# EDGAR Filing Document

**Accession Number:** 0001441683
**File Stem:** 0001441683-25-000066
**Filing Date:** 2025-11
**Character Count:** 39278
**Document Hash:** 786ced5258e2ba7c2f24c623dba337c6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001441683-25-000066.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001441683-25-000066

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251106

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** APPIAN CORP
- **CENTRAL INDEX KEY:** 0001441683
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 541956084
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38098
- **FILM NUMBER:** 251456143

**BUSINESS ADDRESS:**
- **STREET 1:** 7950 JONES BRANCH DRIVE
- **CITY:** MCLEAN
- **STATE:** VA
- **ZIP:** 22102
- **BUSINESS PHONE:** 703-442-8844

**MAIL ADDRESS:**
- **STREET 1:** 7950 JONES BRANCH DRIVE
- **CITY:** MCLEAN
- **STATE:** VA
- **ZIP:** 22102

?xml version='1.0' encoding='ASCII'? appn-20251106

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549** 

**FORM 8-K** 

**CURRENT REPORT** 

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934** 

**Date of Report (Date of earliest event reported): November 6, 2025**

**Appian Corporation** 

**(Exact name of Registrant as Specified in Its Charter)** 

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-38098** | **54-1956084** |
| **(State or Other Jurisdiction**<br>**of Incorporation)** | **(Commission File Number)** | **(I.R.S. Employer**<br> **Identification No.)** |
| **7950 Jones Branch Drive**<br>**McLean, VA** | | **22102** |
| **(Address of principal executive offices)** | | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code: (703) 442-8844** 

**Not Applicable**

**(Former Name or Former Address, if Changed Since Last Report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Exchange Act:

<u>Title of each class</u> <u>Trading symbol</u> <u>Name of each exchange on which registered</u> <br> Class A Common Stock APPN The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

------

**Item 2.02 Results of Operations and Financial Condition.**

On November 6, 2025, Appian Corporation (the "Company") issued a press release announcing its financial results for the third quarter ended September 30, 2025, as well as information regarding a conference call to discuss these financial results and the Company's recent business highlights and financial outlook. The Company's press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information included in Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

**Item 9.01 Financial Statements and Exhibits.**

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 99.1 | <u>[Press release dated November 6, 2025](appnex991earningsrelease-9.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **Appian Corporation** | **Appian Corporation** |
| Date: November 6, 2025 | By: | /s/ Srdjan Tanjga |
|  |  | **Srdjan Tanjga** |
|  |  | **Chief Financial Officer** |

---

## Exhibit 99.1

**Exhibit 99.1**

![appian2021white-bluefielda.jpg](appian2021white-bluefielda.jpg)

**Appian Announces Third Quarter 2025 Financial Results**

Third quarter cloud subscriptions revenue increased 21% year-over-year to $113.6 million

Third quarter total revenue increased 21% year-over-year to $187.0 million

**McLean, VA – November 6, 2025** – Appian (Nasdaq: APPN) today announced financial results for the third quarter ended September 30, 2025.

**Third Quarter 2025 Financial Highlights:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Revenue:** Cloud subscriptions revenue was $113.6 million, up 21% compared to the third quarter of 2024. Total subscriptions revenue, which includes sales of our cloud subscriptions, on-premises term license subscriptions, and maintenance and support, increased 20% year-over-year to $147.2 million. Professional services revenue was $39.8 million, up 29% compared to the third quarter of 2024. Total revenue was $187.0 million, up 21% compared to the third quarter of 2024. Cloud subscriptions revenue retention rate was 111% as of September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Operating income (loss) and non-GAAP operating income:** GAAP operating income was $13.1 million, compared to GAAP operating loss of $(7.2) million for the third quarter of 2024. Non-GAAP operating income was $29.8 million, compared to non-GAAP operating income of $8.3 million for the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Net income (loss) and non-GAAP net income:** GAAP net income was $7.8 million, compared to GAAP net loss of $(2.1) million for the third quarter of 2024. GAAP basic net income per share was $0.11 for the third quarter of 2025, compared to the $(0.03) net loss per share for the third quarter of 2024. Non-GAAP net income was $24.4 million, compared to $1.8 million of non-GAAP net income for the third quarter of 2024. Non-GAAP net income per basic and diluted share was $0.32, compared to non-GAAP net income per basic and diluted share of $0.02 for the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Adjusted EBITDA:** Adjusted EBITDA was $32.2 million, compared to adjusted EBITDA of $10.8 million for the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Cash flows:** Net cash provided by operating activities was $18.7 million for the three months ended September 30, 2025 compared to $(8.2) million of net cash used by operating activities for the same period in 2024.

A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables following the financial statements in this press release. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures."

**Recent Business Highlights:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Appian Named a Leader in the IDC MarketScape:Worldwide Business Automation Platforms 2025 Vendor Assessment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Appian Named a Leader in Digital Process Automation Software Report by Independent Research Firm

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MagMutual Transforms Operations with Appian

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Latest Appian Platform Release Delivers Enterprise-Ready AI

**Financial Outlook:**

As of November 6, 2025, guidance for 2025 is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Fourth Quarter 2025 Guidance:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Cloud subscriptions revenue is expected to be between $115.0 million and $117.0 million, representing year-over-year growth of 16% to 18%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Total revenue is expected to be between $187.0 million and $191.0 million, representing a year-over-year increase of 12% to 15%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Adjusted EBITDA is expected to be between $10.0 million and $13.0 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Non-GAAP net income per share is expected to be between $0.04 and $0.08, assuming weighted average common shares outstanding of 74.5 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Full Year 2025 Guidance**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Cloud subscriptions revenue is expected to be between $435.0 million and $437.0 million, representing year-over-year growth of 18% to 19%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Total revenue is expected to be between $711.0 million and $715.0 million, representing a year-over-year increase of 15% to 16%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Adjusted EBITDA is expected to be between $67.0 million and $70.0 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Non-GAAP net income per share is expected to be between $0.50 and $0.54, assuming weighted average common shares outstanding of 74.6 million.

**Conference Call Details:** 

Appian will host a conference call today, November 6, 2025, at 8:30 a.m. ET to discuss Appian's financial results for the third quarter ended September 30, 2025 and business outlook.

To access the call, navigate to the following link<sup>(1)</sup>. Once registered, participants can dial in using their phone with a dial in and PIN, or they can choose the Call Me option for instant dial to their phone. The live webcast of the conference call can also be accessed on the Investor Relations page of our website at https://investors.appian.com.

**About Appian**

Appian delivers a software platform that helps organizations run better processes that reduce costs, improve customer experiences, and gain a strategic edge. Committed to client success, we serve many of the world's largest companies across various industries. For more information, visit appian.com. [Nasdaq: APPN]

<sup>1</sup> https://register-conf.media-server.com/register/BIbdd542c41bca47739455f1e9a1207f24

------

**Non-GAAP Financial Measures**

To supplement its consolidated financial statements, which are prepared and presented in accordance with GAAP, Appian provides investors with certain non-GAAP financial performance measures. Appian uses these non-GAAP financial performance measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Appian's management believes these non-GAAP financial measures provide meaningful supplemental information regarding Appian's performance by excluding certain expenses that may not be indicative of our recurring core business operating results. Appian believes both management and investors benefit from referring to these non-GAAP financial measures in assessing Appian's performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management's internal comparisons to historical performance as well as comparisons to competitors' operating results. Appian believes these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to measures used by management in its financial and operational decision-making and (2) they are used by Appian's institutional investors and the analyst community to help them analyze the health of Appian's business.

The non-GAAP financial performance measures include the following: non-GAAP subscriptions cost of revenue, non-GAAP professional services cost of revenue, non-GAAP total cost of revenue, non-GAAP total operating expense, non-GAAP operating income (loss), non-GAAP income tax expense (benefit), non-GAAP net income (loss), and non-GAAP net income (loss) per share, basic and diluted. These non-GAAP financial performance measures exclude the effect of stock-based compensation expense, unrealized foreign exchange rate gains and losses, certain non-ordinary litigation-related expenses consisting of legal and other professional fees associated with the Pegasystems cases (net of insurance reimbursements), or Litigation Expense, amortization of the judgment preservation insurance policy, or JPI Amortization, severance costs related to an involuntary reduction in our workforce, or Severance Costs, lease impairment and lease-related charges associated with actions taken to reduce the footprint of our leased office spaces, or Lease Impairment and Lease-Related Charges, and a short-swing profit disgorgement paid to us by an investor, or Short-Swing Profit Payment. While some of these items may be recurring in nature and should not be disregarded in the evaluation of our earnings performance, it is useful to exclude such items when analyzing current results and trends compared to other periods as these items can vary significantly from period to period depending on specific underlying transactions or events that may occur. Therefore, while we may incur or recognize these types of expenses in the future, we believe removing these items for purposes of calculating our non-GAAP financial measures provides investors with a more focused presentation of our ongoing operating performance.

Appian also discusses adjusted EBITDA, a non-GAAP financial performance measure it believes offers a useful view of the overall operation of its businesses. The Company defines adjusted EBITDA as net income (loss) before (1) other income, net, (2) interest expense, (3) income tax expense, (4) depreciation expense and amortization of intangible assets, (5) stock-based compensation expense, (6) Litigation Expense, (7) JPI Amortization, (8) Severance Costs, and (9) Lease Impairment and Lease-Related Charges. The most directly comparable GAAP financial measure to adjusted EBITDA is net income (loss). Users should consider the limitations of using adjusted EBITDA, including the fact this measure does not provide a complete depiction of our operating performance. Adjusted EBITDA is not intended to purport to be an alternative to net income (loss) as a measure of operating performance or to cash flows from operating activities as a measure of liquidity.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, as a substitute for, or superior to the financial information prepared and presented in accordance with GAAP, and Appian's non-GAAP measures may be different from non-GAAP measures used by other companies. For more information on these non-GAAP financial measures, see the reconciliation of these non-GAAP financial measures to their nearest comparable GAAP measures at the end of this press release.

Appian provides guidance ranges for non-GAAP net income per share and adjusted EBITDA; however, we are not able to reconcile these amounts to their comparable GAAP financial measures without unreasonable efforts because certain information necessary to calculate such measures on a GAAP basis is unavailable, subject to high variability, dependent on future events outside of our control, and cannot be predicted. In addition, Appian believes such reconciliations could imply a degree of precision that might be confusing or misleading to investors. The actual

------

effect of the reconciling items that Appian may exclude from these non-GAAP expense numbers, when determined, may be significant to the calculation of the comparable GAAP measures.

**Forward-Looking Statements**

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical facts, including statements regarding Appian's future financial and business performance for the fourth quarter and full year 2025, future investment by Appian in its go-to-market initiatives, increased demand for the Appian Platform, market opportunity and plans and objectives for future operations, including Appian's ability to drive continued subscriptions revenue and total revenue growth, are forward-looking statements. The words "anticipate," "believe," "continue," "estimate," "expect," "intend," "may," "will," "plan," and similar expressions are intended to identify forward-looking statements. Appian has based these forward-looking statements on its current expectations and projections about future events and financial trends that Appian believes may affect its financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks and uncertainties, including the risks and uncertainties associated with Appian's ability to grow its business and manage its growth, Appian's ability to sustain its revenue growth rate, continued market acceptance of Appian's Platform and adoption of low-code solutions to drive digital transformation, the fluctuation of Appian's operating results due to the length and variability of its sales cycle, competition in the markets in which Appian operates, AI being a disruptive set of technologies that may affect the markets for Appian's software dramatically and in unpredictable ways, risks and uncertainties associated with the composition and concentration of Appian's customer base and their demand for its platform and satisfaction with the services provided by Appian, Appian's ability to operate in compliance with applicable laws and regulations, Appian's strategic relationships with third parties, and additional risks and uncertainties set forth in the "Risk Factors" section of Appian's most recent annual report on Form 10-K, quarterly reports on Form 10-Q, and other filings with the Securities and Exchange Commission. Moreover, Appian operates in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for Appian's management to predict all risks, nor can Appian assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements Appian may make. In light of these risks, uncertainties, and assumptions, Appian cannot guarantee future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur. Appian is under no duty to update any of these forward-looking statements after the date of this press release to conform these statements to actual results or revised expectations, except as required by law.

**Investor Contact**

investors@appian.com

**Media Contact**

Valerie Miller

Senior Manager, Media Relations North America

pr@appian.com

------

**APPIAN CORPORATION**

**CONSOLIDATED BALANCE SHEETS**

*(in thousands, except par value and share data)* 

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **September 30, 2025** | **December 31, 2024** |
| | **(unaudited)** | |
| **Assets** | | |
| **Current assets** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $125249 | $118552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments and marketable securities | 66312 | 41308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance of $2,862 and $3,396, respectively | 172615 | 195069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred commissions, current | 34131 | 36630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 41104 | 43984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | 439411 | 435543 |
| Property and equipment, net of accumulated depreciation of $38,789 and $32,142, respectively | 33168 | 37109 |
| Goodwill | 28833 | 25555 |
| Intangible assets, net of accumulated amortization of $6,985 and $5,341, respectively | 1567 | 2240 |
| Right-of-use assets for operating leases | 29110 | 31081 |
| Deferred commissions, net of current portion | 59395 | 60540 |
| Deferred tax assets | 5144 | 4129 |
| Other assets | 15107 | 24842 |
| **Total assets** | $611735 | $621039 |
| **Liabilities and Stockholders' Deficit** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $8605 | $4322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 20082 | 11388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation and related benefits | 38677 | 34223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 275449 | 281760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt | 12098 | 9598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 13110 | 12378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 2105 | 1087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | 370126 | 354756 |
| Long-term debt | 233627 | 240826 |
| Non-current operating lease liabilities | 47769 | 52189 |
| Deferred revenue, non-current | 8322 | 5477 |
| Other non-current liabilities | 435 | 431 |
| **Total liabilities** | 660279 | 653679 |
| **Stockholders' deficit** |  |  |
| Class A common stock—par value $0.0001; 500,000,000 shares authorized as of September 30, 2025 and December 31, 2024 and 43,369,326 and 42,938,701 shares issued as of September 30, 2025 and December 31, 2024, respectively | 4 | 4 |
| Class B common stock—par value $0.0001; 100,000,000 shares authorized as of September 30, 2025 and December 31, 2024 and 31,088,085 and 31,090,085 shares issued as of September 30, 2025 and December 31, 2024, respectively  | 3 | 3 |
| Treasury stock at cost, 639,751 shares as of September 30, 2025 | (20000) |  |
| Additional paid-in capital | 612488 | 591281 |
| Accumulated other comprehensive loss | (35221) | (11774) |
| Accumulated deficit | (605818) | (612154) |
| **Total stockholders' deficit** | (48544) | (32640) |
| **Total liabilities and stockholders' deficit** | $611735 | $621039 |

---

------

**APPIAN CORPORATION**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

*(unaudited, in thousands, except per share data)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Revenue** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | $147188 | $123121 | $414197 | $353789 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional services | 39816 | 30931 | 109873 | 96548 |
| **Total revenue** | 187004 | 154052 | 524070 | 450337 |
| **Cost of revenue** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | 17762 | 14082 | 49810 | 39614 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional services | 27531 | 23002 | 78322 | 74880 |
| **Total cost of revenue** | 45293 | 37084 | 128132 | 114494 |
| **Gross profit** | 141711 | 116968 | 395938 | 335843 |
| **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 51918 | 50865 | 166929 | 175613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 40263 | 38572 | 120127 | 117789 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 36416 | 34688 | 107586 | 108327 |
| **Total operating expenses** | 128597 | 124125 | 394642 | 401729 |
| **Operating income (loss)** | 13114 | (7157) | 1296 | (65886) |
| **Other non-operating expense (income)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net | (1398) | (12544) | (24678) | (5882) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 5311 | 6168 | 15948 | 17921 |
| **Total other non-operating expense (income)** | 3913 | (6376) | (8730) | 12039 |
| **Income (loss) before income taxes** | 9201 | (781) | 10026 | (77925) |
| Income tax expense | 1376 | 1319 | 3690 | 690 |
| **Net income (loss)** | $7825 | $(2100) | $6336 | $(78615) |
| Earnings (loss) per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.11 | $(0.03) | $0.09 | $(1.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.10 | $(0.03) | $0.08 | $(1.08) |
| Weighted average common shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 74008 | 72396 | 74101 | 72664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 74575 | 72396 | 74554 | 72664 |

---

------

**APPIAN CORPORATION**

**STOCK-BASED COMPENSATION EXPENSE**

*(unaudited, in thousands)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Cost of revenue |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | $224 | $211 | $672 | $641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional services | 1399 | 1325 | 4161 | 4364 |
| Operating expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 1827 | 1746 | 6050 | 6270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 2915 | 2939 | 9139 | 8859 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 3895 | 3284 | 10970 | 9877 |
| **Total stock-based compensation expense** | $10260 | $9505 | $30992 | $30011 |

---

------

**APPIAN CORPORATION**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

*(unaudited, in thousands)*

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $6336 | $(78615) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Adjustments to reconcile net income (loss) to net cash provided by (used by) operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 30992 | 30011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense and amortization of intangible assets | 7429 | 7503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease impairment charges | 779 | 5462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bad debt expense | 692 | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 450 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit for deferred income taxes | (648) | (1281) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transaction (gains) losses, net | (20864) | 2895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Changes in assets and liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 29655 | 30859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 13279 | 12279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred commissions | 3644 | 4665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 12871 | 1495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation and related benefits | (1043) | (6975) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current and non-current liabilities | (1707) | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | (17545) | (15096) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease assets and liabilities, net | (2583) | (1788) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by (used by) operating activities** | 61737 | (6993) |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from maturities of investments | 34278 | 11631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (59281) | (42638) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (2451) | (3287) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash used by investing activities** | (27454) | (34294) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from borrowings |  | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments for debt issuance costs |  | (463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt repayments | (5000) | (3750) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common stock | (20000) | (50019) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments for employee taxes related to the net share settlement of equity awards | (5890) | (4883) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of common stock options | 752 | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash used by financing activities** | (30138) | (8496) |
| **Effect of foreign exchange rate changes on cash and cash equivalents** | 2552 | (375) |
| **Net increase (decrease) in cash and cash equivalents** | 6697 | (50158) |
| **Cash and cash equivalents at beginning of period** | 118552 | 149351 |
| **Cash and cash equivalents at end of period** | $125249 | $99193 |
| **Supplemental disclosure of cash flow information** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest | $10023 | $17193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for income taxes | $3391 | $1925 |
| **Supplemental disclosure of non-cash investing and financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued capital expenditures | $41 | $109 |

---

------

**APPIAN CORPORATION**

**RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES**

*(unaudited, in thousands, except per share data)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **GAAP Measure** | **Stock-Based Compensation** | **Litigation Expense** | **JPI Amortization** | **Lease Impairment and Lease-Related Charges** | **Short-Swing Profit Payment** | **Unrealized Foreign Exchange Rate Gains and Losses** | **Non-GAAP Measure** |
| **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** | **Three months ended September 30, 2025** |
| &nbsp;&nbsp;&nbsp;Subscriptions cost of revenue | $17762 | $(224) | $— | $— | $— | $— | $— | $17538 |
| &nbsp;&nbsp;&nbsp;Professional services cost of revenue | 27531 | (1399) |  |  |  |  |  | 26132 |
| &nbsp;&nbsp;&nbsp;Total cost of revenue | 45293 | (1623) |  |  |  |  |  | 43670 |
| &nbsp;&nbsp;&nbsp;Total operating expense | 128597 | (8637) | (2130) | (3153) | (1105) |  |  | 113572 |
| &nbsp;&nbsp;&nbsp;Operating income | 13114 | 10260 | 2130 | 3153 | 1105 |  |  | 29762 |
| &nbsp;&nbsp;&nbsp;Non-operating (income) expense | (1398) |  |  |  |  |  | 110 | (1288) |
| &nbsp;&nbsp;&nbsp;Income tax impact of above items | 1376 | 375 |  |  |  |  | (406) | 1345 |
| &nbsp;&nbsp;&nbsp;Net income (loss) | 7825 | 9885 | 2130 | 3153 | 1105 |  | 296 | 24394 |
| &nbsp;&nbsp;&nbsp;Net income per share, basic | $0.11 | $0.13 | $0.03 | $0.04 | $0.01 | $— | $— | $0.32 |
| &nbsp;&nbsp;&nbsp;Net income per share, diluted<sup>(a, c)</sup> | $0.10 | $0.13 | $0.03 | $0.04 | $0.01 | $— | $— | $0.32 |
| **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** | **Three months ended September 30, 2024** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions cost of revenue | $14082 | $(211) | $— | $— | $— | $— | $— | $13871 |
| &nbsp;&nbsp;&nbsp;Professional services cost of revenue | 23002 | (1325) |  |  |  |  |  | 21677 |
| &nbsp;&nbsp;&nbsp;Total cost of revenue | 37084 | (1536) |  |  |  |  |  | 35548 |
| &nbsp;&nbsp;&nbsp;Total operating expense | 124125 | (7969) | (1979) | (3635) | (324) |  |  | 110218 |
| &nbsp;&nbsp;&nbsp;Operating (loss) income | (7157) | 9505 | 1979 | 3635 | 324 |  |  | 8286 |
| &nbsp;&nbsp;&nbsp;Non-operating (income) expense | (12544) |  |  |  |  | 1799 | 9950 | (795) |
| &nbsp;&nbsp;&nbsp;Income tax impact of above items | 1319 | 117 |  |  |  |  | (327) | 1109 |
| &nbsp;&nbsp;&nbsp;Net (loss) income | (2100) | 9388 | 1979 | 3635 | 324 | (1799) | (9623) | 1804 |
| &nbsp;&nbsp;&nbsp;Net (loss) income per share, basic<sup>(c)</sup> | $(0.03) | $0.13 | $0.03 | $0.05 | $— | $(0.02) | $(0.13) | $0.02 |
| &nbsp;&nbsp;&nbsp;Net (loss) income per share, diluted<sup>(b, c)</sup> | $(0.03) | $0.13 | $0.03 | $0.05 | $— | $(0.02) | $(0.13) | $0.02 |

---

<sup>(a)</sup> Accounts for the impact of 0.6 million shares of dilutive securities.

<sup>(b)</sup> Accounts for the impact of 1.8 million shares of dilutive securities.

<sup>(c)</sup> Per share amounts do not foot due to rounding.

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **GAAP Measure** | **Stock-Based Compensation** | **Litigation Expense** | **JPI Amortization** | **Severance Costs** | **Lease Impairment and Lease-Related Charges** | **Short-Swing Profit Payment** | **Unrealized Foreign Exchange Rate Gains and Losses** | **Non-GAAP Measure** |
| **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** |
| &nbsp;&nbsp;&nbsp;Subscriptions cost of revenue | $49810 | $(672) | $— | $— | $— | $— | $— | $— | $49138 |
| &nbsp;&nbsp;&nbsp;Professional services cost of revenue | 78322 | (4161) |  |  |  |  |  |  | 74161 |
| &nbsp;&nbsp;&nbsp;Total cost of revenue | 128132 | (4833) |  |  |  |  |  |  | 123299 |
| &nbsp;&nbsp;&nbsp;Total operating expense | 394642 | (26159) | (6324) | (9355) |  | (1714) |  |  | 351090 |
| &nbsp;&nbsp;&nbsp;Operating income | 1296 | 30992 | 6324 | 9355 |  | 1714 |  |  | 49681 |
| &nbsp;&nbsp;&nbsp;Non-operating (income) expense | (24678) |  |  |  |  |  |  | 20879 | (3799) |
| &nbsp;&nbsp;&nbsp;Income tax impact of above items | 3690 | 1125 |  |  |  |  |  | (1732) | 3083 |
| &nbsp;&nbsp;&nbsp;Net income (loss) | 6336 | 29867 | 6324 | 9355 |  | 1714 |  | (19147) | 34449 |
| &nbsp;&nbsp;&nbsp;Net income (loss) per share, basic | $0.09 | $0.40 | $0.09 | $0.13 | $— | $0.02 | $— | $(0.26) | $0.47 |
| &nbsp;&nbsp;&nbsp;Net income (loss) per share, diluted<sup>(a)</sup> | $0.08 | $0.40 | $0.08 | $0.13 | $— | $0.02 | $— | $(0.26) | $0.46 |
| **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** | **Nine months ended September 30, 2024** |
| &nbsp;&nbsp;&nbsp;Subscriptions cost of revenue | $39614 | $(641) | $— | $— | $— | $— | $— | $— | $38973 |
| &nbsp;&nbsp;&nbsp;Professional services cost of revenue | 74880 | (4364) |  |  | (1398) |  |  |  | 69118 |
| &nbsp;&nbsp;&nbsp;Total cost of revenue | 114494 | (5005) |  |  | (1398) |  |  |  | 108091 |
| &nbsp;&nbsp;&nbsp;Total operating expense | 401729 | (25006) | (3442) | (12643) | (4136) | (5786) |  |  | 350716 |
| &nbsp;&nbsp;&nbsp;Operating (loss) income | (65886) | 30011 | 3442 | 12643 | 5534 | 5786 |  |  | (8470) |
| &nbsp;&nbsp;&nbsp;Non-operating (income) expense | (5882) |  |  |  |  |  | 1799 | (2856) | (6939) |
| &nbsp;&nbsp;&nbsp;Income tax impact of above items | 690 | 1258 |  |  | 1096 |  |  | 81 | 3125 |
| &nbsp;&nbsp;&nbsp;Net (loss) income | (78615) | 28753 | 3442 | 12643 | 4438 | 5786 | (1799) | 2775 | (22577) |
| &nbsp;&nbsp;&nbsp;Net (loss) income per share, basic and diluted<sup>(b)</sup> | $(1.08) | $0.40 | $0.05 | $0.17 | $0.06 | $0.08 | $(0.02) | $0.04 | $(0.31) |

---

<sup>(a)</sup> Accounts for the impact of 0.5 million shares of dilutive securities.

<sup>(b)</sup> Per share amounts do not foot due to rounding.

------

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
|  | *(unaudited)* | *(unaudited)* | *(unaudited)* | *(unaudited)* |
| **Reconciliation of adjusted EBITDA:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;GAAP net income (loss) | $7825 | $(2100) | $6336 | $(78615) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net | (1398) | (12544) | (24678) | (5882) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 5311 | 6168 | 15948 | 17921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 1376 | 1319 | 3690 | 690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense and amortization of intangible assets | 2459 | 2562 | 7429 | 7503 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 10260 | 9505 | 30992 | 30011 |
| &nbsp;&nbsp;&nbsp;&nbsp;Litigation Expense | 2130 | 1979 | 6324 | 3442 |
| &nbsp;&nbsp;&nbsp;&nbsp;JPI Amortization | 3153 | 3635 | 9355 | 12643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance Costs |  |  |  | 5534 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease Impairment and Lease-Related Charges | 1105 | 324 | 1714 | 5786 |
| &nbsp;&nbsp;&nbsp;Adjusted EBITDA | $32221 | $10848 | $57110 | $(967) |

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