Appian Projects Positive Adjusted EBITDA, Boasts Strong Subscription Revenue In Q3

Appian Corp (NASDAQ: APPN) reported fiscal third-quarter 2024 revenue growth of 12% year-on-year to $154.1 million, beating the analyst consensus estimate of $151.9 million.

Adjusted EPS of 15 cents beat the analyst consensus loss of 9 cents. The stock price climbed after the results.

Total subscription revenue increased 19% year over year to $123.1 million. Professional services revenue was $30.9 million, down 7% year over year.

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Adjusted EBITDA was $10.8 million, up from an adjusted EBITDA loss of $5.3 million year-over-year.

Appian ended the quarter with cash and equivalents of $140.1 million and expects to achieve positive adjusted EBITDA for the full year 2024.

Outlook: Appian expects fourth-quarter revenue of $163.5 million–$165.5 million, up by 13%–14% Y/Y against the consensus of $151.89 million. It projects an adjusted EPS loss of between 3 cents and breakeven versus the 9 cents consensus loss.

The company expects fiscal 2024 revenue of $613.0 million–$615.0 million (prior $610 million–$615 million), up by 12%–13% Y/Y, below the consensus of $611.8 million.

It projects an adjusted EPS loss of 38 cents–35 cents (compared to a prior adjusted EPS loss of 61 cents–52 cents) against a consensus loss of 55 cents.

Price Action: Appian stock is down 0.5% at $40.30 at the last check on Thursday.

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