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Appian
🇺🇸 NASDAQ:APPN
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Jun 30, 2024

Appian Q2 2024 Earnings Report

Appian's Q2 2024 financial results were announced, featuring a 19% year-over-year increase in cloud subscription revenue and progress towards adjusted EBITDA breakeven for the full year.

Key Takeaways

Appian announced its Q2 2024 financial results, highlighting a 19% year-over-year increase in cloud subscription revenue to $88.4 million. The company is focused on accelerating its path to profitability and expects to achieve adjusted EBITDA breakeven for the full year 2024.

Cloud subscription revenue increased 19% year-over-year to $88.4 million.

Total revenue was $146.5 million, up 15% compared to the second quarter of 2023.

GAAP operating loss was $(39.2) million, an improvement from $(40.7) million in the second quarter of 2023.

Appian AI usage nearly doubled due to enhanced functionality launched this quarter.

Total Revenue
$146M
Previous year: $128M
+14.7%
EPS
-$0.26
Previous year: -$0.39
-33.3%
Cloud Sub. Rev. Retention Rate
118%
Previous year: 115%
+2.6%
Gross Profit
$105M
Previous year: $90.9M
+15.6%
Cash and Equivalents
$121M
Previous year: $172M
-29.6%
Free Cash Flow
-$18.3M
Previous year: -$15.3M
+19.8%
Total Assets
$555M
Previous year: $612M
-9.4%

Appian

Appian

Appian Revenue by Segment

Forward Guidance

Appian provided guidance for the third quarter and full year 2024. For the third quarter, cloud subscription revenue is expected to be between $89.0 million and $91.0 million, and total revenue is expected to be between $149.0 million and $153.0 million. For the full year, cloud subscription revenue is expected to be between $358.0 million and $360.0 million, and total revenue is expected to be between $610.0 million and $615.0 million.

Positive Outlook

  • Cloud subscription revenue is expected to grow 15% to 18% year-over-year in Q3 2024.
  • Total revenue is expected to increase 9% to 12% year-over-year in Q3 2024.
  • Adjusted EBITDA is expected to be between breakeven and $3.0 million in Q3 2024.
  • Cloud subscription revenue is expected to grow 18% year-over-year for the full year 2024.
  • Total revenue is expected to increase 12% to 13% year-over-year for the full year 2024.

Challenges Ahead

  • Non-GAAP net loss per share is expected to be between $(0.10) and $(0.06) in Q3 2024.
  • Non-GAAP net loss per share is expected to be between $(0.61) and $(0.52) for the full year 2024.
  • Net cash used by operating activities was $(17.6) million for the three months ended June 30, 2024.
  • GAAP net loss was $(43.6) million for the second quarter of 2024.
  • Adjusted EBITDA is expected to be between $(3.0) million and $3.0 million for the full year 2024.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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