Appian Corp (APPN) Reports 16% Increase in Total Revenue for Q3 2023
Appian Corp (NASDAQ:APPN) reports a 16% increase in total revenue for Q3 2023, amounting to $137.1 million.
Cloud subscription revenue increased by 27% year-over-year to $77.2 million.
GAAP net loss was $(22.3) million, a significant decrease compared to $(44.0) million for the third quarter of 2022.
Appian Corp (NASDAQ:APPN) expects cloud subscription revenue to be between $300.0 million and $301.0 million for the full year 2023, representing a year-over-year growth of 27%.
Appian Corp (NASDAQ:APPN) released its financial results for the third quarter ended September 30, 2023, on November 2, 2023. The company reported a 16% increase in total revenue compared to the third quarter of 2022, amounting to $137.1 million. The cloud subscription revenue saw a significant increase of 27% year-over-year, reaching $77.2 million.
Financial Highlights
Appian Corp (NASDAQ:APPN)'s total subscriptions revenue, which includes sales of cloud subscriptions, on-premises term license subscriptions, and maintenance and support, increased 20% year-over-year to $103.8 million. The professional services revenue was $33.3 million, marking an increase of 6% compared to the third quarter of 2022.
The company reported a GAAP operating loss of $(15.2) million, a significant decrease compared to $(37.8) million for the third quarter of 2022. The GAAP net loss was $(22.3) million, compared to $(44.0) million for the third quarter of 2022. The GAAP net loss per share was $(0.30) for the third quarter of 2023, compared to $(0.61) for the third quarter of 2022.
Balance Sheet and Cash Flows
As of September 30, 2023, Appian had total cash, cash equivalents, and investments of $169.5 million. Net cash used by operating activities was $(65.0) million for the three months ended September 30, 2023, compared to $(43.7) million of net cash used by operating activities for the same period in 2022.
Business Highlights and Future Outlook
Appian Corp (NASDAQ:APPN) has been recognized as a leader in the 2023 Gartner Magic Quadrant for Enterprise Low - Code Application Platforms. The company also announced several new product launches and partnerships, including Appians Case Management as a Service (CMaaS) for Public Sector and Appian AI Copilot.
For the fourth quarter of 2023, the company expects cloud subscription revenue to be between $78.6 million and $79.6 million, representing year-over-year growth of 19% to 21%. Total revenue is expected to be between $138.0 million and $143.0 million, representing a year-over-year increase of 10% to 14%.
For the full year 2023, Appian Corp (NASDAQ:APPN) expects cloud subscription revenue to be between $300.0 million and $301.0 million, representing a year-over-year growth of 27%. Total revenue is expected to be between $538.0 million and $543.0 million, representing a year-over-year increase of 15% to 16%.
Explore the complete 8-K earnings release (here) from Appian Corp for further details.
This article first appeared on GuruFocus.
