Posted on Thursday, Oct 14th 2021
he low-code industry is estimated to grow from $13.2 billion to $187 billion by 2030. Reston, Virginia-based Appian (NASDAQ: APPN) recently announced its quarterly results as it continues to consolidate within the space. Appian’s Financials
For the second quarter of the year, Appian’s revenues grew 24% to $83 million, significantly ahead of the market’s forecast of $78.12 million. GAAP net loss grew to $23.8 million from a loss of $11.8 million a year ago. Non GAAP net loss was $16.9 million, or $0.24 per share, compared with a loss of $8.2 million a year ago. The market was looking for a loss of $0.23 per share.
By segment, Cloud subscription revenues grew 44% to $42.5 million. Total subscriptions revenue, which includes SaaS subscriptions, on-premises term license subscriptions, and maintenance and support, increased 37% to $563.9 million. Professional services revenue grew from $25.4 million last year to $26.1 million. Cloud subscription revenue retention rate was 121% at the end of the quarter.
Appian expects to end the third quarter with revenues of $90.5-$91 million and an adjusted loss of $0.20-$0.17 per share. For the year, Appian forecast revenues of $355-$357 million and net loss of $0.68-$0.65 per share. The Street was looking for revenues of $91.1 million and a loss of $0.19 per share for the quarter. For the fiscal year, the market expects revenues of $357 million and a loss per share of $0.66.
Appian’s Lana Labs Acquisition
Appian recently announced the acquisition of Germany-based Lana Labs. Founded in 2016 by Karina Buschsieweke, Rami-Habib Eid-Sabbagh, and Thomas Baier, Lana Labs allows industries to continuously monitor and improve the efficiency of their value chain. It is best known for its expertise in complex enterprise processes, powerful AI, and machine-learning driven process analysis, easy data integration, and ease-of-use. Its process mining capabilities will allow Appian to provide the most complete form of its Low Code Automation Suite.
The LANA platform has a leading proprietary machine-learning algorithm that automates the analysis of complex business workflows, making companies smarter and more efficient. Appian is a leader in low-code process modeling and automation. By leveraging the insights gained from process analysis, it can deploy mission-critical applications with the Appian platform and offer an actionable and continuous process optimization in the same workflow. Prior to the acquisition, Lana Labs was privately held. It had only received seed funding from investors including Olaf Jacobi, Julian Bürklein, and Alexander Koelpin. Its funding details and terms of the acquisition were not disclosed.
Gartner believes that by 2023,
over 50% of medium to large enterprises will have adopted low-code application platforms as one of their strategic application platforms. Enterprise low-code application platforms deliver high-productivity and multifunction capabilities to help deliver improved business process management capabilities across all functions in the organization. Appian is a leading player in the market competing against big names like Salesforce, Microsoft, and ServiceNow, and even with niche players like Mendix and OutSystems. Appian is known for its rich process-driven application development, ability to offer a low-code solution that can handle complex workflows, and end-to-end solutions. Appian has been critiqued for its proprietary expression and scripting language that does require professional developer skills.
Appian’s stock is currently trading at $91.59 with a market cap of $6.5 billion. It had touched a 52-week high of $260 in February and a 52-week low of $62.29 in October last year.
Disclosure: All investors should make their own assessments based on their own research, informed interpretations, and risk appetite. This article expresses my own opinions based on my own research of product-market fit, channel execution, and other factors. My primary interest is in product strategy. While this may have bearing on stock movements, my writings tend to focus on long-term implications. The information presented is illustrative and educational, but should not be regarded as a complete analysis nor recommendation to buy or sell the securities mentioned herein. I am not a registered investment adviser and I am not receiving compensation for this article. This segment is a part in the series : Cloud Stocks . Smartsheet Acquiring Bootstrapped Startups to Drive Growth . Bootstrapped Unicorn Atlassian is Acquiring Capital Efficient Startups . Netflix Price Hike Ruffles Competition . How Will Carbon Black Differentiate? . 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Okta's Widening Losses Worry Investors, But Growth Metrics Remain Strong . Nutanix Plans to Take on VMWare . Newly Public HashiCorp Focuses on a $73B Infrastructure-as-a-Code Market . Coupa Focuses on Key Products to Restart Decelerating Performance . Smartsheet's Product Line-up Fails to Accelerate Growth . DocuSign Targets a $50 Billion Market Opportunity . Pure Storage Takes on Dell in Top Tier Storage Market . Analysis of PagerDuty's Catalytic Acquisition . Splunk Impresses with Enterprise Customer Growth . Analysis of Qualtrics's Acquisition of SurveyVitals . Analysis of DigitalOcean's Nimbella Acquisition . Squarespace Eyes Video Offerings for SMBs . MongoDB is Leveraging Alliance with Amazon for Growth . Rapid7's Cross-Sell Capabilities Deliver Results . CrowdStrike Expands Partnerships to Address Cyber Attack Fears . Upstart Focuses on the Automobile Market for Growth . Zoom Adds Contact Center Capabilities to Enhance its UCaaS Stack . 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RingCentral Maintains UCaaS Leadership Through Partnerships and Innovation . Okta Bounces Back Stronger Despite Security Event . Adobe Strengthens its Creative Cloud Portfolio and Gets Ready for the Metaverse . Analysis of Zoom's Acquisition of Solvvy . Smartsheet Expands its Capabilities for Marketers . Toast Addresses Changing Restaurant Industry Dynamics . UiPath Simplifies Intelligent Automation . Informatica Focuses on Vertical Specific Offerings for Growth . Samsara Expands Farm-Focused Vertical Offerings . ForgeRock Leverages AI for Growth . Marqeta Struggles, Tries to Recover Through an API Strategy . Confluent Expands Ecosystem with Microsoft and AWS . Couchbase Focuses on Improving Efficiencies for Developers . Sprinklr's Deepening Integrations with TikTok and Amazon . Analysis of IBM's Randori Acquisition . Expensify Tests Other Services for Growth . monday.com Builds Capabilities for its App Marketplace . Snowflake Leverages the Streamlit Acquisition . Google Hones its Search Tech . Microsoft's Momentum in Commercial and Cloud Keeps it Steady . Amazon's Twin Engines of AWS and Prime Make it Resilient . Analysis of ServiceNow’s Hitch Works Acquisition . Twilio’s Strategy Post Segment Acquisition . HubSpot's Marketplace Strategy Continues to Thrive . Analysis of GoDaddy's Dan.com Acquisition . Freshworks Looks to Freshchat for Product Portfolio Expansion . Zendesk Agrees to be Bought Out . Tenable Provides Visibility into Internet-based Assets . Qualys Leverages Partner Network to Drive Go-to-Market Agenda . Bill.com Banks on its Organic Flywheel Amid Economic Turbulence . ON24 Targets $44 Billion Addressable Market . Palo Alto Network's Transformation Strategy Delivers Results . Atlassian’s Ecosystem Strategy Keeps it Steady . Okta Struggles with Auth0 Integration . Salesforce Targets Vertical Focused Offerings to Battle Economic Conditions . Workday Grows Strong Despite Recession . Nutanix's Subscription Model Delivers Results . Veeva Believes R&D Segment Will Deliver under Economic Uncertainty . RingCentral Focuses on Hardware Integration . MongoDB Addresses Economic Concerns Through Product Upgrades . Rapid7 Focuses on Simplifying View for Security Teams . Analysis of Smartsheet's Outfit Acquisition . HashiCorp Struggles to Maintain DecaCorn Valuation Amid Stock Conditions . Coupa Helps Maximize Savings Efficiency to Tackle Global Economic Conditions . DocuSign Focuses on Integrations . PagerDuty Focuses on Reducing Manual Intervention within DevOps . Pure Storage Focuses on Flexible Customer Offerings . Analysis of Adobe's $20B Figma Acquisition . Backblaze Builds out a Partner Program . Analysis of DigitalOcean's Acquisitions