0001441683-26-000050
SEC filingAppian云订阅收入强劲增长23%，非GAAP运营扭亏为盈，业绩超预期。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $203.3M | $170.6M | +19% |
| Cloud Subscriptions Revenue | $131.7M | $107.1M | +23% |
| Total Subscriptions Revenue | $157.7M | $132.7M | +19% |
| Professional Services Revenue | $45.6M | $38.0M | +20% |
| Gross Margin | 71.2% | 71.3% | -0.1pp |
| Operating Loss (GAAP) | $(5.4)M | $(11.0)M | 亏损收窄 |
| Operating Income (Non-GAAP) | $13.6M | $5.6M | +143% |
| Net Loss (GAAP) | $(11.8)M | $(0.3)M | 亏损扩大 |
| Net Income (Non-GAAP) | $9.2M | $0.3M | 扭亏为盈 |
| Diluted EPS (GAAP) | $(0.16) | $(0.00) | — |
| Diluted EPS (Non-GAAP) | $0.13 | $0.00 | 扭亏为盈 |
| Adjusted EBITDA | $16.2M | $8.1M | +99% |
| Operating Cash Flow | $12.1M | $(1.9)M | 现金流转正 |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| Q3 2026 | Cloud Subscriptions Revenue | $133.0M - $135.0M | 同比+17%至+19% |
| Q3 2026 | Total Revenue | $214.0M - $218.0M | 同比+14%至+17% |
| Q3 2026 | Adjusted EBITDA | $30.0M - $33.0M | Non-GAAP |
| Q3 2026 | Non-GAAP EPS | $0.31 - $0.35 | 假设加权平均股数72.6M |
| FY 2026 | Cloud Subscriptions Revenue | $525.0M - $529.0M | 同比+20%至+21% |
| FY 2026 | Total Revenue | $845.0M - $853.0M | 同比+16%至+17% |
| FY 2026 | Adjusted EBITDA | $104.0M - $110.0M | Non-GAAP |
| FY 2026 | Non-GAAP EPS | $1.04 - $1.12 | 假设加权平均股数73.2M |
简评
Appian 二季度业绩表现强劲，核心驱动力来自云订阅收入同比增长23%至$131.7M，占总营收比重提升至约65%。总营收$203.3M同比增长19%，其中订阅收入（含云订阅）增长19%至$157.7M，专业服务收入增长20%至$45.6M。盈利能力显著改善，非GAAP运营收入从去年同期的$5.6M翻倍至$13.6M，调整后EBITDA同比增长99%至$16.2M，主要得益于收入规模效应和运营杠杆。GAAP净亏损扩大至$(11.8)M，主要受Litigation Expense（$6.3M）和JPI Amortization（$2.0M）等一次性项目影响，但非GAAP净收入达$9.2M，实现扭亏为盈。经营现金流从去年同期的$(1.9)M大幅转正至$12.1M，现金流质量明显改善。
管理层对全年展望保持乐观，上调全年云订阅收入指引至$525.0M-$529.0M（同比+20%-21%），总营收指引$845.0M-$853.0M（同比+16%-17%），调整后EBITDA指引$104.0M-$110.0M，非GAAP EPS指引$1.04-$1.12。Q3指引显示云订阅收入增速预计放缓至17%-19%，但调整后EBITDA利润率预计大幅提升（Q3指引$30.0M-$33.0M，显著高于Q2实际$16.2M），表明公司盈利能力进入加速释放期。资本返还方面，上半年回购$65.7M股票（去年同期$10.0M），资产负债表保持稳健，现金及短期投资合计$167.9M。Cloud net ARR expansion达115%，显示客户留存与扩展动能强劲。