• AvePoint Announces Second Quarter 2023 Financial Results

    Источник: Nasdaq GlobeNewswire / 09 авг 2023 16:05:01   America/New_York

    Second quarter SaaS revenue of $38.3 million, representing 39% year-over-year growth
    Second quarter Total revenue of $64.9 million, representing 16% year-over-year growth
    Total ARR of $236.2 million, representing 26% year-over-year growth, 30% adjusted for FX impact

    JERSEY CITY, N.J., Aug. 09, 2023 (GLOBE NEWSWIRE) -- AvePoint (NASDAQ: AVPT), the most advanced platform to optimize SaaS operations and secure collaboration, today announced financial results for the second quarter ended June 30, 2023. 

    “Highlighted by 30% ARR growth, our second quarter results demonstrate the demand for the AvePoint Confidence Platform and the strength of our business model, as we again delivered robust topline growth and operating leverage,” said Dr. Tianyi Jiang (TJ), CEO and Co-Founder, AvePoint. “Amidst the ongoing uncertainty in the macro environment, our customers continue to depend on AvePoint’s Confidence Platform to rapidly reduce costs, improve productivity and make more informed business decisions. As a result, we are pleased to once again raise our full-year guidance for total ARR, total revenues and operating income.”

    Second Quarter 2023 Financial Highlights

    • Revenue: Total revenue was $64.9 million, up 16% from the second quarter of 2022. Within total revenue, SaaS revenue was $38.3 million, up 39% from the second quarter of 2022.

    • Gross Profit: GAAP gross profit was $45.1 million, compared to $40.1 million for the second quarter of 2022. Non-GAAP gross profit was $46.1 million, compared to $40.9 million for the second quarter of 2022. Non-GAAP gross margin was 71.1%, compared to 73.4% for the second quarter of 2022.

    • Operating Income/(Loss): GAAP operating loss was $(7.1) million, compared to $(11.7) million for the second quarter of 2022. Non-GAAP operating income was $2.9 million, compared to a non-GAAP operating loss of $(1.2) million for the second quarter of 2022.

    • Cash and short-term investments: $222.9 million as of June 30, 2023.

    Second Quarter 2023 Key Performance Indicators and Business Highlights

    • ARR as of June 30, 2023 was $236.2 million, up 26% year-over-year. Adjusted for FX, ARR grew 30%.

    • Adjusted for FX, dollar-based gross retention rate was 87%, while dollar-based net retention rate was 107%. On an as-reported basis, dollar-based gross retention rate was 85%, while dollar-based net retention rate was 104%.

    • Added new functionality for public sector customers to strengthen data protection and simplify deployment with AvePoint Cloud Backup for Salesforce, a FedRAMP (moderate) authorized solution on Salesforce AppExchange.

    • Continued to invest in channel innovation to boost revenue opportunities for partners and achieve profitable growth with an expanded AvePoint Certification Program, new Partner Locator and DevOps capabilities.

    Financial Outlook
    The Company is again raising its full year outlook for total ARR, total revenues and non-GAAP operating income.

    For the third quarter of 2023, the Company expects:

    • Total revenues of $67.6 million to $69.6 million, or 9% year-over-year growth at the midpoint.
    • Non-GAAP operating income of $5.0 million to $6.0 million.

    For the full year 2023, the Company now expects:

    • Total ARR of $258.0 million to $263.0 million, or 21% year-over-year growth at the midpoint.
    • Total revenues of $261.9 million to $265.9 million, or 14% year-over-year growth at the midpoint.
    • Non-GAAP operating income of $15.9 million to $17.4 million.

    Quarterly Conference Call

    AvePoint will host a conference call today, August 09, 2023, to review its second quarter 2023 financial results and to discuss its financial outlook. The call is scheduled to begin at 4:30pm ET. You may access the call and register with a live operator by dialing 1 (844) 826-3035 for US participants and 1 (412) 317-5195 for outside the US. The passcode for the call is 5334032. Investors can also join by webcast by visiting https://ir.avepoint.com/events. The webcast will be available live, and a replay will be available following the completion of the live broadcast for approximately 90 days.

    About AvePoint

    Collaborate with Confidence. AvePoint provides the most advanced platform to optimize SaaS operations and secure collaboration. Over 17,000 customers worldwide rely on our solutions to modernize the digital workplace across Microsoft, Google, Salesforce and other collaboration environments. AvePoint's global channel partner program includes over 3,500 managed service providers, value added resellers and systems integrators, with our solutions available in more than 100 cloud marketplaces. Founded in 2001, AvePoint is headquartered in Jersey City, New Jersey with 25 global offices. To learn more, visit www.avepoint.com.  

    Emerging Growth Company

    AvePoint is considered an emerging growth company. Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under Section 21E of the Securities Exchange Act of 1934, as amended) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies, but any such election to opt out is irrevocable. AvePoint elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, AvePoint, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.

    Because the market value of our common stock held by non-affiliates exceeded $700.0 million as of June 30, 2023, AvePoint will meet the conditions to be deemed a "large-accelerated filer" as of December 31, 2023, and will consequently no longer be an emerging growth company as of that date. AvePoint will be subject to the regulations applicable to all large-accelerated filers as of December 31, 2023.

    Non-GAAP Financial Measures

    To supplement AvePoint’s consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses (including percentage of revenue figures), non-GAAP operating income and non-GAAP operating margin. The company has included a reconciliation of GAAP to non-GAAP financial measures at the end of this press release. These reconciliations adjust the related GAAP financial measures to exclude stock-based compensation expense and the amortization of acquired intangible assets. The company believes the presentation of its non-GAAP financial measures provides a better representation as to its overall operating performance. The presentation of AvePoint’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for its financial results prepared in accordance with GAAP, and AvePoint’s non-GAAP measures may be different from non-GAAP measures used by other companies.

    Disclosure Information

    AvePoint uses the https://ir.avepoint.com/ website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

    Forward-Looking Statements

    This press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and other federal securities laws including statements regarding the future performance of and market opportunities for AvePoint. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: changes in the competitive and regulated industries in which AvePoint operates, variations in operating performance across competitors, changes in laws and regulations affecting AvePoint’s business and changes in AvePoint’s ability to implement business plans, forecasts, and ability to identify and realize additional opportunities, and the risk of downturns in the market and the technology industry. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of AvePoint’s most recent Quarterly Report on Form 10-Q and its registration statement on Form S-1 and related prospectus and prospectus supplements filed with the SEC. Copies of these and other documents filed by AvePoint from time to time are available on the SEC's website, www.sec.gov. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and AvePoint does not assume any obligation and does not intend to update or revise these forward-looking statements after the date of this release, whether as a result of new information, future events, or otherwise, except as required by law. AvePoint does not give any assurance that it will achieve its expectations.

    Investor Contact

    AvePoint
    Jamie Arestia
    ir@avepoint.com
    (551) 220-5654

    Media Contact

    AvePoint
    Nicole Caci
    pr@avepoint.com  
    (201) 201-8143


     
    AvePoint, Inc. and Subsidiaries
    Condensed Consolidated Statements of Operations
    For the Three and Six Months Ended June 30, 2023 and 2022
    (In thousands, except per share amounts)
    (Unaudited)
     
      Three Months Ended  Six Months Ended 
      June 30,  June 30, 
      2023  2022  2023  2022 
    Revenue:                
    SaaS $38,279  $27,619  $73,791  $54,172 
    Term license and support  13,277   14,011   24,181   24,213 
    Services  10,066   9,848   19,813   18,773 
    Maintenance  3,247   4,223   6,656   8,834 
    Total revenue  64,869   55,701   124,441   105,992 
    Cost of revenue:                
    SaaS  9,130   6,207   17,025   11,770 
    Term license and support  496   491   957   1,076 
    Services  9,958   8,636   19,309   16,986 
    Maintenance  212   278   395   556 
    Total cost of revenue  19,796   15,612   37,686   30,388 
    Gross profit  45,073   40,089   86,755   75,604 
    Operating expenses:                
    Sales and marketing  27,691   27,371   54,542   54,577 
    General and administrative  15,193   16,380   29,841   31,982 
    Research and development  9,273   8,081   18,288   14,636 
    Total operating expenses  52,157   51,832   102,671   101,195 
    Loss from operations  (7,084)  (11,743)  (15,916)  (25,591)
    (Loss) gain on earn-out and warrant liabilities  (4,027)  2,668   (4,136)  5,935 
    Interest income, net  286   20   611   34 
    Other income (expense), net  1,613   (693)  3,025   (870)
    Loss before income taxes  (9,212)  (9,748)  (16,416)  (20,492)
    Income tax expense (benefit)  3,313   (546)  5,291   (237)
    Net loss $(12,525) $(9,202) $(21,707) $(20,255)
    Net income attributable to and accretion of redeemable noncontrolling interest  (60)  (627)  (75)  (1,244)
    Net loss attributable to AvePoint, Inc. $(12,585) $(9,829) $(21,782) $(21,499)
    Net loss available to common shareholders $(12,585) $(9,829) $(21,782) $(21,499)
    Basic and diluted loss per share $(0.07) $(0.05) $(0.12) $(0.12)
    Basic and diluted shares used in computing loss per share  183,315   182,491   183,068   182,661 


     
    AvePoint, Inc. and Subsidiaries
    Condensed Consolidated Balance Sheets
    As of June 30, 2023 and December 31, 2022
    (In thousands, except par value)
    (Unaudited)
     
      June 30,  December 31, 
      2023  2022 
    Assets        
    Current assets:        
    Cash and cash equivalents $219,714  $227,188 
    Short-term investments  3,191   2,620 
    Accounts receivable, net of allowance for doubtful accounts of $1,001 and $725 as of June 30, 2023 and December 31, 2022, respectively  61,815   66,474 
    Prepaid expenses and other current assets  5,539   10,013 
    Total current assets  290,259   306,295 
    Property and equipment, net  4,996   5,537 
    Goodwill  18,979   18,904 
    Intangible assets, net  10,770   11,079 
    Operating lease right-of-use assets  15,577   15,855 
    Deferred contract costs  49,426   48,553 
    Other assets  8,563   9,310 
    Total assets $398,570  $415,533 
    Liabilities, mezzanine equity, and stockholders’ equity        
    Current liabilities:        
    Accounts payable $1,439  $1,519 
    Accrued expenses and other liabilities  41,795   47,784 
    Current portion of deferred revenue  96,002   93,405 
    Total current liabilities  139,236   142,708 
    Long-term operating lease liabilities  10,751   11,348 
    Long-term portion of deferred revenue  6,925   8,085 
    Earn-out shares liabilities  10,939   6,631 
    Other non-current liabilities  5,586   3,607 
    Total liabilities  173,437   172,379 
    Commitments and contingencies        
    Mezzanine equity        
    Redeemable noncontrolling interest  14,009   14,007 
    Total mezzanine equity  14,009   14,007 
    Stockholders’ equity        
    Common stock, $0.0001 par value; 1,000,000 shares authorized, 185,723 and 185,278 shares issued and outstanding  19   19 
    Additional paid-in capital  659,604   665,715 
    Treasury stock     (21,666)
    Accumulated other comprehensive income  2,251   2,006 
    Accumulated deficit  (450,750)  (416,927)
    Total stockholders’ equity  211,124   229,147 
    Total liabilities, mezzanine equity, and stockholders’ equity $398,570  $415,533 


     
    AvePoint, Inc. and Subsidiaries
    Condensed Consolidated Statements of Cash Flows
    For the Six Months Ended June 30, 2023 and 2022
    (In thousands)
    (Unaudited)
     
      Six Months Ended 
      June 30, 
      2023  2022 
    Operating activities        
    Net loss $(21,707) $(20,255)
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:        
    Depreciation and amortization  2,249   1,333 
    Operating lease right-of-use assets expense  3,496   2,649 
    Foreign currency remeasurement loss  222   1,386 
    Stock-based compensation  17,690   18,678 
    Deferred income taxes  (161)  (37)
    Other  329   474 
    Change in value of earn-out and warrant liabilities  4,136   (5,840)
    Changes in operating assets and liabilities:        
    Accounts receivable  4,128   1,031 
    Prepaid expenses and other current assets  4,434   1,452 
    Deferred contract costs and other assets  (429)  (3,534)
    Accounts payable, accrued expenses, operating lease liabilities and other liabilities  (7,276)  (6,654)
    Deferred revenue  2,145   2,721 
    Net cash provided by (used in) operating activities  9,256   (6,596)
    Investing activities        
    Maturities of investments  566   1,093 
    Purchases of investments  (1,055)  (180,041)
    Cash paid in business combinations and asset acquisitions, net of cash acquired     (2,222)
    Capitalization of internal-use software  (644)  (1,174)
    Purchase of property and equipment  (789)  (2,234)
    Other  (500)   
    Net cash used in investing activities  (2,422)  (184,578)
    Financing activities        
    Repurchase of common stock  (17,004)  (10,042)
    Proceeds from stock option exercises  3,240   1,719 
    Repayments of finance leases  (20)  (11)
    Net cash used in financing activities  (13,784)  (8,334)
    Effect of exchange rates on cash  (524)  (3,647)
    Net decrease in cash and cash equivalents  (7,474)  (203,155)
    Cash and cash equivalents at beginning of period  227,188   268,217 
    Cash and cash equivalents at end of period $219,714  $65,062 
    Supplemental disclosures of cash flow information        
    Income taxes paid $2,938  $420 
    Contingent consideration in business combination $  $5,635 


     
    AvePoint, Inc. and Subsidiaries
    Non-GAAP Reconciliations
    (In thousands)
    (Unaudited)
     
      Three Months Ended  Six Months Ended 
      June 30,  June 30, 
      2023  2022  2023  2022 
    Non-GAAP operating income                
    GAAP operating loss $(7,084) $(11,743) $(15,916) $(25,591)
    Stock-based compensation expense  9,586   10,404   17,690   18,678 
    Amortization of acquired intangible assets  354   148   753   199 
    Non-GAAP operating income $2,856  $(1,191) $2,527  $(6,714)
    Non-GAAP operating margin  4.4%  -2.1%  2.0%  -6.3%
                     
                     
                     
    Non-GAAP gross profit                
    GAAP gross profit $45,073  $40,089  $86,755  $75,604 
    Stock-based compensation expense  816   703   1,486   1,281 
    Amortization of acquired intangible assets  242   68   484   91 
    Non-GAAP gross profit $46,131  $40,860  $88,725  $76,976 
    Non-GAAP gross margin  71.1%  73.4%  71.3%  72.6%
                     
    Non-GAAP sales and marketing                
    GAAP sales and marketing $27,691  $27,371  $54,542  $54,577 
    Stock-based compensation expense  (2,708)  (3,396)  (4,909)  (5,858)
    Amortization of acquired intangible assets  (112)  (80)  (269)  (108)
    Non-GAAP sales and marketing $24,871  $23,895  $49,364  $48,611 
    Non-GAAP sales and marketing as a % of revenue  38.3%  42.9%  39.7%  45.9%
                     
    Non-GAAP general and administrative                
    GAAP general and administrative $15,193  $16,380  $29,841  $31,982 
    Stock-based compensation expense  (4,905)  (5,281)  (9,287)  (9,765)
    Non-GAAP general and administrative $10,288  $11,099  $20,554  $22,217 
    Non-GAAP general and administrative as a % of revenue  15.9%  19.9%  16.5%  21.0%
                     
    Non-GAAP research and development                
    GAAP research and development $9,273  $8,081  $18,288  $14,636 
    Stock-based compensation expense  (1,157)  (1,024)  (2,008)  (1,774)
    Non-GAAP research and development $8,116  $7,057  $16,280  $12,862 
    Non-GAAP research and development as a % of revenue  12.5%  12.7%  13.1%  12.1%

     


    Primary Logo

Опубликовать