Financial Data and Key Metrics Changes - In Q1 2024, Appian's cloud subscription revenue grew 24% year-over-year to $86.6 million, while total revenue increased 11% to $149.8 million [6][16] - Subscription revenue rose 19% to $117.7 million, with a cloud subscription revenue retention rate of 120% as of March 31, 2024, up from 115% a year ago [16][19] - Adjusted EBITDA was a loss of $1.3 million, significantly better than the previous year's loss of $15.8 million [19][24] Business Line Data and Key Metrics Changes - Professional services revenue decreased by 11% year-over-year to $32.1 million, reflecting fluctuations due to project timing [17] - Subscriptions revenue accounted for 79% of total revenue, compared to 73% in the previous year [17] - International operations contributed 37% of total revenue, up from 33% a year ago [17] Market Data and Key Metrics Changes - Foreign exchange movements provided a revenue benefit of 1% to 2% on a constant currency basis [18] - Cash provided by operations was $18.9 million, a significant improvement from cash used in operations of $25.3 million in the same period last year [21] Company Strategy and Development Direction - Appian is focusing on enhancing its AI capabilities and has launched a 30-day fixed price offering to demonstrate ROI [8][9] - The company announced a Strategic Collaboration Agreement with AWS to enhance enterprise AI use [9] - Appian aims to push technological boundaries with new features like Process HQ and Elastic Process Execution (EPIX) [10][12] Management's Comments on Operating Environment and Future Outlook - Management noted that while the macro environment is not perfect, it remains workable, particularly regarding AI investments [28] - The company is optimistic about its long-term growth prospects and is focused on optimizing its cost structure to drive profitability [24][25] - Management expressed confidence in the demand for their platform, with a high gross revenue retention rate of 98% [75] Other Important Information - Appian completed a $50 million share repurchase program in Q1, buying back 1.32 million shares [21] - Total deferred revenue was $226.2 million as of Q1 2024, an increase of 14% from the previous year [21] Q&A Session Summary Question: Update on the deal environment and macro conditions - Management indicated that the macro environment is workable, with no significant budget increases for AI among customers [28] Question: Feedback from customers on AI investments and new products - The conference received positive feedback, with customers appreciating the new pricing approach and features [30] Question: Clarification on cloud revenue guidance and seasonal impacts - Management explained that Q2 is typically the weakest quarter due to seasonality, but they expect recovery in the second half [33][34] Question: Uptake of the new Data Fabric solution and competitive positioning - Management highlighted that their Data Fabric is designed to integrate across the enterprise, differentiating it from competitors [35][36] Question: Trends in net revenue retention and impact of go-to-market changes - Management noted that the recent changes are expected to positively impact net revenue retention in the long run [46] Question: Insights on the macro demand environment in core verticals - Management reported strong customer satisfaction and loyalty, contributing to consistent retention rates [75]

PART I. FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents Q1 2024 unaudited condensed consolidated financial statements, showing increased revenue, reduced net loss, and a stockholders' deficit [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2024, total assets decreased to **$595.4 million**, liabilities increased, resulting in a **$9.7 million** stockholders' deficit Consolidated Balance Sheet Highlights (in thousands) | Metric | March 31, 2024 (unaudited) | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$595,358** | **$627,503** | | Cash and cash equivalents | $170,108 | $149,351 | | Accounts receivable, net | $129,317 | $171,561 | | **Total Liabilities** | **$605,023** | **$575,162** | | Deferred revenue | $226,159 | $240,692 | | Total debt | $255,123 | $206,589 | | **Total Stockholders' (Deficit) Equity** | **($9,665)** | **$52,341** | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) Q1 2024 total revenue increased **11%** to **$149.8 million**, narrowing operating loss to **$19.5 million** and net loss to **$32.9 million** Q1 2024 Statement of Operations Summary (in thousands, except per share data) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | **Total Revenue** | **$149,835** | **$135,235** | | Subscriptions Revenue | $117,694 | $98,957 | | Professional Services Revenue | $32,141 | $36,278 | | **Gross Profit** | **$111,838** | **$99,142** | | **Operating Loss** | **($19,535)** | **($35,266)** | | **Net Loss** | **($32,923)** | **($36,829)** | | **Net Loss Per Share (Basic & Diluted)** | **($0.45)** | **($0.51)** | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Q1 2024 net cash from operations turned positive to **$18.9 million**, with **$4.2 million** used in financing due to a **$50.0 million** share repurchase Q1 2024 Cash Flow Summary (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net cash provided by (used by) operating activities | $18,866 | ($25,265) | | Net cash provided by (used by) investing activities | $7,459 | ($12,316) | | Net cash (used by) provided by financing activities | ($4,249) | $88,144 | | **Net increase in cash, cash equivalents, and restricted cash** | **$20,757** | **$50,578** | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, cloud subscriptions at **$86.6 million**, Pegasystems litigation, a **$57.3 million** JPI policy, and a **$50.0 million** share repurchase - Revenue from government agencies represented **21.7% of total revenue** for Q1 2024, while international customers accounted for **37.2%**[31](index=31&type=chunk) Revenue by Type (in thousands) | Revenue Type | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Cloud subscriptions | $86,603 | $69,692 | | Term license subscriptions | $23,771 | $23,151 | | Maintenance and support | $7,320 | $6,114 | | **Total subscriptions** | **$117,694** | **$98,957** | | Professional services | $32,141 | $36,278 | | **Total revenue** | **$149,835** | **$135,235** | - The company has a **$2.036 billion judgment** against Pegasystems, which will not be recorded until all contingencies are resolved and collection occurs[97](index=97&type=chunk)[98](index=98&type=chunk) - In September 2023, the company purchased a Judgment Preservation Insurance (JPI) policy for **$57.3 million**, providing up to **$500.0 million of coverage** for the Pegasystems judgment, amortized over an estimated three-year appeals process[99](index=99&type=chunk)[100](index=100&type=chunk) - In March 2024, the company completed a **$50.0 million share repurchase program**, buying back **1.3 million shares** at an average price of **$37.86**[103](index=103&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2024 performance, noting **10.8%** total revenue increase, **18.9%** subscription growth, **120%** cloud revenue retention, and improved operating cash flow [Key Metrics](index=27&type=section&id=Key%20Metrics) Key metrics show strong growth, with cloud subscriptions revenue up **24.3%** to **$86.6 million** and retention rate improving to **120%** Cloud Subscriptions Revenue (in thousands) | Period | Revenue | % Change YoY | | :--- | :--- | :--- | | Three Months Ended March 31, 2024 | $86,603 | 24.3% | | Three Months Ended March 31, 2023 | $69,692 | | Cloud Subscriptions Revenue Retention Rate | As of | Rate | | :--- | :--- | | March 31, 2024 | 120% | | March 31, 2023 | 115% | [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Q1 2024 total revenue grew **10.8%** to **$149.8 million**, gross margin improved to **74.6%**, and operating loss reduced to **$19.5 million** - The increase in subscriptions revenue was driven by a **$16.9 million increase** in cloud subscription revenue, with **$5.9 million from new customers** and **$12.9 million from existing customers**[150](index=150&type=chunk) - Sales and marketing expense decreased by **$4.9 million (7.8%)** due to a **7.3% reduction in headcount** and lower severance costs[154](index=154&type=chunk) - General and administrative expense increased by **$3.8 million (12.6%)**, primarily due to **$4.5 million in amortization expense** for the judgment preservation insurance policy[156](index=156&type=chunk) - Other expense was **$8.2 million**, a significant shift from other income of **$2.7 million** in the prior year, primarily due to **$11.5 million in foreign exchange losses**[158](index=158&type=chunk)[159](index=159&type=chunk) [Liquidity and Capital Resources](index=39&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2024, Appian held **$170.1 million** in cash, generated **$18.9 million** from operations, and believes resources are sufficient for the next twelve months Liquidity Position (in thousands) | Metric | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $170,108 | $149,351 | | Working capital | $95,950 | $43,183 | - The company has non-cancellable cloud hosting commitments with AWS requiring **$28.0 million** in minimum spending for each of the next three years[181](index=181&type=chunk) - Net cash from operating activities improved by **$44.1 million** year-over-year, driven by stronger collections and lower operating expenses[183](index=183&type=chunk)[184](index=184&type=chunk) - Net cash used in financing activities was **$4.2 million**, compared to **$88.1 million provided** in the prior year, mainly due to a **$50.0 million share repurchase** and lower debt proceeds[185](index=185&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Primary market risks include interest rates and foreign currency, with a **1%** rate increase impacting annual interest expense by **$2.5 million** and a **10%** currency change affecting revenue by **3%** and operating loss by **4%** - A hypothetical **1 percentage point increase** in interest rates would increase annual interest expense by approximately **$2.5 million**[190](index=190&type=chunk) - A **10% change** in foreign currency exchange rates would have impacted Q1 2024 total revenue by approximately **3%** and operating loss by approximately **4%**[192](index=192&type=chunk) [Controls and Procedures](index=43&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal control over financial reporting - The CEO and CFO concluded that as of March 31, 2024, the company's disclosure controls and procedures were effective at the reasonable assurance level[196](index=196&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[197](index=197&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=46&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 12 for Pegasystems litigation details, stating no other legal proceedings are expected to materially adversely affect the business - For information regarding legal proceedings, the report refers to Note 12 – Commitments, Contingencies, and Other Matters in the financial statements[200](index=200&type=chunk) [Risk Factors](index=46&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors have occurred since those disclosed in the company's 2023 Annual Report on Form 10-K - There have been no material changes from the risk factors described in the company's 2023 Annual Report on Form 10-K[202](index=202&type=chunk) [Issuer Purchases of Equity Securities](index=46&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's equity security purchases, including a **$50.0 million share repurchase** in March 2024 of **1.3 million shares** - In February 2024, the Board of Directors authorized a share repurchase program of up to **$50.0 million**[205](index=205&type=chunk) - In March 2024, the company completed the program, repurchasing **1.3 million shares** at an average price of **$37.86** for a total cost of **$50.0 million**[205](index=205&type=chunk) [Other Items (Defaults, Mine Safety, Other Information)](index=48&type=section&id=Other%20Items%20(3%2C%204%2C%205)) The company reported no defaults on senior securities, no mine safety disclosures, and no other information under Item 5 - The company reported 'Not applicable' for Defaults Upon Senior Securities and Mine Safety Disclosures, and 'None' for Other Information[205](index=205&type=chunk) [Exhibits](index=49&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including Credit Agreement amendments, officer certifications, and XBRL data - Key exhibits filed include amendments to the Credit Agreement, officer certifications pursuant to Sarbanes-Oxley Act Sections 302 and 906, and XBRL instance documents[207](index=207&type=chunk)[208](index=208&type=chunk)

Company Performance - Appian reported a quarterly loss of $0.24 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.15, but an improvement from a loss of $0.27 per share a year ago [1] - The quarterly report showed an earnings surprise of -60%, while the previous quarter had a positive surprise of 124% with an actual earnings of $0.06 against an expected loss of $0.25 [1] - Appian's revenues for the quarter were $149.84 million, exceeding the Zacks Consensus Estimate by 0.22% and up from $135.24 million year-over-year [1] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.29 on revenues of $145.07 million, and for the current fiscal year, it is -$0.69 on revenues of $615.54 million [4] - The estimate revisions trend for Appian is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [4] Industry Context - The Internet - Software industry, to which Appian belongs, is currently ranked in the top 28% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [5] - Palo Alto Networks, another company in the same industry, is expected to report quarterly earnings of $1.25 per share, reflecting a year-over-year increase of 13.6%, with revenues projected at $1.97 billion, up 14.3% from the previous year [5]

[First Quarter 2024 Financial Highlights](index=1&type=section&id=First%20Quarter%202024%20Financial%20Highlights) Appian achieved strong Q1 2024 results with cloud subscription revenue up 24% to $86.6 million and significant profitability improvements Q1 2024 Key Financial Metrics (in millions) | Metric | Q1 2024 | Q1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Cloud Subscription Revenue | $86.6 | $69.9 (implied) | +24% | | Total Revenue | $149.8 | $135.2 | +11% | | GAAP Operating Loss | $(19.5) | $(35.3) | +44.7% Improvement | | Non-GAAP Operating Loss | $(3.7) | $(18.2) | +79.7% Improvement | | Adjusted EBITDA Loss | $(1.3) | $(15.8) | +91.8% Improvement | | GAAP Net Loss per Share | $(0.45) | $(0.51) | +11.8% Improvement | | Net Cash from Operations | $18.9 | $(25.3) | N/A | - The cloud subscription revenue retention rate was strong at **120%** as of March 31, 2024, indicating robust customer expansion and retention[2](index=2&type=chunk) - GAAP and non-GAAP net loss for Q1 2024 included a significant foreign currency exchange loss of **$11.5 million**, or **$0.16 per share**, compared to a small gain in the prior year[2](index=2&type=chunk) [Recent Business Highlights](index=2&type=section&id=Recent%20Business%20Highlights) Appian advanced its market position through strategic partnerships with AWS and Symphony, and launched new platform capabilities - Key strategic initiatives and partnerships in Q1 2024 include: * A strategic collaboration agreement with **AWS** to deliver Private AI and end-to-end process automation * A partnership with **Symphony** to enable compliant financial communications and process automation * The launch of **Appian ProcureSight**, a new solution designed for better and faster government procurement[4](index=4&type=chunk) [Financial Outlook](index=2&type=section&id=Financial%20Outlook) Appian projects continued double-digit growth for Q2 and full year 2024, with cloud subscription revenue expected to grow 20% annually [Second Quarter 2024 Guidance](index=2&type=section&id=Second%20Quarter%202024%20Guidance) Appian forecasts Q2 2024 cloud subscription revenue growth of 16-18% and total revenue growth of 10-13% Q2 2024 Guidance (in millions) | Metric | Guidance Range | | :--- | :--- | | Cloud Subscription Revenue | $86.0 - $88.0 (+16% to +18% YoY) | | Total Revenue | $140.0 - $144.0 (+10% to +13% YoY) | | Adjusted EBITDA Loss | $(17.0) - $(13.0) | | Non-GAAP Net Loss per Share | $(0.34) - $(0.28) | [Full Year 2024 Guidance](index=2&type=section&id=Full%20Year%202024%20Guidance) For full year 2024, Appian anticipates cloud subscription revenue to grow 20% and total revenue to increase 13% Full Year 2024 Guidance (in millions) | Metric | Guidance Range | | :--- | :--- | | Cloud Subscription Revenue | $364.0 - $366.0 (+20% YoY) | | Total Revenue | $615.0 - $617.0 (+13% YoY) | | Adjusted EBITDA Loss | $(22.5) - $(17.5) | | Non-GAAP Net Loss per Share | $(0.85) - $(0.79) | [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements detail Appian's financial health, showing increased cash, higher revenues, reduced operating loss, and positive cash flow from operations [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) Q1 2024 total revenue increased to $149.8 million, driven by subscription growth, with gross profit rising and operating loss significantly narrowed Q1 2024 Statement of Operations Highlights (in thousands) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Subscriptions Revenue | $117,694 | $98,957 | | Total Revenue | $149,835 | $135,235 | | Gross Profit | $111,838 | $99,142 | | Total Operating Expenses | $131,373 | $134,408 | | Operating Loss | $(19,535) | $(35,266) | | Net Loss | $(32,923) | $(36,829) | [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2024, Appian's balance sheet shows total assets of $595.4 million, increased cash, and $226.2 million in deferred revenue Balance Sheet Highlights (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $170,108 | $149,351 | | Total current assets | $389,880 | $414,355 | | Total assets | $595,358 | $627,503 | | Deferred revenue (current) | $220,943 | $235,992 | | Total liabilities | $605,023 | $575,162 | | Total stockholders' (deficit) equity | $(9,665) | $52,341 | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Q1 2024 saw significant cash flow improvement, with $18.9 million generated from operations, leading to a $20.8 million increase in cash and equivalents Cash Flow Summary (in thousands) | Cash Flow Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash from Operating Activities | $18,866 | $(25,265) | | Net cash from Investing Activities | $7,459 | $(12,316) | | Net cash from Financing Activities | $(4,249) | $88,144 | | Net increase in cash | $20,757 | $50,578 | | Cash at end of period | $170,108 | $200,959 | [Reconciliation of GAAP to Non-GAAP Measures](index=9&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) This section details adjustments from GAAP to non-GAAP metrics, primarily for stock-based compensation, JPI amortization, and litigation expenses, resulting in a non-GAAP operating loss of $(3.7) million Reconciliation of GAAP Net Loss to Adjusted EBITDA (in thousands) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **GAAP net loss** | **$(32,923)** | **$(36,829)** | | Stock-based compensation expense | $10,606 | $11,056 | | Litigation Expense | $742 | $1,842 | | JPI Amortization | $4,504 | — | | Severance Costs | — | $4,204 | | Other adjustments | $16,049 | $3,905 | | **Adjusted EBITDA** | **$(1,322)** | **$(15,822)** | Reconciliation of GAAP Operating Loss to Non-GAAP Operating Loss (Q1 2024, in thousands) | Line Item | Amount | | :--- | :--- | | **GAAP Operating loss** | **$(19,535)** | | Stock-Based Compensation | $10,606 | | Litigation Expense | $742 | | JPI Amortization | $4,504 | | **Non-GAAP Operating loss** | **$(3,683)** | [Notes and Disclosures](index=3&type=section&id=Notes%20and%20Disclosures) This section provides context for financial results, including the rationale for non-GAAP measures and a safe harbor statement for forward-looking statements [Non-GAAP Financial Measures](index=3&type=section&id=Non-GAAP%20Financial%20Measures) Appian uses non-GAAP measures to provide supplemental information on core operating performance, excluding non-recurring expenses like stock-based compensation and litigation costs - Management uses non-GAAP measures for financial decision-making and to evaluate period-to-period comparisons, believing they offer greater transparency into the company's ongoing operational performance[9](index=9&type=chunk) - Key expenses excluded from non-GAAP calculations include **stock-based compensation**, **litigation expenses** related to the Pegasystems cases, **JPI Amortization**, and **severance costs** from a 2023 workforce reduction[10](index=10&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) The earnings release includes forward-looking statements subject to risks like competition, market acceptance, sales cycle variability, and AI's impact, where actual results may differ - The report's statements about future financial performance, demand for the Appian platform, and market opportunities are forward-looking and not guarantees of future results[14](index=14&type=chunk) - Key risks that could impact future results include **competition**, the **length and variability of sales cycles**, the **unpredictable effects of AI technologies**, and **customer concentration**[14](index=14&type=chunk)

As an investor, I am as confused as the market right now. Inflation data is coming in hot and the rate cuts have been pushed. Furthermore, the market can’t decide whether to rejoice in strong earnings or pull back due to inflation. 2024 started on a high note with both S&P 500 and Nasdaq hitting new highs. However, the past few weeks haven’t been the same. The tech earnings week managed to provide relief. And since several companies are yet to report results, we could see an improvement in the market moveme ...

A seasoned sales professional with over two decades of experience in the SaaS, software, and unified communications sectors, Vincent Bertaud will expand Appian's partner network in France.PARIS, April 25, 2024 /PRNewswire/ -- Appian (Nasdaq: APPN) announces the appointment of Vincent Bertaud as the Senior Partner Sales Manager for Appian France. With over 20 years of experience in the SaaS, software, and unified communications sectors, Bertaud has a proven track record in direct and indirect sales of comple ...

MCLEAN, Va., April 17, 2024 /PRNewswire/ -- Appian (NASDAQ: APPN) today announced the 2024 Partner Award winners at the global Appian World conference in Washington DC. This year's winners have created innovative and impactful business solutions on the Appian Platform while exceeding customer expectations and maintaining excellence in service delivery. Appian announces the 2024 Partner Award winners at the global Appian World conference in Washington DC. Post this This year's winners include KPMG, Ground ...

The judging panel included Pavel Zamudio, Chief Customer Officer at Appian; Neil Ward-Dutton, VP of AI, Automation and Analytics at IDC Europe; and Juan Carlos Crespo Zaragoza, Deputy General Manager and Executive VP at Inetum, a global IT services company. By leveraging data fabric and AI technology, these winners have shown the art of the possible with next-generation process orchestration. Winners in North America The Carlyle Group: Carlyle utilized the Appian Platform to streamline enterprise accounti ...

New release features Process HQ and generative AI enhancements for meaningful process improvement and continuous optimizationMCLEAN, Va., April 16, 2024 /PRNewswire/ -- Appian (Nasdaq: APPN) today announced the latest version of the Appian Platform. The new release introduces Process HQ, a combination of process mining and enterprise AI unified with the Appian data fabric. Process HQ provides unprecedented visibility into business operations to enable data-driven decisions and process improvements. The late ...

Core Insights - Appian has launched ProcureSight, a solution aimed at enhancing the efficiency of US federal procurement processes by utilizing historical procurement data [1][3] - ProcureSight is available at no cost to US procurement professionals until December 31, 2024, and does not require an Appian user license [1][4] Procurement Data Challenges - The US federal procurement process is burdened by excessive documentation requirements, making it difficult for professionals to access and utilize past procurement data effectively [2] - Current methods of gathering past solicitation and award information are inefficient, often leading to incomplete and contextually lacking data [2] Features and Benefits of ProcureSight - ProcureSight employs semantic search to quickly locate relevant past procurements from sources like SAM.gov and USASpending, providing synthesized insights rather than just raw data [3] - Key insights provided by ProcureSight include average time to award, average award amount, and small business data, which help improve future procurement strategies [3] - The platform allows users to view all solicitation and award data in a unified manner, facilitating better understanding and decision-making [3] - ProcureSight includes templates for creating essential procurement documents, streamlining the documentation process through AI assistance [3] Integration and Accessibility - ProcureSight integrates seamlessly with Appian's Government Acquisition Management solution suite, allowing users to access it without separate logins [4] - The service is specifically designed for federal government procurement professionals, addressing long-standing challenges in the procurement process [4]