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/Mis Actual Consensu

s s

Estimate

Q3 Beat $187.004 $174.08

Revenue mln mln (6

Analysts

)

Q3 Net $7.83

Income mln

Q3 Gross $141.71

Profit mln

Q3 $128.60

Operatin mln

g

Expenses

Q3 $13.11

Operatin mln

g Profit

Q3 $9.20

Pretax mln

Profit

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 ( APPN ) 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:

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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.)