Business
Appian Announces Third Quarter 2020 Financial Results
Cloud subscription revenue increased 40% year-over-year to $34.3 million Subscriptions revenue increased 34% year-over-year to $50.8 million MCLEAN, Va., Nov.
About this update from Appian Corporation
[{"type":"text","content":"Cloud subscription revenue increased 40% year-over-year to $34.3 million\n Subscriptions revenue increased 34% year-over-year to $50.8 million MCLEAN, Va., Nov. 05, 2020 (GLOBE NEWSWIRE) -- Appian (Nasdaq: APPN) today announced financial results for the third quarter ended September 30, 2020. “We exceeded our guidance, grew cloud subscription revenue by 40%, and reached an all-time high for gross profit margin this quarter. Organizations are choosing Appian to transform their critical processes. Low-code and automation in a single platform is proving to be a winning combination,\" said Matt Calkins, CEO & Founder. Third Quarter 2020 Financial Highlights: Revenue: Cloud subscription revenue was $34.3 million for the third quarter of 2020, up 40% compared to the third quarter of 2019. Total subscriptions revenue, which includes sales of SaaS subscriptions, on-premises term license subscriptions and maintenance and support, increased 34% year-over-year to $50.8 million for the third quarter of 2020. Professional services revenue was $26.5 million for the third quarter of 2020, compared to $28.4 million for the third quarter of 2019. Total revenue was $77.3 million for the third quarter of 2020, up 17% compared to the third quarter of 2019. Cloud subscription revenue retention rate was 115% as of September 30, 2020.Operating loss and non-GAAP operating loss: GAAP operating loss was $(7.5) million for the third quarter of 2020, compared to $(12.3) million for the third quarter of 2019. Non-GAAP operating loss was $(3.9) million for the third quarter of 2020, compared to $(9.1) million for the third quarter of 2019.Net loss and non-GAAP net loss: GAAP net loss was $(3.6) million for the third quarter of 2020, compared to $(14.7) million for the third quarter of 2019. GAAP net loss per share was $(0.05) for the third quarter of 2020, based on 69.9 million weighted average shares outstanding, compared to $(0.22) for the third quarter of 2019, based on 65.5 million weighted average shares outstanding. Non-GAAP net loss was $(34,000) for the third quarter of 2020, compared to $(11.5) million for the third quarter of 2019. Non-GAAP net loss per share was $(0.00) for the third quarter of 2020, based on 69.9 million weighted average shares outstanding, compared to $(0.18) per share for the third quarter of 2019, based on 65.5 million weighte...