Appian Corporation delivered a solid top-line performance in QQ4 2024, with revenue of $166.685 million, up 14.7% year over year and 8.2% quarter over quarter, supported by a robust gross margin of approximately 78.6%. The company posted a positive operating income of $3.033 million, reflecting initial operating leverage amid ongoing R&D and selling/general administrative investments typical of a growth software vendor. However, net income remained negative at $(13.647) million, yielding an EPS of $(0.18) for the quarter, as non-operating expenses and interest burdens weighed on results. Free cash flow was strong at $13.36 million, and cash from operations was $13.871 million, indicating healthy operating cash generation despite the bottom-line loss. The balance sheet shows substantial debt and negative equity, with total debt of $314.991 million and net debt of $196.439 million, while liquidity remains solid with cash and equivalents of $118.552 million and current assets totaling $435.543 million against current liabilities of $354.756 million (current ratio 1.12). Deferred revenue sits at $281.76 million (current), highlighting a sizable backlog of recognized revenue over time. The results underscore a growth narrative and cash-generative core but raise questions about profitability trajectory and leverage management in the near term. Investors should monitor progress toward sustained earnings expansion, margin optimization, and balance sheet deleveraging as key near-term catalysts.