Appian Beats Q3 Estimates and Raises Full-Year Revenue Guidance

Appian $APPN reported third-quarter revenue of $234.6 million, up 25% year over year and above the $215 million analyst estimate. Adjusted earnings per share rose 59% to $0.51, beating expectations of $0.33.
Cloud subscription revenue increased 20% to $136.4 million, while cloud net annual recurring revenue expansion reached 120%. Adjusted EBITDA climbed 35% to $43.4 million.
The enterprise software company raised its full-year revenue outlook to $873 million to $877 million, compared with the $850 million consensus estimate. Adjusted EPS guidance increased to $1.20 to $1.24, also above expectations of $1.08.
For the fourth quarter, Appian expects revenue of $233 million to $237 million, ahead of the $226 million consensus. However, adjusted EPS guidance of $0.30 to $0.34 falls below the $0.37 estimate.
The results show continued cloud subscription growth and improving profitability, with the fourth-quarter earnings outlook remaining a point of caution.