenue is expected to be
between $538.0 million and $543.0 million, representing a
year-over-year increase of 15% to 16%.
- Adjusted EBITDA loss is expected to be
between $(62.0) million and $(58.0) million.
- Non-GAAP net loss per share is
expected to be between $(1.13) and $(1.07), assuming weighted
average common shares outstanding of 73.1 million.
Conference Call Details:
Appian will host a conference call today,
November 2, 2023, at 4:30 p.m. ET to discuss Appian's
financial results for the third quarter ended September 30,
2023 and business outlook.
To access the call, navigate to the following
link(1). Once registered, participants can dial in using their
phone with a dial in and PIN, or they can choose the Call Me option
for instant dial to their phone. The live webcast of the conference
call can also be accessed on the Investor Relations page of our
website at http://investors.appian.com.
_______________________________1
https://edge.media-server.com/mmc/p/48skn964/
About Appian
Appian is a software company that automates
business processes. The Appian AI Process Platform includes
everything you need to design, automate, and optimize even the most
complex processes, from start to finish. The world's most
innovative organizations trust Appian to improve their workflows,
unify data, and optimize operations—resulting in better growth and
superior customer experiences. For more information, visit
www.appian.com. [Nasdaq: APPN]
Non-GAAP Financial Measures
To supplement its consolidated financial
statements, which are prepared and presented in accordance with
GAAP, Appian provides investors with certain non-GAAP financial
performance measures. Appian uses these non-GAAP financial
performance measures for financial and operational decision-making
and as a means to evaluate period-to-period comparisons. Appian’s
management believes these non-GAAP financial measures provide
meaningful supplemental information regarding Appian’s performance
by excluding certain expenses that may not be indicative of our
recurring core business operating results. Appian believes both
management and investors benefit from referring to these non-GAAP
financial measures in assessing Appian’s performance and when
planning, forecasting, and analyzing future periods. These non-GAAP
financial measures also facilitate management’s internal
comparisons to historical performance as well as comparisons to
competitors’ operating results. Appian believes these non-GAAP
financial measures are useful to investors both because (1) they
allow for greater transparency with respect to measures used by
management in its financial and operational decision-making and (2)
they are used by Appian’s institutional investors and the analyst
community to help them analyze the health of Appian’s business.
The non-GAAP financial performance measures include
non-GAAP net loss, non-GAAP net loss per share, and non-GAAP
operating loss. These non-GAAP financial performance measures
exclude the effect of stock-based compensation expense, certain
litigation-related expenses consisting of legal and other
professional fees associated with the Pegasystems cases (net of
insurance reimbursements), amortization of the judgement
preservation insurance (“JPI”) policy, and severance costs related
to involuntary reductions in our workforce. While some of these
items may be recurring in nature and should not be disregarded in
evaluation of our earnings performance, it is useful to exclude
such items when analyzing current results and trends compared to
other periods as these items can vary significantly from period to
period depending on specific underlying transactions or events that
may occur. Therefore, while we may incur or recognize these types
of expenses in the future, we believe removing these items for
purposes of calculating the non-GAAP financial measures provides
investors with a more focused presentation of our ongoing operating
performance.
Appian also discusses adjusted EBITDA, a non-GAAP
financial performance measure it believes offers a useful view of
the overall operation of its businesses. The company defines
adjusted EBITDA as net loss before (1) other (income) expenses,
net, (2) interest expense, (3) income tax expense (benefit), (4)
depreciation expense and amortization of intangible assets, (5)
stock-based compensation expense, (6) litigation expenses (net of
insurance reimbursements) directly associated with the Pegasystems
cases, (7) JPI amortization, and (8) severance costs. The most
directly comparable GAAP financial measure to adjusted EBITDA is
net loss. Users should consider the limitations of using adjusted
EBITDA, including the fact this measure does not provide a complete
measure of our operating performance. Adjusted EBITDA is not
intended to purport to be an alternate to net loss as a measure of
operating performance or to cash flows from operating activities as
a measure of liquidity.
The presentation of these non-GAAP financial
measures is not intended to be considered in isolation from, as a
substitute for, or superior to the financial information prepared
and presented in accordance with GAAP, and Appian’s non-GAAP
measures may be different from non-GAAP measures used by other
companies. For more information on these non-GAAP financial
measures, see the reconciliation of these non-GAAP financial
measures to their nearest comparable GAAP measures at the end of
this press release. Appian provides guidance ranges for non-GAAP
net loss per share and adjusted EBITDA; however, we are not able to
reconcile these amounts to their comparable GAAP financial measures
without unreasonable efforts because certain information necessary
to calculate such measures on a GAAP basis is unavailable, subject
to high variability, dependent on future events outside of our
control, and cannot be predicted. In addition, Appian believes such
reconciliations could imply a degree of precision that might be
confusing or misleading to investors. The actual effect of the
reconciling items that Appian may exclude from these non-GAAP
expense numbers, when determined, may be significant to the
calculation of the comparable GAAP measures.
Forward-Looking Statements
This press release includes forward-looking
statements. All statements contained in this press release other
than statements of historical facts, including statements regarding
Appian’s future financial and business performance for the fourth
quarter and full year 2023, future investment by Appian in its
go-to-market initiatives, increased demand for the Appian
AI-Powered Process platform, market opportunity and plans and
objectives for future operations, including Appian’s ability to
drive continued subscriptions revenue and total revenue growth, are
forward-looking statements. The words “anticipate,” “believe,”
“continue,” “estimate,” “expect,” “intend,” “may,” “will,” “plan,”
and similar expressions are intended to identify forward-looking
statements. Appian has based these forward-looking statements on
its current expectations and projections about future events and
financial trends that Appian believes may affect its financial
condition, results of operations, business strategy, short-term and
long-term business operations and objectives, and financial needs.
These forward-looking statements are subject to a number of risks
and uncertainties, including the risks and uncertainties associated
with Appian’s ability to grow its business and manage its growth,
Appian’s ability to sustain its revenue growth rate, continued
market acceptance of Appian’s AI-Powered Process platform and
adoption of low-code solutions to drive digital transformation, the
fluctuation of Appian’s operating results due to the length and
variability of its sales cycle, competition in the markets in which
Appian operates, risks and uncertainties associated with the
composition and concentration of Appian’s customer base and their
demand for its platform and satisfaction with the services provided
by Appian, the potential fluctuation of Appian’s future quarterly
results of operations, Appian’s ability to shift its revenue
towards subscriptions and away from professional services, Appian’s
ability to operate in compliance with applicable laws and
regulations, Appian’s strategic relationships with third parties
and use of third-party licensed software and its platform’s
compatibility with third-party applications, the timing of Appian’s
recognition of subscriptions revenue which may delay the effect of
near term changes in sales on its operating results, Appian’s
ability to meet its financial covenants under its Credit Agreement,
and the additional risks and uncertainties set forth in the “Risk
Factors” section of Appian’s Annual Report on Form 10-K for the
year ended December 31, 2022 filed with the Securities and
Exchange Commission on February 16, 2023 and other reports
that Appian has filed with the Securities and Exchange Commission.
Moreover, Appian operates in a very competitive and rapidly
changing environment. New risks emerge from time to time. It is not
possible for Appian’s management to predict all risks nor can
Appian assess the impact of all factors on its business or the
extent to which any factor, or combination of factors, may cause
actual results to differ materially from those contained in any
forward-looking statements Appian may make. In light of these
risks, uncertainties, and assumptions, Appian cannot guarantee
future results, levels of activity, performance, achievements, or
events and circumstances reflected in the forward-looking
statements will occur. Appian is under no duty to update any of
these forward-looking statements after the date of this press
release to conform these statements to actual results or revised
expectations, except as required by law.
Investor ContactSrinivas Anantha,
CFA703-442-8844investors@appian.com
Media ContactBen
Farrell703-442-1067ben.farrell@appian.com
|
|
APPIAN CORPORATION |
CONSOLIDATED BALANCE SHEETS |
(in thousands, except par value and share data) |
|
|
As of |
|
September 30, 2023 |
|
December 31, 2022 |
|
(unaudited) |
|
|
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
$ |
130,761 |
|
|
$ |
148,132 |
|
Short-term investments and marketable securities |
|
38,726 |
|
|
|
47,863 |
|
Accounts receivable, net of allowance of $2,268 and $2,125,
respectively |
|
133,548 |
|
|
|
165,964 |
|
Deferred commissions, current |
|
31,107 |
|
|
|
30,196 |
|
Prepaid expenses and other current assets |
|
51,230 |
|
|
|
28,093 |
|
Restricted cash, current |
|
— |
|
|
|
2,249 |
|
Total current assets |
|
385,372 |
|
|
|
422,497 |
|
Property and equipment, net of accumulated depreciation of $22,972
and $18,864, respectively |
|
42,444 |
|
|
|
41,855 |
|
Goodwill |
|
25,991 |
|
|
|
26,349 |
|
Intangible assets, net of accumulated amortization of $3,618 and
$2,715, respectively |
|
4,092 |
|
|
|
5,251 |
|
Right-of-use assets for operating leases |
|
40,501 |
|
|
|
37,248 |
|
Deferred commissions, net of current portion |
|
54,932 |
|
|
|
55,788 |
|
Deferred tax assets |
|
2,688 |
|
|
|
1,940 |
|
Other assets |
|
41,018 |
|
|
|
3,286 |
|
Total assets |
$ |
597,038 |
|
|
$ |
594,214 |
|
Liabilities and Stockholders’ Equity |
|
|
|
Current liabilities |
|
|
|
Accounts payable |
$ |
5,956 |
|
|
$ |
7,997 |
|
Accrued expenses |
|
11,275 |
|
|
|
12,227 |
|
Accrued compensation and related benefits |
|
33,866 |
|
|
|
40,718 |
|
Deferred revenue |
|
194,602 |
|
|
|
194,768 |
|
Debt |
|
65,431 |
|
|
|
2,740 |
|
Operating lease liabilities |
|
11,003 |
|
|
|
8,681 |
|
Other current liabilities |
|
1,119 |
|
|
|
3,121 |
|
Total current liabilities |
|
323,252 |
|
|
|
270,252 |
|
Long-term debt |
|
142,016 |
|
|
|
115,379 |
|
Non-current operating lease liabilities |
|
60,339 |
|
|
|
57,225 |
|
Deferred revenue |
|
3,243 |
|
|
|
5,556 |
|
Deferred tax liabilities |
|
87 |
|
|
|
102 |
|
Total liabilities |
|
528,937 |
|
|
|
448,514 |
|
Stockholders’ equity |
|
|
|
Class A common stock—par value $0.0001; 500,000,000 shares
authorized and 41,726,634 shares issued and outstanding as of
September 30, 2023; 500,000,000 shares authorized and
41,320,091 shares issued and outstanding as of December 31,
2022 |
|
4 |
|
|
|
4 |
|
Class B common stock—par value $0.0001; 100,000,000 shares
authorized and 31,497,396 shares issued and outstanding as of
September 30, 2023; 100,000,000 shares authorized and
31,497,796 shares issued and outstanding as of December 31,
2022 |
|
3 |
|
|
|
3 |
|
Additional paid-in capital |
|
588,029 |
|
|
|
561,390 |
|
Accumulated other comprehensive loss |
|
(10,049 |
) |
|
|
(7,246 |
) |
Accumulated deficit |
|
(509,886 |
) |
|
|
(408,451 |
) |
Total stockholders’ equity |
|
68,101 |
|
|
|
145,700 |
|
Total liabilities and stockholders’ equity |
$ |
597,038 |
|
|
$ |
594,214 |
|
|
APPIAN CORPORATION |
CONSOLIDATED STATEMENTS OF OPERATIONS |
(in thousands, except per share data) |
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
(unaudited) |
Revenue |
|
|
|
|
|
|
|
Subscriptions |
$ |
103,803 |
|
|
$ |
86,520 |
|
|
$ |
296,554 |
|
|
$ |
246,908 |
|
Professional services |
|
33,291 |
|
|
|
31,356 |
|
|
|
103,490 |
|
|
|
95,297 |
|
Total revenue |
|
137,094 |
|
|
|
117,876 |
|
|
|
400,044 |
|
|
|
342,205 |
|
Cost of revenue |
|
|
|
|
|
|
|
Subscriptions |
|
11,265 |
|
|
|
9,313 |
|
|
|
32,492 |
|
|
|
26,065 |
|
Professional services |
|
24,804 |
|
|
|
24,447 |
|
|
|
76,515 |
|
|
|
72,011 |
|
Total cost of revenue |
|
36,069 |
|
|
|
33,760 |
|
|
|
109,007 |
|
|
|
98,076 |
|
Gross profit |
|
101,025 |
|
|
|
84,116 |
|
|
|
291,037 |
|
|
|
244,129 |
|
Operating expenses |
|
|
|
|
|
|
|
Sales and marketing |
|
55,667 |
|
|
|
54,912 |
|
|
|
181,338 |
|
|
|
157,104 |
|
Research and development |
|
37,135 |
|
|
|
37,623 |
|
|
|
118,502 |
|
|
|
101,401 |
|
General and administrative |
|
23,440 |
|
|
|
29,357 |
|
|
|
82,342 |
|
|
|
90,014 |
|
Total operating expenses |
|
116,242 |
|
|
|
121,892 |
|
|
|
382,182 |
|
|
|
348,519 |
|
Operating loss |
|
(15,217 |
) |
|
|
(37,776 |
) |
|
|
(91,145 |
) |
|
|
(104,390 |
) |
Other non-operating expense |
|
|
|
|
|
|
|
Other expense (income), net |
|
1,939 |
|
|
|
5,876 |
|
|
|
(4,637 |
) |
|
|
12,815 |
|
Interest expense |
|
4,917 |
|
|
|
89 |
|
|
|
12,790 |
|
|
|
222 |
|
Total other non-operating expense |
|
6,856 |
|
|
|
5,965 |
|
|
|
8,153 |
|
|
|
13,037 |
|
Loss before income taxes |
|
(22,073 |
) |
|
|
(43,741 |
) |
|
|
(99,298 |
) |
|
|
(117,427 |
) |
Income tax expense (benefit) |
|
178 |
|
|
|
255 |
|
|
|
2,137 |
|
|
|
(924 |
) |
Net loss |
$ |
(22,251 |
) |
|
$ |
(43,996 |
) |
|
$ |
(101,435 |
) |
|
$ |
(116,503 |
) |
Net loss per share: |
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.30 |
) |
|
$ |
(0.61 |
) |
|
$ |
(1.39 |
) |
|
$ |
(1.61 |
) |
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
Basic and diluted |
|
73,178 |
|
|
|
72,503 |
|
|
|
73,032 |
|
|
|
72,372 |
|
|
APPIAN CORPORATION |
STOCK-BASED COMPENSATION EXPENSE |
(in thousands) |
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
(unaudited) |
Cost of revenue |
|
|
|
|
|
|
|
Subscriptions |
$ |
211 |
|
|
$ |
284 |
|
|
$ |
713 |
|
|
$ |
712 |
|
Professional services |
|
1,535 |
|
|
|
1,401 |
|
|
|
4,598 |
|
|
|
3,788 |
|
Operating expenses |
|
|
|
|
|
|
|
Sales and marketing |
|
3,245 |
|
|
|
2,667 |
|
|
|
8,462 |
|
|
|
6,721 |
|
Research and development |
|
2,930 |
|
|
|
3,454 |
|
|
|
9,466 |
|
|
|
8,831 |
|
General and administrative |
|
3,090 |
|
|
|
3,530 |
|
|
|
9,976 |
|
|
|
7,375 |
|
Total stock-based compensation expense |
$ |
11,011 |
|
|
$ |
11,336 |
|
|
$ |
33,215 |
|
|
$ |
27,427 |
|
|
APPIAN CORPORATION |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(unaudited, in thousands) |
|
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
Cash flows from operating activities |
|
|
|
Net loss |
$ |
(101,435 |
) |
|
$ |
(116,503 |
) |
Adjustments to reconcile net loss to net cash used by
operating activities |
|
|
|
Stock-based compensation |
|
33,215 |
|
|
|
27,427 |
|
Depreciation expense and amortization of intangible assets |
|
7,046 |
|
|
|
5,332 |
|
Bad debt expense |
|
690 |
|
|
|
561 |
|
Amortization of debt issuance costs |
|
342 |
|
|
|
— |
|
Deferred income taxes |
|
(808 |
) |
|
|
(1,549 |
) |
Changes in assets and liabilities |
|
|
|
Accounts receivable |
|
30,665 |
|
|
|
(9,114 |
) |
Prepaid expenses and other assets |
|
(61,555 |
) |
|
|
(6,723 |
) |
Deferred commissions |
|
(56 |
) |
|
|
(5,715 |
) |
Accounts payable and accrued expenses |
|
(657 |
) |
|
|
(3,654 |
) |
Accrued compensation and related benefits |
|
(6,671 |
) |
|
|
1,634 |
|
Other current and non-current liabilities |
|
(2,026 |
) |
|
|
(383 |
) |
Deferred revenue |
|
(3,186 |
) |
|
|
15,414 |
|
Operating lease assets and liabilities |
|
2,238 |
|
|
|
(685 |
) |
Net cash used by operating activities |
|
(102,198 |
) |
|
|
(93,958 |
) |
Cash flows from investing activities |
|
|
|
Purchases of investments |
|
(53,443 |
) |
|
|
(31,214 |
) |
Proceeds from investments |
|
62,590 |
|
|
|
57,417 |
|
Purchases of property and equipment |
|
(8,278 |
) |
|
|
(5,861 |
) |
Net cash provided by investing activities |
|
869 |
|
|
|
20,342 |
|
Cash flows from financing activities |
|
|
|
Proceeds from borrowings |
|
92,000 |
|
|
|
— |
|
Debt repayments |
|
(2,625 |
) |
|
|
— |
|
Payments for debt issuance costs |
|
(411 |
) |
|
|
— |
|
Payments for employee taxes related to the net share settlement of
equity awards |
|
(7,240 |
) |
|
|
— |
|
Proceeds from exercise of common stock options |
|
664 |
|
|
|
25,205 |
|
Net cash provided by financing activities |
|
82,388 |
|
|
|
25,205 |
|
Effect of foreign exchange rate changes on cash, cash
equivalents, and restricted cash |
|
(679 |
) |
|
|
(1,694 |
) |
Net decrease in cash, cash equivalents, and restricted
cash |
|
(19,620 |
) |
|
|
(50,105 |
) |
Cash, cash equivalents, and restricted cash at beginning of
period |
|
150,381 |
|
|
|
103,960 |
|
Cash, cash equivalents, and restricted cash at end of
period |
$ |
130,761 |
|
|
$ |
53,855 |
|
|
|
|
|
Supplemental disclosure of cash flow
information |
|
|
|
Cash paid for interest |
$ |
11,960 |
|
|
$ |
243 |
|
Cash paid for income taxes |
$ |
2,944 |
|
|
$ |
749 |
|
Supplemental disclosure of non-cash investing and financing
activities |
|
|
|
Accrued capital expenditures |
$ |
27 |
|
|
$ |
317 |
|
|
APPIAN CORPORATION |
RECONCILIATION OF GAAP MEASURES TO NON-GAAP
MEASURES |
(unaudited, in thousands, except per share data) |
|
|
GAAP Measure |
|
Stock-Based Compensation |
|
Litigation Expenses |
|
JPI Amortization |
|
Severance Costs |
|
Non-GAAP Measure |
Three Months Ended September 30, 2023 |
Subscriptions cost of revenue |
$ |
11,265 |
|
|
$ |
(211 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
11,054 |
|
Professional services cost of revenue |
|
24,804 |
|
|
|
(1,535 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
23,269 |
|
Total cost of revenue |
|
36,069 |
|
|
|
(1,746 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
34,323 |
|
Total operating expense |
|
116,242 |
|
|
|
(9,265 |
) |
|
|
4,961 |
|
|
|
(1,485 |
) |
|
|
— |
|
|
|
110,453 |
|
Operating loss |
|
(15,217 |
) |
|
|
11,011 |
|
|
|
(4,961 |
) |
|
|
1,485 |
|
|
|
— |
|
|
|
(7,682 |
) |
Income tax impact of above items |
|
178 |
|
|
|
88 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
266 |
|
Net loss |
|
(22,251 |
) |
|
|
11,099 |
|
|
|
(4,961 |
) |
|
|
1,485 |
|
|
|
— |
|
|
|
(14,628 |
) |
Net loss per share, basic and diluted |
$ |
(0.30 |
) |
|
$ |
0.15 |
|
|
$ |
(0.07 |
) |
|
$ |
0.02 |
|
|
$ |
— |
|
|
$ |
(0.20 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2023 |
Subscriptions cost of revenue |
$ |
32,492 |
|
|
$ |
(713 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(30 |
) |
|
$ |
31,749 |
|
Professional services cost of revenue |
|
76,515 |
|
|
|
(4,598 |
) |
|
|
— |
|
|
|
— |
|
|
|
(158 |
) |
|
|
71,759 |
|
Total cost of revenue |
|
109,007 |
|
|
|
(5,311 |
) |
|
|
— |
|
|
|
— |
|
|
|
(188 |
) |
|
|
103,508 |
|
Total operating expense |
|
382,182 |
|
|
|
(27,904 |
) |
|
|
2,772 |
|
|
|
(1,485 |
) |
|
|
(6,111 |
) |
|
|
349,454 |
|
Operating loss |
|
(91,145 |
) |
|
|
33,215 |
|
|
|
(2,772 |
) |
|
|
1,485 |
|
|
|
6,299 |
|
|
|
(52,918 |
) |
Income tax impact of above items |
|
2,137 |
|
|
|
731 |
|
|
|
— |
|
|
|
— |
|
|
|
139 |
|
|
|
3,007 |
|
Net loss |
|
(101,435 |
) |
|
|
33,946 |
|
|
|
(2,772 |
) |
|
|
1,485 |
|
|
|
6,438 |
|
|
|
(62,338 |
) |
Net loss per share, basic and diluted |
$ |
(1.39 |
) |
|
$ |
0.46 |
|
|
$ |
(0.04 |
) |
|
$ |
0.02 |
|
|
$ |
0.09 |
|
|
$ |
(0.86 |
) |
|
GAAP Measure |
|
Stock-Based Compensation |
|
Litigation Expenses |
|
Non-GAAP Measure |
Three Months Ended September 30, 2022 |
Subscriptions cost of revenue |
$ |
9,313 |
|
|
$ |
(284 |
) |
|
$ |
— |
|
|
$ |
9,029 |
|
Professional services cost of revenue |
|
24,447 |
|
|
|
(1,401 |
) |
|
|
— |
|
|
|
23,046 |
|
Total cost of revenue |
|
33,760 |
|
|
|
(1,685 |
) |
|
|
— |
|
|
|
32,075 |
|
Total operating expense |
|
121,892 |
|
|
|
(9,651 |
) |
|
|
(1,810 |
) |
|
|
110,431 |
|
Operating loss |
|
(37,776 |
) |
|
|
11,336 |
|
|
|
1,810 |
|
|
|
(24,630 |
) |
Net loss |
|
(43,996 |
) |
|
|
11,336 |
|
|
|
1,810 |
|
|
|
(30,850 |
) |
Net loss per share, basic and diluted |
$ |
(0.61 |
) |
|
$ |
0.16 |
|
|
$ |
0.02 |
|
|
$ |
(0.43 |
) |
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2022 |
Subscriptions cost of revenue |
$ |
26,065 |
|
|
$ |
(712 |
) |
|
$ |
— |
|
|
$ |
25,353 |
|
Professional services cost of revenue |
|
72,011 |
|
|
|
(3,788 |
) |
|
|
— |
|
|
|
68,223 |
|
Total cost of revenue |
|
98,076 |
|
|
|
(4,500 |
) |
|
|
— |
|
|
|
93,576 |
|
Total operating expense |
|
348,519 |
|
|
|
(22,927 |
) |
|
|
(20,432 |
) |
|
|
305,160 |
|
Operating loss |
|
(104,390 |
) |
|
|
27,427 |
|
|
|
20,432 |
|
|
|
(56,531 |
) |
Net loss |
|
(116,503 |
) |
|
|
27,427 |
|
|
|
20,432 |
|
|
|
(68,644 |
) |
Net loss per share, basic and diluted |
$ |
(1.61 |
) |
|
$ |
0.38 |
|
|
$ |
0.28 |
|
|
$ |
(0.95 |
) |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Reconciliation of adjusted EBITDA: |
|
|
|
|
|
|
|
GAAP net loss |
$ |
(22,251 |
) |
|
$ |
(43,996 |
) |
|
$ |
(101,435 |
) |
|
$ |
(116,503 |
) |
Other expense (income), net |
|
1,939 |
|
|
|
5,876 |
|
|
|
(4,637 |
) |
|
|
12,815 |
|
Interest expense |
|
4,917 |
|
|
|
89 |
|
|
|
12,790 |
|
|
|
222 |
|
Income tax expense (benefit) |
|
178 |
|
|
|
255 |
|
|
|
2,137 |
|
|
|
(924 |
) |
Depreciation and amortization of intangibles |
|
2,340 |
|
|
|
1,759 |
|
|
|
7,046 |
|
|
|
5,332 |
|
Stock-based compensation expense |
|
11,011 |
|
|
|
11,336 |
|
|
|
33,215 |
|
|
|
27,427 |
|
Litigation expenses |
|
(4,961 |
) |
|
|
1,810 |
|
|
|
(2,772 |
) |
|
|
20,432 |
|
JPI amortization |
|
1,485 |
|
|
|
— |
|
|
|
1,485 |
|
|
|
— |
|
Severance costs |
|
— |
|
|
|
— |
|
|
|
6,299 |
|
|
|
— |
|
Adjusted EBITDA |
$ |
(5,342 |
) |
|
$ |
(22,871 |
) |
|
$ |
(45,872 |
) |
|
$ |
(51,199 |
) |
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