Appian Corporation · NASDAQ:APPN
Appian — Investor Day (May 2026)
136 slides from Appian's investor day presentation, May 14, 2026
Slide 1: Investor Day
Investor Day May 14, 2026
Slide 2: Safe Harbor Statement
Safe Harbor Statement In this presentation, we may make statements related to our business that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including but not limited
Slide 3: Agenda
Agenda What Does Appian Do? Matt Calkins, CEO Understanding Our Platform Sanat Joshi, Executive VP, Product & Innovations Appian’s AI Capabilities Jake Rank, VP Product Management Customer Panel Marc Wilson, Founder & Chief Executive Ambassador Ecosystem Conversation Scott Van Valkenburgh, SVP Globa
Slide 4: Appian at a Glance
Appian at a Glance 1999 Revenue Customers Founded $M $1M+ ARR 890 115% Q1 ‘26 Cloud Net Customers ARR Expansion 73% $101M $727M 140 2025 Non-GAAP 2026E $617M 115 $545M 106 Gross Margin* Adj. EBITDA 2,228 Employees 2023 2024 2025 2023 2024 2025 Figures as of March 31, 2026 * Data excludes stock-based
Slide 5: Key Takeaways for Today
Appian is mission critical Key We are an essential AI enabler Takeaways for Today Continuing to drive sales efficiency Attractive growth algorithm
Slide 6: What Does Appian Do?
ip What Does ~ Appian Do? — appian
Slide 7: What Does Appian Do?
What Does Appian Do? Reliable Complex Enterprise PROCESS Automation AI
Slide 8: Process is a Way to Organize Work
Process is a Way to Organize Work
Slide 9: Real-World Process: Insurance Claims Management
Real-World Process: Insurance Claims Management
Slide 10: Real-World Process: Supply Chain Management
Real-World Process: Supply Chain Management
Slide 11: Appian Processes by the Numbers
Appian Processes by the Numbers 26,000 Nodes per 7,000 $1MM ARR customer Nodes per Processes You average customer Just Saw 400-500 Nodes
Slide 12: What Processes is Appian Best Suited for?
What Processes is Appian Best Suited for? Complex to do that’s and processes Mission-Critical Data Highly work Intensive Reliable
Slide 13: We Primarily Serve Heavily Regulated Industries
Other 21% Public Sector We Primarily 34% Serve Heavily Life Science 2025 9% ARR Regulated Industries Insurance 8% Financial 28%
Slide 14: Financial Services Conglomerate
Financial Services Conglomerate Process description Pre-Appian state Appian impact Monitoring millions of money Team spent hours gathering Automated process scans and transfers for fraud evidence across six different redacts sensitive information legacy systems from evidence files, gathering Sending
Slide 15: Global Pharmaceutical Leader
Global Pharmaceutical Leader Process description Pre-Appian state Appian impact Quality control process in Relied on disconnected Implemented a fully digital pharmaceutical production systems and paperwork workflow with automated process checks Ensuring medicine safety and Minor production issues qu
Slide 16: US Military Branch
US Military Branch Process Description Pre-Appian State Appian Impact Provisioning and cataloging Lifecycle processes were A single cloud application mission-critical military siloed across 5 internal integrates all people, processes, equipment, including weapon IT systems and one and data involved
Slide 17: World’s Most Demanding Customers Trust Appian
World’s Most Demanding Customers Trust Appian ALL ALL 8 of the top 7 of the top 7 of the top 15 of the US 6 US military 20nations’ 10 banks 10 insurers 10 pharmas federal branches governments cabinet-level *EXCLUDING CHINA BANKS *EXCLUDING CHINA INSURERS agencies Sources: Top 10 banks are based on t
Slide 18: Appian is an Industry Leader
Appian is an Industry Leader Appian was recognized Appian was positioned as as a Leader in the 2025 Appian was recognized Leader in The Forrester Gartner® Magic as a Leader in the IDC Wave.TM: Digital Process Quadrant TM for Business MarketScape: Worldwide Automation Software, Orchestration and Busi
Slide 19: What Does Appian Do?
What Does Appian Do? Reliable Complex Enterprise PROCESS Automation AI
Slide 20: When We Started, All Workers in a Process Were Human
When We Started, All Workers in a Process Were Human
Slide 21: Over Time We Introduced Digital Workers
Over Time We Introduced Digital Workers AI API RRRule Bot AI
Slide 22: Workers Have Diverse Strengths
Workers Have Diverse Strengths Reliable Powerful Rules AI Bots Humans Integrations
Slide 23: Appian Processes Make AI Powerful and Reliable
Appian Processes Make AI Powerful and Reliable AI has a single job Others will reconcile and check output Inputs match that job Limited outputs AI Monitor for Performs job repeatedly outcomes Revise if results Monitor work are poor
Slide 24: Today’s Most Pressing AI Question: How Do Enterprises Drive Value with AI?
Today’s Most Pressing AI Question How Do Enterprises Drive Value with AI? 56% 61% 60% No financial No economic No material return impact value PwC, "CEO Confidence in Revenue Outlook Hits Five-Year Low – as AI Becomes a Defining Divide between Leaders and Laggards: PwC 2026 Global CEO Survey," press
Slide 25: Appian is Answering This Question
Appian is Answering This Question AI Usage Q1 ‘24 Q2 ‘24 Q3 ‘24 Q4 ‘24 Q1 ‘25 Q2 ‘25 Q3 ‘25 Q4 ‘25 Q1 ‘26 Note: AI Usage is pages processed plus executions of all other AI features where 1 execution equals 1 item.
Slide 26: Appian is Answering This Question
Appian is Answering This Question Advanced Tier ARR $100M $75M $50M $25M Q1 ‘24 Q2 ‘24 Q3 ‘24 Q4 ‘24 Q1 ‘25 Q2 ‘25 Q3 ‘25 Q4 ‘25 Q1 ‘26 Note: Annualized recurring revenue (“ARR”) represents the annualized dollar value of our subscriptions revenue as of such period end date.
Slide 27: DocCenter: AI-Enabled Intelligent Document Processing
DocCenter: AI-Enabled Intelligent Document Processing upload data launch respond processes AI 36% 83% 50% 3x reduced time to invoice faster patient intake faster underwriting faster audit processing
Slide 28: North America Life Insurance Company
North America Life Insurance Company Process description Pre-Appian state Appian impact Insurance document Manual review across three Three DocCenter apps live in processing across three separate business units, each production, processing business lines with its own intake process 600,000+ pages pe
Slide 29: Appian Agents: Smart, Simple, Safe
Appian Agents: Smart, Simple, Safe Access to data fabric makes our agents smarter It’s simple to build an agent with our intuitive configuration The Right Tool interface for the Right Job Appian's process guardrails make our agents safer
Slide 30: North America Telecom Provider
North America Telecom Provider Process description Pre-Appian state Appian impact Intake and onboarding of Significant manual overhead Deployed an AI agent to wireline installation projects due to administrative work, automate the validation of for new real estate including sifting through technical
Slide 31: AI is Dramatically Changing Application Development
VALUE 5 AI is Dramatically 4 Changing 3 SPEC-DRIVEN DEVELOPMENT Application RELIABILITY 2 Development 1 VIBE CODING NINES
Slide 32: Composer: Driving Multiple Vectors of Growth
Composer: Driving Multiple Vectors of Growth New Apps Legacy Apps
Slide 33: Migrating Legacy Apps to the Appian Platform
Migrating Legacy Apps to the Appian Platform REPLATFORM IMPROVE CONSOLIDATE
Slide 34: Appian is a Leader in Legacy Modernization
Appian is a Leader in Legacy Modernization
Slide 35: Appian Has the Right to Win in This Market
Appian Has the Right to Win in This Market Powerful Collaborative Application destination design consolidation platform
Slide 36: Fortune 500 Insurer
Fortune 500 Insurer Process description Pre-Appian state Appian impact End-to-end life insurance Legacy portal built with React Successfully replaced non- underwriting, integrating failed internal IT governance compliant third-party portal application intake, risk and security standards with secure,
Slide 37: What Does Appian Do?
What Does Appian Do? Reliable Complex Enterprise PROCESS Automation AI
Slide 38: AI Dramatically Expands Appian’s TAM
Legacy Modernization AI Dramatically Expands Process + AI Appian’s TAM Process 37B (1) (1) Business Automation Platform market size in 2025 as per IDC
Slide 39: Understanding Our Platform
Understanding Our Platform appian
Slide 40: Sanat Joshi
Sanat Joshi Executive Vice President, Product 2022–present GM, Industry Solutions 2016–2022 VP Automotive & Manufacturing Industries Senior Director of Product Management 1998–2016
Slide 41: Appian Automates Complex, Cross-Functional, Mission-Critical Processes
Appian Automates Complex, Cross-Functional, Mission-Critical Processes
Slide 42: We Win Due to These Core Capabilities
We Win Due to These Core Capabilities Comprehensive Unified Process Enterprise-grade automation data intelligence performance portfolio fabric
Slide 43: We Win Due to These Core Capabilities
We Win Due to These Core Capabilities Comprehensive Unified Process Enterprise-grade automation data intelligence performance portfolio fabric
Slide 44: Different Parts of Process Require Different Workers
Different Parts of Process Require Different Workers AI API RRRule Bot AI
Slide 45: We Have a Portfolio of Workers for Every Job
We Have a Portfolio of Workers for Every Job Rules Integrations Bots Applying algorithms, Automating updates Mimicking human actions assigning tasks, and queries from on most repetitive tasks setting permissions external systems AI People Handling uncertainty, Tackles highest applying judgment, whil
Slide 46: European Industrial Conglomerate
European Industrial Conglomerate Process description Pre-Appian state Appian impact Global order processing Staff manually reviewed 60,000 orders processed spread across 17 every email and attachment per month, achieving 95% different systems process automation Cross-referenced pricing Thousands of
Slide 47: We Win Due to These Core Capabilities
We Win Due to These Core Capabilities Comprehensive Unified Process Enterprise-grade automation data intelligence performance portfolio fabric
Slide 48: Mission-Critical Processes Are Cross Functional
Mission-Critical Processes Are Cross Functional Customer Finance Account Management
Slide 49: Enterprise Data is Siloed
Enterprise Data is Siloed DOC MGMT SharePoint Folder Product Product ORDER Subcategory Category FULFILLMENT SharePoint Document Document Detail Product Employee CUSTOMER EQUIPMENT CUSTOMER RELATIONSHIP ERP PARTS MGMT Document Line Item INVENTORY Order Customer Submission Region Customer Tier Order S
Slide 50: Appian Data Fabric Breaks Down Data Silos
Appian Data Fabric Breaks Down Data Silos SharePoint Folder Product Product Subcategory Category SharePoint Document Document Detail Product Employee Document Line Item Order Submission Customer Region Customer Tier Order SKU Customer Detail Opportunity Order Detail SKU Join Order Status Inventory O
Slide 51: Our Data Fabric Is Highly Differentiated
Our Data Fabric Is Highly Differentiated Semantic Read-Write Security and Information Access to Access Control Layer Source Data Row/ column/ action security enforced for all Provides data and context to Read and write to data data, making processes processes, people, and AI sources; use data in and
Slide 52: Japanese Manufacturer
Japanese Manufacturer Process description Pre-Appian state Appian impact Managing sales quotes and Sales data siloed across Data fabric connected to 500+ contracting systems, leading to limited disparate data sources visibility Each sales region had a Built a single 360-degree view different system
Slide 53: We Win Due to These Core Capabilities
We Win Due to These Core Capabilities Comprehensive Unified Process Enterprise-grade automation data intelligence performance portfolio fabric
Slide 54: Process HQ Drives Ongoing Process Efficiency
Process HQ Drives Ongoing Process Efficiency Visualize business data and process performance Follow a guided experience to identify process problems Take action with intelligent recommendations AI-assisted analysis to drive continuous improvement
Slide 55: Latin American Financial Institution
Latin American Financial Institution Process description Pre-Appian state Appian impact Customer onboarding and Another automation tool Process HQ revealed 100% Anti-Money Laundering (AML) already deployed, achieving SLA non-compliance compliance for investment 91% automation requests Pinpointed exa
Slide 56: We Win Due to These Core Capabilities
We Win Due to These Core Capabilities Comprehensive Unified Process Enterprise-grade automation data intelligence performance portfolio fabric
Slide 57: Appian Satisfies the Most Demanding Requirements
Appian Satisfies the Most Demanding Requirements Scalable Secure Reliable 2.7 Billion+ BEST-IN-CLASS user interactions per quarter 99.99% AVAILABILITY 16 Billion+ 99.95% transactions per day SLA 4 min RTO 76 availability IL5 1 min zones RPO
Slide 58: We Continue Pushing the Envelope on Scalability
We Continue Pushing the Envelope on Scalability Autoscale Data fabric Concurrency Increases process Increased row limits Thousands of execution power by from 4MM to 50MM interactive users 10–100x to unlimited
Slide 59: We Provide the Highest Levels of Compliance
We Provide the Highest Levels of Compliance Soc 2 FedRAMP Moderate FedRAMP High / IL4 DOW IL5 # of Vendors (1) Thousands 300+ 85+ ~50 Target Market General commercial Federal civilian agencies Sensitive federal & non- Mission-critical defense & mission defense national security Infrastructure Public
Slide 60: US Military Branch
US Military Branch Process description Pre-Appian state Appian impact Managing ammunition Relied on legacy applications, Provides an IL5 secure, scalable, requirements, authorizations, managing 1M monthly agile foundation application and expenditures for training transactions on aging and combat loa
Slide 61: We Win Due To These Core Capabilities
We Win Due To These Core Capabilities Comprehensive Unified Process Enterprise-grade automation data intelligence performance portfolio fabric
Slide 62: Our Core Capabilities are AI Enablers
Our Core Capabilities are AI Enablers AI Comprehensive Unified Process Enterprise-grade automation data intelligence performance portfolio fabric
Slide 63: Appian’s AI Capabilities
Appian’s Al Capabilities appian
Slide 64: Jake Rank
Jake Rank Vice President of Product Management Senior Director of Product Management Director of Product Management 2016–present Director of Center of Excellence Director of Appian Labs Appian Architect 2006–2016
Slide 65: Appian is Unleashing the Value of AI in Process
Appian is Unleashing the Value of AI in Process AI API RRRule Bot AI
Slide 66: We Make It Easy to Add AI Capabilities into a Process
We Make It Easy to Add AI Capabilities into a Process Text Generation Document Summarization Gen AI Prompt Builder API Text Summarization RRRule Bot Email Summarization Text Extraction Unstructured Document Extraction Email Extraction PII Extraction from Document
Slide 67: Global Truck Manufacturer
Global Truck Manufacturer Process description Pre-Appian state Appian impact Management of component Material Planners spent AI ingests data from disparate levels to prevent factory thousands of hours manually logistics systems overnight to downtime and safeguard reconciling fragmented data analyze
Slide 68: DocCenter: IDP Integrated in a Process
DocCenter: IDP Integrated in a Process Submit Loan Application Borrower Provide Missing Info Complete Loan Officer Collect Documents Review For Completeness ? Order Appraisal 3rd Party Appraisal Communicate to Borrower 20% FASTER 50% FASTER TO FULFILLMENT REVIEW DOCS Compose Review Credit Approval?
Slide 69: DocCenter Outperforms Competition
DocCenter Outperforms Competition 95%+ Integrated into Security, accuracy workflows compliance, and Automatically adapts to Seamless integration data privacy varying document formats with quick access to human review and oversight Benefits from the platform's enterprise-grade foundations RANKED #1 i
Slide 70: Top US Mortgage Company
Top US Mortgage Company Process description Pre-Appian state Appian impact Post-closing mortgage audits 45-day backlog from manual, 3x faster audit processing (45- requiring validation across 23 labor-intensive review cycles day backlog eliminated) document types per loan Loan Officers used Excel Do
Slide 71: DocCenter Announcements at Appian World
DocCenter Announcements at Appian World AI reviewer Self-improving A second AI model performs a memory "double check," increasing confidence in the results Models learn from mistakes to rapidly improve and increase accuracy
Slide 72: Appian Agents: Leveraging the Power of the Platform
Appian Agents: Leveraging the Power of the Platform Data fabric provides a context layer for enterprise data and documents Process engine ` provides the execution, orchestration, and control layer THINK ACT LEARN Controls enables escalation to humans as needed
Slide 73: Agents in Action
Agents Review email Create Case ID = FD20260818 in Action Identify customer Get Customer and Transaction Profile where Account ID = 993108832 Agent receives Verify disputed charge details Merchant = “Electronics Global” | Date = 2026-08-18 | Amount = $1,250 email disputing Recommended credit card ch
Slide 74: Appian Agents are Accurate and Reliable
Appian Agents are Accurate and Reliable Deployed into Unified context Security, process layer compliance, and Process gives agents Appian tools use metadata data privacy structure and context on to make agents more the specific task accurate and reliable Agents benefit from the platform's enterprise
Slide 75: Major Australian Insurer
Major Australian Insurer Process description Pre-Appian state Appian impact Management of internal inquiries Staff manually navigated 70+ Reduced IT workflow design for complex investment and loan fragmented user guides to time from hours to minutes via products resolve process-specific AI-assisted
Slide 76: Agents Announcements at Appian World
Agents Announcements at Appian World Agent Interoperability with Model Context Protocol Appian Platform External Ecosystem Appian tools for third-party agents Appian Tools External Tools Appian Agents External Agents Third-party tools for Appian agents
Slide 77: Other Agent Announcements at Appian World
Other Agent Announcements at Appian World Human-agent Unified AI-suggested AI collaboration context layer improvements guardrails Interact with agents Reliable tools for Appian Agents can be rapidly Environment-wide controls directly from Appian and and third-party agents improved based on provide a
Slide 78: Enterprises are Held Captive by Legacy Technology
Enterprises are Held Captive by Legacy Technology Legacy Apps NEW APP
Slide 79: Legacy Comes in Many Flavors
Legacy Comes in Many Flavors ener SJ Swift sseBeL. PeopleSoft opentext ccobar CREE SAP JDidwards TiBC@ .NET LAW: SON ©) SXC wxnotes [DB MERIECH Bio solic IBM BPM appian
Slide 80: Our Approach Reduces Risk Through Collaboration
Our Approach Reduces Risk Through Collaboration Spec-Driven Development EXTRACT GENERATE Interpret legacy system Appian AI transform the to extract business logic, plan into a working set of intent, and workflows application objects COLLABORATE Leverage Extract outcomes to rapidly generate applicati
Slide 81: Extraction Using AI Overcomes Lack of Information
Extraction Using AI Overcomes Lack of Information Challenge is lack of knowledge: people who built the app are gone and documentation is incomplete Appian can ingest any information; documentation, product briefs, transcripts and support tickets We also examine source code with a variety of AI tools
Slide 82: Composer Drives Collaborative Planning
Composer Drives Collaborative Planning Collaborative workspace helps business teams and developers align on the structure of an application AI enables easy data modeling, fast UI design, and robust process planning Using output from Extract phase, stakeholders review, refine, and iterate on the plan
Slide 83: AI Produces a Fully Functional Appian Application
AI Produces a Fully Functional Appian Application
Slide 84: Global Insurance Broker
Global Insurance Broker Process description Pre-Appian state Appian impact Contract document Legacy APN.NET application Used advanced extraction management system used for with limited internal developer techniques to reverse- managing the full lifecycle of a support engineer and document the contra
Slide 85: Modernization Announcements at Appian World
Modernization Announcements at Appian World Developer AI-powered Continuous AI dev agents planning improvement tool choice Agents rapidly execute Analyzes specs and AI identifies and acts on Use your preferred AI planned tasks from develops the data process improvements, coding tool, like Claude pro
Slide 86: AI Dramatically Expands Appian’s TAM
Legacy Modernization AI Dramatically Expands Process + AI Appian’s TAM Process Business Automation Platform 37B (1) market size in 2025 as per IDC
Slide 87: Go-To-Market Update
Go-To-Market Update Mark Dorsey Chief Revenue Officer
Slide 88: Mark Dorsey
Mark Dorsey 2024–present Chief Revenue Officer 2023–2024 Senior Vice President Sales, Americas 2016–2023 Senior Vice President, Enterprise Cloud Sales 2015–2016 Executive Vice President, GM, and Head of Sales, Small Business 2000–2015 Vice President, IBM Commerce Software, North America
Slide 89: Why Appian?
Great product - powerful, flexible and versatile Sticky customer base with expansion potential Why Appian? Opportunity to lead with value Compelling AI strategy Transform the sales organization
Slide 90: GTM Evolution at Appian
GTM Evolution at Appian Past Current / Future Technical sale Value/ROI-based sales Little time with customers Customer-obsessed Low-level relationships Executive relationships Negotiating internally Confidence to go big Small deals, focus on volume Large strategic deals
Slide 91: Step #1: Bring in Experienced Leadership
Step #1: Bring in Experienced Leadership RevOps CRO US Public Directs EMEA North America Asia-Pacific Partners Presales Sector Second Line Pre-existing New Joiners
Slide 92: Step #2: Build Sales Foundations
Step #2: Build Sales Foundations Pipeline Enablement Forecasting Pricing
Slide 93: Step #3: Accelerate Operating Rhythm
Step #3: Accelerate Operating Rhythm Qualify All Deals with the Economic Buyer Large Upgrade Return to Executive Win Strategic All Customers Customer Selling New Logos Deals to Advanced Tier BUILD PIPELINE
Slide 94: Case Study: Health Services Provider
Case Study: ARR Health Services Provider $10.0M Problem CMS rating declined At risk of Medicaid revenue loss Our approach Built a value-based business case Executive alignment with CIO Executed a six-month enrollment pilot Enrolment time from 2 weeks to 39 mins Success rate of 99.8% Signed first Ent
Slide 95: Case Study: US Military Branch
Case Study: ARR $10.0M US Military Branch Problem Crumbling under legacy technology Tech stack jeopardizing mission effectiveness Our approach Proof-of-concept to demonstrate capabilities AI plus ability to connect across silos Relationships with civilian and military leaders Signed a deal in Q3 202
Slide 96: Case Study: Aerospace Manufacturer
Case Study: ARR $3.0M Aerospace Manufacturer Problem Parts backlog almost 2x above acceptable Using legacy supply chain software and spreadsheets Our approach Relationship-building with divisional CIOs Joint business case with significant value Proof-of-concept to validate business case What’s next
Slide 97: Overall Rep Productivity Up Significantly
Overall Rep Productivity Up Significantly 2024 2025 Note: Trailing 12 months net new ACV for reps with more than one year of tenure
Slide 98: Our New Reps Are Ramping Up Faster
Our New Reps Are Ramping Up Faster Note: Cumulative net new ACV for reps in the first four quarters of their tenure
Slide 99: Plenty of Opportunity Ahead
Plenty of Opportunity Ahead Keep doing Add to the motion Grow the team Improve top-of-funnel Focus on operating rigor Up-level partner relationships Sell value Launch new revenue streams More large strategic deals Sell more consumption Drive AI adoption Find efficiency with AI
Slide 100: Financial Insights
Financial Insights Serge Tanjga Chief Financial Officer
Slide 101: Topics for the Finance Section
Topics for the Finance Section Double-Clicking on ARR Growth Understanding Our Land-and-Expand Strategy Drivers of Sustainable Growth
Slide 102: Consistent ARR Growth
Consistent ARR Growth Note: Annualized recurring revenue (“ARR”) represents the annualized dollar value of our subscriptions revenue as of such period end date.
Slide 103: ARR Composition by Product
ARR Composition by Product $800.0M 100% $600.0M 75% $400.0M 50% $200.0M 25% $0.0M 0% 2021 2022 2023 2024 2025 2021 2025 8 Non-Cloud |) Cloud @@ Non-Cloud |) Cloud appian
Slide 104: ARR Composition by Industry
ARR Composition by Industry $800.0M 100% $600.0M 75% $400.0M 50% $200.0M 25% $0.0M 0% 2021 2022 2023 2024 2025 2021 2025 Other {§§ Insurance [ Life Sciences J Public Sector Other {§§ Insurance [ Life Sciences {J Public Sector © Financial © Financial appian
Slide 105: ARR Composition by Theater
ARR Composition by Theater $800.0M 100% $600.0M 75% $400.0M 50% $200.0M 7 : 25% $0.0M 0% 2021 2022 2023 2024 2025 2021 2025 @ APAC @™ EMEA Qf US Public Sector @ APAC @ EMEA Q@® US Public Sector | Commercial North America Commercial North America appian
Slide 106: ARR Composition by Customer Size
ARR Composition by Customer Size
Slide 107: Steady Growth in $1M+ Customer Cohort
Steady Growth in $1M+ Customer Cohort 140 115 106 88 72 2021 2022 2023 2024 2025
Slide 108: Average $1M+ Customer Continues Growing
Average $1M+ Customer Continues Growing
Slide 109: Topics for the Finance Section
Topics for the Finance Section Double-Clicking on ARR Growth Understanding Our Land-and-Expand Strategy Drivers of Sustainable Growth
Slide 110: We’re in Early Stages of Penetrating the Market
We’re in Early Stages of Penetrating the Market Fortune 500 Global 2000 Key Vertical Penetration 36% Key Vertical Total Penetration Penetration Total Penetration 19% 16% 11% Key Vertical Penetration includes penetration across respective customers in Finance, Insurance, and Life Sciences
Slide 111: Average Starting Customer Size is Increasing
Average Starting Customer Size is Increasing 2020-23 2024-25 Note: ARR at the end of the first calendar year for all new customers in those years.
Slide 112: Our Customers Consistently Expand Over Time
300 Our Customers 200 Consistently Expand Over Time 100 0 Yr. 1 Yr. 2 Yr. 3 Yr. 4 Yr. 5 Yr. 6 Yr. 7 Note: This is a composite customer growth curve (i.e. looking at all cohorts of customers who have reached a certain age). First year exit ARR is indexed to 100
Slide 113: Topics for the Finance Section
Topics for the Finance Section Double-Clicking on ARR Growth Understanding Our Land-and-Expand Strategy Drivers of Sustainable Growth
Slide 114: Consistent Revenue Growth
Consistent Revenue Growth $825M 727M $617M $545M 468M $369M 2021 2022 2023 2024 2025 2026E SUBSCRIPTION SERVICES Note: 2026 represents the midpoint of our latest guidance range
Slide 115: Dramatic Improvement in Profitability
Dramatic Improvement in Profitability Adjusted EBITDA $101M $77M $20M 2021 2022 2023 2024 2025 2026E ($38M) ($45M) ($76M) Note: 2026 represents the midpoint of our latest guidance range. Refer to the reconciliation of GAAP to non-GAAP expenses in the Appendix.
Slide 116: Dramatic Improvement in Profitability
Dramatic Improvement in Profitability Free Cash Flow $60M $3M 2021 2022 2023 2024 2025 ($60M) ($116M) ($120M) Free cash flow is defined as cash from operations less capital expenditures. Refer to the reconciliation of GAAP to non-GAAP metrics in the Appendix.
Slide 117: Weighted Rule of 40 Performance
Weighted Rule of 40 Performance Note: Calculated as 1.33 times year over year cloud subscriptions growth plus 0.67 times adjusted EBITDA margin.
Slide 118: Benchmarking Appian’s Sales and Marketing Investment
Benchmarking Appian’s Sales and Marketing Investment Non-GAAP Sales and Marketing Expense* as % of Revenue 43% 37% 32% 28% 23% Median Software Company $500M - Median Software $1B Revenue Company $1B-$2B Revenue 2023 2024 2025 APPIAN COMPS(1) * Data excludes stock-based compensation expense and sever
Slide 119: Go-To-Market Efficiency Improving
Go-To-Market Efficiency Improving Calculated by adding total revenue and the quarterly changes in short term deferred revenue for the trailing 12-month period, then dividing the result by non-GAAP sales and marketing expense for the trailing 12-month period. Refer to the reconciliation of GAAP to no
Slide 120: Better Returns on Sales and Marketing Investment
.60 .50 .43 Better Returns on Sales and Marketing Investment 2023 2024 2025 Note: This chart is a ratio of Net New Annual Contract Value of software subscriptions in a given year divided by cash Sales and Marketing expense in that same year.
Slide 121: Benchmarking Appian’s R&D Investment
Benchmarking Appian’s R&D Investment Non-GAAP Research and Development Expense* as % of Revenue 27% 25% 22% 16% 16% Median Median Software Software Company Company $1B- $500M - $1B $2B Revenue Revenue 2023 2024 2025 APPIAN COMPS(1) * Data excludes stock-based compensation expense and severance costs
Slide 122: Improving R&D Cost Efficiency
Improving R&D Cost Efficiency % R&D Headcount in India Engineering Productivity (1) 178 36% 161 127 24% 100 20% 14% 5% 2022 2023 2024 2025 2026E Jan ‘26 Feb ‘26 Mar ‘26 Apr ‘26 (1) Productivity is defined as Flow Capacity Index. FCI is calculated as Pull Requests divided by cycle time. Performance i
Slide 123: Benchmarking Appian’s G&A Investment
Benchmarking Appian’s G&A Investment Non-GAAP General and Administrative Expense* as % of Revenue 12% 11% 11% 10% 9% Median Software Company Median $500M - $1B Software Revenue Company $1B- $2B Revenue 2023 2024 2025 APPIAN COMPS(1) * Data excludes stock-based compensation expense and severance cost
Slide 124: Stock-Based Compensation: Appian’s Unsung Hero
Stock-Based Compensation: Appian’s Unsung Hero SBC Expense as % of Revenue 12% 10% Median 6% 6% 6% Software Company Median $500M - $1B Software Revenue Company $1B- $2B Revenue 2023 2024 2025 APPIAN COMPS(1) (1) See Notes slide.
Slide 125: In 2026, We Are Starting to Shrink Our Share Count
Diluted Weighted Average Shares Outstanding by Year 74.6M 73.9M In 2026, We Are Starting to Shrink Our Share Count 2025 2026E
Slide 126: Multi-Pronged Growth Algorithm
Multi-Pronged Growth Algorithm Revenue Adj. EBITDA Non-GAAP EPS 2026 $825M $101M $1.00 Y/Y Growth 13% < 31% < ~60% 100+ bps De-levering margin Buybacks expansion
Slide 127: Key Takeaways For Today
Appian is mission critical Key We are an essential AI enabler Takeaways For Today Continuing to drive sales efficiency Attractive growth algorithm
Slide 128: Notes
Notes (1) Source: Capital IQ. Notes: 1. CY 2025 data as of 04/20/2026. 2. Unburdened for stock-based compensation as allocated to expense line by respective companies; where not disclosed, stock-based compensation expense is implied and added to expense line based on total stock-based compensation e
Slide 129: Appendix
Appendix appian
Slide 130: Non-GAAP Measures
Non-GAAP Measures To supplement its consolidated financial statements, which are prepared and presented in accordance with GAAP, Appian provides investors with certain non- GAAP financial performance measures. Appian uses these non-GAAP financial performance measures for financial and operational de
Slide 131: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures The following table reconciles our GAAP gross margin percentage to our non-GAAP gross margin percentage. The non-GAAP adjustment represents adding back the margin impact of stock-based compensation expense recorded to "Cost of revenue" within our consolida
Slide 132: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures The following table reconciles GAAP net (loss) income to adjusted EBITDA (in thousands): 2021 2022 2023 2024 2025 GAAP net (loss) income (88,641) (150,920) (111,441) (92,262) 1,233 Other expense (income), net 3,584 3,545 (17,603) 6,773 (26,685) Interest ex
Slide 133: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures The following table reconciles GAAP net cash (used by) provided by operations to free cash flow (in thousands): 2021 2022 2023 2024 2025 Net cash (used by) provided by operations (53,918) (106,551) (110,442) 6,878 62,874 Less: Capital expenditures (6,058)
Slide 134: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures The following table reconciles GAAP sales and marketing expense to non-GAAP sales and marketing expense on a quarterly basis. The non-GAAP adjustments represent adding back the impact of stock-based compensation expense and severance costs recorded to the
Slide 135: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures The following table reconciles GAAP sales and marketing expense and GAAP research and development expense on an annual basis to their non-GAAP counterparts. The non-GAAP adjustments represent adding back the impact of stock-based compensation expense and s
Slide 136: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures The following table reconciles GAAP general and administrative expense to non-GAAP general and administrative expense on an annual basis. The non-GAAP adjustments represent adding back the impact of (1) stock-based compensation expense, (2) severance costs