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APPN Stock Takes A Hit As Guidance Fails To Impress Wall Street

05/07/2021 11:16
  • Appian Corp (NASDAQ: APPNreported first-quarter FY21 revenue growth of 13% year-on-year to $88.9 million, beating the analyst consensus of $82.7 million.
  • Cloud subscription revenue rose 38% Y/Y to $39.1 million, Total subscription revenue increased 26% Y/Y to $63.8 million, while Professional services revenue declined 12% Y/Y to $25.1 million.
  • Non-GAAP operating loss reduced 82.4% Y/Y to $0.9 million.
  • Non-GAAP net loss reduced 51.2% Y/Y to $4 million with an adjusted EPS loss of ($0.06), beating the analyst consensus of ($0.14) loss.
  • Adjusted EBITDA was $0.4 million versus a loss of $3.6 million in the year-ago period.
  • The company held $255.1 million in cash and equivalents and used $2.8 million in operating cash flow.
  • Guidance: Appian sees Q2 revenue of $77 million - $78 million, below the analyst consensus of $84.05 million, Cloud subscription revenue outlook of $41 million - $41.5 million.
  • It anticipates an EPS loss of ($0.26) - ($0.23), below the analyst consensus of ($0.16) loss.
  • FY21 revenue outlook of $353 million - $355 million falls short of the consensus of $355.44 million, with Cloud subscription revenue outlook of $171 million - $172 million. Non-GAAP EPS loss guidance of ($0.68) - ($0.65) falls short of the analyst consensus of ($0.59) loss.
  • Morgan Stanley maintains an Underweight on Appian and lowers the price target to $91.
  • Price action: APPN shares traded lower by 2.48% at $96.48 on the last check Friday.