Appian Announces Third Quarter 2024 Financial Results

Core Insights - Appian reported a total revenue of $154.1 million for Q3 2024, representing a 12% increase year-over-year [2] - Cloud subscription revenue reached $94.1 million, up 22% compared to Q3 2023, with a retention rate of 117% [2] - The company anticipates positive adjusted EBITDA for the full year 2024, with guidance for Q4 cloud subscription revenue between $95.0 million and $97.0 million [3] Financial Performance - Total subscriptions revenue increased by 19% year-over-year to $123.1 million [2] - Professional services revenue decreased by 7% to $30.9 million [2] - GAAP operating loss improved to $(7.2) million from $(15.2) million in Q3 2023 [2] - Non-GAAP operating income was $8.3 million, compared to a loss of $(7.7) million in the same quarter last year [2] - GAAP net loss was $(2.1) million, significantly reduced from $(22.3) million in Q3 2023 [2] - Non-GAAP net income was $11.4 million, compared to a loss of $(14.6) million in Q3 2023 [2] Guidance and Outlook - For the full year 2024, cloud subscription revenue is expected to be between $364.0 million and $366.0 million, indicating a 20% year-over-year growth [3] - Total revenue guidance for 2024 is projected between $613.0 million and $615.0 million, reflecting a 12% to 13% increase [3] - Adjusted EBITDA for the full year is expected to be between $5.0 million and $7.0 million [3] Balance Sheet and Cash Flow - As of September 30, 2024, Appian had total cash, cash equivalents, and investments of $140.0 million [2] - Net cash used by operating activities was $(8.2) million for Q3 2024, a significant improvement from $(65.0) million in Q3 2023 [2]