Appian(US:APPN)2024-11-07 12:29Revenue Performance - Cloud subscription revenue increased 22% year-over-year to $94.1 million in Q3 2024[3] - Total revenue for Q3 2024 was $154.1 million, up 12% compared to Q3 2023[3] - Full year 2024 cloud subscription revenue is expected to be between $364.0 million and $366.0 million, representing year-over-year growth of 20%[8] - Total revenue for full year 2024 is expected to be between $613.0 million and $615.0 million, representing a year-over-year increase of 12% to 13%[8] - Fourth quarter 2024 cloud subscription revenue is expected to be between $95.0 million and $97.0 million, representing year-over-year growth of 14% to 17%[6] - Total revenue for the three months ended September 30, 2024, was $154,052,000, a 12.9% increase from $137,094,000 in the same period of 2023[20] - Subscription revenue increased to $123,121,000, up 18.5% from $103,803,000 year-over-year[20] Profitability Metrics - Non-GAAP net income for Q3 2024 was $11.4 million, compared to a non-GAAP net loss of $(14.6) million in Q3 2023[4] - Adjusted EBITDA for Q3 2024 was $10.8 million, compared to an adjusted EBITDA loss of $(5.3) million in Q3 2023[4] - Operating loss narrowed to $(7,157,000) for the three months ended September 30, 2024, compared to $(15,217,000) in the same quarter of 2023[20] - The adjusted EBITDA for the three months ended September 30, 2024, was $10,848, a significant improvement from an adjusted EBITDA of $(5,342) in the same period last year[25] - The total operating loss for the nine months ended September 30, 2024, was $(52,918), compared to $(91,145) in the previous year, indicating an improvement of approximately 42%[24] - The net loss for the nine months ended September 30, 2024, was $(25,352), compared to $(101,435) in the previous year, showing a significant improvement of approximately 75%[24] Cash and Assets - Cash and cash equivalents decreased to $99,193,000 as of September 30, 2024, down from $149,351,000 at the end of 2023[19] - Total assets decreased to $549,913,000 as of September 30, 2024, from $627,503,000 at the end of 2023[19] - Long-term debt increased significantly to $243,225,000 as of September 30, 2024, compared to $140,221,000 at the end of 2023[19] - Total stockholders' equity showed a deficit of $(49,801,000) as of September 30, 2024, compared to a positive equity of $52,341,000 at the end of 2023[19] Cost Management - For the three months ended September 30, 2024, the total cost of revenue was $35,548, a decrease from $37,084 in the previous quarter, reflecting a reduction of approximately 4.1%[23] - The subscriptions cost of revenue for the nine months ended September 30, 2024, was $38,973, compared to $39,614 in the previous year, showing a slight decrease of 1.6%[23] - The professional services cost of revenue for the nine months ended September 30, 2024, was $69,118, down from $74,880, reflecting a decrease of approximately 7.8%[23] - For the nine months ended September 30, 2024, the total operating expense was $350,716, down from $401,729 in the previous year, indicating a reduction of approximately 12.7%[24] Leadership and Strategic Initiatives - Appian has accelerated government procurement with AI through the new ProcureSight integration[5] - Appian appointed Mark Dorsey as Chief Revenue Officer[5] Tax and Other Expenses - The income tax expense for the three months ended September 30, 2024, was $1,436, compared to $1,319 in the previous quarter, reflecting an increase of approximately 8.9%[23] - The total cost of revenue for the three months ended September 30, 2023, was $34,323, which is a decrease from $36,069 in the previous quarter, indicating a reduction of approximately 4.9%[24] - Stock-based compensation expense for the nine months ended September 30, 2024, was $30,011,000, down from $33,215,000 in the same period of 2023[21]