Business
Appian Announces Second Quarter 2020 Financial Results
Cloud subscriptions revenue increased 30% year-over-year to $29.6 million MCLEAN, Va., Aug. 06, 2020 (GLOBE NEWSWIRE) -- Appian (Nasdaq: APPN) today announced
About this update from Appian Corporation
[{"type":"text","content":"Cloud subscriptions revenue increased 30% year-over-year to $29.6 million\nMCLEAN, Va., Aug. 06, 2020 (GLOBE NEWSWIRE) -- Appian (Nasdaq: APPN) today announced financial results for the second quarter ended June 30, 2020.\n “Recent circumstances have demonstrated the importance of quick adaptability. Organizations are turning to rapid-development technologies like Appian's low-code automation platform to build their applications and processes,\" said Matt Calkins, CEO & Founder. Second Quarter 2020 Financial Highlights: Revenue: Cloud subscription revenue was $29.6 million for the second quarter of 2020, up 30% compared to the second quarter of 2019. Total subscriptions revenue, which includes sales of SaaS subscriptions, on-premises term license subscriptions and maintenance and support, increased 12% year-over-year to $41.4 million for the second quarter of 2020. Professional services revenue was $25.4 million for the second quarter of 2020, compared to $28.4 million for the second quarter of 2019. Total revenue was $66.8 million for the second quarter of 2020, up 2% compared to the second quarter of 2019. Cloud subscription revenue retention rate was 113% as of June 30, 2020. Gross renewal rate was 98% as of June 30, 2020. Operating loss and non-GAAP operating loss: GAAP operating loss was $(12.1) million for the second quarter of 2020, compared to $(9.8) million for the second quarter of 2019. Non-GAAP operating loss was $(8.5) million for the second quarter of 2020, compared to $(7.1) million for the second quarter of 2019. Net loss and non-GAAP net loss: GAAP net loss was $(11.8) million for the second quarter of 2020, compared to $(10.1) million for the second quarter of 2019. GAAP net loss per share was $(0.17) for the second quarter of 2020, based on 68.4 million weighted-average shares outstanding, compared to $(0.16) for the second quarter of 2019, based on 64.8 million weighted-average shares outstanding. Non-GAAP net loss was $(8.2) million for the second quarter of 2020, compared to $(7.2) million for the second quarter of 2019. Non-GAAP net loss per share was $(0.12) for the second quarter of 2020, based on 68.4 million basic and diluted shares outstanding, consistent with $(0.11) for the second quarter of 2019, based on 64.8 million basic and diluted shares outstanding. Adjusted EBITDA: Adjusted EBITDA loss was $...