Appian (Nasdaq: APPN) today announced financial results for the
second quarter ended June 30, 2022.
"Appian grew cloud subscription revenue 34% in
Q2, exceeding our guidance. Appian's loyal customers, broad partner
ecosystem, and efficiency-centric platform give us advantages in
times of economic uncertainty," said Matt Calkins, CEO &
Founder.
Second Quarter 2022 Financial
Highlights:
-
Revenue: Cloud subscription revenue was $57.1
million, up 34% compared to the second quarter of 2021. Total
subscriptions revenue increased 35% year-over-year to $76.7
million. Professional services revenue was $33.4 million, an
increase of 28% compared to the second quarter of 2021. Total
revenue was $110.1 million, up 33% compared to the second quarter
of 2021. Cloud subscription revenue retention rate was 116% as of
June 30, 2022.
-
Operating loss and non-GAAP operating loss: GAAP
operating loss was $(42.7) million, compared to $(24.6) million for
the second quarter of 2021. Non-GAAP operating loss was $(26.8)
million, compared to $(17.6) million for the second quarter of
2021.
- Net loss
and non-GAAP net loss: GAAP net loss was $(49.4) million,
compared to $(23.8) million for the second quarter of 2021. GAAP
net loss per share was $(0.68) for the second quarter of 2022,
compared to $(0.34) for the second quarter of 2021. Non-GAAP net
loss was $(33.4) million, compared to $(16.9) million for the
second quarter of 2021. Non-GAAP net loss per share was $(0.46),
compared to the $(0.24) net loss per share for the second quarter
of 2021. GAAP and non-GAAP net loss for the second quarter of 2022
included $6.5 million, or $(0.09) per share, of foreign currency
exchange losses. We do not forecast foreign exchange rate
movements.
- Adjusted
EBITDA: Adjusted EBITDA loss was $(25.0) million, compared
to adjusted EBITDA loss of $(16.3) million for the second quarter
of 2021.
- Balance sheet and cash
flows: As of June 30, 2022, Appian had total cash and
investments of $138.0 million. Net cash used in operating
activities was $(29.7) million for the three months ended June 30,
2022 compared to $(6.6) million of net cash used in operating
activities for the same period in 2021.
A reconciliation of GAAP to non-GAAP financial
measures has been provided in the tables following the financial
statements in this press release. An explanation of these measures
is also included below under the heading “Non-GAAP Financial
Measures.”
Recent Business Highlights:
- Appian named a
“Customers' Choice” again in 2022 Gartner® Peer Insights™ Voice of
the Customer: Enterprise Low-Code Application Platforms.
- Italian Postal
Service improves operational efficiency by 70% with Appian.
- Pepper Money’s
SOLANA improves business volumes by 70% with the Appian Low-Code
Platform.
- Appian announces
2022 “Excellence in Low-Code” award winners.
- Appian announces
#lowcode4all.
- Appian names Bill
McCarthy and Mark Lynch to Board of Directors.
- Appian names new
Chief People Officer and new Senior Vice President of Industry
Products and Solutions.
- Appian awarded $2.036 billion in
damages against Pegasystems, Inc.
Financial Outlook:
As of August 4, 2022, guidance for 2022 is
as follows:
- Third Quarter 2022
Guidance:
- Cloud
subscription revenue is expected to be between $60.8 million and
$61.3 million, representing year-over-year growth of 30% to
31%.
- Total revenue is
expected to be between $115.0 million and $117.0 million,
representing a year-over-year increase of 24% to 27%.
- Adjusted EBITDA
loss is expected to be between $(15.0) million and $(13.0)
million.
- Non-GAAP net loss per share is
expected to be between $(0.23) and $(0.20), assuming weighted
average common shares outstanding of 72.5 million.
- Full Year 2022
Guidance:
- Cloud
subscription revenue is expected to be between $236.0 million and
$238.0 million, representing year-over-year growth of 32% to
33%.
- Total revenue is
expected to be between $466.0 million and $470.0 million,
representing a year-over-year increase of 26% to 27%.
- Adjusted EBITDA
loss is expected to be between $(53.0) million and $(50.0)
million.
- Non-GAAP net loss per share is
expected to be between $(0.91) and $(0.86), assuming weighted
average common shares outstanding of 72.5 million.
Conference Call Details:
Appian will host a conference call today,
August 4, 2022, at 4:30 p.m. ET to discuss Appian's financial
results for the second quarter ended June 30, 2022 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)
715-9871 in the U.S. or (646) 307-1963 internationally (Conference
ID: 7329632). 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
(800) 770-2030 in the U.S. or (609) 800-9909 internationally with
recording access code 7329632.
About Appian
Appian is the unified platform for change. We
accelerate customers’ businesses by discovering, designing, and
automating their most important processes. The Appian Low-Code
Platform combines the key capabilities needed to get work done
faster, Process Mining + Workflow + Automation, in a unified
low-code platform. Appian is open, enterprise grade, and trusted by
industry leaders. 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
performance measures. Appian uses these non-GAAP financial
performance 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.
The non-GAAP financial performance measures include
non-GAAP net loss, non-GAAP net loss per share, and Adjusted
EBITDA. These non-GAAP financial performance measures exclude the
effect of stock-based compensation expense 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.
While these items may be recurring in nature and should not be
disregarded in evaluation of our earnings performance, it is useful
to exclude such items when analyzing current results and trends
compared to other periods as these items can vary significantly
from period to period depending on specific underlying transactions
or events that may occur. Therefore, while we may incur or
recognize these types of expenses in the future, the company
believes removing these items for purposes of calculating the
non-GAAP financial measures provides investors with a more focused
presentation of our ongoing operating performance.
Appian also discusses adjusted EBITDA, a non-GAAP
financial performance measure it believes offers a useful view of
the overall operation of its businesses. The company defines
adjusted EBITDA as net loss before (1) Other expenses, net, (2)
interest expense, (3) income tax expense (benefit), (4)
depreciation and amortization, (5) stock-based compensation
expense, and (6) litigation expenses. The most directly comparable
GAAP financial measure to Adjusted EBITDA is net loss. Users should
consider the limitations of using adjusted EBITDA, including the
fact this measure does not provide a complete measure of our
operating performance. Adjusted EBITDA is not intended to purport
to be an alternate to net loss as a measure of operating
performance or to cash flows from operating activities as a measure
of liquidity.
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. Appian provides guidance ranges for non-GAAP
net loss per share and adjusted EBITDA; however, we are not able to
reconcile these amounts to their comparable GAAP financial measures
without unreasonable efforts because certain information necessary
to calculate such measures on a GAAP basis is unavailable, subject
to high variability, dependent on future events outside of our
control, and cannot be predicted. In addition, Appian believes such
reconciliations could imply a degree of precision that might be
confusing or misleading to investors. The actual effect of the
reconciling items that Appian may exclude from these non-GAAP
expense numbers, when determined, may be significant to the
calculation of the comparable GAAP measures.
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 2022, 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 |
CONSOLIDATED BALANCE SHEETS |
(in thousands, except par value and share data) |
|
|
As of |
|
June 30, 2022 |
|
December 31, 2021 |
|
(unaudited) |
|
|
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
$ |
76,185 |
|
|
$ |
100,796 |
|
Short-term investments and marketable securities |
|
59,748 |
|
|
|
55,179 |
|
Accounts receivable, net of allowance of $1,401 and $1,400,
respectively |
|
120,424 |
|
|
|
130,049 |
|
Deferred commissions, current |
|
26,792 |
|
|
|
24,668 |
|
Prepaid expenses and other current assets |
|
31,515 |
|
|
|
26,781 |
|
Restricted cash, current |
|
728 |
|
|
|
791 |
|
Total current assets |
|
315,392 |
|
|
|
338,264 |
|
Property and equipment, net of accumulated depreciation of $16,845
and $14,106, respectively |
|
38,539 |
|
|
|
36,913 |
|
Long-term investments |
|
2,022 |
|
|
|
12,044 |
|
Goodwill |
|
25,597 |
|
|
|
27,795 |
|
Intangible assets, net of accumulated amortization of $1,899 and
$1,260, respectively |
|
5,840 |
|
|
|
7,144 |
|
Right-of-use assets for operating leases |
|
27,113 |
|
|
|
27,897 |
|
Deferred commissions, net of current portion |
|
48,671 |
|
|
|
49,017 |
|
Deferred tax assets |
|
2,035 |
|
|
|
1,025 |
|
Restricted cash, net of current portion |
|
2,185 |
|
|
|
2,373 |
|
Other assets |
|
2,235 |
|
|
|
2,047 |
|
Total assets |
$ |
469,629 |
|
|
$ |
504,519 |
|
Liabilities and Stockholders’ Equity |
|
|
|
Current liabilities |
|
|
|
Accounts payable |
$ |
6,783 |
|
|
$ |
5,766 |
|
Accrued expenses |
|
16,378 |
|
|
|
15,483 |
|
Accrued compensation and related benefits |
|
29,330 |
|
|
|
35,126 |
|
Deferred revenue, current |
|
151,266 |
|
|
|
150,169 |
|
Operating lease liabilities, current |
|
7,988 |
|
|
|
8,110 |
|
Other current liabilities |
|
581 |
|
|
|
1,067 |
|
Total current liabilities |
|
212,326 |
|
|
|
215,721 |
|
Operating lease liabilities, net of current portion |
|
47,210 |
|
|
|
48,784 |
|
Deferred revenue, net of current portion |
|
1,786 |
|
|
|
2,430 |
|
Deferred tax liabilities |
|
85 |
|
|
|
209 |
|
Other non-current liabilities |
|
3,162 |
|
|
|
3,458 |
|
Total liabilities |
|
264,569 |
|
|
|
270,602 |
|
Stockholders’ equity |
|
|
|
Class A common stock—par value $0.0001; 500,000,000 shares
authorized and 40,946,718 shares issued and outstanding as of
June 30, 2022; 500,000,000 shares authorized and 39,964,298
shares issued and outstanding as of December 31, 2021 |
|
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
June 30, 2022; 100,000,000 shares authorized and 31,497,796
shares issued and outstanding as of December 31, 2021 |
|
3 |
|
|
|
3 |
|
Additional paid-in capital |
|
538,249 |
|
|
|
497,128 |
|
Accumulated other comprehensive loss |
|
(3,157 |
) |
|
|
(5,687 |
) |
Accumulated deficit |
|
(330,039 |
) |
|
|
(257,531 |
) |
Total stockholders’ equity |
|
205,060 |
|
|
|
233,917 |
|
Total liabilities and stockholders’ equity |
$ |
469,629 |
|
|
$ |
504,519 |
|
APPIAN CORPORATION |
CONSOLIDATED STATEMENTS OF OPERATIONS |
(unaudited, in thousands, except per share data) |
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Revenue |
|
|
|
|
|
|
|
Subscriptions |
$ |
76,668 |
|
|
$ |
56,946 |
|
|
$ |
160,388 |
|
|
$ |
120,712 |
|
Professional services |
|
33,395 |
|
|
|
26,053 |
|
|
|
63,941 |
|
|
|
51,142 |
|
Total revenue |
|
110,063 |
|
|
|
82,999 |
|
|
|
224,329 |
|
|
|
171,854 |
|
Cost of revenue |
|
|
|
|
|
|
|
Subscriptions |
|
8,528 |
|
|
|
6,860 |
|
|
|
16,751 |
|
|
|
12,714 |
|
Professional services |
|
24,765 |
|
|
|
18,975 |
|
|
|
47,563 |
|
|
|
36,650 |
|
Total cost of revenue |
|
33,293 |
|
|
|
25,835 |
|
|
|
64,314 |
|
|
|
49,364 |
|
Gross profit |
|
76,770 |
|
|
|
57,164 |
|
|
|
160,015 |
|
|
|
122,490 |
|
Operating expenses |
|
|
|
|
|
|
|
Sales and marketing |
|
56,166 |
|
|
|
40,520 |
|
|
|
102,192 |
|
|
|
76,504 |
|
Research and development |
|
33,842 |
|
|
|
23,862 |
|
|
|
63,778 |
|
|
|
44,552 |
|
General and administrative |
|
29,509 |
|
|
|
17,358 |
|
|
|
60,658 |
|
|
|
36,500 |
|
Total operating expenses |
|
119,517 |
|
|
|
81,740 |
|
|
|
226,628 |
|
|
|
157,556 |
|
Operating loss |
|
(42,747 |
) |
|
|
(24,576 |
) |
|
|
(66,613 |
) |
|
|
(35,066 |
) |
Other non-operating expense (income) |
|
|
|
|
|
|
|
Other expense (income), net |
|
6,153 |
|
|
|
(1,081 |
) |
|
|
6,940 |
|
|
|
1,812 |
|
Interest expense |
|
60 |
|
|
|
80 |
|
|
|
134 |
|
|
|
161 |
|
Total other non-operating expense (income) |
|
6,213 |
|
|
|
(1,001 |
) |
|
|
7,074 |
|
|
|
1,973 |
|
Loss before income taxes |
|
(48,960 |
) |
|
|
(23,575 |
) |
|
|
(73,687 |
) |
|
|
(37,039 |
) |
Income tax expense (benefit) |
|
394 |
|
|
|
250 |
|
|
|
(1,179 |
) |
|
|
373 |
|
Net loss |
$ |
(49,354 |
) |
|
$ |
(23,825 |
) |
|
$ |
(72,508 |
) |
|
$ |
(37,412 |
) |
Net loss per share: |
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.68 |
) |
|
$ |
(0.34 |
) |
|
$ |
(1.00 |
) |
|
$ |
(0.53 |
) |
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
Basic and diluted |
|
72,390 |
|
|
|
70,953 |
|
|
|
72,272 |
|
|
|
70,842 |
|
APPIAN CORPORATION |
STOCK-BASED COMPENSATION EXPENSE |
(unaudited, in thousands) |
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
Cost of revenue |
|
|
|
|
|
|
|
Subscriptions |
$ |
249 |
|
$ |
295 |
|
$ |
428 |
|
$ |
592 |
Professional services |
|
1,330 |
|
|
865 |
|
|
2,387 |
|
|
1,506 |
Operating expenses |
|
|
|
|
|
|
|
Sales and marketing |
|
2,266 |
|
|
1,197 |
|
|
4,054 |
|
|
2,305 |
Research and development |
|
3,063 |
|
|
1,069 |
|
|
5,377 |
|
|
2,084 |
General and administrative |
|
2,240 |
|
|
1,172 |
|
|
3,845 |
|
|
6,005 |
Total stock-based compensation expense |
$ |
9,148 |
|
$ |
4,598 |
|
$ |
16,091 |
|
$ |
12,492 |
APPIAN CORPORATION |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(unaudited, in thousands) |
|
|
Six Months Ended June 30, |
|
|
2022 |
|
|
|
2021 |
|
Cash flows from operating activities |
|
|
|
Net loss |
$ |
(72,508 |
) |
|
$ |
(37,412 |
) |
Adjustments to reconcile net loss to net cash used by
operating activities |
|
|
|
Stock-based compensation |
|
16,091 |
|
|
|
12,492 |
|
Depreciation and amortization |
|
3,573 |
|
|
|
2,561 |
|
Bad debt expense |
|
(1 |
) |
|
|
32 |
|
Change in fair value of available-for-sale securities |
|
— |
|
|
|
(31 |
) |
Deferred income taxes |
|
(1,302 |
) |
|
|
(144 |
) |
Changes in assets and liabilities |
|
|
|
Accounts receivable |
|
12,132 |
|
|
|
16,720 |
|
Prepaid expenses and other assets |
|
(5,334 |
) |
|
|
243 |
|
Deferred commissions |
|
(1,777 |
) |
|
|
(7,340 |
) |
Accounts payable and accrued expenses |
|
2,098 |
|
|
|
3,000 |
|
Accrued compensation and related benefits |
|
(4,923 |
) |
|
|
2,808 |
|
Other current and non-current liabilities |
|
(395 |
) |
|
|
(563 |
) |
Deferred revenue |
|
2,990 |
|
|
|
(1,791 |
) |
Operating lease liabilities |
|
(905 |
) |
|
|
52 |
|
Net cash used by operating activities |
|
(50,261 |
) |
|
|
(9,373 |
) |
Cash flows from investing activities |
|
|
|
Purchases of investments |
|
(31,214 |
) |
|
|
— |
|
Proceeds from investments |
|
36,473 |
|
|
|
27,604 |
|
Purchases of property and equipment |
|
(4,685 |
) |
|
|
(1,027 |
) |
Net cash provided by investing activities |
|
574 |
|
|
|
26,577 |
|
Cash flows from financing activities |
|
|
|
Proceeds from exercise of common stock options |
|
25,030 |
|
|
|
2,089 |
|
Net cash provided by financing activities |
|
25,030 |
|
|
|
2,089 |
|
Effect of foreign exchange rate changes on cash, cash
equivalents, and restricted cash |
|
(205 |
) |
|
|
(476 |
) |
Net (decrease) increase in cash, cash equivalents, and
restricted cash |
|
(24,862 |
) |
|
|
18,817 |
|
Cash, cash equivalents, and restricted cash at beginning of
period |
|
103,960 |
|
|
|
112,462 |
|
Cash, cash equivalents, and restricted cash at end of
period |
$ |
79,098 |
|
|
$ |
131,279 |
|
Supplemental disclosure of cash flow
information |
|
|
|
Cash paid for interest |
$ |
145 |
|
|
$ |
173 |
|
Cash paid for income taxes |
$ |
524 |
|
|
$ |
806 |
|
Supplemental disclosure of non-cash investing and financing
activities |
|
|
|
Accrued capital expenditures |
$ |
96 |
|
|
$ |
— |
|
APPIAN CORPORATION |
RECONCILIATION OF GAAP MEASURES TO NON-GAAP
MEASURES |
(unaudited, in thousands, except per share data) |
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Reconciliation of non-GAAP operating loss: |
|
|
|
|
|
|
|
GAAP operating loss |
$ |
(42,747 |
) |
|
$ |
(24,576 |
) |
|
$ |
(66,613 |
) |
|
$ |
(35,066 |
) |
Add back: |
|
|
|
|
|
|
|
Stock-based compensation expense |
|
9,148 |
|
|
|
4,598 |
|
|
|
16,091 |
|
|
|
12,492 |
|
Litigation expenses(1) |
|
6,831 |
|
|
|
2,353 |
|
|
|
18,623 |
|
|
|
4,040 |
|
Non-GAAP operating loss |
$ |
(26,768 |
) |
|
$ |
(17,625 |
) |
|
$ |
(31,899 |
) |
|
$ |
(18,534 |
) |
|
|
|
|
|
|
|
|
Reconciliation of non-GAAP net loss: |
|
|
|
|
|
|
|
GAAP net loss |
$ |
(49,354 |
) |
|
$ |
(23,825 |
) |
|
$ |
(72,508 |
) |
|
$ |
(37,412 |
) |
Add back: |
|
|
|
|
|
|
|
Stock-based compensation expense |
|
9,148 |
|
|
|
4,598 |
|
|
|
16,091 |
|
|
|
12,492 |
|
Litigation expenses(1) |
|
6,831 |
|
|
|
2,353 |
|
|
|
18,623 |
|
|
|
4,040 |
|
Non-GAAP net loss |
$ |
(33,375 |
) |
|
$ |
(16,874 |
) |
|
$ |
(37,794 |
) |
|
$ |
(20,880 |
) |
|
|
|
|
|
|
|
|
Non-GAAP earnings per share: |
|
|
|
|
|
|
|
Non-GAAP net loss |
$ |
(33,375 |
) |
|
$ |
(16,874 |
) |
|
$ |
(37,794 |
) |
|
$ |
(20,880 |
) |
Weighted average shares used to compute net loss per share, basic
and diluted |
|
72,390 |
|
|
|
70,953 |
|
|
|
72,272 |
|
|
|
70,842 |
|
Non-GAAP net loss per share, basic and diluted |
$ |
(0.46 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.52 |
) |
|
$ |
(0.29 |
) |
|
|
|
|
|
|
|
|
Reconciliation of non-GAAP net loss per share, basic and
diluted: |
|
|
|
|
|
|
|
GAAP net loss per share, basic and diluted |
$ |
(0.68 |
) |
|
$ |
(0.34 |
) |
|
$ |
(1.00 |
) |
|
$ |
(0.53 |
) |
Add back: |
|
|
|
|
|
|
|
Non-GAAP adjustments to net loss per share |
|
0.22 |
|
|
|
0.10 |
|
|
|
0.48 |
|
|
|
0.24 |
|
Non-GAAP net loss per share, basic and diluted |
$ |
(0.46 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.52 |
) |
|
$ |
(0.29 |
) |
|
|
|
|
|
|
|
|
Reconciliation of adjusted EBITDA: |
|
|
|
|
|
|
|
GAAP net loss |
$ |
(49,354 |
) |
|
$ |
(23,825 |
) |
|
$ |
(72,508 |
) |
|
$ |
(37,412 |
) |
Other expense (income), net |
|
6,153 |
|
|
|
(1,081 |
) |
|
|
6,940 |
|
|
|
1,812 |
|
Interest expense |
|
60 |
|
|
|
80 |
|
|
|
134 |
|
|
|
161 |
|
Income tax expense (benefit) |
|
394 |
|
|
|
250 |
|
|
|
(1,179 |
) |
|
|
373 |
|
Depreciation and amortization |
|
1,800 |
|
|
|
1,283 |
|
|
|
3,573 |
|
|
|
2,561 |
|
Stock-based compensation expense |
|
9,148 |
|
|
|
4,598 |
|
|
|
16,091 |
|
|
|
12,492 |
|
Litigation expenses(1) |
|
6,831 |
|
|
|
2,353 |
|
|
|
18,623 |
|
|
|
4,040 |
|
Adjusted EBITDA |
$ |
(24,968 |
) |
|
$ |
(16,342 |
) |
|
$ |
(28,326 |
) |
|
$ |
(15,973 |
) |
(1) Consists of professional fees and other costs
incurred in connection with two separate lawsuits, one involving an
effort to enforce our intellectual property and the second related
to reciprocal false advertising and related claims with a
competitor.
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