First quarter cloud subscription revenue increased 37% year-over-year to $53.4 million
MCLEAN, Va., May 05, 2022 (GLOBE NEWSWIRE) -- Appian (Nasdaq: APPN) today announced financial results for the first quarter ended March 31, 2022.
“We exceeded guidance and grew cloud subscription revenue by 37% in Q1. Our annual conference was well-attended and full of energy. We feel fortunate to have such a strong community around our low-code platform,” said Matt Calkins, CEO & Founder.
First Quarter 2022 Financial Highlights:
A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables following the financial statements in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”
First Quarter 2022 Business Highlights:
Financial Outlook:
As of May 5, 2022, guidance for 2022 is as follows:
Conference Call Details:
Appian will host a conference call today, May 5, 2022, at 4:30 p.m. ET to discuss Appian's financial results for the first quarter ended March 31, 2022 and business outlook.
The live webcast of the conference call can be accessed on the Investor Relations page of Appian’s website at http://investors.appian.com. To access the call, please dial (877) 243-0931 in the U.S. or (212) 231-2935 internationally (Conference ID: 22017584). Following the call, an archived webcast will be available at the same location on the Investor Relations page. A telephone replay will be available for one week at (844) 512-2921 in the U.S. or (412) 317-6671 internationally with recording access code 22017584.
Appian provides a low-code platform that accelerates the creation of high-impact business applications and workflows, enabling our customers to automate the most important aspects of their business. Global organizations use our applications to improve customer experience, achieve operational excellence, and simplify global risk management and compliance. For more information, visit www.appian.com.
Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are prepared and presented in accordance with GAAP, Appian provides investors with certain non-GAAP financial measures, including non-GAAP operating loss, non-GAAP net loss, non-GAAP net loss per share, non-GAAP weighted average shares outstanding, and adjusted EBITDA. These non-GAAP financial measures exclude the effect of stock-based compensation expense, gains or losses on disposals of assets, and certain litigation-related expenses consisting of legal and other professional fees which are not indicative of our core operating performance and are not part of our normal course of business.
The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, as a substitute for, or superior to the financial information prepared and presented in accordance with GAAP, and Appian’s non-GAAP measures may be different from non-GAAP measures used by other companies. For more information on these non-GAAP financial measures, see the reconciliation of these non-GAAP financial measures to their nearest comparable GAAP measures at the end of this press release. A reconciliation of non-GAAP guidance measures to the most comparable GAAP measures is not available on a forward-looking basis without unreasonable efforts due to the high variability, complexity, and low visibility with respect to the charges excluded from these non-GAAP measures.
Appian uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Appian’s management believes these non-GAAP financial measures provide meaningful supplemental information regarding Appian’s performance by excluding certain expenses that may not be indicative of its recurring core business operating results. Appian believes both management and investors benefit from referring to these non-GAAP financial measures in assessing Appian’s performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to historical performance as well as comparisons to competitors’ operating results. Appian believes these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to measures used by management in its financial and operational decision-making and (2) they are used by Appian’s institutional investors and the analyst community to help them analyze the health of Appian’s business.
Forward-Looking Statements
This press release includes forward-looking statements. All statements contained in this press release other than statements of historical facts, including statements regarding Appian’s future financial and business performance for the second quarter and full year 2022, the impact of COVID-19, including the emergence of new variant strains of COVID-19, on our business and on the global economy, future investment by Appian in its go-to-market initiatives, increased demand for the Appian platform, market opportunity and plans and objectives for future operations, including Appian’s ability to drive continued subscriptions revenue and total revenue growth, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “will,” and similar expressions are intended to identify forward-looking statements. Appian has based these forward-looking statements on its current expectations and projections about future events and financial trends that Appian believes may affect its financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks and uncertainties, including the risks and uncertainties associated with Appian’s ability to grow its business and manage its growth, Appian’s ability to sustain its revenue growth rate, continued market acceptance of Appian’s platform and adoption of low-code solutions to drive digital transformation, the fluctuation of Appian’s operating results due to the length and variability of its sales cycle, competition in the markets in which Appian operates, risks and uncertainties associated with the composition and concentration of Appian’s customer base and their demand for its platform and satisfaction with the services provided by Appian, the potential fluctuation of Appian’s future quarterly results of operations, Appian’s ability to shift its revenue towards subscriptions and away from professional services, Appian’s ability to operate in compliance with applicable laws and regulations, Appian’s strategic relationships with third parties and use of third-party licensed software and its platform’s compatibility with third-party applications, the timing of Appian’s recognition of subscriptions revenue which may delay the effect of near term changes in sales on its operating results, and the additional risks and uncertainties set forth in the “Risk Factors” section of Appian’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission on February 17, 2022 and other reports that Appian has filed with the Securities and Exchange Commission. Moreover, Appian operates in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for Appian’s management to predict all risks, nor can Appian assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements Appian may make. In light of these risks, uncertainties, and assumptions, Appian cannot guarantee future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur. Appian is under no duty to update any of these forward-looking statements after the date of this press release to conform these statements to actual results or revised expectations, except as required by law.
Investor ContactSrinivas Anantha, CFA703-442-8844investors@appian.com
Media ContactBen Farrell703-442-1067ben.farrell@appian.com
APPIAN CORPORATION AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(in thousands, except share and per share data)
As of | |||||||
March 31, 2022 | December 31, 2021 | ||||||
(unaudited) | |||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 106,795 | $ | 100,796 | |||
Short-term investments and marketable securities | 53,438 | 55,179 | |||||
Accounts receivable, net of allowance of $1,402 and $1,400 as of March 31, 2022 and December 31, 2021, respectively | 121,630 | 130,049 | |||||
Deferred commissions, current | 25,670 | 24,668 | |||||
Prepaid expenses and other current assets | 30,354 | 26,781 | |||||
Restricted cash, current | 776 | 791 | |||||
Total current assets | 338,663 | 338,264 | |||||
Property and equipment, net of accumulated depreciation of $15,473 and $14,106 as of March 31, 2022 and December 31, 2021, respectively | 38,526 | 36,913 | |||||
Long-term investments | 8,184 | 12,044 | |||||
Goodwill | 27,271 | 27,795 | |||||
Intangible assets, net of accumulated amortization of $1,630 and $1,260 as of March 31, 2022 and December 31, 2021, respectively | 6,615 | 7,144 | |||||
Operating right-of-use assets | 27,556 | 27,897 | |||||
Deferred commissions, net of current portion | 49,398 | 49,017 | |||||
Deferred tax assets | 1,992 | 1,025 | |||||
Restricted cash, net of current portion | 2,328 | 2,373 | |||||
Other assets | 1,980 | 2,047 | |||||
Total assets | $ | 502,513 | $ | 504,519 | |||
Liabilities and Stockholders’ Equity | |||||||
Current liabilities | |||||||
Accounts payable | $ | 4,476 | $ | 5,766 | |||
Accrued expenses | 18,654 | 15,483 | |||||
Accrued compensation and related benefits | 27,834 | 35,126 | |||||
Deferred revenue, current | 146,227 | 150,169 | |||||
Operating lease liabilities, current | 8,135 | 8,110 | |||||
Other current liabilities | 1,104 | 1,067 | |||||
Total current liabilities | 206,430 | 215,721 | |||||
Operating lease liabilities, net of current portion | 47,964 | 48,784 | |||||
Deferred revenue, net of current portion | 1,888 | 2,430 | |||||
Deferred tax liabilities | 98 | 209 | |||||
Other non-current liabilities | 3,377 | 3,458 | |||||
Total liabilities | 259,757 | 270,602 | |||||
Stockholders’ equity | |||||||
Class A common stock—par value $0.0001; 500,000,000 shares authorized and 40,829,564 shares issued and outstanding as of March 31, 2022; 500,000,000 shares authorized and 39,964,298 shares issued and outstanding as of December 31, 2021 | 4 | 4 | |||||
Class B common stock—par value $0.0001; 100,000,000 shares authorized and 31,497,796 shares issued and outstanding as of March 31, 2022; 100,000,000 shares authorized and 31,497,796 shares issued and outstanding as of December 31, 2021 | 3 | 3 | |||||
Additional paid-in capital | 528,475 | 497,128 | |||||
Accumulated other comprehensive loss | (5,041 | ) | (5,687 | ) | |||
Accumulated deficit | (280,685 | ) | (257,531 | ) | |||
Total stockholders’ equity | 242,756 | 233,917 | |||||
Total liabilities and stockholders’ equity | $ | 502,513 | $ | 504,519 | |||
APPIAN CORPORATION AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(unaudited, in thousands, except share and per share data)
Three Months Ended March 31, | |||||||
2022 | 2021 | ||||||
Revenue | |||||||
Subscriptions | $ | 83,720 | $ | 63,766 | |||
Professional services | 30,546 | 25,089 | |||||
Total revenue | 114,266 | 88,855 | |||||
Cost of revenue | |||||||
Subscriptions | 8,206 | 5,854 | |||||
Professional services | 22,710 | 17,675 | |||||
Total cost of revenue | 30,916 | 23,529 | |||||
Gross profit | 83,350 | 65,326 | |||||
Operating expenses | |||||||
Sales and marketing | 45,916 | 35,984 | |||||
Research and development | 29,839 | 20,690 | |||||
General and administrative | 31,461 | 19,142 | |||||
Total operating expenses | 107,216 | 75,816 | |||||
Operating loss | (23,866 | ) | (10,490 | ) | |||
Other expense | |||||||
Other expense, net | 787 | 2,893 | |||||
Interest expense | 74 | 81 | |||||
Total other expense | 861 | 2,974 | |||||
Loss before income taxes | (24,727 | ) | (13,464 | ) | |||
Income tax (benefit) expense | (1,573 | ) | 123 | ||||
Net loss | $ | (23,154 | ) | $ | (13,587 | ) | |
Net loss per share: | |||||||
Basic and diluted | $ | (0.32 | ) | $ | (0.19 | ) | |
Weighted average common shares outstanding: | |||||||
Basic and diluted | 72,216,870 | 70,730,235 | |||||
APPIAN CORPORATION AND SUBSIDIARIESSTOCK-BASED COMPENSATION EXPENSE(unaudited, in thousands)
Three Months Ended March 31, | |||||||
2022 | 2021 | ||||||
Cost of revenue | |||||||
Subscriptions | $ | 179 | $ | 297 | |||
Professional services | 1,057 | 641 | |||||
Operating expenses | |||||||
Sales and marketing | 1,788 | 1,108 | |||||
Research and development | 2,314 | 1,015 | |||||
General and administrative | 1,605 | 4,833 | |||||
Total stock-based compensation expense | $ | 6,943 | $ | 7,894 | |||
APPIAN CORPORATION AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited, in thousands)
Three Months Ended March 31, | |||||||
2022 | 2021 | ||||||
Cash flows from operating activities | |||||||
Net loss | $ | (23,154 | ) | $ | (13,587 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities | |||||||
Depreciation and amortization | 1,773 | 1,278 | |||||
Bad debt expense | (2 | ) | — | ||||
Change in fair value of available-for-sale securities | 111 | (8 | ) | ||||
Deferred income taxes | (1,073 | ) | (448 | ) | |||
Stock-based compensation | 6,943 | 7,894 | |||||
Changes in assets and liabilities | |||||||
Accounts receivable | 8,416 | 12,651 | |||||
Prepaid expenses and other assets | (3,579 | ) | (279 | ) | |||
Deferred commissions | (1,383 | ) | (2,642 | ) | |||
Accounts payable and accrued expenses | 2,338 | 1,159 | |||||
Accrued compensation and related benefits | (6,798 | ) | (1,955 | ) | |||
Other current and non-current liabilities | 18 | 151 | |||||
Deferred revenue | (3,764 | ) | (7,192 | ) | |||
Operating lease liabilities | (450 | ) | 168 | ||||
Net cash used in operating activities | (20,604 | ) | (2,810 | ) | |||
Cash flows from investing activities | |||||||
Purchases of investments | (16,240 | ) | — | ||||
Proceeds from investments | 21,729 | 5,625 | |||||
Purchases of property and equipment | (3,390 | ) | (468 | ) | |||
Net cash provided by investing activities | 2,099 | 5,157 | |||||
Cash flows from financing activities | |||||||
Proceeds from exercise of common stock options | 24,404 | 625 | |||||
Net cash provided by financing activities | 24,404 | 625 | |||||
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash | 40 | (682 | ) | ||||
Net increase in cash, cash equivalents, and restricted cash | 5,939 | 2,290 | |||||
Cash, cash equivalents, and restricted cash at beginning of period | 103,960 | 112,462 | |||||
Cash, cash equivalents, and restricted cash at end of period | $ | 109,899 | $ | 114,752 | |||
Supplemental disclosure of cash flow information | |||||||
Cash paid for interest | $ | 78 | $ | 88 | |||
Cash paid for income taxes | $ | 197 | $ | 148 | |||
APPIAN CORPORATION AND SUBSIDIARIESRECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES(unaudited, in thousands, except share and per share data)
Three Months Ended March 31, | |||||||
2022 | 2021 | ||||||
Reconciliation of non-GAAP operating loss: | |||||||
GAAP operating loss | $ | (23,866 | ) | $ | (10,490 | ) | |
Add back: | |||||||
Stock-based compensation expense | 6,943 | 7,894 | |||||
Litigation expenses(1) | 11,792 | 1,687 | |||||
Non-GAAP operating loss | $ | (5,131 | ) | $ | (909 | ) | |
Reconciliation of non-GAAP net loss: | |||||||
GAAP net loss | $ | (23,154 | ) | $ | (13,587 | ) | |
Add back: | |||||||
Stock-based compensation expense | 6,943 | 7,894 | |||||
Litigation expenses(1) | 11,792 | 1,687 | |||||
Non-GAAP net loss | $ | (4,419 | ) | $ | (4,006 | ) | |
Non-GAAP earnings per share: | |||||||
Non-GAAP net loss | $ | (4,419 | ) | $ | (4,006 | ) | |
Non-GAAP weighted average shares used to compute net loss per share, basic and diluted | 72,216,870 | 70,730,235 | |||||
Non-GAAP net loss per share, basic and diluted | $ | (0.06 | ) | $ | (0.06 | ) | |
Reconciliation of non-GAAP net loss per share, basic and diluted: | |||||||
GAAP net loss per share, basic and diluted | $ | (0.32 | ) | $ | (0.19 | ) | |
Add back: | |||||||
Non-GAAP adjustments to net loss per share | 0.26 | 0.13 | |||||
Non-GAAP net loss per share, basic and diluted | $ | (0.06 | ) | $ | (0.06 | ) | |
Reconciliation of adjusted EBITDA: | |||||||
GAAP net loss | $ | (23,154 | ) | $ | (13,587 | ) | |
Other expense, net | 787 | 2,893 | |||||
Interest expense | 74 | 81 | |||||
Income tax (benefit) expense | (1,573 | ) | 123 | ||||
Depreciation and amortization | 1,773 | 1,278 | |||||
Stock-based compensation expense | 6,943 | 7,894 | |||||
Litigation expenses(1) | 11,792 | 1,687 | |||||
Adjusted EBITDA | $ | (3,358 | ) | $ | 369 |
(1) Consists of professional fees and other costs incurred in connection with two separate lawsuits, one involving reciprocal false advertising and related claims with a competitor and one involving an effort to enforce our intellectual property. We believe the costs incurred related to these cases are outside of our ordinary course of business; therefore, exclusion of such costs aids to provide supplemental information and comparable financial results from period to period.
Выручка от облачной подписки в первом квартале выросла на 37% по сравнению с аналогичным периодом прошлого года и составила 53,4 млн долларов
МАКЛИН, Вирджиния, 05 мая 2022 года (GLOBE NEWSWIRE) -- Appian (Nasdaq: APPN) сегодня объявила финансовые результаты за первый квартал, закончившийся 31 марта 2022 года.
“Мы превысили прогнозные показатели и увеличили доход от подписки на облачные сервисы на 37% в первом квартале. Наша ежегодная конференция была хорошо посещаемой и полной энергии. Нам повезло, что вокруг нашей платформы с низким уровнем кода собралось такое сильное сообщество”, - сказал Мэтт Калкинс, генеральный директор и основатель.
Основные финансовые показатели Первого квартала 2022 года:
Сверка финансовых показателей GAAP с финансовыми показателями, не относящимися к GAAP, приведена в таблицах, следующих за финансовыми отчетами в этом пресс-релизе. Объяснение этих мер также приведено ниже в разделе “Финансовые показатели, не относящиеся к ОПБУ”.
Основные бизнес-события Первого квартала 2022 года:
Финансовые перспективы:
По состоянию на 5 мая 2022 года руководство на 2022 год выглядит следующим образом:
Подробности конференц-звонка:
Appian проведет телефонную конференцию сегодня, 5 мая 2022 года, в 4:30 вечера по восточному времени, чтобы обсудить финансовые результаты Appian за первый квартал, закончившийся 31 марта 2022 года, и перспективы бизнеса.
Прямая трансляция телефонной конференции доступна на странице по связям с инвесторами веб-сайта Appian по адресу http://investors .Appian.com . Чтобы получить доступ к вызову, пожалуйста, наберите (877) 243-0931 в США или (212) 231-2935 на международном уровне (идентификатор конференции: 22017584). После звонка архивная веб-трансляция будет доступна в том же месте на странице по связям с инвесторами. Повтор по телефону будет доступен в течение одной недели по телефону (844) 512-2921 в США или (412) 317-6671 на международном уровне с кодом доступа для записи 22017584.
Appian предоставляет платформу с низким уровнем кода, которая ускоряет создание высокоэффективных бизнес-приложений и рабочих процессов, позволяя нашим клиентам автоматизировать наиболее важные аспекты своего бизнеса. Глобальные организации используют наши приложения для улучшения качества обслуживания клиентов, достижения операционного совершенства и упрощения глобального управления рисками и соответствия требованиям. Для получения дополнительной информации посетите веб-сайт www.Appian.com .
Финансовые показатели, Не относящиеся к ОПБУ
В дополнение к своей консолидированной финансовой отчетности, которая подготовлена и представлена в соответствии с GAAP, Appian предоставляет инвесторам определенные финансовые показатели, не относящиеся к GAAP, включая операционный убыток, не относящийся к GAAP, чистый убыток, не относящийся к GAAP, чистый убыток на акцию, не относящийся к GAAP, средневзвешенный объем акций в обращении, не соответствующий GAAP, и скорректированный показатель EBITDA. Эти финансовые показатели, не относящиеся к GAAP, исключают влияние расходов на компенсацию на основе акций, прибыли или убытки от выбытия активов, а также определенные расходы, связанные с судебными разбирательствами, состоящие из юридических и других профессиональных сборов, которые не отражают наши основные операционные показатели и не являются частью нашего обычного ведения бизнеса.
Представление этих финансовых показателей, не относящихся к GAAP, не предназначено для рассмотрения отдельно, в качестве замены или превосходства финансовой информации, подготовленной и представленной в соответствии с GAAP, и показатели Appian, не относящиеся к GAAP, могут отличаться от показателей, не относящихся к GAAP, используемых другими компаниями. Для получения дополнительной информации об этих финансовых показателях, не относящихся к GAAP, см. Сверку этих финансовых показателей, не относящихся к GAAP, с их ближайшими сопоставимыми показателями GAAP в конце этого пресс-релиза. Сверка руководящих показателей, не относящихся к GAAP, с наиболее сопоставимыми показателями GAAP невозможна на перспективной основе без необоснованных усилий из-за высокой изменчивости, сложности и низкой видимости в отношении расходов, исключенных из этих показателей, не относящихся к GAAP.
Appian использует эти финансовые показатели, не относящиеся к GAAP, для принятия финансовых и операционных решений, а также в качестве средства оценки сопоставлений между периодами. Руководство Appian считает, что эти финансовые показатели, не относящиеся к GAAP, предоставляют значимую дополнительную информацию о результатах деятельности Appian, исключая определенные расходы, которые могут не отражать текущие операционные результаты основного бизнеса. Appian считает, что как руководству, так и инвесторам выгодно ссылаться на эти финансовые показатели, не относящиеся к GAAP, при оценке результатов деятельности Appian, а также при планировании, прогнозировании и анализе будущих периодов. Эти финансовые показатели, не относящиеся к GAAP, также облегчают руководству внутренние сравнения с историческими показателями, а также сравнения с операционными результатами конкурентов. Appian считает, что эти финансовые показатели, не относящиеся к GAAP, полезны для инвесторов, поскольку (1) они обеспечивают большую прозрачность в отношении показателей, используемых руководством при принятии финансовых и операционных решений, и (2) они используются институциональными инвесторами Appian и сообществом аналитиков, чтобы помочь им проанализировать состояние Дело Appian.
Прогнозные заявления
Этот пресс-релиз содержит заявления прогнозного характера. Все заявления, содержащиеся в этом пресс-релизе, кроме заявлений об исторических фактах, включая заявления относительно будущих финансовых и деловых показателей Appian за второй квартал и весь 2022 год, влияния COVID-19, включая появление новых вариантов штаммов COVID-19, на наш бизнес и на мировую экономику, будущие инвестиции Appian в свои инициативы по выходу на рынок, повышенный спрос на платформу Appian, рыночные возможности, а также планы и цели для будущих операций, включая способность Appian обеспечивать постоянный доход от подписки и общий рост выручки, являются прогнозными заявлениями. Слова “предвидеть”, “полагать”, “продолжать”, “оценивать”, “ожидать”, “намереваться”, “возможно”, “будет” и подобные выражения предназначены для обозначения прогнозных заявлений. Appian основал эти прогнозные заявления на своих текущих ожиданиях и прогнозах относительно будущих событий и финансовых тенденций, которые, по мнению Appian, могут повлиять на его финансовое состояние, результаты деятельности, бизнес-стратегию, краткосрочные и долгосрочные бизнес-операции и цели, а также финансовые потребности. Эти прогнозные заявления подвержены ряду рисков и неопределенностей, включая риски и неопределенности, связанные с Appian возможности для развития своего бизнеса и управлять его ростом, Appian способности поддерживать свой рост выручки, продолжает принятие рынком Appian платформы и принятие низкий-код-решения для цифровой трансформации, колебания Appian деятельность, в результате которой из-за длительности и изменчивости своего цикла продажи, конкуренции на рынках, на которых осуществляет свою деятельность Appian, риски и неопределенности, связанные с составом и концентрацией Appian клиентской базы и спроса на свою платформу и удовлетворенности услугами, предоставляемыми Appian, потенциальные колебания Appian будущим участникам поисковой операции, Appian возможность переложить свои продажи в направлении подписки и от профессиональных услуг, Appian умение действовать в соответствии с применимыми законами и правилами, Appian стратегических отношений с третьими лицами и использования сторонних лицензионного программного обеспечения, а ее платформа-это совместимость со сторонними приложениями, сроки Appian признание подписки доходов, которые могут отсрочить действие ближайшее время изменения объемов продаж на результатах его деятельности, а также дополнительные риски и неопределенности, изложены в разделе “Факторы риска” в разделе Appian годовой отчет по форме 10-K за год, закончившийся 31 декабря 2021 подано по ценным бумагам и биржам 17 февраля 2022 года, а также иные отчеты, которые Appian подала в комиссию по ценным бумагам и биржам. Более того, Appian работает в очень конкурентной и быстро меняющейся среде. Время от времени возникают новые риски. Руководство Appian не может предсказать все риски, равно как и Appian не может оценить влияние всех факторов на свой бизнес или степень, в которой какой-либо фактор или комбинация факторов могут привести к тому, что фактические результаты будут существенно отличаться от тех, которые содержатся в любых прогнозных заявлениях, которые может сделать Appian. В свете этих рисков, неопределенностей и допущений Appian не может гарантировать, что произойдут будущие результаты, уровни активности, производительность, достижения или события и обстоятельства, отраженные в прогнозных заявлениях. Appian не обязан обновлять какие-либо из этих прогнозных заявлений после даты настоящего пресс-релиза, чтобы привести эти заявления в соответствие с фактическими результатами или пересмотренными ожиданиями, за исключением случаев, предусмотренных законом.
Контакты инвестора Ринивас Ананта, CFA703-442-8844investors@Appian.com
Контакты со СМИ Farrell703-442-1067ben.farrell@Appian.com
Appian КОРПОРАЦИИ И ДОЧЕРНИХ ОБЩЕСТВСОГЛАСОВАННЫЕ КОНСОЛИДИРОВАННЫЕ БАЛАНСЫ (в тысячах, за исключением данных о долях и расчете на акцию)
As of | |||||||
March 31, 2022 | December 31, 2021 | ||||||
(unaudited) | |||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 106,795 | $ | 100,796 | |||
Short-term investments and marketable securities | 53,438 | 55,179 | |||||
Accounts receivable, net of allowance of $1,402 and $1,400 as of March 31, 2022 and December 31, 2021, respectively | 121,630 | 130,049 | |||||
Deferred commissions, current | 25,670 | 24,668 | |||||
Prepaid expenses and other current assets | 30,354 | 26,781 | |||||
Restricted cash, current | 776 | 791 | |||||
Total current assets | 338,663 | 338,264 | |||||
Property and equipment, net of accumulated depreciation of $15,473 and $14,106 as of March 31, 2022 and December 31, 2021, respectively | 38,526 | 36,913 | |||||
Long-term investments | 8,184 | 12,044 | |||||
Goodwill | 27,271 | 27,795 | |||||
Intangible assets, net of accumulated amortization of $1,630 and $1,260 as of March 31, 2022 and December 31, 2021, respectively | 6,615 | 7,144 | |||||
Operating right-of-use assets | 27,556 | 27,897 | |||||
Deferred commissions, net of current portion | 49,398 | 49,017 | |||||
Deferred tax assets | 1,992 | 1,025 | |||||
Restricted cash, net of current portion | 2,328 | 2,373 | |||||
Other assets | 1,980 | 2,047 | |||||
Total assets | $ | 502,513 | $ | 504,519 | |||
Liabilities and Stockholders’ Equity | |||||||
Current liabilities | |||||||
Accounts payable | $ | 4,476 | $ | 5,766 | |||
Accrued expenses | 18,654 | 15,483 | |||||
Accrued compensation and related benefits | 27,834 | 35,126 | |||||
Deferred revenue, current | 146,227 | 150,169 | |||||
Operating lease liabilities, current | 8,135 | 8,110 | |||||
Other current liabilities | 1,104 | 1,067 | |||||
Total current liabilities | 206,430 | 215,721 | |||||
Operating lease liabilities, net of current portion | 47,964 | 48,784 | |||||
Deferred revenue, net of current portion | 1,888 | 2,430 | |||||
Deferred tax liabilities | 98 | 209 | |||||
Other non-current liabilities | 3,377 | 3,458 | |||||
Total liabilities | 259,757 | 270,602 | |||||
Stockholders’ equity | |||||||
Class A common stock—par value $0.0001; 500,000,000 shares authorized and 40,829,564 shares issued and outstanding as of March 31, 2022; 500,000,000 shares authorized and 39,964,298 shares issued and outstanding as of December 31, 2021 | 4 | 4 | |||||
Class B common stock—par value $0.0001; 100,000,000 shares authorized and 31,497,796 shares issued and outstanding as of March 31, 2022; 100,000,000 shares authorized and 31,497,796 shares issued and outstanding as of December 31, 2021 | 3 | 3 | |||||
Additional paid-in capital | 528,475 | 497,128 | |||||
Accumulated other comprehensive loss | (5,041 | ) | (5,687 | ) | |||
Accumulated deficit | (280,685 | ) | (257,531 | ) | |||
Total stockholders’ equity | 242,756 | 233,917 | |||||
Total liabilities and stockholders’ equity | $ | 502,513 | $ | 504,519 | |||
КОРПОРАЦИЯ Appian И ДОЧЕРНИЕ КОМПАНИИ КОНСОЛИДИРОВАННЫЕ ОТЧЕТЫ О ДЕЯТЕЛЬНОСТИ (неаудированные, в тысячах, за исключением данных по акциям и в расчете на акцию)
Three Months Ended March 31, | |||||||
2022 | 2021 | ||||||
Revenue | |||||||
Subscriptions | $ | 83,720 | $ | 63,766 | |||
Professional services | 30,546 | 25,089 | |||||
Total revenue | 114,266 | 88,855 | |||||
Cost of revenue | |||||||
Subscriptions | 8,206 | 5,854 | |||||
Professional services | 22,710 | 17,675 | |||||
Total cost of revenue | 30,916 | 23,529 | |||||
Gross profit | 83,350 | 65,326 | |||||
Operating expenses | |||||||
Sales and marketing | 45,916 | 35,984 | |||||
Research and development | 29,839 | 20,690 | |||||
General and administrative | 31,461 | 19,142 | |||||
Total operating expenses | 107,216 | 75,816 | |||||
Operating loss | (23,866 | ) | (10,490 | ) | |||
Other expense | |||||||
Other expense, net | 787 | 2,893 | |||||
Interest expense | 74 | 81 | |||||
Total other expense | 861 | 2,974 | |||||
Loss before income taxes | (24,727 | ) | (13,464 | ) | |||
Income tax (benefit) expense | (1,573 | ) | 123 | ||||
Net loss | $ | (23,154 | ) | $ | (13,587 | ) | |
Net loss per share: | |||||||
Basic and diluted | $ | (0.32 | ) | $ | (0.19 | ) | |
Weighted average common shares outstanding: | |||||||
Basic and diluted | 72,216,870 | 70,730,235 | |||||
Appian КОРПОРАЦИЯ И ДОЧЕРНИЕ КОМПАНИИ РАСХОДЫ НА КОМПЕНСАЦИЮ НА ОСНОВЕ АКЦИЙ (неаудированные, в тысячах)
Three Months Ended March 31, | |||||||
2022 | 2021 | ||||||
Cost of revenue | |||||||
Subscriptions | $ | 179 | $ | 297 | |||
Professional services | 1,057 | 641 | |||||
Operating expenses | |||||||
Sales and marketing | 1,788 | 1,108 | |||||
Research and development | 2,314 | 1,015 | |||||
General and administrative | 1,605 | 4,833 | |||||
Total stock-based compensation expense | $ | 6,943 | $ | 7,894 | |||
КОРПОРАЦИЯ Appian И ДОЧЕРНИЕ КОМПАНИИ КОНСОЛИДИРОВАННЫЕ ОТЧЕТЫ О ДВИЖЕНИИ ДЕНЕЖНЫХ СРЕДСТВ (неаудированные, в тысячах)
Three Months Ended March 31, | |||||||
2022 | 2021 | ||||||
Cash flows from operating activities | |||||||
Net loss | $ | (23,154 | ) | $ | (13,587 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities | |||||||
Depreciation and amortization | 1,773 | 1,278 | |||||
Bad debt expense | (2 | ) | — | ||||
Change in fair value of available-for-sale securities | 111 | (8 | ) | ||||
Deferred income taxes | (1,073 | ) | (448 | ) | |||
Stock-based compensation | 6,943 | 7,894 | |||||
Changes in assets and liabilities | |||||||
Accounts receivable | 8,416 | 12,651 | |||||
Prepaid expenses and other assets | (3,579 | ) | (279 | ) | |||
Deferred commissions | (1,383 | ) | (2,642 | ) | |||
Accounts payable and accrued expenses | 2,338 | 1,159 | |||||
Accrued compensation and related benefits | (6,798 | ) | (1,955 | ) | |||
Other current and non-current liabilities | 18 | 151 | |||||
Deferred revenue | (3,764 | ) | (7,192 | ) | |||
Operating lease liabilities | (450 | ) | 168 | ||||
Net cash used in operating activities | (20,604 | ) | (2,810 | ) | |||
Cash flows from investing activities | |||||||
Purchases of investments | (16,240 | ) | — | ||||
Proceeds from investments | 21,729 | 5,625 | |||||
Purchases of property and equipment | (3,390 | ) | (468 | ) | |||
Net cash provided by investing activities | 2,099 | 5,157 | |||||
Cash flows from financing activities | |||||||
Proceeds from exercise of common stock options | 24,404 | 625 | |||||
Net cash provided by financing activities | 24,404 | 625 | |||||
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash | 40 | (682 | ) | ||||
Net increase in cash, cash equivalents, and restricted cash | 5,939 | 2,290 | |||||
Cash, cash equivalents, and restricted cash at beginning of period | 103,960 | 112,462 | |||||
Cash, cash equivalents, and restricted cash at end of period | $ | 109,899 | $ | 114,752 | |||
Supplemental disclosure of cash flow information | |||||||
Cash paid for interest | $ | 78 | $ | 88 | |||
Cash paid for income taxes | $ | 197 | $ | 148 | |||
КОРПОРАЦИЯ Appian И ДОЧЕРНИЕ КОМПАНИИ СВЕРКА ПОКАЗАТЕЛЕЙ GAAP С ПОКАЗАТЕЛЯМИ, НЕ ОТНОСЯЩИМИСЯ К GAAP (неаудировано, в тысячах, за исключением данных о долях и расчете на акцию)
Three Months Ended March 31, | |||||||
2022 | 2021 | ||||||
Reconciliation of non-GAAP operating loss: | |||||||
GAAP operating loss | $ | (23,866 | ) | $ | (10,490 | ) | |
Add back: | |||||||
Stock-based compensation expense | 6,943 | 7,894 | |||||
Litigation expenses(1) | 11,792 | 1,687 | |||||
Non-GAAP operating loss | $ | (5,131 | ) | $ | (909 | ) | |
Reconciliation of non-GAAP net loss: | |||||||
GAAP net loss | $ | (23,154 | ) | $ | (13,587 | ) | |
Add back: | |||||||
Stock-based compensation expense | 6,943 | 7,894 | |||||
Litigation expenses(1) | 11,792 | 1,687 | |||||
Non-GAAP net loss | $ | (4,419 | ) | $ | (4,006 | ) | |
Non-GAAP earnings per share: | |||||||
Non-GAAP net loss | $ | (4,419 | ) | $ | (4,006 | ) | |
Non-GAAP weighted average shares used to compute net loss per share, basic and diluted | 72,216,870 | 70,730,235 | |||||
Non-GAAP net loss per share, basic and diluted | $ | (0.06 | ) | $ | (0.06 | ) | |
Reconciliation of non-GAAP net loss per share, basic and diluted: | |||||||
GAAP net loss per share, basic and diluted | $ | (0.32 | ) | $ | (0.19 | ) | |
Add back: | |||||||
Non-GAAP adjustments to net loss per share | 0.26 | 0.13 | |||||
Non-GAAP net loss per share, basic and diluted | $ | (0.06 | ) | $ | (0.06 | ) | |
Reconciliation of adjusted EBITDA: | |||||||
GAAP net loss | $ | (23,154 | ) | $ | (13,587 | ) | |
Other expense, net | 787 | 2,893 | |||||
Interest expense | 74 | 81 | |||||
Income tax (benefit) expense | (1,573 | ) | 123 | ||||
Depreciation and amortization | 1,773 | 1,278 | |||||
Stock-based compensation expense | 6,943 | 7,894 | |||||
Litigation expenses(1) | 11,792 | 1,687 | |||||
Adjusted EBITDA | $ | (3,358 | ) | $ | 369 |
(1) Состоит из профессиональных гонораров и других расходов, понесенных в связи с двумя отдельными судебными исками, один из которых связан с взаимной ложной рекламой и связанными с ней претензиями к конкуренту, а другой связан с попытками защитить нашу интеллектуальную собственность. Мы считаем, что расходы, понесенные в связи с этими случаями, выходят за рамки нашей обычной деятельности; поэтому исключение таких расходов помогает предоставлять дополнительную информацию и сопоставимые финансовые результаты от периода к периоду.
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