Q1 2024 Appian Corp Earnings Call Transcript
Key Points
- Cloud subscription revenue grew by 24% year-over-year, reaching $86.6 million, surpassing guidance expectations.
- Cloud subscription revenue retention rate increased to 120% as of March 31, 2024, indicating strong customer retention and upsell performance.
- Total revenue grew by 11% year-over-year to $149.8 million, meeting the high end of guidance.
- Introduction of new products like Process HQ and enhancements in AI capabilities, demonstrating innovation and potential for future growth.
- Strong partnership with AWS, enhancing Appian's capabilities in enterprise AI usage.
- Professional services revenue declined by 11% year-over-year, reflecting volatility and potential challenges in project timing.
- Adjusted EBITDA reported a loss of $1.3 million, indicating ongoing profitability challenges despite improvements.
- Non-GAAP gross margin for professional services decreased to 25%, down from 34% the previous year, suggesting lower profitability in this segment.
- The company experienced foreign exchange losses of approximately $11.5 million, impacting financial stability and earnings.
- Guidance for Q2 2024 suggests a potential adjusted EBITDA loss between $17 million and $13 million, indicating expected continued losses.
Good day and thank you for standing by, and welcome to the Appian First 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. (Operator Instructions)
Again, please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, [Reagan Raman], Investor Relations. Please go ahead.
Thank you, operator. Good morning and thank you for joining us. Today, we will review Appian's First Quarter 2024 financial results. With me are Mark Hawkins, Chief Chairman and Chief Executive Officer, and Mark with this 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 securities laws and are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.
These include
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
