Appian Announces Fourth Quarter and Full Year 2025 Financial Results

Fourth quarter cloud subscriptions revenue increased 18% year-over-year to $117.0 million
Full year cloud subscriptions revenue increased 19% year-over year to $437.4 million

MCLEAN, Va., Feb. 19, 2026 (GLOBE NEWSWIRE) -- Appian (Nasdaq: APPN) today announced financial results for the fourth quarter and full year ended December 31, 2025.

Fourth Quarter 2025 Financial Highlights:

Revenue: Cloud subscriptions revenue was $117.0 million, up 18% compared to the fourth quarter of 2024. Total subscriptions revenue, which includes sales of our cloud subscriptions, license subscriptions, and maintenance and support, increased 19% year-over-year to $162.3 million. Professional services revenue was $40.6 million, an increase of 36% compared to the fourth quarter of 2024. Total revenue was $202.9 million, up 22% compared to the fourth quarter of 2024. Cloud net annualized recurring revenue (“ARR”) expansion was 114% as of December 31, 2025.
Operating (loss) income and non-GAAP operating income: GAAP operating loss was $(0.7) million, compared to GAAP operating income of $5.0 million for the fourth quarter of 2024. Non-GAAP operating income was $17.4 million, compared to non-GAAP operating income of $18.7 million for the fourth quarter of 2024.
Net loss and non-GAAP net income (loss): GAAP net loss was $(5.1) million, compared to $(13.6) million for the fourth quarter of 2024. GAAP net loss per share was $(0.07) for the fourth quarter of 2025, compared to $(0.18) for the fourth quarter of 2024. Non-GAAP net income was $11.1 million, compared to non-GAAP net income of $13.2 million for the fourth quarter of 2024. Non-GAAP net income per share was $0.15, compared to the $0.18 net income per share for the fourth quarter of 2024.
Adjusted EBITDA: Adjusted EBITDA was $19.7 million, compared to adjusted EBITDA of $21.2 million for the fourth quarter of 2024.
Cash flows: Net cash provided by operating activities was $1.1 million for the three months ended December 31, 2025 compared to $13.9 million of net cash provided by operating activities for the same period in 2024.

Full Year 2025 Financial Highlights:

Revenue: Cloud subscriptions revenue was $437.4 million for the full year 2025, up 19% compared to the full year 2024. Total subscriptions revenue increased 18% year-over-year to $576.5 million for the full year 2025. Professional services revenue was $150.5 million for the full year 2025, compared to $126.5 million for the full year 2024. Total revenue was $726.9 million for the full year 2025, up 18% compared to the full year 2024.
Operating income (loss) and non-GAAP operating income: GAAP operating income was $0.6 million for the full year 2025, compared to GAAP operating losses of $(60.9) million for the full year 2024. Non-GAAP operating income was $67.1 million for the full year 2025, compared to non-GAAP operating income $10.2 million for the full year 2024.
Net income (loss) and non-GAAP net income (loss): GAAP net income was $1.2 million for the full year 2025, compared to GAAP net loss of $(92.3) million for the full year 2024. GAAP basic and diluted net income per share was $0.02 for the full year 2025, compared to $(1.26) net loss per share for the full year 2024. Non-GAAP net income was $45.6 million for the full year 2025, compared to $(9.4) million of non-GAAP net loss for the full year 2024. Non-GAAP net income per diluted share was $0.61 for the full year 2025, compared to the $(0.13) net loss per share for the full year 2024.
Adjusted EBITDA: Adjusted EBITDA was $76.8 million for the full year 2025, compared to adjusted EBITDA of $20.3 million for the full year 2024.
Balance sheet and cash flows: As of December 31, 2025, Appian had total cash, cash equivalents, and investments of $187.2 million. Net cash provided by operating activities was $62.9 million for the full year 2025, compared to $6.9 million of net cash provided by operating activities for the full year 2024.

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

Recent Business Highlights:

Financial Outlook:

As of February 19, 2026, guidance for 2026 is as follows:

First Quarter 2026 Guidance:

- Cloud subscriptions revenue is expected to be between $119.0 million and $121.0 million, representing year-over-year growth of 19% to 21%.
- Total revenue is expected to be between $189.0 million and $193.0 million, representing a year-over-year increase of 14% to 16%.
- Adjusted EBITDA is expected to be between $19.0 million and $22.0 million.
- Non-GAAP net income per share is expected to be between $0.16 and $0.20, assuming weighted average common shares outstanding of 75.1 million.

Full Year 2026 Guidance:

- Cloud subscriptions revenue is expected to be between $502.0 million and $510.0 million, representing year-over-year growth of 15% to 17%.
- Total revenue is expected to be between $801.0 million and $817.0 million, representing a year-over-year increase of 10% to 12%.
- Adjusted EBITDA is expected to be between $89.0 million and $99.0 million.
- Non-GAAP net income per share is expected to be between $0.82 and $0.96, assuming weighted average common shares outstanding of 74.8 million.

Conference Call Details:

Appian will host a conference call today, February 19, 2026, at 8:30 a.m. ET to discuss Appian's financial results for the fourth quarter and fiscal year ended December 31, 2025 and business outlook.

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

About Appian

Appian provides process automation technology. We automate complex processes in large enterprises and governments. Our platform is known for its unique reliability and scale. We’ve been automating processes for 25 years and understand enterprise operations like no one else. For more information, visit appian.com. [Nasdaq: APPN]

Non-GAAP Financial Measures

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

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

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

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

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

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical facts, including statements regarding Appian’s future financial and business performance for the first quarter and full year 2026, future investment by Appian in its go-to-market initiatives, increased demand for the Appian Platform, market opportunity and plans and objectives for future operations, including Appian’s ability to drive continued subscriptions revenue and total revenue growth, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “will,” “plan,” and similar expressions are intended to identify forward-looking statements. Appian has based these forward-looking statements on its current expectations and projections about future events and financial trends that Appian believes may affect its financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks and uncertainties, including the risks and uncertainties associated with Appian’s market opportunity and the expansion of its core software markets in general, the opportunity and disruptive impact of AI, the effects of increased competition, as well as innovations by new and existing competitors in its market, Appian’s ability to effectively manage or sustain its growth and to maintain profitability Appian’s ability to maintain, or strengthen awareness of, its brand, risks and uncertainties associated with the composition and concentration of Appian’s customer base and their demand for its platform and satisfaction with the services provided by Appian, Appian’s ability to operate in compliance with applicable laws and regulations, Appian’s strategic relationships with third parties, and additional risks and uncertainties set forth in the “Risk Factors” section of Appian’s most recent annual report on Form 10-K, quarterly reports on Form 10-Q, and other filings with the Securities and Exchange Commission. Moreover, Appian operates in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for Appian’s management to predict all risks, nor can Appian assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements Appian may make. In light of these risks, uncertainties, and assumptions, Appian cannot guarantee future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur. Appian is under no duty to update any of these forward-looking statements after the date of this press release to conform these statements to actual results or revised expectations, except as required by law.

Investor Contact
investors@appian.com

Media Contact
Valerie Miller
Senior Manager, Media Relations North America
pr@appian.com

APPIAN CORPORATION CONSOLIDATED BALANCE SHEETS (in thousands, except par value and share data)

	As of December 31,
		2025			2024
Assets
Current assets
Cash and cash equivalents	$	135,810		$	118,552
Short-term investments and marketable securities		51,415			41,308
Accounts receivable, net of allowance of $3,362 and $3,396, respectively		255,063			195,069
Deferred commissions, current		35,166			36,630
Prepaid expenses and other current assets		41,970			43,984
Total current assets		519,424			435,543
Property and equipment, net of accumulated depreciation of $40,747 and $32,142, respectively		32,087			37,109
Goodwill		28,811			25,555
Intangible assets, net of accumulated amortization of $7,301 and $5,341, respectively		1,246			2,240
Right-of-use assets for operating leases		28,075			31,081
Deferred commissions, net of current portion		65,199			60,540
Deferred tax assets		4,850			4,129
Other assets		11,703			24,842
Total assets	$	691,395		$	621,039
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$	6,655		$	4,322
Accrued expenses		18,483			11,388
Accrued compensation and related benefits		61,781			34,223
Deferred revenue		341,281			281,760
Debt		9,598			9,598
Operating lease liabilities		13,181			12,378
Other current liabilities		1,128			1,087
Total current liabilities		452,107			354,756
Long-term debt		231,228			240,826
Non-current operating lease liabilities		45,693			52,189
Deferred revenue, non-current		8,962			5,477
Other non-current liabilities		398			431
Total liabilities		738,388			653,679
Stockholders’ deficit
Class A common stock—par value $0.0001; 500,000,000 shares authorized as of December 31, 2025 and 2024 and 43,408,828 and 42,938,701 shares issued as of December 31, 2025 and 2024, respectively		4			4
Class B common stock—par value $0.0001; 100,000,000 shares authorized as December 31, 2025 and 2024 and 31,088,085 and 31,090,085 shares issued as of December 31, 2025 and 2024, respectively		3			3
Treasury stock at cost, 542,288 shares as of December 31, 2025		(16,935	)		—
Additional paid-in capital		617,318			591,281
Accumulated other comprehensive loss		(36,462	)		(11,774	)
Accumulated deficit		(610,921	)		(612,154	)
Total stockholders’ deficit		(46,993	)		(32,640	)
Total liabilities and stockholders’ deficit	$	691,395		$	621,039

APPIAN CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data)

Note: The Company has reclassified certain information technology, cybersecurity and facility operating expenses from general and administrative expenses to cost of revenue, research and development, and sales and marketing expense. Prior year amounts have been reclassified to conform to the current period presentation.

	Three Months Ended December 31,						Year Ended December 31,
		2025			2024			2025			2024
	(unaudited)
Revenue
Subscriptions	$	162,265		$	136,779		$	576,462		$	490,568
Professional services		40,602			29,906			150,475			126,454
Total revenue		202,867			166,685			726,937			617,022
Cost of revenue
Subscriptions		23,093			16,774			83,988			65,680
Professional services		32,808			23,209			115,611			102,560
Total cost of revenue		55,901			39,983			199,599			168,240
Gross profit		146,966			126,702			527,338			448,782
Operating expenses
Sales and marketing		69,145			57,073			241,186			238,454
Research and development		45,142			39,193			172,188			163,400
General and administrative		33,366			25,403			113,355			107,781
Total operating expenses		147,653			121,669			526,729			509,635
Operating (loss) income		(687	)		5,033			609			(60,853	)
Other non-operating expense (income)
Other (income) expense, net		(2,007	)		12,655			(26,685	)		6,773
Interest expense		4,902			5,661			20,850			23,582
Total other non-operating expense (income)		2,895			18,316			(5,835	)		30,355
(Loss) income before income taxes		(3,582	)		(13,283	)		6,444			(91,208	)
Income tax expense		1,521			364			5,211			1,054
Net (loss) income	$	(5,103	)	$	(13,647	)	$	1,233		$	(92,262	)
(Loss) earnings per Class A and Class B share:
Basic	$	(0.07	)	$	(0.18	)	$	0.02		$	(1.26	)
Diluted	$	(0.07	)	$	(0.18	)	$	0.02		$	(1.26	)
Weighted average common shares outstanding:
Basic		73,895			73,953			74,049			72,988
Diluted		73,895			73,953			74,649			72,988

APPIAN CORPORATION STOCK-BASED COMPENSATION EXPENSE (in thousands)

	Three Months Ended December 31,				Year Ended December 31,
	2025		2024		2025		2024
	(unaudited)
Cost of revenue
Subscriptions	$	475	$	395	$	1,810	$	1,638
Professional services		1,483		1,362		5,787		5,925
Operating expenses
Sales and marketing		2,219		1,991		8,434		8,526
Research and development		3,045		2,937		12,407		12,077
General and administrative		3,326		2,349		13,102		10,879
Total stock-based compensation expense	$	10,548	$	9,034	$	41,540	$	39,045

APPIAN CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)

	Year Ended December 31,
		2025			2024
Cash flows from operating activities:
Net income (loss)	$	1,233		$	(92,262	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Stock-based compensation		41,540			39,045
Depreciation expense and amortization of intangible assets		9,706			10,030
Lease impairment charges		779			5,462
Bad debt expense		1,232			1,760
Amortization of debt issuance costs		600			589
Benefit for deferred income taxes		(349	)		(899	)
Foreign currency transaction (gains) losses, net		(21,732	)		16,745
Changes in assets and liabilities:
Accounts receivable		(51,673	)		(28,353	)
Prepaid expenses and other assets		15,316			16,551
Deferred commissions		(3,195	)		(3,144	)
Accounts payable and accrued expenses		9,269			(871	)
Accrued compensation and related benefits		19,993			(2,947	)
Other current and non-current liabilities		(3,489	)		(1,478	)
Deferred revenue		47,200			49,309
Operating lease assets and liabilities		(3,556	)		(2,659	)
Net cash provided by operating activities		62,874			6,878
Cash flows from investing activities:
Proceeds from maturities of investments		52,540			20,038
Purchases of investments		(62,048	)		(51,630	)
Purchases of property and equipment		(3,318	)		(3,798	)
Net cash used by investing activities		(12,826	)		(35,390	)
Cash flows from financing activities:
Proceeds from borrowings		—			50,000
Payments for debt issuance costs		—			(463	)
Debt repayments		(10,000	)		(6,250	)
Repurchase of common stock		(20,000	)		(50,019	)
Payments for employee taxes related to the net share settlement of equity awards		(7,396	)		(7,987	)
Proceeds from exercise of common stock options		1,118			14,461
Net cash used by financing activities		(36,278	)		(258	)
Effect of foreign exchange rate changes on cash, and cash equivalents		3,488			(2,029	)
Net increase (decrease) in cash and cash equivalents		17,258			(30,799	)
Cash and cash equivalents at beginning of period		118,552			149,351
Cash and cash equivalents at end of period	$	135,810		$	118,552

Supplemental cash flow information:
Cash paid for interest	$	19,644		$	22,574
Cash paid for income taxes	$	5,120		$	3,334
Supplemental non-cash investing and financing information:
Accrued capital expenditures	$	87		$	155

APPIAN CORPORATION RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES (unaudited, in thousands, except per share data)

	GAAP Measure			Stock-Based Compensation			Litigation Expense			JPI Amortization			Lease Impairment and Lease-Related Charges			Unrealized Foreign Exchange Rate Gains and Losses			Non-GAAP Measure
Three Months Ended December 31, 2025
Subscriptions cost of revenue	$	23,093		$	(475	)	$	—		$	—		$	—		$	—		$	22,618
Professional services cost of revenue		32,808			(1,483	)		—			—			—			—			31,325
Total cost of revenue		55,901			(1,958	)		—			—			—			—			53,943
Sales and marketing expense		69,145			(2,219	)		—			—			—			—			66,926
Research and development expense		45,142			(3,045	)		—			—			—			—			42,097
General and administrative expense		33,366			(3,326	)		(4,083	)		(3,153	)		(318	)		—			22,486
Total operating expense		147,653			(8,590	)		(4,083	)		(3,153	)		(318	)		—			131,509
Operating (loss) income		(687	)		10,548			4,083			3,153			318			—			17,415
Non-operating expense		2,895			—			—			—			—			1,060			3,955
Income tax impact of above items		1,521			183			—			—			—			618			2,322
Net (loss) income		(5,103	)		10,365			4,083			3,153			318			(1,678	)		11,138
Net (loss) income per share, basic and diluted^(a)	$	(0.07	)	$	0.14		$	0.05		$	0.04		$	—		$	(0.02	)	$	0.15

Three Months Ended December 31, 2024
Subscriptions cost of revenue	$	16,774		$	(395	)	$	—		$	—		$	—		$	—		$	16,379
Professional services cost of revenue		23,209			(1,362	)		—			—			—			—			21,847
Total cost of revenue		39,983			(1,757	)		—			—			—			—			38,226
Sales and marketing expense		57,073			(1,991	)		—			—			—			—			55,082
Research and development expense		39,193			(2,937	)		—			—			—			—			36,256
General and administrative expense		25,403			(2,349	)		(1,160	)		(3,152	)		(318	)		—			18,424
Total operating expense		121,669			(7,277	)		(1,160	)		(3,152	)		(318	)		—			109,762
Operating income		5,033			9,034			1,160			3,152			318			—			18,697
Non-operating expense (income)		18,316			—			—			—			—			(13,840	)		4,476
Income tax impact of above items		364			241			—			—			—			398			1,003
Net (loss) income		(13,647	)		8,793			1,160			3,152			318			13,442			13,218
Net (loss) income per share, basic and diluted	$	(0.18	)	$	0.12		$	0.02		$	0.04		$	—		$	0.18		$	0.18

^(a)Per share amounts do not foot due to rounding.

	GAAP Measure			Stock-Based Compensation			Litigation Expense			JPI Amortization			Lease Impairment and Lease-Related Charges			Unrealized Foreign Exchange Rate Gains and Losses			Non-GAAP Measure
Year Ended December 31, 2025
Subscriptions cost of revenue	$	83,988		$	(1,810	)	$	—		$	—		$	—		$	—		$	82,178
Professional services cost of revenue		115,611			(5,787	)		—			—			—			—			109,824
Total cost of revenue		199,599			(7,597	)		—			—			—			—			192,002
Sales and marketing expense		241,186			(8,434	)		—			—			—			—			232,752
Research and development expense		172,188			(12,407	)		—			—			—			—			159,781
General and administrative expense		113,355			(13,102	)		(10,407	)		(12,508	)		(2,032	)		—			75,306
Total operating expense		526,729			(33,943	)		(10,407	)		(12,508	)		(2,032	)		—			467,839
Operating income		609			41,540			10,407			12,508			2,032			—			67,096
Non-operating (income) expense		(5,835	)		—			—			—			—			21,939			16,104
Income tax impact of above items		5,211			1,308			—			—			—			(1,114	)		5,405
Net income (loss)		1,233			40,232			10,407			12,508			2,032			(20,825	)		45,587
Net income (loss) per share, basic	$	0.02		$	0.54		$	0.14		$	0.17		$	0.03		$	(0.28	)	$	0.62
Net income (loss) per share, diluted⁽^a⁾^,⁽^b⁾	$	0.02		$	0.54		$	0.14		$	0.17		$	0.03		$	(0.28	)	$	0.61

^(a) Accounts for the impact of 0.6 million shares of dilutive securities.
⁽^b⁾ Per share amounts do not foot due to rounding.

	GAAP Measure			Stock-Based Compensation			Litigation Expense			JPI Amortization			Severance Costs			Lease Impairment and Lease-Related Charges			Short-Swing Profit Payment			Unrealized Foreign Exchange Rate Gains and Losses			Non-GAAP Measure
Year Ended December 31, 2024
Subscriptions cost of revenue	$	65,680		$	(1,638	)	$	—		$	—		$	—		$	—		$	—		$	—		$	64,042
Professional services cost of revenue		102,560			(5,925	)		—			—			(1,398	)		—			—			—			95,237
Total cost of revenue		168,240			(7,563	)		—			—			(1,398	)		—			—			—			159,279
Sales and marketing expense		238,454			(8,526	)		—			—			(3,937	)		—			—			—			225,991
Research and development expense		163,400			(12,077	)		—			—			(5	)		—			—			—			151,318
General and administrative expense		107,781			(10,879	)		(4,602	)		(15,795	)		(194	)		(6,104	)		—			—			70,207
Total operating expense		509,635			(31,482	)		(4,602	)		(15,795	)		(4,136	)		(6,104	)		—			—			447,516
Operating (loss) income		(60,853	)		39,045			4,602			15,795			5,534			6,104			—			—			10,227
Non-operating expense (income)		30,355			—			—			—			—			—			1,799			(16,697	)		15,457
Income tax impact of above items		1,054			1,499			—			—			1,096			—			—			479			4,128
Net (loss) income		(92,262	)		37,546			4,602			15,795			4,438			6,104			(1,799	)		16,218			(9,358	)
Net (loss) income per share, basic and diluted	$	(1.26	)	$	0.51		$	0.06		$	0.22		$	0.06		$	0.08		$	(0.02	)	$	0.22		$	(0.13	)

	Three Months Ended December 31,						Year Ended December 31,
		2025			2024			2025			2024
Reconciliation of adjusted EBITDA:
GAAP net (loss) income	$	(5,103	)	$	(13,647	)	$	1,233		$	(92,262	)
Other (income) expense, net		(2,007	)		12,655			(26,685	)		6,773
Interest expense		4,902			5,661			20,850			23,582
Income tax expense		1,521			364			5,211			1,054
Depreciation expense and amortization of intangible assets		2,276			2,527			9,706			10,030
Stock-based compensation expense		10,548			9,034			41,540			39,045
Litigation Expense		4,083			1,160			10,407			4,602
JPI Amortization		3,153			3,152			12,508			15,795
Severance Costs		—			—			—			5,534
Lease Impairment and Lease-Related Charges		318			318			2,032			6,104
Adjusted EBITDA	$	19,691		$	21,224		$	76,802		$	20,257

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