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Appian Announces First Quarter 2022 Financial Results

Appian Corporation
Appian Corporation

First quarter cloud subscription revenue increased 37% year-over-year to $53.4 million

MCLEAN, Va., May 05, 2022 (GLOBE NEWSWIRE) -- Appian (Nasdaq: APPN) today announced financial results for the first quarter ended March 31, 2022.

“We exceeded guidance and grew cloud subscription revenue by 37% in Q1. Our annual conference was well-attended and full of energy. We feel fortunate to have such a strong community around our low-code platform,” said Matt Calkins, CEO & Founder.

First Quarter 2022 Financial Highlights:

  • Revenue: Cloud subscription revenue was $53.4 million for the first quarter of 2022, up 37% compared to the first quarter of 2021. Total subscriptions revenue, which includes sales of our SaaS subscriptions, on-premises term license subscriptions, and maintenance and support, increased 31% year-over-year to $83.7 million for the first quarter of 2022. Professional services revenue was $30.5 million for the first quarter of 2022, compared to $25.1 million for the first quarter of 2021. Total revenue was $114.3 million for the first quarter of 2022, up 29% compared to the first quarter of 2021. Cloud subscription revenue retention rate was 117% as of March 31, 2022.

  • Operating loss and non-GAAP operating loss: GAAP operating loss was $(23.9) million for the first quarter of 2022, compared to $(10.5) million for the first quarter of 2021. Non-GAAP operating loss was $(5.1) million for the first quarter of 2022, compared to $(0.9) million for the first quarter of 2021.

  • Net loss and non-GAAP net loss: GAAP net loss was $(23.2) million for the first quarter of 2022, compared to $(13.6) million for the first quarter of 2021. GAAP net loss per share was $(0.32) for the first quarter of 2022, based on 72.2 million weighted-average shares outstanding, compared to $(0.19) for the first quarter of 2021, based on 70.7 million weighted-average shares outstanding. Non-GAAP net loss was $(4.4) million for the first quarter of 2022, compared to $(4.0) million for the first quarter of 2021. Non-GAAP net loss per share was $(0.06) for the first quarter of 2022, based on 72.2 million basic and diluted shares outstanding, consistent with the $(0.06) net loss per share for the first quarter of 2021, based on 70.7 million basic and diluted shares outstanding.

  • Adjusted EBITDA: Adjusted EBITDA loss was $(3.4) million for the first quarter of 2022, compared to adjusted EBITDA of $0.4 million for the first quarter of 2021.

  • Balance sheet and cash flows: As of March 31, 2022, Appian had total cash, cash equivalents, and investments of $168.4 million. Net cash used in operating activities was $(20.6) million for the three months ended March 31, 2022 compared to $(2.8) million of net cash used in operating activities for the same period in 2021.

ANNUNCIO PUBBLICITARIO

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.”

First Quarter 2022 Business Highlights:

Financial Outlook:

As of May 5, 2022, guidance for 2022 is as follows:

  • Second Quarter 2022 Guidance:

    • Cloud subscription revenue is expected to be in the range of $55.8 million and $56.3 million, representing year-over-year growth of between 31% and 32%.

    • Total revenue is expected to be in the range of $102.8 million and $104.8 million, representing a year-over-year increase of between 24% and 26%.

    • Adjusted EBITDA loss is expected to be in the range of $(25.0) million and $(22.0) million.

    • Non-GAAP net loss per share is expected to be in the range of $(0.37) and $(0.33), assuming weighted average common shares outstanding of 72.4 million.

  • Full Year 2022 Guidance:

    • Cloud subscription revenue is expected to be in the range of $236.0 million and $238.0 million, representing year-over-year growth of between 32% and 33%.

    • Total revenue is expected to be in the range of $453.0 million and $457.0 million, representing a year-over-year increase of between 23% and 24%.

    • Adjusted EBITDA loss is expected to be in the range of $(53.0) million and $(50.0) million.

    • Non-GAAP net loss per share is expected to be in the range of $(0.82) and $(0.77), assuming weighted average common shares outstanding of 72.5 million.

Conference Call Details:

Appian will host a conference call today, May 5, 2022, at 4:30 p.m. ET to discuss Appian's financial results for the first quarter ended March 31, 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 (877) 243-0931 in the U.S. or (212) 231-2935 internationally (Conference ID: 22017584). 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 22017584.

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 second 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 Contact
Srinivas Anantha, CFA
703-442-8844
investors@appian.com

Media Contact
Ben Farrell
703-442-1067
ben.farrell@appian.com


APPIAN CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)

As of

March 31, 2022

December 31, 2021

(unaudited)

Assets

Current assets

Cash and cash equivalents

$

106,795

$

100,796

Short-term investments and marketable securities

53,438

55,179

Accounts receivable, net of allowance of $1,402 and $1,400 as of March 31, 2022 and December 31, 2021, respectively

121,630

130,049

Deferred commissions, current

25,670

24,668

Prepaid expenses and other current assets

30,354

26,781

Restricted cash, current

776

791

Total current assets

338,663

338,264

Property and equipment, net of accumulated depreciation of $15,473 and $14,106 as of March 31, 2022 and December 31, 2021, respectively

38,526

36,913

Long-term investments

8,184

12,044

Goodwill

27,271

27,795

Intangible assets, net of accumulated amortization of $1,630 and $1,260 as of March 31, 2022 and December 31, 2021, respectively

6,615

7,144

Operating right-of-use assets

27,556

27,897

Deferred commissions, net of current portion

49,398

49,017

Deferred tax assets

1,992

1,025

Restricted cash, net of current portion

2,328

2,373

Other assets

1,980

2,047

Total assets

$

502,513

$

504,519

Liabilities and Stockholders’ Equity

Current liabilities

Accounts payable

$

4,476

$

5,766

Accrued expenses

18,654

15,483

Accrued compensation and related benefits

27,834

35,126

Deferred revenue, current

146,227

150,169

Operating lease liabilities, current

8,135

8,110

Other current liabilities

1,104

1,067

Total current liabilities

206,430

215,721

Operating lease liabilities, net of current portion

47,964

48,784

Deferred revenue, net of current portion

1,888

2,430

Deferred tax liabilities

98

209

Other non-current liabilities

3,377

3,458

Total liabilities

259,757

270,602

Stockholders’ equity

Class A common stock—par value $0.0001; 500,000,000 shares authorized and 40,829,564 shares issued and outstanding as of March 31, 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 March 31, 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

528,475

497,128

Accumulated other comprehensive loss

(5,041

)

(5,687

)

Accumulated deficit

(280,685

)

(257,531

)

Total stockholders’ equity

242,756

233,917

Total liabilities and stockholders’ equity

$

502,513

$

504,519

APPIAN CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except share and per share data)

Three Months Ended March 31,

2022

2021

Revenue

Subscriptions

$

83,720

$

63,766

Professional services

30,546

25,089

Total revenue

114,266

88,855

Cost of revenue

Subscriptions

8,206

5,854

Professional services

22,710

17,675

Total cost of revenue

30,916

23,529

Gross profit

83,350

65,326

Operating expenses

Sales and marketing

45,916

35,984

Research and development

29,839

20,690

General and administrative

31,461

19,142

Total operating expenses

107,216

75,816

Operating loss

(23,866

)

(10,490

)

Other expense

Other expense, net

787

2,893

Interest expense

74

81

Total other expense

861

2,974

Loss before income taxes

(24,727

)

(13,464

)

Income tax (benefit) expense

(1,573

)

123

Net loss

$

(23,154

)

$

(13,587

)

Net loss per share:

Basic and diluted

$

(0.32

)

$

(0.19

)

Weighted average common shares outstanding:

Basic and diluted

72,216,870

70,730,235

APPIAN CORPORATION AND SUBSIDIARIES
STOCK-BASED COMPENSATION EXPENSE
(unaudited, in thousands)

Three Months Ended March 31,

2022

2021

Cost of revenue

Subscriptions

$

179

$

297

Professional services

1,057

641

Operating expenses

Sales and marketing

1,788

1,108

Research and development

2,314

1,015

General and administrative

1,605

4,833

Total stock-based compensation expense

$

6,943

$

7,894

APPIAN CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)

Three Months Ended March 31,

2022

2021

Cash flows from operating activities

Net loss

$

(23,154

)

$

(13,587

)

Adjustments to reconcile net loss to net cash used in operating activities

Depreciation and amortization

1,773

1,278

Bad debt expense

(2

)

Change in fair value of available-for-sale securities

111

(8

)

Deferred income taxes

(1,073

)

(448

)

Stock-based compensation

6,943

7,894

Changes in assets and liabilities

Accounts receivable

8,416

12,651

Prepaid expenses and other assets

(3,579

)

(279

)

Deferred commissions

(1,383

)

(2,642

)

Accounts payable and accrued expenses

2,338

1,159

Accrued compensation and related benefits

(6,798

)

(1,955

)

Other current and non-current liabilities

18

151

Deferred revenue

(3,764

)

(7,192

)

Operating lease liabilities

(450

)

168

Net cash used in operating activities

(20,604

)

(2,810

)

Cash flows from investing activities

Purchases of investments

(16,240

)

Proceeds from investments

21,729

5,625

Purchases of property and equipment

(3,390

)

(468

)

Net cash provided by investing activities

2,099

5,157

Cash flows from financing activities

Proceeds from exercise of common stock options

24,404

625

Net cash provided by financing activities

24,404

625

Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash

40

(682

)

Net increase in cash, cash equivalents, and restricted cash

5,939

2,290

Cash, cash equivalents, and restricted cash at beginning of period

103,960

112,462

Cash, cash equivalents, and restricted cash at end of period

$

109,899

$

114,752

Supplemental disclosure of cash flow information

Cash paid for interest

$

78

$

88

Cash paid for income taxes

$

197

$

148

APPIAN CORPORATION AND SUBSIDIARIES
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
(unaudited, in thousands, except share and per share data)

Three Months Ended March 31,

2022

2021

Reconciliation of non-GAAP operating loss:

GAAP operating loss

$

(23,866

)

$

(10,490

)

Add back:

Stock-based compensation expense

6,943

7,894

Litigation expenses(1)

11,792

1,687

Non-GAAP operating loss

$

(5,131

)

$

(909

)

Reconciliation of non-GAAP net loss:

GAAP net loss

$

(23,154

)

$

(13,587

)

Add back:

Stock-based compensation expense

6,943

7,894

Litigation expenses(1)

11,792

1,687

Non-GAAP net loss

$

(4,419

)

$

(4,006

)

Non-GAAP earnings per share:

Non-GAAP net loss

$

(4,419

)

$

(4,006

)

Non-GAAP weighted average shares used to compute net loss per share, basic and diluted

72,216,870

70,730,235

Non-GAAP net loss per share, basic and diluted

$

(0.06

)

$

(0.06

)

Reconciliation of non-GAAP net loss per share, basic and diluted:

GAAP net loss per share, basic and diluted

$

(0.32

)

$

(0.19

)

Add back:

Non-GAAP adjustments to net loss per share

0.26

0.13

Non-GAAP net loss per share, basic and diluted

$

(0.06

)

$

(0.06

)

Reconciliation of adjusted EBITDA:

GAAP net loss

$

(23,154

)

$

(13,587

)

Other expense, net

787

2,893

Interest expense

74

81

Income tax (benefit) expense

(1,573

)

123

Depreciation and amortization

1,773

1,278

Stock-based compensation expense

6,943

7,894

Litigation expenses(1)

11,792

1,687

Adjusted EBITDA

$

(3,358

)

$

369

(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.