APPN - Earnings call transcript Q3 2024

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Operator

Hello, and welcome to the Appian Third Quarter 2024 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. It is now my pleasure to introduce Vice President of Investor Relations, Jack Andrews.

Jon Andrews

Good morning, and thank you for joining us. Today, we'll review Appian's third quarter 2024 financial results. Calkins, Financial Chief Officer. Matt Mark Officer; are Chief Matheos, me Chairman Executive and and With After for questions. remarks, prepared we'll open the call

and customers this our filings. acquire differ views full These statements and to go-to-market make to uncertainties materially unless that in During leadership and result platform, guidance the ability of our may reflect industry to today third statements our trends may market We of the we existing required upsell business as risks quarter to and and position, benefits don't the our as a our by and and and financial date. statements ability results, these as our are new customers. XXXX, of our update information only comments results views to SEC growth market ability from include related new forward-looking. opportunity trends, for any These strategy, Actual related our year to expand described due considered our law. call, represent and of expectations subsequent our won't our maintain

in that, to call be non-GAAP Reconciliations earnings GAAP Additionally, this are our CEO, non-GAAP to our over I'd With provided conference financial Matt? will on release. like of to measures the call. financial discussed measures turn Calkins. Matt

Matthew Calkins

$XXX.X grew million. cloud to XXXX, $XXX.X Jack. revenue revenue grew Total subscription XX% Thanks, XX% year-over-year of XX% $XX.X the Appian's third Subscriptions In to million. revenue quarter to million. grew

priorities, grow year our for positive We we more improvement provide EBITDA XXX% Mark forecast project focusing our engaged the structure. Our and reorganized We've and continues positive Appian long-term core in last September potential. on impact customer our verticals our efficient breakeven first seeing without million. XX. more an become happy as cloud We base. with high-value that of quarter. we're adjusted use to full will more Adjusted with effective, and become as to and growth results. closely a was We've was very remains $XX.X losing now top any leaner We've from cost current subscriptions Growth implementations details. more more streamlined pivoted retention to the EBITDA departments did XXXX, has Appian efficient. cases. priority. minimal rate revenue short-term some even become

rising. For are advisory attachment rates example, our service

Our up. Under customer our system, are existing uplifts also higher realizing we're new renewal pricing.

pipeline we or company. process, We're These to in we designated else, that confusion a has only markets, the Our automation our wants mining a which position orchestration offer an We're and first leads our try the on some low-code, or or offer market, one is whether or Everest Appian Appian this Forrester, efforts, been though amusing in are in weight somebody leader clarity. Gartner, indications shows fruits this of you product. a being here. early cetera. size. consult first Depending I'll et a in lot there's process work. process This linguistic on in analyst direction. deal can strategy larger of achieve more median the many our can

solutions, executive process Many and It mean organization Those we we a do and customization. does platform a most time. customization processes. say products but evolution These sell expertise, is long organization-specific to customers call focused and handling provide company, multiple and processes, Sometimes software some and we're outcomes. identity. great we expressions, that money, process we've signature that we inward anyway, behaviors are participants, process is outward time. company. partnership creating spending and organizational the anything the unique them require like also or of ourselves of an their been on processes firms. full things A of reputation thousands important for the are But of the of services. times. They're over have processes shaping commitment steps, for When Every involves organization the multiple typically process we

As product, rate. We're experience. a it's to an XX% gross of proud our say, Appian like I isn't renewal very

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is calls. the the home this high is I'll of I As perfect future return Process opposite to hope the our are highly and theme end true, AI, market. I've least complementary. this for X at earnings at explained, in

yet highest AI This quarter, Appian in the usage. quarter-on-quarter increase saw

For to few embedded margins. just standard modernizing year this on named Appian consumer-related complete on Appian optimize American actions earlier increase its It is the insights AI after can our AI example, its and based various initiate Latin enterprise processes its bank we agility platform weeks. within bank The and operational into provides. a top a

public with QX Appian improve cabinet and sector, where we very efficiency Appian, signed with flexible intends by to continue a contract a for XX%. and important sector the system the big bank to incumbent expand. a We Now in replace of operational an federal national at and from It The we've is resources. acquisition our suite U.S. quarter Appian several purchased solutions agency several that and group successfully last customer. digitized procurement management Appian organizations. peer parks operations chose manages new the GAM because level a became government

this with proud fact, of new and cabinet-level one, customers. U.S. we're XX In win, agencies now all Appian are this

a this software to our to quarter few the few Appian. purchased systems It customer solutions, technological GAM agency federal purchased support Appian again, of and It competitors' acquisition new systems a this Another defense. year management earlier of became when sophisticated suite. replace a it security government national our deal with a X-figure uses

Now Appian. and the annual planning organization will processes on run HR management

did Next, modernize life primary that management a with an processes financial decided its update services became financial provider customer using cycle services. this annual deal a verticals, our quadrillions from We a global Appian new client It of and to dollars oversees another of transactions. in quarter.

prequalifying is and on into bank. to financial life global and platform. events. platform processes a new consolidate about like internal call application This single onboarding applicants, will managing clients a services our audit center Our systems runs second operations manage story top firm several cycle My

result process approving process to out have can few make licenses on compliance. managing heavily for This the when X,XXX a doesn't because payment. record a regulated transaction request processes deal won manage remarks I'll in a with if have major enough organization's banks. across payment track bank of the similar updates. falls This strong Appian personnel a Appian an major of this fines high-risk my hand additional other we purchased user it quarter, for exceptions will close application. it cash

First, IBM Alteryx. Mark leading teams and years our most recently, companies, Mark as has we at new Oracle, Chief Revenue and sales Dorsey cloud SaaS including welcomed of Officer. XX experience

help client's a Appian understand Michael our member Appian for the dollar perspective. founders an the Board Hartman to of Board and several the of Michael define our CTO premier banks. value Boe world's Next, is of expert Directors. after from is Boe Appian He our successfully and will ran at the is deployment absence into of Beckley turning He's to us an solutions. elected multimillion to of one one returning who currently Board Beckley and first our years. the functionality

years Matheos, leaving him Finally, good our well. is CFO, his work, of wish we Appian. and X appreciate We Mark

CFO Lynch, of as former Mark hand return that, With to replacement. call Interim full-time and a time for current discussion Mr. last will Board I'll for over member, a search the CFO Our our financials. deeper Matheos while the we CFO for

Mark Matheos

highlights us I'll fourth today. you Matt, financial we'll the then the full review for and the provide Thanks, quarter, for year XXXX. guidance quarter and everyone and to joining thank

an of Cloud increase above our revenue of Our adjusted subscription and was total XX% $XX.X revenue million, cloud high key EBITDA the year-over-year. metrics ranges. guidance end all came of in revenue,

up year Our with prior subscription at ago and remained cloud rate a stable renewal XX%, XX% consistent gross the from quarter.

was XXXX, of XXX% a the quarter. as cloud prior year XXX% Our in and September retention rate subscription XXX% XX, compared revenue ago to

Total continue year-over-year. a was cloud cloud quarter was Professional year-over-year. revenue XXX% We prior to was quarter. basis. bookings million, X% for increase rate subscriptions XXX% compared down between software a $XXX.X XX% of retention net third services the our revenue total subscription XX% million, XX% Approximately on target and quarterly this to year's of revenue an new $XX.X in the

the timing can due stated, we've to services As projects. professional revenue previously fluctuate quarter-to-quarter large of

services to drive and enable to continue We professional our success. partners customer leverage

XX% expect we to professional year-over-year. quarter. in percentage continue total as increase period of million, Total XX% represented and XX% to of term, services a compared of XX% to an revenue the revenue year Over total revenue $XXX.X was long ago the decline revenue. prior revenue the in Subscription

We global operations revenue XX% XX% ago with total in contributing with demand period. our year platform the continue for international to of compared see our

tailwind revenue exchange movements of a than provided less quarter. Foreign this slightly small X%

in ago gross profitability year ago gross the prior quarter. and non-GAAP compared both metrics. the Non-GAAP quarter. also prior and and Subscriptions gross XX% Professional margin XX%, was to prior non-GAAP XX%, margin with both ago profit consistent period period year to quarter. consistent the both services XX% with margin year was period Turning was

enable goal to help outcomes. achieve Our strong and is customers them

had to and in our adoption organization services between We EBITDA and our million, were significantly EBITDA million is of nonbillable continue slight our which foreign year the in ahead to quarter, a exchange year to million the from third of $XXX.X losses foreign exchange third third Total the and $X.X ago. million positive XXXX. approximately was the positive million period for million invest million success compared Non-GAAP ago $XX.X net share for in ago non-GAAP an platform. of a the $XX.X net drive million diluted period. Adjusted income $X.X $X.XX in share expenses of customer or $XX.X $XXX.X of of loss ensure per diluted well improved was or period. $X.X adjusted $X.XX non-GAAP loss quarter million we the from in In per year a decline $X areas of guidance breakeven quarter, to quarter of same compared gains

not movements not As our are a we Therefore, FX movements in do FX guidance. rates. reminder, considered forecast in

Turning to sheet. balance our

As and invest of operate equivalents XX, million. cash, sufficient with in This our provides us cash to September investments XXXX, were liquidity and $XXX business.

operating year. significant For quarter, cash million, million the of compared use the same third $XX by activities improvement a was last in the to $X.X used period

year's of a our last figure preservation $XX.X million reminder, judgment a As for insurance payment onetime policy. included

from Finally, the third was of XXXX, XX% period. $XXX.X of year million revenue ago the an quarter as total deferred increase of

monthly. customer revenue, of license business of our or the fluctuate while the latter Consequently, adjusted previously deploys true a deferred to or subscription revenue revenue and momentum on-prem some invoiced Appian's the indicator believe cloud, upfront the forecasted billed of breakeven is which on of cloud duration includes also an our and timing billings Appian scale continue all reminder, whether revenue remaining contracts. than or by regardless a customers obligations. can seasonality subscriptions based business on EBITDA to private cloud support are that of are invoicing, metrics in majority is have annual We performance represented of on-prem. software customer The revenue, the we a These large of better we quarterly basis, As subscription customers XXXX.

adjusted share to full EBITDA expect pleased that we're XXXX. year we Now for positive the

the guidance. to our turn of specifics Let's

quarter year-over-year reasons and EBITDA $X XX between subscription million Adjusted $XX to cloud between positive between expected and quarter fourth $XXX.X expected million, is average the million net range per is between share range XXXX Total why weighted between $X.XX to loss For QX. common to XX%. XX% adjusted positive and X to $X of EBITDA from revenue revenue our is million. million expected anticipate fourth and $XX million breakeven. outstanding. and XXXX, are representing diluted we between million, decline of shares This to is expected representing There Non-GAAP assumes sequentially growth XX% the XX%. be growth $XXX.X for and be year-over-year

we quarter to stronger commissions First, a bookings. seasonally expect increase, sales QX for reflecting

number QX. Second, during marketing Government we events Europe. Appian of hosting Appian a are These and include

Appian's making public we investments are serve the cloud incremental Third, capabilities better in sector. to

For total the and full revenue revenue guidance. year XXXX, our we cloud raising are

year per million, XX%. expected XX% $X.XX is range loss year We million between are of be EBITDA $XX.X shares to representing full the the expected between Cloud million, range million. an diluted and $XXX $XXX year-over-year beginning average outstanding. adjusted to $X.XX. also improvement is positive $X from million We share assumes raising at We're to revenue to of updating revenue full million now adjusted year. EBITDA growth subscription our be $XXX our is and between Total weighted now $XXX $X This million growth million now expect of expected year-over-year between and XX%. to guidance. and non-GAAP the range This XXXX our positive of common net from guidance a midpoint also representing XX

the first, by impacted be a previously disclosed, few guidance revenue in our following, services transactions. Our the can as variability large assumes

sequentially revenue We to be flat in professional to QX. down expect services

we track on-prem sequentially license expect will and periods. in revenue QX with consistent seasonality is that Second, increase prior to

$X fifth, of and $X and QX income be $XX million and year $X that, XXXX. capital the Appian between are between we'll for in FX be X, year to at million to for business. for between questions. the QX appreciation expenditures cheer $XX to my will other XXXX. full the and to rates closing, in the to In and Operator? continue sidelines. time for efficient $X $X Fourth, like from We're about the the And million our our full total in interest million open Third, expected in and XXXX. million I'd for EBITDA November up expect million XXXX. for we expected with are expenses driving ability between more guidance positive pleased guide assumes company growth my express we million and adjusted as And line

Operator

first line Our with Morgan question Sanjit Stanley. comes Instructions] Singh of [Operator the from

Sanjit Singh

sort quarter. utilizing versus of agents? an Or process? versus interface to actually agents will? discussion really in A and questions filling of if for to top that Sanjit are you you agents, talking if guys, is a Lite you could Keith just of it is us the need are This on of will. of nice execution couple user like to like terms you So layer for just basically for One Singh. obviate Very ability about process the process agents? agents, Matt, create better is you use process in saying Or

Matthew Calkins

way how my about importantly, get up to for a you Okay. And an in is there'll opinion, The I debate. and having just a AI movement, see interest not action-taking there, that structured different proposing means is I'm with actions precoded that a utilize, to just is it toward our what agents get pull with to you empower agents output whom and can that we've better data saying. information bionic agents -- from set levers basically those and get collaborators work to fabric, if more be end. agents but important the end, as most thing as I'm takes of Agentic an made a in AI the there a

stronger. I empowers agents think be process to

process version I'm same as achieve proposing a So to superior way the intent. of a better

Sanjit Singh

year to of a if a was compared Or federal that take quarter? of That's A was little -- compared was bit, to your and of quarter wins clear. wins prior -- we overall If abstract couple it. Got expectations? up in kind you federal. it for good in nice guys just good super it couple federal a we the

Matthew Calkins

Yes.

federal me speak overall. has This a to federal. been for Let year good

I our It's And due GAM performing to best this suite. think the year. the to has it that's theater world our our been that's in of success momentum. due

all agencies. As we're I in XX say, cabinet-level

we're very came was really is off speak, We government We lot vibe, week cylinders and a right Government the have annual to strong. hitting strong and of growth. of the Appian event for seeing one reputation, just that's so now. a last our

Sanjit Singh

then are of lowering equation. costs And talk little quarter. the bit better a you side these enabled you will, Investors to margin be that drop like having just that upside to of little Maybe some bit of perhaps in on it. could about Really Got to trade-offs, efficiency skeptical the what down sort bit EBITDA from. impressive the much quarter, overall investment? on to this could dig maybe a lower went results and one kind if not a than without expected EBITDA pay in what could savings and for analysts in be any coming of little where enable

Mark Matheos

this I adding look, whole has to efficiency not standpoint. getting from or were been working investing look that mean, when value, the the on right, the effort at Yes. an people of things organization that Sure. higher wanted. ongoing a And and activities are we're level when company return aren't perhaps we is definition that that an of efficiency in as

ongoing done I think we've so And an scrub.

over adjusted so. But our from that helped dividends of posture posture is as help one-and-done the I This of from QX, is in. XX a had not revenue In or past EBITDA a of a efficient kind that efficiency this our company has seen through the well. certainly, lot the sort we think is overall months company we've a off of growth paying beat situation. that gone

Operator

comes Wood Cowen. the question with TD of Derrick next our line And from

Andrew Sherman

would are differentiators competitors in I market of approaches? rolling back highlight Matt, touching I this you new guess, your other to tackling out mean, AI. some key What compared capabilities. are and Great. you Agentic your on

Matthew Calkins

data they is before from source of the we our fabric fabric, we properly with in data and gather can using have clarify -- because we enterprise functionality all, unlike center today. data have that the better to quite proprietary that, our I into it. what's the market can can information in Yes. to Well, that from anywhere data as and fabric can read quickly from competitors data interact that the provision passing is different write data own access and We -- their the want our first

that are believe specifiable. the that and a in that the for And high-level the away within and they to something auditable us they improve. should more far certain from also advantage. the industries truly actions then audit And gives they So and shy process, informatness frame an happen want certain we given tasks, of and predict, Agentic like industries impropisatory government, see behaviors, can context,

So this is slightly our more to to structured appealing more agents approach customers.

Andrew Sherman

and this an going raised Got with it. Give just actually, on first in terms And to point? your that know all, you if pricing, pricing at solutions. a pricing been revenue or guys that's AI it's I guys us what this question your X-parter you in year. of update customer the part, And looks raised second on kind earlier on around of a meaningful and consumption any impact some Mark, out? -- is Matt growth How don't how but core adoption tiers rolled like of of

Matthew Calkins

Yes.

have consumption by yet pricing say AI. I to are other than We that that's framework. much it pricing our with about don't

with for on out customers rolled of in over past. which is as time because in particularly make we package buy features try But the point line we've for who of really far is top what level it. X standard the the years tier essential priced advanced. specific have interest offered the than most get very features. As functionality advanced on advanced X being lead with new features. customers this our with tiers, our filled higher we advanced substantial higher more system the our from it. with tier, hard out a sprung and first. advanced the for those more been tier, seen in you find has to a popular which so tend full to the focus default. as We in is sell that we And And pricing course, that we tier, incoming year our that We into We that The start almost one

to our So to we're existing customer well. we're get now reaction wanted. And as back getting base those upgrades we're going to also the advanced, proposing and we and beginning

Andrew Sherman

could it. more. I squeeze just And if one Got

Mark, this the bookings on from quarter-to-quarter? nice mix around should trend there cloud. to is any new the anything bounce Or here? expecting Just -- be we

Mark Matheos

it some cloud, the read bouncing Yes. see and too around certainly years now, been for bit. the I much. we'll a case little prefer but We wouldn't that's into

Operator

And our Raimo of question next comes Barclays. the with from line Lenschow

Raimo Lenschow

then debate Like Matt, also was AI, a think quarter. great it's about that pricing? there's on Congrats. like outcome-based performance can I process pricing. about That the you're stay Like consumption, kind this you like if that for that Agentic more a but you different -- be we coming consider? that is industry consider is needs because Or angle? the to of will should from something or bigger that

Matthew Calkins

Okay.

price that I platform, and or which context discussion. as it. let to all, have a what subjective your of that right but say must the the in move us me know the don't pricing to I we you usage-based we at outcomes context. sell usage provided judge wish know love a outcome-based you in When direction First to pricing becomes

we direction, And clearly now. That's value but that places so to an we proposition. say to about move defined We're nothing about have where least cases it solutions, very want trying intention. in at right talking use a I in to have I'm start merely industries.

So price towards usage-based. our aspiring We're it. now, is right just not

Raimo Lenschow

Yes.

a missed addressed the now the cetera? it seeing right vendors from I what et to like then engaging strong might you're earlier, in it. like executed in on just better and they are you AI how again sense more and terms performance like the understanding double-clicking obviously, Like of of kind engage, well. with might customers, picture? this cloud you And market quarter, the how change really have Do you have also Okay. are finding bigger you And

Matthew Calkins

we're more much difference I think specifically, we're make are impact, about and process, alone of why you a stressing AI customers in seeing it actually frame the where places job And and connections, AI AI Well, midst information it getting AI. undefined of so it putting process. a give things, less levers on you When Yes. you focus can it's smarter is in and pull, productive. do give I an the exceptionally a to effective. When hope far job it and fields leave questions does find to which that

So benefit setting are, that believe its I AI its first what it to is, will its really inputs within blossom enterprise as role in an what around what structure the of capabilities are.

killer so are it what we biggest And of biggest our the sort it to AI, Which growth. the where and I is in And was is And a trying was that's of app. structured back our growth. big growth, think we're establish value instantiation first seeing quarter.

Operator

next And with comes our line question Steve Enders Citi. from of the

Steven Enders

what seeing I want to I QX we've on ask think prospect all landscape. there job and from thoughts you working you're budget of would start, there a you're seeing just guess Mark, years. these out your great kind prospect great I And macro flush to of out that. be a on of just with just others the to kind heard what Okay. the and of on about

Matthew Calkins

into a insight have don't where can I any seeing budget We're flush. we succeed. a environment QX macro Okay.

It's budget We in a a is but not our in operate can macro with, Of variables right course, have this we tightness believe setting. It's now. decision-making factor in a deal not factor in there's target to not factor setting. certain environment. and we

Steven Enders

and just of sales about I here? head changes viewing that you Okay. are the in, of of coming as Great. focused helpful. the And hit then they on the changes be the focus? guess, ground sales how they That's will go-to-market those And side, new on made kind kind you on what with what's and

Matthew Calkins

side, come them. competitors. back personal our customers put on Yes. personalities business anti-big to of tech our to they like bring of to with to focus the want And happy our bureaucratic have our new going we We They couple from existing to Mark. connection, the more more and energy of Appian and more expect a do priorities should to we opportunities. base We're larger should more appear key we leader very sell to in large Well, the and shift with that to customer with and We're our ever us. forward and going partnership to we're in a human when us forward. differentiate should be going feel be sales

those that we evolve the want main sales are or So continue our sell to ways process. to

Operator

And from Roberge Instructions] William Blair. our next Jake with the [Operator line of comes question

Jacob Roberge

vendors bit past termed kind Could you're just front the kind you more perspective, some And for pulling and over Data launched other just of you talk that a fabric are of from own about little a the what on of solutions few seeing into? their obviously months. few the cases Fabric demand use competitive customers we've heard a

through of your differently you're you of differentiation things how product walk can versus players? So some and kind of those the other doing

Matthew Calkins

you Thank asking. absolutely. Yes, for

one across written. adopted whole of features from the world we've ever is ever that a It apart features is one best written. the our base. used broadly it's Fabric anybody most Data important Our of It's else's, we've user and

treat you were a the fabric enterprise in of if data local. whole as they to as data if way worth were Our programmatic data allows sources, sources local addressable they

can write it's You and tuned. performance and read

tune it get we you instant indexes, create so we can So response.

ecosystem. to the internally by fabric siloed integrations their between Our their broken data own are own that putting and on label repairs competitors, products product a large,

for you fine it AI to be preload a to AI data. could the really than Data to the It's need for with effective to a it ways the That's bad ready is any been it's provide Fabric is might expect be because provision AI for important you you out order One answer In question. ever X need all privacy world and As a some. when more do I say, question It it to apart. data. when thing it's with expensive. and is context. that. data your well, There's hand only all

or We're That's beholden in your some, our AI beforehand. approach. you're train might to position a feel bad But they're just provider. AI not willing against not. for like You negotiating

the all and AI is generation in far more can more and the provider. fetch approach it's until you It's send you it or you beholden private augmented that at query data and the Our to is inform and other question quickly the far arrives the then also AI retrieval to wait what question once. auditable, RAG, less with way to AI, that morechangeable. That's your with be share allows and that's data pertinent to the

it. to You are have in able nonnegotiable within simply technology one it, all have #X, your a on many you model to use must but so pertinent that and second one you order from be is to There data across it fetch to enterprise. can factor, train advantages key depends

foundation That's to the that was it's why find it such we that dialed to it's see data we AI exists an model you the and have performant. to data best enterprise. AI. both of related And thing asked have. key the approach upon why it's depends AI. makes provide fabric to that's the fabric best into because And the others sense is this, that The actually our the that just actually actually I that requires no fabric so think important don't. to across where private I'm approach a kind and data to of the your You question data matter And comprehensive

Jacob Roberge

on just what within start sources. then data in coming start Data monetization to Fabric and Like customers more happen? their And I you've to monetization connect are just their you are I helpful. to data seeing organization? for talked unlock really when sources users Fabric multiple the customers connect question is, you guess that seeing the That's more of from think different front, about some early to you the to propensity and you Okay.

Matthew Calkins

Yes, to the deciding to we amongst And if participation sources, I as a and are. mentioned, got use upgrade They're tier data right Data we've you Yes. multiple want Advanced upgrade must buy, Fabric you advanced right, to the customers got And we've from starting that new on tier. existing broad you're migration to advanced. is to clients.

most compelling the of do one reasons is Fabric Data it. to and happening, is it yes, So

Operator

Thank concludes you, you today's thank and program. participating. for This

disconnect. now may You

Appian (APPN) 7 Nov 242024 Q3 Earnings call transcript