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Did Appian beat or miss consensus estimates last quarter?

- **AI adoption surge**: 75% of customers now paying for AI, with 25% using agents.
- **Government risk**: Shutdown could reduce Q4 revenue by up to $10M.
- **Margin expansion**: EBITDA target 10% for FY25 vs. 2% last year.
- **Agent Studio success**: 95% beta participation rate, 1/4 customers paying for AI.
- **International growth**: 40% of revenue from international markets.

**【CEO Summary Section】**
- Q3 2025 revenue grew 21% YoY, driven by AI adoption in process automation and government sector deals.
- Launched Agent Studio, achieving 95% customer beta participation rate.
- 75% of customers now paying for AI, with 25% using AI agents for document processing.
- 40% of revenue from international markets, up from 36% last year.

**【CFO Financial Commentary】**
- GAAP net income $24.4M ($0.32 EPS) vs. $1.8M ($0.02 EPS) last year.
- Q4 guidance: cloud revenue $115-117M, total revenue $187-191M.
- Full year 2025 cloud revenue $435-437M (18-19% YoY), EBITDA $67-70M.
- Government shutdown could impact Q4 revenue by up to $10M.

**【Q&A Highlights】**
- 1/4 of customers paying for AI, with Agent Studio adoption accelerating.
- Professional services gross margin 34% vs. 30% last year.
- Modernization projects growing 29% YoY, with AI agents automating 80% of legacy processes.
- 75% of new sales focused on AI and process automation.
- 10% EBITDA margin target for FY25 vs. 2% last year.

Appian Corporation (APPN) Q3 2025 Earnings Call Transcript

- **AI-Driven Growth**: 25% AI upcharge in new deals, with Q2 cloud subscriptions up 21% YoY. AI pipeline growth exceeds revenue impact.
- **Modernization Opportunity**: $38M annual savings for a U.S. agency highlights Appian's ability to consolidate legacy apps (e.g., 22 call centers into one).
- **Financial Outperformance**: EBITDA of $8.1M vs. -$5M to -$2M guidance, driven by revenue beat and delayed expenses.
- **Updated Guidance**: Full-year cloud subscriptions growth raised to 17-18%, reflecting confidence in AI and modernization momentum.
- **Competitive Edge**: Unique combination of AI, secure platform, and multi-app consolidation capabilities differentiates Appian from competitors.


**【Management Opening Remarks】**
- VP of Investor Relations, Jon Andrews, introduced the call, emphasizing forward-looking statements and non-GAAP financial measures. He highlighted the importance of AI and app modernization in driving growth.

**【CEO Commentary】**
- **Q2 Financial Highlights**: Cloud subscriptions revenue grew 21% YoY to $106.9M; total revenue rose 17% to $170.6M. Adjusted EBITDA was $8.1M, exceeding guidance.
- **Go-to-Market Productivity**: The Rule of 40 improved to 31%, with a 3.3 go-to-market productivity ratio, up 8 quarters sequentially.
- **AI Impact**: AI adds a 25% upcharge in new deals, driving higher pricing and pipeline growth. Examples include a grocery retailer automating supply chain claims and an asset manager accelerating customer request processing.
- **App Modernization**: A $38M annual savings opportunity for a U.S. healthcare agency highlights the market's scale. Appian consolidates legacy systems (e.g., 22 call centers into one app for Aviva) and offers AI-driven app creation with designer oversight.
- **New CMO Hire**: David Crozier joins to strengthen marketing efforts around AI and modernization.

**【CFO Financial Commentary】**
- **Revenue Growth**: Cloud subscriptions up 21% YoY; total subscriptions 17% YoY. Services revenue grew 13% YoY, though variable quarter-over-quarter.
- **Margins**: Subscription gross margin 87%, services 33%. Total gross margin 75%, flat YoY but down from 78% in Q1.
- **Profitability**: Adjusted EBITDA of $8.1M vs. guidance of -$5M to -$2M, driven by higher-than-expected revenue and delayed expenses.
- **Balance Sheet**: Cash and investments rose to $184.8M. Q2 cash used in operations was $1.9M, vs. $17.6M a year ago.
- **Guidance Update**: Full-year cloud subscriptions now expected to grow 17-18% (up from 15-16%), with EBITDA of $49-55M.

**【Q&A Highlights】**
- **App Modernization**: Matt emphasizes AI's role in both extraction and instantiation phases, positioning Appian as a leader with superior platform functionality.
- **AI Competitive Advantage**: Serge likens AI to an engine needing a car (Appian's secure, scalable platform). Matt adds that AI can't replicate features like high-availability failover or data fabric optimization.
- **NRR Trends**: Serge attributes 111% NRR to legacy down-sells and new logo focus, noting NRR is an output metric, not a target.
- **Federal Business**: Despite DOGE concerns, federal bookings outperformed globally, with a U.S. healthcare agency signing a $7M deal for virtual care operations.
- **Pricing Strategy**: Shifting from seat-based to consumption models to capitalize on AI-driven efficiency without sudden price shocks.
- **Efficiency Gains**: Serge highlights R&D expansion in India and internal AI adoption for go-to-market and back-office functions.


Appian Corporation (APPN) Q2 2025 Earnings Call Transcript

- **Revenue Surge**: Q1 cloud subscription up 15% YoY, driven by AI adoption and gov't wins.
- **AI Breakthrough**: AI usage exploded 7.9x YoY; $9M in Q1 from AI-inclusive tiers.
- **Gov't Growth**: Federal bookings +59% YoY, outpacing total revenue (+11% YoY).
- **Profitability**: Adjusted EBITDA turned positive ($16.8M vs. -$1.3M YoY); non-GAAP net income $9.8M.
- **Efficiency Drive**: Sales productivity up 30% YoY; targeting 70%+ of deals >$100K.


**【CEO Key Highlights】**
- **Revenue Growth**: Cloud subscription revenue up 15% YoY to $99.8M; total revenue $166.4M (+11% YoY). Retention rate 112%.
- **AI Adoption**: 70% of cloud customers use AI; production AI usage grew 7.9x YoY. AI-inclusive tier revenue doubled QoQ to $9M.
- **Government Momentum**: Federal bookings +59% YoY; Dept. of Labor saves $M annually using Appian.
- **New Metrics**: Introduced "weighted Rule of 40" (27 in Q1) and GTM productivity metric (sales efficiency +30% YoY).

**【CFO Financial Breakdown】**
- **Profitability**: Adjusted EBITDA $16.8M (vs. -$1.3M YoY). Non-GAAP net income $9.8M (+$14.7M YoY).
- **Gross Margins**: Subscriptions 89%, Services 30%. Total deferred revenue $262.5M (+16% YoY).
- **Guidance**: Q2 cloud rev $101-103M (+14-16% YoY); FY25 cloud rev $419-423M (+14-15% YoY). Adjusted EBITDA $40-46M.

**【Q&A Key Takeaways】**
- **Gov't Risk Mitigation**: No material pull-forward in Q1; cautiously optimistic on Q3 despite DOGE uncertainty.
- **AI Pricing**: 25% uplift for AI tier; 47% new logos choose AI-inclusive plans.
- **Data Fabric**: 166% YoY query growth to 7B; industry-leading semantic layer enables true cross-enterprise data access.
- **Sales Efficiency**: Net new bookings per rep +30% YoY; targeting 70%+ of deals >$100K by end-2025.


Appian (APPN)-8 May 25-2025 Q1 Earnings call transcript

- **Record Growth**: Q4 cloud subscription revenue up 19%, total revenue +15%, with full-year cloud growth 21%.
- **AI-Driven Differentiation**: 6 advantages of embedding AI in processes, highlighted by 88% claims processing time reduction and $2B+ customer revenue growth.
- **Profitability Breakthrough**: Adjusted EBITDA positive $21.2M in Q4, full-year $20.3M vs. $44.8M loss in 2023.
- **2025 Outlook**: 14% cloud growth, 10% total revenue growth, with EBITDA target $38-42M.
- **Public Sector Caution**: 80/20 cloud/on-prem mix expected, despite Q4 skew to on-prem deals.


**【CEO Summary Section】**
- **Revenue Growth**: Q4 2024 cloud subscription revenue grew 19% YoY to $98.9M, total revenue rose 15% to $166.7M. Full-year cloud subscription revenue increased 21% to $368M.
- **AI Strategy**: Highlighted AI's value in processes, showcasing 6 advantages: ease of deployment, structured roles, data access, action capabilities, visibility, and scalability. Customer examples include 88% reduction in claims processing times and $2B+ revenue growth for a reinsurer.
- **Customer Retention**: Cloud subscription retention rate of 116%, with 2/3 of customers upselling during 2024. New customers bought above base tier at 49% in Q4.
- **Public Sector Focus**: Cautiously optimistic on federal opportunities, with a long-term track record in government modernization (e.g., Army Knowledge Online, ACA rescue).

**【CFO Financial Commentary】**
- **Profitability**: Q4 non-GAAP gross margin 80%, highest since IPO. Adjusted EBITDA $21.2M vs. guidance of $6-8M. Full-year adjusted EBITDA turned positive at $20.3M.
- **Revenue Mix**: Subscriptions represent 82% of total revenue (up from 80% YoY). Cloud bookings mix 65% in Q4 (vs. 80% YoY), skewed by public sector on-prem deals.
- **2025 Guidance**: Cloud subscription revenue $419-421M (+14%), total revenue $680-684M (+10%). Adjusted EBITDA $38-42M, non-GAAP EPS $0.17-0.22.
- **Cost Control**: Operating expenses down 1% YoY to $113.8M. Shifting cloud investments to Q1 and efficient marketing drove outperformance.

**【Q&A Highlights】**
- **Public Sector Risk**: Cautious on federal budget uncertainty but 80% cloud/20% on-prem mix expected in 2025 (vs. 65/35 in Q4). 
- **AI Pricing**: Agents priced by usage, with subsidies to encourage adoption. Long-term pricing TBD.
- **Go-to-Market**: Sales kick-off focused on fundamentals, incentives tilted toward larger deals. GAM suite pipeline strong, well-positioned for federal efficiency trends.
- **Retention Trends**: Gross renewal rate 99%, best-in-class. NRR 116% (110-120% target range).


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