Software firm Appian Q2 revenue beats estimates
Overview
Appian Q2 total revenue grows 17% yr/yr, beating analyst expectations
Cloud subscriptions revenue rises 21% yr/yr to $106.9 mln
GAAP net loss narrows to $0.3 mln from $43.6 mln last year
Outlook
Appian expects Q3 cloud subscriptions revenue between $109 mln and $111 mln
Company sees Q3 total revenue between $172 mln and $176 mln
Appian forecasts full-year cloud subscriptions revenue between $429 mln and $433 mln
Company anticipates full-year total revenue between $695 mln and $703 mln
Result Drivers
APPIAN AI - CEO attributes strong financial results to Appian AI driving higher prices and a larger sales pipeline
CLOUD SUBSCRIPTIONS - Cloud subscriptions revenue increased 21% yr/yr to $106.9 mln, with a retention rate of 111%
PROFESSIONAL SERVICES - Professional services revenue grew 13% yr/yr to $38.0 mln
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue | Beat | $170.64 mln | $160.10 mln (6 Analysts) |
Q2 Net Income | -$312,000 | ||
Q2 Gross Profit | $126.72 mln | ||
Q2 Operating Expenses | $137.70 mln | ||
Q2 Operating Profit | -$10.98 mln | ||
Q2 Pretax Profit | $1.26 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 $35.00, about 23% above its August 6 closing price of $26.95
The stock recently traded at 74 times the next 12-month earnings vs. a P/E of 110 three months ago
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