−Removed: Appian Corporation (together with its subsidiaries, “Appian,” “the Company,” “we,” or “our”) provides a process automation platform that helps organizations unleash digital innovation and drive efficiency.
−Removed: Appian was founded on the optimistic premise that when given a platform to do so, people will embrace the opportunity to transform the way they work.
−Removed: We combine people, technologies, and data in end-to-end processes that maximize our customers' resources and dramatically improve business results.
−Removed: Our unified platform for process automation is a key differentiator in the marketplace.
−Removed: Today, we are one of the only enterprise software vendors that offer Workflow, Artificial Intelligence, or AI, Robotic Process Automation, or RPA, Data Fabric, and Process Mining in one fully integrated low-code platform.
−Removed: The result is a platform that makes it easier and faster to address complex use cases, particularly those that involve multiple departments within an organization and their external customers and vendors.
−Removed: Organizations across all industries are digitally transforming by leveraging software to automate and optimize mission-critical operations, enhance customer experiences, and drive competitive differentiation.
−Removed: Historically, organizations have relied on off-the-shelf packaged software and custom software solutions to operationalize and automate their businesses.
−Removed: Packaged software often fails to address unique use cases or to enable differentiation.
−Removed: It also requires organizations to adapt their business (processes, systems of record, etc.) to the software package, as opposed to adapting the software to their unique business needs.
−Removed: While traditional custom software solutions can be differentiated and tailored to meet strategic objectives, development requires a long, iterative, and cumbersome process, as well as costly integration that relies on scarce developer talent.
−Removed: Our platform greatly reduces the iterative development process, allowing for real-time optimization and ultimately shortening the time it takes to design, build, and deploy applications.
−Removed: Our go-to-market strategy consists of both direct sales and sales through strategic partners.
−Removed: We sell our software almost exclusively through subscriptions.
−Removed: We intend to grow our revenue both by adding new customers and increasing the number of users or applications built on our platform at existing customers.
−Removed: Our strategic partners include industry-leading global system integrators, software vendors, and cloud and technology providers.
−Removed: We intend to continue to invest in our partner ecosystem, with a particular emphasis on expanding our strategic alliances and cloud-focused partnerships with global system integrators.
+Added: Appian Corporation (together with its subsidiaries, “Appian,” “the Company,” “we,” or “our”) is a software company that automates business processes and operationalizes artificial intelligence (“AI”) with low-code design, providing rapid time to value for our customers.
+Added: We empower our customers to transform the way they work by using our platform to combine people, technologies, and data in end-to-end processes that can maximize our customers' resources and dramatically improve business results.
+Added: We believe organizations across all industries face pressure to keep up with a rapid pace of technological innovation, particularly in AI.
+Added: The past year has ushered in a whole new economy, in which AI promises to transform workflows to drive efficiency and innovation.
+Added: As we enter 2024, the focus will shift from exploring these technologies to actively leveraging them to innovate with new products, services, and value creation for customers and employees alike.
+Added: We believe companies that can quickly incorporate AI's full potential into their business processes will lead the future AI economy.
+Added: We are dedicated to helping our customers navigate this new AI economy and realize transformational change.
+Added: We see a human-centric future for AI, one of teamwork rather than replacement, where AI adds value to data and employees, and where all customers and businesses—not big tech—are the winners.
+Added: We recognize AI is not a standalone technology.
+Added: It is highly dependent on two foundational technologies:
+Added: data and process.
+Added: Data is the intellectual fuel for AI, empowering it to make smart, informed decisions.
+Added: The more data AI gets, and the better that data is, the better the AI answers may be.
+Added: Data was already among the most important assets for leading organizations;
+Added: now, it’s worth more than ever.
+Added: Process is the necessary layer for customers to create a mixed autonomy, routing tasks between humans and AI automations.
+Added: We believe customers will increasingly rely on AI to accelerate common tasks but must ensure humans maintain control and oversight of business processes.
+Added: We offer leading expertise in all three areas.
+Added: We have been leveraging AI technologies for many years as part of our automation suite.
+Added: We have a leading data fabric which powered billions of data fabric queries in 2023, and we offer innovative process platforms, supporting billions of transactions every day.
+Added: We weave all three elements together in a single product that empowers our customers to achieve rapid value.
The Appian Platform
−Removed: Our platform is the only fully integrated automation platform that enables organizations to transform the way they work, allowing them to design, automate, and optimize end-to-end processes and complex business operations.
−Removed: Global organizations use the Appian Platform to improve customer and employee experiences, achieve operational excellence, and simplify global risk management and compliance.
−Removed: We believe effective processes are at the heart of highly successful organizations.
−Removed: Appian helps our customers master and scale up their unique business processes.
−Removed: Our platform allows organizations to deliver excellent customer experiences, maximize operational efficiency, and effortlessly ensure compliance with laws and regulations.
−Removed: We provide a unified platform with the capabilities our customers need to quickly achieve process excellence.
−Removed: These capabilities include a unified toolset for data, process automation, total experience, and process optimization that supports data-driven decision-making, enhanced customer experiences, and optimized processes for maximum efficiency and effectiveness.
−Removed: Our platform provides a comprehensive range of native automation capabilities that enable our customers to streamline their operations.
−Removed: The Appian Process Modeler allows organizations to connect customers, employees, systems, AI, and software robots in end-to-end processes for complete control over business operations.
+Added: The Appian Platform enables customers to easily design, automate, and optimize their mission-critical business processes, driving continuous innovation.
+Added: Through Appian's unified platform, customers can swiftly develop new digital solutions using a low-code approach, creating applications and workflows tailored to their unique business requirements.
+Added: We catalyze the AI-driven enterprise by combining AI, data, and process capabilities in a single platform.
+Added: Our low-code design experience delivers solutions for customers quickly.
+Added: It is unified, reduces training times and dependencies on additional tools, and is built for enterprise-grade applications requiring high reliability, security, and scalability.
+Added: Appian’s architecture is based on our four critical capabilities:
+Added: process automation, data fabric, total experience, and continuous improvement through process mining.
+Added: Process Automation
+Added: We are a long-time innovator in process automation.
+Added: Our process capabilities are crucial in orchestrating AI alongside humans and systems within business environments.
Our business rules technology allows organizations to encode and enforce policies and routing decisions that reduce risk, while our native RPA and AI enable organizations to automate process steps to deliver greater efficiency and increase customer and employee satisfaction.
We sell our platform as a unified set of automation technologies that accelerates customer implementation times and return on investment.
−Removed: Our patented data fabric architecture delivers an innovative solution, enabling organizations to make informed decisions and intelligently route processes from a 360-degree view of business operations.
−Removed: The architecture comprises an extensive library of integration adapters to enterprise systems that integrate previously siloed data into a single, powerful data fabric.
−Removed: In addition, the secure infrastructure of our data fabric architecture provides a safe environment for storing and handling sensitive information, ensuring that confidential data remains protected.
−Removed: The unique and patented design of our data fabric architecture sets it apart from other solutions on the market, providing organizations with a comprehensive platform for making data-driven decisions and optimizing workflows through intelligent process routing and gaining a complete view of their business operations.
+Added: Data is at the heart of AI's transformative power, and we excel in enabling customers to utilize data effectively.
+Added: By leveraging our sophisticated data fabric, organizations can unify data across the enterprise into a single virtual data model, empower users to make informed decisions, and train AI models, transforming reservoirs of enterprise data into a source of powerful innovation.
+Added: This capability is pivotal in feeding AI algorithms and human workers with quality data and extracting meaningful insights that drive business decisions.
+Added: In addition, the secure infrastructure of our data fabric architecture is designed to provide a safe environment for storing and handling sensitive information, ensuring confidential data remains protected.
Total Experience
−Removed: Our complete platform further extends our customers’ ability to engage external and internal users in a total experience that merges the customer journey with the employee experience.
−Removed: Our patented Self-Assembling Interface Layer, or SAIL, technology and utilization of low-code design allow our customers to quickly create dynamic and intuitive user experiences and deploy them across web and mobile devices.
−Removed: Our customers then use our platform to seamlessly engage users with their business processes across digital touchpoints, such as Internet of things, or IoT, devices, chatbots, or virtual personal assistants, no matter where they are located.
−Removed: Our integrated process analytics and mining capabilities enable customers to measure and track their process performance accurately.
−Removed: With this functionality, our customers gain a deeper understanding of their business operations and pinpoint areas for improvement.
+Added: Total experience is about creating superior experiences across desktop and mobile devices for every user, uniting customers and employees in a seamless workflow.
+Added: Our patented Self-Assembling Interface Layer, or SAIL, user experience architecture delivers the speed and flexibility to provide new experiences that capture our customers’ brands quickly and instantly work on the latest web browsers and mobile devices.
+Added: Continuous Improvement
+Added: Our integrated process mining and process analytics capabilities enable customers to measure and track their process performance accurately.
+Added: Customers can gain a deeper understanding of their business operations and pinpoint areas for improvement.
Using this data, customers can drive continuous process improvement and optimize their processes for maximum efficiency and effectiveness.
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Applications built on our platform may be used only on our platform and only while customers have active subscriptions, creating a substantial incentive for customers to avoid the difficulties and costs associated with moving to a different software platform.
−Removed: At the same time, our industry-leading Customer Success team helps customers to build and deploy applications on our platform to achieve their digital transformation goals more quickly.
+Added: At the same time, our industry-leading Customer Success team helps customers build and deploy applications on our platform to achieve their digital transformation goals more quickly.
Our Growth Strategy
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We believe the market for our platform is still in its early stages, and we have a significant opportunity to add additional large enterprise and government customers globally.
−Removed: We offer the Appian Community Edition, a free trial platform with guided learning for our prospects and customers to quickly access the Appian Platform for up to 15 users.
−Removed: Once prospects or customers decide to move forward from trial to transaction, they can transfer from the Appian Community Edition over to a production environment with a seamless export.
+Added: We also have a strong ecosystem of strategic partners that help identify new customer opportunities for us.
• Grow revenue from key industry verticals.
−Removed: While our platform is industry-agnostic, we continue to make investments to enhance the expertise of our sales and marketing organization within our key industry verticals of financial services, government, insurance, and life sciences.
+Added: While our platform is industry-agnostic, we continue to make investments to enhance the expertise of our sales and marketing organization within our key industry verticals of financial services, government, life sciences, insurance, and manufacturing.
In 2023, we generated over 76% of our subscriptions revenue from customers in these verticals.
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Our platform enables our customers to build applications quickly.
−Removed: Appian and our partners offer pre-built solutions in certain of our key industries such as financial services, government acquisition, and insurance to give our customers an even faster start.
+Added: We, along with our partners, offer pre-built solutions in certain of our key industries such as financial services, government acquisition, and insurance to give our customers an even faster start.
Every Appian solution is built on our platform and designed to be standardized, upgradeable, and compatible with each other.
3 unchanged sentences
In 2023, approximately 36% of our total revenue was generated from customers outside of the United States.
−Removed: As of December 31, 2022, we were operating in 15 countries, and we believe we have a significant opportunity to continue to grow our international footprint.
+Added: We believe we have a significant opportunity to continue to grow our international footprint.
We are investing in new geographies through direct and indirect sales channels, professional services and customer support, and implementation partners.
−Removed: • Grow our partner base.
−Removed: We have strategic partnerships including with KPMG, Accenture, PwC, EY, Infosys, Wipro, and Deloitte.
+Added: • Leverage our partner base.
+Added: We have strategic partnerships including with Accenture, Capgemini, Deloitte, EY, KPMG, PwC, and TCS.
These partners work with organizations undergoing digital transformation projects.
When they recognize an opportunity for our platform, they introduce us to potential customers.
−Removed: Additionally, they leverage pre-built solutions using our platform, delivering software license revenue to Appian.
−Removed: We intend to further grow our base of partners to provide broader customer coverage and solution delivery capabilities.
−Removed: Sales and Marketing
−Removed: Our sales organization is responsible for account acquisition and overall market development, which includes managing relationships with our customers.
−Removed: We also sell our software through our strategic partners.
−Removed: While our platform is industry-agnostic, we continue to make investments to enhance the expertise of our sales organization within our core industry verticals of financial services, government, insurance, and life sciences.
−Removed: We expect to continue to grow our sales headcount in all of our principal markets and expand into countries where we currently do not have a direct sales presence.
−Removed: We also intend to expand our partner base to provide broader customer coverage and solution delivery capabilities.
−Removed: Our marketing efforts focus on building our brand reputation and increasing market awareness of our platform.
−Removed: Marketing activities include sponsorship of, and attendance at, trade shows and conferences;
−Removed: our annual Appian World, Appian Europe, and Appian Asia, Pacific, and Japan conferences;
−Removed: social media, advertising, and other digital programs;
−Removed: management of our corporate website and partner portal;
−Removed: press outreach;
−Removed: and customer relations.
−Removed: As global concerns about the COVID-19 pandemic decline, we plan to responsibly increase the number of in-person marketing events as compared to 2020 through 2022.
−Removed: Partner Strategy
−Removed: We have a strong and growing ecosystem of partners that helps accelerate our customers' digital transformation initiatives and deliver customer value at scale.
−Removed: Our platform's ability to design, automate, and optimize end-to-end processes, and our partners' industry and functional domain experience help organizations digitally transform their businesses.
−Removed: Partners also allow us to offer industry-focused solutions that help our joint customers deliver end-to-end process control for crucial business functions.
−Removed: We have strategic partnerships around the world including with companies such as KPMG, Accenture, PwC, EY, Infosys, Wipro, and Deloitte.
−Removed: These partners refer software subscription customers to us and generally perform professional services with respect to any new service contracts they originate, increasing our subscription revenue without any change to our professional services revenue.
−Removed: We expect professional services revenue to decline as a percentage of total revenue over time, since our growing strategic partner network may perform more of the professional services associated with our software subscriptions.
−Removed: We are also growing our network of regional and channel partners further to expand our business into traditional and new markets.
−Removed: These partners provide delivery services, sales and marketing capabilities, and contract fulfillment.
−Removed: Research and Development
−Removed: Our ability to compete depends in large part on our continuous commitment to research and development and our ability to introduce new pre-built solutions, technologies, features, and capabilities in a timely manner.
−Removed: Our research and development organization is responsible for the design, development, testing, and release of our solutions and platform's new technologies,
−Removed: features and integrations.
−Removed: Our efforts are focused on developing new products and core technologies and further enhancing the functionality, reliability, performance, and flexibility of existing capabilities.
−Removed: We focus our efforts on anticipating customer demand in bringing new products and new versions of existing products to market in order to remain competitive in the marketplace.
−Removed: We plan to continue to invest in research and development to broaden and expand our platform capabilities.
+Added: Additionally, they go to market with their own pre-built solutions using our platform, delivering software license revenue to Appian.
+Added: We intend to further leverage our base of partners to provide broader customer coverage and solution delivery capabilities.
Human Capital Resources and Management
4 unchanged sentences
Led by Matt Calkins, one of our founders and our Chief Executive Officer, we have grown our business organically by employing a unified team to maximize the cohesion and simplicity of our platform and our company.
−Removed: We respect all people.
−Removed: We believe diversity of ideas and an inclusive environment are paramount to our continued success.
−Removed: We also believe our individual experiences, knowledge, and ways of working enable us to learn from one another and be innovative.
−Removed: We sponsor several affinity groups, initiated by employees, that aim to build stronger internal and external networks and partnerships, create a positive lasting impact through social and educational outreach, and create development opportunities for future leaders.
As of December 31, 2023, we had a total global workforce of 2,243 full-time employees, 1,518 of which were based in the United States.
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We have a robust talent acquisition program to attract, recruit, and retain new talent.
−Removed: We utilize an extensive campus recruiting program, provide an employee referral program, and offer opportunities for internal transfers, and competitive compensation and benefits programs.
+Added: We utilize an extensive campus recruiting program, provide an employee referral program, and offer opportunities for internal transfers, as well as competitive compensation and benefits programs.
We also provide resources to help our employees grow in their current roles and build new skills, including access to Appian University, a system that houses Appian's in-house learning and development solutions.
4 unchanged sentences
We sponsor a number of affinity groups, initiated by employees, that aim to build stronger internal and external networks and partnerships, create a positive lasting impact through social and educational outreach, and create development opportunities for future leaders.
−Removed: As of December 31, 2022, we lease our headquarters office in McLean, Virginia, and we also have four leased offices in cities outside the United States.
+Added: As of December 31, 2023, we lease our headquarters office in McLean, Virginia, and we also have five leased offices in cities outside the United States.
In addition to our leased offices, we occupied seven flexible workspaces outside of the United States.
2 unchanged sentences
If we require additional space in the future, we believe we will be able to obtain additional facilities on commercially reasonable terms.
+Added: We have historically experienced seasonality in terms of when we enter into agreements with customers.
+Added: See “Seasonality - Management Discussion and Analysis Financial Condition and Results of Operations” for a discussion of the seasonality of our business.
Our Customers
Our customers operate in various industries, including financial services, government, life sciences, insurance, manufacturing, energy, healthcare, telecommunications, and transportation.
−Removed: As of December 31, 2022, we had 925 customers, of which 712 customers were commercial and 213 customers were government or non-commercial entities.
−Removed: Generally, our sales
−Removed: team targets its efforts to organizations with over 2,000 employees and $2 billion in annual revenue.
+Added: As of December 31, 2023, we had approximately 1,000 customers.
+Added: Generally, our sales team targets its efforts to organizations with over 2,000 employees and $2 billion in annual revenue.
The number of customers paying us in excess of $1 million of annual recurring revenue has grown from 94 at the end of 2022 to 110 at the end of 2023.
3 unchanged sentences
(1) providers of custom software solutions that address, or are developed to address, some of the use cases that applications developed on our platform target;
−Removed: (2) providers of low-code development platforms such as Microsoft, Salesforce.com, ServiceNow, OutSystems, and Mendix;
+Added: (2) providers of low-code development platforms;
and (3) providers of one or more automation technologies, including business process management, case management, process mining, and robotic process automation.
−Removed: Such providers include Pegasystems, Celonis, UiPath, SAP, and Oracle.
As our market grows, we expect it will attract more highly specialized vendors as well as larger vendors that may continue to acquire or bundle their products more effectively.
2 unchanged sentences
• Ease of use and speed;
+Added: • Data Fabric;
• Platform extensibility and ability to integrate with other technology infrastructures;
6 unchanged sentences
We believe we generally compete favorably with our peer group with respect to the features, security, and performance of our platform, the ease of integration of our applications, and the relatively low total cost of ownership of our applications.
−Removed: However, many of our competitors have substantially greater financial, technical, and other resources, greater name recognition, larger sales and marketing budgets, broader distribution, more diversified product lines, and larger and more mature intellectual property portfolios.
+Added: We feel this is validated by the fact Gartner ranked Appian #1 for the Business Workflow Automation with Integration Use Case in the 2023 Gartner® Critical Capabilities for Enterprise Low-Code Application Platforms, or LCAP, report as well as positioned as a Leader in the 2023 Gartner® Magic Quadrant for Enterprise LCAP.
+Added: Gartner, Critical Capabilities for Enterprise Low-Code Application Platforms, October 2023 Gartner, Magic Quadrant for Enterprise Low-Code Application Platforms, October 2023 Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation.
+Added: Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact.
+Added: Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
+Added: GARTNER and Magic Quadrant are registered trademarks and service marks of Gartner, Inc.
+Added: and/or its affiliates in the U.S.
+Added: and internationally and is used herein with permission.
+Added: All rights reserved.
+Added: The Gartner content described herein, (the "Gartner Content") represent(s) research opinion or viewpoints published, as part of a syndicated subscription service, by Gartner, Inc.
+Added: ("Gartner"), and are not representations of fact.
+Added: Gartner Content speaks as of its original publication date (and not as of the date of this 10K) and the opinions expressed in the Gartner Content are subject to change without notice.
Intellectual Property
1 unchanged sentence
We rely on patents, trademarks, copyrights, trade secret laws, confidentiality procedures, and employee disclosure and invention assignment agreements to protect our intellectual property rights.
−Removed: As of December 31, 2022, we had 11 granted patents and six patents pending related to our platform and its technology.
+Added: As of December 31, 2023, we had 16 granted patents and nine patents pending related to our platform and its technology.
None of our issued patents expire before 2034.
−Removed: We cannot provide complete assurance that any of our patent applications will result in the issuance of a patent or that the examination process will not require us to narrow our claims.
+Added: We cannot provide complete assurance that any of our
+Added: patent applications will result in the issuance of a patent or that the examination process will not require us to narrow our claims.
Any patents we may be issued may be contested, circumvented, found unenforceable, or invalidated, and we may not be able to prevent third parties from infringing them.
18 unchanged sentences
• Our market opportunity and the expansion of our core software markets in general;
+Added: • The opportunity and competitive impact of AI;
• The effects of increased competition as well as innovations by new and existing competitors in our market;
11 unchanged sentences
• Our expectation that subscriptions revenue as a percentage of total revenue will continue to increase;
+Added: • Our expectation that professional services as a percentage of total revenue will continue to decrease;
• Our backlog of license, maintenance, cloud, and services agreements and the timing of future cash receipts from committed license and cloud arrangements;
1 unchanged sentence
• The fluctuation of subscriptions gross margin and professional services gross margin over time;
−Removed: • Our expectations regarding the impact of recent accounting pronouncements on our consolidated financial statements;
• Our ability to stay abreast of new or modified laws and regulations that currently apply or become applicable to our business both in the United States and internationally;
+Added: • Our ability to collect on the judgment against Pegasystems or the judgment preservation insurance;
• Our ability to maintain, protect, and enhance our intellectual property;
7 unchanged sentences
The risk factors summarized below could materially harm our business, operating results, and/or financial condition, impair our future prospects, and/or cause the price of our common stock to decline.
−Removed: These risks are discussed more fully in the section titled “Risk Factors”.
−Removed: Material risks that may affect our business, financial condition, results of operations, and trading price of our Class A common stock include, but are not necessarily limited to, the following:
+Added: These risks are discussed more fully in the section titled “Risk Factors.” Material risks that may affect our business, financial condition, results of operations, and trading price of our Class A common stock include, but are not necessarily limited to, the following:
• Our recent growth may not be indicative of our future growth and, if we continue to grow, we may not be able to manage our growth effectively.
2 unchanged sentences
• We are dependent on a single product, and the lack of continued market acceptance of our platform could cause our operating results to suffer.
−Removed: • Market adoption of low-code platforms to drive digital transformation is new and unproven and may not grow as we expect, which may harm our business and prospects.
• We currently face significant competition.
−Removed: • If our security measures are actually or perceived to have been breached or unauthorized access to our platform or customer data is otherwise obtained, our platform may be perceived as not being secure, customers may reduce the use of or stop using our platform, and we may incur significant liabilities.
−Removed: • We derive a material portion of our revenue from a limited number of customers, and the loss of one or more of these customers could adversely impact our business, results of operations, and financial condition.
−Removed: • We rely on the performance of highly skilled personnel, including senior management and our engineering, professional services, sales, and technology professionals.
+Added: • If our security measures are actually or perceived to have been breached, or if unauthorized access to our platform or customer data occurs, our platform may be perceived as not being secure, and customers may reduce the use of or stop using our platform, and we may incur significant liabilities.
+Added: • We derive a material portion of our revenue from a limited number of customers, and the loss of one or more of these customers could materially and adversely impact our business, results of operations, and financial condition.
+Added: • We have experienced losses in the past, and we may not achieve or sustain profitability in the future.
+Added: • AI is a disruptive set of technologies that may affect the markets for our software dramatically and in unpredictable ways.
+Added: • We rely on the performance of highly skilled personnel, including senior management and our engineering, professional services, sales, and technology professionals, and if we are unable to retain or motivate key personnel or hire, retain, and motivate qualified personnel, our business would be harmed.
• If we do not continue to innovate and provide a platform that is useful to our customers, we may not remain competitive, and our revenue and operating results could suffer.
1 unchanged sentence
• Because we generally recognize revenue from cloud subscriptions ratably over the term of the subscription agreement, near term changes in sales may not be reflected immediately in our operating results.
+Added: • We may not achieve market acceptance of our pre-built solutions, which may adversely affect our financial results.
+Added: • If our platform fails to perform properly or there are defects or disruptions in the rollout of our platform updates or enhancements, our reputation could be adversely affected, our market share could decline, and we could be subject to liability claims.
• We rely upon Amazon Web Services, or AWS, to operate our cloud offering;
any disruption of or interference with our use of AWS would adversely affect our business, results of operations, and financial condition.
+Added: • Our growth depends in part on the success of our strategic relationships with third parties.
• We employ third-party licensed software for use in or with our software, and the inability to maintain these licenses or errors in the software we license could result in increased costs or reduced service levels, which would adversely affect our business.
• If we do not or cannot maintain the compatibility of our platform with third-party applications that our customers use in their businesses, our revenue will decline.
−Removed: • Because our software could be used to collect and store personal information, domestic and international privacy concerns could result in additional costs and liabilities to us or inhibit sales of our software.
+Added: • Because we collect and store personal information, domestic and international privacy concerns could result in additional costs and liabilities to us or inhibit sales of our software, and subject us to complex and evolving federal, state, and foreign laws and regulations regarding privacy, data protection, and other related matters.
• If our platform fails to function in a manner that allows our customers to operate in compliance with regulations and/or industry standards, our revenue and operating results could be harmed.
−Removed: • We are subject to anti-corruption laws with respect to our domestic and international operations.
• We are subject to governmental export and import controls and economic and trade sanctions that could impair our ability to conduct business in international markets and subject us to liability if we are not in compliance with applicable laws and regulations.
1 unchanged sentence
• Portions of our platform utilize open source software, and any failure to comply with the terms of one or more of these open source licenses could negatively affect our business.
−Removed: • If our estimates or judgments relating to our critical accounting policies prove to be incorrect, our results of operations could be adversely affected.
• Our ability to use net operating losses to offset future taxable income may be subject to certain limitations.
−Removed: • The dual class structure of our common stock and the existing ownership of capital stock by Matt Calkins, our founder and Chief Executive Officer, has the effect of concentrating voting control with Mr.
+Added: • The dual class structure of our common stock and the existing ownership of capital stock by Matt Calkins, our founder and Chief Executive Officer, have the effect of concentrating voting control with Mr.
Calkins for the foreseeable future, which will limit the ability of others to influence corporate matters.
• Anti-takeover provisions in our charter documents and under Delaware law could make an acquisition of us more difficult, limit attempts by our stockholders to replace or remove our current management, and limit the market price of our Class A common stock.
−Removed: • Our stock price may be volatile, and investors may lose some or all of their investment.
+Added: • Our stock price has been volatile and may be volatile in the future.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.