checkAd

Appian Announces Fourth Quarter and Full Year 2020 Financial Results

Nachrichtenquelle: globenewswire
18.02.2021, 22:05  |  117   |   |   

Fourth quarter cloud subscription revenue increased 40% year-over-year to $36.9 million

Full year cloud subscription revenue increased 36% year-over-year to $129.2 million

MCLEAN, Va., Feb. 18, 2021 (GLOBE NEWSWIRE) -- Appian (Nasdaq: APPN) today announced financial results for the fourth quarter and full year ended December 31, 2020.

“For the full year, we exceeded our guidance and grew cloud subscription revenue by 36% to $129.2 million. Low-code emerged in 2020 as a successful way for organizations to remain nimble in the face of change. Appian is leading this market because our low-code platform is more than 10x faster, our partner ecosystem is growing, and our customers are happy,” said Matt Calkins, CEO & Founder.

Fourth Quarter 2020 Financial Highlights:

  • Revenue: Cloud subscription revenue was $36.9 million for the fourth quarter of 2020, up 40% compared to the fourth quarter of 2019. Total subscriptions revenue, which includes sales of SaaS subscriptions, on-premises term license subscriptions and maintenance and support, increased 33% year-over-year to $56.1 million for the fourth quarter of 2020. Professional services revenue was $25.5 million for the fourth quarter of 2020, compared to $26.5 million for the fourth quarter of 2019. Total revenue was $81.6 million for the fourth quarter of 2020, up 19% compared to the fourth quarter of 2019. Cloud subscription revenue retention rate was 119% as of December 31, 2020.

  • Operating loss and non-GAAP operating loss: GAAP operating loss was $(9.7) million for the fourth quarter of 2020, compared to $(13.1) million for the fourth quarter of 2019. Non-GAAP operating loss was $(5.1) million for the fourth quarter of 2020, compared to $(9.7) million for the fourth quarter of 2019.

  • Net loss and non-GAAP net loss: GAAP net loss was $(6.4) million for the fourth quarter of 2020, compared to $(10.8) million for the fourth quarter of 2019. GAAP net loss per share was $(0.09) for the fourth quarter of 2020, based on 70.4 million weighted average shares outstanding, compared to $(0.16) for the fourth quarter of 2019, based on 67.3 million weighted average shares outstanding. Non-GAAP net loss was $(1.8) million for the fourth quarter of 2020, compared to $(7.4) million for the fourth quarter of 2019. Non-GAAP net loss per share was $(0.03) for the fourth quarter of 2020, based on 70.4 million weighted average shares outstanding, compared to $(0.11) per share for the fourth quarter of 2019, based on 67.3 million weighted average shares outstanding.

  • Adjusted EBITDA: Adjusted EBITDA loss was $(3.7) million for the fourth quarter of 2020, compared to $(8.2) million for the fourth quarter of 2019.

Full Year 2020 Financial Highlights:

  • Revenue: Cloud subscription revenue was $129.2 million for the full year 2020, up 36% compared to the full year 2019. Total subscriptions revenue was $198.7 million for the full year 2020, an increase of 31% from the prior year. Professional services revenue was $105.9 million for the full year 2020, a decrease of 3% from the prior year. Total revenue was $304.6 million for the full year 2020, up 17% compared to the full year 2019.

  • Operating loss and non-GAAP operating loss: GAAP operating loss was $(37.9) million for the full year 2020, compared to $(50.5) million for the full year 2019. Non-GAAP operating loss was $(22.6) million for the full year 2020, compared to $(34.0) million for the full year 2019.

  • Net loss and non-GAAP net loss: GAAP net loss was $(33.5) million for the full year 2020, compared to $(50.7) million for the full year 2019. GAAP net loss per share was $(0.48) for the full year 2020, based on 69.1 million weighted average shares outstanding, compared to $(0.77) for the full year 2019, based on 65.5 million weighted average shares outstanding. Non-GAAP net loss was $(18.2) million for the full year 2020, compared to $(34.1) million for the full year 2019. Non-GAAP net loss per share was $(0.26) for the full year 2020, based on 69.1 million weighted average shares outstanding, compared to $(0.52) per share for the full year 2019, based on 65.5 million weighted average shares outstanding.

  • Adjusted EBITDA: Adjusted EBITDA loss was $(16.8) million for the full year 2020, compared to $(29.3) million for the full year 2019.

  • Balance sheet and cash flows: As of December 31, 2020, Appian had cash and cash equivalents and investments of $258.4 million. For the fourth quarter of 2020, net cash provided by operating activities was $5.8 million, compared to $(6.0) million of net cash used in operating activities for the same period in 2019. Net cash used in operating activities was $(7.6) million for the year ended December 31, 2020, compared to net cash used in operating activities of $(8.9) million for the year ended December 31, 2019. In accordance with U.S. GAAP, $17.0 million of tenant improvement allowance reimbursements received during the year ended December 31, 2019 are a source of cash in operating activities.

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.”

Fourth Quarter 2020 Business Highlights:

Financial Outlook:

As of February 18, 2021, guidance for the first quarter 2021 and full year 2021 is as follows:

  • First Quarter 2021 Guidance:
    • Cloud subscription revenue is expected to be in the range of $37.7 million and $38.2 million, representing year-over-year growth of between 33% and 35%.
    • Total revenue is expected to be in the range of $81.7 million and $82.7 million, representing a year-over-year increase of between 4% and 5%.
    • Adjusted EBITDA loss is expected to be in the range of $(9.0) million and $(8.0) million.
    • Non-GAAP net loss per share is expected to be in the range of $(0.15) and $(0.13). This assumes 70.8 million weighted average common shares outstanding.
  • Full Year 2021 Guidance:
    • Cloud subscription revenue is expected to be in the range of $167.5 million and $169.5 million, representing year-over-year growth of between 30% and 31%.
    • Total revenue is expected to be in the range of $353.0 million and $355.0 million, representing a year-over-year increase of between 16% and 17%.
    • Adjusted EBITDA loss is expected to be in the range of $(38.0) million and $(36.0) million.
    • Non-GAAP net loss per share is expected to be in the range of $(0.64) and $(0.60). This assumes 71.2 million weighted average common shares outstanding.

Conference Call Details:

Appian will host a conference call today, February 18, 2021, at 5:00 p.m. ET to discuss Appian's financial results for the fourth quarter and full year ended December 31, 2020 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) 407-0792 in the U.S. or (201) 689-8263 internationally.  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 13715479.

About Appian

Appian (NASDAQ: APPN) helps organizations build apps and workflows rapidly, with a low-code automation platform. Combining people, technologies, and data in a single workflow, Appian can help companies maximize their resources and improve business results. Many of the world’s largest organizations use Appian 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 and losses on disposal of an asset. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or 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, please 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 that 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 that 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 first quarter and full year 2021, the impact of COVID-19 on Appian’s 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 subscription 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, and the timing of Appian’s recognition of subscription 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, 2020 filed with the Securities and Exchange Commission on February 18, 2021 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 Contact
Scott Walker
Director, Investor Relations
703-496-4573
scott.walker@appian.com 

Media Contact
Nicole Greggs
Director, Media Relations
703-260-7868
nicole.greggs@appian.com 

   
   
APPIAN CORPORATION AND SUBSIDIARIES  
CONDENSED CONSOLIDATED BALANCE SHEETS  
(in thousands, except share and per share data)  
         
         
  As of   As of  
  December 31,   December 31,  
  2020   2019  
         
Assets        
Current assets        
Cash and cash equivalents $ 112,462     $ 159,755    
Short-term investments and marketable securities   109,826       -    
Accounts receivable, net of allowance of $1,400 and $600 as of December 31, 2020 and December 31, 2019, respectively   97,278       70,408    
Deferred commissions, current   17,899       14,543    
Prepaid expenses and other current assets   27,955       32,955    
Total current assets   365,420       277,661    
Property and equipment, net   35,404       39,554    
Long-term investments   36,120       -    
Goodwill   4,862       -    
Intangible assets, net of accumulated amortization of $429 as of December 31, 2020   1,744       -    
Operating right-of-use assets   30,659       24,205    
Deferred commissions, net of current portion   34,198       28,979    
Deferred tax assets   489       494    
Other assets   3,625       592    
Total assets $ 512,521     $ 371,485    
Liabilities and Stockholders’ Equity        
Current liabilities        
Accounts payable $ 2,967     $ 5,222    
Accrued expenses   5,821       7,488    
Accrued compensation and related benefits   22,981       10,691    
Deferred revenue, current   116,256       82,201    
Operating lease liabilities, current   6,923       3,836    
Finance lease liabilities, current   -       1,447    
Other current liabilities   940       1,395    
Total current liabilities   155,888       112,280    
Operating lease liabilities, net of current portion   51,194       44,416    
Finance lease liabilities, net of current portion   -       2,375    
Deferred revenue, net of current portion   3,886       7,139    
Deferred tax liabilities   70       38    
Other non-current liabilities   4,878       -    
Total liabilities   215,916       166,248    
Stockholders’ equity        
Class A common stock - par value $0.0001; 500,000,000 shares authorized and 38,971,324 shares issued and outstanding as of December 31, 2020; 500,000,000 shares authorized and 34,525,386 shares issued and outstanding as of December 31, 2019   4       3    
Class B common stock - par value $0.0001; 100,000,000 shares authorized and 31,707,866 shares issued and outstanding as of December 31, 2020; 100,000,000 shares authorized and 32,942,636 shares issued and outstanding as of December 31, 2019   3       3    
Additional paid-in capital   470,498       340,929    
Accumulated other comprehensive loss   (5,010 )     (285 )  
Accumulated deficit   (168,890 )     (135,413 )  
Total stockholders’ equity   296,605       205,237    
Total liabilities and stockholders’ equity $ 512,521     $ 371,485    
         


APPIAN CORPORATION AND SUBSIDIARIES  
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS  
(in thousands, except share and per share data)  
                 
                 
  Three Months Ended December 31,   Year Ended December 31,  
  2020   2019   2020   2019  
             
  (unaudited)          
Revenue                
Subscriptions $ 56,096     $ 42,108     $ 198,710     $ 151,299    
Professional services   25,534       26,510       105,863       109,053    
Total revenue   81,630       68,618       304,573       260,352    
Cost of revenue                
Subscriptions   5,641       4,993       20,826       17,098    
Professional services   16,299       17,780       67,940       76,743    
Total cost of revenue   21,940       22,773       88,766       93,841    
Gross profit   59,690       45,845       215,807       166,511    
Operating expenses                
Sales and marketing   35,425       31,254       130,316       117,440    
Research and development   18,875       15,625       70,241       58,043    
General and administrative   15,076       12,028       53,152       41,496    
Total operating expenses   69,376       58,907       253,709       216,979    
Operating loss   (9,686 )     (13,062 )     (37,902 )     (50,468 )  
Other income:                
Other income, net   (3,941 )     (2,822 )     (5,786 )     (941 )  
Interest expense   88       131       478       367    
Total other income   (3,853 )     (2,691 )     (5,308 )     (574 )  
Loss before income taxes   (5,833 )     (10,371 )     (32,594 )     (49,894 )  
Income tax expense   548       426       883       820    
Net loss $ (6,381 )   $ (10,797 )   $ (33,477 )   $ (50,714 )  
Net loss per share:                
Basic and diluted $ (0.09 )   $ (0.16 )   $ (0.48 )   $ (0.77 )  
Weighted average common shares outstanding:                
Basic and diluted   70,362,387       67,316,098       69,050,565       65,479,327    
                 


APPIAN CORPORATION AND SUBSIDIARIES  
STOCK-BASED COMPENSATION EXPENSE  
(in thousands)  
                 
                 
  Three Months Ended December 31,   Year Ended December 31,  
  2020   2019   2020   2019  
             
  (unaudited)          
Cost of revenue:                
Subscriptions $ 265   $ 185   $ 943   $ 647  
Professional services   542     287     1,477     2,748  
Operating expenses                
Sales and marketing   984     771     2,821     4,742  
Research and development   877     497     2,718     3,480  
General and administrative   1,943     1,648     7,320     4,826  
Total stock-based compensation expense $ 4,611   $ 3,388   $ 15,279   $ 16,443  
                 


APPIAN CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
       
       
  Year Ended December 31,
  2020   2019
Cash flows from operating activities:      
Net loss $ (33,477 )   $ (50,714 )
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization   5,851       4,742  
Bad debt expense   984       99  
Loss on disposal of property and equipment   22       146  
Change in fair value of available-for-sale securities   22       -  
Deferred income taxes   (184 )     (334 )
Stock-based compensation   15,279       16,443  
Changes in assets and liabilities:      
Accounts receivable   (33,559 )     7,432  
Prepaid expenses and other assets   3,740       8,972  
Deferred commissions   (8,575 )     (9,319 )
Accounts payable and accrued expenses   (4,238 )     (4,039 )
Accrued compensation and related benefits   11,801       (3,072 )
Other liabilities   3,681       1,318  
Deferred revenue   27,626       12,573  
Operating lease liabilities   3,407       6,827  
Net cash used in operating activities   (7,620 )     (8,926 )
Cash flows from investing activities:      
Purchases of investments   (145,968 )     -  
Payments for acquisitions, net of cash acquired   (6,138 )     -  
Purchases of property and equipment   (1,251 )     (32,421 )
Net cash used in investing activities   (153,357 )     (32,421 )
Cash flows from financing activities:      
Principal payments on finance leases   (3,822 )     (653 )
Proceeds from public offering, net of underwriting discounts   108,260       101,653  
Payments of costs related to public offerings   (346 )     (350 )
Proceeds from exercise of common stock options   6,376       4,899  
Net cash provided by financing activities   110,468       105,549  
Effect of foreign exchange rate changes on cash and cash equivalents   3,216       623  
Net (decrease) increase in cash and cash equivalents   (47,293 )     64,825  
Cash and cash equivalents, beginning of period   159,755       94,930  
Cash and cash equivalents, end of period $ 112,462     $ 159,755  
Supplemental disclosure of cash flow information:      
Cash paid for interest $ 165     $ 331  
Cash paid for income taxes $ 1,182     $ 356  
Supplemental disclosure of non-cash financing information:      
Finance lease obligations to acquire new office furniture and fixtures and computer hardware $     $ 4,475  


APPIAN CORPORATION AND SUBSIDIARIES  
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES  
(unaudited, in thousands, except share and per share data)  
                 
                 
  Three Months Ended December 31,   Year Ended December 31,  
  2020   2019   2020   2019  
Reconciliation of non-GAAP operating loss:                
GAAP operating loss $ (9,686 )   $ (13,062 )   $ (37,902 )   $ (50,468 )  
Add back:                
Stock-based compensation expense   4,611       3,388       15,279       16,443    
Non-GAAP operating loss $ (5,075 )   $ (9,674 )   $ (22,623 )   $ (34,025 )  
                 
Reconciliation of non-GAAP net loss:                
GAAP net loss $ (6,381 )   $ (10,797 )   $ (33,477 )   $ (50,714 )  
Add back:                
Stock-based compensation expense   4,611       3,388       15,279       16,443    
Loss on disposal of property and equipment               22       146    
Non-GAAP net loss $ (1,770 )   $ (7,409 )   $ (18,176 )   $ (34,125 )  
                 
Non-GAAP earnings per share:                
Non-GAAP net loss $ (1,770 )   $ (7,409 )   $ (18,176 )   $ (34,125 )  

Non-GAAP weighted average shares used to compute net loss per share, basic and diluted
  70,362,387       67,316,098       69,050,565       65,479,327    
Non-GAAP net loss per share, basic and diluted $ (0.03 )   $ (0.11 )   $ (0.26 )   $ (0.52 )  
                 
Reconciliation of non-GAAP net loss per share, basic and diluted:                
GAAP net loss per share, basic and diluted $ (0.09 )   $ (0.16 )   $ (0.48 )   $ (0.77 )  
Add back:                
Non-GAAP adjustments to net loss per share   0.06       0.05       0.22       0.25    
Non-GAAP net loss per share, basic and diluted $ (0.03 )   $ (0.11 )   $ (0.26 )   $ (0.52 )  
                 
Reconciliation of adjusted EBITDA:                
GAAP net loss $ (6,381 )   $ (10,797 )   $ (33,477 )   $ (50,714 )  
Other (income), net   (3,941 )     (2,822 )     (5,786 )     (941 )  
Interest expense   88       131       478       367    
Income tax expense   548       426       883       820    
Depreciation and amortization expense   1,366       1,469       5,851       4,742    
Stock-based compensation expense   4,611       3,388       15,279       16,443    
Adjusted EBITDA $ (3,709 )   $ (8,205 )   $ (16,772 )   $ (29,283 )  
                 

Appian Registered (A) Aktie jetzt über den Testsieger (Finanztest 11/2020) handeln, ab 0 € auf Smartbroker.de



Diesen Artikel teilen


0 Kommentare

Schreibe Deinen Kommentar

Bitte melden Sie sich an, um zu kommentieren. Anmelden | Registrieren

 

Disclaimer

Appian Announces Fourth Quarter and Full Year 2020 Financial Results Fourth quarter cloud subscription revenue increased 40% year-over-year to $36.9 million Full year cloud subscription revenue increased 36% year-over-year to $129.2 million MCLEAN, Va., Feb. 18, 2021 (GLOBE NEWSWIRE) - Appian (Nasdaq: APPN) today …

Nachrichten des Autors

Titel
Titel
Titel
Titel