Company: APPN
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0001441683-25-000017
Chunk: 93

Company: APPIAN CORP
Filing Date: 2025-02-19
Form: 10-K
Item: Item 7
Chunk 93
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2024 compared to $8.7 million in foreign exchange gains in 2023. Additionally, there was a $2.1 million decrease in interest income across the comparative periods. These decreases were partially offset by a $3.2 million increase in other income attributable to payments received in 2024, including a payment from a local government as a result of achieving certain economic development criteria and payments related to a short-swing profit disgorgement paid to us by a public shareholder of our Class A common stock.

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Interest Expense 

Year Ended December 31,20242023$ Change% Change(dollars in thousands)Interest expense$23,582 $17,862 $5,720 32.0%% of revenue3.8 %3.3 %

Interest expense increased $5.7 million in 2024 as compared to the corresponding period in 2023, primarily due to interest expense attributable to higher outstanding balances on our credit facility related to amendments we entered into during the fourth quarter of 2023 and first quarter of 2024.

Income Tax Expense

Year Ended December 31,20242023$ Change% Change(dollars in thousands)Income tax expense$1,054 $3,209 $(2,155)(67.2)%% of revenue0.2 %0.6 %

Income tax expense decreased by $2.2 million in 2024 as compared to the corresponding period in 2023. This change was primarily driven by decreased pre-tax book income in certain international subsidiaries in 2024. The change in pre-tax book income was primarily attributable to increases in unrealized foreign exchange losses.

Year Ended December 31, 2023 Compared to the Year Ended December 31, 2022

For a discussion and analysis of changes in financial condition and results of operations for the year ended December 31, 2023 as compared to the year ended December 31, 2022, refer to our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 15, 2024. 

Backlog

Backlog represents non-cancellable future amounts to be recognized under cloud and on-premises term license subscription agreements and is representative of our remaining performance obligations. As of December 31, 2024 and 2023, we had backlog of $546.0 million and $489.7 million, respectively. Approximately