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Appian Announces Second Quarter 2023 Financial Results
Second quarter cloud subscription revenue increased 30% year-over-year to $74.4 million MCLEAN, Va., Aug. 03, 2023 (GLOBE NEWSWIRE) -- Appian (Nasdaq: APPN)
About this update from Appian Corporation
[{"type":"text","content":"Second quarter cloud subscription revenue increased 30% year-over-year to $74.4 million\nMCLEAN, Va., Aug. 03, 2023 (GLOBE NEWSWIRE) -- Appian (Nasdaq: APPN) today announced financial results for the second quarter ended June 30, 2023. “Appian is leading in AI-based process automation. Our practical and private approach to AI is garnering customer and media interest, differentiating us from the competition,” said Matt Calkins, CEO & Founder. Second Quarter 2023 Financial Highlights: Revenue: Cloud subscription revenue was $74.4 million, up 30% compared to the second quarter of 2022. Total subscriptions revenue, which includes sales of our cloud subscriptions, on-premises term license subscriptions, and maintenance and support, increased 22% year-over-year to $93.8 million. Professional services revenue was $33.9 million, an increase of 2% compared to the second quarter of 2022. Total revenue was $127.7 million, up 16% compared to the second quarter of 2022. Cloud subscription revenue retention rate was 115% as of June 30, 2023.Operating loss and non-GAAP operating loss: GAAP operating loss was $(40.7) million, compared to $(42.7) million for the second quarter of 2022. Non-GAAP operating loss was $(27.1) million, compared to $(26.8) million for the second quarter of 2022.Net loss and non-GAAP net loss: GAAP net loss was $(42.4) million, compared to $(49.4) million for the second quarter of 2022. GAAP net loss per share was $(0.58) for the second quarter of 2023, compared to $(0.68) for the second quarter of 2022. Non-GAAP net loss was $(28.5) million, compared to $(33.4) million for the second quarter of 2022. Non-GAAP net loss per share was $(0.39), compared to the $(0.46) net loss per share for the second quarter of 2022. GAAP and non-GAAP net loss for the second quarter of 2023 included $1.2 million, or $0.02 per share, of foreign currency exchange gains. GAAP and non-GAAP net loss for the second quarter of 2022 included $6.5 million, or $(0.09) per share, of foreign currency exchange losses. We do not forecast foreign exchange rate movements.Adjusted EBITDA: Adjusted EBITDA loss was $(24.7) million, compared to adjusted EBITDA loss of $(25.0) million for the second quarter of 2022.Balance sheet and cash flows: As of June 30, 2023, Appian had total cash, cash equivalents, and investments of $237.0 million. Net cash used by op...