Appian Announces Second Quarter 2020 Financial Results
August 06 2020 - 4:05PM
Appian (Nasdaq: APPN) today announced financial results for the
second quarter ended June 30, 2020.
“Recent circumstances have demonstrated the importance of quick
adaptability. Organizations are turning to rapid-development
technologies like Appian's low-code automation platform to
build their applications and processes," said Matt Calkins, CEO
& Founder.
Second Quarter 2020 Financial
Highlights:
- Revenue: Cloud subscription revenue was $29.6
million for the second quarter of 2020, up 30% compared to the
second quarter of 2019. Total subscriptions revenue, which includes
sales of SaaS subscriptions, on-premises term license subscriptions
and maintenance and support, increased 12% year-over-year to $41.4
million for the second quarter of 2020. Professional services
revenue was $25.4 million for the second quarter of 2020, compared
to $28.4 million for the second quarter of 2019. Total revenue was
$66.8 million for the second quarter of 2020, up 2% compared to the
second quarter of 2019. Cloud subscription revenue retention rate
was 113% as of June 30, 2020. Gross renewal rate was 98% as of June
30, 2020.
- Operating loss and non-GAAP operating loss:
GAAP operating loss was $(12.1) million for the second quarter of
2020, compared to $(9.8) million for the second quarter of
2019. Non-GAAP operating loss was $(8.5) million for the
second quarter of 2020, compared to $(7.1) million for the second
quarter of 2019.
- Net loss and non-GAAP net loss: GAAP net loss
was $(11.8) million for the second quarter of 2020, compared to
$(10.1) million for the second quarter of 2019. GAAP net loss
per share was $(0.17) for the second quarter of 2020, based on 68.4
million weighted-average shares outstanding, compared to $(0.16)
for the second quarter of 2019, based on 64.8 million
weighted-average shares outstanding. Non-GAAP net loss was
$(8.2) million for the second quarter of 2020, compared to $(7.2)
million for the second quarter of 2019. Non-GAAP net loss per
share was $(0.12) for the second quarter of 2020, based on 68.4
million basic and diluted shares outstanding, consistent with
$(0.11) for the second quarter of 2019, based on 64.8 million basic
and diluted shares outstanding.
- Adjusted EBITDA: Adjusted EBITDA loss was
$(7.0) million for the second quarter of 2020, compared to $(6.0)
million for the second quarter of 2019.
- Balance sheet and cash flows: As of June 30,
2020, Appian had cash and cash equivalents of $256.1 million,
compared to $149.2 million at March 31, 2020, primarily reflecting
the completion of Appian’s underwritten public offering of
1,931,206 shares of Appian Class A common stock in June 2020. Net
cash used in operating activities was $(3.1) million for the three
months ended June 30, 2020 compared to $16.1 million of net cash
provided by operating activities for the same period in 2019. The
$16.1 million of net cash provided by operating activities for the
three months ended June 30, 2019, includes $12.5 million of tenant
improvement allowance reimbursements received associated with the
build-out of Appian’s new headquarters.
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 2020 Business
Highlights:
- Appian launched the Workforce Safety solution to safely
return employees to facilities during the COVID pandemic.
- Appian launched the CampusPass™ solution for colleges and
universities to safely reopen campuses during the COVID
pandemic.
- The United States Marine Corps has included Appian’s low-code
automation platform on its list of approved Platform as a Service
(PaaS) tools.
- Appian and KPMG announced an Intelligent Data Privacy
offering, helping businesses manage compliance with the
California Consumer Privacy Act (CCPA).
- DocuSign and Appian announced a no-code integration,
adding market-leading electronic signature capabilities to Appian’s
low-code automation platform.
- Box and Appian announced the availability of a no-code
integration, uniting Box's best-of-breed content management with
Appian's low-code automation platform.
- Appian released the latest version of its low-code automation
platform.
Financial Outlook:
As of August 6, 2020, guidance for 2020 is as
follows:
- Third Quarter 2020 Guidance:
- Cloud subscription revenue is expected to be in the range of
$31.4 million and $31.9 million, representing year-over-year growth
of between 28% and 30%.
- Total revenue is expected to be in the range of $70.5 million
and $71.5 million, representing a year-over-year increase of
between 7% and 8%.
- Adjusted EBITDA loss is expected to be in the range of $(11.0)
million and $(10.0) million.
- Non-GAAP net loss per share is expected to be in the range of
$(0.18) and $(0.16). This assumes 70.0 million weighted average
common shares outstanding.
- Full Year 2020 Guidance:
- Given the continued uncertainty regarding the duration of
COVID-19 and its impact on the global economy, there is a broad
range of possible results for this year. Therefore, Appian is not
providing a financial outlook for full year 2020.
Conference Call Details:
Appian will host a conference call today, August
6, 2020, at 5:00 p.m. ET to discuss Appian's financial results for
the second quarter ended June 30, 2020 and business
outlook.
The live webcast of the conference call can be
accessed on the Investor Relations page of Appian’s website at
http://investors.appian.com. To access the call, please dial (800)
437-2398 in the U.S. or (323) 289-6576 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
3672818.
About Appian
Appian (NASDAQ: APPN) provides a low-code automation platform
that accelerates the creation of high-impact business applications.
Many of the world’s largest organizations use Appian applications
to improve customer experience, achieve operational excellence, and
simplify global risk management and compliance. 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, non-GAAP weighted average shares outstanding and adjusted
EBITDA. These non-GAAP financial measures exclude the effect of
stock-based compensation expense and gains or losses on disposal of
an asset. 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. A reconciliation of non-GAAP guidance measures to
the most comparable GAAP measures is not available on a
forward-looking basis without unreasonable efforts due to the high
variability, complexity and low visibility with respect to the
charges excluded from these non-GAAP measures.
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, the
impact of COVID-19 on Appian’s business and on the global economy,
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,
2019 filed with the Securities and Exchange Commission on February
20, 2020 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 ContactScott Walker
Director, Investor Relations703-496-4573scott.walker@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) |
|
|
|
|
|
|
|
|
|
|
|
|
As
of |
|
As
of |
|
|
June
30, |
|
December
31, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
(unaudited) |
|
|
|
Assets |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
$ |
256,146 |
|
|
$ |
159,755 |
|
|
Accounts receivable, net of allowance of $800 and $600 as of June
30, 2020 and December 31, 2019, respectively |
|
71,853 |
|
|
|
70,408 |
|
|
Deferred commissions, current |
|
15,122 |
|
|
|
14,543 |
|
|
Prepaid expenses and other current assets |
|
26,289 |
|
|
|
32,955 |
|
|
Total current assets |
|
369,410 |
|
|
|
277,661 |
|
|
Property and
equipment, net |
|
37,437 |
|
|
|
39,554 |
|
|
Goodwill |
|
4,443 |
|
|
|
- |
|
|
Intangible
assets, net of accumulated amortization of $196 as of June 30,
2020 |
|
1,790 |
|
|
|
- |
|
|
Operating
right-of-use assets |
|
23,156 |
|
|
|
24,205 |
|
|
Deferred
commissions, net of current portion |
|
28,694 |
|
|
|
28,979 |
|
|
Deferred tax
assets |
|
583 |
|
|
|
494 |
|
|
Other
assets |
|
5,847 |
|
|
|
592 |
|
|
Total assets |
$ |
471,360 |
|
|
$ |
371,485 |
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
Current liabilities |
|
|
|
|
Accounts payable |
$ |
4,128 |
|
|
$ |
5,222 |
|
|
Accrued expenses |
|
7,307 |
|
|
|
7,488 |
|
|
Accrued compensation and related benefits |
|
13,183 |
|
|
|
10,691 |
|
|
Deferred revenue, current |
|
87,550 |
|
|
|
82,201 |
|
|
Operating lease liabilities, current |
|
5,427 |
|
|
|
3,836 |
|
|
Finance lease liabilities, current |
|
1,549 |
|
|
|
1,447 |
|
|
Other current liabilities |
|
592 |
|
|
|
1,395 |
|
|
Total current liabilities |
|
119,736 |
|
|
|
112,280 |
|
|
Operating
lease liabilities, net of current portion |
|
44,142 |
|
|
|
44,416 |
|
|
Finance
lease liabilities, net of current portion |
|
1,556 |
|
|
|
2,375 |
|
|
Deferred
revenue, net of current portion |
|
4,595 |
|
|
|
7,139 |
|
|
Deferred tax
liabilities |
|
437 |
|
|
|
38 |
|
|
Other
non-current liabilities |
|
2,092 |
|
|
|
- |
|
|
Total liabilities |
|
172,558 |
|
|
|
166,248 |
|
|
Stockholders’ equity |
|
|
|
|
Class A
common stock - par value $0.0001; 500,000,000 shares authorized and
37,558,379 shares issued and outstanding as of June 30, 2020;
500,000,000 shares authorized and 34,525,386 shares issued and
outstanding as of December 31, 2019 |
|
4 |
|
|
|
3 |
|
|
Class B
common stock - par value $0.0001; 100,000,000 shares authorized and
32,281,936 shares issued and outstanding as of June 30, 2020;
100,000,000 shares authorized and 32,942,636 shares issued and
outstanding as of December 31, 2019 |
|
3 |
|
|
|
3 |
|
|
Additional
paid-in capital |
|
458,174 |
|
|
|
340,929 |
|
|
Accumulated
other comprehensive loss |
|
(482 |
) |
|
|
(285 |
) |
|
Accumulated
deficit |
|
(158,897 |
) |
|
|
(135,413 |
) |
|
Total stockholders’ equity |
|
298,802 |
|
|
|
205,237 |
|
|
Total liabilities and stockholders’ equity |
$ |
471,360 |
|
|
$ |
371,485 |
|
|
|
|
|
|
|
APPIAN
CORPORATION AND SUBSIDIARIES |
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS |
|
(unaudited,
in thousands, except share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
Revenue |
|
|
|
|
|
|
|
|
Subscriptions |
$ |
41,418 |
|
|
$ |
36,860 |
|
|
$ |
91,854 |
|
|
$ |
71,417 |
|
|
Professional services |
|
25,357 |
|
|
|
28,415 |
|
|
|
53,785 |
|
|
|
54,162 |
|
|
Total revenue |
|
66,775 |
|
|
|
65,275 |
|
|
|
145,639 |
|
|
|
125,579 |
|
|
Cost
of revenue |
|
|
|
|
|
|
|
|
Subscriptions |
|
4,701 |
|
|
|
4,036 |
|
|
|
10,084 |
|
|
|
7,621 |
|
|
Professional services |
|
16,455 |
|
|
|
19,015 |
|
|
|
35,191 |
|
|
|
39,496 |
|
|
Total cost of revenue |
|
21,156 |
|
|
|
23,051 |
|
|
|
45,275 |
|
|
|
47,117 |
|
|
Gross profit |
|
45,619 |
|
|
|
42,224 |
|
|
|
100,364 |
|
|
|
78,462 |
|
|
Operating expenses |
|
|
|
|
|
|
|
|
Sales and marketing |
|
29,086 |
|
|
|
29,992 |
|
|
|
63,258 |
|
|
|
58,583 |
|
|
Research and development |
|
17,178 |
|
|
|
12,765 |
|
|
|
33,216 |
|
|
|
26,721 |
|
|
General and administrative |
|
11,450 |
|
|
|
9,261 |
|
|
|
24,591 |
|
|
|
18,277 |
|
|
Total operating expenses |
|
57,714 |
|
|
|
52,018 |
|
|
|
121,065 |
|
|
|
103,581 |
|
|
Operating loss |
|
(12,095 |
) |
|
|
(9,794 |
) |
|
|
(20,701 |
) |
|
|
(25,119 |
) |
|
Other (income) expense: |
|
|
|
|
|
|
|
|
Other (income) expense, net |
|
(682 |
) |
|
|
(79 |
) |
|
|
2,432 |
|
|
|
(381 |
) |
|
Interest expense |
|
128 |
|
|
|
69 |
|
|
|
271 |
|
|
|
140 |
|
|
Total other (income) expense |
|
(554 |
) |
|
|
(10 |
) |
|
|
2,703 |
|
|
|
(241 |
) |
|
Loss
before income taxes |
|
(11,541 |
) |
|
|
(9,784 |
) |
|
|
(23,404 |
) |
|
|
(24,878 |
) |
|
Income tax
expense |
|
274 |
|
|
|
267 |
|
|
|
80 |
|
|
|
389 |
|
|
Net
loss |
$ |
(11,815 |
) |
|
$ |
(10,051 |
) |
|
$ |
(23,484 |
) |
|
$ |
(25,267 |
) |
|
Net loss per
share: |
|
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.17 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.35 |
) |
|
$ |
(0.39 |
) |
|
Weighted
average common shares outstanding: |
|
|
|
|
|
|
|
|
Basic and diluted |
|
68,369,823 |
|
|
|
64,753,044 |
|
|
|
67,949,270 |
|
|
|
64,531,089 |
|
|
|
|
|
|
|
|
|
|
|
APPIAN
CORPORATION AND SUBSIDIARIES |
|
STOCK-BASED
COMPENSATION EXPENSE |
|
(unaudited,
in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
Cost of
revenue: |
|
|
|
|
|
|
|
|
Subscriptions |
$ |
229 |
|
$ |
161 |
|
$ |
442 |
|
$ |
315 |
|
Professional services |
|
317 |
|
|
244 |
|
|
529 |
|
|
2,218 |
|
Operating
expenses |
|
|
|
|
|
|
|
|
Sales and marketing |
|
657 |
|
|
814 |
|
|
1,410 |
|
|
3,195 |
|
Research and development |
|
619 |
|
|
435 |
|
|
1,172 |
|
|
2,550 |
|
General and administrative |
|
1,792 |
|
|
1,035 |
|
|
3,537 |
|
|
1,636 |
|
Total
stock-based compensation expense |
$ |
3,614 |
|
$ |
2,689 |
|
$ |
7,090 |
|
$ |
9,914 |
|
|
|
|
|
|
|
|
|
|
APPIAN
CORPORATION AND SUBSIDIARIES |
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(unaudited,
in thousands) |
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
2020 |
|
|
|
2019 |
|
Cash
flows from operating activities: |
|
|
|
Net loss |
$ |
(23,484 |
) |
|
$ |
(25,267 |
) |
Adjustments to reconcile net loss to net cash (used in)
provided by operating activities: |
|
|
|
Depreciation and amortization |
|
2,980 |
|
|
|
1,933 |
|
Bad debt expense |
|
200 |
|
|
|
97 |
|
Loss on disposal of property and equipment |
|
22 |
|
|
|
145 |
|
Deferred income taxes |
|
(168 |
) |
|
|
(47 |
) |
Stock-based compensation |
|
7,090 |
|
|
|
9,914 |
|
Changes in assets and liabilities: |
|
|
|
Accounts receivable |
|
(2,084 |
) |
|
|
9,337 |
|
Prepaid expenses and other assets |
|
1,922 |
|
|
|
13,453 |
|
Deferred commissions |
|
(295 |
) |
|
|
(4,790 |
) |
Accounts payable and accrued expenses |
|
(1,674 |
) |
|
|
5,458 |
|
Accrued compensation and related benefits |
|
2,575 |
|
|
|
(3,181 |
) |
Other liabilities |
|
1,271 |
|
|
|
(269 |
) |
Deferred revenue |
|
2,310 |
|
|
|
640 |
|
Operating lease liabilities |
|
2,378 |
|
|
|
- |
|
Deferred rent, non-current |
|
- |
|
|
|
4,584 |
|
Net cash (used in) provided by operating
activities |
|
(6,957 |
) |
|
|
12,007 |
|
Cash
flows from investing activities: |
|
|
|
Payments for acquisitions, net of cash acquired |
|
(6,138 |
) |
|
|
- |
|
Purchases of property and equipment |
|
(686 |
) |
|
|
(27,689 |
) |
Net cash used in investing activities |
|
(6,824 |
) |
|
|
(27,689 |
) |
Cash
flows from financing activities: |
|
|
|
Principal payments on finance leases |
|
(716 |
) |
|
|
- |
|
Proceeds from public offering, net of underwriting discounts |
|
108,260 |
|
|
|
- |
|
Payments of costs related to public offerings |
|
(18 |
) |
|
|
- |
|
Proceeds from exercise of common stock options |
|
2,242 |
|
|
|
1,987 |
|
Net cash provided by financing activities |
|
109,768 |
|
|
|
1,987 |
|
Effect of foreign exchange rate changes on cash and cash
equivalents |
|
404 |
|
|
|
(134 |
) |
Net
increase (decrease) in cash and cash equivalents |
|
96,391 |
|
|
|
(13,829 |
) |
Cash
and cash equivalents, beginning of period |
|
159,755 |
|
|
|
94,930 |
|
Cash
and cash equivalents, end of period |
$ |
256,146 |
|
|
$ |
81,101 |
|
Supplemental disclosure of cash flow
information: |
|
|
|
Cash paid for interest |
$ |
88 |
|
|
$ |
170 |
|
Cash paid for income taxes |
$ |
139 |
|
|
$ |
116 |
|
Supplemental disclosure of non-cash financing
information: |
|
|
|
Capital lease obligations to acquire new office furniture and
fixtures |
$ ― |
|
$ |
3,673 |
|
APPIAN
CORPORATION AND SUBSIDIARIES |
|
RECONCILIATION OF GAAP MEASURES TO NON-GAAP
MEASURES |
|
(unaudited,
in thousands, except share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
Reconciliation of non-GAAP operating loss: |
|
|
|
|
|
|
|
|
GAAP operating loss |
$ |
(12,095 |
) |
|
$ |
(9,794 |
) |
|
$ |
(20,701 |
) |
|
$ |
(25,119 |
) |
|
Add back: |
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
3,614 |
|
|
|
2,689 |
|
|
|
7,090 |
|
|
|
9,914 |
|
|
Non-GAAP operating loss |
$ |
(8,481 |
) |
|
$ |
(7,105 |
) |
|
$ |
(13,611 |
) |
|
$ |
(15,205 |
) |
|
|
|
|
|
|
|
|
|
|
Reconciliation of non-GAAP net loss: |
|
|
|
|
|
|
|
|
GAAP net loss |
$ |
(11,815 |
) |
|
$ |
(10,051 |
) |
|
$ |
(23,484 |
) |
|
$ |
(25,267 |
) |
|
Add back: |
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
3,614 |
|
|
|
2,689 |
|
|
|
7,090 |
|
|
|
9,914 |
|
|
Loss on disposal of property and equipment |
|
15 |
|
|
|
145 |
|
|
|
22 |
|
|
|
145 |
|
|
Non-GAAP net loss |
$ |
(8,186 |
) |
|
$ |
(7,217 |
) |
|
$ |
(16,372 |
) |
|
$ |
(15,208 |
) |
|
|
|
|
|
|
|
|
|
|
Non-GAAP
earnings per share: |
|
|
|
|
|
|
|
|
Non-GAAP net loss |
$ |
(8,186 |
) |
|
$ |
(7,217 |
) |
|
$ |
(16,372 |
) |
|
$ |
(15,208 |
) |
|
Non-GAAP weighted average shares used to compute net loss per
share, basic and diluted |
|
68,369,823 |
|
|
|
64,753,044 |
|
|
|
67,949,270 |
|
|
|
64,531,089 |
|
|
Non-GAAP net loss per share, basic and diluted |
$ |
(0.12 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.24 |
) |
|
|
|
|
|
|
|
|
|
|
Reconciliation of non-GAAP net loss per share, basic and
diluted: |
|
|
|
|
|
|
|
|
GAAP net loss per share, basic and diluted |
$ |
(0.17 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.35 |
) |
|
$ |
(0.39 |
) |
|
Add back: |
|
|
|
|
|
|
|
|
Non-GAAP adjustments to net loss per share |
|
0.05 |
|
|
|
0.05 |
|
|
|
0.11 |
|
|
|
0.15 |
|
|
Non-GAAP net loss per share, basic and diluted |
$ |
(0.12 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.24 |
) |
|
|
|
|
|
|
|
|
|
|
Reconciliation of adjusted EBITDA: |
|
|
|
|
|
|
|
|
GAAP net loss |
$ |
(11,815 |
) |
|
$ |
(10,051 |
) |
|
$ |
(23,484 |
) |
|
$ |
(25,267 |
) |
|
Other (income) expense, net |
|
(682 |
) |
|
|
(79 |
) |
|
|
2,432 |
|
|
|
(381 |
) |
|
Interest expense |
|
128 |
|
|
|
69 |
|
|
|
271 |
|
|
|
140 |
|
|
Income tax expense |
|
274 |
|
|
|
267 |
|
|
|
80 |
|
|
|
389 |
|
|
Depreciation and amortization expense |
|
1,469 |
|
|
|
1,135 |
|
|
|
2,980 |
|
|
|
1,933 |
|
|
Stock-based compensation expense |
|
3,614 |
|
|
|
2,689 |
|
|
|
7,090 |
|
|
|
9,914 |
|
|
Adjusted EBITDA |
$ |
(7,012 |
) |
|
$ |
(5,970 |
) |
|
$ |
(10,631 |
) |
|
$ |
(13,272 |
) |
|
|
|
|
|
|
|
|
|
|
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