Subscription revenue increased 38% year-over-year
to $19.9 millionTotal revenue increased 33% year-over-year to $43.2
million
Appian (NASDAQ:APPN) today announced financial results for the
second quarter ended June 30, 2017.
“Appian joined the public markets this year to
raise the curtain on the era of low code. Companies need unique
software to differentiate themselves and fulfill their potential.
Appian makes it easy to create powerful unique applications. When
companies create software on our platform, it's faster to build,
easier to change, instantly mobile, more portable to the cloud,
better integrated, and more secure," said Matt Calkins, Founder and
CEO, Appian.
Second Quarter 2017 Financial
Highlights:
- Revenue: Subscription revenue was $19.9
million for the second quarter of 2017, up 38% compared to the
second quarter of 2016. Total subscriptions, software and support
revenue was $22.0 million for the second quarter of 2017, an
increase of 27% year over year. Professional services revenue
was $21.2 million for the second quarter of 2017, an increase of
40% year over year. Total revenue was $43.2 million for the second
quarter of 2017, up 33% compared to the second quarter of 2016.
Subscription revenue retention rate for the second quarter of 2017
was 120%.
- Operating loss and non-GAAP operating loss:
GAAP operating loss was $(14.8) million for the second quarter of
2017, compared to $(4.5) million for the second quarter of
2016. Non-GAAP operating loss was $(5.5) million for the
second quarter of 2017, compared to $(4.5) million for the second
quarter of 2016.
- Net loss and non-GAAP net loss: GAAP net loss
was $(14.5) million for the second quarter of 2017, compared to
$(4.3) million for the second quarter of 2016. GAAP net loss
per share attributable to common stockholders was $(0.34) for the
second quarter of 2017 based on 42.8 million weighted-average
shares outstanding, compared to $(0.13) for the second quarter of
2016 based on 34.3 million weighted-average shares
outstanding. Non-GAAP net loss was $(4.4) million for the
second quarter of 2017, compared to $(4.1) million for the second
quarter of 2016. Non-GAAP net loss per share was $(0.08) for
the second quarter of 2017, based on 55.0 million basic and diluted
shares outstanding, compared to $(0.08) for the second quarter of
2016, based on 52.4 million basic and diluted shares
outstanding.
- Balance sheet and cash flows: As of June 30
2017, Appian had cash and cash equivalents of $77.7 million.
Appian’s second quarter cash balance included $77.8 million in cash
raised during the initial public offering, net of underwriting
discounts and commissions and offering expenses, offset by the
repayment of the Company’s $20 million term loan and a $7.6 million
dividend payment to its Series A investors. Cash used in
operating activities was $(5.8) million for the six months ended
June 30, 2017 compared to $(12.3) million for the same period in
2016.
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:
- Announced pricing of its Initial Public Offering of 6,250,000
shares of its Class A common stock at a public offering price of
$12.00 per share on May 24, 2017. In addition, the
underwriters exercised their 30-day option to purchase an
additional 937,500 shares of Class A common stock at the initial
public offering price for total net proceeds of $77.8 million after
deducting underwriting discounts and commissions and offering
expenses.
- Named a leader in Digital Process Automation Software by
Forrester Research Inc. Appian received the highest scores possible
for the Low/No Code, Product Strategy, Pricing and Ease of
Implementation categories.
- Secured its presence on the G-Cloud 9 framework, a digital
marketplace that enables the UK public sector to find people and
technology for projects across the government.
- Selected by Bank Vontobel, a leading Swiss bank, to execute its
digital transformation strategy across all business
divisions.
- Announced a new product offering with Blue Prism, a leading
provider of Robotic Process Automation software. Appian will be
marketing and selling this new offering. Also established a deep
technology partnership with Mulesoft, a leading provider of
integration software.
- Released version 17.2 with improved platform performance and
features to further accelerate the development of even more
beautiful custom end user interfaces.
- Named by The Washington Post as a “2017 Top Workplaces”. This
is the fourth year that the list has been published and the fourth
time that Appian has been named a winner.
- Founder and CEO Matt Calkins was selected for the third time as
one of the top “Tech Titans” by Washingtonian Magazine.
Financial Outlook:
As of August 3, 2017, guidance for the third
quarter 2017 and full year 2017 is as follows:
- Third Quarter 2017 Guidance:--
Subscription revenue is expected to be in the range of $20.1
million and $20.3 million, representing year-over-year growth of
between 31% and 33%.-- Total revenue is expected to be in the
range of $40.4 million and $41.1 million, representing
year-over-year growth of between 32% and 34%. --
Non-GAAP operating loss is expected to be in the range of
$(9.6) million and $(9.1) million.-- Non-GAAP net loss per
share is expected to be in the range of $(0.16) and $(0.15).
This assumes 60.2 million weighted average common shares
outstanding.
- Full Year 2017 Guidance:-- Subscription
revenue is expected to be in the range of $80.4 million and $80.8
million, representing year-over-year growth of between 34% and
35%.-- Total revenue is expected to be in the range of $162.3
million and $163.5 million, representing year-over-year growth of
between 22% and 23%. -- Non-GAAP operating loss is
expected to be in the range of $(28.4) million and $(27.4)
million.-- Non-GAAP net loss per share is expected to be in
the range of $(0.48) and $(0.46). This assumes 57.5 million
non-GAAP weighted average common shares outstanding.
Conference Call Details:
Appian will host a conference call today, August
3, 2017, at 5:00 p.m. ET to discuss the Company’s financial results
for the second quarter ended June 30, 2017 and business
outlook.
The live webcast of the conference call can be
accessed on the Investor Relations page of the Company’s website at
http://investors.appian.com. To access the call, please dial (877)
407-3982 in the U.S. or (201) 493-6780 internationally.
Following the call, an archived webcast will be available at the
same location on the Investor Relations page. A telephone
replay will be available for one week at (844) 512-2921 in the U.S.
or (412) 317-6671 internationally with recording access code
13665261.
About Appian
Appian provides a leading low-code software
development and business process management (BPM) platform
that enables organizations to rapidly develop powerful and unique
applications. The applications created on Appian’s platform help
companies drive digital transformation and competitive
differentiation. For more information, visit www.appian.com.
Non-GAAP Financial Information
To supplement its condensed consolidated
financial statements, which are prepared and presented in
accordance with GAAP, Appian provides investors with certain
non-GAAP financial measures, including non-GAAP operating loss,
non-GAAP net loss, non-GAAP net loss per share and non-GAAP
weighted average shares outstanding. The presentation of these
non-GAAP financial measures 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
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, please see the reconciliation of these non-GAAP
financial measures to their nearest comparable GAAP measures at the
end of this press release.
Appian uses these non-GAAP financial measures
for financial and operational decision-making and as a means to
evaluate period-to-period comparisons. Appian’s management believes
that these non-GAAP financial measures provide meaningful
supplemental information regarding Appian’s performance by
excluding certain expenses that may not be indicative of its
recurring core business operating results. Appian believes that
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.
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 third
quarter and full-year 2017, future investment by Appian in its
go-to-market initiatives, increased demand for the Appian platform,
market opportunity and plans and objectives for future operations,
including Appian’s ability to drive continued subscription revenue
and total revenue growth, are forward-looking statements. The words
"anticipate," believe," "continue," "estimate," "expect," "intend,"
"may," "will" 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 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, and the timing of
Appian’s recognition of subscription revenue which may delay the
effect of near term changes in sales on its operating results, and
the additional risks and uncertainties set forth in the "Risk
Factors" section of Appian’s prospectus filed pursuant to Rule
424(b)(4) under the Securities Act of 1933, as amended, on May 26,
2017, and subsequent 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.
|
APPIAN CORPORATION AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
(in thousands, except share and per share data) |
(unaudited) |
|
|
|
As of |
|
|
As of |
|
|
|
June 30, |
|
|
December 31, |
|
|
|
2017 |
|
|
2016 |
|
|
|
(unaudited) |
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
77,654 |
|
|
$ |
31,143 |
|
Accounts
receivable, net of allowance of $400 |
|
|
46,956 |
|
|
|
46,814 |
|
Deferred
commissions, current |
|
|
7,165 |
|
|
|
7,146 |
|
Prepaid
expenses and other current assets |
|
|
5,837 |
|
|
|
3,281 |
|
Total current assets |
|
|
137,612 |
|
|
|
88,384 |
|
Property and equipment,
net |
|
|
2,872 |
|
|
|
3,101 |
|
Deferred commissions,
net of current portion |
|
|
11,775 |
|
|
|
10,860 |
|
Deferred tax
assets |
|
|
13 |
|
|
|
12 |
|
Other assets |
|
|
395 |
|
|
|
381 |
|
Total
assets |
|
$ |
152,667 |
|
|
$ |
102,738 |
|
Liabilities,
Convertible Preferred Stock and Stockholders’ Equity
(Deficit) |
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
|
Accounts
payable |
|
$ |
7,782 |
|
|
$ |
5,057 |
|
Accrued
expenses |
|
|
6,880 |
|
|
|
2,860 |
|
Accrued
compensation and related benefits |
|
|
9,086 |
|
|
|
9,554 |
|
Deferred
revenue, current |
|
|
55,597 |
|
|
|
52,000 |
|
Current
portion of long-term debt |
|
|
― |
|
|
|
6,111 |
|
Other
current liabilities |
|
|
457 |
|
|
|
437 |
|
Total current liabilities |
|
|
79,802 |
|
|
|
76,019 |
|
Long-term debt, net of
current portion |
|
|
― |
|
|
|
13,889 |
|
Deferred tax
liabilities |
|
|
34 |
|
|
|
32 |
|
Deferred revenue, net
of current portion |
|
|
17,209 |
|
|
|
18,108 |
|
Preferred stock warrant
liability |
|
|
― |
|
|
|
850 |
|
Other long-term
liabilities |
|
|
1,737 |
|
|
|
1,917 |
|
Total
liabilities |
|
|
98,782 |
|
|
|
110,815 |
|
Convertible
preferred stock |
|
|
|
|
|
|
|
|
Series A convertible
preferred stock—par value $0.0001; no shares authorized, issued or
outstanding as of June 30, 2017; 12,127,468 shares authorized and
12,043,108 shares issued and outstanding as of December 31,
2016 |
|
|
― |
|
|
|
17,915 |
|
Series B convertible
preferred stock—par value $0.0001; no shares authorized, issued or
outstanding as of June 30, 2017; 6,120,050 shares authorized,
issued and outstanding as of December 31, 2016 |
|
|
― |
|
|
|
37,500 |
|
Stockholders’
equity (deficit) |
|
|
|
|
|
|
|
|
Common stock—par value
$0.0001; no shares authorized, issued or outstanding as of June 30,
2017; 61,462,320 shares authorized and 34,274,718 shares
issued and outstanding as of December 31, 2016 |
|
|
― |
|
|
|
3 |
|
Class A common
stock—par value $0.0001; 500,000,000 shares authorized and
7,198,341 shares issued and outstanding as of June 30, 2017;
no shares authorized, issued or outstanding as of December 31,
2016 |
|
|
1 |
|
|
|
― |
|
Class B common
stock—par value $0.0001; 100,000,000 shares authorized and
52,904,479 shares issued and outstanding as of June 30, 2017; no
shares authorized, issued or outstanding as of December 31,
2016 |
|
|
5 |
|
|
|
― |
|
Additional paid-in
capital |
|
|
136,981 |
|
|
|
― |
|
Accumulated other
comprehensive (loss) income |
|
|
(66 |
) |
|
|
1,330 |
|
Accumulated
deficit |
|
|
(83,036 |
) |
|
|
(64,825 |
) |
Total
stockholders’ equity (deficit) |
|
|
53,885 |
|
|
|
(63,492 |
) |
Total
liabilities, convertible preferred stock and stockholders’ equity
(deficit) |
|
$ |
152,667 |
|
|
$ |
102,738 |
|
APPIAN CORPORATION AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(in thousands, except share and per share data) |
(unaudited) |
|
|
|
Three Months Ended
June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions, software and support |
|
$ |
22,012 |
|
|
$ |
17,320 |
|
|
$ |
43,456 |
|
|
$ |
32,938 |
|
Professional services |
|
|
21,186 |
|
|
|
15,147 |
|
|
|
38,071 |
|
|
|
35,493 |
|
Total revenue |
|
|
43,198 |
|
|
|
32,467 |
|
|
|
81,527 |
|
|
|
68,431 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions, software and support |
|
|
2,488 |
|
|
|
1,836 |
|
|
|
4,550 |
|
|
|
3,618 |
|
Professional services |
|
|
14,149 |
|
|
|
11,723 |
|
|
|
24,777 |
|
|
|
24,701 |
|
Total cost of
revenue |
|
|
16,637 |
|
|
|
13,559 |
|
|
|
29,327 |
|
|
|
28,319 |
|
Gross profit |
|
|
26,561 |
|
|
|
18,908 |
|
|
|
52,200 |
|
|
|
40,112 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and
marketing |
|
|
22,775 |
|
|
|
13,831 |
|
|
|
39,778 |
|
|
|
24,997 |
|
Research
and development |
|
|
9,971 |
|
|
|
5,296 |
|
|
|
17,271 |
|
|
|
10,223 |
|
General
and administrative |
|
|
8,635 |
|
|
|
4,318 |
|
|
|
13,484 |
|
|
|
8,248 |
|
Total operating
expenses |
|
|
41,381 |
|
|
|
23,445 |
|
|
|
70,533 |
|
|
|
43,468 |
|
Operating loss |
|
|
(14,820 |
) |
|
|
(4,537 |
) |
|
|
(18,333 |
) |
|
|
(3,356 |
) |
Other (income)
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
(income) expense, net |
|
|
(734 |
) |
|
|
733 |
|
|
|
(1,233 |
) |
|
|
196 |
|
Interest
expense |
|
|
197 |
|
|
|
241 |
|
|
|
453 |
|
|
|
483 |
|
Total other (income)
expense |
|
|
(537 |
) |
|
|
974 |
|
|
|
(780 |
) |
|
|
679 |
|
Net loss before income
taxes |
|
|
(14,283 |
) |
|
|
(5,511 |
) |
|
|
(17,553 |
) |
|
|
(4,035 |
) |
Income tax expense
(benefit) |
|
|
176 |
|
|
|
(1,217 |
) |
|
|
301 |
|
|
|
(496 |
) |
Net loss |
|
|
(14,459 |
) |
|
|
(4,294 |
) |
|
|
(17,854 |
) |
|
|
(3,539 |
) |
Accretion of dividends
on convertible preferred stock |
|
|
143 |
|
|
|
214 |
|
|
|
357 |
|
|
|
428 |
|
Net loss attributable
to common stockholders |
|
$ |
(14,602 |
) |
|
$ |
(4,508 |
) |
|
$ |
(18,211 |
) |
|
$ |
(3,967 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted |
|
$ |
(0.34 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.47 |
) |
|
$ |
(0.12 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common
shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted |
|
|
42,800,875 |
|
|
|
34,274,718 |
|
|
|
38,561,349 |
|
|
|
34,274,718 |
|
APPIAN CORPORATION AND
SUBSIDIARIES |
STOCK-BASED COMPENSATION EXPENSE |
(in thousands) |
(unaudited) |
|
|
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions, software and support |
|
$ |
404 |
|
|
$ |
— |
|
|
$ |
404 |
|
|
$ |
— |
|
Professional services |
|
|
984 |
|
|
|
― |
|
|
|
984 |
|
|
|
― |
|
Sales and
marketing |
|
|
2,423 |
|
|
|
― |
|
|
|
2,423 |
|
|
|
― |
|
Research and
development |
|
|
2,202 |
|
|
|
― |
|
|
|
2,202 |
|
|
|
― |
|
General and
administrative |
|
|
3,332 |
|
|
|
― |
|
|
|
3,332 |
|
|
|
― |
|
Total
stock-based compensation expense |
|
$ |
9,345 |
|
|
$ |
— |
|
|
$ |
9,345 |
|
|
$ |
— |
|
APPIAN CORPORATION AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(in thousands) |
(unaudited) |
|
|
|
Six Months Ended June 30, |
|
|
|
2017 |
|
|
2016 |
|
Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(17,854 |
) |
|
$ |
(3,539 |
) |
Adjustments to reconcile net loss to net cash used
in operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
443 |
|
|
|
363 |
|
Bad debt
expense |
|
|
― |
|
|
|
4 |
|
Deferred
income taxes |
|
|
― |
|
|
|
(892 |
) |
Stock-based compensation |
|
|
9,345 |
|
|
|
― |
|
Fair
value adjustment for warrant liability |
|
|
341 |
|
|
|
― |
|
Loss on
extinguishment of debt |
|
|
384 |
|
|
|
― |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts
receivable |
|
|
(1,248 |
) |
|
|
(10,565 |
) |
Prepaid
expenses and other assets |
|
|
(2,362 |
) |
|
|
(3,361 |
) |
Deferred
commissions |
|
|
(933 |
) |
|
|
(2,081 |
) |
Accounts
payable and accrued expenses |
|
|
5,296 |
|
|
|
3,088 |
|
Accrued
compensation and related benefits |
|
|
(687 |
) |
|
|
3,140 |
|
Other
current liabilities |
|
|
(186 |
) |
|
|
61 |
|
Deferred
revenue |
|
|
1,728 |
|
|
|
1,031 |
|
Other
long-term liabilities |
|
|
(17 |
) |
|
|
459 |
|
Net cash used in operating activities |
|
|
(5,750 |
) |
|
|
(12,292 |
) |
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
Purchases
of property and equipment |
|
|
(205 |
) |
|
|
(665 |
) |
Net cash used in investing activities |
|
|
(205 |
) |
|
|
(665 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
Proceeds
from initial public offering, net of underwriting discounts |
|
|
80,213 |
|
|
|
― |
|
Payment
of deferred initial public offering costs |
|
|
(1,081 |
) |
|
|
― |
|
Payment
of dividend to Series A preferred stockholders |
|
|
(7,565 |
) |
|
|
― |
|
Proceeds
from exercise of common stock options |
|
|
452 |
|
|
|
― |
|
Proceeds
from issuance of long-term debt, net of debt issuance costs |
|
|
19,616 |
|
|
|
20,000 |
|
Repayment
of long-term debt |
|
|
(40,000 |
) |
|
|
(10,000 |
) |
Net cash provided by financing activities |
|
|
51,635 |
|
|
|
10,000 |
|
Effect of
foreign exchange rate changes on cash and cash
equivalents |
|
|
831 |
|
|
|
(809 |
) |
Net increase in
cash and cash equivalents |
|
|
46,511 |
|
|
|
(3,766 |
) |
Cash and cash
equivalents, beginning of period |
|
|
31,143 |
|
|
|
31,393 |
|
Cash and cash
equivalents, end of period |
|
$ |
77,654 |
|
|
$ |
27,627 |
|
Supplemental
disclosure of cash flow information: |
|
|
|
|
|
|
|
|
Cash paid
for interest |
|
$ |
506 |
|
|
$ |
400 |
|
Cash paid
for income taxes |
|
$ |
228 |
|
|
$ |
593 |
|
Supplemental
disclosure of non-cash financing activities: |
|
|
|
|
|
|
|
|
Conversion of convertible preferred stock to common stock |
|
$ |
48,207 |
|
|
$ |
― |
|
Conversion of convertible preferred stock warrant to common stock
warrant |
|
$ |
1,191 |
|
|
$ |
― |
|
Accretion
of dividends on convertible preferred stock |
|
$ |
357 |
|
|
$ |
428 |
|
Deferred
offering costs included in accounts payable and accrued
expenses |
|
$ |
1,343 |
|
|
$ |
― |
|
APPIAN CORPORATION AND
SUBSIDIARIES |
RECONCILIATION OF GAAP MEASURES TO NON-GAAP
MEASURES |
(in thousands, except share and per share data) |
(unaudited) |
|
|
|
Three Months Ended
June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
Reconciliation of
non-GAAP operating loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
operating loss |
|
$ |
(14,820 |
) |
|
$ |
(4,537 |
) |
|
$ |
(18,333 |
) |
|
$ |
(3,356 |
) |
Add
back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
|
9,345 |
|
|
|
― |
|
|
|
9,345 |
|
|
|
― |
|
Non-GAAP
operating loss |
|
$ |
(5,475 |
) |
|
$ |
(4,537 |
) |
|
$ |
(8,988 |
) |
|
$ |
(3,356 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
non-GAAP net loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
loss |
|
$ |
(14,459 |
) |
|
$ |
(4,294 |
) |
|
$ |
(17,854 |
) |
|
$ |
(3,539 |
) |
Add
back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
|
9,345 |
|
|
|
― |
|
|
|
9,345 |
|
|
|
― |
|
Change in
fair value of warrant liability |
|
|
341 |
|
|
|
200 |
|
|
|
341 |
|
|
|
200 |
|
Loss on
extinguishment of debt |
|
|
384 |
|
|
|
― |
|
|
|
384 |
|
|
|
― |
|
Non-GAAP
net loss |
|
$ |
(4,389 |
) |
|
$ |
(4,094 |
) |
|
$ |
(7,784 |
) |
|
$ |
(3,339 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP earnings per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
net loss |
|
$ |
(4,389 |
) |
|
$ |
(4,094 |
) |
|
$ |
(7,784 |
) |
|
$ |
(3,339 |
) |
Non-GAAP
weighted average shares used to compute net loss per share
attributable to common stockholders, basic and diluted |
|
|
54,976,178 |
|
|
|
52,437,876 |
|
|
|
53,714,039 |
|
|
|
52,437,876 |
|
Non-GAAP
net loss per share, basic and diluted |
|
$ |
(0.08 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.06 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
non-GAAP net loss per share, basic and diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
loss per share attributable to common stockholders, basic and
diluted |
|
$ |
(0.34 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.47 |
) |
|
$ |
(0.12 |
) |
Add
back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
adjustments to net loss per share |
|
|
0.26 |
|
|
|
0.05 |
|
|
|
0.33 |
|
|
|
0.06 |
|
Non-GAAP
net loss per share, basic and diluted |
|
$ |
(0.08 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.06 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
non-GAAP weighted average shares outstanding, basic and
diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
weighted average shares used to compute net loss per share
attributable to common stockholders, basic and diluted |
|
|
42,800,875 |
|
|
|
34,274,718 |
|
|
|
38,561,349 |
|
|
|
34,274,718 |
|
Add
back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional weighted average shares giving effect to conversion of
preferred stock at the beginning of the period |
|
|
12,175,303 |
|
|
|
18,163,158 |
|
|
|
15,152,690 |
|
|
|
18,163,158 |
|
Non-GAAP
weighted average shares used to compute net loss per share, basic
and diluted |
|
|
54,976,178 |
|
|
|
52,437,876 |
|
|
|
53,714,039 |
|
|
|
52,437,876 |
|
Investor Contact
Staci Mortenson
ICR for Appian
703-442-1091
investors@appian.com
Media Contact
Nicole Greggs
Director, Media Relations
703-260-7868
nicole.greggs@appian.com
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