• AvePoint Announces Third Quarter 2021 Financial Results

    Источник: Nasdaq GlobeNewswire / 15 ноя 2021 07:00:01   America/New_York

    JERSEY CITY, N.J., Nov. 15, 2021 (GLOBE NEWSWIRE) -- AvePoint, Inc. (NASDAQ: AVPT), the largest data management solutions provider for Microsoft 365, today announced financial results for the third quarter ended September 30, 2021. 

    "AvePoint delivered its eleventh consecutive record quarter with total revenue of $54 million and 79% year over year growth in subscription revenue for our SaaS and data management platform," said Dr. Tianyi Jiang (TJ), CEO and Co-Founder, AvePoint. "With most companies still in the early stages of their SaaS optimization and multi-cloud shifts, there is a massive market opportunity for AvePoint to manage and protect digital collaboration data on a recurring basis that will only increase as companies' SaaS operations become more mature and complex."

    Third Quarter 2021 Financial Results

    • Total Revenue of $53.9 million, up 36% year-over-year
    • Total ARR of $147.5 million as of September 30, 2021, up 32% year-over-year
    • SaaS Revenue of $22.4 million, up 59% year-over-year
    • GAAP Operating Loss of $28.7 million
    • Non-GAAP Operating Income of $4.0 million
    • Cash and Short-Term Investments of approximately $262.3 million as of September 30, 2021

    Third Quarter 2021 Key Highlights

    • Launched first global partner program, designed to support the unique needs of different types of channel partners as they build services around digital collaboration.
    • AvePoint was awarded a $37 million SGD ($27.5 million USD) contract from lead agency Temasek Polytechnic to deploy a training management platform for career professionals. The platform will be powered by AvePoint EduTech and will be available to six institutions of higher learning (IHL) for over 100,000 students.
    • Maintained triple digit growth in monthly recurring revenue (MRR) tied to the managed services provider (MSP) business.
    • Achieved record level sequential growth in accounts with over $100k in annual recurring revenue (ARR).

    Financial Outlook

    For the fourth quarter of 2021, AvePoint currently expects:

    • Total revenues between $56.4 and $58.4 million
    • Non-GAAP operating income between break even and $1.5 million

    For the full year ending December 31, 2021, AvePoint currently expects:

    • Total revenues between $194.4 and $196.4 million
    • Non-GAAP operating income between $4.7 and $6.2 million

    Conference Call

    AvePoint will host a conference call today on November 15, 2021 to review its third quarter 2021 financial results and to discuss its financial outlook. The call is scheduled to begin at 8:30am Eastern Time. Investors are invited to join the 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 is the largest Microsoft 365 data management solutions provider, offering a full suite of SaaS solutions to migrate, manage and protect data. More than 8 million cloud users rely on our solutions. Our SaaS solutions are also available to managed service providers via more than 100 cloud marketplaces, so they can better support and manage their small and mid-sized business customers. Founded in 2001, AvePoint is a five-time Global Microsoft Partner of the Year and headquartered in Jersey City, New Jersey. For more information, visit https://www.avepoint.com.  

    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. In order for AvePoint’s investors to be better able to compare its current results with those of previous periods, 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. AvePoint believes the presentation of its non-GAAP financial measures enhances the user’s overall understanding of its historical financial 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.

    Forward-Looking Statements

    This press release contains certain forward-looking statements within the meaning of the 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 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 registration statement on Form S-1 and other documents filed by AvePoint from time to time with the SEC. 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, whether as a result of new information, future events, or otherwise. AvePoint does not give any assurance that it will achieve its expectations.

    Investor Contacts:

    AvePoint, Inc.
    Erica Mannion
    Sapphire Investor Relations, LLC.
    ir@avepoint.com
    617-542-6180


    AvePoint, Inc. and Subsidiaries
    Condensed Consolidated Statements of Operations
    (In thousands, except per share amounts)
    (Unaudited)

      For the Three Months Ended  For the Nine Months Ended 
      September 30,  September 30, 
      2021  2020  2021  2020 
    Revenue:                
    SaaS $22,410  $14,092  $61,255  $36,034 
    Termed license and support  17,477   8,171   37,292   23,272 
    Services  8,143   10,870   21,361   26,173 
    Maintenance and OEM  5,293   6,056   16,160   17,837 
    Perpetual license  604   605   2,003   2,095 
    Total revenue  53,927   39,794   138,071   105,411 
    Cost of revenue:                
    SaaS  4,866   2,799   13,870   7,856 
    Termed license and support  211   437   714   1,257 
    Services  9,435   6,716   21,528   19,605 
    Maintenance and OEM  710   304   1,608   978 
    Total cost of revenue  15,222   10,256   37,720   29,696 
    Gross profit  38,705   29,538   100,351   75,715 
    Operating expenses:                
    Sales and marketing  25,186   21,830   73,488   49,881 
    General and administrative  22,230   10,469   44,186   20,918 
    Research and development  19,648   3,003   27,633   8,760 
    Depreciation and amortization  326   259   863   800 
    Total operating expenses  67,390   35,561   146,170   80,359 
    Loss from operations  (28,685)  (6,023)  (45,819)  (4,644)
    Gain on earn-out and warrant liabilities  13,650      13,650    
    Interest income, net  56   17   80   26 
    Other income (expense), net  (299)  65   (300)  (324)
    Loss before income taxes  (15,278)  (5,941)  (32,389)  (4,942)
    Income tax (benefit) expense  (5,521)  6,244   (6,633)  (72)
    Net loss $(9,757) $(12,185) $(25,756) $(4,870)
    Net loss attributable to and accretion of redeemable noncontrolling interest  (517)     (1,413)   
    Net loss attributable to AvePoint, Inc. $(10,274) $(12,185) $(27,169) $(4,870)
    Deemed dividends on preferred stock  608   (5,615)  (32,928)  (21,413)
    Net loss available to common shareholders $(9,666) $(17,800) $(60,097) $(26,283)
    Loss per share:                
    Basic $(0.05) $(0.20) $(0.47) $(0.30)
    Diluted $(0.05) $(0.20) $(0.47) $(0.30)
    Shares used in computing loss per share:                
    Basic  176,621   90,805   126,738   86,784 
    Diluted  176,621   90,805   126,738   86,784 



    AvePoint, Inc. and Subsidiaries
    Condensed Consolidated Balance Sheets
    (In thousands, except par value)
    (Unaudited)

      September 30,  December 31, 
      2021  2020 
    Assets        
    Current assets:        
    Cash and cash equivalents $260,704  $69,112 
    Short-term investments  1,614   992 
    Accounts receivable, net of allowance of $878 and $1,767 at September 30, 2021 and December 31, 2020, respectively  54,226   48,250 
    Prepaid expenses and other current assets  13,086   2,343 
    Total current assets  329,630   120,697 
    Property and equipment, net  3,252   2,663 
    Deferred contract costs  35,267   31,943 
    Long-term unbilled receivables  6,104   5,499 
    Other assets  5,911   8,252 
    Total assets $380,164  $169,054 
    Liabilities, mezzanine equity, and stockholders deficiency        
    Current liabilities:        
    Accounts payable $2,265  $774 
    Accrued expenses and other liabilities  25,782   26,245 
    Current portion of deferred revenue  71,251   65,203 
    Total current liabilities  99,298   92,222 
    Long-term portion of deferred revenue  6,875   9,485 
    Share-based awards classified as liabilities     43,502 
    Earn-out liabilities  17,125    
    Warrant liabilities  795    
    Other non-current liabilities  3,947   3,658 
    Total liabilities  128,040   148,867 
    Commitments and contingencies (Note 10)        
    Mezzanine equity        
    Redeemable convertible preferred stock, $0.0001 par value; 94,695 shares authorized, 42,001 shares issued and outstanding with aggregate liquidation preference of $403,361 at December 31, 2020     183,390 
    Redemption value of common shares     25,074 
    Share-based awards classified as mezzanine equity     1,489 
    Redeemable noncontrolling interest  4,631   3,061 
    Total mezzanine equity  4,631   213,014 
    Stockholders’ deficiency        
    Common stock, $0.0001 par value; 1,000,000 and 243,360 shares authorized, 180,013 and 100,068 shares issued and outstanding, at September 30, 2021 and December 31, 2020, respectively  18   12 
    Additional paid-in capital  614,569   105,159 
    Treasury stock  (1,739)   
    Accumulated other comprehensive income  1,892   1,791 
    Accumulated deficit  (367,247)  (299,789)
    Total stockholders’ deficiency  247,493   (192,827)
    Total liabilities, mezzanine equity, and stockholders’ deficiency $380,164  $169,054 


    AvePoint, Inc. and Subsidiaries
    Condensed Consolidated Statements of Cash Flows
    (In thousands)
    (Unaudited)

      For the Nine Months Ended 
      September 30, 
      2021  2020 
    Operating activities        
    Net loss $(25,756) $(4,870)
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:        
    Depreciation and amortization  863   800 
    Foreign currency remeasurement (gain) loss  (161)  368 
    Provision for doubtful accounts  (880)  175 
    Stock-based compensation  50,475   16,235 
    Gain on disposal of property and equipment  (15)   
    Deferred income taxes  (1,008)  (1,973)
    Change in value of earn-out and warrant liabilities  (13,650)   
    Changes in operating assets and liabilities:        
    Accounts receivable and long-term unbilled receivables  (7,002)  (2,416)
    Prepaid expenses and other current assets  (10,775)  2,836 
    Deferred contract costs and other assets  (3,269)  (3,040)
    Accounts payable, accrued expenses and other liabilities  1,836   (1,949)
    Deferred revenue  5,377   4,965 
    Net cash provided by (used in) operating activities  (3,965)  11,131 
    Investing activities        
    Maturity (purchase) of short-term investments  (638)  1,466 
    Purchase of property and equipment  (1,445)  (314)
    Net cash provided by (used in) investing activities  (2,083)  1,152 
    Financing activities        
    Proceeds from recapitalization of Apex shares  491,563    
    Payments of transaction fees  (49,990)   
    Redemption of redeemable convertible preferred stock  (130,925)  (33,712)
    Redemption of Legacy AvePoint common stock  (106,169)   
    Payments of transaction fees by Legacy AvePoint  (2,998)   
    Purchase of treasury stock  (1,631)   
    Payment of net cash settlement for management options  (7,530)   
    Proceeds from stock option exercises  4,555   54 
    Proceeds from sale of common shares of subsidiary  753    
    Repayments of capital leases  (20)  (42)
    Payments of debt issuance costs     (300)
    Proceeds from issuance of Common stock, net of issuance costs     56,753 
    Net cash provided by financing activities  197,608   22,753 
    Effect of exchange rates on cash  32   (329)
    Net increase in cash and cash equivalents  191,592   34,707 
    Cash and cash equivalents at beginning of period  69,112   12,162 
    Cash and cash equivalents at end of period $260,704  $46,869 
    Supplemental disclosures of cash flow information        
    Cash received (paid) for:        
    Interest $80  $ 
    Income taxes $(2,823) $80 
    Non-cash investing and financing activities        
    Issuance of common shares in exchange for issuance cost $  $2,408 
    Fixed assets acquired under capital leases $  $28 



    AvePoint, Inc. and Subsidiaries
    Non-GAAP Reconciliations
    (In thousands)
    (Unaudited)

      For the Three Months Ended For the Nine Months Ended
      September 30, September 30,
       2021   2020   2021   2020 
    Non-GAAP operating income        
    GAAP operating income (loss) $ (28,685) $ (6,023) $ (45,819) $ (4,644)
    Stock-based compensation expense   32,676    13,381    50,475    16,235 
    Non-GAAP operating income $ 3,991  $ 7,358  $ 4,656  $ 11,591 
    Non-GAAP operating margin  7.4%  18.5%  3.4%  11.0%
             
    Non-GAAP gross profit        
    GAAP gross profit $ 38,705  $ 29,538  $ 100,351  $ 75,715 
    Stock-based compensation expense   2,428    214    2,790    316 
    Non-GAAP gross profit $ 41,133  $ 29,752  $ 103,141  $ 76,031 
    Non-GAAP gross margin  76.3%  74.8%  74.7%  72.1%
             
    Non-GAAP sales and marketing        
    GAAP sales and marketing $ 25,186  $ 21,830  $ 73,488  $ 49,881 
    Stock-based compensation expense   (2,171)   (7,917)   (13,073)   (9,227)
    Non-GAAP sales and marketing $ 23,015  $ 13,913  $ 60,415  $ 40,654 
    Non-GAAP sales and marketing as a % of revenue  42.7%  35.0%  43.8%  38.6%
             
    Non-GAAP general and administrative        
    GAAP general and administrative $ 22,230  $ 10,469  $ 44,186  $ 20,918 
    Stock-based compensation expense   (13,020)   (5,201)   (19,375)   (6,496)
    Non-GAAP general and administrative $ 9,210  $ 5,268  $ 24,811  $ 14,422 
    Non-GAAP general and administrative as a % of revenue  17.1%  13.2%  18.0%  13.7%
             
    Non-GAAP research and development        
    GAAP research and development $ 19,648  $ 3,003  $ 27,633  $ 8,760 
    Stock-based compensation expense   (15,057)   (49)   (15,237)   (196)
    Non-GAAP research and development $ 4,591  $ 2,954  $ 12,396  $ 8,564 
    Non-GAAP research and development as a % of revenue  8.5%  7.4%  9.0%  8.1%
             

     


    Primary Logo

Опубликовать