Appian Announces Second Quarter 2018 Financial Results
August 02 2018 - 4:05PM
Subscription revenue increased 36% year-over-year
to $27.0 million
Appian (NASDAQ:APPN) today announced financial results for the
second quarter ended June 30, 2018.
"Appian is winning on flexibility and deployment speed. In many
cases an initial quick customer success is leading to larger deals
a few quarters later," said Matt Calkins, CEO & Founder.
Second Quarter 2018 Financial
Highlights:
- Revenue: Subscription revenue was $27.0
million for the second quarter of 2018, up 36% compared to the
second quarter of 2017. Total subscriptions, software and support
revenue increased 50% year-over-year to $33.0 million for the
second quarter of 2018, inclusive of $4.5 million in perpetual
software revenue. Professional services revenue was
$26.8 million for the second quarter of 2018, an increase of 27%
year-over-year. Total revenue was $59.9 million for the second
quarter of 2018, up 39% compared to the second quarter of 2017.
Subscription revenue retention rate was 119% as of June 30,
2018.
- Operating loss and non-GAAP operating loss:
GAAP operating loss was $(8.3) million for the second quarter of
2018, compared to $(14.8) million for the second quarter of
2017. Non-GAAP operating loss was $(6.1) million for the
second quarter of 2018, compared to $(5.5) million for the second
quarter of 2017.
- Net loss and non-GAAP net loss: GAAP net loss
was $(11.0) million for the second quarter of 2018, compared to
$(14.5) million for the second quarter of 2017. GAAP net loss
per share attributable to common stockholders was $(0.18) for the
second quarter of 2018 based on 61.4 million weighted-average
shares outstanding, compared to $(0.34) for the second quarter of
2017 based on 42.8 million weighted-average shares
outstanding. Non-GAAP net loss was $(8.8) million for the
second quarter of 2018, compared to $(4.4) million for the second
quarter of 2017. Non-GAAP net loss per share was $(0.14) for
the second quarter of 2018, based on 61.4 million basic and diluted
shares outstanding, compared to $(0.08) for the second quarter of
2017, based on 55.0 million basic and diluted shares
outstanding.
- Balance sheet and cash flows: As of June 30
2018, Appian had cash and cash equivalents of $50.4 million. Cash
used in operating activities was $(9.8) million for the three
months ended June 30, 2018, compared with cash used in operating
activities of $(9.5) million for the three months ended June 30,
2017.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.”
Second Quarter 2018 Business
Highlights:
- David Mitchell will become Senior Vice President of Sales
effective January 1, 2019. Edward Hughes will remain at
Appian. He will transition to a new executive position and serve as
an advisor to our sales leadership. Mr. Mitchell has 30 years of
experience in the software industry including executive
roles at webMethods and SoftwareAG. He has been at Appian as
Vice President of Sales Strategy for almost a year.
Messrs. Hughes and Mitchell will work together to complete a
smooth transition.
- Announced a new product for rapidly building unique contact
center solutions that deliver unrivaled customer experiences.
Appian Intelligent Contact Center™ Platform is a new cloud
platform tailored to the unique needs of contact center teams.
- Released the latest version of Appian, the Digital
Transformation Platform. The new release makes it easier than ever
to rapidly build powerful software applications.
- Named a Visionary by Gartner in its 2018 Magic Quadrant for
Enterprise High-Productivity Application Platform as a Service. The
report evaluates vendors in the enterprise high-productivity
application platform as a service (hpaPaaS) market and their
product offerings.
- Earned the #1 position on The Washington Post’s “Top Workplaces
2018” list.
- Announced the launch of its new Singapore regional office,
directly supporting Appian’s current customers in South East Asia
(ASEAN) and helping to meet the increasing demand for Appian’s
solutions throughout the region.
- Bayer, a top five global pharmaceuticals company, selected
Appian to provide a new digital solution for pharmacovigilance
reporting.
- HELLA, the lighting and electronics expert, is implementing
Appian’s low-code business process management platform. HELLA chose
Appian for its fast and easy implementation, greater flexibility,
and faster roll-out of processes. In addition, its fully managed,
EU-hosted Platform-as-a-Service (PaaS) significantly reduces system
administration time and efforts.
- Announced an agreement with Addiko Bank, an international
financial group headquartered in Vienna, Austria, to deploy two new
digital banking applications on Appian’s low-code application
platform. The applications have reduced customer wait times by as
much as 50% by cutting “time to yes” for simple loans down from one
week to just three days.
Financial Outlook:
As of August 2, 2018, guidance for the third
quarter 2018 and full year 2018 is as follows:
- Third Quarter 2018 Guidance:
• Subscription revenue is expected to be in the
range of $27.7 million and $27.9 million, representing
year-over-year growth of between 34% and 35%. •
Total revenue is expected to be in the range of $49.6 million
and $49.8 million, representing year-over-year growth of between
11% and 12%. • Non-GAAP operating
loss is expected to be in the range of $(11.2) million and $(10.2)
million. • Non-GAAP net loss per share is
expected to be in the range of $(0.19) and $(0.17). This
assumes 61.8 million weighted average common shares
outstanding.
- Full Year 2018 Guidance: •
Subscription revenue is now expected to be in the range of
$110.5 million and $110.9 million, representing year-over-year
growth of 34%. • Total revenue is now
expected to be in the range of $213.8 million and $215.3 million,
representing year-over-year growth of between 21% and
22%. • Non-GAAP operating loss is now
expected to be in the range of $(36.4) million and $(34.4)
million. • Non-GAAP net loss per share is
now expected to be in the range of $(0.63) and $(0.60). This
assumes 61.6 million non-GAAP weighted average common shares
outstanding.
Conference Call Details:
Appian will host a conference call today, August
2, 2018, at 5:00 p.m. ET to discuss the Company’s financial results
for the second quarter ended June 30, 2018 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)
407-0792 in the U.S. or (201) 689-8263 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
13681145.
About Appian
Appian (NASDAQ:APPN) provides a leading low-code
software development 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 Measures
To supplement its 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 2018, 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 Annual Report on Form 10-K for the
year ended December 31, 2017 filed with the Securities and Exchange
Commission on February 23, 2018 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 ContactStaci Mortenson
ICR703-442-1091investors@appian.com
Media ContactNicole
GreggsDirector, Media
Relations703-260-7868nicole.greggs@appian.com
|
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, |
|
2018 |
|
2017 |
|
(unaudited) |
|
|
Assets |
|
|
|
Current
assets |
|
|
|
Cash and
cash equivalents |
$ |
50,363 |
|
|
$ |
73,758 |
|
Accounts
receivable, net of allowance of $400 |
|
64,916 |
|
|
|
55,315 |
|
Deferred
commissions, current |
|
10,890 |
|
|
|
9,117 |
|
Prepaid
expenses and other current assets |
|
6,374 |
|
|
|
7,032 |
|
Total current assets |
|
132,543 |
|
|
|
145,222 |
|
Property and equipment,
net |
|
3,208 |
|
|
|
2,663 |
|
Deferred
commissions, net of current portion |
|
13,665 |
|
|
|
12,376 |
|
Deferred
tax assets |
|
245 |
|
|
|
281 |
|
Other
assets |
|
599 |
|
|
|
510 |
|
Total
assets |
$ |
150,260 |
|
|
$ |
161,052 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
Current
liabilities |
|
|
|
Accounts
payable |
$ |
8,888 |
|
|
$ |
5,226 |
|
Accrued
expenses |
|
6,468 |
|
|
|
6,467 |
|
Accrued
compensation and related benefits |
|
13,644 |
|
|
|
12,075 |
|
Deferred
revenue, current |
|
72,901 |
|
|
|
70,165 |
|
Other
current liabilities |
|
1,541 |
|
|
|
1,182 |
|
Total current
liabilities |
|
103,442 |
|
|
|
95,115 |
|
Deferred
tax liabilities |
|
11 |
|
|
|
87 |
|
Deferred
revenue, net of current portion |
|
14,514 |
|
|
|
18,922 |
|
Other
long-term liabilities |
|
234 |
|
|
|
1,404 |
|
Total
liabilities |
|
118,201 |
|
|
|
115,528 |
|
Stockholders’
equity |
|
|
|
Class A
common stock—par value $0.0001; 500,000,000 shares authorized and
19,422,534 shares issued and outstanding as of June 30, 2018;
par value $0.0001; 500,000,000 shares authorized and 13,030,081
shares issued and outstanding as of December 31, 2017 |
|
2 |
|
|
|
1 |
|
Class B
common stock—par value $0.0001; 100,000,000 shares authorized and
42,190,346 shares issued and outstanding as of June 30, 2018;
par value $0.0001; 100,000,000 shares authorized and 47,569,796
shares issued and outstanding as of December 31, 2017 |
|
4 |
|
|
|
5 |
|
Additional paid-in
capital |
|
147,786 |
|
|
|
141,268 |
|
Accumulated other
comprehensive income |
|
976 |
|
|
|
439 |
|
Accumulated
deficit |
|
(116,709 |
) |
|
|
(96,189 |
) |
Total
stockholders’ equity |
|
32,059 |
|
|
|
45,524 |
|
Total
liabilities and stockholders’ equity |
$ |
150,260 |
|
|
$ |
161,052 |
|
|
|
|
|
|
|
|
|
APPIAN CORPORATION AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(in thousands, except share and per share
data)(unaudited) |
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
Revenue: |
|
|
|
|
|
|
|
Subscriptions, software and support |
$ |
33,047 |
|
|
$ |
22,012 |
|
|
$ |
59,999 |
|
|
$ |
43,456 |
|
Professional services |
|
26,836 |
|
|
|
21,186 |
|
|
|
51,580 |
|
|
|
38,071 |
|
Total revenue |
|
59,883 |
|
|
|
43,198 |
|
|
|
111,579 |
|
|
|
81,527 |
|
Cost of revenue: |
|
|
|
|
|
|
|
Subscriptions, software and support |
|
2,824 |
|
|
|
2,488 |
|
|
|
5,452 |
|
|
|
4,550 |
|
Professional services |
|
18,750 |
|
|
|
14,149 |
|
|
|
37,171 |
|
|
|
24,777 |
|
Total cost of
revenue |
|
21,574 |
|
|
|
16,637 |
|
|
|
42,623 |
|
|
|
29,327 |
|
Gross profit |
|
38,309 |
|
|
|
26,561 |
|
|
|
68,956 |
|
|
|
52,200 |
|
Operating
expenses: |
|
|
|
|
|
|
|
Sales and
marketing |
|
27,384 |
|
|
|
22,775 |
|
|
|
50,348 |
|
|
|
39,778 |
|
Research
and development |
|
10,785 |
|
|
|
9,971 |
|
|
|
20,655 |
|
|
|
17,271 |
|
General
and administrative |
|
8,425 |
|
|
|
8,635 |
|
|
|
16,485 |
|
|
|
13,484 |
|
Total operating
expenses |
|
46,594 |
|
|
|
41,381 |
|
|
|
87,488 |
|
|
|
70,533 |
|
Operating loss |
|
(8,285 |
) |
|
|
(14,820 |
) |
|
|
(18,532 |
) |
|
|
(18,333 |
) |
Other expense
(income): |
|
|
|
|
|
|
|
Other
expense (income), net |
|
2,593 |
|
|
|
(734 |
) |
|
|
1,675 |
|
|
|
(1,233 |
) |
Interest
expense |
|
54 |
|
|
|
197 |
|
|
|
67 |
|
|
|
453 |
|
Total other expense
(income) |
|
2,647 |
|
|
|
(537 |
) |
|
|
1,742 |
|
|
|
(780 |
) |
Net loss before income
taxes |
|
(10,932 |
) |
|
|
(14,283 |
) |
|
|
(20,274 |
) |
|
|
(17,553 |
) |
Income tax expense |
|
35 |
|
|
|
176 |
|
|
|
246 |
|
|
|
301 |
|
Net loss |
|
(10,967 |
) |
|
|
(14,459 |
) |
|
|
(20,520 |
) |
|
|
(17,854 |
) |
Accretion of dividends
on convertible preferred stock |
|
— |
|
|
|
143 |
|
|
|
— |
|
|
|
357 |
|
Net loss attributable
to common stockholders |
$ |
(10,967 |
) |
|
$ |
(14,602 |
) |
|
$ |
(20,520 |
) |
|
$ |
(18,211 |
) |
Net loss per share
attributable to common stockholders: |
|
|
|
|
|
|
|
Basic and
diluted |
$ |
(0.18 |
) |
|
$ |
(0.34 |
) |
|
$ |
(0.34 |
) |
|
$ |
(0.47 |
) |
Weighted average common
shares outstanding: |
|
|
|
|
|
|
|
Basic and
diluted |
|
61,401,466 |
|
|
|
42,800,875 |
|
|
|
61,127,516 |
|
|
|
38,561,349 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APPIAN CORPORATION AND
SUBSIDIARIESSTOCK BASED COMPENSATION
EXPENSE(in thousands)(unaudited) |
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
Cost of revenue: |
|
|
|
|
|
|
|
Subscriptions, software and support |
$ |
107 |
|
$ |
404 |
|
$ |
217 |
|
$ |
404 |
Professional services |
|
203 |
|
|
984 |
|
|
423 |
|
|
984 |
Operating Expenses |
|
|
|
|
|
|
|
Sales and
marketing |
|
538 |
|
|
2,423 |
|
|
1,045 |
|
|
2,423 |
Research
and development |
|
342 |
|
|
2,202 |
|
|
733 |
|
|
2,202 |
General
and administrative |
|
1,016 |
|
|
3,332 |
|
|
2,028 |
|
|
3,332 |
Total
stock-based compensation expense |
$ |
2,206 |
|
$ |
9,345 |
|
$ |
4,446 |
|
$ |
9,345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APPIAN CORPORATION AND
SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS(in thousands)(unaudited) |
|
|
|
Six months ended June 30, |
|
|
2018 |
|
|
|
2017 |
|
Cash flows from
operating activities: |
|
|
|
Net
loss |
$ |
(20,520 |
) |
|
$ |
(17,854 |
) |
Adjustments to reconcile net loss to net cash (used in)
provided by operating activities: |
|
|
|
Depreciation and amortization |
|
951 |
|
|
|
443 |
|
Deferred
income taxes |
|
77 |
|
|
|
― |
|
Stock-based compensation |
|
4,446 |
|
|
|
9,345 |
|
Fair
value adjustment for warrant liability |
|
― |
|
|
|
341 |
|
Loss on
extinguishment of debt |
|
― |
|
|
|
384 |
|
Changes in assets and liabilities: |
|
|
|
Accounts
receivable |
|
(9,095 |
) |
|
|
(1,248 |
) |
Prepaid
expenses and other assets |
|
(311 |
) |
|
|
(2,362 |
) |
Deferred
commissions |
|
(3,062 |
) |
|
|
(933 |
) |
Accounts
payable and accrued expenses |
|
3,480 |
|
|
|
5,296 |
|
Accrued
compensation and related benefits |
|
1,995 |
|
|
|
(687 |
) |
Other
current liabilities |
|
951 |
|
|
|
(186 |
) |
Deferred
revenue |
|
(1,368 |
) |
|
|
1,728 |
|
Other
long-term liabilities |
|
(1,160 |
) |
|
|
(17 |
) |
Net cash (used in) provided by operating
activities |
|
(23,616 |
) |
|
|
(5,750 |
) |
Cash flows from
investing activities: |
|
|
|
Purchases
of property and equipment |
|
(1,593 |
) |
|
|
(205 |
) |
Net cash used in investing activities |
|
(1,593 |
) |
|
|
(205 |
) |
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 |
|
2,072 |
|
|
|
452 |
|
Proceeds
from issuance of long-term debt, net of debt issuance costs |
|
― |
|
|
|
19,616 |
|
Repayment
of long-term debt |
|
― |
|
|
|
(40,000 |
) |
Net cash provided by financing activities |
|
2,072 |
|
|
|
51,635 |
|
Effect of
foreign exchange rate changes on cash and cash
equivalents |
|
(258 |
) |
|
|
831 |
|
Net increase in
cash and cash equivalents |
|
(23,395 |
) |
|
|
46,511 |
|
Cash and cash
equivalents, beginning of period |
|
73,758 |
|
|
|
31,143 |
|
Cash and cash
equivalents, end of period |
$ |
50,363 |
|
|
$ |
77,654 |
|
Supplemental
disclosure of cash flow information: |
|
|
|
Cash paid
for interest |
$ |
21 |
|
|
$ |
506 |
|
Cash paid
for income taxes |
$ |
175 |
|
|
$ |
228 |
|
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 |
|
Deferred
offering costs included in accounts payable and accrued
expenses |
$ |
― |
|
|
$ |
1,343 |
|
|
|
|
|
|
|
|
|
|
|
|
|
APPIAN CORPORATION AND
SUBSIDIARIESRECONCILIATION 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, |
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
Reconciliation of
non-GAAP operating loss: |
|
|
|
|
|
|
|
GAAP
operating loss |
$ |
(8,285 |
) |
|
$ |
(14,820 |
) |
|
$ |
(18,532 |
) |
|
$ |
(18,333 |
) |
Add
back: |
|
|
|
|
|
|
|
Stock-based compensation expense |
|
2,206 |
|
|
|
9,345 |
|
|
|
4,446 |
|
|
|
9,345 |
|
Non-GAAP
operating loss |
$ |
(6,079 |
) |
|
$ |
(5,475 |
) |
|
$ |
(14,086 |
) |
|
$ |
(8,988 |
) |
|
|
|
|
|
|
|
|
Reconciliation of
non-GAAP net loss: |
|
|
|
|
|
|
|
GAAP net
loss |
$ |
(10,967 |
) |
|
$ |
(14,459 |
) |
|
$ |
(20,520 |
) |
|
$ |
(17,854 |
) |
Add
back: |
|
|
|
|
|
|
|
Stock-based compensation expense |
|
2,206 |
|
|
|
9,345 |
|
|
|
4,446 |
|
|
|
9,345 |
|
Change in
fair value of warrant liability |
|
― |
|
|
|
341 |
|
|
|
― |
|
|
|
341 |
|
Loss on
extinguishment of debt |
|
― |
|
|
|
384 |
|
|
|
― |
|
|
|
384 |
|
Non-GAAP
net loss |
$ |
(8,761 |
) |
|
$ |
(4,389 |
) |
|
$ |
(16,074 |
) |
|
$ |
(7,784 |
) |
|
|
|
|
|
|
|
|
Non-GAAP earnings per
share: |
|
|
|
|
|
|
|
Non-GAAP
net loss |
$ |
(8,761 |
) |
|
$ |
(4,389 |
) |
|
$ |
(16,074 |
) |
|
$ |
(7,784 |
) |
Non-GAAP
weighted average shares used to compute net loss per share
attributable to common stockholders, basic and diluted |
|
61,401,466 |
|
|
|
54,976,178 |
|
|
|
61,127,516 |
|
|
|
53,714,039 |
|
Non-GAAP
net loss per share, basic and diluted |
$ |
(0.14 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.26 |
) |
|
$ |
(0.14 |
) |
|
|
|
|
|
|
|
|
Reconciliation of
non-GAAP net loss per share, basic and diluted: |
|
|
|
|
|
|
|
GAAP net
loss per share attributable to common stockholders, basic and
diluted |
$ |
(0.18 |
) |
|
$ |
(0.34 |
) |
|
$ |
(0.34 |
) |
|
$ |
(0.47 |
) |
Add
back: |
|
|
|
|
|
|
|
Non-GAAP
adjustments to net loss per share |
|
0.04 |
|
|
|
0.26 |
|
|
|
0.08 |
|
|
|
0.33 |
|
Non-GAAP
net loss per share, basic and diluted |
$ |
(0.14 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.26 |
) |
|
$ |
(0.14 |
) |
|
|
|
|
|
|
|
|
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 |
|
61,401,466 |
|
|
|
42,800,875 |
|
|
|
61,127,516 |
|
|
|
38,561,349 |
|
Add
back: |
|
|
|
|
|
|
|
Additional weighted average shares giving effect to conversion of
preferred stock at the beginning of the period |
|
― |
|
|
|
12,175,303 |
|
|
|
― |
|
|
|
15,152,690 |
|
Non-GAAP
weighted average shares used to compute net loss per share, basic
and diluted |
|
61,401,466 |
|
|
|
54,976,178 |
|
|
|
61,127,516 |
|
|
|
53,714,039 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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