Overview
Appian Q3 total revenue grows 21% yr/yr, beating analyst expectations
GAAP net income for Q3 was $7.8 mln, compared to a loss last year
Non-GAAP operating income rose to $29.8 mln from $8.3 mln last year
Outlook
Appian expects Q4 cloud subscriptions revenue between $115 mln and $117 mln
Company sees Q4 total revenue between $187 mln and $191 mln
Appian forecasts full-year cloud subscriptions revenue between $435 mln and $437 mln
Company expects full-year total revenue between $711 mln and $715 mln
Result Drivers
CLOUD SUBSCRIPTIONS - Cloud subscriptions revenue increased 21% yr/yr to $113.6 mln, driving overall revenue growth
PROFESSIONAL SERVICES - Professional services revenue rose 29% yr/yr to $39.8 mln, contributing to total revenue increase
OPERATING INCOME IMPROVEMENT - Transitioned from GAAP operating loss last year to GAAP operating income of $13.1 mln this year
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue | Beat | $187.004 mln | $174.08 mln (6 Analysts) |
Q3 Net Income | $7.83 mln | ||
Q3 Gross Profit | $141.71 mln | ||
Q3 Operating Expenses | $128.60 mln | ||
Q3 Operating Profit | $13.11 mln | ||
Q3 Pretax Profit | $9.20 mln |
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 6 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the software peer group is "buy."
Wall Street's median 12-month price target for Appian Corp is $33.00, about 11.1% above its November 5 closing price of $29.33
The stock recently traded at 58 times the next 12-month earnings vs. a P/E of 76 three months ago
Press Release: ID:nGNX5H8sqc
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)