Business
Appian Announces Second Quarter 2024 Financial Results
Second quarter cloud subscription revenue increased 19% year-over-year to $88.4 million MCLEAN, Va., Aug. 01, 2024 (GLOBE NEWSWIRE) -- Appian (Nasdaq: APPN)
About this update from Appian Corporation
[{"type":"text","content":"Second quarter cloud subscription revenue increased 19% year-over-year to $88.4 million\nMCLEAN, Va., Aug. 01, 2024 (GLOBE NEWSWIRE) -- Appian (Nasdaq: APPN) today announced financial results for the second quarter ended June 30, 2024. “Due to enhanced functionality launched this quarter, Appian AI usage nearly doubled,” said Matt Calkins, CEO & Founder. “Looking ahead, we are accelerating our path to profitability. We now expect to achieve adjusted EBITDA breakeven for the full year 2024.” Second Quarter 2024 Financial Highlights: Revenue: Cloud subscription revenue was $88.4 million, up 19% compared to the second quarter of 2023. Total subscriptions revenue, which includes sales of our cloud subscriptions, on-premises term license subscriptions, and maintenance and support, increased 20% year-over-year to $113.0 million. Professional services revenue was $33.5 million, a decrease of 1% compared to the second quarter of 2023. Total revenue was $146.5 million, up 15% compared to the second quarter of 2023. Cloud subscription revenue retention rate was 118% as of June 30, 2024.Operating loss and non-GAAP operating loss: GAAP operating loss was $(39.2) million, compared to $(40.7) million for the second quarter of 2023. Non-GAAP operating loss was $(13.1) million, compared to $(27.1) million for the second quarter of 2023.Net loss and non-GAAP net loss: GAAP net loss was $(43.6) million, compared to $(42.4) million for the second quarter of 2023. GAAP net loss per share was $(0.60) for the second quarter of 2024, compared to $(0.58) for the second quarter of 2023. Non-GAAP net loss was $(19.1) million, compared to $(28.5) million for the second quarter of 2023. Non-GAAP net loss per share was $(0.26), compared to $(0.39) net loss per share for the second quarter of 2023. GAAP and non-GAAP net loss for the second quarter of 2024 included $0.2 million of foreign currency exchange losses. GAAP and non-GAAP net loss for the second quarter of 2023 included $1.2 million of foreign currency exchange gains. We do not forecast foreign exchange rate movements.Adjusted EBITDA: Adjusted EBITDA loss was $(10.5) million, compared to adjusted EBITDA loss of $(24.7) million for the second quarter of 2023.Balance sheet and cash flows: As of June 30, 2024, Appian had total cash, cash equivalents, and investments of $149.1 million. Net cash used by ...