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Appian
🇺🇸 NASDAQ:APPN
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Jun 30, 2023

Appian Q2 2023 Earnings Report

Appian's financial performance in Q2 2023 reflected growth in cloud subscriptions and overall revenue, alongside a reduced GAAP net loss year-over-year.

Key Takeaways

Appian announced its Q2 2023 financial results, featuring a 30% year-over-year increase in cloud subscription revenue, reaching $74.4 million. Total revenue increased by 16% compared to the second quarter of 2022. The company's GAAP net loss was $(42.4) million, an improvement over the $(49.4) million net loss in the same period last year.

Cloud subscription revenue increased by 30% year-over-year, reaching $74.4 million.

Total subscriptions revenue increased 22% year-over-year to $93.8 million.

Total revenue was $127.7 million, up 16% compared to the second quarter of 2022.

GAAP net loss improved to $(42.4) million, compared to $(49.4) million in the second quarter of 2022.

Total Revenue
$128M
Previous year: $110M
+16.0%
EPS
-$0.39
Previous year: -$0.46
-15.2%
Cloud Sub. Rev. Retention Rate
115%
Previous year: 116%
-0.9%
Gross Profit
$90.9M
Previous year: $76.8M
+18.4%
Cash and Equivalents
$172M
Previous year: $76.2M
+125.1%
Free Cash Flow
-$15.3M
Previous year: -$31M
-50.5%
Total Assets
$612M
Previous year: $470M
+30.4%

Appian

Appian

Appian Revenue by Segment

Forward Guidance

Appian provided guidance for the third quarter and full year 2023.

Positive Outlook

  • Cloud subscription revenue for Q3 2023 is expected to be between $75.5 million and $76.5 million, representing a 25% to 26% year-over-year growth.
  • Total revenue for Q3 2023 is expected to be between $134.0 million and $136.0 million, representing a 14% to 15% year-over-year increase.
  • Cloud subscription revenue for full year 2023 is expected to be between $299.0 million and $301.0 million, representing a 26% to 27% year-over-year growth.
  • Total revenue for full year 2023 is expected to be between $538.0 million and $543.0 million, representing a 15% to 16% year-over-year increase.
  • Adjusted EBITDA loss for full year 2023 is expected to be between $(67.0) million and $(63.0) million.

Challenges Ahead

  • Adjusted EBITDA loss for Q3 2023 is expected to be between $(16.0) million and $(12.0) million.
  • Non-GAAP net loss per share for Q3 2023 is expected to be between $(0.28) and $(0.23), assuming weighted average common shares outstanding of 73.3 million.
  • Full Year 2023 Guidance: Non-GAAP net loss per share is expected to be between $(1.16) and $(1.10).
  • Full Year 2023 Guidance: Adjusted EBITDA loss is expected to be between $(67.0) million and $(63.0) million.
  • Third Quarter 2023 Guidance: Adjusted EBITDA loss is expected to be between $(16.0) million and $(12.0) million.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View Appian