Q2 2024 Appian Corp Earnings Call Transcript
Key Points
- Cloud subscription revenue grew 19% year over year to $88.4 million.
- Solutions revenue increased by 20% to $113 million.
- Total revenue grew 15% year over year to $146.5 million.
- Cloud subscriptions revenue retention rate was 118%, indicating strong customer loyalty.
- Gross retention rate of 99% is best in class for enterprise software.
- Adjusted EBITDA was a loss of $10.5 million.
- Professional services revenue declined by 1% year over year.
- Total non-GAAP expenses increased by 3% from the previous year.
- Cash used by operating activities increased to $17.6 million from $11.9 million the previous year.
- Reduction in workforce by approximately 150 employees, indicating restructuring challenges.
Good day and thank you for standing by, and welcome to the Appian Second Quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question and answer session to ask a question. During the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one. Please be advised that today's conference is being recorded, and I would now like to hand the conference over to your speaker today, Jack Andrews. Could you go please go?
Thank you, operator. Good morning and thank you for joining us today. We will review Appian's Second Quarter 2024 financial results. With me are Matt Calkins, Chairman and Chief Executive Officer, and Mark sales, Chief Financial Officer. After prepared remarks, we will open the call for questions. During this call, we may make statements related to our business that are forward-looking under federal
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