0001441683-25-000017 | 10-K | XBRL Viewer

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Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ (10)	$ 34	$ 72
State	149	223	119
Foreign	1,864	4,523	1,409
Total current expense	2,003	4,780	1,600
Deferred:
Federal	0	0	0
State	0	0	0
Foreign	(949)	(1,571)	(908)
Total deferred benefit	(949)	(1,571)	(908)
Total income tax expense	$ 1,054	$ 3,209	$ 692

Accounting Policies - Capitalized Contract Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Capitalized Contract Cost [Roll Forward]
Beginning balance	$ 94,025	$ 85,984
Additional contract costs deferred	44,770	53,894
Amortization of deferred contract costs	(41,625)	(45,853)
Ending balance	$ 97,170	$ 94,025

Accounting Policies - Deferred Commissions, Property and Equipment and Impairment of Long-Lived Assets (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) unit	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Capitalized contract cost, amortization period	5 years
Commission expense	$ 50,400,000	$ 46,800,000	$ 39,400,000
Number of reporting units \| unit	1
Goodwill impairment	$ 0	$ 0	$ 0
Computer software and hardware
Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life	3 years
Internally developed software
Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life	3 years
Equipment
Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life	5 years
Office furniture and fixtures
Summary Of Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life	10 years

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

4. Leases

As of December 31, 2024, our lease portfolio consists entirely of operating leases for corporate offices. Our operating leases have remaining lease terms with various expiration dates through 2031, and some leases include options to extend the term for up to an additional 10 years.

Right-of-Use (“ROU”) Assets and Lease Liabilities

At the inception of an arrangement, we determine whether the arrangement is or contains a lease based on the unique facts and circumstances present and the classification of the lease. Operating leases with a term greater than one year are recognized on the consolidated balance sheets as ROU assets, lease liabilities, and long-term lease liabilities. ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. We have elected not to recognize on our consolidated balance sheets leases with a term of one year or less.

Lease liabilities and their corresponding ROU assets are recorded based on the present value of lease payments over the expected lease term. The implicit rates within most of our leases are generally not determinable; therefore, we estimate our incremental borrowing rate to determine the present value of lease payments. The determination of our incremental borrowing rate requires judgment and is estimated for each lease based on the rate we would have to pay for a collateralized loan with the same terms as the lease. We consider various factors, including our level of collateralization, estimated credit rating, and the currency in which the lease is denominated. Operating lease ROU assets also include any lease prepayments, offset by lease incentives. Certain of our leases include options to extend or terminate the lease. An option to extend the lease is considered in connection with determining the ROU asset and lease liability when it is reasonably certain we will exercise that option.

Lease Costs

Expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense. We have lease agreements which require payments for lease and non-lease components (i.e., common area maintenance) that are accounted for as a single lease component. Variable lease payment amounts that cannot be determined at the commencement of the lease such as maintenance costs, utilities, and service charges are not included in right-of-use (“ROU”) assets or lease liabilities but rather are expensed as incurred and recorded as variable lease expense. We often receive customary incentives from our landlords such as tenant improvement allowances (“TIAs”) and rent abatement periods, which effectively reduce total lease payments owed for the leases.

The following table sets forth the components of lease expense for the years ended December 31, 2024, 2023, and 2022 (in thousands, exclusive of sublease income):


	Year Ended December 31,
	2024		2023		2022
Operating lease cost	$	9,519	$	9,056	$	6,950



Short-term lease cost	1,513		1,444		583
Variable lease cost	5,238		4,230		3,817
Total	$	16,270	$	14,730	$	11,350

Sublease income totaled $1.3 million, $1.3 million, and $0.4 million for the years ended December 31, 2024, 2023, and 2022 respectively.

Lease Impairment Charges

In connection with headcount reductions approved in June 2024 and our continued efforts to streamline operations and maximize efficiencies, we initiated supplemental actions to reduce the footprint of our leased office spaces. Pursuant to these initiatives, we amended and extended the terms of our existing sublease agreement and are seeking a sublease for an additional floor within our corporate headquarters facility.

During the year ended December 31, 2024, we recorded non-cash lease impairment charges of $5.5 million within general and administrative expenses in our consolidated statements of operations. These charges represented the amount the carrying value of two asset groups, consisting of two separate floors within our corporate headquarters facility, exceeded their estimated fair values. The fair values of the two asset groups were

measured using discounted cash flow models based on market rents and sublease incomes projected over the remaining lease terms. No impairment charges were incurred during the years ended December 31, 2023 and 2022.

Supplemental Lease Information

Supplemental balance sheet information related to operating leases as of December 31, 2024 and 2023 is presented in the following table (in thousands, except for lease term and discount rate):


	As of December 31,
	2024			2023
Right-of-use assets for operating leases	$	31,081		$	39,975

Operating lease liabilities, current	$	12,378		$	11,698
Operating lease liabilities, net of current portion	52,189			59,067
Total operating lease liabilities	$	64,567		$	70,765

Weighted average remaining lease term (in years)	6.5			7.4

Weighted average discount rate	9.4		%	9.4		%

Supplemental cash flow and expense information related to operating leases for the years ended December 31, 2024, 2023, and 2022 is shown below (in thousands):


	Year Ended December 31,
	2024		2023		2022

Operating cash outflows for operating leases	$	12,179	$	8,865	$	7,073



Amortization of operating lease ROU assets	3,179		2,676		1,495
Interest expense on operating lease liabilities	6,340		6,380		5,406

No TIA reimbursements were received during the year ended December 31, 2024. For each of the years ended December 31, 2023 and 2022, TIA reimbursements totaled $2.6 million.

A summary of our future minimum lease commitments under non-cancellable leases as of December 31, 2024 is shown below (in thousands):


	Operating Leases
2025	$	12,898
2026	13,219
2027	13,469
2028	12,420
2029	11,968
Thereafter	22,871
Total lease payments	86,845
Less: imputed interest	(22,278)
Total	$	64,567

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 118,552	$ 149,351
Short-term investments and marketable securities	41,308	9,653
Accounts receivable, net of allowance of $3,396 and $2,606, respectively	195,069	171,561
Deferred commissions, current	36,630	34,261
Prepaid expenses and other current assets	43,984	49,529
Total current assets	435,543	414,355
Property and equipment, net of accumulated depreciation of $32,142 and $25,141, respectively	37,109	42,682
Goodwill	25,555	27,106
Intangible assets, net of accumulated amortization of $5,341 and $4,152, respectively	2,240	3,889
Right-of-use assets for operating leases	31,081	39,975
Deferred commissions, net of current portion	60,540	59,764
Deferred tax assets	4,129	3,453
Other assets	24,842	36,279
Total assets	621,039	627,503
Current liabilities
Accounts payable	4,322	6,174
Accrued expenses	11,388	11,046
Accrued compensation and related benefits	34,223	38,003
Deferred revenue	281,760	235,992
Debt	9,598	66,368
Operating lease liabilities	12,378	11,698
Other current liabilities	1,087	1,891
Total current liabilities	354,756	371,172
Long-term debt	240,826	140,221
Non-current operating lease liabilities	52,189	59,067
Deferred revenue, non-current	5,477	4,700
Deferred tax liabilities	0	2
Other non-current liabilities	431	0
Total liabilities	653,679	575,162
Commitments and contingent liabilities (see Note 13)
Stockholders’ (deficit) equity
Additional paid-in capital	591,281	595,781
Accumulated other comprehensive loss	(11,774)	(23,555)
Accumulated deficit	(612,154)	(519,892)
Total stockholders’ (deficit) equity	(32,640)	52,341
Total liabilities and stockholders’ (deficit) equity	621,039	627,503
Class A Common Stock
Stockholders’ (deficit) equity
Common stock	4	4
Class B Common Stock
Stockholders’ (deficit) equity
Common stock	$ 3	$ 3

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2021		71,462,094
Beginning balance at Dec. 31, 2021	$ 233,917	$ 7	$ 0	$ 497,128	$ (5,687)	$ (257,531)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (150,920)					(150,920)
Issuance of common stock to directors (in shares)		14,928
Vesting of restricted stock units (in shares)		403,648
Exercise of stock options (in shares)	937,217	937,217
Exercise of stock options	$ 25,432			25,432
Stock-based compensation expense	38,830			38,830
Other comprehensive loss	(1,559)				(1,559)
Ending balance (in shares) at Dec. 31, 2022		72,817,887
Ending balance at Dec. 31, 2022	145,700	$ 7	0	561,390	(7,246)	(408,451)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(111,441)					(111,441)
Issuance of common stock to directors (in shares)		19,687
Vesting of restricted stock units (in shares)		430,582
Vesting of restricted stock units	$ (9,748)			(9,748)
Exercise of stock options (in shares)	98,610	98,610
Exercise of stock options	$ 752			752
Stock-based compensation expense	43,387			43,387
Other comprehensive loss	(16,309)				(16,309)
Ending balance (in shares) at Dec. 31, 2023		73,366,766
Ending balance at Dec. 31, 2023	52,341	$ 7	0	595,781	(23,555)	(519,892)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(92,262)					(92,262)
Issuance of common stock to directors (in shares)		20,216
Issuance of common stock to directors	0		369	(369)
Vesting of restricted stock units (in shares)		418,899
Vesting of restricted stock units	$ (7,987)		5,546	(13,533)
Exercise of stock options (in shares)	1,543,436	1,543,436
Exercise of stock options	$ 14,461		44,104	(29,643)
Repurchase of common stock (in shares)		(1,320,531)
Repurchase of common stock	(50,019)		(50,019)
Stock-based compensation expense	39,045			39,045
Other comprehensive loss	$ 11,781				11,781
Ending balance (in shares) at Dec. 31, 2024	74,000,000.0	74,028,786
Ending balance at Dec. 31, 2024	$ (32,640)	$ 7	$ 0	$ 591,281	$ (11,774)	$ (612,154)

Revenue (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Revenue by Services

The following table summarizes revenue recorded during the years ended December 31, 2024, 2023, and 2022 (in thousands):


	Year Ended December 31,
	2024		2023		2022
Cloud subscriptions	$	368,030	$	304,481	$	236,922
Term license subscriptions	92,188		82,282		79,753
Maintenance and support	30,350		25,574		23,477
Total subscriptions	490,568		412,337		340,152
Professional services	126,454		133,026		127,839
Total revenue	$	617,022	$	545,363	$	467,991

Schedule of Contract Asset and Contract Liability

The following table sets forth contract asset and contract liability balances as of December 31, 2024, 2023, and 2022 (in thousands):


	As of December 31,
	2024		2023		2022
Contract assets, current*	$	12,933	$	12,052	$	12,540
Contract assets, non-current*	643		915		1,720
Total contract assets	$	13,576	$	12,967	$	14,260

Deferred revenue, current	$	281,760	$	235,992	$	194,768
Deferred revenue, non-current	5,477		4,700		5,556
Total contract liabilities	$	287,237	$	240,692	$	200,324

* Current and non-current contract assets are reported as components of the ‘Prepaid expenses and other current assets’ and ‘Other assets’ line items, respectively, in our consolidated balance sheets.

Stock-Based Compensation - Equity Incentive Plans, Additional Information (Details) - shares	Dec. 31, 2024	May 31, 2017
2017 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available to be issued (in shares)	2,009,200
2017 Equity Incentive Plan \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available to be issued (in shares)	7,196,533	6,421,442
2007 Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available to be issued (in shares)		421,442
Number of shares available for grants (in shares)		0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2024
Equity [Abstract]
Stockholders' Equity	11. Stockholders' Equity We have authorized 500,000,000 shares of Class A common stock and 100,000,000 shares of Class B common stock, each with a par value of $0.0001 per share. As of December 31, 2024, our shares of Class A common stock, which are publicly traded on the Nasdaq Global Market, totaled 42,938,701 issued and outstanding while our shares of Class B common stock, which are not publicly traded, totaled 31,090,085 issued and outstanding. The rights of the holders of Class A common stock and Class B common stock are identical except with respect to voting and conversion rights. The holders of Class A common stock are entitled to one vote per share, and the holders of Class B common stock are entitled to ten votes per share on all matters subject to stockholder vote. The holders of Class B common stock also have approval rights for certain corporate actions. Each share of Class B common stock may be converted into one share of Class A common stock at the option of its holder and will be automatically converted upon transfer thereof, subject to certain exceptions. In addition, upon the date on which the outstanding shares of Class B common stock represent less than 10% of the aggregate voting power of our capital stock, all outstanding shares of Class B common stock will convert automatically into Class A common stock.

- Definition

The entire disclosure for equity.

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+ Details

Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Beginning balance	$ 27,106	$ 26,349
Foreign currency translation adjustments	(1,551)	757
Ending balance	$ 25,555	$ 27,106

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
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+ Details

Commitments and Contingencies, and Other Matters (Details) - USD ($) $ / shares in Units, shares in Millions				1 Months Ended		12 Months Ended
	Sep. 01, 2023	Sep. 15, 2022	May 10, 2022	Mar. 31, 2024	Jul. 31, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Oct. 31, 2024	Feb. 29, 2024
Loss Contingencies [Line Items]
Purchase obligation					$ 220,000,000
Purchase commitment, period					5 years
Purchase obligation, to be paid, year one									$ 44,000,000
Purchase obligation, to be paid, year two									44,000,000
Purchase obligation, to be paid, year three									44,000,000
Purchase obligation, to be paid, year four									44,000,000
Purchase obligation, to be paid, year five									$ 44,000,000
Payments for purchase obligation						$ 41,200,000	$ 36,600,000	$ 33,100,000
Share repurchase program, authorized, amount										$ 50,000,000.0
Repurchase of common stock (in shares)				1.3
Average share price (in usd per share)				$ 37.86
Treasury stock, value, acquired, cost method				$ 50,000,000.0		$ 50,019,000
Common stock, shares outstanding (in shares)						74.0
Pegasystems Litigation
Loss Contingencies [Line Items]
Litigation, judgment preservation insurance, cost	$ 57,300,000
Judgment preservation insurance, threshold amount	$ 500,000,000.0
Litigation, appeal process, period						4 years
Litigation, judgment preservation insurance expense						$ 15,800,000	$ 6,000,000.0
Litigation, judgment preservation insurance, current						12,500,000
Litigation, judgment preservation insurance, noncurrent						$ 22,900,000
Pegasystems Litigation \| Misappropriation of Trade Secrets
Loss Contingencies [Line Items]
Amount awarded in settlement		$ 2,036,000,000.000	$ 2,036,000,000.000
Pegasystems Litigation \| Violation of Virginia Computer Crimes Act
Loss Contingencies [Line Items]
Amount awarded in settlement			$ 1
Pegasystems Litigation \| Attorney's Fees Associated
Loss Contingencies [Line Items]
Amount awarded in settlement		23,600,000
Pegasystems Litigation \| Statutory Post Judgement Interest on Judgmental
Loss Contingencies [Line Items]
Amount awarded in settlement		$ 122,000,000.0
Gain contingency, damages awarded, interest, percentage (percent)		6.00%
Youyong Zou Litigation
Loss Contingencies [Line Items]
Amount awarded in settlement		$ 5,000,000

Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents

The following table presents a reconciliation of cash, cash equivalents, and restricted cash as presented in the consolidated statements of cash flows (in thousands):


	Year Ended December 31,
	2024		2023		2022
Cash and cash equivalents	$	118,552	$	149,351	$	148,132
Restricted cash, current	—		—		2,249

Total cash, cash equivalents, and restricted cash	$	118,552	$	149,351	$	150,381

Schedule of Restrictions on Cash and Cash Equivalents

The following table presents a reconciliation of cash, cash equivalents, and restricted cash as presented in the consolidated statements of cash flows (in thousands):


	Year Ended December 31,
	2024		2023		2022
Cash and cash equivalents	$	118,552	$	149,351	$	148,132
Restricted cash, current	—		—		2,249

Total cash, cash equivalents, and restricted cash	$	118,552	$	149,351	$	150,381

Schedule of Allowance for Doubtful Accounts

Activity in the allowance for doubtful accounts was as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022
Beginning balance	$	2,606	$	2,125	$	1,400
Additions: Charged to costs and expenses	1,760		1,091		1,298
Deductions: Write-offs, net of recoveries	(970)		(610)		(573)
Ending balance	$	3,396	$	2,606	$	2,125

Schedule of Capitalized Contract Costs

The following table summarizes the activity of costs to obtain a contract with a customer for the years ended December 31, 2024, and 2023 (in thousands):


	Year Ended December 31,
	2024		2023
Beginning balance	$	94,025	$	85,984
Additional contract costs deferred	44,770		53,894
Amortization of deferred contract costs	(41,625)		(45,853)
Ending balance	$	97,170	$	94,025

Stock-Based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 39,045	$ 43,387	$ 38,830
RSUs
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	33,267	37,563	35,290
Stock options
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	5,059	5,045	2,790
Common stock awards to Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 719	$ 779	$ 750

Stock-Based Compensation - Assumptions Used to Estimate Fair Value of Stock Options (Details)	1 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period (in years)		5 years 7 months 6 days	4 years 2 months 12 days	5 years 1 month 6 days	4 years
2017 Equity Incentive Plan \| Minimum \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period (in years)	3 years 4 months 24 days			3 years 4 months 24 days
2017 Equity Incentive Plan \| Maximum \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period (in years)	4 years 1 month 6 days			4 years 1 month 6 days
Stock options \| 2017 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate				3.01%
Expected volatility (as percent)				70.00%
Expected dividend yield (as percent)				0.00%

Accounting Policies - Foreign Currency, Severance Costs and Advertising Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Foreign currency transaction losses (gains), net	$ (16.8)	$ 8.7	$ (6.1)
Severance costs	5.5	6.3	0.0
Advertising expenses	$ 3.9	$ 4.2	$ 5.8

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Effective tax rate (percent)	(1.20%)	(3.00%)	(0.50%)
Tax expense attributable to the change in valuation allowance	$ 27,600	$ 27,300	$ 39,200
Favorable tax benefits for research credits	6,700	10,300	8,600
Federal NOL carryforwards subject to expiration	16,600
Capitalized research and development costs	45,820	35,047
Operating loss carryforwards, state, tax effected	17,800	17,000
Valuation allowance	187,969	161,966
Unrecognized tax benefits	7,840	6,484	$ 4,488	$ 3,089
Unrecognized tax benefits that would affect effective tax rate if recognized	0	0
Domestic Tax Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	287,500	295,900
Federal NOL carryforwards not subject to expiration	270,900
Federal tax credit carryforwards	32,500	27,200
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	297,500	306,800
Foreign Tax Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	29,000	21,800
Foreign Tax Jurisdiction \| Switzerland
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	230,100	$ 192,300
Valuation allowance	26,200
Foreign Tax Jurisdiction \| Switzerland \| Tax Year 2016
Operating Loss Carryforwards [Line Items]
Expired operating loss carryforwards	$ 1,000

Property and Equipment, net - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation	$ 8.5	$ 8.0	$ 5.8
Disposal of property plant and equipment	$ 1.3	$ 1.4	$ 1.0

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating cash outflows for operating leases	$ 12,179	$ 8,865	$ 7,073
Amortization of operating lease ROU assets	3,179	2,676	1,495
Interest expense on operating lease liabilities	$ 6,340	$ 6,380	$ 5,406

Goodwill and Intangible Assets - Schedule of Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 1,135
2026	730
2027	90
2028	90
2029	90
Thereafter	105
Intangible assets, net	$ 2,240	$ 3,889

Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Accounting Policies

2. Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements and footnotes have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). The accompanying consolidated financial statements include the accounts of Appian and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of our consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and judgments that affect the amounts reported in these consolidated financial statements and accompanying notes. Although we believe the estimates we use are reasonable, due to the inherent uncertainty involved in making these estimates, actual results reported in future periods could differ from those estimates.

Significant estimates embedded in the consolidated financial statements include, but are not limited to, revenue recognition, income taxes and the related valuation allowance established against deferred tax assets, the amortization period of deferred commissions, the amortization period of the cost to obtain the judgment preservation insurance policy (as discussed in Note 13), lease impairments, and stock-based compensation.

Revenue Recognition

Refer to Note 3 for a detailed discussion on specific revenue recognition principles related to our major revenue streams.

Concentration of Credit and Customer Risk

Our financial instruments exposed to concentration of credit and customer risk consist primarily of cash, cash equivalents, accounts receivable, and our short-term investments. Deposits held with banks may exceed the amount of insurance provided on such deposits; however, we believe the financial institutions holding our cash deposits are financially sound and, accordingly, minimal credit risk exists with respect to these balances.

With regard to our customers, credit evaluation and account monitoring procedures are used to minimize the risk of loss. Revenue generated from government agencies represented 32.2%, 29.1%, and 26.1% of our revenue for the years ended December 31, 2024, 2023, and 2022, respectively, of which the top three U.S. federal government agencies generated 4.0%, 4.2%, and 4.5% of our revenue for the years ended December 31, 2024, 2023, and 2022, respectively. Additionally, 36.6%, 35.8%, and 33.5% of our revenue during the years ended December 31, 2024, 2023, and 2022, respectively, was generated from international customers. No single customer accounted for more than 10% of our total revenue during the years ended December 31, 2024, 2023, and 2022. As of December 31, 2024, we had one reseller whose balance comprised 17.5% of total accounts receivable.

Cash, Cash Equivalents, and Restricted Cash

We consider all highly liquid investments with original maturities of three months or less, as well as overnight repurchase agreements, to be cash equivalents. Restricted cash consisted of cash designated to settle an escrow liability stemming from a holdback agreement related to our acquisition of Lana Labs GmbH. We paid the remaining amount owed on August 11, 2023.

The following table presents a reconciliation of cash, cash equivalents, and restricted cash as presented in the consolidated statements of cash flows (in thousands):


	Year Ended December 31,
	2024		2023		2022
Cash and cash equivalents	$	118,552	$	149,351	$	148,132
Restricted cash, current	—		—		2,249

Total cash, cash equivalents, and restricted cash	$	118,552	$	149,351	$	150,381

Accounts Receivable and Allowance for Expected Credit Losses

Accounts receivable and unbilled revenue are stated at realizable value, net of an allowance for expected credit losses. The allowance is based on our assessment of the collectability of accounts and incorporates an estimation of expected lifetime credit losses on our receivables. We regularly review the composition of the accounts receivable aging, historical bad debts, changes in payment patterns, customer creditworthiness, current economic trends, and reasonable economic forecasts that affect collectibility. If the financial condition of our customers were to deteriorate, resulting in their inability to make required payments, additional provisions for doubtful accounts would be required and would increase bad debt expense.

Activity in the allowance for doubtful accounts was as follows (in thousands):


	Year Ended December 31,
	2024		2023		2022
Beginning balance	$	2,606	$	2,125	$	1,400
Additions: Charged to costs and expenses	1,760		1,091		1,298
Deductions: Write-offs, net of recoveries	(970)		(610)		(573)
Ending balance	$	3,396	$	2,606	$	2,125

Deferred Commissions

We capitalize costs of obtaining a contract with a customer, which consist of sales commissions paid to our sales team, and the associated incremental payroll taxes. These costs are recorded as deferred commissions in the consolidated balance sheets. Costs to obtain a contract for a new customer or upsell an existing customer are amortized over an estimated economic life of five years as sales commissions on these types of activities are not commensurate with sales commissions on contract renewals. Commissions paid relating to contract renewals are deferred and amortized over the related renewal period. We determine the estimated economic life based on both qualitative and quantitative factors such as expected renewals, product life cycles, contractual terms, and customer attrition. We periodically review the carrying amount of deferred contract acquisition costs to determine whether events or changes in circumstances have occurred that could impact the estimated economic life. Costs to obtain a contract for professional services arrangements are expensed as incurred as the contractual period of our professional services arrangements are one year or less.

Amortization associated with deferred commissions is recorded to sales and marketing expense in our consolidated statements of operations. The following table summarizes the activity of costs to obtain a contract with a customer for the years ended December 31, 2024, and 2023 (in thousands):


	Year Ended December 31,
	2024		2023
Beginning balance	$	94,025	$	85,984
Additional contract costs deferred	44,770		53,894
Amortization of deferred contract costs	(41,625)		(45,853)
Ending balance	$	97,170	$	94,025

Commission expense was $50.4 million, $46.8 million, and $39.4 million for the years ended December 31, 2024, 2023, and 2022, respectively.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Significant additions or improvements extending the useful life of an asset are capitalized, while repairs and maintenance costs which do not significantly improve the related assets or extend their useful lives are charged to expense as incurred. The estimated useful lives of our property and equipment are generally 3 years for computer software, computer hardware, and internally developed software, 5 years for equipment, and 10 years for office furniture and fixtures. Leasehold improvements have an estimated useful life of the shorter of the useful life of the assets or the lease term.

Impairment of Goodwill and Long-Lived Assets

Long-lived tangible assets and intangible assets with definite useful lives are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable through undiscounted cash flows from the use of the assets. If such assets are considered to be impaired, the assets are written down to their estimated fair value.

Goodwill is accounted for at the segment level and allocated to, and tested for impairment at, a level referred to as the reporting unit. We have determined our one segment consists of a single reporting unit. We test for impairment annually on the first day of the fourth quarter or between annual tests if events or changes in circumstances indicate the fair value of our reporting unit may be below its carrying amount. We have the option to qualitatively assess whether it is more likely than not the fair value our reporting unit is less than its carrying value. If we elect to perform a qualitative assessment and conclude it is more likely than not the fair value of the reporting unit is equal to or greater than its carrying value, no further assessment of that reporting unit’s goodwill is necessary; otherwise, goodwill must be tested for impairment.

When performing the quantitative test, we determine the fair value of the reporting unit and compare it to the carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds the fair value of the reporting unit, the reporting unit’s goodwill is impaired, and we must recognize an impairment loss for the difference between the carrying amount and the fair value of the reporting unit. We estimate the fair value of our reporting unit using a market-based valuation methodology, which is primarily based on our consolidated market capitalization.

In 2024, our qualitative assessment concluded the fair value of our reporting unit is more likely than not higher than its carrying value. Therefore, we did not perform a quantitative assessment. No goodwill impairment was identified in the years ended December 31, 2024, 2023, and 2022.

Stock-Based Compensation

Compensation expense related to stock-based awards is calculated by determining the estimated fair value of the award on the grant date. We calculate the fair value of stock options containing only a service condition using the Black-Scholes option pricing model. The fair value of restricted stock units (“RSUs”) is based on the closing market price of our common stock on the Nasdaq Global Market on the date of grant. For service-based awards such as RSUs, stock-based compensation expense is recognized on a straight-line basis over the requisite service period. For awards that contain market conditions, compensation expense is measured using a Monte Carlo simulation and recognized using the accelerated attribution method over the derived service period based on the expected market performance as of the grant date. We account for forfeitures as they occur rather than estimating expected forfeitures.

Leases

We combine lease and non-lease components and account for them as a single lease component for our facility leases. The discount rates related to our lease liabilities are based on estimates of our incremental borrowing rate on a secured basis, as the discount rates implicit in our lease agreements cannot be readily determined.

Basic and Diluted Loss per Common Share

We compute net loss per common share using the two-class method required for multiple classes of common stock and participating securities. The rights, including the liquidation and dividend rights, of the Class A common stock and Class B common stock are substantially identical, other than voting and conversion rights. Accordingly, the Class A common stock and Class B common stock share equally in our net losses.

Basic net loss per common share is computed by dividing net loss by the weighted-average number of shares of common shares outstanding during the period. Diluted net loss per common share is computed similar to basic, except the weighted average number of common shares outstanding is increased to include additional outstanding shares from the assumed exercise of stock options and vesting of RSUs, if dilutive. The dilutive effect, if any, of convertible shares is calculated using the treasury stock method. As we reported net losses for all periods presented, all outstanding shares would be considered antidilutive if they were assumed to be vested or exercised.

Income Taxes

We use the asset and liability method of accounting for income taxes in which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recoverable or settled. We recognize the effect on deferred tax assets and liabilities of a change in tax rates as income and expense in the period that includes the enactment date. A valuation allowance is established if it is more likely than not that all or a portion of the deferred tax asset will not be realized.

Our tax positions are subject to income tax audits by multiple tax jurisdictions throughout the world. We recognize the tax benefit of an uncertain tax position only if it is more likely than not the position is sustainable upon examination by the taxing authority. We measure the tax benefit recognized as the largest amount of benefit which is more likely than not to be realized upon settlement with the taxing authority. We recognize penalties and interest related to unrecognized tax benefits as income tax expense.

We calculate the current and deferred income tax provision based on estimates and assumptions that could differ from the actual results reflected in income tax returns filed in subsequent years and record adjustments based on filed income tax returns when identified. The amount of income taxes paid is subject to examination by U.S. federal, state, and foreign tax authorities. The estimate of the potential outcome of any uncertain tax issue is subject to our assessment of relevant risks, facts, and circumstances existing at that time. To the extent the

assessment of such tax position changes, we record the change in estimate in the period in which we make that determination.

Foreign Currency

Our operations located outside of the United States where the local currency is the functional currency are translated into U.S. dollars using the current rate method. Results of operations are translated at the average rate of exchange for the period. Assets and liabilities are translated at the closing rates on the balance sheet date. Gains and losses on translation of these accounts are accumulated and reported as a separate component of stockholders’ equity and other comprehensive loss.

Gains and losses on foreign currency transactions are recognized in the accompanying consolidated statements of operations as a component of ‘Other expense (income), net’. Gains and losses from transactions denominated in foreign currencies resulted in net transaction losses of $16.8 million, net transaction gains of $8.7 million, and net transaction losses of $6.1 million for the years ended December 31, 2024, 2023, and 2022, respectively.

Research and Development Expenses

Research and development expenses include payroll, employee benefits, and other headcount-related costs associated with product development. Our product utilizes a common codebase, whether accessed by customers via the cloud or via an on-premises installation. Since our software is sold and licensed externally, we consider our software as external-use software for purposes of applying the capitalized software development guidance. Product development costs are expensed as incurred until technological feasibility has been established, which is defined as the completion of all planning, designing, coding, and testing activities necessary to establish products that meet design specifications including functions, features, and technical performance requirements. We have determined technological feasibility for our software products is reached shortly before they are released for sale. Costs incurred after technological feasibility is established are not significant, and accordingly we expense all research and development costs when incurred.

Severance Costs

Severance costs related to benefits provided in accordance with mutually understood and ongoing agreements are recognized when an obligation has been incurred, it is probable the benefits will be paid, and the amount to be paid can be reasonably estimated. Severance costs totaled $5.5 million and $6.3 million for the years ended December 31, 2024 and 2023, respectively. No severance costs were incurred related to an involuntary reduction in our workforce for the year ended December 31, 2022. The majority of the severance liability was paid to the impacted employees by December 31, 2024.

Advertising Expenses

We expense advertising costs as they are incurred. Advertising expenses were $3.9 million, $4.2 million, and $5.8 million for the years ended December 31, 2024, 2023, and 2022, respectively.

Treasury Stock

We account for treasury stock under the cost method. In 2024, we reissued treasury stock to satisfy employee stock option exercises and the vesting of restricted stock units as well as for issuances of common stock to our Board of Directors. Because we are in an accumulated deficit position, all reissuances of treasury stock have been recorded as a decrease to additional-paid-in-capital in our consolidated balance sheets.

Recent Accounting Pronouncements

Adopted

In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvement to Reportable Segment Disclosures, which enhances the disclosure requirements for operating segments in our annual and interim consolidated financial statements. The new guidance is effective for us beginning with our annual reporting for fiscal year 2024 and for interim period reporting beginning in fiscal year 2025 and will be applied on a retrospective basis. The new ASU requires public companies to disclose significant segment expenses and other segment items on an annual and interim basis and provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Additionally, it requires public companies to disclose the title and position of the Chief Operating Decision Maker. The ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. This guidance also applies to public entities that have only one segment. This ASU only impacted our disclosures with no impacts to our results of operations, cash flows, and financial condition. Refer to Note 14 for further details.

Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Income Tax (Topic 740): Improvement to Income Tax Disclosures, which requires public companies to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. The new guidance will be effective for our annual reporting for fiscal year 2025 on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. This ASU will only impact our disclosures with no impacts to our results of operations, cash flows and financial condition.

In March 2024, the SEC issued its final climate disclosure rule, which requires the disclosure of material Scope 1 and Scope 2 greenhouse gas emissions and other climate-related topics in annual reports if they are reasonably likely to have a material impact on the Company’s business. For large accelerated filers, disclosure requirements will begin phasing in for fiscal years beginning on or after January 1, 2025. Subsequent to issuance, the rules became the subject of litigation, and the SEC has issued a stay to allow the legal process to proceed. We are currently evaluating the impact these rules will have on our financial statements and related disclosures and will monitor the litigation progress for possible impacts on the disclosure requirements under the rules.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires more detailed disclosures of certain categories of expenses such as employee compensation, depreciation, and intangible asset amortization that are components of existing expense captions presented on the face of the income statement. The new guidance will be effective beginning with our annual reporting for fiscal year 2027 and for interim period reporting beginning in fiscal year 2028. Companies have the option to apply the guidance either on a retrospective or prospective basis, and early adoption is permitted. We are currently evaluating the impact this standard will have on our financial statement presentation and disclosures.

Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Hosting costs	$ 3,047	$ 2,973
Contract labor costs	1,043	600
Marketing and tradeshow expenses	1,728	685
Audit and tax fees	1,029	1,499
Taxes payable	1,285	1,261
Legal costs	289	103
Reimbursable employee expenses	1,569	880
Third party license fees	668	678
Capital expenditures	66	644
Other accrued expenses	664	1,723
Total accrued expenses	$ 11,388	$ 11,046

Basic and Diluted Loss per Common Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Basic and Diluted Loss per Common Share

12. Basic and Diluted Loss per Common Share

The following table sets forth the computation of basic and diluted net loss per share for the years ended December 31, 2024, 2023, and 2022 (in thousands, except share and per share data):


	Year Ended December 31,
	2024		2023		2022
Numerator:
Net loss	$	(92,262)	$	(111,441)	$	(150,920)
Denominator:
Weighted average common shares outstanding, basic and diluted	72,988,064		73,102,470		72,455,175
Net loss per share, basic and diluted	$	(1.26)	$	(1.52)	$	(2.08)

Due to net losses for the years ended December 31, 2024, 2023, and 2022, basic and diluted net loss per share were equal as the effect of potentially dilutive securities would have been antidilutive.

The following outstanding securities, prior to the use of the treasury stock method, have been excluded from the computation of diluted weighted-average shares outstanding for the respective periods below because they would have been antidilutive to earnings per share:


	Year Ended December 31,
	2024	2023	2022
Stock options	1,055,529	2,599,349	2,697,959
Non-vested restricted stock units	1,146,160	1,078,064	1,190,720

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (92,262)	$ (111,441)	$ (150,920)
Comprehensive loss, net of income taxes
Foreign currency translation adjustments	11,718	(16,326)	(1,559)
Unrealized gains on available-for-sale securities	63	17	0
Other comprehensive loss, net of income taxes	$ (80,481)	$ (127,750)	$ (152,479)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Stock-Based Compensation - Stock-based Compensation Expense Included in Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 39,045	$ 43,387	$ 38,830
Subscriptions
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	848	925	996
Professional services
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	5,674	6,055	5,309
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	8,200	10,842	9,152
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	11,716	12,486	12,523
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 12,607	$ 13,079	$ 10,850

Investments and Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Investments and Fair Value Measurements

16. Investments and Fair Value Measurements

Fair Value Measurements

U.S. GAAP establishes a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires us to use observable inputs when available and to minimize the use of unobservable inputs when determining fair value. The three tiers are defined as follows:

•Level 1 - Observable inputs based on unadjusted quoted prices in active markets for identical assets or liabilities;

•Level 2 - Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and

•Level 3 - Unobservable inputs for which there is little or no market data, and which require us to develop our own estimates and assumptions reflecting those that a market participant would use.

The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs. There were no instruments measured at fair value on a recurring basis using significant unobservable inputs during the years ended December 31, 2024 and 2023.

The valuation techniques that may be used to measure fair value are as follows:

•Market approach - Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities;

•Income approach - Uses valuation techniques to convert future amounts to a single present amount based on current market expectations about those future amounts; and

•Cost approach - Based on the amount that currently would be required to replace the service capacity of an asset (i.e., replacement cost).

The carrying amounts of our accounts receivable, accounts payable, and accrued expenses approximate fair value as of December 31, 2024 and 2023 because of the relatively short duration of these instruments. Additionally, the carrying value of our debt associated with the term loan facility approximates fair value because the interest rates are variable and reset on relatively short durations to then-market rates.

Investments

Our investment portfolio consists largely of debt investments classified as available-for-sale. Changes in the fair value of available-for-sale securities, excluding other-than-temporary impairments, have been recorded in ‘Accumulated other comprehensive loss’ in our consolidated balance sheets. The components of our investments as of December 31, 2024 and 2023 are as follows (in thousands):


	As of December 31, 2024
	Fair Value Measurement							Balance Sheet Classification
	Fair Value Level	Cost Basis		Unrealized Gains (Losses)		Fair Value		Cash and Cash Equivalents		Short-term Investments and Marketable Securities
Cash	Level 1	$	106,338	$	—	$	106,338	$	106,338	$	—
Money market fund	Level 1	12,214		—		12,214		12,214		—
U.S. Treasury bonds	Level 1	24,376		26		24,402		—		24,402
Commercial paper	Level 2	2,974		3		2,977		—		2,977
Corporate bonds	Level 2	13,900		29		13,929		—		13,929


Total investments		$	159,802	$	58	$	159,860	$	118,552	$	41,308

As of December 31, 2023, our investments consisted of the following (in thousands):


	As of December 31, 2023
	Fair Value Measurement							Balance Sheet Classification
	Fair Value Level	Cost Basis		Unrealized Gains (Losses)		Fair Value		Cash and Cash Equivalents		Short-Term Investments and Marketable Securities
Cash	Level 1	$	93,029	$	—	$	93,029	$	93,029	$	—
Money market fund	Level 1	56,322		—		56,322		56,322		—
U.S. Treasury bonds	Level 1	4,830		(2)		4,828		—		4,828


Agency bonds	Level 2	4,828		(3)		4,825		—		4,825
Total investments		$	159,009	$	(5)	$	159,004	$	149,351	$	9,653

There were no Level 3 assets held at any point during the years ended December 31, 2024 and 2023. Additionally, there were no transfers between Levels 1 and 2 during the years ended December 31, 2024 and 2023. Interest income on our investments totaled $6.8 million, $9.0 million, and $0.9 million for the years ended December 31, 2024, 2023, and 2022, respectively.

The contractual maturities of our debt securities as of December 31, 2024 and 2023 are all one year or less. Actual maturities may differ from contractual maturities because borrowers have the right to call or prepay certain obligations.

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue
Total revenue	$ 617,022	$ 545,363	$ 467,991
Cost of revenue
Total cost of revenue	150,179	143,322	133,306
Gross profit	466,843	402,041	334,685
Operating expenses
Sales and marketing	230,885	242,381	220,374
Research and development	154,977	153,098	139,210
General and administrative	141,834	114,535	120,111
Total operating expenses	527,696	510,014	479,695
Operating loss	(60,853)	(107,973)	(145,010)
Other non-operating expense
Other expense (income), net	6,773	(17,603)	3,545
Interest expense	23,582	17,862	1,673
Total other non-operating expense	30,355	259	5,218
Loss before income taxes	(91,208)	(108,232)	(150,228)
Income tax expense	1,054	3,209	692
Net loss	$ (92,262)	$ (111,441)	$ (150,920)
Net loss per share:
Basic (in usd per share)	$ (1.26)	$ (1.52)	$ (2.08)
Diluted (in usd per share)	$ (1.26)	$ (1.52)	$ (2.08)
Weighted average common shares outstanding:
Basic (in shares)	72,988,064	73,102,470	72,455,175
Diluted (in shares)	72,988,064	73,102,470	72,455,175
Subscriptions
Revenue
Total revenue	$ 490,568	$ 412,337	$ 340,152
Cost of revenue
Total cost of revenue	53,487	43,563	36,005
Professional services
Revenue
Total revenue	126,454	133,026	127,839
Cost of revenue
Total cost of revenue	$ 96,692	$ 99,759	$ 97,301

Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Debt

8. Debt

Senior Secured Credit Facilities Credit Agreement

We have a Senior Secured Credit Facilities Credit Agreement (the “Credit Agreement”) which provides for a five-year term loan facility in an aggregate principal amount of $200.0 million and, in addition, up to $100.0 million for a revolving credit facility, including a letter of credit sub-facility in the aggregate availability amount of $20.0 million and a swingline sub-facility in the aggregate availability amount of $10.0 million (as a sublimit of the revolving loan facility). The Credit Agreement matures on November 3, 2027. We have been using the proceeds to fund the growth of our business and support our working capital requirements.

Under the agreement, we may elect whether amounts drawn bear interest on the outstanding principal amount at a rate per annum equal to either (a) the higher of the Prime rate or the Federal Funds Effective rate (“Base Rate”) plus 0.5% or (b) the forward-looking term rate based on the secured overnight financing rate (“Term SOFR”). An additional interest rate margin is added to the elected interest rates. During the first three years of the Credit Agreement, the additional interest rate margin ranges from 1.5% to 2.5% in the case of Base Rate advances or from 2.5% to 3.5% in the case of Term SOFR advances, depending on our debt to recurring revenue leverage ratio (as defined in the Credit Agreement). During the final two years of the Credit Agreement, the interest rate margin ranges from 0.5% to 2.5% in the case of Base Rate advances and from 1.5% to 3.5% in the case of Term SOFR advances, depending on our debt to consolidated adjusted EBITDA leverage ratio (as defined in the Credit Agreement).

In addition, the Credit Agreement contains other customary representations, warranties, and covenants, including covenants by us limiting additional indebtedness, guarantees, liens, fundamental changes, 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.

The following table summarizes outstanding debt balances as of December 31, 2024 and 2023 (in thousands):


	As of December 31,
	2024		2023
Borrowings under revolving credit facility	$	62,000	$	62,000
Secured term loan facility	189,563		145,813
Less: Debt issuance costs(1)	(1,139)		(1,224)
Total debt, net of debt issuance costs	$	250,424	$	206,589

Debt, current	$	9,598	$	66,368
Long-term debt	240,826		140,221
Total debt	$	250,424	$	206,589

(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.

The following table summarizes the annual maturities of the principal amount of total debt due as of December 31, 2024 (in thousands):


	Year Ended December 31,
2025	$	10,000
2026	10,000
2027	231,563
Total	$	251,563

As of December 31, 2024, we were in compliance with all covenants contained in the Credit Agreement. In addition, we had $62.0 million outstanding borrowings under our $100.0 million revolving credit facility, and we had outstanding letters of credit totaling $14.6 million in connection with securing our leased office space.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 7,581	$ 8,041
Less: Accumulated amortization	(5,341)	(4,152)
Intangible assets, net	2,240	3,889
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	6,685	7,091
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 896	$ 950

Debt - Additional Information (Details) - USD ($)	12 Months Ended
Debt - Additional Information (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Long-term debt	$ 251,563,000
Outstanding letters of credit	14,600,000
Revolving Credit Facility \| Letter of Credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	20,000,000
Revolving Credit Facility \| Swingline Sub-facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 10,000,000
Secured Debt \| Term Loan Facility
Line of Credit Facility [Line Items]
Debt term	5 years
Aggregate principal amount	$ 200,000,000
Secured Debt \| Term Loan Facility \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	0.50%
Line of Credit \| Base Rate \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	1.50%
Line of Credit \| Base Rate \| Minimum \| Measurement Input, EBITDA Multiple
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	0.50%
Line of Credit \| Base Rate \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	2.50%
Line of Credit \| Base Rate \| Maximum \| Measurement Input, EBITDA Multiple
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	2.50%
Line of Credit \| SOFR \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	2.50%
Line of Credit \| SOFR \| Minimum \| Measurement Input, EBITDA Multiple
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	1.50%
Line of Credit \| SOFR \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	3.50%
Line of Credit \| SOFR \| Maximum \| Measurement Input, EBITDA Multiple
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	3.50%
Line of Credit \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 100,000,000
Long-term debt	$ 62,000,000	$ 62,000,000

Accounting Policies - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 118,552	$ 149,351	$ 148,132
Restricted cash, current	0	0	2,249
Total cash, cash equivalents, and restricted cash	$ 118,552	$ 149,351	$ 150,381	$ 103,960

Debt - Future Long-Term Debt Principal Payments (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2025	$ 10,000
2026	10,000
2027	231,563
Total	$ 251,563

Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Allowance for Doubtful Accounts Receivable [Roll Forward]
Beginning balance	$ 2,606	$ 2,125	$ 1,400
Additions: Charged to costs and expenses	1,760	1,091	1,298
Deductions: Write-offs, net of recoveries	(970)	(610)	(573)
Ending balance	$ 3,396	$ 2,606	$ 2,125

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2024	Feb. 17, 2025	Jun. 30, 2024
Document and Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-38098
Entity Registrant Name	APPIAN CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	54-1956084
Entity Address, Address Line One	7950 Jones Branch Drive
Entity Address, City or Town	McLean
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22102
City Area Code	(703)
Local Phone Number	442-8844
Title of 12(b) Security	Class A Common Stock
Trading Symbol	APPN
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Documents Incorporated by Reference	Portions of the registrant's definitive Proxy Statement for its 2025 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K are incorporated by reference in Part III, Items 10-14 of this Annual Report on Form 10-K.
Entity Central Index Key	0001441683
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Class A Common Stock
Document and Entity Information [Line Items]
Entity Public Float			$ 909.8
Entity Common Stock, Shares Outstanding		42,957,026
Class B Common Stock
Document and Entity Information [Line Items]
Entity Public Float			$ 63.8
Entity Common Stock, Shares Outstanding		31,088,085

Retirement Plans	12 Months Ended
Retirement Plans	Dec. 31, 2024
Retirement Benefits [Abstract]
Retirement Plans	15. Retirement Plans We have a defined contribution 401(k) retirement and savings plan (the “Plan”) to provide retirement benefits for all eligible employees. With limited exceptions, all employees over the age of 21 on the first day of the month immediately following the month of hiring are eligible to participate in the Plan. The Plan allows eligible employees to make salary-deferred contributions up to 75% of their pre-tax annual compensation, as defined in the Plan, as long as the total contributed does not exceed the annual maximum allowable amount under the Internal Revenue Code. The Company makes a semi-monthly matching contribution of 100% of the employee's contribution for that pay period, up to a maximum of 4% of the employee's eligible gross compensation for that pay period. Company contributions vest ratably based on years of service over a four year period, beginning with the completion of the first year of service. For the years ended December 31, 2024, 2023, and 2022, we incurred $12.8 million, $12.9 million, and $11.5 million, respectively, in contribution expense related to employer matching contributions.

Basic and Diluted Loss per Common Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share for the years ended December 31, 2024, 2023, and 2022 (in thousands, except share and per share data):


	Year Ended December 31,
	2024		2023		2022
Numerator:
Net loss	$	(92,262)	$	(111,441)	$	(150,920)
Denominator:
Weighted average common shares outstanding, basic and diluted	72,988,064		73,102,470		72,455,175
Net loss per share, basic and diluted	$	(1.26)	$	(1.52)	$	(2.08)

Schedule of Securities Excluded From Calculation of Weighted Average Common Shares


	Year Ended December 31,
	2024	2023	2022
Stock options	1,055,529	2,599,349	2,697,959
Non-vested restricted stock units	1,146,160	1,078,064	1,190,720

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 1.5	$ 1.5	$ 1.5
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	1 year 8 months 12 days
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	6 years 3 months 18 days

Revenue - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue recognized from contract liabilities	$ 234.5	$ 196.5	$ 147.0
Unsatisfied performance obligations	546.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 360.0
Revenue, remaining performance obligation, period (in months)	12 months
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Cloud subscriptions contracts term (in years)	1 year
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Cloud subscriptions contracts term (in years)	3 years

Accounting Policies (Policies)	12 Months Ended
Accounting Policies (Policies)	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements and footnotes have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”).
Principles of Consolidation	The accompanying consolidated financial statements include the accounts of Appian and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of our consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and judgments that affect the amounts reported in these consolidated financial statements and accompanying notes. Although we believe the estimates we use are reasonable, due to the inherent uncertainty involved in making these estimates, actual results reported in future periods could differ from those estimates. Significant estimates embedded in the consolidated financial statements include, but are not limited to, revenue recognition, income taxes and the related valuation allowance established against deferred tax assets, the amortization period of deferred commissions, the amortization period of the cost to obtain the judgment preservation insurance policy (as discussed in Note 13), lease impairments, and stock-based compensation.
Concentration of Credit and Customer Risk	Concentration of Credit and Customer Risk Our financial instruments exposed to concentration of credit and customer risk consist primarily of cash, cash equivalents, accounts receivable, and our short-term investments. Deposits held with banks may exceed the amount of insurance provided on such deposits; however, we believe the financial institutions holding our cash deposits are financially sound and, accordingly, minimal credit risk exists with respect to these balances. With regard to our customers, credit evaluation and account monitoring procedures are used to minimize the risk of loss.
Cash, Cash Equivalents, and Restricted Cash	Cash, Cash Equivalents, and Restricted Cash We consider all highly liquid investments with original maturities of three months or less, as well as overnight repurchase agreements, to be cash equivalents. Restricted cash consisted of cash designated to settle an escrow liability stemming from a holdback agreement related to our acquisition of Lana Labs GmbH.
Accounts Receivable and Allowance for Expected Credit Losses	Accounts Receivable and Allowance for Expected Credit Losses Accounts receivable and unbilled revenue are stated at realizable value, net of an allowance for expected credit losses. The allowance is based on our assessment of the collectability of accounts and incorporates an estimation of expected lifetime credit losses on our receivables. We regularly review the composition of the accounts receivable aging, historical bad debts, changes in payment patterns, customer creditworthiness, current economic trends, and reasonable economic forecasts that affect collectibility. If the financial condition of our customers were to deteriorate, resulting in their inability to make required payments, additional provisions for doubtful accounts would be required and would increase bad debt expense.
Deferred Commissions	Deferred Commissions We capitalize costs of obtaining a contract with a customer, which consist of sales commissions paid to our sales team, and the associated incremental payroll taxes. These costs are recorded as deferred commissions in the consolidated balance sheets. Costs to obtain a contract for a new customer or upsell an existing customer are amortized over an estimated economic life of five years as sales commissions on these types of activities are not commensurate with sales commissions on contract renewals. Commissions paid relating to contract renewals are deferred and amortized over the related renewal period. We determine the estimated economic life based on both qualitative and quantitative factors such as expected renewals, product life cycles, contractual terms, and customer attrition. We periodically review the carrying amount of deferred contract acquisition costs to determine whether events or changes in circumstances have occurred that could impact the estimated economic life. Costs to obtain a contract for professional services arrangements are expensed as incurred as the contractual period of our professional services arrangements are one year or less. Amortization associated with deferred commissions is recorded to sales and marketing expense in our consolidated statements of operations.
Property and Equipment	Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Significant additions or improvements extending the useful life of an asset are capitalized, while repairs and maintenance costs which do not significantly improve the related assets or extend their useful lives are charged to expense as incurred. The estimated useful lives of our property and equipment are generally 3 years for computer software, computer hardware, and internally developed software, 5 years for equipment, and 10 years for office furniture and fixtures. Leasehold improvements have an estimated useful life of the shorter of the useful life of the assets or the lease term.
Impairment of Goodwill	Impairment of Goodwill and Long-Lived Assets Long-lived tangible assets and intangible assets with definite useful lives are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable through undiscounted cash flows from the use of the assets. If such assets are considered to be impaired, the assets are written down to their estimated fair value. Goodwill is accounted for at the segment level and allocated to, and tested for impairment at, a level referred to as the reporting unit. We have determined our one segment consists of a single reporting unit. We test for impairment annually on the first day of the fourth quarter or between annual tests if events or changes in circumstances indicate the fair value of our reporting unit may be below its carrying amount. We have the option to qualitatively assess whether it is more likely than not the fair value our reporting unit is less than its carrying value. If we elect to perform a qualitative assessment and conclude it is more likely than not the fair value of the reporting unit is equal to or greater than its carrying value, no further assessment of that reporting unit’s goodwill is necessary; otherwise, goodwill must be tested for impairment. When performing the quantitative test, we determine the fair value of the reporting unit and compare it to the carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds the fair value of the reporting unit, the reporting unit’s goodwill is impaired, and we must recognize an impairment loss for the difference between the carrying amount and the fair value of the reporting unit. We estimate the fair value of our reporting unit using a market-based valuation methodology, which is primarily based on our consolidated market capitalization. In 2024, our qualitative assessment concluded the fair value of our reporting unit is more likely than not higher than its carrying value. Therefore, we did not perform a quantitative assessment. No goodwill impairment was identified in the years ended December 31, 2024, 2023, and 2022.
Impairment of Long-Lived Assets	Impairment of Goodwill and Long-Lived Assets Long-lived tangible assets and intangible assets with definite useful lives are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable through undiscounted cash flows from the use of the assets. If such assets are considered to be impaired, the assets are written down to their estimated fair value. Goodwill is accounted for at the segment level and allocated to, and tested for impairment at, a level referred to as the reporting unit. We have determined our one segment consists of a single reporting unit. We test for impairment annually on the first day of the fourth quarter or between annual tests if events or changes in circumstances indicate the fair value of our reporting unit may be below its carrying amount. We have the option to qualitatively assess whether it is more likely than not the fair value our reporting unit is less than its carrying value. If we elect to perform a qualitative assessment and conclude it is more likely than not the fair value of the reporting unit is equal to or greater than its carrying value, no further assessment of that reporting unit’s goodwill is necessary; otherwise, goodwill must be tested for impairment. When performing the quantitative test, we determine the fair value of the reporting unit and compare it to the carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds the fair value of the reporting unit, the reporting unit’s goodwill is impaired, and we must recognize an impairment loss for the difference between the carrying amount and the fair value of the reporting unit. We estimate the fair value of our reporting unit using a market-based valuation methodology, which is primarily based on our consolidated market capitalization. In 2024, our qualitative assessment concluded the fair value of our reporting unit is more likely than not higher than its carrying value. Therefore, we did not perform a quantitative assessment. No goodwill impairment was identified in the years ended December 31, 2024, 2023, and 2022.
Stock-Based Compensation	Stock-Based Compensation Compensation expense related to stock-based awards is calculated by determining the estimated fair value of the award on the grant date. We calculate the fair value of stock options containing only a service condition using the Black-Scholes option pricing model. The fair value of restricted stock units (“RSUs”) is based on the closing market price of our common stock on the Nasdaq Global Market on the date of grant. For service-based awards such as RSUs, stock-based compensation expense is recognized on a straight-line basis over the requisite service period. For awards that contain market conditions, compensation expense is measured using a Monte Carlo simulation and recognized using the accelerated attribution method over the derived service period based on the expected market performance as of the grant date. We account for forfeitures as they occur rather than estimating expected forfeitures.
Leases	Leases We combine lease and non-lease components and account for them as a single lease component for our facility leases. The discount rates related to our lease liabilities are based on estimates of our incremental borrowing rate on a secured basis, as the discount rates implicit in our lease agreements cannot be readily determined. At the inception of an arrangement, we determine whether the arrangement is or contains a lease based on the unique facts and circumstances present and the classification of the lease. Operating leases with a term greater than one year are recognized on the consolidated balance sheets as ROU assets, lease liabilities, and long-term lease liabilities. ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. We have elected not to recognize on our consolidated balance sheets leases with a term of one year or less. Lease liabilities and their corresponding ROU assets are recorded based on the present value of lease payments over the expected lease term. The implicit rates within most of our leases are generally not determinable; therefore, we estimate our incremental borrowing rate to determine the present value of lease payments. The determination of our incremental borrowing rate requires judgment and is estimated for each lease based on the rate we would have to pay for a collateralized loan with the same terms as the lease. We consider various factors, including our level of collateralization, estimated credit rating, and the currency in which the lease is denominated. Operating lease ROU assets also include any lease prepayments, offset by lease incentives. Certain of our leases include options to extend or terminate the lease. An option to extend the lease is considered in connection with determining the ROU asset and lease liability when it is reasonably certain we will exercise that option. Expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense. We have lease agreements which require payments for lease and non-lease components (i.e., common area maintenance) that are accounted for as a single lease component. Variable lease payment amounts that cannot be determined at the commencement of the lease such as maintenance costs, utilities, and service charges are not included in right-of-use (“ROU”) assets or lease liabilities but rather are expensed as incurred and recorded as variable lease expense. We often receive customary incentives from our landlords such as tenant improvement allowances (“TIAs”) and rent abatement periods, which effectively reduce total lease payments owed for the leases.
Basic and Diluted Loss per Common Share	Basic and Diluted Loss per Common Share We compute net loss per common share using the two-class method required for multiple classes of common stock and participating securities. The rights, including the liquidation and dividend rights, of the Class A common stock and Class B common stock are substantially identical, other than voting and conversion rights. Accordingly, the Class A common stock and Class B common stock share equally in our net losses. Basic net loss per common share is computed by dividing net loss by the weighted-average number of shares of common shares outstanding during the period. Diluted net loss per common share is computed similar to basic, except the weighted average number of common shares outstanding is increased to include additional outstanding shares from the assumed exercise of stock options and vesting of RSUs, if dilutive. The dilutive effect, if any, of convertible shares is calculated using the treasury stock method. As we reported net losses for all periods presented, all outstanding shares would be considered antidilutive if they were assumed to be vested or exercised.
Income Taxes	Income Taxes We use the asset and liability method of accounting for income taxes in which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recoverable or settled. We recognize the effect on deferred tax assets and liabilities of a change in tax rates as income and expense in the period that includes the enactment date. A valuation allowance is established if it is more likely than not that all or a portion of the deferred tax asset will not be realized. Our tax positions are subject to income tax audits by multiple tax jurisdictions throughout the world. We recognize the tax benefit of an uncertain tax position only if it is more likely than not the position is sustainable upon examination by the taxing authority. We measure the tax benefit recognized as the largest amount of benefit which is more likely than not to be realized upon settlement with the taxing authority. We recognize penalties and interest related to unrecognized tax benefits as income tax expense. We calculate the current and deferred income tax provision based on estimates and assumptions that could differ from the actual results reflected in income tax returns filed in subsequent years and record adjustments based on filed income tax returns when identified. The amount of income taxes paid is subject to examination by U.S. federal, state, and foreign tax authorities. The estimate of the potential outcome of any uncertain tax issue is subject to our assessment of relevant risks, facts, and circumstances existing at that time. To the extent the assessment of such tax position changes, we record the change in estimate in the period in which we make that determination.
Foreign Currency	Foreign Currency Our operations located outside of the United States where the local currency is the functional currency are translated into U.S. dollars using the current rate method. Results of operations are translated at the average rate of exchange for the period. Assets and liabilities are translated at the closing rates on the balance sheet date. Gains and losses on translation of these accounts are accumulated and reported as a separate component of stockholders’ equity and other comprehensive loss. Gains and losses on foreign currency transactions are recognized in the accompanying consolidated statements of operations as a component of ‘Other expense (income), net’.
Research and Development Expenses	Research and Development Expenses Research and development expenses include payroll, employee benefits, and other headcount-related costs associated with product development. Our product utilizes a common codebase, whether accessed by customers via the cloud or via an on-premises installation. Since our software is sold and licensed externally, we consider our software as external-use software for purposes of applying the capitalized software development guidance. Product development costs are expensed as incurred until technological feasibility has been established, which is defined as the completion of all planning, designing, coding, and testing activities necessary to establish products that meet design specifications including functions, features, and technical performance requirements. We have determined technological feasibility for our software products is reached shortly before they are released for sale. Costs incurred after technological feasibility is established are not significant, and accordingly we expense all research and development costs when incurred.
Severance Costs	Severance Costs Severance costs related to benefits provided in accordance with mutually understood and ongoing agreements are recognized when an obligation has been incurred, it is probable the benefits will be paid, and the amount to be paid can be reasonably estimated.
Advertising Expenses	Advertising Expenses We expense advertising costs as they are incurred.
Treasury Stock	Treasury Stock We account for treasury stock under the cost method. In 2024, we reissued treasury stock to satisfy employee stock option exercises and the vesting of restricted stock units as well as for issuances of common stock to our Board of Directors. Because we are in an accumulated deficit position, all reissuances of treasury stock have been recorded as a decrease to additional-paid-in-capital in our consolidated balance sheets.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvement to Reportable Segment Disclosures, which enhances the disclosure requirements for operating segments in our annual and interim consolidated financial statements. The new guidance is effective for us beginning with our annual reporting for fiscal year 2024 and for interim period reporting beginning in fiscal year 2025 and will be applied on a retrospective basis. The new ASU requires public companies to disclose significant segment expenses and other segment items on an annual and interim basis and provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Additionally, it requires public companies to disclose the title and position of the Chief Operating Decision Maker. The ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. This guidance also applies to public entities that have only one segment. This ASU only impacted our disclosures with no impacts to our results of operations, cash flows, and financial condition. Refer to Note 14 for further details. Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Income Tax (Topic 740): Improvement to Income Tax Disclosures, which requires public companies to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. The new guidance will be effective for our annual reporting for fiscal year 2025 on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. This ASU will only impact our disclosures with no impacts to our results of operations, cash flows and financial condition. In March 2024, the SEC issued its final climate disclosure rule, which requires the disclosure of material Scope 1 and Scope 2 greenhouse gas emissions and other climate-related topics in annual reports if they are reasonably likely to have a material impact on the Company’s business. For large accelerated filers, disclosure requirements will begin phasing in for fiscal years beginning on or after January 1, 2025. Subsequent to issuance, the rules became the subject of litigation, and the SEC has issued a stay to allow the legal process to proceed. We are currently evaluating the impact these rules will have on our financial statements and related disclosures and will monitor the litigation progress for possible impacts on the disclosure requirements under the rules. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires more detailed disclosures of certain categories of expenses such as employee compensation, depreciation, and intangible asset amortization that are components of existing expense captions presented on the face of the income statement. The new guidance will be effective beginning with our annual reporting for fiscal year 2027 and for interim period reporting beginning in fiscal year 2028. Companies have the option to apply the guidance either on a retrospective or prospective basis, and early adoption is permitted. We are currently evaluating the impact this standard will have on our financial statement presentation and disclosures.
Revenue Recognition	Revenue Recognition We generate subscriptions revenue primarily through the sale of cloud subscriptions bundled with maintenance and support and hosting services as well as term license subscriptions bundled with maintenance and support. We generate professional services revenue from fees for our consulting services, including application development and deployment assistance as well as training related to our platform. Performance Obligations and Timing of Revenue Recognition We primarily sell products and services that fall into the categories discussed below. Each category contains one or more performance obligations that are either (1) capable of being distinct (i.e., the customer can benefit from the product or service on its own or together with readily available resources, including those purchased separately from us) and distinct within the context of the contract (i.e., separately identified from other promises in the contract) or (2) a series of distinct products or services that are substantially the same and have the same pattern of transfer to the customer. Our term license subscriptions are delivered at a point in time while our cloud subscriptions, maintenance and support, and professional services are delivered over time. Subscriptions Revenue Subscriptions revenue is primarily related to (1) cloud subscriptions bundled with maintenance and support and hosting services and (2) term license subscriptions bundled with maintenance and support. We generally charge subscription fees on a per-user basis or through non-user-based single application licenses. We bill customers and collect payment for subscriptions to our platform in advance on an annual, quarterly, or monthly basis. In certain instances, our customers have paid their entire contract up front. Cloud Subscriptions We generate cloud-based subscriptions revenue primarily from the sales of subscriptions to access our cloud offering, together with related support services to our customers. We perform all required maintenance and support for our cloud offering. Revenue is recognized on a ratable basis over the contract term beginning on the date the service is made available to the customer. Our cloud-based subscription contracts generally have a term of one to three years in length. We bill customers and collect payment for subscriptions to our platform in advance, and they are non-cancellable. Term License Subscriptions Our term license subscriptions revenue is derived from customers with on-premises installations of our platform. The majority of our term license contracts are one year in length. Although term license subscriptions are sold with maintenance and support, the software is fully functional at the beginning of the subscription and is considered a distinct performance obligation. If a cloud-based subscription includes the right for the customer to take possession of the license, the revenue is treated as a term license. Revenue from term license subscriptions is recognized when control of the software license has transferred to the customer, which is the later of delivery or commencement of the contract term. Maintenance and Support Maintenance and support subscriptions include both technical support and when-and-if-available software upgrades, which are treated as a single performance obligation as they are considered a series of distinct services that are substantially the same and have the same duration and measure of progress. Revenue from maintenance and support is recognized ratably over the contract period, which is the period over which the customer has continuous access to maintenance and support. Professional Services Revenue Our professional services revenue is comprised of fees for consulting services, including application development and deployment assistance as well as training services related to our platform. Our professional services are considered distinct performance obligations when sold standalone or with other products. Consulting Services We sell consulting services to assist customers in planning and executing the deployment of our software. Customers are not required to use consulting services to fully benefit from the software. Consulting services are regularly sold on a standalone basis and most often as either (1) under a fixed-fee arrangement or (2) on a time and materials basis. We also sell advisory services on a subscription basis to support customers or partners with their development and deployment. Consulting services contracts are considered separate performance obligations because they do not integrate with each other or with other products and services to deliver a combined output to the customer, do not modify or customize (or are not modified or customized by) each other or other products and services, and do not affect the customer's ability to use other consulting offerings or other products and services. Revenue under consulting contracts is recognized over time as services are delivered. Revenue from subscription-based consulting contracts is recognized ratably over the contract period. For time and materials-based consulting contracts, we have elected the practical expedient of recognizing revenue upon invoicing since the invoiced amount corresponds directly to the value of our service to date. Training Services We sell various training services to our customers. Training services are sold in the form of prepaid training credits that are redeemed based on a fixed rate per course. Training revenue is recognized when the associated training services are delivered. Significant Judgments and Estimates Determining the Transaction Price The transaction price is the total amount of consideration we expect to receive in exchange for the service offerings in a contract and may include both fixed and variable components. Variable consideration is included in the transaction price to the extent it is probable a significant reversal will not occur. The amount of variable consideration excluded from the transaction price for the years ended December 31, 2024, 2023, and 2022 was immaterial. Our estimates of variable consideration are also subject to subsequent true-up adjustments and may result in changes to transaction prices; however, such true-up adjustments are not expected to be material. Allocating the Transaction Price Based on Standalone Selling Prices (“SSP”) We allocate the transaction price to each performance obligation in a contract based on its relative SSP. The SSP is the observable price at which we sell the product or service separately. In the absence of observable pricing, we estimate SSP using the residual approach. We establish SSP as follows: 1.Cloud subscriptions - Given the highly variable selling price of our cloud subscriptions, we establish the SSP of our cloud subscriptions using a residual approach after first determining the SSP of consulting and training services. We have concluded the residual approach to estimating the SSP of our cloud subscriptions is an appropriate allocation of the transaction price. 2.Term license subscriptions - Given the highly variable selling price of our term license subscriptions, we have established the SSP of term license subscriptions using a residual approach after first determining the SSP of maintenance and support. Maintenance and support is sold on a standalone basis in conjunction with renewals of our legacy perpetual software licenses and within a narrow range of the net license fee. Because an economic relationship exists between the license and maintenance and support, we have concluded the residual approach to estimating the SSP of term license subscriptions is an appropriate allocation of the transaction price. 3.Maintenance and support - We establish the SSP of maintenance and support as a percentage of the stated net subscription fee based on observable pricing of maintenance and support renewals from our legacy perpetual software licenses. 4.Consulting and training services - The SSP of consulting and training services is established based on the observable pricing of standalone sales within each geographic region where the services are sold. Contract Balances Timing may differ between the satisfaction of performance obligations and the invoicing and collection of amounts related to our contracts with customers. Contract assets primarily relate to unbilled amounts for contracts with customers for which the amount of revenue recognized exceeds the amount billed to the customer. Contract assets are transferred to accounts receivable when the right to invoice becomes unconditional. Contract liabilities consist of deferred revenue and include payments received in advance of the satisfaction of performance obligations. Deferred revenue is then recognized as the revenue recognition criteria are met. Deferred revenue that will be recognized during the succeeding 12-month period is recorded as current, and the remaining deferred revenue is recorded as non-current.
Right-of-Use (“ROU”) Assets and Lease Liabilities and Lease Costs	Leases We combine lease and non-lease components and account for them as a single lease component for our facility leases. The discount rates related to our lease liabilities are based on estimates of our incremental borrowing rate on a secured basis, as the discount rates implicit in our lease agreements cannot be readily determined. At the inception of an arrangement, we determine whether the arrangement is or contains a lease based on the unique facts and circumstances present and the classification of the lease. Operating leases with a term greater than one year are recognized on the consolidated balance sheets as ROU assets, lease liabilities, and long-term lease liabilities. ROU assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. We have elected not to recognize on our consolidated balance sheets leases with a term of one year or less. Lease liabilities and their corresponding ROU assets are recorded based on the present value of lease payments over the expected lease term. The implicit rates within most of our leases are generally not determinable; therefore, we estimate our incremental borrowing rate to determine the present value of lease payments. The determination of our incremental borrowing rate requires judgment and is estimated for each lease based on the rate we would have to pay for a collateralized loan with the same terms as the lease. We consider various factors, including our level of collateralization, estimated credit rating, and the currency in which the lease is denominated. Operating lease ROU assets also include any lease prepayments, offset by lease incentives. Certain of our leases include options to extend or terminate the lease. An option to extend the lease is considered in connection with determining the ROU asset and lease liability when it is reasonably certain we will exercise that option. Expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense. We have lease agreements which require payments for lease and non-lease components (i.e., common area maintenance) that are accounted for as a single lease component. Variable lease payment amounts that cannot be determined at the commencement of the lease such as maintenance costs, utilities, and service charges are not included in right-of-use (“ROU”) assets or lease liabilities but rather are expensed as incurred and recorded as variable lease expense. We often receive customary incentives from our landlords such as tenant improvement allowances (“TIAs”) and rent abatement periods, which effectively reduce total lease payments owed for the leases.
Segment and Geographic Information	Operating segments are defined as components of an enterprise for which discrete financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) for purposes of allocating resources and evaluating financial performance. We have determined our CODM is our Chief Executive Officer. We have one operating and one reportable segment, representing our consolidated business that helps organizations design, automate, and optimize important business processes from start to finish. We generate revenue from customers primarily through the sale of cloud and term subscriptions bundled with maintenance and support as well as professional services revenue from fees for our consulting services and training related to our platform. Our reportable segment determination is based on our management and internal reporting structure, the nature of the subscriptions and services we offer, and the financial information evaluated regularly by our CODM. The CODM uses operating loss and net loss reported on the consolidated statements of operations to assess performance for the segment and decide how to allocate resources. In addition, the CODM reviews the expense categories presented on the consolidated statements of operations to manage the Company’s operations. Operating loss and net loss are used to evaluate profitability trends in the business, and the CODM considers budget-to-actual variances for both profit measures when making decisions about allocating capital and resources. Further, the measure of segment assets is total assets as reported on the consolidated balance sheets.
Fair Value Measurements	Fair Value Measurements U.S. GAAP establishes a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires us to use observable inputs when available and to minimize the use of unobservable inputs when determining fair value. The three tiers are defined as follows: •Level 1 - Observable inputs based on unadjusted quoted prices in active markets for identical assets or liabilities; •Level 2 - Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and •Level 3 - Unobservable inputs for which there is little or no market data, and which require us to develop our own estimates and assumptions reflecting those that a market participant would use. The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs. There were no instruments measured at fair value on a recurring basis using significant unobservable inputs during the years ended December 31, 2024 and 2023. The valuation techniques that may be used to measure fair value are as follows: •Market approach - Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities; •Income approach - Uses valuation techniques to convert future amounts to a single present amount based on current market expectations about those future amounts; and •Cost approach - Based on the amount that currently would be required to replace the service capacity of an asset (i.e., replacement cost).
Investments	Investments Our investment portfolio consists largely of debt investments classified as available-for-sale. Changes in the fair value of available-for-sale securities, excluding other-than-temporary impairments, have been recorded in ‘Accumulated other comprehensive loss’ in our consolidated balance sheets.

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following as of December 31, 2024 and 2023 (in thousands):


	As of December 31,
	2024		2023
Hosting costs	$	3,047	$	2,973
Contract labor costs	1,043		600
Marketing and tradeshow expenses	1,728		685
Audit and tax fees	1,029		1,499
Taxes payable	1,285		1,261
Legal costs	289		103
Reimbursable employee expenses	1,569		880
Third party license fees	668		678
Capital expenditures	66		644
Other accrued expenses	664		1,723
Total accrued expenses	$	11,388	$	11,046

Segment and Geographic Information - Summary of Revenue by Geography (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 617,022	$ 545,363	$ 467,991
Domestic
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	391,002	350,210	311,075
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 226,020	$ 195,153	$ 156,916

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (92,262)	$ (111,441)	$ (150,920)
Adjustments to reconcile net loss to net cash provided by (used by) operating activities:
Stock-based compensation	39,045	43,387	38,830
Depreciation expense and amortization of intangible assets	10,030	9,473	7,297
Lease impairment charges	5,462	0	0
Bad debt expense	1,760	1,091	1,298
Amortization of debt issuance costs	589	444	43
Loss on disposal of property and equipment	0	0	3
Benefit for deferred income taxes	(899)	(1,541)	(1,089)
Foreign currency transaction losses (gains), net	16,745	(12,263)	0
Changes in assets and liabilities:
Accounts receivable	(28,353)	(1,868)	(37,922)
Prepaid expenses and other assets	16,551	(54,753)	(2,027)
Deferred commissions	(3,144)	(8,043)	(12,298)
Accounts payable and accrued expenses	(871)	(1,394)	(3,289)
Accrued compensation and related benefits	(2,947)	(3,157)	6,582
Other current and non-current liabilities	(1,478)	(1,134)	(264)
Deferred revenue	49,309	28,668	47,534
Operating lease assets and liabilities	(2,659)	2,089	(329)
Net cash provided by (used by) operating activities	6,878	(110,442)	(106,551)
Cash flows from investing activities:
Proceeds from maturities of investments	20,038	91,670	84,642
Payments for investments	(51,630)	(53,443)	(65,283)
Purchases of property and equipment	(3,798)	(9,637)	(9,095)
Net cash (used by) provided by investing activities	(35,390)	28,590	10,264
Cash flows from financing activities:
Proceeds from borrowings	50,000	92,000	120,000
Payments for debt issuance costs	(463)	(276)	(1,940)
Debt repayments	(6,250)	(3,563)	(625)
Repurchase of common stock	(50,019)	0	0
Payments for employee taxes related to the net share settlement of equity awards	(7,987)	(9,748)	0
Proceeds from exercise of common stock options	14,461	752	25,432
Net cash (used by) provided by financing activities	(258)	79,165	142,867
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash	(2,029)	1,657	(159)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(30,799)	(1,030)	46,421
Cash, cash equivalents, and restricted cash at beginning of period	149,351	150,381	103,960
Cash, cash equivalents, and restricted cash at end of period	118,552	149,351	150,381
Supplemental cash flow information:
Cash paid for interest	22,574	16,906	1,671
Cash paid for income taxes	3,334	3,999	1,239
Supplemental non-cash investing and financing information:
Accrued capital expenditures	$ 155	$ 654	$ 1,774

Basic and Diluted Loss per Common Share - Securities Excluded From Calculation of Weighted Average Common Shares Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities outstanding (in shares)	1,055,529	2,599,349	2,697,959
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities outstanding (in shares)	1,146,160	1,078,064	1,190,720

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following table details the changes in goodwill during the fiscal years ended December 31, 2024 and 2023 (in thousands):


	Carrying Amount
Balance as of December 31, 2022	$	26,349

Foreign currency translation adjustments	757
Balance as of December 31, 2023	27,106

Foreign currency translation adjustments	(1,551)
Balance as of December 31, 2024	$	25,555

Schedule of Finite-lived Intangible Assets

Intangible assets, net consisted of the following as of December 31, 2024 and 2023 (in thousands):


	As of December 31,
	2024		2023
Developed technology	$	6,685	$	7,091
Customer relationships	896		950

Intangible assets, gross	7,581		8,041
Less: Accumulated amortization	(5,341)		(4,152)
Intangible assets, net	$	2,240	$	3,889

Schedule of Finite-lived Intangible Assets, Future Amortization Expense

The following table shows the projected annual amortization expense related to amortizable intangible assets as of December 31, 2024 (in thousands):


	Year Ended December 31,
2025	$	1,135
2026	730
2027	90
2028	90
2029	90
Thereafter	105
Total projected amortization expense	$	2,240

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

9. Income Taxes

For the years ended December 31, 2024, 2023, and 2022, our loss before income taxes was comprised of the following (in thousands):


	Year Ended December 31,
	2024		2023		2022
Domestic	$	(55,183)	$	(89,925)	$	(102,434)
Foreign	(36,025)		(18,307)		(47,794)
Total	$	(91,208)	$	(108,232)	$	(150,228)

For the years ended December 31, 2024, 2023, and 2022, our income tax expense was comprised of the following (in thousands):


	Year Ended December 31,
	2024		2023		2022
Current:
Federal	$	(10)	$	34	$	72
State	149		223		119
Foreign	1,864		4,523		1,409
Total current expense	2,003		4,780		1,600
Deferred:
Federal	—		—		—
State	—		—		—
Foreign	(949)		(1,571)		(908)
Total deferred benefit	(949)		(1,571)		(908)
Total income tax expense	$	1,054	$	3,209	$	692

For the years ended December 31, 2024, 2023, and 2022, the provision for income taxes differs from the amount computed by applying the federal statutory income tax rates to our loss before the provision for income taxes as follows:


	Year Ended December 31,
	2024		2023		2022
U.S. federal statutory tax rate	21.0	%	21.0	%	21.0	%
State tax expense	4.3		3.8		4.1
Foreign rate differential	(4.0)		(3.1)		(3.3)
Nondeductible expenses	(1.0)		(0.7)		(0.3)
Foreign tax expense	0.1		(0.4)		0.3
Equity compensation	3.7		(2.4)		1.0
Tax credits	7.3		9.5		4.7
Unrecognized tax benefits	(1.5)		(1.8)		(0.9)
Global intangible low-taxed income	(3.0)		—		—
Change in tax rate	0.8		(0.9)		0.3
Other	(0.5)		0.2		(0.5)
Return to provision	3.3		—		—
Deferred adjustments	(1.4)		(3.0)		(0.8)
Change in valuation allowance	(30.3)		(25.2)		(26.1)
Total	(1.2)	%	(3.0)	%	(0.5)	%

The effective tax rate of (1.2)% in 2024 includes $27.6 million of tax expense attributable to the change in the valuation allowance in the United States and Switzerland, partially offset by $6.7 million of favorable tax benefits for research credits. In 2023, the effective tax rate of (3.0)% included $27.3 million of tax expense attributable to the change in the valuation allowance in the United States and Switzerland, partially offset by $10.3 million of favorable tax benefits for research credits. In 2022, the effective tax rate of (0.5)% included $39.2 million of tax expense attributable to the change in the valuation allowance in the United States, Switzerland, and Germany partially offset by $8.6 million of favorable tax benefits for research credits.

Deferred tax assets and liabilities reflect the net tax effects of temporary differences between the carrying amount of the assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

As of December 31, 2024 and 2023, significant components of our deferred tax assets and liabilities were as follows (in thousands):


	As of December 31,
	2024		2023
Deferred tax assets:
Net operating losses	$	107,170	$	103,299
Tax credits	34,885		29,582
Deferred revenue	521		861
Equity compensation	3,994		4,879
Lease liabilities	17,465		18,822
Accrued compensation	3,225		3,323
Bad debt	502		447
Other accrued expense	318		218
Capitalized research and development costs	45,820		35,047
Other	4,033		1,369
Gross deferred tax assets	217,933		197,847
Less: Valuation allowance	(187,969)		(161,966)
Total deferred tax assets	29,964		35,881

Deferred tax liabilities:
Prepaid expenses	(13,298)		(16,505)
Right-of-use assets	(8,406)		(10,626)

Depreciation	(3,245)		(3,779)
Intangible assets	(688)		(1,179)
Other	(198)		(341)
Total deferred tax liabilities	(25,835)		(32,430)
Net deferred tax assets	$	4,129	$	3,451

As of December 31, 2024 and 2023, we had $287.5 million and $295.9 million, respectively, of gross net operating loss (“NOL”) carryforwards for U.S. federal tax purposes. U.S. federal NOL carryforwards in the gross amount of $16.6 million and generated prior to 2018 will expire, if unused, in 2037. Under the Tax Cuts and Jobs Act of 2017 (the “TCJA”), as modified by the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), federal NOL carryforwards generated in tax years beginning after December 31, 2017 may be carried forward indefinitely. As of December 31, 2024, we had $270.9 million of gross NOL carryforwards generated after 2017 for U.S. federal tax purposes, which may be used to offset 80% of our taxable income annually.

Section 382 of the Internal Revenue Code limits the utilization of NOL carryforwards when ownership changes occur, as defined by that section. A number of states have similar state laws that limit utilization of state NOL carryforwards when ownership changes occur. We have performed an analysis of our Section 382 ownership changes and have determined all U.S. federal and state NOL carryforwards are available for use as of December 31, 2024.

Beginning in 2022, the TCJA eliminated the option to deduct research and development expenditures immediately in the year incurred and requires companies to amortize such expenditures over five or fifteen years for tax purposes, depending on whether the activities were incurred in the U.S. or outside of the U.S. The new research and development expenditures rules resulted in a tax-effected deferred tax asset (before valuation allowance) of approximately $45.8 million and $35.0 million as of December 31, 2024 and 2023, respectively. Due

to the full valuation allowance recorded against our U.S. deferred tax assets, there was no impact to net deferred tax assets. Additionally, there was no cash tax impact for 2024 due to our ability to use NOL carryforwards to fully offset taxable income generated by the changes to research and development expenditures.

As of December 31, 2024 and 2023, we had $32.5 million and $27.2 million, respectively, of U.S. federal tax credit carryforwards which will expire, if unused, between 2031 and 2044.

As of December 31, 2024 and 2023, we had U.S. gross state NOL carryforwards of $297.5 million and $306.8 million, respectively. We had tax-effected state NOL carryforwards of $17.8 million and $17.0 million as of December 31, 2024 and 2023, respectively. The rules regarding carryforwards vary from state to state, and the ability to utilize NOLs varies based on timing and amount. The majority of state NOL carryforwards generated prior to 2018 will expire, if unused, in 2037. Due to the TCJA, certain state NOL carryforwards generated after 2017 have an indefinite carryforward period.

As of December 31, 2024 and 2023, we had foreign gross NOL carryforwards of $230.1 million and $192.3 million, respectively, primarily attributable to our subsidiary in Switzerland. We had tax-effected foreign NOL carryforwards of $29.0 million and $21.8 million as of December 31, 2024 and 2023, respectively. In 2024, $1.0 million of tax-effected Swiss NOLs expired related to the 2017 tax year. An additional portion of those NOL carryforwards will expire each year, if unused, between 2025 and 2031.

As of December 31, 2024 and 2023 we had a total valuation allowance of $188.0 million and $162.0 million, respectively. The following table summarizes the activity related to our valuation allowances for the years ended December 31, 2024, 2023, and 2022 (in thousands):


	Year Ended December 31,
	2024		2023		2022
Beginning balance	$	161,966	$	132,581	$	94,399
Charged to expense	27,605		27,267		39,203
Foreign currency translation adjustments	(1,602)		2,118		(1,021)
Deductions from reserve	—		—		—
Ending balance	$	187,969	$	161,966	$	132,581

As of December 31, 2024, we continued to maintain a full valuation allowance against U.S. deferred tax assets based on our cumulative operating results as of December 31, 2024, three-year cumulative loss, and an assessment of our expected future results of operations. We have evaluated all evidence, both positive and negative, in assessing the likelihood of realizability, and we determined the negative evidence outweighed the positive evidence.

As of December 31, 2024, we have a valuation allowance of $26.2 million against foreign deferred tax assets at our subsidiary in Switzerland. Based on our cumulative operating results as of December 31, 2024 and assessment of our expected future results of operations, we determined it was not more likely than not we would be able to realize the deferred tax assets prior to expiration.

We plan to distribute previously undistributed earnings of our foreign subsidiaries back to the United States in future years. Upon repatriation of those earnings, if any, we may be subject to taxes, including withholding taxes, net of any applicable foreign tax credits. Determination of the amount of unrecognized deferred U.S. income tax liability is not practicable.

As of December 31, 2024 and 2023, we had unrecognized tax benefits of $7.8 million and $6.5 million, respectively, none of which would affect our effective tax rate if recognized due to the valuation allowance. The following table summarizes the activity related to our unrecognized tax benefit from December 31, 2021 to December 31, 2024 (in thousands):


Balance as of December 31, 2021	$	3,089
Additions for tax positions in current years	1,399
Additions for tax positions in prior years	—
Reductions due to lapse in statutes of limitations	—
Settlements	—
Balance as of December 31, 2022	4,488
Additions for tax positions in current years	1,740
Additions for tax positions in prior years	256
Reductions due to lapse in statutes of limitations	—
Settlements	—
Balance as of December 31, 2023	6,484
Additions for tax positions in current years	1,374
Reductions for tax positions in prior years	(18)
Reductions due to lapse in statutes of limitations	—
Settlements	—
Balance as of December 31, 2024	$	7,840

We recognize interest and penalties related to uncertain tax positions in income tax expense. Our uncertain tax positions primarily relate to federal research and development tax credits. During the years ended December 31, 2024, 2023, and 2022, we recognized nominal amounts in interest. The cumulative balances of interest and penalties as of December 31, 2024 and 2023 were immaterial. We anticipate total unrecognized tax benefits will not decrease over the next year.

We file income tax returns in the U.S. federal jurisdiction and in various state and foreign jurisdictions. Due to the NOL carryforward, tax years 2016 through 2024 remain open to examination by the major taxing jurisdictions to which we are subject. There are no open examinations that would have a meaningful impact to our consolidated financial statements.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

10. Stock-Based Compensation

Equity Incentive Plans

In May 2017, our Board of Directors adopted, and our stockholders approved, the 2017 Equity Incentive Plan (the “2017 Plan”). The 2017 Plan provides for the grant of incentive stock options to employees and for the grant of nonstatutory stock options, restricted stock awards, restricted stock units (“RSUs”), stock appreciation rights, performance-based stock awards, and other forms of equity compensation to employees, including officers, non-employee directors, and consultants. We initially reserved 6,421,442 shares of Class A common stock for issuance under the 2017 Plan, which included 421,442 shares that remained available for issuance under our 2007 Stock Option Plan (the “2007 Plan”) at the time the 2017 Plan became effective. The number of shares reserved under the 2017 Plan increases for any shares subject to outstanding awards originally granted under the 2007 Plan that expire or are forfeited prior to exercise. As a result of the adoption of the 2017 Plan, no further grants may be made under the 2007 Plan. As of December 31, 2024, there were 7,196,533 shares of Class A common stock reserved for issuance under the 2017 Plan, of which 2,009,200 are still available to be issued.

Stock Options

In June 2022, our Board of Directors granted a stock option to purchase 700,000 shares of our Class A common stock to our Chief Executive Officer (the “2022 CEO Grant”) under the 2017 Plan with an exercise price of $50.63 per share. The 2022 CEO Grant is eligible to vest based on the achievement of various stock price appreciation targets of our Class A common stock. Specifically, the 2022 CEO Grant vests in four installments of 25% each if the average closing price per share for a 365 day calendar period equals or exceeds each of $175, $200, $225, and $250, respectively (the “Vesting Price Threshold”), prior to June 7, 2030. The option also vests if the Company engages in a Corporate Transaction, as defined in the Plan, in which the Company’s Class A common stock is valued at or above the Vesting Price Threshold. The fair value of the 2022 CEO Grant was determined using a Monte Carlo simulation. The fair value of the award at the grant date was $18.8 million and is being amortized over derived service periods ranging from 3.4 years to 4.1 years.

The only stock option awarded during the years ended December 31, 2024, 2023, and 2022 was the 2022 CEO Grant. The following table summarizes the assumptions used to estimate the fair value of the 2022 CEO stock option grant:

Year Ended December 31,

2024

2023

2022

Risk-free interest rate

3.01%

Expected term (in years)

Expected volatility

70.00%

Expected dividend yield

—%

* Not applicable because no stock options were granted during the period.

** Each Vesting Price Threshold for the 2022 CEO grant has a unique expected term ranging from 3.4 years to 4.1 years.

The following table summarizes stock option activity for the years ended December 31, 2024, 2023, and 2022:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2021	2,953,356	$	15.16	4.0	$	147,812
Granted	700,000	50.63
Exercised	(937,217)	27.14			32,858
Expired	(7,900)	4.06
Forfeited	(10,280)	12.28
Outstanding at December 31, 2022	2,697,959	20.25		5.1	45,862
Granted	—	—
Exercised	(98,610)	7.56			3,387
Expired	—	—
Forfeited	—	—
Outstanding at December 31, 2023	2,599,349	20.73		4.2	53,089
Granted	—	—
Exercised	(1,543,436)	9.37			36,383
Expired	(384)	12.00
Forfeited	—	—
Outstanding at December 31, 2024	1,055,529	$	37.34	5.6	$	7,751

Exercisable at December 31, 2024	355,529	$	11.18	2.1	$	7,751

No stock options were vested during the year ended December 31, 2024 and 2023. The total fair value of stock options that vested during the year ended December 31, 2022 was $0.9 million. As of December 31, 2024, the total compensation cost related to unvested stock options not yet recognized, which relates exclusively to the 2022 CEO Grant, was $5.9 million. This amount will be recognized over a remaining weighted average period of 1.22 years.

Restricted Stock Units

The following table summarizes RSU activity for the years ended December 31, 2024, 2023, and 2022:


	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested and outstanding at December 31, 2021	1,209,529	$	70.99
Granted	606,203	52.63
Vested	(403,648)	58.63
Forfeited	(221,364)	70.30
Non-vested and outstanding at December 31, 2022	1,190,720	65.97
Granted	710,278	42.52
Vested	(668,119)	58.64
Forfeited	(154,815)	62.73
Non-vested and outstanding at December 31, 2023	1,078,064	55.52
Granted	987,528	35.61
Vested	(657,897)	52.04
Forfeited	(261,535)	45.81
Non-vested and outstanding at December 31, 2024	1,146,160	$	42.59

As of December 31, 2024, total unrecognized compensation cost related to unvested RSUs was approximately $32.1 million, which will be recognized over a weighted average period of 1.5 years.

The following table summarizes the components of our stock-based compensation expense by instrument type for the years ended December 31, 2024, 2023, and 2022 (in thousands):


	Year Ended December 31,
	2024		2023		2022
RSUs	$	33,267	$	37,563	$	35,290
Stock options	5,059		5,045		2,790
Common stock awards to Board of Directors	719		779		750
Total stock-based compensation expense	$	39,045	$	43,387	$	38,830

The following table summarizes stock-based compensation expense by line item in the accompanying consolidated statements of operations for the years ended December 31, 2024, 2023, and 2022 (in thousands):


	Year Ended December 31,
	2024		2023		2022
Cost of revenue
Subscriptions	$	848	$	925	$	996
Professional services	5,674		6,055		5,309
Operating expenses
Sales and marketing	8,200		10,842		9,152
Research and development	11,716		12,486		12,523
General and administrative	12,607		13,079		10,850
Total stock-based compensation expense	$	39,045	$	43,387	$	38,830

Income Taxes - Schedule of Valuation Allowance (Details) - Valuation Allowance, Deferred Tax Asset - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	$ 161,966	$ 132,581	$ 94,399
Charged to expense	27,605	27,267	39,203
Foreign currency translation adjustments	(1,602)	2,118	(1,021)
Deductions from reserve	0	0	0
Ending balance	$ 187,969	$ 161,966	$ 132,581

Income Taxes - Reconciliation of Statutory to Effective Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
U.S. federal statutory tax rate	21.00%	21.00%	21.00%
State tax expense	4.30%	3.80%	4.10%
Foreign rate differential	(4.00%)	(3.10%)	(3.30%)
Nondeductible expenses	(1.00%)	(0.70%)	(0.30%)
Foreign tax expense	0.10%	(0.40%)	0.30%
Equity compensation	3.70%	(2.40%)	1.00%
Tax credits	7.30%	9.50%	4.70%
Unrecognized tax benefits	(1.50%)	(1.80%)	(0.90%)
Global intangible low-taxed income	(3.00%)	0.00%	0.00%
Change in tax rate	0.80%	(0.90%)	0.30%
Other	(0.50%)	0.20%	(0.50%)
Return to provision	3.30%	0.00%	0.00%
Deferred adjustments	(1.40%)	(3.00%)	(0.80%)
Change in valuation allowance	(30.30%)	(25.20%)	(26.10%)
Total	(1.20%)	(3.00%)	(0.50%)

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating losses	$ 107,170	$ 103,299
Tax credits	34,885	29,582
Deferred revenue	521	861
Equity compensation	3,994	4,879
Lease liabilities	17,465	18,822
Accrued compensation	3,225	3,323
Bad debt	502	447
Other accrued expense	318	218
Capitalized research and development costs	45,820	35,047
Other	4,033	1,369
Gross deferred tax assets	217,933	197,847
Less: Valuation allowance	(187,969)	(161,966)
Total deferred tax assets	29,964	35,881
Deferred tax liabilities:
Prepaid expenses	(13,298)	(16,505)
Right-of-use assets	(8,406)	(10,626)
Depreciation	(3,245)	(3,779)
Intangible assets	(688)	(1,179)
Other	(198)	(341)
Total deferred tax liabilities	(25,835)	(32,430)
Net deferred tax assets	$ 4,129	$ 3,451

Commitments and Contingencies, and Other Matters	12 Months Ended
Commitments and Contingencies, and Other Matters	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies, and Other Matters	13. Commitments, Contingencies, and Other Matters Minimum Purchase Commitments We have a non-cancellable cloud hosting arrangement with Amazon Web Services (“AWS”) that contains provisions for minimum purchase commitments. Specifically, purchase commitments under the agreement total $220.0 million over five years. The agreement, which was originated in July 2021 and amended in October 2024, currently contains minimum annual spending requirements of $44.0 million from November 2024 to October 2029. Spending under this agreement for the years ended December 31, 2024, 2023, and 2022 totaled $41.2 million, $36.6 million, and $33.1 million, respectively. The timing of payments under the agreement may vary. We expect to meet our minimum annual spending requirement during the term of the arrangement. Exclusive of the AWS contract, we have other non-cancellable agreements for subscription software products that contain provisions stipulating minimum purchase commitments. However, the annual purchase commitments under these contracts are, individually and in the aggregate, immaterial to our consolidated financial statements. Pegasystems Litigation On May 29, 2020, we filed a civil complaint against Pegasystems, Inc. (“Pegasystems”) and Youyong Zou, a Virginia resident, in the Circuit Court for Fairfax County, Virginia. Appian Corp v. Pegasystems Inc. & Youyong Zou, No. 2020-07216 (Fairfax Cty. Ct.). On May 10, 2022, we announced the jury awarded us $2.036 billion in damages for misappropriation of our trade secrets and $1 in damages for violating the Virginia Computer Crimes Act. Pegasystems filed several post-trial motions seeking relief in the form of reducing the damages award or setting aside the jury’s verdict and either granting a new trial or entering judgment in Pegasystems’ favor. All of these motions were denied, and final judgment was entered by the Court on September 15, 2022. The final judgment reaffirmed the $2.036 billion in damages and also ordered Pegasystems to pay Appian $23.6 million in attorney's fees associated with the case as well as statutory post-judgment interest on the judgment at an annual rate of 6%, or approximately $122.0 million per year. Defendant Youyong Zou has satisfied the judgment of $5,000 (plus interest) against him in lieu of appealing that judgment. On September 15, 2022, Pegasystems filed a notice of appeal to the Court of Appeals of Virginia. On July 30, 2024, the Court of Appeals of Virginia issued a decision reversing the judgment against Pegasystems and remanding for a new trial. The decision rejected Pegasystems’ argument that Appian had not presented evidence that trade secrets were misappropriated but reversed the judgment on the basis of evidentiary and damages rulings made by the trial court. On August 29, 2024, Appian submitted a petition to the Supreme Court of Virginia seeking to reverse the Court of Appeals decision and reinstate the full judgment against Pegasystems. Pegasystems filed an opposition to the petition and cross-issues for appeal on October 21, 2024. Appian's petition was heard on February 11, 2025. The timeline for rendering a decision is solely in the control of the Supreme Court. We cannot predict the outcome of any appeals or the exact time it will take to resolve them. Judgment Preservation Insurance On September 1, 2023, we entered into a Judgment Preservation Insurance (“JPI”) policy in connection with our $2.036 billion judgment against Pegasystems. The total cost of the policy was $57.3 million and is comprised of the premium, a one-time broker fee, and Virginia lines tax. The policy provides up to $500.0 million of coverage. The total cost of the policy was capitalized and is being amortized on a straight-line basis over the estimated length of the appeals process. We currently estimate the total length of the appeals process (solely for amortization purposes) to be approximately four years. This estimate is reviewed each reporting period. Amortization expense associated with the JPI premium is recorded to general and administrative expenses in our consolidated statements of operations. JPI amortization expense was $15.8 million and $6.0 million for the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024, $12.5 million of the unamortized balance is classified as ‘Prepaid expenses and other current assets’ while the remaining $22.9 million is classified as ‘Other assets’ on our consolidated balance sheets. Other Legal Matters From time to time, we are subject to legal, regulatory, and other proceedings and claims that arise in the ordinary course of business. Other than as disclosed elsewhere in this Annual Report, we are not presently a party to any legal proceedings that, if determined adversely to us, would individually or taken together have a material adverse effect on our business, operating results, financial condition, or cash flows. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources, and other factors. Share Repurchase Program In February 2024, our Board of Directors authorized a program to repurchase up to $50.0 million of our common stock from March 2024 to February 2026. In March 2024, we repurchased 1.3 million shares under this program at an average share price of $37.86, totaling an aggregate cost of $50.0 million. As of December 31, 2024, shareholders’ equity included 74.0 million shares outstanding, and all treasury shares were reissued.

Property and Equipment, net

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, net

6. Property and Equipment, net

Property and equipment, net consisted of the following as of December 31, 2024 and 2023 (in thousands):


	As of December 31,
	2024		2023
Leasehold improvements	$	54,088	$	53,313
Office furniture and fixtures	4,445		3,825
Computer software and hardware	9,363		10,491
Internally developed software	545		—
Equipment	191		194
Work in process	619		—
Property and equipment, gross	69,251		67,823
Less: Accumulated depreciation	(32,142)		(25,141)
Property and equipment, net	$	37,109	$	42,682

Depreciation expense totaled $8.5 million, $8.0 million, and $5.8 million for the years ended December 31, 2024, 2023, and 2022, respectively. During the years ended December 31, 2024, 2023, and 2022, we disposed of or retired $1.3 million, $1.4 million, and $1.0 million worth of fully depreciated property and equipment, respectively.

Stockholders' Equity (Details)	12 Months Ended
Stockholders' Equity (Details)	Dec. 31, 2024 vote $ / shares shares	Dec. 31, 2023 $ / shares shares
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	74,000,000.0
Class A Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, par value (in usd per share) \| $ / shares	$ 0.0001	$ 0.0001
Common stock, shares issued (in shares)	42,938,701	42,169,970
Common stock, shares outstanding (in shares)	42,938,701	42,169,970
Number of votes entitled to stockholders per share \| vote	1
Conversion of stock (in shares)	1
Maximum percentage of aggregate voting power of capital stock which triggers conversion of stock (percent)	10.00%
Class B Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, par value (in usd per share) \| $ / shares	$ 0.0001	$ 0.0001
Common stock, shares issued (in shares)	31,090,085	31,196,796
Common stock, shares outstanding (in shares)	31,090,085	31,196,796
Number of votes entitled to stockholders per share \| vote	10

Revenue - Schedule of Contract Asset and Contract Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract assets, current	$ 12,933	$ 12,052	$ 12,540
Contract assets, non-current	643	915	1,720
Total contract assets	13,576	12,967	14,260
Deferred revenue, current	281,760	235,992	194,768
Deferred revenue, non-current	5,477	4,700	5,556
Total contract liabilities	$ 287,237	$ 240,692	$ 200,324

Stock-Based Compensation - Restricted Stock Unit Activity (Details) - RSUs - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Non-vested and outstanding at beginning balance (in shares)	1,078,064	1,190,720	1,209,529
Granted (in shares)	987,528	710,278	606,203
Vested (in shares)	(657,897)	(668,119)	(403,648)
Forfeited (in shares)	(261,535)	(154,815)	(221,364)
Non-vested and outstanding at ending balance (in shares)	1,146,160	1,078,064	1,190,720
Weighted Average Grant Date Fair Value
Non-vested and outstanding at beginning balance (in usd per share)	$ 55.52	$ 65.97	$ 70.99
Granted (in usd per share)	35.61	42.52	52.63
Vested (in usd per share)	52.04	58.64	58.63
Forfeited (in usd per share)	45.81	62.73	70.30
Non-vested and outstanding at ending balance (in usd per share)	$ 42.59	$ 55.52	$ 65.97

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Lessee, Operating Lease, Description [Abstract]
Right-of-use assets for operating leases	$ 31,081	$ 39,975
Operating lease liabilities, current	12,378	11,698
Operating lease liabilities, net of current portion	52,189	59,067
Total operating lease liabilities	$ 64,567	$ 70,765
Weighted average remaining lease term (in years)	6 years 6 months	7 years 4 months 24 days
Weighted average discount rate	9.40%	9.40%

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

5. Goodwill and Intangible Assets

The following table details the changes in goodwill during the fiscal years ended December 31, 2024 and 2023 (in thousands):


	Carrying Amount
Balance as of December 31, 2022	$	26,349

Foreign currency translation adjustments	757
Balance as of December 31, 2023	27,106

Foreign currency translation adjustments	(1,551)
Balance as of December 31, 2024	$	25,555

Intangible assets, net consisted of the following as of December 31, 2024 and 2023 (in thousands):


	As of December 31,
	2024		2023
Developed technology	$	6,685	$	7,091
Customer relationships	896		950

Intangible assets, gross	7,581		8,041
Less: Accumulated amortization	(5,341)		(4,152)
Intangible assets, net	$	2,240	$	3,889

Intangible amortization expense was $1.5 million for each of the years ended December 31, 2024, 2023, and 2022. As of December 31, 2024, the weighted average remaining amortization periods for developed technology and customer relationships were approximately 1.7 years and 6.3 years, respectively.

The following table shows the projected annual amortization expense related to amortizable intangible assets as of December 31, 2024 (in thousands):


	Year Ended December 31,
2025	$	1,135
2026	730
2027	90
2028	90
2029	90
Thereafter	105
Total projected amortization expense	$	2,240

Debt - Outstanding Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Long-term debt	$ 251,563
Less: Debt issuance costs	(1,139)	$ (1,224)
Total debt	250,424	206,589
Debt, current	9,598	66,368
Long-term debt	240,826	140,221
Line of Credit \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Long-term debt	62,000	62,000
Secured Debt \| Secured Term Loan Facility
Line of Credit Facility [Line Items]
Long-term debt	$ 189,563	$ 145,813

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net loss	$ (92,262)	$ (111,441)	$ (150,920)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Stock-Based Compensation - Restricted Stock Units, Additional Information (Details) - RSUs $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost related to unvested restricted stock units	$ 32.1
Weighted average remaining vesting period	1 year 6 months

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Income Taxes - Loss Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Domestic	$ (55,183)	$ (89,925)	$ (102,434)
Foreign	(36,025)	(18,307)	(47,794)
Loss before income taxes	$ (91,208)	$ (108,232)	$ (150,228)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Insider Trading Arrangements

3 Months Ended

12 Months Ended

Dec. 31, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

The adoption or termination of contracts, instructions, or written plans for the purchase or sale of our securities by our Section 16 officers and directors for the three months ended December 31, 2024, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (“Rule 10b5-1 Plan”), were as follows:

Name

Title

Action

Date Adopted

Expiration Date

Aggregate # of Securities to be Purchased/Sold

Robert Kramer (1)

General Manager and Director

Adoption

12/3/2024

3/5/2026

236,382

(1) Robert Kramer, General Manager and a member of the Board of Directors, entered into a prearranged stock trading plan pursuant to Rule 10b5-1 on December 3, 2024. Mr. Kramer’s plan provides for the potential sale of up to 236,382 shares of Appian Class A common stock. The plan commences on March 6, 2025 and expires on the earlier of the completion of all authorized transactions under the plan or March 5, 2026.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Robert Kramer [Member]

Trading Arrangements, by Individual

Name

Robert Kramer (1)

Title

General Manager and Director

Rule 10b5-1 Arrangement Adopted

true

12/3/2024

3/5/2026

364 days

236,382

Accounting Policies - Concentration of Credit and Customer Risk (Details) - agency	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Summary Of Significant Accounting Policies [Line Items]
Number of government agencies	3
Sales Revenue, Net \| Customer Concentration Risk \| Foreign Customers
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	36.60%	35.80%	33.50%
Sales Revenue, Net \| Customer Concentration Risk \| Government Agencies
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	32.20%	29.10%	26.10%
Sales Revenue, Net \| Customer Concentration Risk \| Federal Government Agencies
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	4.00%	4.20%	4.50%
Accounts Receivable \| Customer Concentration Risk \| Customer One
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	17.50%

Investments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Components of Investments

The components of our investments as of December 31, 2024 and 2023 are as follows (in thousands):


	As of December 31, 2024
	Fair Value Measurement							Balance Sheet Classification
	Fair Value Level	Cost Basis		Unrealized Gains (Losses)		Fair Value		Cash and Cash Equivalents		Short-term Investments and Marketable Securities
Cash	Level 1	$	106,338	$	—	$	106,338	$	106,338	$	—
Money market fund	Level 1	12,214		—		12,214		12,214		—
U.S. Treasury bonds	Level 1	24,376		26		24,402		—		24,402
Commercial paper	Level 2	2,974		3		2,977		—		2,977
Corporate bonds	Level 2	13,900		29		13,929		—		13,929


Total investments		$	159,802	$	58	$	159,860	$	118,552	$	41,308

As of December 31, 2023, our investments consisted of the following (in thousands):


	As of December 31, 2023
	Fair Value Measurement							Balance Sheet Classification
	Fair Value Level	Cost Basis		Unrealized Gains (Losses)		Fair Value		Cash and Cash Equivalents		Short-Term Investments and Marketable Securities
Cash	Level 1	$	93,029	$	—	$	93,029	$	93,029	$	—
Money market fund	Level 1	56,322		—		56,322		56,322		—
U.S. Treasury bonds	Level 1	4,830		(2)		4,828		—		4,828


Agency bonds	Level 2	4,828		(3)		4,825		—		4,825
Total investments		$	159,009	$	(5)	$	159,004	$	149,351	$	9,653

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

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+ Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	BDO USA, P.C.
Auditor Location	McLean, Virginia
Auditor Firm ID	243

Leases - Future Minimum Operating Lease Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating Leases
2025	$ 12,898
2026	13,219
2027	13,469
2028	12,420
2029	11,968
Thereafter	22,871
Total lease payments	86,845
Less: imputed interest	(22,278)
Total	$ 64,567	$ 70,765

Investments and Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest income on investment	$ 6.8	$ 9.0	$ 0.9
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	$ 0.0	$ 0.0

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Beginning balance	$ 6,484	$ 4,488	$ 3,089
Additions for tax positions in current years	1,374	1,740	1,399
Additions for tax positions in prior years		256	0
Reductions for tax positions in prior years	(18)
Reductions due to lapse in statutes of limitations	0	0	0
Settlements	0	0	0
Ending balance	$ 7,840	$ 6,484	$ 4,488

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Accrued Expenses

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Accrued Expenses

7. Accrued Expenses

Accrued expenses consisted of the following as of December 31, 2024 and 2023 (in thousands):


	As of December 31,
	2024		2023
Hosting costs	$	3,047	$	2,973
Contract labor costs	1,043		600
Marketing and tradeshow expenses	1,728		685
Audit and tax fees	1,029		1,499
Taxes payable	1,285		1,261
Legal costs	289		103
Reimbursable employee expenses	1,569		880
Third party license fees	668		678
Capital expenditures	66		644
Other accrued expenses	664		1,723
Total accrued expenses	$	11,388	$	11,046

Retirement Plans (Details) - USD ($) $ in Millions	12 Months Ended
Retirement Plans (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Maximum annual contributions per employee (percent)	75.00%
Employer matching contribution, percentage of the employee's contribution (percent)	100.00%
Employer matching contribution, percentage of the employee's gross compensation (percent)	4.00%
Vesting term of employer contribution	4 years
Contribution expense related to employer matching contributions	$ 12.8	$ 12.9	$ 11.5

Basic and Diluted Loss per Common Share - Computation of Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net loss	$ (92,262)	$ (111,441)	$ (150,920)
Denominator:
Weighted average common shares outstanding, basic (in shares)	72,988,064	73,102,470	72,455,175
Weighted average common shares outstanding, diluted (in shares)	72,988,064	73,102,470	72,455,175
Net loss per share, basic and diluted
Net loss per share, basic (in usd per share)	$ (1.26)	$ (1.52)	$ (2.08)
Net loss per share, diluted (in usd per share)	$ (1.26)	$ (1.52)	$ (2.08)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Revenue

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue

3. Revenue

Revenue Recognition

We generate subscriptions revenue primarily through the sale of cloud subscriptions bundled with maintenance and support and hosting services as well as term license subscriptions bundled with maintenance and support. We generate professional services revenue from fees for our consulting services, including application development and deployment assistance as well as training related to our platform.

The following table summarizes revenue recorded during the years ended December 31, 2024, 2023, and 2022 (in thousands):


	Year Ended December 31,
	2024		2023		2022
Cloud subscriptions	$	368,030	$	304,481	$	236,922
Term license subscriptions	92,188		82,282		79,753
Maintenance and support	30,350		25,574		23,477
Total subscriptions	490,568		412,337		340,152
Professional services	126,454		133,026		127,839
Total revenue	$	617,022	$	545,363	$	467,991

Performance Obligations and Timing of Revenue Recognition

We primarily sell products and services that fall into the categories discussed below. Each category contains one or more performance obligations that are either (1) capable of being distinct (i.e., the customer can benefit from the product or service on its own or together with readily available resources, including those purchased separately from us) and distinct within the context of the contract (i.e., separately identified from other promises in the contract) or (2) a series of distinct products or services that are substantially the same and have the same pattern of transfer to the customer. Our term license subscriptions are delivered at a point in time while our cloud subscriptions, maintenance and support, and professional services are delivered over time.

Subscriptions Revenue

Subscriptions revenue is primarily related to (1) cloud subscriptions bundled with maintenance and support and hosting services and (2) term license subscriptions bundled with maintenance and support. We generally charge subscription fees on a per-user basis or through non-user-based single application licenses. We bill customers and collect payment for subscriptions to our platform in advance on an annual, quarterly, or monthly basis. In certain instances, our customers have paid their entire contract up front.

Cloud Subscriptions

We generate cloud-based subscriptions revenue primarily from the sales of subscriptions to access our cloud offering, together with related support services to our customers. We perform all required maintenance and support for our cloud offering. Revenue is recognized on a ratable basis over the contract term beginning on the date the service is made available to the customer. Our cloud-based subscription contracts generally have a term of one to three years in length. We bill customers and collect payment for subscriptions to our platform in advance, and they are non-cancellable.

Term License Subscriptions

Our term license subscriptions revenue is derived from customers with on-premises installations of our platform. The majority of our term license contracts are one year in length. Although term license subscriptions are sold with maintenance and support, the software is fully functional at the beginning of the subscription and is considered a distinct performance obligation. If a cloud-based subscription includes the right for the customer to take possession of the license, the revenue is treated as a term license. Revenue from term license subscriptions is recognized when control of the software license has transferred to the customer, which is the later of delivery or commencement of the contract term.

Maintenance and Support

Maintenance and support subscriptions include both technical support and when-and-if-available software upgrades, which are treated as a single performance obligation as they are considered a series of distinct services

that are substantially the same and have the same duration and measure of progress. Revenue from maintenance and support is recognized ratably over the contract period, which is the period over which the customer has continuous access to maintenance and support.

Professional Services Revenue

Our professional services revenue is comprised of fees for consulting services, including application development and deployment assistance as well as training services related to our platform. Our professional services are considered distinct performance obligations when sold standalone or with other products.

Consulting Services

We sell consulting services to assist customers in planning and executing the deployment of our software. Customers are not required to use consulting services to fully benefit from the software. Consulting services are regularly sold on a standalone basis and most often as either (1) under a fixed-fee arrangement or (2) on a time and materials basis. We also sell advisory services on a subscription basis to support customers or partners with their development and deployment. Consulting services contracts are considered separate performance obligations because they do not integrate with each other or with other products and services to deliver a combined output to the customer, do not modify or customize (or are not modified or customized by) each other or other products and services, and do not affect the customer's ability to use other consulting offerings or other products and services. Revenue under consulting contracts is recognized over time as services are delivered. Revenue from subscription-based consulting contracts is recognized ratably over the contract period. For time and materials-based consulting contracts, we have elected the practical expedient of recognizing revenue upon invoicing since the invoiced amount corresponds directly to the value of our service to date.

Training Services

We sell various training services to our customers. Training services are sold in the form of prepaid training credits that are redeemed based on a fixed rate per course. Training revenue is recognized when the associated training services are delivered.

Significant Judgments and Estimates

Determining the Transaction Price

The transaction price is the total amount of consideration we expect to receive in exchange for the service offerings in a contract and may include both fixed and variable components. Variable consideration is included in the transaction price to the extent it is probable a significant reversal will not occur. The amount of variable consideration excluded from the transaction price for the years ended December 31, 2024, 2023, and 2022 was immaterial. Our estimates of variable consideration are also subject to subsequent true-up adjustments and may result in changes to transaction prices; however, such true-up adjustments are not expected to be material.

Allocating the Transaction Price Based on Standalone Selling Prices (“SSP”)

We allocate the transaction price to each performance obligation in a contract based on its relative SSP. The SSP is the observable price at which we sell the product or service separately. In the absence of observable pricing, we estimate SSP using the residual approach. We establish SSP as follows:

1.Cloud subscriptions - Given the highly variable selling price of our cloud subscriptions, we establish the SSP of our cloud subscriptions using a residual approach after first determining the SSP of consulting and training services. We have concluded the residual approach to estimating the SSP of our cloud subscriptions is an appropriate allocation of the transaction price.

2.Term license subscriptions - Given the highly variable selling price of our term license subscriptions, we have established the SSP of term license subscriptions using a residual approach after first determining the SSP of

maintenance and support. Maintenance and support is sold on a standalone basis in conjunction with renewals of our legacy perpetual software licenses and within a narrow range of the net license fee. Because an economic relationship exists between the license and maintenance and support, we have concluded the residual approach to estimating the SSP of term license subscriptions is an appropriate allocation of the transaction price.

3.Maintenance and support - We establish the SSP of maintenance and support as a percentage of the stated net subscription fee based on observable pricing of maintenance and support renewals from our legacy perpetual software licenses.

4.Consulting and training services - The SSP of consulting and training services is established based on the observable pricing of standalone sales within each geographic region where the services are sold.

Contract Balances

Timing may differ between the satisfaction of performance obligations and the invoicing and collection of amounts related to our contracts with customers. Contract assets primarily relate to unbilled amounts for contracts with customers for which the amount of revenue recognized exceeds the amount billed to the customer. Contract assets are transferred to accounts receivable when the right to invoice becomes unconditional. Contract liabilities consist of deferred revenue and include payments received in advance of the satisfaction of performance obligations. Deferred revenue is then recognized as the revenue recognition criteria are met. Deferred revenue that will be recognized during the succeeding 12-month period is recorded as current, and the remaining deferred revenue is recorded as non-current.

The following table sets forth contract asset and contract liability balances as of December 31, 2024, 2023, and 2022 (in thousands):


	As of December 31,
	2024		2023		2022
Contract assets, current*	$	12,933	$	12,052	$	12,540
Contract assets, non-current*	643		915		1,720
Total contract assets	$	13,576	$	12,967	$	14,260

Deferred revenue, current	$	281,760	$	235,992	$	194,768
Deferred revenue, non-current	5,477		4,700		5,556
Total contract liabilities	$	287,237	$	240,692	$	200,324

Revenue recognized from amounts included in contract liabilities at the beginning of the period totaled $234.5 million, $196.5 million, and $147.0 million for the years ended December 31, 2024, 2023, and 2022, respectively.

Transaction Price Allocated to the Remaining Performance Obligations

As of December 31, 2024, we had an aggregate transaction price of $546.0 million allocated to unsatisfied performance obligations. We expect to recognize $360.0 million of this balance as revenue over the next 12 months with the remaining amount recognized thereafter.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Segment and Geographic Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment and Geographic Information

14. Segment and Geographic Information

Operating segments are defined as components of an enterprise for which discrete financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) for purposes of allocating resources and evaluating financial performance. We have determined our CODM is our Chief Executive Officer.

We have one operating and one reportable segment, representing our consolidated business that helps organizations design, automate, and optimize important business processes from start to finish. We generate revenue from customers primarily through the sale of cloud and term subscriptions bundled with maintenance and support as well as professional services revenue from fees for our consulting services and training related to our platform. Our reportable segment determination is based on our management and internal reporting structure, the nature of the subscriptions and services we offer, and the financial information evaluated regularly by our CODM.

The CODM uses operating loss and net loss reported on the consolidated statements of operations to assess performance for the segment and decide how to allocate resources. In addition, the CODM reviews the expense categories presented on the consolidated statements of operations to manage the Company’s operations. Operating loss and net loss are used to evaluate profitability trends in the business, and the CODM considers budget-to-actual variances for both profit measures when making decisions about allocating capital and resources. Further, the measure of segment assets is total assets as reported on the consolidated balance sheets.

The following table summarizes revenue by geography for the years ended December 31, 2024, 2023, and 2022 (in thousands):


	Year Ended December 31,
	2024		2023		2022
Domestic	$	391,002	$	350,210	$	311,075
International	226,020		195,153		156,916
Total	$	617,022	$	545,363	$	467,991

With respect to geographic information, revenue is attributed to respective geographies based on the contracting address of the customer. The value of our long-lived assets, which are comprised of property and equipment and intangible assets with finite lives as well as right-of-use assets, held in the United States and internationally as of December 31, 2024 were $29.6 million and $9.8 million, respectively. As of December 31, 2023, our long-lived assets held in the United States and internationally were $34.0 million and $12.6 million, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment, net consisted of the following as of December 31, 2024 and 2023 (in thousands):


	As of December 31,
	2024		2023
Leasehold improvements	$	54,088	$	53,313
Office furniture and fixtures	4,445		3,825
Computer software and hardware	9,363		10,491
Internally developed software	545		—
Equipment	191		194
Work in process	619		—
Property and equipment, gross	69,251		67,823
Less: Accumulated depreciation	(32,142)		(25,141)
Property and equipment, net	$	37,109	$	42,682

Property and Equipment, net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 69,251	$ 67,823
Less: Accumulated depreciation	(32,142)	(25,141)
Property and equipment, net	37,109	42,682
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	54,088	53,313
Office furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,445	3,825
Computer software and hardware
Property, Plant and Equipment [Line Items]
Property and equipment, gross	9,363	10,491
Internally developed software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	545	0
Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	191	194
Work in process
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 619	$ 0

Leases - Additional Information (Details) $ in Thousands	3 Months Ended		12 Months Ended
Leases - Additional Information (Details) $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2024 USD ($) asset_group floor	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Leases [Abstract]
Renewal term (in years)			10 years
Sublease income			$ 1,300	$ 1,300	$ 400
Lease impairment charges	$ 0	$ 0	$ 5,462	0	0
Number of asset groups impaired \| asset_group			2
Number of floors represented by each asset group within headquarters \| floor			2
Reimbursements received for tenant improvements			$ 0	$ 2,600	$ 2,600

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Components of Lease Expense

The following table sets forth the components of lease expense for the years ended December 31, 2024, 2023, and 2022 (in thousands, exclusive of sublease income):


	Year Ended December 31,
	2024		2023		2022
Operating lease cost	$	9,519	$	9,056	$	6,950



Short-term lease cost	1,513		1,444		583
Variable lease cost	5,238		4,230		3,817
Total	$	16,270	$	14,730	$	11,350

Schedule of Supplemental Balance Sheet Information

Supplemental balance sheet information related to operating leases as of December 31, 2024 and 2023 is presented in the following table (in thousands, except for lease term and discount rate):


	As of December 31,
	2024			2023
Right-of-use assets for operating leases	$	31,081		$	39,975

Operating lease liabilities, current	$	12,378		$	11,698
Operating lease liabilities, net of current portion	52,189			59,067
Total operating lease liabilities	$	64,567		$	70,765

Weighted average remaining lease term (in years)	6.5			7.4

Weighted average discount rate	9.4		%	9.4		%

Schedule of Supplemental Cash Flow Information

Supplemental cash flow and expense information related to operating leases for the years ended December 31, 2024, 2023, and 2022 is shown below (in thousands):


	Year Ended December 31,
	2024		2023		2022

Operating cash outflows for operating leases	$	12,179	$	8,865	$	7,073



Amortization of operating lease ROU assets	3,179		2,676		1,495
Interest expense on operating lease liabilities	6,340		6,380		5,406

Schedule of Maturities of Operating Lease Liabilities

A summary of our future minimum lease commitments under non-cancellable leases as of December 31, 2024 is shown below (in thousands):


	Operating Leases
2025	$	12,898
2026	13,219
2027	13,469
2028	12,420
2029	11,968
Thereafter	22,871
Total lease payments	86,845
Less: imputed interest	(22,278)
Total	$	64,567

Stock-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Shares
Outstanding at beginning of period (in shares)	2,599,349	2,697,959	2,953,356
Granted (in shares)	0	0	700,000
Exercised (in shares)	(1,543,436)	(98,610)	(937,217)
Expired (in shares)	(384)	0	(7,900)
Forfeited (in shares)	0	0	(10,280)
Outstanding at ending of period (in shares)	1,055,529	2,599,349	2,697,959	2,953,356
Exercisable at end of period (in shares)	355,529
Weighted Average Exercise Price
Outstanding at beginning of period (in usd per shares)	$ 20.73	$ 20.25	$ 15.16
Granted (in usd per share)	0	0	50.63
Exercised (in usd per share)	9.37	7.56	27.14
Expired (in usd per share)	12.00	0	4.06
Forfeited (in usd per share)	0	0	12.28
Outstanding at ending balance (in usd per share)	37.34	$ 20.73	$ 20.25	$ 15.16
Exercisable at end of period (in usd per share)	$ 11.18
Weighted Average Remaining Contractual Term (in years)
Outstanding (in years)	5 years 7 months 6 days	4 years 2 months 12 days	5 years 1 month 6 days	4 years
Exercisable at end of period (in years)	2 years 1 month 6 days
Aggregate Intrinsic Value (in thousands)
Outstanding intrinsic value, beginning balance	$ 53,089	$ 45,862	$ 147,812
Exercised	36,383	3,387	32,858
Outstanding intrinsic value, ending balance	7,751	$ 53,089	$ 45,862	$ 147,812
Exercisable at end of period	$ 7,751

Organization and Description of Business	12 Months Ended
Organization and Description of Business	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	1. Organization and Description of Business Appian Corporation (together with its subsidiaries, “Appian,” the “Company,” “we,” or “our”) is a software company that orchestrates business processes. The Appian Platform empowers leaders to design, automate, and optimize important processes from start to finish. With our industry-leading platform and commitment to customer success, Appian is trusted by top organizations to drive transformational process change. We are headquartered in McLean, Virginia and operate both in the U.S. and internationally including Australia, Canada, France, Germany, India, Italy, Japan, Mexico, the Netherlands, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom.

Segment and Geographic Information - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)
Segment Reporting [Abstract]
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets \| $	$ 29.6	$ 34.0
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets \| $	$ 9.8	$ 12.6

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Allowance for doubtful accounts	$ 3,396	$ 2,606
Property and equipment, net of accumulated depreciation	32,142	25,141
Finite-lived intangible assets, accumulated amortization	$ 5,341	$ 4,152
Common stock, shares outstanding (in shares)	74,000,000.0
Class A Common Stock
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	42,938,701	42,169,970
Common stock, shares outstanding (in shares)	42,938,701	42,169,970
Class B Common Stock
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	31,090,085	31,196,796
Common stock, shares outstanding (in shares)	31,090,085	31,196,796

Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Revenue By Geography

The following table summarizes revenue by geography for the years ended December 31, 2024, 2023, and 2022 (in thousands):


	Year Ended December 31,
	2024		2023		2022
Domestic	$	391,002	$	350,210	$	311,075
International	226,020		195,153		156,916
Total	$	617,022	$	545,363	$	467,991

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Assumptions Used to Estimate the Fair Value of Stock Options Granted

The following table summarizes the assumptions used to estimate the fair value of the 2022 CEO stock option grant:

Year Ended December 31,

2024

2023

2022

Risk-free interest rate

3.01%

Expected term (in years)

Expected volatility

70.00%

Expected dividend yield

—%

* Not applicable because no stock options were granted during the period.

** Each Vesting Price Threshold for the 2022 CEO grant has a unique expected term ranging from 3.4 years to 4.1 years.

Schedule of Stock Option Activity

The following table summarizes stock option activity for the years ended December 31, 2024, 2023, and 2022:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2021	2,953,356	$	15.16	4.0	$	147,812
Granted	700,000	50.63
Exercised	(937,217)	27.14			32,858
Expired	(7,900)	4.06
Forfeited	(10,280)	12.28
Outstanding at December 31, 2022	2,697,959	20.25		5.1	45,862
Granted	—	—
Exercised	(98,610)	7.56			3,387
Expired	—	—
Forfeited	—	—
Outstanding at December 31, 2023	2,599,349	20.73		4.2	53,089
Granted	—	—
Exercised	(1,543,436)	9.37			36,383
Expired	(384)	12.00
Forfeited	—	—
Outstanding at December 31, 2024	1,055,529	$	37.34	5.6	$	7,751

Exercisable at December 31, 2024	355,529	$	11.18	2.1	$	7,751

Schedule of Restricted Stock Unit Activity

The following table summarizes RSU activity for the years ended December 31, 2024, 2023, and 2022:


	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested and outstanding at December 31, 2021	1,209,529	$	70.99
Granted	606,203	52.63
Vested	(403,648)	58.63
Forfeited	(221,364)	70.30
Non-vested and outstanding at December 31, 2022	1,190,720	65.97
Granted	710,278	42.52
Vested	(668,119)	58.64
Forfeited	(154,815)	62.73
Non-vested and outstanding at December 31, 2023	1,078,064	55.52
Granted	987,528	35.61
Vested	(657,897)	52.04
Forfeited	(261,535)	45.81
Non-vested and outstanding at December 31, 2024	1,146,160	$	42.59

Schedule of Components of Stock-based Compensation Expense

The following table summarizes the components of our stock-based compensation expense by instrument type for the years ended December 31, 2024, 2023, and 2022 (in thousands):


	Year Ended December 31,
	2024		2023		2022
RSUs	$	33,267	$	37,563	$	35,290
Stock options	5,059		5,045		2,790
Common stock awards to Board of Directors	719		779		750
Total stock-based compensation expense	$	39,045	$	43,387	$	38,830

Schedule of Stock-based Compensation Expense Included in Condensed Consolidated Statements of Operations


	Year Ended December 31,
	2024		2023		2022
Cost of revenue
Subscriptions	$	848	$	925	$	996
Professional services	5,674		6,055		5,309
Operating expenses
Sales and marketing	8,200		10,842		9,152
Research and development	11,716		12,486		12,523
General and administrative	12,607		13,079		10,850
Total stock-based compensation expense	$	39,045	$	43,387	$	38,830

Revenue - Revenue by Services (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 617,022	$ 545,363	$ 467,991
Subscriptions
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	490,568	412,337	340,152
Cloud subscriptions
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	368,030	304,481	236,922
Term license subscriptions
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	92,188	82,282	79,753
Maintenance and support
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	30,350	25,574	23,477
Professional services
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 126,454	$ 133,026	$ 127,839

- Definition

+ References

+ Details

Investments and Fair Value Measurements - Components of Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents	$ 118,552	$ 149,351	$ 148,132
Total investments	159,802	159,009
Unrealized Gains (Losses)	58	(5)
Debt securities, Fair Value	41,308	9,653
Total investments, Fair Value	159,860	159,004
U.S. Treasury bonds
Debt Securities, Available-for-sale [Line Items]
Debt securities, Fair Value	24,402	4,828
U.S. Treasury bonds \| Level 1
Debt Securities, Available-for-sale [Line Items]
Debt securities	24,376	4,830
Unrealized Gains (Losses)	26	(2)
Debt securities, Fair Value	24,402	4,828
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Debt securities, Fair Value	2,977
Commercial paper \| Level 2
Debt Securities, Available-for-sale [Line Items]
Debt securities	2,974
Unrealized Gains (Losses)	3
Debt securities, Fair Value	2,977
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Debt securities, Fair Value	13,929
Corporate bonds \| Level 2
Debt Securities, Available-for-sale [Line Items]
Debt securities	13,900
Unrealized Gains (Losses)	29
Debt securities, Fair Value	13,929
Agency bonds
Debt Securities, Available-for-sale [Line Items]
Debt securities, Fair Value		4,825
Agency bonds \| Level 2
Debt Securities, Available-for-sale [Line Items]
Debt securities		4,828
Unrealized Gains (Losses)		(3)
Debt securities, Fair Value		4,825
Cash
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents	106,338	93,029
Cash \| Level 1
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents	106,338	93,029
Cash and cash equivalents, Fair Value	106,338	93,029
Money market fund
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents	12,214	56,322
Money market fund \| Level 1
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents	12,214	56,322
Cash and cash equivalents, Fair Value	$ 12,214	$ 56,322

Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Outstanding Debt Balances

The following table summarizes outstanding debt balances as of December 31, 2024 and 2023 (in thousands):


	As of December 31,
	2024		2023
Borrowings under revolving credit facility	$	62,000	$	62,000
Secured term loan facility	189,563		145,813
Less: Debt issuance costs(1)	(1,139)		(1,224)
Total debt, net of debt issuance costs	$	250,424	$	206,589

Debt, current	$	9,598	$	66,368
Long-term debt	240,826		140,221
Total debt	$	250,424	$	206,589

(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.

Schedule of Future Long-term Debt Principal Payments

The following table summarizes the annual maturities of the principal amount of total debt due as of December 31, 2024 (in thousands):


	Year Ended December 31,
2025	$	10,000
2026	10,000
2027	231,563
Total	$	251,563

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (SX 210.12-04(a))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 942
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Stock-Based Compensation - Stock Options, Additional Information (Details) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($) installment $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares		0	0	700,000
Granted (in usd per share)		$ 0	$ 0	$ 50.63
Outstanding, ending balance		5 years 7 months 6 days	4 years 2 months 12 days	5 years 1 month 6 days	4 years
Vested in period, value \| $		$ 0.0	$ 0.0	$ 0.9
Chief Executive Officer \| 2017 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares	700,000
Granted (in usd per share)	$ 50.63
Fair value of options at grant date \| $	$ 18.8
Compensation cost related to nonvested stock options not yet recognized \| $		$ 5.9
Unrecognized compensation cost related to nonvested stock option recognized over weighted average period, in years		1 year 2 months 19 days
Chief Executive Officer \| 2017 Equity Incentive Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, ending balance	3 years 4 months 24 days			3 years 4 months 24 days
Chief Executive Officer \| 2017 Equity Incentive Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, ending balance	4 years 1 month 6 days			4 years 1 month 6 days
Stock options \| Chief Executive Officer \| 2017 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of installments \| installment	4
Stock options \| Chief Executive Officer \| 2017 Equity Incentive Plan \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights percentage (percent)	25.00%
Vesting price threshold (in usd per share)	$ 175
Stock options \| Chief Executive Officer \| 2017 Equity Incentive Plan \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights percentage (percent)	25.00%
Vesting price threshold (in usd per share)	$ 200
Stock options \| Chief Executive Officer \| 2017 Equity Incentive Plan \| Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights percentage (percent)	25.00%
Vesting price threshold (in usd per share)	$ 225
Stock options \| Chief Executive Officer \| 2017 Equity Incentive Plan \| Tranche Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights percentage (percent)	25.00%
Vesting price threshold (in usd per share)	$ 250

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Loss Before Income Taxes

For the years ended December 31, 2024, 2023, and 2022, our loss before income taxes was comprised of the following (in thousands):


	Year Ended December 31,
	2024		2023		2022
Domestic	$	(55,183)	$	(89,925)	$	(102,434)
Foreign	(36,025)		(18,307)		(47,794)
Total	$	(91,208)	$	(108,232)	$	(150,228)

Schedule of Components of Income Tax Expense

For the years ended December 31, 2024, 2023, and 2022, our income tax expense was comprised of the following (in thousands):


	Year Ended December 31,
	2024		2023		2022
Current:
Federal	$	(10)	$	34	$	72
State	149		223		119
Foreign	1,864		4,523		1,409
Total current expense	2,003		4,780		1,600
Deferred:
Federal	—		—		—
State	—		—		—
Foreign	(949)		(1,571)		(908)
Total deferred benefit	(949)		(1,571)		(908)
Total income tax expense	$	1,054	$	3,209	$	692

Schedule of Reconciliation of Statutory to Effective Income Tax Rate


	Year Ended December 31,
	2024		2023		2022
U.S. federal statutory tax rate	21.0	%	21.0	%	21.0	%
State tax expense	4.3		3.8		4.1
Foreign rate differential	(4.0)		(3.1)		(3.3)
Nondeductible expenses	(1.0)		(0.7)		(0.3)
Foreign tax expense	0.1		(0.4)		0.3
Equity compensation	3.7		(2.4)		1.0
Tax credits	7.3		9.5		4.7
Unrecognized tax benefits	(1.5)		(1.8)		(0.9)
Global intangible low-taxed income	(3.0)		—		—
Change in tax rate	0.8		(0.9)		0.3
Other	(0.5)		0.2		(0.5)
Return to provision	3.3		—		—
Deferred adjustments	(1.4)		(3.0)		(0.8)
Change in valuation allowance	(30.3)		(25.2)		(26.1)
Total	(1.2)	%	(3.0)	%	(0.5)	%

Schedule of Deferred Tax Assets and Liabilities

As of December 31, 2024 and 2023, significant components of our deferred tax assets and liabilities were as follows (in thousands):


	As of December 31,
	2024		2023
Deferred tax assets:
Net operating losses	$	107,170	$	103,299
Tax credits	34,885		29,582
Deferred revenue	521		861
Equity compensation	3,994		4,879
Lease liabilities	17,465		18,822
Accrued compensation	3,225		3,323
Bad debt	502		447
Other accrued expense	318		218
Capitalized research and development costs	45,820		35,047
Other	4,033		1,369
Gross deferred tax assets	217,933		197,847
Less: Valuation allowance	(187,969)		(161,966)
Total deferred tax assets	29,964		35,881

Deferred tax liabilities:
Prepaid expenses	(13,298)		(16,505)
Right-of-use assets	(8,406)		(10,626)

Depreciation	(3,245)		(3,779)
Intangible assets	(688)		(1,179)
Other	(198)		(341)
Total deferred tax liabilities	(25,835)		(32,430)
Net deferred tax assets	$	4,129	$	3,451

Schedule of Valuation Allowance

The following table summarizes the activity related to our valuation allowances for the years ended December 31, 2024, 2023, and 2022 (in thousands):


	Year Ended December 31,
	2024		2023		2022
Beginning balance	$	161,966	$	132,581	$	94,399
Charged to expense	27,605		27,267		39,203
Foreign currency translation adjustments	(1,602)		2,118		(1,021)
Deductions from reserve	—		—		—
Ending balance	$	187,969	$	161,966	$	132,581

Schedule of Unrecognized Tax Benefits Roll Forward

The following table summarizes the activity related to our unrecognized tax benefit from December 31, 2021 to December 31, 2024 (in thousands):


Balance as of December 31, 2021	$	3,089
Additions for tax positions in current years	1,399
Additions for tax positions in prior years	—
Reductions due to lapse in statutes of limitations	—
Settlements	—
Balance as of December 31, 2022	4,488
Additions for tax positions in current years	1,740
Additions for tax positions in prior years	256
Reductions due to lapse in statutes of limitations	—
Settlements	—
Balance as of December 31, 2023	6,484
Additions for tax positions in current years	1,374
Reductions for tax positions in prior years	(18)
Reductions due to lapse in statutes of limitations	—
Settlements	—
Balance as of December 31, 2024	$	7,840

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 9,519	$ 9,056	$ 6,950
Short-term lease cost	1,513	1,444	583
Variable lease cost	5,238	4,230	3,817
Total	$ 16,270	$ 14,730	$ 11,350