Appian(APPN) - 2025 Q2 - Quarterly Report

PART I. FINANCIAL INFORMATION Presents Appian's unaudited condensed consolidated financial statements and notes for periods ended June 30, 2025 and 2024 Item 1. Financial Statements Details Appian's unaudited condensed consolidated financial statements, including balance sheets, operations, comprehensive loss, equity changes, cash flows, and explanatory notes Consolidated Balance Sheets Summarizes Appian's consolidated balance sheets as of June 30, 2025, and December 31, 2024 Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :------------------ | | Total assets | $590,748 | $621,039 | | Total liabilities | $644,489 | $653,679 | | Total stockholders' deficit | $(53,741) | $(32,640) | Consolidated Statements of Operations Presents Appian's consolidated statements of operations for the three and six months ended June 30, 2025 and 2024 Consolidated Statements of Operations Highlights (in thousands, except per share data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total revenue | $170,640 | $146,450 | $337,066 | $296,285 | | Subscriptions revenue | $132,657 | $112,974 | $267,009 | $230,668 | | Professional services revenue | $37,983 | $33,476 | $70,057 | $65,617 | | Gross profit | $126,719 | $107,037 | $254,227 | $218,875 | | Operating loss | $(10,984) | $(39,194) | $(11,818) | $(58,729) | | Net loss | $(312) | $(43,592) | $(1,489) | $(76,515) | | Basic and diluted net loss per share | $(0.00) | $(0.60) | $(0.02) | $(1.05) | Consolidated Statements of Comprehensive Loss Details Appian's consolidated statements of comprehensive loss for the three and six months ended June 30, 2025 and 2024 Consolidated Statements of Comprehensive Loss Highlights (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net loss | $(312) | $(43,592) | $(1,489) | $(76,515) | | Foreign currency translation adjustments | $(19,641) | $(1,097) | $(23,357) | $11,746 | | Unrealized loss on available-for-sale securities | $(41) | $(7) | $(58) | $(3) | | Other comprehensive loss, net of income taxes | $(19,994) | $(44,696) | $(24,904) | $(64,772) | Consolidated Statements of Changes in Stockholders' Deficit Outlines changes in Appian's stockholders' deficit for the six months ended June 30, 2025 and 2024 Changes in Stockholders' Deficit (Six Months Ended June 30, 2025, in thousands) | Metric | Balance, December 31, 2024 | Net Loss | Stock-based Compensation Expense | Repurchase of Common Stock | Other Comprehensive Loss | Balance, June 30, 2025 | | :-------------------------------- | :------------------------- | :------- | :------------------------------- | :------------------------- | :----------------------- | :--------------------- | | Total Stockholders' Deficit | $(32,640) | $(1,489) | $17,767 | $(10,000) | $(23,415) | $(53,741) | Changes in Stockholders' Deficit (Six Months Ended June 30, 2024, in thousands) | Metric | Balance, December 31, 2023 | Net Loss | Stock-based Compensation Expense | Repurchase of Common Stock | Other Comprehensive Income (Loss) | Balance, June 30, 2024 | | :-------------------------------- | :------------------------- | :------- | :------------------------------- | :------------------------- | :-------------------------------- | :--------------------- | | Total Stockholders' Equity (Deficit) | $52,341 | $(76,515) | $20,506 | $(50,019) | $11,743 | $(45,658) | Consolidated Statements of Cash Flows Presents Appian's consolidated statements of cash flows for the six months ended June 30, 2025 and 2024 Consolidated Statements of Cash Flows Highlights (Six Months Ended June 30, in thousands) | Cash Flow Activity | 2025 | 2024 | | :-------------------------------- | :----- | :----- | | Net cash provided by operating activities | $43,026 | $1,251 | | Net cash used by investing activities | $(33,093) | $(21,629) | | Net cash used by financing activities | $(18,965) | $(6,695) | | Net decrease in cash and cash equivalents | $(6,345) | $(28,564) | | Cash and cash equivalents at end of period | $112,207 | $120,787 | Notes to Condensed Consolidated Financial Statements Provides detailed notes explaining Appian's accounting policies and specific financial statement items 1. Organization and Description of Business Appian Corporation, "The Process Company," provides a software platform to help organizations improve processes and gain a strategic edge - Appian Corporation is known as "The Process Company," offering a software platform designed to optimize business processes, reduce costs, and improve customer experiences[24] - The company operates internationally, with a presence in 16 countries including Australia, Canada, France, Germany, India, Italy, Japan, Mexico, the Netherlands, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom[25] 2. Accounting Policies Outlines Appian's accounting policies, including revenue recognition, credit risk, deferred commissions, and recent pronouncements - Revenue from government agencies constituted 34.1% of total revenue for the three months ended June 30, 2025, with U.S. federal government agencies accounting for 25.9%, an increase from 31.4% and 22.6% respectively in the prior year period[32] - International customers generated 38.4% of total revenue for the three months ended June 30, 2025, consistent with 38.2% in the prior year[32] - Deferred commissions for new or upsell subscriptions are amortized over an estimated economic life of five years, while renewal commissions are amortized over the renewal period[36] Deferred Commissions Expense (in thousands) | Period | 2025 | 2024 | | :-------------------------------- | :----- | :----- | | Three Months Ended June 30, | $12,800 | $11,500 | | Six Months Ended June 30, | $25,000 | $22,900 | - The company is evaluating the impact of ASU 2024-03, which requires more detailed disclosures of certain income statement expenses, effective for annual reporting in fiscal year 2027[42] 3. Revenue Appian generates revenue from cloud subscriptions, term license subscriptions, maintenance and support, and professional services, recognized over time or at a point in time Revenue Breakdown (in thousands) | Revenue Type | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Cloud subscriptions | $106,915 | $88,428 | $206,741 | $175,031 | | Term license subscriptions | $17,703 | $17,227 | $44,617 | $40,998 | | Maintenance and support | $8,039 | $7,319 | $15,651 | $14,639 | | Total subscriptions | $132,657 | $112,974 | $267,009 | $230,668 | | Professional services | $37,983 | $33,476 | $70,057 | $65,617 | | Total revenue | $170,640 | $146,450 | $337,066 | $296,285 | Contract Balances (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :------------------ | | Total contract assets | $10,587 | $13,576 | | Total contract liabilities (Deferred revenue) | $275,715 | $287,237 | - As of June 30, 2025, the aggregate transaction price allocated to unsatisfied performance obligations was $553.2 million, with $349.7 million expected to be recognized as revenue over the next 12 months[60] 4. Leases Appian's lease portfolio consists of operating leases for corporate offices, with no impairment charges recorded in the current period Lease Expense (in thousands) | Lease Type | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Operating lease cost | $2,615 | $2,410 | $5,008 | $4,821 | | Short-term lease cost | $282 | $433 | $532 | $765 | | Variable lease cost | $1,244 | $1,335 | $2,616 | $2,648 | | Total | $4,141 | $4,178 | $8,156 | $8,234 | - No lease impairment charges were recorded for the three and six months ended June 30, 2025, contrasting with $5.5 million in non-cash lease impairment charges recorded in the three months ended June 30, 2024, related to reducing leased office space[65][66] Future Minimum Lease Commitments (in thousands) | Year | Operating Leases | | :-------------------------------- | :--------------- | | 2025 (excluding six months ended June 30, 2025) | $6,820 | | 2026 | $13,829 | | 2027 | $14,015 | | 2028 | $12,881 | | 2029 | $12,411 | | Thereafter | $22,908 | | Total lease payments | $82,864 | 5. Goodwill and Intangible Assets Goodwill increased due to foreign currency adjustments, while net intangible assets decreased with projected amortization through 2029 Goodwill and Intangible Assets (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :------------------ | | Goodwill | $28,763 | $25,555 | | Intangible assets, net | $1,882 | $2,240 | Projected Annual Amortization Expense for Intangible Assets (in thousands) | Year | Projected Amortization | | :-------------------------------- | :--------------------- | | 2025 (excluding six months ended June 30, 2025) | $639 | | 2026 | $822 | | 2027 | $101 | | 2028 | $101 | | 2029 | $101 | | Thereafter | $118 | | Total projected amortization expense | $1,882 | 6. Property and Equipment, net Property and equipment, net, decreased as of June 30, 2025, with depreciation expense totaling $4.4 million for the six months Property and Equipment, Net (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :------------------ | | Property and equipment, net | $34,799 | $37,109 | | Accumulated depreciation | $(36,719) | $(32,142) | - Depreciation expense totaled $4.4 million for the six months ended June 30, 2025, compared to $4.2 million for the same period in 2024[71] 7. Accrued Expenses Total accrued expenses increased due to higher hosting, contract labor, and legal costs as of June 30, 2025 Accrued Expenses (in thousands) | Accrued Item | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :------------------ | | Hosting costs | $4,460 | $3,047 | | Contract labor costs | $1,717 | $1,043 | | Legal costs | $994 | $289 | | Total | $14,547 | $11,388 | 8. Debt Appian's total debt, net of issuance costs, was $245.625 million as of June 30, 2025, with compliance to all credit agreement covenants Outstanding Debt Balances (in thousands) | Debt Component | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :------------------ | | Borrowings under revolving credit facility | $62,000 | $62,000 | | Secured term loan facility | $184,563 | $189,563 | | Total debt, net of debt issuance costs | $245,625 | $250,424 | - As of June 30, 2025, Appian was in compliance with all covenants of its Credit Agreement and had $62.0 million outstanding under its $100.0 million revolving credit facility[77] 9. Income Taxes Appian's effective tax rates were significantly higher due to a near pre-tax break-even position, with no material impact from new legislation Actual Effective Tax Rates | Period | 2025 | 2024 | | :-------------------------------- | :----- | :----- | | Three Months Ended June 30, | 124.7% | 0.4% | | Six Months Ended June 30, | 280.5% | 0.8% | - Net unrecognized tax benefits totaled $7.8 million as of June 30, 2025, which would not impact the effective tax rate due to a valuation allowance[79] - The recently signed One Big Beautiful Bill Act (OBBBA) is not anticipated to materially impact the current year effective income tax rate[81] 10. Stock-Based Compensation Stock-based compensation expense for the six months ended June 30, 2025, was $20.732 million, with significant unrecognized costs for unvested awards Total Stock-Based Compensation Expense (in thousands) | Period | 2025 | 2024 | | :-------------------------------- | :----- | :----- | | Three Months Ended June 30, | $10,693 | $9,900 | | Six Months Ended June 30, | $20,732 | $20,506 | - Total unrecognized compensation cost related to unvested stock options (2022 CEO option grant) was $3.4 million, to be recognized over 0.8 years[84] - Total unrecognized compensation cost related to unvested RSUs was approximately $36.7 million, to be recognized over 1.7 years[84] - A new 2025 annual bonus program allows employees to receive bonuses in RSUs, contributing $2.9 million to stock-based compensation expense for the six months ended June 30, 2025[85] 11. Basic and Diluted Loss per Share Basic and diluted net loss per share were $(0.00) and $(0.02) for the three and six months ended June 30, 2025, respectively Basic and Diluted Net Loss Per Share | Period | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | | :-------------------------------- | :------------------------------- | :----------------------------- | | Basic and diluted net loss per share | $(0.00) | $(0.02) | Antidilutive Securities Excluded from Diluted EPS | Security Type | June 30, 2025 | June 30, 2024 | | :-------------------------------- | :------------ | :------------ | | Stock options | 1,005,696 | 2,530,468 | | Non-vested restricted stock units | 1,401,959 | 1,189,539 | 12. Commitments, Contingencies, and Other Matters Appian has a $44.0 million annual cloud hosting commitment, ongoing Pegasystems litigation, and a $10.0 million share repurchase program - Appian has a non-cancellable cloud hosting arrangement with Amazon Web Services (AWS) with minimum annual spending requirements of $44.0 million from November 2024 to October 2029[89][191] - The Supreme Court of Virginia granted Appian's petition to hear its appeal in the Pegasystems litigation, seeking to reinstate the $2.036 billion judgment[92] - A Judgment Preservation Insurance (JPI) policy, with a total cost of $57.3 million, provides up to $500.0 million of coverage related to the Pegasystems judgment[93] JPI Amortization Expense (in thousands) | Period | 2025 | 2024 | | :-------------------------------- | :----- | :----- | | Three Months Ended June 30, | $3,100 | $4,500 | | Six Months Ended June 30, | $6,200 | $9,000 | - In May 2025, the Board authorized a $10.0 million share repurchase program, under which 0.3 million shares were repurchased in June 2025 at an average price of $31.91[96][189] 13. Segment and Geographic Information Appian operates as a single segment, with international revenue representing 38.4% and 37.3% of total revenue for the three and six months ended June 30, 2025 - Appian has one operating and one reportable segment, focused on its consolidated business of process design, automation, and optimization[98] Revenue by Geography (in thousands) | Geography | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Domestic | $105,193 | $90,534 | $211,386 | $184,647 | | International | $65,447 | $55,916 | $125,680 | $111,638 | | Total | $170,640 | $146,450 | $337,066 | $296,285 | Long-Lived Assets by Geography (in thousands) | Geography | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :------------------ | | United States | $52,400 | $55,900 | | Internationally | $15,300 | $14,600 | 14. Investments and Fair Value Measurements Appian's investment portfolio, primarily debt, totaled $184.753 million as of June 30, 2025, generating $3.6 million in interest income Investment Portfolio (Fair Value, in thousands) | Investment Type | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :------------------ | | Cash | $108,020 | $106,338 | | Money market fund | $4,187 | $12,214 | | U.S. Treasury bonds | $43,928 | $24,402 | | Commercial paper | $7,993 | $2,977 | | Corporate bonds | $20,625 | $13,929 | | Total investments | $184,753 | $159,860 | - Interest income from investments totaled $3.6 million for the six months ended June 30, 2025, consistent with the prior year[106] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Discusses Appian's financial condition and results, including its business model, key performance factors, revenue, costs, and liquidity Overview Appian offers a unified software platform integrating various AI and process automation capabilities to transform business processes - Appian's platform unifies data fabric, robotic process automation (RPA), intelligent document processing (IDP), generative AI, AI agents, low-code design, APIs, business rules, and process intelligence capabilities[111] - The company highlights six key benefits of its "AI in process" approach: ease of deployment, structured goals, data integration, safety mechanisms, measurable performance, and enterprise-grade scalability[115] - Revenue from government agencies accounted for 34.1% of total revenue for the three months ended June 30, 2025 (up from 31.4% in 2024), and international customers contributed 38.4% (consistent with 2024)[117][118] - Appian maintains a strong cloud subscriptions gross renewal rate, averaging 99% over the last three completed fiscal years[120] Key Factors Affecting Our Performance Performance is driven by market adoption, customer base growth through sales and partnerships, and increased penetration within existing customers - Revenue growth is primarily driven by the market adoption and penetration of Appian's platform, which enables digital transformation for organizations[121] - The company is aggressively investing in its sales team and strategic partnerships (e.g., Accenture, Deloitte) to expand its customer base, particularly within key industry verticals like financial services and government[122][123] - Appian employs a "land and expand" strategy to generate additional revenue from existing customers by adding new users or application licenses, as customers often start with a single application and expand to dozens[124] - Ongoing investments are planned for platform and infrastructure enhancement, R&D, sales and marketing expansion, international operations, and potential strategic acquisitions to support long-term growth[125] Key Metrics Appian monitors cloud subscriptions revenue and retention rate, with cloud subscriptions revenue increasing by 20.9% and 18.1% for the respective periods Cloud Subscriptions Revenue (in thousands) | Period | 2025 | 2024 | % Change | | :-------------------------------- | :----- | :----- | :------- | | Three Months Ended June 30, | $106,915 | $88,428 | 20.9% | | Six Months Ended June 30, | $206,741 | $175,031 | 18.1% | Cloud Subscriptions Revenue Retention Rate | As of June 30, | 2025 | 2024 | | :-------------------------------- | :--- | :--- | | Cloud subscriptions revenue retention rate | 111% | 118% | Key Components of Results of Operations This section details Appian's revenue, cost of revenue, gross profit, and operating expenses, outlining influencing factors and expected trends - Subscriptions revenue includes cloud subscriptions (bundled with maintenance, support, and hosting) and term license subscriptions (bundled with maintenance and support)[132] - Cost of subscriptions revenue primarily consists of fees to third-party hosting providers, personnel costs for operations and support, and amortization of acquired technology[134] - Gross profit and gross margin are influenced by the mix of cloud vs. term licenses, subscriptions vs. professional services revenue, pricing, hosting costs, and professional services expansion[136][137] - Operating expenses (sales & marketing, R&D, G&A) are expected to increase in absolute dollars, but at a more measured rate than in prior years, driven by personnel costs and investments in product enhancement and business growth[140][141] Results of Operations Appian's net loss and operating loss significantly improved, with total revenue increasing by 17% and 14% for the three and six months ended June 30, 2025 Consolidated Statements of Operations (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total revenue | $170,640 | $146,450 | $337,066 | $296,285 | | Gross profit | $126,719 | $107,037 | $254,227 | $218,875 | | Operating loss | $(10,984) | $(39,194) | $(11,818) | $(58,729) | | Net loss | $(312) | $(43,592) | $(1,489) | $(76,515) | Revenue Growth (YoY) | Revenue Type | Q2 2025 vs Q2 2024 | YTD 2025 vs YTD 2024 | | :-------------------------------- | :----------------- | :----------------- | | Total revenue | +16.5% | +13.8% | | Subscriptions revenue | +17.4% | +15.8% | | Professional services revenue | +13.5% | +6.8% | - Sales and marketing expense decreased by $6.1 million (-9%) in Q2 2025 and $9.7 million (-7.8%) YTD 2025, primarily due to a 25% reduction in sales and marketing headcount[154][165] - General and administrative expense decreased by $3.3 million (-8%) in Q2 2025 and $2.5 million (-3.4%) YTD 2025, largely due to a $5.0 million decrease in rent expense (no lease impairment charges in 2025 vs. $5.5 million in 2024) and lower JPI amortization[157][167] - Other income, net, significantly improved, showing $17.6 million in income for Q2 2025 (vs. $1.5 million in Q2 2024) and $23.3 million in income for YTD 2025 (vs. $6.7 million expense in YTD 2024), primarily driven by foreign exchange gains[158][169] Non-GAAP Financial Measures Appian provides non-GAAP measures like adjusted EBITDA to clarify core operations by excluding specific non-recurring or non-cash items - Non-GAAP financial measures exclude stock-based compensation, unrealized foreign exchange rate gains and losses, certain non-ordinary litigation-related expenses, amortization of the judgment preservation insurance policy, severance costs, and lease impairment and lease-related charges[174] Adjusted EBITDA (in thousands) | Period | 2025 | 2024 | | :-------------------------------- | :----- | :------- | | Three Months Ended June 30, | $8,130 | $(10,493) | | Six Months Ended June 30, | $24,889 | $(11,815) | Liquidity and Capital Resources Appian's liquidity is supported by cash, investments, operating cash flows, and credit facilities, with operating cash flow significantly increasing Selected Liquidity and Capital Resources (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :------------------ | | Cash and cash equivalents | $112,207 | $118,552 | | Short-term investments and marketable securities | $72,546 | $41,308 | | Working capital | $64,320 | $80,787 | - Appian expects its existing cash, investments, positive cash flows from operations, and available borrowings to be sufficient for working capital and capital expenditure requirements for at least the next twelve months[182] - Net cash provided by operating activities increased significantly to $43.0 million for the six months ended June 30, 2025, compared to $1.3 million in the prior year, due to increased cash collections and cost management[193] - Net cash used by investing activities increased to $33.1 million for the six months ended June 30, 2025, primarily due to a $30.9 million increase in purchases of short-term investments[194] - Net cash used by financing activities increased to $19.0 million for the six months ended June 30, 2025, mainly due to a $50.0 million decrease in proceeds from borrowings, partially offset by lower share repurchases[194] Item 3. Quantitative and Qualitative Disclosures About Market Risk Appian faces market risks from interest rate, inflation, and foreign currency fluctuations, with potential impacts on interest expense and operating loss - A hypothetical one percentage point increase in interest rates would increase Appian's annual interest expense by approximately $2.4 million[199] - The company is exposed to inflation risk in personnel, third-party services, and overhead costs, which could adversely affect gross profit margin if not offset by price increases or productivity[200] - A 10% change in foreign currency exchange rates for the six months ended June 30, 2025, would have impacted total revenue by approximately $12 million and operating loss by approximately $5 million[201] Item 4. Controls and Procedures Appian's disclosure controls and procedures were effective as of June 30, 2025, with no material changes in internal control over financial reporting - Appian's disclosure controls and procedures were evaluated and deemed effective at the reasonable assurance level as of June 30, 2025[205] - No material changes in internal control over financial reporting occurred during the period covered by this Quarterly Report on Form 10-Q[206] - Management acknowledges the inherent limitations of any control system, which can only provide reasonable, not absolute, assurance against errors or fraud[207] PART II. OTHER INFORMATION Covers Appian's legal proceedings, risk factors, equity security sales, and other miscellaneous information Item 1. Legal Proceedings Refers to Note 12 for details on legal proceedings, including the Pegasystems litigation, with no other material adverse effects anticipated - Information regarding legal proceedings, including the Pegasystems litigation, is detailed in Note 12 to the consolidated financial statements[209] - No other legal proceedings are currently anticipated to have a material adverse effect on Appian's business, operating results, financial condition, or cash flows[210] Item 1A. Risk Factors Directs readers to the Annual Report on Form 10-K for a comprehensive discussion of risk factors, with no material changes reported - Investors should consider the risk factors described in Part I, Item 1A of the Annual Report on Form 10-K for the year ended December 31, 2024[211] - There have been no material changes from the risk factors described in the aforementioned Annual Report[211] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds Reports on issuer purchases of equity securities under the Employee Stock Purchase Plan, totaling 19,964 shares in Q2 2025 Issuer Purchases of Equity Securities (Employee Stock Purchase Plan) | Period | Total Shares Purchased | Average Price Paid Per Share | | :-------------------------------- | :--------------------- | :--------------------------- | | April 1 to April 30, 2025 | 6,469 | $29.37 | | May 1 to May 31, 2025 | 7,023 | $31.68 | | June 1 to June 30, 2025 | 6,472 | $31.94 | | Total (Q2 2025) | 19,964 | $31.02 | Item 3. Defaults Upon Senior Securities This item is not applicable to Appian Corporation for the reported period Item 4. Mine Safety Disclosures This item is not applicable to Appian Corporation for the reported period Item 5. Other Information There is no other information to report under this item Item 6. Exhibits Lists all exhibits filed as part of the Form 10-Q, including corporate documents, agreements, and certifications - Exhibits include the Amended and Restated Certificate of Incorporation, Bylaws, Offer Letter and Employment Agreement for Srdjan Tanjga, Sixth Amendment to Credit Agreement, Certifications of Principal Executive and Financial Officers, and XBRL Instance Document[218][219] SIGNATURES The report was signed on August 7, 2025, by the Chief Executive Officer and Chief Financial Officer - The report was signed on August 7, 2025, by Matthew Calkins, Chief Executive Officer and Chairman of the Board, and Srdjan Tanjga, Chief Financial Officer[223]