Appian (Nasdaq: APPN) today announced financial results for the
first quarter ended March 31, 2024.
“Appian continues to push technological boundaries in our
industry, from AI-backed services to process mining. Organizations
globally are recognizing the power and simplicity of the Appian
Platform,” said Matt Calkins, CEO & Founder.
First Quarter
2024 Financial Highlights:
- Revenue: Cloud
subscription revenue was $86.6 million, up 24% compared to the
first quarter of 2023. Total subscriptions revenue, which includes
sales of our cloud subscriptions, on-premises term license
subscriptions, and maintenance and support, increased 19%
year-over-year to $117.7 million. Professional services revenue was
$32.1 million, a decrease of 11% compared to the first quarter of
2023. Total revenue was $149.8 million, up 11% compared to the
first quarter of 2023. Cloud subscription revenue retention rate
was 120% as of March 31, 2024.
- Operating loss and non-GAAP
operating loss: GAAP operating loss was $(19.5) million,
compared to $(35.3) million for the first quarter of 2023. Non-GAAP
operating loss was $(3.7) million, compared to $(18.2) million for
the first quarter of 2023.
- Net loss and non-GAAP net
loss: GAAP net loss was $(32.9) million, compared to
$(36.8) million for the first quarter of 2023. GAAP net loss per
share was $(0.45) for the first quarter of 2024, compared to
$(0.51) for the first quarter of 2023. Non-GAAP net loss was
$(17.7) million, compared to $(19.7) million for the first quarter
of 2023. Non-GAAP net loss per share was $(0.24), compared to the
$(0.27) net loss per share for the first quarter of 2023. GAAP and
non-GAAP net loss for the first quarter of 2024 included $11.5
million, or $0.16 per share, of foreign currency exchange losses.
GAAP and non-GAAP net loss for the first quarter of 2023 included
$0.6 million, or $0.01 per share, of foreign currency exchange
gains. We do not forecast foreign exchange rate movements.
- Adjusted EBITDA:
Adjusted EBITDA loss was $(1.3) million, compared to adjusted
EBITDA loss of $(15.8) million for the first quarter of 2023.
- Balance sheet and cash flows: As of
March 31, 2024, Appian had total cash, cash equivalents, and
investments of $170.1 million. Net cash provided by operating
activities was $18.9 million for the three months ended March 31,
2024, compared to $(25.3) million of net cash used by operating
activities for the same period in 2023.
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 Celebrates 2024 Partner Award Winners for Moving
Businesses Forward with Process Automation
- 2024 Appian Innovation Award Winners Demonstrate Significant
Business Results with Next-Gen AI Process Automation
- Appian Signs a Strategic Collaboration Agreement with AWS to
deliver Private AI and End-to-End Process Automation
- Latest Version of Appian Platform Orchestrates Change through
AI Process Automation that Moves Business Forward
- Appian Partners with Symphony to Enable Compliant Financial
Communications and Process Automation
- Appian Announces ProcureSight for Better, Faster Government
Procurement
Financial Outlook:
As of May 2, 2024, guidance for 2024 is as follows:
- Second Quarter
2024 Guidance:
- Cloud subscription revenue is
expected to be between $86.0 million and $88.0 million,
representing year-over-year growth of 16% to 18%.
- Total revenue is expected to be
between $140.0 million and $144.0 million, representing a
year-over-year increase of 10% to 13%.
- Adjusted EBITDA loss is expected to
be between $(17.0) million and $(13.0) million.
- Non-GAAP net loss per share is expected to be between $(0.34)
and $(0.28), assuming weighted average common shares outstanding of
72.3 million.
- Full Year 2024
Guidance:
- Cloud subscription revenue is
expected to be between $364.0 million and $366.0 million,
representing year-over-year growth of 20%.
- Total revenue is expected to be
between $615.0 million and $617.0 million, representing a
year-over-year increase of 13%.
- Adjusted EBITDA loss is expected to
be between $(22.5) million and $(17.5) million.
- Non-GAAP net loss per share is expected to be between $(0.85)
and $(0.79), assuming weighted average common shares outstanding of
72.6 million.
Conference Call Details:
Appian will host a conference call today, May 2, 2024, at
8:30 a.m. ET to discuss Appian's financial results for the first
quarter ended March 31, 2024 and business outlook.
To access the call, navigate to the following link(1). Once
registered, participants can dial in using their phone with a dial
in and PIN, or they can choose the Call Me option for instant dial
to their phone. The live webcast of the conference call can also be
accessed on the Investor Relations page of our website at
http://investors.appian.com.
1
https://register.vevent.com/register/BIccb25c1b50914988a9d23870de6a000a
About Appian
Appian is a software company that automates business processes.
The Appian AI Process Platform includes everything you need to
design, automate, and optimize even the most complex processes,
from start to finish. The world's most innovative organizations
trust Appian to improve their workflows, unify data, and optimize
operations—resulting in better growth and superior customer
experiences. For more information, visit www.appian.com. [Nasdaq:
APPN]
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 our 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 the
following: non-GAAP subscriptions cost of revenue, non-GAAP
professional services costs of revenue, non-GAAP total cost of
revenue, non-GAAP total operating expense, non-GAAP operating loss,
non-GAAP income tax (benefit) expense, non-GAAP net loss, and
non-GAAP net loss per share, basic and diluted. These non-GAAP
financial performance measures exclude the effect of stock-based
compensation expense, certain non-ordinary litigation-related
expenses consisting of legal and other professional fees associated
with the Pegasystems cases (net of insurance reimbursements), or
Litigation Expense, amortization of the judgement preservation
insurance policy, or JPI Amortization, and severance costs related
to an involuntary reduction in our workforce in 2023, or Severance
Costs. While some of these items may be recurring in nature and
should not be disregarded in the 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, we
believe removing these items for purposes of calculating our
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 expense (income), net, (2) interest
expense, (3) income tax (benefit) expense, (4) depreciation expense
and amortization of intangible assets, (5) stock-based compensation
expense, (6) Litigation Expense, (7) JPI Amortization, and (8)
Severance Costs. 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
alternative 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 within
the meaning of the Private Securities Litigation Reform Act of
1995. 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 second
quarter and full year 2024, future investment by Appian in its
go-to-market initiatives, increased demand for the Appian
AI-Powered Process 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,” “plan,”
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 AI-Powered Process 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, AI being a disruptive set of technologies that may
affect the markets for Appian’s software dramatically and in
unpredictable ways, 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, Appian’s ability to operate in compliance with
applicable laws and regulations, Appian’s strategic relationships
with third parties, and additional risks and uncertainties set
forth in the “Risk Factors” section of Appian’s most recent annual
report on Form 10-K, quarterly reports on Form 10-Q, and other
filings 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
Relations703-442-8844investors@appian.com
Media ContactBen
Farrell703-442-1067ben.farrell@appian.com
APPIAN CORPORATIONCONSOLIDATED BALANCE
SHEETS(in thousands, except par value and share data) |
|
|
As of |
|
March 31, 2024 |
|
December 31, 2023 |
|
(unaudited) |
|
|
Assets |
|
|
|
Current
assets |
|
|
|
Cash and cash equivalents |
$ |
170,108 |
|
|
$ |
149,351 |
|
Short-term investments and marketable securities |
|
— |
|
|
|
9,653 |
|
Accounts receivable, net of allowances of $2,265 and $2,606,
respectively |
|
129,317 |
|
|
|
171,561 |
|
Deferred commissions, current |
|
34,367 |
|
|
|
34,261 |
|
Prepaid expenses and other current assets |
|
56,088 |
|
|
|
49,529 |
|
Total current assets |
|
389,880 |
|
|
|
414,355 |
|
Property and equipment, net of
accumulated depreciation of $26,904 and $25,141, respectively |
|
42,558 |
|
|
|
42,682 |
|
Goodwill |
|
26,518 |
|
|
|
27,106 |
|
Intangible assets, net of
accumulated amortization of $4,432 and $4,152, respectively |
|
3,434 |
|
|
|
3,889 |
|
Right-of-use assets for
operating leases |
|
39,074 |
|
|
|
39,975 |
|
Deferred commissions, net of
current portion |
|
58,090 |
|
|
|
59,764 |
|
Deferred tax assets |
|
3,833 |
|
|
|
3,453 |
|
Other assets |
|
31,971 |
|
|
|
36,279 |
|
Total
assets |
$ |
595,358 |
|
|
$ |
627,503 |
|
Liabilities and
Stockholders’ (Deficit) Equity |
|
|
|
Current
liabilities |
|
|
|
Accounts payable |
$ |
9,882 |
|
|
$ |
6,174 |
|
Accrued expenses |
|
12,252 |
|
|
|
11,046 |
|
Accrued compensation and related benefits |
|
28,981 |
|
|
|
38,003 |
|
Deferred revenue |
|
220,943 |
|
|
|
235,992 |
|
Debt |
|
7,098 |
|
|
|
66,368 |
|
Operating lease liabilities |
|
12,219 |
|
|
|
11,698 |
|
Other current liabilities |
|
2,555 |
|
|
|
1,891 |
|
Total current liabilities |
|
293,930 |
|
|
|
371,172 |
|
Long-term debt |
|
248,025 |
|
|
|
140,221 |
|
Non-current operating lease
liabilities |
|
57,357 |
|
|
|
59,067 |
|
Deferred revenue,
non-current |
|
5,216 |
|
|
|
4,700 |
|
Deferred tax liabilities |
|
2 |
|
|
|
2 |
|
Other non-current
liabilities |
|
493 |
|
|
|
— |
|
Total
liabilities |
|
605,023 |
|
|
|
575,162 |
|
Stockholders’
(deficit) equity |
|
|
|
Class A common stock—par value
$0.0001; 500,000,000 shares authorized as of March 31, 2024
and December 31, 2023 and 42,359,967 and 42,169,970 shares
issued of March 31, 2024 and December 31, 2023,
respectively |
|
4 |
|
|
|
4 |
|
Class B common stock—par value
$0.0001; 100,000,000 shares authorized as of March 31, 2024
and December 31, 2023 and 31,196,796 and 31,196,796 shares
issued as of March 31, 2024 and December 31, 2023,
respectively |
|
3 |
|
|
|
3 |
|
Additional paid-in
capital |
|
603,870 |
|
|
|
595,781 |
|
Accumulated other
comprehensive loss |
|
(10,708 |
) |
|
|
(23,555 |
) |
Accumulated deficit |
|
(552,815 |
) |
|
|
(519,892 |
) |
Treasury stock at cost,
1,320,531 shares as of March 31, 2024 |
|
(50,019 |
) |
|
|
— |
|
Total stockholders’
(deficit) equity |
|
(9,665 |
) |
|
|
52,341 |
|
Total liabilities and
stockholders’ (deficit) equity |
$ |
595,358 |
|
|
$ |
627,503 |
|
APPIAN CORPORATIONCONSOLIDATED STATEMENTS
OF OPERATIONS(in thousands, except per share data) |
|
|
Three Months Ended March 31, |
|
|
2024 |
|
|
|
2023 |
|
|
(unaudited) |
Revenue |
|
|
|
Subscriptions |
$ |
117,694 |
|
|
$ |
98,957 |
|
Professional services |
|
32,141 |
|
|
|
36,278 |
|
Total
revenue |
|
149,835 |
|
|
|
135,235 |
|
Cost of
revenue |
|
|
|
Subscriptions |
|
12,270 |
|
|
|
10,448 |
|
Professional services |
|
25,727 |
|
|
|
25,645 |
|
Total cost of
revenue |
|
37,997 |
|
|
|
36,093 |
|
Gross
profit |
|
111,838 |
|
|
|
99,142 |
|
Operating
expenses |
|
|
|
Sales and marketing |
|
58,156 |
|
|
|
63,090 |
|
Research and development |
|
39,771 |
|
|
|
41,624 |
|
General and administrative |
|
33,446 |
|
|
|
29,694 |
|
Total operating
expenses |
|
131,373 |
|
|
|
134,408 |
|
Operating
loss |
|
(19,535 |
) |
|
|
(35,266 |
) |
Other non-operating
expense |
|
|
|
Other expense (income), net |
|
8,207 |
|
|
|
(2,690 |
) |
Interest expense |
|
5,646 |
|
|
|
3,118 |
|
Total other
non-operating expense |
|
13,853 |
|
|
|
428 |
|
Loss before income
taxes |
|
(33,388 |
) |
|
|
(35,694 |
) |
Income tax (benefit)
expense |
|
(465 |
) |
|
|
1,135 |
|
Net loss |
$ |
(32,923 |
) |
|
$ |
(36,829 |
) |
Net loss per share: |
|
|
|
Basic and diluted |
$ |
(0.45 |
) |
|
$ |
(0.51 |
) |
Weighted average common shares
outstanding: |
|
|
|
Basic and diluted |
|
73,300 |
|
|
|
72,869 |
|
APPIAN CORPORATIONSTOCK-BASED COMPENSATION
EXPENSE(in thousands) |
|
|
Three Months Ended March 31, |
|
2024 |
|
2023 |
|
(unaudited) |
Cost of revenue |
|
|
|
Subscriptions |
$ |
213 |
|
$ |
272 |
Professional services |
|
1,578 |
|
|
1,591 |
Operating expenses |
|
|
|
Sales and marketing |
|
2,527 |
|
|
2,445 |
Research and development |
|
3,001 |
|
|
3,626 |
General and administrative |
|
3,287 |
|
|
3,122 |
Total stock-based compensation
expense |
$ |
10,606 |
|
$ |
11,056 |
APPIAN CORPORATIONCONSOLIDATED STATEMENTS
OF CASH FLOWS(unaudited, in thousands) |
|
|
Three Months Ended March 31, |
|
|
2024 |
|
|
|
2023 |
|
Cash flows from
operating activities |
|
|
|
Net loss |
$ |
(32,923 |
) |
|
$ |
(36,829 |
) |
Adjustments to reconcile net loss to net cash provided
by (used by) operating activities |
|
|
|
Stock-based compensation |
|
10,606 |
|
|
|
11,056 |
|
Depreciation expense and amortization of intangible assets |
|
2,361 |
|
|
|
2,342 |
|
Bad debt expense |
|
(135 |
) |
|
|
120 |
|
Amortization of debt issuance costs |
|
140 |
|
|
|
70 |
|
(Benefit) provision for deferred income taxes |
|
(450 |
) |
|
|
357 |
|
Foreign currency transaction losses, net |
|
11,806 |
|
|
|
— |
|
Changes in assets and liabilities |
|
|
|
Accounts receivable |
|
40,061 |
|
|
|
17,609 |
|
Prepaid expenses and other assets |
|
(2,245 |
) |
|
|
(8,803 |
) |
Deferred commissions |
|
1,569 |
|
|
|
(314 |
) |
Accounts payable and accrued expenses |
|
5,187 |
|
|
|
(1,878 |
) |
Accrued compensation and related benefits |
|
(8,703 |
) |
|
|
(9,369 |
) |
Other current and non-current liabilities |
|
1,944 |
|
|
|
1,582 |
|
Deferred revenue |
|
(10,120 |
) |
|
|
(2,177 |
) |
Operating lease assets and liabilities |
|
(232 |
) |
|
|
969 |
|
Net cash provided by (used by) operating
activities |
|
18,866 |
|
|
|
(25,265 |
) |
Cash flows from
investing activities |
|
|
|
Proceeds from maturities of investments |
|
9,657 |
|
|
|
16,289 |
|
Payments for investments |
|
— |
|
|
|
(24,184 |
) |
Purchases of property and equipment |
|
(2,198 |
) |
|
|
(4,421 |
) |
Net cash provided by (used by) investing
activities |
|
7,459 |
|
|
|
(12,316 |
) |
Cash flows from
financing activities |
|
|
|
Proceeds from borrowings |
|
50,000 |
|
|
|
92,000 |
|
Payments for debt issuance costs |
|
(463 |
) |
|
|
(278 |
) |
Debt repayments |
|
(1,250 |
) |
|
|
(750 |
) |
Repurchase of common stock |
|
(50,019 |
) |
|
|
— |
|
Payments for employee taxes related to the net share settlement of
equity awards |
|
(2,862 |
) |
|
|
(2,959 |
) |
Proceeds from exercise of common stock options |
|
345 |
|
|
|
131 |
|
Net cash (used by) provided by financing
activities |
|
(4,249 |
) |
|
|
88,144 |
|
Effect of foreign
exchange rate changes on cash, cash equivalents, and restricted
cash |
|
(1,319 |
) |
|
|
15 |
|
Net increase in cash,
cash equivalents, and restricted cash |
|
20,757 |
|
|
|
50,578 |
|
Cash, cash
equivalents, and restricted cash at beginning of
period |
$ |
149,351 |
|
|
$ |
150,381 |
|
Cash, cash
equivalents, and restricted cash at end of period |
$ |
170,108 |
|
|
$ |
200,959 |
|
|
|
|
|
Supplemental
disclosure of cash flow information |
|
|
|
Cash paid for interest |
$ |
5,325 |
|
|
$ |
1,233 |
|
Cash paid for income taxes |
$ |
751 |
|
|
$ |
284 |
|
Supplemental
disclosure of non-cash investing and financing
activities |
|
|
|
Accrued capital expenditures |
$ |
484 |
|
|
$ |
2,233 |
|
APPIAN CORPORATIONRECONCILIATION OF GAAP
MEASURES TO NON-GAAP MEASURES(unaudited, in thousands,
except per share data) |
|
|
GAAP Measure |
|
Stock-Based Compensation |
|
Litigation Expense |
|
JPI Amortization |
|
Severance Costs |
|
Non-GAAP Measure |
Three
Months Ended March 31, 2024 |
Subscriptions cost of revenue |
$ |
12,270 |
|
|
$ |
(213 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
$ |
12,057 |
|
Professional services cost of revenue |
|
25,727 |
|
|
|
(1,578 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
24,149 |
|
Total cost of revenue |
|
37,997 |
|
|
|
(1,791 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
36,206 |
|
Total operating expense |
|
131,373 |
|
|
|
(8,815 |
) |
|
|
(742 |
) |
|
|
(4,504 |
) |
|
|
— |
|
|
117,312 |
|
Operating loss |
|
(19,535 |
) |
|
|
10,606 |
|
|
|
742 |
|
|
|
4,504 |
|
|
|
— |
|
|
(3,683 |
) |
Income tax (benefit) expense |
|
(465 |
) |
|
|
604 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
139 |
|
Net loss |
|
(32,923 |
) |
|
|
10,002 |
|
|
|
742 |
|
|
|
4,504 |
|
|
|
— |
|
|
(17,675 |
) |
Net loss per share, basic and diluted |
$ |
(0.45 |
) |
|
$ |
0.14 |
|
|
$ |
0.01 |
|
|
$ |
0.06 |
|
|
$ |
— |
|
$ |
(0.24 |
) |
|
GAAP Measure |
|
Stock-Based Compensation |
|
Litigation Expense |
|
Severance Costs |
|
Non-GAAP Measure |
Three
Months Ended March 31, 2023 |
Subscriptions cost of revenue |
$ |
10,448 |
|
|
$ |
(272 |
) |
|
$ |
— |
|
|
$ |
(11 |
) |
|
$ |
10,165 |
|
Professional services cost of revenue |
|
25,645 |
|
|
|
(1,591 |
) |
|
|
— |
|
|
|
(123 |
) |
|
|
23,931 |
|
Total cost of revenue |
|
36,093 |
|
|
|
(1,863 |
) |
|
|
— |
|
|
|
(134 |
) |
|
|
34,096 |
|
Total operating expense |
|
134,408 |
|
|
|
(9,193 |
) |
|
|
(1,842 |
) |
|
|
(4,070 |
) |
|
|
119,303 |
|
Operating loss |
|
(35,266 |
) |
|
|
11,056 |
|
|
|
1,842 |
|
|
|
4,204 |
|
|
|
(18,164 |
) |
Net loss |
|
(36,829 |
) |
|
|
11,056 |
|
|
|
1,842 |
|
|
|
4,204 |
|
|
|
(19,727 |
) |
Net loss per share, basic and diluted |
$ |
(0.51 |
) |
|
$ |
0.15 |
|
|
$ |
0.03 |
|
|
$ |
0.06 |
|
|
$ |
(0.27 |
) |
|
Three Months Ended March 31, |
|
|
2024 |
|
|
|
2023 |
|
Reconciliation of
adjusted EBITDA: |
|
|
|
GAAP net loss |
$ |
(32,923 |
) |
|
$ |
(36,829 |
) |
Other expense (income), net |
|
8,207 |
|
|
|
(2,690 |
) |
Interest expense |
|
5,646 |
|
|
|
3,118 |
|
Income tax (benefit) expense |
|
(465 |
) |
|
|
1,135 |
|
Depreciation expense and amortization of intangibles assets |
|
2,361 |
|
|
|
2,342 |
|
Stock-based compensation expense |
|
10,606 |
|
|
|
11,056 |
|
Litigation Expense |
|
742 |
|
|
|
1,842 |
|
JPI Amortization |
|
4,504 |
|
|
|
— |
|
Severance Costs |
|
— |
|
|
|
4,204 |
|
Adjusted EBITDA |
$ |
(1,322 |
) |
|
$ |
(15,822 |
) |
Appian (NASDAQ:APPN)
Historical Stock Chart
From May 2024 to Jun 2024
Appian (NASDAQ:APPN)
Historical Stock Chart
From Jun 2023 to Jun 2024