Appian (Nasdaq: APPN) today announced financial results for the
fourth quarter and full year ended December 31, 2021.
"Appian cloud subscription revenue grew 39% for
the full year. We enter 2022 with an accelerating business, a
unified low-code platform, a growing ecosystem, and happy
customers," said Matt Calkins, CEO & Founder.
Fourth Quarter 2021 Financial
Highlights:
-
Revenue: Cloud subscription revenue was $51.2
million for the fourth quarter of 2021, up 39% compared to the
fourth quarter of 2020. Total subscriptions revenue, which includes
sales of our SaaS subscriptions, on-premises term license
subscriptions, and maintenance and support, increased 35%
year-over-year to $75.8 million for the fourth quarter of 2021.
Professional services revenue was $29.2 million for the fourth
quarter of 2021, compared to $25.5 million for the fourth quarter
of 2020. Total revenue was $105.0 million for the fourth quarter of
2021, up 29% compared to the fourth quarter of 2020. Cloud
subscription revenue retention rate was 116% as of
December 31, 2021.
-
Operating loss and non-GAAP operating loss: GAAP
operating loss was $(25.9) million for the fourth quarter of 2021,
compared to $(9.7) million for the fourth quarter of 2020. Non-GAAP
operating loss was $(11.7) million for the fourth quarter of 2021,
compared to $(5.1) million for the fourth quarter of 2020.
- Net loss
and non-GAAP net loss: GAAP net loss was $(25.8) million
for the fourth quarter of 2021, compared to $(6.4) million for the
fourth quarter of 2020. GAAP net loss per share was $(0.36) for the
fourth quarter of 2021, based on 71.3 million weighted-average
shares outstanding, compared to $(0.09) for the fourth quarter of
2020, based on 70.4 million weighted-average shares outstanding.
Non-GAAP net loss was $(11.6) million for the fourth quarter of
2021, compared to $(1.8) million for the fourth quarter of 2020.
Non-GAAP net loss per share was $(0.16) for the fourth quarter of
2021, based on 71.3 million basic and diluted shares outstanding,
compared to the $(0.03) net loss per share for the fourth quarter
of 2020, based on 70.4 million basic and diluted shares
outstanding.
- Adjusted
EBITDA: Adjusted EBITDA loss was $(10.0) million for the
fourth quarter of 2021, compared to adjusted EBITDA loss of $(3.7)
million for the fourth quarter of 2020.
- Cash flows: Net
cash used in operating activities was $(19.4) million for the three
months ended December 31, 2021 compared to $5.8 million of net cash
provided by operating activities for the same period in 2020.
Full Year 2021 Financial
Highlights:
-
Revenue: Cloud subscription revenue was $179.4
million for the full year 2021, up 39% compared to the full year
2020. Total subscriptions revenue, which includes sales of our SaaS
subscriptions, on-premises term license subscriptions, and
maintenance and support, increased 33% year-over-year to $263.7
million for the full year 2021. Professional services revenue was
$105.5 million for the full year 2021, compared to $105.9 million
for the full year 2020. Total revenue was $369.3 million for the
full year 2021, up 21% compared to the full year 2020.
-
Operating loss and non-GAAP operating loss: GAAP
operating loss was $(83.9) million for the full year 2021, compared
to $(37.9) million for the full year 2020. Non-GAAP operating loss
was $(43.7) million for the full year 2021, compared to $(22.6)
million for the full year 2020.
- Net loss
and non-GAAP net loss: GAAP net loss was $(88.6) million
for the full year 2021, compared to $(33.5) million for the full
year 2020. GAAP net loss per share was $(1.25) for the full year
2021, based on 71.0 million weighted-average shares outstanding,
compared to $(0.48) for the full year 2020, based on 69.1 million
weighted-average shares outstanding. Non-GAAP net loss was $(48.3)
million for the full year 2021, compared to $(18.2) million for the
full year 2020. Non-GAAP net loss per share was $(0.68) for the
full year 2021, based on 71.0 million basic and diluted shares
outstanding, compared to the $(0.26) net loss per share for the
full year 2020, based on 69.1 million basic and diluted shares
outstanding.
- Adjusted
EBITDA: Adjusted EBITDA loss was $(37.9) million for the
full year 2021, compared to adjusted EBITDA loss of $(16.8) million
for the full year 2020.
- Balance sheet and cash
flows: As of December 31, 2021, Appian had total
cash, cash equivalents, and investments of $168.0 million. Net cash
used in operating activities was $(53.9) million for the full year
2021 compared to $(7.6) million of net cash used in operating
activities for the full year in 2020.
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.”
Fourth Quarter 2021 Business
Highlights:
- Vontobel scales
Appian’s Robotic Process Automation across the company.
- Belong accelerates
intelligent automation during COVID-19 with Appian.
- Appian named a
Leader by Forrester Research, Inc. in “The Forrester Wave™: Digital
Process Automation Software, Q4 2021” report.
- Appian announces
2021 Public Sector Solutions Cup and Partner Award winners.
- Appian and Redox
partner to simplify EHR data integration for payer and
providers.
Financial Outlook:
As of February 17, 2022, guidance for 2022
is as follows:
- First Quarter 2022 Guidance:
- Cloud subscription revenue is expected to be in the range of
$52.1 million and $52.6 million, representing year-over-year growth
of between 33% and 35%.
- Total revenue is expected to be in the range of $106.0 million
and $108.0 million, representing a year-over-year increase of
between 19% and 22%.
- Adjusted EBITDA loss is expected to be in the range of $(9.0)
million and $(7.0) million.
- Non-GAAP net loss per share is expected to be in the range of
$(0.15) and $(0.12), assuming weighted average common shares
outstanding of 72.2 million.
- Full Year 2022 Guidance:
- Cloud subscription revenue is expected to be in the range of
$234.0 million and $236.0 million, representing year-over-year
growth of between 30% and 32%.
- Total revenue is expected to be in the range of $444.0 million
and $446.0 million, representing a year-over-year increase of
between 20% and 21%.
- Adjusted EBITDA loss is expected to be in the range of $(53.0)
million and $(51.0) million.
- Non-GAAP net loss per share is expected to be in the range of
$(0.83) and $(0.80), assuming weighted average common shares
outstanding of 72.5 million.
Conference Call Details:
Appian will host a conference call today,
February 17, 2022, at 4:30 p.m. ET to discuss Appian's
financial results for the fourth quarter and full year ended
December 31, 2021 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 (888)
204-4368 in the U.S. or (323) 994-2093 internationally (Conference
ID: 5263699). 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 5263699.
About Appian
Appian provides a low-code platform that
accelerates the creation of high-impact business applications and
workflows, enabling our customers to automate the most important
aspects of their business. Global organizations use our
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, gains or
losses on disposals of assets, and certain litigation-related
expenses consisting of legal and other professional fees which are
not indicative of our core operating performance and are not part
of our normal course of business.
The presentation of these non-GAAP financial
measures is not intended to be considered in isolation from, as a
substitute for, or superior to the financial information prepared
and presented in accordance with GAAP, and Appian’s non-GAAP
measures may be different from non-GAAP measures used by other
companies. For more information on these non-GAAP financial
measures, see the reconciliation of these non-GAAP financial
measures to their nearest comparable GAAP measures at the end of
this press release. 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
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 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 first
quarter and full year 2022, the impact of COVID-19, including the
emergence of new variant strains of COVID-19, on our 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 subscriptions 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, the timing of Appian’s
recognition of subscriptions 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, 2021 filed with the Securities and Exchange
Commission on February 17, 2022 and other reports that Appian
has filed with the Securities and Exchange Commission. Moreover,
Appian operates in a very competitive and rapidly changing
environment. New risks emerge from time to time. It is not possible
for Appian’s management to predict all risks, nor can Appian assess
the impact of all factors on its business or the extent to which
any factor, or combination of factors, may cause actual results to
differ materially from those contained in any forward-looking
statements Appian may make. In light of these risks, uncertainties,
and assumptions, Appian cannot guarantee future results, levels of
activity, performance, achievements, or events and circumstances
reflected in the forward-looking statements will occur. Appian is
under no duty to update any of these forward-looking statements
after the date of this press release to conform these statements to
actual results or revised expectations, except as required by
law.
Investor ContactSrinivas
Anantha, CFA703-442-8844investors@appian.com
Media ContactBen
Farrell703-442-1067ben.farrell@appian.com
|
APPIAN CORPORATION AND SUBSIDIARIESCONSOLIDATED
BALANCE SHEETS(in thousands, except share and per share
data) |
|
|
|
As of |
|
|
December 31, 2021 |
|
December 31, 2020 |
|
|
|
|
|
Assets |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
|
$ |
100,796 |
|
|
$ |
112,462 |
|
Short-term investments and marketable securities |
|
|
55,179 |
|
|
|
109,826 |
|
Accounts receivable, net of allowance of $1,400 as of each of
December 31, 2021 and December 31, 2020 |
|
|
130,049 |
|
|
|
97,278 |
|
Deferred commissions, current |
|
|
24,668 |
|
|
|
17,899 |
|
Prepaid expenses and other current assets |
|
|
26,781 |
|
|
|
27,955 |
|
Restricted cash, current |
|
|
791 |
|
|
|
— |
|
Total current assets |
|
|
338,264 |
|
|
|
365,420 |
|
Property and equipment, net |
|
|
36,913 |
|
|
|
35,404 |
|
Long-term investments |
|
|
12,044 |
|
|
|
36,120 |
|
Goodwill |
|
|
27,795 |
|
|
|
4,862 |
|
Intangible assets, net of accumulated amortization of $1,260 and
$429 as of December 31, 2021 and December 31, 2020,
respectively |
|
|
7,144 |
|
|
|
1,744 |
|
Operating right-of-use assets |
|
|
27,897 |
|
|
|
30,659 |
|
Deferred commissions, net of current portion |
|
|
49,017 |
|
|
|
34,198 |
|
Deferred tax assets |
|
|
1,025 |
|
|
|
489 |
|
Restricted cash, net of current portion |
|
|
2,373 |
|
|
|
— |
|
Other assets |
|
|
2,047 |
|
|
|
3,625 |
|
Total assets |
|
$ |
504,519 |
|
|
$ |
512,521 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
Current liabilities |
|
|
|
|
Accounts payable |
|
$ |
5,766 |
|
|
$ |
2,967 |
|
Accrued expenses |
|
|
15,483 |
|
|
|
5,821 |
|
Accrued compensation and related benefits |
|
|
35,126 |
|
|
|
22,981 |
|
Deferred revenue, current |
|
|
150,169 |
|
|
|
116,256 |
|
Operating lease liabilities, current |
|
|
8,110 |
|
|
|
6,923 |
|
Other current liabilities |
|
|
1,067 |
|
|
|
940 |
|
Total current liabilities |
|
|
215,721 |
|
|
|
155,888 |
|
Operating lease liabilities, net of current portion |
|
|
48,784 |
|
|
|
51,194 |
|
Deferred revenue, net of current portion |
|
|
2,430 |
|
|
|
3,886 |
|
Deferred tax liabilities |
|
|
209 |
|
|
|
70 |
|
Other non-current liabilities |
|
|
3,458 |
|
|
|
4,878 |
|
Total liabilities |
|
|
270,602 |
|
|
|
215,916 |
|
Stockholders’ equity |
|
|
|
|
Class A common stock—par value $0.0001; 500,000,000 shares
authorized and 39,964,298 shares issued and outstanding as of
December 31, 2021; 500,000,000 shares authorized and
38,971,324 shares issued and outstanding as of
December 31, 2020 |
|
|
4 |
|
|
|
4 |
|
Class B common stock—par value $0.0001; 100,000,000 shares
authorized and 31,497,796 shares issued and outstanding as of
December 31, 2021; 100,000,000 shares authorized and
31,707,866 shares issued and outstanding as of December 31,
2020 |
|
|
3 |
|
|
|
3 |
|
Additional paid-in capital |
|
|
497,128 |
|
|
|
470,498 |
|
Accumulated other comprehensive loss |
|
|
(5,687 |
) |
|
|
(5,010 |
) |
Accumulated deficit |
|
|
(257,531 |
) |
|
|
(168,890 |
) |
Total stockholders’ equity |
|
|
233,917 |
|
|
|
296,605 |
|
Total liabilities and stockholders’ equity |
|
$ |
504,519 |
|
|
$ |
512,521 |
|
APPIAN CORPORATION AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF
OPERATIONS(in thousands, except share and per share
data) |
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
Revenue: |
|
|
|
|
|
|
|
Subscriptions |
$ |
75,786 |
|
|
$ |
56,096 |
|
|
$ |
263,738 |
|
|
$ |
198,710 |
|
Professional services |
|
29,202 |
|
|
|
25,534 |
|
|
|
105,521 |
|
|
|
105,863 |
|
Total revenue |
|
104,988 |
|
|
|
81,630 |
|
|
|
369,259 |
|
|
|
304,573 |
|
Cost of revenue: |
|
|
|
|
|
|
|
Subscriptions |
|
7,524 |
|
|
|
5,641 |
|
|
|
27,330 |
|
|
|
20,826 |
|
Professional services |
|
20,698 |
|
|
|
16,299 |
|
|
|
76,763 |
|
|
|
67,940 |
|
Total cost of revenue |
|
28,222 |
|
|
|
21,940 |
|
|
|
104,093 |
|
|
|
88,766 |
|
Gross profit |
|
76,766 |
|
|
|
59,690 |
|
|
|
265,166 |
|
|
|
215,807 |
|
Operating expenses: |
|
|
|
|
|
|
|
Sales and marketing |
|
49,277 |
|
|
|
35,425 |
|
|
|
167,852 |
|
|
|
130,316 |
|
Research and development |
|
26,455 |
|
|
|
18,875 |
|
|
|
97,517 |
|
|
|
70,241 |
|
General and administrative |
|
26,978 |
|
|
|
15,076 |
|
|
|
83,704 |
|
|
|
53,152 |
|
Total operating expenses |
|
102,710 |
|
|
|
69,376 |
|
|
|
349,073 |
|
|
|
253,709 |
|
Operating loss |
|
(25,944 |
) |
|
|
(9,686 |
) |
|
|
(83,907 |
) |
|
|
(37,902 |
) |
Other (income) expense |
|
|
|
|
|
|
|
Other (income) expense, net |
|
(557 |
) |
|
|
(3,941 |
) |
|
|
3,584 |
|
|
|
(5,786 |
) |
Interest expense |
|
139 |
|
|
|
88 |
|
|
|
372 |
|
|
|
478 |
|
Total other (income) expense |
|
(418 |
) |
|
|
(3,853 |
) |
|
|
3,956 |
|
|
|
(5,308 |
) |
Loss before income taxes |
|
(25,526 |
) |
|
|
(5,833 |
) |
|
|
(87,863 |
) |
|
|
(32,594 |
) |
Income tax expense |
|
319 |
|
|
|
548 |
|
|
|
778 |
|
|
|
883 |
|
Net loss |
$ |
(25,845 |
) |
|
$ |
(6,381 |
) |
|
$ |
(88,641 |
) |
|
$ |
(33,477 |
) |
Net loss per share attributable to common stockholders: |
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.36 |
) |
|
$ |
(0.09 |
) |
|
$ |
(1.25 |
) |
|
$ |
(0.48 |
) |
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
Basic and diluted |
|
71,333,582 |
|
|
|
70,362,387 |
|
|
|
71,036,490 |
|
|
|
69,050,565 |
|
APPIAN CORPORATION AND SUBSIDIARIESSTOCK
BASED COMPENSATION EXPENSE(in thousands) |
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
Cost of revenue |
|
|
|
|
|
|
|
Subscriptions |
$ |
226 |
|
$ |
265 |
|
$ |
1,199 |
|
$ |
943 |
Professional services |
|
848 |
|
|
542 |
|
|
3,131 |
|
|
1,477 |
Operating expenses |
|
|
|
|
|
|
|
Sales and marketing |
|
1,673 |
|
|
984 |
|
|
5,426 |
|
|
2,821 |
Research and development |
|
1,877 |
|
|
877 |
|
|
5,224 |
|
|
2,718 |
General and administrative |
|
1,528 |
|
|
1,943 |
|
|
8,864 |
|
|
7,320 |
Total stock-based compensation expense |
$ |
6,152 |
|
$ |
4,611 |
|
$ |
23,844 |
|
$ |
15,279 |
APPIAN CORPORATION AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH
FLOWS(in thousands) |
|
|
Year Ended December 31, |
|
|
2021 |
|
|
|
2020 |
|
Cash flows from operating activities: |
|
|
|
Net loss |
$ |
(88,641 |
) |
|
$ |
(33,477 |
) |
Adjustments to reconcile net loss to net cash used in
operating activities: |
|
|
|
Depreciation and amortization |
|
5,743 |
|
|
|
5,851 |
|
Bad debt expense |
|
410 |
|
|
|
984 |
|
Loss on disposal of property and equipment |
|
79 |
|
|
|
22 |
|
Change in fair value of available-for-sale securities |
|
— |
|
|
|
22 |
|
Deferred income taxes |
|
(498 |
) |
|
|
(184 |
) |
Stock-based compensation |
|
23,844 |
|
|
|
15,279 |
|
Changes in assets and liabilities: |
|
|
|
Accounts receivable |
|
(33,904 |
) |
|
|
(33,559 |
) |
Prepaid expenses and other assets |
|
2,094 |
|
|
|
3,740 |
|
Deferred commissions |
|
(21,588 |
) |
|
|
(8,575 |
) |
Accounts payable and accrued expenses |
|
11,467 |
|
|
|
(4,238 |
) |
Accrued compensation and related benefits |
|
12,598 |
|
|
|
11,801 |
|
Other liabilities |
|
(444 |
) |
|
|
3,681 |
|
Deferred revenue |
|
33,378 |
|
|
|
27,626 |
|
Operating lease assets and liabilities |
|
1,544 |
|
|
|
3,407 |
|
Net cash used in operating activities |
|
(53,918 |
) |
|
|
(7,620 |
) |
Cash flows from investing activities: |
|
|
|
Purchases of investments |
|
(41,870 |
) |
|
|
(145,968 |
) |
Payments for acquisitions, net of cash acquired |
|
(30,729 |
) |
|
|
(6,138 |
) |
Proceeds from investments |
|
120,593 |
|
|
|
— |
|
Purchases of property and equipment |
|
(6,058 |
) |
|
|
(1,251 |
) |
Net cash provided by (used in) investing
activities |
|
41,936 |
|
|
|
(153,357 |
) |
Cash flows from financing activities: |
|
|
|
Principal payments on finance leases |
|
— |
|
|
|
(3,822 |
) |
Proceeds from public offerings, net of underwriting discounts |
|
— |
|
|
|
108,260 |
|
Payments of costs related to public offerings |
|
— |
|
|
|
(346 |
) |
Proceeds from exercise of common stock options |
|
2,786 |
|
|
|
6,376 |
|
Net cash provided by financing activities |
|
2,786 |
|
|
|
110,468 |
|
Effect of foreign exchange rate changes on cash, cash
equivalents, and restricted cash |
|
694 |
|
|
|
3,216 |
|
Net decrease in cash, cash equivalents, and restricted
cash |
|
(8,502 |
) |
|
|
(47,293 |
) |
Cash, cash equivalents, and restricted cash at beginning of
period |
$ |
112,462 |
|
|
$ |
159,755 |
|
Cash, cash equivalents, and restricted cash at end of
period |
$ |
103,960 |
|
|
$ |
112,462 |
|
Supplemental disclosure of cash flow
information: |
|
|
|
Cash paid for interest |
$ |
323 |
|
|
$ |
165 |
|
Cash paid for income taxes |
$ |
1,505 |
|
|
$ |
1,182 |
|
Supplemental disclosure of non-cash investing and financing
information: |
|
|
|
Accrued capital expenditures |
$ |
379 |
|
|
$ |
— |
|
APPIAN CORPORATION AND
SUBSIDIARIESRECONCILIATION OF GAAP MEASURES TO
NON-GAAP MEASURES(unaudited, in thousands, except share
and per share data) |
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Reconciliation of non-GAAP operating loss: |
|
|
|
|
|
|
|
GAAP operating loss |
$ |
(25,944 |
) |
|
$ |
(9,686 |
) |
|
$ |
(83,907 |
) |
|
$ |
(37,902 |
) |
Add back: |
|
|
|
|
|
|
|
Stock-based compensation expense |
|
6,152 |
|
|
|
4,611 |
|
|
|
23,844 |
|
|
|
15,279 |
|
Litigation expenses(1) |
|
8,130 |
|
|
|
— |
|
|
|
16,400 |
|
|
|
— |
|
Non-GAAP operating loss |
$ |
(11,662 |
) |
|
$ |
(5,075 |
) |
|
$ |
(43,663 |
) |
|
$ |
(22,623 |
) |
|
|
|
|
|
|
|
|
Reconciliation of non-GAAP net loss: |
|
|
|
|
|
|
|
GAAP net loss |
$ |
(25,845 |
) |
|
$ |
(6,381 |
) |
|
$ |
(88,641 |
) |
|
$ |
(33,477 |
) |
Add back: |
|
|
|
|
|
|
|
Stock-based compensation expense |
|
6,152 |
|
|
|
4,611 |
|
|
|
23,844 |
|
|
|
15,279 |
|
Litigation expenses(1) |
|
8,130 |
|
|
|
— |
|
|
|
16,400 |
|
|
|
— |
|
Loss on disposal of property and equipment |
|
1 |
|
|
|
— |
|
|
|
79 |
|
|
|
22 |
|
Non-GAAP net loss |
$ |
(11,562 |
) |
|
$ |
(1,770 |
) |
|
$ |
(48,318 |
) |
|
$ |
(18,176 |
) |
|
|
|
|
|
|
|
|
Non-GAAP earnings per share: |
|
|
|
|
|
|
|
Non-GAAP net loss |
$ |
(11,562 |
) |
|
$ |
(1,770 |
) |
|
$ |
(48,318 |
) |
|
$ |
(18,176 |
) |
Non-GAAP weighted average shares used to compute net loss per
share, basic and diluted |
|
71,333,582 |
|
|
|
70,362,387 |
|
|
|
71,036,490 |
|
|
|
69,050,565 |
|
Non-GAAP net loss per share, basic and diluted |
$ |
(0.16 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.68 |
) |
|
$ |
(0.26 |
) |
|
|
|
|
|
|
|
|
Reconciliation of non-GAAP net loss per share, basic and
diluted: |
|
|
|
|
|
|
|
GAAP net loss per share, basic and diluted |
$ |
(0.36 |
) |
|
$ |
(0.09 |
) |
|
$ |
(1.25 |
) |
|
$ |
(0.48 |
) |
Add back: |
|
|
|
|
|
|
|
Non-GAAP adjustments to net loss per share |
|
0.20 |
|
|
|
0.06 |
|
|
|
0.57 |
|
|
|
0.22 |
|
Non-GAAP net loss per share, basic and diluted |
$ |
(0.16 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.68 |
) |
|
$ |
(0.26 |
) |
|
|
|
|
|
|
|
|
Reconciliation of adjusted EBITDA: |
|
|
|
|
|
|
|
GAAP net loss |
$ |
(25,845 |
) |
|
$ |
(6,381 |
) |
|
$ |
(88,641 |
) |
|
$ |
(33,477 |
) |
Other (income) expense, net |
|
(557 |
) |
|
|
(3,941 |
) |
|
|
3,584 |
|
|
|
(5,786 |
) |
Interest expense |
|
139 |
|
|
|
88 |
|
|
|
372 |
|
|
|
478 |
|
Income tax expense |
|
319 |
|
|
|
548 |
|
|
|
778 |
|
|
|
883 |
|
Depreciation and amortization |
|
1,672 |
|
|
|
1,366 |
|
|
|
5,743 |
|
|
|
5,851 |
|
Stock-based compensation expense |
|
6,152 |
|
|
|
4,611 |
|
|
|
23,844 |
|
|
|
15,279 |
|
Litigation expenses(1) |
|
8,130 |
|
|
|
— |
|
|
|
16,400 |
|
|
|
— |
|
Adjusted EBITDA |
$ |
(9,990 |
) |
|
$ |
(3,709 |
) |
|
$ |
(37,920 |
) |
|
$ |
(16,772 |
) |
(1) Consists of professional fees and other costs
incurred in connection with two separate lawsuits, one involving
reciprocal false advertising and related claims with a competitor
and one involving an effort to enforce our intellectual property.
We believe the costs incurred related to these cases are outside of
our ordinary course of business; therefore, exclusion of such costs
aids to provide supplemental information and comparable financial
results from period to period.
Appian (NASDAQ:APPN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Appian (NASDAQ:APPN)
Historical Stock Chart
From Jul 2023 to Jul 2024