Appian Announces Fourth Quarter and Full Year 2023 Financial Results

Core Insights - Appian reported a 26% year-over-year increase in cloud subscription revenue for Q4 2023, reaching $83.1 million, and a 29% increase for the full year 2023, totaling $304.5 million [1][3] - The company achieved total revenue of $145.3 million in Q4 2023, a 16% increase compared to Q4 2022, and $545.4 million for the full year, up 17% year-over-year [2][3] - Appian's CEO highlighted that the company exceeded half a billion dollars in total revenue for the year and achieved the highest quarterly gross margin in its public history [1] Q4 2023 Financial Highlights - Cloud subscription revenue was $83.1 million, up 26% from Q4 2022 - Total subscriptions revenue increased 24% year-over-year to $115.8 million - Professional services revenue decreased by 9% to $29.5 million - Total revenue for Q4 2023 was $145.3 million, a 16% increase from Q4 2022 - Cloud subscription revenue retention rate stood at 119% as of December 31, 2023 - GAAP operating loss improved to $(16.8) million from $(40.6) million in Q4 2022 - Non-GAAP net income was $4.9 million, compared to a non-GAAP net loss of $(20.6) million in Q4 2022 [2] Full Year 2023 Financial Highlights - Cloud subscription revenue reached $304.5 million, a 29% increase from 2022 - Total subscriptions revenue rose 21% year-over-year to $412.3 million - Professional services revenue increased to $133.0 million from $127.8 million in 2022 - Total revenue for the year was $545.4 million, up 17% from 2022 - GAAP operating loss improved to $(108.0) million from $(145.0) million in 2022 - Non-GAAP net loss was $(59.2) million, compared to $(89.2) million in 2022 [3] Financial Outlook - For Q1 2024, cloud subscription revenue is expected to be between $84.0 million and $86.0 million, representing year-over-year growth of 21% to 23% - Total revenue guidance for Q1 2024 is between $148.0 million and $150.0 million, indicating a year-over-year increase of 9% to 11% - Full year 2024 cloud subscription revenue is projected to be between $364.0 million and $366.0 million, reflecting a 20% growth [5][6]