Appian Announces Third Quarter 2020 Financial Results
November 05 2020 - 4:05PM
Appian (Nasdaq: APPN) today announced financial results for the
third quarter ended September 30, 2020.
“We exceeded our guidance, grew cloud subscription revenue by
40%, and reached an all-time high for gross profit margin
this quarter. Organizations are choosing Appian to transform
their critical processes. Low-code and automation in a single
platform is proving to be a winning combination," said Matt
Calkins, CEO & Founder.
Third Quarter 2020
Financial Highlights:
- Revenue: Cloud subscription revenue was $34.3
million for the third quarter of 2020, up 40% compared to the third
quarter of 2019. Total subscriptions revenue, which includes sales
of SaaS subscriptions, on-premises term license subscriptions and
maintenance and support, increased 34% year-over-year to $50.8
million for the third quarter of 2020. Professional services
revenue was $26.5 million for the third quarter of 2020, compared
to $28.4 million for the third quarter of 2019. Total revenue was
$77.3 million for the third quarter of 2020, up 17% compared to the
third quarter of 2019. Cloud subscription revenue retention rate
was 115% as of September 30, 2020.
- Operating loss and non-GAAP operating loss:
GAAP operating loss was $(7.5) million for the third quarter of
2020, compared to $(12.3) million for the third quarter of 2019.
Non-GAAP operating loss was $(3.9) million for the third quarter of
2020, compared to $(9.1) million for the third quarter of
2019.
- Net loss and non-GAAP net loss: GAAP net loss
was $(3.6) million for the third quarter of 2020, compared to
$(14.7) million for the third quarter of 2019. GAAP net loss per
share was $(0.05) for the third quarter of 2020, based on 69.9
million weighted average shares outstanding, compared to $(0.22)
for the third quarter of 2019, based on 65.5 million weighted
average shares outstanding. Non-GAAP net loss was $(34,000) for the
third quarter of 2020, compared to $(11.5) million for the third
quarter of 2019. Non-GAAP net loss per share was $(0.00) for the
third quarter of 2020, based on 69.9 million weighted average
shares outstanding, compared to $(0.18) per share for the third
quarter of 2019, based on 65.5 million weighted average shares
outstanding.
- Adjusted EBITDA: Adjusted EBITDA loss was
$(2.4) million for the third quarter of 2020, compared to $(7.8)
million for the third quarter of 2019.
- Balance sheet and cash flows: As of September
30, 2020, Appian had cash and cash equivalents of $251.1 million.
Net cash used in operating activities was $(6.5) million for the
three months ended September 30, 2020 compared to $(14.9) million
of net cash used in operating activities for the same period in
2019.
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.”
Third Quarter 2020
Business Highlights:
- Appian launched the Acquisition Requirements Management
solution for government organizations to effectively manage
the acquisition process.
- Appian Workforce Safety and CampusPassTM solutions are
available in the AWS Marketplace.
- Appian was named a Leader by Forrester Research, Inc.
in “The Forrester WaveTM: Insurance Agency Portals, Q3 2020”
report.
- KPMG launched the Workplace Reentry Digital Toolkit, built on
Appian Workforce Safety, to help companies safely return employees
onsite.
- Appian announced a no-code integration between technology
partner, Automation Anywhere’s robotic process automation
(RPA) and Appian’s low-code automation platform.
Financial Outlook:
As of November 5, 2020, guidance for the fourth
quarter 2020 and full year 2020 is as follows:
-
Fourth Quarter 2020 Guidance:
- Cloud subscription revenue is
expected to be in the range of $35.0 million and $35.5 million,
representing year-over-year growth of between 33% and 35%.
- Total revenue is expected to be in
the range of $73.0 million and $74.0 million, representing a
year-over-year increase of between 6% 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
70.5 million weighted average common shares outstanding.
- Full Year
2020 Guidance:
- Cloud subscription revenue is
expected to be in the range of $127.3 million and $127.8 million,
representing year-over-year growth of 34%.
- Total revenue is expected to be in
the range of $296.0 million and $297.0 million, representing a
year-over-year increase of 14%.
- Adjusted EBITDA loss is expected to
be in the range of $(24.0) million and $(23.0) million.
- Non-GAAP net loss per share is
expected to be in the range of $(0.42) and $(0.40). This assumes
69.1 million weighted average common shares outstanding.
Conference Call Details:
Appian will host a conference call today,
November 5, 2020, at 5:00 p.m. ET to discuss Appian's financial
results for the third quarter ended September 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 (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
13710253.
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 fourth quarter and full
year 2020, 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 |
|
|
September
30, |
|
December
31, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
(unaudited) |
|
|
|
Assets |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
$ |
251,088 |
|
|
$ |
159,755 |
|
|
Accounts receivable, net of allowance of $1,200 and $600 as of
September 30, 2020 and December 31, 2019, respectively |
|
89,219 |
|
|
|
70,408 |
|
|
Deferred commissions, current |
|
16,292 |
|
|
|
14,543 |
|
|
Prepaid expenses and other current assets |
|
25,909 |
|
|
|
32,955 |
|
|
Total current assets |
|
382,508 |
|
|
|
277,661 |
|
|
Property and
equipment, net |
|
36,415 |
|
|
|
39,554 |
|
|
Goodwill |
|
4,637 |
|
|
|
- |
|
|
Intangible
assets, net of accumulated amortization of $307 as of September 30,
2020 |
|
1,765 |
|
|
|
- |
|
|
Operating
right-of-use assets |
|
30,855 |
|
|
|
24,205 |
|
|
Deferred
commissions, net of current portion |
|
31,580 |
|
|
|
28,979 |
|
|
Deferred tax
assets |
|
654 |
|
|
|
494 |
|
|
Other
assets |
|
4,042 |
|
|
|
592 |
|
|
Total assets |
$ |
492,456 |
|
|
$ |
371,485 |
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
Current liabilities |
|
|
|
|
Accounts payable |
$ |
4,630 |
|
|
$ |
5,222 |
|
|
Accrued expenses |
|
6,287 |
|
|
|
7,488 |
|
|
Accrued compensation and related benefits |
|
16,615 |
|
|
|
10,691 |
|
|
Deferred revenue, current |
|
96,902 |
|
|
|
82,201 |
|
|
Operating lease liabilities, current |
|
6,592 |
|
|
|
3,836 |
|
|
Finance lease liabilities, current |
|
1,549 |
|
|
|
1,447 |
|
|
Other current liabilities |
|
319 |
|
|
|
1,395 |
|
|
Total current liabilities |
|
132,894 |
|
|
|
112,280 |
|
|
Operating
lease liabilities, net of current portion |
|
51,727 |
|
|
|
44,416 |
|
|
Finance
lease liabilities, net of current portion |
|
1,192 |
|
|
|
2,375 |
|
|
Deferred
revenue, net of current portion |
|
4,371 |
|
|
|
7,139 |
|
|
Deferred tax
liabilities |
|
461 |
|
|
|
38 |
|
|
Other
non-current liabilities |
|
4,069 |
|
|
|
- |
|
|
Total liabilities |
|
194,714 |
|
|
|
166,248 |
|
|
Stockholders’ equity |
|
|
|
|
Class A
common stock - par value $0.0001; 500,000,000 shares authorized and
37,805,423 shares issued and outstanding as of September 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
32,214,766 shares issued and outstanding as of September 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 |
|
462,686 |
|
|
|
340,929 |
|
|
Accumulated
other comprehensive loss |
|
(2,442 |
) |
|
|
(285 |
) |
|
Accumulated
deficit |
|
(162,509 |
) |
|
|
(135,413 |
) |
|
Total stockholders’ equity |
|
297,742 |
|
|
|
205,237 |
|
|
Total liabilities and stockholders’ equity |
$ |
492,456 |
|
|
$ |
371,485 |
|
|
|
|
|
|
|
APPIAN
CORPORATION AND SUBSIDIARIES |
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS |
|
(unaudited,
in thousands, except share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
Revenue |
|
|
|
|
|
|
|
|
Subscriptions |
$ |
50,760 |
|
|
$ |
37,774 |
|
|
$ |
142,614 |
|
|
$ |
109,191 |
|
|
Professional services |
|
26,544 |
|
|
|
28,381 |
|
|
|
80,329 |
|
|
|
82,543 |
|
|
Total revenue |
|
77,304 |
|
|
|
66,155 |
|
|
|
222,943 |
|
|
|
191,734 |
|
|
Cost
of revenue |
|
|
|
|
|
|
|
|
Subscriptions |
|
5,101 |
|
|
|
4,484 |
|
|
|
15,185 |
|
|
|
12,105 |
|
|
Professional services |
|
16,450 |
|
|
|
19,467 |
|
|
|
51,641 |
|
|
|
58,963 |
|
|
Total cost of revenue |
|
21,551 |
|
|
|
23,951 |
|
|
|
66,826 |
|
|
|
71,068 |
|
|
Gross profit |
|
55,753 |
|
|
|
42,204 |
|
|
|
156,117 |
|
|
|
120,666 |
|
|
Operating expenses |
|
|
|
|
|
|
|
|
Sales and marketing |
|
31,633 |
|
|
|
27,603 |
|
|
|
94,891 |
|
|
|
86,186 |
|
|
Research and development |
|
18,150 |
|
|
|
15,697 |
|
|
|
51,366 |
|
|
|
42,418 |
|
|
General and administrative |
|
13,485 |
|
|
|
11,191 |
|
|
|
38,076 |
|
|
|
29,468 |
|
|
Total operating expenses |
|
63,268 |
|
|
|
54,491 |
|
|
|
184,333 |
|
|
|
158,072 |
|
|
Operating loss |
|
(7,515 |
) |
|
|
(12,287 |
) |
|
|
(28,216 |
) |
|
|
(37,406 |
) |
|
Other (income) expense: |
|
|
|
|
|
|
|
|
Other (income) expense, net |
|
(4,277 |
) |
|
|
2,262 |
|
|
|
(1,845 |
) |
|
|
1,881 |
|
|
Interest expense |
|
119 |
|
|
|
96 |
|
|
|
390 |
|
|
|
236 |
|
|
Total other (income) expense |
|
(4,158 |
) |
|
|
2,358 |
|
|
|
(1,455 |
) |
|
|
2,117 |
|
|
Loss
before income taxes |
|
(3,357 |
) |
|
|
(14,645 |
) |
|
|
(26,761 |
) |
|
|
(39,523 |
) |
|
Income tax
expense |
|
255 |
|
|
|
5 |
|
|
|
335 |
|
|
|
394 |
|
|
Net
loss |
$ |
(3,612 |
) |
|
$ |
(14,650 |
) |
|
$ |
(27,096 |
) |
|
$ |
(39,917 |
) |
|
Net loss per
share: |
|
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.05 |
) |
|
$ |
(0.22 |
) |
|
$ |
(0.39 |
) |
|
$ |
(0.62 |
) |
|
Weighted
average common shares outstanding: |
|
|
|
|
|
|
|
|
Basic and diluted |
|
69,923,553 |
|
|
|
65,508,113 |
|
|
|
68,611,994 |
|
|
|
64,860,342 |
|
|
|
|
|
|
|
|
|
|
|
APPIAN
CORPORATION AND SUBSIDIARIES |
|
STOCK-BASED
COMPENSATION EXPENSE |
|
(unaudited,
in thousands) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Cost of
revenue: |
|
|
|
|
|
|
|
|
Subscriptions |
$ |
236 |
|
$ |
147 |
|
$ |
678 |
|
$ |
462 |
|
Professional services |
|
406 |
|
|
243 |
|
|
935 |
|
|
2,461 |
|
Operating
expenses |
|
|
|
|
|
|
|
|
Sales and marketing |
|
427 |
|
|
776 |
|
|
1,837 |
|
|
3,971 |
|
Research and development |
|
669 |
|
|
433 |
|
|
1,841 |
|
|
2,983 |
|
General and administrative |
|
1,840 |
|
|
1,542 |
|
|
5,377 |
|
|
3,178 |
|
Total
stock-based compensation expense |
$ |
3,578 |
|
$ |
3,141 |
|
$ |
10,668 |
|
$ |
13,055 |
|
|
|
|
|
|
|
|
|
|
APPIAN
CORPORATION AND SUBSIDIARIES |
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(unaudited,
in thousands) |
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
2020 |
|
|
|
2019 |
|
Cash
flows from operating activities: |
|
|
|
Net loss |
$ |
(27,096 |
) |
|
$ |
(39,917 |
) |
Adjustments to reconcile net loss to net cash used in
operating activities: |
|
|
|
Depreciation and amortization |
|
4,485 |
|
|
|
3,273 |
|
Bad debt expense |
|
778 |
|
|
|
98 |
|
Loss on disposal of property and equipment |
|
22 |
|
|
|
146 |
|
Deferred income taxes |
|
(162 |
) |
|
|
(191 |
) |
Stock-based compensation |
|
10,668 |
|
|
|
13,055 |
|
Changes in assets and liabilities: |
|
|
|
Accounts receivable |
|
(22,594 |
) |
|
|
1,854 |
|
Prepaid expenses and other assets |
|
4,491 |
|
|
|
23,280 |
|
Deferred commissions |
|
(4,349 |
) |
|
|
(6,192 |
) |
Accounts payable and accrued expenses |
|
(2,456 |
) |
|
|
(3,909 |
) |
Accrued compensation and related benefits |
|
5,844 |
|
|
|
(2,159 |
) |
Other liabilities |
|
2,963 |
|
|
|
(251 |
) |
Deferred revenue |
|
10,531 |
|
|
|
2,315 |
|
Operating lease liabilities |
|
3,422 |
|
|
|
- |
|
Deferred rent, non-current |
|
- |
|
|
|
5,718 |
|
Net cash used in operating activities |
|
(13,453 |
) |
|
|
(2,880 |
) |
Cash
flows from investing activities: |
|
|
|
Payments for acquisitions, net of cash acquired |
|
(6,138 |
) |
|
|
- |
|
Purchases of property and equipment |
|
(1,036 |
) |
|
|
(31,430 |
) |
Net cash used in investing activities |
|
(7,174 |
) |
|
|
(31,430 |
) |
Cash
flows from financing activities: |
|
|
|
Principal payments on finance leases |
|
(1,080 |
) |
|
|
(299 |
) |
Proceeds from public offering, net of underwriting discounts |
|
108,260 |
|
|
|
101,653 |
|
Payments of costs related to public offerings |
|
(18 |
) |
|
|
(12 |
) |
Proceeds from exercise of common stock options |
|
3,175 |
|
|
|
4,052 |
|
Net cash provided by financing activities |
|
110,337 |
|
|
|
105,394 |
|
Effect of foreign exchange rate changes on cash and cash
equivalents |
|
1,623 |
|
|
|
(460 |
) |
Net
increase in cash and cash equivalents |
|
91,333 |
|
|
|
70,624 |
|
Cash
and cash equivalents, beginning of period |
|
159,755 |
|
|
|
94,930 |
|
Cash
and cash equivalents, end of period |
$ |
251,088 |
|
|
$ |
165,554 |
|
Supplemental disclosure of cash flow
information: |
|
|
|
Cash paid for interest |
$ |
116 |
|
|
$ |
250 |
|
Cash paid for income taxes |
$ |
630 |
|
|
$ |
236 |
|
Supplemental disclosure of non-cash financing
information: |
|
|
|
Capital lease obligations to acquire new office furniture and
fixtures and computer hardware |
$ |
― |
|
|
$ |
4,491 |
|
APPIAN
CORPORATION AND SUBSIDIARIES |
|
RECONCILIATION OF GAAP MEASURES TO NON-GAAP
MEASURES |
|
(unaudited,
in thousands, except share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
Reconciliation of non-GAAP operating loss: |
|
|
|
|
|
|
|
|
GAAP operating loss |
$ |
(7,515 |
) |
|
$ |
(12,287 |
) |
|
$ |
(28,216 |
) |
|
$ |
(37,406 |
) |
|
Add back: |
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
3,578 |
|
|
|
3,141 |
|
|
|
10,668 |
|
|
|
13,055 |
|
|
Non-GAAP
operating loss |
$ |
(3,937 |
) |
|
$ |
(9,146 |
) |
|
$ |
(17,548 |
) |
|
$ |
(24,351 |
) |
|
|
|
|
|
|
|
|
|
|
Reconciliation of non-GAAP net loss: |
|
|
|
|
|
|
|
|
GAAP net loss |
$ |
(3,612 |
) |
|
$ |
(14,650 |
) |
|
$ |
(27,096 |
) |
|
$ |
(39,917 |
) |
|
Add back: |
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
3,578 |
|
|
|
3,141 |
|
|
|
10,668 |
|
|
|
13,055 |
|
|
Loss on disposal of property and equipment |
― |
|
|
|
1 |
|
|
|
22 |
|
|
|
146 |
|
|
Non-GAAP net
loss |
$ |
(34 |
) |
|
$ |
(11,508 |
) |
|
$ |
(16,406 |
) |
|
$ |
(26,716 |
) |
|
|
|
|
|
|
|
|
|
|
Non-GAAP
earnings per share: |
|
|
|
|
|
|
|
|
Non-GAAP net loss |
$ |
(34 |
) |
|
$ |
(11,508 |
) |
|
$ |
(16,406 |
) |
|
$ |
(26,716 |
) |
|
Non-GAAP weighted average shares used to compute net loss per
share, basic and diluted |
|
69,923,553 |
|
|
|
65,508,113 |
|
|
|
68,611,994 |
|
|
|
64,860,342 |
|
|
Non-GAAP net
loss per share, basic and diluted |
$ |
(0.00 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.41 |
) |
|
|
|
|
|
|
|
|
|
|
Reconciliation of non-GAAP net loss per share, basic and
diluted: |
|
|
|
|
|
|
|
|
GAAP net loss per share, basic and diluted |
$ |
(0.05 |
) |
|
$ |
(0.22 |
) |
|
$ |
(0.39 |
) |
|
$ |
(0.62 |
) |
|
Add back: |
|
|
|
|
|
|
|
|
Non-GAAP adjustments to net loss per share |
|
0.05 |
|
|
|
0.04 |
|
|
|
0.15 |
|
|
|
0.21 |
|
|
Non-GAAP net
loss per share, basic and diluted |
$ |
(0.00 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.41 |
) |
|
|
|
|
|
|
|
|
|
|
Reconciliation of adjusted EBITDA: |
|
|
|
|
|
|
|
|
GAAP net loss |
$ |
(3,612 |
) |
|
$ |
(14,650 |
) |
|
$ |
(27,096 |
) |
|
$ |
(39,917 |
) |
|
Other (income) expense, net |
|
(4,277 |
) |
|
|
2,262 |
|
|
|
(1,845 |
) |
|
|
1,881 |
|
|
Interest expense |
|
119 |
|
|
|
96 |
|
|
|
390 |
|
|
|
236 |
|
|
Income tax expense |
|
255 |
|
|
|
5 |
|
|
|
335 |
|
|
|
394 |
|
|
Depreciation and amortization expense |
|
1,505 |
|
|
|
1,340 |
|
|
|
4,485 |
|
|
|
3,273 |
|
|
Stock-based compensation expense |
|
3,578 |
|
|
|
3,141 |
|
|
|
10,668 |
|
|
|
13,055 |
|
|
Adjusted
EBITDA |
$ |
(2,432 |
) |
|
$ |
(7,806 |
) |
|
$ |
(13,063 |
) |
|
$ |
(21,078 |
) |
|
|
|
|
|
|
|
|
|
|
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