Company: APPN
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001441683-25-000053
Chunk: 26

Company: APPIAN CORP
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 1
Chunk 26
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, mergers and consolidations, dispositions of assets, investments, paying dividends on capital stock or redeeming, repurchasing, or retiring capital stock, prepaying certain junior indebtedness and preferred stock, certain corporate changes, and transactions with affiliates. The Credit Agreement also provides for customary events of default, including but not limited to, non-payment, breaches, or defaults in the performance of covenants, insolvency, bankruptcy, and the occurrence of a material adverse effect on us. 

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The following table summarizes outstanding debt balances (in thousands):As ofJune 30, 2025December 31, 2024Borrowings under revolving credit facility$62,000 $62,000 Secured term loan facility184,563 189,563 Less: Debt issuance costs (1)(938)(1,139)Total debt, net of debt issuance costs$245,625$250,424Debt, current$9,598$9,598Long-term debt 236,027240,826Total debt$245,625$250,424(1) Deferred debt issuance costs associated with the term loan facility are recorded net of the debt obligation and amortized to interest expense over the term of the Credit Agreement. As of June 30, 2025, we were in compliance with all covenants contained in the Credit Agreement. In addition, we had $62.0 million outstanding under our $100.0 million revolving credit facility, and we had outstanding letters of credit totaling $14.7 million in connection with securing leased office spaces.

9. Income TaxesThe provision for income taxes is based upon the estimated annual effective tax rates for the year applied to the current period income before tax plus the tax effect of any significant or unusual items, discrete events, or changes in tax law. Our operating subsidiaries are exposed to statutory effective tax rates ranging from zero to approximately 35%. Fluctuations in the distribution of pre-tax income among our operating subsidiaries can lead to fluctuations of the effective tax rate in the consolidated financial statements. For the three and six months ended June 30, 2025, the actual effective tax rates were 124.7% and 280.5%, respectively. For the three and six months ended June 30, 2024, the actual effective tax rates were 0.4% and 0.8%, respectively. The change in the effective tax rates for each period as compared to the same period in the prior year were